UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

 
FORM 10-Q

þ                 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended December 31, 20172020

OR

o         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 814-00794

Golub Capital BDC, Inc.
(Exact name of registrant as specified in its charter)

Delaware27-2326940
(State or other jurisdiction of incorporation or organization)  (I.R.S. Employer Identification No.)

666 Fifth200 Park Avenue, 18th25th Floor
New York, NY 1010310166
(Address of principal executive offices)

(212) 750-6060
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.001 per shareGBDC The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes þ   No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   Yes o No   o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer  þ
Accelerated filer o
Non-accelerated filer  o  (Do not check if a smaller reporting company)
Smaller reporting company o
Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  o  No þ

As of February 7, 2018,8, 2021, the Registrant had 59,741,248167,259,511 shares of common stock, $0.001 par value, outstanding.



Part I. Financial Information  
Item 1.Financial Statements
Consolidated Statements of Financial Condition as of December 31, 20172020 (unaudited) and September 30, 20172020
Consolidated Statements of Operations for the three months ended December 31, 20172020 (unaudited) and 20162019 (unaudited)
Consolidated Statements of Changes in Net Assets for the three months ended December 31, 20172020 (unaudited) and 20162019 (unaudited)
Consolidated Statements of Cash Flows for the three months ended December 31, 20172020 (unaudited) and 20162019 (unaudited)
Consolidated Schedules of Investments as of December 31, 2017 (unaudited)2020 (Unaudited) and September 30, 20172020
Notes to Consolidated Financial Statements (unaudited)
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures about Market Risk
Item 4.Controls and Procedures
Part II. Other Information
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits


2
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Financial Condition
(In thousands, except share and per share data)
 December 31, 2017 September 30, 2017
 (unaudited)  
Assets  
   
Investments, at fair value  
   
Non-controlled/non-affiliate company investments$1,627,716
 $1,586,293
Non-controlled affiliate company investments4,065
 3,707
Controlled affiliate company investments91,591
 95,015
Total investments at fair value (amortized cost of $1,707,273 and $1,671,239, respectively)1,723,372
 1,685,015
Cash and cash equivalents5,750
 3,988
Restricted cash and cash equivalents71,380
 58,570
Interest receivable6,536
 6,271
Other assets289
 332
Total Assets$1,807,327
 $1,754,176
Liabilities  
   
Debt$828,300
 $781,100
Less unamortized debt issuance costs3,514
 4,273
Debt less unamortized debt issuance costs824,786
 776,827
Interest payable6,132
 3,800
Management and incentive fees payable15,506
 13,215
Accounts payable and accrued expenses1,973
 2,312
Payable for investments purchased550
 —
Accrued trustee fees78
 76
Total Liabilities849,025
 796,230
Commitments and Contingencies (Note 7)  
   
Net Assets  
   
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2017 and September 30, 2017—
 —
Common stock, par value $0.001 per share, 100,000,000 shares authorized, 59,741,248 and 59,577,293 shares issued and outstanding as of December 31, 2017 and September 30, 2017, respectively60
 60
Paid in capital in excess of par942,179
 939,307
Undistributed (over distribution of) net investment income(387) 1,954
Net unrealized appreciation (depreciation) on investments18,767
 16,444
Net realized gain (loss) on investments(2,317) 181
Total Net Assets958,302
 957,946
Total Liabilities and Total Net Assets$1,807,327
 $1,754,176
Number of common shares outstanding59,741,248
 59,577,293
Net asset value per common share$16.04
 $16.08


December 31, 2020September 30, 2020
(unaudited)
Assets    
Investments, at fair value    
Non-controlled/non-affiliate company investments$4,430,239 $4,177,474 
Non-controlled affiliate company investments58,211 42,000 
Controlled affiliate company investments18,768 18,736 
Total investments, at fair value (amortized cost of $4,604,818 and $4,398,900, respectively)4,507,218 4,238,210 
Cash and cash equivalents26,500 24,569 
Foreign currencies (cost of $527 and $567, respectively)527 567 
Restricted cash and cash equivalents242,783 157,566 
Restricted foreign currencies (cost of $1,340 and $1,727, respectively)1,355 1,728 
Cash collateral held at broker for forward currency contracts5,420 3,320 
Interest receivable18,628 17,263 
Receivable from investments sold— 259 
Other assets137 802 
Total Assets$4,802,568 $4,444,284 
Liabilities    
Debt$2,332,563 $2,023,698 
Less unamortized debt issuance costs10,822 5,896 
Debt less unamortized debt issuance costs2,321,741 2,017,802 
Unrealized depreciation on forward currency contracts4,956 1,064 
Interest payable12,551 7,875 
Management and incentive fees payable17,330 17,347 
Accounts payable and other liabilities3,863 4,003 
Total Liabilities2,360,441 2,048,091 
Commitments and Contingencies (Note 8)    
Net Assets    
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2020 and September 30, 2020— — 
Common stock, par value $0.001 per share, 200,000,000 shares authorized, 167,259,511 and 167,259,511 shares issued and outstanding as of December 31, 2020 and September 30, 2020, respectively167 167 
Paid in capital in excess of par2,624,608 2,624,608 
Distributable earnings (losses)(182,648)(228,582)
Total Net Assets2,442,127 2,396,193 
Total Liabilities and Total Net Assets$4,802,568 $4,444,284 
Number of common shares outstanding167,259,511 167,259,511 
Net asset value per common share$14.60 $14.33 



See Notes to Consolidated Financial Statements.
3




TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
(In thousands, except share and per share data)
 Three months ended December 31,
  2017 2016
Investment income  
   
From non-controlled/non-affiliate company investments:  
   
Interest income$33,192
 $30,731
Dividend income597
 152
Fee income534
 254
Total investment income from non-controlled/non-affiliate company investments34,323
 31,137
From non-controlled affiliate company investments:  
   
Interest income162
 327
Total investment income from non-controlled affiliate company investments162
 327
From controlled affiliate company investments:  
   
Interest income—
 1,639
Dividend income1,965
 746
Total investment income from controlled affiliate company investments1,965
 2,385
Total investment income36,450
 33,849
Expenses  
   
Interest and other debt financing expenses7,714
 7,606
Base management fee5,930
 5,837
Incentive fee2,871
 2,091
Professional fees688
 580
Administrative service fee618
 601
General and administrative expenses118
 171
Total expenses17,939
 16,886
Net investment income - before excise tax18,511
 16,963
Excise tax—
 10
Net investment income - after excise tax18,511
 16,953
Net gain (loss) on investments  
   
Net realized gain (loss) on investments:  
   
Non-controlled/non-affiliate company investments481
 907
Net realized gain (loss) on investments481
 907
Net change in unrealized appreciation (depreciation) on investments:  
   
Non-controlled/non-affiliate company investments988
 2,265
Non-controlled affiliate company investments559
 (643)
Controlled affiliate company investments776
 (498)
Net change in unrealized appreciation (depreciation) on investments2,323
 1,124
Net gain (loss) on investments2,804
 2,031
Net increase in net assets resulting from operations$21,315
 $18,984
Per Common Share Data  
   
Basic and diluted earnings per common share$0.36
 $0.34
Dividends and distributions declared per common share$0.40
 $0.57
Basic and diluted weighted average common shares outstanding59,584,421
 55,064,870


Three months ended December 31,
  20202019
Investment income    
From non-controlled/non-affiliate company investments:    
Interest income$71,522 $75,859 
Dividend income160 34 
Fee income907 215 
Total investment income from non-controlled/non-affiliate company investments72,589 76,108 
From non-controlled affiliate company investments:    
Interest income1,475 244 
Total investment income from non-controlled affiliate company investments1,475 244 
From controlled affiliate company investments:    
Interest income(18)350 
Dividend income— 1,905 
Total investment income from controlled affiliate company investments(18)2,255 
Total investment income74,046 78,607 
Expenses    
Interest and other debt financing expenses15,081 22,278 
Base management fee15,224 15,206 
Incentive fee2,004 5,904 
Professional fees837 939 
Administrative service fee1,602 1,402 
General and administrative expenses291 147 
Total expenses35,039 45,876 
Net investment income39,007 32,731 
Net gain (loss) on investment transactions    
Net realized gain (loss) from:    
Non-controlled/non-affiliate company investments4,125 2,656 
Non-controlled affiliate company investments(5,739)— 
Foreign currency transactions(778)(155)
Net realized gain (loss) on investment transactions(2,392)2,501 
Net change in unrealized appreciation (depreciation) from:    
Non-controlled/non-affiliate company investments54,069 17,472 
Non-controlled affiliate company investments9,071 (427)
Controlled affiliate company investments(50)(829)
Translation of assets and liabilities in foreign currencies(1,374)(3,150)
Forward currency contracts(3,892)(1,250)
Net change in unrealized appreciation (depreciation) on investment transactions57,824 11,816 
Net gain on investment transactions55,432 14,317 
Net increase in net assets resulting from operations$94,439 $47,048 
Per Common Share Data    
Basic and diluted earnings per common share (Note 10)$0.56 $0.34 
Dividends and distributions declared per common share$0.29 $0.46 
Basic and diluted weighted average common shares outstanding (Note 10)167,259,511 136,989,243 




See Notes to Consolidated Financial Statements.
4




TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Changes in Net Assets (unaudited)
(In thousands, except share data)
       Net Unrealized Appreciation (Depreciation) on Investments and Secured Borrowings    
 Common Stock Paid in Capital in Excess of Par Undistributed (Over Distribution) of Net Investment Income  Net Realized Gain (Loss) on Investments  
 Shares Par Amount     Total Net Assets
Balance at September 30, 201655,059,067
 $55
 $855,998
 $18,832
 $13,104
 $(9,164) $878,825
Net increase in net assets resulting from operations—
 —
 —
 16,953
 1,124
 907
 18,984
Distributions to stockholders:  
   
   
   
   
   
  
Stock issued in connection with dividend reinvestment plan177,970
 —
 3,145
 —
 —
 —
 3,145
Distributions from net investment income—
 —
 —
 (30,265) —
 —
 (30,265)
Distributions from net realized gain—
 —
 —
 —
 —
 (1,119) (1,119)
Total increase (decrease) for the period ended December 31, 2016177,970
 —
 3,145
 (13,312) 1,124
 (212) (9,255)
Balance at December 31, 201655,237,037
 $55
 $859,143
 $5,520
 $14,228
 $(9,376) $869,570
Balance at September 30, 201759,577,293
 $60
 $939,307
 $1,954
 $16,444
 $181
 $957,946
Net increase in net assets resulting from operations—
 —
 —
 18,511
 2,323
 481
 21,315
Distributions to stockholders:  
   
   
   
   
   
  
Stock issued in connection with dividend reinvestment plan163,955
 —
 2,872
 —
 —
 —
 2,872
Distributions from net investment income—
 —
 —
 (20,852) —
 —
 (20,852)
Distributions from net realized gain—
 —
 —
 —
 —
 (2,979) (2,979)
Total increase (decrease) for the period ended December 31, 2017163,955
 —
 2,872
 (2,341) 2,323
 (2,498) 356
Balance at December 31, 201759,741,248
 $60
 $942,179
 $(387) $18,767
 $(2,317) $958,302




Common StockPaid in Capital in Excess of ParDistributable Earnings (Losses)Total Net Assets
SharesPar Amount
Balance at September 30, 2019132,658,200 $133 $2,310,610 $(87,889)$2,222,854 
Net increase in net assets resulting from operations:
Net investment income— — — 32,731 32,731 
Net realized gain (loss) on investments and foreign currency transactions— — — 2,501 2,501 
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward currency contracts— — — 11,816 11,816 
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan1,149,409 1 20,229 — 20,230 
Distributions from distributable earnings— — — (61,023)(61,023)
Total increase (decrease) for the period ended December 31, 20191,149,409 1 20,229 (13,975)6,255 
Balance at December 31, 2019133,807,609 $134 $2,330,839 $(101,864)$2,229,109 
Balance at September 30, 2020167,259,511 $167 $2,624,608 $(228,582)$2,396,193 
Net increase in net assets resulting from operations:
Net investment income— — — 39,007 39,007 
Net realized gain (loss) on investments and foreign currency transactions— — — (2,392)(2,392)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward currency contracts— — — 57,824 57,824 
Distributions to stockholders:
Distributions from distributable earnings— — — (48,505)(48,505)
Total increase (decrease) for the period ended December 31, 2020— — — 45,934 45,934 
Balance at December 31, 2020167,259,511 $167 $2,624,608 $(182,648)$2,442,127 



See Notes to Consolidated Financial Statements.
5



TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Cash Flows (unaudited)
(In thousands)
 Three months ended December 31,
  2017 2016
Cash flows from operating activities  
   
Net increase in net assets resulting from operations$21,315
 $18,984
Adjustments to reconcile net increase in net assets resulting from operations
to net cash (used in) provided by operating activities		  
   
Amortization of deferred debt issuance costs794
 849
Accretion of discounts and amortization of premiums(2,709) (1,807)
Net realized (gain) loss on investments(481) (907)
Net change in unrealized (appreciation) depreciation on investments(2,323) (1,124)
Proceeds from (fundings of) revolving loans, net3,498
 (2,518)
Fundings of investments(137,941) (122,736)
Proceeds from principal payments and sales of portfolio investments101,876
 93,949
PIK interest(277) (547)
Changes in operating assets and liabilities:  
   
Interest receivable(265) 274
Other assets43
 24
Interest payable2,332
 2,708
Management and incentive fees payable2,291
 (951)
Payable for investments purchased550
 —
Accounts payable and accrued expenses(339) (86)
Accrued trustee fees2
 4
Net cash (used in) provided by operating activities(11,634) (13,884)
Cash flows from financing activities  
   
Borrowings on debt98,600
 136,250
Repayments of debt(51,400) (111,450)
Capitalized debt issuance costs(35) (479)
Repayments on secured borrowings—
 (13)
Distributions paid(20,959) (28,239)
Net cash provided by (used in) financing activities26,206
 (3,931)
Net change in cash, cash equivalents and restricted cash and cash equivalents14,572
 (17,815)
Cash, cash equivalents and restricted cash and cash equivalents, beginning of period62,558
 89,540
Cash, cash equivalents and restricted cash and cash equivalents, end of period$77,130
 $71,725
Supplemental disclosure of cash flow information:  
   
Cash paid during the period for interest$4,587
 $4,045
Distributions declared during the period23,831
 31,384
Supplemental disclosure of noncash operating activity:   
Funding of LLC equity interests in SLF$—
 $(78,689)
Proceeds from subordinated notes in SLF principal payment—
 78,689
Supplemental disclosure of noncash financing activity:   
Proceeds from issuance of Class A-Refi 2010 Notes$—
 $205,000
Redemptions of Class A and Class B 2010 Notes—
 (205,000)


Three months ended December 31,
  20202019
Cash flows from operating activities    
Net increase (decrease) in net assets resulting from operations$94,439 $47,048 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations
to net cash provided by (used in) operating activities:
Amortization of deferred debt issuance costs1,204 571 
Accretion of discounts and amortization of premiums on investments4,624 7,869 
Accretion of discounts on issued debt securities471 295 
Net realized (gain) loss on investments1,614 (2,656)
Net realized (gain) loss on foreign currency and other transactions778 155 
Net change in unrealized (appreciation) depreciation on investments(63,090)(16,216)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies1,374 3,150 
Net change in unrealized (appreciation) depreciation on forward currency contracts3,892 1,250 
Proceeds from (fundings of) revolving loans, net3,911 (239)
Fundings of investments(490,007)(296,814)
Proceeds from principal payments and sales of portfolio investments278,665 154,305 
PIK interest(4,725)(1,633)
Changes in operating assets and liabilities:
Interest receivable(1,365)2,283 
Cash collateral held at broker for forward currency contracts(2,100)(600)
Receivable from investments sold259 — 
Other assets665 83 
Interest payable4,676 3,944 
Management and incentive fees payable(17)8,012 
Accounts payable and other liabilities(140)(22,409)
Accrued trustee fees— (192)
Net cash provided by (used in) operating activities(164,872)(111,794)
Cash flows from financing activities    
Borrowings on debt797,389 331,966 
Repayments of debt(491,339)(193,946)
Capitalized debt issuance costs(6,130)(1,062)
Proceeds from other short-term borrowings— 64,769 
Distributions paid(33,846)(40,793)
Purchases of common stock under reinvestment plan(14,659)— 
Net cash (used in) provided by financing activities251,415 160,934 
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies86,543 49,140 
Effect of foreign currency exchange rates192 (125)
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, beginning of period184,430 84,208 
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, end of period$271,165 $133,223 
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest$8,731 $17,763 
Distributions declared during the period48,505 61,023 
Supplemental disclosure of non-cash operating and financing activities:
Stock issued in connection with dividend reinvestment plan$— $20,230 
Proceeds from issuance of Class A-2-R GCIC 2018 Notes38,500 — 
Redemptions of Class A-2 GCIC 2018 Notes(38,500)— 
See Notes to Consolidated Financial Statements.
6



TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Cash Flows - (continued)
(In thousands)

The following table provides a reconciliation of cash and cash equivalents, andforeign currencies, restricted cash and cash equivalents and restricted foreign currencies reported within the Consolidated Statements of Financial Condition that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:
December 31,As of December 31,
2017 201620202019
Cash and cash equivalents$5,750
 $5,709
Cash and cash equivalents$26,500 $18,914 
Foreign currencies (cost of $527 and $512, respectively)Foreign currencies (cost of $527 and $512, respectively)527 512 
Restricted cash and cash equivalents71,380
 66,016
Restricted cash and cash equivalents242,783 112,353 
Total cash, cash equivalents and restricted cash and cash equivalents shown in the Consolidated
Statements of Cash Flows		$77,130
 $71,725
Restricted foreign currencies (cost of $1,340 and $1,444, respectively)Restricted foreign currencies (cost of $1,340 and $1,444, respectively)1,355 1,444 
Total cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash FlowsTotal cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows$271,165 $133,223 
See Note 2. Significant Accounting Policies and Recent Accounting Updates for a description of cash and cash equivalents, foreign currencies, restricted cash and cash equivalents.equivalents and restricted foreign currencies.



See Notes to Consolidated Financial Statements.
7



TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited)
December 31, 20172020
(In thousands)


Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Investments                 
Non-controlled/non-affiliate company investments               
Debt investments                 
Aerospace and Defense                 
NTS Technical Systems*#~^Senior loan L + 5.50%(c) 6.50% 06/2023 $40,477 $40,070 1.6%$39,870
NTS Technical Systems~Second lien L + 9.75%(c) 10.75% 12/2023 4,589 4,502 0.24,497
NTS Technical Systems(5)Senior loan L + 5.50% N/A(6) 06/2023 — (48)—(61)
NTS Technical Systems(5)Senior loan L + 5.50% N/A(6) 06/2023 — (76)—(81)
Tronair Parent, Inc.+Senior loan L + 4.75%(e) 5.75% 09/2023 716 710 —638
Tronair Parent, Inc.Senior loan L + 4.50%(c) 4.71% 09/2021 160 159 —154
Whitcraft LLC*#+~One stop L + 6.00%(c) 7.00% 04/2023 63,735 64,087 2.559,912
Whitcraft LLC(5)One stop L + 6.00% N/A(6) 04/2023 — (2)—(18)
109,677 109,402 4.3104,911
Airlines
Aurora Lux Finco S.A.R.L.(8)(13)One stop L + 5.75%(c) 6.75% 12/2026 993 971 —893
Auto Components                 
Polk Acquisition Corp.*#Senior loan L + 6.50%(a) 3.50% cash/4.00% PIK 12/2023 18,167 18,011 0.717,077
Polk Acquisition Corp.Senior loan L + 6.50%(a) 3.50% cash/4.00% PIK 12/2023 108 106 —100
Polk Acquisition Corp.Senior loan L + 6.50%(a) 3.50% cash/4.00% PIK 12/2023 18 16 —4
Power Stop, LLC+~Senior loan L + 4.50%(a) 4.65% 10/2025 2,835 2,886 0.12,835
   21,128 21,019 0.820,016
Automobiles                 
JHCC Holdings LLCOne stop L + 5.50%(c) 6.50% 09/2025 15,591 15,347 0.615,591
JHCC Holdings LLCOne stop L + 5.50%(c) 6.50% 09/2025 78 76 —78
JHCC Holdings LLCOne stop L + 5.50%(c)(f) 7.10% 09/2025 55 54 —55
MOP GM Holding, LLC+~One stop L + 5.75%(c) 6.75% 11/2026 24,404 24,104 1.024,160
MOP GM Holding, LLCOne stop L + 5.75%(c)(f) 6.85% 11/2026 130 128 —128
MOP GM Holding, LLC(5)One stop L + 5.75% N/A(6) 11/2026 — (56)—(45)
Quick Quack Car Wash Holdings, LLC*#One stop L + 6.50%(a) 7.50% 10/2024 13,050 13,069 0.512,919
Quick Quack Car Wash Holdings, LLC#One stop L + 6.50%(a) 7.50% 04/2023 2,355 2,327 0.12,331
Quick Quack Car Wash Holdings, LLCOne stop L + 6.50%(a) 7.50% 10/2024 2,199 2,103 0.12,101
Quick Quack Car Wash Holdings, LLC*+One stop L + 6.50%(a) 7.50% 04/2023 2,057 2,103 0.12,036
Quick Quack Car Wash Holdings, LLC*+One stop L + 6.50%(a) 7.50% 04/2023 1,375 1,405 0.11,361
Quick Quack Car Wash Holdings, LLC*One stop L + 6.50%(a) 7.50% 10/2024 1,120 1,163 —1,108
Quick Quack Car Wash Holdings, LLC(5)One stop L + 6.50% N/A(6) 04/2023 — — —(2)
TWAS Holdings, LLC+One stop L + 6.75%(a) 7.75% 12/2026 31,111 30,722 1.330,800
TWAS Holdings, LLC(5)One stop L + 6.75% N/A(6) 12/2026 — (4)—(4)
TWAS Holdings, LLC(5)One stop L + 6.75% N/A(6) 12/2026 — (90)—(80)
93,525 92,451 3.892,537
 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (4)
Investments               
   
   
   
Non-controlled/non-affiliate company investments              
   
   
   
Debt investments               
   
   
   
Aerospace and Defense               
   
   
   
NTS Technical Systems*^#
One stop L + 6.25%
(a) 
 7.61% 06/2021 $21,773
 $21,505
 2.3
%$21,773
NTS Technical Systems(5)
One stop L + 6.25%  
N/A(6)
 06/2021 —
 (67) —
 —
NTS Technical Systems(5)
One stop L + 6.25%  
N/A(6)
 06/2021 —
 (112) —
 —
Tresys Technology Holdings, Inc.(7)
One stop L + 6.75%
(a) 
 8.32% 12/2018 3,899
 3,845
 0.1
 1,170
Tresys Technology Holdings, Inc.(7)
One stop L + 6.75%
(a) 
 8.32% 12/2018 659
 658
 0.1
 659
Tronair Parent, Inc.#
Senior loan L + 4.75%
(c) 
 6.16% 09/2023 369
 366
 —
 366
Tronair Parent, Inc.Senior loan P + 3.50%
(c)(e) 
 7.56% 09/2021 38
 37
 —
 37
Whitcraft LLC*^#
One stop L + 6.25%
(c) 
 7.94% 04/2023 12,533
 12,368
 1.3
 12,533
Whitcraft LLCOne stop P + 5.25%
(e) 
 9.75% 04/2023 10
 9
 —
 10
Whitcraft LLC(5)
One stop L + 6.25%  
N/A(6)
 04/2023 —
 (5) —
 —
          39,281
 38,604
 3.8
 36,548
Automobile               
   
   
   
Dent Wizard International Corporation*
Senior loan L + 4.75%
(a) 
 6.31% 04/2020 4,511
 4,490
 0.5
 4,511
Grease Monkey International, LLC*^
Senior loan L + 5.00%
(a) 
 6.36% 11/2022 4,900
 4,841
 0.5
 4,850
Grease Monkey International, LLCSenior loan P + 4.00%
(e) 
 8.50% 11/2022 7
 6
 —
 7
Grease Monkey International, LLC(5)
Senior loan L + 5.00%  
N/A(6)
 11/2022 —
 (1) —
 (2)
T5 Merger Corporation*^
One stop L + 6.50%
(a) 
 7.86% 03/2022 4,370
 4,305
 0.5
 4,370
T5 Merger Corporation*
One stop L + 6.50%
(a) 
 7.86% 03/2022 190
 188
 —
 190
T5 Merger Corporation*
One stop L + 6.50%
(a) 
 7.86% 03/2022 60
 59
 —
 60
T5 Merger CorporationOne stop L + 6.50%
(a) 
 7.99% 03/2022 48
 46
 —
 48
           14,086
 13,934
 1.5
 14,034
Banking                
HedgeServ Holding L.P.*#
One stop L + 8.00%
(a) 
 7.50% cash/2.00% PIK 02/2019 17,270
 17,242
 1.8
 17,270
HedgeServ Holding L.P.(5)
One stop L + 8.00%  
N/A(6)
 02/2019 —
 (2) —
 —
          17,270
 17,240
 1.8
 17,270
Beverage, Food and Tobacco               
   
   
   
Abita Brewing Co., L.L.C.One stop L + 5.75%
(a) 
 7.32% 04/2021 7,645
 7,546
 0.8
 7,645
Abita Brewing Co., L.L.C.(5)
One stop L + 5.75%  
N/A(6)
 04/2021 —
 (1) —
 —
ABP Corporation(5)
Senior loan L + 4.75%  
N/A(6)
 12/2018 —
 (1) —
 —
Benihana, Inc.*^
One stop L + 7.00%
(c)(e) 
 8.59% 01/2019 16,058
 15,935
 1.7
 16,058
Benihana, Inc.One stop L + 7.00%
(a)(c)(e) 
 9.25% 07/2018 1,726
 1,717
 0.2
 1,726
C. J. Foods, Inc.*^
One stop L + 6.25%
(a) 
 7.82% 05/2019 5,191
 5,157
 0.5
 5,191
C. J. Foods, Inc.One stop L + 6.25%
(a) 
 7.82% 05/2019 654
 650
 0.1
 654
C. J. Foods, Inc.One stop L + 6.25%
(a) 
 7.82% 05/2019 129
 126
 —
 129
Cafe Rio Holding, Inc.*^
One stop L + 5.75%
(c) 
 7.44% 09/2023 10,449
 10,276
 1.1
 10,449
Cafe Rio Holding, Inc.One stop P + 4.75%
(e) 
 9.25% 09/2023 30
 28
 —
 30
Cafe Rio Holding, Inc.(5)
One stop L + 5.75%  
N/A(6)
 09/2023 —
 (5) —
 —
Firebirds International, LLC*
One stop L + 5.75%
(c) 
 7.42% 05/2018 1,057
 1,054
 0.1
 1,057
Firebirds International, LLC*
One stop L + 5.75%
(c) 
 7.42% 05/2018 298
 297
 —
 298
Firebirds International, LLC^
One stop L + 5.75%
(c) 
 7.42% 12/2018 96
 95
 —
 96
Firebirds International, LLCOne stop L + 5.75%  
N/A(6)
 05/2018 —
 —
 —
 —
Firebirds International, LLCOne stop L + 5.75%  
N/A(6)
 12/2018 —
 —
 —
 —
Flavor Producers, LLC#
Senior loan L + 4.75%
(c) 
 6.32% 12/2023 2,172
 2,139
 0.2
 2,139
Flavor Producers, LLC(5)
Senior loan L + 4.75%  
N/A(6)
 12/2022 —
 (1) —
 (1)
FWR Holding Corporation^
One stop L + 6.00%
(d) 
 7.66% 08/2023 5,299
 5,224
 0.6
 5,299
FWR Holding CorporationOne stop L + 6.00%
(c) 
 7.60% 08/2023 27
 24
 —
 27
FWR Holding CorporationOne stop L + 6.00%
(a) 
 7.57% 08/2023 8
 7
 —
 8
Global Franchise Group, LLC*
Senior loan L + 5.75%
(c) 
 7.44% 12/2019 3,522
 3,491
 0.4
 3,522
Global Franchise Group, LLCSenior loan L + 5.75%  
N/A(6)
 12/2019 —
 —
 —
 —


See Notes to Consolidated Financial Statements.
8



TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 20172020
(In thousands)


Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Beverages
Abita Brewing Co., L.L.C.(7)One stop L + 7.25%(c) 8.25% 04/2021 $9,982 $9,969 0.4%$8,485 
Abita Brewing Co., L.L.C.(7)One stop L + 7.25%(c) 8.25% 04/2021 40 39 —34 
Fintech Midco, LLC*#One stop L + 5.00%(c) 6.00% 08/2024 24,349 24,671 1.024,349 
Fintech Midco, LLC#One stop L + 5.00%(c) 6.00% 08/2024 1,128 1,163 —1,128 
Fintech Midco, LLC(5)One stop L + 5.00% N/A(6) 08/2024 — (1)—— 
35,499 35,841 1.433,996 
Biotechnology
BIO18 Borrower, LLCOne stop L + 4.75%(a) 5.75% 11/2024 11,047 11,081 0.411,047 
BIO18 Borrower, LLC*#One stop L + 4.75%(a) 5.75% 11/2024 3,953 3,921 0.23,953 
BIO18 Borrower, LLCOne stop L + 4.75%(a) 5.75% 11/2024 210 210 —210 
BIO18 Borrower, LLC(5)One stop L + 4.75% N/A(6) 11/2024 — (1)—— 
15,210 15,211 0.615,210 
Building Products
Jensen Hughes, Inc.+Senior loan L + 4.50%(b)(c)(f) 5.50% 03/2024 4,181 4,181 0.24,097 
Jensen Hughes, Inc.Senior loan L + 4.50%(a)(b)(c)(f) 5.50% 03/2024 1,252 1,283 0.11,223 
Jensen Hughes, Inc.+Senior loan L + 4.50%(b)(c)(d)(f) 5.50% 03/2024 911 924 —893 
Jensen Hughes, Inc.Senior loan L + 4.50%(c)(f) 5.50% 03/2024 438 450 —429 
Jensen Hughes, Inc.+Senior loan L + 4.50%(b)(c)(f) 5.50% 03/2024 279 282 —273 
Jensen Hughes, Inc.Senior loan L + 4.50%(c)(f) 5.50% 03/2024 218 218 —214 
Jensen Hughes, Inc.+Senior loan L + 4.50%(c)(f) 5.50% 03/2024 116 116 —114 
7,395 7,454 0.37,243 
Chemicals
Inhance Technologies Holdings LLC#One stop L + 6.00%(c) 7.00% 07/2024 12,671 12,782 0.512,207 
Inhance Technologies Holdings LLCOne stop L + 6.00%(c) 7.00% 07/2024 1,925 1,913 0.11,854 
Inhance Technologies Holdings LLCOne stop L + 6.00%(c) 7.00% 07/2024 80 80 —72 
14,676 14,775 0.614,133 
Commercial Services & Supplies
EGD Security Systems, LLC*#^One stop L + 5.65%(c) 6.65% 06/2023 30,092 30,418 1.230,092 
EGD Security Systems, LLC*One stop L + 5.65%(c) 6.65% 06/2023 1,258 1,257 0.11,258 
EGD Security Systems, LLCOne stop L + 5.65%(c) 6.65% 06/2023 767 760 —767 
EGD Security Systems, LLC#One stop L + 5.65%(c) 6.65% 06/2023 644 661 —644 
EGD Security Systems, LLC#One stop L + 5.65%(c) 6.65% 06/2023 575 572 —575 
EGD Security Systems, LLCOne stop L + 5.65%(c) 6.65% 06/2023 40 39 —40 
EGD Security Systems, LLC(5)One stop L + 5.65% N/A(6) 06/2023 — (28)—— 
Bazaarvoice, Inc.*#+~^One stop L + 5.75%(c) 6.75% 02/2024 48,006 48,576 2.047,526 
Bazaarvoice, Inc.+One stop L + 5.75%(c) 6.75% 02/2024 21,094 20,886 0.920,883 
Bazaarvoice, Inc.(5)One stop L + 5.75% N/A(6) 02/2024 — (3)—(4)
Hydraulic Authority III Limited~(8)(9)(10)One stop L + 6.00%(h) 7.00% 11/2025 11,709 11,907 0.512,198 
 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (4)
Beverage, Food and Tobacco - (continued)                
Global ID Corporation*#
One stop L + 6.50%
(c) 
 8.11% 11/2021 $5,183
 $5,133
 0.5
%$5,131
Global ID CorporationOne stop L + 6.50%  
N/A(6)
 11/2021 —
 —
 —
 —
Global ID Corporation(5)
One stop L + 6.50%  
N/A(6)
 11/2021 —
 (2) —
 (2)
Hopdoddy Holdings, LLCOne stop L + 8.00%
(c) 
 9.48% 08/2020 651
 644
 0.1
 651
Hopdoddy Holdings, LLCOne stop L + 8.00%
(c) 
 9.48% 08/2020 400
 398
 —
 400
Hopdoddy Holdings, LLCOne stop L + 8.00%
(c) 
 9.48% 08/2020 3
 2
 0.1
 3
Julio & Sons CompanyOne stop L + 5.50%  
N/A(6)
 12/2018 —
 —
 —
 —
Mid-America Pet Food, L.L.C.^
One stop L + 5.50%
(c) 
 7.19% 12/2021 5,626
 5,559
 0.6
 5,626
Mid-America Pet Food, L.L.C.(5)
One stop L + 5.50%  
N/A(6)
 12/2021 —
 (1) —
 —
NBC Intermediate, LLC #
Senior loan L + 4.50%
(a) 
 6.07% 09/2023 2,169
 2,148
 0.2
 2,169
NBC Intermediate, LLCSenior loan L + 4.50%  
N/A(6)
 09/2023 —
 —
 —
 —
Purfoods, LLCOne stop L + 6.25%
(c) 
 7.73% 05/2021 8,539
 8,397
 0.9
 8,539
Purfoods, LLCOne stop N/A  7.00% PIK 05/2026 109
 109
 —
 113
Purfoods, LLCOne stop L + 6.25%
(a) 
 7.73% 05/2021 60
 59
 —
 60
Purfoods, LLCOne stop L + 6.25%
(c) 
 7.94% 05/2021 24
 24
 —
 24
Purfoods, LLCOne stop L + 6.25%
(c) 
 7.94% 05/2021 15
 15
 —
 15
Purfoods, LLCOne stop L + 6.25%
(c) 
 7.94% 05/2021 15
 15
 —
 15
Purfoods, LLCOne stop L + 6.25%
(c) 
 7.94% 05/2021 14
 14
 —
 14
Purfoods, LLCOne stop L + 6.25%
(c) 
 7.94% 05/2021 11
 11
 —
 11
Purfoods, LLCOne stop L + 6.25%
(c) 
 7.94% 05/2021 11
 11
 —
 11
Purfoods, LLCOne stop L + 6.25%
(c) 
 7.94% 05/2021 10
 10
 —
 10
Restaurant Holding Company, LLC#
Senior loan L + 7.75%
(a) 
 9.32% 02/2019 4,216
 4,204
 0.4
 4,132
Rubio's Restaurants, Inc.*^
Senior loan L + 4.75%
(c) 
 6.44% 11/2018 8,805
 8,778
 0.9
 8,805
Smashburger Finance LLCSenior loan L + 5.50%
(c) 
 7.19% 05/2018 78
 78
 —
 74
Smashburger Finance LLCSenior loan L + 5.50%  
N/A(6)
 05/2018 —
 —
 —
 —
Surfside Coffee Company LLC#
One stop L + 5.25%
(c) 
 6.94% 06/2020 4,413
 4,391
 0.5
 4,413
Surfside Coffee Company LLCOne stop L + 5.25%
(c) 
 6.93% 06/2020 334
 332
 —
 334
Surfside Coffee Company LLCOne stop L + 5.25%
(c) 
 6.81% 06/2020 30
 30
 —
 30
Tate's Bake Shop, Inc.^
One stop L + 6.25%
(c) 
 7.94% 08/2019 4,313
 4,256
 0.4
 4,281
Uinta Brewing Company^
One stop L + 8.50%
(a) 
 10.07% 08/2019 3,734
 3,722
 0.4
 3,734
Uinta Brewing CompanyOne stop L + 8.50%
(a) 
 10.07% 08/2019 539
 536
 0.1
 539
          103,663
 102,631
 10.8
 103,459
Broadcasting and Entertainment           
   
     
TouchTunes Interactive Networks, Inc.^
Senior loan L + 4.75%
(a) 
 6.32% 05/2021 1,458
 1,454
 0.2
 1,470
                 
Building and Real Estate                
Brooks Equipment Company, LLC*^
One stop L + 5.00%
(c) 
 6.48% 08/2020 21,470
 21,329
 2.3
 21,470
Brooks Equipment Company, LLC*
One stop L + 5.00%
(b)(c) 
 6.49% 08/2020 5,268
 5,238
 0.6
 5,268
Brooks Equipment Company, LLC(5)
One stop L + 5.00%  
N/A(6)
 08/2020 —
 (9) —
 —
Jensen Hughes, Inc.#
Senior loan L + 5.00%
(a) 
 6.57% 12/2021 153
 152
 —
 153
MRI Software LLC^
One stop L + 6.25%
(c) 
 7.95% 06/2023 23,863
 23,281
 2.5
 23,863
MRI Software LLC#
One stop L + 6.25%
(c) 
 7.95% 06/2023 13,848
 13,716
 1.4
 13,848
MRI Software LLC^
One stop L + 6.25%
(c) 
 7.95% 06/2023 360
 356
 —
 360
MRI Software LLCOne stop L + 6.25%
(c) 
 7.83% 06/2023 166
 164
 —
 166
MRI Software LLC(5)
One stop L + 6.00%  
N/A(6)
 06/2023 —
 (3) —
 —
MRI Software LLC(5)
One stop L + 6.00%  
N/A(6)
 06/2023 —
 (7) —
 —
          65,128
 64,217
 6.8
 65,128
Chemicals, Plastics and Rubber               
   
   
   
Flexan, LLC*
One stop L + 5.75%
(c) 
 7.44% 02/2020 2,327
 2,312
 0.2
 2,327
Flexan, LLCOne stop P + 4.50%
(e) 
 9.00% 02/2020 10
 10
 —
 10
          2,337
 2,322
 0.2
 2,337

See Notes to Consolidated Financial Statements.
9



TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 20172020
(In thousands)


Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Commercial Services & Supplies - (continued)
Hydraulic Authority III Limited(8)(9)(10)One stop N/A 11.00% PIK 11/2028 $222 $225 —%$239 
Hydraulic Authority III Limited(5)(8)(9)(10)One stop L + 6.00% N/A(6) 11/2025 — — —(6)
PT Intermediate Holdings III, LLC+~^One stop L + 5.50%(c) 6.50% 10/2025 29,700 29,331 1.228,512 
WRE Holding Corp.*#Senior loan L + 5.25%(b)(c) 6.25% 01/2023 2,270 2,302 0.12,270 
WRE Holding Corp.^Senior loan L + 5.25%(b)(c) 6.25% 01/2023 938 962 —938 
WRE Holding Corp.Senior loan L + 5.25%(c) 6.25% 01/2023 688 687 —688 
WRE Holding Corp.Senior loan L + 5.25%(b)(c) 6.25% 01/2023 407 407 —407 
WRE Holding Corp.Senior loan L + 5.25%(b)(c) 6.25% 01/2023 23 23 —23 
WRE Holding Corp.Senior loan L + 5.25%(a)(c) 6.25% 01/2023 16 17 —16 
WRE Holding Corp.Senior loan L + 5.25% N/A(6) 01/2023 — 8 —— 
148,449 149,007 6.0147,066 

 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (4)
Diversified/Conglomerate Manufacturing               
   
   
   
Chase Industries, Inc.*^#
One stop L + 5.75%
(c) 
 7.09% 09/2020 $31,292
 $31,102
 3.3
%$31,292
Chase Industries, Inc.#
One stop L + 5.75%
(c) 
 7.09% 09/2020 4,759
 4,737
 0.5
 4,759
Chase Industries, Inc.One stop L + 5.75%
(a) 
 7.16% 09/2020 755
 745
 0.1
 755
Inventus Power, Inc.*^
One stop L + 6.50%
(a) 
 8.07% 04/2020 8,128
 8,090
 0.7
 6,909
Inventus Power, Inc.One stop L + 6.50%
(a) 
 8.07% 04/2020 251
 248
 —
 172
Onicon Incorporated*^#
One stop L + 6.00%
(c) 
 7.69% 04/2020 12,794
 12,708
 1.3
 12,794
Onicon Incorporated(5)
One stop L + 6.00%  
N/A(6)
 04/2020 —
 (4) —
 —
PetroChoice Holdings, Inc.^
Senior loan L + 5.00%
(b) 
 6.42% 08/2022 1,746
 1,707
 0.2
 1,746
Plex Systems, Inc.*^
One stop L + 7.50%
(d) 
 8.96% 06/2020 18,797
 18,555
 2.0
 18,797
Plex Systems, Inc.(5)
One stop L + 7.50%  
N/A(6)
 06/2020 —
 (20) —
 —
Reladyne, Inc.*^#
Senior loan L + 5.00%
(a) 
 6.36% 07/2022 17,007
 16,781
 1.8
 17,007
Reladyne, Inc.(5)
Senior loan L + 5.00%  
N/A(6)
 07/2022 —
 (2) —
 —
Reladyne, Inc.(5)
Senior loan L + 5.00%  
N/A(6)
 07/2022 —
 (5) —
 —
Sunless Merger Sub, Inc.#
Senior loan L + 5.00%
(a)(e) 
 6.59% 07/2019 1,442
 1,447
 0.1
 1,442
Sunless Merger Sub, Inc.Senior loan P + 3.75%
(e) 
 8.25% 07/2019 374
 374
 —
 374
           97,345
 96,463
 10.0
 96,047
Diversified/Conglomerate Service               
   
   
   
Accela, Inc.#
One stop L + 6.25%
(c) 
 7.94% 09/2023 5,827
 5,743
 0.6
 5,827
Accela, Inc.One stop P + 5.25%
(e) 
 9.75% 09/2023 23
 22
 —
 23
Agility Recovery Solutions Inc.*^
One stop L + 6.50%
(c) 
 7.88% 03/2020 13,924
 13,833
 1.4
 13,924
Agility Recovery Solutions Inc.(5)
One stop L + 6.50%  
N/A(6)
 03/2020 —
 (4) —
 —
Anaqua, Inc.#
One stop L + 6.50%
(c) 
 7.86% 07/2022 7,001
 6,905
 0.7
 7,001
Anaqua, Inc.(5)
One stop L + 6.50%  
N/A(6)
 07/2022 —
 (1) —
 —
Bomgar Corporation^
One stop L + 7.50%
(c) 
 9.19% 06/2022 4,827
 4,754
 0.5
 4,827
Bomgar Corporation(5)
One stop L + 7.50%  
N/A(6)
 06/2022 —
 (1) —
 —
Clearwater Analytics, LLC*^
One stop L + 7.50%
(a) 
 9.07% 09/2022 9,494
 9,359
 1.0
 9,494
Clearwater Analytics, LLCOne stop L + 7.50%
(a) 
 9.00% 09/2022 9
 8
 —
 9
Datto, Inc.One Stop L + 8.00%
(a) 
 9.41% 12/2022 11,155
 10,936
 1.1
 10,933
Datto, Inc.(5)
One stop L + 8.00%  
N/A(6)
 12/2022 —
 (1) —
 (1)
Daxko Acquisition Corporation*^
One stop L + 6.50%
(c) 
 8.19% 09/2022 9,045
 8,935
 0.9
 9,045
Daxko Acquisition CorporationOne stop L + 6.50%  
N/A(6)
 09/2022 —
 —
 —
 —
EGD Security Systems, LLCOne stop L + 6.25%
(c) 
 7.81% 06/2022 11,114
 10,928
 1.2
 11,114
EGD Security Systems, LLC^
One stop L + 6.25%
(c) 
 7.73% 06/2022 98
 97
 —
 98
EGD Security Systems, LLCOne stop L + 6.25%
(c) 
 7.81% 06/2022 50
 49
 —
 50
EGD Security Systems, LLCOne stop L + 6.25%  
N/A(6)
 06/2022 —
 —
 —
 —
HealthcareSource HR, Inc.*
One stop L + 6.75%
(c) 
 8.44% 05/2020 23,570
 23,297
 2.4
 23,570
HealthcareSource HR, Inc.(5)
One stop L + 6.75%  
N/A(6)
 05/2020 —
 (1) —
 —
Host Analytics, Inc.One stop N/A  8.50% cash/2.25% PIK 08/2021 3,116
 3,075
 0.3
 3,116
Host Analytics, Inc.One stop N/A  8.50% cash/2.25% PIK 08/2021 2,611
 2,493
 0.3
 2,611
Host Analytics, Inc.One stop N/A  8.50% cash/2.25% PIK 08/2021 734
 728
 0.1
 734
III US Holdings, LLC(5)
One stop L + 6.50%  
N/A(6)
 09/2022 —
 (1) —
 —
Imprivata, Inc.#
Senior loan L + 4.50%
(c) 
 5.86% 10/2023 13,144
 12,985
 1.3
 13,012
Imprivata, Inc.(5)
Senior loan L + 4.50%  
N/A(6)
 10/2023 —
 (2) —
 (2)
Integration Appliance, Inc.*^
One stop L + 8.25%
(c) 
 9.73% 09/2020 16,123
 16,029
 1.7
 16,123
Integration Appliance, Inc.One stop L + 8.25%
(c) 
 9.73% 09/2020 7,914
 7,815
 0.8
 7,914
Integration Appliance, Inc.One stop L + 8.25%
(c) 
 9.73% 09/2020 5,396
 5,335
 0.6
 5,396
Integration Appliance, Inc.One stop L + 8.25%
(c) 
 9.73% 09/2020 2,484
 2,464
 0.3
 2,484
Integration Appliance, Inc.One stop L + 8.25%
(c) 
 9.73% 09/2020 924
 918
 0.1
 924
Integration Appliance, Inc.*
One stop L + 8.25%
(c) 
 9.73% 09/2020 719
 712
 0.1
 719
JAMF Holdings, Inc.One stop L + 8.00%
(c) 
 9.41% 11/2022 4,550
 4,461
 0.5
 4,504
JAMF Holdings, Inc.(5)
One stop L + 8.00%  
N/A(6)
 11/2022 —
 (1) —
 (1)
Maverick Bidco Inc.*#
One stop L + 6.25%
(c) 
 7.94% 04/2023 17,600
 17,283
 1.8
 17,600

See Notes to Consolidated Financial Statements.
10



TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 20172020
(In thousands)


Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Construction & Engineering
Reladyne, Inc.*#^Senior loan L + 5.00%(d) 6.00% 07/2022 $32,778 $32,967 1.4%$32,778 
Reladyne, Inc.~Senior loan L + 5.00%(d) 6.00% 07/2022 3,473 3,524 0.13,473 
Reladyne, Inc.+Senior loan L + 5.00%(a) 6.00% 07/2022 3,386 3,354 0.13,386 
Reladyne, Inc.Senior loan L + 5.00%(c)(d) 6.00% 07/2022 2,750 2,789 0.12,750 
Reladyne, Inc.*#Senior loan L + 5.00%(d) 6.00% 07/2022 1,880 1,908 0.11,880 
Reladyne, Inc.#~Senior loan L + 5.00%(d) 6.00% 07/2022 1,621 1,645 0.11,621 
Reladyne, Inc.#Senior loan L + 5.00%(d) 6.00% 07/2022 1,541 1,578 0.11,541 
Reladyne, Inc.#~Senior loan L + 5.00%(d) 6.00% 07/2022 738 749 —738 
48,167 48,514 2.048,167 
Containers and Packaging
AmerCareRoyal LLC+Senior loan L + 5.00%(a) 6.00% 11/2025 820 813 —820 
AmerCareRoyal LLC+(8)Senior loan L + 5.00%(a) 6.00% 11/2025 152 151 —152 
Fortis Solutions Group LLC+Senior loan L + 5.00%(a) 6.00% 12/2023 2,424 2,377 0.12,376 
Fortis Solutions Group LLC+Senior loan L + 5.00%(a) 6.00% 12/2023 1,582 1,570 0.11,550 
Fortis Solutions Group LLC+Senior loan L + 5.00%(a) 6.00% 12/2023 630 625 —617 
Fortis Solutions Group LLC+Senior loan L + 5.00%(a) 6.00% 12/2023 605 600 —594 
Fortis Solutions Group LLC(5)Senior loan L + 5.00% N/A(6) 12/2023 — — —(1)
Plano Molding Company, LLC+One stop L + 9.00%(c) 8.50% cash/1.50% PIK 05/2022 14,653 14,617 0.512,454 
Plano Molding Company, LLCOne stop L + 9.00%(c) 8.50% cash/1.50% PIK 05/2022 1,186 1,177 0.11,186 
 22,052 21,930 0.819,748 
Distributors
PetroChoice Holdings, Inc.#^Senior loan L + 5.00%(c) 6.00% 08/2022 3,267 3,273 0.13,104 
Diversified Consumer Services
EWC Growth Partners LLCOne stop L + 7.50%(c) 6.50% cash/2.00% PIK 03/2026 914 899 —832 
EWC Growth Partners LLCOne stop L + 7.50%(c) 6.50% cash/2.00% PIK 03/2026 30 29 —27 
EWC Growth Partners LLCOne stop L + 7.50%(c) 6.50% cash/2.00% PIK 03/2026 18 18 —16 
Excelligence Learning Corporation#One stop L + 7.00%(c) 8.00% 04/2023 10,466 10,233 0.38,373 
Learn-it Systems, LLCSenior loan L + 5.00%(c) 5.00% cash/0.50% PIK 03/2025 2,542 2,588 0.12,542 
Learn-it Systems, LLCSenior loan L + 5.00%(c) 5.50% 03/2025 608 607 —608 
Learn-it Systems, LLCSenior loan L + 4.50% N/A(6) 03/2025 — — —— 
Liminex, Inc.~One stop L + 7.25%(a) 8.25% 11/2026 25,462 24,988 1.025,207 
Liminex, Inc.(5)One stop L + 7.25% N/A(6) 11/2026 — (2)—(2)
Litera Bidco LLC+^One stop L + 5.25%(a) 6.25% 05/2026 3,740 3,760 0.23,568 
Litera Bidco LLC+One stop L + 6.00%(c) 7.00% 05/2026 1,307 1,291 0.11,291 
Litera Bidco LLCOne stop L + 5.25%(a) 5.40% 05/2026 701 725 —669 
Litera Bidco LLCOne stop L + 5.25%(a) 6.25% 05/2026 701 725 —669 
Litera Bidco LLC(5)One stop L + 5.25% N/A(6) 05/2025 — — —(2)
PADI Holdco, Inc.*#One stop L + 8.75%(c) 8.25% cash/1.50% PIK 04/2024 21,686 21,859 0.818,429 
PADI Holdco, Inc.+~(8)(9)One stop E + 5.75%(g) 4.25% cash/1.50% PIK 04/2024 20,634 20,892 0.818,343 
PADI Holdco, Inc.~One stop L + 7.25%(c) 6.75% cash/1.50% PIK 04/2024 803 797 —682 
PADI Holdco, Inc.One stop L + 7.25%(a) 6.75% cash/1.50% PIK 04/2023 180 179 —146 
PADI Holdco, Inc.One stop L + 8.75%(c) 8.25% cash/1.50% PIK 04/2024 166 165 —141 
89,958 89,753 3.381,539 
 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (4)
Diversified/Conglomerate Service - (continued)               
Maverick Bidco Inc.One stop L + 6.25%
(a) 
 7.71% 04/2023 $27
 $25
 —
%$27
Maverick Bidco Inc.(5)
One stop L + 6.25%  
N/A(6)
 04/2023 —
 (2) —
 —
MMan Acquisition Co.#
One stop L + 6.00%
(c) 
 7.69% 08/2023 9,800
 9,662
 1.0
 9,800
MMan Acquisition Co.One stop L + 6.00%
(c) 
 7.69% 08/2023 26
 25
 —
 26
Net Health Acquisition Corp.#
One stop L + 5.50%
(b) 
 7.06% 12/2023 3,886
 3,847
 0.4
 3,847
Net Health Acquisition Corp.(5)
One stop L + 5.50%  
N/A(6)
 12/2023 —
 (1) —
 (1)
Netsmart Technologies, Inc.#
Senior loan L + 4.50%
(c) 
 6.19% 04/2023 1,750
 1,737
 0.2
 1,772
Netsmart Technologies, Inc.(5)
Senior loan L + 4.75%  
N/A(6)
 04/2023 —
 (8) —
 —
Nexus Brands Group, Inc.#
One stop L + 6.00%
(c) 
 7.57% 11/2023 5,779
 5,708
 0.6
 5,721
Nexus Brands Group, Inc.One stop L + 6.00%
(a) 
 7.53% 11/2023 2
 1
 —
 1
Nexus Brands Group, Inc.(5)
One stop L + 6.00%  
N/A(6)
 11/2023 —
 (2) —
 (3)
Saba Software, Inc.#
One stop L + 5.50%
(b) 
 7.12% 05/2023 20,246
 19,931
 2.1
 20,246
Saba Software, Inc.(5)
One stop L + 5.50%  
N/A(6)
 05/2023 —
 (2) —
 —
Saldon Holdings, Inc.*
Senior loan L + 4.50%
(c) 
 5.98% 09/2022 775
 766
 0.1
 775
Secure-24, LLC*^
One stop L + 5.00%
(a) 
 6.57% 08/2019 21,599
 21,448
 2.2
 21,599
Secure-24, LLC(5)
One stop L + 5.00%  
N/A(6)
 08/2019 —
 (4) —
 —
Severin Acquisition, LLC^
Senior loan L + 5.37%
(a) 
 6.94% 07/2021 881
 872
 0.1
 894
Severin Acquisition, LLC^
Senior loan L + 5.00%
(a) 
 6.57% 07/2021 784
 776
 0.1
 787
Severin Acquisition, LLC^
Senior loan L + 5.37%
(a) 
 6.94% 07/2021 600
 593
 0.1
 609
Severin Acquisition, LLC^
Senior loan L + 4.87%
(a) 
 6.44% 07/2021 193
 191
 —
 193
Switchfly, Inc.One stop L + 10.00%
(c) 
 9.85% cash/1.50% PIK 04/2020 2,407
 2,315
 0.3
 2,407
Switchfly, Inc.One stop L + 10.00%  
N/A(6)
 04/2020 —
 —
 —
 —
Telesoft, LLC#
One stop L + 5.50%
(c) 
 6.84% 07/2022 4,192
 4,154
 0.4
 4,192
Telesoft, LLC(5)
One stop L + 5.50%  
N/A(6)
 07/2022 —
 (1) —
 —
Transaction Data Systems, Inc.*
Senior loan L + 5.25%
(c) 
 6.94% 06/2021 740
 730
 0.1
 740
Trintech, Inc. *^#
One stop L + 6.50%
(a) 
 7.89% 12/2023 10,930
 10,793
 1.1
 10,821
Trintech, Inc. ^
One stop L + 6.50%
(a) 
 8.07% 12/2023 3,429
 3,386
 0.4
 3,395
Trintech, Inc.One stop L + 6.50%
(a) 
 8.07% 12/2023 30
 28
 —
 29
True Commerce, Inc.#
One stop L + 5.75%
(c) 
 7.16% 11/2023 5,652
 5,583
 0.6
 5,596
True Commerce, Inc.(5)
One stop L + 5.75%  
N/A(6)
 11/2023 —
 (1) —
 (1)
Valant Medical Solutions, Inc.One stop L + 11.00%
(a) 
 10.18% cash/2.25% PIK 10/2020 814
 741
 0.1
 732
Valant Medical Solutions, Inc.One stop L + 11.00%  
N/A(6)
 10/2020 —
 —
 —
 —
Velocity Technology Solutions, Inc.#
One stop L + 6.00%
(c) 
 7.52% 12/2023 8,290
 8,146
 0.9
 8,207
Velocity Technology Solutions, Inc.(5)
One stop L + 6.00%  
N/A(6)
 12/2023 —
 (1) —
 (1)
Vendavo, Inc.One stop L + 8.50%
(c) 
 9.85% 10/2019 17,982
 17,826
 1.9
 17,982
Vendavo, Inc.(5)
One stop L + 8.50%  
N/A(6)
 10/2019 —
 (6) —
 —
Vendor Credentialing Service LLC^
One stop L + 6.00%
(a) 
 7.57% 11/2021 12,209
 12,000
 1.3
 12,209
Vendor Credentialing Service LLC(5)
One stop L + 6.00%  
N/A(6)
 11/2021 —
 (1) —
 —
Verisys Corporation*
One stop L + 6.75%
(c) 
 8.44% 01/2023 3,916
 3,866
 0.4
 3,916
Verisys Corporation(5)
One stop L + 6.75%  
N/A(6)
 01/2023 —
 (1) —
 —
Workforce Software, LLC^
One stop L + 10.50%
(c) 
 4.85% cash/7.00% PIK 06/2021 5,438
 5,413
 0.6
 5,438
Workforce Software, LLCOne stop L + 10.50%
(c) 
 4.85% cash/7.00% PIK 06/2021 51
 51
 —
 51
Xmatters, Inc. and Alarmpoint, Inc.One stop L + 9.25%
(a) 
 10.03% cash/0.75% PIK 08/2021 4,883
 4,817
 0.5
 4,883
Xmatters, Inc. and Alarmpoint, Inc.One stop L + 9.25%
(a) 
 10.03% cash/0.75% PIK 08/2021 20
 20
 —
 20
           318,783
 314,573
 33.2
 317,957
Ecological                
Pace Analytical Services, LLCOne stop L + 6.00%
(a) 
 7.57% 09/2022 15,307
 14,974
 1.6
 15,307
Pace Analytical Services, LLC^
One stop L + 6.00%
(a) 
 7.57% 09/2022 1,423
 1,404
 0.2
 1,423
Pace Analytical Services, LLCOne stop L + 6.00%
(a) 
 7.57% 09/2022 348
 343
 —
 348
Pace Analytical Services, LLCOne stop L + 6.00%
(a) 
 7.48% 09/2022 44
 39
 —
 44
Pace Analytical Services, LLCOne stop L + 6.00%
(a) 
 7.57% 09/2022 25
 24
 —
 25

See Notes to Consolidated Financial Statements.
11



TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 20172020
(In thousands)


Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Diversified Financial Services
Higginbotham Insurance Agency, Inc.+One stop L + 5.75%(c) 6.50% 11/2026 $3,614 $3,561 0.1%$3,560 
Higginbotham Insurance Agency, Inc.(5)One stop L + 5.75% N/A(6) 11/2026 — (8)—(8)
Institutional Shareholder Services*Senior loan L + 4.50%(c) 4.75% 03/2026 18,727 19,096 0.818,727 
Institutional Shareholder ServicesSenior loan L + 4.50%(c) 4.74% 03/2024 190 187 —190 
Sovos Compliance*+^One stop L + 4.75%(a) 5.75% 04/2024 19,614 20,117 0.819,614 
Sovos ComplianceSecond lien N/A 12.00% PIK 04/2025 9,221 9,448 0.49,221 
Sovos Compliance+One stop L + 4.75%(a) 5.75% 04/2024 4,322 4,242 0.24,322 
Sovos Compliance*#One stop L + 4.75%(a) 5.75% 04/2024 1,903 1,952 0.11,903 
Sovos ComplianceSecond lien N/A 12.00% PIK 04/2025 1,260 1,296 —1,260 
Sovos Compliance*#One stop L + 4.75%(a) 5.75% 04/2024 768 789 —768 
Sovos ComplianceOne stop L + 4.75%(a) 5.75% 04/2024 96 95 —96 
Sovos ComplianceOne stop L + 4.75%(a) 5.75% 04/2024 85 84 —85 
Sovos Compliance(5)One stop L + 4.75% N/A(6) 04/2024 — (21)—— 
59,800 60,838 2.459,738 

 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (4)
Ecological - (continued)                
WRE Holding Corp.#
Senior loan L + 4.75%
(a) 
 6.32% 01/2023 $1,016
 $1,006
 0.1
%$1,016
WRE Holding Corp.Senior loan L + 4.75%
(a) 
 6.32% 01/2023 9
 9
 —
 9
WRE Holding Corp.Senior loan L + 4.75%
(c) 
 6.31% 01/2023 7
 6
 —
 7
WRE Holding Corp.Senior loan L + 4.75%  
N/A(6)
 01/2023 —
 —
 —
 —
          18,179
 17,805
 1.9
 18,179
Electronics               
   
   
   
Appriss Holdings, Inc.*^#
One stop L + 6.00%
(c) 
 7.69% 11/2020 22,379
 22,147
 2.3
 22,156
Appriss Holdings, Inc.(5)
One stop L + 6.00%  
N/A(6)
 11/2020 —
 (28) —
 (29)
Compusearch Software Holdings, Inc.^
Senior loan L + 4.50%
(c) 
 6.07% 05/2021 1,731
 1,728
 0.2
 1,731
Diligent Corporation#
One stop L + 6.25%
(c) 
 7.94% 04/2022 4,916
 4,852
 0.5
 4,916
Diligent Corporation*
One stop L + 6.25%
(c) 
 7.94% 04/2022 4,826
 4,728
 0.5
 4,827
Diligent Corporation*^
 One Stop L + 6.25%
(c) 
 7.94% 04/2022 2,641
 2,605
 0.3
 2,641
Diligent Corporation(5)
One stop L + 6.25%  
N/A(6)
 04/2022 —
 (2) —
 —
Gamma Technologies, LLC^
One stop L + 4.75%
(a) 
 6.32% 06/2021 7,536
 7,492
 0.8
 7,536
Gamma Technologies, LLC(5)
One stop L + 5.00%  
N/A(6)
 06/2021 —
 (1) —
 —
LD Intermediate Holdings, Inc.*^
Senior loan L + 5.87%
(c) 
 7.27% 12/2022 2,524
 2,356
 0.2
 2,266
Park Place Technologies LLC*^
Senior loan L + 5.00%
(c) 
 6.69% 06/2022 15,741
 15,585
 1.6
 15,741
Park Place Technologies LLC(5)
Senior loan L + 5.00%  
N/A(6)
 06/2022 —
 (2) —
 —
Sloan Company, Inc., The#
One stop L + 7.25%
(c) 
 8.94% 04/2020 7,418
 7,352
 0.7
 6,491
Sloan Company, Inc., TheOne stop L + 7.25%
(c) 
 8.70% 04/2020 37
 37
 —
 31
Sovos Compliance*^
One stop L + 6.00%
(a) 
 7.57% 03/2022 9,305
 9,171
 1.0
 9,305
Sovos Compliance(5)
One stop L + 6.00%  
N/A(6)
 03/2022 —
 (2) —
 —
Sovos Compliance Formerly Taxware, LLC^
One stop L + 6.00%
(a) 
 7.57% 03/2022 1,565
 1,544
 0.1
 1,565
Sovos Compliance Formerly Taxware, LLCOne stop L + 6.00%  
N/A(6)
 03/2022 —
 —
 —
 —
Watchfire Enterprises, Inc.Second lien L + 8.00%
(c) 
 9.69% 10/2021 9,435
 9,314
 1.0
 9,435
          90,054
 88,876
 9.2
 88,612
Grocery                
MyWebGrocer, Inc.*
One stop L + 5.00%
(d) 
 6.57% 09/2018 14,271
 14,131
 1.5
 14,271
                 
Healthcare, Education and Childcare               
   
   
   
Active Day, Inc.One stop L + 6.00%
(a) 
 7.57% 12/2021 13,367
 13,126
 1.4
 13,367
Active Day, Inc.^
One stop L + 6.00%
(a) 
 7.57% 12/2021 1,031
 1,019
 0.1
 1,031
Active Day, Inc.One stop L + 6.00%
(a) 
 7.57% 12/2021 665
 659
 0.1
 665
Active Day, Inc.One stop L + 6.00%
(a) 
 7.57% 12/2021 459
 454
 0.1
 459
Active Day, Inc.(5)
One stop L + 6.00%  
N/A(6)
 12/2021 —
 (1) —
 —
Active Day, Inc.(5)
One stop L + 6.00%  
N/A(6)
 12/2021 —
 (3) —
 —
Acuity Eyecare Holdings, LLCOne stop L + 6.75%
(b) 
 8.28% 03/2022 3,605
 3,529
 0.4
 3,605
Acuity Eyecare Holdings, LLCOne stop L + 6.75%
(b) 
 8.37% 03/2022 38
 36
 —
 38
Acuity Eyecare Holdings, LLCOne stop P + 5.75%
(e) 
 10.25% 03/2022 8
 7
 —
 8
ADCS Clinics Intermediate Holdings, LLCOne stop L + 5.75%
(c) 
 7.44% 05/2022 21,227
 20,712
 2.2
 20,802
ADCS Clinics Intermediate Holdings, LLC*
One stop L + 5.75%
(c) 
 7.44% 05/2022 108
 106
 —
 106
ADCS Clinics Intermediate Holdings, LLCOne stop L + 5.75%
(c) 
 7.44% 05/2022 83
 80
 —
 79
ADCS Clinics Intermediate Holdings, LLC*
One stop L + 5.75%
(c) 
 7.44% 05/2022 32
 31
 —
 31
ADCS Clinics Intermediate Holdings, LLC(5)
One stop L + 5.75%  
N/A(6)
 05/2022 —
 (2) —
 (2)
Agilitas USA, Inc.#
One stop L + 6.00%
(c) 
 7.34% 04/2022 8,418
 8,345
 0.9
 8,249
Agilitas USA, Inc.One stop L + 6.00%
(c) 
 7.34% 04/2022 10
 9
 —
 8
Agilitas USA, Inc.(5)
One stop L + 6.00%  
N/A(6)
 04/2022 —
 (1) —
 —
Aris Teleradiology Company, LLC*
Senior loan L + 5.50%
(c) 
 7.19% 03/2021 2,693
 2,674
 0.2
 2,316
Aris Teleradiology Company, LLCSenior loan L + 5.50%
(c) 
 6.88% 03/2021 25
 25
 —
 22
Avalign Technologies, Inc.^
Senior loan L + 4.50%
(a) 
 6.07% 07/2021 1,425
 1,421
 0.1
 1,425
BIORECLAMATIONIVT, LLC*^#
One stop L + 5.75%
(a) 
 7.32% 01/2021 15,724
 15,559
 1.7
 15,724
BIORECLAMATIONIVT, LLCOne stop P + 4.75%
(e) 
 9.25% 01/2021 55
 54
 —
 55

See Notes to Consolidated Financial Statements.
12



TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 20172020
(In thousands)


Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Electric Utilities
Arcos, LLC#^One stop L + 5.00%(c) 6.00% 02/2021 $11,368 $11,395 0.5%$11,368 
Arcos, LLCOne stop L + 5.00% N/A(6) 02/2021 — — —— 
11,368 11,395 0.511,368 
Electronic Equipment, Instruments & Components
CST Buyer Company+One stop L + 6.00%(d) 7.00% 10/2025 20,580 20,331 0.820,374 
CST Buyer Company+~One stop L + 6.00%(a) 7.00% 10/2025 10,189 10,084 0.410,087 
CST Buyer CompanyOne stop L + 6.00% N/A(6) 10/2025 — — —— 
ES Acquisition LLCSenior loan L + 5.00%(c) 6.00% 11/2025 660 649 —659 
ES Acquisition LLCSenior loan L + 5.00%(c) 6.00% 11/2025 140 138 —139 
ES Acquisition, LLCSenior loan L + 5.50%(c) 6.50% 11/2025 89 86 —91 
ES Acquisition, LLCSenior loan L + 5.00%(c) 6.00% 11/2025 46 46 —46 
ES Acquisition LLCSenior loan L + 5.00%(c) 6.00% 11/2025 45 44 —45 
ES Acquisition LLCSecond lien L + 5.00%(c) 6.00% 11/2025 36 35 —36 
Pasternack Enterprises, Inc. and Fairview Microwave, Inc+~Senior loan L + 4.00%(a) 4.15% 07/2025 23,578 23,790 1.023,342 
Pasternack Enterprises, Inc. and Fairview Microwave, IncSenior loan L + 4.00% N/A(6) 07/2023 — — —— 
Inventus Power, Inc.*#+One stop L + 5.50%(a) 6.50% 04/2021 14,303 14,099 0.614,303 
Inventus Power, Inc.(5)One stop L + 5.50% N/A(6) 04/2021 — (9)—— 
Watchfire Enterprises, Inc.Second lien L + 8.00%(a) 9.00% 10/2021 9,435 9,410 0.49,435 
79,101 78,703 3.278,557 
 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (4)
Healthcare, Education and Childcare - (continued)               
California Cryobank, LLC^
One stop L + 5.50%
(c) 
 7.19% 08/2019 $1,461
 $1,456
 0.2
%$1,461
California Cryobank, LLC^
One stop L + 5.50%
(c) 
 7.19% 08/2019 560
 555
 0.1
 560
California Cryobank, LLC^
One stop L + 5.50%
(c) 
 7.19% 08/2019 187
 187
 —
 187
California Cryobank, LLC(5)
One stop L + 5.50%  
N/A(6)
 08/2019 —
 (1) —
 —
CLP Healthcare Services, Inc.^
Senior loan L + 5.25%
(c) 
 6.94% 12/2020 3,914
 3,889
 0.4
 3,836
Curo Health Services LLC#
Senior loan L + 4.00%
(c) 
 5.41% 02/2022 3,265
 3,253
 0.3
 3,268
DCA Investment Holding, LLC*^#
One stop L + 5.25%
(c) 
 6.94% 07/2021 18,727
 18,484
 1.9
 18,399
DCA Investment Holding, LLC*^#
One stop L + 5.25%
(c) 
 6.94% 07/2021 13,432
 13,329
 1.4
 13,197
DCA Investment Holding, LLC#
One stop L + 5.25%
(c) 
 6.94% 07/2021 2,469
 2,432
 0.3
 2,426
DCA Investment Holding, LLCOne stop L + 5.25%
(a) 
 6.80% 07/2021 153
 150
 —
 149
DCA Investment Holding, LLC(5)
One stop L + 5.25%  
N/A(6)
 07/2021 —
 (11) —
 (24)
DCA Investment Holding, LLC(5)
One stop L + 5.25%  
N/A(6)
 07/2021 —
 (12) —
 (12)
Deca Dental Management LLC*^
One stop L + 6.25%
(c) 
 7.94% 07/2020 4,086
 4,056
 0.4
 4,086
Deca Dental Management LLCOne stop L + 6.25%
(c) 
 7.80% 07/2020 497
 493
 0.1
 497
Deca Dental Management LLCOne stop L + 6.25%
(a) 
 7.82% 07/2020 50
 50
 —
 50
Deca Dental Management LLC(5)
One stop L + 6.25%  
N/A(6)
 07/2020 —
 (2) —
 —
Delta Educational Systems*(7)
Senior loan P + 6.75%
(e) 
 9.00% cash/2.00% PIK 12/2018 1,438
 1,433
 —
 —
Delta Educational Systems(5)(7)
Senior loan L + 6.00%  
N/A(6)
 12/2018 —
 —
 —
 (4)
Dental Holdings CorporationOne stop L + 5.50%
(c) 
 6.88% 02/2020 7,436
 7,349
 0.8
 7,287
Dental Holdings CorporationOne stop L + 5.50%
(c) 
 6.88% 02/2020 1,132
 1,124
 0.1
 1,110
Dental Holdings CorporationOne stop L + 5.50%
(c)(e) 
 7.74% 02/2020 440
 433
 —
 419
eSolutions, Inc.*^
One stop L + 6.50%
(a) 
 8.07% 03/2022 20,041
 19,754
 2.1
 20,041
eSolutions, Inc.(5)
One stop L + 6.50%  
N/A(6)
 03/2022 —
 (1) —
 —
Excelligence Learning Corporation^
One stop L + 6.00%
(a) 
 7.57% 04/2023 4,842
 4,799
 0.5
 4,842
Eyecare Services Partners Holdings LLCOne stop L + 6.25%
(c) 
 7.94% 05/2023 7,986
 7,789
 0.8
 7,986
Eyecare Services Partners Holdings LLCOne stop L + 6.25%
(c) 
 7.73% 05/2023 461
 453
 0.1
 461
Eyecare Services Partners Holdings LLCOne stop P + 5.25%
(e) 
 9.75% 05/2023 7
 4
 —
 7
Eyecare Services Partners Holdings LLC(5)
One stop L + 6.25%  
N/A(6)
 05/2023 —
 (4) —
 —
G & H Wire Company, Inc.#
One stop L + 5.50%
(c) 
 7.19% 09/2023 5,628
 5,561
 0.6
 5,628
G & H Wire Company, Inc.(5)
One stop L + 5.50%  
N/A(6)
 09/2023 —
 (1) —
 —
Immucor, Inc. #
Senior loan L + 5.00%
(a) 
 6.57% 06/2021 1,609
 1,594
 0.2
 1,639
Joerns Healthcare, LLC*^
One stop L + 6.00%
(c) 
 7.48% 05/2020 3,497
 3,466
 0.3
 3,259
Kareo, Inc.One stop L + 9.00%
(b) 
 10.41% 06/2022 4,518
 4,314
 0.5
 4,518
Kareo, Inc.One stop L + 9.00%  
N/A(6)
 06/2022 —
 —
 —
 —
Katena Holdings, Inc.^
One stop L + 6.75%
(c) 
 8.44% 06/2021 8,589
 8,516
 0.9
 8,589
Katena Holdings, Inc.^
One stop L + 6.75%
(c) 
 8.44% 06/2021 839
 832
 0.1
 839
Katena Holdings, Inc.#
One stop L + 6.75%
(c) 
 8.44% 06/2021 572
 564
 0.1
 572
Katena Holdings, Inc.One stop P + 5.75%
(e) 
 10.25% 06/2021 89
 88
 —
 89
Lombart Brothers, Inc.#
One stop L + 6.75%
(c) 
 8.44% 04/2022 3,621
 3,544
 0.4
 3,621
Lombart Brothers, Inc.#(8)
One stop L + 6.75%
(c) 
 8.44% 04/2022 1,660
 1,636
 0.2
 1,660
Lombart Brothers, Inc.(8)
One stop L + 6.75%  
N/A(6)
 04/2022 —
 —
 —
 —
Lombart Brothers, Inc.(5)
One stop L + 6.75%  
N/A(6)
 04/2022 —
 (1) —
 —
Maverick Healthcare Group, LLC*
Senior loan L + 7.50%
(a) 
 7.25% cash/2.00% PIK 12/2017 1,969
 1,969
 0.2
 1,871
Maverick Healthcare Group, LLCSenior loan P + 6.50%
(e) 
 5.50% cash/5.50% PIK 12/2017 84
 84
 —
 84
MWD Management, LLC & MWD Services, Inc.#
One stop L + 5.25%
(c) 
 6.94% 06/2023 5,910
 5,843
 0.6
 5,910
MWD Management, LLC & MWD Services, Inc.(5)
One stop L + 5.25%  
N/A(6)
 06/2022 —
 (1) —
 —
MWD Management, LLC & MWD Services, Inc.(5)
One stop L + 5.25%  
N/A(6)
 06/2023 —
 (2) —
 —
Oliver Street Dermatology Holdings, LLCOne stop L + 6.50%
(c) 
 8.19% 05/2022 9,410
 9,214
 1.0
 9,410
Oliver Street Dermatology Holdings, LLCOne stop L + 6.50%
(c) 
 8.19% 05/2022 949
 936
 0.1
 949
Oliver Street Dermatology Holdings, LLCOne stop L + 6.50%
(c) 
 8.18% 05/2022 212
 210
 —
 212
Oliver Street Dermatology Holdings, LLCOne stop L + 6.50%
(c) 
 7.96% 05/2022 91
 90
 —
 91


See Notes to Consolidated Financial Statements.
13



TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 20172020
(In thousands)


Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Food & Staples Retailing
Cafe Rio Holding, Inc.*#One stop L + 5.50%(c) 6.50% 09/2023 $18,562 $18,743 0.8%$18,562 
Cafe Rio Holding, Inc.One stop L + 5.50%(c) 6.50% 09/2023 2,415 2,414 0.12,415 
Cafe Rio Holding, Inc.#One stop L + 5.50%(c) 6.50% 09/2023 2,243 2,308 0.12,243 
Cafe Rio Holding, Inc.*#One stop L + 5.50%(c) 6.50% 09/2023 1,423 1,465 0.11,423 
Cafe Rio Holding, Inc.#One stop L + 5.50%(c) 6.50% 09/2023 1,257 1,293 —1,257 
Cafe Rio Holding, Inc.One stop L + 5.50%(c) 6.50% 09/2023 181 181 —181 
Cafe Rio Holding, Inc.One stop L + 5.50% N/A(6) 09/2023 — — —— 
Captain D's, LLC#Senior loan L + 4.50%(c) 5.50% 12/2023 13,688 13,729 0.613,688 
Captain D's, LLCSenior loan L + 4.50%(c) 5.50% 12/2023 120 121 —120 
Feeders Supply Company, LLC#+One stop L + 6.00%(a) 7.00% 04/2023 9,101 9,049 0.49,101 
Feeders Supply Company, LLCSubordinated debt N/A 12.50% cash/7.00% PIK 04/2021 155 155 —155 
Feeders Supply Company, LLCOne stop L + 6.00%(a) 7.00% 04/2021 10 10 —10 
FWR Holding Corporation#One stop L + 7.00%(c) 6.50% cash/1.50% PIK 08/2023 10,398 10,382 0.49,566 
FWR Holding Corporation#One stop L + 7.00%(c) 6.50% cash/1.50% PIK 08/2023 1,819 1,871 0.11,673 
FWR Holding Corporation#One stop L + 7.00%(c) 6.50% cash/1.50% PIK 08/2023 1,149 1,183 —1,058 
FWR Holding Corporation#One stop L + 7.00%(c) 6.50% cash/1.50% PIK 08/2023 364 373 —335 
FWR Holding CorporationOne stop L + 7.00%(c) 6.50% cash/1.50% PIK 08/2023 274 273 —252 
FWR Holding Corporation#One stop L + 7.00%(c) 6.50% cash/1.50% PIK 08/2023 272 279 —250 
FWR Holding CorporationOne stop L + 7.00%(c) 6.50% cash/1.50% PIK 08/2023 131 130 —121 
FWR Holding Corporation(5)One stop L + 7.00% N/A(6) 08/2023 — — —(10)
FWR Holding CorporationOne stop L + 7.00% N/A(6) 08/2023 — — —— 
Mendocino Farms, LLCOne stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 834 855 —834 
Mendocino Farms, LLCOne stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 655 672 —655 
Mendocino Farms, LLCOne stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 643 640 —643 
Mendocino Farms, LLCOne stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 316 315 —316 
Mendocino Farms, LLCOne stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 316 314 —316 
Mendocino Farms, LLCOne stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 156 155 —156 
Mendocino Farms, LLCOne stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 95 94 —95 
Mendocino Farms, LLC(5)One stop L + 8.50% N/A(6) 06/2023 — (2)—— 
NBC Intermediate, LLC+~Senior loan L + 6.00%(d) 7.00% 09/2023 18,536 18,356 0.818,350 
NBC Intermediate, LLC#+~Senior loan L + 6.00%(c) 7.00% 09/2023 9,657 9,624 0.49,561 
NBC Intermediate, LLC*#+~Senior loan L + 6.00%(c) 7.00% 09/2023 5,047 5,059 0.24,996 
NBC Intermediate, LLC#+~Senior loan L + 6.00%(a)(c) 7.00% 09/2023 4,301 4,341 0.24,257 
NBC Intermediate, LLC#Senior loan L + 6.00%(a) 7.00% 09/2023 667 660 —660 
NBC Intermediate, LLC(5)Senior loan L + 6.00% N/A(6) 09/2023 — — —(1)
Ruby Slipper Cafe LLC, The*One stop L + 8.50%(c) 8.50% cash/1.00% PIK 01/2023 2,046 2,040 0.11,719 
Ruby Slipper Cafe LLC, TheOne stop L + 8.50%(c) 8.50% cash/1.00% PIK 01/2023 414 426 —348 
Ruby Slipper Cafe LLC, TheOne stop L + 8.50%(c) 8.50% cash/1.00% PIK 01/2023 30 30 —25 
Wetzel's Pretzels, LLC*#One stop L + 7.25%(c) 7.75% cash/0.50% PIK 09/2021 16,929 17,030 0.716,082 
Wetzel's Pretzels, LLCOne stop L + 7.25%(c) 7.75% cash/0.50% PIK 09/2021 100 101 —96 
Wood Fired Holding Corp.*#One stop L + 7.75%(c) 6.75% cash/2.00% PIK 12/2023 14,163 14,354 0.613,739 
Wood Fired Holding Corp.One stop L + 7.75%(c) 6.75% cash/2.00% PIK 12/2023 701 701 —680 
Wood Fired Holding Corp.One stop L + 7.75%(c) 6.75% cash/2.00% PIK 12/2023 202 201 —196 
139,370 139,925 5.6136,123 
 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (4)
Healthcare, Education and Childcare - (continued)               
Oliver Street Dermatology Holdings, LLCOne stop L + 6.50%
(c) 
 8.19% 05/2022 $46
 $45
 —
%$46
Oliver Street Dermatology Holdings, LLC*
One stop L + 6.50%
(c) 
 8.19% 05/2022 42
 41
 —
 42
Oliver Street Dermatology Holdings, LLCOne stop L + 6.50%
(c) 
 8.19% 05/2022 33
 32
 —
 33
Oliver Street Dermatology Holdings, LLCOne stop L + 6.50%
(c) 
 8.19% 05/2022 30
 30
 —
 30
Oliver Street Dermatology Holdings, LLC(5)
One stop L + 6.50%  
N/A(6)
 05/2022 —
 (1) —
 —
Oliver Street Dermatology Holdings, LLCOne stop L + 6.50%
(c) 
 8.09% 05/2022 38
 37
 —
 38
ONsite Mammography, LLCOne stop L + 6.75%
(a) 
 8.32% 11/2023 3,087
 3,019
 0.3
 3,056
ONsite Mammography, LLC(5)
One stop L + 6.75%  
N/A(6)
 11/2023 —
 (1) —
 (1)
ONsite Mammography, LLC(5)
One stop L + 6.75%  
N/A(6)
 11/2023 —
 (1) —
 (1)
Pinnacle Treatment Centers, Inc.One stop L + 6.25%
(b) 
 7.87% 08/2021 9,955
 9,757
 1.0
 9,955
Pinnacle Treatment Centers, Inc.One stop P + 5.00%
(e) 
 9.50% 08/2021 30
 29
 —
 30
Pinnacle Treatment Centers, Inc.(5)
One stop L + 6.25%  
N/A(6)
 08/2021 —
 (2) —
 —
PPT Management Holdings, LLC^
One stop P + 5.00%
(e) 
 9.50% 12/2022 10,197
 10,006
 1.0
 9,993
PPT Management Holdings, LLCOne stop P + 5.00%
(e) 
 9.50% 12/2022 135
 135
 —
 132
PPT Management Holdings, LLCOne stop L + 6.00%
(a) 
 7.57% 12/2022 100
 96
 —
 96
PPT Management Holdings, LLCOne stop P + 5.00%
(e) 
 9.50% 12/2022 38
 30
 —
 31
Premise Health Holding Corp.*^#
One stop L + 4.50%
(c) 
 6.19% 06/2020 14,775
 14,721
 1.5
 14,775
Premise Health Holding Corp.(5)
One stop L + 4.50%  
N/A(6)
 06/2020 —
 (11) —
 —
Pyramid Healthcare, Inc.#
One stop L + 6.50%
(a) 
 8.07% 08/2019 518
 511
 0.1
 518
Pyramid Healthcare, Inc.One stop L + 6.50%
(a) 
 8.05% 08/2019 149
 148
 —
 149
Pyramid Healthcare, Inc.One stop L + 6.50%
(a) 
 8.07% 08/2019 45
 44
 —
 45
Pyramid Healthcare, Inc.One stop P + 5.25%
(e) 
 9.75% 08/2019 3
 3
 —
 3
Radiology Partners, Inc.^#
One stop L + 5.75%
(c)(d) 
 7.59% 12/2023 28,295
 28,185
 2.9
 28,012
Radiology Partners, Inc.One stop L + 5.75%
(d) 
 7.59% 12/2023 507
 497
 0.1
 499
Radiology Partners, Inc.(5)
One stop L + 5.75%  
N/A(6)
 12/2023 —
 (4) —
 (7)
Reliant Pro ReHab, LLC*
Senior loan L + 5.00%
(c) 
 6.69% 12/2018 2,454
 2,451
 0.3
 2,454
Reliant Pro ReHab, LLCSenior loan P + 4.00%
(e) 
 8.25% 12/2018 366
 365
 —
 366
Riverchase MSO, LLC#
Senior loan L + 5.25%
(a) 
 6.82% 10/2022 4,968
 4,907
 0.5
 4,968
Riverchase MSO, LLCSenior loan L + 5.25%
(a)(c) 
 6.82% 10/2022 37
 37
 —
 37
RXH Buyer Corporation*^
One stop L + 5.75%
(c) 
 7.44% 09/2021 17,215
 17,002
 1.8
 17,215
RXH Buyer Corporation*
One stop L + 5.75%
(c) 
 7.44% 09/2021 1,948
 1,925
 0.2
 1,948
RXH Buyer CorporationOne stop L + 5.75%
(c)(e) 
 8.22% 09/2021 70
 68
 —
 70
SLMP, LLC#
One stop L + 6.00%
(a) 
 7.57% 05/2023 7,601
 7,441
 0.8
 7,525
SLMP, LLCOne stop L + 6.00%
(a) 
 7.57% 05/2023 300
 296
 —
 300
SLMP, LLCOne stop N/A  7.50% PIK 05/2027 83
 83
 —
 87
SLMP, LLC(5)
One stop L + 6.00%  
N/A(6)
 05/2023 —
 (1) —
 —
SLMP, LLC(5)
One stop L + 6.00%  
N/A(6)
 05/2023 —
 (1) —
 (1)
Spear Education, LLC^
One stop L + 6.25%
(c) 
 7.58% 08/2019 4,633
 4,613
 0.5
 4,633
Spear Education, LLCOne stop L + 6.25%
(c) 
 7.58% 08/2019 75
 74
 —
 75
Spear Education, LLCOne stop L + 6.25%  
N/A(6)
 08/2019 —
 —
 —
 —
Summit Behavioral Healthcare, LLC^#
Senior loan L + 4.75%
(b) 
 6.37% 10/2023 8,843
 8,716
 0.9
 8,755
Summit Behavioral Healthcare, LLCSenior loan L + 4.75%
(b) 
 6.37% 10/2023 30
 28
 —
 29
Summit Behavioral Healthcare, LLC(5)
Senior loan L + 4.75%  
N/A(6)
 10/2023 —
 (3) —
 (2)
WHCG Management, LLC*
Senior loan L + 4.75%
(c) 
 6.44% 03/2023 2,388
 2,362
 0.2
 2,388
WHCG Management, LLC(5)
Senior loan L + 4.75%  
N/A(6)
 03/2023 —
 (1) —
 —
WHCG Management, LLC(5)
Senior loan L + 4.75%  
N/A(6)
 03/2023 —
 (3) —
 —
WIRB-Copernicus Group, Inc.*^
Senior loan L + 5.00%
(c) 
 6.69% 08/2022 9,788
 9,712
 1.0
 9,788
WIRB-Copernicus Group, Inc.Senior loan L + 5.00%  
N/A(6)
 08/2022 —
 —
 —
 —
          339,626
 335,153
 35.0
 335,267


See Notes to Consolidated Financial Statements.
14



TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 20172020
(In thousands)


Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Food Products
FCID Merger Sub, Inc.+~One stop L + 6.00%(c) 7.00% 12/2026 $13,694 $13,490 0.5%$13,556 
FCID Merger Sub, Inc.(5)One stop L + 6.00% N/A(6) 12/2026 — (1)—(1)
FCID Merger Sub, Inc.(5)One stop L + 6.00% N/A(6) 12/2026 — (42)—(43)
Flavor Producers, LLC#~Senior loan L + 5.75%(c) 5.75% cash/1.00% PIK 12/2023 5,006 4,907 0.24,605 
Flavor Producers, LLC(5)Senior loan L + 4.75%(c) N/A(6) 12/2022 — (4)—(2)
MAPF Holdings, Inc.+~One stop L + 6.00%(c) 7.00% 12/2026 29,386 29,094 1.229,092 
MAPF Holdings, Inc.(5)One stop L + 6.00% N/A(6) 12/2026 — (44)—(45)
MAPF Holdings, Inc.(5)One stop L + 6.00% N/A(6) 12/2026 — (3)—(3)
Purfoods, LLCOne stop N/A 7.00% PIK 05/2026 76 80 —76 
48,162 47,477 1.947,235 
 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (4)
Home and Office Furnishings, Housewares, and Durable Consumer                
1A Smart Start LLC*
Senior loan L + 4.50%
(a) 
 6.19% 02/2022 $551
 $550
 0.1
%$552
CST Buyer Company^
One stop L + 6.25%
(c) 
 7.75% 03/2023 2,522
 2,462
 0.3
 2,522
CST Buyer Company(5)
One stop L + 6.25%  
N/A(6)
 03/2023 —
 (1) —
 —
Plano Molding Company, LLC*^#
One stop L + 7.50%
(a) 
 8.99% 05/2021 13,131
 12,992
 1.1
 11,161
          16,204
 16,003
 1.5
 14,235
                 
Hotels, Motels, Inns, and Gaming               
   
   
   
Aimbridge Hospitality, LLC*^
One stop L + 5.50%
(a) 
 7.07% 06/2022 10,016
 9,859
 1.1
 10,016
Aimbridge Hospitality, LLCOne stop L + 5.50%
(a) 
 7.07% 06/2022 16
 15
 —
 16
Aimbridge Hospitality, LLC(5)
One stop L + 5.50%  
N/A(6)
 06/2022 —
 (1) —
 —
          10,032
 9,873
 1.1
 10,032
                 
