~~0001476765Diligent Corporation, One stop 12022-12-310001476765Learn-it Systems, LLC, Senior loan 32022-09-300001476765Imperial Optical Midco~~false2024Q10001476765September 30http://fasb.org/us-gaap/2023#UnrealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingBeforeTaxhttp://fasb.org/us-gaap/2023#ForeignCurrencyTransactionGainLossUnrealizedhttp://fasb.org/us-gaap/2023#RealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingBeforeTaxhttp://fasb.org/us-gaap/2023#ForeignCurrencyTransactionGainLossRealizedhttp://fasb.org/us-gaap/2023#GrossInvestmentIncomeOperatinghttp://fasb.org/us-gaap/2023#UnrealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingBeforeTaxhttp://fasb.org/us-gaap/2023#ForeignCurrencyTransactionGainLossUnrealizedhttp://fasb.org/us-gaap/2023#RealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingBeforeTaxhttp://fasb.org/us-gaap/2023#ForeignCurrencyTransactionGainLossRealizedhttp://fasb.org/us-gaap/2023#GrossInvestmentIncomeOperating1.8251.8040001476765Quant Buyer, Inc., One stop ~~1472022-09-300001476765Macquarie Bank~~42023-12-310001476765Specialty Measurement Bidco Limited, ~~Settlement Date 4/28/2023 Contract 22022-09-30~~One stop 32023-09-300001476765gbdc:InvestmentsAtAmortizedCostMembergbdc:AutoComponentsSectorMembergbdc:IndustryConcentrationRiskMember2022-10-012023-09-30

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 December 31, ~~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 þ 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 February ~~8, 2023,~~5, 2024, the Registrant ~~had 170,895,670 shares~~had 170,585,795 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 December 31, ~~2022~~2023 (unaudited) and September 30, ~~2022~~2023	3
	Consolidated Statements of Operations for the three months ended December 31, ~~2022~~2023 (unaudited) and ~~2021~~2022 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three months ended December 31, ~~2022~~2023 (unaudited) and ~~2021~~2022 (unaudited)	5
	Consolidated Statements of Cash Flows for the three months ended December 31, ~~2022~~2023 (unaudited) and ~~2021~~2022 (unaudited)	6
	Consolidated Schedules of Investments as of December 31, ~~2022~~2023 (unaudited) and September 30, ~~2022~~2023	8
	Notes to Consolidated Financial Statements (unaudited)	~~108~~97
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	~~142~~133
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	~~168~~160
Item 4.	Controls and Procedures	~~169~~161
Part II. Other Information
Item 1.	Legal Proceedings	~~170~~162
Item 1A.	Risk Factors	~~170~~162
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	~~170~~165
Item 3.	Defaults Upon Senior Securities	~~170~~165
Item 4.	Mine Safety Disclosures	~~170~~165
Item 5.	Other Information	~~170~~165
Item 6.	Exhibits	~~171~~166

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)


		December 31, 2022		September 30, 2022
		(unaudited)
	December 31, 2023						December 31, 2023	September 30, 2023
	(unaudited)
Assets
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	$	5,389,908	$	5,374,594
Non-controlled affiliate company investments	Non-controlled affiliate company investments	47,556		57,689
Controlled affiliate company investments	Controlled affiliate company investments	14,482		14,073
Total investments, at fair value (amortized cost of $5,583,415 and $5,569,604, respectively)		5,451,946		5,446,356
Total investments, at fair value (amortized cost of $5,510,452 and $5,593,836, respectively)
Cash and cash equivalents	Cash and cash equivalents	96,422		117,290
Foreign currencies (cost of $6,566 and $7,021, respectively)		6,785		6,847
Foreign currencies (cost of $5,873 and $4,540, respectively)
Restricted cash and cash equivalents	Restricted cash and cash equivalents	62,826		56,416

Interest receivable	Interest receivable	28,334		20,794
Receivable from investments sold		463		—

Interest receivable

Interest receivable

Net unrealized appreciation on forward currency contracts
Net unrealized appreciation on forward currency contracts
Net unrealized appreciation on forward currency contracts	Net unrealized appreciation on forward currency contracts	17,885		32,333
Other assets	Other assets	1,090		1,188
Total Assets	Total Assets	$	5,665,751	$	5,681,224
Liabilities	Liabilities					Liabilities
Debt	Debt	$	3,100,057	$	3,093,603
Less unamortized debt issuance costs	Less unamortized debt issuance costs	(15,641)		(17,211)
Debt less unamortized debt issuance costs	Debt less unamortized debt issuance costs	3,084,416		3,076,392

Interest payable	Interest payable	24,942		20,384

Interest payable

Interest payable
Management and incentive fees payable	Management and incentive fees payable	35,081		33,430
Accrued trustee fees

Accounts payable and other liabilities	Accounts payable and other liabilities	7,601		6,293

Accrued trustee fees		26		225
Accounts payable and other liabilities
Accounts payable and other liabilities
Total Liabilities	Total Liabilities	3,152,066		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 December 31, 2022 and September 30, 2022		—		—
Common stock, par value $0.001 per share, 350,000,000 shares authorized, 170,895,670 shares issued and outstanding as of December 31, 2022 and September 30, 2022, respectively.		171		171
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2023 and September 30, 2023
Common stock, par value $0.001 per share, 350,000,000 shares authorized, 170,585,795 and 169,594,742 shares issued and outstanding as of December 31, 2023 and September 30, 2023, respectively
Paid in capital in excess of par	Paid in capital in excess of par	2,676,674		2,676,674
Distributable earnings (losses)	Distributable earnings (losses)	(163,160)		(132,345)
Total Net Assets	Total Net Assets	2,513,685		2,544,500
Total Liabilities and Total Net Assets	Total Liabilities and Total Net Assets	$	5,665,751	$	5,681,224
Number of common shares outstanding	Number of common shares outstanding	170,895,670		170,895,670
Net asset value per common share	Net asset value per common share	$	14.71	$	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 December 31,

2022

2021

Investment income

From non-controlled/non-affiliate company investments:

Interest income

130,761

84,222

Interest income

Payment-in-kind interest income

Dividend income

4,133

317

Fee income

487

1,009

Fee income

Total investment income from non-controlled/non-affiliate company investments

135,381

85,548

From non-controlled affiliate company investments:

Interest income

1,389

1,017

Interest income

Payment-in-kind interest income

Fee income

—

Total investment income from non-controlled affiliate company investments

1,427

1,017

Total investment income from non-controlled affiliate company investments

From controlled affiliate company investments:

Interest income

From controlled affiliate company investments:

Interest income(1)

Payment-in-kind interest income

Fee income

—

Total investment income from controlled affiliate company investments

Total investment income

136,877

86,567

Expenses

Interest and other debt financing expenses

34,245

17,836

Base management fee

19,062

17,501

Base management fee

Incentive fee

16,011

3,381

Professional fees

1,208

899

Professional fees

Administrative service fee

2,175

1,818

General and administrative expenses

313

342

General and administrative expenses

Total expenses

73,014

41,777

Net investment income - before tax

63,863

44,790

Net investment income - before tax

Excise tax

2,200

—

Excise tax

Net investment income - after tax

61,663

44,790

Net gain (loss) on investment transactions

Net realized gain (loss) from:

Non-controlled/non-affiliate company investments

2,455

15,599

Non-controlled/non-affiliate company investments

Non-controlled affiliate company investments

320

(1,026)

Foreign currency transactions

(25)

Foreign currency transactions

Forward currency contracts

463

—

Net realized gain (loss) on investment transactions

3,294

14,548

Net realized gain (loss) on investment transactions

Net change in unrealized appreciation (depreciation) from:

Non-controlled/non-affiliate company investments

(33,397)

6,538

Non-controlled/non-affiliate company investments

Non-controlled affiliate company investments

(7,981)

907

Controlled affiliate company investments

307

(2,694)

Controlled affiliate company investments

Translation of assets and liabilities in foreign currencies

15,897

(797)

Forward currency contracts

(14,448)

281

Forward currency contracts

Net change in unrealized appreciation (depreciation) on investment transactions

(39,622)

4,235

Net gain (loss) on investment transactions

(36,328)

18,783

Net gain (loss) on investment transactions

(Provision) benefit for taxes on realized gains on investments

(207)

—

(Provision) benefit for taxes on unrealized appreciation on investments

453

(495)

(Provision) benefit for taxes on unrealized appreciation on investments

Net increase (decrease) in net assets resulting from operations

25,581

63,078

Per Common Share Data

Basic and diluted earnings per common share (Note 10)

0.15

0.37

Dividends and distributions declared per common share

0.33

0.30

Dividends and distributions declared per common share

Basic and diluted weighted average common shares outstanding (Note 10)

170,895,670

170,046,783

Basic and diluted weighted average common shares outstanding (Note 10)

(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, 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 — — — 44,790 44,790
Net realized gain (loss) on investment transactions — — — 14,548 14,548
Net change in unrealized appreciation (depreciation) on investment transactions — — — 4,235 4,235
(Provision) benefit for taxes on unrealized appreciation on investments — — — (495) (495)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan 837,158 1 12,716 — 12,717
Distributions from distributable earnings — — — (51,008) (51,008)
Total increase (decrease) for the three months ended December 31, 2021 837,158 1 12,716 12,070 24,787
Balance at December 31, 2021 170,865,742 $ 171 $ 2,676,967 $ (69,659) $ 2,607,479
Balance at September 30, 2022 170,895,670 $ 171 $ 2,676,674 $ (132,345) $ 2,544,500
Net increase (decrease) in net assets resulting from operations:
Net investment income — — — 61,663 61,663
Net realized gain (loss) on investment transactions — — — 3,294 3,294
Net change in unrealized appreciation (depreciation) on investment transactions — — — (39,622) (39,622)
(Provision) benefit for taxes on realized gain on investments — — — (207) (207)
(Provision) benefit for taxes on unrealized appreciation on investments — — — 453 453
Distributions to stockholders:
Distributions from distributable earnings — — — (56,396) (56,396)
Total increase (decrease) for the three months ended December 31, 2022 — — — (30,815) (30,815)
Balance at December 31, 2022 170,895,670 $ 171 $ 2,676,674 $ (163,160) $ 2,513,685


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






























Balance at September 30, 2022	170,895,670	$	171	$	2,676,674	$	(132,345)	$	2,544,500

Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		61,663		61,663
Net realized gain (loss) on investment transactions	—	—		—		3,294		3,294
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(39,622)		(39,622)
(Provision) benefit for taxes on realized gain on investments	—	—		—		(207)		(207)
(Provision) benefit for taxes on unrealized appreciation on investments	—	—		—		453		453
Distributions to stockholders:

Distributions from distributable earnings	—	—		—		(56,396)		(56,396)



Total increase (decrease) for the three months ended December 31, 2022	—	—		—		(30,815)		(30,815)
Balance at December 31, 2022	170,895,670	$	171	$	2,676,674	$	(163,160)	$	2,513,685
















Balance at September 30, 2023	169,594,742	$	170	$	2,646,912	$	(99,204)	$	2,547,878

Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		83,535		83,535
Net realized gain (loss) on investment transactions	—	—		—		1,096		1,096
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(8,832)		(8,832)

(Provision) benefit for taxes on unrealized appreciation on investments	—	—		—		(23)		(23)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	991,053	1		14,885		—		14,886

Distributions from distributable earnings	—	—		—		(74,622)		(74,622)



Total increase (decrease) for the three months ended December 31, 2023	991,053	1		14,885		1,154		16,040
Balance at December 31, 2023	170,585,795	$	171	$	2,661,797	$	(98,050)	$	2,563,918

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)~~thousands)

Three months ended December 31,

2022

2021

Cash flows from operating activities

Net increase (decrease) in net assets resulting from operations

25,581

63,078

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

1,748

1,667

Accretion of discounts and amortization of premiums on investments

(3,893)

(640)

Accretion of discounts and amortization of premiums on investments

Accretion of discounts and amortization of premiums on issued debt securities

421

467

Net realized (gain) loss on investments

(2,775)

(14,573)

Net realized (gain) loss on investments

Net realized (gain) loss on foreign currency transactions

Net realized (gain) loss on forward currency contracts

(463)

—

Net realized (gain) loss on foreign currency transactions

(56)

Net realized (gain) loss on forward currency contracts

Net change in unrealized (appreciation) depreciation on investments

41,071

(4,751)

Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies

(15,897)

797

Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies

Net change in unrealized (appreciation) depreciation on interest rate swap

Net change in unrealized (appreciation) depreciation on forward currency contracts

14,448

(281)

Proceeds from (fundings of) revolving loans, net

(868)

(336)

Proceeds from (fundings of) revolving loans, net

Fundings of investments

(248,882)

(890,932)

Proceeds from principal payments and sales of portfolio investments

253,833

661,760

Proceeds from principal payments and sales of portfolio investments

Proceeds from settlements of forward currency contracts

463

—

PIK interest

(7,777)

(3,473)

Non-cash dividends

(3,449)

—

Proceeds from settlements of forward currency contracts

Payment-in-kind interest capitalized

Non-cash dividends capitalized

Changes in operating assets and liabilities:

Interest receivable

(7,540)

(3,007)

Interest receivable

Receivable from investments sold

(463)

(2,926)

Other assets

(294)

Other assets

Interest payable

4,558

3,668

Management and incentive fees payable

1,651

8,552

Payable for investments purchased

—

(294)

Management and incentive fees payable

Accrued trustee fees

Accounts payable and other liabilities

1,308

(241)

Accrued trustee fees

(199)

—

Accounts payable and other liabilities

Net cash provided by (used in) operating activities

52,918

(181,734)

Cash flows from financing activities

Borrowings on debt

77,080

620,205

Repayments of debt

(88,000)

(336,800)

Repayments of debt

Capitalized debt issuance costs

(178)

(6,221)

Capitalized debt issuance costs

Distributions paid

(47,245)

(38,291)

Purchases of common stock for dividend reinvestment plan

(9,151)

—

Purchases of common stock for dividend reinvestment plan

Net cash provided by (used in) financing activities

(67,494)

238,893

Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents

(14,576)

57,159

Net cash provided by (used in) financing activities

Net change in cash and cash equivalents, foreign currencies and restricted cash and cash equivalents

Effect of foreign currency exchange rates

(25)

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

166,033

301,477

Effect of foreign currency exchange rates

Cash and cash equivalents, foreign currencies and restricted cash and cash equivalents, beginning of period

Cash and cash equivalents, foreign currencies and restricted cash and cash equivalents, end of period

Supplemental disclosure of cash flow information:

Cash paid during the period for interest

27,518

12,034

Cash paid during the period for interest

Distributions declared during the period

56,396

51,008

Supplemental disclosure of non-cash operating and financing activities:

Distributions declared for the period

Supplemental disclosure of non-cash financing activities:

Stock issued in connection with dividend reinvestment plan

—

12,717

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)~~thousands)

The following table provides a reconciliation of cash and cash equivalents, foreign currencies and restricted cash and cash equivalents 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
		December 31, 2022		September 30, 2022
	As of						As of
	December 31, 2023					December 31, 2023		September 30, 2023
Cash and cash equivalents	Cash and cash equivalents	$	96,422	$	117,290
Foreign currencies (cost of $6,566 and $7,021, respectively)		6,785		6,847
Foreign currencies (cost of $5,873 and $4,540, respectively)
Restricted cash and cash equivalents	Restricted cash and cash equivalents	62,826		56,416

Total cash and cash equivalents, foreign currencies and restricted cash and cash equivalents shown in the Consolidated Statements of Cash Flows	Total cash and cash equivalents, foreign currencies and restricted cash and cash equivalents shown in the Consolidated Statements of Cash Flows	$	166,033	$	180,553
Total cash and cash equivalents, foreign currencies and restricted cash and cash equivalents shown in the Consolidated Statements of Cash Flows
Total cash and cash equivalents, foreign currencies and restricted cash and cash equivalents shown in the Consolidated Statements of Cash Flows

See ~~Note~~“Note 2. Significant Accounting Policies and Recent Accounting ~~Updates~~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)

December 31, ~~2022~~2023

(InDollar and share amounts 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
Tronair Parent, Inc.+(22) Senior loan L + 6.25% (b) 10.34% cash/ 0.50% PIK 09/2023 $ 668 $ 667 — % $ 614
Tronair Parent, Inc.+(22) Senior loan L + 6.25% (b) 10.34% cash/ 0.50% PIK 06/2023 120 120 — 108
Whitcraft LLC*#+ One stop SF + 7.00% (l) 11.73% 12/2023 68,383 68,395 2.8 68,383
Whitcraft LLC+ One stop SF + 6.00% (a)(d)(l) 10.84% 12/2023 240 238 — 240
69,411 69,420 2.8 69,345
Airlines
Aurora Lux Finco S.A.R.L. +(8)(13) One stop L + 6.00% (b) 10.32% 12/2026 973 960 — 924
Auto Components
COP CollisionRight Holdings, Inc.#+ One stop SF + 4.75% (l) 9.39% 04/2028 9,766 9,618 0.4 9,571
COP CollisionRight Holdings, Inc.+ One stop SF + 4.75% (l) 9.48% 04/2028 27 26 — 25
COP CollisionRight Holdings, Inc.+(5) One stop SF + 4.75% N/A(6) 04/2028 — (2) — (2)
Covercraft Parent III, Inc.+ Senior loan L + 4.50% (b) 8.24% 08/2027 4,877 4,840 0.2 4,780
Covercraft Parent III, Inc.+ Senior loan L + 4.50% (b) 9.23% 08/2027 994 974 — 958
Covercraft Parent III, Inc.+ Senior loan L + 4.50% (b) 9.23% 08/2027 19 18 — 17
North Haven Falcon Buyer, LLC+ One stop L + 6.50% (b) 11.18% 05/2027 6,083 5,993 0.3 5,779
North Haven Falcon Buyer, LLC+ One stop L + 6.50% (b) 11.23% 05/2027 1,019 1,004 — 968
Polk Acquisition Corp.*#+(22) Senior loan SF + 6.25% (k) 9.57% cash/ 1.00% PIK 12/2024 18,022 17,958 0.7 17,660
Polk Acquisition Corp.+ Senior loan SF + 6.50% (k) 10.82% 03/2023 695 694 — 684
Polk Acquisition Corp.+(22) Senior loan SF + 6.25% (k) 9.57% cash/ 1.00% PIK 12/2024 50 52 — 47
Polk Acquisition Corp.+(22) Senior loan SF + 6.25% (k) 9.57% cash/ 1.00% PIK 12/2024 107 106 — 104
41,659 41,281 1.6 40,591
Automobiles
CG Group Holdings, LLC*#+(22) One stop L + 7.25% (b) 9.98% cash/ 2.00% PIK 07/2027 31,520 31,183 1.2 28,999
CG Group Holdings, LLC+(22) One stop L + 7.25% (a) 9.63% cash/ 2.00% PIK 07/2026 340 336 — 316
Denali Midco 2, LLC*#+ One stop SF + 6.25% (k) 10.67% 12/2027 42,756 42,401 1.7 41,919
Denali Midco 2, LLC+(5) One stop SF + 6.25% N/A(6) 12/2027 — (4) — (10)
Denali Midco 2, LLC+ One stop SF + 6.25% (k) 10.67% 12/2027 197 195 — 193
Denali Midco 2, LLC+ One stop SF + 6.25% (k) 10.67% 12/2027 99 98 — 97
Denali Midco 2, LLC+ One stop SF + 6.25% (k) 10.67% 12/2027 79 79 — 78
Denali Midco 2, LLC+ One stop SF + 6.25% (k) 10.67% 12/2027 79 79 — 78
Denali Midco 2, LLC+ One stop SF + 6.25% (k) 10.67% 12/2027 66 65 — 64
Denali Midco 2, LLC+ One stop SF + 6.50% (k) 10.92% 12/2027 976 948 — 966
Denali Midco 2, LLC+ One stop SF + 6.25% (k) 10.67% 12/2027 658 653 — 645
Denali Midco 2, LLC+ One stop SF + 6.25% (k) 10.67% 12/2027 120 119 — 117
Denali Midco 2, LLC+ One stop SF + 6.25% (k) 10.67% 12/2027 114 113 — 111
Denali Midco 2, LLC+ One stop SF + 6.25% (k) 10.67% 12/2027 82 81 — 80
Denali Midco 2, LLC+(5) One stop SF + 6.50% N/A(6) 12/2027 — (22) — (8)
Denali Midco 2, LLC+ One stop SF + 6.50% (k) 10.92% 12/2027 130 127 — 129
Denali Midco 2, LLC+ One stop SF + 6.50% (k) 10.92% 12/2027 65 63 — 65
JHCC Holdings LLC+ One stop L + 5.75% (b) 10.48% 09/2025 15,275 15,093 0.6 14,817
JHCC Holdings LLC+ One stop P + 4.75% (d) 12.25% 09/2025 494 490 — 480
JHCC Holdings LLC+ One stop L + 5.75% (b)(d) 11.03% 09/2025 294 292 — 285


	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%	(i)(j)	12.35%				02/2029	$	24,763	$	24,127	1.0	%	$	24,763
PPW Aero Buyer, Inc.+	One stop	SF +	7.00%	(j)	12.35%				02/2029	3		2		—		3
										24,766		24,129		1.0		24,766
Airlines
Accelya Lux Finco S.A.R.L.+(8)(13)(23)	One stop	SF +	7.00%	(j)	8.45%	cash/	4.00%	PIK	12/2026	977		968		—		928

Auto Components
COP CollisionRight Holdings, Inc.#+	One stop	SF +	5.00%	(j)	10.50%				04/2028	9,779		9,657		0.4		9,779
COP CollisionRight Holdings, Inc.+	One stop	SF +	5.00%	(j)	10.50%				04/2028	51		51		—		51
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50%	(k)	10.10%				08/2027	4,828		4,799		0.2		4,635
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50%	(j)	10.00%				08/2027	977		966		0.1		938
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50%	(j)	10.03%				08/2027	13		12		—		9
North Haven Falcon Buyer, LLC+(23)	One stop	SF +	8.00%	(j)	9.77%	cash/	3.75%	PIK	05/2027	6,287		6,193		0.2		5,407
North Haven Falcon Buyer, LLC+(23)	One stop	SF +	8.00%	(j)	9.78%	cash/	3.75%	PIK	05/2027	1,053		1,043		—		905
Polk Acquisition Corp.*#+(23)	Senior secured	SF +	7.50%	(i)	10.71%	cash/	2.25%	PIK	12/2024	18,420		18,177		0.7		18,052
Polk Acquisition Corp.+(23)	Senior secured	SF +	7.50%	(i)	10.71%	cash/	2.25%	PIK	12/2024	109		108		—		107
Polk Acquisition Corp.+(23)	Senior secured	SF +	7.50%	(i)	10.71%	cash/	2.25%	PIK	12/2024	63		61		—		60
										41,580		41,067		1.6		39,943
Automobiles
CG Group Holdings, LLC*#+(23)	One stop	SF +	8.75%	(j)	12.10%	cash/	2.00%	PIK	07/2027	31,845		31,414		1.2		31,210
CG Group Holdings, LLC+(23)	One stop	SF +	8.75%	(i)	12.11%	cash/	2.00%	PIK	07/2026	347		342		—		342
Denali Midco 2, LLC*#+	One stop	SF +	6.25%	(i)	11.71%				12/2027	42,325		42,042		1.7		42,325
Denali Midco 2, LLC+	One stop	SF +	6.50%	(i)	11.96%				12/2027	966		944		—		968
Denali Midco 2, LLC+	One stop	SF +	6.25%	(i)	11.71%				12/2027	652		647		—		652
Denali Midco 2, LLC+	One stop	SF +	6.50%	(i)	11.96%				12/2027	260		254		—		261
Denali Midco 2, LLC+	One stop	SF +	6.50%	(i)	11.96%				12/2027	220		215		—		221
Denali Midco 2, LLC+	One stop	SF +	6.25%	(i)	11.71%				12/2027	195		194		—		195
Denali Midco 2, LLC+	One stop	SF +	6.50%	(i)	11.96%				12/2027	129		126		—		129
Denali Midco 2, LLC+	One stop	SF +	6.25%	(i)	11.71%				12/2027	119		118		—		119
Denali Midco 2, LLC+	One stop	SF +	6.25%	(i)	11.71%				12/2027	113		112		—		113
Denali Midco 2, LLC+	One stop	SF +	6.25%	(i)	11.71%				12/2027	98		98		—		98
Denali Midco 2, LLC+	One stop	SF +	6.25%	(i)	11.71%				12/2027	81		80		—		81
Denali Midco 2, LLC+	One stop	SF +	6.25%	(i)	11.71%				12/2027	79		78		—		79
Denali Midco 2, LLC+	One stop	SF +	6.25%	(i)	11.71%				12/2027	79		78		—		79
Denali Midco 2, LLC+	One stop	SF +	6.25%	(i)	11.71%				12/2027	65		64		—		65
Denali Midco 2, LLC+	One stop	SF +	6.50%	(i)	11.96%				12/2027	65		63		—		65
Denali Midco 2, LLC+(5)	One stop	SF +	6.25%		N/A(6)				12/2027	—		(3)		—		—
Denali Midco 2, LLC+(5)	One stop	SF +	6.50%		N/A(6)				12/2027	—		(7)		—		—
Denali Midco 2, LLC+	One stop	SF +	5.75%	(i)	11.21%				12/2027	7		2		—		2
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(k)	10.47%				12/2029	273		268		—		268
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(k)	10.47%				12/2029	57		56		—		56
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(k)	10.47%				12/2029	3		2		—		2
High Bar Brands Operating, LLC+(5)	Senior secured	SF +	5.25%		N/A(6)				12/2029	—		(1)		—		(1)

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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 P + 4.75% (b)(d) 11.52% 09/2025 $ 61 $ 61 — % $ 58
JHCC Holdings LLC+ One stop L + 5.75% (b) 10.48% 09/2025 1,779 1,747 0.1 1,679
MOP GM Holding, LLC*#+ One stop SF + 5.75% (m) 9.98% 11/2026 23,916 23,719 0.9 22,721
MOP GM Holding, LLC+ One stop SF + 5.75% (m) 10.45% 11/2026 2,622 2,603 0.1 2,491
MOP GM Holding, LLC+ One stop SF + 5.75% (m) 10.70% 11/2026 2,592 2,558 0.1 2,463
MOP GM Holding, LLC+ One stop SF + 5.75% (m) 10.45% 11/2026 2,572 2,551 0.1 2,443
MOP GM Holding, LLC+ One stop SF + 5.75% (m) 10.79% 11/2026 1,906 1,890 0.1 1,810
MOP GM Holding, LLC+ One stop SF + 5.75% (m) 8.98% 11/2026 1,567 1,555 0.1 1,488
MOP GM Holding, LLC+ One stop SF + 5.75% (m) 10.62% 11/2026 1,444 1,422 0.1 1,372
MOP GM Holding, LLC+ One stop SF + 5.75% (m) 9.98% 11/2026 526 522 — 499
MOP GM Holding, LLC+ One stop SF + 5.75% (m) 9.50% 11/2026 358 354 — 340
MOP GM Holding, LLC+ One stop SF + 5.75% (l) 9.55% 11/2026 147 146 — 140
MOP GM Holding, LLC+ One stop SF + 5.75% (m) 10.79% 11/2026 60 59 — 57
MOP GM Holding, LLC+ One stop SF + 5.75% (m) 10.58% 11/2026 136 134 — 126
MOP GM Holding, LLC+(5) One stop SF + 5.75% N/A(6) 11/2026 — (20) — —
MOP GM Holding, LLC+ One stop SF + 5.75% (l) 8.99% 11/2026 179 178 — 170
MOP GM Holding, LLC+ One stop SF + 5.75% (m) 8.94% 11/2026 60 59 — 57
POY Holdings, LLC# One stop L + 5.50% (b) 10.23% 11/2027 9,519 9,363 0.4 9,519
POY Holdings, LLC+ One stop L + 5.50% (b) 10.23% 11/2027 36 32 — 36
POY Holdings, LLC+(5) One stop L + 5.50% N/A(6) 11/2027 — (1) — —
POY Holdings, LLC+ One stop L + 5.50% (b) 10.23% 11/2027 81 81 — 81
National Express Wash Parent Holdco, LLC+ One stop SF + 5.50% (m) 10.29% 07/2029 3,150 3,121 0.1 3,024
National Express Wash Parent Holdco, LLC+(5) One stop SF + 5.50% N/A(6) 07/2029 — (2) — (8)
National Express Wash Parent Holdco, LLC+ One stop SF + 5.50% (m) 10.22% 07/2029 1,493 1,472 0.1 1,403
Quick Quack Car Wash Holdings, LLC*# One stop L + 7.00% (b) 11.41% 10/2024 12,783 12,753 0.5 12,655
Quick Quack Car Wash Holdings, LLC+ One stop L + 7.00% (b) 11.41% 10/2024 9,748 9,713 0.4 9,651
Quick Quack Car Wash Holdings, LLC#+ One stop L + 7.00% (b) 11.41% 10/2024 2,306 2,298 0.1 2,284
Quick Quack Car Wash Holdings, LLC*+ One stop L + 7.00% (b) 11.41% 10/2024 2,015 2,029 0.1 1,994
Quick Quack Car Wash Holdings, LLC*+ One stop L + 7.00% (b) 11.41% 10/2024 1,347 1,356 0.1 1,333
Quick Quack Car Wash Holdings, LLC*+ One stop L + 7.00% (b) 11.41% 10/2024 1,097 1,100 — 1,086
Quick Quack Car Wash Holdings, LLC+ One stop L + 7.00% (b) 11.41% 10/2024 95 90 — 94
Quick Quack Car Wash Holdings, LLC+(5) One stop SF + 7.00% N/A(6) 10/2024 — — — (2)
Quick Quack Car Wash Holdings, LLC+(5) One stop SF + 7.00% N/A(6) 10/2024 — (1) — (1)
Quick Quack Car Wash Holdings, LLC+ One stop L + 7.00% (b) 11.41% 10/2024 344 340 — 341
Quick Quack Car Wash Holdings, LLC+ One stop L + 7.00% (b) 11.41% 10/2024 104 99 — 103
Quick Quack Car Wash Holdings, LLC+ One stop L + 7.00% (c) 11.72% 10/2024 3,310 3,278 0.1 3,277
Quick Quack Car Wash Holdings, LLC+ One stop L + 7.00% (b) 11.41% 10/2024 95 93 — 94
Spotless Brands, LLC+ One stop SF + 6.50% (l) 10.71% 07/2028 8,369 8,214 0.4 8,285
Spotless Brands, LLC+ One stop SF + 6.50% (k)(l) 11.12% 07/2028 908 900 — 899
Spotless Brands, LLC+(5) One stop SF + 6.50% N/A(6) 07/2028 — (1) — —
Spotless Brands, LLC+ One stop SF + 6.50% (l) 10.71% 07/2028 673 667 — 667
TWAS Holdings, LLC#+ One stop SF + 6.75% (k) 11.17% 12/2026 40,357 40,038 1.6 39,954
TWAS Holdings, LLC*+ One stop SF + 6.75% (k) 11.17% 12/2026 30,488 30,231 1.2 30,184
TWAS Holdings, LLC+ One stop SF + 6.75% (k) 11.17% 12/2026 7,914 7,849 0.3 7,835
TWAS Holdings, LLC+ One stop SF + 6.75% (k) 11.17% 12/2026 608 603 — 602
TWAS Holdings, LLC+ One stop SF + 6.75% (k) 11.17% 12/2026 386 383 — 382
TWAS Holdings, LLC+(5) One stop SF + 6.75% N/A(6) 12/2026 — (3) — (4)
270,495 268,022 10.5 263,103


	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 +	5.25%	(j)	10.75%	09/2026	$	15,119	$	14,934	0.6	%	$	14,854
JHCC Holdings LLC+	One stop	SF +	5.25%	(j)	10.75%	09/2026	3,301		3,265		0.1		3,243
JHCC Holdings LLC+	One stop	SF +	6.75%	(j)	12.25%	09/2026	1,106		1,085		—		1,109
JHCC Holdings LLC+	One stop	SF +	5.25%	(j)	10.75%	09/2026	489		484		—		481
JHCC Holdings LLC+	One stop	SF +	5.25%	(j)	10.75%	09/2026	291		288		—		286
JHCC Holdings LLC+(5)	One stop	SF +	5.25%		N/A(6)	09/2026	—		(1)		—		(2)
JHCC Holdings LLC+	One stop	SF +	5.75%	(j)	11.10%	09/2026	100		99		—		99
JHCC Holdings LLC+(5)	One stop	SF +	5.75%		N/A(6)	09/2026	—		(4)		—		(4)
MOP GM Holding, LLC*#+	One stop	SF +	5.75%	(k)	11.18%	11/2026	23,672		23,526		0.9		22,962
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	11.28%	11/2026	2,596		2,582		0.1		2,518
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	11.29%	11/2026	2,566		2,541		0.1		2,489
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	11.28%	11/2026	2,545		2,530		0.1		2,469
MOP GM Holding, LLC+	One stop	SF +	5.75%	(k)	11.18%	11/2026	1,886		1,875		0.1		1,830
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	11.28%	11/2026	1,551		1,543		0.1		1,505
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	11.28%	11/2026	1,430		1,413		0.1		1,387
MOP GM Holding, LLC+	One stop	SF +	5.75%	(k)	11.18%	11/2026	520		518		—		505
MOP GM Holding, LLC+	One stop	SF +	5.75%	(k)	11.18%	11/2026	354		352		—		343
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)(k)	11.20%	11/2026	186		185		—		180
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	11.28%	11/2026	177		176		—		172
MOP GM Holding, LLC+	One stop	SF +	5.75%	(k)	11.18%	11/2026	146		145		—		141
MOP GM Holding, LLC+	One stop	SF +	5.75%	(k)	11.18%	11/2026	59		59		—		57
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	11.28%	11/2026	59		59		—		57
MOP GM Holding, LLC+(5)	One stop	SF +	5.75%		N/A(6)	11/2026	—		(15)		—		—
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.50%	(j)(k)	10.86%	07/2029	5,340		5,298		0.2		5,180
National Express Wash Parent Holdco, LLC+(5)	One stop	SF +	5.50%		N/A(6)	07/2029	—		(2)		—		(6)
National Express Wash Parent Holdco, LLC+(5)	One stop	SF +	6.00%		N/A(6)	07/2029	—		(5)		—		(5)
POY Holdings, LLC#+	One stop	SF +	5.50%	(j)	11.00%	11/2027	9,533		9,408		0.4		9,437
POY Holdings, LLC+	One stop	SF +	5.50%	(j)	11.00%	11/2027	86		85		—		85
POY Holdings, LLC+	One stop	SF +	5.50%	(j)	11.02%	11/2027	69		66		—		66
POY Holdings, LLC+	One stop	SF +	5.50%	(j)	11.00%	11/2027	332		325		—		329
POY Holdings, LLC+(5)	One stop	SF +	5.50%		N/A(6)	11/2027	—		(1)		—		(1)
Quick Quack Car Wash Holdings, LLC*#	One stop	SF +	6.50%	(j)	12.03%	10/2026	12,649		12,519		0.5		12,522
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50%	(j)	12.03%	10/2026	9,650		9,552		0.4		9,554
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50%	(j)	12.03%	10/2026	3,285		3,241		0.1		3,252
Quick Quack Car Wash Holdings, LLC#+	One stop	SF +	6.50%	(j)	12.03%	10/2026	2,283		2,260		0.1		2,260
Quick Quack Car Wash Holdings, LLC*+	One stop	SF +	6.50%	(j)	12.03%	10/2026	1,994		1,982		0.1		1,974
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50%	(j)	12.03%	10/2026	1,496		1,483		0.1		1,481
Quick Quack Car Wash Holdings, LLC*+	One stop	SF +	6.50%	(j)	12.03%	10/2026	1,333		1,325		0.1		1,319
Quick Quack Car Wash Holdings, LLC*+	One stop	SF +	6.50%	(j)	12.03%	10/2026	1,085		1,075		0.1		1,075
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50%	(j)	12.03%	10/2026	341		336		—		337
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50%	(j)	12.03%	10/2026	103		100		—		102
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50%	(j)	12.03%	10/2026	94		91		—		93
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50%	(j)	12.03%	10/2026	94		93		—		93
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50%	(i)(j)	11.99%	10/2026	111		109		—		110
Quick Quack Car Wash Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)	10/2026	—		(2)		—		(2)
Quick Quack Car Wash Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)	10/2026	—		(32)		—		(35)
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50%	(i)	11.96%	10/2026	119		118		—		118
Quick Quack Car Wash Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)	10/2026	—		—		—		(4)

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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)
Beverages
Fintech Midco, LLC*# One stop L + 5.00% (b)(c) 9.93% 08/2024 $ 23,852 $ 23,980 1.0 % $ 23,613
Fintech Midco, LLC+ One stop L + 5.00% (b)(c) 9.93% 08/2024 15,145 15,062 0.6 14,994
Fintech Midco, LLC#+ One stop L + 5.00% (b)(c) 9.93% 08/2024 1,105 1,120 — 1,093
Fintech Midco, LLC+(5) One stop L + 5.00% N/A(6) 08/2024 — — — (2)
Watermill Express, LLC+ One stop L + 5.50% (b) 10.23% 04/2027 2,239 2,222 0.1 2,239
Watermill Express, LLC+ One stop L + 5.50% N/A(6) 04/2027 — — — —
Watermill Express, LLC+ One stop L + 5.50% (b) 10.23% 04/2027 134 133 — 134
Winebow Holdings, Inc.+ One stop L + 6.25% (a) 10.63% 07/2025 7,780 7,709 0.3 7,780
50,255 50,226 2.0 49,851


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Spotless Brands, LLC+	One stop	SF +	6.50%	(j)	12.03%		07/2028	$	8,285	$	8,159	0.3	%	$	8,285
Spotless Brands, LLC+	One stop	SF +	6.50%	(j)	12.03%		07/2028	898		891		0.1		898
Spotless Brands, LLC+	One stop	SF +	6.50%	(j)	12.04%		07/2028	668		663		—		668
Spotless Brands, LLC+	One stop	SF +	6.50%	(i)	11.96%		07/2028	6		6		—		6
TWAS Holdings, LLC#+	One stop	SF +	6.75%	(i)	12.21%		12/2026	39,950		39,712		1.5		39,150
TWAS Holdings, LLC*+	One stop	SF +	6.75%	(i)	12.21%		12/2026	30,178		29,984		1.2		29,574
TWAS Holdings, LLC+	One stop	SF +	6.75%	(i)	12.21%		12/2026	7,834		7,785		0.3		7,677
TWAS Holdings, LLC+	One stop	SF +	6.75%	(i)	12.21%		12/2026	601		598		—		589
TWAS Holdings, LLC+	One stop	SF +	6.75%	(i)	12.21%		12/2026	382		380		—		374
TWAS Holdings, LLC+(5)	One stop	SF +	6.75%		N/A(6)		12/2026	—		(2)		—		(7)
Yorkshire Parent, Inc.+	One stop	SF +	6.00%	(j)	11.39%		12/2029	287		284		—		284
Yorkshire Parent, Inc.+(5)	One stop	SF +	6.00%		N/A(6)		12/2029	—		(1)		—		(1)
Yorkshire Parent, Inc.+	One stop	SF +	6.00%	(i)	N/A		12/2029	—		—		—		—
								275,217		272,708		10.6		270,841
Banks
OSP Hamilton Purchaser, LLC+	One stop	SF +	5.50%	(j)	10.87%		12/2029	240		237		—		237
OSP Hamilton Purchaser, LLC+(5)	One stop	SF +	5.50%		N/A(6)		12/2029	—		(2)		—		(2)
OSP Hamilton Purchaser, LLC+	One stop	SF +	5.50%		N/A(6)		12/2029	—		—		—		—
								240		235		—		235
Beverages
Financial Information Technologies, LLC+	One stop	SF +	6.50%	(j)	11.85%		06/2030	22,566		22,251		0.9		23,130
Financial Information Technologies, LLC+(23)	One stop	N/A			14.00%	PIK	06/2031	11,578		11,274		0.4		11,346
Financial Information Technologies, LLC+	One stop	SF +	6.50%		N/A(6)		06/2030	—		—		—		—
Financial Information Technologies, LLC+	One stop	SF +	5.50%	(j)	10.85%		06/2030	157		156		—		156
Financial Information Technologies, LLC+(5)	One stop	SF +	5.50%		N/A(6)		06/2030	—		(3)		—		(3)
Watermill Express, LLC+	One stop	SF +	5.00%	(j)	10.50%		04/2027	2,216		2,204		0.1		2,194
Watermill Express, LLC+	One stop	SF +	5.00%	(j)	10.50%		04/2027	214		213		—		212
Watermill Express, LLC+	One stop	SF +	5.00%	(i)	10.46%		04/2027	9		9		—		9
Winebow Holdings, Inc.+	One stop	SF +	6.25%	(i)	11.71%		07/2025	7,701		7,658		0.3		7,547
								44,441		43,762		1.7		44,591



Building Products
BECO Holding Company, Inc.#+	One stop	SF +	5.25%	(j)	10.75%	11/2028	7,745	7,691	0.3	7,590
BECO Holding Company, Inc.+(5)	One stop	SF +	5.25%		N/A(6)	11/2027	—	(3)	—	(8)
Jensen Hughes, Inc.+	Senior secured	SF +	5.75%	(i)	11.20%	03/2025	4,053	4,037	0.2	4,053
Jensen Hughes, Inc.+	Senior secured	SF +	5.75%	(i)(k)	11.22%	03/2025	1,447	1,440	0.1	1,447
Jensen Hughes, Inc.+	Senior secured	SF +	5.75%	(i)	11.20%	03/2025	1,371	1,368	0.1	1,371
Jensen Hughes, Inc.+	Senior secured	SF +	5.75%	(i)	11.20%	03/2025	883	881	—	883
Jensen Hughes, Inc.+	Senior secured	SF +	5.75%	(i)	11.20%	03/2025	833	829	—	833
Jensen Hughes, Inc.+	Senior secured	SF +	5.75%	(i)	11.20%	03/2025	424	423	—	424
Jensen Hughes, Inc.+	Senior secured	SF +	5.75%	(i)	11.20%	03/2025	270	269	—	270
Jensen Hughes, Inc.+	Senior secured	SF +	5.75%	(i)	11.20%	03/2025	211	210	—	211
Jensen Hughes, Inc.+	Senior secured	SF +	5.75%	(i)	11.20%	03/2025	113	112	—	113
							17,350	17,257	0.7	17,187
Chemicals
Inhance Technologies Holdings LLC#+	One stop	SF +	6.00%	(j)	11.54%	07/2024	12,282	12,301	0.4	10,317
Inhance Technologies Holdings LLC#	One stop	SF +	6.00%	(j)	11.54%	07/2024	9,788	9,768	0.3	8,222
Inhance Technologies Holdings LLC+	One stop	SF +	6.00%	(j)	11.54%	07/2024	1,867	1,865	0.1	1,568
Inhance Technologies Holdings LLC+	One stop	SF +	6.00%	(j)	11.54%	07/2024	199	199	—	165
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	E +	6.25%	(d)	10.39%	09/2028	34,962	36,250	1.2	30,766

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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 + 5.25% (b) 9.98% 11/2028 $ 7,519 $ 7,456 0.3 % $ 7,293
BECO Holding Company, Inc.+(5) One stop L + 5.25% N/A(6) 11/2027 — (4) — (11)
BECO Holding Company, Inc.+(5) One stop L + 5.25% N/A(6) 11/2028 — (16) — (58)
Jensen Hughes, Inc.+ Senior loan L + 4.50% (b)(c) 9.43% 03/2024 4,095 4,096 0.2 4,095
Jensen Hughes, Inc.+ Senior loan L + 4.50% (b)(c) 9.43% 03/2024 1,385 1,397 0.1 1,385
Jensen Hughes, Inc.+ Senior loan L + 4.50% (b)(c) 9.43% 03/2024 893 897 0.1 893
Jensen Hughes, Inc.+ Senior loan L + 4.50% (b)(c) 9.43% 03/2024 842 838 — 842
Jensen Hughes, Inc.+ Senior loan L + 4.50% (b)(c) 9.43% 03/2024 428 434 — 428
Jensen Hughes, Inc.+ Senior loan L + 4.50% (b)(c) 9.43% 03/2024 273 274 — 273
Jensen Hughes, Inc.+ Senior loan L + 4.50% (b)(c) 9.50% 03/2024 884 877 — 884
Jensen Hughes, Inc.+ Senior loan L + 4.50% (b)(c) 9.43% 03/2024 213 213 — 213
Jensen Hughes, Inc.+ Senior loan L + 4.50% (b)(c) 9.43% 03/2024 114 114 — 114
16,646 16,576 0.7 16,351
Chemicals
Inhance Technologies Holdings LLC#+ One stop L + 5.25% (b) 8.99% 07/2024 12,412 12,462 0.5 12,163
Inhance Technologies Holdings LLC+ One stop L + 5.25% (b) 8.99% 07/2024 9,888 9,829 0.4 9,690
Inhance Technologies Holdings LLC+ One stop L + 5.25% (b) 8.99% 07/2024 1,886 1,881 0.1 1,849
Inhance Technologies Holdings LLC+ One stop L + 5.25% (b) 8.99% 07/2024 21 22 — 17
PHM NL SP Bidco B.V.+(8)(9)(14) One stop E + 6.25% (f) 8.11% 09/2028 33,905 36,159 1.3 32,209
PHM NL SP Bidco B.V.+(8)(14) One stop L + 6.25% (c) 10.42% 09/2028 13,766 13,568 0.5 13,077
PHM NL SP Bidco B.V.+(8)(9)(14) One stop SN + 6.25% (i) 9.68% 09/2028 7,271 7,915 0.3 6,907
PHM NL SP Bidco B.V.+(8)(9)(14) One stop E + 6.25% (f) 8.72% 09/2028 3,584 3,713 0.1 3,363
82,733 85,549 3.2 79,275
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC*#+ One stop L + 5.25% (b) 9.98% 10/2028 16,903 16,705 0.7 16,564
CI (Quercus) Intermediate Holdings, LLC+(5) One stop L + 5.25% N/A(6) 10/2028 — (2) — (4)
CI (Quercus) Intermediate Holdings, LLC+(5) One stop L + 5.25% N/A(6) 10/2028 — (14) — (30)
Hydraulic Authority III Limited+(8)(9)(10) One stop SN + 5.00% (i) 8.46% 11/2025 10,453 11,000 0.4 10,453
Hydraulic Authority III Limited+(8)(9)(10) One stop E + 5.00% (e) 7.20% 11/2025 1,152 1,120 0.1 1,152
Hydraulic Authority III Limited+(8)(9)(10)(22) One stop N/A 11.00% PIK 11/2028 261 277 — 261
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) 9.92% 07/2027 8,744 8,611 0.3 8,483


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
PHM NL SP Bidco B.V.+(8)(14)	One stop	SF +	6.25%	(h)	11.57%	09/2028	$	13,766	$	13,602	0.5	%	$	12,114
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	SN +	6.25%	(g)	11.44%	09/2028	7,652		7,920		0.3		6,734
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	E +	6.25%	(d)	10.21%	09/2028	3,695		3,728		0.1		3,252
							84,211		85,633		2.9		73,138
Commercial Services & Supplies
BradyIFS Holdings, LLC+	One stop	SF +	6.00%	(j)	11.38%	10/2029	419		411		—		410
BradyIFS Holdings, LLC+	One stop	SF +	6.00%	(j)	11.37%	10/2029	11		11		—		10
BradyIFS Holdings, LLC+(5)	One stop	SF +	6.00%		N/A(6)	10/2029	—		(1)		—		(1)
CI (Quercus) Intermediate Holdings, LLC*#+	One stop	SF +	5.25%	(j)	10.75%	10/2028	18,227		18,057		0.7		18,227
CI (Quercus) Intermediate Holdings, LLC+	One stop	SF +	5.25%	(i)	10.71%	10/2028	12		10		—		12
Encore Holdings, LLC+	One stop	SF +	5.00%	(j)	10.45%	11/2028	1,937		1,879		0.1		1,854
Encore Holdings, LLC+	One stop	SF +	5.00%	(j)	10.45%	11/2028	831		815		—		815
Kleinfelder Intermediate, LLC+	One stop	SF +	6.25%	(j)	11.63%	09/2030	3,744		3,673		0.2		3,669
Kleinfelder Intermediate, LLC+(5)	One stop	SF +	6.25%		N/A(6)	09/2028	—		(9)		—		(10)
Kleinfelder Intermediate, LLC+(5)	One stop	SF +	6.25%		N/A(6)	09/2030	—		(7)		—		(8)
North Haven Stack Buyer, LLC*#	Senior secured	SF +	5.50%	(j)	11.03%	07/2027	8,656		8,553		0.4		8,656

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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 SF + 5.50% (k) 9.92% 07/2027 $ 354 $ 333 — % $ 270
North Haven Stack Buyer, LLC+ One stop SF + 5.50% (k) 9.92% 07/2027 50 49 — 46
North Haven Stack Buyer, LLC+ One stop SF + 5.50% (k) 9.92% 07/2027 2,945 2,923 0.1 2,857
North Haven Stack Buyer, LLC+ One stop SF + 5.50% (k) 9.92% 07/2027 972 964 — 942
OVG Business Services, LLC+ One stop L + 6.25% (a) 10.64% 11/2028 1,795 1,761 0.1 1,759
OVG Business Services, LLC+(5) One stop L + 5.50% N/A(6) 11/2026 — — — (1)
Profile Products LLC+(8) One stop L + 5.50% (b) 10.14% 11/2027 5,913 5,805 0.2 5,795
Profile Products LLC+(8) One stop L + 5.50% (b) 10.14% 11/2027 1,285 1,264 0.1 1,259
Profile Products LLC+(8) One stop L + 5.50% (a)(d) 10.67% 11/2027 32 31 — 31
Profile Products LLC+(5)(8) One stop L + 5.50% N/A(6) 11/2027 — (3) — (9)
Profile Products LLC+(5)(8) One stop L + 5.50% N/A(6) 11/2027 — (1) — (1)
PT Intermediate Holdings III, LLC+ One stop L + 5.50% (b) 10.23% 11/2028 29,448 28,984 1.2 29,154
PT Intermediate Holdings III, LLC+ One stop L + 5.50% (b) 10.23% 11/2028 20,821 20,637 0.8 20,613
PT Intermediate Holdings III, LLC+ One stop L + 5.50% (b) 10.23% 11/2028 9,875 9,755 0.4 9,776
Radwell Parent, LLC+ One stop SF + 6.53% (l) 11.21% 03/2029 19,028 18,753 0.7 18,351
Radwell Parent, LLC+(5) One stop SF + 6.75% N/A(6) 03/2028 — (5) — (10)
Radwell Parent, LLC+(5) One stop SF + 6.53% N/A(6) 03/2029 — (8) — (19)
Radwell Parent, LLC+ One stop SF + 6.75% (l) 11.33% 03/2029 24,950 24,212 1.0 24,202
Trinity Air Consultants Holdings Corporation+ One stop L + 5.25% (c) 10.18% 06/2027 2,458 2,421 0.1 2,409
Trinity Air Consultants Holdings Corporation+ One stop L + 5.25% (c) 9.40% 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 + 5.00% (k)(l) 9.60% 01/2025 2,223 2,216 0.1 2,223
WRE Holding Corp.+ Senior loan SF + 5.00% (k)(l) 9.60% 01/2025 918 915 — 918
WRE Holding Corp.+ Senior loan SF + 5.00% (k)(l) 9.60% 01/2025 673 671 — 673
WRE Holding Corp.+ Senior loan SF + 5.00% (k)(m) 9.60% 01/2025 398 397 — 398
WRE Holding Corp.+ Senior loan SF + 5.00% (k)(l) 9.60% 01/2025 128 128 — 128
WRE Holding Corp.+ Senior loan SF + 5.00% (k)(m) 9.60% 01/2025 23 23 — 23
WRE Holding Corp.+ Senior loan SF + 5.00% N/A(6) 01/2025 — — — —
WRE Holding Corp.+ Senior loan SF + 5.00% (k)(l)(m) 9.35% 01/2025 59 57 — 59
161,894 160,011 6.3 158,756
Communications Equipment
Lightning Finco Limited+(8)(10) One stop L + 5.50% (b) 10.23% 09/2028 10,349 10,182 0.4 10,039
Lightning Finco Limited+(8)(9)(10) One stop E + 5.50% (e) 7.45% 09/2028 1,137 1,241 — 1,103
11,486 11,423 0.4 11,142
Containers and Packaging
AmerCareRoyal LLC+(22) Senior loan SF + 5.50% (l) 9.48% cash/ 0.50% PIK 11/2025 746 738 — 739
AmerCareRoyal LLC+(22) Senior loan SF + 5.50% (l) 9.48% cash/ 0.50% PIK 11/2025 159 157 — 158
AmerCareRoyal LLC+(22) Senior loan SF + 5.50% (l) 9.48% cash/ 0.50% PIK 11/2025 155 153 — 153
AmerCareRoyal LLC+(8)(22) Senior loan SF + 5.50% (l) 9.48% cash/ 0.50% PIK 11/2025 134 132 — 133
Chase Intermediate+ One stop L + 5.00% (b)(c) 9.85% 10/2028 10,253 10,172 0.4 10,048
Chase Intermediate+(5) One stop SF + 5.00% N/A(6) 10/2028 — (3) — (7)
Chase Intermediate+(5) One stop SF + 5.00% N/A(6) 10/2028 — (7) — (16)
Fortis Solutions Group, LLC*#+ One stop L + 5.50% (b) 9.73% 10/2028 34,665 34,173 1.4 33,971
Fortis Solutions Group, LLC+ One stop L + 5.50% (c)(d) 10.83% 10/2027 40 35 — 34
Fortis Solutions Group, LLC+(5) One stop L + 5.50% N/A(6) 10/2028 — (93) — (2)
Fortis Solutions Group, LLC+(5) One stop L + 5.50% N/A(6) 10/2028 — (39) — (112)
46,152 45,418 1.8 45,099


	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#	Senior secured	SF +	5.50%	(j)	11.03%				07/2027	$	2,916	$	2,899	0.1	%	$	2,916
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.50%	(j)	11.03%				07/2027	966		960		0.1		966
North Haven Stack Buyer, LLC#	Senior secured	SF +	5.50%	(j)	11.03%				07/2027	962		956		—		962
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.50%	(j)	11.03%				07/2027	141		140		—		141
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.50%	(j)	11.03%				07/2027	70		70		—		70
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.50%	(a)(j)	11.11%				07/2027	78		77		—		78
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.50%	(j)	11.00%				07/2027	1,607		1,591		0.1		1,607
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.50%	(j)	11.01%				07/2027	1,040		983		0.1		1,040
North Haven Stack Buyer, LLC+(23)	Second lien	N/A			10.00%	cash/	2.50%	PIK	01/2028	1,448		1,415		0.1		1,448
Profile Products LLC+	One stop	SF +	5.50%	(j)	10.99%				11/2027	6,277		6,189		0.2		6,151
Profile Products LLC+(8)	One stop	SF +	5.50%	(j)	10.99%				11/2027	1,272		1,256		—		1,247
Profile Products LLC+(5)	One stop	SF +	5.50%		N/A(6)				11/2027	—		(1)		—		(1)
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%	(j)	11.47%				11/2028	29,151		28,800		1.1		29,151
PT Intermediate Holdings III, LLC+	One stop	SF +	5.98%	(j)	11.47%				11/2028	20,611		20,460		0.8		20,611
PT Intermediate Holdings III, LLC+	One stop	SF +	5.98%	(j)	11.47%				11/2028	9,775		9,677		0.4		9,775
PT Intermediate Holdings III, LLC+	One stop	SF +	6.50%	(j)	11.85%				11/2028	2,288		2,259		0.1		2,305
PT Intermediate Holdings III, LLC+(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(7)		—		—
Radwell Parent, LLC#+	One stop	SF +	6.75%	(j)	12.10%				03/2029	24,701		24,087		1.0		24,762
Radwell Parent, LLC+	One stop	SF +	6.53%	(j)	11.97%				03/2029	18,837		18,608		0.7		18,837
Radwell Parent, LLC+	One stop	SF +	6.75%	(j)	12.10%				03/2028	69		65		—		69
Radwell Parent, LLC+	One stop	SF +	6.53%	(j)	11.91%				03/2029	32		26		—		32
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.75%	(k)	11.29%				06/2027	2,458		2,429		0.1		2,458
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.75%	(k)	11.20%				06/2027	35		35		—		35
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.75%		N/A(6)				06/2027	—		—		—		—
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.75%	(k)	11.15%				06/2027	142		139		—		142
WRE Holding Corp.*#	Senior secured	SF +	5.00%	(i)	10.39%				01/2025	2,199		2,196		0.1		2,199
WRE Holding Corp.+	Senior secured	SF +	5.00%	(i)	10.39%				01/2025	908		907		—		908
WRE Holding Corp.+	Senior secured	SF +	5.00%	(i)(k)	10.39%				01/2025	667		666		—		667
WRE Holding Corp.+	Senior secured	SF +	5.00%	(i)(k)	10.39%				01/2025	394		394		—		394
WRE Holding Corp.+	Senior secured	SF +	5.00%	(i)	10.57%				01/2025	353		346		—		353
WRE Holding Corp.+	Senior secured	SF +	5.00%	(i)(k)	10.41%				01/2025	149		149		—		149
WRE Holding Corp.+	Senior secured	SF +	5.00%	(i)(k)	10.39%				01/2025	127		127		—		127
WRE Holding Corp.+	Senior secured	SF +	5.00%	(i)(k)	10.39%				01/2025	23		23		—		23
WRE Holding Corp.+	Senior secured	SF +	5.25%		N/A(6)				01/2025	—		—		—		—
										163,533		161,313		6.4		163,255
Communications Equipment
Lightning Finco Limited+(8)(10)	One stop	SF +	5.50%	(h)	11.25%				09/2028	10,349		10,211		0.4		10,349
Lightning Finco Limited+(8)(9)(10)	One stop	E +	5.50%	(d)	9.39%				09/2028	1,172		1,245		—		1,172
										11,521		11,456		0.4		11,521











Containers and Packaging
AmerCareRoyal LLC+(23)	Senior secured	SF +	7.00%	(i)	11.98%	cash/	0.50%	PIK	11/2025	741		736		0.1		741
AmerCareRoyal LLC+(23)	Senior secured	SF +	7.00%	(i)	11.98%	cash/	0.50%	PIK	11/2025	158		157		—		158
AmerCareRoyal LLC+(23)	Senior secured	SF +	7.00%	(i)	11.98%	cash/	0.50%	PIK	11/2025	154		153		—		154
AmerCareRoyal LLC+(8)(23)	Senior secured	SF +	7.00%	(i)	11.98%	cash/	0.50%	PIK	11/2025	134		133		—		134
Chase Intermediate#+	One stop	SF +	5.25%	(i)(j)(k)	10.92%				10/2028	10,976		10,905		0.4		10,867
Chase Intermediate+(5)	One stop	SF +	5.25%		N/A(6)				10/2028	—		(3)		—		(4)
Chase Intermediate+(5)	One stop	SF +	5.50%		N/A(6)				10/2028	—		(5)		—		(5)

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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) 9.15% 07/2027 $ 1,238 $ 1,226 — % $ 1,238
WSC Holdings Midco LLC+ Senior loan SF + 4.50% (m) 9.28% 07/2027 1,788 1,774 0.1 1,788
WSC Holdings Midco LLC+ Senior loan SF + 4.50% (m) 9.20% 07/2027 2,954 2,925 0.1 2,954
WSC Holdings Midco LLC+(5) Senior loan SF + 4.50% N/A(6) 07/2027 — (1) — —
WSC Holdings Midco LLC+ Senior loan SF + 4.50% (m) 8.77% 07/2027 50 49 — 50
6,030 5,973 0.2 6,030
Diversified Consumer Services
Certus Pest, Inc.# One stop SF + 7.50% (l) 12.23% 02/2026 1,585 1,551 0.1 1,585
Certus Pest, Inc.# One stop SF + 7.50% (l) 12.23% 02/2026 1,520 1,472 0.1 1,520
Certus Pest, Inc.+ One stop SF + 7.50% (l) 12.18% 02/2026 1,096 1,091 — 1,096
Certus Pest, Inc.# One stop SF + 7.50% (l) 12.23% 02/2026 1,080 1,066 — 1,080
Certus Pest, Inc.+ One stop SF + 7.50% (l) 12.23% 02/2026 751 734 — 751
Certus Pest, Inc.# One stop SF + 7.50% (l) 12.23% 02/2026 662 629 — 662
Certus Pest, Inc.+ One stop SF + 7.50% (l) 12.23% 02/2026 645 638 — 645
Certus Pest, Inc.+ One stop SF + 7.50% (l) 12.23% 02/2026 381 371 — 381
Certus Pest, Inc.+ One stop SF + 7.50% (l) 12.23% 02/2026 239 224 — 239
Certus Pest, Inc.+ One stop SF + 7.50% (l) 12.23% 02/2026 130 106 — 130
Certus Pest, Inc.+ One stop SF + 7.50% (l) 12.23% 02/2026 55 50 — 55
Certus Pest, Inc.+(5) One stop SF + 7.50% N/A(6) 02/2026 — (1) — —
CHHJ Midco, LLC# Senior loan L + 5.00% (a) 9.38% 01/2026 2,716 2,699 0.1 2,716
CHHJ Midco, LLC+ Senior loan L + 5.00% N/A(6) 01/2026 — — — —
COP Hometown Acquisitions, Inc.+ Senior loan L + 4.50% (b) 8.24% 07/2027 1,708 1,695 0.1 1,676
COP Hometown Acquisitions, Inc.+ Senior loan L + 4.50% (b) 8.24% 07/2027 1,665 1,645 0.1 1,633
COP Hometown Acquisitions, Inc.+ Senior loan L + 4.50% (b) 8.37% 07/2027 1,091 1,080 0.1 1,070
COP Hometown Acquisitions, Inc.+ Senior loan L + 4.50% (b) 8.70% 07/2027 771 763 — 756
COP Hometown Acquisitions, Inc.+ Senior loan L + 4.50% (b) 8.24% 07/2027 199 196 — 195
COP Hometown Acquisitions, Inc.+ Senior loan L + 4.75% (b) 9.42% 07/2027 120 118 — 119
COP Hometown Acquisitions, Inc.+(5) Senior loan L + 4.50% N/A(6) 07/2027 — — — (1)
DP Flores Holdings, LLC# One stop SF + 6.50% (m) 11.23% 09/2028 2,593 2,550 0.1 2,593
DP Flores Holdings, LLC+(5) One stop SF + 6.50% N/A(6) 09/2028 — (2) — —
DP Flores Holdings, LLC+(5) One stop SF + 6.50% N/A(6) 09/2028 — (14) — —
EMS LINQ, LLC+ One stop L + 6.25% (a) 10.63% 12/2027 9,591 9,512 0.4 9,400
EMS LINQ, LLC+(5) One stop L + 6.25% N/A(6) 12/2027 — (1) — (3)
EWC Growth Partners LLC+ One stop L + 6.00% (b) 10.73% 03/2026 927 918 — 918
EWC Growth Partners LLC+ One stop L + 6.00% N/A(6) 03/2026 — — — —
EWC Growth Partners LLC+ One stop L + 6.00% (b) 10.73% 03/2026 14 14 — 14
EWC Growth Partners LLC+ One stop L + 6.00% (b) 10.73% 03/2026 73 73 — 73
Excelligence Learning Corporation#+ One stop SF + 6.00% (l) 10.73% 01/2024 10,240 10,197 0.4 10,240
FPG Intermediate Holdco, LLC+ One stop SF + 6.00% (k) 10.42% 03/2027 9,075 8,948 0.4 8,744
FPG Intermediate Holdco, LLC+ One stop SF + 6.00% (k) 10.42% 03/2027 543 532 — 516
FPG Intermediate Holdco, LLC+ One stop P + 5.00% (d)(k) 12.31% 03/2027 32 31 — 29
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) 10.13% 08/2028 5,477 5,389 0.2 5,423
FSS Buyer LLC+(5) One stop L + 5.75% N/A(6) 08/2027 — (1) — —
HS Spa Holdings, Inc.+ One stop SF + 5.75% (m) 10.45% 06/2029 7,763 7,620 0.3 7,608
HS Spa Holdings, Inc.+(5) One stop SF + 5.75% N/A(6) 06/2028 — (2) — (2)
Learn-it Systems, LLC+ Senior loan L + 4.75% (c) 8.92% 03/2025 2,491 2,512 0.1 2,291


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Fortis Solutions Group, LLC*#+	One stop	SF +	5.50%	(j)	10.95%				10/2028	$	34,672	$	34,267	1.3	%	$	33,632
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(j)	10.96%				10/2028	159		129		—		1
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(j)	10.95%				10/2028	98		21		—		95
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(j)	10.95%				10/2027	15		11		—		8
										47,107		46,504		1.8		45,781
Diversified Consumer Services
Apex Service Partners, LLC+(23)	One stop	SF +	7.00%	(j)	10.40%	cash/	2.00%	PIK	10/2030	379		374		—		374
Apex Service Partners, LLC+(23)	One stop	SF +	7.00%	(j)	10.38%	cash/	2.00%	PIK	10/2030	20		19		—		19
Apex Service Partners, LLC+	One stop	SF +	6.50%	(a)(j)	12.76%				10/2029	2		2		—		2
Certus Pest, Inc.#	One stop	SF +	7.50%	(j)	13.00%				02/2026	1,569		1,545		0.1		1,553
Certus Pest, Inc.#	One stop	SF +	7.50%	(j)	13.00%				02/2026	1,504		1,471		0.1		1,489
Certus Pest, Inc.+	One stop	SF +	7.50%	(j)	13.00%				02/2026	1,085		1,082		0.1		1,075
Certus Pest, Inc.#	One stop	SF +	7.50%	(j)	13.00%				02/2026	1,072		1,062		0.1		1,061
Certus Pest, Inc.+	One stop	SF +	7.50%	(j)	13.00%				02/2026	743		732		—		736
Certus Pest, Inc.#	One stop	SF +	7.50%	(j)	13.00%				02/2026	655		633		—		649
Certus Pest, Inc.+	One stop	SF +	7.50%	(j)	13.00%				02/2026	639		634		—		632
Certus Pest, Inc.+	One stop	SF +	7.50%	(j)	13.00%				02/2026	377		371		—		373
Certus Pest, Inc.+	One stop	SF +	7.50%	(j)	13.00%				02/2026	236		226		—		234
Certus Pest, Inc.+	One stop	SF +	7.50%	(j)	13.00%				02/2026	129		112		—		128
Certus Pest, Inc.+	One stop	SF +	7.50%	(j)	13.00%				02/2026	54		51		—		53
Certus Pest, Inc.+(5)	One stop	SF +	7.50%		N/A(6)				02/2026	—		—		—		(1)
CHHJ Midco, LLC#	Senior secured	SF +	5.00%	(i)	10.46%				01/2026	2,688		2,677		0.1		2,688
CHHJ Midco, LLC+	Senior secured	SF +	5.00%		N/A(6)				01/2026	—		—		—		—
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	10.79%				07/2027	1,691		1,681		0.1		1,645
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	10.79%				07/2027	1,648		1,633		0.1		1,602
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	10.79%				07/2027	1,080		1,071		—		1,050
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	10.78%				07/2027	763		757		—		742
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	10.79%				07/2027	196		195		—		191
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	10.78%				07/2027	118		117		—		115
COP Hometown Acquisitions, Inc.+(5)	Senior secured	SF +	5.25%		N/A(6)				07/2027	—		(2)		—		(4)
COP Hometown Acquisitions, Inc.+	Senior secured	P +	4.50%	(a)(j)	12.21%				07/2027	122		119		—		118
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.50%	(j)	10.97%				07/2027	119		116		—		116
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.50%	(a)(j)	11.62%				07/2027	105		103		—		103
DP Flores Holdings, LLC#	One stop	SF +	6.25%	(j)	11.60%				09/2028	2,567		2,532		0.1		2,567
DP Flores Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)				09/2028	—		(1)		—		—
DP Flores Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)				09/2028	—		(6)		—		—
DP Flores Holdings, LLC+	One stop	SF +	6.25%	(j)	11.60%				09/2028	399		393		—		399
EMS LINQ, LLC+	One stop	SF +	6.25%	(i)	11.71%				12/2027	9,591		9,528		0.4		9,400
EMS LINQ, LLC+(5)	One stop	SF +	6.25%		N/A(6)				12/2027	—		(1)		—		(3)
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50%	(j)	11.00%				07/2029	2,857		2,824		0.1		2,857
Entomo Brands Acquisitions, Inc.+(5)	Senior secured	SF +	5.50%		N/A(6)				07/2029	—		(1)		—		—
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50%	(i)	10.94%				07/2029	238		212		—		238
EWC Growth Partners LLC+	One stop	SF +	6.00%	(j)	11.50%				03/2026	918		912		—		918
EWC Growth Partners LLC+	One stop	SF +	6.00%	(j)	11.50%				03/2026	73		73		—		73
EWC Growth Partners LLC+	One stop	SF +	6.00%	(j)	11.50%				03/2026	14		14		—		14
EWC Growth Partners LLC+	One stop	SF +	6.00%	(j)	11.52%				03/2026	7		7		—		7
Excelligence Learning Corporation#+	One stop	SF +	6.00%	(j)	11.50%				01/2024	10,176		10,173		0.4		10,176

