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  • 10-Q Filing

Golub Capital BDC (GBDC) 10-Q2022 Q1 Quarterly report

Filed: 9 Feb 22, 4:04pm
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    SEC
    • 10-Q Quarterly report
    • 31.1 Management certification of annual or quarterly disclosure
    • 31.2 Management certification of annual or quarterly disclosure
    • 32.1 Management certification of annual or quarterly disclosure
    Related press release
    • 10 Jan 22 Golub Capital BDC, Inc. Announces $867.7 Million In New Middle-market Originations for Its Fiscal Year 2022 First Quarter
    Associated GBDC transcripts
    Earnings call transcript
    2022 Q1
    11 Feb 22
    GBDC similar filings
    • 2023 Q1 Quarterly report
    • 2022 Q3 Quarterly report
    • 2022 Q2 Quarterly report
    • 2022 Q1 Quarterly report
    • 2021 Q3 Quarterly report
    • 2021 Q2 Quarterly report
    • 2021 Q1 Quarterly report
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    ______________________________________________________________________________________________________
    UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    WASHINGTON, DC 20549
    ______________________________________________________________________________________________________ 
    FORM 10-Q

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

    For the Quarterly Period Ended December 31, 2021

    OR

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

    For the transition period from _____ to _____

    Commission File Number 814-00794

    Golub Capital BDC, Inc.
    (Exact name of registrant as specified in its charter)
    Delaware27-2326940
    (State or other jurisdiction of incorporation or organization)  (I.R.S. Employer Identification No.)
    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 classTrading SymbolName of each exchange on which registered
    Common Stock, par value $0.001 per shareGBDC The Nasdaq Global Select Market

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

    Indicate by check mark whether the registrant has submitted electronically 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 o No   o

    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and
    “emerging growth company” in Rule 12b-2 of the Exchange Act.
    Large accelerated filer  þ
    Accelerated filer o
    Non-accelerated filer  o
    Smaller reporting company o
    Emerging growth company o

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

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

    As of February 9, 2022, the Registrant had 170,865,742 shares of common stock, $0.001 par value, outstanding.


    Part I. Financial Information  
    Item 1.Financial Statements
    3
    Consolidated Statements of Financial Condition as of December 31, 2021 (unaudited) and September 30, 2021
    3
    Consolidated Statements of Operations for the three months ended December 31, 2021 (unaudited) and 2020 (unaudited)
    4
    Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2021 (unaudited) and 2020 (unaudited)
    5
    Consolidated Statements of Cash Flows for the three months ended December 31, 2021 (unaudited) and 2020 (unaudited)
    6
    Consolidated Schedules of Investments as of December 31, 2021 (unaudited) and September 30, 2021
    10
    Notes to Consolidated Financial Statements (unaudited)
    99
    Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
    135
    Item 3.Quantitative and Qualitative Disclosures about Market Risk
    159
    Item 4.Controls and Procedures
    160
    Part II. Other Information
    Item 1.Legal Proceedings
    161
    Item 1A.Risk Factors
    161
    Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
    161
    Item 3.Defaults Upon Senior Securities
    161
    Item 4.Mine Safety Disclosures
    161
    Item 5.Other Information
    161
    Item 6.Exhibits
    162

    2
    TABLE OF CONTENTS
    Golub Capital BDC, Inc. and Subsidiaries
    Consolidated Statements of Financial Condition
    (In thousands, except share data)

    December 31, 2021September 30, 2021
    (unaudited)
    Assets    
    Investments, at fair value    
    Non-controlled/non-affiliate company investments$5,068,604 $4,815,270 
    Non-controlled affiliate company investments62,528 61,379 
    Controlled affiliate company investments15,634 18,237 
    Total investments, at fair value (amortized cost of $5,143,591 and $4,895,397, respectively)5,146,766 4,894,886 
    Cash and cash equivalents180,203 175,593 
    Foreign currencies (cost of $2,445 and $5,145, respectively)2,480 5,497 
    Restricted cash and cash equivalents117,144 61,824 
    Restricted foreign currencies (cost of $1,641 and $1,442, respectively)1,650 1,429 
    Cash collateral held at broker for forward currency contracts6,960 6,960 
    Interest receivable21,268 18,261 
    Receivable from investments sold3,023 97 
    Unrealized appreciation on forward currency contracts371 90 
    Other assets572 278 
    Total Assets$5,480,437 $5,164,915 
    Liabilities    
    Debt$2,852,832 $2,569,228 
    Less unamortized debt issuance costs22,404 17,850 
    Debt less unamortized debt issuance costs2,830,428 2,551,378 
    Interest payable16,184 12,516 
    Management and incentive fees payable20,799 12,247 
    Accounts payable and other liabilities5,547 5,788 
    Payable for investments purchased— 294 
    Total Liabilities2,872,958 2,582,223 
    Commitments and Contingencies (Note 8)    
    Net Assets    
    Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2021 and September 30, 2021— — 
    Common stock, par value $0.001 per share, 200,000,000 shares authorized, 170,865,742 and 170,028,584 shares issued and outstanding as of December 31, 2021 and September 30, 2021, respectively171 170 
    Paid in capital in excess of par2,676,967 2,664,251 
    Distributable earnings (losses)(69,659)(81,729)
    Total Net Assets2,607,479 2,582,692 
    Total Liabilities and Total Net Assets$5,480,437 $5,164,915 
    Number of common shares outstanding170,865,742 170,028,584 
    Net asset value per common share$15.26 $15.19 


    See Notes to Consolidated Financial Statements.
    3
    TABLE OF CONTENTS
    Golub Capital BDC, Inc. and Subsidiaries
    Consolidated Statements of Operations (unaudited)
    (In thousands, except share data)

    Three months ended
      December 31, 2021December 31, 2020
    Investment income    
    From non-controlled/non-affiliate company investments:    
    Interest income$84,222 $71,522 
    Dividend income317 160 
    Fee income1,009 907 
    Total investment income from non-controlled/non-affiliate company investments85,548 72,589 
    From non-controlled affiliate company investments:    
    Interest income1,017 1,475 
    Total investment income from non-controlled affiliate company investments1,017 1,475 
    From controlled affiliate company investments:  
    Interest income2 (18)
    Total investment income from controlled affiliate company investments2 (18)
    Total investment income86,567 74,046 
    Expenses    
    Interest and other debt financing expenses17,836 15,081 
    Base management fee17,501 15,224 
    Incentive fee3,381 2,004 
    Professional fees899 837 
    Administrative service fee1,818 1,602 
    General and administrative expenses342 291 
    Total expenses41,777 35,039 
    Net investment income44,790 39,007 
    Net gain (loss) on investment transactions    
    Net realized gain (loss) from:    
    Non-controlled/non-affiliate company investments15,599 4,125 
    Non-controlled affiliate company investments(1,026)(5,739)
    Foreign currency transactions(25)(778)
    Net realized gain (loss) on investment transactions14,548 (2,392)
    Net change in unrealized appreciation (depreciation) from:  
    Non-controlled/non-affiliate company investments5,473 54,069 
    Non-controlled affiliate company investments907 9,071 
    Controlled affiliate company investments(2,694)(50)
    Translation of assets and liabilities in foreign currencies268 (1,374)
    Forward currency contracts281 (3,892)
    Net change in unrealized appreciation (depreciation) on investment transactions4,235 57,824 
    Net gain (loss) on investment transactions18,783 55,432 
    (Provision) benefit for taxes on unrealized appreciation on investments$(495)$— 
    Net increase (decrease) in net assets resulting from operations$63,078 $94,439 
    Per Common Share Data    
    Basic and diluted earnings per common share (Note 10)$0.37 $0.56 
    Dividends and distributions declared per common share$0.30 $0.29 
    Basic and diluted weighted average common shares outstanding (Note 10)170,046,783 167,259,511 

    See Notes to Consolidated Financial Statements.
    4
    TABLE OF CONTENTS
    Golub Capital BDC, Inc. and Subsidiaries
    Consolidated Statements of Changes in Net Assets (unaudited)
    (In thousands, except share data)
    Common StockPaid in Capital in Excess of ParDistributable Earnings (Losses)Total Net Assets
    SharesPar Amount
    Balance at September 30, 2020167,259,511 167 2,624,608 (228,582)2,396,193 
    Net increase (decrease) in net assets resulting from operations:
    Net investment income— — — 39,007 39,007 
    Net realized gain (loss) on investments and foreign currency transactions— — — (2,392)(2,392)
    Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward currency contracts— — — 57,824 57,824 
    Distributions to stockholders:
    Distributions from distributable earnings— — — (48,505)(48,505)
    Total increase for the three months ended December 31, 2020— — — 45,934 45,934 
    Balance at December 31, 2020167,259,511 $167 $2,624,608 $(182,648)$2,442,127 
    Balance at September 30, 2021170,028,584 170 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 investments and foreign currency transactions— — — 14,548 14,548 
    Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward currency contracts— — — 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 plan837,158 1 12,716 — 12,717 
    Distributions from distributable earnings— — — (51,008)(51,008)
    Total increase for the three months ended December 31, 2021837,158 1 12,716 12,070 24,787 
    Balance at December 31, 2021170,865,742 $171 $2,676,967 $(69,659)$2,607,479 



    See Notes to Consolidated Financial Statements.
    5
    TABLE OF CONTENTS

    Golub Capital BDC, Inc. and Subsidiaries
    Consolidated Statements of Cash Flows (unaudited)
    (In thousands, except share data)

    Three months ended December 31,
      20212020
    Cash flows from operating activities    
    Net increase (decrease) in net assets resulting from operations$63,078 $94,439 
    Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
    Amortization of deferred debt issuance costs1,667 1,204 
    Accretion of discounts and amortization of premiums on investments(640)4,624 
    Accretion of discounts and amortization of premiums on issued debt securities467 471 
    Net realized (gain) loss on investments(14,573)1,614 
    Net realized (gain) loss on foreign currency transactions25 778 
    Net change in unrealized (appreciation) depreciation on investments(3,686)(63,090)
    Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies(268)1,374 
    Net change in unrealized (appreciation) depreciation on forward currency contracts(281)3,892 
    Proceeds from (fundings of) revolving loans, net(336)3,911 
    Fundings of investments(890,932)(490,007)
    Proceeds from principal payments and sales of portfolio investments661,760 278,665 
    PIK interest(3,473)(4,725)
    Changes in operating assets and liabilities:
    Interest receivable(3,007)(1,365)
    Cash collateral held at broker for forward currency contracts— (2,100)
    Receivable from investments sold(2,926)259 
    Other assets(294)665 
    Interest payable3,668 4,676 
    Management and incentive fees payable8,552 (17)
    Payable for investments purchased(294)— 
    Accounts payable and other liabilities(241)(140)
    Net cash provided by (used in) operating activities(181,734)(164,872)
    Cash flows from financing activities    
    Borrowings on debt620,205 797,389 
    Repayments of debt(336,800)(491,339)
    Capitalized debt issuance costs(6,221)(6,130)
    Distributions paid(38,291)(33,846)
    Purchases of common stock under dividend reinvestment plan— (14,659)
    Net cash provided by (used in) financing activities238,893 251,415 
    Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies57,159 86,543 
    Effect of foreign currency exchange rates(25)192 
    Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, beginning of period244,343 184,430 
    Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, end of period$301,477 $271,165 
    Supplemental disclosure of cash flow information:    
    Cash paid during the period for interest$12,034 $8,731 
    Income tax paid during the period— — 
    Distributions declared during the period51,008 48,505 
    Supplemental disclosure of non-cash operating and financing activities:
    Stock issued in connection with dividend reinvestment plan$12,717 $— 
    Proceeds from issuance of Class A-2-R GCIC 2018 Notes— 38,500 
    Redemptions of Class A-2 GCIC 2018 Notes— (38,500)

    See Notes to Consolidated Financial Statements.
    6

    TABLE OF CONTENTS

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





    The following table provides a reconciliation of cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies reported within the Consolidated Statements of Financial Condition that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:
    As of December 31,
    20212020
    Cash and cash equivalents$180,203 $26,500 
    Foreign currencies (cost of $2,445 and $527, respectively)2,480 527 
    Restricted cash and cash equivalents117,144 242,783 
    Restricted foreign currencies (cost of $1,641 and $1,340, respectively)1,650 1,355 
    Total cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows$301,477 $271,165 
    See Note 2. Significant Accounting Policies and Recent Accounting Updates for a description of cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies.