Insurance                
Captive Resources Midco, LLC*^#
One stop L + 6.00%
(a) 
 7.57% 12/2021 35,411
 34,892
 3.7
 34,881
Captive Resources Midco, LLC(5)
One stop L + 6.00%  
N/A(6)
 12/2021 —
 (24) —
 (26)
Captive Resources Midco, LLC(5)
One stop L + 6.00%  
N/A(6)
 12/2021 —
 (28) —
 (28)
Internet Pipeline, Inc.One stop L + 7.25%
(a) 
 8.82% 08/2022 4,847
 4,748
 0.5
 4,926
Internet Pipeline, Inc.*
One stop L + 6.25%
(a) 
 7.74% 08/2022 2,093
 2,074
 0.2
 2,048
Internet Pipeline, Inc.*
One stop L + 6.25%
(a) 
 7.74% 08/2022 792
 785
 0.1
 775
Internet Pipeline, Inc.(5)
One stop L + 7.25%  
N/A(6)
 08/2021 —
 (1) —
 1
RSC Acquisition, Inc.#
Senior loan L + 5.25%
(c) 
 6.94% 11/2022 1,263
 1,257
 0.1
 1,257
RSC Acquisition, Inc.(5)
Senior loan L + 5.25%  
N/A(6)
 11/2022 —
 (3) —
 (2)
           44,406
 43,700
 4.6
 43,832
Leisure, Amusement, Motion Pictures, Entertainment                
NFD Operating, LLC#
One stop L + 7.00%
(a) 
 8.36% 06/2021 2,319
 2,295
 0.2
 2,319
NFD Operating, LLCOne stop L + 7.00%  
N/A(6)
 06/2021 —
 —
 —
 —
NFD Operating, LLC(5)
One stop L + 7.00%  
N/A(6)
 06/2021 —
 (1) —
 —
PADI Holdco, Inc.*^#
One stop L + 6.50%
(c) 
 8.20% 04/2023 19,501
 19,241
 2.0
 19,501
PADI Holdco, Inc.One stop L + 6.50%
(c) 
 8.20% 04/2022 49
 47
 —
 49
Self Esteem Brands, LLC*^#
Senior loan L + 4.75%
(a) 
 6.32% 02/2020 17,557
 17,474
 1.8
 17,557
Self Esteem Brands, LLC(5)
Senior loan L + 4.75%  
N/A(6)
 02/2020 —
 (4) —
 —
Teaching Company, TheOne stop L + 7.00%
(a)(c) 
 8.48% 08/2020 18,788
 18,639
 2.0
 18,788
Teaching Company, TheOne stop L + 7.00%
(a)(e) 
 8.55% 08/2020 80
 79
 —
 80
Titan Fitness, LLC*
One stop L + 6.50%
(a) 
 7.86% 09/2019 13,053
 12,965
 1.4
 13,053
Titan Fitness, LLCOne stop L + 6.50%
(a) 
 7.86% 09/2019 1,969
 1,960
 0.2
 1,969
Titan Fitness, LLC*
One stop L + 6.50%
(a) 
 7.86% 09/2019 1,729
 1,721
 0.2
 1,729
Titan Fitness, LLCOne stop L + 6.50%
(a) 
 7.86% 09/2019 932
 919
 0.1
 932
Titan Fitness, LLC(5)
One stop L + 6.50%  
N/A(6)
 09/2019 —
 (8) —
 —
          75,977
 75,327
 7.9
 75,977
Oil and Gas                
Drilling Info, Inc.*^#
One stop L + 6.25%
(c) 
 7.94% 06/2020 9,983
 9,901
 1.0
 9,883
Drilling Info, Inc.One stop L + 6.25%  
N/A(6)
 06/2020 —
 —
 —
 —
          9,983
 9,901
 1.0
 9,883
Personal and Non Durable Consumer Products (Mfg. Only)               
Georgica Pine Clothiers, LLCOne stop L + 5.50%
(c) 
 7.19% 11/2021 5,664
 5,591
 0.6
 5,664
Georgica Pine Clothiers, LLC^
One stop L + 5.50%
(c) 
 7.19% 11/2021 494
 490
 0.1
 494
Georgica Pine Clothiers, LLC*
One stop L + 5.50%
(c) 
 7.19% 11/2021 346
 344
 0.1
 346
Georgica Pine Clothiers, LLCOne stop L + 5.50%
(c) 
 7.19% 11/2021 48
 47
 —
 48
IMPLUS Footwear, LLCOne stop L + 6.75%
(c) 
 8.44% 04/2021 10,280
 10,148
 1.1
 10,280
IMPLUS Footwear, LLCOne stop L + 6.75%
(c) 
 8.35% 04/2021 1,810
 1,787
 0.2
 1,810
Massage Envy, LLC*^#
One stop L + 6.75%
(b)(e) 
 8.37% 09/2020 35,102
 34,810
 3.7
 35,102


See Notes to Consolidated Financial Statements.
15



TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 20172020
(In thousands)


Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Equipment & Supplies
Aspen Medical Products, LLC+~One stop L + 5.00%(c) 6.00% 06/2025 $4,249 $4,314 0.2%$4,249 
Aspen Medical Products, LLC+One stop L + 5.00%(c) 6.00% 06/2025 271 269 —271 
Aspen Medical Products, LLCOne stop L + 5.00% N/A(6) 06/2025 — — —— 
Belmont Instrument, LLC+^Senior loan L + 4.75%(c) 5.75% 12/2023 5,243 5,203 0.25,243 
Blades Buyer, Inc.+~^Senior loan L + 4.75%(c) 5.75% 08/2025 6,618 6,605 0.36,518 
Blades Buyer, Inc.(5)Senior loan L + 4.75% N/A(6) 08/2025 — — —(2)
Blades Buyer, Inc.(5)Senior loan L + 4.75% N/A(6) 08/2025 — (20)—(21)
Blue River Pet Care, LLCOne stop L + 5.00%(a) 5.15% 07/2026 27,621 27,671 1.127,621 
Blue River Pet Care, LLCOne stop L + 5.00%(a) 5.15% 07/2026 2,756 2,669 0.12,756 
Blue River Pet Care, LLCOne stop L + 5.00%(c) 5.24% 08/2025 400 396 —398 
CCSL Holdings, LLC+One stop L + 5.75%(c) 6.75% 12/2026 15,672 15,476 0.615,516 
CCSL Holdings, LLC(5)One stop L + 5.75% N/A(6) 12/2026 — (2)—(2)
CCSL Holdings, LLC(5)One stop L + 5.75% N/A(6) 12/2026 — (63)—(56)
CMI Parent Inc.#+^Senior loan L + 4.25%(c) 5.25% 08/2025 6,616 6,738 0.36,484 
CMI Parent Inc.(5)Senior loan L + 4.25% N/A(6) 08/2025 — (2)—(6)
Flexan, LLC+^One stop L + 5.25%(c) 6.25% 02/2022 8,428 8,391 0.38,428 
Flexan, LLC*#One stop L + 5.25%(c) 6.25% 02/2022 3,264 3,250 0.13,264 
Flexan, LLC+One stop L + 5.25%(c) 6.25% 02/2022 2,341 2,330 0.12,341 
Flexan, LLC#One stop L + 5.25%(c) 6.25% 02/2022 1,536 1,529 0.11,536 
Flexan, LLC(5)One stop L + 5.25% N/A(6) 02/2022 — (4)—— 
G & H Wire Company, Inc.#^One stop L + 7.75%(a) 8.00% cash/0.75% PIK 09/2023 11,153 11,107 0.510,930 
G & H Wire Company, Inc.One stop L + 7.75%(a) N/A(6) 09/2022 — — —— 
Joerns Healthcare, LLC*One stop L + 6.00%(c) 7.00% 08/2024 1,873 1,829 0.11,833 
Joerns Healthcare, LLCOne stop L + 6.00%(c) 7.00% 08/2024 1,800 1,774 0.11,764 
Katena Holdings, Inc.#One stop L + 6.50%(c) 7.50% 06/2021 12,696 12,740 0.512,441 
Katena Holdings, Inc.#One stop L + 6.50%(c) 7.50% 06/2021 1,240 1,245 0.11,215 
Katena Holdings, Inc.+One stop L + 6.50%(c) 7.50% 06/2021 927 924 —909 
Katena Holdings, Inc.#One stop L + 6.50%(c) 7.50% 06/2021 849 852 —832 
Katena Holdings, Inc.One stop L + 6.50%(c) 7.50% 06/2021 200 200 —196 
Lombart Brothers, Inc.*#~One stop L + 8.25%(c) 8.25% cash/1.00% PIK 04/2023 28,940 29,159 1.126,625 
Lombart Brothers, Inc.#(8)One stop L + 8.25%(c) 8.25% cash/1.00% PIK 04/2023 3,116 3,141 0.12,867 
Lombart Brothers, Inc.One stop L + 9.25%(a)(c) 9.25% cash/1.00% PIK 04/2023 280 280 —258 
Lombart Brothers, Inc.(8)One stop L + 9.25%(a) 9.25% cash/1.00% PIK 04/2023 50 49 —46 
Orthotics Holdings, Inc.*#One stop L + 6.00%(c) 7.00% 06/2021 7,728 7,728 0.37,574 
Orthotics Holdings, Inc.*#One stop L + 16.00%(c) 7.00% cash/10.00% PIK 06/2021 3,994 3,994 0.23,675 
Orthotics Holdings, Inc.*#(8)One stop L + 6.00%(c) 7.00% 06/2021 1,267 1,267 0.11,242 
Orthotics Holdings, Inc.*#(8)One stop L + 16.00%(c) 7.00% cash/10.00% PIK 06/2021 655 655 —603 
Orthotics Holdings, Inc.One stop L + 6.00% N/A(6) 06/2021 — — —— 
161,783 161,694 6.5%157,548 
 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (4)
Personal and Non Durable Consumer Products (Mfg. Only) - (continued)             
Massage Envy, LLCOne stop L + 6.75%
(c)(e) 
 8.18% 09/2020 $99
 $99
 —
%$99
Massage Envy, LLCOne stop L + 6.75%
(c) 
 8.44% 09/2020 105
 96
 —
 105
Massage Envy, LLCOne stop L + 6.75%
(c)(e) 
 8.24% 09/2020 40
 40
 —
 40
Massage Envy, LLCOne stop L + 6.75%
(c)(e) 
 8.25% 09/2020 35
 35
 —
 35
Massage Envy, LLCOne stop L + 6.75%
(c) 
 8.11% 09/2020 19
 19
 —
 19
Massage Envy, LLCOne stop L + 6.75%
(c)(e) 
 8.35% 09/2020 15
 15
 —
 15
Massage Envy, LLCOne stop L + 6.75%  
N/A(6)
 09/2020 —
 —
 —
 —
Orthotics Holdings, Inc.*#
One stop L + 6.00%
(a) 
 7.57% 02/2020 8,269
 8,208
 0.8
 8,103
Orthotics Holdings, Inc.*#(8)
One stop L + 6.00%
(a) 
 7.57% 02/2020 1,356
 1,346
 0.1
 1,328
Orthotics Holdings, Inc.(5)(8)
One stop L + 6.00%  
N/A(6)
 02/2020 —
 (1) —
 —
Orthotics Holdings, Inc.(5)
One stop L + 6.00%  
N/A(6)
 02/2020 —
 (9) —
 (4)
Team Technologies Acquisition Company^
Senior loan L + 5.00%
(c)(e) 
 6.37% 12/2018 4,276
 4,273
 0.4
 4,266
Team Technologies Acquisition Company#
Senior loan L + 5.50%
(c)(e) 
 6.87% 12/2018 788
 786
 0.1
 797
Team Technologies Acquisition Company(5)
Senior loan L + 5.00%  
N/A(6)
 12/2018 —
 (1) —
 (1)
          68,746
 68,123
 7.2
 68,546
Personal, Food and Miscellaneous Services                
Captain D's, LLC*#
Senior loan L + 4.50%
(a) 
 5.98% 12/2023 6,521
 6,423
 0.7
 6,456
Captain D's, LLCSenior loan L + 4.50%
(a) 
 6.03% 12/2023 44
 43
 —
 44
Community Veterinary Partners, LLCOne stop L + 5.50%
(c) 
 7.19% 10/2021 257
 252
 —
 257
Community Veterinary Partners, LLCOne stop L + 5.50%
(c) 
 7.19% 10/2021 100
 98
 —
 100
PetVet Care Centers LLC*^#
One stop L + 6.00%
(c) 
 7.69% 06/2023 16,738
 16,586
 1.7
 16,738
PetVet Care Centers LLCOne stop L + 6.00%
(c) 
 7.55% 06/2023 640
 631
 0.1
 640
PetVet Care Centers LLCOne stop P + 5.00%
(e) 
 9.50% 06/2023 250
 248
 —
 250
Southern Veterinary Partners, LLC#
One stop L + 5.50%
(a) 
 7.07% 06/2020 3,890
 3,866
 0.4
 3,890
Southern Veterinary Partners, LLCOne stop L + 5.00%
(a) 
 6.57% 06/2020 233
 232
 —
 233
Southern Veterinary Partners, LLCOne stop L + 5.50%
(a) 
 7.07% 06/2020 67
 67
 —
 67
Southern Veterinary Partners, LLCOne stop L + 5.50%
(a) 
 7.07% 06/2020 23
 23
 —
 23
Southern Veterinary Partners, LLC(5)
One stop L + 5.50%  
N/A(6)
 06/2020 —
 (2) —
 —
Vetcor Professional Practices LLC*^#
One stop L + 6.00%
(c) 
 7.69% 04/2021 28,676
 28,304
 3.0
 28,676
Vetcor Professional Practices LLC*
One stop L + 6.00%
(c) 
 7.69% 04/2021 954
 947
 0.1
 954
Vetcor Professional Practices LLC#
One stop L + 6.00%
(c) 
 7.69% 04/2021 945
 933
 0.1
 945
Vetcor Professional Practices LLCOne stop L + 6.00%
(c) 
 7.69% 04/2021 859
 848
 0.1
 859
Vetcor Professional Practices LLC#
One stop L + 6.00%
(c) 
 7.69% 04/2021 743
 743
 0.1
 743
Vetcor Professional Practices LLC^
One stop L + 6.00%
(c) 
 7.69% 04/2021 723
 714
 0.1
 723
Vetcor Professional Practices LLCOne stop L + 6.00%
(c) 
 7.69% 04/2021 484
 476
 0.1
 484
Vetcor Professional Practices LLC#
One stop L + 6.00%
(c) 
 7.69% 04/2021 285
 283
 —
 285
Vetcor Professional Practices LLC#
One stop L + 6.00%
(c) 
 7.69% 04/2021 233
 231
 —
 233
Vetcor Professional Practices LLCOne stop L + 6.00%
(c) 
 7.69% 04/2021 133
 130
 —
 133
Vetcor Professional Practices LLC(5)
One stop L + 6.00%  
N/A(6)
 04/2021 —
 (12) —
 —
Veterinary Specialists of North America, LLC^
One stop L + 5.50%
(c) 
 6.88% 07/2021 7,387
 7,320
 0.8
 7,387
Veterinary Specialists of North America, LLCOne stop L + 5.50%
(c) 
 6.93% 07/2021 418
 416
 —
 418
Veterinary Specialists of North America, LLCOne stop L + 5.50%
(c) 
 6.95% 07/2021 162
 161
 —
 162
Veterinary Specialists of North America, LLC#
One stop L + 5.50%
(c) 
 6.91% 07/2021 63
 63
 —
 63
Veterinary Specialists of North America, LLC(5)
One stop L + 5.50%  
N/A(6)
 07/2021 —
 (2) —
 —
Veterinary Specialists of North America, LLC(5)
One stop L + 5.50%  
N/A(6)
 07/2021 —
 (4) —
 —
Veterinary Specialists of North America, LLC(5)
One stop L + 5.50%  
N/A(6)
 07/2021 —
 (10) —
 —
Wetzel's Pretzels, LLCOne stop L + 6.75%
(a) 
 8.11% 09/2021 6,316
 6,189
 0.7
 6,316
Wetzel's Pretzels, LLC(5)
One stop L + 6.75%  
N/A(6)
 09/2021 —
 (1) —
 —
           77,144
 76,196
 8.0
 77,079
Printing and Publishing                
Brandmuscle, Inc.^
Senior loan L + 5.00%
(c) 
 6.69% 12/2021 623
 618
 0.1
 627
Marketo, Inc.One stop L + 9.50%
(c) 
 11.19% 08/2021 9,940
 9,724
 1.0
 9,940


See Notes to Consolidated Financial Statements.
16



TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 20172020
(In thousands)


Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Providers & Services
Active Day, Inc.#One stop L + 6.50%(c) 7.50% 12/2021 $24,504 $24,654 0.9%$20,829 
Active Day, Inc.#One stop L + 6.50%(c) 7.50% 12/2021 1,891 1,904 0.11,607 
Active Day, Inc.*#One stop L + 6.50%(c) 7.50% 12/2021 1,219 1,227 0.11,036 
Active Day, Inc.One stop L + 6.50%(c) 7.50% 12/2021 971 988 —825 
Active Day, Inc.One stop L + 6.50%(c) 7.50% 12/2021 856 853 —728 
Active Day, Inc.*#One stop L + 6.50%(c) 7.50% 12/2021 842 848 —716 
Active Day, Inc.One stop L + 6.50%(c) 7.50% 12/2021 102 102 —86 
Active Day, Inc.One stop L + 6.50%(c) N/A(6) 12/2021 — — —— 
Acuity Eyecare Holdings, LLCOne stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 7,166 7,193 0.36,944 
Acuity Eyecare Holdings, LLC#One stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 6,051 6,110 0.25,864 
Acuity Eyecare Holdings, LLC~One stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 5,630 5,730 0.25,456 
Acuity Eyecare Holdings, LLC~One stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 3,285 3,379 0.13,183 
Acuity Eyecare Holdings, LLCOne stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 795 814 —769 
Acuity Eyecare Holdings, LLCOne stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 293 291 —284 
Acuity Eyecare Holdings, LLCOne stop L + 13.00%(c) 7.25% cash/6.75% PIK 03/2024 248 246 —273 
Acuity Eyecare Holdings, LLCOne stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 151 150 —146 
Acuity Eyecare Holdings, LLCOne stop L + 13.00%(c) 7.25% cash/6.75% PIK 03/2024 151 150 —166 
Acuity Eyecare Holdings, LLC(5)One stop L + 6.25%(c) 7.25% 03/2024 1 (2)—15 
ADCS Clinics Intermediate Holdings, LLC*#One stop L + 5.75%(d) 6.75% 05/2022 41,764 42,115 1.741,764 
ADCS Clinics Intermediate Holdings, LLC*#One stop L + 5.75%(d) 6.75% 05/2022 210 211 —210 
ADCS Clinics Intermediate Holdings, LLCOne stop L + 5.75%(d) 6.75% 05/2022 190 189 —190 
ADCS Clinics Intermediate Holdings, LLC*One stop L + 5.75%(d) 6.75% 05/2022 162 164 —162 
ADCS Clinics Intermediate Holdings, LLC*#One stop L + 5.75%(d) 6.75% 05/2022 62 63 —62 
Advanced Pain Management Holdings, Inc.(7)Senior loan L + 5.00%(c) 6.25% 03/2021 11,433 6,860 —259 
Advanced Pain Management Holdings, Inc.(7)Senior loan L + 8.50%(c) 9.75% 03/2021 4,082 7 —— 
Advanced Pain Management Holdings, Inc.(7)Senior loan L + 5.00%(c) 6.25% 03/2021 782 469 —18 
Advanced Pain Management Holdings, Inc.(5)(7)Senior loan L + 5.00%(c) 6.25% 03/2021 347 (21)—8 
Agilitas USA, Inc.*#One stop L + 5.50%(c) 6.50% 04/2022 9,227 9,257 0.49,042 
Agilitas USA, Inc.One stop L + 5.50%(c) 6.50% 04/2022 100 100 —98 
CRH Healthcare Purchaser, Inc.+~Senior loan L + 4.50%(c) 5.50% 12/2024 19,502 19,555 0.819,306 
CRH Healthcare Purchaser, Inc.Senior loan L + 4.50%(c) 5.50% 12/2024 4,185 4,172 0.24,143 
CRH Healthcare Purchaser, Inc.(5)Senior loan L + 4.50% N/A(6) 12/2024 — (1)—(4)
DCA Investment Holding, LLC*#+One stop L + 5.25%(c) 6.25% 07/2021 31,324 31,460 1.331,324 
DCA Investment Holding, LLC*#+~One stop L + 5.25%(c) 6.25% 07/2021 27,140 27,306 1.127,140 
DCA Investment Holding, LLC*#One stop L + 5.25%(c) 6.25% 07/2021 8,297 8,368 0.38,297 
DCA Investment Holding, LLC~One stop L + 5.25%(c) 6.25% 07/2021 4,023 4,072 0.24,023 
DCA Investment Holding, LLC#One stop L + 5.25%(c) 6.25% 07/2021 3,659 3,705 0.23,659 
DCA Investment Holding, LLCOne stop L + 5.25%(c) 6.25% 07/2021 2,737 2,735 0.12,737 
DCA Investment Holding, LLC*#One stop L + 5.25%(c) 6.25% 07/2021 2,505 2,536 0.12,505 
DCA Investment Holding, LLC#One stop L + 5.25%(c) 6.25% 07/2021 1,246 1,255 0.11,246 
 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (4)
Printing and Publishing - (continued)                
Marketo, Inc.(5)
One stop L + 9.50%  
N/A(6)
 08/2021 $—
 $(1) —
%$—
          10,563
 10,341
 1.1
 10,567
Retail Stores                
Batteries Plus Holding CorporationOne stop L + 6.75%
(a) 
 8.32% 07/2022 12,024
 11,790
 1.3
 12,024
Batteries Plus Holding Corporation(5)
One stop L + 6.75%  
N/A(6)
 07/2022 —
 (2) —
 —
CVS Holdings I, LP*^#
One stop L + 6.25%
(a) 
 7.82% 08/2021 22,002
 21,736
 2.3
 22,002
CVS Holdings I, LP*
One stop L + 6.25%
(a) 
 7.82% 08/2021 317
 312
 —
 317
CVS Holdings I, LPOne stop L + 6.25%
(a) 
 7.82% 08/2021 34
 29
 —
 34
CVS Holdings I, LP(5)
One stop L + 6.25%  
N/A(6)
 08/2020 —
 (2) —
 —
Cycle Gear, Inc.^
One Stop L + 6.50%
(c) 
 7.84% 01/2020 10,401
 10,307
 1.1
 10,401
Cycle Gear, Inc.One stop L + 6.50%
(a) 
 7.86% 01/2020 607
 603
 0.1
 607
Cycle Gear, Inc.One stop L + 6.50%
(a)(c)(e) 
 7.95% 01/2020 526
 515
 0.1
 526
DTLR, Inc.*^#
One stop L + 6.50%
(c) 
 7.87% 08/2022 22,903
 22,586
 2.4
 22,904
Elite Sportswear, L.P.Senior loan L + 5.25%
(c) 
 6.94% 03/2020 6,924
 6,846
 0.7
 6,939
Elite Sportswear, L.P.Senior loan L + 5.00%
(c) 
 6.69% 03/2020 2,785
 2,753
 0.3
 2,772
Elite Sportswear, L.P.Senior loan L + 5.25%
(c) 
 6.94% 03/2020 1,433
 1,420
 0.2
 1,436
Elite Sportswear, L.P.*
Senior loan L + 5.25%
(c) 
 6.61% 03/2020 470
 466
 —
 471
Elite Sportswear, L.P.Senior loan L + 5.25%
(c) 
 6.94% 03/2020 217
 215
 —
 218
Elite Sportswear, L.P.*
Senior loan L + 5.25%
(c) 
 6.61% 03/2020 208
 206
 —
 208
Elite Sportswear, L.P.One stop L + 5.00%  
N/A(6)
 06/2018 —
 —
 —
 —
Elite Sportswear, L.P.(5)
Senior loan L + 5.00%  
N/A(6)
 03/2020 —
 (5) —
 (4)
Feeders Supply Company, LLCOne stop L + 5.75%
(a) 
 7.32% 04/2021 4,982
 4,907
 0.5
 4,982
Feeders Supply Company, LLCSubordinated debt N/A  12.50% cash/7.00% PIK 04/2021 60
 60
 —
 60
Feeders Supply Company, LLCOne stop L + 5.75%  
N/A(6)
 04/2021 —
 —
 —
 —
Marshall Retail Group LLC, The^#
One stop L + 6.00%
(c) 
 7.34% 08/2020 12,023
 11,957
 1.3
 12,023
Marshall Retail Group LLC, The(5)
One stop L + 6.00%  
N/A(6)
 08/2019 —
 (12) —
 —
Mills Fleet Farm Group LLC*^
One stop L + 5.50%
(a) 
 7.07% 02/2022 1,815
 1,728
 0.2
 1,815
Paper Source, Inc.^#
One stop L + 6.25%
(c) 
 7.94% 09/2019 12,592
 12,509
 1.3
 12,592
Paper Source, Inc.*
One stop L + 6.25%
(c) 
 7.94% 09/2019 1,673
 1,660
 0.2
 1,673
Paper Source, Inc.(5)
One stop L + 6.25%  
N/A(6)
 09/2019 —
 (10) —
 —
Pet Holdings ULC*^(8)(9)
One stop L + 5.50%
(c) 
 6.84% 07/2022 14,591
 14,370
 1.5
 14,591
Pet Holdings ULC(8)(9)
One stop L + 5.50%
(a)(c) 
 6.90% 07/2022 56
 55
 —
 56
Pet Holdings ULC(8)(9)
One stop P + 4.50%
(e) 
 9.00% 07/2022 30
 28
 —
 30
PetPeople Enterprises, LLC#
One stop L + 6.00%
(a) 
 7.57% 09/2023 3,137
 3,100
 0.3
 3,137
PetPeople Enterprises, LLCOne stop N/A  8.25% PIK 01/2019 155
 155
 —
 155
PetPeople Enterprises, LLCOne stop L + 6.00%  
N/A(6)
 09/2023 —
 —
 —
 —
PetPeople Enterprises, LLC(5)
One stop L + 6.00%  
N/A(6)
 09/2023 —
 (1) —
 —
          131,965
 130,281
 13.8
 131,969
Telecommunications               
   
   
   
Arise Virtual Solutions, Inc.^
One stop L + 6.00%
(c) 
 7.69% 12/2018 1,154
 1,150
 0.1
 1,154
Arise Virtual Solutions, Inc.One stop L + 6.00%  
N/A(6)
 12/2018 —
 —
 —
 —
NetMotion Wireless Holdings, Inc.*^#
One stop L + 6.75%
(c) 
 8.44% 10/2021 7,092
 6,993
 0.8
 7,092
NetMotion Wireless Holdings, Inc.(5)
One stop L + 6.75%  
N/A(6)
 10/2021 —
 (1) —
 —
           8,246
 8,142
 0.9
 8,246
Textile and Leather               
   
   
   
SHO Holding I Corporation*
Senior loan L + 5.00%
(b) 
 6.42% 10/2022 2,228
 2,191
 0.2
 2,183
SHO Holding I CorporationSenior loan L + 4.00%
(a)(b) 
 5.48% 10/2021 16
 15
 —
 13
           2,244
 2,206
 0.2
 2,196

See Notes to Consolidated Financial Statements.
17



TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 20172020
(In thousands)


Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Providers & Services - (continued)
DCA Investment Holding, LLC*~One stop L + 5.25%(c) 6.25% 07/2021 $296 $298 —%$296 
DCA Investment Holding, LLC*~One stop L + 5.25%(c) 6.25% 07/2021 92 93 —92 
Deca Dental Management LLC*#One stop L + 7.50%(c) 7.00% cash/1.50% PIK 12/2021 11,311 11,413 0.511,311 
Deca Dental Management LLC#~One stop L + 7.50%(c) 7.00% cash/1.50% PIK 12/2021 1,377 1,391 0.11,377 
Deca Dental Management LLC+~One stop L + 7.50%(c) 7.00% cash/1.50% PIK 12/2021 994 1,003 —994 
Deca Dental Management LLCOne stop L + 7.50%(c) 7.00% cash/1.50% PIK 12/2021 737 747 —737 
Deca Dental Management LLCOne stop L + 7.50%(c) 7.00% cash/1.50% PIK 12/2021 100 100 —100 
Deca Dental Management LLC(5)One stop L + 7.50%(c) 7.00% cash/1.50% PIK 12/2021 2 (1)—2 
Encorevet Group LLCOne stop L + 5.25%(c) 6.25% 11/2024 709 699 —700 
Encorevet Group LLCSenior loan L + 5.25%(c) 6.25% 11/2024 249 247 —246 
Encorevet Group LLCSenior loan L + 5.25%(c) 6.25% 11/2024 112 112 —111 
Encorevet Group LLCSenior loan L + 5.25%(c) 6.25% 11/2024 69 68 —69 
Encorevet Group LLCSenior loan L + 5.25%(c) 6.25% 11/2024 58 57 —57 
Encorevet Group LLCSenior loan L + 5.25%(c) 6.25% 11/2024 10 10 —10 
Encorevet Group LLC(5)Senior loan L + 5.25% N/A(6) 11/2024 — — —(1)
ERG Buyer, LLC*#One stop L + 5.50%(c) 6.50% 05/2024 19,084 19,039 0.715,649 
ERG Buyer, LLCOne stop P + 4.50%(f) 7.75% 05/2024 300 296 —246 
Eyecare Services Partners Holdings LLC+One stop L + 6.25%(c) 7.25% 05/2023 18,183 18,266 0.717,274 
Eyecare Services Partners Holdings LLC*One stop L + 6.25%(c) 7.25% 05/2023 7,976 8,090 0.37,577 
Eyecare Services Partners Holdings LLC*#One stop L + 6.25%(c) 7.25% 05/2023 6,985 7,092 0.36,636 
Eyecare Services Partners Holdings LLCOne stop L + 6.25%(c) 7.25% 05/2023 5,140 5,159 0.24,884 
Eyecare Services Partners Holdings LLC*+One stop L + 6.25%(c) 7.25% 05/2023 2,385 2,420 0.12,266 
Eyecare Services Partners Holdings LLC*One stop L + 6.25%(c) 7.25% 05/2023 1,530 1,554 0.11,454 
Eyecare Services Partners Holdings LLC*#One stop L + 6.25%(c) 7.25% 05/2023 1,131 1,149 0.11,075 
Eyecare Services Partners Holdings LLC*#One stop L + 6.25%(c) 7.25% 05/2023 997 1,012 —947 
Eyecare Services Partners Holdings LLC*+One stop L + 6.25%(c) 7.25% 05/2023 644 651 —612 
Eyecare Services Partners Holdings LLCOne stop L + 6.25%(c) 7.25% 05/2023 400 399 —380 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.~(8)(9)(12)One stop L + 5.00%(k) 5.51% 03/2027 11,802 11,698 0.512,035 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(8)(9)(12)One stop L + 5.00%(k) 5.51% 03/2027 96 93 —99 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(8)(12)One stop L + 5.00%(c) 6.00% 03/2027 20 19 —20 
Krueger-Gilbert Health Physics, LLC~Senior loan L + 5.25%(c) 6.25% 05/2025 2,353 2,342 0.12,353 
Krueger-Gilbert Health Physics, LLCSenior loan L + 5.25%(c) 6.25% 05/2025 1,111 1,147 0.11,111 
Krueger-Gilbert Health Physics, LLCSenior loan L + 5.25%(c) 6.25% 05/2025 918 916 —918 
Krueger-Gilbert Health Physics, LLCSenior loan L + 5.25%(c) 6.25% 05/2025 50 50 —50 
MD Now Holdings, Inc.+One stop L + 5.00%(c) 6.00% 08/2024 14,506 14,652 0.614,506 
MD Now Holdings, Inc.One stop L + 5.00%(c) 6.00% 08/2024 622 622 —622 
MD Now Holdings, Inc.(5)One stop L + 5.00% N/A(6) 08/2024 — (1)—— 
Midwest Veterinary Partners, LLCOne stop L + 5.75%(c) 6.75% 07/2025 11,360 11,205 0.511,247 
Midwest Veterinary Partners, LLCOne stop L + 5.75%(c) 6.75% 07/2025 6,565 6,428 0.36,452 
Midwest Veterinary Partners, LLC^One stop L + 5.75%(c) 6.75% 07/2025 4,263 4,202 0.24,220 
Midwest Veterinary Partners, LLCOne stop L + 5.75%(c) 6.75% 07/2025 4,120 4,088 0.24,079 
Midwest Veterinary Partners, LLC#One stop L + 5.75%(c) 6.75% 07/2025 1,022 1,014 —1,012 
Midwest Veterinary Partners, LLCOne stop L + 5.75%(c) 6.75% 07/2025 78 78 —75 
 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (4)
Utilities               
   
   
   
Arcos, LLCOne stop L + 6.00%
(c) 
 7.69% 02/2021 $3,679
 $3,633
 0.4
%$3,679
Arcos, LLCOne stop L + 6.00%  
N/A(6)
 02/2021 —
 —
 —
 —
Power Plan Holdings, Inc.*^
Senior loan L + 5.25%
(a) 
 6.82% 02/2022 6,434
 6,351
 0.7
 6,434
PowerPlan Holdings, Inc.*
Senior loan L + 5.25%
(a) 
 6.82% 02/2022 5,645
 5,595
 0.6
 5,645
PowerPlan Holdings, Inc.(5)
Senior loan L + 5.25%  
N/A(6)
 02/2021 —
 (5) —
 —
           15,758
 15,574
 1.7
 15,758
Total non-controlled/non-affiliate company debt investments      $1,592,749
 $1,573,070
 164.9
%$1,578,899
                     
Equity investments (10)(11)
                
Aerospace and Defense                
NTS Technical SystemsCommon stock N/A  N/A N/A 2
 $1,506
 0.1
%$625
NTS Technical SystemsPreferred stock BN/A  N/A N/A —
 256
 —
 286
NTS Technical SystemsPreferred stock AN/A  N/A N/A —
 128
 —
 157
Tresys Technology Holdings, Inc.Common stock N/A  N/A N/A 295
 295
 —
 —
Whitcraft LLCCommon stock N/A  N/A N/A 4
 375
 —
 323
            2,560
 0.1
 1,391
Automobile                
Grease Monkey International, LLCLLC units N/A  N/A N/A 354
 354
 —
 354
Polk Acquisition Corp.LP interest N/A  N/A N/A 1
 144
 —
 85
            498
 —
 439
Beverage, Food and Tobacco                
Atkins Nutritionals, IncLLC interest N/A  N/A N/A 57
 —
 0.1
 704
Benihana, Inc.LLC units N/A  N/A N/A 43
 699
 0.1
 453
C. J. Foods, Inc.Preferred stock N/A  N/A N/A —
 75
 —
 322
Cafe Rio Holding, Inc.Common stock N/A  N/A N/A 2
 224
 —
 224
Hopdoddy Holdings, LLCLLC units N/A  N/A N/A 27
 130
 —
 113
Hopdoddy Holdings, LLCLLC units N/A  N/A N/A 12
 36
 —
 32
P&P Food Safety US Acquisition, Inc.LLC interest N/A  N/A N/A 2
 242
 —
 288
Purfoods, LLCLLC interest N/A  N/A N/A 381
 381
 —
 398
Rubio's Restaurants, Inc.Preferred stock N/A  N/A N/A 2
 945
 0.2
 1,789
Tate's Bake Shop, Inc.LP interest N/A  N/A N/A 462
 219
 0.1
 561
Uinta Brewing CompanyLP interest N/A  N/A N/A 462
 462
 —
 —
            3,413
 0.5
 4,884
Buildings and Real Estate                
Brooks Equipment Company, LLCCommon stock N/A  N/A N/A 10
 1,021
 0.2
 1,678
                 
Chemicals, Plastics and Rubber                
Flexan, LLCPreferred stock N/A  N/A N/A —
 90
 —
 110
Flexan, LLCCommon stock N/A  N/A N/A 1
 —
 —
 13
            90
 —
 123
Diversified/Conglomerate Manufacturing                
Chase Industries, Inc.LLC units N/A  N/A N/A 1
 1,186
 0.2
 2,317
Inventus Power, Inc.Preferred stock N/A  N/A N/A —
 370
 —
 —
Inventus Power, Inc.Common stock N/A  N/A N/A —
 —
 —
 —
Reladyne, Inc.LP interest N/A  N/A N/A —
 249
 0.1
 416
Sunless Merger Sub, Inc.LP interest N/A  N/A N/A 160
 160
 —
 —
            1,965
 0.3
 2,733
Diversified/Conglomerate Service                
Accela, Inc.LLC units N/A  N/A N/A 296
 296
 —
 296
Agility Recovery Solutions Inc.Preferred stock N/A  N/A N/A 67
 341
 0.1
 445
Bomgar CorporationCommon stock N/A  N/A N/A —
 108
 —
 123

See Notes to Consolidated Financial Statements.
18



TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 20172020
(In thousands)


Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Providers & Services - (continued)
MWD Management, LLC & MWD Services, Inc.#+One stop L + 5.75%(c) 6.75% 06/2023 $9,358 $9,311 0.4%$9,358 
MWD Management, LLC & MWD Services, Inc.#One stop L + 5.75%(c) 6.75% 06/2023 4,506 4,567 0.24,506 
MWD Management, LLC & MWD Services, Inc.(5)One stop L + 5.75% N/A(6) 06/2022 — (1)—— 
NVA Holdings, Inc.~Senior loan L + 3.50%(a) 3.69% 02/2026 2,877 2,852 0.12,877 
Oliver Street Dermatology Holdings, LLC(7)One stop L + 6.25%(c) 7.25% 05/2022 19,295 17,639 0.512,770 
Oliver Street Dermatology Holdings, LLC(7)One stop L + 6.25%(c) 7.25% 05/2022 2,239 1,906 0.11,482 
Oliver Street Dermatology Holdings, LLC(7)One stop L + 6.25%(c) 1.00% 05/2022 2,122 1,929 0.11,404 
Oliver Street Dermatology Holdings, LLC(7)One stop L + 6.25%(c) 7.25% 05/2022 1,606 1,367 0.11,063 
Oliver Street Dermatology Holdings, LLC(7)One stop L + 6.25%(c) 7.25% 05/2022 1,419 1,208 —939 
Oliver Street Dermatology Holdings, LLC(7)One stop L + 6.25%(c) 7.25% 05/2022 1,235 1,052 —818 
Oliver Street Dermatology Holdings, LLC(7)One stop L + 6.25%(c) 7.25% 05/2022 962 819 —637 
Oliver Street Dermatology Holdings, LLC(7)One stop L + 6.25%(c) 7.25% 05/2022 834 710 —552 
Oliver Street Dermatology Holdings, LLC(7)One stop L + 6.25%(c) 7.25% 05/2022 514 438 —340 
Oliver Street Dermatology Holdings, LLC(7)One stop L + 6.25%(c)(f) 7.25% 05/2022 290 266 —193 
Oliver Street Dermatology Holdings, LLC(7)One stop L + 6.25%(c) 7.25% 05/2022 98 89 —65 
Oliver Street Dermatology Holdings, LLC(7)One stop L + 6.25%(c) 7.25% 5/1/2022 89 81 —59 
Oliver Street Dermatology Holdings, LLC(7)One stop L + 6.25%(c) 7.25% 5/1/2022 69 63 —46 
Oliver Street Dermatology Holdings, LLC(7)One stop L + 6.25%(c) 7.25% 05/2022 64 58 —42 
Pinnacle Treatment Centers, Inc.#One stop L + 6.25%(c) 7.25% 01/2023 19,080 19,170 0.819,080 
Pinnacle Treatment Centers, Inc.*One stop L + 6.25%(c) 7.25% 01/2023 7,612 7,563 0.37,612 
Pinnacle Treatment Centers, Inc.#One stop L + 6.25%(c) 7.25% 01/2023 1,566 1,570 0.11,566 
Pinnacle Treatment Centers, Inc.^One stop L + 6.25%(c) 7.25% 01/2023 707 713 —707 
Pinnacle Treatment Centers, Inc.One stop L + 6.25%(c) 7.25% 01/2023 186 188 —186 
Pinnacle Treatment Centers, Inc.^One stop L + 6.25%(c) 7.25% 01/2023 106 107 —106 
Pinnacle Treatment Centers, Inc.One stop L + 6.25%(c) 7.25% 01/2023 38 37 —38 
Pinnacle Treatment Centers, Inc.One stop L + 6.25% N/A(6) 01/2023 — 1 —— 
Pinnacle Treatment Centers, Inc.One stop L + 6.25% N/A(6) 01/2023 — — —— 
PPT Management Holdings, LLC+One stop L + 8.50%(c) 7.00% cash/2.50% PIK 12/2022 25,061 23,907 0.921,542 
PPT Management Holdings, LLCOne stop L + 8.50%(c) 7.00% cash/2.50% PIK 12/2022 304 292 —262 
PPT Management Holdings, LLCOne stop L + 8.50%(c) 7.00% cash/2.50% PIK 12/2022 180 173 —154 
PPT Management Holdings, LLCOne stop L + 8.50%(c) 7.00% cash/2.50% PIK 12/2022 88 71 —76 
PPT Management Holdings, LLC(5)One stop L + 8.50%(c) 7.00% cash/2.50% PIK 12/2022 18 (3)—(40)
Pyramid Healthcare, Inc.*+One stop L + 6.50%(c) 7.50% 08/2022 14,942 14,821 0.614,942 
Pyramid Healthcare, Inc.One stop L + 6.50%(c) 7.50% 8/1/2022 461 457 —461 
Pyramid Healthcare, Inc.One stop L + 6.50%(c) 7.50% 08/2022 333 329 —333 
Pyramid Healthcare, Inc.One stop L + 6.50%(c) 7.50% 08/2022 290 288 —290 
Pyramid Healthcare, Inc.One stop L + 6.50%(c) 7.50% 08/2022 112 110 —112 
Pyramid Healthcare, Inc.One stop L + 6.50%(c) 7.50% 08/2022 45 44 —45 
Pyramid Healthcare, Inc.(5)One stop L + 6.50% N/A(6) 08/2022 — (6)—— 
Riverchase MSO, LLC*#Senior loan L + 6.75%(c) 6.75% cash/1.00% PIK 10/2022 9,624 9,710 0.49,431 
Riverchase MSO, LLCSenior loan L + 6.75%(c) 6.75% cash/1.00% PIK 10/2022 130 130 —128 
RXH Buyer Corporation*#One stop L + 5.75%(c) 6.75% 09/2022 27,452 27,521 1.127,452 
RXH Buyer Corporation*#One stop L + 5.75%(c) 6.75% 09/2022 3,107 3,115 0.13,107 
 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (4)
Diversified/Conglomerate Service - (continued)                
Bomgar CorporationCommon stock N/A  N/A N/A 72
 $1
 $—
%$13
DISA Holdings Acquisition Subsidiary Corp.Common stock N/A  N/A N/A —
 154
 —
 156
HealthcareSource HR, Inc.LLC interest N/A  N/A N/A —
 348
 0.1
 352
Host Analytics, Inc.Warrant N/A  N/A N/A 347
 130
 —
 300
Maverick Bidco Inc.LLC units N/A  N/A N/A 1
 369
 0.1
 380
MMan Acquisition Co.LP interest N/A  N/A N/A 263
 263
 —
 263
Net Health Acquisition Corp.LP interest N/A  N/A N/A —
 346
 —
 346
Nexus Brands Group, Inc.LP interest N/A  N/A N/A —
 136
 —
 136
Project Alpha Intermediate Holding, Inc.Common stock N/A  N/A N/A —
 417
 0.1
 431
Project Alpha Intermediate Holding, Inc.Common stock N/A  N/A N/A 103
 4
 —
 —
Secure-24, LLCLLC units N/A  N/A N/A 263
 148
 0.1
 875
Switchfly, Inc.Warrant N/A  N/A N/A 60
 86
 —
 130
Valant Medical Solutions, Inc.Warrant N/A  N/A N/A 5
 68
 —
 68
Vendavo, Inc.Preferred stock N/A  N/A N/A 894
 894
 0.1
 802
Verisys CorporationLLC interest N/A  N/A N/A 261
 261
 —
 278
Vitalyst, LLCPreferred stock AN/A  N/A N/A —
 61
 —
 59
Vitalyst, LLCCommon stock N/A  N/A N/A 1
 7
 —
 —
Workforce Software, LLCLLC unitsN/A  N/A N/A 308
 308
 —
 366
Xmatters, Inc. and Alarmpoint, Inc.Warrant N/A  N/A N/A 43
 34
 —
 15
            4,780
 0.6
 5,834
Ecological                
Pace Analytical Services, LLCCommon stock N/A  N/A N/A 3
 304
 —
 351
Electronics                
Diligent CorporationPreferred stock N/A  N/A N/A 83
 66
 —
 155
Gamma Technologies, LLCLLC units N/A  N/A N/A 1
 134
 —
 354
Project Silverback Holdings Corp.Preferred stock BN/A  N/A N/A 3
 6
 —
 256
SEI, Inc.LLC units N/A  N/A N/A 340
 265
 0.1
 569
Sloan Company, Inc., TheLLC units N/A  N/A N/A —
 122
 —
 —
Sloan Company, Inc., TheLLC units N/A  N/A N/A 1
 14
 —
 —
            607
 0.1
 1,334
Grocery                
MyWebGrocer, Inc.LLC units N/A  N/A N/A 1,418
 1,446
 0.2
 2,008
MyWebGrocer, Inc.Preferred stock N/A  N/A N/A 71
 165
 —
 265
            1,611
 0.2
 2,273
Healthcare, Education and Childcare                
Active Day, Inc.LLC interest N/A  N/A N/A 1
 614
 0.1
 674
Acuity Eyecare Holdings, LLCLLC interest N/A  N/A N/A 198
 198
 —
 246
ADCS Clinics Intermediate Holdings, LLCPreferred stock N/A  N/A N/A 1
 579
 0.1
 510
ADCS Clinics Intermediate Holdings, LLCCommon stock N/A  N/A N/A —
 6
 —
 —
Advanced Pain Management Holdings, Inc.Preferred stock N/A  N/A N/A 8
 829
 —
 —
Advanced Pain Management Holdings, Inc.Common stock N/A  N/A N/A 67
 67
 —
 —
Advanced Pain Management Holdings, Inc.Preferred stock N/A  N/A N/A 1
 64
 —
 —
BIORECLAMATIONIVT, LLCLLC units N/A  N/A N/A —
 407
 0.1
 614
California Cryobank, LLCLLC units N/A  N/A N/A —
 28
 —
 37
California Cryobank, LLCLLC units N/A  N/A N/A —
 11
 —
 12
California Cryobank, LLCLLC units N/A  N/A N/A —
 —
 —
 10
DCA Investment Holding, LLCLLC units N/A  N/A N/A 8,637
 864
 0.1
 1,036
DCA Investment Holding, LLCLLC units N/A  N/A N/A 87
 9
 —
 18
Deca Dental Management LLCLLC units N/A  N/A N/A 357
 357
 0.1
 400
Dental Holdings CorporationLLC units N/A  N/A N/A 805
 805
 0.1
 510
Encore GC Acquisition, LLCLLC units N/A  N/A N/A 18
 182
 —
 160
Encore GC Acquisition, LLCLLC units N/A  N/A N/A 18
 —
 —
 —

See Notes to Consolidated Financial Statements.
19



TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 20172020
(In thousands)


Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Providers & Services - (continued)
RXH Buyer CorporationOne stop L + 5.75% N/A(6) 09/2022 $— $— —%$— 
Summit Behavioral Healthcare, LLC*#+Senior loan L + 5.00%(c) 6.00% 10/2023 29,568 29,273 1.229,272 
Summit Behavioral Healthcare, LLCSenior loan L + 5.00%(c) 6.00% 10/2023 100 96 —98 
Summit Behavioral Healthcare, LLC(5)Senior loan L + 5.00% N/A(6) 10/2023 — (30)—(31)
Veterinary Specialists of North America, LLC*#Senior loan L + 4.25%(a) 4.40% 04/2025 41,546 42,882 1.741,546 
Veterinary Specialists of North America, LLCSenior loan L + 4.25%(a) 4.40% 04/2025 11,809 11,805 0.511,809 
Veterinary Specialists of North America, LLC#Senior loan L + 4.25%(a) 4.40% 04/2025 2,864 2,845 0.12,864 
Veterinary Specialists of North America, LLC*Senior loan L + 4.25%(a) 4.40% 04/2025 1,441 1,490 0.11,441 
Veterinary Specialists of North America, LLCSenior loan L + 4.25%(a) 4.40% 04/2025 835 832 —835 
WHCG Management, LLC*#Senior loan L + 4.50%(c) 5.50% 03/2023 16,026 16,110 0.716,026 
WHCG Management, LLCSenior loan L + 4.50%(c) 5.50% 03/2023 5,613 5,579 0.25,613 
WHCG Management, LLCSenior loan L + 4.50%(c) 5.50% 03/2023 1,978 1,973 0.11,978 
WHCG Management, LLCSenior loan L + 4.50%(c) 5.50% 03/2023 338 336 —338 
WHCG Management, LLCSenior loan L + 4.50%(d) 5.50% 3/1/2023 116 118 —116 
638,143 627,102 24.4595,662 
 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (4)
Healthcare, Education and Childcare - (continued)               
Eyecare Services Partners Holdings LLCLLC units N/A  N/A N/A —
 $133
 —
%$120
Eyecare Services Partners Holdings LLCLLC units N/A  N/A N/A —
 1
 —
 —
G & H Wire Company, Inc.LLC interest N/A  N/A N/A 148
 148
 —
 148
IntegraMed America, Inc.LLC interest N/A  N/A N/A —
 417
 —
 186
Kareo, Inc.Warrant N/A  N/A N/A 22
 160
 —
 55
Katena Holdings, Inc.LLC units N/A  N/A N/A —
 387
 —
 286
Lombart Brothers, Inc.Common stock N/A  N/A N/A —
 132
 —
 118
MWD Management, LLC & MWD Services, Inc.LLC interest N/A  N/A N/A 121
 121
 —
 108
Oliver Street Dermatology Holdings, LLCLLC units N/A  N/A N/A 234
 234
 0.1
 358
Pentec Acquisition Sub, Inc.Preferred stock N/A  N/A N/A 1
 116
 —
 229
Pinnacle Treatment Centers, Inc.Preferred stock N/A  N/A N/A —
 221
 —
 219
Pinnacle Treatment Centers, Inc.Common stock N/A  N/A N/A 2
 2
 —
 —
Radiology Partners, Inc.LLC units N/A  N/A N/A 43
 85
 —
 150
Reliant Pro ReHab, LLCPreferred stock AN/A  N/A N/A 2
 183
 0.1
 839
RXH Buyer CorporationLP interest N/A  N/A N/A 7
 683
 —
 247
Sage Dental Management, LLCLLC units N/A  N/A N/A —
 249
 —
 354
Sage Dental Management, LLCLLC units N/A  N/A N/A 3
 3
 —
 —
SLMP, LLCLLC interest N/A  N/A N/A 290
 289
 —
 308
Spear Education, LLCLLC units N/A  N/A N/A —
 62
 —
 70
Spear Education, LLCLLC units N/A  N/A N/A 1
 1
 —
 —
SSH CorporationCommon stock N/A  N/A N/A —
 40
 —
 61
Summit Behavioral Healthcare, LLCLLC interest N/A  N/A N/A 1
 68
 —
 68
Surgical Information Systems, LLCCommon stock N/A  N/A N/A 4
 414
 0.1
 598
U.S. Renal Care, Inc.LP interest N/A  N/A N/A 1
 2,665
 0.2
 1,467
WHCG Management, LLCLLC interest N/A  N/A N/A —
 220
 —
 216
            12,054
 1.1
 10,432
Insurance                
Captive Resources Midco, LLCLLC units N/A  N/A N/A 1
 —
 0.1
 329
Internet Pipeline, Inc.Preferred stock N/A  N/A N/A —
 72
 —
 89
Internet Pipeline, Inc.Common stock N/A  N/A N/A 44
 1
 —
 144
            73
 0.1
 562
Leisure, Amusement, Motion Pictures, Entertainment               
LMP TR Holdings, LLCLLC units N/A  N/A N/A 712
 712
 0.1
 492
PADI Holdco, Inc.LLC units N/A  N/A N/A —
 414
 —
 416
Titan Fitness, LLCLLC units N/A  N/A N/A 7
 712
 0.1
 901
            1,838
 0.2
 1,809
Personal and Non Durable Consumer Products (Mfg. Only)               
Georgica Pine Clothiers, LLCLLC units N/A  N/A N/A 11
 106
 —
 125
Massage Envy, LLCLLC interest N/A  N/A N/A 749
 210
 0.1
 876
Team Technologies Acquisition CompanyCommon stock N/A  N/A N/A —
 114
 —
 277
            430
 0.1
 1,278
Personal, Food and Miscellaneous Services                
Captain D's, LLCLLC interest N/A  N/A N/A 70
 70
 —
 70
Community Veterinary Partners, LLCCommon stock N/A  N/A N/A 1
 147
 —
 189
R.G. Barry CorporationPreferred stock AN/A  N/A N/A —
 161
 —
 111
Southern Veterinary Partners, LLCLLC units N/A  N/A N/A —
 38
 —
 40
Southern Veterinary Partners, LLCLLC units N/A  N/A N/A 40
 2
 —
 49
Vetcor Professional Practices LLCLLC units N/A  N/A N/A 766
 360
 0.1
 420
Vetcor Professional Practices LLCLLC units N/A  N/A N/A 85
 85
 0.1
 1,161
Veterinary Specialists of North America, LLCLLC units N/A  N/A N/A —
 106
 —
 142
Wetzel's Pretzels, LLCCommon stock N/A  N/A N/A —
 160
 —
 206
            1,129
 0.2
 2,388

See Notes to Consolidated Financial Statements.
20



TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 20172020
(In thousands)


Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Technology
Connexin Software, Inc.~One stop L + 8.50%(a) 9.50% 02/2024 $7,550 $7,612 0.3%$7,550 
Connexin Software, Inc.One stop L + 8.50% N/A(6) 02/2024 — — —— 
HealthcareSource HR, Inc.*#One stop L + 6.25%(c) 7.25% 05/2023 33,652 33,679 1.433,652 
HealthcareSource HR, Inc.(5)One stop L + 6.25% N/A(6) 05/2023 — (1)—— 
HealthEdge Software, Inc.One stop L + 6.25%(a) 7.25% 04/2026 2,000 1,960 0.11,955 
HealthEdge Software, Inc.One stop L + 6.25%(a) 7.25% 04/2026 1,008 1,008 —985 
HealthEdge Software, Inc.One stop L + 6.25%(a) 7.25% 04/2026 225 223 —220 
HealthEdge Software, Inc.(5)One stop L + 6.25% N/A(6) 04/2026 — (1)—(1)
HSI Halo Acquisition, Inc.+~One stop L + 5.75%(c) 6.75% 08/2026 6,297 6,260 0.36,234 
HSI Halo Acquisition, Inc.+One stop L + 5.75%(c) 6.75% 08/2026 1,977 1,957 0.11,957 
HSI Halo Acquisition, Inc.One stop L + 5.75%(c) 6.75% 08/2026 647 641 —640 
HSI Halo Acquisition, Inc.One stop L + 5.75%(c) 6.75% 09/2025 18 17 —17 
HSI Halo Acquisition, Inc.(5)One stop L + 5.75% N/A(6) 08/2026 — (14)—(14)
Kareo, Inc.One stop L + 9.00%(a) 10.00% 06/2022 10,273 10,371 0.410,371 
Kareo, Inc.One stop L + 9.00%(a) 10.00% 06/2022 941 953 —950 
Kareo, Inc.One stop L + 9.00%(a) 10.00% 06/2022 753 763 —760 
Kareo, Inc.One stop P + 8.00%(f) 11.25% 06/2022 80 80 —80 
Nextech Holdings, LLC^One stop L + 5.50%(c) 5.71% 06/2025 4,002 4,065 0.23,841 
Nextech Holdings, LLCOne stop L + 5.50%(c) 5.72% 06/2025 1,951 1,938 0.11,873 
Nextech Holdings, LLC(5)One stop L + 5.50% N/A(6) 06/2025 — (3)—(24)
Nextech Holdings, LLC(5)One stop L + 5.50% N/A(6) 06/2025 — (3)—(16)
Qgenda Intermediate Holdings, LLC^One stop L + 5.50%(c) 6.50% 06/2025 15,238 15,238 0.615,086 
Qgenda Intermediate Holdings, LLC+~One stop L + 5.50%(c) 6.50% 06/2025 12,412 12,290 0.512,288 
Qgenda Intermediate Holdings, LLC~One stop L + 5.50%(c) 6.50% 06/2025 990 990 —980 
Qgenda Intermediate Holdings, LLC(5)One stop L + 5.50% N/A(6) 06/2025 — — —(2)
Transaction Data Systems, Inc.*#+~^One stop L + 5.38%(c) 6.38% 06/2021 83,264 83,778 3.483,264 
Transaction Data Systems, Inc.One stop L + 5.38%(c) 6.38% 06/2021 240 241 —240 
Verisys Corporation*#One stop L + 8.25%(c) 8.75% cash/0.50% PIK 01/2023 8,483 8,577 0.48,313 
Verisys CorporationOne stop L + 8.25%(c) 8.75% cash/0.50% PIK 01/2023 40 40 —40 
192,041 192,659 7.8191,239 
 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (4)
Printing and Publishing                
Brandmuscle, Inc.LLC interest N/A  N/A N/A —
 $240
 —
%$185
            

 

 

Retail Stores                
Pet Holdings ULC(8)(9)LP interest N/A  N/A N/A 455
 386
 0.1
 482
Paper Source, Inc.Common stock N/A  N/A N/A 8
 1,387
 0.1
 672
Barcelona Restaurants, LLCLP interest N/A  N/A N/A 1,996
 —
 0.7
 7,035
Batteries Plus Holding CorporationLP interest N/A  N/A N/A 5
 529
 0.1
 721
Cycle Gear, Inc.LLC units N/A  N/A N/A 19
 248
 —
 359
DTLR, Inc.LLC interest N/A  N/A N/A 4
 411
 0.1
 639
Elite Sportswear, L.P.LLC interest N/A  N/A N/A —
 158
 —
 76
Feeders Supply Company, LLCPreferred stock N/A  N/A N/A 2
 192
 —
 224
Feeders Supply Company, LLCCommon stock N/A  N/A N/A —
 —
 —
 133
Marshall Retail Group LLC, TheLLC units N/A  N/A N/A 15
 154
 —
 96
            3,465
 1.1
 10,437
Utilities                
PowerPlan Holdings, Inc.Common stock N/A  N/A N/A —
 260
 —
 260
PowerPlan Holdings, Inc.Common stock N/A  N/A N/A 152
 3
 0.1
 426
            263
 0.1
 686
                 
Total non-controlled/non-affiliate company equity investments        $36,341
 4.9
%$48,817
                 
Total non-controlled/non-affiliate company investments      $1,592,749
 $1,609,411
 169.8
%$1,627,716
                 
Non-controlled affiliate company investments(13)
                
Debt investments                
Mining, Steel, Iron and Non-Precious Metals                
Benetech, Inc.*(8)
One stop L + 11.00%
(a) 
 10.57% cash/2.00% PIK08/2018 $4,393
 $4,391
 0.4
%$3,954
Benetech, Inc.(8)
One stop P + 9.75%
(a)(e) 
 12.13% cash/2.00% PIK08/2018 214
 214
 —
 101
          4,607
 4,605
 0.4
 4,055
                 
Total non-controlled affiliate company debt investments      $4,607
 $4,605
 0.4
%$4,055
                 
Equity Investments (10)(11)
                
Mining, Steel, Iron and Non-Precious Metals                
Benetech, Inc.(8)
LLC interest N/A  N/A N/A 56
 $—
 —
%$10
Benetech, Inc.(8)
LLC interest N/A  N/A N/A 56
 —
 —
 —
            —
 —
 10
                 
Total non-controlled affiliate company equity investments        $—
 —
%$10
                 
Total non-controlled affiliate company investments      $4,607
 $4,605
 0.4
%$4,065
                 
Controlled affiliate company investments(14)
             
Equity investments                
Investment Funds and Vehicles                
Senior Loan Fund LLC(8)(15)
LLC interest N/A  N/A N/A —
 $93,257
 9.6
%$91,591
                 
Total controlled affiliate company equity investments        $93,257
 9.6
%$91,591
                  
Total investments      $1,597,356
 $1,707,273
 179.8
%$1,723,372
           


See Notes to Consolidated Financial Statements.
21



TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 20172020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Hotels, Restaurants & Leisure
BJH Holdings III Corp.+~One stop L + 5.25%(c) 6.25% 08/2025 $45,068 $46,339 1.9%$45,068 
BJH Holdings III Corp.(5)One stop L + 5.25% N/A(6) 08/2025 — (6)—— 
CR Fitness Holdings, LLC+~Senior loan L + 4.25%(c) 5.25% 07/2025 1,993 2,005 0.11,854 
CR Fitness Holdings, LLCSenior loan L + 4.25%(a) 5.25% 07/2025 268 262 —208 
CR Fitness Holdings, LLCSenior loan L + 4.25%(a)(c) 5.25% 07/2025 74 74 —70 
Davidson Hotel Company, LLC+One stop L + 6.75%(a)(c) 6.25% cash/1.50% PIK 07/2024 7,007 6,954 0.24,905 
Davidson Hotel Company, LLCOne stop L + 6.75%(a)(c) 6.25% cash/1.50% PIK 07/2024 1,077 1,073 —754 
Davidson Hotel Company, LLC(5)One stop L + 6.75% N/A(6) 07/2024 — (2)—(30)
Davidson Hotel Company, LLC(5)One stop L + 6.75% N/A(6) 07/2024 — (18)—— 
EOS Fitness Opco Holdings, LLC*#One stop L + 5.25%(c) 6.25% 01/2025 8,653 8,760 0.37,788 
EOS Fitness Opco Holdings, LLCOne stop L + 5.25%(c) 6.25% 01/2025 911 922 —820 
EOS Fitness Opco Holdings, LLCOne stop L + 5.25%(c) 6.25% 01/2025 120 120 —108 
Planet Fit Indy 10 LLC+One stop L + 5.25%(c) 6.25% 07/2025 17,342 17,141 0.614,914 
Planet Fit Indy 10 LLC#One stop L + 5.25%(c) 6.25% 07/2025 2,313 2,360 0.11,990 
Planet Fit Indy 10 LLC#One stop L + 5.25%(c) 6.25% 07/2025 1,256 1,239 0.11,080 
Planet Fit Indy 10 LLCOne stop L + 5.25%(c) 6.25% 07/2025 200 199 —172 
Self Esteem Brands, LLC*#^Senior loan L + 4.25%(a) 5.25% 02/2022 45,724 46,017 1.844,811 
Self Esteem Brands, LLCSenior loan P + 3.25%(f) 6.50% 02/2022 2,338 2,335 0.12,292 
SSRG Holdings, LLCOne stop L + 5.25%(c) 6.25% 11/2025 916 901 —897 
SSRG Holdings, LLCOne stop L + 5.25%(c) 6.25% 11/2025 55 54 —54 
Sunshine Sub, LLC#~One stop L + 4.75%(c) 5.75% 05/2024 12,891 12,984 0.512,117 
Sunshine Sub, LLC#One stop L + 4.75%(c) 5.75% 05/2024 5,640 5,811 0.25,302 
Sunshine Sub, LLC(5)One stop L + 4.75% N/A(6) 05/2024 — (1)—(12)
Tropical Smoothie Cafe Holdings, LLC+Senior loan L + 5.50%(a)(b)(c) 6.50% 09/2026 16,978 16,817 0.716,978 
Tropical Smoothie Cafe Holdings, LLCSenior loan L + 5.50%(a) 6.50% 09/2026 15 14 —15 
Velvet Taco Holdings, Inc.~One stop L + 8.00%(b)(c)(e) 8.00% cash/1.00% PIK 03/2026 1,777 1,757 0.11,599 
Velvet Taco Holdings, Inc.One stop L + 11.00%(c) 8.00% cash/4.00% PIK 03/2026 91 90 —91 
Velvet Taco Holdings, Inc.One stop L + 7.00% N/A(6) 03/2026 — — —— 
172,707 174,201 6.7163,845 
Household Durables
Groundworks LLC^Senior loan L + 6.25%(c) 7.25% 01/2026 4,697 4,637 0.24,627 
Groundworks LLCSenior loan L + 6.25%(c) 7.25% 01/2026 325 309 —309 
Groundworks LLCSenior loan L + 6.25%(c) 7.25% 01/2026 84 83 —83 
Groundworks LLC(5)Senior loan L + 6.25% N/A(6) 01/2026 — — —(1)
5,106 5,029 0.25,018 
See Notes to Consolidated Financial Statements.
22
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Household Products
WU Holdco, Inc. #^One stop L + 5.25%(c) 6.25% 03/2026 $3,419 $3,491 0.2%$3,419 
WU Holdco, Inc.One stop L + 5.25%(c) 6.25% 03/2026 391 391 —391 
WU Holdco, Inc.One stop L + 5.25%(c) 5.50% 03/2025 10 9 —8 
3,820 3,891 0.23,818 
Industrial Conglomerates
Arch Global CCT Holdings Corp.#^Senior loan L + 4.75%(c) 5.00% 04/2026 4,183 4,216 0.24,099 
Arch Global CCT Holdings Corp.(5)Senior loan L + 4.75% N/A(6) 04/2025 — — —(2)
Arch Global CCT Holdings Corp.(5)Senior loan L + 4.75% N/A(6) 04/2026 — — —(1)
Madison Safety & Flow LLC^Senior loan L + 4.00%(a) 4.15% 03/2025 490 489 —485 
Madison Safety & Flow LLCSenior loan L + 4.00% N/A(6) 03/2025 — — —— 
Specialty Measurement Bidco Limited(8)(9)(10)One stop L + 6.25%(c) 7.25% 11/2027 7,969 7,753 0.37,946 
Specialty Measurement Bidco Limited(8)(10)One stop L + 6.25%(c) 7.25% 11/2027 7,961 7,745 0.37,742 
Specialty Measurement Bidco Limited(5)(8)(9)(10)One stop L + 6.25% N/A(6) 11/2027 — (53)—(109)
20,603 20,150 0.820,160 

See Notes to Consolidated Financial Statements.
23
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)
 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (4)
Cash and cash equivalents and restricted cash and cash equivalents           
   
   
   
Cash and restricted cash         
 $53,678
 5.7
%$53,678
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)  
1.18% (16)
      
 23,452
 2.4
 23,452
Total cash and cash equivalents and restricted cash and cash equivalents    $77,130
 8.1
%$77,130
           
Total investments and cash and cash equivalents and restricted cash and cash equivalents

       $1,784,403
 187.9
%$1,800,502

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Insurance
Captive Resources Midco, LLC*#+~^One stop L + 5.75%(c) 6.75% 05/2025 $52,723 $52,884 2.2%$52,723 
Captive Resources Midco, LLC#One stop L + 5.75%(c) 6.75% 05/2025 1,436 1,424 0.11,436 
Captive Resources Midco, LLC(5)One stop L + 5.75% N/A(6) 05/2025 — (16)—— 
High Street Insurance Partners, Inc.+Senior loan L + 6.25%(c) 7.25% 12/2025 870 850 —870 
High Street Insurance Partners, Inc.Senior loan L + 6.25%(d) 7.25% 12/2025 202 195 —202 
Integrity Marketing Acquisition, LLC^Senior loan L + 5.50%(c) 6.50% 08/2025 2,464 2,465 0.12,464 
Integrity Marketing Acquisition, LLCSenior loan L + 5.50%(c)(d) 6.50% 08/2025 788 784 —788 
Integrity Marketing Acquisition, LLCSenior loan L + 5.50%(c)(d) 6.50% 08/2025 476 474 —476 
Integrity Marketing Acquisition, LLCSenior loan L + 5.50%(c) 6.50% 08/2025 249 247 —249 
Integrity Marketing Acquisition, LLCSenior loan L + 5.50% N/A(6) 08/2025 — — —— 
J.S. Held Holdings, LLC#^One stop L + 6.00%(c) 7.00% 07/2025 6,152 6,124 0.26,152 
J.S. Held Holdings, LLCOne stop P + 5.00%(f) 8.25% 07/2025 72 66 —72 
J.S. Held Holdings, LLC(5)One stop L + 6.00% N/A(6) 07/2025 — (4)—— 
Majesco+One stop L + 7.75%(c) 8.75% 09/2027 12,303 12,067 0.512,303 
Majesco(5)One stop L + 7.75% N/A(6) 09/2026 — (3)—— 
Orchid Underwriters Agency, LLC^Senior loan L + 4.50%(c) 5.50% 12/2024 4,114 4,162 0.24,114 
Orchid Underwriters Agency, LLCSenior loan L + 4.25%(d) 5.25% 12/2024 542 542 —542 
Orchid Underwriters Agency, LLCSenior loan L + 4.25% N/A(6) 12/2024 — — —— 
RSC Acquisition, Inc.+~^One stop L + 5.50%(c) 6.50% 10/2026 26,097 25,623 1.126,097 
RSC Acquisition, Inc.+One stop L + 5.50%(c) 6.50% 10/2026 1,303 1,253 0.11,303 
RSC Acquisition, Inc.One stop L + 5.50%(c) 6.50% 10/2026 312 107 —312 
RSC Acquisition, Inc.(5)One stop L + 5.50% N/A(6) 10/2026 — (1)—— 
Sunstar Insurance Group, LLC+Senior loan L + 5.50%(c) 6.50% 10/2026 629 617 —616 
Sunstar Insurance Group, LLCSenior loan L + 5.50% N/A(6) 10/2026 — — —— 
Sunstar Insurance Group, LLC(5)Senior loan L + 5.50% N/A(6) 10/2026 — (8)—(8)
110,732 109,852 4.5110,711 
Internet & Catalog Retail
AutoQuotes, LLCOne stop L + 6.00%(c) 7.00% 11/2024 9,887 10,014 0.49,097 
AutoQuotes, LLC(5)One stop L + 6.00% N/A(6) 11/2024 — — —(8)
9,887 10,014 0.49,089 
See Notes to Consolidated Financial Statements.
24
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
IT Services
Acquia, Inc.~One stop L + 7.00%(c) 8.00% 10/2025 $7,118 $7,060 0.3%$7,118 
Acquia, Inc.One stop L + 7.00% N/A(6) 10/2025 — — —— 
Appriss Holdings, Inc.+~^One stop L + 5.25%(c) 5.50% 05/2026 24,906 25,580 1.024,792 
Appriss Holdings, Inc.(5)One stop L + 5.25% N/A(6) 05/2025 — (3)—(2)
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.One stop L + 7.50%(b) 8.50% cash/1.00% PIK 08/2025 4,630 4,461 0.24,721 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.One stop L + 7.50% N/A(6) 08/2025 — — —— 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.(5)One stop L + 7.50% N/A(6) 08/2025 — (3)—— 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.(5)One stop L + 7.50% N/A(6) 08/2025 — (13)—— 
Centrify Corporation*#One stop L + 8.25%(c) 9.25% 08/2024 23,179 23,218 1.023,179 
Centrify CorporationOne stop P + 7.25%(f) 10.50% 08/2024 200 202 —200 
E2open, LLC*#+~^One stop L + 5.75%(c) 6.75% 11/2024 85,686 86,504 3.585,686 
E2open, LLCOne stop L + 5.75%(a)(d) 6.75% 11/2024 370 365 —370 
Episerver, Inc.~(8)(9)One stop L + 6.00%(c)(d) 6.00% 10/2024 20,489 20,779 0.921,951 
Episerver, Inc.#^One stop L + 5.75%(c)(d) 6.75% 10/2024 12,154 12,331 0.512,154 
Episerver, Inc.(5)One stop L + 5.75% N/A(6) 10/2024 — (2)—— 
Gamma Technologies, LLC*#^One stop L + 5.00%(c) 6.00% 06/2024 47,092 47,390 1.947,092 
Gamma Technologies, LLC(5)One stop L + 5.00% N/A(6) 06/2024 — (1)—— 
Infinisource, Inc.~^One stop L + 4.50%(c) 5.50% 10/2026 29,108 28,703 1.229,108 
Infinisource, Inc.One stop L + 4.50%(c) 5.50% 10/2026 244 241 —244 
Infinisource, Inc.One stop L + 4.50%(c) 5.50% 10/2026 110 109 —110 
Infinisource, Inc.(5)One stop L + 4.50% N/A(6) 10/2026 — (1)—— 
Maverick Bidco Inc.*#+~One stop L + 6.25%(c) 7.25% 04/2023 48,427 48,539 2.047,942 
Maverick Bidco Inc.+One stop L + 6.25%(c) 7.25% 04/2023 3,638 3,553 0.23,602 
Maverick Bidco Inc.*#One stop L + 6.25%(c) 7.25% 04/2023 3,174 3,224 0.13,143 
Maverick Bidco Inc.+One stop L + 6.25%(c) 7.25% 04/2023 2,814 2,751 0.12,786 
Maverick Bidco Inc.^One stop L + 6.25%(c) 7.25% 04/2023 1,689 1,631 0.11,672 
Maverick Bidco Inc.(5)One stop L + 6.25% N/A(6) 04/2023 — (1)—(3)
Maverick Bidco Inc.(5)One stop L + 6.25% N/A(6) 04/2023 — (107)—(94)
PCS Intermediate II Holdings, LLC~One stop L + 5.25%(c) 6.25% 01/2026 14,456 14,334 0.614,456 
PCS Intermediate II Holdings, LLC(5)One stop L + 5.50% N/A(6) 01/2026 — (1)—— 
Recordxtechnologies, LLC+One stop L + 5.50%(c) 6.50% 12/2025 741 734 —719 
Recordxtechnologies, LLCOne stop L + 5.50%(c) 6.50% 12/2025 116 114 —111 
Recordxtechnologies, LLCOne stop L + 5.50%(c) 6.50% 12/2025 42 41 —39 
Red Dawn SEI Buyer, Inc.^Senior loan L + 4.25%(c) 5.25% 11/2025 750 742 —734 
Red Dawn SEI Buyer, Inc.(5)Senior loan L + 4.25% N/A(6) 11/2025 — (1)—(2)
Red Dawn SEI Buyer, Inc.(5)Senior loan L + 4.25% N/A(6) 11/2025 — (1)—(3)
Red Dawn SEI Buyer, Inc.(5)(8)(9)Senior loan L + 4.50% N/A(6) 11/2025 — — —(236)
Red Dawn SEI Buyer, Inc.(5)Senior loan L + 4.50% N/A(6) 11/2025 — — —(56)
331,133 332,472 13.6331,533 

See Notes to Consolidated Financial Statements.
25
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Leisure Products
WBZ Investment LLC#One stop L + 7.50%(c) 6.50% cash/2.00% PIK 09/2024 $8,510 $8,565 0.3%$7,659 
WBZ Investment LLCOne stop L + 7.50%(c) 6.50% cash/2.00% PIK 09/2024 1,219 1,212 0.11,097 
WBZ Investment LLCOne stop L + 7.50%(c) 6.50% cash/2.00% PIK 09/2024 848 874 —763 
WBZ Investment LLCOne stop L + 7.50%(c) 6.50% cash/2.00% PIK 09/2024 433 448 —390 
WBZ Investment LLCOne stop L + 7.50%(c) 6.50% cash/2.00% PIK 09/2024 80 80 —70 
11,090 11,179 0.49,979 
Life Sciences Tools & Services
Pace Analytical Services, LLC*#One stop L + 5.75%(c) 6.75% 04/2024 29,562 29,619 1.229,562 
Pace Analytical Services, LLC+One stop L + 5.75%(c) 6.75% 04/2024 7,028 6,933 0.37,028 
Pace Analytical Services, LLCOne stop L + 5.75%(c) 6.75% 04/2024 3,523 3,415 0.13,523 
Pace Analytical Services, LLC#^One stop L + 5.75%(c) 6.75% 04/2024 2,749 2,757 0.12,749 
Pace Analytical Services, LLC*#One stop L + 5.75%(c) 6.75% 04/2024 1,647 1,675 0.11,647 
Pace Analytical Services, LLC*#One stop L + 5.75%(c) 6.75% 04/2024 1,515 1,523 0.11,515 
Pace Analytical Services, LLC*#One stop L + 5.75%(c) 6.75% 04/2024 1,261 1,260 0.11,261 
Pace Analytical Services, LLC#^One stop L + 5.75%(c) 6.75% 04/2024 1,220 1,240 0.11,220 
Pace Analytical Services, LLCOne stop L + 5.75%(c) 6.75% 04/2024 990 971 —990 
Pace Analytical Services, LLC*#One stop L + 5.75%(c) 6.75% 04/2024 676 677 —676 
Pace Analytical Services, LLC*#One stop L + 5.75%(c) 6.75% 04/2024 558 567 —558 
Pace Analytical Services, LLC*One stop L + 5.75%(c) 6.75% 04/2024 187 190 —187 
Pace Analytical Services, LLC(5)One stop L + 5.75% N/A(6) 04/2024 — (3)—— 
50,916 50,824 2.150,916 
Machinery
Blackbird Purchaser, Inc. *+~^Senior loan L + 4.50%(c)(f) 4.75% 04/2026 15,961 16,219 0.715,481 
Blackbird Purchaser, Inc.Senior loan L + 4.50%(c) 4.74% 04/2024 28 28 —24 
Chase Industries, Inc.+~Senior loan L + 7.00%(d) 6.50% cash/1.50% PIK 05/2025 12,059 12,173 0.49,787 
Chase Industries, Inc.Senior loan L + 7.00%(d) 6.50% cash/1.50% PIK 05/2025 985 1,018 —800 
Chase Industries, Inc.Senior loan L + 7.00%(d) 6.50% cash/1.50% PIK 05/2023 174 177 —130 
29,207 29,615 1.126,222 
Marine
Veson Nautical LLC+One stop L + 5.50%(a) 6.50% 11/2025 10,594 10,492 0.410,488 
Veson Nautical LLC(5)One stop L + 5.50% N/A(6) 11/2025 — (1)—(1)
10,594 10,491 0.410,487 
See Notes to Consolidated Financial Statements.
26
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Multiline Retail
Mills Fleet Farm Group LLC*#~^One stop L + 6.00%(d) 7.00% 10/2024 $46,488 $46,378 1.9%$46,488 
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.+~(8)(12)One stop L + 5.75%(c) 6.75% 05/2025 13,725 13,956 0.613,451 
3ES Innovation, Inc.(5)(8)(12)One stop L + 5.75% N/A(6) 05/2025 — (1)—(4)
Drilling Info Holdings, Inc.*#+~Senior loan L + 4.25%(a) 4.40% 07/2025 36,705 37,162 1.536,090 
Drilling Info Holdings, Inc.~Senior loan L + 4.50%(a) 4.65% 07/2025 17,298 16,893 0.717,184 
Drilling Info Holdings, Inc.Senior loan L + 4.25%(a) 4.40% 07/2023 80 78 —76 
Drilling Info Holdings, Inc.Senior loan L + 4.50%(a) 4.65% 07/2023 34 32 —34 
Drilling Info Holdings, Inc.(5)Senior loan L + 4.25% N/A(6) 07/2025 — (5)—(17)
Project Power Buyer, LLC#+^One stop L + 6.25%(c) 7.25% 05/2026 15,742 15,883 0.615,742 
Project Power Buyer, LLC(5)One stop L + 6.25% N/A(6) 05/2025 — (1)—— 
83,584 83,997 3.482,556 
Paper & Forest Products
Messenger, LLC+~One stop L + 6.50%(c)(f) 7.50% 08/2023 8,990 9,056 0.48,630 
Messenger, LLC(5)One stop L + 6.50% N/A(6) 08/2023 — — —(2)
8,990 9,056 0.48,628 
See Notes to Consolidated Financial Statements.
27
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Personal Products
IMPLUS Footwear, LLC+~One stop L + 7.75%(c) 8.75% 04/2024 $30,897 $31,273 1.2%$27,808 
IMPLUS Footwear, LLC+~One stop L + 7.75%(c) 8.75% 04/2024 5,277 5,341 0.24,749 
IMPLUS Footwear, LLC*One stop L + 7.75%(c) 8.75% 04/2024 761 783 —685 
36,935 37,397 1.433,242 
Pharmaceuticals
ACP Ulysses Buyer, Inc.+^Senior loan L + 5.00%(a) 6.00% 02/2026 13,177 13,064 0.613,177 
Apothecary Products, LLC+Senior loan L + 4.25%(a) 5.25% 07/2023 2,904 3,000 0.12,904 
Apothecary Products, LLCSenior loan L + 4.25%(d) 5.25% 07/2023 78 78 —78 
BIOVT, LLC*#^One stop L + 5.75%(a) 6.75% 07/2022 32,726 32,493 1.332,726 
BIOVT, LLC#^One stop L + 5.75%(a) 6.75% 07/2022 1,988 1,974 0.11,988 
BIOVT, LLC*One stop L + 5.75%(a) 6.75% 07/2022 1,866 1,853 0.11,866 
BIOVT, LLC(5)One stop L + 5.75% N/A(6) 07/2022 — (2)—— 
52,739 52,460 2.252,739 
Professional Services
Brandmuscle, Inc.#Senior loan L + 4.75%(c) 5.75% 12/2021 7,665 7,680 0.37,663 
Brandmuscle, Inc.#Senior loan L + 5.00%(c) 6.00% 12/2021 1,068 1,079 —1,070 
Brandmuscle, Inc.Senior loan L + 4.75% N/A(6) 12/2021 — — —— 
DISA Holdings Acquisition Subsidiary Corp.+~Senior loan L + 4.25%(c) 5.25% 06/2022 9,345 9,411 0.48,785 
DISA Holdings Acquisition Subsidiary Corp.(5)Senior loan L + 4.25% N/A(6) 06/2022 — — —(87)
Net Health Acquisition Corp.*#One stop L + 5.50%(c) 6.50% 12/2023 8,532 8,605 0.38,447 
Net Health Acquisition Corp.~^One stop L + 5.50%(c) 6.50% 12/2023 6,827 6,921 0.36,759 
Net Health Acquisition Corp.+One stop L + 5.50%(c) 6.50% 12/2023 4,313 4,271 0.24,270 
Net Health Acquisition Corp.*#One stop L + 5.50%(c) 6.50% 12/2023 1,192 1,202 0.11,180 
Net Health Acquisition Corp.(5)One stop L + 5.50% N/A(6) 12/2023 — (2)—(2)
Nexus Brands Group, Inc.*#One stop L + 6.00%(c) 7.00% 11/2023 9,354 9,439 0.48,980 
Nexus Brands Group, Inc.+~(8)(9)One stop L + 6.00%(h) 7.00% 11/2023 7,127 7,235 0.37,441 
Nexus Brands Group, Inc.#One stop L + 6.00%(c) 7.00% 11/2023 1,981 2,040 0.11,902 
Nexus Brands Group, Inc.#~One stop L + 6.00%(c) 7.00% 11/2023 1,433 1,476 0.11,376 
Nexus Brands Group, Inc.(8)(9)One stop L + 6.00%(c) 7.00% 11/2023 823 822 —827 
Nexus Brands Group, Inc.~One stop L + 6.00%(c) 7.00% 11/2023 763 758 —733 
Nexus Brands Group, Inc.One stop L + 6.00%(c) 7.00% 11/2023 517 517 —507 
Nexus Brands Group, Inc.One stop L + 6.00%(c) 7.00% 11/2023 85 84 —83 
Nexus Brands Group, Inc.One stop L + 6.00%(c) 7.00% 11/2023 54 53 —53 
Nexus Brands Group, Inc.One stop L + 6.00%(c) 7.00% 11/2023 20 21 —12 
Nexus Brands Group, Inc.(5)(8)(9)One stop L + 6.00% N/A(6) 11/2023 — — —(4)
Nexus Brands Group, Inc.One stop L + 6.00% N/A(6) 11/2023 — — —— 
PlanSource Holdings, Inc. ~One stop L + 6.25%(d) 7.25% 04/2025 11,416 11,535 0.511,416 
PlanSource Holdings, Inc. (5)One stop L + 6.25% N/A(6) 04/2025 — (1)—— 
Teaching Company, The*#One stop L + 4.75%(c) 5.75% 07/2023 17,788 17,949 0.717,788 
Teaching Company, TheOne stop L + 4.75% N/A(6) 07/2023 — — —— 
90,303 91,095 3.789,199 

See Notes to Consolidated Financial Statements.
28
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Real Estate Management & Development
Property Brands, Inc.#One stop L + 5.75%(d) 6.75% 01/2024 $19,794 $19,971 0.8%$19,794 
Property Brands, Inc.~^One stop L + 5.75%(d) 6.75% 01/2024 13,632 13,427 0.613,632 
Property Brands, Inc.*#One stop L + 5.75%(d) 6.75% 01/2024 6,636 6,736 0.36,636 
Property Brands, Inc.~^One stop L + 5.75%(d) 6.75% 01/2024 3,234 3,332 0.13,234 
Property Brands, Inc.One stop L + 5.75%(d) 6.75% 01/2024 1,421 1,462 0.11,421 
Property Brands, Inc.#One stop L + 5.75%(d) 6.75% 01/2024 1,202 1,237 0.11,202 
Property Brands, Inc.One stop L + 5.75%(d) 6.75% 01/2024 1,185 1,221 —1,185 
Property Brands, Inc.One stop L + 5.75%(d) 6.75% 01/2024 948 943 —948 
Property Brands, Inc.One stop L + 5.75%(d) 6.75% 01/2024 500 515 —500 
Property Brands, Inc.One stop L + 5.75%(d) 6.75% 01/2024 200 199 —200 
Property Brands, Inc.(5)One stop L + 5.75% N/A(6) 01/2024 — (2)—— 
MRI Software LLC~^One stop L + 5.50%(c) 6.50% 02/2026 14,562 14,441 0.614,562 
MRI Software LLC+One stop L + 5.50%(c) 6.50% 02/2026 1,744 1,703 0.11,744 
MRI Software LLC(5)One stop L + 5.50% N/A(6) 02/2026 — (2)—— 
MRI Software LLCOne stop L + 5.50% N/A(6) 02/2026 — — —— 
MRI Software LLC(5)One stop L + 5.50% N/A(6) 02/2026 — (3)—— 
65,058 65,180 2.7 65,058 
Road & Rail
Internet Truckstop Group LLC*#One stop L + 5.50%(c) 6.50% 04/2025 22,530 23,076 0.922,530 
Internet Truckstop Group LLC(5)One stop L + 5.50% N/A(6) 04/2025 — (2)—— 
22,530 23,074 0.922,530 