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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% (c) 9.90% 03/2025 $ 1,340 $ 1,338 0.1 % $ 1,233
Learn-it Systems, LLC+ Senior loan L + 4.75% (c) 9.90% 03/2025 604 596 — 556
Learn-it Systems, LLC+ Senior loan L + 4.75% (c) 9.90% 03/2025 33 32 — 29
Liminex, Inc.+ One stop SF + 7.25% (l) 11.98% 11/2026 25,462 25,149 1.0 25,971
Liminex, Inc.+ One stop SF + 6.25% (l) 10.98% 11/2026 20,000 19,827 0.8 19,800
Liminex, Inc.+ One stop SF + 7.25% (l) 11.98% 11/2026 800 794 — 816
Liminex, Inc.+(5) One stop SF + 7.25% N/A(6) 11/2026 — (1) — —
Litera Bidco LLC+ One stop SF + 6.00% (k) 10.42% 05/2026 5,704 5,654 0.2 5,647
Litera Bidco LLC+ One stop SF + 5.75% (k) 10.17% 05/2026 3,664 3,678 0.2 3,602
Litera Bidco LLC+ One stop SF + 5.75% (k) 10.17% 05/2026 687 702 — 675
Litera Bidco LLC+ One stop SF + 5.75% (k) 10.17% 05/2026 687 702 — 675
Litera Bidco LLC+ One stop SF + 6.00% (k) 10.42% 05/2026 516 512 — 511
Litera Bidco LLC+ One stop L + 5.75% (b) 10.35% 05/2025 16 16 — 16
Mario Purchaser, LLC+ One stop SF + 5.75% (k) 10.17% 04/2029 7,634 7,497 0.3 7,482
Mario Purchaser, LLC+(22) One stop SF + 10.75% (k) 15.17% PIK 04/2032 1,584 1,545 0.1 1,584
Mario Purchaser, LLC+(5) One stop SF + 5.75% N/A(6) 04/2028 — (1) — (1)
Mario Purchaser, LLC+ One stop SF + 5.75% (k) 10.17% 04/2029 108 104 — 101
Mathnasium, LLC# One stop L + 5.00% (c) 10.13% 11/2027 9,237 9,162 0.4 9,145
Mathnasium, LLC+ One stop L + 5.00% (c) 10.13% 11/2027 13 12 — 12
NSG Buyer, Inc. *#+ One stop SF + 6.50% (k) 10.92% 11/2029 20,152 19,711 0.8 19,950
NSG Buyer, Inc. +(5) One stop SF + 6.50% N/A(6) 11/2029 — (47) — (48)
NSG Buyer, Inc. +(5) One stop SF + 6.50% N/A(6) 11/2028 — — — (1)
PADI Holdco, Inc.*#(22) One stop L + 7.25% (b) 10.49% cash/ 1.50% PIK 04/2024 21,631 21,596 0.9 21,197
PADI Holdco, Inc.+(8)(9)(22) One stop E + 7.25% (e) 7.71% cash/ 1.50% PIK 04/2024 19,541 20,927 0.8 19,149
PADI Holdco, Inc.+(22) One stop L + 7.25% (b) 9.96% cash/ 1.50% PIK 04/2024 827 824 — 811
PADI Holdco, Inc.+(22) One stop L + 7.25% (b) 10.49% cash/ 1.50% PIK 04/2024 171 170 — 167
PADI Holdco, Inc.+(5) One stop L + 5.75% N/A(6) 04/2023 — — — (2)
Provenance Buyer LLC#+ One stop L + 5.00% (a) 9.38% 06/2027 18,232 17,956 0.7 18,232
Provenance Buyer LLC+ One stop L + 5.00% (a) 9.38% 06/2027 9,950 9,861 0.4 9,950
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) 9.33% 04/2028 17,685 17,528 0.7 16,800
RW AM Holdco LLC+(5) One stop P + 4.25% N/A(6) 04/2028 — (1) — (8)
251,511 250,229 9.9 248,189
Diversified Financial Services
Adenza Group, Inc. + One stop L + 5.75% (a) 10.13% 12/2027 4,006 3,944 0.1 3,885
Adenza Group, Inc. +(5) One stop L + 5.75% N/A(6) 12/2027 — — — (1)
Adenza Group, Inc. + One stop L + 5.75% N/A(6) 12/2025 — — — —
Avalara, Inc.+ One stop SF + 7.25% (l) 11.83% 10/2028 11,941 11,653 0.5 11,642
Avalara, Inc.+(5) One stop SF + 7.25% N/A(6) 10/2028 — (3) — (3)
Banker's Toolbox, Inc.+ One stop SF + 5.25% (m) 9.23% 07/2027 7,997 7,922 0.3 7,837
Banker's Toolbox, Inc.+(5) One stop SF + 5.25% N/A(6) 07/2027 — — — (2)
Banker's Toolbox, Inc.+ One stop SF + 5.25% (k) 9.57% 07/2027 1,284 1,279 — 1,216
Flash Topco, Inc.* One stop L + 5.75% (b) 10.16% 10/2028 9,795 9,713 0.4 9,305
Flash Topco, Inc.+ One stop L + 5.75% (b) 10.12% 10/2028 27 26 — 21
Higginbotham Insurance Agency, Inc.+ One stop L + 5.25% (a) 9.63% 11/2026 4,565 4,519 0.2 4,519
Higginbotham Insurance Agency, Inc.+ One stop L + 5.25% (a) 9.63% 11/2026 78 78 — 77
39,693 39,131 1.5 38,496


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
FPG Intermediate Holdco, LLC+	One stop	SF +	6.00%	(j)	11.54%				03/2027	$	7,631	$	7,534	0.3	%	$	7,402
FPG Intermediate Holdco, LLC+	One stop	SF +	6.00%	(j)	11.54%				03/2027	481		474		—		467
FPG Intermediate Holdco, LLC+	One stop	SF +	6.00%	(j)	11.53%				03/2027	62		61		—		60
FPG Intermediate Holdco, LLC+(5)	One stop	SF +	6.50%		N/A(6)				03/2027	—		(11)		—		—
FSS Buyer LLC+	One stop	SF +	5.75%	(i)	11.21%				08/2028	5,422		5,350		0.2		5,422
FSS Buyer LLC+	One stop	SF +	5.75%		N/A(6)				08/2027	—		—		—		—
HS Spa Holdings, Inc.+	One stop	SF +	5.75%	(j)	11.12%				06/2029	7,685		7,566		0.3		7,608
HS Spa Holdings, Inc.+	One stop	SF +	5.75%	(i)	11.11%				06/2028	8		6		—		7
Learn-it Systems, LLC+(23)	Senior secured	SF +	5.25%	(j)	8.00%	cash/	2.75%	PIK	09/2026	2,553		2,566		0.1		2,426
Learn-it Systems, LLC+(23)	Senior secured	SF +	5.25%	(k)	7.93%	cash/	2.75%	PIK	09/2026	1,374		1,373		0.1		1,305
Learn-it Systems, LLC+(23)	Senior secured	SF +	5.25%	(k)	7.93%	cash/	2.75%	PIK	09/2026	619		617		—		588
Learn-it Systems, LLC+(5)	Senior secured	SF +	5.25%		N/A(6)				09/2026	—		—		—		(3)
Liminex, Inc.+	One stop	SF +	7.25%	(j)	12.75%				11/2026	25,462		25,153		1.0		25,462
Liminex, Inc.+	One stop	SF +	7.25%	(j)	12.75%				11/2026	20,000		19,811		0.8		20,000
Liminex, Inc.+	One stop	SF +	7.25%	(j)	12.75%				11/2026	15,837		15,580		0.6		15,837
Liminex, Inc.+	One stop	SF +	7.25%	(j)	12.75%				11/2026	800		793		—		800
Liminex, Inc.+(5)	One stop	SF +	7.25%		N/A(6)				11/2026	—		(2)		—		—
Litera Bidco LLC+	One stop	SF +	6.00%	(i)	11.46%				05/2026	5,646		5,611		0.2		5,646
Litera Bidco LLC+	One stop	SF +	5.25%	(i)	10.71%				05/2026	3,627		3,636		0.1		3,627
Litera Bidco LLC+	One stop	SF +	5.25%	(i)	10.71%				05/2026	680		690		—		680
Litera Bidco LLC+	One stop	SF +	5.25%	(i)	10.71%				05/2026	680		691		—		680
Litera Bidco LLC+	One stop	SF +	6.00%	(i)	11.46%				05/2026	511		508		—		511
Litera Bidco LLC+	One stop	SF +	5.25%		N/A(6)				05/2025	—		—		—		—
Mario Purchaser, LLC+	One stop	SF +	5.75%	(i)	11.21%				04/2029	7,558		7,443		0.3		7,256
Mario Purchaser, LLC+(23)	One stop	SF +	10.75%	(j)	16.21%	PIK			04/2032	1,857		1,825		0.1		1,783
Mario Purchaser, LLC+	One stop	SF +	5.75%	(i)	11.21%				04/2029	169		164		—		154
Mario Purchaser, LLC+	One stop	SF +	5.75%	(i)	11.21%				04/2028	22		21		—		20
Mathnasium, LLC#	One stop	SF +	5.00%	(j)	10.53%				11/2027	9,144		9,085		0.4		9,144
Mathnasium, LLC+	One stop	SF +	5.00%	(j)	10.53%				11/2027	18		17		—		18
NSG Buyer, Inc. *#+	One stop	SF +	6.50%	(i)	11.96%				11/2029	24,730		24,317		1.0		24,978
NSG Buyer, Inc. +(5)	One stop	SF +	5.75%		N/A(6)				11/2029	—		(4)		—		(4)
NSG Buyer, Inc. +(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(1)		—		(1)
PADI Holdco, Inc.*#	One stop	SF +	6.25%	(j)	11.79%				01/2027	21,517		21,214		0.8		21,517
PADI Holdco, Inc.+(8)(9)	One stop	E +	6.25%	(c)	10.21%				01/2027	20,107		20,533		0.8		20,107
PADI Holdco, Inc.+	One stop	SF +	6.25%	(i)(j)	11.71%				01/2027	829		817		—		829
PADI Holdco, Inc.+	One stop	SF +	6.25%	(j)	11.79%				01/2027	171		169		—		171
PADI Holdco, Inc.+(5)	One stop	SF +	6.25%		N/A(6)				01/2027	—		(4)		—		—
Provenance Buyer LLC*#+	One stop	SF +	5.00%	(i)	10.46%				06/2027	18,047		17,833		0.7		17,867
Provenance Buyer LLC#	One stop	SF +	5.00%	(i)	10.46%				06/2027	9,850		9,781		0.4		9,752
Provenance Buyer LLC+(5)	One stop	SF +	5.00%		N/A(6)				06/2027	—		(1)		—		(1)
RW AM Holdco LLC#+	One stop	SF +	5.25%	(k)	10.82%				04/2028	17,506		17,381		0.7		16,807
RW AM Holdco LLC+(5)	One stop	SF +	5.25%		N/A(6)				04/2028	—		(1)		—		(6)
Virginia Green Acquisition, LLC+	One stop	SF +	5.50%	(k)	10.75%				12/2030	321		317		—		317
Virginia Green Acquisition, LLC+	One stop	SF +	5.50%	(k)	10.75%				12/2029	6		6		—		6
Virginia Green Acquisition, LLC+(5)	One stop	SF +	5.50%		N/A(6)				12/2030	—		(1)		—		(1)
										274,764		272,358		10.6		272,627

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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
Avalara, Inc.+	One stop	SF +	7.25%	(j)	12.60%	10/2028	$	11,941	$	11,702	0.5	%	$	11,941
Avalara, Inc.+(5)	One stop	SF +	7.25%		N/A(6)	10/2028	—		(2)		—		—
Banker's Toolbox, Inc.+	One stop	SF +	5.25%	(j)	10.73%	07/2027	7,916		7,857		0.3		7,916
Banker's Toolbox, Inc.+	One stop	SF +	5.25%	(j)	10.73%	07/2027	1,474		1,474		0.1		1,474
Banker's Toolbox, Inc.+	One stop	SF +	5.25%		N/A(6)	07/2027	—		—		—		—
Finastra USA, Inc.+	One stop	SF +	7.25%	(k)	12.71%	09/2029	4,950		4,856		0.2		4,851
Finastra USA, Inc.+	One stop	SF +	7.25%	(i)	12.61%	09/2029	13		12		—		12
Flash Topco, Inc.*	One stop	SF +	5.75%	(k)	11.44%	10/2028	9,696		9,628		0.3		9,211
Flash Topco, Inc.+	One stop	SF +	6.50%	(k)	11.94%	10/2028	45		44		—		42
Flash Topco, Inc.+	One stop	SF +	6.50%	(k)	11.94%	12/2024	25		25		—		25
Higginbotham Insurance Agency, Inc.+	One stop	SF +	5.50%	(i)	10.96%	11/2028	4,519		4,485		0.2		4,519
Higginbotham Insurance Agency, Inc.+	One stop	SF +	5.50%	(i)	10.96%	11/2028	183		182		—		183
Higginbotham Insurance Agency, Inc.+	One stop	SF +	5.50%	(i)	10.96%	11/2028	3,322		3,293		0.1		3,322

							44,084		43,556		1.7		43,496

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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 SF + 5.50% (l) 10.23% 09/2028 $ 18,178 $ 18,083 0.7 % $ 18,178
Cafe Rio Holding, Inc.+ One stop SF + 5.50% (l) 10.23% 09/2028 3,269 3,242 0.2 3,269
Cafe Rio Holding, Inc.#+ One stop SF + 5.50% (l) 10.23% 09/2028 2,196 2,196 0.1 2,196
Cafe Rio Holding, Inc.*# One stop SF + 5.50% (l) 10.23% 09/2028 1,394 1,394 0.1 1,394
Cafe Rio Holding, Inc.#+ One stop SF + 5.50% (l) 10.23% 09/2028 1,231 1,231 0.1 1,231
Cafe Rio Holding, Inc.+ One stop SF + 5.50% (l) 10.23% 09/2028 229 227 — 229
Cafe Rio Holding, Inc.+ One stop SF + 5.50% (l) 10.23% 09/2028 177 176 — 177
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) 10.23% 09/2028 80 79 — 80
Mendocino Farms, LLC+ One stop SF + 6.25% (k) 10.67% 06/2025 929 925 — 929
Mendocino Farms, LLC+ One stop SF + 6.25% (k) 10.67% 06/2025 730 727 — 730
Mendocino Farms, LLC+ One stop SF + 6.25% (k) 10.67% 06/2025 716 710 — 716
Mendocino Farms, LLC+ One stop SF + 6.25% (k) 10.67% 06/2025 353 349 — 353
Mendocino Farms, LLC+ One stop SF + 6.25% (k) 10.67% 06/2025 352 349 — 352
Mendocino Farms, LLC+ One stop SF + 6.25% (k) 10.67% 06/2025 174 172 — 174
Mendocino Farms, LLC+ One stop SF + 6.25% (k) 10.67% 06/2025 105 104 — 105
Mendocino Farms, LLC+(5) One stop SF + 6.25% N/A(6) 06/2025 — (15) — —
Mendocino Farms, LLC+ One stop SF + 6.25% (k) 10.67% 06/2025 310 307 — 310
Ruby Slipper Cafe LLC, The*+ One stop SF + 7.50% (l) 12.23% 06/2024 2,018 2,018 0.1 2,018
Ruby Slipper Cafe LLC, The+ One stop SF + 7.50% (l) 12.23% 06/2024 409 409 — 409
Ruby Slipper Cafe LLC, The+ One stop SF + 7.50% (l) 12.23% 06/2024 291 289 — 291
Ruby Slipper Cafe LLC, The+ One stop SF + 7.50% (l) 12.23% 06/2024 — — — —
Ruby Slipper Cafe LLC, The+ One stop SF + 7.50% N/A(6) 06/2024 — — — —
Wineshipping.com LLC+ One stop L + 5.75% (b) 10.16% 10/2027 6,776 6,722 0.3 6,505
Wineshipping.com LLC+ One stop L + 5.75% (b) 9.66% 10/2027 185 177 — 178
Wineshipping.com LLC+ One stop L + 5.75% (b) 10.24% 10/2027 20 19 — 17
Wood Fired Holding Corp.*# One stop L + 6.25% (b) 10.98% 12/2023 8,006 8,047 0.3 8,006
Wood Fired Holding Corp.+ One stop L + 6.25% N/A(6) 12/2023 — — — —
48,128 47,936 1.9 47,847


	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 +	5.50%	(j)	11.00%	02/2026	$	1,608	$	1,588	0.1	%	$	1,608

Electrical Equipment
Power Grid Holdings, Inc.+	One stop	SF +	4.75%	(j)	10.14%	12/2030	406		398		—		398
Power Grid Holdings, Inc.+	One stop	SF +	4.75%	(j)	10.12%	12/2030	5		3		—		3
							411		401		—		401

Electronic Equipment, Instruments & Components
CST Holding Company+	One stop	SF +	6.50%	(i)	11.96%	11/2028	24,472		23,880		1.0		24,472
CST Holding Company+	One stop	SF +	6.50%	(i)	11.96%	11/2028	5		4		—		5



							24,477		23,884		1.0		24,477



Food & Staples Retailing
Cafe Rio Holding, Inc.*#	One stop	SF +	5.25%	(i)	10.71%	09/2028	17,986	17,986	0.7	17,986
Cafe Rio Holding, Inc.#+	One stop	SF +	5.25%	(i)	10.71%	09/2028	3,235	3,217	0.1	3,235
Cafe Rio Holding, Inc.#+	One stop	SF +	5.25%	(i)	10.71%	09/2028	2,174	2,174	0.1	2,174
Cafe Rio Holding, Inc.*#	One stop	SF +	5.25%	(i)	10.71%	09/2028	1,380	1,380	0.1	1,380
Cafe Rio Holding, Inc.#+	One stop	SF +	5.25%	(i)	10.71%	09/2028	1,219	1,219	0.1	1,219
Cafe Rio Holding, Inc.+	One stop	SF +	5.25%	(i)	10.71%	09/2028	175	175	—	175
Cafe Rio Holding, Inc.+	One stop	SF +	5.25%	(i)	10.71%	09/2028	187	187	—	187
Cafe Rio Holding, Inc.+	One stop	SF +	5.25%	(i)	10.71%	09/2028	99	99	—	99
Cafe Rio Holding, Inc.+	One stop	SF +	5.25%	(i)	10.71%	09/2028	79	78	—	79
Cafe Rio Holding, Inc.+	One stop	SF +	5.25%	(i)	10.71%	09/2028	50	50	—	50
Mendocino Farms, LLC+	One stop	SF +	6.25%	(i)	11.71%	06/2025	922	917	0.1	922
Mendocino Farms, LLC+	One stop	SF +	6.25%	(i)	11.71%	06/2025	413	411	—	413
Mendocino Farms, LLC+	One stop	SF +	6.25%	(i)	11.71%	06/2025	724	721	—	724
Mendocino Farms, LLC+	One stop	SF +	6.25%	(i)	11.71%	06/2025	711	707	—	711
Mendocino Farms, LLC+	One stop	SF +	6.25%	(i)	11.71%	06/2025	512	510	—	512
Mendocino Farms, LLC+	One stop	SF +	6.25%	(i)	11.71%	06/2025	350	347	—	350
Mendocino Farms, LLC+	One stop	SF +	6.25%	(i)	11.71%	06/2025	349	346	—	349
Mendocino Farms, LLC+	One stop	SF +	6.25%	(i)	11.71%	06/2025	307	305	—	307
Mendocino Farms, LLC+	One stop	SF +	6.25%	(i)	11.71%	06/2025	172	171	—	172
Mendocino Farms, LLC+	One stop	SF +	6.25%	(i)	11.71%	06/2025	105	104	—	105
Mendocino Farms, LLC+	One stop	SF +	6.25%	(i)	11.71%	06/2025	822	818	—	822
Ruby Slipper Cafe LLC, The*+	One stop	SF +	7.50%	(j)	13.00%	06/2024	1,998	1,998	0.1	1,998
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(j)	13.00%	06/2024	405	405	—	405
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(j)	13.00%	06/2024	288	287	—	288
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(j)	13.00%	06/2024	41	41	—	41
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(j)	13.00%	06/2024	—	—	—	—
Wineshipping.com LLC+	One stop	SF +	5.75%	(j)	11.29%	10/2027	6,708	6,665	0.3	6,171
Wineshipping.com LLC+	One stop	SF +	5.75%	(j)	11.33%	10/2027	183	182	—	169
Wineshipping.com LLC+	One stop	SF +	5.75%	(a)(j)	11.46%	10/2027	73	73	—	67













							41,667	41,573	1.6	41,110

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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+(22) One stop L + 6.50% (b) 8.23% cash/ 3.00% PIK 06/2027 $ 13,560 $ 13,369 0.6 % $ 13,560
Borrower R365 Holdings, LLC+(22) One stop L + 6.50% (b) 8.23% cash/ 3.00% PIK 06/2027 1,118 1,100 — 1,118
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#+(22) Senior loan SF + 6.50% (d)(l) 9.43% cash/ 1.75% PIK 12/2024 5,006 4,976 0.2 4,856
Flavor Producers, LLC+(22) Senior loan SF + 6.50% (l) 11.13% 09/2024 — — — —
Kodiak Cakes, LLC*#+ Senior loan L + 6.00% (b) 10.73% 06/2027 12,369 12,253 0.4 11,256
Kodiak Cakes, LLC+ Senior loan L + 6.00% (b) 10.73% 06/2026 150 149 — 139
Louisiana Fish Fry Products, Ltd.*+ One stop SF + 6.25% (l) 10.80% 07/2027 9,753 9,677 0.4 8,875
Louisiana Fish Fry Products, Ltd.+ One stop SF + 6.25% (l) 10.91% 07/2027 73 71 — 64
MAPF Holdings, Inc.*#+ One stop SF + 5.50% (l) 10.23% 12/2026 37,883 37,629 1.5 37,504
MAPF Holdings, Inc.+ One stop SF + 5.50% (b)(l) 10.08% 12/2026 120 118 — 117
P&P Food Safety Holdings, Inc.*+ One stop SF + 6.00% (l) 10.73% 12/2026 17,677 17,518 0.7 16,970
P&P Food Safety Holdings, Inc.+(5) One stop SF + 6.00% N/A(6) 12/2026 — (1) — (4)
P&P Food Safety Holdings, Inc.+(5) One stop SF + 6.00% N/A(6) 12/2026 — (5) — —
Purfoods, LLC+(22) One stop N/A 7.00% PIK 05/2026 66 69 — 66
Ultimate Baked Goods Midco LLC+ One stop L + 6.50% (a) 10.88% 08/2027 6,654 6,591 0.3 6,322
Ultimate Baked Goods Midco LLC+(5) One stop L + 6.50% (a) 10.88% 08/2027 18 (9) — 14
Whitebridge Pet Brands, LLC*#+ One stop L + 5.00% (a) 9.38% 07/2027 22,945 22,645 0.9 22,486
Whitebridge Pet Brands, LLC+ One stop L + 5.00% (a) 9.36% 07/2027 100 98 — 95
Wizard Bidco Limited+(8)(9)(10) One stop SN + 4.50% (i) 7.93% 03/2029 6,573 7,066 0.2 6,094
Wizard Bidco Limited+(8)(9)(10) One stop SN + 4.50% (i) 7.93% 09/2028 91 88 — 85
134,156 133,400 5.2 129,617


	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
Blast Bidco Inc.+	One stop	SF +	6.00%	(j)	11.35%				10/2030	$	4,479	$	4,414	0.2	%	$	4,435
Blast Bidco Inc.+(5)	One stop	SF +	6.00%		N/A(6)				10/2029	—		(8)		—		(5)
Borrower R365 Holdings, LLC+	One stop	SF +	6.50%	(j)	12.00%				06/2027	13,637		13,489		0.5		13,637
Borrower R365 Holdings, LLC+	One stop	SF +	6.50%	(j)	12.00%				06/2027	1,124		1,111		—		1,124
Borrower R365 Holdings, LLC+	One stop	SF +	6.50%	(j)	12.00%				06/2027	43		42		—		43
Borrower R365 Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)				06/2027	—		(1)		—		—
Borrower R365 Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)				06/2027	—		(1)		—		—
Flavor Producers, LLC#+(23)	Senior secured	SF +	6.50%	(a)(j)	10.20%	cash/	1.75%	PIK	12/2024	5,044		5,044		0.2		4,843
Flavor Producers, LLC+(5)	Senior secured	SF +	6.50%		N/A(6)				09/2024	—		—		—		(2)
Kodiak Cakes, LLC*#+	Senior secured	SF +	6.75%	(i)	12.11%				06/2027	12,308		12,036		0.5		12,308
Kodiak Cakes, LLC+	Senior secured	SF +	6.75%	(i)	12.11%				06/2026	125		122		—		125
Louisiana Fish Fry Products, Ltd.*+	One stop	SF +	6.25%	(j)	11.75%				07/2027	9,654		9,595		0.4		9,557
Louisiana Fish Fry Products, Ltd.+	One stop	SF +	6.25%	(i)(j)	11.74%				07/2027	105		104		—		104
MAPF Holdings, Inc.*#+	One stop	SF +	5.00%	(j)	10.50%				12/2026	37,499		37,309		1.5		37,499
MAPF Holdings, Inc.+	One stop	SF +	5.00%	(j)	10.51%				12/2026	300		299		—		300
MAPF Holdings, Inc.+	One stop	SF +	5.00%	(j)	10.50%				12/2026	500		496		—		500
P&P Food Safety Holdings, Inc.*+	One stop	SF +	6.00%	(i)(j)	11.50%				12/2026	17,597		17,478		0.7		17,069
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	—		(3)		—		(14)
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%	(i)	11.71%				08/2027	6,587		6,538		0.2		6,521
Ultimate Baked Goods Midco LLC+(5)	One stop	SF +	6.25%		N/A(6)				08/2027	—		(21)		—		(1)
Whitebridge Pet Brands, LLC*#+	One stop	SF +	4.75%	(i)	10.21%				07/2027	20,777		20,546		0.8		20,777
Whitebridge Pet Brands, LLC+(5)	One stop	SF +	4.75%		N/A(6)				07/2027	—		(2)		—		—
Wizard Bidco Limited+(8)(10)	One stop	SF +	6.00%	(j)	11.35%				03/2029	16,243		15,968		0.6		16,283
Wizard Bidco Limited+(8)(9)(10)(23)	One stop	SN +	5.00%	(g)	8.69%	cash/	1.50%	PIK	03/2029	6,943		7,107		0.3		6,666
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	6.50%	(g)	11.69%				03/2029	5,658		5,393		0.2		5,673
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	4.75%	(g)	9.94%				09/2028	95		91		—		92
Wizard Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.50%		N/A(6)				03/2029	—		(50)		—		—
										158,784		157,163		6.1		157,597

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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 + 5.25% (b) 9.08% 06/2025 $ 4,115 $ 4,152 0.2 % $ 4,074
Aspen Medical Products, LLC+ One stop L + 5.25% (b) 9.08% 06/2025 263 262 — 260
Aspen Medical Products, LLC+ One stop L + 5.25% N/A(6) 06/2025 — — — —
Baduhenna Bidco Limited+(8)(10) One stop SF + 5.95% (j) 10.53% 08/2028 5,415 5,355 0.2 5,415
Baduhenna Bidco Limited+(8)(9)(10) One stop E + 5.95% (e) 7.93% 08/2028 3,100 3,391 0.1 3,065
Baduhenna Bidco Limited+(8)(9)(10) One stop SN + 5.95% (i) 9.50% 08/2028 856 942 — 851
Baduhenna Bidco Limited+(8)(9)(10) One stop E + 5.95% (e) 8.15% 08/2028 740 757 — 731
Baduhenna Bidco Limited+(5)(8)(9)(10) One stop SF + 5.95% N/A(6) 08/2028 — (16) — (7)
Belmont Instrument, LLC*# One stop SF + 6.25% (l) 10.76% 08/2028 9,875 9,783 0.4 9,777
Belmont Instrument, LLC+ One stop P + 5.25% (d) 12.75% 08/2028 15 14 — 14
Blades Buyer, Inc.#+ Senior loan SF + 5.00% (l)(m) 8.66% 03/2028 10,026 9,929 0.4 9,773
Blades Buyer, Inc.+(5) Senior loan SF + 4.75% N/A(6) 03/2028 — (1) — (6)
Blades Buyer, Inc.+ Senior loan SF + 5.00% (k) 9.37% 03/2028 319 318 — 311
Blades Buyer, Inc.+ Senior loan SF + 5.25% (k) 9.37% 03/2028 1,311 1,290 0.1 1,291
Blue River Pet Care, LLC*#+ One stop L + 5.00% (a) 9.38% 07/2026 51,066 50,779 2.0 49,533
Blue River Pet Care, LLC+(5) One stop L + 5.00% N/A(6) 08/2025 — (2) — (8)
Blue River Pet Care, LLC+ One stop L + 5.00% (a) 9.37% 07/2026 770 761 — 736
Blue River Pet Care, LLC+ One stop L + 5.00% (a) 9.38% 07/2026 180 178 — 174
Blue River Pet Care, LLC+ One stop L + 5.00% (a) 9.38% 07/2026 173 171 — 167
CCSL Holdings, LLC*+ One stop SF + 6.50% (k) 10.92% 12/2026 15,359 15,230 0.6 15,206
CCSL Holdings, LLC+ One stop SF + 6.50% (k) 10.92% 12/2026 4,146 4,114 0.2 4,104
CCSL Holdings, LLC+(8)(9) One stop SN + 6.50% (i) 10.03% 12/2026 2,351 2,423 0.1 2,327
CCSL Holdings, LLC+ One stop SF + 6.50% (k) 10.92% 12/2026 130 128 — 128
CCSL Holdings, LLC+(5) One stop SF + 6.50% N/A(6) 12/2026 — (14) — (14)
CCSL Holdings, LLC+(5) One stop SF + 6.50% N/A(6) 12/2026 — (23) — (26)
CMI Parent Inc.#+ Senior loan SF + 4.75% (k) 9.17% 08/2025 6,483 6,541 0.3 6,352
CMI Parent Inc.+ Senior loan SF + 4.75% (k) 9.17% 08/2025 3,212 3,190 0.1 3,148
CMI Parent Inc.+(5) Senior loan L + 4.75% N/A(6) 08/2025 — (2) — (6)
CMI Parent Inc.+ Senior loan SF + 4.75% (k) 9.17% 08/2025 2,925 2,898 0.1 2,866
G & H Wire Company, Inc.#+(22) One stop L + 9.00% (c) 11.17% cash/ 2.00% PIK 09/2023 11,471 11,278 0.5 11,356
G & H Wire Company, Inc.+(22) One stop L + 9.00% (b) 11.73% cash/ 2.00% PIK 06/2023 94 92 — 94
Joerns Healthcare, LLC+(7)(22) One stop SF + 16.00% (l) 10.78% cash/ 10.00% PIK 08/2024 2,187 1,974 — —
Joerns Healthcare, LLC+(7)(22) One stop SF + 16.00% (l) 10.78% cash/ 10.00% PIK 08/2024 2,103 1,900 — —
Joerns Healthcare, LLC+ One stop SF + 18.00% (l) 22.51% 01/2024 1,290 1,290 — 839
Joerns Healthcare, LLC+ One stop SF + 18.00% (l) 22.51% 01/2024 262 262 — 262
140,237 139,344 5.3 132,787


	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 +	5.25%	(j)	10.78%				06/2025	$	4,115	$	4,137	0.2	%	$	4,115
Aspen Medical Products, LLC+	One stop	SF +	5.25%	(j)	10.78%				06/2025	263		262		—		263
Aspen Medical Products, LLC+	One stop	SF +	5.25%		N/A(6)				06/2025	—		—		—		—
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	5.95%	(h)	11.53%				08/2028	5,415		5,366		0.2		5,415
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	5.95%	(c)	9.92%				08/2028	3,197		3,398		0.1		3,197
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SN +	5.95%	(g)	11.26%				08/2028	900		949		—		900
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	5.95%	(c)	9.88%				08/2028	763		762		—		763
Baduhenna Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.95%		N/A(6)				08/2028	—		(13)		—		—
Belmont Instrument, LLC*#	One stop	SF +	6.25%	(j)	11.60%				08/2028	9,777		9,700		0.4		9,777
Belmont Instrument, LLC+	One stop	SF +	6.25%	(j)	11.60%				08/2028	33		32		—		33
Blades Buyer, Inc.#+	Senior secured	SF +	5.00%	(j)(k)	10.45%				03/2028	9,932		9,862		0.4		9,859
Blades Buyer, Inc.+	Senior secured	SF +	5.25%	(i)	10.69%				03/2028	1,297		1,281		0.1		1,297
Blades Buyer, Inc.+	Senior secured	SF +	5.00%	(i)	10.44%				03/2028	316		315		—		314
Blades Buyer, Inc.+	Senior secured	P +	3.75%	(a)	12.25%				03/2028	17		17		—		15
Blue River Pet Care, LLC*#+	One stop	SF +	5.75%	(i)	11.21%				07/2026	50,545		50,339		2.0		50,039
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(i)	11.21%				07/2026	762		758		—		755
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(i)	11.21%				07/2026	178		177		—		176
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(i)	11.21%				07/2026	171		170		—		169
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(i)	11.21%				07/2026	169		168		—		167
Blue River Pet Care, LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2025	—		(2)		—		(4)
Blue River Pet Care, LLC+(5)	One stop	SF +	5.75%		N/A(6)				07/2026	—		—		—		(1)
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(i)	11.21%				07/2026	130		129		—		129
CCSL Holdings, LLC*#(8)	One stop	SF +	6.00%	(i)	11.36%				12/2028	15,202		14,966		0.6		15,202
CCSL Holdings, LLC+(8)	One stop	SF +	6.00%	(i)	11.36%				12/2028	4,104		4,043		0.2		4,104
CCSL Holdings, LLC+(8)(9)	One stop	SN +	6.00%	(g)	11.19%				12/2028	2,449		2,382		0.1		2,449
CCSL Holdings, LLC+(5)(8)	One stop	SF +	6.00%		N/A(6)				12/2028	—		(3)		—		—
CCSL Holdings, LLC+(8)	One stop	SF +	6.00%	(i)	11.36%				12/2028	521		480		—		521
CCSL Holdings, LLC+(5)(8)	One stop	SF +	6.00%		N/A(6)				12/2028	—		(25)		—		—
CMI Parent Inc.*#	Senior secured	SF +	4.75%	(i)	10.21%				08/2025	6,291		6,328		0.3		6,291
CMI Parent Inc.*	Senior secured	SF +	4.75%	(i)	10.21%				08/2025	3,086		3,074		0.1		3,086
CMI Parent Inc.*	Senior secured	SF +	4.75%	(i)	10.21%				08/2025	2,895		2,879		0.1		2,895
CMI Parent Inc.+(5)	Senior secured	SF +	4.75%		N/A(6)				08/2025	—		(2)		—		—
G & H Wire Company, Inc.+(23)	One stop	SF +	9.00%	(j)	8.04%	cash/	6.50%	PIK	12/2024	12,004		11,965		0.4		9,363
G & H Wire Company, Inc.+(23)	One stop	SF +	9.00%	(j)	8.04%	cash/	6.50%	PIK	12/2024	102		100		—		70
Joerns Healthcare, LLC+(7)(23)	One stop	SF +	18.00%	(j)	23.63%	PIK			01/2024	1,654		1,470		—		298
Joerns Healthcare, LLC+(23)	One stop	SF +	18.00%	(j)	23.63%	PIK			01/2024	329		329		—		329
TIDI Legacy Products, Inc.+	One stop	SF +	5.50%	(i)	10.86%				12/2029	345		341		—		341
TIDI Legacy Products, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		(1)		—		(1)
TIDI Legacy Products, Inc.+	One stop	SF +	5.50%		N/A(6)				06/2025	—		—		—		—
YI, LLC+	One stop	SF +	5.75%	(j)	11.09%				12/2029	367		363		—		359
YI, LLC+(5)	One stop	SF +	5.75%		N/A(6)				12/2029	—		(1)		—		(1)
YI, LLC+(5)	One stop	SF +	5.75%		N/A(6)				12/2029	—		(1)		—		(1)
										137,329		136,494		5.2		132,683

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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) 9.89% 12/2027 $ 8,308 $ 8,239 0.3 % $ 8,059
AAH TOPCO, LLC +(22) Subordinated debt N/A 11.50% PIK 12/2031 1,111 1,093 — 1,033
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) 9.82% 12/2027 280 275 — 262
Active Day, Inc.#+ One stop SF + 5.75% (l) 10.48% 02/2025 17,701 17,540 0.7 17,347
Active Day, Inc.#+ One stop SF + 5.75% (l) 10.48% 02/2025 1,366 1,354 0.1 1,339
Active Day, Inc.*# One stop SF + 5.75% (l) 10.48% 02/2025 880 873 0.1 863
Active Day, Inc.+ One stop SF + 5.75% (l) 10.48% 02/2025 701 695 — 687
Active Day, Inc.+ One stop SF + 5.75% (l) 10.48% 02/2025 619 614 — 607
Active Day, Inc.*# One stop SF + 5.75% (l) 10.48% 02/2025 608 603 — 597
Active Day, Inc.+(5) One stop SF + 5.75% N/A(6) 02/2025 — (2) — (4)
Active Day, Inc.+ One stop SF + 5.75% (l) 10.48% 02/2025 — — — —
Acuity Eyecare Holdings, LLC+ One stop SF + 6.00% (l) 10.65% 03/2025 16,467 16,355 0.6 16,222
Acuity Eyecare Holdings, LLC+(22) One stop N/A 15.00% 06/2027 10,831 10,642 0.4 10,831
Acuity Eyecare Holdings, LLC+ One stop SF + 6.25% (l) 10.98% 03/2025 4,067 4,059 0.2 4,027
Acuity Eyecare Holdings, LLC+ One stop SF + 6.25% (l) 10.93% 03/2025 3,623 3,601 0.1 3,587
Acuity Eyecare Holdings, LLC#+ One stop SF + 6.25% (l) 10.98% 03/2025 3,504 3,505 0.2 3,469
Acuity Eyecare Holdings, LLC+ One stop SF + 6.25% (l) 10.98% 03/2025 3,195 3,234 0.1 3,163
Acuity Eyecare Holdings, LLC+ One stop SF + 6.00% (l) 10.41% 03/2025 2,042 2,014 0.1 2,012
Acuity Eyecare Holdings, LLC+ One stop SF + 6.25% (l) 10.98% 03/2025 1,863 1,901 0.1 1,845
Acuity Eyecare Holdings, LLC+ One stop SF + 6.25% (l) 10.98% 03/2025 451 452 — 446
Acuity Eyecare Holdings, LLC+(22) One stop SF + 13.00% (l) 10.98% cash/ 6.75% PIK 03/2025 254 253 — 267
Acuity Eyecare Holdings, LLC+ One stop SF + 6.25% (l) 10.98% 03/2025 166 165 — 165
Acuity Eyecare Holdings, LLC+(5) One stop SF + 6.00% N/A(6) 03/2025 — (5) — (7)
Acuity Eyecare Holdings, LLC+ Senior loan SF + 6.25% (l) 10.60% 03/2025 110 109 — 108
Acuity Eyecare Holdings, LLC+(22) One stop SF + 13.00% (l) 10.89% cash/ 6.75% PIK 03/2025 98 97 — 103
Acuity Eyecare Holdings, LLC+ One stop SF + 6.25% (l) 10.98% 03/2025 1 1 — 1
Acuity Eyecare Holdings, LLC+(5) One stop SF + 6.25% N/A(6) 03/2025 — — — (3)
Acuity Eyecare Holdings, LLC+ One stop SF + 6.00% (l) 10.71% 03/2025 768 762 — 756
Advanced Pain Management Holdings, Inc.+(7)(22) Senior loan P + 3.75% (d) 11.25% 07/2021 15,968 4,922 — 204
Advanced Pain Management Holdings, Inc.+(7)(22) Senior loan L + 8.50% (a) 12.88% 07/2021 7,120 6 — —
Advanced Pain Management Holdings, Inc.+(7)(22) Senior loan P + 3.75% (d) 11.25% 07/2021 1,089 337 — 14
Advanced Pain Management Holdings, Inc.+(7)(22) Senior loan P + 3.75% (d) 11.25% 07/2021 813 446 — 10
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+ One stop L + 6.13% (b) 10.85% 03/2027 4,696 4,652 0.2 4,637
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+ One stop L + 6.13% (b) 10.85% 03/2027 3,926 3,875 0.2 3,877
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(22) Subordinated debt L + 10.50% (b) 15.23% 03/2028 1,945 1,920 0.1 1,945
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(22) Subordinated debt L + 10.50% (b) 15.23% 03/2028 743 736 — 743
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(22) Subordinated debt L + 10.50% (a)(b) 15.17% 03/2028 233 230 — 233
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+ One stop L + 6.25% (b) 10.98% 03/2027 112 109 — 110
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5) One stop L + 6.00% N/A(6) 03/2027 — (1) — (1)
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+ One stop L + 6.25% (a)(b) 10.81% 03/2027 43 42 — 42
Community Care Partners, LLC+ One stop SF + 6.00% (k) 10.44% 06/2026 2,343 2,325 0.1 2,296


	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%	(i)	10.96%				12/2027	$	8,224	$	8,169	0.3	%	$	8,018
AAH TOPCO, LLC +(23)	Subordinated debt	N/A			11.50%	PIK			12/2031	1,246		1,230		—		1,097
AAH TOPCO, LLC +	One stop	SF +	5.50%	(i)	10.96%				12/2027	519		516		—		506
AAH TOPCO, LLC +(5)	One stop	SF +	5.50%		N/A(6)				12/2027	—		—		—		(2)
AAH TOPCO, LLC +(5)	One stop	SF +	6.00%		N/A(6)				12/2027	—		(5)		—		(5)
Active Day, Inc.#+	One stop	SF +	5.25%	(j)	10.75%				02/2025	17,522		17,437		0.7		17,522
Active Day, Inc.#+	One stop	SF +	5.25%	(j)	10.75%				02/2025	1,352		1,346		0.1		1,352
Active Day, Inc.*#	One stop	SF +	5.25%	(j)	10.75%				02/2025	872		867		—		872
Active Day, Inc.+	One stop	SF +	5.25%	(j)	10.75%				02/2025	695		692		—		695
Active Day, Inc.+	One stop	SF +	5.25%	(j)	10.75%				02/2025	613		609		—		613
Active Day, Inc.*#	One stop	SF +	5.25%	(j)	10.75%				02/2025	602		599		—		602
Active Day, Inc.+	One stop	SF +	5.25%		N/A(6)				02/2025	—		—		—		—
Active Day, Inc.+	One stop	SF +	5.25%	(j)	10.75%				02/2025	—		—		—		—
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(j)	11.51%				03/2026	16,302		16,176		0.6		16,302
Acuity Eyecare Holdings, LLC+(23)	One stop	N/A			16.50%				06/2027	12,665		12,518		0.5		12,728
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(j)	11.75%				03/2026	4,026		4,005		0.2		4,026
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(j)	11.76%				03/2026	3,586		3,566		0.2		3,586
Acuity Eyecare Holdings, LLC#+	One stop	SF +	6.25%	(j)	11.75%				03/2026	3,504		3,487		0.2		3,504
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(j)	11.75%				03/2026	3,163		3,174		0.1		3,163
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(j)	11.53%				03/2026	2,021		1,998		0.1		2,021
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(j)	11.75%				03/2026	1,844		1,857		0.1		1,844
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(j)	11.53%				03/2026	1,031		1,023		0.1		1,031
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(j)	11.75%				03/2026	446		444		—		446
Acuity Eyecare Holdings, LLC+(23)	One stop	SF +	13.00%	(j)	11.75%	cash/	6.75%	PIK	03/2026	268		267		—		268
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(j)	11.75%				03/2026	165		164		—		165
Acuity Eyecare Holdings, LLC+	Senior secured	SF +	6.25%	(j)	11.79%				03/2026	108		108		—		108
Acuity Eyecare Holdings, LLC+(23)	One stop	SF +	13.00%	(j)	11.75%	cash/	6.75%	PIK	03/2026	104		103		—		104
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(j)	11.53%				03/2026	30		28		—		30
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(j)	11.75%				03/2026	1		1		—		1
Acuity Eyecare Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)				03/2026	—		(1)		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00%	(j)	11.49%				03/2027	4,649		4,615		0.2		4,649
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00%	(j)	11.49%				03/2027	3,886		3,848		0.2		3,886
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(23)	Subordinated debt	N/A			13.75%				03/2028	2,266		2,246		0.1		2,221
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(23)	Subordinated debt	N/A			13.75%				03/2028	866		860		—		849
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(23)	Subordinated debt	N/A			13.75%				03/2028	275		272		—		269
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00%	(j)	11.48%				03/2027	153		151		—		153
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00%	(j)	11.48%				03/2027	72		72		—		72
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)	One stop	SF +	6.00%		N/A(6)				03/2027	—		(1)		—		—
Bamboo US Bidco LLC+	One stop	SF +	6.00%	(j)	11.38%				09/2030	2,424		2,354		0.1		2,352
Bamboo US Bidco LLC+(8)(9)	One stop	E +	6.00%	(c)	9.95%				09/2030	1,665		1,549		0.1		1,615
Bamboo US Bidco LLC+(5)	One stop	SF +	6.00%		N/A(6)				09/2029	—		(14)		—		(15)
Bamboo US Bidco LLC+	One stop	SF +	6.00%	(i)	11.36%				09/2030	26		21		—		20
Community Care Partners, LLC+	One stop	SF +	6.00%	(i)	11.47%				06/2026	2,319		2,307		0.1		2,180
Community Care Partners, LLC+(5)	One stop	SF +	6.00%		N/A(6)				06/2026	—		(2)		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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)
Community Care Partners, LLC+(5) One stop SF + 6.00% N/A(6) 06/2026 $ — $ (3) — % $ (7)
CRH Healthcare Purchaser, Inc.*+ Senior loan L + 4.50% (b) 9.23% 12/2024 19,502 19,499 0.8 19,111
CRH Healthcare Purchaser, Inc.# Senior loan L + 4.50% (b) 9.23% 12/2024 5,184 5,153 0.2 5,081
CRH Healthcare Purchaser, Inc.#+ Senior loan L + 4.50% (b) 9.23% 12/2024 4,100 4,088 0.2 4,019
CRH Healthcare Purchaser, Inc.+ Senior loan L + 4.50% (b) 9.23% 12/2024 3,512 3,489 0.1 3,441
CRH Healthcare Purchaser, Inc.+(5) Senior loan L + 4.50% N/A(6) 12/2024 — (1) — (6)
Datix Bidco Limited+(8)(9)(10) Senior loan SN + 4.50% (i) 7.93% 04/2025 53,824 59,981 2.1 52,209
Datix Bidco Limited+(8)(9)(10) Second lien SN + 7.75% (i) 11.18% 04/2026 19,099 21,250 0.7 18,335
Emerge Intermediate, Inc.*#(22) One stop SF + 6.50% (l) 10.73% cash/ 0.50% PIK 05/2024 19,253 19,156 0.8 19,060
Emerge Intermediate, Inc.+(22) One stop SF + 6.50% (l) 10.73% cash/ 0.50% PIK 05/2024 1,743 1,734 0.1 1,725
Emerge Intermediate, Inc.+(22) One stop SF + 6.50% (l) 10.52% cash/ 0.50% PIK 05/2024 30 28 — 28
Encorevet Group LLC+ One stop L + 6.75% (b) 11.48% 11/2024 982 978 — 963
Encorevet Group LLC+ One stop L + 6.75% (b) 11.48% 11/2024 617 614 — 605
Encorevet Group LLC+ One stop L + 6.75% (b) 11.48% 11/2024 306 304 — 300
Encorevet Group LLC+ One stop L + 6.75% (b) 11.48% 11/2024 293 291 — 287
Encorevet Group LLC+ One stop L + 6.75% (b) 11.48% 11/2024 265 264 — 260
Encorevet Group LLC+ Senior loan L + 6.75% (b) 11.48% 11/2024 244 243 — 239
Encorevet Group LLC+ One stop L + 6.75% (b) 11.48% 11/2024 162 161 — 159
Encorevet Group LLC+ One stop L + 6.75% (b) 11.48% 11/2024 114 113 — 112
Encorevet Group LLC+ Senior loan L + 6.75% (b) 11.48% 11/2024 109 109 — 107
Encorevet Group LLC+ Senior loan L + 6.75% (b) 11.48% 11/2024 68 68 — 67
Encorevet Group LLC+ Senior loan L + 6.75% (b) 11.48% 11/2024 57 56 — 55
Encorevet Group LLC+ One stop L + 6.75% (b) 11.48% 11/2024 56 55 — 54
Encorevet Group LLC+ One stop L + 6.75% (b) 11.48% 11/2024 32 32 — 31
Encorevet Group LLC+ Senior loan L + 6.75% (b) 11.48% 11/2024 10 10 — 10
Encorevet Group LLC+ Senior loan L + 6.75% (b) 11.12% 11/2024 27 26 — 26
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) 10.23% 11/2028 9,188 9,119 0.4 8,821
ERC Topco Holdings, LLC+ One stop P + 4.50% (b)(d) 11.15% 11/2027 93 91 — 88
ERC Topco Holdings, LLC+(5) One stop L + 5.50% N/A(6) 11/2028 — (3) — (9)
Eyecare Services Partners Holdings LLC+(7)(22) One stop L + 9.25% (b) 5.41% cash/ 8.25% PIK 05/2023 19,708 19,718 0.4 9,854
Eyecare Services Partners Holdings LLC+(7)(22) One stop L + 9.25% (b) 5.41% cash/ 8.25% PIK 05/2023 8,646 8,661 0.2 4,323
Eyecare Services Partners Holdings LLC+(7)(22) One stop L + 9.25% (b) 5.41% cash/ 8.25% PIK 05/2023 7,571 7,585 0.2 3,786
Eyecare Services Partners Holdings LLC+(7)(22) One stop L + 9.25% (b) 5.41% cash/ 8.25% PIK 05/2023 5,573 5,574 0.1 2,786
Eyecare Services Partners Holdings LLC+(7)(22) One stop L + 9.25% (b) 5.41% cash/ 8.25% PIK 05/2023 2,585 2,591 0.1 1,293
Eyecare Services Partners Holdings LLC+(7)(22) One stop L + 9.25% (b) 5.41% cash/ 8.25% PIK 05/2023 1,660 1,663 — 830
Eyecare Services Partners Holdings LLC+(7)(22) One stop L + 9.25% (b) 5.41% cash/ 8.25% PIK 05/2023 1,227 1,229 — 613
Eyecare Services Partners Holdings LLC+(7)(22) One stop L + 9.25% (b) 5.41% cash/ 8.25% PIK 05/2023 1,081 1,083 — 540
Eyecare Services Partners Holdings LLC+(7)(22) One stop L + 9.25% (a)(b) 5.41% cash/ 8.25% PIK 05/2023 1,365 1,358 — 568
Eyecare Services Partners Holdings LLC+(7)(22) One stop L + 9.25% (b) 5.41% cash/ 8.25% PIK 05/2023 698 699 — 349
Eyecare Services Partners Holdings LLC+(7)(22) One stop L + 9.25% (b) 5.41% cash/ 8.25% PIK 05/2023 432 432 — 216
Eyecare Services Partners Holdings LLC+(22) One stop L + 9.25% (b) 5.41% cash/ 8.25% PIK 05/2023 843 840 — 829
Eyecare Services Partners Holdings LLC+(7)(22) One stop L + 9.25% (b) 5.41% cash/ 8.25% PIK 05/2023 843 840 — 422
Eyecare Services Partners Holdings LLC+(22) One stop L + 9.25% (b) 5.61% cash/ 8.25% PIK 05/2023 1,630 1,630 0.1 1,630


	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	SF +	6.25%	(j)	11.75%				06/2025	$	19,501	$	19,438	0.8	%	$	19,501
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	6.25%	(j)	11.75%				06/2025	5,132		5,100		0.2		5,132
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	6.25%	(j)	11.75%				06/2025	4,059		4,040		0.2		4,059
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	6.25%	(j)	11.75%				06/2025	3,476		3,454		0.2		3,476
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	6.25%	(j)	11.75%				06/2025	100		98		—		100
Datix Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.50%	(g)	9.69%				04/2025	56,646		60,318		2.2		56,646
Datix Bidco Limited+(8)(9)(10)	Second lien	SN +	7.75%	(g)	12.94%				04/2026	20,100		21,344		0.8		20,100
Emerge Intermediate, Inc.*#(23)	One stop	SF +	6.50%	(j)	11.50%	cash/	0.50%	PIK	05/2024	19,233		19,206		0.8		19,233
Emerge Intermediate, Inc.+(23)	One stop	SF +	6.50%	(j)	11.50%	cash/	0.50%	PIK	05/2024	1,741		1,738		0.1		1,741
Emerge Intermediate, Inc.+(23)	One stop	SF +	6.50%	(j)	11.50%	cash/	0.50%	PIK	05/2024	134		134		—		134
Encorevet Group LLC+(23)	One stop	SF +	6.75%	(j)	12.29%				02/2027	983		981		—		949
Encorevet Group LLC+(23)	One stop	SF +	6.75%	(j)	12.29%				02/2027	618		617		—		596
Encorevet Group LLC+(23)	One stop	SF +	6.75%	(j)	12.29%				02/2027	307		306		—		296
Encorevet Group LLC+(23)	One stop	SF +	6.75%	(j)	12.29%				02/2027	294		293		—		283
Encorevet Group LLC+(23)	One stop	SF +	6.75%	(j)	12.29%				02/2027	266		265		—		256
Encorevet Group LLC+(23)	One stop	SF +	6.75%	(j)	12.29%				02/2027	244		244		—		235
Encorevet Group LLC+(23)	One stop	SF +	6.75%	(j)	12.29%				02/2027	162		162		—		157
Encorevet Group LLC+(23)	One stop	SF +	6.75%	(j)	12.29%				02/2027	114		114		—		110
Encorevet Group LLC+(23)	One stop	SF +	6.75%	(j)	12.29%				02/2027	110		110		—		106
Encorevet Group LLC+(23)	One stop	SF +	6.75%	(j)	12.29%				02/2027	68		68		—		66
Encorevet Group LLC+(23)	One stop	SF +	6.75%	(j)	12.29%				02/2027	57		57		—		55
Encorevet Group LLC+(23)	One stop	SF +	6.75%	(j)	12.29%				02/2027	56		55		—		54
Encorevet Group LLC+(23)	One stop	SF +	6.75%	(j)	12.26%				02/2027	47		47		—		45
Encorevet Group LLC+(23)	One stop	SF +	6.75%	(j)	12.29%				02/2027	32		32		—		31
Encorevet Group LLC+(23)	One stop	SF +	6.75%	(j)	12.29%				02/2027	10		10		—		9
Encorevet Group LLC+(5)	One stop	SF +	8.75%		N/A(6)				02/2027	—		—		—		(3)
ERC Topco Holdings, LLC+(23)	One stop	SF +	6.25%	(j)	8.61%	cash/	3.25%	PIK	11/2028	9,116		9,069		0.3		7,111
ERC Topco Holdings, LLC+(23)	One stop	SF +	6.25%	(j)	8.67%	cash/	3.25%	PIK	11/2027	65		64		—		37
ERC Topco Holdings, LLC+(23)	One stop	SF +	6.25%	(j)	11.86%	PIK			11/2028	73		73		—		57
ERC Topco Holdings, LLC+(23)	One stop	SF +	6.25%	(j)	11.60%	PIK			11/2028	1		1		—		—
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75%	(f)	11.33%				03/2027	10,777		10,597		0.4		10,777
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75%	(f)	11.33%				03/2027	707		715		—		707
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75%	(f)	11.33%				03/2027	482		499		—		482
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75%	(f)	11.33%				03/2027	171		170		—		171
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)	One stop	SF +	5.75%	(j)	11.28%				03/2027	94		93		—		94
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75%	(f)	11.33%				03/2027	84		80		—		84
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)	One stop	SF +	5.75%	(j)	11.28%				03/2027	70		69		—		70
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%	(i)	10.21%				12/2026	834		829		—		825
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%	(i)	10.21%				12/2026	161		160		—		159
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%		N/A(6)				12/2026	—		—		—		—
Klick Inc.+(8)(12)	Senior secured	SF +	4.50%	(j)	9.95%				03/2028	9,871		9,811		0.4		9,871
Klick Inc.+(5)(8)(12)	Senior secured	SF +	4.50%		N/A(6)				03/2026	—		(1)		—		—
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.75%	(j)	11.25%				05/2026	2,281		2,267		0.1		2,281
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.75%	(j)	11.25%				05/2026	1,835		1,819		0.1		1,835
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.75%	(j)	11.25%				05/2026	1,084		1,071		—		1,084
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.75%	(j)	11.25%				05/2026	1,077		1,083		—		1,077
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.75%	(j)	11.25%				05/2026	60		60		—		60

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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% (h) 8.74% 03/2027 $ 11,429 $ 11,494 0.5 % $ 11,429
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12) One stop C + 5.00% (h) 9.88% 03/2027 89 86 — 89
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12) One stop C + 5.00% (h) 9.88% 03/2027 511 541 — 511
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12) One stop C + 5.00% (h) 9.88% 03/2027 181 183 — 181
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12) One stop L + 5.00% (b) 9.73% 03/2027 74 73 — 74
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12) One stop SF + 5.00% (l) 9.70% 03/2027 100 99 — 100
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12) One stop C + 5.00% (h) 9.88% 03/2027 750 775 — 750
Heartland Veterinary Partners LLC+ Senior loan SF + 4.75% (m) 9.56% 12/2026 842 835 — 825
Heartland Veterinary Partners LLC+ Senior loan SF + 4.75% (k)(l)(m) 9.25% 12/2026 114 113 — 111
Heartland Veterinary Partners LLC+ Senior loan SF + 4.75% N/A(6) 12/2026 — — — —
Klick Inc.+(8)(12) Senior loan L + 4.50% (b) 9.23% 03/2028 9,972 9,897 0.4 9,872
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) 9.98% 05/2025 2,305 2,299 0.1 2,259
Krueger-Gilbert Health Physics, LLC+ Senior loan L + 5.25% (b) 9.98% 05/2025 1,854 1,842 0.1 1,817
Krueger-Gilbert Health Physics, LLC+ Senior loan L + 5.25% (b) 9.98% 05/2025 1,088 1,108 0.1 1,066
Krueger-Gilbert Health Physics, LLC+ Senior loan L + 5.25% (b) 9.98% 05/2025 60 60 — 58
Krueger-Gilbert Health Physics, LLC+ Senior loan L + 5.25% (b) 9.98% 05/2025 764 751 — 723
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12) One stop C + 5.50% (h) 10.38% 05/2028 18,060 19,945 0.7 17,157
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12) One stop L + 5.50% (b) 10.23% 05/2028 4,315 4,267 0.2 4,099
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12) One stop L + 5.50% (b) 10.23% 05/2028 2,809 2,785 0.1 2,668
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12) One stop C + 5.50% (h) 10.38% 05/2028 1,101 1,185 — 1,046
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12) One stop C + 5.50% (h) 10.38% 05/2028 574 585 — 462
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12) One stop C + 5.50% (h) 10.38% 05/2026 125 126 — 120
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12) One stop L + 5.50% (b) 10.23% 05/2026 60 60 — 58
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12) One stop L + 5.50% (b) 10.23% 05/2028 18 18 — 13
Oliver Street Dermatology Holdings, LLC+(7)(22) One stop SF + 11.40% (l) 16.13% 03/2023 23,658 16,786 0.8 18,926
Oliver Street Dermatology Holdings, LLC+(22) One stop SF + 6.25% (l) 10.98% 03/2023 13,860 13,912 0.5 12,890
Oliver Street Dermatology Holdings, LLC+(22) One stop SF + 6.25% (l) 10.98% 03/2023 357 358 — 332
Pinnacle Treatment Centers, Inc.*#+ One stop L + 6.50% (a) 10.57% 01/2026 18,682 18,264 0.8 18,261
Pinnacle Treatment Centers, Inc.* One stop L + 6.50% (a) 10.57% 01/2026 7,534 7,366 0.3 7,365
Pinnacle Treatment Centers, Inc.#+ One stop L + 6.50% (a) 10.57% 01/2026 1,535 1,501 0.1 1,500
Pinnacle Treatment Centers, Inc.+ One stop L + 6.50% (a) 10.57% 01/2026 693 678 — 677
Pinnacle Treatment Centers, Inc.+ One stop L + 6.50% (a) 10.57% 01/2026 182 178 — 178
Pinnacle Treatment Centers, Inc.+(5) One stop SF + 6.50% N/A(6) 01/2026 — (5) — (5)
Pinnacle Treatment Centers, Inc.+ One stop L + 6.50% (a) 10.57% 01/2026 105 102 — 102
Pinnacle Treatment Centers, Inc.+ One stop L + 6.50% (a) 10.57% 01/2026 37 36 — 36
Pinnacle Treatment Centers, Inc.+ One stop SF + 6.50% (k) 10.92% 01/2026 2,198 2,149 0.1 2,148
Pinnacle Treatment Centers, Inc.+ One stop L + 6.50% (a) 10.57% 01/2026 1,155 1,129 — 1,129
PPT Management Holdings, LLC+(7)(22) One stop L + 8.50% (a) 10.33% cash/ 2.50% PIK 01/2023 27,082 25,482 0.8 20,311
PPT Management Holdings, LLC+(7)(22) One stop L + 8.50% (a) 10.33% cash/ 2.50% PIK 01/2023 328 310 — 246
PPT Management Holdings, LLC+(7)(22) One stop L + 10.50% (a) 10.33% cash/ 4.50% PIK 01/2023 302 282 — 226


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.75%	(j)	11.25%				05/2026	$	153	$	151	—	%	$	153
Krueger-Gilbert Health Physics, LLC+(5)	Senior secured	SF +	5.75%		N/A(6)				05/2026	—		(3)		—		—
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)(23)	One stop	C +	6.00%	(f)	9.43%	cash/	2.00%	PIK	05/2028	19,122		20,552		0.7		18,166
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#(8)(12)	One stop	SF +	5.50%	(j)	11.00%				05/2028	4,271		4,234		0.2		4,058
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#+(8)(12)	One stop	SF +	5.50%	(j)	11.00%				05/2028	2,997		2,964		0.1		2,848
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(f)	10.93%				05/2028	1,215		1,265		—		1,154
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(f)	10.93%				05/2028	633		644		—		601
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(5)(8)(9)(12)	One stop	C +	5.50%		N/A(6)				05/2026	—		(18)		—		(12)
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(5)(8)(12)	One stop	SF +	5.50%		N/A(6)				05/2026	—		(1)		—		(2)
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)(23)	One stop	SF +	6.00%	(j)	9.50%	cash/	2.00%	PIK	05/2028	42		40		—		40
Oliver Street Dermatology Holdings, LLC+(7)(23)	One stop	SF +	11.31%	(j)	16.81%				01/2024	27,872		16,786		0.6		15,329
Oliver Street Dermatology Holdings, LLC+(23)	One stop	SF +	6.25%	(j)	11.75%				01/2024	15,533		15,533		0.6		15,533
Oliver Street Dermatology Holdings, LLC+(23)	One stop	SF +	6.25%	(j)	11.75%				01/2024	400		400		—		400
Pinnacle Treatment Centers, Inc.*#	One stop	SF +	6.50%	(i)	11.95%				01/2026	18,482		18,179		0.7		18,482
Pinnacle Treatment Centers, Inc.*	One stop	SF +	6.50%	(i)	11.95%				01/2026	7,457		7,344		0.3		7,457
Pinnacle Treatment Centers, Inc.#	One stop	SF +	6.50%	(i)	11.95%				01/2026	2,176		2,143		0.1		2,176
Pinnacle Treatment Centers, Inc.#+	One stop	SF +	6.50%	(i)	11.95%				01/2026	1,519		1,497		0.1		1,519
Pinnacle Treatment Centers, Inc.#	One stop	SF +	6.50%	(i)	11.95%				01/2026	1,144		1,127		—		1,144
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.50%	(i)	11.95%				01/2026	686		675		—		686
Pinnacle Treatment Centers, Inc.+	One stop	P +	5.25%	(a)	13.75%				01/2026	174		171		—		174
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.50%	(i)	11.95%				01/2026	180		178		—		180
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.50%	(i)	11.95%				01/2026	104		102		—		104
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.50%	(i)	11.95%				01/2026	36		36		—		36
Suveto Buyer, LLC+	One stop	SF +	4.25%	(i)	9.71%				09/2027	19,622		19,502		0.8		19,230
Suveto Buyer, LLC+	One stop	SF +	4.25%	(i)	9.71%				09/2027	51		50		—		48

										395,712		388,967		14.8		378,501

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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)
PPT Management Holdings, LLC+(7)(22) One stop L + 8.50% (a) 10.33% cash/ 2.50% PIK 01/2023 194 183 — 146
PPT Management Holdings, LLC+(7)(22) One stop L + 8.50% (a) 10.33% cash/ 2.50% PIK 01/2023 96 88 — 72
PPT Management Holdings, LLC+ One stop L + 10.50% N/A(6) 01/2023 — — — —
Suveto Buyer, LLC+ One stop L + 5.00% (a) 9.38% 09/2027 18,298 18,089 0.7 16,962
Suveto Buyer, LLC+ One stop L + 5.00% (a) 9.38% 09/2027 113 112 — 104
484,381 464,960 16.4 412,194


	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%	(k)	13.75%				09/2024	$	374	$	373	—	%	$	374
Coding Solutions Acquisition, Inc.+	One stop	SF +	5.50%	(i)	11.11%				05/2028	5,182		5,144		0.2		5,144
Coding Solutions Acquisition, Inc.+	One stop	SF +	5.75%	(i)	11.11%				05/2028	1,570		1,558		0.1		1,559
Coding Solutions Acquisition, Inc.+	One stop	SF +	6.00%	(i)	11.36%				05/2028	630		615		—		630
Coding Solutions Acquisition, Inc.+	One stop	SF +	5.50%	(i)	11.11%				05/2028	24		24		—		24
Coding Solutions Acquisition, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				05/2028	—		(27)		—		—
Color Intermediate, LLC+	One stop	SF +	5.50%	(j)	10.95%				10/2029	11,636		11,444		0.5		11,636
Connexin Software, Inc.+	One stop	SF +	8.50%	(j)	13.85%				02/2024	9,465		9,466		0.4		9,465
Connexin Software, Inc.+	One stop	SF +	8.50%	(j)	13.85%				02/2024	20		20		—		20
Crow River Buyer, Inc.+	One stop	SF +	7.75%	(j)	13.13%				01/2029	4,631		4,552		0.2		4,631
Crow River Buyer, Inc.+(5)	One stop	SF +	7.75%		N/A(6)				01/2029	—		(1)		—		—
ESO Solution, Inc.+	One stop	SF +	7.00%	(i)	12.36%				05/2027	7,549		7,500		0.3		7,549
ESO Solution, Inc.+	One stop	SF +	7.00%	(i)	12.36%				03/2027	43		42		—		43
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(j)	11.20%				08/2026	6,106		6,089		0.2		6,106
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(j)	11.20%				08/2026	2,912		2,891		0.1		2,912
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(j)	11.20%				08/2026	1,918		1,909		0.1		1,918
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(j)	11.20%				08/2026	1,338		1,325		0.1		1,338
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(j)	11.20%				08/2026	627		624		—		627
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(j)	11.20%				08/2026	130		129		—		130
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(a)(k)	11.59%				09/2025	76		76		—		76
Neptune Holdings, Inc.+	One stop	SF +	6.00%	(k)	11.50%				09/2030	4,950		4,879		0.2		4,888
Neptune Holdings, Inc.+(5)	One stop	SF +	6.00%		N/A(6)				08/2029	—		(1)		—		(1)
Plasma Buyer LLC+	One stop	SF +	5.75%	(j)	11.10%				05/2029	5,336		5,254		0.2		5,069
Plasma Buyer LLC+	One stop	SF +	5.75%	(j)	11.10%				05/2028	18		18		—		16
Plasma Buyer LLC+(5)	One stop	SF +	5.75%		N/A(6)				05/2029	—		(11)		—		—
QF Holdings, Inc.+	One stop	SF +	6.25%	(j)	11.73%				12/2027	626		619		—		626
Qgenda Intermediate Holdings, LLC+	One stop	SF +	4.75%	(j)	10.20%				06/2025	14,774		14,774		0.6		14,626
Qgenda Intermediate Holdings, LLC#	One stop	SF +	4.75%	(j)	10.20%				06/2025	12,039		11,999		0.5		11,919
Qgenda Intermediate Holdings, LLC+	One stop	SF +	4.75%	(j)	10.20%				06/2025	1,436		1,433		0.1		1,422
Qgenda Intermediate Holdings, LLC#	One stop	SF +	4.75%	(j)	10.20%				06/2025	960		960		—		950
Qgenda Intermediate Holdings, LLC+	One stop	SF +	4.75%	(j)	10.20%				06/2025	150		150		—		148
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(i)	9.96%	cash/	3.50%	PIK	06/2025	10,855		10,793		0.4		10,910
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(i)	9.96%	cash/	3.50%	PIK	06/2025	10,567		10,298		0.4		10,620
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(i)	9.96%	cash/	3.50%	PIK	06/2025	6,962		6,922		0.3		6,997
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(i)	9.96%	cash/	3.50%	PIK	06/2025	1,790		1,780		0.1		1,799
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(i)	9.96%	cash/	3.50%	PIK	06/2025	1,591		1,582		0.1		1,599
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(i)	9.96%	cash/	3.50%	PIK	06/2025	1,193		1,187		—		1,199
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(i)	9.96%	cash/	3.50%	PIK	06/2025	995		988		—		999
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(i)	9.96%	cash/	3.50%	PIK	06/2025	796		791		—		800
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(i)	9.96%	cash/	3.50%	PIK	06/2025	159		158		—		159
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(i)	9.96%	cash/	3.50%	PIK	06/2025	84		84		—		84
Transaction Data Systems, Inc.*#+	One stop	SF +	4.25%	(j)	9.75%				02/2026	65,213		64,726		2.5		65,213
Transaction Data Systems, Inc.+	One stop	SF +	4.25%	(i)	9.71%				02/2026	180		178		—		180
Veranex, Inc.+(23)	Senior secured	SF +	6.25%	(k)	10.64%	cash/	1.00%	PIK	04/2028	3,140		3,117		0.1		2,417
Veranex, Inc.+(23)	Senior secured	SF +	6.25%	(k)	10.56%	cash/	1.00%	PIK	04/2028	50		50		—		39
Veranex, Inc.+(23)	Senior secured	SF +	6.25%	(k)	10.59%	cash/	1.00%	PIK	04/2028	25		25		—		19
										198,120		196,506		7.7		196,879