    See Notes to Consolidated Financial Statements.
    7
    TABLE OF CONTENTS
    Golub Capital BDC, Inc. and Subsidiaries
    Consolidated Schedule of Investments (unaudited)
    December 31, 2021
    (In thousands)
    Investment Type
    Spread
    Above
    Index(1)
    Interest
    Rate(2)
    		Maturity
    Date
    Principal ($) /
    Shares(3)
    		Amortized CostPercentage
    of Net
    Assets
    Fair
    Value (4)
    Investments                 
    Non-controlled/non-affiliate company investments               
    Debt investments                 
    Aerospace and Defense                 
    NTS Technical Systems*#+~Senior loan L + 5.50%(c) 6.50% 06/2023 $40,072 $39,910 1.5%$40,072
    NTS Technical Systems~Second lien L + 9.75%(c) 10.75% 12/2023 4,589 4,532 0.24,589
    NTS Technical Systems+Senior loan L + 5.50%(c) 6.50% 06/2023 3,091 3,047 0.13,091
    NTS Technical Systems+(5)Senior loan L + 5.50% N/A(6) 06/2023 — (22)——
    Tronair Parent, Inc.+Senior loan L + 6.25%(c) 6.75% cash/0.50% PIK 09/2023 682 678 —606
    Tronair Parent, Inc.+Senior loan L + 6.25%(c) 6.75% cash/0.50% PIK 06/2023 32 30 —16
    Whitcraft LLC*#+~One stop L + 6.00%(c) 7.00% 04/2023 63,091 63,292 2.461,198
    Whitcraft LLC+(5)One stop L + 6.00% N/A(6) 04/2023 — (1)—(9)
    111,557 111,466 4.2109,563 
    Airlines
    Aurora Lux Finco S.A.R.L.+(8)(13)One stop L + 6.00%(c) 7.00% 12/2026 982 966 —933
    Auto Components                 
    Covercraft Parent III, Inc.+Senior loan L + 4.50%(c)(f) 5.50% 08/2027 4,927 4,880 0.24,927
    Covercraft Parent III, Inc.+Senior loan L + 4.50%(c) 5.50% 08/2027 994 970 0.1994
    Covercraft Parent III, Inc.+(5)Senior loan L + 4.50% N/A(6) 08/2027 — (1)——
    North Haven Falcon Buyer, LLC+One stop L + 6.00%(c) 7.00% 05/2027 6,145 6,035 0.26,145
    North Haven Falcon Buyer, LLC+One stop L + 6.00%(c) 7.00% 05/2027 120 102 —120
    Polk Acquisition Corp.*#+Senior loan L + 6.00%(a) 7.00% 12/2023 18,059 17,950 0.718,059
    Polk Acquisition Corp.+Senior loan L + 6.00%(a) 7.00% 12/2023 181 182 —181
    Polk Acquisition Corp.+Senior loan L + 6.00%(a) 7.00% 12/2023 106 105 —106
    Power Stop, LLC+~Senior loan L + 4.50%(a) 4.60% 10/2025 2,806 2,846 0.12,806
       33,338 33,069 1.3 33,338 
    Automobiles                 
    CG Group Holdings, LLC*#+One stop L + 5.25%(c) 6.25% 07/2027 31,463 31,172 1.231,463
    CG Group Holdings, LLC+One stop L + 5.25%(a)(c) 6.25% 07/2026 336 332 —336
    Cobblestone Intermediate Holdco, LLC+One stop L + 5.50%(a) 6.25% 01/2026 5,607 5,553 0.25,551
    Cobblestone Intermediate Holdco, LLC+One stop L + 5.50%(c) 6.25% 01/2026 697 654 —653
    Denali Midco 2, LLC+One stop L + 5.50%(c) 6.25% 12/2027 43,188 42,758 1.642,756
    Denali Midco 2, LLC+One stop L + 5.50%(c) 6.25% 12/2027 100 95 —95
    Denali Midco 2, LLC+(5)One stop L + 5.50% N/A(6) 12/2027 — (15)—(15)
    JHCC Holdings LLC+One stop L + 5.75%(c) 6.75% 09/2025 15,433 15,228 0.615,411
    JHCC Holdings LLC+One stop P + 4.75%(f) 8.00% 08/2027 499 495 —504
    JHCC Holdings LLC+One stop L + 5.75%(c)(f) 7.14% 09/2025 297 295 —297
    JHCC Holdings LLC+One stop P + 4.75%(c)(f) 7.95% 09/2025 32 31 —31
    JHCC Holdings LLC+(5)One stop L + 5.75% N/A(6) 08/2027 — (31)—29
    See Notes to Consolidated Financial Statements.
    8
    TABLE OF CONTENTS
    Golub Capital BDC, Inc. and Subsidiaries
    Consolidated Schedule of Investments (unaudited) - (continued)
    December 31, 2021
    (In thousands)
    Investment Type
    Spread
    Above
    Index(1)
    Interest
    Rate(2)
    		Maturity
    Date
    Principal ($) /
    Shares(3)
    		Amortized CostPercentage
    of Net
    Assets
    Fair
    Value (4)
    Automobiles - (continued)
    MOP GM Holding, LLC*#~One stop L + 5.75%(c) 6.75% 11/2026 $24,160 $23,913 0.9%$24,160
    MOP GM Holding, LLC+One stop L + 5.75%(b) 6.75% 11/2026 2,649 2,625 0.12,649
    MOP GM Holding, LLC+One stop L + 5.75%(c) 6.75% 11/2026 2,604 2,578 0.12,604
    MOP GM Holding, LLC+One stop L + 5.75%(c) 6.75% 11/2026 1,925 1,905 0.11,925
    MOP GM Holding, LLC+One stop L + 5.75%(d)(f) 7.04% 11/2026 129 127 —129
    MOP GM Holding, LLC+(5)One stop L + 5.75% N/A(6) 11/2026 — (48)——
    POY Holdings, LLC+One stop L + 5.50%(c) 6.50% 11/2027 9,615 9,427 0.49,519
    POY Holdings, LLC+One stop L + 5.50%(c) 6.50% 11/2027 54 50 —52
    POY Holdings, LLC+(5)One stop L + 5.50% N/A(6) 11/2027 — (2)—(2)
    Quick Quack Car Wash Holdings, LLC*#One stop L + 5.50%(c) 6.50% 10/2024 12,916 12,927 0.512,916
    Quick Quack Car Wash Holdings, LLC+One stop L + 5.50%(c) 6.50% 10/2024 9,253 9,198 0.49,253
    Quick Quack Car Wash Holdings, LLC#+One stop L + 5.50%(c) 6.50% 10/2024 2,331 2,316 0.12,331
    Quick Quack Car Wash Holdings, LLC*+One stop L + 5.50%(c) 6.50% 10/2024 2,036 2,064 0.12,036
    Quick Quack Car Wash Holdings, LLC*+One stop L + 5.50%(c) 6.50% 10/2024 1,361 1,379 0.11,361
    Quick Quack Car Wash Holdings, LLC*+One stop L + 5.50%(c) 6.50% 10/2024 1,108 1,134 —1,108
    Quick Quack Car Wash Holdings, LLC+One stop L + 5.50% N/A(6) 10/2024 — — ——
    TWAS Holdings, LLC+One stop L + 6.75%(c) 7.75% 12/2026 40,765 40,361 1.540,357
    TWAS Holdings, LLC*+One stop L + 6.75%(a) 7.75% 12/2026 30,800 30,476 1.230,492
    TWAS Holdings, LLC+One stop L + 6.75%(a) 7.75% 12/2026 7,994 7,912 0.37,914
    TWAS Holdings, LLC+(5)One stop L + 6.75% N/A(6) 12/2026 — (4)—(4)
    TWAS Holdings, LLC+(5)One stop L + 6.75% N/A(6) 12/2026 — (10)—(10)
    247,352 244,895 9.4245,901 
    Beverages
    Fintech Midco, LLC*#One stop L + 5.50%(c) 6.25% 08/2024 24,100 24,308 0.924,100 
    Fintech Midco, LLC+One stop L + 5.50%(c) 6.25% 08/2024 15,299 15,163 0.615,299 
    Fintech Midco, LLC#+One stop L + 5.50%(c) 6.25% 08/2024 1,116 1,140 —1,116 
    Fintech Midco, LLC+(5)One stop L + 5.50% N/A(6) 08/2024 — (1)—— 
    Watermill Express, LLC+One stop L + 5.25%(c) 6.25% 04/2027 2,261 2,241 0.12,261 
    Watermill Express, LLC+One stop L + 5.25% N/A(6) 04/2027 — — —— 
    Watermill Express, LLC+(5)One stop L + 5.25% N/A(6) 04/2027 — (1)—— 
    Winebow Holdings, Inc.+One stop L + 6.25%(a) 7.25% 07/2025 7,859 7,760 0.37,859 
    50,635 50,610 1.950,635 


    See Notes to Consolidated Financial Statements.
    9
    TABLE OF CONTENTS
    Golub Capital BDC, Inc. and Subsidiaries
    Consolidated Schedule of Investments (unaudited) - (continued)
    December 31, 2021
    (In thousands)
    Investment Type
    Spread
    Above
    Index(1)
    Interest
    Rate(2)
    		Maturity
    Date
    Principal ($) /
    Shares(3)
    		Amortized CostPercentage
    of Net
    Assets
    Fair
    Value (4)
    Building Products
    BECO Holding Company, Inc.#+One stop L + 5.50%(c) 6.25% 11/2028 $7,595 $7,520 0.3%$7,519 
    BECO Holding Company, Inc.+(5)One stop L + 5.50% N/A(6) 11/2027 — (4)—(5)
    BECO Holding Company, Inc.+(5)One stop L + 5.50% N/A(6) 11/2028 — (19)—(19)
    Jensen Hughes, Inc.+Senior loan L + 4.50%(b)(c) 5.50% 03/2024 4,138 4,139 0.24,138 
    Jensen Hughes, Inc.+Senior loan L + 4.50%(a)(c) 5.50% 03/2024 1,400 1,421 0.11,400 
    Jensen Hughes, Inc.+Senior loan L + 4.50%(b)(c) 5.50% 03/2024 902 911 —902 
    Jensen Hughes, Inc.+Senior loan L + 4.50%(c) 5.50% 03/2024 850 843 —850 
    Jensen Hughes, Inc.+Senior loan L + 4.50%(b)(c) 5.50% 03/2024 433 442 —433 
    Jensen Hughes, Inc.+Senior loan L + 4.50%(c) 5.50% 03/2024 276 278 —276 
    Jensen Hughes, Inc.+Senior loan L + 4.50%(b)(c) 5.50% 03/2024 215 215 —215 
    Jensen Hughes, Inc.+Senior loan L + 4.50%(c) 5.50% 03/2024 115 115 —115 
    Jensen Hughes, Inc.+(5)Senior loan L + 4.50% N/A(6) 03/2024 — (13)—— 
    15,924 15,848 0.615,824 
    Chemicals
    Inhance Technologies Holdings LLC#+One stop L + 6.00%(c) 7.00% 07/2024 12,541 12,622 0.512,415 
    Inhance Technologies Holdings LLC+One stop L + 6.00%(a) 7.00% 07/2024 9,988 9,891 0.49,888 
    Inhance Technologies Holdings LLC+One stop L + 6.00%(c) 7.00% 07/2024 1,906 1,897 0.11,886 
    Inhance Technologies Holdings LLC+One stop L + 6.00%(c) 7.00% 07/2024 28 28 —26 
    PHM NL SP Bidco B.V.+(8)(9)(14)One stop E + 6.25%(g) 6.25% 10/2028 36,686 36,067 1.436,025 
    PHM NL SP Bidco B.V.+(8)(14)One stop L + 6.25%(d) 6.75% 10/2028 13,766 13,533 0.513,766 
    PHM NL SP Bidco B.V.+(8)(9)(14)One stop SN + 6.25%(o) 6.44% 10/2028 7,942 7,942 0.38,132 
    PHM NL SP Bidco B.V.+(8)(9)(14)One stop E + 6.25%(h) 6.25% 10/2028 3,779 3,716 0.13,808 
    86,636 85,696 3.385,946 
    Commercial Services & Supplies
    CI (Quercus) Intermediate Holdings, LLC+One stop L + 5.50%(c) 6.25% 10/2028 14,991 14,773 0.614,878 
    CI (Quercus) Intermediate Holdings, LLC+One stop L + 5.50%(c) 6.25% 10/2028 714 683 —687 
    CI (Quercus) Intermediate Holdings, LLC+(5)One stop L + 5.50% N/A(6) 10/2028 — (3)—(2)
    Amarok LLC+One stop L + 5.75%(c) 6.50% 12/2028 52,537 52,016 2.052,012 
    Amarok LLC+One stop L + 5.75%(c) 6.50% 12/2027 150 145 —145 
    Amarok LLC+(5)One stop L + 5.75% N/A(6) 12/2028 — (6)—(6)
    FFPLS Holdings, LLC+One stop L + 5.75%(c)(d) 6.50% 10/2027 4,117 4,021 0.24,076 
    FFPLS Holdings, LLC+One stop L + 5.75%(c) 6.50% 10/2027 56 54 —54 
    FFPLS Holdings, LLC+(5)One stop L + 5.75% N/A(6) 10/2027 — (56)—(57)
    Hydraulic Authority III Limited+~(8)(9)(10)One stop SN + 5.50%(o) 6.50% 11/2025 10,996 11,153 0.511,814 
    Hydraulic Authority III Limited+(8)(9)(10)One stop N/A 11.00% PIK 11/2028 248 252 —263 


    See Notes to Consolidated Financial Statements.
    10
    TABLE OF CONTENTS
    Golub Capital BDC, Inc. and Subsidiaries
    Consolidated Schedule of Investments (unaudited) - (continued)
    December 31, 2021
    (In thousands)
    Investment Type
    Spread
    Above
    Index(1)
    Interest
    Rate(2)
    		Maturity
    Date
    Principal ($) /
    Shares(3)
    		Amortized CostPercentage
    of Net
    Assets
    Fair
    Value (4)
    Commercial Services & Supplies - (continued)
    Hydraulic Authority III Limited+(8)(9)(10)One stop SN + 5.50% N/A(6) 11/2025 $— $— —%$— 
    North Haven Stack Buyer, LLC*+One stop L + 5.50%(c) 6.50% 07/2027 8,833 8,669 0.48,833 
    North Haven Stack Buyer, LLC+One stop L + 5.50%(c) 6.50% 07/2027 261 199 —261 
    North Haven Stack Buyer, LLC+(5)One stop L + 5.50% N/A(6) 07/2027 — (1)—— 
    OVG Business Services, LLC+One stop L + 6.25%(c) 7.25% 11/2028 1,809 1,769 0.11,791 
    OVG Business Services, LLC+(5)One stop L + 5.50% N/A(6) 11/2026 — — —(1)
    Profile Products LLC+One stop L + 5.50%(c) 6.25% 11/2027 4,995 4,897 0.24,895 
    Profile Products LLC+(8)One stop L + 5.50%(c) 6.25% 11/2027 1,295 1,270 —1,269 
    Profile Products LLC+(5)One stop L + 5.50% N/A(6) 11/2027 — (1)—(1)
    Profile Products LLC+(5)One stop L + 5.50% N/A(6) 11/2027 — (14)—(14)
    Profile Products LLC+(5)One stop L + 5.50% N/A(6) 11/2027 — (1)—(1)
    PT Intermediate Holdings III, LLC+~One stop L + 5.50%(c) 6.25% 11/2028 29,746 29,162 1.129,448 
    PT Intermediate Holdings III, LLC+One stop L + 5.50%(c) 6.25% 11/2028 9,975 9,833 0.49,875 
    Radwell International, LLC+One stop L + 5.25%(c) 6.00% 07/2027 3,909 3,896 0.13,909 
    Radwell International, LLC+One stop L + 5.25%(c) 6.00% 07/2027 267 267 —267 
    Radwell International, LLC+One stop L + 5.50% N/A(6) 07/2027 — — —— 
    Trinity Air Consultants Holdings Corporation+One stop L + 5.25%(c) 6.00% 06/2027 2,458 2,413 0.12,458 
    Trinity Air Consultants Holdings Corporation+One stop L + 5.25%(a) 6.25% 06/2027 14 13 —14 
    Trinity Air Consultants Holdings Corporation+(5)One stop L + 5.25% N/A(6) 06/2027 — (1)—— 
    WRE Holding Corp.*#Senior loan L + 5.50%(b)(c) 6.50% 01/2025 2,247 2,252 0.12,247 
    WRE Holding Corp.+Senior loan L + 5.50%(b)(c) 6.50% 01/2025 928 935 —928 
    WRE Holding Corp.+Senior loan L + 5.50%(b)(c) 6.50% 01/2025 680 677 —680 
    WRE Holding Corp.+Senior loan L + 5.50%(b)(c) 6.50% 01/2025 403 400 —403 
    WRE Holding Corp.+Senior loan L + 5.50%(c) 6.50% 01/2025 129 133 —129 
    WRE Holding Corp.+Senior loan L + 5.50%(b) 6.50% 01/2025 24 24 —24 
    WRE Holding Corp.+Senior loan L + 5.50%(b)(c) 6.50% 01/2025 23 23 —23 
    151,805 149,846 5.8151,301 
    Communications Equipment
    Lightning Finco Limited+(8)(10)One stop L + 5.75%(d) 6.50% 09/2028 10,349 10,152 0.410,349 
    Lightning Finco Limited+(8)(9)(10)One stop E + 5.75%(h) 6.50% 09/2028 1,262 1,238 0.11,208 
    11,611 11,390 0.511,557 
    Containers and Packaging
    AmerCareRoyal LLC+Senior loan L + 9.00%(a) 6.00% cash/4.00% PIK 11/2025 790 779 —790 
    AmerCareRoyal LLC+Senior loan L + 9.00%(a) 6.00% cash/4.00% PIK 11/2025 169 166 —169 
    AmerCareRoyal LLC+Senior loan L + 9.00%(a) 6.00% cash/4.00% PIK 11/2025 164 161 —164 
    AmerCareRoyal LLC+(8)Senior loan L + 9.00%(a) 6.00% cash/4.00% PIK 11/2025 147 144 —147 
    Berry Intermediate, LLC+One stop L + 5.50%(c) 6.25% 10/2028 2,691 2,673 0.12,664 
    Berry Intermediate, LLC+One stop L + 5.50%(a) 6.25% 10/2028 442 409 —408 
    Berry Intermediate, LLC+(5)One stop L + 5.50% N/A(6) 10/2028 — (3)—(4)
    Berry Intermediate, LLC+(5)One stop L + 5.50% N/A(6) 10/2028 — — —(35)
    Fortis Solutions Group LLC*#+One stop L + 5.50%(c) 6.25% 10/2028 24,903 24,420 1.024,654 
    Fortis Solutions Group LLC+(5)One stop L + 5.50% N/A(6) 10/2027 — (6)—(3)
    Fortis Solutions Group LLC+(5)One stop L + 5.50% N/A(6) 10/2028 — (99)—(102)
     29,306 28,644 1.128,852 