See Notes to Consolidated Financial Statements.
29
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Software
Accela, Inc.*#One stop L + 4.92%(a) 4.25% cash/1.67% PIK 09/2023 $4,498 $4,498 0.2%$4,429 
Accela, Inc.(5)One stop L + 7.00% N/A(6) 09/2023 — — —(2)
Apptio, Inc.One stop L + 7.25%(d) 8.25% 01/2025 57,009 57,680 2.357,009 
Apptio, Inc. (5)One stop L + 7.25% N/A(6) 01/2025 — (1)—— 
Astute Holdings, Inc.One stop L + 6.50%(c) 7.50% 04/2025 10,779 10,907 0.410,779 
Astute Holdings, Inc.One stop L + 6.50%(c) 7.50% 04/2025 2,760 2,752 0.12,760 
Astute Holdings, Inc. (5)One stop L + 6.50% N/A(6) 04/2025 — (1)—— 
Axiom Merger Sub Inc.~^One stop L + 5.25%(c)(d) 6.25% 04/2026 5,831 5,884 0.25,886 
Axiom Merger Sub Inc.+~(8)(9)One stop E + 5.50%(g) 5.50% 04/2026 2,404 2,425 0.12,615 
Axiom Merger Sub Inc.One stop L + 5.25%(d) 6.25% 04/2026 30 29 —30 
Bearcat Buyer, Inc.+~Senior loan L + 4.25%(c) 5.25% 07/2026 2,921 2,942 0.12,828 
Bearcat Buyer, Inc.Senior loan L + 4.25%(c) 5.25% 07/2026 522 521 —505 
Bearcat Buyer, Inc.~Senior loan L + 4.25%(c) 5.25% 07/2026 308 306 —299 
Bearcat Buyer, Inc.Senior loan L + 4.25%(c)(f) 5.46% 07/2024 6 6 —6 
Bullhorn, Inc.*#+~^One stop L + 5.75%(c) 6.75% 09/2026 67,133 66,027 2.867,677 
Bullhorn, Inc.(8)(9)One stop L + 6.00%(h) 6.02% 09/2026 11,978 11,776 0.513,213 
Bullhorn, Inc.(8)(9)One stop L + 5.75%(c) 5.75% 09/2026 4,810 4,728 0.25,273 
Bullhorn, Inc.One stop L + 5.75%(c) 6.75% 09/2026 97 96 —98 
Bullhorn, Inc.One stop L + 5.75%(c) 6.75% 09/2026 78 76 —78 
Bullhorn, Inc.(5)One stop L + 5.75% N/A(6) 09/2026 — (4)—2 
Bullhorn, Inc.(5)One stop L + 5.75% N/A(6) 09/2026 — (4)—2 
Calabrio, Inc. ~One stop L + 6.50%(c) 7.50% 06/2025 24,880 24,893 1.024,880 
Calabrio, Inc.One stop L + 6.50% N/A(6) 06/2025 — 1 —— 
Clearwater Analytics, LLCOne stop L + 6.25%(c) 7.25% 10/2025 17,398 17,230 0.717,224 
Clearwater Analytics, LLC*#One stop L + 6.25%(c) 7.25% 10/2025 14,242 14,190 0.614,101 
Clearwater Analytics, LLC*One stop L + 6.25%(c) 7.25% 10/2025 6,025 6,025 0.25,965 
Clearwater Analytics, LLC+One stop L + 6.25%(c) 7.25% 10/2025 988 971 —978 
Clearwater Analytics, LLC(5)One stop L + 6.25% N/A(6) 10/2025 — (4)—(3)
Cloudbees, Inc.One stop L + 9.00%(c) 9.50% cash/0.50% PIK 05/2023 4,220 4,250 0.24,220 
Cloudbees, Inc.One stop L + 9.00%(c) 9.50% cash/0.50% PIK 05/2023 2,778 2,703 0.12,778 
Cloudbees, Inc.One stop L + 9.00%(c) 9.50% cash/0.50% PIK 05/2023 1,471 1,475 0.11,471 
Cloudbees, Inc.One stop L + 9.00% N/A(6) 05/2023 — — —— 
Confluence Technologies, Inc.+~^One stop L + 5.75%(a) 6.75% 03/2024 44,890 44,673 1.844,890 
Confluence Technologies, Inc.One stop L + 5.75%(a) 6.75% 03/2024 28 27 —28 
Convercent, Inc.One stop L + 9.00%(c) 8.25% cash/2.75% PIK 12/2024 2,815 2,748 0.12,860 
Convercent, Inc.Subordinated debt N/A 4.00% 02/2021 138 138 —185 
Convercent, Inc.One stop L + 9.00%(c) N/A(6) 12/2024 — — —1 
Convercent, Inc.One stop L + 9.00% N/A(6) 12/2024 — — —— 
Daxko Acquisition Corporation*#^One stop L + 6.00%(c) 7.00% 09/2023 25,614 25,686 1.125,614 
Daxko Acquisition CorporationOne stop L + 6.00% N/A(6) 09/2023 — — —— 
See Notes to Consolidated Financial Statements.
30
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Software - (continued)
Digital Guardian, Inc.One stop L + 9.50%(c) 7.50% cash/3.00% PIK 06/2023 8,798 9,054 0.4%9,329 
Digital Guardian, Inc.Subordinated debt N/A 8.00% PIK 06/2023 9 7 —9 
Digital Guardian, Inc.One stop L + 8.00% N/A(6) 06/2023 — — —2 
Diligent Corporation*#+~^One stop L + 6.25%(c) 7.25% 08/2025 87,836 88,279 3.687,836 
Diligent CorporationOne stop L + 6.25% N/A(6) 08/2025 — — —— 
GS Acquisitionco, Inc.*#+~^One stop L + 5.75%(c) 6.75% 05/2024 53,909 54,275 2.253,101 
GS Acquisitionco, Inc.*#One stop L + 5.75%(c) 6.75% 05/2024 12,723 13,004 0.512,532 
GS Acquisitionco, Inc.#One stop L + 5.75%(c) 6.75% 05/2024 3,278 3,351 0.13,229 
GS Acquisitionco, Inc.+~One stop L + 5.75%(c) 6.75% 05/2024 3,024 3,092 0.12,980 
GS Acquisitionco, Inc.#One stop L + 5.75%(c) 6.75% 05/2024 1,895 1,937 0.11,866 
GS Acquisitionco, Inc.One stop L + 5.75%(c) 6.75% 05/2024 75 75 —74 
GS Acquisitionco, Inc.One stop L + 5.75%(d) 6.75% 05/2024 37 37 —36 
GS Acquisitionco, Inc.(5)One stop L + 5.75% N/A(6) 05/2024 — (2)—(4)
ICIMS, Inc.~One stop L + 6.50%(c) 7.50% 09/2024 14,355 14,535 0.614,355 
ICIMS, Inc.~One stop L + 6.50%(c) 7.50% 09/2024 4,501 4,571 0.24,501 
ICIMS, Inc.~One stop L + 6.50%(c) 7.50% 09/2024 2,706 2,680 0.12,706 
ICIMS, Inc.One stop L + 6.50%(c) 7.50% 09/2024 88 88 —88 
Impartner, Inc.One stop L + 9.50%(c) 9.30% cash/2.00% PIK 08/2025 2,931 2,897 0.13,037 
Impartner, Inc.(5)One stop L + 9.50% N/A(6) 08/2025 — (3)—17 
Impartner, Inc.One stop L + 9.50% N/A(6) 08/2025 — — —— 
Infogix, Inc.*#One stop L + 6.00%(c) 7.00% 04/2024 7,160 7,282 0.37,160 
Infogix, Inc.*^One stop L + 6.00%(c) 7.00% 04/2024 1,105 1,120 0.11,105 
Infogix, Inc.One stop L + 6.00%(c) 7.00% 04/2024 90 90 —90 
Instructure, Inc.~Senior loan L + 7.00%(c) 8.00% 03/2026 17,285 16,683 0.717,285 
Integral Ad Science, Inc.~One stop L + 7.25%(c) 7.00% cash/1.25% PIK 07/2024 15,899 16,073 0.715,899 
Integral Ad Science, Inc.(5)One stop L + 6.00% N/A(6) 07/2023 — (2)—(2)
Integration Appliance, Inc.*~One stop L + 7.25%(c) 8.25% 08/2023 68,335 69,047 2.868,335 
Integration Appliance, Inc.One stop L + 7.25%(d) 8.25% 08/2023 487 483 —487 
Invoice Cloud, Inc.One stop L + 6.50%(c) 4.25% cash/3.25% PIK 02/2024 6,575 6,611 0.36,575 
Invoice Cloud, Inc.One stop L + 6.50%(c) 4.25% cash/3.25% PIK 02/2024 2,204 2,203 0.12,204 
Invoice Cloud, Inc.(5)One stop L + 6.00% N/A(6) 02/2024 — — —(2)
Juvare, LLC+One stop L + 6.25%(c) 7.25% 10/2026 7,526 7,435 0.37,432 
Juvare, LLCOne stop P + 5.25%(f) 8.50% 10/2026 954 932 —932 
Juvare, LLC(5)One stop L + 6.25% N/A(6) 04/2026 — (1)—(1)
Kaseya Traverse Inc~One stop L + 7.00%(c) 5.00% cash/3.00% PIK 05/2025 37,203 38,061 1.537,203 
Kaseya Traverse IncOne stop L + 7.00%(c) 5.00% cash/3.00% PIK 05/2025 3,852 3,863 0.23,852 
Kaseya Traverse IncOne stop L + 6.50%(b) 7.50% 05/2025 89 88 —87 
Kaseya Traverse Inc(5)One stop L + 7.00% N/A(6) 05/2025 — (20)—— 
Mindbody, Inc.~One stop L + 8.50%(c) 8.00% cash/1.50% PIK 02/2025 48,777 49,519 2.047,802 
Mindbody, Inc.(5)One stop L + 8.00% N/A(6) 02/2025 — (1)—(8)
Ministry Brands, LLC^Senior loan L + 4.00%(b) 5.00% 12/2022 1,442 1,457 0.11,413 
Ministry Brands, LLC^Senior loan L + 4.00%(b) 5.00% 12/2022 824 834 —809 
Ministry Brands, LLCSenior loan L + 4.00%(b) 5.00% 12/2022 376 386 —368 
See Notes to Consolidated Financial Statements.
31
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Software - (continued)
mParticle, Inc.One stop L + 9.75%(c) 7.50% cash/3.25% PIK 09/2025 $3,184 $3,130 0.1%$3,184 
mParticle, Inc.One stop L + 9.75% N/A(6) 09/2025 — — —— 
Namely, Inc.~One stop L + 7.50%(c) 8.25% cash/1.25% PIK 06/2024 3,591 3,431 0.23,519 
Namely, Inc.One stop L + 7.50%(c) 8.25% cash/1.25% PIK 06/2024 2,039 1,918 0.11,971 
Namely, Inc.One stop L + 7.50%(a) 8.25% cash/1.25% PIK 06/2024 70 70 —68 
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBHOne stop L + 7.75%(c) 7.50% cash/1.75% PIK 10/2024 2,149 2,132 0.12,261 
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBHOne stop L + 7.75% N/A(6) 10/2024 — — —1 
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBHOne stop L + 7.75% N/A(6) 10/2024 — — —4 
PDI TA Holdings, Inc.One stop L + 4.50%(a) 5.50% 10/2024 8,559 8,411 0.48,473 
PDI TA Holdings, Inc.Second lien L + 8.50%(a) 9.50% 10/2025 3,424 3,347 0.13,372 
Personify, Inc.*+^One stop L + 5.75%(c) 6.75% 09/2024 15,216 15,459 0.615,064 
Personify, Inc.+One stop P + 4.75%(f) 8.00% 09/2024 9,032 8,943 0.48,942 
Personify, Inc.One stop L + 5.75%(c) 6.75% 09/2024 60 61 —58 
RegEd Aquireco, LLC^Senior loan L + 4.25%(a) 5.25% 12/2024 11,387 11,385 0.410,818 
RegEd Aquireco, LLCSenior loan L + 4.25%(a)(f) 4.40% 12/2024 62 61 —44 
Saturn Borrower Inc.+~One stop L + 6.50%(c) 7.50% 09/2026 16,284 15,816 0.716,284 
Saturn Borrower Inc.(5)One stop L + 6.50% N/A(6) 09/2026 — (3)—— 
SnapLogic, Inc.One stop L + 8.75%(c) 5.75% cash/5.50% PIK 09/2024 6,062 5,999 0.36,062 
SnapLogic, Inc.One stop L + 8.75%(c) 5.75% cash/5.50% PIK 09/2024 62 61 —62 
SnapLogic, Inc.One stop L + 8.75% N/A(6) 09/2024 — — —— 
Sontatype, Inc.One stop L + 6.75%(c) 7.75% 12/2025 851 843 —851 
Sontatype, Inc.(5)One stop L + 6.75% N/A(6) 12/2025 — (2)—— 
Spartan Buyer Acquisition Co.+~One stop L + 6.50%(c) 7.50% 12/2026 31,916 31,522 1.331,556 
Spartan Buyer Acquisition Co.(5)One stop L + 6.50% N/A(6) 12/2026 — (3)—(3)
Telesoft Holdings LLC^One stop L + 5.75%(b) 6.75% 12/2025 902 885 —902 
Telesoft Holdings LLC(5)One stop L + 5.75% N/A(6) 12/2025 — (2)—— 
TI Intermediate Holdings, LLC^Senior loan L + 4.50%(a) 4.65% 12/2024 3,508 3,563 0.13,333 
TI Intermediate Holdings, LLC+Senior loan L + 4.50%(a) 5.50% 12/2024 927 904 —903 
TI Intermediate Holdings, LLC(5)Senior loan L + 4.50% N/A(6) 12/2024 — — —(3)
TI Intermediate Holdings, LLC(5)Senior loan L + 4.50% N/A(6) 12/2024 — (11)—(11)
Togetherwork Holdings, LLC*#One stop L + 5.75%(a) 6.75% 03/2025 15,524 15,658 0.615,524 
Togetherwork Holdings, LLC~^One stop L + 5.75%(a) 6.75% 03/2025 1,799 1,857 0.11,799 
Togetherwork Holdings, LLCOne stop L + 5.75%(a) 6.75% 03/2025 1,746 1,800 0.11,746 
Togetherwork Holdings, LLC*#One stop L + 5.75%(a) 6.75% 03/2025 1,702 1,757 0.11,702 
Togetherwork Holdings, LLC~^One stop L + 5.75%(a) 6.75% 03/2025 1,644 1,674 0.11,644 
Togetherwork Holdings, LLC*^One stop L + 5.75%(a) 6.75% 03/2025 1,584 1,636 0.11,584 
Togetherwork Holdings, LLCOne stop L + 5.75%(a) 6.75% 03/2025 1,477 1,522 0.11,477 
Togetherwork Holdings, LLC*#One stop L + 5.75%(a) 6.75% 03/2025 1,210 1,227 0.11,210 
Togetherwork Holdings, LLCOne stop L + 5.75%(a) 6.75% 03/2025 666 687 —666 
Togetherwork Holdings, LLC+One stop L + 5.75%(a) 6.75% 03/2025 461 456 —461 
Togetherwork Holdings, LLC^One stop L + 5.75%(a) 6.75% 03/2025 446 442 —446 
Togetherwork Holdings, LLCOne stop L + 5.75%(a) 6.75% 03/2024 300 299 —300 
Togetherwork Holdings, LLCOne stop L + 5.75%(a) 6.75% 03/2025 64 66 —64 
See Notes to Consolidated Financial Statements.
32
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Software - (continued)
Togetherwork Holdings, LLC~One stop L + 5.75%(a) 6.75% 03/2025 $59 $61 —%$59 
Transact Holdings, Inc.+~Senior loan L + 4.75%(a) 4.90% 04/2026 3,071 3,111 0.13,002 
Trintech, Inc.*#^One stop L + 6.00%(c) 7.00% 12/2023 22,343 22,654 0.922,343 
Trintech, Inc.#^One stop L + 6.00%(c) 7.00% 12/2023 9,263 9,434 0.49,263 
Trintech, Inc.One stop L + 6.00%(c) 7.00% 12/2023 300 301 —300 
Vector CS Midco Limited & Cloudsense Ltd.~(8)(9)(10)One stop N/A 4.50% cash/3.55% PIK 05/2024 7,929 8,049 0.48,515 
Vector CS Midco Limited & Cloudsense Ltd.(8)(9)(10)One stop L + 8.05%(h) 4.50% cash/3.55% PIK 05/2024 134 133 —140 
Vendavo, Inc.*~One stop L + 6.50%(c) 7.50% 10/2022 35,278 35,246 1.535,278 
Vendavo, Inc.(5)One stop L + 6.50% N/A(6) 10/2022 — (2)—— 
Workforce Software, LLC~One stop L + 6.50%(c) 7.50% 07/2025 27,266 27,929 1.127,266 
Workforce Software, LLC(5)One stop L + 6.50% N/A(6) 07/2025 — (2)—— 
986,550 989,584 40.4985,902 

See Notes to Consolidated Financial Statements.
33
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Specialty Retail
2nd Ave. LLCOne stop L + 6.50%(d) 7.50% 09/2025 $5,900 $5,819 0.2%$5,782 
2nd Ave. LLCOne stop L + 6.50%(d) 7.50% 09/2025 50 50 —49 
Batteries Plus Holding Corporation#One stop L + 6.75%(a) 7.75% 07/2022 21,921 22,072 0.921,921 
Batteries Plus Holding Corporation(5)One stop L + 6.75% N/A(6) 07/2022 — (1)—— 
Boot Barn, Inc.#+~Senior loan L + 4.50%(c) 5.50% 06/2023 16,778 16,893 0.716,778 
Cycle Gear, Inc.#+^One stop L + 5.00%(c) 6.00% 01/2024 21,416 21,727 0.921,416 
DTLR, Inc.*#+One stop L + 7.00%(c) 7.50% cash/0.50% PIK 08/2022 41,487 41,823 1.741,487 
Imperial Optical Midco Inc.~One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 3,629 3,671 0.23,629 
Imperial Optical Midco Inc.*One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 2,830 2,812 0.12,830 
Imperial Optical Midco Inc.#One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 1,924 1,967 0.11,924 
Imperial Optical Midco Inc.#One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 1,252 1,280 0.11,252 
Imperial Optical Midco Inc.*One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 1,141 1,165 0.11,141 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 331 329 —331 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 241 239 —241 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 191 189 —191 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 163 160 —163 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 134 133 —134 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 130 129 —130 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 97 96 —97 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 83 83 —83 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 76 76 —76 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 69 68 —69 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 63 63 —63 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 55 55 —55 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 43 42 —43 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 41 41 —41 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 35 35 —35 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 28 27 —28 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 24 24 —24 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 21 21 —21 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 20 19 —20 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 19 18 —19 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 17 17 —17 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 11 11 —11 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 11 11 —11 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 9 9 —9 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 9 9 —9 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 8 8 —8 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 7 7 —7 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 5 5 —5 
See Notes to Consolidated Financial Statements.
34
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Specialty Retail -. (continued)
Imperial Optical Midco Inc.One stop L + 6.25% N/A(6) 08/2023 $— $— —%$— 
Imperial Optical Midco Inc.(5)One stop L + 6.25% N/A(6) 08/2023 — (15)—— 
Jet Equipment & Tools Ltd.+~(8)(9)(12)One stop L + 5.25%(a) 6.25% 11/2024 17,942 18,203 0.818,534 
Jet Equipment & Tools Ltd.*#(8)(12)One stop L + 5.25%(a) 6.25% 11/2024 12,333 12,557 0.512,319 
Jet Equipment & Tools Ltd.+(8)(9)(12)One stop L + 5.50%(c) 6.50% 11/2024 5,246 5,197 0.25,474 
Jet Equipment & Tools Ltd.#(8)(12)^One stop L + 5.25%(a) 6.25% 11/2024 4,295 4,362 0.24,291 
Jet Equipment & Tools Ltd.(8)(12)^One stop L + 5.25%(a) 6.25% 11/2024 1,577 1,565 0.11,576 
Jet Equipment & Tools Ltd.(5)(8)(9)(12)One stop L + 5.25% N/A(6) 11/2024 — (1)—— 
Pet Holdings ULC*#+(8)(12)One stop L + 5.50%(c) 6.50% 07/2022 46,518 47,211 1.946,518 
Pet Holdings ULC*#+(8)(12)One stop L + 5.50%(c) 6.50% 07/2022 240 241 —240 
Pet Holdings ULC(5)(8)(12)One stop L + 5.50% N/A(6) 07/2022 — (1)—— 
Pet Supplies Plus, LLC*+^Senior loan L + 4.25%(c) 5.25% 12/2024 14,144 14,365 0.614,144 
Pet Supplies Plus, LLC(5)Senior loan L + 4.25% N/A(6) 12/2023 — (1)—— 
PetPeople Enterprises, LLC#One stop L + 5.75%(c) 6.75% 09/2023 5,338 5,383 0.25,232 
PetPeople Enterprises, LLC#One stop L + 5.75%(c)(d) 6.75% 09/2023 1,813 1,837 0.11,777 
PetPeople Enterprises, LLCOne stop L + 5.75%(d) 6.75% 09/2023 40 41 —38 
PPV Intermediate Holdings II, LLCOne stop L + 6.50%(d) 7.50% 05/2023 4,908 4,908 0.24,908 
PPV Intermediate Holdings II, LLCOne stop L + 6.50%(a) 7.50% 05/2023 1,164 1,106 0.11,164 
PPV Intermediate Holdings II, LLCOne stop L + 6.50%(a) 7.50% 05/2023 1,073 1,059 0.11,073 
PPV Intermediate Holdings II, LLCOne stop L + 6.50%(a) 7.50% 05/2023 1,034 1,021 —1,034 
PPV Intermediate Holdings II, LLCOne stop L + 6.50%(a) 7.50% 05/2023 1,007 1,007 —1,007 
PPV Intermediate Holdings II, LLCOne stop L + 6.50%(a) 7.50% 05/2023 931 919 —931 
PPV Intermediate Holdings II, LLCOne stop L + 6.50%(a) 7.50% 05/2023 776 766 —776 
PPV Intermediate Holdings II, LLCOne stop L + 6.50%(a) 7.50% 05/2023 737 728 —737 
PPV Intermediate Holdings II, LLCOne stop L + 6.50%(a) 7.50% 05/2023 602 602 —602 
PPV Intermediate Holdings II, LLCOne stop L + 6.50%(a) 7.50% 05/2023 530 523 —530 
PPV Intermediate Holdings II, LLCOne stop L + 6.50%(a) 7.50% 05/2023 434 418 —434 
PPV Intermediate Holdings II, LLCOne stop L + 6.50%(a) 7.50% 05/2023 129 127 —129 
PPV Intermediate Holdings II, LLCOne stop N/A 7.90% PIK 05/2023 24 24 —24 
PPV Intermediate Holdings II, LLCOne stop L + 6.50% N/A(6) 05/2023 — — —— 
Sola Franchise, LLC and Sola Salon Studios, LLC#One stop L + 4.75%(c) 5.75% 10/2024 7,336 7,349 0.37,336 
Sola Franchise, LLC and Sola Salon Studios, LLC#One stop L + 4.75%(c) 5.75% 10/2024 1,704 1,758 0.11,704 
Sola Franchise, LLC and Sola Salon Studios, LLCOne stop L + 4.75%(c)(f) 6.13% 10/2024 66 65 —66 
Titan Fitness, LLC*#+One stop L + 4.75%(b)(c) 5.75% 02/2025 30,240 30,656 1.127,217 
Titan Fitness, LLCOne stop L + 4.75%(c) 5.75% 02/2025 1,889 1,876 0.11,700 
Titan Fitness, LLCOne stop L + 4.75%(c) 5.75% 02/2025 474 472 —424 
Titan Fitness, LLC(5)One stop L + 4.75% N/A(6) 02/2025 — (1)—— 
Vermont Aus Pty Ltd~(8)(9)(11)One stop L + 4.75%(c) 4.81% 12/2024 2,199 2,218 0.12,452 
Vermont Aus Pty Ltd(8)(9)(11)One stop L + 4.75%(c) 4.81% 12/2024 81 82 —97 
287,093 289,829 11.7284,638 

See Notes to Consolidated Financial Statements.
35
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.*#^One stop L + 6.00%(c) 7.00% 03/2023 $22,414 $22,524 0.9%$21,966 
Agility Recovery Solutions Inc.One stop L + 6.00%(c) 7.00% 03/2023 902 900 —882 
23,316 23,424 0.922,848 
Textiles, Apparel & Luxury Goods
Elite Sportswear, L.P.Senior loan L + 6.25%(c) 2.00% cash/5.25% PIK 12/2021 9,571 9,455 0.36,700 
Elite Sportswear, L.P.Senior loan L + 6.25%(c) 2.00% cash/5.25% PIK 12/2021 3,848 3,803 0.12,693 
Elite Sportswear, L.P.Senior loan L + 6.25%(c) 2.00% cash/5.25% PIK 12/2021 1,980 1,957 0.11,386 
Elite Sportswear, L.P.Senior loan L + 6.25%(c) 2.00% cash/5.25% PIK 12/2021 1,192 1,178 —828 
Elite Sportswear, L.P.*Senior loan L + 6.25%(c) 2.00% cash/5.25% PIK 12/2021 657 650 —459 
Elite Sportswear, L.P.Senior loan L + 6.25%(c) 2.00% cash/5.25% PIK 12/2021 301 297 —211 
Elite Sportswear, L.P.*Senior loan L + 6.25%(c) 2.00% cash/5.25% PIK 12/2021 287 285 —201 
Elite Sportswear, L.P.Senior loan L + 6.25%(c) 2.00% cash/5.25% PIK 12/2021 42 41 —30 
Georgica Pine Clothiers, LLC#One stop L + 5.50%(c)(d) 6.50% 11/2023 10,350 10,440 0.49,543 
Georgica Pine Clothiers, LLC*#One stop L + 5.50%(c)(d) 6.50% 11/2023 6,504 6,565 0.35,997 
Georgica Pine Clothiers, LLC+One stop L + 5.50%(c)(d) 6.50% 11/2023 1,006 999 —928 
Georgica Pine Clothiers, LLC#One stop L + 5.50%(c)(d) 6.50% 11/2023 906 915 —835 
Georgica Pine Clothiers, LLC*#One stop L + 5.50%(c)(d) 6.50% 11/2023 635 643 —586 
Georgica Pine Clothiers, LLCOne stop L + 5.50%(c)(d) 6.50% 11/2023 236 236 —218 
SHO Holding I Corporation~Senior loan L + 5.25%(c) 4.00% cash/2.25% PIK 04/2024 4,035 4,019 0.23,631 
SHO Holding I Corporation~Senior loan L + 5.23%(c) 4.00% cash/2.23% PIK 04/2024 44 44 —39 
SHO Holding I CorporationSenior loan L + 4.00%(a)(c)(d) 5.00% 04/2024 35 34 —35 
SHO Holding I Corporation(5)Senior loan L + 5.00% N/A(6) 04/2024 — (1)—(8)
SHO Holding I CorporationSenior loan L + 5.00%(c)(d) N/A(6) 04/2024 — — —— 
SHO Holding I CorporationSenior loan L + 5.23%(c)(d) N/A(6) 04/2024 — — —— 
41,629 41,560 1.434,312 
Total non-controlled/non-affiliate company debt investments$4,440,774 $4,440,146 177.7$4,335,951 

See Notes to Consolidated Financial Statements.
36
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Equity Investments (14)(15)
NTS Technical SystemsCommon Stock N/A N/A N/A 2 $1,506 0.1%$776 
NTS Technical SystemsPreferred stock N/A N/A N/A — 256 —448 
NTS Technical SystemsPreferred stock N/A N/A N/A — 128 —256 
Whitcraft LLCCommon Stock N/A N/A N/A 11 2,285 0.12,766 
4,175 0.24,246 
Auto Components
Polk Acquisition Corp.LP interest N/A N/A N/A 5 314 —137 
Automobiles
MOP GM Holding, LLCLLC units N/A N/A N/A — 323 —323 
Quick Quack Car Wash Holdings, LLCLLC units N/A N/A N/A — 508 —480 
831 —803 
Biotechnology
BIO18 Borrower, LLC(16)LLC units N/A N/A N/A 591 1,190 0.11,814 
Building Products
Brooks Equipment Company, LLCCommon Stock N/A N/A N/A 10 $1,020 0.1$2,180 
Chemicals
Inhance Technologies Holdings LLCLLC units N/A N/A N/A — 124 —73 
Commercial Services & Supplies
Hydraulic Authority III Limited(8)(9)(10)Preferred stock N/A N/A N/A 284 384 —377 
Hydraulic Authority III Limited(8)(9)(10)Common Stock N/A N/A N/A 6 43 —— 
427 —377 
Construction & Engineering
Reladyne, Inc.LP units N/A N/A N/A 1 931 0.11,001 
Diversified Consumer Services
EWC Growth Partners LLCLLC interest N/A N/A N/A — 12 —4 
Liminex, Inc.Common Stock N/A N/A N/A 14 496 —496 
PADI Holdco, Inc.LLC units N/A N/A N/A 1 969 —138 
Spear Education, LLCLLC units N/A N/A N/A — 7 —20 
Spear Education, LLCLLC units N/A N/A N/A 1 1 —— 
1,485 —658 
Electronic Equipment, Instruments & Components
ES Acquisition LLCLP interest N/A N/A N/A — 15 —28 
Inventus Power, Inc.Preferred stock N/A N/A N/A 1 372 —131 
Inventus Power, Inc.LLC units N/A N/A N/A — 88 —167 
Inventus Power, Inc.Preferred stock N/A N/A N/A — 20 —42 
Inventus Power, Inc.Common Stock N/A N/A N/A 1 — —— 
495 —368 

See Notes to Consolidated Financial Statements.
37
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Food & Staples Retailing
Benihana, Inc.LLC unit N/A N/A N/A 43 $699 —%$39 
Cafe Rio Holding, Inc.Common Stock N/A N/A N/A 5 603 —838 
Captain D's, LLCLLC interest N/A N/A N/A 158 156 —422 
Feeders Supply Company, LLCPreferred stock N/A N/A N/A 4 400 —284 
Feeders Supply Company, LLCLLC units N/A N/A N/A — — —— 
Hopdoddy Holdings, LLCLLC units N/A N/A N/A 44 217 —44 
Hopdoddy Holdings, LLCLLC units N/A N/A N/A 20 61 —13 
Mendocino Farms, LLCCommon Stock N/A N/A N/A 169 770 0.1946 
Ruby Slipper Cafe LLC, TheLLC units N/A N/A N/A 31 373 —65 
Ruby Slipper Cafe LLC, TheLP units N/A N/A N/A 2 20 —8 
Wetzel's Pretzels, LLCCommon Stock N/A N/A N/A — 416 —170 
Wood Fired Holding Corp.LLC units N/A N/A N/A 437 444 —356 
Wood Fired Holding Corp.LLC units N/A N/A N/A 437 — —— 
4,159 0.13,185 
Food Products
C. J. Foods, Inc.Preferred stock N/A N/A N/A — 75 0.1558 
FCID Merger Sub, Inc.Common Stock N/A N/A N/A 3 325 —325 
Purfoods, LLCLLC interest N/A N/A N/A — 926 0.25,325 
1,326 0.36,208 
Health Care Equipment & Supplies
Aspen Medical Products, LLCCommon Stock N/A N/A N/A — 77 —103 
Blue River Pet Care, LLCLLC units N/A N/A N/A — 76 —105 
CCSL Holdings, LLCLP units N/A N/A N/A — 312 —312 
CMI Parent Inc.LLC units N/A N/A N/A — 240 —234 
CMI Parent Inc.LLC units N/A N/A N/A 2 3 —— 
Flexan, LLCLLC units N/A N/A N/A — 137 —227 
Flexan, LLCLLC interest N/A N/A N/A 1 — —30 
G & H Wire Company, Inc.LLC interest N/A N/A N/A 336 269 —77 
Joerns Healthcare, LLC*Common Stock N/A N/A N/A 432 4,330 0.22,569 
Katena Holdings, Inc.LLC units N/A N/A N/A 1 572 —330 
Lombart Brothers, Inc.Common Stock N/A N/A N/A 1 440 —— 
6,456 0.23,987 

See Notes to Consolidated Financial Statements.
38
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Providers & Services
Active Day, Inc.LLC interest N/A N/A N/A 1 $1,099 —%$372 
Acuity Eyecare Holdings, LLCLLC interest N/A N/A N/A 1,158 1,334 0.11,563 
ADCS Clinics Intermediate Holdings, LLCPreferred stock N/A N/A N/A 1 1,119 0.1944 
ADCS Clinics Intermediate Holdings, LLCCommon Stock N/A N/A N/A — 6 —— 
CRH Healthcare Purchaser, Inc.(16)LP interest N/A N/A N/A 429 326 0.1926 
DCA Investment Holding, LLCLLC units N/A N/A N/A 13,890 1,619 0.12,088 
DCA Investment Holding, LLCLLC units N/A N/A N/A 140 218 —— 
Deca Dental Management LLCLLC units N/A N/A N/A 1,008 1,278 —858 
Encore GC Acquisition, LLCLLC units N/A N/A N/A 26 272 —305 
Encore GC Acquisition, LLCLLC units N/A N/A N/A 26 52 —61 
Encorevet Group LLCPreferred stock N/A N/A N/A — 15 —19 
Encorevet Group LLCLLC units N/A N/A N/A — 6 —7 
ERG Buyer, LLCLLC units N/A N/A N/A 1 661 —26 
ERG Buyer, LLCLLC units N/A N/A N/A 8 4 —— 
Eyecare Services Partners Holdings LLCLLC units N/A N/A N/A — 262 —— 
Eyecare Services Partners Holdings LLCLLC units N/A N/A N/A — 1 —— 
Krueger-Gilbert Health Physics, LLCLLC interest N/A N/A N/A 168 187 —193 
MD Now Holdings, Inc.LLC units N/A N/A N/A 15 153 —189 
Midwest Veterinary Partners, LLCLLC units N/A N/A N/A — 29 —33 
Midwest Veterinary Partners, LLCLLC units N/A N/A N/A 6 — —62 
MWD Management, LLC & MWD Services, Inc.LLC interest N/A N/A N/A 412 335 —304 
Oliver Street Dermatology Holdings, LLCLLC units N/A N/A N/A 452 234 —— 
Pentec Acquisition Sub, Inc.Preferred stock N/A N/A N/A 1 116 —185 
Pinnacle Treatment Centers, Inc.Preferred stock N/A N/A N/A — 528 —643 
Pinnacle Treatment Centers, Inc.LLC units N/A N/A N/A 5 74 —577 
Radiology Partners, Inc.LLC units N/A N/A N/A 11 68 —63 
Radiology Partners, Inc.LLC units N/A N/A N/A 43 55 —250 
RXH Buyer CorporationLP interest N/A N/A N/A 11 973 0.11,437 
Sage Dental Management, LLCLLC units N/A N/A N/A — 249 —— 
Sage Dental Management, LLCLLC units N/A N/A N/A 3 3 —— 
SSH CorporationCommon Stock N/A N/A N/A — 40 —115 
Summit Behavioral Healthcare, LLCLLC interest N/A N/A N/A 2 98 —199 
Summit Behavioral Healthcare, LLCLLC interest N/A N/A N/A 2 — —— 
WHCG Management, LLCLLC interest N/A N/A N/A 1 414 —583 
11,828 0.512,002 

See Notes to Consolidated Financial Statements.
39
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Technology
Connexin Software, Inc.LLC interest N/A N/A N/A 154 $192 —%265 
HealthcareSource HR, Inc.LLC interest N/A N/A N/A — 621 —724 
HSI Halo Acquisition, Inc.Preferred stock N/A N/A N/A — 288 —256 
HSI Halo Acquisition, Inc.Common Stock N/A N/A N/A — — —— 
Kareo, Inc.Warrant N/A N/A N/A 53 162 —11 
Kareo, Inc.Preferred stock N/A N/A N/A 1 8 —13 
Kareo, Inc.Warrant N/A N/A N/A 5 6 —20 
Caliper Software, Inc.Preferred stock N/A N/A N/A 3 2,734 0.23,211 
Caliper Software, Inc.Preferred stock N/A N/A N/A — 1,427 0.11,427 
Caliper Software, Inc.Common Stock N/A N/A N/A 221 283 —816 
Caliper Software, Inc.Preferred stock N/A N/A N/A — 64 —64 
Caliper Software, Inc.Preferred stock N/A N/A N/A — 37 —47 
Verisys CorporationLLC interest N/A N/A N/A 579 712 —354 
6,534 0.37,208 
Hotels, Restaurants & Leisure
LMP TR Holdings, LLCLLC units N/A N/A N/A 712 712 —328 
SSRG Holdings, LLCLLC units N/A N/A N/A 6 61 —41 
Tropical Smoothie Cafe Holdings, LLC(16)LP units N/A N/A N/A 5 550 —640 
1,323 —1,009 
Household Durables
Groundworks LLCLLC units N/A N/A N/A — 155 —311 
Insurance
Captive Resources Midco, LLCLLC units N/A N/A N/A 425 — —445 
MajescoLP units N/A N/A N/A — 264 —270 
MajescoLP units N/A N/A N/A 59 — —113 
Orchid Underwriters Agency, LLCLP interest N/A N/A N/A 92 103 —79 
367 —907 
See Notes to Consolidated Financial Statements.
40
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
IT Services
Appriss Holdings, Inc.Preferred stock N/A N/A N/A — $174 —%185 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.Preferred stock N/A N/A N/A 587 462 0.11,481 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.Preferred stock N/A N/A N/A 154 423 —427 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.Warrant N/A N/A N/A 202 159 —434 
Centrify CorporationLP interest N/A N/A N/A 1 691 —458 
Centrify CorporationLP interest N/A N/A N/A 263 — —— 
Episerver, Inc.LLC units N/A N/A N/A 76 807 —565 
Maverick Bidco Inc.LLC units N/A N/A N/A 2 723 0.1966 
PCS Intermediate II Holdings, LLCLLC units N/A N/A N/A 37 367 —424 
Red Dawn SEI Buyer, Inc.LP interest N/A N/A N/A 13 13 —15 
3,819 0.24,955 
Leisure Products
Massage Envy, LLCLLC interest N/A N/A N/A 749 210 —941 
WBZ Investment LLCLLC interest N/A N/A N/A 68 117 —59 
WBZ Investment LLCLLC interest N/A N/A N/A 46 80 —41 
WBZ Investment LLCLLC interest N/A N/A N/A 38 65 —33 
WBZ Investment LLCLLC interest N/A N/A N/A 33 58 —29 
WBZ Investment LLCLLC interest N/A N/A N/A 14 24 —13 
WBZ Investment LLCLLC interest N/A N/A N/A 1 2 —2 
556 —1,118 
Life Sciences Tools & Services
Pace Analytical Services, LLCLLC units N/A N/A N/A 6 700 0.11,054 
Oil, Gas and Consumable Fuels
W3 Co.LLC units N/A N/A N/A 3 1,632 0.12,394 
W3 Co.Preferred stock N/A N/A N/A — 224 —266 
1,856 0.12,660 
Pharmaceuticals
BIOVT, LLCLLC units N/A N/A N/A — 1,223 0.12,191 

See Notes to Consolidated Financial Statements.
41
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)


Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Professional Services
Brandmuscle, Inc.LLC interest N/A N/A N/A — $335 —%$251 
DISA Holdings Acquisition Subsidiary Corp.Common Stock N/A N/A N/A — 154 —272 
Net Health Acquisition Corp.LP interest N/A N/A N/A 13 1,440 0.11,473 
Nexus Brands Group, Inc.LP interest N/A N/A N/A — 547 —686 
Vitalyst, LLCPreferred stock N/A N/A N/A — 61 —53 
Vitalyst, LLCCommon Stock N/A N/A N/A 1 7 —— 
2,544 0.12,735 
Real Estate Management & Development
Property Brands, Inc.LLC units N/A N/A N/A 63 434 —593 
Road & Rail
Internet Truckstop Group LLCLP interest N/A N/A N/A 408 447 —325 
See Notes to Consolidated Financial Statements.
42
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Software
Accela, Inc.LLC units N/A N/A N/A 670 $418 —%$81 
Astute Holdings, Inc.LP interest N/A N/A N/A — 294—570
Calabrio, Inc.Common Stock N/A N/A N/A 26 205—404
Cloudbees, Inc.Preferred stock N/A N/A N/A 71 466—353
Cloudbees, Inc.Warrant N/A N/A N/A 131 247—323
Confluence Technologies, Inc.LLC interest N/A N/A N/A 3 412—541
Convercent, Inc.Warrant N/A N/A N/A 325 63—148
Digital Guardian, Inc.Preferred stock N/A N/A N/A 356 434—375
Digital Guardian, Inc.Warrant N/A N/A N/A 122 225—290
Digital Guardian, Inc.Preferred stock N/A N/A N/A 74 142—177
Digital Guardian, Inc.Preferred stock N/A N/A N/A 67 123—174
Digital Guardian, Inc.Warrant N/A N/A N/A 124 33—70
Diligent CorporationPreferred stock N/A N/A N/A 414 9120.12,162 
GS Acquisitionco, Inc.LP interest N/A N/A N/A 2 2900.1872
MetricStream, Inc.Warrant N/A N/A N/A 168 263—188
mParticle, Inc.Warrant N/A N/A N/A 26 10—113
Namely, Inc.Warrants N/A N/A N/A 47 314—303
Namely, Inc.Warrant N/A N/A N/A 17 28—25
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBHWarrant N/A N/A N/A 4 9—25
Personify, Inc.LLC units N/A N/A N/A 716 9420.11,043 
Pride Midco, Inc.(16)Preferred stock N/A N/A N/A 2 2,594 0.13,009 
Project Alpha Intermediate Holding, Inc.Common Stock N/A N/A N/A 1 9640.11,190 
Project Alpha Intermediate Holding, Inc.Common Stock N/A N/A N/A 202 3290.11,012 
Project Silverback Holdings Corp.Preferred stock N/A N/A N/A 3 6—665
RegEd Aquireco, LLCLP interest N/A N/A N/A — 316—175
RegEd Aquireco, LLCLP interest N/A N/A N/A 3 21—0
Saturn Borrower Inc.LP units N/A N/A N/A 328 328—328
SnapLogic, Inc.Preferred stock N/A N/A N/A 278 6950.11,090 
SnapLogic, Inc.Warrant N/A N/A N/A 69 27—191
Spartan Buyer Acquisition Co.Common Stock N/A N/A N/A — 535—535
Telesoft Holdings LLCLP interest N/A N/A N/A 6 6—6
Vendavo, Inc.Preferred stock N/A N/A N/A 1,017 1,017 0.11,833 
Workforce Software, LLCCommon Stock N/A N/A N/A — 973—558
Xmatters, Inc. and Alarmpoint, Inc.Preferred stock N/A N/A N/A 474 494—673
Xmatters, Inc. and Alarmpoint, Inc.Warrant N/A N/A N/A 84 64—31
Xmatters, Inc. and Alarmpoint, Inc.Preferred stock N/A N/A N/A 20 26—27
14,225 0.819,560 

See Notes to Consolidated Financial Statements.
43
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Specialty Retail
2nd Ave. LLCLP interestN/AN/AN/A653 $653 —%$606 
Batteries Plus Holding CorporationLP interestN/AN/AN/A10 1,287 0.11,231 
Cycle Gear, Inc.LLC unitsN/AN/AN/A27 462 0.11,176 
DTLR, Inc.LLC interestN/AN/AN/A4 411 0.1969 
Imperial Optical Midco Inc.Preferred stockN/AN/AN/A— 122 —131 
Imperial Optical Midco Inc.Preferred stockN/AN/AN/A— 46 —47 
Jet Equipment & Tools Ltd.(8)(9)(12)LLC unitsN/AN/AN/A1 948 0.13,048 
Paper Source, Inc.Common StockN/AN/AN/A8 1,387 —— 
Pet Holdings ULC(8)(12)LP interestN/AN/AN/A677 483 —309 
Pet Supplies Plus, LLCLLC unitsN/AN/AN/A144 181 —482 
PPV Intermediate Holdings II, LLCLLC interestN/AN/AN/A281 271 —473 
Sola Franchise, LLC and Sola Salon Studios, LLCLLC unitsN/AN/AN/A6 682 —645 
Sola Franchise, LLC and Sola Salon Studios, LLCLLC unitsN/AN/AN/A1 138 —129 
Southern Veterinary Partners, LLCLLC unitsN/AN/AN/A1 717 0.1952 
Southern Veterinary Partners, LLCLLC unitsN/AN/AN/A148 188 0.11,523 
7,976 0.611,721 
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.LLC unitsN/AN/AN/A97604—688
Textiles, Apparel & Luxury Goods
Elite Sportswear, L.P.LLC interestN/AN/AN/A— 165 —— 
Georgica Pine Clothiers, LLCLLC interestN/AN/AN/A20 239 —80 
Georgica Pine Clothiers, LLCLLC unitsN/AN/AN/A— — —— 
R.G. Barry CorporationPreferred stockN/AN/AN/A— 161 —134 
565 —214 
Total non-controlled/non-affiliate company equity investments$78,089 3.9%$94,288 
Total non-controlled/non-affiliate company investments$4,440,774 $4,518,235 181.6$4,430,239 

See Notes to Consolidated Financial Statements.
44
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Non-controlled/affiliate company investments(17)
Debt investments
Beverages
Uinta Brewing Company(7)One stop L + 4.00%(a) 5.00% 08/2021 $962 $923 —%$212 
Uinta Brewing Company(7)One stop L + 4.00%(a) 5.00% 08/2021 508 503 —361 
1,470 1,426 —573 
Consumer Finance
Paradigm DKD Group, LLC(7)Senior loan L + 6.25%(c) 7.50% 05/2022 3,220 2,099 0.12,491 
Paradigm DKD Group, LLC(5)(7)Senior loan L + 6.25%(c) N/A(6) 05/2022 — (142)—3 
3,220 1,957 0.12,494 
Electronic Equipment, Instruments and Components
Sloan Company, Inc., The(7)One stop L + 8.50%(c) 9.50% 04/2023 4,708 4,074 0.23,567 
Sloan Company, Inc., TheOne stop L + 8.50%(c) 9.50% 04/2023 667 667 —667 
Sloan Company, Inc., The(7)One stop L + 8.50%(c) 9.50% 04/2023 312 271 —237 
5,687 5,012 0.24,471 
Energy, Equipment & Services
Benetech, Inc.+One stop L + 6.00%(a) 7.25% 08/2023 3,973 3,973 0.12,384 
Benetech, Inc.One stop L + 6.00%(a) 7.25% 08/2023 574 574 —90 
4,547 4,547 0.12,474 
Food and Staples Retailing
Rubio's Restaurants, Inc.Senior loan L + 8.00%(a) 9.25% 12/2024 13,059 12,712 0.512,667 
Rubio's Restaurants, Inc.(5)Senior loan L + 8.00% N/A(6) 12/2024 — (19)—(42)
13,059 12,693 0.512,625 
Healthcare Providers and Services
Dental Holdings Corporation*#One stop L + 6.00%(c) 7.00% 03/2023 11,262 11,276 0.49,571 
Dental Holdings CorporationOne stop L + 6.00%(c) 7.00% 03/2023 116 116 —116 
Elite Dental Partners LLCOne stop L + 5.25%(c) 6.25% 06/2023 11,309 11,373 0.410,970 
Elite Dental Partners LLCOne stop L + 5.25% N/A(6) 06/2023 — — —— 
22,687 22,765 0.820,657 
Software
Switchfly LLCOne stop L + 5.00%(c) 6.00% 10/1/2023 5,896 5,743 0.24,953 
Switchfly LLCOne stop L + 5.00%(c) 6.00% 10/1/2023 492 481 —413 
Switchfly LLCOne stop L + 5.00%(b)(c) 6.00% 10/1/2023 38 37 —32 
Switchfly LLC(5)One stop L + 8.50%(c) 9.50% 10/1/2023 2 2 —(12)
6,428 6,263 0.25,386 
Total non-controlled/affiliate debt investments$57,098 $54,663 1.9 %$48,680 
Equity investments(14)(15)
Beverages
Uinta Brewing CompanyCommon Stock N/A N/A N/A 153$17 —%$— 
Consumer Finance
Paradigm DKD Group, LLC+LLC units N/A N/A N/A 354 116 —3 
Paradigm DKD Group, LLC+LLC units N/A N/A N/A 71 — —— 
Paradigm DKD Group, LLC+LLC units N/A N/A N/A 2,004 — —— 
116 — 3 
See Notes to Consolidated Financial Statements.
45
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Electronic Equipment, Instruments and Components
Sloan Company, Inc., TheLLC units N/A N/A N/A — $152 —%$— 
Sloan Company, Inc., TheLLC units N/A N/A N/A 2 14 —— 
Sloan Company, Inc., TheCommon Stock N/A N/A N/A — 41 —— 
207 —— 
Energy, Equipment & Services
Benetech, Inc.(8)
LLC interestN/A
N/A(6)
N/A59 — —— 
Benetech, Inc.(8)
LLC interestN/A
N/A(6)
N/A59 — —— 
— —— 
Food and Staples Retailing
Rubio's Restaurants, Inc.Preferred stock N/A N/A N/A — 2,276 0.12,276 
Rubio's Restaurants, Inc.Common Stock N/A N/A N/A — 182 —182 
Rubio's Restaurants, Inc.Common Stock N/A N/A N/A — 111 —111 
Rubio's Restaurants, Inc.Common Stock N/A N/A N/A — 5 —5 
Rubio's Restaurants, Inc.Common Stock N/A N/A N/A — 3 —3 
Rubio's Restaurants, Inc.Common Stock N/A N/A N/A — — —— 
Rubio's Restaurants, Inc.Common Stock N/A N/A N/A — — —— 
Rubio's Restaurants, Inc.Common Stock N/A N/A N/A — — —— 
Rubio's Restaurants, Inc.Common Stock N/A N/A N/A — — —— 
Rubio's Restaurants, Inc.Common Stock N/A N/A N/A — — —— 
Rubio's Restaurants, Inc.Common Stock N/A N/A N/A — — —— 
2,577 0.12,577 
Healthcare Providers and Services
Dental Holdings Corporation*#Common Stock N/A N/A N/A — 390 —406 
Elite Dental Partners LLCLLC units N/A N/A N/A — 2,902 0.13,103 
Elite Dental Partners LLCLLC units N/A N/A N/A — 1,250 0.11,074 
Elite Dental Partners LLCLLC units N/A N/A N/A — — —195 
4,542 0.24,778 
Software
Switchfly LLCLLC unitsN/AN/AN/A3,418 2,320 0.12,173 
Total non-controlled/affiliate equity investments$9,779 0.4%$9,531 
Total non-controlled/affiliate investments$57,098 $64,442 2.3%$58,211 
See Notes to Consolidated Financial Statements.
46
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Controlled affiliate company investments(18)
Debt Investments
IT Services
MMan Acquisition Co.*(7)One stop L + 10.00%(c) 10.00% PIK 08/2023 $22,528 $19,746 0.7%$16,775 
MMan Acquisition Co.One stop L + 8.00%(e) 8.00% PIK 08/2023 1,468 1,468 —1,468 
23,996 21,214 0.718,243 
Total controlled affiliate debt investments$23,996 $21,214 0.7%$18,243 
Equity Investments (14)(15)
IT Services
MMan Acquisition Co.*+Common Stock N/A N/A N/A — $927 —%$525 
927 —525 
Total controlled affiliate equity investments$927 —%$525 
Total controlled affiliate investments$23,996 $22,141 0.7%$18,768 
Total investments$4,521,868 $4,604,818 184.6%$4,507,218 
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)
0.01%(19)
42,776 1.8%42,776 
Total money market funds$42,776 1.8%$42,776 
Total Investments and Money Market Funds$4,647,594 186.4%$4,549,994 

See Notes to Consolidated Financial Statements.
47
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)

*
Denotes that all or a portion of the investmentloan secures the notes offered in the 20102018 Debt Securitization (as defined in Note 6)7).
^
#		Denotes that all or a portion of the investmentloan secures the notes offered in the 2014GCIC 2018 Debt Securitization (as defined in Note 6)7).
#
^		Denotes that all or a portion of the investmentloan secures the notes offered in the 2020 Debt Securitization (as defined in Note 7).
+Denotes that all or a portion of the loan collateralizes the WF Credit Facility (as defined in Note 6)7).
~Denotes that all or a portion of the loan collateralizes the MS Credit Facility II (as defined in Note 7).
(1)
The majority of the investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate ("LIBOR" or "L") or Prime ("P") and which reset daily, monthly, quarterly or semiannually. For each, the Company has provided the spread over LIBOR or Prime and the weighted average current interest rate in effect as of December 31, 2017. Certain investments are subject to a LIBOR or Prime interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. Listed below are the index rates as of December 29, 2017. The actual index rate for each loan listed may not be the applicable index rate outstanding as of December 31, 2017, as the loan may have priced or repriced based on an index rate prior to December 29, 2017, which was the last business day of the period on which LIBOR was determined.
(1)The majority of the investments bear interest at a rate that is permitted to be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”) denominated in U.S. dollars or U.K. pound sterling (“GBP”), Euro Interbank Offered Rate (“EURIBOR” or “E”) or Prime (“P”) and which reset daily, monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over LIBOR, EURIBOR or Prime and the weighted average current interest rate in effect as of December 31, 2020. Certain investments are subject to a LIBOR, EURIBOR or Prime interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. Listed below are the index rates as of December 31, 2020, which was the last business day of the period on which LIBOR or EURIBOR was determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of December 31, 2020, as the loan may have priced or repriced based on an index rate prior to December 31, 2020.
(a) Denotes that all or a portion of the loan was indexed to the 30-day LIBOR, which was 1.56%0.14% as of December 29, 2017.31, 2020.
(b) Denotes that all or a portion of the loan was indexed to the 60-day LIBOR, which was 1.62%0.19% as of December 29, 2017.31, 2020.
(c) Denotes that all or a portion of the loan was indexed to the 90-day LIBOR, which was 1.69%0.24% as of December 29, 2017.31, 2020.
(d) Denotes that all or a portion of the loan was indexed to the 180-day LIBOR, which was 1.84%0.26% as of December 29, 2017.31, 2020.
(e) Denotes that all or a portion of the loan was indexed to the 360-day LIBOR, which was 0.34% as of December 31, 2020.
(f) Denotes that all or a portion of the loan was indexed to the Prime rate, which was 4.50%3.25% as of December 29, 2017.31, 2020.
(2)
(g) Denotes that all or a portion of the loan was indexed to the 90-day EURIBOR, which was -0.55% as of December 31, 2020.
For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of December 31, 2017.
(3)
The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.
(4)
The fair value of the investment was valued using significant unobservable inputs. See Note 5. Fair Value Measurements.
(5)
The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
(6)
The entire commitment was unfunded as of December 31, 2017. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.
(7)
Loan was on non-accrual status as of December 31, 2017, meaning that the Company has ceased recognizing interest income on the loan.
(8)
The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2017, total non-qualifying assets at fair value represented 6.3% of the Company's assets calculated in accordance with the 1940 Act.
(9)
The headquarters of this portfolio company is located in Canada.
(10)
Equity investments are non-income producing securities unless otherwise noted.
(11)
Ownership of certain equity investments may occur through a holding company or partnership.
(12)
The Company holds an equity investment that entitles it to receive preferential dividends.
(13)
As defined in the 1940 Act, the Company is deemed to be an "affiliated person" of the portfolio company as the Company owns five percent or more of the portfolio company's voting securities ("non-controlled affiliate"). Transactions related to investments in non-controlled affiliates for the three months ended December 31, 2017 were as follows:
Portfolio
Company
 Fair value as of September 30, 2017 
Purchases (cost)(f)
 
Redemptions
(cost)
 Transfer in (out) 
Discount
accretion
 
Net change in unrealized
gain/(loss)
 Fair value as of December 31, 2017 Net realized gain/(loss) 
Interest and
fee income
 
Dividend
income
Benetech, Inc.(g)
 $3,707
 $26
 $(228) $—
 $1
 $559
 $4,065
 $—
 $162
 $—
Total Non-Controlled Affiliates $3,707
 $26
 $(228) $—
 $1
 $559
 $4,065
 $—
 $162
 $—
(h) Denotes that all or a portion of the loan was indexed to the 90-day GBP LIBOR, which was 0.03% as of December 31, 2020.
(i) Denotes that all or a portion of the loan was indexed to the 180-day GBP LIBOR, which was 0.03% as of December 31, 2020.
(j) Denotes that all or a portion of the loan was indexed to the Australia Three Month Interbank Rate, which was 0.06%, as of December 31, 2020.
(k) Denotes that all or a portion of the loan was indexed to the 90-day Canadian Bankers Acceptances Rate, which was 0.48%, as of December 31, 2020.
(2)For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of December 31, 2020.
(3)The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.
(4)The fair value of the investment was valued using significant unobservable inputs. See Note 6. Fair Value Measurements.
(5)The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
(6)The entire commitment was unfunded as of December 31, 2020. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.
(7)Loan was on non-accrual status as of December 31, 2020, meaning that the Company has ceased recognizing interest income on the loan.
(8)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company can not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2020, total non-qualifying assets at fair value represented 4.9% of the Company's total assets calculated in accordance with the 1940 Act.
(9)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date or the date of the transaction. See Note 2. Significant Accounting Policies and Recent Accounting Updates - Foreign Currency Transactions.
(10)The headquarters of this portfolio company is located in the United Kingdom.
(11)The headquarters of this portfolio company is located in Australia.
(12)The headquarters of this portfolio company is located in Canada.
(13)The headquarters of this portfolio company is located in Luxembourg.
(14) Equity investments are non-income producing securities unless otherwise noted.
(15) Ownership of certain equity investments occurs through a holding company or partnership.
(16) The Company holds an equity investment that entitles it to receive preferential dividends.
(f)
Purchases at cost includes amounts related to payment-in-kind ("PIK") interest capitalized and added to the principal balance of the respective loans.
(14)
As defined in the 1940 Act, the Company is deemed to be both an "affiliated person" of and "control" this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement) ("controlled affiliate"). Transactions related to investments in controlled affiliates for the three months ended December 31, 2017 were as follows:

See Notes to Consolidated Financial Statements.
2248



TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 20172020
(In thousands)


(17)As defined in the 1940 Act, the Company is deemed to be an “affiliated person"” of the portfolio company as the Company owns five percent or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the three months ended December 31, 2020 were as follows:
Portfolio Company
Fair value as of September 30, 2020
Gross Additions(l)
Gross Reductions(m)
Net change in unrealized gain (loss)Net realized gain (loss)Fair value as of December 31, 2020Interest, dividend and fee income
Benetech, Inc.
$2,672 $53 $(280)$29 $— $2,474 $90 
Dental Holdings Corporation
9,320 669 — 104 — 10,093 264 
Elite Dental Partners LLC15,368 58 (60)(24)— 15,342 208 
Paradigm DKD Group, LLC2,460 533 (538)42 — 2,497 3 
Rubio's Restaurants, Inc(n)
— 25,455 (13,137)8,623 (5,739)15,202 781 
Sloan Company, Inc., The
4,365 155 (140)91 — 4,471 16 
Switchfly LLC
7,229 113 — 217 — 7,559 114 
Uinta Brewing Company
586 18 (20)(11)— 573 (1)
Total Non-Controlled Affiliates
$42,000 $27,054 $(14,175)$9,071 $(5,739)$58,211 $1,475 
Portfolio
Company
 Fair value as of September 30, 2017 Purchases (cost) 
Redemptions
(cost)
 Transfer in (out) 
Discount
accretion
 
Net change in unrealized
gain/(loss)
 Fair value as of December 31, 2017 Net realized gain/(loss) 
Interest and
fee income
 
Dividend
income
Senior Loan Fund LLC(g)
 $95,015
 $—
 $(4,200) $—
 $—
 $776
 $91,591
 $—
 $—
 $1,965
Total Controlled Affiliates $95,015
 $—
 $(4,200) $—
 $—
 $776
 $91,591
 $—
 $—
 $1,965

(l)Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind (“PIK”) interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(g)
(m)		TogetherGross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.
(n)During the three months ended December 31, 2020, the Company's ownership increased to over five percent of the portfolio company's voting securities.
(18)As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” of and “control” this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement) (“controlled affiliate”). Transactions related to investments in controlled affiliates for the three months ended December 31, 2020 were as follows:
Portfolio Company
Fair value as of September 30, 2020
Gross Additions(o)
Gross Reductions(p)
Net change in unrealized gain (loss)Net realized gain (loss)Fair value as of December 31, 2020Interest, dividend and fee income
MMan Acquisition Co.$18,736 $715 $(633)$(50)$— $18,768 $(18)
Total Controlled Affiliates
$18,736 $715 $(633)$(50)$— $18,768 $(18)

(o)Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(p)Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.
(19)The rate shown is the annualized seven-day yield as of December 31, 2020.

See Notes to Consolidated Financial Statements.
49
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Investments                 
Non-controlled/non-affiliate company investments               
Debt investments                 
Aerospace and Defense                 
NTS Technical Systems*#~^One stop L + 6.00%(c) 7.00% 06/2021 $25,330 $25,312 1.0%$25,330
NTS Technical Systems~^One stop L + 6.00%(c) 7.00% 06/2021 4,150 4,147 0.24,150
NTS Technical Systems(5)One stop L + 6.00% N/A(6) 06/2021 — (17)——
Tronair Parent, Inc.+Senior loan L + 4.75%(c) 5.75% 09/2023 718 711 —638
Tronair Parent, Inc.Senior loan L + 4.50%(c)(f) 4.73% 09/2021 160 159 —152
Whitcraft LLC*#+~One stop L + 6.00%(c) 7.00% 04/2023 63,896 64,289 2.558,785
Whitcraft LLCOne stop L + 6.00%(c) 7.00% 04/2023 120 118 —96
94,374 94,719 3.789,151
Airlines
Aurora Lux Finco S.A.R.L.!(8)(13)One stop L + 6.00%(c) 7.00% 12/2026 995 973 —896
Auto Components                 
Polk Acquisition Corp.*#Senior loan L + 6.50%(a) 3.50% cash/4.00% PIK 12/2023 18,042 17,859 0.716,599
Polk Acquisition Corp.Senior loan L + 6.50%(a) 3.50% cash/4.00% PIK 12/2023 106 104 —98
Polk Acquisition Corp.Senior loan L + 6.50%(a) 3.50% cash/4.00% PIK 12/2023 22 21 —10
Power Stop, LLC+~Senior loan L + 4.50%(a) 4.65% 10/2025 2,842 2,896 0.12,785
   21,012 20,880 0.819,492
Automobiles                 
Grease Monkey International, LLC*#+Senior loan L + 5.00%(c) 6.00% 11/2022 8,672 8,733 0.48,672
Grease Monkey International, LLC!~Senior loan L + 5.00%(c) 6.00% 11/2022 2,370 2,437 0.12,370
Grease Monkey International, LLC#~Senior loan L + 5.00%(c) 6.00% 11/2022 1,203 1,238 0.11,203
Grease Monkey International, LLC+~Senior loan L + 5.00%(c) 6.00% 11/2022 1,089 1,119 —1,089
Grease Monkey International, LLCSenior loan L + 5.00%(c) 6.00% 11/2022 995 997 —995
Grease Monkey International, LLCSenior loan L + 5.00% N/A(6) 11/2022 — 1 ——
Grease Monkey International, LLCSenior loan L + 5.00% N/A(6) 11/2022 — — ——
JHCC Holdings LLCOne stop L + 5.50%(c) 6.50% 09/2025 15,630 15,373 0.715,630
JHCC Holdings LLCOne stop L + 5.50%(c) 6.50% 09/2025 79 76 —79
JHCC Holdings LLCOne stop P + 4.50%(c)(f) 7.55% 09/2025 31 30 —31
Quick Quack Car Wash Holdings, LLC*#One stop L + 6.50%(d) 7.50% 04/2023 13,084 13,176 0.513,084
Quick Quack Car Wash Holdings, LLC#One stop L + 6.50%(c)(d) 7.50% 04/2023 2,360 2,343 0.12,360
Quick Quack Car Wash Holdings, LLC*+One stop L + 6.50%(d) 7.50% 04/2023 2,062 2,124 0.12,062
Quick Quack Car Wash Holdings, LLC*+One stop L + 6.50%(d) 7.50% 04/2023 1,378 1,420 0.11,378
Quick Quack Car Wash Holdings, LLC*One stop L + 6.50%(d) 7.50% 04/2023 1,122 1,176 —1,122
Quick Quack Car Wash Holdings, LLCOne stop L + 6.50% N/A(6) 04/2023 — 1 ——
50,075 50,244 2.150,075

See Notes to Consolidated Financial Statements.
50
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Beverages
Abita Brewing Co., L.L.C.+(7)One stop L + 8.00%(c) 9.00% 04/2021 $9,983 $9,992 0.4%$8,485 
Abita Brewing Co., L.L.C.(7)One stop L + 8.00%(c) 9.00% 04/2021 40 40 —34 
Fintech Midco, LLC*#!One stop L + 5.00%(a) 6.00% 08/2024 24,411 24,756 1.023,679 
Fintech Midco, LLC#One stop L + 5.00%(a) 6.00% 08/2024 1,131 1,168 —1,096 
Fintech Midco, LLC(5)One stop L + 5.00% N/A(6) 08/2024 — (1)—(6)
35,565 35,955 1.433,288 
Biotechnology
BIO18 Borrower, LLC!One stop L + 5.25%(c) 6.25% 11/2024 11,075 11,111 0.411,075 
BIO18 Borrower, LLC*#One stop L + 5.25%(c) 6.25% 11/2024 3,963 3,928 0.23,963 
BIO18 Borrower, LLCOne stop L + 5.25%(c) 6.25% 11/2024 210 210 —210 
BIO18 Borrower, LLC(5)One stop L + 5.25% N/A(6) 11/2024 — (1)—— 
15,248 15,248 0.615,248 
Building Products
Brooks Equipment Company, LLC*#^One stop L + 5.00%(c) 6.00% 05/2021 23,722 23,640 1.023,722 
Brooks Equipment Company, LLC(5)One stop L + 5.00% N/A(6) 05/2021 — (9)—— 
Jensen Hughes, Inc.+Senior loan L + 4.50%(c)(f) 5.50% 03/2024 4,191 4,191 0.24,066 
Jensen Hughes, Inc.Senior loan L + 4.50%(c)(f) 5.50% 03/2024 1,065 1,098 —1,021 
Jensen Hughes, Inc.+Senior loan L + 4.50%(c)(f) 5.50% 03/2024 913 927 0.1886 
Jensen Hughes, Inc.Senior loan L + 4.50%(c)(f) 5.50% 03/2024 439 453 —426 
Jensen Hughes, Inc.+Senior loan L + 4.50%(c)(f) 5.50% 03/2024 279 283 —271 
Jensen Hughes, Inc.Senior loan L + 4.50%(c)(f) 5.50% 03/2024 218 218 —212 
Jensen Hughes, Inc.+Senior loan L + 4.50%(c)(f) 5.50% 03/2024 117 117 —113 
30,944 30,918 1.330,717 
Chemicals
Inhance Technologies Holdings LLC#One stop L + 6.00%(c) 7.00% 07/2024 12,703 12,822 0.512,005 
Inhance Technologies Holdings LLCOne stop L + 6.00%(c) 7.00% 07/2024 1,929 1,917 0.11,824 
Inhance Technologies Holdings LLCOne stop L + 6.00%(c) 7.00% 07/2024 80 80 —68 
14,712 14,819 0.613,897 
Commercial Services & Supplies
Bazaarvoice, Inc.*#+~^One stopL + 5.75%(a)(c)6.75%02/202448,127 48,873 2.048,127 
Bazaarvoice, Inc.One stopL + 5.75%(c)6.75%02/2024300 297 —300 
EGD Security Systems, LLC*#^One stop L + 5.65%(c) 6.65% 06/2023 30,092 30,453 1.330,092 
EGD Security Systems, LLC*One stop L + 5.65%(c) 6.65% 06/2023 1,258 1,257 0.11,258 
EGD Security Systems, LLC#One stop L + 5.65%(c) 6.65% 06/2023 644 663 —644 
EGD Security Systems, LLC#One stop L + 5.65%(c) 6.65% 06/2023 575 571 —575 
EGD Security Systems, LLCOne stop L + 5.65%(c) 6.65% 06/2023 70 69 —70 
EGD Security Systems, LLC(5)One stop L + 5.65% N/A(6) 06/2023 — (38)—— 
Hydraulic Authority III Limited~(8)(9)(10)One stop L + 6.00%(h)(i) 7.00% 11/2025 12,277 12,484 0.512,344 
Hydraulic Authority III Limited(8)(9)(10)One stop N/A 11.00% PIK 11/2028 199 203 —204 
Hydraulic Authority III Limited(8)(9)(10)One stop L + 6.00%(d) 7.00% 11/2025 33 32 —36 
See Notes to Consolidated Financial Statements.
51
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Commercial Services & Supplies - (continued)
MSHC, Inc.+Senior loan L + 4.25%(c)(f) 5.25% 12/2024 $343 $340 —%$343 
MSHC, Inc.Senior loan L + 4.25%(a)(f) 5.25% 12/2024 9 9 —9 
PT Intermediate Holdings III, LLC+~^One stop L + 5.50%(c) 6.50% 10/2025 29,776 29,385 1.227,988 
WRE Holding Corp.*#Senior loan L + 5.25%(b)(c) 6.25% 01/2023 2,276 2,312 0.12,276 
WRE Holding Corp.^Senior loan L + 5.25%(b)(c) 6.25% 01/2023 940 967 0.1940 
WRE Holding Corp.Senior loan L + 5.25%(c) 6.25% 01/2023 688 687 —688 
WRE Holding Corp.Senior loan L + 5.25%(c) 6.25% 01/2023 408 408 —408 
WRE Holding Corp.Senior loan L + 5.25%(c) 6.25% 01/2023 23 23 —23 
WRE Holding Corp.Senior loan L + 5.25%(c) 6.25% 01/2023 14 13 —14 
WRE Holding Corp.Senior loan L + 5.25% N/A(6) 01/2023 — 9 —— 
128,052 129,017 5.3126,339 

See Notes to Consolidated Financial Statements.
52
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Construction & Engineering
Reladyne, Inc.*#^Senior loan L + 5.00%(c) 6.09% 07/2022 $32,863 $33,081 1.3%$32,206 
Reladyne, Inc.~Senior loan L + 5.00%(c) 6.09% 07/2022 3,482 3,541 0.13,412 
Reladyne, Inc.Senior loan L + 5.00%(c) 6.06% 07/2022 2,754 2,800 0.12,699 
Reladyne, Inc.#Senior loan L + 5.00%(c) 6.09% 07/2022 1,885 1,916 0.11,847 
Reladyne, Inc.#~Senior loan L + 5.00%(c) 6.09% 07/2022 1,624 1,652 0.11,592 
Reladyne, Inc.#Senior loan L + 5.00%(c) 6.09% 07/2022 1,545 1,587 0.11,514 
Reladyne, Inc.#~Senior loan L + 5.00%(c) 6.09% 07/2022 742 753 —726 
44,895 45,330 1.843,996 
Containers & Packaging
AmerCareRoyal LLC+Senior loan L + 5.00%(a) 6.00% 11/2025 822 815 0.1806 
AmerCareRoyal LLC+(8)Senior loan L + 5.00%(a) 6.00% 11/2025 152 151 —149 
Fortis Solutions Group LLC+Senior loan L + 5.00%(a) 6.00% 12/2023 1,586 1,573 0.11,586 
Fortis Solutions Group LLC+Senior loan L + 5.00%(a) 6.00% 12/2023 632 626 —632 
Fortis Solutions Group LLC+Senior loan L + 5.00%(a) 6.00% 12/2023 607 602 —607 
Fortis Solutions Group LLCSenior loan L + 5.00% N/A(6) 12/2023 — — —— 
Plano Molding Company, LLC+One stop L + 9.00%(c) 8.50% cash/1.50% PIK 05/2022 14,634 14,585 0.511,707 
Plano Molding Company, LLCOne stop L + 9.00%(c) 8.50% cash/1.50% PIK 05/2022 1,182 1,171 —1,182 
19,615 19,523 0.716,669 
Distributors
PetroChoice Holdings, Inc.#^Senior loan L + 5.00%(c) 6.00% 08/2022 3,276 3,282 0.13,046 
Diversified Consumer Services
EWC Growth Partners LLCOne stop L + 5.50%(c) 6.50% 03/2026 914 897 0.1795 
EWC Growth Partners LLCOne stop L + 5.50%(c) 6.50% 03/2026 30 29 —26 
EWC Growth Partners LLCOne stop L + 5.50%(c) 6.50% 03/2026 18 18 —15 
Excelligence Learning Corporation#One stop L + 7.00%(c) 8.00% 04/2023 10,347 10,088 0.37,760 
Learn-it Systems, LLC!Senior loan L + 5.00%(c) 5.00% cash/0.50% PIK 03/2025 2,545 2,594 0.12,494 
Learn-it Systems, LLCSenior loan L + 5.00%(c) 5.00% cash/0.50% PIK 03/2025 345 344 —338 
See Notes to Consolidated Financial Statements.
53
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Diversified Consumer Services - (continued)
Learn-it Systems, LLCSenior loan L + 5.00%(c) N/A(6) 03/2025 $— $— —%$— 
Litera Bidco LLC+^One stop L + 5.25%(a) 6.25% 05/2026 3,749 3,771 0.23,749 
Litera Bidco LLCOne stop L + 5.25%(a) 6.25% 05/2026 702728—702
Litera Bidco LLCOne stop L + 5.25%(a) 6.25% 05/2026 702 728 —702 
Litera Bidco LLCOne stop L + 5.25%(a) 6.25% 05/2025 16 15 —16 
PADI Holdco, Inc.*#One stop L + 5.75%(c) 6.75% 04/2024 21,763 21,958 0.818,498 
PADI Holdco, Inc.+~(8)(9)One stop E + 5.75%(g) 5.75% 04/2024 20,675 20,964 0.717,608 
PADI Holdco, Inc.~One stop L + 5.75%(c) 6.75% 04/2024 801 795 —681 
PADI Holdco, Inc.One stop L + 5.75%(c) 6.75% 04/2023 298 298 —254 
PADI Holdco, Inc.One stop L + 5.75%(c) 6.75% 04/2024 166 164 —141 
63,071 63,391 2.253,779 
Diversified Financial Services
Institutional Shareholder Services*!Senior loan L + 4.50%(c) 4.72% 03/2026 18,775 19,161 0.818,775 
Institutional Shareholder ServicesSenior loan L + 4.50%(c) 4.72% 03/2024 150 147 —150 
Sovos Compliance*+^One stop L + 4.75%(a) 5.75% 04/2024 19,614 20,156 0.819,221 
Sovos Compliance!Second lien N/A 12.00% PIK 04/2025 8,947 9,187 0.48,947 
Sovos ComplianceOne stop L + 4.75%(a) 5.75% 04/2024 4,322 4,236 0.24,235 
Sovos Compliance*#One stop L + 4.75%(a) 5.75% 04/2024 1,903 1,956 0.11,864 
Sovos ComplianceSecond lien N/A 12.00% PIK 04/2025 1,222 1,261 —1,222 
Sovos Compliance*#One stop L + 4.75%(a) 5.75% 04/2024 768 789 —752 
Sovos ComplianceOne stop L + 4.75%(a) 5.75% 04/2024 85 83 —83 
Sovos Compliance(5)One stop L + 4.75% N/A(6) 04/2024 — (1)—(4)
Sovos Compliance(5)One stop L + 4.75% N/A(6) 04/2024 — (22)—(22)
55,786 56,953 2.355,223 

See Notes to Consolidated Financial Statements.
54
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Electric Utilities
Arcos, LLC#^One stop L + 5.00%(c) 6.00% 02/2021 $13,228 $13,311 0.6%$13,228 
Arcos, LLCOne stop L + 5.00% N/A(6) 02/2021 — — —— 
13,228 13,311 0.613,228 
Electronic Equipment, Instruments & Components
CST Buyer Company+~One stop L + 5.25%(a) 6.25% 10/2025 10,189 10,106 0.410,189 
CST Buyer CompanyOne stop L + 5.25% N/A(6) 10/2025 — — —— 
ES Acquisition LLCSenior loan L + 5.00%(c) 6.00% 11/2025 662 650 —660 
ES Acquisition, LLCSenior loan L + 5.50%(c) 6.50% 11/2025 89 87 —91 
ES Acquisition, LLCSenior loan L + 5.00%(d) 6.22% 11/2025 47 46 —47 
ES Acquisition LLCSenior loan L + 5.00%(c) 6.00% 11/2025 45 44 —45 
ES Acquisition LLCSecond lien L + 5.00%(c) 6.00% 11/2025 36 36 —36 
ES Acquisition LLC(5)Senior loan L + 5.00% N/A(6) 11/2025 — (1)—— 
Inventus Power, Inc.*+One stop L + 5.50%(a) 6.50% 04/2021 14,352 13,988 0.614,352 
Inventus Power, Inc.(5)One stop L + 5.50% N/A(6) 04/2021 — (16)—— 
Pasternack Enterprises, Inc. and Fairview Microwave, Inc+~Senior loan L + 4.00%(a) 4.15% 07/2025 23,638 23,862 1.023,165 
Pasternack Enterprises, Inc. and Fairview Microwave, Inc(5)Senior loan L + 4.00% N/A(6) 07/2023 — — —(2)
Watchfire Enterprises, Inc.Second lien L + 8.00%(a) 9.00% 10/2021 9,435 9,402 0.49,435 
58,493 58,204 2.458,018 

See Notes to Consolidated Financial Statements.
55
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Food & Staples Retailing
Cafe Rio Holding, Inc.#One stop L + 5.50%(c) 6.50% 09/2023 $18,610 $18,806 0.8%$18,237 
Cafe Rio Holding, Inc.One stop L + 5.50%(c) 6.50% 09/2023 2,420 2,419 0.12,354 
Cafe Rio Holding, Inc.#One stop L + 5.50%(c) 6.50% 09/2023 2,248 2,320 0.12,203 
Cafe Rio Holding, Inc.*#One stop L + 5.50%(c) 6.50% 09/2023 1,427 1,472 0.11,399 
Cafe Rio Holding, Inc.#One stop L + 5.50%(c) 6.50% 09/2023 1,260 1,300 0.11,235 
Cafe Rio Holding, Inc.One stop L + 5.50%(c) 6.50% 09/2023 181 181 —178 
Cafe Rio Holding, Inc.(5)One stop L + 5.50% N/A(6) 09/2023 — — —(6)
Captain D's, LLC#Senior loan L + 4.50%(c) 5.50% 12/2023 13,962 14,006 0.613,962 
Captain D's, LLCSenior loan L + 4.50%(c) 5.50% 12/2023 120 121 —120 
Feeders Supply Company, LLC#One stop L + 5.75%(a) 6.75% 04/2021 8,564 8,619 0.48,564 
Feeders Supply Company, LLCSubordinated debt N/A 12.50% cash/7.00% PIK 04/2021 153 154 —153 
Feeders Supply Company, LLCOne stop L + 5.75% N/A(6) 04/2021 — — —— 
FWR Holding Corporation#One stop L + 7.00%(c) 6.50% cash/1.50% PIK 08/2023 10,385 10,368 0.49,867 
FWR Holding Corporation#One stop L + 7.00%(c) 6.50% cash/1.50% PIK 08/2023 1,816 1,874 0.11,726 
FWR Holding Corporation#One stop L + 7.00%(c) 6.50% cash/1.50% PIK 08/2023 1,148 1,185 0.11,091 
FWR Holding Corporation#One stop L + 7.00%(c) 6.50% cash/1.50% PIK 08/2023 364 373 —346 
FWR Holding CorporationOne stop L + 7.00%(c) 6.50% cash/1.50% PIK 08/2023 274 273 —260 
FWR Holding Corporation#One stop L + 7.00%(c) 6.50% cash/1.50% PIK 08/2023 272 279 —259 
FWR Holding CorporationOne stop L + 7.00%(c)(d) 6.50% cash/1.50% PIK 08/2023 131 130 —125 
FWR Holding Corporation(5)One stop L + 5.50% N/A(6) 08/2023 — — —(6)
FWR Holding CorporationOne stop L + 5.50% N/A(6) 08/2023 — — —— 
Mendocino Farms, LLCOne stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 820 843 —820 
Mendocino Farms, LLCOne stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 645 663 —645 
Mendocino Farms, LLCOne stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 633 630 —633 
Mendocino Farms, LLCOne stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 311 310 —311 
Mendocino Farms, LLCOne stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 311 309 —311 
Mendocino Farms, LLCOne stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 153 153 —153 
Mendocino Farms, LLCOne stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 93 93 —93 
Mendocino Farms, LLC(5)One stop L + 8.50% N/A(6) 06/2023 — (2)—— 
NBC Intermediate, LLCSenior loan L + 4.25%(c) 5.25% 09/2023 4,589 4,579 0.24,589 
NBC Intermediate, LLC*#Senior loan L + 4.25%(c) 5.25% 09/2023 2,309 2,337 0.12,309 
NBC Intermediate, LLC#Senior loan L + 4.25%(a)(c) 5.25% 09/2023 1,963 2,019 0.11,963 
NBC Intermediate, LLC#Senior loan L + 4.25%(a) 5.25% 09/2023 667 662 —667 
NBC Intermediate, LLCSenior loan L + 4.25% N/A(6) 09/2023 — — —— 
Rubio's Restaurants, Inc.(7)Senior loan L + 11.50%(c) 8.75% cash/4.00% PIK 04/2021 17,898 17,678 0.410,004 
Rubio's Restaurants, Inc.(5)(7)Senior loan L + 11.50%(a)(c) 8.75% cash/4.00% PIK 04/2021 71 68 —(5)
Ruby Slipper Cafe LLC, The*One stop L + 8.50%(c) 8.50% cash/1.00% PIK 01/2023 2,046 2,039 0.11,801 
Ruby Slipper Cafe LLC, TheOne stop L + 8.50%(c) 8.50% cash/1.00% PIK 01/2023 414 427 —365 
Ruby Slipper Cafe LLC, TheOne stop L + 8.50%(c) 8.50% cash/1.00% PIK 01/2023 30 30 —27 
Wetzel's Pretzels, LLC*#One stop L + 7.25%(c) 7.75% cash/0.50% PIK 09/2021 16,955 17,094 0.716,107 
Wetzel's Pretzels, LLCOne stop L + 7.25%(c) 7.75% cash/0.50% PIK 09/2021 100 101 —96 
Wood Fired Holding Corp.*#One stop L + 7.75%(c) 6.75% cash/2.00% PIK 12/2023 14,103 14,310 0.512,970 
Wood Fired Holding Corp.One stop L + 7.75%(c) 6.75% cash/2.00% PIK 12/2023 698 698 —642 
Wood Fired Holding Corp.One stop L + 7.75%(c) 6.75% cash/2.00% PIK 12/2023 200 199 —184 
128,344 129,120 4.9116,752 

See Notes to Consolidated Financial Statements.
56
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)



Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Food Products
Flavor Producers, LLC#~Senior loan L + 5.75%(c) 5.75% cash/1.00% PIK 12/2023 $5,006 $4,898 0.2%$4,605 
Flavor Producers, LLC(5)Senior loan L + 5.75%(c) 5.75% cash/1.00% PIK 12/2022 4 (1)—— 
Global ID Corporation*#+^One stop L + 6.50%(c) 6.72% 11/2025 19,197 18,995 0.818,910 
Global ID Corporation(5)One stop L + 6.50% N/A(6) 11/2025 — (2)—(1)
Global ID Corporation(5)One stop L + 6.50% N/A(6) 11/2025 — (4)—(5)
Mid-America Pet Food, L.L.C.*#^One stop L + 5.50%(b) 6.50% 12/2021 22,120 22,385 0.922,120 
Mid-America Pet Food, L.L.C.One stop L + 5.50% N/A(6) 12/2021 — — —— 
Purfoods, LLCOne stop N/A 7.00% PIK 05/2026 76 80 —76 
Teasdale Quality Foods, Inc.Senior loan L + 5.25%(a) 6.25% 04/2021 3,798 3,769 0.23,722 
Teasdale Quality Foods, Inc.Senior loan L + 5.25%(a) 6.25% 04/2021 3,071 3,048 0.13,010 
Teasdale Quality Foods, Inc.Senior loan L + 5.25%(a) 6.25% 04/2021 494 491 —485 
Teasdale Quality Foods, Inc.Senior loan L + 5.25%(a) 6.25% 04/2021 370 366 —362 
Teasdale Quality Foods, Inc.+Senior loan L + 5.25%(a) 6.25% 04/2021 251 251 —246 
Teasdale Quality Foods, Inc.Senior loan L + 5.25%(a) 6.25% 04/2021 184 182 —180 
54,571 54,458 2.253,710 

See Notes to Consolidated Financial Statements.
57
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Technology
Caliper Software, Inc.#!~^One stopL + 5.50%(c)5.72%11/2025$27,934 $28,374 1.1%$26,785 
Caliper Software, Inc.One stopL + 6.00%(c)6.23%11/20251,503 1,473 0.11,474 
Caliper Software, Inc.(5)One stopL + 5.50%N/A(6)11/2023— 1 —(10)
Connexin Software, Inc.!~One stop L + 8.50%(a) 9.50% 02/2024 7,550 7,617 0.37,550 
Connexin Software, Inc.One stop L + 8.50% N/A(6) 02/2024 — — —— 
HealthcareSource HR, Inc.*#One stop L + 6.25%(c) 7.25% 05/2023 33,662 33,692 1.433,662 
HealthcareSource HR, Inc.(5)One stop L + 6.25% N/A(6) 05/2023 — (1)—— 
HealthEdge Software, Inc.One stop L + 6.25%(a) 7.25% 04/2026 2,000 1,959 0.12,000 
HealthEdge Software, Inc.One stop L + 6.25%(a) 7.25% 04/2026 151 148 —151 
HealthEdge Software, Inc.(5)One stop L + 6.25% N/A(6) 04/2026 — (1)—— 
HSI Halo Acquisition, Inc.+~One stop L + 5.75%(c) 6.75% 08/2026 6,330 6,289 0.36,266 
HSI Halo Acquisition, Inc.One stop L + 5.75%(c) 6.75% 08/2026 648 642 —641 
HSI Halo Acquisition, Inc.One stop P + 4.75%(f) 8.00% 09/2025 35 34 —35 
Imprivata, Inc.*#^Senior loan L + 4.00%(c) 5.00% 10/2023 9,163 9,345 0.49,163 
Imprivata, Inc.(5)Senior loan L + 4.00% N/A(6) 10/2023 — (1)—— 
Kareo, Inc.One stop L + 9.00%(a) 10.00% 06/2022 10,273 10,387 0.410,360 
Kareo, Inc.!One stop L + 9.00%(a) 10.00% 06/2022 941 955 —949 
Kareo, Inc.One stop L + 9.00%(a) 10.00% 06/2022 753 765 —759 
Kareo, Inc.One stop P + 8.00%(f) 11.25% 06/2022 80 80 —80 
Netsmart Technologies, Inc.(5)Senior loan L + 4.75% N/A(6) 04/2021 — (1)—(2)
Nextech Holdings, LLC^One stop L + 5.50%(c) 5.76% 06/2025 4,012 4,078 0.23,851 
Nextech Holdings, LLCOne stop L + 5.50%(c) 5.76% 06/2025 1,957 1,941 0.11,878 
Nextech Holdings, LLCOne stop L + 5.50%(c) 5.76% 06/2025 500 497 —476 
Nextech Holdings, LLC(5)One stop L + 5.50% N/A(6) 06/2025 — (3)—(16)
Qgenda Intermediate Holdings, LLC^One stop L + 4.75%(c) 5.75% 06/2025 15,277 15,296 0.615,277 
Qgenda Intermediate Holdings, LLC~One stop L + 4.75%(c) 5.75% 06/2025 993 984 —993 
Qgenda Intermediate Holdings, LLC(5)One stop L + 4.75% N/A(6) 06/2025 — (2)—— 
Transaction Data Systems, Inc.*#+!~^One stop L + 5.25%(c) 6.25% 06/2021 83,477 84,279 3.582,644 
Transaction Data Systems, Inc.One stop L + 5.25%(c) 6.25% 06/2021 300 301 —296 
Verisys Corporation*#One stop L + 8.25%(c) 8.75% cash/0.50% PIK 01/2023 8,494 8,599 0.48,324 
Verisys CorporationOne stop L + 8.25%(c) 8.75% cash/0.50% PIK 01/2023 40 40 —40 
216,073 217,767 8.9213,626 

See Notes to Consolidated Financial Statements.
58
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Healthcare Equipment & Supplies
Aspen Medical Products, LLC+~One stop L + 5.25%(c) 6.45% 06/2025 $4,532 $4,600 0.2%$4,487 
Aspen Medical Products, LLCOne stop L + 5.25% N/A(6) 06/2025 — — —— 
Belmont Instrument, LLC+^Senior loan L + 4.75%(c) 4.97% 12/2023 5,257 5,212 0.25,257 
Blades Buyer, Inc.~^Senior loan L + 4.50%(c) 5.50% 08/2025 3,820 3,838 0.23,820 
Blades Buyer, Inc.Senior loan L + 4.50%(d) 5.50% 08/2025 976 970 —976 
Blades Buyer, Inc.Senior loan L + 4.50% N/A(6) 08/2025 — — —— 
Blue River Pet Care, LLC#+One stop L + 5.00%(a) 5.15% 07/2026 27,690 27,744 1.227,690 
Blue River Pet Care, LLCOne stop L + 5.00%(a) 5.15% 07/2026 2,756 2,666 0.12,756 
Blue River Pet Care, LLC(5)One stop L + 5.00% N/A(6) 08/2025 — (4)—— 
CMI Parent Inc.#+^Senior loan L + 4.25%(c) 5.25% 08/2025 6,634 6,760 0.36,434 
CMI Parent Inc.(5)Senior loan L + 4.25% N/A(6) 08/2025 — (2)—(10)
Flexan, LLC+^One stop L + 5.25%(c) 6.25% 02/2022 8,450 8,401 0.48,450 
Flexan, LLC*#One stop L + 5.25%(c) 6.25% 02/2022 3,273 3,254 0.13,273 
Flexan, LLC+One stop L + 5.25%(c) 6.25% 02/2022 2,347 2,334 0.12,347 
Flexan, LLC#One stop L + 5.25%(c) 6.25% 02/2022 1,540 1,531 0.11,540 
Flexan, LLC(5)One stop L + 5.25% N/A(6) 02/2022 — (6)—— 
G & H Wire Company, Inc.#One stop L + 5.75%(a) 6.75% 09/2023 11,149 11,149 0.410,481 
G & H Wire Company, Inc.One stop L + 5.75%(a) 6.75% 09/2022 140 140 —132 
Joerns Healthcare, LLC*One stop L + 6.00%(c) 7.00% 08/2024 1,873 1,827 0.11,833 
Joerns Healthcare, LLC*One stop L + 6.00%(c) 7.00% 08/2024 1,800 1,771 0.11,764 
Katena Holdings, Inc.#One stop L + 6.50%(c) 7.50% 06/2021 12,728 12,797 0.512,474 
Katena Holdings, Inc.#One stop L + 6.50%(c) 7.50% 06/2021 1,244 1,250 0.11,218 
Katena Holdings, Inc.+One stop L + 6.50%(c) 7.50% 06/2021 930 925 —911 
Katena Holdings, Inc.#One stop L + 6.50%(c) 7.50% 06/2021 851 855 —834 
Katena Holdings, Inc.One stop L + 6.50%(c) 7.50% 06/2021 200 201 —196 
Lombart Brothers, Inc.*#~One stop L + 6.25%(c) 7.25% 04/2023 28,950 29,267 1.127,503 
Lombart Brothers, Inc.#(8)One stop L + 6.25%(c) 7.25% 04/2023 3,117 3,153 0.12,961 
Lombart Brothers, Inc.One stop L + 6.25%(a) 7.25% 04/2023 280 280 —266 
Lombart Brothers, Inc.(8)One stop L + 6.25%(a) 7.25% 04/2023 50 49 —46 
ONsite Mammography, LLC~One stop L + 7.00%(c) 8.00% 11/2023 7,650 7,687 0.37,496 
ONsite Mammography, LLCOne stop L + 7.00%(c) 8.00% 11/2023 100 102 —98 
ONsite Mammography, LLCOne stop L + 7.00%(c) 8.00% 11/2023 29 28 —28 
Orthotics Holdings, Inc.*#One stop L + 6.00%(e) 7.00% 06/2021 7,760 7,760 0.37,604 
Orthotics Holdings, Inc.*#One stop L + 16.00%(c) 7.00% cash/10.00% PIK 06/2021 3,894 3,894 0.23,621 
Orthotics Holdings, Inc.*#(8)One stop L + 6.00%(c) 7.00% 06/2021 1,272 1,272 0.11,246 
Orthotics Holdings, Inc.*#(8)One stop L + 16.00%(c) 7.00% cash/10.00% PIK 06/2021 638 639 —593 
Orthotics Holdings, Inc.One stop L + 6.00% N/A(6) 06/2021 — — —— 
SLMP, LLC#^One stop L + 6.00%(c) 7.00% 05/2023 11,764 11,841 0.511,764 
SLMP, LLC#^One stop L + 6.00%(c) 7.00% 05/2023 5,664 5,844 0.25,664 
SLMP, LLCOne stop L + 6.00%(c) 7.00% 05/2023 1,473 1,473 0.11,473 
SLMP, LLCSubordinated debt N/A 7.50% PIK 05/2027 237 242 —237 
SLMP, LLC(5)One stop L + 6.00% N/A(6) 05/2023 — (1)—— 
171,068 171,743 7.0167,463 

