0001476765Salon Lofts Group, LLC, One stop 22023-06-300001476765gbdc:InvestmentsAtFairValueMembercountry:SEus-gaap:GeographicConcentrationRiskMember2021-10-012022-09-30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________________________________________________________________________________________________

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, ~~2022~~2023

☐ 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)


Delaware						27-2326940
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

200 Park Avenue, 25th Floor

New York, NY 10166

(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 class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $0.001 per share	GBDC	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 every Interactive Data File required to be submitted 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 such files). Yes oþ 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	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

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 August ~~9, 2022,~~7, 2023, the Registrant ~~had 170,895,670 shares~~had 169,594,742 shares of common stock, $0.001 par value, outstanding.


Part I. Financial Information
Item 1.	Financial Statements	3
	Consolidated Statements of Financial Condition as of June 30, ~~2022~~2023 (unaudited) and September 30, ~~2021~~2022	3
	Consolidated Statements of Operations for the three and nine months ended June 30, ~~2022~~2023 (unaudited) and ~~2021~~2022 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and nine months ended June 30, ~~2022~~2023 (unaudited) and ~~2021~~2022 (unaudited)	5
	Consolidated Statements of Cash Flows for the nine months ended June 30, ~~2022~~2023 (unaudited) and ~~2021~~2022 (unaudited)	6
	Consolidated Schedules of Investments as of June 30, ~~2022~~2023 (unaudited) and September 30, ~~2021~~2022	108
	Notes to Consolidated Financial Statements (unaudited)	~~101~~102
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	~~138~~137
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	~~165~~164
Item 4.	Controls and Procedures	~~166~~165
Part II. Other Information
Item 1.	Legal Proceedings	~~167~~166
Item 1A.	Risk Factors	~~167~~166
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	~~167~~166
Item 3.	Defaults Upon Senior Securities	167
Item 4.	Mine Safety Disclosures	167
Item 5.	Other Information	167
Item 6.	Exhibits	168

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)


		June 30, 2022		September 30, 2021			June 30, 2023		September 30, 2022
		(unaudited)					(unaudited)
Assets	Assets					Assets
Investments, at fair value	Investments, at fair value					Investments, at fair value
Non-controlled/non-affiliate company investments	Non-controlled/non-affiliate company investments	$	5,533,287	$	4,815,270	Non-controlled/non-affiliate company investments	$	5,423,106	$	5,374,594
Non-controlled affiliate company investments	Non-controlled affiliate company investments	64,451		61,379		Non-controlled affiliate company investments	88,324		57,689
Controlled affiliate company investments	Controlled affiliate company investments	15,812		18,237		Controlled affiliate company investments	13,579		14,073
Total investments, at fair value (amortized cost of $5,656,202 and $4,895,397, respectively)		5,613,550		4,894,886
Total investments, at fair value (amortized cost of $5,605,521 and $5,569,604, respectively)						Total investments, at fair value (amortized cost of $5,605,521 and $5,569,604, respectively)	5,525,009		5,446,356
Cash and cash equivalents	Cash and cash equivalents	81,444		175,593		Cash and cash equivalents	85,096		117,290
Foreign currencies (cost of $3,777 and $5,145, respectively)		3,755		5,497
Foreign currencies (cost of $6,679 and $7,021, respectively)						Foreign currencies (cost of $6,679 and $7,021, respectively)	6,628		6,847
Restricted cash and cash equivalents	Restricted cash and cash equivalents	34,891		61,824		Restricted cash and cash equivalents	79,314		56,416
Restricted foreign currencies (cost of $1,106 and $1,442, respectively)		1,090		1,429
Cash collateral held at broker for forward currency contracts		—		6,960

Interest receivable	Interest receivable	20,569		18,261		Interest receivable	29,933		20,794
Receivable from investments sold		—		97
Unrealized appreciation on forward currency contracts		14,149		90

Net unrealized appreciation on forward currency contracts						Net unrealized appreciation on forward currency contracts	10,007		32,333
Other assets	Other assets	747		278		Other assets	848		1,188
Total Assets	Total Assets	$	5,770,195	$	5,164,915	Total Assets	$	5,736,835	$	5,681,224
Liabilities	Liabilities					Liabilities
Debt	Debt	$	3,154,673	$	2,569,228	Debt	$	3,168,906	$	3,093,603
Less unamortized debt issuance costs	Less unamortized debt issuance costs	18,988		17,850		Less unamortized debt issuance costs	(17,217)		(17,211)
Debt less unamortized debt issuance costs	Debt less unamortized debt issuance costs	3,135,685		2,551,378		Debt less unamortized debt issuance costs	3,151,689		3,076,392

Interest payable	Interest payable	20,255		12,516		Interest payable	26,175		20,384
Management and incentive fees payable	Management and incentive fees payable	19,743		12,247		Management and incentive fees payable	37,854		33,430
Accrued trustee fees						Accrued trustee fees	153		225
Payable for investments purchased						Payable for investments purchased	250		—
Accounts payable and other liabilities	Accounts payable and other liabilities	5,578		5,788		Accounts payable and other liabilities	4,796		6,293
Payable for investments purchased		1,075		294
Accrued trustee fees		173		—
Total Liabilities	Total Liabilities	3,182,509		2,582,223		Total Liabilities	3,220,917		3,136,724
Commitments and Contingencies (Note 8)	Commitments and Contingencies (Note 8)					Commitments and Contingencies (Note 8)
Net Assets	Net Assets					Net Assets
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of June 30, 2022 and September 30, 2021		—		—
Common stock, par value $0.001 per share, 350,000,000 shares authorized, 170,895,670 shares issued and outstanding as of June 30, 2022; 200,000,000 shares authorized, 170,028,584 shares issued and outstanding as of September 30, 2021		171		170
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of June 30, 2023 and September 30, 2022						Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of June 30, 2023 and September 30, 2022	—		—
Common stock, par value $0.001 per share, 350,000,000 shares authorized, 169,599,992 and 170,895,670 shares issued and outstanding as of June 30, 2023 and September 30, 2022, respectively.						Common stock, par value $0.001 per share, 350,000,000 shares authorized, 169,599,992 and 170,895,670 shares issued and outstanding as of June 30, 2023 and September 30, 2022, respectively.	170		171
Paid in capital in excess of par	Paid in capital in excess of par	2,677,424		2,664,251		Paid in capital in excess of par	2,659,884		2,676,674
Distributable earnings (losses)	Distributable earnings (losses)	(89,909)		(81,729)		Distributable earnings (losses)	(144,136)		(132,345)
Total Net Assets	Total Net Assets	2,587,686		2,582,692		Total Net Assets	2,515,918		2,544,500
Total Liabilities and Total Net Assets	Total Liabilities and Total Net Assets	$	5,770,195	$	5,164,915	Total Liabilities and Total Net Assets	$	5,736,835	$	5,681,224
Number of common shares outstanding	Number of common shares outstanding	170,895,670		170,028,584		Number of common shares outstanding	169,599,992		170,895,670
Net asset value per common share	Net asset value per common share	$	15.14	$	15.19	Net asset value per common share	$	14.83	$	14.89

See Notes to Consolidated Financial Statements.

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 June 30,				Nine months ended June 30,					Three months ended June 30,				Nine months ended June 30,
		2022		2021		2022		2021			2023		2022		2023		2022

Investment income	Investment income									Investment income
From non-controlled/non-affiliate company investments:	From non-controlled/non-affiliate company investments:									From non-controlled/non-affiliate company investments:
Interest income	Interest income	$	93,393	$	73,429	$	262,167	$	219,027	Interest income	$	140,169	$	88,530	$	396,237	$	248,934
Payment-in-kind interest income										Payment-in-kind interest income	9,248		4,863		24,654		13,233
Dividend income	Dividend income	52		78		372		273		Dividend income	4,058		52		12,097		372
Fee income	Fee income	1,042		1,433		2,270		3,493		Fee income	275		1,042		1,790		2,270
Total investment income from non-controlled/non-affiliate company investments	Total investment income from non-controlled/non-affiliate company investments	94,487		74,940		264,809		222,793		Total investment income from non-controlled/non-affiliate company investments	153,750		94,487		434,778		264,809
From non-controlled affiliate company investments:	From non-controlled affiliate company investments:									From non-controlled affiliate company investments:
Interest income	Interest income	1,105		827		3,288		3,230		Interest income	639		647		1,167		2,335
Payment-in-kind interest income										Payment-in-kind interest income	241		458		2,330		953

Fee income	Fee income	—		—		—		7		Fee income	16		—		59		—
Total investment income from non-controlled affiliate company investments	Total investment income from non-controlled affiliate company investments	1,105		827		3,288		3,237		Total investment income from non-controlled affiliate company investments	896		1,105		3,556		3,288
From controlled affiliate company investments:	From controlled affiliate company investments:									From controlled affiliate company investments:
Interest income		34		2		57		(14)
Interest income(1)										Interest income(1)	(28)		(27)		(83)		(82)
Payment-in-kind interest income										Payment-in-kind interest income	98		61		286		139

Fee income										Fee income	4		—		13		—
Total investment income from controlled affiliate company investments	Total investment income from controlled affiliate company investments	34		2		57		(14)		Total investment income from controlled affiliate company investments	74		34		216		57
Total investment income	Total investment income	95,626		75,769		268,154		226,016		Total investment income	154,720		95,626		438,550		268,154
Expenses	Expenses									Expenses
Interest and other debt financing expenses	Interest and other debt financing expenses	23,278		15,125		60,389		46,396		Interest and other debt financing expenses	39,487		23,278		109,988		60,389
Base management fee	Base management fee	19,025		15,298		54,545		45,604		Base management fee	18,997		19,025		56,747		54,545
Incentive fee	Incentive fee	(4,096)		—		3,647		2,946		Incentive fee	18,857		(4,096)		52,844		3,647
Professional fees	Professional fees	1,039		1,034		2,667		3,072		Professional fees	1,225		1,039		3,753		2,667
Administrative service fee	Administrative service fee	1,980		1,856		5,438		5,458		Administrative service fee	2,049		1,980		6,182		5,438
General and administrative expenses	General and administrative expenses	472		391		1,214		1,160		General and administrative expenses	327		472		957		1,214
Total expenses	Total expenses	41,698		33,704		127,900		104,636		Total expenses	80,942		41,698		230,471		127,900
Base management fee waived (Note 3)	Base management fee waived (Note 3)	—		—		(1,904)		—		Base management fee waived (Note 3)	—		—		—		(1,904)
Net expenses	Net expenses	41,698		33,704		125,996		104,636		Net expenses	80,942		41,698		230,471		125,996

Net investment income		53,928		42,065		142,158		121,380
Net investment income - before tax										Net investment income - before tax	73,778		53,928		208,079		142,158
Excise tax										Excise tax	—		—		2,432		—
Net investment income - after tax										Net investment income - after tax	73,778		53,928		205,647		142,158
Net gain (loss) on investment transactions	Net gain (loss) on investment transactions									Net gain (loss) on investment transactions
Net realized gain (loss) from:	Net realized gain (loss) from:									Net realized gain (loss) from:
Non-controlled/non-affiliate company investments	Non-controlled/non-affiliate company investments	1,554		4,906		17,474		10,202		Non-controlled/non-affiliate company investments	(44,158)		1,596		(45,948)		16,798
Non-controlled affiliate company investments	Non-controlled affiliate company investments	—		1,099		(1,026)		(4,640)		Non-controlled affiliate company investments	—		—		320		(1,026)

Controlled affiliate company investments										Controlled affiliate company investments	(927)		—		(927)		—
Foreign currency transactions	Foreign currency transactions	(123)		(398)		(97)		(2,293)		Foreign currency transactions	1,141		(165)		(28)		579
Forward currency contracts	Forward currency contracts	1,080		—		1,080		—		Forward currency contracts	2,021		1,080		3,192		1,080
Net realized gain (loss) on investment transactions	Net realized gain (loss) on investment transactions	2,511		5,607		17,431		3,269		Net realized gain (loss) on investment transactions	(41,923)		2,511		(43,391)		17,431
Net change in unrealized appreciation (depreciation) from:	Net change in unrealized appreciation (depreciation) from:									Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliate company investments	Non-controlled/non-affiliate company investments	(63,606)		34,934		(37,213)		135,502		Non-controlled/non-affiliate company investments	44,697		(38,809)		10,577		(3,351)
Non-controlled affiliate company investments	Non-controlled affiliate company investments	(557)		1,566		(1,448)		13,639		Non-controlled affiliate company investments	(2,457)		(557)		(15,929)		(1,448)
Controlled affiliate company investments	Controlled affiliate company investments	371		160		(3,480)		(931)		Controlled affiliate company investments	842		371		263		(3,480)
Translation of assets and liabilities in foreign currencies	Translation of assets and liabilities in foreign currencies	11,315		(893)		14,920		(895)		Translation of assets and liabilities in foreign currencies	3,399		(13,482)		21,857		(18,942)
Forward currency contracts	Forward currency contracts	11,922		(546)		14,059		(3,317)		Forward currency contracts	(5,431)		11,922		(22,326)		14,059
Net change in unrealized appreciation (depreciation) on investment transactions	Net change in unrealized appreciation (depreciation) on investment transactions	(40,555)		35,221		(13,162)		143,998		Net change in unrealized appreciation (depreciation) on investment transactions	41,050		(40,555)		(5,558)		(13,162)

Net gain (loss) on investment transactions	Net gain (loss) on investment transactions	(38,044)		40,828		4,269		147,267		Net gain (loss) on investment transactions	(873)		(38,044)		(48,949)		4,269
Provision for taxes on unrealized appreciation on investments		(478)		—		(1,070)		—
(Provision) benefit for taxes on realized gains on investments										(Provision) benefit for taxes on realized gains on investments	—		—		(207)		—
(Provision) benefit for taxes on unrealized appreciation on investments										(Provision) benefit for taxes on unrealized appreciation on investments	78		(478)		576		(1,070)
Net increase (decrease) in net assets resulting from operations	Net increase (decrease) in net assets resulting from operations	$	15,406	$	82,893	$	145,357	$	268,647	Net increase (decrease) in net assets resulting from operations	$	72,983	$	15,406	$	157,067	$	145,357
Per Common Share Data	Per Common Share Data									Per Common Share Data
Basic and diluted earnings per common share (Note 10)	Basic and diluted earnings per common share (Note 10)	$	0.09	$	0.49	$	0.85	$	1.60	Basic and diluted earnings per common share (Note 10)	$	0.43	$	0.09	$	0.92	$	0.85
Dividends and distributions declared per common share	Dividends and distributions declared per common share	$	0.30	$	0.29	$	0.90	$	0.87	Dividends and distributions declared per common share	$	0.33	$	0.30	$	0.99	$	0.90
Basic and diluted weighted average common shares outstanding (Note 10)	Basic and diluted weighted average common shares outstanding (Note 10)	170,895,670		168,251,930		170,600,061		167,597,440		Basic and diluted weighted average common shares outstanding (Note 10)	169,980,131		170,895,670		170,570,633		170,600,061

(1) Negative interest income amounts are due to amortization of the GCIC acquisition purchase premium. Refer to Note 2 for additional details on the GCIC acquisition purchase premium.

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Changes in Net Assets (unaudited)

(In thousands, except share data)

Common Stock Paid in Capital in Excess of Par Distributable Earnings (Losses) Total Net Assets
Shares Par Amount
Balance at September 30, 2020 167,259,511 $ 167 $ 2,624,608 $ (228,582) $ 2,396,193
Net increase (decrease) in net assets resulting from operations
Net investment income — — — 121,380 121,380
Net realized gain (loss) on investments and foreign currency transactions — — — 3,269 3,269
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward currency contracts — — — 143,998 143,998
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan 1,892,346 2 27,866 — 27,868
Distributions from distributable earnings — — — (145,797) (145,797)
Total increase (decrease) for the nine months ended June 30, 2021 1,892,346 2 27,866 122,850 150,718
Balance at June 30, 2021 169,151,857 $ 169 $ 2,652,474 $ (105,732) $ 2,546,911
Balance at March 31, 2021 168,231,707 $ 168 $ 2,638,801 $ (139,838) $ 2,499,131
Net increase (decrease) in net assets resulting from operations
Net investment income — — — 42,065 42,065
Net realized gain (loss) on investments and foreign currency transactions — — — 5,607 5,607
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward currency contracts — — — 35,221 35,221
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan 920,150 1 13,673 — 13,674
Distributions from distributable earnings — — — (48,787) (48,787)
Total increase (decrease) for the three months ended June 30, 2021 920,150 1 13,673 34,106 47,780
Balance at June 30, 2021 169,151,857 $ 169 $ 2,652,474 $ (105,732) $ 2,546,911
Balance at September 30, 2021 170,028,584 $ 170 $ 2,664,251 $ (81,729) $ 2,582,692
Net increase (decrease) in net assets resulting from operations:
Net investment income — — — 142,158 142,158
Net realized gain (loss) on investments and foreign currency transactions — — — 17,431 17,431
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward currency contracts — — — (13,162) (13,162)
Provision for taxes on unrealized appreciation on investments — — — (1,070) (1,070)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan 867,086 1 13,173 — 13,174
Distributions from distributable earnings — — — (153,537) (153,537)
Total increase (decrease) for the nine months ended June 30, 2022 867,086 1 13,173 (8,180) 4,994
Balance at June 30, 2022 170,895,670 $ 171 $ 2,677,424 $ (89,909) $ 2,587,686
Balance at March 31, 2022 170,895,670 $ 171 $ 2,677,424 $ (54,046) $ 2,623,549
Net increase (decrease) in net assets resulting from operations:
Net investment income — — — 53,928 53,928
Net realized gain (loss) on investments and foreign currency transactions — — — 2,511 2,511
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward currency contracts — — — (40,555) (40,555)
Provision for taxes on unrealized appreciation on investments — — — (478) (478)
Distributions to stockholders:
Distributions from distributable earnings — — — (51,269) (51,269)
Total increase (decrease) for the three months ended June 30, 2022 — — — (35,863) (35,863)
Balance at June 30, 2022 170,895,670 $ 171 $ 2,677,424 $ (89,909) $ 2,587,686


	Common Stock			Paid in Capital in Excess of Par		Distributable Earnings (Losses)		Total Net Assets
	Shares	Par Amount













Balance at September 30, 2021	170,028,584	$	170	$	2,664,251	$	(81,729)	$	2,582,692

Net increase (decrease) in net assets resulting from operations
Net investment income	—	—		—		142,158		142,158
Net realized gain (loss) on investment transactions	—	—		—		17,431		17,431
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(13,162)		(13,162)
(Provision) benefit for taxes on unrealized appreciation on investments	—	—		—		(1,070)		(1,070)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	867,086	1		13,173		—		13,174
Distributions from distributable earnings	—	—		—		(153,537)		(153,537)



Total increase (decrease) for the nine months ended June 30, 2022	867,086	1		13,173		(8,180)		4,994
Balance at June 30, 2022	170,895,670	$	171	$	2,677,424	$	(89,909)	$	2,587,686
Balance at March 31, 2022	170,895,670	171		2,677,424		(54,046)		2,623,549

Net increase (decrease) in net assets resulting from operations
Net investment income	—	—		—		53,928		53,928
Net realized gain (loss) on investment transactions	—	—		—		2,511		2,511
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(40,555)		(40,555)
(Provision) benefit for taxes on unrealized appreciation on investments	—	—		—		(478)		(478)
Distributions to stockholders:

Distributions from distributable earnings	—	—		—		(51,269)		(51,269)



Total increase (decrease) for the three months ended June 30, 2022	—	—		—		(35,863)		(35,863)
Balance at June 30, 2022	170,895,670	$	171	$	2,677,424	$	(89,909)	$	2,587,686
Balance at September 30, 2022	170,895,670	171		2,676,674		(132,345)		2,544,500
Repurchases of common stock, net of commission costs	(1,295,678)	(1)		(16,790)		—		(16,791)
Net increase (decrease) in net assets resulting from operations:
Net investment income	—	—		—		205,647		205,647
Net realized gain (loss) on investment transactions	—	—		—		(43,391)		(43,391)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(5,558)		(5,558)
(Provision) benefit for taxes on realized gain on investments	—	—		—		(207)		(207)
(Provision) benefit for taxes on unrealized appreciation on investments	—	—		—		576		576
Distributions to stockholders:

Distributions from distributable earnings	—	—		—		(168,858)		(168,858)



Total increase (decrease) for the nine months ended June 30, 2023	(1,295,678)	(1)		(16,790)		(11,791)		(28,582)
Balance at June 30, 2023	169,599,992	$	170	$	2,659,884	$	(144,136)	$	2,515,918
Balance at March 31, 2023	170,144,126	$	170	$	2,667,028	$	(161,053)	$	2,506,145
Repurchases of common stock, net of commission costs	(544,134)	—		(7,144)		—		(7,144)
Net increase (decrease) in net assets resulting from operations:
Net investment income	—	—		—		73,778		73,778
Net realized gain (loss) on investment transactions	—	—		—		(41,923)		(41,923)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		41,050		41,050

(Provision) benefit for taxes on unrealized appreciation on investments	—	—		—		78		78
Distributions to stockholders:


Distributions from distributable earnings	—	—		—		(56,066)		(56,066)



Total increase (decrease) for the three months ended June 30, 2023	(544,134)	—		(7,144)		16,917		9,773
Balance at June 30, 2023	169,599,992	$	170	$	2,659,884	$	(144,136)	$	2,515,918

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands, except share data)


		Nine months ended June 30,				Nine months ended June 30,
		2022		2021				2023		2022
Cash flows from operating activities	Cash flows from operating activities						Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	Net increase (decrease) in net assets resulting from operations	$	145,357	$	268,647		Net increase (decrease) in net assets resulting from operations	$	157,067	$	145,357
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:	Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:						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 costs	Amortization of deferred debt issuance costs	5,241		5,072			Amortization of deferred debt issuance costs	5,362		5,241
Accretion of discounts and amortization of premiums on investments	Accretion of discounts and amortization of premiums on investments	(3,534)		9,341			Accretion of discounts and amortization of premiums on investments	454		(3,534)
Accretion of discounts and amortization of premiums on issued debt securities	Accretion of discounts and amortization of premiums on issued debt securities	1,294		1,482			Accretion of discounts and amortization of premiums on issued debt securities	(9,994)		1,294
Net realized (gain) loss on investments	Net realized (gain) loss on investments	(16,448)		(5,562)			Net realized (gain) loss on investments	46,555		(15,772)
Net realized (gain) loss on forward currency contracts	Net realized (gain) loss on forward currency contracts	(1,080)		—			Net realized (gain) loss on forward currency contracts	(3,192)		(1,080)
Net realized (gain) loss on foreign currency transactions	Net realized (gain) loss on foreign currency transactions	97		2,293			Net realized (gain) loss on foreign currency transactions	28		(579)
Net change in unrealized (appreciation) depreciation on investments	Net change in unrealized (appreciation) depreciation on investments	42,141		(148,210)			Net change in unrealized (appreciation) depreciation on investments	5,089		8,279
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	(14,920)		895			Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	(21,857)		18,942
Net change in unrealized (appreciation) depreciation on forward currency contracts	Net change in unrealized (appreciation) depreciation on forward currency contracts	(14,059)		3,317			Net change in unrealized (appreciation) depreciation on forward currency contracts	22,326		(14,059)
Proceeds from (fundings of) revolving loans, net	Proceeds from (fundings of) revolving loans, net	(2,865)		10,999			Proceeds from (fundings of) revolving loans, net	(2,449)		(2,865)
Fundings of investments	Fundings of investments	(1,678,450)		(1,265,089)			Fundings of investments	(583,847)		(1,678,450)
Proceeds from principal payments and sales of portfolio investments	Proceeds from principal payments and sales of portfolio investments	955,184		1,209,841			Proceeds from principal payments and sales of portfolio investments	550,843		955,184
Proceeds from settlements of forward currency contracts	Proceeds from settlements of forward currency contracts	1,080		—			Proceeds from settlements of forward currency contracts	3,192		1,080
PIK interest		(14,692)		(12,657)
Payment-in-kind interest capitalized							Payment-in-kind interest capitalized	(27,660)		(14,692)
Non-cash dividends							Non-cash dividends	(10,767)		—

Changes in operating assets and liabilities:	Changes in operating assets and liabilities:						Changes in operating assets and liabilities:
Interest receivable	Interest receivable	(2,308)		64			Interest receivable	(9,139)		(2,308)
Cash collateral held at broker for forward currency contracts	Cash collateral held at broker for forward currency contracts	6,960		(3,640)			Cash collateral held at broker for forward currency contracts	—		6,960
Receivable from investments sold	Receivable from investments sold	97		259			Receivable from investments sold	—		97
Other assets	Other assets	(469)		744			Other assets	340		(469)
Interest payable	Interest payable	7,739		4,258			Interest payable	5,791		7,739
Management and incentive fees payable	Management and incentive fees payable	7,496		(2,216)			Management and incentive fees payable	4,424		7,496
Payable for investments purchased	Payable for investments purchased	781		—			Payable for investments purchased	250		781
Accrued trustee fees							Accrued trustee fees	(72)		173
Accounts payable and other liabilities	Accounts payable and other liabilities	(210)		815			Accounts payable and other liabilities	(1,497)		(210)
Accrued trustee fees		173		—
Net cash provided by (used in) operating activities	Net cash provided by (used in) operating activities	(575,395)		80,653			Net cash provided by (used in) operating activities	131,247		(575,395)
Cash flows from financing activities	Cash flows from financing activities						Cash flows from financing activities
Borrowings on debt	Borrowings on debt	1,194,187		2,396,547			Borrowings on debt	513,927		1,194,187
Repayments of debt	Repayments of debt	(594,911)		(2,291,296)			Repayments of debt	(463,765)		(594,911)
Capitalized debt issuance costs	Capitalized debt issuance costs	(6,379)		(17,331)			Capitalized debt issuance costs	(5,368)		(6,379)

Purchases of common stock (Note 12)							Purchases of common stock (Note 12)	(16,791)		—
Distributions paid	Distributions paid	(114,985)		(103,270)			Distributions paid	(135,311)		(114,985)
Purchases of common stock under dividend reinvestment plan		(25,378)		(14,659)
Purchases of common stock for dividend reinvestment plan							Purchases of common stock for dividend reinvestment plan	(33,547)		(25,378)
Net cash provided by (used in) financing activities	Net cash provided by (used in) financing activities	452,534		(30,009)			Net cash provided by (used in) financing activities	(140,855)		452,534
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies		(122,861)		50,644
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents							Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents	(9,608)		(122,861)
Effect of foreign currency exchange rates	Effect of foreign currency exchange rates	(302)		(229)			Effect of foreign currency exchange rates	93		(302)
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, beginning of period		244,343		184,430
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, end of period		$	121,180	$	234,845
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents, beginning of period							Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents, beginning of period	180,553		244,343
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents, end of period							Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents, end of period	$	171,038	$	121,180
Supplemental disclosure of cash flow information:	Supplemental disclosure of cash flow information:						Supplemental disclosure of cash flow information:
Cash paid during the period for interest	Cash paid during the period for interest	$	46,115	$	35,584		Cash paid during the period for interest	$	98,381	$	46,115

Distributions declared during the period		153,537		145,797
Supplemental disclosure of non-cash operating and financing activities:
Distributions declared for the period							Distributions declared for the period	168,858		153,537
Supplemental disclosure of non-cash financing activities:							Supplemental disclosure of non-cash financing activities:
Stock issued in connection with dividend reinvestment plan	Stock issued in connection with dividend reinvestment plan	$	13,174	$	27,868		Stock issued in connection with dividend reinvestment plan	$	—	$	13,174

Proceeds from issuance of Class A-2-R GCIC 2018 Notes		—		38,500
Redemptions of Class A-2 GCIC 2018 Notes		—		(38,500)

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Cash Flows - (unaudited) (continued)

(In thousands, except share data)

The following table provides a reconciliation of cash and cash equivalents, foreign currencies and 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:
As of June 30,
2022 2021
Cash and cash equivalents $ 81,444 $ 154,323
Foreign currencies (cost of $3,777 and $2,525, respectively) 3,755 2,607
Restricted cash and cash equivalents 34,891 76,141
Restricted foreign currencies (cost of $1,106 and $1,779, respectively) 1,090 1,774
Total cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows $ 121,180 $ 234,845


	As of
	June 30, 2023		September 30, 2022
Cash and cash equivalents	$	85,096	$	117,290
Foreign currencies (cost of $6,679 and $7,021, respectively)	6,628		6,847
Restricted cash and cash equivalents	79,314		56,416

Total cash and cash equivalents, foreign currencies and restricted cash and cash equivalents shown in the Consolidated Statements of Cash Flows	$	171,038	$	180,553

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 and restricted foreign currencies.

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited)

June 30, ~~2022~~2023

(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)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace and Defense
NTS Technical Systems*#+~ Senior loan L + 5.50% (b) 6.50% 06/2023 $ 39,870 $ 39,763 1.6 % $ 39,870
NTS Technical Systems~ Second lien L + 9.75% (b) 10.75% 12/2023 4,589 4,546 0.2 4,589
NTS Technical Systems+(5) Senior loan L + 5.50% N/A(6) 06/2023 — (13) — —
NTS Technical Systems+ Senior loan P + 4.50% (d) 9.25% 06/2023 600 586 — 600
NTS Technical Systems+ One stop L + 5.50% (c) 6.50% 06/2023 3,091 3,062 0.1 3,091
Tronair Parent, Inc.+ Senior loan L + 6.25% (b) 7.15% cash/0.50% PIK 09/2023 674 672 — 600
Tronair Parent, Inc.+ Senior loan L + 6.25% (b) 7.15% cash/0.50% PIK 06/2023 68 67 — 52
Whitcraft LLC*#+~ One stop L + 6.00% (b) 8.25% 04/2023 62,768 62,893 2.3 59,630
Whitcraft LLC+(5) One stop L + 6.00% N/A(6) 04/2023 — (1) — (15)
111,660 111,575 4.2 108,417
Airlines
Aurora Lux Finco S.A.R.L.+(8)(13) One stop L + 6.00% (a) 7.63% 12/2026 977 963 — 929
Auto Components
COP CollisionRight Holdings, Inc.#+ One stop SF + 5.00% (l)(m) 6.17% 04/2028 9,638 9,476 0.4 9,554
COP CollisionRight Holdings, Inc.+ One stop SF + 5.00% (m) 7.11% 04/2028 27 26 — 26
COP CollisionRight Holdings, Inc.+(5) One stop SF + 5.00% N/A(6) 04/2028 — (2) — (2)
Covercraft Parent III, Inc.+ Senior loan L + 4.50% (b) 5.50% 08/2027 4,902 4,860 0.2 4,902
Covercraft Parent III, Inc.+ Senior loan L + 4.50% (b) 6.75% 08/2027 994 972 — 994
Covercraft Parent III, Inc.+(5) Senior loan L + 4.50% N/A(6) 08/2027 — (1) — —
North Haven Falcon Buyer, LLC+ One stop L + 6.00% (c) 8.01% 05/2027 6,114 6,014 0.3 6,053
North Haven Falcon Buyer, LLC+ One stop L + 6.00% (c) 8.17% 05/2027 1,024 1,008 — 1,004
Polk Acquisition Corp.*#+ Senior loan SF + 6.00% (l) 7.53% 12/2024 18,058 17,961 0.7 17,976
Polk Acquisition Corp.+ Senior loan SF + 6.00% (l) 7.53% 12/2024 106 109 — 106
Polk Acquisition Corp.+ Senior loan SF + 6.00% (l) 7.53% 12/2024 106 106 — 106
Polk Acquisition Corp.+ Senior loan SF + 6.50% (l) 8.03% 03/2023 695 692 — 695
41,664 41,221 1.6 41,414
Automobiles
CG Group Holdings, LLC*#+ One stop L + 7.25% (b) 7.50% cash/2.00% PIK 07/2027 31,355 31,093 1.2 29,787
CG Group Holdings, LLC+ One stop L + 7.25% (a) 6.92% cash/2.00% PIK 07/2026 337 333 — 320
Cobblestone Intermediate Holdco, LLC+ One stop L + 5.50% (a) 7.17% 01/2026 5,579 5,531 0.2 5,579
Cobblestone Intermediate Holdco, LLC+ One stop L + 5.50% (a) 7.11% 01/2026 3,826 3,788 0.1 3,826
Denali Midco 2, LLC*#+ One stop L + 5.50% (a) 7.17% 12/2027 42,972 42,580 1.6 42,112
Denali Midco 2, LLC+ One stop L + 5.50% (a) 7.17% 12/2027 274 269 — 264
Denali Midco 2, LLC+ One stop L + 5.50% (a) 7.17% 12/2027 100 99 — 98
Denali Midco 2, LLC+ One stop L + 5.50% (a) 7.17% 12/2027 80 79 — 78
Denali Midco 2, LLC+ One stop L + 5.50% (a) 7.17% 12/2027 80 79 — 78
Denali Midco 2, LLC+ One stop L + 5.50% (a) 7.17% 12/2027 66 65 — 65
Denali Midco 2, LLC+(5) One stop L + 5.50% N/A(6) 12/2027 — (9) — (20)
Denali Midco 2, LLC+ One stop L + 5.50% (a) 7.17% 12/2027 198 196 — 194
JHCC Holdings LLC+ One stop L + 5.75% (b) 8.00% 09/2025 15,354 15,177 0.6 14,893
JHCC Holdings LLC+ One stop P + 4.75% (d) 9.50% 09/2025 497 493 — 482
JHCC Holdings LLC+ One stop L + 5.75% (b)(d) 8.47% 09/2025 296 294 — 287


	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
PPW Aero Buyer, Inc.+	One stop	SF +	7.00%	(m)	11.90%				02/2029	$	24,888	$	24,187	1.0	%	$	24,888
PPW Aero Buyer, Inc.+(5)	One stop	SF +	7.00%		N/A(6)				02/2029	—		(1)		—		—
										24,888		24,186		1.0		24,888
Airlines
Aurora Lux Finco S.A.R.L. +(8)(13)	One stop	L +	6.00%	(b)	11.27%				12/2026	967		957		—		919

Auto Components
COP CollisionRight Holdings, Inc.#+	One stop	SF +	5.25%	(o)	10.64%				04/2028	9,722		9,588		0.4		9,431
COP CollisionRight Holdings, Inc.+	One stop	SF +	5.25%	(o)	10.64%				04/2028	35		35		—		33
COP CollisionRight Holdings, Inc.+	One stop	SF +	5.25%	(o)	10.64%				04/2028	112		110		—		109
Covercraft Parent III, Inc.+	Senior secured	L +	4.50%	(b)	9.68%				08/2027	4,853		4,819		0.2		4,707
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50%	(p)	9.84%				08/2027	982		964		—		928
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50%	(p)	10.03%				08/2027	19		18		—		16
North Haven Falcon Buyer, LLC+(23)	One stop	L +	8.00%	(b)(c)	9.43%	cash/	3.75%	PIK	05/2027	6,199		6,091		0.2		5,455
North Haven Falcon Buyer, LLC+(23)	One stop	L +	4.25%	(b)(o)	9.71%				05/2027	1,038		1,027		0.1		913
Polk Acquisition Corp.*#+(23)	Senior secured	SF +	7.00%	(n)	10.45%	cash/	1.75%	PIK	12/2024	18,060		18,029		0.7		17,698
Polk Acquisition Corp.+(23)	Senior secured	SF +	7.00%	(n)	10.45%	cash/	1.75%	PIK	12/2024	30		31		—		27
Polk Acquisition Corp.+(23)	Senior secured	SF +	7.00%	(n)	10.45%	cash/	1.75%	PIK	12/2024	107		107		—		105
										41,157		40,819		1.6		39,422
Automobiles
CG Group Holdings, LLC*#+(23)	One stop	SF +	8.75%	(o)	11.99%	cash/	2.00%	PIK	07/2027	31,683		31,187		1.2		30,099
CG Group Holdings, LLC+(23)	One stop	SF +	8.75%	(n)	11.85%	cash/	2.00%	PIK	07/2026	343		338		—		328
Denali Midco 2, LLC*#+	One stop	SF +	6.25%	(n)	11.45%				12/2027	42,540		42,222		1.7		41,265
Denali Midco 2, LLC+(5)	One stop	SF +	6.25%		N/A(6)				12/2027	—		(4)		—		(15)
Denali Midco 2, LLC+	One stop	SF +	6.25%	(n)	11.45%				12/2027	196		195		—		190
Denali Midco 2, LLC+	One stop	SF +	6.25%	(n)	11.45%				12/2027	99		98		—		96
Denali Midco 2, LLC+	One stop	SF +	6.25%	(n)	11.45%				12/2027	79		78		—		77
Denali Midco 2, LLC+	One stop	SF +	6.25%	(n)	11.45%				12/2027	79		78		—		77
Denali Midco 2, LLC+	One stop	SF +	6.25%	(n)	11.45%				12/2027	65		65		—		63
Denali Midco 2, LLC+	One stop	SF +	6.50%	(n)	11.70%				12/2027	971		946		—		951
Denali Midco 2, LLC+	One stop	SF +	6.25%	(n)	11.45%				12/2027	655		650		—		635
Denali Midco 2, LLC+	One stop	SF +	6.25%	(n)	11.45%				12/2027	119		118		—		116
Denali Midco 2, LLC+	One stop	SF +	6.25%	(n)	11.45%				12/2027	113		112		—		110
Denali Midco 2, LLC+	One stop	SF +	6.25%	(n)	11.45%				12/2027	81		81		—		79
Denali Midco 2, LLC+(5)	One stop	SF +	6.50%		N/A(6)				12/2027	—		(14)		—		(11)
Denali Midco 2, LLC+	One stop	SF +	6.50%	(n)	11.70%				12/2027	130		126		—		127
Denali Midco 2, LLC+	One stop	SF +	6.50%	(n)	11.70%				12/2027	65		63		—		64
Denali Midco 2, LLC+	One stop	SF +	6.50%	(n)	11.70%				12/2027	221		215		—		217
JHCC Holdings LLC+	One stop	SF +	5.50%	(o)	10.89%				09/2025	15,196		15,048		0.6		14,512
JHCC Holdings LLC+	One stop	SF +	5.50%	(o)	10.89%				09/2025	492		488		—		470
JHCC Holdings LLC+	One stop	SF +	5.50%	(o)	10.89%				09/2025	293		291		—		279
JHCC Holdings LLC+(5)	One stop	SF +	5.50%		N/A(6)				09/2025	—		(1)		—		(5)
JHCC Holdings LLC+	One stop	SF +	5.50%	(o)	10.89%				09/2025	3,317		3,291		0.1		3,168

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
JHCC Holdings LLC+ One stop L + 5.75% (b)(d) 8.38% 09/2025 $ 34 $ 33 — % $ 31
JHCC Holdings LLC+(5) One stop L + 5.75% N/A(6) 09/2025 — (26) — —
MOP GM Holding, LLC*#~ One stop L + 5.75% (c) 6.76% 11/2026 24,039 23,816 0.9 23,798
MOP GM Holding, LLC+ One stop L + 5.75% (c) 7.09% 11/2026 2,636 2,614 0.1 2,609
MOP GM Holding, LLC+ One stop L + 5.75% (c) 6.95% 11/2026 2,585 2,561 0.1 2,559
MOP GM Holding, LLC+ One stop SF + 5.75% (n) 8.58% 11/2026 1,915 1,898 0.1 1,896
MOP GM Holding, LLC+ One stop L + 5.75% (c) 6.75% 11/2026 1,575 1,562 0.1 1,559
MOP GM Holding, LLC+ One stop L + 5.75% (c) 6.75% 11/2026 528 524 — 523
MOP GM Holding, LLC+ One stop L + 5.75% (c) 6.75% 11/2026 148 147 — 146
MOP GM Holding, LLC+ One stop L + 5.75% (c) 7.77% 11/2026 26 24 — 24
MOP GM Holding, LLC+ One stop SF + 5.75% (n) 7.62% 11/2026 1,452 1,427 0.1 1,437
MOP GM Holding, LLC+ One stop SF + 5.75% (n) 7.62% 11/2026 2,605 2,566 0.1 2,579
MOP GM Holding, LLC+ One stop SF + 5.75% (n) 7.94% 11/2026 359 356 — 356
MOP GM Holding, LLC+ One stop SF + 5.75% (n) 8.51% 11/2026 60 59 — 59
MOP GM Holding, LLC+(5) One stop SF + 5.75% N/A(6) 11/2026 — (25) — (26)
National Express Wash Parent JV, LLC#+ One stop SF + 5.50% (m)(n) 6.29% 02/2028 13,988 13,858 0.5 13,988
National Express Wash Parent JV, LLC+(5) One stop SF + 5.50% N/A(6) 02/2028 — (1) — —
National Express Wash Parent JV, LLC+(5) One stop SF + 5.50% N/A(6) 02/2028 — (4) — —
POY Holdings, LLC# One stop L + 5.50% (b) 7.75% 11/2027 9,567 9,395 0.4 9,567
POY Holdings, LLC+ One stop L + 5.50% (b) 7.75% 11/2027 36 32 — 36
POY Holdings, LLC+(5) One stop L + 5.50% N/A(6) 11/2027 — (2) — —
Quick Quack Car Wash Holdings, LLC*# One stop L + 6.00% (b) 7.24% 10/2024 12,849 12,856 0.5 12,849
Quick Quack Car Wash Holdings, LLC+ One stop L + 6.00% (b) 7.24% 10/2024 9,798 9,764 0.4 9,798
Quick Quack Car Wash Holdings, LLC#+ One stop L + 6.00% (b) 7.24% 10/2024 2,319 2,310 0.1 2,319
Quick Quack Car Wash Holdings, LLC*+ One stop L + 6.00% (b) 7.24% 10/2024 2,025 2,049 0.1 2,025
Quick Quack Car Wash Holdings, LLC*+ One stop L + 6.00% (b) 7.24% 10/2024 1,354 1,369 0.1 1,354
Quick Quack Car Wash Holdings, LLC*+ One stop L + 6.00% (b) 7.24% 10/2024 1,103 1,118 — 1,103
Quick Quack Car Wash Holdings, LLC+ One stop L + 6.00% (a)(b) 7.63% 10/2024 40 35 — 40
Quick Quack Car Wash Holdings, LLC+ One stop L + 6.00% (b) 7.35% 10/2024 90 90 — 90
Quick Quack Car Wash Holdings, LLC+ One stop L + 6.00% (b) 7.31% 10/2024 95 89 — 95
TWAS Holdings, LLC#+ One stop SF + 6.00% (l) 7.63% 12/2026 40,561 40,199 1.6 40,561
TWAS Holdings, LLC*+ One stop SF + 6.00% (l) 7.63% 12/2026 30,644 30,354 1.2 30,644
TWAS Holdings, LLC+ One stop SF + 6.00% (l) 7.63% 12/2026 7,954 7,881 0.3 7,954
TWAS Holdings, LLC+ One stop SF + 6.00% (l) 7.63% 12/2026 388 384 — 388
TWAS Holdings, LLC+(5) One stop SF + 6.00% N/A(6) 12/2026 — (3) — —
TWAS Holdings, LLC+ One stop SF + 6.00% (l) 7.63% 12/2026 611 605 — 611
272,398 269,981 10.4 269,015
Beverages
Fintech Midco, LLC*# One stop L + 5.25% (b) 6.49% 08/2024 23,863 24,031 0.9 23,624
Fintech Midco, LLC+ One stop L + 5.25% (b) 6.49% 08/2024 15,149 15,040 0.6 14,998
Fintech Midco, LLC#+ One stop L + 5.25% (b) 6.49% 08/2024 1,105 1,126 — 1,094
Fintech Midco, LLC+(5) One stop L + 5.25% N/A(6) 08/2024 — — — (2)
Watermill Express, LLC+ One stop L + 5.50% (b) 7.75% 04/2027 2,250 2,232 0.1 2,227
Watermill Express, LLC+ One stop L + 5.50% (a) 7.17% 04/2027 1 1 — 1
Watermill Express, LLC+(5) One stop L + 5.50% N/A(6) 04/2027 — (1) — (2)
Winebow Holdings, Inc.+ One stop L + 6.25% (a) 7.92% 07/2025 7,819 7,735 0.3 7,819
50,187 50,164 1.9 49,759


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
JHCC Holdings LLC+	One stop	SF +	6.75%	(o)	12.14%	09/2025	$	1,111	$	1,091	—	%	$	1,089
MOP GM Holding, LLC*#+	One stop	SF +	5.75%	(p)	10.86%	11/2026	23,795		23,623		0.9		22,604
MOP GM Holding, LLC+	One stop	SF +	5.75%	(p)	11.03%	11/2026	2,609		2,593		0.1		2,479
MOP GM Holding, LLC+	One stop	SF +	5.75%	(o)	11.16%	11/2026	2,579		2,549		0.1		2,450
MOP GM Holding, LLC+	One stop	SF +	5.75%	(p)	11.03%	11/2026	2,559		2,540		0.1		2,431
MOP GM Holding, LLC+	One stop	SF +	5.75%	(o)	11.14%	11/2026	1,896		1,882		0.1		1,801
MOP GM Holding, LLC+	One stop	SF +	5.75%	(p)	10.82%	11/2026	1,559		1,549		0.1		1,481
MOP GM Holding, LLC+	One stop	SF +	5.75%	(p)	11.03%	11/2026	1,437		1,418		0.1		1,365
MOP GM Holding, LLC+	One stop	SF +	5.75%	(p)	10.86%	11/2026	523		520		—		497
MOP GM Holding, LLC+	One stop	SF +	5.75%	(p)	10.86%	11/2026	356		353		—		338
MOP GM Holding, LLC+	One stop	SF +	5.75%	(p)	10.86%	11/2026	146		146		—		139
MOP GM Holding, LLC+	One stop	SF +	5.75%	(o)	11.14%	11/2026	59		59		—		56
MOP GM Holding, LLC+	One stop	SF +	5.75%	(o)(p)	10.96%	11/2026	186		185		—		176
MOP GM Holding, LLC+(5)	One stop	SF +	5.75%		N/A(6)	11/2026	—		(18)		—		—
MOP GM Holding, LLC+	One stop	SF +	5.75%	(p)	10.82%	11/2026	178		177		—		169
MOP GM Holding, LLC+	One stop	SF +	5.75%	(p)	10.82%	11/2026	59		59		—		56
POY Holdings, LLC#	One stop	SF +	5.50%	(o)	10.89%	11/2027	9,471		9,331		0.4		9,471
POY Holdings, LLC+(5)	One stop	SF +	5.50%		N/A(6)	11/2027	—		(3)		—		—
POY Holdings, LLC+(5)	One stop	SF +	5.50%		N/A(6)	11/2027	—		(1)		—		—
POY Holdings, LLC+	One stop	SF +	5.50%	(o)	10.89%	11/2027	81		80		—		81
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.50%	(o)(p)	10.89%	07/2029	4,997		4,954		0.2		4,797
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.50%	(n)	10.61%	07/2029	70		68		—		62
National Express Wash Parent Holdco, LLC+(5)	One stop	SF +	5.50%		N/A(6)	07/2029	—		(3)		—		(15)
Quick Quack Car Wash Holdings, LLC*#	One stop	SF +	6.50%	(o)	11.70%	10/2024	12,716		12,693		0.5		12,716
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50%	(o)	11.70%	10/2024	9,699		9,682		0.4		9,699
Quick Quack Car Wash Holdings, LLC#+	One stop	SF +	6.50%	(o)	11.70%	10/2024	2,295		2,291		0.1		2,295
Quick Quack Car Wash Holdings, LLC*+	One stop	SF +	6.50%	(o)	11.70%	10/2024	2,004		2,015		0.1		2,004
Quick Quack Car Wash Holdings, LLC*+	One stop	SF +	6.50%	(o)	11.70%	10/2024	1,340		1,346		0.1		1,340
Quick Quack Car Wash Holdings, LLC*+	One stop	SF +	6.50%	(o)	11.70%	10/2024	1,092		1,090		0.1		1,092
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50%	(o)	11.70%	10/2024	94		91		—		94
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50%		N/A(6)	10/2024	—		—		—		—
Quick Quack Car Wash Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)	10/2024	—		(1)		—		—
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50%	(o)	11.70%	10/2024	342		339		—		342
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50%	(o)	11.70%	10/2024	103		100		—		103
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50%	(o)	11.70%	10/2024	3,302		3,278		0.1		3,302
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50%	(o)	11.70%	10/2024	95		93		—		95
Spotless Brands, LLC+	One stop	SF +	6.50%	(o)	11.72%	07/2028	8,306		8,166		0.3		8,140
Spotless Brands, LLC+	One stop	SF +	6.50%	(o)	11.72%	07/2028	903		895		—		885
Spotless Brands, LLC+(5)	One stop	SF +	6.50%		N/A(6)	07/2028	—		—		—		(1)
Spotless Brands, LLC+	One stop	SF +	6.50%	(o)	11.69%	07/2028	670		664		—		657
TWAS Holdings, LLC#+	One stop	SF +	6.25%	(n)	11.45%	12/2026	40,154		39,875		1.6		39,350
TWAS Holdings, LLC*+	One stop	SF +	6.25%	(n)	11.45%	12/2026	30,333		30,107		1.2		29,726
TWAS Holdings, LLC+	One stop	SF +	6.25%	(n)	11.45%	12/2026	7,874		7,817		0.3		7,716
TWAS Holdings, LLC+	One stop	SF +	6.25%	(n)	11.45%	12/2026	605		600		—		592
TWAS Holdings, LLC+	One stop	SF +	6.25%	(n)	11.45%	12/2026	384		381		—		376
TWAS Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)	12/2026	—		(3)		—		(7)
							272,719		270,342		10.5		264,935

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
Building Products
BECO Holding Company, Inc.#+ One stop L + 5.50% (b) 7.75% 11/2028 $ 7,557 $ 7,488 0.3 % $ 7,405
BECO Holding Company, Inc.+(5) One stop L + 5.50% N/A(6) 11/2027 — (4) — (7)
BECO Holding Company, Inc.+(5) One stop L + 5.50% N/A(6) 11/2028 — (18) — (39)
Jensen Hughes, Inc.+ Senior loan L + 4.50% (a)(b) 5.74% 03/2024 4,117 4,118 0.2 4,117
Jensen Hughes, Inc.+ Senior loan L + 4.50% (a)(b) 5.74% 03/2024 1,393 1,408 0.1 1,393
Jensen Hughes, Inc.+ Senior loan L + 4.50% (a)(b) 5.74% 03/2024 897 904 — 897
Jensen Hughes, Inc.+ Senior loan L + 4.50% (a)(b) 5.74% 03/2024 846 840 — 846
Jensen Hughes, Inc.+ Senior loan L + 4.50% (a)(b) 5.74% 03/2024 431 438 — 431
Jensen Hughes, Inc.+ Senior loan L + 4.50% (a)(b) 5.74% 03/2024 274 276 — 274
Jensen Hughes, Inc.+ Senior loan L + 4.50% (a)(b) 5.74% 03/2024 214 214 — 214
Jensen Hughes, Inc.+ Senior loan L + 4.50% (a)(b) 5.74% 03/2024 114 114 — 114
Jensen Hughes, Inc.+ Senior loan L + 4.50% (c) 6.00% 03/2024 268 258 — 268
16,111 16,036 0.6 15,913
Chemicals
Inhance Technologies Holdings LLC#+ One stop L + 5.25% (b) 6.25% 07/2024 12,476 12,543 0.5 12,351
Inhance Technologies Holdings LLC+ One stop L + 5.25% (b) 6.25% 07/2024 9,938 9,860 0.4 9,838
Inhance Technologies Holdings LLC+ One stop L + 5.25% (b) 6.25% 07/2024 1,896 1,890 0.1 1,877
Inhance Technologies Holdings LLC+ One stop L + 5.25% (b) 6.25% 07/2024 43 43 — 40
PHM NL SP Bidco B.V.+(8)(9)(14) One stop E + 6.25% (f) 6.25% 09/2028 33,198 36,113 1.2 32,202
PHM NL SP Bidco B.V.+(8)(14) One stop L + 6.25% (c) 6.75% 09/2028 13,766 13,550 0.5 13,353
PHM NL SP Bidco B.V.+(8)(9)(14) One stop SN + 6.25% (j) 7.44% 09/2028 7,317 7,912 0.3 7,098
PHM NL SP Bidco B.V.+(8)(9)(14) One stop E + 6.25% (f) 6.31% 09/2028 3,509 3,707 0.1 3,379
82,143 85,618 3.1 80,138
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+ One stop L + 5.50% (b) 7.75% 10/2028 15,626 15,420 0.6 15,626
CI (Quercus) Intermediate Holdings, LLC+(5) One stop L + 5.50% N/A(6) 10/2028 — (3) — —
CI (Quercus) Intermediate Holdings, LLC+(5) One stop L + 5.50% N/A(6) 10/2028 — (24) — —
EGD Security Systems, LLC *#+ One stop L + 5.75% (b) 8.00% 12/2028 52,537 52,054 2.0 52,012
EGD Security Systems, LLC + One stop L + 5.75% (b) 7.44% 12/2028 280 277 — 277
EGD Security Systems, LLC + One stop L + 5.75% (a)(b) 7.30% 12/2027 360 355 — 355
EGD Security Systems, LLC +(5) One stop L + 5.75% N/A(6) 12/2028 — (3) — (3)
Hydraulic Authority III Limited+~(8)(9)(10) One stop SN + 5.00% (j) 6.22% 11/2025 10,575 11,076 0.4 10,575
Hydraulic Authority III Limited+(8)(9)(10) One stop N/A 11.00% PIK 11/2028 237 251 — 237
Hydraulic Authority III Limited+(8)(9)(10) One stop SN + 5.00% N/A(6) 11/2025 — — — —
Hydraulic Authority III Limited+(8)(9)(10) One stop E + 5.00% (e) 6.00% 11/2025 1,133 1,124 — 1,133
North Haven Stack Buyer, LLC*+ One stop L + 5.50% (a) 7.17% 07/2027 8,789 8,640 0.4 8,701


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Beverages
Financial Information Technologies, LLC+	One stop	SF +	6.50%	(o)	11.74%		06/2030	$	22,622	$	22,396	0.9	%	$	22,396
Financial Information Technologies, LLC+(23)	One stop	N/A			14.00%	PIK	06/2031	10,800		10,476		0.4		10,476
Financial Information Technologies, LLC+(5)	One stop	SF +	6.50%		N/A(6)		06/2030	—		—		—		(1)
Watermill Express, LLC+	One stop	SF +	5.00%	(o)	10.39%		04/2027	2,227		2,213		0.1		2,227
Watermill Express, LLC+	One stop	SF +	5.00%	(n)(o)	10.23%		04/2027	12		11		—		12
Watermill Express, LLC+	One stop	SF +	5.00%	(o)	10.39%		04/2027	215		214		—		215
Winebow Holdings, Inc.+	One stop	SF +	6.25%	(n)	11.45%		07/2025	7,740		7,684		0.3		7,740
								43,616		42,994		1.7		43,065



Building Products
BECO Holding Company, Inc.#+	One stop	SF +	5.25%	(o)	10.64%	11/2028	7,481	7,424	0.3	7,331
BECO Holding Company, Inc.+	One stop	SF +	5.25%	(n)	10.46%	11/2027	55	52	—	47
BECO Holding Company, Inc.+(5)	One stop	SF +	5.25%		N/A(6)	11/2028	—	(15)	—	(39)
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)	9.77%	03/2024	4,074	4,074	0.2	4,074
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)	9.77%	03/2024	1,378	1,384	0.1	1,378
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)	9.77%	03/2024	888	891	0.1	888
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)	9.77%	03/2024	837	835	—	837
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)	9.77%	03/2024	426	429	—	426
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)	9.77%	03/2024	272	272	—	272
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)(c)	9.81%	03/2024	1,107	1,103	—	1,107
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)	9.77%	03/2024	212	212	—	212
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)	9.77%	03/2024	113	113	—	113
							16,843	16,774	0.7	16,646
Chemicals
Inhance Technologies Holdings LLC#+	One stop	L +	5.50%	(b)	10.68%	07/2024	12,323	12,358	0.5	11,831
Inhance Technologies Holdings LLC#	One stop	L +	5.50%	(b)	10.68%	07/2024	9,819	9,780	0.4	9,426
Inhance Technologies Holdings LLC+	One stop	L +	5.50%	(b)	10.68%	07/2024	1,872	1,869	0.1	1,798
Inhance Technologies Holdings LLC+	One stop	L +	5.50%	(a)(b)	10.65%	07/2024	153	152	—	144
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	E +	6.25%	(g)	9.54%	09/2028	34,562	36,197	1.2	31,106
PHM NL SP Bidco B.V.+(8)(14)	One stop	L +	6.25%	(c)	11.46%	09/2028	13,766	13,585	0.5	12,389
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	SN +	6.25%	(l)	11.18%	09/2028	7,632	7,917	0.3	6,868
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	E +	6.25%	(g)	10.01%	09/2028	3,653	3,717	0.1	3,293
							83,780	85,575	3.1	76,855
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC*#+	One stop	SF +	5.25%	(o)	10.64%	10/2028	17,045	16,865	0.7	16,875
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop	SF +	5.25%		N/A(6)	10/2028	—	(2)	—	(2)
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop	SF +	5.25%		N/A(6)	10/2028	—	(11)	—	(13)
North Haven Stack Buyer, LLC*#	One stop	SF +	5.50%	(o)	10.70%	07/2027	8,700	8,582	0.3	8,526

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
North Haven Stack Buyer, LLC+ One stop L + 5.50% (a) 6.98% 07/2027 $ 2,392 $ 2,336 0.1 % $ 2,325
North Haven Stack Buyer, LLC+ One stop L + 5.50% (a) 7.17% 07/2027 38 36 — 36
OVG Business Services, LLC+ One stop L + 6.25% (a) 7.25% 11/2028 1,804 1,767 0.1 1,714
OVG Business Services, LLC+(5) One stop L + 5.50% N/A(6) 11/2026 — — — (2)
Profile Products LLC+ One stop L + 5.25% (b) 6.66% 11/2027 4,982 4,893 0.2 4,982
Profile Products LLC+(8) One stop L + 5.25% (b) 6.66% 11/2027 1,292 1,269 0.1 1,292
Profile Products LLC+ One stop P + 4.25% (d) 9.00% 11/2027 16 16 — 16
Profile Products LLC+(5) One stop L + 5.25% N/A(6) 11/2027 — (12) — —
Profile Products LLC+(5) One stop L + 5.25% N/A(6) 11/2027 — (1) — —
PT Intermediate Holdings III, LLC+~ One stop L + 5.50% (b) 7.75% 11/2028 29,597 29,073 1.1 29,006
PT Intermediate Holdings III, LLC+ One stop L + 5.50% (b) 7.75% 11/2028 20,926 20,725 0.8 20,507
PT Intermediate Holdings III, LLC+ One stop L + 5.50% (b) 7.75% 11/2028 9,925 9,794 0.4 9,727
Radwell Parent, LLC+ One stop SF + 5.75% (m) 7.90% 03/2029 19,168 18,869 0.7 18,881
Radwell Parent, LLC+(5) One stop SF + 5.75% N/A(6) 03/2028 — (4) — (4)
Radwell Parent, LLC+(5) One stop SF + 5.75% N/A(6) 03/2029 — (8) — (8)
Trinity Air Consultants Holdings Corporation+ One stop L + 5.25% (c) 7.08% 06/2027 2,458 2,417 0.1 2,409
Trinity Air Consultants Holdings Corporation+ One stop L + 5.25% (c) 6.85% 06/2027 33 32 — 31
Trinity Air Consultants Holdings Corporation+ One stop L + 5.25% N/A(6) 06/2027 — — — —
WRE Holding Corp.*# Senior loan SF + 5.25% (l)(m) 6.44% 01/2025 2,235 2,234 0.1 2,235
WRE Holding Corp.+ Senior loan SF + 5.25% (l)(m) 6.44% 01/2025 923 925 — 923
WRE Holding Corp.+ Senior loan SF + 5.25% (l)(m) 6.44% 01/2025 677 674 — 677
WRE Holding Corp.+ Senior loan SF + 5.25% (l)(m) 6.44% 01/2025 400 399 — 400
WRE Holding Corp.+ Senior loan SF + 5.25% (l)(m) 6.44% 01/2025 128 131 — 128
WRE Holding Corp.+ Senior loan SF + 5.25% (l)(m) 6.44% 01/2025 22 21 — 22
WRE Holding Corp.+ Senior loan SF + 5.25% (l)(m) 6.44% 01/2025 23 23 — 23
WRE Holding Corp.+ Senior loan SF + 5.25% (l)(m) 6.80% 01/2025 10 8 — 10
186,586 184,784 7.1 184,243
Communications Equipment
Lightning Finco Limited+(8)(10) One stop L + 5.75% (b) 7.35% 09/2028 10,349 10,167 0.4 10,349
Lightning Finco Limited+(8)(9)(10) One stop E + 5.75% (e) 6.50% 09/2028 1,113 1,239 — 1,113
11,462 11,406 0.4 11,462
Containers and Packaging
AmerCareRoyal LLC+ Senior loan L + 6.50% (a) 6.67% cash/1.50% PIK 11/2025 781 772 — 765
AmerCareRoyal LLC+ Senior loan L + 6.50% (a) 6.67% cash/1.50% PIK 11/2025 167 165 — 163
AmerCareRoyal LLC+ Senior loan L + 6.50% (a) 6.67% cash/1.50% PIK 11/2025 162 160 — 159
AmerCareRoyal LLC+(8) Senior loan L + 6.50% (a) 6.67% cash/1.50% PIK 11/2025 145 143 — 142
Chase Intermediate+ One stop L + 5.50% (b)(c) 6.72% 10/2028 9,925 9,840 0.4 9,826
Chase Intermediate+(5) One stop L + 5.50% N/A(6) 10/2028 — (3) — (4)
Chase Intermediate+(5) One stop L + 5.50% N/A(6) 10/2028 — (12) — (12)
Fortis Solutions Group LLC*#+ One stop L + 5.50% (b) 7.65% 10/2028 31,622 31,114 1.2 31,384
Fortis Solutions Group LLC+ One stop L + 5.50% (b) 7.73% 10/2027 20 15 — 18
Fortis Solutions Group LLC+(5) One stop L + 5.50% N/A(6) 10/2028 — (96) — (25)
Fortis Solutions Group LLC+(5) One stop L + 5.50% N/A(6) 10/2028 — (42) — (42)
42,822 42,056 1.6 42,374


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
North Haven Stack Buyer, LLC+	One stop	SF +	5.50%	(n)	10.75%				07/2027	$	71	$	59	—	%	$	34
North Haven Stack Buyer, LLC+	One stop	SF +	5.50%	(o)	10.70%				07/2027	44		43		—		41
North Haven Stack Buyer, LLC#	One stop	SF +	5.50%	(o)	10.70%				07/2027	2,931		2,911		0.1		2,872
North Haven Stack Buyer, LLC#	One stop	SF +	5.50%	(o)	10.70%				07/2027	967		960		0.1		947
North Haven Stack Buyer, LLC+	One stop	SF +	5.50%	(n)(o)	10.72%				07/2027	971		964		—		951
Profile Products LLC+	One stop	SF +	5.75%	(o)	11.10%				11/2027	6,309		6,209		0.3		6,183
Profile Products LLC+(8)	One stop	SF +	5.75%	(o)	10.92%				11/2027	1,279		1,260		—		1,253
Profile Products LLC+	One stop	SF +	5.75%	(d)(n)	11.57%				11/2027	42		42		—		41
Profile Products LLC+(5)	One stop	SF +	5.75%		N/A(6)				11/2027	—		—		—		(1)
PT Intermediate Holdings III, LLC+	One stop	SF +	5.98%	(o)	11.37%				11/2028	29,300		28,891		1.1		28,494
PT Intermediate Holdings III, LLC+	One stop	SF +	5.98%	(o)	11.37%				11/2028	20,716		20,548		0.8		20,146
PT Intermediate Holdings III, LLC+	One stop	SF +	5.98%	(o)	11.37%				11/2028	9,825		9,716		0.4		9,555
PT Intermediate Holdings III, LLC+	One stop	SF +	6.50%	(o)	11.74%				11/2028	2,159		2,128		0.1		2,137
PT Intermediate Holdings III, LLC+(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(9)		—		(11)
Radwell Parent, LLC+	One stop	SF +	6.53%	(o)	11.87%				03/2029	18,933		18,681		0.8		18,933
Radwell Parent, LLC+	One stop	SF +	6.75%	(o)	11.99%				03/2028	69		64		—		69
Radwell Parent, LLC+(5)	One stop	SF +	6.53%		N/A(6)				03/2029	—		(7)		—		—
Radwell Parent, LLC#+	One stop	SF +	6.75%	(o)	11.99%				03/2029	24,826		24,149		1.0		24,888
Trinity Air Consultants Holdings Corporation+	One stop	L +	5.25%	(c)	10.62%				06/2027	2,458		2,425		0.1		2,433
Trinity Air Consultants Holdings Corporation+(5)	One stop	SF +	5.75%		N/A(6)				06/2027	—		(3)		—		(3)
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.75%		N/A(6)				06/2027	—		—		—		—
Trinity Air Consultants Holdings Corporation+	One stop	L +	5.75%	(a)(b)(c)	10.89%				06/2027	35		35		—		35
WRE Holding Corp.*#	Senior secured	SF +	5.00%	(n)(p)	10.33%				01/2025	2,204		2,199		0.1		2,204
WRE Holding Corp.+	Senior secured	SF +	5.00%	(n)	10.21%				01/2025	911		908		—		911
WRE Holding Corp.+	Senior secured	SF +	5.00%	(p)	10.19%				01/2025	668		667		—		668
WRE Holding Corp.+	Senior secured	SF +	5.00%	(p)	10.19%				01/2025	395		394		—		395
WRE Holding Corp.+	Senior secured	SF +	5.00%	(p)	10.19%				01/2025	127		127		—		127
WRE Holding Corp.+	Senior secured	SF +	5.00%	(p)	10.19%				01/2025	23		23		—		23
WRE Holding Corp.+	Senior secured	SF +	5.25%		N/A(6)				01/2025	—		—		—		—
WRE Holding Corp.+	Senior secured	SF +	5.00%	(o)(p)	10.22%				01/2025	129		128		—		129
										151,137		148,946		5.9		148,840
Communications Equipment
Lightning Finco Limited+(8)(10)	One stop	L +	5.75%	(b)	11.23%				09/2028	10,349		10,196		0.4		10,246
Lightning Finco Limited+(8)(9)(10)	One stop	E +	5.75%	(f)	9.23%				09/2028	1,159		1,243		—		1,147
										11,508		11,439		0.4		11,393











Containers and Packaging
AmerCareRoyal LLC+(23)	Senior secured	SF +	7.00%	(n)	11.69%	cash/	0.50%	PIK	11/2025	744		737		—		744
AmerCareRoyal LLC+(23)	Senior secured	SF +	7.00%	(n)(o)	11.73%	cash/	0.50%	PIK	11/2025	159		157		—		159
AmerCareRoyal LLC+(23)	Senior secured	SF +	7.00%	(n)	11.74%	cash/	0.50%	PIK	11/2025	154		153		—		154
AmerCareRoyal LLC+(8)(23)	Senior secured	SF +	7.00%	(n)	11.69%	cash/	0.50%	PIK	11/2025	135		134		—		135
Chase Intermediate#+	One stop	SF +	5.50%	(n)(o)(p)	10.84%				10/2028	10,741		10,664		0.4		10,527
Chase Intermediate+	One stop	SF +	5.50%	(p)	10.74%				10/2028	150		147		—		143
Chase Intermediate+(5)	One stop	SF +	5.50%		N/A(6)				10/2028	—		(2)		—		(6)
Fortis Solutions Group, LLC*#+	One stop	SF +	5.50%	(o)	10.84%				10/2028	34,490		34,042		1.4		33,456
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(o)	10.84%				10/2027	40		36		—		33
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(o)	10.84%				10/2028	99		14		—		96
Fortis Solutions Group, LLC+(5)	One stop	SF +	5.50%	(o)	10.84%				10/2028	33		(2)		—		(134)
										46,745		46,080		1.8		45,307

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
Distributors
WSC Holdings Midco LLC+ Senior loan SF + 4.50% (m) 5.50% 07/2027 $ 1,237 $ 1,223 — % $ 1,215
WSC Holdings Midco LLC+ Senior loan SF + 4.50% (l)(m) 5.69% 07/2027 1,797 1,782 0.1 1,765
WSC Holdings Midco LLC+(5) Senior loan SF + 4.50% N/A(6) 07/2027 — (1) — (1)
WSC Holdings Midco LLC+ Senior loan SF + 4.50% (m) 5.52% 07/2027 2,976 2,944 0.1 2,924
WSC Holdings Midco LLC+(5) Senior loan SF + 4.50% N/A(6) 07/2027 — (1) — (1)
6,010 5,947 0.2 5,902
Diversified Consumer Services
Certus Pest, Inc.# One stop SF + 5.75% (n) 8.58% 02/2026 1,593 1,562 0.1 1,577
Certus Pest, Inc.# One stop SF + 5.75% (n) 8.58% 02/2026 1,527 1,480 0.1 1,512
Certus Pest, Inc.# One stop SF + 5.75% (n) 7.08% 02/2026 1,080 1,070 — 1,069
Certus Pest, Inc.+ One stop SF + 5.75% (n) 8.58% 02/2026 755 739 — 747
Certus Pest, Inc.# One stop SF + 5.75% (n) 8.58% 02/2026 665 631 — 660
Certus Pest, Inc.+ One stop SF + 5.75% (n) 7.00% 02/2026 649 644 — 642
Certus Pest, Inc.+ One stop SF + 5.75% (n) 7.07% 02/2026 383 374 — 379
Certus Pest, Inc.+ One stop SF + 5.75% (n) 8.58% 02/2026 240 224 — 238
Certus Pest, Inc.+ One stop SF + 5.75% (n) 8.58% 02/2026 131 103 — 130
Certus Pest, Inc.+ One stop SF + 5.75% (n) 7.07% 02/2026 55 49 — 54
Certus Pest, Inc.+(5) One stop SF + 5.75% N/A(6) 02/2026 — — — (1)
Certus Pest, Inc.+(5) One stop SF + 5.75% N/A(6) 02/2026 — (2) — —
Certus Pest, Inc.+(5) One stop SF + 5.75% N/A(6) 02/2026 — (14) — (50)
Certus Pest, Inc.+ One stop SF + 5.75% (n) 7.69% 02/2026 1,102 1,102 0.1 1,091
CHHJ Midco, LLC# Senior loan L + 5.00% (b) 7.25% 01/2026 2,730 2,710 0.1 2,730
CHHJ Midco, LLC+ Senior loan L + 5.00% N/A(6) 01/2026 — — — —
COP Hometown Acquisitions, Inc.+ Senior loan L + 4.50% (c) 5.50% 07/2027 1,717 1,703 0.1 1,700
COP Hometown Acquisitions, Inc.+ Senior loan L + 4.50% (b) 5.50% 07/2027 1,673 1,651 0.1 1,656
COP Hometown Acquisitions, Inc.+ Senior loan L + 4.50% (b)(c) 5.50% 07/2027 1,096 1,084 0.1 1,085
COP Hometown Acquisitions, Inc.+ Senior loan L + 4.50% (b)(c) 5.51% 07/2027 775 766 — 767
COP Hometown Acquisitions, Inc.+ Senior loan L + 4.50% (b) 5.50% 07/2027 200 197 — 198
COP Hometown Acquisitions, Inc.+ Senior loan L + 4.50% N/A(6) 07/2027 — — — —
COP Hometown Acquisitions, Inc.+ Senior loan L + 4.75% (b) 6.19% 07/2027 94 92 — 94
EMS LINQ, LLC+ One stop L + 6.25% (a) 7.92% 12/2027 9,591 9,504 0.4 9,495
EMS LINQ, LLC+(5) One stop L + 6.25% N/A(6) 12/2027 — (1) — (1)
EWC Growth Partners LLC+ One stop L + 7.50% (b) 7.75% cash/2.00% PIK 03/2026 929 918 — 910
EWC Growth Partners LLC+ One stop L + 7.50% (b) 7.75% cash/2.00% PIK 03/2026 61 61 — 60
EWC Growth Partners LLC+ One stop L + 7.50% (b) 7.75% cash/2.00% PIK 03/2026 19 19 — 18
Excelligence Learning Corporation#+ One stop L + 6.00% (b) 8.25% 04/2023 10,802 10,724 0.4 10,802
Flores & Associates, LLC+ One stop L + 5.25% (c) 8.13% 04/2027 3,750 3,681 0.2 3,750
Flores & Associates, LLC+ One stop L + 5.25% (c) 8.13% 04/2027 1,580 1,562 0.1 1,580
Flores & Associates, LLC+ One stop L + 5.25% (c) 8.13% 04/2027 836 828 — 836
Flores & Associates, LLC+ One stop L + 5.25% (c) 8.13% 04/2027 771 764 — 771
Flores & Associates, LLC+ One stop L + 5.25% (c) 8.12% 04/2027 5 4 — 5
FPG Intermediate Holdco, LLC+ One stop L + 6.00% (a) 7.67% 03/2027 9,121 8,979 0.4 9,121
FPG Intermediate Holdco, LLC+ One stop L + 6.00% (a) 7.61% 03/2027 287 275 — 287
FPG Intermediate Holdco, LLC+ One stop L + 6.00% (a)(b)(d) 7.92% 03/2027 56 55 — 56
FSS Buyer LLC+ One stop L + 5.75% (a) 7.42% 08/2028 5,505 5,408 0.2 5,395
FSS Buyer LLC+(5) One stop L + 5.75% N/A(6) 08/2027 — (1) — (1)
HS Spa Holdings, Inc.+ One stop SF + 5.75% (n) 7.56% 06/2029 7,802 7,648 0.3 7,646
HS Spa Holdings, Inc.+(5) One stop SF + 5.75% N/A(6) 06/2028 — (2) — (2)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Diversified Consumer Services
Certus Pest, Inc.#	One stop	SF +	7.50%	(o)	12.89%				02/2026	$	1,577	$	1,548	0.1	%	$	1,561
Certus Pest, Inc.#	One stop	SF +	7.50%	(o)	12.89%				02/2026	1,512		1,471		0.1		1,497
Certus Pest, Inc.+	One stop	SF +	7.50%	(o)	12.89%				02/2026	1,091		1,087		—		1,080
Certus Pest, Inc.#	One stop	SF +	7.50%	(o)	12.89%				02/2026	1,077		1,065		0.1		1,066
Certus Pest, Inc.+	One stop	SF +	7.50%	(o)	12.89%				02/2026	747		733		—		740
Certus Pest, Inc.#	One stop	SF +	7.50%	(o)	12.89%				02/2026	659		631		—		652
Certus Pest, Inc.+	One stop	SF +	7.50%	(o)	12.89%				02/2026	642		636		—		636
Certus Pest, Inc.+	One stop	SF +	7.50%	(o)	12.89%				02/2026	379		371		—		375
Certus Pest, Inc.+	One stop	SF +	7.50%	(o)	12.89%				02/2026	238		225		—		235
Certus Pest, Inc.+	One stop	SF +	7.50%	(o)	12.89%				02/2026	130		109		—		128
Certus Pest, Inc.+	One stop	SF +	7.50%	(o)	12.89%				02/2026	54		50		—		54
Certus Pest, Inc.+(5)	One stop	SF +	7.50%		N/A(6)				02/2026	—		(1)		—		(1)
CHHJ Midco, LLC#	Senior secured	SF +	5.00%	(n)	10.20%				01/2026	2,702		2,688		0.1		2,702
CHHJ Midco, LLC+	Senior secured	SF +	5.00%		N/A(6)				01/2026	—		—		—		—
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.50%	(b)	9.68%				07/2027	1,700		1,688		0.1		1,700
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.50%	(b)	9.68%				07/2027	1,656		1,639		0.1		1,656
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.50%	(b)	9.70%				07/2027	1,085		1,076		—		1,085
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.50%	(b)	9.76%				07/2027	767		760		—		767
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.50%	(b)	9.68%				07/2027	198		195		—		198
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	4.75%	(b)(o)	10.13%				07/2027	119		117		—		119
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	4.50%		N/A(6)				07/2027	—		—		—		—
DP Flores Holdings, LLC#	One stop	SF +	6.25%	(p)	11.59%				09/2028	2,580		2,541		0.1		2,580
DP Flores Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)				09/2028	—		(2)		—		—
DP Flores Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)				09/2028	—		(13)		—		—
EMS LINQ, LLC+	One stop	SF +	6.25%	(n)	11.45%				12/2027	9,591		9,520		0.4		9,304
EMS LINQ, LLC+	One stop	SF +	6.25%	(n)	11.45%				12/2027	75		74		—		71
EWC Growth Partners LLC+	One stop	SF +	6.00%	(o)	11.39%				03/2026	923		915		0.1		923
EWC Growth Partners LLC+	One stop	SF +	6.00%		N/A(6)				03/2026	—		—		—		—
EWC Growth Partners LLC+	One stop	SF +	6.00%	(o)	11.39%				03/2026	14		14		—		14
EWC Growth Partners LLC+	One stop	SF +	6.00%	(o)	11.39%				03/2026	73		73		—		73
Excelligence Learning Corporation#+	One stop	SF +	6.00%	(o)	11.39%				01/2024	10,240		10,205		0.4		10,240
FPG Intermediate Holdco, LLC+	One stop	SF +	6.00%	(o)	11.41%				03/2027	7,721		7,626		0.3		7,644
FPG Intermediate Holdco, LLC+	One stop	SF +	6.00%	(o)	11.41%				03/2027	569		560		—		564
FPG Intermediate Holdco, LLC+	One stop	SF +	6.00%	(n)(o)	11.36%				03/2027	23		22		—		22
FPG Intermediate Holdco, LLC+(5)	One stop	SF +	6.50%		N/A(6)				03/2027	—		(11)		—		—
FSS Buyer LLC+	One stop	SF +	5.75%	(o)	10.95%				08/2028	5,450		5,369		0.2		5,450
FSS Buyer LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2027	—		(1)		—		—
HS Spa Holdings, Inc.+	One stop	SF +	5.75%	(p)	11.07%				06/2029	7,724		7,593		0.3		7,569
HS Spa Holdings, Inc.+	One stop	SF +	5.75%	(o)	10.80%				06/2028	15		14		—		14
Learn-it Systems, LLC+(23)	Senior secured	SF +	5.25%	(o)(p)	8.02%	cash/	2.75%	PIK	09/2026	2,518		2,535		0.1		2,266
Learn-it Systems, LLC+(23)	Senior secured	SF +	5.25%	(o)	8.09%	cash/	2.75%	PIK	09/2026	1,355		1,353		0.1		1,220
Learn-it Systems, LLC+(23)	Senior secured	SF +	5.25%	(o)	7.90%	cash/	2.75%	PIK	09/2026	610		608		—		549
Learn-it Systems, LLC+(5)(23)	Senior secured	L +	4.75%	(b)	10.29%				09/2026	—		—		—		(5)
Liminex, Inc.+	One stop	SF +	7.25%	(o)	12.64%				11/2026	25,462		25,099		1.0		25,080
Liminex, Inc.+	One stop	SF +	7.25%	(o)	12.64%				11/2026	20,000		19,778		0.8		19,700
Liminex, Inc.+	One stop	SF +	7.25%	(o)	12.64%				11/2026	800		792		—		788
Liminex, Inc.+	One stop	SF +	7.25%	(o)	12.65%				11/2026	125		123		—		122
Liminex, Inc.+	One stop	SF +	7.25%	(o)	12.64%				11/2026	15,837		15,535		0.6		15,599

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
Learn-it Systems, LLC+ Senior loan L + 4.75% (b) 6.32% 03/2025 $ 2,503 $ 2,530 0.1 % $ 2,403
Learn-it Systems, LLC+ Senior loan L + 4.75% (b) 7.00% 03/2025 1,347 1,344 — 1,293
Learn-it Systems, LLC+ Senior loan L + 4.75% (b) 6.58% 03/2025 607 597 — 583
Learn-it Systems, LLC+ Senior loan L + 4.75% (b) 7.00% 03/2025 33 33 — 31
Liminex, Inc.+~ One stop SF + 7.25% (m) 9.45% 11/2026 25,462 25,109 1.0 25,971
Liminex, Inc.+ One stop SF + 7.25% (m) 9.45% 11/2026 800 794 — 816
Liminex, Inc.+(5) One stop SF + 7.25% N/A(6) 11/2026 — (1) — —
Liminex, Inc.+ One stop SF + 6.25% (m) 8.45% 11/2026 20,000 19,805 0.8 19,623
Litera Bidco LLC+ One stop L + 6.00% (a) 7.67% 05/2026 5,733 5,676 0.2 5,733
Litera Bidco LLC+ One stop L + 5.75% (a) 7.42% 05/2026 3,683 3,698 0.1 3,653
Litera Bidco LLC+ One stop L + 5.75% (a) 7.42% 05/2026 690 707 — 685
Litera Bidco LLC+ One stop L + 5.75% (a) 7.42% 05/2026 690 707 — 685
Litera Bidco LLC+ One stop L + 6.00% (a)(b) 8.08% 05/2026 519 514 — 519
Litera Bidco LLC+ One stop L + 5.75% N/A(6) 05/2025 — — — —
Mario Purchaser, LLC+ One stop SF + 5.75% (l) 7.38% 04/2029 7,654 7,504 0.3 7,501
Mario Purchaser, LLC+ One stop SF + 10.75% (l) 11.63% PIK 04/2029 1,478 1,436 0.1 1,434
Mario Purchaser, LLC+(5) One stop SF + 5.75% N/A(6) 04/2028 — (1) — (1)
Mario Purchaser, LLC+(5) One stop SF + 5.75% N/A(6) 04/2029 — (4) — (4)
Mathnasium, LLC# One stop L + 5.00% (c) 5.75% 11/2027 9,284 9,201 0.4 9,098
Mathnasium, LLC+ One stop L + 5.00% (c) 5.75% 11/2027 13 12 — 11
NSG Buyer, Inc. + One stop P + 5.00% (d) 9.75% 06/2029 7,894 7,815 0.3 7,815
NSG Buyer, Inc. + One stop P + 5.00% (d) 9.75% 06/2028 12 11 — 11
NSG Buyer, Inc. +(5) One stop SF + 6.00% N/A(6) 06/2029 — (20) — (20)
PADI Holdco, Inc.*# One stop L + 7.25% (c) 6.75% cash/1.50% PIK 04/2024 21,560 21,555 0.8 20,910
PADI Holdco, Inc.+~(8)(9) One stop E + 7.25% (f) 5.75% cash/1.50% PIK 04/2024 19,013 20,832 0.7 18,440
PADI Holdco, Inc.~ One stop L + 7.25% (b) 6.75% cash/1.50% PIK 04/2024 821 816 — 796
PADI Holdco, Inc.+ One stop L + 7.25% (b) 6.75% cash/1.50% PIK 04/2024 169 168 — 164
PADI Holdco, Inc.+(5) One stop L + 7.25% N/A(6) 04/2023 — (1) — (5)
Provenance Buyer LLC#+ One stop L + 5.00% (a) 6.67% 06/2027 18,325 18,017 0.7 18,141
Provenance Buyer LLC+(5) One stop L + 5.00% N/A(6) 06/2027 — (2) — (1)
Provenance Buyer LLC+(5) One stop L + 5.00% N/A(6) 06/2027 — (3) — (3)
Provenance Buyer LLC+ One stop L + 5.00% (a) 6.67% 06/2027 10,000 9,900 0.4 9,900
RW AM Holdco LLC+ One stop SF + 5.25% (m) 7.45% 04/2028 17,729 17,557 0.7 17,551
RW AM Holdco LLC+(5) One stop SF + 5.25% N/A(6) 04/2028 — (1) — (2)
243,599 242,896 9.3 240,737
Diversified Financial Services
AxiomSL Group, Inc.+ One stop L + 6.00% (a) 7.67% 12/2027 4,026 3,957 0.1 3,986
AxiomSL Group, Inc.+ One stop L + 6.00% N/A(6) 12/2027 — — — —
AxiomSL Group, Inc.+ One stop L + 6.00% N/A(6) 12/2025 — — — —
Banker's Toolbox, Inc.+ One stop L + 5.25% (c) 6.75% 07/2027 8,038 7,954 0.3 7,877
Banker's Toolbox, Inc.+(5) One stop L + 5.25% N/A(6) 07/2027 — — — (2)
Banker's Toolbox, Inc.+(5) One stop L + 5.25% N/A(6) 07/2027 — — — (68)
Flash Topco, Inc. * One stop L + 5.75% (b) 6.99% 10/2028 9,845 9,755 0.4 9,746
Flash Topco, Inc. +(5) One stop L + 5.75% N/A(6) 10/2028 — (1) — (1)
Higginbotham Insurance Agency, Inc.+ One stop L + 5.50% (a) 7.17% 11/2026 4,588 4,537 0.2 4,542
Higginbotham Insurance Agency, Inc.+ One stop L + 5.50% (a) 7.17% 11/2026 26 25 — 24
26,523 26,227 1.0 26,104


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Litera Bidco LLC+	One stop	SF +	6.00%	(n)	11.20%				05/2026	$	5,675	$	5,633	0.2	%	$	5,675
Litera Bidco LLC+	One stop	SF +	5.25%	(n)	10.45%				05/2026	3,646		3,657		0.2		3,646
Litera Bidco LLC+	One stop	SF +	5.25%	(n)	10.45%				05/2026	683		696		—		683
Litera Bidco LLC+	One stop	SF +	5.25%	(n)	10.45%				05/2026	683		696		—		683
Litera Bidco LLC+	One stop	SF +	6.00%	(n)	11.20%				05/2026	513		510		—		513
Litera Bidco LLC+	One stop	SF +	5.25%		N/A(6)				05/2025	—		—		—		—
Mario Purchaser, LLC+	One stop	SF +	5.75%	(n)	10.95%				04/2029	7,596		7,470		0.3		7,368
Mario Purchaser, LLC+(23)	One stop	SF +	10.75%	(n)	15.95%	PIK			04/2032	1,713		1,677		0.1		1,696
Mario Purchaser, LLC+(5)	One stop	SF +	5.75%		N/A(6)				04/2028	—		(1)		—		(2)
Mario Purchaser, LLC+	One stop	SF +	5.75%	(n)	10.95%				04/2029	169		165		—		158
Mathnasium, LLC#	One stop	SF +	5.00%	(o)	10.24%				11/2027	9,191		9,124		0.4		9,191
Mathnasium, LLC+	One stop	SF +	5.00%	(o)	10.24%				11/2027	13		12		—		13
NSG Buyer, Inc. *#+	One stop	SF +	6.50%	(n)	11.70%				11/2029	20,787		20,372		0.8		20,579
NSG Buyer, Inc. +(5)	One stop	SF +	6.50%		N/A(6)				11/2029	—		(37)		—		(41)
NSG Buyer, Inc. +(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		—		—		(1)
PADI Holdco, Inc.*#(23)	One stop	SF +	6.50%	(o)	11.16%	cash/	0.75%	PIK	04/2024	21,595		21,551		0.9		21,379
PADI Holdco, Inc.+(8)(9)(23)	One stop	E +	6.50%	(f)	9.22%	cash/	0.75%	PIK	04/2024	19,969		20,935		0.8		19,769
PADI Holdco, Inc.+(23)	One stop	L +	6.50%	(b)	11.29%	cash/	0.75%	PIK	04/2024	833		831		—		825
PADI Holdco, Inc.+(23)	One stop	SF +	6.50%	(o)	11.15%	cash/	0.75%	PIK	04/2024	172		172		—		170
PADI Holdco, Inc.+(5)	One stop	L +	5.75%		N/A(6)				04/2024	—		—		—		(2)
Provenance Buyer LLC*#+	One stop	SF +	5.00%	(n)	10.20%				06/2027	18,140		17,894		0.7		18,140
Provenance Buyer LLC#	One stop	SF +	5.00%	(n)	10.20%				06/2027	9,900		9,821		0.4		9,900
Provenance Buyer LLC+(5)	One stop	SF +	5.00%		N/A(6)				06/2027	—		(2)		—		—
Provenance Buyer LLC+(5)	One stop	SF +	5.00%		N/A(6)				06/2027	—		(2)		—		—
RW AM Holdco LLC#+	One stop	SF +	5.25%	(p)	10.21%				04/2028	17,596		17,455		0.7		16,892
RW AM Holdco LLC+(5)	One stop	P +	4.25%		N/A(6)				04/2028	—		(1)		—		(6)
										266,912		265,038		10.5		263,265
Diversified Financial Services
Adenza Group, Inc. +	One stop	SF +	5.75%	(n)	10.97%				12/2027	3,985		3,930		0.1		3,985
Adenza Group, Inc. +	One stop	SF +	5.75%		N/A(6)				12/2027	—		—		—		—
Adenza Group, Inc. +	One stop	SF +	5.75%		N/A(6)				12/2025	—		—		—		—
Avalara, Inc.+	One stop	SF +	7.25%	(o)	12.49%				10/2028	11,941		11,677		0.5		11,941
Avalara, Inc.+(5)	One stop	SF +	7.25%		N/A(6)				10/2028	—		(3)		—		—
Banker's Toolbox, Inc.+	One stop	SF +	5.25%	(n)	10.45%				07/2027	7,956		7,889		0.3		7,877
Banker's Toolbox, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				07/2027	—		—		—		(1)
Banker's Toolbox, Inc.+	One stop	SF +	5.25%	(n)	10.45%				07/2027	1,482		1,478		0.1		1,448
Flash Topco, Inc.*	One stop	SF +	5.75%	(o)	10.93%				10/2028	9,746		9,670		0.4		9,161
Flash Topco, Inc.+	One stop	SF +	6.50%	(o)	11.58%				10/2028	35		35		—		32
Flash Topco, Inc.+	One stop	SF +	6.50%	(o)	11.58%				12/2024	17		16		—		16
Higginbotham Insurance Agency, Inc.+	One stop	SF +	5.25%	(o)	10.45%				11/2026	4,542		4,503		0.2		4,542
Higginbotham Insurance Agency, Inc.+	One stop	SF +	5.25%	(o)	10.45%				11/2026	184		183		—		184

										39,888		39,378		1.6		39,185

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
Diversified Telecommunication Services
NTI Connect, LLC+ Senior loan L + 5.00% (b) 7.25% 12/2024 $ 1,632 $ 1,611 0.1 % $ 1,632
Electronic Equipment, Instruments & Components
CST Buyer Company#+ One stop L + 5.50% (a) 7.17% 10/2025 20,172 20,003 0.8 20,172
CST Buyer Company#+~ One stop L + 5.50% (a) 7.17% 10/2025 10,140 10,069 0.4 10,140
CST Buyer Company+ One stop L + 5.50% N/A(6) 10/2025 — — — —
Electrical Source Holdings, LLC*#+ One stop L + 5.25% (b) 6.82% 11/2025 76,174 75,867 2.9 76,174
Electrical Source Holdings, LLC+ One stop L + 5.25% (b) 7.50% 11/2025 19,830 19,830 0.8 19,830
Electrical Source Holdings, LLC+ Senior loan L + 5.25% (b) 7.50% 11/2025 650 643 — 650
Electrical Source Holdings, LLC+ Senior loan L + 5.25% (b) 7.50% 11/2025 137 137 — 137
Electrical Source Holdings, LLC+ Senior loan L + 5.25% (b) 7.03% 11/2025 54 52 — 54
Electrical Source Holdings, LLC+ Senior loan L + 5.25% (b) 7.50% 11/2025 94 94 — 94
Electrical Source Holdings, LLC+ Senior loan L + 5.25% (b) 7.50% 11/2025 89 88 — 89
Electrical Source Holdings, LLC+ Senior loan L + 5.25% (b) 7.50% 11/2025 88 86 — 88
Electrical Source Holdings, LLC+ Senior loan L + 5.25% (b) 7.50% 11/2025 46 45 — 46
Electrical Source Holdings, LLC+ Senior loan L + 5.25% (b) 6.82% 11/2025 42 41 — 42
Electrical Source Holdings, LLC+ Second lien L + 5.25% (b) 7.50% 11/2025 35 35 — 35
Electrical Source Holdings, LLC+ Senior loan L + 5.25% (b) 7.50% 11/2025 17 17 — 17
Electrical Source Holdings, LLC+(5) One stop L + 5.25% N/A(6) 11/2025 — (110) — —
Electrical Source Holdings, LLC+ One stop L + 5.25% (b) 6.73% 11/2025 1,756 1,756 0.1 1,756
Watchfire Enterprises, Inc.+ Second lien L + 8.00% (a) 9.67% 10/2024 9,435 9,395 0.3 9,435
Watchfire Enterprises, Inc.+ Senior loan L + 4.25% (a) 5.92% 07/2024 1,725 1,714 0.1 1,725
140,484 139,762 5.4 140,484


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Diversified Telecommunication Services
NTI Connect, LLC+	Senior secured	SF +	4.75%	(o)	10.14%	12/2024	$	1,616	$	1,603	0.1	%	$	1,616

Electronic Equipment, Instruments & Components
CST Holding Company+	One stop	SF +	6.75%	(n)	11.95%	11/2028	24,595		23,939		1.0		24,595
CST Holding Company+(5)	One stop	SF +	6.75%		N/A(6)	11/2028	—		(1)		—		—



							24,595		23,938		1.0		24,595



Food & Staples Retailing
Cafe Rio Holding, Inc.*#	One stop	SF +	5.50%	(o)	10.89%	09/2028	18,083	18,056	0.7	18,083
Cafe Rio Holding, Inc.#+	One stop	SF +	5.50%	(o)	10.89%	09/2028	3,251	3,231	0.1	3,251
Cafe Rio Holding, Inc.#+	One stop	SF +	5.50%	(o)	10.89%	09/2028	2,186	2,185	0.1	2,186
Cafe Rio Holding, Inc.*#	One stop	SF +	5.50%	(o)	10.89%	09/2028	1,387	1,387	0.1	1,387
Cafe Rio Holding, Inc.#+	One stop	SF +	5.50%	(o)	10.89%	09/2028	1,225	1,225	0.1	1,225
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(o)	10.89%	09/2028	202	201	—	202
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(o)	10.89%	09/2028	176	176	—	176
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%		N/A(6)	09/2028	—	—	—	—


Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(o)	10.89%	09/2028	79	79	—	79
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(o)	10.89%	09/2028	100	99	—	100
Mendocino Farms, LLC+	One stop	SF +	6.25%	(n)	11.45%	06/2025	926	919	0.1	926
Mendocino Farms, LLC+	One stop	SF +	6.25%	(n)	11.45%	06/2025	727	722	—	727
Mendocino Farms, LLC+	One stop	SF +	6.25%	(n)	11.45%	06/2025	713	709	—	713
Mendocino Farms, LLC+	One stop	SF +	6.25%	(n)	11.45%	06/2025	351	349	—	351
Mendocino Farms, LLC+	One stop	SF +	6.25%	(n)	11.45%	06/2025	351	348	—	351
Mendocino Farms, LLC+	One stop	SF +	6.25%	(n)	11.45%	06/2025	173	172	—	173
Mendocino Farms, LLC+	One stop	SF +	6.25%	(n)	11.45%	06/2025	105	104	—	105
Mendocino Farms, LLC+	One stop	SF +	6.25%	(n)	11.45%	06/2025	412	403	—	412
Mendocino Farms, LLC+	One stop	SF +	6.25%	(n)	11.45%	06/2025	308	306	—	308
Mendocino Farms, LLC+	One stop	SF +	6.25%	(n)	11.45%	06/2025	515	511	—	515
Ruby Slipper Cafe LLC, The*+	One stop	SF +	7.50%	(o)	12.89%	06/2024	2,008	2,008	0.1	2,008
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(o)	12.89%	06/2024	407	407	—	407
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(o)	12.89%	06/2024	289	288	—	289
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(o)	12.89%	06/2024	—	—	—	—
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(o)	12.89%	06/2024	21	21	—	21
Wineshipping.com LLC+	One stop	SF +	5.75%	(o)	11.16%	10/2027	6,742	6,693	0.3	6,472
Wineshipping.com LLC+	One stop	SF +	5.75%	(o)	10.86%	10/2027	184	177	—	177
Wineshipping.com LLC+	One stop	SF +	5.75%	(o)	10.99%	10/2027	37	36	—	33













							40,958	40,812	1.6	40,677

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
Food Products
Borrower R365 Holdings, LLC+(23)	One stop	SF +	6.50%	(o)	11.89%				06/2027	$	13,701	$	13,532	0.5	%	$	13,564
Borrower R365 Holdings, LLC+(23)	One stop	SF +	6.50%	(o)	11.89%				06/2027	1,130		1,114		—		1,118
Borrower R365 Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)				06/2027	—		(1)		—		(1)
Borrower R365 Holdings, LLC+(5)	One stop	SF +	9.50%		N/A(6)				06/2027	—		(1)		—		(1)
Borrower R365 Holdings, LLC+(23)	One stop	SF +	6.50%	(o)	11.89%				06/2027	43		43		—		43
Flavor Producers, LLC#+(23)	Senior secured	SF +	6.50%	(d)(o)	10.09%	cash/	1.75%	PIK	12/2024	5,024		5,010		0.2		4,773
Flavor Producers, LLC+(5)(23)	Senior secured	SF +	6.50%	(o)	10.09%	cash/	1.75%	PIK	09/2024	—		—		—		(2)
Kodiak Cakes, LLC*#+	Senior secured	SF +	8.75%	(o)	13.99%				06/2027	12,369		12,060		0.5		11,348
Kodiak Cakes, LLC+	Senior secured	SF +	8.75%	(o)	13.99%				06/2026	150		146		—		132
Louisiana Fish Fry Products, Ltd.*+	One stop	SF +	6.25%	(p)	11.36%				07/2027	9,703		9,635		0.4		9,121
Louisiana Fish Fry Products, Ltd.+	One stop	SF +	6.25%	(p)	11.36%				07/2027	44		43		—		35
MAPF Holdings, Inc.*#+	One stop	SF +	5.00%	(o)	10.39%				12/2026	37,690		37,469		1.5		37,690
MAPF Holdings, Inc.+	One stop	SF +	5.00%	(o)	10.37%				12/2026	130		128		—		130
P&P Food Safety Holdings, Inc.*+	One stop	SF +	6.00%	(n)(o)	11.39%				12/2026	17,624		17,484		0.7		17,095
P&P Food Safety Holdings, Inc.+(5)	One stop	SF +	6.00%		N/A(6)				12/2026	—		(1)		—		(3)
P&P Food Safety Holdings, Inc.+(5)	One stop	SF +	6.00%		N/A(6)				12/2026	—		(4)		—		(16)
Purfoods, LLC+(23)	One stop	N/A			7.00%	PIK			05/2026	66		68		—		66
Ultimate Baked Goods Midco LLC+	One stop	SF +	6.25%	(n)	11.45%				08/2027	6,621		6,565		0.3		6,621
Ultimate Baked Goods Midco LLC+(5)	One stop	SF +	6.25%		N/A(6)				08/2027	—		(24)		—		—
Whitebridge Pet Brands, LLC*#+	One stop	SF +	5.00%	(n)	10.20%				07/2027	21,306		21,041		0.8		21,092
Whitebridge Pet Brands, LLC+(5)	One stop	SF +	5.00%		N/A(6)				07/2027	—		(2)		—		(3)
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	5.67%	(l)	10.60%				03/2029	6,899		7,074		0.3		6,365
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	5.67%	(l)	10.60%				09/2028	38		35		—		31
Wizard Bidco Limited+(8)(10)	One stop	SF +	7.00%	(o)	12.23%				03/2029	16,243		15,942		0.6		16,080
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	7.00%	(l)	11.93%				03/2029	5,643		5,385		0.2		5,587
Wizard Bidco Limited+(5)(8)(9)(10)	One stop	SN +	7.00%		N/A(6)				03/2029	—		(55)		—		(40)
										154,424		152,686		6.0		150,825

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
Food Products
Borrower R365 Holdings, LLC+ One stop L + 6.50% (b) 5.76% cash/3.00% PIK 06/2027 $ 13,388 $ 13,174 0.5 % $ 13,388
Borrower R365 Holdings, LLC+ One stop L + 6.50% (b) 5.76% cash/3.00% PIK 06/2027 1,104 1,084 — 1,104
Borrower R365 Holdings, LLC+(5) One stop L + 6.50% N/A(6) 06/2027 — (1) — —
Borrower R365 Holdings, LLC+(5) One stop L + 3.50% N/A(6) 06/2027 — (1) — —
Flavor Producers, LLC#~ Senior loan L + 5.75% (a) 6.40% cash/1.00% PIK 12/2023 5,005 4,957 0.2 4,854
Flavor Producers, LLC+ Senior loan L + 5.75% (a) 6.40% cash/1.00% PIK 12/2022 18 18 — 18
Kodiak Cakes, LLC*#+ Senior loan L + 4.50% (b) 6.75% 06/2027 12,369 12,240 0.5 12,122
Kodiak Cakes, LLC+ Senior loan L + 4.50% (b) 6.74% 06/2026 100 98 — 97
Louisiana Fish Fry Products, Ltd.*+ One stop L + 5.75% (a) 7.42% 07/2027 9,802 9,718 0.4 9,507
Louisiana Fish Fry Products, Ltd.+ One stop L + 5.75% (b)(c) 8.32% 07/2027 73 71 — 68
MAPF Holdings, Inc.*#+~ One stop L + 6.00% (b) 8.25% 12/2026 38,075 37,789 1.4 38,075
MAPF Holdings, Inc.+ One stop SF + 6.00% (n) 7.01% 12/2026 70 68 — 70
P&P Food Safety Holdings, Inc.*+~ One stop L + 6.00% (c) 8.88% 12/2026 17,767 17,585 0.7 17,412
P&P Food Safety Holdings, Inc.+(5) One stop L + 6.00% N/A(6) 12/2026 — (1) — (2)
P&P Food Safety Holdings, Inc.+(5) One stop L + 6.00% N/A(6) 12/2026 — (5) — —
Purfoods, LLC+ One stop N/A 7.00% PIK 05/2026 66 69 — 66
Ultimate Baked Goods Midco LLC+ One stop L + 6.50% (a) 8.17% 08/2027 6,688 6,631 0.2 6,354
Ultimate Baked Goods Midco LLC+ One stop L + 6.50% (a) 8.17% 08/2027 41 11 — 37
Whitebridge Pet Brands, LLC+ One stop L + 5.00% (a) 6.67% 07/2027 23,061 22,728 0.9 23,061
Whitebridge Pet Brands, LLC+(5) One stop L + 5.00% N/A(6) 07/2027 — (2) — —
Wizard Bidco Limited+(8)(9)(10) One stop SN + 4.75% (j) 5.94% 03/2029 6,615 7,058 0.3 6,533
Wizard Bidco Limited+(5)(8)(9)(10) One stop SN + 4.75% N/A(6) 09/2028 — (1) — (1)
134,242 133,288 5.1 132,763


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Equipment & Supplies
Aspen Medical Products, LLC#+	One stop	SF +	5.00%	(o)	10.24%				06/2025	$	4,115	$	4,144	0.2	%	$	4,115
Aspen Medical Products, LLC+	One stop	SF +	5.00%	(o)	10.24%				06/2025	263		262		—		263
Aspen Medical Products, LLC+	One stop	SF +	5.00%		N/A(6)				06/2025	—		—		—		—
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	5.95%	(m)	11.26%				08/2028	5,415		5,360		0.2		5,415
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	5.95%	(f)	9.26%				08/2028	3,160		3,394		0.1		3,160
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SN +	5.95%	(l)	11.00%				08/2028	898		946		0.1		898
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	5.95%	(f)	9.55%				08/2028	754		759		—		754
Baduhenna Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.95%		N/A(6)				08/2028	—		(15)		—		—
Belmont Instrument, LLC*#	One stop	SF +	6.25%	(o)	11.49%				08/2028	9,826		9,742		0.4		9,826
Belmont Instrument, LLC+	One stop	SF +	6.25%	(m)	11.30%				08/2028	33		32		—		33
Blades Buyer, Inc.#+	Senior secured	SF +	5.00%	(o)	9.89%				03/2028	9,983		9,899		0.4		9,882
Blades Buyer, Inc.+	Senior secured	P +	3.75%	(d)	12.00%				03/2028	27		25		—		23
Blades Buyer, Inc.+	Senior secured	SF +	5.00%	(p)	9.90%				03/2028	318		316		—		314
Blades Buyer, Inc.+	Senior secured	SF +	5.25%	(n)	9.89%				03/2028	1,304		1,285		0.1		1,304
Blue River Pet Care, LLC*#+	One stop	SF +	5.75%	(n)	10.95%				07/2026	50,805		50,559		2.0		50,298
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(n)	10.94%				08/2025	64		62		—		60
Blue River Pet Care, LLC+(5)	One stop	SF +	5.75%		N/A(6)				07/2026	—		(1)		—		(2)
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(n)	10.95%				07/2026	179		177		—		177
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(n)	10.95%				07/2026	172		171		—		170
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(n)	10.95%				07/2026	766		761		—		758
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(o)	11.10%				07/2026	170		169		—		168
CCSL Holdings, LLC*#(8)	One stop	SF +	5.75%	(n)	10.95%				12/2026	15,281		15,169		0.6		15,128
CCSL Holdings, LLC+(8)	One stop	SF +	5.75%	(n)	10.95%				12/2026	4,124		4,097		0.2		4,083
CCSL Holdings, LLC+(8)(9)	One stop	SN +	5.75%	(l)	10.78%				12/2026	2,455		2,414		0.1		2,430
CCSL Holdings, LLC+(8)	One stop	SF +	5.75%	(n)	10.95%				12/2026	150		149		—		148
CCSL Holdings, LLC+(5)(8)	One stop	SF +	5.75%		N/A(6)				12/2026	—		(20)		—		—
CMI Parent Inc.*#	Senior secured	SF +	4.75%	(n)	9.95%				08/2025	6,449		6,497		0.3		6,449
CMI Parent Inc.*	Senior secured	SF +	4.75%	(n)	9.95%				08/2025	3,196		3,178		0.1		3,196
CMI Parent Inc.+(5)	Senior secured	SF +	4.75%		N/A(6)				08/2025	—		(2)		—		—
CMI Parent Inc.*	Senior secured	SF +	4.75%	(n)	9.95%				08/2025	2,910		2,889		0.1		2,910
G & H Wire Company, Inc.+(23)	One stop	L +	9.00%	(b)	7.98%	cash/	6.50%	PIK	12/2024	11,653		11,540		0.4		9,322
G & H Wire Company, Inc.+(23)	One stop	L +	9.00%	(b)	7.98%	cash/	6.50%	PIK	12/2024	98		98		—		70
Joerns Healthcare, LLC+(7)(23)	One stop	SF +	18.00%	(o)	23.35%				01/2024	1,470		1,470		—		1,191
Joerns Healthcare, LLC+(23)	One stop	SF +	18.00%	(o)	23.35%				01/2024	293		293		—		293







										136,331		135,819		5.3		132,836

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
Health Care Equipment & Supplies
Aspen Medical Products, LLC#~ One stop L + 5.00% (a) 6.16% 06/2025 $ 4,115 $ 4,159 0.2 % $ 4,074
Aspen Medical Products, LLC+ One stop L + 5.00% (a) 6.16% 06/2025 263 261 — 260
Aspen Medical Products, LLC+ One stop L + 5.00% N/A(6) 06/2025 — — — —
Baduhenna Bidco Limited+(8)(10) One stop SF + 6.50% (k) 8.20% 08/2028 5,415 5,350 0.2 5,415
Baduhenna Bidco Limited+(8)(9)(10) One stop E + 6.45% (e) 6.45% 08/2028 3,036 3,388 0.2 3,036
Baduhenna Bidco Limited+(8)(9)(10) One stop SN + 6.50% (j) 7.81% 08/2028 861 938 — 861
Baduhenna Bidco Limited+(8)(9)(10) One stop E + 6.45% (e) 6.45% 08/2028 724 755 — 724
Baduhenna Bidco Limited+(5)(8)(9)(10) One stop SN + 6.50% N/A(6) 08/2028 — (17) — —
Belmont Instrument, LLC#+ Senior loan SF + 4.75% (m) 6.98% 12/2023 5,041 5,023 0.2 5,041
Belmont Instrument, LLC+ Senior loan SF + 4.75% (m) 6.98% 12/2023 463 459 — 463
Blades Buyer, Inc.#+~ Senior loan SF + 4.75% (m)(n) 7.43% 03/2028 10,071 9,960 0.4 9,869
Blades Buyer, Inc.+(5) Senior loan SF + 4.75% N/A(6) 03/2028 — (1) — (3)
Blades Buyer, Inc.+(5) Senior loan SF + 4.75% N/A(6) 03/2028 — (2) — (6)
Blue River Pet Care, LLC*#+ One stop L + 5.00% (b) 6.24% 07/2026 51,094 50,766 2.0 50,583
Blue River Pet Care, LLC+ One stop L + 5.00% (a) 6.61% 08/2025 172 170 — 170
Blue River Pet Care, LLC+(5) One stop L + 5.00% N/A(6) 07/2026 — (6) — (2)
Blue River Pet Care, LLC+(5) One stop L + 5.00% N/A(6) 07/2026 — (14) — (15)
CCSL Holdings, LLC*+ One stop L + 6.50% (c) 8.00% 12/2026 15,437 15,292 0.6 15,283
CCSL Holdings, LLC+(5) One stop L + 6.50% N/A(6) 12/2026 — (16) — (14)
CCSL Holdings, LLC+ One stop L + 6.50% (a) 8.16% 12/2026 70 68 — 68
CCSL Holdings, LLC+ One stop L + 6.50% (c) 8.00% 12/2026 4,166 4,131 0.2 4,125
CCSL Holdings, LLC+(8)(9) One stop SN + 6.50% (j) 7.79% 12/2026 2,378 2,433 0.1 2,354
CCSL Holdings, LLC+(5) One stop SF + 6.25% N/A(6) 12/2026 — (25) — (26)
CMI Parent Inc.#+ Senior loan L + 4.25% (b) 5.73% 08/2025 6,515 6,586 0.2 6,450
CMI Parent Inc.+ Senior loan L + 4.25% (b) 6.50% 08/2025 3,228 3,202 0.1 3,196
CMI Parent Inc.+(5) Senior loan L + 4.25% N/A(6) 08/2025 — (2) — (4)
G & H Wire Company, Inc.#+ One stop L + 7.00% (c) 8.50% 09/2023 10,992 10,967 0.4 10,882
G & H Wire Company, Inc.+ One stop L + 7.00% (a)(b)(c) 8.60% 09/2022 72 72 — 70
Joerns Healthcare, LLC*+ One stop L + 6.00% (b) 8.10% 08/2024 1,992 1,958 0.1 1,236
Joerns Healthcare, LLC*+(7) One stop L + 6.00% (b) 8.10% 08/2024 1,917 1,889 — 383
Joerns Healthcare, LLC+ One stop N/A 15.00% PIK 11/2022 1,243 1,232 — 1,243
129,265 128,976 4.9 125,716