    See Notes to Consolidated Financial Statements.
    11
    TABLE OF CONTENTS
    Golub Capital BDC, Inc. and Subsidiaries
    Consolidated Schedule of Investments (unaudited) - (continued)
    December 31, 2021
    (In thousands)
    Investment Type
    Spread
    Above
    Index(1)
    Interest
    Rate(2)
    		Maturity
    Date
    Principal ($) /
    Shares(3)
    		Amortized CostPercentage
    of Net
    Assets
    Fair
    Value (4)
    Distributors
    PetroChoice Holdings, Inc.#+Senior loan L + 5.00%(c) 6.00% 08/2022 $3,232 $3,235 0.1%$3,095 
    WSC Holdings Midco LLC+Senior loan L + 4.50%(c) 5.50% 07/2027 2,984 2,956 0.12,984 
    WSC Holdings Midco LLC+(5)Senior loan L + 4.50% N/A(6) 07/2027 — (1)—— 
    WSC Holdings Midco LLC+(5)Senior loan L + 4.50% N/A(6) 07/2027 — (17)—— 
    6,216 6,173 0.2 6,079 
    Diversified Consumer Services
    Certus Pest, Inc.#One stop L + 5.75%(c) 6.75% 02/2026 1,601 1,570 0.11,601 
    Certus Pest, Inc.#One stop L + 5.75%(c) 6.75% 02/2026 1,527 1,478 0.11,527 
    Certus Pest, Inc.#One stop L + 5.75%(c) 6.75% 02/2026 1,080 1,071 —1,080 
    Certus Pest, Inc.+One stop L + 5.75%(c) 6.75% 02/2026 758 743 —758 
    Certus Pest, Inc.#One stop L + 5.75%(c) 6.75% 02/2026 669 631 —669 
    Certus Pest, Inc.+One stop L + 5.75%(a) 6.75% 02/2026 385 376 —385 
    Certus Pest, Inc.+One stop L + 5.75%(c) 6.75% 02/2026 240 223 —240 
    Certus Pest, Inc.+One stop L + 5.75%(c) 6.75% 02/2026 132 100 —132 
    Certus Pest, Inc.+One stop L + 5.75%(c) 6.75% 02/2026 55 49 —55 
    Certus Pest, Inc.+One stop L + 5.75% N/A(6) 02/2026 — — —— 
    Certus Pest, Inc.+(5)One stop L + 5.75% N/A(6) 02/2026 — (5)—— 
    Certus Pest, Inc.+One stop L + 5.75% N/A(6) 02/2026 — — —— 
    CHHJ Franchising, LLC#Senior loan P + 4.00%(f) 7.25% 01/2026 2,744 2,721 0.12,744 
    CHHJ Franchising, LLC+Senior loan P + 4.00%(f) 7.25% 01/2026 4 4 —4 
    COP Hometown Acquisitions, Inc.+Senior loan L + 4.50%(c) 5.50% 07/2027 1,721 1,705 0.11,695 
    COP Hometown Acquisitions, Inc.+Senior loan L + 4.50%(c) 5.50% 07/2027 1,677 1,653 0.11,652 
    COP Hometown Acquisitions, Inc.+Senior loan L + 4.50%(c)(f) 5.50% 07/2027 1,102 1,088 —1,085 
    COP Hometown Acquisitions, Inc.+Senior loan L + 4.50%(c) 5.50% 07/2027 777 767 —765 
    COP Hometown Acquisitions, Inc.+Senior loan L + 4.50%(c) 5.50% 07/2027 200 197 —197 
    COP Hometown Acquisitions, Inc.+Senior loan P + 3.50%(f) 6.75% 07/2027 7 6 —6 
    EMS LINQ, LLC+One stop L + 6.25%(c) 7.25% 12/2027 9,591 9,496 0.49,495 
    EMS LINQ, LLC+(5)One stop L + 6.25% N/A(6) 12/2027 — (1)—(1)
    EWC Growth Partners LLC+One stop L + 7.50%(c) 6.50% cash/2.00% PIK 03/2026 924 911 —878 
    EWC Growth Partners LLC+One stop L + 7.50%(c) 6.50% cash/2.00% PIK 03/2026 30 29 —29 
    EWC Growth Partners LLC+One stop L + 7.50%(c) 6.50% cash/2.00% PIK 03/2026 18 18 —17 
    Excelligence Learning Corporation#+One stop L + 6.00%(c) 6.50% cash/0.50% PIK 04/2023 10,795 10,668 0.410,795 
    Flores & Associates, LLC+One stop L + 4.75%(c) 5.75% 04/2027 3,769 3,693 0.13,731 
    Flores & Associates, LLC+One stop L + 5.25%(c) 6.25% 04/2027 1,588 1,568 0.11,572 
    Flores & Associates, LLC+One stop L + 4.75%(c) 5.75% 04/2027 840 831 —832 
    Flores & Associates, LLC+One stop L + 4.75%(c) 5.75% 04/2027 775 767 0.1767 
    Flores & Associates, LLC+(5)One stop L + 4.75% N/A(6) 04/2027 — (1)—(1)
    FPG Intermediate Holdco, LLC+One stop L + 6.00%(a) 7.00% 03/2027 9,167 9,009 0.39,075 
    FPG Intermediate Holdco, LLC+One stop L + 6.00%(a) 7.00% 03/2027 120 108 —113 
    FPG Intermediate Holdco, LLC+One stop L + 6.00%(a)(f) 7.18% 03/2027 32 31 —31 
    FSS Buyer LLC+One stop L + 5.75%(c) 6.50% 08/2028 5,533 5,428 0.25,533 
    FSS Buyer LLC+(5)One stop L + 5.75% N/A(6) 08/2027 — (1)—— 
    Learn-it Systems, LLC+Senior loan L + 4.50%(c) 5.50% 03/2025 2,517 2,548 0.12,511 
    Learn-it Systems, LLC+Senior loan L + 4.50%(c) 5.50% 03/2025 1,354 1,351 0.11,351 
    Learn-it Systems, LLC+Senior loan L + 4.75%(c) 5.75% 03/2025 359 347 —366 
    Learn-it Systems, LLC+Senior loan L + 4.50%(b)(c) 5.50% 03/2025 33 33 —33 
    Liminex, Inc.+~One stop L + 7.25%(c) 8.25% 11/2026 25,462 25,069 1.025,462 

    See Notes to Consolidated Financial Statements.
    12
    TABLE OF CONTENTS
    Golub Capital BDC, Inc. and Subsidiaries
    Consolidated Schedule of Investments (unaudited) - (continued)
    December 31, 2021
    (In thousands)
    Investment Type
    Spread
    Above
    Index(1)
    Interest
    Rate(2)
    		Maturity
    Date
    Principal ($) /
    Shares(3)
    		Amortized CostPercentage
    of Net
    Assets
    Fair
    Value (4)
    Diversified Consumer Services - (continued)
    Liminex, Inc.+One stop L + 7.25%(c) 8.25% 11/2026 $800 $793 —%$800
    Liminex, Inc.+(5)One stop L + 7.25% N/A(6) 11/2026 — (1)—— 
    Litera Bidco LLC+One stop L + 6.00%(a) 7.00% 05/2026 4,617 4,568 0.24,640 
    Litera Bidco LLC+One stop L + 5.75%(a) 6.75% 05/2026 3,702 3,719 0.23,685 
    Litera Bidco LLC+One stop L + 5.75%(a) 6.75% 05/2026 694 713 —690 
    Litera Bidco LLC+One stop L + 5.75%(a) 6.75% 05/2026 694 714 —690 
    Litera Bidco LLC+One stop L + 6.00%(a) 7.00% 05/2026 145 140 —147 
    Litera Bidco LLC+One stop L + 5.75% N/A(6) 05/2025 — — —— 
    Mathnasium, LLC+One stop L + 5.00%(c) 5.75% 11/2027 9,307 9,216 0.49,214 
    Mathnasium, LLC+One stop L + 5.00%(c) 5.75% 11/2027 13 12 —12 
    PADI Holdco, Inc.*#One stop L + 7.25%(c) 6.75% cash/1.50% PIK 04/2024 21,659 21,746 0.719,493 
    PADI Holdco, Inc.+~(8)(9)One stop E + 7.25%(g)(h) 5.75% cash/1.50% PIK 04/2024 20,650 20,849 0.718,402 
    PADI Holdco, Inc.~One stop L + 7.25%(c) 6.75% cash/1.50% PIK 04/2024 812 808 0.1731 
    PADI Holdco, Inc.+One stop L + 7.25%(c) 6.75% cash/1.50% PIK 04/2024 168 167 —151 
    PADI Holdco, Inc.+(5)One stop L + 5.75% N/A(6) 04/2023 — (1)—(18)
    Provenance Buyer LLC+One stop L + 5.00%(c) 5.75% 06/2027 18,417 18,079 0.718,417 
    Provenance Buyer LLC+(5)One stop L + 5.00% N/A(6) 06/2027 — (2)—— 
    Provenance Buyer LLC+(5)Senior loan L + 5.00% N/A(6) 06/2027 — (3)—— 
    169,264 167,796 6.3164,238 
    Diversified Financial Services
    AxiomSL Group, Inc.+One stop L + 6.00%(c) 7.00% 12/2027 4,046 3,971 0.24,050 
    AxiomSL Group, Inc.+One stop L + 6.00% N/A(6) 12/2027 — — —— 
    AxiomSL Group, Inc.+One stop L + 6.00% N/A(6) 12/2025 — — —— 
    Banker's Toolbox, Inc.+One stop L + 5.50%(c) 6.25% 07/2027 8,078 7,986 0.38,078 
    Banker's Toolbox, Inc.+One stop L + 5.50% N/A(6) 07/2027 — — —— 
    Banker's Toolbox, Inc.+One stop L + 5.50% N/A(6) 07/2027 — — —— 
    Flash Topco, Inc. +One stop L + 5.75%(c) 6.50% 10/2028 9,894 9,798 0.49,795 
    Flash Topco, Inc. +(5)One stop L + 5.75% N/A(6) 10/2028 — (1)—(1)
    Higginbotham Insurance Agency, Inc.+One stop L + 5.50%(a) 6.25% 11/2026 3,596 3,552 0.13,578 
    Higginbotham Insurance Agency, Inc.+One stop L + 5.50%(a) 6.25% 11/2026 1,015 1,002 —1,010 
    Higginbotham Insurance Agency, Inc.+One stop L + 5.50%(a) 6.25% 11/2026 23 22 —22 
    26,652 26,330 1.026,532 


    See Notes to Consolidated Financial Statements.
    13
    TABLE OF CONTENTS
    Golub Capital BDC, Inc. and Subsidiaries
    Consolidated Schedule of Investments (unaudited) - (continued)
    December 31, 2021
    (In thousands)
    Investment Type
    Spread
    Above
    Index(1)
    Interest
    Rate(2)
    		Maturity
    Date
    Principal ($) /
    Shares(3)
    		Amortized CostPercentage
    of Net
    Assets
    Fair
    Value (4)
    Diversified Telecommunication Services
    NTI Connect, LLC+Senior loan L + 5.00%(c) 6.00% 12/2024 $1,641 $1,614 0.1%$1,641 
    Electronic Equipment, Instruments & Components
    CST Buyer Company#+One stop L + 5.50%(c) 6.50% 10/2025 20,425 20,230 0.820,425 
    CST Buyer Company#+~One stop L + 5.50%(c) 6.50% 10/2025 10,189 10,108 0.410,189 
    CST Buyer Company+One stop L + 6.00% N/A(6) 10/2025 — — —— 
    Electrical Source Holdings, LLC*#+One stop L + 5.50%(c) 6.25% 11/2025 76,558 76,205 2.976,558 
    Electrical Source Holdings, LLC+One stop L + 5.50%(c) 6.25% 11/2025 19,930 19,814 0.819,930 
    Electrical Source Holdings, LLC+Senior loan L + 5.50%(c) 6.25% 11/2025 653 645 —653 
    Electrical Source Holdings, LLC+Senior loan L + 5.50%(c) 6.25% 11/2025 138 137 —138 
    Electrical Source Holdings, LLC+Senior loan L + 5.50%(c) 6.25% 11/2025 95 95 —95 
    Electrical Source Holdings, LLC+Senior loan L + 5.50%(c) 6.25% 11/2025 89 89 —89 
    Electrical Source Holdings, LLC+Senior loan L + 5.50%(c) 6.25% 11/2025 88 86 —88 
    Electrical Source Holdings, LLC+Senior loan L + 5.50%(c) 6.25% 11/2025 60 59 —60 
    Electrical Source Holdings, LLC+Senior loan L + 5.50%(c) 6.25% 11/2025 46 46 —46 
    Electrical Source Holdings, LLC+Senior loan L + 5.50%(c) 6.25% 11/2025 42 41 —42 
    Electrical Source Holdings, LLC+Second lien L + 5.50%(c) 6.25% 11/2025 35 35 —35 
    Electrical Source Holdings, LLC+Senior loan L + 5.50%(c) 6.25% 11/2025 17 17 —17 
    Watchfire Enterprises, Inc.+Second lien L + 8.25%(c) 9.25% 10/2024 9,435 9,387 0.49,435 
    Watchfire Enterprises, Inc.+Senior loan L + 4.50%(c) 5.50% 07/2024 2,164 2,147 0.12,164 
    139,964 139,141 5.4139,964 