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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 $ 373 — % $ 374
Coding Solutions Acquisition, Inc.+ One stop SF + 5.50% (k) 9.82% 05/2028 5,235 5,188 0.2 5,235
Coding Solutions Acquisition, Inc.+ One stop SF + 5.50% (k) 9.82% 05/2028 14 14 — 14
Coding Solutions Acquisition, Inc.+(5) One stop SF + 5.50% N/A(6) 05/2028 — (7) — —
Color Intermediate, LLC+ One stop SF + 5.50% (l) 10.18% 10/2029 11,724 11,497 0.4 11,255
Connexin Software, Inc.+ One stop L + 8.50% (b) 13.23% 02/2024 9,465 9,481 0.4 9,465
Connexin Software, Inc.+ One stop SF + 8.50% N/A(6) 02/2024 — — — —
ESO Solution, Inc.+ One stop SF + 7.00% (l) 11.59% 05/2027 7,549 7,495 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 6,170 6,147 0.2 6,046
HSI Halo Acquisition, Inc.+ One stop SF + 5.75% (m) 9.83% 08/2026 2,941 2,913 0.1 2,883
HSI Halo Acquisition, Inc.+ One stop SF + 5.75% (m) 9.83% 08/2026 1,938 1,925 0.1 1,899
HSI Halo Acquisition, Inc.+ One stop SF + 5.75% (m) 9.84% 08/2026 1,352 1,334 0.1 1,325
HSI Halo Acquisition, Inc.+ One stop SF + 5.75% (m) 9.83% 08/2026 633 629 — 620
HSI Halo Acquisition, Inc.+ One stop SF + 5.75% (l)(m) 10.26% 09/2025 64 63 — 63
HSI Halo Acquisition, Inc.+ One stop SF + 5.75% (m) 9.86% 08/2026 132 130 — 129
HSI Halo Acquisition, Inc.+(22) One stop N/A 10.00% 08/2026 18 18 — 26
Nextech Holdings, LLC+ One stop L + 5.25% (b) 9.66% 06/2025 3,921 3,957 0.2 3,881
Nextech Holdings, LLC+ One stop L + 5.25% (b) 9.66% 06/2025 1,912 1,904 0.1 1,893
Nextech Holdings, LLC+ One stop L + 5.25% (b) 9.99% 06/2025 100 99 — 94
Plasma Buyer LLC+ One stop SF + 5.75% (k) 10.07% 05/2029 5,390 5,292 0.2 5,228
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) — (42)
Qgenda Intermediate Holdings, LLC+ One stop L + 5.00% (b) 9.73% 06/2025 14,929 14,929 0.6 14,630
Qgenda Intermediate Holdings, LLC# One stop L + 5.00% (b) 9.73% 06/2025 12,163 12,096 0.5 11,920
Qgenda Intermediate Holdings, LLC+ One stop L + 5.00% (b) 9.73% 06/2025 1,451 1,446 0.1 1,422
Qgenda Intermediate Holdings, LLC# One stop L + 5.00% (b) 9.73% 06/2025 970 970 — 951
Qgenda Intermediate Holdings, LLC+(5) One stop L + 5.00% N/A(6) 06/2025 — — — (4)
Tebra Technologies, Inc.+(22) One stop SF + 8.00% (k) 8.92% cash/ 3.50% PIK 06/2025 10,479 10,337 0.4 10,479
Tebra Technologies, Inc.+(22) One stop SF + 8.00% (k) 8.92% cash/ 3.50% PIK 06/2025 10,200 9,750 0.4 10,200
Tebra Technologies, Inc.+(22) One stop SF + 8.00% (k) 8.92% cash/ 3.50% PIK 06/2025 6,720 6,532 0.3 6,720
Tebra Technologies, Inc.+(22) One stop SF + 8.00% (k) 8.92% cash/ 3.50% PIK 06/2025 1,728 1,706 0.1 1,728
Tebra Technologies, Inc.+(22) One stop SF + 8.00% (k) 8.92% cash/ 3.50% PIK 06/2025 1,536 1,505 0.1 1,536
Tebra Technologies, Inc.+(22) One stop SF + 8.00% (k) 8.92% cash/ 3.50% PIK 06/2025 1,152 1,137 — 1,152
Tebra Technologies, Inc.+(22) One stop SF + 8.00% (k) 8.92% cash/ 3.50% PIK 06/2025 960 947 — 960
Tebra Technologies, Inc.+(22) One stop SF + 8.00% (k) 8.92% cash/ 3.50% PIK 06/2025 768 758 — 768
Tebra Technologies, Inc.+(22) One stop SF + 8.00% (k) 8.92% cash/ 3.50% PIK 06/2025 153 151 — 153
Tebra Technologies, Inc.+(22) One stop SF + 8.00% (k) 8.92% cash/ 3.50% PIK 06/2025 82 80 — 82
Transaction Data Systems, Inc.*#+ One stop L + 4.50% (b) 9.23% 02/2026 66,067 65,349 2.6 64,746
Transaction Data Systems, Inc.+(5) One stop L + 4.50% N/A(6) 02/2026 — (4) — (6)
Veranex, Inc.+ Senior loan SF + 4.75% (m) 7.52% 04/2028 3,170 3,142 0.1 3,011
Veranex, Inc.+(5) Senior loan P + 3.75% N/A(6) 04/2028 — — — (3)
Veranex, Inc.+ Senior loan SF + 4.75% (l)(m) 9.47% 04/2028 25 24 — 13
191,485 189,292 7.5 188,394


	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%	(j)	11.53%				08/2028	$	8,500	$	8,435	0.3	%	$	8,500
Barteca Restaurants, LLC+	One stop	SF +	6.00%	(j)	11.51%				08/2028	665		657		—		665
Barteca Restaurants, LLC+(5)	One stop	SF +	6.00%		N/A(6)				08/2028	—		(1)		—		—
BJH Holdings III Corp.*#+	One stop	SF +	4.50%	(j)	10.05%				08/2025	50,065		50,489		1.9		49,564
BJH Holdings III Corp.+	One stop	SF +	4.50%	(i)(j)	10.03%				08/2025	450		448		—		442
Davidson Hotel Company, LLC+	One stop	SF +	5.25%	(i)	10.71%				07/2025	5,447		5,514		0.2		5,447
Davidson Hotel Company, LLC+	One stop	SF +	5.25%	(i)	10.71%				07/2025	840		838		—		840
Davidson Hotel Company, LLC+	One stop	SF +	5.25%		N/A(6)				07/2025	—		—		—		—
EOS Fitness Opco Holdings, LLC*#+	One stop	SF +	5.25%	(j)	10.75%				01/2027	9,272		9,250		0.4		9,109
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25%	(j)	10.75%				01/2027	884		883		—		869
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25%	(j)	10.75%				01/2027	880		871		—		865
EOS Fitness Opco Holdings, LLC+(5)	One stop	SF +	5.25%		N/A(6)				01/2027	—		—		—		(2)
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.75%	(j)	11.10%				01/2027	1,348		1,339		0.1		1,338
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.75%	(j)	11.10%				01/2027	721		699		—		697
ESN Venture Holdings, LLC*	One stop	SF +	6.50%	(j)	11.85%				10/2028	3,616		3,575		0.2		3,616
ESN Venture Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)				10/2028	—		(19)		—		—
ESN Venture Holdings, LLC+	One stop	SF +	6.50%	(j)	11.86%				10/2028	32		31		—		32
ESN Venture Holdings, LLC+	One stop	SF +	6.50%	(j)(k)	11.87%				10/2028	547		542		—		547
GFP Atlantic Holdco 2, LLC+	One stop	SF +	6.00%	(j)	11.62%				11/2027	155		152		—		152
GFP Atlantic Holdco 2, LLC+(5)	One stop	SF +	6.00%		N/A(6)				11/2027	—		(3)		—		(7)
Harri US LLC+(23)	One stop	SF +	10.00%	(j)	11.54%	cash/	4.00%	PIK	08/2026	849		792		0.1		857
Harri US LLC+(23)	One stop	SF +	10.00%	(j)	11.54%	cash/	4.00%	PIK	08/2026	574		573		—		581
Harri US LLC+(23)	One stop	SF +	10.00%	(j)	11.54%	cash/	4.00%	PIK	08/2026	557		556		—		564
Harri US LLC+	One stop	SF +	10.00%		N/A(6)				08/2026	—		—		—		—
Health Buyer, LLC+	Senior secured	SF +	5.25%	(j)	10.75%				04/2029	2,571		2,542		0.1		2,558
Health Buyer, LLC+	Senior secured	SF +	5.50%	(j)	10.85%				04/2029	1,168		1,141		0.1		1,168
Health Buyer, LLC+	Senior secured	SF +	5.25%		N/A(6)				04/2028	—		—		—		—
Health Buyer, LLC+(5)	Senior secured	SF +	5.50%		N/A(6)				04/2029	—		(7)		—		—
SSRG Holdings, LLC+	One stop	SF +	4.75%	(j)	10.25%				11/2025	988		981		0.1		988
SSRG Holdings, LLC+	One stop	SF +	4.75%	(j)	10.25%				11/2025	20		20		—		20
SSRG Holdings, LLC+	One stop	SF +	5.50%	(j)	11.00%				11/2025	118		117		—		118
Tropical Smoothie Cafe Holdings, LLC+	One stop	SF +	5.50%	(j)	11.03%				09/2026	19,299		19,178		0.7		19,106
Tropical Smoothie Cafe Holdings, LLC*#	One stop	SF +	5.50%	(i)(j)	11.02%				09/2026	12,110		12,013		0.5		11,988
Tropical Smoothie Cafe Holdings, LLC#	One stop	SF +	5.50%	(j)	11.03%				09/2026	5,292		5,256		0.2		5,239
Tropical Smoothie Cafe Holdings, LLC+(5)	One stop	SF +	5.50%		N/A(6)				09/2026	—		(1)		—		(1)
Tropical Smoothie Cafe Holdings, LLC+	One stop	SF +	5.75%	(j)	11.12%				09/2026	500		495		—		495
YE Brands Holding, LLC+	One stop	SF +	5.75%	(j)	11.20%				10/2027	4,938		4,892		0.2		4,938
YE Brands Holding, LLC+	One stop	SF +	5.50%	(i)	10.96%				10/2027	26		26		—		26
										132,432		132,274		5.1		131,319

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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
Barteca Restaurants, LLC# One stop SF + 6.00% (m) 9.19% 08/2028 $ 7,659 $ 7,588 0.3 % $ 7,659
Barteca Restaurants, LLC+(5) One stop SF + 6.00% N/A(6) 08/2028 — (1) — —
Barteca Restaurants, LLC+(5) One stop SF + 6.00% N/A(6) 08/2028 — (19) — —
BJH Holdings III Corp.*#+ One stop L + 4.50% (a) 8.46% 08/2025 50,571 51,252 2.0 49,055
BJH Holdings III Corp.+ One stop L + 4.50% (a)(b) 8.74% 08/2025 390 386 — 366
Davidson Hotel Company, LLC+ One stop L + 5.25% (a) 9.63% 07/2024 7,074 7,064 0.3 7,074
Davidson Hotel Company, LLC+ One stop L + 5.25% (a) 9.63% 07/2024 1,089 1,088 — 1,089
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) 9.79% 01/2026 9,368 9,376 0.4 9,368
EOS Fitness Opco Holdings, LLC+ One stop SF + 4.75% (m) 9.79% 01/2026 894 895 — 894
EOS Fitness Opco Holdings, LLC+ One stop SF + 4.75% (m) 9.73% 01/2026 32 32 — 32
EOS Fitness Opco Holdings, LLC+(5) One stop SF + 4.75% N/A(6) 01/2026 — (11) — —
ESN Venture Holdings, LLC+ One stop SF + 6.50% (l) 11.08% 10/2028 3,652 3,603 0.1 3,606
ESN Venture Holdings, LLC+ One stop SF + 6.50% (l) 11.06% 10/2028 16 14 — 15
ESN Venture Holdings, LLC+(5) One stop SF + 6.50% N/A(6) 10/2028 — (30) — (23)
Freddy's Frozen Custard LLC+ One stop L + 5.00% (b) 9.73% 03/2027 9,136 9,073 0.4 9,136
Freddy's Frozen Custard LLC+ One stop L + 5.00% N/A(6) 03/2027 — — — —
Harri US LLC+(22) One stop L + 10.00% (b) 10.59% cash/ 4.00% PIK 08/2026 812 733 — 815
Harri US LLC+ One stop SF + 10.00% N/A(6) 08/2026 — — — —
Harri US LLC+(5) One stop SF + 10.00% N/A(6) 08/2026 — (3) — 3
Harri US LLC+(22) One stop SF + 10.00% (l) 10.64% cash/ 4.00% PIK 08/2026 552 550 — 554
Health Buyer, LLC+ Senior loan SF + 5.25% (l)(m) 10.29% 04/2029 2,597 2,562 0.1 2,493
Health Buyer, LLC+ Senior loan SF + 5.25% (k) 9.66% 04/2028 17 17 — 16
SSRG Holdings, LLC+ One stop SF + 4.75% (l) 9.48% 11/2025 998 988 — 988
SSRG Holdings, LLC+ One stop SF + 4.75% (l) 9.48% 11/2025 20 20 — 19
Tropical Smoothie Cafe Holdings, LLC+ One stop SF + 5.25% (l) 9.49% 09/2026 19,900 19,729 0.8 19,701
Tropical Smoothie Cafe Holdings, LLC*# One stop SF + 5.25% (k)(l) 9.74% 09/2026 13,695 13,562 0.6 13,558
Tropical Smoothie Cafe Holdings, LLC# One stop SF + 5.25% (k)(l) 9.50% 09/2026 5,501 5,450 0.2 5,446
Tropical Smoothie Cafe Holdings, LLC+(5) One stop SF + 4.25% N/A(6) 09/2026 — (1) — (1)
133,973 133,917 5.2 131,863
Household Durables
Groundworks LLC+ Senior loan L + 4.75% (b) 9.48% 01/2026 4,603 4,561 0.2 4,603
Groundworks LLC+ Senior loan L + 4.75% (b) 9.48% 01/2026 1,800 1,783 0.1 1,800
Groundworks LLC+ Senior loan L + 4.75% (b) 9.48% 01/2026 1,200 1,191 0.1 1,200
Groundworks LLC+ Senior loan L + 4.75% (b) 9.48% 01/2026 1,069 1,058 — 1,069
Groundworks LLC+ Senior loan L + 4.75% (b) 9.48% 01/2026 82 81 — 82
Groundworks LLC+ Senior loan L + 4.75% (b) 9.48% 01/2026 56 52 — 56
Groundworks LLC+ Senior loan L + 4.75% N/A(6) 01/2026 — — — —
8,810 8,726 0.4 8,810
Household Products
WU Holdco, Inc.#+ One stop L + 5.50% (b) 10.23% 03/2026 3,732 3,776 0.1 3,582
WU Holdco, Inc.+ One stop L + 5.50% (b) 10.23% 03/2026 1,315 1,315 0.1 1,262
WU Holdco, Inc.+ One stop L + 5.50% (b) 10.23% 03/2026 342 339 — 328
WU Holdco, Inc.+ One stop L + 5.50% (b) 10.20% 03/2025 26 25 — 24
5,415 5,455 0.2 5,196


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Household Durables
Groundworks LLC+	One stop	SF +	6.50%	(j)	11.90%	03/2030	$	7,209	$	7,027	0.3	%	$	7,209
Groundworks LLC+	One stop	SF +	6.50%	(i)(j)	11.86%	03/2030	174		155		—		174
Groundworks LLC+(5)	One stop	SF +	6.50%		N/A(6)	03/2029	—		(1)		—		—


							7,383		7,181		0.3		7,383
Household Products
WU Holdco, Inc.#+	One stop	SF +	5.50%	(j)	11.00%	03/2026	3,694		3,724		0.1		3,582
WU Holdco, Inc.+	One stop	SF +	5.50%	(j)	11.00%	03/2026	1,302		1,302		0.1		1,262
WU Holdco, Inc.+	One stop	SF +	5.50%	(j)	11.00%	03/2026	338		336		—		328
WU Holdco, Inc.+	One stop	SF +	5.50%	(j)	11.00%	03/2025	26		26		—		26
							5,360		5,388		0.2		5,198
Industrial Conglomerates
Arch Global CCT Holdings Corp.#+	Senior secured	SF +	4.75%	(j)	10.24%	04/2026	2,325		2,354		0.1		2,278
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75%	(j)	10.22%	04/2026	148		148		—		145
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75%	(j)	10.20%	04/2026	133		133		—		131
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75%		N/A(6)	04/2025	—		—		—		—
Dwyer Instruments, Inc.+	One stop	SF +	5.75%	(j)	11.20%	07/2027	3,873		3,818		0.2		3,795
Dwyer Instruments, Inc.+(5)	One stop	SF +	5.75%		N/A(6)	07/2027	—		(1)		—		(1)
Dwyer Instruments, Inc.+	One stop	SF +	5.75%	(i)(j)	11.20%	07/2027	982		966		—		962
Dwyer Instruments, Inc.+	One stop	SF +	5.75%	(k)	11.09%	07/2027	231		227		—		227
Dwyer Instruments, Inc.+(5)	One stop	SF +	5.75%		N/A(6)	07/2027	—		(3)		—		(3)
Essential Services Holdings Corporation+	One stop	SF +	5.75%	(j)	11.29%	11/2026	1,481		1,473		0.1		1,451
Essential Services Holdings Corporation+	One stop	SF +	5.75%	(j)	11.28%	11/2025	40		40		—		39
Excelitas Technologies Corp.+	One stop	SF +	5.75%	(j)	11.23%	08/2029	7,536		7,417		0.3		7,461
Excelitas Technologies Corp.+(8)(9)	One stop	E +	5.75%	(c)	9.75%	08/2029	1,288		1,185		—		1,275
Excelitas Technologies Corp.+	One stop	SF +	5.75%	(a)(j)	11.29%	08/2028	136		134		—		134
Excelitas Technologies Corp.+	One stop	SF +	5.75%	(j)	11.22%	08/2029	665		647		—		656
Specialty Measurement Bidco Limited+(8)(10)	One stop	SF +	6.00%	(h)	11.58%	11/2027	7,961		7,839		0.3		7,961
Specialty Measurement Bidco Limited+(8)(9)(10)	One stop	E +	6.00%	(c)	9.96%	11/2027	7,383		7,866		0.3		7,383
Specialty Measurement Bidco Limited+(8)(9)(10)	One stop	E +	6.00%	(c)	9.96%	11/2027	3,631		3,444		0.2		3,631
Specialty Measurement Bidco Limited+(8)(10)	One stop	SF +	6.50%	(h)	12.25%	11/2027	500		490		—		503
Specialty Measurement Bidco Limited+(8)(10)	One stop	SF +	6.25%	(h)	11.83%	11/2027	2,510		2,468		0.1		2,516
Specialty Measurement Bidco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	10.22%	11/2027	3,000		2,921		0.1		3,007
							43,823		43,566		1.7		43,551

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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)
Industrial Conglomerates
Arch Global CCT Holdings Corp.#+ Senior loan L + 4.75% (b) 9.16% 04/2026 $ 2,349 $ 2,391 0.1 % $ 2,324
Arch Global CCT Holdings Corp.+ Senior loan L + 4.75% (b) 9.48% 04/2026 135 134 — 133
Arch Global CCT Holdings Corp.+ Senior loan L + 4.75% (b) 9.46% 04/2026 100 100 — 98
Arch Global CCT Holdings Corp.+ Senior loan L + 4.75% N/A(6) 04/2025 — — — —
Dwyer Instruments, Inc.+ One stop L + 6.00% (b) 10.73% 07/2027 3,912 3,842 0.2 3,912
Dwyer Instruments, Inc.+ One stop L + 6.00% (b) 10.73% 07/2027 7 6 — 7
Dwyer Instruments, Inc.+(5) One stop L + 6.00% N/A(6) 07/2027 — (9) — —
Essential Services Holdings Corporation+ One stop L + 5.75% (a)(b) 9.82% 11/2026 1,496 1,485 0.1 1,466
Essential Services Holdings Corporation+(5) One stop L + 5.75% N/A(6) 11/2025 — (1) — (1)
Excelitas Technologies Corp.+ One stop SF + 5.75% (l) 10.12% 08/2029 7,131 6,994 0.3 7,060
Excelitas Technologies Corp.+(8)(9) One stop E + 5.75% (e) 7.55% 08/2029 1,261 1,194 — 1,249
Excelitas Technologies Corp.+ One stop SF + 5.75% (d)(l) 10.70% 08/2028 126 124 — 124
Excelitas Technologies Corp.+(5) One stop SF + 5.75% N/A(6) 08/2029 — (13) — (14)
Madison Safety & Flow LLC+ Senior loan SF + 4.60% (k) 8.86% 03/2025 439 439 — 439
Madison Safety & Flow LLC+ Senior loan SF + 4.60% (k) 8.92% 03/2025 1 1 — 1
Specialty Measurement Bidco Limited+(8)(10) One stop L + 5.50% (b) 10.23% 11/2027 7,961 7,808 0.3 7,881
Specialty Measurement Bidco Limited+(8)(9)(10) One stop E + 5.50% (e) 7.45% 11/2027 7,159 7,840 0.3 7,088
Specialty Measurement Bidco Limited+(5)(8)(9)(10) One stop SN + 5.50% N/A(6) 11/2027 — (79) — (35)
32,077 32,256 1.3 31,732


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Insurance
Accession Risk Management Group, Inc.*#+	One stop	SF +	5.50%	(j)	11.03%				11/2029	$	25,307	$	24,984	1.0	%	$	24,927
Accession Risk Management Group, Inc.+	One stop	SF +	5.50%	(j)	11.02%				11/2029	6,478		6,270		0.2		6,380
Accession Risk Management Group, Inc.+	One stop	SF +	5.50%	(j)	11.02%				11/2029	5,551		5,495		0.2		5,468
Accession Risk Management Group, Inc.+	One stop	SF +	5.50%	(j)	11.01%				11/2029	1,499		1,485		0.1		1,477
Accession Risk Management Group, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				11/2029	—		(1)		—		(1)
Accession Risk Management Group, Inc.+	One stop	SF +	6.00%	(j)	11.35%				11/2029	279		204		—		279
Accession Risk Management Group, Inc.+	One stop	SF +	6.00%	(j)	11.41%				11/2029	625		615		—		625
Alera Group, Inc.+	One stop	SF +	6.00%	(i)	11.46%				10/2028	25,050		24,880		1.0		25,050
Alera Group, Inc.+	One stop	SF +	6.00%	(i)	11.46%				10/2028	7,119		7,045		0.3		7,119
Alera Group, Inc.+	One stop	SF +	6.00%	(i)	11.46%				10/2028	606		602		—		606
Alera Group, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				10/2028	—		(2)		—		(3)
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(j)(k)	10.53%				07/2027	3,148		3,129		0.1		3,117
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(j)(k)	10.53%				07/2027	938		935		—		928
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(j)(k)	10.53%				07/2027	780		775		—		772
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(j)	10.70%				07/2027	10		10		—		10
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%	(i)	5.31%	cash/	5.80%	PIK	07/2029	10,252		10,099		0.4		10,252
Captive Resources Midco, LLC+(5)	One stop	SF +	5.25%		N/A(6)				07/2028	—		(3)		—		—
Disco Parent, Inc.+	One stop	SF +	7.50%	(j)	12.89%				03/2029	4,069		3,980		0.2		4,069
Disco Parent, Inc.+(5)	One stop	SF +	7.50%		N/A(6)				03/2029	—		(1)		—		—
Doxa Insurance Holdings LLC+	One stop	SF +	5.50%	(j)	10.87%				12/2030	231		229		—		229
Doxa Insurance Holdings LLC+	One stop	SF +	5.50%		N/A(6)				12/2029	—		—		—		—
Doxa Insurance Holdings LLC+(5)	One stop	SF +	5.50%		N/A(6)				12/2030	—		(2)		—		(2)
Illumifin Corporation+(23)	One stop	SF +	7.00%	(j)	6.66%	cash/	6.00%	PIK	09/2027	3,068		3,032		0.1		2,608
Integrated Specialty Coverages, LLC+	One stop	SF +	6.00%	(i)(j)(k)	11.40%				07/2030	3,289		3,212		0.1		3,289
Integrated Specialty Coverages, LLC+(5)	One stop	SF +	6.00%		N/A(6)				07/2029	—		(1)		—		—
Integrated Specialty Coverages, LLC+(5)	One stop	SF +	6.00%		N/A(6)				07/2030	—		(9)		—		—
Integrity Marketing Acquisition, LLC+	Senior secured	SF +	6.05%	(j)	11.54%				08/2026	3,008		2,979		0.1		2,986
Integrity Marketing Acquisition, LLC+	One stop	SF +	5.80%	(j)	11.29%				08/2026	2,390		2,375		0.1		2,360
Integrity Marketing Acquisition, LLC+	One stop	SF +	6.02%	(j)	11.41%				08/2026	2,127		2,099		0.1		2,106
Integrity Marketing Acquisition, LLC+	Senior secured	SF +	6.05%	(j)	11.54%				08/2026	1,498		1,484		0.1		1,487
Integrity Marketing Acquisition, LLC+	Senior secured	SF +	5.80%	(j)	11.29%				08/2026	764		761		—		754
Integrity Marketing Acquisition, LLC+	One stop	SF +	5.80%	(j)	11.29%				08/2026	461		460		—		456
Integrity Marketing Acquisition, LLC+	Senior secured	SF +	6.05%	(j)	11.54%				08/2026	241		240		—		239
Integrity Marketing Acquisition, LLC+	Senior secured	SF +	6.02%	(j)	11.51%				08/2026	182		181		—		180
Integrity Marketing Acquisition, LLC+	One stop	SF +	6.50%		N/A(6)				08/2026	—		—		—		—
Integrity Marketing Acquisition, LLC+	One stop	SF +	6.00%	(j)	11.39%				08/2026	348		326		—		298
J.S. Held Holdings, LLC#+	One stop	SF +	5.50%	(j)	11.00%				07/2025	6,339		6,328		0.2		6,276
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(j)	11.00%				07/2025	1,459		1,449		0.1		1,445
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(j)	11.00%				07/2025	1,412		1,399		0.1		1,398
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(j)	11.00%				07/2025	420		418		—		416
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(j)	11.00%				07/2025	96		93		—		95
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(j)	11.00%				07/2025	144		142		—		140
Keystone Agency Partners LLC+	Senior secured	SF +	5.50%	(j)	11.00%				05/2027	2,814		2,782		0.1		2,758
Keystone Agency Partners LLC+	Senior secured	SF +	5.50%	(j)	11.00%				05/2027	923		912		0.1		904
Keystone Agency Partners LLC+	Senior secured	SF +	5.50%	(j)	11.00%				05/2027	180		178		—		176
Keystone Agency Partners LLC+	Senior secured	SF +	5.50%	(i)	10.96%				05/2027	89		87		—		87
Keystone Agency Partners LLC+(5)	Senior secured	SF +	5.50%		N/A(6)				05/2027	—		(4)		—		(4)

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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 SF + 6.00% (k) 10.42% 10/2028 $ 25,306 $ 25,098 1.0 % $ 24,547
Alera Group, Inc.+ One stop SF + 6.00% (k) 10.42% 10/2028 7,192 7,102 0.3 6,976
Alera Group, Inc.+ One stop SF + 6.00% (k) 10.42% 10/2028 612 608 — 594
AMBA Buyer, Inc.+ One stop SF + 5.25% (m) 9.33% 07/2027 3,180 3,156 0.1 3,117
AMBA Buyer, Inc.+ One stop SF + 5.25% (m) 9.33% 07/2027 947 944 — 928
AMBA Buyer, Inc.+ One stop SF + 5.25% (m) 9.33% 07/2027 788 781 — 772
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 — — — (2)
Captive Resources Midco, LLC+(22) One stop SF + 5.75% (k) 4.78% cash/ 5.29% PIK 07/2029 9,788 9,606 0.4 9,592
Captive Resources Midco, LLC+(5) One stop SF + 5.75% N/A(6) 07/2028 — (3) — (4)
Integrity Marketing Acquisition, LLC+ Senior loan L + 6.05% (c) 11.28% 08/2025 3,039 3,003 0.1 2,976
Integrity Marketing Acquisition, LLC+ One stop L + 5.80% (b) 10.56% 08/2025 2,415 2,408 0.1 2,351
Integrity Marketing Acquisition, LLC+ Senior loan L + 6.05% (c) 11.23% 08/2025 1,513 1,495 0.1 1,482
Integrity Marketing Acquisition, LLC+ Senior loan L + 5.80% (b)(c) 10.27% 08/2025 772 767 — 751
Integrity Marketing Acquisition, LLC+ One stop L + 5.80% (c) 10.85% 08/2025 467 463 — 455
Integrity Marketing Acquisition, LLC+ Senior loan L + 6.05% (c) 10.08% 08/2025 244 242 — 239
Integrity Marketing Acquisition, LLC+ Senior loan L + 6.02% (c) 10.68% 08/2025 184 182 — 180
Integrity Marketing Acquisition, LLC+(5) One stop SF + 6.50% N/A(6) 08/2025 — — — (2)
Integrity Marketing Acquisition, LLC+ One stop SF + 6.02% (l)(m) 10.37% 08/2025 1,755 1,717 0.1 1,694
J.S. Held Holdings, LLC#+ One stop L + 5.50% (b) 10.23% 07/2025 6,405 6,387 0.3 6,341
J.S. Held Holdings, LLC+ One stop L + 5.50% (b) 10.23% 07/2025 1,474 1,456 0.1 1,459
J.S. Held Holdings, LLC+ One stop SF + 5.50% (l) 10.23% 07/2025 1,426 1,404 0.1 1,412
J.S. Held Holdings, LLC+ One stop SF + 5.50% (l) 10.23% 07/2025 118 114 — 113
J.S. Held Holdings, LLC+ One stop L + 5.50% (b)(d) 10.53% 07/2025 252 249 — 248
Keystone Agency Partners LLC+ Senior loan SF + 6.25% (l) 10.98% 05/2027 2,843 2,805 0.1 2,786
Keystone Agency Partners LLC+ Senior loan SF + 6.25% (l) 10.98% 05/2027 182 179 — 178
Keystone Agency Partners LLC+ Senior loan SF + 6.25% (l) 10.98% 05/2027 159 147 — 140
Long Term Care Group, Inc.+ One stop L + 6.00% (a) 10.34% 09/2027 2,977 2,930 0.1 2,977
Majesco*# One stop L + 7.25% (b) 11.98% 09/2027 18,703 18,486 0.8 18,703
Majesco+(5) One stop L + 7.25% N/A(6) 09/2026 — (2) — —
Norvax, LLC+ Senior loan L + 7.50% (b) 12.23% 09/2025 32,701 32,440 1.2 31,066
Norvax, LLC+ Senior loan L + 7.50% (b) 12.23% 09/2025 9,900 9,754 0.4 9,405
Pareto Health Intermediate Holdings, Inc.+ One stop L + 4.50% (b) 9.23% 08/2025 7,207 7,160 0.3 7,207
Patriot Growth Insurance Services, LLC+(22) One stop L + 5.50% (b)(c) 8.86% 10/2028 11,035 10,943 0.4 10,694
Patriot Growth Insurance Services, LLC+(5) One stop L + 5.50% N/A(6) 10/2028 — (1) — (2)
Patriot Growth Insurance Services, LLC+ One stop L + 5.75% (b) 10.47% 10/2028 161 140 — 116
People Corporation+(8)(9)(12) One stop C + 6.25% (h) 10.91% 02/2028 13,748 14,509 0.5 13,611
People Corporation+(8)(9)(12) One stop C + 6.25% (h) 10.91% 02/2028 4,487 4,864 0.2 4,442
People Corporation+(8)(9)(12) One stop C + 5.50% (h) 10.17% 02/2028 4,099 4,215 0.1 3,644
People Corporation+(8)(9)(12) One stop C + 6.25% (h) 10.99% 02/2027 39 36 — 37
RSC Acquisition, Inc.*#+ One stop SF + 5.50% (l) 9.79% 10/2026 25,570 25,260 1.0 25,058
RSC Acquisition, Inc.+ One stop SF + 5.50% (l) 9.91% 10/2026 6,544 6,293 0.3 6,413
RSC Acquisition, Inc.+ One stop SF + 5.50% (l) 10.11% 10/2026 1,515 1,503 0.1 1,485
RSC Acquisition, Inc.+(5) One stop SF + 5.50% N/A(6) 10/2026 — (1) — (2)
RSC Acquisition, Inc.+ One stop SF + 5.50% (l) 10.23% 10/2026 165 129 — 83
RSC Acquisition, Inc.+ One stop SF + 5.50% (l) 10.07% 10/2026 1,473 1,460 0.1 1,443
Sunstar Insurance Group, LLC+ Senior loan SF + 6.00% (l) 10.73% 10/2026 773 764 — 766


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Majesco*#	One stop	SF +	7.25%	(j)	12.60%				09/2027	$	18,512	$	18,342	0.7	%	$	18,512
Majesco+(5)	One stop	SF +	7.25%		N/A(6)				09/2026	—		(2)		—		—
Norvax, LLC+(8)	Senior secured	SF +	7.50%	(j)	13.03%				09/2025	31,733		31,571		1.3		31,733
Norvax, LLC+(8)	Senior secured	SF +	7.50%	(j)	13.03%				09/2025	9,607		9,516		0.4		9,607
Oakbridge Insurance Agency LLC+	One stop	SF +	5.75%	(i)	11.09%				11/2029	307		304		—		304
Oakbridge Insurance Agency LLC+	One stop	SF +	5.75%		N/A(6)				11/2029	—		—		—		—
Oakbridge Insurance Agency LLC+(5)	One stop	SF +	5.75%		N/A(6)				11/2029	—		(1)		—		(1)
Paisley Bidco Limited+(8)(9)(10)	One stop	E +	6.75%	(c)	10.70%				03/2028	1,465		1,395		0.1		1,451
Paisley Bidco Limited+(5)(8)(9)(10)	One stop	SN +	7.00%		N/A(6)				03/2028	—		(33)		—		(29)
Paisley Bidco Limited+(8)(9)(10)	One stop	E +	6.75%	(c)	10.70%				03/2028	1,385		1,309		0.1		1,371
Pareto Health Intermediate Holdings, Inc.+	One stop	SF +	6.50%	(k)	11.97%				05/2030	14,424		14,159		0.6		14,424
Pareto Health Intermediate Holdings, Inc.+	One stop	SF +	6.50%	(k)	11.97%				05/2030	4,808		4,720		0.2		4,808
Pareto Health Intermediate Holdings, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				06/2029	—		(1)		—		—
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.50%	(i)(j)	11.00%				10/2028	10,923		10,849		0.4		10,705
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.75%	(j)	11.25%				10/2028	2,228		2,211		0.1		2,206
Patriot Growth Insurance Services, LLC+(5)	One stop	SF +	5.75%		N/A(6)				10/2028	—		(1)		—		(2)
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.75%	(j)	11.10%				10/2028	33		28		—		26
People Corporation+(8)(9)(12)	One stop	C +	6.25%	(f)	11.75%				02/2028	13,910		14,396		0.5		13,736
People Corporation+(8)(9)(12)	One stop	C +	5.75%	(f)	11.25%				02/2028	11,604		11,465		0.4		11,285
People Corporation+(8)(9)(12)	One stop	C +	6.25%	(f)	11.75%				02/2028	4,541		4,824		0.2		4,484
People Corporation+(8)(9)(12)	One stop	C +	6.00%	(f)	11.50%				02/2028	361		330		—		261
People Corporation+(8)(9)(12)	One stop	C +	6.25%	(f)	11.74%				02/2027	148		144		—		147
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00%	(j)	11.50%				10/2026	911		907		—		911
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00%	(j)	11.50%				10/2026	766		759		—		766
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00%	(j)	11.50%				10/2026	388		384		—		388
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00%	(a)(i)	12.27%				10/2026	4		4		—		4

										251,252		249,230		9.7		248,852
Internet & Catalog Retail
Revalize, Inc.+	One stop	SF +	5.75%	(i)	11.21%				04/2027	14,822		14,741		0.6		14,229
Revalize, Inc.+	One stop	SF +	5.75%	(i)	11.21%				04/2027	8,675		8,628		0.3		8,328
Revalize, Inc.+	One stop	SF +	5.75%	(i)	11.21%				04/2027	4,301		4,278		0.1		4,129
Revalize, Inc.+	One stop	SF +	5.75%	(i)	11.21%				04/2027	2,591		2,577		0.1		2,488
Revalize, Inc.+	One stop	SF +	5.75%	(i)	11.21%				04/2027	1,670		1,660		0.1		1,603
Revalize, Inc.+	One stop	SF +	5.75%	(i)	11.21%				04/2027	392		391		—		377
Revalize, Inc.+	One stop	SF +	5.75%	(j)	11.25%				04/2027	43		41		—		41
Revalize, Inc.+	One stop	SF +	5.75%	(j)	11.23%				04/2027	57		56		—		48
										32,551		32,372		1.2		31,243
IT Services
Acquia, Inc.+	One stop	SF +	7.00%	(k)	12.74%				10/2025	9,578		9,537		0.4		9,482
Acquia, Inc.+	One stop	SF +	7.00%	(k)	12.60%				10/2025	27		27		—		27
Acquia, Inc.+(5)	One stop	SF +	7.00%		N/A(6)				10/2025	—		—		—		(5)
CivicPlus, LLC+(23)	One stop	SF +	6.50%	(j)	9.54%	cash/	2.50%	PIK	08/2027	6,359		6,310		0.2		6,295
CivicPlus, LLC+(23)	One stop	SF +	6.50%	(j)	9.54%	cash/	2.50%	PIK	08/2027	3,746		3,721		0.1		3,709
CivicPlus, LLC+(23)	One stop	SF +	6.50%	(j)	9.54%	cash/	2.50%	PIK	08/2027	2,981		2,958		0.1		2,951
CivicPlus, LLC+(23)	One stop	SF +	11.75%	(k)	17.00%	PIK			06/2034	254		249		—		249
CivicPlus, LLC+	One stop	SF +	6.00%	(i)	11.46%				08/2027	27		27		—		26
Critical Start, Inc.+(23)	One stop	SF +	6.75%	(j)	8.54%	cash/	3.63%	PIK	05/2028	3,374		3,351		0.1		3,341
Critical Start, Inc.+(23)	One stop	SF +	6.75%	(j)	8.54%	cash/	3.63%	PIK	05/2028	1,540		1,514		0.1		1,524
Critical Start, Inc.+	One stop	SF +	6.25%	(h)	11.57%				05/2028	27		26		—		26
Delinea Inc.+	One stop	SF +	5.75%	(j)	11.25%				03/2028	16,370		16,224		0.6		16,370

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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 SF + 6.00% (l) 10.73% 10/2026 $ 791 $ 784 — % $ 782
Sunstar Insurance Group, LLC+ Senior loan SF + 6.00% (l) 10.73% 10/2026 392 387 — 388
Sunstar Insurance Group, LLC+ Senior loan SF + 6.00% N/A(6) 10/2026 — — — —
TigerRisk, LLC*+ One stop L + 4.75% (a) 9.13% 06/2027 22,604 22,437 0.9 22,604
TigerRisk, LLC+(5) One stop L + 4.75% N/A(6) 06/2027 — (1) — —
235,945 234,799 9.2 230,243
Internet & Catalog Retail
Revalize, Inc.+ One stop SF + 5.75% (l) 10.48% 04/2027 14,974 14,867 0.5 13,477
Revalize, Inc.+ One stop SF + 5.75% (l) 10.48% 04/2027 8,764 8,702 0.3 7,888
Revalize, Inc.+ One stop SF + 5.75% (l) 10.48% 04/2027 4,346 4,315 0.2 3,911
Revalize, Inc.+ One stop SF + 5.75% (l) 10.48% 04/2027 2,618 2,599 0.1 2,356
Revalize, Inc.+ One stop SF + 5.75% (l) 10.48% 04/2027 1,687 1,674 0.1 1,518
Revalize, Inc.+ One stop SF + 5.75% (l) 10.48% 04/2027 396 394 — 357
Revalize, Inc.+(5) One stop SF + 5.75% N/A(6) 04/2027 — (1) — (23)
Revalize, Inc.+ One stop SF + 5.75% (l) 10.46% 04/2027 43 41 — 38
32,828 32,591 1.2 29,522
IT Services
Acquia, Inc.+ One stop L + 7.00% (b) 10.74% 10/2025 9,578 9,515 0.4 9,578
Acquia, Inc.+ One stop L + 7.00% (c) 12.16% 10/2025 33 32 — 33
CivicPlus, LLC+(22) One stop L + 6.75% (b) 8.98% cash/ 2.50% PIK 08/2027 6,200 6,138 0.2 6,076
CivicPlus, LLC+(22) One stop L + 6.75% (b) 8.98% cash/ 2.50% PIK 08/2027 3,662 3,629 0.1 3,589
CivicPlus, LLC+(22) One stop L + 6.75% (b) 8.98% cash/ 2.50% PIK 08/2027 2,906 2,877 0.1 2,848
CivicPlus, LLC+ One stop SF + 11.75% (m) 14.38% 06/2034 202 197 — 200
CivicPlus, LLC+(5) One stop L + 6.75% N/A(6) 08/2027 — (1) — (2)
Critical Start, Inc.+(22) One stop SF + 5.75% (k) 6.94% cash/ 3.13% PIK 05/2028 3,278 3,249 0.1 3,212
Critical Start, Inc.+(5) One stop SF + 5.75% N/A(6) 05/2028 — (1) — (1)
Delinea Inc.+ One stop L + 6.00% (b) 10.73% 03/2028 16,538 16,355 0.6 15,381
Delinea Inc.# One stop L + 6.00% (b) 10.73% 03/2028 9,561 9,452 0.4 8,892
Delinea Inc.+ One stop L + 6.00% (b) 10.73% 03/2027 237 234 — 223
Episerver, Inc.+ One stop L + 5.25% (b) 9.98% 04/2026 21,440 21,224 0.8 20,797
Episerver, Inc.+(8)(9) One stop E + 5.50% (e) 7.63% 04/2026 19,130 20,201 0.8 18,557
Episerver, Inc.#+ One stop L + 5.25% (b) 9.98% 04/2026 11,907 11,965 0.5 11,549
Episerver, Inc.* One stop L + 5.25% (b) 9.98% 04/2026 6,585 6,510 0.3 6,387
Episerver, Inc.+(5) One stop L + 5.25% N/A(6) 04/2026 — (2) — (16)
Episerver, Inc.+(5) One stop L + 5.50% N/A(6) 04/2026 — (3) — (15)
Goldcup 31018 AB+(8)(9)(17)(22) One stop E + 7.07% (f) 3.57% cash/ 3.82% PIK 07/2029 8,372 7,740 0.3 8,204
Goldcup 31018 AB+(5)(8)(9)(17) One stop E + 6.50% N/A(6) 01/2029 — (2) — (3)
Goldcup 31018 AB+(5)(8)(9)(17) One stop E + 6.50% N/A(6) 07/2029 — (15) — (28)
Infinisource, Inc.#+ One stop L + 5.25% (b) 9.98% 10/2026 27,737 27,431 1.1 26,905
Infinisource, Inc.+ One stop L + 5.25% (b) 9.98% 10/2026 8,382 8,317 0.3 8,130
Infinisource, Inc.+ One stop L + 5.25% (b) 9.98% 10/2026 2,021 1,988 0.1 1,961
Infinisource, Inc.+ One stop L + 5.25% (b) 9.98% 10/2026 303 301 — 294
Infinisource, Inc.+ One stop L + 5.25% (b) 9.98% 10/2026 213 212 — 207
Infinisource, Inc.+ One stop L + 5.25% (b) 9.98% 10/2026 105 104 — 102
Infinisource, Inc.+(5) One stop L + 5.25% N/A(6) 10/2026 — (3) — (13)
Infinisource, Inc.+(5) One stop L + 5.25% N/A(6) 10/2026 — (1) — (5)
Infinisource, Inc.+ One stop L + 5.25% (b) 9.98% 10/2026 86 76 — 83
Infinisource, Inc.+ One stop L + 5.25% (c) 10.47% 10/2026 486 483 — 472
Infinisource, Inc.+ One stop L + 5.25% (b)(c) 10.26% 10/2026 288 278 — 279
Netwrix Corporation*+ One stop SF + 5.00% (m) 9.70% 06/2029 3,924 3,892 0.2 3,885


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Delinea Inc.#	One stop	SF +	5.75%	(j)	11.25%		03/2028	$	9,464	$	9,376	0.4	%	$	9,464
Delinea Inc.+(5)	One stop	SF +	5.75%		N/A(6)		03/2027	—		(2)		—		—
Goldcup 31018 AB+(8)(9)(17)(23)	One stop	E +	6.50%	(d)	10.43%	PIK	07/2029	8,998		8,135		0.3		8,908
Goldcup 31018 AB+(8)(9)(17)(23)	One stop	E +	6.50%	(d)	10.43%	PIK	07/2029	839		793		—		825
Goldcup 31018 AB+(5)(8)(9)(17)	One stop	E +	6.25%		N/A(6)		01/2029	—		(1)		—		(1)
Netwrix Corporation*+	One stop	SF +	5.00%	(j)(k)	10.39%		06/2029	4,212		4,185		0.2		4,128
Netwrix Corporation+(5)	One stop	SF +	5.00%		N/A(6)		06/2029	—		(1)		—		(4)
Netwrix Corporation+(5)	One stop	SF +	5.00%		N/A(6)		06/2029	—		(6)		—		(23)
Netwrix Corporation+(5)	One stop	SF +	5.25%		N/A(6)		06/2029	—		(4)		—		(4)
Optimizely North America, Inc.#+	One stop	SF +	5.25%	(j)	10.75%		04/2026	21,221		21,075		0.8		21,009
Optimizely North America, Inc.+(8)(9)	One stop	E +	5.50%	(c)	9.43%		04/2026	19,521		19,902		0.8		19,326
Optimizely North America, Inc.*#	One stop	SF +	5.25%	(j)	10.75%		04/2026	11,783		11,797		0.5		11,665
Optimizely North America, Inc.*	One stop	SF +	5.25%	(j)	10.75%		04/2026	6,518		6,468		0.3		6,453
Optimizely North America, Inc.+(5)	One stop	SF +	5.25%		N/A(6)		04/2026	—		(2)		—		(5)
PCS Intermediate II Holdings, LLC#	One stop	SF +	5.25%	(i)	10.71%		01/2026	14,019		13,970		0.5		14,019
PCS Intermediate II Holdings, LLC#	One stop	SF +	5.25%	(i)	10.71%		01/2026	2,024		2,015		0.1		2,024
PCS Intermediate II Holdings, LLC+	One stop	SF +	5.25%		N/A(6)		01/2026	—		—		—		—
PDQ Intermediate, Inc.+(23)	Subordinated debt	N/A			13.75%	PIK	10/2031	50		49		—		49
Recordxtechnologies, LLC#	One stop	SF +	6.50%	(j)	11.85%		12/2025	727		723		—		727
Recordxtechnologies, LLC+	One stop	SF +	6.50%	(j)	11.85%		12/2025	114		113		—		114
Recordxtechnologies, LLC+	One stop	SF +	6.50%	(j)	11.85%		12/2025	61		60		—		61
Recordxtechnologies, LLC+	One stop	SF +	6.50%	(j)	11.85%		12/2025	40		39		—		40
Red Dawn SEI Buyer, Inc.+(8)(9)	Senior secured	SN +	4.50%	(g)	9.69%		11/2025	21,687		23,254		0.9		21,470
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.50%	(j)	9.95%		11/2025	5,472		5,450		0.2		5,417
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.25%	(j)	9.70%		11/2025	727		724		—		716
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.50%	(j)	9.95%		11/2025	334		332		—		330
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.25%	(j)	9.70%		11/2025	129		129		—		127
Red Dawn SEI Buyer, Inc.+(5)	Senior secured	SF +	4.25%		N/A(6)		11/2025	—		—		—		(2)
Red Dawn SEI Buyer, Inc.+(5)	Senior secured	SF +	4.50%		N/A(6)		11/2025	—		—		—		(1)
ReliaQuest Holdings, LLC+	One stop	SF +	10.75%	(j)	16.13%		10/2026	1,098		1,084		—		1,098
ReliaQuest Holdings, LLC+	One stop	SF +	10.75%	(j)	16.13%		10/2026	347		347		—		347
ReliaQuest Holdings, LLC+	One stop	SF +	10.75%	(j)	16.13%		10/2026	123		122		—		123
Saturn Borrower Inc.+	One stop	SF +	6.50%	(j)	12.00%		09/2026	19,846		19,571		0.8		19,250
Saturn Borrower Inc.+	One stop	SF +	6.50%	(j)	12.00%		09/2026	103		102		—		100
Transform Bidco Limited+(8)(10)	One stop	SF +	7.00%		N/A(6)		06/2030	—		—		—		—
Transform Bidco Limited+(8)(10)	One stop	SF +	7.00%		N/A(6)		12/2030	—		—		—		—
WPEngine, Inc.+	One stop	SF +	6.50%	(k)	11.92%		08/2029	3,522		3,456		0.2		3,522
WPEngine, Inc.+(5)	One stop	SF +	6.50%		N/A(6)		08/2029	—		(1)		—		—
Zarya Holdco, Inc.+	One stop	SF +	6.50%	(j)	11.89%		07/2027	4,789		4,789		0.2		4,789
Zarya Holdco, Inc.+	One stop	SF +	6.50%	(j)	11.87%		07/2027	40		40		—		40


								202,091		202,027		7.8		200,096

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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+(5) One stop SF + 5.00% N/A(6) 06/2029 $ — $ (2) — % $ (2)
Netwrix Corporation+ One stop SF + 5.00% (l) 9.53% 06/2029 234 225 — 219
PCS Intermediate II Holdings, LLC#+ One stop L + 5.25% (c) 8.62% 01/2026 14,165 14,092 0.6 14,165
PCS Intermediate II Holdings, LLC+ One stop L + 5.25% (c) 8.62% 01/2026 2,045 2,031 0.1 2,045
PCS Intermediate II Holdings, LLC+(5) One stop L + 5.25% N/A(6) 01/2026 — (1) — —
Recordxtechnologies, LLC#(22) One stop SF + 8.50% (l) 11.08% cash/ 2.00% PIK 12/2025 728 721 — 699
Recordxtechnologies, LLC+(22) One stop SF + 8.50% (l) 11.08% cash/ 2.00% PIK 12/2025 114 113 — 109
Recordxtechnologies, LLC+(22) One stop SF + 8.50% (l) 11.08% cash/ 2.00% PIK 12/2025 67 66 — 64
Red Dawn SEI Buyer, Inc.+(8)(9) Senior loan SN + 4.50% (i) 7.93% 11/2025 20,819 23,448 0.8 20,611
Red Dawn SEI Buyer, Inc.+ Senior loan L + 4.50% (c) 8.67% 11/2025 5,528 5,494 0.2 5,472
Red Dawn SEI Buyer, Inc.+ Senior loan L + 4.25% (c) 8.42% 11/2025 735 731 — 723
Red Dawn SEI Buyer, Inc.+ Senior loan L + 4.25% (c) 8.42% 11/2025 131 130 — 129
Red Dawn SEI Buyer, Inc.+(5) Senior loan L + 4.50% N/A(6) 11/2025 — (2) — (2)
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% (c) 8.67% 11/2025 169 167 — 167
ReliaQuest Holdings, LLC+ One stop SF + 10.75% (k) 15.07% 10/2026 1,098 1,079 — 1,098
ReliaQuest Holdings, LLC+ One stop SF + 10.75% (k) 15.07% 10/2026 106 106 — 106
ReliaQuest Holdings, LLC+(5) One stop SF + 10.75% N/A(6) 10/2026 — (1) — —
Saturn Borrower Inc.+(22) One stop L + 7.25% (b) 11.23% cash/ 0.75% PIK 09/2026 19,957 19,578 0.8 18,959
Saturn Borrower Inc.+ One stop L + 6.50% (b) 11.23% 09/2026 103 101 — 96
Zarya Holdco, Inc.+ Senior loan SF + 6.50% (l) 10.90% 07/2027 4,789 4,789 0.2 4,741
Zarya Holdco, Inc.+ Senior loan SF + 6.50% N/A(6) 07/2027 — — — —
233,962 235,236 9.0 227,158


	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%	(j)	11.00%	cash/	1.00%	PIK	09/2024	$	8,425	$	8,439	0.3	%	$	8,341
WBZ Investment LLC+(23)	One stop	SF +	6.50%	(j)	11.00%	cash/	1.00%	PIK	09/2024	1,240		1,238		0.1		1,227
WBZ Investment LLC+(23)	One stop	SF +	6.50%	(j)	11.00%	cash/	1.00%	PIK	09/2024	861		866		—		853
WBZ Investment LLC+(23)	One stop	SF +	6.50%	(j)	11.00%	cash/	1.00%	PIK	09/2024	450		452		—		445
WBZ Investment LLC+(5)	One stop	SF +	6.50%		N/A(6)				09/2024	—		—		—		(2)
										10,976		10,995		0.4		10,864
Life Sciences Tools & Services
Celerion Buyer, Inc.*#	One stop	SF +	6.50%	(k)	11.93%				11/2029	21,326		20,886		0.8		21,326
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	—		(70)		—		—
PAS Parent Inc.*#+	One stop	SF +	5.00%	(i)	10.47%				12/2028	33,484		33,003		1.3		32,648
PAS Parent Inc.+(5)	One stop	SF +	5.00%		N/A(6)				12/2027	—		(7)		—		(4)
PAS Parent Inc.+	One stop	SF +	5.00%	(i)	10.47%				12/2028	79		75		—		77
PAS Parent Inc.+(5)	One stop	SF +	5.50%		N/A(6)				12/2028	—		(5)		—		(5)
Reaction Biology Corporation#	One stop	SF +	5.25%	(j)	10.75%				03/2029	7,922		7,863		0.3		7,130
Reaction Biology Corporation+	One stop	SF +	5.25%	(j)	10.75%				03/2029	181		180		—		163
Reaction Biology Corporation+	One stop	SF +	5.25%	(j)	10.75%				03/2029	120		120		—		108
Reaction Biology Corporation+	One stop	SF +	5.25%	(j)	10.75%				03/2029	105		104		—		90
Reaction Biology Corporation+(5)	One stop	SF +	5.25%		N/A(6)				03/2029	—		(1)		—		—
Unchained Labs, LLC+	Senior secured	SF +	5.50%	(i)	10.91%				08/2027	986		980		0.1		976
Unchained Labs, LLC+	Senior secured	SF +	5.50%	(i)	10.91%				08/2027	833		823		—		825
Unchained Labs, LLC+	Senior secured	SF +	5.50%		N/A(6)				08/2027	—		—		—		—










										65,036		63,950		2.5		63,334
Machinery
Blackbird Purchaser, Inc.+	One stop	SF +	5.50%	(j)	10.86%				12/2030	376		373		—		373
Blackbird Purchaser, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				12/2030	—		(1)		—		(1)
Blackbird Purchaser, Inc.+	One stop	SF +	5.50%		N/A(6)				12/2030	—		—		—		—
Chase Industries, Inc.+(23)(24)	Senior secured	SF +	7.00%	(j)	11.00%	cash/	1.50%	PIK	05/2025	12,029		12,029		0.5		11,427
Chase Industries, Inc.+(23)(24)	Senior secured	SF +	7.00%	(j)	11.00%	cash/	1.50%	PIK	05/2025	983		983		—		934
Chase Industries, Inc.+(23)(24)	Senior secured	SF +	7.00%	(j)	11.00%	cash/	1.50%	PIK	05/2025	142		142		—		124

										13,530		13,526		0.5		12,857
Marine
Project Nike Purchaser, LLC+	One stop	SF +	6.00%	(j)	11.35%				04/2029	19,523		19,375		0.8		18,937
Project Nike Purchaser, LLC+	One stop	SF +	6.00%	(j)	11.35%				04/2029	430		426		—		417
Project Nike Purchaser, LLC+	One stop	SF +	6.00%	(j)	11.35%				04/2029	75		73		—		68
										20,028		19,874		0.8		19,422
Media
Triple Lift, Inc.+	One stop	SF +	5.75%	(j)	11.27%				05/2028	5,275		5,210		0.2		5,064
Triple Lift, Inc.+	One stop	SF +	5.75%	(j)	11.27%				05/2028	1,119		1,103		—		1,074
Triple Lift, Inc.+	One stop	SF +	5.75%	(j)	11.31%				05/2028	27		26		—		25
										6,421		6,339		0.2		6,163
Multiline Retail
Mills Fleet Farm Group LLC*#+	One stop	SF +	7.00%	(j)	12.52%				12/2026	43,652		43,353		1.7		43,652

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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#+(22) One stop L + 6.25% (c) 10.40% cash/ 1.00% PIK 09/2024 $ 8,649 $ 8,676 0.3 % $ 8,649
WBZ Investment LLC+(22) One stop L + 6.25% (c) 10.40% cash/ 1.00% PIK 09/2024 1,240 1,235 0.1 1,240
WBZ Investment LLC+(22) One stop L + 6.25% (c) 10.40% cash/ 1.00% PIK 09/2024 861 873 — 861
WBZ Investment LLC+(22) One stop L + 6.25% (c) 10.40% cash/ 1.00% PIK 09/2024 445 452 — 445
WBZ Investment LLC+ One stop L + 6.25% N/A(6) 09/2024 — — — —
11,195 11,236 0.4 11,195
Life Sciences Tools & Services
Celerion Buyer, Inc.*#+ One stop SF + 6.50% (l) 10.64% 11/2029 21,542 21,017 0.9 21,217
Celerion Buyer, Inc.+(5) One stop SF + 6.50% N/A(6) 11/2028 — (1) — (1)
Celerion Buyer, Inc.+(5) One stop SF + 6.50% N/A(6) 11/2029 — (83) — (51)
Covaris Intermediate 3, LLC+ One stop L + 4.75% (b) 9.16% 01/2028 5,894 5,844 0.3 5,776
Covaris Intermediate 3, LLC+ One stop L + 5.25% (b) 9.66% 01/2028 18 18 — 17
Covaris Intermediate 3, LLC+(5) One stop L + 4.75% N/A(6) 01/2028 — (2) — (6)
PAS Parent Inc.*#+ One stop L + 5.50% (a) 9.88% 12/2028 33,735 33,155 1.3 32,386
PAS Parent Inc.+ One stop P + 4.50% (a)(b)(d) 11.45% 12/2027 237 229 — 225
PAS Parent Inc.+ One stop L + 5.50% (a) 9.89% 12/2028 11 7 — 4
Reaction Biology Corporation# One stop SF + 5.00% (m) 9.23% 03/2029 8,003 7,932 0.3 7,603
Reaction Biology Corporation+(5) One stop SF + 5.00% N/A(6) 03/2029 — (2) — (10)
Reaction Biology Corporation+(5) One stop SF + 5.00% N/A(6) 03/2029 — (1) — (8)
Reaction Biology Corporation+ One stop SF + 5.00% (m) 9.96% 03/2029 183 181 — 174
Reaction Biology Corporation+ One stop SF + 5.00% (m) 9.48% 03/2029 122 121 — 116
Unchained Labs, LLC+ Senior loan SF + 5.50% (k) 9.87% 08/2027 996 971 — 954
Unchained Labs, LLC+ Senior loan SF + 5.50% (k) 9.87% 08/2027 841 829 — 825
Unchained Labs, LLC+(5) Senior loan SF + 5.50% N/A(6) 08/2027 — — — (1)
71,582 70,215 2.8 69,220
Machinery
Bad Boy Mowers Acquisition, LLC+ Senior loan L + 4.25% (b) 9.00% 03/2028 1,866 1,862 0.1 1,828
Blackbird Purchaser, Inc.*+ Senior loan L + 4.50% (a) 8.88% 04/2026 19,035 19,148 0.8 18,654
Blackbird Purchaser, Inc.+ Senior loan L + 4.50% (a) 8.83% 10/2025 86 87 — 84
Blackbird Purchaser, Inc.+(5) Senior loan L + 4.50% N/A(6) 04/2026 — (2) — (6)
Chase Industries, Inc.+(7)(22) Senior loan L + 7.00% (b) 11.73% 05/2025 12,487 12,106 0.4 11,232
Chase Industries, Inc.+(7)(22) Senior loan L + 7.00% (b) 11.73% 05/2025 1,021 1,003 — 918
Chase Industries, Inc.+(7)(22) Senior loan L + 7.00% (b)(c) 11.52% 05/2025 316 305 — 278
34,811 34,509 1.3 32,988
Marine
Project Nike Purchaser, LLC+ One stop SF + 6.00% (l) 10.58% 04/2029 18,953 18,782 0.7 18,194
Project Nike Purchaser, LLC+ One stop SF + 6.00% (l) 10.58% 04/2029 10 8 — —
Project Nike Purchaser, LLC+(5) One stop P + 5.00% N/A(6) 04/2029 — (7) — (30)
18,963 18,783 0.7 18,164
Media
Triple Lift, Inc.+ One stop SF + 5.50% (m) 10.12% 05/2028 5,330 5,248 0.2 5,170
Triple Lift, Inc.+ One stop SF + 5.50% (m) 9.61% 05/2028 1,130 1,110 — 1,096
Triple Lift, Inc.+ One stop SF + 5.25% (m) 9.58% 05/2028 27 26 — 25
6,487 6,384 0.2 6,291
Multiline Retail
Mills Fleet Farm Group LLC*#+ One stop L + 6.25% (b) 10.66% 10/2024 45,138 45,095 1.8 45,138


	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 +	6.75%	(j)	12.24%				05/2025	$	20,157	$	20,201	0.8	%	$	20,157
3ES Innovation, Inc.+(8)(12)	One stop	SF +	6.75%	(i)	12.21%				05/2025	120		120		—		120
Envernus, Inc.+	One stop	SF +	5.50%	(i)	10.86%				12/2029	442		436		—		436
Envernus, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		(1)		—		(1)
Envernus, Inc.+	One stop	SF +	5.50%		N/A(6)				12/2029	—		—		—		—
Project Power Buyer, LLC*#+	One stop	SF +	7.00%	(j)	12.35%				05/2026	39,963		39,500		1.6		39,963
Project Power Buyer, LLC+(5)	One stop	SF +	7.00%		N/A(6)				05/2025	—		(1)		—		—
										60,682		60,255		2.4		60,675
Paper & Forest Products
Messenger, LLC#+	One stop	SF +	5.75%	(j)	11.25%				12/2027	10,048		9,979		0.4		9,746
Messenger, LLC+	One stop	SF +	5.75%	(j)	11.28%				12/2027	98		98		—		95
Messenger, LLC+	One stop	SF +	5.75%	(j)	11.25%				12/2027	49		49		—		48
Messenger, LLC+	One stop	P +	4.75%	(a)	13.25%				12/2027	8		8		—		6
										10,203		10,134		0.4		9,895
Personal Products
IMPLUS Footcare, LLC+(23)	One stop	SF +	8.75%	(j)	13.25%	cash/	1.00%	PIK	07/2024	30,496		30,542		1.2		29,469
IMPLUS Footcare, LLC+(23)	One stop	SF +	8.75%	(j)	13.25%	cash/	1.00%	PIK	07/2024	5,208		5,216		0.2		5,033
IMPLUS Footcare, LLC*+(23)	One stop	SF +	8.75%	(j)	13.25%	cash/	1.00%	PIK	07/2024	751		753		—		725
										36,455		36,511		1.4		35,227

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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)
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.*+(8)(12) One stop L + 6.50% (b) 11.15% 05/2025 $ 20,367 $ 20,442 0.8 % $ 20,367
3ES Innovation, Inc.+(8)(12) One stop L + 6.50% (b) 11.24% 05/2025 80 79 — 80
Envernus, Inc.*#+ Senior loan L + 4.25% (a) 8.63% 07/2025 36,969 37,227 1.4 36,392
Envernus, Inc.+ Senior loan L + 4.50% (a) 8.88% 07/2025 16,949 16,718 0.7 16,780
Envernus, Inc.+ Senior loan L + 4.25% (a) 8.63% 09/2024 86 86 — 84
Envernus, Inc.+ Senior loan L + 4.50% (a) 8.88% 09/2024 69 66 — 69
Project Power Buyer, LLC*#+ One stop L + 6.00% (a) 10.38% 05/2026 15,424 15,513 0.6 15,424
Project Power Buyer, LLC+ One stop L + 6.00% N/A(6) 05/2025 — — — —
89,944 90,131 3.5 89,196
Paper & Forest Products
Messenger, LLC#+ One stop SF + 5.75% (k) 10.17% 12/2027 10,150 10,064 0.4 9,947
Messenger, LLC+ One stop SF + 5.75% (k) 10.17% 12/2027 99 98 — 97
Messenger, LLC+ One stop SF + 5.75% (k) 10.17% 12/2027 50 49 — 49
Messenger, LLC+ One stop SF + 5.75% (d)(k) 10.99% 12/2027 33 33 — 32
10,332 10,244 0.4 10,125
Personal Products
IMPLUS Footcare, LLC+(22) One stop L + 8.00% (b) 12.48% cash/ 0.25% PIK 04/2024 30,407 30,573 1.2 28,887
IMPLUS Footcare, LLC+(22) One stop L + 8.00% (b) 12.48% cash/ 0.25% PIK 04/2024 5,193 5,221 0.2 4,933
IMPLUS Footcare, LLC*+(22) One stop L + 8.00% (b) 12.48% cash/ 0.25% PIK 04/2024 749 758 — 711
36,349 36,552 1.4 34,531