See Notes to Consolidated Financial Statements.
59
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Healthcare Providers & Services
Active Day, Inc.#One stop L + 6.50%(c) 7.50% 12/2021 $24,567 $24,757 0.9%$20,883 
Active Day, Inc.#One stop L + 6.50%(c) 7.50% 12/2021 1,896 1,912 0.11,611 
Active Day, Inc.*#One stop L + 6.50%(c) 7.50% 12/2021 1,222 1,233 0.11,038 
Active Day, Inc.One stop L + 6.50%(c) 7.50% 12/2021 973 995 —827 
Active Day, Inc.One stop L + 6.50%(c) 7.50% 12/2021 859 854 —730 
Active Day, Inc.*#One stop L + 6.50%(c) 7.50% 12/2021 843 851 —717 
Active Day, Inc.One stop L + 6.50%(c) 7.50% 12/2021 102 102 —86 
Active Day, Inc.One stop L + 6.50%(c) N/A(6) 12/2021 — — —— 
Acuity Eyecare Holdings, LLCOne stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 7,148 7,178 0.37,112 
Acuity Eyecare Holdings, LLC#One stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 6,021 6,087 0.35,991 
Acuity Eyecare Holdings, LLC~One stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 5,616 5,722 0.25,588 
Acuity Eyecare Holdings, LLC~One stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 3,260 3,362 0.13,243 
Acuity Eyecare Holdings, LLCOne stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 793 814 —789 
Acuity Eyecare Holdings, LLCOne stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 258 256 —257 
Acuity Eyecare Holdings, LLCOne stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 150 149 —150 
Acuity Eyecare Holdings, LLCOne stop L + 11.00%(c) 7.25% cash/4.75% PIK 03/2024 42 42 —45 
Acuity Eyecare Holdings, LLC(5)One stop L + 8.25%(c) 7.25% 03/2024 1 (5)—(3)
ADCS Clinics Intermediate Holdings, LLC*#!One stop L + 5.75%(c)(d)(f) 6.75% 05/2022 41,873 42,287 1.740,618 
ADCS Clinics Intermediate Holdings, LLC*#One stop L + 5.75%(c)(d) 6.75% 05/2022 210 212 —204 
ADCS Clinics Intermediate Holdings, LLCOne stop L + 5.75%(d) 6.75% 05/2022 200 199 —194 
ADCS Clinics Intermediate Holdings, LLC*One stop L + 5.75%(c)(d) 6.75% 05/2022 162 165 —158 
ADCS Clinics Intermediate Holdings, LLC*#One stop L + 5.75%(c)(d) 6.75% 05/2022 61 62 —59 
Advanced Pain Management Holdings, Inc.(7)Senior loan L + 5.00%(b) 6.25% 11/2020 11,433 6,860 —261 
Advanced Pain Management Holdings, Inc.(7)Senior loan L + 8.50%(b) 9.75% 11/2020 4,082 7 —— 
Advanced Pain Management Holdings, Inc.(7)Senior loan L + 5.00%(b) 6.25% 11/2020 782 469 —18 
Advanced Pain Management Holdings, Inc.(5)(7)Senior loan L + 5.00%(b) 6.25% 11/2020 355 (17)—12 
Agilitas USA, Inc.*#One stop L + 6.25%(c) 7.25% 04/2022 9,252 9,287 0.48,790 
Agilitas USA, Inc.One stop L + 6.25%(c) 7.25% 04/2022 100 100 —96 
CRH Healthcare Purchaser, Inc.+~Senior loan L + 4.50%(c) 4.72% 12/2024 13,046 13,206 0.613,046 
CRH Healthcare Purchaser, Inc.(5)Senior loan L + 4.50% N/A(6) 12/2024 — (1)—— 
CRH Healthcare Purchaser, Inc.(5)Senior loan L + 4.50% N/A(6) 12/2024 — (2)—— 
DCA Investment Holding, LLC*#+One stop L + 5.25%(c) 6.25% 07/2021 31,405 31,611 1.330,778 
DCA Investment Holding, LLC*#+!~One stop L + 5.25%(c) 6.25% 07/2021 27,210 27,463 1.126,668 
DCA Investment Holding, LLC*#One stop L + 5.25%(c) 6.25% 07/2021 8,318 8,425 0.38,152 
DCA Investment Holding, LLC~One stop L + 5.25%(c) 6.25% 07/2021 4,034 4,106 0.23,953 
DCA Investment Holding, LLC#One stop L + 5.25%(c) 6.25% 07/2021 3,669 3,736 0.23,595 
DCA Investment Holding, LLCOne stop L + 5.25%(c) 6.25% 07/2021 2,737 2,734 0.12,681 
DCA Investment Holding, LLC*#One stop L + 5.25%(c) 6.25% 07/2021 2,512 2,558 0.12,462 
DCA Investment Holding, LLC#One stop L + 5.25%(c) 6.25% 07/2021 1,249 1,262 0.11,225 
DCA Investment Holding, LLC*~One stop L + 5.25%(c) 6.25% 07/2021 296 299 —290 
See Notes to Consolidated Financial Statements.
60
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Providers & Services - (continued)
DCA Investment Holding, LLC*~One stop L + 5.25%(c) 6.25% 07/2021 $92 $93 —%$90 
Deca Dental Management LLC*#One stop L + 7.50%(c) 7.00% cash/1.50% PIK 12/2021 11,269 11,395 0.511,269 
Deca Dental Management LLC#~One stop L + 7.50%(c) 7.00% cash/1.50% PIK 12/2021 1,376 1,392 0.11,376 
Deca Dental Management LLC+~One stop L + 7.50%(c) 7.00% cash/1.50% PIK 12/2021 992 1,004 0.1992 
Deca Dental Management LLCOne stop L + 7.50%(c) 7.00% cash/1.50% PIK 12/2021 736 749 —736 
Deca Dental Management LLCOne stop L + 7.50%(c) 7.00% cash/1.50% PIK 12/2021 100 100 —100 
Deca Dental Management LLC(5)One stop L + 7.50%(c) 7.00% cash/1.50% PIK 12/2021 2 (2)—2 
Encorevet Group LLCSenior loan L + 5.00%(c) 6.00% 11/2024 249 247 —249 
Encorevet Group LLCSenior loan L + 5.00%(c) 6.00% 11/2024 112 112 —112 
Encorevet Group LLCSenior loan L + 5.00%(c) 6.00% 11/2024 58 57 —58 
Encorevet Group LLCSenior loan L + 5.00%(c) 6.00% 11/2024 10 10 —10 
Encorevet Group LLCSenior loan L + 5.00% N/A(6) 11/2024 — — —— 
Encorevet Group LLC(5)Senior loan L + 5.00% N/A(6) 11/2024 — (1)—— 
ERG Buyer, LLC*#One stop L + 5.50%(c) 6.50% 05/2024 19,133 19,084 0.615,307 
ERG Buyer, LLCOne stop P + 4.50%(f) 7.75% 05/2024 300 296 —240 
Eyecare Services Partners Holdings LLC+One stop L + 6.25%(c) 7.25% 05/2023 18,229 18,320 0.717,318 
Eyecare Services Partners Holdings LLC*One stop L + 6.25%(c) 7.25% 05/2023 7,996 8,123 0.37,596 
Eyecare Services Partners Holdings LLC*#One stop L + 6.25%(c) 7.25% 05/2023 7,003 7,120 0.36,653 
Eyecare Services Partners Holdings LLCOne stop L + 6.25%(c) 7.25% 05/2023 5,153 5,175 0.24,896 
Eyecare Services Partners Holdings LLC*+One stop L + 6.25%(c) 7.25% 05/2023 2,391 2,431 0.12,272 
Eyecare Services Partners Holdings LLC*One stop L + 6.25%(c) 7.25% 05/2023 1,535 1,560 0.11,458 
Eyecare Services Partners Holdings LLC*#One stop L + 6.25%(c) 7.25% 05/2023 1,134 1,154 0.11,077 
Eyecare Services Partners Holdings LLC*#One stop L + 6.25%(c) 7.25% 05/2023 999 1,016 —950 
Eyecare Services Partners Holdings LLC*+One stop L + 6.25%(c) 7.25% 05/2023 646 654 —613 
Eyecare Services Partners Holdings LLCOne stop L + 6.25%(c) 7.25% 05/2023 400 398 —380 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.~(8)(9)(14)One stop L + 5.50%(k) 6.06% 03/2027 11,832 11,723 0.511,296 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(8)(9)(14)One stop L + 5.50%(k) 6.01% 03/2027 96 93 —91 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(8)(14)One stop L + 5.50%(c) 6.50% 03/2027 20 19 —18 
Krueger-Gilbert Health Physics, LLC!~Senior loan L + 5.25%(a) 6.25% 05/2025 2,359 2,347 0.12,359 
Krueger-Gilbert Health Physics, LLC!Senior loan L + 5.25%(a) 6.25% 05/2025 1,113 1,151 0.11,113 
Krueger-Gilbert Health Physics, LLCSenior loan L + 5.25%(a) 6.25% 05/2025 920 918 —920 
Krueger-Gilbert Health Physics, LLCSenior loan L + 5.25%(a) 6.25% 05/2025 50 50 —50 
MD Now Holdings, Inc.+!One stop L + 5.25%(c) 6.25% 08/2024 14,544 14,699 0.614,252 
MD Now Holdings, Inc.One stop L + 5.25%(c) 6.25% 08/2024 622 622 —610 
MD Now Holdings, Inc.(5)One stop L + 5.25% N/A(6) 08/2024 — (1)—(6)
Midwest Veterinary Partners, LLC^One stop L + 5.75%(c) 6.75% 07/2025 4,274 4,209 0.24,220 
Midwest Veterinary Partners, LLCOne stop L + 5.75%(c)(d) 6.75% 07/2025 4,120 4,086 0.24,069 
Midwest Veterinary Partners, LLCOne stop L + 6.50%(c) 7.50% 07/2025 2,510 2,347 0.12,369 
Midwest Veterinary Partners, LLC#One stop L + 5.75%(c) 6.75% 07/2025 1,025 1,017 0.11,012 
See Notes to Consolidated Financial Statements.
61
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Providers & Services - (continued)
Midwest Veterinary Partners, LLCOne stop P + 4.75%(c)(f) 8.00% 07/2025 $200 $200 —%$198 
MWD Management, LLC & MWD Services, Inc.#+One stop L + 5.25%(c) 6.25% 06/2023 7,016 7,005 0.36,945 
MWD Management, LLC & MWD Services, Inc.#One stop L + 5.25%(c) 6.25% 06/2023 4,517 4,596 0.24,472 
MWD Management, LLC & MWD Services, Inc.(5)One stop L + 5.25% N/A(6) 06/2022 — (1)—(2)
NVA Holdings, Inc.~Senior loan L + 3.50%(a) 3.69% 02/2026 2,914 2,887 0.12,914 
Oliver Street Dermatology Holdings, LLC#(7)One stop L + 6.25%(c) 7.25% 05/2022 19,296 17,670 0.410,448 
Oliver Street Dermatology Holdings, LLC*#(7)One stop L + 6.25%(c) 7.25% 05/2022 2,239 1,913 0.11,213 
Oliver Street Dermatology Holdings, LLC(7)One stop L + 6.25%(c) 7.25% 05/2022 2,122 1,933 0.11,149 
Oliver Street Dermatology Holdings, LLC(7)One stop L + 6.25%(c) 7.25% 05/2022 1,606 1,372 —869 
Oliver Street Dermatology Holdings, LLC*(7)One stop L + 6.25%(c) 7.25% 05/2022 1,419 1,212 —768 
Oliver Street Dermatology Holdings, LLC*(7)One stop L + 6.25%(c) 7.25% 05/2022 1,235 1,055 —669 
Oliver Street Dermatology Holdings, LLC(7)One stop L + 6.25%(c) 7.25% 05/2022 962 822 —521 
Oliver Street Dermatology Holdings, LLC*(7)One stop L + 6.25%(c) 7.25% 05/2022 834 712 —451 
Oliver Street Dermatology Holdings, LLC(7)One stop L + 6.25%(c) 7.25% 05/2022 514 439 —278 
Oliver Street Dermatology Holdings, LLC(7)One stop L + 6.25%(c)(f) 7.25% 05/2022 291 267 —158 
Oliver Street Dermatology Holdings, LLC#(7)One stop L + 6.25%(c) 7.25% 05/2022 98 89 —52 
Oliver Street Dermatology Holdings, LLC*#(7)One stop L + 6.25%(c) 7.25% 05/2022 88 81 —48 
Oliver Street Dermatology Holdings, LLC#(7)One stop L + 6.25%(c) 7.25% 05/2022 70 63 —38 
Oliver Street Dermatology Holdings, LLC#(7)One stop L + 6.25%(c) 7.25% 05/2022 64 59 —34 
Pinnacle Treatment Centers, Inc.#One stop L + 6.25%(c) 7.25% 1/1/2023 19,130 19,257 0.819,130 
Pinnacle Treatment Centers, Inc.*One stop L + 6.25%(c) 7.25% 1/1/2023 7,793 7,735 0.37,793 
Pinnacle Treatment Centers, Inc.#One stop L + 6.25%(c) 7.25% 01/2023 1,571 1,575 0.11,571 
Pinnacle Treatment Centers, Inc.^One stop L + 6.25%(c) 7.25% 01/2023 709 715 —709 
Pinnacle Treatment Centers, Inc.One stop L + 6.25%(c) 7.25% 01/2023 186 188 —186 
Pinnacle Treatment Centers, Inc.^One stop L + 6.25%(c) 7.25% 01/2023 108 108 —108 
Pinnacle Treatment Centers, Inc.One stop L + 6.25%(c) 7.25% 01/2023 38 37 —38 
Pinnacle Treatment Centers, Inc.One stop L + 6.25% N/A(6) 01/2023 — — —— 
Pinnacle Treatment Centers, Inc.One stop L + 6.25% N/A(6) 01/2023 — — —— 
PPT Management Holdings, LLC+One stop L + 8.50%(c)(d) 7.08% cash/2.50% PIK 12/2022 25,002 23,695 0.920,993 
PPT Management Holdings, LLCOne stop L + 8.50%(c)(d) 7.08% cash/2.50% PIK 12/2022 304 291 —254 
PPT Management Holdings, LLCOne stop L + 8.50%(c)(d) 7.08% cash/2.50% PIK 12/2022 180 172 —150 
PPT Management Holdings, LLCOne stop L + 8.50%(c)(d) 7.08% cash/2.50% PIK 12/2022 88 77 —74 
PPT Management Holdings, LLC(5)One stop L + 8.50%(b) 7.00% cash/2.50% PIK 12/2022 18 (6)—(48)
Pyramid Healthcare, Inc.*+One stop L + 6.50%(c) 7.50% 08/2022 14,982 14,840 0.614,982 
Pyramid Healthcare, Inc.One stop L + 6.50%(c) 7.50% 08/2022 461 457 —461 
Pyramid Healthcare, Inc.One stop L + 6.50%(c) 7.50% 08/2022 333 330 —333 
Pyramid Healthcare, Inc.One stop L + 6.50%(c) 7.50% 08/2022 290 288 —290 
Pyramid Healthcare, Inc.One stop L + 6.50%(c) 7.50% 08/2022 112 111 —112 
Pyramid Healthcare, Inc.One stop L + 6.50%(c) 7.50% 08/2022 45 44 —45 
Pyramid Healthcare, Inc.(5)One stop L + 6.50% N/A(6) 08/2022 — (8)—— 
Riverchase MSO, LLC*#Senior loan L + 6.75%(c) 6.75% cash/1.00% PIK 10/2022 9,624 9,722 0.49,432 
Riverchase MSO, LLCSenior loan L + 6.75%(c) 6.75% cash/1.00% PIK 10/2022 130 130 —128 
See Notes to Consolidated Financial Statements.
62
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Providers & Services - (continued)
RXH Buyer Corporation*#!One stop L + 5.75%(c) 6.75% 09/2021 $27,525 $27,705 1.2%$27,525 
RXH Buyer Corporation*#One stop L + 5.75%(c) 6.75% 09/2021 3,116 3,136 0.13,116 
RXH Buyer CorporationOne stop L + 5.75% N/A(6) 09/2021 — 1 —— 
Summit Behavioral Healthcare, LLC#Senior loan L + 4.75%(c) 5.75% 10/2023 20,597 20,372 0.920,597 
Summit Behavioral Healthcare, LLCSenior loan L + 4.75%(c) 5.75% 10/2023 430 431 —430 
Summit Behavioral Healthcare, LLCSenior loan L + 4.75%(c) 5.75% 10/2023 160 156 —160 
Veterinary Specialists of North America, LLC*#!Senior loan L + 4.50%(a) 4.65% 04/2025 41,653 43,066 1.741,653 
Veterinary Specialists of North America, LLCSenior loan L + 4.50%(a) 4.65% 04/2025 10,262 10,258 0.410,262 
Veterinary Specialists of North America, LLC#Senior loan L + 4.50%(a) 4.65% 04/2025 2,871 2,851 0.12,871 
Veterinary Specialists of North America, LLC*Senior loan L + 4.50%(a) 4.65% 04/2025 1,445 1,496 0.11,445 
Veterinary Specialists of North America, LLCSenior loan L + 4.50%(a) 4.65% 04/2025 835 832 —835 
WHCG Management, LLC*#Senior loan L + 4.50%(d) 5.50% 03/2023 16,067 16,161 0.716,067 
WHCG Management, LLCSenior loan L + 4.50%(d) 5.50% 03/2023 5,627 5,590 0.25,627 
WHCG Management, LLCSenior loan L + 4.50%(d) 5.50% 03/2023 1,983 1,978 0.11,983 
WHCG Management, LLCSenior loan L + 4.50%(d) 5.50% 03/2023 338 336 —338 
WHCG Management, LLCSenior loan L + 4.50%(d) 5.50% 03/2023 116 118 —116 
599,751 589,723 22.9549,440 

See Notes to Consolidated Financial Statements.
63
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Hotels, Restaurants & Leisure
BJH Holdings III Corp.+~One stop L + 5.50%(c) 6.50% 08/2025 $45,936 $47,269 1.9$45,936 
BJH Holdings III Corp.(5)One stop L + 5.50% N/A(6) 08/2025 — (7)—0
CR Fitness Holdings, LLC+~Senior loan L + 4.25%(a) 5.25% 07/2025 1,999 2,011 0.11,839 
CR Fitness Holdings, LLCSenior loan L + 4.25%(a) 5.25% 07/2025 268 263 —201 
CR Fitness Holdings, LLCSenior loan L + 4.25%(a)(c) 5.25% 07/2025 74 74 —68 
Davidson Hotel Company, LLC+One stop L + 6.75%(a)(c) 6.25% cash/1.50% PIK 07/2024 6,981 6,923 0.24,887 
Davidson Hotel Company, LLCOne stop L + 6.75%(a)(c) 6.25% cash/1.50% PIK 07/2024 1,073 1,068 —751 
Davidson Hotel Company, LLC(5)One stop L + 6.75% N/A(6) 07/2024 — (2)—(30)
Davidson Hotel Company, LLC(5)One stop L + 6.75% N/A(6) 07/2024 — (19)—— 
EOS Fitness Opco Holdings, LLC*#One stop L + 5.25%(c) 6.25% 01/2025 8,675 8,789 0.37,981 
EOS Fitness Opco Holdings, LLCOne stop L + 5.25%(c) 6.25% 01/2025 914 925 —840 
EOS Fitness Opco Holdings, LLCOne stop L + 5.25%(c) 6.25% 01/2025 120 120 —110 
Planet Fit Indy 10 LLC+One stop L + 5.25%(c) 6.25% 07/2025 17,386 17,173 0.715,647 
Planet Fit Indy 10 LLC#One stop L + 5.25%(c) 6.25% 07/2025 2,319 2,369 0.12,088 
Planet Fit Indy 10 LLC#One stop L + 5.25%(c) 6.25% 07/2025 1,259 1,242 0.11,133 
Planet Fit Indy 10 LLCOne stop L + 5.25%(c) 6.25% 07/2025 200 199 —180 
Self Esteem Brands, LLC*#Senior loan L + 4.25%(c) 5.25% 02/2022 45,841 46,193 1.844,007 
Self Esteem Brands, LLCSenior loan P + 3.25%(f) 6.50% 02/2022 2,338 2,335 0.12,245 
SSRG Holdings, LLCOne stop L + 5.25%(a) 6.25% 11/2025 918 902 0.1891 
SSRG Holdings, LLCOne stop L + 5.25%(a)(c) 6.25% 11/2025 75 74 —73 
Sunshine Sub, LLC#~One stop L + 5.25%(a) 6.25% 05/2024 12,925 13,024 0.512,149 
Sunshine Sub, LLC#One stop L + 5.25%(a) 6.25% 05/2024 5,654 5,838 0.25,315 
Sunshine Sub, LLCOne stop L + 5.25%(a) 6.25% 05/2024 20 19 —8 
Tropical Smoothie Cafe Holdings, LLCSenior loan L + 5.50%(a)(c) 6.50% 09/2026 17,374 17,202 0.717,200 
Tropical Smoothie Cafe Holdings, LLC(5)Senior loan L + 5.50% N/A(6) 09/2026 — (1)—(1)
Velvet Taco Holdings, Inc.~One stop L + 7.00%(e) 8.00% 03/2026 1,769 1,753 0.11,522 
Velvet Taco Holdings, Inc.One stop L + 7.00% N/A(6) 03/2026 — — —— 
Velvet Taco Holdings, Inc.(5)One stop L + 7.00% N/A(6) 03/2026 — (1)—— 
174,118 175,735 6.9165,040 
Household Durables
Groundworks LLC^Senior loan L + 7.00%(a) 8.00% 01/2026 4,709 4,657 0.24,709 
Groundworks LLCSenior loan L + 7.00%(a) 8.00% 01/2026 84 83 —84 
Groundworks LLCSenior loan L + 7.00% N/A(6) 01/2026 — — —— 
4,793 4,740 0.24,793 
Household Products
WU Holdco, Inc. #^One stop L + 5.25%(c) 6.25% 03/2026 3,427 3,504 0.23,427 
WU Holdco, Inc.One stop L + 5.25%(c) 6.25% 03/2026 392 392 —392 
WU Holdco, Inc. (5)One stop L + 5.25% N/A(6) 03/2025 — — —(2)
3,819 3,896 0.23,817 

See Notes to Consolidated Financial Statements.
64
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Industrial Conglomerates
Arch Global CCT Holdings Corp.#^Senior loan L + 4.75%(c) 4.97% 04/2026 $4,162 $4,197 0.2%$4,080 
Arch Global CCT Holdings Corp.(5)Senior loan L + 4.75% N/A(6) 04/2025 — — —(2)
Arch Global CCT Holdings Corp.(5)Senior loan L + 4.75% N/A(6) 04/2026 — — —(1)
Madison Safety & Flow LLC^Senior loan L + 4.50%(a) 4.66% 03/2025 495 494 —490 
Madison Safety & Flow LLCSenior loan L + 4.50% N/A(6) 03/2025 — — —— 
4,657 4,691 0.24,567 
Insurance
Captive Resources Midco, LLC*#+~^One stop L + 6.00%(a) 7.00% 05/2025 55,016 55,162 2.355,016 
Captive Resources Midco, LLC#One stop L + 6.00%(a) 7.00% 05/2025 1,440 1,427 0.11,440 
Captive Resources Midco, LLC(5)One stop L + 6.00% N/A(6) 05/2025 — (18)—— 
High Street Insurance Partners, Inc.+Senior loan L + 6.25%(c) 7.25% 12/2025 873 851 —851 
High Street Insurance Partners, Inc.(5)Senior loan L + 6.25% N/A(6) 12/2025 — (7)—(7)
Integrity Marketing Acquisition, LLC^Senior loan L + 5.50%(c) 6.50% 08/2025 2,471 2,471 0.12,421 
Integrity Marketing Acquisition, LLCSenior loan L + 5.50%(c)(d) 6.64% 08/2025 789 786 —774 
Integrity Marketing Acquisition, LLCSenior loan L + 5.50%(c) 6.50% 08/2025 478 475 —468 
Integrity Marketing Acquisition, LLCSenior loan L + 5.50%(c)(d) 6.50% 08/2025 243 242 —238 
Integrity Marketing Acquisition, LLCSenior loan L + 5.75% N/A(6) 08/2025 — — —— 
J.S. Held Holdings, LLC#^One stop L + 6.00%(c) 7.00% 07/2025 4,780 4,768 0.24,780 
J.S. Held Holdings, LLCOne stop P + 5.00%(f) 8.25% 07/2025 52 46 —52 
J.S. Held Holdings, LLC(5)One stop L + 6.00% N/A(6) 07/2025 — (15)—— 
MajescoOne stop L + 7.75%(c) 8.75% 09/2027 12,334 12,089 0.512,149 
Majesco(5)Senior loan L + 7.75% N/A(6) 09/2026 — (3)—(2)
Orchid Underwriters Agency, LLC^Senior loan L + 4.25%(c) 5.25% 12/2024 4,124 4,176 0.24,124 
Orchid Underwriters Agency, LLCSenior loan L + 4.25% N/A(6) 12/2024 — — —— 
Orchid Underwriters Agency, LLC(5)Senior loan L + 4.25% N/A(6) 12/2024 — (1)—— 
RSC Acquisition, Inc.+~^One stop L + 5.50%(b)(c) 6.50% 10/2026 26,056 25,564 1.125,275 
RSC Acquisition, Inc.One stop L + 5.50%(c) 6.50% 10/2026 998 958 —968 
RSC Acquisition, Inc.(5)One stop L + 5.50% N/A(6) 10/2026 — (1)—(2)
RSC Acquisition, Inc.(5)One stop L + 5.50% N/A(6) 10/2026 — (2)—(3)
RSC Acquisition, Inc.(5)One stop L + 5.50% N/A(6) 10/2026 — (226)—(170)
109,654 108,742 4.5108,372 
Internet and Catalog Retail
AutoQuotes, LLC!One stop L + 6.00%(c) 7.00% 11/2024 9,888 10,023 0.49,393 
AutoQuotes, LLCOne stop L + 6.00%(c) 7.00% 11/2024 100 100 —96 
9,988 10,123 0.49,489 

See Notes to Consolidated Financial Statements.
65
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
IT Services
Acquia, Inc.!~One stop L + 7.00%(c) 8.00% 10/2025 $7,118 $7,057 0.3%$7,118 
Acquia, Inc.One stop L + 7.00% N/A(6) 10/2025 — — —— 
Appriss Holdings, Inc.#+~^One stop L + 5.50%(a)(c)(d) 5.75% 06/2026 24,968 25,674 1.024,470 
Appriss Holdings, Inc.One stop L + 5.50%(a) 5.65% 06/2025 202 198 —194 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.One stop L + 7.50%(a) 8.50% cash/1.00% PIK 08/2025 4,622 4,444 0.24,529 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.One stop L + 7.50% N/A(6) 08/2025 — — —— 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.(5)One stop L + 7.50% N/A(6) 08/2025 — (3)—(3)
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.(5)One stop L + 7.50% N/A(6) 08/2025 — (14)—(14)
Centrify Corporation*#One stop L + 8.25%(c) 9.25% 08/2024 23,239 23,279 1.022,774 
Centrify CorporationOne stop P + 7.25%(f) 10.50% 08/2024 200 202 —196 
E2open, LLC*#+!~^One stop L + 5.75%(c) 6.75% 11/2024 85,904 86,773 3.584,184 
E2open, LLC(5)One stop L + 5.75% N/A(6) 11/2024 — (5)—(10)
Episerver, Inc.!~(8)(9)One stop L + 6.00%(d) 6.00% 10/2024 20,541 20,852 0.920,471 
Episerver, Inc.#^One stop L + 5.75%(c)(d) 6.75% 10/2024 12,186 12,374 0.511,820 
Episerver, Inc.(5)One stop L + 5.75% N/A(6) 10/2024 — (2)—(12)
Gamma Technologies, LLC*#!^One stop L + 5.00%(c) 6.00% 06/2024 47,091 47,412 1.946,620 
Gamma Technologies, LLC(5)One stop L + 5.00% N/A(6) 06/2024 — (1)—(2)
Infinisource, Inc.~^One stop L + 4.50%(c) 5.50% 10/2026 29,180 28,757 1.229,180 
Infinisource, Inc.One stop L + 4.50%(c) 5.50% 10/2026 154 151 —154 
Infinisource, Inc.One stop L + 4.50%(c) 5.50% 10/2026 111 110 —111 
Infinisource, Inc.(5)One stop L + 4.50% N/A(6) 10/2026 — (1)—— 
Maverick Bidco Inc.*#!~One stop L + 6.25%(c) 7.25% 04/2023 39,462 39,684 1.739,462 
Maverick Bidco Inc.*#One stop L + 6.25%(c) 7.25% 04/2023 3,183 3,237 0.13,183 
Maverick Bidco Inc.One stop L + 6.25%(c) 7.25% 04/2023 2,821 2,751 0.12,821 
Maverick Bidco Inc.^One stop L + 6.25%(c) 7.25% 04/2023 1,693 1,629 0.11,693 
Maverick Bidco Inc.One stop L + 6.25%(c) 7.25% 04/2023 202 199 —202 
PCS Intermediate II Holdings, LLC~One stop L + 5.25%(c) 6.25% 01/2026 14,493 14,364 0.614,493 
PCS Intermediate II Holdings, LLC(5)One stop L + 5.50% N/A(6) 01/2026 — (1)—— 
Recordxtechnologies, LLC+One stop L + 5.50%(c) 6.50% 12/2025 743 735 —714 
Recordxtechnologies, LLCOne stop L + 5.50%(c) 6.50% 12/2025 42 41 —39 
Recordxtechnologies, LLC(5)One stop L + 5.50% N/A(6) 12/2025 — (1)—(7)
Red Dawn SEI Buyer, Inc.^Senior loan L + 4.25%(c) 5.25% 11/2025 752 744 —752 
Red Dawn SEI Buyer, Inc.(5)Senior loan L + 4.25% N/A(6) 11/2025 — (1)—— 
Red Dawn SEI Buyer, Inc.(5)Senior loan L + 4.25% N/A(6) 11/2025 — (1)—— 
Velocity Technology Solutions, Inc.*#One stop L + 6.00%(c) 7.00% 12/2023 18,276 18,556 0.818,276 
Velocity Technology Solutions, Inc.One stop L + 6.00%(c) 7.00% 12/2023 50 49 —50 
337,233 339,242 13.9333,458 
Leisure Products
WBZ Investment LLC#One stop L + 7.50%(c) 6.50% cash/2.00% PIK 09/2024 8,467 8,525 0.37,620 
WBZ Investment LLCOne stop L + 7.50%(c) 6.50% cash/2.00% PIK 09/2024 1,213 1,205 0.11,091 
WBZ Investment LLCOne stop L + 7.50%(c) 6.50% cash/2.00% PIK 09/2024 843 871 —758 
WBZ Investment LLCOne stop L + 7.50%(c) 6.50% cash/2.00% PIK 09/2024 431 445 —388 
WBZ Investment LLCOne stop L + 7.50%(c) 6.50% cash/2.00% PIK 09/2024 80 80 —70 
11,034 11,126 0.49,927 

See Notes to Consolidated Financial Statements.
66
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Life Sciences Tools & Services
Pace Analytical Services, LLC*#!One stop L + 5.75%(c) 6.75% 04/2024 $29,639 $29,717 1.2$29,343 
Pace Analytical Services, LLCOne stop L + 5.75%(c) 6.75% 04/2024 7,046 6,943 0.36,975 
Pace Analytical Services, LLC#^One stop L + 5.75%(c) 6.75% 04/2024 2,756 2,768 0.12,729 
Pace Analytical Services, LLC*#One stop L + 5.75%(c) 6.75% 04/2024 1,652 1,685 0.11,635 
Pace Analytical Services, LLC*#One stop L + 5.75%(c) 6.75% 04/2024 1,518 1,529 0.11,504 
Pace Analytical Services, LLC*#One stop L + 5.75%(c) 6.75% 04/2024 1,264 1,264 0.11,252 
Pace Analytical Services, LLC#^One stop L + 5.75%(c) 6.75% 04/2024 1,222 1,246 0.11,210 
Pace Analytical Services, LLCOne stop L + 5.75%(c) 6.75% 04/2024 993 971 —983 
Pace Analytical Services, LLC*#One stop L + 5.75%(c) 6.75% 04/2024 678 680 —670 
Pace Analytical Services, LLC*#One stop L + 5.75%(c) 6.75% 04/2024 559 570 —554 
Pace Analytical Services, LLC*One stop L + 5.75%(c) 6.75% 04/2024 188 191 —186 
Pace Analytical Services, LLC(5)One stop L + 5.75% N/A(6) 04/2024 — (3)—(4)
Pace Analytical Services, LLC(5)One stop L + 5.75% N/A(6) 04/2024 — (116)—(80)
47,515 47,445 2.046,957 
Machinery
Blackbird Purchaser, Inc. *+~^Senior loan L + 4.25%(c)(f) 4.47% 04/2026 15,524 15,796 0.615,059 
Blackbird Purchaser, Inc. (5)Senior loan L + 4.25% N/A(6) 04/2024 — (1)—(6)
Blackbird Purchaser, Inc. (5)Senior loan L + 4.25% N/A(6) 04/2026 — 20 —(14)
Chase Industries, Inc.+~Senior loan L + 5.50%(d) 6.50% 05/2025 12,059 12,180 0.49,620 
Chase Industries, Inc.Senior loan L + 7.00%(d) 6.50% cash/1.50% PIK 05/2025 985 1,020 0.1786 
Chase Industries, Inc.Senior loan L + 7.00%(d) 6.50% cash/1.50% PIK 05/2023 354 358 —282 
28,922 29,373 1.125,727 
Multiline Retail
Mills Fleet Farm Group LLC*#+!~^One stop L + 6.25%(d) 7.25% 10/2024 46,488 46,372 1.946,488 
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.+~(8)(12)One stop L + 5.75%(c) 6.75% 05/2025 13,761 14,004 0.513,072 
3ES Innovation, Inc.(5)(8)(12)One stop L + 5.75% N/A(6) 05/2025 — (2)—(10)
Drilling Info Holdings, Inc.*#+~Senior loan L + 4.25%(a) 4.40% 07/2025 36,577 37,062 1.535,030 
Drilling Info Holdings, Inc.~Senior loan L + 4.50%(a) 4.65% 07/2025 17,342 16,915 0.716,790 
Drilling Info Holdings, Inc.Senior loan L + 4.25%(a) 4.40% 07/2023 120 118 —112 
Drilling Info Holdings, Inc.Senior loan L + 4.50%(a) 4.65% 07/2023 52 49 —49 
Drilling Info Holdings, Inc.(5)Senior loan L + 4.25% N/A(6) 07/2025 — (6)—(43)
Project Power Buyer, LLC#+^One stop L + 6.25%(c) 7.25% 05/2026 15,782 15,929 0.715,625 
Project Power Buyer, LLC(5)One stop L + 6.25% N/A(6) 05/2025 — (1)—(2)
83,634 84,068 3.480,623 
Paper & Forest Products
Messenger, LLC+~One stop L + 6.50%(c)(f) 7.50% 08/2023 9,053 9,126 0.48,601 
Messenger, LLC(5)One stop L + 6.50% N/A(6) 08/2023 — — —(4)
9,053 9,126 0.48,597 

See Notes to Consolidated Financial Statements.
67
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Personal Products
IMPLUS Footwear, LLC+~One stop L + 7.75%(c) 8.75% 04/2024 $30,973 $31,376 1.2%$27,876 
IMPLUS Footwear, LLC+~One stop L + 7.75%(c) 8.75% 04/2024 5,290 5,358 0.24,761 
IMPLUS Footwear, LLC*One stop L + 7.75%(c) 8.75% 04/2024 763 786 —686 
37,026 37,520 1.433,323 
Pharmaceuticals
ACP Ulysses Buyer, Inc.+!^Senior loan L + 5.00%(c) 6.00% 02/2026 13,210 13,091 0.613,210 
Apothecary Products, LLC+Senior loan L + 4.50%(c) 5.50% 07/2023 2,904 3,009 0.12,846 
Apothecary Products, LLC(5)Senior loan L + 4.50% N/A(6) 07/2023 — — —(16)
BIOVT, LLC*#^One stop L + 5.75%(a) 6.75% 01/2021 34,128 34,262 1.434,128 
BIOVT, LLC#^One stop L + 5.75%(a) 6.75% 01/2021 2,073 2,091 0.12,073 
BIOVT, LLC*One stop L + 5.75%(a) 6.75% 01/2021 1,946 1,963 0.11,946 
BIOVT, LLCOne stop L + 5.75% N/A(6) 01/2021 — — —— 
BIOVT, LLCOne stop L + 5.75% N/A(6) 01/2021 — — —— 
54,261 54,416 2.354,187 
Professional Services
Brandmuscle, Inc.Senior loan L + 4.75%(c) 5.75% 12/2021 8,115 8,111 0.37,708 
Brandmuscle, Inc.#Senior loan L + 5.00%(c) 6.00% 12/2021 1,126 1,140 —1,073 
Brandmuscle, Inc.(5)Senior loan L + 4.75% N/A(6) 12/2021 — — —(4)
DISA Holdings Acquisition Subsidiary Corp.+~Senior loan L + 4.25%(c) 5.34% 06/2022 9,814 9,891 0.48,930 
DISA Holdings Acquisition Subsidiary Corp.Senior loan L + 4.25%(a) 5.25% 06/2022 1,448 1,448 0.11,319 
DISA Holdings Acquisition Subsidiary Corp.Senior loan L + 4.25% N/A(6) 06/2022 — 3 —— 
Net Health Acquisition Corp.*#One stop L + 5.50%(c) 6.50% 12/2023 8,554 8,656 0.38,554 
Net Health Acquisition Corp.~^One stop L + 5.50%(c) 6.50% 12/2023 6,845 6,964 0.36,845 
Net Health Acquisition Corp.*#One stop L + 5.50%(c) 6.50% 12/2023 1,195 1,210 —1,195 
Net Health Acquisition Corp.(5)One stop L + 5.50% N/A(6) 12/2023 — (2)—— 
Nexus Brands Group, Inc.*#One stop L + 6.00%(c) 7.00% 11/2023 9,378 9,471 0.48,909 
Nexus Brands Group, Inc.+~(8)(9)One stop L + 6.00%(h) 7.00% 11/2023 7,145 7,263 0.36,980 
Nexus Brands Group, Inc.#One stop L + 6.00%(c) 7.00% 11/2023 1,987 2,050 0.11,887 
Nexus Brands Group, Inc.#~One stop L + 6.00%(c) 7.00% 11/2023 1,437 1,483 0.11,365 
Nexus Brands Group, Inc.~One stop L + 6.00%(c) 7.00% 11/2023 765 759 —727 
Nexus Brands Group, Inc.One stop L + 6.00%(c) 7.00% 11/2023 20 21 —10 
Nexus Brands Group, Inc.(5)(8)(9)One stop L + 6.00% N/A(6) 11/2023 — — —(4)
Nexus Brands Group, Inc.(5)(8)(9)One stop L + 6.00% N/A(6) 11/2023 — (1)—— 
Nexus Brands Group, Inc.(5)One stop L + 6.00% N/A(6) 11/2023 — (1)—— 
PlanSource Holdings, Inc. !~One stop L + 6.25%(b) 7.25% 04/2025 11,416 11,542 0.511,416 
PlanSource Holdings, Inc. (5)One stop L + 6.25% N/A(6) 04/2025 — (1)—— 
Teaching Company, The*#One stop L + 4.75%(c)(d) 5.75% 07/2023 17,832 18,009 0.717,832 
Teaching Company, TheOne stop L + 4.75%(d) 5.75% 07/2023 30 30 —30 
87,107 88,046 3.584,772 

See Notes to Consolidated Financial Statements.
68
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Real Estate Management & Development
Property Brands, Inc.#One stop L + 5.75%(c) 6.75% 01/2024 $19,845 $20,037 0.8%$18,852 
Property Brands, Inc.~^One stop L + 5.75%(c) 6.75% 01/2024 13,666 13,551 0.512,984 
Property Brands, Inc.*#One stop L + 5.75%(c) 6.75% 01/2024 6,653 6,761 0.36,319 
Property Brands, Inc.~^One stop L + 5.75%(c) 6.75% 01/2024 3,243 3,348 0.13,081 
Property Brands, Inc.One stop L + 5.75%(c) 6.75% 01/2024 1,424 1,469 0.11,353 
Property Brands, Inc.#One stop L + 5.75%(c) 6.75% 01/2024 1,205 1,243 0.11,145 
Property Brands, Inc.One stop L + 5.75%(c) 6.75% 01/2024 1,189 1,227 —1,129 
Property Brands, Inc.One stop L + 5.75%(c) 6.75% 01/2024 950 944 —903 
Property Brands, Inc.One stop L + 5.75%(c) 6.75% 01/2024 501 517 —477 
Property Brands, Inc.One stop L + 5.75%(c) 6.75% 01/2024 200199—190
Property Brands, Inc.(5)One stop L + 5.75% N/A(6) 01/2024 — (2)—(175)
MRI Software LLC~^One stop L + 5.50%(c) 6.50% 02/2026 14,579 14,450 0.614,215 
MRI Software LLCOne stop L + 5.50%(c) 6.50% 02/2026 1,710 1,667 0.11,667 
MRI Software LLC(5)One stop L + 5.50% N/A(6) 02/2026 — (2)—(7)
MRI Software LLC(5)One stop L + 5.50% N/A(6) 02/2026 — — —(2)
MRI Software LLC(5)One stop L + 5.50% N/A(6) 02/2026 — (3)—(9)
65,165 65,406 2.662,122 
Road & Rail
Internet Truckstop Group LLC*#!One stop L + 5.50%(c) 6.50% 04/2025 22,587 23,165 0.922,587 
Internet Truckstop Group LLC(5)One stop L + 5.50% N/A(6) 04/2025 — (2)—— 
22,587 23,163 0.922,587 

See Notes to Consolidated Financial Statements.
69
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Software
Accela, Inc.*#One stop L + 4.91%(a) 4.25% cash/1.66% PIK 09/2023 $4,479 $4,479 0.2%$4,411 
Accela, Inc.(5)One stop L + 7.00% N/A(6) 09/2023 — — —(2)
Apptio, Inc. !~One stop L + 7.25%(d) 8.25% 01/2025 57,009 57,722 2.457,009 
Apptio, Inc. (5)One stop L + 7.25% N/A(6) 01/2025 — (1)—— 
Astute Holdings, Inc. !One stop L + 6.50%(c) 7.50% 04/2025 10,816 10,951 0.510,816 
Astute Holdings, Inc.One stop L + 6.50%(c) 7.50% 04/2025 2,768 2,759 0.12,768 
Astute Holdings, Inc. (5)One stop L + 6.50% N/A(6) 04/2025 — (1)—— 
Axiom Merger Sub Inc.!~^One stop L + 5.25%(c) 6.47% 04/2026 5,847 5,900 0.35,847 
Axiom Merger Sub Inc.+~(8)(9)One stop E + 5.50%(g) 5.50% 04/2026 2,411 2,432 0.12,492 
Axiom Merger Sub Inc.One stop L + 5.25%(d) 6.25% 04/2026 30 29 —30 
Bearcat Buyer, Inc.+~Senior loan L + 4.25%(c) 5.25% 07/2026 2,928 2,950 0.12,928 
Bearcat Buyer, Inc.~Senior loan L + 4.25%(c) 5.25% 07/2026 309 307 —309 
Bearcat Buyer, Inc.Senior loan L + 4.25%(c) 5.25% 07/2026 165 166 —165 
Bearcat Buyer, Inc.Senior loan L + 4.25% N/A(6) 07/2024 — — —— 
Bullhorn, Inc.*#+~^One stop L + 5.75%(c) 6.75% 09/2026 67,302 66,135 2.866,294 
Bullhorn, Inc.(8)(9)One stop L + 6.00%(h) 6.06% 09/2026 12,008 11,796 0.512,230 
Bullhorn, Inc.(8)(9)One stop L + 5.75%(c) 5.75% 09/2026 4,822 4,736 0.24,951 
Bullhorn, Inc.One stop L + 5.75%(c)(f) 6.75% 09/2026 98 96 —96 
Bullhorn, Inc.One stop L + 5.75%(c) 6.75% 09/2026 78 77 —77 
Bullhorn, Inc.(5)One stop L + 5.75% N/A(6) 09/2026 — (4)—(4)
Bullhorn, Inc.(5)One stop L + 5.75% N/A(6) 09/2026 — (4)—(3)
Calabrio, Inc. !~One stop L + 6.50%(c) 7.50% 06/2025 24,880 24,894 1.024,880 
Calabrio, Inc.One stop L + 6.50%(a) 7.50% 06/2025 72 72 —72 
Clearwater Analytics, LLC*#One stop L + 5.50%(c) 6.50% 09/2022 14,242 14,256 0.614,242 
Clearwater Analytics, LLC*One stop L + 5.50%(c) 6.50% 09/2022 6,040 6,071 0.36,040 
Clearwater Analytics, LLC+One stop L + 5.50%(c) 6.50% 09/2022 990 976 —990 
Clearwater Analytics, LLC(5)One stop L + 5.50% N/A(6) 09/2022 — (3)—— 
Cloudbees, Inc.One stop L + 9.00%(a) 9.50% cash/0.50% PIK 05/2023 4,215 4,248 0.24,215 
Cloudbees, Inc.One stop L + 9.00%(a) 9.50% cash/0.50% PIK 05/2023 2,774 2,692 0.12,774 
Cloudbees, Inc.One stop L + 9.00%(a) 9.50% cash/0.50% PIK 05/2023 1,469 1,480 0.11,469 
Cloudbees, Inc.One stop L + 8.50% N/A(6) 05/2023 — — —— 
Confluence Technologies, Inc.+~^One stop L + 5.75%(a) 6.75% 03/2024 45,004 44,768 1.944,554 
Confluence Technologies, Inc.One stop L + 5.75%(a) 6.75% 03/2024 28 27 —25 
Convercent, Inc.One stop L + 9.00%(c) 8.25% cash/2.75% PIK 12/2024 2,795 2,725 0.12,831 
Convercent, Inc.Subordinated debt N/A 4.00% 11/2020 138 138 —176 
Convercent, Inc.One stop L + 9.00%(c) N/A(6) 12/2024 — — —— 
Convercent, Inc.One stop L + 9.00% N/A(6) 12/2024 — — —— 
Daxko Acquisition Corporation*#^One stop L + 6.00%(c) 7.00% 09/2023 25,681 25,759 1.125,681 
Daxko Acquisition CorporationOne stop L + 6.00% N/A(6) 09/2023 — — —— 
Digital Guardian, Inc.!One stop L + 9.50%(c) 7.50% cash/3.00% PIK 06/2023 8,731 9,013 0.49,040 
See Notes to Consolidated Financial Statements.
70
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Software - (continued)
Digital Guardian, Inc.Subordinated debt N/A 8.00% PIK 06/2023 $9 $7 —%$9 
Digital Guardian, Inc.One stop L + 5.00% N/A(6) 06/2023 — — —2 
Diligent Corporation*#+!~^One stop L + 6.25%(c) 7.25% 08/2025 88,058 88,673 3.685,856 
Diligent Corporation(5)One stop L + 6.25% N/A(6) 08/2025 — 1 —(8)
GS Acquisitionco, Inc.*#+!~^One stop L + 5.75%(d) 6.75% 05/2024 54,048 54,440 2.354,048 
GS Acquisitionco, Inc.*#One stop L + 5.75%(c) 6.75% 05/2024 12,756 13,056 0.512,756 
GS Acquisitionco, Inc.#One stop L + 5.75%(d) 6.75% 05/2024 3,286 3,364 0.13,286 
GS Acquisitionco, Inc.+~One stop L + 5.75%(c) 6.75% 05/2024 3,033 3,104 0.13,033 
GS Acquisitionco, Inc.#One stop L + 5.75%(c) 6.75% 05/2024 1,899 1,944 0.11,899 
GS Acquisitionco, Inc.One stop L + 5.75%(c)(d) 6.75% 05/2024 186 183 —186 
GS Acquisitionco, Inc.One stop L + 5.75%(d) 6.75% 05/2024 75 75 —75 
GS Acquisitionco, Inc.One stop L + 5.75%(d) 6.75% 05/2024 37 37 —37 
ICIMS, Inc.!~One stop L + 6.50%(c) 7.50% 09/2024 14,355 14,548 0.614,355 
ICIMS, Inc.!~One stop L + 6.50%(c) 7.50% 09/2024 4,501 4,576 0.24,501 
ICIMS, Inc.(5)One stop L + 6.50% N/A(6) 09/2024 — (1)—— 
Impartner, Inc.Senior loan L + 9.50%(c) 9.30% cash/2.00% PIK 08/2025 2,916 2,880 0.13,001 
Impartner, Inc.(5)Senior loan L + 9.50% N/A(6) 08/2025 — (3)—14 
Impartner, Inc.Senior loan L + 9.50% N/A(6) 08/2025 — — —— 
Infogix, Inc.*#One stop L + 7.00%(c) 8.00% 04/2024 7,178 7,309 0.37,178 
Infogix, Inc.*^One stop L + 7.00%(c) 8.00% 04/2024 1,107 1,124 —1,107 
Infogix, Inc.One stop L + 7.00%(c) 8.00% 04/2024 90 90 —90 
Integral Ad Science, Inc.!~One stop L + 7.25%(c) 7.00% cash/1.25% PIK 07/2024 15,882 16,069 0.715,882 
Integral Ad Science, Inc.(5)One stop L + 6.00% N/A(6) 07/2023 — (3)—(4)
Integration Appliance, Inc.*!~One stop L + 7.25%(d) 8.25% 08/2023 68,335 69,117 2.968,335 
Integration Appliance, Inc.One stop L + 7.25%(d) 8.25% 08/2023 487 483 —487 
Invoice Cloud, Inc.!One stop L + 6.50%(c) 4.25% cash/3.25% PIK 02/2024 6,520 6,559 0.36,390 
Invoice Cloud, Inc.One stop L + 6.50%(c) 4.25% cash/3.25% PIK 02/2024 2,187 2,186 0.12,138 
Invoice Cloud, Inc.(5)One stop L + 6.00% N/A(6) 02/2024 — — —(2)
Kaseya Traverse Inc!~One stop L + 7.00%(c) 5.09% cash/3.00% PIK 05/2025 36,070 37,033 1.536,070 
Kaseya Traverse IncOne stop L + 7.00%(c)(d) 5.06% cash/3.00% PIK 05/2025 738 755 —738 
Kaseya Traverse IncOne stop L + 6.50%(c) 7.50% 05/2025 89 88 —86 
Kaseya Traverse Inc(5)One stop L + 7.00% N/A(6) 05/2025 — (1)—— 
Mindbody, Inc.!~One stop L + 8.50%(c) 8.00% cash/1.50% PIK 02/2025 48,593 49,379 1.945,678 
Mindbody, Inc.(5)One stop L + 8.00% N/A(6) 02/2025 — (1)—(18)
Ministry Brands, LLC^Senior loan L + 4.00%(b) 5.00% 12/2022 1,446 1,462 0.11,359 
Ministry Brands, LLC^Senior loan L + 4.00%(b) 5.00% 12/2022 827 837 —777 
Ministry Brands, LLCSenior loan L + 4.00%(b) 5.00% 12/2022 377 388 —354 
mParticle, Inc.One stop L + 9.75%(c) 7.50% cash/3.25% PIK 09/2025 3,157 3,101 0.13,115 
mParticle, Inc.One stop L + 9.75% N/A(6) 09/2025 — — —— 
Namely, Inc.!~One stop L + 7.50%(c) 8.25% cash/1.25% PIK 06/2024 3,580 3,614 0.13,507 
Namely, Inc.One stop L + 7.50%(c) 8.25% cash/1.25% PIK 06/2024 2,033 2,019 0.11,992 
Namely, Inc.One stop L + 7.50%(a) 8.25% cash/1.25% PIK 06/2024 70 70 —68 
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH!One stop P + 6.75%(f) 8.25% cash/1.75% PIK 10/2024 2,139 2,121 0.12,249 
See Notes to Consolidated Financial Statements.
71
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Software - (continued)
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBHOne stop L + 7.75% N/A(6) 10/2024 $— $— —%$1 
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBHOne stop L + 7.75% N/A(6) 10/2024 — — —4 
Personify, Inc.*+^One stop L + 5.25%(c) 6.25% 09/2024 15,457 15,712 0.615,457 
Personify, Inc.One stop L + 5.25%(c) 6.25% 09/2024 60 61 —60 
RegEd Aquireco, LLC^Senior loan L + 4.25%(a) 5.25% 12/2024 11,416 11,413 0.410,731 
RegEd Aquireco, LLCSenior loan L + 4.25%(a)(f) 5.08% 12/2024 132 131 —112 
RegEd Aquireco, LLC(5)Senior loan L + 4.25% N/A(6) 12/2024 — (4)—— 
Saturn Borrower Inc.Senior loan L + 6.50%(c) 7.50% 09/2026 16,324 15,836 0.715,834 
Saturn Borrower Inc.(5)Senior loan L + 6.50% N/A(6) 09/2026 — (3)—(3)
SnapLogic, Inc.One stop L + 8.75%(c) 5.75% cash/5.50% PIK 09/2024 5,978 5,911 0.35,978 
SnapLogic, Inc.One stop L + 8.75%(c) 5.75% cash/5.50% PIK 09/2024 61 61 —61 
SnapLogic, Inc.One stop L + 8.75% N/A(6) 09/2024 — — —— 
Sontatype, Inc.!One stop L + 6.75%(d) 7.75% 12/2025 851 843 —851 
Sontatype, Inc.(5)One stop L + 6.75% N/A(6) 12/2025 — (2)—— 
Telesoft Holdings LLC^One stop L + 5.75%(a) 6.75% 12/2025 905 887 —905 
Telesoft Holdings LLC(5)One stop L + 5.75% N/A(6) 12/2025 — (2)—— 
TI Intermediate Holdings, LLC^Senior loan L + 4.50%(a) 4.65% 12/2024 3,517 3,575 0.13,517 
TI Intermediate Holdings, LLCSenior loan L + 4.50%(a) 4.65% 12/2024 42 42 —42 
Togetherwork Holdings, LLC*#One stop L + 5.75%(a) 6.75% 03/2025 15,564 15,706 0.615,408 
Togetherwork Holdings, LLC~^One stop L + 5.75%(a) 6.75% 03/2025 1,803 1,865 0.11,786 
Togetherwork Holdings, LLCOne stop L + 5.75%(a) 6.75% 03/2025 1,750 1,807 0.11,733 
Togetherwork Holdings, LLC*#One stop L + 5.75%(a) 6.75% 03/2025 1,706 1,764 0.11,689 
Togetherwork Holdings, LLC~^One stop L + 5.75%(a) 6.75% 03/2025 1,648 1,680 0.11,631 
Togetherwork Holdings, LLC*^One stop L + 5.75%(a) 6.75% 03/2025 1,588 1,643 0.11,573 
Togetherwork Holdings, LLCOne stop L + 5.75%(a) 6.75% 03/2025 1,481 1,530 0.11,466 
Togetherwork Holdings, LLC*#One stop L + 5.75%(a) 6.75% 03/2025 1,213 1,231 0.11,201 
Togetherwork Holdings, LLCOne stop L + 5.75%(a) 6.75% 03/2025 668 690 —662 
Togetherwork Holdings, LLC^One stop L + 5.75%(a) 6.75% 03/2025 447 443 —443 
Togetherwork Holdings, LLCOne stop L + 5.75%(a) 6.75% 03/2024 300 298 —298 
Togetherwork Holdings, LLCOne stop L + 5.75%(a) 6.75% 03/2025 64 66 —64 
Togetherwork Holdings, LLC~One stop L + 5.75%(a) 6.75% 03/2025 59 61 —59 
Transact Holdings, Inc.+~Senior loan L + 4.75%(a) 4.90% 04/2026 3,079 3,121 0.12,912 
Trintech, Inc.*#^One stop L + 6.00%(c) 7.00% 12/2023 22,400 22,738 0.922,400 
Trintech, Inc.#!^One stop L + 6.00%(c) 7.00% 12/2023 9,287 9,473 0.49,287 
Trintech, Inc.One stop L + 6.00%(c) 7.00% 12/2023 300 301 —300 
True Commerce, Inc.*#^One stop L + 5.75%(c) 6.75% 11/2023 14,598 14,861 0.614,598 
True Commerce, Inc.+(8)(9)One stop L + 5.75%(c) 6.75% 11/2023 2,575 2,665 0.12,677 
True Commerce, Inc.#(8)One stop L + 5.75%(c) 6.75% 11/2023 909 941 —909 
True Commerce, Inc.One stop L + 5.75% N/A(6) 11/2023 — — —— 
Upserve, Inc.!~One stop L + 8.00%(e) 9.00% 07/2023 6,141 6,193 0.36,018 
Upserve, Inc.One stop L + 8.00%(e) 9.00% 07/2023 1,451 1,496 0.11,422 
Upserve, Inc.(5)One stop L + 8.00% N/A(6) 07/2023 — — —(2)
Vector CS Midco Limited & Cloudsense Ltd.!~(8)(9)(10)One stop N/A 4.50% cash/3.55% PIK 05/2024 7,859 7,986 0.37,980 
See Notes to Consolidated Financial Statements.
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TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Software - (continued)
Vector CS Midco Limited & Cloudsense Ltd.(8)(9)(10)One stop L + 7.25%(h) 5.30% cash/2.75% PIK 05/2024 $132 $132 —%$130 
Vendavo, Inc.*!~One stop L + 6.50%(c) 7.50% 10/2022 35,368 35,329 1.535,368 
Vendavo, Inc.One stop P + 5.25%(f) 8.50% 10/2022 631 629 —631 
Workforce Software, LLC!~One stop L + 6.50%(c) 7.50% 07/2025 27,195 27,895 1.127,195 
Workforce Software, LLC(5)One stop L + 6.50% N/A(6) 07/2025 — (2)—— 
909,152 915,327 37.6901,417 

See Notes to Consolidated Financial Statements.
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TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Specialty Retail
2nd Ave. LLCOne stop L + 5.50%(d) 6.50% 09/2025 $5,915 $5,829 0.2%$5,560 
2nd Ave. LLCOne stop L + 5.50%(d) 6.56% 09/2025 50 50 —47 
Batteries Plus Holding Corporation#One stop L + 6.75%(a) 7.75% 07/2022 21,921 22,098 0.921,921 
Batteries Plus Holding Corporation(5)One stop L + 6.75% N/A(6) 07/2022 — (1)—— 
Boot Barn, Inc.#+~Senior loan L + 4.50%(c) 5.50% 06/2023 16,777 16,904 0.716,777 
Cycle Gear, Inc.#+^One stop L + 5.00%(c) 6.00% 01/2024 23,834 24,042 1.023,834 
DTLR, Inc.*#+One stop L + 8.50%(b)(c) 7.50% cash/2.00% PIK 08/2022 41,457 41,896 1.741,457 
Imperial Optical Midco Inc.~One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 3,620 3,666 0.23,620 
Imperial Optical Midco Inc.*One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 2,822 2,803 0.12,822 
Imperial Optical Midco Inc.#One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 1,918 1,965 0.11,918 
Imperial Optical Midco Inc.#One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 1,249 1,279 0.11,249 
Imperial Optical Midco Inc.*One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 1,137 1,165 0.11,137 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 330 328 —330 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 240 238 —240 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 190 189 —190 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 134 133 —134 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 130 129 —130 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 96 96 —96 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 83 82 —83 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 42 42 —42 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 41 41 —41 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 24 23 —24 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 21 21 —21 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 11 11 —11 
Imperial Optical Midco Inc.One stop L + 6.25% N/A(6) 08/2023 — — —— 
Imperial Optical Midco Inc.(5)One stop L + 8.25% N/A(6) 08/2023 — (3)—— 
Jet Equipment & Tools Ltd.+~(8)(9)(12)One stop L + 5.25%(a) 6.25% 11/2024 17,988 18,266 0.817,781 
Jet Equipment & Tools Ltd.*#(8)(12)One stop L + 5.25%(a) 6.25% 11/2024 12,364 12,604 0.512,364 
Jet Equipment & Tools Ltd.#(8)(12)^One stop L + 5.25%(a) 6.25% 11/2024 4,306 4,377 0.24,306 
Jet Equipment & Tools Ltd.(8)(12)^One stop L + 5.25%(a) 6.25% 11/2024 1,581 1,569 0.11,581 
Jet Equipment & Tools Ltd.(5)(8)(9)(12)One stop L + 5.25% N/A(6) 11/2024 — (1)—— 
Pet Holdings ULC*#+!(8)(12)One stop L + 5.50%(c) 6.50% 07/2022 46,638 47,449 2.046,638 
Pet Holdings ULC*#+(8)(12)One stop L + 5.50%(c) 6.50% 07/2022 240 242 —240 
Pet Holdings ULC(5)(8)(12)One stop L + 5.50% N/A(6) 07/2022 — (1)—— 
Pet Supplies Plus, LLC*+^Senior loan L + 4.50%(c) 5.50% 12/2024 14,181 14,415 0.614,181 
Pet Supplies Plus, LLC(5)Senior loan L + 4.50% N/A(6) 12/2023 — (1)—— 
PetPeople Enterprises, LLC#One stop L + 5.75%(c) 6.75% 09/2023 5,352 5,401 0.25,191 
PetPeople Enterprises, LLC#One stop L + 5.75%(c)(d) 6.84% 09/2023 1,817 1,843 0.11,763 
PetPeople Enterprises, LLCOne stop L + 5.75%(c)(d) 6.92% 09/2023 40 41 —38 
PPV Intermediate Holdings II, LLCOne stop L + 6.00%(a)(c)(d) 7.46% 05/2023 4,921 4,921 0.24,859 
See Notes to Consolidated Financial Statements.
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TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Specialty Retail - (continued)
PPV Intermediate Holdings II, LLCOne stop L + 6.00%(a) 7.00% 05/2023 $1,010 $1,010 —%$997 
PPV Intermediate Holdings II, LLCOne stop L + 6.00%(a) 7.00% 05/2023 603 603 —596 
PPV Intermediate Holdings II, LLCOne stop L + 6.00%(a) 7.00% 05/2023 435 417 —429 
PPV Intermediate Holdings II, LLCOne stop L + 6.00%(a) 7.00% 05/2023 129 127 —128 
PPV Intermediate Holdings II, LLCOne stop L + 6.00%(d)(f) 7.69% 05/2023 94 94 —92 
PPV Intermediate Holdings II, LLCOne stop N/A 7.90% PIK 05/2023 24 24 —24 
PPV Intermediate Holdings II, LLC(5)One stop L + 6.00% N/A(6) 05/2023 — (135)—(120)
Sola Franchise, LLC and Sola Salon Studios, LLC#One stop L + 5.50%(c) 6.50% 10/2024 6,963 6,979 0.36,824 
Sola Franchise, LLC and Sola Salon Studios, LLC#One stop L + 5.50%(c) 6.50% 10/2024 1,708 1,765 0.11,674 
Sola Franchise, LLC and Sola Salon Studios, LLCOne stop L + 5.50%(c)(f) 7.09% 10/2024 86 85 —84 
Sola Franchise, LLC and Sola Salon Studios, LLC(5)One stop L + 5.50% N/A(6) 10/2024 — (1)—— 
Southern Veterinary Partners, LLC*#^One stop L + 6.00%(a) 7.00% 05/2025 26,592 27,499 1.127,123 
Southern Veterinary Partners, LLCOne stop L + 6.00%(a) 7.00% 05/2025 210 208 —214 
Southern Veterinary Partners, LLCOne stop L + 6.00%(a) 7.00% 05/2025 191 189 —195 
Southern Veterinary Partners, LLCOne stop L + 6.00%(c) 7.00% 05/2025 181 179 —184 
Southern Veterinary Partners, LLCOne stop L + 6.00%(c)(d) 7.00% 05/2023 170 169 —170 
Southern Veterinary Partners, LLCOne stop L + 6.00%(c) 7.00% 05/2025 163 161 —166 
Southern Veterinary Partners, LLCOne stop L + 6.00%(c) 7.00% 05/2025 142 140 —144 
Southern Veterinary Partners, LLCOne stop L + 6.00%(d) 7.00% 05/2025 140 138 —143 
Southern Veterinary Partners, LLCOne stop L + 6.00%(d) 7.00% 05/2025 128 127 —131 
Southern Veterinary Partners, LLCOne stop L + 6.00%(a) 7.00% 05/2025 125 124 —128 
Southern Veterinary Partners, LLC#One stop L + 6.00%(a) 7.00% 05/2025 120 119 —123 
Southern Veterinary Partners, LLC#One stop L + 6.00%(a) 7.00% 05/2025 119 118 —121 
Southern Veterinary Partners, LLCOne stop L + 6.00%(d) 7.00% 05/2025 118 117 —120 
Southern Veterinary Partners, LLC#One stop L + 6.00%(a) 7.00% 05/2025 113 112 —115 
Southern Veterinary Partners, LLC#One stop L + 6.00%(a) 7.00% 05/2025 111 110 —113 
Southern Veterinary Partners, LLCOne stop L + 6.00%(d) 7.00% 05/2025 4 2 —4 
Southern Veterinary Partners, LLC(5)One stop L + 6.00% N/A(6) 05/2025 — (12)—23 
Titan Fitness, LLC*#+One stop L + 4.75%(b)(c) 5.75% 02/2025 30,317 30,759 1.126,679 
Titan Fitness, LLCOne stop L + 4.75%(c) 5.75% 02/2025 1,894 1,881 0.11,667 
Titan Fitness, LLCOne stop L + 4.75%(c) 5.75% 02/2025 474 472 —414 
Titan Fitness, LLC(5)One stop L + 4.75% N/A(6) 02/2025 — (1)—— 
Vermont Aus Pty Ltd!~(8)(9)(11)One stop L + 4.75%(j) 4.89% 12/2024 2,199 2,219 0.12,282 
Vermont Aus Pty Ltd(8)(9)(11)One stop L + 4.75%(j) 4.89% 12/2024 81 82 —91 
306,114 310,031 12.6301,704 

See Notes to Consolidated Financial Statements.
75
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.*#^One stop L + 6.00%(c) 7.00% 03/2023 $22,442 $22,566 0.9%$21,994 
Agility Recovery Solutions Inc.One stop L + 6.00%(c) 7.00% 03/2023 902 899 0.1882 
23,344 23,465 1.022,876 
Textiles, Apparel & Luxury Goods
Elite Sportswear, L.P.Senior loan L + 6.25%(c) 2.00% cash/5.25% PIK 12/2021 9,446 9,298 0.38,029 
Elite Sportswear, L.P.Senior loan L + 6.25%(c) 2.00% cash/5.25% PIK 12/2021 3,798 3,740 0.13,228 
Elite Sportswear, L.P.Senior loan L + 6.25%(c) 2.00% cash/5.25% PIK 12/2021 1,954 1,924 0.11,661 
Elite Sportswear, L.P.Senior loan L + 6.25%(b)(c) 7.25% 12/2021 1,167 1,149 0.1988 
Elite Sportswear, L.P.*Senior loan L + 6.25%(c) 2.00% cash/5.25% PIK 12/2021 648 640 —551 
Elite Sportswear, L.P.Senior loan L + 6.25%(c) 2.00% cash/5.25% PIK 12/2021 297 292 —252 
Elite Sportswear, L.P.*Senior loan L + 6.25%(c) 2.00% cash/5.25% PIK 12/2021 283 279 —241 
Elite Sportswear, L.P.Senior loan L + 6.25%(b)(c) 2.00% cash/5.25% PIK 12/2021 40 40 —34 
Georgica Pine Clothiers, LLC#One stop L + 5.50%(c)(d) 6.50% 11/2023 10,324 10,427 0.49,497 
Georgica Pine Clothiers, LLC*#One stop L + 5.50%(d) 6.50% 11/2023 6,504 6,574 0.35,983 
Georgica Pine Clothiers, LLC+One stop L + 5.50%(d) 6.50% 11/2023 1,006 998 —926 
Georgica Pine Clothiers, LLC#One stop L + 5.50%(d) 6.50% 11/2023 906 915 —833 
Georgica Pine Clothiers, LLC*#One stop L + 5.50%(d) 6.50% 11/2023 635 644 —584 
Georgica Pine Clothiers, LLCOne stop L + 5.50%(c)(d) 6.50% 11/2023 236 235 —216 
Protective Industrial Products, Inc.+Senior loan L + 4.50%(c) 5.50% 01/2024 993 984 0.1993 
SHO Holding I Corporation!~Senior loan L + 5.25%(c) 4.00% cash/2.25% PIK 04/2024 4,035 4,015 0.23,631 
SHO Holding I CorporationSenior loan L + 4.00%(a)(c)(d) 5.00% 04/2024 50 49 —50 
SHO Holding I CorporationSenior loan L + 5.23%(c) 4.00% cash/2.23% PIK 04/2024 20 20 —19 
SHO Holding I Corporation(5)Senior loan L + 5.00% N/A(6) 04/2024 — (1)—(10)
SHO Holding I CorporationSenior loan L + 4.50%(c)(d) N/A(6) 04/2024 — — —— 
SHO Holding I CorporationSenior loan L + 5.23%(b)(c) N/A(6) 04/2024 — — —— 
42,342 42,222 1.637,706 
Total non-controlled/non-affiliate company debt investments$4,237,154 $4,249,853 170.8 %$4,092,602 

See Notes to Consolidated Financial Statements.
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TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Equity Investments (15)(16)
Aerospace & Defense
NTS Technical SystemsCommon Stock N/A N/A N/A 2 $1,506 0.1%$637 
NTS Technical SystemsPreferred stock N/A N/A N/A — 256 —430 
NTS Technical SystemsPreferred stock N/A N/A N/A — 128 —245 
Whitcraft LLCCommon Stock N/A N/A N/A 11 2,285 0.12,598 
4,175 0.23,910 
Auto Components
Polk Acquisition Corp.LP interest N/A N/A N/A 5 314 —26 
Automobiles
Grease Monkey International, LLCLLC units N/A N/A N/A 803 1,304 0.12,457 
Quick Quack Car Wash Holdings, LLCLLC units N/A N/A N/A — 508 —440 
1,812 0.12,897 
Biotechnology
BIO18 Borrower, LLC(17)LLC units N/A N/A N/A 591 1,190 0.11,654 
Building Products
Brooks Equipment Company, LLCCommon Stock N/A N/A N/A 10 1,021 0.12,107 
Chemicals
Inhance Technologies Holdings LLCLLC units N/A N/A N/A — 124 —51 
Commercial Services & Supplies
Hydraulic Authority III Limited(8)(9)(10)Preferred stock N/A N/A N/A 284 384 —341 
Hydraulic Authority III Limited(8)(9)(10)Common Stock N/A N/A N/A 6 43 —— 
427 —341 
Construction & Engineering
Reladyne, Inc.LP units N/A N/A N/A 1 931 —896 
Diversified Consumer Services
EWC Growth Partners LLCLLC interest N/A N/A N/A — 12 —1 
PADI Holdco, Inc.(17)LLC units N/A N/A N/A 1 969 —231 
Spear Education, LLCLLC units N/A N/A N/A — 7 —30 
Spear Education, LLCLLC units N/A N/A N/A 1 1 —25 
989 —287 
Electronic Equipment, Instruments & Components
ES Acquisition LLCLP interest N/A N/A N/A — 15 —26 
Inventus Power, Inc.Preferred stock N/A N/A N/A 1 372 —119 
Inventus Power, Inc.LLC units N/A N/A N/A — 88 —153 
Inventus Power, Inc.Preferred stock N/A N/A N/A — 20 —42 
Inventus Power, Inc.Common Stock N/A N/A N/A 1 — —— 
495 —340 

See Notes to Consolidated Financial Statements.
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TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Food & Staples Retailing
Benihana, Inc.LLC unit N/A N/A N/A 43 $699 —%$55 
Cafe Rio Holding, Inc.Common Stock N/A N/A N/A 5 603 —765 
Captain D's, LLCLLC interest N/A N/A N/A 158 156 —355 
Feeders Supply Company, LLCPreferred stock N/A N/A N/A 4 400 —349 
Feeders Supply Company, LLCLLC units N/A N/A N/A — — —— 
Hopdoddy Holdings, LLCLLC units N/A N/A N/A 44 217 —82 
Hopdoddy Holdings, LLCLLC units N/A N/A N/A 20 61 —23 
Mendocino Farms, LLCCommon Stock N/A N/A N/A 169 770 0.1817 
Rubio's Restaurants, Inc.Preferred stock N/A N/A N/A 2 945 —— 
Ruby Slipper Cafe LLC, TheLLC units N/A N/A N/A 31 373 —72 
Ruby Slipper Cafe LLC, TheLP units N/A N/A N/A 2 20 —12 
Wetzel's Pretzels, LLCCommon Stock N/A N/A N/A — 416 —185 
Wood Fired Holding Corp.LLC units N/A N/A N/A 437 444 —147 
Wood Fired Holding Corp.LLC units N/A N/A N/A 437 — —— 
5,104 0.12,862 
Food Products
C. J. Foods, Inc.Preferred stock N/A N/A N/A — 75 —563 
Global ID CorporationLLC interest N/A N/A N/A 5 603 0.1801 
Purfoods, LLCLLC interest N/A N/A N/A 379 926 0.25,346 
1,604 0.36,710 
Health Care Technology
Connexin Software, Inc.LLC interest N/A N/A N/A 154 192 —206 
Caliper Software, Inc.Preferred stockN/AN/AN/A3 2,734 0.12,954 
Caliper Software, Inc.Common StockN/AN/AN/A221 283 —594 
Caliper Software, Inc.Preferred stockN/AN/AN/A— 37 —47 
HealthcareSource HR, Inc.LLC interest N/A N/A N/A — 621 0.1680 
HSI Halo Acquisition, Inc.Preferred stock N/A N/A N/A — 288 —253 
HSI Halo Acquisition, Inc.Common Stock N/A N/A N/A — — —— 
Kareo, Inc.Warrant N/A N/A N/A 53 162 —9 
Kareo, Inc.Preferred stock N/A N/A N/A 1 8 —12 
Kareo, Inc.Warrant N/A N/A N/A 5 6 —18 
Surgical Information Systems, LLCCommon Stock N/A N/A N/A 4 414 —413 
Verisys CorporationLLC interest N/A N/A N/A 579 712 —354 
5,457 0.25,540 














See Notes to Consolidated Financial Statements.
78
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Healthcare Equipment and Supplies
Aspen Medical Products, LLCCommon Stock N/A N/A N/A — $77 —%$68 
Blue River Pet Care, LLCLLC units N/A N/A N/A — 76 —88 
CMI Parent Inc.LLC units N/A N/A N/A — 240 —245 
CMI Parent Inc.LLC units N/A N/A N/A 2 3 —— 
Flexan, LLCLLC units N/A N/A N/A — 137 —198 
Flexan, LLCLLC interest N/A N/A N/A 1 — —— 
G & H Wire Company, Inc.LLC interest N/A N/A N/A 336 269 —91 
Joerns Healthcare, LLC*Common Stock N/A N/A N/A 432 4,329 0.12,501 
Katena Holdings, Inc.LLC units N/A N/A N/A 1 573 —324 
Lombart Brothers, Inc.Common Stock N/A N/A N/A 1 440 —— 
SLMP, LLCLLC interest N/A N/A N/A 668 789 0.11,296 
6,933 0.24,811 

See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Healthcare Providers and Services
Active Day, Inc.LLC interest N/A N/A N/A 1 $1,099 —%$372 
Acuity Eyecare Holdings, LLCLLC interest N/A N/A N/A 1,158 1,334 0.11,358 
ADCS Clinics Intermediate Holdings, LLCPreferred stock N/A N/A N/A 1 1,119 —589 
ADCS Clinics Intermediate Holdings, LLCCommon Stock N/A N/A N/A 06 —— 
CRH Healthcare Purchaser, Inc.LP interest N/A N/A N/A 429 469 —715 
DCA Investment Holding, LLCLLC units N/A N/A N/A 13,890 1,619 0.11,886 
DCA Investment Holding, LLCLLC units N/A N/A N/A 140 218 —— 
Deca Dental Management LLCLLC units N/A N/A N/A 1,008 1,278 —393 
Encore GC Acquisition, LLCLLC units N/A N/A N/A 26 272 —300 
Encore GC Acquisition, LLCLLC units N/A N/A N/A 26 52 —77 
Encorevet Group LLCPreferred stock N/A N/A N/A — 15 —13 
ERG Buyer, LLCLLC units N/A N/A N/A 1 661 —31 
ERG Buyer, LLCLLC units N/A N/A N/A 8 4 —— 
Eyecare Services Partners Holdings LLCLLC units N/A N/A N/A — 262 —— 
Eyecare Services Partners Holdings LLCLLC units N/A N/A N/A — 1 —— 
IntegraMed America, Inc.LLC interest N/A N/A N/A — 417 —— 
Krueger-Gilbert Health Physics, LLCLLC interest N/A N/A N/A 155 172 —168 
MD Now Holdings, Inc.LLC units N/A N/A N/A 15 153 —169 
Midwest Veterinary Partners, LLCLLC units N/A N/A N/A — 29 —32 
Midwest Veterinary Partners, LLCLLC units N/A N/A N/A 6 — —17 
MWD Management, LLC & MWD Services, Inc.LLC interest N/A N/A N/A 412 335 —300 
Oliver Street Dermatology Holdings, LLCLLC units N/A N/A N/A 452 234 —— 
Pentec Acquisition Sub, Inc.Preferred stock N/A N/A N/A 1 116 —159 
Pinnacle Treatment Centers, Inc.Preferred stock N/A N/A N/A — 528 0.1631 
Pinnacle Treatment Centers, Inc.LLC units N/A N/A N/A 5 74 —390 
Radiology Partners, Inc.LLC units N/A N/A N/A 11 68 —59 
Radiology Partners, Inc.LLC units N/A N/A N/A 43 55 —233 
RXH Buyer CorporationLP interest N/A N/A N/A 11 973 0.11,117 
Sage Dental Management, LLCLLC units N/A N/A N/A — 249 —— 
Sage Dental Management, LLCLLC units N/A N/A N/A 3 3 —— 
SSH CorporationCommon Stock N/A N/A N/A — 40 —118 
Summit Behavioral Healthcare, LLC(17)LLC interest N/A N/A N/A 2 98 —156 
Summit Behavioral Healthcare, LLC(17)LLC interest N/A N/A N/A 2 — —— 
WHCG Management, LLCLLC interest N/A N/A N/A 1 414 —515 
12,367 0.49,798 
Hotels, Restaurants & Leisure
LMP TR Holdings, LLCLLC units N/A N/A N/A 712 712 —97 
SSRG Holdings, LLCLLC units N/A N/A N/A 6 61 —35 
Tropical Smoothie Cafe Holdings, LLC(17)LP units N/A N/A N/A 5 550 —550 
1,323 —682 
See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Household Durables
Groundworks LLCLLC units N/A N/A N/A — $155 —%$206 
Insurance
Captive Resources Midco, LLC(17)LLC units N/A N/A N/A 425 — —432 
MajescoLP units N/A N/A N/A — 264 —264 
MajescoLP units N/A N/A N/A 59 — —— 
Orchid Underwriters Agency, LLCLP interest N/A N/A N/A 92 103 —88 
367 —784 
IT Services
Appriss Holdings, Inc.Preferred stock N/A N/A N/A — 174 —179 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.Preferred stock N/A N/A N/A 587 462 0.11,652 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.Warrant N/A N/A N/A 202 159 —410 
Centrify CorporationLP interest N/A N/A N/A 1 691 —372 
Centrify CorporationLP interest N/A N/A N/A 263 — —— 
Episerver, Inc.LLC units N/A N/A N/A 76 807 —488 
Maverick Bidco Inc.LLC units N/A N/A N/A 2 723 0.1804 
PCS Intermediate II Holdings, LLCLLC units N/A N/A N/A 37 367 —388 
Red Dawn SEI Buyer, Inc.LP interest N/A N/A N/A 13 13 —13 
3,396 0.24,306 
Leisure Products
Massage Envy, LLCLLC interest N/A N/A N/A 749 210 0.11,236 
WBZ Investment LLCLLC interest N/A N/A N/A 68 117 —76 
WBZ Investment LLCLLC interest N/A N/A N/A 46 80 —52 
WBZ Investment LLCLLC interest N/A N/A N/A 38 65 —43 
WBZ Investment LLCLLC interest N/A N/A N/A 33 58 —37 
WBZ Investment LLCLLC interest N/A N/A N/A 14 24 —16 
WBZ Investment LLCLLC interest N/A N/A N/A 1 2 —2 
556 0.11,462 
Life Sciences Tools & Services
Pace Analytical Services, LLCLLC units N/A N/A N/A 6 700 —914 
Oil, Gas and Consumable Fuels
W3 Co.LLC units N/A N/A N/A 3 1,632 0.11,946 
W3 Co.Preferred stock N/A N/A N/A — 224 —242 
1,856 0.12,188 
Pharmaceuticals
BIOVT, LLCLLC units N/A N/A N/A — 1,223 0.11,863 

See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Professional Services
Brandmuscle, Inc.LLC interest N/A N/A N/A — $335 —%$217 
DISA Holdings Acquisition Subsidiary Corp.Common Stock N/A N/A N/A — 154 —290 
Net Health Acquisition Corp.LP interest N/A N/A N/A 13 1,440 0.11,333 
Nexus Brands Group, Inc.LP interest N/A N/A N/A — 547 —459 
Vitalyst, LLCPreferred stock N/A N/A N/A — 61 —45 
Vitalyst, LLCCommon Stock N/A N/A N/A 1 7 —— 
2,544 0.12,344 
Real Estate Management & Development
Property Brands, Inc.LLC units N/A N/A N/A 63 766 —989 
Road & Rail
Internet Truckstop Group LLCLP interest N/A N/A N/A 408 447 —364 
Software
Accela, Inc.LLC units N/A N/A N/A 670418—73
Astute Holdings, Inc.LP interest N/A N/A N/A — 294—531
Calabrio, Inc.Common Stock N/A N/A N/A 26205—344
Cloudbees, Inc.Preferred stock N/A N/A N/A 71466—378
Cloudbees, Inc.Warrant N/A N/A N/A 131247—307
Confluence Technologies, Inc.LLC interest N/A N/A N/A 3412—561
Convercent, Inc.Warrant N/A N/A N/A 32563—140
Digital Guardian, Inc.Preferred stock N/A N/A N/A 356 434 —309
Digital Guardian, Inc.Warrant N/A N/A N/A 122225—211
Digital Guardian, Inc.Preferred stock N/A N/A N/A 74142—128
Digital Guardian, Inc.Preferred stock N/A N/A N/A 67 123 —139
Digital Guardian, Inc.Warrant N/A N/A N/A 1233—50
Diligent Corporation(17)Preferred stock N/A N/A N/A 414 912 0.11,811 
GS Acquisitionco, Inc.LP interest N/A N/A N/A 2291—604
MetricStream, Inc.Warrant N/A N/A N/A 168263—179
mParticle, Inc.Warrant N/A N/A N/A 26 10 92
Namely, Inc.Warrant N/A N/A N/A 1728—27
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBHWarrant N/A N/A N/A 49—24
Personify, Inc.LLC units N/A N/A N/A 6398280.1960
Pride Midco, Inc.Preferred stock N/A N/A N/A 2 2,594 0.12,907 
Project Alpha Intermediate Holding, Inc.Common Stock N/A N/A N/A 1 964 0.11,165 
Project Alpha Intermediate Holding, Inc.Common Stock N/A N/A N/A 202 329 —1,009 
Project Silverback Holdings Corp.Preferred stock N/A N/A N/A 3 6 —— 
RegEd Aquireco, LLCLP interest N/A N/A N/A — 316—154
RegEd Aquireco, LLCLP interest N/A N/A N/A 3 21 —— 
Saturn Borrower Inc.LP units N/A N/A N/A 328 328 —328
SnapLogic, Inc.Preferred stock N/A N/A N/A 278 695 0.11,030 
SnapLogic, Inc.Warrant N/A N/A N/A 69 27 —180
Telesoft Holdings LLCLP interest N/A N/A N/A 6 6 —6
See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Software - (continued)
Vendavo, Inc.Preferred stock N/A N/A N/A 1,017 $1,017 0.1%$1,528 
Workforce Software, LLCCommon Stock N/A N/A N/A — 973—306
Xmatters, Inc. and Alarmpoint, Inc.Preferred stock N/A N/A N/A 4744940.1643
Xmatters, Inc. and Alarmpoint, Inc.Warrant N/A N/A N/A 8464—29
Xmatters, Inc. and Alarmpoint, Inc.Preferred stock N/A N/A N/A 2026—26
13,263 0.716,179 

See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Specialty Retail
2nd Ave. LLCLP interest N/A N/A N/A 653 $653 —%$561 
Batteries Plus Holding CorporationLP interest N/A N/A N/A 10 1,287 0.11,245 
Cycle Gear, Inc.LLC units N/A N/A N/A 27 462—775
DTLR, Inc.LLC interest N/A N/A N/A 44110.11,233 
Imperial Optical Midco Inc.Preferred stock N/A N/A N/A — 122 —123 
Jet Equipment & Tools Ltd.(8)(9)(12)LLC units N/A N/A N/A 1 947 0.11,919 
Paper Source, Inc.Common Stock N/A N/A N/A 8 1,387 —— 
Pet Holdings ULC(8)(12)LP interest N/A N/A N/A 677 483 —221 
Pet Supplies Plus, LLC(17)LLC units N/A N/A N/A 144181—424
PPV Intermediate Holdings II, LLCLLC interest N/A N/A N/A 241 231 —332 
Sola Franchise, LLC and Sola Salon Studios, LLCLLC units N/A N/A N/A 4496—465
Sola Franchise, LLC and Sola Salon Studios, LLCLLC units N/A N/A N/A 1101—88
Southern Veterinary Partners, LLCLLC units N/A N/A N/A 1717—930
Southern Veterinary Partners, LLCLLC units N/A N/A N/A 1481880.11,097 
7,666 0.49,413 
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.LLC units N/A N/A N/A 97604—721
Textiles, Apparel & Luxury Goods
Elite Sportswear, L.P.LLC interest N/A N/A N/A — 165 —— 
Georgica Pine Clothiers, LLC(17)LLC interest N/A N/A N/A 20239—118
Georgica Pine Clothiers, LLC(17)LLC units N/A N/A N/A — — —— 
R.G. Barry CorporationPreferred stock N/A N/A N/A — 161—109
565 —227 
Total non-controlled/non-affiliate company equity investments$78,374 3.4%$84,872 
Total non-controlled/non-affiliate company investments$4,237,154 $4,328,227 174.2%$4,177,474 


















See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Non-controlled/affiliate company investments(18)
Debt investments
Beverages
Uinta Brewing Company(7)One stop L + 4.00%(a) 5.00% 08/2021 $962 $925 —%$210 
Uinta Brewing Company(7)One stop L + 4.00%(a) 5.00% 08/2021 508 503 —376 
1,470 1,428 —586 
Consumer Finance
Paradigm DKD Group, LLC(7)Senior loan L + 6.25%(c) 7.50% 05/2022 3,228 2,103 0.12,449 
Paradigm DKD Group, LLC(5)(7)Senior loan L + 6.25%(c) N/A(6) 05/2022 — (142)—3 
3,228 1,961 0.12,452 
Electronic Equipment, Instruments and Components
Sloan Company, Inc., The(7)One stop L + 8.50%(c) 9.50% 04/2023 4,708 4,074 0.23,483 
Sloan Company, Inc., TheOne stop L + 8.50%(c) 9.50% 04/2023 651 651 —651 
Sloan Company, Inc., The(7)One stop L + 8.50%(c) 9.50% 04/2023 312 272 —231 
5,671 4,997 0.24,365 
Energy, Equipment & Services
Benetech, Inc.+One stop L + 6.00%(a) 7.25% 08/2023 4,044 4,044 0.12,426 
Benetech, Inc.One stop L + 6.00%(a)(f) 7.36% 08/2023 730 730 —246 
4,774 4,774 0.12,672 
Healthcare Providers and Services
Dental Holdings Corporation*#(7)One stop L + 6.00%(c) 7.00% 03/2023 10,661 10,614 0.38,847 
Dental Holdings CorporationOne stop L + 6.00%(a)(c) 7.00% 03/2023 112 112 —112 
Elite Dental Partners LLCOne stop L + 5.25%(c) 2.00% cash/4.25% PIK 06/2023 11,338 11,376 0.510,997 
Elite Dental Partners LLCOne stop L + 5.25% N/A(6) 06/2023 — — —— 
22,111 22,102 0.819,956 
Software
Switchfly LLCOne stop L + 5.00%(c) 6.00% 10/1/2023 5,807 5,641 0.24,762 
Switchfly LLCOne stop L + 5.00%(c) 6.00% 10/1/2023 485 471 —398 
Switchfly LLCOne stop L + 5.00%(b)(c) 6.00% 10/1/2023 3636—30
Switchfly LLC(5)One stop L + 8.50%(c) 9.50% 10/1/2023 2 2 —(21)
6,330 6,150 0.25,169 
Total non-controlled/affiliate debt investments$43,584 $41,412 1.4%$35,200 
Equity Investments(15)(16)
Beverages
Uinta Brewing CompanyCommon Stock N/A N/A N/A 153$17 —%$— 
Consumer Finance
Paradigm DKD Group, LLC+LLC units N/A N/A N/A 354 115 —8 
Paradigm DKD Group, LLC+LLC units N/A N/A N/A 71 — —— 
Paradigm DKD Group, LLC+LLC units N/A N/A N/A 2,004 — —— 
115—8
See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Electronic Equipment, Instruments and Components
Sloan Company, Inc., TheLLC units N/A N/A N/A — $152 —%$— 
Sloan Company, Inc., TheLLC units N/A N/A N/A 2 14 —— 
Sloan Company, Inc., TheLLC units N/A N/A N/A — 40 —— 
206 —— 
Energy, Equipment & Services
Benetech, Inc.LLC interest N/A N/A N/A 59 — —— 
Benetech, Inc.LLC interest N/A N/A N/A 59 — —— 
— —— 
Healthcare Providers and Services
Dental Holdings Corporation*#Common Stock N/A N/A N/A — 390 —361 
Elite Dental Partners LLCPreferred stock N/A N/A N/A — 2,902 0.12,902 
Elite Dental Partners LLCLLC units N/A N/A N/A — 1,250 0.11,250 
Elite Dental Partners LLCLLC units N/A N/A N/A — — —219 
4,542 0.24,732 
Software
Switchfly LLCLLC units N/A N/A N/A 3,418 2,320 0.12,060 
Total non-controlled/affiliate equity investments$7,200 0.3%$6,800 
Total non-controlled/affiliate investments$43,584 $48,612 1.7%$42,000 
Controlled affiliate company investments(19)
Debt Investments
IT Services
MMan Acquisition Co.*(7)One stop N/A 10.00% PIK 08/2023 $22,527 $19,774 0.7%$16,853 
MMan Acquisition Co.(7)One stop L + 8.00% 8.00% PIK 08/2023 1,358 1,358 0.11,358 
23,885 21,132 0.818,211 
Total controlled affiliate debt investments$23,885 $21,132 0.8%$18,211 
Equity Investments(15)(16)
IT Services
MMan Acquisition Co.*+Common stocks N/A N/A N/A — $929 —%$525 
Total controlled affiliate investments$23,885 $22,061 0.8%$18,736 
Total investments$4,304,623 $4,398,900 176.7%$4,238,210 
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)
0.03%(20)
37,205 1.6%37,205 
Total money market funds$37,205 1.6%$37,205 
Total Investments and Money Market Funds$4,436,105 178.3%$4,275,415 

See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

*Denotes that all or a portion of the loan secures the notes offered in the 2018 Debt Securitization (as defined in Note 7).
#Denotes that all or a portion of the loan secures the notes offered in the GCIC 2018 Debt Securitization (as defined in Note 7).
^Denotes that all or a portion of the loan secures the notes offered in the 2020 Debt Securitization (as defined in Note 7).
+Denotes that all or a portion of the loan collateralizes the WF Credit Facility (as defined in Note 7).
!Denotes that all or a portion of the loan collateralizes the DB Credit Facility (as defined in Note 7).
~Denotes that all or a portion of the loan collateralizes the MS Credit Facility II (as defined in Note 7).
(1)The majority of the investments bear interest at a rate that is permitted to be determined by reference to LIBOR denominated in U.S. dollars or GBP, EURIBOR, or Prime which reset daily, monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over LIBOR, EURIBOR or Prime and the weighted average current interest rate in effect as of September 30, 2020. Certain investments are subject to a LIBOR, EURIBOR or Prime interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. Listed below are the index rates as of September 30, 2020, which was the last business day of the period on which LIBOR or EURIBOR was determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of September 30, 2020 , as the loan may have priced or repriced based on an index rate prior to September 30, 2020.
(a) Denotes that all or a portion of the loan was indexed to the 30-day LIBOR, which was 0.15% as of September 30, 2020.
(b) Denotes that all or a portion of the loan was indexed to the 60-day LIBOR, which was 0.19% as of September 30, 2020.
(c) Denotes that all or a portion of the loan was indexed to the 90-day LIBOR, which was 0.23% as of September 30, 2020.
(d) Denotes that all or a portion of the loan was indexed to the 180-day LIBOR, which was 0.26% as of September 30, 2020.
(e) Denotes that all or a portion of the loan was indexed to the 360-day LIBOR, which was 0.36% as of September 30, 2020.
(f) Denotes that all or a portion of the loan was indexed to the Prime rate, which was 3.25% as of September 30, 2020.
(g) Denotes that all or a portion of the loan was indexed to the 90-day EURIBOR, which was -0.50% as of September 30, 2020.
(h) Denotes that all or a portion of the loan was indexed to the 90-day GBP LIBOR, which was 0.06% as of September 30, 2020.
(i) Denotes that all or a portion of the loan was indexed to the 180-day GBP LIBOR, which was 0.09% as of September 30, 2020.
(j) Denotes that all or a portion of the loan was indexed to the Australia Three Month Interbank Rate, which was 0.14%, as of September 30, 2020.
(k) Denotes that all or a portion of the loan was indexed to the 90-day Canadian Bankers Acceptances Rate, which was 0.51%, as of September 30, 2020.
(2)For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of September 30, 2020.
(3)The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.
(4)The fair value of the investment was valued using significant unobservable inputs. See Note 6. Fair Value Measurements.
(5)The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
(6)The entire commitment was unfunded as of September 30, 2020. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.
(7)Loan was on non-accrual status as of September 30, 2020, meaning that the Company has ceased recognizing interest income on the loan.
(8)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company can not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2020, total non-qualifying assets at fair value represented 4.7% of the Company's total assets calculated in accordance with the 1940 Act.
(9)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date or the date of the transaction. See Note 2. Significant Accounting Policies and Recent Accounting Updates - Foreign Currency Transactions.
(10)The headquarters of this portfolio company is located in the United Kingdom.
(11)The headquarters of this portfolio company is located in Australia.
(12)The headquarters of this portfolio company is located in Canada.
(13)The headquarters of this portfolio company is located in Luxembourg.
(14)The headquarters of this portfolio company is located in Andorra.
(15) Equity investments are non-income producing securities unless otherwise noted.
(16) Ownership of certain equity investments occurs through a holding company or partnership.
(17) The Company holds an equity investment that entitles it to receive preferential dividends.
See Notes to Consolidated Financial Statements.
87
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
(18)As defined in the 1940 Act, the Company is deemed to be an “affiliated person"” of the portfolio company as the Company owns five percent or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the year ended September 30, 2020 were as follows:
Portfolio Company
Fair value as of September 30, 2019
Gross Additions(l)
Gross Reductions(m)
Net change in unrealized gain (loss)Net realized gain (loss)Fair value as of September 30, 2020Interest, dividend and fee income
Benetech, Inc.
$3,747 $1,049 $(1,066)$(1,058)$— $2,672 $639 
Dental Holdings Corporation (n)
— 17,771 (4,257)(946)(3,248)9,320 292 
Elite Dental Partners LLC (p)
— 51,406 (30,254)770 (6,554)15,368 1,307 
Paradigm DKD Group, LLC(o)
— 3,371 (1,323)412 — 2,460 (40)
Sloan Company, Inc., The (n)
— 18,483 (11,395)2,067 (4,790)4,365 (11)
Switchfly LLC
7,783 639 (95)(1,098)— 7,229 387 
Uinta Brewing Company
1,045 2,072 (1,762)(769)— 586 2 
Total Non-Controlled Affiliates
$12,575 $94,791 $(50,152)$(622)$(14,592)$42,000 $2,576 

(l)Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(m)Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.
(n)During the three months ended March 31, 2020, the Company's ownership increased to over five percent of the portfolio company's voting securities.
(o)During the three months ended June 30, 2020, the Company's ownership increased to over five percent of the portfolio company's voting securities.
(p)During the three months ended September 30, 2020, the Company's ownership increased to over five percent of the portfolio company's voting securities.
(19)As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” of and “control” this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement) (“controlled affiliate”). Transactions related to investments in controlled affiliates for the year ended September 30, 2020 were as follows:
Portfolio Company
Fair value as of September 30, 2019
Gross Additions(q)
Gross Reductions(r)
Net change in unrealized gain (loss)Net realized gain (loss)Fair value as of September 30, 2020Interest, dividend and fee income
MMan Acquisition Co.(s)
$— $31,433 $(11,842)$(855)$— $18,736 $(86)
Senior Loan Fund LLC(t)
74,386 — (74,838)496 (44)— — 
GCIC Senior Loan Fund LLC(u)
49,258 — (48,613)3,347 (3,992)— 1,905 
Total Controlled Affiliates
$123,644 $31,433 $(135,293)$2,988 $(4,036)$18,736 $1,819 

(q)Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(r)Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reductions in cost basis due to the Purchase Agreement (defined in Note 1), the amortization of premiums and the exchange of one or more existing securities for one or more new.
(s)During the three months ended December 31, 2019, the Company's ownership increased to over twenty-five percent of the portfolio company's voting securities.
(t)Prior to the closing of the transactions contemplated by the Purchase Agreement (defined in Note 1) on January 1, 2020, together with RGA Reinsurance Company ("RGA"(“RGA”), the Company co-investsco-invested through Senior Loan Fund LLC ("SLF"(“SLF”). SLF iswas capitalized as transactions arewere completed and all portfolio and investment decisions in respect to SLF must bewere approved by the SLF investment committee consisting of two representatives of the Company and RGA (with unanimous approval required from (i) one representative of each of the Company and RGA or (ii) both representatives of each of the Company and RGA). Therefore, although the Company ownsowned more than 25% of the voting securities of SLF, the Company doesdid not believe that it hashave sole control over significant actions of SLF for purposes of the 1940 Act or otherwise.
(15)
The Company receives quarterly profit distributions from its equity investment in SLF. See Note 4. Investments.
(16)
The rate shown is the annualized seven-day yield as of December 31, 2017.


