Golub Capital BDC 10Q 2022 Q2 Quarterly report

______________________________________________________________________________________________________

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 March 31, 2022

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)


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

200 Park Avenue, 25th Floor

New York, NY 10166

(Address of principal executive offices)

(212) 750-6060

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $0.001 per share	GBDC	The Nasdaq Global Select Market

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

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes 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 May 10, 2022, the Registrant had 170,895,670 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 March 31, 2022 (unaudited) and September 30, 2021	3
	Consolidated Statements of Operations for the three and six months ended March 31, 2022 (unaudited) and 2021 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and six months ended March 31, 2022 (unaudited) and 2021 (unaudited)	5
	Consolidated Statements of Cash Flows for the six months ended March 31, 2022 (unaudited) and 2021 (unaudited)	6
	Consolidated Schedules of Investments as of March 31, 2022 (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	136
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	162
Item 4.	Controls and Procedures	163
Part II. Other Information
Item 1.	Legal Proceedings	164
Item 1A.	Risk Factors	164
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	164
Item 3.	Defaults Upon Senior Securities	164
Item 4.	Mine Safety Disclosures	164
Item 5.	Other Information	164
Item 6.	Exhibits	165

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share data)


	March 31, 2022		September 30, 2021
	(unaudited)
Assets
Investments, at fair value
Non-controlled/non-affiliate company investments	$	5,347,715	$	4,815,270
Non-controlled affiliate company investments	63,145		61,379
Controlled affiliate company investments	15,299		18,237
Total investments, at fair value (amortized cost of $5,405,019 and $4,895,397, respectively)	5,426,159		4,894,886
Cash and cash equivalents	130,453		175,593
Foreign currencies (cost of $5,587 and $5,145, respectively)	5,716		5,497
Restricted cash and cash equivalents	35,749		61,824
Restricted foreign currencies (cost of $2,412 and $1,442, respectively)	2,414		1,429
Cash collateral held at broker for forward currency contracts	—		6,960
Interest receivable	21,251		18,261
Receivable from investments sold	—		97
Unrealized appreciation on forward currency contracts	2,227		90
Other assets	995		278
Total Assets	$	5,624,964	$	5,164,915
Liabilities
Debt	$	2,980,962	$	2,569,228
Less unamortized debt issuance costs	20,786		17,850
Debt less unamortized debt issuance costs	2,960,176		2,551,378


Interest payable	15,643		12,516
Management and incentive fees payable	20,929		12,247
Accounts payable and other liabilities	4,667		5,788
Payable for investments purchased	—		294

Total Liabilities	3,001,415		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 March 31, 2022 and September 30, 2021	—		—
Common stock, par value $0.001 per share, 350,000,000 shares authorized, 170,895,670 shares issued and outstanding as of March 31, 2022; 200,000,000 shares authorized, 170,028,584 shares issued and outstanding as of September 30, 2021	171		170
Paid in capital in excess of par	2,677,424		2,664,251
Distributable earnings (losses)	(54,046)		(81,729)
Total Net Assets	2,623,549		2,582,692
Total Liabilities and Total Net Assets	$	5,624,964	$	5,164,915
Number of common shares outstanding	170,895,670		170,028,584
Net asset value per common share	$	15.35	$	15.19

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Operations (unaudited)

(In thousands, except share data)


	Three months ended March 31,				Six months ended March 31,
	2022		2021		2022		2021

Investment income
From non-controlled/non-affiliate company investments:
Interest income	$	84,552	$	74,076	$	168,774	$	145,598
Dividend income	3		35		320		195
Fee income	219		1,153		1,228		2,060
Total investment income from non-controlled/non-affiliate company investments	84,774		75,264		170,322		147,853
From non-controlled affiliate company investments:
Interest income	1,166		928		2,183		2,403

Fee income	—		7		—		7
Total investment income from non-controlled affiliate company investments	1,166		935		2,183		2,410
From controlled affiliate company investments:
Interest income	21		2		23		(16)

Total investment income from controlled affiliate company investments	21		2		23		(16)
Total investment income	85,961		76,201		172,528		150,247
Expenses
Interest and other debt financing expenses	19,275		16,190		37,111		31,271
Base management fee	18,019		15,082		35,520		30,306
Incentive fee	4,362		942		7,743		2,946
Professional fees	729		1,201		1,628		2,038
Administrative service fee	1,640		2,000		3,458		3,602
General and administrative expenses	400		478		742		769
Total expenses	44,425		35,893		86,202		70,932
Base management fee waived (Note 3)	(1,904)		—		(1,904)		—
Net expenses	42,521		35,893		84,298		70,932


Net investment income	43,440		40,308		88,230		79,315
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Non-controlled/non-affiliate company investments	321		1,171		15,920		5,296
Non-controlled affiliate company investments	—		—		(1,026)		(5,739)

Foreign currency transactions	51		(1,117)		26		(1,895)
Net realized gain (loss) on investment transactions	372		54		14,920		(2,338)
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliate company investments	20,920		46,499		26,393		100,568
Non-controlled affiliate company investments	(1,798)		3,002		(891)		12,073
Controlled affiliate company investments	(1,157)		(1,041)		(3,851)		(1,091)
Translation of assets and liabilities in foreign currencies	3,337		1,372		3,605		(2)
Forward currency contracts	1,856		1,121		2,137		(2,771)
Net change in unrealized appreciation (depreciation) on investment transactions	23,158		50,953		27,393		108,777

Net gain (loss) on investment transactions	23,530		51,007		42,313		106,439
Provision for taxes on unrealized appreciation on investments	(97)		—		(592)		—
Net increase (decrease) in net assets resulting from operations	$	66,873	$	91,315	$	129,951	$	185,754
Per Common Share Data
Basic and diluted earnings per common share (Note 10)	$	0.39	$	0.55	$	0.76	$	1.11
Dividends and distributions declared per common share	$	0.30	$	0.29	$	0.60	$	0.58
Basic and diluted weighted average common shares outstanding (Note 10)	170,866,740		167,281,115		170,452,256		167,270,194

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Changes in Net Assets (unaudited)

(In thousands, except share data)


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












Balance at September 30, 2020	167,259,511	$	167	$	2,624,608	$	(228,582)	$	2,396,193

Net increase (decrease) in net assets resulting from operations
Net investment income	—	—		—		79,315		79,315
Net realized gain (loss) on investments and foreign currency transactions	—	—		—		(2,338)		(2,338)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward currency contracts	—	—		—		108,777		108,777
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	972,196	1		14,193		—		14,194
Distributions from distributable earnings	—	—		—		(97,010)		(97,010)



Total increase (decrease) for the six months ended March 31, 2021	972,196	1		14,193		88,744		102,938
Balance at March 31, 2021	168,231,707	$	168	$	2,638,801	$	(139,838)	$	2,499,131
Balance at December 31, 2020	167,259,511	167		2,624,608		(182,648)		2,442,127

Net increase (decrease) in net assets resulting from operations
Net investment income	—	—		—		40,308		40,308
Net realized gain (loss) on investments and foreign currency transactions	—	—		—		54		54
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward currency contracts	—	—		—		50,953		50,953

Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	972,196	1		14,193		—		14,194
Distributions from distributable earnings	—	—		—		(48,505)		(48,505)



Total increase (decrease) for the three months ended March 31, 2021	972,196	1		14,193		42,810		57,004
Balance at March 31, 2021	168,231,707	$	168	$	2,638,801	$	(139,838)	$	2,499,131
Balance at September 30, 2021	170,028,584	170		2,664,251		(81,729)		2,582,692

Net increase (decrease) in net assets resulting from operations:
Net investment income	—	—		—		88,230		88,230
Net realized gain (loss) on investments and foreign currency transactions	—	—		—		14,920		14,920
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward currency contracts	—	—		—		27,393		27,393
Provision for taxes on unrealized appreciation on investments	—	—		—		(592)		(592)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	867,086	1		13,173		—		13,174
Distributions from distributable earnings	—	—		—		(102,268)		(102,268)



Total increase (decrease) for the six months ended March 31, 2022	867,086	1		13,173		27,683		40,857
Balance at March 31, 2022	170,895,670	$	171	$	2,677,424	$	(54,046)	$	2,623,549
Balance at December 31, 2021	170,865,742	171		2,676,967		(69,659)		2,607,479

Net increase (decrease) in net assets resulting from operations:
Net investment income	—	—		—		43,440		43,440
Net realized gain (loss) on investments and foreign currency transactions	—	—		—		372		372
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward currency contracts	—	—		—		23,158		23,158
Provision for taxes on unrealized appreciation on investments	—	—		—		(97)		(97)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	29,928	—		457		—		457
Distributions from distributable earnings	—	—		—		(51,260)		(51,260)



Total increase (decrease) for the three months ended March 31, 2022	29,928	—		457		15,613		16,070
Balance at March 31, 2022	170,895,670	$	171	$	2,677,424	$	(54,046)	$	2,623,549

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands, except share data)


	Six months ended March 31,
	2022		2021
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	129,951	$	185,754
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Amortization of deferred debt issuance costs	3,443		3,340
Accretion of discounts and amortization of premiums on investments	(1,748)		7,826
Accretion of discounts and amortization of premiums on issued debt securities	879		959
Net realized (gain) loss on investments	(14,894)		443
Net realized (gain) loss on foreign currency transactions	(26)		1,895
Net change in unrealized (appreciation) depreciation on investments	(21,651)		(111,550)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	(3,605)		2
Net change in unrealized (appreciation) depreciation on forward currency contracts	(2,137)		2,771
Proceeds from (fundings of) revolving loans, net	(1,002)		7,248
Fundings of investments	(1,267,348)		(678,530)
Proceeds from principal payments and sales of portfolio investments	783,967		626,183
PIK interest	(8,597)		(8,671)

Changes in operating assets and liabilities:
Interest receivable	(2,990)		(1,123)
Cash collateral held at broker for forward currency contracts	6,960		(3,640)
Receivable from investments sold	97		259
Other assets	(717)		203
Interest payable	3,127		5,501
Management and incentive fees payable	8,682		(1,349)
Payable for investments purchased	(294)		—
Accounts payable and other liabilities	(1,121)		1,178

Net cash provided by (used in) operating activities	(389,024)		38,699
Cash flows from financing activities
Borrowings on debt	916,760		2,284,027
Repayments of debt	(502,300)		(2,224,546)
Capitalized debt issuance costs	(6,379)		(15,881)



Distributions paid	(75,649)		(68,156)
Purchases of common stock under dividend reinvestment plan	(13,445)		(14,659)
Net cash provided by (used in) financing activities	318,987		(39,215)
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies	(70,037)		(516)
Effect of foreign currency exchange rates	26		168
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, beginning of period	244,343		184,430
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, end of period	$	174,332	$	184,082

Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	29,663	$	21,472

Distributions declared during the period	102,268		97,010
Supplemental disclosure of non-cash operating and financing activities:
Stock issued in connection with dividend reinvestment plan	$	13,174	$	14,194



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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

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

(In thousands, except share data)

The following table provides a reconciliation of cash and cash equivalents, foreign currencies, 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 March 31,
	2022		2021
Cash and cash equivalents	$	130,453	$	75,919
Foreign currencies (cost of $5,587 and $1,184, respectively)	5,716		1,185
Restricted cash and cash equivalents	35,749		106,105
Restricted foreign currencies (cost of $2,412 and $789, respectively)	2,414		873
Total cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows	$	174,332	$	184,082

See Note 2. Significant Accounting Policies and Recent Accounting Updates for a description of cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies.