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Providers & Services
AAH TOPCO, LLC +	One stop	SF +	5.50%	(n)	10.70%				12/2027	$	8,266	$	8,204	0.3	%	$	8,018
AAH TOPCO, LLC +(23)	Subordinated debt	N/A			11.50%	PIK			12/2031	1,177		1,160		—		1,059
AAH TOPCO, LLC +(5)	One stop	SF +	5.50%		N/A(6)				12/2027	—		—		—		(2)
AAH TOPCO, LLC +	One stop	SF +	5.50%	(n)	10.70%				12/2027	473		469		—		456
Active Day, Inc.#+	One stop	SF +	5.75%	(o)	11.14%				02/2025	17,611		17,488		0.7		17,259
Active Day, Inc.#+	One stop	SF +	5.75%	(o)	11.14%				02/2025	1,359		1,350		0.1		1,332
Active Day, Inc.*#	One stop	SF +	5.75%	(o)	11.14%				02/2025	876		870		—		859
Active Day, Inc.+	One stop	SF +	5.75%	(o)	11.14%				02/2025	698		694		—		684
Active Day, Inc.+	One stop	SF +	5.75%	(o)	11.14%				02/2025	616		611		—		604
Active Day, Inc.*#	One stop	SF +	5.75%	(o)	11.14%				02/2025	605		601		—		593
Active Day, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				02/2025	—		(2)		—		(4)
Active Day, Inc.+	One stop	SF +	5.75%	(o)	11.14%				02/2025	—		—		—		—
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(o)	11.38%				03/2026	16,384		16,220		0.6		15,770
Acuity Eyecare Holdings, LLC+(23)	One stop	N/A			16.50%				06/2027	11,684		11,515		0.5		11,333
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(o)	11.64%				03/2026	4,046		4,018		0.2		3,925
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(o)	11.65%				03/2026	3,605		3,574		0.1		3,497
Acuity Eyecare Holdings, LLC#+	One stop	SF +	6.25%	(o)	11.64%				03/2026	3,504		3,481		0.2		3,399
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(o)	11.64%				03/2026	3,179		3,195		0.1		3,084
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(o)	11.28%				03/2026	2,032		2,001		0.1		1,955
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(o)	11.64%				03/2026	1,853		1,874		0.1		1,798
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(o)	11.64%				03/2026	448		446		—		435
Acuity Eyecare Holdings, LLC+(23)	One stop	SF +	13.00%	(o)	11.64%	cash/	6.75%	PIK	03/2026	261		259		—		267
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(o)	11.64%				03/2026	165		164		—		160
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(o)	11.20%				03/2026	30		27		—		22
Acuity Eyecare Holdings, LLC+	Senior secured	SF +	6.25%	(o)	11.53%				03/2026	109		108		—		106
Acuity Eyecare Holdings, LLC+(23)	One stop	SF +	13.00%	(o)	11.60%	cash/	6.75%	PIK	03/2026	101		100		—		101
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(o)	11.64%				03/2026	1		1		—		1
Acuity Eyecare Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)				03/2026	—		(2)		—		(8)
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(o)	11.34%				03/2026	1,036		1,025		—		997
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.13%	(n)	11.33%				03/2027	4,672		4,634		0.2		4,649
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.13%	(n)	11.33%				03/2027	3,906		3,862		0.2		3,886
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(23)	Subordinated debt	SF +	10.50%	(n)	15.70%				03/2028	2,126		2,104		0.1		2,126
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(23)	Subordinated debt	SF +	10.50%	(n)	15.70%				03/2028	813		806		—		813
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(23)	Subordinated debt	SF +	10.50%	(n)	15.70%				03/2028	254		251		—		254
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.25%	(o)	11.61%				03/2027	153		152		—		153
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)	One stop	SF +	6.00%		N/A(6)				03/2027	—		(1)		—		(1)
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.25%	(n)(o)	11.48%				03/2027	73		72		—		73
Community Care Partners, LLC+	One stop	SF +	6.00%	(n)	11.22%				06/2026	2,331		2,316		0.1		2,168
Community Care Partners, LLC+(5)	One stop	SF +	6.00%		N/A(6)				06/2026	—		(2)		—		—
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	4.75%	(o)	10.14%				12/2024	19,501		19,500		0.8		19,209
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	4.75%	(o)	10.14%				12/2024	5,158		5,135		0.2		5,081
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	4.75%	(o)	10.14%				12/2024	4,079		4,071		0.2		4,019
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	4.75%	(o)	10.14%				12/2024	3,494		3,477		0.1		3,442
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	4.75%	(o)	10.14%				12/2024	120		119		—		116
Datix Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.50%	(l)	9.43%				04/2025	56,495		60,148		2.2		55,366

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
Health Care Providers & Services
AAH TOPCO, LLC + One stop L + 5.50% (a) 7.14% 12/2027 $ 8,350 $ 8,274 0.3 % $ 8,350
AAH TOPCO, LLC + Subordinated debt N/A 11.50% PIK 12/2031 1,049 1,030 — 1,028
AAH TOPCO, LLC +(5) One stop L + 5.50% N/A(6) 12/2027 — (1) — —
AAH TOPCO, LLC +(5) One stop L + 5.50% N/A(6) 12/2027 — (5) — —
Active Day, Inc.#+ One stop SF + 5.25% (l) 6.88% 02/2025 17,791 17,592 0.7 17,791
Active Day, Inc.#+ One stop SF + 5.25% (l) 6.88% 02/2025 1,373 1,358 0.1 1,373
Active Day, Inc.*# One stop SF + 5.25% (l) 6.88% 02/2025 885 876 — 885
Active Day, Inc.+ One stop SF + 5.25% (l) 6.88% 02/2025 705 697 — 705
Active Day, Inc.+ One stop SF + 5.25% (l) 6.88% 02/2025 622 615 — 622
Active Day, Inc.*# One stop SF + 5.25% (l) 6.88% 02/2025 612 605 — 612
Active Day, Inc.+(5) One stop SF + 5.25% N/A(6) 02/2025 — (2) — —
Active Day, Inc.+ One stop SF + 5.25% (l) 6.88% 02/2025 — — — —
Acuity Eyecare Holdings, LLC+ One stop SF + 6.00% (m) 7.34% 03/2025 2,052 2,021 0.1 2,040
Acuity Eyecare Holdings, LLC+ One stop SF + 6.25% (m) 8.45% 03/2025 4,088 4,090 0.2 4,088
Acuity Eyecare Holdings, LLC+ One stop SF + 6.25% (m) 8.27% 03/2025 3,641 3,617 0.1 3,641
Acuity Eyecare Holdings, LLC#+ One stop L + 6.25% (b) 8.50% 03/2025 3,504 3,530 0.1 3,504
Acuity Eyecare Holdings, LLC+~ One stop SF + 6.25% (m) 8.45% 03/2025 3,212 3,265 0.1 3,212
Acuity Eyecare Holdings, LLC+~ One stop SF + 6.25% (m) 8.45% 03/2025 1,873 1,923 0.1 1,873
Acuity Eyecare Holdings, LLC+ One stop SF + 6.25% (m) 8.45% 03/2025 453 459 — 453
Acuity Eyecare Holdings, LLC+ One stop SF + 13.00% (m) 8.45% cash/6.75% PIK 03/2025 247 247 — 263
Acuity Eyecare Holdings, LLC+ One stop SF + 6.25% (m) 8.43% 03/2025 — — — —
Acuity Eyecare Holdings, LLC+ One stop SF + 6.25% (m) 8.45% 03/2025 167 166 — 167
Acuity Eyecare Holdings, LLC+ Senior loan SF + 6.25% (m) 7.57% 03/2025 110 110 — 110
Acuity Eyecare Holdings, LLC+ One stop SF + 13.00% (m) 8.25% cash/6.75% PIK 03/2025 95 94 — 101
Acuity Eyecare Holdings, LLC+ One stop SF + 6.25% (m) 8.45% 03/2025 1 1 — 1
Acuity Eyecare Holdings, LLC+ One stop SF + 6.00% (m) 7.97% 03/2025 16,467 16,351 0.6 16,368
Acuity Eyecare Holdings, LLC+ One stop N/A 15.00% 06/2027 10,063 9,864 0.4 9,861
Acuity Eyecare Holdings, LLC+ One stop SF + 6.00% (m) 7.60% 03/2025 125 113 — 117
Advanced Pain Management Holdings, Inc.+(7) Senior loan P + 3.75% (d) 8.50% 07/2021 17,062 6,855 — —
Advanced Pain Management Holdings, Inc.+(7) Senior loan L + 8.50% (a) 10.17% 07/2021 6,720 6 — —
Advanced Pain Management Holdings, Inc.+(7) Senior loan P + 3.75% (d) 8.50% 07/2021 1,164 469 — —
Advanced Pain Management Holdings, Inc.+(7) Senior loan P + 3.75% (d) 8.50% 07/2021 869 545 — —
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+ One stop L + 6.00% (b) 8.25% 03/2027 4,720 4,683 0.2 4,720
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+ One stop L + 6.00% (a) 7.67% 03/2027 3,946 3,899 0.2 3,946
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+ Subordinated debt L + 10.50% (b) 12.75% 03/2028 1,839 1,820 0.1 1,839
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+ Subordinated debt L + 10.50% (a) 12.17% 03/2028 703 698 — 703
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+ Subordinated debt L + 10.50% (a)(b) 12.20% 03/2028 107 104 — 107
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5) One stop L + 6.00% N/A(6) 03/2027 — (1) — —
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+ One stop L + 5.75% (a) 7.41% 03/2027 68 66 — 66
Community Care Partners, LLC+ One stop SF + 5.75% (l) 7.39% 06/2026 2,355 2,334 0.1 2,334
Community Care Partners, LLC+(5) One stop SF + 5.75% N/A(6) 06/2026 — (3) — (3)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Datix Bidco Limited+(8)(9)(10)	Second lien	SN +	7.75%	(l)	12.68%				04/2026	$	20,047	$	21,297	0.8	%	$	19,646
Emerge Intermediate, Inc.*#(23)	One stop	SF +	7.25%	(o)	11.39%	cash/	1.25%	PIK	05/2024	19,218		19,156		0.8		19,218
Emerge Intermediate, Inc.+(23)	One stop	SF +	7.25%	(o)	11.39%	cash/	1.25%	PIK	05/2024	1,739		1,734		0.1		1,739
Emerge Intermediate, Inc.+(23)	One stop	SF +	7.25%	(o)	11.13%	cash/	1.25%	PIK	05/2024	222		222		—		222
Encorevet Group LLC+	One stop	L +	6.75%	(b)	12.23%				11/2024	977		974		0.1		958
Encorevet Group LLC+	One stop	L +	6.75%	(b)	12.23%				11/2024	614		612		—		602
Encorevet Group LLC+	One stop	L +	6.75%	(b)	12.23%				11/2024	305		303		—		299
Encorevet Group LLC+	One stop	L +	6.75%	(b)	12.23%				11/2024	292		290		—		286
Encorevet Group LLC+	One stop	L +	6.75%	(b)	12.23%				11/2024	264		263		—		259
Encorevet Group LLC+	Senior secured	L +	6.75%	(b)	12.23%				11/2024	242		242		—		238
Encorevet Group LLC+	One stop	L +	6.75%	(b)	12.23%				11/2024	162		161		—		158
Encorevet Group LLC+	One stop	L +	6.75%	(b)	12.23%				11/2024	113		113		—		111
Encorevet Group LLC+	Senior secured	L +	6.75%	(b)	12.23%				11/2024	109		109		—		107
Encorevet Group LLC+	Senior secured	L +	6.75%	(b)	12.23%				11/2024	68		68		—		66
Encorevet Group LLC+	Senior secured	L +	6.75%	(b)	12.23%				11/2024	56		56		—		55
Encorevet Group LLC+	One stop	L +	6.75%	(b)	12.23%				11/2024	55		55		—		54
Encorevet Group LLC+	One stop	L +	6.75%	(b)	12.23%				11/2024	32		32		—		31
Encorevet Group LLC+	Senior secured	L +	6.75%	(b)	12.23%				11/2024	10		10		—		9
Encorevet Group LLC+	Senior secured	L +	6.75%	(b)	12.19%				11/2024	47		47		—		46
ERC Topco Holdings, LLC+	One stop	SF +	5.50%	(o)	11.00%				11/2028	9,140		9,082		0.3		8,043
ERC Topco Holdings, LLC+	One stop	SF +	5.50%	(d)(n)	11.11%				11/2027	42		41		—		27
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75%	(k)	10.79%				03/2027	10,778		10,586		0.5		10,778
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75%	(i)	11.00%				03/2027	84		80		—		84
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75%	(i)	11.00%				03/2027	482		498		—		482
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75%	(i)	11.00%				03/2027	171		169		—		171
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)	One stop	SF +	5.75%	(n)	10.95%				03/2027	70		69		—		70
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)	One stop	SF +	5.75%	(n)	10.95%				03/2027	94		93		—		94
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75%	(i)	11.00%				03/2027	707		714		—		707
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%	(n)	9.95%				12/2026	838		832		—		821
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%	(n)	9.95%				12/2026	162		161		—		158
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%		N/A(6)				12/2026	—		—		—		—
Klick Inc.+(8)(12)	Senior secured	SF +	4.50%	(o)	9.84%				03/2028	9,921		9,854		0.4		9,921
Klick Inc.+(5)(8)(12)	Senior secured	SF +	4.50%		N/A(6)				03/2026	—		(1)		—		—
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.25%	(o)	10.64%				05/2025	2,294		2,289		0.1		2,294
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.25%	(o)	10.64%				05/2025	1,844		1,835		0.1		1,844
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.25%	(o)	10.64%				05/2025	1,083		1,098		0.1		1,083
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.25%	(o)	10.64%				05/2025	60		60		—		60
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.25%	(o)	10.64%				05/2025	760		750		—		760

New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(k)	10.88%				05/2028	18,369		19,866		0.7		17,450
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#(8)(12)	One stop	SF +	5.50%	(o)	10.89%				05/2028	4,293		4,250		0.2		4,078
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#(8)(12)	One stop	SF +	5.50%	(o)	10.89%				05/2028	2,795		2,774		0.1		2,655
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(k)	10.88%				05/2028	1,120		1,180		—		1,064
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(k)	10.88%				05/2028	583		597		—		576
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(k)	10.87%				05/2026	165		163		—		159

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
CRH Healthcare Purchaser, Inc.*~ Senior loan L + 4.50% (b) 6.75% 12/2024 $ 19,502 $ 19,499 0.8 % $ 19,502
CRH Healthcare Purchaser, Inc.# Senior loan L + 4.50% (b) 6.75% 12/2024 5,211 5,171 0.2 5,211
CRH Healthcare Purchaser, Inc.#+ Senior loan L + 4.50% (b) 6.75% 12/2024 4,122 4,106 0.2 4,122
CRH Healthcare Purchaser, Inc.+ Senior loan L + 4.50% (b) 6.75% 12/2024 3,529 3,500 0.1 3,529
CRH Healthcare Purchaser, Inc.+(5) Senior loan L + 4.50% N/A(6) 12/2024 — (2) — —
Datix Bidco Limited+(8)(9)(10) Senior loan SN + 4.50% (j) 6.19% 04/2025 54,171 59,811 2.1 53,088
Datix Bidco Limited+(8)(9)(10) Second lien SN + 7.75% (j) 9.44% 04/2026 19,222 21,203 0.7 19,030
Emerge Intermediate, Inc.*# One stop SF + 6.00% (m) 8.20% 05/2024 19,316 19,184 0.7 19,316
Emerge Intermediate, Inc.+(5) One stop SF + 6.00% N/A(6) 05/2024 — (2) — —
Emerge Intermediate, Inc.+ One stop SF + 6.00% (m) 7.37% 05/2024 1,749 1,736 0.1 1,749
Encorevet Group LLC+ One stop L + 6.75% (b) 9.00% 11/2024 987 981 — 967
Encorevet Group LLC+ One stop L + 6.75% (b) 9.00% 11/2024 621 616 — 608
Encorevet Group LLC+ One stop L + 6.75% (b) 9.04% 11/2024 308 305 — 302
Encorevet Group LLC+ One stop L + 6.75% (b) 9.04% 11/2024 295 292 — 289
Encorevet Group LLC+ One stop L + 6.75% (b) 9.04% 11/2024 267 265 — 261
Encorevet Group LLC+ Senior loan L + 6.75% (b) 9.00% 11/2024 245 244 — 240
Encorevet Group LLC+ One stop L + 6.75% (b) 9.04% 11/2024 163 162 — 160
Encorevet Group LLC+ Senior loan L + 6.75% (b) 9.00% 11/2024 110 110 — 108
Encorevet Group LLC+ Senior loan L + 6.75% (b) 9.00% 11/2024 68 68 — 67
Encorevet Group LLC+ Senior loan L + 6.75% (b) 9.00% 11/2024 57 57 — 56
Encorevet Group LLC+ One stop L + 6.75% (b) 9.04% 11/2024 56 55 — 55
Encorevet Group LLC+(5) Senior loan L + 6.75% N/A(6) 11/2024 — — — (1)
Encorevet Group LLC+ One stop L + 6.75% (b) 9.00% 11/2024 32 32 — 32
Encorevet Group LLC+ Senior loan L + 6.75% (b) 9.00% 11/2024 10 10 — 10
Encorevet Group LLC+(5) One stop L + 6.75% N/A(6) 11/2024 — (1) — —
Encorevet Group LLC+ One stop L + 6.75% (b) 9.04% 11/2024 115 114 — 112
ERC Topco Holdings, LLC+ One stop L + 5.50% (a)(b) 6.75% 11/2028 9,511 9,431 0.4 9,416
ERC Topco Holdings, LLC+(5) One stop L + 5.50% N/A(6) 11/2027 — (1) — (1)
ERC Topco Holdings, LLC+(5) One stop L + 5.50% N/A(6) 11/2028 — (3) — (3)
Eyecare Services Partners Holdings LLC+ One stop L + 9.25% (b) 3.29% cash/8.25% PIK 05/2023 19,165 19,201 0.5 13,416
Eyecare Services Partners Holdings LLC*+ One stop L + 9.25% (b) 3.29% cash/8.25% PIK 05/2023 8,407 8,450 0.3 5,885
Eyecare Services Partners Holdings LLC*# One stop L + 9.25% (b) 3.25% cash/8.25% PIK 05/2023 7,363 7,402 0.2 5,153
Eyecare Services Partners Holdings LLC+ One stop L + 9.25% (b) 3.25% cash/8.25% PIK 05/2023 5,419 5,426 0.2 3,793
Eyecare Services Partners Holdings LLC*+ One stop L + 9.25% (b) 3.25% cash/8.25% PIK 05/2023 2,514 2,528 0.1 1,760
Eyecare Services Partners Holdings LLC*+ One stop L + 9.25% (b) 3.25% cash/8.25% PIK 05/2023 1,613 1,621 0.1 1,129
Eyecare Services Partners Holdings LLC*# One stop L + 9.25% (b) 3.25% cash/8.25% PIK 05/2023 1,193 1,199 — 835
Eyecare Services Partners Holdings LLC*# One stop L + 9.25% (b) 3.25% cash/8.25% PIK 05/2023 1,051 1,057 — 736
Eyecare Services Partners Holdings LLC*+ One stop L + 9.25% (b) 3.29% cash/8.25% PIK 05/2023 678 681 — 475
Eyecare Services Partners Holdings LLC+ One stop L + 9.25% (b) 3.29% cash/8.25% PIK 05/2023 420 419 — 294
Eyecare Services Partners Holdings LLC+ One stop L + 9.25% (b) 3.29% cash/8.25% PIK 05/2023 726 713 — 255
Eyecare Services Partners Holdings LLC+ One stop L + 9.25% (b) 3.29% cash/8.25% PIK 05/2023 8 1 — 8
Eyecare Services Partners Holdings LLC+(5) One stop L + 9.25% (b) 3.29% cash/8.25% PIK 05/2023 8 1 — (239)
FYI Optical Acquisitions, Inc. & FYI USA, Inc.~(8)(9)(12) One stop C + 4.50% (i) 5.81% 03/2027 12,085 11,545 0.5 11,965


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	SF +	5.50%	(o)	10.89%	05/2026	$	60	$	60	—	%	$	58
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	SF +	5.50%	(o)	10.89%	05/2028	18		18		—		17
Oliver Street Dermatology Holdings, LLC+(7)(23)	One stop	SF +	11.36%	(o)	16.75%	09/2023	25,646		16,786		0.8		20,260
Oliver Street Dermatology Holdings, LLC+(23)	One stop	SF +	6.25%	(o)	11.64%	09/2023	14,652		14,652		0.5		12,748
Oliver Street Dermatology Holdings, LLC+(23)	One stop	SF +	6.25%	(o)	11.64%	09/2023	377		377		—		328
Pinnacle Treatment Centers, Inc.*#	One stop	SF +	6.75%	(o)	12.16%	01/2026	18,582		18,221		0.8		18,582
Pinnacle Treatment Centers, Inc.*	One stop	SF +	6.75%	(o)	12.16%	01/2026	7,495		7,355		0.3		7,495
Pinnacle Treatment Centers, Inc.#+	One stop	SF +	6.75%	(o)	12.16%	01/2026	1,526		1,498		0.1		1,526
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.75%	(o)	12.16%	01/2026	689		676		—		689
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.75%	(o)	12.16%	01/2026	182		178		—		182
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.75%	(n)(o)	12.20%	01/2026	116		111		—		116
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.75%	(o)	12.16%	01/2026	104		102		—		104
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.75%	(o)	12.16%	01/2026	37		36		—		37
Pinnacle Treatment Centers, Inc.#	One stop	SF +	6.75%	(o)	12.16%	01/2026	2,187		2,146		0.1		2,187
Pinnacle Treatment Centers, Inc.#	One stop	SF +	6.75%	(o)	12.16%	01/2026	1,149		1,128		—		1,149
Suveto Buyer, LLC+	One stop	SF +	4.25%	(n)	9.45%	09/2027	19,216		19,030		0.7		18,152
Suveto Buyer, LLC+	One stop	SF +	4.25%	(n)	9.45%	09/2027	47		45		—		39

							385,804		381,298		14.7		370,206

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12) One stop C + 4.50% (i) 7.18% 03/2027 $ 542 $ 545 — % $ 537
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12) One stop C + 4.50% (i) 7.18% 03/2027 191 184 — 189
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12) One stop L + 4.50% (b) 6.75% 03/2027 75 74 — 74
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12) One stop C + 4.50% (i) 7.18% 03/2027 583 579 — 574
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(5)(8)(12) One stop SF + 4.50% N/A(6) 03/2027 — (1) — (1)
Heartland Veterinary Partners LLC+ Senior loan L + 4.75% (b) 5.75% 12/2026 846 839 — 838
Heartland Veterinary Partners LLC+ Senior loan L + 4.75% (b)(c) 6.28% 12/2026 44 42 — 42
Heartland Veterinary Partners LLC+ Senior loan L + 4.75% N/A(6) 12/2026 — — — —
Klick Inc.+(8)(12) Senior loan L + 4.50% (b) 6.75% 03/2028 10,023 9,940 0.4 10,023
Klick Inc.+(5)(8)(12) Senior loan L + 4.50% N/A(6) 03/2026 — (1) — —
Krueger-Gilbert Health Physics, LLC+~ Senior loan L + 5.25% (b) 7.50% 05/2025 2,317 2,310 0.1 2,317
Krueger-Gilbert Health Physics, LLC+ Senior loan L + 5.25% N/A(6) 05/2025 — — — —
Krueger-Gilbert Health Physics, LLC+ Senior loan L + 5.25% (b) 7.50% 05/2025 1,094 1,118 0.1 1,094
Krueger-Gilbert Health Physics, LLC+ Senior loan L + 5.25% (b) 7.50% 05/2025 60 60 — 60
Krueger-Gilbert Health Physics, LLC+(5) Senior loan L + 5.25% N/A(6) 05/2025 — (16) — —
Krueger-Gilbert Health Physics, LLC+ Senior loan L + 5.25% (b) 7.50% 05/2025 1,863 1,849 0.1 1,863
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12) One stop C + 5.50% (i) 8.18% 05/2028 19,097 20,025 0.7 18,715
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12) One stop L + 5.50% (b) 7.75% 05/2028 4,337 4,284 0.2 4,250
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12) One stop L + 5.50% (b) 7.75% 05/2028 2,823 2,797 0.1 2,767
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12) One stop C + 5.50% (i) 8.18% 05/2028 577 557 — 530
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12) One stop C + 5.50% (i) 8.15% 05/2026 60 58 — 57
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12) One stop L + 5.50% (b) 7.75% 05/2026 60 60 — 60
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12) One stop L + 5.50% (b) 7.75% 05/2028 15 14 — 13
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12) One stop C + 5.50% (i) 8.18% 05/2028 1,164 1,190 — 1,141
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (a) 7.92% 07/2022 22,090 17,353 0.7 17,672
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (a) 7.92% 07/2022 2,564 1,858 0.1 2,051
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (a) 7.92% 07/2022 2,430 1,896 0.1 1,943
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (a) 7.92% 07/2022 1,839 1,332 0.1 1,471
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (a) 7.92% 07/2022 1,625 1,177 0.1 1,300
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (a) 7.92% 07/2022 1,414 1,025 0.1 1,132
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (a) 7.92% 07/2022 1,102 798 — 881
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (a) 7.92% 07/2022 955 692 — 764
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (a) 7.92% 07/2022 589 427 — 471
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (a)(d) 7.92% 07/2022 337 264 — 270
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (a) 7.92% 07/2022 112 88 — 89
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (a) 7.92% 07/2022 101 80 — 81
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (a) 7.92% 07/2022 79 62 — 63
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (a) 7.92% 07/2022 73 57 — 58
Pinnacle Treatment Centers, Inc.#+ One stop L + 5.75% (b) 6.99% 01/2023 18,781 18,776 0.7 18,781
Pinnacle Treatment Centers, Inc.* One stop L + 5.75% (b) 6.99% 01/2023 7,573 7,561 0.3 7,573
Pinnacle Treatment Centers, Inc.#+ One stop L + 5.75% (b) 6.99% 01/2023 1,543 1,543 0.1 1,543
Pinnacle Treatment Centers, Inc.+ One stop L + 5.75% (b) 6.99% 01/2023 697 698 — 697


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Technology
Alegeus Technologies Holdings Corp.+	Senior secured	SF +	8.25%	(p)	13.36%				09/2024	$	374	$	373	—	%	$	374
Coding Solutions Acquisition, Inc.+	One stop	SF +	5.50%	(n)	10.60%				05/2028	5,209		5,166		0.2		5,209
Coding Solutions Acquisition, Inc.+	One stop	SF +	5.50%	(n)	10.60%				05/2028	14		14		—		14
Coding Solutions Acquisition, Inc.+	One stop	SF +	5.50%	(o)	10.58%				05/2028	165		158		—		165
Color Intermediate, LLC+	One stop	SF +	5.50%	(n)	10.70%				10/2029	11,694		11,485		0.5		11,344
Connexin Software, Inc.+	One stop	SF +	8.50%	(o)	13.74%				02/2024	9,465		9,474		0.4		9,465
Connexin Software, Inc.+	One stop	SF +	8.50%		N/A(6)				02/2024	—		—		—		—
Crow River Buyer, Inc.+	One stop	SF +	7.75%	(o)	12.80%				01/2029	4,619		4,533		0.2		4,550
Crow River Buyer, Inc.+(5)	One stop	SF +	7.75%		N/A(6)				01/2029	—		(1)		—		(1)
ESO Solution, Inc.+	One stop	SF +	7.00%	(o)	12.25%				05/2027	7,549		7,502		0.3		7,474
ESO Solution, Inc.+	One stop	SF +	7.00%	(o)	12.33%				03/2027	43		42		—		42
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(p)	11.19%				08/2026	6,138		6,118		0.2		6,015
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(p)	11.19%				08/2026	2,927		2,902		0.1		2,868
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(p)	11.19%				08/2026	1,928		1,917		0.1		1,889
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(p)	11.19%				08/2026	1,345		1,329		0.1		1,318
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(p)	11.19%				08/2026	629		627		—		617
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(n)	10.95%				09/2025	64		63		—		63
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(p)	11.19%				08/2026	131		130		—		128
HSI Halo Acquisition, Inc.+(23)	One stop	N/A			10.00%				08/2026	15		15		—		23
Nextech Holdings, LLC+	One stop	SF +	5.00%	(o)	10.39%				06/2025	3,900		3,929		0.1		3,900
Nextech Holdings, LLC+	One stop	SF +	5.00%	(o)	10.39%				06/2025	1,903		1,896		0.1		1,903
Nextech Holdings, LLC+	One stop	SF +	5.00%	(o)	10.39%				06/2025	100		99		—		100
Plasma Buyer LLC+	One stop	SF +	5.75%	(o)	10.99%				05/2029	5,363		5,273		0.2		4,719
Plasma Buyer LLC+(5)	One stop	SF +	5.75%		N/A(6)				05/2028	—		(1)		—		(6)
Plasma Buyer LLC+(5)	One stop	SF +	5.75%		N/A(6)				05/2029	—		(12)		—		—
QF Holdings, Inc.+	One stop	SF +	6.25%	(n)	11.45%				12/2027	626		619		—		626
Qgenda Intermediate Holdings, LLC+	One stop	SF +	5.00%	(o)	10.34%				06/2025	14,852		14,852		0.6		14,555
Qgenda Intermediate Holdings, LLC#	One stop	SF +	5.00%	(o)	10.34%				06/2025	12,101		12,048		0.5		11,859
Qgenda Intermediate Holdings, LLC+	One stop	SF +	5.00%	(o)	10.34%				06/2025	1,444		1,440		0.1		1,415
Qgenda Intermediate Holdings, LLC#	One stop	SF +	5.00%	(o)	10.34%				06/2025	965		965		—		946
Qgenda Intermediate Holdings, LLC+	One stop	SF +	5.00%	(o)	10.34%				06/2025	200		200		—		196
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(n)	9.70%	cash/	3.50%	PIK	06/2025	10,665		10,582		0.4		10,692
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(n)	9.70%	cash/	3.50%	PIK	06/2025	10,382		10,021		0.4		10,408
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(n)	9.70%	cash/	3.50%	PIK	06/2025	6,840		6,786		0.3		6,857
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(n)	9.70%	cash/	3.50%	PIK	06/2025	1,759		1,745		0.1		1,763
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(n)	9.70%	cash/	3.50%	PIK	06/2025	1,563		1,551		0.1		1,567
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(n)	9.70%	cash/	3.50%	PIK	06/2025	1,173		1,163		—		1,175
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(n)	9.70%	cash/	3.50%	PIK	06/2025	977		970		—		979
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(n)	9.70%	cash/	3.50%	PIK	06/2025	782		776		—		784
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(n)	9.70%	cash/	3.50%	PIK	06/2025	156		155		—		156
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(n)	9.70%	cash/	3.50%	PIK	06/2025	84		82		—		84
Transaction Data Systems, Inc.*#+	One stop	SF +	4.50%	(o)	9.89%				02/2026	65,641		65,037		2.6		64,985
Transaction Data Systems, Inc.+(5)	One stop	SF +	4.50%		N/A(6)				02/2026	—		(2)		—		(2)
Veranex, Inc.+	Senior secured	SF +	5.25%	(p)	10.07%				04/2028	3,154		3,129		0.1		2,839
Veranex, Inc.+	Senior secured	SF +	5.25%	(p)	10.42%				04/2028	50		50		—		45
Veranex, Inc.+	Senior secured	SF +	5.25%	(p)	10.54%				04/2028	25		24		—		23
										197,014		195,224		7.7		194,125

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
Pinnacle Treatment Centers, Inc.+ One stop L + 5.75% (b) 6.99% 01/2023 $ 184 $ 184 — % $ 184
Pinnacle Treatment Centers, Inc.+ One stop L + 5.75% (b) 6.99% 01/2023 105 105 — 105
Pinnacle Treatment Centers, Inc.+ One stop L + 5.75% (b) 6.99% 01/2023 37 37 — 37
Pinnacle Treatment Centers, Inc.+ One stop L + 5.75% (a)(b) 7.51% 01/2023 127 127 — 127
PPT Management Holdings, LLC+ One stop L + 8.50% (b) 7.00% cash/2.50% PIK 12/2022 25,588 25,324 0.8 21,750
PPT Management Holdings, LLC+ One stop L + 8.50% (b) 7.00% cash/2.50% PIK 12/2022 310 308 — 264
PPT Management Holdings, LLC+ One stop L + 10.50% (b) 7.00% cash/4.50% PIK 12/2022 282 276 — 218
PPT Management Holdings, LLC+ One stop L + 8.50% (b) 7.00% cash/2.50% PIK 12/2022 184 182 — 156
PPT Management Holdings, LLC+ One stop L + 8.50% (b) 7.00% cash/2.50% PIK 12/2022 90 87 — 76
Suveto Buyer, LLC+ One stop L + 5.00% (b) 7.25% 09/2027 18,362 18,131 0.7 17,827
Suveto Buyer, LLC+ One stop P + 4.00% (b)(d) 8.07% 09/2027 50 48 — 46
472,349 452,555 16.1 417,340


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Hotels, Restaurants & Leisure


Barteca Restaurants, LLC#	One stop	SF +	6.00%	(o)	11.43%				08/2028	$	7,621	$	7,556	0.3	%	$	7,621
Barteca Restaurants, LLC+(5)	One stop	SF +	6.00%		N/A(6)				08/2028	—		(1)		—		—
Barteca Restaurants, LLC+	One stop	SF +	6.00%	(o)	11.41%				08/2028	511		494		—		511
BJH Holdings III Corp.*#+	One stop	SF +	4.50%	(n)	9.74%				08/2025	50,318		50,872		2.0		49,312
BJH Holdings III Corp.+	One stop	SF +	4.50%	(n)	9.74%				08/2025	260		257		—		244
Davidson Hotel Company, LLC+	One stop	SF +	5.25%	(n)	10.45%				07/2024	7,032		7,029		0.3		7,032
Davidson Hotel Company, LLC+	One stop	SF +	5.25%	(n)	10.45%				07/2024	1,083		1,082		—		1,083
Davidson Hotel Company, LLC+	One stop	SF +	5.25%		N/A(6)				07/2024	—		—		—		—
EOS Fitness Opco Holdings, LLC*#+	One stop	SF +	4.75%	(p)	10.34%				01/2026	9,321		9,323		0.4		9,321
EOS Fitness Opco Holdings, LLC+	One stop	SF +	4.75%	(p)	10.34%				01/2026	890		889		0.1		890
EOS Fitness Opco Holdings, LLC+	One stop	SF +	4.75%	(p)	10.34%				01/2026	44		44		—		44
EOS Fitness Opco Holdings, LLC+	One stop	SF +	4.75%	(o)(p)	9.90%				01/2026	885		876		—		885
ESN Venture Holdings, LLC*	One stop	SF +	6.00%	(p)	10.86%				10/2028	3,634		3,589		0.2		3,634
ESN Venture Holdings, LLC+	One stop	SF +	6.00%	(p)	10.86%				10/2028	16		14		—		16
ESN Venture Holdings, LLC+	One stop	SF +	6.00%	(p)	11.02%				10/2028	59		31		—		59
Harri US LLC+(23)	One stop	SF +	10.00%	(p)	11.19%	cash/	4.00%	PIK	08/2026	829		761		—		834
Harri US LLC+	One stop	SF +	10.00%		N/A(6)				08/2026	—		—		—		—
Harri US LLC+(23)	One stop	SF +	6.00%	(p)	11.47%				08/2026	552		549		—		556
Harri US LLC+(23)	One stop	SF +	10.00%	(p)	11.38%	cash/	4.00%	PIK	08/2026	563		561		—		565
Health Buyer, LLC+	Senior secured	SF +	5.25%	(d)(n)(o)	10.51%				04/2029	2,584		2,552		0.1		2,532
Health Buyer, LLC+	Senior secured	SF +	5.25%	(n)	10.45%				04/2028	23		23		—		22
SSRG Holdings, LLC+	One stop	SF +	4.75%	(o)	10.14%				11/2025	993		985		—		993
SSRG Holdings, LLC+	One stop	SF +	4.75%	(o)	10.14%				11/2025	20		20		—		20
Tropical Smoothie Cafe Holdings, LLC+	One stop	SF +	4.75%	(o)	9.95%				09/2026	19,800		19,653		0.8		19,800
Tropical Smoothie Cafe Holdings, LLC*#	One stop	SF +	4.75%	(n)(o)	10.14%				09/2026	12,424		12,309		0.5		12,424
Tropical Smoothie Cafe Holdings, LLC#	One stop	SF +	4.75%	(o)	9.95%				09/2026	5,429		5,385		0.2		5,429
Tropical Smoothie Cafe Holdings, LLC+(5)	One stop	SF +	4.75%		N/A(6)				09/2026	—		(1)		—		—


										124,891		124,852		4.9		123,827
Household Durables
Groundworks LLC+	One stop	SF +	6.50%	(n)	11.65%				03/2030	6,559		6,371		0.3		6,559
Groundworks LLC+(5)	One stop	SF +	6.50%		N/A(6)				03/2030	—		(17)		—		—
Groundworks LLC+(5)	One stop	SF +	6.50%		N/A(6)				03/2029	—		(1)		—		—


										6,559		6,353		0.3		6,559
Household Products
WU Holdco, Inc.#+	One stop	SF +	5.50%	(o)	10.89%				03/2026	3,713		3,751		0.1		3,527
WU Holdco, Inc.+	One stop	SF +	5.50%	(o)	10.89%				03/2026	1,308		1,308		0.1		1,243
WU Holdco, Inc.+	One stop	SF +	5.50%	(o)	10.89%				03/2026	340		338		—		323
WU Holdco, Inc.+	One stop	SF +	5.50%	(o)	10.89%				03/2025	28		28		—		26
										5,389		5,425		0.2		5,119

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
Health Care Technology
Alegeus Technologies Holdings Corp.+ Senior loan L + 8.25% (b) 10.95% 09/2024 $ 374 $ 372 — % $ 374
Coding Solutions Acquisition, Inc.+ One stop SF + 5.75% (l) 6.99% 05/2028 5,248 5,197 0.2 5,143
Coding Solutions Acquisition, Inc.+(5) One stop SF + 5.75% N/A(6) 05/2028 — — — (1)
Coding Solutions Acquisition, Inc.+(5) One stop SF + 5.75% N/A(6) 05/2028 — (8) — (16)
Connexin Software, Inc.+~ One stop L + 8.50% (b) 9.79% 02/2024 8,619 8,649 0.4 8,619
Connexin Software, Inc.+ One stop L + 8.50% N/A(6) 02/2024 — — — —
ESO Solution, Inc.+ One stop SF + 7.00% (m) 9.05% 03/2027 7,549 7,489 0.3 7,549
ESO Solution, Inc.+(5) One stop SF + 7.00% N/A(6) 03/2027 — (1) — —
HSI Halo Acquisition, Inc.+~ One stop L + 5.75% (b) 8.00% 08/2026 6,202 6,175 0.2 6,140
HSI Halo Acquisition, Inc.+ One stop L + 5.75% (b) 8.00% 08/2026 2,956 2,924 0.1 2,927
HSI Halo Acquisition, Inc.+ One stop L + 5.75% (b) 8.00% 08/2026 1,947 1,933 0.1 1,928
HSI Halo Acquisition, Inc.+ One stop L + 5.75% (b) 8.00% 08/2026 1,066 1,047 — 1,053
HSI Halo Acquisition, Inc.+ One stop L + 5.75% (b) 8.00% 08/2026 636 632 — 630
HSI Halo Acquisition, Inc.+ One stop L + 5.75% (b) 7.35% 09/2025 13 12 — 12
HSI Halo Acquisition, Inc.+(5) One stop L + 5.75% N/A(6) 08/2026 — (1) — (1)
Plasma Buyer LLC+ One stop SF + 5.75% (m) 7.80% 05/2029 5,403 5,297 0.2 5,295
Plasma Buyer LLC+(5) One stop SF + 5.75% N/A(6) 05/2028 — (1) — (1)
Plasma Buyer LLC+(5) One stop SF + 5.75% N/A(6) 05/2029 — (14) — (14)
Tebra Technologies, Inc.+ One stop SF + 8.00% (l) 6.13% cash/3.50% PIK 06/2025 10,294 10,093 0.4 10,082
Tebra Technologies, Inc.+ One stop SF + 8.00% (l) 6.13% cash/3.50% PIK 06/2025 6,602 6,275 0.2 6,466
Tebra Technologies, Inc.+ One stop SF + 8.00% (l) 6.13% cash/3.50% PIK 06/2025 1,509 1,459 0.1 1,478
Tebra Technologies, Inc.+ One stop SF + 8.00% (l) 6.13% cash/3.50% PIK 06/2025 943 926 — 924
Tebra Technologies, Inc.+ One stop SF + 8.00% (l) 6.13% cash/3.50% PIK 06/2025 755 741 — 739
Tebra Technologies, Inc.+ One stop SF + 8.00% (l) 6.13% cash/3.50% PIK 06/2025 150 148 — 147
Tebra Technologies, Inc.+ One stop SF + 8.00% (l) 6.13% cash/3.50% PIK 06/2025 80 78 — 78
Tebra Technologies, Inc.+ One stop SF + 8.00% (l) 6.13% cash/3.50% PIK 06/2025 1,698 1,667 0.1 1,663
Tebra Technologies, Inc.+ One stop SF + 8.00% (l) 6.13% cash/3.50% PIK 06/2025 10,020 9,479 0.4 9,814
Tebra Technologies, Inc.+ One stop SF + 8.00% (l) 6.13% cash/3.50% PIK 06/2025 1,132 1,111 — 1,108
Nextech Holdings, LLC+ One stop L + 5.50% (b) 6.74% 06/2025 3,941 3,984 0.2 3,901
Nextech Holdings, LLC+ One stop L + 5.50% (b) 6.74% 06/2025 1,923 1,912 0.1 1,903
Nextech Holdings, LLC+(5) One stop L + 5.50% N/A(6) 06/2025 — (1) — (6)
Qgenda Intermediate Holdings, LLC+ One stop L + 5.00% (b) 7.25% 06/2025 15,006 15,006 0.6 14,706
Qgenda Intermediate Holdings, LLC# One stop L + 5.00% (b) 7.25% 06/2025 12,225 12,144 0.5 11,981
Qgenda Intermediate Holdings, LLC+ One stop L + 5.00% (b) 7.25% 06/2025 1,458 1,452 0.1 1,429
Qgenda Intermediate Holdings, LLC# One stop L + 5.00% (b) 7.25% 06/2025 975 975 — 955
Qgenda Intermediate Holdings, LLC+(5) One stop L + 5.00% N/A(6) 06/2025 — — — (4)
Transaction Data Systems, Inc.*#+~ One stop L + 4.50% (b) 6.75% 02/2026 66,494 65,659 2.5 65,830
Transaction Data Systems, Inc.+(5) One stop L + 4.50% N/A(6) 02/2026 — (4) — (2)
Veranex, Inc.+ Senior loan SF + 4.75% (m) 5.60% 04/2028 3,186 3,155 0.1 3,154
Veranex, Inc.+(5) Senior loan SF + 4.75% N/A(6) 04/2028 — — — (1)
Veranex, Inc.+(5) Senior loan SF + 4.75% N/A(6) 04/2028 — (1) — (1)
178,404 175,960 6.8 175,981


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Industrial Conglomerates
Arch Global CCT Holdings Corp.#+	Senior secured	L +	4.75%	(b)	10.02%	04/2026	$	2,337	$	2,373	0.1	%	$	2,290
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75%	(o)	10.09%	04/2026	134		133		—		131
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75%	(b)(o)	10.07%	04/2026	149		148		—		146
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75%		N/A(6)	04/2025	—		—		—		—
Dwyer Instruments, Inc.+	One stop	SF +	5.75%	(o)	11.09%	07/2027	3,892		3,830		0.1		3,892
Dwyer Instruments, Inc.+	One stop	SF +	5.75%	(d)(o)	11.56%	07/2027	12		11		—		12
Dwyer Instruments, Inc.+(5)	One stop	SF +	6.00%		N/A(6)	07/2027	—		(8)		—		—
Essential Services Holdings Corporation+	One stop	L +	5.75%	(b)	10.93%	11/2026	1,488		1,479		0.1		1,459
Essential Services Holdings Corporation+	One stop	SF +	5.75%	(n)	10.95%	11/2025	40		39		—		39
Excelitas Technologies Corp.+	One stop	SF +	5.75%	(o)	10.94%	08/2029	7,574		7,444		0.3		7,499
Excelitas Technologies Corp.+(8)(9)	One stop	E +	5.75%	(f)	9.05%	08/2029	1,279		1,189		0.1		1,267
Excelitas Technologies Corp.+	One stop	SF +	5.75%	(o)	10.94%	08/2028	117		115		—		115
Excelitas Technologies Corp.+(5)	One stop	SF +	5.75%		N/A(6)	08/2029	—		(12)		—		(9)
Madison Safety & Flow LLC+	Senior secured	SF +	3.60%	(n)	8.74%	03/2025	426		425		—		426
Madison Safety & Flow LLC+	Senior secured	SF +	3.60%		N/A(6)	03/2025	—		—		—		—
Specialty Measurement Bidco Limited+(8)(10)	One stop	SF +	6.00%	(m)	11.31%	11/2027	7,961		7,823		0.3		7,961
Specialty Measurement Bidco Limited+(8)(9)(10)	One stop	E +	6.00%	(f)	9.48%	11/2027	7,298		7,853		0.3		7,298
Specialty Measurement Bidco Limited+(8)(9)(10)	One stop	E +	6.00%	(f)	9.46%	11/2027	3,590		3,440		0.1		3,590
Specialty Measurement Bidco Limited+(8)(10)	One stop	SF +	6.25%	(m)	11.55%	11/2027	2,510		2,463		0.1		2,522
Specialty Measurement Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.25%		N/A(6)	11/2027	—		(40)		—		—
							38,807		38,705		1.5		38,638

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
Hotels, Restaurants & Leisure
BJH Holdings III Corp.*#+ One stop L + 4.50% (a) 6.13% 08/2025 $ 50,699 $ 51,509 1.9 % $ 49,684
BJH Holdings III Corp.+ One stop L + 4.50% (a) 6.13% 08/2025 60 56 — 44
CR Fitness Holdings, LLC#~ Senior loan L + 4.00% (a) 5.67% 07/2025 1,963 1,971 0.1 1,963
CR Fitness Holdings, LLC+ Senior loan L + 4.00% (a) 5.64% 07/2025 830 827 — 830
CR Fitness Holdings, LLC+ Senior loan L + 4.00% (a) 5.63% 07/2025 74 74 — 74
Davidson Hotel Company, LLC+ One stop L + 5.75% (a) 6.92% cash/0.50% PIK 07/2024 7,114 7,092 0.3 7,043
Davidson Hotel Company, LLC+ One stop L + 5.75% (a) 6.92% cash/0.50% PIK 07/2024 1,094 1,092 — 1,083
Davidson Hotel Company, LLC+(5) One stop L + 5.75% N/A(6) 07/2024 — — — (2)
EOS Fitness Opco Holdings, LLC*#+ One stop SF + 4.75% (n) 7.58% 01/2026 9,417 9,448 0.4 9,417
EOS Fitness Opco Holdings, LLC+ One stop SF + 4.75% (c)(n) 7.58% 01/2026 898 902 — 898
EOS Fitness Opco Holdings, LLC+ One stop SF + 4.75% (c)(n) 7.58% 01/2026 8 8 — 8
EOS Fitness Opco Holdings, LLC+(5) One stop SF + 4.75% N/A(6) 01/2026 — (13) — —
Freddy's Frozen Custard LLC~ One stop L + 5.00% (b) 6.83% 03/2027 9,185 9,113 0.4 9,185
Freddy's Frozen Custard LLC+(5) One stop L + 5.00% N/A(6) 03/2027 — (1) — —
Harri US LLC+ One stop L + 10.00% (b) 7.40% cash/4.00% PIK 08/2026 796 706 — 792
Harri US LLC+ One stop L + 10.00% N/A(6) 08/2026 — — — —
Harri US LLC+(5) One stop L + 10.00% N/A(6) 08/2026 — (6) — 7
Health Buyer, LLC+ Senior loan SF + 5.25% (n) 7.98% 04/2029 2,604 2,572 0.1 2,571
Health Buyer, LLC+ Senior loan SF + 5.25% N/A(6) 04/2028 — — — —
SSRG Holdings, LLC+ One stop SF + 5.25% (m) 7.45% 11/2025 1,003 992 — 1,003
SSRG Holdings, LLC+ One stop SF + 5.25% (m) 7.45% 11/2025 50 50 — 50
Tropical Smoothie Cafe Holdings, LLC*# One stop SF + 5.50% (b)(l)(m) 7.01% 09/2026 13,695 13,544 0.6 13,558
Tropical Smoothie Cafe Holdings, LLC# One stop L + 5.50% (b)(l) 6.80% 09/2026 6,461 6,395 0.2 6,396
Tropical Smoothie Cafe Holdings, LLC+ One stop P + 4.50% (d)(l) 8.16% 09/2026 31 30 — 30
Tropical Smoothie Cafe Holdings, LLC+ One stop SF + 5.50% (m) 7.01% 09/2026 20,000 19,805 0.8 19,800
125,982 126,166 4.8 124,434
Household Durables
Groundworks LLC+ Senior loan L + 5.00% (a) 6.67% 01/2026 4,626 4,578 0.2 4,626
Groundworks LLC+ Senior loan L + 5.00% (a) 6.67% 01/2026 1,809 1,789 0.1 1,809
Groundworks LLC+ Senior loan L + 5.00% (a) 6.67% 01/2026 1,206 1,195 — 1,206
Groundworks LLC+ Senior loan L + 5.00% (a) 6.67% 01/2026 1,074 1,061 — 1,074
Groundworks LLC+ Senior loan L + 5.00% (a) 6.67% 01/2026 83 82 — 83
Groundworks LLC+ Senior loan L + 5.00% N/A(6) 01/2026 — — — —
Groundworks LLC+ Senior loan L + 5.00% (a) 6.67% 01/2026 16 12 — 16
8,814 8,717 0.3 8,814
Household Products
WU Holdco, Inc. #+ One stop L + 5.50% (b)(c) 7.67% 03/2026 3,752 3,804 0.1 3,676
WU Holdco, Inc. + One stop L + 5.50% (b) 7.75% 03/2026 1,322 1,322 0.1 1,295
WU Holdco, Inc. + One stop L + 5.50% (b) 7.75% 03/2026 343 340 — 336
WU Holdco, Inc. + One stop L + 5.50% (b)(c) 7.40% 03/2025 26 26 — 26
5,443 5,492 0.2 5,333
Industrial Conglomerates
Arch Global CCT Holdings Corp.#+ Senior loan L + 4.75% (b) 7.00% 04/2026 2,361 2,410 0.1 2,337
Arch Global CCT Holdings Corp.+ Senior loan L + 4.75% (b) 7.00% 04/2026 135 135 — 134
Arch Global CCT Holdings Corp.+ Senior loan L + 4.75% (b) 7.00% 04/2026 54 54 — 53
Arch Global CCT Holdings Corp.+ Senior loan L + 4.75% N/A(6) 04/2025 — — — —
Essential Services Holdings Corporation+ One stop L + 5.75% (a)(b) 7.12% 11/2026 717 707 — 717
Essential Services Holdings Corporation+(5) One stop L + 5.75% N/A(6) 11/2025 — (1) — —


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Insurance
Alera Group, Inc.+	One stop	SF +	6.00%	(n)	11.20%				10/2028	$	25,178	$	24,989	1.0	%	$	24,422
Alera Group, Inc.+	One stop	SF +	6.00%	(n)	11.20%				10/2028	7,155		7,074		0.3		6,941
Alera Group, Inc.+	One stop	SF +	6.00%	(n)	11.20%				10/2028	609		605		—		591
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(p)	10.21%				07/2027	3,164		3,143		0.1		3,133
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(p)	10.21%				07/2027	942		939		—		933
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(p)	10.21%				07/2027	784		778		—		776
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(n)	10.46%				07/2027	5		5		—		5
AMBA Buyer, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				07/2027	—		—		—		(1)
Captive Resources Midco, LLC+(23)	One stop	SF +	5.25%	(n)	5.17%	cash/	5.68%	PIK	07/2029	10,010		9,842		0.4		10,010
Captive Resources Midco, LLC+(5)	One stop	SF +	5.25%		N/A(6)				07/2028	—		(3)		—		—
Disco Parent, Inc.+	One stop	SF +	7.50%	(o)	12.76%				03/2029	4,069		3,972		0.2		3,968
Disco Parent, Inc.+(5)	One stop	SF +	7.50%		N/A(6)				03/2029	—		(1)		—		(1)
Integrity Marketing Acquisition, LLC+	Senior secured	SF +	6.05%	(o)	11.31%				08/2025	3,023		2,995		0.1		2,970
Integrity Marketing Acquisition, LLC+	One stop	SF +	5.80%	(o)	11.16%				08/2025	2,402		2,397		0.1		2,348
Integrity Marketing Acquisition, LLC+	Senior secured	SF +	6.05%	(o)	11.41%				08/2025	1,506		1,491		0.1		1,479
Integrity Marketing Acquisition, LLC+	Senior secured	SF +	5.80%	(o)	11.16%				08/2025	767		764		—		750
Integrity Marketing Acquisition, LLC+	One stop	SF +	5.80%	(o)	11.16%				08/2025	465		462		—		454
Integrity Marketing Acquisition, LLC+	Senior secured	SF +	6.05%	(o)	11.41%				08/2025	242		241		—		238
Integrity Marketing Acquisition, LLC+	Senior secured	SF +	6.02%	(o)	11.38%				08/2025	183		182		—		180
Integrity Marketing Acquisition, LLC+	One stop	SF +	6.50%		N/A(6)				08/2025	—		—		—		—
Integrity Marketing Acquisition, LLC+	One stop	SF +	6.02%	(o)	11.28%				08/2025	2,115		2,084		0.1		2,072
J.S. Held Holdings, LLC#+	One stop	SF +	5.50%	(o)	10.89%				07/2025	6,372		6,358		0.3		6,308
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(o)	10.89%				07/2025	1,467		1,452		0.1		1,452
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(o)	10.89%				07/2025	1,419		1,402		0.1		1,405
J.S. Held Holdings, LLC+(5)	One stop	SF +	5.50%		N/A(6)				07/2025	—		(3)		—		(4)
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(o)	10.89%				07/2025	208		205		—		204
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(o)	10.89%				07/2025	162		161		—		160
Keystone Agency Partners LLC+	Senior secured	SF +	5.75%	(o)	11.14%				05/2027	2,828		2,795		0.1		2,800
Keystone Agency Partners LLC+	Senior secured	SF +	5.75%	(o)	11.14%				05/2027	181		179		—		179
Keystone Agency Partners LLC+	Senior secured	SF +	5.75%	(o)	11.14%				05/2027	525		514		—		516
Long Term Care Group, Inc.+	One stop	SF +	6.00%	(o)	11.29%				09/2027	2,962		2,920		0.1		2,725
Majesco*#	One stop	SF +	7.38%	(o)	12.62%				09/2027	18,608		18,414		0.7		18,608
Majesco+(5)	One stop	SF +	7.38%		N/A(6)				09/2026	—		(2)		—		—
Norvax, LLC+(8)	Senior secured	SF +	7.50%	(n)	12.70%				09/2025	31,733		31,523		1.2		31,099
Norvax, LLC+(8)	Senior secured	SF +	7.50%	(n)	12.70%				09/2025	9,607		9,490		0.4		9,415
Paisley Bidco Limited+(8)(9)(10)	One stop	E +	6.50%	(f)	9.74%				03/2028	1,448		1,392		—		1,448
Paisley Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.75%		N/A(6)				03/2028	—		(55)		—		—
Pareto Health Intermediate Holdings, Inc.+	One stop	SF +	6.50%	(o)	11.74%				05/2030	14,460		14,174		0.6		14,243
Pareto Health Intermediate Holdings, Inc.+	One stop	SF +	6.50%	(o)	11.74%				05/2030	4,820		4,725		0.2		4,748
Pareto Health Intermediate Holdings, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				06/2029	—		(1)		—		(1)
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.75%	(o)	11.14%				10/2028	10,979		10,896		0.4		10,759
Patriot Growth Insurance Services, LLC+(5)	One stop	SF +	5.50%		N/A(6)				10/2028	—		—		—		(1)
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.75%	(o)	11.07%				10/2028	1,170		1,151		—		1,126
People Corporation+(8)(9)(12)	One stop	C +	6.25%	(k)	11.28%				02/2028	13,983		14,453		0.6		13,983
People Corporation+(8)(9)(12)	One stop	C +	6.25%	(k)	11.28%				02/2028	4,564		4,844		0.2		4,564
People Corporation+(8)(9)(12)	One stop	C +	5.50%	(j)(k)	10.58%				02/2028	7,431		7,412		0.3		7,314
People Corporation+(8)(9)(12)	One stop	C +	6.25%	(k)	11.27%				02/2027	57		54		—		57

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
Madison Safety & Flow LLC+ Senior loan SF + 3.60% (l) 5.13% 03/2025 $ 443 $ 443 — % $ 443
Madison Safety & Flow LLC+ Senior loan SF + 3.60% (l) 5.13% 03/2025 3 3 — 3
Specialty Measurement Bidco Limited~(8)(9)(10) One stop E + 5.75% (e) 6.75% 11/2027 7,010 7,797 0.3 7,010
Specialty Measurement Bidco Limited~(8)(10) One stop L + 5.75% (b) 7.30% 11/2027 7,961 7,792 0.3 7,961
Specialty Measurement Bidco Limited+(5)(8)(9)(10) One stop SN + 5.75% N/A(6) 11/2027 — (41) — —
18,684 19,299 0.7 18,658


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
RSC Acquisition, Inc.*#+	One stop	SF +	5.50%	(o)	10.72%				10/2026	$	25,439	$	25,169	1.0	%	$	24,929
RSC Acquisition, Inc.+	One stop	SF +	5.50%	(o)	10.77%				10/2026	6,511		6,293		0.3		6,380
RSC Acquisition, Inc.+	One stop	SF +	5.50%	(o)	10.85%				10/2026	1,507		1,497		0.1		1,477
RSC Acquisition, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				10/2026	—		(1)		—		(2)
RSC Acquisition, Inc.+	One stop	SF +	5.50%	(o)	10.89%				10/2026	780		770		—		753
RSC Acquisition, Inc.+	One stop	SF +	5.50%	(o)	10.92%				10/2026	4,256		4,223		0.2		4,170
Sunstar Insurance Group, LLC+	Senior secured	SF +	5.75%	(o)	11.14%				10/2026	769		762		—		769
Sunstar Insurance Group, LLC+	Senior secured	SF +	5.75%	(o)	11.14%				10/2026	916		910		—		916
Sunstar Insurance Group, LLC+	Senior secured	SF +	5.75%	(o)	11.14%				10/2026	390		386		—		390
Sunstar Insurance Group, LLC+	Senior secured	P +	4.75%	(d)	13.00%				10/2026	4		4		—		4

										238,175		236,425		9.3		234,161
Internet & Catalog Retail
Revalize, Inc.+	One stop	SF +	5.75%	(n)	10.95%				04/2027	14,898		14,804		0.5		13,408
Revalize, Inc.+	One stop	SF +	5.75%	(n)	10.95%				04/2027	8,720		8,665		0.3		7,848
Revalize, Inc.+	One stop	SF +	5.75%	(n)	10.95%				04/2027	4,324		4,296		0.2		3,891
Revalize, Inc.+	One stop	SF +	5.75%	(n)	10.95%				04/2027	2,605		2,588		0.1		2,344
Revalize, Inc.+	One stop	SF +	5.75%	(n)	10.95%				04/2027	1,679		1,667		0.1		1,511
Revalize, Inc.+	One stop	SF +	5.75%	(n)	10.95%				04/2027	394		392		—		355
Revalize, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				04/2027	—		(1)		—		(23)
Revalize, Inc.+	One stop	SF +	5.75%	(n)	10.95%				04/2027	43		41		—		38
										32,663		32,452		1.2		29,372
IT Services
Acquia, Inc.+	One stop	L +	7.00%	(b)	12.34%				10/2025	9,578		9,527		0.4		9,578
Acquia, Inc.+	One stop	SF +	7.00%	(c)(o)(p)	12.34%				10/2025	44		43		—		44
CivicPlus, LLC+(23)	One stop	L +	6.50%	(b)	9.48%	cash/	2.50%	PIK	08/2027	6,278		6,224		0.2		6,216
CivicPlus, LLC+(23)	One stop	L +	6.50%	(b)	9.48%	cash/	2.50%	PIK	08/2027	3,708		3,679		0.1		3,671
CivicPlus, LLC+(23)	One stop	L +	6.50%	(b)	9.48%	cash/	2.50%	PIK	08/2027	2,943		2,917		0.1		2,914
CivicPlus, LLC+(23)	One stop	SF +	11.75%	(p)	16.58%				06/2034	216		211		—		214
CivicPlus, LLC+	One stop	L +	6.00%	(a)	11.15%				08/2027	14		14		—		14
Critical Start, Inc.+(23)	One stop	SF +	6.75%	(o)	8.17%	cash/	3.63%	PIK	05/2028	3,313		3,287		0.1		3,280
Critical Start, Inc.+(23)	One stop	SF +	6.75%	(o)	8.17%	cash/	3.63%	PIK	05/2028	1,511		1,483		0.1		1,496
Critical Start, Inc.+(5)	One stop	SF +	6.75%		N/A(6)				05/2028	—		(1)		—		(1)
Delinea Inc.+	One stop	SF +	5.75%	(o)	11.14%				03/2028	16,454		16,290		0.6		15,796
Delinea Inc.#	One stop	SF +	5.75%	(o)	11.14%				03/2028	9,513		9,414		0.4		9,132
Delinea Inc.+(5)	One stop	SF +	5.75%		N/A(6)				03/2027	—		(2)		—		(8)
Optimizely North America, Inc.#+	One stop	SF +	5.50%	(o)	10.89%				04/2026	21,331		21,149		0.8		20,477
Optimizely North America, Inc.+(8)(9)	One stop	E +	5.75%	(f)	9.30%				04/2026	19,399		20,053		0.8		18,624
Optimizely North America, Inc.*#	One stop	SF +	5.50%	(o)	10.89%				04/2026	11,845		11,881		0.5		11,370
Optimizely North America, Inc.*	One stop	SF +	5.50%	(o)	10.89%				04/2026	6,552		6,489		0.3		6,290
Optimizely North America, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				04/2026	—		(2)		—		(22)
Optimizely North America, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				04/2026	—		(2)		—		(20)
Goldcup 31018 AB+(8)(9)(17)(23)	One stop	E +	13.25%	(g)	9.32%	cash/	9.57%	PIK	07/2029	8,688		7,903		0.3		8,601
Goldcup 31018 AB+(5)(8)(9)(17)	One stop	E +	6.50%		N/A(6)				01/2029	—		(2)		—		(1)
Goldcup 31018 AB+(8)(9)(17)(23)	One stop	E +	16.46%	(f)	9.71%	cash/	9.96%	PIK	07/2029	824		786		—		810
Infinisource, Inc.*#	One stop	SF +	4.75%	(p)	10.34%				10/2026	27,590		27,326		1.1		27,039
Infinisource, Inc.+	One stop	SF +	4.75%	(p)	10.34%				10/2026	8,339		8,284		0.3		8,173
Infinisource, Inc.+	One stop	SF +	4.75%	(p)	10.34%				10/2026	2,011		1,982		0.1		1,971
Infinisource, Inc.+	One stop	SF +	4.75%	(p)	10.34%				10/2026	301		299		—		295
Infinisource, Inc.+	One stop	SF +	4.75%	(p)	10.34%				10/2026	213		212		—		209
Infinisource, Inc.+	One stop	SF +	4.75%	(p)	10.34%				10/2026	105		104		—		102

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
Insurance
Alera Group, Inc.+ One stop L + 5.50% (a) 7.17% 10/2028 $ 25,434 $ 25,207 1.0 % $ 25,434
Alera Group, Inc.+ One stop L + 5.50% (a) 7.17% 10/2028 6,980 6,883 0.3 6,980
Alera Group, Inc.+ One stop L + 5.50% (a) 7.17% 10/2028 170 166 — 170
AMBA Buyer, Inc. + One stop SF + 5.75% (n) 6.93% 07/2027 3,197 3,169 0.1 3,197
AMBA Buyer, Inc. + One stop SF + 5.75% N/A(6) 07/2027 — — — —
AMBA Buyer, Inc. + One stop SF + 5.75% (n) 6.93% 07/2027 952 948 — 952
AMBA Buyer, Inc. + One stop SF + 5.75% (n) 6.93% 07/2027 792 784 — 792
AMBA Buyer, Inc. + One stop SF + 5.75% N/A(6) 07/2027 — — — —
Captive Resources Midco, LLC*#+~ One stop L + 5.50% (a) 7.17% 05/2027 52,638 52,645 2.0 52,638
Captive Resources Midco, LLC+ One stop L + 5.50% (a) 7.17% 05/2027 6,745 6,684 0.3 6,745
Captive Resources Midco, LLC+(5) One stop L + 5.50% N/A(6) 05/2027 — (10) — —
Integrity Marketing Acquisition, LLC+ Senior loan L + 5.50% (c) 7.58% 08/2025 3,054 3,020 0.1 3,025
Integrity Marketing Acquisition, LLC+ One stop L + 5.75% (c) 7.83% 08/2025 2,427 2,425 0.1 2,421
Integrity Marketing Acquisition, LLC+ Senior loan L + 5.75% (c) 7.79% 08/2025 1,521 1,503 0.1 1,517
Integrity Marketing Acquisition, LLC+ Senior loan L + 5.75% (c) 7.40% 08/2025 776 772 — 774
Integrity Marketing Acquisition, LLC+ One stop L + 5.75% (c) 7.74% 08/2025 469 467 — 468
Integrity Marketing Acquisition, LLC+ Senior loan L + 5.75% (c) 7.07% 08/2025 245 243 — 244
Integrity Marketing Acquisition, LLC+ One stop L + 5.75% N/A(6) 08/2025 — — — —
Integrity Marketing Acquisition, LLC+ Senior loan L + 5.50% (b)(c) 7.66% 08/2025 169 167 — 167
Integrity Marketing Acquisition, LLC+(5) One stop SF + 5.75% N/A(6) 08/2025 — (21) — (22)
J.S. Held Holdings, LLC#+ One stop L + 5.50% (b) 7.75% 07/2025 6,438 6,417 0.2 6,373
J.S. Held Holdings, LLC+ One stop L + 5.50% (b) 7.75% 07/2025 1,483 1,462 0.1 1,469
J.S. Held Holdings, LLC+ One stop SF + 5.50% (m) 7.70% 07/2025 1,434 1,407 0.1 1,419
J.S. Held Holdings, LLC+ One stop P + 4.50% (d) 9.25% 07/2025 34 31 — 30
J.S. Held Holdings, LLC+ One stop SF + 5.50% (m) 7.70% 07/2025 41 36 — 36
Keystone Agency Partners LLC+ Senior loan SF + 6.00% (m) 8.20% 05/2027 2,857 2,815 0.1 2,814
Keystone Agency Partners LLC+ Senior loan SF + 6.00% (m) 8.20% 05/2027 183 180 — 180
Keystone Agency Partners LLC+(5) Senior loan SF + 6.00% N/A(6) 05/2027 — (14) — (14)
Long Term Care Group, Inc.+ One stop L + 6.00% (a) 7.25% 09/2027 2,992 2,940 0.1 2,992
Majesco*# One stop L + 7.25% (b) 9.51% 09/2027 18,799 18,558 0.7 18,799
Majesco+(5) One stop L + 7.25% N/A(6) 09/2026 — (2) — —
Norvax, LLC+ Senior loan L + 6.50% (b) 8.76% 09/2025 32,867 32,642 1.2 32,210
Norvax, LLC+ Senior loan L + 6.50% (b) 8.76% 09/2025 9,950 9,802 0.4 9,751
Pareto Health Intermediate Holdings, Inc. + One stop L + 4.25% (c) 7.13% 08/2025 7,244 7,188 0.3 7,171
Patriot Growth Insurance Services, LLC+ One stop L + 5.25% (b) 6.39% 10/2028 9,516 9,431 0.4 9,421
Patriot Growth Insurance Services, LLC+(5) One stop L + 4.25% N/A(6) 10/2028 — (1) — (1)
Patriot Growth Insurance Services, LLC+(5) One stop L + 5.25% N/A(6) 10/2028 — (21) — (16)
People Corporation~(8)(9)(12) One stop C + 6.25% (i) 8.23% 02/2028 14,538 14,556 0.5 14,538
People Corporation+(8)(9)(12) One stop C + 6.25% (i) 8.23% 02/2028 4,744 4,884 0.2 4,744
People Corporation+(8)(9)(12) One stop C + 5.50% (i) 7.68% 02/2028 2,958 2,912 0.1 2,564
People Corporation+(8)(9)(12) One stop C + 6.25% (i) 8.21% 02/2027 112 112 — 111
RSC Acquisition, Inc.*#+ One stop L + 5.50% (b)(m) 6.83% 10/2026 25,701 25,351 1.0 25,444
RSC Acquisition, Inc.+ One stop L + 5.50% (b)(m) 6.71% 10/2026 6,578 6,291 0.3 6,512
RSC Acquisition, Inc.+ One stop L + 5.50% (b)(m) 7.20% 10/2026 1,323 1,311 0.1 1,310
RSC Acquisition, Inc.+(5) One stop SF + 5.50% N/A(6) 10/2026 — (1) — (1)
RSC Acquisition, Inc.+(5) One stop SF + 5.50% N/A(6) 10/2026 — (2) — (2)
RSC Acquisition, Inc.+(5) One stop SF + 5.50% N/A(6) 10/2026 — (55) — (56)
Sunstar Insurance Group, LLC+ Senior loan L + 5.75% (b) 8.00% 10/2026 773 763 — 773


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Infinisource, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				10/2026	$	—	$	(3)	—	%	$	(8)
Infinisource, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				10/2026	—		(1)		—		(3)
Infinisource, Inc.+	One stop	SF +	4.75%	(p)	10.34%				10/2026	85		77		—		84
Infinisource, Inc.+	One stop	SF +	4.75%	(p)	10.34%				10/2026	485		482		—		475
Infinisource, Inc.+	One stop	SF +	4.75%	(p)	10.34%				10/2026	286		278		—		280
Netwrix Corporation*+	One stop	SF +	5.00%	(p)	10.30%				06/2029	4,193		4,162		0.2		4,108
Netwrix Corporation+	One stop	SF +	5.00%	(o)	10.24%				06/2029	44		42		—		40
Netwrix Corporation+(5)	One stop	SF +	5.00%		N/A(6)				06/2029	—		(7)		—		(24)
PCS Intermediate II Holdings, LLC#	One stop	L +	5.25%	(b)	10.52%				01/2026	14,092		14,031		0.6		14,092
PCS Intermediate II Holdings, LLC#	One stop	L +	5.25%	(b)	10.52%				01/2026	2,034		2,023		0.1		2,034
PCS Intermediate II Holdings, LLC+	One stop	SF +	5.25%	(b)(o)	10.62%				01/2026	50		50		—		50
Recordxtechnologies, LLC#(23)	One stop	SF +	7.50%	(o)	11.74%	cash/	1.00%	PIK	12/2025	730		725		—		715
Recordxtechnologies, LLC+(23)	One stop	SF +	7.50%	(o)	11.74%	cash/	1.00%	PIK	12/2025	114		113		—		112
Recordxtechnologies, LLC+(23)	One stop	SF +	7.50%	(o)	11.74%	cash/	1.00%	PIK	12/2025	63		62		—		61
Red Dawn SEI Buyer, Inc.+(8)(9)	Senior secured	SN +	4.50%	(l)	9.43%				11/2025	21,741		23,351		0.9		21,523
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.50%	(o)	9.84%				11/2025	5,500		5,472		0.2		5,445
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.25%	(o)	9.59%				11/2025	731		727		—		720
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.25%	(o)	9.59%				11/2025	130		129		—		128
Red Dawn SEI Buyer, Inc.+(5)	Senior secured	SF +	4.50%		N/A(6)				11/2025	—		(1)		—		(1)
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.25%	(n)(o)	9.51%				11/2025	31		30		—		29
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.50%	(o)	9.84%				11/2025	317		315		—		314
ReliaQuest Holdings, LLC+	One stop	SF +	10.75%	(p)	15.57%				10/2026	1,098		1,081		—		1,098
ReliaQuest Holdings, LLC+	One stop	SF +	10.75%	(o)(p)	15.67%				10/2026	191		191		—		191
ReliaQuest Holdings, LLC+	One stop	SF +	10.75%	(o)	16.87%				10/2026	82		81		—		82
Saturn Borrower Inc.+(23)	One stop	SF +	7.25%	(o)	11.89%	cash/	0.75%	PIK	09/2026	19,930		19,603		0.8		18,735
Saturn Borrower Inc.+	One stop	SF +	6.50%	(o)	11.89%				09/2026	103		101		—		95
Zarya Holdco, Inc.+	Senior secured	SF +	6.50%	(o)	11.76%				07/2027	4,777		4,777		0.2		4,777
Zarya Holdco, Inc.+	Senior secured	SF +	6.50%	(o)	11.73%				07/2027	7		7		—		7


										237,584		237,446		9.2		231,423

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
Sunstar Insurance Group, LLC+ Senior loan L + 5.75% (b) 8.00% 10/2026 $ 392 $ 386 — % $ 392
Sunstar Insurance Group, LLC+ Senior loan L + 5.75% (b) 8.00% 10/2026 407 400 — 407
Sunstar Insurance Group, LLC+ Senior loan L + 5.75% N/A(6) 10/2026 — — — —
TigerRisk, LLC*+ One stop L + 4.75% (b) 7.00% 06/2027 22,719 22,532 0.9 22,719
TigerRisk, LLC+(5) One stop L + 4.75% N/A(6) 06/2027 — (1) — —
279,652 277,362 10.7 277,591
Internet & Catalog Retail
Revalize, Inc.+ One stop L + 5.75% (b) 8.00% 04/2027 15,050 14,930 0.6 14,900
Revalize, Inc.+ One stop L + 5.75% (b) 8.00% 04/2027 8,809 8,738 0.3 8,720
Revalize, Inc.+ One stop L + 5.75% (b) 8.00% 04/2027 4,368 4,333 0.2 4,324
Revalize, Inc.+ One stop L + 5.75% (b) 8.00% 04/2027 2,631 2,610 0.1 2,605
Revalize, Inc.+ One stop L + 5.75% (b) 8.00% 04/2027 1,696 1,680 0.1 1,679
Revalize, Inc.+ One stop L + 5.75% (b) 8.00% 04/2027 398 396 — 394
Revalize, Inc.+ One stop L + 5.75% (b) 8.00% 04/2027 143 140 — 140
Revalize, Inc.+(5) One stop L + 5.75% N/A(6) 04/2027 — (1) — (3)
33,095 32,826 1.3 32,759
IT Services
Acquia, Inc.+~ One stop L + 7.00% (a) 8.12% 10/2025 9,578 9,504 0.4 9,578
Acquia, Inc.+ One stop L + 7.00% (c) 9.08% 10/2025 7 6 — 7
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ One stop L + 7.50% (b) 8.50% cash/1.00% PIK 08/2025 4,696 4,582 0.2 4,770
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ One stop L + 7.50% N/A(6) 08/2025 — — — —
CivicPlus, LLC+ One stop L + 6.00% (b) 7.51% 08/2027 6,174 6,106 0.2 6,112
CivicPlus, LLC+(5) One stop L + 6.00% N/A(6) 08/2027 — (1) — (1)
CivicPlus, LLC+ One stop L + 6.25% (b) 7.94% 08/2027 2,894 2,862 0.1 2,865
CivicPlus, LLC+ One stop L + 6.25% (b) 7.94% 08/2027 3,646 3,610 0.1 3,610
CivicPlus, LLC+ One stop SF + 11.75% (l) 12.93% 06/2034 200 194 — 194
Cordeagle US Finco, Inc.+ One stop L + 6.75% (b) 7.99% 07/2027 5,044 4,956 0.2 5,044
Cordeagle US Finco, Inc.+(5) One stop L + 6.75% N/A(6) 07/2027 — (1) — —
Critical Start, Inc.+ One stop SF + 5.25% (m) 6.52% 05/2028 3,242 3,210 0.1 3,210
Critical Start, Inc.+(5) One stop SF + 5.25% N/A(6) 05/2028 — (1) — (1)
Delinea Inc.+ One stop L + 5.75% (a) 7.42% 03/2028 16,623 16,421 0.6 16,456
Delinea Inc.# One stop L + 5.75% (a) 7.42% 03/2028 9,610 9,490 0.4 9,514
Delinea Inc.+ One stop L + 6.00% (a) 7.67% 03/2027 118 116 — 117
Episerver, Inc.+ One stop L + 5.25% (b) 7.50% 04/2026 21,549 21,299 0.8 21,333
Episerver, Inc.+~(8)(9) One stop E + 5.50% (e) 5.50% 04/2026 18,829 20,341 0.7 18,641
Episerver, Inc.#+ One stop L + 5.25% (b) 7.50% 04/2026 11,968 12,050 0.5 11,849
Episerver, Inc.+ One stop L + 5.25% (b) 7.50% 04/2026 6,618 6,531 0.3 6,552
Episerver, Inc.+(5) One stop L + 5.25% N/A(6) 04/2026 — (3) — (5)
Episerver, Inc.+(5) One stop L + 5.25% N/A(6) 04/2026 — (3) — (5)
Infinisource, Inc.#+~ One stop L + 5.25% (c) 8.13% 10/2026 27,884 27,536 1.1 27,607
Infinisource, Inc.+ One stop L + 5.25% (c) 8.13% 10/2026 8,424 8,351 0.3 8,340
Infinisource, Inc.+ One stop L + 5.25% (c) 8.13% 10/2026 2,032 1,994 0.1 2,011
Infinisource, Inc.+ One stop L + 5.25% (c) 8.13% 10/2026 304 302 — 301
Infinisource, Inc.+ One stop L + 5.25% (c) 8.13% 10/2026 106 105 — 105
Infinisource, Inc.+(5) One stop L + 5.25% N/A(6) 10/2026 — (1) — (2)
Infinisource, Inc.+ One stop L + 5.25% (b) 6.88% 10/2026 86 75 — 73


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Leisure Products
WBZ Investment LLC#+(23)	One stop	SF +	6.50%	(o)	10.89%	cash/	1.00%	PIK	09/2024	$	8,425	$	8,448	0.3	%	$	8,425
WBZ Investment LLC+(23)	One stop	SF +	6.50%	(o)	10.89%	cash/	1.00%	PIK	09/2024	1,240		1,236		0.1		1,240
WBZ Investment LLC+(23)	One stop	SF +	6.50%	(o)	10.89%	cash/	1.00%	PIK	09/2024	861		870		—		861
WBZ Investment LLC+(23)	One stop	SF +	6.50%	(o)	10.89%	cash/	1.00%	PIK	09/2024	448		452		—		448
WBZ Investment LLC+	One stop	SF +	6.50%		N/A(6)				09/2024	—		—		—		—
										10,974		11,006		0.4		10,974
Life Sciences Tools & Services
Celerion Buyer, Inc.*#	One stop	SF +	6.50%	(o)	11.59%				11/2029	21,434		20,952		0.9		21,434
Celerion Buyer, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(1)		—		—
Celerion Buyer, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				11/2029	—		(77)		—		—
Covaris Intermediate 3, LLC+	One stop	SF +	5.25%	(o)	10.64%				01/2028	5,864		5,819		0.2		5,571
Covaris Intermediate 3, LLC+	One stop	SF +	5.25%	(o)	10.64%				01/2028	37		36		—		34
Covaris Intermediate 3, LLC+(5)	One stop	SF +	5.25%		N/A(6)				01/2028	—		(2)		—		—
PAS Parent Inc.*#+	One stop	SF +	5.25%	(n)	10.47%				12/2028	33,576		33,046		1.3		32,905
PAS Parent Inc.+	One stop	SF +	5.25%	(n)	10.47%				12/2027	96		89		—		90
PAS Parent Inc.+(5)	One stop	SF +	5.25%		N/A(6)				12/2028	—		(4)		—		(3)
Reaction Biology Corporation#	One stop	SF +	5.25%	(p)	10.36%				03/2029	7,963		7,897		0.3		7,724
Reaction Biology Corporation+(5)	One stop	SF +	5.25%		N/A(6)				03/2029	—		(2)		—		(6)
Reaction Biology Corporation+	One stop	SF +	5.25%	(o)(p)	10.63%				03/2029	50		49		—		46
Reaction Biology Corporation+	One stop	SF +	5.25%	(p)	10.36%				03/2029	182		181		—		177
Reaction Biology Corporation+	One stop	SF +	5.25%	(p)	10.36%				03/2029	121		120		—		117
Unchained Labs, LLC+	Senior secured	SF +	5.50%	(n)	10.65%				08/2027	991		969		0.1		906
Unchained Labs, LLC+	Senior secured	SF +	5.50%	(n)	10.65%				08/2027	837		826		—		804
Unchained Labs, LLC+(5)	Senior secured	SF +	5.50%		N/A(6)				08/2027	—		—		—		(1)










										71,151		69,898		2.8		69,798
Machinery
Bad Boy Mowers Acquisition, LLC+	Senior secured	L +	4.25%	(b)	9.69%				03/2028	1,866		1,862		0.1		1,866
Blackbird Purchaser, Inc.*+	Senior secured	SF +	4.25%	(n)	9.45%				04/2026	19,051		19,147		0.8		19,051
Blackbird Purchaser, Inc.+	Senior secured	SF +	4.25%	(n)	9.45%				10/2025	58		58		—		58
Blackbird Purchaser, Inc.+	Senior secured	SF +	4.25%	(o)	9.59%				04/2026	173		169		—		173
Chase Industries, Inc.+(7)(23)(24)	Senior secured	L +	7.00%	(b)	12.54%				05/2025	12,059		12,085		0.5		12,903
Chase Industries, Inc.+(7)(23)(24)	Senior secured	L +	7.00%	(b)	12.54%				05/2025	985		999		—		1,055
Chase Industries, Inc.+(7)(23)(24)	Senior secured	L +	7.00%	(b)	12.54%				05/2025	214		214		—		228

										34,406		34,534		1.4		35,334
Marine
Project Nike Purchaser, LLC+	One stop	SF +	6.00%	(o)	11.24%				04/2029	19,614		19,451		0.8		19,025
Project Nike Purchaser, LLC+	One stop	SF +	6.00%	(o)	11.24%				04/2029	75		73		—		68
										19,689		19,524		0.8		19,093
Media
Triple Lift, Inc.+	One stop	SF +	5.50%	(o)(p)	10.68%				05/2028	5,303		5,229		0.2		5,090
Triple Lift, Inc.+	One stop	SF +	5.50%	(p)	10.23%				05/2028	1,124		1,107		—		1,079
Triple Lift, Inc.+	One stop	SF +	5.50%	(o)	10.55%				05/2028	27		26		—		25
										6,454		6,362		0.2		6,194
Multiline Retail
Mills Fleet Farm Group LLC*#+	One stop	L +	6.50%	(b)	11.77%				10/2024	45,138		45,107		1.8		45,138

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
Infinisource, Inc.+ One stop L + 5.25% (b) 6.65% 10/2026 $ 213 $ 211 — % $ 211
Netwrix Corporation+ One stop SF + 5.00% (m) 6.50% 06/2029 3,158 3,126 0.1 3,127
Netwrix Corporation+(5) One stop SF + 5.00% N/A(6) 06/2029 — (2) — (2)
Netwrix Corporation+(5) One stop SF + 5.00% N/A(6) 06/2029 — (8) — (8)
Netwrix Corporation+(5) One stop SF + 5.00% N/A(6) 06/2029 — — — (3)
PCS Intermediate II Holdings, LLC~ One stop L + 5.25% (a) 6.92% 01/2026 14,238 14,153 0.6 14,238
PCS Intermediate II Holdings, LLC+ One stop L + 5.25% (a) 6.92% 01/2026 2,055 2,039 0.1 2,055
PCS Intermediate II Holdings, LLC+(5) One stop L + 5.25% N/A(6) 01/2026 — (1) — —
Recordxtechnologies, LLC# One stop L + 5.50% (b) 7.75% 12/2025 730 725 — 715
Recordxtechnologies, LLC+ One stop L + 5.50% (b) 7.75% 12/2025 54 54 — 53
Recordxtechnologies, LLC+ One stop L + 5.50% (b) 7.75% 12/2025 114 113 — 112
Red Dawn SEI Buyer, Inc.+~(8)(9) Senior loan SN + 4.50% (j) 5.69% 11/2025 21,060 23,536 0.8 20,849
Red Dawn SEI Buyer, Inc.+ Senior loan L + 4.50% (b) 6.75% 11/2025 5,556 5,516 0.2 5,500
Red Dawn SEI Buyer, Inc.+ Senior loan L + 4.25% (b) 6.50% 11/2025 739 734 — 726
Red Dawn SEI Buyer, Inc.+ Senior loan L + 4.25% (b) 6.50% 11/2025 131 131 — 129
Red Dawn SEI Buyer, Inc.+(5) Senior loan L + 4.25% N/A(6) 11/2025 — (1) — (2)
Red Dawn SEI Buyer, Inc.+ Senior loan L + 4.50% (b) 6.75% 11/2025 30 26 — 26
ReliaQuest Holdings, LLC+ One stop SF + 10.75% (m) 12.86% 10/2026 1,098 1,076 — 1,076
ReliaQuest Holdings, LLC+ One stop SF + 10.75% N/A(6) 10/2026 — — — —
ReliaQuest Holdings, LLC+(5) One stop SF + 10.75% N/A(6) 10/2026 — (2) — (2)
Saturn Borrower Inc.+~ One stop L + 6.50% (b) 8.75% 09/2026 20,028 19,596 0.8 19,227
Saturn Borrower Inc.+ One stop L + 6.50% (b) 8.70% 09/2026 103 101 — 99
228,939 230,754 8.7 226,401


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.*+(8)(12)	One stop	SF +	6.50%	(o)	11.74%				05/2025	$	20,262	$	20,321	0.8	%	$	20,262
3ES Innovation, Inc.+(8)(12)	One stop	SF +	6.50%	(n)	11.70%				05/2025	80		79		—		80
Envernus, Inc.*#+	Senior secured	SF +	4.25%	(n)	9.45%				07/2025	37,820		37,987		1.5		37,631
Envernus, Inc.+	Senior secured	SF +	4.50%	(n)	9.70%				07/2025	17,004		16,811		0.7		17,004
Envernus, Inc.+	Senior secured	SF +	4.50%	(n)	9.70%				09/2026	68		63		—		68
Project Power Buyer, LLC*#+	One stop	SF +	7.00%	(o)	12.24%				05/2026	40,168		39,606		1.6		40,168
Project Power Buyer, LLC+(5)	One stop	SF +	7.00%		N/A(6)				05/2025	—		(1)		—		—
										115,402		114,866		4.6		115,213
Paper & Forest Products
Messenger, LLC#+	One stop	SF +	5.75%	(o)	11.14%				12/2027	10,100		10,022		0.4		9,695
Messenger, LLC+	One stop	SF +	5.75%	(o)	10.95%				12/2027	99		98		—		95
Messenger, LLC+	One stop	SF +	5.75%	(o)	11.14%				12/2027	50		49		—		48
Messenger, LLC+	One stop	P +	4.75%	(d)(n)	12.15%				12/2027	48		48		—		46
										10,297		10,217		0.4		9,884
Personal Products
IMPLUS Footcare, LLC+(23)	One stop	SF +	9.25%	(o)	14.65%	cash/	1.50%	PIK	07/2024	30,485		30,593		1.1		28,046
IMPLUS Footcare, LLC+(23)	One stop	SF +	9.25%	(o)	14.65%	cash/	1.50%	PIK	07/2024	5,206		5,225		0.2		4,790
IMPLUS Footcare, LLC*+(23)	One stop	SF +	9.25%	(o)	14.65%	cash/	1.50%	PIK	07/2024	751		756		—		690
										36,442		36,574		1.3		33,526

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
Leisure Products
WBZ Investment LLC#+ One stop L + 6.50% (c) 8.38% cash/1.00% PIK 09/2024 $ 8,649 $ 8,682 0.4 % $ 8,649
WBZ Investment LLC+ One stop L + 6.50% (c) 8.38% cash/1.00% PIK 09/2024 1,239 1,234 — 1,239
WBZ Investment LLC+ One stop L + 6.50% (c) 8.38% cash/1.00% PIK 09/2024 861 877 — 861
WBZ Investment LLC+ One stop L + 6.50% (c) 8.38% cash/1.00% PIK 09/2024 443 451 — 443
WBZ Investment LLC+ One stop L + 6.50% N/A(6) 09/2024 — — — —
11,192 11,244 0.4 11,192
Life Sciences Tools & Services
Covaris Intermediate 3, LLC+ One stop L + 5.25% (b) 6.35% 01/2028 5,924 5,869 0.3 5,924
Covaris Intermediate 3, LLC+(5) One stop L + 5.25% N/A(6) 01/2028 — (1) — —
Covaris Intermediate 3, LLC+(5) One stop L + 5.25% N/A(6) 01/2028 — (3) — —
PAS Parent Inc.*#+ One stop L + 5.50% (b) 7.75% 12/2028 33,624 32,995 1.3 32,617
PAS Parent Inc.+ One stop L + 5.50% (b) 7.75% 12/2027 51 43 — 42
PAS Parent Inc.+(5) One stop SF + 5.50% N/A(6) 12/2028 — (5) — (13)
Reaction Biology Corporation+ One stop SF + 5.25% (m) 7.45% 03/2029 8,043 7,966 0.3 8,043
Reaction Biology Corporation+(5) One stop SF + 5.25% N/A(6) 03/2029 — (1) — —
Reaction Biology Corporation+ One stop SF + 5.25% (m) 7.45% 03/2029 60 55 — 60
Unchained Labs, LLC+ Senior loan L + 5.50% (a) 7.17% 08/2027 846 831 — 846
Unchained Labs, LLC+ Senior loan L + 5.50% N/A(6) 08/2027 — — — —
Unchained Labs, LLC+ Senior loan L + 5.50% (a) 7.17% 08/2027 1,001 973 — 1,001
49,549 48,722 1.9 48,520
Machinery
Bad Boy Mowers Acquisition, LLC+ Senior loan L + 4.25% (b) 5.88% 03/2028 1,866 1,862 0.1 1,866
Blackbird Purchaser, Inc. *+~ Senior loan L + 4.50% (a) 6.17% 04/2026 19,134 19,262 0.7 18,942
Blackbird Purchaser, Inc. + Senior loan L + 4.50% (a) 6.17% 10/2025 98 97 — 96
Blackbird Purchaser, Inc. +(5) Senior loan L + 4.50% N/A(6) 04/2026 — (3) — (3)
Chase Industries, Inc.+~(7) Senior loan L + 7.00% (c) 9.88% 05/2025 12,059 12,128 0.3 7,839
Chase Industries, Inc.+(7) Senior loan L + 7.00% (b) 9.88% 05/2025 985 1,007 — 641
Chase Industries, Inc.+(7) Senior loan L + 7.00% (c) 9.44% 05/2025 350 350 — 224
34,492 34,703 1.1 29,605
Marine
Project Nike Purchaser, LLC+ One stop SF + 6.00% (m) 6.85% 04/2029 19,000 18,815 0.7 18,810
Project Nike Purchaser, LLC+(5) One stop SF + 6.00% N/A(6) 04/2029 — (2) — (3)
Project Nike Purchaser, LLC+(5) One stop SF + 6.00% N/A(6) 04/2029 — (7) — (8)
19,000 18,806 0.7 18,799
Media
Triple Lift, Inc.+ One stop SF + 5.75% (k) 7.44% 05/2028 5,357 5,267 0.2 5,303
Triple Lift, Inc.+ One stop SF + 5.75% (k) 7.23% 05/2028 1,136 1,114 — 1,124
Triple Lift, Inc.+ One stop SF + 5.75% (k) 7.44% 05/2028 27 26 — 27
6,520 6,407 0.2 6,454
Multiline Retail
Mills Fleet Farm Group LLC*#+~ One stop L + 6.25% (a) 7.92% 10/2024 45,213 45,158 1.7 45,213
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.*+~(8)(12) One stop L + 6.75% (b) 8.20% 05/2025 20,471 20,561 0.8 20,471
3ES Innovation, Inc.+(8)(12) One stop L + 6.75% (b) 8.44% 05/2025 80 79 — 80
Envernus, Inc.*#+~ Senior loan L + 4.25% (a) 5.92% 07/2025 37,161 37,469 1.4 36,161


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Pharmaceuticals
ACP Ulysses Buyer, Inc.*#	One stop	SF +	5.50%	(o)	10.89%				02/2026	$	25,296	$	25,139	1.0	%	$	24,031
ACP Ulysses Buyer, Inc.*	One stop	SF +	5.50%	(o)	10.89%				02/2026	1,094		1,077		—		1,039
Amalthea Parent, Inc.*#+(8)(12)	One stop	SF +	5.00%	(n)	10.22%				03/2027	58,843		58,406		2.2		55,902
Amalthea Parent, Inc.+(5)(8)(12)	One stop	SF +	5.00%		N/A(6)				03/2027	—		(2)		—		(14)
Apothecary Products, LLC+	Senior secured	SF +	5.00%	(p)	10.23%				07/2023	2,710		2,712		0.1		2,710
Apothecary Products, LLC+	Senior secured	SF +	5.00%		N/A(6)				07/2023	—		—		—		—
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.50%	(o)	10.74%				05/2029	17,050		16,763		0.7		16,538
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.75%	(n)	10.85%				05/2029	168		163		—		162
Caerus Midco 3 S.A.R.L.+(5)(8)(13)	One stop	SF +	5.50%		N/A(6)				05/2029	—		(22)		—		(77)
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.75%	(o)	10.99%				05/2029	2,821		2,771		0.1		2,765
Caerus Midco 3 S.A.R.L.+(5)(8)(13)	One stop	SF +	5.75%		N/A(6)				05/2029	—		(4)		—		(8)
Cobalt Buyer Sub, Inc.+	One stop	SF +	6.00%	(n)	11.22%				10/2028	10,547		10,389		0.4		10,178
Cobalt Buyer Sub, Inc.+(5)	One stop	SF +	6.00%		N/A(6)				10/2027	—		(1)		—		(3)
Cobalt Buyer Sub, Inc.+	One stop	SF +	6.00%	(n)	11.22%				10/2028	3,536		3,481		0.2		3,412
Cobalt Buyer Sub, Inc.+	One stop	SF +	6.00%	(n)	11.19%				10/2028	2,664		2,572		0.1		2,571
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.75%	(l)	9.68%				08/2028	24,891		26,674		0.9		23,646
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.75%	(l)	9.68%				08/2028	2,640		2,503		0.1		2,508
Spark Bidco Limited+(5)(8)(9)(10)	Senior secured	SN +	4.75%		N/A(6)				02/2028	—		(2)		—		(5)
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	6.00%	(l)	10.93%				08/2028	3,455		3,254		0.1		3,455
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.75%	(l)	9.68%				08/2028	3,017		2,689		0.1		2,866
Spark Bidco Limited+(5)(8)(10)	Senior secured	SF +	6.00%		N/A(6)				08/2028	—		(34)		—		—
										158,732		158,528		6.0		151,676
Professional Services
ALKU Intermediate Holdings, LLC+	One stop	SF +	6.25%	(n)	11.33%				05/2029	4,444		4,379		0.2		4,389
bswift, LLC+	One stop	SF +	6.63%	(n)	11.76%				11/2028	5,113		4,970		0.2		5,113
Citrin Cooperman Advisors LLC+	One stop	SF +	5.75%	(o)(p)	10.84%				10/2027	4,213		4,168		0.2		4,213
Citrin Cooperman Advisors LLC+(5)	One stop	SF +	6.25%		N/A(6)				10/2027	—		(10)		—		—
Citrin Cooperman Advisors LLC+	One stop	SF +	6.25%	(p)	11.22%				10/2027	2,334		2,269		0.1		2,340
DISA Holdings Corp.+	Senior secured	SF +	5.50%	(n)	10.66%				09/2028	3,485		3,425		0.1		3,485
DISA Holdings Corp.+(5)	Senior secured	SF +	5.50%		N/A(6)				09/2028	—		(1)		—		—
DISA Holdings Corp.+	Senior secured	SF +	5.50%	(n)	10.66%				09/2028	220		215		—		220
DISA Holdings Corp.+	One stop	SF +	5.50%	(n)	10.65%				09/2028	151		145		—		151
DISA Holdings Corp.+(23)	Subordinated debt	SF +	10.00%	(n)	13.13%	cash/	2.00%	PIK	03/2029	50		49		—		50
Eliassen Group, LLC+	One stop	SF +	5.50%	(p)	10.84%				04/2028	1,434		1,422		0.1		1,434
Eliassen Group, LLC+	One stop	SF +	4.50%	(o)	9.73%				04/2028	4		4		—		4
Filevine, Inc.+(23)	One stop	SF +	6.50%	(o)(p)	9.12%	cash/	2.50%	PIK	04/2027	5,366		5,310		0.2		5,407
Filevine, Inc.+	One stop	SF +	6.50%		N/A(6)				04/2027	—		—		—		—
IG Investments Holdings, LLC+	One stop	SF +	6.00%	(n)(o)	11.17%				09/2028	6,485		6,391		0.3		6,485
IG Investments Holdings, LLC+(5)	One stop	SF +	5.00%		N/A(6)				09/2027	—		(1)		—		—
IG Investments Holdings, LLC+	One stop	SF +	6.00%	(o)	11.15%				09/2028	554		546		—		554
NBG Acquisition Corp. and NBG-P Acquisition Corp.#	One stop	SF +	5.25%	(o)	10.45%				11/2028	7,536		7,494		0.3		7,310
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5)	One stop	SF +	5.25%		N/A(6)				11/2028	—		(13)		—		—
NBG Acquisition Corp. and NBG-P Acquisition Corp.+	One stop	SF +	5.25%	(o)	10.61%				11/2028	131		129		—		124
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5)	One stop	SF +	5.25%		N/A(6)				11/2028	—		(16)		—		—
Net Health Acquisition Corp.+	One stop	SF +	5.75%	(n)	10.95%				12/2025	13,135		13,067		0.5		12,872
Net Health Acquisition Corp.*#	One stop	SF +	5.75%	(n)	10.95%				12/2025	8,312		8,302		0.3		8,146
Net Health Acquisition Corp.*	One stop	SF +	5.75%	(n)	10.95%				12/2025	6,654		6,682		0.3		6,521

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
Envernus, Inc.~ Senior loan L + 4.50% (a) 6.17% 07/2025 $ 17,037 $ 16,761 0.6 % $ 16,696
Envernus, Inc.+(5) Senior loan L + 4.25% N/A(6) 09/2024 — (2) — (6)
Envernus, Inc.+(5) Senior loan L + 4.50% N/A(6) 09/2024 — (5) — (4)
Project Power Buyer, LLC*#+ One stop L + 6.00% (b) 8.26% 05/2026 15,504 15,606 0.6 15,504
Project Power Buyer, LLC+ One stop L + 6.00% N/A(6) 05/2025 — — — —
90,253 90,469 3.4 88,902
Paper & Forest Products
Messenger, LLC+ One stop SF + 5.75% (l) 7.38% 12/2027 10,202 10,107 0.4 10,202
Messenger, LLC+ One stop L + 5.75% (b) 7.44% 12/2027 100 99 — 100
Messenger, LLC+ One stop P + 4.75% (d) 9.50% 12/2027 16 15 — 16
Messenger, LLC+ One stop SF + 5.75% (l) 7.38% 12/2027 50 50 — 50
10,368 10,271 0.4 10,368
Personal Products
IMPLUS Footwear, LLC+~ One stop L + 8.00% (b) 10.00% cash/0.25% PIK 04/2024 30,521 30,739 1.1 28,384
IMPLUS Footwear, LLC+~ One stop L + 8.00% (b) 10.00% cash/0.25% PIK 04/2024 5,212 5,250 0.2 4,848
IMPLUS Footwear, LLC*+ One stop L + 8.00% (b) 10.00% cash/0.25% PIK 04/2024 751 764 — 699
36,484 36,753 1.3 33,931


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Net Health Acquisition Corp.#	One stop	SF +	5.75%	(n)	10.95%	12/2025	$	4,205	$	4,175	0.2	%	$	4,121
Net Health Acquisition Corp.*#	One stop	SF +	5.75%	(n)	10.95%	12/2025	1,161		1,160		—		1,138
Net Health Acquisition Corp.+	One stop	SF +	5.75%	(n)	10.95%	12/2025	91		90		—		85
PlanSource Holdings, Inc.+	One stop	L +	6.25%	(c)	11.36%	04/2025	11,416		11,451		0.4		11,416
PlanSource Holdings, Inc.+	One stop	L +	6.25%	(c)	11.36%	04/2025	1,932		1,924		0.1		1,932
PlanSource Holdings, Inc.+	One stop	L +	6.25%	(c)	11.36%	04/2025	139		138		—		139
PlanSource Holdings, Inc.+	One stop	SF +	6.25%		N/A(6)	04/2025	—		—		—		—
Procure Acquireco, Inc.#+	One stop	SF +	5.00%	(o)	10.41%	12/2028	17,500		17,364		0.7		17,500
Procure Acquireco, Inc.+(5)	One stop	SF +	5.00%		N/A(6)	12/2028	—		(1)		—		—
Procure Acquireco, Inc.+(5)	One stop	SF +	5.00%		N/A(6)	12/2028	—		(2)		—		—
Teaching Company, The+	One stop	L +	4.75%	(b)	10.01%	07/2023	17,331		17,333		0.7		17,331
Teaching Company, The+	One stop	L +	4.75%	(b)	9.97%	07/2023	60		60		—		60





							123,456		122,618		4.9		122,540


Real Estate Management & Development
Inhabit IQ Inc.+	One stop	SF +	5.50%	(n)	10.70%	07/2025	21,588	21,473	0.9	21,588
Inhabit IQ Inc.#+	One stop	SF +	5.50%	(n)	10.70%	07/2025	19,284	19,290	0.8	19,284
Inhabit IQ Inc.+	One stop	SF +	5.50%	(n)	10.70%	07/2025	13,288	13,226	0.5	13,288
Inhabit IQ Inc.*	One stop	SF +	5.50%	(n)	10.70%	07/2025	12,273	12,208	0.5	12,273
Inhabit IQ Inc.*#	One stop	SF +	5.50%	(n)	10.70%	07/2025	6,467	6,476	0.3	6,467
Inhabit IQ Inc.+	One stop	SF +	5.50%	(n)	10.70%	07/2025	3,151	3,178	0.1	3,151
Inhabit IQ Inc.#+	One stop	SF +	5.50%	(n)	10.70%	07/2025	1,384	1,391	0.1	1,384
Inhabit IQ Inc.#+	One stop	SF +	5.50%	(n)	10.70%	07/2025	1,172	1,177	—	1,172
Inhabit IQ Inc.#+	One stop	SF +	5.50%	(n)	10.70%	07/2025	1,155	1,160	—	1,155
Inhabit IQ Inc.+	One stop	SF +	5.50%	(n)	10.70%	07/2025	924	922	—	924
Inhabit IQ Inc.+	One stop	SF +	5.50%	(n)	10.70%	07/2025	488	490	—	488
Inhabit IQ Inc.+	One stop	L +	5.50%	(a)	10.65%	07/2025	130	130	—	130
MRI Software LLC*+	One stop	SF +	5.50%	(o)	10.84%	02/2026	14,249	14,187	0.6	13,963
MRI Software LLC+	One stop	SF +	5.50%	(o)	10.84%	02/2026	5,226	5,188	0.2	5,121
MRI Software LLC+(5)	One stop	SF +	5.50%		N/A(6)	02/2026	—	(1)	—	(5)

MRI Software LLC+(5)	One stop	SF +	5.50%		N/A(6)	02/2026	—	—	—	(3)
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.75%	(l)	10.68%	08/2028	18,541	20,066	0.7	17,799
RPL Bidco Limited+(8)(9)(10)	One stop	A +	5.75%	(h)	9.76%	08/2028	1,988	2,175	0.1	1,909
RPL Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.75%		N/A(6)	02/2028	—	—	—	(2)
RPL Bidco Limited+(8)(9)(10)	One stop	A +	6.75%	(h)	10.76%	08/2028	8,189	8,131	0.3	8,189

							129,497	130,867	5.1	128,275
Road & Rail
Channelside Acquisitona Co, Inc.+	One stop	SF +	6.38%	(n)	11.58%	07/2028	4,240	4,165	0.2	4,240
Channelside Acquisitona Co, Inc.+(5)	One stop	SF +	6.75%		N/A(6)	07/2026	—	(2)	—	—
Channelside Acquisitona Co, Inc.+	One stop	SF +	6.75%	(n)	11.92%	07/2028	3,639	3,536	0.1	3,666
Channelside Acquisitona Co, Inc.+(5)	One stop	SF +	6.75%		N/A(6)	07/2028	—	(7)	—	—
Internet Truckstop Group LLC*#	One stop	SF +	5.50%	(o)	10.89%	04/2025	21,118	21,308	0.8	20,907
Internet Truckstop Group LLC+	One stop	SF +	5.50%	(o)	10.89%	04/2025	9,248	9,187	0.4	9,155
Internet Truckstop Group LLC+(5)	One stop	SF +	5.50%		N/A(6)	04/2025	—	(1)	—	(2)
							38,245	38,186	1.5	37,966

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
Pharmaceuticals
ACP Ulysses Buyer, Inc.*#+ Senior loan L + 5.50% (a) 7.17% 02/2026 $ 25,553 $ 25,334 1.0 % $ 25,296
Amalthea Parent, Inc.*#+(8)(12) One stop L + 4.75% (a) 6.42% 03/2027 57,391 56,847 2.2 57,391
Amalthea Parent, Inc.+(5)(8)(12) One stop SF + 4.75% N/A(6) 03/2027 — (3) — —
Amalthea Parent, Inc.+(5)(8)(12) One stop SF + 4.75% N/A(6) 03/2027 — (25) — —
Amalthea Parent, Inc.+(5)(8)(12) One stop SF + 4.75% N/A(6) 03/2027 — (3) — —
Apothecary Products, LLC+ Senior loan SF + 5.00% (m) 6.00% 07/2023 2,891 2,931 0.1 2,862
Apothecary Products, LLC+ Senior loan SF + 5.00% (m)(n) 5.85% 07/2023 208 208 — 201
Caerus Midco 3 S.A.R.L.+(8)(13) One stop SF + 5.50% (n) 7.25% 05/2029 17,179 16,840 0.7 16,835
Caerus Midco 3 S.A.R.L.+(5)(8)(13) One stop SF + 5.50% N/A(6) 05/2029 — (5) — (5)
Caerus Midco 3 S.A.R.L.+(5)(8)(13) One stop SF + 5.50% N/A(6) 05/2029 — (25) — (26)
Cobalt Buyer Sub, Inc.+ One stop L + 5.25% (a) 6.92% 10/2028 10,654 10,464 0.4 10,654
Cobalt Buyer Sub, Inc.+ One stop L + 5.25% (a) 6.89% 10/2027 36 34 — 36
Cobalt Buyer Sub, Inc.+(5) One stop L + 5.25% N/A(6) 10/2028 — (32) — —
Spark Bidco Limited+(8)(9)(10) Senior loan SN + 4.75% (j) 5.94% 08/2028 23,866 26,616 0.9 23,866
Spark Bidco Limited+(5)(8)(9)(10) Senior loan SN + 4.75% N/A(6) 02/2028 — (2) — —
Spark Bidco Limited+(8)(9)(10) Senior loan SN + 4.75% (j) 5.94% 08/2028 2,893 3,000 0.1 2,893
140,671 142,179 5.4 140,003
Professional Services
Citrin Cooperman Advisors LLC+(5) One stop SF + 5.00% N/A(6) 10/2027 — (53) — (54)
DISA Holdings Acquisition Subsidiary Corp.+~ Senior loan L + 4.25% (a) 5.31% 12/2022 8,201 8,193 0.3 8,201
DISA Holdings Acquisition Subsidiary Corp.+(5) Senior loan L + 4.25% N/A(6) 12/2022 — (19) — —
Eliassen Group, LLC+ One stop SF + 5.75% (m) 7.80% 04/2028 1,444 1,430 0.1 1,430
Eliassen Group, LLC+ One stop SF + 5.75% N/A(6) 04/2028 — — — —
Filevine, Inc.+ One stop SF + 6.50% (n) 5.42% cash/2.50% PIK 04/2027 5,234 5,163 0.2 5,148
Filevine, Inc.+ One stop SF + 6.50% N/A(6) 04/2027 — — — —
IG Investments Holdings, LLC+ One stop L + 6.00% (b) 8.25% 09/2028 7,111 6,989 0.3 7,111
IG Investments Holdings, LLC+ One stop P + 5.00% (d) 9.75% 09/2027 12 11 — 12
NBG Acquisition Corp. and NBG-P Acquisition Corp.+ One stop L + 5.25% (b) 6.49% 11/2028 7,501 7,450 0.3 7,445
NBG Acquisition Corp. and NBG-P Acquisition Corp.+ One stop L + 5.25% (b) 6.62% 11/2028 42 40 — 40
NBG Acquisition Corp. and NBG-P Acquisition Corp.+ One stop L + 5.25% (a) 6.90% 11/2028 111 95 — 94
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5) One stop L + 5.25% N/A(6) 11/2028 — (18) — (19)
NBG Acquisition Corp. and NBG-P Acquisition Corp.+ One stop L + 5.25% N/A(6) 11/2028 — — — —
Net Health Acquisition Corp.+ One stop L + 5.75% (a) 7.42% 12/2025 13,269 13,173 0.5 13,269
Net Health Acquisition Corp.*# One stop L + 5.75% (a) 7.42% 12/2025 8,400 8,405 0.3 8,400
Net Health Acquisition Corp.+~ One stop L + 5.75% (a) 7.42% 12/2025 6,724 6,760 0.3 6,724
Net Health Acquisition Corp.# One stop L + 5.75% (a) 7.42% 12/2025 4,248 4,206 0.2 4,248
Net Health Acquisition Corp.*# One stop L + 5.75% (a) 7.42% 12/2025 1,174 1,174 — 1,174
Net Health Acquisition Corp.+(5) One stop L + 5.75% N/A(6) 12/2025 — (2) — —
PlanSource Holdings, Inc. +~ One stop L + 6.25% (c) 7.25% 04/2025 11,416 11,470 0.4 11,416
PlanSource Holdings, Inc. + One stop L + 6.25% (c) 7.25% 04/2025 1,932 1,919 0.1 1,932
PlanSource Holdings, Inc. + One stop L + 6.25% (c) 7.25% 04/2025 139 138 — 139
PlanSource Holdings, Inc. +(5) One stop L + 6.25% N/A(6) 04/2025 — (1) — —
ProcessMAP Corporation+ One stop L + 6.25% (b) 4.75% cash/3.75% PIK 12/2027 3,910 3,875 0.1 3,832
ProcessMAP Corporation+(5) One stop L + 6.00% N/A(6) 12/2027 — — — (1)
Procure Acquireco, Inc.#+ One stop L + 5.50% (c) 8.25% 12/2028 17,678 17,514 0.7 17,678
Procure Acquireco, Inc.+(5) One stop L + 5.50% N/A(6) 12/2028 — (1) — —