    See Notes to Consolidated Financial Statements.
    14
    TABLE OF CONTENTS
    Golub Capital BDC, Inc. and Subsidiaries
    Consolidated Schedule of Investments (unaudited) - (continued)
    December 31, 2021
    (In thousands)
    Investment Type
    Spread
    Above
    Index(1)
    Interest
    Rate(2)
    		Maturity
    Date
    Principal ($) /
    Shares(3)
    		Amortized CostPercentage
    of Net
    Assets
    Fair
    Value (4)
    Food & Staples Retailing
    Cafe Rio Holding, Inc.*#One stop L + 5.50%(c) 6.50% 09/2023 $18,370 $18,484 0.7%$18,370 
    Cafe Rio Holding, Inc.+One stop L + 5.50%(c) 6.50% 09/2023 3,302 3,301 0.23,302 
    Cafe Rio Holding, Inc.#+One stop L + 5.50%(c) 6.50% 09/2023 2,219 2,261 0.12,219 
    Cafe Rio Holding, Inc.*#One stop L + 5.50%(c) 6.50% 09/2023 1,409 1,435 0.11,409 
    Cafe Rio Holding, Inc.#+One stop L + 5.50%(c) 6.50% 09/2023 1,244 1,267 —1,244 
    Cafe Rio Holding, Inc.+One stop L + 5.50%(c) 6.50% 09/2023 179 179 —179 
    Cafe Rio Holding, Inc.+One stop L + 5.50% N/A(6) 09/2023 — — —— 
    Captain D's, LLC#Senior loan L + 4.50%(c) 5.50% 12/2023 13,688 13,715 0.613,688 
    Captain D's, LLC~Senior loan L + 4.50%(c) 5.50% 12/2023 2,149 2,127 0.12,149 
    Captain D's, LLC+Senior loan L + 4.50% N/A(6) 12/2023 — — —— 
    Mendocino Farms, LLC+One stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 892 905 —892 
    Mendocino Farms, LLC+One stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 701 711 —701 
    Mendocino Farms, LLC+One stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 689 686 —689 
    Mendocino Farms, LLC+One stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 339 338 —339 
    Mendocino Farms, LLC+One stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 338 337 —338 
    Mendocino Farms, LLC+One stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 166 166 —166 
    Mendocino Farms, LLC+One stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 101 101 —101 
    Ruby Slipper Cafe LLC, The*+One stop L + 7.50%(c) 8.50% 01/2023 2,039 2,036 0.11,999 
    Ruby Slipper Cafe LLC, The+One stop L + 7.50%(c) 8.50% 01/2023 413 419 —405 
    Ruby Slipper Cafe LLC, The+One stop L + 7.50%(c) 8.50% 01/2023 30 30 —30 
    Wetzel's Pretzels, LLC*#+One stop L + 6.50%(c) 7.50% 09/2023 15,935 15,758 0.615,935 
    Wetzel's Pretzels, LLC+One stop L + 6.50%(c) 7.50% 09/2023 — — —— 
    Wineshipping.com LLC+One stop L + 5.75%(c) 6.75% 10/2027 6,845 6,778 0.36,776 
    Wineshipping.com LLC+One stop L + 5.75%(a)(c) 6.75% 10/2027 23 23 —22 
    Wineshipping.com LLC+(5)One stop L + 5.75% N/A(6) 10/2027 — (9)—(10)
    Wood Fired Holding Corp.*#One stop L + 6.25%(c) 7.25% 12/2023 12,952 13,028 0.512,952 
    Wood Fired Holding Corp.+(5)One stop L + 6.25% N/A(6) 12/2023 — (1)—— 
    Zenput Inc.+One stop L + 9.00%(c) 7.00% cash/3.00% PIK 06/2026 1,107 1,102 —1,132 
    Zenput Inc.+One stop L + 9.00%(c) 7.00% cash/3.00% PIK 06/2026 10 10 —10 
    85,140 85,187 3.385,037 


    See Notes to Consolidated Financial Statements.
    15
    TABLE OF CONTENTS
    Golub Capital BDC, Inc. and Subsidiaries
    Consolidated Schedule of Investments (unaudited) - (continued)
    December 31, 2021
    (In thousands)
    Investment Type
    Spread
    Above
    Index(1)
    Interest
    Rate(2)
    		Maturity
    Date
    Principal ($) /
    Shares(3)
    		Amortized CostPercentage
    of Net
    Assets
    Fair
    Value (4)
    Food Products
    Borrower R365 Holdings, LLC+One stop L + 6.50%(c) 4.50% cash/3.00% PIK 06/2027 $13,188 $12,953 0.5%$13,188 
    Borrower R365 Holdings, LLC+(5)One stop L + 6.50% N/A(6) 06/2027 — (2)—— 
    P&P Food Safety Holdings, Inc.*+~One stop L + 6.00%(c)(d) 7.00% 12/2026 16,767 16,573 0.616,767 
    P&P Food Safety Holdings, Inc.+(5)One stop L + 6.00% N/A(6) 12/2026 — (1)—— 
    P&P Food Safety Holdings, Inc.+(5)One stop L + 6.00% N/A(6) 12/2026 — (24)—— 
    Flavor Producers, LLC#~Senior loan L + 5.75%(c) 5.75% cash/1.00% PIK 12/2023 5,006 4,941 0.24,906 
    Flavor Producers, LLC+(5)Senior loan L + 4.75% N/A(6) 12/2022 — (2)—— 
    Kodiak Cakes, LLC*#+Senior loan L + 4.50%(a) 5.50% 06/2027 12,369 12,114 0.412,378 
    Kodiak Cakes, LLC+Senior loan L + 4.50%(a) 5.50% 06/2026 50 48 —49 
    Louisiana Fish Fry Products, Ltd.*+One stop L + 5.75%(c) 6.75% 07/2027 9,851 9,759 0.49,851 
    Louisiana Fish Fry Products, Ltd.+One stop L + 5.75%(a)(c) 6.75% 07/2027 51 49 —51 
    MAPF Holdings, Inc.*#+~One stop L + 5.50%(c) 6.50% 12/2026 33,790 33,506 1.333,790 
    MAPF Holdings, Inc.+One stop P + 4.50%(f) 7.75% 12/2026 40 38 —40 
    MAPF Holdings, Inc.+(5)One stop L + 5.50% N/A(6) 12/2026 — (37)—— 
    Purfoods, LLC+One stop N/A 7.00% PIK 05/2026 79 83 —79 
    Ultimate Baked Goods Midco LLC+One stop L + 6.25%(a) 7.25% 08/2027 6,722 6,659 0.36,722 
    Ultimate Baked Goods Midco LLC+One stop L + 6.25%(a)(c) 7.25% 08/2027 35 3 —35 
    Whitebridge Pet Brands, LLC+One stop L + 5.00%(a) 6.00% 07/2027 15,218 14,935 0.615,218 
    Whitebridge Pet Brands, LLC+One stop L + 5.00%(a) 6.00% 07/2027 50 49 —50 
    113,216 111,644 4.3113,124 


    See Notes to Consolidated Financial Statements.
    16
    TABLE OF CONTENTS
    Golub Capital BDC, Inc. and Subsidiaries
    Consolidated Schedule of Investments (unaudited) - (continued)
    December 31, 2021
    (In thousands)
    Investment Type
    Spread
    Above
    Index(1)
    Interest
    Rate(2)
    		Maturity
    Date
    Principal ($) /
    Shares(3)
    		Amortized CostPercentage
    of Net
    Assets
    Fair
    Value (4)
    Health Care Equipment & Supplies
    Aspen Medical Products, LLC#~One stop L + 4.75%(c) 5.75% 06/2025 $4,115 $4,166 0.2%$4,115 
    Aspen Medical Products, LLC+One stop L + 4.75%(c) 5.75% 06/2025 263 261 —263 
    Aspen Medical Products, LLC+One stop L + 4.75% N/A(6) 06/2025 — — —— 
    Baduhenna Bidco Limited+(8)(10)One stop SF + 6.93%(d)(p) 7.43% 08/2028 5,415 5,345 0.25,473 
    Baduhenna Bidco Limited+(8)(9)(10)One stop E + 6.50%(g)(h) 6.50% 08/2028 3,427 3,383 0.13,246 
    Baduhenna Bidco Limited+(8)(9)(10)One stop SN + 6.78%(o) 6.97% 08/2028 983 936 —958 
    Baduhenna Bidco Limited+(8)(9)(10)One stop E + 6.50%(h) 6.50% 08/2028 783 783 —775 
    Baduhenna Bidco Limited+(5)(8)(9)(10)One stop SF + 6.50% N/A(6) 08/2028 — (19)—— 
    Belmont Instrument, LLC#+Senior loan L + 4.75%(c) 5.75% 12/2023 5,189 5,163 0.25,189 
    Blades Buyer, Inc.#+~Senior loan L + 4.50%(b)(c) 5.50% 08/2025 8,689 8,660 0.38,689 
    Blades Buyer, Inc.+Senior loan L + 4.50% N/A(6) 08/2025 — — —— 
    Blades Buyer, Inc.+(5)Senior loan L + 4.50% N/A(6) 08/2025 — (16)—— 
    Blue River Pet Care, LLC*#+One stop L + 5.00%(a) 5.10% 07/2026 41,008 40,793 1.641,008 
    Blue River Pet Care, LLC+One stop L + 5.00%(c) 5.20% 07/2026 3,968 3,871 0.23,968 
    Blue River Pet Care, LLC+One stop L + 5.00%(c) 5.22% 08/2025 360 358 —360 
    CCSL Holdings, LLC*+One stop L + 6.00%(c) 7.00% 12/2026 15,516 15,354 0.615,516 
    CCSL Holdings, LLC+One stop L + 6.00%(c) 7.00% 12/2026 4,198 4,141 0.24,198 
    CCSL Holdings, LLC+One stop L + 5.75%(c) 6.75% 12/2026 40 38 —40 
    CMI Parent Inc.#+Senior loan L + 4.25%(c) 5.00% 08/2025 6,549 6,630 0.36,549 
    CMI Parent Inc.+Senior loan L + 4.25%(c) 5.00% 08/2025 3,244 3,214 0.13,244 
    CMI Parent Inc.+(5)Senior loan L + 4.25% N/A(6) 08/2025 — (2)—— 
    G & H Wire Company, Inc.#+One stop L + 7.00%(c) 8.00% 09/2023 11,070 11,034 0.411,070 
    G & H Wire Company, Inc.+One stop L + 7.00%(c) 8.00% 09/2022 — — —— 
    Joerns Healthcare, LLC*+One stop L + 6.00%(c) 7.00% 08/2024 1,993 1,952 0.11,674 
    Joerns Healthcare, LLC*+One stop L + 6.00%(c) 7.00% 08/2024 1,916 1,887 —767 
    Joerns Healthcare, LLC+One stop N/A 15.00% PIK 11/2022 688 688 —688 
    Lombart Brothers, Inc.*#+~One stop L + 6.25%(c) 7.25% 04/2023 28,871 28,848 1.128,871 
    Lombart Brothers, Inc.+One stop L + 6.25%(c) 7.25% 04/2023 5,214 5,149 0.25,214 
    Lombart Brothers, Inc.#+(8)One stop L + 6.25%(c) 7.25% 04/2023 3,092 3,091 0.13,092 
    Lombart Brothers, Inc.+One stop L + 6.25%(a) 7.25% 04/2023 116 115 —116 
    Lombart Brothers, Inc.+(8)One stop L + 6.25%(a) 7.25% 04/2023 50 50 —50 
    156,757 155,873 5.9155,133 


    See Notes to Consolidated Financial Statements.
    17
    TABLE OF CONTENTS
    Golub Capital BDC, Inc. and Subsidiaries
    Consolidated Schedule of Investments (unaudited) - (continued)
    December 31, 2021
    (In thousands)
    Investment Type
    Spread
    Above
    Index(1)
    Interest
    Rate(2)
    		Maturity
    Date
    Principal ($) /
    Shares(3)
    		Amortized CostPercentage
    of Net
    Assets
    Fair
    Value (4)
    Health Care Providers & Services
    AAH TOPCO, LLC +One stop L + 5.50%(c) 6.25% 12/2027 $8,392 $8,308 0.3%$8,308 
    AAH TOPCO, LLC +Subordinated debt N/A 11.50% 12/2031 988 968 0.1973 
    AAH TOPCO, LLC +(5)One stop L + 5.50% N/A(6) 12/2027 — (1)—(1)
    AAH TOPCO, LLC +(5)One stop L + 5.50% N/A(6) 12/2027 — (6)—(6)
    Active Day, Inc.#+One stop L + 6.00%(c) 7.00% 02/2022 23,079 23,079 0.820,771 
    Active Day, Inc.#+One stop L + 6.00%(c) 7.00% 02/2022 1,782 1,782 0.11,603 
    Active Day, Inc.*#One stop L + 6.00%(c) 7.00% 02/2022 1,148 1,148 0.11,034 
    Active Day, Inc.+One stop L + 6.00%(c) 7.00% 02/2022 915 915 —823 
    Active Day, Inc.+One stop L + 6.00%(c) 7.00% 02/2022 807 807 —726 
    Active Day, Inc.*#One stop L + 6.00%(c) 7.00% 02/2022 794 794 —714 
    Active Day, Inc.+(5)One stop L + 6.00%(c) 7.00% 02/2022 2 2 —(18)
    Active Day, Inc.+One stop L + 6.00%(c) 7.00% 02/2022 — — —— 
    Acuity Eyecare Holdings, LLC+One stop L + 6.00%(a)(c) 7.00% 03/2025 14,215 14,040 0.614,215 
    Acuity Eyecare Holdings, LLC+One stop L + 6.25%(c) 7.25% 03/2025 4,108 4,117 0.24,121 
    Acuity Eyecare Holdings, LLC+One stop L + 6.25%(c) 7.25% 03/2025 3,660 3,628 0.23,671 
    Acuity Eyecare Holdings, LLC#+One stop L + 6.25%(c) 7.25% 03/2025 3,504 3,550 0.13,514 
    Acuity Eyecare Holdings, LLC+~One stop L + 6.25%(c) 7.25% 03/2025 3,228 3,297 0.13,237 
    Acuity Eyecare Holdings, LLC+~One stop L + 6.25%(c) 7.25% 03/2025 1,882 1,947 0.11,888 
    Acuity Eyecare Holdings, LLC+One stop L + 6.25%(c) 7.25% 03/2025 455 465 —457 
    Acuity Eyecare Holdings, LLC+One stop L + 13.00%(c) 7.25% cash/6.75% PIK 03/2025 241 240 —256 
    Acuity Eyecare Holdings, LLC+One stop L + 6.25%(c)(f) 7.29% 03/2025 195 194 —196 
    Acuity Eyecare Holdings, LLC+One stop L + 6.25%(c) 7.25% 03/2025 168 167 —168 
    Acuity Eyecare Holdings, LLC+Senior loan L + 6.25%(c) 7.25% 03/2025 111 110 —111 
    Acuity Eyecare Holdings, LLC+One stop L + 13.00%(c) 7.25% cash/6.75% PIK 03/2025 92 92 —98 
    Acuity Eyecare Holdings, LLC+One stop L + 6.25%(c) 7.25% 03/2025 1 1 —1 
    Advanced Pain Management Holdings, Inc.+(7)Senior loan P + 3.75%(f) 7.00% 07/2021 11,412 6,855 —197 
    Advanced Pain Management Holdings, Inc.+(7)Senior loan L + 8.50%(a) 9.75% 07/2021 4,082 7 —— 
    Advanced Pain Management Holdings, Inc.+(7)Senior loan P + 3.75%(f) 7.00% 07/2021 781 469 —13 
    Advanced Pain Management Holdings, Inc.+(5)(7)Senior loan P + 3.75%(f) 7.00% 07/2021 576 540 —(9)
    AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stop L + 6.00%(c) 7.00% 03/2027 3,966 3,914 0.23,982 
    AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stop L + 6.00%(c) 7.00% 03/2027 3,535 3,493 0.23,554 
    AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stop L + 10.50%(c) 11.50% 03/2028 1,737 1,716 0.11,711 
    AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stop L + 10.50%(a)(c) 11.50% 03/2028 643 637 —633 
    AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stop L + 10.50%(a)(c) 11.50% 03/2028 45 42 —42 
    AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)One stop L + 6.00% N/A(6) 03/2027 — (2)—— 
    AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)One stop L + 5.75% N/A(6) 03/2027 — (3)—(3)
    CRH Healthcare Purchaser, Inc.*~Senior loan L + 4.50%(c) 5.50% 12/2024 19,502 19,499 0.719,502 
    CRH Healthcare Purchaser, Inc.#Senior loan L + 4.50%(c) 5.50% 12/2024 5,237 5,190 0.25,237 
    CRH Healthcare Purchaser, Inc.#+Senior loan L + 4.50%(c) 5.50% 12/2024 4,143 4,124 0.24,143 
    CRH Healthcare Purchaser, Inc.+Senior loan L + 4.50%(c) 5.50% 12/2024 3,547 3,512 0.23,547 