See Notes to Consolidated Financial Statements.
23



Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments
September 30, 2017
(In thousands)


 Investment 
Spread
Above
Index(1)
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (16)
Investments              
   
   
   
Non-controlled/non-affiliate company investments             
   
   
   
Debt investments              
   
   
   
Aerospace and Defense              
   
   
   
ILC Dover, LP*^#
One stop L + 9.00%
(a) 
8.24% cash/2.00% PIK 03/2020 $17,617
 $17,521
 1.8
%$17,617
ILC Dover, LPOne stop L + 9.00%
(a)(c) 
8.24% cash/2.00% PIK 03/2019 801
 797
 0.1
 801
NTS Technical Systems*^#
One stop L + 6.25%
(a) 
7.49% 06/2021 21,773
 21,486
 2.3
 21,773
NTS Technical Systems(4)
One stop L + 6.25% 
N/A(5)
 06/2021 —
 (72) —
 —
NTS Technical Systems(4)
One stop L + 6.25% 
N/A(5)
 06/2021 —
 (120) —
 —
Tresys Technology Holdings, Inc.(6)
One stop L + 6.75%
(c) 
8.08% 12/2017 3,899
 3,845
 0.1
 1,170
Tresys Technology Holdings, Inc.(6)
One stop L + 6.75%
(c) 
8.06% 12/2017 659
 658
 0.1
 659
Tronair Parent, Inc.#
Senior loan L + 4.75%
(c)(e) 
6.06% 09/2023 191
 189
 —
 191
Tronair Parent, Inc.Senior loan L + 4.50%
(c) 
5.81% 09/2021 32
 31
 —
 31
Whitcraft LLC*^#
One stop L + 6.25%
(c) 
7.58% 04/2023 12,564
 12,390
 1.3
 12,564
Whitcraft LLCOne stop P + 5.25%
(e) 
9.50% 04/2023 17
 16
 —
 17
Whitcraft LLC(4)
One stop L + 6.25% 
N/A(5)
 04/2023 —
 (5) —
 —
         57,553
 56,736
 5.7
 54,823
Automobile              
   
   
   
Dent Wizard International Corporation*
Senior loan L + 4.75%
(a) 
5.98% 04/2020 4,522
 4,499
 0.5
 4,522
OEConnection LLC*
Senior loan L + 5.00%
(c) 
6.33% 06/2022 4,834
 4,735
 0.5
 4,852
OEConnection LLC^
Senior loan L + 4.75%
(c) 
6.08% 06/2023 2,590
 2,565
 0.3
 2,573
OEConnection LLC(4)
Senior loan L + 5.00% 
N/A(5)
 06/2021 —
 (1) —
 —
T5 Merger Corporation*^
One stop L + 6.25%
(a) 
7.49% 03/2022 4,380
 4,312
 0.4
 4,380
T5 Merger Corporation*
One stop L + 6.25%
(a) 
7.48% 03/2022 190
 188
 —
 190
T5 Merger Corporation*
One stop L + 6.25%
(a) 
7.48% 03/2022 60
 59
 —
 60
T5 Merger CorporationOne stop L + 6.50%
(a) 
7.74% 03/2022 8
 6
 —
 8
          16,584
 16,363
 1.7
 16,585
Banking               
HedgeServ Holding L.P.*#
One stop L + 8.00%
(c) 
7.23% cash/2.00% PIK02/2019 17,182
 17,147
 1.8
 17,182
HedgeServ Holding L.P.(4)
One stop L + 6.00% 
N/A(5)
 02/2019 —
 (3) —
 —
         17,182
 17,144
 1.8
 17,182
Beverage, Food and Tobacco              
   
   
   
Abita Brewing Co., L.L.C.One stop L + 5.75%
(a) 
6.99% 04/2021 7,763
 7,655
 0.8
 7,530
Abita Brewing Co., L.L.C.(4)
One stop L + 5.75% 
N/A(5)
 04/2021 —
 (1) —
 (2)
ABP Corporation*
Senior loan L + 4.75%
(c) 
6.07% 09/2018 4,647
 4,632
 0.5
 4,647
ABP CorporationSenior loan P + 3.50%
(e) 
7.75% 09/2018 334
 332
 —
 334
Benihana, Inc.*^
One stop L + 7.00%
(a)(c) 
8.32% 01/2019 16,099
 15,945
 1.7
 15,951
Benihana, Inc.One stop L + 7.00%
(c)(e) 
9.16% 07/2018 1,726
 1,711
 0.2
 1,706
C. J. Foods, Inc.*^
One stop L + 6.25%
(c) 
7.58% 05/2019 5,205
 5,164
 0.5
 5,205
C. J. Foods, Inc.One stop L + 6.25%
(c) 
7.58% 05/2019 656
 651
 0.1
 656
C. J. Foods, Inc.One stop L + 6.25%
(c) 
7.56% 05/2019 129
 125
 —
 129
Cafe Rio Holding, Inc.*^
One stop L + 5.75%
(c) 
7.08% 09/2023 10,475
 10,294
 1.1
 10,371
Cafe Rio Holding, Inc.(4)
One stop L + 5.75% 
N/A(5)
 09/2023 —
 (2) —
 (1)
Cafe Rio Holding, Inc.(4)
One stop L + 5.75% 
N/A(5)
 09/2023 —
 (5) —
 (3)
Firebirds International, LLC*
One stop L + 5.75%
(c) 
7.06% 05/2018 1,063
 1,058
 0.1
 1,063
Firebirds International, LLC*
One stop L + 5.75%
(c) 
7.06% 05/2018 299
 297
 —
 299
Firebirds International, LLC^
One stop L + 5.75%
(c) 
7.06% 12/2018 96
 95
 —
 96
Firebirds International, LLCOne stop L + 5.75% 
N/A(5)
 12/2018 —
 —
 —
 —

See Notes to Consolidated Financial Statements.
24



Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2017
(In thousands)


 Investment 
Spread
Above
Index(1)
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (16)
Beverage, Food and Tobacco - (continued)               
Firebirds International, LLC(4)
One stop L + 5.75% 
N/A(5)
 05/2018 $—
 $(1) —
%$—
FWR Holding Corporation^
One stop L + 6.00%
(c) 
7.40% 08/2023 5,312
 5,234
 0.6
 5,259
FWR Holding CorporationOne stop L + 6.00%
(a)(c) 
7.28% 08/2023 18
 17
 —
 18
FWR Holding Corporation(4)
One stop L + 6.00% 
N/A(5)
 08/2023 —
 (2) —
 (2)
Global Franchise Group, LLC*
Senior loan L + 5.75%
(c) 
7.07% 12/2019 3,530
 3,496
 0.4
 3,495
Global Franchise Group, LLCSenior loan L + 5.75% 
N/A(5)
 12/2019 —
 —
 —
 —
Hopdoddy Holdings, LLCOne stop L + 8.00%
(a) 
9.24% 08/2020 653
 645
 0.1
 653
Hopdoddy Holdings, LLCOne stop L + 8.00%
(a) 
9.24% 08/2020 266
 265
 —
 266
Hopdoddy Holdings, LLCOne stop L + 8.00% 
N/A(5)
 08/2020 —
 —
 —
 —
Julio & Sons CompanyOne stop L + 5.50% 
N/A(5)
 12/2018 —
 —
 —
 —
Mid-America Pet Food, L.L.C.^
One stop L + 5.50%
(c) 
6.83% 12/2021 5,640
 5,568
 0.6
 5,640
Mid-America Pet Food, L.L.C.(4)
One stop L + 5.50% 
N/A(5)
 12/2021 —
 (1) —
 —
NBC Intermediate, LLC #
Senior loan L + 4.50%
(a) 
5.74% 09/2023 2,288
 2,265
 0.2
 2,265
NBC Intermediate, LLCSenior loan L + 4.50% 
N/A(5)
 09/2023 —
 —
 —
 —
P&P Food Safety US Acquisition, Inc.*
One stop L + 6.50%
(c) 
7.82% 11/2021 4,126
 4,083
 0.4
 4,126
P&P Food Safety US Acquisition, Inc.One stop P + 5.25%
(e) 
9.50% 11/2021 13
 13
 —
 13
Purfoods, LLCOne stop L + 6.25%
(c) 
7.57% 05/2021 8,561
 8,407
 0.9
 8,561
Purfoods, LLCOne stop N/A 7.00% PIK 05/2026 109
 109
 —
 112
Purfoods, LLCOne stop L + 6.25%
(a)(c) 
7.55% 05/2021 70
 69
 —
 70
Purfoods, LLCOne stop L + 6.25%
(c) 
7.58% 05/2021 15
 15
 —
 15
Purfoods, LLCOne stop L + 6.25%
(a) 
7.49% 05/2021 15
 15
 —
 15
Purfoods, LLCOne stop L + 6.25%
(c) 
7.58% 05/2021 14
 14
 —
 14
Purfoods, LLCOne stop L + 6.25%
(c) 
7.58% 05/2021 11
 11
 —
 11
Purfoods, LLCOne stop L + 6.25%
(c) 
7.58% 05/2021 10
 10
 —
 10
Restaurant Holding Company, LLC#
Senior loan L + 7.75%
(a) 
8.99% 02/2019 4,469
 4,455
 0.4
 4,246
Rubio's Restaurants, Inc.*^
Senior loan L + 4.75%
(c) 
6.07% 11/2018 8,828
 8,807
 0.9
 8,828
Smashburger Finance LLCSenior loan L + 5.50%
(c) 
6.83% 05/2018 79
 79
 —
 69
Smashburger Finance LLC(4)
Senior loan L + 5.50% 
N/A(5)
 05/2018 —
 (1) —
 —
Surfside Coffee Company LLC#c
One stop L + 5.25%
(c) 
6.58% 06/2020 4,436
 4,411
 0.5
 4,436
Surfside Coffee Company LLCOne stop L + 5.25%
(c) 
6.58% 06/2020 335
 334
 —
 335
Surfside Coffee Company LLCOne stop L + 5.25%
(c) 
6.57% 06/2020 30
 30
 —
 30
Tate's Bake Shop, Inc.^
Senior loan L + 5.00%
(c) 
6.33% 08/2019 591
 588
 0.1
 591
Uinta Brewing Company^
One stop L + 8.50%
(a) 
9.74% 08/2019 3,734
 3,720
 0.4
 3,622
Uinta Brewing CompanyOne stop L + 8.50%
(a) 
9.74% 08/2019 539
 535
 0.1
 517
         102,184
 101,141
 10.6
 101,196
Broadcasting and Entertainment               
TouchTunes Interactive Networks, Inc.^
Senior loan L + 4.75%
(a) 
5.99% 05/2021 1,462
 1,458
 0.2
 1,469
         

 

 

 

Building and Real Estate               
Brooks Equipment Company, LLC*^
One stop L + 5.00%
(b)(c) 
6.32% 08/2020 21,846
 21,687
 2.3
 21,846
Brooks Equipment Company, LLC*
One stop L + 5.00%
(c) 
6.32% 08/2020 5,400
 5,366
 0.6
 5,400
Brooks Equipment Company, LLCOne stop L + 5.00%
(a) 
6.24% 08/2020 890
 880
 0.1
 890
Jensen Hughes, Inc.#
Senior loan L + 5.00%
(d) 
6.45% 12/2021 153
 152
 —
 153
MRI Software LLC^
One stop L + 6.00%
(c) 
7.33% 06/2023 23,923
 23,312
 2.5
 23,683
MRI Software LLC#
One stop L + 6.00%
(c) 
7.33% 06/2023 13,883
 13,744
 1.4
 13,744
MRI Software LLCOne stop L + 6.00%
(c) 
7.32% 06/2023 167
 165
 —
 165
MRI Software LLC(4)
One stop L + 6.00% 
N/A(5)
 06/2023 —
 (3) —
 (2)

See Notes to Consolidated Financial Statements.
25



Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2017
(In thousands)


 Investment 
Spread
Above
Index(1)
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (16)
Building and Real Estate - (continued)               
MRI Software LLC(4)
One stop L + 6.00%
(c) 
N/A(5)
 06/2023 $—
 $(7) $—
%$(5)
         66,262
 65,296
 6.9
 65,874
Chemicals, Plastics and Rubber              
   
   
   
Flexan, LLC*
One stop L + 5.75%
(c) 
7.08% 02/2020 2,333
 2,316
 0.2
 2,333
Flexan, LLCOne stop P + 4.50%
(e) 
8.75% 02/2020 2
 1
 —
 2
         2,335
 2,317
 0.2
 2,335
Diversified/Conglomerate Manufacturing              
   
   
   
Chase Industries, Inc.*^#
One stop L + 5.75%
(c) 
7.05% 09/2020 31,371
 31,164
 3.3
 31,371
Chase Industries, Inc.#
One stop L + 5.75%
(c) 
7.05% 09/2020 4,771
 4,747
 0.5
 4,771
Chase Industries, Inc.One stop L + 5.75%
(a) 
6.99% 09/2020 324
 313
 —
 324
Inventus Power, Inc.*^
One stop L + 6.50%
(a) 
7.74% 04/2020 8,140
 8,098
 0.7
 7,326
Inventus Power, Inc.One stop L + 6.50%
(a) 
7.74% 04/2020 251
 248
 —
 198
Onicon Incorporated*^#
One stop L + 6.00%
(c) 
7.33% 04/2020 12,878
 12,782
 1.3
 12,878
Onicon Incorporated(4)
One stop L + 6.00% 
N/A(5)
 04/2020 —
 (4) —
 —
PetroChoice Holdings, Inc.^
Senior loan L + 5.00%
(b) 
6.28% 08/2022 1,750
 1,709
 0.2
 1,750
Plex Systems, Inc.*^
One stop L + 7.50%
(d) 
8.96% 06/2020 18,797
 18,527
 2.0
 18,797
Plex Systems, Inc.(4)
One stop L + 7.50% 
N/A(5)
 06/2020 —
 (22) —
 —
Reladyne, Inc.*^#
Senior loan L + 5.00%
(a) 
6.24% 07/2022 17,049
 16,812
 1.8
 16,879
Reladyne, Inc.(4)
Senior loan L + 5.00% 
N/A(5)
 07/2022 —
 (2) —
 (2)
Reladyne, Inc.(4)
Senior loan L + 5.00% 
N/A(5)
 07/2022 —
 (5) —
 (5)
Sunless Merger Sub, Inc.#
Senior loan L + 5.00%
(a)(e) 
6.27% 07/2019 1,457
 1,463
 0.2
 1,457
Sunless Merger Sub, Inc.Senior loan P + 3.75%
(e) 
8.00% 07/2019 326
 326
 —
 326
          97,114
 96,156
 10.0
 96,070
Diversified/Conglomerate Service              
   
   
   
Accela, Inc.#
One stop L + 6.25%
(c) 
7.58% 09/2023 5,842
 5,754
 0.6
 5,783
Accela, Inc.One stop P + 5.25%
(e) 
9.50% 09/2023 1
 —
 —
 1
Actiance, Inc.*^
One stop L + 9.00%
(a) 
10.24% 10/2019 3,962
 3,862
 0.4
 3,962
Actiance, Inc.One stop L + 9.00%
(a) 
10.24% 10/2019 20
 20
 —
 20
Agility Recovery Solutions Inc.*^
One stop L + 6.50%
(c) 
7.81% 03/2020 13,924
 13,823
 1.4
 13,924
Agility Recovery Solutions Inc.(4)
One stop L + 6.50% 
N/A(5)
 03/2020 —
 (4) —
 —
Anaqua, Inc.#
One stop L + 6.50%
(c) 
7.81% 07/2022 7,018
 6,917
 0.7
 6,948
Anaqua, Inc.(4)
One stop L + 6.50% 
N/A(5)
 07/2022 —
 (1) —
 (1)
Bomgar Corporation^
One stop L + 7.50%
(c) 
8.83% 06/2022 4,839
 4,762
 0.5
 4,839
Bomgar Corporation(4)
One stop L + 7.50% 
N/A(5)
 06/2022 —
 (2) —
 —
Clearwater Analytics, LLC*^
One stop L + 7.50%
(a) 
8.74% 09/2022 9,594
 9,451
 1.0
 9,594
Clearwater Analytics, LLCOne stop L + 7.50%
(a) 
8.74% 09/2022 9
 8
 —
 9
Daxko Acquisition Corporation*^
One stop L + 6.50%
(a) 
7.74% 09/2022 8,472
 8,366
 0.9
 8,472
Daxko Acquisition CorporationOne stop L + 6.50% 
N/A(5)
 09/2022 —
 —
 —
 —
EGD Security Systems, LLCOne stop L + 6.25%
(c) 
7.55% 06/2022 11,114
 10,918
 1.1
 11,114
EGD Security Systems, LLC^
One stop L + 6.25%
(a) 
7.49% 06/2022 98
 97
 —
 98
EGD Security Systems, LLCOne stop L + 6.25%
(a)(c) 
7.55% 06/2022 35
 34
 —
 35
EGD Security Systems, LLC(4)
One stop L + 6.25% 
N/A(5)
 06/2022 —
 (1) —
 —
HealthcareSource HR, Inc.*
One stop L + 6.75%
(c) 
8.08% 05/2020 20,719
 20,439
 2.1
 20,719
HealthcareSource HR, Inc.(4)
One stop L + 6.75% 
N/A(5)
 05/2020 —
 (1) —
 —
Host Analytics, Inc.One stop N/A 8.50% cash/2.25% PIK 08/2021 3,098
 3,055
 0.3
 3,098
Host Analytics, Inc.One stop N/A 8.50% cash/2.25% PIK 08/2021 2,597
 2,470
 0.3
 2,597
Host Analytics, Inc.(4)
One stop N/A 
N/A(5)
 08/2021 —
 (7) —
 —

See Notes to Consolidated Financial Statements.
26



Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2017
(In thousands)


 Investment 
Spread
Above
Index(1)
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (16)
Diversified/Conglomerate Service - (continued)              
III US Holdings, LLC(4)
One stop L + 6.50% 
N/A(5)
 09/2022 $—
 $(1) $—
%$—
Integration Appliance, Inc.*^
One stop L + 8.25%
(c) 
9.57% 09/2020 16,123
 16,020
 1.7
 16,123
Integration Appliance, Inc.One stop L + 8.25%
(c) 
9.57% 09/2020 7,914
 7,806
 0.8
 7,914
Integration Appliance, Inc.One stop L + 8.25%
(c) 
9.57% 09/2020 5,396
 5,329
 0.6
 5,396
Integration Appliance, Inc.One stop L + 8.25%
(c) 
9.57% 09/2020 2,484
 2,462
 0.3
 2,484
Integration Appliance, Inc.One stop L + 8.25%
(c) 
9.57% 09/2020 924
 917
 0.1
 924
Integration Appliance, Inc.*
One stop L + 8.25%
(c) 
9.57% 09/2020 719
 712
 0.1
 719
Maverick Bidco Inc.*#
One stop L + 6.25%
(c) 
7.56% 04/2023 17,645
 17,311
 1.8
 17,645
Maverick Bidco Inc.One stop L + 6.25%
(c) 
7.57% 04/2023 27
 25
 —
 27
Maverick Bidco Inc.(4)
One stop L + 6.25% 
N/A(5)
 04/2023 —
 (2) —
 —
MMan Acquisition Co.#
One stop L + 6.00%
(b) 
7.26% 08/2023 9,824
 9,680
 1.0
 9,726
MMan Acquisition Co.One stop L + 6.00%
(c) 
7.33% 08/2023 10
 9
 —
 9
Netsmart Technologies, Inc.#
Senior loan L + 4.50%
(c) 
5.83% 04/2023 1,755
 1,740
 0.2
 1,779
Netsmart Technologies, Inc.(4)
Senior loan L + 4.75% 
N/A(5)
 04/2023 —
 (8) —
 —
PT Intermediate Holdings III, LLCOne stop L + 6.50%
(a) 
7.74% 06/2022 22,028
 21,594
 2.3
 22,028
PT Intermediate Holdings III, LLC*
One stop L + 6.50%
(a) 
7.74% 06/2022 2,177
 2,157
 0.2
 2,177
PT Intermediate Holdings III, LLCOne stop L + 6.50%
(a)(e) 
7.90% 06/2022 200
 197
 —
 200
Saba Software, Inc.#
One stop L + 5.50%
(a) 
6.74% 05/2023 20,297
 19,967
 2.1
 20,297
Saba Software, Inc.(4)
One stop L + 5.50% 
N/A(5)
 05/2023 —
 (2) —
 —
Saldon Holdings, Inc. *
Senior loan L + 4.50%
(a)(b) 
5.77% 09/2022 803
 793
 0.1
 793
Secure-24, LLC*^
One stop L + 5.00%
(c) 
6.33% 08/2019 21,653
 21,479
 2.3
 21,653
Secure-24, LLC(4)
One stop L + 5.00% 
N/A(5)
 08/2019 —
 (4) —
 —
Severin Acquisition, LLC^
Senior loan L + 5.38%
(a) 
6.62% 07/2021 883
 873
 0.1
 898
Severin Acquisition, LLC^
Senior loan L + 5.00%
(a) 
6.24% 07/2021 786
 778
 0.1
 789
Severin Acquisition, LLC^
Senior loan L + 5.38%
(a) 
6.62% 07/2021 601
 594
 0.1
 611
Severin Acquisition, LLC^
Senior loan L + 4.88%
(a) 
6.12% 07/2021 194
 192
 —
 194
Switchfly, Inc.One stop L + 10.00%
(c) 
9.80% cash/1.50% PIK 04/2020 2,398
 2,296
 0.3
 2,398
Switchfly, Inc.One stop L + 10.00% 
N/A(5)
 04/2020 —
 —
 —
 —
Telesoft, LLC#
One stop L + 5.50%
(c) 
6.81% 07/2022 4,192
 4,152
 0.4
 4,150
Telesoft, LLC(4)
One stop L + 5.50% 
N/A(5)
 07/2022 —
 (1) —
 (1)
Trintech, Inc.*^#
One stop L + 6.00%
(c) 
7.31% 10/2021 12,096
 11,987
 1.3
 12,096
Trintech, Inc.One stop L + 6.00% 
N/A(5)
 10/2021 —
 —
 —
 —
Vendavo, Inc.One stop L + 8.50%
(c) 
9.80% 10/2019 17,982
 17,804
 1.9
 17,982
Vendavo, Inc.(4)
One stop L + 8.50% 
N/A(5)
 10/2019 —
 (6) —
 —
Vendor Credentialing Service LLC^
One stop L + 6.00%
(a) 
7.24% 11/2021 12,239
 12,018
 1.3
 12,239
Vendor Credentialing Service LLC(4)
One stop L + 6.00% 
N/A(5)
 11/2021 —
 (1) —
 —
Verisys Corporation*
One stop L + 6.75%
(c) 
8.08% 01/2023 3,926
 3,873
 0.4
 3,926
Verisys Corporation(4)
One stop L + 6.75% 
N/A(5)
 01/2023 —
 (1) —
 —
Workforce Software, LLC^
One stop L + 10.50%
(c) 
4.80% cash/7.00% PIK 06/2021 5,343
 5,315
 0.6
 5,343
Workforce Software, LLCOne stop L + 10.50%
(c) 
4.80% cash/7.00% PIK 06/2021 50
 50
 —
 50
Xmatters, Inc. and Alarmpoint, Inc.One stop L + 9.25%
(a) 
9.74% cash/0.75% PIK 08/2021 4,874
 4,803
 0.5
 4,874
Xmatters, Inc. and Alarmpoint, Inc.One stop L + 9.25%
(a) 
9.74% cash/0.75% PIK 08/2021 20
 20
 —
 20
          286,905
 282,887
 29.9
 286,675
Ecological               
Pace Analytical Services, LLCOne stop L + 6.00%
(a) 
7.24% 09/2022 15,345
 14,994
 1.6
 15,345
Pace Analytical Services, LLC^
One stop L + 6.00%
(a) 
7.24% 09/2022 1,427
 1,406
 0.2
 1,427
Pace Analytical Services, LLCOne stop L + 6.00%
(a) 
7.24% 09/2022 349
 344
 —
 349

See Notes to Consolidated Financial Statements.
27



Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2017
(In thousands)


 Investment 
Spread
Above
Index(1)
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (16)
Ecological - (continued)               
Pace Analytical Services, LLCOne stop L + 6.00%
(a) 
7.24% 09/2022 $25
 $24
 $—
%$25
Pace Analytical Services, LLC(4)
One stop L + 6.00% 
N/A(5)
 09/2022 —
 (5) —
 —
WRE Holding Corp.#
Senior loan L + 4.75%
(a) 
5.99% 01/2023 1,019
 1,008
 0.1
 1,019
WRE Holding Corp.Senior loan L + 4.75%
(a)(c) 
6.00% 01/2023 7
 7
 —
 7
WRE Holding Corp.Senior loan L + 4.75% 
N/A(5)
 01/2023 —
 —
 —
 —
WRE Holding Corp.(4)
Senior loan L + 4.75% 
N/A(5)
 01/2023 —
 (1) —
 —
         18,172
 17,777
 1.9
 18,172
Electronics              
   
   
   
Appriss Holdings, Inc.*^
Senior loan L + 5.25%
(c) 
6.58% 11/2020 15,295
 15,157
 1.6
 15,295
Appriss Holdings, Inc.Senior loan L + 5.25%
(b) 
6.53% 11/2020 1,892
 1,869
 0.2
 1,892
Compusearch Software Holdings, Inc.^
Senior loan L + 4.25%
(c) 
5.58% 05/2021 1,735
 1,733
 0.2
 1,735
Diligent Corporation#
One stop L + 6.25%
(c) 
7.58% 04/2022 4,928
 4,860
 0.5
 4,928
Diligent Corporation*
One stop L + 6.25%
(c) 
7.58% 04/2022 4,839
 4,735
 0.5
 4,839
Diligent Corporation*^
One stop L + 6.25%
(c) 
7.58% 04/2022 2,648
 2,609
 0.3
 2,648
Diligent Corporation(4)
One stop L + 6.25% 
N/A(5)
 04/2022 —
 (2) —
 —
Gamma Technologies, LLC^
One stop L + 4.75%
(a) 
5.99% 06/2021 7,555
 7,508
 0.8
 7,555
Gamma Technologies, LLC(4)
One stop L + 5.00% 
N/A(5)
 06/2021 —
 (1) —
 —
LD Intermediate Holdings, Inc.*^
Senior loan L + 5.88%
(c) 
7.19% 12/2022 2,540
 2,362
 0.2
 2,390
Park Place Technologies LLC*^
Senior loan L + 5.00%
(c) 
6.33% 06/2022 15,751
 15,587
 1.6
 15,594
Park Place Technologies LLC(4)
One stop L + 5.00% 
N/A(5)
 06/2022 —
 (2) —
 (2)
Sloan Company, Inc., The#
One stop L + 7.25%
(c) 
8.58% 04/2020 7,437
 7,364
 0.7
 7,065
Sloan Company, Inc., TheOne stop L + 7.25%
(c) 
8.57% 04/2020 33
 32
 —
 30
Sovos Compliance*^
One stop L + 6.00%
(a) 
7.24% 03/2022 9,328
 9,186
 1.0
 9,235
Sovos Compliance(4)
One stop L + 6.00% 
N/A(5)
 03/2022 —
 (2) —
 (1)
Sovos Compliance Formerly Taxware, LLC^
One stop L + 6.00%
(a) 
7.24% 03/2022 1,569
 1,546
 0.2
 1,553
Sovos Compliance Formerly Taxware, LLCOne stop L + 6.00% 
N/A(5)
 03/2022 —
 —
 —
 —
Watchfire Enterprises, Inc.Second Lien L + 8.00%
(c) 
9.33% 10/2021 9,434
 9,306
 1.0
 9,434
         84,984
 83,847
 8.8
 84,190
Grocery               
MyWebGrocer, Inc.*
One stop L + 8.75%
(a) 
10.00% 10/2017 14,271
 14,265
 1.5
 14,271
                
Healthcare, Education and Childcare              
   
   
   
Active Day, Inc.One stop L + 6.00%
(a) 
7.24% 12/2021 13,401
 13,145
 1.4
 13,401
Active Day, Inc.^
One stop L + 6.00%
(a) 
7.24% 12/2021 1,034
 1,021
 0.1
 1,034
Active Day, Inc.One stop L + 6.00%
(a) 
7.24% 12/2021 666
 660
 0.1
 666
Active Day, Inc.One stop L + 6.00%
(a) 
7.24% 12/2021 460
 455
 —
 460
Active Day, Inc.(4)
One stop L + 6.00% 
N/A(5)
 12/2021 —
 (1) —
 —
Active Day, Inc.(4)
One stop L + 6.00% 
N/A(5)
 12/2021 —
 (3) —
 —
Acuity Eyecare Holdings, LLCOne stop L + 6.75%
(b)(c) 
8.04% 03/2022 3,614
 3,533
 0.4
 3,614
Acuity Eyecare Holdings, LLCOne stop L + 6.75%
(c) 
8.06% 03/2022 38
 36
 —
 38
Acuity Eyecare Holdings, LLC(4)
One stop L + 6.75% 
N/A(5)
 03/2022 —
 (1) —
 —
ADCS Clinics Intermediate Holdings, LLCOne stop L + 5.75%
(c) 
7.08% 05/2022 21,281
 20,788
 2.2
 20,855
ADCS Clinics Intermediate Holdings, LLC*
One stop L + 5.75%
(c) 
7.08% 05/2022 108
 107
 —
 106
ADCS Clinics Intermediate Holdings, LLCOne stop P + 4.75%
(e) 
9.00% 05/2022 95
 93
 —
 93
ADCS Clinics Intermediate Holdings, LLC*
One stop L + 5.75%
(c) 
7.08% 05/2022 32
 31
 —
 31
ADCS Clinics Intermediate Holdings, LLCOne stop P + 4.75%
(e) 
9.00% 05/2022 5
 2
 —
 5
Agilitas USA, Inc.#
One stop L + 6.00%
(c) 
7.30% 04/2022 8,439
 8,362
 0.9
 8,439

See Notes to Consolidated Financial Statements.
28



Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2017
(In thousands)


 Investment 
Spread
Above
Index(1)
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (16)
Healthcare, Education and Childcare - (continued)              
Agilitas USA, Inc.One stop L + 6.00%
(c) 
7.30% 04/2022 $10
 $9
 $—
%$10
Agilitas USA, Inc.(4)
One stop L + 6.00% 
N/A(5)
 04/2022 —
 (1) —
 —
Aris Teleradiology Company, LLC*
Senior loan L + 5.50%
(c) 
6.83% 03/2021 2,699
 2,679
 0.2
 2,322
Aris Teleradiology Company, LLCSenior loan L + 5.50%
(c) 
6.81% 03/2021 25
 25
 —
 21
Avalign Technologies, Inc.^
Senior loan L + 4.50%
(a) 
5.74% 07/2021 1,442
 1,437
 0.2
 1,438
BIORECLAMATIONIVT, LLC*^#
One stop L + 5.75%
(a) 
6.99% 01/2021 15,764
 15,586
 1.7
 15,764
BIORECLAMATIONIVT, LLCOne stop P + 4.75%
(e) 
9.00% 01/2021 55
 54
 —
 55
California Cryobank, LLC^
One stop L + 5.50%
(c) 
6.83% 08/2019 1,479
 1,473
 0.2
 1,479
California Cryobank, LLC^
One stop L + 5.50%
(c) 
6.83% 08/2019 567
 561
 0.1
 567
California Cryobank, LLC^
One stop L + 5.50%
(c) 
6.83% 08/2019 189
 189
 —
 189
California Cryobank, LLC(4)
One stop L + 5.50% 
N/A(5)
 08/2019 —
 (1) —
 —
CLP Healthcare Services, Inc.^
Senior loan L + 5.25%
(c) 
6.58% 12/2020 3,924
 3,897
 0.4
 3,846
Curo Health Services LLC#
Senior loan L + 4.00%
(b)(c) 
5.31% 02/2022 3,273
 3,261
 0.3
 3,283
DCA Investment Holding, LLC*^#
One stop L + 5.25%
(c) 
6.58% 07/2021 18,776
 18,515
 2.0
 18,776
DCA Investment Holding, LLC*^#
One stop L + 5.25%
(c) 
6.58% 07/2021 13,467
 13,355
 1.4
 13,467
DCA Investment Holding, LLC#
One stop L + 5.25%
(c) 
6.58% 07/2021 2,475
 2,436
 0.3
 2,475
DCA Investment Holding, LLCOne stop P + 4.25%
(e) 
8.50% 07/2021 657
 645
 0.1
 657
DCA Investment Holding, LLC(4)
One stop L + 5.25% 
N/A(5)
 07/2021 —
 (3) —
 —
Deca Dental Management LLC*^
One stop L + 6.25%
(c) 
7.58% 07/2020 4,086
 4,052
 0.4
 4,086
Deca Dental Management LLCOne stop L + 6.25%
(a)(c) 
7.57% 07/2020 497
 493
 0.1
 497
Deca Dental Management LLCOne stop L + 6.25%
(a) 
7.49% 07/2020 50
 50
 —
 50
Deca Dental Management LLC(4)
One stop L + 6.25% 
N/A(5)
 07/2020 —
 (2) —
 —
Delta Educational Systems*(6)
Senior loan P + 6.75%
(e) 
9.00% cash/2.00% PIK 12/2018 1,438
 1,433
 —
 —
Delta Educational Systems(4)(6)
Senior loan L + 6.00% 
N/A(5)
 12/2018 —
 —
 —
 (60)
Dental Holdings CorporationOne stop L + 5.50%
(c) 
6.81% 02/2020 7,436
 7,339
 0.8
 7,287
Dental Holdings CorporationOne stop L + 5.50%
(b) 
6.78% 02/2020 1,133
 1,121
 0.1
 1,110
Dental Holdings CorporationOne stop L + 5.50%
(c) 
6.82% 02/2020 220
 211
 —
 198
eSolutions, Inc.*^
One stop L + 6.50%
(a) 
7.74% 03/2022 20,091
 19,787
 2.1
 20,091
eSolutions, Inc.(4)
One stop L + 6.50% 
N/A(5)
 03/2022 —
 (1) —
 —
Excelligence Learning Corporation^
One stop L + 6.00%
(a) 
7.24% 04/2023 4,854
 4,809
 0.5
 4,854
Eyecare Services Partners Holdings LLCOne stop L + 6.25%
(c) 
7.58% 05/2023 8,006
 7,800
 0.8
 8,006
Eyecare Services Partners Holdings LLCOne stop P + 5.25%
(e) 
9.50% 05/2023 17
 14
 —
 17
Eyecare Services Partners Holdings LLC(4)
One stop L + 6.25% 
N/A(5)
 05/2023 —
 (4) —
 —
Eyecare Services Partners Holdings LLC(4)
One stop L + 6.25% 
N/A(5)
 05/2023 —
 (5) —
 —
G & H Wire Company, Inc.#
One stop L + 5.50%
(c) 
6.81% 09/2023 5,642
 5,572
 0.6
 5,585
G & H Wire Company, Inc.(4)
One stop L + 5.50% 
N/A(5)
 09/2023 —
 (1) —
 (1)
Immucor, Inc. #
Senior loan L + 5.00%
(a) 
6.24% 06/2021 1,613
 1,592
 0.2
 1,639
Joerns Healthcare, LLC*^
One stop L + 6.50%
(c) 
7.82% 05/2020 3,497
 3,462
 0.3
 3,281
Kareo, Inc.One stop L + 9.00%
(b) 
10.27% 06/2022 4,518
 4,303
 0.5
 4,518
Kareo, Inc.One stop L + 9.00% 
N/A(5)
 06/2022 —
 —
 —
 —
Katena Holdings, Inc.^
One stop L + 6.25%
(c) 
7.58% 06/2021 8,611
 8,555
 0.9
 8,439
Katena Holdings, Inc.^
One stop L + 6.25%
(c) 
7.58% 06/2021 841
 836
 0.1
 824
Katena Holdings, Inc.One stop P + 5.25%
(e) 
9.50% 06/2021 64
 63
 —
 62
Lombart Brothers, Inc.#
One stop L + 6.75%
(c) 
8.08% 04/2022 3,631
 3,548
 0.4
 3,631
Lombart Brothers, Inc.#(7)
One stop L + 6.75%
(c) 
8.08% 04/2022 1,664
 1,639
 0.2
 1,664
Lombart Brothers, Inc.One stop P + 5.50%
(e) 
9.75% 04/2022 36
 35
 —
 36
Lombart Brothers, Inc.(7)
One stop L + 6.75% 
N/A(5)
 04/2022 —
 —
 —
 —

See Notes to Consolidated Financial Statements.
29



Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2017
(In thousands)


 Investment 
Spread
Above
Index(1)
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (16)
Healthcare, Education and Childcare - (continued)              
Maverick Healthcare Group, LLC*
Senior loan L + 7.50%
(a) 
7.25% cash/2.00% PIK 12/2017 $1,959
 $1,959
 $0.2
%$1,900
Maverick Healthcare Group, LLCSenior loan P + 6.50%
(e) 
5.25% cash/5.50% PIK 12/2017 82
 82
 —
 82
MWD Management, LLC & MWD Services, Inc.#
One stop L + 5.25%
(c) 
6.58% 06/2023 5,925
 5,854
 0.6
 5,925
MWD Management, LLC & MWD Services, Inc.(4)
One stop L + 5.25% 
N/A(5)
 06/2022 —
 (1) —
 —
MWD Management, LLC & MWD Services, Inc.(4)
One stop L + 5.25% 
N/A(5)
 06/2023 —
 (2) —
 —
Oliver Street Dermatology Holdings, LLCOne stop L + 6.50%
(c) 
7.83% 05/2022 9,434
 9,226
 1.0
 9,434
Oliver Street Dermatology Holdings, LLCOne stop L + 6.50%
(c) 
7.83% 05/2022 952
 938
 0.1
 952
Oliver Street Dermatology Holdings, LLCOne stop L + 6.50%
(a)(b)(c) 
7.78% 05/2022 201
 199
 —
 201
Oliver Street Dermatology Holdings, LLCOne stop L + 6.50%
(c) 
7.81% 05/2022 46
 45
 —
 46
Oliver Street Dermatology Holdings, LLC*
One stop L + 6.50%
(c) 
7.83% 05/2022 42
 41
 —
 42
Oliver Street Dermatology Holdings, LLCOne stop L + 6.50%
(c) 
7.83% 05/2022 33
 32
 —
 33
Oliver Street Dermatology Holdings, LLCOne stop L + 6.50%
(c) 
7.83% 05/2022 30
 30
 —
 30
Oliver Street Dermatology Holdings, LLC(4)
One stop L + 6.50% 
N/A(5)
 05/2022 —
 (1) —
 —
Oliver Street Dermatology Holdings, LLC(4)
One stop L + 6.50% 
N/A(5)
 05/2022 —
 (1) —
 —
Pinnacle Treatment Centers, Inc.One stop L + 6.25%
(b) 
7.53% 08/2021 9,980
 9,768
 1.0
 9,980
Pinnacle Treatment Centers, Inc.One stop P + 5.00%
(e) 
9.25% 08/2021 30
 29
 —
 30
Pinnacle Treatment Centers, Inc.(4)
One stop L + 6.25% 
N/A(5)
 08/2021 —
 (2) —
 —
PPT Management Holdings, LLC^
One stop L + 6.00%
(c) 
7.33% 12/2022 10,223
 10,022
 1.0
 10,018
PPT Management Holdings, LLCOne stop L + 6.00%
(c) 
7.33% 12/2022 135
 132
 —
 132
PPT Management Holdings, LLCOne stop L + 6.00%
(a) 
7.24% 12/2022 50
 46
 —
 46
Premise Health Holding Corp.*^#
One stop L + 4.50%
(c) 
5.83% 06/2020 14,812
 14,753
 1.5
 14,812
Premise Health Holding Corp.(4)
One stop L + 4.50% 
N/A(5)
 06/2020 —
 (12) —
 —
Pyramid Healthcare, Inc.One stop L + 6.50%
(a) 
7.74% 08/2019 150
 148
 —
 150
Radiology Partners, Inc.^#
One stop L + 5.75%
(c) 
7.08% 09/2020 22,345
 22,111
 2.3
 22,345
Radiology Partners, Inc.One stop L + 5.75%
(c) 
7.08% 09/2020 925
 909
 0.1
 925
Radiology Partners, Inc.One stop L + 5.75%
(c) 
7.08% 09/2020 701
 700
 0.1
 701
Radiology Partners, Inc.(4)
One stop L + 5.75% 
N/A(5)
 09/2020 —
 (4) —
 —
Reliant Pro ReHab, LLC*
Senior loan L + 5.00%
(c) 
6.33% 12/2017 2,474
 2,472
 0.3
 2,474
Reliant Pro ReHab, LLCSenior loan P + 4.00%
(e) 
8.25% 12/2017 352
 351
 —
 352
Riverchase MSO, LLC#
Senior loan L + 5.25%
(c) 
6.58% 10/2022 4,981
 4,917
 0.5
 4,981
Riverchase MSO, LLCSenior loan L + 5.25%
(c) 
6.58% 10/2022 28
 27
 —
 28
RXH Buyer Corporation*^
One stop L + 5.75%
(c) 
7.08% 09/2021 17,259
 17,032
 1.8
 16,914
RXH Buyer Corporation*
One stop L + 5.75%
(c) 
7.08% 09/2021 1,953
 1,928
 0.2
 1,914
RXH Buyer CorporationOne stop L + 5.75%
(c)(e) 
7.61% 09/2021 55
 52
 —
 51
SLMP, LLCOne stop L + 6.00%
(a) 
7.24% 05/2023 6,196
 6,050
 0.6
 6,196
SLMP, LLCOne stop N/A 7.50% PIK 05/2027 83
 83
 —
 83
SLMP, LLC(4)
One stop L + 6.00% 
N/A(5)
 05/2023 —
 (1) —
 —
SLMP, LLC(4)
One stop L + 6.00% 
N/A(5)
 05/2023 —
 (1) —
 —
Spear Education, LLC^
One stop L + 6.00%
(c) 
7.30% 08/2019 4,644
 4,622
 0.5
 4,644
Spear Education, LLCOne stop L + 6.00%
(c) 
7.30% 08/2019 75
 75
 —
 75
Spear Education, LLC(4)
One stop L + 6.00% 
N/A(5)
 08/2019 —
 —
 —
 (1)
Summit Behavioral Holdings I, LLC*
One stop L + 5.00%
(a) 
6.24% 06/2021 4,338
 4,297
 0.5
 4,338
Summit Behavioral Holdings I, LLCOne stop L + 5.00%
(a) 
6.24% 06/2021 113
 112
 —
 113
Summit Behavioral Holdings I, LLCOne stop L + 5.00%
(a) 
6.24% 06/2021 5
 5
 —
 5
WHCG Management, LLC*
Senior loan L + 4.75%
(c) 
6.08% 03/2023 2,394
 2,367
 0.2
 2,394
WHCG Management, LLC(4)
Senior loan L + 4.75% 
N/A(5)
 03/2023 —
 (1) —
 —

See Notes to Consolidated Financial Statements.
30



Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2017
(In thousands)


 Investment 
Spread
Above
Index(1)
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (16)
Healthcare, Education and Childcare - (continued)              
WHCG Management, LLC(4)
Senior loan L + 4.75% 
N/A(5)
 03/2023 $—
 $(3) $—
%$—
WIRB-Copernicus Group, Inc.*^
Senior loan L + 5.00%
(c) 
6.33% 08/2022 9,812
 9,733
 1.0
 9,812
WIRB-Copernicus Group, Inc.Senior loan L + 5.00% 
N/A(5)
 08/2022 —
 —
 —
 —
Young Innovations, Inc.*
Senior loan L + 5.00%
(c) 
6.33% 01/2019 3,587
 3,566
 0.4
 3,587
Young Innovations, Inc.Senior loan L + 5.00%
(c) 
6.33% 01/2019 9
 9
 —
 9
         328,333
 323,739
 33.9
 324,658
Home and Office Furnishings, Housewares, and Durable Consumer              
CST Buyer Company^
Senior loan L + 6.25%
(c) 
7.58% 03/2023 2,642
 2,576
 0.3
 2,642
CST Buyer Company(4)
Senior loan L + 6.25% 
N/A(5)
 03/2023 —
 (1) —
 —
Plano Molding Company, LLC*^#
One stop L + 7.50%
(a) 
8.74% 05/2021 14,485
 14,331
 1.3
 12,312
         17,127
 16,906
 1.6
 14,954
Hotels, Motels, Inns, and Gaming              
   
   
   
Aimbridge Hospitality, LLC*^
One stop L + 5.50%
(a) 
6.74% 06/2022 10,041
 9,875
 1.0
 10,041
Aimbridge Hospitality, LLCOne stop L + 5.50%
(a) 
6.74% 06/2022 16
 15
 —
 16
Aimbridge Hospitality, LLC(4)
One stop L + 5.50% 
N/A(5)
 06/2022 —
 (1) —
 —
         10,057
 9,889
 1.0
 10,057
Insurance               
Captive Resources Midco, LLC*^#
One stop L + 5.75%
(a) 
6.99% 06/2020 24,253
 24,075
 2.5
 24,253
Captive Resources Midco, LLC(4)
One stop L + 5.75% 
N/A(5)
 06/2020 —
 (12) —
 —
Captive Resources Midco, LLC(4)
One stop L + 5.75% 
N/A(5)
 06/2020 —
 (13) —
 —
Higginbotham Insurance Agency, Inc.*
Senior loan L + 5.00%
(a) 
6.24% 11/2021 1,595
 1,584
 0.2
 1,595
Internet Pipeline, Inc.One stop L + 7.25%
(a) 
8.49% 08/2022 4,847
 4,743
 0.5
 4,917
Internet Pipeline, Inc.*
One stop L + 6.25%
(a) 
7.48% 08/2022 2,098
 2,078
 0.2
 2,046
Internet Pipeline, Inc.*
One stop L + 6.25%
(a) 
7.48% 08/2022 794
 786
 0.1
 775
Internet Pipeline, Inc.(4)
One stop L + 7.25% 
N/A(5)
 08/2021 —
 (1) —
 1
RSC Acquisition, Inc.#
Senior loan L + 5.25%
(c) 
6.58% 11/2022 919
 913
 0.1
 919
RSC Acquisition, Inc.(4)
Senior loan L + 5.25% 
N/A(5)
 11/2022 —
 (1) —
 —
          34,506
 34,152
 3.6
 34,506
Leisure, Amusement, Motion Pictures, Entertainment              
NFD Operating, LLC#
One stop L + 7.00%
(c) 
8.30% 06/2021 2,325
 2,299
 0.2
 2,325
NFD Operating, LLCOne stop L + 7.00% 
N/A(5)
 06/2021 —
 —
 —
 —
NFD Operating, LLC(4)
One stop L + 7.00% 
N/A(5)
 06/2021 —
 (1) —
 —
PADI Holdco, Inc.*^#
One stop L + 6.50%
(c) 
7.84% 04/2023 19,550
 19,278
 2.1
 19,550
PADI Holdco, Inc.One stop L + 6.50%
(b)(c) 
7.78% 04/2022 72
 70
 —
 72
Self Esteem Brands, LLC*^#
Senior loan L + 4.75%
(a) 
5.99% 02/2020 17,983
 17,889
 1.9
 17,983
Self Esteem Brands, LLC(4)
Senior loan L + 4.75% 
N/A(5)
 02/2020 —
 (4) —
 —
Teaching Company, TheOne stop L + 7.00%
(a)(c) 
8.32% 08/2020 18,835
 18,673
 1.9
 18,459
Teaching Company, TheOne stop L + 7.00%
(a)(e) 
8.24% 08/2020 25
 24
 —
 23
Titan Fitness, LLC*
One stop L + 7.00%
(a) 
8.25% 09/2019 13,088
 12,987
 1.4
 13,088
Titan Fitness, LLCOne stop L + 7.00%
(a) 
8.25% 09/2019 1,972
 1,962
 0.2
 1,972
Titan Fitness, LLC*
One stop L + 7.00%
(a) 
8.25% 09/2019 1,733
 1,725
 0.2
 1,733
Titan Fitness, LLC(4)
One stop L + 7.00% 
N/A(5)
 09/2019 —
 (9) —
 —
Titan Fitness, LLC(4)
One stop L + 7.00% 
N/A(5)
 09/2019 —
 (14) —
 —
         75,583
 74,879
 7.9
 75,205

See Notes to Consolidated Financial Statements.
31



Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2017
(In thousands)


 Investment 
Spread
Above
Index(1)
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (16)
Oil and Gas               
Drilling Info, Inc.*^#
One stop L + 6.25%
(b) 
7.52% 06/2020 $6,399
 $6,362
 0.7
%$6,351
Drilling Info, Inc.One stop L + 6.25% 
N/A(5)
 06/2020 —
 —
 —
 —
         6,399
 6,362
 0.7
 6,351
Personal and Non Durable Consumer Products (Mfg. Only)              
Georgica Pine Clothiers, LLCOne stop L + 5.50%
(c) 
6.83% 11/2021 5,678
 5,600
 0.6
 5,678
Georgica Pine Clothiers, LLC^
One stop L + 5.50%
(c) 
6.83% 11/2021 495
 491
 0.1
 495
Georgica Pine Clothiers, LLC*
One stop L + 5.50%
(c) 
6.83% 11/2021 347
 344
 0.1
 347
Georgica Pine Clothiers, LLCOne stop L + 5.50%
(c) 
6.83% 11/2021 58
 57
 —
 58
IMPLUS Footwear, LLCOne stop L + 6.75%
(c) 
8.08% 04/2021 10,307
 10,165
 1.1
 10,307
IMPLUS Footwear, LLCOne stop L + 6.75%
(c) 
8.07% 04/2021 1,815
 1,790
 0.2
 1,815
Massage Envy, LLC*^#
One stop L + 6.75%
(c)(e) 
8.09% 09/2020 35,191
 34,868
 3.7
 35,191
Massage Envy, LLCOne stop L + 6.75%
(a) 
7.99% 09/2020 316
 306
 —
 316
Massage Envy, LLCOne stop L + 6.75%
(c)(e) 
8.07% 09/2020 100
 99
 ���
 100
Massage Envy, LLCOne stop L + 6.75%
(c) 
8.07% 09/2020 40
 40
 —
 40
Massage Envy, LLCOne stop L + 6.75%
(c)(e) 
8.08% 09/2020 35
 35
 —
 35
Massage Envy, LLCOne stop L + 6.75%
(c)(e) 
8.10% 09/2020 15
 15
 —
 15
Massage Envy, LLC(4)
One stop L + 6.75% 
N/A(5)
 09/2020 —
 (1) —
 —
Orthotics Holdings, Inc.*#
One stop L + 6.00%
(a) 
7.24% 02/2020 8,290
 8,222
 0.8
 8,125
Orthotics Holdings, Inc.*#(7)
One stop L + 6.00%
(a) 
7.24% 02/2020 1,359
 1,348
 0.1
 1,332
Orthotics Holdings, Inc.(4)(7)
One stop L + 6.00% 
N/A(5)
 02/2020 —
 (1) —
 —
Orthotics Holdings, Inc.(4)
One stop L + 6.00% 
N/A(5)
 02/2020 —
 (10) —
 (4)
Team Technologies Acquisition Company^
Senior loan L + 5.00%
(c)(e) 
6.32% 12/2017 4,287
 4,284
 0.4
 4,278
Team Technologies Acquisition Company#
Senior loan L + 5.50%
(c)(e) 
6.82% 12/2017 790
 789
 0.1
 799
Team Technologies Acquisition Company(4)
Senior loan L + 5.00% 
N/A(5)
 12/2017 —
 —
 —
 (1)
         69,123
 68,441
 7.2
 68,926
Personal, Food and Miscellaneous Services               
Community Veterinary Partners, LLCOne stop L + 5.50%
(c) 
6.83% 10/2021 42
 41
 —
 42
Ignite Restaurant Group, Inc.^(6)
One stop P + 6.00%
(e) 
10.25% 02/2019 4,312
 4,285
 0.1
 1,186
PetVet Care Centers LLC*^#
One stop L + 6.00%
(c) 
7.33% 06/2023 16,780
 16,620
 1.8
 16,780
PetVet Care Centers LLCOne stop L + 6.00%
(c) 
7.32% 06/2023 430
 421
 —
 430
PetVet Care Centers LLCOne stop L + 6.00%
(b) 
7.27% 06/2023 69
 66
 —
 69
Southern Veterinary Partners, LLC#
One stop L + 5.00%
(a) 
6.24% 06/2020 3,900
 3,873
 0.4
 3,900
Southern Veterinary Partners, LLCOne stop L + 5.00%
(a) 
6.23% 06/2020 160
 158
 —
 160
Southern Veterinary Partners, LLCOne stop L + 5.00%
(a) 
6.23% 06/2020 17
 17
 —
 17
Vetcor Professional Practices LLC*^#
One stop L + 6.00%
(c) 
7.33% 04/2021 28,750
 28,348
 3.0
 28,750
Vetcor Professional Practices LLC*
One stop L + 6.00%
(c) 
7.33% 04/2021 956
 949
 0.1
 956
Vetcor Professional Practices LLC#
One stop L + 6.00%
(c) 
7.33% 04/2021 948
 934
 0.1
 948
Vetcor Professional Practices LLCOne stop L + 6.00%
(c) 
7.33% 04/2021 861
 849
 0.1
 861
Vetcor Professional Practices LLC#
One stop L + 6.00%
(c) 
7.33% 04/2021 745
 745
 0.1
 745
Vetcor Professional Practices LLC^
One stop L + 6.00%
(c) 
7.33% 04/2021 725
 715
 0.1
 725
Vetcor Professional Practices LLC#
One stop L + 6.00%
(c) 
7.33% 04/2021 285
 283
 —
 285
Vetcor Professional Practices LLC#
One stop L + 6.00%
(c) 
7.33% 04/2021 233
 232
 —
 233
Vetcor Professional Practices LLCOne stop L + 6.00%
(c) 
7.33% 04/2021 219
 211
 —
 219
Vetcor Professional Practices LLCOne stop L + 6.00%
(c) 
7.33% 04/2021 17
 13
 —
 17
Veterinary Specialists of North America, LLC^
One stop L + 5.25%
(c) 
6.56% 07/2021 7,406
 7,334
 0.8
 7,406
Veterinary Specialists of North America, LLCOne stop L + 5.25%
(c) 
6.58% 07/2021 89
 74
 —
 89

See Notes to Consolidated Financial Statements.
32



Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2017
(In thousands)


 Investment 
Spread
Above
Index(1)
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (16)
Personal, Food and Miscellaneous Services - (continued)              
Veterinary Specialists of North America, LLC#
One stop L + 5.25%
(c) 
6.56% 07/2021 $63
 $63
 —
%$63
Veterinary Specialists of North America, LLC(4)
One stop L + 5.25% 
N/A(5)
 07/2021 —
 (2) —
 —
Wetzel's Pretzels, LLCOne stop L + 6.75%
(a) 
7.99% 09/2021 6,472
 6,332
 0.7
 6,472
Wetzel's Pretzels, LLC(4)
One stop L + 6.75% 
N/A(5)
 09/2021 —
 (1) —
 —
          73,479
 72,560
 7.3
 70,353
Printing and Publishing               
Brandmuscle, Inc.^
Senior loan L + 5.00%
(c) 
6.33% 12/2021 624
 619
 0.1
 629
Marketo, Inc.One stop L + 9.50%
(c) 
10.83% 08/2021 9,940
 9,709
 1.0
 9,940
Marketo, Inc.(4)
One stop L + 9.50% 
N/A(5)
 08/2021 —
 (1) —
 —
         10,564
 10,327
 1.1
 10,569
Retail Stores          

 

 

Batteries Plus Holding CorporationOne stop L + 6.75%
(a) 
7.99% 07/2022 13,722
 13,440
 1.4
 13,722
Batteries Plus Holding Corporation(4)
One stop L + 6.75% 
N/A(5)
 07/2022 —
 (2) —
 —
CVS Holdings I, LP*^#
One stop L + 6.25%
(a) 
7.49% 08/2021 22,058
 21,773
 2.3
 22,058
CVS Holdings I, LP*
One stop L + 6.25%
(a) 
7.49% 08/2021 318
 313
 —
 318
CVS Holdings I, LPOne stop L + 6.25%
(a) 
7.49% 08/2021 34
 28
 —
 34
CVS Holdings I, LP(4)
One stop L + 6.25% 
N/A(5)
 08/2020 —
 (2) —
 —
Cycle Gear, Inc.^
One stop L + 6.50%
(c) 
7.80% 01/2020 10,427
 10,321
 1.1
 10,427
Cycle Gear, Inc.One stop L + 6.50%
(c) 
7.82% 01/2020 607
 602
 0.1
 607
Cycle Gear, Inc.(4)
One stop L + 6.50% 
N/A(5)
 01/2020 —
 (12) —
 —
DTLR, Inc.*^#
One stop L + 6.50%
(c) 
7.81% 08/2022 22,962
 22,626
 2.4
 22,617
Elite Sportswear, L.P.Senior loan L + 5.25%
(c) 
6.58% 03/2020 6,942
 6,854
 0.7
 6,957
Elite Sportswear, L.P.Senior loan L + 5.00%
(c) 
6.33% 03/2020 2,792
 2,756
 0.3
 2,779
Elite Sportswear, L.P.Senior loan L + 5.25%
(c) 
6.58% 03/2020 1,436
 1,423
 0.2
 1,439
Elite Sportswear, L.P.*
Senior loan L + 5.25%
(c) 
6.55% 03/2020 471
 467
 0.1
 472
Elite Sportswear, L.P.Senior loan L + 5.25%
(c) 
6.58% 03/2020 218
 215
 —
 218
Elite Sportswear, L.P.*
Senior loan L + 5.25%
(a) 
6.49% 03/2020 208
 206
 —
 209
Elite Sportswear, L.P.One stop L + 5.00% 
N/A(5)
 06/2018 —
 —
 —
 —
Elite Sportswear, L.P.(4)
Senior loan L + 5.00% 
N/A(5)
 03/2020 —
 (5) —
 (4)
Feeders Supply Company, LLCOne stop L + 5.75%
(a) 
6.99% 04/2021 5,049
 4,966
 0.5
 5,049
Feeders Supply Company, LLCSubordinated debt N/A 12.50% cash/7.00% PIK 04/2021 59
 59
 —
 59
Feeders Supply Company, LLCOne stop L + 5.75% 
N/A(5)
 04/2021 —
 —
 —
 —
Marshall Retail Group LLC, The^#
One stop L + 6.00%
(c) 
7.30% 08/2020 12,023
 11,950
 1.3
 12,023
Marshall Retail Group LLC, TheOne stop P + 4.75%
(e) 
9.00% 08/2019 293
 279
 —
 293
Mills Fleet Farm Group LLC*^
One stop L + 5.50%
(a) 
6.74% 02/2022 1,815
 1,723
 0.2
 1,815
Paper Source, Inc.^#
One stop L + 6.25%
(c) 
7.58% 09/2019 12,626
 12,558
 1.3
 12,626
Paper Source, Inc.*
One stop L + 6.25%
(c) 
7.58% 09/2019 1,677
 1,666
 0.2
 1,677
Paper Source, Inc.One stop P + 5.00%
(e) 
9.25% 09/2019 525
 515
 0.1
 525
Pet Holdings ULC*^(7)(8)
One stop L + 5.50%
(c) 
6.80% 07/2022 14,627
 14,394
 1.5
 14,627
Pet Holdings ULC(7)(8)
One stop L + 5.50%
(c) 
6.81% 07/2022 56
 55
 —
 56
Pet Holdings ULC(4)(7)(8)
One stop L + 5.50% 
N/A(5)
 07/2022 —
 (2) —
 —
PetPeople Enterprises, LLC#
One stop L + 6.00%
(c) 
7.32% 09/2023 3,145
 3,107
 0.3
 3,114
PetPeople Enterprises, LLCOne stop N/A 8.25% PIK 01/2019 155
 155
 —
 155
PetPeople Enterprises, LLC(4)
One stop L + 6.00% 
N/A(5)
 09/2023 —
 —
 —
 (1)
PetPeople Enterprises, LLC(4)
One stop L + 6.00% 
N/A(5)
 09/2023 —
 (1) —
 —
         134,245
 132,427
 14.0
 133,871

See Notes to Consolidated Financial Statements.
33



Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2017
(In thousands)


 Investment 
Spread
Above
Index(1)
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (16)
Telecommunications              
   
   
   
Arise Virtual Solutions, Inc.^
One stop L + 6.00%
(c) 
7.33% 12/2018 $1,260
 $1,256
 0.1
%$1,260
Arise Virtual Solutions, Inc.One stop L + 6.00% 
N/A(5)
 12/2018 —
 —
 —
 —
NetMotion Wireless Holdings, Inc.*^#
One stop L + 6.25%
(c) 
7.58% 10/2021 7,338
 7,249
 0.8
 7,338
NetMotion Wireless Holdings, Inc.(4)
One stop L + 6.25% 
N/A(5)
 10/2021 —
 (1) —
 —
          8,598
 8,504
 0.9
 8,598
Textile and Leather              
   
   
   
SHO Holding I Corporation*
Senior loan L + 5.00%
(a) 
6.24% 10/2022 2,233
 2,194
 0.2
 2,233
SHO Holding I CorporationSenior loan L + 4.00%
(a)(b) 
5.24% 10/2021 16
 15
 —
 14
          2,249
 2,209
 0.2
 2,247
Utilities              
   
   
   
Arcos, LLCOne stop L + 6.00%
(c) 
7.33% 02/2021 3,679
 3,629
 0.4
 3,679
Arcos, LLCOne stop L + 6.00% 
N/A(5)
 02/2021 —
 —
 —
 —
Power Plan Holdings, Inc.*^
Senior loan L + 5.25%
(a) 
6.49% 02/2022 6,434
 6,346
 0.7
 6,434
PowerPlan Holdings, Inc.*
Senior loan L + 5.25%
(a) 
6.49% 02/2022 5,659
 5,606
 0.5
 5,659
PowerPlan Holdings, Inc.(4)
Senior loan L + 5.25% 
N/A(5)
 02/2021 —
 (6) —
 —
          15,772
 15,575
 1.6
 15,772
Total non-controlled/non-affiliate company debt investments     $1,551,043
 $1,531,357
 160.2
%$1,534,909
                 
   
  
Equity Investments (9)(10)
          

 

 

Aerospace and Defense               
NTS Technical SystemsCommon stock N/A N/A N/A 2
 $1,506
 0.1
%$835
NTS Technical SystemsPreferred stock BN/A N/A N/A —
 256
 —
 275
NTS Technical SystemsPreferred stock AN/A N/A N/A —
 128
 —
 150
Tresys Technology Holdings, Inc.Common stock N/A N/A N/A 295
 295
 —
 —
Whitcraft LLCCommon stock N/A N/A N/A 4
 375
 0.1
 375
           2,560
 0.2
 1,635
Automobile               
Polk Acquisition Corp.LP interest N/A N/A N/A 1
 144
 —
 92
                
Beverage, Food and Tobacco               
Atkins Nutritionals, IncLLC interest N/A N/A N/A 57
 —
 0.1
 578
Benihana, Inc.LLC units N/A N/A N/A 43
 699
 —
 357
C. J. Foods, Inc.Preferred stock N/A N/A N/A —
 75
 —
 302
Cafe Rio Holding, Inc.Common stock N/A N/A N/A 2
 224
 —
 224
Hopdoddy Holdings, LLCLLC interest N/A N/A N/A 27
 130
 —
 89
Hopdoddy Holdings, LLCLLC interest N/A N/A N/A 12
 36
 —
 25
Julio & Sons CompanyLLC interest N/A N/A N/A 521
 521
 0.1
 1,012
P&P Food Safety US Acquisition, Inc.LLC interest N/A N/A N/A 2
 204
 —
 210
Purfoods, LLCLLC interest N/A N/A N/A 381
 381
 —
 411
Richelieu Foods, Inc.LP interest N/A N/A N/A 220
 220
 0.1
 580
Rubio's Restaurants, Inc.Preferred stock N/A N/A N/A 2
 945
 0.2
 1,951
Tate's Bake Shop, Inc.LP interest N/A N/A N/A 462
 428
 0.1
 647
Uinta Brewing CompanyLP interest N/A N/A N/A 462
 462
 —
 —
           4,325
 0.6
 6,386
Buildings and Real Estate               
Brooks Equipment Company, LLCCommon stock N/A N/A N/A 10
 1,021
 0.1
 1,502
                

See Notes to Consolidated Financial Statements.
34



Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2017
(In thousands)


 Investment 
Spread
Above
Index(1)
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (16)
Chemicals, Plastics and Rubber               
Flexan, LLCPreferred stock AN/A N/A N/A —
 $90
 0.1
%$108
Flexan, LLCCommon stock N/A N/A N/A 1
 —
 —
 17
           90
 0.1
 125
Diversified/Conglomerate Manufacturing               
Chase Industries, Inc.LLC units N/A N/A N/A 1
 1,186
 0.2
 2,131
Inventus Power, Inc.Preferred stock N/A N/A N/A —
 370
 —
 —
Inventus Power, Inc.Common stock N/A N/A N/A —
 —
 —
 —
Reladyne, Inc.LP interest N/A N/A N/A —
 249
 0.1
 463
Sunless Merger Sub, Inc.LP interest N/A N/A N/A 160
 160
 —
 —
           1,965
 0.3
 2,594
Diversified/Conglomerate Service               
Accela, Inc.LLC units N/A N/A N/A 296
 296
 —
 296
Actiance, Inc.Warrant N/A N/A N/A 510
 122
 —
 178
Agility Recovery Solutions Inc.Preferred stock N/A N/A N/A 67
 341
 0.1
 429
Bomgar CorporationCommon stock N/A N/A N/A —
 107
 —
 120
Bomgar CorporationCommon stock N/A N/A N/A 72
 1
 —
 6
DISA Holdings Acquisition Subsidiary Corp.Common stock N/A N/A N/A —
 154
 —
 150
HealthcareSource HR, Inc.LLC interest N/A N/A N/A —
 348
 0.1
 371
Host Analytics, Inc.Warrant N/A N/A N/A 347
 130
 —
 277
Marathon Data Operating Co., LLCLLC units N/A N/A N/A 1
 264
 0.1
 550
Marathon Data Operating Co., LLCLLC units N/A N/A N/A 1
 264
 0.1
 986
Maverick Bidco Inc.LLC units N/A N/A N/A 1
 369
 0.1
 369
MMan Acquisition Co.LP interest N/A N/A N/A 263
 263
 —
 263
Project Alpha Intermediate Holding, Inc.Common stock N/A N/A N/A —
 417
 0.1
 459
Project Alpha Intermediate Holding, Inc.Common stock N/A N/A N/A 103
 4
 —
 4
Secure-24, LLCLLC units N/A N/A N/A 263
 148
 0.1
 802
Switchfly, Inc.Warrant N/A N/A N/A 60
 85
 —
 136
Vendavo, Inc.Preferred stock N/A N/A N/A 894
 894
 0.1
 831
Verisys CorporationLLC interest N/A N/A N/A 261
 261
 —
 284
Vitalyst, LLCPreferred stock AN/A N/A N/A —
 61
 —
 58
Vitalyst, LLCCommon stock N/A N/A N/A 1
 7
 —
 —
Workforce Software, LLCLLC units N/A N/A N/A 308
 308
 —
 357
Xmatters, Inc. and Alarmpoint, Inc.Warrant N/A N/A N/A 43
 34
 —
 31
           4,878
 0.8
 6,957
Ecological               
Pace Analytical Services, LLCLLC units N/A N/A N/A 3
 304
 —
 364
           304
 —
 364
Electronics               
Diligent Corporation (11)
Preferred stock N/A N/A N/A 83
 66
 —
 121
Gamma Technologies, LLCLLC units N/A N/A N/A 1
 134
 —
 331
Project Silverback Holdings Corp.Preferred stock N/A N/A N/A 3
 6
 —
 256
SEI, Inc.LLC units N/A N/A N/A 340
 265
 0.1
 482
Sloan Company, Inc., TheLLC units N/A N/A N/A —
 122
 —
 1
Sloan Company, Inc., TheLLC units N/A N/A N/A 1
 14
 —
 —
           607
 0.1
 1,191

See Notes to Consolidated Financial Statements.
35



Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2017
(In thousands)


 Investment 
Spread
Above
Index(1)
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (16)
Grocery               
MyWebGrocer, Inc.LLC units N/A N/A N/A 1,418
 $1,446
 0.2
%$2,064
MyWebGrocer, Inc.Preferred stock N/A N/A N/A 71
 165
 —
 268
           1,611
 0.2
 2,332
Healthcare, Education and Childcare               
Active Day, Inc.LLC interest N/A N/A N/A 1
 614
 0.1
 718
Acuity Eyecare Holdings, LLCLLC interest N/A N/A N/A 198
 198
 —
 247
ADCS Clinics Intermediate Holdings, LLCPreferred stock N/A N/A N/A 1
 579
 0.1
 467
ADCS Clinics Intermediate Holdings, LLCCommon stock N/A N/A N/A —
 6
 —
 —
Advanced Pain Management Holdings, Inc.Preferred stock N/A N/A N/A 8
 829
 —
 —
Advanced Pain Management Holdings, Inc.Common stock N/A N/A N/A 67
 67
 —
 —
Advanced Pain Management Holdings, Inc.Preferred stock N/A N/A N/A 1
 64
 —
 —
BIORECLAMATIONIVT, LLCLLC interest N/A N/A N/A —
 407
 0.1
 614
California Cryobank, LLCLLC units N/A N/A N/A —
 28
 —
 36
California Cryobank, LLCLLC units N/A N/A N/A —
 11
 —
 12
California Cryobank, LLCLLC units N/A N/A N/A —
 —
 —
 12
DCA Investment Holding, LLCLLC units N/A N/A N/A 8,637
 864
 0.1
 938
DCA Investment Holding, LLCLLC units N/A N/A N/A 87
 9
 —
 —
Deca Dental Management LLCLLC units N/A N/A N/A 357
 357
 0.1
 410
Dental Holdings CorporationLLC units N/A N/A N/A 805
 805
 0.1
 550
Encore GC Acquisition, LLCLLC units N/A N/A N/A 18
 182
 —
 149
Encore GC Acquisition, LLCLLC units N/A N/A N/A 18
 —
 —
 —
Eyecare Services Partners Holdings LLCLLC units N/A N/A N/A —
 133
 —
 133
Eyecare Services Partners Holdings LLCLLC units N/A N/A N/A —
 1
 —
 1
G & H Wire Company, Inc.LLC interest N/A N/A N/A 148
 148
 —
 148
IntegraMed America, Inc.LLC interest N/A N/A N/A 1
 458
 0.1
 358
IntegraMed America, Inc.LLC interest N/A N/A N/A —
 417
 —
 328
Kareo, Inc.Warrant N/A N/A N/A 22
 160
 —
 160
Katena Holdings, Inc.LLC units N/A N/A N/A —
 387
 —
 258
Lombart Brothers, Inc.Common stock N/A N/A N/A —
 132
 —
 176
MWD Management, LLC & MWD Services, Inc.LLC interest N/A N/A N/A 121
 121
 —
 121
Oliver Street Dermatology Holdings, LLCLLC units N/A N/A N/A 234
 234
 0.1
 313
Pentec Acquisition Sub, Inc.Preferred stock N/A N/A N/A 1
 116
 —
 248
Pinnacle Treatment Centers, Inc.Preferred stock N/A N/A N/A —
 221
 —
 227
Pinnacle Treatment Centers, Inc.Common stock N/A N/A N/A 2
 2
 —
 —
Radiology Partners, Inc.LLC units N/A N/A N/A 43
 85
 —
 100
Reliant Pro ReHab, LLCPreferred stock AN/A N/A N/A 2
 183
 0.1
 869
RXH Buyer CorporationLP interest N/A N/A N/A 7
 683
 —
 239
Sage Dental Management, LLCLLC units N/A N/A N/A —
 249
 0.1
 370
Sage Dental Management, LLCLLC units N/A N/A N/A 3
 3
 —
 134
SLMP, LLCLLC interest N/A N/A N/A 256
 256
 —
 256
Spear Education, LLCLLC units N/A N/A N/A —
 62
 —
 71
Spear Education, LLCLLC units N/A N/A N/A 1
 1
 —
 23
SSH CorporationCommon stock N/A N/A N/A —
 40
 —
 61
Surgical Information Systems, LLCCommon stock N/A N/A N/A 4
 414
 0.1
 688
U.S. Renal Care, Inc.LP interest N/A N/A N/A 1
 2,665
 0.1
 1,153
WHCG Management, LLCLLC interest N/A N/A N/A —
 220
 —
 217
Young Innovations, Inc.LLC units N/A N/A N/A —
 236
 —
 183

See Notes to Consolidated Financial Statements.
36



Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2017
(In thousands)


 Investment 
Spread
Above
Index(1)
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (16)
Healthcare, Education and Childcare - (continued)              
Young Innovations, Inc.Common stock N/A N/A N/A 2
 $—
 —
%$234
         

 12,647
 1.2
 11,222
Insurance               
Captive Resources Midco, LLCLLC units N/A N/A N/A 1
 —
 0.1
 346
Internet Pipeline, Inc. (11)
Preferred stock N/A N/A N/A —
 72
 —
 87
Internet Pipeline, Inc.Common stock N/A N/A N/A 44
 1
 —
 143
           73
 0.1
 576
Leisure, Amusement, Motion Pictures, Entertainment              
LMP TR Holdings, LLCLLC units N/A N/A N/A 712
 712
 —
 509
PADI Holdco, Inc.LLC units N/A N/A N/A —
 414
 —
 414
Titan Fitness, LLCLLC units N/A N/A N/A 7
 712
 0.1
 826
           1,838
 0.1
 1,749
Personal and Non Durable Consumer Products (Mfg. Only)              
Georgica Pine Clothiers, LLCLLC interest N/A N/A N/A 11
 106
 —
 103
Massage Envy, LLCLLC interest N/A N/A N/A 749
 210
 0.1
 866
Team Technologies Acquisition CompanyCommon stock N/A N/A N/A —
 114
 —
 297
           430
 0.1
 1,266
Personal, Food and Miscellaneous Services               
Community Veterinary Partners, LLCCommon stock N/A N/A N/A 1
 147
 0.1
 153
R.G. Barry CorporationPreferred stock AN/A N/A N/A —
 161
 —
 108
Southern Veterinary Partners, LLCLLC units N/A N/A N/A —
 38
 —
 37
Southern Veterinary Partners, LLCLLC units N/A N/A N/A 40
 2
 —
 2
Vetcor Professional Practices LLCLLC units N/A N/A N/A 766
 459
 0.1
 510
Vetcor Professional Practices LLCLLC units N/A N/A N/A 85
 85
 0.1
 1,027
Veterinary Specialists of North America, LLCLLC units N/A N/A N/A —
 106
 —
 141
Wetzel's Pretzels, LLCCommon stock N/A N/A N/A —
 160
 —
 186
           1,158
 0.3
 2,164
Printing and Publishing               
Brandmuscle, Inc.LLC interest N/A N/A N/A —
 240
 —
 236
                
Retail Stores               
Barcelona Restaurants, LLCLP interest N/A N/A N/A 1,996
 —
 0.7
 6,945
Batteries Plus Holding CorporationLLC units N/A N/A N/A 5
 529
 0.1
 685
Cycle Gear, Inc.LLC interest N/A N/A N/A 19
 248
 0.1
 379
DTLR, Inc.LLC interest N/A N/A N/A 4
 411
 0.1
 573
Elite Sportswear, L.P.LLC interest N/A N/A N/A —
 158
 —
 97
Feeders Supply Company, LLCPreferred stock N/A N/A N/A 2
 192
 —
 219
Feeders Supply Company, LLCCommon stock N/A N/A N/A —
 —
 —
 105
Marshall Retail Group LLC, TheLLC units N/A N/A N/A 15
 154
 —
 82
Paper Source, Inc.Common stock N/A N/A N/A 8
 1,387
 0.1
 911
Pet Holdings ULC(7)(8)
LP interest N/A N/A N/A 455
 386
 —
 469
           3,465
 1.1
 10,465

See Notes to Consolidated Financial Statements.
37



Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2017
(In thousands)


 Investment 
Spread
Above
Index(1)
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (16)
Utilities               
PowerPlan Holdings, Inc.Common stock N/A N/A N/A —
 $260
 —
%$260
PowerPlan Holdings, Inc.Common stock N/A N/A N/A 152
 3
 0.1
 268
           263
 0.1
 528
                
Total non-controlled/non-affiliate company equity investments       $37,619
 5.4
%$51,384
                
Total non-controlled/non-affiliate company investments     $1,551,043
 $1,568,976
 165.6
%$1,586,293
                
Non-controlled affiliate company investments(12)
               
Debt investments               
Mining, Steel, Iron and Non-Precious Metals               
Benetech, Inc.*(7)
One stop L + 11.00%
(a) 
10.25% cash/2.00% PIK 08/2018 $4,438
 $4,435
 0.4
%$3,551
Benetech, Inc.(7)
One stop P + 9.75%
(a)(e) 
11.96% cash/2.00% PIK 08/2018 371
 371
 —
 146
         4,809
 4,806
 0.4
 3,697
                
Total non-controlled affiliate company debt investments     $4,809
 $4,806
 0.4
%$3,697
                
Equity Investments (9)(10)
               
Mining, Steel, Iron and Non-Precious Metals               
Benetech, Inc.(7)
LLC interest N/A N/A N/A —
 $—
 —
%$10
Benetech, Inc.(7)
LLC interest N/A N/A N/A —
 —
 —
 —
           —
 —
 10
                
Total non-controlled affiliate company equity investments       $—
 —
%$10
                
Total non-controlled affiliate company investments     $4,809
 $4,806
 0.4
%$3,707
                
Controlled affiliate company investments(13)
            
Equity Investments(9)
               
Investment Funds and Vehicles               
Senior Loan Fund LLC(7)(14)
LLC interest N/A N/A   —
 $97,457
 9.9
%$95,015
                
Total controlled affiliate company equity investments     
 $97,457
 9.9
%$95,015
                
Total investments     $1,555,852
 $1,671,239
 175.9
%$1,685,015
           
Cash, cash equivalents and restricted cash and cash equivalents        
   
   
   
Cash and restricted cash        
 $48,733
 5.1
%$48,733
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718) 
0.91% (15)
      
 13,825
 1.4
 13,825
Total cash, cash equivalents and restricted cash and cash equivalents    $62,558
 6.5
%$62,558
           
Total investments and cash, cash equivalents and restricted cash and cash equivalents      $1,733,797
 182.4
%$1,747,573

See Notes to Consolidated Financial Statements.
38



Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2017
(In thousands)


(u)
*
Denotes that all or a portionPrior to the closing of the loan securestransactions contemplated by the notes offeredPurchase Agreement (defined in Note 1) on January 1, 2020, together with Aurora National Life Assurance Company (“Aurora”), the Company co-invested through GCIC Senior Loan Fund (“GCIC SLF”), following the acquisition of GCIC SLF in the 2010 Debt Securitization (as definedmerger with GCIC (described in Note 6).
^
Denotes that all or a portion of the loan secures the notes offered in the 2014 Debt Securitization (as defined in Note 6).
#
Denotes that all or a portion of the loan collateralizes the Credit Facility (as defined in Note 6).
(1)
The majority of the investments bear interest at a rate that may be determined by reference to LIBOR or Prime and which reset daily, quarterly or semiannually. For each, the Company has provided the spread over LIBOR or Prime and the weighted average current interest rate in effect at September 30, 2017. Certain investments are subject to a LIBOR or Prime interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. Listed below are the index rates as of September 29, 2017. The actual index rate for each loan listed may not be the applicable index rate outstanding as of September 30, 2017, as the loan may have priced or repriced based on an index rate prior to September 29, 2017, which was the last business day of the period on which LIBOR was determined.
(a) Denotes that all or a portion of the loan was indexed to the 30-day LIBOR, which was 1.23% as of September 29, 2017.
(b) Denotes that all or a portion of the loan was indexed to the 60-day LIBOR, which was 1.27% as of September 29, 2017.
(c) Denotes that all or a portion of the loan was indexed to the 90-day LIBOR, which was 1.33% as of September 29, 2017.
(d) Denotes that all or a portion of the loan was indexed to the 180-day LIBOR, which was 1.51% as of September 29, 2017.
(e) Denotes that all or a portion of the loan was indexed to the Prime rate, which was 4.25% as of September 29, 2017.
(2)
For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of September 30, 2017.
(3)
The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.
(4)
The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
(5)
The entire commitment was unfunded as of September 30, 2017. As such, no interest is being earned on this investment.
(6)
Loan was on non-accrual status as of September 30, 2017, meaning that the Company has ceased recognizing interest income on the loan.
(7)
The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets.  As of September 30, 2017, total non-qualifying assets at fair value represented 6.7% of the Company's assets calculated in accordance with the 1940 Act.
(8)
The headquarters of this portfolio company is located in Canada.
(9)
Equity investments are non-income producing securities unless otherwise noted.
(10)
Ownership of certain equity investments may occur through a holding company or partnership.
(11)
The Company holds an equity investment that entitles it to receive preferential dividends
(12)
As defined in the 1940 Act, the Company is deemed to be an "affiliated person" of the company as the Company along with affiliated entities owns five percent or more of the portfolio company's securities. Transactions related to investments in non-controlled affiliates for the year ended September 30, 2017 were as follows:
Portfolio
Company
 Fair value as of September 30, 2016 
Purchases (cost)(f)
 
Redemptions
(cost)
 Transfer in (out) 
Discount
accretion
 
Net change in unrealized
gain/(loss)
 Fair value as of September 30, 2017 Net realized gain/(loss) 
Interest and
fee income
 
Dividend
income
Benetech, Inc.(g)
 $—
 $17
 $(68) $3,738
 $2
 $18
 $3,707
 $—
 $113
 $—
Competitor Group, Inc. 9,618
 491
 (15,615) —
 278
 5,228
 —
 (6,442) 1,023
 —
Total Non-Controlled Affiliates $9,618
 $508
 $(15,683) $3,738
 $280
 $5,246
 $3,707
 $(6,442) $1,136
 $—
(f)
Purchases at cost includes amounts related to PIK interest capitalized and added to the principal balance of the respective loans.
(g)
During the three months ended September 30, 2017, the Company's ownership increased to over five percent of the portfolio company's voting securities.

(13)
As defined in the 1940 Act, the Company is deemed to be both an "affiliated person" of and "control" this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement)1). Transactions related to investments in controlled affiliates for the year ended September 30, 2017 were as follows:
Portfolio
Company
 Fair value as of September 30, 2016 
Purchases (cost)(h)
 
Redemptions
(cost)
 Transfer in (out) 
Discount
accretion
 
Net change in unrealized
gain/(loss)
 Fair value as of September 30, 2017 Net realized gain/(loss) 
Interest and
fee income
 
Dividend
income
Senior Loan Fund LLC(i)
 $104,228
 $96,688
 $(107,870) $—
 $—
 $1,969
 $95,015
 $—
 $1,639
 $4,929
Total Controlled Affiliates $104,228
 $96,688
 $(107,870) $—
 $—
 $1,969
 $95,015
 $—
 $1,639
 $4,929

See Notes to Consolidated Financial Statements.
39



Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2017
(In thousands)


(h)
Purchases at cost includes amounts related to PIK interest capitalized and added to the principal balance of the respective loans.
(i)
Together with RGA, the Company co-invests through SLF.GCIC SLF iswas capitalized as transactions arewere completed and all portfolio and investment decisions in respect to GCIC SLF must bewere approved by the GCIC SLF investment committee consisting of two representatives of the Company and RGAAurora (with unanimous approval required from (i) one representative of each of the Company and RGAAurora or (ii) both representatives of each of the Company and RGA)Aurora). Therefore, although the Company ownsowned more than 25% of the voting securities of GCIC SLF, the Company doesdid not believe that it hashave sole control over significant actions of GCIC SLF for purposes of the 1940 Act or otherwise.
(14)
(20)The rate shown is the annualized seven-day yield as of September 30, 2020.
The Company receives quarterly profit distributions from its equity investment in SLF. See note 4. Investments.
(15)
The rate shown is the annualized seven-day yield as of September 30, 2017.
(16)
The fair value of the investment was valued using significant unobservable inputs. See Note 5. Fair Value Measurements.


See Notes to Consolidated Financial Statements.
40



Golub Capital BDC, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 1. Organization

Golub Capital BDC, Inc. (“GBDC” and, collectively with its subsidiaries, the “Company”) is an externally managed, closed-end, non-diversified management investment company. GBDC has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, GBDC has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company’s investment strategy is to invest primarily in senior secured and one stop (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by other middle-market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies. The Company may also selectively investinvests in second lien and subordinated (a loan that ranks senior only to a borrower’s equity securities and ranks junior to all of such borrower’s other indebtedness in priority of payment) loans of, and warrants and minority equity securities in, U.S. middle-market companies. The Company has entered into an investment advisory agreement (the “Investmentthe Investment Advisory Agreement”)Agreement (defined below) with GC Advisors LLC (the “Investment Adviser”), under which the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company. Under an administration agreement (the “Administration Agreement”) the Company is provided with certain services by an administrator (the “Administrator”), which is currently Golub Capital LLC.

On September 16, 2019, the Company completed its acquisition of Golub Capital Investment Corporation (“GCIC”), a Maryland corporation, pursuant to that certain Agreement and Plan of Merger (as amended, the “Merger Agreement”), dated as of November 27, 2018, by and among the Company, GCIC, Fifth Ave Subsidiary Inc., a Maryland corporation and wholly owned subsidiary of the Company (“Merger Sub”), the Investment Adviser, and, for certain limited purposes, the Administrator. Pursuant to the Merger Agreement, Merger Sub was first merged with and into GCIC, with GCIC as the surviving company (the “Initial Merger”), and, immediately following the Initial Merger, GCIC was then merged with and into the Company, with the Company as the surviving company (the Initial Merger and the subsequent merger, collectively, the “Merger”). Upon consummation of the Merger, the Company entered into the Third Amended and Restated Investment Advisory Agreement dated as of September 16, 2019 with the Investment Adviser (the “Investment Advisory Agreement”). The Investment Advisory Agreement replaced the Second Amended and Restated Investment Advisory Agreement by and between the Company and the Investment Adviser dated as of August 4, 2014 (the “Prior Investment Advisory Agreement”). Refer to Note 3 for more information on the Investment Advisory Agreement and the Prior Investment Advisory Agreement.

On January 1, 2020 the Company entered into a purchase agreement (the “Purchase Agreement”) with RGA Reinsurance Company (“RGA”), Aurora National Life Assurance Company (“Aurora”), Senior Loan Fund (“SLF”), and GCIC Senior Loan Fund LLC (“GCIC SLF”). Pursuant to the Purchase Agreement, RGA and Aurora (together the “Transferors”) agreed to sell their limited liability company (“LLC”) equity interests in SLF and GCIC SLF, respectively, to the Company, effective as of January 1, 2020. As a result of the Purchase Agreement, on January 1, 2020, SLF and GCIC SLF became wholly-owned subsidiaries of the Company and the capital commitments of the Transferors to SLF and GCIC SLF were terminated.

Note 2. Significant Accounting Policies and Recent Accounting Updates

Basis of presentation:  The Company is an investment company as defined in the accounting and reporting guidance under Accounting Standards Codification (“ASC”) Topic 946 — Financial Services — Investment Companies (“ASC Topic 946”).
The accompanying interim consolidated financial statements of the Company and related financial information have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for the interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of financial results as of and for the periods presented. All intercompany balances and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. The unaudited interim consolidated financial statements and notes thereto should be read in conjunction with the
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TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
financial statements and notes thereto in the Company’s Form 10-K for the year ended September 30, 2017,2020, as filed with the U.S. Securities and Exchange Commission (the Commission or the SEC)“SEC”).

Fair value of financial instruments:  The Company applies fair value to all of its financial instruments in accordance with ASC Topic 820 — Fair Value Measurement (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC Topic 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date.

The availability of observable inputs can vary depending on the financial instrument and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is traded on an active exchange or in the secondary market and the current market conditions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for financial instruments classified as Level 3.

Any changes to the valuation methodology are reviewed by management and the Company’s board of directors (the “Board”) to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Company will continue to refine its valuation methodologies. See further description of fair value methodology in Note 5.6. Fair Value Measurements.

Use of estimates:  The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at
Golub Capital BDC, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Consolidation:  As provided under Regulation S-X and ASC Topic 946, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries Golub Capital BDC 2010-1 Holdings LLC (“Holdings”), Golub Capital BDC 2010-1 LLC (“2010 Issuer”), Golub Capital BDC CLO 2014 LLC (“2014 Issuer”), Golub Capital BDC CLO III Depositor LLC (“2018 CLO Depositor”), Golub Capital BDC CLO III LLC (“2018 Issuer”), Golub Capital BDC Funding LLC (“Funding”), Golub Capital BDC Funding II LLC (“Funding II”), Golub Capital BDC Holdings, LLC (“BDC Holdings”), GC SBIC IV, L.P. (“SBIC IV”), GC SBIC V, L.P. (“SBIC V”) and, GC SBIC VI, L.P. (“SBIC VI”), GCIC Holdings LLC (“GCIC Holdings”), GCIC Funding LLC (“GCIC Funding”), GCIC CLO II Depositor LLC (“GCIC 2018 CLO Depositor”), GCIC CLO II LLC (“GCIC 2018 Issuer”), Golub Capital BDC CLO 4 LLC (“2020 Issuer”), Golub Capital BDC CLO 4 Depositor LLC (“2020 CLO Depositor”), GCIC Funding II LLC (“GCIC Funding II”), SLF, Senior Loan Fund II LLC (“SLF II”), GCIC SLF and GCIC Senior Loan Fund II LLC (“GCIC SLF II”). ThePrior to January 1, 2020, the Company doesdid not consolidate its non-controlling interestinterests in SLF.SLF, SLF II, GCIC SLF and GCIC SLF II (collectively, the “Senior Loan Funds” or “SLFs”). See further description of the Company’s investmentprevious investments in SLFthe SLFs in Note 4. Investments.

Assets related to transactions that do not meet ASC Topic 860 - Transfers and Servicing (“ASC Topic 860”) requirements for accounting sale treatment are reflected in the Company’s Consolidated Statements of Financial Condition as investments. Those assets are owned by special purpose entities, including 2010 Issuer,BDC Holdings, 2014 Issuer, 2018 Issuer, 2020 Issuer, Funding, Funding II, GCIC Funding, GCIC Holdings, GCIC 2018 Issuer and GCIC Funding II that are consolidated in the Company’s consolidated financial statements. The creditors of the special purpose entities have received security interests in such assets and such assets are not intended to be available to the creditors of GBDC (or any affiliate of GBDC).