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Software
Accela, Inc.*#+(23)	One stop	SF +	7.50%	(n)	8.45%	cash/	4.25%	PIK	09/2024	$	4,817	$	4,804	0.2	%	$	4,817
Accela, Inc.+(23)	One stop	SF +	7.50%	(n)	8.45%	cash/	4.25%	PIK	09/2024	286		285		—		286
Accela, Inc.+	One stop	SF +	7.50%		N/A(6)				09/2024	—		—		—		—
Accela, Inc.+	One stop	SF +	7.50%	(n)	12.70%				09/2024	541		538		—		541
Anaplan, Inc.+	One stop	SF +	6.50%	(n)	11.60%				06/2029	9,840		9,756		0.4		9,742
Anaplan, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				06/2028	—		(1)		—		(1)
Appfire Technologies, LLC#+	One stop	SF +	5.50%	(o)	10.72%				03/2027	38,629		38,269		1.5		37,857
Appfire Technologies, LLC+(5)	One stop	SF +	5.50%		N/A(6)				03/2027	—		(2)		—		(5)
Appfire Technologies, LLC+(5)	One stop	SF +	5.50%		N/A(6)				03/2027	—		(30)		—		(86)
Apptio, Inc.+	One stop	L +	5.00%	(b)	10.20%				01/2025	57,010		57,265		2.3		57,010
Apptio, Inc.+	One stop	L +	5.00%	(b)	10.20%				01/2025	58		57		—		58
Aras Corporation+(23)	One stop	L +	6.75%	(b)	8.74%	cash/	3.25%	PIK	04/2027	14,567		14,480		0.6		14,276
Aras Corporation+	One stop	L +	6.50%	(b)(c)	11.71%				04/2027	61		60		—		59
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.25%	(l)	10.18%				06/2029	3,637		3,417		0.1		3,437
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.25%	(l)	10.18%				06/2029	1,667		1,510		0.1		1,562
Arrow Buyer, Inc.+	One stop	SF +	6.50%	(o)	11.74%				06/2030	16,360		15,928		0.6		16,155
Arrow Buyer, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				06/2030	—		(24)		—		(24)
Auvik Networks Inc.+(8)(12)(23)	One stop	SF +	5.75%	(o)	8.20%	cash/	2.75%	PIK	07/2027	7,181		7,134		0.3		6,983
Auvik Networks Inc.+(8)(12)(23)	One stop	SF +	6.25%	(o)	8.20%	cash/	3.25%	PIK	07/2027	1,282		1,272		0.1		1,269
Auvik Networks Inc.+(5)(8)(12)	One stop	SF +	3.00%		N/A(6)				07/2027	—		(1)		—		(2)
Axiom Merger Sub Inc.+	One stop	L +	5.25%	(c)	10.60%				04/2026	5,694		5,714		0.2		5,694
Axiom Merger Sub Inc.+(8)(9)	One stop	E +	5.50%	(f)(g)	8.87%				04/2026	2,291		2,353		0.1		2,291
Axiom Merger Sub Inc.+	One stop	L +	5.25%	(c)	10.60%				04/2026	270		268		—		270
Axiom Merger Sub Inc.+	One stop	SF +	5.25%	(c)(p)	10.59%				04/2026	39		38		—		39
Axiom Merger Sub Inc.+	One stop	SF +	5.25%		N/A(6)				10/2025	—		—		—		—
Bayshore Intermediate #2, L.P.+(23)	One stop	SF +	7.50%	(o)	12.82%				10/2028	71,481		70,470		2.8		70,766
Bayshore Intermediate #2, L.P.+	One stop	SF +	6.50%	(n)	11.77%				10/2027	33		31		—		32
Bonterra LLC+	One stop	L +	6.25%	(b)	11.79%				09/2027	65,388		64,709		2.5		62,118
Bonterra LLC+	One stop	L +	6.25%	(b)	11.72%				09/2027	197		195		—		187
Bonterra LLC+(5)	One stop	SF +	6.25%		N/A(6)				09/2027	—		(59)		—		(210)
Bottomline Technologies, Inc.+	One stop	SF +	5.25%	(n)	10.33%				05/2029	27,951		27,483		1.1		27,113
Bottomline Technologies, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				05/2028	—		(3)		—		(7)
Bullhorn, Inc.*#+	One stop	SF +	5.75%	(n)	10.95%				09/2026	65,438		64,855		2.6		64,784
Bullhorn, Inc.+(8)(9)	One stop	SN +	6.00%	(l)	10.93%				09/2026	12,051		11,576		0.5		11,931
Bullhorn, Inc.+(8)(9)	One stop	E +	5.75%	(e)	9.16%				09/2026	4,679		4,648		0.2		4,632
Bullhorn, Inc.+	One stop	SF +	5.75%	(n)	10.95%				09/2026	212		210		—		210
Bullhorn, Inc.+	One stop	SF +	5.75%	(n)	10.95%				09/2026	95		94		—		94
Bullhorn, Inc.+	One stop	SF +	5.75%	(n)	10.95%				09/2026	76		75		—		75
Bullhorn, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				09/2026	—		(2)		—		(2)
Burning Glass Intermediate Holdings Company, Inc.#+	One stop	SF +	5.00%	(n)	10.20%				06/2028	9,745		9,605		0.4		9,745
Burning Glass Intermediate Holdings Company, Inc.+	One stop	SF +	5.00%	(n)	10.20%				06/2026	35		34		—		35
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	7.25%	(p)	12.05%				01/2029	5,437		5,284		0.2		5,355
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	7.25%	(p)	12.05%				01/2029	1,438		1,397		0.1		1,416
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	7.25%		N/A(6)				01/2029	—		—		—		—
Bynder BidCo, Inc.& Bynder BidCo B.V.+(5)(8)(14)	One stop	SF +	7.25%		N/A(6)				01/2029	—		(1)		—		(1)
Calabrio, Inc.+	One stop	SF +	7.13%	(n)	12.23%				04/2027	53,683		53,174		2.1		53,683

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
Procure Acquireco, Inc.+(5) One stop L + 5.50% N/A(6) 12/2028 $ — $ (3) — % $ —
Teaching Company, The*#+ One stop L + 4.75% (b) 6.16% 07/2023 17,507 17,572 0.7 17,334
Teaching Company, The+(5) One stop L + 4.75% N/A(6) 07/2023 — — — (2)
116,053 115,480 4.5 115,551
%
Real Estate Management & Development
Inhabit IQ Inc.+ One stop L + 6.00% (b) 7.57% 07/2025 21,806 21,635 0.8 21,806
Inhabit IQ Inc.#+ One stop L + 6.00% (b) 7.57% 07/2025 19,487 19,540 0.8 19,487
Inhabit IQ Inc.+~ One stop L + 6.00% (b) 7.57% 07/2025 13,426 13,296 0.5 13,426
Inhabit IQ Inc.+ One stop L + 6.00% (b) 7.57% 07/2025 12,398 12,301 0.5 12,398
Inhabit IQ Inc.*# One stop L + 6.00% (b) 7.57% 07/2025 6,534 6,573 0.3 6,534
Inhabit IQ Inc.+~ One stop L + 6.00% (b) 7.57% 07/2025 3,185 3,229 0.1 3,185
Inhabit IQ Inc.#+ One stop L + 6.00% (b) 7.57% 07/2025 1,398 1,417 0.1 1,398
Inhabit IQ Inc.#+ One stop L + 6.00% (b) 7.57% 07/2025 1,184 1,200 — 1,184
Inhabit IQ Inc.#+ One stop L + 6.00% (b) 7.57% 07/2025 1,167 1,183 — 1,167
Inhabit IQ Inc.+ One stop L + 6.00% (b) 7.57% 07/2025 934 929 — 934
Inhabit IQ Inc.+ One stop L + 6.00% (b) 7.57% 07/2025 492 499 — 492
Inhabit IQ Inc.+(5) One stop L + 6.00% N/A(6) 07/2025 — (1) — —
MRI Software LLC*+ One stop L + 5.50% (b) 7.75% 02/2026 14,397 14,311 0.6 14,397
MRI Software LLC+ One stop L + 5.50% (b) 7.75% 02/2026 4,751 4,701 0.2 4,751
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 — (2) — —
RPL Bidco Limited+(8)(9)(10) One stop SN + 5.75% (j) 6.94% 08/2028 17,778 20,030 0.7 17,422
RPL Bidco Limited+(8)(9)(10) One stop A + 5.75% (g) 5.78% 08/2028 2,060 2,170 0.1 2,019
RPL Bidco Limited+(5)(8)(9)(10) One stop SN + 5.75% N/A(6) 02/2028 — — — (1)
120,997 123,009 4.7 120,599
Road & Rail
Channelside Acquisitona Co, Inc.+ One stop L + 5.50% (b) 7.75% 07/2028 4,252 4,161 0.2 4,209
Channelside Acquisitona Co, Inc.+ One stop L + 5.50% (a) 7.04% 07/2026 5 4 — 5
Channelside Acquisitona Co, Inc.+ One stop L + 5.25% N/A(6) 07/2028 — — — —
Internet Truckstop Group LLC*# One stop L + 5.50% (b) 7.76% 04/2025 21,875 22,184 0.8 21,657
Internet Truckstop Group LLC+ One stop L + 5.50% (b) 7.76% 04/2025 9,579 9,481 0.4 9,483
Internet Truckstop Group LLC+(5) One stop L + 5.50% N/A(6) 04/2025 — (2) — (2)
35,711 35,828 1.4 35,352


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Calabrio, Inc.+	One stop	L +	7.00%	(a)	12.15%				04/2027	$	135	$	132	—	%	$	135
Community Brands Parentco LLC+	One stop	SF +	5.50%	(n)	10.70%				02/2028	14,087		13,869		0.5		13,806
Community Brands Parentco LLC+(5)	One stop	SF +	5.50%		N/A(6)				02/2028	—		(1)		—		(1)
Community Brands Parentco LLC+(5)	One stop	SF +	5.50%		N/A(6)				02/2028	—		(1)		—		(2)
Coupa Holdings, LLC+	One stop	SF +	7.50%	(n)	12.60%				02/2030	22,848		22,304		0.9		22,276
Coupa Holdings, LLC+(5)	One stop	SF +	7.50%		N/A(6)				02/2029	—		(1)		—		(1)
Coupa Holdings, LLC+(5)	One stop	SF +	7.50%		N/A(6)				02/2030	—		(24)		—		(51)
Daxko Acquisition Corporation+	One stop	SF +	5.50%	(n)	10.70%				10/2028	27,501		27,293		1.0		26,401
Daxko Acquisition Corporation+	One stop	SF +	5.50%	(n)	10.70%				10/2028	2,319		2,293		0.1		2,226
Daxko Acquisition Corporation+	One stop	P +	4.50%	(d)	12.75%				10/2027	21		20		—		15
Daxko Acquisition Corporation+(5)	One stop	SF +	5.50%		N/A(6)				10/2028	—		(8)		—		—
Diligent Corporation*#+	One stop	SF +	6.25%	(n)	11.45%				08/2025	85,629		85,578		3.4		84,774
Diligent Corporation+	One stop	SF +	5.75%	(n)	10.95%				08/2025	5,919		5,890		0.2		5,801
Diligent Corporation+	One stop	SF +	6.25%	(n)	11.45%				08/2025	156		155		—		153
Dragon UK Bidco Limited+(8)(9)(10)	One stop	SN +	6.00%	(l)	10.93%				02/2029	14,711		15,092		0.6		14,122
Dragon UK Bidco Limited+(8)(9)(10)	One stop	C +	6.00%	(k)	11.39%				02/2029	289		294		—		278
Dragon UK Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.00%		N/A(6)				02/2029	—		—		—		(5)
FirstUp, Inc.+(23)	One stop	SF +	6.75%	(o)	8.64%	cash/	3.50%	PIK	07/2027	9,155		9,097		0.4		9,040
FirstUp, Inc.+(23)	One stop	SF +	6.75%	(o)	8.64%	cash/	3.50%	PIK	07/2027	76		76		—		75
Gainsight, Inc.+(23)	One stop	L +	6.75%	(c)	11.58%	PIK			07/2027	10,780		10,668		0.4		10,673
Gainsight, Inc.+(23)	One stop	SF +	6.75%	(n)	11.94%	PIK			07/2027	81		80		—		80
GS Acquisitionco, Inc.*#+	One stop	SF +	5.75%	(o)	11.14%				05/2026	83,975		84,067		3.3		83,135
GS Acquisitionco, Inc.+	One stop	SF +	5.75%	(o)	11.14%				05/2026	88		88		—		86
GTIV, LLC+	One stop	SF +	5.25%	(p)	10.22%				02/2029	73,657		73,067		2.9		73,657
GTIV, LLC+(5)	One stop	SF +	5.25%		N/A(6)				02/2029	—		(2)		—		—
GTY Technology Holdings, Inc.+(23)	One stop	SF +	6.87%	(o)	7.82%	cash/	4.30%	PIK	07/2029	3,203		3,150		0.1		3,171
GTY Technology Holdings, Inc.+(5)	One stop	SF +	6.25%		N/A(6)				07/2029	—		(2)		—		(1)
GTY Technology Holdings, Inc.+(23)	One stop	SF +	6.88%	(o)	7.80%	cash/	4.30%	PIK	07/2029	2,091		2,051		0.1		2,070
GTY Technology Holdings, Inc.+(23)	One stop	SF +	6.88%	(o)	7.82%	cash/	4.30%	PIK	07/2029	383		380		—		379
ICIMS, Inc.+(23)	One stop	SF +	7.25%	(o)	8.50%	cash/	3.88%	PIK	08/2028	7,931		7,814		0.3		7,772
ICIMS, Inc.+	One stop	SF +	6.75%	(o)	11.99%				08/2028	27		26		—		24
ICIMS, Inc.+(5)	One stop	SF +	7.25%		N/A(6)				08/2028	—		—		—		(38)

IQN Holding Corp. #+	One stop	SF +	5.25%	(p)	10.38%				05/2029	14,594		14,472		0.6		14,301
IQN Holding Corp. +	One stop	SF +	5.25%	(n)	10.35%				05/2028	19		18		—		17
IQN Holding Corp. +(5)	One stop	SF +	5.25%		N/A(6)				05/2029	—		(27)		—		(4)
Island Bidco AB+(8)(9)(17)(23)	One stop	E +	7.25%	(g)	3.93%	cash/	7.25%	PIK	07/2028	6,361		6,037		0.3		6,361
Island Bidco AB+(8)(17)(23)	One stop	SF +	7.00%	(p)	8.84%	cash/	3.50%	PIK	07/2028	3,025		3,000		0.1		3,025
Island Bidco AB+(8)(17)	One stop	SF +	6.50%		N/A(6)				07/2028	—		—		—		—
Island Bidco AB+(5)(8)(9)(17)	One stop	E +	6.50%		N/A(6)				07/2028	—		(1)		—		—
Juvare, LLC*	One stop	L +	6.25%	(b)	11.73%				10/2026	7,526		7,474		0.3		7,150
Juvare, LLC+	One stop	L +	6.25%	(b)	11.73%				10/2026	1,737		1,725		0.1		1,650
Juvare, LLC+	One stop	L +	6.25%	(b)	11.73%				10/2026	548		529		—		520
Juvare, LLC+	One stop	L +	6.25%	(b)(d)	11.90%				04/2026	50		50		—		48
Kaseya Inc.+(23)	One stop	SF +	6.25%	(n)	8.85%	cash/	2.50%	PIK	06/2029	9,178		9,059		0.4		8,994
Kaseya Inc.+(23)	One stop	SF +	6.25%	(n)	8.86%	cash/	2.50%	PIK	06/2029	67		65		—		62
Kaseya Inc.+(23)	One stop	SF +	6.25%	(n)	8.86%	cash/	2.50%	PIK	06/2029	34		29		—		23
Mindbody, Inc.+	One stop	L +	7.00%	(a)	12.19%				02/2025	49,911		50,204		2.0		49,911
Mindbody, Inc.+	One stop	L +	7.00%	(a)	12.19%				02/2025	5,588		5,561		0.2		5,588
Mindbody, Inc.+	One stop	SF +	7.00%		N/A(6)				02/2025	—		—		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
Software
Accela, Inc.*#+ One stop L + 7.50% (a) 4.92% cash/4.25% PIK 09/2024 $ 4,655 $ 4,638 0.2 % $ 4,655
Accela, Inc.+ One stop L + 7.50% (a) 4.92% cash/4.25% PIK 09/2024 277 274 — 277
Accela, Inc.+ One stop L + 7.00% (a) 8.67% 09/2024 40 40 — 40
AgKnowledge Holdings Company, Inc.+ Senior loan L + 4.75% (c) 6.25% 07/2023 118 116 — 116
Anaplan, Inc.+ One stop SF + 6.50% (l) 8.01% 06/2029 9,840 9,742 0.4 9,742
Anaplan, Inc.+(5) One stop SF + 6.50% N/A(6) 06/2028 — (2) — (2)
Appfire Technologies, LLC#+ One stop SF + 5.50% (m) 7.70% 03/2027 35,861 35,415 1.4 35,592
Appfire Technologies, LLC+ One stop SF + 5.50% (m) 7.70% 03/2027 14 10 — 11
Appfire Technologies, LLC+(5) One stop SF + 5.50% N/A(6) 03/2027 — (10) — (15)
Appfire Technologies, LLC+(5) One stop SF + 5.50% N/A(6) 03/2027 — (41) — (41)
Apptio, Inc. +~ One stop L + 6.00% (a) 7.25% 01/2025 57,010 57,431 2.2 57,010
Apptio, Inc. + One stop L + 6.00% (a) 7.25% 01/2025 76 76 — 76
Aras Corporation+ One stop L + 7.00% (b) 4.27% cash/3.75% PIK 04/2027 14,027 13,916 0.5 14,027
Aras Corporation+(5) One stop L + 6.50% N/A(6) 04/2027 — (1) — —
Armstrong Bidco Limited+(8)(9)(10) One stop SN + 5.75% (j) 6.94% 06/2029 3,487 3,491 0.1 3,400
Armstrong Bidco Limited+(8)(9)(10) One stop SN + 5.75% N/A(6) 06/2029 — — — —
Auvik Networks Inc.+(8)(12) One stop L + 5.75% (b) 4.24% cash/2.75% PIK 07/2027 6,985 6,927 0.3 6,809
Auvik Networks Inc.+(5)(8)(12) One stop L + 5.50% N/A(6) 07/2027 — (1) — (2)
Auvik Networks Inc.+(8)(12) One stop SF + 6.25% (m) 4.83% cash/3.25% PIK 07/2027 1,246 1,234 — 1,234
Axiom Merger Sub Inc.+~ One stop L + 5.50% (b)(c) 7.06% 04/2026 5,744 5,770 0.2 5,744
Axiom Merger Sub Inc.+~(8)(9) One stop E + 5.75% (e)(f) 5.75% 04/2026 2,224 2,380 0.1 2,224
Axiom Merger Sub Inc.+ One stop L + 5.50% (c) 7.05% 04/2026 272 270 — 272
Axiom Merger Sub Inc.+ One stop L + 5.50% (c) 6.50% 04/2026 12 11 — 12
Axiom Merger Sub Inc.+(5) One stop L + 5.50% N/A(6) 10/2025 — (1) — —
Bayshore Intermediate #2, L.P.+ One stop L + 7.75% (a) 8.87% 10/2028 63,473 62,269 2.5 63,473
Bayshore Intermediate #2, L.P.+(5) One stop L + 6.75% N/A(6) 10/2027 — (3) — —
Bearcat Buyer, Inc.+~ Senior loan L + 4.25% (b) 6.50% 07/2026 2,876 2,892 0.1 2,876
Bearcat Buyer, Inc.+ Senior loan L + 4.25% (b) 6.50% 07/2026 513 513 — 513
Bearcat Buyer, Inc.~ Senior loan L + 4.25% (b) 6.50% 07/2026 304 302 — 304
Bearcat Buyer, Inc.+ Senior loan L + 4.25% N/A(6) 07/2024 — — — —
Bottomline Technologies, Inc.+ One stop SF + 5.50% (l) 6.74% 05/2029 28,163 27,610 1.1 27,600
Bottomline Technologies, Inc.+(5) One stop SF + 5.50% N/A(6) 05/2028 — (4) — (4)
Bullhorn, Inc.*#+~ One stop L + 5.75% (b) 8.00% 09/2026 66,116 65,329 2.6 66,116
Bullhorn, Inc.+(8)(9) One stop SN + 6.00% (j) 7.19% 09/2026 11,675 11,656 0.5 11,675
Bullhorn, Inc.+(8)(9) One stop E + 5.75% (e) 5.75% 09/2026 4,541 4,680 0.2 4,541
Bullhorn, Inc.+ One stop L + 5.75% (b) 8.00% 09/2026 214 212 — 214
Bullhorn, Inc.+ One stop L + 5.75% (b) 8.00% 09/2026 96 95 — 96
Bullhorn, Inc.+ One stop L + 5.75% (b) 8.00% 09/2026 77 76 — 77
Bullhorn, Inc.+(5) One stop L + 5.75% N/A(6) 09/2026 — (3) — —
Burning Glass Intermediate Holdings Company, Inc.#+ One stop L + 5.00% (a) 6.67% 06/2028 9,844 9,676 0.4 9,844
Burning Glass Intermediate Holdings Company, Inc.+ One stop L + 5.00% (a)(b) 6.43% 06/2026 42 40 — 42
Calabrio, Inc. + One stop L + 7.00% (b) 9.25% 04/2027 53,683 53,039 2.1 53,683
Calabrio, Inc. +(5) One stop L + 7.00% N/A(6) 04/2027 — (4) — —
Community Brands Parentco LLC+ One stop SF + 5.75% (l) 7.38% 02/2028 14,230 13,962 0.5 14,088
Community Brands Parentco LLC+(5) One stop SF + 5.50% N/A(6) 02/2028 — (1) — (1)
Community Brands Parentco LLC+(5) One stop SF + 5.50% N/A(6) 02/2028 — (1) — (1)
Bonterra LLC+ One stop L + 6.50% (b) 8.75% 09/2027 63,832 63,001 2.5 63,832
Bonterra LLC+ One stop L + 6.50% (b) 8.75% 09/2027 122 119 — 122


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Ministry Brands Holdings LLC+	One stop	SF +	5.50%	(n)	10.70%				12/2028	$	21,815	$	21,644	0.8	%	$	20,943
Ministry Brands Holdings LLC+	One stop	SF +	5.50%	(n)	10.70%				12/2027	66		65		—		60
Ministry Brands Holdings LLC+	One stop	SF +	5.50%	(n)	10.70%				12/2028	76		71		—		52
Neo Bidco GMBH+(8)(9)(13)(23)	One stop	E +	3.50%	(f)	6.56%				07/2028	7,133		7,636		0.3		7,062
Neo Bidco GMBH+(8)(13)	One stop	L +	6.00%		N/A(6)				01/2028	—		—		—		—
Neo Bidco GMBH+(8)(9)(13)	One stop	E +	6.00%	(f)	9.59%				01/2028	44		44		—		43
Naviga Inc.+	Senior secured	SF +	7.00%	(o)	12.34%				12/2023	109		109		—		109
PDI TA Holdings, Inc.+	One stop	L +	4.50%	(b)	9.75%				10/2024	8,345		8,294		0.3		8,345
PDI TA Holdings, Inc.+	Second lien	L +	8.50%	(b)	13.88%				10/2025	3,424		3,387		0.1		3,424
PDI TA Holdings, Inc.+	One stop	L +	4.50%	(b)	9.75%				10/2024	1,110		1,108		—		1,110
PDI TA Holdings, Inc.+	One stop	L +	4.50%	(b)	9.75%				10/2024	685		682		—		685
PDI TA Holdings, Inc.+	Second lien	L +	8.50%	(b)	13.88%				10/2025	640		638		—		640
PDI TA Holdings, Inc.+	Second lien	L +	8.50%	(b)	13.88%				10/2025	377		375		—		377
PDI TA Holdings, Inc.+(8)(9)	One stop	SN +	4.50%	(l)	9.55%				10/2024	88		93		—		88
PDI TA Holdings, Inc.+	One stop	L +	4.50%	(b)	9.75%				10/2024	149		148		—		149
Personify, Inc.*#+	One stop	SF +	5.25%	(o)	10.49%				09/2024	13,605		13,683		0.6		13,605
Personify, Inc.#	One stop	SF +	5.25%	(o)	10.49%				09/2024	8,105		8,076		0.3		8,105
Personify, Inc.+	One stop	SF +	5.25%		N/A(6)				09/2024	—		—		—		—
PING Identity Holding Corp.+	One stop	SF +	7.00%	(n)	12.08%				10/2029	9,953		9,818		0.4		9,953
PING Identity Holding Corp.+(5)	One stop	SF +	7.00%		N/A(6)				10/2028	—		(1)		—		—
Pluralsight, LLC+	One stop	SF +	8.00%	(o)	13.04%				04/2027	23,748		23,570		0.9		23,748
Pluralsight, LLC+	One stop	SF +	8.00%	(o)	13.04%				04/2027	50		49		—		50
ProcessUnity Holdings, LLC+	One stop	SF +	6.75%	(n)	11.85%				09/2028	4,221		4,189		0.2		4,168
ProcessUnity Holdings, LLC+(5)	One stop	SF +	6.75%		N/A(6)				09/2028	—		(1)		—		(1)
ProcessUnity Holdings, LLC+	One stop	SF +	6.75%	(o)	11.99%				09/2028	844		838		—		833
ProcessUnity Holdings, LLC+	One stop	SF +	6.75%	(o)	11.99%				09/2028	1,996		1,966		0.1		1,971
Pyramid Healthcare Acquisition Corp.#+	One stop	SF +	4.75%	(o)	9.95%				05/2027	18,232		18,114		0.7		18,232
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(o)	10.16%				05/2027	866		861		—		866
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(o)	9.95%				05/2027	535		532		—		535
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(o)	9.95%				05/2027	178		177		—		178
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(o)	9.95%				05/2027	157		156		—		157
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(o)	9.95%				05/2027	147		146		—		147
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(o)	10.16%				05/2027	147		146		—		147
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(o)	9.94%				05/2027	1,884		1,860		0.1		1,884
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(o)	9.95%				05/2027	58		57		—		58
Pyramid Healthcare Acquisition Corp.+(5)	One stop	SF +	4.75%		N/A(6)				05/2027	—		(1)		—		—
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(o)	10.08%				05/2027	1,575		1,565		0.1		1,575
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(o)	10.01%				05/2027	793		788		—		793
QAD, Inc.+	One stop	SF +	5.38%	(n)	10.48%				11/2027	9,417		9,348		0.4		9,417
QAD, Inc.+(5)	One stop	SF +	5.38%		N/A(6)				11/2027	—		(3)		—		—
Quant Buyer, Inc.+	One stop	SF +	6.00%	(p)	11.30%				06/2029	2,473		2,452		0.1		2,380
Quant Buyer, Inc.+	One stop	SF +	6.00%	(p)	11.30%				06/2029	2,935		2,910		0.1		2,825
Quant Buyer, Inc.+(5)	One stop	SF +	6.00%		N/A(6)				06/2029	—		(1)		—		(6)
Quant Buyer, Inc.+	One stop	SF +	6.00%	(p)	11.30%				06/2029	2,011		1,994		0.1		1,936
Quant Buyer, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				06/2029	—		(78)		—		(81)
Rainforest Bidco Limited+(8)(9)(10)(23)	One stop	SN +	6.13%	(l)	8.42%	cash/	2.63%	PIK	07/2029	7,600		6,960		0.3		7,524
Rainforest Bidco Limited+(8)(9)(10)(23)	One stop	SN +	6.13%	(l)	8.42%	cash/	2.63%	PIK	07/2029	558		512		—		553
Rainforest Bidco Limited+(8)(10)(23)	One stop	SF +	6.13%	(m)	8.55%	cash/	2.63%	PIK	07/2029	1,414		1,397		0.1		1,400
RegEd Aquireco, LLC+	Senior secured	SF +	4.25%	(n)	9.45%				12/2024	11,096		11,100		0.4		10,431
RegEd Aquireco, LLC+	Senior secured	SF +	4.25%	(d)(n)	10.36%				12/2024	236		236		—		222

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
Bonterra LLC+(5) One stop L + 6.50% N/A(6) 09/2027 $ — $ (37) — % $ —
Daxko Acquisition Corporation+ One stop L + 5.50% (a) 7.17% 10/2028 27,780 27,530 1.1 27,224
Daxko Acquisition Corporation+(5) One stop L + 5.50% N/A(6) 10/2028 — (10) — (22)
Daxko Acquisition Corporation+(5) One stop L + 5.50% N/A(6) 10/2027 — (2) — (3)
Daxko Acquisition Corporation+ One stop L + 5.50% (a) 7.17% 10/2028 2,343 2,312 0.1 2,296
Diligent Corporation*#+~ One stop L + 6.25% (b)(c) 9.13% 08/2025 86,513 86,436 3.3 86,513
Diligent Corporation+ One stop L + 5.75% (b)(c) 8.63% 08/2025 5,979 5,937 0.2 5,900
Diligent Corporation+ One stop L + 6.25% (c) 8.49% 08/2025 162 161 — 162
Dragon UK Bidco Limited+(8)(9)(10) One stop SN + 6.00% (j) 7.19% 02/2029 14,105 15,058 0.5 13,965
Dragon UK Bidco Limited+(5)(8)(9)(10) One stop SN + 6.00% N/A(6) 02/2029 — — — (1)
Dragon UK Bidco Limited+(8)(9)(10) One stop C + 6.00% (i) 6.00% 02/2029 297 297 — 295
FirstUp, Inc+ One stop L + 6.75% (b) 5.50% cash/3.50% PIK 07/2027 8,837 8,765 0.3 8,837
FirstUp, Inc+(5) One stop L + 6.25% N/A(6) 07/2027 — (1) — —
Gainsight, Inc.+ One stop L + 6.75% (b) 7.99% PIK 07/2027 9,751 9,611 0.4 9,751
Gainsight, Inc.+(5) One stop L + 6.75% N/A(6) 07/2027 — (2) — —
GS Acquisitionco, Inc.*#+~ One stop L + 5.75% (b)(c) 7.26% 05/2026 83,928 84,187 3.2 83,088
GS Acquisitionco, Inc.+ One stop L + 5.75% (c) 8.63% 05/2026 66 64 — 64
GS Acquisitionco, Inc.+(5) One stop L + 5.75% N/A(6) 05/2026 — (6) — (26)
GTIV, LLC+ One stop SF + 5.50% (n) 6.25% 02/2029 74,401 73,698 2.8 73,657
GTIV, LLC+(5) One stop SF + 5.50% N/A(6) 02/2029 — (2) — (3)
ICIMS, Inc.+~ One stop L + 6.50% (b) 7.72% 09/2024 14,355 14,512 0.6 14,355
ICIMS, Inc.+~ One stop L + 6.50% (b) 7.72% 09/2024 4,501 4,493 0.2 4,501
ICIMS, Inc.~ One stop L + 6.50% (b) 7.72% 09/2024 2,706 2,691 0.1 2,706
ICIMS, Inc.+ One stop L + 6.50% (b) 7.72% 09/2024 88 88 — 88
IQN Holding Corp. #+ One stop SF + 5.50% (m) 6.90% 05/2029 14,682 14,538 0.6 14,535
IQN Holding Corp. +(5) One stop SF + 5.50% N/A(6) 05/2028 — (1) — (1)
IQN Holding Corp. +(5) One stop SF + 5.50% N/A(6) 05/2029 — (32) — (1)
Juvare, LLC* One stop L + 5.75% (b) 8.00% 10/2026 7,526 7,459 0.3 7,526
Juvare, LLC+ One stop L + 5.75% (b) 8.00% 10/2026 1,737 1,721 0.1 1,737
Juvare, LLC+ One stop L + 5.75% (b) 7.98% 04/2026 35 34 — 35
Juvare, LLC+ One stop L + 5.75% (b) 7.08% 10/2026 548 524 — 548
Kaseya Inc.+ One stop SF + 5.75% (n) 8.29% 06/2029 9,178 9,039 0.4 9,086
Kaseya Inc.+(5) One stop SF + 5.75% N/A(6) 06/2029 — (3) — (3)
Kaseya Inc.+(5) One stop SF + 5.75% N/A(6) 06/2029 — (6) — (6)
Mindbody, Inc.+~ One stop L + 8.50% (c) 8.38% cash/1.50% PIK 02/2025 49,900 50,373 1.9 49,900
Mindbody, Inc.+ One stop L + 8.50% (c) 8.38% cash/1.50% PIK 02/2025 5,588 5,544 0.2 5,588
Mindbody, Inc.+(5) One stop L + 8.50% N/A(6) 02/2025 — (1) — —
Ministry Brands Holdings LLC+ One stop L + 5.50% (b) 7.75% 12/2028 22,036 21,832 0.8 21,595
Ministry Brands Holdings LLC+(5) One stop L + 5.50% N/A(6) 12/2027 — (2) — (3)
Ministry Brands Holdings LLC+(5) One stop L + 5.50% N/A(6) 12/2028 — (6) — (12)
Namely, Inc.+~ One stop L + 8.50% (b) 8.25% cash/2.25% PIK 06/2024 3,694 3,603 0.2 3,694
Namely, Inc.+ One stop L + 8.50% (b) 8.50% cash/2.25% PIK 06/2024 2,098 2,031 0.1 2,098
Namely, Inc.+ One stop L + 8.50% (b) 8.25% cash/2.25% PIK 06/2024 72 72 — 72
Neo Bidco GMBH+(8)(9)(13) One stop E + 6.00% (e) 6.00% 07/2028 6,852 7,629 0.3 6,852
Neo Bidco GMBH+(8)(9)(13) One stop E + 6.00% N/A(6) 01/2028 — — — —
Neo Bidco GMBH+(8)(13) One stop L + 6.00% (b) 8.23% 01/2028 30 30 — 30
Newscycle Solutions, Inc.+ Senior loan L + 7.00% (b) 9.25% 12/2022 110 108 — 110
PDI TA Holdings, Inc.+ One stop L + 4.50% (b) 5.54% 10/2024 8,430 8,341 0.3 8,262


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Riskonnect Parent, LLC*+	One stop	SF +	5.50%	(o)	10.89%				12/2028	$	10,127	$	10,049	0.4	%	$	9,925
Riskonnect Parent, LLC+(5)	One stop	SF +	5.50%		N/A(6)				12/2028	—		(3)		—		(7)
Riskonnect Parent, LLC+(5)	One stop	SF +	5.50%		N/A(6)				12/2028	—		(6)		—		(13)
Rodeo Buyer Company & Absorb Software Inc.+	One stop	SF +	6.25%	(n)	11.45%				05/2027	4,541		4,512		0.2		4,541
Rodeo Buyer Company & Absorb Software Inc.+	One stop	SF +	6.25%	(n)	11.45%				05/2027	27		26		—		27
SailPoint Technologies Holdings, Inc.+	One stop	SF +	6.25%	(n)	11.35%				08/2029	9,827		9,654		0.4		9,729
SailPoint Technologies Holdings, Inc.+(5)	One stop	SF +	6.25%		N/A(6)				08/2028	—		(1)		—		(2)
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	6.00%	(f)	9.08%				04/2029	33,522		30,438		1.3		33,187
Sonatype, Inc.+	One stop	SF +	6.75%	(o)	11.97%				12/2025	40,459		40,269		1.6		40,459
Sonatype, Inc.+	One stop	SF +	6.75%	(o)	11.97%				12/2025	851		847		—		851
Sonatype, Inc.+(5)	One stop	SF +	6.75%		N/A(6)				12/2025	—		(1)		—		—
Spartan Buyer Acquisition Co.*#+(23)	One stop	SF +	8.50%	(n)	11.60%	cash/	2.00%	PIK	12/2026	31,625		31,269		1.2		30,676
Spartan Buyer Acquisition Co.+(23)	One stop	SF +	8.50%	(n)	11.60%	cash/	2.00%	PIK	12/2026	2,010		1,975		0.1		1,950
Spartan Buyer Acquisition Co.+(5)(23)	One stop	P +	7.50%	(d)	13.75%	cash/	2.00%	PIK	12/2026	1		(1)		—		(1)
Tahoe Bidco B.V. +(8)(14)	One stop	L +	6.00%	(a)	11.15%				09/2028	12,058		11,968		0.5		12,058
Tahoe Bidco B.V. +(5)(8)(14)	One stop	SF +	6.00%		N/A(6)				10/2027	—		(1)		—		—
Telesoft Holdings LLC+	One stop	SF +	5.75%	(n)	10.95%				12/2025	880		871		—		866
Telesoft Holdings LLC+	One stop	SF +	5.75%	(d)(n)	11.76%				12/2025	18		17		—		16
Telesoft Holdings LLC+	One stop	SF +	6.25%	(n)	11.45%				08/2028	65		64		—		64
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.50%	(p)	11.57%				07/2028	3,171		3,099		0.1		3,171
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.50%		N/A(6)				07/2028	—		—		—		—
Templafy APS and Templafy, LLC+(5)(8)(18)	One stop	SF +	6.50%		N/A(6)				07/2028	—		(15)		—		—
TI Intermediate Holdings, LLC+	Senior secured	L +	4.25%	(c)	9.62%				12/2024	3,418		3,435		0.1		3,376
TI Intermediate Holdings, LLC+	Senior secured	L +	4.25%	(c)	9.62%				12/2024	903		895		—		892
TI Intermediate Holdings, LLC+	Senior secured	L +	4.25%	(c)	9.62%				12/2024	425		421		—		420
TI Intermediate Holdings, LLC+	Senior secured	L +	4.50%	(c)	9.83%				12/2024	566		562		—		561
TI Intermediate Holdings, LLC+	Senior secured	L +	4.50%	(c)	9.87%				12/2024	156		155		—		154
TI Intermediate Holdings, LLC+	Senior secured	SF +	4.50%		N/A(6)				12/2024	—		—		—		—
Togetherwork Holdings, LLC*#	One stop	SF +	6.25%	(n)	11.45%				03/2025	15,125		15,163		0.6		14,936
Togetherwork Holdings, LLC+	One stop	SF +	6.25%	(n)	11.45%				03/2025	6,841		6,783		0.3		6,755
Togetherwork Holdings, LLC+	One stop	SF +	6.25%	(n)	11.45%				03/2025	4,149		4,129		0.2		4,098
Togetherwork Holdings, LLC+	One stop	SF +	6.25%	(n)	11.45%				03/2025	1,753		1,775		0.1		1,731
Togetherwork Holdings, LLC#+	One stop	SF +	6.25%	(n)	11.45%				03/2025	1,701		1,721		0.1		1,680
Togetherwork Holdings, LLC*#	One stop	SF +	6.25%	(n)	11.45%				03/2025	1,658		1,679		0.1		1,637
Togetherwork Holdings, LLC#+	One stop	SF +	6.25%	(n)	11.45%				03/2025	1,603		1,613		0.1		1,583
Togetherwork Holdings, LLC*+	One stop	SF +	6.25%	(n)	11.45%				03/2025	1,544		1,563		0.1		1,524
Togetherwork Holdings, LLC#+	One stop	SF +	6.25%	(n)	11.45%				03/2025	1,439		1,456		0.1		1,421
Togetherwork Holdings, LLC*#	One stop	SF +	6.25%	(n)	11.45%				03/2025	1,179		1,185		0.1		1,164
Togetherwork Holdings, LLC#+	One stop	SF +	6.25%	(n)	11.45%				03/2025	650		657		—		642
Togetherwork Holdings, LLC+	One stop	SF +	6.25%	(n)	11.45%				03/2025	449		447		—		444
Togetherwork Holdings, LLC+	One stop	SF +	6.25%	(n)	11.45%				03/2025	435		433		—		429
Togetherwork Holdings, LLC+	One stop	SF +	6.25%	(n)	11.45%				03/2025	250		249		—		247
Togetherwork Holdings, LLC+	One stop	SF +	6.25%	(n)	11.45%				03/2025	63		63		—		62
Togetherwork Holdings, LLC+	One stop	SF +	6.25%	(n)	11.45%				03/2025	57		58		—		57
Togetherwork Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)				03/2025	—		(2)		—		(4)
Togetherwork Holdings, LLC+	One stop	SF +	6.25%	(n)	11.45%				03/2025	1,329		1,321		0.1		1,312
Togetherwork Holdings, LLC+	One stop	SF +	6.25%	(n)	11.45%				03/2025	5,969		5,882		0.2		5,894
Trintech, Inc.*#+	One stop	SF +	6.00%	(n)	11.20%				12/2024	21,856		21,881		0.9		21,856
Trintech, Inc.#+	One stop	SF +	6.00%	(n)	11.20%				12/2024	9,069		9,119		0.4		9,069
Trintech, Inc.+	One stop	SF +	6.00%	(n)	11.20%				12/2024	100		100		—		100

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
PDI TA Holdings, Inc.+ Second lien L + 8.50% (b) 9.57% 10/2025 $ 3,424 $ 3,371 0.1 % $ 3,355
PDI TA Holdings, Inc.+ One stop L + 4.50% (b)(c) 5.54% 10/2024 1,121 1,117 — 1,099
PDI TA Holdings, Inc.+ One stop L + 4.50% (b) 5.54% 10/2024 692 686 — 678
PDI TA Holdings, Inc.+ Second lien L + 8.50% (c) 9.50% 10/2025 640 636 — 628
PDI TA Holdings, Inc.+ Second lien L + 8.50% (b)(c) 9.54% 10/2025 377 375 — 369
PDI TA Holdings, Inc.+(8)(9) One stop SN + 4.50% (j) 5.69% 10/2024 84 93 — 83
PDI TA Holdings, Inc.+ One stop L + 4.50% (b) 5.54% 10/2024 41 40 — 38
Personify, Inc.*#+ One stop L + 5.25% (b) 7.50% 09/2024 13,762 13,907 0.5 13,762
Personify, Inc.# One stop L + 5.25% (b) 7.50% 09/2024 8,195 8,142 0.3 8,195
Personify, Inc.+ One stop L + 5.25% N/A(6) 09/2024 — — — —
Pluralsight, LLC+ One stop L + 8.00% (c) 9.49% 03/2027 23,748 23,557 0.9 23,748
Pluralsight, LLC+(5) One stop L + 8.00% N/A(6) 03/2027 — (1) — —
ProcessUnity Holdings, LLC+ One stop L + 6.00% (b) 8.25% 09/2028 4,221 4,183 0.2 4,221
ProcessUnity Holdings, LLC+ One stop L + 6.00% (a) 7.63% 09/2028 14 13 — 14
ProcessUnity Holdings, LLC+(5) One stop L + 6.00% N/A(6) 09/2028 — (8) — —
Pyramid Healthcare Acquisition Corp.#+ One stop L + 4.75% (c) 5.75% 05/2027 18,418 18,269 0.7 18,418
Pyramid Healthcare Acquisition Corp.+ One stop L + 4.75% (c) 5.75% 05/2027 875 868 — 875
Pyramid Healthcare Acquisition Corp.+ One stop L + 4.75% (c) 5.75% 05/2027 541 536 — 541
Pyramid Healthcare Acquisition Corp.+ One stop L + 4.75% (c) 5.75% 05/2027 180 178 — 180
Pyramid Healthcare Acquisition Corp.+ One stop L + 4.75% (a) 6.42% 05/2027 158 157 — 158
Pyramid Healthcare Acquisition Corp.+ One stop L + 4.75% (b) 7.00% 05/2027 148 147 — 148
Pyramid Healthcare Acquisition Corp.+ One stop L + 4.75% (c) 5.75% 05/2027 148 147 — 148
Pyramid Healthcare Acquisition Corp.+ One stop L + 4.75% (c) 6.25% 05/2027 101 66 — 101
Pyramid Healthcare Acquisition Corp.+ One stop L + 4.75% (b) 5.99% 05/2027 58 58 — 58
Pyramid Healthcare Acquisition Corp.+(5) One stop L + 4.75% N/A(6) 05/2027 — (2) — —
QAD, Inc.+ One stop L + 6.00% (a) 7.67% 11/2027 9,512 9,427 0.4 9,512
QAD, Inc.+(5) One stop L + 6.00% N/A(6) 11/2027 — (4) — —
Quant Buyer, Inc.+ One stop SF + 5.25% (m) 6.68% 06/2029 2,491 2,467 0.1 2,466
Quant Buyer, Inc.+ One stop SF + 5.25% (m) 6.72% 06/2029 498 469 — 469
Quant Buyer, Inc.+(5) One stop SF + 5.25% N/A(6) 06/2029 — (1) — (2)
RegEd Aquireco, LLC+ Senior loan L + 4.25% (a) 5.92% 12/2024 11,213 11,216 0.4 10,988
RegEd Aquireco, LLC+ Senior loan P + 3.25% (a)(d) 7.09% 12/2024 210 209 — 204
Riskonnect Parent, LLC*+ One stop L + 5.50% (c) 6.30% 12/2028 9,261 9,177 0.4 9,169
Riskonnect Parent, LLC+(5) One stop SF + 5.50% N/A(6) 12/2028 — (3) — (4)
Riskonnect Parent, LLC+(5) One stop SF + 5.50% N/A(6) 12/2028 — (3) — (3)
Rodeo Buyer Company & Absorb Software Inc.+ One stop L + 6.25% (a) 7.92% 05/2027 4,541 4,504 0.2 4,541
Rodeo Buyer Company & Absorb Software Inc.+(5) One stop L + 6.25% N/A(6) 05/2027 — (1) — —
Sapphire Bidco Oy+(8)(9)(10) One stop E + 6.00% N/A(6) 04/2029 — — — —
Sapphire Bidco Oy+(8)(9)(10) One stop E + 6.00% N/A(6) 04/2029 — — — —
Sonatype, Inc.+ One stop SF + 6.75% (n) 7.75% 12/2025 40,459 40,192 1.6 40,459
Sonatype, Inc.+ One stop SF + 6.75% (n) 7.75% 12/2025 851 846 — 851
Sonatype, Inc.+(5) One stop SF + 6.75% N/A(6) 12/2025 — (2) — —
Spartan Buyer Acquisition Co.*#~ One stop L + 6.25% (a) 7.92% 12/2026 31,437 31,145 1.2 31,437
Spartan Buyer Acquisition Co.+ One stop L + 6.25% (a) 7.92% 12/2026 1,998 1,964 0.1 1,998
Spartan Buyer Acquisition Co.+(5) One stop L + 6.25% N/A(6) 12/2026 — (2) — —
Tahoe Bidco B.V. + One stop L + 6.00% (a) 7.12% 09/2028 12,058 11,951 0.5 12,058
Tahoe Bidco B.V. +(5) One stop L + 6.00% N/A(6) 10/2027 — (1) — —


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)(23)	One stop	N/A			4.50%	cash/	6.07%	PIK	05/2024	$	8,795	$	8,849	0.3	%	$	7,915
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)(23)	One stop	N/A			4.50%	cash/	6.07%	PIK	05/2024	144		148		—		130
Vendavo, Inc.*#+	One stop	SF +	5.75%	(o)	11.09%				09/2027	19,463		19,342		0.7		18,490
Vendavo, Inc.+	One stop	P +	4.75%	(d)	13.00%				09/2027	25		24		—		18
WebPT, Inc.+	One stop	SF +	6.75%	(o)	12.11%				01/2028	626		618		—		620
Workforce Software, LLC+(23)	One stop	SF +	7.25%	(o)	9.66%	cash/	3.00%	PIK	07/2025	28,823		29,092		1.1		28,247
Workforce Software, LLC+(23)	One stop	SF +	7.25%	(o)	9.66%	cash/	3.00%	PIK	07/2025	5,101		5,077		0.2		4,999
Workforce Software, LLC+(23)	One stop	SF +	7.25%	(o)	9.66%	cash/	3.00%	PIK	07/2025	3,613		3,572		0.1		3,540
Workforce Software, LLC+(5)	One stop	SF +	6.50%		N/A(6)				07/2025	—		(1)		—		(4)
Workforce Software, LLC+(23)	One stop	SF +	7.25%	(o)	9.66%	cash/	3.00%	PIK	07/2025	106		105		—		104
Zendesk, Inc.+(23)	One stop	SF +	7.00%	(o)	8.75%	cash/	3.50%	PIK	11/2028	20,135		19,776		0.8		20,135
Zendesk, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(1)		—		—
Zendesk, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(45)		—		—

										1,433,464		1,420,543		56.1		1,412,303

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
Telesoft Holdings LLC+ One stop L + 5.75% (a)(c) 8.26% 12/2025 $ 889 $ 877 — % $ 889
Telesoft Holdings LLC+ One stop L + 5.75% (a) 7.42% 12/2025 5 4 — 5
TI Intermediate Holdings, LLC+ Senior loan L + 4.25% (a) 5.92% 12/2024 3,454 3,483 0.1 3,435
TI Intermediate Holdings, LLC+ Senior loan L + 4.25% (a) 5.92% 12/2024 913 898 — 908
TI Intermediate Holdings, LLC+ Senior loan L + 4.25% (a) 5.92% 12/2024 429 423 — 427
TI Intermediate Holdings, LLC+ Senior loan L + 4.50% (a) 6.17% 12/2024 158 156 — 158
TI Intermediate Holdings, LLC+ Senior loan L + 4.50% (a) 6.17% 12/2024 234 227 — 234
TI Intermediate Holdings, LLC+ Senior loan L + 4.25% N/A(6) 12/2024 — — — —
Togetherwork Holdings, LLC*# One stop L + 6.25% (c) 9.13% 03/2025 15,285 15,345 0.6 15,285
Togetherwork Holdings, LLC+ One stop L + 6.25% (c) 9.13% 03/2025 6,911 6,819 0.3 6,911
Togetherwork Holdings, LLC+ One stop L + 6.25% (c) 9.13% 03/2025 4,192 4,158 0.2 4,192
Togetherwork Holdings, LLC+~ One stop L + 6.25% (c) 9.13% 03/2025 1,772 1,807 0.1 1,772
Togetherwork Holdings, LLC#+ One stop L + 6.25% (c) 9.13% 03/2025 1,719 1,752 0.1 1,719
Togetherwork Holdings, LLC*# One stop L + 6.25% (c) 9.13% 03/2025 1,675 1,708 0.1 1,675
Togetherwork Holdings, LLC#+ One stop L + 6.25% (c) 9.13% 03/2025 1,619 1,636 0.1 1,619
Togetherwork Holdings, LLC*+ One stop L + 6.25% (c) 9.13% 03/2025 1,560 1,591 0.1 1,560
Togetherwork Holdings, LLC#+ One stop L + 6.25% (c) 9.13% 03/2025 1,455 1,481 0.1 1,455
Togetherwork Holdings, LLC*# One stop L + 6.25% (c) 9.13% 03/2025 1,191 1,200 — 1,191
Togetherwork Holdings, LLC#+ One stop L + 6.25% (c) 9.13% 03/2025 656 669 — 656
Togetherwork Holdings, LLC+ One stop L + 6.25% (c) 9.13% 03/2025 454 450 — 454
Togetherwork Holdings, LLC+ One stop L + 6.25% (c) 9.13% 03/2025 439 436 — 439
Togetherwork Holdings, LLC+ One stop L + 6.25% (c) 9.13% 03/2025 250 248 — 250
Togetherwork Holdings, LLC+ One stop L + 6.25% (c) 9.13% 03/2025 63 64 — 63
Togetherwork Holdings, LLC+~ One stop L + 6.25% (c) 9.13% 03/2025 58 59 — 58
Togetherwork Holdings, LLC+(5) One stop L + 6.25% N/A(6) 03/2024 — (1) — —
Trintech, Inc.*#+ One stop L + 6.00% (b) 7.24% 12/2024 22,086 22,202 0.9 22,086
Trintech, Inc.#+ One stop L + 6.00% (b) 7.24% 12/2024 9,165 9,252 0.3 9,165
Trintech, Inc.+ One stop L + 6.00% (b) 7.24% 12/2024 100 100 — 100
Vector CS Midco Limited & Cloudsense Ltd.+~(8)(9)(10) One stop N/A 4.50% cash/3.99% PIK 05/2024 8,005 8,461 0.3 6,804
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10) One stop N/A 4.50% cash/3.99% PIK 05/2024 130 140 — 111
Vendavo, Inc.*#+ One stop L + 5.75% (b) 7.44% 09/2027 19,661 19,511 0.8 19,463
Vendavo, Inc.+(5) One stop L + 5.75% N/A(6) 09/2027 — (1) — (2)
WebPT, Inc.+ Senior loan L + 6.75% (b) 8.32% 01/2028 626 617 — 616
Workforce Software, LLC+~ One stop L + 7.25% (b) 5.82% cash/3.00% PIK 07/2025 27,963 28,361 1.1 27,963
Workforce Software, LLC+ One stop L + 7.25% (b) 5.82% cash/3.00% PIK 07/2025 4,948 4,913 0.2 4,948
Workforce Software, LLC+ One stop L + 7.25% (b) 5.82% cash/3.00% PIK 07/2025 3,505 3,445 0.1 3,505
Workforce Software, LLC+ One stop L + 6.50% (b) 7.89% 07/2025 176 175 — 176
Workforce Software, LLC+(5) One stop L + 4.00% N/A(6) 07/2025 — (1) — —
1,273,238 1,268,497 49.0 1,266,510


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail
Ave Holdings III, Corp*+	One stop	SF +	5.50%	(o)	10.89%				02/2028	$	25,700	$	25,298	1.0	%	$	24,930
Ave Holdings III, Corp+(5)	One stop	SF +	5.50%		N/A(6)				02/2028	—		(2)		—		(4)
Ave Holdings III, Corp+	One stop	SF +	5.50%	(o)	10.88%				02/2028	162		153		—		136
Ave Holdings III, Corp+	One stop	SF +	5.50%	(o)	10.89%				02/2028	299		296		—		290
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(o)	11.14%				05/2028	11,451		11,289		0.5		11,336
Consilio Midco Limited#(8)(10)	One stop	SF +	5.75%	(o)	11.14%				05/2028	9,900		9,819		0.4		9,801
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(f)	9.81%				05/2028	9,215		9,432		0.4		9,123
Consilio Midco Limited#(8)(10)	One stop	SF +	5.75%	(o)	11.14%				05/2028	2,142		2,112		0.1		2,120
Consilio Midco Limited#(8)(10)	One stop	SF +	5.75%	(o)	11.14%				05/2028	1,424		1,412		0.1		1,410

Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(o)	11.14%				05/2028	728		713		—		721
Consilio Midco Limited+(5)(8)(10)	One stop	SF +	5.75%		N/A(6)				05/2028	—		(1)		—		(1)
Consilio Midco Limited+(5)(8)(9)(10)	One stop	E +	6.25%		N/A(6)				05/2028	—		1		—		(1)
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(o)	11.14%				05/2028	38		38		—		37
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(f)	9.81%				05/2028	7		7		—		7
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(f)	9.81%				05/2028	67		64		—		66
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(f)	9.81%				05/2028	15		15		—		15
Cycle Gear, Inc.*#+	One stop	SF +	5.50%	(p)	10.61%				01/2026	46,952		46,847		1.7		43,196
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(o)	6.20%	cash/	7.75%	PIK	05/2024	21,413		21,332		0.8		20,504
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(o)	6.20%	cash/	7.75%	PIK	05/2024	3,720		3,710		0.2		3,563
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(o)	6.20%	cash/	7.75%	PIK	05/2024	2,832		2,882		0.1		2,712
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(o)	6.20%	cash/	7.75%	PIK	05/2024	3,093		3,081		0.1		2,962
Imperial Optical Midco Inc.+(23)	One stop	SF +	13.00%	(o)	7.70%	cash/	10.50%	PIK	05/2024	2,595		2,519		0.1		2,479
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(o)	6.20%	cash/	7.75%	PIK	05/2024	5,482		5,576		0.2		5,249
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(o)	6.20%	cash/	7.75%	PIK	05/2024	36,858		36,910		1.4		35,293
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(o)	6.20%	cash/	7.75%	PIK	05/2024	4,978		4,958		0.2		4,767
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(o)	6.20%	cash/	7.75%	PIK	05/2024	131		130		—		126
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(o)	6.20%	cash/	7.75%	PIK	05/2024	78		78		—		75
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(o)	6.20%	cash/	7.75%	PIK	05/2024	2,488		2,478		0.1		2,383
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(o)	6.20%	cash/	7.75%	PIK	05/2024	41		40		—		39
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(o)	6.20%	cash/	7.75%	PIK	05/2024	514		512		—		492
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(o)	6.20%	cash/	7.75%	PIK	05/2024	1,232		1,226		—		1,179





PPV Intermediate Holdings, LLC#+	One stop	SF +	5.75%	(o)	10.93%				08/2029	9,613		9,464		0.4		9,420
PPV Intermediate Holdings, LLC+(23)	One stop	N/A			13.00%				08/2030	1,012		991		—		951
PPV Intermediate Holdings, LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—		(7)		—		(8)
PPV Intermediate Holdings, LLC+(5)(23)	One stop	N/A			13.00%				08/2030	1		(2)		—		(1)
PPV Intermediate Holdings, LLC+(23)	One stop	N/A			13.00%				08/2030	234		231		—		220
PPV Intermediate Holdings, LLC+(23)	One stop	N/A			13.00%				08/2030	43		42		—		40
Salon Lofts Group, LLC+	One stop	SF +	6.25%	(o)(p)	11.58%				08/2028	3,549		3,518		0.1		3,549
Salon Lofts Group, LLC+	One stop	SF +	6.25%	(p)	11.58%				08/2028	60		58		—		60
Salon Lofts Group, LLC+(5)	One stop	SF +	6.25%		N/A(6)				08/2028	—		(11)		—		—
Salon Lofts Group, LLC+	One stop	SF +	6.25%	(p)	11.38%				08/2028	58		57		—		58
Salon Lofts Group, LLC+	One stop	SF +	6.25%	(o)(p)	11.59%				08/2028	232		230		—		232
Salon Lofts Group, LLC+	One stop	SF +	6.25%	(o)	11.31%				08/2028	184		182		—		184
Salon Lofts Group, LLC+	One stop	SF +	6.25%	(o)	11.46%				08/2028	76		76		—		76

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
Specialty Retail
Ave Holdings III, Corp*+ One stop SF + 5.50% (m) 7.70% 02/2028 $ 25,961 $ 25,470 1.0 % $ 25,701
Ave Holdings III, Corp+(5) One stop SF + 5.50% N/A(6) 02/2028 — (3) — (1)
Ave Holdings III, Corp+(5) One stop SF + 5.50% N/A(6) 02/2028 — (11) — (12)
Batteries Plus Holding Corporation*# One stop L + 6.75% (a) 8.42% 06/2023 21,921 21,923 0.9 21,921
Batteries Plus Holding Corporation+ One stop L + 6.75% (a) 8.42% 06/2023 1,424 1,420 0.1 1,424
Batteries Plus Holding Corporation+ One stop L + 6.75% (a)(d) 9.25% 06/2023 151 151 — 151
Consilio Midco Limited+(8)(10) One stop SF + 5.75% (m) 7.95% 05/2028 11,567 11,371 0.5 11,452
Consilio Midco Limited+(8)(9)(10) One stop E + 6.00% (e) 6.00% 05/2028 8,942 9,586 0.4 8,852
Consilio Midco Limited+(8)(10) One stop SF + 5.75% (m) 7.95% 05/2028 2,164 2,127 0.1 2,142
Consilio Midco Limited+(8)(10) One stop SF + 5.75% (m) 7.95% 05/2028 736 717 — 728
Consilio Midco Limited+(5)(8)(10) One stop SF + 5.75% N/A(6) 05/2028 — (2) — (1)
Consilio Midco Limited+(5)(8)(9)(10) One stop E + 6.00% N/A(6) 05/2028 — (2) — (2)
Consilio Midco Limited+(5)(8)(10) One stop SF + 5.75% N/A(6) 05/2028 — — — (1)
Consilio Midco Limited+(8)(10) One stop SF + 5.75% (m) 7.95% 05/2028 10,000 9,900 0.4 9,900
Consilio Midco Limited+(8)(10) One stop SF + 5.75% (m) 7.95% 05/2028 1,439 1,424 0.1 1,424
Cycle Gear, Inc.*#+ One stop SF + 5.50% (m) 7.70% 01/2026 48,925 48,811 1.9 48,437
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 20,716 20,630 0.8 20,716
Imperial Optical Midco Inc.# One stop L + 6.75% (a) 8.42% 08/2023 4,779 4,752 0.2 4,779
Imperial Optical Midco Inc.# One stop L + 6.75% (a) 8.42% 08/2023 4,159 4,136 0.2 4,159
Imperial Optical Midco Inc.+~ One stop L + 6.75% (a) 8.42% 08/2023 3,599 3,618 0.1 3,599
Imperial Optical Midco Inc.*+ One stop L + 6.75% (a) 8.42% 08/2023 2,805 2,798 0.1 2,805
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 2,770 2,755 0.1 2,770
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 2,244 2,232 0.1 2,244
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 2,063 2,052 0.1 2,063
Imperial Optical Midco Inc.#+ One stop L + 6.75% (a) 8.42% 08/2023 1,907 1,926 0.1 1,907
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 1,658 1,649 0.1 1,658
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 1,458 1,450 0.1 1,458
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 1,439 1,431 0.1 1,439
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 1,397 1,389 0.1 1,397
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 1,372 1,365 0.1 1,372
Imperial Optical Midco Inc.#+ One stop L + 6.75% (a) 8.42% 08/2023 1,242 1,254 — 1,242
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 1,148 1,142 0.1 1,148
Imperial Optical Midco Inc.*+ One stop L + 6.75% (a) 8.42% 08/2023 1,131 1,142 0.1 1,131
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 970 964 0.1 970
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 881 877 — 881
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 661 657 — 661
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 634 630 — 634
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 555 552 — 555
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 503 500 — 503
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 500 497 — 500
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 487 485 — 487
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 477 474 — 477
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 460 454 — 460
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 455 452 — 455
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 451 448 — 451
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 447 444 — 447
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 443 441 — 443


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
SureWerx Purchaser III, Inc.+	One stop	SF +	6.75%	(o)	11.99%				12/2029	$	20,645	$	20,166	0.8	%	$	20,645
SureWerx Purchaser III, Inc.+	One stop	SF +	6.75%	(o)	11.99%				12/2028	9		8		—		9
SureWerx Purchaser III, Inc.+(5)	One stop	SF +	6.75%		N/A(6)				12/2029	—		(59)		—		—
Titan Fitness, LLC*#+(23)	One stop	L +	6.75%	(a)(c)	9.56%	cash/	2.00%	PIK	02/2025	31,049		31,174		1.2		28,565
Titan Fitness, LLC+(23)	One stop	L +	6.75%	(c)	10.00%	cash/	2.00%	PIK	02/2025	1,934		1,926		0.1		1,779
Titan Fitness, LLC+(23)	One stop	L +	6.75%	(c)	10.00%	cash/	2.00%	PIK	02/2025	498		496		—		456
Vermont Aus Pty Ltd+(8)(11)	One stop	SF +	5.50%	(o)	10.89%				03/2028	8,279		8,181		0.3		8,279
Vermont Aus Pty Ltd+(8)(9)(11)	One stop	A +	5.75%	(h)	10.15%				03/2028	7,519		8,328		0.3		7,519
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.50%	(p)	11.26%				04/2028	8,246		8,147		0.3		8,081
VSG Acquisition Corp. and Sherrill, Inc.+(5)	One stop	P +	4.50%	(d)	12.75%				04/2028	1		—		—		(1)
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.50%	(o)	10.90%				04/2028	106		102		—		105
										286,903		286,223		10.9		275,223

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 $ 417 $ 414 — % $ 417
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 416 413 — 416
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 415 412 — 415
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 411 408 — 411
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 411 409 — 411
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 387 385 — 387
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 381 379 — 381
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 360 358 — 360
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 358 356 — 358
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 354 352 — 354
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 328 327 — 328
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 314 313 — 314
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 306 305 — 306
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 285 283 — 285
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 278 275 — 278
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 278 276 — 278
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 273 271 — 273
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 270 268 — 270
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 258 257 — 258
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 257 256 — 257
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 239 238 — 239
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 240 239 — 240
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 219 218 — 219
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 219 218 — 219
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 215 214 — 215
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 209 208 — 209
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 196 195 — 196
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 194 192 — 194
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 192 191 — 192
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 189 188 — 189
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 180 178 — 180
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 173 172 — 173
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 168 167 — 168
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 165 164 — 165
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 161 160 — 161
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 159 158 — 159
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 154 153 — 154
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 152 151 — 152
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 144 143 — 144
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 143 142 — 143
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 138 137 — 138
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 133 133 — 133
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 129 129 — 129
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 128 127 — 128
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 124 124 — 124
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 114 114 — 114
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 114 114 — 114
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 114 113 — 114
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 110 109 — 110


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.+(23)	One stop	SF +	6.75%	(o)	11.39%	cash/	0.75%	PIK	12/2024	$	22,158	$	22,158	0.9	%	$	22,370
Agility Recovery Solutions Inc.+(23)	One stop	P +	5.50%	(d)(o)	12.23%	cash/	0.75%	PIK	12/2024	704		704		—		715
										22,862		22,862		0.9		23,085
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.+(8)(10)	One stop	L +	6.00%	(c)	11.01%				03/2028	1,954		1,935		0.1		1,837
Dollfus Mieg Company, Inc.+(8)(10)	One stop	L +	6.00%	(c)	11.01%				03/2028	974		964		—		915
Dollfus Mieg Company, Inc.+(8)(10)	One stop	L +	6.00%	(c)	11.01%				03/2028	855		847		—		804
Dollfus Mieg Company, Inc.+(8)(9)(10)	One stop	E +	6.00%		N/A(6)				03/2028	—		—		—		—
Elite Sportswear, L.P.+(23)	Senior secured	SF +	7.75%	(o)	11.75%	cash/	1.50%	PIK	09/2025	9,963		9,876		0.4		9,366
Elite Sportswear, L.P.+(23)	Senior secured	SF +	7.75%	(o)	11.75%	cash/	1.50%	PIK	09/2025	4,004		3,970		0.2		3,764
Elite Sportswear, L.P.+(23)	Senior secured	SF +	7.75%	(o)	11.75%	cash/	1.50%	PIK	09/2025	2,061		2,043		0.1		1,937
Elite Sportswear, L.P.+(23)	Senior secured	SF +	7.75%	(b)(o)	11.74%	cash/	1.50%	PIK	09/2025	764		755		—		700
Elite Sportswear, L.P.*+(23)	Senior secured	SF +	7.75%	(o)	11.75%	cash/	1.50%	PIK	09/2025	684		678		—		643
Elite Sportswear, L.P.+(23)	Senior secured	SF +	7.75%	(o)	11.75%	cash/	1.50%	PIK	09/2025	312		311		—		294
Elite Sportswear, L.P.*+(23)	Senior secured	SF +	7.75%	(o)	11.75%	cash/	1.50%	PIK	09/2025	299		297		—		281
Elite Sportswear, L.P.+(23)	Senior secured	SF +	7.75%	(b)(o)	11.74%	cash/	1.50%	PIK	09/2025	26		26		—		24
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(o)	10.89%				11/2023	9,558		9,536		0.4		9,584
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(o)	10.89%				11/2023	6,456		6,438		0.3		6,474
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(o)	10.89%				11/2023	999		996		—		1,002
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(o)	10.89%				11/2023	898		895		—		900
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(o)	10.89%				11/2023	630		628		—		632
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(o)	10.89%				11/2023	2		2		—		2
SHO Holding I Corporation+	Senior secured	L +	5.25%	(b)	10.52%				04/2024	3,929		3,930		0.2		3,654
SHO Holding I Corporation+	Senior secured	L +	5.23%	(b)	10.50%				04/2024	67		67		—		62
SHO Holding I Corporation+	Senior secured	L +	5.00%	(b)	10.34%				04/2024	84		84		—		78
SHO Holding I Corporation+	Senior secured	L +	4.00%	(b)	9.37%				04/2024	50		50		—		50
SHO Holding I Corporation+	Senior secured	L +	4.00%	(b)	9.47%				04/2024	—		—		—		—
SHO Holding I Corporation+	Senior secured	L +	5.23%	(b)	10.55%				04/2024	—		—		—		—
										44,569		44,328		1.7		43,003
Trading Companies and Distributors
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25%	(o)	11.64%				06/2028	18,973		18,702		0.7		18,024
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25%	(o)	11.64%				06/2028	15,131		14,897		0.6		14,375
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25%	(o)	11.62%				06/2028	452		445		—		429
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25%	(o)	11.63%				06/2028	454		448		—		431
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.50%	(o)	11.89%				06/2028	4,124		4,014		0.2		3,959
Marcone Yellowstone Buyer Inc.+(5)	One stop	SF +	6.50%		N/A(6)				06/2028	—		(38)		—		—
										39,134		38,468		1.5		37,218
Water Utilities
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75%	(o)	10.16%				06/2027	16,879		16,767		0.6		15,867
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75%	(o)	10.16%				06/2027	70		69		—		62
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75%	(o)	10.16%				06/2027	79		79		—		74
Vessco Midco Holdings, LLC+	Senior secured	L +	4.50%	(a)(b)(c)	9.70%				11/2026	1,320		1,295		0.1		1,293
Vessco Midco Holdings, LLC+	Senior secured	L +	4.50%	(a)	9.69%				11/2026	206		205		—		204
Vessco Midco Holdings, LLC+	Senior secured	L +	4.50%	(c)(d)	10.60%				10/2026	4		3		—		3
										18,558		18,418		0.7		17,503
Total non-controlled/non-affiliate company debt investments										$	5,270,343	$	5,234,695	204.8	%	$	5,152,645

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 $ 107 $ 106 — % $ 107
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 105 105 — 105
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 105 104 — 105
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 105 105 — 105
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 100 99 — 100
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 96 96 — 96
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 86 85 — 86
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 86 86 — 86
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 83 82 — 83
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 79 79 — 79
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 79 78 — 79
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 76 75 — 76
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 76 75 — 76
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 75 75 — 75
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 74 74 — 74
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 74 73 — 74
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 72 71 — 72
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 68 68 — 68
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 68 68 — 68
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 65 65 — 65
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 64 63 — 64
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 63 63 — 63
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 62 61 — 62
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 60 60 — 60
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 59 59 — 59
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 56 55 — 56
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 55 55 — 55
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 53 52 — 53
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 42 42 — 42
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 41 41 — 41
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 36 35 — 36
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 35 34 — 35
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 35 34 — 35
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 28 27 — 28
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 28 27 — 28
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 27 26 — 27
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 26 26 — 26
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 25 25 — 25
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 26 26 — 26
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 23 23 — 23
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 23 23 — 23
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 21 21 — 21
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 19 19 — 19
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 19 19 — 19
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 19 19 — 19
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 19 19 — 19
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 19 19 — 19
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 18 18 — 18
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 17 17 — 17


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity Investments (19)(20)
Aerospace and Defense
PPW Aero Buyer, Inc.+	LP units	N/A	N/A		N/A	66	$	664	—	%	$	768
Tronair Parent, Inc.+	LLC units	N/A	N/A		N/A	—	40		—		38
							704		—		806
Auto Components
Polk Acquisition Corp.+	LP Interest	N/A	N/A		N/A	5	314		—		7

Automobiles
CG Group Holdings, LLC+	LP units	N/A	N/A		N/A	1	730		—		467
Go Car Wash Parent, Corp.+(21)	Preferred Stock	N/A	13.00%	Non-Cash	N/A	—	148		—		152
Go Car Wash Parent, Corp.+	Common Stock	N/A	N/A		N/A	—	29		—		27
MOP GM Holding, LLC+	LP units	N/A	N/A		N/A	—	330		—		315
National Express Wash Parent Holdco, LLC+	LP units	N/A	N/A		N/A	1	61		—		82
POY Holdings, LLC+	LLC units	N/A	N/A		N/A	141	141		—		334
Quick Quack Car Wash Holdings, LLC	LLC interest	N/A	N/A		N/A	—	508		0.1		774
							1,947		0.1		2,151
Biotechnology
Cobepa BlueSky Aggregator, SCSp+	LP Interest	N/A	N/A		N/A	177	1,769		0.1		1,319

Building Products
BECO Holding Company, Inc.+(21)	Preferred Stock	N/A	11.75%	Non-Cash	N/A	10	1,050		0.1		1,113
BECO Holding Company, Inc.+	LP Interest	N/A	N/A		N/A	2	196		—		190
							1,246		0.1		1,303
Chemicals
Inhance Technologies Holdings LLC+	Preferred Stock	N/A	N/A		N/A	2	1,960		0.1		2,140
Inhance Technologies Holdings LLC+	LLC units	N/A	N/A		N/A	—	124		—		7
							2,084		0.1		2,147
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+	LP Interest	N/A	N/A		N/A	540	540		—		597
EGD Security Systems, LLC +	Common Stock	N/A	N/A		N/A	855	578		0.1		1,179
Franchise Brands plc+(8)(9)(10)(22)	Common Stock	N/A	N/A		N/A	51	113		—		109
North Haven Stack Buyer, LLC	LLC units	N/A	N/A		N/A	359	359		—		393
PT Intermediate Holdings III, LLC+	LLC units	N/A	N/A		N/A	8	767		—		843
Radwell Parent, LLC+(21)	LP units	N/A	N/A		N/A	2	233		—		288
							2,590		0.1		3,409


Containers and Packaging
Chase Intermediate+	LP units	N/A	N/A		N/A	49	49		—		69

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 $ 17 $ 17 — % $ 17
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 17 17 — 17
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 14 14 — 14
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 13 13 — 13
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 13 12 — 13
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 13 13 — 13
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 13 13 — 13
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 13 13 — 13
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 13 13 — 13
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 12 11 — 12
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 11 11 — 11
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 11 11 — 11
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 10 10 — 10
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 10 10 — 10
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 9 9 — 9
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 9 9 — 9
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 9 9 — 9
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 9 9 — 9
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 8 8 — 8
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 8 8 — 8
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 8 8 — 8
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 7 7 — 7
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 6 6 — 6
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 6 6 — 6
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 5 5 — 5
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 5 5 — 5
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 3 3 — 3
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 309 248 — 309
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 627 623 — 627
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 160 159 — 160
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 132 131 — 132
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 132 131 — 132
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 112 111 — 112
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 75 75 — 75
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 54 54 — 54
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 47 47 — 47
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 40 40 — 40
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 39 38 — 39
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 35 35 — 35
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 34 34 — 34
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 33 32 — 33
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 31 31 — 31
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 29 29 — 29
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 29 29 — 29
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 29 29 — 29
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 25 25 — 25
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 24 24 — 24
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 16 16 — 16
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 15 15 — 15


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Diversified Consumer Services
CHHJ Midco, LLC+(21)	LLC units	N/A	N/A	N/A	19	$	193	—	%	$	281
DP Flores Holdings, LLC+	LLC units	N/A	N/A	N/A	70	70		—		74
EMS LINQ, LLC+	LP Interest	N/A	N/A	N/A	525	525		—		408
EWC Growth Partners LLC+	LLC interest	N/A	N/A	N/A	—	12		—		8
HS Spa Holdings, Inc.+	Common Stock	N/A	N/A	N/A	479	479		—		484
Liminex, Inc.+	Common Stock	N/A	N/A	N/A	12	434		0.1		698
NSG Buyer, Inc. +	LP units	N/A	N/A	N/A	2	1,860		0.1		1,829
PADI Holdco, Inc.+	LLC interest	N/A	N/A	N/A	1	987		—		655
						4,560		0.2		4,437
Electronic Equipment, Instruments & Components
Inventus Power, Inc.+	Preferred Stock	N/A	N/A	N/A	—	372		—		139
Inventus Power, Inc.+	LLC units	N/A	N/A	N/A	—	88		—		276
Inventus Power, Inc.+	LP Interest	N/A	N/A	N/A	—	20		—		61
Inventus Power, Inc.+	Common Stock	N/A	N/A	N/A	—	—		—		—
						480		—		476

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 $ 10 $ 10 — % $ 10
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 10 10 — 10
Imperial Optical Midco Inc.+ One stop L + 6.75% (a) 8.42% 08/2023 8 8 — 8
Jet Equipment & Tools Ltd.+~(8)(9)(12) One stop C + 6.25% (h) 8.39% 11/2024 18,069 17,821 0.7 18,070
Jet Equipment & Tools Ltd.*#(8)(12) One stop SF + 6.25% (l) 7.88% 11/2024 12,145 12,268 0.5 12,145
Jet Equipment & Tools Ltd.+(8)(12) One stop SF + 6.25% (l) 7.88% 11/2024 5,321 5,273 0.3 5,321
Jet Equipment & Tools Ltd.+(8)(9)(12) One stop C + 6.25% (h) 8.39% 11/2024 5,294 5,129 0.2 5,294
Jet Equipment & Tools Ltd.#+(8)(12) One stop SF + 6.25% (l) 7.88% 11/2024 4,229 4,267 0.2 4,229
Jet Equipment & Tools Ltd.+(8)(12) One stop SF + 6.25% (l) 7.88% 11/2024 1,554 1,544 0.1 1,554
Jet Equipment & Tools Ltd.+(8)(12) One stop SF + 6.25% (d)(l) 8.37% 11/2024 225 225 — 225
Jet Equipment & Tools Ltd.+(8)(9)(12) One stop C + 6.25% (h)(o) 8.41% 11/2024 121 123 — 122
PPV Intermediate Holdings II, LLC#+ One stop L + 6.50% (a) 8.17% 05/2023 4,834 4,834 0.2 4,834
PPV Intermediate Holdings II, LLC+ One stop L + 6.50% (a) 8.17% 05/2023 2,464 2,453 0.1 2,464
PPV Intermediate Holdings II, LLC* One stop L + 6.50% (a) 8.17% 05/2023 1,146 1,141 — 1,146
PPV Intermediate Holdings II, LLC# One stop L + 6.50% (a) 8.17% 05/2023 1,057 1,052 0.1 1,057
PPV Intermediate Holdings II, LLC# One stop L + 6.50% (a) 8.17% 05/2023 1,019 1,014 0.1 1,019
PPV Intermediate Holdings II, LLC# One stop L + 6.50% (a) 8.17% 05/2023 992 992 0.1 992
PPV Intermediate Holdings II, LLC* One stop L + 6.50% (a) 8.17% 05/2023 917 913 — 917
PPV Intermediate Holdings II, LLC+ One stop L + 6.50% (a) 8.17% 05/2023 768 765 — 768
PPV Intermediate Holdings II, LLC* One stop L + 6.50% (a) 8.17% 05/2023 764 761 — 764
PPV Intermediate Holdings II, LLC* One stop L + 6.50% (a) 8.17% 05/2023 726 723 — 726
PPV Intermediate Holdings II, LLC# One stop L + 6.50% (a) 8.17% 05/2023 593 593 — 593
PPV Intermediate Holdings II, LLC* One stop L + 6.50% (a) 8.17% 05/2023 522 520 — 522
PPV Intermediate Holdings II, LLC* One stop L + 6.50% (a) 8.17% 05/2023 427 421 — 427
PPV Intermediate Holdings II, LLC+ One stop L + 6.50% (a) 8.17% 05/2023 253 252 — 253
PPV Intermediate Holdings II, LLC+ One stop L + 6.50% (a) 8.17% 05/2023 223 222 — 223
PPV Intermediate Holdings II, LLC+ One stop L + 6.50% (a) 8.17% 05/2023 221 220 — 221
PPV Intermediate Holdings II, LLC+ One stop L + 6.50% (a) 8.17% 05/2023 164 163 — 164
PPV Intermediate Holdings II, LLC+ One stop L + 6.50% (a) 8.17% 05/2023 164 163 — 164
PPV Intermediate Holdings II, LLC+ One stop L + 6.50% (a) 8.17% 05/2023 149 149 — 149
PPV Intermediate Holdings II, LLC+ One stop L + 6.50% (a) 8.17% 05/2023 144 143 — 144
PPV Intermediate Holdings II, LLC+ One stop L + 6.50% (a) 8.17% 05/2023 141 141 — 141
PPV Intermediate Holdings II, LLC+ One stop L + 6.50% (a) 8.17% 05/2023 139 139 — 139
PPV Intermediate Holdings II, LLC+ One stop L + 6.50% (a) 8.17% 05/2023 137 137 — 137
PPV Intermediate Holdings II, LLC# One stop L + 6.50% (a) 8.17% 05/2023 127 126 — 127
PPV Intermediate Holdings II, LLC+ One stop L + 6.50% (a) 8.17% 05/2023 116 115 — 116
PPV Intermediate Holdings II, LLC+ One stop L + 6.50% (a) 8.17% 05/2023 102 101 — 102
PPV Intermediate Holdings II, LLC+ One stop L + 6.50% (a) 8.17% 05/2023 98 97 — 98
PPV Intermediate Holdings II, LLC+ One stop P + 5.50% (d) 10.25% 05/2023 75 74 — 75
PPV Intermediate Holdings II, LLC+ One stop L + 6.50% (a) 8.17% 05/2023 80 79 — 80
PPV Intermediate Holdings II, LLC+ One stop L + 6.50% (a) 8.17% 05/2023 69 69 — 69
PPV Intermediate Holdings II, LLC+ One stop L + 6.50% (a) 8.17% 05/2023 40 40 — 40
PPV Intermediate Holdings II, LLC+ One stop L + 6.50% (a) 8.17% 05/2023 29 29 — 29
PPV Intermediate Holdings II, LLC+ One stop N/A 7.90% PIK 05/2023 27 28 — 27
PPV Intermediate Holdings II, LLC+ One stop L + 6.50% (a) 8.01% 05/2023 344 342 — 344
PPV Intermediate Holdings II, LLC+ One stop L + 6.50% (a) 8.17% 05/2023 305 303 — 305
PPV Intermediate Holdings II, LLC+ One stop L + 6.50% (a) 8.17% 05/2023 181 180 — 181


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food & Staples Retailing
Benihana, Inc.+	LLC units	N/A	N/A	N/A	43	$	699	0.1	%	$	886
Cafe Rio Holding, Inc.+	Common Stock	N/A	N/A	N/A	5	603		—		869

Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	N/A	44	217		—		142
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	N/A	20	61		—		31
Mendocino Farms, LLC+	Common Stock	N/A	N/A	N/A	168	770		0.1		1,751
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	N/A	32	389		—		157
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	N/A	2	20		—		32

						2,759		0.2		3,868
Food Products
Borrower R365 Holdings, LLC+	Preferred Stock	N/A	N/A	N/A	77	102		—		173
Borrower R365 Holdings, LLC+	LLC units	N/A	N/A	N/A	3	5		—		7
Borrower R365 Holdings, LLC+	Common Stock	N/A	N/A	N/A	1	2		—		2
Borrower R365 Holdings, LLC+	Preferred Stock	N/A	N/A	N/A	1	2		—		3
Borrower R365 Holdings, LLC+	Preferred Stock	N/A	N/A	N/A	4	9		—		9
Borrower R365 Holdings, LLC+	Preferred Stock	N/A	N/A	N/A	1	2		—		2
Borrower R365 Holdings, LLC+	LP units	N/A	N/A	N/A	—	1		—		1
C. J. Foods, Inc.+	Preferred Stock	N/A	N/A	N/A	—	75		0.1		1,156
Kodiak Cakes, LLC+	Common Stock	N/A	N/A	N/A	—	281		—		145
Kodiak Cakes, LLC+	LLC units	N/A	N/A	N/A	191	191		—		100
Louisiana Fish Fry Products, Ltd.+	Common Stock	N/A	N/A	N/A	—	483		—		260
Louisiana Fish Fry Products, Ltd.+	Preferred Stock	N/A	N/A	N/A	—	13		—		25
P&P Food Safety Holdings, Inc.+	Common Stock	N/A	N/A	N/A	4	356		—		216
Purfoods, LLC+	LLC interest	N/A	N/A	N/A	—	945		0.2		4,509
						2,467		0.3		6,608
Health Care Equipment & Supplies
Aspen Medical Products, LLC+	LP Interest	N/A	N/A	N/A	—	77		—		85
Blue River Pet Care, LLC+	Common Stock	N/A	N/A	N/A	—	76		—		203
CCSL Holdings, LLC+(8)	LP Interest	N/A	N/A	N/A	—	336		—		311
CMI Parent Inc.+	Common Stock	N/A	N/A	N/A	—	132		—		182
CMI Parent Inc.+	Common Stock	N/A	N/A	N/A	3	3		—		315
G & H Wire Company, Inc.+	LLC interest	N/A	N/A	N/A	335	269		—		50


						893		—		1,146

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
PPV Intermediate Holdings II, LLC+ One stop L + 6.50% (a) 8.17% 05/2023 $ 141 $ 140 — % $ 141
Sola Franchise, LLC and Sola Salon Studios, LLC#+ One stop SF + 4.75% (m) 6.95% 10/2024 11,881 11,848 0.5 11,881
Sola Franchise, LLC and Sola Salon Studios, LLC#+ One stop SF + 4.75% (m) 6.95% 10/2024 1,678 1,711 0.1 1,678
Sola Franchise, LLC and Sola Salon Studios, LLC+ One stop SF + 4.75% N/A(6) 10/2024 — — — —
Titan Fitness, LLC*#+ One stop L + 6.75% (a)(b) 6.06% cash/2.00% PIK 02/2025 30,730 30,930 1.1 28,883
Titan Fitness, LLC+ One stop L + 6.75% (b) 5.75% cash/2.00% PIK 02/2025 1,913 1,901 0.1 1,799
Titan Fitness, LLC+ One stop L + 6.75% (b) 5.75% cash/2.00% PIK 02/2025 488 485 — 456
Vermont Aus Pty Ltd+(8)(9)(11) One stop A + 5.75% (g) 7.61% 03/2028 7,871 8,392 0.3 7,793
Vermont Aus Pty Ltd+(8)(11) One stop SF + 5.50% (m) 7.70% 03/2028 8,363 8,243 0.4 8,279
VSG Acquisition Corp. and Sherrill, Inc.+ One stop SF + 5.50% (m) 7.82% 04/2028 8,329 8,209 0.4 8,204
VSG Acquisition Corp. and Sherrill, Inc.+(5) One stop SF+ 5.50% N/A(6) 04/2028 — (1) — (2)
VSG Acquisition Corp. and Sherrill, Inc.+(5) One stop SF + 5.50% N/A(6) 04/2028 — (5) — (5)
351,546 350,912 13.5 348,146


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Providers & Services
Active Day, Inc.+	LLC interest	N/A	N/A		N/A	2	$	1,099	—	%	$	85
Acuity Eyecare Holdings, LLC+(21)	LLC interest	N/A	N/A		N/A	1,632	2,235		0.2		4,336
Acuity Eyecare Holdings, LLC+	LLC units	N/A	N/A		N/A	889	1,023		0.1		2,602
ADCS Clinics Intermediate Holdings, LLC+	Preferred Stock	N/A	N/A		N/A	2	1,119		0.1		1,433
ADCS Clinics Intermediate Holdings, LLC+	Common Stock	N/A	N/A		N/A	—	6		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	LLC units	N/A	N/A		N/A	129	132		—		194
CRH Healthcare Purchaser, Inc.+	LP Interest	N/A	N/A		N/A	429	327		0.1		781
DCA Investment Holding, LLC	Preferred Stock	N/A	N/A		N/A	1,142	533		0.1		1,164
DCA Investment Holding, LLC	Common Stock	N/A	N/A		N/A	12	5		—		—
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		N/A	—	648		—		505
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		N/A	—	61		—		73
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		N/A	9	4		—		—
Encore GC Acquisition, LLC+	LLC interest	N/A	N/A		N/A	26	272		—		—
Encore GC Acquisition, LLC+	LLC units	N/A	N/A		N/A	26	52		—		—
Encorevet Group LLC+	Common Stock	N/A	N/A		N/A	—	15		—		16
Encorevet Group LLC+	LLC units	N/A	N/A		N/A	—	11		—		10
Krueger-Gilbert Health Physics, LLC+	Common Stock	N/A	N/A		N/A	185	212		—		265
Midwest Veterinary Partners, LLC+(21)	Preferred Stock	N/A	12.00%	Non-Cash	N/A	1	1,126		0.1		1,200
Midwest Veterinary Partners, LLC+	Warrant	N/A	N/A		N/A	6	—		—		346
Midwest Veterinary Partners, LLC+	Warrant	N/A	N/A		N/A	—	29		—		42
MWD Management, LLC & MWD Services, Inc.+	LLC interest	N/A	N/A		N/A	412	335		—		633
NDX Parent, LLC+	Common Stock	N/A	N/A		N/A	—	272		—		16
NDX Parent, LLC+	Preferred Stock	N/A	N/A		N/A	40	40		—		42
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	Common Stock	N/A	N/A		N/A	—	321		—		300
Oliver Street Dermatology Holdings, LLC+	LLC interest	N/A	N/A		N/A	452	234		—		—
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A		N/A	—	528		—		784
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A		N/A	4	74		—		387
Radiology Partners, Inc.+	LLC units	N/A	N/A		N/A	11	68		—		88
Radiology Partners, Inc.+	LLC interest	N/A	N/A		N/A	43	55		—		349
Sage Dental Management, LLC+	LLC units	N/A	N/A		N/A	—	249		—		360
Sage Dental Management, LLC+	LLC units	N/A	N/A		N/A	3	3		—		—
Suveto Buyer, LLC+	Common Stock	N/A	N/A		N/A	6	562		—		356



							11,650		0.7		16,367

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.*#+ One stop L + 6.75% (b)(c) 7.50% cash/0.75% PIK 06/2023 $ 22,108 $ 22,103 0.9 % $ 22,108
Agility Recovery Solutions Inc.+ One stop L + 6.75% (c)(d) 8.11% cash/0.75% PIK 06/2023 686 683 — 686
22,794 22,786 0.9 22,794
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.+(8)(10) One stop L + 6.00% (c) 7.34% 03/2028 1,954 1,931 0.1 1,934
Dollfus Mieg Company, Inc.+(8)(10) One stop L + 6.00% (c) 7.34% 03/2028 974 962 — 964
Dollfus Mieg Company, Inc.+(8)(10) One stop L + 6.00% (c) 7.34% 03/2028 855 845 — 847
Dollfus Mieg Company, Inc.+(5)(8)(9)(10) One stop E + 6.00% N/A(6) 03/2028 — (1) — —
Elite Sportswear, L.P.+ Senior loan L + 7.75% (b) 8.50% cash/1.50% PIK 09/2025 9,952 9,825 0.3 7,961
Elite Sportswear, L.P.+ Senior loan L + 7.75% (b) 8.50% cash/1.50% PIK 09/2025 4,000 3,949 0.1 3,200
Elite Sportswear, L.P.+ Senior loan L + 7.75% (b) 8.50% cash/1.50% PIK 09/2025 2,059 2,033 0.1 1,647
Elite Sportswear, L.P.*+ Senior loan L + 7.75% (b) 8.50% cash/1.50% PIK 09/2025 683 674 — 547
Elite Sportswear, L.P.+ Senior loan L + 7.75% (b) 8.04% cash/1.50% PIK 09/2025 1,073 1,060 — 859
Elite Sportswear, L.P.+ Senior loan L + 7.75% (b) 8.50% cash/1.50% PIK 09/2025 312 308 — 250
Elite Sportswear, L.P.*+ Senior loan L + 7.75% (b) 8.50% cash/1.50% PIK 09/2025 298 295 — 239
Elite Sportswear, L.P.+ Senior loan L + 7.75% (b) 8.04% cash/1.50% PIK 09/2025 37 36 — 30
Georgica Pine Clothiers, LLC#+ One stop L + 5.50% (c) 7.00% 11/2023 9,583 9,525 0.4 9,606
Georgica Pine Clothiers, LLC*# One stop L + 5.50% (b)(c) 7.00% 11/2023 6,522 6,470 0.3 6,537
Georgica Pine Clothiers, LLC+ One stop L + 5.50% (b)(c) 7.00% 11/2023 1,009 997 — 1,012
Georgica Pine Clothiers, LLC#+ One stop L + 5.50% (b)(c) 7.00% 11/2023 908 901 0.1 909
Georgica Pine Clothiers, LLC*# One stop L + 5.50% (b)(c) 7.00% 11/2023 636 632 — 638
Georgica Pine Clothiers, LLC+ One stop L + 5.50% (c) 7.00% 11/2023 2 2 — 2
QF Holdings, Inc.+ Senior loan L + 6.25% (c) 7.54% 12/2027 626 617 — 616
SHO Holding I Corporation+~ Senior loan L + 5.25% (b) 6.49% 04/2024 3,971 3,972 0.2 3,693
SHO Holding I Corporation+~ Senior loan L + 5.23% (b) 6.47% 04/2024 67 67 — 62
SHO Holding I Corporation+ Senior loan L + 5.00% (b) 6.68% 04/2024 66 66 — 62
SHO Holding I Corporation+ Senior loan L + 4.00% (b) 5.55% 04/2024 28 27 — 28
SHO Holding I Corporation+ Senior loan L + 4.00% (b) 5.61% 04/2024 — — — —
SHO Holding I Corporation+ Senior loan L + 5.23% (b) 6.54% 04/2024 — — — —
45,615 45,193 1.6 41,643
Trading Companies and Distributors
Marcone Yellowstone Buyer Inc.+ One stop L + 5.50% (b) 7.75% 06/2028 19,166 18,838 0.8 19,118
Marcone Yellowstone Buyer Inc.+ One stop L + 5.50% (b) 7.75% 06/2028 15,285 15,001 0.7 15,247
Marcone Yellowstone Buyer Inc.+ One stop L + 5.50% (b) 7.54% 06/2028 456 448 — 455
Marcone Yellowstone Buyer Inc.+ One stop L + 5.50% (b) 7.74% 06/2028 120 115 — 118
35,027 34,402 1.5 34,938
Water Utilities
S.J. Electro Systems, Inc.+ Senior loan L + 4.50% (b) 5.74% 06/2027 17,051 16,909 0.7 16,539
S.J. Electro Systems, Inc.+ Senior loan L + 4.50% (b) 5.74% 06/2027 80 78 — 78
S.J. Electro Systems, Inc.+ Senior loan L + 4.50% (b) 5.74% 06/2027 75 73 — 69
Vessco Midco Holdings, LLC+ Senior loan L + 4.50% (b)(c) 6.62% 11/2026 391 359 — 339
Vessco Midco Holdings, LLC+ Senior loan L + 4.50% (c) 6.00% 11/2026 208 206 0.1 204
Vessco Midco Holdings, LLC+ Senior loan P + 3.50% (d) 8.25% 10/2026 3 3 — 3
17,808 17,628 0.8 17,232
Total non-controlled/non-affiliate company debt investments $ 5,377,663 $ 5,345,752 203.5 % $ 5,266,070


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Technology
Connexin Software, Inc.+	LLC interest	N/A	N/A		N/A	154	$	193	—	%	$	217
HSI Halo Acquisition, Inc.+	LP Interest	N/A	N/A		N/A	—	292		—		424
HSI Halo Acquisition, Inc.+	LP Interest	N/A	N/A		N/A	—	5		—		134
Symplr Software, Inc.+(21)	Preferred Stock	N/A	11.00%	Non-Cash	N/A	12	12,957		0.5		13,195
Symplr Software, Inc.+(21)	Preferred Stock	N/A	10.63%	Non-Cash	N/A	2	3,207		0.2		4,437
Symplr Software, Inc.+(21)	Preferred Stock	N/A	11.00%	Non-Cash	N/A	2	1,580		0.1		1,752
Symplr Software, Inc.+(21)	Preferred Stock	N/A	11.00%	Non-Cash	N/A	1	970		0.1		1,024
Symplr Software, Inc.+	LLC units	N/A	N/A		N/A	—	161		—		173
Symplr Software, Inc.+	Common Stock	N/A	N/A		N/A	177	—		—		803
Tebra Technologies, Inc.+	Warrant	N/A	N/A		N/A	169	871		—		765
Tebra Technologies, Inc.+	Warrant	N/A	N/A		N/A	53	162		—		214
Tebra Technologies, Inc.+	LLC interest	N/A	N/A		N/A	348	2,824		0.1		3,026
Tebra Technologies, Inc.+	Preferred Stock	N/A	N/A		N/A	1	8		—		12
							23,230		1.0		26,176
Hotels, Restaurants & Leisure
Freddy's Frozen Custard LLC+(21)	LP Interest	N/A	N/A		N/A	206	188		—		356
Harri US LLC+	LLC units	N/A	N/A		N/A	83	658		—		599
Harri US LLC+	Preferred Stock	N/A	N/A		N/A	71	455		—		504
Harri US LLC+	Warrant	N/A	N/A		N/A	24	106		—		140
LMP TR Holdings, LLC(21)	LLC units	N/A	N/A		N/A	712	712		0.1		2,494
SSRG Holdings, LLC+	LP Interest	N/A	N/A		N/A	6	61		—		83
Tropical Smoothie Cafe Holdings, LLC+	LP Interest	N/A	N/A		N/A	5	246		0.1		1,029
							2,426		0.2		5,205



Insurance
Majesco+	LP Interest	N/A	N/A		N/A	—	307		—		390
Majesco+	LP Interest	N/A	N/A		N/A	69	—		—		156
							307		—		546
Internet and Catalog Retail
Revalize, Inc.+	Preferred Stock	N/A	N/A		N/A	17	17,025		0.7		18,330
Revalize, Inc.+	Preferred Stock	N/A	N/A		N/A	10	10,219		0.5		11,002
Revalize, Inc.+	Preferred Stock	N/A	N/A		N/A	1	1,104		—		1,147
Revalize, Inc.+	Preferred Stock	N/A	N/A		N/A	7	7,034		0.3		6,805
							35,382		1.5		37,284
IT Services
Appriss Health Intermediate Holdings, Inc+(21)	Preferred Stock	N/A	11.00%	Non-Cash	N/A	2	2,198		0.1		2,224
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred Stock	N/A	N/A		N/A	587	462		0.2		4,266
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred Stock	N/A	N/A		N/A	154	423		—		1,119
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred Stock	N/A	N/A		N/A	35	291		—		257
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Warrant	N/A	N/A		N/A	202	159		0.2		1,358
Critical Start, Inc.+	Common Stock	N/A	N/A		N/A	225	225		—		249
Optimizely North America, Inc.+	Common Stock	N/A	N/A		N/A	75	807		—		599
Kentik Technologies, Inc.+	Preferred Stock	N/A	N/A		N/A	192	1,103		—		1,103
Netwrix Corporation+	LLC units	N/A	N/A		N/A	9	18		—		19
PCS Intermediate II Holdings, LLC+	LLC interest	N/A	N/A		N/A	37	367		—		532
Red Dawn SEI Buyer, Inc.+	LP Interest	N/A	N/A		N/A	13	13		—		21
Saturn Borrower Inc.+	LP units	N/A	N/A		N/A	346	346		—		75

							6,412		0.5		11,822

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
Leisure Products
Massage Envy, LLC+	LLC interest	N/A	N/A		N/A	749	$	210	0.1	%	$	1,780
WBZ Investment LLC+	LLC interest	N/A	N/A		N/A	67	117		—		169
WBZ Investment LLC+	LLC interest	N/A	N/A		N/A	46	80		—		116
WBZ Investment LLC+	LLC interest	N/A	N/A		N/A	38	65		—		95
WBZ Investment LLC+	LLC interest	N/A	N/A		N/A	33	58		—		83
WBZ Investment LLC+	LLC interest	N/A	N/A		N/A	15	24		—		35
WBZ Investment LLC+	LLC interest	N/A	N/A		N/A	2	2		—		4
							556		0.1		2,282
Life Sciences Tools & Services
Celerion Buyer, Inc.+	LP units	N/A	N/A		N/A	930	930		0.1		930
Celerion Buyer, Inc.+	LP units	N/A	N/A		N/A	930	—		—		156
PAS Parent Inc.+	LP Interest	N/A	N/A		N/A	9	933		—		816
PAS Parent Inc.+	Preferred Stock	N/A	N/A		N/A	1	139		—		155
Reaction Biology Corporation+	LLC units	N/A	N/A		N/A	—	265		—		280
							2,267		0.1		2,337
Oil, Gas and Consumable Fuels
W3 Co.+	LLC interest	N/A	N/A		N/A	3	1,633		0.1		1,796
W3 Co.+	Preferred Stock	N/A	N/A		N/A	—	224		—		239
							1,857		0.1		2,035
Paper and Forest Products
Messenger, LLC+	LLC units	N/A	N/A		N/A	3	312		—		166
Messenger, LLC+	LLC units	N/A	N/A		N/A	—	—		—		—
							312		—		166
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12)	LP Interest	N/A	N/A		N/A	502	502		—		606
Cobalt Buyer Sub, Inc.+(21)	Preferred Stock	N/A	10.00%	Non-Cash	N/A	8	8,679		0.4		9,571
Cobalt Buyer Sub, Inc.+	Preferred Stock	N/A	N/A		N/A	—	168		—		169
Cobalt Buyer Sub, Inc.+	Common Stock	N/A	N/A		N/A	2	2		—		—
							9,351		0.4		10,346

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Equity Investments (15)(16)
Aerospace and Defense
NTS Technical Systems+ Common Stock N/A N/A N/A 2 $ 1,506 0.1 % $ 710
NTS Technical Systems+ Preferred stock N/A N/A N/A — 256 — 561
NTS Technical Systems+ Preferred stock N/A N/A N/A — 128 — 329
Tronair Parent, Inc.+ LLC units N/A N/A N/A — 40 — 26
Whitcraft LLC+ Common Stock N/A N/A N/A 11 2,285 0.1 2,728
4,215 0.2 4,354
Auto Components
Polk Acquisition Corp.+ LP Interest N/A N/A N/A 5 314 — 121
Automobiles
CG Group Holdings, LLC+ LP units N/A N/A N/A 1 730 — 671
Go Car Wash Parent, Corp.+ Preferred stock N/A N/A N/A — 47 — 48
Go Car Wash Parent, Corp.+ Common Stock N/A N/A N/A — 14 — 17
MOP GM Holding, LLC+ LP units N/A N/A N/A — 330 — 544
POY Holdings, LLC+ LLC units N/A N/A N/A 141 141 — 247
Quick Quack Car Wash Holdings, LLC LLC interest N/A N/A N/A — 508 0.1 1,108
1,770 0.1 2,635
Biotechnology
Cobepa BlueSky Aggregator, SCSp+ LP Interest N/A N/A N/A 177 1,769 0.1 1,334
Building Products
BECO Holding Company, Inc.+ Preferred stock N/A N/A N/A 10 951 — 1,032
BECO Holding Company, Inc.+ LP Interest N/A N/A N/A 2 196 — 198
1,147 — 1,230
Chemicals
Inhance Technologies Holdings LLC+ Preferred stock N/A N/A N/A 2 1,960 0.1 2,134
Inhance Technologies Holdings LLC+ LLC units N/A N/A N/A — 124 — 140
2,084 0.1 2,274
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+ LP Interest N/A N/A N/A 540 540 — 564
EGD Security Systems, LLC + Common Stock N/A N/A N/A 855 855 0.1 760
Hydraulic Authority III Limited+(8)(9)(10) Preferred stock N/A N/A N/A 284 384 — 503
Hydraulic Authority III Limited+(8)(9)(10) Common Stock N/A N/A N/A 6 43 — 530
North Haven Stack Buyer, LLC LLC units N/A N/A N/A 359 359 — 342
PT Intermediate Holdings III, LLC+ LLC units N/A N/A N/A 8 767 — 778
Radwell Parent, LLC+ LP units N/A N/A N/A 2 159 — 159
3,107 0.1 3,636
Containers and Packaging
Chase Intermediate+ LP units N/A N/A N/A 49 49 — 49
Diversified Consumer Services
CHHJ Midco, LLC+(17) LLC units N/A N/A N/A 19 193 — 223
EMS LINQ, LLC+ LP Interest N/A N/A N/A 525 525 — 416
EWC Growth Partners LLC+ LLC interest N/A N/A N/A — 12 — 5

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
HS Spa Holdings, Inc.+ Common Stock N/A N/A N/A 479 $ 479 — % $ 479
Liminex, Inc.+ Common Stock N/A N/A N/A 12 435 0.1 827
PADI Holdco, Inc.+ LLC interest N/A N/A N/A 1 987 — 211
Spear Education, LLC+ LLC interest N/A N/A N/A — 7 — 35
Spear Education, LLC+ LLC units N/A N/A N/A 1 1 — 36
2,639 0.1 2,232
Electronic Equipment, Instruments & Components
Electrical Source Holdings, LLC+ LP Interest N/A N/A N/A — — — 30
Inventus Power, Inc.+ Preferred stock N/A N/A N/A — 372 — 85
Inventus Power, Inc.+ LLC units N/A N/A N/A — 88 — 172
Inventus Power, Inc.+ LP Interest N/A N/A N/A — 20 — 48
Inventus Power, Inc.+ Common Stock N/A N/A N/A — — — —
480 — 335


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Professional Services
Brandmuscle, Inc.+	LLC interest	N/A	N/A		N/A	—	$	216	—	%	$	265
Enboarder, Inc.+(8)(11)	Preferred Stock	N/A	N/A		N/A	56	573		—		573
Filevine, Inc.+	Preferred Stock	N/A	N/A		N/A	221	1,401		0.1		1,673
Filevine, Inc.+	Warrant	N/A	N/A		N/A	33	49		—		182
Net Health Acquisition Corp.+	LP Interest	N/A	N/A		N/A	13	1,509		0.1		1,622
Procure Acquireco, Inc.+	LP Interest	N/A	N/A		N/A	—	486		—		577

							4,234		0.2		4,892
Real Estate Management & Development
Inhabit IQ Inc.+	Common Stock	N/A	N/A		N/A	62	434		—		965
SC Landco Parent, LLC+	Common Stock	N/A	N/A		N/A	2	274		—		260
							708		—		1,225
Road & Rail
Internet Truckstop Group LLC+	LP Interest	N/A	N/A		N/A	408	447		—		442

Software
Accela, Inc.+	LLC interest	N/A	N/A		N/A	670	418		—		405
Anaplan, Inc.+	LP Interest	N/A	N/A		N/A	385	385		—		456
Aras Corporation+(21)	Preferred Stock	N/A	12.00%	Non-Cash	N/A	1	1,114		0.1		1,219
Aras Corporation+	LP Interest	N/A	N/A		N/A	306	306		—		345
Astute Holdings, Inc.+	LP Interest	N/A	N/A		N/A	—	304		—		733
Auvik Networks Inc.+(8)(12)	Preferred Stock	N/A	N/A		N/A	26	256		—		286
Auvik Networks Inc.+(8)(12)	Preferred Stock	N/A	N/A		N/A	3	29		—		32
Bayshore Intermediate #2, L.P.+	Common Stock	N/A	N/A		N/A	4,095	4,095		0.1		3,158
Calabrio, Inc.+	LP Interest	N/A	N/A		N/A	1	769		—		704
Calabrio, Inc.+	LP Interest	N/A	N/A		N/A	96	0		—		0
Cloudbees, Inc.+	Preferred Stock	N/A	N/A		N/A	149	1,663		0.1		1,590
Cloudbees, Inc.+	Warrant	N/A	N/A		N/A	131	247		0.1		931
Cloudbees, Inc.+	Preferred Stock	N/A	N/A		N/A	71	466		—		657
Cynet Security Ltd.+(8)(15)	Preferred Stock	N/A	N/A		N/A	145	508		—		563
Diligent Corporation+(21)	Preferred Stock	N/A	10.50%	Non-Cash	N/A	17	18,198		0.8		18,645
Diligent Corporation+	Preferred Stock	N/A	N/A		N/A	415	912		0.1		1,958
FirstUp, Inc.+	Common Stock	N/A	N/A		N/A	221	541		—		303
GS Acquisitionco, Inc.+(21)	Preferred Stock	N/A	11.00%	Non-Cash	N/A	26	27,795		1.0		26,288
GS Acquisitionco, Inc.+(21)	Preferred Stock	N/A	11.00%	Non-Cash	N/A	2	1,675		0.1		1,538
GS Acquisitionco, Inc.+	LP Interest	N/A	N/A		N/A	1	170		—		821
GTY Technology Holdings, Inc.+	LP units	N/A	N/A		N/A	48	48		—		54
Impartner, Inc.+	Preferred Stock	N/A	N/A		N/A	28	226		—		215
Kaseya Inc.+(21)	Preferred Stock	N/A	11.75%	Non-Cash	N/A	2	1,819		0.1		1,821
Kaseya Inc.+	LP Interest	N/A	N/A		N/A	100	100		—		96
MetricStream, Inc.+	Warrant	N/A	N/A		N/A	168	263		—		178
Ministry Brands Holdings LLC+	LP Interest	N/A	N/A		N/A	438	439		—		324
mParticle, Inc.+	Preferred Stock	N/A	N/A		N/A	162	1,060		—		867
mParticle, Inc.+	Warrant	N/A	N/A		N/A	75	16		—		269
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+	Warrant	N/A	N/A		N/A	4	9		—		19
PDI TA Holdings, Inc.+	Preferred Stock	N/A	N/A		N/A	92	2,846		0.1		3,103

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
Food & Staples Retailing
Benihana, Inc.+ LLC units N/A N/A N/A 43 $ 699 — % $ 702
Cafe Rio Holding, Inc.+ Common Stock N/A N/A N/A 5 603 0.1 770
Feeders Supply Company, LLC+(17) Preferred stock N/A N/A N/A 4 400 — 578
Feeders Supply Company, LLC+ Common Stock N/A N/A N/A — — — 200
Hopdoddy Holdings, LLC+ LLC units N/A N/A N/A 44 217 — 211
Hopdoddy Holdings, LLC+ LLC units N/A N/A N/A 20 61 — 60
Mendocino Farms, LLC+ Common Stock N/A N/A N/A 168 770 0.1 1,731
Ruby Slipper Cafe LLC, The+ LLC interest N/A N/A N/A 32 389 — 152
Ruby Slipper Cafe LLC, The+ LLC interest N/A N/A N/A 2 20 — 27
Wetzel's Pretzels, LLC+ Common Stock N/A N/A N/A — 416 — 869
Wood Fired Holding Corp.+ LLC units N/A N/A N/A 437 444 — 580
Wood Fired Holding Corp.+ Common Stock N/A N/A N/A 437 — 0.1 1,455
4,019 0.3 7,335
Food Products
Borrower R365 Holdings, LLC+ Preferred stock N/A N/A N/A 77 102 — 102
Borrower R365 Holdings, LLC+ LLC units N/A N/A N/A 3 5 — 5
Borrower R365 Holdings, LLC+ Common Stock N/A N/A N/A 1 2 — 1
Borrower R365 Holdings, LLC+ Preferred stock N/A N/A N/A 1 2 — 2
C. J. Foods, Inc.+ Preferred stock N/A N/A N/A — 75 — 198
Kodiak Cakes, LLC+ Common Stock N/A N/A N/A — 281 — 195
Kodiak Cakes, LLC+ LLC units N/A N/A N/A 191 191 — 180
Louisiana Fish Fry Products, Ltd.+ Common Stock N/A N/A N/A — 483 — 393
P&P Food Safety Holdings, Inc.+ Common Stock N/A N/A N/A 4 356 — 261
Purfoods, LLC+ LLC interest N/A N/A N/A — 945 0.2 4,602
2,442 0.2 5,939
Health Care Equipment & Supplies
Aspen Medical Products, LLC+ LP Interest N/A N/A N/A — 77 — 98
Blue River Pet Care, LLC+ Common Stock N/A N/A N/A — 76 — 158
CCSL Holdings, LLC+ LP Interest N/A N/A N/A — 336 — 247
CMI Parent Inc.+(17) Common Stock N/A N/A N/A — 132 — 168
CMI Parent Inc.+ Common Stock N/A N/A N/A 3 3 — 184
G & H Wire Company, Inc.+ LLC interest N/A N/A N/A 335 269 — 95
Joerns Healthcare, LLC*+ Common Stock N/A N/A N/A 432 4,329 — —
5,222 — 950


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Personify, Inc.+	LP Interest	N/A			N/A		N/A	716	$	942	0.1	%	$	1,726
Project Alpha Intermediate Holding, Inc.+	Common Stock	N/A			N/A		N/A	—	964		0.1		1,482
Project Alpha Intermediate Holding, Inc.+	Common Stock	N/A			N/A		N/A	202	329		—		231
Pyramid Healthcare Acquisition Corp.+	Common Stock	N/A			N/A		N/A	184	184		—		314
QAD, Inc.+	Preferred Stock	N/A			N/A		N/A	—	222		—		238
QAD, Inc.+	Common Stock	N/A			N/A		N/A	15	0		—		0
Onit, Inc.+(21)	Preferred Stock	N/A			15.00%	Non-Cash	N/A	—	44		—		46
Onit, Inc.+	Warrant	N/A			N/A		N/A	—	6		—		7
RegEd Aquireco, LLC+	LP Interest	N/A			N/A		N/A	—	331		—		49
RegEd Aquireco, LLC+	LP Interest	N/A			N/A		N/A	3	21		—		0
Riskonnect Parent, LLC+(21)	Preferred Stock	N/A			11.00%	Non-Cash	N/A	18	19,659		0.8		19,000
Riskonnect Parent, LLC+	LP Interest	N/A			N/A		N/A	857	859		0.1		958
Riskonnect Parent, LLC+(21)	Preferred Stock	SF +	10.50%	(o)	15.74%	Non-Cash	N/A	—	363		—		378
SnapLogic, Inc.+	Preferred Stock	N/A			N/A		N/A	278	695		0.1		1,399
SnapLogic, Inc.+	Warrant	N/A			N/A		N/A	106	75		—		373
Spartan Buyer Acquisition Co.+	Common Stock	N/A			N/A		N/A	1	623		—		261
Spartan Buyer Acquisition Co.+	Preferred Stock	N/A			N/A		N/A	—	38		—		41
Telesoft Holdings LLC+	LP Interest	N/A			N/A		N/A	6	6		—		6
Templafy APS and Templafy, LLC+(8)(18)	Warrant	N/A			N/A		N/A	—	62		—		42
Workforce Software, LLC+	Common Stock	N/A			N/A		N/A	—	974		—		435
Workforce Software, LLC+	Common Stock	N/A			N/A		N/A	—	36		—		40
Zendesk, Inc.+	LP units	N/A			N/A		N/A	45	454		—		517

									93,564		3.8		95,121

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
Health Care Providers & Services
Active Day, Inc.+ LLC interest N/A N/A N/A 2 $ 1,099 — % $ 421
Acuity Eyecare Holdings, LLC+ LLC interest N/A N/A N/A 1,632 2,235 0.2 4,222
Acuity Eyecare Holdings, LLC+ LLC units N/A N/A N/A 889 1,023 0.1 2,420
ADCS Clinics Intermediate Holdings, LLC+ Preferred stock N/A N/A N/A 2 1,119 0.1 1,388
ADCS Clinics Intermediate Holdings, LLC+ Common Stock N/A N/A N/A — 6 — —
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+ LLC units N/A N/A N/A 121 124 — 155
CRH Healthcare Purchaser, Inc.+ LP Interest N/A N/A N/A 429 327 0.1 1,090
DCA Investment Holding, LLC LLC interest N/A N/A N/A 13,890 1,024 0.1 1,764
DCA Investment Holding, LLC LLC units N/A N/A N/A 140 218 0.1 950
Emerge Intermediate, Inc.+ LLC units N/A N/A N/A — 648 — 852
Emerge Intermediate, Inc.+ LLC units N/A N/A N/A — 61 — 61
Emerge Intermediate, Inc.+ LLC units N/A N/A N/A 9 4 — —
Encore GC Acquisition, LLC+ LLC interest N/A N/A N/A 26 272 — —
Encore GC Acquisition, LLC+ LLC units N/A N/A N/A 26 52 — —
Encorevet Group LLC+ Common Stock N/A N/A N/A — 15 — 20
Encorevet Group LLC+ LLC units N/A N/A N/A — 11 — 13
Eyecare Services Partners Holdings LLC+ LLC units N/A N/A N/A — 262 — —
Eyecare Services Partners Holdings LLC+ LLC units N/A N/A N/A — 1 — —
Krueger-Gilbert Health Physics, LLC+ Common Stock N/A N/A N/A 177 200 — 247
Midwest Veterinary Partners, LLC+ LLC units N/A N/A N/A 1 1,019 — 1,123
Midwest Veterinary Partners, LLC+ Warrant N/A N/A N/A 6 — — 504
Midwest Veterinary Partners, LLC+ Warrant N/A N/A N/A — 29 — 38
MWD Management, LLC & MWD Services, Inc.+ LLC interest N/A N/A N/A 412 335 — 518
NDX Parent, LLC+ Common Stock N/A N/A N/A — 272 — 202
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12) Common Stock N/A N/A N/A — 304 — 322
Oliver Street Dermatology Holdings, LLC+ LLC interest N/A N/A N/A 452 234 — —
Pinnacle Treatment Centers, Inc.+ LLC interest N/A N/A N/A — 528 — 724
Pinnacle Treatment Centers, Inc.+ LLC interest N/A N/A N/A 4 74 — 758
Radiology Partners, Inc.+ LLC units N/A N/A N/A 11 68 — 65
Radiology Partners, Inc.+ LLC interest N/A N/A N/A 43 55 — 258
Sage Dental Management, LLC+ LLC units N/A N/A N/A — 249 — 156
Sage Dental Management, LLC+ LLC units N/A N/A N/A 3 3 — —
SSH Corporation+ Common Stock N/A N/A N/A — 40 — 162
Suveto Buyer, LLC+ Common Stock N/A N/A N/A 6 562 — 414
12,473 0.7 18,847


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail
Ave Holdings III, Corp+(21)	Preferred Stock	N/A	11.50%	Non-Cash	N/A	9	$	9,336	0.4	%	$	9,241
Ave Holdings III, Corp+	LP units	N/A	N/A		N/A	1	1,129		—		1,050
Batteries Plus Holding Corporation+	LP Interest	N/A	N/A		N/A	10	1,287		0.1		1,399
Cycle Gear, Inc.+	LLC units	N/A	N/A		N/A	2,002	482		—		35
Cycle Gear, Inc.+	Preferred Stock	N/A	N/A		N/A	50	50		—		100
Imperial Optical Midco Inc.+	Preferred Stock	N/A	N/A		N/A	—	122		—		46
Imperial Optical Midco Inc.+	Preferred Stock	N/A	N/A		N/A	—	46		—		17
Imperial Optical Midco Inc.+	Common Stock	N/A	N/A		N/A	—	—		—		41
Pet Holdings ULC+(8)(12)(21)	LP Interest	N/A	N/A		N/A	677	450		0.1		1,276
Salon Lofts Group, LLC+	LP units	N/A	N/A		N/A	—	87		—		84
Southern Veterinary Partners, LLC+(21)	Preferred Stock	N/A	12.00%	Non-Cash	N/A	5	5,437		0.2		5,895
Southern Veterinary Partners, LLC+	LLC units	N/A	N/A		N/A	—	717		—		1,208
Southern Veterinary Partners, LLC+	LLC interest	N/A	N/A		N/A	148	189		0.2		4,790
VSG Acquisition Corp. and Sherrill, Inc.+	LP units	N/A	N/A		N/A	—	37		—		33
							19,369		1.0		25,215
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.+	LLC interest	N/A	N/A		N/A	97	604		—		269

Textiles, Apparel & Luxury Goods
Georgica Pine Clothiers, LLC+(21)	LLC interest	N/A	N/A		N/A	20	239		—		485
Georgica Pine Clothiers, LLC+	Common Stock	N/A	N/A		N/A	—	—		—		2
MakerSights, Inc.+	Preferred Stock	N/A	N/A		N/A	40	218		—		218
R.G. Barry Corporation+	Preferred Stock	N/A	N/A		N/A	—	161		—		280
							618		—		985

Total non-controlled/non-affiliate company equity investments							$	235,156	10.8	%	$	270,461

Total non-controlled/non-affiliate company investments							$	5,469,851	215.6	%	$	5,423,106

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
Health Care Technology
Connexin Software, Inc.+ LLC interest N/A N/A N/A 154 $ 193 — % $ 204
HSI Halo Acquisition, Inc.+ LP Interest N/A N/A N/A — 288 — 380
HSI Halo Acquisition, Inc.+ LP Interest N/A N/A N/A — — — 57
Tebra Technologies, Inc.+ Warrant N/A N/A N/A 169 871 — 709
Tebra Technologies, Inc.+ Warrant N/A N/A N/A 53 162 — 179
Tebra Technologies, Inc.+ Preferred stock N/A N/A N/A 1 8 — 11
Symplr Software, Inc.+ Preferred stock N/A N/A N/A 12 11,807 0.5 12,263
Symplr Software, Inc.+ Preferred stock N/A N/A N/A 2 2,734 0.2 3,888
Symplr Software, Inc.+ Preferred stock N/A N/A N/A 2 1,427 0.1 1,627
Symplr Software, Inc.+ Preferred stock N/A N/A N/A 1 880 — 952
Symplr Software, Inc.+ LLC units N/A N/A N/A — 161 — 151
Symplr Software, Inc.+ Common Stock N/A N/A N/A 177 — — 705
18,531 0.8 21,126
Hotels, Restaurants & Leisure
Freddy's Frozen Custard LLC+ LP Interest N/A N/A N/A 206 206 — 270
Harri US LLC+ LLC units N/A N/A N/A 83 658 — 658
Harri US LLC+ Preferred stock N/A N/A N/A 71 455 — 495
Harri US LLC+ Warrant N/A N/A N/A 18 106 — 125
LMP TR Holdings, LLC LLC units N/A N/A N/A 712 712 0.1 3,199
SSRG Holdings, LLC+ LP Interest N/A N/A N/A 6 61 — 82
Tropical Smoothie Cafe Holdings, LLC+(17) LP Interest N/A N/A N/A 5 246 0.1 837
2,444 0.2 5,666
Household Durables
Groundworks LLC+ LLC interest N/A N/A N/A — 155 — 431
Insurance
Captive Resources Midco, LLC+(17) LLC units N/A N/A N/A 425 — 0.1 1,163
Majesco+ LP Interest N/A N/A N/A — 307 — 356
Majesco+ LP Interest N/A N/A N/A 69 — — 51
Orchid Underwriters Agency, LLC+(17) LP Interest N/A N/A N/A 96 — — 7
307 0.1 1,577
Internet and Catalog Retail
Revalize, Inc.+ Preferred stock N/A N/A N/A 17 17,025 0.7 17,635
Revalize, Inc.+ Preferred stock N/A N/A N/A 10 10,219 0.4 10,584
Revalize, Inc.+ Preferred stock N/A N/A N/A 1 1,104 — 1,102
28,348 1.1 29,321
IT Services
Appriss Health Intermediate Holdings, Inc+ Preferred stock N/A N/A N/A 2 1,994 0.1 2,155
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ Preferred stock N/A N/A N/A 587 462 0.2 4,970
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ Preferred stock N/A N/A N/A 154 423 0.1 1,303
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ Preferred stock N/A N/A N/A 35 291 — 300
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ Warrant N/A N/A N/A 202 159 0.1 1,579
Critical Start, Inc.+ Common Stock N/A N/A N/A 225 225 — 225
Episerver, Inc.+ Common Stock N/A N/A N/A 75 807 — 989


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Non-controlled/affiliate company investments(25)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+(23)	One stop	SF +	8.00%	(p)	13.03%				04/2024	$	6,198	$	6,180	0.2	%	$	4,959
Abita Brewing Co., L.L.C.+(7)(23)	Second lien	SF +	8.00%	(p)	13.34%				04/2024	4,091		3,725		0.1		1,350
Abita Brewing Co., L.L.C.+	One stop	SF +	8.00%		N/A(6)				04/2024	—		—		—		—


										10,289		9,905		0.3		6,309









Energy, Equipment & Services
Benetech, Inc.+(7)(23)	One stop	SF +	6.00%	(o)	11.39%				08/2024	4,022		3,623		—		1,207
Benetech, Inc.+(7)(23)	One stop	SF +	6.00%	(o)	11.39%				08/2024	1,269		1,140		—		204
										5,291		4,763		—		1,411
Food and Staples Retailing
Rubio's Restaurants, Inc.+(23)	Senior secured	SF +	8.00%	(o)	13.38%				12/2024	13,141		13,014		0.4		11,170
Rubio's Restaurants, Inc.+(23)	Senior secured	SF +	14.00%	(o)	19.44%				12/2024	1,553		1,553		—		1,165
Rubio's Restaurants, Inc.+(23)	Senior secured	SF +	8.00%	(n)	13.20%				12/2024	282		274		—		73
										14,976		14,841		0.4		12,408
Healthcare Providers and Services
Bayside Opco, LLC+(23)	One stop	SF +	7.25%	(o)	12.64%				06/2026	11,734		11,621		0.5		11,616
Bayside Opco, LLC+(7)(23)	Subordinated debt	SF +	10.00%	(o)	15.39%				06/2026	4,160		3,328		0.1		3,370
Bayside Opco, LLC+(23)	One stop	SF +	7.25%	(o)	12.64%				06/2026	4,151		3,911		0.2		3,902
Bayside Opco, LLC+(23)	One stop	SF +	7.00%	(o)	6.39%	cash/	6.00%	PIK	06/2026	737		737		—		737
Elite Dental Partners LLC+(7)(23)	One stop	SF +	5.25%	(o)	10.49%	PIK			09/2024	12,652		12,337		0.3		7,971
Elite Dental Partners LLC+(7)(23)	One stop	SF +	12.00%	(o)	17.24%	PIK			09/2024	5,702		5,483		0.2		4,105
Elite Dental Partners LLC+(23)	One stop	SF +	5.25%	(o)	10.49%	PIK			09/2024	1,364		1,364		0.1		1,364
Opening Day Borrower 111 LLC+(7)(23)	One stop	SF +	6.25%	(o)	11.64%				05/2027	13,105		12,217		0.5		12,187
Opening Day Borrower 111 LLC+(7)(23)	One stop	SF +	6.25%	(o)	11.64%				05/2027	5,009		4,782		0.2		4,658
Opening Day Borrower 111 LLC+(5)(7)	One stop	SF +	6.25%		N/A(6)				05/2027	—		—		—		(114)
										58,614		55,780		2.1		49,796
Software
Switchfly LLC+(23)	One stop	N/A			1.00%	PIK			10/2024	6,577		6,559		0.2		4,339
Switchfly LLC+(23)	One stop	N/A			1.00%	PIK			10/2024	549		547		—		363
Switchfly LLC+(23)	One stop	N/A			1.00%	PIK			10/2024	42		42		—		28
Switchfly LLC+(5)	One stop	L +	8.50%	(b)	13.72%				10/2024	2		2		—		(32)
										7,170		7,150		0.2		4,698

Total non-controlled/affiliate company debt investments										$	96,340	$	92,439	3.0	%	$	74,622


Equity investments(19)(20)
Beverages


Abita Brewing Co., L.L.C.+	Warrant	N/A			N/A				N/A	210		$	—	—	%	$	6













Food and Staples Retailing
Rubio's Restaurants, Inc.+	Preferred Stock	N/A			N/A				N/A	2,779		2,276		—		553
Rubio's Restaurants, Inc.+	Common Stock	N/A			N/A				N/A	27,241		278		—		15
Rubio's Restaurants, Inc.+	Common Stock	N/A			N/A				N/A	6,321		131		—		3
Rubio's Restaurants, Inc.+	Common Stock	N/A			N/A				N/A	1,056		9		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A			N/A				N/A	1,829		10		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A			N/A				N/A	246		1		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A			N/A				N/A	246		1		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A			N/A				N/A	492		2		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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)
Kentik Technologies, Inc.+ Preferred stock N/A N/A N/A 192 $ 1,103 — % $ 1,103
Netwrix Corporation+ LLC units N/A N/A N/A 9 18 — 18
PCS Intermediate II Holdings, LLC+ LLC interest N/A N/A N/A 37 367 — 460
Red Dawn SEI Buyer, Inc.+ LP Interest N/A N/A N/A 13 13 — 18
Saturn Borrower Inc.+ LP units N/A N/A N/A 346 346 — 129
6,208 0.5 13,249
Leisure Products
Massage Envy, LLC+ LLC interest N/A N/A N/A 749 210 0.1 1,706
WBZ Investment LLC+ LLC interest N/A N/A N/A 67 117 — 162
WBZ Investment LLC+ LLC interest N/A N/A N/A 46 80 — 111
WBZ Investment LLC+ LLC interest N/A N/A N/A 38 65 — 91
WBZ Investment LLC+ LLC interest N/A N/A N/A 33 58 — 80
WBZ Investment LLC+ LLC interest N/A N/A N/A 15 24 — 34
WBZ Investment LLC+ LLC interest N/A N/A N/A 2 2 — 4
556 0.1 2,188
Life Sciences Tools & Services
PAS Parent Inc.+ LP Interest N/A N/A N/A 9 933 — 749
Reaction Biology Corporation+ LLC units N/A N/A N/A — 265 — 265
1,198 — 1,014
Oil, Gas and Consumable Fuels
W3 Co.+ LLC interest N/A N/A N/A 3 1,632 — 788
W3 Co.+ Preferred stock N/A N/A N/A — 224 — 176
1,856 — 964
Paper and Forest Products
Messenger, LLC+ LLC units N/A N/A N/A 3 312 — 307
Messenger, LLC+ LLC units N/A N/A N/A — — — —
312 — 307
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12) LP Interest N/A N/A N/A 502 502 — 929
Cobalt Buyer Sub, Inc.+ Preferred stock N/A N/A N/A 8 7,679 0.4 8,578
Cobalt Buyer Sub, Inc.+ Preferred stock N/A N/A N/A — 168 — 155
Cobalt Buyer Sub, Inc.+ Common Stock N/A N/A N/A 2 2 — —
8,351 0.4 9,662


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A		N/A	568		$	2	—	%	$	—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A		N/A	543		2		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A		N/A	1,490		5		—		—
								2,717		—		571
Healthcare Providers and Services
Bayside Opco, LLC+	LLC units	N/A	N/A		N/A	6		2,592		0.1		2,584
Elite Dental Partners LLC	LLC interest	N/A	N/A		N/A	—		2,902		—		—
Elite Dental Partners LLC	LLC interest	N/A	N/A		N/A	—		1,250		—		—
Elite Dental Partners LLC	LLC units	N/A	N/A		N/A	—		—		—		—
Opening Day Borrower 111 LLC+	LLC units	N/A	N/A		N/A	163		7,238		0.3		7,762
								13,982		0.4		10,346
Software
Switchfly LLC+	LLC interest	N/A	N/A		N/A	98,370		2,321		0.1		2,292
Switchfly LLC+	LLC units	N/A	N/A		N/A	950		950		—		487
								3,271		0.1		2,779

Total non-controlled/affiliate equity company investments								$	19,970	0.5	%	$	13,702

Total non-controlled/affiliate company investments								$	112,409	3.5	%	$	88,324


Controlled affiliate company investments(26)
Debt Investments
IT Services
MMan Acquisition Co.+(7)(23)	One stop	N/A	10.00%	PIK	08/2023	$	32,624	$	19,469	0.4	%	$	9,787
MMan Acquisition Co.+(23)	One stop	N/A	8.00%	PIK	08/2023	1,716		1,716		0.1		1,716
MMan Acquisition Co.+(23)	One stop	N/A	12.00%	PIK	08/2023	952		952		—		952
MMan Acquisition Co.+(23)	One stop	N/A	12.00%	PIK	08/2023	275		275		—		275
MMan Acquisition Co.+(23)	One stop	N/A	12.00%	PIK	08/2023	849		849		—		849
Total controlled affiliate company debt investments						$	36,416	$	23,261	0.5	%	$	13,579






Total controlled affiliate company investments								$	23,261	0.5	%	$	13,579

Total investments								$	5,605,521	219.6	%	$	5,525,009

Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)			5.0%	(27)				$	24,571	1.0	%	$	24,571
Allspring Treasury Plus Money Market Fund (CUSIP 94975H296)			5.0%	(27)				10,925		0.4		10,925
Morgan Stanley Institutional Liquidity Funds Treasury Securities Portfolio (CUSIP 61747C525)			5.0%	(27)				28,433		1.1		28,433
Total money market funds								$	63,929	2.5	%	$	63,929
Total Investments and Money Market Funds								$	5,669,450	222.1	%	$	5,588,938

See Notes to Consolidated Financial Statements.