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace and Defense
NTS Technical Systems*#+~	Senior loan	L + 5.50%	(b)	6.50%	06/2023	$	39,971	$	39,836	1.6	%	$	39,971
NTS Technical Systems~	Second lien	L + 9.75%	(b)	10.75%	12/2023	4,589		4,539		0.2		4,589
NTS Technical Systems+	Senior loan	L + 5.50%	(b)	6.50%	06/2023	3,091		3,054		0.1		3,091
NTS Technical Systems+(5)	Senior loan	L + 5.50%		N/A(6)	06/2023	—		(18)		—		—
Tronair Parent, Inc.+	Senior loan	L + 6.25%	(b)	6.75% cash/0.50% PIK	09/2023	678		675		—		604
Tronair Parent, Inc.+	Senior loan	L + 6.25%	(b)	6.75% cash/0.50% PIK	06/2023	40		38		—		24
Whitcraft LLC*#+~	One stop	L + 6.00%	(b)	7.01%	04/2023	62,930		63,092		2.3		61,042
Whitcraft LLC+(5)	One stop	L + 6.00%		N/A(6)	04/2023	—		(1)		—		(9)

						111,299		111,215		4.2		109,312
Airlines
Aurora Lux Finco S.A.R.L.+(8)(13)	One stop	L + 6.00%	(b)	7.00%	12/2026	980		964		—		951

Auto Components
Covercraft Parent III, Inc.+	Senior loan	L + 4.50%	(b)	5.50%	08/2027	4,914		4,870		0.2		4,914
Covercraft Parent III, Inc.+	Senior loan	L + 4.50%	(b)	5.51%	08/2027	994		971		—		994
Covercraft Parent III, Inc.+(5)	Senior loan	L + 4.50%		N/A(6)	08/2027	—		(1)		—		—
North Haven Falcon Buyer, LLC+	One stop	L + 6.00%	(b)	7.00%	05/2027	6,130		6,024		0.3		6,130
North Haven Falcon Buyer, LLC+	One stop	L + 6.00%	(b)	7.00%	05/2027	1,026		1,009		—		1,026
Polk Acquisition Corp.*#+	Senior loan	L + 6.00%	(a)	7.00%	12/2023	18,059		17,955		0.7		17,933
Polk Acquisition Corp.+	Senior loan	L + 6.00%	(a)	7.00%	12/2023	181		182		—		179
Polk Acquisition Corp.+	Senior loan	L + 6.00%	(a)	7.00%	12/2023	106		106		—		106

						31,410		31,116		1.2		31,282
Automobiles
CG Group Holdings, LLC*#+	One stop	L + 5.25%	(b)	6.26%	07/2027	31,384		31,106		1.2		31,384
CG Group Holdings, LLC+	One stop	L + 5.25%	(a)	6.25%	07/2026	336		332		—		336
Cobblestone Intermediate Holdco, LLC+	One stop	L + 5.50%	(a)	6.25%	01/2026	5,593		5,542		0.2		5,593
Cobblestone Intermediate Holdco, LLC+	One stop	L + 5.50%	(a)(b)	6.34%	01/2026	2,088		2,048		0.1		2,088
Denali Midco 2, LLC+	One stop	L + 5.50%	(a)	6.25%	12/2027	43,080		42,669		1.6		43,080
Denali Midco 2, LLC+	One stop	L + 5.50%	(a)	6.25%	12/2027	144		139		—		144
Denali Midco 2, LLC+	One stop	L + 5.50%	(a)	6.25%	12/2027	100		99		—		100
Denali Midco 2, LLC+	One stop	L + 5.50%	(a)	6.25%	12/2027	80		79		—		80
Denali Midco 2, LLC+	One stop	L + 5.50%	(a)	6.25%	12/2027	80		79		—		80
Denali Midco 2, LLC+	One stop	L + 5.50%	(a)	6.25%	12/2027	66		65		—		66
Denali Midco 2, LLC+(5)	One stop	L + 5.50%		N/A(6)	12/2027	—		(11)		—		—
JHCC Holdings LLC+	One stop	L + 5.75%	(b)	6.76%	09/2025	15,393		15,203		0.6		14,932

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Automobiles - (continued)
JHCC Holdings LLC+	One stop	P + 4.75%	(e)	8.25%	09/2025	$	498	$	494	—	%	$	483
JHCC Holdings LLC+	One stop	L + 5.75%	(b)(e)	7.22%	09/2025	296		294		—		287
JHCC Holdings LLC+	One stop	P + 4.75%	(b)(e)	8.22%	09/2025	59		58		—		56
JHCC Holdings LLC+(5)	One stop	L + 5.75%		N/A(6)	09/2025	—		(28)		—		(100)
MOP GM Holding, LLC*#~	One stop	L + 5.75%	(c)	6.76%	11/2026	24,099		23,864		0.9		24,099
MOP GM Holding, LLC+	One stop	L + 5.75%	(b)	6.75%	11/2026	2,642		2,619		0.1		2,642
MOP GM Holding, LLC+	One stop	L + 5.75%	(b)	6.75%	11/2026	2,591		2,566		0.1		2,591
MOP GM Holding, LLC+	One stop	L + 5.75%	(c)	6.75%	11/2026	1,920		1,901		0.1		1,920
MOP GM Holding, LLC+	One stop	L + 5.75%	(b)	6.75%	11/2026	1,579		1,565		0.1		1,579
MOP GM Holding, LLC+	One stop	L + 5.75%	(a)	6.75%	11/2026	530		525		—		530
MOP GM Holding, LLC+	One stop	L + 5.75%	(c)	6.75%	11/2026	148		147		—		148
MOP GM Holding, LLC+	One stop	L + 5.75%	(b)(c)	6.75%	11/2026	26		24		—		26
MOP GM Holding, LLC+(5)	One stop	L + 5.75%		N/A(6)	11/2026	—		(26)		—		—
National Express Wash Parent JV, LLC+	One stop	SF + 5.50%	(n)	6.25%	02/2028	13,965		13,829		0.5		13,825
National Express Wash Parent JV, LLC+(5)	One stop	SF + 5.50%		N/A(6)	02/2028	—		(1)		—		(1)
National Express Wash Parent JV, LLC+(5)	One stop	SF + 5.50%		N/A(6)	02/2028	—		(5)		—		(5)
POY Holdings, LLC#	One stop	L + 5.50%	(b)	6.50%	11/2027	9,591		9,411		0.4		9,591
POY Holdings, LLC+	One stop	L + 5.50%	(b)	6.50%	11/2027	54		50		—		54
POY Holdings, LLC+(5)	One stop	L + 5.50%		N/A(6)	11/2027	—		(2)		—		—
Quick Quack Car Wash Holdings, LLC*#	One stop	L + 6.00%	(b)	7.00%	10/2024	12,882		12,891		0.5		12,754
Quick Quack Car Wash Holdings, LLC+	One stop	L + 6.00%	(a)(b)	7.00%	10/2024	9,822		9,778		0.4		9,724
Quick Quack Car Wash Holdings, LLC#+	One stop	L + 6.00%	(b)	7.00%	10/2024	2,325		2,313		0.1		2,301
Quick Quack Car Wash Holdings, LLC*+	One stop	L + 6.00%	(b)	7.00%	10/2024	2,031		2,057		0.1		2,010
Quick Quack Car Wash Holdings, LLC*+	One stop	L + 6.00%	(b)	7.00%	10/2024	1,357		1,374		0.1		1,344
Quick Quack Car Wash Holdings, LLC*+	One stop	L + 6.00%	(b)	7.00%	10/2024	1,106		1,125		—		1,094
Quick Quack Car Wash Holdings, LLC+	One stop	L + 6.00%	(b)	7.00%	10/2024	65		58		—		58
Quick Quack Car Wash Holdings, LLC+	One stop	L + 6.00%	(a)	7.00%	10/2024	30		30		—		29
TWAS Holdings, LLC#+	One stop	SF + 6.00%	(m)	7.00%	12/2026	40,664		40,280		1.5		40,664
TWAS Holdings, LLC*+	One stop	SF + 6.00%	(m)	7.00%	12/2026	30,722		30,415		1.2		30,722
TWAS Holdings, LLC+	One stop	SF + 6.00%	(m)	7.00%	12/2026	7,974		7,896		0.3		7,974
TWAS Holdings, LLC+	One stop	SF + 6.00%	(m)	7.00%	12/2026	612		603		—		612
TWAS Holdings, LLC+(5)	One stop	L + 6.00%		N/A(6)	12/2026	—		(4)		—		—
						265,932		263,451		10.1		264,894
Beverages
Fintech Midco, LLC*#	One stop	L + 5.50%	(b)	6.25%	08/2024	24,038		24,226		0.9		24,038
Fintech Midco, LLC+	One stop	L + 5.50%	(b)	6.25%	08/2024	15,260		15,138		0.6		15,260
Fintech Midco, LLC#+	One stop	L + 5.50%	(b)	6.25%	08/2024	1,114		1,135		—		1,114
Fintech Midco, LLC+	One stop	L + 5.50%		N/A(6)	08/2024	—		—		—		—
Watermill Express, LLC+	One stop	L + 5.50%	(b)	6.51%	04/2027	2,256		2,237		0.1		2,256
Watermill Express, LLC+	One stop	L + 5.50%	(a)	6.50%	04/2027	1		1		—		1
Watermill Express, LLC+(5)	One stop	L + 5.50%		N/A(6)	04/2027	—		(1)		—		—
Winebow Holdings, Inc.+	One stop	L + 6.25%	(a)	7.25%	07/2025	7,839		7,747		0.3		7,839
						50,508		50,483		1.9		50,508