	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 +	6.00%	(j)	11.50%				02/2029	$	21,462	$	21,035	0.8	%	$	21,033
ACP Ulysses Buyer, Inc.*	One stop	SF +	6.00%	(j)	11.50%				02/2029	928		904		0.1		910
Amalthea Parent, Inc.*#+(8)	One stop	SF +	5.00%	(j)(k)	10.82%				03/2027	58,543		58,167		2.1		52,690
Amalthea Parent, Inc.+(5)(8)	One stop	SF +	5.00%		N/A(6)				03/2027	—		(2)		—		(27)
Apothecary Products, LLC+	Senior secured	SF +	6.25%	(k)	11.85%				07/2025	2,476		2,456		0.1		2,476
Apothecary Products, LLC+(5)	Senior secured	SF +	6.25%		N/A(6)				07/2025	—		(6)		—		—
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.50%	(j)	10.85%				05/2029	16,964		16,702		0.7		16,455
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.75%	(j)	11.10%				05/2029	2,807		2,761		0.1		2,751
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.75%	(k)	11.21%				05/2029	1,145		1,116		—		1,094
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.75%	(k)	11.21%				05/2029	181		176		—		173
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.75%	(i)	11.11%				05/2029	210		206		—		204
Cobalt Buyer Sub, Inc.+	One stop	SF +	6.00%	(i)	11.47%				10/2028	10,493		10,351		0.4		10,283
Cobalt Buyer Sub, Inc.+	One stop	SF +	6.00%	(i)	11.47%				10/2028	3,518		3,469		0.1		3,448
Cobalt Buyer Sub, Inc.+	One stop	SF +	6.00%	(i)	11.47%				10/2028	2,651		2,568		0.1		2,598
Cobalt Buyer Sub, Inc.+	One stop	SF +	6.00%	(i)	11.47%				10/2027	38		37		—		37
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.75%	(g)	9.94%				08/2028	24,957		26,703		0.9		23,584
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	6.00%	(g)	11.19%				08/2028	3,464		3,260		0.1		3,429
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.75%	(g)	9.94%				08/2028	3,025		2,689		0.1		2,859
Spark Bidco Limited+(8)(10)	Senior secured	SF +	6.00%	(j)	11.35%				08/2028	2,613		2,571		0.1		2,587
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.75%	(g)	9.94%				08/2028	2,647		2,506		0.1		2,501
Spark Bidco Limited+(5)(8)(9)(10)	Senior secured	SN +	4.75%		N/A(6)				02/2028	—		(2)		—		(5)
										158,122		157,667		5.8		149,080
Professional Services
ALKU Intermediate Holdings, LLC+	One stop	SF +	6.25%	(i)	11.61%				05/2029	4,433		4,373		0.2		4,433
bswift, LLC+	One stop	SF +	6.38%	(j)	11.78%				11/2028	5,087		4,958		0.2		5,087
Citrin Cooperman Advisors LLC+	One stop	SF +	5.75%	(j)(k)	11.26%				10/2027	5,357		5,316		0.2		5,344
Citrin Cooperman Advisors LLC+	One stop	SF +	6.25%	(k)	11.82%				10/2027	2,323		2,264		0.1		2,323
Citrin Cooperman Advisors LLC+	One stop	SF +	6.25%	(k)	11.78%				10/2027	527		515		—		527
Citrin Cooperman Advisors LLC+	One stop	SF +	5.25%	(i)	10.68%				10/2027	63		61		—		61
Citrin Cooperman Advisors LLC+(5)	One stop	SF +	5.25%		N/A(6)				10/2027	—		(4)		—		(4)
DISA Holdings Corp.+	Senior secured	SF +	5.50%	(i)	10.84%				09/2028	3,468		3,413		0.1		3,468
DISA Holdings Corp.+	Senior secured	SF +	5.50%	(i)	10.84%				09/2028	250		245		—		250
DISA Holdings Corp.+	One stop	SF +	5.50%	(i)	10.84%				09/2028	201		196		—		201
DISA Holdings Corp.+(23)	Subordinated debt	SF +	10.00%	(i)	13.36%	cash/	2.00%	PIK	03/2029	51		50		—		51
DISA Holdings Corp.+	Senior secured	SF +	5.50%	(i)	10.85%				09/2028	9		9		—		9
Eliassen Group, LLC+	One stop	SF +	5.50%	(j)	10.85%				04/2028	1,426		1,416		0.1		1,412
Eliassen Group, LLC+	One stop	SF +	5.50%	(j)	10.87%				04/2028	9		9		—		8
Filevine, Inc.+(23)	One stop	SF +	6.50%	(j)(k)	9.71%	cash/	2.50%	PIK	04/2027	5,435		5,386		0.2		5,489
Filevine, Inc.+	One stop	SF +	6.50%		N/A(6)				04/2027	—		—		—		—
IG Investments Holdings, LLC+	One stop	SF +	6.00%	(j)	11.48%				09/2028	6,452		6,368		0.3		6,452
IG Investments Holdings, LLC+	One stop	SF +	6.00%	(j)	11.48%				09/2028	552		544		—		552
IG Investments Holdings, LLC+(5)	One stop	SF +	6.00%		N/A(6)				09/2027	—		(1)		—		—
NBG Acquisition Corp. and NBG-P Acquisition Corp.#	One stop	SF +	5.25%	(j)	10.78%				11/2028	7,498		7,460		0.3		7,198
NBG Acquisition Corp. and NBG-P Acquisition Corp.+	One stop	SF +	5.25%	(i)(j)	10.77%				11/2028	151		149		—		141
Net Health Acquisition Corp.+	One stop	SF +	5.75%	(i)	11.21%				12/2025	13,067		13,014		0.5		12,937
Net Health Acquisition Corp.*#	One stop	SF +	5.75%	(i)	11.21%				12/2025	8,268		8,250		0.3		8,185
Net Health Acquisition Corp.*	One stop	SF +	5.75%	(i)	11.21%				12/2025	6,620		6,642		0.3		6,554
Net Health Acquisition Corp.#	One stop	SF +	5.75%	(i)	11.21%				12/2025	4,183		4,159		0.2		4,141

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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.*#+ One stop SF + 5.50% (l) 10.23% 02/2026 $ 25,424 $ 25,237 1.0 % $ 24,661
ACP Ulysses Buyer, Inc.+ One stop SF + 5.50% (l) 10.23% 02/2026 1,099 1,080 0.1 1,066
Amalthea Parent, Inc.*#+(8)(12) One stop L + 4.75% (a) 9.13% 03/2027 57,100 56,616 2.2 55,958
Amalthea Parent, Inc.+(5)(8)(12) One stop SF + 4.75% N/A(6) 03/2027 — (2) — (5)
Amalthea Parent, Inc.+(5)(8)(12) One stop SF + 4.75% N/A(6) 03/2027 — (22) — (35)
Amalthea Parent, Inc.+(5)(8)(12) One stop SF + 4.75% N/A(6) 03/2027 — (2) — (6)
Apothecary Products, LLC+ Senior loan SF + 5.00% (m) 8.36% 07/2023 2,891 2,912 0.1 2,862
Apothecary Products, LLC+ Senior loan SF + 5.00% (k) 9.42% 07/2023 52 52 — 44
Caerus Midco 3 S.A.R.L.+(8)(13) One stop SF + 5.50% (l) 10.08% 05/2029 17,136 16,823 0.7 16,592
Caerus Midco 3 S.A.R.L.+(8)(13) One stop SF + 5.75% (k) 10.07% 05/2029 70 65 — 64
Caerus Midco 3 S.A.R.L.+(5)(8)(13) One stop SF + 5.50% N/A(6) 05/2029 — (24) — (82)
Caerus Midco 3 S.A.R.L.+(8)(13) One stop SF + 5.75% (l) 9.83% 05/2029 2,829 2,773 0.1 2,772
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 L + 5.25% (a) 9.63% 10/2028 10,600 10,426 0.4 10,176
Cobalt Buyer Sub, Inc.+ One stop L + 5.25% (a) 9.63% 10/2027 36 35 — 33
Cobalt Buyer Sub, Inc.+ One stop L + 5.25% (a) 9.63% 10/2028 3,232 3,172 0.1 3,090
Spark Bidco Limited+(8)(9)(10) Senior loan SN + 4.50% (i) 7.93% 08/2028 23,714 26,646 0.9 22,125
Spark Bidco Limited+(8)(9)(10) Senior loan SN + 4.50% (i) 7.93% 08/2028 2,515 2,501 0.1 2,347
Spark Bidco Limited+(5)(8)(9)(10) Senior loan SN + 4.50% N/A(6) 02/2028 — (2) — (5)
Spark Bidco Limited+(8)(9)(10) Senior loan SN + 6.00% (i) 9.43% 08/2028 3,291 3,248 0.1 3,242
Spark Bidco Limited+(8)(9)(10) Senior loan SN + 4.50% (i) 7.93% 08/2028 2,874 2,689 0.1 2,682
Spark Bidco Limited+(5)(8)(9)(10) Senior loan SN + 4.50% N/A(6) 08/2028 — (37) — (37)
152,863 154,182 5.9 147,536
Professional Services
bswift, LLC+ One stop SF + 6.63% (l) 10.81% 11/2028 5,138 4,981 0.2 4,977
Citrin Cooperman Advisors LLC+ One stop SF + 5.00% (m) 9.06% 10/2027 3,119 3,070 0.1 2,858
Citrin Cooperman Advisors LLC+ One stop SF + 5.00% N/A(6) 10/2027 — — — —
Citrin Cooperman Advisors LLC+ One stop SF + 5.00% N/A(6) 10/2027 — — — —
DISA Holdings Corp.+ Senior loan SF + 5.50% (k) 9.79% 09/2028 3,503 3,436 0.1 3,450
DISA Holdings Corp.+ Senior loan SF + 5.50% (k) 9.82% 09/2028 1 — — 1
DISA Holdings Corp.+ Senior loan SF + 5.50% (k) 9.67% 09/2028 210 204 — 203
DISA Holdings Corp.+ One stop SF + 5.50% (k) 9.73% 09/2028 133 126 — 126
DISA Holdings Corp.+ Subordinated debt SF + 10.00% (k) 14.22% 03/2029 50 49 — 49
Eliassen Group, LLC+ One stop SF + 5.50% (l) 10.08% 04/2028 1,441 1,428 0.1 1,441
Eliassen Group, LLC+ One stop SF + 5.50% (l) 9.93% 04/2028 4 4 — 4
Filevine, Inc.+(22) One stop SF + 6.50% (l)(m) 8.22% cash/ 2.50% PIK 04/2027 5,299 5,235 0.2 5,317
Filevine, Inc.+ One stop SF + 6.50% N/A(6) 04/2027 — — — —
IG Investments Holdings, LLC+ One stop L + 6.00% (a) 10.38% 09/2028 7,075 6,964 0.3 7,075
IG Investments Holdings, LLC+ One stop L + 6.00% (a) 10.39% 09/2027 17 16 — 17
NBG Acquisition Corp. and NBG-P Acquisition Corp.+ One stop L + 5.25% (b) 9.66% 11/2028 7,574 7,527 0.3 7,347
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% (a)(b) 9.64% 11/2028 117 116 — 110
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5) One stop L + 5.25% N/A(6) 11/2028 — (17) — (75)
Net Health Acquisition Corp.+ One stop L + 5.75% (a) 10.13% 12/2025 13,202 13,120 0.5 12,938
Net Health Acquisition Corp.*# One stop L + 5.75% (a) 10.13% 12/2025 8,356 8,354 0.3 8,189
Net Health Acquisition Corp.+ One stop L + 5.75% (a) 10.13% 12/2025 6,689 6,721 0.3 6,555
Net Health Acquisition Corp.# One stop L + 5.75% (a) 10.13% 12/2025 4,226 4,190 0.2 4,142


	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%	(i)	11.21%	12/2025	$	1,155	$	1,153	—	%	$	1,144
Net Health Acquisition Corp.+	One stop	SF +	5.75%	(i)	11.21%	12/2025	153		153		—		150
PlanSource Holdings, Inc.+	One stop	SF +	6.25%	(k)	11.90%	04/2025	11,416		11,441		0.4		11,416
PlanSource Holdings, Inc.+	One stop	SF +	6.25%	(k)	11.90%	04/2025	1,932		1,926		0.1		1,932
PlanSource Holdings, Inc.+	One stop	SF +	6.25%	(k)	11.90%	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%	(j)	10.54%	12/2028	17,411		17,288		0.7		17,411
Procure Acquireco, Inc.+(5)	One stop	SF +	5.00%		N/A(6)	12/2028	—		(1)		—		—
Procure Acquireco, Inc.+	One stop	SF +	5.00%	(j)	10.50%	12/2028	73		72		—		73
Teaching Company, The+	One stop	SF +	5.75%	(j)	11.28%	01/2026	13,747		13,747		0.5		13,747
Teaching Company, The+	One stop	SF +	5.75%		N/A(6)	01/2026	—		—		—		—





							121,456		120,709		4.7		120,831


Real Estate Management & Development
Inhabit IQ Inc.+	One stop	SF +	5.50%	(i)	10.96%	07/2025	21,478	21,392	0.8	21,478
Inhabit IQ Inc.#+	One stop	SF +	5.50%	(i)	10.96%	07/2025	19,182	19,166	0.7	19,182
Inhabit IQ Inc.+	One stop	SF +	5.50%	(i)	10.96%	07/2025	13,219	13,190	0.5	13,219
Inhabit IQ Inc.*	One stop	SF +	5.50%	(i)	10.96%	07/2025	12,211	12,161	0.5	12,211
Inhabit IQ Inc.*#	One stop	SF +	5.50%	(i)	10.96%	07/2025	6,433	6,428	0.3	6,433
Inhabit IQ Inc.+	One stop	SF +	5.50%	(i)	10.96%	07/2025	3,135	3,155	0.1	3,135
Inhabit IQ Inc.#+	One stop	SF +	5.50%	(i)	10.96%	07/2025	1,377	1,377	0.1	1,377
Inhabit IQ Inc.#+	One stop	SF +	5.50%	(i)	10.96%	07/2025	1,165	1,165	0.1	1,165
Inhabit IQ Inc.#+	One stop	SF +	5.50%	(i)	10.96%	07/2025	1,149	1,149	0.1	1,149
Inhabit IQ Inc.+	One stop	SF +	5.50%	(i)	10.96%	07/2025	919	918	—	919
Inhabit IQ Inc.+	One stop	SF +	5.50%	(i)	10.96%	07/2025	485	485	—	485
Inhabit IQ Inc.+	One stop	SF +	5.50%	(i)	10.96%	07/2025	130	130	—	130
MRI Software LLC*+	One stop	SF +	5.50%	(j)	10.95%	02/2026	14,175	14,104	0.5	13,891
MRI Software LLC+	One stop	SF +	5.50%	(j)	10.95%	02/2026	5,336	5,298	0.2	5,230
MRI Software LLC+(5)	One stop	SF +	5.50%		N/A(6)	02/2026	—	(1)	—	(6)
MRI Software LLC+(5)	One stop	SF +	5.75%		N/A(6)	02/2026	—	(2)	—	(9)
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	6.00%	(g)	11.19%	08/2028	524	514	—	520
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.25%	(g)	10.44%	08/2028	18,590	20,084	0.7	18,451
RPL Bidco Limited+(8)(9)(10)	One stop	A +	6.75%	(e)	11.12%	08/2028	8,376	8,146	0.3	8,313
RPL Bidco Limited+(8)(9)(10)	One stop	A +	5.25%	(e)	9.67%	08/2028	2,033	2,178	0.1	2,018
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.50%		N/A(6)	02/2028	—	—	—	—

							129,917	131,037	5.0	129,291
Road & Rail
Channelside Acquisitona Co, Inc.+	One stop	SF +	6.38%	(i)	11.83%	07/2028	4,218	4,151	0.2	4,218
Channelside Acquisitona Co, Inc.+	One stop	SF +	6.75%	(i)	12.11%	07/2028	3,980	3,883	0.2	4,069
Channelside Acquisitona Co, Inc.+(5)	One stop	SF +	6.75%		N/A(6)	07/2026	—	(1)	—	—
Channelside Acquisitona Co, Inc.+(5)	One stop	SF +	6.75%		N/A(6)	07/2028	—	(1)	—	—
Channelside Acquisitona Co, Inc.+(5)	One stop	SF +	5.50%		N/A(6)	07/2028	—	(2)	—	—
Internet Truckstop Group LLC*#	One stop	SF +	5.00%	(j)	10.50%	04/2025	21,118	21,248	0.8	21,118
Internet Truckstop Group LLC+	One stop	SF +	5.00%	(j)	10.50%	04/2025	9,248	9,205	0.3	9,248
Internet Truckstop Group LLC+(5)	One stop	SF +	5.00%		N/A(6)	04/2025	—	(1)	—	—
							38,564	38,482	1.5	38,653

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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)
Net Health Acquisition Corp.*# One stop L + 5.75% (a) 10.13% 12/2025 $ 1,168 $ 1,168 — % $ 1,145
Net Health Acquisition Corp.+(5) One stop L + 5.75% N/A(6) 12/2025 — (2) — (6)
PlanSource Holdings, Inc.+ One stop L + 6.25% (c) 9.55% 04/2025 11,416 11,460 0.4 11,301
PlanSource Holdings, Inc.+ One stop L + 6.25% (c) 9.55% 04/2025 1,932 1,922 0.1 1,912
PlanSource Holdings, Inc.+ One stop L + 6.25% (c) 9.55% 04/2025 139 138 — 138
PlanSource Holdings, Inc.+(5) One stop L + 6.25% N/A(6) 04/2025 — — — (2)
Procure Acquireco, Inc.#+ One stop L + 5.00% (a) 9.35% 12/2028 17,589 17,439 0.7 17,414
Procure Acquireco, Inc.+(5) One stop L + 5.00% N/A(6) 12/2028 — (1) — (1)
Procure Acquireco, Inc.+(5) One stop L + 5.00% N/A(6) 12/2028 — (3) — (3)
Teaching Company, The*#+ One stop L + 4.75% (b) 8.83% 07/2023 17,419 17,452 0.7 17,246
Teaching Company, The+(5) One stop L + 4.75% N/A(6) 07/2023 — — — (2)
115,817 115,083 4.5 113,800
%
Real Estate Management & Development
Inhabit IQ Inc.+ One stop L + 5.75% (a) 10.13% 07/2025 21,697 21,555 0.9 21,697
Inhabit IQ Inc.#+ One stop L + 5.75% (a) 10.13% 07/2025 19,385 19,415 0.8 19,385
Inhabit IQ Inc.+ One stop L + 5.75% (a) 10.13% 07/2025 13,357 13,262 0.5 13,357
Inhabit IQ Inc.* One stop L + 5.75% (a) 10.13% 07/2025 12,336 12,255 0.5 12,336
Inhabit IQ Inc.*# One stop L + 5.75% (a) 10.13% 07/2025 6,500 6,525 0.3 6,500
Inhabit IQ Inc.+ One stop L + 5.75% (a) 10.13% 07/2025 3,168 3,201 0.1 3,168
Inhabit IQ Inc.#+ One stop L + 5.75% (a) 10.13% 07/2025 1,392 1,403 0.1 1,392
Inhabit IQ Inc.#+ One stop L + 5.75% (a) 10.13% 07/2025 1,178 1,188 — 1,178
Inhabit IQ Inc.#+ One stop L + 5.75% (a) 10.13% 07/2025 1,161 1,172 — 1,161
Inhabit IQ Inc.+ One stop L + 5.75% (a) 10.13% 07/2025 929 925 — 929
Inhabit IQ Inc.+ One stop L + 5.75% (a) 10.13% 07/2025 490 494 — 490
Inhabit IQ Inc.+ One stop L + 5.75% N/A(6) 07/2025 — — — —
MRI Software LLC*+ One stop L + 5.50% (b) 10.23% 02/2026 14,322 14,249 0.6 14,037
MRI Software LLC+ One stop L + 5.50% (b) 10.23% 02/2026 5,042 4,998 0.2 4,940
MRI Software LLC+(5) One stop L + 5.50% N/A(6) 02/2026 — (1) — (5)
MRI Software LLC+(5) One stop L + 5.50% N/A(6) 02/2026 — (1) — (7)
RPL Bidco Limited+(8)(9)(10) One stop SN + 5.75% (i) 9.18% 08/2028 17,664 20,048 0.7 16,957
RPL Bidco Limited+(8)(9)(10) One stop A + 5.75% (g) 8.91% 08/2028 2,035 2,173 0.1 1,954
RPL Bidco Limited+(5)(8)(9)(10) One stop SN + 5.75% N/A(6) 02/2028 — — — (2)
120,656 122,861 4.8 119,467
Road & Rail
Channelside Acquisitona Co, Inc.+ One stop L + 5.25% (a) 9.63% 07/2028 4,233 4,150 0.2 4,233
Channelside Acquisitona Co, Inc.+(5) One stop L + 5.25% N/A(6) 07/2026 — (1) — —
Channelside Acquisitona Co, Inc.+ One stop L + 5.25% N/A(6) 07/2028 — — — —
Internet Truckstop Group LLC*# One stop L + 5.50% (b) 10.23% 04/2025 21,507 21,756 0.8 21,292
Internet Truckstop Group LLC+ One stop L + 5.50% (b) 10.23% 04/2025 9,418 9,339 0.4 9,324
Internet Truckstop Group LLC+(5) One stop L + 5.50% N/A(6) 04/2025 — (1) — (2)
35,158 35,243 1.4 34,847


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Software
Anaplan, Inc.+	One stop	SF +	6.50%	(j)	11.85%				06/2029	$	9,840	$	9,763	0.4	%	$	9,840
Anaplan, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				06/2028	—		(1)		—		—
Appfire Technologies, LLC#+	One stop	SF +	5.50%	(i)(j)	11.02%				03/2027	39,550		39,236		1.5		38,759
Appfire Technologies, LLC+	One stop	P +	4.50%	(a)	13.00%				03/2027	53		51		—		48
Appfire Technologies, LLC+(5)	One stop	SF +	5.50%		N/A(6)				03/2027	—		(27)		—		(64)
Aras Corporation+(23)	One stop	SF +	6.75%	(j)	9.04%	cash/	3.25%	PIK	04/2027	14,809		14,734		0.6		14,661
Aras Corporation+	One stop	SF +	6.50%	(a)(j)	12.34%				04/2027	79		79		—		78
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.25%	(g)	10.44%				06/2029	3,647		3,423		0.2		3,501
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.25%	(g)	10.44%				06/2029	1,903		1,736		0.1		1,826
Arrow Buyer, Inc.+	One stop	SF +	6.50%	(j)	11.85%				06/2030	16,360		15,959		0.6		16,360
Arrow Buyer, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				06/2030	—		(22)		—		—
Auvik Networks Inc.+(8)(12)(23)	One stop	SF +	5.75%	(j)	8.53%	cash/	2.75%	PIK	07/2027	7,283		7,243		0.3		7,174
Auvik Networks Inc.+(8)(12)(23)	One stop	SF +	6.25%	(j)	8.53%	cash/	3.25%	PIK	07/2027	1,303		1,294		0.1		1,303
Auvik Networks Inc.+(5)(8)(12)	One stop	SF +	3.00%		N/A(6)				07/2027	—		—		—		(1)
Avetta, LLC+	One stop	SF +	5.75%	(j)	11.15%				10/2030	4,568		4,468		0.2		4,465
Avetta, LLC+(5)	One stop	SF +	5.75%		N/A(6)				10/2029	—		(9)		—		(10)
Axiom Merger Sub Inc.+	One stop	SF +	5.25%	(j)	10.79%				04/2026	5,655		5,671		0.2		5,655
Axiom Merger Sub Inc.+(8)(9)	One stop	E +	5.50%	(c)(d)	9.60%				04/2026	2,307		2,339		0.1		2,307
Axiom Merger Sub Inc.+	One stop	SF +	5.25%	(j)	10.79%				04/2026	268		267		—		268
Axiom Merger Sub Inc.+	One stop	SF +	5.25%	(k)	10.88%				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%	(i)	12.96%				10/2028	76,248		75,333		3.0		76,248
Bayshore Intermediate #2, L.P.+	One stop	SF +	6.50%	(j)	12.01%				10/2027	33		31		—		33
Bloomerang, LLC+	One stop	SF +	6.00%	(k)	11.19%				12/2029	334		330		—		330
Bloomerang, LLC+(5)	One stop	SF +	6.00%		N/A(6)				12/2029	—		(1)		—		(1)
Bloomerang, LLC+(5)	One stop	SF +	6.00%		N/A(6)				12/2029	—		(1)		—		(1)
Bonterra LLC+	One stop	SF +	7.25%	(j)	12.60%				09/2027	65,427		64,830		2.5		63,465
Bonterra LLC+(23)	One stop	SF +	8.00%	(j)	13.35%				09/2027	2,952		2,912		0.1		2,864
Bonterra LLC+	One stop	SF +	7.25%	(j)	12.60%				09/2027	60		58		—		54
Bottomline Technologies, Inc.+	One stop	SF +	5.25%	(i)	10.61%				05/2029	27,811		27,385		1.0		26,698
Bottomline Technologies, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				05/2028	—		(3)		—		(9)
Bottomline Technologies, Inc.+	One stop	SF +	5.75%	(i)	11.11%				05/2029	4,624		4,536		0.2		4,532
Bullhorn, Inc.*#+	One stop	SF +	5.50%	(i)	10.96%				09/2026	65,099		64,616		2.6		65,099
Bullhorn, Inc.+(8)(9)	One stop	SN +	5.75%	(g)	10.94%				09/2026	12,021		11,536		0.5		12,021
Bullhorn, Inc.+(8)(9)	One stop	E +	5.50%	(b)	9.34%				09/2026	4,709		4,632		0.2		4,709
Bullhorn, Inc.+	One stop	SF +	5.50%	(i)	10.96%				09/2026	211		210		—		211
Bullhorn, Inc.+	One stop	SF +	5.50%	(i)	10.96%				09/2026	95		94		—		95
Bullhorn, Inc.+	One stop	SF +	5.50%	(i)	10.96%				09/2026	75		75		—		75
Bullhorn, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				09/2026	—		(2)		—		—
Burning Glass Intermediate Holdings Company, Inc.#+	One stop	SF +	5.00%	(i)	10.46%				06/2028	9,695		9,569		0.4		9,695
Burning Glass Intermediate Holdings Company, Inc.+	One stop	SF +	5.00%	(i)	10.46%				06/2026	21		20		—		21
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	7.25%	(j)	12.63%				01/2029	5,437		5,297		0.2		5,437
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	7.25%	(j)	12.63%				01/2029	1,438		1,401		0.1		1,438
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)		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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.*#+(22) One stop SF + 7.50% (k) 7.67% cash/ 4.25% PIK 09/2024 $ 4,735 $ 4,721 0.2 % $ 4,698
Accela, Inc.+(22) One stop SF + 7.50% (k) 7.67% cash/ 4.25% PIK 09/2024 281 280 — 279
Accela, Inc.+ One stop SF + 7.50% N/A(6) 09/2024 — — — —
Accela, Inc.+ One stop SF + 7.50% (k) 11.92% 09/2024 544 540 — 540
Anaplan, Inc.+ One stop SF + 6.50% (k) 10.82% 06/2029 9,840 9,749 0.4 9,643
Anaplan, Inc.+(5) One stop SF + 6.50% N/A(6) 06/2028 — (1) — (2)
Appfire Technologies, LLC#+ One stop SF + 5.50% (k)(l) 9.45% 03/2027 38,214 37,808 1.5 37,450
Appfire Technologies, LLC+ One stop SF + 5.50% (k) 9.38% 03/2027 14 12 — 9
Appfire Technologies, LLC+(5) One stop SF + 5.50% N/A(6) 03/2027 — (35) — (98)
Apptio, Inc.+ One stop L + 6.00% (b) 9.94% 01/2025 57,010 57,348 2.3 57,010
Apptio, Inc.+ One stop L + 6.00% (b) 9.93% 01/2025 116 115 — 116
Aras Corporation+(22) One stop L + 7.00% (b) 7.19% cash/ 3.75% PIK 04/2027 14,296 14,196 0.6 14,152
Aras Corporation+ One stop L + 6.50% (c) 9.50% 04/2027 31 30 — 30
Armstrong Bidco Limited+(8)(9)(10) One stop SN + 5.25% (i) 8.68% 06/2029 3,465 3,411 0.1 3,361
Armstrong Bidco Limited+(8)(9)(10) One stop SN + 5.25% (i) 8.68% 06/2029 1,403 1,316 0.1 1,349
Auvik Networks Inc.+(8)(12)(22) One stop SF + 5.75% (l) 7.24% cash/ 2.75% PIK 07/2027 7,084 7,032 0.3 6,885
Auvik Networks Inc.+(8)(12)(22) One stop SF + 6.25% (l) 7.24% cash/ 3.25% PIK 07/2027 1,262 1,251 — 1,249
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 + 5.25% (b)(c) 9.71% 04/2026 5,716 5,738 0.3 5,716
Axiom Merger Sub Inc.+(8)(9) One stop E + 5.50% (e)(f) 7.51% 04/2026 2,260 2,368 0.1 2,260
Axiom Merger Sub Inc.+ One stop L + 5.25% (c) 9.70% 04/2026 271 269 — 271
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 + 5.25% N/A(6) 10/2025 — — — —
Bayshore Intermediate #2, L.P.+(22) One stop L + 7.75% (a) 12.04% 10/2028 67,015 65,908 2.6 66,345
Bayshore Intermediate #2, L.P.+ One stop L + 6.75% (a) 10.89% 10/2027 56 53 — 54
Bonterra LLC+ One stop L + 6.25% (b) 10.98% 09/2027 64,822 64,065 2.6 64,173
Bonterra LLC+ One stop L + 6.25% (b) 10.98% 09/2027 74 72 — 72
Bonterra LLC+(5) One stop L + 6.25% N/A(6) 09/2027 — (64) — (48)
Bottomline Technologies, Inc.+ One stop SF + 5.50% (k) 9.82% 05/2029 28,092 27,582 1.1 27,250
Bottomline Technologies, Inc.+(5) One stop SF + 5.50% N/A(6) 05/2028 — (4) — (5)
Bullhorn, Inc.*#+ One stop L + 5.75% (b) 10.48% 09/2026 65,777 65,093 2.6 65,777
Bullhorn, Inc.+(8)(9) One stop SN + 6.00% (i) 9.43% 09/2026 11,541 11,616 0.5 11,541
Bullhorn, Inc.+(8)(9) One stop E + 5.75% (e) 7.88% 09/2026 4,614 4,664 0.2 4,614
Bullhorn, Inc.+ One stop L + 5.75% (b) 10.48% 09/2026 213 211 — 213
Bullhorn, Inc.+ One stop L + 5.75% (b) 10.48% 09/2026 96 95 — 96
Bullhorn, Inc.+ One stop L + 5.75% (b) 10.48% 09/2026 76 75 — 76
Bullhorn, Inc.+ One stop L + 5.75% (b) 10.48% 09/2026 110 107 — 110
Burning Glass Intermediate Holdings Company, Inc.#+ One stop L + 5.00% (a) 9.38% 06/2028 9,795 9,641 0.4 9,795
Burning Glass Intermediate Holdings Company, Inc.+(5) One stop L + 5.00% N/A(6) 06/2026 — (1) — —
Calabrio, Inc.+ One stop L + 7.00% (b) 11.73% 04/2027 53,683 53,107 2.1 53,683
Calabrio, Inc.+ One stop L + 7.00% (b) 11.75% 04/2027 135 132 — 135
Community Brands Parentco LLC+ One stop SF + 5.75% (k) 10.17% 02/2028 14,159 13,916 0.5 13,734
Community Brands Parentco LLC+(5) One stop SF + 5.50% N/A(6) 02/2028 — (1) — (2)
Community Brands Parentco LLC+(5) One stop SF + 5.50% N/A(6) 02/2028 — (1) — (3)
Daxko Acquisition Corporation+ One stop L + 5.50% (a) 9.88% 10/2028 27,640 27,412 1.1 26,535
Daxko Acquisition Corporation+ One stop L + 5.50% (a) 9.88% 10/2028 2,331 2,302 0.1 2,238
Daxko Acquisition Corporation+ One stop P + 4.50% (d) 12.00% 10/2027 6 5 — —


	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	SF +	7.13%	(i)	12.48%				04/2027	$	53,683	$	53,241	2.1	%	$	53,683
Calabrio, Inc.+	One stop	SF +	7.13%	(i)	12.48%				04/2027	135		132		—		135
Calabrio, Inc.+	One stop	SF +	7.13%		N/A(6)				04/2027	—		—		—		—
Camelia Bidco Limited+(8)(9)(10)	One stop	SN +	6.25%	(g)	11.44%				08/2030	3,260		3,195		0.1		3,211
Camelia Bidco Limited+(8)(9)(10)	One stop	A +	6.25%	(e)	10.57%				08/2030	216		201		—		213
Camelia Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.25%		N/A(6)				08/2030	—		(20)		—		(21)
Community Brands Parentco LLC+	One stop	SF +	5.50%	(i)	10.96%				02/2028	14,016		13,822		0.5		13,736
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%	(i)	12.86%				02/2030	22,905		22,403		0.9		22,676
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	—		(22)		—		(20)
Crewline Buyer, Inc.+	One stop	SF +	6.75%	(j)	12.10%				11/2030	453		446		—		447
Crewline Buyer, Inc.+(5)	One stop	SF +	6.75%		N/A(6)				11/2030	—		(1)		—		(1)
Daxko Acquisition Corporation+	One stop	SF +	5.50%	(i)	10.96%				10/2028	27,361		27,174		1.0		26,540
Daxko Acquisition Corporation+	One stop	SF +	5.50%	(i)	10.96%				10/2028	2,307		2,284		0.1		2,238
Daxko Acquisition Corporation+	One stop	P +	4.50%	(a)	13.00%				10/2027	12		11		—		7
Daxko Acquisition Corporation+	One stop	SF +	5.50%	(i)	10.96%				10/2028	138		130		—		105
Denali Bidco Limited+(8)(9)(10)	One stop	SN +	6.00%	(g)	11.19%				08/2030	3,043		2,951		0.1		3,012
Denali Bidco Limited+(8)(9)(10)	One stop	E +	6.00%	(b)	9.84%				08/2030	764		736		—		757
Denali Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.00%		N/A(6)				08/2030	—		(12)		—		(11)
Diligent Corporation*#+	One stop	SF +	6.25%	(j)	11.78%				08/2025	85,188		85,149		3.3		85,188
Diligent Corporation+	One stop	SF +	5.75%	(j)	11.28%				08/2025	5,889		5,867		0.2		5,844
Diligent Corporation+	One stop	SF +	6.25%	(i)(j)	11.76%				08/2025	175		174		—		175
Dragon UK Bidco Limited+(8)(9)(10)	One stop	SN +	5.75%	(g)	10.94%				02/2029	14,750		15,108		0.6		14,307
Dragon UK Bidco Limited+(8)(9)(10)	One stop	C +	5.75%	(f)	11.19%				02/2029	289		294		—		281
Dragon UK Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.75%		N/A(6)				02/2029	—		—		—		(3)
Evergreen IX Borrower 2023, LLC+	One stop	SF +	6.00%	(j)	11.35%				09/2030	4,506		4,397		0.2		4,393
Evergreen IX Borrower 2023, LLC+(5)	One stop	SF +	6.00%		N/A(6)				10/2029	—		(12)		—		(12)
FirstUp, Inc.+(23)	One stop	SF +	7.50%	(j)	8.60%	cash/	4.25%	PIK	07/2027	9,334		9,264		0.4		9,334
FirstUp, Inc.+(23)	One stop	SF +	7.50%	(j)	8.60%	cash/	4.25%	PIK	07/2027	885		874		—		885
FirstUp, Inc.+(5)	One stop	SF +	7.50%		N/A(6)				07/2027	—		(1)		—		—
Gainsight, Inc.+(23)	One stop	SF +	6.75%	(j)	12.28%	PIK			07/2027	11,455		11,356		0.4		11,340
Gainsight, Inc.+(23)	One stop	SF +	6.75%	(j)	12.28%	PIK			07/2027	58		57		—		57
GS Acquisitionco, Inc.*#+	One stop	SF +	5.50%	(j)	11.00%				05/2026	83,542		83,550		3.3		83,542
GS Acquisitionco, Inc.+	One stop	SF +	5.50%		N/A(6)				05/2026	—		—		—		—
GTIV, LLC+	One stop	SF +	5.25%	(j)	10.70%				02/2029	73,285		72,750		2.9		73,285
GTIV, LLC+(5)	One stop	SF +	5.25%		N/A(6)				02/2029	—		(2)		—		—
GTY Technology Holdings, Inc.+(23)	One stop	SF +	6.88%	(j)	7.92%	cash/	4.30%	PIK	07/2029	3,273		3,224		0.1		3,207
GTY Technology Holdings, Inc.+(23)	One stop	SF +	6.88%	(j)	7.95%	cash/	4.30%	PIK	07/2029	2,137		2,101		0.1		2,094
GTY Technology Holdings, Inc.+(23)	One stop	SF +	6.88%	(j)	7.92%	cash/	4.30%	PIK	07/2029	392		389		—		384
GTY Technology Holdings, Inc.+	One stop	P +	5.25%	(a)	13.75%				07/2029	11		9		—		9
GTY Technology Holdings, Inc.+(5)	One stop	SF +	7.13%		N/A(6)				07/2029	—		(5)		—		(5)
Hyland Software, Inc.+	One stop	SF +	6.00%	(i)	11.36%				09/2030	4,950		4,879		0.2		4,876
Hyland Software, Inc.+(5)	One stop	SF +	6.00%		N/A(6)				09/2029	—		(1)		—		(1)
ICIMS, Inc.+(23)	One stop	SF +	7.25%	(j)	8.74%	cash/	3.88%	PIK	08/2028	8,088		7,984		0.3		7,927
ICIMS, Inc.+	One stop	SF +	6.75%	(j)	12.10%				08/2028	27		26		—		24
ICIMS, Inc.+(5)	One stop	SF +	7.25%		N/A(6)				08/2028	—		—		—		(33)
IQN Holding Corp. #+	One stop	SF +	5.25%	(j)	10.64%				05/2029	14,577		14,466		0.6		14,285
IQN Holding Corp. +(5)	One stop	SF +	5.25%		N/A(6)				05/2028	—		(1)		—		(2)

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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)
Daxko Acquisition Corporation+(5) One stop L + 5.50% N/A(6) 10/2028 $ — $ (9) — % $ (44)
Diligent Corporation*#+ One stop L + 6.25% (a) 10.63% 08/2025 86,070 86,007 3.4 85,211
Diligent Corporation+ One stop L + 5.75% (a) 10.13% 08/2025 5,949 5,914 0.2 5,824
Diligent Corporation+ One stop L + 6.25% (a) 10.63% 08/2025 98 96 — 94
Dragon UK Bidco Limited+(8)(9)(10) One stop SN + 5.75% (i) 9.18% 02/2029 14,015 15,075 0.5 13,455
Dragon UK Bidco Limited+(8)(9)(10) One stop C + 5.75% (h) 10.69% 02/2029 283 294 — 272
Dragon UK Bidco Limited+(5)(8)(9)(10) One stop SN + 6.00% N/A(6) 02/2029 — — — (4)
FirstUp, Inc.+(22) One stop L + 6.75% (b) 7.98% cash/ 3.50% PIK 07/2027 8,995 8,930 0.3 8,725
FirstUp, Inc.+(22) One stop L + 6.75% (b) 7.98% cash/ 3.50% PIK 07/2027 38 37 — 34
Gainsight, Inc.+(22) One stop L + 6.75% (c) 9.56% PIK 07/2027 10,196 10,070 0.4 10,094
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)(l) 9.92% 05/2026 84,410 84,585 3.3 82,721
GS Acquisitionco, Inc.+(5) One stop SF + 5.75% N/A(6) 05/2026 — (2) — (6)
GTIV, LLC+ One stop SF + 5.25% (m) 8.36% 02/2029 74,029 73,383 2.9 73,289
GTIV, LLC+(5) One stop SF + 5.25% N/A(6) 02/2029 — (2) — (3)
GTY Technology Holdings, Inc.+(22) One stop SF + 6.88% (l) 7.16% cash/ 4.30% PIK 07/2029 3,134 3,077 0.1 3,103
GTY Technology Holdings, Inc.+(5) One stop SF + 6.25% N/A(6) 07/2029 — (2) — (1)
GTY Technology Holdings, Inc.+(22) One stop SF + 6.88% (l) 7.08% cash/ 4.30% PIK 07/2029 2,046 2,003 0.1 2,026
GTY Technology Holdings, Inc.+(22) One stop SF + 6.88% (l) 7.16% cash/ 4.30% PIK 07/2029 375 372 — 371
ICIMS, Inc.+(22) One stop SF + 7.25% (l) 7.64% cash/ 3.88% PIK 08/2028 7,775 7,646 0.3 7,697
ICIMS, Inc.+(5) One stop SF + 7.25% N/A(6) 08/2028 — (1) — (2)
ICIMS, Inc.+(5) One stop SF + 7.25% N/A(6) 08/2028 — — — (21)
IQN Holding Corp. #+ One stop SF + 5.25% (l) 9.65% 05/2029 14,645 14,512 0.6 14,352
IQN Holding Corp. +(5) One stop SF + 5.25% N/A(6) 05/2028 — (1) — (2)
IQN Holding Corp. +(5) One stop SF + 5.50% (l) 9.71% 05/2029 21 (9) — 16
Island Bidco AB+(8)(9)(17)(22) One stop E + 7.25% (f) 2.75% cash/ 7.25% PIK 07/2028 6,022 5,810 0.2 5,962
Island Bidco AB+(8)(17)(22) One stop SF + 7.00% (l)(m) 8.29% cash/ 3.50% PIK 07/2028 2,973 2,947 0.1 2,943
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% (a) 10.63% 10/2026 7,526 7,466 0.3 7,451
Juvare, LLC+ One stop L + 6.25% (a) 10.63% 10/2026 1,737 1,723 0.1 1,719
Juvare, LLC+ One stop L + 6.25% (a) 10.63% 10/2026 548 526 — 526
Juvare, LLC+ One stop L + 6.25% (a) 10.63% 04/2026 45 45 — 45
Kaseya Inc.+ One stop SF + 5.75% (l) 10.33% 06/2029 9,178 9,049 0.4 8,994
Kaseya Inc.+(5) One stop SF + 5.75% N/A(6) 06/2029 — (2) — (5)
Kaseya Inc.+(5) One stop SF + 5.75% N/A(6) 06/2029 — (5) — (11)
Mindbody, Inc.+(22) One stop L + 7.00% (b) 11.73% 02/2025 49,911 50,294 2.0 49,911
Mindbody, Inc.+(22) One stop L + 7.00% (b) 11.73% 02/2025 5,588 5,553 0.2 5,588
Mindbody, Inc.+ One stop L + 7.00% N/A(6) 02/2025 — — — —
Ministry Brands Holdings LLC+ One stop L + 5.50% (a) 9.88% 12/2028 21,926 21,738 0.8 21,049
Ministry Brands Holdings LLC+ One stop L + 5.50% (b)(d) 10.53% 12/2027 90 89 — 84
Ministry Brands Holdings LLC+(5) One stop L + 5.50% N/A(6) 12/2028 — (5) — (24)
Neo Bidco GMBH+(8)(9)(13)(22) One stop E + 6.50% (e) 4.70% cash/ 3.00% PIK 07/2028 6,998 7,638 0.3 6,788
Neo Bidco GMBH+(8)(13) One stop L + 6.00% (b) 10.69% 01/2028 59 59 — 58
Neo Bidco GMBH+(8)(9)(13) One stop E + 6.00% N/A(6) 01/2028 — — — —
Naviga Inc.+ Senior loan SF + 7.00% (l) 11.68% 12/2023 109 109 — 109


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
IQN Holding Corp. +(5)	One stop	SF +	5.25%		N/A(6)				05/2029	$	—	$	(24)	—	%	$	(3)
Island Bidco AB+(8)(9)(17)(23)	One stop	E +	7.25%	(d)	3.89%	cash/	7.25%	PIK	07/2028	6,668		6,270		0.3		6,668
Island Bidco AB+(8)(17)(23)	One stop	SF +	7.00%	(k)	8.68%	cash/	3.50%	PIK	07/2028	3,078		3,056		0.1		3,078
Island Bidco AB+(5)(8)(9)(17)	One stop	E +	6.50%		N/A(6)				07/2028	—		(1)		—		—
Island Bidco AB+(8)(17)	One stop	SF +	6.50%	(k)	11.83%				07/2028	30		30		—		30
Juvare, LLC*	One stop	SF +	5.75%	(j)	11.29%				10/2026	7,526		7,482		0.3		7,376
Juvare, LLC+	One stop	SF +	5.75%	(j)	11.29%				10/2026	1,737		1,727		0.1		1,702
Juvare, LLC+	One stop	SF +	5.75%	(j)	11.29%				10/2026	548		540		—		537
Juvare, LLC+	One stop	SF +	5.75%	(a)(j)	11.48%				04/2026	50		50		—		49
Kaseya Inc.+(23)	One stop	SF +	6.00%	(j)	8.88%	cash/	2.50%	PIK	06/2029	9,256		9,147		0.4		9,164
Kaseya Inc.+(23)	One stop	SF +	5.50%	(i)	10.86%				06/2029	68		66		—		65
Kaseya Inc.+(23)	One stop	SF +	6.00%	(j)	8.88%	cash/	2.50%	PIK	06/2029	34		30		—		29
LeadsOnline, LLC+	One stop	SF +	6.00%	(j)	11.49%				02/2028	4,197		4,100		0.2		4,197
LeadsOnline, LLC+	One stop	SF +	6.00%	(j)	11.49%				02/2028	741		724		—		741
LeadsOnline, LLC+	One stop	SF +	6.00%	(i)	11.46%				02/2028	8		7		—		8
Mindbody, Inc.+	One stop	SF +	7.00%	(j)	12.53%				02/2025	49,911		50,113		1.9		49,911
Mindbody, Inc.+	One stop	SF +	7.00%	(j)	12.53%				02/2025	3,929		3,910		0.2		3,929
Mindbody, Inc.+	One stop	SF +	7.00%		N/A(6)				02/2025	—		—		—		—
Ministry Brands Holdings LLC+	One stop	SF +	5.50%	(i)	10.96%				12/2028	21,705		21,550		0.8		20,837
Ministry Brands Holdings LLC+	One stop	SF +	5.50%	(i)	10.96%				12/2028	186		182		—		162
Ministry Brands Holdings LLC+	One stop	SF +	5.50%	(a)(i)	11.28%				12/2027	96		95		—		90
Navex TopCo, Inc.+	One stop	SF +	5.75%	(i)	11.11%				11/2030	460		451		—		450
Navex TopCo, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				11/2028	—		(1)		—		(1)
Naviga Inc.+	Senior secured	SF +	7.00%	(j)	12.45%				02/2024	108		108		—		108
Neo Bidco GMBH+(8)(9)(13)	One stop	E +	6.00%	(d)	9.95%				07/2028	7,216		7,644		0.3		7,216
Neo Bidco GMBH+(8)(9)(13)	One stop	E +	6.00%	(d)	9.92%				01/2028	22		22		—		22
Neo Bidco GMBH+(8)(13)	One stop	SF +	6.00%		N/A(6)				01/2028	—		—		—		—
Neo Bidco GMBH+(8)(9)(13)	One stop	E +	6.25%	(c)	10.08%				07/2028	520		510		—		522
Panzura, LLC+(23)	One stop	N/A			2.00%	cash/	15.00%	PIK	08/2027	52		47		—		47
PDI TA Holdings, Inc.+	One stop	SF +	4.50%	(j)	10.07%				10/2024	8,302		8,270		0.3		8,302
PDI TA Holdings, Inc.+	Second lien	SF +	8.50%	(j)	14.02%				10/2025	3,424		3,395		0.1		3,424
PDI TA Holdings, Inc.+	Second lien	SF +	8.50%	(j)	14.02%				10/2025	3,333		3,278		0.1		3,333
PDI TA Holdings, Inc.+	One stop	SF +	4.50%	(j)	10.07%				10/2024	1,105		1,103		—		1,105
PDI TA Holdings, Inc.+	One stop	SF +	4.50%	(j)	10.07%				10/2024	681		679		—		681
PDI TA Holdings, Inc.+	Second lien	SF +	8.71%	(j)	14.23%				10/2025	640		638		—		640
PDI TA Holdings, Inc.+	Second lien	SF +	8.53%	(j)	14.05%				10/2025	377		375		—		377
PDI TA Holdings, Inc.+	One stop	SF +	4.50%	(j)	10.07%				10/2024	148		147		—		148
PDI TA Holdings, Inc.+(8)(9)	One stop	SN +	4.50%	(g)	9.81%				10/2024	88		93		—		88
Personify, Inc.*#+	One stop	SF +	5.25%	(j)	10.60%				09/2024	13,045		13,089		0.5		13,045
Personify, Inc.#	One stop	SF +	5.25%	(j)	10.60%				09/2024	8,060		8,043		0.3		8,060
Personify, Inc.+	One stop	SF +	5.25%		N/A(6)				09/2024	—		—		—		—
PING Identity Holding Corp.+	One stop	SF +	7.00%	(i)	12.36%				10/2029	9,953		9,829		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%	(j)	13.56%				04/2027	23,748		23,594		0.9		23,511
Pluralsight, LLC+	One stop	SF +	8.00%	(i)(j)	13.52%				04/2027	78		77		—		77
ProcessUnity Holdings, LLC+	One stop	SF +	6.75%	(i)	12.11%				09/2028	4,221		4,192		0.2		4,221
ProcessUnity Holdings, LLC+	One stop	SF +	6.75%	(j)	12.10%				09/2028	1,996		1,969		0.1		1,996
ProcessUnity Holdings, LLC+	One stop	SF +	6.75%	(j)	12.10%				09/2028	844		838		—		844
ProcessUnity Holdings, LLC+(5)	One stop	SF +	6.75%		N/A(6)				09/2028	—		(1)		—		—
Pyramid Healthcare Acquisition Corp.#+	One stop	SF +	4.75%	(j)	10.28%				05/2027	18,139		18,038		0.7		18,139
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(j)	10.28%				05/2027	1,875		1,854		0.1		1,875

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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.+ One stop L + 4.50% (b) 8.73% 10/2024 $ 8,388 $ 8,318 0.3 % $ 8,220
PDI TA Holdings, Inc.+ Second lien L + 8.50% (b) 13.18% 10/2025 3,424 3,379 0.1 3,424
PDI TA Holdings, Inc.+ One stop L + 4.50% (b) 8.39% 10/2024 1,116 1,112 — 1,093
PDI TA Holdings, Inc.+ One stop L + 4.50% (b) 8.73% 10/2024 688 684 — 675
PDI TA Holdings, Inc.+ Second lien L + 8.50% (b) 13.18% 10/2025 640 637 — 640
PDI TA Holdings, Inc.+ Second lien L + 8.50% (b) 13.18% 10/2025 377 375 — 377
PDI TA Holdings, Inc.+(8)(9) One stop SN + 4.50% (i) 8.05% 10/2024 84 93 — 82
PDI TA Holdings, Inc.+ One stop L + 4.50% (b) 8.73% 10/2024 40 40 — 37
Personify, Inc.*#+ One stop SF + 5.25% (l) 9.83% 09/2024 13,684 13,795 0.6 13,684
Personify, Inc.# One stop SF + 5.25% (l) 9.83% 09/2024 8,150 8,109 0.3 8,150
Personify, Inc.+ One stop SF + 5.25% N/A(6) 09/2024 — — — —
PING Identity Holding Corp.+ One stop SF + 7.00% (k) 11.32% 10/2029 9,953 9,808 0.4 9,828
PING Identity Holding Corp.+(5) One stop SF + 7.00% N/A(6) 10/2028 — (1) — (1)
Pluralsight, LLC+ One stop L + 8.00% (b) 11.83% 03/2027 23,748 23,578 0.9 23,748
Pluralsight, LLC+ One stop L + 8.00% (b) 12.75% 03/2027 50 49 — 50
ProcessUnity Holdings, LLC+ One stop L + 6.00% (b) 10.73% 09/2028 4,221 4,186 0.2 4,178
ProcessUnity Holdings, LLC+ One stop L + 6.00% (a) 10.38% 09/2028 23 22 — 22
ProcessUnity Holdings, LLC+ One stop L + 6.00% (b) 9.74% 09/2028 211 204 — 203
Pyramid Healthcare Acquisition Corp.#+ One stop L + 4.75% (b) 9.17% 05/2027 18,325 18,192 0.7 18,142
Pyramid Healthcare Acquisition Corp.+ One stop L + 4.75% (b) 9.48% 05/2027 870 864 — 862
Pyramid Healthcare Acquisition Corp.+ One stop L + 4.75% (b) 9.48% 05/2027 538 534 — 533
Pyramid Healthcare Acquisition Corp.+ One stop L + 4.75% (b) 9.16% 05/2027 179 178 — 177
Pyramid Healthcare Acquisition Corp.+ One stop L + 4.75% (b) 9.16% 05/2027 157 156 — 156
Pyramid Healthcare Acquisition Corp.+ One stop L + 4.75% (b) 9.48% 05/2027 147 146 — 146
Pyramid Healthcare Acquisition Corp.+ One stop L + 4.75% (b) 9.48% 05/2027 147 146 — 146
Pyramid Healthcare Acquisition Corp.+ One stop L + 4.75% (b) 9.43% 05/2027 1,583 1,539 0.1 1,541
Pyramid Healthcare Acquisition Corp.+ One stop L + 4.75% (b) 9.16% 05/2027 58 58 — 57
Pyramid Healthcare Acquisition Corp.+(5) One stop L + 4.75% N/A(6) 05/2027 — (1) — (2)
QAD, Inc.+ One stop L + 6.00% (a) 10.38% 11/2027 9,464 9,388 0.4 9,370
QAD, Inc.+(5) One stop L + 6.00% N/A(6) 11/2027 — (4) — (5)
Quant Buyer, Inc.+ One stop SF + 5.50% (l) 9.90% 06/2029 2,485 2,462 0.1 2,402
Quant Buyer, Inc.+ One stop SF + 5.50% (l) 9.90% 06/2029 2,950 2,923 0.1 2,851
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) 10.40% 06/2029 2,022 2,003 0.1 2,001
Rainforest Bidco Limited+(8)(9)(10)(22) One stop SN + 5.75% (i) 9.18% 07/2029 7,140 6,847 0.3 7,069
Rainforest Bidco Limited+(5)(8)(9)(10) One stop SN + 5.75% N/A(6) 07/2029 — (16) — (5)
Rainforest Bidco Limited+(8)(10) One stop SF + 5.75% (l) 8.79% 07/2029 1,394 1,376 0.1 1,380
RegEd Aquireco, LLC+ Senior loan L + 4.25% (b) 8.66% 12/2024 11,154 11,159 0.4 10,374
RegEd Aquireco, LLC+ Senior loan L + 4.25% (b)(d) 9.59% 12/2024 236 236 — 220
Riskonnect Parent, LLC*+ One stop SF + 5.50% (l) 10.23% 12/2028 10,179 10,092 0.4 9,975
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 L + 6.25% (a) 10.63% 05/2027 4,541 4,508 0.2 4,496
Rodeo Buyer Company & Absorb Software Inc.+ One stop L + 6.25% (a) 10.49% 05/2027 7 6 — 6
SailPoint Technologies Holdings, Inc.+ One stop SF + 6.25% (k) 10.58% 08/2029 9,827 9,640 0.4 9,434
SailPoint Technologies Holdings, Inc.+(5) One stop SF + 6.25% N/A(6) 08/2028 — (2) — (7)
Sapphire Bidco Oy+(8)(9)(16) One stop E + 6.00% (e) 7.32% 04/2029 32,884 30,404 1.3 32,556


	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.+	One stop	SF +	4.75%	(j)	10.29%				05/2027	$	1,567	$	1,559	0.1	%	$	1,567
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(j)	10.29%				05/2027	862		857		—		862
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(j)	10.28%				05/2027	789		784		—		789
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(j)	10.28%				05/2027	533		530		—		533
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(j)	10.28%				05/2027	177		176		—		177
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(j)	10.28%				05/2027	156		155		—		156
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(j)	10.28%				05/2027	146		145		—		146
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(j)	10.29%				05/2027	146		145		—		146
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(j)	10.28%				05/2027	57		57		—		57
Pyramid Healthcare Acquisition Corp.+(5)	One stop	SF +	4.75%		N/A(6)				05/2027	—		(1)		—		—
QAD, Inc.+	One stop	SF +	5.38%	(i)	10.73%				11/2027	9,369		9,309		0.4		9,369
QAD, Inc.+(5)	One stop	SF +	5.38%		N/A(6)				11/2027	—		(3)		—		—
Quant Buyer, Inc.+	One stop	SF +	6.00%	(k)	11.39%				06/2029	2,920		2,898		0.1		2,833
Quant Buyer, Inc.+	One stop	SF +	6.00%	(k)	11.39%				06/2029	2,460		2,441		0.1		2,386
Quant Buyer, Inc.+	One stop	SF +	6.00%	(k)	11.39%				06/2029	2,001		1,986		0.1		1,941
Quant Buyer, Inc.+(5)	One stop	SF +	6.00%		N/A(6)				06/2029	—		(1)		—		(5)
Quant Buyer, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				06/2029	—		(71)		—		—
Rainforest Bidco Limited+(8)(9)(10)(23)	One stop	SN +	5.43%	(g)	8.68%	cash/	1.93%	PIK	07/2029	7,708		7,057		0.3		7,439
Rainforest Bidco Limited+(8)(10)(23)	One stop	SF +	5.43%	(h)	8.82%	cash/	1.93%	PIK	07/2029	1,430		1,415		0.1		1,380
Rainforest Bidco Limited+(8)(9)(10)(23)	One stop	SN +	5.43%	(g)	8.68%	cash/	1.93%	PIK	07/2029	566		520		—		547
Rainforest Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.50%		N/A(6)				07/2029	—		(61)		—		—
RegEd Aquireco, LLC+	Senior secured	SF +	4.25%	(i)(j)(k)	9.79%				12/2024	11,038		11,042		0.4		10,707
RegEd Aquireco, LLC+	Senior secured	SF +	4.25%	(j)(k)	9.94%				12/2024	210		210		—		202
Riskonnect Parent, LLC*+	One stop	SF +	5.50%	(j)	11.00%				12/2028	10,076		10,005		0.4		9,875
Riskonnect Parent, LLC+	One stop	SF +	5.50%	(j)	11.00%				12/2028	201		198		—		194
Riskonnect Parent, LLC+(5)	One stop	SF +	5.50%		N/A(6)				12/2028	—		(5)		—		(13)
Rodeo Buyer Company & Absorb Software Inc.+	One stop	SF +	6.25%	(i)	11.71%				05/2027	5,041		4,994		0.2		4,991
Rodeo Buyer Company & Absorb Software Inc.+(5)	One stop	SF +	6.25%		N/A(6)				05/2027	—		(1)		—		(1)
SailPoint Technologies Holdings, Inc.+	One stop	SF +	6.00%	(i)	11.36%				08/2029	9,827		9,668		0.4		9,729
SailPoint Technologies Holdings, Inc.+(5)	One stop	SF +	6.00%		N/A(6)				08/2028	—		(1)		—		(2)
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	5.50%	(c)	9.49%				07/2029	33,910		30,472		1.3		33,910
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	5.50%	(c)	9.49%				07/2029	2,771		2,617		0.1		2,771
Sonatype, Inc.+	One stop	SF +	6.75%	(i)	12.21%				12/2025	40,459		40,308		1.6		40,459
Sonatype, Inc.+	One stop	SF +	6.75%	(i)	12.21%				12/2025	851		848		—		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%	(i)	11.86%	cash/	2.00%	PIK	12/2026	31,785		31,482		1.2		30,832
Spartan Buyer Acquisition Co.+(23)	One stop	SF +	8.50%	(i)	11.86%	cash/	2.00%	PIK	12/2026	2,020		1,991		0.1		1,960
Spartan Buyer Acquisition Co.+(5)(23)	One stop	P +	7.50%	(a)	14.00%	cash/	2.00%	PIK	12/2026	1		(1)		—		(1)
Telesoft Holdings LLC+	One stop	SF +	5.75%	(i)	11.21%				12/2025	875		869		—		864
Telesoft Holdings LLC+	One stop	SF +	6.25%	(i)	11.71%				08/2028	64		64		—		64
Telesoft Holdings LLC+	One stop	SF +	5.75%	(i)	11.14%				12/2025	13		12		—		12
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.00%	(k)	11.68%				07/2028	3,171		3,106		0.1		3,171
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.00%		N/A(6)				07/2028	—		—		—		—
Templafy APS and Templafy, LLC+(5)(8)(18)	One stop	SF +	6.00%		N/A(6)				07/2028	—		(14)		—		—
TI Intermediate Holdings, LLC+	Senior secured	SF +	4.50%	(j)	9.98%				12/2024	3,409		3,420		0.1		3,273
TI Intermediate Holdings, LLC+	Senior secured	SF +	4.50%	(j)	9.98%				12/2024	901		896		—		865
TI Intermediate Holdings, LLC+	Senior secured	SF +	4.50%	(j)(k)	9.99%				12/2024	565		562		—		542
TI Intermediate Holdings, LLC+	Senior secured	SF +	4.50%	(j)	9.98%				12/2024	424		421		—		407
TI Intermediate Holdings, LLC+	Senior secured	SF +	4.50%	(j)	9.98%				12/2024	156		155		—		149

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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)
Sonatype, Inc.+ One stop SF + 6.75% (l) 11.08% 12/2025 $ 40,459 $ 40,231 1.6 % $ 40,459
Sonatype, Inc.+ One stop SF + 6.75% (l) 11.08% 12/2025 851 846 — 851
Sonatype, Inc.+(5) One stop SF + 6.75% N/A(6) 12/2025 — (1) — —
Spartan Buyer Acquisition Co.*#+(22) One stop SF + 8.50% (k) 10.82% cash/ 2.00% PIK 12/2026 31,466 31,058 1.2 31,152
Spartan Buyer Acquisition Co.+(22) One stop SF + 8.50% (k) 10.82% cash/ 2.00% PIK 12/2026 2,000 1,960 0.1 1,980
Spartan Buyer Acquisition Co.+(5)(22) One stop P + 7.50% (d) 13.00% cash/ 2.00% PIK 12/2026 1 (1) — —
Tahoe Bidco B.V. + One stop L + 6.00% (b) 10.75% 09/2028 12,058 11,959 0.5 11,817
Tahoe Bidco B.V. +(5) One stop L + 6.00% N/A(6) 10/2027 — (1) — (2)
Telesoft Holdings LLC+ One stop L + 5.75% (a)(c) 10.30% 12/2025 884 874 — 874
Telesoft Holdings LLC+ One stop L + 5.75% (a) 10.14% 12/2025 8 7 — 7
Telesoft Holdings LLC+ One stop L + 6.25% (c) 11.18% 08/2028 65 64 — 64
Templafy APS and Templafy, LLC+(8)(18) One stop SF + 6.50% (m) 9.64% 07/2028 3,171 3,092 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 — (17) — —
TI Intermediate Holdings, LLC+ Senior loan L + 4.25% (b)(c) 9.18% 12/2024 3,436 3,459 0.2 3,421
TI Intermediate Holdings, LLC+ Senior loan L + 4.25% (b)(c) 9.18% 12/2024 908 897 — 904
TI Intermediate Holdings, LLC+ Senior loan L + 4.25% (b)(c) 9.18% 12/2024 427 422 — 425
TI Intermediate Holdings, LLC+ Senior loan L + 4.50% (b)(c) 9.42% 12/2024 386 381 — 386
TI Intermediate Holdings, LLC+ Senior loan L + 4.50% (b)(c) 9.43% 12/2024 157 155 — 157
TI Intermediate Holdings, LLC+ Senior loan L + 4.25% N/A(6) 12/2024 — — — —
Togetherwork Holdings, LLC*# One stop L + 6.25% (c) 11.40% 03/2025 15,205 15,254 0.6 15,205
Togetherwork Holdings, LLC+ One stop L + 6.25% (c) 11.40% 03/2025 6,876 6,801 0.3 6,876
Togetherwork Holdings, LLC+ One stop L + 6.25% (c) 11.40% 03/2025 4,171 4,143 0.2 4,171
Togetherwork Holdings, LLC+ One stop L + 6.25% (c) 11.40% 03/2025 1,762 1,791 0.1 1,762
Togetherwork Holdings, LLC#+ One stop L + 6.25% (c) 11.40% 03/2025 1,710 1,736 0.1 1,710
Togetherwork Holdings, LLC*# One stop L + 6.25% (c) 11.40% 03/2025 1,667 1,693 0.1 1,667
Togetherwork Holdings, LLC#+ One stop L + 6.25% (c) 11.40% 03/2025 1,611 1,624 0.1 1,611
Togetherwork Holdings, LLC*+ One stop L + 6.25% (c) 11.40% 03/2025 1,552 1,577 0.1 1,552
Togetherwork Holdings, LLC#+ One stop L + 6.25% (c) 11.40% 03/2025 1,447 1,469 0.1 1,447
Togetherwork Holdings, LLC*# One stop L + 6.25% (c) 11.40% 03/2025 1,185 1,193 — 1,185
Togetherwork Holdings, LLC#+ One stop L + 6.25% (c) 11.40% 03/2025 653 662 — 653
Togetherwork Holdings, LLC+ One stop L + 6.25% (c) 11.40% 03/2025 452 449 — 452
Togetherwork Holdings, LLC+ One stop L + 6.25% (c) 11.40% 03/2025 437 435 — 437
Togetherwork Holdings, LLC+ One stop L + 6.25% (c) 11.40% 03/2025 250 249 — 250
Togetherwork Holdings, LLC+ One stop L + 6.25% (c) 11.40% 03/2025 63 64 — 63
Togetherwork Holdings, LLC+ One stop L + 6.25% (c) 11.40% 03/2025 58 59 — 58
Togetherwork Holdings, LLC+(5) One stop SF + 6.25% N/A(6) 03/2025 — (1) — —
Togetherwork Holdings, LLC+ One stop L + 6.25% (c) 11.40% 03/2025 1,336 1,325 0.1 1,336
Trintech, Inc.*#+ One stop L + 6.00% (a) 10.38% 12/2024 21,972 22,041 0.9 21,751
Trintech, Inc.#+ One stop L + 6.00% (a) 10.38% 12/2024 9,118 9,185 0.4 9,026
Trintech, Inc.+ One stop L + 6.00% (a) 10.38% 12/2024 100 99 — 98
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)(22) One stop N/A 4.50% cash/ 6.07% PIK 05/2024 8,132 8,619 0.3 7,156
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)(22) One stop N/A 4.50% cash/ 6.07% PIK 05/2024 134 144 — 118
Vendavo, Inc.*#+ One stop L + 5.75% (b) 10.49% 09/2027 19,562 19,426 0.7 18,388
Vendavo, Inc.+ One stop P + 4.75% (d) 12.25% 09/2027 40 39 — 31


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
TI Intermediate Holdings, LLC+	Senior secured	SF +	4.50%	(k)	10.00%				12/2024	$	57	$	57	—	%	$	54
Togetherwork Holdings, LLC*#	One stop	SF +	6.00%	(i)	11.46%				03/2025	15,045		15,072		0.6		15,045
Togetherwork Holdings, LLC+	One stop	SF +	6.00%	(i)	11.46%				03/2025	6,806		6,765		0.3		6,806
Togetherwork Holdings, LLC+	One stop	SF +	6.00%	(i)	11.46%				03/2025	5,939		5,878		0.2		5,939
Togetherwork Holdings, LLC+	One stop	SF +	6.00%	(i)	11.46%				03/2025	4,128		4,114		0.2		4,128
Togetherwork Holdings, LLC+	One stop	SF +	6.00%	(i)	11.46%				03/2025	1,744		1,759		0.1		1,744
Togetherwork Holdings, LLC#+	One stop	SF +	6.00%	(i)	11.46%				03/2025	1,693		1,707		0.1		1,693
Togetherwork Holdings, LLC*#	One stop	SF +	6.00%	(i)	11.46%				03/2025	1,650		1,664		0.1		1,650
Togetherwork Holdings, LLC#+	One stop	SF +	6.00%	(i)	11.46%				03/2025	1,594		1,601		0.1		1,594
Togetherwork Holdings, LLC*+	One stop	SF +	6.00%	(i)	11.46%				03/2025	1,535		1,550		0.1		1,535
Togetherwork Holdings, LLC#+	One stop	SF +	6.00%	(i)	11.46%				03/2025	1,432		1,444		0.1		1,432
Togetherwork Holdings, LLC+	One stop	SF +	6.00%	(i)	11.46%				03/2025	1,322		1,316		0.1		1,322
Togetherwork Holdings, LLC*#	One stop	SF +	6.00%	(i)	11.46%				03/2025	1,173		1,177		—		1,173
Togetherwork Holdings, LLC#+	One stop	SF +	6.00%	(i)	11.46%				03/2025	646		651		—		646
Togetherwork Holdings, LLC+	One stop	SF +	6.00%	(i)	11.46%				03/2025	447		445		—		447
Togetherwork Holdings, LLC+	One stop	SF +	6.00%	(i)	11.46%				03/2025	432		431		—		432
Togetherwork Holdings, LLC+	One stop	SF +	6.00%	(i)	11.46%				03/2025	250		249		—		250
Togetherwork Holdings, LLC+	One stop	SF +	6.00%	(i)	11.46%				03/2025	62		63		—		62
Togetherwork Holdings, LLC+	One stop	SF +	6.00%	(i)	11.46%				03/2025	57		58		—		57
Togetherwork Holdings, LLC+(5)	One stop	SF +	6.00%		N/A(6)				03/2025	—		(2)		—		—
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)(23)	One stop	N/A			4.50%	cash/	8.12%	PIK	05/2024	9,150		9,154		0.3		8,235
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)(23)	One stop	N/A			4.50%	cash/	8.12%	PIK	05/2024	150		154		—		134
Vendavo, Inc.*#+	One stop	SF +	5.75%	(j)	11.23%				09/2027	19,363		19,256		0.7		18,201
Vendavo, Inc.+	One stop	P +	4.75%	(a)	13.25%				09/2027	104		103		—		95
WebPT, Inc.+	One stop	SF +	6.75%	(j)	12.24%				01/2028	626		619		—		620
Workforce Software, LLC+(23)	One stop	SF +	7.25%	(j)	9.79%	cash/	3.00%	PIK	07/2025	29,265		29,469		1.1		28,972
Workforce Software, LLC+(23)	One stop	SF +	7.25%	(j)	9.79%	cash/	3.00%	PIK	07/2025	5,179		5,160		0.2		5,127
Workforce Software, LLC+(23)	One stop	SF +	7.25%	(j)	9.79%	cash/	3.00%	PIK	07/2025	3,668		3,637		0.1		3,631
Workforce Software, LLC+(23)	One stop	SF +	7.25%	(j)	9.79%	cash/	3.00%	PIK	07/2025	108		107		—		107
Workforce Software, LLC+(5)	One stop	SF +	6.50%		N/A(6)				07/2025	—		(1)		—		(2)
Zendesk, Inc.+(23)	One stop	SF +	6.75%	(j)	8.86%	cash/	3.25%	PIK	11/2028	20,480		20,154		0.8		20,480
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	—		(41)		—		—