~~TABLE OF CONTENTS~~

~~Golub Capital BDC, Inc. and Subsidiaries~~

~~Consolidated Schedule of Investments (unaudited) - (continued)~~

~~June 30, 2022~~

~~(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)
Professional Services
Brandmuscle, Inc.+ LLC interest N/A N/A N/A — $ 216 — % $ 218
DISA Holdings Acquisition Subsidiary Corp.+ Common Stock N/A N/A N/A — 154 — 507
Enboarder, Inc.+(8)(11) Preferred stock N/A N/A N/A 56 573 — 573
Filevine, Inc.+ Preferred stock N/A N/A N/A 221 1,401 0.1 1,401
Filevine, Inc.+ Warrant N/A N/A N/A 33 49 — 49
Net Health Acquisition Corp.+ LP Interest N/A N/A N/A 13 1,510 0.1 1,721
Procure Acquireco, Inc.+ LP Interest N/A N/A N/A — 486 — 486
4,389 0.2 4,955
Real Estate Management & Development
Inhabit IQ Inc.+ Common Stock N/A N/A N/A 62 434 — 512
Road & Rail
Internet Truckstop Group LLC+ LP Interest N/A N/A N/A 408 448 — 520
Software
Accela, Inc.+ LLC interest N/A N/A N/A 670 418 — 276
Anaplan, Inc.+ LP Interest N/A N/A N/A 385 385 0.1 385
Aras Corporation+ Preferred stock N/A N/A N/A 1 1,000 — 1,147
Aras Corporation+ LP Interest N/A N/A N/A 306 306 — 297
Astute Holdings, Inc. + LP Interest N/A N/A N/A — 304 — 792
Auvik Networks Inc.+(8)(12) Preferred stock N/A N/A N/A 26 256 — 280
Bayshore Intermediate #2, L.P.+ Common Stock N/A N/A N/A 4,095 4,095 0.2 3,889
Calabrio, Inc. + LP Interest N/A N/A N/A 1 769 — 852
Calabrio, Inc. + LP Interest N/A N/A N/A 96 0 — 0
Cloudbees, Inc.+ Preferred stock N/A N/A N/A 149 1,663 0.1 1,766
Cloudbees, Inc.+ Warrant N/A N/A N/A 131 247 — 1,222
Cloudbees, Inc.+ Preferred stock N/A N/A N/A 71 466 — 812
Diligent Corporation+ Preferred stock N/A N/A N/A 17 16,587 0.7 18,615
Diligent Corporation+ Preferred stock N/A N/A N/A 415 912 0.1 2,792
Everbridge, Inc.+(8)(18) Common Stock N/A N/A N/A 4 444 — 94
FirstUp, Inc+ Common Stock N/A N/A N/A 221 541 — 391
GS Acquisitionco, Inc.+ Preferred stock N/A N/A N/A 26 25,344 1.1 27,465
GS Acquisitionco, Inc.+ Preferred stock N/A N/A N/A 2 1,532 0.1 1,607
GS Acquisitionco, Inc.+ LP Interest N/A N/A N/A 1 170 0.1 804
Impartner, Inc.+ Preferred stock N/A N/A N/A 28 226 — 240
Kaseya Inc.+ Preferred stock N/A N/A N/A 2 1,658 0.1 1,658
Kaseya Inc.+ LP Interest N/A N/A N/A 100 100 — 100
MetricStream, Inc.+ Warrant N/A N/A N/A 168 263 — 178
Ministry Brands Holdings LLC+ LP Interest N/A N/A N/A 438 438 — 283
mParticle, Inc.+ Preferred stock N/A N/A N/A 162 1,060 0.1 1,079
mParticle, Inc.+ Warrant N/A N/A N/A 69 16 — 376
Namely, Inc.+ Warrant N/A N/A N/A 47 314 — 261
Namely, Inc.+ Warrant N/A N/A N/A 17 28 — 0
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+ Warrant N/A N/A N/A 4 9 — 18
Personify, Inc.+ LP Interest N/A N/A N/A 716 942 0.1 1,403
Project Alpha Intermediate Holding, Inc.+ Common Stock N/A N/A N/A — 964 0.1 1,355
Project Alpha Intermediate Holding, Inc.+ Common Stock N/A N/A N/A 202 329 0.1 638

~~See Notes to Consolidated Financial Statements.~~

~~TABLE OF CONTENTS~~

~~Golub Capital BDC, Inc. and Subsidiaries~~

~~Consolidated Schedule of Investments (unaudited) - (continued)~~

~~June 30, 2022~~

~~(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)
Pyramid Healthcare Acquisition Corp.+ Common Stock N/A N/A N/A 184 $ 184 — % $ 284
QAD, Inc.+ Preferred stock N/A N/A N/A — 125 — 125
QAD, Inc.+ Common Stock N/A N/A N/A 9 0 — 0
RegEd Aquireco, LLC+ LP Interest N/A N/A N/A — 331 — 210
RegEd Aquireco, LLC+ LP Interest N/A N/A N/A 3 21 — 0
Riskonnect Parent, LLC+ LP Interest N/A N/A N/A 857 858 — 733
Riskonnect Parent, LLC+ Preferred stock N/A N/A N/A 18 18,055 0.7 17,586
SnapLogic, Inc.+ Preferred stock N/A N/A N/A 278 695 0.1 1,321
SnapLogic, Inc.+ Warrant N/A N/A N/A 106 75 — 342
Spartan Buyer Acquisition Co.+ Common Stock N/A N/A N/A 1 623 — 720
Telesoft Holdings LLC+ LP Interest N/A N/A N/A 6 6 — 6
Workforce Software, LLC+ Common Stock N/A N/A N/A — 973 — 566
Workforce Software, LLC+ Common Stock N/A N/A N/A — 36 — 37
83,768 3.8 93,005

~~See Notes to Consolidated Financial Statements.~~

~~TABLE OF CONTENTS~~

~~Golub Capital BDC, Inc. and Subsidiaries~~

~~Consolidated Schedule of Investments (unaudited) - (continued)~~

~~June 30, 2022~~

~~(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)
Specialty Retail
Ave Holdings III, Corp+ Preferred stock N/A N/A N/A 9 $ 8,508 0.3 % $ 8,954
Ave Holdings III, Corp+ LP units N/A N/A N/A 1 934 — 934
Batteries Plus Holding Corporation+ LP Interest N/A N/A N/A 10 1,287 0.1 1,352
Cycle Gear, Inc.+ LLC units N/A N/A N/A 27 462 0.1 749
Imperial Optical Midco Inc.+ Preferred stock N/A N/A N/A — 122 — 162
Imperial Optical Midco Inc.+ Preferred stock N/A N/A N/A — 46 — 60
Jet Equipment & Tools Ltd.+(8)(9)(12) LLC interest N/A N/A N/A 1 948 0.1 2,389
Pet Holdings ULC+(8)(12) LP Interest N/A N/A N/A 677 450 0.1 1,533
PPV Intermediate Holdings II, LLC+ LLC interest N/A N/A N/A 325 315 0.1 949
Sola Franchise, LLC and Sola Salon Studios, LLC+ LLC interest N/A N/A N/A 6 682 0.1 1,654
Sola Franchise, LLC and Sola Salon Studios, LLC+ LLC interest N/A N/A N/A 1 139 — 377
Southern Veterinary Partners, LLC+ Preferred stock N/A N/A N/A 5 4,911 0.2 5,515
Southern Veterinary Partners, LLC+ LLC units N/A N/A N/A — 717 — 1,097
Southern Veterinary Partners, LLC+ LLC interest N/A N/A N/A 148 188 0.2 4,237
VSG Acquisition Corp. and Sherrill, Inc.+ LP units N/A N/A N/A — 37 — 37
19,746 1.3 29,999
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.+ LLC interest N/A N/A N/A 97 604 — 445
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 20 239 — 584
Georgica Pine Clothiers, LLC+ Common Stock N/A N/A N/A — — — 1
MakerSights, Inc. + Preferred stock N/A N/A N/A 40 218 — 218
R.G. Barry Corporation+ Preferred stock N/A N/A N/A — 161 — 202
783 — 1,005
Total non-controlled/non-affiliate company equity investments $ 220,168 10.4 % $ 267,217
Total non-controlled/non-affiliate company investments $ 5,377,663 $ 5,565,920 213.9 % $ 5,533,287

~~See Notes to Consolidated Financial Statements.~~

~~TABLE OF CONTENTS~~

~~Golub Capital BDC, Inc. and Subsidiaries~~

~~Consolidated Schedule of Investments (unaudited) - (continued)~~

~~June 30, 2022~~

~~(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)
Non-controlled/affiliate company investments(19)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+ One stop L + 5.75% (a) 7.42% 04/2024 $ 5,786 $ 5,793 0.2 % $ 5,786
Abita Brewing Co., L.L.C.+ Second lien L + 8.00% (b) 10.25% 04/2024 3,635 3,627 0.1 2,907
Abita Brewing Co., L.L.C.+ One stop L + 5.75% N/A(6) 04/2024 — — — —
9,421 9,420 0.3 8,693
Consumer Finance
Paradigm DKD Group, LLC+(7) Senior loan L + 6.25% (b) 8.50% 08/2023 3,844 2,014 0.1 3,844
Paradigm DKD Group, LLC+(5)(7) Senior loan L + 6.25% (b) 8.50% 08/2023 7 (142) — 7
3,851 1,872 0.1 3,851
Electronic Equipment, Instruments and Components
Sloan Company, Inc., The+(7) One stop L + 8.50% (b) 10.75% 07/2023 6,328 4,074 0.1 3,797
Sloan Company, Inc., The+ One stop L + 8.50% (b) 10.75% 07/2023 1,543 1,543 0.1 1,543
Sloan Company, Inc., The+(7) One stop L + 8.50% (b) 10.75% 07/2023 420 271 — 252
8,291 5,888 0.2 5,592
Energy, Equipment & Services
Benetech, Inc.+(7) One stop SF + 6.00% (m) 8.20% 08/2024 3,642 3,623 0.1 1,456
Benetech, Inc.+(7) One stop SF + 6.00% (m) 8.20% 08/2024 1,020 1,014 — 289
4,662 4,637 0.1 1,745
Food and Staples Retailing
Rubio's Restaurants, Inc.+ Senior loan L + 8.00% (b) 10.18% 12/2024 12,863 12,649 0.5 12,091
Rubio's Restaurants, Inc.+(5) Senior loan L + 8.00% N/A(6) 12/2024 — (12) — (83)
12,863 12,637 0.5 12,008
Healthcare Providers and Services
Elite Dental Partners LLC+ One stop SF + 5.25% (b)(m) 7.45% PIK 06/2023 11,550 11,589 0.5 11,088
Elite Dental Partners LLC+ One stop SF + 12.00% (b)(m) 14.20% PIK 06/2023 2,769 2,769 0.1 2,769
Elite Dental Partners LLC+ One stop SF + 5.25% (b)(m) 7.45% PIK 06/2023 1,245 1,245 — 1,245
15,564 15,603 0.6 15,102
Software
Switchfly LLC+ One stop L + 3.00% (b) 4.00% 10/2023 6,454 6,382 0.2 4,970
Switchfly LLC+ One stop L + 3.00% (b) 4.00% 10/2023 539 532 — 415
Switchfly LLC+ One stop L + 3.00% (b) 4.00% 10/2023 40 40 — 32
Switchfly LLC+(5) One stop L + 8.50% (b) 9.50% 10/2023 2 2 — (24)
7,035 6,956 0.2 5,393
Total non-controlled/affiliate debt investments $ 61,687 $ 57,013 2.0 % $ 52,384

~~See Notes to Consolidated Financial Statements.~~

~~TABLE OF CONTENTS~~

~~Golub Capital BDC, Inc. and Subsidiaries~~

~~Consolidated Schedule of Investments (unaudited) - (continued)~~

~~June 30, 2022~~

~~(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)
Equity investments(15)(16)
Beverages
Abita Brewing Co., L.L.C.+ Warrant N/A N/A N/A 210 $ — — % $ 366
Consumer Finance
Paradigm DKD Group, LLC LLC interest N/A N/A N/A 354 115 — 448
Paradigm DKD Group, LLC Preferred stock N/A N/A N/A 71 — — —
Paradigm DKD Group, LLC Preferred stock N/A N/A N/A 2,004 — — 540
115 — 988
Electronic Equipment, Instruments and Components
Sloan Company, Inc., The+ Common Stock N/A N/A N/A — 41 — —
Energy, Equipment & Services
Benetech, Inc.+ LLC interest N/A N/A N/A 58 — — —
Benetech, Inc.+ LLC interest N/A N/A N/A 58 — — —
— — —
Food and Staples Retailing
Rubio's Restaurants, Inc.+ Preferred stock N/A N/A N/A 2,779 2,276 0.1 2,463
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 886 182 — 362
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 536 110 — 219
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 89 6 — 23
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 52 3 — 13
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 21 — — —
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 21 — — —
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 42 — — —
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 18 — — —
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 18 — — —
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 89 — — —
2,577 0.1 3,080
Healthcare Providers and Services
Elite Dental Partners LLC LLC interest N/A N/A N/A — 2,902 0.1 3,950
Elite Dental Partners LLC LLC interest N/A N/A N/A — 1,250 0.1 1,323
Elite Dental Partners LLC LLC units N/A N/A N/A — — — —
4,152 0.2 5,273
Software
Switchfly LLC+ LLC interest N/A N/A N/A 98,370 2,321 0.1 1,941
Switchfly LLC+ LLC units N/A N/A N/A 950 950 — 419
3,271 0.1 2,360
Total non-controlled/affiliate equity investments $ 10,156 0.4 % $ 12,067
Total non-controlled/affiliate investments $ 61,687 $ 67,169 2.4 % $ 64,451

~~See Notes to Consolidated Financial Statements.~~

~~TABLE OF CONTENTS~~

~~Golub Capital BDC, Inc. and Subsidiaries~~

~~Consolidated Schedule of Investments (unaudited) - (continued)~~

~~June 30, 2022~~

~~(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)
Controlled affiliate company investments(20)
Debt Investments
IT Services
MMan Acquisition Co.*+(7) One stop N/A 10.00% PIK 08/2023 $ 29,523 $ 19,579 0.5 % $ 13,285
MMan Acquisition Co.+ One stop N/A 8.00% PIK 08/2023 1,588 1,588 0.1 1,508
MMan Acquisition Co.+ One stop N/A 12.00% PIK 08/2023 849 849 — 849
MMan Acquisition Co.+ One stop N/A 12.00% PIK 08/2023 170 170 — 170
Total controlled affiliate debt investments $ 32,130 $ 22,186 0.6 % $ 15,812
Equity Investments (15)(16)
IT Services
MMan Acquisition Co.+ Common Stock N/A N/A N/A — $ 927 — % $ —
Total controlled affiliate equity investments $ 927 — % $ —
Total controlled affiliate investments $ 32,130 $ 23,113 0.6 % $ 15,812
Total investments $ 5,471,480 $ 5,656,202 216.9 % $ 5,613,550
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718) 1.34%(21) $ 10,805 0.4 % $ 10,805
Total money market funds $ 10,805 0.4 % $ 10,805
Total Investments and Money Market Funds $ 5,667,007 217.3 % $ 5,624,355

~~See Notes to Consolidated Financial Statements.~~

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(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 investment collateralizes the JPM 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 ~~London Interbank Offered~~the Secured Overnight Financing Rate (“~~LIBOR”~~SOFR” or ~~“L”~~“SF”) ~~denominated in U.S. dollars,~~, Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime (“P”), Sterling Overnight Index Average ("SONIA" or “SN”), Australian Interbank Rate (”AUD” or ”A”), Canadian Bankers Acceptance Rate (”CDOR” or "C”), or ~~Secured Overnight Financing~~London Interbank Offered Rate (“~~SOFR”~~LIBOR” or ~~“SF”~~“L”) denominated in U.S. dollars which reset daily, monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of June 30, ~~2022.~~2023. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest ~~outstanding~~outstanding contract is shown. Listed below are the index rates as of June 30, ~~2022,~~2023, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of June 30, ~~2022,~~2023, as the loan may have priced or repriced based on an index rate prior to June 30, ~~2022.~~2023.

(a) Denotes that all or a portion of the ~~loan~~contract was indexed to the 30-day LIBOR, which was ~~1.79%~~5.22% as of June 30, ~~2022.~~2023.

(b) Denotes that all or a portion of the ~~loan~~contract was indexed to the 90-day LIBOR, which was ~~2.29%~~5.55% as of June 30, ~~2022.~~2023.

(c) Denotes that all or a portion of the ~~loan~~contract was indexed to the 180-day LIBOR, which was ~~2.94%~~5.76% as of June 30, ~~2022.~~2023.

(d) Denotes that all or a portion of the ~~loan~~contract was indexed to the Prime rate, which was ~~4.75%~~8.25% as of June 30, ~~2022.~~2023.

(e) Denotes that all or a portion of the ~~loan~~contract was indexed to the ~~90-day~~30-day EURIBOR, which was ~~-0.20%~~3.40% as of June 30, ~~2022.~~2023.

(f) Denotes that all or a portion of the ~~loan~~contract was indexed to the ~~180-day~~90-day EURIBOR, which was ~~0.26%~~3.58% as of June 30, ~~2022.~~2023.

(g) Denotes that all or a portion of the ~~loan~~contract was indexed to the ~~Australia Three Month Interbank Rate,~~180-day EURIBOR, which was ~~1.86%~~3.90% as of June 30, ~~2022.~~2023.

(h) Denotes that all or a portion of the ~~loan~~contract was indexed to the ~~30-day CDOR,~~Three Month AUD, which was ~~2.23%~~4.40% as of June 30, ~~2022.~~2023.

(i) Denotes that all or a portion of the ~~loan~~contract was indexed to the ~~90-day~~30-day CDOR, which was ~~2.76%~~5.27% as of June 30, ~~2022.~~2023.

(j) Denotes that all or a portion of the ~~loan~~contract was indexed to ~~SONIA,~~the 60-day CDOR, which was ~~1.19%~~5.33% as of June 30, ~~2022.~~2023.

(k) Denotes that all or a portion of the ~~loan~~contract was indexed to ~~Daily SOFR,~~the 90-day CDOR, which was ~~1.50%~~5.40% as of June 30, ~~2022.~~2023.

(l) Denotes that all or a portion of the ~~loan~~contract was indexed to ~~the 30-day Term SOFR Rate~~SONIA, which was ~~1.69%~~4.93% as of June 30, ~~2022.~~2023.

(m) Denotes that all or a portion of the ~~loan~~contract was indexed to ~~the 90-day Term~~Daily SOFR, ~~Rate~~ which was ~~2.12%~~5.09% as of June 30, ~~2022.~~2023.

(n) Denotes that all or a portion of the ~~loan~~contract was indexed to the ~~180-day~~30-day Term SOFR ~~Rate~~ which was ~~2.63%~~5.14% as of June 30, ~~2022.~~2023.

(o) Denotes that all or a portion of the ~~loan~~contract was indexed to the ~~Canadian Prime Rate,~~90-day Term SOFR which was ~~3.70%~~5.27% as of June 30, ~~2022.~~2023.

(p) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 5.39% as of June 30, 2023.

(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of June 30, ~~2022.~~2023.

(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 values of investments were valued using significant unobservable inputs, unless noted otherwise. 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 June 30, ~~2022.~~2023. 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 June 30, ~~2022,~~2023, 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 cannot 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 June 30, ~~2022,~~2023, total non-qualifying assets at fair value represented ~~10.9%~~14.5% 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.~~Translation.

(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 Netherlands.

(15) ~~Equity investments are non-income producing securities unless otherwise noted.~~The headquarters of this portfolio company is located in Israel.

(16) ~~Ownership~~The headquarters of ~~certain equity investments occurs through a holding~~this portfolio company ~~or partnership.~~is located in Finland.

(17)The ~~Company holds an equity investment that entitles it to receive preferential dividends.~~headquarters of this portfolio company is located in Sweden.

See Notes to Consolidated Financial Statements.

5549

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, ~~2022~~2023

(In thousands)

(18)The headquarters of this portfolio company is located in Denmark.

(19) Equity investments are non-income producing securities unless otherwise noted.

(20) Ownership of certain equity investments occurs through a holding company or partnership.

(21) The Company holds an equity investment that is income producing.

(22) The fair value of this investment was valued using Level 1 inputs. See Note 6. Fair Value Measurements.

~~(19)~~(23)All or a portion of the loan interest was capitalized into the outstanding principal balance of the loan in accordance with the terms of the credit agreement during the nine months ended June 30, 2023.

(24)The fair value of the loan reflects the legal claim on par and accrued uncapitalized payment-in-kind (“PIK”) interest.

(25)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 nine months ended June 30, ~~2022~~2023 were as follows:


Portfolio Company	Portfolio Company	Fair value as of September 30, 2021		Gross Additions(a)		Gross Reductions(b)		Net change in unrealized gain (loss)		Net realized gain (loss)		Fair value as of June 30, 2022		Interest, dividend and fee income			Portfolio Company		Fair value as of September 30, 2022			Gross Additions(a)			Gross Reductions(b)			Net change in unrealized gain (loss)			Net realized gain (loss)			Fair value as of June 30, 2023			Interest, dividend and fee income
Abita Brewing Co. LLC	Abita Brewing Co. LLC	$	10,050	$	316	$	(210)	$	(1,097)	$	—	$	9,059	$	583		Abita Brewing Co. LLC		$	8,071		$	985		$	(596)		$	(2,145)		$	—		$	6,315		$	583
Bayside Opco, LLC																Bayside Opco, LLC		—			22,240			(52)			21			—			22,209			180
Benetech, Inc.	Benetech, Inc.	2,399		467		(221)		(900)		—		1,745		227			Benetech, Inc.		1,740			467			(403)			(393)			—			1,411			9
Elite Dental Partners LLC	Elite Dental Partners LLC	16,952		3,684		(51)		(210)		—		20,375		876			Elite Dental Partners LLC		20,689			3,688			(563)			(10,374)			—			13,440			965
Paradigm DKD Group, LLC		2,627		217		(286)		2,281		—		4,839		47
Opening Day Borrower 111 LLC																Opening Day Borrower 111 LLC		—			24,854			(615)			254						24,493			(84)
Rubio's Restaurants, Inc	Rubio's Restaurants, Inc	17,559		4		(33)		(2,442)		—		15,088		1,005			Rubio's Restaurants, Inc		13,174			3,463			(1,109)			(2,549)			—			12,979			1,452
Sloan Company, Inc.	Sloan Company, Inc.	5,162		1,293		(463)		(400)		—		5,592		87			Sloan Company, Inc.		6,318			38			(6,329)			(347)			320			—			344
Switchfly LLC	Switchfly LLC	6,168		1,305		—		280		—		7,753		456			Switchfly LLC		7,697			176			—			(396)			—			7,477			107
Uinta Brewing Company		462		22		(498)		1,040		(1,026)		—		7

Total Non-Controlled Affiliates	Total Non-Controlled Affiliates	$	61,379	$	7,308	$	(1,762)	$	(1,448)	$	(1,026)	$	64,451	$	3,288		Total Non-Controlled Affiliates		$	57,689		$	55,911		$	(9,667)		$	(15,929)		$	320		$	88,324		$	3,556


(a)						Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to ~~payment-in-kind (“PIK”)~~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.
(b)						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, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.

~~(20)~~(26)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 nine months ended June 30, ~~2022~~2023 were as follows:


Portfolio Company	Portfolio Company	Fair value as of September 30, 2021		Gross Additions(a)		Gross Reductions(b)		Net change in unrealized gain (loss)		Net realized gain (loss)		Fair value as of June 30, 2022		Interest, dividend and fee income		Portfolio Company	Fair value as of September 30, 2022		Gross Additions(a)		Gross Reductions(b)		Net change in unrealized gain (loss)		Net realized gain (loss)		Fair value as of June 30, 2023		Interest, dividend and fee income
MMan Acquisition Co.	MMan Acquisition Co.	$	18,237	$	3,268	$	(2,213)	$	(3,480)	$	—	$	15,812	$	57	MMan Acquisition Co.	$	14,073	$	2,598	$	(2,428)	$	263	$	(927)	$	13,579	$	216
Total Controlled Affiliates	Total Controlled Affiliates	$	18,237	$	3,268	$	(2,213)	$	(3,480)	$	—	$	15,812	$	57	Total Controlled Affiliates	$	14,073	$	2,598	$	(2,428)	$	263	$	(927)	$	13,579	$	216


(a)						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.
(b)						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, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.

~~(21)~~(27)The rate shown is the annualized seven-day yield as of June 30, ~~2022.~~2023.

See Notes to Consolidated Financial Statements.

5650

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, ~~2021~~2022

(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)
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 $ 40,173 $ 39,983 1.6 % $ 40,173
NTS Technical Systems~ Second lien L + 9.75% (c) 10.75% 12/2023 4,589 4,524 0.2 4,589
NTS Technical Systems+ Senior loan L + 5.50% (c) 6.50% 06/2023 1,247 1,195 — 1,247
NTS Technical Systems+(5) Senior loan L + 5.50% N/A(6) 06/2023 — (26) — —
Tronair Parent, Inc.+ Senior loan L + 6.25% (c)(e) 6.75% cash/0.50% PIK 09/2023 680 676 — 606
Tronair Parent, Inc.+ Senior loan L + 6.25% (c) 6.75% cash/0.50% PIK 06/2023 20 17 — 4
Whitcraft LLC*#+~ One stop L + 6.00% (c) 7.00% 04/2023 63,253 63,492 2.4 61,355
Whitcraft LLC+(5) One stop L + 6.00% N/A(6) 04/2023 — (1) — (9)
109,962 109,860 4.2 107,965
Airlines
Aurora Lux Finco S.A.R.L.+(8)(13) One stop L + 6.00% (c) 7.00% 12/2026 985 967 — 936
Auto Components
Covercraft Parent III, Inc.+ Senior loan L + 4.50% (c) 5.50% 08/2027 4,927 4,878 0.2 4,877
Covercraft Parent III, Inc.+(5) Senior loan L + 4.50% N/A(6) 08/2027 — (1) — (1)
Covercraft Parent III, Inc.+(5) Senior loan L + 4.50% N/A(6) 08/2027 — (18) — (18)
North Haven Falcon Buyer, LLC One stop L + 6.00% (a) 7.00% 05/2027 6,160 6,045 0.2 6,160
North Haven Falcon Buyer, LLC+(5) One stop L + 6.00% N/A(6) 05/2027 — (19) — —
Polk Acquisition Corp.*#+ Senior loan L + 6.00% (a) 7.00% 12/2023 18,106 17,991 0.7 18,106
Polk Acquisition Corp.+ Senior loan L + 6.00% (a) 7.00% 12/2023 181 182 — 181
Polk Acquisition Corp.+ Senior loan L + 6.00% (a) 7.00% 12/2023 107 106 — 107
Power Stop, LLC+~ Senior loan L + 4.50% (a) 4.58% 10/2025 2,813 2,856 0.1 2,813
   32,294 32,020 1.2 32,225
Automobiles
CG Group Holdings, LLC+ One stop L + 5.25% (c) 6.25% 07/2027 31,463 31,159 1.2 31,148
CG Group Holdings, LLC+ One stop L + 5.25% (a)(c) 6.25% 07/2026 168 164 — 164
JHCC Holdings LLC One stop L + 5.50% (c) 6.50% 09/2025 15,472 15,253 0.6 15,318
JHCC Holdings LLC+ One stop P + 4.50% (f) 7.75% 08/2027 501 496 — 496
JHCC Holdings LLC+ One stop L + 5.50% (c)(f) 6.89% 09/2025 298 296 — 295
JHCC Holdings LLC+ One stop P + 4.50% (f) 7.53% 09/2025 7 6 — 6
JHCC Holdings LLC+(5) One stop L + 5.50% N/A(6) 08/2027 — (33) — (33)
MOP GM Holding, LLC*#+~ One stop L + 5.75% (c) 6.75% 11/2026 24,221 23,961 1.0 23,980
MOP GM Holding, LLC+ One stop L + 5.75% (d) 6.75% 11/2026 2,604 2,576 0.1 2,578
MOP GM Holding, LLC+ One stop L + 5.75% (c) 6.75% 11/2026 1,930 1,909 0.1 1,910
MOP GM Holding, LLC+(5) One stop L + 5.75% N/A(6) 11/2026 — (2) — (2)
MOP GM Holding, LLC+(5) One stop L + 5.75% N/A(6) 11/2026 — (76) — (64)


	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
Tronair Parent, Inc.+	Senior secured	L +	6.25%	(b)	8.67%	cash/	0.50%	PIK	09/2023	$	672	$	670	—	%	$	618
Tronair Parent, Inc.+	Senior secured	L +	6.25%	(b)	8.67%	cash/	0.50%	PIK	06/2023	100		99		—		88
Whitcraft LLC*#+	One stop	L +	6.00%	(b)	9.67%				04/2023	62,608		62,693		2.4		60,729
Whitcraft LLC+	One stop	P +	5.00%	(d)	11.25%				04/2023	42		38		—		33
										63,422		63,500		2.4		61,468
Airlines
Aurora Lux Finco S.A.R.L. +(8)(13)	One stop	L +	6.00%	(b)	8.78%				12/2026	975		961		—		926

Auto Components
COP CollisionRight Holdings, Inc.#+	One stop	SF +	4.75%	(l)	7.26%				04/2028	9,638		9,483		0.4		9,542
COP CollisionRight Holdings, Inc.+	One stop	SF +	4.75%	(l)	8.45%				04/2028	27		26		—		26
COP CollisionRight Holdings, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				04/2028	—		(2)		—		(3)
Covercraft Parent III, Inc.+	Senior secured	L +	4.50%	(b)	6.78%				08/2027	4,890		4,850		0.2		4,890
Covercraft Parent III, Inc.+	Senior secured	L +	4.50%	(b)	8.17%				08/2027	994		973		—		994
Covercraft Parent III, Inc.+(5)	Senior secured	L +	4.50%		N/A(6)				08/2027	—		(1)		—		—
North Haven Falcon Buyer, LLC+	One stop	L +	6.50%	(c)	8.51%				05/2027	6,099		6,004		0.3		5,855
North Haven Falcon Buyer, LLC+	One stop	L +	6.50%	(c)	8.67%				05/2027	1,021		1,006		—		981
Polk Acquisition Corp.*#+	Senior secured	SF +	6.00%	(k)	9.03%				12/2024	18,007		17,927		0.7		17,777
Polk Acquisition Corp.+	Senior secured	SF +	6.50%	(k)	9.53%				03/2023	695		693		—		695
Polk Acquisition Corp.+	Senior secured	SF +	6.00%	(k)	9.03%				12/2024	106		108		—		104
Polk Acquisition Corp.+	Senior secured	SF +	6.00%	(k)	9.03%				12/2024	106		106		—		105
										41,583		41,173		1.6		40,966
Automobiles
CG Group Holdings, LLC*#+	One stop	L +	7.25%	(b)	8.92%	cash/	2.00%	PIK	07/2027	31,441		31,084		1.1		28,925
CG Group Holdings, LLC+	One stop	L +	7.25%	(a)	8.37%	cash/	2.00%	PIK	07/2026	338		334		—		311
Denali Midco 2, LLC*#+	One stop	SF +	6.25%	(k)	9.38%				12/2027	42,864		42,490		1.7		41,579
Denali Midco 2, LLC+(5)	One stop	SF +	5.25%		N/A(6)				12/2027	—		(4)		—		(15)
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.38%				12/2027	198		196		—		192
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.38%				12/2027	100		99		—		97
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.38%				12/2027	80		79		—		77
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.38%				12/2027	80		79		—		77
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.28%				12/2027	66		65		—		64
Denali Midco 2, LLC+	One stop	SF +	6.50%	(k)	9.45%				12/2027	978		949		—		949
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.38%				12/2027	660		654		—		640
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.38%				12/2027	120		119		—		116
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.38%				12/2027	114		113		—		111
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.38%				12/2027	82		81		—		80
Denali Midco 2, LLC+(5)	One stop	SF +	6.50%		N/A(6)				12/2027	—		(29)		—		(29)
JHCC Holdings LLC+	One stop	L +	5.75%	(b)	9.42%				09/2025	15,314		15,116		0.6		14,855
JHCC Holdings LLC+	One stop	P +	4.75%	(d)	11.00%				09/2025	496		491		—		481
JHCC Holdings LLC+	One stop	L +	5.75%	(b)(d)	9.91%				09/2025	295		292		—		286
JHCC Holdings LLC+	One stop	P +	4.75%	(b)(d)	10.30%				09/2025	57		56		—		54
JHCC Holdings LLC+	One stop	L +	5.75%	(b)	9.42%				09/2025	302		267		—		269

See Notes to Consolidated Financial Statements.

5751

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Automobiles - (continued)
Quick Quack Car Wash Holdings, LLC*# One stop L + 5.50% (c) 6.50% 10/2024 $ 12,950 $ 12,963 0.5 % $ 12,950
Quick Quack Car Wash Holdings, LLC+ One stop L + 5.50% (b)(c) 6.50% 10/2024 3,953 3,888 0.2 3,953
Quick Quack Car Wash Holdings, LLC#+ One stop L + 5.50% (c) 6.50% 10/2024 2,337 2,318 0.1 2,337
Quick Quack Car Wash Holdings, LLC*+ One stop L + 5.50% (c) 6.50% 10/2024 2,042 2,072 0.1 2,042
Quick Quack Car Wash Holdings, LLC*+ One stop L + 5.50% (c) 6.50% 10/2024 1,364 1,386 0.1 1,364
Quick Quack Car Wash Holdings, LLC*+ One stop L + 5.50% (c) 6.50% 10/2024 1,111 1,141 — 1,111
Quick Quack Car Wash Holdings, LLC+ One stop L + 5.50% N/A(6) 10/2024 — — — —
TWAS Holdings, LLC*+ One stop L + 6.00% (c) 7.00% 12/2026 30,878 30,539 1.2 30,878
TWAS Holdings, LLC+ One stop L + 6.00% (c) 7.00% 12/2026 8,014 7,928 0.3 8,014
TWAS Holdings, LLC+(5) One stop L + 6.00% N/A(6) 12/2026 — (4) — —
139,313 137,940 5.5 138,445
Beverages
Fintech Midco, LLC*# One stop L + 5.75% (c) 6.50% 08/2024 24,163 24,389 0.9 23,921
Fintech Midco, LLC+ One stop L + 5.75% (b) 6.50% 08/2024 15,337 15,188 0.6 15,184
Fintech Midco, LLC#+ One stop L + 5.75% (c) 6.50% 08/2024 1,119 1,146 — 1,108
Fintech Midco, LLC+(5) One stop L + 5.75% N/A(6) 08/2024 — (1) — (2)
Watermill Express, LLC+ One stop L + 5.25% (c) 6.25% 04/2027 2,267 2,246 0.1 2,267
Watermill Express, LLC+ One stop L + 5.25% N/A(6) 04/2027 — — — —
Watermill Express, LLC+(5) One stop L + 5.25% N/A(6) 04/2027 — (1) — —
Winebow Holdings, Inc. One stop L + 6.25% (a) 7.25% 07/2025 7,878 7,773 0.3 7,878
50,764 50,740 1.9 50,356
Biotechnology
BIO18 Borrower, LLC#+ One stop L + 4.75% (a)(c) 5.75% 11/2024 10,962 10,990 0.4 10,880
BIO18 Borrower, LLC+ One stop L + 4.75% (a) 5.75% 11/2024 7,948 7,891 0.3 7,888
BIO18 Borrower, LLC*#+ One stop L + 4.75% (a) 5.75% 11/2024 3,922 3,898 0.2 3,894
BIO18 Borrower, LLC+(5) One stop L + 4.75% N/A(6) 11/2024 — (1) — (2)
22,832 22,778 0.9 22,660


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
MOP GM Holding, LLC*#+	One stop	SF +	5.75%	(m)	9.98%	11/2026	$	23,977	$	23,768	1.0	%	$	23,498
MOP GM Holding, LLC+	One stop	L +	5.75%	(c)	7.09%	11/2026	2,629		2,609		0.1		2,576
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	7.62%	11/2026	2,599		2,562		0.1		2,547
MOP GM Holding, LLC+	One stop	L +	5.75%	(c)	6.95%	11/2026	2,578		2,556		0.1		2,527
MOP GM Holding, LLC+	One stop	SF +	5.75%	(l)	8.58%	11/2026	1,910		1,894		0.1		1,872
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	8.98%	11/2026	1,571		1,559		0.1		1,539
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	7.62%	11/2026	1,448		1,424		0.1		1,419
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	9.98%	11/2026	527		523		—		517
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	9.50%	11/2026	358		355		—		351
MOP GM Holding, LLC+	One stop	SF +	5.75%	(l)	9.55%	11/2026	148		146		—		145
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	8.51%	11/2026	60		59		—		59
MOP GM Holding, LLC+	One stop	SF +	5.75%	(c)(l)(m)	8.91%	11/2026	86		84		—		82
MOP GM Holding, LLC+(5)	One stop	SF +	5.75%		N/A(6)	11/2026	—		(21)		—		(47)
MOP GM Holding, LLC+	One stop	SF +	5.75%	(l)	8.99%	11/2026	180		178		—		176
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	8.94%	11/2026	60		59		—		59
POY Holdings, LLC#	One stop	L +	5.50%	(b)	9.17%	11/2027	9,543		9,379		0.4		9,543
POY Holdings, LLC+	One stop	L +	5.50%	(b)	9.17%	11/2027	36		32		—		36
POY Holdings, LLC+	One stop	L +	5.50%	(b)	9.14%	11/2027	82		79		—		82
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.50%	(m)	8.27%	07/2029	3,150		3,120		0.1		3,119
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.50%	(m)	8.39%	07/2029	70		68		—		68
National Express Wash Parent Holdco, LLC+(5)	One stop	SF +	5.50%		N/A(6)	07/2029	—		(22)		—		(22)
Quick Quack Car Wash Holdings, LLC*#	One stop	L +	6.50%	(b)	9.31%	10/2024	12,815		12,820		0.5		12,815
Quick Quack Car Wash Holdings, LLC+	One stop	L +	6.50%	(b)	9.31%	10/2024	9,773		9,750		0.4		9,773
Quick Quack Car Wash Holdings, LLC#+	One stop	L +	6.50%	(b)	9.31%	10/2024	2,313		2,306		0.1		2,313
Quick Quack Car Wash Holdings, LLC*+	One stop	L +	6.50%	(b)	9.31%	10/2024	2,020		2,042		0.1		2,020
Quick Quack Car Wash Holdings, LLC*+	One stop	L +	6.50%	(b)	9.31%	10/2024	1,350		1,364		0.1		1,350
Quick Quack Car Wash Holdings, LLC*+	One stop	L +	6.50%	(b)	9.31%	10/2024	1,099		1,110		—		1,099
Quick Quack Car Wash Holdings, LLC+	One stop	L +	6.50%	(b)	9.31%	10/2024	95		89		—		95
Quick Quack Car Wash Holdings, LLC+	One stop	L +	6.50%	(b)	9.32%	10/2024	120		120		—		120
Quick Quack Car Wash Holdings, LLC+	One stop	L +	6.50%	(a)(b)	9.51%	10/2024	95		93		—		95
Quick Quack Car Wash Holdings, LLC+	One stop	L +	6.50%	(a)	9.62%	10/2024	345		341		—		345
Quick Quack Car Wash Holdings, LLC+	One stop	L +	6.50%	(a)(b)	9.50%	10/2024	104		99		—		104
Spotless Brands, LLC+	One stop	SF +	6.50%	(l)	9.19%	07/2028	8,369		8,207		0.3		8,202
Spotless Brands, LLC+	One stop	SF +	6.50%	(k)	9.44%	07/2028	428		419		—		418
Spotless Brands, LLC+	One stop	SF +	6.50%	(d)(k)	9.92%	07/2028	20		20		—		20
Spotless Brands, LLC+(5)	One stop	SF +	6.50%		N/A(6)	07/2028	—		(7)		—		(7)
TWAS Holdings, LLC#+	One stop	SF +	6.25%	(k)	9.38%	12/2026	40,460		40,118		1.6		40,460
TWAS Holdings, LLC*+	One stop	SF +	6.25%	(k)	9.38%	12/2026	30,566		30,292		1.2		30,566
TWAS Holdings, LLC+	One stop	SF +	6.25%	(k)	9.38%	12/2026	7,934		7,865		0.3		7,934
TWAS Holdings, LLC+	One stop	SF +	6.25%	(k)	9.38%	12/2026	609		604		—		609
TWAS Holdings, LLC+	One stop	SF +	6.25%	(k)	9.38%	12/2026	387		384		—		387
TWAS Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)	12/2026	—		(3)		—		—
							263,499		260,975		10.1		257,983
Beverages
Fintech Midco, LLC*#	One stop	L +	5.25%	(b)	8.06%	08/2024	23,863		24,012		0.9		23,624
Fintech Midco, LLC+	One stop	L +	5.25%	(b)	8.06%	08/2024	15,149		15,053		0.6		14,998
Fintech Midco, LLC#+	One stop	L +	5.25%	(b)	8.06%	08/2024	1,105		1,123		0.1		1,094
Fintech Midco, LLC+(5)	One stop	L +	5.25%		N/A(6)	08/2024	—		—		—		(2)
Watermill Express, LLC+	One stop	L +	5.50%	(b)	9.17%	04/2027	2,244		2,227		0.1		2,222

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(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)
Watermill Express, LLC+	One stop	L +	5.50%		N/A(6)	04/2027	$	—	$	—	—	%	$	—
Watermill Express, LLC+(5)	One stop	L +	5.50%		N/A(6)	04/2027	—		(1)		—		(2)
Winebow Holdings, Inc.+	One stop	L +	6.25%	(a)	9.37%	07/2025	7,799		7,722		0.3		7,799
							50,160		50,136		2.0		49,733

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(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)
Building Products
BECO Holding Company, Inc.#+	One stop	L +	5.50%	(b)	9.17%		11/2028	$	7,538	$	7,472	0.3	%	$	7,387
BECO Holding Company, Inc.+(5)	One stop	L +	5.50%		N/A(6)		11/2027	—		(4)		—		(9)
BECO Holding Company, Inc.+(5)	One stop	L +	5.50%		N/A(6)		11/2028	—		(17)		—		(39)
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)	7.31%		03/2024	4,106		4,107		0.2		4,106
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)	7.31%		03/2024	1,388		1,403		0.1		1,388
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)	7.31%		03/2024	895		901		—		895
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)	7.31%		03/2024	844		839		—		844
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)	7.31%		03/2024	429		436		—		429
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)	7.31%		03/2024	274		275		—		274
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(b)(c)	7.13%		03/2024	886		877		—		886
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)	7.31%		03/2024	214		214		—		214
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)	7.31%		03/2024	114		114		—		114
								16,688		16,617		0.6		16,489
Chemicals
Inhance Technologies Holdings LLC#+	One stop	L +	5.25%	(b)	7.53%		07/2024	12,444		12,502		0.5		12,319
Inhance Technologies Holdings LLC+	One stop	L +	5.25%	(b)	7.53%		07/2024	9,913		9,845		0.4		9,813
Inhance Technologies Holdings LLC+	One stop	L +	5.25%	(b)	7.53%		07/2024	1,891		1,885		0.1		1,872
Inhance Technologies Holdings LLC+	One stop	L +	5.25%	(b)	7.53%		07/2024	21		22		—		19
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	E +	6.25%	(f)	8.11%		09/2028	31,048		36,136		1.2		30,116
PHM NL SP Bidco B.V.+(8)(14)	One stop	L +	6.25%	(c)	10.42%		09/2028	13,766		13,559		0.5		13,353
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	SN +	6.25%	(i)	8.44%		09/2028	6,711		7,914		0.2		6,510
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	E +	6.25%	(f)	6.31%		09/2028	3,282		3,710		0.1		3,161
								79,076		85,573		3.0		77,163
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC*+	One stop	L +	5.25%	(b)	8.92%		10/2028	16,063		15,862		0.6		15,741
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop	L +	5.25%		N/A(6)		10/2028	—		(3)		—		(4)
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop	L +	5.25%		N/A(6)		10/2028	—		(20)		—		(48)
Hydraulic Authority III Limited+(8)(9)(10)	One stop	SN +	5.00%	(i)	7.22%		11/2025	9,675		11,066		0.4		9,675
Hydraulic Authority III Limited+(8)(9)(10)	One stop	E +	5.00%	(e)	6.19%		11/2025	1,057		1,122		—		1,057
Hydraulic Authority III Limited+(8)(9)(10)	One stop	N/A			11.00%	PIK	11/2028	217		251		—		217
Hydraulic Authority III Limited+(8)(9)(10)	One stop	SN +	5.00%		N/A(6)		11/2025	—		—		—		—
North Haven Stack Buyer, LLC*+	One stop	SF +	5.50%	(k)	8.63%		07/2027	8,767		8,626		0.4		8,591

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(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)
North Haven Stack Buyer, LLC+(5)	One stop	SF +	5.50%		N/A(6)				07/2027	$	—	$	(22)	—	%	$	(56)
North Haven Stack Buyer, LLC+	One stop	SF +	5.50%	(k)	8.63%				07/2027	38		37		—		35
North Haven Stack Buyer, LLC+	One stop	SF +	5.50%	(k)	8.63%				07/2027	2,953		2,929		0.1		2,894
North Haven Stack Buyer, LLC+	One stop	SF +	5.50%	(k)	8.63%				07/2027	974		966		—		955
OVG Business Services, LLC+	One stop	L +	6.25%	(a)	9.34%				11/2028	1,800		1,764		0.1		1,764
OVG Business Services, LLC+	One stop	L +	5.50%	(a)	8.14%				11/2026	9		9		—		8
Profile Products LLC+	One stop	L +	5.50%	(b)	8.43%				11/2027	5,466		5,359		0.2		5,466
Profile Products LLC+(8)	One stop	L +	5.50%	(b)	8.42%				11/2027	1,288		1,266		0.1		1,288
Profile Products LLC+	One stop	L +	5.50%	(a)(d)	8.60%				11/2027	18		17		—		18
Profile Products LLC+(5)	One stop	L +	5.50%		N/A(6)				11/2027	—		(8)		—		—
Profile Products LLC+(5)	One stop	L +	5.25%		N/A(6)				11/2027	—		(1)		—		—
PT Intermediate Holdings III, LLC+	One stop	L +	5.50%	(b)	9.17%				11/2028	29,523		29,029		1.2		28,932
PT Intermediate Holdings III, LLC+	One stop	L +	5.50%	(b)	9.17%				11/2028	20,873		20,681		0.8		20,456
PT Intermediate Holdings III, LLC+	One stop	L +	5.50%	(b)	9.17%				11/2028	9,900		9,775		0.4		9,702
Radwell Parent, LLC+	One stop	SF +	5.75%	(l)	9.40%				03/2029	19,076		18,789		0.7		18,313
Radwell Parent, LLC+(5)	One stop	SF +	5.75%		N/A(6)				03/2028	—		(4)		—		(9)
Radwell Parent, LLC+(5)	One stop	SF +	5.75%		N/A(6)				03/2029	—		(8)		—		(22)
Trinity Air Consultants Holdings Corporation+	One stop	L +	5.25%	(c)	7.08%				06/2027	2,458		2,419		0.1		2,409
Trinity Air Consultants Holdings Corporation+	One stop	L +	5.25%	(c)	8.60%				06/2027	33		32		—		31
Trinity Air Consultants Holdings Corporation+	One stop	L +	5.25%		N/A(6)				06/2027	—		—		—		—
WRE Holding Corp.*#	Senior secured	SF +	5.25%	(l)	7.95%				01/2025	2,229		2,225		0.1		2,229
WRE Holding Corp.+	Senior secured	SF +	5.25%	(l)	7.95%				01/2025	920		920		—		920
WRE Holding Corp.+	Senior secured	SF +	5.25%	(l)	7.95%				01/2025	675		673		—		675
WRE Holding Corp.+	Senior secured	SF +	5.25%	(l)	7.95%				01/2025	399		398		—		399
WRE Holding Corp.+	Senior secured	SF +	5.25%	(l)	7.95%				01/2025	128		129		—		128
WRE Holding Corp.+	Senior secured	SF +	5.25%	(l)	7.95%				01/2025	23		23		—		23
WRE Holding Corp.+	Senior secured	SF +	5.25%	(l)	7.95%				01/2025	14		13		—		14
WRE Holding Corp.+	Senior secured	SF +	5.25%	(l)	7.99%				01/2025	16		14		—		16
										134,592		134,328		5.2		131,817
Communications Equipment
Lightning Finco Limited+(8)(10)	One stop	L +	5.50%	(b)	8.57%				09/2028	10,349		10,174		0.4		10,142
Lightning Finco Limited+(8)(9)(10)	One stop	E +	5.50%	(e)	6.25%				09/2028	1,041		1,240		—		1,020
										11,390		11,414		0.4		11,162











Containers and Packaging
AmerCareRoyal LLC+	Senior secured	L +	5.50%	(a)	8.12%	cash/	0.50%	PIK	11/2025	748		739		—		733
AmerCareRoyal LLC+	Senior secured	L +	5.50%	(a)	8.12%	cash/	0.50%	PIK	11/2025	160		158		—		156
AmerCareRoyal LLC+	Senior secured	L +	5.50%	(a)	8.12%	cash/	0.50%	PIK	11/2025	155		153		—		152
AmerCareRoyal LLC+(8)	Senior secured	L +	5.50%	(a)	8.12%	cash/	0.50%	PIK	11/2025	134		133		—		132
Chase Intermediate+	One stop	L +	5.00%	(b)(c)	8.00%				10/2028	9,900		9,819		0.4		9,702
Chase Intermediate+(5)	One stop	L +	5.00%		N/A(6)				10/2028	—		(3)		—		(7)
Chase Intermediate+(5)	One stop	L +	5.00%		N/A(6)				10/2028	—		(11)		—		(24)
Fortis Solutions Group, LLC*#+	One stop	L +	5.50%	(b)(c)	9.59%				10/2028	33,683		33,177		1.3		33,346
Fortis Solutions Group, LLC+	One stop	L +	5.50%	(c)	9.67%				10/2027	20		15		—		17
Fortis Solutions Group, LLC+(5)	One stop	L +	5.50%		N/A(6)				10/2028	—		(95)		—		(12)
Fortis Solutions Group, LLC+(5)	One stop	L +	5.50%		N/A(6)				10/2028	—		(40)		—		(56)
										44,800		44,045		1.7		44,139

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(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)
Distributors
WSC Holdings Midco LLC+	Senior secured	SF +	4.50%	(l)	7.13%	07/2027	$	1,244	$	1,231	—	%	$	1,232
WSC Holdings Midco LLC+	Senior secured	SF +	4.50%	(l)	7.30%	07/2027	1,797		1,782		0.1		1,779
WSC Holdings Midco LLC+	Senior secured	SF +	4.50%	(l)	7.13%	07/2027	2,961		2,931		0.1		2,932
WSC Holdings Midco LLC+(5)	Senior secured	SF +	4.50%		N/A(6)	07/2027	—		(1)		—		(1)
WSC Holdings Midco LLC+(5)	Senior secured	SF +	4.50%		N/A(6)	07/2027	—		(1)		—		(1)
							6,002		5,942		0.2		5,941
Diversified Consumer Services
Certus Pest, Inc.#	One stop	SF +	6.25%	(m)	9.08%	02/2026	1,589		1,560		0.1		1,557
Certus Pest, Inc.#	One stop	SF +	6.25%	(m)	9.08%	02/2026	1,524		1,479		0.1		1,493
Certus Pest, Inc.+	One stop	SF +	6.25%	(m)	8.19%	02/2026	1,099		1,099		0.1		1,077
Certus Pest, Inc.#	One stop	SF +	6.25%	(l)(m)	10.04%	02/2026	1,080		1,070		0.1		1,058
Certus Pest, Inc.+	One stop	SF +	6.25%	(m)	9.08%	02/2026	753		739		—		738
Certus Pest, Inc.#	One stop	SF +	6.25%	(m)	9.08%	02/2026	664		632		—		651
Certus Pest, Inc.+	One stop	SF +	6.25%	(l)	9.95%	02/2026	647		643		—		634
Certus Pest, Inc.+	One stop	SF +	6.25%	(l)	9.95%	02/2026	382		374		—		374
Certus Pest, Inc.+	One stop	SF +	6.25%	(m)	9.08%	02/2026	239		225		—		235
Certus Pest, Inc.+	One stop	SF +	6.25%	(m)	9.08%	02/2026	131		105		—		128
Certus Pest, Inc.+	One stop	SF +	6.25%	(l)	9.95%	02/2026	55		50		—		54
Certus Pest, Inc.+(5)	One stop	SF +	6.25%		N/A(6)	02/2026	—		—		—		(1)
Certus Pest, Inc.+(5)	One stop	SF +	6.25%		N/A(6)	02/2026	—		(2)		—		—
Certus Pest, Inc.+(5)	One stop	SF +	6.25%		N/A(6)	02/2026	—		(13)		—		(99)
CHHJ Midco, LLC#	Senior secured	L +	5.00%	(a)	8.12%	01/2026	2,723		2,705		0.1		2,723
CHHJ Midco, LLC+	Senior secured	L +	5.00%		N/A(6)	01/2026	—		—		—		—
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.50%	(b)	7.24%	07/2027	1,713		1,699		0.1		1,696
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.50%	(b)	6.78%	07/2027	1,669		1,648		0.1		1,652
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.50%	(b)	6.87%	07/2027	1,094		1,082		0.1		1,083
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.50%	(b)	7.19%	07/2027	773		764		—		765
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.50%	(b)	6.78%	07/2027	199		196		—		197
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.75%	(b)	7.75%	07/2027	120		118		—		120
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.50%		N/A(6)	07/2027	—		—		—		—
DP Flores Holdings, LLC+	One stop	SF +	6.50%	(l)	10.00%	09/2028	2,593		2,548		0.1		2,548
DP Flores Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)	09/2028	—		(2)		—		(2)
DP Flores Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)	09/2028	—		(15)		—		(15)
DP Flores Holdings, LLC+	One stop	SF +	6.50%		N/A(6)	09/2028	—		—		—		—
DP Flores Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)	09/2028	—		(25)		—		—
EMS LINQ, LLC+	One stop	L +	6.25%	(a)	9.37%	12/2027	9,591		9,508		0.4		9,495
EMS LINQ, LLC+(5)	One stop	L +	6.25%		N/A(6)	12/2027	—		(1)		—		(1)
EWC Growth Partners LLC+	One stop	L +	6.00%	(b)	9.67%	03/2026	930		920		0.1		920
EWC Growth Partners LLC+	One stop	L +	6.00%	(b)	9.67%	03/2026	74		73		—		73
EWC Growth Partners LLC+	One stop	L +	6.00%	(b)	9.67%	03/2026	14		14		—		14
Excelligence Learning Corporation#+	One stop	L +	6.00%	(b)	9.67%	04/2023	10,240		10,204		0.4		10,240
FPG Intermediate Holdco, LLC+	One stop	SF +	6.00%	(k)	9.13%	03/2027	9,098		8,964		0.3		8,756
FPG Intermediate Holdco, LLC+	One stop	SF +	6.00%	(k)	9.13%	03/2027	314		303		—		287
FPG Intermediate Holdco, LLC+(5)	One stop	SF +	6.00%		N/A(6)	03/2027	—		(1)		—		(3)
FPG Intermediate Holdco, LLC+(5)	One stop	SF +	6.50%		N/A(6)	03/2027	—		(13)		—		(14)
FSS Buyer LLC+	One stop	L +	5.75%	(a)	8.87%	08/2028	5,491		5,399		0.2		5,272
FSS Buyer LLC+(5)	One stop	L +	5.75%		N/A(6)	08/2027	—		(1)		—		(2)
HS Spa Holdings, Inc.+	One stop	SF +	5.75%	(m)	7.51%	06/2029	7,782		7,634		0.3		7,627

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(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)
HS Spa Holdings, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				06/2028	$	—	$	(2)	—	%	$	(2)
Learn-it Systems, LLC+	Senior secured	L +	4.75%	(c)	8.92%				03/2025	2,497		2,521		0.1		2,297
Learn-it Systems, LLC+	Senior secured	L +	4.75%	(b)	8.42%				03/2025	1,344		1,341		—		1,236
Learn-it Systems, LLC+	Senior secured	L +	4.75%	(b)(c)	8.30%				03/2025	606		598		—		558
Learn-it Systems, LLC+	Senior secured	L +	4.75%	(b)	7.63%				03/2025	33		32		—		29
Liminex, Inc.+	One stop	SF +	7.25%	(l)	10.95%				11/2026	25,462		25,129		1.0		25,971
Liminex, Inc.+	One stop	SF +	6.25%	(l)	9.95%				11/2026	20,000		19,816		0.8		19,800
Liminex, Inc.+	One stop	SF +	7.25%	(l)	10.95%				11/2026	800		794		—		816
Liminex, Inc.+(5)	One stop	SF +	7.25%		N/A(6)				11/2026	—		(1)		—		—
Litera Bidco LLC+	One stop	L +	6.00%	(a)	9.12%				05/2026	5,718		5,666		0.2		5,662
Litera Bidco LLC+	One stop	L +	5.75%	(a)	8.87%				05/2026	3,674		3,688		0.1		3,609
Litera Bidco LLC+	One stop	L +	5.75%	(a)	8.87%				05/2026	688		705		—		676
Litera Bidco LLC+	One stop	L +	5.75%	(a)	8.87%				05/2026	688		705		—		676
Litera Bidco LLC+	One stop	L +	6.00%	(a)	9.12%				05/2026	517		513		—		512
Litera Bidco LLC+	One stop	L +	5.75%		N/A(6)				05/2025	—		—		—		—
Mario Purchaser, LLC+	One stop	SF +	5.75%	(k)	8.88%				04/2029	7,654		7,510		0.3		7,347
Mario Purchaser, LLC+	One stop	SF +	10.75%	(k)	13.88%	PIK			04/2032	1,527		1,487		0.1		1,497
Mario Purchaser, LLC+(5)	One stop	P +	4.75%		N/A(6)				04/2028	—		(1)		—		(3)
Mario Purchaser, LLC+	One stop	SF +	5.75%	(k)	8.88%				04/2029	109		104		—		94
Mathnasium, LLC#	One stop	L +	5.00%	(b)	7.91%				11/2027	9,261		9,182		0.4		9,168
Mathnasium, LLC+	One stop	L +	5.00%	(b)	7.91%				11/2027	13		12		—		12
NSG Buyer, Inc. +	One stop	SF +	6.00%	(k)	9.13%				06/2029	7,874		7,798		0.3		7,874
NSG Buyer, Inc. +	One stop	SF +	6.00%	(k)	9.13%				06/2029	242		239		—		242
NSG Buyer, Inc. +	One stop	SF +	6.00%	(k)	9.13%				06/2029	141		140		—		141
NSG Buyer, Inc. +	One stop	SF +	6.00%	(k)	9.13%				06/2029	133		117		—		133
NSG Buyer, Inc. +	One stop	SF +	6.00%	(k)	9.13%				06/2028	12		11		—		12
PADI Holdco, Inc.*#	One stop	L +	7.25%	(b)	8.82%	cash/	1.50%	PIK	04/2024	21,638		21,619		0.8		20,771
PADI Holdco, Inc.+(8)(9)	One stop	E +	7.25%	(e)	6.33%	cash/	1.50%	PIK	04/2024	17,873		20,923		0.7		17,156
PADI Holdco, Inc.+	One stop	L +	7.25%	(b)	9.38%	cash/	1.50%	PIK	04/2024	824		820		—		791
PADI Holdco, Inc.+	One stop	L +	7.25%	(b)	8.90%	cash/	1.50%	PIK	04/2024	170		170		—		163
PADI Holdco, Inc.+(5)	One stop	L +	5.75%		N/A(6)				04/2023	—		(1)		—		(4)
Provenance Buyer LLC#+	One stop	L +	5.00%	(a)	8.12%				06/2027	18,279		17,987		0.7		18,279
Provenance Buyer LLC+	One stop	L +	5.00%	(a)	8.12%				06/2027	9,975		9,881		0.4		9,975
Provenance Buyer LLC+(5)	One stop	L +	5.00%		N/A(6)				06/2027	—		(2)		—		—
Provenance Buyer LLC+(5)	One stop	L +	5.00%		N/A(6)				06/2027	—		(2)		—		—
RW AM Holdco LLC#+	One stop	SF +	5.25%	(m)	9.48%				04/2028	17,729		17,565		0.7		17,551
RW AM Holdco LLC+(5)	One stop	SF +	5.25%		N/A(6)				04/2028	—		(1)		—		(2)
										238,062		238,745		9.2		234,367

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(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)
Diversified Financial Services
AxiomSL Group, Inc.+	One stop	L +	6.00%	(a)	9.12%	12/2027	$	4,016	$	3,951	0.2	%	$	3,976
AxiomSL Group, Inc.+	One stop	L +	6.00%		N/A(6)	12/2027	—		—		—		—
AxiomSL Group, Inc.+	One stop	L +	6.00%		N/A(6)	12/2025	—		—		—		—
Banker's Toolbox, Inc.+	One stop	SF +	5.25%	(m)	9.23%	07/2027	8,017		7,938		0.3		7,857
Banker's Toolbox, Inc.+(5)	One stop	L +	5.25%		N/A(6)	07/2027	—		—		—		(2)
Banker's Toolbox, Inc.+	One stop	L +	5.25%	(c)	8.74%	07/2027	990		985		—		921
Flash Topco, Inc.*	One stop	L +	5.75%	(b)	8.56%	10/2028	9,820		9,734		0.4		9,623
Flash Topco, Inc.+(5)	One stop	L +	5.75%		N/A(6)	10/2028	—		(1)		—		(2)
Higginbotham Insurance Agency, Inc.+	One stop	L +	5.25%	(a)	8.37%	11/2026	4,577		4,528		0.2		4,531
Higginbotham Insurance Agency, Inc.+	One stop	L +	5.25%	(a)	8.37%	11/2026	26		25		—		24

							27,446		27,160		1.1		26,928

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Building Products
Jensen Hughes, Inc.+ Senior loan L + 4.50% (c)(f) 5.50% 03/2024 $ 4,149 $ 4,150 0.2 % $ 4,107
Jensen Hughes, Inc.+ Senior loan L + 4.50% (b)(c)(f) 5.50% 03/2024 1,403 1,426 0.1 1,389
Jensen Hughes, Inc.+ Senior loan L + 4.50% (c)(f) 5.50% 03/2024 904 914 — 895
Jensen Hughes, Inc.+ Senior loan L + 4.50% (c)(f) 5.50% 03/2024 852 844 — 844
Jensen Hughes, Inc.+ Senior loan L + 4.50% (c)(f) 5.50% 03/2024 434 444 — 430
Jensen Hughes, Inc.+ Senior loan L + 4.50% (c)(f) 5.50% 03/2024 277 279 — 274
Jensen Hughes, Inc.+ Senior loan L + 4.50% (c)(f) 5.50% 03/2024 216 216 — 214
Jensen Hughes, Inc.+ Senior loan L + 4.50% (c)(f) 5.50% 03/2024 115 115 — 114
Jensen Hughes, Inc.+(5) Senior loan L + 4.50% N/A(6) 03/2024 — (14) — (15)
8,350 8,374 0.3 8,252
Chemicals
Inhance Technologies Holdings LLC#+ One stop L + 6.00% (c) 7.00% 07/2024 12,573 12,663 0.5 12,573
Inhance Technologies Holdings LLC+ One stop L + 6.00% (c) 7.00% 07/2024 1,910 1,901 0.1 1,910
Inhance Technologies Holdings LLC+ One stop L + 6.00% (c) 7.00% 07/2024 96 95 — 96
PHM NL SP Bidco B.V.(8)(9)(14) One stop E + 6.25% (g) 6.25% 10/2028 36,686 36,182 1.4 36,182
PHM NL SP Bidco B.V.+(8)(14) One stop L + 6.25% (d) 6.75% 10/2028 13,766 13,576 0.5 13,576
PHM NL SP Bidco B.V.(5)(8)(9)(14) One stop E + 6.25% N/A(6) 10/2028 — (178) — (178)
65,031 64,239 2.5 64,159
Commercial Services & Supplies
EGD Security Systems, LLC*#+ One stop L + 5.65% (c) 6.65% 06/2023 30,092 30,317 1.2 30,092
EGD Security Systems, LLC+ One stop L + 5.65% (c) 6.65% 06/2023 1,687 1,676 0.1 1,687
EGD Security Systems, LLC*+ One stop L + 5.65% (c) 6.65% 06/2023 1,258 1,257 — 1,258
EGD Security Systems, LLC+ One stop L + 5.65% (c) 6.65% 06/2023 843 838 — 843
EGD Security Systems, LLC+ One stop L + 5.65% (c) 6.65% 06/2023 767 762 — 767
EGD Security Systems, LLC#+ One stop L + 5.65% (c) 6.65% 06/2023 644 656 — 644
EGD Security Systems, LLC#+ One stop L + 5.65% (c) 6.65% 06/2023 575 573 — 575
EGD Security Systems, LLC+ One stop L + 5.65% (c) 6.65% 06/2023 537 533 — 537
EGD Security Systems, LLC+ One stop L + 5.65% (c) 6.65% 06/2023 200 199 — 200
Hydraulic Authority III Limited+~(8)(9)(10) One stop L + 5.75% (i) 6.75% 11/2025 11,024 11,191 0.5 11,795
Hydraulic Authority III Limited+(8)(9)(10) One stop N/A 11.00% PIK 11/2028 222 225 — 236


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Diversified Telecommunication Services
NTI Connect, LLC+	Senior secured	L +	5.00%	(b)	8.67%	12/2024	$	1,628	$	1,609	0.1	%	$	1,628

Electronic Equipment, Instruments & Components
CST Buyer Company#+	One stop	L +	5.50%	(a)	8.62%	10/2025	20,121		19,964		0.8		20,121
CST Buyer Company#+	One stop	L +	5.50%	(a)	8.62%	10/2025	10,140		10,074		0.4		10,140
CST Buyer Company+	One stop	L +	5.50%		N/A(6)	10/2025	—		—		—		—
Electrical Source Holdings, LLC*#+	One stop	L +	5.00%	(b)	8.07%	11/2025	75,982		75,698		3.0		75,982
Electrical Source Holdings, LLC+	One stop	L +	5.00%	(b)	8.67%	11/2025	19,780		19,780		0.8		19,780
Electrical Source Holdings, LLC+	One stop	L +	5.00%	(b)	8.07%	11/2025	1,752		1,752		0.1		1,752
Electrical Source Holdings, LLC+	Senior secured	L +	5.00%	(b)	8.67%	11/2025	648		642		—		648
Electrical Source Holdings, LLC+	Senior secured	L +	5.00%	(b)	8.67%	11/2025	137		136		—		137
Electrical Source Holdings, LLC+	Senior secured	L +	5.00%	(b)	8.67%	11/2025	94		94		—		94
Electrical Source Holdings, LLC+	Senior secured	L +	5.00%	(b)	8.67%	11/2025	89		88		—		89
Electrical Source Holdings, LLC+	Senior secured	L +	5.00%	(b)	8.67%	11/2025	88		86		—		88
Electrical Source Holdings, LLC+(5)	Senior secured	L +	5.00%		N/A(6)	11/2025	—		(2)		—		—
Electrical Source Holdings, LLC+	Senior secured	L +	5.00%	(b)	8.67%	11/2025	46		45		—		46
Electrical Source Holdings, LLC+	Senior secured	L +	5.00%	(b)	8.07%	11/2025	41		41		—		41
Electrical Source Holdings, LLC+	Senior secured	L +	5.00%	(b)	8.67%	11/2025	35		35		—		35
Electrical Source Holdings, LLC+	Senior secured	L +	5.00%	(b)	8.67%	11/2025	17		17		—		17
Electrical Source Holdings, LLC+(5)	One stop	L +	5.00%		N/A(6)	11/2025	—		(119)		—		—
Electrical Source Holdings, LLC+	One stop	L +	5.00%	(b)	7.77%	11/2025	2,305		2,305		0.1		2,305
							131,275		130,636		5.2		131,275

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Commercial Services & Supplies - (continued)
Hydraulic Authority III Limited+(8)(9)(10) One stop L + 5.75% N/A(6) 11/2025 $ — $ — — % $ —
North Haven Stack Buyer, LLC One stop L + 5.50% (c) 6.50% 07/2027 8,855 8,684 0.4 8,767
North Haven Stack Buyer, LLC+ One stop L + 5.50% (c) 6.50% 07/2027 262 197 — 195
North Haven Stack Buyer, LLC+ One stop L + 5.50% (c) 6.50% 07/2027 11 10 — 10
PT Intermediate Holdings III, LLC+~ One stop L + 5.50% (c) 6.50% 10/2025 29,746 29,432 1.2 29,746
PT Intermediate Holdings III, LLC+(5) One stop L + 5.50% N/A(6) 10/2025 — (3) — —
Radwell International, LLC+ One stop L + 5.50% (c) 6.25% 07/2027 3,919 3,905 0.2 3,905
Radwell International, LLC+ One stop L + 5.50% (c) 6.25% 07/2027 268 268 — 268
Radwell International, LLC+ One stop L + 5.50% (c) 6.25% 07/2027 128 128 — 128
Trinity Air Consultants Holdings Corporation+ One stop L + 5.25% (a) 6.00% 06/2027 2,458 2,411 0.1 2,458
Trinity Air Consultants Holdings Corporation+ One stop L + 5.25% N/A(6) 06/2027 — — — —
Trinity Air Consultants Holdings Corporation+(5) One stop L + 5.25% N/A(6) 06/2027 — (1) — —
WRE Holding Corp.*# Senior loan L + 5.50% (b)(c) 6.50% 01/2023 2,252 2,273 0.1 2,252
WRE Holding Corp.+ Senior loan L + 5.50% (b)(c) 6.50% 01/2023 930 946 — 930
WRE Holding Corp.+ Senior loan L + 5.50% (c) 6.50% 01/2023 682 681 — 682
WRE Holding Corp.+ Senior loan L + 5.50% (b)(c) 6.50% 01/2023 404 404 — 404
WRE Holding Corp.+ Senior loan L + 5.50% (c) 6.50% 01/2023 129 134 — 129
WRE Holding Corp.+ Senior loan L + 5.50% (a)(c)(f) 6.50% 01/2023 24 24 — 24
WRE Holding Corp.+ Senior loan L + 5.50% (b)(c) 6.50% 01/2023 23 23 — 23
97,940 97,743 3.8 98,555
Communications Equipment
Lightning Finco Limited+(8)(10) One stop L + 5.75% (c) �� 6.50% 09/2028 10,349 10,145 0.4 10,142
Lightning Finco Limited(8)(9)(10) One stop E + 5.75% (g) 6.50% 09/2028 1,262 1,237 — 1,205
11,611 11,382 0.4 11,347
Construction & Engineering
Reladyne, Inc.*#+ Senior loan L + 5.00% (c) 6.00% 07/2024 32,522 32,513 1.3 32,522
Reladyne, Inc.+~ Senior loan L + 5.00% (c) 6.00% 07/2024 3,447 3,461 0.1 3,447
Reladyne, Inc.+ Senior loan L + 5.00% (c) 6.00% 07/2024 3,369 3,341 0.1 3,369
Reladyne, Inc.+ Senior loan L + 5.00% (c) 6.00% 07/2024 2,729 2,740 0.1 2,729
Reladyne, Inc.*#+ Senior loan L + 5.00% (c) 6.00% 07/2024 1,866 1,874 0.1 1,866
Reladyne, Inc.#+~ Senior loan L + 5.00% (c) 6.00% 07/2024 1,609 1,615 0.1 1,609
Reladyne, Inc.#+ Senior loan L + 5.00% (c) 6.00% 07/2024 1,529 1,543 0.1 1,529
Reladyne, Inc.#+~ Senior loan L + 5.00% (c) 6.00% 07/2024 733 736 — 733
Reladyne, Inc.+ Senior loan L + 5.00% (c) 6.00% 07/2024 207 205 — 207
48,011 48,028 1.9 48,011
Containers and Packaging
AmerCareRoyal LLC+ Senior loan L + 5.00% (a) 6.00% 11/2025 813 808 — 813
AmerCareRoyal LLC+ Senior loan L + 5.00% (a) 6.00% 11/2025 168 166 — 168
AmerCareRoyal LLC+ Senior loan L + 5.00% (a) 6.00% 11/2025 163 161 — 163
AmerCareRoyal LLC+(8) Senior loan L + 5.00% (a) 6.00% 11/2025 151 150 — 151
Fortis Solutions Group LLC+ Senior loan L + 4.50% (c) 5.50% 12/2023 4,049 3,983 0.2 4,049
Fortis Solutions Group LLC+ Senior loan L + 4.50% (c) 5.50% 12/2023 2,406 2,366 0.1 2,406
Fortis Solutions Group LLC+ Senior loan L + 4.50% (c) 5.50% 12/2023 1,570 1,558 0.1 1,570
Fortis Solutions Group LLC+ Senior loan L + 4.50% (c) 5.50% 12/2023 624 619 — 624
Fortis Solutions Group LLC+ Senior loan L + 4.50% (c) 5.50% 12/2023 601 596 — 601
Fortis Solutions Group LLC+ Senior loan L + 4.50% N/A(6) 12/2023 — — — —
10,545 10,407 — 10,545


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food & Staples Retailing
Cafe Rio Holding, Inc.*#	One stop	SF +	5.50%	(l)	9.20%	09/2028	$	18,226	$	18,096	0.7	%	$	18,226
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(l)	9.20%	09/2028	3,277		3,241		0.1		3,277
Cafe Rio Holding, Inc.#+	One stop	SF +	5.50%	(l)	9.20%	09/2028	2,203		2,202		0.1		2,203
Cafe Rio Holding, Inc.*#	One stop	SF +	5.50%	(l)	9.20%	09/2028	1,398		1,397		0.1		1,398
Cafe Rio Holding, Inc.#+	One stop	SF +	5.50%	(l)	9.20%	09/2028	1,235		1,234		0.1		1,235
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(l)	9.20%	09/2028	110		107		—		110
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(l)	9.20%	09/2028	178		176		—		178
Cafe Rio Holding, Inc.+(5)	One stop	SF +	5.50%		N/A(6)	09/2028	—		(1)		—		—


Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(l)	9.20%	09/2028	80		79		—		80
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	9.38%	06/2025	931		928		—		922
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	9.38%	06/2025	731		730		—		724
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	9.38%	06/2025	718		710		—		711
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	9.38%	06/2025	353		350		—		350
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	9.38%	06/2025	353		349		—		349
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	9.38%	06/2025	174		172		—		172
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	9.38%	06/2025	106		104		—		105
Mendocino Farms, LLC+(5)	One stop	SF +	6.25%		N/A(6)	06/2025	—		(20)		—		(21)
Ruby Slipper Cafe LLC, The*+	One stop	SF +	7.50%	(l)	11.20%	06/2024	2,025		2,019		0.1		2,025
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(l)	11.20%	06/2024	410		411		—		410
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(l)	11.20%	06/2024	292		289		—		292
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(l)	11.20%	06/2024	—		—		—		—
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%		N/A(6)	06/2024	—		—		—		—
Wetzel's Pretzels, LLC*#+	One stop	L +	6.50%	(b)	10.17%	09/2023	14,768		14,679		0.6		14,768
Wetzel's Pretzels, LLC+	One stop	L +	6.50%	(b)	10.17%	09/2023	—		—		—		—
Wineshipping.com LLC+	One stop	L +	5.75%	(c)	7.58%	10/2027	6,793		6,736		0.3		6,590
Wineshipping.com LLC+	One stop	L +	5.75%	(b)	8.17%	10/2027	186		178		—		180
Wineshipping.com LLC+	One stop	L +	5.75%	(b)	8.83%	10/2027	17		16		—		14
Wood Fired Holding Corp.*#	One stop	L +	6.25%	(b)	8.67%	12/2023	9,679		9,728		0.4		9,679
Wood Fired Holding Corp.+	One stop	L +	6.25%		N/A(6)	12/2023	—		—		—		—













							64,243		63,910		2.5		63,977

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Distributors
PetroChoice Holdings, Inc.#+ Senior loan L + 5.00% (c) 6.00% 08/2022 $ 3,241 $ 3,245 0.1 % $ 3,147
WSC Holdings Midco LLC+ Senior loan L + 4.50% (c) 5.50% 07/2027 2,991 2,962 0.1 2,961
WSC Holdings Midco LLC+(5) Senior loan L + 4.50% N/A(6) 07/2027 — (1) — (1)
WSC Holdings Midco LLC+(5) Senior loan L + 4.50% N/A(6) 07/2027 — (17) — (18)
6,232 6,189 0.2 6,089
Diversified Consumer Services
Certus Pest, Inc.+ One stop L + 5.25% (c) 6.25% 02/2026 1,609 1,576 0.1 1,609
Certus Pest, Inc.+ One stop L + 5.25% (c) 6.25% 02/2026 1,527 1,475 0.1 1,527
Certus Pest, Inc.+ One stop L + 5.25% (c) 6.25% 02/2026 1,080 1,070 — 1,080
Certus Pest, Inc.+ One stop L + 5.25% (c) 6.25% 02/2026 760 744 — 760
Certus Pest, Inc.+ One stop L + 5.25% (c) 6.25% 02/2026 672 633 — 672
Certus Pest, Inc.+ One stop L + 5.25% (c) 5.37% 02/2026 386 376 — 386
Certus Pest, Inc.+ One stop L + 5.25% (c) 6.25% 02/2026 242 224 — 242
Certus Pest, Inc.+ One stop L + 5.25% (c) 6.25% 02/2026 132 98 — 132
Certus Pest, Inc.+ One stop L + 5.25% N/A(6) 02/2026 — — — —
Certus Pest, Inc.+(5) One stop L + 5.25% N/A(6) 02/2026 — (6) — —
Certus Pest, Inc.+ One stop L + 5.25% N/A(6) 02/2026 — — — —
CHHJ Franchising, LLC# Senior loan L + 5.00% (c) 6.00% 01/2026 2,751 2,727 0.1 2,751
CHHJ Franchising, LLC+ Senior loan L + 5.00% (c) 6.00% 01/2026 5 4 — 5
COP Hometown Acquisitions, Inc.+ Senior loan L + 4.50% (c) 5.50% 07/2027 1,721 1,705 0.1 1,704
COP Hometown Acquisitions, Inc.+ Senior loan L + 4.50% (c) 5.50% 07/2027 1,677 1,652 0.1 1,652
COP Hometown Acquisitions, Inc.+ Senior loan L + 4.50% (c) 5.50% 07/2027 596 585 — 579
COP Hometown Acquisitions, Inc.+ Senior loan L + 4.50% N/A(6) 07/2027 — — — —
COP Hometown Acquisitions, Inc.+ Senior loan L + 4.50% N/A(6) 07/2027 — — — —


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food Products
Borrower R365 Holdings, LLC+	One stop	L +	6.50%	(b)	7.18%	cash/	3.00%	PIK	06/2027	$	13,490	$	13,288	0.5	%	$	13,490
Borrower R365 Holdings, LLC+	One stop	L +	6.50%	(b)	7.18%	cash/	3.00%	PIK	06/2027	1,112		1,094		0.1		1,112
Borrower R365 Holdings, LLC+(5)	One stop	L +	6.50%		N/A(6)				06/2027	—		(1)		—		—
Borrower R365 Holdings, LLC+(5)	One stop	L +	6.50%		N/A(6)				06/2027	—		(1)		—		—
Flavor Producers, LLC#+	Senior secured	L +	5.75%	(b)	7.82%	cash/	1.00%	PIK	12/2023	5,001		4,962		0.2		4,851
Flavor Producers, LLC+	Senior secured	L +	5.75%	(b)	7.82%	cash/	1.00%	PIK	12/2022	2		2		—		2
Kodiak Cakes, LLC*#+	Senior secured	L +	6.00%	(b)	9.67%				06/2027	12,369		12,246		0.4		11,379
Kodiak Cakes, LLC+	Senior secured	L +	6.00%	(b)	9.67%				06/2026	100		99		—		87
Louisiana Fish Fry Products, Ltd.*+	One stop	SF +	6.25%	(k)	9.38%				07/2027	9,777		9,698		0.4		8,994
Louisiana Fish Fry Products, Ltd.+	One stop	L +	6.25%	(c)(k)	9.24%				07/2027	73		71		—		65
MAPF Holdings, Inc.*#+	One stop	L +	5.50%	(b)	9.17%				12/2026	37,979		37,709		1.5		37,979
MAPF Holdings, Inc.+	One stop	L +	5.50%	(b)	9.17%				12/2026	70		68		—		70
P&P Food Safety Holdings, Inc.*+	One stop	L +	6.00%	(c)	8.88%				12/2026	17,722		17,551		0.7		17,367
P&P Food Safety Holdings, Inc.+	One stop	L +	6.00%	(b)	9.67%				12/2026	38		37		—		36
P&P Food Safety Holdings, Inc.+(5)	One stop	L +	6.00%		N/A(6)				12/2026	—		(5)		—		—
Purfoods, LLC+	One stop	N/A			7.00%	PIK			05/2026	66		69		—		66
Ultimate Baked Goods Midco LLC+	One stop	L +	6.50%	(a)	9.62%				08/2027	6,671		6,604		0.2		6,004
Ultimate Baked Goods Midco LLC+	One stop	L +	6.50%	(a)(d)	9.92%				08/2027	47		19		—		41
Whitebridge Pet Brands, LLC*#+	One stop	L +	5.00%	(a)	8.12%				07/2027	23,003		22,686		0.9		23,003
Whitebridge Pet Brands, LLC+	One stop	L +	5.00%	(a)	7.98%				07/2027	130		128		—		130
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	4.75%	(i)	6.94%				03/2029	6,067		7,062		0.2		6,067
Wizard Bidco Limited+(5)(8)(9)(10)	One stop	SN +	4.75%		N/A(6)				09/2028	—		(1)		—		—
										133,717		133,385		5.1		130,743

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Diversified Consumer Services - (continued)
EWC Growth Partners LLC One stop L + 7.50% (c) 6.50% cash/2.00% PIK 03/2026 $ 922 $ 908 — % $ 875
EWC Growth Partners LLC+ One stop L + 7.50% (c) 6.50% cash/2.00% PIK 03/2026 30 29 — 29
EWC Growth Partners LLC+ One stop L + 7.50% (c) 6.50% cash/2.00% PIK 03/2026 18 18 — 17
Excelligence Learning Corporation#+ One stop L + 6.50% (c) 5.50% cash/2.00% PIK 04/2023 10,766 10,612 0.4 10,335
Flores & Associates, LLC One stop L + 4.75% (c) 5.75% 04/2027 3,778 3,699 0.2 3,778
Flores & Associates, LLC+ One stop L + 4.75% (b)(c) 5.75% 04/2027 843 833 — 843
Flores & Associates, LLC+ One stop L + 4.75% (c) 5.75% 04/2027 777 768 — 777
Flores & Associates, LLC+(5) One stop L + 4.75% N/A(6) 04/2027 — (1) — —
FSS Buyer LLC+ One stop L + 5.75% (c) 6.50% 08/2028 5,547 5,437 0.2 5,436
FSS Buyer LLC+ One stop L + 5.75% (c) 6.50% 08/2027 17 16 — 16
Learn-it Systems, LLC+ Senior loan L + 4.50% (c) 5.50% 03/2025 2,523 2,557 0.1 2,518
Learn-it Systems, LLC+ Senior loan L + 4.50% (c) 5.50% 03/2025 1,357 1,354 0.1 1,355
Learn-it Systems, LLC+ Senior loan L + 4.50% (b) 5.50% 03/2025 8 9 — 8
Learn-it Systems, LLC+(5) Senior loan L + 4.75% N/A(6) 03/2025 — (12) — 8
Liminex, Inc.~ One stop L + 7.25% (c) 8.25% 11/2026 25,462 25,049 1.0 25,462
Liminex, Inc.+ One stop L + 7.25% (c) 8.25% 11/2026 800 792 — 800
Liminex, Inc.+(5) One stop L + 7.25% N/A(6) 11/2026 — (1) — —
Litera Bidco LLC+ One stop L + 6.00% (a) 7.00% 05/2026 4,629 4,577 0.2 4,653
Litera Bidco LLC+ One stop L + 5.75% (a) 6.75% 05/2026 3,711 3,729 0.1 3,694
Litera Bidco LLC+ One stop L + 5.75% (a) 6.75% 05/2026 696 716 — 693
Litera Bidco LLC+ One stop L + 5.75% (a) 6.75% 05/2026 696 717 — 693
Litera Bidco LLC+ One stop L + 6.00% (a) 7.00% 05/2026 145 140 — 148
Litera Bidco LLC+ One stop L + 5.75% N/A(6) 05/2025 — — — —
PADI Holdco, Inc.*# One stop L + 7.25% (d) 6.75% cash/1.50% PIK 04/2024 21,666 21,774 0.8 19,499
PADI Holdco, Inc.+~(8)(9) One stop E + 7.25% (g) 5.75% cash/1.50% PIK 04/2024 20,757 20,973 0.8 18,759
PADI Holdco, Inc.~ One stop L + 7.25% (c) 6.75% cash/1.50% PIK 04/2024 812 807 — 731
PADI Holdco, Inc.+ One stop L + 7.25% (c) 6.75% cash/1.50% PIK 04/2024 168 167 — 151
PADI Holdco, Inc.+ One stop L + 7.25% (c) 6.75% cash/1.50% PIK 04/2023 108 108 — 89
Provenance Buyer LLC+ One stop L + 5.50% (c) 6.25% 06/2027 18,464 18,109 0.7 18,464
Provenance Buyer LLC+(5) One stop L + 5.50% N/A(6) 06/2027 — (2) — —
Provenance Buyer LLC+(5) Senior loan L + 5.50% N/A(6) 06/2027 — (3) — —
137,858 136,742 5.1 132,930
Diversified Financial Services
AxiomSL Group, Inc.+ One stop L + 6.00% (c) 7.00% 12/2027 4,056 3,978 0.2 3,975
AxiomSL Group, Inc.+ One stop L + 6.00% N/A(6) 12/2027 — — — —
AxiomSL Group, Inc.+ One stop L + 6.00% N/A(6) 12/2025 — — — —
Banker's Toolbox, Inc.+ One stop L + 5.50% (c) 6.25% 07/2027 8,098 8,002 0.3 8,098
Banker's Toolbox, Inc.+ One stop L + 5.50% N/A(6) 07/2027 — — — —
Banker's Toolbox, Inc.+ One stop L + 5.50% N/A(6) 07/2027 — — — —
Higginbotham Insurance Agency, Inc.+ One stop L + 5.50% (a) 6.25% 11/2026 3,596 3,550 0.1 3,596
Higginbotham Insurance Agency, Inc.+ One stop L + 5.50% (a) 6.25% 11/2026 828 815 — 828
16,578 16,345 0.6 16,497


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Equipment & Supplies
Aspen Medical Products, LLC#+	One stop	L +	5.00%	(b)	7.39%				06/2025	$	4,115	$	4,155	0.2	%	$	4,074
Aspen Medical Products, LLC+	One stop	L +	5.00%	(b)	7.39%				06/2025	263		262		—		260
Aspen Medical Products, LLC+	One stop	L +	5.00%		N/A(6)				06/2025	—		—		—		—
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	6.50%	(j)	9.61%				08/2028	5,415		5,353		0.2		5,415
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	6.45%	(e)	6.70%				08/2028	2,839		3,389		0.1		2,806
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SF +	6.50%	(i)	8.76%				08/2028	790		940		—		784
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	6.45%	(e)	7.64%				08/2028	677		756		—		669
Baduhenna Bidco Limited+(5)(8)(9)(10)	One stop	SF +	6.50%		N/A(6)				08/2028	—		(17)		—		(8)
Belmont Instrument, LLC+	One stop	SF +	6.25%	(l)	9.69%				08/2028	9,900		9,803		0.4		9,801
Belmont Instrument, LLC+(5)	One stop	SF +	6.25%		N/A(6)				08/2028	—		(1)		—		(1)
Blades Buyer, Inc.#+	Senior secured	SF +	4.75%	(l)(m)	7.43%				03/2028	10,045		9,940		0.4		9,786
Blades Buyer, Inc.+	Senior secured	SF +	4.75%	(k)	7.47%				03/2028	33		31		—		27
Blades Buyer, Inc.+(5)	Senior secured	SF +	4.75%		N/A(6)				03/2028	—		(1)		—		(8)
Blades Buyer, Inc.+	Senior secured	SF +	4.75%		N/A(6)				03/2028	—		—		—		—
Blue River Pet Care, LLC*#+	One stop	L +	5.00%	(a)	8.12%				07/2026	51,197		50,889		2.0		50,686
Blue River Pet Care, LLC+(5)	One stop	L +	5.00%		N/A(6)				08/2025	—		(2)		—		(4)
Blue River Pet Care, LLC+(5)	One stop	L +	5.00%		N/A(6)				07/2026	—		(10)		—		(11)
Blue River Pet Care, LLC+	One stop	L +	5.00%	(a)	7.94%				07/2026	180		178		—		178
Blue River Pet Care, LLC+	One stop	L +	5.00%	(a)	8.12%				07/2026	173		172		—		171
CCSL Holdings, LLC*+	One stop	SF +	6.50%	(k)	9.63%				12/2026	15,399		15,261		0.6		15,244
CCSL Holdings, LLC+	One stop	SF +	6.50%	(k)	9.63%				12/2026	4,156		4,123		0.2		4,114
CCSL Holdings, LLC+(8)(9)	One stop	SN +	6.50%	(i)	8.79%				12/2026	2,175		2,428		0.1		2,154
CCSL Holdings, LLC+	One stop	SF +	6.50%	(d)(k)	9.73%				12/2026	115		113		—		113
CCSL Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)				12/2026	—		(15)		—		(14)
CCSL Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)				12/2026	—		(24)		—		(26)
CMI Parent Inc.#+	Senior secured	L +	4.25%	(b)	7.26%				08/2025	6,499		6,563		0.3		6,434
CMI Parent Inc.+	Senior secured	L +	4.25%	(b)	7.92%				08/2025	3,220		3,196		0.1		3,188
CMI Parent Inc.+(5)	Senior secured	L +	4.25%		N/A(6)				08/2025	—		(2)		—		(4)
CMI Parent Inc.+	Senior secured	SF +	4.75%	(l)	8.30%				08/2025	2,932		2,903		0.1		2,903
G & H Wire Company, Inc.#+	One stop	L +	8.00%	(c)	11.17%	cash/	1.00%	PIK	09/2023	11,133		11,109		0.4		10,911
G & H Wire Company, Inc.+	One stop	L +	8.00%	(b)	10.24%	cash/	1.00%	PIK	10/2022	72		72		—		68
Joerns Healthcare, LLC*+(7)	One stop	SF +	16.00%	(l)	9.75%	cash/	10.00%	PIK	08/2024	2,084		1,963		—		104
Joerns Healthcare, LLC*+(7)	One stop	SF +	16.00%	(l)	9.75%	cash/	10.00%	PIK	08/2024	2,003		1,889		—		—
Joerns Healthcare, LLC+	One stop	N/A			15.00%	PIK			11/2022	1,290		1,287		—		1,161








										136,705		136,703		5.1		130,975

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Diversified Telecommunication Services
NTI Connect, LLC+ Senior loan L + 5.00% (c) 6.00% 12/2024 $ 1,645 $ 1,616 0.1 % $ 1,645
Electronic Equipment, Instruments & Components
CST Buyer Company#+ One stop L + 6.00% (c) 7.00% 10/2025 20,425 20,216 0.8 20,425
CST Buyer Company#+~ One stop L + 6.00% (c) 7.00% 10/2025 10,189 10,100 0.4 10,189
CST Buyer Company+ One stop L + 6.00% N/A(6) 10/2025 — — — —
ES Acquisition LLC+ One stop L + 5.50% (c) 6.25% 11/2025 76,750 76,374 3.0 76,366
ES Acquisition LLC Senior loan L + 5.50% (c) 6.50% 11/2025 655 646 — 652
ES Acquisition LLC+ Senior loan L + 5.50% (c) 6.50% 11/2025 138 138 — 138
ES Acquisition LLC+ Senior loan L + 5.50% (c) 6.50% 11/2025 95 95 — 94
ES Acquisition LLC Senior loan L + 5.50% (c) 6.50% 11/2025 89 86 — 88
ES Acquisition LLC+ Senior loan L + 5.50% (c) 6.50% 11/2025 84 82 — 82
ES Acquisition LLC+ Senior loan L + 5.50% (c) 6.50% 11/2025 46 46 — 46
ES Acquisition LLC+ Senior loan L + 5.50% (c) 6.50% 11/2025 42 41 — 41
ES Acquisition LLC+ Second lien L + 5.50% (c) 6.50% 11/2025 35 35 — 35
ES Acquisition LLC+ One stop L + 5.50% N/A(6) 11/2025 — — — —
Watchfire Enterprises, Inc.+ Second lien L + 8.25% (c) 9.25% 10/2024 9,435 9,382 0.3 9,435
Watchfire Enterprises, Inc.+ Senior loan L + 4.50% (c) 5.50% 07/2024 2,192 2,173 0.1 2,192
120,175 119,414 4.6 119,783


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Providers & Services
AAH TOPCO, LLC +	One stop	L +	5.50%	(a)	8.58%				12/2027	$	8,329	$	8,256	0.3	%	$	8,079
AAH TOPCO, LLC +	Subordinated debt	N/A			11.50%	PIK			12/2031	1,080		1,062		—		1,026
AAH TOPCO, LLC +(5)	One stop	L +	5.50%		N/A(6)				12/2027	—		(1)		—		(2)
AAH TOPCO, LLC +	One stop	L +	5.50%	(a)	8.36%				12/2027	193		187		—		175
Active Day, Inc.#+	One stop	SF +	5.25%	(k)	8.38%				02/2025	17,746		17,566		0.7		17,389
Active Day, Inc.#+	One stop	SF +	5.25%	(k)	8.38%				02/2025	1,369		1,356		0.1		1,343
Active Day, Inc.*#	One stop	SF +	5.25%	(k)	8.38%				02/2025	883		874		0.1		865
Active Day, Inc.+	One stop	SF +	5.25%	(k)	8.38%				02/2025	704		696		0.1		689
Active Day, Inc.+	One stop	SF +	5.25%	(k)	8.38%				02/2025	620		615		—		608
Active Day, Inc.*#	One stop	SF +	5.25%	(k)	8.38%				02/2025	610		604		—		597
Active Day, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				02/2025	—		(2)		—		(4)
Active Day, Inc.+	One stop	SF +	5.25%	(k)	8.38%				02/2025	—		—		—		—
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(l)	9.47%				03/2025	16,467		16,342		0.6		16,213
Acuity Eyecare Holdings, LLC+	One stop	N/A			15.00%				06/2027	10,440		10,239		0.4		10,440
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	9.95%				03/2025	4,077		4,071		0.2		4,036
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	9.77%				03/2025	3,632		3,607		0.2		3,596
Acuity Eyecare Holdings, LLC#+	One stop	SF +	6.25%	(l)	9.95%				03/2025	3,504		3,516		0.2		3,469
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	9.95%				03/2025	3,203		3,246		0.1		3,172
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(l)	9.02%				03/2025	2,047		2,016		0.1		2,016
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	9.95%				03/2025	1,868		1,909		0.1		1,849
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	9.95%				03/2025	452		455		—		447
Acuity Eyecare Holdings, LLC+	One stop	SF +	13.00%	(l)	9.95%	cash/	6.75%	PIK	03/2025	251		250		—		266
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	9.95%				03/2025	167		166		—		165
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(l)	9.71%				03/2025	61		51		—		45
Acuity Eyecare Holdings, LLC+	Senior secured	SF +	6.25%	(l)	9.04%				03/2025	110		109		—		109
Acuity Eyecare Holdings, LLC+	One stop	SF +	13.00%	(l)	9.76%	cash/	6.75%	PIK	03/2025	96		96		—		102
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	9.95%				03/2025	1		1		—		1
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	9.94%				03/2025	145		145		—		143
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(l)	9.06%				03/2025	208		206		—		205
Advanced Pain Management Holdings, Inc.+(7)	Senior secured	P +	3.75%	(d)	10.00%				07/2021	17,456		6,855		—		—
Advanced Pain Management Holdings, Inc.+(7)	Senior secured	L +	8.50%	(a)	11.62%				07/2021	6,906		6		—		—
Advanced Pain Management Holdings, Inc.+(7)	Senior secured	P +	3.75%	(d)	10.00%				07/2021	1,190		469		—		—
Advanced Pain Management Holdings, Inc.+(7)	Senior secured	P +	3.75%	(d)	10.00%				07/2021	888		544		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	L +	6.13%	(b)	9.80%				03/2027	4,708		4,661		0.2		4,505
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	L +	6.13%	(b)	9.80%				03/2027	3,936		3,882		0.2		3,766
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	Subordinated debt	L +	10.50%	(a)	13.62%				03/2028	1,900		1,874		0.1		1,900
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	Subordinated debt	L +	10.50%	(a)	13.62%				03/2028	726		719		—		726
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	Subordinated debt	L +	10.50%	(a)	13.62%				03/2028	163		159		—		163
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	L +	6.25%	(a)	9.37%				03/2027	97		95		—		89
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)	One stop	L +	6.00%		N/A(6)				03/2027	—		(1)		—		(3)
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)	One stop	L +	6.25%		N/A(6)				03/2027	—		(1)		—		(3)
Community Care Partners, LLC+	One stop	SF +	5.75%	(k)	8.89%				06/2026	2,349		2,330		0.1		2,325
Community Care Partners, LLC+(5)	One stop	SF +	5.75%		N/A(6)				06/2026	—		(3)		—		(3)
CRH Healthcare Purchaser, Inc.*+	Senior secured	L +	4.50%	(b)	8.17%				12/2024	19,502		19,499		0.8		19,502