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Building Products
BECO Holding Company, Inc.#+	One stop	L + 5.50%	(b)	6.51%	11/2028	$	7,576	$	7,505	0.3	%	$	7,576
BECO Holding Company, Inc.+(5)	One stop	L + 5.50%		N/A(6)	11/2027	—		(4)		—		—
BECO Holding Company, Inc.+(5)	One stop	L + 5.50%		N/A(6)	11/2028	—		(18)		—		—
Jensen Hughes, Inc.+	Senior loan	L + 4.50%	(b)	5.50%	03/2024	4,127		4,128		0.2		4,127
Jensen Hughes, Inc.+	Senior loan	L + 4.50%	(a)(b)	5.50%	03/2024	1,396		1,415		0.1		1,396
Jensen Hughes, Inc.+	Senior loan	L + 4.50%	(b)	5.50%	03/2024	899		907		—		899
Jensen Hughes, Inc.+	Senior loan	L + 4.50%	(b)	5.50%	03/2024	848		842		—		848
Jensen Hughes, Inc.+	Senior loan	L + 4.50%	(b)	5.50%	03/2024	432		440		—		432
Jensen Hughes, Inc.+	Senior loan	L + 4.50%	(b)	5.50%	03/2024	275		277		—		275
Jensen Hughes, Inc.+	Senior loan	L + 4.50%	(b)	5.50%	03/2024	215		215		—		215
Jensen Hughes, Inc.+	Senior loan	L + 4.50%	(b)	5.50%	03/2024	115		115		—		115
Jensen Hughes, Inc.+(5)	Senior loan	L + 4.50%		N/A(6)	03/2024	—		(11)		—		—
						15,883		15,811		0.6		15,883
Chemicals
Inhance Technologies Holdings LLC#+	One stop	L + 6.00%	(b)	7.00%	07/2024	12,509		12,583		0.5		12,509
Inhance Technologies Holdings LLC+	One stop	L + 6.00%	(b)	7.00%	07/2024	9,963		9,875		0.4		9,963
Inhance Technologies Holdings LLC+	One stop	L + 6.00%	(b)	7.00%	07/2024	1,900		1,894		0.1		1,900
Inhance Technologies Holdings LLC+	One stop	L + 6.00%	(b)	7.00%	07/2024	43		43		—		43
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	E + 6.25%	(g)	6.25%	09/2028	36,686		36,090		1.3		35,059
PHM NL SP Bidco B.V.+(8)(14)	One stop	L + 6.25%	(c)	6.75%	09/2028	13,766		13,542		0.5		13,766
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	SN + 6.25%	(k)	6.94%	09/2028	7,942		7,912		0.3		7,897
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	E + 6.25%	(g)	6.25%	09/2028	3,779		3,704		0.1		3,706
						86,588		85,643		3.2		84,843
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+	One stop	L + 5.50%	(b)	6.51%	10/2028	15,665		15,451		0.6		15,665
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop	L + 5.50%		N/A(6)	10/2028	—		(3)		—		—
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop	L + 5.50%		N/A(6)	10/2028	—		(25)		—		—
EGD Security Systems, LLC *#+	One stop	L + 5.75%	(b)	6.76%	12/2028	52,537		52,035		2.0		52,537
EGD Security Systems, LLC +	One stop	L + 5.75%	(b)	6.50%	12/2028	280		277		—		280
EGD Security Systems, LLC +	One stop	L + 5.75%	(b)	6.75%	12/2027	85		80		—		85
EGD Security Systems, LLC +(5)	One stop	L + 5.75%		N/A(6)	12/2028	—		(3)		—		—
Hydraulic Authority III Limited+~(8)(9)(10)	One stop	SN + 5.50%	(k)	6.22%	11/2025	10,967		11,114		0.5		11,443
Hydraulic Authority III Limited+(8)(9)(10)	One stop	N/A		11.00% PIK	11/2028	248		252		—		255
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%	(b)	6.50%	07/2027	8,811		8,655		0.3		8,811

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Commercial Services & Supplies - (continued)
North Haven Stack Buyer, LLC+	One stop	L + 5.50%	(b)	6.50%	07/2027	$	694	$	634	—	%	$	694
North Haven Stack Buyer, LLC+	One stop	L + 5.50%	(a)	6.50%	07/2027	13		11		—		13
OVG Business Services, LLC+	One stop	L + 6.25%	(b)	7.25%	11/2028	1,809		1,770		0.1		1,754
OVG Business Services, LLC+(5)	One stop	L + 5.50%		N/A(6)	11/2026	—		—		—		(2)
Profile Products LLC+	One stop	L + 5.50%	(b)	6.25%	11/2027	4,995		4,901		0.2		4,995
Profile Products LLC+(8)	One stop	L + 5.50%	(b)	6.25%	11/2027	1,295		1,271		—		1,295
Profile Products LLC+	One stop	P + 4.50%	(e)	8.00%	11/2027	6		5		—		6
Profile Products LLC+(5)	One stop	L + 5.50%		N/A(6)	11/2027	—		(13)		—		—
Profile Products LLC+(5)	One stop	L + 5.50%		N/A(6)	11/2027	—		(1)		—		—
PT Intermediate Holdings III, LLC+~	One stop	L + 5.50%	(b)	6.51%	11/2028	29,672		29,117		1.2		29,672
PT Intermediate Holdings III, LLC+	One stop	L + 5.50%	(b)	6.51%	11/2028	20,978		20,769		0.8		20,978
PT Intermediate Holdings III, LLC+	One stop	L + 5.50%	(b)	6.51%	11/2028	9,950		9,814		0.4		9,950
Radwell International, LLC+	One stop	L + 5.25%	(b)	6.00%	07/2027	3,899		3,887		0.1		3,899
Radwell International, LLC+	One stop	L + 5.25%	(b)	6.05%	07/2027	55		55		—		55
Radwell International, LLC+	One stop	L + 5.50%		N/A(6)	07/2027	—		—		—		—
Trinity Air Consultants Holdings Corporation+	One stop	L + 5.25%	(b)	6.00%	06/2027	2,458		2,415		0.1		2,458
Trinity Air Consultants Holdings Corporation+	One stop	L + 5.25%	(b)(c)	6.15%	06/2027	21		21		—		21
Trinity Air Consultants Holdings Corporation+	One stop	L + 5.25%		N/A(6)	06/2027	—		—		—		—
WRE Holding Corp.*#	Senior loan	SF + 5.25%	(m)(n)	6.25%	01/2025	2,241		2,243		0.1		2,241
WRE Holding Corp.+	Senior loan	SF + 5.25%	(m)(n)	6.25%	01/2025	925		930		0.1		925
WRE Holding Corp.+	Senior loan	SF + 5.25%	(m)(n)	6.25%	01/2025	678		675		—		678
WRE Holding Corp.+	Senior loan	SF + 5.25%	(m)(n)	6.25%	01/2025	402		399		—		402
WRE Holding Corp.+	Senior loan	SF + 5.25%	(m)(n)	6.25%	01/2025	129		132		—		129
WRE Holding Corp.+	Senior loan	SF + 5.25%	(e)(n)	6.56%	01/2025	34		34		—		34
WRE Holding Corp.+	Senior loan	SF + 5.25%	(m)(n)	6.25%	01/2025	23		23		—		23
WRE Holding Corp.+	Senior loan	SF + 5.25%	(n)	6.25%	01/2025	6		4		—		6
						168,876		166,929		6.5		169,302
Communications Equipment
Lightning Finco Limited+(8)(10)	One stop	L + 5.75%	(c)	6.50%	09/2028	10,349		10,159		0.4		10,349
Lightning Finco Limited+(8)(9)(10)	One stop	E + 5.75%	(g)	6.50%	09/2028	1,262		1,239		—		1,175
						11,611		11,398		0.4		11,524











Containers and Packaging
AmerCareRoyal LLC+	Senior loan	L + 9.00%	(a)	6.00% cash/4.00% PIK	11/2025	778		767		—		778
AmerCareRoyal LLC+	Senior loan	L + 9.00%	(a)	6.00% cash/4.00% PIK	11/2025	166		164		—		166
AmerCareRoyal LLC+	Senior loan	L + 9.00%	(a)	6.00% cash/4.00% PIK	11/2025	161		159		—		161
AmerCareRoyal LLC+(8)	Senior loan	L + 9.00%	(a)	6.00% cash/4.00% PIK	11/2025	144		142		—		144
Chase Intermediate+	One stop	L + 5.50%	(b)(c)	6.25%	10/2028	3,785		3,757		0.2		3,785
Chase Intermediate+(5)	One stop	L + 5.50%		N/A(6)	10/2028	—		(3)		—		—
Chase Intermediate+(5)	One stop	L + 5.50%		N/A(6)	10/2028	—		(22)		—		—
Chase Intermediate+	One stop	L + 5.50%		N/A(6)	10/2028	—		—		—		—
Fortis Solutions Group LLC*#+	One stop	L + 5.50%	(b)	6.51%	10/2028	24,841		24,376		0.9		24,841
Fortis Solutions Group LLC+(5)	One stop	L + 5.50%		N/A(6)	10/2027	—		(6)		—		—
Fortis Solutions Group LLC+(5)	One stop	L + 5.50%		N/A(6)	10/2028	—		(95)		—		—
						29,875		29,239		1.1		29,875