    See Notes to Consolidated Financial Statements.
    18
    TABLE OF CONTENTS
    Golub Capital BDC, Inc. and Subsidiaries
    Consolidated Schedule of Investments (unaudited) - (continued)
    December 31, 2021
    (In thousands)
    Investment Type
    Spread
    Above
    Index(1)
    Interest
    Rate(2)
    		Maturity
    Date
    Principal ($) /
    Shares(3)
    		Amortized CostPercentage
    of Net
    Assets
    Fair
    Value (4)
    Health Care Providers & Services - (continued)
    CRH Healthcare Purchaser, Inc.+Senior loan L + 4.50%(c) 5.50% 12/2024 $40 $38 —%$40 
    Datix Bidco Limited+(8)(9)(10)Senior loan L + 4.50%(j) 4.96% 04/2025 60,764 59,644 2.360,204 
    Datix Bidco Limited+(8)(9)(10)Second lien L + 7.75%(j) 8.21% 04/2026 21,561 21,157 0.821,363 
    Emerge Intermediate, Inc.*#One stop L + 8.50%(c) 7.00% cash/2.50% PIK 05/2024 19,331 19,163 0.719,331 
    Emerge Intermediate, Inc.+(5)One stop L + 6.00% N/A(6) 05/2024 — (2)—— 
    Encorevet Group LLC+One stop L + 5.25%(c) 6.25% 11/2024 992 985 0.1982 
    Encorevet Group LLC+One stop L + 5.25%(b)(c) 6.25% 11/2024 930 919 0.1918 
    Encorevet Group LLC+One stop L + 5.25%(c) 6.25% 11/2024 624 618 —617 
    Encorevet Group LLC+Senior loan L + 5.25%(c) 6.25% 11/2024 246 245 —244 
    Encorevet Group LLC+One stop L + 5.25%(c) 6.25% 11/2024 164 163 —162 
    Encorevet Group LLC+Senior loan L + 5.25%(c) 6.25% 11/2024 111 111 —109 
    Encorevet Group LLC+Senior loan L + 5.25%(c) 6.25% 11/2024 69 68 —68 
    Encorevet Group LLC+Senior loan L + 5.25%(c) 6.25% 11/2024 57 57 —57 
    Encorevet Group LLC+One stop L + 5.25%(c) 6.25% 11/2024 32 32 —32 
    Encorevet Group LLC+Senior loan L + 5.25%(c) 6.25% 11/2024 10 10 —10 
    Encorevet Group LLC+(5)Senior loan L + 5.25% N/A(6) 11/2024 — — —(1)
    ERC Topco Holdings, LLC+One stop L + 5.50%(c) 6.25% 11/2028 9,475 9,383 0.49,475 
    ERC Topco Holdings, LLC+(5)One stop L + 5.50% N/A(6) 11/2027 — (1)—— 
    ERC Topco Holdings, LLC+(5)One stop L + 5.50% N/A(6) 11/2028 — (4)—— 
    Eyecare Services Partners Holdings LLC+One stop L + 6.25%(c) 2.00% cash/5.25% PIK 05/2023 18,579 18,634 0.513,934 
    Eyecare Services Partners Holdings LLC*+One stop L + 6.25%(c) 2.00% cash/5.25% PIK 05/2023 8,150 8,217 0.26,112 
    Eyecare Services Partners Holdings LLC*#One stop L + 6.25%(c) 2.00% cash/5.25% PIK 05/2023 7,138 7,200 0.25,354 
    Eyecare Services Partners Holdings LLC+One stop L + 6.25%(c) 2.00% cash/5.25% PIK 05/2023 5,253 5,264 0.23,940 
    Eyecare Services Partners Holdings LLC*+One stop L + 6.25%(c) 2.00% cash/5.25% PIK 05/2023 2,438 2,458 0.11,828 
    Eyecare Services Partners Holdings LLC*+One stop L + 6.25%(c) 2.00% cash/5.25% PIK 05/2023 1,564 1,577 —1,173 
    Eyecare Services Partners Holdings LLC*#One stop L + 6.25%(c) 2.00% cash/5.25% PIK 05/2023 1,156 1,166 —867 
    Eyecare Services Partners Holdings LLC*#One stop L + 6.25%(c) 2.00% cash/5.25% PIK 05/2023 1,006 1,014 —754 
    Eyecare Services Partners Holdings LLC*+One stop L + 6.25%(c) 2.00% cash/5.25% PIK 05/2023 658 663 —494 
    Eyecare Services Partners Holdings LLC+One stop L + 6.25%(c) 2.00% cash/5.25% PIK 05/2023 406 405 —304 
    FYI Optical Acquisitions, Inc. & FYI USA, Inc.~(8)(9)(12)One stop C + 4.50%(n) 5.50% 03/2027 11,683 11,597 0.512,372 
    FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stop C + 4.50%(n) 5.50% 03/2027 494 489 —498 
    FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stop C + 4.50%(n) 5.50% 03/2027 186 184 —196 
    FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)One stop L + 4.50%(c) 5.50% 03/2027 20 19 —20 
    Heartland Veterinary Partners LLC+Senior loan L + 4.75%(c) 5.75% 12/2026 851 842 —842 
    Heartland Veterinary Partners LLC+Senior loan L + 4.75%(a)(c) 5.75% 12/2026 16 15 —15 
    Heartland Veterinary Partners LLC+Senior loan L + 4.75% N/A(6) 12/2026 — — —— 
    Klick Inc.+(8)(12)Senior loan L + 4.50%(c) 5.50% 03/2028 10,073 9,983 0.410,089 
    Klick Inc.+(5)(8)(12)Senior loan L + 4.50% N/A(6) 03/2026 — (1)—(1)
    Krueger-Gilbert Health Physics, LLC+~Senior loan L + 5.25%(c) 6.25% 05/2025 2,329 2,320 0.12,329 
    Krueger-Gilbert Health Physics, LLC+Senior loan L + 5.25%(c) 6.25% 05/2025 1,872 1,871 0.11,872 
    Krueger-Gilbert Health Physics, LLC+Senior loan L + 5.25%(c) 6.25% 05/2025 1,099 1,127 —1,099 
    Krueger-Gilbert Health Physics, LLC+Senior loan L + 5.25%(c) 6.25% 05/2025 60 60 —60 
    Krueger-Gilbert Health Physics, LLC+(5)Senior loan L + 5.25% N/A(6) 05/2025 — (19)—— 

    See Notes to Consolidated Financial Statements.
    19
    TABLE OF CONTENTS
    Golub Capital BDC, Inc. and Subsidiaries
    Consolidated Schedule of Investments (unaudited) - (continued)
    December 31, 2021
    (In thousands)
    Investment Type
    Spread
    Above
    Index(1)
    Interest
    Rate(2)
    		Maturity
    Date
    Principal ($) /
    Shares(3)
    		Amortized CostPercentage
    of Net
    Assets
    Fair
    Value (4)
    Health Care Providers & Services - (continued)
    MWD Management, LLC & MWD Services, Inc.#+One stop L + 5.50%(c) 6.50% 06/2023 $9,262 $9,234 0.4%$9,262 
    MWD Management, LLC & MWD Services, Inc.#One stop L + 5.50%(c) 6.50% 06/2023 4,459 4,496 0.24,459 
    MWD Management, LLC & MWD Services, Inc.+One stop L + 5.50% N/A(6) 06/2022 — — —— 
    New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)One stop C + 5.25%(n) 6.25% 05/2028 20,384 20,104 0.719,353 
    New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)One stop L + 5.25%(c) 6.25% 05/2028 4,359 4,301 0.24,315 
    New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)One stop L + 5.25%(c) 6.25% 05/2028 2,837 2,809 0.12,809 
    New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)One stop C + 5.25%(n) 6.25% 05/2028 1,209 1,174 —1,156 
    New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)One stop L + 5.25%(c) 6.25% 05/2026 60 59 —59 
    New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)One stop C + 5.25%(n) 6.25% 05/2026 26 23 —22 
    New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)One stop L + 5.25%(c) 6.25% 05/2028 15 14 —15 
    Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 19,110 17,404 0.513,714 
    Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 2,218 1,869 0.11,591 
    Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 2,101 1,902 0.11,508 
    Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 1,591 1,340 —1,142 
    Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 1,406 1,184 —1,009 
    Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 1,224 1,031 —878 
    Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 953 803 —684 
    Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 826 696 —593 
    Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 509 429 —366 
    Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c)(f) 7.25% 05/2022 291 265 —209 
    Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 97 88 —69 
    Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 88 80 —63 
    Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 68 62 —49 
    Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 63 58 —45 
    Pinnacle Treatment Centers, Inc.#+One stop L + 5.75%(c) 6.75% 01/2023 18,881 18,871 0.718,881 
    Pinnacle Treatment Centers, Inc.*One stop L + 5.75%(c) 6.75% 01/2023 7,612 7,588 0.37,612 
    Pinnacle Treatment Centers, Inc.#+One stop L + 5.75%(c) 6.75% 01/2023 1,551 1,551 0.11,551 
    Pinnacle Treatment Centers, Inc.+One stop L + 5.75%(c) 6.75% 01/2023 700 703 —700 
    Pinnacle Treatment Centers, Inc.+One stop L + 5.75%(c) 6.75% 01/2023 184 184 —184 
    Pinnacle Treatment Centers, Inc.+One stop L + 5.75%(c) 6.75% 01/2023 106 106 —106 
    Pinnacle Treatment Centers, Inc.+One stop L + 5.75%(c) 6.75% 01/2023 37 37 —37 
    Pinnacle Treatment Centers, Inc.+One stop L + 5.75% N/A(6) 01/2023 — — —— 
    Pinnacle Treatment Centers, Inc.+One stop L + 5.75% N/A(6) 01/2023 — — —— 
    PPT Management Holdings, LLC+One stop L + 8.00%(c) 7.00% cash/2.00% PIK 12/2022 25,426 24,871 0.821,613 
    PPT Management Holdings, LLC+One stop L + 8.00%(c) 7.00% cash/2.00% PIK 12/2022 308 303 —262 
    PPT Management Holdings, LLC+One stop L + 8.00%(c) 7.00% cash/2.00% PIK 12/2022 182 179 —154 
    PPT Management Holdings, LLC+One stop L + 8.00%(c) 7.00% cash/2.00% PIK 12/2022 170 158 —106 
    PPT Management Holdings, LLC+One stop L + 8.00%(c) 7.00% cash/2.00% PIK 12/2022 90 82 —76 
    Suveto Buyer, LLC+One stop L + 4.25%(c) 5.00% 09/2027 12,856 12,601 0.512,856 
    Suveto Buyer, LLC+One stop L + 4.25%(c)(f) 5.00% 09/2027 83 81 —83 
    459,752 444,048 15.9414,762 

    See Notes to Consolidated Financial Statements.
    20
    TABLE OF CONTENTS
    Golub Capital BDC, Inc. and Subsidiaries
    Consolidated Schedule of Investments (unaudited) - (continued)
    December 31, 2021
    (In thousands)
    Investment Type
    Spread
    Above
    Index(1)
    Interest
    Rate(2)
    		Maturity
    Date
    Principal ($) /
    Shares(3)
    		Amortized CostPercentage
    of Net
    Assets
    Fair
    Value (4)
    Health Care Technology
    Connexin Software, Inc.+~One stop L + 8.50%(c) 9.50% 02/2024 $7,550 $7,592 0.3%$7,550 
    Connexin Software, Inc.+One stop L + 8.50% N/A(6) 02/2024 — — —— 
    ESO Solution, Inc.+One stop L + 7.00%(c)(d) 8.00% 03/2027 6,681 6,623 0.26,681 
    ESO Solution, Inc.+(5)One stop L + 7.00% N/A(6) 03/2027 — (1)—— 
    HSI Halo Acquisition, Inc.+~One stop L + 5.75%(c) 6.75% 08/2026 6,234 6,204 0.26,171 
    HSI Halo Acquisition, Inc.+One stop L + 5.75%(c) 6.75% 08/2026 2,971 2,935 0.12,941 
    HSI Halo Acquisition, Inc.+One stop L + 5.75%(c) 6.75% 08/2026 1,957 1,941 0.11,938 
    HSI Halo Acquisition, Inc.+One stop L + 5.75%(c) 6.75% 08/2026 1,072 1,050 —1,058 
    HSI Halo Acquisition, Inc.+One stop L + 5.75%(c) 6.75% 08/2026 639 635 —634 
    HSI Halo Acquisition, Inc.+One stop L + 5.75%(a) 6.75% 09/2025 13 12 —12 
    HSI Halo Acquisition, Inc.+(5)One stop L + 5.75% N/A(6) 08/2026 — (1)—(1)
    Kareo, Inc.+One stop L + 9.00%(a) 10.00% 06/2023 10,273 10,246 0.410,105 
    Kareo, Inc.+One stop L + 9.00%(a) 10.00% 06/2023 6,588 6,219 0.26,481 
    Kareo, Inc.+One stop L + 9.00%(a) 10.00% 06/2023 1,506 1,470 0.11,481 
    Kareo, Inc.+One stop L + 9.00%(a) 10.00% 06/2023 941 940 —926 
    Kareo, Inc.+One stop L + 9.00%(a) 10.00% 06/2023 753 752 —741 
    Kareo, Inc.+One stop L + 9.00%(a) 10.00% 06/2023 80 80 —78 
    Kareo, Inc.+(5)One stop L + 9.00% N/A(6) 06/2023 — (25)—(71)
    Kareo, Inc.+(5)One stop L + 9.00% N/A(6) 06/2023 — (1)—— 
    Nextech Holdings, LLC+One stop L + 5.50%(c) 5.63% 06/2025 3,961 4,011 0.23,961 
    Nextech Holdings, LLC+One stop L + 5.50%(c) 5.63% 06/2025 1,932 1,920 0.11,932 
    Nextech Holdings, LLC+(5)One stop L + 5.50% N/A(6) 06/2025 — (3)—— 
    Qgenda Intermediate Holdings, LLC+One stop L + 5.25%(c) 6.25% 06/2025 15,084 15,084 0.615,084 
    Qgenda Intermediate Holdings, LLC#One stop L + 5.25%(c) 6.25% 06/2025 12,287 12,193 0.512,287 
    Qgenda Intermediate Holdings, LLC+One stop L + 5.25%(c) 6.25% 06/2025 1,466 1,459 0.11,466 
    Qgenda Intermediate Holdings, LLC#One stop L + 5.25%(c) 6.25% 06/2025 980 980 —980 
    Qgenda Intermediate Holdings, LLC+One stop L + 5.25% N/A(6) 06/2025 — — —— 
    Transaction Data Systems, Inc.*#+~One stop L + 4.50%(c) 5.50% 02/2026 66,921 65,971 2.666,921 
    Transaction Data Systems, Inc.+(5)One stop L + 4.50% N/A(6) 02/2026 — (4)—— 
    149,889 148,282 5.7149,356 