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Food & Staples Retailing
Cafe Rio Holding, Inc.*# One stop L + 5.25% (c) 6.25% 09/2023 $ 18,418 $ 18,549 0.7 % $ 18,418
Cafe Rio Holding, Inc.+ One stop L + 5.25% (c) 6.25% 09/2023 3,311 3,309 0.1 3,311
Cafe Rio Holding, Inc.#+ One stop L + 5.25% (c) 6.25% 09/2023 2,225 2,272 0.1 2,225
Cafe Rio Holding, Inc.*# One stop L + 5.25% (c) 6.25% 09/2023 1,412 1,443 0.1 1,412
Cafe Rio Holding, Inc.#+ One stop L + 5.25% (c) 6.25% 09/2023 1,247 1,274 — 1,247
Cafe Rio Holding, Inc.+ One stop L + 5.25% (c) 6.25% 09/2023 179 179 — 179
Cafe Rio Holding, Inc.+ One stop L + 5.25% N/A(6) 09/2023 — — — —
Captain D's, LLC# Senior loan L + 4.50% (c) 5.50% 12/2023 13,688 13,718 0.6 13,688
Captain D's, LLC~ Senior loan L + 4.50% (c) 5.50% 12/2023 2,149 2,124 0.1 2,149
Captain D's, LLC+ Senior loan L + 4.50% N/A(6) 12/2023 — — — —
Feeders Supply Company, LLC#+ One stop L + 5.00% (a) 6.00% 04/2023 8,844 8,791 0.4 8,844
Feeders Supply Company, LLC+ Subordinated debt N/A 12.50% cash/7.00% PIK 10/2023 163 163 — 163
Feeders Supply Company, LLC+ One stop L + 5.00% N/A(6) 04/2023 — — — —
FWR Holding Corporation#+ One stop L + 5.75% (a) 6.50% cash/0.25% PIK 08/2023 10,428 10,420 0.4 10,428
FWR Holding Corporation#+ One stop L + 5.75% (a) 6.50% cash/0.25% PIK 08/2023 1,824 1,862 0.1 1,824
FWR Holding Corporation#+ One stop L + 5.75% (a) 6.50% cash/0.25% PIK 08/2023 1,153 1,177 — 1,153
FWR Holding Corporation#+ One stop L + 5.75% (a) 6.50% cash/0.25% PIK 08/2023 365 372 — 365
FWR Holding Corporation+ One stop L + 5.75% (a) 6.50% cash/0.25% PIK 08/2023 275 275 — 275
FWR Holding Corporation#+ One stop L + 5.75% (a) 6.50% cash/0.25% PIK 08/2023 273 278 — 273
FWR Holding Corporation+ One stop L + 5.75% (a) 6.50% cash/0.25% PIK 08/2023 132 131 — 132
FWR Holding Corporation+ One stop L + 5.50% N/A(6) 08/2023 — — — —
FWR Holding Corporation+ One stop L + 5.50% N/A(6) 08/2023 — — — —
Mendocino Farms, LLC+ One stop L + 8.50% (a) 2.00% cash/7.50% PIK 06/2023 877 892 — 877
Mendocino Farms, LLC+ One stop L + 8.50% (a) 2.00% cash/7.50% PIK 06/2023 690 701 — 690
Mendocino Farms, LLC+ One stop L + 8.50% (a) 2.00% cash/7.50% PIK 06/2023 677 675 — 677
Mendocino Farms, LLC+ One stop L + 8.50% (a) 2.00% cash/7.50% PIK 06/2023 332 331 — 332
Mendocino Farms, LLC+ One stop L + 8.50% (a) 2.00% cash/7.50% PIK 06/2023 332 331 — 332
Mendocino Farms, LLC+ One stop L + 8.50% (a) 2.00% cash/7.50% PIK 06/2023 164 164 — 164
Mendocino Farms, LLC+ One stop L + 8.50% (a) 2.00% cash/7.50% PIK 06/2023 100 99 — 100
Mendocino Farms, LLC+(5) One stop L + 7.50% N/A(6) 06/2023 — (1) — —
Ruby Slipper Cafe LLC, The*+ One stop L + 7.50% (c) 8.50% 01/2023 2,041 2,037 0.1 2,000
Ruby Slipper Cafe LLC, The+ One stop L + 7.50% (c) 8.50% 01/2023 413 421 — 405
Ruby Slipper Cafe LLC, The+ One stop L + 7.50% (c) 8.50% 01/2023 30 30 — 30
Wetzel's Pretzels, LLC*#+ One stop L + 6.75% (c) 7.75% 09/2023 16,278 16,067 0.7 16,278
Wetzel's Pretzels, LLC+ One stop L + 6.75% (c) 7.75% 09/2023 — — — —
Wood Fired Holding Corp.*# One stop L + 7.25% (c) 7.25% cash/1.00% PIK 12/2023 14,225 14,307 0.6 14,225
Wood Fired Holding Corp.+ One stop L + 7.25% (c) 7.25% cash/1.00% PIK 12/2023 705 701 — 705
Wood Fired Holding Corp.+(5) One stop L + 6.25% N/A(6) 12/2023 — (1) — —
Zenput Inc.+ One stop L + 9.00% (c) 7.00% cash/3.00% PIK 06/2026 1,098 1,093 — 1,123
Zenput Inc.+ One stop L + 9.00% (c) 7.00% cash/3.00% PIK 06/2026 10 10 — 10
104,058 104,194 4.0 104,034


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
CRH Healthcare Purchaser, Inc.#	Senior secured	L +	4.50%	(b)	8.17%				12/2024	$	5,197	$	5,162	0.2	%	$	5,197
CRH Healthcare Purchaser, Inc.#+	Senior secured	L +	4.50%	(b)	8.17%				12/2024	4,112		4,098		0.2		4,112
CRH Healthcare Purchaser, Inc.+	Senior secured	L +	4.50%	(b)	8.17%				12/2024	3,521		3,495		0.2		3,521
CRH Healthcare Purchaser, Inc.+	Senior secured	L +	4.50%	(b)	8.10%				12/2024	50		49		—		50
Datix Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.50%	(i)	6.69%				04/2025	49,685		59,896		1.9		47,200
Datix Bidco Limited+(8)(9)(10)	Second lien	SN +	7.75%	(i)	9.94%				04/2026	17,630		21,227		0.7		16,748
Emerge Intermediate, Inc.*#	One stop	SF +	6.50%	(l)	9.70%	cash/	0.50%	PIK	05/2024	19,277		19,162		0.8		19,277
Emerge Intermediate, Inc.+	One stop	SF +	6.50%	(l)	9.70%	cash/	0.50%	PIK	05/2024	1,745		1,734		0.1		1,745
Emerge Intermediate, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				05/2024	—		(2)		—		—
Encorevet Group LLC+	One stop	L +	6.75%	(a)	9.87%				11/2024	985		979		—		965
Encorevet Group LLC+	One stop	L +	6.75%	(a)	9.87%				11/2024	619		615		—		607
Encorevet Group LLC+	One stop	L +	6.75%	(a)	9.87%				11/2024	307		305		—		301
Encorevet Group LLC+	One stop	L +	6.75%	(a)	9.87%				11/2024	294		292		—		288
Encorevet Group LLC+	One stop	L +	6.75%	(a)	9.87%				11/2024	266		264		—		261
Encorevet Group LLC+	Senior secured	L +	6.75%	(a)	9.87%				11/2024	244		243		—		239
Encorevet Group LLC+	One stop	L +	6.75%	(a)	9.87%				11/2024	163		162		—		160
Encorevet Group LLC+	One stop	L +	6.75%	(a)	9.87%				11/2024	114		113		—		112
Encorevet Group LLC+	Senior secured	L +	6.75%	(a)	9.87%				11/2024	110		110		—		107
Encorevet Group LLC+	Senior secured	L +	6.75%	(a)	9.87%				11/2024	68		68		—		67
Encorevet Group LLC+	Senior secured	L +	6.75%	(a)	9.87%				11/2024	57		56		—		56
Encorevet Group LLC+	One stop	L +	6.75%	(a)	9.87%				11/2024	56		55		—		55
Encorevet Group LLC+	One stop	L +	6.75%	(a)	9.87%				11/2024	32		32		—		32
Encorevet Group LLC+	Senior secured	L +	6.75%	(a)	9.87%				11/2024	10		10		—		10
Encorevet Group LLC+(5)	Senior secured	L +	6.75%		N/A(6)				11/2024	—		—		—		(1)
Encorevet Group LLC+(5)	One stop	L +	6.75%		N/A(6)				11/2024	—		(1)		—		—
ERC Topco Holdings, LLC+	One stop	L +	5.50%	(b)	9.17%				11/2028	9,546		9,471		0.4		9,259
ERC Topco Holdings, LLC+(5)	One stop	L +	5.50%		N/A(6)				11/2027	—		(1)		—		(5)
ERC Topco Holdings, LLC+(5)	One stop	L +	5.50%		N/A(6)				11/2028	—		(3)		—		(7)
Eyecare Services Partners Holdings LLC+	One stop	L +	9.25%	(a)	4.13%	cash/	8.25%	PIK	05/2023	19,569		19,596		0.5		12,720
Eyecare Services Partners Holdings LLC*+	One stop	L +	9.25%	(a)	4.13%	cash/	8.25%	PIK	05/2023	8,584		8,615		0.2		5,580
Eyecare Services Partners Holdings LLC*#	One stop	L +	9.25%	(a)	4.12%	cash/	8.25%	PIK	05/2023	7,518		7,546		0.2		4,887
Eyecare Services Partners Holdings LLC+	One stop	L +	9.25%	(a)	4.12%	cash/	8.25%	PIK	05/2023	5,533		5,538		0.1		3,596
Eyecare Services Partners Holdings LLC*+	One stop	L +	9.25%	(a)	4.12%	cash/	8.25%	PIK	05/2023	2,567		2,577		0.1		1,669
Eyecare Services Partners Holdings LLC*+	One stop	L +	9.25%	(a)	4.12%	cash/	8.25%	PIK	05/2023	1,648		1,654		—		1,070
Eyecare Services Partners Holdings LLC*#	One stop	L +	9.25%	(a)	4.12%	cash/	8.25%	PIK	05/2023	1,218		1,222		—		792
Eyecare Services Partners Holdings LLC*#	One stop	L +	9.25%	(a)	4.12%	cash/	8.25%	PIK	05/2023	1,073		1,077		—		697
Eyecare Services Partners Holdings LLC+	One stop	L +	9.25%	(a)	4.14%	cash/	8.25%	PIK	05/2023	1,168		1,159		—		613
Eyecare Services Partners Holdings LLC*+	One stop	L +	9.25%	(a)	4.13%	cash/	8.25%	PIK	05/2023	693		695		—		451
Eyecare Services Partners Holdings LLC+	One stop	L +	9.25%	(a)	4.14%	cash/	8.25%	PIK	05/2023	428		428		—		278
Eyecare Services Partners Holdings LLC+	One stop	L +	9.25%	(a)	4.14%	cash/	8.25%	PIK	05/2023	837		832		—		837
Eyecare Services Partners Holdings LLC+	One stop	L +	9.25%	(a)	4.14%	cash/	8.25%	PIK	05/2023	837		832		—		544

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Food Products
Borrower R365 Holdings, LLC+ One stop L + 6.50% (c) 4.50% cash/3.00% PIK 06/2027 $ 13,066 $ 12,820 0.5 % $ 13,066
Borrower R365 Holdings, LLC+ One stop L + 6.50% (c) 7.50% 06/2027 43 41 — 43
Flavor Producers, LLC#~ Senior loan L + 5.75% (c) 5.75% cash/1.00% PIK 12/2023 5,005 4,933 0.2 4,906
Flavor Producers, LLC+(5) Senior loan L + 4.75% N/A(6) 12/2022 — (2) — —
Kodiak Cakes, LLC+ Senior loan L + 4.50% (a) 5.50% 06/2027 12,369 12,101 0.5 12,378
Kodiak Cakes, LLC+ Senior loan L + 4.50% (a) 5.50% 06/2026 50 48 — 49
Louisiana Fish Fry Products, Ltd.+ One stop L + 5.75% (c) 6.75% 07/2027 9,876 9,780 0.4 9,777
Louisiana Fish Fry Products, Ltd.+ One stop L + 5.75% (c) 6.75% 07/2027 36 35 — 35
MAPF Holdings, Inc.*#+~ One stop L + 5.50% (c) 6.50% 12/2026 33,863 33,563 1.3 33,863
MAPF Holdings, Inc.+(5) One stop L + 5.50% N/A(6) 12/2026 — (39) — —
MAPF Holdings, Inc.+(5) One stop L + 5.50% N/A(6) 12/2026 — (3) — —
FCID Merger Sub, Inc.*+~ One stop L + 6.00% (c) 7.00% 12/2026 15,654 15,458 0.6 15,654
FCID Merger Sub, Inc.+(5) One stop L + 6.00% N/A(6) 12/2026 — (1) — —
FCID Merger Sub, Inc.+(5) One stop L + 6.00% N/A(6) 12/2026 — (29) — —
Purfoods, LLC+ One stop N/A 7.00% PIK 05/2026 79 83 — 79
Ultimate Baked Goods Midco LLC+ One stop L + 6.25% (a) 7.25% 08/2027 6,722 6,656 0.2 6,654
Ultimate Baked Goods Midco LLC+(5) One stop L + 6.25% (c) 7.25% 08/2027 11 (23) — 10
Whitebridge Pet Brands, LLC One stop L + 5.00% (a) 6.00% 07/2027 15,256 14,960 0.6 15,103
Whitebridge Pet Brands, LLC+ One stop L + 5.00% (a) 6.00% 07/2027 10 9 — 9
112,040 110,390 4.3 111,626


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	4.50%	(h)	7.26%				03/2027	$	11,224	$	11,520	0.4	%	$	11,224
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(5)(8)(9)(12)	One stop	C +	4.50%		N/A(6)				03/2027	—		(2)		—		—
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	4.50%	(h)	8.67%				03/2027	502		542		—		502
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	4.50%	(h)	8.67%				03/2027	178		183		—		178
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)	One stop	L +	4.50%	(b)	8.17%				03/2027	74		74		—		74
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(5)(8)(12)	One stop	SF +	4.50%		N/A(6)				03/2027	—		(1)		—		—
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	4.50%	(h)	8.67%				03/2027	736		777		—		736
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%	(l)	7.63%				12/2026	844		837		—		827
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%	(l)	7.63%				12/2026	62		61		—		59
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%		N/A(6)				12/2026	—		—		—		—
Klick Inc.+(8)(12)	Senior secured	L +	4.50%	(b)	8.17%				03/2028	9,997		9,919		0.4		9,997
Klick Inc.+(5)(8)(12)	Senior secured	L +	4.50%		N/A(6)				03/2026	—		(1)		—		—
Krueger-Gilbert Health Physics, LLC+	Senior secured	L +	5.25%	(b)	8.92%				05/2025	2,311		2,305		0.1		2,311
Krueger-Gilbert Health Physics, LLC+	Senior secured	L +	5.25%	(b)	8.92%				05/2025	1,858		1,846		0.1		1,858
Krueger-Gilbert Health Physics, LLC+	Senior secured	L +	5.25%	(b)	8.92%				05/2025	1,091		1,113		—		1,091
Krueger-Gilbert Health Physics, LLC+	Senior secured	L +	5.25%	(b)	8.92%				05/2025	60		60		—		60
Krueger-Gilbert Health Physics, LLC+(5)	Senior secured	L +	5.25%		N/A(6)				05/2025	—		(14)		—		—

New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(h)	9.67%				05/2028	17,736		19,985		0.7		17,381
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	L +	5.50%	(b)	9.17%				05/2028	4,326		4,275		0.2		4,239
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	L +	5.50%	(b)	9.17%				05/2028	2,816		2,791		0.1		2,760
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(h)	9.67%				05/2028	1,081		1,188		—		1,060
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(h)	9.67%				05/2028	563		586		—		519
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(h)	9.65%				05/2026	103		106		—		100
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	L +	5.50%	(b)	9.17%				05/2026	60		60		—		59
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	L +	5.50%	(b)	9.17%				05/2028	18		18		—		16
Oliver Street Dermatology Holdings, LLC+(7)	One stop	SF +	11.43%	(l)	15.13%				01/2023	22,787		16,786		0.7		17,090
Oliver Street Dermatology Holdings, LLC+	One stop	SF +	6.25%	(l)	9.95%				01/2023	13,521		12,666		0.5		12,845
Oliver Street Dermatology Holdings, LLC+	One stop	SF +	6.25%	(l)	9.95%				01/2023	348		329		—		331
Pinnacle Treatment Centers, Inc.#+	One stop	L +	5.75%	(b)	8.56%				01/2023	18,732		18,730		0.7		18,732
Pinnacle Treatment Centers, Inc.*	One stop	L +	5.75%	(b)	8.56%				01/2023	7,553		7,548		0.3		7,553
Pinnacle Treatment Centers, Inc.#+	One stop	L +	5.75%	(b)	8.56%				01/2023	1,539		1,539		0.1		1,539
Pinnacle Treatment Centers, Inc.+	One stop	L +	5.75%	(b)	8.56%				01/2023	695		695		—		695
Pinnacle Treatment Centers, Inc.+	One stop	L +	5.75%	(b)	8.56%				01/2023	184		184		—		184
Pinnacle Treatment Centers, Inc.+	One stop	L +	5.75%	(a)	8.81%				01/2023	145		145		—		145
Pinnacle Treatment Centers, Inc.+	One stop	L +	5.75%	(b)	8.56%				01/2023	105		105		—		105
Pinnacle Treatment Centers, Inc.+	One stop	L +	5.75%	(b)	8.56%				01/2023	37		37		—		37
PPT Management Holdings, LLC+(7)	One stop	L +	8.50%	(b)	8.28%	cash/	2.50%	PIK	12/2022	25,694		25,514		0.8		19,270
PPT Management Holdings, LLC+(7)	One stop	L +	8.50%	(b)	8.28%	cash/	2.50%	PIK	12/2022	312		310		—		234
PPT Management Holdings, LLC+(7)	One stop	L +	10.50%	(b)	8.28%	cash/	4.50%	PIK	12/2022	284		282		—		214
PPT Management Holdings, LLC+(7)	One stop	L +	8.50%	(b)	8.28%	cash/	2.50%	PIK	12/2022	184		183		—		138
PPT Management Holdings, LLC+(7)	One stop	L +	8.50%	(b)	8.28%	cash/	2.50%	PIK	12/2022	90		88		—		68
PPT Management Holdings, LLC+	One stop	L +	10.50%		N/A(6)				12/2022	—		—		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Health Care Equipment & Supplies
Aspen Medical Products, LLC#~ One stop L + 4.75% (c) 5.75% 06/2025 $ 4,115 $ 4,170 0.2 % $ 4,115
Aspen Medical Products, LLC+ One stop L + 4.75% (c) 5.75% 06/2025 263 261 — 263
Aspen Medical Products, LLC+ One stop L + 4.75% N/A(6) 06/2025 — — — —
Baduhenna Bidco Limited+(8)(10) One stop SF + 6.50% (o) 6.55% 08/2028 5,415 5,342 0.2 5,341
Baduhenna Bidco Limited(8)(9)(10) One stop E + 6.50% (h) 6.50% 08/2028 3,427 3,381 0.1 3,307
Baduhenna Bidco Limited+(8)(9)(10) One stop SN + 6.50% (n) 6.55% 08/2028 983 934 — 941
Baduhenna Bidco Limited+(5)(8)(9)(10) One stop SN + 6.75% N/A(6) 08/2028 — (30) — (30)
Belmont Instrument, LLC#+ Senior loan L + 4.75% (c) 5.75% 12/2023 5,203 5,173 0.2 5,203
Blades Buyer, Inc.#+~ Senior loan L + 4.50% (c) 5.50% 08/2025 8,712 8,681 0.3 8,712
Blades Buyer, Inc.+ Senior loan L + 4.50% N/A(6) 08/2025 — — — —
Blades Buyer, Inc.+(5) Senior loan L + 4.50% N/A(6) 08/2025 — (17) — —
Blue River Pet Care, LLC*#+ One stop L + 5.00% (a) 5.08% 07/2026 34,829 34,787 1.3 34,479
Blue River Pet Care, LLC+ One stop L + 5.00% (a)(c) 5.10% 07/2026 3,195 3,142 0.1 3,164
Blue River Pet Care, LLC+ One stop L + 5.00% (c) 5.13% 07/2026 451 320 — 315
Blue River Pet Care, LLC+(5) One stop L + 5.00% N/A(6) 08/2025 — (2) — (4)
CCSL Holdings, LLC*+ One stop L + 5.75% (c) 6.75% 12/2026 15,555 15,384 0.6 15,555
CCSL Holdings, LLC+ One stop L + 5.75% (c) 6.75% 12/2026 4,198 4,138 0.2 4,198
CCSL Holdings, LLC+ One stop P + 4.75% (f) 8.00% 12/2026 10 8 — 10
CMI Parent Inc.#+ Senior loan L + 4.00% (c) 5.00% 08/2025 6,566 6,669 0.3 6,501
CMI Parent Inc.+(5) Senior loan L + 4.00% N/A(6) 08/2025 — (2) — (4)
G & H Wire Company, Inc.#+ One stop L + 6.25% (c) 7.25% 09/2023 11,099 11,056 0.5 11,099
G & H Wire Company, Inc.+ One stop L + 6.25% (c) 7.25% 09/2022 — — — —
Joerns Healthcare, LLC*+ One stop L + 6.00% (c) 7.00% 08/2024 1,984 1,939 0.1 1,746
Joerns Healthcare, LLC*+ One stop L + 6.00% (c) 7.00% 08/2024 1,908 1,876 0.1 1,679
Katena Holdings, Inc.#+ One stop L + 6.00% (c) 7.00% 06/2024 12,595 12,487 0.5 12,595
Katena Holdings, Inc.#+ One stop L + 6.00% (c) 7.00% 06/2024 1,230 1,220 — 1,230
Katena Holdings, Inc.+ One stop L + 6.00% (c) 7.00% 06/2024 985 977 — 985
Katena Holdings, Inc.+ One stop L + 6.00% (c) 7.00% 06/2024 920 912 — 920
Katena Holdings, Inc.#+ One stop L + 6.00% (c) 7.00% 06/2024 843 835 — 843
Katena Holdings, Inc.+ One stop L + 6.00% (c) 7.00% 06/2024 70 68 — 70
Lombart Brothers, Inc.*#+~ One stop L + 6.25% (c) 7.25% 04/2023 28,948 28,920 1.2 28,948
Lombart Brothers, Inc.#+(8) One stop L + 6.25% (c) 7.25% 04/2023 3,100 3,099 0.1 3,100
Lombart Brothers, Inc.+ One stop L + 6.25% (a) 7.25% 04/2023 116 115 — 116
Lombart Brothers, Inc.+(8) One stop L + 6.25% (a) 7.25% 04/2023 50 49 — 50
156,770 155,892 6.0 155,447


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Suveto Buyer, LLC+	One stop	L +	5.00%	(b)	8.67%	09/2027	$	18,330	$	18,110	0.7	%	$	17,528
Suveto Buyer, LLC+	One stop	L +	5.00%	(b)	8.66%	09/2027	64		62		—		58

							470,089		459,629		16.0		405,913

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Health Care Providers & Services
Active Day, Inc.#+ One stop L + 6.00% (c) 7.00% 12/2021 $ 23,143 $ 23,194 0.8 % $ 20,828
Active Day, Inc.#+ One stop L + 6.00% (c) 7.00% 12/2021 1,786 1,790 0.1 1,607
Active Day, Inc.*# One stop L + 6.00% (c) 7.00% 12/2021 1,151 1,153 — 1,036
Active Day, Inc.+ One stop L + 6.00% (c) 7.00% 12/2021 917 921 — 825
Active Day, Inc.+ One stop L + 6.00% (c) 7.00% 12/2021 809 809 — 728
Active Day, Inc.*# One stop L + 6.00% (c) 7.00% 12/2021 796 796 — 716
Active Day, Inc.+(5) One stop L + 6.00% (c) 7.00% 12/2021 2 2 — (18)
Active Day, Inc.+ One stop L + 6.00% (c) 7.00% 12/2021 — — — —
Acuity Eyecare Holdings, LLC+ One stop L + 5.00% (c) 6.00% 03/2025 6,275 6,087 0.2 6,275
Acuity Eyecare Holdings, LLC+ One stop L + 6.25% (c) 7.25% 03/2025 4,119 4,130 0.2 4,191
Acuity Eyecare Holdings, LLC+ One stop L + 6.25% (c) 7.25% 03/2025 3,669 3,634 0.1 3,734
Acuity Eyecare Holdings, LLC#+ One stop L + 6.25% (c) 7.25% 03/2025 3,504 3,561 0.2 3,567
Acuity Eyecare Holdings, LLC+~ One stop L + 6.25% (c) 7.25% 03/2025 3,235 3,312 0.1 3,293
Acuity Eyecare Holdings, LLC+~ One stop L + 6.25% (c) 7.25% 03/2025 1,888 1,959 0.1 1,921
Acuity Eyecare Holdings, LLC+ One stop L + 6.25% (c) 7.25% 03/2025 457 469 — 464
Acuity Eyecare Holdings, LLC+ One stop L + 13.00% (c) 7.25% cash/6.75% PIK 03/2025 238 237 — 253
Acuity Eyecare Holdings, LLC+ One stop L + 6.25% (c)(f) 7.29% 03/2025 195 194 — 199
Acuity Eyecare Holdings, LLC+ One stop L + 6.25% (c) 7.25% 03/2025 168 167 — 171
Acuity Eyecare Holdings, LLC+ Senior loan L + 6.25% (c) 7.25% 03/2025 111 110 — 113
Acuity Eyecare Holdings, LLC+ One stop L + 13.00% (c) 7.25% cash/6.75% PIK 03/2025 91 90 — 96
Acuity Eyecare Holdings, LLC+ One stop L + 6.25% (c) 7.25% 03/2025 1 1 — 1
Advanced Pain Management Holdings, Inc.+(7) Senior loan P + 3.75% (f) 7.00% 07/2021 11,412 6,855 — 197
Advanced Pain Management Holdings, Inc.+(7) Senior loan L + 8.50% (a) 9.75% 07/2021 4,082 7 — —
Advanced Pain Management Holdings, Inc.+(7) Senior loan P + 3.75% (f) 7.00% 07/2021 781 469 — 13
Advanced Pain Management Holdings, Inc.+(7) Senior loan P + 3.75% (f) 7.00% 07/2021 576 540 — 10
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+ One stop L + 6.00% (c) 7.00% 03/2027 3,976 3,922 0.2 3,976
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+ One stop L + 10.50% (c) 11.50% 03/2028 1,680 1,658 0.1 1,680
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+ One stop L + 6.00% (c) 7.00% 03/2027 1,666 1,623 0.1 1,666
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+ One stop L + 10.50% (c) 11.50% 03/2028 472 466 — 472
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5) One stop L + 6.00% N/A(6) 03/2027 — (2) — —
CRH Healthcare Purchaser, Inc.*~ Senior loan L + 4.50% (c) 5.50% 12/2024 19,502 19,498 0.7 19,306
CRH Healthcare Purchaser, Inc.+ Senior loan L + 4.50% (c) 5.50% 12/2024 5,250 5,199 0.2 5,197
CRH Healthcare Purchaser, Inc.+ Senior loan L + 4.50% (c) 5.50% 12/2024 4,153 4,133 0.2 4,112
CRH Healthcare Purchaser, Inc.+(5) Senior loan L + 4.50% N/A(6) 12/2024 — (2) — (4)
Datix Bidco Limited+(8)(9)(10) Senior loan L + 4.50% (i) 4.55% 04/2025 60,764 59,559 2.3 58,750
Datix Bidco Limited+(8)(9)(10) Second lien L + 7.75% (i) 7.80% 04/2026 21,561 21,133 0.8 20,847
Emerge Intermediate, Inc.*# One stop L + 8.50% (c) 7.00% cash/2.50% PIK 05/2024 19,256 19,069 0.7 19,256
Emerge Intermediate, Inc.+(5) One stop L + 6.00% N/A(6) 05/2024 — (2) — —
Encorevet Group LLC+ One stop L + 5.25% (c) 6.25% 11/2024 995 987 — 985
Encorevet Group LLC+ Senior loan L + 5.25% (c) 6.25% 11/2024 247 245 — 244


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Technology
Alegeus Technologies Holdings Corp.+	Senior secured	L +	8.25%	(b)	10.95%				09/2024	$	374	$	373	—	%	$	370
Coding Solutions Acquisition, Inc.+	One stop	SF +	5.75%	(k)	8.78%				05/2028	5,248		5,199		0.2		5,143
Coding Solutions Acquisition, Inc.+	One stop	SF +	5.75%	(k)	8.78%				05/2028	10		10		—		9
Coding Solutions Acquisition, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				05/2028	—		(8)		—		(31)
Connexin Software, Inc.+	One stop	L +	8.50%	(b)	11.31%				02/2024	8,619		8,644		0.3		8,619
Connexin Software, Inc.+	One stop	L +	8.50%		N/A(6)				02/2024	—		—		—		—
ESO Solution, Inc.+	One stop	SF +	7.00%	(l)	10.56%				03/2027	7,549		7,493		0.3		7,549
ESO Solution, Inc.+(5)	One stop	SF +	7.00%		N/A(6)				03/2027	—		(1)		—		—
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(m)	9.83%				08/2026	6,186		6,161		0.2		6,025
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(m)	9.83%				08/2026	2,949		2,919		0.1		2,872
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(m)	9.83%				08/2026	1,943		1,929		0.1		1,892
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(m)	9.84%				08/2026	1,355		1,336		0.1		1,320
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(m)	9.83%				08/2026	635		631		—		618
HSI Halo Acquisition, Inc.+	One stop	L +	5.75%	(a)	8.31%				09/2025	13		12		—		11
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(m)	9.86%				08/2026	132		130		—		128
Nextech Holdings, LLC+	One stop	L +	5.50%	(a)(b)	8.31%				06/2025	3,931		3,970		0.2		3,891
Nextech Holdings, LLC+	One stop	L +	5.50%	(a)(b)	8.31%				06/2025	1,917		1,909		0.1		1,899
Nextech Holdings, LLC+(5)	One stop	L +	5.50%		N/A(6)				06/2025	—		(1)		—		(6)
Plasma Buyer LLC+	One stop	SF +	5.75%	(l)	9.30%				05/2029	5,403		5,301		0.2		5,295
Plasma Buyer LLC+(5)	One stop	SF +	5.75%		N/A(6)				05/2028	—		(1)		—		(1)
Plasma Buyer LLC+(5)	One stop	SF +	5.75%		N/A(6)				05/2029	—		(13)		—		(28)
Qgenda Intermediate Holdings, LLC+	One stop	L +	5.00%	(b)	8.67%				06/2025	14,968		14,968		0.6		14,668
Qgenda Intermediate Holdings, LLC#	One stop	L +	5.00%	(b)	8.67%				06/2025	12,194		12,120		0.5		11,950
Qgenda Intermediate Holdings, LLC+	One stop	L +	5.00%	(b)	8.67%				06/2025	1,455		1,449		—		1,425
Qgenda Intermediate Holdings, LLC#	One stop	L +	5.00%	(b)	8.67%				06/2025	973		973		—		953
Qgenda Intermediate Holdings, LLC+(5)	One stop	L +	5.00%		N/A(6)				06/2025	—		—		—		(4)
Tebra Technologies, Inc.+	One stop	SF +	8.00%	(k)	7.63%	cash/	3.50%	PIK	06/2025	10,386		10,215		0.4		10,386
Tebra Technologies, Inc.+	One stop	SF +	8.00%	(k)	7.63%	cash/	3.50%	PIK	06/2025	10,110		9,614		0.4		10,110
Tebra Technologies, Inc.+	One stop	SF +	8.00%	(k)	7.63%	cash/	3.50%	PIK	06/2025	6,661		6,404		0.3		6,661
Tebra Technologies, Inc.+	One stop	SF +	8.00%	(k)	7.63%	cash/	3.50%	PIK	06/2025	1,713		1,686		0.1		1,713
Tebra Technologies, Inc.+	One stop	SF +	8.00%	(k)	7.63%	cash/	3.50%	PIK	06/2025	1,523		1,482		0.1		1,523
Tebra Technologies, Inc.+	One stop	SF +	8.00%	(k)	7.63%	cash/	3.50%	PIK	06/2025	1,142		1,124		—		1,142
Tebra Technologies, Inc.+	One stop	SF +	8.00%	(k)	7.63%	cash/	3.50%	PIK	06/2025	952		937		—		952
Tebra Technologies, Inc.+	One stop	SF +	8.00%	(k)	7.63%	cash/	3.50%	PIK	06/2025	761		749		—		761
Tebra Technologies, Inc.+	One stop	SF +	8.00%	(k)	7.63%	cash/	3.50%	PIK	06/2025	152		149		—		152
Tebra Technologies, Inc.+	One stop	SF +	8.00%	(k)	7.63%	cash/	3.50%	PIK	06/2025	80		80		—		80
Transaction Data Systems, Inc.*#+	One stop	L +	4.50%	(b)	8.17%				02/2026	66,280		65,504		2.6		64,955
Transaction Data Systems, Inc.+(5)	One stop	L +	4.50%		N/A(6)				02/2026	—		(4)		—		(6)
Veranex, Inc.+	Senior secured	SF +	4.75%	(m)	7.52%				04/2028	3,178		3,149		0.1		3,146
Veranex, Inc.+(5)	Senior secured	P +	3.75%		N/A(6)				04/2028	—		—		—		(1)
Veranex, Inc.+(5)	Senior secured	SF +	4.75%		N/A(6)				04/2028	—		(1)		—		(3)
										178,792		176,591		6.9		176,138

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Health Care Providers & Services - (continued)
Encorevet Group LLC+ One stop L + 5.25% (c) 6.25% 11/2024 $ 164 $ 163 — % $ 163
Encorevet Group LLC+ Senior loan L + 5.25% (c) 6.25% 11/2024 111 111 — 110
Encorevet Group LLC+ One stop L + 5.25% (c) 6.25% 11/2024 99 93 — 92
Encorevet Group LLC+ Senior loan L + 5.25% (c) 6.25% 11/2024 69 69 — 68
Encorevet Group LLC+ Senior loan L + 5.25% (c) 6.25% 11/2024 57 57 — 57
Encorevet Group LLC+ One stop L + 5.25% (b) 6.25% 11/2024 32 32 — 32
Encorevet Group LLC+ Senior 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)
ERC Finance, LLC+ One stop L + 6.00% (a)(c) 7.00% 04/2024 6,999 6,879 0.3 6,999
ERC Finance, LLC+ One stop L + 6.00% (a) 7.00% 04/2024 7 6 — 7
ERC Finance, LLC+(5) One stop L + 6.00% N/A(6) 04/2024 — (3) — —
Eyecare Services Partners Holdings LLC+ One stop L + 6.25% (c) 2.00% cash/5.25% PIK 05/2023 18,333 18,397 0.6 15,583
Eyecare Services Partners Holdings LLC*+ One stop L + 6.25% (c) 2.00% cash/5.25% PIK 05/2023 8,042 8,121 0.3 6,836
Eyecare Services Partners Holdings LLC*# One stop L + 6.25% (c) 2.00% cash/5.25% PIK 05/2023 7,043 7,116 0.2 5,986
Eyecare Services Partners Holdings LLC+ One stop L + 6.25% (c) 2.00% cash/5.25% PIK 05/2023 5,183 5,197 0.2 4,406
Eyecare Services Partners Holdings LLC*+ One stop L + 6.25% (c) 2.00% cash/5.25% PIK 05/2023 2,405 2,430 0.1 2,044
Eyecare Services Partners Holdings LLC*+ One stop L + 6.25% (c) 2.00% cash/5.25% PIK 05/2023 1,543 1,559 0.1 1,312
Eyecare Services Partners Holdings LLC*# One stop L + 6.25% (c) 2.00% cash/5.25% PIK 05/2023 1,141 1,152 — 970
Eyecare Services Partners Holdings LLC*# One stop L + 6.25% (c) 2.00% cash/5.25% PIK 05/2023 1,006 1,016 — 854
Eyecare Services Partners Holdings LLC*+ One stop L + 6.25% (c) 2.00% cash/5.25% PIK 05/2023 649 654 — 552
Eyecare Services Partners Holdings LLC+ One stop L + 6.25% (c) 2.00% cash/5.25% PIK 05/2023 400 399 — 340
FYI Optical Acquisitions, Inc. & FYI USA, Inc.~(8)(9)(12) One stop C + 4.50% (m) 5.50% 03/2027 11,713 11,622 0.5 12,364
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12) One stop C + 4.50% (m) 5.50% 03/2027 187 185 — 196
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12) One stop C + 4.50% (m) 5.50% 03/2027 110 105 — 110
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12) One stop L + 4.50% (c) 5.50% 03/2027 20 19 — 20
Klick Inc.+(8)(12) Senior loan L + 4.50% (c) 5.50% 03/2028 10,098 10,005 0.4 10,115
Klick Inc.+(5)(8)(12) Senior loan L + 4.50% N/A(6) 03/2026 — (1) — (1)
Krueger-Gilbert Health Physics, LLC+~ Senior loan L + 5.25% (c) 6.25% 05/2025 2,335 2,326 0.1 2,335
Krueger-Gilbert Health Physics, LLC+ Senior loan L + 5.25% (c) 6.25% 05/2025 1,874 1,873 0.1 1,874
Krueger-Gilbert Health Physics, LLC+ Senior loan L + 5.25% (c) 6.25% 05/2025 1,102 1,132 — 1,102
Krueger-Gilbert Health Physics, LLC+ Senior loan L + 5.25% (c) 6.25% 05/2025 60 60 — 60
Krueger-Gilbert Health Physics, LLC+(5) Senior loan L + 5.25% N/A(6) 05/2025 — (20) — —
MD Now Holdings, Inc.#+ One stop L + 5.00% (c) 6.00% 08/2025 22,373 22,415 0.9 22,373
MD Now Holdings, Inc.+ One stop L + 5.00% (c) 6.00% 08/2025 619 619 — 619
MD Now Holdings, Inc.+(5) One stop L + 5.00% N/A(6) 08/2025 — (1) — —
MWD Management, LLC & MWD Services, Inc.#+ One stop L + 5.50% (c) 6.50% 06/2023 9,286 9,253 0.4 9,286
MWD Management, LLC & MWD Services, Inc.# One stop L + 5.50% (c) 6.50% 06/2023 4,471 4,514 0.2 4,471
MWD Management, LLC & MWD Services, Inc.+(5) One stop L + 5.50% N/A(6) 06/2022 — (1) — —
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12) One stop C + 5.50% (m) 6.50% 05/2028 20,435 20,144 0.8 19,553
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12) One stop C + 5.50% (m) 6.50% 05/2028 1,111 1,075 — 1,094
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12) One stop L + 5.50% (c) 6.50% 05/2028 501 460 — 506
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12) One stop L + 5.50% (c) 6.50% 05/2026 41 40 — 41
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12) One stop C + 5.50% (m) 6.50% 05/2026 20 17 — 18


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Hotels, Restaurants & Leisure


Barteca Restaurants, LLC#	One stop	SF +	6.00%	(m)	9.19%				08/2028	$	7,679	$	7,604	0.3	%	$	7,602
Barteca Restaurants, LLC+(5)	One stop	SF +	6.00%		N/A(6)				08/2028	—		(1)		—		(1)
Barteca Restaurants, LLC+(5)	One stop	SF +	6.00%		N/A(6)				08/2028	—		(20)		—		(20)
BJH Holdings III Corp.*#+	One stop	L +	4.50%	(a)	7.58%				08/2025	50,571		51,317		2.0		49,561
BJH Holdings III Corp.+	One stop	L +	4.50%	(a)	7.59%				08/2025	70		66		—		54
Davidson Hotel Company, LLC+	One stop	L +	5.25%	(a)	8.37%				07/2024	7,096		7,080		0.3		7,096
Davidson Hotel Company, LLC+	One stop	L +	5.25%	(a)	8.37%				07/2024	1,092		1,090		—		1,092
Davidson Hotel Company, LLC+	One stop	L +	5.25%		N/A(6)				07/2024	—		—		—		—
EOS Fitness Opco Holdings, LLC*#+	One stop	SF +	4.75%	(m)	7.58%				01/2026	9,393		9,401		0.4		9,393
EOS Fitness Opco Holdings, LLC+	One stop	SF +	4.75%	(c)(m)	7.58%				01/2026	896		897		—		896
EOS Fitness Opco Holdings, LLC+	One stop	SF +	4.75%	(c)(m)	7.58%				01/2026	8		8		—		8
EOS Fitness Opco Holdings, LLC+(5)	One stop	SF +	4.75%		N/A(6)				01/2026	—		(12)		—		—
Freddy's Frozen Custard LLC+	One stop	L +	5.00%	(b)	8.16%				03/2027	9,160		9,093		0.4		9,160
Freddy's Frozen Custard LLC+(5)	One stop	L +	5.00%		N/A(6)				03/2027	—		(1)		—		—
Harri US LLC+	One stop	L +	10.00%	(b)	8.91%	cash/	4.00%	PIK	08/2026	804		720		—		806
Harri US LLC+	One stop	L +	10.00%		N/A(6)				08/2026	—		—		—		—
Harri US LLC+(5)	One stop	L +	10.00%		N/A(6)				08/2026	—		(6)		—		4
Health Buyer, LLC+	Senior secured	SF +	5.25%	(m)	7.98%				04/2029	2,604		2,567		0.1		2,447
Health Buyer, LLC+	Senior secured	SF +	5.25%	(k)	8.03%				04/2028	2		2		—		1
SSRG Holdings, LLC+	One stop	SF +	4.75%	(l)	8.45%				11/2025	1,000		990		—		1,000
SSRG Holdings, LLC+	One stop	SF +	4.75%	(l)	8.45%				11/2025	20		20		—		20
Tropical Smoothie Cafe Holdings, LLC+	One stop	SF +	5.25%	(l)	7.98%				09/2026	19,950		19,767		0.8		19,950
Tropical Smoothie Cafe Holdings, LLC*#	One stop	SF +	5.25%	(k)(l)	8.26%				09/2026	13,695		13,553		0.6		13,695
Tropical Smoothie Cafe Holdings, LLC#	One stop	SF +	5.25%	(k)(l)	8.01%				09/2026	5,830		5,773		0.2		5,830
Tropical Smoothie Cafe Holdings, LLC+(5)	One stop	SF +	4.25%		N/A(6)				09/2026	—		(1)		—		—


										129,870		129,907		5.1		128,594
Household Durables
Groundworks LLC+	Senior secured	L +	5.00%	(b)	7.81%				01/2026	4,615		4,569		0.2		4,615
Groundworks LLC+	Senior secured	L +	5.00%	(b)	7.81%				01/2026	1,805		1,786		0.1		1,805
Groundworks LLC+	Senior secured	L +	5.00%	(b)	7.81%				01/2026	1,203		1,193		—		1,203
Groundworks LLC+	Senior secured	L +	5.00%	(b)	7.81%				01/2026	1,072		1,060		—		1,072
Groundworks LLC+	Senior secured	L +	5.00%	(b)	7.08%				01/2026	82		82		—		82
Groundworks LLC+	Senior secured	L +	5.00%	(b)	7.81%				01/2026	56		52		—		56
Groundworks LLC+	Senior secured	L +	5.00%		N/A(6)				01/2026	—		—		—		—


										8,833		8,742		0.3		8,833
Household Products
WU Holdco, Inc.#+	One stop	L +	5.50%	(b)	9.17%				03/2026	3,743		3,790		0.1		3,630
WU Holdco, Inc.+	One stop	L +	5.50%	(b)	9.17%				03/2026	1,318		1,318		0.1		1,279
WU Holdco, Inc.+	One stop	L +	5.50%	(b)	9.17%				03/2026	342		340		—		332
WU Holdco, Inc.+	One stop	L +	5.50%	(b)(c)	8.11%				03/2025	26		25		—		24
										5,429		5,473		0.2		5,265
Industrial Conglomerates
Arch Global CCT Holdings Corp.#+	Senior secured	L +	4.75%	(a)	7.87%				04/2026	2,355		2,401		0.1		2,331
Arch Global CCT Holdings Corp.+	Senior secured	L +	4.75%	(b)	8.42%				04/2026	135		134		—		134
Arch Global CCT Holdings Corp.+	Senior secured	L +	4.75%	(b)	8.42%				04/2026	76		75		—		74
Arch Global CCT Holdings Corp.+	Senior secured	L +	4.75%		N/A(6)				04/2025	—		—		—		—
Dwyer Instruments, Inc.+	One stop	L +	6.00%	(b)	9.67%				07/2027	3,922		3,847		0.2		3,844
Dwyer Instruments, Inc.+	One stop	L +	5.50%	(c)	8.38%				07/2027	7		6		—		6

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Health Care Providers & Services - (continued)
NVA Holdings, Inc.~ Senior loan L + 3.50% (a) 3.63% 02/2026 $ 2,766 $ 2,746 0.1 % $ 2,766
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (c) 7.25% 05/2022 19,156 17,460 0.6 13,743
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (c) 7.25% 05/2022 2,223 1,878 0.1 1,595
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (c) 7.25% 05/2022 2,107 1,909 0.1 1,511
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (c) 7.25% 05/2022 1,595 1,347 — 1,144
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (c) 7.25% 05/2022 1,409 1,190 — 1,011
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (c) 7.25% 05/2022 1,227 1,036 — 880
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (c) 7.25% 05/2022 955 807 — 685
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (c) 7.25% 05/2022 828 699 — 594
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (c) 7.25% 05/2022 511 431 — 366
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (c)(f) 7.25% 05/2022 291 265 — 209
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (c) 7.25% 05/2022 97 88 — 69
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (c) 7.25% 05/2022 88 80 — 63
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (c) 7.25% 05/2022 69 63 — 49
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (c) 7.25% 05/2022 63 58 — 45
Pinnacle Treatment Centers, Inc.#+ One stop L + 5.75% (c) 6.75% 1/1/2023 18,931 18,919 0.8 18,931
Pinnacle Treatment Centers, Inc.* One stop L + 5.75% (a)(c) 6.75% 1/1/2023 7,612 7,581 0.3 7,612
Pinnacle Treatment Centers, Inc.#+ One stop L + 5.75% (c) 6.75% 01/2023 1,555 1,555 0.1 1,555
Pinnacle Treatment Centers, Inc.+ One stop L + 5.75% (c) 6.75% 01/2023 702 705 — 702
Pinnacle Treatment Centers, Inc.+ One stop L + 5.75% (c) 6.75% 01/2023 186 186 — 186
Pinnacle Treatment Centers, Inc.+ One stop L + 5.75% (c) 6.75% 01/2023 106 106 — 106
Pinnacle Treatment Centers, Inc.+ One stop L + 5.75% (c) 6.75% 01/2023 37 37 — 37
Pinnacle Treatment Centers, Inc.+ One stop L + 5.75% N/A(6) 01/2023 — — — —
Pinnacle Treatment Centers, Inc.+ One stop L + 5.75% N/A(6) 01/2023 — — — —
PPT Management Holdings, LLC+ One stop L + 8.00% (c) 7.00% cash/2.00% PIK 12/2022 25,353 24,648 0.9 23,324
PPT Management Holdings, LLC+ One stop L + 8.00% (c) 7.00% cash/2.00% PIK 12/2022 308 301 — 283
PPT Management Holdings, LLC+ One stop L + 8.00% (c) 7.00% cash/2.00% PIK 12/2022 182 178 — 168
PPT Management Holdings, LLC+ One stop L + 8.00% (c) 7.00% cash/2.00% PIK 12/2022 90 79 — 82
PPT Management Holdings, LLC+(5) One stop L + 8.00% (c) 7.00% cash/2.00% PIK 12/2022 20 5 — (14)
Summit Behavioral Healthcare, LLC*#+ Senior loan L + 5.00% (c) 6.00% 10/2023 29,343 29,128 1.2 29,343
Summit Behavioral Healthcare, LLC+ Senior loan L + 5.00% (c) 6.00% 10/2023 901 879 — 901
Summit Behavioral Healthcare, LLC+(5) Senior loan L + 5.00% N/A(6) 10/2023 — (2) — —
Suveto Buyer, LLC+ One stop L + 4.25% (c) 5.00% 09/2027 4,335 4,069 0.2 4,067
Suveto Buyer, LLC+(5) One stop L + 4.25% N/A(6) 9/1/2027 — (2) — (2)
Veterinary Specialists of North America, LLC*#+ Senior loan L + 4.00% (a) 4.08% 04/2025 41,231 42,331 1.6 41,231
Veterinary Specialists of North America, LLC+ Senior loan L + 4.00% (a) 4.08% 04/2025 11,724 11,720 0.5 11,724
Veterinary Specialists of North America, LLC#+ Senior loan L + 4.00% (a) 4.08% 04/2025 2,843 2,828 0.1 2,843
Veterinary Specialists of North America, LLC*+ Senior loan L + 4.00% (a) 4.08% 04/2025 1,431 1,470 0.1 1,431
Veterinary Specialists of North America, LLC+ Senior loan L + 4.00% (a) 4.08% 04/2025 835 833 — 835
Water's Edge Management, LLC+ One stop L + 7.50% (c) 8.50% 04/2026 9,033 8,827 0.3 9,033
Water's Edge Management, LLC+ One stop P + 6.50% (c)(f) 9.75% 04/2026 11 9 — 11
538,731 523,719 19.3 498,382


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Dwyer Instruments, Inc.+(5)	One stop	L +	6.00%		N/A(6)	07/2027	$	—	$	(9)	—	%	$	(10)
Essential Services Holdings Corporation+	One stop	L +	5.75%	(a)(b)	8.07%	11/2026	819		810		—		789
Essential Services Holdings Corporation+(5)	One stop	L +	5.75%		N/A(6)	11/2025	—		(1)		—		(2)
Excelitas Technologies Corp.+	One stop	SF +	5.75%	(l)	8.59%	08/2029	7,131		6,989		0.3		7,060
Excelitas Technologies Corp.+(8)(9)	One stop	E +	5.75%	(e)	6.08%	08/2029	1,155		1,193		—		1,144
Excelitas Technologies Corp.+	One stop	SF +	5.75%	(l)	8.59%	08/2028	92		89		—		89
Excelitas Technologies Corp.+(5)	One stop	SF +	5.75%		N/A(6)	08/2029	—		(13)		—		(14)
Madison Safety & Flow LLC+	Senior secured	SF +	3.60%	(k)	6.63%	03/2025	443		443		—		443
Madison Safety & Flow LLC+	Senior secured	SF +	3.60%	(k)(l)	6.64%	03/2025	2		2		—		2
Specialty Measurement Bidco Limited+(8)(10)	One stop	L +	5.75%	(b)	8.82%	11/2027	7,961		7,800		0.3		7,961
Specialty Measurement Bidco Limited+(8)(9)(10)	One stop	E +	5.75%	(e)	6.75%	11/2027	6,556		7,833		0.3		6,556
Specialty Measurement Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.75%		N/A(6)	11/2027	—		(39)		—		—
							30,654		31,560		1.2		30,407

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Health Care Technology
Connexin Software, Inc.+~ One stop L + 8.50% (a) 9.50% 02/2024 $ 7,550 $ 7,597 0.3 % $ 7,550
Connexin Software, Inc.+ One stop L + 8.50% N/A(6) 02/2024 — — — —
ESO Solution, Inc.+ One stop L + 7.00% (c) 8.00% 03/2027 6,681 6,621 0.3 6,681
ESO Solution, Inc.+(5) One stop L + 7.00% N/A(6) 03/2027 — (1) — —
HealthEdge Software, Inc. One stop L + 6.25% (c) 7.25% 04/2026 2,000 1,966 0.1 2,000
HealthEdge Software, Inc.+ One stop L + 6.25% (c) 7.25% 04/2026 1,008 1,008 — 1,008
HealthEdge Software, Inc.+ One stop L + 6.25% (c) 7.25% 04/2026 225 223 — 225
HealthEdge Software, Inc.+ One stop L + 6.25% (c) 7.25% 04/2026 19 18 — 19
HSI Halo Acquisition, Inc.+~ One stop L + 5.75% (c) 6.75% 08/2026 6,250 6,218 0.2 6,250
HSI Halo Acquisition, Inc.+ One stop L + 5.75% (c) 6.75% 08/2026 1,962 1,945 0.1 1,962
HSI Halo Acquisition, Inc.+ One stop L + 5.75% (c) 6.75% 08/2026 1,075 1,051 — 1,075
HSI Halo Acquisition, Inc.+ One stop L + 5.75% (c) 6.75% 08/2026 641 637 — 641
HSI Halo Acquisition, Inc.+ One stop L + 5.75% (a) 6.75% 09/2025 13 12 — 13
Kareo, Inc.+ One stop L + 9.00% (a) 10.00% 06/2022 10,273 10,322 0.4 10,375
Kareo, Inc. One stop L + 9.00% (a) 10.00% 06/2022 1,506 1,473 0.1 1,521
Kareo, Inc.+ One stop L + 9.00% (a) 10.00% 06/2022 941 947 — 951
Kareo, Inc.+ One stop L + 9.00% (a) 10.00% 06/2022 753 758 — 761
Kareo, Inc.+ One stop L + 9.00% (a) 10.00% 06/2022 80 81 — 80
Nextech Holdings, LLC+ One stop L + 5.50% (c) 5.63% 06/2025 3,971 4,025 0.2 3,971
Nextech Holdings, LLC+ One stop L + 5.50% (c) 5.63% 06/2025 1,937 1,925 0.1 1,937
Nextech Holdings, LLC+(5) One stop L + 5.50% N/A(6) 06/2025 — (3) — —
Qgenda Intermediate Holdings, LLC+ One stop L + 5.25% (c) 6.25% 06/2025 15,122 15,122 0.6 15,122
Qgenda Intermediate Holdings, LLC# One stop L + 5.25% (c) 6.25% 06/2025 12,318 12,217 0.5 12,318
Qgenda Intermediate Holdings, LLC# One stop L + 5.25% (c) 6.25% 06/2025 983 983 — 983
Qgenda Intermediate Holdings, LLC+ One stop L + 5.25% (c) 6.25% 06/2025 100 100 — 100
Transaction Data Systems, Inc.*#+~ One stop L + 4.50% (c) 5.50% 02/2026 67,135 66,127 2.6 67,135
Transaction Data Systems, Inc.+(5) One stop L + 4.50% N/A(6) 02/2026 — (4) — —
142,543 141,368 5.5 142,678


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Insurance
Alera Group, Inc.+	One stop	SF +	6.00%	(l)	9.06%	10/2028	$	25,370	$	25,153	1.0	%	$	24,297
Alera Group, Inc.+	One stop	SF +	6.00%	(k)(l)	9.06%	10/2028	7,210		7,117		0.3		6,905
Alera Group, Inc.+	One stop	SF +	6.00%	(k)(l)	9.07%	10/2028	463		458		—		437
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(l)(m)	9.33%	07/2027	3,188		3,163		0.1		3,157
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(m)	6.43%	07/2027	950		946		—		940
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(l)(m)	9.33%	07/2027	790		783		—		782
AMBA Buyer, Inc.+	One stop	SF +	5.25%		N/A(6)	07/2027	—		—		—		—
AMBA Buyer, Inc.+(5)	One stop	SF +	5.25%		N/A(6)	07/2027	—		—		—		(1)
Captive Resources Midco, LLC+	One stop	SF +	5.50%	(k)	8.53%	07/2029	9,813		9,624		0.4		9,616
Captive Resources Midco, LLC+(5)	One stop	SF +	5.50%		N/A(6)	07/2028	—		(4)		—		(4)
Integrity Marketing Acquisition, LLC+	Senior secured	L +	5.50%	(c)	7.58%	08/2025	3,046		3,007		0.1		3,020
Integrity Marketing Acquisition, LLC+	One stop	L +	5.75%	(c)	7.83%	08/2025	2,421		2,414		0.1		2,415
Integrity Marketing Acquisition, LLC+	Senior secured	L +	5.75%	(c)	7.87%	08/2025	1,517		1,497		0.1		1,513
Integrity Marketing Acquisition, LLC+	Senior secured	L +	5.75%	(c)	7.40%	08/2025	774		768		—		772
Integrity Marketing Acquisition, LLC+	One stop	L +	5.75%	(c)	7.74%	08/2025	468		465		—		467
Integrity Marketing Acquisition, LLC+	Senior secured	L +	5.75%	(c)	8.85%	08/2025	244		242		—		244
Integrity Marketing Acquisition, LLC+	Senior secured	L +	5.50%	(b)(c)	8.67%	08/2025	184		183		—		182
Integrity Marketing Acquisition, LLC+	One stop	L +	5.75%		N/A(6)	08/2025	—		—		—		—
Integrity Marketing Acquisition, LLC+	One stop	SF +	5.75%	(l)	8.56%	08/2025	1,117		1,082		—		1,096
J.S. Held Holdings, LLC#+	One stop	L +	5.50%	(b)	9.17%	07/2025	6,422		6,402		0.3		6,380
J.S. Held Holdings, LLC+	One stop	L +	5.50%	(b)	9.17%	07/2025	1,478		1,458		0.1		1,468
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(l)	9.20%	07/2025	1,430		1,406		0.1		1,416
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(l)	9.20%	07/2025	77		72		—		71
J.S. Held Holdings, LLC+	One stop	P +	4.50%	(d)	10.75%	07/2025	48		45		—		46
Keystone Agency Partners LLC+	Senior secured	SF +	6.00%	(l)	9.70%	05/2027	2,850		2,810		0.1		2,793
Keystone Agency Partners LLC+	Senior secured	SF +	6.00%	(l)	9.70%	05/2027	182		180		—		179
Keystone Agency Partners LLC+	Senior secured	SF +	6.00%	(l)	9.35%	05/2027	160		146		—		141
Long Term Care Group, Inc.+	One stop	L +	6.00%	(a)	8.82%	09/2027	2,984		2,935		0.1		2,984
Majesco*#	One stop	L +	7.25%	(b)	10.93%	09/2027	18,751		18,522		0.7		18,751
Majesco+(5)	One stop	L +	7.25%		N/A(6)	09/2026	—		(2)		—		—
Norvax, LLC+	Senior secured	L +	7.50%	(b)	11.18%	09/2025	32,784		32,498		1.2		30,161
Norvax, LLC+	Senior secured	L +	7.50%	(b)	11.18%	09/2025	9,925		9,765		0.4		9,131
Pareto Health Intermediate Holdings, Inc.+	One stop	L +	4.75%	(c)	7.63%	08/2025	7,225		7,174		0.3		7,081
Patriot Growth Insurance Services, LLC+	One stop	L +	5.50%	(b)	8.65%	10/2028	9,491		9,409		0.4		9,287
Patriot Growth Insurance Services, LLC+(5)	One stop	L +	5.50%		N/A(6)	10/2028	—		(1)		—		(1)
Patriot Growth Insurance Services, LLC+	One stop	L +	5.50%	(c)	9.31%	10/2028	617		591		—		584
Patriot Growth Insurance Services, LLC+(5)	One stop	L +	5.75%		N/A(6)	10/2028	—		(22)		—		(22)
People Corporation+(8)(9)(12)	One stop	C +	6.25%	(h)	9.87%	02/2028	13,502		14,537		0.5		13,502
People Corporation+(8)(9)(12)	One stop	C +	6.25%	(h)	9.87%	02/2028	4,406		4,874		0.2		4,406
People Corporation+(8)(9)(12)	One stop	C +	5.50%	(h)	9.13%	02/2028	3,166		3,354		0.1		2,819
People Corporation+(8)(9)(12)	One stop	C +	6.25%	(h)	9.92%	02/2027	147		158		—		147
RSC Acquisition, Inc.*#+	One stop	SF +	5.50%	(l)	8.31%	10/2026	25,637		25,306		1.0		25,122
RSC Acquisition, Inc.+	One stop	SF +	5.50%	(l)	8.54%	10/2026	6,561		6,293		0.3		6,430
RSC Acquisition, Inc.+	One stop	SF +	5.50%	(l)	9.05%	10/2026	1,519		1,506		0.1		1,488
RSC Acquisition, Inc.+(5)	One stop	SF +	5.50%		N/A(6)	10/2026	—		(1)		—		(2)
RSC Acquisition, Inc.+(5)	One stop	SF +	5.50%	(l)	9.20%	10/2026	90		47		—		(2)
RSC Acquisition, Inc.+	One stop	SF +	5.50%	(l)	8.55%	10/2026	995		986		—		975
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00%	(l)	9.69%	10/2026	773		764		—		758

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Hotels, Restaurants & Leisure
BJH Holdings III Corp.*#+ One stop L + 4.50% (c) 5.50% 08/2025 $ 51,179 $ 52,182 2.0 % $ 51,179
BJH Holdings III Corp.+ One stop L + 4.50% (b) 5.50% 08/2025 60 55 — 60
CR Fitness Holdings, LLC#~ Senior loan L + 4.00% (a) 5.00% 07/2025 1,979 1,988 0.1 1,979
CR Fitness Holdings, LLC+ Senior loan L + 4.00% (a) 5.00% 07/2025 837 834 — 837
CR Fitness Holdings, LLC+ Senior loan L + 4.00% (a) 5.00% 07/2025 74 74 — 74
Davidson Hotel Company, LLC+ One stop L + 6.75% (a)(c) 6.25% cash/1.50% PIK 07/2024 7,088 7,046 0.2 5,670
Davidson Hotel Company, LLC+ One stop L + 6.75% (a)(c) 6.25% cash/1.50% PIK 07/2024 1,089 1,086 — 871
Davidson Hotel Company, LLC+(5) One stop L + 5.25% N/A(6) 07/2024 — — — (20)
EOS Fitness Opco Holdings, LLC*# One stop L + 5.25% (c) 6.25% 01/2025 8,596 8,643 0.3 8,596
EOS Fitness Opco Holdings, LLC+ One stop L + 5.25% (c) 6.25% 01/2025 906 909 — 906
EOS Fitness Opco Holdings, LLC+ One stop L + 5.25% (c) 6.25% 01/2025 120 119 — 120
Freddy's Frozen Custard LLC~ One stop L + 6.00% (c) 7.00% 03/2027 9,257 9,174 0.4 9,257
Freddy's Frozen Custard LLC+(5) One stop L + 6.00% N/A(6) 03/2027 — (1) — —
Harri US LLC+ One stop L + 10.00% (c) 7.00% cash/4.00% PIK 08/2026 772 666 — 709
Harri US LLC+ One stop L + 6.00% N/A(6) 08/2026 — — — —
Harri US LLC+(5) One stop L + 6.00% N/A(6) 08/2026 — (7) — (43)
Self Esteem Brands, LLC*#+ Senior loan L + 4.25% (a) 5.25% 02/2023 47,780 47,887 1.9 47,780
Self Esteem Brands, LLC+(5) Senior loan L + 4.25% N/A(6) 02/2023 — (2) — —
SSRG Holdings, LLC One stop L + 4.75% (c) 5.75% 11/2025 909 896 — 909
SSRG Holdings, LLC+ One stop L + 4.75% (c) 5.75% 11/2025 45 44 — 45
Sunshine Sub, LLC#~ One stop L + 4.75% (a) 5.75% 05/2024 12,792 12,864 0.5 12,792
Sunshine Sub, LLC#+ One stop L + 4.75% (a) 5.75% 05/2024 5,596 5,730 0.2 5,596
Sunshine Sub, LLC+(5) One stop L + 4.75% N/A(6) 05/2024 — (1) — —
Tropical Smoothie Cafe Holdings, LLC*# Senior loan L + 5.25% (a)(b)(c) 6.25% 09/2026 14,745 14,606 0.6 14,745
Tropical Smoothie Cafe Holdings, LLC# Senior loan L + 5.25% (a)(c) 6.25% 09/2026 6,510 6,450 0.3 6,510
Tropical Smoothie Cafe Holdings, LLC+(5) Senior loan L + 5.25% N/A(6) 09/2026 — (1) — —
Velvet Taco Holdings, Inc.~ One stop L + 7.50% (c) 8.00% cash/0.50% PIK 03/2026 1,788 1,772 0.1 1,788
Velvet Taco Holdings, Inc.+ One stop L + 9.00% (c) 8.00% cash/2.00% PIK 03/2026 93 92 — 93
Velvet Taco Holdings, Inc.+ One stop L + 7.00% N/A(6) 03/2026 — — — —
172,215 173,105 6.6 170,453
Household Durables
Groundworks LLC+ Senior loan L + 4.75% (c) 5.75% 01/2026 4,662 4,602 0.2 4,662
Groundworks LLC+ Senior loan L + 4.75% (c) 5.75% 01/2026 539 523 — 539
Groundworks LLC+ Senior loan L + 4.75% (c) 5.75% 01/2026 83 82 — 83
Groundworks LLC+ Senior loan L + 4.75% N/A(6) 01/2026 — — — —
Groundworks LLC+(5) Senior loan L + 4.75% N/A(6) 01/2026 — (24) — —
5,284 5,183 0.2 5,284


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00%	(l)	9.69%				10/2026	$	791	$	784	—	%	$	772
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00%	(l)	9.69%				10/2026	392		387		—		384
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00%	(l)	9.65%				10/2026	2		2		—		2
TigerRisk, LLC*+	One stop	L +	4.75%	(a)	7.87%				06/2027	22,662		22,485		0.9		22,662
TigerRisk, LLC+(5)	One stop	L +	4.75%		N/A(6)				06/2027	—		(1)		—		—

										232,622		231,767		8.9		225,751
Internet & Catalog Retail
Revalize, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2027	15,012		14,899		0.6		14,562
Revalize, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2027	8,786		8,720		0.3		8,523
Revalize, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2027	4,357		4,324		0.2		4,226
Revalize, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2027	2,624		2,605		0.1		2,546
Revalize, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2027	1,691		1,677		0.1		1,641
Revalize, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2027	397		395		—		385
Revalize, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2027	228		226		—		222
Revalize, Inc.+(5)	One stop	L +	5.75%		N/A(6)				04/2027	—		(1)		—		(8)
										33,095		32,845		1.3		32,097
IT Services
Acquia, Inc.+	One stop	L +	7.00%	(a)	9.63%				10/2025	9,578		9,509		0.4		9,578
Acquia, Inc.+	One stop	L +	7.00%	(b)(c)	10.18%				10/2025	23		22		—		23
CivicPlus, LLC+	One stop	L +	6.00%	(a)	9.12%				08/2027	6,174		6,109		0.3		6,112
CivicPlus, LLC+	One stop	L +	6.00%	(a)	9.12%				08/2027	3,646		3,612		0.2		3,610
CivicPlus, LLC+	One stop	L +	6.00%	(b)	9.67%				08/2027	2,894		2,863		0.1		2,865
CivicPlus, LLC+	One stop	SF +	11.75%	(m)	14.38%				06/2034	202		197		—		200
CivicPlus, LLC+(5)	One stop	L +	6.00%		N/A(6)				08/2027	—		(1)		—		(1)
Critical Start, Inc.+	One stop	SF +	5.75%	(k)	5.65%	cash/	3.13%	PIK	05/2028	3,251		3,221		0.1		3,219
Critical Start, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				05/2028	—		(1)		—		(1)
Delinea Inc.+	One stop	L +	6.00%	(a)	9.12%				03/2028	16,581		16,388		0.6		15,420
Delinea Inc.#	One stop	L +	6.00%	(a)	9.12%				03/2028	9,586		9,471		0.4		8,915
Delinea Inc.+	One stop	L +	6.00%	(a)	9.12%				03/2027	118		116		—		104
Episerver, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2026	21,494		21,261		0.8		20,635
Episerver, Inc.+(8)(9)	One stop	E +	6.00%	(e)	7.19%				04/2026	17,564		20,276		0.7		16,976
Episerver, Inc.#+	One stop	L +	5.75%	(b)	9.42%				04/2026	11,937		12,007		0.5		11,460
Episerver, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2026	6,601		6,520		0.2		6,337
Episerver, Inc.+(5)	One stop	L +	5.75%		N/A(6)				04/2026	—		(3)		—		(22)
Episerver, Inc.+(5)	One stop	L +	5.75%		N/A(6)				04/2026	—		(3)		—		(20)
Goldcup 31018 AB+(8)(9)(17)	One stop	E +	7.07%	(f)	3.57%	cash/	3.82%	PIK	07/2029	7,666		7,736		0.3		7,571
Goldcup 31018 AB+(5)(8)(9)(17)	One stop	E +	6.50%		N/A(6)				01/2029	—		(2)		—		(2)
Goldcup 31018 AB+(5)(8)(9)(17)	One stop	E +	6.50%		N/A(6)				07/2029	—		(16)		—		(16)
Infinisource, Inc.#+	One stop	L +	5.25%	(c)	8.13%				10/2026	27,812		27,484		1.1		27,534
Infinisource, Inc.+	One stop	L +	5.25%	(c)	8.13%				10/2026	8,403		8,334		0.3		8,319
Infinisource, Inc.+	One stop	L +	5.25%	(c)	8.13%				10/2026	2,026		1,991		0.1		2,006
Infinisource, Inc.+	One stop	L +	5.25%	(c)	8.13%				10/2026	303		301		—		300
Infinisource, Inc.+	One stop	L +	5.25%	(b)	8.92%				10/2026	213		212		—		211
Infinisource, Inc.+	One stop	L +	5.25%	(c)	8.13%				10/2026	105		105		—		104
Infinisource, Inc.+	One stop	L +	5.25%	(b)	8.92%				10/2026	57		47		—		45
Infinisource, Inc.+(5)	One stop	L +	5.25%		N/A(6)				10/2026	—		(1)		—		(2)
Infinisource, Inc.+	One stop	L +	5.25%	(b)	8.92%				10/2026	86		75		—		85
Netwrix Corporation+	One stop	SF +	5.00%	(l)	7.90%				06/2029	3,534		3,503		0.1		3,499
Netwrix Corporation+(5)	One stop	SF +	5.00%		N/A(6)				06/2029	—		(2)		—		(2)
Netwrix Corporation+	One stop	SF +	5.00%	(l)	8.44%				06/2029	129		121		—		110

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Household Products
WU Holdco, Inc. #+ One stop L + 5.50% (c) 6.50% 03/2026 $ 3,780 $ 3,844 0.1 % $ 3,785
WU Holdco, Inc. + One stop L + 5.50% (c) 6.50% 03/2026 1,335 1,335 0.1 1,337
WU Holdco, Inc. + One stop L + 5.50% (c) 5.63% 03/2025 20 20 — 18
WU Holdco, Inc. + One stop L + 5.50% N/A(6) 03/2026 — — — —
5,135 5,199 0.2 5,140
Industrial Conglomerates
Arch Global CCT Holdings Corp.#+ Senior loan L + 4.25% (c) 4.38% 04/2026 2,379 2,438 0.1 2,381
Arch Global CCT Holdings Corp.+ Senior loan L + 4.25% N/A(6) 04/2025 — — — —
Arch Global CCT Holdings Corp.+ Senior loan L + 4.25% N/A(6) 04/2026 — — — —
Madison Safety & Flow LLC+ Senior loan L + 4.00% (a) 4.08% 03/2025 468 468 — 468
Madison Safety & Flow LLC+ Senior loan L + 4.00% (a) 4.08% 03/2025 3 3 — 3
Specialty Measurement Bidco Limited~(8)(9)(10) One stop E + 6.00% (g) 7.00% 11/2027 7,969 7,773 0.3 7,747
Specialty Measurement Bidco Limited~(8)(10) One stop L + 6.00% (c) 7.00% 11/2027 7,961 7,768 0.3 7,961
Specialty Measurement Bidco Limited+(5)(8)(9)(10) One stop L + 6.00% N/A(6) 11/2027 — (47) — —
18,780 18,403 0.7 18,560


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
PCS Intermediate II Holdings, LLC+	One stop	L +	5.25%	(c)	8.62%	01/2026	$	14,201	$	14,122	0.6	%	$	14,201
PCS Intermediate II Holdings, LLC+	One stop	L +	5.25%	(c)	8.62%	01/2026	2,050		2,035		0.1		2,050
PCS Intermediate II Holdings, LLC+(5)	One stop	L +	5.25%		N/A(6)	01/2026	—		(1)		—		—
Recordxtechnologies, LLC#	One stop	L +	5.50%	(b)	9.17%	12/2025	728		724		—		699
Recordxtechnologies, LLC+	One stop	L +	5.50%	(b)	9.17%	12/2025	114		113		—		109
Recordxtechnologies, LLC+	One stop	L +	5.50%	(b)	9.17%	12/2025	59		58		—		55
Red Dawn SEI Buyer, Inc.+(8)(9)	Senior secured	SN +	4.50%	(i)	6.69%	11/2025	19,267		23,496		0.7		18,882
Red Dawn SEI Buyer, Inc.+	Senior secured	L +	4.50%	(c)	8.67%	11/2025	5,542		5,505		0.2		5,431
Red Dawn SEI Buyer, Inc.+	Senior secured	L +	4.25%	(c)	8.42%	11/2025	737		732		—		717
Red Dawn SEI Buyer, Inc.+	Senior secured	L +	4.25%	(c)	8.42%	11/2025	131		130		—		127
Red Dawn SEI Buyer, Inc.+(5)	Senior secured	L +	4.50%		N/A(6)	11/2025	—		(2)		—		(5)
Red Dawn SEI Buyer, Inc.+(5)	Senior secured	L +	4.25%		N/A(6)	11/2025	—		(1)		—		(3)
Red Dawn SEI Buyer, Inc.+	Senior secured	L +	4.50%	(b)(c)	8.67%	11/2025	169		167		—		166
ReliaQuest Holdings, LLC+	One stop	SF +	10.75%	(l)	14.30%	10/2026	1,098		1,077		—		1,098
ReliaQuest Holdings, LLC+	One stop	SF +	10.75%	(l)	14.30%	10/2026	50		50		—		50
ReliaQuest Holdings, LLC+(5)	One stop	SF +	10.75%		N/A(6)	10/2026	—		(2)		—		—
Saturn Borrower Inc.+	One stop	L +	6.50%	(b)	10.17%	09/2026	19,977		19,572		0.7		18,978
Saturn Borrower Inc.+	One stop	L +	6.50%	(b)	10.17%	09/2026	103		101		—		98
Zarya Holdco, Inc.+	Senior secured	SF +	6.50%	(k)	9.63%	07/2027	4,789		4,789		0.2		4,789
Zarya Holdco, Inc.+	Senior secured	SF +	6.50%		N/A(6)	07/2027	—		—		—		—


							228,998		234,117		8.7		222,614

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Insurance
Alera Group, Inc.+ One stop L + 5.50% (a) 6.25% 10/2028 $ 25,626 $ 25,370 1.0 % $ 25,370
Alera Group, Inc.+(5) One stop L + 5.50% N/A(6) 10/2028 — (36) — (73)
AMBA Buyer, Inc. + One stop L + 5.75% (c) 6.50% 07/2027 3,221 3,189 0.1 3,188
AMBA Buyer, Inc. + One stop L + 5.75% N/A(6) 07/2027 — — — —
AMBA Buyer, Inc. +(5) One stop L + 5.75% N/A(6) 07/2027 — (5) — (5)
Captive Resources Midco, LLC*#+~ One stop L + 5.75% (a) 6.75% 05/2025 51,213 51,402 2.0 51,213
Captive Resources Midco, LLC# One stop L + 5.75% (a) 6.75% 05/2025 1,425 1,415 0.1 1,425
Captive Resources Midco, LLC+(5) One stop L + 5.75% N/A(6) 05/2025 — (12) — —
Integrity Marketing Acquisition, LLC+ Senior loan L + 5.50% (c) 6.50% 08/2025 2,446 2,447 0.1 2,446
Integrity Marketing Acquisition, LLC+ Senior loan L + 5.75% (c)(d) 6.75% 08/2025 1,532 1,513 0.1 1,545
Integrity Marketing Acquisition, LLC+ Senior loan L + 5.50% (c) 6.50% 08/2025 781 778 — 781
Integrity Marketing Acquisition, LLC+ Senior loan L + 5.50% (c) 6.50% 08/2025 472 471 — 472
Integrity Marketing Acquisition, LLC+ Senior loan L + 5.50% (c) 6.25% 08/2025 443 421 — 431
Integrity Marketing Acquisition, LLC+ Senior loan L + 5.50% (c) 6.50% 08/2025 247 245 — 247
Integrity Marketing Acquisition, LLC+ Senior loan L + 5.75% N/A(6) 08/2025 — — — —
J.S. Held Holdings, LLC#+ One stop L + 5.50% (c) 6.50% 07/2025 6,487 6,460 0.2 6,487
J.S. Held Holdings, LLC+ One stop L + 5.50% (c) 6.50% 07/2025 379 360 — 379
J.S. Held Holdings, LLC+(5) One stop L + 5.50% N/A(6) 07/2025 — (4) — —
Long Term Care Group, Inc.+ One stop L + 6.00% (c) 6.75% 09/2027 3,015 2,955 0.1 2,954
Majesco*# One stop L + 7.25% (c) 8.25% 09/2027 18,942 18,665 0.7 18,947
Majesco+(5) One stop L + 7.25% N/A(6) 09/2026 — (3) — —
Norvax, LLC+ Senior loan L + 4.00% (d) 5.00% 09/2025 33,116 32,962 1.3 33,116
Orchid Underwriters Agency, LLC+ Senior loan L + 4.50% (c) 4.63% 12/2024 4,082 4,121 0.2 4,082
Orchid Underwriters Agency, LLC+ Senior loan L + 4.50% (c) 5.50% 12/2024 497 496 — 497
Orchid Underwriters Agency, LLC+ Senior loan L + 4.50% N/A(6) 12/2024 — — — —
Pareto Health Intermediate Holdings, Inc. + One stop L + 5.75% (d) 6.75% 08/2025 7,299 7,229 0.3 7,226
People Corporation~(8)(9)(12) One stop C + 6.25% (m) 7.25% 02/2028 14,876 14,639 0.6 15,169
People Corporation+(8)(9)(12) One stop C + 6.25% (m) 7.25% 02/2028 4,090 4,046 0.2 4,091
People Corporation+(8)(9)(12) One stop C + 6.25% (m) 7.25% 02/2027 35 32 — 33
People Corporation+(5)(8)(9)(12) One stop C + 5.50% N/A(6) 02/2028 — (67) — (153)
RSC Acquisition, Inc.*#+ One stop L + 5.50% (c) 6.50% 10/2026 25,899 25,487 1.0 25,899
RSC Acquisition, Inc.+ One stop L + 5.50% (b)(c) 6.50% 10/2026 3,281 3,055 0.1 3,281
RSC Acquisition, Inc.+ One stop L + 5.50% (c) 6.50% 10/2026 175 63 — 175
RSC Acquisition, Inc.+(5) One stop L + 5.50% N/A(6) 10/2026 — (1) — —
Sunstar Insurance Group, LLC+ Senior loan L + 5.75% (c) 6.75% 10/2026 783 772 — 783
Sunstar Insurance Group, LLC+ Senior loan L + 5.75% (c) 6.75% 10/2026 397 390 — 397
Sunstar Insurance Group, LLC+ Senior loan L + 5.75% (c) 6.75% 10/2026 205 196 — 205
Sunstar Insurance Group, LLC+ Senior loan L + 5.75% N/A(6) 10/2026 — — — —
TigerRisk, LLC*+ One stop L + 5.25% (c) 6.25% 06/2027 22,892 22,675 0.9 22,892
TigerRisk, LLC+(5) One stop L + 5.25% N/A(6) 06/2027 — (1) — —
233,856 231,725 9.0 233,500
Internet & Catalog Retail
AQ Holdco Inc. + One stop L + 5.25% (c) 6.25% 04/2027 15,164 15,024 0.6 15,164
AQ Holdco Inc. + One stop L + 5.25% (c) 6.25% 04/2027 8,875 8,793 0.3 8,875
AQ Holdco Inc. + One stop L + 5.25% (c) 6.25% 04/2027 4,401 4,360 0.2 4,401
AQ Holdco Inc. + One stop L + 5.25% (c) 6.25% 04/2027 2,651 2,627 0.1 2,651
AQ Holdco Inc. + One stop L + 5.25% (c) 6.25% 04/2027 36 34 — 36
AQ Holdco Inc. +(5) One stop L + 5.25% N/A(6) 04/2027 — (2) — —
31,127 30,836 1.2 31,127


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Leisure Products
WBZ Investment LLC#+	One stop	L +	6.25%	(b)(c)	8.13%	cash/	1.00%	PIK	09/2024	$	8,649	$	8,679	0.3	%	$	8,649
WBZ Investment LLC+	One stop	L +	6.25%	(b)(c)	8.13%	cash/	1.00%	PIK	09/2024	1,239		1,235		0.1		1,239
WBZ Investment LLC+	One stop	L +	6.25%	(b)(c)	8.13%	cash/	1.00%	PIK	09/2024	861		875		—		861
WBZ Investment LLC+	One stop	L +	6.25%	(c)	8.13%	cash/	1.00%	PIK	09/2024	444		452		—		444
WBZ Investment LLC+	One stop	L +	6.25%		N/A(6)				09/2024	—		—		—		—
										11,193		11,241		0.4		11,193
Life Sciences Tools & Services
Covaris Intermediate 3, LLC+	One stop	L +	4.75%	(b)	7.56%				01/2028	5,909		5,856		0.2		5,909
Covaris Intermediate 3, LLC+	One stop	L +	5.25%	(a)	8.37%				01/2028	18		18		—		18
Covaris Intermediate 3, LLC+(5)	One stop	L +	4.75%		N/A(6)				01/2028	—		(2)		—		—
PAS Parent Inc.*#+	One stop	L +	5.50%	(a)(b)	8.62%				12/2028	33,706		33,102		1.3		32,694
PAS Parent Inc.+	One stop	P +	4.50%	(a)(d)	10.07%				12/2027	161		153		—		151
PAS Parent Inc.+(5)	One stop	L +	5.50%		N/A(6)				12/2028	—		(5)		—		(8)
Reaction Biology Corporation#	One stop	SF +	5.25%	(m)	9.48%				03/2029	8,023		7,949		0.3		7,783
Reaction Biology Corporation+	One stop	SF +	5.25%	(m)	9.48%				03/2029	60		55		—		45
Reaction Biology Corporation+(5)	One stop	P +	4.25%		N/A(6)				03/2029	—		(1)		—		(5)
Unchained Labs, LLC+	Senior secured	L +	5.50%	(a)	8.62%				08/2027	999		972		0.1		999
Unchained Labs, LLC+	Senior secured	L +	5.50%	(a)	8.62%				08/2027	844		830		—		844
Unchained Labs, LLC+	Senior secured	L +	5.50%		N/A(6)				08/2027	—		—		—		—










										49,720		48,927		1.9		48,430
Machinery
Bad Boy Mowers Acquisition, LLC+	Senior secured	L +	4.25%	(b)	7.38%				03/2028	1,866		1,862		0.1		1,866
Blackbird Purchaser, Inc.*+	Senior secured	L +	4.50%	(a)	7.62%				04/2026	19,084		19,205		0.7		18,893
Blackbird Purchaser, Inc.+	Senior secured	L +	4.50%	(a)	7.62%				10/2025	58		57		—		56
Blackbird Purchaser, Inc.+(5)	Senior secured	L +	4.50%		N/A(6)				04/2026	—		(2)		—		(3)
Chase Industries, Inc.+(7)	Senior secured	L +	7.00%	(c)	9.88%				05/2025	12,059		12,117		0.4		9,853
Chase Industries, Inc.+(7)	Senior secured	L +	7.00%	(b)	10.67%				05/2025	985		1,005		—		805
Chase Industries, Inc.+(7)	Senior secured	L +	7.00%	(c)	9.80%				05/2025	350		350		—		280

										34,402		34,594		1.2		31,750
Marine
Project Nike Purchaser, LLC+	One stop	SF +	6.00%	(l)	9.55%				04/2029	19,000		18,822		0.7		18,430
Project Nike Purchaser, LLC+(5)	One stop	P +	5.00%		N/A(6)				04/2029	—		(2)		—		(8)
Project Nike Purchaser, LLC+(5)	One stop	P +	5.00%		N/A(6)				04/2029	—		(7)		—		(23)
										19,000		18,813		0.7		18,399
Media
Triple Lift, Inc.+	One stop	SF +	5.50%	(l)(m)	9.36%				05/2028	5,343		5,258		0.3		5,343
Triple Lift, Inc.+	One stop	SF +	5.50%	(m)	9.61%				05/2028	1,133		1,112		0.1		1,133
Triple Lift, Inc.+	One stop	SF +	5.75%	(j)	8.74%				05/2028	27		26		—		27
										6,503		6,396		0.4		6,503
Multiline Retail
Mills Fleet Farm Group LLC*#+	One stop	L +	6.25%	(b)	9.06%				10/2024	45,138		45,090		1.8		45,138

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
IT Services
Acquia, Inc.+~ One stop L + 7.00% (c) 8.00% 10/2025 $ 9,578 $ 9,488 0.4 % $ 9,483
Acquia, Inc.+ One stop L + 7.00% (c) 8.00% 10/2025 4 4 — 4
Appriss Holdings, Inc.*#+~ One stop L + 6.00% (c) 7.00% 05/2026 24,780 25,247 1.0 24,780
Appriss Holdings, Inc.+ One stop P + 5.00% (f) 8.25% 05/2025 100 96 — 100
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ One stop L + 7.50% (c) 8.50% cash/1.00% PIK 08/2025 4,661 4,519 0.2 4,771
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ One stop L + 6.50% N/A(6) 08/2025 — — — 1
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+(5) One stop L + 6.50% N/A(6) 08/2025 — (11) — —
Centrify Corporation+ One stop L + 5.75% (c) 6.75% 03/2028 16,749 16,518 0.6 16,756
Centrify Corporation+ One stop L + 6.00% (c) 7.00% 03/2028 9,682 9,547 0.4 9,687
Centrify Corporation+(5) One stop L + 5.75% N/A(6) 03/2027 — (3) — (1)
CivicPlus, LLC+ One stop L + 6.25% (c) 7.00% 08/2027 6,174 6,113 0.2 6,112
CivicPlus, LLC+ One stop L + 6.25% N/A(6) 08/2027 — — — —
CivicPlus, LLC+(5) One stop L + 6.25% N/A(6) 08/2027 — (28) — (29)
Cordeagle US Finco, Inc.+ One stop L + 6.75% (c) 7.75% 07/2027 3,347 3,282 0.1 3,280
Cordeagle US Finco, Inc.+(5) One stop L + 6.75% N/A(6) 07/2027 — (1) — (1)
Episerver, Inc.+ One stop L + 5.50% (c) 6.50% 04/2026 21,713 21,410 0.8 21,689
Episerver, Inc.+~(8)(9) One stop E + 5.75% (g) 5.75% 04/2026 20,332 20,558 0.8 20,951
Episerver, Inc.#+ One stop L + 5.50% (c) 6.50% 04/2026 12,062 12,175 0.5 12,048
Episerver, Inc.+(5) One stop L + 5.50% N/A(6) 04/2026 — (4) — —
Gamma Technologies, LLC*#+ One stop L + 4.75% (c) 5.75% 06/2024 46,861 47,097 1.8 46,861
Gamma Technologies, LLC+ One stop L + 4.75% N/A(6) 06/2024 — — — —
Infinisource, Inc.+~ One stop L + 4.50% (c) 5.50% 10/2026 28,106 27,767 1.1 28,106
Infinisource, Inc. One stop L + 4.50% (c) 5.50% 10/2026 2,047 2,008 0.1 2,047
Infinisource, Inc.+ One stop L + 4.50% (c) 5.50% 10/2026 306 304 — 306
Infinisource, Inc.+ One stop L + 4.50% (c) 5.50% 10/2026 118 117 — 118
Infinisource, Inc.+ One stop L + 4.50% (c) 5.50% 10/2026 107 106 — 107
PCS Intermediate II Holdings, LLC~ One stop L + 5.25% (c) 6.25% 01/2026 14,347 14,243 0.6 14,347
PCS Intermediate II Holdings, LLC+ One stop L + 5.25% (c) 6.25% 01/2026 2,071 2,052 0.1 2,071
PCS Intermediate II Holdings, LLC+(5) One stop L + 5.25% N/A(6) 01/2026 — (1) — —
Recordxtechnologies, LLC# One stop L + 5.50% (c) 6.50% 12/2025 736 729 — 721
Recordxtechnologies, LLC+ One stop L + 5.50% (c) 6.50% 12/2025 115 114 — 113
Recordxtechnologies, LLC+ One stop L + 5.50% (c) 6.50% 12/2025 42 41 — 40
Red Dawn SEI Buyer, Inc.+~(8)(9) Senior loan L + 4.50% (j) 5.50% 11/2025 23,887 23,680 0.9 23,610
Red Dawn SEI Buyer, Inc.+ Senior loan L + 4.50% (d) 5.50% 11/2025 2,490 2,442 0.1 2,520
Red Dawn SEI Buyer, Inc.+ Senior loan L + 4.25% (d) 5.25% 11/2025 744 738 — 741
Red Dawn SEI Buyer, Inc.+ Senior loan L + 4.25% (d) 5.25% 11/2025 132 131 — 132
Red Dawn SEI Buyer, Inc.+(5) Senior loan L + 4.25% N/A(6) 11/2025 — (1) — —
Saturn Borrower Inc.+~ One stop L + 6.50% (c) 7.50% 09/2026 20,181 19,670 0.8 20,181
Saturn Borrower Inc.+ One stop L + 6.50% (c) 7.50% 09/2026 41 39 — 41
271,513 270,186 10.5 271,693


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.*+(8)(12)	One stop	L +	6.75%	(b)	9.70%				05/2025	$	20,419	$	20,502	0.8	%	$	20,419
3ES Innovation, Inc.+(8)(12)	One stop	L +	6.75%	(b)	9.92%				05/2025	80		79		—		80
Envernus, Inc.*#+	Senior secured	L +	4.25%	(a)	7.37%				07/2025	37,066		37,349		1.4		36,097
Envernus, Inc.+	Senior secured	L +	4.50%	(a)	7.62%				07/2025	16,993		16,739		0.7		16,653
Envernus, Inc.+	Senior secured	L +	4.25%	(a)	7.37%				09/2024	86		85		—		82
Envernus, Inc.+	Senior secured	L +	4.50%	(a)	7.62%				09/2024	69		65		—		67
Project Power Buyer, LLC*#+	One stop	L +	6.00%	(b)	9.68%				05/2026	15,464		15,559		0.6		15,464
Project Power Buyer, LLC+	One stop	L +	6.00%		N/A(6)				05/2025	—		—		—		—
										90,177		90,378		3.5		88,862
Paper & Forest Products
Messenger, LLC#+	One stop	SF +	5.75%	(k)	8.88%				12/2027	10,176		10,086		0.4		10,176
Messenger, LLC+	One stop	SF +	5.75%	(k)	8.50%				12/2027	100		99		—		100
Messenger, LLC+	One stop	SF +	5.75%	(k)	8.88%				12/2027	50		49		—		50
Messenger, LLC+	One stop	P +	4.75%	(d)	11.00%				12/2027	34		33		—		34
										10,360		10,267		0.4		10,360
Personal Products
IMPLUS Footcare, LLC+	One stop	L +	8.00%	(b)	11.42%	cash/	0.25%	PIK	04/2024	30,464		30,657		1.1		28,332
IMPLUS Footcare, LLC+	One stop	L +	8.00%	(b)	11.42%	cash/	0.25%	PIK	04/2024	5,203		5,236		0.2		4,839
IMPLUS Footcare, LLC*+	One stop	L +	8.00%	(b)	11.42%	cash/	0.25%	PIK	04/2024	750		761		—		698
										36,417		36,654		1.3		33,869

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Leisure Products
WBZ Investment LLC#+ One stop L + 6.50% (c) 6.50% cash/1.00% PIK 09/2024 $ 8,626 $ 8,670 0.4 % $ 8,626
WBZ Investment LLC+ One stop L + 6.50% (c) 6.50% cash/1.00% PIK 09/2024 1,235 1,230 — 1,235
WBZ Investment LLC+ One stop L + 6.50% (c) 6.50% cash/1.00% PIK 09/2024 859 880 — 859
WBZ Investment LLC+ One stop L + 6.50% (c) 6.50% cash/1.00% PIK 09/2024 439 451 — 439
WBZ Investment LLC+ One stop L + 6.50% (c) 6.50% cash/1.00% PIK 09/2024 82 82 — 82
11,241 11,313 0.4 11,241
Life Sciences Tools & Services
Pace Analytical Services, LLC*#+ One stop L + 5.50% (c) 6.50% 04/2024 29,330 29,341 1.2 29,330
Pace Analytical Services, LLC+ One stop L + 5.50% (c) 6.50% 04/2024 7,090 6,923 0.3 7,090
Pace Analytical Services, LLC+ One stop L + 5.50% (c) 6.50% 04/2024 6,975 6,902 0.3 6,975
Pace Analytical Services, LLC#+ One stop L + 5.50% (c) 6.50% 04/2024 2,727 2,727 0.2 2,727
Pace Analytical Services, LLC*# One stop L + 5.50% (c) 6.50% 04/2024 1,635 1,649 0.1 1,635
Pace Analytical Services, LLC*# One stop L + 5.50% (c) 6.50% 04/2024 1,503 1,506 0.1 1,503
Pace Analytical Services, LLC*# One stop L + 5.50% (c) 6.50% 04/2024 1,252 1,250 — 1,252
Pace Analytical Services, LLC#+ One stop L + 5.50% (c) 6.50% 04/2024 1,210 1,220 — 1,210
Pace Analytical Services, LLC+ One stop L + 5.50% (c) 6.50% 04/2024 983 969 — 983
Pace Analytical Services, LLC+ One stop L + 5.50% (c) 6.50% 04/2024 881 872 — 881
Pace Analytical Services, LLC*# One stop L + 5.50% (c) 6.50% 04/2024 670 670 — 670
Pace Analytical Services, LLC*# One stop L + 5.50% (c) 6.50% 04/2024 554 558 — 554
Pace Analytical Services, LLC* One stop L + 5.50% (c) 6.50% 04/2024 186 187 — 186
Pace Analytical Services, LLC+(5) One stop L + 5.50% N/A(6) 04/2024 — (2) — —
Unchained Labs, LLC+ Senior loan L + 5.50% (a) 6.50% 08/2027 852 835 — 835
Unchained Labs, LLC+(5) Senior loan L + 5.50% N/A(6) 08/2027 — (1) — (1)
Unchained Labs, LLC+(5) Senior loan L + 5.50% N/A(6) 08/2027 — (21) — (21)
55,848 55,585 2.2 55,809
Machinery
Bad Boy Mowers Acquisition, LLC+ Senior loan L + 4.25% (a) 5.00% 03/2028 2,029 2,024 0.1 2,029
Blackbird Purchaser, Inc. *+~ Senior loan L + 4.50% (c)(f) 4.63% 04/2026 15,839 16,063 0.6 15,864
Blackbird Purchaser, Inc. + Senior loan L + 4.50% (c) 4.63% 04/2024 128 126 — 126
Chase Industries, Inc.+~ Senior loan L + 7.00% (c) 6.50% cash/1.50% PIK 05/2025 12,059 12,154 0.4 9,647
Chase Industries, Inc.+ Senior loan L + 7.00% (d) 6.50% cash/1.50% PIK 05/2025 985 1,012 — 788
Chase Industries, Inc.+ Senior loan L + 7.00% (c) 6.50% cash/1.50% PIK 05/2023 292 293 — 220
Time Manufacturing Acquisition, LLC~ Senior loan L + 5.00% (c) 6.00% 02/2023 703 702 — 703
32,035 32,374 1.1 29,377
Marine
Veson Nautical LLC#+ One stop L + 5.25% (c) 6.25% 11/2025 9,668 9,589 0.4 9,668
Veson Nautical LLC+ One stop L + 5.25% (c) 6.25% 11/2025 7,209 7,141 0.3 7,209
Veson Nautical LLC+(5) One stop L + 5.25% N/A(6) 11/2025 — (1) — —
16,877 16,729 0.7 16,877


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Pharmaceuticals
ACP Ulysses Buyer, Inc.*#+	One stop	SF +	5.25%	(l)	8.95%				02/2026	$	25,488	$	25,285	1.0	%	$	25,106
ACP Ulysses Buyer, Inc.+	One stop	SF +	5.25%	(l)	8.95%				02/2026	1,102		1,081		—		1,086
Amalthea Parent, Inc.*#+(8)(12)	One stop	L +	4.75%	(a)	7.87%				03/2027	57,245		56,732		2.2		56,673
Amalthea Parent, Inc.+(5)(8)(12)	One stop	SF +	4.75%		N/A(6)				03/2027	—		(3)		—		(3)
Amalthea Parent, Inc.+(5)(8)(12)	One stop	SF +	4.75%		N/A(6)				03/2027	—		(24)		—		(17)
Amalthea Parent, Inc.+(5)(8)(12)	One stop	SF +	4.75%		N/A(6)				03/2027	—		(3)		—		(3)
Apothecary Products, LLC+	Senior secured	SF +	5.00%	(m)	8.36%				07/2023	2,891		2,921		0.1		2,833
Apothecary Products, LLC+	Senior secured	SF +	5.00%	(l)	8.58%				07/2023	156		156		—		140
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.50%	(m)	9.48%				05/2029	17,179		16,853		0.7		16,835
Caerus Midco 3 S.A.R.L.+(5)(8)(13)	One stop	SF +	5.50%		N/A(6)				05/2029	—		(5)		—		(5)
Caerus Midco 3 S.A.R.L.+(5)(8)(13)	One stop	SF +	5.50%		N/A(6)				05/2029	—		(25)		—		(52)
Cobalt Buyer Sub, Inc.+	One stop	L +	5.25%	(a)	8.37%				10/2028	10,627		10,445		0.4		10,096
Cobalt Buyer Sub, Inc.+	One stop	L +	5.25%	(a)	8.37%				10/2027	36		34		—		32
Cobalt Buyer Sub, Inc.+	One stop	L +	5.25%	(a)	8.37%				10/2028	3,240		3,177		0.1		3,062
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.50%	(i)	6.69%				08/2028	21,890		26,631		0.9		21,890
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.50%	(i)	6.69%				08/2028	2,653		3,004		0.1		2,653
Spark Bidco Limited+(5)(8)(9)(10)	Senior secured	SN +	4.50%		N/A(6)				02/2028	—		(2)		—		—
										142,507		146,257		5.5		140,326
Professional Services
Citrin Cooperman Advisors LLC+	One stop	SF +	5.00%	(k)(l)	7.80%				10/2027	2,996		2,945		0.1		2,996
DISA Holdings Corp.+	Senior secured	SF +	5.50%	(k)	8.18%				09/2028	2,273		2,228		0.1		2,227
DISA Holdings Corp.+	Senior secured	SF +	5.50%	(k)	8.18%				09/2028	2		2		—		2
DISA Holdings Corp.+(5)	Senior secured	SF +	5.50%		N/A(6)				09/2028	—		(6)		—		(6)
Eliassen Group, LLC+	One stop	SF +	5.75%	(l)	9.30%				04/2028	1,444		1,431		—		1,444
Eliassen Group, LLC+	One stop	SF +	5.75%	(l)	9.13%				04/2028	4		4		—		4
Filevine, Inc.+	One stop	SF +	6.50%	(l)(m)	5.43%	cash/	2.50%	PIK	04/2027	5,265		5,197		0.2		5,270
Filevine, Inc.+	One stop	SF +	6.50%		N/A(6)				04/2027	—		—		—		—
IG Investments Holdings, LLC+	One stop	L +	6.00%	(a)(b)	9.47%				09/2028	7,093		6,976		0.3		7,093
IG Investments Holdings, LLC+(5)	One stop	L +	6.00%		N/A(6)				09/2027	—		(1)		—		—
NBG Acquisition Corp. and NBG-P Acquisition Corp.+	One stop	L +	5.25%	(a)(b)	8.06%				11/2028	7,593		7,543		0.3		7,365
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5)	One stop	L +	5.25%		N/A(6)				11/2028	—		(14)		—		(66)
NBG Acquisition Corp. and NBG-P Acquisition Corp.+	One stop	L +	5.25%	(b)	8.10%				11/2028	75		74		—		68
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5)	One stop	L +	5.25%		N/A(6)				11/2028	—		(18)		—		(75)
Net Health Acquisition Corp.+	One stop	L +	5.75%	(a)	8.87%				12/2025	13,235		13,147		0.5		13,103
Net Health Acquisition Corp.*#	One stop	L +	5.75%	(a)	8.87%				12/2025	8,378		8,380		0.3		8,295
Net Health Acquisition Corp.+	One stop	L +	5.75%	(a)	8.87%				12/2025	6,706		6,741		0.3		6,639
Net Health Acquisition Corp.#	One stop	L +	5.75%	(a)	8.88%				12/2025	4,237		4,198		0.2		4,195
Net Health Acquisition Corp.*#	One stop	L +	5.75%	(a)	8.87%				12/2025	1,171		1,172		—		1,159
Net Health Acquisition Corp.+(5)	One stop	L +	5.75%		N/A(6)				12/2025	—		(2)		—		(3)
PlanSource Holdings, Inc.+	One stop	L +	6.25%	(c)	9.55%				04/2025	11,416		11,465		0.4		11,416
PlanSource Holdings, Inc.+	One stop	L +	6.25%	(c)	9.55%				04/2025	1,932		1,920		0.1		1,932
PlanSource Holdings, Inc.+	One stop	L +	6.25%	(c)	9.55%				04/2025	139		138		—		139
PlanSource Holdings, Inc.+(5)	One stop	L +	6.25%		N/A(6)				04/2025	—		(1)		—		—

ProcessMAP Corporation+	One stop	L +	6.25%	(b)	6.17%	cash/	3.75%	PIK	12/2027	3,948		3,914		0.2		3,869
ProcessMAP Corporation+(5)	One stop	L +	6.00%		N/A(6)				12/2027	—		—		—		(1)
Procure Acquireco, Inc.#+	One stop	L +	5.25%	(c)	8.00%				12/2028	17,634		17,477		0.7		17,634
Procure Acquireco, Inc.+(5)	One stop	L +	5.25%		N/A(6)				12/2028	—		(1)		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Media
Triple Lift, Inc.+ One stop L + 5.75% (c) 6.50% 05/2028 $ 5,397 $ 5,296 0.2 % $ 5,397
Triple Lift, Inc.+(5) One stop L + 5.75% N/A(6) 05/2028 — (1) — —
5,397 5,295 0.2 5,397
Multiline Retail
Mills Fleet Farm Group LLC*#+~ One stop L + 6.25% (a) 7.25% 10/2024 46,470 46,382 1.8 46,470
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.*+~(8)(12) One stop L + 6.75% (c) 7.75% 05/2025 20,629 20,741 0.8 20,629
3ES Innovation, Inc.+(5)(8)(12) One stop L + 6.75% N/A(6) 05/2025 — (1) — —
Drilling Info Holdings, Inc.*#+~ Senior loan L + 4.25% (a) 4.33% 07/2025 37,452 37,830 1.4 37,381
Drilling Info Holdings, Inc.~ Senior loan L + 4.50% (a) 4.58% 07/2025 17,167 16,827 0.7 17,283
Drilling Info Holdings, Inc.+(5) Senior loan L + 4.25% N/A(6) 07/2023 — (1) — (2)
Drilling Info Holdings, Inc.+(5) Senior loan L + 4.50% N/A(6) 07/2023 — (2) — (1)
Project Power Buyer, LLC*#+ One stop L + 6.00% (c) 7.00% 05/2026 15,622 15,744 0.6 15,622
Project Power Buyer, LLC+(5) One stop L + 6.00% N/A(6) 05/2025 — (1) — —
90,870 91,137 3.5 90,912
Paper & Forest Products
Messenger, LLC#~ One stop L + 5.50% (a)(f) 6.50% 08/2023 8,921 8,970 0.3 8,921
Messenger, LLC+ One stop L + 5.50% N/A(6) 08/2023 — — — —
8,921 8,970 0.3 8,921
Personal Products
IMPLUS Footwear, LLC+~ One stop L + 7.75% (c) 8.75% 04/2024 30,667 30,960 1.1 28,213
IMPLUS Footwear, LLC+~ One stop L + 7.75% (c) 8.75% 04/2024 5,238 5,287 0.2 4,819
IMPLUS Footwear, LLC*+ One stop L + 7.75% (c) 8.75% 04/2024 755 772 — 695
36,660 37,019 1.3 33,727


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Procure Acquireco, Inc.+(5)	One stop	L +	5.25%		N/A(6)	12/2028	$	—	$	(3)	—	%	$	—
Teaching Company, The*#+	One stop	L +	4.75%	(a)	7.69%	07/2023	17,464		17,510		0.7		17,289
Teaching Company, The+(5)	One stop	L +	4.75%		N/A(6)	07/2023	—		—		—		(2)





							113,005		112,416		4.4		111,986


Real Estate Management & Development
Inhabit IQ Inc.+	One stop	L +	5.75%	(a)	8.87%	07/2025	21,751	21,595	0.9	21,751
Inhabit IQ Inc.#+	One stop	L +	5.75%	(a)	8.87%	07/2025	19,437	19,478	0.8	19,437
Inhabit IQ Inc.+	One stop	L +	5.75%	(a)	8.87%	07/2025	13,391	13,280	0.5	13,391
Inhabit IQ Inc.*	One stop	L +	5.75%	(a)	8.87%	07/2025	12,367	12,278	0.5	12,367
Inhabit IQ Inc.*#	One stop	L +	5.75%	(a)	8.87%	07/2025	6,518	6,548	0.3	6,518
Inhabit IQ Inc.+	One stop	L +	5.75%	(a)	8.87%	07/2025	3,176	3,213	0.1	3,176
Inhabit IQ Inc.#+	One stop	L +	5.75%	(a)	8.87%	07/2025	1,395	1,410	0.1	1,395
Inhabit IQ Inc.#+	One stop	L +	5.75%	(a)	8.87%	07/2025	1,181	1,193	—	1,181
Inhabit IQ Inc.#+	One stop	L +	5.75%	(a)	8.87%	07/2025	1,164	1,178	—	1,164
Inhabit IQ Inc.+	One stop	L +	5.75%	(a)	8.87%	07/2025	931	927	—	931
Inhabit IQ Inc.+	One stop	L +	5.75%	(a)	8.87%	07/2025	491	497	—	491
Inhabit IQ Inc.+	One stop	L +	5.75%		N/A(6)	07/2025	—	—	—	—
MRI Software LLC*+	One stop	L +	5.50%	(b)	9.17%	02/2026	14,360	14,279	0.6	14,216
MRI Software LLC+	One stop	L +	5.50%	(b)	9.17%	02/2026	4,952	4,905	0.2	4,903
MRI Software LLC+(5)	One stop	L +	5.50%		N/A(6)	02/2026	—	(2)	—	(3)

MRI Software LLC+(5)	One stop	L +	5.50%		N/A(6)	02/2026	—	(1)	—	(5)
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.75%	(i)	7.94%	08/2028	16,305	20,039	0.6	15,653
RPL Bidco Limited+(8)(9)(10)	One stop	A +	5.75%	(g)	8.21%	08/2028	1,912	2,172	0.1	1,836
RPL Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.75%		N/A(6)	02/2028	—	—	—	(2)


							119,331	122,989	4.7	118,400
Road & Rail
Channelside Acquisitona Co, Inc.+	One stop	L +	5.25%	(b)	8.92%	07/2028	4,241	4,154	0.2	4,199
Channelside Acquisitona Co, Inc.+	One stop	L +	5.25%	(a)	8.34%	07/2026	5	4	—	5
Channelside Acquisitona Co, Inc.+	One stop	L +	5.25%		N/A(6)	07/2028	—	—	—	—
Internet Truckstop Group LLC*#	One stop	L +	5.50%	(b)	9.18%	04/2025	21,564	21,843	0.8	21,564
Internet Truckstop Group LLC+	One stop	L +	5.50%	(b)	9.18%	04/2025	9,442	9,355	0.4	9,442
Internet Truckstop Group LLC+(5)	One stop	L +	5.50%		N/A(6)	04/2025	—	(2)	—	—
							35,252	35,354	1.4	35,210

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Pharmaceuticals
ACP Ulysses Buyer, Inc.*#+ Senior loan L + 5.00% (a) 6.00% 02/2026 $ 13,077 $ 12,980 0.5 % $ 13,077
Amalthea Parent, Inc.*#+(8)(12) One stop L + 5.00% (a) 6.00% 03/2027 25,964 25,726 1.0 25,964
Amalthea Parent, Inc.+(5)(8)(12) One stop L + 5.00% N/A(6) 03/2027 — (2) — —
Amalthea Parent, Inc.+(5)(8)(12) One stop L + 5.00% N/A(6) 03/2027 — (45) — —
Apothecary Products, LLC+ Senior loan L + 4.25% (a) 5.25% 07/2023 2,891 2,959 0.1 2,891
Apothecary Products, LLC+ Senior loan L + 4.25% (a)(b)(c)(d) 5.25% 07/2023 313 313 — 313
BIOVT, LLC*#+ One stop L + 5.75% (a) 6.75% 07/2022 32,910 32,785 1.3 32,910
BIOVT, LLC#+ One stop L + 5.75% (a) 6.75% 07/2022 1,978 1,970 0.1 1,978
BIOVT, LLC* One stop L + 5.75% (a) 6.75% 07/2022 1,857 1,849 0.1 1,857
BIOVT, LLC+ One stop L + 5.75% (a) 6.75% 07/2022 102 102 — 102
Spark Bidco Limited+(8)(9)(10) Senior loan SN + 4.75% (n) 4.80% 08/2028 26,972 26,573 1.0 26,082
Spark Bidco Limited+(8)(9)(10) Senior loan SN + 4.75% N/A(6) 02/2028 — — — —
Spark Bidco Limited+(5)(8)(9)(10) Senior loan SN + 4.75% N/A(6) 08/2028 — (76) — (75)
106,064 105,134 4.1 105,099
Professional Services
DISA Holdings Acquisition Subsidiary Corp.+~ Senior loan L + 4.25% (a) 5.25% 06/2022 8,846 8,889 0.4 8,846
DISA Holdings Acquisition Subsidiary Corp.+ Senior loan L + 4.25% N/A(6) 06/2022 — — — —
IG Investments Holdings, LLC+ One stop L + 6.00% (c) 6.75% 09/2028 6,600 6,469 0.3 6,468
IG Investments Holdings, LLC+(5) One stop L + 6.00% N/A(6) 09/2027 — (1) — (1)
Net Health Acquisition Corp.+ One stop L + 5.75% (c) 6.75% 12/2025 13,370 13,252 0.5 13,370
Net Health Acquisition Corp.*# One stop L + 5.75% (c) 6.75% 12/2025 8,465 8,483 0.4 8,465
Net Health Acquisition Corp.+~ One stop L + 5.75% (c) 6.75% 12/2025 6,776 6,817 0.3 6,776
Net Health Acquisition Corp.# One stop L + 5.75% (c) 6.75% 12/2025 4,280 4,229 0.2 4,280
Net Health Acquisition Corp.*# One stop L + 5.75% (c) 6.75% 12/2025 1,183 1,186 — 1,183
Net Health Acquisition Corp.+(5) One stop L + 5.75% N/A(6) 12/2025 — (3) — —
Nexus Brands Group, Inc.*# One stop L + 5.75% (c) 6.75% 11/2023 9,282 9,345 0.4 9,282
Nexus Brands Group, Inc.+~(8)(9) One stop SN + 6.03% (n) 7.03% 11/2023 7,072 7,163 0.3 7,584
Nexus Brands Group, Inc.#+ One stop L + 5.75% (c) 6.75% 11/2023 1,966 2,010 0.1 1,966
Nexus Brands Group, Inc.#~ One stop L + 5.75% (c) 6.75% 11/2023 1,423 1,454 0.1 1,423
Nexus Brands Group, Inc.+(8)(9) One stop SN + 6.03% (n) 7.03% 11/2023 817 817 — 826
Nexus Brands Group, Inc.~ One stop L + 5.75% (c) 6.75% 11/2023 757 753 — 757
Nexus Brands Group, Inc.+ One stop L + 5.75% (b) 6.75% 11/2023 561 557 — 561
Nexus Brands Group, Inc.+ One stop L + 5.75% (c) 6.75% 11/2023 513 513 — 513
Nexus Brands Group, Inc.+ One stop L + 5.75% (c) 6.75% 11/2023 486 481 — 486
Nexus Brands Group, Inc.+ One stop L + 5.75% (a) 6.75% 11/2023 160 162 — 160
Nexus Brands Group, Inc.+ One stop L + 5.75% (c) 6.75% 11/2023 84 84 — 84
Nexus Brands Group, Inc.+ One stop L + 5.75% (c) 6.75% 11/2023 53 53 — 53
Nexus Brands Group, Inc.+(8)(9) One stop SN + 6.03% (n) 7.03% 11/2023 28 28 — 26
Nexus Brands Group, Inc.+ One stop L + 5.75% (c) 6.75% 11/2023 11 11 — 11
Nexus Brands Group, Inc.+(5) One stop L + 5.75% N/A(6) 11/2023 — (36) — —
PlanSource Holdings, Inc. +~ One stop L + 6.25% (c) 7.25% 04/2025 11,416 11,514 0.4 11,416
PlanSource Holdings, Inc. + One stop L + 6.25% (c) 7.25% 04/2025 82 82 — 82
Teaching Company, The*#+ One stop L + 4.75% (c) 5.75% 07/2023 17,508 17,621 0.7 17,508
Teaching Company, The+ One stop L + 4.75% N/A(6) 07/2023 — — — —
101,739 101,933 4.1 102,125