										1,376,021		1,361,980		53.1		1,361,803

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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)
WebPT, Inc.+ One stop L + 6.75% (b) 11.48% 01/2028 $ 626 $ 618 — % $ 620
Workforce Software, LLC+(22) One stop L + 7.25% (c) 9.46% cash/ 3.00% PIK 07/2025 28,391 28,724 1.1 27,824
Workforce Software, LLC+(22) One stop L + 7.25% (c) 9.46% cash/ 3.00% PIK 07/2025 5,024 4,994 0.2 4,923
Workforce Software, LLC+(22) One stop L + 7.25% (c) 9.46% cash/ 3.00% PIK 07/2025 3,558 3,508 0.1 3,487
Workforce Software, LLC+ One stop L + 6.50% (b)(c) 11.48% 07/2025 118 116 — 114
Workforce Software, LLC+(22) One stop L + 7.25% (c) 9.46% cash/ 3.00% PIK 07/2025 104 103 — 102
Zendesk, Inc.+ One stop SF + 6.50% (l) 11.04% 11/2028 19,960 19,568 0.8 19,561
Zendesk, Inc.+(5) One stop SF + 6.50% N/A(6) 11/2028 — (1) — (1)
Zendesk, Inc.+(5) One stop SF + 6.50% N/A(6) 11/2028 — (49) — (50)
1,366,216 1,357,406 53.6 1,347,209


	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%	(j)	11.00%				02/2028	$	22,171	$	21,837	0.9	%	$	22,171
Ave Holdings III, Corp+	One stop	SF +	5.50%	(j)	11.00%				02/2028	398		395		—		398
Ave Holdings III, Corp+	One stop	SF +	5.50%	(j)	11.00%				02/2028	52		52		—		52
Ave Holdings III, Corp+(5)	One stop	SF +	5.50%		N/A(6)				02/2028	—		(2)		—		—
Cavender Stores L.P.+	Senior secured	SF +	5.00%	(j)	10.35%				10/2029	5,000		4,952		0.2		4,950
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(j)	11.25%				05/2028	11,392		11,247		0.4		11,278
Consilio Midco Limited#(8)(10)	One stop	SF +	5.75%	(j)	11.25%				05/2028	9,850		9,779		0.4		9,752
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	10.19%				05/2028	9,275		9,399		0.4		9,182
Consilio Midco Limited#(8)(10)	One stop	SF +	5.75%	(j)	11.25%				05/2028	2,131		2,104		0.1		2,110
Consilio Midco Limited#(8)(10)	One stop	SF +	5.75%	(j)	11.25%				05/2028	1,417		1,406		0.1		1,403
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(j)	11.25%				05/2028	724		711		—		717
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(j)	11.25%				05/2028	45		44		—		44
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	10.19%				05/2028	67		64		—		66
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	10.19%				05/2028	30		28		—		29
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	10.19%				05/2028	17		18		—		17
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	10.19%				05/2028	15		15		—		15
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(j)	11.25%				05/2028	11		11		—		11
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	10.19%				05/2028	32		32		—		32
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	10.19%				05/2028	4		3		—		4
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	10.19%				05/2028	17		16		—		17
Cycle Gear, Inc.*#+	One stop	SF +	6.75%	(j)	12.25%				01/2026	46,953		46,848		1.8		45,074
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(j)	6.53%	cash/	7.75%	PIK	05/2024	38,349		38,431		1.3		33,938
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(j)	6.53%	cash/	7.75%	PIK	05/2024	22,279		22,249		0.8		19,717
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(j)	6.53%	cash/	7.75%	PIK	05/2024	5,704		5,768		0.2		5,048
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(j)	6.53%	cash/	7.75%	PIK	05/2024	5,180		5,173		0.2		4,584
Imperial Optical Midco Inc.+(23)	One stop	SF +	13.00%	(j)	8.03%	cash/	10.50%	PIK	05/2024	3,954		3,921		0.1		3,598
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(j)	6.53%	cash/	7.75%	PIK	05/2024	3,870		3,866		0.1		3,425
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(j)	6.53%	cash/	7.75%	PIK	05/2024	3,219		3,214		0.1		2,848
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(j)	6.53%	cash/	7.75%	PIK	05/2024	2,946		2,983		0.1		2,607
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(j)	6.53%	cash/	7.75%	PIK	05/2024	2,589		2,585		0.1		2,291
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(j)	6.53%	cash/	7.75%	PIK	05/2024	1,281		1,280		—		1,134
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(j)	6.53%	cash/	7.75%	PIK	05/2024	535		534		—		473
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(j)	6.53%	cash/	7.75%	PIK	05/2024	137		136		—		121
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(j)	6.53%	cash/	7.75%	PIK	05/2024	81		81		—		72
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(j)	6.53%	cash/	7.75%	PIK	05/2024	43		42		—		38
Imperial Optical Midco Inc.+(23)	One stop	SF +	13.00%	(j)	8.03%	cash/	10.50%	PIK	05/2024	1,575		1,575		0.1		1,700
Imperial Optical Midco Inc.+(23)	One stop	SF +	13.00%	(i)	7.96%	cash/	10.50%	PIK	05/2024	984		984		0.1		1,293
PetVet Care Centers LLC+	One stop	SF +	6.00%	(i)	11.36%				11/2030	397		389		—		389
PetVet Care Centers LLC+(5)	One stop	SF +	6.00%		N/A(6)				11/2029	—		(1)		—		(1)
PetVet Care Centers LLC+(5)	One stop	SF +	6.00%		N/A(6)				11/2030	—		(1)		—		(1)
PPV Intermediate Holdings, LLC#+	One stop	SF +	5.75%	(j)	11.14%				08/2029	9,613		9,475		0.4		9,420
PPV Intermediate Holdings, LLC+(23)	One stop	N/A			14.75%	PIK			08/2030	2,844		2,767		0.1		2,758
PPV Intermediate Holdings, LLC+(23)	One stop	N/A			13.75%	PIK			08/2030	1,082		1,063		—		1,006
PPV Intermediate Holdings, LLC+(23)	One stop	N/A			13.75%	PIK			08/2030	250		248		—		233
PPV Intermediate Holdings, LLC+(23)	One stop	N/A			13.75%	PIK			08/2030	45		41		—		42
PPV Intermediate Holdings, LLC+(23)	One stop	N/A			13.75%	PIK			08/2030	46		45		—		43

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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% (l) 10.23% 02/2028 $ 25,831 $ 25,385 1.0 % $ 25,315
Ave Holdings III, Corp+(5) One stop SF + 5.50% N/A(6) 02/2028 — (3) — (3)
Ave Holdings III, Corp+(5) One stop SF + 5.50% N/A(6) 02/2028 — (10) — (17)
Ave Holdings III, Corp+ One stop SF + 5.50% (l) 10.23% 02/2028 300 298 — 294
Batteries Plus Holding Corporation*# One stop L + 6.75% (a) 11.13% 06/2023 21,921 21,921 0.9 21,921
Batteries Plus Holding Corporation+ One stop L + 6.75% (a) 11.13% 06/2023 1,416 1,414 0.1 1,416
Batteries Plus Holding Corporation+ One stop L + 6.75% (a)(d) 11.45% 06/2023 59 59 — 59
Consilio Midco Limited+(8)(10) One stop SF + 5.75% (l) 10.48% 05/2028 11,509 11,330 0.5 11,164
Consilio Midco Limited#+(8)(10) One stop SF + 5.75% (l) 10.48% 05/2028 9,950 9,859 0.4 9,651
Consilio Midco Limited+(8)(9)(10) One stop E + 6.25% (e) 8.38% 05/2028 9,086 9,466 0.4 8,814
Consilio Midco Limited+(8)(10) One stop SF + 5.75% (l) 10.48% 05/2028 2,153 2,119 0.1 2,088
Consilio Midco Limited+(8)(10) One stop SF + 5.75% (l) 10.48% 05/2028 1,432 1,418 0.1 1,389
Consilio Midco Limited+(8)(10) One stop SF + 5.75% (l) 10.48% 05/2028 732 715 — 710
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) 8.38% 05/2028 38 34 — 32
Consilio Midco Limited+(5)(8)(10) One stop SF + 5.75% N/A(6) 05/2028 — — — (1)
Consilio Midco Limited+(8)(9)(10) One stop E + 6.25% (e) 8.32% 05/2028 31 30 — 30
Cycle Gear, Inc.*#+ One stop SF + 5.50% (l) 10.23% 01/2026 48,727 48,617 1.9 48,241
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 20,612 20,564 0.8 19,472
Imperial Optical Midco Inc.# One stop L + 6.75% (b) 11.16% 08/2023 4,755 4,740 0.2 4,492
Imperial Optical Midco Inc.# One stop L + 6.75% (b) 11.16% 08/2023 4,138 4,125 0.2 3,910
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 3,581 3,592 0.2 3,383
Imperial Optical Midco Inc.*+ One stop L + 6.75% (b) 11.16% 08/2023 2,792 2,787 0.1 2,637
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 2,756 2,747 0.1 2,604
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 2,233 2,226 0.1 2,109
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 2,053 2,046 0.1 1,939
Imperial Optical Midco Inc.#+ One stop L + 6.75% (b) 11.16% 08/2023 1,898 1,909 0.1 1,793
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 1,650 1,645 0.1 1,558
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 1,451 1,446 0.1 1,370
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 1,432 1,427 0.1 1,352
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 1,386 1,382 0.1 1,310
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 1,365 1,361 0.1 1,290
Imperial Optical Midco Inc.#+ One stop L + 6.75% (b) 11.16% 08/2023 1,236 1,243 0.1 1,167
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 1,142 1,139 0.1 1,079
Imperial Optical Midco Inc.*+ One stop L + 6.75% (b) 11.16% 08/2023 1,125 1,131 0.1 1,062
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 965 962 — 911
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 877 874 — 828
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 658 656 — 622
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 632 630 — 597
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 624 622 — 589
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 553 551 — 522
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 500 499 — 473
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 498 496 — 470
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 485 483 — 458
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 476 474 — 450
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 458 455 — 433
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 453 451 — 428


	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, LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2029	$	—	$	(6)	—	%	$	(8)
Salon Lofts Group, LLC+	Senior secured	SF +	6.25%	(j)	11.60%				08/2028	3,531		3,504		0.1		3,496
Salon Lofts Group, LLC+(5)	Second lien	SF +	17.00%		N/A(6)				09/2029	—		(44)		—		(38)
Salon Lofts Group, LLC+	Senior secured	SF +	6.25%	(j)	11.60%				08/2028	233		231		—		230
Salon Lofts Group, LLC+	Senior secured	SF +	6.25%	(j)	11.60%				08/2028	231		229		—		228
Salon Lofts Group, LLC+	Senior secured	SF +	6.25%	(j)	11.60%				08/2028	183		181		—		181
Salon Lofts Group, LLC+	Senior secured	SF +	6.25%	(j)	11.60%				08/2028	76		76		—		75
Salon Lofts Group, LLC+	Senior secured	SF +	6.25%	(j)	11.60%				08/2028	75		73		—		73
Salon Lofts Group, LLC+	Senior secured	SF +	6.25%	(j)	11.60%				08/2028	58		57		—		57
Salon Lofts Group, LLC+	Senior secured	SF +	6.25%	(j)	11.60%				08/2028	53		53		—		53
Salon Lofts Group, LLC+(5)	Senior secured	SF +	6.25%		N/A(6)				08/2028	—		(8)		—		(10)
Salon Lofts Group, LLC+(5)	Senior secured	SF +	6.25%		N/A(6)				08/2028	—		(5)		—		(6)
Salon Lofts Group, LLC+(23)	Second lien	SF +	9.00%	(j)	14.43%				09/2029	1,758		1,734		0.1		1,723
SureWerx Purchaser III, Inc.+(8)	One stop	SF +	6.75%	(j)	12.10%				12/2029	20,542		20,101		0.8		20,542
SureWerx Purchaser III, Inc.+(8)	One stop	SF +	6.75%	(i)	12.11%				12/2028	27		26		—		27
SureWerx Purchaser III, Inc.+(5)(8)	One stop	SF +	6.75%		N/A(6)				12/2029	—		(55)		—		—
Titan Fitness, LLC*#+(23)	One stop	SF +	7.25%	(i)(k)	10.45%	cash/	2.50%	PIK	10/2026	31,523		31,302		1.2		29,632
Titan Fitness, LLC+(23)	One stop	SF +	7.25%	(k)	10.47%	cash/	2.50%	PIK	10/2026	1,963		1,939		0.1		1,845
Titan Fitness, LLC+(23)	One stop	SF +	7.25%	(k)	10.47%	cash/	2.50%	PIK	10/2026	508		502		—		476
Vermont Aus Pty Ltd+(8)(11)	One stop	SF +	5.65%	(j)	11.00%				03/2028	8,237		8,150		0.3		8,237
Vermont Aus Pty Ltd+(8)(9)(11)	One stop	A +	5.75%	(e)	10.16%				03/2028	7,651		8,296		0.3		7,651
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.50%	(k)	11.11%				04/2028	8,204		8,116		0.3		7,876
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.50%	(j)(k)	11.11%				04/2028	105		102		—		101
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.50%	(j)	11.11%				04/2028	15		14		—		11
										301,577		300,375		11.2		286,550

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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% (b) 11.16% 08/2023 $ 449 $ 447 — % $ 424
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 445 443 — 420
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 441 439 — 416
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 415 413 — 392
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 413 412 — 391
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 413 411 — 390
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 409 407 — 386
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 409 408 — 387
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 379 378 — 358
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 357 356 — 338
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 357 356 — 338
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 352 351 — 332
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 326 326 — 308
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 313 312 — 296
Imperial Optical Midco Inc.+(5) One stop L + 6.75% N/A(6) 08/2023 — (33) — (528)
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 305 304 — 288
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 283 282 — 268
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 276 275 — 261
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 276 275 — 261
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 271 271 — 256
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 269 268 — 254
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 257 256 — 242
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 256 255 — 242
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 238 237 — 225
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 238 237 — 225
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 218 217 — 206
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 218 217 — 206
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 214 214 — 203
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 208 208 — 197
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 195 194 — 184
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 193 192 — 182
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 191 191 — 181
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 188 188 — 178
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 179 178 — 169
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 172 171 — 162
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 167 166 — 158
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 165 164 — 155
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 160 160 — 152
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 159 159 — 150
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 158 157 — 149
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 153 152 — 144
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 152 151 — 143
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 143 142 — 135
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 142 142 — 134
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 137 137 — 130
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 132 132 — 125
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 131 131 — 124
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 131 131 — 124


	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%	(k)	11.43%	cash/	0.75%	PIK	12/2024	$	5,428	$	5,428	0.2	%	$	5,570
Agility Recovery Solutions Inc.+(23)	One stop	SF +	6.75%	(k)	11.43%	cash/	0.75%	PIK	12/2024	744		744		—		773
										6,172		6,172		0.2		6,343
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.+(8)(10)	One stop	SF +	6.00%	(k)	11.47%				03/2028	1,954		1,937		0.1		1,856
Dollfus Mieg Company, Inc.+(8)(10)	One stop	SF +	6.00%	(k)	11.47%				03/2028	974		965		0.1		925
Dollfus Mieg Company, Inc.+(8)(10)	One stop	SF +	6.00%	(k)	11.47%				03/2028	855		848		—		813
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 +	7.00%	(j)	11.86%	cash/	0.75%	PIK	09/2025	9,982		9,914		0.4		9,783
Elite Sportswear, L.P.+(23)	Senior secured	SF +	7.00%	(j)	11.86%	cash/	0.75%	PIK	09/2025	4,012		3,984		0.2		3,932
Elite Sportswear, L.P.+(23)	Senior secured	SF +	7.00%	(j)	11.86%	cash/	0.75%	PIK	09/2025	2,065		2,051		0.1		2,024
Elite Sportswear, L.P.*+(23)	Senior secured	SF +	7.00%	(j)	11.86%	cash/	0.75%	PIK	09/2025	686		680		—		671
Elite Sportswear, L.P.+(23)	Senior secured	SF +	7.00%	(j)	11.86%	cash/	0.75%	PIK	09/2025	314		311		—		308
Elite Sportswear, L.P.*+(23)	Senior secured	SF +	7.00%	(j)	11.86%	cash/	0.75%	PIK	09/2025	300		298		—		294
Elite Sportswear, L.P.+(23)	Senior secured	SF +	7.00%	(j)	11.86%	cash/	0.75%	PIK	09/2025	113		106		—		92
Elite Sportswear, L.P.+(23)	Senior secured	SF +	7.00%	(j)	11.86%	cash/	0.75%	PIK	09/2025	4		4		—		3
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(j)	11.02%				05/2024	9,484		9,468		0.4		9,510
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(j)	11.02%				05/2024	6,424		6,413		0.3		6,441
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(j)	11.02%				05/2024	994		993		—		997
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(j)	11.02%				05/2024	893		891		—		895
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(j)	11.02%				05/2024	627		626		—		628
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(j)	11.02%				05/2024	2		2		—		2
SHO Holding I Corporation+(23)	Senior secured	SF +	5.25%	(j)	10.89%				04/2024	3,917		3,910		0.1		3,604
SHO Holding I Corporation+(23)	Senior secured	SF +	5.00%	(j)	10.64%				04/2024	98		96		—		90
SHO Holding I Corporation+(23)	Senior secured	SF +	5.23%	(j)	10.87%				04/2024	67		67		—		61
SHO Holding I Corporation+(23)	Senior secured	SF +	4.00%	(j)	9.64%				04/2024	50		50		—		50
SHO Holding I Corporation+(23)	Senior secured	SF +	4.00%	(j)	9.61%				04/2024	—		—		—		—
SHO Holding I Corporation+(23)	Senior secured	SF +	5.23%	(j)	10.87%				04/2024	—		—		—		—
										43,815		43,614		1.7		42,979
Trading Companies and Distributors
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25%	(j)	11.75%				06/2028	18,876		18,634		0.7		17,790
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25%	(j)	11.75%				06/2028	15,054		14,845		0.6		14,189
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.50%	(j)	12.00%				06/2028	4,103		4,005		0.1		3,898
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25%	(j)	11.76%				06/2028	452		446		—		426
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25%	(j)	11.75%				06/2028	450		443		—		424
Marcone Yellowstone Buyer Inc.+(5)	One stop	SF +	6.50%		N/A(6)				06/2028	—		(34)		—		—
										38,935		38,339		1.4		36,727
Water Utilities
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75%	(j)	10.28%				06/2027	16,794		16,697		0.6		16,290
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75%	(j)	10.28%				06/2027	79		79		—		76
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75%	(i)(j)	10.21%				06/2027	48		47		—		42
Vessco Midco Holdings, LLC+	Senior secured	SF +	4.50%	(k)	10.07%				11/2026	2,098		2,080		0.1		2,030
Vessco Midco Holdings, LLC+	Senior secured	SF +	4.50%	(i)	9.96%				11/2026	206		204		—		199
Vessco Midco Holdings, LLC+	Senior secured	SF +	5.25%	(k)	10.73%				11/2026	8		—		—		—
Vessco Midco Holdings, LLC+	Senior secured	P +	3.50%	(a)	12.00%				10/2026	1		1		—		—
Vessco Midco Holdings, LLC+	Senior secured	SF +	5.00%	(k)	10.40%				11/2026	122		116		—		111
										19,356		19,224		0.7		18,748
Total non-controlled/non-affiliate company debt investments										5,163,709		5,122,096		197.5		5,062,301

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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% (b) 11.16% 08/2023 $ 128 $ 128 — % $ 121
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 127 127 — 120
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 124 123 — 117
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 113 113 — 107
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 114 113 — 107
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 114 113 — 107
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 111 111 — 105
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 109 109 — 103
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 106 106 — 100
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 105 105 — 99
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 104 104 — 99
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 105 104 — 99
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 99 99 — 94
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 95 95 — 90
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 85 85 — 81
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 86 85 — 81
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 82 82 — 78
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 79 79 — 75
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 78 78 — 74
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 75 75 — 71
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 75�� 75 — 71
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 75 75 — 71
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 75 75 — 71
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 74 73 — 70
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 73 73 — 69
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 71 71 — 67
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 68 68 — 64
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 68 67 — 64
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 65 64 — 61
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 63 63 — 60
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 62 62 — 59
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 61 61 — 58
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 60 60 — 57
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 59 59 — 56
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 55 55 — 52
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 55 54 — 52
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 54 54 — 51
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 52 52 — 49
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 47 47 — 44
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 42 42 — 40
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 41 41 — 39
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 40 40 — 38
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 38 38 — 36
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 35 35 — 34
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 34 34 — 32
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 34 34 — 33
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 35 35 — 33
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 34 34 — 32
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 32 32 — 31


	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	—	%	$	704
Tronair Parent, Inc.+	LLC units	N/A	N/A		N/A	—	40		—		42
							704		—		746
Auto Components
Polk Acquisition Corp.+	LP Interest	N/A	N/A		N/A	5	314		—		—

Automobiles
CG Group Holdings, LLC+	LP units	N/A	N/A		N/A	1	730		—		503
Go Car Wash Parent, Corp.+(21)	Preferred stock	N/A	17.00%	Non-Cash	N/A	—	92		—		94
Go Car Wash Parent, Corp.+	Common stock	N/A	N/A		N/A	—	50		—		17
MOP GM Holding, LLC+	LP units	N/A	N/A		N/A	—	330		—		324
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	69		—		294
Quick Quack Car Wash Holdings, LLC	LLC interest	N/A	N/A		N/A	—	508		0.1		866
Yorkshire Parent, Inc.+	LP units	N/A	N/A		N/A	—	345		—		345
							2,185		0.1		2,525
Biotechnology
Cobepa BlueSky Aggregator, SCSp+	LP units	N/A	N/A		N/A	3	32		—		31
Cobepa BlueSky Aggregator, SCSp+	LP Interest	N/A	N/A		N/A	177	1,769		—		925
							1,801		—		956
Building Products
BECO Holding Company, Inc.+(21)	Preferred stock	N/A	11.75%	Non-Cash	N/A	10	1,123		0.1		1,180
BECO Holding Company, Inc.+	LP Interest	N/A	N/A		N/A	2	196		—		232
							1,319		0.1		1,412
Chemicals
Inhance Technologies Holdings LLC+	Preferred stock	N/A	N/A		N/A	2	1,960		—		1,015
Inhance Technologies Holdings LLC+	LLC units	N/A	N/A		N/A	—	124		—		—
							2,084		—		1,015
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+	LP Interest	N/A	N/A		N/A	540	540		—		650
EGD Security Systems, LLC +	Common stock	N/A	N/A		N/A	855	405		0.1		1,260
Franchise Brands plc+(8)(9)(10)(21)(22)	Common stock	N/A	N/A		N/A	51	114		—		105
North Haven Stack Buyer, LLC	LLC units	N/A	N/A		N/A	359	359		—		532
PT Intermediate Holdings III, LLC+	LLC units	N/A	N/A		N/A	8	767		—		914
Radwell Parent, LLC+	LP units	N/A	N/A		N/A	2	233		—		312
							2,418		0.1		3,773

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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% (b) 11.16% 08/2023 $ 31 $ 31 — % $ 29
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 29 29 — 27
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 29 29 — 27
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 29 29 — 27
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 27 27 — 26
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 27 27 — 26
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 26 26 — 25
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 26 26 — 24
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 26 26 — 25
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 25 25 — 24
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 25 25 — 24
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 24 24 — 22
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 23 23 — 22
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 23 23 — 22
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 21 21 — 19
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 19 19 — 18
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 19 19 — 18
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 19 19 — 18
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 19 19 — 18
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 19 19 — 18
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 18 18 — 17
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 17 17 — 16
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 17 17 — 16
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 17 17 — 16
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 16 16 — 15
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 15 15 — 14
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 14 14 — 14
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 12 12 — 12
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 13 13 — 12
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 13 13 — 12
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 13 13 — 13
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 13 13 — 12
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 13 13 — 12
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 11 11 — 11
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 11 11 — 10
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 11 11 — 11
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 10 10 — 10
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 10 10 — 10
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 10 10 — 9
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 10 10 — 9
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 9 9 — 9
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 9 9 — 9
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 9 9 — 8
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 9 9 — 9
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 8 8 — 7
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 8 8 — 7
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 8 8 — 8
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 8 8 — 8
Imperial Optical Midco Inc.+ One stop L + 6.75% (b) 11.16% 08/2023 7 7 — 6


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Containers and Packaging
Chase Intermediate+	LP units	N/A	N/A		N/A	49	$	25	—	%	$	54

Diversified Consumer Services
CHHJ Midco, LLC+	LLC units	N/A	N/A		N/A	19	193		—		301
DP Flores Holdings, LLC+	LLC units	N/A	N/A		N/A	70	70		—		86
EMS LINQ, LLC+	LP Interest	N/A	N/A		N/A	525	525		—		419
EWC Growth Partners LLC+	LLC interest	N/A	N/A		N/A	—	12		—		2
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		—		616
NSG Buyer, Inc. +(8)	LP units	N/A	N/A		N/A	2	1,985		0.1		2,074
PADI Holdco, Inc.+	LLC interest	N/A	N/A		N/A	1	987		0.1		795
Project Alpha Intermediate Holdings, Inc.+(21)	Preferred stock	N/A	9.00%	Non-Cash	N/A	—	1,035		0.1		1,562
Project Alpha Intermediate Holdings, Inc.+	Common stock	N/A	N/A		N/A	202	329		—		752
Virginia Green Acquisition, LLC+	LP units	N/A	N/A		N/A	257	257		—		257
							6,306		0.3		7,348
Electronic Equipment, Instruments & Components
Inventus Power, Inc.+	Preferred stock	N/A	N/A		N/A	—	372		—		33
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		—		370

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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	—	%	$	897
Cafe Rio Holding, Inc.+	Common stock	N/A	N/A	N/A	5	604		0.1		1,010
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	N/A	44	217		—		1
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	N/A	20	61		—		—
Mendocino Farms, LLC+	Common stock	N/A	N/A	N/A	168	770		—		1,147
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	N/A	32	389		—		160
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	N/A	2	20		—		35

						2,760		0.1		3,250
Food Products
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	N/A	77	102		—		157
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	N/A	4	9		—		9
Borrower R365 Holdings, LLC+	LLC units	N/A	N/A	N/A	3	5		—		6
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	1	2		—		2
Borrower R365 Holdings, LLC+	LP units	N/A	N/A	N/A	—	1		—		1
Kodiak Cakes, LLC+	Common stock	N/A	N/A	N/A	—	472		—		319
Louisiana Fish Fry Products, Ltd.+	Common stock	N/A	N/A	N/A	—	483		—		366
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		—		192
Purfoods, LLC+	LLC interest	N/A	N/A	N/A	—	945		0.2		4,285
						2,392		0.2		5,367
Health Care Equipment & Supplies
Aspen Medical Products, LLC+	LP Interest	N/A	N/A	N/A	—	77		—		92
Blue River Pet Care, LLC+	Common stock	N/A	N/A	N/A	—	76		—		210
CCSL Holdings, LLC+(8)	LP Interest	N/A	N/A	N/A	—	337		—		341
CMI Parent Inc.+	Common stock	N/A	N/A	N/A	—	132		—		189
CMI Parent Inc.+	Common stock	N/A	N/A	N/A	3	3		—		233
G & H Wire Company, Inc.+	LLC interest	N/A	N/A	N/A	335	269		—		7


						894		—		1,072

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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.*#+(22) One stop L + 6.75% (b) 10.73% cash/ 0.75% PIK 06/2023 $ 22,073 $ 22,073 0.9 % $ 21,854
Agility Recovery Solutions Inc.+(22) One stop L + 6.75% (b)(d) 11.42% cash/ 0.75% PIK 06/2023 873 871 — 862
22,946 22,944 0.9 22,716
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.+(8)(10) One stop L + 6.00% (c) 10.12% 03/2028 1,954 1,933 0.1 1,817
Dollfus Mieg Company, Inc.+(8)(10) One stop L + 6.00% (c) 10.12% 03/2028 974 963 — 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.+(22) Senior loan L + 7.00% (b) 10.98% cash/ 0.75% PIK 09/2025 9,970 9,864 0.4 9,272
Elite Sportswear, L.P.+(22) Senior loan L + 7.00% (b) 10.98% cash/ 0.75% PIK 09/2025 4,007 3,964 0.2 3,727
Elite Sportswear, L.P.+(22) Senior loan L + 7.00% (b) 10.98% cash/ 0.75% PIK 09/2025 2,063 2,040 0.1 1,918
Elite Sportswear, L.P.+(22) Senior loan L + 7.00% (b) 10.98% cash/ 0.75% PIK 09/2025 230 218 — 154
Elite Sportswear, L.P.*+(22) Senior loan L + 7.00% (b) 10.98% cash/ 0.75% PIK 09/2025 684 677 — 636
Elite Sportswear, L.P.+(22) Senior loan L + 7.00% (b) 10.98% cash/ 0.75% PIK 09/2025 314 310 — 291
Elite Sportswear, L.P.*+(22) Senior loan L + 7.00% (b) 10.98% cash/ 0.75% PIK 09/2025 300 297 — 278
Elite Sportswear, L.P.+(22) Senior loan L + 7.00% (b) 10.98% cash/ 0.75% PIK 09/2025 8 8 — 5
Georgica Pine Clothiers, LLC#+ One stop L + 5.50% (c) 9.67% 11/2023 9,583 9,530 0.4 9,608
Georgica Pine Clothiers, LLC*# One stop L + 5.50% (b)(c) 9.67% 11/2023 6,489 6,447 0.3 6,505
Georgica Pine Clothiers, LLC+ One stop L + 5.50% (b)(c) 9.67% 11/2023 1,004 997 — 1,007
Georgica Pine Clothiers, LLC#+ One stop L + 5.50% (b)(c) 9.67% 11/2023 902 897 — 904
Georgica Pine Clothiers, LLC*# One stop L + 5.50% (b)(c) 9.67% 11/2023 633 629 — 635
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 626 618 — 626
SHO Holding I Corporation+ Senior loan L + 5.25% (b) 9.66% 04/2024 3,950 3,952 0.1 3,674
SHO Holding I Corporation+ Senior loan L + 5.23% (b) 9.64% 04/2024 67 67 — 62
SHO Holding I Corporation+ Senior loan L + 5.00% (b) 9.57% 04/2024 66 66 — 62
SHO Holding I Corporation+ Senior loan L + 4.00% (b) 8.52% 04/2024 46 46 — 46
SHO Holding I Corporation+ Senior loan L + 4.00% (b) 8.72% 04/2024 — — — —
SHO Holding I Corporation+ Senior loan L + 5.23% (b) 9.57% 04/2024 — — — —
44,727 44,370 1.6 42,928
Trading Companies and Distributors
Marcone Yellowstone Buyer Inc.+ One stop SF + 6.25% (l) 10.98% 06/2028 19,069 18,771 0.7 18,304
Marcone Yellowstone Buyer Inc.+ One stop SF + 6.25% (l) 10.98% 06/2028 15,208 14,950 0.6 14,597
Marcone Yellowstone Buyer Inc.+ One stop SF + 6.25% (l) 10.91% 06/2028 454 447 — 436
Marcone Yellowstone Buyer Inc.+ One stop SF + 6.25% (l) 10.94% 06/2028 458 451 — 439
Marcone Yellowstone Buyer Inc.+ One stop SF + 6.50% (l) 11.23% 06/2028 4,144 4,023 0.2 4,020
Marcone Yellowstone Buyer Inc.+(5) One stop SF + 6.50% N/A(6) 06/2028 — (42) — (43)
39,333 38,600 1.5 37,753
Water Utilities
S.J. Electro Systems, LLC+ Senior loan L + 4.50% (b) 9.23% 06/2027 16,965 16,839 0.6 16,117
S.J. Electro Systems, LLC+(5) Senior loan L + 4.50% N/A(6) 06/2027 — (2) — —
S.J. Electro Systems, LLC+ Senior loan L + 4.50% (b) 9.23% 06/2027 151 150 — 141
S.J. Electro Systems, LLC+ Senior loan L + 4.50% (b) 9.23% 06/2027 80 79 — 76
Vessco Midco Holdings, LLC+ Senior loan L + 4.50% (b)(c) 9.44% 11/2026 647 619 — 595
Vessco Midco Holdings, LLC+ Senior loan L + 4.50% (a) 8.88% 11/2026 208 206 — 204
Vessco Midco Holdings, LLC+ Senior loan P + 3.50% (d) 11.00% 10/2026 6 6 — 6
18,057 17,897 0.6 17,139
Total non-controlled/non-affiliate company debt investments $ 5,302,011 $ 5,263,200 203.8 % $ 5,122,593


	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	—	%	$	342
Acuity Eyecare Holdings, LLC+	LLC interest	N/A	N/A		N/A	1,632	2,235		0.2		4,868
Acuity Eyecare Holdings, LLC+	LLC units	N/A	N/A		N/A	889	1,023		0.1		2,956
ADCS Clinics Intermediate Holdings, LLC+	Preferred stock	N/A	N/A		N/A	2	1,119		0.1		1,530
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		—		202
CRH Healthcare Purchaser, Inc.+	LP Interest	N/A	N/A		N/A	429	327		—		504
DCA Investment Holding, LLC(21)	Preferred stock	N/A	8.00%	Non-Cash	N/A	1,142	582		0.1		1,238
DCA Investment Holding, LLC	Common stock	N/A	N/A		N/A	12	5		—		80
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		N/A	—	648		—		591
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		N/A	—	61		—		79
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		N/A	9	4		—		—
Encorevet Group LLC+	Common stock	N/A	N/A		N/A	—	15		—		—
Encorevet Group LLC+	LLC units	N/A	N/A		N/A	—	11		—		—
Krueger-Gilbert Health Physics, LLC+	Common stock	N/A	N/A		N/A	185	212		—		338
Midwest Veterinary Partners, LLC+(21)	Preferred stock	N/A	12.00%	Non-Cash	N/A	1	1,205		0.1		1,241
Midwest Veterinary Partners, LLC+	Warrant	N/A	N/A		N/A	6	—		—		351
Midwest Veterinary Partners, LLC+(21)	Preferred stock	N/A	10.00%	Non-Cash	N/A	—	31		—		44
MWD Management, LLC & MWD Services, Inc.+	LLC interest	N/A	N/A		N/A	412	335		—		552
NDX Parent, LLC+	Common stock	N/A	N/A		N/A	—	272		—		40
NDX Parent, LLC+	Preferred stock	N/A	N/A		N/A	40	40		—		47
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	Common stock	N/A	N/A		N/A	—	321		—		269
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		0.1		816
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A		N/A	4	74		0.1		736
Radiology Partners, Inc.+	LLC units	N/A	N/A		N/A	11	68		—		81
Radiology Partners, Inc.+	LLC interest	N/A	N/A		N/A	43	55		—		319
Sage Dental Management, LLC+	LLC units	N/A	N/A		N/A	—	249		—		483
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		—		370



							11,456		0.8		18,077

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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 (19)(20)
Aerospace and Defense
Tronair Parent, Inc.+ LLC units N/A N/A N/A — $ 40 — % $ 19
Whitcraft LLC+ Common Stock N/A N/A N/A 11 2,285 0.1 2,825
2,325 0.1 2,844
Auto Components
Polk Acquisition Corp.+ LP Interest N/A N/A N/A 5 314 — 14
Automobiles
CG Group Holdings, LLC+ LP units N/A N/A N/A 1 730 — 403
Go Car Wash Parent, Corp.+(21) Preferred Stock N/A 13.00% Non-Cash N/A — 136 — 140
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 — 433
National Express Wash Parent Holdco, LLC+ LP units N/A N/A N/A 1 61 — 65
POY Holdings, LLC+ LLC units N/A N/A N/A 141 141 — 286
Quick Quack Car Wash Holdings, LLC LLC interest N/A N/A N/A — 509 0.1 1,026
1,936 0.1 2,389
Biotechnology
Cobepa BlueSky Aggregator, SCSp+ LP Interest N/A N/A N/A 177 1,769 — 1,220
Building Products
BECO Holding Company, Inc.+(21) Preferred Stock N/A 11.75% Non-Cash N/A 10 983 0.1 1,082
BECO Holding Company, Inc.+ LP Interest N/A N/A N/A 2 196 — 195
1,179 0.1 1,277
Chemicals
Inhance Technologies Holdings LLC+ Preferred Stock N/A N/A N/A 2 1,960 0.1 2,190
Inhance Technologies Holdings LLC+ LLC units N/A N/A N/A — 124 — 77
2,084 0.1 2,267
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+ LP Interest N/A N/A N/A 540 540 — 640
EGD Security Systems, LLC + Common Stock N/A N/A N/A 855 855 0.1 1,453
Hydraulic Authority III Limited+(8)(9)(10) Preferred Stock N/A N/A N/A 284 385 — 527
Hydraulic Authority III Limited+(8)(9)(10) Common Stock N/A N/A N/A 6 44 0.1 673
North Haven Stack Buyer, LLC LLC units N/A N/A N/A 359 359 — 434
PT Intermediate Holdings III, LLC+ LLC units N/A N/A N/A 8 767 — 860
Radwell Parent, LLC+(21) LP units N/A N/A N/A 2 233 — 257
3,183 0.2 4,844
Containers and Packaging
Chase Intermediate+ LP units N/A N/A N/A 49 49 — 66
Diversified Consumer Services
CHHJ Midco, LLC+(21) LLC units N/A N/A N/A 19 193 — 266
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 — 476
EWC Growth Partners LLC+ LLC interest N/A N/A N/A — 12 — 5


	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	—	%	$	185
HSI Halo Acquisition, Inc.+(21)	Preferred stock	N/A			10.00%	Non-Cash	N/A	—	40		—		171
HSI Halo Acquisition, Inc.+	LP Interest	N/A			N/A		N/A	—	5		—		136
Symplr Software, Inc.+(21)	Preferred stock	N/A			11.00%	Non-Cash	N/A	12	13,796		0.6		13,545
Symplr Software, Inc.+(21)	Preferred stock	SF +	10.50%	(j)	15.85%	Non-Cash	N/A	2	3,580		0.2		4,784
Symplr Software, Inc.+(21)	Preferred stock	N/A			11.00%	Non-Cash	N/A	2	1,691		0.1		1,798
Symplr Software, Inc.+(21)	Preferred stock	N/A			11.00%	Non-Cash	N/A	1	1,034		—		1,051
Symplr Software, Inc.+	LLC units	N/A			N/A		N/A	—	161		—		181
Symplr Software, Inc.+	Common stock	N/A			N/A		N/A	177	—		—		841
Tebra Technologies, Inc.+	LLC interest	N/A			N/A		N/A	348	2,824		0.1		3,157
Tebra Technologies, Inc.+	Warrant	N/A			N/A		N/A	169	871		—		626
Tebra Technologies, Inc.+	Warrant	N/A			N/A		N/A	53	162		—		130
Tebra Technologies, Inc.+	Preferred stock	N/A			N/A		N/A	1	8		—		11
									24,365		1.0		26,616
Hotels, Restaurants & Leisure
Freddy's Frozen Custard LLC+	LP Interest	N/A			N/A		N/A	206	188		—		373
Harri US LLC+	LLC units	N/A			N/A		N/A	83	658		—		582
Harri US LLC+	Preferred stock	N/A			N/A		N/A	71	456		—		489
Harri US LLC+	Warrant	N/A			N/A		N/A	24	106		—		155
Harri US LLC+	Preferred stock	N/A			N/A		N/A	67	759		—		763
LMP TR Holdings, LLC	LLC units	N/A			N/A		N/A	712	712		0.1		2,451
SSRG Holdings, LLC+	LP Interest	N/A			N/A		N/A	6	61		—		88
Tropical Smoothie Cafe Holdings, LLC+	LP Interest	N/A			N/A		N/A	5	69		0.1		986
									3,009		0.2		5,887



Insurance
Accession Risk Management Group, Inc.+(21)	Preferred stock	N/A			13.25%	Non-Cash	N/A	3	2,760		0.1		2,773
Majesco+(21)	Preferred stock	N/A			9.00%	Non-Cash	N/A	—	325		—		407
Majesco+	LP Interest	N/A			N/A		N/A	69	—		—		198
Oakbridge Insurance Agency LLC+	LP units	N/A			N/A		N/A	13	259		—		259
									3,344		0.1		3,637
Internet and Catalog Retail
Revalize, Inc.+	Preferred stock	N/A			N/A		N/A	17	17,025		0.8		20,179
Revalize, Inc.+	Preferred stock	N/A			N/A		N/A	10	10,219		0.5		12,112
Revalize, Inc.+	Preferred stock	N/A			N/A		N/A	7	7,034		0.3		7,491
Revalize, Inc.+	Preferred stock	N/A			N/A		N/A	1	1,104		—		1,262
									35,382		1.6		41,044
IT Services
Appriss Health Intermediate Holdings, Inc+(21)	Preferred stock	N/A			11.00%	Non-Cash	N/A	2	2,347		0.1		2,348
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A			N/A		N/A	587	462		0.2		4,589
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A			N/A		N/A	154	423		0.1		1,203
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A			N/A		N/A	35	291		—		276
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Warrant	N/A			N/A		N/A	202	159		0.1		1,468
Critical Start, Inc.+	Common stock	N/A			N/A		N/A	225	225		—		256
Kentik Technologies, Inc.+	Preferred stock	N/A			N/A		N/A	192	1,103		—		1,103

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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 — % $ 483
Liminex, Inc.+ Common Stock N/A N/A N/A 12 434 0.1 908
NSG Buyer, Inc. + LP units N/A N/A N/A 2 1,860 0.1 1,860
PADI Holdco, Inc.+ LLC interest N/A N/A N/A 1 987 — 434
4,560 0.2 4,502
Electronic Equipment, Instruments & Components
Inventus Power, Inc.+ Preferred Stock N/A N/A N/A — 372 — 77
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 — 414


	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	5	$	10	—	%	$	16
Optimizely North America, Inc.+	Common stock	N/A			N/A		N/A	75	807		—		871
PCS Intermediate II Holdings, LLC+	LLC interest	N/A			N/A		N/A	37	367		—		793
Red Dawn SEI Buyer, Inc.+	LP Interest	N/A			N/A		N/A	13	13		—		24
Saturn Borrower Inc.+	LP units	N/A			N/A		N/A	346	346		—		110

									6,553		0.5		13,057
Leisure Products
Massage Envy, LLC+	LLC interest	N/A			N/A		N/A	749	210		0.1		1,784
WBZ Investment LLC+	LLC interest	N/A			N/A		N/A	67	117		—		124
WBZ Investment LLC+	LLC interest	N/A			N/A		N/A	46	80		—		85
WBZ Investment LLC+	LLC interest	N/A			N/A		N/A	38	65		—		69
WBZ Investment LLC+	LLC interest	N/A			N/A		N/A	33	58		—		61
WBZ Investment LLC+	LLC interest	N/A			N/A		N/A	15	24		—		26
WBZ Investment LLC+	LLC interest	N/A			N/A		N/A	2	2		—		2
									556		0.1		2,151
Life Sciences Tools & Services
Celerion Buyer, Inc.+	LP units	N/A			N/A		N/A	930	930		—		930
Celerion Buyer, Inc.+	LP units	N/A			N/A		N/A	930	—		—		328
PAS Parent Inc.+	LP Interest	N/A			N/A		N/A	9	933		0.1		921
PAS Parent Inc.+	Preferred stock	N/A			N/A		N/A	1	139		—		174
Reaction Biology Corporation+	LLC units	N/A			N/A		N/A	—	265		—		197
									2,267		0.1		2,550
Oil, Gas and Consumable Fuels
W3 Co.+	LLC interest	N/A			N/A		N/A	3	1,632		0.1		2,046
W3 Co.+	Preferred stock	N/A			N/A		N/A	—	224		—		260
									1,856		0.1		2,306
Paper and Forest Products
Messenger, LLC+	LLC units	N/A			N/A		N/A	3	312		—		177
Messenger, LLC+	LLC units	N/A			N/A		N/A	—	—		—		—
									312		—		177
Pharmaceuticals
Amalthea Parent, Inc.+(8)	LP Interest	N/A			N/A		N/A	502	502		—		255
Cobalt Buyer Sub, Inc.+(21)	Preferred stock	SF +	10.00%	(j)	15.35%	Non-Cash	N/A	8	9,465		0.4		10,489
Cobalt Buyer Sub, Inc.+	Preferred stock	N/A			N/A		N/A	—	168		—		139
Cobalt Buyer Sub, Inc.+	Common stock	N/A			N/A		N/A	2	2		—		—
									10,137		0.4		10,883

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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 — % $ 728
Cafe Rio Holding, Inc.+ Common Stock N/A N/A N/A 5 603 0.1 795
Feeders Supply Company, LLC+ Preferred Stock N/A N/A N/A 4 400 — 609
Feeders Supply Company, LLC+ Common Stock N/A N/A N/A — — — 212
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 1,753
Ruby Slipper Cafe LLC, The+ LLC interest N/A N/A N/A 32 389 — 151
Ruby Slipper Cafe LLC, The+ LLC interest N/A N/A N/A 2 20 — 30
Wood Fired Holding Corp.+ LLC units N/A N/A N/A 437 444 — 604
Wood Fired Holding Corp.+ Common Stock N/A N/A N/A 437 — 0.1 1,839
3,603 0.3 6,992
Food Products
Borrower R365 Holdings, LLC+ Preferred Stock N/A N/A N/A 77 102 — 115
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 — 152
Kodiak Cakes, LLC+ LLC units N/A N/A N/A 191 191 — 103
Louisiana Fish Fry Products, Ltd.+ Common Stock N/A N/A N/A — 483 — 269
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 — 209
Purfoods, LLC+ LLC interest N/A N/A N/A — 945 0.2 4,324
2,455 0.2 5,678
Health Care Equipment & Supplies
Aspen Medical Products, LLC+ LP Interest N/A N/A N/A — 77 — 95
Blue River Pet Care, LLC+ Common Stock N/A N/A N/A — 76 — 190
CCSL Holdings, LLC+ LP Interest N/A N/A N/A — 336 — 269
CMI Parent Inc.+ Common Stock N/A N/A N/A — 132 — 175
CMI Parent Inc.+ Common Stock N/A N/A N/A 3 3 — 265
G & H Wire Company, Inc.+ LLC interest N/A N/A N/A 335 269 — 79
Joerns Healthcare, LLC*+ Common Stock N/A N/A N/A 432 4,329 — —
5,222 — 1,073


	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	—	%	$	244
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		1,794
Filevine, Inc.+	Warrant	N/A			N/A		N/A	90	90		—		103
Filevine, Inc.+	Warrant	N/A			N/A		N/A	33	49		—		200
Net Health Acquisition Corp.+	LP Interest	N/A			N/A		N/A	13	1,509		0.1		1,613
Procure Acquireco, Inc.+	LP Interest	N/A			N/A		N/A	—	486		—		633

									4,324		0.2		5,160
Real Estate Management & Development
Inhabit IQ Inc.+	Common stock	N/A			N/A		N/A	62	434		—		872
SC Landco Parent, LLC+	Common stock	N/A			N/A		N/A	2	274		—		260
									708		—		1,132
Road & Rail
Internet Truckstop Group LLC+	LP Interest	N/A			N/A		N/A	408	447		—		425

Software
Anaplan, Inc.+	LP Interest	N/A			N/A		N/A	385	385		—		570
Aras Corporation+(21)	Preferred stock	N/A			12.00%	Non-Cash	N/A	1	1,197		0.1		1,323
Aras Corporation+	LP Interest	N/A			N/A		N/A	306	306		—		410
Astute Holdings, Inc.+	LP Interest	N/A			N/A		N/A	—	304		—		712
Auvik Networks Inc.+(8)(12)	Preferred stock	N/A			N/A		N/A	26	256		—		300
Auvik Networks Inc.+(8)(12)	Preferred stock	N/A			N/A		N/A	3	29		—		34
Bayshore Intermediate #2, L.P.+	Common stock	N/A			N/A		N/A	4,095	4,095		0.2		3,747
Calabrio, Inc.+	LP Interest	N/A			N/A		N/A	1	769		—		741
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		1,743
Cloudbees, Inc.+	Warrant	N/A			N/A		N/A	131	247		—		1,042
Cloudbees, Inc.+	Preferred stock	N/A			N/A		N/A	71	466		—		720
Cynet Security Ltd.+(8)(15)	Preferred stock	N/A			N/A		N/A	145	508		—		627
Denali Bidco Limited+(8)(10)	LP Interest	N/A			N/A		N/A	258	335		—		381
Diligent Corporation+(21)	Preferred stock	N/A			10.50%	Non-Cash	N/A	17	19,377		0.8		20,573
Diligent Corporation+	Preferred stock	N/A			N/A		N/A	415	912		0.1		2,320
FirstUp, Inc.+	Common stock	N/A			N/A		N/A	221	541		—		312
GS Acquisitionco, Inc.+(21)	Preferred stock	N/A			11.00%	Non-Cash	N/A	26	29,592		1.2		29,669
GS Acquisitionco, Inc.+(21)	Preferred stock	N/A			11.00%	Non-Cash	N/A	2	1,780		0.1		1,736
GS Acquisitionco, Inc.+	LP Interest	N/A			N/A		N/A	1	170		0.1		975
GS Acquisitionco, Inc.+(21)	Preferred stock	SF +	10.50%	(j)	15.85%	Non-Cash	N/A	—	52		—		53
GTY Technology Holdings, Inc.+	LP units	N/A			N/A		N/A	48	48		—		69
Impartner, Inc.+	Preferred stock	N/A			N/A		N/A	28	226		—		215
Kaseya Inc.+(21)	Preferred stock	SF +	11.75%	(j)	17.10%	Non-Cash	N/A	2	1,936		0.1		2,028
Kaseya Inc.+	LP Interest	N/A			N/A		N/A	100	100		—		102
MetricStream, Inc.+	Warrant	N/A			N/A		N/A	168	263		—		158
Ministry Brands Holdings LLC+	LP Interest	N/A			N/A		N/A	438	439		—		431
mParticle, Inc.+	Preferred stock	N/A			N/A		N/A	162	1,060		0.1		966
mParticle, Inc.+	Warrant	N/A			N/A		N/A	80	16		—		330

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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 — % $ 210
Acuity Eyecare Holdings, LLC+(21) LLC interest N/A N/A N/A 1,632 2,235 0.2 4,124
Acuity Eyecare Holdings, LLC+ LLC units N/A N/A N/A 889 1,023 0.1 2,426
ADCS Clinics Intermediate Holdings, LLC+ Preferred Stock N/A N/A N/A 2 1,119 0.1 1,424
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 — 172
CRH Healthcare Purchaser, Inc.+ LP Interest N/A N/A N/A 429 327 0.1 1,039
DCA Investment Holding, LLC Preferred Stock N/A N/A N/A 1,142 533 0.1 1,142
DCA Investment Holding, LLC Common Stock N/A N/A N/A 12 5 — 12
Emerge Intermediate, Inc.+ LLC units N/A N/A N/A — 648 — 627
Emerge Intermediate, Inc.+ LLC units N/A N/A N/A — 61 — 66
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 — 19
Encorevet Group LLC+ LLC units N/A N/A N/A — 11 — 12
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 — 218
Midwest Veterinary Partners, LLC+(21) Preferred Stock N/A 12.00% Non-Cash N/A 1 1,054 0.1 1,132
Midwest Veterinary Partners, LLC+ Warrant N/A N/A N/A 6 — — 379
Midwest Veterinary Partners, LLC+ Warrant N/A N/A N/A — 29 — 40
MWD Management, LLC & MWD Services, Inc.+ LLC interest N/A N/A N/A 412 335 — 527
NDX Parent, LLC+ Common Stock N/A N/A N/A — 272 — 15
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12) Common Stock N/A N/A N/A — 321 — 264
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 — 754
Pinnacle Treatment Centers, Inc.+ LLC interest N/A N/A N/A 4 74 — 821
Radiology Partners, Inc.+ LLC units N/A N/A N/A 11 68 — 66
Radiology Partners, Inc.+ LLC interest N/A N/A N/A 43 55 — 261
Sage Dental Management, LLC+ LLC units N/A N/A N/A — 249 — 278
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 — 252
Suveto Buyer, LLC+ Common Stock N/A N/A N/A 6 562 — 277
11,828 0.7 16,557


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+	Warrant	N/A			N/A		N/A	4	$	9	—	%	$	10
Onit, Inc.+(21)	Preferred stock	N/A			15.00%	Non-Cash	N/A	—	48		—		53
Onit, Inc.+	Warrant	N/A			N/A		N/A	—	6		—		7
Panzura, LLC+	LLC units	N/A			N/A		N/A	1	4		—		3
PDI TA Holdings, Inc.+	Preferred stock	N/A			N/A		N/A	92	2,846		0.1		3,393
Personify, Inc.+	LP Interest	N/A			N/A		N/A	716	942		0.1		1,777
Pyramid Healthcare Acquisition Corp.+	Common stock	N/A			N/A		N/A	184	184		—		368
QAD, Inc.+(21)	Preferred stock	N/A			9.00%	Non-Cash	N/A	—	233		—		256
QAD, Inc.+	Common stock	N/A			N/A		N/A	15	0		—		34
RegEd Aquireco, LLC+	LP Interest	N/A			N/A		N/A	—	331		—		71
RegEd Aquireco, LLC+	LP Interest	N/A			N/A		N/A	3	21		—		0
RegEd Aquireco, LLC+	Preferred stock	N/A			N/A		N/A	—	20		—		24
Riskonnect Parent, LLC+(21)	Preferred stock	N/A			11.00%	Non-Cash	N/A	18	20,858		0.8		19,489
Riskonnect Parent, LLC+	LP Interest	N/A			N/A		N/A	857	859		0.1		973
Riskonnect Parent, LLC+(21)	Preferred stock	SF +	10.50%	(j)	15.85%	Non-Cash	N/A	—	394		—		409
SnapLogic, Inc.+	Preferred stock	N/A			N/A		N/A	278	695		0.1		1,426
SnapLogic, Inc.+	Warrant	N/A			N/A		N/A	106	75		—		365
Spartan Buyer Acquisition Co.+	Common stock	N/A			N/A		N/A	1	623		—		339
Spartan Buyer Acquisition Co.+	Preferred stock	N/A			N/A		N/A	—	38		—		47
Telesoft Holdings LLC+	LP Interest	N/A			N/A		N/A	6	6		—		5
Templafy APS and Templafy, LLC+(8)(18)	Warrant	N/A			N/A		N/A	—	45		—		58
Workforce Software, LLC+(21)	Common stock	N/A			N/A		N/A	—	973		—		489
Workforce Software, LLC+	Common stock	N/A			N/A		N/A	—	36		—		42
Zendesk, Inc.+	LP units	N/A			N/A		N/A	45	454		—		629

									96,772		4.1		102,554

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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 — % $ 213
HSI Halo Acquisition, Inc.+ LP Interest N/A N/A N/A — 292 — 408
HSI Halo Acquisition, Inc.+ LP Interest N/A N/A N/A — 5 — 104
Symplr Software, Inc.+(21) Preferred Stock N/A 11.00% Non-Cash N/A 12 12,185 0.5 12,313
Symplr Software, Inc.+(21) Preferred Stock N/A 10.63% Non-Cash N/A 2 2,880 0.2 4,132
Symplr Software, Inc.+(21) Preferred Stock N/A 11.00% Non-Cash N/A 2 1,477 0.1 1,635
Symplr Software, Inc.+(21) Preferred Stock N/A 11.00% Non-Cash N/A 1 910 0.1 955
Symplr Software, Inc.+ LLC units N/A N/A N/A — 161 — 119
Symplr Software, Inc.+ Common Stock N/A N/A N/A 177 — — 550
Tebra Technologies, Inc.+ Warrant N/A N/A N/A 169 871 — 749
Tebra Technologies, Inc.+ Warrant N/A N/A N/A 53 162 — 189
Tebra Technologies, Inc.+ LLC interest N/A N/A N/A 348 2,824 0.1 2,863
Tebra Technologies, Inc.+ Preferred Stock N/A N/A N/A 1 8 — 11
21,968 1.0 24,241
Hotels, Restaurants & Leisure
Freddy's Frozen Custard LLC+ LP Interest N/A N/A N/A 206 206 — 315
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 — 519
Harri US LLC+ Warrant N/A N/A N/A 21 106 — 152
LMP TR Holdings, LLC LLC units N/A N/A N/A 712 712 0.1 2,769
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 0.1 934
2,444 0.2 5,430
Household Durables
Groundworks LLC+(21) LLC interest N/A N/A N/A — 155 — 731
Insurance
Majesco+ LP Interest N/A N/A N/A — 307 — 373
Majesco+ LP Interest N/A N/A N/A 69 — — 42
307 — 415
Internet and Catalog Retail
Revalize, Inc.+ Preferred Stock N/A N/A N/A 17 17,025 0.7 17,636
Revalize, Inc.+ Preferred Stock N/A N/A N/A 10 10,219 0.4 10,585
Revalize, Inc.+ Preferred Stock N/A N/A N/A 1 1,104 — 1,101
Revalize, Inc.+ Preferred Stock N/A N/A N/A 7 7,034 0.3 6,540
35,382 1.4 35,862
IT Services
Appriss Health Intermediate Holdings, Inc+(21) Preferred Stock N/A 11.00% Non-Cash N/A 2 2,061 0.1 2,148
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ Preferred Stock N/A N/A N/A 587 462 0.2 4,524
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ Preferred Stock N/A N/A N/A 154 423 0.1 1,186
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ Preferred Stock N/A N/A N/A 35 291 — 277
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ Warrant N/A N/A N/A 202 159 0.1 1,432
Critical Start, Inc.+ Common Stock N/A N/A N/A 225 225 — 244
Episerver, Inc.+ Common Stock N/A N/A N/A 75 807 — 799
Kentik Technologies, Inc.+ Preferred Stock N/A N/A N/A 192 1,103 — 1,143
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 — 498


	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	$	9,948	0.3	%	$	8,263
Ave Holdings III, Corp+	LP units	N/A	N/A		N/A	1	1,129		0.1		1,060
Batteries Plus Holding Corporation+	LP Interest	N/A	N/A		N/A	10	1,287		0.1		1,209
Cycle Gear, Inc.+	LLC units	N/A	N/A		N/A	2,002	482		—		54
Cycle Gear, Inc.+	Preferred stock	N/A	N/A		N/A	50	50		—		101
Imperial Optical Midco Inc.+	Preferred stock	N/A	N/A		N/A	—	122		—		—
Imperial Optical Midco Inc.+	Preferred stock	N/A	N/A		N/A	—	46		—		—
Imperial Optical Midco Inc.+	Common stock	N/A	N/A		N/A	—	—		—		—
Pet Holdings ULC+(8)(12)	LP Interest	N/A	N/A		N/A	677	450		0.1		1,092
Salon Lofts Group, LLC+	LP units	N/A	N/A		N/A	—	87		—		77
Southern Veterinary Partners, LLC+(21)	Preferred stock	N/A	12.00%	Non-Cash	N/A	5	5,826		0.3		6,096
Southern Veterinary Partners, LLC+(21)	Preferred stock	N/A	10.00%	Non-Cash	N/A	—	786		—		1,265
Southern Veterinary Partners, LLC+	LLC interest	N/A	N/A		N/A	148	188		0.2		5,364
VSG Acquisition Corp. and Sherrill, Inc.+	LP units	N/A	N/A		N/A	—	37		—		22
							20,438		1.1		24,603
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.+	LLC interest	N/A	N/A		N/A	97	604		—		179

Textiles, Apparel & Luxury Goods
Georgica Pine Clothiers, LLC+(21)	LLC interest	N/A	N/A		N/A	20	239		—		478
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		—		138
R.G. Barry Corporation+	Preferred stock	N/A	N/A		N/A	—	161		—		305
							618		—		923

Total non-controlled/non-affiliate company equity investments							246,830		11.2		289,249

Total non-controlled/non-affiliate company investments							5,368,926		208.7		5,351,550

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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)
Red Dawn SEI Buyer, Inc.+ LP Interest N/A N/A N/A 13 $ 13 — % $ 20
Saturn Borrower Inc.+ LP units N/A N/A N/A 346 346 — 164
6,275 0.5 12,453
Leisure Products
Massage Envy, LLC+ LLC interest N/A N/A N/A 749 210 0.1 1,733
WBZ Investment LLC+ LLC interest N/A N/A N/A 67 117 — 185
WBZ Investment LLC+ LLC interest N/A N/A N/A 46 80 — 125
WBZ Investment LLC+ LLC interest N/A N/A N/A 38 65 — 103
WBZ Investment LLC+ LLC interest N/A N/A N/A 33 58 — 91
WBZ Investment LLC+ LLC interest N/A N/A N/A 15 24 — 39
WBZ Investment LLC+ LLC interest N/A N/A N/A 2 2 — 4
556 0.1 2,280
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 — — —
PAS Parent Inc.+ LP Interest N/A N/A N/A 9 933 — 814
Reaction Biology Corporation+ LLC units N/A N/A N/A — 265 — 321
2,128 0.1 2,065
Oil, Gas and Consumable Fuels
W3 Co.+ LLC interest N/A N/A N/A 3 1,632 0.1 1,147
W3 Co.+ Preferred Stock N/A N/A N/A — 223 — 196
1,855 0.1 1,343
Paper and Forest Products
Messenger, LLC+ LLC units N/A N/A N/A 3 312 — 238
Messenger, LLC+ LLC units N/A N/A N/A — — — —
312 — 238
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12) LP Interest N/A N/A N/A 502 502 — 869
Cobalt Buyer Sub, Inc.+(21) Preferred Stock N/A 10.00% Non-Cash N/A 8 7,982 0.4 9,143
Cobalt Buyer Sub, Inc.+ Preferred Stock N/A N/A N/A — 168 — 163
Cobalt Buyer Sub, Inc.+ Common Stock N/A N/A N/A 2 2 — —
8,654 0.4 10,175


	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%	(j)	13.35%		04/2024	$	6,769	$	6,761	0.2	%	$	5,279
Abita Brewing Co., L.L.C.+(7)(23)	Second lien	SF +	8.00%	(j)	13.35%		04/2024	4,372		3,724		0.1		1,442
Abita Brewing Co., L.L.C.+	One stop	SF +	8.00%	(j)	13.37%		04/2024	315		315		—		315


								11,456		10,800		0.3		7,036









Energy, Equipment & Services
Benetech, Inc.+(7)(23)	One stop	SF +	6.00%	(j)	11.50%		08/2024	4,259		3,623		0.1		1,278
Benetech, Inc.+(7)(23)	One stop	SF +	6.00%	(j)	11.50%		08/2024	1,076		878		—		16
								5,335		4,501		0.1		1,294
Food and Staples Retailing
Rubio's Restaurants, Inc.+(23)	Senior secured	SF +	10.00%	(j)	15.50%		12/2024	14,071		13,987		0.3		5,628
Rubio's Restaurants, Inc.+	Senior secured	SF +	10.00%	(i)	15.46%		12/2024	834		834		—		834
Rubio's Restaurants, Inc.+(7)(23)	Senior secured	SF +	16.00%	(j)	21.53%		12/2024	2,406		2,248		—		—
Rubio's Restaurants, Inc.+(23)	Senior secured	SF +	10.00%	(i)	15.46%		12/2024	1,378		1,373		—		518
								18,689		18,442		0.3		6,980
Healthcare Providers and Services
Bayside Opco, LLC+(23)	One stop	SF +	7.25%	(j)	12.75%		06/2026	12,500		12,406		0.5		12,375
Bayside Opco, LLC+(7)(23)	Subordinated debt	SF +	10.00%	(j)	15.50%		06/2026	4,492		3,328		0.1		3,908
Bayside Opco, LLC+(23)	One stop	SF +	7.25%	(j)	12.75%		06/2026	4,421		4,224		0.1		4,201
Bayside Opco, LLC+	One stop	SF +	7.00%		N/A(6)		06/2026	—		—		—		—
Elite Dental Partners LLC+(7)(23)	One stop	SF +	5.25%	(j)	10.70%	PIK	09/2024	13,342		12,337		0.2		4,937
Elite Dental Partners LLC+(7)(23)	One stop	SF +	12.00%	(j)	17.45%	PIK	09/2024	7,047		6,288		0.1		3,242
Elite Dental Partners LLC+(23)	One stop	SF +	5.25%	(j)	10.70%	PIK	09/2024	1,438		1,438		—		1,438
Opening Day Borrower 111 LLC+(7)(23)	One stop	SF +	6.25%	(j)	11.75%		05/2027	13,894		12,284		0.5		12,504
Opening Day Borrower 111 LLC+(7)(23)	One stop	SF +	6.25%	(j)	11.75%		05/2027	5,309		4,808		0.2		4,778
Opening Day Borrower 111 LLC+(5)(7)	One stop	SF +	6.25%		N/A(6)		05/2027	—		—		—		(163)
								62,443		57,113		1.7		47,220
Software
Switchfly LLC+(23)	One stop	N/A			1.00%	PIK	10/2024	6,610		6,610		0.2		4,363
Switchfly LLC+(23)	One stop	N/A			1.00%	PIK	10/2024	552		552		—		364
Switchfly LLC+(23)	One stop	N/A			1.00%	PIK	10/2024	42		42		—		28
Switchfly LLC+(5)	One stop	SF +	8.50%	(j)	14.18%		10/2024	2		2		—		(24)
								7,206		7,206		0.2		4,731

Total non-controlled/affiliate company debt investments								105,129		98,062		2.6		67,261


Equity investments(19)(20)
Beverages


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













Food and Staples Retailing
Rubio's Restaurants, Inc.+	Preferred stock	N/A			N/A		N/A	2,779		2,276		—		—
Rubio's Restaurants, Inc.+	Common stock	N/A			N/A		N/A	27,241		278		—		—
Rubio's Restaurants, Inc.+	Common stock	N/A			N/A		N/A	6,321		131		—		—
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	1,056		9		—		—
Rubio's Restaurants, Inc.+	Common stock	N/A			N/A		N/A	1,490		5		—		—
Rubio's Restaurants, Inc.+	Common stock	N/A			N/A		N/A	492		2		—		—
Rubio's Restaurants, Inc.+	Common stock	N/A			N/A		N/A	568		2		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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 — % $ 141
Enboarder, Inc.+(8)(11) Preferred Stock N/A N/A N/A 56 573 — 601
Filevine, Inc.+ Preferred Stock N/A N/A N/A 221 1,401 0.1 1,456
Filevine, Inc.+ Warrant N/A N/A N/A 33 49 — 150
Net Health Acquisition Corp.+ LP Interest N/A N/A N/A 13 1,509 0.1 1,584
Procure Acquireco, Inc.+ LP Interest N/A N/A N/A — 486 — 538
4,234 0.2 4,470
Real Estate Management & Development
Inhabit IQ Inc.+ Common Stock N/A N/A N/A 62 434 — 693
SC Landco Parent, LLC+(8) Common Stock N/A N/A N/A 2 274 — 254
708 — 947
Road & Rail
Internet Truckstop Group LLC+ LP Interest N/A N/A N/A 408 447 — 520
Software
Accela, Inc.+ LLC interest N/A N/A N/A 670 418 — 310
Anaplan, Inc.+ LP Interest N/A N/A N/A 385 385 — 385
Aras Corporation+(21) Preferred Stock N/A 12.00% Non-Cash N/A 1 1,015 0.1 1,166
Aras Corporation+ LP Interest N/A N/A N/A 306 306 — 249
Astute Holdings, Inc.+ LP Interest N/A N/A N/A — 304 — 622
Auvik Networks Inc.+(8)(12) Preferred Stock N/A N/A N/A 26 256 — 270
Bayshore Intermediate #2, L.P.+ Common Stock N/A N/A N/A 4,095 4,095 0.1 3,345
Calabrio, Inc.+ LP Interest N/A N/A N/A 1 769 — 782
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 1,853
Cloudbees, Inc.+ Warrant N/A N/A N/A 131 247 0.2 1,296
Cloudbees, Inc.+ Preferred Stock N/A N/A N/A 71 466 — 849
Cynet Security Ltd.+(8)(15) Preferred Stock N/A N/A N/A 143 508 — 529
Diligent Corporation+(21) Preferred Stock N/A 10.50% Non-Cash N/A 17 17,122 0.7 18,263
Diligent Corporation+ Preferred Stock N/A N/A N/A 415 912 0.1 2,199
FirstUp, Inc.+ Common Stock N/A N/A N/A 221 541 — 330
GS Acquisitionco, Inc.+(21) Preferred Stock N/A 11.00% Non-Cash N/A 26 26,138 1.0 24,937
GS Acquisitionco, Inc.+(21) Preferred Stock N/A 11.00% Non-Cash N/A 2 1,578 0.1 1,459
GS Acquisitionco, Inc.+ LP Interest N/A N/A N/A 1 170 0.1 1,023
GTY Technology Holdings, Inc.+ LP units N/A N/A N/A 46 46 — 49
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 1,709 0.1 1,754
Kaseya Inc.+ LP Interest N/A N/A N/A 100 100 — 106
MetricStream, Inc.+ Warrant N/A N/A N/A 168 263 — 157
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 — 987
mParticle, Inc.+ Warrant N/A N/A N/A 75 16 — 373
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+ Warrant N/A N/A N/A 4 9 — 17
Personify, Inc.+ LP Interest N/A N/A N/A 716 942 0.1 1,579
Project Alpha Intermediate Holding, Inc.+ Common Stock N/A N/A N/A — 964 0.1 1,417

~~See Notes to Consolidated Financial Statements.~~

~~TABLE OF CONTENTS~~

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

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

~~December 31, 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)
Project Alpha Intermediate Holding, Inc.+ Common Stock N/A N/A N/A 202 $ 329 — % $ 14
Pyramid Healthcare Acquisition Corp.+ Common Stock N/A N/A N/A 184 184 — 285
QAD, Inc.+ Preferred Stock N/A N/A N/A — 125 — 112
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+(21) Preferred Stock N/A 11.00% Non-Cash N/A 18 18,570 0.7 17,878
Riskonnect Parent, LLC+ LP Interest N/A N/A N/A 857 859 — 848
Riskonnect Parent, LLC+(21) Preferred Stock SF + 10.50% (l) 15.08% Non-Cash N/A — 335 — 349
SnapLogic, Inc.+ Preferred Stock N/A N/A N/A 278 695 0.1 1,464
SnapLogic, Inc.+ Warrant N/A N/A N/A 106 75 — 381
Spartan Buyer Acquisition Co.+ Common Stock N/A N/A N/A 1 623 — 311
Spartan Buyer Acquisition Co.+ Preferred Stock N/A N/A N/A — 38 — 38
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 — 38
Workforce Software, LLC+ Common Stock N/A N/A N/A — 973 — 604
Workforce Software, LLC+ Common Stock N/A N/A N/A — 36 — 39
Zendesk, Inc.+ LP units N/A N/A N/A 45 454 — 454
86,383 3.6 89,659


	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	543		$	2	—	%	$	—
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		—		—
								2,717		—		—
Healthcare Providers and Services
Bayside Opco, LLC+	LLC units	N/A	N/A		N/A	6		2,592		0.1		2,832
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		7,126
								13,982		0.4		9,958
Software
Switchfly LLC+	LLC interest	N/A	N/A		N/A	98,370		2,321		0.1		1,344
Switchfly LLC+	LLC units	N/A	N/A		N/A	950		950		—		510
								3,271		0.1		1,854

Total non-controlled/affiliate company equity investments								19,970		0.5		11,812

Total non-controlled/affiliate company investments								118,032		3.1		79,073


Controlled affiliate company investments(26)
Debt investments
IT Services
MMan Acquisition Co.+(7)(23)	One stop	N/A	10.00%	PIK	08/2024	$	34,294	$	19,457	0.4	%	$	8,916
MMan Acquisition Co.+(23)	One stop	N/A	8.00%	PIK	08/2024	1,857		1,857		0.1		1,708
MMan Acquisition Co.+(23)	One stop	N/A	12.00%	PIK	08/2024	952		953		—		953
MMan Acquisition Co.+(23)	One stop	N/A	12.00%	PIK	08/2024	952		952		—		952
MMan Acquisition Co.+(23)	One stop	N/A	12.00%	PIK	08/2024	275		275		—		275
Total controlled affiliate company debt investments						38,330		23,494		0.5		12,804






Total controlled affiliate company investments								23,494		0.5		12,804

Total investments								5,510,452		212.3		5,443,427

Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)			5.25%	(27)				$	50,823	2.0	%	$	50,823
Allspring Treasury Plus Money Market Fund (CUSIP 94975H296)			5.23%	(27)				26,124		1.0		26,124
Morgan Stanley Institutional Liquidity Funds Treasury Securities Portfolio (CUSIP 61747C525)			5.21%	(27)				43,036		1.7		43,036
Total money market funds								119,983		4.7		119,983
Total investments and money market funds								$	5,630,435	217.0	%	$	5,563,410

See Notes to Consolidated Financial Statements.