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Distributors
PetroChoice Holdings, Inc.#+	Senior loan	L + 5.00%	(b)	6.00%	08/2022	$	3,224	$	3,225	0.2	%	$	3,054
WSC Holdings Midco LLC+	Senior loan	L + 4.50%	(a)	5.50%	07/2027	2,976		2,950		0.1		2,976
WSC Holdings Midco LLC+	Senior loan	L + 4.50%	(b)	5.50%	07/2027	868		852		—		868
WSC Holdings Midco LLC+	Senior loan	L + 4.50%		N/A(6)	07/2027	—		—		—		—
						7,068		7,027		0.3		6,898
Diversified Consumer Services
Certus Pest, Inc.#	One stop	SF + 6.25%	(n)	7.05%	02/2026	1,597		1,564		0.2		1,597
Certus Pest, Inc.#	One stop	SF + 6.25%	(n)	7.00%	02/2026	1,527		1,477		0.1		1,527
Certus Pest, Inc.#	One stop	SF + 6.25%	(n)(o)	7.56%	02/2026	1,080		1,069		—		1,080
Certus Pest, Inc.+	One stop	SF + 6.25%	(n)	7.05%	02/2026	757		740		—		757
Certus Pest, Inc.#	One stop	SF + 6.25%	(n)	7.05%	02/2026	667		630		—		667
Certus Pest, Inc.+	One stop	SF + 6.25%	(o)	7.50%	02/2026	650		645		—		650
Certus Pest, Inc.+	One stop	SF + 6.25%	(o)	7.57%	02/2026	384		374		—		384
Certus Pest, Inc.+	One stop	SF + 6.25%	(n)	7.00%	02/2026	240��		223		—		240
Certus Pest, Inc.+	One stop	SF + 6.25%	(n)	7.05%	02/2026	131		101		—		131
Certus Pest, Inc.+	One stop	SF + 6.25%	(o)	7.57%	02/2026	55		49		—		55
Certus Pest, Inc.+	One stop	P + 5.25%	(e)	8.75%	02/2026	24		23		—		24
Certus Pest, Inc.+(5)	One stop	L + 6.25%		N/A(6)	02/2026	—		(2)		—		—
Certus Pest, Inc.+(5)	One stop	L + 6.25%		N/A(6)	02/2026	—		(15)		—		—
CHHJ Midco, LLC#	Senior loan	L + 5.00%	(b)	6.01%	01/2026	2,737		2,716		0.1		2,737
CHHJ Midco, LLC+	Senior loan	L + 5.00%	(b)	6.01%	01/2026	4		4		—		4
COP Hometown Acquisitions, Inc.+	Senior loan	L + 4.50%	(b)	5.50%	07/2027	1,721		1,706		0.1		1,721
COP Hometown Acquisitions, Inc.+	Senior loan	L + 4.50%	(a)	5.50%	07/2027	1,677		1,654		0.1		1,677
COP Hometown Acquisitions, Inc.+	Senior loan	L + 4.50%	(a)(b)	5.50%	07/2027	1,099		1,086		—		1,099
COP Hometown Acquisitions, Inc.+	Senior loan	L + 4.50%	(b)	5.50%	07/2027	777		767		—		777
COP Hometown Acquisitions, Inc.+	Senior loan	L + 4.50%	(a)(b)	5.50%	07/2027	200		197		—		200
COP Hometown Acquisitions, Inc.+	Senior loan	L + 4.50%	(b)(e)	5.50%	07/2027	18		17		—		18
EMS LINQ, LLC+	One stop	L + 6.25%	(b)	7.26%	12/2027	9,591		9,500		0.4		9,591
EMS LINQ, LLC+(5)	One stop	L + 6.25%		N/A(6)	12/2027	—		(1)		—		—
EWC Growth Partners LLC+	One stop	L + 7.50%	(b)	6.51% cash/2.00% PIK	03/2026	926		915		—		898
EWC Growth Partners LLC+	One stop	L + 7.50%	(b)	6.51% cash/2.00% PIK	03/2026	61		60		—		60
EWC Growth Partners LLC+	One stop	L + 7.50%	(b)	6.51% cash/2.00% PIK	03/2026	19		18		—		18
Excelligence Learning Corporation#+	One stop	L + 6.00%	(b)	7.01%	04/2023	10,802		10,699		0.4		10,802
Flores & Associates, LLC+	One stop	L + 5.25%	(b)	6.26%	04/2027	3,759		3,687		0.2		3,759
Flores & Associates, LLC+	One stop	L + 5.25%	(b)	6.26%	04/2027	1,584		1,565		0.1		1,584
Flores & Associates, LLC+	One stop	L + 5.25%	(b)	6.26%	04/2027	838		829		—		838
Flores & Associates, LLC+	One stop	L + 5.25%	(b)	6.26%	04/2027	773		765		—		773
Flores & Associates, LLC+(5)	One stop	L + 5.25%		N/A(6)	04/2027	—		(1)		—		—
FPG Intermediate Holdco, LLC+	One stop	L + 6.00%	(a)	7.00%	03/2027	9,144		8,994		0.3		9,144
FPG Intermediate Holdco, LLC+	One stop	L + 6.00%	(a)	7.00%	03/2027	228		216		—		228
FPG Intermediate Holdco, LLC+	One stop	P + 5.00%	(a)(e)	8.39%	03/2027	34		33		—		34
FSS Buyer LLC+	One stop	L + 5.75%	(b)	6.50%	08/2028	5,519		5,418		0.2		5,519
FSS Buyer LLC+(5)	One stop	L + 5.75%		N/A(6)	08/2027	—		(1)		—		—
Learn-it Systems, LLC+	Senior loan	L + 4.75%	(b)	5.75%	03/2025	2,509		2,539		0.1		2,459
Learn-it Systems, LLC+	Senior loan	L + 4.75%	(b)	5.76%	03/2025	1,350		1,347		0.1		1,323
Learn-it Systems, LLC+	Senior loan	L + 4.75%	(b)	5.75%	03/2025	609		598		—		581
Learn-it Systems, LLC+	Senior loan	L + 4.75%	(b)	5.76%	03/2025	33		33		—		32

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Diversified Consumer Services - (continued)
Liminex, Inc.+~	One stop	L + 7.25%	(b)	8.26%	11/2026	$	25,462	$	25,089	1.0	%	$	25,462
Liminex, Inc.+	One stop	L + 7.25%	(b)	8.26%	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	5,747		5,687		0.3		5,747
Litera Bidco LLC+	One stop	L + 5.75%	(a)	6.75%	05/2026	3,693		3,709		0.1		3,660
Litera Bidco LLC+	One stop	L + 5.75%	(a)	6.75%	05/2026	693		710		—		686
Litera Bidco LLC+	One stop	L + 5.75%	(a)	6.75%	05/2026	693		711		—		686
Litera Bidco LLC+	One stop	L + 6.00%	(a)	7.00%	05/2026	144		139		—		144
Litera Bidco LLC+	One stop	L + 5.75%		N/A(6)	05/2025	—		—		—		—
Mathnasium, LLC#	One stop	L + 5.00%	(b)	5.75%	11/2027	9,307		9,220		0.4		9,307
Mathnasium, LLC+	One stop	L + 5.00%	(b)	5.75%	11/2027	13		12		—		13
PADI Holdco, Inc.*#	One stop	L + 7.25%	(b)	6.75% cash/1.50% PIK	04/2024	21,650		21,718		0.8		20,567
PADI Holdco, Inc.+~(8)(9)	One stop	E + 7.25%	(g)	5.75% cash/1.50% PIK	04/2024	20,820		21,002		0.7		18,769
PADI Holdco, Inc.~	One stop	L + 7.25%	(b)	6.75% cash/1.50% PIK	04/2024	818		814		—		777
PADI Holdco, Inc.+	One stop	L + 7.25%	(b)	6.75% cash/1.50% PIK	04/2024	169		168		—		160
PADI Holdco, Inc.+(5)	One stop	L + 5.75%		N/A(6)	04/2023	—		(1)		—		(5)
Provenance Buyer LLC#+	One stop	L + 5.00%	(b)	6.01%	06/2027	18,371		18,049		0.7		18,371
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)		—		—
						171,504		170,052		6.4		168,132
Diversified Financial Services
AxiomSL Group, Inc.+	One stop	L + 6.00%	(b)	7.01%	12/2027	4,036		3,964		0.2		4,036
AxiomSL Group, Inc.+	One stop	L + 6.00%		N/A(6)	12/2027	—		—		—		—
AxiomSL Group, Inc.+	One stop	L + 6.00%		N/A(6)	12/2025	—		—		—		—
Banker's Toolbox, Inc.+	One stop	L + 5.25%	(c)	6.75%	07/2027	8,058		7,970		0.2		8,058
Banker's Toolbox, Inc.+	One stop	L + 5.25%		N/A(6)	07/2027	—		—		—		—
Banker's Toolbox, Inc.+	One stop	L + 5.25%		N/A(6)	07/2027	—		—		—		—
Flash Topco, Inc. *	One stop	L + 5.75%	(a)	6.50%	10/2028	9,869		9,776		0.4		9,869
Flash Topco, Inc. +(5)	One stop	L + 5.75%		N/A(6)	10/2028	—		(1)		—		—
Higginbotham Insurance Agency, Inc.+	One stop	L + 5.50%	(a)	6.25%	11/2026	4,600		4,545		0.2		4,600
Higginbotham Insurance Agency, Inc.+	One stop	L + 5.50%	(a)	6.25%	11/2026	23		22		—		23

						26,586		26,276		1.0		26,586

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Diversified Telecommunication Services
NTI Connect, LLC+	Senior loan	L + 5.00%	(b)	6.01%	12/2024	$	1,636	$	1,612	0.1	%	$	1,636

Electronic Equipment, Instruments & Components
CST Buyer Company#+	One stop	L + 5.50%	(b)	6.50%	10/2025	20,323		20,140		0.8		20,323
CST Buyer Company#+~	One stop	L + 5.50%	(b)	6.50%	10/2025	10,189		10,112		0.4		10,189
CST Buyer Company+	One stop	L + 5.50%		N/A(6)	10/2025	—		—		—		—
Electrical Source Holdings, LLC*#+	One stop	L + 5.50%	(b)	6.25%	11/2025	76,366		76,036		2.9		76,366
Electrical Source Holdings, LLC+	One stop	L + 5.50%	(b)	6.42%	11/2025	19,880		19,880		0.8		19,880
Electrical Source Holdings, LLC+	Senior loan	L + 5.50%	(b)	6.51%	11/2025	652		644		—		652
Electrical Source Holdings, LLC+	Senior loan	L + 5.50%	(b)	6.51%	11/2025	138		137		—		138
Electrical Source Holdings, LLC+	Senior loan	L + 5.50%	(b)	6.41%	11/2025	94		92		—		94
Electrical Source Holdings, LLC+	Senior loan	L + 5.50%	(b)	6.51%	11/2025	94		94		—		94
Electrical Source Holdings, LLC+	Senior loan	L + 5.50%	(b)	6.25%	11/2025	89		88		—		89
Electrical Source Holdings, LLC+	Senior loan	L + 5.50%	(b)	6.51%	11/2025	88		86		—		88
Electrical Source Holdings, LLC+	Senior loan	L + 5.50%	(b)	6.51%	11/2025	46		46		—		46
Electrical Source Holdings, LLC+	Senior loan	L + 5.50%	(b)	6.25%	11/2025	42		41		—		42
Electrical Source Holdings, LLC+	Second lien	L + 5.50%	(b)	6.51%	11/2025	35		35		—		35
Electrical Source Holdings, LLC+	Senior loan	L + 5.50%	(b)	6.25%	11/2025	17		17		—		17
Electrical Source Holdings, LLC+(5)	One stop	L + 5.50%		N/A(6)	11/2025	—		(119)		—		—
Watchfire Enterprises, Inc.+	Second lien	L + 8.00%	(a)	9.00%	10/2024	9,435		9,391		0.3		9,435
Watchfire Enterprises, Inc.+	Senior loan	L + 4.25%	(b)	5.26%	07/2024	1,725		1,713		0.1		1,725
						139,213		138,433		5.3		139,213