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Software
Accela, Inc.*#+	One stop	L +	7.50%	(a)	6.37%	cash/	4.25%	PIK	09/2024	$	4,695	$	4,678	0.2	%	$	4,695
Accela, Inc.+	One stop	L +	7.50%	(a)	6.37%	cash/	4.25%	PIK	09/2024	279		277		—		279
Accela, Inc.+	One stop	L +	7.00%	(a)	10.12%				09/2024	20		20		—		20
Anaplan, Inc.+	One stop	SF +	6.50%	(k)	9.53%				06/2029	9,840		9,745		0.4		9,643
Anaplan, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				06/2028	—		(2)		—		(3)
Appfire Technologies, LLC#+	One stop	SF +	5.50%	(k)	8.63%				03/2027	36,575		36,151		1.4		36,209
Appfire Technologies, LLC+	One stop	SF +	5.50%	(k)	8.63%				03/2027	19		16		—		17
Appfire Technologies, LLC+(5)	One stop	SF +	5.50%		N/A(6)				03/2027	—		(7)		—		(11)
Appfire Technologies, LLC+(5)	One stop	SF +	5.00%		N/A(6)				03/2027	—		(39)		—		(55)
Apptio, Inc.+	One stop	L +	6.00%	(b)	8.46%				01/2025	57,010		57,389		2.2		56,440
Apptio, Inc.+	One stop	L +	6.00%	(b)	8.46%				01/2025	76		76		—		76
Aras Corporation+	One stop	L +	7.00%	(b)	5.71%	cash/	3.75%	PIK	04/2027	14,159		14,055		0.6		14,159
Aras Corporation+	One stop	L +	6.50%	(c)	9.50%				04/2027	31		30		—		31
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.75%	(i)	7.94%				06/2029	3,199		3,407		0.1		3,103
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.75%	(i)	7.94%				06/2029	550		539		—		500
Auvik Networks Inc.+(8)(12)	One stop	SF +	5.75%	(l)	5.73%	cash/	2.75%	PIK	07/2027	7,033		6,978		0.3		6,829
Auvik Networks Inc.+(8)(12)	One stop	SF +	6.25%	(l)	5.73%	cash/	3.25%	PIK	07/2027	1,251		1,239		—		1,239
Auvik Networks Inc.+(5)(8)(12)	One stop	SF +	5.75%		N/A(6)				07/2027	—		(1)		—		(2)
Axiom Merger Sub Inc.+	One stop	L +	5.50%	(b)(c)	7.07%				04/2026	5,728		5,753		0.2		5,728
Axiom Merger Sub Inc.+(8)(9)	One stop	E +	5.75%	(e)(f)	5.85%				04/2026	2,075		2,375		0.1		2,075
Axiom Merger Sub Inc.+	One stop	L +	5.50%	(c)	7.05%				04/2026	272		270		—		272
Axiom Merger Sub Inc.+	One stop	L +	5.50%	(b)(c)	8.87%				04/2026	15		14		—		15
Axiom Merger Sub Inc.+	One stop	L +	5.50%		N/A(6)				10/2025	—		—		—		—
Bayshore Intermediate #2, L.P.+	One stop	L +	7.75%	(a)	10.43%				10/2028	65,064		63,909		2.6		65,064
Bayshore Intermediate #2, L.P.+(5)	One stop	L +	6.75%		N/A(6)				10/2027	—		(3)		—		—
Bonterra LLC+	One stop	L +	6.25%	(b)	9.92%				09/2027	63,832		63,041		2.5		63,194
Bonterra LLC+	One stop	L +	6.25%	(b)	9.92%				09/2027	122		120		—		120
Bonterra LLC+(5)	One stop	L +	6.25%		N/A(6)				09/2027	—		(36)		—		(58)
Bottomline Technologies, Inc.+	One stop	SF +	5.50%	(k)	8.35%				05/2029	28,163		27,631		1.1		27,318
Bottomline Technologies, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				05/2028	—		(4)		—		(6)
Bullhorn, Inc.*#+	One stop	L +	5.75%	(b)	9.42%				09/2026	65,946		65,212		2.6		65,946
Bullhorn, Inc.+(8)(9)	One stop	SN +	6.00%	(i)	8.19%				09/2026	10,681		11,636		0.4		10,681
Bullhorn, Inc.+(8)(9)	One stop	E +	5.75%	(e)	6.94%				09/2026	4,236		4,672		0.2		4,236
Bullhorn, Inc.+	One stop	L +	5.75%	(b)	9.42%				09/2026	214		211		—		214
Bullhorn, Inc.+	One stop	L +	5.75%	(b)	9.42%				09/2026	96		95		—		96
Bullhorn, Inc.+	One stop	L +	5.75%	(b)	9.42%				09/2026	76		76		—		76
Bullhorn, Inc.+	One stop	L +	5.75%	(b)	9.42%				09/2026	110		107		—		110
Burning Glass Intermediate Holdings Company, Inc.#+	One stop	L +	5.00%	(a)	8.12%				06/2028	9,819		9,658		0.4		9,819
Burning Glass Intermediate Holdings Company, Inc.+	One stop	L +	5.00%	(a)	8.12%				06/2026	28		26		—		28
Calabrio, Inc.+	One stop	L +	7.00%	(b)	10.67%				04/2027	53,683		53,073		2.1		53,683
Calabrio, Inc.+(5)	One stop	L +	7.00%		N/A(6)				04/2027	—		(3)		—		—
Community Brands Parentco LLC+	One stop	SF +	5.75%	(k)	8.88%				02/2028	14,194		13,939		0.5		13,911
Community Brands Parentco LLC+(5)	One stop	SF +	5.50%		N/A(6)				02/2028	—		(1)		—		(1)
Community Brands Parentco LLC+(5)	One stop	SF +	5.50%		N/A(6)				02/2028	—		(1)		—		(2)
Daxko Acquisition Corporation+	One stop	L +	5.50%	(a)	8.62%				10/2028	27,710		27,471		1.1		26,879
Daxko Acquisition Corporation+	One stop	L +	5.50%	(a)	8.62%				10/2028	2,337		2,307		0.1		2,267
Daxko Acquisition Corporation+(5)	One stop	L +	5.50%		N/A(6)				10/2027	—		(2)		—		(5)

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Real Estate Management & Development
Property Brands, Inc.#+ One stop L + 5.75% (c) 6.75% 07/2025 $ 19,640 $ 19,727 0.7 % $ 19,444
Property Brands, Inc.+~ One stop L + 5.75% (c) 6.75% 07/2025 13,528 13,342 0.5 13,394
Property Brands, Inc.+ One stop L + 5.75% (c) 6.75% 07/2025 12,492 12,370 0.5 12,367
Property Brands, Inc.*# One stop L + 5.75% (c) 6.75% 07/2025 6,585 6,645 0.3 6,519
Property Brands, Inc.+~ One stop L + 5.75% (c)(d) 6.75% 07/2025 3,209 3,275 0.1 3,177
Property Brands, Inc.#+ One stop L + 5.75% (d) 6.75% 07/2025 1,409 1,437 0.1 1,396
Property Brands, Inc.#+ One stop L + 5.75% (d) 6.75% 07/2025 1,193 1,216 — 1,181
Property Brands, Inc.#+ One stop L + 5.75% (c) 6.75% 07/2025 1,176 1,200 — 1,164
Property Brands, Inc.+ One stop L + 5.75% (c) 6.75% 07/2025 940 934 — 931
Property Brands, Inc.+ One stop L + 5.75% (d) 6.75% 07/2025 497 506 — 491
Property Brands, Inc.+(5) One stop L + 5.75% N/A(6) 07/2025 — (1) — (2)
Property Brands, Inc.+(5) One stop L + 5.75% N/A(6) 07/2025 — (213) — (219)
MRI Software LLC*+ One stop L + 5.50% (d) 6.50% 02/2026 14,474 14,370 0.6 14,474
MRI Software LLC+ One stop L + 5.50% (d) 6.50% 02/2026 2,009 1,968 0.1 2,009
MRI Software LLC+(5) One stop L + 5.50% N/A(6) 02/2026 — (2) — —
MRI Software LLC+ One stop L + 5.50% N/A(6) 02/2026 — — — —
MRI Software LLC+ One stop L + 5.50% N/A(6) 02/2026 — — — —
MRI Software LLC+(5) One stop L + 5.50% N/A(6) 02/2026 — (6) — —
RPL Bidco Limited+(8)(9)(10) One stop SN + 5.75% (n) 5.80% 08/2028 20,251 20,003 0.8 19,428
RPL Bidco Limited+(8)(9)(10) One stop SN + 5.75% N/A(6) 02/2028 — — — —
97,403 96,771 3.7 95,754
Road & Rail
Gruden Acquisition, Inc+ One stop L + 5.50% (c) 6.50% 07/2028 4,254 4,151 0.1 4,148
Gruden Acquisition, Inc+(5) One stop L + 5.50% N/A(6) 07/2026 — (1) — (1)
Gruden Acquisition, Inc+(5) One stop L + 5.50% N/A(6) 07/2028 — (1) — (1)
Internet Truckstop Group LLC*# One stop L + 5.75% (c) 6.75% 04/2025 22,358 22,756 0.9 22,358
Internet Truckstop Group LLC+ One stop L + 5.75% (c) 6.75% 04/2025 9,789 9,662 0.4 9,789
Internet Truckstop Group LLC+(5) One stop L + 5.75% N/A(6) 04/2025 — (2) — —
36,401 36,565 1.4 36,293


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Daxko Acquisition Corporation+(5)	One stop	L +	5.50%		N/A(6)				10/2028	$	—	$	(10)	—	%	$	(33)
Diligent Corporation*#+	One stop	L +	6.25%	(c)	9.13%				08/2025	86,292		86,221		3.4		85,426
Diligent Corporation+	One stop	L +	5.75%	(c)	8.63%				08/2025	5,964		5,925		0.2		5,832
Diligent Corporation+	One stop	L +	6.25%	(c)	8.49%				08/2025	162		161		—		158
Dragon UK Bidco Limited+(8)(9)(10)	One stop	SN +	6.00%	(i)	8.19%				02/2029	12,937		15,067		0.5		12,161
Dragon UK Bidco Limited+(8)(9)(10)	One stop	C +	6.00%	(h)	10.20%				02/2029	277		293		—		261
Dragon UK Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.00%		N/A(6)				02/2029	—		—		—		(6)
FirstUp, Inc.+	One stop	L +	6.75%	(b)	6.92%	cash/	3.50%	PIK	07/2027	8,916		8,848		0.4		8,916
FirstUp, Inc.+(5)	One stop	L +	9.75%		N/A(6)				07/2027	—		(1)		—		—
Gainsight, Inc.+	One stop	L +	6.75%	(b)	9.56%	PIK			07/2027	9,948		9,815		0.4		9,847
Gainsight, Inc.+(5)	One stop	L +	6.75%		N/A(6)				07/2027	—		(2)		—		(1)
GS Acquisitionco, Inc.*#+	One stop	L +	5.75%	(b)(c)	9.85%				05/2026	84,289		84,506		3.2		82,603
GS Acquisitionco, Inc.+	One stop	L +	5.75%	(c)	9.46%				05/2026	186		184		—		180
GS Acquisitionco, Inc.+(5)	One stop	L +	5.75%		N/A(6)				05/2026	—		(4)		—		(40)
GTIV, LLC+	One stop	SF +	5.25%	(m)	8.36%				02/2029	74,215		73,541		2.9		72,731
GTIV, LLC+(5)	One stop	SF +	5.25%		N/A(6)				02/2029	—		(2)		—		(5)
GTY Technology Holdings, Inc.+	One stop	SF +	6.88%	(l)	9.81%	cash/	0.63%	PIK	07/2029	3,100		3,041		0.1		3,069
GTY Technology Holdings, Inc.+(5)	One stop	SF +	6.88%		N/A(6)				07/2029	—		(2)		—		(1)
GTY Technology Holdings, Inc.+(5)	One stop	SF +	6.88%		N/A(6)				07/2029	—		(23)		—		(24)
ICIMS, Inc.+	One stop	SF +	6.75%	(l)	9.49%				08/2028	7,775		7,640		0.3		7,707
ICIMS, Inc.+(5)	One stop	SF +	6.75%		N/A(6)				08/2028	—		(1)		—		(1)
ICIMS, Inc.+	One stop	SF +	6.75%		N/A(6)				08/2028	—		—		—		—

IQN Holding Corp. #+	One stop	SF +	5.50%	(l)	8.41%				05/2029	14,682		14,544		0.6		14,535
IQN Holding Corp. +(5)	One stop	SF +	5.50%		N/A(6)				05/2028	—		(1)		—		(1)
IQN Holding Corp. +(5)	One stop	SF +	5.50%		N/A(6)				05/2029	—		(31)		—		(3)
Island Bidco AB+(8)(9)(17)	One stop	E +	7.25%	(f)	0.23%	cash/	7.25%	PIK	07/2028	5,318		5,603		0.2		5,265
Island Bidco AB+(8)(17)	One stop	SF +	7.00%	(m)	6.09%	cash/	3.50%	PIK	07/2028	2,921		2,893		0.1		2,892
Island Bidco AB+(8)(17)	One stop	SF +	6.50%		N/A(6)				07/2028	—		—		—		—
Island Bidco AB+(5)(8)(9)(17)	One stop	E +	6.50%		N/A(6)				07/2028	—		(1)		—		(1)
Juvare, LLC*	One stop	L +	6.25%	(b)	9.92%				10/2026	7,526		7,462		0.3		7,451
Juvare, LLC+	One stop	L +	6.25%	(b)	9.92%				10/2026	1,737		1,722		0.1		1,719
Juvare, LLC+	One stop	L +	6.25%	(b)	9.92%				10/2026	548		525		—		526
Juvare, LLC+	One stop	L +	6.25%	(b)	9.92%				04/2026	45		45		—		45
Kaseya Inc.+	One stop	SF +	5.75%	(m)	8.29%				06/2029	9,178		9,044		0.4		8,994
Kaseya Inc.+(5)	One stop	SF +	5.75%		N/A(6)				06/2029	—		(3)		—		(5)
Kaseya Inc.+(5)	One stop	SF +	5.75%		N/A(6)				06/2029	—		(5)		—		(11)
Mindbody, Inc.+	One stop	L +	8.50%	(b)	10.64%	cash/	1.50%	PIK	02/2025	50,096		50,522		2.0		50,096
Mindbody, Inc.+	One stop	L +	8.50%	(b)	10.64%	cash/	1.50%	PIK	02/2025	5,610		5,570		0.2		5,610
Mindbody, Inc.+	One stop	L +	8.00%		N/A(6)				02/2025	—		—		—		—
Ministry Brands Holdings LLC+	One stop	L +	5.50%	(b)	9.17%				12/2028	21,981		21,785		0.8		21,322
Ministry Brands Holdings LLC+(5)	One stop	L +	5.50%		N/A(6)				12/2027	—		(2)		—		(5)
Ministry Brands Holdings LLC+(5)	One stop	L +	5.50%		N/A(6)				12/2028	—		(5)		—		(18)
Neo Bidco GMBH+(8)(9)(13)	One stop	E +	6.00%	(e)	6.00%				07/2028	6,408		7,633		0.2		6,216
Neo Bidco GMBH+(8)(13)	One stop	L +	6.00%	(b)	9.29%				01/2028	59		59		—		58
Neo Bidco GMBH+(8)(9)(13)	One stop	E +	6.00%		N/A(6)				01/2028	—		—		—		—
Newscycle Solutions, Inc.+	Senior secured	L +	7.00%	(b)	10.67%				12/2022	109		109		—		109

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Software
Accela, Inc.*#+ One stop L + 4.95% (a) 4.25% cash/1.70% PIK 09/2023 $ 4,556 $ 4,556 0.2 % $ 4,556
Accela, Inc.+ One stop L + 7.00% N/A(6) 09/2023 — — — —
Appfire Technologies, LLC#+ One stop L + 5.50% (c) 6.50% 03/2027 33,935 33,481 1.3 33,935
Appfire Technologies, LLC+ One stop L + 5.50% (c) 6.50% 03/2027 20 19 — 20
Appfire Technologies, LLC+ One stop L + 5.50% N/A(6) 03/2027 — — — —
Appfire Technologies, LLC+(5) One stop L + 5.50% N/A(6) 03/2027 — (15) — —
Apptio, Inc. +~ One stop L + 7.25% (c) 8.25% 01/2025 57,010 57,555 2.2 57,010
Apptio, Inc. + One stop L + 7.25% (c) 8.25% 01/2025 76 75 — 76
Aras Corporation+ One stop L + 7.00% (c) 4.25% cash/3.75% PIK 04/2027 10,179 10,086 0.4 10,198
Aras Corporation+(5) One stop L + 6.50% N/A(6) 04/2027 — (1) — (2)
Aras Corporation+(5) One stop L + 3.25% N/A(6) 04/2027 — (12) — 2
Auvik Networks Inc.+(8)(12) One stop L + 5.75% (c) 4.00% cash/2.75% PIK 07/2027 6,841 6,775 0.3 6,773
Auvik Networks Inc.+(5)(8)(12) One stop L + 5.50% N/A(6) 07/2027 — (1) — (1)
Axiom Merger Sub Inc.+~ One stop L + 6.00% (c)(d) 7.00% 04/2026 5,788 5,819 0.2 5,788
Axiom Merger Sub Inc.+~(8)(9) One stop E + 6.25% (g) 6.25% 04/2026 2,386 2,401 0.1 2,477
Axiom Merger Sub Inc.+ One stop L + 6.00% (c) 7.00% 04/2026 274 272 — 274
Axiom Merger Sub Inc.+(5) One stop L + 6.00% N/A(6) 04/2026 — (1) — —
Axiom Merger Sub Inc.+(5) One stop L + 6.00% N/A(6) 04/2026 — (1) — —
Bearcat Buyer, Inc.+~ Senior loan L + 4.25% (c) 5.25% 07/2026 2,899 2,917 0.1 2,882
Bearcat Buyer, Inc.+ Senior loan L + 4.25% (c) 5.25% 07/2026 516 517 — 513
Bearcat Buyer, Inc.~ Senior loan L + 4.25% (c) 5.25% 07/2026 306 304 — 304
Bearcat Buyer, Inc.+ Senior loan L + 4.25% N/A(6) 07/2024 — — — —
Beqom North America, Inc.+ One stop L + 7.50% (c)(d) 7.00% cash/1.50% PIK 06/2026 923 919 — 970
Beqom North America, Inc.+ One stop L + 6.00% N/A(6) 06/2026 — — — 1
Bullhorn, Inc.*#+~ One stop L + 5.75% (c) 6.75% 09/2026 66,625 65,684 2.6 66,642
Bullhorn, Inc.+(8)(9) One stop L + 6.00% (i) 6.08% 09/2026 11,888 11,716 0.5 13,040
Bullhorn, Inc.+(8)(9) One stop E + 5.75% (g) 5.75% 09/2026 4,774 4,704 0.2 5,011
Bullhorn, Inc.+ One stop L + 5.75% (c) 6.75% 09/2026 216 213 — 216
Bullhorn, Inc.+ One stop L + 5.75% (c) 6.75% 09/2026 97 95 — 97
Bullhorn, Inc.+ One stop L + 5.75% (c) 6.75% 09/2026 77 76 — 77
Bullhorn, Inc.+(5) One stop L + 5.75% N/A(6) 09/2026 — (3) — —
Burning Glass Intermediate Holdings Company, Inc.+ One stop L + 5.00% (a) 6.00% 06/2028 9,919 9,729 0.4 9,930
Burning Glass Intermediate Holdings Company, Inc.+(5) One stop L + 5.00% N/A(6) 06/2026 — (2) — (1)
Calabrio, Inc. + One stop L + 7.00% (c) 8.00% 04/2027 53,683 52,939 2.1 53,683
Calabrio, Inc. +(5) One stop L + 7.00% N/A(6) 04/2027 — (4) — —
Cloudbees, Inc.+ One stop L + 9.00% (a) 9.50% cash/0.50% PIK 05/2023 4,236 4,257 0.2 4,236
Cloudbees, Inc. One stop L + 9.00% (a) 9.50% cash/0.50% PIK 05/2023 2,788 2,737 0.1 2,788
Cloudbees, Inc.+ One stop L + 9.00% (a) 9.50% cash/0.50% PIK 05/2023 1,476 1,466 0.1 1,476
Cloudbees, Inc.+ One stop L + 8.50% N/A(6) 05/2023 — — — —
Cybergrants Holdings, LLC+ One stop L + 6.50% (c) 7.25% 09/2027 58,423 57,556 2.2 57,839


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
PDI TA Holdings, Inc.+	One stop	L +	4.50%	(b)	7.16%	10/2024	$	8,409	$	8,329	0.3	%	$	8,241
PDI TA Holdings, Inc.+	Second lien	L +	8.50%	(b)	11.49%	10/2025	3,424		3,375		0.1		3,424
PDI TA Holdings, Inc.+	One stop	L +	4.50%	(b)(c)	6.98%	10/2024	1,119		1,114		—		1,096
PDI TA Holdings, Inc.+	One stop	L +	4.50%	(b)	7.16%	10/2024	690		685		—		676
PDI TA Holdings, Inc.+	Second lien	L +	8.50%	(b)	11.49%	10/2025	640		637		—		640
PDI TA Holdings, Inc.+	Second lien	L +	8.50%	(b)	11.49%	10/2025	377		375		—		377
PDI TA Holdings, Inc.+(8)(9)	One stop	SN +	4.50%	(i)	6.81%	10/2024	78		94		—		76
PDI TA Holdings, Inc.+	One stop	L +	4.50%	(b)	7.16%	10/2024	40		40		—		37
Personify, Inc.*#+	One stop	L +	5.25%	(b)	8.92%	09/2024	13,723		13,851		0.5		13,723
Personify, Inc.#	One stop	L +	5.25%	(b)	8.92%	09/2024	8,173		8,126		0.3		8,173
Personify, Inc.+	One stop	L +	5.25%		N/A(6)	09/2024	—		—		—		—
Pluralsight, LLC+	One stop	L +	8.00%	(a)	10.68%	03/2027	23,748		23,567		0.9		23,748
Pluralsight, LLC+(5)	One stop	L +	8.00%		N/A(6)	03/2027	—		(1)		—		—
ProcessUnity Holdings, LLC+	One stop	L +	6.00%	(b)	9.67%	09/2028	4,221		4,184		0.2		4,221
ProcessUnity Holdings, LLC+	One stop	L +	6.00%	(a)	9.11%	09/2028	23		22		—		23
ProcessUnity Holdings, LLC+(5)	One stop	L +	6.00%		N/A(6)	09/2028	—		(7)		—		—
Pyramid Healthcare Acquisition Corp.#+	One stop	L +	4.75%	(b)(c)	7.56%	05/2027	18,372		18,230		0.7		18,372
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	7.91%	05/2027	873		866		—		873
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(a)	7.30%	05/2027	539		535		—		539
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	7.56%	05/2027	179		178		—		179
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	7.56%	05/2027	158		157		—		158
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	8.42%	05/2027	148		147		—		148
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	7.82%	05/2027	148		147		—		148
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(a)	7.87%	05/2027	100		68		—		100
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	7.56%	05/2027	58		58		—		58
Pyramid Healthcare Acquisition Corp.+(5)	One stop	L +	4.75%		N/A(6)	05/2027	—		(2)		—		—
QAD, Inc.+	One stop	L +	6.00%	(a)	9.12%	11/2027	9,488		9,407		0.4		9,298
QAD, Inc.+(5)	One stop	L +	6.00%		N/A(6)	11/2027	—		(4)		—		(9)
Quant Buyer, Inc.+	One stop	SF +	5.50%	(l)	8.47%	06/2029	2,491		2,468		0.1		2,405
Quant Buyer, Inc.+	One stop	SF +	5.50%	(l)	8.47%	06/2029	2,957		2,929		0.1		2,855
Quant Buyer, Inc.+(5)	One stop	SF +	5.50%		N/A(6)	06/2029	—		(1)		—		(5)
Quant Buyer, Inc.+	One stop	SF +	6.00%	(l)	8.97%	06/2029	2,027		2,007		0.1		2,006
Quant Buyer, Inc.+	One stop	SF +	6.00%		N/A(6)	06/2029	—		—		—		—
Rainforest Bidco Limited+(8)(9)(10)	One stop	SN +	5.75%	(i)	7.94%	07/2029	6,546		6,795		0.3		6,456
Rainforest Bidco Limited+(8)(9)(10)	One stop	SN +	5.75%		N/A(6)	01/2029	—		—		—		—
Rainforest Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.75%		N/A(6)	07/2029	—		(26)		—		(26)
RegEd Aquireco, LLC+	Senior secured	L +	4.25%	(b)	7.06%	12/2024	11,183		11,188		0.4		10,401
RegEd Aquireco, LLC+	Senior secured	L +	4.25%	(b)(d)	7.87%	12/2024	236		235		—		220
Riskonnect Parent, LLC*+	One stop	SF +	5.50%	(m)	9.73%	12/2028	10,109		10,020		0.4		10,008
Riskonnect Parent, LLC+(5)	One stop	SF +	5.50%		N/A(6)	12/2028	—		(3)		—		(4)
Riskonnect Parent, LLC+(5)	One stop	SF +	5.50%		N/A(6)	12/2028	—		(7)		—		(8)
Rodeo Buyer Company & Absorb Software Inc.+	One stop	L +	6.25%	(a)	9.37%	05/2027	4,541		4,506		0.2		4,541
Rodeo Buyer Company & Absorb Software Inc.+(5)	One stop	L +	6.25%		N/A(6)	05/2027	—		(1)		—		—
SailPoint Technologies Holdings, Inc.+	One stop	SF +	6.25%	(k)	9.10%	08/2029	9,827		9,633		0.4		9,729
SailPoint Technologies Holdings, Inc.+(5)	One stop	SF +	6.25%		N/A(6)	08/2028	—		(2)		—		(2)
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	6.00%	(e)	6.00%	04/2029	30,114		30,386		1.2		29,813
Sonatype, Inc.+	One stop	SF +	6.75%	(k)	9.47%	12/2025	40,459		40,211		1.6		40,459

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Software - (continued)
Cybergrants Holdings, LLC+(5) One stop L + 6.50% N/A(6) 09/2027 $ — $ (3) — % $ (2)
Cybergrants Holdings, LLC+(5) One stop L + 5.75% N/A(6) 09/2027 — (42) — (43)
Daxko Acquisition Corporation*#+ One stop L + 6.00% (c) 7.00% 09/2023 25,416 25,467 1.0 25,416
Daxko Acquisition Corporation+ One 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 9,000 9,178 0.4 9,615
Digital Guardian, Inc.+ Subordinated debt N/A 8.00% PIK 06/2023 9 8 — 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 87,175 87,282 3.4 87,693
Diligent Corporation+ One stop L + 5.75% (c) 6.75% 08/2025 6,025 5,971 0.2 5,960
Diligent Corporation+ One stop L + 6.25% N/A(6) 08/2025 — — — 2
FirstUp, Inc+ One stop L + 6.75% (c) 4.25% cash/3.50% PIK 07/2027 8,606 8,524 0.3 8,520
FirstUp, Inc+(5) One stop L + 6.25% N/A(6) 07/2027 — (1) — (1)
Gainsight, Inc.+ One stop L + 6.25% (c) 7.00% 07/2027 7,172 7,050 0.3 7,046
Gainsight, Inc.+(5) One stop L + 6.25% N/A(6) 07/2027 — (2) — (2)
GS Acquisitionco, Inc.*#+~ One stop L + 5.75% (d) 6.75% 05/2026 53,499 53,611 2.1 53,499
GS Acquisitionco, Inc.*# One stop L + 5.75% (d) 6.75% 05/2026 12,625 12,804 0.5 12,625
GS Acquisitionco, Inc.#+ One stop L + 5.75% (d) 6.75% 05/2026 3,253 3,299 0.2 3,253
GS Acquisitionco, Inc.+~ One stop L + 5.75% (d) 6.75% 05/2026 3,001 3,044 0.1 3,001
GS Acquisitionco, Inc.+ One stop L + 5.75% (d) 6.75% 05/2026 2,768 2,754 0.1 2,768
GS Acquisitionco, Inc.#+ One stop L + 5.75% (d) 6.75% 05/2026 1,880 1,907 0.1 1,880
GS Acquisitionco, Inc.+ One stop L + 5.75% (d) 6.75% 05/2026 74 74 — 74
GS Acquisitionco, Inc.+ One stop L + 5.75% (c)(d) 6.75% 05/2026 36 36 — 36
GS Acquisitionco, Inc.+(5) One stop L + 5.75% N/A(6) 05/2026 — (2) — —
ICIMS, Inc.+~ One stop L + 6.50% (c) 7.50% 09/2024 14,355 14,566 0.6 14,355
ICIMS, Inc.+~ One stop L + 6.50% (c) 7.50% 09/2024 4,501 4,490 0.2 4,501
ICIMS, Inc.~ One stop L + 6.50% (c) 7.50% 09/2024 2,706 2,685 0.1 2,706
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 2,976 2,947 0.1 3,091
Impartner, Inc.+ One stop L + 9.50% (c) 9.30% cash/2.00% PIK 08/2025 234 233 — 245
Impartner, Inc.+(5) One stop L + 7.50% N/A(6) 08/2025 — (1) — 9
Impartner, Inc.+ One stop L + 7.50% N/A(6) 08/2025 — — — —
Instructure, Inc.~ One stop L + 5.50% (a) 6.50% 03/2026 10,944 10,617 0.4 10,944
Juvare, LLC* One stop L + 5.75% (c) 6.75% 10/2026 7,526 7,447 0.3 7,432
Juvare, LLC+ One stop P + 4.75% (f) 6.75% 10/2026 1,737 1,718 0.1 1,715
Juvare, LLC+(5) One stop L + 5.75% N/A(6) 04/2026 — (1) — (1)
Juvare, LLC+(5) One stop L + 5.75% N/A(6) 10/2026 — (27) — (27)
Kaseya Traverse Inc+~ One stop L + 7.00% (c) 5.00% cash/3.00% PIK 05/2025 38,053 38,761 1.4 37,387
Kaseya Traverse Inc+ One stop L + 7.00% (c) 5.00% cash/3.00% PIK 05/2025 13,986 13,848 0.5 13,741
Kaseya Traverse Inc+ One stop L + 7.00% (c) 5.00% cash/3.00% PIK 05/2025 3,925 3,935 0.2 3,857
Kaseya Traverse Inc+ One stop L + 7.00% (c) 5.00% cash/3.00% PIK 05/2025 1,625 1,602 0.1 1,597
Kaseya Traverse Inc+(5) One stop L + 6.50% N/A(6) 05/2025 — (1) — (6)
Kaseya Traverse Inc+(5) One stop L + 4.00% N/A(6) 05/2025 — (217) — (115)
Mindbody, Inc.+~ One stop L + 8.50% (c)(d) 8.00% cash/1.50% PIK 02/2025 49,337 49,944 1.9 49,401


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Sonatype, Inc.+	One stop	SF +	6.75%	(k)	9.47%				12/2025	$	851	$	846	—	%	$	851
Sonatype, Inc.+(5)	One stop	SF +	6.75%		N/A(6)				12/2025	—		(1)		—		—
Spartan Buyer Acquisition Co.*#+	One stop	L +	6.25%	(a)	9.37%				12/2026	31,358		31,083		1.2		30,730
Spartan Buyer Acquisition Co.+	One stop	L +	6.25%	(a)	9.37%				12/2026	1,993		1,961		0.1		1,953
Spartan Buyer Acquisition Co.+	One stop	P +	5.25%	(d)	11.50%				12/2026	48		46		—		43
Tahoe Bidco B.V. +	One stop	L +	6.00%	(a)	8.68%				09/2028	12,058		11,955		0.5		12,058
Tahoe Bidco B.V. +(5)	One stop	L +	6.00%		N/A(6)				10/2027	—		(1)		—		—
Telesoft Holdings LLC+	One stop	L +	5.75%	(b)(c)	8.61%				12/2025	886		876		—		871
Telesoft Holdings LLC+(5)	One stop	L +	5.75%		N/A(6)				12/2025	—		(1)		—		(2)
Telesoft Holdings LLC+	One stop	L +	6.25%	(b)	9.03%				08/2028	65		64		—		64
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.50%	(m)	9.64%				07/2028	3,171		3,088		0.1		3,082
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.50%		N/A(6)				07/2028	—		—		—		—
Templafy APS and Templafy, LLC+(5)(8)(18)	One stop	SF +	6.50%		N/A(6)				07/2028	—		(17)		—		(18)
TI Intermediate Holdings, LLC+	Senior secured	L +	4.25%	(a)	7.37%				12/2024	3,445		3,470		0.1		3,427
TI Intermediate Holdings, LLC+	Senior secured	L +	4.25%	(a)	7.37%				12/2024	910		898		—		906
TI Intermediate Holdings, LLC+	Senior secured	L +	4.25%	(a)	7.37%				12/2024	428		422		—		426
TI Intermediate Holdings, LLC+	Senior secured	L +	4.50%	(a)	7.62%				12/2024	233		227		—		233
TI Intermediate Holdings, LLC+	Senior secured	L +	4.50%	(a)	7.62%				12/2024	157		156		—		157
TI Intermediate Holdings, LLC+	Senior secured	L +	4.25%	(a)	7.37%				12/2024	17		17		—		17
Togetherwork Holdings, LLC*#	One stop	L +	6.25%	(c)	9.13%				03/2025	15,245		15,300		0.6		15,245
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	9.13%				03/2025	6,893		6,810		0.3		6,893
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	9.13%				03/2025	4,181		4,151		0.2		4,181
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	9.13%				03/2025	1,767		1,799		0.1		1,767
Togetherwork Holdings, LLC#+	One stop	L +	6.25%	(c)	9.13%				03/2025	1,715		1,743		0.1		1,715
Togetherwork Holdings, LLC*#	One stop	L +	6.25%	(c)	9.13%				03/2025	1,671		1,701		0.1		1,671
Togetherwork Holdings, LLC#+	One stop	L +	6.25%	(c)	9.13%				03/2025	1,614		1,630		0.1		1,614
Togetherwork Holdings, LLC*+	One stop	L +	6.25%	(c)	9.13%				03/2025	1,555		1,584		0.1		1,555
Togetherwork Holdings, LLC#+	One stop	L +	6.25%	(c)	9.13%				03/2025	1,450		1,475		0.1		1,450
Togetherwork Holdings, LLC*#	One stop	L +	6.25%	(c)	9.13%				03/2025	1,188		1,196		—		1,188
Togetherwork Holdings, LLC#+	One stop	L +	6.25%	(c)	9.13%				03/2025	654		666		—		654
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	9.13%				03/2025	453		449		—		453
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	9.13%				03/2025	438		435		—		438
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	9.13%				03/2025	250		248		—		250
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	9.13%				03/2025	63		64		—		63
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	9.13%				03/2025	58		59		—		58
Togetherwork Holdings, LLC+(5)	One stop	L +	6.25%		N/A(6)				03/2024	—		(1)		—		—
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	9.55%				03/2025	1,339		1,327		0.1		1,339
Trintech, Inc.*#+	One stop	L +	6.00%	(a)	9.12%				12/2024	22,029		22,121		0.9		21,809
Trintech, Inc.#+	One stop	L +	6.00%	(a)	9.12%				12/2024	9,140		9,218		0.4		9,050
Trintech, Inc.+	One stop	L +	6.00%	(a)	9.12%				12/2024	100		100		—		98
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)	One stop	N/A			4.50%	cash/	4.70%	PIK	05/2024	7,416		8,529		0.3		6,525
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)	One stop	N/A			4.50%	cash/	4.70%	PIK	05/2024	122		142		—		106
Vendavo, Inc.*#+	One stop	L +	5.75%	(b)	8.99%				09/2027	19,611		19,468		0.7		18,826
Vendavo, Inc.+	One stop	P +	4.75%	(d)	11.00%				09/2027	40		39		—		34
WebPT, Inc.+	One stop	L +	6.75%	(b)	9.82%				01/2028	626		617		—		620

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Software - (continued)
Mindbody, Inc.+(5) One stop L + 8.00% N/A(6) 02/2025 $ — $ (1) — % $ (4)
Mindbody, Inc.+ One stop L + 7.00% N/A(6) 02/2025 — — — 7
Ministry Brands, LLC+ Senior loan L + 4.00% (a) 5.00% 12/2022 2,711 2,692 0.1 2,711
Ministry Brands, LLC+ Senior loan L + 4.00% (a) 5.00% 12/2022 1,430 1,430 0.1 1,430
Ministry Brands, LLC+ Senior loan L + 4.00% (a) 5.00% 12/2022 1,276 1,266 — 1,276
Ministry Brands, LLC+ Senior loan L + 4.00% (a) 5.00% 12/2022 819 824 — 819
Ministry Brands, LLC+ Senior loan L + 4.00% (a) 5.00% 12/2022 373 389 — 373
mParticle, Inc.+ One stop L + 10.25% (c) 7.50% cash/3.75% PIK 09/2025 4,889 4,825 0.2 4,889
mParticle, Inc.+ One stop L + 10.25% (c) 11.25% 09/2025 — — — —
Namely, Inc.+~ One stop L + 8.50% (c) 8.25% cash/2.25% PIK 06/2024 3,631 3,505 0.1 3,631
Namely, Inc.+ One stop L + 8.50% (c) 8.25% cash/2.25% PIK 06/2024 2,062 1,970 0.1 2,062
Namely, Inc.+ One stop L + 7.50% (a) 8.25% cash/1.25% PIK 06/2024 72 70 — 72
Neo Bidco GMBH(8)(9)(13) One stop E + 6.00% (h) 6.00% 07/2028 7,729 7,617 0.3 7,572
Neo Bidco GMBH(8)(9)(13) One stop E + 6.00% N/A(6) 01/2028 — — — —
PDI TA Holdings, Inc. One stop L + 4.50% (c) 5.50% 10/2024 8,495 8,376 0.3 8,495
PDI TA Holdings, Inc. Second lien L + 8.50% (c) 9.50% 10/2025 3,424 3,359 0.1 3,424
PDI TA Holdings, Inc. One stop L + 4.50% (d) 5.50% 10/2024 697 689 — 697
PDI TA Holdings, Inc.+ One stop L + 4.50% (c) 5.50% 10/2024 385 379 — 385
PDI TA Holdings, Inc.+ Second lien L + 8.50% (c) 9.50% 10/2025 206 203 — 206
Personify, Inc.*#+ One stop L + 5.25% (c) 6.25% 09/2024 14,469 14,664 0.6 14,469
Personify, Inc.# One stop L + 5.25% (c) 6.25% 09/2024 8,614 8,543 0.3 8,614
Personify, Inc.+ One stop L + 5.25% N/A(6) 09/2024 — 1 — —
Pluralsight, LLC+ One stop L + 8.00% (c) 9.00% 03/2027 23,748 23,526 0.9 23,748
Pluralsight, LLC+(5) One stop L + 8.00% N/A(6) 03/2027 — (1) — —
ProcessUnity Holdings, LLC+ One stop L + 6.00% (d) 6.75% 09/2028 4,221 4,178 0.2 4,178
ProcessUnity Holdings, LLC+(5) One stop L + 6.00% N/A(6) 09/2028 — (1) — (1)
ProcessUnity Holdings, LLC+(5) One stop L + 6.00% N/A(6) 09/2028 — (8) — (8)
Pyramid Healthcare Acquisition Corp.#+ One stop L + 4.75% (c) 5.75% 05/2027 18,558 18,384 0.7 18,558
Pyramid Healthcare Acquisition Corp.+ One stop L + 4.75% (c) 5.75% 05/2027 159 100 — 159
Pyramid Healthcare Acquisition Corp.+(5) One stop L + 4.75% N/A(6) 05/2027 — (2) — —
RegEd Aquireco, LLC+ Senior loan L + 4.25% (a) 5.25% 12/2024 11,300 11,301 0.4 10,735
RegEd Aquireco, LLC+ Senior loan P + 3.25% (f) 4.27% 12/2024 144 143 — 130
Rodeo Buyer Company & Absorb Software Inc.+ One stop L + 6.25% (c) 7.25% 05/2027 4,541 4,499 0.2 4,541
Rodeo Buyer Company & Absorb Software Inc.+(5) One stop L + 6.25% N/A(6) 05/2027 — (1) — —
SnapLogic, Inc. One stop L + 8.75% (c) 5.75% cash/5.50% PIK 09/2024 6,319 6,268 0.2 6,195
SnapLogic, Inc. One stop L + 3.25% (b) 5.75% 09/2024 2,110 2,045 0.1 2,069
SnapLogic, Inc.+ One stop L + 8.75% (c) 5.75% cash/5.50% PIK 09/2024 64 64 — 63
SnapLogic, Inc.+ One stop L + 3.25% N/A(6) 09/2024 — — — —
SnapLogic, Inc.+(5) One stop L + 3.25% N/A(6) 09/2024 — (10) — (41)
Sontatype, Inc.+ One stop L + 6.75% (c) 7.75% 12/2025 851 845 — 851
Sontatype, Inc.+(5) One stop L + 6.75% N/A(6) 12/2025 — (2) — —
Spartan Buyer Acquisition Co.*#~ One stop L + 6.25% (c) 7.25% 12/2026 31,676 31,334 1.2 31,359
Spartan Buyer Acquisition Co.+ One stop L + 6.25% (c) 7.25% 12/2026 2,013 1,973 0.1 1,993


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Workforce Software, LLC+	One stop	L +	7.25%	(b)	7.32%	cash/	3.00%	PIK	07/2025	$	28,178	$	28,542	1.1	%	$	28,178
Workforce Software, LLC+	One stop	L +	7.25%	(b)	7.32%	cash/	3.00%	PIK	07/2025	4,986		4,954		0.2		4,986
Workforce Software, LLC+	One stop	L +	7.25%	(b)	7.32%	cash/	3.00%	PIK	07/2025	3,532		3,477		0.1		3,532
Workforce Software, LLC+	One stop	L +	6.50%	(b)	9.57%				07/2025	118		116		—		118
Workforce Software, LLC+	One stop	L +	7.25%	(b)	7.32%	cash/	3.00%	PIK	07/2025	69		68		—		69

										1,316,756		1,316,394		51.1		1,300,853

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Software - (continued)
Spartan Buyer Acquisition Co.+(5) One stop L + 6.25% N/A(6) 12/2026 $ — $ (3) — % $ (2)
Telesoft Holdings LLC+ One stop L + 5.75% (c) 6.75% 12/2025 895 881 — 895
Telesoft Holdings LLC+(5) One stop L + 5.75% N/A(6) 12/2025 — (1) — —
TI Intermediate Holdings, LLC+ Senior loan L + 4.50% (a) 4.58% 12/2024 3,481 3,526 0.1 3,474
TI Intermediate Holdings, LLC+ Senior loan L + 4.50% (a) 5.50% 12/2024 920 901 — 927
TI Intermediate Holdings, LLC+ Senior loan L + 4.50% (a) 5.50% 12/2024 432 424 — 436
TI Intermediate Holdings, LLC+ Senior loan L + 4.50% (a) 4.58% 12/2024 14 13 — 14
Togetherwork Holdings, LLC*# One stop L + 6.25% (a) 7.25% 03/2025 15,404 15,482 0.6 15,408
Togetherwork Holdings, LLC One stop L + 6.25% (a) 7.25% 03/2025 6,964 6,847 0.3 6,965
Togetherwork Holdings, LLC+~ One stop L + 6.25% (a) 7.25% 03/2025 1,785 1,830 0.1 1,786
Togetherwork Holdings, LLC#+ One stop L + 6.25% (a) 7.25% 03/2025 1,733 1,774 0.1 1,734
Togetherwork Holdings, LLC*# One stop L + 6.25% (a) 7.25% 03/2025 1,688 1,730 0.1 1,689
Togetherwork Holdings, LLC#+ One stop L + 6.25% (a) 7.25% 03/2025 1,631 1,653 0.1 1,631
Togetherwork Holdings, LLC*+ One stop L + 6.25% (a) 7.25% 03/2025 1,572 1,611 0.1 1,573
Togetherwork Holdings, LLC#+ One stop L + 6.25% (a) 7.25% 03/2025 1,466 1,500 0.1 1,466
Togetherwork Holdings, LLC*# One stop L + 6.25% (a) 7.25% 03/2025 1,200 1,212 — 1,201
Togetherwork Holdings, LLC#+ One stop L + 6.25% (a) 7.25% 03/2025 661 677 — 662
Togetherwork Holdings, LLC+ One stop L + 6.25% (a) 7.25% 03/2025 457 453 — 457
Togetherwork Holdings, LLC+ One stop L + 6.25% (a) 7.25% 03/2025 443 439 — 443
Togetherwork Holdings, LLC+ One stop L + 6.25% (a) 7.25% 03/2025 104 102 — 104
Togetherwork Holdings, LLC+ One stop L + 6.25% (a) 7.25% 03/2024 70 69 — 70
Togetherwork Holdings, LLC+ One stop L + 6.25% (a) 7.25% 03/2025 64 65 — 64
Togetherwork Holdings, LLC+~ One stop L + 6.25% (a) 7.25% 03/2025 59 60 — 59
Transact Holdings, Inc.+~ Senior loan L + 4.75% (a) 4.83% 04/2026 3,047 3,083 0.1 3,025
Trintech, Inc.*#+ One stop L + 6.00% (c) 7.00% 12/2024 22,171 22,355 0.9 22,171
Trintech, Inc.#+ One stop L + 6.00% (c) 7.00% 12/2024 9,192 9,306 0.4 9,192
Trintech, Inc.+ One stop L + 6.00% (c) 7.00% 12/2024 100 100 — 100
Vector CS Midco Limited & Cloudsense Ltd.+~(8)(9)(10) One stop L + 8.05% (i) 5.30% cash/3.55% PIK 05/2024 8,162 8,258 0.3 7,330
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10) One stop L + 8.05% (i) 5.30% cash/3.55% PIK 05/2024 136 136 — 120
Vendavo, Inc.+ One stop L + 5.75% (c) 6.50% 09/2027 19,809 19,637 0.8 19,636
Vendavo, Inc.+(5) One stop L + 5.75% N/A(6) 09/2027 — (1) — (1)
Workforce Software, LLC+~ One stop L + 6.50% (c) 7.50% 07/2025 27,474 27,967 1.1 27,474
Workforce Software, LLC+ One stop L + 6.50% (c) 6.50% cash/1.00% PIK 07/2025 4,862 4,818 0.2 4,862
Workforce Software, LLC+ One stop L + 6.50% (c) 7.50% 07/2025 94 92 — 94
1,015,519 1,012,853 39.4 1,013,797


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail
Ave Holdings III, Corp*+	One stop	SF +	5.50%	(l)	9.20%	02/2028	$	25,896	$	25,427	1.0	%	$	25,119
Ave Holdings III, Corp+	One stop	P +	4.50%	(d)	10.75%	02/2028	14		12		—		10
Ave Holdings III, Corp+	One stop	SF +	5.50%	(l)	8.71%	02/2028	103		91		—		67
Batteries Plus Holding Corporation*#	One stop	L +	6.75%	(a)	9.87%	06/2023	21,921		21,921		0.9		21,921
Batteries Plus Holding Corporation+	One stop	L +	6.75%	(a)	9.87%	06/2023	1,420		1,417		0.1		1,420
Batteries Plus Holding Corporation+	One stop	L +	6.75%	(a)(d)	9.93%	06/2023	145		145		—		145
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(l)	9.45%	05/2028	11,538		11,351		0.5		11,192
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(l)	9.45%	05/2028	9,975		9,880		0.4		9,676
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(e)	7.48%	05/2028	8,342		9,483		0.4		8,271
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(l)	9.45%	05/2028	2,158		2,123		0.1		2,093
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(l)	9.45%	05/2028	1,435		1,421		0.1		1,392

Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(l)	9.45%	05/2028	734		716		0.1		712
Consilio Midco Limited+(5)(8)(10)	One stop	SF +	5.75%		N/A(6)	05/2028	—		(2)		—		(3)
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(e)	7.48%	05/2028	35		34		—		33
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%		N/A(6)	05/2028	—		—		—		—
Cycle Gear, Inc.*#+	One stop	SF +	5.50%	(l)	9.20%	01/2026	48,851		48,738		1.9		47,874
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	20,664		20,597		0.8		20,664
Imperial Optical Midco Inc.#	One stop	L +	6.75%	(a)	9.87%	08/2023	4,767		4,746		0.2		4,767
Imperial Optical Midco Inc.#	One stop	L +	6.75%	(a)	9.87%	08/2023	4,149		4,131		0.2		4,149
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	3,590		3,604		0.2		3,590
Imperial Optical Midco Inc.*+	One stop	L +	6.75%	(a)	9.87%	08/2023	2,798		2,792		0.1		2,798
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	2,763		2,751		0.1		2,763
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	2,238		2,229		0.1		2,238
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	2,058		2,049		0.1		2,058
Imperial Optical Midco Inc.#+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,903		1,918		0.1		1,903
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,654		1,647		0.1		1,654
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,454		1,448		0.1		1,454
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,435		1,429		0.1		1,435
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,390		1,384		0.1		1,390
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,369		1,363		0.1		1,369
Imperial Optical Midco Inc.#+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,238		1,248		—		1,238
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,145		1,140		0.1		1,145
Imperial Optical Midco Inc.*+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,128		1,137		0.1		1,128
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	967		963		0.1		967
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	879		875		—		879
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	660		657		—		660
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	632		629		—		632
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	625		622		—		625
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	554		552		—		554
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	502		499		—		502
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	499		497		—		499
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	486		484		—		486
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	477		475		—		477
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	459		454		—		459
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	454		452		—		454
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	450		448		—		450
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	446		444		—		446

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Specialty Retail
2nd Ave. LLC One stop L + 6.50% (a) 7.50% 09/2025 $ 5,855 $ 5,787 0.3 % $ 5,855
2nd Ave. LLC+ One stop L + 6.50% N/A(6) 09/2025 — — — —
Batteries Plus Holding Corporation*# One stop L + 6.75% (a) 7.75% 06/2023 21,921 21,998 0.9 21,921
Batteries Plus Holding Corporation+ One stop L + 6.75% (a) 7.75% 06/2023 1,434 1,427 0.1 1,434
Batteries Plus Holding Corporation+ One stop L + 6.75% (f) 8.36% 06/2023 102 102 — 102
Boot Barn, Inc.#+~ Senior loan L + 4.50% (c) 5.50% 06/2023 7,523 7,607 0.3 7,523
Consilio Midco Limited+(8)(12) One stop L + 5.75% (d) 6.75% 05/2028 11,684 11,462 0.5 11,567
Consilio Midco Limited+(5)(8)(12) One stop L + 5.75% N/A(6) 05/2028 — (2) — (1)
Consilio Midco Limited+(5)(8)(12) One stop L + 5.75% N/A(6) 05/2028 — (41) — (44)
Cycle Gear, Inc.#+ One stop L + 5.00% (c) 6.00% 01/2026 49,145 49,023 1.9 48,654
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 20,873 20,728 0.8 20,716
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 4,815 4,771 0.2 4,779
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 4,191 4,152 0.2 4,159
Imperial Optical Midco Inc.+~ One stop L + 5.75% (a) 6.75% 08/2023 3,627 3,656 0.2 3,599
Imperial Optical Midco Inc.*+ One stop L + 5.75% (a) 6.75% 08/2023 2,828 2,814 0.1 2,806
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 2,791 2,765 0.2 2,770
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 2,261 2,240 0.1 2,244
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 2,079 2,060 0.1 2,063
Imperial Optical Midco Inc.#+ One stop L + 5.75% (a) 6.75% 08/2023 1,922 1,953 0.1 1,907
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 1,671 1,655 0.1 1,658
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 1,469 1,455 0.1 1,458
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 1,450 1,436 0.1 1,439
Imperial Optical Midco Inc.+ One stop L + 5.75% (c) 6.75% 08/2023 1,383 1,370 0.1 1,372
Imperial Optical Midco Inc.#+ One stop L + 5.75% (a) 6.75% 08/2023 1,251 1,272 — 1,242
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 1,157 1,146 — 1,148
Imperial Optical Midco Inc.*+ One stop L + 5.75% (a) 6.75% 08/2023 1,139 1,157 — 1,131
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 888 880 — 881
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 666 660 — 661
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 638 633 — 634
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 504 499 — 500
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 464 454 — 460
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 454 450 — 451
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 450 446 — 447
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 446 442 — 443
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 418 414 — 415
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 414 410 — 411
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 390 386 — 387
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 384 381 — 381
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 356 353 — 354
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 331 329 — 328
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 317 314 — 314
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 287 284 — 285
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 280 274 — 278
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 275 272 — 273
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 272 269 — 270
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 259 257 — 257
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 241 239 — 239


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	$	442	$	440	—	%	$	442
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	416		414		—		416
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	415		413		—		415
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	414		412		—		414
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	410		408		—		410
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	410		408		—		410
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	380		379		—		380
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	358		357		—		358
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	357		356		—		357
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	353		351		—		353
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	327		327		—		327
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	314		312		—		314
Imperial Optical Midco Inc.+(5)	One stop	L +	6.75%		N/A(6)	08/2023	—		(46)		—		—
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	306		304		—		306
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	284		283		—		284
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	277		275		—		277
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	277		276		—		277
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	272		271		—		272
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	269		268		—		269
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	257		256		—		257
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	257		256		—		257
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	239		238		—		239
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	238		238		—		238
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	219		218		—		219
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	218		217		—		218
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	215		214		—		215
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	209		208		—		209
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	195		194		—		195
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	193		192		—		193
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	192		191		—		192
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	188		188		—		188
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	179		178		—		179
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	172		171		—		172
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	167		167		—		167
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	165		164		—		165
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	161		160		—		161
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	160		159		—		160
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	158		158		—		158
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	153		152		—		153
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	152		151		—		152
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	143		143		—		143
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	143		142		—		143
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	138		137		—		138
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	133		132		—		133
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	131		131		—		131
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	131		131		—		131
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	129		128		—		129
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	127		127		—		127

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Specialty Retail - (continued)
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 $ 221 $ 219 — % $ 219
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 197 195 — 196
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 195 193 — 194
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 194 192 — 192
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 190 189 — 189
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 181 179 — 180
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 169 167 — 168
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 167 165 — 165
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 162 161 — 161
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 161 159 — 159
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 155 153 — 154
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 153 152 — 152
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 144 143 — 143
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 139 138 — 138
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 134 133 — 133
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 130 129 — 129
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 129 127 — 128
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 115 114 — 114
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 115 114 — 114
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 115 114 — 114
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 110 109 — 110
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 107 106 — 107
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 106 105 — 105
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 106 105 — 105
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 100 99 — 100
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 97 96 — 96
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 87 86 — 86
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 83 83 — 83
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 80 79 — 79
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 76 76 — 76
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 76 75 — 76
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 75 74 — 74
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 74 74 — 74
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 69 68 — 68
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 68 68 — 68
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 65 65 — 65
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 64 64 — 64
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 63 63 — 63
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 62 62 — 62
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 61 60 — 60
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 60 59 — 59
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 56 55 — 56
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 55 55 — 55
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 43 42 — 42
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 41 41 — 41
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 36 36 — 36
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 35 35 — 35
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 35 35 — 35


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	$	124	$	124	—	%	$	124
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	114		113		—		114
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	114		114		—		114
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	114		114		—		114
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	112		111		—		112
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	109		109		—		109
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	106		106		—		106
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	105		105		—		105
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	105		104		—		105
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	105		104		—		105
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	99		99		—		99
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	96		95		—		96
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	86		85		—		86
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	86		85		—		86
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	82		82		—		82
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	79		79		—		79
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	79		78		—		79
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	75		75		—		75
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	75		75		—		75
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	75		75		—		75
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	75		75		—		75
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	74		74		—		74
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	74		73		—		74
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	71		71		—		71
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	68		68		—		68
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	68		68		—		68
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	65		65		—		65
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	64		63		—		64
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	63		62		—		63
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	62		61		—		62
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	60		60		—		60
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	59		59		—		59
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	56		55		—		56
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	55		55		—		55
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	54		54		—		54
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	52		52		—		52
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	47		47		—		47
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	42		42		—		42
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	41		41		—		41
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	40		40		—		40
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	39		38		—		39
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	36		35		—		36
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	34		34		—		34
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	35		34		—		35
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	35		35		—		35
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	34		34		—		34
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	33		32		—		33
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	31		31		—		31

Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	29		29		—		29

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Specialty Retail - (continued)
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 $ 28 $ 28 — % $ 28
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 28 27 — 28
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 27 27 — 27
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 27 26 — 26
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 26 25 — 25
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 26 26 — 26
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 24 24 — 23
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 23 23 — 23
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 21 21 — 21
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 20 19 — 19
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 19 18 — 18
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 19 19 — 19
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 19 19 — 19
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 17 17 — 17
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 17 17 — 17
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 17 17 — 17
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 15 14 — 14
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 14 13 — 14
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 13 13 — 13
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 13 13 — 13
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 13 13 — 13
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 13 13 — 13
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 13 13 — 13
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 12 12 — 12
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 11 11 — 11
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 11 11 — 11
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 10 10 — 10
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 10 10 — 10
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 9 9 — 9
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 9 9 — 9
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 9 9 — 9
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 9 9 — 9
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 8 8 — 8
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 8 8 — 8
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 8 8 — 8
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 7 7 — 7
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 6 6 — 6
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 6 6 — 6
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 5 5 — 5
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 5 5 — 5
Imperial Optical Midco Inc.+ One stop L + 5.75% (a) 6.75% 08/2023 3 3 — 3
Imperial Optical Midco Inc.+ One stop L + 5.75% N/A(6) 08/2023 — — — —
Imperial Optical Midco Inc.+(5) One stop L + 5.75% N/A(6) 08/2023 — (78) — (64)
Jet Equipment & Tools Ltd.+~(8)(9)(12) One stop C + 5.25% (l) 6.25% 11/2024 17,804 18,035 0.8 18,471
Jet Equipment & Tools Ltd.*#(8)(12) One stop L + 5.25% (a) 6.25% 11/2024 12,239 12,419 0.5 12,228
Jet Equipment & Tools Ltd.+(8)(9)(12) One stop C + 5.50% (l) 6.50% 11/2024 5,207 5,164 0.3 5,449
Jet Equipment & Tools Ltd.#+(8)(12) One stop L + 5.25% (a) 6.25% 11/2024 4,262 4,317 0.2 4,259
Jet Equipment & Tools Ltd.+(8)(12) One stop L + 5.25% (a) 6.25% 11/2024 1,566 1,556 0.1 1,564


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	$	29	$	29	—	%	$	29
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	29		29		—		29
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	28		27		—		28
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	27		27		—		27
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	27		26		—		27
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	26		26		—		26
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	26		26		—		26
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	25		25		—		25
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	25		25		—		25
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	24		24		—		24
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	23		23		—		23
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	23		23		—		23
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	21		21		—		21
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	19		19		—		19
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	19		19		—		19
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	19		19		—		19
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	19		19		—		19
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	19		19		—		19
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	18		18		—		18
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	17		17		—		17
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	17		17		—		17
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	17		17		—		17
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	16		16		—		16
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	15		15		—		15
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	14		14		—		14
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	13		12		—		13
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	13		13		—		13
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	13		13		—		13
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	13		13		—		13
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	13		13		—		13
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	13		13		—		13
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	12		11		—		12
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	11		11		—		11
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	11		11		—		11
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	10		10		—		10
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	10		10		—		10
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	10		10		—		10
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	10		10		—		10
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	9		9		—		9
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	9		9		—		9
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	9		9		—		9
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	9		9		—		9
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	8		8		—		8
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	8		8		—		8
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	8		8		—		8
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	8		8		—		8
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	7		7		—		7
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	6		6		—		6
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	6		6		—		6

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Specialty Retail - (continued)
Jet Equipment & Tools Ltd.+(8)(12) One stop L + 5.25% (a) 6.25% 11/2024 $ 118 $ 118 — % $ 118
Jet Equipment & Tools Ltd.+(8)(9)(12) One stop �� C + 5.25% (l)(m) 6.25% 11/2024 101 99 — 99
PetPeople Enterprises, LLC# One stop L + 5.50% (c) 6.50% 09/2023 5,227 5,259 0.2 5,227
PetPeople Enterprises, LLC#+ One stop L + 5.50% (c)(d) 6.50% 09/2023 1,774 1,793 0.1 1,774
PetPeople Enterprises, LLC+ One stop L + 5.50% (c) 6.50% 09/2023 20 21 — 20
PPV Intermediate Holdings II, LLC#+ One stop L + 5.50% (a) 6.50% 05/2023 4,871 4,871 0.2 4,871
PPV Intermediate Holdings II, LLC+ One stop L + 5.50% (a) 6.50% 05/2023 2,483 2,461 0.1 2,483
PPV Intermediate Holdings II, LLC* One stop L + 5.50% (a) 6.50% 05/2023 1,155 1,145 — 1,155
PPV Intermediate Holdings II, LLC# One stop L + 5.50% (a) 6.50% 05/2023 1,065 1,056 — 1,065
PPV Intermediate Holdings II, LLC# One stop L + 5.50% (a) 6.50% 05/2023 1,027 1,018 — 1,027
PPV Intermediate Holdings II, LLC# One stop L + 5.50% (a) 6.50% 05/2023 1,000 1,000 — 1,000
PPV Intermediate Holdings II, LLC* One stop L + 5.50% (a) 6.50% 05/2023 924 916 — 924
PPV Intermediate Holdings II, LLC+ One stop L + 5.50% (a) 6.50% 05/2023 774 767 — 774
PPV Intermediate Holdings II, LLC* One stop L + 5.50% (a) 6.50% 05/2023 770 763 — 770
PPV Intermediate Holdings II, LLC* One stop L + 5.50% (a) 6.50% 05/2023 731 725 — 731
PPV Intermediate Holdings II, LLC# One stop L + 5.50% (a) 6.50% 05/2023 597 597 — 597
PPV Intermediate Holdings II, LLC* One stop L + 5.50% (a) 6.50% 05/2023 526 522 — 526
PPV Intermediate Holdings II, LLC* One stop L + 5.50% (a) 6.50% 05/2023 431 420 — 431
PPV Intermediate Holdings II, LLC+ One stop L + 5.50% (a) 6.50% 05/2023 223 221 — 223
PPV Intermediate Holdings II, LLC+ One stop P + 4.50% (f) 7.75% 05/2023 193 192 — 193
PPV Intermediate Holdings II, LLC+ One stop L + 5.50% (a) 6.50% 05/2023 165 164 — 165
PPV Intermediate Holdings II, LLC# One stop L + 5.50% (a) 6.50% 05/2023 128 127 — 128
PPV Intermediate Holdings II, LLC+ One stop N/A 7.90% PIK 05/2023 26 26 — 26
PPV Intermediate Holdings II, LLC+(5) One stop L + 5.50% N/A(6) 05/2023 — (12) — —
Sola Franchise, LLC and Sola Salon Studios, LLC# One stop L + 4.75% (c) 5.75% 10/2024 7,222 7,231 0.3 7,222
Sola Franchise, LLC and Sola Salon Studios, LLC#+ One stop L + 4.75% (c) 5.75% 10/2024 1,691 1,734 0.1 1,691
Sola Franchise, LLC and Sola Salon Studios, LLC+ One stop L + 4.75% (c) 5.75% 10/2024 80 80 — 80
Titan Fitness, LLC*#+ One stop L + 6.75% (b)(c) 5.75% cash/2.00% PIK 02/2025 30,446 30,702 1.1 27,390
Titan Fitness, LLC+ One stop L + 6.75% (c) 5.75% cash/2.00% PIK 02/2025 1,899 1,883 0.1 1,708
Titan Fitness, LLC+ One stop L + 6.75% (c) 5.75% cash/2.00% PIK 02/2025 480 477 — 430
Vermont Aus Pty Ltd+~(8)(9)(11) Senior loan A + 4.75% (k) 4.82% 02/2025 2,199 2,216 0.1 2,318
Vermont Aus Pty Ltd+(8)(9)(11) Senior loan A + 4.00% (k) 4.07% 02/2025 1,010 994 — 921
Vermont Aus Pty Ltd+(8)(9)(11) Senior loan A + 4.75% (k) 4.82% 02/2025 81 81 — 94
277,574 277,421 10.6 273,973


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	$	5	$	5	—	%	$	5
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	5		5		—		5
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	3		3		—		3
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	386		384		—		386
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	170		169		—		170
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	58		57		—		58
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	38		38		—		38
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	26		26		—		26
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	17		16		—		17





Jet Equipment & Tools Ltd.+(8)(9)(12)	One stop	C +	5.75%	(h)	9.92%				11/2024	16,781		17,761		0.6		16,381
Jet Equipment & Tools Ltd.*#(8)(12)	One stop	SF +	5.75%	(l)	9.45%				11/2024	12,113		12,223		0.5		11,824
Jet Equipment & Tools Ltd.+(8)(12)	One stop	SF +	6.00%	(l)	9.70%				11/2024	5,307		5,265		0.2		5,205
Jet Equipment & Tools Ltd.+(8)(9)(12)	One stop	C +	6.00%	(h)	10.17%				11/2024	4,917		5,120		0.2		4,822
Jet Equipment & Tools Ltd.#+(8)(12)	One stop	SF +	5.75%	(l)	9.45%				11/2024	4,219		4,252		0.2		4,118
Jet Equipment & Tools Ltd.+(8)(12)	One stop	SF +	5.75%	(l)	9.45%				11/2024	1,550		1,542		0.1		1,513
Jet Equipment & Tools Ltd.+(8)(12)	One stop	SF +	5.75%	(d)(k)	9.82%				11/2024	310		310		—		302
Jet Equipment & Tools Ltd.+(8)(9)(12)	One stop	CP +	4.75%	(n)	10.20%				11/2024	39		43		—		38
Jet Equipment & Tools Ltd.+(8)(9)(12)	One stop	C +	6.00%	(h)	10.17%				11/2024	2,121		2,269		0.1		2,080
Jet Equipment & Tools Ltd.+(8)(12)	One stop	SF +	6.50%	(l)	10.20%				11/2024	1,035		1,014		0.1		1,025
PPV Intermediate Holdings, LLC+	One stop	SF +	5.75%	(l)(m)	9.29%				08/2029	7,738		7,590		0.3		7,583
PPV Intermediate Holdings, LLC+	One stop	N/A			13.00%				08/2030	918		896		—		895
PPV Intermediate Holdings, LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—		(8)		—		(8)
PPV Intermediate Holdings, LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—		(23)		—		(19)
PPV Intermediate Holdings, LLC+(5)	One stop	N/A			13.00%				08/2030	—		(3)		—		(4)
Salon Lofts Group, LLC+	One stop	SF +	5.75%	(l)	9.30%				08/2028	3,576		3,541		0.1		3,540
Salon Lofts Group, LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2028	—		(2)		—		(2)
Salon Lofts Group, LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2028	—		(18)		—		(18)
Sola Franchise, LLC and Sola Salon Studios, LLC#+	One stop	SF +	4.75%	(l)	8.45%				10/2024	11,850		11,821		0.5		11,850
Sola Franchise, LLC and Sola Salon Studios, LLC#+	One stop	SF +	4.75%	(l)	8.45%				10/2024	1,674		1,702		0.1		1,674
Sola Franchise, LLC and Sola Salon Studios, LLC+	One stop	SF +	4.75%		N/A(6)				10/2024	—		—		—		—
Titan Fitness, LLC*#+	One stop	L +	6.75%	(a)(b)	7.56%	cash/	2.00%	PIK	02/2025	30,810		30,991		1.1		28,958
Titan Fitness, LLC+	One stop	L +	6.75%	(b)	7.00%	cash/	2.00%	PIK	02/2025	1,918		1,908		0.1		1,803
Titan Fitness, LLC+	One stop	L +	6.75%	(b)	7.00%	cash/	2.00%	PIK	02/2025	490		487		—		458
Vermont Aus Pty Ltd+(8)(11)	One stop	SF +	5.50%	(l)	9.20%				03/2028	8,342		8,228		0.3		8,342
Vermont Aus Pty Ltd+(8)(9)(11)	One stop	A +	5.75%	(g)	8.86%				03/2028	7,286		8,376		0.3		7,286
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.50%	(l)	9.31%				04/2028	8,308		8,193		0.3		8,225
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	P +	4.50%	(d)	10.75%				04/2028	69		67		—		68
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	L +	5.50%	(b)	9.31%				04/2028	7		2		—		4
										344,146		346,216		13.3		338,066

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.*#+ One stop L + 6.00% (c) 7.00% 03/2023 $ 22,238 $ 22,311 0.9 % $ 22,238
Agility Recovery Solutions Inc.+ One stop L + 6.00% (c) 7.00% 03/2023 902 900 — 902
23,140 23,211 0.9 23,140
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.+(8)(10) One stop L + 6.00% (c) 6.50% 03/2028 1,954 1,928 0.1 1,954
Dollfus Mieg Company, Inc.+(8)(10) One stop L + 6.00% (c) 6.50% 03/2028 974 961 — 974
Dollfus Mieg Company, Inc.+(8)(10) One stop L + 6.00% (c) 6.50% 03/2028 855 844 — 855
Dollfus Mieg Company, Inc.(5)(8)(9)(10) One stop E + 6.00% N/A(6) 03/2028 — (1) — —
Elite Sportswear, L.P.+ Senior loan L + 6.25% (c) 7.25% 12/2021 9,802 9,787 0.3 6,371
Elite Sportswear, L.P.+ Senior loan L + 6.25% (c) 7.25% 12/2021 3,941 3,935 0.1 2,562
Elite Sportswear, L.P.+ Senior loan L + 6.25% (c) 7.25% 12/2021 2,028 2,026 0.1 1,318
Elite Sportswear, L.P.*+ Senior loan L + 6.25% (c) 7.25% 12/2021 673 672 — 437
Elite Sportswear, L.P.+ Senior loan L + 6.25% (c) 7.25% 12/2021 308 308 — 200
Elite Sportswear, L.P.*+ Senior loan L + 6.25% (c) 7.25% 12/2021 294 294 — 191
Elite Sportswear, L.P.+(5) Senior loan L + 6.25% (c) 7.25% 12/2021 86 83 — (351)
Elite Sportswear, L.P.+(5) Senior loan L + 6.25% (c) 7.25% 12/2021 3 3 — (12)
Georgica Pine Clothiers, LLC#+ One stop L + 7.50% (d) 6.50% cash/2.00% PIK 11/2023 10,459 10,365 0.4 10,483
Georgica Pine Clothiers, LLC*# One stop L + 7.50% (d) 6.50% cash/2.00% PIK 11/2023 6,559 6,503 0.3 6,574
Georgica Pine Clothiers, LLC+ One stop L + 7.50% (c)(d) 6.50% cash/2.00% PIK 11/2023 1,015 996 — 1,017
Georgica Pine Clothiers, LLC#+ One stop L + 7.50% (d) 6.50% cash/2.00% PIK 11/2023 913 906 — 915
Georgica Pine Clothiers, LLC*# One stop L + 7.50% (d) 6.50% cash/2.00% PIK 11/2023 640 636 — 642
Georgica Pine Clothiers, LLC+ One stop L + 7.50% (d) 6.50% cash/2.00% PIK 11/2023 2 2 — 2
SHO Holding I Corporation+~ Senior loan L + 5.25% (c) 6.25% 04/2024 4,003 3,995 0.2 3,803
SHO Holding I Corporation+~ Senior loan L + 5.23% (c) 6.23% 04/2024 67 67 — 63
SHO Holding I Corporation+(5) Senior loan L + 5.00% N/A(6) 04/2024 — — — (4)
SHO Holding I Corporation+(5) Senior loan L + 4.00% N/A(6) 04/2024 — (1) — —
SHO Holding I Corporation+ Senior loan L + 4.00% (c) 5.00% 04/2024 — — — —
SHO Holding I Corporation+ Senior loan L + 5.23% (c) 6.23% 04/2024 — — — —
44,576 44,309 1.5 37,994
Trading Companies and Distributors
Marcone Yellowstone Buyer Inc.+ One stop L + 5.50% (c) 6.25% 06/2028 19,311 18,940 0.7 19,311
Marcone Yellowstone Buyer Inc.+(5) One stop L + 5.50% N/A(6) 06/2028 — (4) — —
19,311 18,936 0.7 19,311
Water Utilities
S.J. Electro Systems, Inc.+ Senior loan L + 4.50% (c) 5.50% 06/2027 17,136 16,973 0.7 17,136
S.J. Electro Systems, Inc.+(5) Senior loan L + 4.50% N/A(6) 06/2027 — (2) — —
S.J. Electro Systems, Inc.+(5) Senior loan L + 4.50% N/A(6) 06/2027 — (2) — —
Vessco Midco Holdings, LLC+ Senior loan L + 4.50% (c) 5.50% 11/2026 339 313 — 313
Vessco Midco Holdings, LLC+ Senior loan L + 4.50% (c) 5.50% 11/2026 210 208 — 208
Vessco Midco Holdings, LLC+ Senior loan L + 4.50% N/A(6) 10/2026 — — — —
17,685 17,490 0.7 17,657
Total non-controlled/non-affiliate company debt investments $ 4,715,909 $ 4,684,411 179.7 % $ 4,642,198


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.*#+	One stop	L +	6.75%	(b)	9.67%	cash/	0.75%	PIK	06/2023	$	22,091	$	22,086	0.9	%	$	21,870
Agility Recovery Solutions Inc.+	One stop	L +	6.75%	(b)(d)	9.91%	cash/	0.75%	PIK	06/2023	581		579		—		571
										22,672		22,665		0.9		22,441
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.+(8)(10)	One stop	L +	6.00%	(c)	10.12%				03/2028	1,954		1,932		0.1		1,817
Dollfus Mieg Company, Inc.+(8)(10)	One stop	L +	6.00%	(c)	10.12%				03/2028	974		963		0.1		906
Dollfus Mieg Company, Inc.+(8)(10)	One stop	L +	6.00%	(c)	10.12%				03/2028	855		846		—		796
Dollfus Mieg Company, Inc.+(5)(8)(9)(10)	One stop	E +	6.00%		N/A(6)				03/2028	—		(1)		—		(3)
Elite Sportswear, L.P.+	Senior secured	L +	7.75%	(b)	9.92%	cash/	1.50%	PIK	09/2025	9,963		9,847		0.4		8,470
Elite Sportswear, L.P.+	Senior secured	L +	7.75%	(b)	9.92%	cash/	1.50%	PIK	09/2025	4,005		3,958		0.2		3,404
Elite Sportswear, L.P.+	Senior secured	L +	7.75%	(b)	9.92%	cash/	1.50%	PIK	09/2025	2,061		2,037		0.1		1,751
Elite Sportswear, L.P.+(5)	Senior secured	L +	7.75%	(b)	9.66%	cash/	1.50%	PIK	09/2025	157		144		—		(5)
Elite Sportswear, L.P.*+	Senior secured	L +	7.75%	(b)	9.92%	cash/	1.50%	PIK	09/2025	684		676		—		582
Elite Sportswear, L.P.+	Senior secured	L +	7.75%	(b)	9.92%	cash/	1.50%	PIK	09/2025	313		309		—		266
Elite Sportswear, L.P.*+	Senior secured	L +	7.75%	(b)	9.92%	cash/	1.50%	PIK	09/2025	300		295		—		255
Elite Sportswear, L.P.+	Senior secured	L +	7.75%	(b)	9.66%	cash/	1.50%	PIK	09/2025	5		5		—		—
Georgica Pine Clothiers, LLC#+	One stop	L +	5.50%	(c)	9.67%				11/2023	9,583		9,522		0.4		9,606
Georgica Pine Clothiers, LLC*#	One stop	L +	5.50%	(c)	9.67%				11/2023	6,505		6,456		0.3		6,522
Georgica Pine Clothiers, LLC+	One stop	L +	5.50%	(c)	9.67%				11/2023	1,007		997		—		1,009
Georgica Pine Clothiers, LLC#+	One stop	L +	5.50%	(c)	9.67%				11/2023	904		898		—		908
Georgica Pine Clothiers, LLC*#	One stop	L +	5.50%	(c)	9.67%				11/2023	635		631		—		636
Georgica Pine Clothiers, LLC+	One stop	L +	5.50%	(c)	9.67%				11/2023	2		2		—		2
QF Holdings, Inc.+	One stop	L +	6.25%	(c)	10.43%				12/2027	626		617		—		626
SHO Holding I Corporation+	Senior secured	L +	5.25%	(b)	8.06%				04/2024	3,960		3,962		0.1		3,682
SHO Holding I Corporation+	Senior secured	L +	5.23%	(b)	8.04%				04/2024	67		67		—		62
SHO Holding I Corporation+	Senior secured	L +	5.00%	(b)	8.14%				04/2024	66		66		—		62
SHO Holding I Corporation+	Senior secured	L +	4.00%	(b)	7.06%				04/2024	35		35		—		35
SHO Holding I Corporation+	Senior secured	L +	4.00%	(b)	7.09%				04/2024	—		—		—		—
SHO Holding I Corporation+	Senior secured	L +	5.23%	(b)	7.95%				04/2024	—		—		—		—
										44,661		44,264		1.7		41,389
Trading Companies and Distributors
Marcone Yellowstone Buyer Inc.+	One stop	L +	5.50%	(b)	9.17%				06/2028	19,118		18,804		0.7		18,353
Marcone Yellowstone Buyer Inc.+	One stop	L +	5.50%	(b)	9.17%				06/2028	15,246		14,975		0.6		14,637
Marcone Yellowstone Buyer Inc.+	One stop	L +	5.50%	(b)	9.01%				06/2028	455		447		—		437
Marcone Yellowstone Buyer Inc.+	One stop	L +	5.50%	(b)	8.92%				06/2028	188		184		—		170
										35,007		34,410		1.3		33,597
Water Utilities
S.J. Electro Systems, LLC+	Senior secured	L +	4.50%	(a)	7.62%				06/2027	17,008		16,874		0.7		16,498
S.J. Electro Systems, LLC+	Senior secured	L +	4.50%	(a)	7.62%				06/2027	80		78		—		77
S.J. Electro Systems, LLC+	Senior secured	L +	4.50%	(a)	7.62%				06/2027	110		108		—		104
Vessco Midco Holdings, LLC+	Senior secured	L +	4.50%	(b)	7.77%				11/2026	584		554		—		532
Vessco Midco Holdings, LLC+	Senior secured	L +	4.50%	(a)	7.62%				11/2026	208		206		—		204
Vessco Midco Holdings, LLC+	Senior secured	P +	3.50%	(d)	9.75%				10/2026	2		2		—		2
										17,992		17,822		0.7		17,417
Total non-controlled/non-affiliate company debt investments										$	5,257,884	$	5,258,590	200.7	%	$	5,107,481

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Equity Investments (15)(16)
Aerospace and Defense
NTS Technical Systems+ Common Stock N/A N/A N/A 2 $ 1,506 — % $ 1,016
NTS Technical Systems+ Preferred stock N/A N/A N/A — 256 — 502
NTS Technical Systems+ Preferred stock N/A N/A N/A — 128 — 291
Tronair Parent, Inc.+ LLC units N/A N/A N/A — 40 — 40
Whitcraft LLC+ Common Stock N/A N/A N/A 11 2,285 0.2 2,822
4,215 0.2 4,671
Auto Components
Polk Acquisition Corp.+ LP interest N/A N/A N/A 5 314 — 341
Automobiles
CG Group Holdings, LLC+ LP units N/A N/A N/A 1 730 — 730
MOP GM Holding, LLC+ LP units N/A N/A N/A — 323 — 537
Quick Quack Car Wash Holdings, LLC LLC interest N/A N/A N/A — 508 0.1 787
1,561 0.1 2,054
Biotechnology
BIO18 Borrower, LLC+(17) Preferred stock N/A N/A N/A 591 1,190 0.1 2,779
Building Products
Brooks Equipment Company, LLC+ Common Stock N/A N/A N/A 10 1,021 0.1 2,991
Chemicals
Inhance Technologies Holdings LLC+ LLC units N/A N/A N/A — 124 — 103
Commercial Services & Supplies
Hydraulic Authority III Limited+(8)(9)(10) Preferred stock N/A N/A N/A 284 384 — 516
Hydraulic Authority III Limited+(8)(9)(10) Common Stock N/A N/A N/A 6 43 — 165
North Haven Stack Buyer, LLC LLC units N/A N/A N/A 359 359 — 359
786 — 1,040
Construction & Engineering
Reladyne, Inc.+ LP interest N/A N/A N/A — 1,032 — 1,155
Diversified Consumer Services
CHHJ Franchising, LLC+(17) LLC units N/A N/A N/A 19 193 0.1 239
EWC Growth Partners LLC LLC interest N/A N/A N/A — 12 — 1
Liminex, Inc.+ Common Stock N/A N/A N/A 12 434 0.1 757
PADI Holdco, Inc.+ LLC interest N/A N/A N/A 1 969 — 198
Spear Education, LLC+ LLC interest N/A N/A N/A — 7 — 33
Spear Education, LLC+ LLC units N/A N/A N/A 1 1 — 74
1,616 0.2 1,302
Electronic Equipment, Instruments & Components
ES Acquisition LLC+ LP interest N/A N/A N/A — — — 21
Inventus Power, Inc.+ Preferred stock N/A N/A N/A — 372 — 315
Inventus Power, Inc.+ LLC units N/A N/A N/A — 88 — 160
Inventus Power, Inc.+ LP interest N/A N/A N/A — 20 — 40
Inventus Power, Inc.+ Common Stock N/A N/A N/A — — — —
480 — 536


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity Investments (19)(20)
Aerospace and Defense
Tronair Parent, Inc.+	LLC units	N/A	N/A	N/A	—	$	40	—	%	$	27
Whitcraft LLC+	Common Stock	N/A	N/A	N/A	11	2,285		0.1		2,870
						2,325		0.1		2,897
Auto Components
Polk Acquisition Corp.+	LP interest	N/A	N/A	N/A	5	314		—		60

Automobiles
CG Group Holdings, LLC+	LP units	N/A	N/A	N/A	1	730		—		597
Go Car Wash Parent, Corp.+	Preferred stock	N/A	N/A	N/A	—	47		—		50
Go Car Wash Parent, Corp.+	Common Stock	N/A	N/A	N/A	—	29		—		36
MOP GM Holding, LLC+	LP units	N/A	N/A	N/A	—	330		—		481
National Express Wash Parent Holdco, LLC+	LP units	N/A	N/A	N/A	1	61		—		61
POY Holdings, LLC+	LLC units	N/A	N/A	N/A	141	141		—		278
Quick Quack Car Wash Holdings, LLC	LLC interest	N/A	N/A	N/A	—	508		0.1		1,020
						1,846		0.1		2,523
Biotechnology
Cobepa BlueSky Aggregator, SCSp+	LP interest	N/A	N/A	N/A	177	1,769		0.1		1,536

Building Products
BECO Holding Company, Inc.+	Preferred stock	N/A	N/A	N/A	10	951		0.1		1,065
BECO Holding Company, Inc.+	LP interest	N/A	N/A	N/A	2	196		—		216
						1,147		0.1		1,281
Chemicals
Inhance Technologies Holdings LLC+	Preferred stock	N/A	N/A	N/A	2	1,960		0.1		2,196
Inhance Technologies Holdings LLC+	LLC units	N/A	N/A	N/A	—	124		—		102
						2,084		0.1		2,298
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+	LP interest	N/A	N/A	N/A	540	540		—		579
EGD Security Systems, LLC +	Common Stock	N/A	N/A	N/A	855	855		0.1		803
Hydraulic Authority III Limited+(8)(9)(10)	Preferred stock	N/A	N/A	N/A	284	384		—		474
Hydraulic Authority III Limited+(8)(9)(10)	Common Stock	N/A	N/A	N/A	6	43		—		533
North Haven Stack Buyer, LLC	LLC units	N/A	N/A	N/A	359	359		—		374
PT Intermediate Holdings III, LLC+(21)	LLC units	N/A	N/A	N/A	8	767		—		822
Radwell Parent, LLC+	LP units	N/A	N/A	N/A	2	159		—		182
						3,107		0.1		3,767


Containers and Packaging
Chase Intermediate+	LP units	N/A	N/A	N/A	49	49		—		59

Diversified Consumer Services
CHHJ Midco, LLC+(21)	LLC units	N/A	N/A	N/A	19	193		—		249
DP Flores Holdings, LLC+	LLC units	N/A	N/A	N/A	70	70		—		70
EMS LINQ, LLC+	LP interest	N/A	N/A	N/A	525	525		—		483
EWC Growth Partners LLC+	LLC interest	N/A	N/A	N/A	—	12		—		5
HS Spa Holdings, Inc.+	Common Stock	N/A	N/A	N/A	479	479		—		460
Liminex, Inc.+	Common Stock	N/A	N/A	N/A	12	434		0.1		885
PADI Holdco, Inc.+	LLC interest	N/A	N/A	N/A	1	987		—		305

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Food & Staples Retailing
Benihana, Inc.+ LLC units N/A N/A N/A 43 $ 699 — % $ 378
Cafe Rio Holding, Inc.+ Common Stock N/A N/A N/A 5 603 0.1 1,037
Captain D's, LLC+ LLC interest N/A N/A N/A 158 156 0.1 784
Feeders Supply Company, LLC+ Preferred stock N/A N/A N/A 4 400 — 525
Feeders Supply Company, LLC+ Common Stock N/A N/A N/A — — — —
Hopdoddy Holdings, LLC+ LLC units N/A N/A N/A 44 216 — 211
Hopdoddy Holdings, LLC+ LLC units N/A N/A N/A 20 61 — 60
Mendocino Farms, LLC+ Common Stock N/A N/A N/A 168 770 0.1 1,682
Ruby Slipper Cafe LLC, The+ LLC interest N/A N/A N/A 31 373 — 122
Ruby Slipper Cafe LLC, The+ LLC interest N/A N/A N/A 2 20 — 38
Wetzel's Pretzels, LLC+ Common Stock N/A N/A N/A — 416 — 462
Wood Fired Holding Corp.+ LLC units N/A N/A N/A 437 444 — 548
Wood Fired Holding Corp.+ Common Stock N/A N/A N/A 437 — — 708
Zenput Inc.+ Preferred stock N/A N/A N/A 146 409 — 426
4,567 0.3 6,981
Food Products
Borrower R365 Holdings, LLC+ Preferred stock N/A N/A N/A 77 102 — 115
C. J. Foods, Inc.+ Preferred stock N/A N/A N/A — 75 — 588
Kodiak Cakes, LLC+ Common Stock N/A N/A N/A — 281 — 281
Kodiak Cakes, LLC+ LLC units N/A N/A N/A 191 191 — 191
Louisiana Fish Fry Products, Ltd.+ Common Stock N/A N/A N/A — 483 — 483
FCID Merger Sub, Inc.+ Common Stock N/A N/A N/A 3 325 — 352
Purfoods, LLC+ LLC interest N/A N/A N/A — 926 0.3 5,932
2,383 0.3 7,942
Health Care Equipment & Supplies
Aspen Medical Products, LLC+ LP interest N/A N/A N/A — 77 — 139
Blue River Pet Care, LLC+ Common Stock N/A N/A N/A — 76 — 151
CCSL Holdings, LLC+ LP interest N/A N/A N/A — 312 — 319
CMI Parent Inc.+ Common Stock N/A N/A N/A — 240 — 276
CMI Parent Inc.+ Common Stock N/A N/A N/A 3 3 — 62
G & H Wire Company, Inc.+ LLC interest N/A N/A N/A 335 269 — 177
Joerns Healthcare, LLC*+ Common Stock N/A N/A N/A 432 4,329 — 455
Katena Holdings, Inc.+ LLC units N/A N/A N/A — 573 0.1 718
Lombart Brothers, Inc.+ Common Stock N/A N/A N/A 1 440 — 215
6,319 0.1 2,512


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Spear Education, LLC+	LLC interest	N/A	N/A	N/A	—	$	7	—	%	$	35
Spear Education, LLC+	LLC units	N/A	N/A	N/A	1	1		—		37
						2,708		0.1		2,529
Electronic Equipment, Instruments & Components
Electrical Source Holdings, LLC+	LP interest	N/A	N/A	N/A	—	—		—		77
Inventus Power, Inc.+	Preferred stock	N/A	N/A	N/A	—	372		—		106
Inventus Power, Inc.+	LLC units	N/A	N/A	N/A	—	88		—		185
Inventus Power, Inc.+	LP interest	N/A	N/A	N/A	—	20		—		50
Inventus Power, Inc.+	Common Stock	N/A	N/A	N/A	—	—		—		—
						480		—		418

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Health Care Providers & Services
Active Day, Inc.+ LLC interest N/A N/A N/A 2 $ 1,099 — % $ 320
Acuity Eyecare Holdings, LLC+ LLC interest N/A N/A N/A 1,632 2,235 0.2 3,718
Acuity Eyecare Holdings, LLC+ LLC units N/A N/A N/A 889 1,023 0.1 2,065
ADCS Clinics Intermediate Holdings, LLC+ Preferred stock N/A N/A N/A 2 1,119 0.1 1,434
ADCS Clinics Intermediate Holdings, LLC+ Common Stock N/A N/A N/A — 6 — —
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+ LLC units N/A N/A N/A 104 104 — 135
CRH Healthcare Purchaser, Inc.+(17) LP interest N/A N/A N/A 429 327 0.1 771
DCA Investment Holding, LLC LLC interest N/A N/A N/A 13,890 1,618 0.1 2,239
DCA Investment Holding, LLC LLC units N/A N/A N/A 140 218 — 276
Emerge Intermediate, Inc.+ LLC units N/A N/A N/A — 648 — 817
Emerge Intermediate, Inc.+ LLC units N/A N/A N/A — 61 — 57
Emerge Intermediate, Inc.+ LLC units N/A N/A N/A 9 4 — —
Encore GC Acquisition, LLC+ LLC interest N/A N/A N/A 26 272 — 45
Encore GC Acquisition, LLC+ LLC units N/A N/A N/A 26 52 — —
Encorevet Group LLC+ Common Stock N/A N/A N/A — 15 — 25
Encorevet Group LLC+ LLC units N/A N/A N/A — 8 — 13
Eyecare Services Partners Holdings LLC+ LLC units N/A N/A N/A — 262 — —
Eyecare Services Partners Holdings LLC+ LLC units N/A N/A N/A — 1 — —
Krueger-Gilbert Health Physics, LLC+ Common Stock N/A N/A N/A 177 199 — 248
MD Now Holdings, Inc.+(17) LLC interest N/A N/A N/A 15 110 — 241
Midwest Veterinary Partners, LLC+ LLC units N/A N/A N/A 1 567 — 567
Midwest Veterinary Partners, LLC+ Warrant N/A N/A N/A 6 — — 185
Midwest Veterinary Partners, LLC+ Warrant N/A N/A N/A — 29 — 35
MWD Management, LLC & MWD Services, Inc.+ LLC interest N/A N/A N/A 412 335 — 442
NDX Parent, LLC+ Common Stock N/A N/A N/A — 272 — 272
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12) Common Stock N/A N/A N/A — 296 — 323
Oliver Street Dermatology Holdings, LLC+ LLC interest N/A N/A N/A 452 234 — —
Pentec Acquisition Sub, Inc.+ Preferred stock N/A N/A N/A 1 116 — 166
Pinnacle Treatment Centers, Inc.+ LLC interest N/A N/A N/A — 528 — 682
Pinnacle Treatment Centers, Inc.+ LLC interest N/A N/A N/A 4 74 0.1 734
Radiology Partners, Inc.+ LLC units N/A N/A N/A 11 68 — 92
Radiology Partners, Inc.+ LLC interest N/A N/A N/A 43 55 — 365
Sage Dental Management, LLC+ LLC units N/A N/A N/A — 249 — 116
Sage Dental Management, LLC+ LLC units N/A N/A N/A 3 3 — —
SSH Corporation+ Common Stock N/A N/A N/A — 40 — 108
Summit Behavioral Healthcare, LLC+(17) LLC interest N/A N/A N/A 2 115 — 229
Summit Behavioral Healthcare, LLC+ LLC interest N/A N/A N/A 2 — — 409
12,362 0.7 17,129


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food & Staples Retailing
Benihana, Inc.+	LLC units	N/A	N/A	N/A	43	$	699	0.1	%	$	718
Cafe Rio Holding, Inc.+	Common Stock	N/A	N/A	N/A	5	603		—		758

Feeders Supply Company, LLC+(21)	Preferred stock	N/A	N/A	N/A	4	401		—		592
Feeders Supply Company, LLC+	Common Stock	N/A	N/A	N/A	—	—		—		181
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	N/A	44	217		—		211
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	N/A	20	61		—		60
Mendocino Farms, LLC+	Common Stock	N/A	N/A	N/A	168	770		0.1		1,738
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	N/A	32	389		—		155
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	N/A	2	20		—		28
Wetzel's Pretzels, LLC+	Common Stock	N/A	N/A	N/A	—	416		—		884
Wood Fired Holding Corp.+	LLC units	N/A	N/A	N/A	437	444		—		593
Wood Fired Holding Corp.+	Common Stock	N/A	N/A	N/A	437	—		0.1		1,675

						4,020		0.3		7,593
Food Products
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	N/A	77	102		—		114
Borrower R365 Holdings, LLC+	LLC units	N/A	N/A	N/A	3	5		—		5
Borrower R365 Holdings, LLC+	Common Stock	N/A	N/A	N/A	1	2		—		2
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	N/A	1	2		—		2
C. J. Foods, Inc.+	Preferred stock	N/A	N/A	N/A	—	75		—		484
Kodiak Cakes, LLC+	Common Stock	N/A	N/A	N/A	—	281		—		148
Kodiak Cakes, LLC+	LLC units	N/A	N/A	N/A	191	191		—		175
Louisiana Fish Fry Products, Ltd.+	Common Stock	N/A	N/A	N/A	—	483		—		251
Louisiana Fish Fry Products, Ltd.+	Preferred stock	N/A	N/A	N/A	—	13		—		13
P&P Food Safety Holdings, Inc.+	Common Stock	N/A	N/A	N/A	4	356		—		208
Purfoods, LLC+	LLC interest	N/A	N/A	N/A	—	946		0.2		4,657
						2,456		0.2		6,059
Health Care Equipment & Supplies
Aspen Medical Products, LLC+	LP interest	N/A	N/A	N/A	—	77		—		101
Blue River Pet Care, LLC+	Common Stock	N/A	N/A	N/A	—	76		—		165
CCSL Holdings, LLC+	LP interest	N/A	N/A	N/A	—	336		—		254
CMI Parent Inc.+(21)	Common Stock	N/A	N/A	N/A	—	132		—		172
CMI Parent Inc.+	Common Stock	N/A	N/A	N/A	3	3		—		279
G & H Wire Company, Inc.+	LLC interest	N/A	N/A	N/A	335	269		—		16
Joerns Healthcare, LLC*+	Common Stock	N/A	N/A	N/A	432	4,329		—		—


						5,222		—		987

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Health Care Providers & Services
Active Day, Inc.+	LLC interest	N/A	N/A	N/A	2	$	1,099	—	%	$	386
Acuity Eyecare Holdings, LLC+	LLC interest	N/A	N/A	N/A	1,632	2,235		0.2		3,719
Acuity Eyecare Holdings, LLC+	LLC units	N/A	N/A	N/A	889	1,023		0.1		2,176
ADCS Clinics Intermediate Holdings, LLC+	Preferred stock	N/A	N/A	N/A	2	1,119		0.1		1,402
ADCS Clinics Intermediate Holdings, LLC+	Common Stock	N/A	N/A	N/A	—	6		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	LLC units	N/A	N/A	N/A	129	132		—		154
CRH Healthcare Purchaser, Inc.+	LP interest	N/A	N/A	N/A	429	327		0.1		1,252
DCA Investment Holding, LLC	LLC interest	N/A	N/A	N/A	13,890	1,025		0.1		1,809
DCA Investment Holding, LLC	LLC units	N/A	N/A	N/A	140	218		0.1		905
Emerge Intermediate, Inc.+	LLC units	N/A	N/A	N/A	—	648		—		841
Emerge Intermediate, Inc.+	LLC units	N/A	N/A	N/A	—	61		—		64
Emerge Intermediate, Inc.+	LLC units	N/A	N/A	N/A	9	4		—		—
Encore GC Acquisition, LLC+	LLC interest	N/A	N/A	N/A	26	272		—		—
Encore GC Acquisition, LLC+	LLC units	N/A	N/A	N/A	26	52		—		—
Encorevet Group LLC+	Common Stock	N/A	N/A	N/A	—	15		—		21
Encorevet Group LLC+	LLC units	N/A	N/A	N/A	—	11		—		13
Eyecare Services Partners Holdings LLC+	LLC units	N/A	N/A	N/A	—	262		—		—
Eyecare Services Partners Holdings LLC+	LLC units	N/A	N/A	N/A	—	1		—		—
Krueger-Gilbert Health Physics, LLC+	Common Stock	N/A	N/A	N/A	177	199		—		241
Midwest Veterinary Partners, LLC+	LLC units	N/A	N/A	N/A	1	1,019		—		1,156
Midwest Veterinary Partners, LLC+	Warrant	N/A	N/A	N/A	6	—		—		459
Midwest Veterinary Partners, LLC+	Warrant	N/A	N/A	N/A	—	29		—		39
MWD Management, LLC & MWD Services, Inc.+	LLC interest	N/A	N/A	N/A	412	335		—		526
NDX Parent, LLC+	Common Stock	N/A	N/A	N/A	—	272		—		91
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	Common Stock	N/A	N/A	N/A	—	304		—		265
Oliver Street Dermatology Holdings, LLC+	LLC interest	N/A	N/A	N/A	452	234		—		—
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A	N/A	—	528		—		739
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A	N/A	4	74		—		781
Radiology Partners, Inc.+	LLC units	N/A	N/A	N/A	11	68		—		67
Radiology Partners, Inc.+	LLC interest	N/A	N/A	N/A	43	55		—		266
Sage Dental Management, LLC+	LLC units	N/A	N/A	N/A	—	249		—		222
Sage Dental Management, LLC+	LLC units	N/A	N/A	N/A	3	3		—		—
SSH Corporation+	Common Stock	N/A	N/A	N/A	—	40		—		213
Suveto Buyer, LLC+	Common Stock	N/A	N/A	N/A	6	562		—		327



						12,481		0.7		18,134

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
IT Services
Appriss Health Intermediate Holdings, Inc+ Preferred stock N/A N/A N/A 2 $ 1,994 0.1 % $ 2,147
Appriss Holdings, Inc.+ Preferred stock N/A N/A N/A — 174 — 204
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ Preferred stock N/A N/A N/A 587 462 0.2 4,500
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ Preferred stock N/A N/A N/A 154 423 0.1 1,180
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ Preferred stock N/A N/A N/A 35 291 — 301
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ Warrant N/A N/A N/A 202 159 0.1 1,439
Episerver, Inc.+ Common Stock N/A N/A N/A 75 807 — 939
Kentik Technologies, Inc.+ Preferred stock N/A N/A N/A 192 1,103 — 1,103
PCS Intermediate II Holdings, LLC+ LLC interest N/A N/A N/A 37 367 — 464
Red Dawn SEI Buyer, Inc.+ LP interest N/A N/A N/A 13 13 — 21
Saturn Borrower Inc.+ LP units N/A N/A N/A 346 346 — 259
6,139 0.5 12,557
Leisure Products
Massage Envy, LLC+ LLC interest N/A N/A N/A 749 210 0.1 1,059
WBZ Investment LLC+ LLC interest N/A N/A N/A 67 117 — 93
WBZ Investment LLC+ LLC interest N/A N/A N/A 46 80 — 64
WBZ Investment LLC+ LLC interest N/A N/A N/A 38 65 — 52
WBZ Investment LLC+ LLC interest N/A N/A N/A 33 58 — 45
WBZ Investment LLC+ LLC interest N/A N/A N/A 15 24 — 19
WBZ Investment LLC+ LLC interest N/A N/A N/A 2 2 — 2
556 0.1 1,334
Life Sciences Tools & Services
Pace Analytical Services, LLC+ LLC interest N/A N/A N/A 6 700 — 1,195
Oil, Gas and Consumable Fuels
W3 Co.+ LLC interest N/A N/A N/A 3 1,632 0.1 1,587
W3 Co.+ Preferred stock N/A N/A N/A — 224 — 221
1,856 0.1 1,808
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12) LP interest N/A N/A N/A 502 502 — 899
BIOVT, LLC+ LLC interest N/A N/A N/A — 1,223 0.1 2,460
1,725 0.1 3,359


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Technology
Connexin Software, Inc.+	LLC interest	N/A	N/A	N/A	154	$	193	—	%	$	208
HSI Halo Acquisition, Inc.+	LP interest	N/A	N/A	N/A	—	288		—		389
HSI Halo Acquisition, Inc.+	LP interest	N/A	N/A	N/A	—	—		—		45
Symplr Software, Inc.+	Preferred stock	N/A	N/A	N/A	12	11,807		0.5		12,515
Symplr Software, Inc.+	Preferred stock	N/A	N/A	N/A	2	2,734		0.2		4,015
Symplr Software, Inc.+	Preferred stock	N/A	N/A	N/A	2	1,427		0.1		1,661
Symplr Software, Inc.+	Preferred stock	N/A	N/A	N/A	1	880		0.1		971
Symplr Software, Inc.+	LLC units	N/A	N/A	N/A	—	161		—		159
Symplr Software, Inc.+	Common Stock	N/A	N/A	N/A	177	—		—		739
Tebra Technologies, Inc.+	Warrant	N/A	N/A	N/A	169	871		—		686
Tebra Technologies, Inc.+	Warrant	N/A	N/A	N/A	53	162		—		162
Tebra Technologies, Inc.+	LLC interest	N/A	N/A	N/A	348	2,824		0.1		2,958
Tebra Technologies, Inc.+	Preferred stock	N/A	N/A	N/A	1	8		—		12
						21,355		1.0		24,520
Hotels, Restaurants & Leisure
Freddy's Frozen Custard LLC+	LP interest	N/A	N/A	N/A	206	206		—		285
Harri US LLC+	LLC units	N/A	N/A	N/A	83	658		—		658
Harri US LLC+	Preferred stock	N/A	N/A	N/A	71	455		—		512
Harri US LLC+	Warrant	N/A	N/A	N/A	18	106		—		129
LMP TR Holdings, LLC(21)	LLC units	N/A	N/A	N/A	712	712		0.1		2,956
SSRG Holdings, LLC+	LP interest	N/A	N/A	N/A	6	61		—		80
Tropical Smoothie Cafe Holdings, LLC+(21)	LP interest	N/A	N/A	N/A	5	246		0.1		945
						2,444		0.2		5,565

Household Durables
Groundworks LLC+	LLC interest	N/A	N/A	N/A	—	155		—		442

Insurance
Majesco+	LP interest	N/A	N/A	N/A	—	307		—		364
Majesco+	LP interest	N/A	N/A	N/A	69	—		—		43
						307		—		407

Internet and Catalog Retail
Revalize, Inc.+	Preferred stock	N/A	N/A	N/A	17	17,025		0.7		17,564
Revalize, Inc.+	Preferred stock	N/A	N/A	N/A	10	10,219		0.4		10,542
Revalize, Inc.+	Preferred stock	N/A	N/A	N/A	1	1,104		—		1,096
						28,348		1.1		29,202

IT Services
Appriss Health Intermediate Holdings, Inc+	Preferred stock	N/A	N/A	N/A	2	1,994		0.1		2,172
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A	N/A	N/A	587	462		0.2		4,684
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A	N/A	N/A	154	423		0.1		1,228
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A	N/A	N/A	35	291		—		285
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Warrant	N/A	N/A	N/A	202	159		0.1		1,481
Critical Start, Inc.+	Common Stock	N/A	N/A	N/A	225	225		—		225
Episerver, Inc.+	Common Stock	N/A	N/A	N/A	75	807		—		655
Kentik Technologies, Inc.+	Preferred stock	N/A	N/A	N/A	192	1,103		—		1,171

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Netwrix Corporation+	LLC units	N/A	N/A	N/A	9	$	18	—	%	$	20
PCS Intermediate II Holdings, LLC+	LLC interest	N/A	N/A	N/A	37	367		—		504
Red Dawn SEI Buyer, Inc.+	LP interest	N/A	N/A	N/A	13	13		—		19
Saturn Borrower Inc.+	LP units	N/A	N/A	N/A	346	346		—		109

						6,208		0.5		12,553
Leisure Products
Massage Envy, LLC+	LLC interest	N/A	N/A	N/A	749	210		0.1		1,715
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	67	117		—		192
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	46	80		—		131
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	38	65		—		108
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	33	58		—		95
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	15	24		—		40
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	2	2		—		4
						556		0.1		2,285
Life Sciences Tools & Services
PAS Parent Inc.+	LP interest	N/A	N/A	N/A	9	933		—		781
Reaction Biology Corporation+	LLC units	N/A	N/A	N/A	—	265		—		267
						1,198		—		1,048
Oil, Gas and Consumable Fuels
W3 Co.+	LLC interest	N/A	N/A	N/A	3	1,632		—		1,004
W3 Co.+	Preferred stock	N/A	N/A	N/A	—	224		—		188
						1,856		—		1,192
Paper and Forest Products
Messenger, LLC+	LLC units	N/A	N/A	N/A	3	312		—		280
Messenger, LLC+	LLC units	N/A	N/A	N/A	—	—		—		—
						312		—		280
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12)	LP interest	N/A	N/A	N/A	502	502		0.1		943
Cobalt Buyer Sub, Inc.+	Preferred stock	N/A	N/A	N/A	8	7,679		0.4		8,840
Cobalt Buyer Sub, Inc.+	Preferred stock	N/A	N/A	N/A	—	168		—		154
Cobalt Buyer Sub, Inc.+	Common Stock	N/A	N/A	N/A	2	2		—		—
						8,351		0.5		9,937

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Software
Accela, Inc.+ LLC interest N/A N/A N/A 670 $ 418 — % $ 202
Aras Corporation+ Preferred stock N/A N/A N/A 1 1,001 — 1,079
Aras Corporation+ LP interest N/A N/A N/A 306 306 — 334
Astute Holdings, Inc. + LP interest N/A N/A N/A — 293 — 517
Auvik Networks Inc.+(8)(12) Preferred stock N/A N/A N/A 26 256 — 256
Calabrio, Inc. + LP interest N/A N/A N/A 1 770 — 769
Calabrio, Inc. + LP interest N/A N/A N/A 96 0 — —
Cloudbees, Inc.+ Preferred stock N/A N/A N/A 72 466 — 667
Cloudbees, Inc.+ Warrant N/A N/A N/A 131 247 0.1 906
Digital Guardian, Inc.+ Preferred stock N/A N/A N/A 356 434 — 519
Digital Guardian, Inc.+ Warrant N/A N/A N/A 122 225 — 257
Digital Guardian, Inc.+ Preferred stock N/A N/A N/A 74 142 — 157
Digital Guardian, Inc.+ Preferred stock N/A N/A N/A 67 123 — 145
Digital Guardian, Inc.+ Warrant N/A N/A N/A 124 33 — —
Diligent Corporation+ Preferred stock N/A N/A N/A 17 16,587 0.7 17,983
Diligent Corporation+ Preferred stock N/A N/A N/A 415 912 0.2 2,828
Everbridge, Inc.+(8) Common Stock N/A N/A N/A 4 444 — 508
FirstUp, Inc+ Common Stock N/A N/A N/A 221 541 — 541
GS Acquisitionco, Inc.+ Preferred stock N/A N/A N/A 26 25,344 1.0 25,901
GS Acquisitionco, Inc.+ LP interest N/A N/A N/A 1 170 — 1,041
MetricStream, Inc.+ Warrant N/A N/A N/A 168 263 — 196
mParticle, Inc.+ Preferred stock N/A N/A N/A 162 1,060 — 1,060
mParticle, Inc.+ Warrant N/A N/A N/A 69 16 — 383
Namely, Inc.+ Warrant N/A N/A N/A 47 314 — 322
Namely, Inc.+ Warrant N/A N/A N/A 17 28 — 20
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+ Warrant N/A N/A N/A 4 9 — 22
Personify, Inc.+ LP interest N/A N/A N/A 716 942 0.1 1,262
Project Alpha Intermediate Holding, Inc.+ Common Stock N/A N/A N/A — 964 0.1 1,270
Project Alpha Intermediate Holding, Inc.+ Common Stock N/A N/A N/A 202 329 0.1 1,290
Pyramid Healthcare Acquisition Corp.+ Common Stock N/A N/A N/A 184 184 — 218
RegEd Aquireco, LLC+ LP interest N/A N/A N/A — 331 — 158
RegEd Aquireco, LLC+ LP interest N/A N/A N/A 3 21 — —
SnapLogic, Inc. Preferred stock N/A N/A N/A 278 695 0.1 1,590
SnapLogic, Inc. Warrant N/A N/A N/A 106 75 — 417
Spartan Buyer Acquisition Co.+ Common Stock N/A N/A N/A 1 623 — 714
Telesoft Holdings LLC+ LP interest N/A N/A N/A 6 6 — 6
Workforce Software, LLC+ Common Stock N/A N/A N/A — 973 0.1 1,361
55,545 2.5 64,899


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Professional Services
Brandmuscle, Inc.+	LLC interest	N/A	N/A	N/A	—	$	216	—	%	$	149
Enboarder, Inc.+(8)(11)	Preferred stock	N/A	N/A	N/A	56	573		—		620
Filevine, Inc.+	Preferred stock	N/A	N/A	N/A	221	1,401		0.1		1,479
Filevine, Inc.+	Warrant	N/A	N/A	N/A	33	49		—		153
Net Health Acquisition Corp.+	LP interest	N/A	N/A	N/A	13	1,509		0.1		1,719
Procure Acquireco, Inc.+	LP interest	N/A	N/A	N/A	—	486		—		516

						4,234		0.2		4,636
Real Estate Management & Development
Inhabit IQ Inc.+	Common Stock	N/A	N/A	N/A	62	434		—		472
SC Landco Parent, LLC+(8)	Common Stock	N/A	N/A	N/A	2	274		—		248
						708		—		720

Road & Rail
Internet Truckstop Group LLC+	LP interest	N/A	N/A	N/A	408	447		—		532