Cash, cash equivalents and cash equivalents:foreign currencies: Cash, and cash equivalents and foreign currencies are highly liquid investments with an original maturity of three months or less at the date of acquisition. The Company deposits its cash in financial institutions and, at times, such balances may be in excess ofexceed the Federal Deposit Insurance Corporation insurance limits.
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

Restricted cash and cash equivalents:equivalents and restricted foreign currencies:  Restricted cash and cash equivalents and restricted foreign currencies include amounts that are collected and are held by trustees who have been appointed as custodians of the assets securing certain of the Company’s financing transactions. Restricted cash and cash equivalents and restricted foreign currencies are held by the trustees for payment of interest expense and principal on the outstanding borrowings or reinvestment into new assets. In addition, restricted cash and cash equivalents and restricted foreign currencies include amounts held within the Company’s small business investment company (“SBIC”) subsidiaries. The amounts held within the SBICs are generally restricted to the originations of new loans by the SBICs and the payment of U.S. Small Business Administration (“SBA”) debentures and related interest expense.

Foreign currency translation: The Company’s books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1)cash and cash equivalents, restricted cash and cash equivalents, fair value of investments, interest receivable, and other assets and liabilities—at the spot exchange rate on the last business day of the period; and

(2)purchases and sales of investments, income and expenses—at the exchange rates prevailing on the respective dates of such transactions.

Although net assets and fair values are presented based on the applicable foreign exchange rates described above, the Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in fair values of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Fluctuations arising from the translation of assets other than investments and liabilities are included with the net change in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations.

Foreign security and currency transactions involve certain considerations and risks not typically associated with investing in U.S. companies. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

Forward currency contracts: A forward currency contract is an obligation between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Company utilized forward currency contracts to economically hedge the currency exposure associated with certain foreign-denominated investments. The use of forward currency contracts does not eliminate fluctuations in the price of the underlying securities the Company owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the exchange rates on the contract date and reporting date and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized gains (losses) and unrealized appreciation (depreciation) on the contracts are included in the Consolidated Statements of Operations. Unrealized appreciation (depreciation) on forward currency contracts is recorded on the Consolidated Statements of Financial Condition by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable.

The primary risks associated with forward currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks can exceed the amounts reflected in the Consolidated Statements of Financial Condition.

Refer to Note 5 for more information regarding the forward currency contracts.

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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Revenue recognition:

Investments and related investment income:  Interest income is accrued based upon the outstanding principal amount and contractual interest terms of debt investments.

Loan origination fees, original issue discount and market discount or premium are capitalized, and the Company accretes or amortizes such amounts over the life of the loan as interest income. For the three months ended December 31, 20172020 and 2016,2019, interest income included $2,709$4,606 and $1,807,$3,968, respectively, of accretion of discounts. For the three months ended December 31, 20172020 and 2016,2019, the Company received loan origination fees of $2,069$8,665 and $1,914,$4,295, respectively.

For investments with contractual PIK interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, the Company will not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not collectible. For the three months ended December 31, 20172020 and 2016,2019, the Company recordedcapitalized PIK incomeinterest of $285$4,725 and $567,$1,633, respectively, and received PIK payments in cashinto the principal balance of $2 and $0, respectively.certain debt investments.

In addition, the Company may generategenerates revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, consulting fees and prepayment premiums on loans. The Company records these fees as fee income when received.earned. All other income is recorded into income when earned. For the three months ended December 31, 20172020 and 2016,2019, fee income included $435$721 and $166,$63, respectively, of prepayment premiums, which fees are non-recurring.

For the three months ended December 31, 20172020 and 2016,2019, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of $30,631$73,973 and $30,843$85,623, respectively.

Dividend income on preferred equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Each distribution received from limited liability company (“LLC”)LLC and limited partnership (“LP”) investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from
Golub Capital BDC, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.

For the three months ended December 31, 20172020 and 2016,2019, excluding the Company's investment in LLC equity interests in the SLFs, the Company recorded dividend income of $2,562$160 and $898,$34, respectively, and return of capital distributions, excluding the Company's investment in LLC equity interests in SLF,the SLFs, of $308$0 and $191,$0, respectively. For the three months ended December 31, 2020 and 2019, the Company recorded dividend income of $0 and $1,905, respectively, and return of capital distributions of $0 and $4,375, respectively, from the Company's investment in LLC equity interestinterests in SLF of $4,200 and $0, respectively.the SLFs.

Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the amortized cost basis of investment, without regard to unrealized gains or losses previously recognized. The Company reports current period changes in fair value of investments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investments and foreign currency translation in the Consolidated Statements of Operations.

Non-accrual loans: A loan maycan be left on accrual status during the period the Company is pursuing repayment of the loan. Management reviews all loans that become 90 days or more past due on principal and interest, or when there is reasonable doubt that principal or interest will be collected, for possible placement on non-accrual status. When a loan is placed on non-accrual status, unpaid interest credited to income is reversed. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may beare recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
and interest is paid and, in management’s judgment, payments are likely to remain current. The total fair value of non-accrual loans was $1,825$52,860 and $2,955$69,315 as of December 31, 20172020 and September 30, 2017,2020, respectively.


Partial loan sales:Purchase accounting: The Company followsMerger was accounted for under the guidanceasset acquisition method of accounting in accordance with ASC 805 — Business Combinations — Related Issues (“ASC Topic 860 when805”), also referred to as “purchase accounting.” Under asset acquisition accounting, acquiring assets in groups not only requires ascertaining the cost of the asset (or net assets), but also allocating that cost to the individual assets (or individual assets and liabilities) that make up the group. Per ASC Topic 805, assets are recognized based on their cost to the acquiring entity, which generally includes transaction costs of the asset acquisition, and no gain or loss is recognized unless the fair value of noncash assets given as consideration differs from the assets carrying amounts on the acquiring entity’s books.

The cost of the group of assets acquired in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on the relative fair values of net identifiable assets acquired other than “non-qualifying” assets (for example cash) and does not give rise to goodwill. To the extent that the consideration paid to GCIC’s stockholders exceeded the relative fair values of the net identifiable assets of GCIC acquired other than “non-qualifying” assets, any such premium paid by the Company was further allocated to the cost of the GCIC assets acquired by the Company pro-rata to their relative fair value, other than “non-qualifying” assets. As GCIC did not have any “qualifying” assets at the time of acquisition, the premium was allocated to “non-qualifying” assets, which are GCIC’s investments in loans and equity securities, including its investment in GCIC SLF. Immediately following the acquisition of GCIC, the Company recorded its assets at their respective fair values and, as a result, the purchase premium allocated to the cost basis of the GCIC assets acquired was immediately recognized as unrealized depreciation on the Company's Consolidated Statement of Operations. The purchase premium allocated to investments in loan securities will amortize over the life of the loans through interest income, with a corresponding reversal of the unrealized depreciation on the loans acquired from GCIC through their ultimate disposition. Amortization expense of purchase premium for loan participationsthe three months ended December 31, 2020 and other partial loan sales. Such guidance requires2019, was $9,230 and $11,837 respectively. The purchase premium allocated to investments in equity securities will not amortize over the life of the equity securities through interest income and, assuming no subsequent change to the fair value of the equity securities acquired from GCIC and disposition of such equity securities at fair value, the Company will recognize a participation or other partial loan sale to meetrealized loss with a corresponding reversal of the definitionunrealized depreciation upon disposition of a “participating interest”, as definedthe equity securities acquired from GCIC.

The Company's purchase of the equity interests in the guidance,Senior Loan Funds was accounted for under the asset acquisition method of accounting in order for sale treatmentaccordance with ASC Topic 805. As of January 1, 2020, the Company allocated the cost to be allowed. Participations or other partial loan sales which do not meetacquire the definitionnet assets of a participating interest remainthe Senior Loans Funds to the assets acquired and liabilities assumed based on the Company’srelative fair values of identifiable assets and liabilities. The total consideration transferred by the Company to acquire the Senior Loans Funds was $140,124, which was comprised of $17,011 paid to RGA and Aurora for their minority interests in the Senior Loan Funds and the derecognition of the Company's existing carrying cost of the investments in the Senior Loans Funds, as of January 1, 2020, of $123,113. As of January 1, 2020, the fair value of the net assets of the Senior Loan Funds was $136,088, which resulted in a $4,036 purchase premium that the Company recognized as realized loss in the Consolidated Statements of Financial Condition andOperations for the proceeds are recorded as a secured borrowing until the definition is met. Secured borrowings are carried at fair value to correspond with the related investments, which are carried at fair value. See Note 6 for additional information.three months ended March 31, 2020.

Income taxes:  The Company has elected to be treated as a RIC under Subchapter M of the Code and operates in a manner so as to qualify for the tax treatment applicable to RICs. In order to qualify and be subject to tax as a RIC, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute dividends for U.S. federal income tax purposes to its stockholders of an amount generally at least equal to 90% of investment company taxable income, as defined by the Code and determined without regard to any deduction for dividends paid, for each tax year. The Company has made, and intends to continue to make, the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal income taxes with respect to all income distributed to its stockholders.

Depending on the level of taxable income earned in a tax year, the Company may choosecan determine to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. The Company may then be required to incur a 4% excise tax on such income. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. ForNo U.S. deferral excise tax was incurred for each of the three months ended December 31, 20172020 and 2016, $0 and $10, respectively, was incurred for U.S. federal excise tax.2019.

The Company accounts for income taxes in conformity with ASC Topic 740 — Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense or tax benefit in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized tax benefits or unrecognized tax liabilities related to uncertain income tax positions through December 31, 2017.2020. The Company's tax returns for the 20142017 through 20162019 tax years remain subject to examination by U.S. federal and most state tax authorities.

Dividends and distributions:  Dividends and distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend or distribution is determined by the Board each quarter and is generally based upon the earnings estimated
Golub Capital BDC, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

by management. Net realized capital gains, if any, are distributed at least annually, although the Company may decide tocan retain such capital gains for investment.investment in its discretion.

The Company has adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of any distributions the Company declares in cash on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, if the Board authorizes and the Company declares a cash distribution, then stockholders who participate in the DRIP will have their cash distribution reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. The Company mayexpects to use newly issued shares under the guidelines of the DRIP (ifif the Company’s shares are trading at a premium to net asset value), or thevalue. The Company maycan purchase shares in the open market in connection with the obligations under the plan. Inplan, and in particular, if the Company’s shares are trading at a significant discount to net asset value (“NAV”) and the Company is otherwise permitted under applicable law to purchase such shares, the Company intends to purchase shares in the open market in connection with any obligations under the DRIP.

In the event the market price per share of the Company’s common stock on the date of a distribution exceeds the most recently computed NAV per share of the common stock, the Company will issue shares of common stock to participants in the DRIP at the greater of the most recently computed NAV per share of common stock or 95% of the current market price per share of common stock (or such lesser discount to the current market price per share that still exceeds the most recently computed NAV per share of common stock).

Share repurchase plan: The Company has a share repurchase program (the “Program”) which allows the Company to repurchase up to $75,000 of the Company’s outstanding common stock on the open market at prices below the Company’s NAV as reported in its most recently published consolidated financial statements. The Board most recently reapproved the Program in August 20172020 and the Program may beis implemented at the discretion of management. The shares mayShares can be purchased from time to time at prevailing market prices, through open market transactions, including block transactions. The Program permits repurchases up to $150,000 of the Company's common stock. Prior to August 6, 2019, the Program permitted up to $75,000 in repurchases. The Company did not make any repurchases of its common stock during each of the three months ended December 31, 20172020 and 2016.2019.

Deferred debt issuance costs: Deferred debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of December 31, 20172020 and September 30, 2017,2020, the Company had deferred debt issuance costs of $3,514$10,822 and $4,273,$5,896, respectively. These amounts are amortized and included in interest expense in the Consolidated Statements of Operations over the estimated average life of the borrowings. Amortization expense for deferred debt issuance costs for the three months ended December 31, 20172020 and 20162019, was $794$1,204 and $849,$571, respectively.

Deferred offering costs:
 Deferred offering costs consist of fees paid in relation
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Notes to legal, accounting, regulatoryConsolidated Financial Statements (unaudited)
(In thousands, except shares and printing work completed in preparation of equity offerings. Deferred offering costs are charged against the proceeds from equity offerings when received. As of December 31, 2017 and September 30, 2017, deferred offering costs, which are included in other assets on the Consolidated Statements of Financial Condition, were $111 and $111, respectively.per share data)

Accounting for derivative instruments:  The Company does not utilize hedge accounting and marks its derivatives, if any, to market through a net change in unrealized appreciation (depreciation) on derivative instruments in the Consolidated Statements of Operations.

Recent accounting pronouncements:  In November 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash Restricted Cash, a consensus of the FASB Emerging Issues Task Force, which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This guidance is effective for annual reporting periods, and the interim periods within those periods, beginning after December 15, 2017. The Company adopted the ASU, which did not have a material impact on the Company’s consolidated financial statements. Prior to adoption, the Company presented the change in restricted cash and cash equivalents separately as a cash flow from investing activity. Upon adoption, the Company included the restricted cash and cash equivalents in each of the balances of the cash, cash equivalents and restricted cash and cash equivalents at the beginning of and end of periods and included the change in restricted cash and cash equivalents as part of the net change in cash, cash equivalents and restricted cash and cash equivalents in the Consolidated Statements of Cash Flows and retrospectively restated the three months ended December 31, 2016.
Note 3. Related Party Transactions

Investment Advisory Agreement: Under the Investment Advisory Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, GBDC. The Board most recently reapprovedapproved the Investment Advisory Agreement in May 2017.on July 11, 2019. The Board noted that the terms of the Investment Advisory Agreement did not change the calculation of the Capital Gain Incentive Fee or the management or incentive fee rates and that the changes, as compared to the Prior Investment Advisory Agreement, consisted of revisions to (i) exclude the impact of purchase accounting resulting from a merger, including the Merger, from the calculation of income subject to the income incentive fee payable and the calculation of the cumulative incentive fee cap under the Investment Advisory Agreement and (ii) convert the cumulative incentive fee cap into a per share calculation. At a meeting of the Company's stockholders held on September 4, 2019, the Company's stockholders voted to the approve the Investment Advisory Agreement, which was entered into and effective as of September 16, 2019, the closing of the Merger, and will continue for an initial two-year term. The Investment Adviser is a registered investment adviser with the Securities and Exchange Commission
Golub Capital BDC, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

(the “SEC”).SEC. The Investment Adviser receives fees for providing services, consisting of two components, a base management fee and an Incentive Fee (as defined below).

The base management fee is calculated at an annual rate equal to 1.375% of average adjusted gross assets at the end of the two most recently completed calendar quarters (including assets purchased with borrowed funds and securitization-related assets, leverage, unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit with custodian but adjusted to exclude cash and cash equivalents so that investors do not pay the base management fee on such assets) and is payable quarterly in arrears. Additionally, the Investment Adviser is voluntarily excludingexcludes any assets funded with secured borrowing proceeds from the base management fee.fee calculation. The base management fee is adjusted, based on the actual number of days elapsed relative to the total number of days in such calendar quarter, for any share issuances or repurchases during such calendar quarter. For purposes of the Investment Advisory Agreement, cash equivalents meansmean U.S. government securities and commercial paper instruments maturing within 270 days of purchase (which is different than the GAAP definition, which defines cash equivalents as U.S. government securities and commercial paper instruments maturing within 90 days of purchase). To the extent that the Investment Adviser or any of its affiliates provides investment advisory, collateral management or other similar services to a subsidiary of the Company, the base management fee will be reduced by an amount equal to the product of (1) the total fees paid to the Investment Adviser by such subsidiary for such services and (2) the percentage of such subsidiary’s total equity, including membership interests and any class of notes not exclusively held by one or more third parties, that is owned, directly or indirectly, by the Company.

The Company has structured the calculation of the Incentive Fee to include a fee limitation such that an Incentive Fee for any quarter can only be paid to the Investment Adviser if, after such payment, the cumulative Incentive Fees paid to the Investment Adviser, calculated on a per share basis, since April 13, 2010, the effective date of the Company’s election to become a BDC, would be less than or equal to 20.0% of the Company’s Cumulative Pre-Incentive Fee Net Income (as defined below).

The Company accomplishes this limitation by subjecting each quarterly Incentive Fee payable under the Income and Capital Gain Incentive Fee Calculation (as defined below) to a cap (the “Incentive Fee Cap”). The Investment Advisory Agreement, as compared to the Prior Investment Advisory Agreement, converts the cumulative incentive fee cap from an aggregate basis calculation to a per share calculation. Under the Prior Investment Advisory Agreement, the Incentive Fee would not be paid at any time if, after such payment, the cumulative incentive fees paid to date would be greater than 20.0% of the Company's Cumulative Pre-Incentive Fee Net Income since April 13, 2010. Under the Investment Advisory Agreement, the Incentive Fee Cap in any quarter is equal to the difference between (a) 20.0% of Cumulative Pre-Incentive Fee Net Income Per Share (as defined below) and (b) cumulativeCumulative Incentive Fees of any kind paid to the Investment Adviser by GBDC since April 13, 2010.Paid Per Share (as defined below). To the extent the Incentive Fee Cap is zero or a negative value in any quarter, no Incentive Fee would be payable in that quarter. If, for any relevant period, the Incentive Fee Cap calculation results in the Company paying less than the amount of the Incentive Fee calculated above, then the difference between the Incentive Fee and the Incentive Fee Cap will not be paid by GBDC and will not be received by the Investment Adviser as an Incentive Fee either at the end of such relevant period or at the end of any future period. “Cumulative Pre-Incentive Fee Net Income” is equal toIncome Per Share” equals the sum of (a)“Pre-Incentive Fee Net Income Per Share” (as defined below) for each quarterly period since April 13, 2010. “Pre-Incentive Fee Net Income Per Share” equals the sum of (i) Pre-Incentive Fee Net Investment Income (as defined below) and (ii) Adjusted Capital Returns for eachthe applicable period, since April 13, 2010divided by (b) the weighted average number of shares of GBDC common stock
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
outstanding during such period. “Adjusted Capital Returns” for any period is the sum of the realized aggregate realized capital gains, cumulativerealized aggregate realized capital losses, cumulative aggregate unrealized capital depreciation and cumulative aggregate unrealized capital appreciation for such period; provided that the calculation of realized aggregate capital gains, realized aggregate capital losses, aggregate unrealized capital depreciation and aggregate unrealized capital appreciation shall not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation resulting solely from the purchase accounting for any premium or discount paid for the acquisition of assets in a merger. “Cumulative Incentive Fees Paid Per Share” is equal to the sum of Incentive Fees Paid Per Share since April 13, 2010. “Incentive Fees Paid Per Share” for any period is equal to the Incentive Fees accrued and/or payable to the Company for such period, divided by the weighted average number of shares of common stock of GBDC during such period.

“Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the calendar quarter (including the base management fee, taxes, any expenses payable under the Investment Advisory Agreement and the Administration Agreement, any expenses of securitizations and any interest expense and dividends paid on any outstanding preferred stock, but excluding the Incentive Fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities, accrued income that the Company has not yet received in cash.

Incentive Fees are calculated and payable quarterly in arrears (or, upon termination of the Investment Advisory Agreement, as of the termination date).

The income and capital gains incentive fee calculation (the “Income and Capital Gain Incentive Fee Calculation”) has two parts, the income component (the “Income Incentive Fee”) and the capital gains component (the “Capital Gain Incentive Fee” and, together with the Income Incentive Fee, the “Incentive Fee”). The Income Incentive Fee is calculated quarterly in arrears based on the Company’s Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter.

For the three months ended December 31, 20172020 and 2016,2019, the Income Incentive Fee incurred was $2,158$2,004 and $1,611,$5,904, respectively.

The Investment Advisory Agreement, as compared to the Prior Investment Advisory Agreement, excludes the impact of purchase accounting resulting from a merger, including the Merger, from the calculation of income subject to the Income Incentive Fee and the calculation of the Incentive Fee Cap. As a result, under the Investment Advisory Agreement, Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.depreciation or any amortization or accretion of any purchase premium or discount to interest income solely from the purchase accounting for any premium or discount paid for the acquisition of assets in a merger, such as the premium to net asset value paid for the shares of GCIC common stock in the Merger. Because of the structure of the Income Incentive Fee, it is possible that an Incentive Fee may be
Golub Capital BDC, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

is calculated under this formula with respect to a period in which the Company has incurred a loss. For example, if the Company receives Pre-Incentive Fee Net Investment Income in excess of the hurdle rate (as defined below) for a calendar quarter, the Income Incentive Fee will result in a positive value and an Incentive Fee will be paid even if the Company has incurred a loss in such period due to realized and/or unrealized capital losses unless the payment of such Incentive Fee would cause the Company to pay Incentive Fees on a cumulative basis that exceed the Incentive Fee Cap.
Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company’s net assets (defined as total assets less indebtedness and before taking into account any Incentive Fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed “hurdle rate” of 2.0% quarterly. If market interest rates rise, it is possible that the Company maywill be able to invest funds in debt instruments that provide for a higher return, which would increase Pre-Incentive Fee Net Investment Income and make it easier for the Investment Adviser to surpass the fixed hurdle rate and receive an Incentive Fee based on such net investment income.

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The Company’s Pre-Incentive Fee Net Investment Income used to calculate this part of the Incentive Fee is also included in the amount of its total assets (excluding cash and cash equivalents but including assets purchased with borrowed funds and securitization-related assets, unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit with custodian) used to calculate the 1.375% base management fee annual rate.

The Company calculates the Income Incentive Fee with respect to its Pre-Incentive Fee Net Investment Income quarterly, in arrears, as follows:

•Zero in any calendar quarter in which the Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate;
•100% of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.5% in any calendar quarter. This portion of the Company’s Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than 2.5%) is referred to as the “catch-up” provision. The catch-up is meant to provide the Investment Adviser with 20.0% of the Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply if the Company’s Pre-Incentive Fee Net Investment Income exceeds 2.5% in any calendar quarter; and
•20.0% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.5% in any calendar quarter.

The Capital Gain Incentive Fee equals (a) 20.0% of the Company’s Capital Gain Incentive Fee Base (as defined below), if any, calculated in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date), which commenced with the calendar year ending December 31, 2010, less (b) the aggregate amount of any previously paid Capital Gain Incentive Fees. The Capital Gain Incentive Fee is calculated in the same manner under the Investment Advisory Agreement as under the Prior Investment Advisory Agreement. The Company’s “Capital Gain Incentive Fee Base” equals (1) the sum of (i) realized capital gains, if any, on a cumulative positive basis from the date the Company elected to become a BDC through the end of each calendar year, (ii) all realized capital losses on a cumulative basis and (iii) all unrealized capital depreciation on a cumulative basis less (2) all unamortized deferred debt issuance costs, if and to the extent such costs exceed all unrealized capital appreciation on a cumulative basis.

•The cumulative aggregate realized capital losses are calculated as the sum of the amounts by which (a) the net sales price of each investment in the Company’s portfolio when sold is less than (b) the accreted or amortized cost basis of such investment.
•The cumulative aggregate realized capital gains are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in the Company’s portfolio when sold and (b) the accreted or amortized cost basis of such investment.
•The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable Capital Gain Incentive Fee calculation date and (b) the accreted or amortized cost basis of such investment.

In accordance with GAAP, the Company also is required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee on a quarterly basis as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under either the Prior Investment Advisory Agreement.Agreement or Investment Advisory Agreement, as applicable. If the Capital Gain Incentive Fee Base, adjusted as required by GAAP to include unrealized capital appreciation, is positive at the end of a period, then GAAP requires the Company to accrue a capital gain incentive fee equal to 20% of such amount, less the aggregate amount of the actual Capital Gain Incentive Fees paid and capital gain incentive fees accrued under GAAP in all prior periods. If such amount is negative, then there is no accrual for such period. The resulting accrual under GAAP in a
Golub Capital BDC, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

given period may resultresults in additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. There can be no assurance that such unrealized capital appreciation will be realized in the future. For the three months ended December 31, 20172020 and 2016,2019, the Company accrueddid not accrue a capital gain incentive fee. Changes in the accrual for the capital gain incentive fee of $713 and $480, respectively, which accruals are included in incentive fee in the Consolidated Statements of Operations. As of December 31, 20172020 and September
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
30, 2017, included in management and incentive fees payable on the Consolidated Statements2020, there was no cumulative accrual of Financial Condition were $7,609 and $6,896, respectively, for cumulative accruals for capital gain incentive fees under GAAP including the amounts payable pursuant to the Investment Advisory Agreement describes above.

As December 31, 2017 and September 30, 2017 the Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement (as described above) was $1,196 and $0, respectively. However, in accordance with GAAP, the accrual for the Capital Gain Incentive Fee was $7,609 and $6,896 as of December 31, 2017 and September 30, 2017, respectively. The accrual for the Capital Gains Incentive Fee is included in management and incentive fees payable on the Consolidated Statements of Financial Condition.

The sumAs of the Income Incentive FeeDecember 31, 2020 and theSeptember 30, 2020, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement as described above. Any payment due under the terms of the Investment Advisory Agreement or the Prior Investment Advisory Agreement, as applicable, is calculated in arrears at the “Incentive Fee.”end of each calendar year.

Administration Agreement:  Under the Administration Agreement, the Administrator furnishes the Company with office facilities and equipment, provides the Company with clerical, bookkeeping and record keeping services at such facilities and provides the Company with other administrative services as the Administrator, subject to review by the Board, determines necessary to conduct the Company’s day-to-day operations. GBDCThe Company reimburses the Administrator the allocable portion of overhead and other expenses incurred by it in performing its obligations under the Administration Agreement, including rent, fees and expenses associated with performing compliance functions and GBDC’sthe Company's allocable portion of the cost of its chief financial officer and chief compliance officer and their respective staffs. The Board reviews such expenses to determine that these expenses, including any allocation of expenses among the Company and other entities for which the Administrator provides similar services, are reasonable and comparable to administrative services charged by unaffiliated third party asset managers. Under the Administration Agreement, the Administrator also provides, on the Company’s behalf, managerial assistance to those portfolio companies to which the Company is required to provide such assistance and will be paid an additional amount based on the cost of the services provided, which amount shall not exceed the amount the Company receives from such portfolio companies.

Included in accounts payable and accrued expensesother liabilities is $618$1,602 and $620$1,576 as of December 31, 20172020 and September 30, 2017,2020, respectively, for accrued allocated shared services under the Administration Agreement.

Other related party transactions:  The Administrator pays for certain unaffiliated third-party expenses incurred by the Company. Such expenses include postage, printing, office supplies, rating agency fees and professional fees. These expenses are not marked-up and represent the same amount the Company would have paid had the Company paid the expenses directly. These expenses are subsequently reimbursed in cash.

Total expenses reimbursed to the Administrator during the three months ended December 31, 20172020 and 20162019, were $799$1,627 and $582,$1,685, respectively.

As of December 31, 20172020 and September 30, 2017,2020, included in accounts payable and accrued expensesother liabilities were $521$1,475 and $799,$1,627, respectively, for accrued expenses paid on behalf of the Company by the Administrator.

On June 22, 2016, theThe Company entered intois party to an unsecured revolving credit facility with the Investment Adviser (the "Adviser Revolver"(as amended, the “Adviser Revolver”), with which, as of December 31, 2020 and September 30, 2020 permits the Company to borrow a maximum credit limit of $20,000$100,000 and expiration date ofexpires on June 22, 2019.21, 2022. Refer to Note 67. Borrowings for discussion of the Adviser Revolver.

During the three months endedAs of December 31, 2017 and 2016,2020, an affiliate of the Company sold $0 and $38,307, respectively,Investment Adviser held $25,000 of investments and unfunded commitments to SLF at fair value and recognized $0 and $266, respectively, of net realized gains.the Company's 2024 Unsecured Notes (discussed in Note 7).

During the three months ended December 31, 2017 and 2016, SLF incurred an administrative service fee of $113 and $127, respectively, to reimburse the Administrator for expenses pursuant to an administrative and loan services agreement by and between SLF and the Administrator.

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Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)











Note 4. Investments

Investments as of December 31, 20172020 and September 30, 20172020 consisted of the following:
As of December 31, 2020As of September 30, 2020
  PrincipalAmortized
Cost		Fair
Value		PrincipalAmortized
Cost		Fair
Value
Senior secured$741,761 $732,386 $706,935 $683,735 $676,285 $640,213 
One stop3,751,840 3,755,299 3,667,769 3,600,711 3,615,685 3,485,585 
Second lien27,965 28,038 27,821 19,640 19,886 19,640 
Subordinated debt302 300 349 537 541 575 
EquityN/A88,795 104,344 N/A86,503 92,197 
Total$4,521,868 $4,604,818 $4,507,218 $4,304,623 $4,398,900 $4,238,210 


99
 As of December 31, 2017 As of September 30, 2017
  Principal 
Amortized
Cost
 
Fair
Value
 Principal 
Amortized
Cost
 
Fair
Value
Senior secured$196,141
 $194,188
 $193,459
 $197,734
 $195,790
 $195,029
One stop1,391,720
 1,374,113
 1,380,000
 1,348,625
 1,331,008
 1,334,084
Second lien9,435
 9,314
 9,435
 9,434
 9,306
 9,434
Subordinated debt60
 60
 60
 59
 59
 59
LLC equity interests in SLF(1)
N/A
 93,257
 91,591
 N/A
 97,457
 95,015
EquityN/A
 36,341
 48,827
 N/A
 37,619
 51,394
Total$1,597,356
 $1,707,273
 $1,723,372
 $1,555,852
 $1,671,239
 $1,685,015
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
(1)
SLF’s proceeds from the LLC equity interests invested in SLF were utilized by SLF to invest in senior secured loans.
The following tables show the portfolio composition by geographic region at amortized cost and fair value as a percentage of total investments in portfolio companies. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which mayis not bealways indicative of the primary source of the portfolio company’s business.
As of December 31, 2020As of September 30, 2020
Amortized Cost:        
United States        
Mid-Atlantic$915,626 19.9 %$887,138 20.2 %
Midwest842,674 18.3 805,618 18.3 
West787,046 17.1 709,961 16.1 
Southeast1,065,375 23.1 1,052,544 23.9 
Southwest514,942 11.2 478,702 10.9 
Northeast323,168 7.0 328,627 7.5 
Canada116,530 2.5 99,937 2.3 
United Kingdom36,186 0.8 21,264 0.5 
Australia2,300 0.1 2,301 0.0 *
Luxembourg971 0.0 *973 0.0 *
Andorra— 0.0 11,835 0.3 
Total$4,604,818 100.0 %$4,398,900 100.0 %
Fair Value:        
United States        
Mid-Atlantic$897,760 19.9 %$861,772 20.3 %
Midwest822,697 18.3 779,271 18.4 
West771,372 17.1 677,712 16.0 
Southeast1,039,467 23.1 1,014,912 23.9 
Southwest501,817 11.1 456,111 10.8 
Northeast315,711 7.0 314,611 7.4 
Canada117,910 2.6 98,112 2.3 
United Kingdom37,042 0.8 21,035 0.5 
Australia2,549 0.1 2,373 0.1 
Luxembourg893 0.0 *896 0.0 *
Andorra— 0.0 11,405 0.3 
Total$4,507,218 100.0 %$4,238,210 100.0 %
 As of December 31, 2017 As of September 30, 2017
Amortized Cost:  
   
   
   
United States  
   
   
   
Mid-Atlantic$329,384
 19.3% $341,612
 20.4%
Midwest384,297
 22.5
 405,901
 24.3
West289,247
 16.9
 266,546
 16.0
Southeast378,522
 22.2
 354,663
 21.2
Southwest154,839
 9.1
 153,520
 9.2
Northeast156,145
 9.1
 134,164
 8.0
Canada14,839
 0.9
 14,833
 0.9
Total$1,707,273
 100.0% $1,671,239
 100.0%
        
Fair Value:  
   
   
   
United States  
   
   
   
Mid-Atlantic$327,788
 19.0% $339,358
 20.1%
Midwest384,993
 22.3
 406,694
 24.1
West291,581
 16.9
 270,185
 16.0
Southeast380,658
 22.1
 356,846
 21.2
Southwest156,648
 9.1
 152,312
 9.1
Northeast166,545
 9.7
 144,468
 8.6
Canada15,159
 0.9
 15,152
 0.9
Total$1,723,372
 100.0% $1,685,015
 100.0%
* Represents an amount less than 0.1%.

Golub Capital BDC, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)
100

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The industry compositions of the portfolio at amortized cost and fair value as of December 31, 20172020 and September 30, 20172020 were as follows:
As of December 31, 2020As of September 30, 2020
Amortized Cost:        
Aerospace and Defense$113,577 2.5 %$98,894 2.2 %
Airlines971 0.0 *973 0.0 *
Auto Components21,333 0.5 21,194 0.5 
Automobiles93,282 2.0 52,056 1.2 
Beverages37,284 0.8 37,400 0.9 
Biotechnology16,401 0.4 16,438 0.4 
Building Products8,474 0.2 31,939 0.7 
Chemicals14,899 0.3 14,943 0.3 
Commercial Services and Supplies149,434 3.2 129,444 2.9 
Construction & Engineering49,445 1.1 46,261 1.1 
Consumer Finance2,073 0.0 *2,076 0.0 *
Containers and Packaging21,930 0.5 19,523 0.4 
Distributors3,273 0.1 3,282 0.1 
Diversified Consumer Services91,238 2.0 64,380 1.5 
Diversified Financial Services60,838 1.3 56,953 1.3 
Electric Utilities11,395 0.2 13,311 0.3 
Electronic Equipment, Instruments and Components84,417 1.8 63,902 1.5 
Energy Equipment and Services4,547 0.1 4,774 0.1 
Food and Staples Retailing159,354 3.5 134,224 3.1 
Food Products48,803 1.1 56,062 1.3 
Health Care Technology199,193 4.3 223,224 5.1 
Healthcare Equipment and Supplies168,150 3.7 178,676 4.1 
Healthcare Providers and Services666,237 14.5 628,734 14.3 
Hotels, Restaurants and Leisure175,524 3.8 177,058 4.0 
Household Durables5,184 0.1 4,895 0.1 
Household Products3,891 0.1 3,896 0.1 
Industrial Conglomerates20,150 0.4 4,691 0.1 
Insurance110,219 2.4 109,109 2.5 
Internet and Catalog Retail10,014 0.2 10,123 0.2 
IT Services358,432 7.8 364,699 8.3 
Leisure Products11,735 0.3 11,682 0.3 
Life Sciences Tools & Services51,524 1.1 48,145 1.1 
Machinery29,615 0.6 29,373 0.6 
Marine10,491 0.2 — 0.0 
Multiline Retail46,378 1.0 46,372 1.1 
Oil, Gas and Consumable Fuels85,853 1.9 85,924 2.0 
Paper and Forest Products9,056 0.2 9,126 0.2 
Personal Products37,397 0.8 37,520 0.8 
Pharmaceuticals53,683 1.2 55,639 1.3 
Professional Services93,639 2.0 90,590 2.0 
Real Estate Management and Development65,614 1.4 66,172 1.5 
Road and Rail23,521 0.5 23,610 0.5 
Software1,012,392 22.0 937,060 21.3 
Specialty Retail297,805 6.5 317,697 7.2 
Technology Hardware, Storage and Peripherals24,028 0.5 24,069 0.5 
Textiles, Apparel and Luxury Goods42,125 0.9 42,787 1.0 
Total$4,604,818 100.0 %$4,398,900 100.0 %
* Represents an amount less than 0.1%.
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TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
 As of December 31, 2017 As of September 30, 2017 
Amortized Cost:  
   
   
   
 
Aerospace and Defense$41,164
 2.4
%$59,296
 3.6
%
Automobile14,432
 0.9
 16,507
 1.0
 
Banking17,240
 1.0
 17,144
 1.0
 
Beverage, Food and Tobacco106,044
 6.2
 105,466
 6.3
 
Broadcasting and Entertainment1,454
 0.1
 1,458
 0.1
 
Buildings and Real Estate65,238
 3.8
 66,317
 4.0
 
Chemicals, Plastics and Rubber2,412
 0.2
 2,407
 0.1
 
Diversified/Conglomerate Manufacturing98,428
 5.8
 98,121
 5.9
 
Diversified/Conglomerate Service319,353
 18.7
 287,765
 17.2
 
Ecological18,109
 1.1
 18,081
 1.1
 
Electronics89,483
 5.2
 84,454
 5.1
 
Grocery15,742
 0.9
 15,876
 0.9
 
Healthcare, Education and Childcare347,207
 20.3
 336,386
 20.1
 
Home and Office Furnishings, Housewares, and Durable Consumer16,003
 0.9
 16,906
 1.0
 
Hotels, Motels, Inns, and Gaming9,873
 0.6
 9,889
 0.6
 
Insurance43,773
 2.6
 34,225
 2.1
 
Investment Funds and Vehicles93,257
 5.5
 97,457
 5.8
 
Leisure, Amusement, Motion Pictures, Entertainment77,165
 4.5
 76,717
 4.6
 
Mining, Steel, Iron and Non-Precious Metals4,605
 0.3
 4,806
 0.3
 
Oil and Gas9,901
 0.6
 6,362
 0.4
 
Personal and Non Durable Consumer Products (Mfg. Only)68,553
 4.0
 68,871
 4.1
 
Personal, Food and Miscellaneous Services77,325
 4.5
 73,718
 4.4
 
Printing and Publishing10,581
 0.6
 10,567
 0.6
 
Retail Stores133,746
 7.8
 135,892
 8.1
 
Telecommunications8,142
 0.5
 8,504
 0.5
 
Textiles and Leather2,206
 0.1
 2,209
 0.1
 
Utilities15,837
 0.9
 15,838
 1.0
 
Total$1,707,273
 100.0
%$1,671,239
 100.0
%

As of December 31, 2020As of September 30, 2020
Fair Value:        
Aerospace and Defense$109,157 2.4 %$93,061 2.2 %
Airlines893 0.0 *896 0.0 *
Auto Components20,153 0.4 19,518 0.5 
Automobiles93,340 2.1 52,972 1.2 
Beverages34,569 0.8 33,874 0.9 
Biotechnology17,024 0.4 16,902 0.4 
Building Products9,423 0.2 32,824 0.7 
Chemicals14,206 0.3 13,948 0.3 
Commercial Services and Supplies147,443 3.3 126,680 2.9 
Construction & Engineering49,168 1.1 44,892 1.1 
Consumer Finance2,497 0.1 2,460 0.0 *
Containers and Packaging19,748 0.4 16,669 0.4 
Distributors3,104 0.1 3,046 0.1 
Diversified Consumer Services82,197 1.8 54,066 1.5 
Diversified Financial Services59,738 1.3 55,223 1.3 
Electric Utilities11,368 0.2 13,228 0.3 
Electronic Equipment, Instruments and Components83,396 1.9 62,723 1.5 
Energy Equipment and Services2,474 0.1 2,672 0.1 
Food and Staples Retailing154,510 3.4 119,614 3.1 
Food Products53,443 1.2 60,420 1.3 
Health Care Technology198,447 4.4 219,166 5.1 
Healthcare Equipment and Supplies161,535 3.6 172,274 4.1 
Healthcare Providers and Services633,099 14.0 583,926 14.3 
Hotels, Restaurants and Leisure164,854 3.7 165,722 4.0 
Household Durables5,329 0.1 4,999 0.1 
Household Products3,818 0.1 3,817 0.1 
Industrial Conglomerates20,160 0.4 4,567 0.1 
Insurance111,618 2.5 109,156 2.5 
Internet and Catalog Retail9,089 0.2 9,489 0.2 
IT Services355,256 7.9 356,500 8.3 
Leisure Products11,097 0.2 11,389 0.3 
Life Sciences Tools & Services51,970 1.2 47,871 1.1 
Machinery26,222 0.6 25,727 0.6 
Marine10,487 0.2 — 0.0 
Multiline Retail46,488 1.0 46,488 1.1 
Oil, Gas and Consumable Fuels85,216 1.9 82,811 2.0 
Paper and Forest Products8,628 0.2 8,597 0.2 
Personal Products33,242 0.7 33,323 0.8 
Pharmaceuticals54,930 1.2 56,050 1.3 
Professional Services91,934 2.0 87,116 2.0 
Real Estate Management and Development65,651 1.5 63,111 1.5 
Road and Rail22,855 0.5 22,951 0.5 
Software1,013,021 22.5 924,825 21.3 
Specialty Retail296,359 6.6 311,117 7.2 
Technology Hardware, Storage and Peripherals23,536 0.5 23,597 0.5 
Textiles, Apparel and Luxury Goods34,526 0.8 37,933 1.0 
Total$4,507,218 100.0 %$4,238,210 100.0 %
* Represents an amount less than 0.1%.



Golub Capital BDC, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)
102

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
 As of December 31, 2017 As of September 30, 2017 
Fair Value:  
   
   
   
 
Aerospace and Defense$37,939
 2.2
%$56,458
 3.4
%
Automobile14,473
 0.8
 16,677
 1.0
 
Banking17,270
 1.0
 17,182
 1.0
 
Beverage, Food and Tobacco108,343
 6.3
 107,582
 6.4
 
Broadcasting and Entertainment1,470
 0.1
 1,469
 0.1
 
Buildings and Real Estate66,806
 3.9
 67,376
 4.0
 
Chemicals, Plastics and Rubber2,460
 0.1
 2,460
 0.1
 
Diversified/Conglomerate Manufacturing98,780
 5.7
 98,664
 5.9
 
Diversified/Conglomerate Service323,791
 18.8
 293,632
 17.4
 
Ecological18,530
 1.1
 18,536
 1.1
 
Electronics89,946
 5.2
 85,381
 5.1
 
Grocery16,544
 1.0
 16,603
 1.0
 
Healthcare, Education and Childcare345,699
 20.0
 335,880
 19.9
 
Home and Office Furnishings, Housewares, and Durable Consumer14,235
 0.8
 14,954
 0.9
 
Hotels, Motels, Inns, and Gaming10,032
 0.6
 10,057
 0.6
 
Insurance44,394
 2.6
 35,082
 2.1
 
Investment Funds and Vehicles91,591
 5.3
 95,015
 5.6
 
Leisure, Amusement, Motion Pictures, Entertainment77,786
 4.5
 76,954
 4.5
 
Mining, Steel, Iron and Non-Precious Metals4,065
 0.2
 3,707
 0.2
 
Oil and Gas9,883
 0.6
 6,351
 0.4
 
Personal and Non Durable Consumer Products (Mfg. Only)69,824
 4.1
 70,192
 4.2
 
Personal, Food and Miscellaneous Services79,467
 4.6
 72,517
 4.3
 
Printing and Publishing10,752
 0.6
 10,805
 0.6
 
Retail Stores142,406
 8.3
 144,336
 8.6
 
Telecommunications8,246
 0.5
 8,598
 0.5
 
Textiles and Leather2,196
 0.1
 2,247
 0.1
 
Utilities16,444
 1.0
 16,300
 1.0
 
Total$1,723,372
 100.0
%$1,685,015
 100.0
%

Senior Loan Fund LLC:

TheEffective January 1, 2020, the Company co-investspurchased the remaining equity interests in SLF from RGA and consolidated SLF's assets and liabilities into the Company's financial statements and notes. Prior to January 1, 2020, the Company co-invested with RGA in senior secured loans through SLF, an unconsolidated Delaware LLC. SLF iswas capitalized as transactions arewere completed and all portfolio and investment decisions in respect of SLF must bewere approved by the SLF investment committee consisting of two representatives of each of the Company and RGA (with unanimous approval required from (i) one representative of each of the Company and RGA or (ii) both representatives of each of the Company and RGA). SLF may ceasecould have ceased making new investments upon notification of either member but operations will continuewould have continued until all investments have beenwere sold or paid-off in the normal course of business. Investments held by SLF arewere measured at fair value using the same valuation methodologies as described in Note 5.6.

As of December 31, 2017, SLF was capitalized by LLC equity interest subscriptions from its members. On December 14, 2016, the SLF investment committee approved the recapitalization of the commitments of SLF’s members. On December 30, 2016, SLF’s members entered into additional LLC equity interest subscriptions totaling $160,000, SLF issued capital calls totaling $89,930 to the Company and RGA and the subordinated notes previously issued by SLF were redeemed and terminated.

As of December 31, 2017 and September 30, 2017, the Company and RGA owned 87.5% and 12.5%, respectively, of the LLC equity interests of SLF. SLF’s profits and losses are allocated to the Company and RGA in accordance with their respective ownership interests.

SLF has entered into a senior secured revolving credit facility (as amended, the “SLF Credit Facility”) with Wells Fargo Bank, N.A., through its wholly-owned subsidiary Senior Loan Fund II LLC (“SLF II”), which as of December 31, 2017 allowed SLF II to borrow up to $200,000 at any one time outstanding, subject to leverage and borrowing base restrictions.

Golub Capital BDC, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

As of December 31, 2017 and September 30, 2017, SLF had the following commitments from its members (in the aggregate):

 As of December 31, 2017 As of September 30, 2017
  Committed 
Funded(1)
 Committed 
Funded(1)
LLC equity commitments$200,000
 $106,580
 $200,000
 $111,380
Total$200,000
 $106,580
 $200,000
 $111,380

(1)
Funded LLC equity commitments are presented net of return of capital distributions subject to recall.

As of December 31, 2017 and September 30, 2017, SLF had total assets at fair value of $285,115 and $306,235, respectively. As of December 31, 2017, SLF had no portfolio company investments on non-accrual status. As of September 30, 2017, SLF had one portfolio company investment on non-accrual status with a fair value of $329. The portfolio companies in SLF are in industries and geographies similar to those in which the Company may invest directly. Additionally, as of December 31, 2017 and September 30, 2017, SLF had commitments to fund various undrawn revolvers and delayed draw investments to its portfolio companies totaling $12,722 and $13,318, respectively.

Below is a summary of SLF’s portfolio, followed by a listing of the individual investments in SLF’s portfolio as of December 31, 2017 and September 30, 2017:

 As of As of
 December 31, September 30,
  2017 2017
Senior secured loans (1)
$279,394
 $301,583
Weighted average current interest rate on senior secured loans (2)
6.8% 6.4%
Number of borrowers in SLF45
 50
Largest portfolio company investments (1)
$13,785
 $13,820
Total of five largest portfolio company investments (1)
$60,822
 $61,187
(1)
At principal amount.
(2)
Computed as the (a) annual stated interest rate on accruing senior secured loans divided by (b) total senior secured loans at principal amount.
Golub Capital BDC, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

SLF Investment Portfolio as of December 31, 2017
Portfolio Company Business Description Security Type 
Maturity
Date
 
Current
Interest
Rate(1)
 
Principal ($) /
Shares(2)
 
Fair
Value(3)
1A Smart Start LLC Home and Office Furnishings, Housewares, and Durable Consumer Senior loan 02/2022 6.4
%  $2,089
 $2,099
1A Smart Start LLC (4)
 Home and Office Furnishings, Housewares, and Durable Consumer Senior loan 02/2022 6.2
  927
 928
Advanced Pain Management Holdings, Inc. Healthcare, Education and Childcare Senior loan 02/2018 6.6
  6,561
 5,905
Advanced Pain Management Holdings, Inc. Healthcare, Education and Childcare Senior loan 02/2018 6.6
  449
 404
Argon Medical Devices, Inc. Healthcare, Education and Childcare Senior loan 12/2021 6.3
  3,184
 3,184
Arise Virtual Solutions, Inc. (4)
 Telecommunications Senior loan 12/2018 7.7
  9,022
 9,022
Boot Barn, Inc. Retail Stores Senior loan 06/2021 6.2
  10,073
 10,073
Brandmuscle, Inc. Printing and Publishing Senior loan 12/2021 6.4
  4,678
 4,674
CLP Healthcare Services, Inc. Healthcare, Education and Childcare Senior loan 12/2020 6.9
  8,568
 8,396
CLP Healthcare Services, Inc. Healthcare, Education and Childcare Senior loan 12/2020 6.9
  4,317
 4,231
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 7.2
  2,435
 2,435
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 7.2
  1,224
 1,224
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 7.2
  59
 59
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 7.2
  
 40
 40
Curo Health Services LLC (4)
 Healthcare, Education and Childcare Senior loan 02/2022 5.4
  
 5,835
 5,841
DISA Holdings Acquisition Subsidiary Corp. Diversified/Conglomerate Service Senior loan 12/2020 5.6
  
 4,401
 4,401
DISA Holdings Acquisition Subsidiary Corp. Diversified/Conglomerate Service Senior loan 12/2020 5.6
  
 428
 428
DISA Holdings Acquisition Subsidiary Corp. Diversified/Conglomerate Service Senior loan 12/2020 5.6
  
 266
 266
Encore GC Acquisition, LLC Healthcare, Education and Childcare Senior loan 01/2020 7.2
  
 4,712
 4,712
Flexan, LLC Chemicals, Plastics and Rubber Senior loan 02/2020 7.4
  
 6,013
 6,013
Flexan, LLC Chemicals, Plastics and Rubber Senior loan 02/2020 7.4
  
 1,669
 1,669
Flexan, LLC (4)
 Chemicals, Plastics and Rubber Senior loan 02/2020 9.0
  
 281
 281
Gamma Technologies, LLC (4)
 Electronics Senior loan 06/2021 6.3
  
 10,238
 10,238
III US Holdings, LLC Diversified/Conglomerate Service Senior loan 09/2022 8.2
  
 5,030
 5,030
Jensen Hughes, Inc. Buildings and Real Estate Senior loan 12/2021 6.4
  2,293
 2,293
Jensen Hughes, Inc. Buildings and Real Estate Senior loan 12/2021 6.6
  119
 119
Jensen Hughes, Inc. Buildings and Real Estate Senior loan 12/2021 6.6
  
 64
 64
Joerns Healthcare, LLC (4)
 Healthcare, Education and Childcare Senior loan 05/2020 7.5
  
 8,745
 8,147
Julio & Sons Company Beverage, Food and Tobacco Senior loan 12/2018 7.0
  
 6,744
 6,744
Julio & Sons Company Beverage, Food and Tobacco Senior loan 12/2018 7.0
  
 2,221
 2,221
Julio & Sons Company Beverage, Food and Tobacco Senior loan 12/2018 7.0
  
 972
 972
Paradigm DKD Group, LLC Buildings and Real Estate Senior loan 11/2018 7.3
  
 1,972
 1,932
Paradigm DKD Group, LLC Buildings and Real Estate Senior loan 11/2018 7.4
  
 623
 609
Park Place Technologies LLC (4)
 Electronics Senior loan 06/2022 6.7
  
 5,337
 5,337
Pasternack Enterprises, Inc. and Fairview Microwave, Inc Diversified/Conglomerate Manufacturing Senior loan 05/2022 6.6
  5,358
 5,358
Payless ShoeSource, Inc. Retail Stores Senior loan 08/2022 10.5
  768
 732
Polk Acquisition Corp. Automobile Senior loan 06/2022 6.6
  4,549
 4,458
Polk Acquisition Corp. Automobile Senior loan 06/2022 6.9
  80
 78
Polk Acquisition Corp. Automobile Senior loan 06/2022 6.6
  53
 52
PowerPlan Holdings, Inc. (4)
 Utilities Senior loan 02/2022 6.8
  11,365
 11,365
Premise Health Holding Corp. (4)
 Healthcare, Education and Childcare Senior loan 06/2020 6.2
  11,742
 11,742
Pyramid Healthcare, Inc. (4)
 Healthcare, Education and Childcare Senior loan 08/2019 8.1
  9,713
 9,713
Pyramid Healthcare, Inc. (4)
 Healthcare, Education and Childcare Senior loan 08/2019 9.8
  99
 99
Golub Capital BDC, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

SLF Investment Portfolio as of December 31, 2017- (continued)
Portfolio Company Business Description Security Type 
Maturity
Date
 
Current
Interest
Rate(1)
 
Principal ($) /
Shares(2)
 
Fair
Value(3)
R.G. Barry Corporation Personal, Food and Miscellaneous Services Senior loan 09/2019 6.6
%  $4,981
 $4,981
Radiology Partners, Inc. (4)
 Healthcare, Education and Childcare Senior loan 12/2023 7.6
  8,894
 8,805
Radiology Partners, Inc. (4)(5)
 Healthcare, Education and Childcare Senior loan 12/2023 N/A
(6) 
 —
 (3)
Reliant Pro ReHab, LLC (4)
 Healthcare, Education and Childcare Senior loan 12/2018 6.7
  3,215
 3,215
RSC Acquisition, Inc. (4)
 Insurance Senior loan 11/2022 6.9
  3,854
 3,835
RSC Acquisition, Inc. Insurance Senior loan 11/2020 6.2
  15
 15
Rubio's Restaurants, Inc. (4)
 Beverage, Food and Tobacco Senior loan 11/2018 6.4
  4,980
 4,980
Rug Doctor LLC Personal and Non Durable Consumer Products (Mfg. Only) Senior loan 06/2018 6.8
  5,658
 5,658
Sage Dental Management, LLC Healthcare, Education and Childcare Senior loan 10/2019 7.1
  4,770
 4,674
Sage Dental Management, LLC Healthcare, Education and Childcare Senior loan 10/2019 8.8
  70
 69
Sage Dental Management, LLC Healthcare, Education and Childcare Senior loan 10/2019 7.1
  70
 69
Sage Dental Management, LLC Healthcare, Education and Childcare Senior loan 10/2019 7.1
  
 50
 49
Saldon Holdings, Inc. (4)
 Diversified/Conglomerate Service Senior loan 09/2022 6.0
  
 2,435
 2,435
Sarnova HC, LLC Healthcare, Education and Childcare Senior loan 01/2022 6.3
  
 3,675
 3,675
SEI, Inc. Electronics Senior loan 07/2021 6.3
  
 13,785
 13,785
Self Esteem Brands, LLC (4)
 Leisure, Amusement, Motion Pictures, Entertainment Senior loan 02/2020 6.3
  
 11,045
 11,045
Severin Acquisition, LLC Diversified/Conglomerate Service Senior loan 07/2021 6.3
  
 5,277
 5,253
Severin Acquisition, LLC (4)
 Diversified/Conglomerate Service Senior loan 07/2021 6.4
  
 4,820
 4,818
Severin Acquisition, LLC Diversified/Conglomerate Service Senior loan 07/2021 6.6
  
 666
 669
Severin Acquisition, LLC (5)
 Diversified/Conglomerate Service Senior loan 07/2021 N/A
(6) 
 —
 (1)
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 7.2
  
 858
 815
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 7.2
  68
 64
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 7.2
  68
 64
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 7.2
  67
 64
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 7.2
  67
 64
Smashburger Finance LLC (5)
 Beverage, Food and Tobacco Senior loan 05/2018 N/A
(6) 
 —
 (6)
Tate's Bake Shop, Inc. (4)
 Beverage, Food and Tobacco Senior loan 08/2019 7.9
  2,918
 2,896
Tate's Bake Shop, Inc. (5)
 Beverage, Food and Tobacco Senior loan 08/2019 N/A
(6) 
 —
 (3)
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.1
  4,542
 4,542
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.4
  3,549
 3,549
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.1
  668
 668
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.1
  507
 507
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.1
  246
 246
Transaction Data Systems, Inc. Diversified/Conglomerate Service Senior loan 06/2021 6.9
  7,374
 7,374
Transaction Data Systems, Inc. Diversified/Conglomerate Service Senior loan 06/2020 6.2
  11
 10
W3 Co. Oil and Gas Senior loan 03/2022 7.6
  1,263
 1,260
WHCG Management, LLC (4)
 Healthcare, Education and Childcare Senior loan 03/2023 6.4
  7,960
 7,960
WIRB-Copernicus Group, Inc. Healthcare, Education and Childcare Senior loan 08/2022 6.7
  5,652
 5,652
Total senior loan investments          $279,394
 $277,340
              
Payless ShoeSource, Inc. (7)(8)
 Retail Stores LLC interest N/A N/A
  35
 $782
W3 Co. (7)(8)
 Oil and Gas LLC units N/A N/A
  3
 1,129
Total equity investments          

 $1,911
              
Total investments          $279,394
 $279,251

Golub Capital BDC, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

(1)
Represents the weighted average annual current interest rate as of December 31, 2017. All interest rates are payable in cash.
(2)
The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.
(3)
Represents the fair value in accordance with ASC Topic 820. The determination of such fair value is not included in the Board's valuation process described elsewhere herein.
(4)
The Company also holds a portion of the first lien senior secured loan in this portfolio company.
(5)
The negative fair value is the result of the unfunded commitment being valued below par.
(6)
The entire commitment was unfunded as of December 31, 2017. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.
(7)
Equity investment received as a result of the portfolio company's debt restructuring.
(8)
Non-income producing.
SLF Investment Portfolio as of September 30, 2017
Portfolio Company Business Description Security Type 
Maturity
Date
 
Current
Interest
Rate(1)
 
Principal ($) / Shares (2)
 
Fair
Value(3)
1A Smart Start LLC Home and Office Furnishings, Housewares, and Durable Consumer Senior loan 02/2022 6.1
%  $2,094
 $2,105
1A Smart Start LLC Home and Office Furnishings, Housewares, and Durable Consumer Senior loan 02/2022 5.8
  928
 928
Advanced Pain Management Holdings, Inc. Healthcare, Education and Childcare Senior loan 02/2018 6.3
  6,805
 5,784
Advanced Pain Management Holdings, Inc. Healthcare, Education and Childcare Senior loan 02/2018 6.3
  466
 396
Argon Medical Devices, Inc. Healthcare, Education and Childcare Senior loan 12/2021 6.0
  3,184
 3,184
Arise Virtual Solutions, Inc. (4)
 Telecommunications Senior loan 12/2018 7.3
  9,856
 9,856
Boot Barn, Inc. Retail Stores Senior loan 06/2021 5.8
  10,073
 10,073
Brandmuscle, Inc. Printing and Publishing Senior loan 12/2021 6.1
  4,851
 4,845
CLP Healthcare Services, Inc. Healthcare, Education and Childcare Senior loan 12/2020 6.6
  8,590
 8,418
CLP Healthcare Services, Inc. Healthcare, Education and Childcare Senior loan 12/2020 6.6
  4,328
 4,242
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 6.8
  2,442
 2,442
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 6.8
  1,227
 1,227
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 6.8
  59
 59
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 6.8
  41
 41
Curo Health Services LLC (4)
 Healthcare, Education and Childcare Senior loan 02/2022 5.3
  5,850
 5,867
DISA Holdings Acquisition Subsidiary Corp. Diversified/Conglomerate Service Senior loan 12/2020 5.5
  4,401
 4,401
DISA Holdings Acquisition Subsidiary Corp. Diversified/Conglomerate Service Senior loan 12/2020 5.6
  428
 428
EAG, INC. (Evans Analytical Group) Diversified/Conglomerate Service Senior loan 07/2018 5.5
  1,964
 1,964
Encore GC Acquisition, LLC Healthcare, Education and Childcare Senior loan 01/2020 6.8
  4,725
 4,725
Flexan, LLC Chemicals, Plastics and Rubber Senior loan 02/2020 7.1
  6,029
 6,029
Flexan, LLC Chemicals, Plastics and Rubber Senior loan 02/2020 7.1
  1,686
 1,686
Flexan, LLC (4)
 Chemicals, Plastics and Rubber Senior loan 02/2020 8.8
  47
 47
Gamma Technologies, LLC (4)
 Electronics Senior loan 06/2021 6.0
  10,264
 10,264
Harvey Tool Company, LLC Diversified/Conglomerate Manufacturing Senior loan 03/2020 6.1
  3,064
 3,064
III US Holdings, LLC Diversified/Conglomerate Service Senior loan 09/2022 7.9
  5,044
 5,044
Jensen Hughes, Inc. Buildings and Real Estate Senior loan 12/2021 6.3
  2,293
 2,293
Jensen Hughes, Inc. Buildings and Real Estate Senior loan 12/2021 6.4
  102
 102
Jensen Hughes, Inc. Buildings and Real Estate Senior loan 12/2021 6.4
  64
 64
Joerns Healthcare, LLC (4)
 Healthcare, Education and Childcare Senior loan 05/2020 7.8
  8,745
 8,202
Julio & Sons Company Beverage, Food and Tobacco Senior loan 12/2018 6.7
  6,762
 6,762
Golub Capital BDC, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

SLF Investment Portfolio as of September 30, 2017- (continued)
Portfolio Company Business Description Security Type 
Maturity
Date
 
Current
Interest
Rate(1)
 
Principal ($) / Shares (2)
 
Fair
Value(3)
Julio & Sons Company Beverage, Food and Tobacco Senior loan 12/2018 6.7
% $2,226
 $2,226
Julio & Sons Company Beverage, Food and Tobacco Senior loan 12/2018 6.7
  822
 822
Loar Group Inc. Aerospace and Defense Senior loan 01/2022 6.0
  2,164
 2,164
Loar Group Inc. Aerospace and Defense Senior loan 01/2022 6.0
  1,492
 1,492
Paradigm DKD Group, LLC Buildings and Real Estate Senior loan 11/2018 6.2
  1,977
 1,977
Paradigm DKD Group, LLC Buildings and Real Estate Senior loan 11/2018 6.2
  596
 596
Park Place Technologies LLC (4)
 Electronics Senior loan 06/2022 6.3
  5,341
 5,287
Pasternack Enterprises, Inc. and Fairview Microwave, Inc Diversified/Conglomerate Manufacturing Senior loan 05/2022 6.2
  5,372
 5,372
Payless ShoeSource, Inc. Retail Stores Senior loan 08/2022 10.3
  768
 757
Polk Acquisition Corp. Automobile Senior loan 06/2022 6.2
  4,560
 4,469
Polk Acquisition Corp. Automobile Senior loan 06/2022 6.7
  83
 81
Polk Acquisition Corp. Automobile Senior loan 06/2022 6.2
  53
 52
PowerPlan Holdings, Inc. (4)
 Utilities Senior loan 02/2022 6.5
  11,365
 11,365
Premise Health Holding Corp. (4)
 Healthcare, Education and Childcare Senior loan 06/2020 5.8
  11,772
 11,772
Pyramid Healthcare, Inc. Healthcare, Education and Childcare Senior loan 08/2019 7.7
  
 9,738
 9,738
Pyramid Healthcare, Inc. Healthcare, Education and Childcare Senior loan 08/2019 7.9
  
 597
 597
R.G. Barry Corporation Personal, Food and Miscellaneous Services Senior loan 09/2019 6.2
  
 5,217
 5,217
Radiology Partners, Inc. (4)
 Healthcare, Education and Childcare Senior loan 09/2020 7.1
  
 7,793
 7,793
Radiology Partners, Inc. (4)
 Healthcare, Education and Childcare Senior loan 09/2020 7.1
  
 595
 595
Radiology Partners, Inc. (4)
 Healthcare, Education and Childcare Senior loan 09/2020 7.1
  
 505
 505
Reliant Pro ReHab, LLC (4)
 Healthcare, Education and Childcare Senior loan 12/2017 6.3
  
 3,240
 3,240
RSC Acquisition, Inc. (4)
 Insurance Senior loan 11/2022 6.6
  
 3,864
 3,864
RSC Acquisition, Inc. Insurance Senior loan 11/2020 6.1
  
 15
 15
Rubio's Restaurants, Inc. (4)
 Beverage, Food and Tobacco Senior loan 11/2018 6.1
  
 4,992
 4,992
Rug Doctor LLC Personal and Non Durable Consumer Products (Mfg. Only) Senior loan 06/2018 6.6
  
 5,792
 5,792
Sage Dental Management, LLC Healthcare, Education and Childcare Senior loan 10/2019 7.0
  
 4,782
 4,686
Sage Dental Management, LLC Healthcare, Education and Childcare Senior loan 10/2019 7.8
  
 70
 69
Sage Dental Management, LLC Healthcare, Education and Childcare Senior loan 10/2019 7.0
  
 50
 49
Sage Dental Management, LLC Healthcare, Education and Childcare Senior loan 10/2019 8.8
  
 34
 33
Saldon Holdings, Inc. (4)
 Diversified/Conglomerate Service Senior loan 09/2022 5.8
  
 2,521
 2,490
Sarnova HC, LLC Healthcare, Education and Childcare Senior loan 01/2022 6.0
  
 3,684
 3,684
SEI, Inc. Electronics Senior loan 07/2021 6.0
  
 13,820
 13,820
Self Esteem Brands, LLC (4)
 Leisure, Amusement, Motion Pictures, Entertainment Senior loan 02/2020 6.0
  
 11,313
 11,313
Severin Acquisition, LLC (4)
 Diversified/Conglomerate Service Senior loan 07/2021 6.1
  
 4,832
 4,830
Severin Acquisition, LLC Diversified/Conglomerate Service Senior loan 07/2021 6.0
  5,290
 5,265
Severin Acquisition, LLC Diversified/Conglomerate Service Senior loan 07/2021 6.2
  668
 670
Severin Acquisition, LLC (5)
 Diversified/Conglomerate Service Senior loan 07/2021 N/A
(6) 
 —
 (1)
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8
  867
 754
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8
  68
 60
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8
  
 68
 59
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8
  
 68
 59
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8
  
 68
 59
Smashburger Finance LLC (5)
 Beverage, Food and Tobacco Senior loan 05/2018 N/A
(6) 
 —
 (15)
Stomatcare DSO, LLC (7)
 Healthcare, Education and Childcare Senior loan 05/2022 6.2% PIK 625
 329
Tate's Bake Shop, Inc. (4)
 Beverage, Food and Tobacco Senior loan 08/2019 6.3
  
 2,926
 2,926
Golub Capital BDC, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

SLF Investment Portfolio as of September 30, 2017- (continued)
Portfolio Company Business Description Security Type 
Maturity
Date
 
Current
Interest
Rate(1)
 
Principal ($) / Shares (2)
 
Fair
Value(3)
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 5.5
  4,553
 4,553
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.1
  3,567
 3,567
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.1
  687
 687
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.0
  514
 514
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.1
  252
 252
Transaction Data Systems, Inc. Diversified/Conglomerate Service Senior loan 06/2021 6.6
  7,393
 7,393
Transaction Data Systems, Inc. Diversified/Conglomerate Service Senior loan 06/2020 5.8
  22
 21
W3 Co. Oil and Gas Senior loan 03/2022 7.2
  1,266
 1,269
WHCG Management, LLC (4)
 Healthcare, Education and Childcare Senior loan 03/2023 6.1
  7,980
 7,980
WIRB-Copernicus Group, Inc. Healthcare, Education and Childcare Senior loan 08/2022 6.3
  5,666
 5,666
Young Innovations, Inc. (4)
 Healthcare, Education and Childcare Senior loan 01/2019 6.3
  10,369
 10,369
Young Innovations, Inc. (4)
 Healthcare, Education and Childcare Senior loan 01/2019 6.3
  209
 209
Total senior loan investments          $301,583
 $298,941
              
Payless ShoeSource, Inc. (8)(9)
 Retail Stores LLC interest N/A N/A
  35
 $843
W3 Co. (8)(9)
 Oil and Gas LLC units N/A N/A
  3
 1,146
Total equity investments            $1,989
              
Total investments          $301,583
 $300,930
(1)
Represents the weighted average annual current interest rate as of September 30, 2017. All interest rates are payable in cash.
(2)
The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.
(3)
Represents the fair value in accordance with ASC Topic 820. The determination of such fair value is not included in the Board's valuation process described elsewhere herein.
(4)
The Company also holds a portion of the first lien senior secured loan in this portfolio company.
(5)
The negative fair value is the result of the unfunded commitment being valued below par.
(6)
The entire commitment was unfunded at September 30, 2017. As such, no interest is being earned on this investment.
(7)
Loan was on non-accrual status as of September 30, 2017, meaning that SLF has ceased recognizing interest income on the loan.
(8)
Equity investment received as a result of the portfolio company's debt restructuring.
(9)
Non-income producing.

As of December 31, 2017, the Company has committed to fund $175,000 of LLC equity interest subscriptions to SLF. As of December 31, 2017 and September 30, 2017, $93,258 and $97,457, respectively, of the Company’s LLC equity interest subscriptions to SLF had been called and contributed, net of return of capital distributions subject to recall. For the three months ended December 31, 2017 and 2016, the Company received $1,965 and $746, respectively, in dividend income from the SLF LLC equity interests.

For the three months ended December 31, 2017 and 2016,2019, the Company earned interestdid not receive dividend income onfrom the subordinated notes of $0 and $1,639, respectively.
Golub Capital BDC, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

LLC equity interests in SLF.
See below for certain summarized financial information for SLF as of December 31, 2017 and September 30, 2017 and for the three months ended December 31, 2017 and 2016:2019:
 As of As of
  December 31, 2017 September 30, 2017
Selected Balance Sheet Information:  
   
Investments, at fair value$279,251
 $300,930
Cash and other assets5,864
 5,305
Total assets$285,115
 $306,235
Senior credit facility$180,150
 $197,700
Unamortized debt issuance costs(345) (712)
Other liabilities635
 658
Total liabilities180,440
 197,646
Members’ equity104,675
 108,589
Total liabilities and members' equity$285,115
 $306,235

 Three months ended December 31,
  2017 2016
Selected Statement of Operations Information:  
   
Interest income$4,908
 $5,190
Fee income25
 —
Total investment income4,933
 5,190
Interest and other debt financing expense2,079
 3,884
Administrative service fee113
 127
Other expenses29
 33
Total expenses2,221
 4,044
Net investment income2,712
 1,146
Net change in unrealized appreciation (depreciation) on investments421
 (862)
Net increase (decrease) in members' equity$3,133
 $284

Golub Capital BDC, Inc.
Selected Statement of Operations Information:
Interest income$2,800 
Total investment income2,800 
Interest and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)
other debt financing expense		634 
Administrative service fee61 
Other expenses(15)
Total expenses680 
Net investment income2,120 
Net change in unrealized appreciation (depreciation) on investments(1,603)
Net increase in members' equity$517 

GCIC Senior Loan Fund LLC:

Effective January 1, 2020, the Company purchased the remaining equity interests in GCIC SLF from Aurora and consolidated GCIC SLF's assets and liabilities into the Company's financial statements and notes. Following the acquisition of GCIC SLF in the Merger, the Company co-invested with Aurora, a wholly-owned subsidiary of RGA Reinsurance Company, in senior secured loans through GCIC SLF, an unconsolidated Delaware LLC. The Company acquired the investment in GCIC SLF through its acquisition of GCIC on September 16, 2019. GCIC SLF was capitalized as transactions were completed and all portfolio and investment decisions in respect of GCIC SLF were approved by the GCIC SLF investment committee consisting of two representatives of each of the Company and Aurora (with unanimous approval required from (i) one representative of each of the Company and Aurora or (ii) both representatives of each of the Company and Aurora). GCIC SLF could have ceased making new investments upon notification of either member but operations would have continued until all investments were sold or paid-off in the normal course of business. Investments held by GCIC SLF were measured at fair value by GCIC SLF using the same valuation methodologies as described in Note 6.

For the three months ended December 31, 2019, the Company earned $1,905 of dividend income from the LLC equity interest in GCIC SLF.

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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
See below for certain summarized financial information for GCIC SLF for the three months ended December 31, 2019:
Selected Statement of Operations Information:
Interest income$2,081 
Total investment income2,081 
Interest and other debt financing expenses512 
Administrative service fee45 
Other expenses(24)
Total expenses533 
Net investment income1,548 
Net change in unrealized appreciation (depreciation) on investments(108)
Net increase in members' equity$1,440 




Note 5. Forward Currency Contracts

The Company enters into forward currency contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company's investments denominated in foreign currencies.

The outstanding forward currency contracts as of December 31, 2020 and September 30, 2020 were as follows:
As of December 31, 2020
CounterpartyCurrency to be soldCurrency to be purchasedSettlement dateUnrealized appreciation ($)Unrealized depreciation ($)
Macquarie Bank Limited£8,925 GBP$11,219 USD2/28/2023$— $(1,028)
Macquarie Bank Limited£3,780 GBP$4,804 USD3/27/2023— (383)
Macquarie Bank Limited€6,760 EUR$8,044 USD4/28/2023— (625)
Macquarie Bank Limited€9,300 EUR$10,861 USD4/29/2022— (378)
Macquarie Bank Limited£10,058 GBP$12,706 USD7/17/2023— (1,108)
Macquarie Bank Limited£2,228 GBP$2,903 USD4/28/2023— (155)
Macquarie Bank Limited$18,425 CAD$13,783 USD10/30/2023— (622)
Macquarie Bank Limited€13,960 EUR$16,735 USD4/28/2023— (657)
$— $(4,956)

As of September 30, 2020
CounterpartyCurrency to be soldCurrency to be purchasedSettlement dateUnrealized appreciation ($)Unrealized depreciation ($)
Macquarie Bank Limited£8,925 GBP$11,219 USD2/28/2023$— $(361)
Macquarie Bank Limited£3,780 GBP$4,804 USD3/27/2023— (101)
Macquarie Bank Limited€6,760 EUR$8,044 USD4/28/2023— (187)
Macquarie Bank Limited€9,300 EUR$10,861 USD4/29/2022— (60)
Macquarie Bank Limited£10,058 GBP$12,706 USD7/17/2023— (355)
$— $(1,064)

In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) with its derivative counterparty, Macquarie Bank Limited (“Macquarie”). The ISDA Master Agreement is a bilateral agreement between the Company and Macquarie that governs over the
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
counter (“OTC”) derivatives, including forward currency contracts, and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Company and cash collateral received from Macquarie, if any, is included in the Consolidated Statements of Financial Condition as cash collateral held at broker for forward currency contracts or cash collateral received from broker for forward currency contracts. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties.

The following table is intended to provide additional information about the effect of the forward currency contracts on the financial statements of the Company including: the fair value of derivatives by risk category, the location of those fair values on the Consolidated Statements of Financial Condition, and the Company’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Company as of December 31, 2020 and September 30, 2020.
As of December 31, 2020
CounterpartyRisk exposure categoryUnrealized appreciation on forward currency contractsUnrealized depreciation on forward currency contractsNet amounts presented in the Consolidated Statement of Financial Condition
Collateral (Received) Pledged (1)
Net Amount (2)
Macquarie Bank LimitedForeign exchange$— $(4,956)$(4,956)$4,956 $— 

As of September 30, 2020
CounterpartyRisk exposure categoryUnrealized appreciation on forward currency contractsUnrealized depreciation on forward currency contractsNet amounts presented in the Consolidated Statement of Financial Condition
Collateral (Received) Pledged (1)
Net Amount (2)
Macquarie Bank LimitedForeign exchange$— $(1,064)$(1,064)$1,064 $— 

(1)The actual collateral pledged may be more than the amount shown due to over collateralization.
(2)Represents the net amount due from/(to) counterparties in the event of default.
The impact of derivative transactions for the three months ended December 31, 2020 and 2019 on the Consolidated Statements of Operations, including realized and unrealized gains (losses) is summarized in the table below:
Realized gain (loss) on forward currency contracts recognized in income
Risk exposure categoryThree months ended December 31,
20202019
Foreign exchange$— $— 
Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income
Risk exposure categoryThree months ended December 31,
20202019
Foreign exchange$(3,892)$(1,250)

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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The following table is a summary of the average outstanding daily volume for forward currency contracts for the three months ended December 31, 2020 and 2019:

Average U.S. Dollar notional outstandingThree months ended December 31,
20202019
Forward currency contracts$71,247 $29,997 

Exclusion of the Investment Adviser from Commodity Pool Operator Definition

Engaging in commodity interest transactions such as swap transactions or futures contracts for the Company may cause the Investment Adviser to fall within the definition of “commodity pool operator” under the Commodity Exchange Act (the “CEA”) and related Commodity Futures Trading Commission (the “CFTC”) regulations. On February 6, 2020, the Investment Adviser claimed an exclusion from the definition of the term “commodity pool operator” under the CEA and the CFTC regulations in connection with its management of the Company and, therefore, is not subject to CFTC registration or regulation under the CEA as a commodity pool operator with respect to its management of the Company.


Note 6. Fair Value Measurements

The Company follows ASC Topic 820 for measuring fair value. Fair value is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the assets or liabilities or market and the assets’ or liabilities’ complexity. The Company’s fair value analysis includes an analysis of the value of any unfunded loan commitments. Assets and liabilities are categorized for disclosure purposes based upon the level of judgment associated with the inputs used to measure their value. The valuation hierarchical levels are based upon the transparency of the inputs to the valuation of the asset or liability as of the measurement date. The three levels are defined as follows:

Level 1:     Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2:     Inputs include quoted prices for similar assets or liabilities in active markets and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the assets or liabilities.

Level 3:Inputs include significant unobservable inputs for the assets or liabilities and include situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value are based upon the best information available and may require significant management judgment or estimation.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the three months ended December 31, 20172020 and 2016.2019. The following section describes the valuation techniques used by the Company to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Board, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of the Board to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with approximately 25% (based on the number of portfolio companies) of the Company’s valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. All investments as of December 31, 20172020 and September 30, 2017,2020, with the exception of money market funds included in cash, cash equivalents and restricted cash and cash equivalents (Level 1 investments) and investments measured at fair value using the NAV,forward currency contracts (Level 2 investments), were valued using Level 3 inputs.

When determining fair value of Level 3 debt and equity investments, the Company may taketakes into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may beare made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”). A portfolio company’s EBITDA maycan include pro forma adjustments for items such as acquisitions, divestitures, or expense reductions. The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Company will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Company uses a market interest rate yield analysis to determine fair value.

Golub Capital BDC, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

In addition, for certain debt investments, the Company may basebases its valuation on indicative bid and ask prices provided by an independent third party pricing service. Bid prices reflect the highest price that the Company and others may be willing to pay. Ask prices represent the lowest price that the Company and others may be willing to accept. The Company generally uses the midpoint of the bid/ask range as its best estimate of fair value of such investment.

Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that mayare ultimately be received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company maycould realize significantly less than the value at which such investment had previously been recorded. The Company’s investments are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded.

Secured Borrowings

The Company has elected the fair value option under ASC Topic 825 - Financial Instruments, relating to accounting for debt obligations at their fair value for its secured borrowings which arose due to partial loan sales which did not meet the criteria for sale treatment under ASC Topic 860. The Company reports changes in the fair value of its secured borrowings as a component of the net change in unrealized (appreciation) depreciation on secured borrowings in the Consolidated Statements of Operations. The net gain or loss reflects the difference between the fair value and the principal amount due on maturity.

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As of December 31, 2017Golub Capital BDC, Inc. and September 30, 2017, there were no secured borrowings outstanding. As of December 31, 2016 all secured borrowings were valued using Level 3 inputs under the fair value hierarchy,Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and the Company’s approach to determining fair value of Level 3 secured borrowings is consistent with its approach to determining fair value of the Level 3 investments that are associated with these secured borrowings as previously described.per share data)

The following tables present fair value measurements of the Company’s investments and indicatesindicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of December 31, 20172020 and September 30, 2017:2020:

As of December 31, 2020Fair Value Measurements Using
DescriptionLevel 1Level 2Level 3Total
Assets, at fair value:        
Debt investments(1)
$— $— $4,402,874 $4,402,874 
Equity investments(1)
— — 104,344 104,344 
Money market funds(1)(2)
42,776 — — 42,776 
Total assets, at fair value:$42,776 $— $4,507,218 $4,549,994 
Liabilities at fair value:
Forward currency contracts$— $(4,956)$— $(4,956)
Total liabilities, at fair value:$— $(4,956)$— $(4,956)

As of December 31, 2017 Fair Value Measurements Using
As of September 30, 2020As of September 30, 2020Fair Value Measurements Using
Description Level 1 Level 2 Level 3 TotalDescriptionLevel 1Level 2Level 3Total
Assets, at fair value:   
   
   
   
Assets, at fair value:        
Debt investments(1)
 $—
 $—
 $1,582,954
 $1,582,954
Debt investments(1)
$— $— $4,146,013 $4,146,013 
Equity investments(1)
 —
 —
 48,827
 48,827
Equity investments(1)
— — 92,197 92,197 
Money market funds(1)(2)
 23,452
 —
 —
 23,452
Money market funds(1)(2)
37,205 — — 37,205 
Investment measured at NAV(3)(4)
 —
 —
 —
 91,591
Total assets, at fair value: $23,452
 $—
 $1,631,781
 $1,746,824
Total assets, at fair value:$37,205 $— $4,238,210 $4,275,415 
Liabilities at fair value:Liabilities at fair value:
Forward currency contractsForward currency contracts$— $(1,064)$— $(1,064)
Total liabilities, at fair value:Total liabilities, at fair value:$— $(1,064)$— $(1,064)

As of September 30, 2017 Fair Value Measurements Using
Description Level 1 Level 2 Level 3 Total
Assets, at fair value:   
   
   
   
Debt investments(1)
 $—
 $—
 $1,538,606
 $1,538,606
Equity investments(1)
 —
 —
 51,394
 51,394
Money market funds(1)(2)
 13,825
 —
 —
 13,825
Investment measured at NAV(3)(4)
 —
 —
 —
 95,015
Total assets, at fair value: $13,825
 $—
 $1,590,000
 $1,698,840

(1)
(1)Refer to the Consolidated Schedules of Investments for further details.
Refer to the Consolidated Schedules of Investments for further details.
Golub Capital BDC, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data) (2)Included in cash and cash equivalents, restricted cash and cash equivalents, foreign currencies and restricted foreign currencies on the Consolidated Statements of Financial Condition.

(2)
Included in cash and cash equivalents and restricted cash and cash equivalents on the Consolidated Statements of Financial Condition.
(3)
Certain investments that are measured at fair value using the NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Financial Condition.
(4)
Represents the Company's investment in LLC equity interests in SLF. The fair value of this investment has been determined using the NAV of the Company’s ownership interest in members’ capital.

The net change in unrealized appreciation (depreciation) for the three months ended December 31, 20172020 and 20162019, reported within the net change in unrealized appreciation (depreciation) on investments in the Company’sCompany's Consolidated Statements of Operations attributable to the Company’sCompany's Level 3 assets held as of December 31, 20172020 and 20162019 was $1,682$46,683 and $2,862,$10,027, respectively.

The following table presentstables present the changes in investments and secured borrowings measured at fair value using Level 3 inputs for the three months ended December 31, 20172020 and 2016:

2019:
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
 For the three months ended December 31, 2017
  
Debt
Investments
 
Equity
Investments
 
Total
Investments
 
Secured
Borrowings
Fair value, beginning of period$1,538,606
 $51,394
 $1,590,000
 $—
Net change in unrealized appreciation (depreciation)
    on investments
2,837
 (1,290) 1,547
 —
Realized gain (loss) on investments(3,000) 3,481
 481
 —
Funding of (proceeds from) revolving loans, net(3,498) —
 (3,498) —
Fundings of investments136,827
 1,114
 137,941
 —
PIK interest277
 —
 277
 —
Proceeds from principal payments and sales of portfolio
    investments
(91,804) (5,872) (97,676) —
Accretion of discounts and amortization of premiums2,709
 —
 2,709
 —
Fair value, end of period$1,582,954
 $48,827
 $1,631,781
 $—

For the three months ended December 31, 2020
  Debt
Investments		Equity
Investments		Total
Investments
Fair value, beginning of period$4,146,013 $92,197 $4,238,210 
Net change in unrealized appreciation (depreciation) on investments53,236 9,854 63,090 
Realized gain (loss) on investments(5,412)3,798 (1,614)
Funding of (proceeds from) revolving loans, net(3,911)— (3,911)
Fundings of investments481,021 8,986 490,007 
PIK interest4,725 — 4,725 
Proceeds from principal payments and sales of portfolio investments(268,174)(10,491)(278,665)
Accretion of discounts and amortization of premiums(4,624)— (4,624)
Fair value, end of period$4,402,874 $104,344 $4,507,218 

For the three months ended December 31, 2019
  Debt
Investments		Equity
Investments		Total
Investments
Fair value, beginning of period$4,083,298 $85,990 $4,169,288 
Net change in unrealized appreciation (depreciation) on investments14,691 1,716 16,407 
Realized gain (loss) on investments59 2,597 2,656 
Funding of (proceeds from) revolving loans, net239 — 239 
Fundings of investments294,799 2,015 296,814 
PIK interest1,633 — 1,633 
Proceeds from principal payments and sales of portfolio investments(144,594)(5,356)(149,950)
Accretion of discounts and amortization of premiums(7,869)— (7,869)
Fair value, end of period$4,242,256 $86,962 $4,329,218 


 For the three months ended December 31, 2016
  
Debt
Investments
 
Equity
Investments
 
Total
Investments
 
Secured
Borrowings
Fair value, beginning of period$1,573,953
 $59,732
 $1,633,685
 $475
Net change in unrealized appreciation (depreciation)
    on investments
815
 807
 1,622
 —
Realized gain (loss) on investments265
 642
 907
 —
Funding of (proceeds from) revolving loans, net2,518
 —
 2,518
 —
Fundings of investments118,638
 437
 119,075
 —
PIK interest547
 —
 547
 —
Proceeds from principal payments and sales of portfolio
investments		(92,576) (1,373) (93,949) —
Non-cash proceeds from subordinated notes in SLF
principal payments		(78,689) —
 (78,689) —
Repayments on secured borrowings—
 —
 —
 (13)
Accretion of discounts and amortization of premiums1,807
 —
 1,807
 —
Fair value, end of period$1,527,278
 $60,245
 $1,587,523
 $462

Golub Capital BDC, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of December 31, 20172020 and September 30, 2017.2020.

Quantitative information about Level 3 Fair Value Measurements
Fair value as of December 31, 2020Valuation TechniquesUnobservable Input
Range (Weighted Average) (1)
Assets:        
Senior secured loans(2)
$703,648 Market rate approachMarket interest rate3.7% - 14.0% (6.3%)
    Market comparable companiesEBITDA multiples6.0x - 20.0x (12.4x)
3,002 Market comparableBroker/dealer bids or quotesN/A
285 Collateral analysisRecovery rate2.1%
One stop loans(3)(4)
$3,667,769 Market rate approachMarket interest rate4.8% - 29.5% (8.0%)
  Market comparable companiesEBITDA multiples4.5x - 27.0x (14.8x)
      Revenue multiples1.5x - 13.9x (6.7x)
Subordinated debt and second lien loans(5)
$28,170 Market rate approachMarket interest rate6.0% - 19.5% (10.7%)
    Market comparable companiesEBITDA multiples8.0x - 21.0x (15.0x)
      Revenue multiples4.0x -8.8x (8.5x)
Equity(6)
$104,344 Market comparable companiesEBITDA multiples4.5x - 30.1x (14.3x)
      Revenue multiples1.5x - 13.9x (6.2x)
Quantitative information about Level 3 Fair Value Measurements
 Fair value as of December 31, 2017 Valuation Techniques Unobservable Input Range (Weighted Average)
Assets:  
         
Senior secured loans(1)(2)
$182,496
 Market rate approach Market interest rate 5.5% - 12.8% (6.9%)
    
 Market comparable companies EBITDA multiples 5.0x - 15.0x (11.2x)
 10,967
 Market comparable Broker/dealer bids or quotes N/A
One stop loans(1)(3)(4)
$1,374,912
 Market rate approach Market interest rate 5.5% - 17.5% (8.2%)
    Market comparable companies EBITDA multiples 4.5x - 35.0x (12.7x)
        Revenue multiples 2.0x - 7.5x (4.1x)
 3,259
 Market comparable Broker/dealer bids or quotes N/A
Subordinated debt and second lien loans(1)
$9,495
 Market rate approach Market interest rate 9.7% - 19.5% (9.8%)
    
 Market comparable companies EBITDA multiples 10.5x - 11.5x (10.5x)
Equity(5)
$48,827
 Market comparable companies 
EBITDA multiples(6)
 3.7x - 28.7x (11.9x)
        
Revenue multiples(6)
 2.0x - 5.0 (2.8x)

(1)Unobservable inputs were weighted by the relative fair value of the instruments.
(2)$14,999 of loans at fair value were valued using the market comparable companies approach only.
(3)$45,840 of loans at fair value were valued using the market comparable companies approach only.
(4)The Company valued $3,204,793 and $462,976 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.
(5)The Company valued $27,976 and $194 of subordinated debt and second lien loans using EBITDA and revenue multiples, respectively. All subordinated debt and second lien loans were also valued using the market rate approach.
(6)The Company valued $89,871 and $14,473 of equity investments using EBITDA and revenue multiples, respectively.

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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Quantitative information about Level 3 Fair Value Measurements
Fair value as of September 30, 2020Valuation TechniquesUnobservable Input
Range
(Weighted Average)(1)
Assets:        
Senior secured loans(2)
$637,012 Market rate approachMarket interest rate3.7% - 21.5% (6.9%)
    Market comparable companiesEBITDA multiples4.4x - 20.0x (12.4x)
2,910 Market comparableBroker/dealer bids or quotesN/A
291 Collateral analysisRecovery rate2.2%
One stop loans(3)(4)
$3,485,585 Market rate approachMarket interest rate1.0% - 27.8% (8.2%)
  Market comparable companiesEBITDA multiples4.5x - 27.0x (13.7x)
      Revenue multiples1.5x - 16.2x (5.8x)
Subordinated debt and second lien loans(5)
$20,215 Market rate approachMarket interest rate6.0% - 19.5% (10.6%)
    Market comparable companiesEBITDA multiples8.5x - 21.3x (15.3x)
Revenue multiples4.0x -8.5x (8.3x)
Equity(6)
$92,197 Market comparable companiesEBITDA multiples4.5x - 24.5x (14.1x)
      Revenue multiples1.5x - 16.2x (6.7x)

(1)
The fair value of this asset class was determined using the market rate approach as the investments in this asset class were determined not to be credit impaired using the market comparable companies approach. The unobservable inputs for both valuation techniques have been presented, but the fair value as of December 31, 2017 was determined using the market rate approach.
(2)
Excludes $(4) of non-accrual loans at fair value, which the Company valued on a liquidation basis. The negative fair value is the result of the unfunded commitment being valued below par.
(3)
Excludes $1,829 of non-accrual loans at fair value, which the Company valued on a liquidation basis.
(4)
The Company valued $1,223,147 and $151,765 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.
(5)
Excludes $91,591 of LLC equity interests in SLF at fair value, which the Company valued using the NAV.
(6)
The Company valued $44,886 and $3,941 of equity investments using EBITDA and revenue multiples, respectively.

Golub Capital BDC, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)
(1)Unobservable inputs were weighted by the relative fair value of the instruments.

(2)$12,488 of loans at fair value were valued using the market comparable companies approach only.
(3)$39,207 of loans at fair value were valued using the market comparable companies approach only.
Quantitative information about Level 3 Fair Value Measurements
 Fair value as of September 30, 2017 Valuation Techniques Unobservable Input 
Range
(Weighted Average)
Assets:  
         
Senior secured loans(1)(2)
$184,529
 Market rate approach Market interest rate 5.6% - 12.5% (6.9%)
    
 Market comparable companies EBITDA multiples 5.0x - 17.5x (11.6x)
 10,560
 Market comparable Broker/dealer bids or quotes N/A
One stop loans(1)(3)(4)
$1,327,788
 Market rate approach Market interest rate 2.3% - 39.5% (8.1%)
    Market comparable companies EBITDA multiples 4.0x - 35.0x (12.5x)
        Revenue multiples 2.0x - 7.5x (3.9x)
 3,281
 Market comparable Broker/dealer bids or quotes N/A
Subordinated debt and second lien loans(1)
$9,493
 Market rate approach Market interest rate 9.3% - 19.5% (9.4%)
    
 Market comparable companies EBITDA multiples 10.5x - 11.0x (10.5x)
Equity(5)
$51,394
 Market comparable companies 
EBITDA multiples(6)
 4.0x - 43.3x (12.5x)
        
Revenue multiples(6)
 2.0x - 5.8x (3.0x)
(4)The Company valued $3,055,404 and $430,181 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.
(5)The Company valued $20,030 and $185 of second lien and subordinated debt loans using EBITDA and revenue multiples, respectively. All second lien and subordinated debt loans were also valued using the market rate approach.
(6)The Company valued $79,783 and $12,414 of equity investments using EBITDA and revenue multiples, respectively.
(1)

The fair value of this asset class was determined using the market rate approach as the investments in this asset class were determined not to be credit impaired using the market comparable companies approach. The unobservable inputs for both valuation techniques have been presented, but the fair value as of September 30, 2017 was determined using the market rate approach.
(2)
Excludes $(60) of non-accrual loans at fair value, which the Company valued on a liquidation basis. The negative fair value is the result of the unfunded commitment being valued below par.
(3)
Excludes $3,015 of non-accrual loans at fair value, which the Company valued on a liquidation basis.
(4)
The Company valued $1,189,176 and $138,612 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.
(5)
Excludes $95,015 of LLC equity interests in SLF at fair value, which the Company valued using the NAV.
(6)
The Company valued $47,092 and $4,302 of equity investments using EBITDA and revenue multiples, respectively.
The above tables are not intended to be all-inclusive but rather to provide information on significant unobservable inputs and valuation techniques used by the Company.