~~TABLE OF CONTENTS~~

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

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

~~December 31, 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+(21) Preferred Stock N/A 11.50% Non-Cash N/A 9 $ 8,777 0.4 % $ 8,774
Ave Holdings III, Corp+ LP units N/A N/A N/A 1 1,129 — 1,140
Batteries Plus Holding Corporation+ LP Interest N/A N/A N/A 10 1,287 0.1 1,450
Cycle Gear, Inc.+ LLC units N/A N/A N/A 27 462 — 587
Imperial Optical Midco Inc.+ Preferred Stock N/A N/A N/A — 122 — 131
Imperial Optical Midco Inc.+ Preferred Stock N/A N/A N/A — 46 — 48
Pet Holdings ULC+(8)(12)(21) LP Interest N/A N/A N/A 677 450 0.1 1,750
Salon Lofts Group, LLC+ LP units N/A N/A N/A — 87 — 79
Southern Veterinary Partners, LLC+(21) Preferred Stock N/A 12.00% Non-Cash N/A 5 5,083 0.2 5,559
Southern Veterinary Partners, LLC+ LLC units N/A N/A N/A — 717 — 1,150
Southern Veterinary Partners, LLC+ LLC interest N/A N/A N/A 148 188 0.2 4,287
VSG Acquisition Corp. and Sherrill, Inc.+ LP units N/A N/A N/A — 37 — 35
18,385 1.0 24,990
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.+ LLC interest N/A N/A N/A 97 604 — 385
Textiles, Apparel & Luxury Goods
Georgica Pine Clothiers, LLC+ LLC interest N/A N/A N/A 20 239 — 498
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 — 257
618 — 974
Total non-controlled/non-affiliate company equity investments $ 232,402 10.6 % $ 267,315
Total non-controlled/non-affiliate company investments $ 5,302,011 $ 5,495,602 214.4 % $ 5,389,908

~~See Notes to Consolidated Financial Statements.~~

~~TABLE OF CONTENTS~~

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

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

~~December 31, 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(23)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+(22) One stop SF + 8.00% (m) 12.45% 04/2024 $ 5,832 $ 5,802 0.2 % $ 4,957
Abita Brewing Co., L.L.C.+(7)(22) Second lien SF + 8.00% (l) 12.58% 04/2024 3,840 3,723 0.1 1,344
Abita Brewing Co., L.L.C.+ One stop SF + 8.00 % (m) 12.58% 04/2024 210 210 — 210
9,882 9,735 0.3 6,511
Energy, Equipment & Services
Benetech, Inc.+(7)(22) One stop SF + 6.00% (l) 10.73% 08/2024 3,810 3,623 0.1 1,524
Benetech, Inc.+(7)(22) One stop SF + 6.00% (k)(l) 10.50% 08/2024 1,200 1,139 — 328
5,010 4,762 0.1 1,852
Food and Staples Retailing
Rubio's Restaurants, Inc.+(22) Senior loan SF + 8.00% (l) 12.68% 12/2024 13,206 13,036 0.4 10,565
Rubio's Restaurants, Inc.+(22) Senior loan SF + 8.00 % (k) 12.42% 12/2024 1,253 1,244 — 975
14,459 14,280 0.4 11,540
Healthcare Providers and Services
Elite Dental Partners LLC+(22) One stop SF + 5.25% (l) 9.98% PIK 06/2023 12,032 12,052 0.4 9,987
Elite Dental Partners LLC+(22) One stop SF + 12.00% (l) 16.73% PIK 06/2023 4,481 4,481 0.2 4,302
Elite Dental Partners LLC+(22) One stop SF + 5.25% (l) 9.98% PIK 06/2023 1,297 1,297 — 1,297
17,810 17,830 0.6 15,586
Software
Switchfly LLC+(22) One stop L + 4.00% (b) 6.74% cash/ 1.00% PIK 10/2024 6,543 6,499 0.2 4,711
Switchfly LLC+(22) One stop L + 4.00% (b) 6.74% cash/ 1.00% PIK 10/2024 547 543 — 393
Switchfly LLC+(22) One stop L + 4.00% (b) 6.74% cash/ 1.00% PIK 10/2024 42 42 — 30
Switchfly LLC+(5) One stop L + 8.50% (b) 12.25% 10/2024 2 2 — (16)
7,134 7,086 0.2 5,118
Total non-controlled/affiliate debt investments $ 54,295 $ 53,693 1.6 % $ 40,607
Equity investments(19)(20)
Beverages
Abita Brewing Co., L.L.C.+ Warrant N/A N/A N/A 210 $ — — % $ 27
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 0.1 759
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 886 182 — —
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 536 110 — —
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 89 6 — —
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 52 3 — —
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 — — —

~~See Notes to Consolidated Financial Statements.~~

~~TABLE OF CONTENTS~~

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

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

~~December 31, 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)
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 0.1 759
Healthcare Providers and Services
Elite Dental Partners LLC LLC interest N/A N/A N/A — 2,902 0.1 3,054
Elite Dental Partners LLC LLC interest N/A N/A N/A — 1,250 — 388
Elite Dental Partners LLC LLC units N/A N/A N/A — — — —
4,152 0.1 3,442
Software
Switchfly LLC+ LLC interest N/A N/A N/A 98,370 2,321 0.1 2,274
Switchfly LLC+ LLC units N/A N/A N/A 950 950 — 447
3,271 0.1 2,721
Total non-controlled/affiliate equity investments $ 10,000 0.3 % $ 6,949
Total non-controlled/affiliate investments $ 54,295 $ 63,693 1.9 % $ 47,556
Controlled affiliate company investments(24)
Debt Investments
IT Services
MMan Acquisition Co.+(7)(22) One stop N/A 10.00% PIK 08/2023 $ 31,043 $ 19,524 0.5 % $ 10,865
MMan Acquisition Co.+(22) One stop N/A 8.00% PIK 08/2023 1,716 1,716 0.1 1,664
MMan Acquisition Co.+(22) One stop N/A 12.00% PIK 08/2023 849 849 — 849
MMan Acquisition Co.+(22) One stop N/A 12.00% PIK 08/2023 255 255 — 255
MMan Acquisition Co.+(22) One stop N/A 12.00% PIK 08/2023 849 849 — 849
Total controlled affiliate debt investments $ 34,712 $ 23,193 0.6 % $ 14,482
Equity Investments (19)(20)
IT Services
MMan Acquisition Co.+ Common Stock N/A N/A N/A — $ 927 — % $ —
Total controlled affiliate equity investments $ 927 — % $ —
Total controlled affiliate investments $ 34,712 $ 24,120 0.6 % $ 14,482
Total investments $ 5,391,018 $ 5,583,415 216.9 % $ 5,451,946
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718) 4.0% (25) $ 42,768 1.7 % $ 42,768
Allspring Treasury Plus Money Market Fund (CUSIP 94975H296) 4.1% (25) 8,745 0.3 8,745
Total money market funds $ 51,513 2.0 % $ 51,513
Total Investments and Money Market Funds $ 5,634,928 218.9 % $ 5,503,459

~~See Notes to Consolidated Financial Statements.~~

5450

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts 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).

(1)The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime (“P”), Sterling Overnight Index Average ("SONIA" or “SN”), Australian Interbank Rate (”AUD” or ”A”), or Canadian Bankers Acceptance Rate (”CDOR” or "C”) ~~or London Interbank Offered Rate (“LIBOR” or “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 December 31, ~~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 ~~outstandi~~ngoutstanding contract is shown. Listed below are the index rates as of December 31, ~~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 December 31, ~~2022,~~2023, as the loan may have priced or repriced based on an index rate prior to December 31, ~~2022.~~2023.

(a) ~~Denotes that all or a portion of the contract was indexed to the 30-day LIBOR, which was 4.39% as of December 31, 2022.~~

~~(b)~~ ~~Denotes that all or a portion of the contract was indexed to the 90-day LIBOR, which was 4.77% as of December 31, 2022.~~

~~(c)~~ ~~Denotes that all or a portion of the contract was indexed to the 180-day LIBOR, which was 5.14% as of December 31, 2022.~~

~~(d)~~ Denotes that all or a portion of the contract was indexed to the Prime rate, which was ~~7.50%~~8.50% as of December 31, ~~2022.~~2023.

~~(e)~~(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 3.85% as of December 31, 2023.

(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was ~~2.13%~~3.91% as of December 31, ~~2022.~~2023.

~~(f)~~(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was ~~2.69%~~3.86% as of December 31, ~~2022.~~2023.

~~(g)~~(e) Denotes that all or a portion of the contract was indexed to the ~~Three Month~~Three-Month AUD, which was ~~3.26%~~4.36% as of December 31, ~~2022.~~2023.

~~(h)~~(f) Denotes that all or a portion of the contract was indexed to the 90-day CDOR, which was ~~4.94%~~5.45% as of December 31, ~~2022.~~2023.

~~(i)~~(g) Denotes that all or a portion of the contract was indexed to SONIA, which was ~~3.43%~~5.19% as of December 31, ~~2022.~~2023.

~~(j)~~(h) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was ~~4.30%~~5.38% as of December 31, ~~2022.~~2023.

~~(k)~~(i) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was ~~4.36%~~5.35% as of December 31, ~~2022.~~2023.

~~(l)~~(j) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was ~~4.59%~~5.33% as of December 31, ~~2022.~~2023.

~~(m)~~(k) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was ~~4.78%~~5.16% as of December 31, ~~2022.~~2023.

(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of December 31, ~~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~~“Note 6. Fair Value ~~Measurements.~~Measurements”.

(5)The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.

(6)The entire commitment was unfunded as of December 31, ~~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 December 31, ~~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 December 31, ~~2022,~~2023, total non-qualifying assets at fair value represented ~~12.8%~~16.4% 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~~“Note 2. Significant Accounting Policies and Recent Accounting Updates - Foreign Currency ~~Translation.~~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)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.

(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”.

See Notes to Consolidated Financial Statements.

5551

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, ~~2022~~2023

(InDollar and share amounts in thousands)

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

~~(22)~~(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 three months ended December 31, ~~2022.~~2023.

~~(23)~~(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 three months ended December 31, ~~2022~~2023 were as follows:


Portfolio Company	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 December 31, 2022		Interest, dividend and fee income
Portfolio Company
Portfolio Company
Abita Brewing Co. LLC	Abita Brewing Co. LLC	$	8,071	$	365	$	(145)	$	(1,753)	$	—	$	6,538	$	178
Abita Brewing Co. LLC
Abita Brewing Co. LLC
Bayside Opco, LLC
Bayside Opco, LLC
Bayside Opco, LLC
Benetech, Inc.
Benetech, Inc.
Benetech, Inc.	Benetech, Inc.	1,740		184		(120)		48		—		1,852		9
Elite Dental Partners LLC	Elite Dental Partners LLC	20,689		1,780		(9)		(3,432)		—		19,028		422
Elite Dental Partners LLC
Elite Dental Partners LLC
Opening Day Borrower 111 LLC
Opening Day Borrower 111 LLC
Opening Day Borrower 111 LLC
Rubio's Restaurants, Inc.
Rubio's Restaurants, Inc.
Rubio's Restaurants, Inc.

Rubio's Restaurants, Inc		13,174		1,653		—		(2,528)		—		12,299		439
Sloan Company, Inc.		6,318		38		(6,329)		(347)		320		—		344
Switchfly LLC	Switchfly LLC	7,697		111		—		31		—		7,839		35

Switchfly LLC

Switchfly LLC
Total Non-Controlled Affiliates	Total Non-Controlled Affiliates	$	57,689	$	4,131	$	(6,603)	$	(7,981)	$	320	$	47,556	$	1,427
Total Non-Controlled Affiliates
Total Non-Controlled Affiliates


(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.

~~(24)~~(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 three months ended December 31, ~~2022~~2023 were as follows:


Portfolio Company	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 December 31, 2022		Interest, dividend and fee income
Portfolio Company
Portfolio Company
MMan Acquisition Co.
MMan Acquisition Co.
MMan Acquisition Co.	MMan Acquisition Co.	$	14,073	$	895	$	(793)	$	307	$	—	$	14,482	$	69
Total Controlled Affiliates	Total Controlled Affiliates	$	14,073	$	895	$	(793)	$	307	$	—	$	14,482	$	69
Total Controlled Affiliates
Total Controlled Affiliates


(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.

~~(25)~~(27)The rate shown is the annualized seven-day yield as of December 31, ~~2022.~~2023.

See Notes to Consolidated Financial Statements.

5652

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, ~~2022~~2023

(InDollar and share amounts 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
Tronair Parent, Inc.+ Senior loan L + 6.25% (b) 8.67% cash/ 0.50% PIK 09/2023 $ 672 $ 670 — % $ 618
Tronair Parent, Inc.+ Senior loan 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 loan L + 4.50% (b) 6.78% 08/2027 4,890 4,850 0.2 4,890
Covercraft Parent III, Inc.+ Senior loan L + 4.50% (b) 8.17% 08/2027 994 973 — 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 + 6.50% (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 loan SF + 6.00% (k) 9.03% 12/2024 18,007 17,927 0.7 17,777
Polk Acquisition Corp.+ Senior loan SF + 6.50% (k) 9.53% 03/2023 695 693 — 695
Polk Acquisition Corp.+ Senior loan SF + 6.00% (k) 9.03% 12/2024 106 108 — 104
Polk Acquisition Corp.+ Senior loan 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


	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%	(k)(m)	12.33%				02/2029	$	24,825	$	24,157	1.0	%	$	24,825
PPW Aero Buyer, Inc.+(5)	One stop	SF +	7.00%		N/A(6)				02/2029	—		(1)		—		—
										24,825		24,156		1.0		24,825
Airlines
Accelya Lux Finco S.A.R.L.+(8)(13)	One stop	SF +	6.00%	(l)	11.49%				12/2026	965		955		—		917

Auto Components
COP CollisionRight Holdings, Inc.#+	One stop	SF +	5.25%	(l)	10.79%				04/2028	9,810		9,680		0.4		9,711
COP CollisionRight Holdings, Inc.+	One stop	SF +	5.25%	(l)	10.79%				04/2028	36		35		—		35
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50%	(l)(m)	10.10%				08/2027	4,840		4,809		0.2		4,647
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50%	(m)	10.09%				08/2027	977		960		—		938
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50%	(m)	10.03%				08/2027	13		12		—		9
North Haven Falcon Buyer, LLC+(23)	One stop	SF +	8.00%	(l)	9.78%	cash/	3.75%	PIK	05/2027	6,243		6,141		0.2		5,493
North Haven Falcon Buyer, LLC+(23)	One stop	SF +	8.00%	(l)	9.82%	cash/	3.75%	PIK	05/2027	1,048		1,037		0.1		922
Polk Acquisition Corp.*#+(23)	Senior secured	SF +	7.00%	(k)	10.67%	cash/	1.75%	PIK	12/2024	18,092		18,078		0.7		17,731
Polk Acquisition Corp.+(23)	Senior secured	SF +	7.00%	(k)	10.67%	cash/	1.75%	PIK	12/2024	60		61		—		57
Polk Acquisition Corp.+(23)	Senior secured	SF +	7.00%	(k)	10.67%	cash/	1.75%	PIK	12/2024	107		107		—		105
										41,226		40,920		1.6		39,648
Automobiles
CG Group Holdings, LLC*#+(23)	One stop	SF +	8.75%	(l)	12.14%	cash/	2.00%	PIK	07/2027	31,764		31,300		1.2		30,493
CG Group Holdings, LLC+(23)	One stop	SF +	8.75%	(k)	12.07%	cash/	2.00%	PIK	07/2026	345		340		—		333
Denali Midco 2, LLC*#+	One stop	SF +	6.25%	(k)	11.67%				12/2027	42,433		42,132		1.6		41,583
Denali Midco 2, LLC+(5)	One stop	SF +	6.25%		N/A(6)				12/2027	—		(4)		—		(10)
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	11.67%				12/2027	196		194		—		192
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	11.67%				12/2027	99		98		—		97
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	11.67%				12/2027	79		78		—		77
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	11.67%				12/2027	79		78		—		77
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	11.67%				12/2027	65		65		—		64
Denali Midco 2, LLC+	One stop	SF +	6.50%	(k)	11.92%				12/2027	968		945		—		959
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	11.67%				12/2027	653		649		—		640
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	11.67%				12/2027	119		118		—		116
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	11.67%				12/2027	113		112		—		111
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	11.67%				12/2027	81		81		—		80
Denali Midco 2, LLC+(5)	One stop	SF +	6.50%		N/A(6)				12/2027	—		(7)		—		(3)
Denali Midco 2, LLC+	One stop	SF +	6.50%	(k)	11.92%				12/2027	129		126		—		128
Denali Midco 2, LLC+	One stop	SF +	6.50%	(k)	11.92%				12/2027	65		63		—		64
Denali Midco 2, LLC+	One stop	SF +	6.50%	(k)	11.92%				12/2027	221		215		—		218
Denali Midco 2, LLC+	One stop	SF +	6.50%	(k)	11.92%				12/2027	261		255		—		258
JHCC Holdings LLC+	One stop	SF +	5.25%	(l)	10.79%				09/2025	15,156		15,026		0.6		14,929
JHCC Holdings LLC+	One stop	SF +	5.25%	(l)	10.79%				09/2025	491		487		—		483
JHCC Holdings LLC+	One stop	SF +	5.25%	(l)	10.79%				09/2025	292		290		—		287
JHCC Holdings LLC+(5)	One stop	SF +	5.25%		N/A(6)				09/2025	—		(1)		—		(2)
JHCC Holdings LLC+	One stop	SF +	5.25%	(l)	10.79%				09/2025	3,309		3,286		0.1		3,259

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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	SF +	6.75%	(l)	12.29%	09/2025	$	1,109	$	1,090	—	%	$	1,114
MOP GM Holding, LLC*#+	One stop	SF +	5.75%	(l)	11.29%	11/2026	23,733		23,574		0.9		22,785
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	11.03%	11/2026	2,602		2,587		0.1		2,498
MOP GM Holding, LLC+	One stop	SF +	5.75%	(l)	11.32%	11/2026	2,573		2,545		0.1		2,470
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	11.03%	11/2026	2,552		2,535		0.1		2,450
MOP GM Holding, LLC+	One stop	SF +	5.75%	(l)	11.29%	11/2026	1,891		1,879		0.1		1,815
MOP GM Holding, LLC+	One stop	SF +	5.75%	(l)	11.27%	11/2026	1,555		1,546		0.1		1,493
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	11.03%	11/2026	1,433		1,416		0.1		1,376
MOP GM Holding, LLC+	One stop	SF +	5.75%	(l)	11.29%	11/2026	522		519		—		501
MOP GM Holding, LLC+	One stop	SF +	5.75%	(l)	11.29%	11/2026	355		352		—		341
MOP GM Holding, LLC+	One stop	SF +	5.75%	(l)	11.29%	11/2026	146		145		—		140
MOP GM Holding, LLC+	One stop	SF +	5.75%	(l)	11.29%	11/2026	59		59		—		57
MOP GM Holding, LLC+	One stop	SF +	5.75%	(l)(m)	11.34%	11/2026	186		185		—		178
MOP GM Holding, LLC+(5)	One stop	SF +	5.75%		N/A(6)	11/2026	—		(16)		—		(93)
MOP GM Holding, LLC+	One stop	SF +	5.75%	(l)	11.27%	11/2026	178		177		—		171
MOP GM Holding, LLC+	One stop	SF +	5.75%	(l)	11.27%	11/2026	59		59		—		57
POY Holdings, LLC#	One stop	SF +	5.50%	(l)	11.04%	11/2027	9,447		9,316		0.4		9,447
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%	(l)	11.04%	11/2027	81		80		—		81
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.50%	(l)(m)	10.89%	07/2029	4,980		4,939		0.2		4,781
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.50%	(m)	10.96%	07/2029	105		103		—		97
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%	(l)	12.02%	10/2026	12,682		12,538		0.5		12,555
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50%	(l)	12.02%	10/2026	9,675		9,565		0.4		9,578
Quick Quack Car Wash Holdings, LLC#+	One stop	SF +	6.50%	(l)	12.02%	10/2026	2,289		2,263		0.1		2,266
Quick Quack Car Wash Holdings, LLC*+	One stop	SF +	6.50%	(l)	12.02%	10/2026	1,998		1,988		0.1		1,979
Quick Quack Car Wash Holdings, LLC*+	One stop	SF +	6.50%	(l)	12.02%	10/2026	1,336		1,328		0.1		1,323
Quick Quack Car Wash Holdings, LLC*+	One stop	SF +	6.50%	(l)	12.02%	10/2026	1,089		1,076		—		1,078
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50%	(l)	12.02%	10/2026	94		90		—		93
Quick Quack Car Wash Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)	10/2026	—		(2)		—		(2)
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50%	(l)	12.02%	10/2026	50		48		—		49
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50%	(l)	12.02%	10/2026	342		336		—		338
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50%	(l)	12.02%	10/2026	103		99		—		102
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50%	(l)	12.02%	10/2026	3,293		3,242		0.1		3,260
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50%	(l)	12.02%	10/2026	94		92		—		93
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50%	(k)	11.92%	10/2026	1,500		1,485		0.1		1,485
Quick Quack Car Wash Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)	10/2026	—		(35)		—		(35)
Spotless Brands, LLC+	One stop	SF +	6.50%	(l)	12.00%	07/2028	8,306		8,173		0.3		8,223
Spotless Brands, LLC+	One stop	SF +	6.50%	(l)	12.02%	07/2028	903		896		0.1		894
Spotless Brands, LLC+	One stop	SF +	6.50%		N/A(6)	07/2028	—		—		—		—
Spotless Brands, LLC+	One stop	SF +	6.50%	(l)	11.99%	07/2028	670		665		—		663
TWAS Holdings, LLC#+	One stop	SF +	6.75%	(k)	12.17%	12/2026	40,051		39,793		1.6		39,651
TWAS Holdings, LLC*+	One stop	SF +	6.75%	(k)	12.17%	12/2026	30,255		30,045		1.2		29,953
TWAS Holdings, LLC+	One stop	SF +	6.75%	(k)	12.17%	12/2026	7,854		7,801		0.3		7,775
TWAS Holdings, LLC+	One stop	SF +	6.75%	(k)	12.17%	12/2026	603		599		—		597
TWAS Holdings, LLC+	One stop	SF +	6.75%	(k)	12.17%	12/2026	383		381		—		379
TWAS Holdings, LLC+(5)	One stop	SF +	6.75%		N/A(6)	12/2026	—		(2)		—		(4)
							274,054		271,473		10.5		268,470

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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)
Beverages
Financial Information Technologies, LLC+	One stop	SF +	6.50%	(l)	11.89%		06/2030	$	22,623	$	22,295	0.9	%	$	22,396
Financial Information Technologies, LLC+(23)	One stop	N/A			14.00%	PIK	06/2031	11,182		10,869		0.4		10,847
Financial Information Technologies, LLC+(5)	One stop	SF +	6.50%		N/A(6)		06/2030	—		—		—		(1)
Watermill Express, LLC+	One stop	SF +	5.00%	(l)	10.54%		04/2027	2,221		2,208		0.1		2,221
Watermill Express, LLC+	One stop	SF +	5.00%	(k)	10.42%		04/2027	8		7		—		8
Watermill Express, LLC+	One stop	SF +	5.00%	(l)	10.54%		04/2027	214		214		—		214
Winebow Holdings, Inc.+	One stop	SF +	6.25%	(k)	11.67%		07/2025	7,720		7,671		0.3		7,566
								43,968		43,264		1.7		43,251



Building Products
BECO Holding Company, Inc.#+	One stop	SF +	5.25%	(l)	10.79%	11/2028	7,462	7,407	0.3	7,313
BECO Holding Company, Inc.+	One stop	SF +	5.25%	(k)	10.67%	11/2027	20	17	—	12
BECO Holding Company, Inc.+(5)	One stop	SF +	5.25%		N/A(6)	11/2028	—	(14)	—	(39)
Jensen Hughes, Inc.+	Senior secured	SF +	5.75%	(k)(l)	11.22%	03/2025	4,063	4,045	0.2	4,063
Jensen Hughes, Inc.+	Senior secured	SF +	5.75%	(k)(l)	11.22%	03/2025	1,374	1,373	0.1	1,374
Jensen Hughes, Inc.+	Senior secured	SF +	5.75%	(k)(l)	11.22%	03/2025	886	883	—	886
Jensen Hughes, Inc.+	Senior secured	SF +	5.75%	(k)(l)	11.22%	03/2025	835	830	—	835
Jensen Hughes, Inc.+	Senior secured	SF +	5.75%	(k)(l)	11.22%	03/2025	425	425	—	425
Jensen Hughes, Inc.+	Senior secured	SF +	5.75%	(k)(l)	11.22%	03/2025	271	270	—	271
Jensen Hughes, Inc.+	Senior secured	SF +	5.75%	(k)(l)(m)	11.23%	03/2025	1,450	1,441	0.1	1,450
Jensen Hughes, Inc.+	Senior secured	SF +	5.75%	(k)(l)	11.22%	03/2025	211	211	—	211
Jensen Hughes, Inc.+	Senior secured	SF +	5.75%	(k)(l)	11.22%	03/2025	113	112	—	113
							17,110	17,000	0.7	16,914
Chemicals
Inhance Technologies Holdings LLC#+	One stop	SF +	6.00%	(l)	11.40%	07/2024	12,314	12,341	0.5	11,637
Inhance Technologies Holdings LLC#	One stop	SF +	6.00%	(l)	11.40%	07/2024	9,813	9,783	0.3	9,273
Inhance Technologies Holdings LLC+	One stop	SF +	6.00%	(l)	11.40%	07/2024	1,871	1,869	0.1	1,768
Inhance Technologies Holdings LLC+	One stop	SF +	6.00%	(k)(l)	11.42%	07/2024	199	200	—	187
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	E +	6.25%	(e)	10.39%	09/2028	33,496	36,220	1.2	29,476
PHM NL SP Bidco B.V.+(8)(14)	One stop	SF +	6.25%	(j)	11.55%	09/2028	13,766	13,593	0.5	12,114
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	SN +	6.25%	(i)	11.44%	09/2028	7,335	7,919	0.2	6,455
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	E +	6.25%	(e)	10.01%	09/2028	3,540	3,720	0.1	3,116
							82,334	85,645	2.9	74,026
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC*#+	One stop	SF +	5.25%	(k)(l)	10.79%	10/2028	17,792	17,614	0.7	17,792
CI (Quercus) Intermediate Holdings, LLC+	One stop	SF +	5.25%	(k)	10.67%	10/2028	10	8	—	10
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop	SF +	5.25%		N/A(6)	10/2028	—	(3)	—	—
Kleinfelder Intermediate, LLC+	One stop	SF +	6.25%	(l)	11.66%	09/2030	3,754	3,679	0.2	3,679
Kleinfelder Intermediate, LLC+	One stop	SF +	6.25%	(l)	11.66%	09/2028	59	50	—	50
Kleinfelder Intermediate, LLC+(5)	One stop	SF +	6.25%		N/A(6)	09/2030	—	(7)	—	(8)
North Haven Stack Buyer, LLC*#	Senior secured	SF +	5.50%	(l)	11.02%	07/2027	8,678	8,568	0.3	8,569

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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)	Senior secured	SF +	5.50%		N/A(6)				07/2027	$	—	$	(18)	—	%	$	(20)
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.50%	(b)(l)	11.40%				07/2027	66		65		—		64
North Haven Stack Buyer, LLC#	Senior secured	SF +	5.50%	(l)	11.02%				07/2027	2,923		2,905		0.1		2,887
North Haven Stack Buyer, LLC#	Senior secured	SF +	5.50%	(l)	11.02%				07/2027	964		958		0.1		952
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.50%	(l)	11.02%				07/2027	968		962		0.1		956
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.50%	(l)	11.02%				07/2027	142		141		—		140
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.50%	(l)	11.02%				07/2027	71		70		—		70
North Haven Stack Buyer, LLC+(5)	Senior secured	SF +	5.50%		N/A(6)				07/2027	—		(61)		—		(46)
North Haven Stack Buyer, LLC+(5)	Second lien	N/A			N/A(6)				01/2028	—		(35)		—		(35)
Profile Products LLC+	One stop	SF +	5.75%	(l)	11.22%				11/2027	6,293		6,199		0.3		6,167
Profile Products LLC+(8)	One stop	SF +	5.75%	(l)	11.22%				11/2027	1,275		1,258		—		1,250
Profile Products LLC+	One stop	SF +	5.75%	(b)(k)	11.42%				11/2027	42		41		—		41
Profile Products LLC+	One stop	P +	4.75%	(b)	13.25%				11/2027	8		8		—		8
PT Intermediate Holdings III, LLC+	One stop	SF +	5.98%	(l)	11.52%				11/2028	29,225		28,846		1.1		29,225
PT Intermediate Holdings III, LLC+	One stop	SF +	5.98%	(l)	11.52%				11/2028	20,664		20,504		0.8		20,664
PT Intermediate Holdings III, LLC+	One stop	SF +	5.98%	(l)	11.52%				11/2028	9,800		9,696		0.4		9,800
PT Intermediate Holdings III, LLC+	One stop	SF +	6.50%	(l)	11.89%				11/2028	2,243		2,214		0.1		2,260
PT Intermediate Holdings III, LLC+(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(8)		—		—
Radwell Parent, LLC+	One stop	SF +	6.53%	(l)	12.02%				03/2029	18,885		18,644		0.7		18,885
Radwell Parent, LLC+	One stop	SF +	6.75%	(l)	12.14%				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%	(l)	12.14%				03/2029	24,763		24,118		1.0		24,824
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.75%	(l)	11.10%				06/2027	2,458		2,427		0.1		2,458
Trinity Air Consultants Holdings Corporation+(5)	One stop	SF +	5.75%		N/A(6)				06/2027	—		(3)		—		—
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.75%		N/A(6)				06/2027	—		—		—		—
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.75%	(m)	11.27%				06/2027	35		35		—		35
WRE Holding Corp.*#	Senior secured	SF +	5.00%	(k)(m)	10.50%				01/2025	2,204		2,200		0.1		2,204
WRE Holding Corp.+	Senior secured	SF +	5.00%	(k)	10.43%				01/2025	911		908		—		911
WRE Holding Corp.+	Senior secured	SF +	5.00%	(m)	10.19%				01/2025	668		667		—		668
WRE Holding Corp.+	Senior secured	SF +	5.00%	(m)	10.19%				01/2025	395		394		—		395
WRE Holding Corp.+	Senior secured	SF +	5.00%	(m)	10.19%				01/2025	127		127		—		127
WRE Holding Corp.+	Senior secured	SF +	5.00%	(m)	10.19%				01/2025	23		23		—		23
WRE Holding Corp.+	Senior secured	SF +	5.00%	(k)	10.57%				01/2025	353		345		—		353
WRE Holding Corp.+	Senior secured	SF +	5.25%		N/A(6)				01/2025	—		—		—		—
WRE Holding Corp.+	Senior secured	SF +	5.00%	(k)(l)(m)	10.38%				01/2025	150		149		—		150
										156,018		153,745		6.1		155,577
Communications Equipment
Lightning Finco Limited+(8)(10)	One stop	SF +	5.75%	(l)	11.13%				09/2028	10,349		10,204		0.4		10,246
Lightning Finco Limited+(8)(9)(10)	One stop	E +	5.75%	(d)	9.53%				09/2028	1,123		1,244		—		1,112
										11,472		11,448		0.4		11,358











Containers and Packaging
AmerCareRoyal LLC+(23)	Senior secured	SF +	7.00%	(k)	11.98%	cash/	0.50%	PIK	11/2025	743		737		0.1		743
AmerCareRoyal LLC+(23)	Senior secured	SF +	7.00%	(k)	11.98%	cash/	0.50%	PIK	11/2025	159		157		—		159
AmerCareRoyal LLC+(23)	Senior secured	SF +	7.00%	(k)	11.98%	cash/	0.50%	PIK	11/2025	154		153		—		154
AmerCareRoyal LLC+(8)(23)	Senior secured	SF +	7.00%	(k)(l)	11.98%	cash/	0.50%	PIK	11/2025	133		132		—		133
Chase Intermediate#+	One stop	SF +	5.25%	(k)(l)(m)	10.95%				10/2028	10,818		10,743		0.4		10,601
Chase Intermediate+	One stop	SF +	5.25%	(m)	11.00%				10/2028	120		117		—		113
Chase Intermediate+(5)	One stop	SF +	5.25%		N/A(6)				10/2028	—		(1)		—		(4)

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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)
Chase Intermediate+(5)	One stop	SF +	5.75%		N/A(6)	10/2028	$	—	$	(5)	—	%	$	(5)
Fortis Solutions Group, LLC*#+	One stop	SF +	5.50%	(l)	10.99%	10/2028	34,402		33,976		1.3		33,370
Fortis Solutions Group, LLC+(5)	One stop	SF +	5.50%		N/A(6)	10/2027	—		(4)		—		(8)
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(l)	10.99%	10/2028	98		17		—		95
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(l)	10.99%	10/2028	358		325		—		190
							46,985		46,347		1.8		45,541
Diversified Consumer Services
Certus Pest, Inc.#	One stop	SF +	7.50%	(l)	13.04%	02/2026	1,573		1,547		0.1		1,557
Certus Pest, Inc.#	One stop	SF +	7.50%	(l)	13.04%	02/2026	1,508		1,471		0.1		1,493
Certus Pest, Inc.+	One stop	SF +	7.50%	(l)	13.04%	02/2026	1,088		1,084		0.1		1,077
Certus Pest, Inc.#	One stop	SF +	7.50%	(l)	13.04%	02/2026	1,074		1,064		0.1		1,064
Certus Pest, Inc.+	One stop	SF +	7.50%	(l)	13.04%	02/2026	745		732		—		738
Certus Pest, Inc.#	One stop	SF +	7.50%	(l)	13.04%	02/2026	657		632		—		650
Certus Pest, Inc.+	One stop	SF +	7.50%	(l)	13.04%	02/2026	640		635		—		634
Certus Pest, Inc.+	One stop	SF +	7.50%	(l)	13.04%	02/2026	378		371		—		374
Certus Pest, Inc.+	One stop	SF +	7.50%	(l)	13.04%	02/2026	237		226		—		235
Certus Pest, Inc.+	One stop	SF +	7.50%	(l)	13.04%	02/2026	129		111		—		128
Certus Pest, Inc.+	One stop	SF +	7.50%	(l)	13.04%	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%	(k)	10.42%	01/2026	2,695		2,682		0.1		2,695
CHHJ Midco, LLC+	Senior secured	SF +	5.00%		N/A(6)	01/2026	—		—		—		—
COP Exterminators Acquisitions, Inc.+	Senior secured	SF +	5.50%	(l)	11.02%	07/2029	2,864		2,830		0.1		2,829
COP Exterminators Acquisitions, Inc.+(5)	Senior secured	SF +	5.50%		N/A(6)	07/2029	—		(1)		—		(1)
COP Exterminators Acquisitions, Inc.+(5)	Senior secured	SF +	5.50%		N/A(6)	07/2029	—		(26)		—		(20)
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	4.50%	(l)	9.90%	07/2027	1,695		1,685		0.1		1,695
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	4.50%	(l)	9.90%	07/2027	1,652		1,636		0.1		1,652
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	4.50%	(l)	9.92%	07/2027	1,083		1,073		0.1		1,083
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	4.50%	(l)	9.98%	07/2027	765		758		—		765
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	4.50%	(l)	9.90%	07/2027	197		195		—		197
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	4.75%	(l)	10.31%	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%	(m)	11.59%	09/2028	2,574		2,536		0.1		2,574
DP Flores Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)	09/2028	—		(1)		—		—
DP Flores Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)	09/2028	—		(12)		—		—
EMS LINQ, LLC+	One stop	SF +	6.25%	(k)	11.67%	12/2027	9,591		9,524		0.4		9,304
EMS LINQ, LLC+(5)	One stop	SF +	6.25%		N/A(6)	12/2027	—		(1)		—		(4)
EWC Growth Partners LLC+	One stop	SF +	6.00%	(l)	11.54%	03/2026	920		914		0.1		920
EWC Growth Partners LLC+	One stop	SF +	6.00%		N/A(6)	03/2026	—		—		—		—
EWC Growth Partners LLC+	One stop	SF +	6.00%	(l)	11.54%	03/2026	14		14		—		14
EWC Growth Partners LLC+	One stop	SF +	6.00%	(l)	11.54%	03/2026	73		73		—		73
Excelligence Learning Corporation#+	One stop	SF +	6.00%	(l)	11.54%	01/2024	10,176		10,157		0.4		10,176
FPG Intermediate Holdco, LLC+	One stop	SF +	6.00%	(l)	11.57%	03/2027	7,668		7,563		0.3		7,592
FPG Intermediate Holdco, LLC+	One stop	SF +	6.00%	(l)	11.57%	03/2027	484		474		—		479
FPG Intermediate Holdco, LLC+	One stop	SF +	6.00%	(b)(l)	12.16%	03/2027	33		32		—		32
FPG Intermediate Holdco, LLC+(5)	One stop	SF +	6.50%		N/A(6)	03/2027	—		(12)		—		—
FSS Buyer LLC+	One stop	SF +	5.75%	(l)	11.24%	08/2028	5,436		5,360		0.2		5,436
FSS Buyer LLC+(5)	One stop	SF +	5.75%		N/A(6)	08/2027	—		(1)		—		—
HS Spa Holdings, Inc.+	One stop	SF +	5.75%	(m)	11.07%	06/2029	7,704		7,579		0.3		7,627
HS Spa Holdings, Inc.+	One stop	SF +	5.75%	(k)(l)	11.07%	06/2028	13		11		—		12

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2022~~2023

(InDollar and share amounts 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)
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


	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+(23)	Senior secured	SF +	5.25%	(l)	8.04%	cash/	2.75%	PIK	09/2026	$	2,536	$	2,550	0.1	%	$	2,333
Learn-it Systems, LLC+(23)	Senior secured	SF +	5.25%	(l)	8.04%	cash/	2.75%	PIK	09/2026	1,364		1,363		—		1,256
Learn-it Systems, LLC+(23)	Senior secured	SF +	5.25%	(l)	8.04%	cash/	2.75%	PIK	09/2026	615		612		—		565
Learn-it Systems, LLC+(5)(23)	Senior secured	L +	4.75%	(a)	10.40%				09/2026	—		—		—		(3)
Liminex, Inc.+	One stop	SF +	7.25%	(l)	12.79%				11/2026	25,462		25,126		1.0		25,462
Liminex, Inc.+	One stop	SF +	7.25%	(l)	12.79%				11/2026	20,000		19,795		0.8		20,000
Liminex, Inc.+	One stop	SF +	7.25%	(l)	12.79%				11/2026	800		793		—		800
Liminex, Inc.+(5)	One stop	SF +	7.25%		N/A(6)				11/2026	—		(2)		—		—
Liminex, Inc.+	One stop	SF +	7.25%	(l)	12.79%				11/2026	15,837		15,558		0.6		15,837
Litera Bidco LLC+	One stop	SF +	6.00%	(k)	11.42%				05/2026	5,660		5,622		0.2		5,660
Litera Bidco LLC+	One stop	SF +	5.25%	(k)	10.67%				05/2026	3,636		3,647		0.1		3,636
Litera Bidco LLC+	One stop	SF +	5.25%	(k)	10.67%				05/2026	682		694		—		682
Litera Bidco LLC+	One stop	SF +	5.25%	(k)	10.67%				05/2026	682		694		—		682
Litera Bidco LLC+	One stop	SF +	6.00%	(k)	11.42%				05/2026	512		509		—		512
Litera Bidco LLC+	One stop	SF +	5.25%		N/A(6)				05/2025	—		—		—		—
Mario Purchaser, LLC+	One stop	SF +	5.75%	(k)	11.17%				04/2029	7,577		7,457		0.3		7,274
Mario Purchaser, LLC+(23)	One stop	SF +	10.75%	(k)	16.17%	PIK			04/2032	1,784		1,749		0.1		1,748
Mario Purchaser, LLC+(5)	One stop	SF +	5.75%		N/A(6)				04/2028	—		(1)		—		(3)
Mario Purchaser, LLC+	One stop	SF +	5.75%	(k)	11.17%				04/2029	169		165		—		154
Mathnasium, LLC#	One stop	SF +	5.00%	(l)	10.51%				11/2027	9,168		9,105		0.4		9,168
Mathnasium, LLC+	One stop	SF +	5.00%	(l)	10.52%				11/2027	11		11		—		11
NSG Buyer, Inc. *#+	One stop	SF +	6.50%	(k)	11.92%				11/2029	20,821		20,423		0.8		20,821
NSG Buyer, Inc. +(5)	One stop	SF +	6.50%		N/A(6)				11/2029	—		(35)		—		—
NSG Buyer, Inc. +	One stop	SF +	6.50%		N/A(6)				11/2028	—		—		—		—
PADI Holdco, Inc.*#(23)	One stop	SF +	6.25%	(l)	11.82%				01/2027	21,582		21,242		0.8		21,582
PADI Holdco, Inc.+(8)(9)(23)	One stop	E +	6.25%	(d)	10.03%				01/2027	19,322		20,594		0.8		19,322
PADI Holdco, Inc.+(23)	One stop	SF +	6.25%	(l)	11.79%				01/2027	832		819		—		832
PADI Holdco, Inc.+(23)	One stop	SF +	6.25%	(l)	11.79%				01/2027	172		169		—		172
PADI Holdco, Inc.+	One stop	SF +	6.25%	(l)	11.77%				01/2027	54		50		—		54
Provenance Buyer LLC*#+	One stop	SF +	5.00%	(k)	10.42%				06/2027	18,094		17,864		0.7		18,094
Provenance Buyer LLC#	One stop	SF +	5.00%	(k)	10.42%				06/2027	9,875		9,801		0.4		9,875
Provenance Buyer LLC+(5)	One stop	SF +	5.00%		N/A(6)				06/2027	—		(2)		—		—
RW AM Holdco LLC#+	One stop	SF +	5.25%	(m)	10.82%				04/2028	17,551		17,418		0.7		17,025
RW AM Holdco LLC+(5)	One stop	SF +	5.25%		N/A(6)				04/2028	—		(1)		—		(5)
										268,637		266,870		10.5		266,798

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2022~~2023

(InDollar and share amounts 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


	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
Adenza Group, Inc. +	One stop	SF +	5.75%	(k)	11.18%	12/2027	$	3,975	$	3,923	0.1	%	$	3,975
Adenza Group, Inc. +	One stop	SF +	5.75%		N/A(6)	12/2025	—		—		—		—
Avalara, Inc.+	One stop	SF +	7.25%	(l)	12.64%	10/2028	11,941		11,690		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%	(l)	10.72%	07/2027	7,936		7,873		0.3		7,936
Banker's Toolbox, Inc.+	One stop	SF +	5.25%		N/A(6)	07/2027	—		—		—		—
Banker's Toolbox, Inc.+	One stop	SF +	5.25%	(l)	10.72%	07/2027	1,478		1,478		—		1,478
Finastra USA, Inc.+(8)	One stop	SF +	7.25%	(m)	12.71%	09/2029	4,950		4,852		0.2		4,851
Finastra USA, Inc.+(8)	One stop	SF +	7.25%	(k)	12.58%	09/2029	11		10		—		10
Flash Topco, Inc.*	One stop	SF +	5.75%	(l)	11.22%	10/2028	9,721		9,649		0.4		9,235
Flash Topco, Inc.+	One stop	SF +	6.50%	(l)	11.87%	10/2028	41		40		—		38
Flash Topco, Inc.+	One stop	SF +	6.50%	(l)	11.87%	12/2024	19		19		—		19
Higginbotham Insurance Agency, Inc.+	One stop	SF +	5.50%	(k)	10.92%	11/2028	4,530		4,494		0.2		4,507
Higginbotham Insurance Agency, Inc.+(5)	One stop	SF +	5.50%		N/A(6)	11/2028	—		(25)		—		(25)
Higginbotham Insurance Agency, Inc.+	One stop	SF +	5.50%	(k)	10.92%	11/2028	183		183		—		182

							44,785		44,183		1.7		44,147

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2022~~2023

(InDollar and share amounts 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 secured	SF +	4.75%	(l)	10.29%	12/2024	$	1,612	$	1,601	0.1	%	$	1,612

Electronic Equipment, Instruments & Components
CST Holding Company+	One stop	SF +	6.50%	(k)	11.92%	11/2028	24,533		23,910		1.0		24,533
CST Holding Company+(5)	One stop	SF +	6.50%		N/A(6)	11/2028	—		(1)		—		—



							24,533		23,909		1.0		24,533

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 loan L + 4.50% (a)(b) 7.31% 03/2024 4,106 4,107 0.2 4,106
Jensen Hughes, Inc.+ Senior loan L + 4.50% (a)(b) 7.31% 03/2024 1,388 1,403 0.1 1,388
Jensen Hughes, Inc.+ Senior loan L + 4.50% (a)(b) 7.31% 03/2024 895 901 — 895
Jensen Hughes, Inc.+ Senior loan L + 4.50% (a)(b) 7.31% 03/2024 844 839 — 844
Jensen Hughes, Inc.+ Senior loan L + 4.50% (a)(b) 7.31% 03/2024 429 436 — 429
Jensen Hughes, Inc.+ Senior loan L + 4.50% (a)(b) 7.31% 03/2024 274 275 — 274
Jensen Hughes, Inc.+ Senior loan L + 4.50% (b)(c) 7.13% 03/2024 886 877 — 886
Jensen Hughes, Inc.+ Senior loan L + 4.50% (a)(b) 7.31% 03/2024 214 214 — 214
Jensen Hughes, Inc.+ Senior loan 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



Food & Staples Retailing
Cafe Rio Holding, Inc.*#	One stop	SF +	5.25%	(k)	10.67%	09/2028	18,034	18,034	0.7	18,034
Cafe Rio Holding, Inc.#+	One stop	SF +	5.25%	(k)	10.67%	09/2028	3,244	3,224	0.1	3,244
Cafe Rio Holding, Inc.#+	One stop	SF +	5.25%	(k)	10.67%	09/2028	2,179	2,179	0.1	2,179
Cafe Rio Holding, Inc.*#	One stop	SF +	5.25%	(k)	10.67%	09/2028	1,383	1,383	0.1	1,383
Cafe Rio Holding, Inc.#+	One stop	SF +	5.25%	(k)	10.67%	09/2028	1,222	1,222	0.1	1,222
Cafe Rio Holding, Inc.+	One stop	SF +	5.25%	(k)	10.67%	09/2028	101	101	—	101
Cafe Rio Holding, Inc.+	One stop	SF +	5.25%	(k)	10.67%	09/2028	176	176	—	176
Cafe Rio Holding, Inc.+	One stop	SF +	5.25%	(k)	10.67%	09/2028	50	50	—	50


Cafe Rio Holding, Inc.+	One stop	SF +	5.25%	(k)	10.67%	09/2028	79	79	—	79
Cafe Rio Holding, Inc.+	One stop	SF +	5.25%	(k)	10.67%	09/2028	100	99	—	100
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	11.67%	06/2025	923	918	0.1	923
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	11.67%	06/2025	726	722	—	726
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	11.67%	06/2025	712	708	—	712
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	11.67%	06/2025	351	349	—	351
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	11.67%	06/2025	350	347	—	350
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	11.67%	06/2025	173	172	—	173
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	11.67%	06/2025	105	104	—	105
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	11.67%	06/2025	824	817	—	824
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	11.67%	06/2025	307	306	—	307
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	11.67%	06/2025	514	511	—	514
Ruby Slipper Cafe LLC, The*+	One stop	SF +	7.50%	(l)	13.04%	06/2024	2,003	2,003	0.1	2,003
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(l)	13.04%	06/2024	406	406	—	406
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(l)	13.04%	06/2024	289	288	—	289
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(l)	13.04%	06/2024	—	—	—	—
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(l)	13.04%	06/2024	28	28	—	28
Wineshipping.com LLC+	One stop	SF +	5.75%	(l)	11.32%	10/2027	6,725	6,679	0.3	6,456
Wineshipping.com LLC+	One stop	SF +	5.75%	(l)	11.20%	10/2027	184	177	—	177
Wineshipping.com LLC+	One stop	SF +	5.75%	(b)(l)	11.47%	10/2027	63	63	—	60













							41,251	41,145	1.6	40,972

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2022~~2023

(InDollar and share amounts 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%	(l)	12.04%				06/2027	$	13,669	$	13,510	0.5	%	$	13,669
Borrower R365 Holdings, LLC+(23)	One stop	SF +	6.50%	(l)	12.04%				06/2027	1,127		1,112		—		1,127
Borrower R365 Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)				06/2027	—		(1)		—		—
Borrower R365 Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)				06/2027	—		(1)		—		—
Borrower R365 Holdings, LLC+(23)	One stop	SF +	6.50%	(l)	12.04%				06/2027	43		43		—		43
Flavor Producers, LLC#+(23)	Senior secured	SF +	6.50%	(b)(l)	10.24%	cash/	1.75%	PIK	12/2024	5,035		5,028		0.2		4,682
Flavor Producers, LLC+(5)	Senior secured	SF +	6.50%		N/A(6)				09/2024	—		—		—		(2)
Kodiak Cakes, LLC*#+	Senior secured	SF +	8.75%	(l)	14.14%				06/2027	12,338		12,048		0.5		11,998
Kodiak Cakes, LLC+	Senior secured	SF +	8.75%	(l)	14.14%				06/2026	150		146		—		146
Louisiana Fish Fry Products, Ltd.*+	One stop	SF +	6.25%	(l)	11.79%				07/2027	9,678		9,616		0.4		9,387
Louisiana Fish Fry Products, Ltd.+	One stop	SF +	6.25%	(b)(k)(l)	12.06%				07/2027	76		75		—		72
MAPF Holdings, Inc.*#+	One stop	SF +	5.00%	(l)	10.54%				12/2026	37,594		37,388		1.5		37,594
MAPF Holdings, Inc.+	One stop	SF +	5.00%	(l)	10.54%				12/2026	120		118		—		120
P&P Food Safety Holdings, Inc.*+	One stop	SF +	6.00%	(l)	11.54%				12/2026	17,579		17,449		0.7		17,052
P&P Food Safety Holdings, Inc.+	One stop	SF +	6.00%	(l)	11.55%				12/2026	19		18		—		16
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%	(k)	11.67%				08/2027	6,604		6,551		0.3		6,604
Ultimate Baked Goods Midco LLC+(5)	One stop	SF +	6.25%		N/A(6)				08/2027	—		(22)		—		—
Whitebridge Pet Brands, LLC*#+	One stop	SF +	4.75%	(k)	10.17%				07/2027	20,777		20,530		0.8		20,777
Whitebridge Pet Brands, LLC+(5)	One stop	SF +	4.75%		N/A(6)				07/2027	—		(2)		—		—
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	5.25%	(i)	10.44%				03/2029	6,631		7,077		0.2		6,366
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	5.25%	(i)	10.44%				09/2028	91		90		—		88
Wizard Bidco Limited+(8)(10)	One stop	SF +	6.50%	(l)	11.89%				03/2029	16,243		15,955		0.6		16,283
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	6.50%	(i)	11.69%				03/2029	5,424		5,389		0.2		5,438
Wizard Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.50%		N/A(6)				03/2029	—		(52)		—		—
										153,264		152,129		5.9		151,510

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 loan SF + 5.25% (l) 7.95% 01/2025 2,229 2,225 0.1 2,229
WRE Holding Corp.+ Senior loan SF + 5.25% (l) 7.95% 01/2025 920 920 — 920
WRE Holding Corp.+ Senior loan SF + 5.25% (l) 7.95% 01/2025 675 673 — 675
WRE Holding Corp.+ Senior loan SF + 5.25% (l) 7.95% 01/2025 399 398 — 399
WRE Holding Corp.+ Senior loan SF + 5.25% (l) 7.95% 01/2025 128 129 — 128
WRE Holding Corp.+ Senior loan SF + 5.25% (l) 7.95% 01/2025 23 23 — 23
WRE Holding Corp.+ Senior loan SF + 5.25% (l) 7.95% 01/2025 14 13 — 14
WRE Holding Corp.+ Senior loan 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 loan L + 5.50% (a) 8.12% cash/ 0.50% PIK 11/2025 748 739 — 733
AmerCareRoyal LLC+ Senior loan L + 5.50% (a) 8.12% cash/ 0.50% PIK 11/2025 160 158 — 156
AmerCareRoyal LLC+ Senior loan L + 5.50% (a) 8.12% cash/ 0.50% PIK 11/2025 155 153 — 152
AmerCareRoyal LLC+(8) Senior loan 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~~2023

(InDollar and share amounts 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	SF +	5.25%	(l)	10.76%				06/2025	$	4,115	$	4,141	0.2	%	$	4,115
Aspen Medical Products, LLC+	One stop	SF +	5.25%	(l)	10.76%				06/2025	263		262		—		263
Aspen Medical Products, LLC+	One stop	SF +	5.25%		N/A(6)				06/2025	—		—		—		—
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	5.95%	(j)	11.51%				08/2028	5,415		5,363		0.2		5,415
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	5.95%	(d)	9.72%				08/2028	3,063		3,396		0.1		3,063
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SN +	5.95%	(i)	11.26%				08/2028	863		947		—		863
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	5.95%	(d)	9.92%				08/2028	731		760		—		731
Baduhenna Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.95%		N/A(6)				08/2028	—		(14)		—		—
Belmont Instrument, LLC*#	One stop	SF +	6.25%	(l)	11.64%				08/2028	9,801		9,722		0.4		9,801
Belmont Instrument, LLC+	One stop	SF +	6.25%	(l)	11.64%				08/2028	33		32		—		33
Blades Buyer, Inc.#+	Senior secured	SF +	5.00%	(l)(m)	10.45%				03/2028	9,958		9,880		0.4		9,859
Blades Buyer, Inc.+(5)	Senior secured	SF +	4.75%		N/A(6)				03/2028	—		(1)		—		(3)
Blades Buyer, Inc.+	Senior secured	SF +	5.00%	(k)	10.33%				03/2028	317		316		—		314
Blades Buyer, Inc.+	Senior secured	SF +	5.25%	(k)	10.68%				03/2028	1,301		1,283		0.1		1,301
Blue River Pet Care, LLC*#+	One stop	SF +	5.75%	(l)	11.27%				07/2026	50,675		50,449		2.0		50,167
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(k)(l)	11.24%				08/2025	124		122		—		120
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%	(l)	11.27%				07/2026	178		177		—		176
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(l)	11.27%				07/2026	171		170		—		170
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(l)	11.27%				07/2026	764		759		—		757
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(l)	11.27%				07/2026	170		169		—		168
CCSL Holdings, LLC*#(8)	One stop	SF +	6.00%	(k)	11.42%				12/2026	15,241		14,986		0.6		15,089
CCSL Holdings, LLC+(8)	One stop	SF +	6.00%	(k)	11.42%				12/2026	4,114		4,048		0.2		4,073
CCSL Holdings, LLC+(8)(9)	One stop	SN +	6.00%	(i)	11.29%				12/2026	2,354		2,385		0.1		2,330
CCSL Holdings, LLC+(5)(8)	One stop	SF +	6.00%		N/A(6)				12/2026	—		(3)		—		(3)
CCSL Holdings, LLC+(5)(8)	One stop	SF +	6.00%		N/A(6)				12/2026	—		(44)		—		(26)
CCSL Holdings, LLC+(5)(8)	One stop	SF +	6.00%		N/A(6)				12/2028	—		(27)		—		(27)
CMI Parent Inc.*#	Senior secured	SF +	4.75%	(k)	10.17%				08/2025	6,432		6,474		0.3		6,432
CMI Parent Inc.*	Senior secured	SF +	4.75%	(k)	10.17%				08/2025	3,094		3,080		0.1		3,094
CMI Parent Inc.+(5)	Senior secured	SF +	4.75%		N/A(6)				08/2025	—		(2)		—		—
CMI Parent Inc.*	Senior secured	SF +	4.75%	(k)	10.17%				08/2025	2,903		2,884		0.1		2,903
G & H Wire Company, Inc.+(23)	One stop	SF +	9.00%	(l)	8.07%	cash/	6.50%	PIK	12/2024	11,846		11,798		0.4		9,477
G & H Wire Company, Inc.+(23)	One stop	SF +	9.00%	(l)	8.07%	cash/	6.50%	PIK	12/2024	100		98		—		70
Joerns Healthcare, LLC+(7)(23)	One stop	SF +	18.00%	(l)	23.64%	PIK			01/2024	1,560		1,470		—		515
Joerns Healthcare, LLC+(23)	One stop	SF +	18.00%	(l)	23.64%	PIK			01/2024	310		310		—		310







										135,896		135,389		5.2		131,548

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% (l) 7.13% 07/2027 $ 1,244 $ 1,231 — % $ 1,232
WSC Holdings Midco LLC+ Senior loan SF + 4.50% (l) 7.30% 07/2027 1,797 1,782 0.1 1,779
WSC Holdings Midco LLC+ Senior loan SF + 4.50% (l) 7.13% 07/2027 2,961 2,931 0.1 2,932
WSC Holdings Midco LLC+(5) Senior loan SF + 4.50% N/A(6) 07/2027 — (1) — (1)
WSC Holdings Midco LLC+(5) Senior loan 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 loan L + 5.00% (a) 8.12% 01/2026 2,723 2,705 0.1 2,723
CHHJ Midco, LLC+ Senior loan L + 5.00% N/A(6) 01/2026 — — — —
COP Hometown Acquisitions, Inc.+ Senior loan L + 4.50% (b) 7.24% 07/2027 1,713 1,699 0.1 1,696
COP Hometown Acquisitions, Inc.+ Senior loan L + 4.50% (b) 6.78% 07/2027 1,669 1,648 0.1 1,652
COP Hometown Acquisitions, Inc.+ Senior loan L + 4.50% (b) 6.87% 07/2027 1,094 1,082 0.1 1,083
COP Hometown Acquisitions, Inc.+ Senior loan L + 4.50% (b) 7.19% 07/2027 773 764 — 765
COP Hometown Acquisitions, Inc.+ Senior loan L + 4.50% (b) 6.78% 07/2027 199 196 — 197
COP Hometown Acquisitions, Inc.+ Senior loan L + 4.75% (b) 7.75% 07/2027 120 118 — 120
COP Hometown Acquisitions, Inc.+ Senior loan 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~~2023

(InDollar and share amounts 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 loan L + 4.75% (c) 8.92% 03/2025 2,497 2,521 0.1 2,297
Learn-it Systems, LLC+ Senior loan L + 4.75% (b) 8.42% 03/2025 1,344 1,341 — 1,236
Learn-it Systems, LLC+ Senior loan L + 4.75% (b)(c) 8.30% 03/2025 606 598 — 558
Learn-it Systems, LLC+ Senior loan 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


	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%	(k)	10.92%				12/2027	$	8,245	$	8,187	0.3	%	$	7,997
AAH TOPCO, LLC +(23)	Subordinated debt	N/A			11.50%	PIK			12/2031	1,211		1,195		0.1		1,114
AAH TOPCO, LLC +(5)	One stop	SF +	5.50%		N/A(6)				12/2027	—		—		—		(2)
AAH TOPCO, LLC +	One stop	SF +	5.50%	(k)	10.92%				12/2027	472		468		—		454
Active Day, Inc.#+	One stop	SF +	5.75%	(l)	11.29%				02/2025	17,566		17,462		0.7		17,216
Active Day, Inc.#+	One stop	SF +	5.75%	(l)	11.29%				02/2025	1,356		1,348		0.1		1,328
Active Day, Inc.*#	One stop	SF +	5.75%	(l)	11.29%				02/2025	874		869		—		856
Active Day, Inc.+	One stop	SF +	5.75%	(l)	11.29%				02/2025	696		692		—		682
Active Day, Inc.+	One stop	SF +	5.75%	(l)	11.29%				02/2025	615		610		—		602
Active Day, Inc.*#	One stop	SF +	5.75%	(l)	11.29%				02/2025	604		600		—		592
Active Day, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				02/2025	—		(2)		—		(4)
Active Day, Inc.+	One stop	SF +	5.75%	(l)	11.29%				02/2025	—		—		—		—
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(l)	11.55%				03/2026	16,343		16,198		0.6		16,343
Acuity Eyecare Holdings, LLC+(23)	One stop	N/A			16.50%				06/2027	12,165		12,007		0.5		12,165
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	11.79%				03/2026	4,036		4,012		0.2		4,036
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	11.80%				03/2026	3,596		3,570		0.2		3,596
Acuity Eyecare Holdings, LLC#+	One stop	SF +	6.25%	(l)	11.79%				03/2026	3,504		3,484		0.2		3,504
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	11.79%				03/2026	3,171		3,185		0.1		3,171
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(l)	11.53%				03/2026	2,027		1,999		0.1		2,027
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	11.79%				03/2026	1,849		1,866		0.1		1,849
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	11.79%				03/2026	447		445		—		447
Acuity Eyecare Holdings, LLC+(23)	One stop	SF +	13.00%	(l)	11.79%	cash/	6.75%	PIK	03/2026	264		263		—		268
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	11.79%				03/2026	165		164		—		165
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(l)	11.52%				03/2026	30		27		—		30
Acuity Eyecare Holdings, LLC+	Senior secured	SF +	6.25%	(l)	11.79%				03/2026	109		108		—		109
Acuity Eyecare Holdings, LLC+(23)	One stop	SF +	13.00%	(l)	11.79%	cash/	6.75%	PIK	03/2026	102		102		—		102
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	11.79%				03/2026	1		1		—		1
Acuity Eyecare Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)				03/2026	—		(2)		—		—
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(l)	11.55%				03/2026	1,033		1,024		0.1		1,033
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.13%	(l)	11.65%				03/2027	4,661		4,625		0.2		4,661
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.13%	(l)	11.65%				03/2027	3,896		3,855		0.2		3,896
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(23)	Subordinated debt	SF +	10.50%	(k)	15.92%				03/2028	2,213		2,192		0.1		2,213
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(23)	Subordinated debt	SF +	10.50%	(k)	15.92%				03/2028	846		840		—		846
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(23)	Subordinated debt	SF +	10.50%	(k)	15.92%				03/2028	264		262		—		264
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.25%	(k)	11.67%				03/2027	153		151		—		153
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)	One stop	SF +	6.00%		N/A(6)				03/2027	—		(1)		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.25%	(k)(l)	11.68%				03/2027	72		72		—		72
Bamboo US Bidco LLC+	One stop	SF +	6.00%	(k)	11.32%				09/2030	2,424		2,352		0.1		2,352
Bamboo US Bidco LLC+(8)(9)	One stop	E +	6.00%	(c)	9.86%				09/2030	1,595		1,547		0.1		1,547
Bamboo US Bidco LLC+(5)	One stop	SF +	6.00%		N/A(6)				09/2029	—		(15)		—		(15)
Bamboo US Bidco LLC+(5)	One stop	SF +	6.00%		N/A(6)				09/2030	—		(6)		—		(6)
Community Care Partners, LLC+	One stop	SF +	6.00%	(k)	11.43%				06/2026	2,325		2,311		0.1		2,186
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%	(l)	10.29%				12/2024	19,501		19,500		0.8		19,209
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	4.75%	(l)	10.29%				12/2024	5,145		5,126		0.2		5,068