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food & Staples Retailing
Cafe Rio Holding, Inc.*#	One stop	L + 5.50%	(b)	6.51%	09/2023	$	18,323	$	18,420	0.7	%	$	18,323
Cafe Rio Holding, Inc.+	One stop	L + 5.50%	(b)	6.51%	09/2023	3,293		3,292		0.2		3,293
Cafe Rio Holding, Inc.#+	One stop	L + 5.50%	(b)	6.51%	09/2023	2,214		2,249		0.1		2,214
Cafe Rio Holding, Inc.*#	One stop	L + 5.50%	(b)	6.51%	09/2023	1,405		1,428		0.1		1,405
Cafe Rio Holding, Inc.#+	One stop	L + 5.50%	(b)	6.51%	09/2023	1,241		1,261		—		1,241
Cafe Rio Holding, Inc.+	One stop	L + 5.50%	(b)	6.51%	09/2023	178		178		—		178
Cafe Rio Holding, Inc.+	One stop	L + 5.50%	(b)	6.51%	09/2023	30		30		—		30
Captain D's, LLC#	Senior loan	L + 4.50%	(a)	5.50%	12/2023	13,688		13,712		0.6		13,688
Captain D's, LLC~	Senior loan	L + 4.50%	(a)	5.50%	12/2023	2,138		2,119		0.1		2,138
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	907		918		—		907
Mendocino Farms, LLC+	One stop	L + 8.50%	(a)	2.00% cash/7.50% PIK	06/2023	713		721		—		713
Mendocino Farms, LLC+	One stop	L + 8.50%	(a)	2.00% cash/7.50% PIK	06/2023	699		698		—		699
Mendocino Farms, LLC+	One stop	L + 8.50%	(a)	2.00% cash/7.50% PIK	06/2023	344		343		—		344
Mendocino Farms, LLC+	One stop	L + 8.50%	(a)	2.00% cash/7.50% PIK	06/2023	343		343		—		343
Mendocino Farms, LLC+	One stop	L + 8.50%	(a)	2.00% cash/7.50% PIK	06/2023	169		169		—		169
Mendocino Farms, LLC+	One stop	L + 8.50%	(a)	2.00% cash/7.50% PIK	06/2023	103		103		—		103
Ruby Slipper Cafe LLC, The*+	One stop	L + 7.50%	(b)	8.51%	01/2023	2,035		2,032		0.1		2,035
Ruby Slipper Cafe LLC, The+	One stop	L + 7.50%	(b)	8.51%	01/2023	412		416		—		412
Ruby Slipper Cafe LLC, The+	One stop	L + 7.50%	(b)	8.51%	01/2023	30		30		—		30
Wetzel's Pretzels, LLC*#+	One stop	L + 6.50%	(b)	7.51%	09/2023	15,347		15,203		0.6		15,347
Wetzel's Pretzels, LLC+	One stop	L + 6.50%	(b)	7.51%	09/2023	—		—		—		—
Wineshipping.com LLC+	One stop	L + 5.75%	(b)	6.75%	10/2027	6,828		6,764		0.3		6,828
Wineshipping.com LLC+	One stop	L + 5.75%	(b)	6.75%	10/2027	23		23		—		23
Wineshipping.com LLC+(5)	One stop	L + 5.75%		N/A(6)	10/2027	—		(9)		—		—
Wood Fired Holding Corp.*#	One stop	L + 6.25%	(a)(b)	7.25%	12/2023	11,351		11,420		0.4		11,351
Wood Fired Holding Corp.+(5)	One stop	L + 6.25%		N/A(6)	12/2023	—		(1)		—		—
Zenput Inc.+	One stop	L + 9.00%	(b)	7.00% cash/3.00% PIK	06/2026	1,115		1,110		—		1,121
Zenput Inc.+	One stop	L + 6.00%		N/A(6)	06/2026	—		—		—		—











						82,929		82,972		3.2		82,935

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food Products
Borrower R365 Holdings, LLC+	One stop	L + 6.50%	(b)	4.51% cash/3.00% PIK	06/2027	$	13,287	$	13,062	0.5	%	$	13,287
Borrower R365 Holdings, LLC+	One stop	L + 6.50%	(b)	4.51% cash/3.00% PIK	06/2027	1,096		1,075		—		1,096
Borrower R365 Holdings, LLC+(5)	One stop	L + 6.50%		N/A(6)	06/2027	—		(1)		—		—
Borrower R365 Holdings, LLC+(5)	One stop	L + 3.50%		N/A(6)	06/2027	—		(1)		—		—
Flavor Producers, LLC#~	Senior loan	L + 5.75%	(b)	5.75% cash/1.00% PIK	12/2023	5,005		4,950		0.2		4,904
Flavor Producers, LLC+	Senior loan	L + 4.75%	(a)	5.75%	12/2022	16		13		—		14
Kodiak Cakes, LLC*#+	Senior loan	L + 4.50%	(a)	5.50%	06/2027	12,369		12,125		0.5		12,369
Kodiak Cakes, LLC+	Senior loan	L + 4.50%	(a)	5.50%	06/2026	50		48		—		50
Louisiana Fish Fry Products, Ltd.*+	One stop	L + 5.75%	(b)	6.76%	07/2027	9,826		9,738		0.4		9,826
Louisiana Fish Fry Products, Ltd.+	One stop	L + 5.75%	(a)(b)	6.76%	07/2027	51		49		—		51
MAPF Holdings, Inc.*#+~	One stop	L + 5.50%	(b)	6.51%	12/2026	38,171		37,867		1.4		38,171
MAPF Holdings, Inc.+	One stop	L + 5.50%	(b)(e)	6.51%	12/2026	70		68		—		70
P&P Food Safety Holdings, Inc.*+~	One stop	L + 6.00%	(b)(c)	7.00%	12/2026	17,814		17,620		0.7		17,635
P&P Food Safety Holdings, Inc.+(5)	One stop	L + 6.00%		N/A(6)	12/2026	—		(1)		—		(1)
P&P Food Safety Holdings, Inc.+(5)	One stop	L + 6.00%		N/A(6)	12/2026	—		(5)		—		(6)
Purfoods, LLC+	One stop	N/A		7.00% PIK	05/2026	60		64		—		60
Ultimate Baked Goods Midco LLC+	One stop	L + 6.25%	(b)	7.26%	08/2027	6,705		6,645		0.2		6,571
Ultimate Baked Goods Midco LLC+	One stop	L + 6.25%	(b)	7.25%	08/2027	42		11		—		41
Whitebridge Pet Brands, LLC+	One stop	L + 5.00%	(a)	6.00%	07/2027	15,180		14,909		0.6		15,180
Whitebridge Pet Brands, LLC+	One stop	L + 5.00%	(a)	6.00%	07/2027	40		39		—		40
Wizard Bidco Limited+(8)(9)(10)	One stop	SN + 4.75%	(k)	5.44%	03/2029	7,162		7,054		0.3		7,050
Wizard Bidco Limited+(5)(8)(9)(10)	One stop	SN + 4.75%		N/A(6)	03/2028	—		(1)		—		(1)
						126,944		125,328		4.8		126,407

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Equipment & Supplies
Aspen Medical Products, LLC#~	One stop	L + 5.00%	(b)	6.00%	06/2025	$	4,115	$	4,162	0.2	%	$	4,115
Aspen Medical Products, LLC+	One stop	L + 5.00%	(b)	6.00%	06/2025	263		261		—		263
Aspen Medical Products, LLC+	One stop	L + 5.00%		N/A(6)	06/2025	—		—		—		—
Baduhenna Bidco Limited+(8)(10)	One stop	SF + 6.50%	(l)	7.43%	08/2028	5,415		5,348		0.2		5,415
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E + 6.50%	(f)	6.50%	08/2028	3,427		3,385		0.1		3,205
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SN + 6.50%	(k)	7.47%	08/2028	983		937		—		930
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E + 6.50%	(g)	6.50%	08/2028	783		753		—		765
Baduhenna Bidco Limited+(5)(8)(9)(10)	One stop	SN + 6.50%		N/A(6)	08/2028	—		(18)		—		—
Belmont Instrument, LLC#+	Senior loan	SF + 4.75%	(n)	5.75%	12/2023	5,176		5,153		0.2		5,176
Belmont Instrument, LLC+	Senior loan	SF + 4.75%	(n)	5.75%	12/2023	475		471		—		475
Blades Buyer, Inc.#+~	Senior loan	L + 4.75%	(b)	5.75%	03/2028	8,668		8,596		0.3		8,581
Blades Buyer, Inc.+	Senior loan	SF + 4.75%	(n)	5.75%	03/2028	1,402		1,377		0.1		1,395
Blades Buyer, Inc.+(5)	Senior loan	L + 4.75%		N/A(6)	03/2028	—		(2)		—		(1)
Blades Buyer, Inc.+(5)	Senior loan	SF + 4.75%		N/A(6)	03/2028	—		(2)		—		(2)
Blue River Pet Care, LLC*#+	One stop	L + 5.00%	(a)	5.46%	07/2026	47,520		47,204		1.8		47,045
Blue River Pet Care, LLC+(5)	One stop	L + 5.00%		N/A(6)	08/2025	—		(2)		—		(4)
Blue River Pet Care, LLC+(5)	One stop	L + 5.00%		N/A(6)	07/2026	—		(39)		—		(39)
Blue River Pet Care, LLC+(5)	One stop	L + 5.00%		N/A(6)	07/2026	—		(14)		—		(15)
CCSL Holdings, LLC*+	One stop	L + 6.00%	(c)	7.50%	12/2026	15,477		15,323		0.6		15,477
CCSL Holdings, LLC+	One stop	L + 6.00%	(c)	7.50%	12/2026	4,177		4,123		0.2		4,177
CCSL Holdings, LLC+	One stop	L + 6.00%	(b)(e)	7.31%	12/2026	50		48		—		50
CMI Parent Inc.#+	Senior loan	L + 4.25%	(b)	5.06%	08/2025	6,532		6,608		0.2		6,532
CMI Parent Inc.+	Senior loan	L + 4.25%	(b)	5.26%	08/2025	3,236		3,208		0.1		3,236
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)	8.50%	09/2023	11,042		11,011		0.5		11,042
G & H Wire Company, Inc.+	One stop	L + 7.00%	(b)(c)	8.00%	09/2022	72		71		—		72
Joerns Healthcare, LLC*+	One stop	L + 6.00%	(b)	7.00%	08/2024	1,993		1,957		—		1,236
Joerns Healthcare, LLC*+(7)	One stop	L + 6.00%	(b)	7.00%	08/2024	1,916		1,889		—		383
Joerns Healthcare, LLC+	One stop	N/A		15.00% PIK	11/2022	1,197		1,179		—		1,197
Lombart Brothers, Inc.*#+~	One stop	L + 6.25%	(b)	7.25%	04/2023	28,793		28,775		1.1		28,793
Lombart Brothers, Inc.+	One stop	L + 6.25%	(b)	7.26%	04/2023	5,201		5,149		0.2		5,201
Lombart Brothers, Inc.#+(8)	One stop	L + 6.25%	(b)	7.25%	04/2023	3,084		3,083		0.2		3,084
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