Software
Accela, Inc.+	LLC interest	N/A	N/A	N/A	670	418		—		330
Anaplan, Inc.+	LP interest	N/A	N/A	N/A	385	385		—		385
Aras Corporation+	Preferred stock	N/A	N/A	N/A	1	1,000		0.1		1,165
Aras Corporation+	LP interest	N/A	N/A	N/A	306	306		—		247
Astute Holdings, Inc.+	LP interest	N/A	N/A	N/A	—	304		—		754
Auvik Networks Inc.+(8)(12)	Preferred stock	N/A	N/A	N/A	26	256		—		278
Bayshore Intermediate #2, L.P.+	Common Stock	N/A	N/A	N/A	4,095	4,095		0.2		3,834
Calabrio, Inc.+	LP interest	N/A	N/A	N/A	1	769		—		875
Calabrio, Inc.+	LP interest	N/A	N/A	N/A	96	0		—		0
Cloudbees, Inc.+	Preferred stock	N/A	N/A	N/A	149	1,663		0.1		1,905
Cloudbees, Inc.+	Warrant	N/A	N/A	N/A	131	247		0.1		1,342
Cloudbees, Inc.+	Preferred stock	N/A	N/A	N/A	71	466		0.1		877
Cynet Security Ltd.+(8)(15)	Preferred stock	N/A	N/A	N/A	143	508		—		508
Diligent Corporation+	Preferred stock	N/A	N/A	N/A	17	16,587		0.7		18,299
Diligent Corporation+	Preferred stock	N/A	N/A	N/A	415	913		0.1		2,088
FirstUp, Inc.+	Common Stock	N/A	N/A	N/A	221	541		—		361
GS Acquisitionco, Inc.+	Preferred stock	N/A	N/A	N/A	26	25,344		1.1		27,141
GS Acquisitionco, Inc.+	Preferred stock	N/A	N/A	N/A	2	1,532		0.1		1,588
GS Acquisitionco, Inc.+	LP interest	N/A	N/A	N/A	1	170		—		1,038
GTY Technology Holdings, Inc.+	LP units	N/A	N/A	N/A	46	46		—		46
Impartner, Inc.+	Preferred stock	N/A	N/A	N/A	28	226		—		249
Kaseya Inc.+	Preferred stock	N/A	N/A	N/A	2	1,658		0.1		1,756
Kaseya Inc.+	LP interest	N/A	N/A	N/A	100	100		—		100
MetricStream, Inc.+	Warrant	N/A	N/A	N/A	168	263		—		147
Ministry Brands Holdings LLC+	LP interest	N/A	N/A	N/A	438	439		—		251
mParticle, Inc.+	Preferred stock	N/A	N/A	N/A	162	1,060		—		1,141
mParticle, Inc.+	Warrant	N/A	N/A	N/A	73	16		—		419
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+	Warrant	N/A	N/A	N/A	4	9		—		19
Personify, Inc.+	LP interest	N/A	N/A	N/A	716	942		0.1		1,565
Project Alpha Intermediate Holding, Inc.+	Common Stock	N/A	N/A	N/A	—	964		0.1		1,386

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Specialty Retail
2nd Ave. LLC+ LP interest N/A N/A N/A 653 $ 653 0.1 % $ 1,616
Batteries Plus Holding Corporation+ LP interest N/A N/A N/A 10 1,287 0.1 1,483
Cycle Gear, Inc.+(17) LLC units N/A N/A N/A 27 462 — 1,056
Imperial Optical Midco Inc.+ Preferred stock N/A N/A N/A — 122 — 144
Imperial Optical Midco Inc.+ Preferred stock N/A N/A N/A — 46 — 53
Jet Equipment & Tools Ltd.+(8)(9)(12) LLC interest N/A N/A N/A 1 948 0.1 2,777
Pet Holdings ULC+(8)(12) LP interest N/A N/A N/A 677 483 0.1 1,483
PPV Intermediate Holdings II, LLC+ LLC interest N/A N/A N/A 325 315 — 745
Sola Franchise, LLC and Sola Salon Studios, LLC+ LLC interest N/A N/A N/A 6 682 — 1,188
Sola Franchise, LLC and Sola Salon Studios, LLC+ LLC interest N/A N/A N/A 2 138 — 255
Southern Veterinary Partners, LLC+ Preferred stock N/A N/A N/A 3 2,955 0.1 3,374
Southern Veterinary Partners, LLC+ LLC units N/A N/A N/A — 717 — 1,023
Southern Veterinary Partners, LLC+ LLC interest N/A N/A N/A 148 188 0.2 3,276
8,996 0.7 18,473
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.+ LLC interest N/A N/A N/A 97 604 — 577
Textiles, Apparel & Luxury Goods
Elite Sportswear, L.P.+ LLC interest N/A N/A N/A — 165 — —
Georgica Pine Clothiers, LLC+ LLC interest N/A N/A N/A 20 239 — 243
Georgica Pine Clothiers, LLC+ LLC units N/A N/A N/A — — — —
MakerSights, Inc. + Preferred stock N/A N/A N/A 40 218 — 232
R.G. Barry Corporation+ Preferred stock N/A N/A N/A — 161 — 158
783 — 633
Total non-controlled/non-affiliate company equity investments $ 126,279 6.7 % $ 173,072
Total non-controlled/non-affiliate company investments $ 4,715,909 $ 4,810,690 186.4 % $ 4,815,270


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Project Alpha Intermediate Holding, Inc.+	Common Stock	N/A	N/A	N/A	202	$	329	—	%	$	188
Pyramid Healthcare Acquisition Corp.+	Common Stock	N/A	N/A	N/A	184	184		—		267
QAD, Inc.+	Preferred stock	N/A	N/A	N/A	—	125		—		120
QAD, Inc.+	Common Stock	N/A	N/A	N/A	9	0		—		0
RegEd Aquireco, LLC+	LP interest	N/A	N/A	N/A	—	331		—		66
RegEd Aquireco, LLC+	LP interest	N/A	N/A	N/A	3	21		—		0
Riskonnect Parent, LLC+	Preferred stock	N/A	N/A	N/A	18	18,055		0.7		17,791
Riskonnect Parent, LLC+	LP interest	N/A	N/A	N/A	857	859		—		825
Riskonnect Parent, LLC+	Preferred stock	N/A	N/A	N/A	—	323		—		340
SnapLogic, Inc.+	Preferred stock	N/A	N/A	N/A	278	695		0.1		1,392
SnapLogic, Inc.+	Warrant	N/A	N/A	N/A	106	75		—		361
Spartan Buyer Acquisition Co.+	Common Stock	N/A	N/A	N/A	1	623		—		747
Telesoft Holdings LLC+	LP interest	N/A	N/A	N/A	6	6		—		6
Templafy APS and Templafy, LLC+(8)(18)	Warrant	N/A	N/A	N/A	—	62		—		62
Workforce Software, LLC+	Common Stock	N/A	N/A	N/A	—	973		—		577
Workforce Software, LLC+	Common Stock	N/A	N/A	N/A	—	36		—		38
						83,924		3.7		92,874

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Non-controlled/affiliate company investments(19)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+ One stop L + 5.75% (a) 6.75% 04/2024 $ 5,996 $ 6,004 0.2 % $ 5,996
Abita Brewing Co., L.L.C.+ Second lien L + 8.00% (d) 9.00% 04/2024 3,321 3,310 0.1 3,321
Abita Brewing Co., L.L.C.+ One stop L + 5.75% N/A(6) 04/2024 — — — —
Uinta Brewing Company+(7) One stop L + 4.00% (a) 5.00% 11/2021 962 921 — 55
Uinta Brewing Company+(7) One stop L + 4.00% (a) 5.00% 11/2021 571 565 — 407
10,850 10,800 0.3 9,779
Consumer Finance
Paradigm DKD Group, LLC+(7) Senior loan L + 6.25% (c) 7.50% 05/2022 3,196 2,084 0.1 2,618
Paradigm DKD Group, LLC+(5)(7) Senior loan L + 6.25% (c) 7.50% 05/2022 — (142) — 5
3,196 1,942 0.1 2,623
Electronic Equipment, Instruments and Components
Sloan Company, Inc., The+(7) One stop L + 8.50% (c) 9.50% 04/2023 4,708 4,074 0.2 4,125
Sloan Company, Inc., The+ One stop L + 8.50% (c) 9.50% 04/2023 714 714 — 714
Sloan Company, Inc., The+(7) One stop L + 8.50% (c) 9.50% 04/2023 312 272 — 274
5,734 5,060 0.2 5,113
Energy, Equipment & Services
Benetech, Inc.+ One stop L + 6.00% (a) 7.25% 08/2023 3,761 3,762 0.1 2,257
Benetech, Inc.+ One stop L + 6.00% (a) 7.25% 08/2023 626 626 — 142
4,387 4,388 0.1 2,399
Food and Staples Retailing
Rubio's Restaurants, Inc.+ Senior loan L + 8.00% (c) 9.25% 12/2024 12,961 12,681 0.5 12,702
Rubio's Restaurants, Inc.+(5) Senior loan L + 8.00% N/A(6) 12/2024 — (16) — (28)
12,961 12,665 0.5 12,674
Healthcare Providers and Services
Elite Dental Partners LLC+ One stop L + 5.25% (c) 6.25% 06/2023 11,224 11,285 0.5 10,887
Elite Dental Partners LLC+ One stop L + 5.25% (c) 6.25% 06/2023 684 684 — 684
11,908 11,969 0.5 11,571
Software
Switchfly LLC+ One stop L + 5.00% (c) 6.00% 10/2023 6,168 6,056 0.2 4,504
Switchfly LLC+ One stop L + 5.00% (c) 6.00% 10/2023 515 506 — 376
Switchfly LLC+ One stop L + 5.00% (c) 6.00% 10/2023 40 38 — 28
Switchfly LLC+(5) One stop L + 8.50% (c) 9.50% 10/2023 2 2 — (21)
6,725 6,602 0.2 4,887
Total non-controlled/affiliate debt investments $ 55,761 $ 53,426 1.9 % $ 49,046


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail
Ave Holdings III, Corp+	Preferred stock	N/A	N/A	N/A	9	$	8,508	0.4	%	$	9,086
Ave Holdings III, Corp+	LP units	N/A	N/A	N/A	1	934		0.1		888
Batteries Plus Holding Corporation+	LP interest	N/A	N/A	N/A	10	1,287		0.1		1,386
Cycle Gear, Inc.+	LLC units	N/A	N/A	N/A	27	462		—		602
Imperial Optical Midco Inc.+	Preferred stock	N/A	N/A	N/A	—	122		—		169
Imperial Optical Midco Inc.+	Preferred stock	N/A	N/A	N/A	—	46		—		62
Jet Equipment & Tools Ltd.+(8)(9)(12)	LLC interest	N/A	N/A	N/A	1	948		0.1		2,077
Pet Holdings ULC+(8)(12)	LP interest	N/A	N/A	N/A	677	450		0.1		1,732
Salon Lofts Group, LLC+	LP units	N/A	N/A	N/A	—	87		—		87
Sola Franchise, LLC and Sola Salon Studios, LLC+	LLC interest	N/A	N/A	N/A	6	682		0.1		1,848
Sola Franchise, LLC and Sola Salon Studios, LLC+	LLC interest	N/A	N/A	N/A	1	139		—		433
Southern Veterinary Partners, LLC+	Preferred stock	N/A	N/A	N/A	5	4,911		0.2		5,682
Southern Veterinary Partners, LLC+	LLC units	N/A	N/A	N/A	—	717		0.1		1,124
Southern Veterinary Partners, LLC+	LLC interest	N/A	N/A	N/A	148	188		0.2		4,240
VSG Acquisition Corp. and Sherrill, Inc.+	LP units	N/A	N/A	N/A	—	37		—		39
						19,518		1.4		29,455

Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.+	LLC interest	N/A	N/A	N/A	97	604		—		411

Textiles, Apparel & Luxury Goods
Georgica Pine Clothiers, LLC+(21)	LLC interest	N/A	N/A	N/A	20	239		—		511
Georgica Pine Clothiers, LLC+	Common Stock	N/A	N/A	N/A	—	—		—		1
MakerSights, Inc.+	Preferred stock	N/A	N/A	N/A	40	218		—		218
R.G. Barry Corporation+	Preferred stock	N/A	N/A	N/A	—	161		—		183
						618		—		913

Total non-controlled/non-affiliate company equity investments						$	221,151	10.1	%	$	267,113

Total non-controlled/non-affiliate company investments						$	5,479,741	211.3	%	$	5,374,594

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Equity investments(15)(16)
Beverages
Abita Brewing Co., L.L.C.+ Warrant N/A N/A N/A 210 $ — — % $ 733
Uinta Brewing Company Common Stock N/A N/A N/A 153 17 — —
17 — 733
Consumer Finance
Paradigm DKD Group, LLC LLC interest N/A N/A N/A 354 115 — 4
Paradigm DKD Group, LLC Preferred stock N/A N/A N/A 71 — — —
Paradigm DKD Group, LLC Preferred stock N/A N/A N/A 2,004 — — —
115 — 4
Electronic Equipment, Instruments and Components
Sloan Company, Inc., The+ Common Stock N/A N/A N/A — 41 — 49
Energy, Equipment & Services
Benetech, Inc.+ LLC interest N/A N/A N/A 58 — — —
Benetech, Inc.+ LLC interest N/A N/A N/A 58 — — —
— — —
Food and Staples Retailing
Rubio's Restaurants, Inc.+ Preferred stock N/A N/A N/A 2,779 2,276 0.1 2,844
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 886 182 0.1 1,199
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 536 110 0.1 725
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 89 6 — 72
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 52 3 — 42
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 21 — — 2
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 21 — — —
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 42 — — —
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 18 — — 1
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 18 — — —
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 89 — — —
2,577 0.3 4,885
Healthcare Providers and Services
Elite Dental Partners LLC LLC interest N/A N/A N/A — 2,902 0.1 3,568
Elite Dental Partners LLC LLC interest N/A N/A N/A — 1,250 0.1 1,794
Elite Dental Partners LLC LLC units N/A N/A N/A — — — 19
4,152 0.2 5,381
Software
Switchfly LLC+ LLC interest N/A N/A N/A 3,419 2,321 — 1,281
Total non-controlled/affiliate equity investments $ 9,223 0.5 % $ 12,333
Total non-controlled/affiliate investments $ 55,761 $ 62,649 2.4 % $ 61,379


	Investment Type	Spread Above Index(1)				Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Non-controlled/affiliate company investments(22)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+	One stop	L +	6.25%		(a)	9.37%		04/2024	$	5,786	$	5,791	0.2	%	$	5,786
Abita Brewing Co., L.L.C.+	Second lien	L +	8.00%		(b)	11.67%		04/2024	3,730		3,723		0.1		2,051
Abita Brewing Co., L.L.C.+	One stop	L +	6.25	%		N/A(6)		04/2024	—		—		—		—


									9,516		9,514		0.3		7,837




Electronic Equipment, Instruments and Components
Sloan Company, Inc., The+(7)	One stop	L +	8.50%		(b)	12.17%		07/2023	6,502		4,074		0.2		4,733
Sloan Company, Inc., The+	One stop	L +	8.50%		(b)	12.17%		07/2023	1,585		1,585		0.1		1,585
Sloan Company, Inc., The+(7)	One stop	L +	8.50%		(b)	12.17%		07/2023	431		271		—		—
									8,518		5,930		0.3		6,318
Energy, Equipment & Services
Benetech, Inc.+(7)	One stop	SF +	6.00%		(l)	9.70%		08/2024	3,720		3,623		0.1		1,487
Benetech, Inc.+(7)	One stop	SF +	6.00%		(l)	9.70%		08/2024	1,107		1,077		—		253
									4,827		4,700		0.1		1,740
Food and Staples Retailing
Rubio's Restaurants, Inc.+	Senior secured	L +	8.00%		(b)	11.60%		12/2024	12,830		12,638		0.4		10,905
Rubio's Restaurants, Inc.+(5)	Senior secured	L +	8.00	%		N/A(6)		12/2024	—		(11)		—		(208)
									12,830		12,627		0.4		10,697
Healthcare Providers and Services
Elite Dental Partners LLC+	One stop	SF +	5.25%		(b)(l)	8.80%	PIK	06/2023	11,770		11,799		0.4		11,182
Elite Dental Partners LLC+	One stop	SF +	12.00%		(l)	15.55%	PIK	06/2023	2,991		2,991		0.1		2,961
Elite Dental Partners LLC+	One stop	SF +	5.25%		(b)(l)	8.80%	PIK	06/2023	1,269		1,269		—		1,269
									16,030		16,059		0.5		15,412
Software
Switchfly LLC+	One stop	L +	3.00%		(b)	5.28%		10/2024	6,454		6,397		0.2		4,583
Switchfly LLC+	One stop	L +	3.00%		(b)	5.28%		10/2024	539		535		—		382
Switchfly LLC+	One stop	L +	3.00%		(b)	5.28%		10/2024	40		40		—		30
Switchfly LLC+(5)	One stop	L +	8.50%		(b)	10.79%		10/2024	2		2		—		(16)
									7,035		6,974		0.2		4,979

Total non-controlled/affiliate company debt investments									$	58,756	$	55,804	1.8	%	$	46,983

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)
Controlled affiliate company investments(19)
Debt Investments
IT Services
MMan Acquisition Co.*+(7) One stop L + 10.00% (c) 10.00% PIK 08/2023 $ 22,527 $ 19,663 0.6 % $ 16,436
MMan Acquisition Co.+ One stop L + 8.00% (e) 8.00% PIK 08/2023 1,468 1,468 0.1 1,468
23,995 21,131 0.7 17,904
Total controlled affiliate debt investments $ 23,995 $ 21,131 0.7 % $ 17,904
Equity Investments (15)(16)
IT Services
MMan Acquisition Co.+ Common Stock N/A N/A N/A — $ 927 — % $ 333
927 — 333
Total controlled affiliate equity investments $ 927 — % $ 333
Total controlled affiliate investments $ 23,995 $ 22,058 0.7 % $ 18,237
Total investments $ 4,795,665 $ 4,895,397 189.5 % $ 4,894,886
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718) 0.00%(20) $ 38,317 1.5 % $ 38,317
Total money market funds $ 38,317 1.5 % $ 38,317
Total Investments and Money Market Funds $ 4,933,714 191.0 % $ 4,933,203


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity investments(19)(20)
Beverages


Abita Brewing Co., L.L.C.+	Warrant	N/A	N/A	N/A	210	$	—	—	%	$	234






Electronic Equipment, Instruments and Components
Sloan Company, Inc., The+	Common Stock	N/A	N/A	N/A	—	41		—		—

Energy, Equipment & Services
Benetech, Inc.+	LLC interest	N/A	N/A	N/A	58	—		—		—
Benetech, Inc.+	LLC interest	N/A	N/A	N/A	58	—		—		—
						—		—		—
Food and Staples Retailing
Rubio's Restaurants, Inc.+	Preferred stock	N/A	N/A	N/A	2,779	2,276		0.1		2,059
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	886	182		—		250
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	536	110		—		151
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	89	6		—		11
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	52	3		—		6
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	21	—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	21	—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	42	—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	18	—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	18	—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	89	—		—		—
						2,577		0.1		2,477

Healthcare Providers and Services
Elite Dental Partners LLC	LLC interest	N/A	N/A	N/A	—	2,902		0.2		4,042
Elite Dental Partners LLC	LLC interest	N/A	N/A	N/A	—	1,250		—		1,235
Elite Dental Partners LLC	LLC units	N/A	N/A	N/A	—	—		—		—
						4,152		0.2		5,277
Software
Switchfly LLC+	LLC interest	N/A	N/A	N/A	98,370	2,321		0.1		2,231
Switchfly LLC+	LLC units	N/A	N/A	N/A	950	950		—		487
						3,271		0.1		2,718

Total non-controlled/affiliate company equity investments						$	10,041	0.4	%	$	10,706

Total non-controlled/affiliate company investments						$	65,845	2.2	%	$	57,689

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(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)

Controlled affiliate company investments(23)
Debt Investments
IT Services
MMan Acquisition Co.*+(7)	One stop	N/A	10.00%	PIK	08/2023	$	30,277	$	19,550	0.4	%	$	10,596
MMan Acquisition Co.+	One stop	N/A	8.00%	PIK	08/2023	1,588		1,588		0.1		1,524
MMan Acquisition Co.+	One stop	N/A	12.00%	PIK	08/2023	849		849		—		849
MMan Acquisition Co.+	One stop	N/A	12.00%	PIK	08/2023	255		255		—		255
MMan Acquisition Co.+	One stop	N/A	12.00%	PIK	08/2023	849		849		—		849
Total controlled affiliate company debt investments						$	33,818	$	23,091	0.5	%	$	14,073

Equity Investments (19)(20)
IT Services
MMan Acquisition Co.+	Common Stock	N/A	N/A		N/A	—		$	927	—	%	$	—

Total controlled affiliate company equity investments								$	927	—	%	$	—

Total controlled affiliate company investments								$	24,018	0.5	%	$	14,073

Total investments								$	5,569,604	214.0	%	$	5,446,356

Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)			2.8%	(24)				$	37,208	1.5	%	$	37,208

Total money market funds								$	37,208	1.5	%	$	37,208
Total Investments and Money Market Funds								$	5,606,812	215.5	%	$	5,483,564

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(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 investment collateralizes the JPM 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 SOFR, EURIBOR, Prime, Canadian Prime (“CP”), SONIA, AUD, CDOR or LIBOR denominated in U.S. dollars ~~or U.K. pound sterling (“GBP”), EURIBOR, Prime, SONIA, AUD, CDOR, or SOFR,~~ which reset daily, monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of September 30, ~~2021.~~2022. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest ~~outstanding~~outstanding contract is shown. Listed below are the index rates as of September 30, ~~2021,~~2022, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of September 30, ~~2021,~~2022, as the loan may have priced or repriced based on an index rate prior to September 30, ~~2021.~~2022.

(a) Denotes that all or a portion of the loan was indexed to the 30-day LIBOR, which was ~~0.08%~~3.14% as of September 30, ~~2021.~~2022.

(b) ~~Denotes that all or a portion of the loan was indexed to the 60-day LIBOR, which was 0.11% as of September 30, 2021.~~

~~(c)~~ Denotes that all or a portion of the loan was indexed to the 90-day LIBOR, which was ~~0.13%~~3.75% as of September 30, ~~2021.~~2022.

~~(d)~~(c) Denotes that all or a portion of the loan was indexed to the 180-day LIBOR, which was ~~0.16%~~4.23% as of September 30, ~~2021.~~2022.

~~(e)~~ ~~Denotes that all or a portion of the loan was indexed to the 360-day LIBOR, which was 0.24% as of September 30, 2021.~~

~~(f)~~(d) Denotes that all or a portion of the loan was indexed to the Prime rate, which was ~~3.25%~~6.25% as of September 30, ~~2021.~~2022.

~~(g)~~(e) Denotes that all or a portion of the loan was indexed to the 90-day EURIBOR, which was ~~-0.56%~~1.17% as of September 30, ~~2021.~~2022.

~~(h)~~(f) Denotes that all or a portion of the loan was indexed to the 180-day EURIBOR, which was ~~-0.53%~~1.81% as of September 30, ~~2021.~~2022.

(g) Denotes that all or a portion of the loan was indexed to the Three Month AUD, which was 3.11% as of September 30, 2022.

(h) Denotes that all or a portion of the loan was indexed to the 90-day CDOR, which was 4.20% as of September 30, 2022.

(i) Denotes that all or a portion of the loan was indexed to ~~the 90-day GBP LIBOR,~~SONIA, which was ~~0.08%~~2.19% as of September 30, ~~2021.~~2022.

(j) Denotes that all or a portion of the loan was indexed to ~~the 180-day GBP LIBOR,~~Daily SOFR, which was ~~0.17%~~2.98% as of September 30, ~~2021.~~2022.

(k) Denotes that all or a portion of the loan was indexed to the ~~Australia Three Month Interbank Rate,~~30-day Term SOFR which was ~~0.07%~~3.04% as of September 30, ~~2021.~~2022.

(l) Denotes that all or a portion of the loan was indexed to the ~~30-day Canadian Bankers’ Acceptance Rate,~~90-day Term SOFR which was ~~0.43%~~3.59% as of September 30, ~~2021.~~2022.

(m) Denotes that all or a portion of the loan was indexed to the ~~90-day Canadian Bankers’ Acceptance Rate,~~180-day Term SOFR which was ~~0.45%~~3.99% as of September 30, ~~2021.~~2022.

(n) Denotes that all or a portion of the loan was indexed to the ~~Sterling Overnight Index Average,~~Canadian Prime, which was ~~0.05%~~5.45% as of September 30, ~~2021.~~

~~(o)~~ ~~Denotes that all or a portion of the loan was indexed to the Secured Overnight Financing Rate, which was 0.05% as of September 30, 2021.~~2022.

(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of September 30, ~~2021.~~2022.

(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 values of ~~substantially all~~ investments were valued using significant unobservable ~~inputs.~~inputs, unless noted otherwise. See Note 6. Fair Value Measurements.

(6)The entire commitment was unfunded as of September 30, ~~2021.~~2022. 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, ~~2021,~~2022, 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 1940 Act. Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the ~~Company’s~~Company's total assets. As of September 30, ~~2021,~~2022, total non-qualifying assets at fair value represented ~~10.1%~~11.6% of the ~~Company’s~~Company's total assets calculated in accordance with the 1940 Act.

(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 Netherlands.

(15)The headquarters of this portfolio company is located in Israel.

(16)The headquarters of this portfolio company is located in Finland.

(17)The headquarters of this portfolio company is located in Sweden.

(18)The headquarters of this portfolio company is located in Denmark.

(19) 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.

99100

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

~~(18)~~(20) Ownership of certain equity investments occurs through a holding company or partnership.

(21) The Company holds an equity investment that is income producing.

(22)Transactions related to investments in non-controlled affiliates for the year ended September 30, ~~2021~~2022 were as follows:


Portfolio Company	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 September 30, 2021		Interest, dividend and fee income			Portfolio Company		Fair value as of September 30, 2021			Gross Additions(a)			Gross Reductions(b)			Net change in unrealized gain (loss)			Net realized gain (loss)			Fair value as of September 30, 2022			Interest, dividend and fee income
Abita Brewing Co. LLC~~(c)~~	Abita Brewing Co. LLC~~(c)~~	$	—	$	27,863	$	(20,062)	$	2,249	$	—	$	10,050	$	931		Abita Brewing Co. LLC~~(c)~~		$	10,050		$	413		$	(212)		$	(2,180)		$	—		$	8,071		$	823
Benetech, Inc.	Benetech, Inc.	2,672		410		(795)		112		—		2,399		349			Benetech, Inc.		2,399			2,821			(2,512)			(968)			—			1,740			227
Dental Holdings Corporation		9,320		561		(13,657)		1,792		1,984		—		462
Elite Dental Partners LLC	Elite Dental Partners LLC	15,368		668		(75)		991		—		16,952		955			Elite Dental Partners LLC		16,952			4,151			(60)			(354)			—			20,689			1,313
Paradigm DKD Group, LLC	Paradigm DKD Group, LLC	2,460		1,196		(1,215)		186		—		2,627		19			Paradigm DKD Group, LLC		2,627			357			(3,605)			(571)			1,192			—			2,026
Rubio's Restaurants, Inc(d)		—		28,760		(16,470)		11,008		(5,739)		17,559		1,792
Sloan Company, Inc., The		4,365		637		(574)		900		(166)		5,162		67
Rubio's Restaurants, Inc																Rubio's Restaurants, Inc		17,559			4			(44)			(4,345)			—			13,174			1,379
Sloan Company, Inc.																Sloan Company, Inc.		5,162			1,520			(648)			284			—			6,318			127
Switchfly LLC	Switchfly LLC	7,229		453		—		(1,514)		—		6,168		469			Switchfly LLC		6,168			1,321			—			208			—			7,697			603
Uinta Brewing Company	Uinta Brewing Company	586		266		(209)		(181)		—		462		(3)			Uinta Brewing Company		462			22			(498)			1,040			(1,026)			—			6
Total Non-Controlled Affiliates	Total Non-Controlled Affiliates	$	42,000	$	60,814	$	(53,057)	$	15,543	$	(3,921)	$	61,379	$	5,041		Total Non-Controlled Affiliates		$	61,379		$	10,609		$	(7,579)		$	(6,886)		$	166		$	57,689		$	6,504


(a)						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.
(b)						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, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.
~~(c)~~						~~During the three months ended September 31, 2021, the Company’s ownership increased to over five percent of the portfolio company's voting securities.~~
~~(d)~~						~~During the three months ended December 31, 2020, the Company’s ownership increased to over five percent of the portfolio company's voting securities.~~

~~(19)~~(23)Transactions related to investments in controlled affiliates for the year ended September 30, ~~2021~~2022 were as follows:


Portfolio Company	Portfolio Company	Fair value as of September 30, 2020		Gross Additions(q)		Gross Reductions(r)		Net change in unrealized gain (loss)		Net realized gain (loss)		Fair value as of September 30, 2021		Interest, dividend and fee income		Portfolio Company	Fair value as of September 30, 2021		Gross Additions(a)		Gross Reductions(b)		Net change in unrealized gain (loss)		Net realized gain (loss)		Fair value as of September 30, 2022		Interest, dividend and fee income
MMan Acquisition Co.~~(s)~~	MMan Acquisition Co.~~(s)~~	$	18,736	$	5,023	$	(5,023)	$	(499)	$	—	$	18,237	$	(12)	MMan Acquisition Co.~~(s)~~	$	18,237	$	4,956	$	(2,996)	$	(6,124)	$	—	$	14,073	$	102
Total Controlled Affiliates	Total Controlled Affiliates	$	18,736	$	5,023	$	(5,023)	$	(499)	$	—	$	18,237	$	(12)	Total Controlled Affiliates	$	18,237	$	4,956	$	(2,996)	$	(6,124)	$	—	$	14,073	$	102


(a)						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.
(b)						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, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.

~~(20)~~(24)The rate shown is the annualized seven-day yield as of September 30, ~~2021.~~2022.

See Notes to Consolidated Financial Statements.

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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 consolidated 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 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.~~companies that are, in most cases, sponsored by private equity firms. The Company also selectively invests 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 the Third Amended and Restated Investment Advisory Agreement ~~(defined below in Note 3)~~dated as of September 16, 2019 (the “Investment Advisory Agreement”) 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.

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 unaudited 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”) as established by the Financial Accounting Standards Board (“FASB”) 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 financial statements and notes thereto in the Company’s Form 10-K for the year ended September 30, ~~2021,~~2022, as filed with the U.S. Securities and Exchange Commission (the “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.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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 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 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 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 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”),; GCIC Funding II LLC (“GCIC ~~Funding II”~~Funding”), prior to its dissolution on August 26, 2021, Golub Capital BDC CLO 4 LLC (“2020 Issuer”), prior to May 10, 2021, the date of each of the following entity’s dissolution, GC SBIC IV, L.P. (“SBIC IV”),; GBDC Holdings Coinvest, Inc.; GBDC Holdings ED Coinvest, Inc.; GCIC ~~Senior Loan Fund LLC and~~North Haven Stack Buyer Coinvest, Inc.; GCIC ~~Senior Loan Fund II LLC and~~Quick Quack Coinvest LLC; GBDC Quick Quack Coinvest LLC; prior to March 23, 2022, the date of each of the following entity’s dissolution, Golub Capital BDC CLO 4 Depositor LLC (“2020 CLO Depositor”), GC SBIC V, L.P. (“SBIC V”), Senior Loan Fund LLC and Senior Loan Fund II ~~LLC.~~LLC; prior to its dissolution on September 16, 2022, Golub Capital BDC Funding II LLC (“Funding II”); and prior to September 27, 2022, the date of each of the following entity’s dissolution, GCIC Funding II LLC (“GCIC Funding II”), Golub Capital BDC Funding LLC (“Funding”) and GC SBIC VI, L.P. (“SBIC VI”).

Assets related to transactions that do not meet 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 BDC Holdings, 2018 Issuer, Funding II, GCIC Holdings and the GCIC 2018 Issuer 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 and cash equivalents and foreign currencies: Cash, 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 exceed the Federal Deposit Insurance Corporation insurance limits.

Restricted cash and cash 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, for periods prior to the surrender of the applicable small business investment company (“SBIC”) licenses, restricted cash and cash equivalents included amounts held within the Company’s SBIC subsidiaries. The amounts held within the SBICs were 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~~dollars. Non-U.S. dollar transactions during the year are valued at the prevailing spot rates on the ~~following basis:~~applicable transaction date and the related assets and liabilities are revalued at the prevailing spot rates as of period-end.

~~(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.~~

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~~Notes to Consolidated Financial Statements (unaudited)~~

~~(In thousands, except shares and per share data)~~

~~Although net~~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~~and 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.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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.

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 and nine months ended June 30, 2023, interest income included $4,660 and $15,351, respectively, of accretion of discounts. For the three and nine months ended June 30, 2022, interest income included $4,822 and $16,605, respectively, of accretion of discounts. For the three and nine months ended June 30, ~~2021, interest income included $5,921~~2023, the Company received loan origination fees of $2,663 and ~~$16,047, respectively, of accretion of discounts.~~$14,049, respectively. For the three and nine months ended June 30, 2022, the Company received loan origination fees of $6,857 and $22,958, respectively. ~~For the three and nine months ended June 30, 2021, the Company received loan origination fees of $9,020 and $22,075, respectively.~~

For investments with ~~contractual PIK interest,~~contractual payment-in-kind (“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 and nine months ended June 30, 2023, interest income included $9,587 and $27,270, respectively, of PIK interest and the Company capitalized PIK interest of $10,405 and $27,660, respectively, into the principal balance of certain debt investments. For the three and nine months ended June 30, 2022, interest income included $5,382 and $14,325, respectively, of PIK interest and the Company capitalized PIK interest of $6,095 and $14,692, respectively, into the principal balance of certain debt investments. ~~For the three and nine months ended June 30, 2021, the Company capitalized PIK interest of $3,986 and $12,657, respectively, into the principal balance of certain debt investments.~~

In addition, the Company generates revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, consulting fees, administrative agent fees, and prepayment premiums on loans. The Company records these fees as fee income when earned. ~~All~~For the three months ended June 30, 2023, there was no fee income from non-recurring prepayments premiums. For the nine months ended June 30, 2023, fee income included $79 from non-recurring prepayment premiums.All other income is recorded into income when earned.

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~~Notes to Consolidated Financial Statements (unaudited)~~

~~(In thousands, except shares and per share data)~~

For the three and nine months ended June 30, 2022, fee income included $721 and $1,516, respectively, of prepayment premiums, which fees are non-recurring.

For the three and nine months ended June 30, ~~2021,~~2023, the Company received interest and fee income ~~included $632~~in cash, which excludes capitalized loan origination fees, in the amounts of $139,293 and ~~$2,048, respectively, of prepayment premiums, which fees are non-recurring.~~

$380,046, respectively. For the three and nine months ended June 30, 2022, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of $90,876 and $252,899, respectively. For the three and nine months ended June 30, 2021, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of $75,140 and $225,623, respectively.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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. The Company has certain preferred equity securities in the portfolio that contain a PIK dividend provision that are accrued and recorded as income at the contractual rates, if deemed collectible. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the issuer. For the three and nine months ended June 30, 2023, the Company recognized PIK and non-cash dividend income of $3,723 and $10,767, respectively, which were capitalized into the cost basis of certain preferred equity investments. For the three and nine months ended June 30, 2022, the Company had no capitalized PIK and non-cash dividends. For the three and nine months ended June 30, 2023 and 2022, the Company received no cash payments of accrued and capitalized preferred dividends in cash.

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”) 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 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 amortized cost basis of the investment.

For the three and nine months ended June 30, ~~2022,~~2023, the Company recorded dividend income received in cash of ~~$52~~$334 and ~~$372,~~$1,329, respectively, and return of capital cash distributions of ~~$420~~$212 and ~~$1,146,~~$295, respectively. For the three and nine months ended June 30, ~~2021,~~2022, the Company recorded dividend income received in cash of ~~$78~~$52 and ~~$273,~~$372, respectively, and return of capital cash distributions of $0$420 and ~~$0,~~$1,146, respectively.

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~~investment transactions in the Consolidated Statements of Operations.

Non-accrual loans: A loan can 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 are recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, payments are likely to remain current. The total fair value of non-accrual loans was ~~$60,263~~$80,362 and ~~$46,104~~$65,125 as of June 30, ~~2022~~2023 and September 30, ~~2021,~~2022, respectively.

Purchase accounting: 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”). The Merger was accounted for under the asset acquisition method of accounting in accordance with ASC 805 — Business Combinations — Related Issues (“(“ASC Topic 805”), 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~~non-cash assets given as consideration differs from the assets carrying amounts on the acquiring entity’s books.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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 the three and nine months ended June 30, ~~2022~~2023 was ~~$3,036~~$1,570 and ~~$13,071,~~$5,357, respectively. Amortization expense of purchase premium for the three and nine months ended June 30, ~~2021~~2022 was ~~$7,436~~$3,036 and ~~$25,388,~~$13,071, 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 realized loss with a corresponding reversal of the unrealized depreciation upon disposition of the equity securities acquired from GCIC.

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 can determine to retain taxable income in excess of current year dividend distributions and 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 current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. NoFor the three months ended June 30, 2023, the Company did not record any U.S. federal excise ~~tax was accrued or paid for~~tax. For the nine months ended June 30, 2023, $2,432 was recorded for U.S. federal excise tax. For the three and nine months ended June 30, 2022, ~~and 2021.~~the Company did not record any U.S. federal excise tax.

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 June 30, ~~2022.~~2023. The Company's tax returns for the 2019 through 2021 tax years remain subject to examination by U.S. federal and most state tax authorities.

Certain of the Company's consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. Income tax expense, if any, is included under the income category for which it applies in the Consolidated Statements of Operations.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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 by management. Net realized capital gains, if any, are distributed at least annually, although the Company can retain such capital gains for 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 expects to use newly issued shares under the guidelines of the DRIP if the Company’s shares are trading at a premium to net asset value. The Company can purchase shares in the open market in connection with the obligations under the plan, 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 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 2022 and the Program is implemented at the discretion of management. Shares 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~~$150 million of the Company's common stock. ~~The Company did not make any~~Refer to Note 12 for more information on the share repurchases ~~of its common stock during each of~~under the ~~three and nine months ended June 30, 2022 and June 30, 2021.~~Program.

Equity Distribution Agreement: On May 28, 2021, the Company entered into an equity distribution agreement (the “Equity Distribution ~~Agreement”~~Agreement”), by and among the Company, the Investment Adviser, Golub Capital LLC and SMBC Nikko Securities America, Inc. (the “Placement Agent”), in connection with the sale by the Company of shares of its common stock, having an aggregate offering price of up to $250,000, in an “at the market offering,” in amounts and at times to be determined by the Company. Actual sales, if any, will depend on a variety of factors to be determined by the Company from time to time, including, among others, market conditions and the market price of the Company’s common stock. The Equity Distribution Agreement provides that the Company may offer and sell shares from time to time through the Placement Agent, or to it. Sales of the shares, if any, may be made in negotiated transactions or transactions that are deemed to be “at the market,” as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on The Nasdaq Global Select Market or any similar securities exchange or sales made to or through a market maker other than on a securities exchange, at prices related to the prevailing market prices or at negotiated prices. Pursuant to the terms of the Equity Distribution Agreement, the Placement Agent will receive a commission from the Company of up to 1.25% of the gross sales price of any shares sold through the Placement Agent under the Equity Distribution Agreement. Offering costs for the Equity Distribution Agreement are charged against the proceeds from equity offerings when proceeds are received. During the three and nine months ended June 30, 2023 and 2022, the Company did not issue any shares of common stock under the Equity Distribution Agreement.

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 June 30, ~~2022~~2023 and September 30, ~~2021,~~2022, the Company had deferred debt issuance costs of ~~$18,988~~$17,217 and ~~$17,850,~~$17,211, 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 and nine months ended June 30, ~~2022~~2023 was ~~$1,798~~$1,937 and ~~$5,241,~~$5,362, respectively. Amortization expense for deferred debt issuance costs for the three and nine months ended June 30, ~~2021~~2022 was ~~$1,732~~$1,798 and ~~$5,072,~~$5,241, respectively.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Deferred offering costs: Deferred offering costs consist of fees paid in relation to legal, accounting, regulatory and printing work completed in preparation of equity offerings. Deferred offering costs are charged against the proceeds from equity offerings when received. These amounts are included in other assets on the Consolidated Statements of Financial Condition.

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 reapproved the Investment Advisory Agreement in May ~~2022.~~2023. The Investment Adviser is a registered investment adviser with the ~~U.S. Securities and Exchange Commission (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 the fair value of the average adjusted gross assets of the Company 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 for such derivative instruments 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 voluntarily excludes any assets funded with secured borrowing proceeds from the base management 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 mean 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 Investment Adviser ~~served as collateral manager under the 2020 Collateral Management Agreement (as defined in Note 7) and~~ serves as collateral manager under the 2018 Collateral Management Agreement (as defined in Note 7) and the GCIC 2018 Collateral Management Agreement (as defined in Note 7). Fees payable to the Investment Adviser for providing these services are offset against the base management fee payable by the Company under the Investment Advisory Agreement.

During the three months ended March 31, 2022, the Investment Adviser irrevocably waived $1,904 of base management fees. After taking into account the waiver by the Investment Adviser, the base management fee

incurred was $52,641 rather than $54,545 for the nine months ended June 30, 2022. There was no base management fee irrevocably waived by the Investment Adviser during the nine months ended June 30, 2023.

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”). 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) Cumulative Incentive Fees 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

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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.

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~~Notes to Consolidated Financial Statements (unaudited)~~

~~(In thousands, except shares and per share data)~~

~~“Cumulative~~ “Cumulative Pre-Incentive Fee Net Income Per Share” equals the sum of “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 the applicable period, divided by (b) the weighted average number of shares of GBDC common stock outstanding during such period. “Adjusted Capital Returns” for any period is the sum of the realized aggregate capital gains, realized aggregate capital losses, aggregate unrealized capital depreciation and 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 and nine months ended June 30, ~~2022,~~2023, the Income Incentive Fee incurred was ~~$718~~$18,857 and ~~$3,647,~~$52,844, respectively. For the three and nine months ended June 30, ~~2021,~~2022, the Income Incentive Fee incurred was $0$718 and ~~$2,946,~~$3,647, respectively.

The 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 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 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.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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.

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~~Notes to Consolidated Financial Statements (unaudited)~~

~~(In thousands, except shares and per share data)~~

If market interest rates rise, it is possible that the

Company will 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.

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~~the Company’s 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~~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 Company’s “Capital Gain Incentive Fee Base” equals (1) the sum of ~~(i)~~(A) 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)~~(B) all realized capital losses on a cumulative basis and ~~(iii)~~(C) 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.

Realized capital gains and losses include gains and losses on investments, foreign currencies, including gains and losses on borrowings in foreign currencies, derivative contracts and any income tax related to cumulative aggregate realized gains and losses.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

For the three and nine months ended June 30, 2023 and 2022, the Company did not accrue a Capital Gain Incentive Fee. As of June 30, 2023 and September 30, 2022, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement as described above. Any payment due for a Capital Gain Incentive Fee under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year.

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 the Investment Advisory ~~Agreement.~~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 given period results 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.

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~~Golub Capital BDC, Inc.~~ For the three and ~~Subsidiaries~~

~~Notes to Consolidated Financial Statements (unaudited)~~

~~(In thousands, except shares and per share data)~~

nine months ended June 30, 2023, the Company did not accrue a capital gain incentive fee under GAAP. For the three months ended June 30, 2022, the Company had a reversal of the capital gain incentive fee accrual under GAAP of $4,814 and no capital gain incentive fee accrual under GAAP for the nine months ended June 30, 2022. ~~For the three and nine months ended June 30, 2021, the Company did not accrue a capital gain incentive fee.~~ Changes in the accrual for the capital gain incentive fee under GAAP are included in incentive fee in the Consolidated Statements of Operations. As of both June 30, ~~2022~~2023 and September 30, ~~2021,~~2022, there was no cumulative accrual of capital gain incentive fees under GAAP included in management and incentive fees payable on the Consolidated Statements of Financial Condition.

As of June 30, 2022 and September 30, 2021, 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 is calculated in arrears at the 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. The 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 the 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 other liabilities is ~~$1,980~~$2,048 and ~~$1,769~~$1,976 as of June 30, ~~2022~~2023 and September 30, ~~2021,~~2022, 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 and nine months ended June 30, ~~2022~~2023 were ~~$857~~$3,976 and ~~$5,245,~~$7,192, respectively. Total expenses reimbursed to the Administrator during the three and nine months ended June 30, ~~2021~~2022 were ~~$2,123~~$857 and ~~$5,225,~~$5,245, respectively.

As of June 30, ~~2022~~2023 and September 30, ~~2021,~~2022, included in accounts payable and other liabilities were ~~$994~~$969 and ~~$2,523,~~$2,049, respectively, for expenses paid on behalf of the Company by the Administrator.

The Company is party to an unsecured revolving credit facility with the Investment Adviser (as amended, the “Adviser Revolver”) which, as of June 30, 2022 and September 30, 2021 permits the Company to borrow a maximum of $100,000 and expires on June 15, 2025. Refer to Note 7. Borrowings for discussion of the Adviser Revolver.

On October 2, 2020, an affiliate of the Investment Adviser (the “Affiliate”) purchased $40,000 principal of the Company’s 2024 Unsecured Notes (defined in Note 7) and on October 9, 2020, the Affiliate sold $15,000 principal of its position to an unaffiliated party. On May 21, 2021, the Affiliate sold the remaining $25,000 principal of the Company’s 2024 Unsecured Notes to an unaffiliated party.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The Company is party to an unsecured revolving credit facility with the Investment Adviser (as amended, the “Adviser Revolver”) which, as of June 30, 2023 and September 30, 2022 permits the Company to borrow a maximum of $100,000 and expires on June 15, 2025. Refer to Note 7. Borrowings for discussion of the Adviser Revolver.

Note 4. Investments

Investments as of June 30, ~~2022~~2023 and September 30, ~~2021~~2022 consisted of the following:


		As of June 30, 2022						As of September 30, 2021							As of June 30, 2023						As of September 30, 2022
		Principal		Amortized Cost		Fair Value		Principal		Amortized Cost		Fair Value			Principal		Amortized Cost		Fair Value		Principal		Amortized Cost		Fair Value
Senior secured	Senior secured	$	610,218	$	598,989	$	568,502	$	816,316	$	803,520	$	784,805	Senior secured	$	500,907	$	505,598	$	488,475	$	519,188	$	518,216	$	472,873
One stop	One stop	4,816,207		4,779,122		4,721,739		3,936,606		3,913,331		3,882,314		One stop	4,865,033		4,807,677		4,719,262		4,801,600		4,786,118		4,668,609
Second lien	Second lien	41,357		43,188		40,348		42,571		41,946		41,857		Second lien	28,579		29,422		25,437		25,801		29,337		23,240
Subordinated debt	Subordinated debt	3,698		3,652		3,677		172		171		172		Subordinated debt	8,580		7,698		7,672		3,869		3,814		3,815

Equity	Equity	N/A		231,251		279,284		N/A		136,429		185,738		Equity	N/A		255,126		284,163		N/A		232,119		277,819
Total	Total	$	5,471,480	$	5,656,202	$	5,613,550	$	4,795,665	$	4,895,397	$	4,894,886	Total	$	5,403,099	$	5,605,521	$	5,525,009	$	5,350,458	$	5,569,604	$	5,446,356

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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 is not always indicative of the primary source of the portfolio company’s business.


		As of June 30, 2022				As of September 30, 2021					As of June 30, 2023				As of September 30, 2022
Amortized Cost:	Amortized Cost:									Amortized Cost:
United States	United States									United States
Mid-Atlantic	Mid-Atlantic	$	880,675	15.6	%	$	836,031	17.1	%	Mid-Atlantic	$	923,911	16.5	%	$	872,311	15.7	%
Midwest	Midwest	1,084,251		19.2		963,963		19.7		Midwest	1,049,621		18.7		1,043,468		18.7
West	West	1,052,698		18.6		914,227		18.7		West	943,016		16.8		985,463		17.7
Southeast	Southeast	1,144,447		20.2		1,054,070		21.5		Southeast	1,091,506		19.5		1,084,332		19.5
Southwest	Southwest	463,388		8.2		319,831		6.5		Southwest	502,411		9.0		461,627		8.3
Northeast	Northeast	461,345		8.2		387,030		7.9		Northeast	454,308		8.1		491,675		8.8
Canada	Canada	209,040		3.7		171,126		3.5		Canada	166,500		3.0		212,701		3.8
United Kingdom	United Kingdom	256,436		4.5		187,664		3.8		United Kingdom	296,980		5.3		263,815		4.7
Australia	Australia	17,208		0.3		3,291		0.1		Australia	17,082		0.3		17,177		0.3
Luxembourg	Luxembourg	25,432		0.4		8,584		0.2		Luxembourg	28,308		0.5		25,476		0.5
Netherlands	Netherlands	61,282		1.1		49,580		1.0		Netherlands	80,063		1.4		61,319		1.1

Finland										Finland	30,438		0.5		30,386		0.5
Sweden										Sweden	17,723		0.3		16,213		0.3
Israel										Israel	508		0.0	*	508		0.0	*
Denmark										Denmark	3,146		0.1		3,133		0.1
Total	Total	$	5,656,202	100.0	%	$	4,895,397	100.0	%	Total	$	5,605,521	100.0	%	$	5,569,604	100.0	%

Fair Value:	Fair Value:									Fair Value:
United States	United States									United States
Mid-Atlantic	Mid-Atlantic	$	864,752	15.4	%	$	824,447	16.8	%	Mid-Atlantic	$	920,047	16.7	%	$	843,796	15.5	%
Midwest	Midwest	1,074,951		19.2		964,658		19.7		Midwest	1,031,068		18.7		1,024,529		18.8
West	West	1,058,589		18.9		922,289		18.8		West	929,423		16.8		980,751		18.0
Southeast	Southeast	1,147,368		20.4		1,054,839		21.6		Southeast	1,087,014		19.7		1,082,651		20.0
Southwest	Southwest	468,405		8.3		318,892		6.5		Southwest	500,126		9.0		459,971		8.4
Northeast	Northeast	453,837		8.1		386,780		7.9		Northeast	440,997		8.0		479,291		8.8
Canada	Canada	211,247		3.8		175,969		3.6		Canada	161,262		2.9		207,537		3.8
United Kingdom	United Kingdom	237,109		4.2		185,591		3.8		United Kingdom	283,054		5.1		225,308		4.1
Australia	Australia	16,645		0.3		3,333		0.1		Australia	16,371		0.3		16,248		0.3
Luxembourg	Luxembourg	24,615		0.4		8,508		0.2		Luxembourg	27,404		0.5		23,978		0.4
Netherlands	Netherlands	56,032		1.0		49,580		1.0		Netherlands	72,484		1.3		53,140		1.0

Finland										Finland	33,187		0.6		29,813		0.5
Sweden										Sweden	18,796		0.3		15,709		0.3
Israel										Israel	563		0.0	*	508		0.0	*
Denmark										Denmark	3,213		0.1		3,126		0.1
Total	Total	$	5,613,550	100.0	%	$	4,894,886	100.0	%	Total	$	5,525,009	100.0	%	$	5,446,356	100.0	%

* Represents an amount less than 0.1%

~~112~~113

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 June 30, ~~2022~~2023 and September 30, ~~2021~~2022 were as follows:


		As of June 30, 2022				As of September 30, 2021					As of June 30, 2023				As of September 30, 2022
Amortized Cost:	Amortized Cost:									Amortized Cost:
Aerospace and Defense	Aerospace and Defense	$	115,790	2.0	%	$	114,075	2.3	%	Aerospace and Defense	$	24,890	0.4	%	$	65,825	1.2	%
Airlines	Airlines	963		0.0	*	967		0.0	*	Airlines	957		0.0	*	961		0.0	*
Auto Components	Auto Components	41,535		0.7		32,334		0.7		Auto Components	41,133		0.7		41,487		0.7
Automobiles	Automobiles	271,751		4.8		139,501		2.9		Automobiles	272,289		4.9		262,821		4.7
Beverages	Beverages	59,584		1.1		61,557		1.3		Beverages	52,899		0.9		59,650		1.1
Biotechnology	Biotechnology	1,769		0.0	*	23,968		0.5		Biotechnology	1,769		0.0	*	1,769		0.0	*
Building Products	Building Products	17,183		0.3		9,395		0.2		Building Products	18,020		0.3		17,764		0.3
Chemicals	Chemicals	87,702		1.6		64,363		1.3		Chemicals	87,659		1.6		87,657		1.6
Commercial Services and Supplies	Commercial Services and Supplies	187,891		3.3		98,529		2.0		Commercial Services and Supplies	151,536		2.7		137,435		2.5
Communications Equipment	Communications Equipment	11,406		0.2		11,382		0.2		Communications Equipment	11,439		0.2		11,414		0.2
Construction & Engineering		—		—		49,060		1.0
Consumer Finance		1,987		0.0	*	2,057		0.0	*

Containers and Packaging	Containers and Packaging	42,105		0.7		10,407		0.2		Containers and Packaging	46,129		0.8		44,094		0.8
Distributors	Distributors	5,947		0.1		6,189		0.1		Distributors	—		—		5,942		0.1
Diversified Consumer Services	Diversified Consumer Services	245,535		4.3		138,358		2.8		Diversified Consumer Services	269,598		4.8		241,453		4.3
Diversified Financial Services	Diversified Financial Services	26,227		0.5		16,345		0.3		Diversified Financial Services	39,378		0.7		27,160		0.5
Diversified Telecommunication Services	Diversified Telecommunication Services	1,611		0.0	*	1,616		0.0	*	Diversified Telecommunication Services	1,603		0.0	*	1,609		0.0	*

Electronic Equipment, Instruments and Components	Electronic Equipment, Instruments and Components	146,171		2.6		124,995		2.6		Electronic Equipment, Instruments and Components	24,418		0.5		137,087		2.5
Energy Equipment and Services	Energy Equipment and Services	4,637		0.1		4,388		0.1		Energy Equipment and Services	4,763		0.1		4,700		0.1
Food and Staples Retailing	Food and Staples Retailing	84,896		1.5		124,003		2.5		Food and Staples Retailing	61,129		1.1		83,134		1.5
Food Products	Food Products	135,730		2.4		112,773		2.3		Food Products	155,153		2.8		135,841		2.4
Healthcare Equipment and Supplies	Healthcare Equipment and Supplies	134,198		2.4		162,211		3.3		Healthcare Equipment and Supplies	218,454		3.9		141,925		2.5
Healthcare Providers and Services	Healthcare Providers and Services	484,783		8.6		552,202		11.3		Healthcare Providers and Services	136,712		2.4		492,321		8.8
Health Care Technology	Health Care Technology	194,491		3.4		147,269		3.0		Health Care Technology	462,710		8.3		197,946		3.6
Hotels, Restaurants and Leisure	Hotels, Restaurants and Leisure	128,610		2.3		174,667		3.6		Hotels, Restaurants and Leisure	127,278		2.3		132,351		2.4
Household Durables	Household Durables	8,872		0.2		5,338		0.1		Household Durables	6,353		0.1		8,897		0.2
Household Products	Household Products	5,492		0.1		5,199		0.1		Household Products	5,425		0.1		5,473		0.1
Industrial Conglomerates	Industrial Conglomerates	19,299		0.3		18,403		0.4		Industrial Conglomerates	38,705		0.7		31,560		0.6
Insurance	Insurance	277,669		4.9		232,137		4.7		Insurance	236,732		4.2		232,074		4.2
Internet and Catalog Retail	Internet and Catalog Retail	61,174		1.1		30,836		0.6		Internet and Catalog Retail	67,834		1.2		61,193		1.1
IT Services	IT Services	260,075		4.6		298,383		6.1		IT Services	267,119		4.8		264,343		4.8
Leisure Products	Leisure Products	11,800		0.2		11,869		0.2		Leisure Products	11,562		0.2		11,797		0.2
Life Sciences Tools & Services	Life Sciences Tools & Services	49,920		0.9		56,285		1.1		Life Sciences Tools & Services	72,165		1.3		50,125		0.9
Machinery	Machinery	34,703		0.6		32,374		0.7		Machinery	34,534		0.6		34,594		0.6
Marine	Marine	18,806		0.3		16,729		0.3		Marine	19,524		0.3		18,813		0.3
Media	Media	6,407		0.1		5,295		0.1		Media	6,362		0.1		6,396		0.1
Multiline Retail	Multiline Retail	45,158		0.8		46,382		1.0		Multiline Retail	45,107		0.8		45,090		0.8
Oil, Gas and Consumable Fuels	Oil, Gas and Consumable Fuels	92,325		1.6		92,993		1.9		Oil, Gas and Consumable Fuels	116,723		2.1		92,234		1.7
Paper and Forest Products	Paper and Forest Products	10,583		0.2		8,970		0.2		Paper and Forest Products	10,529		0.2		10,579		0.2
Personal Products	Personal Products	36,753		0.7		37,019		0.8		Personal Products	36,574		0.7		36,654		0.7
Pharmaceuticals	Pharmaceuticals	150,530		2.7		106,859		2.2		Pharmaceuticals	167,879		3.0		154,608		2.8
Professional Services	Professional Services	119,869		2.1		104,427		2.1		Professional Services	126,852		2.3		116,650		2.1
Real Estate Management and Development	Real Estate Management and Development	123,443		2.2		97,205		2.0		Real Estate Management and Development	131,575		2.3		123,697		2.2
Road and Rail	Road and Rail	36,276		0.7		37,012		0.8		Road and Rail	38,633		0.7		35,801		0.6
Software	Software	1,362,492		24.1		1,077,321		22.0		Software	1,524,528		27.2		1,410,563		25.3
Specialty Retail	Specialty Retail	370,658		6.6		286,417		5.9		Specialty Retail	305,592		5.5		365,734		6.6
Technology Hardware, Storage and Peripherals	Technology Hardware, Storage and Peripherals	23,390		0.4		23,815		0.5		Technology Hardware, Storage and Peripherals	23,466		0.4		23,269		0.4
Textiles, Apparel and Luxury Goods	Textiles, Apparel and Luxury Goods	45,976		0.8		45,092		0.9		Textiles, Apparel and Luxury Goods	44,946		0.8		44,882		0.8
Trading Companies and Distributors	Trading Companies and Distributors	34,402		0.6		18,936		0.4		Trading Companies and Distributors	38,468		0.7		34,410		0.6
Water Utilities	Water Utilities	17,628		0.3		17,490		0.4		Water Utilities	18,418		0.3		17,822		0.3
Total	Total	$	5,656,202	100.0	%	$	4,895,397	100.0	%	Total	$	5,605,521	100.0	%	$	5,569,604	100.0	%

* Represents an amount less than 0.1%.

~~113~~114

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 June 30, 2022				As of September 30, 2021					As of June 30, 2023				As of September 30, 2022
Fair Value:	Fair Value:									Fair Value:
Aerospace and Defense	Aerospace and Defense	$	112,771	2.0	%	$	112,636	2.3	%	Aerospace and Defense	$	25,694	0.5	%	$	64,365	1.2	%
Airlines	Airlines	929		0.0	*	936		0.0	*	Airlines	919		0.0	*	926		0.0	*
Auto Components	Auto Components	41,535		0.7		32,566		0.7		Auto Components	39,429		0.7		41,026		0.8
Automobiles	Automobiles	271,650		4.8		140,499		2.9		Automobiles	267,086		4.8		260,506		4.8
Beverages	Beverages	58,818		1.0		60,868		1.2		Beverages	49,380		0.9		57,804		1.1
Biotechnology	Biotechnology	1,334		0.0	*	25,439		0.5		Biotechnology	1,319		0.0	*	1,536		0.0	*
Building Products	Building Products	17,143		0.3		11,243		0.2		Building Products	17,949		0.3		17,770		0.3
Chemicals	Chemicals	82,412		1.5		64,262		1.3		Chemicals	79,002		1.5		79,461		1.5
Commercial Services and Supplies	Commercial Services and Supplies	187,879		3.4		99,595		2.0		Commercial Services and Supplies	152,249		2.8		135,584		2.5
Communications Equipment	Communications Equipment	11,462		0.2		11,347		0.2		Communications Equipment	11,393		0.2		11,162		0.2
Construction & Engineering		—		—		49,166		1.0
Consumer Finance		4,839		0.1		2,627		0.1

Containers and Packaging	Containers and Packaging	42,423		0.8		10,545		0.2		Containers and Packaging	45,376		0.8		44,198		0.8
Distributors	Distributors	5,902		0.1		6,089		0.1		Distributors	—		—		5,941		0.1
Diversified Consumer Services	Diversified Consumer Services	242,969		4.3		134,232		2.7		Diversified Consumer Services	267,702		4.8		236,896		4.3
Diversified Financial Services	Diversified Financial Services	26,104		0.5		16,497		0.3		Diversified Financial Services	39,185		0.7		26,928		0.5
Diversified Telecommunications Services		1,632		0.0	*	1,645		0.0	*
Diversified Telecommunication Services										Diversified Telecommunication Services	1,616		0.0	*	1,628		0.0	*

Electronic Equipment, Instruments and Components	Electronic Equipment, Instruments and Components	146,411		2.6		125,481		2.6		Electronic Equipment, Instruments and Components	25,071		0.5		138,011		2.5
Energy Equipment and Services	Energy Equipment and Services	1,745		0.0	*	2,399		0.0	*	Energy Equipment and Services	1,411		0.0	*	1,740		0.0	*
Food and Staples Retailing	Food and Staples Retailing	88,428		1.6		128,574		2.6		Food and Staples Retailing	57,524		1.1		84,744		1.6
Food Products	Food Products	138,702		2.5		119,568		2.4		Food Products	157,433		2.8		136,802		2.5
Healthcare Equipment and Supplies	Healthcare Equipment and Supplies	126,666		2.3		157,959		3.2		Healthcare Equipment and Supplies	133,982		2.4		131,962		2.4
Healthcare Providers and Services	Healthcare Providers and Services	456,562		8.1		532,463		10.9		Healthcare Providers and Services	446,715		8.1		444,736		8.2
Health Care Technology	Health Care Technology	197,107		3.5		150,565		3.1		Health Care Technology	220,301		4.0		200,658		3.7
Hotels, Restaurants and Leisure	Hotels, Restaurants and Leisure	130,100		2.3		172,285		3.5		Hotels, Restaurants and Leisure	129,032		2.4		134,159		2.5
Household Durables	Household Durables	9,245		0.2		5,694		0.1		Household Durables	6,559		0.1		9,275		0.2
Household Products	Household Products	5,333		0.1		5,140		0.1		Household Products	5,119		0.1		5,265		0.1
Industrial Conglomerates	Industrial Conglomerates	18,658		0.3		18,560		0.4		Industrial Conglomerates	38,638		0.7		30,407		0.6
Insurance	Insurance	279,168		5.0		234,529		4.8		Insurance	234,707		4.2		226,158		4.2
Internet and Catalog Retail	Internet and Catalog Retail	62,080		1.1		31,127		0.6		Internet and Catalog Retail	66,656		1.2		61,299		1.1
IT Services	IT Services	255,462		4.6		302,487		6.2		IT Services	256,824		4.6		249,240		4.6
Leisure Products	Leisure Products	13,380		0.2		12,575		0.3		Leisure Products	13,256		0.3		13,478		0.2
Life Sciences Tools & Services	Life Sciences Tools & Services	49,534		0.9		57,004		1.2		Life Sciences Tools & Services	72,135		1.3		49,478		0.9
Machinery	Machinery	29,605		0.5		29,377		0.6		Machinery	35,334		0.7		31,750		0.6
Marine	Marine	18,799		0.3		16,877		0.3		Marine	19,093		0.4		18,399		0.3
Media	Media	6,454		0.1		5,397		0.1		Media	6,194		0.1		6,503		0.1
Multiline Retail	Multiline Retail	45,213		0.8		46,470		1.0		Multiline Retail	45,138		0.8		45,138		0.8
Oil, Gas and Consumable Fuels	Oil, Gas and Consumable Fuels	89,866		1.6		92,720		1.9		Oil, Gas and Consumable Fuels	117,248		2.1		90,054		1.7
Paper and Forest Products	Paper and Forest Products	10,675		0.2		8,921		0.2		Paper and Forest Products	10,050		0.2		10,640		0.2
Personal Products	Personal Products	33,931		0.6		33,727		0.7		Personal Products	33,526		0.6		33,869		0.6
Pharmaceuticals	Pharmaceuticals	149,665		2.7		108,458		2.2		Pharmaceuticals	162,022		2.9		150,263		2.8
Professional Services	Professional Services	120,506		2.1		106,898		2.2		Professional Services	127,432		2.3		116,622		2.1
Real Estate Management and Development	Real Estate Management and Development	121,111		2.2		96,066		2.0		Real Estate Management and Development	129,500		2.4		119,120		2.2
Road and Rail	Road and Rail	35,872		0.6		36,751		0.8		Road and Rail	38,408		0.7		35,742		0.7
Software	Software	1,367,268		24.4		1,084,864		22.2		Software	1,514,901		27.4		1,401,424		25.7
Specialty Retail	Specialty Retail	378,145		6.8		292,446		6.0		Specialty Retail	300,438		5.4		367,521		6.7
Technology Hardware, Storage and Peripherals	Technology Hardware, Storage and Peripherals	23,239		0.4		23,717		0.5		Technology Hardware, Storage and Peripherals	23,354		0.4		22,852		0.4
Textiles, Apparel and Luxury Goods	Textiles, Apparel and Luxury Goods	42,648		0.8		38,627		0.8		Textiles, Apparel and Luxury Goods	43,988		0.8		42,302		0.8
Trading Companies and Distributors	Trading Companies and Distributors	34,938		0.6		19,311		0.4		Trading Companies and Distributors	37,218		0.7		33,597		0.6
Water Utilities	Water Utilities	17,232		0.3		17,657		0.4		Water Utilities	17,503		0.3		17,417		0.3
Total	Total	$	5,613,550	100.0	%	$	4,894,886	100.0	%	Total	$	5,525,009	100.0	%	$	5,446,356	100.0	%

* Represents an amount less than 0.1%.

~~114~~

115

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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 June 30, ~~2022~~2023 and September 30, ~~2021~~2022 were as follows:
As of June 30, 2022
Counterparty Currency to be sold Currency to be purchased Settlement date Unrealized appreciation ($) Unrealized depreciation ($)
Macquarie Bank Limited £ 3,780 GBP $ 4,804 USD 3/27/2023 $ 172 $ —
Macquarie Bank Limited € 6,760 EUR $ 8,044 USD 4/28/2023 776 —
Macquarie Bank Limited £ 10,058 GBP $ 12,706 USD 7/17/2023 355 —
Macquarie Bank Limited £ 8,925 GBP $ 11,219 USD 2/28/2023 289 —
Macquarie Bank Limited $ 18,425 CAD $ 13,783 USD 10/30/2023 — (526)
Macquarie Bank Limited € 13,960 EUR $ 16,735 USD 4/28/2023 1,723 —
Macquarie Bank Limited £ 2,228 GBP $ 2,903 USD 4/28/2023 169 —
Macquarie Bank Limited £ 25,000 GBP $ 34,298 USD 8/27/2024 3,271 —
Macquarie Bank Limited € 26,000 EUR $ 31,803 USD 2/27/2025 2,838 —
Macquarie Bank Limited $ 25,000 CAD $ 19,609 USD 8/27/2024 204 —
Macquarie Bank Limited $ 30,000 CAD $ 23,399 USD 8/27/2024 120 —
Macquarie Bank Limited £ 20,550 GBP $ 28,297 USD 9/3/2024 2,784 —
Macquarie Bank Limited $ 22,600 CAD $ 17,739 USD 8/30/2024 196 —
Macquarie Bank Limited £ 13,945 GBP $ 19,149 USD 3/31/2025 1,778 —
$ 14,675 $ (526)

As of September 30, 2021
Counterparty Currency to be sold Currency to be purchased Settlement date Unrealized appreciation ($) Unrealized depreciation ($)
Macquarie Bank Limited £ 3,780 GBP $ 4,804 USD 3/27/2023 $ — $ (272)
Macquarie Bank Limited € 9,300 EUR $ 10,861 USD 4/29/2022 106 —
Macquarie Bank Limited € 6,760 EUR $ 8,044 USD 4/28/2023 40 —
Macquarie Bank Limited £ 10,058 GBP $ 12,706 USD 7/17/2023 — (796)
Macquarie Bank Limited £ 8,925 GBP $ 11,219 USD 2/28/2023 — (769)
Macquarie Bank Limited $ 18,425 CAD $ 13,783 USD 10/30/2023 — (660)
Macquarie Bank Limited € 13,960 EUR $ 16,735 USD 4/28/2023 343 —
Macquarie Bank Limited £ 2,228 GBP $ 2,903 USD 4/28/2023 — (88)
Macquarie Bank Limited £ 25,000 GBP $ 34,298 USD 8/27/2024 663 —
Macquarie Bank Limited € 26,000 EUR $ 31,803 USD 2/27/2025 426 —
Macquarie Bank Limited $ 25,000 CAD $ 19,609 USD 8/27/2024 75 —
Macquarie Bank Limited $ 30,000 CAD $ 23,399 USD 8/27/2024 — (41)
Macquarie Bank Limited £ 20,550 GBP $ 28,297 USD 9/3/2024 647 —
Macquarie Bank Limited $ 22,600 CAD $ 17,739 USD 8/30/2024 81 —
Macquarie Bank Limited £ 13,945 GBP $ 19,149 USD 3/31/2025 335 —
$ 2,716 $ (2,626)



As of June 30, 2023
Counterparty	Currency to be sold			Currency to be purchased			Settlement date	Unrealized appreciation ($)		Unrealized depreciation ($)





Macquarie Bank Limited	£	10,058	GBP	$	12,706	USD	7/17/2023	$	—	$	(67)
Macquarie Bank Limited	$	15,600	CAD	$	12,236	USD	8/27/2024	381		—
Macquarie Bank Limited	$	30,000	CAD	$	23,399	USD	8/27/2024	609		—
Macquarie Bank Limited	£	25,000	GBP	$	34,298	USD	8/27/2024	2,579		—
Macquarie Bank Limited	$	22,600	CAD	$	17,739	USD	8/30/2024	565		—
Macquarie Bank Limited	£	20,550	GBP	$	28,297	USD	9/3/2024	2,222		—
Macquarie Bank Limited	€	26,000	EUR	$	31,803	USD	2/27/2025	2,490		—
Macquarie Bank Limited	£	13,945	GBP	$	19,149	USD	3/31/2025	1,541		—
Macquarie Bank Limited	$	7,000	CAD	$	5,386	USD	7/18/2025	79		—
Macquarie Bank Limited	€	10,100	EUR	$	10,918	USD	7/21/2025	—		(392)
								$	10,466	$	(459)



As of September 30, 2022
Counterparty	Currency to be sold			Currency to be purchased			Settlement date	Unrealized appreciation ($)		Unrealized depreciation ($)
Macquarie Bank Limited	£	8,925	GBP	$	11,219	USD	2/28/2023	$	1,226	$	—
Macquarie Bank Limited	£	3,780	GBP	$	4,804	USD	3/27/2023	572		—
Macquarie Bank Limited	£	2,228	GBP	$	2,903	USD	4/28/2023	408		—
Macquarie Bank Limited	€	13,960	EUR	$	16,735	USD	4/28/2023	2,778		—
Macquarie Bank Limited	€	6,760	EUR	$	8,044	USD	4/28/2023	1,287		—
Macquarie Bank Limited	£	10,058	GBP	$	12,706	USD	7/17/2023	1,459		—
Macquarie Bank Limited	$	18,425	CAD	$	13,783	USD	10/30/2023	372		—
Macquarie Bank Limited	$	25,000	CAD	$	19,609	USD	8/27/2024	1,267		—
Macquarie Bank Limited	$	30,000	CAD	$	23,399	USD	8/27/2024	1,399		—
Macquarie Bank Limited	£	25,000	GBP	$	34,298	USD	8/27/2024	6,285		—
Macquarie Bank Limited	$	22,600	CAD	$	17,739	USD	8/30/2024	1,156		—
Macquarie Bank Limited	£	20,550	GBP	$	28,297	USD	9/3/2024	5,265		—
Macquarie Bank Limited	€	26,000	EUR	$	31,803	USD	2/27/2025	4,637		—
Macquarie Bank Limited	£	13,945	GBP	$	19,149	USD	3/31/2025	3,538		—
Macquarie Bank Limited	$	7,000	CAD	$	5,386	USD	7/18/2025	236		—
Macquarie Bank Limited	€	10,100	EUR	$	10,918	USD	7/21/2025	448		—
								$	32,333	$	—

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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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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 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 June 30, ~~2022~~2023 and September 30, ~~2021.~~
As of June 30, 2022
Counterparty Risk exposure category Unrealized appreciation on forward currency contracts Unrealized depreciation on forward currency contracts Net amounts presented in the Consolidated Statement of Financial Condition
Collateral (Received) Pledged (1)
Net Amount (2)
Macquarie Bank Limited Foreign exchange $ 14,675 $ (526) $ 14,149 $ — $ 14,149
2022.


As of September 30, 2021
As of June 30, 2023													As of June 30, 2023
Counterparty	Counterparty	Risk exposure category	Unrealized appreciation on forward currency contracts		Unrealized depreciation on forward currency contracts		Net amounts presented in the Consolidated Statement of Financial Condition		Collateral (Received) Pledged (1)		Net Amount (2)		Counterparty	Risk exposure category	Unrealized appreciation on forward currency contracts		Unrealized depreciation on forward currency contracts		Net amounts presented in the Consolidated Statement of Financial Condition		Collateral (Received) Pledged (1)		Net Amount (2)
Macquarie Bank Limited	Macquarie Bank Limited	Foreign exchange	$	2,716	$	(2,626)	$	90	$	—	$	90	Macquarie Bank Limited	Foreign exchange	$	10,466	$	(459)	$	10,007	$	—	$	10,007


As of September 30, 2022
Counterparty	Risk exposure category	Unrealized appreciation on forward currency contracts		Unrealized depreciation on forward currency contracts		Net amounts presented in the Consolidated Statement of Financial Condition		Collateral (Received) Pledged (1)		Net Amount (2)
Macquarie Bank Limited	Foreign exchange	$	32,333	$	—	$	32,333	$	—	$	32,333

(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 and nine months ended June 30, ~~2022~~2023 and ~~2021~~2022 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 category Three months ended June 30, Nine months ended June 30,
2022 2021 2022 2021
Foreign exchange $ 1,080 $ — $ 1,080 $ —
Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income
Risk exposure category Three months ended June 30, Nine months ended June 30,
2022 2021 2022 2021
Foreign exchange $ 11,922 $ (546) $ 14,059 $ (3,317)


Realized gain (loss) on forward currency contracts recognized in income
Risk exposure category	Three months ended June 30,				Nine months ended June 30,
	2023		2022		2023		2022
Foreign exchange	$	2,021	$	1,080	$	3,192	$	1,080

Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income
Risk exposure category	Three months ended June 30,				Nine months ended June 30,
	2023		2022		2023		2022
Foreign exchange	$	(5,431)	$	11,922	$	(22,326)	$	14,059

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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 and nine months ended June 30, ~~2022,~~2023 and ~~2021:~~2022:

Average U.S. Dollar notional outstanding Three months ended June 30, Nine months ended June 30,
2022 2021 2022 2021
Forward currency contracts $ 247,950 $ 81,055 $ 252,884 $ 77,750


Average U.S. Dollar notional outstanding	Three months ended June 30,				Nine months ended June 30,
	2023		2022		2023		2022
Forward currency contracts	$	204,449	$	247,950	$	233,538	$	252,884

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. The Investment Adviser has 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 require significant management judgment or estimation.

In certain cases, the inputs used to measure fair value 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 and nine months ended June 30, ~~2022~~2023 and ~~2021.~~2022. 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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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 June 30, 2023, with the exception of one portfolio company investment (Level 1 investments), were valued using Level 3 inputs.All investments as of September 30, 2022 were valued using Level 3 inputs. As of June 30, 2023 and September 30, ~~2021, with the exception of~~2022, all money market funds included in cash, cash equivalents and restricted cash and restricted cash equivalents ~~and one portfolio company equity investment (Level 1 investments) and forward currency contracts (Level 2 investments),~~ were valued using Level 31 inputs and all forward currency contracts were valued using Level 2 inputs.

When determining fair value of Level 3 debt and equity investments, the Company takes 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 affect the price at which similar investments are 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 can 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.

In addition, for certain debt investments, the Company bases 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 are ultimately 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 could 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.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following tables present fair value measurements of the Company’s investments and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of June 30, ~~2022~~2023 and September 30, ~~2021:~~
As of June 30, 2022 Fair Value Measurements Using
Description Level 1 Level 2 Level 3 Total
Assets, at fair value:
Debt investments(1)
$ — $ — $ 5,334,266 $ 5,334,266
Equity investments(1)
94 — 279,190 279,284
Money market funds(1)(2)
10,805 — — 10,805
Forward currency contracts — 14,675 — 14,675
Total assets, at fair value: $ 10,899 $ 14,675 $ 5,613,456 $ 5,639,030
Liabilities at fair value:
Forward currency contracts $ — $ (526) $ — $ (526)
Total liabilities, at fair value: $ — $ (526) $ — $ (526)
2022:


As of September 30, 2021		Fair Value Measurements Using
As of June 30, 2023										As of June 30, 2023	Fair Value Measurements Using
Description	Description	Level 1		Level 2		Level 3		Total		Description	Level 1		Level 2		Level 3		Total
Assets, at fair value:	Assets, at fair value:									Assets, at fair value:
Debt investments(1)	Debt investments(1)	$	—	$	—	$	4,709,148	$	4,709,148	Debt investments(1)	$	—	$	—	$	5,240,846	$	5,240,846
Equity investments(1)	Equity investments(1)	508		—		185,230		185,738		Equity investments(1)	109		—		284,054		284,163
Money market funds(1)(2)	Money market funds(1)(2)	38,317		—		—		38,317		Money market funds(1)(2)	63,929		—		—		63,929
Forward currency contracts	Forward currency contracts	—		2,716		—		2,716		Forward currency contracts	—		10,466		—		10,466
Total assets, at fair value:	Total assets, at fair value:	$	38,825	$	2,716	$	4,894,378	$	4,935,919	Total assets, at fair value:	$	64,038	$	10,466	$	5,524,900	$	5,599,404
Liabilities at fair value:
Liabilities, at fair value:										Liabilities, at fair value:
Forward currency contracts	Forward currency contracts	$	—	$	(2,626)	$	—	$	(2,626)	Forward currency contracts	$	—	$	(459)	$	—	$	(459)
Total liabilities, at fair value:	Total liabilities, at fair value:	$	—	$	(2,626)	$	—	$	(2,626)	Total liabilities, at fair value:	$	—	$	(459)	$	—	$	(459)


As of September 30, 2022	Fair Value Measurements Using
Description	Level 1		Level 2		Level 3		Total
Assets, at fair value:
Debt investments(1)	$	—	$	—	$	5,168,537	$	5,168,537
Equity investments(1)	—		—		277,819		277,819
Money market funds(1)(2)	37,208		—		—		37,208
Forward currency contracts	—		32,333		—		32,333
Total assets, at fair value:	$	37,208	$	32,333	$	5,446,356	$	5,515,897

(1)Refer to the Consolidated Schedules of Investments for further details.

(2)Included in cash and cash equivalents and restricted cash and cash equivalents ~~foreign currencies and restricted foreign currencies~~ on the Consolidated Statements of Financial Condition.

The net change in unrealized appreciation (depreciation) for the three and nine months ended June 30, 2023, reported within the net change in unrealized appreciation (depreciation) on investments in the Company's Consolidated Statements of Operations attributable to the Company's Level 3 assets held as of June 30, 2023 was $9,785 and ($293), respectively. The net change in unrealized appreciation (depreciation) for the three and nine months ended June 30, 2022, reported within the net change in unrealized appreciation (depreciation) on investments in the Company's Consolidated Statements of Operations attributable to the Company's Level 3 assets held as of June 30, 2022 was ~~$(63,019)~~($63,019) and ~~$(35,920)~~($35,920), respectively. The net change in unrealized appreciation (depreciation) for the three and nine months ended June 30, 2021, reported within the net change in unrealized appreciation (depreciation) on investments in the Company's Consolidated Statements of Operations attributable to the Company's Level 3 assets held as of June 30, 2021 was $26,900 and $65,350, respectively.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following tables present the changes in investments measured at fair value using Level 3 inputs for the nine months ended June 30, ~~2022~~2023 and ~~2021:~~2022:


		For the nine months ended June 30, 2022							For the nine months ended June 30, 2023
		Debt Investments		Equity Investments		Total Investments			Debt Investments		Equity Investments		Total Investments
Fair value, beginning of period	Fair value, beginning of period	$	4,709,148	$	185,230	$	4,894,378	Fair value, beginning of period	$	5,168,537	$	277,819	$	5,446,356
Net change in unrealized appreciation (depreciation) on investments	Net change in unrealized appreciation (depreciation) on investments	(40,865)		(862)		(41,727)		Net change in unrealized appreciation (depreciation) on investments	11,678		(16,761)		(5,083)

Net translation of investments in foreign currencies								Net translation of investments in foreign currencies	47,721		103		47,824
Realized gain (loss) on investments	Realized gain (loss) on investments	(177)		16,625		16,448		Realized gain (loss) on investments	(48,084)		1,529		(46,555)
Funding of (proceeds from) revolving loans, net		2,865		—		2,865
Realized gain (loss) on translation of investments in foreign currencies								Realized gain (loss) on translation of investments in foreign currencies	(1,402)		—		(1,402)
Fundings of (proceeds from) revolving loans, net								Fundings of (proceeds from) revolving loans, net	2,449		—		2,449
Fundings of investments	Fundings of investments	1,567,934		110,516		1,678,450		Fundings of investments	556,489		27,244		583,733
PIK interest		14,692		—		14,692
PIK interest and non-cash dividends								PIK interest and non-cash dividends	27,660		10,767		38,427
Proceeds from principal payments and sales of portfolio investments	Proceeds from principal payments and sales of portfolio investments	(922,865)		(32,319)		(955,184)		Proceeds from principal payments and sales of portfolio investments	(534,196)		(16,647)		(550,843)

Accretion of discounts and amortization of premiums	Accretion of discounts and amortization of premiums	3,534		—		3,534		Accretion of discounts and amortization of premiums	9,994		—		9,994

Fair value, end of period	Fair value, end of period	$	5,334,266	$	279,190	$	5,613,456	Fair value, end of period	$	5,240,846	$	284,054	$	5,524,900


		For the nine months ended June 30, 2021							For the nine months ended June 30, 2022
		Debt Investments		Equity Investments		Total Investments			Debt Investments		Equity Investments		Total Investments
Fair value, beginning of period	Fair value, beginning of period	$	4,146,013	$	92,197	$	4,238,210	Fair value, beginning of period	$	4,709,148	$	185,230	$	4,894,378
Net change in unrealized appreciation (depreciation) on investments	Net change in unrealized appreciation (depreciation) on investments	113,557		34,639		148,196		Net change in unrealized appreciation (depreciation) on investments	(7,064)		(801)		(7,865)
Net translation of investments in foreign currencies								Net translation of investments in foreign currencies	(33,801)		(61)		(33,862)
Realized gain (loss) on investments	Realized gain (loss) on investments	(5,227)		10,789		5,562		Realized gain (loss) on investments	(853)		16,625		15,772
Realized gain (loss) on translation of investments in foreign currencies								Realized gain (loss) on translation of investments in foreign currencies	676		—		676
Funding of (proceeds from) revolving loans, net	Funding of (proceeds from) revolving loans, net	(10,999)		—		(10,999)		Funding of (proceeds from) revolving loans, net	2,865		—		2,865
Fundings of investments	Fundings of investments	1,222,770		41,875		1,264,645		Fundings of investments	1,567,934		110,516		1,678,450
PIK interest	PIK interest	12,657		—		12,657		PIK interest	14,692		—		14,692
Proceeds from principal payments and sales of portfolio investments	Proceeds from principal payments and sales of portfolio investments	(1,184,296)		(25,545)		(1,209,841)		Proceeds from principal payments and sales of portfolio investments	(922,865)		(32,319)		(955,184)
Accretion of discounts and amortization of premiums	Accretion of discounts and amortization of premiums	(9,341)		—		(9,341)		Accretion of discounts and amortization of premiums	3,534		—		3,534

Fair value, end of period	Fair value, end of period	$	4,285,134	$	153,955	$	4,439,089	Fair value, end of period	$	5,334,266	$	279,190	$	5,613,456

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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 June 30, ~~2022~~2023 and September 30, ~~2021.~~2022.

Quantitative information about Level 3 Fair Value Measurements

Fair value as of June 30, ~~2022~~2023

Valuation Techniques

Unobservable Input

Range (Weighted Average) (1)

Assets:

Senior secured loans(2)

~~568,386~~488,475

Market rate approach

Market interest rate

~~4.0%~~7.8% - ~~21.8% (8.0%~~19.8% (10.0%)

Market comparable companies

EBITDA multiples

~~6.0x~~4.6x - ~~25.5x (14.1x)~~26.0x (15.1x)

~~116~~One stop loans(3)(4)

4,719,262

Market ~~comparable~~rate approach

~~Broker/dealer bids or quotes~~Market interest rate

6.8% - 22.0% (10.5%)

Market comparable companies

~~N/A~~EBITDA multiples

4.0x - 33.0x (16.3x)

Revenue multiples

1.6x - 20.0x (7.6x)

Subordinated debt and second lien loans

33,109

Market rate approach

Market interest rate

12.3% - 22.8% (13.7%)

Market comparable companies

EBITDA multiples

6.7x - 22.0x (18.9x)

Equity(5)

284,054

Market comparable companies

EBITDA multiples

4.6x - 35.0x (16.7x)

Revenue multiples

2.5x - 20.0x (9.9x)

(1)Unobservable inputs were weighted by the relative fair value of the instruments.

(2)$43,603 of loans at fair value were valued using the market comparable companies approach only.

(3) $92,707 of loans at fair value were valued using the market comparable companies approach only.

(4)The Company valued $3,947,861 and $771,401 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 $245,430 and $38,624 of equity investments using EBITDA and revenue multiples, respectively.

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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, 2022

Valuation Techniques

Unobservable Input

Range

(Weighted Average)(1)

Assets:

Senior secured loans(2)

472,873

Market rate approach

Market interest rate

6.8% - 20.0% (9.6%)

Market comparable companies

EBITDA multiples

6.5x - 26.2x (14.7x)

—

Collateral analysis

Recovery rate

N/A

One stop loans(3)(4)

~~4,685,089~~4,668,609

Market rate approach

Market interest rate

~~3.5%~~7.0% - ~~23.5% (8.4%~~17.3% (9.6%)

Market comparable companies

EBITDA multiples

4.5x - ~~36.8x (16.3x)~~37.3x (16.4x)

Revenue multiples

2.0x - ~~29.0x (9.8x)~~22.0x (8.3x)

~~36,650~~

~~Market comparable~~

~~Broker/dealer bids or quotes~~

~~N/A~~

Subordinated debt and second lien loans(5)

~~44,025~~27,055

Market rate approach

Market interest rate

~~7.5%~~9.8% - ~~24.5% (11.4%~~13.8% (12.2%)

Market comparable companies

EBITDA multiples

6.5x - ~~24.0x (17.4x)~~23.0x (21.0x)

Equity(5)

~~279,190~~277,819

Market comparable companies

EBITDA multiples

4.5x - ~~40.0x (17.7x)~~38.0x (18.0x)

Revenue multiples

2.0x - ~~29.0x (14.7x)~~24.4x (12.6x)

(1)Unobservable inputs were weighted by the relative fair value of the instruments.

(2)$~~8,704~~25,661 of loans at fair value were valued using the market comparable companies approach only.

(3)$~~110,317~~60,948 of loans at fair value were valued using the market comparable companies approach only.

(4)The Company valued ~~$3,984,820~~$4,009,492 and ~~$700,269~~$659,117 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 ~~$240,935~~$237,257 and ~~$38,255 of equity investments using EBITDA and revenue multiples, respectively.~~

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~~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, 2021 Valuation Techniques Unobservable Input
Range
(Weighted Average)(1)
Assets:
Senior secured loans(2)
$ 778,413 Market rate approach Market interest rate 2.5% - 14.8% (5.6%)
      Market comparable companies EBITDA multiples 6.0x - 24.2x (15.1x)
6,172 Market comparable Broker/dealer bids or quotes N/A
220 Collateral analysis Recovery rate 1.6%
One stop loans(3)(4)
$ 3,882,314 Market rate approach Market interest rate 1.0% - 18.0% (7.5%)
   Market comparable companies EBITDA multiples 4.5x - 35.0x (15.5x)
         Revenue multiples 2.0x - 18.5x (8.0x)
Subordinated debt and second lien loans(5)
$ 42,029 Market rate approach Market interest rate 6.8% - 19.5% (9.5%)
      Market comparable companies EBITDA multiples 6.0x - 23.6x (17.2x)
Revenue multiples 3.4x
Equity(6)
$ 185,230 Market comparable companies EBITDA multiples 4.5x - 26.0x (17.4x)
         Revenue multiples 2.0x - 25.0x (12.3x)

~~(1)Unobservable inputs were weighted by the relative fair value of the instruments.~~

~~(2)$23,989 of loans at fair value were valued using the market comparable companies approach only.~~

~~(3)$76,290 of loans at fair value were valued using the market comparable companies approach only.~~

~~(4)The Company valued $3,354,556 and $527,758 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 $42,020 and $9 of subordinated debt loans and second lien 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 $159,620 and $25,610~~$40,562 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 to determine any credit gains or losses. Increases or decreases in either of these inputs in isolation would have 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 was significantly less than the market yield for a similar loan with a similar credit profile, then the resulting fair value of the loan may have 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. The fair value of the Company's 2024 Notes, 2026 Notes and 2027 Notes (as defined in Note 7. Borrowings) is based on vendor pricing received by the Company, which is considered a Level 2 input. The fair value of the Company’s remaining 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.

~~122~~123

TABLE OF CONTENTS

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 June 30, ~~2022~~2023 and September 30, ~~2021.~~2022.

As of June 30, 2022 As of September 30, 2021
Carrying Value Fair Value Carrying Value Fair Value
Debt $ 3,154,673 $ 2,977,171 $ 2,569,228 $ 2,594,368


	As of June 30, 2023				As of September 30, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Debt	$	3,168,906	$	3,010,662	$	3,093,603	$	2,902,210

Note 7. Borrowings

In accordance with the 1940 Act, with certain limited exceptions, prior to February 6, 2019, 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. 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. As of June 30, ~~2022,~~2023, the Company’s asset coverage for borrowed amounts was ~~181.5%~~178.7%.

2018 Debt ~~Securitizations:~~Securitization: On November 16, 2018, the Company completed a $602,400 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 $327,000 of AAA/AAA Class A 2018 Notes, which bear interest at three-month LIBOR plus 1.48%; $61,200 of AA Class B 2018 Notes, which bear interest at three-month LIBOR plus 2.10%; $20,000 of A Class C-1 2018 Notes, which bear interest at three-month LIBOR plus 2.80%; $38,800 of A Class C-2 2018 Notes, which bear interest at three-month LIBOR plus 2.65%; $42,000 of BBB- Class D 2018 Notes, which bear interest at three-month LIBOR plus 2.95%; and $113,400 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 iswas 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. For each of the three and nine months ended June 30, 2023, the Company had repayments on the 2018 Notes of $4,820. For each of the three and nine months ended June 30, 2022, the Company had no repayments on the 2018 Notes. The 2018 Notes are scheduled to mature on January 20, 2031. The Class A, Class B and Class C-1 2018 Notes are included in the June 30, ~~2022~~2023 and September 30, ~~2021~~2022 Consolidated Statements of Financial Condition as debt of the Company. As of June 30, ~~2022~~2023 and September 30, ~~2021,~~2022, the Class C-2, Class D and Subordinated 2018 Notes were eliminated in consolidation.

As of June 30, ~~2022~~2023 and September 30, ~~2021,~~2022, there were 7667 and 7574 portfolio companies, respectively, with a total fair value of ~~$587,439~~$564,291 and ~~$579,075,~~$568,310, respectively, securing the 2018 Notes. The pool of loans in the 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.

124

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 2018 Debt Securitization is based on three-month LIBOR. The three-month LIBOR in effect as of June 30, ~~2022~~2023 based on the last annualized interest rate reset was ~~1.1%~~5.3%. On June 30, 2023, the Company entered into a supplemental indenture to amend the 2018 Debt Securitization to replace LIBOR as an interest rate benchmark for the 2018 Notes with three-month term SOFR plus 0.26161%, effective as of the start of the first interest accrual period commencing after June 30, 2023.

For the three and nine months ended June 30, ~~2022~~2023 and ~~2021~~2022 the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the 2018 Debt Securitization were as follows:


		Three months ended June 30,						Nine months ended June 30,						Three months ended June 30,					Nine months ended June 30,
		2022			2021			2022			2021					2023			2022			2023			2022
Stated interest expense	Stated interest expense	$	2,612		$	1,892		$	6,362		$	5,738			Stated interest expense	$	6,947		$	2,612		$	19,207		$	6,362
Amortization of debt issuance costs	Amortization of debt issuance costs	105			105			315			315				Amortization of debt issuance costs	9			105			152			315
Total interest and other debt financing expenses	Total interest and other debt financing expenses	$	2,717		$	1,997		$	6,677		$	6,053			Total interest and other debt financing expenses	$	6,956		$	2,717		$	19,359		$	6,677
Cash paid for interest expense	Cash paid for interest expense	$	1,930		$	1,900		$	5,624		$	5,828			Cash paid for interest expense	$	6,577		$	1,930		$	17,246		$	5,624
Annualized average stated interest rate	Annualized average stated interest rate	2.6		%	1.9		%	2.1		%	1.9		%		Annualized average stated interest rate	6.9		%	2.6		%	6.3		%	2.1		%
Average outstanding balance	Average outstanding balance	$	408,200		$	408,200		$	408,200		$	408,200			Average outstanding balance	$	404,387		$	408,200		$	406,929		$	408,200

~~123~~

As of June 30, ~~2022,~~2023, the classes, amounts, ratings and interest rates in effect (expressed as a spread to three-month LIBOR) of the Class A, B and C-1 2018 Notes are as follows:
Description Class A 2018 Notes Class B 2018 Notes Class C-1 2018 Notes
Type Senior Secured Floating Rate Senior Secured Floating Rate Senior Secured Floating Rate
Amount Outstanding $327,000 $61,200 $20,000
Fitch Rating “AAA” “NR” “NR”
S&P Rating “AAA” “AA” “A”
Interest Rate LIBOR + 1.48% LIBOR + 2.10% LIBOR + 2.80%

Description

Class A 2018 Notes

Class B 2018 Notes

Class C-1 2018 Notes

Type

Senior Secured Floating Rate

Amount Outstanding

$322,180

$61,200

$20,000

Fitch Rating

“AAA”

“NR”

S&P Rating

“AAA”

“AA”

“A”

Interest Rate

LIBOR + 1.48%

LIBOR + 2.10%

LIBOR + 2.80%

GCIC 2018 Debt Securitization: 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 June 30, ~~2022~~2023 and September 30, ~~2021~~2022 Consolidated Statements of Financial Condition as debt of the Company. As of June 30, ~~2022~~2023 and September 30, ~~2021,~~2022, 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 iswas 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. For each of the three and nine months ended June 30, 2023, the Company had repayments on the GCIC 2018 Notes of $8,628.

125

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

For each of the three and nine months ended June 30, 2022, the Company had no repayments on the GCIC 2018 Notes. 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 June 30, ~~2022~~2023 and September 30, ~~2021,~~2022, there were 9389 and 9691 portfolio companies, respectively, with a total fair value of ~~$896,303~~$860,115 and ~~$889,326,~~$885,171, 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.

~~124~~

The interest charged under the GCIC 2018 Debt Securitization is based on three-month LIBOR. The three-month LIBOR in effect as of June 30, ~~2022~~2023 based on the last interest rate reset was ~~1.1%~~5.3%. On June 30, 2023, the Company entered into a supplemental indenture to amend the GCIC 2018 Debt Securitization to replace LIBOR as an interest rate benchmark for the GCIC 2018 Notes with three-month term SOFR plus 0.26161%, effective as of the start of the first interest accrual period commencing after June 30, 2023.

For the three and nine months ended June 30, ~~2022~~2023 and ~~2021,~~2022, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the GCIC 2018 Debt Securitization were as follows:

Three months ended June 30, Nine months ended June 30,
2022 2021 2022 2021
Stated interest expense $ 3,326 $ 2,430 $ 8,144 $ 7,498
Accretion of discounts on notes issued 446 446 1,338 1,338
Amortization of debt issuance costs 17 17 51 30
Total interest and other debt financing expenses $ 3,789 $ 2,893 $ 9,533 $ 8,866
Cash paid for interest expense $ 2,477 $ 2,439 7,216 7,820
Annualized average stated interest rate 2.4 % 1.8 % 2.0 % 1.8 %
Average outstanding balance $ 546,500 $ 546,500 $ 546,500 $ 546,500


	Three months ended June 30,						Nine months ended June 30,
	2023			2022			2023			2022
Stated interest expense	$	8,670		$	3,326		$	24,068		$	8,144
Accretion of discounts on notes issued	—			446			544			1,338
Amortization of debt issuance costs	—			17			21			51
Total interest and other debt financing expenses	$	8,670		$	3,789		$	24,633		$	9,533
Cash paid for interest expense	$	8,261		$	2,477		$	21,681		$	7,216
Annualized average stated interest rate	6.4		%	2.4		%	5.9		%	2.0		%
Average outstanding balance	$	539,674		$	546,500		$	544,225		$	546,500

As of June 30, ~~2022,~~2023, the classes, amounts, ratings and interest rates in effect (expressed as a spread to three-month LIBOR, as applicable) of the Class A-1 GCIC 2018 Notes, Class A-2 GCIC 2018 Notes, and Class B-1 GCIC 2018 Notes were as follows:
Description Class A-1 GCIC 2018 Notes Class A-2-R GCIC 2018 Notes Class B-1 GCIC 2018 Notes
Type Senior Secured Floating Rate Senior Secured Fixed Rate Senior Secured Floating Rate
Amount Outstanding $490,000 $38,500 $18,000
Fitch’s Rating "AAA" "NR" "NR"
S&P Rating "AAA" "AAA" "AA"
Interest Rate LIBOR + 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 were backed by a diversified portfolio of senior secured and second lien loans. The 2020 Notes consisted of approximately $137,500 of AAA Class A-1 2020 Notes, which bore interest at three-month LIBOR plus 2.35%; $10,500 of AAA Class A-2 2020 Notes, which bore interest at three-month LIBOR plus 2.75%; $21,000 of AA Class B 2020 Notes which bore 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 bore interest at three-month LIBOR plus a spread set in connection with the funding date but which in no event was to be greater than 3.65%; and approximately $108,355 of Subordinated 2020 Notes, which did not bear interest. The Company was permitted, subject to certain conditions, to request a one-time funding of the Class C 2020 Notes, which would not be deemed an additional issuance of notes, but would have caused 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 were, or could have 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 bore interest at three-month LIBOR plus 2.35% and were fully drawn upon closing of the transactions. Any Lender could have elected 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 was the sole owner of the equity of the 2020 Issuer.

Through November 5, 2022, all principal collections received on the underlying collateral could have been 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 leverage in the 2020 Debt Securitization.

~~125~~

On August 26, 2021, the 2020 Issuer redeemed the outstanding 2020 Notes pursuant to the terms of the indenture governing such 2020 Notes. Following such redemption, the agreements that governed the 2020 Debt Securitization were terminated. The 2020 Notes would have otherwise matured on November 5, 2032.

The pool of loans in the 2020 Debt Securitization must have met 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 was based on three-month LIBOR. For the three and nine months ended June 30, 2022 and 2021, 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 June 30, Nine months ended June 30,
2022 2021 2022 2021
Stated interest expense $ — $ 1,266 $ — $ 3,825
Amortization of debt issuance costs — 188 — 564
Total interest and other debt financing expenses $ — $ 1,454 $ — $ 4,389
Cash paid for interest expense — 1,244 — 3,539
Annualized average stated interest rate N/A 2.7 % N/A 2.7 %
Average outstanding balance $ — $ 189,000 $ — $ 189,000

Description

Class A-1 GCIC 2018 Notes

Class A-2-R GCIC 2018 Notes

Class B-1 GCIC 2018 Notes

Type

Senior Secured Floating Rate

Senior Secured Fixed Rate

Senior Secured Floating Rate

Amount Outstanding

$481,372

$38,500

$18,000

Fitch’s Rating

"AAA"

"NR"

S&P Rating

"AAA"

"AA"

Interest Rate

LIBOR + 1.48%

2.50%

LIBOR + 2.25%

The Investment Adviser ~~served as collateral manager to the 2020 Issuer and~~ serves as the collateral manager to the 2018 Issuer and GCIC 2018 Issuer under separate collateral management agreements and receives a fee for providing these services. The total fees payable by the Company under the Investment Advisory Agreement are reduced by an amount equal to the total aggregate fees paid to the Investment Adviser by the 2018 Issuer and the GCIC 2018 ~~Issuer and the 2020~~ Issuer for rendering such collateral management services.

126

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

As part ~~of each~~ of the 2018 Debt Securitization and GCIC 2018 ~~Debt Securitization and the 2020~~ 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 interests therein) to the 2018 Issuer or the GCIC 2018 ~~Issuer or the 2020~~ Issuer, as applicable, and to purchase or otherwise acquire the LLC equity interests in the Subordinated 2018 Notes and the GCIC Subordinated 2018 ~~Notes and the Subordinated 2020~~ Notes, as applicable. As of June 30, ~~2022,~~2023, the 2018 Notes and the GCIC 2018 Notes (other than the Subordinated 2018 Notes and the GCIC Subordinated 2018 Notes) were the secured obligations of the 2018 Issuer and the GCIC 2018 Issuer, respectively, and indentures governing each of the 2018 Notes and the GCIC 2018 Notes include customary covenants and events of default.

~~SBA Debentures~~: On November 4, 2020, May 4, 2021 and September 21, 2021, SBIC IV, SBIC V, and SBIC VI, respectively, surrendered their licenses to operate as a SBIC. The SBICs were subject to a variety of regulations and oversight by the SBA concerning the size and nature of the companies in which they invested as well as the structures of those investments. The licenses allowed 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 were non-recourse to the Company, had interest payable semiannually and a ten-year maturity. The interest rate was fixed at the time of issuance at a market-driven spread over U.S. Treasury Notes with ten-year maturities.

As of June 30, 2022 and September 30, 2021, each of SBIC IV, SBIC V and SBIC VI had no outstanding SBA-guaranteed debentures. The original amount of debentures committed to SBIC IV, SBIC V and SBIC VI by the SBA were $150,000, $175,000 and $175,000, respectively. Through September 30, 2021, SBIC IV, SBIC V and SBIC VI repaid all outstanding debentures and the corresponding debenture commitments were terminated.

~~126~~

For the three and nine months ended June 30, 2022 and 2021, 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 June 30, Nine months ended June 30,
2022 2021 2022 2021
Stated interest expense $ — $ 546 $ — $ 3,479
Amortization of debt issuance costs — 341 — 1,810
Total interest and other debt financing expenses $ — $ 887 $ — $ 5,289
Cash paid for interest expense $ — $ — $ — $ 3,347
Annualized average stated interest rate N/A 2.3 % N/A 2.7 %
Average outstanding balance $ — $ 97,000 $ — $ 169,400

~~Revolving~~MS Credit ~~Facilities:~~Facility II: On February 1, 2019, Funding II entered into a credit facility as(as amended, ~~(the~~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 collateral agent, account bank and collateral custodian. On ~~October 23, 2020, the Company delivered a notice to the lenders~~September 16, 2022, all amounts outstanding under the MS Credit Facility II ~~to permanently decrease~~were repaid, following which the ~~borrowing capacity under~~agreements governing the MS Credit Facility II ~~by $75,000, resulting in total borrowing capacity of $325,000. On January 29, 2021, the Company entered into an amendment~~were terminated. Prior to its termination, 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~~had a borrowing capacity to $250,000 from $325,000. On February 23, 2021, 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 $175,000 to $75,000. On April 13, 2021, the Company entered into an amendment to the MS Credit Facility II to, among other things, reduce the interest rate for borrowings under the facility to the applicable base rate plus 2.05% during the revolving periodof $75,000 and to the applicable base rate plus 2.55% thereafter, extend the revolving period from May 3, 2021 to April 12, 2024 and to extend the maturity date from May 1, 2024 to April 12, 2026. On July 30, 2021, the Company entered into an amendment to the MS Credit Facility II to, among other things, amend general concentration limits and institute an unused fee holiday until November 30, 2021. As of June 30, 2022, the MS Credit Facility II allows Funding II to borrow up to $75,000 at any one time outstanding, subject to leverage and borrowing base restrictions.

The period from February 1, 2019 until April 12, 2024 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 to April 13, 2021, the MS Credit Facility II bore interest at the applicable base rate plus 2.45%. Effective April 13, 2021, the MS Credit Facility II bears interest at the applicable base rate plus 2.05%. Following expiration of the revolving period, the interest rate on borrowings under the MS Credit Facility II will reset to the applicable base rate plus 2.55% for the remaining term of the MS Credit Facility II. The revolving period will continue through April 12, 2024 unless there is an earlier termination or event of default. The base rate under the MS Credit Facility II iswas (i) one-month LIBOR with respect to any advances denominated in U.S. dollars or U.K. pound sterling, (ii) one-month EURIBOR with respect to any advances denominated in euros, and (iii) one-month Canadian Dollar Offered Rate with respect to any advances denominated in Canadian dollars. The scheduled maturity date of the MS Credit Facility II iswas April 12, 2026. The MS Credit Facility II iswas subject to a non-usage fee of 0.50% per ~~annum subsequent to a ramp-up period as defined in the credit agreement.~~annum.

The MS Credit Facility II iswas secured by all of the assets held by Funding II. Both the Company and Funding II ~~have~~ made customary representations and warranties and ~~are~~were required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. The borrowings under the MS Credit Facility II ~~will be~~were subject to the leverage restrictions contained in the 1940 Act.

As of both June 30, ~~2022, the Company had outstanding debt of $49,000 under the MS Credit Facility II. As of~~2023 and September 30, ~~2021,~~2022, the Company did not have any outstanding debt under the MS Credit Facility II.

~~127~~

For the three and nine months ended June 30, ~~2022~~2023 and ~~2021, 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 June 30, Nine months ended June 30,
2022 2021 2022 2021
Stated interest expense $ 232 $ 195 $ 236 $ 2,914
Facility fees 256 (19) 444 238
Amortization of debt issuance costs 53 177 159 441
Total interest and other debt financing expenses $ 541 $ 353 $ 839 $ 3,593
Cash paid for interest expense and facility fees $ 295 $ 909 $ 591 $ 4,724
Annualized average stated interest rate 3.3 % 1.6 % 3.3 % 2.7 %
Average outstanding balance $ 28,539 $ 50,192 $ 9,513 $ 142,787

* Represents an amount less than $1.

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. On February 12, 2021, all outstanding borrowings under the WF Credit Facility were repaid following which the WF Credit Facility was terminated. Prior to its termination, the WF Credit Facility allowed GCIC Funding to borrow up to $300,000 at any one time outstanding, subject to leverage and borrowing base restrictions. The stated maturity on the WF Credit Facility was March 21, 2024, with a reinvestment period that would have expired on March 20, 2021. The WF Credit Facility bore interest at one-month LIBOR plus 2.00%. A non-usage fee rate between 0.50% and 1.75% per annum was payable depending on the size of the unused portion of the WF Credit Facility.

The WF Credit Facility was collateralized by all of the assets held by GCIC Funding, and GBDC 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 made customary representations and warranties and were required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. Borrowings under the WF Credit Facility were subject to the asset coverage requirements contained in the 1940 Act.

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

~~As of June 30,~~ 2022, ~~and September 30, 2021, the Company had no outstanding debt or commitments under the WF Credit Facility.~~

~~For the three and nine months ended June 30, 2022 and 2021,~~ the components of interest expense, cash paid for interest and facility fees, annualized average interest rates and average outstanding balances for the WFMS Credit Facility II were as follows:


		Three months ended June 30,				Nine months ended June 30,					Three months ended June 30,				Nine months ended June 30,
		2022		2021		2022		2021					2023		2022			2023		2022
Stated interest expense	Stated interest expense	$	—	$	—	$	—	$	996			Stated interest expense	$	—	$	232		$	—	$	236
Facility fees	Facility fees	—		—		—		323				Facility fees	—		256			—		444

Amortization of debt issuance costs												Amortization of debt issuance costs	—		53			—		159
Total interest and other debt financing expenses	Total interest and other debt financing expenses	$	—	$	—	$	—	$	1,319			Total interest and other debt financing expenses	$	—	$	541		$	—	$	839
Cash paid for interest expense and facility fees	Cash paid for interest expense and facility fees	$	—	$	—	$	—	$	1,614			Cash paid for interest expense and facility fees	$	—	$	295		$	—	$	591
Annualized average stated interest rate	Annualized average stated interest rate	N/A		N/A		N/A		2.2		%		Annualized average stated interest rate	N/A		3.3		%	N/A		3.3		%
Average outstanding balance	Average outstanding balance	$	—	$	—	$	—	$	60,484			Average outstanding balance	$	—	$	28,539		$	—	$	9,513

~~128~~

~~Effective September 16, 2019, the Company assumed as a result of the Merger a senior secured revolving credit facility (as amended, the “DB~~JPM 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.

~~As of June 30, 2022 and September 30, 2021, the Company had no outstanding debt or commitments under the DB Credit Facility.~~

For the three and nine months ended June 30, 2022 and 2021, 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 June 30, Nine months ended June 30,
2022 2021 2022 2021
Stated interest expense $ — $ — $ — $ 73
Facility fees — — — 14
Total interest and other debt financing expenses $ — $ — $ — $ 87
Cash paid for interest expense and facility fees $ — $ — $ — $ 840
Annualized average stated interest rate N/A N/A N/A 2.2 %
Average outstanding balance $ — $ — $ — $ 4,391

On February 11, 2021, the Company entered into a senior secured revolving credit facility as(as amended, ~~(the~~the “JPM Credit Facility”) with the Company, as borrower, JPMorgan Chase Bank N.A., as administrative agent and as collateral agent, and the lenders from time to time party ~~thereto. On October 14, 2021, the Company entered into an agreement with Signature Bank, Wells Fargo Bank, National Association and Regions Bank, pursuant to~~thereto which, through the accordion feature in the JPM Credit Facility, the aggregate commitments under the JPM Credit Facility increased to $687,500 from $475,000 and the accordion feature allowed the Company, under certain circumstances, to increase the total size of the facility to a maximum of $712,500. On November 19, 2021, the Company entered into an

~~129~~

amendment to the JPM Credit Facility to amend the JPM Credit Facility to, among other things, increase the accordion feature to allow the Company, under certain circumstances, to increase the total size of the facility to $1,500,000. On November 23, 2021, the Company entered into an agreement with First National Bank of Pennsylvania, JPMorgan Chase Bank, N.A., MUFG Union Bank, N.A., CIBC Bank USA, and Sumitomo Mitsui Banking Corporation, pursuant to which, through the accordion feature in the JPM Credit Facility, the aggregate commitments under the JPM Credit Facility increased from $687,500 to $1,037,500. On December 17, 2021, the Company entered into an agreement with Comerica Bank, Capital One, National Association and JPMorgan Chase Bank, N.A., pursuant to which, through the JPM Credit Facility’s accordion feature, the aggregate commitments under the JPM Credit Facility increased to $1,187,500. Under the JPM Credit Facility, as of June 30, ~~2022, the lenders agreed to extend credit to~~2023, allowed the Company ~~in an aggregate amount of~~to borrow up to ~~$1,187,500~~$1,487,500 in U.S. dollars and certain agreed upon foreign currencies, ~~with an option~~subject to leverage and borrowing base restrictions. Through a series of amendments, most recently on March 17, 2023, the Company amended the JPM Credit Facility, to, among other things, extend the maturity date to March 17, 2028, decrease the adjustment to term SOFR for loans using such rate to 0.10% and increase the accordion feature to allow the Company to request, at one or more times, that existing and/or new lenders, at their election provide up to ~~$312,500~~$512,500 of additional commitments.