    See Notes to Consolidated Financial Statements.
    21
    TABLE OF CONTENTS
    Golub Capital BDC, Inc. and Subsidiaries
    Consolidated Schedule of Investments (unaudited) - (continued)
    December 31, 2021
    (In thousands)
    Investment Type
    Spread
    Above
    Index(1)
    Interest
    Rate(2)
    		Maturity
    Date
    Principal ($) /
    Shares(3)
    		Amortized CostPercentage
    of Net
    Assets
    Fair
    Value (4)
    Hotels, Restaurants & Leisure
    BJH Holdings III Corp.*#+One stop L + 4.50%(c) 5.50% 08/2025 $50,961 $51,897 2.0%$50,961 
    BJH Holdings III Corp.+(5)One stop L + 4.50% N/A(6) 08/2025 — (5)—— 
    CR Fitness Holdings, LLC#~Senior loan L + 4.00%(a) 5.00% 07/2025 1,974 1,982 0.11,974 
    CR Fitness Holdings, LLC+Senior loan L + 4.00%(a) 5.00% 07/2025 837 834 —837 
    CR Fitness Holdings, LLC+Senior loan L + 4.00%(a) 5.00% 07/2025 74 74 —74 
    Davidson Hotel Company, LLC+One stop L + 6.75%(a)(c) 6.25% cash/1.50% PIK 07/2024 7,115 7,077 0.26,048 
    Davidson Hotel Company, LLC+One stop L + 6.75%(a)(c) 6.25% cash/1.50% PIK 07/2024 1,093 1,091 0.1929 
    Davidson Hotel Company, LLC+(5)One stop L + 5.25% N/A(6) 07/2024 — — —(16)
    EOS Fitness Opco Holdings, LLC*#One stop L + 4.75%(c) 5.75% 01/2025 8,574 8,617 0.38,574 
    EOS Fitness Opco Holdings, LLC+One stop L + 4.75%(c) 5.75% 01/2025 903 907 —903 
    EOS Fitness Opco Holdings, LLC+One stop L + 4.75%(c) 5.75% 01/2025 120 120 —120 
    Freddy's Frozen Custard LLC~One stop L + 5.00%(c) 6.00% 03/2027 9,233 9,154 0.49,233 
    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%(c) 7.00% cash/4.00% PIK 08/2026 780 679 —787 
    Harri US LLC+One stop L + 6.00% N/A(6) 08/2026 — — —— 
    Harri US LLC+(5)One stop L + 6.00% N/A(6) 08/2026 — (7)—13 
    SSRG Holdings, LLC+One stop L + 4.75%(c) 5.75% 11/2025 907 895 —907 
    SSRG Holdings, LLC+One stop L + 4.75%(c) 5.75% 11/2025 35 35 —35 
    Sunshine Sub, LLC#~One stop L + 4.75%(a) 5.75% 05/2024 12,759 12,824 0.512,759 
    Sunshine Sub, LLC#+One stop L + 4.75%(a) 5.75% 05/2024 5,582 5,703 0.25,582 
    Sunshine Sub, LLC+(5)One stop L + 4.75% N/A(6) 05/2024 — (1)—— 
    Tropical Smoothie Cafe Holdings, LLC*#Senior loan L + 5.25%(a)(c) 6.25% 09/2026 14,278 14,146 0.514,278 
    Tropical Smoothie Cafe Holdings, LLC#Senior loan L + 5.25%(a)(c) 6.25% 09/2026 6,493 6,437 0.36,493 
    Tropical Smoothie Cafe Holdings, LLC+(5)Senior loan L + 5.25% N/A(6) 09/2026 — (1)—— 
    121,718 122,457 4.6120,491 
    Household Durables
    Groundworks LLC+Senior loan L + 5.00%(c) 6.00% 01/2026 4,650 4,594 0.24,604 
    Groundworks LLC+Senior loan L + 5.00%(c) 6.00% 01/2026 1,819 1,796 0.11,800 
    Groundworks LLC+Senior loan L + 5.00%(c) 6.00% 01/2026 1,212 1,200 —1,200 
    Groundworks LLC+Senior loan L + 5.00%(c) 6.00% 01/2026 1,080 1,065 —1,069 
    Groundworks LLC+Senior loan L + 5.00%(c) 6.00% 01/2026 83 82 —82 
    Groundworks LLC+Senior loan L + 4.75% N/A(6) 01/2026 — — —— 
    Groundworks LLC+(5)Senior loan L + 5.00% N/A(6) 01/2026 — (5)—(5)
    8,844 8,732 0.38,750 
    Household Products
    WU Holdco, Inc. #+One stop L + 5.50%(c) 6.50% 03/2026 3,771 3,830 0.13,775 
    WU Holdco, Inc. +One stop L + 5.50%(c) 6.50% 03/2026 1,328 1,328 0.11,330 
    WU Holdco, Inc. +One stop L + 5.50%(c) 5.72% 03/2025 14 14 —14 
    WU Holdco, Inc. +One stop L + 5.50% N/A(6) 03/2026 — — —— 
    5,113 5,172 0.25,119 

    See Notes to Consolidated Financial Statements.
    22
    TABLE OF CONTENTS
    Golub Capital BDC, Inc. and Subsidiaries
    Consolidated Schedule of Investments (unaudited) - (continued)
    December 31, 2021
    (In thousands)
    Investment Type
    Spread
    Above
    Index(1)
    Interest
    Rate(2)
    		Maturity
    Date
    Principal ($) /
    Shares(3)
    		Amortized CostPercentage
    of Net
    Assets
    Fair
    Value (4)
    Industrial Conglomerates
    Arch Global CCT Holdings Corp.#+Senior loan L + 4.50%(c) 4.72% 04/2026 $2,373 $2,428 0.1%$2,371 
    Arch Global CCT Holdings Corp.+Senior loan L + 4.50%(c) 4.72% 04/2026 127 126 —127 
    Arch Global CCT Holdings Corp.+Senior loan L + 4.50% N/A(6) 04/2025 — — —— 
    Arch Global CCT Holdings Corp.+Senior loan L + 4.50% N/A(6) 04/2026 — — —1 
    Essential Services Holdings Corporation+(5)One stop L + 5.75% N/A(6) 11/2026 — (7)—(8)
    Essential Services Holdings Corporation+(5)One stop L + 5.75% N/A(6) 11/2025 — (1)—(1)
    Madison Safety & Flow LLC+Senior loan L + 4.00%(a) 4.10% 03/2025 463 462 —463 
    Madison Safety & Flow LLC+Senior loan L + 4.00%(a) 4.11% 03/2025 3 3 —3 
    Specialty Measurement Bidco Limited~(8)(9)(10)One stop E + 5.75%(g) 6.75% 11/2027 7,969 7,781 0.37,607 
    Specialty Measurement Bidco Limited~(8)(10)One stop L + 5.75%(c) 6.75% 11/2027 7,961 7,776 0.37,961 
    Specialty Measurement Bidco Limited+(5)(8)(9)(10)One stop L + 5.75% N/A(6) 11/2027 — (45)—— 
    18,896 18,523 0.7 18,524 


    See Notes to Consolidated Financial Statements.
    23
    TABLE OF CONTENTS
    Golub Capital BDC, Inc. and Subsidiaries
    Consolidated Schedule of Investments (unaudited) - (continued)
    December 31, 2021
    (In thousands)
    Investment Type
    Spread
    Above
    Index(1)
    Interest
    Rate(2)
    		Maturity
    Date
    Principal ($) /
    Shares(3)
    		Amortized CostPercentage
    of Net
    Assets
    Fair
    Value (4)
    Insurance
    Alera Group, Inc.+One stop L + 5.50%(a) 6.25% 10/2028 $25,562 $25,316 1.0%$25,434 
    Alera Group, Inc.+One stop L + 5.50%(a) 6.25% 10/2028 7,024 6,919 0.36,987 
    Alera Group, Inc.+(5)One stop L + 5.50% N/A(6) 10/2028 — (3)—(3)
    AMBA Buyer, Inc. +One stop L + 5.75%(c) 6.50% 07/2027 3,221 3,191 0.13,221 
    AMBA Buyer, Inc. +One stop L + 5.75% N/A(6) 07/2027 — — —— 
    AMBA Buyer, Inc. +(5)One stop L + 5.75% N/A(6) 07/2027 — (4)—— 
    Captive Resources Midco, LLC*#+~One stop L + 5.50%(a) 6.25% 05/2027 52,638 52,646 2.052,111 
    Captive Resources Midco, LLC+One stop L + 5.50%(a) 6.25% 05/2027 6,778 6,711 0.26,711 
    Captive Resources Midco, LLC+(5)One stop L + 5.50% N/A(6) 05/2027 — (12)—(17)
    Integrity Marketing Acquisition, LLC+Senior loan L + 5.50%(b)(c) 6.25% 08/2025 2,531 2,495 0.12,508 
    Integrity Marketing Acquisition, LLC+One stop L + 5.75%(c) 6.75% 08/2025 2,440 2,437 0.12,449 
    Integrity Marketing Acquisition, LLC+Senior loan L + 5.75%(c) 6.75% 08/2025 1,529 1,508 0.11,535 
    Integrity Marketing Acquisition, LLC+Senior loan L + 5.75%(c) 6.75% 08/2025 779 776 —783 
    Integrity Marketing Acquisition, LLC+One stop L + 5.75%(c) 6.75% 08/2025 471 469 —473 
    Integrity Marketing Acquisition, LLC+Senior loan L + 5.75%(c) 6.75% 08/2025 246 245 —247 
    Integrity Marketing Acquisition, LLC+One stop L + 5.75% N/A(6) 08/2025 — — —— 
    Integrity Marketing Acquisition, LLC+(5)Senior loan L + 5.50% N/A(6) 08/2025 — (1)—(1)
    J.S. Held Holdings, LLC#+One stop L + 5.50%(c) 6.50% 07/2025 6,471 6,445 0.26,471 
    J.S. Held Holdings, LLC+One stop L + 5.50%(c) 6.50% 07/2025 718 701 —718 
    J.S. Held Holdings, LLC+One stop L + 5.50%(a) 6.50% 07/2025 80 76 —80 
    Keystone Agency Partners LLC+Senior loan L + 4.75%(c) 5.75% 05/2027 2,315 2,280 0.12,280 
    Keystone Agency Partners LLC+(5)Senior loan L + 5.50% N/A(6) 05/2027 — (3)—(3)
    Long Term Care Group, Inc.+One stop L + 6.00%(a) 6.75% 09/2027 3,007 2,950 0.13,007 
    Majesco*#One stop L + 7.25%(c) 8.25% 09/2027 18,894 18,630 0.718,899 
    Majesco+(5)One stop L + 7.25% N/A(6) 09/2026 — (3)—— 
    Norvax, LLC+Senior loan L + 5.00%(d) 6.00% 09/2025 33,033 32,860 1.332,703 
    Norvax, LLC+Senior loan L + 5.00%(c) 6.00% 09/2025 10,000 9,856 0.49,900 
    Orchid Underwriters Agency, LLC+Senior loan L + 4.50%(c) 5.50% 12/2024 4,050 4,086 0.24,050 
    Orchid Underwriters Agency, LLC+Senior loan L + 4.50%(c) 5.50% 12/2024 470 470 —470 
    Orchid Underwriters Agency, LLC+Senior loan L + 4.50% N/A(6) 12/2024 — — —— 
    Pareto Health Intermediate Holdings, Inc. +One stop L + 5.25%(c) 6.25% 08/2025 7,280 7,215 0.37,280 
    Patriot Growth Insurance Services, LLC+One stop L + 5.50%(c) 6.25% 10/2028 8,025 7,947 0.37,945 
    Patriot Growth Insurance Services, LLC+(5)One stop L + 5.50% N/A(6) 10/2028 — (1)—(1)
    Patriot Growth Insurance Services, LLC+(5)One stop L + 5.50% N/A(6) 10/2028 — (30)—(31)
    People Corporation~(8)(9)(12)One stop C + 6.25%(n) 7.25% 02/2028 14,839 14,611 0.615,108 
    People Corporation+(8)(9)(12)One stop C + 6.25%(n) 7.25% 02/2028 4,953 4,906 0.24,930 
    People Corporation+(8)(9)(12)One stop C + 5.50%(m) 6.25% 02/2028 682 613 —396 
    People Corporation+(8)(9)(12)One stop C + 6.25%(n) 7.25% 02/2027 81 79 —84 
    RSC Acquisition, Inc.*#+One stop L + 5.50%(c) 6.25% 10/2026 25,833 25,441 1.025,575 
    RSC Acquisition, Inc.+One stop L + 5.50%(b)(c) 6.25% 10/2026 6,611 6,290 0.36,545 
    RSC Acquisition, Inc.+One stop L + 5.50%(c) 6.25% 10/2026 894 885 —885 
    RSC Acquisition, Inc.+One stop L + 5.50%(c) 6.25% 10/2026 201 199 —199 
    RSC Acquisition, Inc.+One stop L + 5.50%(c) 6.25% 10/2026 61 57 —57 
    RSC Acquisition, Inc.+One stop P + 4.50%(f) 7.75% 10/2026 42 41 —42 
    Sunstar Insurance Group, LLC+Senior loan L + 5.75%(c) 6.75% 10/2026 782 770 —782 
    Sunstar Insurance Group, LLC+Senior loan L + 5.75%(c) 6.75% 10/2026 396 390 —396 
    Sunstar Insurance Group, LLC+Senior loan L + 5.75%(c) 6.75% 10/2026 389 381 —389 
    Sunstar Insurance Group, LLC+Senior loan L + 5.75% N/A(6) 10/2026 — — —— 