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2022~~2023

(InDollar and share amounts 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


	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	SF +	4.75%	(l)	10.29%				12/2024	$	4,070	$	4,063	0.2	%	$	4,008
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	4.75%	(l)	10.29%				12/2024	3,485		3,471		0.1		3,433
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	4.75%	(l)	10.29%				12/2024	200		199		—		196
Datix Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.50%	(i)	9.69%				04/2025	54,300		60,233		2.1		53,757
Datix Bidco Limited+(8)(9)(10)	Second lien	SN +	7.75%	(i)	12.94%				04/2026	19,268		21,320		0.8		19,171
Emerge Intermediate, Inc.*#(23)	One stop	SF +	7.25%	(k)	11.42%	cash/	1.25%	PIK	05/2024	19,231		19,186		0.8		19,231
Emerge Intermediate, Inc.+(23)	One stop	SF +	7.25%	(k)	11.42%	cash/	1.25%	PIK	05/2024	1,741		1,736		0.1		1,741
Emerge Intermediate, Inc.+(23)	One stop	SF +	7.25%	(k)	11.43%	cash/	1.25%	PIK	05/2024	134		132		—		134
Encorevet Group LLC+	One stop	SF +	6.75%	(l)	12.32%				11/2024	975		972		—		945
Encorevet Group LLC+	One stop	SF +	6.75%	(l)	12.32%				11/2024	613		611		—		594
Encorevet Group LLC+	One stop	SF +	6.75%	(l)	12.32%				11/2024	304		303		—		295
Encorevet Group LLC+	One stop	SF +	6.75%	(l)	12.32%				11/2024	291		290		—		282
Encorevet Group LLC+	One stop	SF +	6.75%	(l)	12.32%				11/2024	263		262		—		256
Encorevet Group LLC+	Senior secured	SF +	6.75%	(l)	12.32%				11/2024	242		241		—		235
Encorevet Group LLC+	One stop	SF +	6.75%	(l)	12.32%				11/2024	161		161		—		156
Encorevet Group LLC+	One stop	SF +	6.75%	(l)	12.32%				11/2024	113		113		—		110
Encorevet Group LLC+	Senior secured	SF +	6.75%	(l)	12.32%				11/2024	109		109		—		105
Encorevet Group LLC+	Senior secured	SF +	6.75%	(l)	12.32%				11/2024	68		67		—		66
Encorevet Group LLC+	Senior secured	SF +	6.75%	(l)	12.32%				11/2024	56		56		—		54
Encorevet Group LLC+	One stop	SF +	6.75%	(l)	12.32%				11/2024	55		55		—		54
Encorevet Group LLC+	One stop	SF +	6.75%	(l)	12.32%				11/2024	32		32		—		31
Encorevet Group LLC+	Senior secured	SF +	6.75%	(l)	12.32%				11/2024	10		10		—		9
Encorevet Group LLC+	Senior secured	SF +	6.75%	(l)	12.28%				11/2024	47		47		—		45
ERC Topco Holdings, LLC+	One stop	SF +	5.50%	(l)	11.15%				11/2028	9,116		9,063		0.3		7,566
ERC Topco Holdings, LLC+	One stop	SF +	5.50%	(l)	11.10%				11/2027	60		59		—		37
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75%	(h)	11.25%				03/2027	10,516		10,592		0.4		10,516
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75%	(h)	11.25%				03/2027	82		80		—		82
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75%	(h)	11.25%				03/2027	471		499		—		471
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75%	(h)	11.25%				03/2027	166		170		—		166
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)	One stop	SF +	5.75%	(l)	11.27%				03/2027	70		69		—		70
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)	One stop	SF +	5.75%	(l)	11.27%				03/2027	94		93		—		94
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75%	(h)	11.25%				03/2027	690		715		—		690
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%	(k)	10.17%				12/2026	836		830		—		819
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%	(k)	10.17%				12/2026	161		160		—		158
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%		N/A(6)				12/2026	—		—		—		—
Klick Inc.+(8)(12)	Senior secured	SF +	4.50%	(l)	9.99%				03/2028	9,896		9,832		0.4		9,896
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%	(l)	10.79%				05/2025	2,287		2,283		0.1		2,287
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.25%	(l)	10.79%				05/2025	1,840		1,832		0.1		1,840
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.25%	(l)	10.79%				05/2025	1,080		1,093		—		1,080
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.25%	(l)	10.79%				05/2025	60		60		—		60
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.25%	(l)	10.79%				05/2025	1,086		1,077		—		1,086

New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(h)	11.01%				05/2028	17,876		19,826		0.7		16,983
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#(8)(12)	One stop	SF +	5.50%	(l)	11.04%				05/2028	4,282		4,242		0.2		4,068
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#(8)(12)	One stop	SF +	5.50%	(l)	11.04%				05/2028	2,787		2,768		0.1		2,648

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2022~~2023

(InDollar and share amounts 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) 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 loan L + 5.00% (b) 8.67% 11/2025 648 642 — 648
Electrical Source Holdings, LLC+ Senior loan L + 5.00% (b) 8.67% 11/2025 137 136 — 137
Electrical Source Holdings, LLC+ Senior loan L + 5.00% (b) 8.67% 11/2025 94 94 — 94
Electrical Source Holdings, LLC+ Senior loan L + 5.00% (b) 8.67% 11/2025 89 88 — 89
Electrical Source Holdings, LLC+ Senior loan L + 5.00% (b) 8.67% 11/2025 88 86 — 88
Electrical Source Holdings, LLC+(5) Senior loan L + 5.00% N/A(6) 11/2025 — (2) — —
Electrical Source Holdings, LLC+ Senior loan L + 5.00% (b) 8.67% 11/2025 46 45 — 46
Electrical Source Holdings, LLC+ Senior loan L + 5.00% (b) 8.07% 11/2025 41 41 — 41
Electrical Source Holdings, LLC+ Senior loan L + 5.00% (b) 8.67% 11/2025 35 35 — 35
Electrical Source Holdings, LLC+ Senior loan 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


	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)(9)(12)	One stop	C +	5.50%	(h)	11.01%	05/2028	$	1,090	$	1,181	—	%	$	1,035
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(h)	11.01%	05/2028	568		595		—		539
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(h)	11.01%	05/2026	182		184		—		177
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	SF +	5.50%	(l)	11.04%	05/2026	80		79		—		77
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	SF +	5.50%	(l)	11.04%	05/2028	18		17		—		17
Oliver Street Dermatology Holdings, LLC+(7)(23)	One stop	SF +	11.33%	(l)	16.87%	11/2023	26,731		16,786		0.7		18,178
Oliver Street Dermatology Holdings, LLC+(23)	One stop	SF +	6.25%	(l)	11.79%	11/2023	15,083		15,083		0.6		15,083
Oliver Street Dermatology Holdings, LLC+(23)	One stop	SF +	6.25%	(l)	11.79%	11/2023	388		388		—		388
Pinnacle Treatment Centers, Inc.*#	One stop	SF +	6.75%	(l)	12.32%	01/2026	18,532		18,201		0.7		18,532
Pinnacle Treatment Centers, Inc.*	One stop	SF +	6.75%	(l)	12.32%	01/2026	7,476		7,349		0.3		7,476
Pinnacle Treatment Centers, Inc.#+	One stop	SF +	6.75%	(l)	12.32%	01/2026	1,523		1,497		0.1		1,523
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.75%	(l)	12.32%	01/2026	688		676		—		688
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.75%	(l)	12.32%	01/2026	182		178		—		182
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.75%	(l)	12.32%	01/2026	197		193		—		197
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.75%	(l)	12.32%	01/2026	104		102		—		104
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.75%	(l)	12.32%	01/2026	37		36		—		37
Pinnacle Treatment Centers, Inc.#	One stop	SF +	6.75%	(l)	12.32%	01/2026	2,181		2,144		0.1		2,181
Pinnacle Treatment Centers, Inc.#	One stop	SF +	6.75%	(l)	12.32%	01/2026	1,147		1,127		—		1,147
Suveto Buyer, LLC+	One stop	SF +	4.25%	(k)	9.67%	09/2027	19,672		19,543		0.7		19,082
Suveto Buyer, LLC+	One stop	SF +	4.25%	(k)	9.67%	09/2027	24		23		—		19

							388,703		387,084		14.7		374,314

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2022~~2023

(InDollar and share amounts 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 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


	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%	(m)	13.36%				09/2024	$	374	$	373	—	%	$	374
Coding Solutions Acquisition, Inc.+	One stop	SF +	5.50%	(k)	10.82%				05/2028	5,196		5,155		0.2		5,014
Coding Solutions Acquisition, Inc.+	One stop	SF +	5.50%	(k)	10.82%				05/2028	14		14		—		12
Coding Solutions Acquisition, Inc.+	One stop	SF +	5.50%	(k)	11.57%				05/2028	1,571		1,558		0.1		1,516
Coding Solutions Acquisition, Inc.+	One stop	SF +	6.00%	(l)	11.32%				05/2028	632		616		—		616
Coding Solutions Acquisition, Inc.+(5)	One stop	SF +	6.00%		N/A(6)				05/2028	—		(28)		—		(28)
Color Intermediate, LLC+	One stop	SF +	5.50%	(l)	10.99%				10/2029	11,665		11,465		0.4		11,315
Connexin Software, Inc.+	One stop	SF +	8.50%	(l)	13.89%				02/2024	9,465		9,470		0.4		9,465
Connexin Software, Inc.+	One stop	SF +	8.50%	(l)	13.89%				02/2024	20		20		—		20
Crow River Buyer, Inc.+	One stop	SF +	7.75%	(l)	13.12%				01/2029	4,631		4,548		0.2		4,631
Crow River Buyer, Inc.+(5)	One stop	SF +	7.75%		N/A(6)				01/2029	—		(1)		—		—
ESO Solution, Inc.+	One stop	SF +	7.00%	(l)	12.40%				05/2027	7,549		7,495		0.3		7,474
ESO Solution, Inc.+	One stop	SF +	7.00%	(l)	12.33%				03/2027	43		42		—		42
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(m)	11.19%				08/2026	6,122		6,104		0.2		6,046
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(m)	11.19%				08/2026	2,919		2,897		0.1		2,883
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(m)	11.32%				08/2026	1,923		1,913		0.1		1,899
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(m)	11.19%				08/2026	1,341		1,327		0.1		1,325
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(m)	11.19%				08/2026	628		626		—		620
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(b)(m)	11.59%				09/2025	76		76		—		76
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(m)	11.19%				08/2026	131		130		—		129
HSI Halo Acquisition, Inc.+	One stop	SF +	6.25%	(m)	11.82%				08/2026	485		480		—		485
Neptune Holdings, Inc.+	One stop	SF +	6.00%	(m)	11.50%				09/2030	4,950		4,877		0.2		4,888
Neptune Holdings, Inc.+(5)	One stop	SF +	6.00%		N/A(6)				08/2029	—		(1)		—		(1)
Plasma Buyer LLC+	One stop	SF +	5.75%	(l)	11.14%				05/2029	5,349		5,263		0.2		4,921
Plasma Buyer LLC+	One stop	SF +	5.75%	(l)	11.14%				05/2028	11		10		—		7
Plasma Buyer LLC+(5)	One stop	SF +	5.75%		N/A(6)				05/2029	—		(11)		—		—
QF Holdings, Inc.+	One stop	SF +	6.25%	(l)	11.72%				12/2027	626		619		—		626
Qgenda Intermediate Holdings, LLC+	One stop	SF +	5.00%	(l)	10.49%				06/2025	14,813		14,813		0.6		14,517
Qgenda Intermediate Holdings, LLC#	One stop	SF +	5.00%	(l)	10.49%				06/2025	12,070		12,023		0.5		11,829
Qgenda Intermediate Holdings, LLC+	One stop	SF +	5.00%	(l)	10.49%				06/2025	1,440		1,436		0.1		1,411
Qgenda Intermediate Holdings, LLC#	One stop	SF +	5.00%	(l)	10.49%				06/2025	962		963		—		943
Qgenda Intermediate Holdings, LLC+	One stop	SF +	5.00%	(l)	10.49%				06/2025	200		200		—		196
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(k)	9.92%	cash/	3.50%	PIK	06/2025	10,760		10,687		0.4		10,814
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(k)	9.92%	cash/	3.50%	PIK	06/2025	10,474		10,159		0.4		10,526
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(k)	9.92%	cash/	3.50%	PIK	06/2025	6,901		6,854		0.3		6,935
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(k)	9.92%	cash/	3.50%	PIK	06/2025	1,774		1,762		0.1		1,783
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(k)	9.92%	cash/	3.50%	PIK	06/2025	1,577		1,567		0.1		1,585
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(k)	9.92%	cash/	3.50%	PIK	06/2025	1,183		1,175		—		1,189
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(k)	9.92%	cash/	3.50%	PIK	06/2025	986		979		—		990
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(k)	9.92%	cash/	3.50%	PIK	06/2025	789		783		—		793
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(k)	9.92%	cash/	3.50%	PIK	06/2025	157		156		—		158
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(k)	9.92%	cash/	3.50%	PIK	06/2025	84		84		—		84
Transaction Data Systems, Inc.*#+	One stop	SF +	4.50%	(l)	10.04%				02/2026	65,427		64,881		2.6		65,427
Transaction Data Systems, Inc.+	One stop	SF +	4.50%	(k)	9.93%				02/2026	180		178		—		180
Veranex, Inc.+	Senior secured	SF +	5.25%	(m)	10.64%				04/2028	3,146		3,122		0.1		2,674
Veranex, Inc.+	Senior secured	SF +	5.25%	(m)	10.63%				04/2028	50		50		—		43
Veranex, Inc.+	Senior secured	SF +	5.25%	(m)	10.54%				04/2028	25		25		—		21
										198,719		196,934		7.7		196,453

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2022~~2023

(InDollar and share amounts 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) 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 loan L + 5.75% (b) 7.82% cash/ 1.00% PIK 12/2023 5,001 4,962 0.2 4,851
Flavor Producers, LLC+ Senior loan L + 5.75% (b) 7.82% cash/ 1.00% PIK 12/2022 2 2 — 2
Kodiak Cakes, LLC*#+ Senior loan L + 6.00% (b) 9.67% 06/2027 12,369 12,246 0.4 11,379
Kodiak Cakes, LLC+ Senior loan 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


	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%	(l)	11.57%				08/2028	$	7,602	$	7,540	0.3	%	$	7,602
Barteca Restaurants, LLC+(5)	One stop	SF +	6.00%		N/A(6)				08/2028	—		(1)		—		—
Barteca Restaurants, LLC+	One stop	SF +	6.00%	(l)	11.57%				08/2028	510		493		—		510
BJH Holdings III Corp.*#+	One stop	SF +	4.50%	(l)	9.90%				08/2025	50,191		50,681		2.0		49,690
BJH Holdings III Corp.+	One stop	SF +	4.50%	(k)(l)	9.92%				08/2025	280		277		—		272
Davidson Hotel Company, LLC+	One stop	SF +	5.25%	(k)	10.67%				07/2025	5,468		5,568		0.2		5,468
Davidson Hotel Company, LLC+	One stop	SF +	5.25%	(k)	10.67%				07/2025	844		840		—		844
Davidson Hotel Company, LLC+	One stop	SF +	5.25%		N/A(6)				07/2025	—		—		—		—
EOS Fitness Opco Holdings, LLC*#+	One stop	SF +	4.75%	(m)	10.34%				01/2026	9,295		9,298		0.4		9,156
EOS Fitness Opco Holdings, LLC+	One stop	SF +	4.75%	(m)	10.34%				01/2026	887		887		—		874
EOS Fitness Opco Holdings, LLC+	One stop	SF +	4.75%	(b)(l)(m)	11.00%				01/2026	104		104		—		104
EOS Fitness Opco Holdings, LLC+	One stop	SF +	4.75%	(l)	10.29%				01/2026	883		875		—		869
ESN Venture Holdings, LLC*	One stop	SF +	6.00%	(l)	11.39%				10/2028	3,625		3,582		0.2		3,625
ESN Venture Holdings, LLC+	One stop	SF +	6.00%	(l)	11.39%				10/2028	16		14		—		16
ESN Venture Holdings, LLC+	One stop	SF +	6.00%	(l)(m)	11.27%				10/2028	168		142		—		168
Harri US LLC+(23)	One stop	SF +	10.00%	(l)	11.57%	cash/	4.00%	PIK	08/2026	840		778		—		845
Harri US LLC+	One stop	SF +	10.00%		N/A(6)				08/2026	—		—		—		—
Harri US LLC+(23)	One stop	SF +	10.00%	(l)	11.57%	cash/	4.00%	PIK	08/2026	552		549		—		558
Harri US LLC+(23)	One stop	SF +	10.00%	(l)	11.57%	cash/	4.00%	PIK	08/2026	568		567		—		573
Health Buyer, LLC+	Senior secured	SF +	5.25%	(b)(l)	10.80%				04/2029	2,578		2,547		0.1		2,487
Health Buyer, LLC+(5)	Senior secured	SF +	5.25%		N/A(6)				04/2028	—		—		—		(1)
Health Buyer, LLC+	Senior secured	SF +	5.50%	(l)	10.89%				04/2029	1,171		1,143		0.1		1,142
Health Buyer, LLC+(5)	Senior secured	SF +	5.50%		N/A(6)				04/2029	—		(7)		—		(7)
SSRG Holdings, LLC+	One stop	SF +	4.75%	(l)	10.29%				11/2025	990		983		—		990
SSRG Holdings, LLC+	One stop	SF +	4.75%	(l)	10.29%				11/2025	20		20		—		20
Tropical Smoothie Cafe Holdings, LLC+	One stop	SF +	4.75%	(l)	10.27%				09/2026	19,466		19,333		0.8		19,466
Tropical Smoothie Cafe Holdings, LLC*#	One stop	SF +	4.75%	(k)(l)	10.30%				09/2026	12,214		12,109		0.5		12,214
Tropical Smoothie Cafe Holdings, LLC#	One stop	SF +	4.75%	(l)	10.27%				09/2026	5,338		5,298		0.2		5,338
Tropical Smoothie Cafe Holdings, LLC+(5)	One stop	SF +	4.75%		N/A(6)				09/2026	—		(1)		—		—
YE Brands Holding, LLC+	One stop	SF +	5.75%	(k)	11.18%				10/2027	4,950		4,901		0.2		4,901
YE Brands Holding, LLC+(5)	One stop	SF +	5.50%		N/A(6)				10/2027	—		—		—		(1)
										128,560		128,520		5.0		127,723
Household Durables
Groundworks LLC+	One stop	SF +	6.50%	(l)	11.81%				03/2030	6,891		6,706		0.3		6,891
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)		—		—


										6,891		6,688		0.3		6,891
Household Products
WU Holdco, Inc.#+	One stop	SF +	5.50%	(l)	11.04%				03/2026	3,703		3,738		0.1		3,592
WU Holdco, Inc.+	One stop	SF +	5.50%	(l)	11.04%				03/2026	1,305		1,305		0.1		1,266
WU Holdco, Inc.+	One stop	SF +	5.50%	(l)	11.04%				03/2026	339		337		—		329
WU Holdco, Inc.+	One stop	SF +	5.50%	(l)	11.04%				03/2025	30		30		—		30
										5,377		5,410		0.2		5,217

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2022~~2023

(InDollar and share amounts 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% (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 loan SF + 4.75% (l)(m) 7.43% 03/2028 10,045 9,940 0.4 9,786
Blades Buyer, Inc.+ Senior loan SF + 4.75% (k) 7.47% 03/2028 33 31 — 27
Blades Buyer, Inc.+(5) Senior loan SF + 4.75% N/A(6) 03/2028 — (1) — (8)
Blades Buyer, Inc.+ Senior loan 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 loan L + 4.25% (b) 7.26% 08/2025 6,499 6,563 0.3 6,434
CMI Parent Inc.+ Senior loan L + 4.25% (b) 7.92% 08/2025 3,220 3,196 0.1 3,188
CMI Parent Inc.+(5) Senior loan L + 4.25% N/A(6) 08/2025 — (2) — (4)
CMI Parent Inc.+ Senior loan 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


	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	SF +	4.75%	(l)	10.22%	04/2026	$	2,331	$	2,364	0.1	%	$	2,284
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75%	(l)	10.24%	04/2026	134		133		—		131
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75%	(l)	10.23%	04/2026	148		148		—		145
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75%		N/A(6)	04/2025	—		—		—		—
Dwyer Instruments, Inc.+	One stop	SF +	5.75%	(b)(l)	11.25%	07/2027	3,883		3,824		0.1		3,883
Dwyer Instruments, Inc.+	One stop	SF +	5.75%	(k)(l)	11.23%	07/2027	12		11		—		12
Dwyer Instruments, Inc.+(5)	One stop	SF +	5.75%		N/A(6)	07/2027	—		(7)		—		—
Essential Services Holdings Corporation+	One stop	SF +	5.75%	(l)	11.15%	11/2026	1,485		1,476		0.1		1,455
Essential Services Holdings Corporation+(5)	One stop	SF +	5.75%		N/A(6)	11/2025	—		(1)		—		(2)
Excelitas Technologies Corp.+	One stop	SF +	5.75%	(l)	11.21%	08/2029	7,555		7,431		0.3		7,480
Excelitas Technologies Corp.+(8)(9)	One stop	E +	5.75%	(d)	9.54%	08/2029	1,237		1,187		—		1,224
Excelitas Technologies Corp.+	One stop	SF +	5.75%	(l)	11.27%	08/2028	132		130		—		130
Excelitas Technologies Corp.+(5)	One stop	SF +	5.75%		N/A(6)	08/2029	—		(12)		—		(9)
Specialty Measurement Bidco Limited+(8)(10)	One stop	SF +	6.00%	(j)	11.57%	11/2027	7,961		7,831		0.3		7,961
Specialty Measurement Bidco Limited+(8)(9)(10)	One stop	E +	6.00%	(d)	9.78%	11/2027	7,073		7,859		0.3		7,073
Specialty Measurement Bidco Limited+(8)(9)(10)	One stop	E +	6.00%	(d)	9.78%	11/2027	3,479		3,442		0.1		3,479
Specialty Measurement Bidco Limited+(8)(10)	One stop	SF +	6.25%	(j)	11.81%	11/2027	2,510		2,466		0.1		2,516
Specialty Measurement Bidco Limited+(8)(9)(10)	One stop	E +	6.25%	(d)	10.03%	11/2027	1,291		1,324		0.1		1,294
Specialty Measurement Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.25%		N/A(6)	11/2027	—		(36)		—		—
							39,231		39,570		1.5		39,056

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2022~~2023

(InDollar and share amounts 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) 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 loan 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 loan P + 3.75% (d) 10.00% 07/2021 17,456 6,855 — —
Advanced Pain Management Holdings, Inc.+(7) Senior loan L + 8.50% (a) 11.62% 07/2021 6,906 6 — —
Advanced Pain Management Holdings, Inc.+(7) Senior loan P + 3.75% (d) 10.00% 07/2021 1,190 469 — —
Advanced Pain Management Holdings, Inc.+(7) Senior loan 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 loan L + 4.50% (b) 8.17% 12/2024 19,502 19,499 0.8 19,502


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Insurance
Accession Risk Management Group, Inc.+(5)	One stop	SF +	6.00%		N/A(6)				10/2026	$	—	$	(72)	—	%	$	(75)
Accession Risk Management Group, Inc.*#+	One stop	SF +	5.50%	(l)	11.02%				10/2026	25,373		25,125		1.0		24,738
Accession Risk Management Group, Inc.+	One stop	SF +	5.50%	(l)	11.03%				10/2026	6,494		6,293		0.3		6,332
Accession Risk Management Group, Inc.+	One stop	SF +	5.50%	(l)	11.04%				10/2026	1,503		1,494		0.1		1,465
Accession Risk Management Group, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				10/2026	—		(1)		—		(2)
Accession Risk Management Group, Inc.+	One stop	SF +	5.50%	(l)	11.07%				10/2026	5,565		5,526		0.2		5,426
Alera Group, Inc.+	One stop	SF +	6.00%	(k)	11.42%				10/2028	25,114		24,934		1.0		24,863
Alera Group, Inc.+	One stop	SF +	6.00%	(k)	11.42%				10/2028	7,137		7,059		0.3		7,066
Alera Group, Inc.+	One stop	SF +	6.00%	(k)	11.42%				10/2028	608		604		—		602
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(l)	10.74%				07/2027	3,156		3,136		0.1		3,125
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(l)	10.74%				07/2027	940		937		—		930
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(l)	10.74%				07/2027	782		776		—		774
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(k)	10.67%				07/2027	4		4		—		4
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%	(k)	5.29%	cash/	5.78%	PIK	07/2029	10,130		9,969		0.4		10,130
Captive Resources Midco, LLC+(5)	One stop	SF +	5.25%		N/A(6)				07/2028	—		(3)		—		—
Disco Parent, Inc.+	One stop	SF +	7.50%	(l)	12.92%				03/2029	4,069		3,976		0.2		3,968
Disco Parent, Inc.+(5)	One stop	SF +	7.50%		N/A(6)				03/2029	—		(1)		—		(1)
Integrated Specialty Coverages, LLC+	One stop	SF +	6.00%	(k)(l)(m)	11.38%				07/2030	3,289		3,209		0.1		3,207
Integrated Specialty Coverages, LLC+(5)	One stop	SF +	6.00%		N/A(6)				07/2029	—		(1)		—		(1)
Integrated Specialty Coverages, LLC+(5)	One stop	SF +	6.00%		N/A(6)				07/2030	—		(9)		—		(9)
Integrity Marketing Acquisition, LLC+	Senior secured	SF +	6.05%	(l)	11.57%				08/2026	3,016		2,983		0.1		3,001
Integrity Marketing Acquisition, LLC+	One stop	SF +	5.80%	(l)	11.32%				08/2026	2,396		2,379		0.1		2,366
Integrity Marketing Acquisition, LLC+	Senior secured	SF +	6.05%	(l)	11.57%				08/2026	1,502		1,485		0.1		1,494
Integrity Marketing Acquisition, LLC+	Senior secured	SF +	5.80%	(l)	11.32%				08/2026	765		762		—		756
Integrity Marketing Acquisition, LLC+	One stop	SF +	5.80%	(l)	11.32%				08/2026	463		461		—		457
Integrity Marketing Acquisition, LLC+	Senior secured	SF +	6.05%	(l)	11.57%				08/2026	242		240		—		240
Integrity Marketing Acquisition, LLC+	Senior secured	SF +	6.02%	(l)	11.54%				08/2026	182		181		—		181
Integrity Marketing Acquisition, LLC+	One stop	SF +	6.50%		N/A(6)				08/2026	—		—		—		—
Integrity Marketing Acquisition, LLC+	One stop	SF +	6.02%	(l)	11.53%				08/2026	2,133		2,100		0.1		2,111
Integrity Marketing Acquisition, LLC+(5)	One stop	SF +	6.00%		N/A(6)				08/2026	—		(24)		—		(50)
J.S. Held Holdings, LLC#+	One stop	SF +	5.50%	(l)	11.04%				07/2025	6,355		6,343		0.2		6,292
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(l)	11.04%				07/2025	1,463		1,451		0.1		1,448
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(l)	11.04%				07/2025	1,416		1,400		0.1		1,401
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(l)	11.04%				07/2025	146		144		—		143
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(l)	11.04%				07/2025	96		94		—		92
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(l)	11.04%				07/2025	271		270		—		269
Keystone Agency Partners LLC+	Senior secured	SF +	5.50%	(l)	11.04%				05/2027	2,821		2,790		0.1		2,821
Keystone Agency Partners LLC+	Senior secured	SF +	5.50%	(l)	11.04%				05/2027	181		179		—		181
Keystone Agency Partners LLC+	Senior secured	SF +	5.50%	(l)	11.04%				05/2027	742		732		—		742
Illumifin Corporation+(23)	One stop	SF +	7.00%	(l)	6.58%	cash/	6.00%	PIK	09/2027	3,022		2,983		0.1		2,599
Majesco*#	One stop	SF +	7.38%	(l)	12.77%				09/2027	18,560		18,379		0.7		18,560
Majesco+(5)	One stop	SF +	7.38%		N/A(6)				09/2026	—		(2)		—		—
Norvax, LLC+(8)	Senior secured	SF +	7.50%	(k)	12.92%				09/2025	31,733		31,547		1.2		31,733
Norvax, LLC+(8)	Senior secured	SF +	7.50%	(k)	12.92%				09/2025	9,607		9,503		0.4		9,607
Paisley Bidco Limited+(8)(9)(10)	One stop	E +	6.50%	(d)	10.21%				03/2028	1,404		1,393		0.1		1,404
Paisley Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.75%		N/A(6)				03/2028	—		(52)		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2022~~2023

(InDollar and share amounts 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) 8.17% 12/2024 $ 5,197 $ 5,162 0.2 % $ 5,197
CRH Healthcare Purchaser, Inc.#+ Senior loan L + 4.50% (b) 8.17% 12/2024 4,112 4,098 0.2 4,112
CRH Healthcare Purchaser, Inc.+ Senior loan L + 4.50% (b) 8.17% 12/2024 3,521 3,495 0.2 3,521
CRH Healthcare Purchaser, Inc.+ Senior loan L + 4.50% (b) 8.10% 12/2024 50 49 — 50
Datix Bidco Limited+(8)(9)(10) Senior loan 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 loan 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 loan L + 6.75% (a) 9.87% 11/2024 110 110 — 107
Encorevet Group LLC+ Senior loan L + 6.75% (a) 9.87% 11/2024 68 68 — 67
Encorevet Group LLC+ Senior loan 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 loan L + 6.75% (a) 9.87% 11/2024 10 10 — 10
Encorevet Group LLC+(5) Senior loan 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


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Pareto Health Intermediate Holdings, Inc.+	One stop	SF +	6.50%	(m)	11.97%				05/2030	$	14,460	$	14,184	0.6	%	$	14,460
Pareto Health Intermediate Holdings, Inc.+	One stop	SF +	6.50%	(m)	11.97%				05/2030	4,820		4,728		0.2		4,820
Pareto Health Intermediate Holdings, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				06/2029	—		(1)		—		—
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.75%	(l)	11.28%				10/2028	10,951		10,872		0.4		10,732
Patriot Growth Insurance Services, LLC+(5)	One stop	SF +	5.75%		N/A(6)				10/2028	—		—		—		(1)
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.75%	(b)(l)	11.29%				10/2028	1,449		1,431		0.1		1,404
People Corporation+(8)(9)(12)	One stop	C +	6.25%	(h)	11.75%				02/2028	13,608		14,424		0.5		13,608
People Corporation+(8)(9)(12)	One stop	C +	6.25%	(h)	11.75%				02/2028	4,442		4,834		0.2		4,442
People Corporation+(8)(9)(12)	One stop	C +	5.75%	(h)	11.21%				02/2028	11,352		11,485		0.4		11,152
People Corporation+(5)(8)(9)(12)	One stop	C +	6.25%		N/A(6)				02/2027	—		(1)		—		(3)
People Corporation+(8)(9)(12)	One stop	C +	6.00%	(g)	11.44%				02/2028	178		154		—		129
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00%	(l)	11.54%				10/2026	767		760		—		767
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00%	(l)	11.54%				10/2026	914		909		—		914
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00%	(l)	11.54%				10/2026	389		385		—		389
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00%	(k)	11.42%				10/2026	2		2		—		2

										246,012		244,842		9.5		243,204
Internet & Catalog Retail
Revalize, Inc.+	One stop	SF +	5.75%	(l)	11.29%				04/2027	14,860		14,773		0.5		13,969
Revalize, Inc.+	One stop	SF +	5.75%	(l)	11.29%				04/2027	8,698		8,646		0.3		8,176
Revalize, Inc.+	One stop	SF +	5.75%	(l)	11.29%				04/2027	4,313		4,287		0.2		4,054
Revalize, Inc.+	One stop	SF +	5.75%	(l)	11.29%				04/2027	2,598		2,583		0.1		2,442
Revalize, Inc.+	One stop	SF +	5.75%	(l)	11.29%				04/2027	1,674		1,663		0.1		1,574
Revalize, Inc.+	One stop	SF +	5.75%	(l)	11.29%				04/2027	393		391		—		370
Revalize, Inc.+	One stop	SF +	5.75%	(l)	11.30%				04/2027	29		27		—		15
Revalize, Inc.+	One stop	SF +	5.75%	(l)	11.24%				04/2027	43		41		—		40
										32,608		32,411		1.2		30,640
IT Services
Acquia, Inc.+	One stop	L +	7.00%	(a)	12.34%				10/2025	9,578		9,532		0.4		9,578
Acquia, Inc.+	One stop	SF +	7.00%	(l)(m)	12.67%				10/2025	27		27		—		27
CivicPlus, LLC+(23)	One stop	SF +	6.50%	(l)	9.57%	cash/	2.50%	PIK	08/2027	6,319		6,267		0.3		6,256
CivicPlus, LLC+(23)	One stop	SF +	6.50%	(l)	9.57%	cash/	2.50%	PIK	08/2027	3,732		3,705		0.2		3,695
CivicPlus, LLC+(23)	One stop	SF +	6.50%	(l)	9.57%	cash/	2.50%	PIK	08/2027	2,962		2,938		0.1		2,932
CivicPlus, LLC+(23)	One stop	SF +	11.75%	(m)	17.00%	PIK			06/2034	234		229		—		232
CivicPlus, LLC+	One stop	SF +	6.00%	(k)	11.42%				08/2027	6		6		—		6
Critical Start, Inc.+(23)	One stop	SF +	6.75%	(l)	8.46%	cash/	3.63%	PIK	05/2028	3,343		3,318		0.1		3,310
Critical Start, Inc.+(23)	One stop	SF +	6.75%	(l)	8.46%	cash/	3.63%	PIK	05/2028	1,525		1,498		0.1		1,510
Critical Start, Inc.+(5)	One stop	SF +	6.75%		N/A(6)				05/2028	—		(1)		—		(1)
Delinea Inc.+	One stop	SF +	5.75%	(l)	11.29%				03/2028	16,412		16,257		0.6		16,084
Delinea Inc.#	One stop	SF +	5.75%	(l)	11.29%				03/2028	9,488		9,395		0.4		9,299
Delinea Inc.+(5)	One stop	SF +	5.75%		N/A(6)				03/2027	—		(2)		—		(4)
Optimizely North America, Inc.#+	One stop	SF +	5.50%	(l)	11.04%				04/2026	21,277		21,112		0.8		20,850
Optimizely North America, Inc.+(8)(9)	One stop	E +	5.75%	(d)	9.69%				04/2026	18,752		19,978		0.7		18,377
Optimizely North America, Inc.*#	One stop	SF +	5.50%	(l)	11.04%				04/2026	11,813		11,839		0.5		11,577
Optimizely North America, Inc.*	One stop	SF +	5.50%	(l)	11.04%				04/2026	6,535		6,479		0.3		6,404
Optimizely North America, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				04/2026	—		(2)		—		(11)
Optimizely North America, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				04/2026	—		(2)		—		(10)
Goldcup 31018 AB+(8)(9)(17)(23)	One stop	E +	6.50%	(e)	10.43%	PIK			07/2029	8,621		8,132		0.3		8,535
Goldcup 31018 AB+(5)(8)(9)(17)	One stop	E +	6.25%		N/A(6)				01/2029	—		(2)		—		(1)
Goldcup 31018 AB+(8)(9)(17)(23)	One stop	E +	6.50%	(e)	10.43%	PIK			07/2029	804		793		—		790
Infinisource, Inc.*#	One stop	SF +	4.50%	(m)	10.09%				10/2026	27,517		27,273		1.1		27,517

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2022~~2023

(InDollar and share amounts 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	SF +	4.50%	(m)	10.09%	10/2026	$	8,318	$	8,267	0.3	%	$	8,318
Infinisource, Inc.+	One stop	SF +	4.50%	(m)	10.09%	10/2026	2,006		1,979		0.1		2,006
Infinisource, Inc.+	One stop	SF +	4.50%	(m)	10.09%	10/2026	301		299		—		301
Infinisource, Inc.+	One stop	SF +	4.50%	(m)	10.09%	10/2026	213		212		—		213
Infinisource, Inc.+	One stop	SF +	4.50%	(m)	10.09%	10/2026	104		104		—		104
Infinisource, Inc.+	One stop	SF +	4.50%	(l)	10.06%	10/2026	32		29		—		32
Infinisource, Inc.+(5)	One stop	SF +	4.50%		N/A(6)	10/2026	—		(1)		—		—
Infinisource, Inc.+	One stop	SF +	4.50%	(m)	10.09%	10/2026	85		77		—		85
Infinisource, Inc.+	One stop	SF +	4.50%	(m)	10.09%	10/2026	484		481		—		484
Infinisource, Inc.+	One stop	SF +	4.50%	(m)	10.09%	10/2026	285		278		—		285
Netwrix Corporation*+	One stop	SF +	5.00%	(l)(m)	10.37%	06/2029	4,196		4,168		0.2		4,112
Netwrix Corporation+	One stop	SF +	5.00%	(m)	10.47%	06/2029	44		42		—		40
Netwrix Corporation+(5)	One stop	SF +	5.00%		N/A(6)	06/2029	—		(6)		—		(24)
PCS Intermediate II Holdings, LLC#	One stop	SF +	5.25%	(l)	10.77%	01/2026	14,056		14,001		0.6		14,056
PCS Intermediate II Holdings, LLC#	One stop	SF +	5.25%	(l)	10.77%	01/2026	2,029		2,019		0.1		2,029
PCS Intermediate II Holdings, LLC+	One stop	SF +	5.25%		N/A(6)	01/2026	—		—		—		—
Recordxtechnologies, LLC#(23)	One stop	SF +	6.50%	(l)	11.89%	12/2025	729		724		—		714
Recordxtechnologies, LLC+(23)	One stop	SF +	6.50%	(l)	11.89%	12/2025	114		113		—		112
Recordxtechnologies, LLC+(23)	One stop	SF +	6.50%	(l)	11.89%	12/2025	62		61		—		60
Red Dawn SEI Buyer, Inc.+(8)(9)	Senior secured	SN +	4.50%	(i)	9.69%	11/2025	20,842		23,302		0.8		20,634
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.50%	(l)	9.99%	11/2025	5,486		5,461		0.2		5,431
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.25%	(l)	9.74%	11/2025	729		726		—		718
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.25%	(l)	9.74%	11/2025	130		129		—		128
Red Dawn SEI Buyer, Inc.+(5)	Senior secured	SF +	4.50%		N/A(6)	11/2025	—		—		—		(1)
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.25%	(l)	9.74%	11/2025	13		13		—		12
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.50%	(l)	9.99%	11/2025	318		317		—		315
ReliaQuest Holdings, LLC+	One stop	SF +	10.75%	(l)	16.12%	10/2026	1,098		1,083		0.1		1,098
ReliaQuest Holdings, LLC+	One stop	SF +	10.75%	(l)	16.12%	10/2026	266		266		—		266
ReliaQuest Holdings, LLC+	One stop	SF +	10.75%	(l)	16.12%	10/2026	82		81		—		82
Saturn Borrower Inc.+(23)	One stop	SF +	6.50%	(l)	12.04%	09/2026	19,897		19,596		0.7		19,101
Saturn Borrower Inc.+	One stop	SF +	6.50%	(l)	12.04%	09/2026	103		101		—		99
WPEngine, Inc.+	One stop	SF +	6.50%	(m)	11.92%	08/2029	3,522		3,453		0.1		3,469
WPEngine, Inc.+(5)	One stop	SF +	6.50%		N/A(6)	08/2029	—		(1)		—		(1)
Zarya Holdco, Inc.+	One stop	SF +	6.50%	(l)	11.92%	07/2027	4,777		4,777		0.2		4,777
Zarya Holdco, Inc.+	One stop	SF +	6.50%	(l)	11.91%	07/2027	20		20		—		20


							239,286		240,940		9.3		236,027

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 loan SF + 4.75% (l) 7.63% 12/2026 844 837 — 827
Heartland Veterinary Partners LLC+ Senior loan SF + 4.75% (l) 7.63% 12/2026 62 61 — 59
Heartland Veterinary Partners LLC+ Senior loan SF + 4.75% N/A(6) 12/2026 — — — —
Klick Inc.+(8)(12) Senior loan L + 4.50% (b) 8.17% 03/2028 9,997 9,919 0.4 9,997
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) 8.92% 05/2025 2,311 2,305 0.1 2,311
Krueger-Gilbert Health Physics, LLC+ Senior loan L + 5.25% (b) 8.92% 05/2025 1,858 1,846 0.1 1,858
Krueger-Gilbert Health Physics, LLC+ Senior loan L + 5.25% (b) 8.92% 05/2025 1,091 1,113 — 1,091
Krueger-Gilbert Health Physics, LLC+ Senior loan L + 5.25% (b) 8.92% 05/2025 60 60 — 60
Krueger-Gilbert Health Physics, LLC+(5) Senior loan 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, ~~2022~~2023

(InDollar and share amounts 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)
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


	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%	(l)	11.04%	cash/	1.00%	PIK	09/2024	$	8,425	$	8,444	0.3	%	$	8,425
WBZ Investment LLC+(23)	One stop	SF +	6.50%	(l)	11.04%	cash/	1.00%	PIK	09/2024	1,240		1,237		0.1		1,240
WBZ Investment LLC+(23)	One stop	SF +	6.50%	(l)	11.04%	cash/	1.00%	PIK	09/2024	861		868		—		861
WBZ Investment LLC+(23)	One stop	SF +	6.50%	(l)	11.04%	cash/	1.00%	PIK	09/2024	449		452		—		449
WBZ Investment LLC+	One stop	SF +	6.50%		N/A(6)				09/2024	—		—		—		—
										10,975		11,001		0.4		10,975
Life Sciences Tools & Services
Celerion Buyer, Inc.*#	One stop	SF +	6.50%	(m)	11.93%				11/2029	21,380		20,918		0.9		21,380
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	—		(73)		—		—
Covaris Intermediate 3, LLC+	One stop	SF +	5.25%	(l)	10.79%				01/2028	5,850		5,807		0.2		5,557
Covaris Intermediate 3, LLC+(5)	One stop	SF +	5.25%		N/A(6)				01/2028	—		—		—		(3)
Covaris Intermediate 3, LLC+	One stop	SF +	5.25%	(l)	10.79%				01/2028	39		37		—		25
PAS Parent Inc.*#+	One stop	SF +	5.25%	(k)	10.68%				12/2028	33,571		33,063		1.3		32,898
PAS Parent Inc.+(5)	One stop	SF +	5.25%		N/A(6)				12/2027	—		(7)		—		(7)
PAS Parent Inc.+(5)	One stop	SF +	5.25%		N/A(6)				12/2028	—		(4)		—		(2)
Reaction Biology Corporation#	One stop	SF +	5.25%	(l)	10.79%				03/2029	7,943		7,880		0.3		7,546
Reaction Biology Corporation+(5)	One stop	SF +	5.25%		N/A(6)				03/2029	—		(2)		—		(10)
Reaction Biology Corporation+	One stop	SF +	5.25%	(l)	10.79%				03/2029	75		74		—		68
Reaction Biology Corporation+	One stop	SF +	5.25%	(m)	10.87%				03/2029	182		180		—		173
Reaction Biology Corporation+	One stop	SF +	5.25%	(l)	10.79%				03/2029	121		120		—		115
Unchained Labs, LLC+	Senior secured	SF +	5.50%	(k)	10.87%				08/2027	989		982		—		979
Unchained Labs, LLC+	Senior secured	SF +	5.50%	(k)	10.87%				08/2027	835		824		—		827
Unchained Labs, LLC+	Senior secured	SF +	5.50%		N/A(6)				08/2027	—		—		—		—










										70,985		69,798		2.7		69,546
Machinery
Bad Boy Mowers Acquisition, LLC+	Senior secured	SF +	4.25%	(k)	9.68%				03/2028	1,866		1,863		0.1		1,866
Blackbird Purchaser, Inc.*+	Senior secured	SF +	4.25%	(k)	9.67%				04/2026	19,174		19,259		0.8		19,174
Blackbird Purchaser, Inc.+	Senior secured	SF +	4.25%		N/A(6)				10/2025	—		—		—		—
Chase Industries, Inc.+(23)(24)	Senior secured	SF +	7.00%	(l)	11.04%	cash/	1.50%	PIK	05/2025	12,059		12,059		0.4		11,004
Chase Industries, Inc.+(23)(24)	Senior secured	SF +	7.00%	(l)	11.04%	cash/	1.50%	PIK	05/2025	985		985		—		900
Chase Industries, Inc.+(23)(24)	Senior secured	SF +	7.00%	(l)	11.04%	cash/	1.50%	PIK	05/2025	170		170		—		138

										34,254		34,336		1.3		33,082
Marine
Project Nike Purchaser, LLC+	One stop	SF +	6.00%	(l)	11.39%				04/2029	19,572		19,417		0.7		18,985
Project Nike Purchaser, LLC+	One stop	SF +	6.00%	(l)	11.39%				04/2029	75		73		—		68
										19,647		19,490		0.7		19,053
Media
Triple Lift, Inc.+	One stop	SF +	5.75%	(l)	11.30%				05/2028	5,289		5,220		0.2		5,077
Triple Lift, Inc.+	One stop	SF +	5.75%	(l)	11.30%				05/2028	1,122		1,105		—		1,077
Triple Lift, Inc.+	One stop	SF +	5.75%	(l)	11.20%				05/2028	27		26		—		25
										6,438		6,351		0.2		6,179
Multiline Retail
Mills Fleet Farm Group LLC*#+	One stop	SF +	6.50%	(l)	12.02%				10/2024	45,138		45,113		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, ~~2022~~2023

(InDollar and share amounts 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 $ 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 loan SF + 4.75% (m) 7.52% 04/2028 3,178 3,149 0.1 3,146
Veranex, Inc.+(5) Senior loan P + 3.75% N/A(6) 04/2028 — — — (1)
Veranex, Inc.+(5) Senior loan SF + 4.75% N/A(6) 04/2028 — (1) — (3)
178,792 176,591 6.9 176,138


	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%	(k)	11.92%				05/2025	$	20,210	$	20,261	0.8	%	$	20,210
3ES Innovation, Inc.+(8)(12)	One stop	SF +	6.50%	(k)	11.92%				05/2025	80		79		—		80
Envernus, Inc.*#+	Senior secured	SF +	4.25%	(k)	9.67%				07/2025	38,453		38,575		1.5		38,259
Envernus, Inc.+	Senior secured	SF +	4.50%	(k)	9.92%				07/2025	16,960		16,791		0.7		16,960
Envernus, Inc.+	Senior secured	SF +	4.50%	(k)	9.92%				09/2026	66		61		—		66
Project Power Buyer, LLC*#+	One stop	SF +	7.00%	(l)	12.39%				05/2026	40,066		39,553		1.5		40,066
Project Power Buyer, LLC+(5)	One stop	SF +	7.00%		N/A(6)				05/2025	—		(1)		—		—
										115,835		115,319		4.5		115,641
Paper & Forest Products
Messenger, LLC#+	One stop	SF +	5.75%	(l)	11.29%				12/2027	10,074		10,001		0.4		9,670
Messenger, LLC+	One stop	SF +	5.75%	(l)	11.27%				12/2027	99		98		—		95
Messenger, LLC+	One stop	SF +	5.75%	(l)	11.29%				12/2027	49		49		—		47
Messenger, LLC+	One stop	P +	4.75%	(b)	13.25%				12/2027	21		21		—		19
										10,243		10,169		0.4		9,831
Personal Products
IMPLUS Footcare, LLC+(23)	One stop	SF +	8.75%	(l)	13.30%	cash/	1.00%	PIK	07/2024	30,496		30,574		1.2		28,852
IMPLUS Footcare, LLC+(23)	One stop	SF +	8.75%	(l)	13.30%	cash/	1.00%	PIK	07/2024	5,208		5,222		0.2		4,927
IMPLUS Footcare, LLC*+(23)	One stop	SF +	8.75%	(l)	13.30%	cash/	1.00%	PIK	07/2024	751		755		—		710
										36,455		36,551		1.4		34,489

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2022~~2023

(InDollar and share amounts 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
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 loan SF + 5.25% (m) 7.98% 04/2029 2,604 2,567 0.1 2,447
Health Buyer, LLC+ Senior loan 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 loan L + 5.00% (b) 7.81% 01/2026 4,615 4,569 0.2 4,615
Groundworks LLC+ Senior loan L + 5.00% (b) 7.81% 01/2026 1,805 1,786 0.1 1,805
Groundworks LLC+ Senior loan L + 5.00% (b) 7.81% 01/2026 1,203 1,193 — 1,203
Groundworks LLC+ Senior loan L + 5.00% (b) 7.81% 01/2026 1,072 1,060 — 1,072
Groundworks LLC+ Senior loan L + 5.00% (b) 7.08% 01/2026 82 82 — 82
Groundworks LLC+ Senior loan L + 5.00% (b) 7.81% 01/2026 56 52 — 56
Groundworks LLC+ Senior loan 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 loan L + 4.75% (a) 7.87% 04/2026 2,355 2,401 0.1 2,331
Arch Global CCT Holdings Corp.+ Senior loan L + 4.75% (b) 8.42% 04/2026 135 134 — 134
Arch Global CCT Holdings Corp.+ Senior loan L + 4.75% (b) 8.42% 04/2026 76 75 — 74
Arch Global CCT Holdings Corp.+ Senior loan 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


	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%	(l)	11.04%				02/2026	$	25,232	$	25,089	1.0	%	$	23,970
ACP Ulysses Buyer, Inc.*	One stop	SF +	5.50%	(l)	11.04%				02/2026	1,091		1,076		—		1,036
Amalthea Parent, Inc.*#+(8)(12)	One stop	SF +	5.00%	(k)	10.43%				03/2027	58,695		58,287		2.1		53,997
Amalthea Parent, Inc.+(5)(8)(12)	One stop	SF +	5.00%		N/A(6)				03/2027	—		(2)		—		(22)
Apothecary Products, LLC+	Senior secured	SF +	6.50%	(m)	12.10%				07/2025	2,632		2,608		0.1		2,632
Apothecary Products, LLC+(5)	Senior secured	SF +	6.50%		N/A(6)				07/2025	—		(7)		—		—
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.50%	(l)	10.89%				05/2029	17,007		16,733		0.7		16,497
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.75%	(k)	11.07%				05/2029	74		69		—		68
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.75%	(m)	11.21%				05/2029	1,148		1,117		—		1,096
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.75%	(l)	11.14%				05/2029	2,814		2,766		0.1		2,758
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.75%	(m)	11.21%				05/2029	182		177		—		174
Cobalt Buyer Sub, Inc.+	One stop	SF +	6.00%	(k)	11.43%				10/2028	10,520		10,370		0.4		10,310
Cobalt Buyer Sub, Inc.+	One stop	SF +	6.00%	(k)	11.43%				10/2027	12		11		—		10
Cobalt Buyer Sub, Inc.+	One stop	SF +	6.00%	(k)	11.43%				10/2028	3,527		3,475		0.1		3,457
Cobalt Buyer Sub, Inc.+	One stop	SF +	6.00%	(k)	11.43%				10/2028	2,658		2,570		0.1		2,604
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.75%	(i)	9.94%				08/2028	23,923		26,689		0.9		22,129
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.75%	(i)	9.94%				08/2028	2,537		2,505		0.1		2,347
Spark Bidco Limited+(5)(8)(9)(10)	Senior secured	SN +	4.75%		N/A(6)				02/2028	—		(2)		—		(6)
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	6.00%	(i)	11.19%				08/2028	3,320		3,257		0.1		3,221
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.75%	(i)	9.94%				08/2028	2,900		2,689		0.1		2,682
Spark Bidco Limited+(8)(10)	Senior secured	SF +	6.00%	(l)	11.39%				08/2028	2,613		2,568		0.1		2,535
										160,885		162,045		5.9		151,495
Professional Services
ALKU Intermediate Holdings, LLC+	One stop	SF +	6.25%	(k)	11.57%				05/2029	4,444		4,382		0.2		4,389
bswift, LLC+	One stop	SF +	6.63%	(l)	11.91%				11/2028	5,100		4,964		0.2		5,100
Citrin Cooperman Advisors LLC+	One stop	SF +	5.75%	(l)	11.14%				10/2027	4,203		4,160		0.2		4,203
Citrin Cooperman Advisors LLC+(5)	One stop	SF +	6.25%		N/A(6)				10/2027	—		(9)		—		—
Citrin Cooperman Advisors LLC+	One stop	SF +	6.25%	(m)	11.70%				10/2027	2,329		2,267		0.1		2,334
DISA Holdings Corp.+	Senior secured	SF +	5.50%	(k)	10.83%				09/2028	3,477		3,419		0.1		3,477
DISA Holdings Corp.+	Senior secured	SF +	5.50%	(k)	10.83%				09/2028	7		6		—		7
DISA Holdings Corp.+	Senior secured	SF +	5.50%	(k)	10.83%				09/2028	220		215		—		220
DISA Holdings Corp.+	One stop	SF +	5.50%	(k)	10.83%				09/2028	151		145		—		151
DISA Holdings Corp.+(23)	Subordinated debt	SF +	10.00%	(k)	13.33%	cash/	2.00%	PIK	03/2029	51		49		—		51
Eliassen Group, LLC+	One stop	SF +	5.50%	(m)	10.84%				04/2028	1,430		1,419		0.1		1,430
Eliassen Group, LLC+	One stop	SF +	5.50%	(k)(l)	10.86%				04/2028	9		9		—		9
Filevine, Inc.+(23)	One stop	SF +	6.50%	(l)(m)	9.13%	cash/	2.50%	PIK	04/2027	5,400		5,347		0.2		5,454
Filevine, Inc.+	One stop	SF +	6.50%		N/A(6)				04/2027	—		—		—		—
IG Investments Holdings, LLC+	One stop	SF +	6.00%	(k)(l)	11.45%				09/2028	6,468		6,380		0.3		6,468
IG Investments Holdings, LLC+(5)	One stop	SF +	6.00%		N/A(6)				09/2027	—		(1)		—		—
IG Investments Holdings, LLC+	One stop	SF +	6.00%	(l)	11.47%				09/2028	553		545		—		553
NBG Acquisition Corp. and NBG-P Acquisition Corp.#	One stop	SF +	5.25%	(l)	10.77%				11/2028	7,517		7,477		0.3		7,291
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5)	One stop	SF +	5.25%		N/A(6)				11/2028	—		(12)		—		—
NBG Acquisition Corp. and NBG-P Acquisition Corp.+	One stop	SF +	5.25%	(l)	10.78%				11/2028	157		156		—		150
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5)	One stop	SF +	5.25%		N/A(6)				11/2028	—		(15)		—		—
Net Health Acquisition Corp.+	One stop	SF +	5.75%	(k)	11.17%				12/2025	13,101		13,041		0.5		12,839
Net Health Acquisition Corp.*#	One stop	SF +	5.75%	(k)	11.17%				12/2025	8,290		8,275		0.3		8,124
Net Health Acquisition Corp.*	One stop	SF +	5.75%	(k)	11.17%				12/2025	6,637		6,662		0.3		6,504

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2022~~2023

(InDollar and share amounts 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)
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 loan SF + 3.60% (k) 6.63% 03/2025 443 443 — 443
Madison Safety & Flow LLC+ Senior loan 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


	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%	(k)	11.17%	12/2025	$	4,194	$	4,167	0.2	%	$	4,110
Net Health Acquisition Corp.*#	One stop	SF +	5.75%	(k)	11.17%	12/2025	1,159		1,156		—		1,135
Net Health Acquisition Corp.+	One stop	SF +	5.75%	(k)	11.17%	12/2025	86		86		—		80
PlanSource Holdings, Inc.+	One stop	SF +	6.25%	(m)	11.90%	04/2025	11,416		11,446		0.4		11,416
PlanSource Holdings, Inc.+	One stop	SF +	6.25%	(m)	11.90%	04/2025	1,932		1,925		0.1		1,932
PlanSource Holdings, Inc.+	One stop	SF +	6.25%	(m)	11.90%	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%	(l)	10.57%	12/2028	17,456		17,326		0.7		17,456
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	SF +	5.75%	(l)	11.27%	01/2026	13,791		13,791		0.5		13,791
Teaching Company, The+	One stop	SF +	5.75%	(b)(l)	11.76%	01/2026	80		80		—		80





							119,797		118,993		4.7		118,893


Real Estate Management & Development
Inhabit IQ Inc.+	One stop	SF +	5.50%	(k)	10.92%	07/2025	21,533	21,433	0.8	21,533
Inhabit IQ Inc.#+	One stop	SF +	5.50%	(k)	10.92%	07/2025	19,232	19,227	0.8	19,232
Inhabit IQ Inc.+	One stop	SF +	5.50%	(k)	10.92%	07/2025	13,254	13,208	0.5	13,254
Inhabit IQ Inc.*	One stop	SF +	5.50%	(k)	10.92%	07/2025	12,242	12,185	0.5	12,242
Inhabit IQ Inc.*#	One stop	SF +	5.50%	(k)	10.92%	07/2025	6,450	6,453	0.3	6,450
Inhabit IQ Inc.+	One stop	SF +	5.50%	(k)	10.92%	07/2025	3,143	3,167	0.1	3,143
Inhabit IQ Inc.#+	One stop	SF +	5.50%	(k)	10.92%	07/2025	1,381	1,383	0.1	1,381
Inhabit IQ Inc.#+	One stop	SF +	5.50%	(k)	10.92%	07/2025	1,169	1,171	0.1	1,169
Inhabit IQ Inc.#+	One stop	SF +	5.50%	(k)	10.92%	07/2025	1,152	1,154	—	1,152
Inhabit IQ Inc.+	One stop	SF +	5.50%	(k)	10.92%	07/2025	922	920	—	922
Inhabit IQ Inc.+	One stop	SF +	5.50%	(k)	10.92%	07/2025	486	487	—	486
Inhabit IQ Inc.+	One stop	SF +	5.50%	(k)	10.92%	07/2025	130	130	—	130
MRI Software LLC*+	One stop	SF +	5.50%	(l)	10.99%	02/2026	14,211	14,156	0.5	13,927
MRI Software LLC+	One stop	SF +	5.50%	(l)	10.99%	02/2026	5,350	5,317	0.2	5,243
MRI Software LLC+(5)	One stop	SF +	5.50%		N/A(6)	02/2026	—	(1)	—	(5)

RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.50%	(i)	10.69%	08/2028	17,820	20,075	0.7	17,152
RPL Bidco Limited+(8)(9)(10)	One stop	A +	5.50%	(f)	9.63%	08/2028	1,920	2,177	0.1	1,848
RPL Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.50%		N/A(6)	02/2028	—	—	—	(2)
RPL Bidco Limited+(8)(9)(10)	One stop	A +	6.75%	(f)	10.93%	08/2028	7,910	8,138	0.3	7,949

							128,305	130,780	5.0	127,206
Road & Rail
Channelside Acquisitona Co, Inc.+	One stop	SF +	6.38%	(k)	11.79%	07/2028	4,229	4,158	0.2	4,229
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%	(k)	12.08%	07/2028	3,948	3,847	0.2	3,968
Channelside Acquisitona Co, Inc.+(5)	One stop	SF +	6.75%		N/A(6)	07/2028	—	(2)	—	—
Internet Truckstop Group LLC*#	One stop	SF +	5.00%	(l)	10.54%	04/2025	21,118	21,278	0.8	21,118
Internet Truckstop Group LLC+	One stop	SF +	5.00%	(l)	10.54%	04/2025	9,248	9,196	0.3	9,248
Internet Truckstop Group LLC+(5)	One stop	SF +	5.00%		N/A(6)	04/2025	—	(1)	—	—
							38,543	38,474	1.5	38,563

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2022~~2023

(InDollar and share amounts 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 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 loan 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 loan L + 5.75% (c) 7.87% 08/2025 1,517 1,497 0.1 1,513
Integrity Marketing Acquisition, LLC+ Senior loan 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 loan L + 5.75% (c) 8.85% 08/2025 244 242 — 244
Integrity Marketing Acquisition, LLC+ Senior loan 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 loan SF + 6.00% (l) 9.70% 05/2027 2,850 2,810 0.1 2,793
Keystone Agency Partners LLC+ Senior loan SF + 6.00% (l) 9.70% 05/2027 182 180 — 179
Keystone Agency Partners LLC+ Senior loan 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 loan L + 7.50% (b) 11.18% 09/2025 32,784 32,498 1.2 30,161
Norvax, LLC+ Senior loan 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 loan SF + 6.00% (l) 9.69% 10/2026 773 764 — 758


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Software
Anaplan, Inc.+	One stop	SF +	6.50%	(k)	11.82%				06/2029	$	9,840	$	9,760	0.4	%	$	9,840
Anaplan, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				06/2028	—		(1)		—		—
Appfire Technologies, LLC#+	One stop	SF +	5.50%	(l)	11.06%				03/2027	39,442		39,102		1.5		38,653
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)		—		(68)
Aras Corporation+(23)	One stop	SF +	6.75%	(l)	8.95%	cash/	3.25%	PIK	04/2027	14,687		14,605		0.6		14,541
Aras Corporation+	One stop	SF +	6.50%	(b)(l)	12.14%				04/2027	67		67		—		66
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.00%	(i)	10.19%				06/2029	3,496		3,420		0.1		3,321
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.00%	(i)	10.19%				06/2029	1,824		1,734		0.1		1,733
Arrow Buyer, Inc.+	One stop	SF +	6.50%	(l)	11.89%				06/2030	16,360		15,943		0.6		16,155
Arrow Buyer, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				06/2030	—		(23)		—		(47)
Auvik Networks Inc.+(8)(12)(23)	One stop	SF +	5.75%	(l)	8.52%	cash/	2.75%	PIK	07/2027	7,232		7,189		0.3		7,124
Auvik Networks Inc.+(8)(12)(23)	One stop	SF +	6.25%	(l)	8.52%	cash/	3.25%	PIK	07/2027	1,293		1,283		0.1		1,293
Auvik Networks Inc.+(5)(8)(12)	One stop	SF +	3.00%		N/A(6)				07/2027	—		—		—		(1)
Axiom Merger Sub Inc.+	One stop	L +	5.25%	(a)	10.60%				04/2026	5,677		5,695		0.2		5,677
Axiom Merger Sub Inc.+(8)(9)	One stop	E +	5.50%	(d)(e)	8.90%				04/2026	2,215		2,347		0.1		2,215
Axiom Merger Sub Inc.+	One stop	L +	5.25%	(a)	10.60%				04/2026	269		267		—		269
Axiom Merger Sub Inc.+	One stop	SF +	5.25%	(m)	10.86%				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%	(l)	13.00%				10/2028	73,822		72,859		2.9		73,822
Bayshore Intermediate #2, L.P.+	One stop	SF +	6.50%	(l)	11.87%				10/2027	33		31		—		33
Bonterra LLC+	One stop	SF +	7.25%	(l)	12.64%				09/2027	65,427		64,789		2.5		63,465
Bonterra LLC+(5)	One stop	SF +	7.25%		N/A(6)				09/2027	—		(2)		—		(6)
Bonterra LLC+	One stop	SF +	8.00%	(l)	13.39%				09/2027	2,855		2,812		0.1		2,769
Bottomline Technologies, Inc.+	One stop	SF +	5.25%	(k)	10.57%				05/2029	27,881		27,434		1.1		26,696
Bottomline Technologies, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				05/2028	—		(3)		—		(7)
Bullhorn, Inc.*#+	One stop	SF +	5.75%	(l)	11.24%				09/2026	65,269		64,735		2.5		64,616
Bullhorn, Inc.+(8)(9)	One stop	SN +	6.00%	(i)	11.19%				09/2026	11,553		11,556		0.4		11,438
Bullhorn, Inc.+(8)(9)	One stop	E +	5.75%	(d)	9.69%				09/2026	4,523		4,640		0.2		4,478
Bullhorn, Inc.+	One stop	SF +	5.75%	(l)	11.24%				09/2026	212		210		—		209
Bullhorn, Inc.+	One stop	SF +	5.75%	(l)	11.24%				09/2026	95		94		—		94
Bullhorn, Inc.+	One stop	SF +	5.75%	(l)	11.24%				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%	(k)	10.42%				06/2028	9,720		9,588		0.4		9,720
Burning Glass Intermediate Holdings Company, Inc.+	One stop	SF +	5.00%	(k)	10.42%				06/2026	21		20		—		21
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	7.25%	(l)	12.60%				01/2029	5,437		5,291		0.2		5,437
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	7.25%	(l)	12.60%				01/2029	1,438		1,399		0.1		1,438
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)		—		—
Calabrio, Inc.+	One stop	SF +	7.13%	(k)	12.44%				04/2027	53,683		53,207		2.1		53,683
Calabrio, Inc.+	One stop	SF +	7.13%	(k)	12.45%				04/2027	135		132		—		135
Camelia Bidco Limited+(8)(9)(10)	One stop	SN +	6.25%	(i)	11.44%				08/2030	3,125		3,193		0.1		3,078
Camelia Bidco Limited+(8)(9)(10)	One stop	A +	6.25%	(f)	10.39%				08/2030	204		201		—		201
Camelia Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.25%		N/A(6)				08/2030	—		(20)		—		(20)
Community Brands Parentco LLC+	One stop	SF +	5.50%	(l)	11.02%				02/2028	14,052		13,846		0.6		13,771
Community Brands Parentco LLC+(5)	One stop	SF +	5.50%		N/A(6)				02/2028	—		(1)		—		(1)

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2022~~2023

(InDollar and share amounts 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 SF + 6.00% (l) 9.69% 10/2026 $ 791 $ 784 — % $ 772
Sunstar Insurance Group, LLC+ Senior loan SF + 6.00% (l) 9.69% 10/2026 392 387 — 384
Sunstar Insurance Group, LLC+ Senior loan 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


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
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%	(k)	12.82%				02/2030	22,905		22,382		0.9		22,332
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	—		(23)		—		(51)
Daxko Acquisition Corporation+	One stop	SF +	5.50%	(k)	10.92%				10/2028	27,431		27,233		1.0		26,334
Daxko Acquisition Corporation+	One stop	SF +	5.50%	(k)	10.92%				10/2028	2,313		2,289		0.1		2,221
Daxko Acquisition Corporation+	One stop	P +	4.50%	(b)	13.00%				10/2027	22		21		—		17
Daxko Acquisition Corporation+(5)	One stop	SF +	5.50%		N/A(6)				10/2028	—		(8)		—		(44)
Denali Bidco Limited+(8)(9)(10)	One stop	SN +	6.00%	(i)	11.19%				08/2030	2,917		2,948		0.1		2,844
Denali Bidco Limited+(8)(9)(10)	One stop	E +	6.00%	(c)	9.86%				08/2030	732		735		—		714
Denali Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.00%		N/A(6)				08/2030	—		(13)		—		(13)
Diligent Corporation*#+	One stop	SF +	6.25%	(l)	11.77%				08/2025	85,408		85,363		3.3		84,553
Diligent Corporation+	One stop	SF +	5.75%	(l)	11.27%				08/2025	5,904		5,879		0.2		5,800
Diligent Corporation+	One stop	SF +	6.25%	(l)	11.77%				08/2025	133		133		—		130
Dragon UK Bidco Limited+(8)(9)(10)	One stop	SN +	5.75%	(i)	10.94%				02/2029	14,139		15,100		0.6		13,715
Dragon UK Bidco Limited+(8)(9)(10)	One stop	C +	5.75%	(h)	11.26%				02/2029	282		294		—		274
Dragon UK Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.75%		N/A(6)				02/2029	—		—		—		(3)
Evergreen IX Borrower 2023, LLC+	One stop	SF +	6.00%	(l)	11.39%				09/2030	4,506		4,393		0.2		4,393
Evergreen IX Borrower 2023, LLC+(5)	One stop	SF +	6.00%		N/A(6)				10/2029	—		(12)		—		(12)
FirstUp, Inc.+(23)	One stop	SF +	6.75%	(l)	8.64%	cash/	3.50%	PIK	07/2027	9,236		9,160		0.4		9,120
FirstUp, Inc.+(5)(23)	One stop	SF +	7.50%		N/A(6)				07/2027	—		(1)		—		(1)
FirstUp, Inc.+(23)	One stop	SF +	7.50%	(l)	8.64%	cash/	4.25%	PIK	07/2027	876		863		—		865
Gainsight, Inc.+(23)	One stop	SF +	6.75%	(l)	12.27%	PIK			07/2027	11,106		11,001		0.4		10,995
Gainsight, Inc.+(23)	One stop	SF +	6.75%	(l)	12.27%	PIK			07/2027	56		55		—		55
GS Acquisitionco, Inc.*#+	One stop	SF +	5.75%	(l)	11.29%				05/2026	83,759		83,809		3.3		82,920
GS Acquisitionco, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				05/2026	—		—		—		(2)
GTIV, LLC+	One stop	SF +	5.25%	(k)	10.67%				02/2029	73,471		72,908		2.9		73,471
GTIV, LLC+(5)	One stop	SF +	5.25%		N/A(6)				02/2029	—		(2)		—		—
GTY Technology Holdings, Inc.+(23)	One stop	SF +	6.87%	(l)	7.97%	cash/	4.30%	PIK	07/2029	3,237		3,187		0.1		3,205
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%	(l)	7.97%	cash/	4.30%	PIK	07/2029	2,114		2,076		0.1		2,093
GTY Technology Holdings, Inc.+(23)	One stop	SF +	6.88%	(l)	7.97%	cash/	4.30%	PIK	07/2029	387		384		—		384
Hyland Software, Inc.+	One stop	SF +	6.00%	(k)	11.32%				09/2030	4,950		4,876		0.2		4,876
Hyland Software, Inc.+(5)	One stop	SF +	6.00%		N/A(6)				09/2029	—		(1)		—		(1)
ICIMS, Inc.+(23)	One stop	SF +	7.25%	(l)	8.76%	cash/	3.88%	PIK	08/2028	8,009		7,899		0.3		7,849
ICIMS, Inc.+	One stop	SF +	6.75%	(l)	12.14%				08/2028	27		26		—		24
ICIMS, Inc.+(5)	One stop	SF +	7.25%		N/A(6)				08/2028	—		—		—		(37)