The JPM Credit Facility provides for the issuance of letters of credit in an initial aggregate face amount of up to $23,750, subject to increase or reduction from time to time pursuant to the terms of the JPM Credit Facility.

127

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The JPM Credit Facility is secured by a first priority security interest in substantially all of the assets of the Company and certain of the Company’s subsidiaries thereunder.

Borrowings under the JPM Credit Facility ~~are~~bear interest at the applicable base rate plus a margin of either 1.75% or 1.875%, subject to compliance with a borrowing base test. ~~Interest~~The applicable base rate under the JPM Credit Facility ~~for~~is (i) ~~loans for which~~one-month SOFR with respect to any advances denominated in U.S. dollars, (ii) SONIA with respect to any advances denominated in U.K. pound sterling, (iii) one-month EURIBOR with respect to any advances denominated in euros, and (iv) the Company elects the base rate option, (A) if the value of the gross borrowing base is equal to or greater than 1.60 times the aggregate amount of certain outstanding indebtedness of the Company, or (the “Combined Debt Amount,”) is payable at the greater of (a) the primerelevant rate as ~~last quoted by The Wall Street Journal, (b)~~defined in the sum of (x) the greater of (I) the federal funds effective rate and (II) the overnight bank funding rate plus (y) 0.5%, and (c) one month LIBOR plus 1% per annum or (the “alternate base rate”) plus 0.75% and, (B) if the value of the gross borrowing base is less than 1.60 times the Combined Debt Amount, the alternate base rate plus 0.875%; and (ii) loansJPM Credit Facility for which the Company elects the Eurocurrency option (A) if the value of the gross borrowing base is equal to or greater than 1.60 times the Combined Debt Amount, is payable at a rate equal to LIBOR plus 1.75% and (B) if the value of the gross borrowing base is less than 1.60 times the Combined Debt Amount, is payable at a rate equal to LIBOR plus 1.875%.borrowings in other currencies. Effective ~~November 19, 2021,~~September 13, 2022, interest under the JPM Facility for loans denominated in ~~Pounds Sterling~~LIBOR were converted to reference a benchmark rate of term SOFR plus an adjustment of an amount ranging between 0.11448% and ~~Swiss Francs (A) if~~0.42826% (subject to applicable tenor). Effective March 17, 2023, the ~~value of the gross borrowing base is equal~~adjustment to ~~or greater than 1.60 times the Combined Debt Amounts, is payable at a rate equal~~term SOFR was reduced to one month SONIA plus 1.7826% per annum or one month Swiss Average Overnight Rate (“SARON”) plus 1.6929% per annum, respectively and, (B) if the value of the gross borrowing base is less than 1.60 times the Combined Debt Amount, is payable at a rate equal to one month SONIA plus 1.9076% per annum or one month SARON plus 1.8179% per annum, respectively.0.10%.

The Company pays a commitment fee of 0.375% per annum on the daily unused portion of commitments under the JPM Credit Facility. The Company is also required to pay letter of credit participation fees and a fronting fee on the daily amount of any lender’s exposure with respect to any letters of credit issued at the request of the Company under the JPM Credit Facility. The JPM Credit Facility matures on March 17, 2028, with the exception of a $37,500 commitment from one non-extending lender that matures on February 11, 2026,and requires mandatory prepayment of interest and principal upon certain events during the ~~term-out period.~~one year amortization period of the facility.

As of June 30, ~~2022~~2023 and September 30, ~~2021,~~2022, the Company had outstanding debt of ~~$705,083~~$780,889 and ~~$472,102,~~$692,592, respectively, and no letters of credit outstanding under the JPM Credit Facility.

~~130~~


		Three months ended June 30,						Nine months ended June 30,						Three months ended June 30,					Nine months ended June 30,
		2022			2021			2022			2021					2023			2022			2023			2022
Stated interest expense	Stated interest expense	$	4,347		$	240		$	7,822		$	491			Stated interest expense	$	11,195		$	4,347		$	29,463		$	7,822
Facility fees	Facility fees	529			445			1,855			637				Facility fees	1,005			529			2,145			1,855
Amortization of debt issuance costs	Amortization of debt issuance costs	492			278			1,366			428				Amortization of debt issuance costs	836			492			1,948			1,366
Total interest and other debt financing expenses	Total interest and other debt financing expenses	$	5,368		$	963		$	11,043		$	1,556			Total interest and other debt financing expenses	$	13,036		$	5,368		$	33,556		$	11,043
Cash paid for interest expense and facility fees	Cash paid for interest expense and facility fees	$	3,311		$	383		$	6,850		$	634			Cash paid for interest expense and facility fees	$	11,704		$	3,311		$	31,491		$	6,850
Annualized average stated interest rate	Annualized average stated interest rate	2.6		%	2.0		%	2.3		%	2.0		%		Annualized average stated interest rate	6.4		%	2.6		%	5.9		%	2.3		%
Average outstanding balance	Average outstanding balance	$	663,088		$	47,207		$	460,080		$	33,476			Average outstanding balance	$	703,448		$	663,088		$	670,564		$	460,080

2024 Notes: On October 2, 2020, the Company issued $400,000 in aggregate principal amount of unsecured notes (the “2024 Notes”), and on October 15, 2021, the Company issued an additional $100,000 in aggregate principal amount of 2024 Notes under the same terms of the original issuance. As of both June 30, 2023 and September 30, 2022, the outstanding aggregate principal amount of the 2024 Notes iswas $500,000. The 2024 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 Notes mature on April 15, 2024.

The 2024 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 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 Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2024 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 Notes to

128

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

be redeemed through March 15, 2024 (the date falling one month prior to the maturity date of the 2024 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 Notes on or after March 15, 2024 (the date falling one month prior to the maturity date of the 2024 Notes), the redemption price for the 2024 Notes will be equal to 100% of the principal amount of the 2024 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 Notes.

For the three and nine months ended June 30, ~~2022~~2023 and ~~2021,~~2022, the components of interest expense, cash paid for interest and facility fees, annualized average interest rates and average outstanding balances for the 2024 Notes were as follows:
Three months ended June 30, Nine months ended June 30,
2022 2021 2022 2021
Stated interest expense $ 4,219 $ 3,375 $ 12,526 $ 10,088
Accretion of discounts and amortization of premiums on notes issued (345) 22 (978) 67
Amortization of debt issuance costs 486 395 1,437 1,165
Total interest and other debt financing expenses $ 4,360 $ 3,792 $ 12,985 $ 11,320
Cash paid for interest expense $ 8,438 $ 7,238 $ 15,188 $ 7,238
Annualized average stated interest rate 3.4 % 3.4 % 3.4 % 3.4 %
Average outstanding balance $ 500,000 $ 400,000 $ 494,872 $ 398,535

~~131~~


	Three months ended June 30,						Nine months ended June 30,
	2023			2022			2023			2022
Stated interest expense	$	4,219		$	4,219		$	12,657		$	12,526
Accretion of discounts and amortization of premiums on notes issued	(345)			(345)			(1,035)			(978)
Amortization of debt issuance costs	495			486			1,485			1,437
Total interest and other debt financing expenses	$	4,369		$	4,360		$	13,107		$	12,985
Cash paid for interest expense	$	8,438		$	8,438		$	16,876		$	15,188
Annualized average stated interest rate	3.4		%	3.4		%	3.4		%	3.4		%
Average outstanding balance	$	500,000		$	500,000		$	500,000		$	494,872

2026 Notes: On February 24, 2021, the Company issued $400,000 in aggregate principal amount of unsecured notes (the “2026 Notes”) and on October 13, 2021, the Company issued an additional $200,000 aggregate principal amount of 2026 Notes under the same terms as the original issuance. As of both June 30, 2023 and September 30, 2022, outstanding aggregate principal amount of the 2026 Notes iswas $600,000. The 2026 Notes bear interest at a rate of 2.500% per year payable semiannually in arrears on February 24 and August 24 of each year, commencing on August 24, 2021. The 2026 Notes mature on August 24, 2026.

The 2026 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 2026 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 2026 Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2026 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 2026 Notes to be redeemed through July 24, 2026 (the date falling one month prior to the maturity date of the 2026 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 30 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 2026 Notes on or after July 24, 2026 (the date falling one month prior to the maturity date of the 2026 Notes), the redemption price for the 2026 Notes will be equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2026 Notes.

129

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)


		Three months ended June 30,						Nine months ended June 30,						Three months ended June 30,					Nine months ended June 30,
		2022			2021			2022			2021					2023			2022			2023			2022
Stated interest expense	Stated interest expense	$	3,750		$	2,500		$	11,083		$	3,528			Stated interest expense	$	3,750		$	3,750		$	11,250		$	11,083
Accretion of discounts on notes issued	Accretion of discounts on notes issued	132			55			386			77				Accretion of discounts on notes issued	132			132			397			386
Amortization of debt issuance costs	Amortization of debt issuance costs	408			231			1,202			319				Amortization of debt issuance costs	372			408			1,117			1,202
Total interest and other debt financing expenses	Total interest and other debt financing expenses	$	4,290		$	2,786		$	12,671		$	3,924			Total interest and other debt financing expenses	$	4,254		$	4,290		$	12,764		$	12,671
Cash paid for interest expense	Cash paid for interest expense	$	—		$	—		$	6,819		$	—			Cash paid for interest expense	$	—		$	—		$	7,500		$	6,819
Annualized average stated interest rate	Annualized average stated interest rate	2.5		%	2.5		%	2.5		%	2.5		%		Annualized average stated interest rate	2.5		%	2.5		%	2.5		%	2.5		%
Average outstanding balance	Average outstanding balance	$	600,000		$	400,000		$	591,209		$	186,081			Average outstanding balance	$	600,000		$	600,000		$	600,000		$	591,209

2027 Notes: On August 3, 2021, the Company issued $350,000 in aggregate principal amount of unsecured notes (the “2027 Notes”). As of both June 30, 2023 and September 30, 2022, outstanding aggregate principal amount of the 2027 Notes was $350,000. The 2027 Notes bear interest at a rate of 2.050% per year payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2022. The 2027 Notes mature on February 15, 2027.

The 2027 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 2027 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.

~~132~~

At any time or from time to time, the Company may redeem some or all of the 2027 Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2027 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 2027 Notes to be redeemed through January 15, 2027 (the date falling one month prior to the maturity date of the 2027 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 25 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 2027 Notes on or after January 15, 2027 (the date falling one month prior to the maturity date of the 2027 Notes), the redemption price for the 2027 Notes will be equal to 100% of the principal amount of the 2027 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2027 Notes.


		Three months ended June 30,					Nine months ended June 30,					Three months ended June 30,					Nine months ended June 30,
		2022			2021		2022			2021				2023			2022			2023			2022
Stated interest expense	Stated interest expense	$	1,794		$	—	$	5,382		$	—		Stated interest expense	$	1,794		$	1,794		$	5,382		$	5,382
Accretion of discounts on notes issued	Accretion of discounts on notes issued	182			—		548			—			Accretion of discounts on notes issued	183			182			548			548
Amortization of debt issuance costs	Amortization of debt issuance costs	237			—		711			—			Amortization of debt issuance costs	225			237			639			711
Total interest and other debt financing expenses	Total interest and other debt financing expenses	$	2,213		$	—	$	6,641		$	—		Total interest and other debt financing expenses	$	2,202		$	2,213		$	6,569		$	6,641
Cash paid for interest expense	Cash paid for interest expense	$	—		$	—	$	3,827		$	—		Cash paid for interest expense	$	—		$	—		$	3,587		$	3,827
Average stated interest rate	Average stated interest rate	2.1		%	N/A		2.1		%	N/A			Average stated interest rate	2.1		%	2.1		%	2.1		%	2.1		%
Average outstanding balance	Average outstanding balance	$	350,000		$	—	$	350,000		$	—		Average outstanding balance	$	350,000		$	350,000		$	350,000		$	350,000

130

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Adviser Revolver: The Company has entered into the Adviser Revolver with the Investment Adviser pursuant to which, as of each of June 30, ~~2022~~2023 and September 30, ~~2021,~~2022, the Company was permitted to borrow up to $100,000 and which had a maturity date of June 21, 2022. The Adviser Revolver bears an interest rate equal to the short-term Applicable Federal Rate ~~which was 2.2%~~(“AFR”). The short-term AFR as of June 30, ~~2022.~~2023 was 4.4%. On June 15, 2022, the Company amended the revolving loan agreement to extend the maturity date to June 15, 2025. As of both June 30, ~~2022~~2023 and September 30, ~~2021,~~2022, the Company had no outstanding debt under the Adviser Revolver.


		Three months ended June 30,				Nine months ended June 30,				Three months ended June 30,				Nine months ended June 30,
		2022		2021		2022		2021				2023		2022		2023		2022
Stated interest expense	Stated interest expense	$	—	$	—	$	—	$	—		Stated interest expense	$	—	$	—	$	—	$	—

Cash paid for interest expense	Cash paid for interest expense	—		—		—		—			Cash paid for interest expense	—		—		—		—
Annualized average stated interest rate	Annualized average stated interest rate	N/A		N/A		N/A		N/A			Annualized average stated interest rate	N/A		N/A		N/A		N/A
Average outstanding balance	Average outstanding balance	$	—	$	—	$	—	$	—		Average outstanding balance	$	—	$	—	$	—	$	—

For the three and nine months ended June 30, 2023, the average total debt outstanding was $3,097,509 and $3,071,718, respectively. For the three and nine months ended June 30, 2022, the average total debt outstanding was $3,096,327 and $2,860,373, respectively. ~~For the three and nine months ended June 30, 2021, the average total debt outstanding was $2,138,100 and $2,138,853, respectively.~~

For the three months ended June 30, ~~2022~~2023 and ~~2021~~2022 the effective annualized average interest rate, which includes ~~accretion and~~ amortization of debt financing costs, accretion of discounts and amortization of premiums on notes issued and non-usage facility fees, on the Company's total debt was ~~3.0%~~5.1% and ~~2.8%~~3.0%, respectively. For the nine months ended June 30, ~~2022~~2023 and ~~2021~~2022 the effective annualized average interest rate, which includes ~~accretion and~~ amortization of debt financing costs, accretion of discounts and amortization of premiums on notes issued and non-usage facility fees, on the Company's total debt was ~~2.8%~~4.8% and ~~2.9%~~2.8%, respectively.

~~133~~

A summary of the Company’s maturity requirements for borrowings as of June 30, ~~2022~~2023 is as follows:


		Payments Due by Period											Payments Due by Period
		Total		Less Than 1 Year		1 – 3 Years		3 – 5 Years		More Than 5 Years			Total		Less Than 1 Year		1 – 3 Years		3 – 5 Years		More Than 5 Years

2018 Debt Securitization	2018 Debt Securitization	$	408,200	$	—	$	—	$	—	$	408,200	2018 Debt Securitization	$	403,380	$	—	$	—	$	—	$	403,380
2018 GCIC Debt Securitization~~(1)~~	2018 GCIC Debt Securitization~~(1)~~	545,505		—		—		—		545,505		2018 GCIC Debt Securitization~~(1)~~	537,872		—		—		—		537,872

MS Credit Facility II		49,000		—		—		49,000		—

JPM Credit Facility	JPM Credit Facility	705,083		—		—		705,083		—		JPM Credit Facility	780,889		—		37,500		743,389		—
2024 Notes~~(2)~~(1)	2024 Notes~~(2)~~(1)	502,480		—		502,480		—		—		2024 Notes~~(2)~~(1)	501,096		501,096		—		—		—
2026 Notes~~(2)~~(1)	2026 Notes~~(2)~~(1)	597,796		—		—		597,796		—		2026 Notes~~(2)~~(1)	598,327		—		—		598,327		—
2027 Notes~~(2)~~(1)	2027 Notes~~(2)~~(1)	346,609		—		—		346,609		—		2027 Notes~~(2)~~(1)	347,342		—		—		347,342		—
Total borrowings	Total borrowings	$	3,154,673	$	—	$	502,480	$	1,698,488	$	953,705	Total borrowings	$	3,168,906	$	501,096	$	37,500	$	1,689,058	$	941,252

(1)~~Represents principal outstanding less unaccreted discount recognized on the assumption of the 2018 GCIC Debt Securitization in the Merger.~~

~~(2)~~ Represents principal outstanding plus unamortized premium and / or unaccreted original issue discount.

Note 8. Commitments and Contingencies

Commitments: As of June 30, 2023, the Company had outstanding commitments to fund investments totaling $170,567, including $33,129 of commitments on undrawn revolvers. As of September 30, 2022, the Company had outstanding commitments to fund investments totaling ~~$268,605,~~$224,581, including ~~$42,874 of commitments on undrawn revolvers. As of September 30, 2021, the Company had outstanding commitments to fund investments totaling $340,702, including $42,216~~$35,643 of commitments on undrawn revolvers.

131

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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 against the Company 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. Refer to Note 5 for outstanding forward currency contracts as of June 30, ~~2022~~2023 and September 30, ~~2021.~~2022. Derivative instruments can be affected by market conditions, such as interest rate and foreign currency 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 is 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.

132

~~134~~

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 9. Financial Highlights

The financial highlights for the Company are as follows:


		Nine months ended June 30,									Nine months ended June 30,
Per share data:(1)	Per share data:(1)	2022				2021				Per share data:(1)	2023			2022
Net asset value at beginning of period	Net asset value at beginning of period	$	15.19			$	14.33			Net asset value at beginning of period	$	14.89		$	15.19
Net increase in net assets as a result of issuance of DRIP shares	Net increase in net assets as a result of issuance of DRIP shares	0.00			(2)	0.00			(2)	Net increase in net assets as a result of issuance of DRIP shares	—			—			(2)

Net increase in net assets as a result of repurchases of shares										Net increase in net assets as a result of repurchases of shares	0.01			—
Distributions declared:	Distributions declared:									Distributions declared:
From net investment income	From net investment income	(0.90)				(0.87)				From net investment income	(0.99)			(0.90)

Net investment income	Net investment income	0.83				0.72				Net investment income	1.21			0.83
Net realized gain (loss) on investment transactions	Net realized gain (loss) on investment transactions	0.10				0.02				Net realized gain (loss) on investment transactions	(0.26)			0.10
Net change in unrealized appreciation (depreciation) on investment transactions(3)	Net change in unrealized appreciation (depreciation) on investment transactions(3)	(0.08)				0.86				Net change in unrealized appreciation (depreciation) on investment transactions(3)	(0.03)			(0.08)
Net asset value at end of period	Net asset value at end of period	$	15.14			$	15.06			Net asset value at end of period	$	14.83		$	15.14
Per share market value at end of period	Per share market value at end of period	$	13.77			$	15.42			Per share market value at end of period	$	13.50		$	13.77
Total return based on market value(4)	Total return based on market value(4)	(12.90)		%		14.90		%		Total return based on market value(4)	17.00		%	(12.90)		%
Number of common shares outstanding	Number of common shares outstanding	170,895,670				169,151,857				Number of common shares outstanding	169,599,992			170,895,670

Nine months ended June 30,

Listed below are supplemental data and ratios to the financial highlights:

2022

2021

Listed below are supplemental data and ratios to the financial highlights:

2023

2022

Ratio of net investment income to average net assets*

7.28%

6.60%

Ratio of total expenses (without waiver) to average net assets*

6.51%

5.65%

Ratio of net investment income to average net assets*

10.89%

7.28%

Ratio of total expenses to average net assets*(5)

11.60%

6.51%

Ratio of management fee waiver to average net assets(6)

(0.07)%

—%

Ratio of management fee waiver to average net assets(6)

—%

(0.07)%

Ratio of incentive fees to average net assets(5)

0.14%

0.12%

Ratio of incentive fees to average net assets(5)

2.09%

0.14%

Ratio of net expenses (without incentive fees) to average net assets*(5)

6.30%

5.53%

Total return based on average net asset value*(6)

7.45%

14.61%

Ratio of excise tax to average net assets(5)

0.10%

—%

Ratio of net expenses (without incentive fees) to average net assets*(5)(6)

9.51%

6.30%

Total return based on average net asset value(7)

6.22%

5.57%

Total return based on average net asset value - annualized(7)

8.32%

7.45%

Net assets at end of period

$2,587,686

$2,546,911

Net assets at end of period

$2,515,918

$2,587,686

Average debt outstanding

$2,860,373

$2,138,853

Average debt outstanding

$3,071,718

$2,860,373

Average debt outstanding per share

$16.74

$12.64

Average debt outstanding per share

$18.11

$16.74

Portfolio turnover*

24.15%

36.68%

Asset coverage ratio(7)

181.50%

224.37%

Asset coverage ratio per unit(8)

$1,815

$2,244

Average market value per unit:(9)

Portfolio turnover*

13.39%

24.15%

Asset coverage ratio(8)

178.74%

181.50%

Asset coverage ratio per unit(9)

$1,787

$1,815

Average market value per unit:(10)

2018 Debt Securitization

N/A

2018 Debt Securitization

N/A

GCIC 2018 Debt Securitization

N/A

GCIC 2018 Debt Securitization

N/A

2020 Debt Securitization

N/A

SBA Debentures

N/A

MS Credit Facility II

N/A

MS Credit Facility II

N/A

WF Credit Facility

N/A

DB Credit Facility

N/A

JPM Credit Facility

N/A

JPM Credit Facility

N/A

2024 Notes

$1,004

$1,029

2024 Notes

$965

$1,004

2026 Notes

$936

$996

2026 Notes

$863

$936

2027 Notes

$910

N/A

2027 Notes

$830

$910

Adviser Revolver

N/A

Adviser Revolver

N/A

*Annualized for periods less than one ~~year.~~year, unless otherwise noted.

(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)Represents an amount less than $0.01

(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)Incentive fees and excise taxes are not annualized in the calculation.

~~135~~

133

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

~~(5)~~(6)For the nine months ended June 30, 2022, base management fee waiver is not annualized in the calculation.

~~(6)~~(7)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)~~(8)~~Effective February 6, 2019, in~~In accordance with ~~Section 61(a)(2) of~~ the 1940 Act, with certain limited exceptions, the Company is currently 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).borrowing.

~~(8)~~(9)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)~~(10)Not applicable since such senior securities are not registered for public trading, with the exception of the 2024 Notes, 2026 Notes and the 2027 Notes. The average market value per unit calculated for the 2024 Notes, 2026 Notes, and the 2027 Notes is based on the average monthly prices of such notes and is expressed in terms of dollar amounts per $1,000 of indebtedness.

Note 10. Earnings Per Share

The following information sets forth the computation of the net increase in net assets per share resulting from operations for the three and nine months ended June 30, ~~2022~~2023 and ~~2021:~~2022:
Three months ended June 30, Nine months ended June 30,
2022 2021 2022 2021
Earnings available to stockholders $ 15,406 $ 82,893 $ 145,357 $ 268,647
Basic and diluted weighted average shares outstanding 170,895,670 168,251,930 170,600,061 167,597,440
Basic and diluted earnings per share $ 0.09 $ 0.49 $ 0.85 $ 1.60


	Three months ended June 30,				Nine months ended June 30,
	2023		2022		2023		2022
Earnings available to stockholders	$	72,983	$	15,406	$	157,067	$	145,357
Basic and diluted weighted average shares outstanding	169,980,131		170,895,670		170,570,633		170,600,061
Basic and diluted earnings per share	$	0.43	$	0.09	$	0.92	$	0.85

Note 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 nine months ended June 30, ~~2022~~2023 and ~~2021:~~2022:

Date Declared Record Date Payment Date Amount
Per Share Cash
Distribution DRIP Shares
Issued DRIP Shares
Value
For the nine months ended June 30, 2022
11/19/2021 12/10/2021 12/30/2021 $ 0.30 $ 38,291 837,158 $ 12,717
02/04/2022 03/04/2022 03/29/2022 $ 0.30 $ 37,358 29,928 $ 13,902 (1)(2)
05/06/2022 06/03/2022 06/29/2022 $ 0.30 $ 39,336 — $ 11,933 (3)
For the nine months ended June 30, 2021
11/20/2020 12/11/2020 12/30/2020 $ 0.29 $ 33,846 — $ 14,659 (4)
02/05/2021 03/05/2021 03/30/2021 $ 0.29 $ 34,311 972,196 $ 14,194
05/07/2021 06/11/2021 06/29/2021 $ 0.29 $ 35,113 920,150 $ 13,674


Date Declared	Record Date	Payment Date	Amount Per Share		Cash Distribution		DRIP Shares Issued	DRIP Shares Value
For the nine months ended June 30, 2023
11/18/2022	12/09/2022	12/29/2022	$	0.33	$	47,245	—	$	9,151	(1)
02/07/2023	03/03/2023	03/29/2023	$	0.33	$	43,548	—	$	12,848	(2)
05/05/2023	06/02/2023	06/29/2023	$	0.33	$	44,518	—	$	11,548	(3)

For the nine months ended June 30, 2022
11/19/2021	12/10/2021	12/30/2021	$	0.30	$	38,291	837,158	$	12,717
02/04/2022	03/04/2022	03/29/2022	$	0.30	$	37,358	29,928	$	13,902	(4)(5)
05/06/2022	06/03/2022	06/29/2022	$	0.30	$	39,336	—	$	11,933	(6)

(1)In accordance with the Company's DRIP, 689,422 shares of the Company's stock were purchased in the open market at an average price of $13.27 and were allocated to stockholders of the Company participating in DRIP.

(2)In accordance with the Company's DRIP, 959,844 shares of the Company's stock were purchased in the open market at an average price of $13.39 and were allocated to stockholders of the Company participating in DRIP.

(3)In accordance with the Company's DRIP, 854,808 shares of the Company's stock were purchased in the open market at an average price of $13.51 and were allocated to stockholders of the Company participating in DRIP.

(4)In accordance with the Company's DRIP, 882,358 shares of the Company's stock were purchased in the open market at an average price of ~~$15.24~~

$15.24 and were ~~issued~~allocated to stockholders of the Company participating in DRIP.

~~(2)~~(5)In accordance with the Company’s DRIP, the Company issued 29,928 shares for proceeds totaling $457.

~~(3)~~(6)In accordance with the Company's DRIP, 917,845 shares of the Company's stock were purchased in the open market at an average price of $13.00 and were ~~issued~~allocated to stockholders of the Company participating in DRIP.

~~(4)~~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.

~~136~~134

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 12. Common Stock Transactions

On August 5, 2022, the Board reapproved the Program to repurchase $150 million shares of the Company’s common stock. Under the Program, purchases may be made at management’s discretion from time to time in open-market transactions, in accordance with all applicable securities laws and regulations. As of June 30, 2023, the repurchased shares have been retired and returned to the status of authorized but unissued shares of GBDC Common Stock.

As of June 30, 2023, Wells Fargo Securities, LLC, as broker, repurchased 1,295,678 shares of the Company’s common stock pursuant to the Program for an aggregate purchase price of approximately $16,791. For the nine months ended June 30, 2023, since its inception, repurchases under the Program were as follows:


Month Purchased	Total Number of Shares Repurchased	Average Price Paid Per Share	Approximate Dollar Value of Shares that have been Purchased Under the Plan	Approximate Dollar Value of Shares that May Yet be Purchased Under the Plan
March 1 - 31, 2023	751,544	$12.84	$9,647	$140,353
April 1 - 30, 2023	56,130	13.03	731	139,622
May 1 - 31, 2023	188,210	12.95	2,438	137,184
June 1 - 30, 2023	299,794	13.26	3,975	133,209
Total	1,295,678	$12.96	$16,791	$133,209

135

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note ~~12.~~13. 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 August ~~5, 2022,~~3, 2023, the Company’s ~~board of directors~~Board declared a quarterly ~~distributi~~ondistribution of ~~$0.30~~$0.37 per share, which is payable on September 29, ~~2022~~2023 to holders of record as of September ~~2, 2022.~~1, 2023, and a supplemental distribution of $0.04 per share, which is payable on September 15, 2023 to holders of record as of August 18, 2023.

On August 3, 2023, the Company’s Board approved, and the Company entered into, an amended and restated investment advisory agreement with the Investment Adviser, effective as of July 1, 2023, pursuant to which the base management fee rate is reduced from 1.375% to 1.0%.

On August 3, 2023, the Company’s Board authorized $150 million of share repurchases pursuant to the Program, exclusive of shares repurchased prior to the date of such authorization. The Program is implemented at the discretion of management.

As of August 7, 2023, Wells Fargo Securities, LLC, as broker, has repurchased 1,300,928 shares of the Company’s common stock pursuant to the Program for an aggregate purchase price of approximately $16,861 at an average price of $12.96 per share.

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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, including our and their ability to achieve our respective objectives due to disruptions, including those caused by global health pandemics, such as ~~a result of~~ the ~~coronavirus,~~COVID-19 pandemic, or ~~COVID-19, pandemic;~~other large scale events;

•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;

•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, 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;

•elevating levels of inflation, and its impact on us, on our portfolio companies and on the industries in which we invest;

•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, including those caused by global health pandemics, such as the COVID-19 ~~pandemic;~~pandemic, or other large scale events;

•turmoil in Ukraine and Russia, including sanctions related to such turmoil, and the potential for volatility in energy prices and other supply chain issues and any impact on the industries in which we invest;

•our ability to qualify and maintain our qualification as a regulated investment company, or RIC, and as a business development company;

•the impact of information technology systems and systems failures, including data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks;

•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,~~

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“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 as “Risk

~~138~~

~~TABLE OF CONTENTS~~

Factors” in our annual report on Form 10-K for the year ended September 30, ~~2021 and~~2022, in our quarterly report on Form 10-Q for the quarter ended March 31, ~~2022.~~2023 and in Item 1A. “Risk Factors” in this quarterly report on Form 10-Q.

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 make directly to you or through reports that we have filed or in the future 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 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. We 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 ~~$50.0~~$60.0 billion in capital under management as of April 1, ~~2022,~~2023, (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, 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 most recently approved by our board of directors in May ~~2022.~~2023. 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 loans by primarily investing approximately $10.0 million to ~~$75.0~~$80.0 million of capital, on average, in the securities of U.S. middle-market companies. We also selectively invest more than ~~$75.0~~$80.0 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 are 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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TABLE OF CONTENTS

As of June 30, ~~2022~~2023 and September 30, ~~2021,~~2022, our portfolio at fair value was comprised of the following:
As of June 30, 2022 As of September 30, 2021
Investment Type Investments at
Fair Value
(In thousands) Percentage of
Total
Investments Investments at
Fair Value
(In thousands) Percentage of
Total
Investments
Senior secured $ 568,502 10.1 % $ 784,805 16.0 %
One stop 4,721,739 84.1 3,882,314 79.3
Second lien 40,348 0.7 41,857 0.9
Subordinated debt 3,677 0.1 172 0.0 *
Equity 279,284 5.0 185,738 3.8
Total $ 5,613,550 100.0 % $ 4,894,886 100.0 %


*			~~Represents an amount less than 0.1%.~~


	As of June 30, 2023				As of September 30, 2022
Investment Type	Investments at Fair Value (In thousands)		Percentage of Total Investments		Investments at Fair Value (In thousands)		Percentage of Total Investments
Senior secured	$	488,475	8.8	%	$	472,873	8.7	%
One stop	4,719,262		85.4		4,668,609		85.7
Second lien	25,437		0.6		23,240		0.4
Subordinated debt	7,672		0.1		3,815		0.1


Equity	284,163		5.1		277,819		5.1
Total	$	5,525,009	100.0	%	$	5,446,356	100.0	%

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~~recurring revenue 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 adjust our characterization of the earnings of such borrowers for a reduction or elimination of such discretionary expenses, if appropriate. As of June 30, ~~2022~~2023 and September 30, ~~2021,~~2022, one stop loans included ~~$700.3~~$771.4 million and ~~$527.8~~$659.1 million, respectively, of ~~late stage lending~~recurring revenue loans at fair value.

Equity investments include investments in preferred equity of portfolio companies structured to have all or a majority of their expected return from contractual rates of return payable based on the original investment. We refer to these investments as yield oriented preferred equity investments. As of June 30, 2022, we had yield oriented preferred equity investments with a total cost basis of $142.2 million with a weighted average contractual rate of approximately 11%, or the Yield Oriented Preferred Return. The Yield Oriented Preferred Return is included in net change in unrealized appreciation (depreciation) on investments in the Consolidated Statements of Operations.

~~As of June 30, 2022~~2023 and September 30, ~~2021,~~2022, we had debt and equity investments in ~~328~~333 and ~~296~~331 portfolio companies, respectively.

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The following table shows the weighted average income yield and weighted average investment income yield of our earning portfolio company investments, which represented nearly 100% of our debt investments, as well as the annualized total return based on our average net asset value, and the total return based on the change in the quoted market price of our stock and assuming distributions were reinvested in accordance with our dividend reinvestment plan, or DRIP, in each case for the three months ended June 30, ~~2022~~2023 and March 31, ~~2022~~2023 and the nine months ended June 30, ~~2022~~2023 and June 30, ~~2021:~~2022:


		For the three months ended		For the nine months ended		For the three months ended				For the nine months ended
		June 30, 2022	March 31, 2022		June 30, 2022		June 30, 2021		June 30, 2023	March 31, 2023	June 30, 2023	June 30, 2022
Weighted average income yield (1)*	Weighted average income yield (1)*	7.1%	6.9%		7.1%		7.5%	Weighted average income yield (1)*	11.6%	11.1%	10.9%	7.1%
Weighted average investment income yield (2)*	Weighted average investment income yield (2)*	7.5%	7.3%		7.5%		8.0%	Weighted average investment income yield (2)*	11.9%	11.5%	11.3%	7.5%
Total return based on average net asset value (3)*	Total return based on average net asset value (3)*	2.4%	10.4%		7.5%		14.6%	Total return based on average net asset value (3)*	11.7%	9.4%	8.3%	7.5%
Total return based on market value (4)	Total return based on market value (4)	(9.5)%	0.4%		(12.9)%		14.9%	Total return based on market value (4)	2.0%	5.6%	17.0%	(12.9)%

*Annualized for periods of less than one ~~year.~~

year

(1)Represents income from interest, fees, accrued payment-in-kind, or PIK, interest and ~~fees,~~non-cash dividend income, excluding amortization of capitalized fees ~~discounts~~ and ~~purchase premium (as described in Note 2 of the consolidated financial statements),~~discounts, divided 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, accrued PIK and non-cash dividend income 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 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.

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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 generate revenue in the form of commitment, origination, amendment, structuring or due diligence fees, fees for providing managerial assistance, administrative agent fees 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—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 investment transactions in the Consolidated Statements of Operations.

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,

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evaluating and making investments, which fees and expenses include, among other items, due diligence reports, appraisal reports, any studies 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

•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.

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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.

Prior to the redemption of the 2020 Notes and the termination of the documents governing the 2020 Debt Securitization (as defined in Note 7 of our consolidated financial statements) on August 26, 2021, GC Advisors served 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, and was 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 referred to a quarterly period

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~~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 2020 Issuer and~~ are paid directly by the 2018 Issuer and GCIC 2018 Issuer to GC Advisors and are offset against the management fees payable under the Investment Advisory Agreement. The 2018 Issuer paid Morgan Stanley & Co. LLC structuring and placement fees for its services in connection with the structuring 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 Securitization (as defined in Note 7 of our consolidated financial statements). The 2020 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 and GCIC 2018 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 2018 Debt Securitization and GCIC 2018 Debt Securitization and collectively the Debt Securitizations, as applicable.

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, GC Advisors, and, for certain limited purposes, the Administrator. 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.

~~COVID-19 Pandemic~~

The spread of COVID-19, which was identified as a global pandemic by the World Health Organization in 2020, 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. While restrictions, business closures and other quarantine measures have been lifted in certain states in the United States and other countries, COVID-19 outbreaks have led and could lead to the re-introduction of such restrictions. As a result, we are unable to predict the duration of business and supply chain disruptions, the extent to which COVID-19 will continue to affect our portfolio companies’ operating results or the impact COVID-19 may have on our results of operations and financial condition.

We and GC Advisors continue to monitor 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. Due to certain resurgences of COVID-19 and the threat of new variants of COVID-19, we remain cautious and concerned about the on-going impacts to the U.S. economy from COVID-19.

LIBOR Transition

In July 2017, the Financial Conduct Authority, or the FCA, announced its intention to cease sustaining the London Inter-Bank Offered Rate, or LIBOR, by the end of 2021.

AtFollowing their publication on June 30, 2023, no settings of the ~~end of January 2021, LIBOR’s administrator, the ICE Benchmark Administration Limited,~~London Interbank Offered Rate, or ~~the IBA, concluded~~LIBOR, continue to be published on a ~~consultation on its intention to cease the~~representative basis and publication of ~~the one-week and two-month U.S.~~many non-U.S. dollar LIBOR settings has been entirely discontinued.

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~~settings immediately following~~On December 21, 2022 the ~~LIBOR publication on~~Financial Accounting Standards Board issued Accounting Standards Update No. 2022-06 (or “ASU 2022-06”), which deferred the sunset of Topic 848, Reference Rate Reform, until December 31, ~~2021,~~2024. The issuance of ASU 2022-06 and the ~~remaining U.S. dollar LIBOR settings, including one-month LIBOR, immediately following~~deferral of the ~~LIBOR publication~~sunset of Topic 848 eases the potential burden in accounting for the effects of reference rate reform on ~~June 30, 2023.~~ financial reporting.

On ~~March 5,~~July 29, 2021, the FCA released an announcement confirming that such LIBOR settings would cease to be provided by any administrator or no longer be representative as of the dates specified in the IBA proposal, and confirmed that the FCA does not expect any LIBOR settings will become unrepresentative before such dates. Concurrent with the IBA’s proposal, theU.S. Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation released a statement that (i) encouraged banks to cease entering into new contracts that use U.S. dollar LIBOR as a reference rate as soon as practicable andSystem, in any event by December 31, 2021, (ii) indicated that new contracts entered into before December 31, 2021 should either utilize a reference rate other than U.S. dollar LIBOR or have robust fallback language that includes a clearly defined alternative reference rate after U.S. dollar LIBOR’s discontinuation and (iii) explained that extending the publication of certain U.S. dollar LIBOR tenors until June 30, 2023 would allow most legacy U.S. dollar LIBOR contracts to mature before LIBOR experiences disruptions. On March 8, 2021,conjunction with the Alternative Reference Rates Committee, ~~confirmed that in its opinion the March 5, 2021 announcements by the IBA and the FCA on the future cessation and loss~~a steering committee comprised of ~~the representativeness of the~~large U.S. financial institutions, formally recommended replacing U.S.-dollar LIBOR ~~benchmark rates constitutes a “benchmark transition event”~~ with respect to all U.S. dollar LIBOR settings. A “benchmark transition event” may cause, or allow for, certain contracts to replace LIBOR with an alternative reference rate and such replacement could have a material and adverse impact on the debt financing securitization (CLO) market, the leveraged loan market and/or us.

~~In April 2018, the New York Federal Reserve Bank began publishing its alternative rate,~~ the Secured Overnight Financing Rate, or ~~SOFR. The~~SOFR, a new index calculated by short-term repurchase agreements, backed by Treasury securities. In April 2018, the Bank of England ~~followed suit in April 2018 by~~began publishing its proposed alternative rate, the Sterling Overnight Index Average, or SONIA.

Each of SOFR and SONIA significantly differ from LIBOR, both in the actual rate and how it is ~~calculated, and therefore it is unclear whether and when markets will adopt either of these rates as a widely accepted replacement for LIBOR.~~calculated.

~~As such, when~~Further, on March 15, 2022, the Consolidation Appropriations Act of 2022, which includes the Adjustable Interest Rate (LIBOR) Act, or the LIBOR ~~is discontinued,~~Act, was signed into law in the United States. This legislation establishes a uniform benchmark replacement process for certain financial contracts that mature after June 30, 2023 that do not contain clearly defined or practicable LIBOR fallback provisions. The legislation also creates a safe harbor that shields lenders from litigation if they choose to utilize a replacement rate isrecommended by the Board of Governors of the Federal Reserve.

In addition, the U.K. Financial Conduct Authority, or FCA, which regulates the publisher of LIBOR (ICE Benchmark Administration) has announced that it will require the continued publication of the one-, three- and six-month tenors of U.S.-dollar LIBOR on a non-representative synthetic basis until the end of September 2024, which may result in certain non-U.S. law-governed contracts and U.S. law-governed contracts not ~~widely agreed upon or if a replacement rate is significantly different~~covered by the federal legislation remaining on synthetic U.S.-dollar LIBOR until the end of this period.

Although the transition process away from LIBOR has become increasingly well-defined (e.g. the LIBOR Act now provides a uniform benchmark replacement for certain LIBOR-based instruments in the United States), the transition process is complex and it could cause a disruption in the credit markets ~~generally. Such~~generally and could have adverse impacts on our business financial condition and results of operations, including, among other things, increased volatility or illiquidity in markets for instruments that continue to rely on LIBOR or which have been transitioned away from LIBOR to a ~~disruption~~different rate like SOFR and, in any case, could ~~also negatively impact the market value and/or transferability of our portfolio company investments. Furthermore, disruptions related to loans and/or other debt financing securitizations (CLOs)~~result in a reduction in the ~~marketplace could have a material adverse effect on the ability~~value of ~~GC Advisors or its affiliates to enter into loans in the future in accordance with our investment strategy and have a material adverse effect on~~certain investments held by us. We could also be materially and adversely impacted to the extent GC Advisors or its affiliates are unable to successfully implement an acceptable replacement rate in leverage utilized by us or if there is a prolonged period of mismatch on the interest rates payable on our leverage and our portfolio investments as a result of the discontinued publication of LIBOR results in a decrease in our net investment income and distributions we are able to pay to our stockholders.

As of January 1, 2022, USD LIBOR is available in five settings (overnight, one-month, three-month, six-month and 12-month). The IBA has stated that it will cease to publish all remaining USD LIBOR settings immediately following their publication on June 30, 2023. As of January 1, 2022, all non-USD LIBOR reference rates in all settings ceased to be published. As of December 31, 2021, Golub Capital amended all credit agreements to effectuate the transition to alternate reference rates for portfolio company debt investments priced via reference to non-USD LIBOR. In addition, Golub Capital is amending credit agreements to include fallback language to transition the reference rate of portfolio company debt investments priced via reference to USD LIBOR to an alternate reference rate, such as forward-looking term SOFR, based on prevailing market practices.

In anticipation of the discontinuation of LIBOR, we ~~have~~ assessed our ~~current~~ debt facilities for our exposure to LIBOR.~~The~~ Effective September 2, 2022, the JPM Credit Facility ~~(as defined in Note 7 of our consolidated financial statements) and MS Credit Facility II (as defined in Note 7 of our consolidated financial statements) have been~~was amended to ~~include fall-back language to incorporate~~replace LIBOR with SOFR as an ~~alternative reference~~interest rate benchmark. Effective as ~~well as foreign alternative reference rates for foreign borrowings. The~~of the first interest accrual period commencing after June 30, 2023, the indentures governing the notes offered in the 2018 Debt Securitization and GCIC 2018 Debt Securitization ~~(as defined in Note 7 of our consolidated financial statements) currently utilize a~~were amended to replace LIBOR with SOFR as the applicable reference ~~rate to three-month USD LIBOR. We may seek to amend or refinance the Debt Securitizations prior to June 30, 2023, the cessation date for three-month USD LIBOR.~~rate. The 2024 Notes, 2026 Notes and 2027 Notes ~~(as defined in Note 7 of our consolidated financial statements)~~ accrue fixed-rate interest and ~~will~~were not be affected by ~~any~~the discontinuation of LIBOR. We expect any new debt facilities will reference a benchmark interest rate other than LIBOR, such as SOFR.

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Recent Developments

On August ~~5, 2022,~~3, 2023, our board of directors declared a quarterly distribution of ~~$0.30~~$0.37 per share, which is payable on September 29, ~~2022~~2023 to holders of record as of September 1, 2023, and a supplemental distribution of $0.04 per share, which is payable on September 15, 2023 to holders of record as of August 18, 2023. The supplemental distribution is consistent with our expectation that in future quarters our board of directors will consider a variable supplemental distribution if we have excess adjusted net investment income in excess of our quarterly distribution and subject to NAV stability requirements, provided that our board of directors could choose not to declare a supplemental distribution in any quarter in its sole discretion.

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On August 3, 2023, our board of directors approved, and we entered into, an amended and restated investment advisory agreement with the Investment Adviser, effective as of July 1, 2023, pursuant to which the base management fee rate is reduced from 1.375% to 1.0%.

On August 3, 2023, our board of directors authorized $150 million of share repurchases pursuant to the Program (as defined in Note 2 ~~2022.~~of our consolidated financial statements), exclusive of shares repurchased prior to the date of such authorization. The Program is implemented at the discretion of management.

As of August 7, 2023, Wells Fargo Securities, LLC, as broker, has repurchased 1,300,928 shares of our common stock pursuant to the Program (as defined in Note 2 of our consolidated financial statements) for an aggregate purchase price of approximately $16.9 million at an average price of $12.96 per share.

Consolidated Results of Operations

In addition to our analysis of the year-to-date reporting period compared to the year-to-date prior period, we are presenting our analysis for the reporting quarter compared to the immediately preceding quarter as we believe this comparison will provide a more meaningful analysis of our business as our results are largely driven by market changes, not seasonal business activity.

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Consolidated operating results for the three months ended June 30, ~~2022~~2023 and March 31, ~~2022~~2023 and the nine months ended June 30, ~~2022~~2023 and June 30, ~~2021~~2022 are as follows:


		Three months ended				Variances		Nine months ended					Variances			Three months ended				Variances			Nine months ended			Variances
		June 30, 2022		March 31, 2022		June 30, 2022 vs March 31, 2022		June 30, 2022			June 30, 2021		2022 vs. 2021			June 30, 2023		March 31, 2023			June 30, 2023 vs March 31, 2023			June 30, 2023		June 30, 2022		2023 vs. 2022
		(In thousands)								(In thousands)
Interest income	Interest income	$	92,746	$	84,631	$	8,115	$	261,978		$	231,584	$	30,394	Interest income	$	137,690	$	129,834		$	7,856		$	387,327	$	247,653	$	139,674
Payment-in-kind interest income															Payment-in-kind interest income	9,587		9,164			423			27,270		14,325		12,945
Accretion of discounts and amortization of premiums	Accretion of discounts and amortization of premiums	4,822		4,048		774		16,605			16,047		558		Accretion of discounts and amortization of premiums	4,660		4,663			(3)			15,351		16,605		(1,254)
GCIC acquisition purchase premium amortization	GCIC acquisition purchase premium amortization	(3,036)		(2,940)		(96)		(13,071)			(25,388)		12,317		GCIC acquisition purchase premium amortization	(1,570)		(1,652)			82			(5,357)		(13,071)		7,714
Non-cash dividend income															Non-cash dividend income	3,723		3,595			128			10,767		—		10,767
Dividend income	Dividend income	52		3		49		372			273		99		Dividend income	335		311			24			1,330		372		958
Fee income	Fee income	1,042		219		823		2,270			3,500		(1,230)		Fee income	295		1,038			(743)			1,862		2,270		(408)
Total investment income	Total investment income	95,626		85,961		9,665		268,154			226,016		42,138		Total investment income	154,720		146,953			7,767			438,550		268,154		170,396
Total net expenses	Total net expenses	41,698		42,521		(823)		125,996			104,636		21,360		Total net expenses	80,942		76,515			4,427			230,471		125,996		104,475

Net investment income		53,928		43,440		10,488		142,158			121,380		20,778
Net investment income before taxes															Net investment income before taxes	73,778		70,438			3,340			208,079		142,158		65,921
Income and excise taxes															Income and excise taxes	—		232			(232)			2,432		—		2,432
Net investment income after taxes															Net investment income after taxes	73,778		70,206			3,572			205,647		142,158		63,489
Net realized gain (loss) on investment transactions excluding purchase premium	Net realized gain (loss) on investment transactions excluding purchase premium	2,538		372		2,166		17,686			3,340		14,346		Net realized gain (loss) on investment transactions excluding purchase premium	(41,827)		(4,659)			(37,168)			(43,096)		17,686		(60,782)
Net realized gain (loss) on investment transactions due to purchase premium	Net realized gain (loss) on investment transactions due to purchase premium	(27)		—		(27)		(255)			(71)		(184)		Net realized gain (loss) on investment transactions due to purchase premium	(96)		(103)			7			(295)		(255)		(40)
Net change in unrealized appreciation (depreciation) on investment transactions excluding purchase premium	Net change in unrealized appreciation (depreciation) on investment transactions excluding purchase premium	(43,618)		20,218		(63,836)		(26,488)			118,539		(145,027)		Net change in unrealized appreciation (depreciation) on investment transactions excluding purchase premium	39,384		(8,741)			48,125			(11,210)		(26,488)		15,278
Net change in unrealized appreciation (depreciation) on investment transactions due to purchase premium	Net change in unrealized appreciation (depreciation) on investment transactions due to purchase premium	3,063		2,940		123		13,326			25,459		(12,133)		Net change in unrealized appreciation (depreciation) on investment transactions due to purchase premium	1,666		1,755			(89)			5,652		13,326		(7,674)
Net gain (loss) on investment transactions	Net gain (loss) on investment transactions	(38,044)		23,530		(61,574)		4,269			147,267		(142,998)		Net gain (loss) on investment transactions	(873)		(11,748)			10,875			(48,949)		4,269		(53,218)
(Provision) benefit for taxes on realized gain on investments															(Provision) benefit for taxes on realized gain on investments	—		—			—			(207)		—		(207)
(Provision) benefit for taxes on unrealized appreciation on investments	(Provision) benefit for taxes on unrealized appreciation on investments	(478)		(97)		(381)		(1,070)			—		(1,070)		(Provision) benefit for taxes on unrealized appreciation on investments	78		45			33			576		(1,070)		1,646
Net increase (decrease) in net assets resulting from operations	Net increase (decrease) in net assets resulting from operations	$	15,406	$	66,873	$	(51,467)	$	145,357		$	268,647	$	(123,290)	Net increase (decrease) in net assets resulting from operations	$	72,983	$	58,503		$	14,480		$	157,067	$	145,357	$	11,710
Average earning debt investments, at fair value	Average earning debt investments, at fair value	$	5,265,083	$	4,970,924	$	294,159	$	5,001,376		$	4,205,394	$	795,982	Average earning debt investments, at fair value	$	5,131,237	$	5,114,019		$	17,218		$	5,106,515	$	5,001,376	$	105,139
Average earning preferred equity investments, at fair value															Average earning preferred equity investments, at fair value	$	115,808	$	119,367		$	(3,559)		$	115,376	$	90,341	$	25,035

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, quarterly and year-to-date comparisons of net income may not be meaningful.

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

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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.

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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 from net investment income calculated in accordance with GAAP;

•“Adjusted Net Investment Income Before Accrual for Capital Gain Incentive Fee” - Adjusted Net Investment Income excluding the accrual or reversal for the capital gain incentive fee under 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)”~~Income” – calculates net income and earnings per share based on Adjusted Net Investment Income and Adjusted Net Realized and Unrealized Gain/(Loss).


	Three months ended				Nine months ended
	June 30, 2023		March 31, 2023			June 30, 2023		June 30, 2022
	(In thousands)
Net investment income after taxes	$	73,778	$	70,206		$	205,647	$	142,158
Add: GCIC acquisition purchase premium amortization	1,570		1,652			5,357		13,071
Adjusted Net Investment Income	$	75,348	$	71,858		$	211,004	$	155,229
Add: Accrual (reversal) for capital gain incentive fee under GAAP	—		—			—		—
Adjusted Net Investment Income Before Accrual for Capital Gain Incentive Fee	$	75,348	$	71,858		$	211,004	$	155,229

Net gain (loss) on investment transactions	$	(873)	$	(11,748)		$	(48,949)	$	4,269
Add: Realized loss on investment transactions due to purchase premium	96		103			295		255
Less: Net change in unrealized appreciation on investment transactions due to purchase premium	(1,666)		(1,755)			(5,652)		(13,326)
Adjusted Net Realized and Unrealized Gain/(Loss)	$	(2,443)	$	(13,400)		$	(54,306)	$	(8,802)

Net increase (decrease) in net assets resulting from operations	$	72,983	$	58,503		$	157,067	$	145,357
Add: GCIC acquisition purchase premium amortization	1,570		1,652			5,357		13,071
Add: Realized loss on investment transactions due to purchase premium	96		103			295		255
Less: Net change in unrealized appreciation on investment transactions due to purchase premium	(1,666)		(1,755)			(5,652)		(13,326)
Adjusted Net Income	$	72,983	$	58,503		$	157,067	$	145,357

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. In addition, we believe that providing the Adjusted Net Investment Income Before Accrual for Capital Gain Incentive Fee is a useful non-GAAP financial measure as such accrual is not contractually payable under the terms of the Investment Advisory Agreement.

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.

Three months ended Nine months ended
June 30, 2022 March 31, 2022 June 30, 2022 June 30, 2021
(In thousands)
Net investment income $ 53,928 $ 43,440 $ 142,158 $ 121,380
Add: GCIC acquisition purchase premium amortization 3,036 2,940 13,071 25,388
Adjusted Net Investment Income $ 56,964 $ 46,380 $ 155,229 $ 146,768
Add: Accrual (reversal) for capital gain incentive fee under GAAP (4,814) 4,362 — —
Adjusted Net Investment Income Before Accrual for Capital Gain Incentive Fee $ 52,150 $ 50,742 $ 155,229 $ 146,768
Net gain (loss) on investment transactions $ (38,044) $ 23,530 $ 4,269 $ 147,267
Add: Realized loss on investment transactions due to purchase premium 27 — 255 71
Less: Net change in unrealized appreciation on investment transactions due to purchase premium (3,063) (2,940) (13,326) (25,459)
Adjusted Net Realized and Unrealized Gain $ (41,080) $ 20,590 $ (8,802) $ 121,879
Net increase (decrease) in net assets resulting from operations $ 15,406 $ 66,873 $ 145,357 $ 268,647
Add: GCIC acquisition purchase premium amortization 3,036 2,940 13,071 25,388
Add: Realized loss on investment transactions due to purchase premium 27 — 255 71
Less: Net change in unrealized appreciation on investment transactions due to purchase premium (3,063) (2,940) (13,326) (25,459)
Adjusted Net Income $ 15,406 $ 66,873 $ 145,357 $ 268,647

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Investment Income

Investment income increased from the three months ended March 31, ~~2022~~2023 to the three months ended June 30, ~~2022~~2023 by ~~$9.7~~$7.8 million primarily due to an increase in interest income due to ~~an increase in the average earning debt investments balance of $294.2 million and~~ rising floating base rates. ~~Additionally, investment income increased due to an increase in fee and accretion income resulting from increased payoffs of portfolio company investments compared to the March 31, 2022 quarter.~~

Investment income increased from the nine months ended June 30, ~~2021~~2022 to the nine months ended June 30, ~~2022~~2023 by ~~$42.1~~$170.4 million primarily due to an increase in interest income due to rising LIBOR and SOFR interest base rates coupled with an increase in the average earning debt investments balance of ~~$796.0~~$105.1 million, an increase in non-cash dividend income and a decrease of the GCIC acquisition purchase price premium amortization.

The annualized income yield by debt security type for the three months ended June 30, ~~2022~~2023 and March 31, ~~2022~~2023 and the nine months ended June 30, ~~2022~~2023 and June 30, ~~2021~~2022 are as follows:


		Three months ended		Nine months ended		Three months ended				Nine months ended
		June 30, 2022	March 31, 2022		June 30, 2022		June 30, 2021		June 30, 2023	March 31, 2023	June 30, 2023	June 30, 2022
Senior secured	Senior secured	6.3%	5.4%		5.9%		6.1%	Senior secured	10.9%	10.3%	10.3%	5.9%
One stop	One stop	7.2%	7.1%		7.2%		7.7%	One stop	11.5%	11.1%	10.9%	7.2%
Second lien	Second lien	8.8%	8.8%		8.9%		10.6%	Second lien	13.3%	12.8%	13.3%	8.9%
Subordinated debt	Subordinated debt	12.3%	11.6%		12.0%		11.4%	Subordinated debt	14.9%	14.7%	14.5%	12.0%

Income yields on senior secured and one stop ~~and senior secured~~ loans increased for the three months ended June 30, ~~2022~~2023 as compared to the three months ended March 31, ~~2022~~2023, primarily due to ~~an increase in fee income, and to a lesser extent,~~ rising LIBOR and SOFR rates during the ~~three months ended June 30, 2022.~~third quarter of the 2023 fiscal year. Income yields on senior secured and one stop ~~and senior secured~~ loans ~~decreased~~increased for the nine months ended June 30, ~~2022~~2023 as compared to the nine months ended June 30, ~~2021,~~2022, primarily due to ~~the general trend of interest rate compression on new investments.~~rising LIBOR and SOFR rates. Our loan portfolio is partially insulated from a drop in floating interest rates, as ~~over 98.0%~~96.8% of the loan portfolio at fair value is subject to an interest rate ~~floor.~~floor. As of both June 30, ~~2022~~2023 and September 30, ~~2021,~~2022, the weighted average base rate floor of our loans was ~~0.85%~~0.80% and ~~0.90%~~0.83%, respectively. The decrease in our portfolio’s weighted average base rate floor is primarily due to the majority of our new portfolio company investments originating with base rate floors ranging between 0.00% and 0.75%.

As of June 30, ~~2022,~~2023, we have second lien investments in ~~six~~three portfolio companies and subordinated debt investments in ~~two~~four portfolio companies as shown in the Consolidated Schedule of Investments. Due to the limited number of second lien and subordinated debt investments, income yields on second lien and subordinated debt investments can be significantly impacted by the addition, subtraction or refinancing of one 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 June 30, ~~2022~~2023 and March 31, ~~2022~~2023 and the nine months ended June 30, ~~2022~~2023 and June 30, ~~2021:~~2022:

Three months ended Variances Nine months ended Variances
June 30, 2022 March 31, 2022 June 30, 2022 vs March 31, 2022 June 30, 2022 June 30, 2021 2022 vs. 2021
(In thousands)
Interest and other debt financing expenses $ 21,480 $ 17,499 $ 3,981 $ 55,148 $ 41,324 $ 13,824
Amortization of debt issuance costs 1,798 1,776 22 5,241 5,072 169
Base management fee, net of waiver 19,025 16,115 2,910 52,641 45,604 7,037
Income incentive fee 718 — 718 3,647 2,946 701
Capital gain incentive fee (4,814) 4,362 (9,176) — — —
Professional fees 1,039 729 310 2,667 3,072 (405)
Administrative service fee 1,980 1,640 340 5,438 5,458 (20)
General and administrative expenses 472 400 72 1,214 1,160 54
Net expenses $ 41,698 $ 42,521 $ (823) $ 125,996 $ 104,636 $ 21,360
Average debt outstanding $ 3,096,327 $ 2,825,135 $ 271,192 $ 2,860,373 $ 2,138,853 $ 721,520

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	Three months ended				Variances			Nine months ended					Variances
	June 30, 2023		March 31, 2023			June 30, 2023 vs March 31, 2023			June 30, 2023		June 30, 2022			2023 vs. 2022
	(In thousands)
Interest and other debt financing expenses	$	37,550	$	34,579		$	2,971		$	104,626	$	55,148		$	49,478
Amortization of debt issuance costs	1,937		1,677			260			5,362		5,241			121
Base management fee	18,997		18,688			309			56,747		52,641			4,106
Income incentive fee	18,857		17,976			881			52,844		3,647			49,197

Professional fees	1,225		1,320			(95)			3,753		2,667			1,086
Administrative service fee	2,049		1,958			91			6,182		5,438			744
General and administrative expenses	327		317			10			957		1,214			(257)
Net expenses	$	80,942	$	76,515		$	4,427		$	230,471	$	125,996		$	104,475
Average debt outstanding	$	3,097,509	$	3,073,680		$	23,829		$	3,071,718	$	2,860,373		$	211,345

Interest Expense

Interest and other debt financing expenses, including amortization of debt issuance costs, increased ~~by $4.0 million~~ from the three months ended March 31, ~~2022~~2023 to the three months ended June 30, ~~2022~~2023 by $3.2 million, primarily due to ~~an increase in the average debt outstanding of $271.2 million, as well as~~ rising LIBOR and SOFR rates on borrowings from our floating rate debt facilities. Interest and other debt financing expenses, including amortization of debt issuance costs, increased from the nine months ended June 30, ~~2021~~2022 to the nine months ended June 30, ~~2022~~2023 by ~~$14.0~~$49.6 million, primarily due to an increase in average debt outstanding of ~~$721.5 million.~~$211.3 million as well as rising LIBOR and SOFR rates on borrowings from our floating rate debt facilities. For more information about our outstanding borrowings for the three and nine months ended June 30, ~~2022,~~2023 and ~~2021,~~2022, including the terms thereof, see Note 7. Borrowings in the notes to our consolidated financial statements and the “Liquidity and Capital Resources” section below.

For the three months ended June 30, ~~2022~~2023 and March 31, 2023, 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 our total debt was 5.1% and 4.8%, respectively. For the nine months ended June 30, 2023 and 2022, 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 our total debt was ~~3.0%~~4.8% and 2.8%, respectively. ~~For~~

The effective annualized average interest rate increased for both the three months ended June 30, 2023 compared to the three months ended March 31, 2023 and the nine months ended June 30, 2022 and 2021, 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 our total debt was 2.8% and 2.9%, respectively.

The increase in the effective annualized average interest rate from the three months ended March 31, 2022 to the three months ended June 30, 2022 was primarily due to rising LIBOR rates on our borrowings from the JPM Credit Facility (as defined in Note 7 of our consolidated financial statements), the 2018 Debt Securitization (as defined in Note 7 of our consolidated financial statements) and the GCIC 2018 Debt Securitization (as defined in Note 7 of our consolidated financial statements).

~~The decrease in the effective annualized average interest rate in the nine months ended June 30, 2022~~2023 compared to the nine months ended June 30, ~~2021 was~~ 2022 primarily due to ~~the issuance of the 2027 Notes (as defined in Note 7 of~~rising interest rates on our ~~consolidated financial statements) in August 2021 that bear interest at a fixed~~borrowings from floating rate of 2.050%, as well as the issuance of the additional 2026 Notes (as defined in Note 7 of our consolidated financial statements) and the additional 2024 Notes (as defined in Note 7 of our consolidated financial statements) in October 2021 at a price resulting in a yield to maturity of 2.667% and 1.809%, respectively.debt facilities.

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Management Fee

The base management fee ~~net of waiver,~~ increased from the three months ended March 31, ~~2022~~2023 to the three months ended June 30, ~~2022 primarily~~2023 due to ~~the base management fee waiver executed during~~an increase in average adjusted gross assets from the three months ended March 31, ~~2022 described below.~~2023 to the three months ended June 30, 2023.

The base management fee, net of waiver, increased from the nine months ended June 30, ~~2021~~2022 to the nine months ended June 30, ~~2022~~2023 due to an increase in average adjusted gross assets from ~~2021~~2022 to ~~2022, partially offset by~~2023 and the management fee waiver described below.

Effective April 1, 2022, GC Advisors changed its practice of retaining administrative agent fees earned in respect of co-investment transactions in which we participate. In connection with this change, for the three months ended March 31, 2022, GC Advisors voluntarily and irrevocably waived $1.9 million* of base management fees related to certain administrative agent fees received by GC Advisors prior to this change. The waiver had the net economic effect of providing us an amount equal to our pro rata portion of administrative agent fees earned by GC Advisors from our borrowers.

*The net economic effect represents $6.5 million of GBDC’s pro rata portion of administrative agent fees retained by GC Advisors since the exemptive relief issued to GBDC and its affiliates on February 27, 2017, reduced by $4.6 million of the additional incentive fees GC Advisors would have earned on the pro rata portion of administrative agent fees.

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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 increased by ~~$0.7~~$0.9 million from the three months ended March 31, ~~2022~~2023 to the three months ended June 30, ~~2022,~~2023 primarily as a result of an increase in Pre-Incentive Fee Net Investment Income ~~(as defined in Note 3~~and a greater rate of return on the value of our ~~consolidated financial statements)~~net assets driven by the impact of rising LIBOR and SOFR rates during the third quarter of fiscal year 2023. For each of the three months ended June 30, 2023 and March 31, 2023, we were fully through the “catch-up” provision of the calculation of the Income Incentive Fee. The Income Incentive Fee increased by $49.2 million from the nine months ended June 30, 2022 to the nine months ended June 30, 2023 primarily as a result of an increase in Pre-Incentive Fee Net Investment Income and a greater rate of return on the value of our net assets driven by net funds ~~growth.~~growth, the impact of rising LIBOR and SOFR rates and an increase in non-cash dividend income during fiscal year 2023. For the three months ended March 31, 2022, no Income Incentive Fee was incurred due to our returns on equity not exceeding the quarterly hurdle rate. The Income Incentive Fee increased by $0.7 million from the nine months ended June 30, 2021 to the nine months ended June 30, 2022, ~~primarily as a result of~~we remained in the Income Incentive Fee catch-up and an increase in Pre-Incentive Fee Net Investment Income (as defined in Note 3 of our consolidated financial statements) and a greater rate of return on the value of our net assets driven by net funds growth. As we remained in the “catch-up” provision of the calculation of the Income Incentive Fee for the relevant periods, an increase in Pre-Incentive Fee Net Investment Income causescaused a corresponding increase in the Income Incentive ~~fee until we are fully through the catch up.~~fee.

The Income Incentive Fee as a percentage of Pre-Incentive Fee Net Investment Income was ~~1.4%~~20.0% for both the three and nine months ended June 30, 2023. The Income Incentive Fee as a percentage of Pre-Incentive Fee Net Investment Income was 2.5% for the ~~three~~nine months ended June 30, 2022. The Income Incentive Fee as a percentage of Pre-Incentive Fee Net Investment Income was ~~2.5% and 2.4%~~20.0% for the ~~nine~~three months ended ~~June 30, 2022 and the nine months ended June 30, 2021, respectively.~~March 31, 2023.

As of ~~both~~ June 30, ~~2022~~2023 and September 30, ~~2021,~~2022, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement. In accordance with GAAP, we are required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a 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. As of June 30, 2022, there was no capital gain incentive fee accrual calculated in accordance with GAAP. We recorded a reversal of capital gain incentive fee under GAAP of $4.8 million for the three months ended June2023 and September 30, 2022, and no capital gain incentive fee accrual under GAAP for the nine months ended June 30, 2022. The reversal of capital gain incentive fee during the three months ended June 30, 2022 was primarily the result of unrealized depreciation on portfolio company investments during the three months ended June 30, 2022. As of September 30, 2021, there was no capital gain incentive fee accrual calculated in accordance with GAAP. Any payment due under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year. No Capital Gain Incentive Fees as calculated under the Investment Advisory Agreement or any prior investment advisory agreements, as applicable, have been payable since December 31, 2018.

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

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

In total, professional fees, the administrative service fee, and general and administrative expenses increased by ~~$0.7~~less than $0.1 million from the three months ended March 31, ~~2022~~2023 to the three months ended June 30, ~~2022~~2023 primarily due to ~~higher professional fees and~~an increase in the administrative ~~expenses.~~service fee. In total, professional fees, the administrative service fee, and general and administrative expenses ~~decreased~~increased by ~~$0.4~~$1.6 million from the nine months ended June 30, ~~2021~~2022 to the nine months ended June 30, ~~2022~~2023 primarily due to ~~a decrease~~an increase in the administrative service fee and professional fees.

The Administrator pays for certain expenses incurred by us. These expenses are subsequently reimbursed in cash.

Total expenses reimbursed to the Administrator during the three months ended June 30, ~~2022~~2023 and March 31, ~~2022~~2023 were ~~$0.9~~$4.0 million and ~~$1.9~~$1.2 million, respectively. Total expenses reimbursed to the Administrator during the nine months ended June 30, 2023 and 2022 ~~and 2021~~ were ~~$5.2~~$7.2 million and $5.2 million, respectively.

As of June 30, ~~2022~~2023 and September 30, ~~2021,~~2022, included in accounts payable and other liabilities were $1.0 million and ~~$2.5~~$2.0 million, respectively, of expenses paid on behalf of us by the Administrator.

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Net Realized and Unrealized Gains and Losses

The following table summarizes our net realized and unrealized gains (losses) for the three months ended June 30, ~~2022~~2023 and March 31, ~~2022~~2023 and the nine months ended June 30, ~~2022~~2023 and June 30, ~~2021:~~2022:


		Three months ended				Variances			Nine months ended			Variances					Three months ended				Variances			Nine months ended		Variances
		June 30, 2022		March 31, 2022			June 30, 2022 vs March 31, 2022			June 30, 2022		June 30, 2021			2022 vs. 2021				June 30, 2023		March 31, 2023			June 30, 2023 vs March 31, 2023		June 30, 2023		June 30, 2022		2023 vs. 2022
		(In thousands)					(In thousands)							(In thousands)									(In thousands)
Net realized gain (loss) on investments	Net realized gain (loss) on investments	$	1,554	$	321		$	1,233		$	16,448	$	5,562		$	10,886		Net realized gain (loss) on investments	$	(45,085)	$	(5,487)		$	(39,598)	$	(46,555)	$	15,772	$	(62,327)
Foreign currency transactions	Foreign currency transactions	(123)		51			(174)			(97)		(2,293)			2,196			Foreign currency transactions	1,141		17			1,124		(28)		579		(607)
Forward currency contracts	Forward currency contracts	1,080		—			1,080			1,080		—			1,080			Forward currency contracts	2,021		708			1,313		3,192		1,080		2,112
Net realized gain (loss) on investment transactions	Net realized gain (loss) on investment transactions	$	2,511	$	372		$	2,139		$	17,431	$	3,269		$	14,162		Net realized gain (loss) on investment transactions	$	(41,923)	$	(4,762)		$	(37,161)	$	(43,391)	$	17,431	$	(60,822)
Unrealized appreciation on investments	Unrealized appreciation on investments	11,177		40,626			(29,449)			55,836		160,527			(104,691)			Unrealized appreciation on investments	68,810		31,961			36,849		82,581		59,122		23,459
Unrealized (depreciation) on investments	Unrealized (depreciation) on investments	(74,969)		(22,661)			(52,308)			(97,977)		(12,317)			(85,660)			Unrealized (depreciation) on investments	(25,728)		(39,061)			13,333		(87,670)		(67,401)		(20,269)

Unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies	Unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies	11,315		3,337			7,978			14,920		(895)			15,815			Unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies	3,399		2,561			838		21,857		(18,942)		40,799
Unrealized appreciation (depreciation) on forward currency contracts	Unrealized appreciation (depreciation) on forward currency contracts	11,922		1,856			10,066			14,059		(3,317)			17,376			Unrealized appreciation (depreciation) on forward currency contracts	(5,431)		(2,447)			(2,984)		(22,326)		14,059		(36,385)
Net change in unrealized appreciation (depreciation) on investment transactions	Net change in unrealized appreciation (depreciation) on investment transactions	$	(40,555)	$	23,158		$	(63,713)		$	(13,162)	$	143,998		$	(157,160)		Net change in unrealized appreciation (depreciation) on investment transactions	$	41,050	$	(6,986)		$	48,036	$	(5,558)	$	(13,162)	$	7,604

During the three months ended June 30, ~~2022,~~2023, we had a net realized ~~gain~~loss of ~~$2.5~~$41.9 million primarily attributable to ~~$1.1 million~~the realized loss recognized on the restructuring of ~~realized~~debt investments of two portfolio companies and the disposition of equity and debt investments of multiple portfolio company investments that were partially offset by the gain recognized on the sale of a portfolio company equity investment and the gains on the settlement of a forward currency ~~contract during~~contracts. During the ~~quarter, as well as~~three months ended March 31, 2023, we had a net realized loss of $4.8 million primarily attributable to the realized loss recognized on the disposition of equity and debt investments of a portfolio company investment that was partially offset by realized gains recognized on the sale of equity investments in multiple portfolio companies and the gains on the settlement of forward currency contracts.

During the nine months ended June 30, 2023, we had a net realized loss of $43.4 million primarily attributable to the realized loss recognized on the restructuring of debt investments of multiple portfolio companies and the disposition of equity and debt investments of multiple portfolio company investments that were partially offset by realized gains on the sale of equity investments in multiple portfolio ~~companies. During the three months ended March 31, 2022, we had a net realized gain of $0.4 million, primarily attributable to recognized realized~~companies and gains on the ~~sale~~settlement of ~~equity investments in multiple portfolio companies.~~

forward currency contracts. During the nine months ended June 30, 2022, we had a net realized gain of $17.4 million, primarily attributable to recognized realized gains on the sale of equity investments in multiple portfolio companies and the gain on the settlement of a forward currency contract. During the nine months ended June 30, 2021, we had a net realized gain of $3.3 million, primarily attributable to recognized realized gains from the sale of equity investments in multiple portfolio companies, partially offset by recognized realized losses on the restructure, sale, or write-off on multiple portfolio companies and net realized losses recognized due to the repayment of non-U.S. dollar dominated debt.

For the three months ended June 30, ~~2022,~~2023, we had ~~$11.2~~$68.8 million in unrealized appreciation on ~~116~~184 portfolio company investments, which was offset by ~~$75.0~~$25.7 million in unrealized depreciation on ~~258~~172 portfolio company investments. For the three months ended March 31, ~~2022,~~2023, we had ~~$40.6~~$32.0 million in unrealized appreciation on ~~199~~161 portfolio

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company investments, which was offset by ~~$22.7~~$39.1 million in unrealized depreciation on ~~147~~186 portfolio company investments. Unrealized appreciation for the three months ended June 30, 2023 primarily resulted from the reversal of unrealized depreciation resulting from the sale, restructuring or disposition of portfolio company investments and improved performance of certain portfolio companies. Unrealized appreciation for the three months ended March 31, 2023 primarily resulted from the reversal of unrealized depreciation resulting from the disposition of equity and debt investments of a portfolio company investment and fair valuing recent originations up to or near par. Unrealized depreciation for both the three months ended June 30, ~~2022~~2023 and ~~the three months ended~~ March 31, ~~2022~~2023 primarily resulted from ~~better than expected performance of our portfolio companies. Unrealized depreciation for the three months ended June 30, 2022 primarily resulted fr~~om decreases in the fair value ~~in the majority of~~across our portfolio company investments due to ~~wider credit spreads~~isolated deterioration in the ~~market. Unrealized depreciation for the three months ended March 31, 2022 primarily resulted from amortization~~credit performance of ~~discounts, negative credit related adjustments that caused~~ a ~~reduction in fair value and the reversal of the net unrealized appreciation associated with the sale~~small number of portfolio ~~company investments.~~companies.

For the nine months ended June 30, 2023, we had $82.6 million in unrealized appreciation on 173 portfolio company investments, which was offset by $87.7 million in unrealized depreciation on 183 portfolio company investments. For the nine months ended June 30, 2022, we had ~~$55.8~~$59.1 million in unrealized appreciation on ~~156~~164 portfolio company investments, which was offset by ~~$98.0~~$67.4 million in unrealized depreciation on ~~218~~210 portfolio company investments. ~~For~~Unrealized appreciation for the nine months ended June 30, ~~2021, we had $160.5 million in~~2023 primarily resulted from the reversal of unrealized ~~appreciation~~depreciation on ~~252~~the sale, restructuring or disposition of portfolio company investments, ~~which was offset by $12.3 million in unrealized depreciation on 63~~loan repayments and improved performance of certain portfolio ~~company investments.~~companies. Unrealized appreciation for the nine months ended June 30, 2022 primarily resulted from better than expected performance of our portfolio companies.

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Unrealized ~~appreciation~~depreciation for the nine months ended June 30, ~~2021~~2023 primarily resulted from decreases in the fair value across our portfolio company investments due to incremental spread widening in the market during the first quarter of the 2023 fiscal year and isolated deterioration in the credit ~~market conditions beginning to recover from the COVID-19 pandemic.~~performance of a small number of portfolio companies. Unrealized depreciation for the nine months ended June 30, 2022 primarily resulted from 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 sale of portfolio company investments, as well as decreases in the fair value in the majority of our portfolio company investments due to the adverse economic effects of continued market uncertainty related to broader economic and political factors.Unrealized depreciation for the nine months ended June 30, 2021 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 sale of portfolio company investments during the nine months ended June 30, 2021.

Liquidity and Capital Resources

For the nine months ended June 30, 2023, we experienced a net decrease in cash and cash equivalents, foreign currencies and restricted cash and cash equivalents of $9.6 million. During the period, cash provided by operating activities was $131.2 million, primarily driven by proceeds from principal payments and sales of portfolio investments of $550.8 million and net investment income after excise tax of $205.6 million, offset by fundings of portfolio investments of $583.8 million. Lastly, cash used in financing activities was $140.9 million, primarily driven by repayments of debt of $463.8 million, distributions paid of $135.3 million and purchases of common stock for the DRIP of $33.5 million, offset by borrowings on debt of $513.9 million.

For the nine months ended June 30, 2022, we experienced a net decrease in cash, ~~and~~ cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $122.9 million. During the period, cash used in operating activities was $575.4 million, primarily driven by fundings of portfolio investments of $1,678.5 million, offset by proceeds from principal payments and sales of portfolio investments of $955.2 million and net investment income of $142.2 million. Lastly, cash provided by financing activities was $452.5 million, primarily driven by borrowings on debt of $1,194.2 million, offset by repayments of debt of $594.9 million, ~~and~~ distributions paid of $115.0 million and purchases of common stock under the DRIP of $25.4 million.

For the nine months ended June 30, 2021, we experienced a net increase in cash, cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $50.6 million. During the period, cash provided by operating activities was $80.7 million, primarily as a result of proceeds from principal payments and sales of portfolio investments of $1,209.8 million and net investment income of $121.4 million, offset by fundings of portfolio investments of $1,265.1 million. Lastly, cash used in financing activities was $30.0 million, primarily driven by repayments of debt of $2,291.3 million, distributions paid of $103.3 million, and purchases of common stock under the DRIP of $14.7 million, partially offset by borrowings on debt of $2,396.5 million.

As of June 30, ~~2022~~2023 and September 30, ~~2021,~~2022, we had cash and cash equivalents of ~~$81.4~~$85.1 million and ~~$175.6~~$117.3 million, respectively. In addition, we had foreign currencies of ~~$3.8~~$6.6 million and ~~$5.5~~$6.8 million as of June 30, ~~2022~~2023 and September 30, ~~2021,~~2022, respectively, restricted cash and cash equivalents of ~~$34.9~~$79.3 million and ~~$61.8~~$56.4 million as of June 30, ~~2022~~2023 and September 30, ~~2021,~~2022, respectively, and no restricted foreign currencies of ~~$1.1 million and $1.4 million as of~~both June 30, ~~2022~~2023 and September 30, ~~2021, respectively.~~2022. Cash and cash equivalents and foreign currencies are available to fund new investments, pay operating expenses and pay distributions. Restricted cash and cash equivalents and restricted foreign currencies can be used to pay principal and interest on borrowings and to fund new investments that meet the guidelines under our debt securitizations or credit facilities, as applicable.

Revolving Debt Facilities

~~MS Credit Facility II~~ - As of June 30, 2022, we had outstanding debt under the MS Credit Facility II (as defined in Note 7 of our consolidated financial statements) of $49.0 million. As of September 30, 2021, we did not have any outstanding debt under the MS Credit Facility II. As of June 30, 2022, the MS Credit Facility II allowed Golub Capital BDC Funding II LLC, or Funding II, as amended, to borrow up to $75.0 million at any one time outstanding,

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subject to leverage and borrowing base restrictions. As of June 30, 2022 and September 30, 2021, subject to leverage and borrowing base restrictions, we had approximately $26.0 million and $75.0 million, respectively, of remaining commitments and $26.0 million and $75.0 million, respectively, of availability on the MS Credit Facility II.

JPM Credit Facility - On February 11, 2021, we entered into the JPM Credit Facility (as defined in Note 7 of our consolidated financial statements), which, as of June 30, ~~2022,~~2023, allowed us to borrow up to ~~$1,187.5 million~~$1.49 billion at any one time outstanding, subject to leverage and borrowing base restrictions. As of June 30, ~~2022~~2023 and September 30, ~~2021,~~2022, we had outstanding debt under the JPM Credit Facility of ~~$705.1~~$780.9 million and ~~$472.1~~$692.6 million, respectively. As of June 30, ~~2022~~2023 and September 30, ~~2021,~~2022, subject to leverage and borrowing base restrictions, we had ~~$482.4~~$706.6 million and ~~$2.9~~$544.9 million, respectively, of remaining commitments and ~~$482.4~~$706.6 million and ~~$2.9~~$544.9 million of availability, respectively, on the JPM Credit Facility.

Adviser Revolver - On June 22, 2016, we entered into the Adviser Revolver (as defined in Note 7 of our consolidated financial statements), which, as amended, permitted us to borrow up to $100.0 million at any one time outstanding as of June 30, ~~2022.~~2023. 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 30 to 45 days from which they are drawn. As of both June 30, ~~2022~~2023 and September 30, ~~2021,~~2022, we had no amounts outstanding on the Adviser Revolver.

Debt Securitizations

2018 Debt Securitization - On November 16, 2018, we completed the 2018 Debt Securitization. The Class A, Class B and Class C-1 2018 Notes are included in the June 30, ~~2022~~2023 and September 30, ~~2021~~2022 Consolidated Statements of

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Financial Condition as our debt, and the Class C-2, Class D and Subordinated 2018 Notes were eliminated in consolidation. As of ~~both~~ June 30, ~~2022~~2023 and September 30, ~~2021,~~2022, we had outstanding debt under the 2018 Debt Securitization of $403.4 million and $408.2 ~~million.~~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 June 30, ~~2022~~2023 and September 30, ~~2021~~2022 Consolidated Statements of Financial Condition as our debt, and the Class B-2, Class C and Class D GCIC 2018 Notes and the Subordinated GCIC 2018 Notes were eliminated in consolidation. As of ~~both~~ June 30, ~~2022~~2023 and September 30, ~~2021,~~2022, we had outstanding debt under the GCIC 2018 Debt Securitization of ~~$546.5 million.~~$537.9 million and $546.4 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.

2024 Notes

On October 2, 2020, we issued $400.0 million in aggregate principal amount of the 2024 Notes. On October 15, 2021, we issued an additional $100.0 million in aggregate principal of the 2024 Notes. As of both June 30, 2023 and September 30, 2022, we had $500.0 million of outstanding aggregate principal amount of the 2024 Notes.

2026 Notes

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On February 24, 2021, we issued $400.0 million in aggregate principal amount of the 2026 Notes. On October 13, 2021, we issued an additional $200.0 million in aggregate principal of the 2026 Notes. As of both June 30, 2023 and September 30, 2022, we had $600.0 million of outstanding aggregate principal amount of the 2026 Notes.

2027 Notes

On July 27, 2021, we issued $350.0 million in aggregate principal amount of the 2027 Notes, all of which remained outstanding as our debt as of both June 30, 2023 and September 30, 2022.

Equity Distribution Agreement

On May 28, 2021, we entered into an equity distribution agreement, or the Equity Distribution Agreement, in connection with the launch of an at the market program to sell up to $250.0 million of shares of our common stock. An at the market offering is a registered offering by a publicly traded issuer of its listed equity securities that allows the issuer to sell shares directly into the market at market prices. As of both June 30, 2023 and September 30, 2022, there have been no common stock issuances under the Equity Distribution Agreement.

Asset Coverage, Contractual Obligations, Off-Balance Sheet Arrangements and Other Liquidity Considerations

As of June 30, ~~2022,~~2023, 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, 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 1.25x. As of June 30, ~~2022,~~2023, our asset coverage for borrowed amounts and GAAP debt-to-equity ratio was ~~181.5%~~178.7% and ~~1.23x, respectively.~~1.27x, respectively, and our effective GAAP debt-to-equity ratio, which reduces total debt by cash, cash equivalents and foreign currencies, was 1.22x as of June 30, 2023.

InOn August 5, 2022, our board of directors reapproved ~~a share repurchase program, or~~ the Program (as defined in Note 2 of our consolidated financial statements), which allows us

to repurchase up to ~~$150.0~~$150 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.~~transactions, pursuant to Rule 10b-18 under the Securities Exchange Act of 1934, as amended. During the nine months ended June 30, 2023, we repurchased 1,295,678 shares of our common stock. We did not make any repurchases of our

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common stock during the nine months ended June 30, ~~2022 and 2021.~~2022. On August 3, 2023, our board of directors authorized $150 million of share repurchases pursuant to the Program (as defined in Note 2 of our consolidated financial statements), exclusive of shares repurchased prior to the date of such authorization.

As of June 30, ~~2022~~2023 and September 30, ~~2021,~~2022, we had outstanding commitments to fund investments totaling ~~$268.6~~$170.6 million and ~~$340.7~~$224.6 million, respectively. As of June 30, ~~2022,~~2023, total commitments of ~~$268.6~~$170.6 million included ~~$42.9~~$33.1 million of unfunded commitments on revolvers. There is no guarantee that these amounts will 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. A summary of maturity requirements for our principal borrowings as of June 30, ~~2022~~2023 is included in Note 7 of our consolidated financial statements. We did not have any other material contractual payment obligations as of June 30, ~~2022.~~2023. As of June 30, ~~2022,~~2023, 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 the Adviser Revolver and JPM Credit Facility, ~~and MS Credit Facility II,~~ as well as 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.

In addition, we have entered and, in the future, may again enter into derivative instruments that contain elements of off-balance sheet market and credit risk. Refer to Note 5 of our consolidated financial statements for outstanding forward currency contracts as of June 30, ~~2022~~2023 and September 30, ~~2021.~~2022. 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 us, we may not achieve the anticipated benefits of the derivative instruments and may realize a loss. We minimize market risk through monitoring its investments and borrowings.

Although we expect to fund the growth of our investment portfolio through the net proceeds from future securities offerings and 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, from time to time, we can amend or refinance our leverage facilities and securitization financings, to the 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

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investments we believe are attractive from a risk/reward perspective. Furthermore, to the extent we are not able to raise capital and are at or near our targeted leverage ratios, we expect 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.

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Portfolio Composition, Investment Activity and Yield

As of June 30, ~~2022~~2023 and September 30, ~~2021,~~2022, we had investments in ~~328~~333 and ~~296~~331 portfolio companies, respectively, with a total fair value of ~~$5.6~~$5.5 billion and ~~$4.9~~$5.4 billion, respectively.

The following table shows the asset mix of our new investment commitments for the three months ended June 30, ~~2022~~2023 and March 31, ~~2022~~2023 and the nine months ended June 30, ~~2022~~2023 and June 30, ~~2021:~~2022:


		Three months ended								Nine months ended										Three months ended						Nine months ended
		June 30, 2022				March 31, 2022					June 30, 2022			June 30, 2021						June 30, 2023		March 31, 2023						June 30, 2023		June 30, 2022
		(In thousands)		Percentage		(In thousands)		Percentage				(In thousands)		Percentage		(In thousands)		Percentage				(In thousands)		Percentage		(In thousands)		Percentage			(In thousands)		Percentage		(In thousands)		Percentage
Senior secured	Senior secured	$	9,877	2.2	%	$	5,940	1.8	%			$	52,856	3.2	%	$	264,522	19.2	%		Senior secured	$	1,189	1.1	%	$	—	—	%		$	8,248	1.6	%	$	52,856	3.2	%
One stop	One stop	415,535		92.5		304,844		94.4				1,481,821		90.3		1,064,525		77.4			One stop	109,511		98.9		153,447		97.5			492,119		95.6		1,481,821		90.3
Second lien	Second lien	—		—		—		—				640		0.0	*	8,013		0.6			Second lien	—		—		—		—			—		—		640		0.0	*
Subordinated debt	Subordinated debt	—		—		—		—				988		0.1		377		0.0	*		Subordinated debt	—		—		—		—			50		0.0	*	988		0.1

Equity	Equity	24,169		5.3		12,399		3.8				104,181		6.4		38,795		2.8			Equity	31		0.0	*	3,919		2.5			14,647		2.8		104,181		6.4
Total new investment commitments	Total new investment commitments	$	449,581	100.0	%	$	323,183	100.0	%			$	1,640,486	100.0	%	$	1,376,232	100.0	%		Total new investment commitments	$	110,731	100.0	%	$	157,366	100.0	%		$	515,064	100.0	%	$	1,640,486	100.0	%

* Represents an amount less than 0.1%.

For the nine months ended June 30, ~~2022,~~2023, we had approximately ~~$955.2~~$550.8 million in proceeds from principal payments and sales of portfolio investments.

For the nine months ended June 30, ~~2021,~~2022, we had approximately ~~$1,209.8~~$955.2 million in proceeds from principal payments and sales of portfolio 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 June 30, 2022(1)						As of September 30, 2021(2)							As of June 30, 2023(1)						As of September 30, 2022(2)
		Principal		Amortized Cost		Fair Value		Principal		Amortized Cost		Fair Value			Principal		Amortized Cost		Fair Value		Principal		Amortized Cost		Fair Value
		(In thousands)						(In thousands)							(In thousands)						(In thousands)
Senior secured:	Senior secured:													Senior secured:
Performing	Performing	$	567,158	$	575,757	$	555,947	$	796,269	$	793,707	$	781,962	Performing	$	487,649	$	492,300	$	474,289	$	479,354	$	496,870	$	461,935
Non-accrual(3)	Non-accrual(3)	43,060		23,232		12,555		20,047		9,813		2,843		Non-accrual(3)	13,258		13,298		14,186		39,834		21,346		10,938
One stop:	One stop:													One stop:
Performing	Performing	4,738,047		4,721,563		4,674,031		3,876,907		3,860,525		3,839,053		Performing	4,763,534		4,730,370		4,657,806		4,706,125		4,710,508		4,614,422
Non-accrual(3)	Non-accrual(3)	78,160		57,559		47,708		59,699		52,806		43,261		Non-accrual(3)	101,499		77,307		61,456		95,475		75,610		54,187
Second lien:	Second lien:													Second lien:
Performing	Performing	41,357		43,188		40,348		42,571		41,946		41,857		Performing	24,488		25,697		24,087		25,801		29,337		23,240
Non-accrual(3)	Non-accrual(3)	—		—		—		—		—		—		Non-accrual(3)	4,091		3,725		1,350		—		—		—
Subordinated debt:	Subordinated debt:													Subordinated debt:
Performing	Performing	3,698		3,652		3,677		172		171		172		Performing	4,420		4,370		4,302		3,869		3,814		3,815
Non-accrual(3)	Non-accrual(3)	—		—		—		—		—		—		Non-accrual(3)	4,160		3,328		3,370		—		—		—

Equity	Equity	N/A		231,251		279,284		N/A		136,429		185,738		Equity	N/A		255,126		284,163		N/A		232,119		277,819
Total	Total	$	5,471,480	$	5,656,202	$	5,613,550	$	4,795,665	$	4,895,397	$	4,894,886	Total	$	5,403,099	$	5,605,521	$	5,525,009	$	5,350,458	$	5,569,604	$	5,446,356

(1)As of June 30, ~~2022, $546.5~~2023, $922.3 million and ~~$506.5~~$879.1 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. As of June 30, 2023, $97.7 million and $80.5 million at amortized cost and fair value, respectively, of our loans with a PIK feature were on non-accrual status.

(2)As of September 30, ~~2021, $502.1~~2022, $730.9 million and ~~$476.1~~$666.0 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. As of September 30, 2022, $83.5 million and $54.2 million at amortized cost and fair value, respectively, of our loans with a PIK feature were on non-accrual status.

(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.”

As of June 30, ~~2022,~~2023, we had loans in ~~eight~~nine portfolio companies on non-accrual status, and non-accrual

investments as a percentage of total debt investments at cost and fair value were ~~1.5%~~1.8% and ~~1.1%~~1.5%, respectively. As of September 30, ~~2021,~~2022, we had loans in ~~six~~eight portfolio companies on non-accrual status, and non-accrual investments as a percentage of total investments at cost and fair value were ~~1.3%~~1.8% and ~~1.0%~~1.3%, respectively.

As of June 30, ~~2022~~2023 and September 30, ~~2021,~~2022, the fair value of our debt investments as a percentage of the outstanding principal value was ~~97.5%~~97.0% and ~~98.2%~~96.6%, respectively.

The following table shows the weighted average rate, spread over the applicable base rate 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 June 30, ~~2022~~2023 and March 31, ~~2022~~2023 and the nine months ended June 30, ~~2022~~2023 and June 30, ~~2021:~~2022:


		For the three months ended		For the nine months ended			For the three months ended			Nine months ended
		June 30, 2022	March 31, 2022		June 30, 2022	June 30, 2021			June 30, 2023		March 31, 2023	June 30, 2023	June 30, 2022
Weighted average rate of new investment fundings	Weighted average rate of new investment fundings	7.8%	6.7%		7.0%	6.9%		Weighted average rate of new investment fundings	12.0%		11.8%	11.5%	7.0%
Weighted average spread over the applicable base rate of new floating rate investment fundings	Weighted average spread over the applicable base rate of new floating rate investment fundings	5.8%	5.8%		5.8%	5.8%		Weighted average spread over the applicable base rate of new floating rate investment fundings	6.6%		7.1%	6.8%	5.8%
Weighted average fees of new investment fundings	Weighted average fees of new investment fundings	1.1%	1.1%		1.1%	1.2%		Weighted average fees of new investment fundings	1.6%		1.8%	1.8%	1.1%
Weighted average rate of sales and payoffs of portfolio investments	Weighted average rate of sales and payoffs of portfolio investments	6.9%	6.0%		6.3%	6.8%		Weighted average rate of sales and payoffs of portfolio investments	10.3%		10.3%	9.6%	6.3%

As of June 30, ~~2022, 98.1%~~2023, 96.5% and ~~98.3%~~96.8% of our debt portfolio at amortized cost and at fair value, respectively, had interest rate floors that limit the minimum applicable interest rates on such loans. As of September 30, ~~2021, 92.4%~~2022, 97.9% and ~~92.4%~~98.1% of our debt portfolio at amortized cost and at fair value, respectively, had interest rate floors that limit the minimum applicable interest rates on such loans.

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As of June 30, ~~2022~~2023 and September 30, ~~2021,~~2022, the portfolio median1 earnings before interest, taxes, depreciation and amortization, or EBITDA, for our portfolio companies was ~~$44.4~~$56.0 million and ~~$41.1~~$51.6 million, respectively. The

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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 could 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 could 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.

1 The portfolio median EBITDA is based on our portfolio of debt investments and excludes (i) portfolio companies with negative or de minimis EBITDA, (ii) investments designated as recurring revenue loans and (iii) investments on non-accrual status.

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The following table shows the distribution of our investments on the 1 to 5 internal performance rating scale at fair value as of June 30, ~~2022~~2023 and September 30, ~~2021:~~2022:


		As of June 30, 2022			As of September 30, 2021				As of June 30, 2023			As of September 30, 2022
Internal Performance Rating	Internal Performance Rating	Investments at Fair Value (In thousands)		Percentage of Total Investments	Investments at Fair Value (In thousands)		Percentage of Total Investments	Internal Performance Rating	Investments at Fair Value (In thousands)		Percentage of Total Investments	Investments at Fair Value (In thousands)		Percentage of Total Investments
5	5	$	330,123	5.9%	$	499,241	10.2%	5	$	86,581	1.6%	$	252,572	4.6%
4	4	4,815,603		85.7	3,951,870		80.7	4	4,663,766		84.4	4,725,988		86.8
3	3	413,477		7.4	395,208		8.1	3	759,337		13.7	398,625		7.3
2	2	53,359		1.0	47,836		1.0	2	15,325		0.3	69,171		1.3
1	1	988		0.0*	731		0.0*	1	—		—	—		—
Total	Total	$	5,613,550	100.0%	$	4,894,886	100.0%	Total	$	5,525,009	100.0%	$	5,446,356	100.0%

The table below details the weighted average price of our debt investments by internal performance rating held as of June 30, 2023 and September 30, 2022.


	Weighted Average Price1
Category	As of September 30, 2022	As of June 30, 2023
Internal Performance Ratings 4 and 5 (Performing At or Above Expectations)	98.6%	98.5%
Internal Performance Rating 3 (Performing Below Expectations)	90.8	91.8
Internal Performance Ratings 1 and 2 (Performing Materially Below Expectations)	45.9	29.9
Total	96.6%	97.0%


*			~~Represents an amount less than 0.1%.~~

(1)Includes only debt investments held as of September 30, 2022 and June 30, 2023. Value reflects weighted average fair value of debt investments as a percentage of principal by Internal Performance Rating category.

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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, the asset coverage requirements applicable to us as a business development company under the 1940 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 can differ from net investment income and realized gains recognized for financial reporting purposes. Differences are 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 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 could 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 could 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 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.

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•GC Advisors ~~served as collateral manager to the 2020 Issuer under the 2020 Collateral Management Agreement and~~ serves as collateral manager to the 2018 Issuer and the GCIC 2018 Issuer under the 2018 Collateral Management Agreement and the GCIC 2018 Collateral Management Agreement, respectively. Fees payable to GC Advisors for providing these services 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 the second calendar quarter of ~~2022,~~2023, the Golub Capital Employee Grant Program Rabbi Trust, or the Trust, purchased approximately ~~$11.5~~$5.7 million, or ~~837,105~~428,000 shares of our common stock, for the purpose of awarding incentive compensation to employees of Golub Capital. Through the first two calendar quarters of 2023, the Trust purchased approximately $10.5 million, or 784,204 shares of our common stock, for the purpose of awarding incentive compensation to employees of Golub Capital. ~~Through the first two~~ During calendar ~~quarters of~~year 2022, the Trust purchased approximately ~~$23.2~~$56.7 million, or ~~1,626,305~~4,140,641 shares of ~~our common stock, for the purpose of awarding incentive compensation to employees of Golub Capital.~~ ~~During calendar year 2021, the Trust purchased approximately $14.3 million, or 925,040 shares of~~ our common stock, for the purpose of awarding incentive compensation to employees of Golub Capital.

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

•On October 2, 2020, an affiliate of GC Advisors purchased $40.0 million of the 2024 Unsecured Notes. On October 8, 2020, the affiliate sold $15.0 million of the 2024 Unsecured Notes to an unaffiliated party. On May 21, 2021, the affiliate sold $25.0 million of the 2024 Unsecured Notes to an unaffiliated party which closed its position.

GC Advisors also sponsors or manages, and expects 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 BDC 3, Inc., or GBDC 3, Golub Capital Direct Lending Corporation, or GDLC, Golub Capital Direct Lending Unlevered Corporation, ~~and~~or GDLCU, Golub Capital BDC 4, Inc., or GBDC 4, and Golub Capital Private Credit Fund, or GCRED, all of which are unlisted business development companies that primarily focus on investing in one stop and other senior secured loans. In addition, our officers and directors serve in similar ~~capacity~~capacities for ~~Golub Capital BDC~~GBDC 3, ~~Inc., Golub Capital Direct Lending Corporation, Golub Capital Direct Lending Unlevered Corporation~~GDLC, GDLCU, GBDC 4 and ~~Golub Capital BDC 4 Inc.~~GCRED. If GC Advisors and its affiliates determine that an investment is appropriate for us, ~~Golub Capital BDC~~GBDC 3, ~~Inc., Golub Capital Direct Lending Corporation, Golub Capital Direct Lending Unlevered Corporation and Golub Capital BDC~~GDLC, GDLCU, GBDC 4, ~~Inc.~~GCRED and other accounts, depending on the availability of such investment and other appropriate factors, and pursuant to GC Advisors’ allocation policy, GC Advisors or its affiliates could 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.

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.

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Valuation methods 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;

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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 can differ significantly from the values that would have been used had a readily available market value existed for such investments and differ materially from values that are ultimately 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 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

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Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the three and nine months ended June 30, ~~2022~~2023 and ~~2021.~~2022. 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.

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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. All investments as of June 30, 2023, with the exception of one portfolio company investment (Level 1 investments), were valued using Level 3 inputs. All investments as of September 30, 2022 were valued using Level 3 inputs. As of June 30, 2023 and September 30, ~~2021, with the exception of~~2022, all money market funds included in cash, cash equivalents and restricted cash and restricted cash equivalents ~~one portfolio company equity investment (Level 1 investments) and forward currency contracts (Level 2 investments),~~ were valued using Level 31 inputs and all forward currency contracts were valued using Level 2 inputs.

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.

Pursuant to Rule 2a-5 under the 1940 Act, as recently amended, the board of directors of a registered investment company or BDC is permitted to delegate to a valuation designee, which could be its investment adviser, the responsibility to determine fair value of investments in good faith subject to the oversight of the board. Our board of directors has determined to continue its determination of fair value of our investments for which market quotations are not readily available in accordance with our valuation policies and procedures and has not designated GC Advisors or any other entity as a valuation designee.

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Valuation of Other Financial Assets and Liabilities

The fair value of the 2024 Notes, 2026 Notes and 2027 Notes is based on vendor pricing received by the Company, which is considered a Level 2 input. The fair value of our remaining 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, administrative agent fees, consulting fees and prepayment premiums on loans and record these fees as fee income when ~~received.~~earned. 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. We have certain preferred equity securities in our portfolio that contain a PIK dividend provision that are accrued and recorded as income at the contractual rates, if deemed collectible. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the issuer. 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 limited liability company, or 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 investment transactions in our Consolidated Statements of Operations and fluctuations arising from the translation of foreign exchange rates on investments in ~~our~~unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies on the 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 ~~$60.3~~$80.4 million and ~~$46.1~~$65.1 million as of June 30, ~~2022~~2023 and September 30, ~~2021,~~2022, respectively.

Income taxes: 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, which will generally relieve us from U.S. federal income taxes.

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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

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distributions, we accrue excise tax, if any, on estimated excess taxable income as taxable income is earned. For ~~each of~~the three months ended June 30, 2023, we did not incur U.S. federal excise tax. For the nine months ended June 30, 2023, $2.4 million was recorded for U.S. federal excise tax. For the three and nine months ended June 30, 2022, ~~and 2021,~~ we did not incur ~~any U.S~~U.S. federal excise tax.

We have consolidated subsidiaries that are subject to U.S. federal and state corporate-level income taxes. For the nine months ended June 30, ~~2022,~~2023, we recorded a net tax ~~expense~~benefit of ~~$1.1~~$0.4 million for taxable subsidiaries. For the nine months ended June 30, ~~2021,~~2022, we ~~did not record~~recorded a net tax expense $1.1 million for taxable subsidiaries. As of June 30, 2023, we recorded a net deferred tax liability, reported within accounts payable and other liabilities on the Consolidated Statement of Financial Condition, of $0.8 million for taxable subsidiaries, primarily due to unrealized appreciation on the investments held at the taxable subsidiaries. As of September 30, 2022, we recorded a net deferred tax liability, reported within accounts payable and other liabilities on the Consolidated Statement of Financial Condition, of $1.6 million for taxable subsidiaries, primarily due to unrealized appreciation on the investments held at the taxable subsidiaries. As of September 30, 2021, we recorded a net deferred tax liability, reported within accounts payable and other liabilities on the Consolidated Statement of Financial Condition, of $0.5$1.4 million for taxable subsidiaries, primarily due to unrealized appreciation on the investments held at the taxable subsidiaries.

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 floating LIBOR, SOFR or another base rate and typically have interest rate reset provisions that adjust applicable interest rates under such loans to current market rates on a daily, monthly, quarterly, semi-annual, or annual basis. The loans that are subject to floating LIBOR, SOFR or another base rate are also typically 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 June 30, ~~2022~~2023 and September 30, ~~2021,~~2022, the weighted average floor on loans subject to floating interest rates was ~~0.85%~~0.80% and ~~0.90%~~0.83%, respectively. The Class A, B and C-1 2018 Notes issued in connection with the 2018 Debt Securitization have floating rate interest provisions based on three-month LIBOR that reset quarterly, as do the Class A-1 and B-1 GCIC 2018 Notes as issued as part of the GCIC 2018 Debt Securitization. ~~The MS Credit Facility II has a floating~~On June 30, 2023, we entered into supplemental indentures to amend both the 2018 Debt Securitization and GCIC 2018 Debt Securitization to replace LIBOR as an interest rate ~~provision primarily based on one-month LIBOR~~benchmark for the notes with three-month term SOFR plus ~~2.05%. Finally,~~0.26161%, effective as of the start of the first interest accrual period commencing after June 30, 2023. The JPM Credit Facility has a floating interest rate provision that is primarily based on ~~one-month LIBOR~~an applicable base rate (as defined in Note 7) plus a spread that ranges from 1.75% to 1.875%. plus a spread adjustment of 0.10% on SOFR borrowings. We expect that other credit facilities into which we enter in the future may have floating interest rate provisions.

Assuming that the interim and unaudited Consolidated Statement of Financial Condition as of June 30, ~~2022~~2023 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 rates	Change in interest rates	Increase (decrease) in interest income(1)		Increase (decrease) in interest expense		Net increase (decrease) in investment income		Change in interest rates	Increase (decrease) in interest income(1)		Increase (decrease) in interest expense		Net increase (decrease) in investment income
		(In thousands)							(In thousands)
Down 25 basis points		$	(13,258)	$	(4,173)	$	(9,085)
Down 200 basis points								Down 200 basis points	$	(106,511)	$	(33,673)	$	(72,838)
Down 150 basis points								Down 150 basis points	(79,883)		(25,255)		(54,628)
Down 100 basis points								Down 100 basis points	(53,256)		(16,836)		(36,420)
Down 50 basis points								Down 50 basis points	(26,627)		(8,418)		(18,209)
Up 50 basis points	Up 50 basis points	26,852		8,346		18,506		Up 50 basis points	26,627		8,418		18,209
Up 100 basis points	Up 100 basis points	53,898		16,693		37,205		Up 100 basis points	53,256		16,836		36,420
Up 150 basis points	Up 150 basis points	80,975		25,039		55,936		Up 150 basis points	79,883		25,255		54,628
Up 200 basis points	Up 200 basis points	108,067		33,386		74,681		Up 200 basis points	106,511		33,673		72,838

(1) Assumes applicable three-month base rate as of June 30, ~~2022,~~2023, with the exception of SONIA and Prime that utilize the June 30, ~~2022~~2023 rate.

Although we believe that this analysis is indicative of our sensitivity to interest rate changes as of June 30, ~~2022,~~2023, 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, ~~the MS Credit Facility II,~~ the JPM 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.

~~165~~164

Item 4. Controls and Procedures.

As of June 30, ~~2022~~2023 (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.

~~166~~165

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 our 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.

You should carefully consider the risk factors set forth below and those described in Part I, Item 1A. Risk Factors in our ~~annual report~~Annual Report on Form 10-K for the year ended September 30, ~~2021~~2022 and in our ~~quarterly report~~Quarterly Report on Form 10-Q for the quarter ended March 31, ~~2022,~~2023, together with all of the other information included in this report. The risks set out below and in our ~~annual report~~Annual Report on Form 10-K for the fiscal year ended September 30, ~~2021~~2022 and in our ~~quarterly report~~Quarterly Report on Form 10-Q for the quarter ended March 31, ~~2022~~2023 are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us could also impair our operations and performance. If any of these events occur, our business, financial condition, results of operations and cash flows could be materially and adversely affected. In such case, our net asset value and the trading price of our common stock could decline, and you could lose all or part of your investment. The risk factors described below and in our ~~annual report~~Annual Report on Form 10-K for the fiscal year ended September 30, ~~2021~~2022 and in our ~~quarterly report~~Quarterly Report on Form 10-Q for the quarter ended March 31, ~~2022~~2023 are the principal risk factors associated with an investment in us as well as those factors generally associated with an investment company with investment objectives, investment policies, capital structure or trading markets similar to ours.

~~Inflation~~Risks related to the transition away from LIBOR.

Following their publication on June 30, 2023, no settings of the London Interbank Offered Rate (“LIBOR”) continue to be published on a representative basis and publication of many non-U.S. dollar LIBOR settings has been entirely discontinued. On July 29, 2021, the U.S. Federal Reserve System, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, formally recommended replacing U.S.-dollar LIBOR with the Secured Overnight Financing Rate (“SOFR”), a new index calculated by short-term repurchase agreements, backed by Treasury securities. In April 2018, the Bank of England began publishing its proposed alternative rate, the Sterling Overnight Index Average (“SONIA”). Each of SOFR and SONIA significantly differ from LIBOR, both in the actual rate and how it is calculated. Further, on March 15, 2022, the Consolidation Appropriations Act of 2022, which includes the Adjustable Interest Rate (LIBOR) Act (“LIBOR Act”), was signed into law in the United States. This legislation establishes a uniform benchmark replacement process for certain financial contracts that mature after June 30, 2023 that do not contain clearly defined or practicable LIBOR fallback provisions. The legislation also creates a safe harbor that shields lenders from litigation if they choose to utilize a replacement rate recommended by the Board of Governors of the Federal Reserve. In addition, the U.K. Financial Conduct Authority (“FCA”), which regulates the publisher of LIBOR (ICE Benchmark Administration) has announced that it will require the continued publication of the one-, three- and six-month tenors of U.S.-dollar LIBOR on a non-representative synthetic basis until the end of September 2024, which may ~~adversely affect~~result in certain non-U.S. law-governed contracts and U.S. law-governed contracts not covered by the federal legislation remaining on synthetic U.S.-dollar LIBOR until the end of this period. Although the transition process away from LIBOR has become increasingly well-defined (e.g. the LIBOR Act now provides a uniform benchmark replacement for certain LIBOR-based instruments in the United States), the transition process is complex and it could cause a disruption in the credit markets generally and could have adverse impacts on our business financial condition and results of operations, including, among other things, increased volatility or illiquidity in markets for instruments that continue to rely on LIBOR or which have been transitioned away from LIBOR to a different rate like SOFR and, ~~financial condition of our portfolio companies.~~

~~Certain of our portfolio companies are~~ in ~~industries that may be impacted by inflation. If such portfolio companies are unable to pass~~ any increases in their costs of operations along to their customers, it could adversely affect their operating results and impact their ability to pay interest and principal on our loans, particularly if interest rates rise in response to inflation. In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investmentscase, could result in ~~future realized or unrealized losses and therefore reduce our net assets resulting from operations.~~a reduction in the value of certain investments held by the Company.

166

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

~~None.~~Issuer Repurchases of Equity Securities


Period	(a) Total Number of Shares Repurchased	(b) Average Price Paid per Share	(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	(d) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
April 1 - 30, 2023	56,130	$13.03	56,130	$139,622
May 1 - 31, 2023	188,210	$12.95	188,210	$137,184
June 1 - 30, 2023	299,794	$13.26	299,794	$133,209

Item 3: Defaults Upon Senior Securities.

None.

Item 4: Mine Safety Disclosures

None.

Item 5: Other Information.

~~None.~~Rule 10b5-1 Trading Plans

During the fiscal quarter ended June 30, 2023, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

167

Item 6: Exhibits.

EXHIBIT INDEX



Number	Description











10.1	~~Second Amendment to Amended and Restated Revolving Loan Agreement,~~First Supplemental Indenture, dated as of June ~~15, 2022,~~30, 2023, by and ~~among~~between Golub Capital BDC ~~Inc.,~~CLO III LLC, as ~~the borrower,~~Issuer, and U.S. Bank Trust Company, National Association, as Trustee, and consented to by GC Advisors LLC, as ~~the lender.~~Collateral Manager. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current report on Form 8-K (File No. 814-00794), filed on June ~~16, 2022)~~30, 2023).
10.2	Second Supplemental Indenture, dated as of June 30, 2023, by and between GCIC CLO II LLC, as Issuer, and The Bank of New York Mellon Trust Company, National Association, as Trustee, and consented to by GC Advisors LLC, as Collateral Manager and The Bank of New York Mellon Trust Company, National Association, as Collateral Administrator. (Incorporated by reference to Exhibit 10.2 to the Registrant’s Current report on Form 8-K (File No. 814-00794), filed on June 30, 2023).
10.3	Fourth Amended and Restated Investment Advisory Agreement, dated as of August 3, 2023, by and between Golub Capital BDC, Inc. and GC Advisors, LLC.	*
31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.	*
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.	*
32.1	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	*
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.	*
101.SCH	Inline XBRL Taxonomy Extension Schema Document.	*
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document	*
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.	*
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.	*
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.	*
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)	*

_________________

* Filed herewith

168

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:~~Date: August ~~9, 2022~~7, 2023	By	/s/ David B. Golub
		David B. Golub
		Chief Executive Officer
		(Principal Executive Officer)

~~Dated:~~Date: August ~~9, 2022~~7, 2023	By	/s/ Christopher C. Ericson
		Christopher C. Ericson
		Chief Financial Officer
		(Principal Accounting and Financial Officer)

169


	As of June 30,
	2022		2021
Cash and cash equivalents	$	81,444	$	154,323
Foreign currencies (cost of $3,777 and $2,525, respectively)	3,755		2,607
Restricted cash and cash equivalents	34,891		76,141
Restricted foreign currencies (cost of $1,106 and $1,779, respectively)	1,090		1,774
Total cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows	$	121,180	$	234,845