    See Notes to Consolidated Financial Statements.
    24
    TABLE OF CONTENTS
    Golub Capital BDC, Inc. and Subsidiaries
    Consolidated Schedule of Investments (unaudited) - (continued)
    December 31, 2021
    (In thousands)
    Investment Type
    Spread
    Above
    Index(1)
    Interest
    Rate(2)
    		Maturity
    Date
    Principal ($) /
    Shares(3)
    		Amortized CostPercentage
    of Net
    Assets
    Fair
    Value (4)
    Insurance - (continued)
    TigerRisk, LLC*+One stop L + 5.00%(c) 6.00% 06/2027 $22,834 $22,628 0.9%$22,834
    TigerRisk, LLC+(5)One stop L + 5.00% N/A(6) 06/2027 — (1)—— 
    276,160 273,462 10.5274,428 
    Internet & Catalog Retail
    Revalize, Inc.+One stop L + 5.25%(c) 6.25% 04/2027 15,126 14,993 0.614,975 
    Revalize, Inc.+One stop L + 5.25%(c) 6.25% 04/2027 8,853 8,775 0.38,764 
    Revalize, Inc.+One stop L + 5.25%(c) 6.25% 04/2027 4,390 4,351 0.24,346 
    Revalize, Inc.+One stop L + 5.25%(c) 6.25% 04/2027 2,644 2,621 0.12,618 
    Revalize, Inc.+One stop L + 5.25%(c) 6.25% 04/2027 1,698 1,681 0.11,681 
    Revalize, Inc.+One stop L + 5.25%(c) 6.25% 04/2027 400 397 —396 
    Revalize, Inc.+(5)One stop L + 5.25% N/A(6) 04/2027 — (2)—(2)
    Revalize, Inc.+(5)One stop L + 5.25% N/A(6) 04/2027 — (1)—(3)
    33,111 32,815 1.332,775 
    IT Services
    Acquia, Inc.+~One stop L + 7.00%(c) 8.00% 10/2025 9,578 9,492 0.49,578 
    Acquia, Inc.+One stop L + 7.00% N/A(6) 10/2025 — — —— 
    Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+One stop L + 7.50%(c) 8.50% cash/1.00% PIK 08/2025 4,673 4,540 0.24,796 
    Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+One stop L + 6.50% N/A(6) 08/2025 — — —1 
    Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+(5)One stop L + 6.50% N/A(6) 08/2025 — (11)—— 
    Centrify Corporation+One stop L + 5.75%(c) 6.75% 03/2028 16,707 16,486 0.616,707 
    Centrify Corporation#One stop L + 5.75%(c) 6.75% 03/2028 9,658 9,528 0.49,658 
    Centrify Corporation+(5)One stop L + 5.75% N/A(6) 03/2027 — (3)—— 
    CivicPlus, LLC+One stop L + 6.25%(c) 7.00% 08/2027 6,174 6,116 0.26,174 
    CivicPlus, LLC+One stop L + 6.25% N/A(6) 08/2027 — — —— 
    CivicPlus, LLC+(5)One stop L + 6.25% N/A(6) 08/2027 — (27)—— 
    Cordeagle US Finco, Inc.+One stop L + 6.75%(c) 7.75% 07/2027 3,347 3,285 0.13,347 
    Cordeagle US Finco, Inc.+(5)One stop L + 6.75% N/A(6) 07/2027 — (1)—— 
    Episerver, Inc.+One stop L + 5.50%(c) 6.50% 04/2026 21,658 21,373 0.821,496 
    Episerver, Inc.+~(8)(9)One stop E + 5.75%(g) 5.75% 04/2026 20,279 20,486 0.820,410 
    Episerver, Inc.#+One stop L + 5.50%(c) 6.50% 04/2026 12,030 12,134 0.511,940 
    Episerver, Inc.+One stop L + 5.50%(c) 6.50% 04/2026 6,651 6,552 0.36,601 
    Episerver, Inc.+(5)One stop L + 5.50% N/A(6) 04/2026 — (4)—(5)
    Episerver, Inc.+(5)One stop L + 5.50% N/A(6) 04/2026 — (4)—(4)
    Gamma Technologies, LLC*#+One stop L + 4.75%(c) 5.75% 06/2024 46,739 46,954 1.846,739 
    Gamma Technologies, LLC+One stop L + 4.75% N/A(6) 06/2024 — — —— 
    Infinisource, Inc.#+~One stop L + 4.50%(c) 5.50% 10/2026 28,032 27,642 1.127,752 
    Infinisource, Inc.+One stop L + 4.50%(c) 5.50% 10/2026 8,466 8,384 0.38,382 
    Infinisource, Inc.+One stop L + 4.50%(c) 5.50% 10/2026 2,042 2,000 0.12,021 
    Infinisource, Inc.+One stop L + 4.50%(c) 5.50% 10/2026 306 303 —303 
    Infinisource, Inc.+One stop L + 4.50%(c) 5.50% 10/2026 106 105 —105 
    Infinisource, Inc.+(5)One stop L + 4.50% N/A(6) 10/2026 — (2)—(2)
    Infinisource, Inc.+(5)One stop L + 4.50% N/A(6) 10/2026 — (12)—(13)
    Infinisource, Inc.+(5)One stop L + 4.50% N/A(6) 10/2026 — (2)—(3)
    PCS Intermediate II Holdings, LLC~One stop L + 5.25%(c) 6.25% 01/2026 14,311 14,213 0.514,311 
    PCS Intermediate II Holdings, LLC+One stop L + 5.25%(c) 6.25% 01/2026 2,066 2,047 0.12,066 
    PCS Intermediate II Holdings, LLC+(5)One stop L + 5.25% N/A(6) 01/2026 — (1)—— 

    See Notes to Consolidated Financial Statements.
    25
    TABLE OF CONTENTS
    Golub Capital BDC, Inc. and Subsidiaries
    Consolidated Schedule of Investments (unaudited) - (continued)
    December 31, 2021
    (In thousands)
    Investment Type
    Spread
    Above
    Index(1)
    Interest
    Rate(2)
    		Maturity
    Date
    Principal ($) /
    Shares(3)
    		Amortized CostPercentage
    of Net
    Assets
    Fair
    Value (4)
    IT Services - (continued)
    Recordxtechnologies, LLC#One stop L + 5.50%(c) 6.50% 12/2025 $734 $728 —%$734
    Recordxtechnologies, LLC+One stop L + 5.50%(c) 6.50% 12/2025 115 113 —115 
    Recordxtechnologies, LLC+One stop L + 5.50%(c) 6.50% 12/2025 42 41 —42 
    Red Dawn SEI Buyer, Inc.+~(8)(9)Senior loan SN + 4.50%(o) 5.50% 11/2025 23,827 23,631 0.923,645 
    Red Dawn SEI Buyer, Inc.+Senior loan L + 4.50%(c) 5.50% 11/2025 2,484 2,439 0.12,512 
    Red Dawn SEI Buyer, Inc.+Senior loan L + 4.25%(c) 5.25% 11/2025 742 737 —740 
    Red Dawn SEI Buyer, Inc.+Senior loan L + 4.25%(c) 5.25% 11/2025 132 131 —131 
    Red Dawn SEI Buyer, Inc.+(5)Senior loan L + 4.25% N/A(6) 11/2025 — (1)—— 
    Saturn Borrower Inc.+~One stop L + 6.50%(c) 7.50% 09/2026 20,130 19,646 0.819,727 
    Saturn Borrower Inc.+One stop L + 6.50%(c) 7.50% 09/2026 62 59 —60 
    261,091 259,097 10.0260,066 


    See Notes to Consolidated Financial Statements.
    26
    TABLE OF CONTENTS
    Golub Capital BDC, Inc. and Subsidiaries
    Consolidated Schedule of Investments (unaudited) - (continued)
    December 31, 2021
    (In thousands)
    Investment Type
    Spread
    Above
    Index(1)
    Interest
    Rate(2)
    		Maturity
    Date
    Principal ($) /
    Shares(3)
    		Amortized CostPercentage
    of Net
    Assets
    Fair
    Value (4)
    Leisure Products
    WBZ Investment LLC#+One stop L + 6.50%(c) 6.50% cash/1.00% PIK 09/2024 $8,648 $8,688 0.4%$8,648 
    WBZ Investment LLC+One stop L + 6.50%(c) 6.50% cash/1.00% PIK 09/2024 1,239 1,233 —1,239 
    WBZ Investment LLC+One stop L + 6.50%(c) 6.50% cash/1.00% PIK 09/2024 861 880 —861 
    WBZ Investment LLC+One stop L + 6.50%(c) 6.50% cash/1.00% PIK 09/2024 440 451 —440 
    WBZ Investment LLC+One stop L + 6.50%(c) 6.50% cash/1.00% PIK 09/2024 82 82 —82 
    11,270 11,334 0.411,270 
    Life Sciences Tools & Services
    PAS Parent Inc.+One stop L + 5.50%(c) 6.25% 12/2028 33,629 33,293 1.333,293 
    PAS Parent Inc.+(5)One stop L + 5.50% N/A(6) 12/2027 — (9)—(4)
    PAS Parent Inc.+(5)One stop L + 5.50% N/A(6) 12/2028 — (5)—(5)
    Unchained Labs, LLC+Senior loan L + 5.50%(a) 6.50% 08/2027 850 834 —850 
    Unchained Labs, LLC+(5)Senior loan L + 5.50% N/A(6) 08/2027 — (1)—— 
    Unchained Labs, LLC+(5)Senior loan L + 5.50% N/A(6) 08/2027 — (20)—— 
    34,479 34,092 1.334,134 
    Machinery
    Bad Boy Mowers Acquisition, LLC+Senior loan L + 4.25%(c) 5.00% 03/2028 1,866 1,861 0.11,866 
    Blackbird Purchaser, Inc. *+~Senior loan L + 4.50%(c)(f) 5.25% 04/2026 19,113 19,261 0.718,731 
    Blackbird Purchaser, Inc. +(5)Senior loan L + 4.50% N/A(6) 10/2025 — (1)—(4)
    Blackbird Purchaser, Inc. +(5)Senior loan L + 4.50% N/A(6) 04/2026 — (2)—(2)
    Blackbird Purchaser, Inc. +(5)Senior loan L + 4.50% N/A(6) 04/2026 — (3)—(6)
    Chase Industries, Inc.+~Senior loan L + 5.50%(c) 6.50% 05/2025 12,059 12,147 0.38,441 
    Chase Industries, Inc.+Senior loan L + 7.00%(c) 6.50% cash/1.50% PIK 05/2025 985 1,011 —691 
    Chase Industries, Inc.+Senior loan L + 7.00%(c) 6.50% cash/1.50% PIK 05/2023 350 351 —242 
    34,373 34,625 1.129,959 
    Marine
    Veson Nautical LLC#+One stop L + 5.25%(c) 6.25% 11/2025 9,668 9,594 0.49,668 
    Veson Nautical LLC*One stop L + 5.25%(c) 6.25% 11/2025 7,191 7,127 0.37,191 
    Veson Nautical LLC+(5)One stop L + 5.25% N/A(6) 11/2025 — (1)—— 
    16,859 16,720 0.716,859 
    Media
    Triple Lift, Inc.+One stop L + 5.75%(c) 6.50% 05/2028 5,384 5,286 0.25,384 
    Triple Lift, Inc.+(5)One stop L + 5.75% N/A(6) 05/2028 — (1)—— 
    5,384 5,285 0.25,384 
    Multiline Retail
    Mills Fleet Farm Group LLC*#+~One stop L + 6.25%(c) 7.25% 10/2024 46,470 46,389 1.846,470 
    Oil, Gas & Consumable Fuels
    3ES Innovation, Inc.*+~(8)(12)One stop L + 6.75%(c) 7.75% 05/2025 20,577 20,680 0.820,577 
    3ES Innovation, Inc.+(5)(8)(12)One stop L + 6.75% N/A(6) 05/2025 — (1)—— 
    Drilling Info Holdings, Inc.*#+~Senior loan L + 4.25%(a) 4.35% 07/2025 37,354 37,708 1.437,295 
    Drilling Info Holdings, Inc.~Senior loan L + 4.50%(a) 4.60% 07/2025 17,124 16,805 0.717,235 
    Drilling Info Holdings, Inc.+(5)Senior loan L + 4.25% N/A(6) 07/2023 — (1)—(2)
    Drilling Info Holdings, Inc.+(5)Senior loan L + 4.50% N/A(6) 07/2023 — (2)—(1)
    Project Power Buyer, LLC*#+One stop L + 6.00%(c) 7.00% 05/2026 15,583 15,698 0.615,583 
    Project Power Buyer, LLC+(5)One stop L + 6.00% N/A(6) 05/2025 — (1)—— 
    90,638 90,886 3.590,687 

    See Notes to Consolidated Financial Statements.
    27
    TABLE OF CONTENTS
    Golub Capital BDC, Inc. and Subsidiaries
    Consolidated Schedule of Investments (unaudited) - (continued)
    December 31, 2021
    (In thousands)
    Investment Type
    Spread
    Above
    Index(1)
    Interest
    Rate(2)
    		Maturity
    Date
    Principal ($) /
    Shares(3)
    		Amortized CostPercentage
    of Net
    Assets
    Fair
    Value (4)
    Paper & Forest Products
    Messenger, LLC+One stop L + 5.75%(c) 6.75% 12/2027 $8,837 $8,748 0.3%$8,748 
    Messenger, LLC+One stop P + 4.75%(c)(f) 7.71% 12/2027 33 32 —32 
    Messenger, LLC+(5)One stop L + 5.75% N/A(6) 12/2027 — (1)—(2)
    8,870 8,779 0.38,778 
    Personal Products
    IMPLUS Footwear, LLC+~One stop L + 7.75%(c) 8.75% 04/2024 30,590 30,857 1.128,143 
    IMPLUS Footwear, LLC+~One stop L + 7.75%(c) 8.75% 04/2024 5,224 5,269 0.24,807 
    IMPLUS Footwear, LLC*+One stop L + 7.75%(c) 8.75% 04/2024 753 769 —693 
    36,567 36,895 1.333,643 