IQN Holding Corp. #+	One stop	SF +	5.25%	(l)	10.67%				05/2029	14,613		14,497		0.6		14,321
IQN Holding Corp. +(5)	One stop	SF +	5.25%		N/A(6)				05/2028	—		(1)		—		(2)
IQN Holding Corp. +(5)	One stop	SF +	5.25%		N/A(6)				05/2029	—		(25)		—		(3)
Island Bidco AB+(8)(9)(17)(23)	One stop	E +	7.25%	(e)	3.93%	cash/	7.25%	PIK	07/2028	6,275		6,149		0.2		6,275
Island Bidco AB+(8)(17)(23)	One stop	SF +	7.00%	(m)	8.84%	cash/	3.50%	PIK	07/2028	3,051		3,028		0.1		3,051
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	SF +	6.25%	(l)	11.82%				10/2026	7,526		7,478		0.3		7,150
Juvare, LLC+	One stop	SF +	6.25%	(l)	11.82%				10/2026	1,737		1,726		0.1		1,650
Juvare, LLC+	One stop	SF +	6.25%	(l)	11.82%				10/2026	548		540		—		541
Juvare, LLC+	One stop	SF +	6.25%	(b)(l)	12.01%				04/2026	50		50		—		48
Kaseya Inc.+(23)	One stop	SF +	6.25%	(l)	9.12%	cash/	2.50%	PIK	06/2029	9,197		9,084		0.4		9,105

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2022~~2023

(InDollar and share amounts 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)
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 loan SN + 4.50% (i) 6.69% 11/2025 19,267 23,496 0.7 18,882
Red Dawn SEI Buyer, Inc.+ Senior loan L + 4.50% (c) 8.67% 11/2025 5,542 5,505 0.2 5,431
Red Dawn SEI Buyer, Inc.+ Senior loan L + 4.25% (c) 8.42% 11/2025 737 732 — 717
Red Dawn SEI Buyer, Inc.+ Senior loan L + 4.25% (c) 8.42% 11/2025 131 130 — 127
Red Dawn SEI Buyer, Inc.+(5) Senior loan L + 4.50% N/A(6) 11/2025 — (2) — (5)
Red Dawn SEI Buyer, Inc.+(5) Senior loan L + 4.25% N/A(6) 11/2025 — (1) — (3)
Red Dawn SEI Buyer, Inc.+ Senior loan 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 loan SF + 6.50% (k) 9.63% 07/2027 4,789 4,789 0.2 4,789
Zarya Holdco, Inc.+ Senior loan SF + 6.50% N/A(6) 07/2027 — — — —
228,998 234,117 8.7 222,614


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Kaseya Inc.+(23)	One stop	SF +	6.25%	(k)	9.07%	cash/	2.50%	PIK	06/2029	$	68	$	65	—	%	$	65
Kaseya Inc.+(23)	One stop	SF +	6.25%	(l)	9.12%	cash/	2.50%	PIK	06/2029	34		29		—		28
LeadsOnline, LLC+	One stop	SF +	6.25%	(k)	11.58%				02/2028	4,208		4,104		0.2		4,102
LeadsOnline, LLC+	One stop	SF +	6.25%	(k)	11.58%				02/2028	743		724		—		724
LeadsOnline, LLC+(5)	One stop	SF +	6.25%		N/A(6)				02/2028	—		(1)		—		(1)
Mindbody, Inc.+	One stop	SF +	7.00%	(l)	12.52%				02/2025	49,911		50,159		2.0		49,911
Mindbody, Inc.+	One stop	SF +	7.00%	(l)	12.52%				02/2025	3,929		3,906		0.2		3,929
Mindbody, Inc.+	One stop	SF +	7.00%		N/A(6)				02/2025	—		—		—		—
Ministry Brands Holdings LLC+	One stop	SF +	5.50%	(k)	10.92%				12/2028	21,760		21,597		0.8		20,890
Ministry Brands Holdings LLC+	One stop	SF +	5.50%	(k)	10.92%				12/2027	81		80		—		75
Ministry Brands Holdings LLC+	One stop	SF +	5.50%	(k)(l)	10.99%				12/2028	96		91		—		72
Neo Bidco GMBH+(8)(9)(13)(23)	One stop	E +	6.00%	(e)	9.95%				07/2028	6,913		7,640		0.3		6,913
Neo Bidco GMBH+(8)(13)	One stop	SF +	6.00%		N/A(6)				01/2028	—		—		—		—
Neo Bidco GMBH+(8)(9)(13)	One stop	E +	6.00%	(d)(e)	9.95%				01/2028	63		66		—		63
Naviga Inc.+	Senior secured	SF +	7.00%	(l)	12.49%				12/2023	109		108		—		109
Panzura, LLC+(23)	One stop	N/A			2.00%	cash/	13.00%	PIK	08/2027	50		44		—		44
PDI TA Holdings, Inc.+	One stop	SF +	4.50%	(l)	9.98%				10/2024	8,323		8,282		0.3		8,323
PDI TA Holdings, Inc.+	Second lien	SF +	8.50%	(l)	14.03%				10/2025	3,424		3,391		0.1		3,424
PDI TA Holdings, Inc.+	One stop	SF +	4.50%	(l)	9.98%				10/2024	1,107		1,105		—		1,107
PDI TA Holdings, Inc.+	One stop	SF +	4.50%	(l)	9.98%				10/2024	683		680		—		683
PDI TA Holdings, Inc.+	Second lien	SF +	8.71%	(l)	14.24%				10/2025	640		638		—		640
PDI TA Holdings, Inc.+	Second lien	SF +	8.53%	(l)	14.06%				10/2025	377		375		—		377
PDI TA Holdings, Inc.+(8)(9)	One stop	SN +	4.50%	(i)	9.81%				10/2024	84		93		—		84
PDI TA Holdings, Inc.+	One stop	SF +	4.50%	(l)	9.98%				10/2024	148		148		—		148
PDI TA Holdings, Inc.+	Second lien	SF +	8.50%	(l)	14.03%				10/2025	3,333		3,270		0.1		3,333
Personify, Inc.*#+	One stop	SF +	5.25%	(l)	10.64%				09/2024	13,084		13,146		0.5		13,084
Personify, Inc.#	One stop	SF +	5.25%	(l)	10.64%				09/2024	8,083		8,060		0.3		8,083
Personify, Inc.+	One stop	SF +	5.25%		N/A(6)				09/2024	—		—		—		—
PING Identity Holding Corp.+	One stop	SF +	7.00%	(k)	12.32%				10/2029	9,953		9,824		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%	(l)	13.45%				04/2027	23,748		23,582		0.9		23,511
Pluralsight, LLC+	One stop	SF +	8.00%	(l)	13.47%				04/2027	63		62		—		62
ProcessUnity Holdings, LLC+	One stop	SF +	6.75%	(k)	12.07%				09/2028	4,221		4,190		0.2		4,221
ProcessUnity Holdings, LLC+(5)	One stop	SF +	6.75%		N/A(6)				09/2028	—		(1)		—		—
ProcessUnity Holdings, LLC+	One stop	SF +	6.75%	(l)	12.14%				09/2028	844		838		—		844
ProcessUnity Holdings, LLC+	One stop	SF +	6.75%	(l)	12.14%				09/2028	1,996		1,968		0.1		1,996
Pyramid Healthcare Acquisition Corp.#+	One stop	SF +	4.75%	(l)	10.27%				05/2027	18,186		18,077		0.7		18,186
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(l)	10.32%				05/2027	864		859		—		864
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(l)	10.27%				05/2027	534		531		—		534
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(l)	10.27%				05/2027	178		176		—		178
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(l)	10.27%				05/2027	156		155		—		156
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(l)	10.27%				05/2027	146		145		—		146
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(l)	10.32%				05/2027	146		145		—		146
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(l)	10.27%				05/2027	1,880		1,857		0.1		1,880
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(l)	10.27%				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%	(l)	10.30%				05/2027	1,571		1,562		0.1		1,571
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(l)	10.28%				05/2027	791		786		—		791
QAD, Inc.+	One stop	SF +	5.38%	(k)	10.69%				11/2027	9,393		9,329		0.4		9,393
QAD, Inc.+(5)	One stop	SF +	5.38%		N/A(6)				11/2027	—		(3)		—		—
Quant Buyer, Inc.+	One stop	SF +	6.00%	(m)	11.30%				06/2029	2,466		2,446		0.1		2,411

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2022~~2023

(InDollar and share amounts 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 + 6.25% (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 loan L + 5.50% (a) 8.62% 08/2027 999 972 0.1 999
Unchained Labs, LLC+ Senior loan L + 5.50% (a) 8.62% 08/2027 844 830 — 844
Unchained Labs, LLC+ Senior loan L + 5.50% N/A(6) 08/2027 — — — —
49,720 48,927 1.9 48,430
Machinery
Bad Boy Mowers Acquisition, LLC+ Senior loan L + 4.25% (b) 7.38% 03/2028 1,866 1,862 0.1 1,866
Blackbird Purchaser, Inc.*+ Senior loan L + 4.50% (a) 7.62% 04/2026 19,084 19,205 0.7 18,893
Blackbird Purchaser, Inc.+ Senior loan L + 4.50% (a) 7.62% 10/2025 58 57 — 56
Blackbird Purchaser, Inc.+(5) Senior loan L + 4.50% N/A(6) 04/2026 — (2) — (3)
Chase Industries, Inc.+(7) Senior loan L + 7.00% (c) 9.88% 05/2025 12,059 12,117 0.4 9,853
Chase Industries, Inc.+(7) Senior loan L + 7.00% (b) 10.67% 05/2025 985 1,005 — 805
Chase Industries, Inc.+(7) Senior loan 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


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Quant Buyer, Inc.+	One stop	SF +	6.00%	(m)	11.30%				06/2029	$	2,928	$	2,904	0.1	%	$	2,862
Quant Buyer, Inc.+(5)	One stop	SF +	6.00%		N/A(6)				06/2029	—		(1)		—		(3)
Quant Buyer, Inc.+	One stop	SF +	6.00%	(m)	11.30%				06/2029	2,006		1,990		0.1		1,961
Quant Buyer, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				06/2029	—		(74)		—		—
Rainforest Bidco Limited+(8)(9)(10)(23)	One stop	SN +	5.50%	(i)	8.69%	cash/	2.00%	PIK	07/2029	7,352		7,015		0.3		7,022
Rainforest Bidco Limited+(8)(9)(10)(23)	One stop	SN +	5.50%	(i)	8.69%	cash/	2.00%	PIK	07/2029	540		516		—		516
Rainforest Bidco Limited+(8)(10)(23)	One stop	SF +	5.50%	(j)	8.80%	cash/	2.00%	PIK	07/2029	1,423		1,407		0.1		1,356
Rainforest Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.50%		N/A(6)				07/2029	—		(64)		—		(64)
RegEd Aquireco, LLC+	Senior secured	SF +	4.25%	(k)(m)	9.86%				12/2024	11,067		11,071		0.4		10,514
RegEd Aquireco, LLC+	Senior secured	SF +	4.25%	(l)(m)	9.94%				12/2024	236		236		—		224
Riskonnect Parent, LLC*+	One stop	SF +	5.50%	(l)	11.04%				12/2028	10,102		10,027		0.4		9,900
Riskonnect Parent, LLC+	One stop	SF +	5.50%	(l)	11.04%				12/2028	140		138		—		133
Riskonnect Parent, LLC+(5)	One stop	SF +	5.50%		N/A(6)				12/2028	—		(5)		—		(13)
Rodeo Buyer Company & Absorb Software Inc.+	One stop	SF +	6.25%	(k)	11.67%				05/2027	4,541		4,514		0.2		4,541
Rodeo Buyer Company & Absorb Software Inc.+	One stop	SF +	6.25%	(k)	11.67%				05/2027	27		26		—		27
SailPoint Technologies Holdings, Inc.+	One stop	SF +	6.25%	(k)	11.58%				08/2029	9,827		9,661		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 +	5.75%	(d)	9.41%				07/2029	32,488		30,455		1.3		32,488
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	5.75%		N/A(6)				07/2029	—		—		—		—
Sonatype, Inc.+	One stop	SF +	6.75%	(k)	12.18%				12/2025	40,459		40,288		1.6		40,459
Sonatype, Inc.+	One stop	SF +	6.75%	(k)	12.18%				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%	(k)	11.82%	cash/	2.00%	PIK	12/2026	31,705		31,376		1.2		30,754
Spartan Buyer Acquisition Co.+(23)	One stop	SF +	8.50%	(k)	11.82%	cash/	2.00%	PIK	12/2026	2,015		1,983		0.1		1,955
Spartan Buyer Acquisition Co.+(5)(23)	One stop	P +	7.50%	(b)	14.00%	cash/	2.00%	PIK	12/2026	1		(1)		—		(1)
Tahoe Bidco B.V. +(8)(14)	One stop	SF +	6.00%	(k)	11.42%				09/2028	12,058		11,972		0.5		11,696
Tahoe Bidco B.V. +(5)(8)(14)	One stop	SF +	6.00%		N/A(6)				10/2027	—		(1)		—		(2)
Telesoft Holdings LLC+	One stop	SF +	5.75%	(k)	11.17%				12/2025	877		870		—		864
Telesoft Holdings LLC+	One stop	SF +	5.75%	(k)	11.17%				12/2025	8		8		—		7
Telesoft Holdings LLC+	One stop	SF +	6.25%	(k)	11.67%				08/2028	64		64		—		64
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.00%	(m)	11.68%				07/2028	3,171		3,103		0.1		3,171
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.00%		N/A(6)				07/2028	—		—		—		—
Templafy APS and Templafy, LLC+(5)(8)(18)	One stop	SF +	6.00%		N/A(6)				07/2028	—		(14)		—		—
TI Intermediate Holdings, LLC+	Senior secured	L +	4.50%	(a)	9.87%				12/2024	3,409		3,423		0.1		3,341
TI Intermediate Holdings, LLC+	Senior secured	L +	4.25%	(a)	9.62%				12/2024	901		894		—		883
TI Intermediate Holdings, LLC+	Senior secured	L +	4.25%	(a)(b)	9.63%				12/2024	425		422		—		416
TI Intermediate Holdings, LLC+	Senior secured	L +	4.50%	(a)(m)	9.91%				12/2024	565		562		—		554
TI Intermediate Holdings, LLC+	Senior secured	L +	4.50%	(a)	9.87%				12/2024	156		155		—		153
TI Intermediate Holdings, LLC+(5)	Senior secured	SF +	4.50%		N/A(6)				12/2024	—		—		—		(2)
Togetherwork Holdings, LLC*#	One stop	SF +	6.00%	(k)	11.42%				03/2025	15,085		15,118		0.6		15,085
Togetherwork Holdings, LLC+	One stop	SF +	6.00%	(k)	11.42%				03/2025	6,823		6,774		0.3		6,823
Togetherwork Holdings, LLC+	One stop	SF +	6.00%	(k)	11.42%				03/2025	4,139		4,121		0.2		4,139
Togetherwork Holdings, LLC+	One stop	SF +	6.00%	(k)	11.42%				03/2025	1,748		1,767		0.1		1,748
Togetherwork Holdings, LLC#+	One stop	SF +	6.00%	(k)	11.42%				03/2025	1,697		1,714		0.1		1,697
Togetherwork Holdings, LLC*#	One stop	SF +	6.00%	(k)	11.42%				03/2025	1,654		1,671		0.1		1,654
Togetherwork Holdings, LLC#+	One stop	SF +	6.00%	(k)	11.42%				03/2025	1,598		1,608		0.1		1,598
Togetherwork Holdings, LLC*+	One stop	SF +	6.00%	(k)	11.42%				03/2025	1,539		1,556		0.1		1,539
Togetherwork Holdings, LLC#+	One stop	SF +	6.00%	(k)	11.42%				03/2025	1,436		1,450		0.1		1,436
Togetherwork Holdings, LLC*#	One stop	SF +	6.00%	(k)	11.42%				03/2025	1,175		1,181		—		1,175
Togetherwork Holdings, LLC#+	One stop	SF +	6.00%	(k)	11.42%				03/2025	647		654		—		647

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2022~~2023

(InDollar and share amounts 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)
Togetherwork Holdings, LLC+	One stop	SF +	6.00%	(k)	11.42%				03/2025	$	448	$	446	—	%	$	448
Togetherwork Holdings, LLC+	One stop	SF +	6.00%	(k)	11.42%				03/2025	434		432		—		434
Togetherwork Holdings, LLC+	One stop	SF +	6.00%	(k)	11.42%				03/2025	250		249		—		250
Togetherwork Holdings, LLC+	One stop	SF +	6.00%	(k)	11.42%				03/2025	62		63		—		62
Togetherwork Holdings, LLC+	One stop	SF +	6.00%	(k)	11.42%				03/2025	57		58		—		57
Togetherwork Holdings, LLC+(5)	One stop	SF +	6.00%		N/A(6)				03/2025	—		(2)		—		—
Togetherwork Holdings, LLC+	One stop	SF +	6.00%	(k)	11.42%				03/2025	1,326		1,318		0.1		1,326
Togetherwork Holdings, LLC+	One stop	SF +	6.00%	(k)	11.42%				03/2025	5,954		5,880		0.2		5,954
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)(23)	One stop	N/A			4.50%	cash/	8.38%	PIK	05/2024	8,587		8,980		0.3		7,986
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)(23)	One stop	N/A			4.50%	cash/	8.38%	PIK	05/2024	140		150		—		130
Vendavo, Inc.*#+	One stop	SF +	5.75%	(l)	11.25%				09/2027	19,413		19,300		0.7		18,442
Vendavo, Inc.+	One stop	P +	4.75%	(b)	13.25%				09/2027	85		84		—		78
WebPT, Inc.+	One stop	SF +	6.75%	(l)	12.27%				01/2028	626		619		—		620
Workforce Software, LLC+(23)	One stop	SF +	7.25%	(l)	9.82%	cash/	3.00%	PIK	07/2025	29,044		29,280		1.1		28,754
Workforce Software, LLC+(23)	One stop	SF +	7.25%	(l)	9.82%	cash/	3.00%	PIK	07/2025	5,140		5,119		0.2		5,088
Workforce Software, LLC+(23)	One stop	SF +	7.25%	(l)	9.82%	cash/	3.00%	PIK	07/2025	3,640		3,605		0.1		3,604
Workforce Software, LLC+(5)	One stop	SF +	6.50%		N/A(6)				07/2025	—		(1)		—		(2)
Workforce Software, LLC+(23)	One stop	SF +	7.25%	(l)	9.82%	cash/	3.00%	PIK	07/2025	107		106		—		106
Zendesk, Inc.+(23)	One stop	SF +	6.75%	(l)	8.90%	cash/	3.25%	PIK	11/2028	20,311		19,969		0.8		20,311
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	—		(43)		—		—

										1,365,871		1,356,325		52.9		1,347,754

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 loan L + 4.25% (a) 7.37% 07/2025 37,066 37,349 1.4 36,097
Envernus, Inc.+ Senior loan L + 4.50% (a) 7.62% 07/2025 16,993 16,739 0.7 16,653
Envernus, Inc.+ Senior loan L + 4.25% (a) 7.37% 09/2024 86 85 — 82
Envernus, Inc.+ Senior loan 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, ~~2022~~2023

(InDollar and share amounts 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.*#+ 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 loan SF + 5.00% (m) 8.36% 07/2023 2,891 2,921 0.1 2,833
Apothecary Products, LLC+ Senior loan 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 loan SN + 4.50% (i) 6.69% 08/2028 21,890 26,631 0.9 21,890
Spark Bidco Limited+(8)(9)(10) Senior loan SN + 4.50% (i) 6.69% 08/2028 2,653 3,004 0.1 2,653
Spark Bidco Limited+(5)(8)(9)(10) Senior loan 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 loan SF + 5.50% (k) 8.18% 09/2028 2,273 2,228 0.1 2,227
DISA Holdings Corp.+ Senior loan SF + 5.50% (k) 8.18% 09/2028 2 2 — 2
DISA Holdings Corp.+(5) Senior loan 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) — —


	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)	11.04%				02/2028	$	25,635	$	25,256	1.0	%	$	24,866
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%	(l)	11.04%				02/2028	57		49		—		36
Ave Holdings III, Corp+	One stop	SF +	5.50%	(l)	11.04%				02/2028	460		456		—		446
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(l)	11.29%				05/2028	11,421		11,268		0.5		11,307
Consilio Midco Limited#(8)(10)	One stop	SF +	5.75%	(l)	11.29%				05/2028	9,875		9,799		0.4		9,776
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(d)	10.20%				05/2028	8,908		9,416		0.3		8,819
Consilio Midco Limited#(8)(10)	One stop	SF +	5.75%	(l)	11.29%				05/2028	2,136		2,108		0.1		2,115
Consilio Midco Limited#(8)(10)	One stop	SF +	5.75%	(l)	11.29%				05/2028	1,421		1,409		0.1		1,406

Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(l)	11.29%				05/2028	726		712		—		719
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(l)	11.29%				05/2028	100		99		—		99
Consilio Midco Limited+(5)(8)(9)(10)	One stop	E +	6.25%		N/A(6)				05/2028	—		(2)		—		(1)
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(l)	11.29%				05/2028	8		8		—		8
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(d)	10.20%				05/2028	7		7		—		7
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(d)	10.20%				05/2028	64		64		—		64
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(d)	10.20%				05/2028	15		15		—		15
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(d)	10.20%				05/2028	28		28		—		28
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(d)	10.20%				05/2028	17		18		—		17
Cycle Gear, Inc.*#+	One stop	SF +	5.50%	(l)	11.04%				01/2026	46,953		46,848		1.7		44,135
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(l)	6.52%	cash/	7.75%	PIK	05/2024	21,847		21,796		0.8		20,827
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(l)	6.52%	cash/	7.75%	PIK	05/2024	3,796		3,786		0.2		3,618
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(l)	6.52%	cash/	7.75%	PIK	05/2024	2,889		2,950		0.1		2,754
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(l)	6.52%	cash/	7.75%	PIK	05/2024	3,156		3,149		0.1		3,009
Imperial Optical Midco Inc.+(23)	One stop	SF +	13.00%	(l)	8.02%	cash/	10.50%	PIK	05/2024	3,851		3,796		0.2		3,845
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(l)	6.52%	cash/	7.75%	PIK	05/2024	5,593		5,699		0.2		5,332
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(l)	6.52%	cash/	7.75%	PIK	05/2024	37,604		37,739		1.4		35,849
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(l)	6.52%	cash/	7.75%	PIK	05/2024	5,079		5,067		0.2		4,842
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(l)	6.52%	cash/	7.75%	PIK	05/2024	134		133		—		128
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(l)	6.52%	cash/	7.75%	PIK	05/2024	79		79		—		76
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(l)	6.52%	cash/	7.75%	PIK	05/2024	2,539		2,533		0.1		2,420
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(l)	6.52%	cash/	7.75%	PIK	05/2024	42		41		—		40
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(l)	6.52%	cash/	7.75%	PIK	05/2024	524		523		—		500
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(l)	6.52%	cash/	7.75%	PIK	05/2024	1,256		1,253		0.1		1,198
Imperial Optical Midco Inc.+	One stop	SF +	13.00%		N/A(6)				05/2024	—		—		—		231
PPV Intermediate Holdings, LLC#+	One stop	SF +	5.75%	(l)	11.17%				08/2029	9,613		9,470		0.4		9,469
PPV Intermediate Holdings, LLC+(23)	One stop	N/A			13.50%	PIK			08/2030	1,046		1,026		—		983
PPV Intermediate Holdings, LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—		(7)		—		(6)
PPV Intermediate Holdings, LLC+(23)	One stop	N/A			13.50%	PIK			08/2030	44		40		—		41
PPV Intermediate Holdings, LLC+(23)	One stop	N/A			13.50%	PIK			08/2030	242		239		—		227
PPV Intermediate Holdings, LLC+(23)	One stop	N/A			13.50%	PIK			08/2030	44		44		—		42
PPV Intermediate Holdings, LLC+(23)	One stop	N/A			14.25%	PIK			08/2030	2,743		2,663		0.1		2,660
Salon Lofts Group, LLC+	Senior secured	SF +	6.25%	(m)	11.59%				08/2028	3,540		3,511		0.2		3,505
Salon Lofts Group, LLC+	Senior secured	SF +	6.25%	(m)	11.60%				08/2028	75		73		—		73
Salon Lofts Group, LLC+(5)	Senior secured	SF +	6.25%		N/A(6)				08/2028	—		(8)		—		(10)
Salon Lofts Group, LLC+	Senior secured	SF +	6.25%	(l)	11.64%				08/2028	58		57		—		57
Salon Lofts Group, LLC+	Senior secured	SF +	6.25%	(m)	11.59%				08/2028	231		229		—		229

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2022~~2023

(InDollar and share amounts 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 + 5.25% 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


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Salon Lofts Group, LLC+	Senior secured	SF +	6.25%	(l)	11.64%				08/2028	$	183	$	182	—	%	$	181
Salon Lofts Group, LLC+	Senior secured	SF +	6.25%	(l)	11.64%				08/2028	76		76		—		76
Salon Lofts Group, LLC+	Second lien	SF +	9.00%	(m)	14.45%				09/2029	902		830		—		848
Salon Lofts Group, LLC+	Senior secured	SF +	6.25%	(m)	11.68%				08/2028	239		237		—		236
Salon Lofts Group, LLC+	Senior secured	SF +	6.25%	(m)	11.63%				08/2028	54		53		—		53
Salon Lofts Group, LLC+(5)	Senior secured	SF +	6.25%		N/A(6)				08/2028	—		(6)		—		(6)
SureWerx Purchaser III, Inc.+(8)	One stop	SF +	6.75%	(l)	12.14%				12/2029	20,594		20,134		0.8		20,594
SureWerx Purchaser III, Inc.+(8)	One stop	SF +	6.75%	(k)(l)	12.07%				12/2028	29		28		—		29
SureWerx Purchaser III, Inc.+(5)(8)	One stop	SF +	6.75%		N/A(6)				12/2029	—		(57)		—		—
Titan Fitness, LLC*#+(23)	One stop	SF +	6.75%	(k)(l)(m)	10.45%	cash/	2.00%	PIK	02/2025	31,131		31,236		1.1		28,639
Titan Fitness, LLC+(23)	One stop	L +	6.75%	(a)	10.00%	cash/	2.00%	PIK	02/2025	1,939		1,932		0.1		1,784
Titan Fitness, LLC+(23)	One stop	L +	6.75%	(a)	10.00%	cash/	2.00%	PIK	02/2025	500		499		—		458
Vermont Aus Pty Ltd+(8)(11)	One stop	SF +	5.50%	(l)	11.04%				03/2028	8,258		8,165		0.3		8,258
Vermont Aus Pty Ltd+(8)(9)(11)	One stop	A +	5.75%	(f)	9.94%				03/2028	7,244		8,312		0.3		7,244
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.50%	(m)	11.40%				04/2028	8,225		8,132		0.3		7,896
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.50%	(b)(l)	11.34%				04/2028	10		9		—		6
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.50%	(m)	11.31%				04/2028	106		102		—		101
										293,346		293,301		11.1		282,194

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2022~~2023

(InDollar and share amounts 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.+(23)	One stop	SF +	6.75%	(l)	11.54%	cash/	0.75%	PIK	12/2024	$	22,200	$	22,200	0.9	%	$	22,375
Agility Recovery Solutions Inc.+(23)	One stop	P +	5.50%	(b)(l)	12.47%	cash/	0.75%	PIK	12/2024	742		742		—		752
										22,942		22,942		0.9		23,127
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.+(8)(10)	One stop	L +	6.00%	(a)	11.90%				03/2028	1,954		1,936		0.1		1,856
Dollfus Mieg Company, Inc.+(8)(10)	One stop	L +	6.00%	(a)	11.90%				03/2028	974		965		—		925
Dollfus Mieg Company, Inc.+(8)(10)	One stop	L +	6.00%	(a)	11.90%				03/2028	855		848		—		813
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%	(l)	11.90%	cash/	1.50%	PIK	09/2025	9,976		9,898		0.4		9,577
Elite Sportswear, L.P.+(23)	Senior secured	SF +	7.75%	(l)	11.90%	cash/	1.50%	PIK	09/2025	4,009		3,978		0.2		3,848
Elite Sportswear, L.P.+(23)	Senior secured	SF +	7.75%	(l)	11.90%	cash/	1.50%	PIK	09/2025	2,063		2,047		0.1		1,981
Elite Sportswear, L.P.+(23)	Senior secured	SF +	7.75%	(l)	11.90%	cash/	1.50%	PIK	09/2025	113		105		—		70
Elite Sportswear, L.P.*+(23)	Senior secured	SF +	7.75%	(l)	11.90%	cash/	1.50%	PIK	09/2025	684		680		—		657
Elite Sportswear, L.P.+(23)	Senior secured	SF +	7.75%	(l)	11.90%	cash/	1.50%	PIK	09/2025	314		311		—		301
Elite Sportswear, L.P.*+(23)	Senior secured	SF +	7.75%	(l)	11.90%	cash/	1.50%	PIK	09/2025	300		297		—		288
Elite Sportswear, L.P.+(23)	Senior secured	SF +	7.75%	(l)	11.90%	cash/	1.50%	PIK	09/2025	4		4		—		2
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(l)	11.04%				11/2023	9,512		9,504		0.4		9,538
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(l)	11.04%				11/2023	6,440		6,434		0.3		6,458
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(l)	11.04%				11/2023	997		996		—		999
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(l)	11.04%				11/2023	895		895		—		898
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(l)	11.04%				11/2023	628		628		—		630
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(l)	11.04%				11/2023	2		2		—		2
SHO Holding I Corporation+	Senior secured	SF +	5.25%	(l)	10.88%				04/2024	3,918		3,920		0.2		3,644
SHO Holding I Corporation+	Senior secured	SF +	5.23%	(l)	10.86%				04/2024	56		56		—		52
SHO Holding I Corporation+	Senior secured	SF +	5.00%	(l)	10.61%				04/2024	84		84		—		78
SHO Holding I Corporation+	Senior secured	SF +	4.00%	(l)	9.63%				04/2024	50		50		—		50
SHO Holding I Corporation+	Senior secured	SF +	4.00%	(l)	9.65%				04/2024	—		—		—		—
SHO Holding I Corporation+	Senior secured	SF +	5.23%	(l)	10.83%				04/2024	—		—		—		—
										43,828		43,638		1.7		42,667
Trading Companies and Distributors
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25%	(l)	11.79%				06/2028	18,924		18,668		0.7		17,789
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25%	(l)	11.79%				06/2028	15,093		14,871		0.6		14,187
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25%	(l)	11.81%				06/2028	451		444		—		424
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25%	(l)	11.79%				06/2028	453		447		—		426
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.50%	(l)	12.04%				06/2028	4,113		4,009		0.2		3,908
Marcone Yellowstone Buyer Inc.+(5)	One stop	SF +	6.50%		N/A(6)				06/2028	—		(36)		—		—
										39,034		38,403		1.5		36,734
Water Utilities
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75%	(l)	10.27%				06/2027	16,836		16,732		0.6		15,995
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75%	(l)	10.27%				06/2027	58		57		—		51
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75%	(l)	10.27%				06/2027	79		79		—		75
Vessco Midco Holdings, LLC+	Senior secured	SF +	4.50%	(a)(m)	10.04%				11/2026	2,101		2,082		0.1		2,101
Vessco Midco Holdings, LLC+(5)	Senior secured	SF +	4.00%		N/A(6)				11/2026	—		(6)		—		—
Vessco Midco Holdings, LLC+	Senior secured	SF +	4.50%	(k)	9.92%				11/2026	206		204		—		206
Vessco Midco Holdings, LLC+	Senior secured	SF +	4.50%		N/A(6)				10/2026	—		—		—		—
										19,280		19,148		0.7		18,428
Total non-controlled/non-affiliate company debt investments										5,236,123		5,214,755		201.4		5,132,167

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, ~~2022~~2023

(InDollar and share amounts 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)
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 loan L + 7.00% (b) 10.67% 12/2022 109 109 — 109


	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	—	%	$	694
Tronair Parent, Inc.+	LLC units	N/A	N/A		N/A	—	40		—		38
							704		—		732
Auto Components
Polk Acquisition Corp.+	LP interest	N/A	N/A		N/A	5	314		—		—

Automobiles
CG Group Holdings, LLC+	LP units	N/A	N/A		N/A	1	730		—		487
Go Car Wash Parent, Corp.+(21)	Preferred stock	N/A	17.00%	Non-Cash	N/A	—	88		—		92
Go Car Wash Parent, Corp.+	Common stock	N/A	N/A		N/A	—	50		—		40
MOP GM Holding, LLC+	LP units	N/A	N/A		N/A	—	330		—		357
National Express Wash Parent Holdco, LLC+	LP units	N/A	N/A		N/A	1	61		—		70
POY Holdings, LLC+	LLC units	N/A	N/A		N/A	141	141		—		354
Quick Quack Car Wash Holdings, LLC	LLC interest	N/A	N/A		N/A	—	508		0.1		728
							1,908		0.1		2,128
Biotechnology
Cobepa BlueSky Aggregator, SCSp+	LP interest	N/A	N/A		N/A	177	1,769		0.1		1,315

Building Products
BECO Holding Company, Inc.+(21)	Preferred stock	N/A	11.75%	Non-Cash	N/A	10	1,086		0.1		1,163
BECO Holding Company, Inc.+	LP interest	N/A	N/A		N/A	2	196		—		201
							1,282		0.1		1,364
Chemicals
Inhance Technologies Holdings LLC+	Preferred stock	N/A	N/A		N/A	2	1,960		0.1		1,785
Inhance Technologies Holdings LLC+	LLC units	N/A	N/A		N/A	—	124		—		40
							2,084		0.1		1,825
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+	LP interest	N/A	N/A		N/A	540	540		—		625
EGD Security Systems, LLC +	Common stock	N/A	N/A		N/A	855	578		0.1		1,224
Franchise Brands plc+(8)(9)(10)(22)	Common stock	N/A	N/A		N/A	51	113		—		100
North Haven Stack Buyer, LLC	LLC units	N/A	N/A		N/A	359	360		—		515
PT Intermediate Holdings III, LLC+(21)	LLC units	N/A	N/A		N/A	8	767		—		898
Radwell Parent, LLC+(21)	LP units	N/A	N/A		N/A	2	233		—		293
							2,591		0.1		3,655


Containers and Packaging
Chase Intermediate+	LP units	N/A	N/A		N/A	49	25		—		56

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2022~~2023

(InDollar and share amounts 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
CHHJ Midco, LLC+(21)	LLC units	N/A	N/A	N/A	19	$	193	—	%	$	302
DP Flores Holdings, LLC+	LLC units	N/A	N/A	N/A	70	70		—		79
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		—		2
HS Spa Holdings, Inc.+	Common stock	N/A	N/A	N/A	479	479		—		496
Liminex, Inc.+	Common stock	N/A	N/A	N/A	12	434		0.1		699
NSG Buyer, Inc. +(8)	LP units	N/A	N/A	N/A	2	1,860		0.1		1,812
PADI Holdco, Inc.+	LLC interest	N/A	N/A	N/A	1	987		—		755
						4,560		0.2		4,553
Electronic Equipment, Instruments & Components
Inventus Power, Inc.+	Preferred stock	N/A	N/A	N/A	—	372		—		97
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		—		434

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 loan L + 4.25% (b) 7.06% 12/2024 11,183 11,188 0.4 10,401
RegEd Aquireco, LLC+ Senior loan 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, ~~2022~~2023

(InDollar and share amounts 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	—	%	$	896
Cafe Rio Holding, Inc.+	Common stock	N/A	N/A	N/A	5	604		—		987

Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	N/A	44	217		—		5
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	N/A	20	61		—		1
Mendocino Farms, LLC+	Common stock	N/A	N/A	N/A	168	770		0.1		1,535
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	N/A	32	389		—		183
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	N/A	2	20		—		33

						2,760		0.1		3,640
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		1,285
Kodiak Cakes, LLC+	Common stock	N/A	N/A	N/A	—	472		—		299
Louisiana Fish Fry Products, Ltd.+	Common stock	N/A	N/A	N/A	—	483		—		346
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		—		220
Purfoods, LLC+	LLC interest	N/A	N/A	N/A	—	945		0.2		4,430
						2,467		0.3		6,802
Health Care Equipment & Supplies
Aspen Medical Products, LLC+	LP interest	N/A	N/A	N/A	—	77		—		88
Blue River Pet Care, LLC+	Common stock	N/A	N/A	N/A	—	76		—		211
CCSL Holdings, LLC+(8)	LP interest	N/A	N/A	N/A	—	337		—		315
CMI Parent Inc.+	Common stock	N/A	N/A	N/A	—	132		—		186
CMI Parent Inc.+	Common stock	N/A	N/A	N/A	3	3		—		275
G & H Wire Company, Inc.+	LLC interest	N/A	N/A	N/A	335	269		—		54


						894		—		1,129

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 loan L + 4.25% (a) 7.37% 12/2024 3,445 3,470 0.1 3,427
TI Intermediate Holdings, LLC+ Senior loan L + 4.25% (a) 7.37% 12/2024 910 898 — 906
TI Intermediate Holdings, LLC+ Senior loan L + 4.25% (a) 7.37% 12/2024 428 422 — 426
TI Intermediate Holdings, LLC+ Senior loan L + 4.50% (a) 7.62% 12/2024 233 227 — 233
TI Intermediate Holdings, LLC+ Senior loan L + 4.50% (a) 7.62% 12/2024 157 156 — 157
TI Intermediate Holdings, LLC+ Senior loan 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, ~~2022~~2023

(InDollar and share amounts 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)
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


	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	—	%	$	156
Acuity Eyecare Holdings, LLC+(21)	LLC interest	N/A	N/A		N/A	1,632	2,235		0.2		4,917
Acuity Eyecare Holdings, LLC+	LLC units	N/A	N/A		N/A	889	1,023		0.1		2,950
ADCS Clinics Intermediate Holdings, LLC+	Preferred stock	N/A	N/A		N/A	2	1,119		0.1		1,562
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		—		202
CRH Healthcare Purchaser, Inc.+	LP interest	N/A	N/A		N/A	429	327		—		631
DCA Investment Holding, LLC(21)	Preferred stock	N/A	8.00%	Non-Cash	N/A	1,142	558		0.1		1,214
DCA Investment Holding, LLC	Common stock	N/A	N/A		N/A	12	5		—		22
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		N/A	—	648		—		507
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		N/A	—	61		—		76
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		—		9
Krueger-Gilbert Health Physics, LLC+	Common stock	N/A	N/A		N/A	185	212		—		267
Midwest Veterinary Partners, LLC+(21)	Preferred stock	N/A	12.00%	Non-Cash	N/A	1	1,165		0.1		1,222
Midwest Veterinary Partners, LLC+	Warrant	N/A	N/A		N/A	6	—		—		342
Midwest Veterinary Partners, LLC+(21)	Preferred stock	N/A	10.00%	Non-Cash	N/A	—	30		—		43
MWD Management, LLC & MWD Services, Inc.+	LLC interest	N/A	N/A		N/A	412	335		—		617
NDX Parent, LLC+	Common stock	N/A	N/A		N/A	—	272		—		39
NDX Parent, LLC+	Preferred stock	N/A	N/A		N/A	40	40		—		45
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	Common stock	N/A	N/A		N/A	—	321		—		311
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		0.1		799
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A		N/A	4	74		—		407
Radiology Partners, Inc.+	LLC units	N/A	N/A		N/A	11	68		—		85
Radiology Partners, Inc.+	LLC interest	N/A	N/A		N/A	43	55		—		338
Sage Dental Management, LLC+	LLC units	N/A	N/A		N/A	—	249		—		448
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		—		378



							11,715		0.7		17,603

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2022~~2023

(InDollar and share amounts 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% (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


	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	—	%	$	222
HSI Halo Acquisition, Inc.+(21)	Preferred stock	N/A			10.00%	Non-Cash	N/A	—	303		—		435
HSI Halo Acquisition, Inc.+	LP interest	N/A			N/A		N/A	—	5		—		130
Symplr Software, Inc.+(21)	Preferred stock	N/A			11.00%	Non-Cash	N/A	12	13,373		0.5		13,369
Symplr Software, Inc.+(21)	Preferred stock	SF +	10.50%	(l)	15.74%	Non-Cash	N/A	2	3,391		0.2		4,605
Symplr Software, Inc.+(21)	Preferred stock	N/A			11.00%	Non-Cash	N/A	2	1,635		0.1		1,774
Symplr Software, Inc.+(21)	Preferred stock	N/A			11.00%	Non-Cash	N/A	1	1,002		0.1		1,037
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	—		—		801
Tebra Technologies, Inc.+	Warrant	N/A			N/A		N/A	169	871		—		681
Tebra Technologies, Inc.+	Warrant	N/A			N/A		N/A	53	162		—		179
Tebra Technologies, Inc.+	LLC interest	N/A			N/A		N/A	348	2,824		0.1		3,113
Tebra Technologies, Inc.+	Preferred stock	N/A			N/A		N/A	1	8		—		12
									23,928		1.0		26,531
Hotels, Restaurants & Leisure
Freddy's Frozen Custard LLC+(21)	LP interest	N/A			N/A		N/A	206	188		—		369
Harri US LLC+	LLC units	N/A			N/A		N/A	83	658		—		609
Harri US LLC+	Preferred stock	N/A			N/A		N/A	71	455		—		512
Harri US LLC+	Warrant	N/A			N/A		N/A	24	106		—		162
LMP TR Holdings, LLC(21)	LLC units	N/A			N/A		N/A	712	712		0.1		2,437
SSRG Holdings, LLC+	LP interest	N/A			N/A		N/A	6	61		—		86
Tropical Smoothie Cafe Holdings, LLC+	LP interest	N/A			N/A		N/A	5	246		0.1		1,074
									2,426		0.2		5,249



Insurance
Accession Risk Management Group, Inc.+(21)	Preferred stock	N/A			13.25%	Non-Cash	N/A	3	2,667		0.1		2,619
Majesco+(21)	Preferred stock	N/A			9.00%	Non-Cash	N/A	—	316		—		398
Majesco+	LP interest	N/A			N/A		N/A	69	—		—		203
									2,983		0.1		3,220
Internet and Catalog Retail
Revalize, Inc.+	Preferred stock	N/A			N/A		N/A	17	17,025		0.8		19,463
Revalize, Inc.+	Preferred stock	N/A			N/A		N/A	10	10,219		0.5		11,682
Revalize, Inc.+	Preferred stock	N/A			N/A		N/A	1	1,104		—		1,218
Revalize, Inc.+	Preferred stock	N/A			N/A		N/A	7	7,034		0.3		7,225
									35,382		1.6		39,588
IT Services
Appriss Health Intermediate Holdings, Inc+(21)	Preferred stock	N/A			11.00%	Non-Cash	N/A	2	2,272		0.1		2,285
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A			N/A		N/A	587	462		0.2		4,260
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A			N/A		N/A	154	423		0.1		1,117
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A			N/A		N/A	35	291		—		256
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Warrant	N/A			N/A		N/A	202	159		0.1		1,361
Critical Start, Inc.+	Common stock	N/A			N/A		N/A	225	225		—		269
Optimizely North America, Inc.+	Common stock	N/A			N/A		N/A	75	807		—		683
Kentik Technologies, Inc.+	Preferred stock	N/A			N/A		N/A	192	1,103		—		1,103
Netwrix Corporation+(21)	LLC units	N/A			N/A		N/A	5	10		—		16

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2022~~2023

(InDollar and share amounts 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)
PCS Intermediate II Holdings, LLC+	LLC interest	N/A			N/A		N/A	37	$	367	—	%	$	574
Red Dawn SEI Buyer, Inc.+	LP interest	N/A			N/A		N/A	13	13		—		22
Saturn Borrower Inc.+	LP units	N/A			N/A		N/A	346	346		—		114

									6,478		0.5		12,060
Leisure Products
Massage Envy, LLC+	LLC interest	N/A			N/A		N/A	749	210		0.1		1,783
WBZ Investment LLC+	LLC interest	N/A			N/A		N/A	67	117		—		137
WBZ Investment LLC+	LLC interest	N/A			N/A		N/A	46	80		—		93
WBZ Investment LLC+	LLC interest	N/A			N/A		N/A	38	65		—		77
WBZ Investment LLC+	LLC interest	N/A			N/A		N/A	33	58		—		67
WBZ Investment LLC+	LLC interest	N/A			N/A		N/A	15	24		—		28
WBZ Investment LLC+	LLC interest	N/A			N/A		N/A	2	2		—		2
									556		0.1		2,187
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	—		—		287
PAS Parent Inc.+	LP interest	N/A			N/A		N/A	9	933		—		879
PAS Parent Inc.+	Preferred stock	N/A			N/A		N/A	1	139		—		162
Reaction Biology Corporation+	LLC units	N/A			N/A		N/A	—	265		—		273
									2,267		0.1		2,531
Oil, Gas and Consumable Fuels
W3 Co.+	LLC interest	N/A			N/A		N/A	3	1,633		0.1		2,002
W3 Co.+	Preferred stock	N/A			N/A		N/A	—	224		—		254
									1,857		0.1		2,256
Paper and Forest Products
Messenger, LLC+	LLC units	N/A			N/A		N/A	3	312		—		160
Messenger, LLC+	LLC units	N/A			N/A		N/A	—	—		—		—
									312		—		160
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12)	LP interest	N/A			N/A		N/A	502	502		—		432
Cobalt Buyer Sub, Inc.+(21)	Preferred stock	SF +	10.00%	(l)	15.24%	Non-Cash	N/A	8	9,066		0.4		10,241
Cobalt Buyer Sub, Inc.+	Preferred stock	N/A			N/A		N/A	—	168		—		167
Cobalt Buyer Sub, Inc.+	Common stock	N/A			N/A		N/A	2	2		—		—
									9,738		0.4		10,840

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, ~~2022~~2023

(InDollar and share amounts 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) 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


	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	—	%	$	233
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	1,402		0.1		1,598
Filevine, Inc.+	Warrant	N/A			N/A		N/A	33	49		—		171
Filevine, Inc.+	Warrant	N/A			N/A		N/A	90	90		—		92
Net Health Acquisition Corp.+	LP interest	N/A			N/A		N/A	13	1,509		0.1		1,636
Procure Acquireco, Inc.+	LP interest	N/A			N/A		N/A	—	486		—		611

									4,325		0.2		4,914
Real Estate Management & Development
Inhabit IQ Inc.+	Common stock	N/A			N/A		N/A	62	434		0.1		1,023
SC Landco Parent, LLC+	Common stock	N/A			N/A		N/A	2	274		—		254
									708		0.1		1,277
Road & Rail
Internet Truckstop Group LLC+	LP interest	N/A			N/A		N/A	408	447		—		484

Software
Anaplan, Inc.+	LP interest	N/A			N/A		N/A	385	385		—		547
Aras Corporation+(21)	Preferred stock	N/A			12.00%	Non-Cash	N/A	1	1,155		0.1		1,238
Aras Corporation+	LP interest	N/A			N/A		N/A	306	306		—		409
Astute Holdings, Inc.+	LP interest	N/A			N/A		N/A	—	304		—		731
Auvik Networks Inc.+(8)(12)	Preferred stock	N/A			N/A		N/A	26	256		—		316
Auvik Networks Inc.+(8)(12)	Preferred stock	N/A			N/A		N/A	3	29		—		36
Bayshore Intermediate #2, L.P.+	Common stock	N/A			N/A		N/A	4,095	4,095		0.2		3,596
Calabrio, Inc.+	LP interest	N/A			N/A		N/A	1	769		—		711
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		1,665
Cloudbees, Inc.+	Warrant	N/A			N/A		N/A	131	247		0.1		986
Cloudbees, Inc.+	Preferred stock	N/A			N/A		N/A	71	466		—		688
Cynet Security Ltd.+(8)(15)	Preferred stock	N/A			N/A		N/A	145	508		—		612
Denali Bidco Limited+(8)(10)	LP interest	N/A			N/A		N/A	258	335		—		335
Diligent Corporation+(21)	Preferred stock	N/A			10.50%	Non-Cash	N/A	17	18,782		0.8		19,404
Diligent Corporation+	Preferred stock	N/A			N/A		N/A	415	912		0.1		2,024
FirstUp, Inc.+	Common stock	N/A			N/A		N/A	221	541		—		317
GS Acquisitionco, Inc.+(21)	Preferred stock	N/A			11.00%	Non-Cash	N/A	26	28,686		1.1		28,365
GS Acquisitionco, Inc.+(21)	Preferred stock	N/A			11.00%	Non-Cash	N/A	2	1,727		0.1		1,660
GS Acquisitionco, Inc.+	LP interest	N/A			N/A		N/A	1	170		0.1		1,044
GS Acquisitionco, Inc.+(21)	Preferred stock	SF +	10.50%	(l)	15.88%	Non-Cash	N/A	—	49		—		49
GTY Technology Holdings, Inc.+	LP units	N/A			N/A		N/A	48	48		—		62
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	1,877		0.1		1,912
Kaseya Inc.+	LP interest	N/A			N/A		N/A	100	100		—		110
MetricStream, Inc.+	Warrant	N/A			N/A		N/A	168	263		—		163
Ministry Brands Holdings LLC+	LP interest	N/A			N/A		N/A	438	439		—		386
mParticle, Inc.+	Preferred stock	N/A			N/A		N/A	162	1,060		—		911
mParticle, Inc.+	Warrant	N/A			N/A		N/A	75	16		—		286

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2022~~2023

(InDollar and share amounts 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)
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+	Warrant	N/A			N/A		N/A	4	$	9	—	%	$	20
Panzura, LLC+	LLC units	N/A			N/A		N/A	1	4		—		4
PDI TA Holdings, Inc.+	Preferred stock	N/A			N/A		N/A	92	2,846		0.1		3,224
Personify, Inc.+	LP interest	N/A			N/A		N/A	716	942		0.1		1,779
Project Alpha Intermediate Holding, Inc.+(21)	Preferred stock	N/A			9.00%	Non-Cash	N/A	—	999		0.1		1,515
Project Alpha Intermediate Holding, Inc.+	Common stock	N/A			N/A		N/A	202	329		—		396
Pyramid Healthcare Acquisition Corp.+	Common stock	N/A			N/A		N/A	184	184		—		315
QAD, Inc.+(21)	Preferred stock	N/A			9.00%	Non-Cash	N/A	—	227		—		251
QAD, Inc.+	Common stock	N/A			N/A		N/A	15	0		—		20
Onit, Inc.+(21)	Preferred stock	N/A			15.00%	Non-Cash	N/A	—	46		—		50
Onit, Inc.+	Warrant	N/A			N/A		N/A	—	6		—		7
RegEd Aquireco, LLC+	LP interest	N/A			N/A		N/A	—	331		—		58
RegEd Aquireco, LLC+	LP interest	N/A			N/A		N/A	3	21		—		0
RegEd Aquireco, LLC+	Preferred stock	N/A			N/A		N/A	—	20		—		21
Riskonnect Parent, LLC+(21)	Preferred stock	N/A			11.00%	Non-Cash	N/A	18	20,254		0.8		19,444
Riskonnect Parent, LLC+	LP interest	N/A			N/A		N/A	857	859		—		1,125
Riskonnect Parent, LLC+(21)	Preferred stock	SF +	10.50%	(l)	15.92%	Non-Cash	N/A	—	378		—		394
SnapLogic, Inc.+	Preferred stock	N/A			N/A		N/A	278	695		0.1		1,349
SnapLogic, Inc.+	Warrant	N/A			N/A		N/A	106	75		—		345
Spartan Buyer Acquisition Co.+	Common stock	N/A			N/A		N/A	1	623		—		328
Spartan Buyer Acquisition Co.+	Preferred stock	N/A			N/A		N/A	—	38		—		44
Telesoft Holdings LLC+	LP interest	N/A			N/A		N/A	6	6		—		5
Templafy APS and Templafy, LLC+(8)(18)	Warrant	N/A			N/A		N/A	—	62		—		45
Workforce Software, LLC+	Common stock	N/A			N/A		N/A	—	973		—		668
Workforce Software, LLC+	Common stock	N/A			N/A		N/A	—	36		—		41
Zendesk, Inc.+	LP units	N/A			N/A		N/A	45	454		—		629

									95,831		4.0		100,855

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, ~~2022~~2023

(InDollar and share amounts 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+(21)	Preferred stock	N/A	11.50%	Non-Cash	N/A	9	$	9,639	0.4	%	$	9,288
Ave Holdings III, Corp+	LP units	N/A	N/A		N/A	1	1,129		—		1,077
Batteries Plus Holding Corporation+	LP interest	N/A	N/A		N/A	10	1,287		0.1		1,415
Cycle Gear, Inc.+	LLC units	N/A	N/A		N/A	2,002	481		—		—
Cycle Gear, Inc.+	Preferred stock	N/A	N/A		N/A	50	50		—		79
Imperial Optical Midco Inc.+	Preferred stock	N/A	N/A		N/A	—	122		—		50
Imperial Optical Midco Inc.+	Preferred stock	N/A	N/A		N/A	—	46		—		18
Imperial Optical Midco Inc.+	Common stock	N/A	N/A		N/A	—	—		—		80
Pet Holdings ULC+(8)(12)(21)	LP interest	N/A	N/A		N/A	677	450		—		1,035
Salon Lofts Group, LLC+	LP units	N/A	N/A		N/A	—	87		—		69
Southern Veterinary Partners, LLC+(21)	Preferred stock	N/A	12.00%	Non-Cash	N/A	5	5,629		0.2		6,002
Southern Veterinary Partners, LLC+(21)	Preferred stock	N/A	10.00%	Non-Cash	N/A	—	751		0.1		1,237
Southern Veterinary Partners, LLC+	LLC interest	N/A	N/A		N/A	148	188		0.2		5,558
VSG Acquisition Corp. and Sherrill, Inc.+	LP units	N/A	N/A		N/A	—	37		—		24
							19,896		1.0		25,932
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.+	LLC interest	N/A	N/A		N/A	97	604		—		223

Textiles, Apparel & Luxury Goods
Georgica Pine Clothiers, LLC+(21)	LLC interest	N/A	N/A		N/A	20	239		—		525
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		—		284
							618		—		1,029

Total non-controlled/non-affiliate company equity investments							241,909		11.2		284,572

Total non-controlled/non-affiliate company investments							5,456,664		212.6		5,416,739

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, ~~2022~~2023

(InDollar and share amounts 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) 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 loan 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 loan 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 loan 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 loan L + 7.75% (b) 9.66% cash/ 1.50% PIK 09/2025 157 144 — (5)
Elite Sportswear, L.P.*+ Senior loan L + 7.75% (b) 9.92% cash/ 1.50% PIK 09/2025 684 676 — 582
Elite Sportswear, L.P.+ Senior loan L + 7.75% (b) 9.92% cash/ 1.50% PIK 09/2025 313 309 — 266
Elite Sportswear, L.P.*+ Senior loan L + 7.75% (b) 9.92% cash/ 1.50% PIK 09/2025 300 295 — 255
Elite Sportswear, L.P.+ Senior loan 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 loan L + 5.25% (b) 8.06% 04/2024 3,960 3,962 0.1 3,682
SHO Holding I Corporation+ Senior loan L + 5.23% (b) 8.04% 04/2024 67 67 — 62
SHO Holding I Corporation+ Senior loan L + 5.00% (b) 8.14% 04/2024 66 66 — 62
SHO Holding I Corporation+ Senior loan L + 4.00% (b) 7.06% 04/2024 35 35 — 35
SHO Holding I Corporation+ Senior loan L + 4.00% (b) 7.09% 04/2024 — — — —
SHO Holding I Corporation+ Senior loan 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 loan L + 4.50% (a) 7.62% 06/2027 17,008 16,874 0.7 16,498
S.J. Electro Systems, LLC+ Senior loan L + 4.50% (a) 7.62% 06/2027 80 78 — 77
S.J. Electro Systems, LLC+ Senior loan L + 4.50% (a) 7.62% 06/2027 110 108 — 104
Vessco Midco Holdings, LLC+ Senior loan L + 4.50% (b) 7.77% 11/2026 584 554 — 532
Vessco Midco Holdings, LLC+ Senior loan L + 4.50% (a) 7.62% 11/2026 208 206 — 204
Vessco Midco Holdings, LLC+ Senior loan 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


	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%	(m)	13.03%				04/2024	$	6,410	$	6,397	0.2	%	$	5,128
Abita Brewing Co., L.L.C.+(7)(23)	Second lien	SF +	8.00%	(m)	13.37%				04/2024	4,229		3,725		0.1		1,396
Abita Brewing Co., L.L.C.+	One stop	SF +	8.00%		N/A(6)				04/2024	—		—		—		—


										10,639		10,122		0.3		6,524









Energy, Equipment & Services
Benetech, Inc.+(7)(23)	One stop	SF +	6.00%	(l)	11.54%				08/2024	4,138		3,623		—		1,242
Benetech, Inc.+(7)(23)	One stop	SF +	6.00%	(l)	11.54%				08/2024	1,147		982		—		111
										5,285		4,605		—		1,353
Food and Staples Retailing
Rubio's Restaurants, Inc.+(23)	Senior secured	SF +	8.00%	(l)	13.55%				12/2024	13,600		13,494		0.5		10,880
Rubio's Restaurants, Inc.+(7)(23)	Senior secured	SF +	14.00%	(l)	19.56%				12/2024	1,630		1,553		—		391
Rubio's Restaurants, Inc.+(23)	Senior secured	SF +	8.00%	(k)	13.42%				12/2024	930		923		—		649
										16,160		15,970		0.5		11,920
Healthcare Providers and Services
Bayside Opco, LLC+(23)	One stop	SF +	7.25%	(l)	12.79%				06/2026	12,108		12,005		0.5		11,866
Bayside Opco, LLC+(7)(23)	Subordinated debt	SF +	10.00%	(l)	15.54%				06/2026	4,322		3,328		0.1		3,457
Bayside Opco, LLC+(23)	One stop	SF +	7.25%	(l)	12.79%				06/2026	4,283		4,064		0.2		4,026
Bayside Opco, LLC+(23)	One stop	SF +	7.00%	(l)	6.54%	cash/	6.00%	PIK	06/2026	350		350		—		350
Elite Dental Partners LLC+(7)(23)	One stop	SF +	5.25%	(l)	10.79%	PIK			09/2024	12,988		12,337		0.3		7,533
Elite Dental Partners LLC+(7)(23)	One stop	SF +	12.00%	(l)	17.54%	PIK			09/2024	5,950		5,483		0.2		4,463
Elite Dental Partners LLC+(23)	One stop	SF +	5.25%	(l)	10.79%	PIK			09/2024	1,400		1,400		—		1,400
Opening Day Borrower 111 LLC+(7)(23)	One stop	SF +	6.25%	(l)	11.79%				05/2027	13,492		12,217		0.5		12,143
Opening Day Borrower 111 LLC+(7)(23)	One stop	SF +	6.25%	(l)	11.79%				05/2027	5,156		4,783		0.2		4,640
Opening Day Borrower 111 LLC+(5)(7)	One stop	SF +	6.25%		N/A(6)				05/2027	—		—		—		(163)
										60,049		55,967		2.0		49,715
Software
Switchfly LLC+(23)	One stop	N/A			1.00%	PIK			10/2024	6,593		6,590		0.1		4,351
Switchfly LLC+(23)	One stop	N/A			1.00%	PIK			10/2024	550		550		—		363
Switchfly LLC+(23)	One stop	N/A			1.00%	PIK			10/2024	42		42		—		28
Switchfly LLC+(5)	One stop	L +	8.50%	(a)	14.05%				10/2024	2		2		—		(28)
										7,187		7,184		0.1		4,714

Total non-controlled/affiliate company debt investments										99,320		93,848		2.9		74,226


Equity investments(19)(20)
Beverages


Abita Brewing Co., L.L.C.+	Warrant	N/A			N/A				N/A	210		$	—	—	%	$	12













Food and Staples Retailing
Rubio's Restaurants, Inc.+	Preferred stock	N/A			N/A				N/A	2,779		2,276		—		143
Rubio's Restaurants, Inc.+	Common stock	N/A			N/A				N/A	27,241		278		—		—
Rubio's Restaurants, Inc.+	Common stock	N/A			N/A				N/A	6,321		131		—		—
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 - (continued)

September 30, ~~2022~~2023

(InDollar and share amounts 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 (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, 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)
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


	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		—		143
Healthcare Providers and Services
Bayside Opco, LLC+	LLC units	N/A	N/A		N/A	6		2,592		0.1		2,345
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		7,818
								13,982		0.4		10,163
Software
Switchfly LLC+	LLC interest	N/A	N/A		N/A	98,370		2,321		0.1		2,088
Switchfly LLC+	LLC units	N/A	N/A		N/A	950		950		—		452
								3,271		0.1		2,540

Total non-controlled/affiliate company equity investments								19,970		0.5		12,858

Total non-controlled/affiliate company investments								113,818		3.4		87,084


Controlled affiliate company investments(26)
Debt investments
IT Services
MMan Acquisition Co.+(7)(23)	One stop	N/A	10.00%	PIK	08/2024	$	33,449	$	19,458	0.4	%	$	9,031
MMan Acquisition Co.+(23)	One stop	N/A	8.00%	PIK	08/2024	1,716		1,716		0.1		1,579
MMan Acquisition Co.+(23)	One stop	N/A	12.00%	PIK	08/2024	952		952		—		952
MMan Acquisition Co.+(23)	One stop	N/A	12.00%	PIK	08/2024	275		275		—		275
MMan Acquisition Co.+(23)	One stop	N/A	12.00%	PIK	08/2024	953		953		—		953
Total controlled affiliate company debt investments						37,345		23,354		0.5		12,790






Total controlled affiliate company investments								23,354		0.5		12,790

Total investments								5,593,836		216.5		5,516,613

Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)			5.23%	(27)				$	28,774	1.1	%	$	28,774
Allspring Treasury Plus Money Market Fund (CUSIP 94975H296)			5.22%	(27)				6,670		0.3		6,670
Morgan Stanley Institutional Liquidity Funds Treasury Securities Portfolio (CUSIP 61747C525)			5.21%	(27)				37,378		1.5		37,378
Total money market funds								72,822		2.9		72,822
Total investments and money market funds								$	5,666,658	219.4	%	$	5,589,435

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)
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, 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, 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.+ 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, 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, 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 — % $ 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.~~

~~100~~

~~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)
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.~~

~~101~~

~~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)
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 $ 5,257,884 $ 5,479,741 211.3 % $ 5,374,594

~~See Notes to Consolidated Financial Statements.~~

~~102~~

~~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)
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 loan L + 8.00% (b) 11.60% 12/2024 12,830 12,638 0.4 10,905
Rubio's Restaurants, Inc.+(5) Senior loan 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 debt investments $ 58,756 $ 55,804 1.8 % $ 46,983

~~See Notes to Consolidated Financial Statements.~~

~~103~~

~~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)
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 equity investments $ 10,041 0.4 % $ 10,706
Total non-controlled/affiliate investments $ 58,756 $ 65,845 2.2 % $ 57,689

~~See Notes to Consolidated Financial Statements.~~

~~104~~

~~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)
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 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 equity investments $ 927 — % $ —
Total controlled affiliate investments $ 33,818 $ 24,018 0.5 % $ 14,073
Total investments $ 5,350,458 $ 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.~~

~~105~~94

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2022~~2023

(InDollar and share amounts 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).

(1)The majority of the investments bear interest at a rate that is permitted to be determined by reference to ~~SOFR, EURIBOR,~~the Secured Overnight Financing Rate (“SOFR” or “SF”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime ~~Canadian Prime~~ (“~~CP”~~P”), ~~SONIA, AUD, CDOR~~Sterling Overnight Index Average ("SONIA" or ~~LIBOR~~“SN”), Australian Interbank Rate (”AUD” or ”A”), Canadian Bankers Acceptance Rate (”CDOR” or "C”) or London Interbank Offered Rate (“LIBOR” or “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 September 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 ~~outstandi~~ngoutstanding contract is shown. Listed below are the index rates as of September 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 September 30, ~~2022~~,2023, as the loan may have priced or repriced based on an index rate prior to September 30, ~~2022~~.2023.

(a) Denotes that all or a portion of the ~~loan~~contract was indexed to the ~~30-day~~180-day LIBOR, which was ~~3.14% as of September~~last quoted on June 30, ~~2022.~~2023 at 5.76%.

(b) Denotes that all or a portion of the ~~loan~~contract was indexed to the ~~90-day LIBOR,~~Prime rate, which was ~~3.75%~~8.50% as of September 30, ~~2022.~~2023.

(c)Denotes that all or a portion of the ~~loan~~contract was indexed to the ~~180-day LIBOR,~~30-day EURIBOR, which was ~~4.23%~~3.85% as of September 30, ~~2022.~~2023.

(d)Denotes that all or a portion of the ~~loan~~contract was indexed to the ~~Prime rate,~~90-day EURIBOR, which was ~~6.25%~~3.95% as of September 30, ~~2022.~~2023.

(e) Denotes that all or a portion of the ~~loan~~contract was indexed to the ~~90-day~~180-day EURIBOR, which was ~~1.17%~~4.13% as of September 30, ~~2022.~~2023.

(f) Denotes that all or a portion of the ~~loan~~contract was indexed to the ~~180-day EURIBOR,~~Three-Month AUD, which was ~~1.81%~~4.14% as of September 30, ~~2022.~~2023.

(g) Denotes that all or a portion of the ~~loan~~contract was indexed to the ~~Three Month AUD,~~60-day CDOR, which was ~~3.11%~~5.45% as of September 30, ~~2022.~~2023.

(h) Denotes that all or a portion of the ~~loan~~contract was indexed to the 90-day CDOR, which was ~~4.20%~~5.51% as of September 30, ~~2022.~~2023.

(i) Denotes that all or a portion of the ~~loan~~contract was indexed to SONIA, which was ~~2.19%~~5.19% as of September 30, ~~2022.~~2023.

(j) Denotes that all or a portion of the ~~loan~~contract was indexed to Daily SOFR, which was ~~2.98%~~5.31% as of September 30, ~~2022.~~2023.

(k) Denotes that all or a portion of the ~~loan~~contract was indexed to the 30-day Term SOFR which was ~~3.04%~~5.32% as of September 30, ~~2022.~~2023.

(l) Denotes that all or a portion of the ~~loan~~contract was indexed to the 90-day Term SOFR which was ~~3.59%~~5.40% as of September 30, ~~2022.~~2023.

(m) Denotes that all or a portion of the ~~loan~~contract was indexed to the 180-day Term SOFR which was ~~3.99%~~5.47% as of September 30, ~~2022.~~

~~(n)~~ ~~Denotes that all or a portion of the loan was indexed to the Canadian Prime, which was 5.45% as of September 30, 2022.~~2023.

(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, ~~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~~“Note 6. Fair Value ~~Measurements.~~Measurements”.

(6)The entire commitment was unfunded as of September 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 September 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, ~~Act.~~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 September 30, ~~2022,~~2023, total non-qualifying assets at fair value represented ~~11.6%~~15.2% of the Company's total assets calculated in accordance with the 1940 Act.