						161,163		160,157		6.0		157,950

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Providers & Services
AAH TOPCO, LLC +	One stop	L + 5.50%	(a)	6.25%	12/2027	$	8,371	$	8,291	0.3	%	$	8,371
AAH TOPCO, LLC +	Subordinated debt	N/A		11.50% PIK	12/2031	1,019		1,000		—		1,019
AAH TOPCO, LLC +(5)	One stop	L + 5.50%		N/A(6)	12/2027	—		(1)		—		—
AAH TOPCO, LLC +(5)	One stop	L + 5.50%		N/A(6)	12/2027	—		(5)		—		—
Active Day, Inc.#+	One stop	SF + 5.25%	(n)	6.25%	02/2025	17,835		17,618		0.7		17,835
Active Day, Inc.#+	One stop	SF + 5.25%	(n)	6.25%	02/2025	1,377		1,360		0.1		1,377
Active Day, Inc.*#	One stop	SF + 5.25%	(n)	6.25%	02/2025	887		876		—		887
Active Day, Inc.+	One stop	SF + 5.25%	(n)	6.25%	02/2025	707		698		—		707
Active Day, Inc.+	One stop	SF + 5.25%	(n)	6.25%	02/2025	623		616		—		623
Active Day, Inc.*#	One stop	SF + 5.25%	(n)	6.25%	02/2025	613		606		—		613
Active Day, Inc.+(5)	One stop	SF + 5.25%		N/A(6)	02/2025	—		(2)		—		—
Active Day, Inc.+	One stop	L + 6.00%	(b)	7.01%	02/2025	—		—		—		—
Acuity Eyecare Holdings, LLC+	One stop	L + 6.00%	(b)	7.00%	03/2025	16,327		16,166		0.6		16,327
Acuity Eyecare Holdings, LLC+	One stop	L + 6.25%	(b)	7.26%	03/2025	4,098		4,104		0.2		4,139
Acuity Eyecare Holdings, LLC+	One stop	L + 6.25%	(b)	7.25%	03/2025	3,651		3,623		0.1		3,687
Acuity Eyecare Holdings, LLC#+	One stop	L + 6.25%	(b)	7.26%	03/2025	3,504		3,540		0.1		3,539
Acuity Eyecare Holdings, LLC+~	One stop	L + 6.25%	(b)	7.26%	03/2025	3,219		3,281		0.1		3,251
Acuity Eyecare Holdings, LLC+~	One stop	L + 6.25%	(b)	7.26%	03/2025	1,877		1,936		0.1		1,896
Acuity Eyecare Holdings, LLC+	One stop	L + 6.25%	(b)	7.26%	03/2025	455		462		—		459
Acuity Eyecare Holdings, LLC+	One stop	L + 13.00%	(b)	7.26% cash/6.75% PIK	03/2025	244		243		—		259
Acuity Eyecare Holdings, LLC+	One stop	L + 6.25%	(b)(e)	7.31%	03/2025	195		194		—		195
Acuity Eyecare Holdings, LLC+	One stop	L + 6.25%	(b)	7.26%	03/2025	167		167		—		169
Acuity Eyecare Holdings, LLC+	Senior loan	L + 6.25%	(b)	7.25%	03/2025	110		110		—		112
Acuity Eyecare Holdings, LLC+	One stop	L + 13.00%	(b)	7.25% cash/6.75% PIK	03/2025	94		93		—		99
Acuity Eyecare Holdings, LLC+	One stop	L + 6.25%	(b)	7.26%	03/2025	1		1		—		1
Advanced Pain Management Holdings, Inc.+(7)	Senior loan	P + 3.75%	(e)	7.25%	07/2021	14,854		6,855		—		255
Advanced Pain Management Holdings, Inc.+(7)	Senior loan	L + 8.50%	(a)	9.75%	07/2021	5,425		6		—		—
Advanced Pain Management Holdings, Inc.+(7)	Senior loan	P + 3.75%	(e)	7.25%	07/2021	1,016		469		—		17
Advanced Pain Management Holdings, Inc.+(7)	Senior loan	P + 3.75%	(e)	7.25%	07/2021	751		545		—		14
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	L + 6.00%	(b)	7.01%	03/2027	4,329		4,290		0.2		4,377
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	L + 6.00%	(b)	7.01%	03/2027	3,956		3,907		0.2		3,995
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	Subordinated debt	L + 10.50%	(b)	11.51%	03/2028	1,787		1,767		0.1		1,787
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	Subordinated debt	L + 10.50%	(b)	11.51%	03/2028	680		674		—		680
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	Subordinated debt	L + 10.50%	(b)	11.51%	03/2028	74		71		—		74
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)	One stop	L + 6.00%		N/A(6)	03/2027	—		(1)		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)	One stop	L + 5.75%		N/A(6)	03/2027	—		(3)		—		—
CRH Healthcare Purchaser, Inc.*~	Senior loan	L + 4.50%	(b)	5.51%	12/2024	19,502		19,498		0.7		19,502
CRH Healthcare Purchaser, Inc.#	Senior loan	L + 4.50%	(b)	5.51%	12/2024	5,224		5,181		0.2		5,224
CRH Healthcare Purchaser, Inc.#+	Senior loan	L + 4.50%	(b)	5.51%	12/2024	4,132		4,116		0.2		4,132
CRH Healthcare Purchaser, Inc.+	Senior loan	L + 4.50%	(b)	5.51%	12/2024	3,538		3,506		0.1		3,538

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Providers & Services - (continued)
CRH Healthcare Purchaser, Inc.+(5)	Senior loan	L + 4.50%		N/A(6)	12/2024	$	—	$	(2)	—	%	$	—
Datix Bidco Limited+(8)(9)(10)	Senior loan	L + 4.50%	(k)	4.96%	04/2025	60,764		59,727		2.2		58,459
Datix Bidco Limited+(8)(9)(10)	Second lien	L + 7.75%	(k)	8.21%	04/2026	21,561		21,180		0.8		20,743
Emerge Intermediate, Inc.*#	One stop	L + 6.00%	(b)	7.01%	05/2024	19,364		19,214		0.7		19,364
Emerge Intermediate, Inc.+(5)	One stop	L + 6.00%		N/A(6)	05/2024	—		(2)		—		—
Encorevet Group LLC+	One stop	L + 6.75%	(b)	7.76%	11/2024	990		983		—		990
Encorevet Group LLC+	One stop	L + 6.75%	(b)	7.76%	11/2024	622		617		—		622
Encorevet Group LLC+	One stop	L + 6.75%	(b)	7.76%	11/2024	309		306		—		309
Encorevet Group LLC+	One stop	L + 6.75%	(b)	7.76%	11/2024	295		293		—		295
Encorevet Group LLC+	One stop	L + 6.75%	(b)	7.76%	11/2024	267		265		—		267
Encorevet Group LLC+	Senior loan	L + 6.75%	(b)	7.76%	11/2024	246		244		—		246
Encorevet Group LLC+	One stop	L + 6.75%	(b)	7.76%	11/2024	164		162		—		164
Encorevet Group LLC+	Senior loan	L + 6.75%	(b)	7.76%	11/2024	110		110		—		110
Encorevet Group LLC+	Senior loan	L + 6.75%	(b)	7.76%	11/2024	69		68		—		69
Encorevet Group LLC+	Senior loan	L + 6.75%	(b)	7.76%	11/2024	57		57		—		57
Encorevet Group LLC+	One stop	L + 6.75%	(b)	7.76%	11/2024	56		56		—		56
Encorevet Group LLC+	Senior loan	L + 6.75%	(b)	7.75%	11/2024	47		46		—		47
Encorevet Group LLC+	One stop	L + 6.75%	(b)	7.76%	11/2024	32		32		—		32
Encorevet Group LLC+	Senior loan	L + 6.75%	(b)	7.76%	11/2024	10		10		—		10
Encorevet Group LLC+(5)	One stop	L + 6.75%		N/A(6)	11/2024	—		(2)		—		—
ERC Topco Holdings, LLC+	One stop	L + 5.50%	(a)	6.25%	11/2028	9,451		9,365		0.4		9,451
ERC Topco Holdings, LLC+	One stop	L + 5.50%	(a)(e)	6.53%	11/2027	31		30		—		31
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%	(b)	2.01% cash/5.25% PIK	05/2023	18,823		18,868		0.5		13,176
Eyecare Services Partners Holdings LLC*+	One stop	L + 6.25%	(b)	2.01% cash/5.25% PIK	05/2023	8,257		8,312		0.2		5,780
Eyecare Services Partners Holdings LLC*#	One stop	L + 6.25%	(b)	2.01% cash/5.25% PIK	05/2023	7,230		7,283		0.2		5,062
Eyecare Services Partners Holdings LLC+	One stop	L + 6.25%	(b)	2.01% cash/5.25% PIK	05/2023	5,322		5,331		0.2		3,726
Eyecare Services Partners Holdings LLC*+	One stop	L + 6.25%	(b)	2.01% cash/5.25% PIK	05/2023	2,469		2,487		0.1		1,728
Eyecare Services Partners Holdings LLC*+	One stop	L + 6.25%	(b)	2.01% cash/5.25% PIK	05/2023	1,585		1,596		0.1		1,109
Eyecare Services Partners Holdings LLC*#	One stop	L + 6.25%	(b)	2.01% cash/5.25% PIK	05/2023	1,171		1,180		—		820
Eyecare Services Partners Holdings LLC*#	One stop	L + 6.25%	(b)	2.01% cash/5.25% PIK	05/2023	1,032		1,039		—		722
Eyecare Services Partners Holdings LLC*+	One stop	L + 6.25%	(b)	2.01% cash/5.25% PIK	05/2023	667		671		—		467
Eyecare Services Partners Holdings LLC+	One stop	L + 6.25%	(b)	2.00% cash/5.25% PIK	05/2023	410		410		—		288
FYI Optical Acquisitions, Inc. & FYI USA, Inc.~(8)(9)(12)	One stop	C + 4.50%	(j)	5.50%	03/2027	11,653		11,571		0.5		12,476
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C + 4.50%	(j)	5.69%	03/2027	549		544		—		558
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C + 4.50%	(j)	5.71%	03/2027	186		184		—		197
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)	One stop	L + 4.50%	(b)	5.51%	03/2027	75		74		—		75
Heartland Veterinary Partners LLC+	Senior loan	L + 4.75%	(b)	5.75%	12/2026	848		841		—		848
Heartland Veterinary Partners LLC+	Senior loan	L + 4.75%	(a)(b)	5.75%	12/2026	33		32		—		33
Heartland Veterinary Partners LLC+	Senior loan	L + 4.75%		N/A(6)	12/2026	—		—		—		—
Klick Inc.+(8)(12)	Senior loan	L + 4.50%	(b)(e)	5.51%	03/2028	10,048		9,962		0.4		10,048
Klick Inc.+(5)(8)(12)	Senior loan	L + 4.50%		N/A(6)	03/2026	—		(1)		—		—
Krueger-Gilbert Health Physics, LLC+~	Senior loan	L + 5.25%	(b)	6.26%	05/2025	2,323		2,315		0.1		2,323