    See Notes to Consolidated Financial Statements.
    28
    TABLE OF CONTENTS
    Golub Capital BDC, Inc. and Subsidiaries
    Consolidated Schedule of Investments (unaudited) - (continued)
    December 31, 2021
    (In thousands)
    Investment Type
    Spread
    Above
    Index(1)
    Interest
    Rate(2)
    		Maturity
    Date
    Principal ($) /
    Shares(3)
    		Amortized CostPercentage
    of Net
    Assets
    Fair
    Value (4)
    Pharmaceuticals
    ACP Ulysses Buyer, Inc.*#+Senior loan L + 5.25%(a) 6.25% 02/2026 $23,019 $22,799 0.9%$22,790 
    Amalthea Parent, Inc.*#+(8)(12)One stop L + 5.00%(a)(f) 5.75% 03/2027 54,433 53,922 2.153,889 
    Amalthea Parent, Inc.+(5)(8)(12)One stop L + 5.00% N/A(6) 03/2027 — (2)—(3)
    Amalthea Parent, Inc.+(5)(8)(12)One stop L + 5.00% N/A(6) 03/2027 — (43)—(50)
    Amalthea Parent, Inc.+(5)(8)(12)One stop L + 5.00% N/A(6) 03/2027 — (3)—(3)
    Apothecary Products, LLC+Senior loan L + 4.50%(a) 5.50% 07/2023 2,891 2,949 0.12,891 
    Apothecary Products, LLC+Senior loan L + 4.50%(a)(b)(c)(d) 5.50% 07/2023 313 313 —313 
    Cobalt Buyer Sub, Inc.+One stop L + 5.25%(c) 6.00% 10/2028 10,708 10,501 0.410,708 
    Cobalt Buyer Sub, Inc.+One stop L + 5.25%(c) 6.00% 10/2027 9 7 —9 
    Cobalt Buyer Sub, Inc.+(5)One stop L + 5.25% N/A(6) 10/2028 — (34)—— 
    Spark Bidco Limited+(8)(9)(10)Senior loan SN + 4.75%(o) 4.94% 08/2028 26,972 26,588 1.026,532 
    Spark Bidco Limited+(5)(8)(9)(10)Senior loan SN + 4.75% N/A(6) 02/2028 — (1)—— 
    Spark Bidco Limited+(5)(8)(9)(10)Senior loan SN + 4.75% N/A(6) 08/2028 — (73)—2 
    118,345 116,923 4.5117,078 
    Professional Services
    DISA Holdings Acquisition Subsidiary Corp.+~Senior loan L + 4.00%(c) 5.00% 06/2022 8,662 8,692 0.38,662 
    DISA Holdings Acquisition Subsidiary Corp.+Senior loan L + 4.00% N/A(6) 06/2022 — — —— 
    IG Investments Holdings, LLC+One stop L + 6.00%(c) 6.75% 09/2028 6,584 6,457 0.36,584 
    IG Investments Holdings, LLC+One stop L + 6.00%(a) 6.75% 09/2027 21 21 —21 
    NBG Acquisition Corp. and NBG-P Acquisition Corp.+One stop L + 5.25%(c) 6.00% 11/2028 7,520 7,464 0.37,463 
    NBG Acquisition Corp. and NBG-P Acquisition Corp.+One stop L + 5.25%(c) 6.00% 11/2028 13 12 —12 
    NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5)One stop L + 5.25% N/A(6) 11/2028 — (17)—(17)
    Net Health Acquisition Corp.+One stop L + 5.75%(c) 6.75% 12/2025 13,336 13,226 0.513,336 
    Net Health Acquisition Corp.*#One stop L + 5.75%(c) 6.75% 12/2025 8,444 8,457 0.38,444 
    Net Health Acquisition Corp.+~One stop L + 5.75%(c) 6.75% 12/2025 6,759 6,798 0.36,759 
    Net Health Acquisition Corp.#One stop L + 5.75%(c) 6.75% 12/2025 4,270 4,221 0.24,270 
    Net Health Acquisition Corp.*#One stop L + 5.75%(c) 6.75% 12/2025 1,180 1,182 —1,180 
    Net Health Acquisition Corp.+(5)One stop L + 5.75% N/A(6) 12/2025 — (3)—— 
    PlanSource Holdings, Inc. +~One stop L + 6.25%(c) 7.25% 04/2025 11,416 11,480 0.411,330 
    PlanSource Holdings, Inc. +One stop L + 6.25%(c) 7.25% 04/2025 1,932 1,917 0.11,917 
    PlanSource Holdings, Inc. +(5)One stop L + 6.25% N/A(6) 04/2025 — (1)—(2)
    PlanSource Holdings, Inc. +(5)One stop L + 6.25% N/A(6) 04/2025 — (1)—(1)
    ProcessMAP Corporation+One stop L + 6.00%(c) 6.75% 12/2027 3,837 3,798 0.13,798 
    ProcessMAP Corporation+(5)One stop L + 6.00% N/A(6) 12/2027 — — —(1)
    Procure Acquireco, Inc.+One stop L + 5.50%(c) 6.25% 12/2028 17,767 17,590 0.717,589 
    Procure Acquireco, Inc.+(5)One stop L + 5.50% N/A(6) 12/2028 — (1)—(1)
    Procure Acquireco, Inc.+(5)One stop L + 5.50% N/A(6) 12/2028 — (3)—(3)
    Teaching Company, The*#+One stop L + 4.75%(c) 5.75% 07/2023 17,508 17,604 0.717,508 
    Teaching Company, The+One stop P + 3.75%(f) 7.00% 07/2023 100 100 —100 
    109,349 108,993 4.2108,948 
    %
    Investment Type
    Spread
    Above
    Index(1)
    Interest
    Rate(2)
    		Maturity
    Date
    Principal ($) /
    Shares(3)
    		Amortized CostPercentage
    of Net
    Assets
    Fair
    Value (4)
    Real Estate Management & Development
    MRI Software LLC*+One stop L + 5.50%(c) 6.50% 02/2026 $14,470 $14,372 0.6%$14,470 
    MRI Software LLC+One stop L + 5.50%(c) 6.50% 02/2026 2,120 2,074 0.12,120 
    MRI Software LLC+(5)One stop L + 5.50% N/A(6) 02/2026 — (2)—— 
    MRI Software LLC+(5)One stop L + 5.50% N/A(6) 02/2026 — (6)—— 
    Inhabit IQ Inc.#+One stop L + 5.50%(c) 6.50% 07/2025 19,590 19,664 0.719,590 
    Inhabit IQ Inc.+~One stop L + 5.50%(c) 6.50% 07/2025 13,494 13,328 0.513,494 
    Inhabit IQ Inc.+One stop L + 5.50%(c) 6.50% 07/2025 12,461 12,347 0.512,461 
    Inhabit IQ Inc.*#One stop L + 5.50%(c) 6.50% 07/2025 6,568 6,620 0.36,568 
    Inhabit IQ Inc.+~One stop L + 5.50%(c) 6.50% 07/2025 3,201 3,259 0.13,201 
    Inhabit IQ Inc.#+One stop L + 5.50%(c) 6.50% 07/2025 1,406 1,430 0.11,406 
    Inhabit IQ Inc.#+One stop L + 5.50%(c) 6.50% 07/2025 1,190 1,211 —1,190 
    Inhabit IQ Inc.#+One stop L + 5.50%(c) 6.50% 07/2025 1,174 1,194 —1,174 
    Inhabit IQ Inc.+One stop L + 5.50%(c) 6.50% 07/2025 938 933 —938 
    Inhabit IQ Inc.+One stop L + 5.50%(c) 6.50% 07/2025 495 503 —495 
    Inhabit IQ Inc.+(5)One stop L + 5.50% N/A(6) 07/2025 — (1)—— 
    Inhabit IQ Inc.+(5)One stop L + 5.50% N/A(6) 07/2025 — (199)—— 
    RPL Bidco Limited+(8)(9)(10)One stop SN + 5.75%(o) 5.94% 08/2028 20,251 20,012 0.819,763 
    RPL Bidco Limited+(8)(9)(10)One stop SF + 5.75% N/A(6) 02/2028 — — —— 
    97,358 96,739 3.7 96,870 
    Road & Rail
    Channelside Acquisitona Co, Inc.+One stop L + 5.25%(c) 6.25% 07/2028 4,258 4,160 0.14,258 
    Channelside Acquisitona Co, Inc.+(5)One stop L + 5.25% N/A(6) 07/2026 — (1)—— 
    Channelside Acquisitona Co, Inc.+(5)One stop L + 5.25% N/A(6) 07/2028 — (1)—— 
    Internet Truckstop Group LLC*#One stop L + 5.75%(c) 6.75% 04/2025 22,301 22,670 0.922,301 
    Internet Truckstop Group LLC+One stop L + 5.75%(c) 6.75% 04/2025 9,765 9,647 0.49,765 
    Internet Truckstop Group LLC+(5)One stop L + 5.75% N/A(6) 04/2025 — (2)—— 
    36,324 36,473 1.436,324 


    See Notes to Consolidated Financial Statements.
    29
    TABLE OF CONTENTS
    Golub Capital BDC, Inc. and Subsidiaries
    Consolidated Schedule of Investments (unaudited) - (continued)
    December 31, 2021
    (In thousands)
    Investment Type
    Spread
    Above
    Index(1)
    Interest
    Rate(2)
    		Maturity
    Date
    Principal ($) /
    Shares(3)
    		Amortized CostPercentage
    of Net
    Assets
    Fair
    Value (4)
    Software
    Accela, Inc.*#+One stop L + 7.50%(a) 4.25% cash/4.25% PIK 09/2024 $4,578 $4,558 0.2%$4,585 
    Accela, Inc.+One stop L + 7.50%(a) 4.25% cash/4.25% PIK 09/2024 272 269 —273 
    Accela, Inc.+One stop L + 7.00% N/A(6) 09/2024 — — —— 
    Appfire Technologies, LLC#+One stop L + 5.50%(c) 6.50% 03/2027 34,943 34,450 1.334,943 
    Appfire Technologies, LLC+One stop L + 5.50%(c) 6.50% 03/2027 20 19 —20 
    Appfire Technologies, LLC+(5)One stop L + 5.50% N/A(6) 03/2027 — (14)—— 
    Apptio, Inc. +~One stop L + 7.25%(d) 8.25% 01/2025 57,010 57,513 2.257,010 
    Apptio, Inc. +One stop L + 7.25%(d) 8.25% 01/2025 76 75 —76 
    Aras Corporation+One stop L + 7.00%(c) 4.25% cash/3.75% PIK 04/2027 13,788 13,667 0.513,808 
    Aras Corporation+(5)One stop L + 6.50% N/A(6) 04/2027 — (1)—(2)
    Auvik Networks Inc.+(8)(12)One stop L + 5.50%(c) 6.50% 07/2027 6,889 6,825 0.36,889 
    Auvik Networks Inc.+(5)(8)(12)One stop L + 5.50% N/A(6) 07/2027 — (1)—— 
    Axiom Merger Sub Inc.+~One stop L + 6.00%(c)(d) 7.00% 04/2026 5,773 5,803 0.25,730 
    Axiom Merger Sub Inc.+~(8)(9)One stop E + 6.25%(g)(h) 6.25% 04/2026 2,379 2,394 0.12,411 
    Axiom Merger Sub Inc.+One stop L + 6.00%(d) 7.00% 04/2026 274 271 —272 
    Axiom Merger Sub Inc.+(5)One stop L + 6.00% N/A(6) 10/2025 — (1)—— 
    Axiom Merger Sub Inc.+(5)One stop L + 6.00% N/A(6) 04/2026 — (1)—(1)
    Bayshore Intermediate #2, L.P.+One stop L + 7.75%(c) 8.50% 10/2028 59,892 58,593 2.360,142 
    Bayshore Intermediate #2, L.P.+(5)One stop L + 6.75% N/A(6) 10/2027 — (4)—(7)
    Bearcat Buyer, Inc.+~Senior loan L + 4.25%(c) 5.25% 07/2026 2,891 2,908 0.12,871 
    Bearcat Buyer, Inc.+Senior loan L + 4.25%(c) 5.25% 07/2026 515 516 —512 
    Bearcat Buyer, Inc.~Senior loan L + 4.25%(c) 5.25% 07/2026 305 303 —303 
    Bearcat Buyer, Inc.+Senior loan L + 4.25% N/A(6) 07/2024 — — —— 
    Beqom North America, Inc.+One stop L + 7.50%(c) 7.00% cash/1.50% PIK 06/2026 927 923 —975 
    Beqom North America, Inc.+One stop L + 6.00% N/A(6) 06/2026 — — —1 
    Bullhorn, Inc.*#+~One stop L + 5.75%(c) 6.75% 09/2026 66,455 65,566 2.566,457 
    Bullhorn, Inc.+(8)(9)One stop L + 6.00%(i) 6.26% 09/2026 11,857 11,696 0.513,071 
    Bullhorn, Inc.+(8)(9)One stop E + 5.75%(g) 5.75% 09/2026 4,761 4,696 0.24,914 
    Bullhorn, Inc.+One stop L + 5.75%(c) 6.75% 09/2026 215 212 —215 
    Bullhorn, Inc.+One stop L + 5.75%(c) 6.75% 09/2026 96 95 —96 
    Bullhorn, Inc.+One stop L + 5.75%(c) 6.75% 09/2026 77 76 —77 
    Bullhorn, Inc.+(5)One stop L + 5.75% N/A(6) 09/2026 — (3)—— 
    Burning Glass Intermediate Holdings Company, Inc.#+One stop L + 5.00%(a) 6.00% 06/2028 9,894 9,711 0.49,905 
    Burning Glass Intermediate Holdings Company, Inc.+One stop L + 5.00%(c) 6.00% 06/2026 21 19 —20 
    Calabrio, Inc. +One stop L + 7.00%(c) 8.00% 04/2027 53,683 52,973 2.153,683 
    Calabrio, Inc. +(5)One stop L + 7.00% N/A(6) 04/2027 — (4)—— 
    Cybergrants Holdings, LLC+One stop L + 6.50%(c) 7.25% 09/2027 58,423 57,593 2.257,839 
    Cybergrants Holdings, LLC+(5)One stop L + 6.50% N/A(6) 09/2027 — (3)—(2)
    Cybergrants Holdings, LLC+(5)One stop L + 6.50% N/A(6) 09/2027 — (41)—(43)
    Daxko Acquisition Corporation+One stop L + 5.50%(c) 6.25% 10/2028 27,920 27,649 1.127,640 

    See Notes to Consolidated Financial Statements.
    30
    TABLE OF CONTENTS
    Golub Capital BDC, Inc. and Subsidiaries
    Consolidated Schedule of Investments (unaudited) - (continued)
    December 31, 2021
    (In thousands)
    Investment Type
    Spread
    Above
    Index(1)
    Interest
    Rate(2)
    		Maturity
    Date
    Principal ($) /
    Shares(3)
    		Amortized CostPercentage
    of Net
    Assets
    Fair
    Value (4)
    Software - (continued)
    Daxko Acquisition Corporation+(5)One stop L + 5.50% N/A(6) 10/2027 $— $(2)—%$(2)
    Daxko Acquisition Corporation+(5)One stop L + 5.50% N/A(6) 10/2028 — (33)—(34)
    Diligent Corporation*#+~One stop L + 6.25%(c) 7.25% 08/2025 86,954 86,971 3.487,442 
    Diligent Corporation+One stop L + 5.75%(c) 6.75% 08/2025 6,010 5,960 0.25,949 
    Diligent Corporation+(5)One stop L + 6.25% N/A(6) 08/2025 — (1)—2 
    FirstUp, Inc+One stop L + 6.75%(c) 4.25% cash/3.50% PIK 07/2027 8,683 8,605 0.38,683 
    FirstUp, Inc+(5)One stop L + 6.25% N/A(6) 07/2027 — (1)—— 
    Gainsight, Inc.+One stop L + 6.75%(c) 7.50% 07/2027 7,308 7,191 0.37,180 
    Gainsight, Inc.+(5)One stop L + 6.25% N/A(6) 07/2027 — (2)—(2)
    GS Acquisitionco, Inc.*#+~One stop L + 5.75%(c) 6.75% 05/2026 82,267 82,612 3.181,856 
    GS Acquisitionco, Inc.+One stop L + 5.75%(b)(c) 6.75% 05/2026 126 124 —124 
    GS Acquisitionco, Inc.+(5)One stop L + 5.75% N/A(6) 05/2026 — (11)—(23)
    ICIMS, Inc.+~One stop L + 6.50%(c) 7.50% 09/2024 14,355 14,548 0.614,355 
    ICIMS, Inc.+~One stop L + 6.50%(c) 7.50% 09/2024 4,501 4,491 0.24,501 
    ICIMS, Inc.~One stop L + 6.50%(c) 7.50% 09/2024 2,706 2,687 0.12,706 
    ICIMS, Inc.+One stop L + 6.50%(c) 7.50% 09/2024 88 88 —88 
    Impartner, Inc.+One stop L + 9.50%(c) 9.30% cash/2.00% PIK 08/2025 2,991 2,964 0.13,109 
    Impartner, Inc.+One stop L + 9.50%(c) 9.30% cash/2.00% PIK 08/2025 236 234 —245 
    Impartner, Inc.+(5)One stop L + 7.50% N/A(6) 08/2025 — (1)—9 
    Impartner, Inc.+One stop L + 7.50% N/A(6) 08/2025 — — —— 
    Juvare, LLC*One stop L + 5.75%(c) 6.75% 10/2026 7,526 7,451 0.37,527 
    Juvare, LLC+One stop L + 5.75%(c) 6.75% 10/2026 1,737 1,719 0.11,737 
    Juvare, LLC+(5)One stop L + 5.75% N/A(6) 04/2026 — (1)—— 
    Juvare, LLC+(5)One stop L + 5.75% N/A(6) 10/2026 — (26)—— 
    Kaseya Traverse Inc+~One stop L + 6.50%(c) 6.50% cash/1.00% PIK 05/2025 38,344 39,004 1.538,344 
    Kaseya Traverse Inc+One stop L + 6.50%(c) 6.50% cash/1.00% PIK 05/2025 14,013