The significant unobservable inputs used in the fair value measurement of the Company’s debt and equity investments are EBITDA multiples, revenue multiples and market interest rates. The Company uses EBITDA multiples and, to a lesser extent, revenue multiples on its debt and equity investments and secured borrowings to determine any credit gains or losses. Increases or decreases in either of these inputs in isolation would resulthave resulted in a significantly lower or higher fair value measurement. The Company uses market interest rates for loans to determine if the effective yield on a loan is commensurate with the market yields for that type of loan. If a loan’s effective yield iswas significantly less than the market yield for a similar loan with a similar credit profile, then the resulting fair value of the loan may behave been lower.

Other Financial Assets and Liabilities

ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. As a result, with the exception of the line item titled “debt” which is reported at cost, all assets and liabilities approximate fair value on the Consolidated Statements of Financial Condition due to their short maturity. Fair value of the Company’s debt is estimated using Level 3 inputs by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date, if available.

Golub Capital BDC, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The following are the carrying values and fair values of the Company’s debt as of December 31, 20172020 and September 30, 2017. Fair value is estimated by discounting remaining payments using applicable market rates or market quotes for similar instruments at the measurement date, if available.2020.

As of December 31, 2020As of September 30, 2020
  Carrying ValueFair ValueCarrying ValueFair Value
Debt$2,332,563 $2,355,976 $2,023,698 $2,032,457 

112
 As of December 31, 2017 As of September 30, 2017
  Carrying Value Fair Value Carrying Value Fair Value
Debt$828,300
 $835,661
 $781,100
 $788,762
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 6.7. Borrowings

In accordance with the 1940 Act, with certain limited exceptions, prior to February 6, 2019, the Company is onlywas allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, iswas at least 200% after such borrowing. On February 5, 2019, the Company’s stockholders voted to approve the asset coverage requirement decrease to 150% from 200% in accordance with Section 61(a)(2) of the 1940 Act. Effective February 6, 2019, the reduced asset coverage requirement permits the Company to have a ratio of total consolidated assets to outstanding indebtedness of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement.  The Company currently intends to target a GAAP debt-to-equity ratio between 0.85 to 1.15x. On September 13, 2011, the Company received exemptive relief from the SEC allowing it to modify the asset coverage requirement to exclude the SBA debentures from thisits asset coverage calculation. As such, the Company’s ratio of total consolidated assets to outstanding indebtedness maycould be less than 200%.the applicable asset coverage requirement under the 1940 Act. This provides the Company with increased investment flexibility but also increases its risks related to leverage. As of December 31, 2017,2020, the Company’s asset coverage for borrowed amounts was 269.8%216.0% (excluding the SBA debentures).

Debt Securitizations:
Debt Securitizations:
On July 16, 2010, the Company completed a $300,000 term debt securitization, which was subsequently increased to $350,000 (as amended, “2010 Debt Securitization”). The notes (“2010 Notes”) offered in the 2010 Debt Securitization were issued by the 2010 Issuer, a subsidiary of Holdings. Through October 19, 2016, the 2010 Debt Securitization consisted of $203,000 of Aaa/AAA Class A 2010 Notes that bore interest at a rate of three-month LIBOR plus 1.74%, $12,000 of Class B 2010 Notes that bore interest at a rate of three-month LIBOR plus 2.40% and $135,000 of Subordinated 2010 Notes that do not bear interest. On October 20, 2016, the Company and the 2010 Issuer further amended the 2010 Debt Securitization to, among other things, (a) refinance the issued Class A 2010 Notes by redeeming in full the Class A 2010 Notes and issuing new Class A-Refi 2010 Notes in an aggregate principal amount of $205,000 that bear interest at a rate of three-month LIBOR plus 1.90%, (b) refinance the Class B Notes by redeeming in full the Class B 2010 Notes and issuing new Class B-Refi 2010 Notes in an aggregate principal amount of $10,000 that bear interest at a rate of three-month LIBOR plus 2.40%, and (c) extend the reinvestment period applicable to the 2010 Issuer to July 20, 2018. Following the refinancing, Holdings retained the Class B-Refi 2010 Notes. The Class A-Refi 2010 Notes and Class B-Refi 2010 Notes are secured by the assets held by the 2010 Issuer.

The Class A-Refi 2010 Notes are included in the December 31, 2017 and September 30, 2017, Consolidated Statement of Financial Condition as debt of the Company and the Class B-Refi 2010 Notes were eliminated in consolidation. As of December 31, 2017 and September 30, 2017, the Subordinated 2010 Notes were eliminated in consolidation.

Through July 20, 2018, all principal collections received on the underlying collateral may be used by the 2010 Issuer to purchase new collateral under the direction of the Investment Adviser in its capacity as collateral manager of the 2010 Issuer and in accordance with the Company’s investment strategy, allowing the Company to maintain the leverage in the 2010 Debt Securitization. The 2010 Notes are scheduled to mature on July 20, 2023.

As of December 31, 2017 and September 30, 2017, there were 77 and 81 portfolio companies with a total fair value of $337,782 and $345,750, respectively, securing the 2010 Notes. The pool of loans in the 2010 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

Golub Capital BDC, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

The interest charged under the 2010 Debt Securitization is based on three-month LIBOR. The three-month LIBOR in effect as of December 31, 2017 based on the last interest rate reset was 1.4%. For the three months ended December 31, 2017 and 2016, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the 2010 Debt Securitization were as follows:

 For the three months ended December 31,
  2017 2016
Stated interest expense$1,703
 $1,437
Amortization of debt issuance costs62
 64
Total interest and other debt financing expenses$1,765
 $1,501
Cash paid for interest expense$1,680
 $1,358
Annualized average stated interest rate3.3% 2.8%
Average outstanding balance$205,000
 $207,065

As of December 31, 2017, the amounts, ratings and interest rates (expressed as a spread to three-month LIBOR) of the Class A-Refi 2010 Notes are as follows:

DescriptionClass A-Refi 2010 Notes
TypeSenior Secured Floating Rate
Amount Outstanding$205,000
Moody’s Rating"Aaa"
S&P Rating"AAA"
Interest RateLIBOR + 1.90%

On June 5, 2014, the Company completed a $402,569 term debt securitization (“2014 Debt Securitization”). The notes (“2014 Notes”) offered in the 2014 Debt Securitization were issued by the 2014 Issuer and are secured by a diversifeddiversified portfolio of senior secured and second lien loans held by the 2014 Issuer. The 2014 Debt Securitization consistsinitially consisted of $191,000 of Aaa/AAA Class A-1 2014 Notes, $20,000 of Aaa/AAA Class A-2 2014 Notes and $35,000 of Aa2/AA Class B 2014 Notes. In partial consideration for the loans transferred to the 2014 Issuer as part of the 2014 Debt Securitization, the Company received and retained $37,500 of Class C 2014 Notes and $119,069 of LLC equity interests in the 2014 Issuer. TheOn March 23, 2018, the Company retained alland the 2014 Issuer amended the 2014 Debt Securitization to, among other things, (a) refinance the issued Class A-1 2014 Notes by redeeming in full the $191,000 of Class A-1 2014 Notes and issuing new Class A-1-R 2014 Notes in an aggregate principal amount of $191,000 that bear interest at a rate of three-month LIBOR plus 0.95%, which is a decrease from the rate of three-month LIBOR plus 1.75% of the previously outstanding Class A-1 2014 Notes, (b) refinance the Class A-2 2014 Notes by redeeming in full the $20,000 of Class A-2 2014 Notes and issuing new Class A-2-R 2014 Notes in an aggregate principal amount of $20,000 that bear interest at a rate of three-month LIBOR plus 0.95%, which is a decrease from the rate of three-month LIBOR plus 1.95% of the previously outstanding Class A-2 2014 Notes, (c) refinance the Class B 2014 Notes by redeeming in full the $35,000 of Class B 2014 Notes and issuing new Class B-R 2014 Notes in an aggregate principal amount of $35,000 that bear interest at a rate of three-month LIBOR plus 1.40%, which is a decrease from the rate of three-month LIBOR plus 2.50% of the previously outstanding Class B 2014 Notes, (d) refinance the Class C 2014 Notes and LLC equity interests totalingby redeeming in full the $37,500 and $119,069, respectively. The Class A-1, Class A-2 and Class B 2014 Notes are included in the December 31, 2017 and September 30, 2017 Consolidated Statements of Financial Condition as debt of the Company. As of December 31, 2017 and September 30, 2017, the Class C 2014 Notes and LLC equity interestsissuing new Class C-R 2014 Notes in an aggregate principal amount of $37,500 that bear interest at a rate of three-month LIBOR plus 1.55%, which is a decrease from the rate of three-month LIBOR plus 3.50% of the previously outstanding Class C 2014 Notes. The Class C-R 2014 Notes were eliminated in consolidation.retained by the Company.

Through April 28, 2018, all principal collections received on the underlying collateral may becould have been used by the 2014 Issuer to purchase new collateral under the direction of the Investment Adviser in its capacity as collateral manager of the 2014 Issuer and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the 2014 Debt Securitization.

On August 26, 2020, in connection with a new term debt securitization, the 2014 Issuer redeemed the outstanding 2014 Notes pursuant to the terms of the indenture governing such 2014 Notes. Following such redemption, the agreements governed the 2014 Debt Securitization were terminated. The 2014 Notes would have otherwise matured on April 25, 2026.

The pool of loans in the 2014 Debt Securitization were required to meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements. For the three months ended December 31, 2019, the Company had repayments on the 2014 Notes of $6,546.

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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The interest charged under the 2014 Debt Securitization was based on three-month LIBOR. For the three months ended December 31, 2020 and 2019, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the 2014 Debt Securitization were as follows:
Three months ended December 31,
  20202019
Stated interest expense$— $966 
Cash paid for interest expense$— $1,082 
Annualized average stated interest rateN/A3.2 %
Average outstanding balance$— $121,496 

On November 16, 2018, the Company completed a $602.4 million term debt securitization (the “2018 Debt Securitization”). The notes offered in the 2018 Debt Securitization (the “2018 Notes”) were issued by the 2018 Issuer, a subsidiary of 2018 CLO Depositor, and are backed by a diversified portfolio of senior secured and second lien loans. The transaction was executed through a private placement of approximately $327.0 million of AAA/AAA Class A 2018 Notes, which bear interest at the three-month LIBOR plus 1.48%; $61.2 million of AA Class B 2018 Notes, which bear interest at the three-month LIBOR plus 2.10%; $20.0 million of A Class C-1 2018 Notes, which bear interest at the three-month LIBOR plus 2.80%; $38.8 million of A Class C-2 2018 Notes, which bear interest at the three-month LIBOR plus 2.65%; $42.0 million of BBB- Class D 2018 Notes, which bear interest at the three-month LIBOR plus 2.95%; and $113.4 million of Subordinated 2018 Notes which do not bear interest. The Company indirectly retained all of the Class C-2, Class D and Subordinated 2018 Notes. Through January 20, 2023, the 2018 Issuer is permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the 2018 Issuer and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the 2018 Debt Securitization. The 2018 Notes are scheduled to mature on April 25, 2026.January 20, 2031. The Class A, Class B and Class C-1 2018 Notes are included in the December 31, 2020 and September 30, 2020 Consolidated Statements of Financial Condition as debt of the Company. As of December 31, 2020 and September 30, 2020, the Class C-2, Class D and Subordinated 2018 Notes were eliminated in consolidation.

As of December 31, 20172020 and September 30, 2017,2020, there were 8381 and 8589 portfolio companies, respectively, with a total fair value of $384,290$556,939 and $382,957,$557,484, respectively, securing the 20142018 Notes. The pool of loans in the 20142018 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

Golub Capital BDC, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

The interest charged under the 20142018 Debt Securitization is based on three-month LIBOR. The three-month LIBOR in effect as of December 31, 20172020 based on the last interest rate reset was 1.4%0.2%. For the three months ended December 31, 20172020 and 2016,2019, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the 2018 Debt Securitization were as follows:
Three months ended December 31,
  20202019
Stated interest expense$1,948 $3,830 
Amortization of debt issuance costs106 106 
Total interest and other debt financing expenses$2,054 $3,936 
Cash paid for interest expense$1,992 $4,040 
Annualized average stated interest rate1.9 %3.7 %
Average outstanding balance$408,200 $408,200 

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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
As of December 31, 2020, the classes, amounts, ratings and interest rates (expressed as a spread to three-month LIBOR) of the Class A, B and C-1 2018 Notes are as follows:
DescriptionClass A 2018 NotesClass B 2018 NotesClass C-1 2018 Notes
TypeSenior Secured Floating RateSenior Secured Floating RateSenior Secured Floating Rate
Amount Outstanding$327,000$61,200$20,000
Fitch Rating"AAA""NR""NR"
S&P Rating"AAA""AA""A"
Interest RateLIBOR + 1.48%LIBOR + 2.10%LIBOR + 2.80%

Effective September 16, 2019, the Company assumed, as a result of the Merger, a $908,195 term debt securitization (the “GCIC 2018 Debt Securitization”). The GCIC 2018 Debt Securitization was originally completed on December 13, 2018. The notes offered in the GCIC 2018 Debt Securitization (the “GCIC 2018 Notes”) were issued by the GCIC 2018 Issuer, a subsidiary of GCIC 2018 CLO Depositor, and are secured by a diversified portfolio of senior secured and second lien loans. The GCIC 2018 Debt Securitization consists of $490,000 of AAA/AAA Class A-1 GCIC 2018 Notes, $38,500 of AAA Class A-2 GCIC 2018 Notes, and $18,000 of AA Class B-1 GCIC 2018 Notes. In partial consideration for the loans transferred to the GCIC 2018 Issuer as part of the GCIC 2018 Debt Securitization, the GCIC 2018 CLO Depositor received and retained $27,000 of Class B-2 GCIC 2018 Notes, $95,000 of Class C GCIC 2018 Notes and $60,000 of Class D GCIC 2018 Notes and $179,695 of Subordinated GCIC 2018 Notes. On December 21, 2020, the Company and the GCIC 2018 Issuer amended the GCIC 2018 Debt Securitization to, among other things, (a) refinance the issued Class A-2 GCIC 2018 Notes issued by the GCIC 2018 Issuer by redeeming in full the $38,500 of Class A-2 GCIC 2018 Notes and issuing new Class A-2-R GCIC 2018 Notes in an aggregate principal amount of $38,500 that bear interest at a rate of 2.498%, which is a decrease from the rate of 4.665% of the Class A-2 GCIC 2018 Notes and (b) provide for a non-called period, during which the Class A-2-R GCIC 2018 Notes cannot be redeemed, from December 21, 2020 to but excluding June 21, 2021. The Class A-1, Class A-2-R and Class B-1 GCIC 2018 Notes are included in the December 31, 2020 and September 30, 2020 Consolidated Statements of Financial Condition as debt of the Company. As of December 31, 2020 and September 30, 2020, the Class B-2, Class C and Class D GCIC 2018 Notes and the Subordinated GCIC 2018 Notes were eliminated in consolidation.

Through January 20, 2023, the GCIC 2018 Issuer is permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of the Investment Adviser in its capacity as collateral manager of the GCIC 2018 Issuer and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the GCIC 2018 Debt Securitization. The GCIC 2018 Notes are scheduled to mature on January 20, 2031, and the Subordinated GCIC 2018 Notes are scheduled to mature on December 13, 2118.

Two loan sale agreements govern the GCIC 2018 Debt Securitization. One of the loan sale agreements provided for the sale of assets upon the closing of the GCIC 2018 Debt Securitization to satisfy risk retention requirements. Under the terms of the other loan sale agreement governing the GCIC 2018 Debt Securitization, the Company agreed to directly or indirectly through the GCIC 2018 CLO Depositor sell or contribute certain senior secured and second lien loans (or participation interests therein) to the GCIC 2018 Issuer.

As of December 31, 2020 and September 30, 2020, there were 98 and 109 portfolio companies, respectively, with a total fair value of $807,328 and $859,600, respectively, securing the GCIC 2018 Notes. The pool of loans in the GCIC 2018 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The interest charged under the GCIC 2018 Debt Securitization is based on three-month LIBOR. The three-month LIBOR in effect as of December 31, 2020 based on the last interest rate reset was 0.2%. For the three months ended December 31, 2020 and 2019, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the 2014GCIC 2018 Debt Securitization were as follows:

Three months ended December 31,
  20202019
Stated interest expense$2,633 $4,883 
Accretion of discounts on notes issued448 295 
Total interest and other debt financing expenses$3,081 $5,178 
Cash paid for interest expense3,063 5,431 
Annualized average stated interest rate1.9 %3.5 %
Average outstanding balance$546,500 $546,500 
 For the three months ended December 31,
  2017 2016
Stated interest expense$2,028
 $1,704
Amortization of debt issuance costs161
 161
Total interest and other debt financing expenses$2,189
 $1,865
Cash paid for interest expense$2,004
 $1,627
Annualized average stated interest rate3.3% 2.7%
Average outstanding balance$246,000
 $246,000

As of December 31, 2017,2020, the classes, amounts, ratings and interest rates (expressed as a spread to three-month LIBOR)LIBOR, as applicable) of the Class A-1 GCIC 2018 Notes, Class A-2 GCIC 2018 Notes, and B 2014Class B-1 GCIC 2018 Notes arewere as follows:
DescriptionClass A-1 GCIC 2018 NotesClass A-2-R GCIC 2018 NotesClass B-1 GCIC 2018 Notes
TypeSenior Secured Floating RateSenior Secured Fixed RateSenior Secured Floating Rate
Amount Outstanding$490,000$38,500$18,000
Fitch’s Rating"AAA""NR""NR"
S&P Rating"AAA""AAA""AA"
Interest RateLIBOR + 1.48%2.50%LIBOR + 2.25%

On August 26, 2020, the Company completed a $330,355 term debt securitization, of which $297,355 was funded at closing (the “2020 Debt Securitization”). The notes offered in the 2020 Debt Securitization (the “2020 Notes”) were issued by the 2020 Issuer, a subsidiary of 2020 CLO Depositor, and are backed by a diversified portfolio of senior secured and second lien loans. The 2020 Notes consist of approximately $137,500 of AAA Class A-1 2020 Notes, which bear interest at the three-month LIBOR plus 2.35%; $10,500 of AAA Class A-2 2020 Notes, which bear interest at the three-month LIBOR plus 2.75%; $21,000 of AA Class B 2020 Notes which bear interest at the three-month LIBOR plus 3.20%; up to $33,000 A Class C 2020 Notes, which remained unfunded upon closing of the transactions and, if funded, will bear interest at the three-month LIBOR plus a spread set in connection with the funding date but which in no event will be greater than 3.65%; and approximately $108,355 of Subordinated 2020 Notes, which do not bear interest. The Company is permitted, subject to certain conditions, to request a one-time funding of the Class C 2020 Notes, which will not be deemed an additional issuance of notes, but would cause the Class C 2020 Notes to be additional debt of the Company. As a part of the 2020 Debt Securitization, the Company also entered into a credit agreement (the “Credit Agreement”) upon closing of the transactions pursuant to which various financial institutions and other persons which are, or may become, parties thereto as lenders (the “Lenders”) committed to make $20,000 of AAA Class A-1-L loans to the Company (the “2020 Loans”). The 2020 Loans bear interest at the three-month LIBOR plus 2.35% and were fully drawn upon closing of the transactions. Any Lender may elect to convert all or a portion of the Class A-1-L Loans held by such Lender into Class A-1 2020 Notes upon written notice to the Company in accordance to the Credit Agreement. The Class A-1 2020 Notes, the Class A-2 2020 Notes and the Class B 2020 Notes were issued through a private placement. The Class C 2020 Notes and the Subordinated 2020 Notes were retained by the Company and the Company remains the sole owner of the equity of the 2020 Issuer. The Class A-1, Class A-2 and Class B 2020 Notes are included in the December 31, 2020 and September 30, 2020 Consolidated Statements of Financial Condition as debt of the Company. As of December 31, 2020 and September 30, 2020, the Subordinated 2020 Notes were eliminated in consolidation.

Through November 5, 2022, all principal collections received on the underlying collateral may be used by the 2020 Issuer to purchase new collateral under the direction of GC Advisors, in its capacity as collateral manager of the 2020 Issuer and in accordance with the Company's investment strategy, allowing the Company to maintain the initial
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Description Class A-1 2014 Notes Class A-2 2014 Notes Class B 2014 Notes
Type Senior Secured Floating Rate Senior Secured Floating Rate Senior Secured Floating Rate
Amount Outstanding $191,000 $20,000 $35,000
Moody’s Rating "Aaa" "Aaa" "Aa2"
S&P Rating "AAA" "AAA" "AA"
Interest Rate LIBOR + 1.75% LIBOR + 1.95% LIBOR + 2.50%
leverage in the 2020 Debt Securitization. The 2020 Notes, other than the Subordinated 2020 Notes, are due November 5, 2032. The 2020 Loans are scheduled to mature and, unless earlier repaid, the entire unpaid principal balance thereof is due and payable on November 5, 2032. The Subordinated 2020 Notes are due in 2120.

Two loan sale agreements govern the 2020 Debt Securitization. One of the loan sale agreements provided for the sale of assets upon the closing of the 2020 Debt Securitization to satisfy risk retention requirements. Under the terms of the other loan sale agreement governing the 2020 Debt Securitization, the Company agreed to directly or indirectly through the 2020 CLO Depositor sell or contribute certain senior secured and second lien loans (or participation interests therein) to the 2020 Issuer.

As of December 31, 2020 and September 30, 2020, there were 64 and 70 portfolio companies with a total fair value of $264,821 and $286,744, respectively, securing the 2020 Notes. The pool of loans in the 2020 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

The interest charged under the 2020 Debt Securitization is based on three-month LIBOR. The three-month LIBOR in effect as of December 31, 2020 based on the last interest rate reset was 0.2%. For the three months ended December 31, 2020 and 2019, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the 2020 Debt Securitization were as follows:
Three months ended December 31,
20202019
Stated interest expense$1,296 $— 
Amortization of debt issuance costs190 — 
Total interest and other debt financing expenses$1,486 $— 
Cash paid for interest expense— — 
Annualized average stated interest rate2.7 %N/A
Average outstanding balance$189,000 $— 

As of December 31, 2020, the classes, amounts, ratings and interest rates (expressed as a spread to three-month LIBOR, as applicable) of the Class A-1 2020 Notes, Class A-2 2020 Notes, Class B 2020 Notes and the Class A-1-L Loans were as follows:

DescriptionClass A-1 2020 NotesClass A-2 2020 NotesClass B 2020 NotesClass A-1-L Loans
TypeSenior Secured Floating RateSenior Secured Floating RateSenior Secured Floating RateSenior Secured Floating Rate
Amount Outstanding$137,500$10,500$21,000$20,000
Fitch’s Rating"AAA""NR""NR""NR"
S&P Rating"AAA""AAA""AA""AAA"
Interest RateLIBOR + 2.35%LIBOR + 2.75%LIBOR + 3.20%LIBOR + 2.35%


The Investment Adviser servesserved as collateral manager to the 20102014 Issuer and serves as the 2014collateral manager to the 2018 Issuer, GCIC 2018 Issuer and 2020 Issuer under separate collateral management agreements and receives a fee for providing these services. The total fees payable by the Company under itsthe Investment Advisory Agreement and Prior Investment Advisory Agreement, as applicable, are reduced by an amount equal to the total aggregate fees that are paid to the Investment Adviser by the 20102014 Issuer, the 2018 Issuer, the GCIC 2018 Issuer and the 2014 Issuer for rendering such collateral management services are paid to the Investment Adviser by the 2010 Issuer and the 20142020 Issuer for rendering such collateral management services.

As part of each of the 20102014 Debt Securitization, the 2018 Debt Securitization, GCIC 2018 Debt Securitization and the 20142020 Debt Securitization, GBDC entered into, or assumed in the Merger, master loan sale agreements under which GBDC agreed to directly or indirectly sell or contribute certain senior secured and second lien loans (or participation
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
interests therein) to the 20102014 Issuer, and the 20142018 Issuer, the GCIC 2018 Issuer or the 2020 Issuer, as applicable, and to purchase or otherwise acquire the Subordinated 2010 Notes, and the LLC equity interests in the 2014 Issuer, the Subordinated 2018 Notes, the GCIC Subordinated 2018 Notes and the Subordinated 2020 Notes, as applicable. The 2010As of December 31, 2020, the 2018 Notes, the GCIC 2018 Notes and the 2020 Notes (other than the Subordinated 2010 Notes)2018 Notes, the GCIC Subordinated 2018 Notes and the 2014 Notes areSubordinated 2020 Notes) were the secured obligations of the 20102018 Issuer, GCIC 2018 Issuer and 2014the 2020 Issuer, respectively, and indentures governing each of the 20102018 Notes, GCIC 2018 Notes and the 20142020 Notes include customary covenants and events of default.

SBA Debentures: On August 24, 2010, SBIC IV received approval for a license from the SBA to operate as an SBIC. On December 5, 2012, SBIC V received a license from the SBA to operate as an SBIC. On January 10, 2017, SBIC VI received a license from the SBA to operate as an SBIC. SBICs are subject to a variety of regulations and oversight by the SBA concerning the size and nature of the companies in which they may invest as well as the structures of those investments.

The licenses allow the SBICs to obtain leverage by issuing SBA-guaranteed debentures, subject to issuance of a capital commitment by the SBA and customary procedures. These debentures are non-recourse to GBDC,the Company, have interest payable semiannually and a ten-year maturity. The interest rate is fixed at the time of issuance at a market-driven spread over U.S. Treasury Notes with ten-year maturities.

Under present SBIC regulations, the maximum amount of SBA-guaranteed debentures that may be issued by multiple licensees under common management is $350,000 and the maximum amount thatissued by a single SBIC licensee may issue is $150,000.$175,000. As of December 31, 2017,2020, SBIC IV, SBIC V and SBIC VI had $125,000, $133,000$0, $151,750 and $9,000,$86,000, respectively, of outstanding SBA-guaranteed debentures that mature between September 2021March 2024 and September 2027, leaving incremental borrowing capacity of $17,000 and $41,000 for SBIC
Golub Capital BDC, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

V and SBIC VI, respectively, under present SBIC regulations.March 2031. As of September 30, 2017,2020, SBIC IV, SBIC V and SBIC VI had $125,000$0, $151,750 and $133,000 and $9,000,$66,000, respectively, of outstanding SBA-guaranteed debentures that mature between September 2021March 2024 and March 2030. The original amount of debentures committed to SBIC IV and SBIC V by the SBA were $150,000 and $175,000, respectively. Through December 31, 2020, SBIC IV and SBIC V have repaid $150,000 and $23,250 of outstanding debentures, respectively, and these commitments have effectively been terminated. As of December 31, 2020 and September 2027.30, 2020, SBIC VI had $55,450 and $29,000, respectively, of undrawn debenture commitments, of which $9,000 and $29,000, respectively, were available to be drawn, subject to SBA regulatory requirements.

The interest rate on the outstanding debentures as of December 31, 20172020 is fixed at an average annualized interest rate of 3.4%2.9%. For the three months ended December 31, 20172020 and 2016,2019, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the SBA debentures were as follows:

Three months ended December 31,
  20202019
Stated interest expense$1,679 $2,443 
Amortization of debt issuance costs331 281 
Total interest and other debt financing expenses$2,010 $2,724 
Cash paid for interest expense$— $— 
Annualized average stated interest rate3.0 %3.2 %
Average outstanding balance$220,793 $301,870 
 For the three months ended December 31,
  2017 2016
Stated interest expense$2,276
 $2,456
Amortization of debt issuance costs279
 373
Total interest and other debt financing expenses$2,555
 $2,829
Cash paid for interest expense$—
 $—
Annualized average stated interest rate3.4% 3.5%
Average outstanding balance$267,000
 $279,543

Revolving Credit Facility:Facilities:
On July 21, 2011,February 1, 2019, Funding II entered into a senior secured revolving credit facility (asas amended, the “Credit Facility”(the “MS Credit Facility II”) with Morgan Stanley, as the administrative agent, each of the lenders from time to time party thereto, each of the securitization subsidiaries from time to time party thereto, and Wells Fargo Bank, N.A., as administrativecollateral agent, account bank and lender,collateral custodian. On September 6, 2019, the Company entered into an amendment to the MS Credit Facility II to increase borrowing capacity to $300,000. On October 11, 2019, the Company entered into an amendment to increase the borrowing capacity under the MS Credit Facility II from $300,000 to $500,000 until the earlier of (i) the closing date of a debt securitization transaction mutually agreed to by the Company and Morgan Stanley or (ii) March 31, 2020 after which asthe borrowing capacity under the MS Credit Facility II will revert to $200,000. On March 20, 2020, the Company entered into an amendment that changed the date under which the borrowing capacity reverts from
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
$500,000 to $200,000 to June 30, 2020 from March 31, 2020. On June 18, 2020, the Company entered into an amendment that increased the borrowing capacity through the full term of the MS Credit Facility II from $200,000 to $400,000. On October 23, 2020, the Company delivered a notice to the lenders under the MS Credit Facility II to permanently decrease the borrowing capacity under the MS Credit Facility II by $75,000, resulting in total borrowing capacity of $325,000. As of December 31, 2017, allowed2020, the MS Credit Facility II allows Funding II to borrow up to $170,000$325,000 at any one time outstanding, subject to leverage and borrowing base restrictions.

Through a series of amendmentsThe period from February 1, 2019 until February 1, 2021 is referred to as the revolving period and during such revolving period, Funding II may request drawdowns under the MS Credit Facility II. Prior to June 18, 2020, borrowings under the MS Credit Facility II bore interest at the applicable base rate plus 2.05%. Effective June 18, 2020, during the three months ended December 31, 2017, most recently on December 14, 2017,Revolving Period, the Company and Funding amended theMS Credit Facility to, among other things, decreaseII bears interest at the sizeapplicable base rate plus 2.45%. Following expiration of the Credit Facility from $225,000 to $170,000 and decreaserevolving period, the interest the Credit Facility bears from one-month LIBOR plus 2.25% to one-month LIBOR plus 2.15%. The reinvestment period expires on September 27, 2018 and the stated maturity date is September 28, 2022. In addition to the stated interest rate on borrowings under the MS Credit Facility II will reset to the Company is required to pay a non-usage fee at aapplicable base rate between 0.50% and 2.00% per annum depending onplus 2.95% for the sizeremaining term of the unused portionMS Credit Facility II. The revolving period will continue through February 1, 2021 unless there is an earlier termination or event of default. The base rate under the MS Credit Facility II is (i) the one-month LIBOR with respect to any advances denominated in U.S. dollars or U.K. pound sterling, (ii) the one-month EURIBOR with respect to any advances denominated in euros, and (iii) the one-month Canadian Dollar Offered Rate with respect to any advances denominated in Canadian dollars. The scheduled maturity date of the MS Credit Facility.

Facility II is February 1, 2024.
The MS Credit Facility II is collateralizedsecured by all of the assets held by Funding and GBDC has pledged its interests in Funding as collateral to Wells Fargo Bank, N.A., asII. Both the collateral agent, under an ancillary agreement to secure the obligations of GBDC as the transferor and servicer under the Credit Facility. Both GBDCCompany and Funding II have made customary representations and warranties and are required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. BorrowingThe borrowings under the MS Credit Facility isII will be subject to the leverage restrictions contained in the 1940 Act.
As of December 31, 2020 and September 30, 2020, the Company had outstanding debt under the MS Credit Facility II of $279,528 and $313,292, respectively. For the three months ended December 31, 2020 and 2019, the Company had borrowings on the MS Credit Facility II of $105,500 and $131,400, respectively, and repayments on the MS Credit Facility II of $140,827 and $7,200, respectively.

For the three months ended December 31, 2020 and 2019, the components of interest expense, cash paid for interest and facility fees, average interest rates and average outstanding balances for the MS Credit Facility II were as follows:
Three months ended December 31,
  20202019
Stated interest expense$1,543 $3,315 
Facility fees144 172 
Amortization of debt issuance costs197 185 
Total interest and other debt financing expenses$1,884 $3,672 
Cash paid for interest expense and facility fees$2,095 $2,161 
Annualized average stated interest rate2.7 %3.8 %
Average outstanding balance$230,165 $344,794 

Effective September 16, 2019, the Company assumed, as a result of the Merger, a senior secured revolving credit facility (as amended, the “WF Credit Facility”) with GCIC Funding as the borrower and with Wells Fargo Bank, N.A. as the swingline lender, collateral agent, account bank, collateral custodian and administrative agent which, as of December 31, 2020, allowed GCIC Funding to borrow up to $300,000 at any one time outstanding, subject to leverage and borrowing base restrictions.  The WF Credit Facility bears interest at one-month LIBOR plus 2.00%.  The reinvestment period of the WF Credit Facility expires on March 20, 2021 and the WF Credit Facility matures on March 21, 2024. The Company is required to pay a non-usage fee rate between 0.50% and 1.75% per annum depending on the size of the unused portion of the WF Credit Facility.

The WF Credit Facility is collateralized by all of the assets held by GCIC Funding, and GBDC has pledged its interests in GCIC Funding as collateral to Wells Fargo Bank, N.A., as the collateral agent, to secure the obligations of GBDC as the transferor and servicer under the WF Credit Facility. Both GBDC and GCIC Funding have made customary representations and warranties and are required to comply with various covenants, reporting requirements and other
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
customary requirements for similar credit facilities. Borrowing under the WF Credit Facility is subject to the asset coverage requirements contained in the 1940 Act.

The Company has transferredmay transfer certain loans and debt securities it has originated or acquired from time to time to GCIC Funding through a purchase and sale agreement and may causecaused GCIC Funding to originate or acquire loans, in the future, consistent with the Company’s investment objectives.

As of December 31, 20172020 and September 30, 2017,2020, the Company had outstanding debt under the WF Credit Facility of $110,300$275,556 and $63,100,$199,554, respectively. For the three months ended December 31, 20172020 and 2016,2019, the Company had borrowings on the WF Credit Facility of $98,600$272,209 and $130,250$107,331, respectively, and repayments on the WF Credit Facility of $51,400$196,876 and $101,450,$87,700, respectively.

Golub Capital BDC, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

For the three months ended December 31, 20172020 and 2016,2019, the components of interest expense, cash paid for interest and facility fees, annualized average interest rates and average outstanding balances for the WF Credit Facility were as follows:
Three months ended December 31,
  20202019
Stated interest expense$460 $2,382 
Facility fees278 66 
Total interest and other debt financing expenses$738 $2,448 
Cash paid for interest expense$740 $2,379 
Annualized average stated interest rate2.2 %3.8 %
Average outstanding balance$82,540 $248,653 

Effective September 16, 2019, the Company assumed as a result of the Merger a senior secured revolving credit facility (as amended, the “DB Credit Facility”) with GCIC Funding II as the borrower and with Deutsche Bank AG, New York branch, as facility agent, the other agents parties thereto, each of the entities from time to time party thereto as securitization subsidiaries and Wells Fargo Bank, National Association, as collateral agent and as collateral custodian. On October 9, 2020, all outstanding borrowings under the DB Credit Facility were repaid following which the DB Credit Facility was terminated. Prior to its termination, the DB Credit Facility allowed GCIC Funding II to borrow up to $250,000 at any one time outstanding, subject to leverage and borrowing base restrictions.

The DB Credit Facility bore interest at the applicable base rate plus 1.90% per annum. The base rate under the DB Credit Facility was (i) the three-month Canadian Dollar Offered Rate with respect to any advances denominated in Canadian dollars, (ii) the three-month EURIBOR Interbank Offered Rate with respect to any advances denominated in Euros, (iii) the three-month Bank Bill Swap Rate with respect to any advances denominated in Australian dollars and (iv) the three-month LIBOR with respect to any other advances. A non-usage fee of 0.25% per annum was payable on the undrawn amount under the DB Credit Facility, and an additional fee based on unfunded commitments of the lenders was payable if borrowings under the DB Credit Facility did not exceed a minimum utilization percentage threshold. In addition, a syndication/agent fee was payable to the facility agent each quarter and was calculated based on the aggregate commitments outstanding each day during the preceding collection period at a rate of 1/360 of 0.25% of the aggregate commitments on each day. The reinvestment period of the DB Credit Facility would have expired on December 31, 2021 and the DB Credit Facility would have matured on December 31, 2024.

The DB Credit Facility was secured by all of the assets held by GCIC Funding II. GCIC Funding II made customary representations and warranties and was required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. The borrowings of the Company, including under the DB Credit Facility, were subject to the leverage restrictions contained in the 1940 Act.

The Company transferred certain loans and debt securities it originated or acquired from time to time to GCIC Funding II through a purchase and sale agreement and caused GCIC Funding II to originate or acquire loans, consistent with the Company’s investment objectives.

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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
 For the three months ended December 31,
  2017 2016
Stated interest expense$567
 $1,089
Facility fees346
 68
Amortization of debt issuance costs292
 251
Total interest and other debt financing expenses$1,205
 $1,408
Cash paid for interest expense and facility fees$903
 $1,060
Annualized average stated interest rate3.0% 2.9%
Average outstanding balance$73,710
 $149,272
As of September 30, 2020, the Company had outstanding debt under the DB Credit Facility of $153,524. For the three months ended December 31, 2020 and 2019, the Company had borrowings on the DB Credit Facility of $0 and $18,000 respectively, and repayments on the DB Credit Facility of $153,635 and $35,000 respectively.

For the three months ended December 31, 2020 and 2019, the components of interest expense, cash paid for interest and facility fees, annualized average interest rates and average outstanding balances for the DB Credit Facility were as follows:

Three months ended December 31,
  20202019
Stated interest expense$73 $2,528 
Facility fees14 — 
Total interest and other debt financing expenses$87 $2,528 
Cash paid for interest expense$840 $2,652 
Annualized average stated interest rate2.2 %4.1 %
Average outstanding balance$13,248 $246,297 

2024 Unsecured Notes: On October 2, 2020, the Company issued $400,000 in aggregate principal amount of unsecured notes (the “2024 Unsecured Notes”). The 2024 Unsecured Notes bear interest at a rate of 3.375% per year payable semiannually in arrears on April 15 and October 15 of each year, commencing on April 15, 2021. The 2024 Unsecured Notes mature on April 15, 2024.

The 2024 Unsecured Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2024 Unsecured Notes; equal in right of payment to the Company’s existing and future indebtedness or other obligations that are not so subordinated or junior; effectively junior to any of the Company’s secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

At any time or from time to time, the Company may redeem some or all of the 2024 Unsecured Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2024 Unsecured Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2024 Unsecured Notes to be redeemed through March 15, 2024 (the date falling one month prior to the maturity date of the 2024 Unsecured Notes), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points, plus, in each case, accrued and unpaid interest, if any, to, but excluding, the redemption date; provided, however, that if the Company redeems any 2024 Unsecured Notes on or after March 15, 2024 (the date falling one month prior to the maturity date of the 2024 Unsecured Notes), the redemption price for the Notes will be equal to 100% of the principal amount of the 2024 Unsecured Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2024 Unsecured Notes.

For the three months ended December 31, 2020 and 2019, the components of interest expense, cash paid for interest and facility fees, average interest rates and average outstanding balances for the 2024 Unsecured Notes were as follows:
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Three months ended December 31,
  20202019
Stated interest expense$3,338 $— 
Accretion of discounts on notes issued23 — 
Amortization of debt issuance costs381 — 
Total interest and other debt financing expenses$3,742 $— 
Cash paid for interest expense— — 
Annualized average stated interest rate3.4 %N/A
Average outstanding balance$395,652 $— 

Revolver:  On June 22, 2016, the Company entered into the Adviser Revolver with the Investment Adviser with a maximum credit limit of $20,000 and expiration date of June 22, 2019. On June 21, 2019, the Company and the Investment Adviser amended the Adviser Revolver to and among other things, (a) increase the maximum credit limit to $40,000, and (b) change the expiration date to June 21, 2022. On October 28, 2019, the Company entered into an amendment to the Adviser Revolver to increase the borrowing capacity under the Adviser Revolver from $40,000 to $100,000, and simultaneously terminated the Adviser Revolver II, which had been assumed by the Company as a result of the Merger on September 16, 2019. The Adviser Revolver bears an interest rate equal to the short-term Applicable Federal Rate, which was 1.5%0.2% as of December 31, 2017.2020. As of December 31, 20172020 and September 30, 2017,2020, the Company had no outstanding debt under the Adviser Revolver. For the three months ended December 31, 20172020 and 2016,2019, the Company had no$0 and $57,500 in borrowings and $0 and $57,500 in repayments, did not incur anyrespectively, on the Adviser Revolver. For the three months ended December 31, 2020 and 2019, the Company incurred interest expense of $0 and no cash$9, respectively, on the Adviser Revolver. For the three months ended December 31, 2020 and 2019, $0 and $18, respectively, was paid in cash for interest on the Adviser Revolver. For the three months ended December 31, 2019, the Company incurred no interest expense and paid no cash on the Adviser Revolver II.

Other Short-Term Borrowings:  Borrowings with original maturities of less than one year are classified as short-term.  The Company’s short-term borrowings are the result of investments that were sold under repurchase agreements.  Investments sold under repurchase agreements are accounted for as collateralized borrowings as the sale of the investment does not qualify for sale accounting under ASC Topic 860 and remains as an investment on the Consolidated Statements of Financial Condition.

As of December 31, 2020 and September 30, 2020, the Company had no short-term borrowings. For the three months ended December 31, 2019, the annualized effective interest rate on short-term borrowings was 5.0% and interest expense was $818. The net change in unrealized appreciation (depreciation) for the three months ended December 31, 2019, reported within the net change in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies was $(1,064).

For the three months ended December 31, 2020, the average total debt outstanding (including the debt under the 20102018 Debt Securitization, the 2014GCIC 2018 Debt Securitization, the 2020 Debt Securitization, the SBA debentures,Debentures, the MS Credit Facility II, the WF Credit Facility, the DB Credit Facility, the 2024 Unsecured Notes and the Adviser Revolver) forwas $2,086,099. For the three months ended December 31, 20172019, the average total debt outstanding (including the debt under the 2014 Debt Securitization, the 2018 Debt Securitization, the GCIC 2018 Debt Securitization, the SBA Debentures, the MS Credit Facility II, WF Credit Facility, DB Credit Facility, Adviser Revolver, Adviser
Revolver II and 2016Other Short-Term Borrowings) was $791,710 and $881,880, respectively.$2,284,590.

For the three months ended December 31, 20172020 and 2016,2019, the effective annualized average interest rate, which includes amortization of debt financing costs, amortization of discounts on notes issued and non-usage facility fees, on the Company’sCompany's total debt outstanding (excluding secured borrowings) was 3.9%2.9% and 3.4%3.9%, respectively.

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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
A summary of the Company’s maturity requirements for borrowings as of December 31, 20172020 is as follows:
 Payments Due by Period
  Total 
Less Than
1 Year
 1 – 3 Years 3 – 5 Years 
More Than
5 Years
2010 Debt Securitization$205,000
 $—
 $—
 $—
 $205,000
2014 Debt Securitization246,000
 —
 —
 —
 246,000
SBA debentures267,000
 —
 —
 103,500
 163,500
Credit Facility110,300
 —
 —
 110,300
 —
Adviser Revolver—
 —
 —
 —
 —
Total borrowings$828,300
 $—
 $—
 $213,800
 $614,500

Payments Due by Period
  TotalLess Than
1 Year		1 – 3 Years3 – 5 YearsMore Than
5 Years
2018 Debt Securitization$408,200 $— $— $— $408,200 
2018 GCIC Debt Securitization(1)
542,826 — — — 542,826 
2020 Debt Securitization189,000 — — — 189,000 
SBA Debentures237,750 — — 51,750 186,000 
WF Credit Facility275,556 — — 275,556 — 
MS Credit Facility II279,528 — — 279,528 — 
2024 Unsecured Notes(2)
399,703 — — 399,703 — 
Total borrowings$2,332,563 $— $— $1,006,537 $1,326,026 
Secured Borrowings:
(1)   Certain partial loan sales do not qualify for sale accounting under ASC Topic 860 because these sales do not meetIncludes $3,674 of discount recognized on the definitionassumption of a “participating interest”, as definedthe 2018 GCIC Debt Securitization in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales which do not meet the definitionMerger.
(2) Includes $297 of a participating interest remain as an investment on the Consolidated Statement of Financial Condition and the portion sold is recordedoriginal issue discount as a secured borrowing in the liabilities sectionresult of the Consolidated Statementissuance of Financial Condition. For these partial loan sales, the interest earned on the entire loan balance is recorded within “interest income” and the interest earned by the buyer in the partial loan sale is recorded within “interest and other debt financing expenses” in the Consolidated Statement of Operations.2024 Unsecured Notes.

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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

Note 8. Commitments and Contingencies

Commitments: As of December 31, 2017 and September 30, 2017, there were no secured borrowings outstanding.

Past secured borrowings were2020, the result of the Company’s completion of partial loan sales of one stop loans associated with a portfolio company that did not meet the definition of a “participating interest.” As a result, sale treatment was not allowed and the partial loan sales were treated as secured borrowings.
Golub Capital BDC, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)


During the three months ended December 31, 2016, there were no partial loan sales, no fundings on revolving and delayed draw secured borrowings and repayments on secured borrowings totaled $13.

For the three months ended December 31, 2016, the effective annualized average interest rate on secured borrowings, which includes amortization of original issuance costs, was 2.7%, interest expense was $3 and amortization of original issue discount was an amount less than $1.

Note 7. Commitments and Contingencies

Commitments: The Company had outstanding commitments to fund investments totaling $62,752 and $60,497 under various$169,706, including $43,465 of commitments on undrawn revolvers and other credit facilities asrevolvers. As of December 31, 2017 and September 30, 2017, respectively. As described in Note 4,2020, the Company had outstanding commitments to fund investments totaling $141,795, including $41,644 of up to $81,742 and $77,543 to SLF as of December 31, 2017 and September 30, 2017, respectively, that may be contributed primarily for the purpose of funding new investments approved by the SLF investment committee.commitments on undrawn revolvers.

Indemnifications:  In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide general indemnifications. The Company’s maximum exposure under these arrangements is unknown, as these involve future claims that may be made against the Company but that have not occurred. The Company expects the risk of any future obligations under these indemnifications to be remote.

Off-balance sheet risk: Off-balance sheet risk refers to an unrecorded potential liability that may result in a future obligation or loss, even though it does not appear on the Consolidated Statements of Financial Condition. The Company has entered and, in the future, may again enter into derivative instruments that contain elements of off-balance sheet market and credit risk. There were no commitmentsRefer to Note 5 for outstanding for derivativeforward currency contracts as of December 31, 20172020 and September 30, 2017.2020. Derivative instruments can be affected by market conditions, such as interest rate volatility, which could impact the fair value of the derivative instruments. If market conditions move against the Company, it may not achieve the anticipated benefits of the derivative instruments and may realize a loss. The Company minimizes market risk through monitoring its investments and borrowings.

Concentration of credit and counterparty risk:  Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of the contract. The Company has engaged and, in the future, may engage again in derivative transactions with counterparties. In the event that the counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparties or issuers of the instruments. The Company’s maximum loss that it could incur related to counterparty risk on its derivative instruments is the value of the collateral for that respective derivative instrument. It is the Company’s policy to review, as necessary, the credit standing of each counterparty.

Legal proceedings:  In the normal course of business, the Company may beis subject to legal and regulatory proceedings that are generally incidental to its ongoing operations. While there can be no assurance of the ultimate disposition of any such proceedings, the Company does not believe any disposition will have a material adverse effect on the Company’s consolidated financial statements.

Golub Capital BDC, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

Note 9. Financial Highlights
Note 8. Financial Highlights

The financial highlights for the Company are as follows:
Three months ended December 31,
Per share data:(1)
20202019
Net asset value at beginning of period$14.33 $16.76 
Net increase in net assets as a result of issuance of DRIP shares(2)
— 0.01 
Distributions declared:
From net investment income(0.29)(0.38)
From capital gains— (0.08)
Net investment income0.23 0.24 
Net realized gain (loss) on investment transactions(0.01)0.02 
Net change in unrealized appreciation (depreciation) on investment transactions(3)
0.34 0.09 
Net asset value at end of period$14.60 $16.66 
Per share market value at end of period$14.14 $18.45 
Total return based on market value(4)
9.00 %0.49 %
Number of common shares outstanding167,259,511 133,805,764 

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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
  Three months ended December 31,
Per share data:(1)
 2017 2016
Net asset value at beginning of period $16.08
 $15.96
Net increase in net assets as a result of issuance of shares (2)
 —
 0.01
Distributions declared:    
From net investment income (0.35) (0.55)
From capital gains (0.05) (0.02)
Net investment income(3)
 0.31
 0.31
Net realized gain (loss) on investments 0.01
 0.01
Net change in unrealized appreciation (depreciation) on investments 0.04
 0.02
Net asset value at end of period $16.04
 $15.74
Per share market value at end of period $18.20
 $18.39
Total return based on market value(4)
 (1.09)% 2.24%
Number of common shares outstanding 59,741,248
 55,237,037
Three months ended December 31,
Listed below are supplemental data and ratios to the financial highlights:20202019
Ratio of net investment income to average net assets*
6.42 %5.85 %
Ratio of total expenses to average net assets(5)*
5.51 %7.41 %
Ratio of incentive fees to average net assets0.08 %0.27 %
Ratio of expenses (without incentive fees) to average net assets*
5.43 %7.14 %
Total return based on average net asset value(6)*
15.53 %8.41 %
Net assets at end of period$2,442,127 $2,229,109 
Average debt outstanding$2,086,099 $2,284,590 
Average debt outstanding per share$12.47 $17.07 
Portfolio turnover*
25.38 %13.89 %
Asset coverage ratio(7)
216.01 %208.67 %
Asset coverage ratio per unit(8)
$2,160 $2,087 
Average market value per unit:(9)
2024 Unsecured Notes$1,008 N/A
2014 Debt SecuritizationN/AN/A
2018 Debt SecuritizationN/AN/A
2018 GCIC Debt SecuritizationN/AN/A
2020 Debt SecuritizationN/AN/A
SBA DebenturesN/AN/A
MS Credit FacilityN/AN/A
MS Credit Facility IIN/AN/A
WF Credit FacilityN/AN/A
DB Credit FacilityN/AN/A
Adviser RevolverN/AN/A
Adviser Revolver IIN/AN/A

  Three months ended December 31,
Listed below are supplemental data and ratios to the financial highlights: 2017 2016
Ratio of net investment income to average net assets*
 7.65% 7.65%
Ratio of total expenses to average net assets (5)*
 6.53% 6.92%
Ratio of incentive fees to average net assets 0.30% 0.24%
Ratio of expenses (without incentive fees) to average net assets*
 6.23% 6.68%
Total return based on average net asset value (6)*
 8.81% 8.57%
Net assets at end of period $958,302
 $869,570
Average debt outstanding $791,710
 $881,880
Average debt outstanding per share $13.25
 $15.97
Asset coverage ratio(7)
 269.78% 242.62%
Portfolio turnover*
 23.61% 22.06%
Asset coverage ratio per unit(8)
 $2,698
 $2,426
Average market value per unit:(9)
    
2010 Debt Securitization N/A
 N/A
2014 Debt Securitization N/A
 N/A
SBA Debentures N/A
 N/A
Credit Facility N/A
 N/A
Revolver N/A
 N/A
Adviser Revolver N/A
 N/A
     
* Annualized for periods less than one year.    
(1)Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate.
(2)Net increase in net assets as a result of issuance of shares related to shares issued through the DRIP.
(3)Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on the shares outstanding as of the dividend record date.
(4)Total return based on market value assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load.
(5)Expenses, other than incentive fees, are annualized for a period less than one year.
(1)
(6)Total return based on average net asset value is calculated as (a) the net increase/(decrease) in net assets resulting from operations divided by (b) the daily average of total net assets. Total return does not include sales load.
(7)Effective February 6, 2019, in accordance with Section 61(a)(2) of the 1940 Act, with certain limited exceptions, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 ACT, is at least 150% after such borrowing (excluding the Company's SBA debentures pursuant to exemptive relief received by the Company from the SEC). Prior to February 6, 2019, in accordance with the 1940 Act, with certain limited exceptions, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing (excluding the Company's SBA debentures pursuant to exemptive relief received by the Company from the SEC).
(8)Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. These amounts exclude the SBA debentures pursuant to exemptive relief the Company received from the SEC on September 13, 2011.
(9)Not applicable because such senior securities are not registered for public trading, with the exception of the 2024 Unsecured Notes. The average market value per unit calculated for the 2024 Unsecured Notes is based on the average monthly prices of such notes and is expressed per $1,000 of indebtedness.
Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate.
(2)
Net increase in net assets as a result of issuance of shares related to shares issued through the DRIP.
(3)
Net investment income per share for the three months ended December 31, 2017 and 2016 is shown after a net expense of $0 and $10, respectively, for U.S. federal excise tax.
Golub Capital BDC, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)
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(4)
Total return based on market value assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load.
(5)
Expenses, other than incentive fees, are annualized for a period less than one year.
(6)
Total return based on average net asset value is calculated as (a) the net increase in net assets resulting from operations divided (b) the daily average of total net assets. Total return does not include sales load.
(7)
In accordance with the 1940 Act, with certain limited exceptions, the Company is only allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing (excluding the Company's SBA debentures pursuant to exemptive relief received by the Company from the SEC).
(8)
Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggreate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollars amounts per $1,000 of indebtedness. These amounts exclude the SBA debentures pursuant to exemptive relief the Company received from the SEC on September 13, 2011.
(9)
Not applicable because such senior securities are not registered for public trading.

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

Note 9.10. Earnings Per Share

The following information sets forth the computation of the net increaseincrease/(decrease) in net assets per share resulting from operations for the three months ended December 31, 20172020 and 2016:2019:
 Three months ended December 31,
  2017 2016
Earnings available to stockholders$21,315
 $18,984
Basic and diluted weighted average shares outstanding59,584,421
 55,064,870
Basic and diluted earnings per share$0.36
 $0.34

Three months ended December 31,
  20202019
Earnings available to stockholders$94,439 $47,048 
Basic and diluted weighted average shares outstanding(1)
167,259,511 136,989,243 
Basic and diluted earnings per share$0.56 $0.34 


(1)The weighted average shares of the Company's common stock outstanding used in computing basic and diluted earnings (loss) per share for the three months ended December 31, 2019 has been adjusted retroactively by a factor of approximately 1.03% to recognize the bonus element associated with rights to acquire shares of the Company's common stock that were issued to stockholders of record as of April 8, 2020.

Note 10.11. Dividends and Distributions

The Company’s dividends and distributions are recorded on the ex-dividend date. The following table summarizes the Company’s dividend declarations and distributions during the three months ended December 31, 20172020 and 2016:2019:

Date DeclaredRecord DatePayment DateAmount
Per Share		Cash
Distribution		DRIP Shares
Issued		DRIP Shares
Value
For the three months ended December 31, 2020
11/20/202012/11/202012/30/2020$0.29 $33,846 — $14,659 (1)
For the three months ended December 31, 2019        
11/22/201912/12/201912/30/2019$0.46 (2)$40,793 1,149,409 $20,230 
Date Declared Record Date Payment Date 
Amount
Per Share
 
Cash
Distribution
 
DRIP Shares
Issued
 
DRIP Shares
Value
Three months ended December 31, 2016   
   
   
   
 11/14/2016 12/12/2016 12/29/2016 $0.57
(1) 
$28,239
 177,970
 $3,145
Three months ended December 31, 2017   
   
   
   
 11/17/2017 12/12/2017 12/28/2017 $0.40
(2) 
$20,959
 163,955
 $2,872


(1)
Includes a special distribution of $0.25 per share.
(2)
Includes a special distribution of $0.08 per share.

(1)In accordance with the Company's DRIP, 1,034,149 shares of the Company's stock were purchased in the open market at an average price of $14.18 and were issued to stockholders of the Company participating in DRIP.
(2)Includes a special distribution of $0.13 per share.


Note 11.12. Subsequent Events

In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date of issuance. There are no subsequent events to disclose except for the following:

On January 29, 2021, the Company entered into an amendment to the MS Credit Facility II that extended the reinvestment period to May 3, 2021 from February 6, 2018,1, 2021, extended the Boardmaturity date to May 1, 2024 from February 1, 2024 and reduced borrowing capacity to $250,000 from $325,000.

On February 5, 2021, the Company's board of directors declared a quarterly distributiondistribution of $0.32$0.29 per share,which is payable on March 30, 20182021 to holders of record as of March 8, 2018.5, 2021.


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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The information contained in this section should be read in conjunction with our interim and unaudited consolidated financial statements and related notes thereto appearing elsewhere in this quarterly report on Form 10-Q. In this report, “we,” “us,” “our” and “Golub Capital BDC” refer to Golub Capital BDC, Inc. and its consolidated subsidiaries.

Forward-Looking Statements

Some of the statements in this quarterly report on Form 10-Q constitute forward-looking statements, which relate to future events or our future performance or financial condition. The forward-looking statements contained in this quarterly report on Form 10-Q involve risks and uncertainties, including statements as to:

•our future operating results;
•our business prospects and the prospects of our portfolio companies;companies, including our and their ability to achieve our respective objectives as a result of the coronavirus (“COVID-19”) pandemic;
•the effect of investments that we expect to make and the competition for those investments;
•our contractual arrangements and relationships with third parties;
•actual and potential conflicts of interest with GC Advisors LLC, or GC Advisors, and other affiliates of Golub Capital LLC, or collectively, Golub Capital;
•the dependence of our future success on the general economy and its effect on the industries in which we invest;
•the ability of our portfolio companies to achieve their objectives;
•the use of borrowed money to finance a portion of our investments and the effect of the COVID-19 pandemic on the availability of equity and debt capital and our use of borrowed funds to finance a portion of our investments;
•the adequacy of our financing sources and working capital;
•the timing of cash flows, if any, from the operations of our portfolio companies;
•general economic and political trends and other external factors;factors, including the COVID-19 pandemic;
•changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets that could result in changes to the value of our assets, including changes from the impact of the COVID-19 pandemic;
•the ability of GC Advisors to locate suitable investments for us and to monitor and administer our investments;
•the ability of GC Advisors or its affiliates to attract and retain highly talented professionals;
•the ability of GC Advisors to continue to effectively manage our business due to the disruptions caused by the COVID-19 pandemic;
•our ability to qualify and maintain our qualification as a regulated investment company, or RIC,
and as a business development company;
•general price and volume fluctuations in the stock markets;
•the impact on our business of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or Dodd-Frank, and the rules and regulations issued thereunder and any actions toward repeal thereof; and
•the effect of changes to tax legislation and our tax position.

Such forward-looking statements may include statements preceded by, followed by or that otherwise include the words “may,” “might,” “will,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “estimate,” “anticipate,” “predict,” “potential,” “plan” or similar words. The forward looking statements contained in this quarterly report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth elsewhere in this quarterly report on Form 10-Q and as “Risk Factors” in our annual report on Form 10-K for the year ended September 30, 2017.2020.

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We have based the forward-looking statements included in this report on information available to us on the date of this report. Actual results could differ materially from those anticipated in our forward-looking statements and future results could differ materially from historical performance. You are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the Securities and Exchange Commission, or the SEC, including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K. This quarterly report on Form 10-Q contains statistics and other data that have been obtained from or compiled from information made available by third-party service providers. We have not independently verified such statistics or data.

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Overview

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 RIC under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code. As a business development company and a RIC, we are also subject to certain constraints, including limitations imposed by the 1940 Act and the Code.

Our shares are currently listed on The Nasdaq Global Select Market under the symbol “GBDC”.


Our investment objective is to generate current income and capital appreciation by investing primarily in one stop (a loan that combines characteristics of traditional first lien senior secured loans and one stopsecond lien or subordinated loans and that are often referred to by other middle-market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies. We may also selectively invest in second lien and subordinated loans of, and warrants and minority equity securities in U.S. middle-market companies. We intend to achieve our investment objective by (1) accessing the established loan origination channels developed by Golub Capital, a leading lender to U.S. middle-market companies with over $20.0$35.0 billion in capital under management as of December 31, 2017,2020, (2) selecting investments within our core middle-market company focus, (3) partnering with experienced private equity firms, or sponsors, in many cases with whom Golub Capital has invested alongside in the past, (4) implementing the disciplined underwriting standards of Golub Capital and (5) drawing upon the aggregate experience and resources of Golub Capital.

Our investment activities are managed by GC Advisors and supervised by our board of directors of which a majority of the members are independent of us, GC Advisors and its affiliates.

Under an investment advisory agreement, or the Investment Advisory Agreement, which was most recently reapproved by our board of directors in May 2017, we have agreed to pay GC Advisors an annual base management fee based on our average adjusted gross assets as well as an incentive fee based on our investment performance. The Investment Advisory Agreement was approved by our board of directors in July 2019 and by our stockholders in September 2019. The Investment Advisory Agreement was entered into effective as of September 16, 2019 and will continue for an initial two-year term. Under an administration agreement, or the Administration Agreement, we are provided with certain administrative services by an administrator, or the Administrator, which is currently Golub Capital LLC.

Under the Administration Agreement, we have agreed to reimburse the Administrator for our allocable portion (subject to the review and approval of our independent directors) of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement.

We seek to create a portfolio that includes primarily one stop and other senior secured and one stop loans by primarily investing approximately $5.0$10.0 million to $30.0$75.0 million of capital, on average, in the securities of U.S. middle-market companies. We may also selectively invest more than $30.0$75.0 million in some of our portfolio companies and generally expect that the size of our individual investments will vary proportionately with the size of our capital base.

We generally invest in securities that have been rated below investment grade by independent rating agencies or that would be rated below investment grade if they were rated. These securities, which may beare often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. In addition, many of our debt investments have floating interest rates that reset on a periodic basis and typically do not fully pay down principal prior to maturity, which may increase our risk of losing part or all of our investment.

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As of December 31, 20172020 and September 30, 2017,2020, our portfolio at fair value was comprised of the following:
As of December 31, 2020As of September 30, 2020
Investment TypeInvestments at
Fair Value
(In thousands)		Percentage of
Total
Investments		Investments at
Fair Value
(In thousands)		Percentage of
Total
Investments
Senior secured$706,935 15.7 %$640,213 15.1 %
One stop3,667,769 81.4 3,485,585 82.2 
Second lien27,821 0.6 19,640 0.5 
Subordinated debt349 0.0 *575 0.0 *
Equity104,344 2.3 92,197 2.2 
Total$4,507,218 100.0 %$4,238,210 100.0 %
  As of December 31, 2017 As of September 30, 2017
Investment Type 
Investments at
 Fair Value
(In thousands)
 Percentage of
Total
Investments		 
Investments at
 Fair Value
(In thousands)
 
Percentage of
Total
Investments
Senior secured $193,459
 11.2% $195,029
 11.6%
One stop 1,380,000
 80.1
 1,334,084
 79.2
Second lien 9,435
 0.6
 9,434
 0.6
Subordinated debt 60
 0.0* 59
 0.0*
LLC equity interests in SLF (1)
 91,591
 5.3
 95,015
 5.6
Equity 48,827
 2.8
 51,394
 3.0
Total $1,723,372
 100.0% $1,685,015
 100.0%


*Represents an amount less than 0.1%.
(1)
Proceeds from the LLC equity interests invested in SLF were utilized by SLF to invest in senior secured loans.
One stop loans include loans to technology companies undergoing strong growth due to new services, increased adoption and/or entry into new markets. We refer to loans to these companies as late stage lending loans or recurring revenue loans. Other targeted characteristics of late stage lending businesses include strong customer revenue retention rates, a diversified customer base and backing from growth equity or venture capital firms. In some cases, the borrower’s high revenue growth is supported by a high level of discretionary spending. As part of the underwriting of such loans and consistent with industry practice, we may adjust our characterization of the earnings of such borrowers for a reduction or elimination of such discretionary expenses, if appropriate. As of

December 31, 20172020 and September 30, 2017,2020, one stop loans included $151.8$463.0 million and $138.6$430.2 million, respectively, of late stage lending loans at fair value.

As of December 31, 20172020 and September 30, 2017,2020, we had debt and equity investments in 190253 and 185254 portfolio companies, respectively, and an investment in Senior Loan Fund LLC, or SLF.respectively.

The following table shows the weighted average annualized income yield and weighted average annualized investment income yield of our earning portfolio company investments, which represented nearly 100% of our debt investments, foras well as the three months ended ended December 31, 2017total return based on our average net asset value, and 2016 was as follows:

 For the three months ended December 31,
  2017 2016
Weighted average annualized income yield (1)(2)
7.9% 7.7%
Weighted average annualized investment income yield (1)(3)
8.5% 8.1%
(1)
For the three months ended December 31, 2017, weighted average annualized income yield and weighted average annualized investment income yield do not reflect interest income from subordinated notes in SLF, which were redeemed on December 30, 2016.
(2)
Represents income from interest, including subordinated notes in SLF, and fees excluding amortization of capitalized fees and discounts divided by the average fair value of earning portfolio company investments, and does not represent a return to any investor in us.
(3)
Represents income from interest, including subordinated notes in SLF, fees and amortization of capitalized fees and discounts divided by the average fair value of earning portfolio investments, and does not represent a return to any investor in us.
The total return based on the change in the quoted market price of our stock and assuming distributions were reinvested in accordance with theour dividend reinvestment plan, or DRIP, in each case for the three months ended December 31, 20172020 and 2016, was (1.1)%2019:
For the three months ended
  December 31, 2020December 31, 2019
Weighted average income yield (1)*
7.4%8.0%
Weighted average investment income yield (2)*
7.9%8.4%
Total return based on average net asset value (3)*
15.5%8.4%
Total return based on market value (4)
9.0%0.5%


* Annualized for periods of less than one year.
(1)Represents income from interest and 2.2%fees, excluding amortization of capitalized fees, discounts and purchase premium (as described in Note 2 of the consolidated financial statements), respectively. Thedivided by the average fair value of earning portfolio company investments, and does not represent a return to any investor in us.
(2)Represents income from interest, fees and amortization of capitalized fees and discounts, excluding amortization of purchase premium (as described in Note 2 of the consolidated financial statements), divided by the average fair value of earning portfolio investments, and does not represent a return to any investor in us.
(3)Total return based on average net asset value is calculated as (a) the net increase/(decrease) in net assets resulting from operations divided by (b) the daily average of total net assets. Total return does not include sales load.

(4)Total return based on market value assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load.
Revenues: We generate revenue in the form of interest and fee income on debt investments and capital gains and distributions, if any, on portfolio company investments that we originate or acquire. Our debt investments, whether
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in the form of senior secured, one stop, second lien or subordinated loans, typically have a term of three to seven years and bear interest at a fixed or floating rate. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. In some cases, our investments provide for deferred interest payments or payment-in-kind, or PIK, interest. The principal amount of loans and any accrued but unpaid interest generally become due at the maturity date. In addition, we may generate revenue in the form of commitment, origination, amendment, structuring or due diligence fees, fees for providing managerial assistance and consulting fees. Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums on loans as fee income. For additional details on revenues, see “Critical Accounting Policies-RevenuePolicies—Revenue Recognition.”

We recognize realized gains or losses on investments based on the difference between the net proceeds from the disposition and the amortized cost basis of the investment or derivative instrument, without regard to unrealized gains or losses previously recognized. We record current period changes in fair value of investments and derivative instruments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investmentsinvestment transactions in the Consolidated Statements of Operations.

Significant U.S. federal tax reform legislation was recently enacted that, among other things, permanently reduces the maximum federal corporate income tax rate, reduces the maximum individual income tax rate (effective for taxable years 2018 through 2025), restricts the deductibility of business interest expense, changes the rules regarding the calculation of net operating loss deductions that may be used to offset taxable income, expands the circumstances in which a foreign corporation will be treated as a “controlled foreign corporation” and, under certain circumstances, requires accrual method taxpayers to recognize income for U.S. federal income tax purposes no later than the income is taken into account as revenue in an applicable financial statement. Although we do not expect any material, negative impact on us and our portfolio companies as a result of this legislation, we are continuing to evaluate.

Expenses:  Our primary operating expenses include the payment of fees to GC Advisors under the Investment Advisory Agreement and interest expense on our outstanding debt. We bear all other out-of-pocket costs and expenses of our operations and transactions, including:

•calculating our net asset value, or NAV (including the cost and expenses of any independent valuation firm);
•fees and expenses incurred by GC Advisors payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for us and in monitoring our investments and performing due diligence on our prospective portfolio companies or otherwise relating to, or associated with, evaluating and makinginvestments, which fees and expenses may include, among other items, due diligence reports, appraisal reports, any studies that may be commissioned by GC Advisors and travel and lodging expenses;
•expenses related to unsuccessful portfolio acquisition efforts;
•offerings of our common stock and other securities;
•administration fees and expenses, if any, payable under the Administration Agreement (including payments based upon our allocable portion of the Administrator’s overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of our chief compliance officer, chief financial officer and their respective staffs);
•fees payable to third parties, including agents, consultants or other advisors, relating to, or associated with, evaluating and making investments in portfolio companies, including costs associated with meeting financial sponsors;
•transfer agent, dividend agent and custodial fees and expenses;
•U.S. federal and state registration and franchise fees;
•all costs of registration and listing our shares on any securities exchange;
•U.S. federal, state and local taxes;
•independent directors’ fees and expenses;
•costs of preparing and filing reports or other documents required by the SEC or other regulators;
•costs of any reports, proxy statements or other notices to stockholders, including printing costs;
•costs associated with individual or group stockholders;
•costs associated with compliance under the Sarbanes-Oxley Act of 2002, as amended, or the Sarbanes-Oxley Act;
•our allocable portion of any fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;
•direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs;
•proxy voting expenses; and
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•all other expenses incurred by us or the Administrator in connection with administering our business.

We expect our general and administrative expenses to be relatively stable or decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.

Prior to the redemption of the 2014 Notes (as defined in Note 7 of our consolidated financial statements) and termination of the documents governing the 2014 Debt Securitization (as defined in Note 7 of our consolidated financial statements) on August 26, 2020, GC Advisors, served as collateral manager for Golub Capital BDC 2010-1 LLC, or the 2010 Issuer, our indirect subsidiary, under a collateral management agreement, or the 2010 Collateral Management Agreement, is entitled to receive an annual fee in an amount equal to 0.35% of the principal balance of the portfolio loans held by the 2010 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the 2010 Collateral Management Agreement, the term ‘‘collection period’’ refers to a quarterly period running from the day after the end of the prior collection period to the fifth business day of the calendar month in which a payment date occurs.

GC Advisors, as collateral manager for Golub Capital BDC CLO 2014 LLC,2014-LLC, or the 2014 Issuer, our wholly-owned subsidiary, under a collateral management agreement, or the 2014 Collateral Management Agreement, isand was entitled to receive an annual fee in an amount equal to 0.25% of the principal balance of the portfolio loans held by the 2014 Issuer at the beginning of the collection period relating to each payment date, which iswas payable in arrears on each payment date. Under the 2014 Collateral Management Agreement, the term ‘‘collection period’’ refersreferred to a quarterly period running from the day after the end of the prior collection period to the tenth business day prior to the payment date.

GC Advisors, as collateral manager for Golub Capital BDC CLO III LLC, or the 2018 Issuer, under a collateral management agreement, or the 2018 Collateral Management Agreement, is entitled to receive an annual fee in an amount equal to 0.25% of the principal balance of the portfolio loans held by the 2018 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the 2018 Collateral Management Agreement, the term "collection period" refers to the period commencing on the third business day prior to the preceding payment date and ending on (but excluding) the third business day prior to such payment date.

GC Advisors, as collateral manager for Golub Capital Investment Corporation CLO II LLC, or the GCIC 2018 Issuer, under a collateral management agreement, or the GCIC 2018 Collateral Management Agreement, is entitled to receive an annual fee in an amount equal to 0.35% of the principal balance of the portfolio loans held by the GCIC 2018 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the 2018 GCIC Collateral Management Agreement, the term “collection period” generally refers to a quarterly period commencing on the day after the end of the prior collection period to the tenth business day prior to the payment date.

GC Advisors, as collateral manager for Golub Capital BDC CLO 4 LLC, or the 2020 Issuer, under a collateral management agreement, or the 2020 Collateral Management Agreement, is entitled to receive an annual fee in an amount equal to 0.35% of the principal balance of the portfolio loans held by the 2020 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the 2020 Collateral Management Agreement, the term “collection period” generally refers to a quarterly period commencing on the day after the end of the prior collection period to the tenth business day prior to the payment date.

Collateral management fees were paid directly by the 2014 Issuer and are paid directly by the 20102018 Issuer, GCIC 2018 Issuer and the 20142020 Issuer to GC Advisors and are offset against the management fees payable under the Investment Advisory Agreement. In addition, the 2010 Issuer and 2014 Issuer paid Wells Fargo Securities, LLC structuring and placement fees for its services in connection with the initial structuring and subsequent amendments of a $350.0 million term debt securitization, or the 2010 Debt Securitization andto the initial structuring of a $402.6

million term debt securitization, or the 2014 Debt SecuritizationSecuritization. The 2018 Issuer paid Morgan Stanley & Co. LLC structuring and togetherplacement fees for its services in connection with the 2010structuring of the 2018 Debt Securitization (as defined in Note 7 of our consolidated financial statements). Before we acquired the GCIC 2018 Issuer as part of our acquisition of GCIC, as defined in the “GCIC Acquisition” section below, the GCIC 2018 Issuer paid Wells Fargo Securities, LLC structuring and placement fees for its services in connection with the initial structuring of the GCIC 2018 Debt Securitizations.Securitization (as defined in Note 7 of our consolidated financial statements). The 20102020 Issuer paid Wells Fargo Securities, LLC structuring and placement fees for its services in connection with the structuring of the 2020 Debt Securitization (as defined in Note 7 of our consolidated financial statements). Term debt securitizations are also known as collateralized loan obligations, or CLOs, and are a form of secured financing incurred by us, which are consolidated by us and subject to our overall asset coverage requirement. The 2018 Issuer, GCIC 2018 Issuer and 20142020 Issuer also agreed to pay ongoing administrative expenses to the trustee, collateral manager, independent accountants, legal counsel, rating agencies and independent managers in connection with developing and maintaining reports, and providing required services in connection with the administration of the 20102018 Debt Securitization, GCIC 2018 Debt Securitization and the 20142020 Debt Securitization, and collectively the Debt Securitizations, as applicable.

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We believe that these administrative expenses approximate the amount of ongoing fees and expenses that we would be required to pay in connection with a traditional secured credit facility. Our common stockholders indirectly bear all of these expenses.

GCIC Acquisition

On September 16, 2019, we completed our acquisition of Golub Capital Investment Corporation, or GCIC, pursuant to that certain Agreement and Plan of Merger, as amended, or the Merger Agreement, dated November 27, 2018, by and among us, GCIC, Fifth Ave Subsidiary Inc., our wholly owned subsidiary, or Merger Sub, GC Advisors, and, for certain limited purposes, the Administrator. Pursuant to the Merger Agreement, Merger Sub was first merged with and into GCIC, or the Initial Merger, with GCIC as the surviving company and immediately following the Initial Merger, GCIC was then merged with and into us, the Initial Merger and subsequent merger referred to as the Merger, with us as the surviving company.

In accordance with the terms of the Merger Agreement, at the effective time of the Merger, each outstanding share of GCIC’s common stock was converted into the right to receive 0.865 shares of our common stock (with GCIC’s stockholders receiving cash in lieu of fractional shares of our common stock). As a result of the Merger, we issued an aggregate of 71,779,964 shares of our common stock to former stockholders of GCIC.

SLF and GCIC SLF Purchase Agreement

On January 1, 2020, we entered into a purchase agreement, or the Purchase Agreement, with RGA Reinsurance Company, or RGA, Aurora National Life Assurance Company, a wholly-owned subsidiary of RGA, or Aurora and, together with RGA, the Transferors, Senior Loan Fund LLC, or SLF, and GCIC Senior Loan Fund LLC, or GCIC SLF. Prior to entering into the Purchase Agreement, the Transferors owned 12.5% of the LLC equity interests in each Senior Loan Fund, while we owned the remaining 87.5% of the LLC equity interests in each Senior Loan Fund. Pursuant to the Purchase Agreement, RGA and Aurora agreed to sell their LLC equity interests in each Senior Loan Fund to us, effective as of January 1, 2020. As consideration for the purchase of the LLC equity interests, we paid each Transferor an amount, in cash, equal to the net asset value of such Transferor's Senior Loan Fund LLC equity interests as of December 31, 2019, or the Net Asset Value, along with interest on such Net Asset Value accrued from the date of the Purchase Agreement through, but excluding, the payment date at a rate equal to the short-term applicable federal rate. In February 2020, we paid an aggregate of $17.0 million to the Transferors to acquire their respective LLC interests in the Senior Loan Funds.

As a result of the Purchase Agreement, on January 1, 2020, SLF and GCIC SLF became our wholly-owned subsidiaries. In addition, our capital commitments and those of the Transferors were terminated. As wholly-owned subsidiaries, the assets, liabilities, income and expenses of the Senior Loan Funds were consolidated into our financial statements and notes thereto for periods ending on or after January 1, 2020, and are included for purposes of determining our asset coverage ratio.

Rights Offering

On May 15, 2020, we completed a transferable rights offering. We issued to stockholders of record on April 8, 2020 one transferable right for each four shares of our common stock held on the record date. Each holder of rights was entitled to subscribe for one share of common stock for every right held at a subscription price of $9.17 per share. On May 15, 2020, we issued a total of 33,451,902 shares. Net proceeds after deducting the dealer manager fees and other offering expenses were approximately $300.4 million. 3,191,448 shares were purchased in the rights offering by affiliates of GC Advisors.

COVID-19 Pandemic

The rapid spread of COVID-19, which has been identified as a global pandemic by the World Health Organization, resulted in governmental authorities imposing restrictions on travel and the temporary closure of many corporate offices, retail stores, restaurants, healthcare facilities, fitness clubs and manufacturing facilities and factories in affected jurisdictions. The pandemic and the resulting economic dislocations have had adverse consequences for the business operations of some of our portfolio companies and has adversely affected, and threatens to continue to adversely affect, our operations and the operations of GC Advisors (including those relating to us). GC Advisors has been monitoring the COVID-19 pandemic and its impact on our business and the business of our portfolio
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companies and has been focused on proactively engaging with our portfolio companies in order to collaborate with the management teams of certain portfolio companies to assess and evaluate the steps each portfolio company can take in response to the impacts of COVID-19.

We cannot predict the full impact of the coronavirus, including the duration of the closures and restrictions described above. While several countries, as well as certain states in the United States, lifted or reduced certain travel restrictions, business closures and other quarantine measures, recurring COVID-19 outbreaks have led to the re-introduction of such restrictions in certain states in the United States and globally and could continue to lead to the re-introduction of such restrictions elsewhere. As a result, we are unable to predict the duration of business and supply-chain disruptions, the extent to which COVID-19 will negatively affect our portfolio companies’ operating results or the impact that such disruptions may have on our results of operations and financial condition. Depending on the duration and extent of the disruption to the business operations of our portfolio companies, we expect some portfolio companies, particularly those in vulnerable industries such as retail and travel, to experience financial distress and possibly to default on their financial obligations to us and their other capital providers. In addition, if such portfolio companies are subjected to prolonged and severe financial distress, we expect some of them to substantially curtail their operations, defer capital expenditures and lay off workers. These developments would be likely to permanently impair their businesses and result in a reduction in the value of our investments in them.

Business disruption and financial distress experienced by our portfolio companies is likely to reduce, over time, the amount of interest and dividend income that we receive from our investments and has in the past and may in the future require us to contribute additional capital to such companies in the form of follow on investments. Any restructuring of the capitalization of our portfolio companies required by any business disruption or financial distress could result in reduced interest payments or permanent impairments on our investments. Any such decrease in our net investment income would increase the percentage of our cash flows dedicated to debt service and distribution payments to stockholders. If these amounts become unsustainable, we may be required to reduce the amount of our future distributions to stockholders. In the first half of calendar year 2020 when the COVID-19 pandemic began to the impact the U.S. economy, we proactively and aggressively commenced on a number of actions to support and evaluate our portfolio companies, including gathering full information from a variety of sources including third-party experts, management teams of our borrowers, the private equity sponsor owners of our borrowers and other sources and immediate outreach to our private equity sponsor partners to establish candid, two-way, real-time communications. We believe these actions have led and will lead to increased and better solutions for our borrowers and believe our long-term relationships with these sponsors will create appropriate incentives for them to collaborate with us to address such portfolio company needs.

We have experienced a meaningful reversal of some of the unrealized depreciation recognized during the three months ended March 31, 2020 as the U.S. economy began reopening sooner than expected, portfolio companies generally performed better than expected, especially those in COVID-impacted sub-sectors, and private equity sponsors have generally stepped up to support their portfolio companies. Due to the resurgence of COVID-19 in some parts of the country, we remain cautious and concerned about the on-going impacts to the U.S. economy from COVID-19, but the positive trends identified above contributed to strong financial results for the three months ended December 31, 2020.

As of December 31, 2020, subject to certain limited exceptions, we were allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. Our revolving credit facilities, described in Note 7 in the notes to our consolidated financial statements, include customary covenants and events of default. Any failure on our part to make required payments under such facilities or to comply with such covenants could result in a default under the applicable credit facility or debt instrument. If we are unable to cure such default or obtain a waiver from the applicable lender or holder, we would experience an event of default, and the applicable lender or holder could accelerate the repayment of such indebtedness, which would negatively affect our business, financial condition, results of operations and cash flows.

We are also subject to financial risks, including changes in market interest rates. Many of the loans in our portfolio have floating interest rates, and we expect that our loans in the future will also have floating interest rates. The interest rates of such loans are based upon a floating interest rate index, typically LIBOR, together with a spread, or margin. They generally also feature interest rate reset provisions that adjust the interest rates under such loans to current market rates on a quarterly basis. As of December 31, 2020, over 90% of our floating rate loans at fair value were subject to a minimum base rate, or floor, that we charge on our loans if the applicable interest rate index falls below such floor. Certain of the notes issued in each of the 2018 Debt Securitization, the GCIC 2018 Debt Securitization and the 2020 Debt Securitization have floating rate interest provisions. In addition, our revolving credit facilities also have floating rate interest provisions. As a result of the COVID-19 pandemic and the related decision of the U.S. Federal Reserve to reduce certain interest rates, LIBOR decreased beginning in March 2020. A
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prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income if such decreases in LIBOR are not offset by a corresponding increase in the spread over LIBOR that we earn on such loans, a decrease in the income incentive fee as a result of our 8% hurdle rate or a decrease in the interest rate of our floating interest rate liabilities tied to LIBOR. See “Item 3. Quantitative and Qualitative Disclosures About Market Risk” for an analysis of the impact of hypothetical base rate changes in interest rates.

We and GC Advisors continue to monitor the rapidly evolving situation relating to the COVID-19 pandemic and guidance from U.S. and international authorities, including federal, state and local public health authorities and future recommendations from such authorities may further impact our business operations and financial results. In such circumstances, there may be developments outside our control requiring us to adjust our plan of operation. As such, given the dynamic nature of this situation, we cannot reasonably estimate the impacts of the COVID-19 pandemic on our financial condition, results of operations or cash flows in future periods.

Recent Developments

On January 29, 2021, we entered into an amendment to the MS Credit Facility II (as defined in Note 7 of our consolidated financial statements) that extended the reinvestment period to May 3, 2021 from February 1, 2021, extended the maturity date to May 1, 2024 from February 1, 2024 and reduced borrowing capacity to $250.0 million from $325.0 million.

On February 6, 2018,5, 2021, our board of directors declared a quarterly distribution of $0.32$0.29 per share, which is payable on March 30, 20182021 to holders of record as of March 8, 2018.5, 2021.

Consolidated Results of Operations

Consolidated operating results for the three months ended December 31, 20172020 and 20162019 are as follows:

 For the three months ended December 31, Variances
  2017 2016 2017 vs. 2016
  (In thousands)
Interest income$30,645
 $29,251
 $1,394
Income from accretion of discounts and origination fees2,709
 1,807
 902
Interest and dividend income from investments in SLF (1)
1,965
 2,385
 (420)
Dividend income597
 152
 445
Fee income534
 254
 280
Total investment income36,450
 33,849
 2,601
Total expenses17,939
 16,886
 1,053
Net investment income - before excise tax18,511
 16,963
 1,548
Excise tax—
 10
 (10)
Net investment income - after excise tax18,511
 16,953
 1,558
Net realized gain (loss) on investments481
 907
 (426)
Net change in unrealized appreciation
   (depreciation) on investments, and
    secured borrowings
2,323
 1,124
 1,199
Net increase in net assets resulting from operations$21,315
 $18,984
 $2,331
Average earning debt investments, at fair value (2)
$1,572,419
 $1,530,256
 $42,163
Average investments in subordinated notes of SLF,
   at fair value
—
 76,439
 (76,439)
Average earning portfolio company
   investments, at fair value (2)
$1,572,419
 $1,606,695
 $(34,276)
Three months ended December 31,
  20202019Variances
  (In thousands)
Interest income$77,603 $84,322 $(6,719)
Accretion of discounts and amortization of premiums4,606 3,968 638 
GCIC acquisition purchase premium amortization(9,230)(11,837)2,607 
Dividend income from LLC equity interests in SLF and GCIC SLF(1)
— 1,905 (1,905)
Dividend income160 34 126 
Fee income907 215 692 
Total investment income74,046 78,607 (4,561)
Total expenses35,039 45,876 (10,837)
Net investment income (loss)39,007 32,731 6,276 
Net realized gain (loss) on investment transactions(2,313)2,541 (4,854)
Net realized gain (loss) on investment transactions due to purchase premium(79)(40)(39)
Net change in unrealized appreciation (depreciation) on investment transactions excluding purchase premium48,515 (61)48,576 
Net change in unrealized depreciation on investment transactions due to purchase premium9,309 11,877 (2,568)
Net gain (loss) on investment transactions55,432 14,317 41,115 
Net increase (decrease) in net assets resulting from operations$94,439 $47,048 $47,391 
Average earning debt investments, at fair value(2)
$4,182,748 $4,190,808 $(8,060)

(1)
(1)For periods ending on or after January 1, 2020, the assets and liabilities of SLF and GCIC SLF are consolidated into our financial statements and notes thereto.
(2)Does not include our investments in LLC equity interests in SLF and GCIC SLF.

The investments in SLF include our investments in LLC equity interests in SLF for the three months ended December 31, 2017. For the three months ended December 31, 2016, the investments in SLF include our investments in both subordinated notes (prior to their redemption by SLF on December 30, 2016) and LLC equity interests in SLF.
(2)
Does not include our investment in LLC equity interests in SLF.

Net income can vary substantially from period to period for various reasons, including the recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, quarterlyannual comparisons of net income may not be meaningful.

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On September 16, 2019, we completed our acquisition of GCIC. The acquisition was accounted for under the asset acquisition method of accounting in accordance with Accounting Standards Codification, or ASC, 805-50, Business Combinations — Related Issues. Under asset acquisition accounting, where the consideration paid to GCIC’s stockholders exceeded the relative fair values of the assets acquired and liabilities assumed, the premium paid by us was allocated to the cost of the GCIC assets acquired by us pro-rata based on their relative fair value. Immediately following the acquisition of GCIC, we recorded its assets at their respective fair values and, as a result, the purchase premium allocated to the cost basis of the GCIC assets acquired was immediately recognized as unrealized depreciation on our Consolidated Statement of Operations. The purchase premium allocated to investments in loan securities will amortize over the life of the loans through interest income with a corresponding reversal of the unrealized depreciation on such loans acquired through their ultimate disposition. The purchase premium allocated to investments in equity securities will not amortize over the life of the equity securities through interest income and, assuming no subsequent change to the fair value of the equity securities acquired from GCIC and disposition of such equity securities at fair value, we will recognize a realized loss with a corresponding reversal of the unrealized depreciation upon disposition of the equity securities acquired.

As a supplement to our GAAP financial measures, we have provided the following non-GAAP financial measures that we believe are useful for the reasons described below:
•“Adjusted Net Investment Income” - excludes the amortization of the purchase price premium and the accrual for the capital gain incentive fee (including the portion of such accrual that is not payable under the Investment Advisory Agreement) from net investment income calculated in accordance with GAAP;
•“Adjusted Net Realized and Unrealized Gain/(Loss)” - excludes the unrealized loss resulting from the purchase premium write-down and the corresponding reversal of the unrealized loss resulting from the amortization of the premium on loans or from the sale of equity investments from the determination of realized and unrealized gain/(loss) determined in accordance with GAAP; and
•“Adjusted Net Income/(Loss)” – calculates net income and earnings per share based on Adjusted Net Investment Income and Adjusted Net Realized and Unrealized Gain/(Loss).
Three months ended
December 31, 2020December 31, 2019
  (In thousands)
Net investment income$39,007 $32,731 
Add: GCIC acquisition purchase premium amortization9,230 11,837 
Adjusted net investment income$48,237 $44,568 
Net gain (loss) on investment transactions$55,432 $14,317 
Add: Realized loss on investment transactions due to purchase premium79 40 
Less: Net change in unrealized appreciation on investment transactions due to purchase premium(9,309)(11,877)
Adjusted net realized and unrealized gain/(loss)$46,202 $2,480 
Net increase (decrease) in net assets resulting from operations$94,439 $47,048 
Add: GCIC acquisition purchase premium amortization9,230 11,837 
Add: Realized loss on investment transactions due to purchase premium79 40 
Less: Net change in unrealized appreciation on investment transactions due to purchase premium(9,309)(11,877)
Adjusted net income/(loss)$94,439 $47,048 

We believe that excluding the financial impact of the purchase premium in the above non-GAAP financial measures is useful for investors as this is a non-cash expense/loss and is one method we use to measure our results of operations.

Although these non-GAAP financial measures are intended to enhance investors’ understanding of our business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP.
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Investment Income

Investment income increaseddecreased from the three months ended December 31, 20162019 to the three months ended December 31, 20172020 by $2.6$4.6 million primarily asdue to a result of an increasedecrease in LIBOR and the slight decrease in the average earning debt investments balance, which is the average

balance of accruing loans in our investment portfolio, excluding our investment in the subordinated notes of SLF, of $42.2 million and increased prepayment fee income and accretion of discounts resulting from increased debt investment payoffs. These increases were partially offset by a decline in income from our investments in SLF, whichreduction of GCIC acquisition purchase price premium amortization of $2.6 million. As of December 31, 2019, 3-month LIBOR was attributable1.9% compared to a decline in the credit performance0.2% as of SLF's portfolio.December 31, 2020. Due to

The annualized income yield by debt security type for the three months ended December 31, 20172020 and 20162019 was as follows:
Three months ended
  December 31, 2020December 31, 2019
Senior secured6.5%6.9%
One stop7.6%8.1%
Second lien10.9%11.3%
Subordinated debt10.7%10.4%
 For the three months ended December 31,
  2017 2016
Senior secured6.6% 6.3%
One stop8.0% 7.8%
Second lien9.5% 10.7%
Subordinated debt19.8% 6.7%
Subordinated notes in SLF(1)
N/A 8.5%

(1)
SLF’s proceeds from the subordinated notes were utilized by SLF to invest in senior secured loans. SLF redeemed the outstanding balance on the subordinated notes on December 30, 2016.
Annualized incomeIncome yields on one stop and senior secured loans increaseddecreased for the three months ended December 31, 20172020 as compared to the three months ended December 31, 2019 primarily due to a decrease in the rise in London Interbank Offered Rate, or LIBOR.average LIBOR for the three months ended December 31, 2020 compared to the three months ended December 31, 2019, which was partially offset due to over 90% of our loans at fair value have a weighted average LIBOR floor of 1.01%. As of December 31, 2017,2020, we have onesix second lien investmentinvestments and onethree subordinated debt investmentinvestments as shown in the consolidated scheduleConsolidated Schedule of investments.Investments. Due to the limited number of second lien and subordinated debt investments, quarterly income yields on second lien and subordinated debt investments can be significantly impacted by the addition, subtraction or refinancing of one investment. The decrease in the annualized income yield on second lien investments for the three months ended December 31, 2017 was driven by the payoff on higher yielding second lien investments. The increase in the annualized income yield on subordinated debt investments for the three months ended December 31, 2017 was driven by the payoff of a lower yielding subordinated debt investment.