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Providers & Services - (continued)
Krueger-Gilbert Health Physics, LLC+	Senior loan	L + 5.25%	(b)	6.26%	05/2025	$	1,868	$	1,866	0.1	%	$	1,868
Krueger-Gilbert Health Physics, LLC+	Senior loan	L + 5.25%	(b)	6.26%	05/2025	1,097		1,122		—		1,097
Krueger-Gilbert Health Physics, LLC+	Senior loan	L + 5.25%	(b)	6.26%	05/2025	60		60		—		60
Krueger-Gilbert Health Physics, LLC+(5)	Senior loan	L + 5.25%		N/A(6)	05/2025	—		(17)		—		—
MWD Management, LLC & MWD Services, Inc.#+	One stop	L + 5.50%	(b)	6.51%	06/2023	9,237		9,215		0.4		9,237
MWD Management, LLC & MWD Services, Inc.#	One stop	L + 5.50%	(b)	6.51%	06/2023	4,448		4,479		0.2		4,448
MWD Management, LLC & MWD Services, Inc.+	One stop	L + 5.50%	(a)	6.50%	06/2022	40		40		—		40
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C + 5.25%	(j)	6.43%	05/2028	20,333		20,065		0.8		19,712
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	L + 5.25%	(b)	6.26%	05/2028	4,348		4,293		0.2		4,348
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	L + 5.25%	(b)	6.26%	05/2028	2,830		2,803		0.1		2,830
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C + 5.25%	(j)	6.43%	05/2028	1,206		1,173		—		1,202
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C + 5.25%	(j)	6.42%	05/2026	93		91		—		94
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	L + 5.25%	(b)	6.26%	05/2026	60		59		—		60
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	L + 5.25%	(b)	6.26%	05/2028	15		14		—		15
Oliver Street Dermatology Holdings, LLC+(7)	One stop	L + 6.25%	(b)	7.26%	05/2022	19,110		17,374		0.7		17,184
Oliver Street Dermatology Holdings, LLC+(7)	One stop	L + 6.25%	(b)	7.26%	05/2022	2,218		1,862		0.1		1,994
Oliver Street Dermatology Holdings, LLC+(7)	One stop	L + 6.25%	(b)	7.26%	05/2022	2,101		1,899		0.1		1,890
Oliver Street Dermatology Holdings, LLC+(7)	One stop	L + 6.25%	(b)	7.26%	05/2022	1,591		1,336		0.1		1,430
Oliver Street Dermatology Holdings, LLC+(7)	One stop	L + 6.25%	(b)	7.26%	05/2022	1,406		1,180		0.1		1,264
Oliver Street Dermatology Holdings, LLC+(7)	One stop	L + 6.25%	(b)	7.26%	05/2022	1,224		1,028		0.1		1,100
Oliver Street Dermatology Holdings, LLC+(7)	One stop	L + 6.25%	(b)	7.26%	05/2022	953		800		—		857
Oliver Street Dermatology Holdings, LLC+(7)	One stop	L + 6.25%	(b)	7.26%	05/2022	826		694		—		743
Oliver Street Dermatology Holdings, LLC+(7)	One stop	L + 6.25%	(b)	7.26%	05/2022	509		428		—		458
Oliver Street Dermatology Holdings, LLC+(7)	One stop	L + 6.25%	(b)(e)	7.26%	05/2022	291		264		—		262
Oliver Street Dermatology Holdings, LLC+(7)	One stop	L + 6.25%	(b)	7.26%	05/2022	97		88		—		87
Oliver Street Dermatology Holdings, LLC+(7)	One stop	L + 6.25%	(b)	7.26%	05/2022	88		80		—		79
Oliver Street Dermatology Holdings, LLC+(7)	One stop	L + 6.25%	(b)	7.26%	05/2022	68		62		—		62
Oliver Street Dermatology Holdings, LLC+(7)	One stop	L + 6.25%	(b)	7.26%	05/2022	63		57		—		57
Pinnacle Treatment Centers, Inc.#+	One stop	L + 5.75%	(b)	6.75%	01/2023	18,831		18,824		0.7		18,831
Pinnacle Treatment Centers, Inc.*	One stop	L + 5.75%	(b)	6.75%	01/2023	7,592		7,574		0.3		7,592
Pinnacle Treatment Centers, Inc.#+	One stop	L + 5.75%	(b)	6.75%	01/2023	1,546		1,546		0.1		1,546
Pinnacle Treatment Centers, Inc.+	One stop	L + 5.75%	(b)	6.75%	01/2023	698		700		0.1		698
Pinnacle Treatment Centers, Inc.+	One stop	L + 5.75%	(b)	6.75%	01/2023	184		184		—		184
Pinnacle Treatment Centers, Inc.+	One stop	L + 5.75%	(b)	6.75%	01/2023	106		105		—		106
Pinnacle Treatment Centers, Inc.+	One stop	L + 5.75%	(b)	6.75%	01/2023	37		37		—		37
Pinnacle Treatment Centers, Inc.+	One stop	L + 5.75%		N/A(6)	01/2023	—		—		—		—
PPT Management Holdings, LLC+	One stop	L + 8.50%	(b)	7.00% cash/2.50% PIK	12/2022	25,504		25,094		0.8		21,679
PPT Management Holdings, LLC+	One stop	L + 8.50%	(b)	7.00% cash/2.50% PIK	12/2022	310		306		—		264
PPT Management Holdings, LLC+	One stop	L + 10.50%	(b)	7.00% cash/4.50% PIK	12/2022	280		272		—		216
PPT Management Holdings, LLC+	One stop	L + 8.50%	(b)	7.00% cash/2.50% PIK	12/2022	182		180		—		156
PPT Management Holdings, LLC+	One stop	L + 8.50%	(b)	7.00% cash/2.50% PIK	12/2022	90		84		—		76
Suveto Buyer, LLC+	One stop	L + 4.25%	(b)	5.26%	09/2027	18,395		18,151		0.7		18,395
Suveto Buyer, LLC+	One stop	L + 4.25%	(b)	5.26%	09/2027	18		17		—		18

						467,721		446,801		16.1		422,194

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Technology
Alegeus Technologies Holdings Corp.+	Senior loan	L + 8.25%	(b)	9.25%	09/2024	$	374	$	372	—	%	$	372
Connexin Software, Inc.+~	One stop	L + 8.50%	(b)	9.50%	02/2024	8,626		8,661		0.3		8,626
Connexin Software, Inc.+	One stop	L + 8.50%		N/A(6)	02/2024	—		—		—		—
ESO Solution, Inc.+	One stop	SF + 7.00%	(n)	8.00%	03/2027	7,549		7,486		0.3		7,549
ESO Solution, Inc.+(5)	One stop	L + 7.00%		N/A(6)	03/2027	—		(1)		—		—
HSI Halo Acquisition, Inc.+~	One stop	L + 5.75%	(b)	6.75%	08/2026	6,218		6,189		0.2		6,218
HSI Halo Acquisition, Inc.+	One stop	L + 5.75%	(b)	6.76%	08/2026	2,964		2,929		0.1		2,964
HSI Halo Acquisition, Inc.+	One stop	L + 5.75%	(b)	6.76%	08/2026	1,952		1,937		0.1		1,952
HSI Halo Acquisition, Inc.+	One stop	L + 5.75%	(b)	6.76%	08/2026	1,069		1,048		—		1,069
HSI Halo Acquisition, Inc.+	One stop	L + 5.75%	(b)	6.76%	08/2026	638		633		—		638
HSI Halo Acquisition, Inc.+	One stop	L + 5.75%	(a)	6.75%	09/2025	13		12		—		13
HSI Halo Acquisition, Inc.+(5)	One stop	L + 5.75%		N/A(6)	08/2026	—		(1)		—		—
Kareo, Inc.+	One stop	L + 9.00%	(a)	10.00%	06/2023	10,273		10,221		0.4		10,364
Kareo, Inc.+	One stop	L + 9.00%	(a)	10.00%	06/2023	6,588		6,280		0.3		6,647
Kareo, Inc.+	One stop	L + 9.00%	(a)	10.00%	06/2023	1,506		1,472		0.1		1,519
Kareo, Inc.+	One stop	L + 9.00%	(a)	10.00%	06/2023	941		937		—		949
Kareo, Inc.+	One stop	L + 9.00%	(a)	10.00%	06/2023	753		750		—		760
Kareo, Inc.+	One stop	L + 9.00%	(a)	10.00%	06/2023	150		149		—		151
Kareo, Inc.+	One stop	L + 9.00%	(a)	10.00%	06/2023	80		80		—		80
Kareo, Inc.+(5)	One stop	L + 9.00%		N/A(6)	06/2023	—		(21)		—		—
Nextech Holdings, LLC+	One stop	L + 5.50%	(b)	5.80%	06/2025	3,951		3,998		0.2		3,951
Nextech Holdings, LLC+	One stop	L + 5.50%	(b)	5.80%	06/2025	1,927		1,917		0.1		1,927
Nextech Holdings, LLC+(5)	One stop	L + 5.50%		N/A(6)	06/2025	—		(2)		—		—
Qgenda Intermediate Holdings, LLC+	One stop	L + 5.00%	(b)	6.01%	06/2025	15,045		15,045		0.6		15,045
Qgenda Intermediate Holdings, LLC#	One stop	L + 5.00%	(b)	6.01%	06/2025	12,256		12,169		0.5		12,256
Qgenda Intermediate Holdings, LLC+	One stop	L + 5.00%	(b)	6.01%	06/2025	1,462		1,455		0.1		1,462
Qgenda Intermediate Holdings, LLC#	One stop	L + 5.00%	(b)	6.01%	06/2025	978		978		—		978
Qgenda Intermediate Holdings, LLC+	One stop	L + 5.00%		N/A(6)	06/2025	—		—		—		—
Transaction Data Systems, Inc.*#+~	One stop	L + 4.50%	(b)	5.51%	02/2026	66,708		65,815		2.5		66,708
Transaction Data Systems, Inc.+(5)	One stop	L + 4.50%		N/A(6)	02/2026	—		(4)		—		—
						152,021		150,504		5.8		152,198