For additional details on investment yields and asset mix, refer to the “Liquidity and Capital Resources - Portfolio Composition, Investment Activity and Yield” section below.

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Expenses

The following table summarizes our expenses for the three months ended December 31, 20172020 and 2016:2019:


Three months ended December 31,
  20202019Variances
  (In thousands)
Interest and other debt financing expenses$13,877 $21,707 $(7,830)
Amortization of debt issuance costs1,204 571 633 
Base management fee15,224 15,206 18 
Income incentive fee2,004 5,904 (3,900)
Capital gain incentive fee— — — 
Professional fees837 939 (102)
Administrative service fee1,602 1,402 200 
General and administrative expenses291 147 144 
Total expenses$35,039 $45,876 $(10,837)
Average debt outstanding$2,086,099 $2,284,590 $(198,491)
  For the three months ended December 31, Variances
   2017 2016 2017 vs. 2016
   (In thousands)
Interest and other debt financing expenses $6,920
 $6,757
 $163
Amortization of debt issuance costs 794
 849
 (55)
Base management fee 5,930
 5,837
 93
Income incentive fee 2,158
 1,611
 547
Capital gain incentive fee 713
 480
 233
Professional fees 688
 580
 108
Administrative service fee 618
 601
 17
General and administrative expenses 118
 171
 (53)
Total expenses $17,939
 $16,886
 $1,053
Average debt outstanding(1)
 $791,710
 $881,880
 $(90,170)

(1)
For the three months ended December 31, 2017 there were no secured borrowings outstanding. For the three months ended December 31, 2016, we have excluded $0.5 million, respectively, of secured borrowings, at fair value, which were the result of participations and partial loan sales that did not meet the definition of a “participating interest”, as defined in the guidance to Accounting Standards Codification, or ASC, Topic 860 — Transfers and Servicing, or ASC Topic 860.

Interest Expense

Interest and other debt financing expenses increaseddecreased by $0.2$7.8 million from the three months ended December 31, 20162019 to the three months ended December 31, 20172020 primarily due to the increase in LIBOR which was partially offset by a decrease in the weighted average of outstanding borrowings from $881.9 millionLIBOR on our floating rate facilities for the three months ended December 31, 2016 to $791.7 million2020 from the three months ended December 31, 2019. For more information about our outstanding borrowings for the three months ended December 31, 2017. The decrease in our debt was primarily driven by a decrease2020 and 2019, including the terms thereof, see Note 7. Borrowings in the outstanding balance onnotes to our Credit Facility of $16.4 million. Additionally,consolidated financial statements and the decrease in our debt was driven by a decrease in our use of debt under our United States Small Business Administration, or SBA, debentures through our small business investment companies, or SBICs, which had outstanding balances of $267.0 million as of December 31, 2017“Liquidity and $277.0 million as of December 31, 2016. The effective annualized average interest rate on our outstanding debt increased to 3.9% forCapital Resources” section below.

For the three months ended December 31, 2017 from 3.4% for2020 and 2019, the three months ended December 30, 2016effective annualized average interest rate, which includes amortization of debt financing costs, amortization of discounts on notes issued and non-usage facility fees, on our total debt was 2.9% and 3.9%, respectively. The decrease was primarily due to a lower average LIBOR, partially offset by the increaseissuance of the 2024 Unsecured Notes (as defined in LIBOR.Note 7 of our consolidated financial statements) that bear interest at a fixed rate of 3.375%.

Management Fee

The base management fee remained stableslightly increased from the three months ended December 31, 20162019 to the three months ended December 31, 2017.2020 as a result of a slight increase in average adjusted gross assets from 2019 to 2020.

Incentive Fees

The incentive fee payable under the Investment Advisory Agreement consists of two parts: (1) the income component, or the Income Incentive Fee, and (2) the capital gains component, or the Capital Gain Incentive Fee. The Income Incentive Fee increaseddecreased by $0.5$3.9 million from the three months ended December 31, 20162019 to the three months ended December 31, 20172020 primarily asdue to a result of the increase in net investment income. This resulted in an increase in thelower rate of return on the value of our net assets fordriven by a decrease in LIBOR, partially offset by an increase in Pre-Incentive Fee Net Investment Income (as defined in Note 3 of our consolidated financial statements). As we remain in the three months ended December 31, 2017.“catch-up” provision of the calculation of the Income Incentive Fee, an increase in net investment income causes a corresponding increase in the Income Incentive Fee until we are fully through the catch-up. For the three months ended December 31, 2017,2020, while still not fully through the catch-up“catch-up” provision of the Income Incentive Fee calculation, the Income Incentive Fee as a percentage of the Pre-Incentive Fee Net Investment Income (as defined below) increaseddecreased to 10.1%4.9% compared to 8.5%15.3% for the three months ended December 31, 2016.2019.

TheFor each of the three months ended December 31, 2020 and 2019, there was no Capital Gain Incentive Fee equals (a) 20.0% of our Capital Gain Incentive Fee Base (as defined below), if any,payable as calculated in arrears as ofunder the end of each calendar year less (b) the aggregate amount of any previously paid Capital Gain Incentive Fees. Our “Capital Gain Incentive Fee Base” equals (1) the sum of (i) realized capital gains, if any, on a cumulative positive basis from the date the we elected to become a BDC through the end of each calendar year, (ii) all realized capital losses on a cumulative basis and (iii) all unrealized capital depreciation on a cumulative basis less (2) all unamortized deferred financing costs, if and to the extent such costs exceed all unrealized capital appreciation on a cumulative basis.Investment Advisory Agreement. In addition, in accordance with generally accepted accounting principles in the United States of America, or GAAP, we are required to also include the aggregate unrealized capital appreciation on investments in the calculation and accrue thea capital gain incentive fee as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement.

The accrual forThere was no capital gain incentive fee was $0.7 million, or $0.01 per share, and $0.5 million, or $0.01 per share, for the three months endedaccrual calculated in accordance with GAAP as of December 31, 20172020 and 2016, respectively. The increase
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September 30, 2020. Any payment due under the terms of the Investment Advisory Agreement is calculated in arrears at the accrual for capital gain incentive fee forend of each calendar year. No Capital Gain Incentive Fees as calculated under the three months endedInvestment Advisory Agreement or any prior investment advisory agreements, as applicable, have been payable since December 31, 2017 from the three months ended December 31, 2016 was primarily the result of increased unrealized appreciation on portfolio company investments. 2018.

For additional details on unrealized appreciation and depreciation of investments, refer to the “Net Realized and Unrealized Gains and Losses” section below.

The cumulative capital gain incentive fee accrued in accordance with GAAP as of December 31, 2017 and 2016 was $7.6 million and $4.6 million, respectively, of which $1.2 million and $0, respectively, were payable as a Capital Gain Incentive Fee pursuant to the Investment Advisory Agreement.

Professional Fees, Administrative Service Fee, and General and Administrative Expenses

In total, professional fees, the administrative service fee, and general and administrative expenses increased slightly from the three months ended December 31, 20162019 to the three months ended December 31, 2017 by $0.1 million.2020. In general, we expect certain of our operating expenses, including professional fees, the administrative service fee, and other general and administrative expenses to decline as a percentage of our total assets during periods of growth other than as a result of a merger or other large acquisition and increase as a percentage of our total assets during periods of asset declines.


The Administrator pays for certain expenses incurred by us. These expenses are subsequently reimbursed in cash. Total expenses reimbursed by us to the Administrator forduring the three months ended December 31, 20172020 and 20162019, were $0.8$1.6 million and $0.6$1.7 million, respectively.

As of December 31, 20172020 and September 30, 2017,2020, included in accounts payable and accrued expensesother liabilities were $0.5$1.5 million and $0.8$1.6 million, respectively, for accrued expenses paid on behalf of us by the Administrator.

Excise Tax Expense

We have elected to be treated as a RIC under Subchapter M of the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. In order to be subject to tax as a RIC, we are required to meet certain source of income and asset diversification requirements, as well as timely distribute to our stockholders dividends for U.S. federal income tax purposes of an amount generally at least equal to 90% of investment company taxable income, as defined by the Code, and determined without regard to any deduction for dividends paid for each tax year. We have made and intend to continue to make the requisite distributions to our stockholders that will generally relieve us from U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, we may choose to retain taxable income in excess of current year distributions into the next tax year in an amount less than what would trigger payments of U.S. federal income tax under Subchapter M of the Code. We may then be required to incur a 4% excise tax on such income. To the extent that we determine that our estimated current year annual taxable income may exceed estimated current year distributions, we accrue excise tax, if any, on estimated excess taxable income as taxable income is earned. For the three months ended December 31, 2017 and 2016, we incurred a net expense of $0 and $10,000, respectively, for U.S. federal excise tax.

Net Realized and Unrealized Gains and Losses

The following table summarizes our net realized and unrealized gains (losses) for the periods presented:
Three months ended December 31,
  20202019Variances
  (In thousands)
Net realized gain (loss) on investments$(1,614)$2,656 $(4,270)
Foreign currency transactions(778)(155)(623)
Net realized gain (loss) on investment transactions$(2,392)$2,501 $(4,893)
Unrealized appreciation on investments74,714 38,067 36,647 
Unrealized (depreciation) on investments(11,624)(21,659)10,035 
Unrealized appreciation (depreciation) on investments in SLF and GCIC SLF(1)
— (192)192 
Unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies(1,374)(3,150)1,776 
Unrealized appreciation (depreciation) on forward currency contracts(3,892)(1,250)(2,642)
Net change in unrealized appreciation (depreciation) on investment transactions$57,824 $11,816 $46,008 
 For the three months ended December 31, Variances
  2017 2016 2017 vs. 2016
  (In thousands)
Net realized gain (loss) on investments$481
 $907
 $(426)
Net realized gain (loss)481
 907
 (426)
Unrealized appreciation on investments10,461
 9,236
 1,225
Unrealized (depreciation) on investments(8,914) (7,614) (1,300)
Unrealized appreciation on investments in SLF(1)
776
 —
 776
Unrealized (depreciation) on investments in SLF(2)
—
 (498) 498
Net change in unrealized appreciation (depreciation) on
   investments, investments in SLF
$2,323
 $1,124
 $1,199

(1)
Unrealized appreciation on investments in SLF includes our investment in LLC equity interests in SLF.
(2)
Unrealized (depreciation) on investments in SLF includes our investment in LLC interests in SLF.
For(1)Unrealized appreciation (depreciation) on investments in SLF and GCIC SLF includes our investments in LLC equity interests in SLF and GCIC SLF. The investment in GCIC SLF was acquired by us in the Merger. On January 1, 2020, SLF and GCIC SLF became our wholly-owned subsidiaries and the assets and liabilities of the Senior Loan Funds were consolidated into us.
During the three months ended December 31, 2017,2020, we had a net realized gainloss of $0.5$2.4 million primarily dueattributable to recognized realized losses on the restructure, sale, or write-off on multiple portfolio companies, partially offset by net realized gains from the sale of six equity investments above their fair value, which was partially offset by the write off of one non-accrualin multiple portfolio company investment.companies.

For the three months ended December 31, 2017,2019, we had $10.5a net realized gain of $2.5 million primarily due to sale of equity investments in multiple portfolio companies.

For the three months ended December 31, 2020, we had $74.7 million in unrealized appreciation on 105193 portfolio company investments, which was partially offset by $8.9$11.6 million in unrealized depreciation on 14775 portfolio company investments. Unrealized appreciation for the three months ended December 31, 2020 primarily resulted from better than expected performance of our portfolio companies and credit market conditions beginning to recover. Unrealized depreciation for the three months ended December 31, 2020 primarily resulted from decreases in the fair value in many of our portfolio company investments due to the adverse economic effects of the COVID-19 pandemic, the continuing uncertainty surrounding its long-term impact and increases in the spread between the yields realized on risk-free and higher risk securities.
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For the three months ended December 31, 2019, we had $38.1 million in unrealized appreciation on 222 portfolio company investments, which was offset by $21.7 million in unrealized depreciation on 218 portfolio company investments. Unrealized appreciation during the three months ended December 31, 20172019 resulted from an increase in fair value primarily due to the rise in market prices of portfolio company investments and the reversal of the net unrealized depreciation associated with the sale or restructure of a few portfolio company investments. UnrealizedBesides the unrealized depreciation primarilyrecognized due to the purchase premium write-down, unrealized depreciation resulted from the amortization of discounts, negative credit related adjustments that caused a reduction in fair value and the reversal of the net unrealized appreciation associated with the salessale of portfolio company investments during the three months ended December 31, 2017.2019.

For the three months ended December 31, 2017,2019, we had $0.8$0.2 million in unrealized depreciation on our investments
in SLF and GCIC SLF LLC equity interests. The unrealized appreciation on our investment in SLF LLC equity interests, which of $0.5 million
was primarily driven by increased net investment income earned by SLF netted against negative credit adjustments at SLF.

The unrealized depreciation on our investment in GCIC SLF of $0.7 million was primarily driven by net investment

Forincome earned by GCIC SLF netted against dividends GCIC SLF paid to us of $1.9 million during the three months
ended December 31, 2016, we had a net realized gain of $0.9 million primarily due to the net realized gains on the sale of portfolio company investments to2019. We did not receive any dividends from SLF and the sale of two equity investments.

For the three months ended December 31, 2016, we had $9.2 million in unrealized appreciation on 110 portfolio company investments, which was partially offset by $7.6 million in unrealized depreciation on 144 portfolio company investments. Unrealized appreciation during the three months ended December
31, 2016 resulted from an increase in fair value primarily due to the rise in market prices of portfolio company investments. Unrealized depreciation primarily resulted from the amortization of discounts, negative credit related adjustments that caused a reduction in fair value and the reversal of the net unrealized appreciation associated with the sales of portfolio company investments during the three months ended December 31, 2016.2019.

For the three months ended December 31, 2016, we had $0.5 million in unrealized depreciation on our investment in SLF LLC equity interests, which was primarily driven by SLF's one non-accrual portfolio company investment.

Liquidity and Capital Resources

For the three months ended December 31, 2017,2020, we experienced a net increase in cash and cash equivalents, andforeign currencies, restricted cash and cash equivalents and restricted foreign currencies of $14.6$86.5 million. During the period, cash used in operating activities was $11.6$164.9 million, primarily as a result of fundings of portfolio investments of $137.9$490.0 million, partially offset by the proceeds from principal payments and sales of portfolio investments of $101.9$278.7 million and net investment income of $18.5$39.0 million. Lastly, cash provided by financing activities was $26.2$251.4 million, primarily driven by borrowings on debt of $98.6$797.4 million, that were partially offset by repayments of debt of $51.4$491.3 million, and distributions paid of $21.0$33.8 million, and repurchases of common stock under the DRIP of $14.7 million.

For the three months ended December 31, 2016,2019, we experienced a net decreaseincrease in cash, cash equivalents, andforeign currencies, restricted cash and cash equivalents and restricted foreign currencies of $17.8$49.1 million. During the period, cash used in operating activities was $13.9$111.8 million, primarily as a result of fundings of portfolio investments of $122.7$296.8 million, partially offset by the proceeds from principal payments and sales of portfolio investments of $93.9$154.3 million and net investment income of $32.7 million. Lastly, cash used inprovided by financing activities was $3.9$160.9 million, primarily driven by repayments ofborrowings on debt of $111.5$332.0 million and distributions paidproceeds from short-term borrowings of $28.2$64.8 million that were partially offset by borrowings onrepayments of debt of $136.3$193.9 million and distributions paid of $40.8 million.

As of December 31, 20172020 and September 30, 2017,2020, we had cash and cash equivalents of $5.8$26.5 million and $4.0$24.6 million, respectively. In addition, we had foreign currencies of $0.5 million and $0.6 million as of December 31, 2020 and September 30, 2020, respectively, restricted cash and cash equivalents of $71.4$242.8 million and $58.6$157.6 million as of December 31, 20172020 and September 30, 2017,2020, respectively, and restricted foreign currencies of $1.4 million and $1.7 million as of December 31, 2020 and September 30, 2020, respectively. Cash and cash equivalents and foreign currencies are available to fund new investments, pay operating expenses and pay distributions. As of December 31, 2017, $46.7 million of our restrictedRestricted cash and cash equivalents couldand restricted foreign currencies can be used to pay principal and interest on borrowings and to fund new investments that meet the investment guidelines establishedunder our debt securitizations or credit facilities, as applicable.

This “Liquidity and Capital Resources” section should be read in conjunction with the “COVID-19 Developments" section above.

Revolving Debt Securitizations, which are described in further detail in Note 6 to our consolidated financial statements, and for the payment of interest expense on the notes issued in the Debt Securitizations.Facilities

MS Credit Facility II - As of December 31, 2017, $13.72020 and September 30, 2020, we had $279.5 million and $313.3 million outstanding under the MS Credit Facility II (as defined in Note 7 of our restricted cash and cash equivalents could be used to fund investments that meet the guidelines under the Credit Facility as well as for the payment of interest expense and revolving debt of the Credit Facility.consolidated financial statements), respectively. As of December 31, 2017, $11.0 million of our restricted cash and cash equivalents could be used to fund new investments that meet2020, the regulatory and investment guidelines established by the SBA for our SBICs, which are described in further detail in Note 6 to our consolidated financial statements, and for interest expense and fees on our outstanding SBA debentures.

As of December 31, 2017, theMS Credit Facility II allowed Golub Capital BDC Funding II LLC, or Funding II, to borrow up to $170.0$325.0 million at any one time outstanding, subject to leverage and borrowing base restrictions. As of December 31, 20172020 and September 30, 2017, 2020, subject to leverage and borrowing base restrictions,
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we had $110.3approximately $45.5 million and $63.1$86.7 million of remaining commitments, respectively, and $45.5 million and $8.0 million of availability, respectively, on the MS Credit Facility II. On January 29, 2021, we entered into an amendment for the MS Credit Facility II that extended the reinvestment period to May 3, 2021 from February 1, 2021, extended the maturity date to May 1, 2024 from February 1, 2024 and reduced borrowing capacity to $250.0 million from $325.0 million.

WF Credit Facility - As of December 31, 2020 and September 30, 2020, we had outstanding debt under the WF Credit Facility (as defined in Note 7 of our consolidated financial statements) of $275.6 million and $199.6 million, respectively. As of December 31, 20172020, the WF Credit Facility allowed GCIC Funding LLC, or GCIC Funding, to borrow up to $300.0 million at any one time outstanding, subject to leverage and borrowing base restrictions. As of December 31, 2020 and September 30, 2017,2020, subject to leverage and borrowing base restrictions, we had approximately $59.7$24.4 million and $161.9$100.4 million of remaining commitments, respectively, and $24.4 million and $15.3 million of availability, respectively, on the WF Credit Facility.

DB Credit Facility - As of September 30, 2020, we had outstanding debt under the DB Credit Facility (as defined in Note 7 of our consolidated financial statements) of $153.5 million. On October 9, 2020, all outstanding borrowings under the DB Credit Facility were repaid following which the DB Credit Facility was terminated. As of September 30, 2020, subject to leverage and borrowing base restrictions, we had approximately $96.5 million of remaining commitments and $59.7$82.7 million and $95.0 million, respectively, of availability on the DB Credit Facility.

Adviser Revolver- On June 22, 2016, we entered into an unsecured revolving credit facility with GC Advisors, or the Adviser Revolver (as defined in Note 7 of our consolidated financial statements), which, permitsas amended, permitted us to borrow up to $20.0$100.0 million at any one time outstanding.outstanding as of December 31, 2020. We entered into the Adviser Revolver in order to have the ability to borrow funds on a short-term basis and have in the past repaid, and generally intend in the future to repay, borrowings under the Adviser Revolver within the same quarter in30 to 45 days from which they are drawn. As of each of December 31, 20172020 and September 30, 2017,2020, we had no amounts outstanding on the Adviser Revolver.

Debt Securitizations

2014 Debt Securitization - On JulyAugust 26, 2020, in conjunction with the 2020 Debt Securitization, the 2014 Notes were redeemed and following such redemption, the agreements governing the 2014 Debt Securitization were terminated.

2018 Debt Securitization - On November 16, 2010,2018, we completed the 20102018 Debt Securitization, which was subsequently increased to $350.0 million. On October 20, 2016, we further amended the 2010 Debt Securitization to, among other things, (a) refinance the issuedSecuritization. The Class A, notes issued by the 2010 Issuer, or the 2010 Notes, by redeeming in full the $203.0 million Class A 2010 Notes and issuing new Class A-Refi 2010 Notes in an aggregate principal amount of $205.0 million that bear interest at a rate of three-month LIBOR plus 1.90%, (b) refinance the Class B 2010 Notes by redeeming in full the $12.0 millionand Class B 2010 Notes and issuing new

Class B-Refi 2010 Notes in an aggregate principal amount of $10.0 million that bear interest at a rate of three-month LIBOR plus 2.40%, and (c) extend the reinvestment period applicable to the 2010 Issuer to July 20, 2018. Following the refinancing, Golub Capital BDC 2010-1 Holdings LLC, our wholly-owned subsidiary, or Holdings, retained the Class B-Refi 2010 Notes.

As of December 31, 2017 and September 30, 2017, the 2010 Notes consisted of $205.0 million of Class A-Refi 2010 Notes, which bear interest at a rate of three-month LIBOR plus 1.90%, $10.0 million of Class B-Refi 2010 Notes, which bear interest at a rate of three-month LIBOR plus 2.40%, and $135.0 million face amount of Subordinated 2010 Notes that do not bear interest. The Class A-Refi 2010C-1 2018 Notes are included in the December 31, 20172020 and September 30, 20172020 Consolidated Statements of Financial Condition as our debt and the Class B-Refi 2010 NotesC-2, Class D and Subordinated 20102018 Notes were eliminated in consolidation. As of December 31, 20172020 and September 30, 2017,2020, we had outstanding debt under the 20102018 Debt Securitization of $205.0 million.$408.2 million and $408.2 million, respectively.

GCIC 2018 Debt Securitization - Effective September 16, 2019, we assumed as a result of the Merger, the GCIC 2018 Debt Securitization. The Class A-1, Class A-2 (Class A-2-R GCIC 2018 Notes after refinancing on December 21, 2020) and Class B-1 GCIC 2018 Notes are included in the December 31, 2020 and September 30, 2020 Consolidated Statements of Financial Condition as our debt. As of December 31, 2020 and September 30, 2020 the Class B-2, Class C and Class D GCIC 2018 Notes and the Subordinated GCIC 2018 Notes were eliminated in consolidation. As of December 31, 2020 and September 30, 2020, we had outstanding debt under the GCIC 2018 Debt Securitization of $542.8 million and $542.4 million, respectively.

2020 Debt Securitization - On June 5, 2014,August 26, 2020, we completed the 20142020 Debt Securitization in which the 2014 Issuer issued an aggregate of $402.6 million of notes, or the 2014 Notes, including $191.0 million of Class A-1 2014 Notes, which bear interest at a rate of three-month LIBOR plus 1.75%, $20.0 million of Class A-2 2014 Notes, which bear interest at a rate of three-month LIBOR plus 1.95%, $35.0 million of Class B 2014 Notes, which bear interest at a rate of three-month LIBOR plus 2.50%, $37.5 million of Class C 2014 Notes, which bear interest at a rate of three-month LIBOR plus 3.50%, and $119.1 million of LLC equity interests in the 2014 Issuer that do not bear interest. We retained all of the Class C 2014 Notes and LLC equity interests in the 2014 Issuer totaling $37.5 million and $119.1 million, respectively.Securitization. The Class A-1, Class A-2, and Class B 2014 Notes are included in the December 31, 20172020 and September 30, 20172020 Consolidated Statements of Financial Condition as our debtdebt. As of December 31, 2020 and September 30, 2020, the Class C 20142020 Notes and LLC equity interests in the 2014 IssuerSubordinated 2020 Notes were eliminated in consolidation. As of December 31, 20172020 and September 30, 2017,2020, we had outstanding debt under the 20142020 Debt Securitization of $246.0 million.$189.0 million and $189.0 million, respectively.

Due to the interplay of the 1940 Act restrictions on principal and joint transactions and the U.S. risk retention rules adopted pursuant to Section 941 of Dodd-Frank, as a business development company, we sought and received no action relief from the SEC to ensure we could engage in CLO financings in which assets are transferred through GC Advisors.

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SBA Debentures

Under present small business investment company, or SBIC, regulations, the maximum amount of SBA-guaranteed debentures that may beguaranteed by the U.S. Small Business Administration, or SBA, issued by multiple licensees under common management is $350.0 million and the maximum amount thatissued by a single SBIC licensee may issue is $150.0$175.0 million. As of December 31, 2017,2020, GC SBIC IV, L.P., or SBIC IV, GC SBIC V, L.P., or SBIC V, and GC SBIC VI, L.P., or SBIC VI, had $125.0 million, $133.0$0, $151.8 million, and $9.0$86.0 million, respectively, of outstanding SBA-guaranteed debentures that mature between September 2021March 2024 and September 2027 leaving incremental borrowing capacity of $17.0 million and $41.0 million for SBIC V and SBIC VI, respectively, under present SBIC regulations.March 2031. As of September 30, 2017,2020, SBIC IV, SBIC V and SBIC VI, had $125.0 million, $133.0$0, $151.8 million and $9.0$66.0 million, respectively, of outstanding SBA-guaranteed debentures that mature between September 2021March 2024 and March 2030. The original amount of debentures committed to SBIC IV and SBIC V by the SBA were $150.0 million and $175.0 million, respectively. Through December 31, 2020, SBIC IV and SBIC V have repaid $150.0 million and $23.3 million of outstanding debentures, respectively, and these commitments have effectively been terminated. As of December 31, 2020 and September 2027.30, 2020, SBIC VI had $55.5 million and $29.0 million, respectively, of undrawn debenture commitments, of which $9.0 million and $29.0 million, respectively, were available to be drawn, subject to SBA regulatory requirements.

In2024 Unsecured Notes

On October 2, 2020, we issued $400.0 million in aggregate principal amount of the 2024 Unsecured Notes, all of which remained outstanding as our debt as of December 31, 2020.

As of December 31, 2020, in accordance with the 1940 Act, with certain limited exceptions, we are onlywere allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. Prior to February 6, 2019, in accordance with the 1940 Act, with certain limited exceptions, we were allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing. We currently intend to continue to target a GAAP debt-to-equity ratio between 0.85x to 1.15x.

On September 13, 2011, we received exemptive relief from the SEC allowing us to modify the asset coverage requirement to exclude the SBA debentures from thisour asset coverage calculation. As such, our ratio of total consolidated assets to outstanding indebtedness may be less than 200%150%. This provides us with increased investment flexibility but also increases our risks related to leverage. As of December 31, 2017,2020, our asset coverage for borrowed amounts was 269.8%216.0% (excluding the SBA debentures).

In August 2020, our board of directors reapproved a share repurchase program, or the Program, which allows us
to repurchase up to $150.0 million of our outstanding common stock on the open market at prices below the NAV per share as reported in our then most recently published consolidated financial statements. The Program is implemented at the discretion of management with shares to be purchased from time to time at prevailing market
prices, through open market transactions, including block transactions. We did not make any repurchases of our common stock during the three months ended December 31, 2020 and 2019.

As of December 31, 20172020 and September 30, 2017,2020, we had outstanding commitments to fund investments excluding our investments in SLF, totaling $62.8$169.7 million and $60.5$141.8 million, respectively. TheseAs of December 31, 2020, total commitments of $169.7 million included $43.5 million of unfunded commitments on revolvers. There is no guarantee that these amounts may or may notwill be funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers, subject to the terms of each loan’s respective credit agreement. As of December 31, 2017,2020, we believe that we had sufficient assets and liquidity to adequately cover future obligations under our unfunded commitments based on historical rates of drawings upon unfunded commitments, cash and restricted cash balances that we maintain, availability under our Credit Facility and Adviser Revolver and ongoing principal repayments on debt investments. In addition, we generally hold some syndicated loans in larger portfolio companies that are saleable over a relatively short period to generate cash.

Although we expect to fund the growth of our investment portfolio through the net proceeds from future securities offerings and through our DRIP as well as future borrowings, to the extent permitted by the 1940 Act, we cannot assure you that our efforts to raise capital will be successful. In addition, we may, from time to time, we can amend or refinance our leverage facilities and borrowings, including refinancingsecuritization financings, to the 2010 Notes and the 2014 Notes, in order to, among other things, modify covenants or the interest rates payable and extend the reinvestment period or maturity date.extent permitted by applicable law. In addition to capital not being available, it also may not be available on favorable terms. To the extent we are not able to raise capital on what we believe are favorable terms, we will focus on optimizing returns by investing capital generated from repayments into new investments we believe are attractive from a risk/reward perspective. Furthermore, to the extent we are not able to
142
raise capital and are at or near our targeted leverage ratios, we mayexpect to receive smaller allocations, if any, on new investment opportunities under GC Advisors’ allocation policy and have, in the past, received such smaller allocations under similar circumstances.

Portfolio Composition, Investment Activity and Yield

As of December 31, 20172020 and September 30, 2017,2020, we had investments in 190253 and 185254 portfolio companies, respectively, with a total fair value of $1,631.8 million$4.5 billion and $1,590.0 million, respectively, and had investments in SLF with a total fair value of $91.6 million and $95.0 million,$4.2 billion, respectively.

The following table shows the asset mix of our new investment commitments for the three months ended December 31, 20172020 and 2016:

 For the three months ended December 31,
  2017 2016
  (In thousands) 
Percentage of
Commitments
 (In thousands) Percentage of
Commitments
Senior secured$38,498
 27.1% $27,486
 22.4%
One stop102,634
 72.1
 85,668
 69.8
Subordinated debt—
 —
 12
 0.0*
Subordinated notes in SLF(1)
—
 —
 5,457
 4.4
LLC equity interests in SLF(1)
—
 —
 3,661
 3.0
Equity1,114
 0.8
 437
 0.4
Total new investment commitments$142,246
 100.0% $122,721
 100.0%
2019:
* Represents an amount less than 0.1%.
Three months ended December 31,
  20202019
  (In thousands)Percentage of
Commitments		(In thousands)Percentage of
Commitments
Senior secured$116,773 22.2%$11,610 4.3%
One stop396,147 75.2257,329 94.9
Second lien8,013 1.5— —
Subordinated debt— —138 0.1
Equity5,907 1.12,015 0.7
Total new investment commitments$526,840 100.0 %$271,092 100.0 %


(1)
SLF’s proceeds from the subordinated notes and LLC equity interests were utilized by SLF to invest in senior secured loans. As of December 31, 2017, SLF had investments in senior secured loans to 45 different borrowers.

For the three months ended December 31, 2017,2020 and 2019, we had approximately $96.3$278.7 million and $154.3 million, respectively, in proceeds from principal payments and return of capital distributionssales of portfolio companies. For the three months ended December 31, 2016 we had approximately $56.8 million in proceeds from principal payments and return of capital distributions of portfolio companies, excluding $78.7 million of proceeds from the repayment in full and termination of our investment in subordinated notes of SLF. For the three months ended December 31, 2017 and 2016, we had sales of investments in 6 and 11 portfolio companies, respectively, aggregating approximately $5.6 million and $37.1 million, respectively, in net proceeds.investments.


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The following table shows the principal, amortized cost and fair value of our portfolio of investments by asset class:

As of December 31, 2017 (1)
 
As of September 30, 2017 (1)
 
As of December 31, 2020(1)
As of September 30, 2020(2)
Principal 
Amortized
Cost
 
Fair
Value
 Principal 
Amortized
Cost
 
Fair
Value
  PrincipalAmortized
Cost		Fair
Value		PrincipalAmortized
Cost		Fair
Value
(In thousands)  (In thousands)(In thousands)
Senior secured:  
   
   
   
   
   
 Senior secured:            
Performing$194,703
 $192,755
 $193,463
 $196,296
 $194,357
 $195,089
 Performing$721,897 $723,114 $704,156 $645,886 $649,259 $627,471 
Non-accrual (2)
1,438
 1,433
 (4)
(3) 
1,438
 1,433
 (60)
(3) 
Non-accrual(3)
Non-accrual(3)
19,864 9,272 2,779 37,849 27,026 12,742 
One stop:  
   
   
   
   
   
 One stop:            
Performing1,387,162
 1,369,610
 1,378,171
 1,339,755
 1,322,220
 1,331,069
 Performing3,681,964 3,692,149 3,617,688 3,518,814 3,540,446 3,429,012 
Non-accrual (2)
4,558
 4,503
 1,829
 8,870
 8,788
 3,015
 
Non-accrual(3)
Non-accrual(3)
69,876 63,150 50,081 81,897 75,239 56,573 
Second lien:  
   
   
   
   
   
 Second lien:            
Performing9,435
 9,314
 9,435
 9,434
 9,306
 9,434
 Performing27,965 28,038 27,821 19,640 19,886 19,640 
Non-accrual (2)
—
 —
 —
 —
 —
 —
 
Non-accrual(3)
Non-accrual(3)
— — — — — — 
Subordinated debt:  
   
   
   
   
   
 Subordinated debt:            
Performing60
 60
 60
 59
 59
 59
 Performing302 300 349 537 541 575 
Non-accrual (2)
—
 —
 —
 —
 —
 —
 
LLC equity interests in SLF (4)
N/A
 93,257
 91,591
 N/A
 97,457
 95,015
 
Non-accrual(3)
Non-accrual(3)
— — — — — — 
EquityN/A
 36,341
 48,827
 N/A
 37,619
 51,394
 EquityN/A88,795 104,344 N/A86,503 92,197 
Total$1,597,356
 $1,707,273
 $1,723,372
 $1,555,852
 $1,671,239
 $1,685,015
 Total$4,521,868 $4,604,818 $4,507,218 $4,304,623 $4,398,900 $4,238,210 

(1)
(1)As of December 31, 2020, $585.3 million and $548.1 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of the interest due on such loan to be PIK interest.
(2)As of September 30, 2020, $488.1 million and $454.9 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of the interest due on such loan to be PIK interest.
(3)We refer to a loan as non-accrual when we cease recognizing interest income on the loan because we have stopped pursuing repayment of the loan or, in certain circumstances, it is past due 90 days or more on principal and interest or our management has reasonable doubt that principal or interest will be collected. See “— Critical Accounting Policies — Revenue Recognition.”
19 and 19 of our loans included a feature permitting a portion of the interest due on such loan to be PIK interest as of December 31, 2017 and September 30, 2017, respectively.
(2)
We refer to a loan as non-accrual when we cease recognizing interest income on the loan because we have stopped pursuing repayment of the loan or, in certain circumstances, it is past due 90 days or more on principal and interest or our management has reasonable doubt that principal or interest will be collected. See “— Critical Accounting Policies — Revenue Recognition.”
(3)
The negative fair value is the result of the unfunded commitment being valued below par.
(4)
Proceeds from the LLC equity interests invested in SLF were utilized by SLF to invest in senior secured loans.
As of December 31, 20172020, we had loans in seven portfolio companies on non-accrual status, and non-accrual
investments as a percentage of total debt investments at cost and fair value were 1.6% and 1.2%, respectively. 
As of September 30, 2020, we had loans in nine portfolio companies on non-accrual status, and non-accrual investments as a percentage of total investments at cost and fair value were 2.4% and 1.7%, respectively. As of December 31, 2020 and September 30, 2017,2020, the fair value of our debt investments as a percentage of the outstanding principal value was 99.1%97.4% and 98.9%96.3%, respectively.

The following table shows the weighted average rate, spread over LIBOR of floating rate and fees of investments originated and the weighted average rate of sales and payoffs of portfolio companies during the three months ended December 31, 20172020 and 2016:2019:
For the three months ended
  December 31, 2020December 31, 2019
Weighted average rate of new investment fundings7.1%7.4%
Weighted average spread over LIBOR of new floating rate investment fundings6.1%5.7%
Weighted average fees of new investment fundings1.3%1.4%
Weighted average rate of sales and payoffs of portfolio investments7.1%7.8%
 For the three months ended December 31,
  2017 2016
Weighted average rate of new investment fundings(1)
7.5% 6.9%
Weighted average spread over LIBOR of new floating rate investment fundings(1)
6.0% 5.9%
Weighted average fees of new investment fundings1.4% 1.6%
Weighted average rate of sales and payoffs of portfolio investments(1)(2)
7.6% 6.9%
Weighted average annualized income yield (3)(4)
7.9% 7.7%

(1)

Excludes our subordinated note investments in SLF.
(2)
Excludes exits on investments on non-accrual status.
(3)
Represents income from interest, including subordinated notes in SLF, and fees excluding amortization of capitalized fees and discounts divided by the average fair value of earning debt investments, and does not represent a return to any investor in us.

(4)
For the three months ended December 31, 2016, weighted average annualized income yield does not reflect interest income from subordinated notes in SLF, which were redeemed on December 30, 2016.
As of December 31, 2017, 99.6%2020, 93.5% and 99.6%93.4% of our debt portfolio at fair value and at amortized cost, respectively, had interest rate floors that limit the minimum applicable interest rates on such loans. As of September 30, 2017, 99.6%2020, 91.2% and 99.6%91.3% of our debt portfolio at fair value and at amortized cost, respectively, had interest rate floors that limit the minimum applicable interest rates on such loans.
144
As of December 31, 20172020 and September 30, 2017,2020, the portfolio median earnings before interest, taxes, depreciation and amortization, or EBITDA, for our portfolio companies (excluding SLF) was $26.3$32.8 million and $25.2$31.4 million, respectively. The portfolio median EBITDA is based on the most recently reported trailing twelve-month EBITDA received from the portfolio company.

As part of the monitoring process, GC Advisors regularly assesses the risk profile of each of our investments and rates each of them based on an internal system developed by Golub Capital and its affiliates. This system is not generally accepted in our industry or used by our competitors. It is based on the following categories, which we refer to as GC Advisors’ internal performance ratings:
 
Internal Performance Ratings
Rating Definition
5 Involves the least amount of risk in our portfolio. The borrower is performing above expectations, and the trends and risk factors are generally favorable.
4 Involves an acceptable level of risk that is similar to the risk at the time of origination. The borrower is generally performing as expected, and the risk factors are neutral to favorable.
3 Involves a borrower performing below expectations and indicates that the loan’s risk has increased somewhat since origination. The borrower maycould be out of compliance with debt covenants; however, loan payments are generally not past due.
2 Involves a borrower performing materially below expectations and indicates that the loan’s risk has increased materially since origination. In addition to the borrower being generally out of compliance with debt covenants, loan payments maycould be past due (but generally not more than 180 days past due).
1 Involves a borrower performing substantially below expectations and indicates that the loan’s risk has substantially increased since origination. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 1 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered.

Our internal performance ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments.

For any investment rated 1, 2 or 3, GC Advisors will increase its monitoring intensity and prepare regular updates for the investment committee, summarizing current operating results and material impending events and suggesting recommended actions.

GC Advisors monitors and, when appropriate, changes the internal performance ratings assigned to each investment in our portfolio. In connection with our valuation process, GC Advisors and our board of directors review these internal performance ratings on a quarterly basis.


145
The following table shows the distribution of our investments on the 1 to 5 internal performance rating scale at fair value as of December 31, 20172020 and September 30, 2017:2020:
As of December 31, 2020As of September 30, 2020
Internal
Performance
Rating		Investments
at Fair Value
(In thousands)		Percentage of
Total
Investments		Investments
at Fair Value
(In thousands)		Percentage of
Total
Investments
5$313,341 7.0%$257,409 6.1%
43,334,609 74.03,085,610 72.8
3808,152 17.9836,560 19.7
250,258 1.157,754 1.4
1858 0.0*877 0.0*
Total$4,507,218 100.0%$4,238,210 100.0%
  December 31, 2017 September 30, 2017
Internal
Performance
Rating
 
Investments
at Fair Value
(In thousands)
 
Percentage of
Total
Investments
 
Investments
at Fair Value
(In thousands)
 
Percentage of
Total
Investments
5 $137,146
 8.0% $91,525
 5.5%
4 1,411,330
 81.9
 1,378,316
 81.8
3 170,010
 9.9
 212,629
 12.6
2 3,720
 0.2
 249
 0.0*
1 1,166
 0.0*
 2,296
 0.1
Total $1,723,372
 100.0% $1,685,015
 100.0%


*Represents an amount less than 0.1%.

Senior Loan Fund LLC

We co-invest with RGA Reinsurance Company, or RGA, in senior secured loans through SLF, an unconsolidated Delaware LLC. SLF is capitalized as transactions are completed and all portfolio and investment decisions in respect to SLF must be approved by the SLF investment committee consisting of two representatives of each of us and RGA (with unanimous approval required from (i) one representative of each of us and RGA or (ii) both representatives of each of us and RGA). SLF may cease making new investments upon notification of either member but operations will continue until all investments have been sold or paid-off in the normal course of business.

As of December 31, 2017, SLF is capitalized by LLC equity interest subscriptions from its members. On December 14, 2016, the SLF investment committee approved the recapitalization of the commitments of SLF’s members. On December 30, 2016, SLF’s members entered into additional LLC equity interest subscriptions totaling $160.0 million, SLF issued capital calls totaling $89.9 million to us and RGA and the subordinated notes previously issued by SLF were redeemed and terminated. As of December 31, 2017 and September 30, 2017, we and RGA owned 87.5% and 12.5%, respectively, of the LLC equity interests. SLF’s profits and losses are allocated to us and RGA in accordance with our respective ownership interests.

As of December 31, 2017 and September 30, 2017, SLF had the following commitments from its members (in the aggregate):
 As of December 31, 2017 As of September 30, 2017
  Committed 
Funded(1)
 Committed 
Funded(1)
  (In Thousands)
LLC equity commitments (3)
$200,000
 $106,580
 $200,000
 $111,380
Total$200,000
 $106,580
 $200,000
 $111,380
(1)
Funded LLC equity commitments are presented net of return of capital distributions subject to recall.
As of December 31, 2017, the senior secured revolving credit facility, or, as amended, the SLF Credit Facility, that Senior Loan Fund II LLC, a wholly-owned subsidiary of SLF, or SLF II, entered into with Wells Fargo Securities, LLC, as administrative agent, and Wells Fargo Bank, N.A., as lender, allows SLF II to borrow up to $200.0 million subject to leverage and borrowing base restrictions. The reinvestment period of the SLF Credit Facility ends August 29, 2018, and the stated maturity date is August 30, 2020. As of December 31, 2017 and September 30, 2017, SLF II had outstanding debt under the SLF Credit Facility of $180.2 million and $197.7 million, respectively. Through the reinvestment period, the SLF Credit Facility bears interest at one-month LIBOR plus a rate between 1.75% and 2.15%, depending on the composition of the collateral asset portfolio, per annum.

As of December 31, 2017 and September 30, 2017, SLF had total assets at fair value of $285.1 million and $306.2 million, respectively. As of December 31, 2017, SLF did not have any portfolio companies on non-accrual status. As of September 30, 2017, SLF had one portfolio company investment on non-accrual status with a fair value of $0.3 million. The portfolio companies in SLF are in industries and geographies similar to those in which we may invest directly. Additionally, as of

December 31, 2017 and September 30, 2017, SLF had commitments to fund various undrawn revolving credit and delayed draw loans to its portfolio companies totaling $12.2 million and $13.3 million, respectively.

Below is a summary of SLF’s portfolio, followed by a listing of the individual investments in SLF’s portfolio as of December 31, 2017 and September 30, 2017:

 As of December 31, 2017 As of September 30, 2017
  (Dollars in thousands)
Senior secured loans (1)
$279,394
 $301,583
Weighted average current interest rate on senior secured loans (2)
6.8% 6.4%
Number of borrowers in SLF45
 50
Largest portfolio company investment(1)
$13,785
 $13,820
Total of five largest portfolio company investments(1)
$60,822
 $61,187
(1)
At principal amount.
(2)
Computed as the (a) annual stated interest rate on accruing senior secured loans divided by (b) total senior secured loans at principal amount.

SLF Investment Portfolio as of December 31, 2017
Portfolio Company Business Description 
Investment
Type
 
Maturity
Date
 
Current
Interest
Rate(1)
 
Principal ($) /
Shares(2)
 
Fair
Value(3)
               (In thousands)
1A Smart Start LLC Home and Office Furnishings, Housewares, and Durable Consumer Senior loan 02/2022 6.4
% $2,089
 $2,099
1A Smart Start LLC (4)
 Home and Office Furnishings, Housewares, and Durable Consumer Senior loan 02/2022 6.2
  927
 928
Advanced Pain Management Holdings, Inc. Healthcare, Education and Childcare Senior loan 02/2018 6.6
  6,561
 5,905
Advanced Pain Management Holdings, Inc. Healthcare, Education and Childcare Senior loan 02/2018 6.6
  449
 404
Argon Medical Devices, Inc. Healthcare, Education and Childcare Senior loan 12/2021 6.3
  3,184
 3,184
Arise Virtual Solutions, Inc. (4)
 Telecommunications Senior loan 12/2018 7.7
  9,022
 9,022
Boot Barn, Inc. Retail Stores Senior loan 06/2021 6.2
  10,073
 10,073
Brandmuscle, Inc. Printing and Publishing Senior loan 12/2021 6.4
  4,678
 4,674
CLP Healthcare Services, Inc. Healthcare, Education and Childcare Senior loan 12/2020 6.9
  8,568
 8,396
CLP Healthcare Services, Inc. Healthcare, Education and Childcare Senior loan 12/2020 6.9
  4,317
 4,231
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 7.2
  2,435
 2,435
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 7.2
  1,224
 1,224
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 7.2
  59
 59
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 7.2
  
 40
 40
Curo Health Services LLC (4)
 Healthcare, Education and Childcare Senior loan 02/2022 5.4
  
 5,835
 5,841
DISA Holdings Acquisition Subsidiary Corp. Diversified/Conglomerate Service Senior loan 12/2020 5.6
  
 4,401
 4,401
DISA Holdings Acquisition Subsidiary Corp. Diversified/Conglomerate Service Senior loan 12/2020 5.6
  
 428
 428
DISA Holdings Acquisition Subsidiary Corp. Diversified/Conglomerate Service Senior loan 12/2020 5.6
  
 266
 266
Encore GC Acquisition, LLC Healthcare, Education and Childcare Senior loan 01/2020 7.2
  
 4,712
 4,712
Flexan, LLC Chemicals, Plastics and Rubber Senior loan 02/2020 7.4
  
 6,013
 6,013
Flexan, LLC Chemicals, Plastics and Rubber Senior loan 02/2020 7.4
  
 1,669
 1,669
Flexan, LLC (4)
 Chemicals, Plastics and Rubber Senior loan 02/2020 9.0
  
 281
 281
Gamma Technologies, LLC (4)
 Electronics Senior loan 06/2021 6.3
  
 10,238
 10,238
III US Holdings, LLC Diversified/Conglomerate Service Senior loan 09/2022 8.2
  
 5,030
 5,030
Jensen Hughes, Inc. Buildings and Real Estate Senior loan 12/2021 6.4
  2,293
 2,293
Jensen Hughes, Inc. Buildings and Real Estate Senior loan 12/2021 6.6
  119
 119
Jensen Hughes, Inc. Buildings and Real Estate Senior loan 12/2021 6.6
  
 64
 64
Joerns Healthcare, LLC (4)
 Healthcare, Education and Childcare Senior loan 05/2020 7.5
  
 8,745
 8,147
Julio & Sons Company Beverage, Food and Tobacco Senior loan 12/2018 7.0
  
 6,744
 6,744
Julio & Sons Company Beverage, Food and Tobacco Senior loan 12/2018 7.0
  
 2,221
 2,221
Julio & Sons Company Beverage, Food and Tobacco Senior loan 12/2018 7.0
  
 972
 972
Paradigm DKD Group, LLC Buildings and Real Estate Senior loan 11/2018 7.3
  
 1,972
 1,932
Paradigm DKD Group, LLC Buildings and Real Estate Senior loan 11/2018 7.4
  
 623
 609
Park Place Technologies LLC (4)
 Electronics Senior loan 06/2022 6.7
  
 5,337
 5,337
Pasternack Enterprises, Inc. and Fairview Microwave, Inc Diversified/Conglomerate Manufacturing Senior loan 05/2022 6.6
  5,358
 5,358
Payless ShoeSource, Inc. Retail Stores Senior loan 08/2022 10.5
  768
 732
Polk Acquisition Corp. Automobile Senior loan 06/2022 6.6
  4,549
 4,458
Polk Acquisition Corp. Automobile Senior loan 06/2022 6.9
  80
 78
Polk Acquisition Corp. Automobile Senior loan 06/2022 6.6
  53
 52
PowerPlan Holdings, Inc. (4)
 Utilities Senior loan 02/2022 6.8
  11,365
 11,365
Premise Health Holding Corp. (4)
 Healthcare, Education and Childcare Senior loan 06/2020 6.2
  11,742
 11,742
Pyramid Healthcare, Inc. (4)
 Healthcare, Education and Childcare Senior loan 08/2019 8.1
  9,713
 9,713
Pyramid Healthcare, Inc. (4)
 Healthcare, Education and Childcare Senior loan 08/2019 9.8
  99
 99
R.G. Barry Corporation Personal, Food and Miscellaneous Services Senior loan 09/2019 6.6
  4,981
 4,981

SLF Investment Portfolio as of December 31, 2017 - (continued)
Portfolio Company Business Description 
Investment
Type
 
Maturity
Date
 
Current
Interest
Rate(1)
 
Principal ($) /
Shares(2)
 
Fair
Value(3)
               (In thousands)
Radiology Partners, Inc. (4)
 Healthcare, Education and Childcare Senior loan 12/2023 7.6
% $8,894
 $8,805
Radiology Partners, Inc. (4)(5)
 Healthcare, Education and Childcare Senior loan 12/2023 N/A
(6) 
 —
 (3)
Reliant Pro ReHab, LLC (4)
 Healthcare, Education and Childcare Senior loan 12/2018 6.7
  3,215
 3,215
RSC Acquisition, Inc. (4)
 Insurance Senior loan 11/2022 6.9

 3,854
 3,835
RSC Acquisition, Inc. Insurance Senior loan 11/2020 6.2
  15
 15
Rubio's Restaurants, Inc. (4)
 Beverage, Food and Tobacco Senior loan 11/2018 6.4
  4,980
 4,980
Rug Doctor LLC Personal and Non Durable Consumer Products (Mfg. Only) Senior loan 06/2018 6.8
  5,658
 5,658
Sage Dental Management, LLC Healthcare, Education and Childcare Senior loan 10/2019 7.1
  4,770
 4,674
Sage Dental Management, LLC Healthcare, Education and Childcare Senior loan 10/2019 8.8
  70
 69
Sage Dental Management, LLC Healthcare, Education and Childcare Senior loan 10/2019 7.1
  70
 69
Sage Dental Management, LLC Healthcare, Education and Childcare Senior loan 10/2019 7.1
  50
 49
Saldon Holdings, Inc. (4)
 Diversified/Conglomerate Service Senior loan 09/2022 6.0
  2,435
 2,435
Sarnova HC, LLC Healthcare, Education and Childcare Senior loan 01/2022 6.3
  3,675
 3,675
SEI, Inc. Electronics Senior loan 07/2021 6.3
  13,785
 13,785
Self Esteem Brands, LLC (4)
 Leisure, Amusement, Motion Pictures, Entertainment Senior loan 02/2020 6.3
  11,045
 11,045
Severin Acquisition, LLC Diversified/Conglomerate Service Senior loan 07/2021 6.3
  5,277
 5,253
Severin Acquisition, LLC (4)
 Diversified/Conglomerate Service Senior loan 07/2021 6.4
  4,820
 4,818
Severin Acquisition, LLC Diversified/Conglomerate Service Senior loan 07/2021 6.6
  666
 669
Severin Acquisition, LLC (5)
 Diversified/Conglomerate Service Senior loan 07/2021 N/A
(6) 
 —
 (1)
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 7.2
  858
 815
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 7.2
  68
 64
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 7.2
  68
 64
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 7.2
  67
 64
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 7.2
  67
 64
Smashburger Finance LLC (5)
 Beverage, Food and Tobacco Senior loan 05/2018 N/A
(6) 
 —
 (6)
Tate's Bake Shop, Inc. (4)
 Beverage, Food and Tobacco Senior loan 08/2019 7.9
  2,918
 2,896
Tate's Bake Shop, Inc. (5)
 Beverage, Food and Tobacco Senior loan 08/2019 N/A
(6) 
 —
 (3)
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.1
  4,542
 4,542
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.4
  3,549
 3,549
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.1
  668
 668
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.1
  507
 507
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.1
  246
 246
Transaction Data Systems, Inc. Diversified/Conglomerate Service Senior loan 06/2021 6.9
  7,374
 7,374
Transaction Data Systems, Inc. Diversified/Conglomerate Service Senior loan 06/2020 6.2
  11
 10
W3 Co. Oil and Gas Senior loan 03/2022 7.6
  1,263
 1,260
WHCG Management, LLC (4)
 Healthcare, Education and Childcare Senior loan 03/2023 6.4
  7,960
 7,960
WIRB-Copernicus Group, Inc. Healthcare, Education and Childcare Senior loan 08/2022 6.7
  5,652
 5,652
Total senior loan investments          $279,394
 $277,340
            
Payless ShoeSource, Inc. (7)(8)
 Retail Stores LLC interest N/A N/A
  35
 $782
W3 Co. (7)(8)
 Oil and Gas LLC units N/A N/A
  3
 1,129
Total equity investments            $1,911
              
Total investments          $279,394
 $279,251

(1)
Represents the weighted average annual current interest rate as of December 31, 2017.
(2)
The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.
(3)
Represents the fair value in accordance with ASC Topic 820 - Fair Value Measurement, or ASC Topic 820. The determination of such fair value is not included in our board of directors’ valuation process described elsewhere herein.
(4)
We also hold a portion of the first lien senior secured loan in this portfolio company.
(5)
The negative fair value is the result of the unfunded commitment being valued below par.
(6)
The entire commitment was unfunded as of December 31, 2017. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.
(7)
Equity investment received as a result of the portfolio company's debt restructuring.
(8)
Non-income producing securities.


SLF Investment Portfolio as of September 30, 2017
Portfolio Company Business Description 
Investment
Type
 
Maturity
Date
 
Current
Interest
Rate(1)
 
Principal ($) /
Shares(2)
 
Fair
Value(3)
               (In thousands)
1A Smart Start LLC Home and Office Furnishings, Housewares, and Durable Consumer Senior loan 02/2022 6.1
%  $2,094
 $2,105
1A Smart Start LLC Home and Office Furnishings, Housewares, and Durable Consumer Senior loan 02/2022 5.8
  928
 928
Advanced Pain Management Holdings, Inc. Healthcare, Education and Childcare Senior loan 02/2018 6.3
  6,805
 5,784
Advanced Pain Management Holdings, Inc. Healthcare, Education and Childcare Senior loan 02/2018 6.3
  466
 396
Argon Medical Devices, Inc. Healthcare, Education and Childcare Senior loan 12/2021 6.0
  3,184
 3,184
Arise Virtual Solutions, Inc. (4)
 Telecommunications Senior loan 12/2018 7.3
  9,856
 9,856
Boot Barn, Inc. Retail Stores Senior loan 06/2021 5.8
  10,073
 10,073
Brandmuscle, Inc. Printing and Publishing Senior loan 12/2021 6.1
  4,851
 4,845
CLP Healthcare Services, Inc. Healthcare, Education and Childcare Senior loan 12/2020 6.6
  8,590
 8,418
CLP Healthcare Services, Inc. Healthcare, Education and Childcare Senior loan 12/2020 6.6
  4,328
 4,242
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 6.8
  2,442
 2,442
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 6.8
  1,227
 1,227
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 6.8
  
 59
 59
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 6.8
  41
 41
Curo Health Services LLC (4)
 Healthcare, Education and Childcare Senior loan 02/2022 5.3
  5,850
 5,867
DISA Holdings Acquisition Subsidiary Corp. Diversified/Conglomerate Service Senior loan 12/2020 5.5
  4,401
 4,401
DISA Holdings Acquisition Subsidiary Corp. Diversified/Conglomerate Service Senior loan 12/2020 5.6
  428
 428
EAG, INC. (Evans Analytical Group) Diversified/Conglomerate Service Senior loan 07/2018 5.5
  1,964
 1,964
Encore GC Acquisition, LLC Healthcare, Education and Childcare Senior loan 01/2020 6.8
  4,725
 4,725
Flexan, LLC Chemicals, Plastics and Rubber Senior loan 02/2020 7.1
  6,029
 6,029
Flexan, LLC Chemicals, Plastics and Rubber Senior loan 02/2020 7.1
  1,686
 1,686
Flexan, LLC (4)
 Chemicals, Plastics and Rubber Senior loan 02/2020 8.8
  47
 47
Gamma Technologies, LLC (4)
 Electronics Senior loan 06/2021 6.0
  10,264
 10,264
Harvey Tool Company, LLC Diversified/Conglomerate Manufacturing Senior loan 03/2020 6.1
  3,064
 3,064
III US Holdings, LLC Diversified/Conglomerate Service Senior loan 09/2022 7.9
  5,044
 5,044
Jensen Hughes, Inc. Buildings and Real Estate Senior loan 12/2021 6.3
  2,293
 2,293
Jensen Hughes, Inc. Buildings and Real Estate Senior loan 12/2021 6.4
  102
 102
Jensen Hughes, Inc. Buildings and Real Estate Senior loan 12/2021 6.4
  64
 64
Joerns Healthcare, LLC (4)
 Healthcare, Education and Childcare Senior loan 05/2020 7.8
  8,745
 8,202
Julio & Sons Company Beverage, Food and Tobacco Senior loan 12/2018 6.7
  6,762
 6,762
Julio & Sons Company Beverage, Food and Tobacco Senior loan 12/2018 6.7
  2,226
 2,226
Julio & Sons Company Beverage, Food and Tobacco Senior loan 12/2018 6.7
  822
 822
Loar Group Inc. Aerospace and Defense Senior loan 01/2022 6.0
  2,164
 2,164
Loar Group Inc. Aerospace and Defense Senior loan 01/2022 6.0
  1,492
 1,492
Paradigm DKD Group, LLC Buildings and Real Estate Senior loan 11/2018 6.2
  1,977
 1,977
Paradigm DKD Group, LLC Buildings and Real Estate Senior loan 11/2018 6.2
  596
 596
Park Place Technologies LLC (4)
 Electronics Senior loan 06/2022 6.3
  5,341
 5,287
Pasternack Enterprises, Inc. and Fairview Microwave, Inc. Diversified/Conglomerate Manufacturing Senior loan 05/2022 6.2
  5,372
 5,372
Payless ShoeSource, Inc. Retail Stores Senior loan 08/2022 10.3
  
 768
 757
Polk Acquisition Corp. Automobile Senior loan 06/2022 6.2
  
 4,560
 4,469
Polk Acquisition Corp. Automobile Senior loan 06/2022 6.7
  83
 81
Polk Acquisition Corp. Automobile Senior loan 06/2022 6.2
  53
 52
PowerPlan Holdings, Inc. (4)
 Utilities Senior loan 02/2022 6.5
  
 11,365
 11,365
Premise Health Holding Corp. (4)
 Healthcare, Education and Childcare Senior loan 06/2020 5.8
  
 11,772
 11,772
Pyramid Healthcare, Inc. Healthcare, Education and Childcare Senior loan 08/2019 7.7
  
 9,738
 9,738

SLF Investment Portfolio as of September 30, 2017 - (continued)
Portfolio Company Business Description Investment
Type		 Maturity
Date		 
Current
Interest
Rate(1)
 
Principal ($) /
Shares(2)
 
Fair
Value(3)
               (In thousands)
Pyramid Healthcare, Inc. Healthcare, Education and Childcare Senior loan 08/2019 7.9
%  $597
 $597
R.G. Barry Corporation Personal, Food and Miscellaneous Services Senior loan 09/2019 6.2
  5,217
 5,217
Radiology Partners, Inc. (4)
 Healthcare, Education and Childcare Senior loan 09/2020 7.1
  
 7,793
 7,793
Radiology Partners, Inc. (4)
 Healthcare, Education and Childcare Senior loan 09/2020 7.1
  595
 595
Radiology Partners, Inc. (4)
 Healthcare, Education and Childcare Senior loan 09/2020 7.1
  
 505
 505
Reliant Pro ReHab, LLC (4)
 Healthcare, Education and Childcare Senior loan 12/2017 6.3
  
 3,240
 3,240
RSC Acquisition, Inc. (4)
 Insurance Senior loan 11/2022 6.6
  
 3,864
 3,864
RSC Acquisition, Inc. Insurance Senior loan 11/2020 6.1
  
 15
 15
Rubio's Restaurants, Inc. (4)
 Beverage, Food and Tobacco Senior loan 11/2018 6.1
  
 4,992
 4,992
Rug Doctor LLC Personal and Non Durable Consumer Products (Mfg. Only) Senior loan 06/2018 6.6
  
 5,792
 5,792
Sage Dental Management, LLC Healthcare, Education and Childcare Senior loan 10/2019 7.0
  
 4,782
 4,686
Sage Dental Management, LLC Healthcare, Education and Childcare Senior loan 10/2019 7.8
  
 70
 69
Sage Dental Management, LLC Healthcare, Education and Childcare Senior loan 10/2019 7.0
  
 50
 49
Sage Dental Management, LLC Healthcare, Education and Childcare Senior loan 10/2019 8.8
  
 34
 33
Saldon Holdings, Inc. (4)
 Diversified/Conglomerate Service Senior loan 09/2022 5.8
  
 2,521
 2,490
Sarnova HC, LLC Healthcare, Education and Childcare Senior loan 01/2022 6.0
  
 3,684
 3,684
SEI, Inc. Electronics Senior loan 07/2021 6.0
  
 13,820
 13,820
Self Esteem Brands, LLC (4)
 Leisure, Amusement, Motion Pictures, Entertainment Senior loan 02/2020 6.0
  11,313
 11,313
Severin Acquisition, LLC (4)
 Diversified/Conglomerate Service Senior loan 07/2021 6.1
  4,832
 4,830
Severin Acquisition, LLC Diversified/Conglomerate Service Senior loan 07/2021 6.0
  5,290
 5,265
Severin Acquisition, LLC Diversified/Conglomerate Service Senior loan 07/2021 6.2
  668
 670
Severin Acquisition, LLC (5)
 Diversified/Conglomerate Service Senior loan 07/2021 N/A
(6) 
 —
 (1)
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8
  867
 754
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8
  68
 60
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8
  68
 59
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8
  68
 59
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8
  
 68
 59
Smashburger Finance LLC (5)
 Beverage, Food and Tobacco Senior loan 05/2018 N/A
(6) 
 —
 (15)
Stomatcare DSO, LLC (7)
 Healthcare, Education and Childcare Senior loan 05/2022 6.2% PIK 625
 329
Tate's Bake Shop, Inc. (4)
 Beverage, Food and Tobacco Senior loan 08/2019 6.3
  
 2,926
 2,926
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 5.5
  4,553
 4,553
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.1
  3,567
 3,567
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.1
  687
 687
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.0
  514
 514
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.1
  252
 252
Transaction Data Systems, Inc. Diversified/Conglomerate Service Senior loan 06/2021 6.6
  7,393
 7,393
Transaction Data Systems, Inc. Diversified/Conglomerate Service Senior loan 06/2020 5.8
  22
 21
W3 Co. Oil and Gas Senior loan 03/2022 7.3
  1,266
 1,269
WHCG Management, LLC (4)
 Healthcare, Education and Childcare Senior loan 03/2023 6.1
  7,980
 7,980
WIRB-Copernicus Group, Inc. Healthcare, Education and Childcare Senior loan 08/2022 6.3
  5,666
 5,666
Young Innovations, Inc. (4)
 Healthcare, Education and Childcare Senior loan 01/2019 6.3
  10,369
 10,369
Young Innovations, Inc. (4)
 Healthcare, Education and Childcare Senior loan 01/2019 6.3
  209
 209
Total senior loan investments          $301,583
 $298,941
              

SLF Investment Portfolio as of September 30, 2017 - (continued)
Portfolio Company Business Description Investment
Type		 Maturity
Date		 
Current
Interest
Rate(1)
 
Principal ($) /
Shares(2)
 
Fair
Value(3)
               (In thousands)
Payless ShoeSource, Inc. (8)(9)
 Retail Stores LLC interest N/A N/A
  35
 $843
W3 Co. (8)(9)
 Oil and Gas LLC units N/A N/A
  3
 1,146
             $1,989
              
Total investments          $301,583
 $300,930
              

(1)
Represents the weighted average annual current interest rate as of September 30, 2017. All interest rates are payable in cash.
(2)
The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.
(3)
Represents the fair value in accordance with ASC Topic 820. The determination of such fair value is not included in our board of directors’ valuation process described elsewhere herein.
(4)
We also hold a portion of the senior secured loan in this portfolio company.
(5)
The negative fair value is the result of the unfunded commitment being valued below par.
(6)
The entire commitment was unfunded as of September 30, 2017. As such, no interest is being earned on this investment.
(7)
Loan was on non-accrual status as of September 30, 2017, meaning that SLF has ceased recognizing interest income on the loan.
(8)
Equity investment received as a result of the portfolio company's debt restructuring.
(9)
Non-income producing.
As of December 31, 2017, we have committed to fund $175.0 million of LLC equity interests to SLF. As of December 31, 2017 and September 30, 2017, $93.3 million and $97.5 million, respectively, of our LLC equity interest commitment to SLF had been called and contributed, net of return of capital distributions subject to recall. For the three months ended December 31, 2017 and 2016, we received $2.0 million and $0.7 million, respectively, in dividend income from the SLF LLC equity interests.

The subordinated notes previously held by us were redeemed on December 30, 2016, and therefore no interest income was earned for the three months ended December 31, 2017. For the three months ended December 31, 2016, we earned interest income of $1.6 million, on the subordinated notes.

For the three months ended December 31, 2017 and 2016, we earned an annualized total return on our weighted average capital invested in SLF of 11.4% and 7.1%, respectively. The annualized total return on weighted average capital invested is calculated by dividing total income earned on our investments in SLF by the combined daily average of our investments in (1) the principal of the SLF subordinated notes, if any, and (2) the NAV of the SLF LLC equity interests.


Below is certain summarized financial information for SLF as of December 31, 2017 and September 30, 2017, and for the three months ended December 31, 2017 and 2016:
 December 31, 2017 September 30, 2017
  (In thousands)
Selected Balance Sheet Information, at fair value  
   
Investments, at fair value$279,251
 $300,930
Cash and other assets5,864
 5,305
Total assets$285,115
 $306,235
Senior credit facility$180,150
 $197,700
Unamortized debt issuance costs(345) (712)
Other liabilities635
 658
Total liabilities180,440
 197,646
Members’ equity104,675
 108,589
Total liabilities and members' equity$285,115
 $306,235

 Three months ended December 31,
  2017 2016
  (In thousands)
Selected Statement of Operations Information:  
   
Interest income$4,908
 $5,190
Fee income25
 —
Total investment income4,933
 5,190
Interest and other debt financing expenses2,079
 3,884
Administrative service fee113
 127
Other expenses29
 33
Total expenses2,221
 4,044
Net investment income2,712
 1,146
Net change in unrealized appreciation (depreciation)
       on investments
421
 (862)
Net increase (decrease) in members' equity$3,133
 $284

Prior to their termination, SLF elected to fair value the subordinated notes issued to us and RGA under ASC Topic 825 — Financial Instruments, or ASC Topic 825. The subordinated notes were valued by calculating the net present value of the future expected cash flow streams using an appropriate risk-adjusted discount rate model. For the three months ended December 31, 2016, SLF did not recognize unrealized appreciation or depreciation on the subordinated notes.

Contractual Obligations and Off-Balance Sheet Arrangements

A summary of our significant contractual payment obligations as of December 31, 20172020 is as follows:
Payments Due by Period (In thousands)
  TotalLess Than
1 Year		1 – 3 Years3 – 5 YearsMore Than
5 Years
2018 Debt Securitization$408,200 $— $— $— $408,200 
2018 GCIC Debt Securitization542,826 — — — 542,826 
2020 Debt Securitization189,000 — — — 189,000 
SBA debentures237,750 — — 51,750 186,000 
WF Credit Facility275,556 — — 275,556 — 
MS Credit Facility II279,528 — — 279,528 — 
Adviser Revolver— — — — — 
2024 Unsecured Notes399,703 — — 399,703 — 
Unfunded commitments(1)
169,706 169,706 — — — 
Total contractual obligations$2,502,269 $169,706 $— $1,006,537 $1,326,026 
 Payments Due by Period (In millions)
  Total 
Less Than
1 Year
 1 – 3 Years 3 – 5 Years 
More Than
5 Years
2010 Debt Securitization$205.0
 $—
 $—
 $—
 $205.0
2014 Debt Securitization246.0
 —
 —
 —
 246.0
SBA debentures267.0
 —
 —
 103.5
 163.5
Credit Facility110.3
 —
 —
 110.3
 —
Adviser Revolver—
 —
 —
 —
 —
Unfunded commitments (1)
62.8
 62.8
 —
 —
 —
Total contractual obligations$891.1
 $62.8
 $—
 $213.8
 $614.5

(1)
(1)Unfunded commitments represent unfunded commitments to fund investments as of December 31, 2020 and includes $43.5 million of commitments on undrawn revolvers. These amounts may or may not be funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but we are showing this amount in the less than one year category as this entire amount was eligible for funding to the borrowers as of December 31, 2020, subject to the terms of each loan’s respective credit agreement.
Unfunded commitments represent unfunded commitments to fund investments, excluding our investments in SLF, as of December 31, 2017. These amounts may or may not be funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but we are showing this amount in the less than one year category as this entire amount was eligible for funding to the borrowers as of December 31, 2017, subject to the terms of each loan’s respective credit agreement.
We may become a party to financial instruments with off-balance sheet risk in the normal course of our business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. As of December 31, 2017 and September 30, 2017,2020, we had outstanding commitments to fund investments excluding our investments in SLF, totaling $62.8 million and $60.5 million, respectively. We have commitments of up to $81.7 million and $77.5 million to SLF as of December 31, 2017 and September 30, 2017, respectively, that may be contributed primarily for the purpose of funding new investments approved by the SLF investment committee.$169.7 million.

We have certain contracts under which we have material future commitments. We have entered into the Investment Advisory Agreement with GC Advisors in accordance with the 1940 Act. Under the Investment Advisory Agreement, GC Advisors provides us with investment advisory and management services.

Under the Administration Agreement, the Administrator furnishes us with office facilities and equipment, provides us with clerical, bookkeeping and record keeping services at such facilities and provides us with other administrative services necessary to conduct our day-to-day operations. The Administrator also provides on our behalf managerial assistance to those portfolio companies to which we are required to offer to provide such assistance.

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If any of the contractual obligations discussed above are terminated, our costs under any new agreements that we enter into may increase. In addition, we would likely incur significant time and expense in locating alternative parties to provide the services we receive under our Investment Advisory Agreement and our Administration Agreement. Any new investment advisory agreement would also be subject to approval by our stockholders.

Distributions

We intend to make quarterly distributions to our stockholders as determined by our board of directors. For additional details on distributions, see “Income taxes” in Note 2 to our consolidated financial statements.

We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of our distributions from time to time. In addition, we may be limited in our ability to make distributions due to the asset coverage requirements applicable to us as a business development company under the 1940 Act.Act could limit our ability to make distributions. If we do not distribute a certain percentage of our income annually, we will suffer adverse U.S. federal income tax consequences, including the possible loss of our ability to be subject to tax as a RIC. We cannot assure stockholders that they will receive any distributions.

Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations maycan differ from net investment income and realized gains recognized for financial reporting purposes. Differences may beare permanent or temporary. Permanent differences are reclassified within capital accounts in the financial statements to reflect their tax character. For example, permanent differences in classification may result from the treatment of distributions paid from short-term gains as ordinary income dividends for tax purposes. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.

To the extent our taxable earnings fall below the total amount of our distributions for any tax year, a portion of those distributions maycould be deemed a return of capital to our stockholders for U.S. federal income tax purposes. Thus, the source of a distribution to our stockholders maycould be the original capital invested by the stockholder rather than our income or gains. Stockholders should read any written disclosure accompanying a distribution payment carefully and should not assume that the source of any distribution is our ordinary income or gains.

We have adopted an “opt out” dividend reinvestment plan for our common stockholders. As a result, if we declare a distribution, our stockholders’ cash distributions will be automatically reinvested in additional shares of our common stock unless a stockholder specifically “opts out” of our dividend reinvestment plan. If a stockholder opts out, that stockholder will receive cash distributions. Although distributions paid in the form of additional shares of our common stock will generally be subject to U.S. federal, state and local taxes in the same manner as cash distributions, stockholders participating in our dividend reinvestment plan will not receive any corresponding cash distributions with which to pay any such applicable taxes.

Related Party Transactions

We have entered into a number of business relationships with affiliated or related parties, including the following:

•We entered into the Investment Advisory Agreement with GC Advisors. Mr. Lawrence Golub, our chairman, is a manager of GC Advisors, and Mr. David Golub, our chief executive officer, is a manager of GC Advisors, and each of Messrs. Lawrence Golub and David Golub owns an indirect pecuniary interest in GC Advisors.

•Golub Capital LLC provides, and other affiliates of Golub Capital have historically provided, us with the office facilities and administrative services necessary to conduct day-to-day operations pursuant to our Administration Agreement.

•We have entered into a license agreement with Golub Capital LLC, pursuant to which Golub Capital LLC has granted us a non-exclusive, royalty-free license to use the name “Golub Capital.”

•Under a staffing agreement, or the Staffing Agreement, Golub Capital LLC has agreed to provide GC Advisors with the resources necessary to fulfill its obligations under the Investment Advisory Agreement. The Staffing Agreement provides that Golub Capital LLC will make available to GC Advisors experienced investment professionals and provide access to the senior investment personnel of Golub Capital LLC for
147
purposes of evaluating, negotiating, structuring, closing and monitoring our investments. The Staffing Agreement also includes a commitment that the members of GC Advisors’ investment committee will serve in such capacity. Services under the Staffing Agreement are provided on a direct cost reimbursement basis. We are not a party to the Staffing Agreement.

•GC Advisors served as collateral manager to the 2014 Issuer under the 2014 Collateral Management Agreement and serves as collateral manager to the 20102018 Issuer, the GCIC 2018 Issuer and the 20142020 Issuer under the 20102018 Collateral Management Agreement, the GCIC 2018 Collateral Management Agreement, and 2014the 2020 Collateral Management Agreement, respectively, and receives a feerespectively. Fees payable to GC Advisors for providing these services that is offset against the base management fee payable by us under the Investment Advisory Agreement.

•We have entered into the Adviser Revolver with GC Advisors in order to have the ability to borrow funds on a short-term basis.

•During calendar year 2017,years 2020 and 2019, the Golub Capital Employee Grant Program Rabbi Trust, or the Trust, purchased approximately $17.7$54.7 million, ofor 4,103,225 shares, and $47.4 million, or 955,8962,609,558 shares, of our common stock, from GCOP LLC, an affiliate of GC Advisors,respectively, for the purpose of awarding incentive compensation to employees of Golub Capital. During calendar year 2016,

•On September 16, 2019, we completed our acquisition of GCIC pursuant to the TrustMerger Agreement.

•On January 1, 2020, we purchased approximately $1.5 million of shares, or 95,035the equity interests held by RGA and Aurora in the Senior Loans Funds pursuant to the Purchase Agreement.

•In the transferable rights offering completed on May 15, 2020, 3,191,448 shares of our common stock forwere purchased by affiliates of GC Advisors.

•On October 2, 2020, an affiliate of GC Advisors purchased $40.0 million of the purpose2024 Unsecured Notes. On October 8, 2020, the affiliate sold $15.0 million of awarding incentive compensationthe 2024 Unsecured Notes to employees of Golub Capital.an unaffiliated party.

GC Advisors also sponsors or manages, and mayexpects in the future to sponsor or manage, other investment funds, accounts or investment vehicles (together referred to as “accounts”) that have investment mandates that are similar, in whole and in part, with ours. For example, GC Advisors presently serves as the investment adviser to Golub Capital Investment Corporation and Golub Capital BDC 3, Inc., each an unlisted business development company that primarily focuses on investing in one stop and other senior secured and one stop loans. In addition, our officers and directors serve in similar capacitiescapacity for and Golub Capital Investment Corporation and Golub .BDC 3, Inc. If GC Advisors and its affiliates may determine that an investment is appropriate for us and for Golub Capital BDC 3, Inc. for one or more of those, and other accounts. In such event,accounts, depending on the availability of such investment and other appropriate factors, and pursuant to GC Advisors’ allocation policy, GC Advisors or its affiliates maycould determine that we should invest side-by-side with one or more other accounts. We do not intend to make any investments if they are not permitted by applicable law and interpretive positions of the SEC and its staff, or if they are inconsistent with GC Advisors’ allocation procedures.

In addition, we have adopted a formal code of ethics that governs the conduct of our and GC Advisors’ officers, directors and employees. Our officers and directors also remain subject to the duties imposed by both the 1940 Act and the General Corporation Law of the State of Delaware.

Critical Accounting Policies

The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the periods reported. Actual results could materially differ from those estimates. We have identified the following items as critical accounting policies.


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Fair Value Measurements

We value investments for which market quotations are readily available at their market quotations. However, a readily available market value is not expected to exist for many of the investments in our portfolio, and we value these portfolio investments at fair value as determined in good faith by our board of directors under our valuation policy and process.

Valuation methods may include comparisons of the portfolio companies to peer companies that are public, determination of the enterprise value of a portfolio company, discounted cash flow analysis and a market interest rate approach. The factors that are taken into account in fair value pricing investments include: available current market data, including relevant and applicable market trading and transaction comparables; applicable market yields and multiples; security covenants; call protection provisions; information rights; the nature and realizable value of any collateral; the portfolio company’s ability to make payments, its earnings and discounted cash flows and the markets in which it does business; comparisons of financial ratios of peer companies that are public; comparable merger and acquisition transactions; and the principal market and enterprise values. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we will consider the pricing indicated by the external event to corroborate the private equity valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the investments maycan differ significantly from the values that would have been used had a readily available market value existed for such investments and may differ materially from values that mayare ultimately be received or settled.

Our board of directors is ultimately and solely responsible for determining, in good faith, the fair value of investments that are not publicly traded, whose market prices are not readily available on a quarterly basis or any other situation where portfolio investments require a fair value determination.

With respect to investments for which market quotations are not readily available, our board of directors undertakes a multi-step valuation process each quarter, as described below:

Our quarterly valuation process begins with each portfolio company investment being initially valued by the investment professionals of GC Advisors responsible for credit monitoring. Preliminary valuation conclusions are then documented and discussed with our senior management and GC Advisors. The audit committee of our board of directors reviews these preliminary valuations. At least once annually the valuation for each portfolio investment, subject to a de minimis threshold, is reviewed by an independent valuation firm. The board of directors discusses valuations and determines the fair value of each investment in our portfolio in good faith.

Determination of fair values involves subjective judgments and estimates. Under current accounting standards, the notes to our consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on our consolidated financial statements.

We follow ASC Topic 820 for measuring fair value. Fair value is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the assets or liabilities or market and the assets’ or liabilities’ complexity. Our fair value analysis includes an analysis of the value of any unfunded loan commitments. Assets and liabilities are categorized for disclosure purposes based upon the level of judgment associated with the inputs used to measure their value. The valuation hierarchical levels are based upon the transparency of the inputs to the valuation of the asset or liability as of the measurement date. The three levels are defined as follows:

Level 1: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2: Inputs include quoted prices for similar assets or liabilities in active markets and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the assets or liabilities.
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Level 3: Inputs include significant unobservable inputs for the assets or liabilities and include situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value are based upon the best information available and may require significant management judgment or estimation.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and we consider factors specific to the asset or liability. We assess the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that

caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the three months ended December 31, 20172020 and 2016.2019. The following section describes the valuation techniques used by us to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

Valuation of Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by our board of directors, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of our board of directors to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with approximately 25% (based on the number of portfolio companies) of our valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. As of December 31, 20172020 and September 30, 2017,2020, with the exception of money market funds included in cash and cash equivalents and restricted cash and cash equivalents (Level 1 investments) and investments measured at fair value using the NAV,forward currency contracts (Level 2 investments), all investments were valued using Level 3 inputs of the fair value hierarchy.

When determining fair value of Level 3 debt and equity investments, we may take into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s EBITDA. A portfolio company’s EBITDA may include pro-forma adjustments for items such as acquisitions, divestitures, or expense reductions. The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, we will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, we use a market interest rate yield analysis to determine fair value.

In addition, for certain debt investments, we may base our valuation on indicative bid and ask prices provided by an independent third party pricing service. Bid prices reflect the highest price that we and others may be willing to pay. Ask prices represent the lowest price that we and others may be willing to accept. We generally use the midpoint of the bid/ask range as our best estimate of fair value of such investment.

Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a market existed for such investments and may differ materially from the values that may ultimately be received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize significantly less than the value at which such investment had previously been recorded.

Our investments are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded.
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Valuation of Other Financial Assets and Liabilities

Fair value of our debt is estimated using Level 3 inputs by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date, if available.

Revenue Recognition:

Our revenue recognition policies are as follows:

Investments and Related Investment Income: Interest income is accrued based upon the outstanding principal amount and contractual interest terms of debt investments. Premiums, discounts, and origination fees are amortized or accreted into interest income over the life of the respective debt investment. For investments with contractual PIK interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, we do not accrue PIK

interest if the portfolio company valuation indicates that the PIK interest is not likely to be collectible. In addition, we may generate revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, consulting fees and prepayment premiums on loans and record these fees as fee income when received. Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums on loans as fee income. Dividend income on preferred equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Distributions received from LLC and limited partnership, or LP, investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, we will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.

We account for investment transactions on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the cost basis of investment, without regard to unrealized gains or losses previously recognized. We report changes in fair value of investments from the prior period that is measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investments in our Consolidated Statements of Operations.

Non-accrual: Loans may be left on accrual status during the period we are pursuing repayment of the loan. Management reviews all loans that become past due 90 days or more on principal and interest or when there is reasonable doubt that principal or interest will be collected for possible placement on non-accrual status. We generally reverse accrued interest when a loan is placed on non-accrual. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. We restore non-accrual loans to accrual status when past due principal and interest is paid and, in our management’s judgment, are likely to remain current. The total fair value of our non-accrual loans was $1.8$52.9 million and $69.3 million as of December 31, 20172020 and $3.0 million as of September 30, 2017.2020, respectively.

Partial loan sales: We follow the guidance in ASC Topic 860, when accounting for loan participations and other partial loan sales. Such guidance requires a participation or other partial loan sale to meet the definition of a “participating interest”, as defined in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales that do not meet the definition of a participating interest remain on our statements of assets and liabilities and the proceeds are recorded as a secured borrowing until the definition is met. Secured borrowings are carried at fair value to correspond with the related investments, which are carried at fair value.

Income taxes: See “Consolidated ResultsWehave elected to be treated as a RIC under Subchapter M of Operations - Expenses - Excise Tax Expense.”the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. In order to be subject to tax as a RIC, we are required to meet certain source of income and asset diversification requirements, as well as timely distribute to our stockholders dividends for U.S. federal income tax purposes of an amount generally at least equal to 90% of investment company taxable income, as defined by the Code and determined without regard to any deduction for dividends paid, for each tax year. We have made and intend to continue to make the requisite distributions to our stockholders, which will generally relieve us from U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, we may choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. We may then be required to incur a 4% excise tax on such income. To the extent that we determine that our estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, we accrue excise tax, if any, on estimated excess taxable income as taxable income is earned. For each of the three months ended December 31, 2020 and 2019, we did not incur any U.S federal excise tax.
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Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified within capital accounts in the financial statements to reflect their tax character. For example, permanent differences in classification may result from the treatment of distributions paid from short-term gains as ordinary income dividends for tax purposes. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are subject to financial market risks, including changes in interest rates. Many of the loans in our portfolio have floating interest rates, and we expect that our loans in the future may also have floating interest rates. These loans are usually based on a floating LIBOR and typically have interest rate reset provisions that adjust applicable interest rates under such loans to current market rates on a quarterly basis. The loans that are subject to the floating LIBOR are also subject to a minimum base rate, or floor, that we charge on our loans if the current market rates are below the respective floors. As of December 31, 20172020 and September 30, 2017,2020, the weighted average LIBOR floor on the loans subject to floating interest rates was 1.02% and 1.03%, respectively. Prior to their redemption on October 20, 2016, the1.01%. The Class A, 2010B and C-1 2018 Notes issued as part ofin connection with the 20102018 Debt Securitization hadhave floating rate interest rate provisions based on three-month LIBOR that resetresets quarterly, as do the Class A-Refi 2010A-1 and B-1 GCIC 2018 Notes issued in connection with the refinancing of the 2010 Debt Securitization. In addition, the Class A-1, A-2 and B 2014 Notesas issued as part of the 2014GCIC 2018 Debt Securitization have floating interest rate provisions based on three-month LIBOR that reset quarterly and the Class A-1, A-1-L, A-2 and B 2020 Notes as issued as part of the 2020 Debt Securitization. Finally, the MS Credit Facility hasII and the WF Credit Facility each have a floating interest rate provision primarily based on one-month LIBOR that resets daily.plus 2.45% and one-month LIBOR plus 2.15%, respectively. We expect that other credit facilities into which we enter in the future may have floating interest rate provisions.

In connection with the COVID-19 pandemic, the U.S. Federal Reserve and other central banks have reduced certain interest rates and LIBOR has decreased. A prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income if such decreases in LIBOR are not offset by a corresponding increase in the spread over LIBOR that we earn on any portfolio investments, a decrease in in our operating expenses, including with respect to our income incentive fee, or a decrease in the interest rate of our floating interest rate liabilities tied to LIBOR.

Assuming that the interim and unaudited Consolidated Statement of Financial Condition as of December 31, 20172020 were to remain constant and that we took no actions to alter interest rate sensitivity as of such date, the following table shows the annualized impact of hypothetical base rate changes in interest rates.

Change in interest ratesIncrease (decrease) in
interest income		Increase (decrease) in
interest expense		Net increase
(decrease) in
investment income
(In thousands)
Down 25 basis points$(697)$(4,142)$3,445 
Up 50 basis points1,395 8,283 (6,888)
Up 100 basis points12,464 16,566 (4,102)
Up 150 basis points34,320 24,849 9,471 
Up 200 basis points56,284 33,132 23,152 

Change in interest rates 
Increase (decrease) in
interest income
 
Increase (decrease) in
interest expense
 
Net increase
(decrease) in
 investment income
   (In thousands)
Down 25 basis points $(3,939) $(1,403) $(2,536)
Up 50 basis points 7,886
 2,807
 5,079
Up 100 basis points 15,773
 5,613
 10,160
Up 150 basis points 23,660
 8,420
 15,240
Up 200 basis points 31,546
 11,226
 20,320

Although we believe that this analysis is indicative of our sensitivity to interest rate changes as of December 31, 2017,2020, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments, including borrowings under the Debt Securitizations, and the MS Credit Facility II, the WF Credit Facility, Adviser Revolver, or other borrowings, that could affect net increase in net assets resulting from operations, or net income. Accordingly, we can offer no assurances that actual results would not differ materially from the analysis above.

We may in the future hedge against interest rate fluctuations by using standard hedging instruments such as interest rate swaps, futures, options and forward contracts to the limited extent permitted under the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to the investments in our portfolio with fixed interest rates.


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Item 4:4. Controls and Procedures.

As of December 31, 20172020 (the end of the period covered by this report), management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, or the Exchange Act). Based on that evaluation, our management, including the chief executive officer and chief financial officer, concluded that, at the end of such period, our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in the Company’s periodic reports. There has not been any change in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

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Part II - Other Information

Item 1: Legal Proceedings.

We, GC Advisors and Golub Capital LLC may, from time to time, be involved in legal and regulatory proceedings arising out of theirour 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 Golub Capital LLC do not believe it is currently subject to any material legal proceedings.

Item 1A: Risk Factors.

None.There have been no material changes during the three months ended December 31, 2020 to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended September 30, 2020.


Item 2: Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3: Defaults Upon Senior Securities.

None.

Item 4: Mine Safety Disclosures.Disclosures

None.

Item 5: Other Information.

None.

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Item 6: Exhibits.

EXHIBIT INDEX
   
Number Description
Fifth Amendment to Amended and Restated Loan and Servicing Agreement,Indenture, dated as of November 22, 2017,October 2, 2020, by and amongbetween Golub Capital BDC, Funding LLC,Inc. and U.S. Bank National Association, as the borrower; Golub Capital BDC, Inc., as the transferor and servicer; the institutional lenders identified on the signature pages thereto; Wells Fargo Bank, N.A., as the swingline lender, collateral agent, account bank, collateral custodian, and administrative agenttrustee (Incorporated by reference to Exhibit 10.14.1 to the Registrant’sRegistrant's Current Report on Form 8-K (File No. 814-00794), filed on November 24, 2017)October 5, 2020).

Sixth Amendment to Amended and Restated Loan and Servicing Agreement,First Supplemental Indenture, dated as of December 14, 2017,October 2, 2020, relating to the 3.375% Notes due 2024, by and amongbetween Golub Capital BDC, Funding LLC,Inc. and U.S. Bank National Association, as the borrower; Golub Capital BDC, Inc., as the transferor and servicer; the institutional lenders identified on the signature pages thereto; Wells Fargo Bank, N.A., as the swingline lender, collateral agent, account bank, collateral custodian, and administrative agenttrustee. (Incorporated by reference to Exhibit 10.14.2 to the Registrant’sRegistrant's Current Report on Form 8-K (File No. 814-00794), filed on December 18, 2017)October 5, 2020).
Form of 3.375% Notes due 2024. (Incorporated by reference to Exhibit 4.2 to the Registrant's Current Report on Form 8-K (File No. 814-00794), filed on October 5, 2020).
First Supplemental Indenture, dated as of December 21, 2020, by and between GCIC CLO II LLC, as Issuer, and The Bank of New York Mellon Trust Company, National Association, as Trustee to the Indenture, dated as of December 13, 2018, among the Issuer and Trustee.*
Sixth Amendment to Loan and Servicing Agreement, dated as of January 15, 2021, among Golub Capital BDC Funding II LLC, as borrower, Golub Capital BDC, Inc., as servicer, and as the originator, Morgan Stanley Senior Funding, Inc., as administrative agent, and Morgan Stanley Bank, N.A., as lender.*
Seventh Amendment to Loan and Servicing Agreement, dated as of January 29, 2021, among Golub Capital BDC Funding II LLC, as borrower, Golub Capital BDC, Inc., as servicer and as the originator, Morgan Stanley Senior Funding, Inc., as administrative agent, and Morgan Stanley Bank, N.A., as lender. (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 814-00794), filed on February 3, 2021).

 Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
  Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

_________________
* Filed herewith
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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


Golub Capital BDC, Inc.
Dated: February 7, 20188, 2021By/s/ David B. Golub
David B. Golub
Chief Executive Officer
(Principal Executive Officer)
Dated: February 7, 20188, 2021By/s/ Ross A. Teune
Ross A. Teune
Chief Financial Officer
(Principal Accounting and Financial Officer)


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