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Hotels, Restaurants & Leisure
BJH Holdings III Corp.*#+	One stop	L + 4.50%	(b)	5.50%	08/2025	$	50,829	$	51,704	1.9	%	$	50,829
BJH Holdings III Corp.+	One stop	L + 4.50%	(a)(b)	5.50%	08/2025	150		145		—		150
CR Fitness Holdings, LLC#~	Senior loan	L + 4.00%	(a)	5.00%	07/2025	1,968		1,977		0.1		1,968
CR Fitness Holdings, LLC+	Senior loan	L + 4.00%	(a)	5.00%	07/2025	832		828		—		832
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)	6.25% cash/1.50% PIK	07/2024	7,120		7,091		0.3		6,764
Davidson Hotel Company, LLC+	One stop	L + 6.75%	(a)	6.25% cash/1.50% PIK	07/2024	1,094		1,092		0.1		1,039
Davidson Hotel Company, LLC+(5)	One stop	L + 5.25%		N/A(6)	07/2024	—		—		—		(6)
EOS Fitness Opco Holdings, LLC*#	One stop	L + 4.75%	(b)	5.75%	01/2025	8,552		8,592		0.4		8,552
EOS Fitness Opco Holdings, LLC+	One stop	L + 4.75%	(b)	5.75%	01/2025	901		904		—		901
EOS Fitness Opco Holdings, LLC+	One stop	L + 4.75%	(b)	5.75%	01/2025	120		120		—		120
Freddy's Frozen Custard LLC~	One stop	L + 5.00%	(b)	6.00%	03/2027	9,209		9,133		0.4		9,209
Freddy's Frozen Custard LLC+(5)	One stop	L + 5.00%		N/A(6)	03/2027	—		(1)		—		—
Harri US LLC+	One stop	L + 10.00%	(b)	7.00% cash/4.00% PIK	08/2026	788		693		—		796
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	—		(6)		—		14
SSRG Holdings, LLC+	One stop	L + 4.75%	(b)	5.76%	11/2025	904		893		—		904
SSRG Holdings, LLC+	One stop	L + 4.75%	(b)	5.75%	11/2025	75		75		—		75
Tropical Smoothie Cafe Holdings, LLC*#	Senior loan	L + 5.25%	(a)(b)	6.25%	09/2026	13,695		13,571		0.5		13,695
Tropical Smoothie Cafe Holdings, LLC#	Senior loan	L + 5.25%	(a)(b)	6.25%	09/2026	6,477		6,424		0.2		6,477
Tropical Smoothie Cafe Holdings, LLC+(5)	Senior loan	L + 5.25%		N/A(6)	09/2026	—		(1)		—		—








						102,788		103,308		3.9		102,393
Household Durables
Groundworks LLC+	Senior loan	L + 5.00%	(b)	6.01%	01/2026	4,638		4,586		0.2		4,638
Groundworks LLC+	Senior loan	L + 5.00%	(b)	6.01%	01/2026	1,814		1,793		0.1		1,814
Groundworks LLC+	Senior loan	L + 5.00%	(b)	6.01%	01/2026	1,209		1,198		—		1,209
Groundworks LLC+	Senior loan	L + 5.00%	(b)	6.01%	01/2026	1,077		1,063		—		1,077
Groundworks LLC+	Senior loan	L + 5.00%	(b)	6.01%	01/2026	83		82		—		83
Groundworks LLC+	Senior loan	L + 5.00%		N/A(6)	01/2026	—		—		—		—
Groundworks LLC+(5)	Senior loan	L + 5.00%		N/A(6)	01/2026	—		(5)		—		—


						8,821		8,717		0.3		8,821
Household Products
WU Holdco, Inc. #+	One stop	L + 5.50%	(b)	6.51%	03/2026	3,762		3,817		0.1		3,762
WU Holdco, Inc. +	One stop	L + 5.50%	(b)	6.51%	03/2026	1,325		1,325		0.1		1,325
WU Holdco, Inc. +	One stop	L + 5.50%	(a)	6.50%	03/2026	344		341		—		344
WU Holdco, Inc. +	One stop	P + 4.50%	(e)	8.00%	03/2025	4		4		—		4
						5,435		5,487		0.2		5,435

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Industrial Conglomerates
Arch Global CCT Holdings Corp.#+	Senior loan	L + 4.50%	(a)	4.96%	04/2026	$	2,367	$	2,420	0.1	%	$	2,365
Arch Global CCT Holdings Corp.+	Senior loan	L + 4.50%	(a)	4.96%	04/2026	136		135		—		136
Arch Global CCT Holdings Corp.+	Senior loan	L + 4.50%	(a)	5.25%	04/2026	13		13		—		13
Arch Global CCT Holdings Corp.+	Senior loan	L + 4.50%		N/A(6)	04/2025	—		—		—		—
Essential Services Holdings Corporation+	One stop	L + 5.75%	(a)	6.75%	11/2026	54		47		—		54
Essential Services Holdings Corporation+(5)	One stop	L + 5.75%		N/A(6)	11/2025	—		(1)		—		—
Madison Safety & Flow LLC+	Senior loan	L + 4.00%	(a)	4.29%	03/2025	457		456		—		457
Madison Safety & Flow LLC+	Senior loan	L + 4.00%	(a)	4.39%	03/2025	3		3		—		3
Specialty Measurement Bidco Limited~(8)(9)(10)	One stop	E + 5.75%	(f)	6.75%	11/2027	7,969		7,789		0.3		7,403
Specialty Measurement Bidco Limited~(8)(10)	One stop	L + 5.75%	(b)	6.75%	11/2027	7,961		7,784		0.3		7,961
Specialty Measurement Bidco Limited+(5)(8)(9)(10)	One stop	SN + 5.75%		N/A(6)	11/2027	—		(43)		—		—
						18,960		18,603		0.7		18,392

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Insurance
Alera Group, Inc.+	One stop	L + 5.50%	(a)	6.25%	10/2028	$	25,498	$	25,261	1.0	%	$	25,498
Alera Group, Inc.+	One stop	L + 5.50%	(a)	6.25%	10/2028	6,997		6,897		0.3		6,997
Alera Group, Inc.+(5)	One stop	L + 5.50%		N/A(6)	10/2028	—		(3)		—		—
AMBA Buyer, Inc. +	One stop	L + 5.75%	(b)	6.50%	07/2027	3,205		3,176		0.1		3,173
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)		—		(10)
Captive Resources Midco, LLC*#+~	One stop	L + 5.50%	(a)	6.25%	05/2027	52,638		52,644		2.0		52,638
Captive Resources Midco, LLC+	One stop	L + 5.50%	(a)	6.25%	05/2027	6,762		6,698		0.3		6,762
Captive Resources Midco, LLC+(5)	One stop	L + 5.50%		N/A(6)	05/2027	—		(11)		—		—
Integrity Marketing Acquisition, LLC+	Senior loan	L + 5.50%	(b)	6.25%	08/2025	2,525		2,492		0.1		2,525
Integrity Marketing Acquisition, LLC+	One stop	L + 5.75%	(b)	6.75%	08/2025	2,433		2,431		0.1		2,455
Integrity Marketing Acquisition, LLC+	Senior loan	L + 5.75%	(b)	6.75%	08/2025	1,525		1,506		0.1		1,538
Integrity Marketing Acquisition, LLC+	Senior loan	L + 5.75%	(b)	6.75%	08/2025	777		774		—		785
Integrity Marketing Acquisition, LLC+	One stop	L + 5.75%	(b)	6.75%	08/2025	470		468		—		474
Integrity Marketing Acquisition, LLC+	Senior loan	L + 5.75%	(b)(c)	6.75%	08/2025	245		244		—		248
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)		—		—
J.S. Held Holdings, LLC#+	One stop	L + 5.50%	(b)	6.51%	07/2025	6,454		6,431		0.2		6,399
J.S. Held Holdings, LLC+	One stop	L + 5.50%	(b)	6.51%	07/2025	1,485		1,462		0.1		1,473
J.S. Held Holdings, LLC+	One stop	SF + 5.50%	(n)	6.50%	07/2025	1,437		1,409		0.1		1,423
J.S. Held Holdings, LLC+	One stop	P + 4.50%	(a)(b)(e)	8.00%	07/2025	32		28		—		28
J.S. Held Holdings, LLC+(5)	One stop	SF + 5.50%		N/A(6)	07/2025	—		(6)		—		(6)
Keystone Agency Partners LLC+	Senior loan	L + 5.50%	(b)	6.51%	05/2027	2,309		2,276		0.1		2,309
Keystone Agency Partners LLC+(5)	Senior loan	L + 5.50%		N/A(6)	05/2027	—		(3)		—		—
Long Term Care Group, Inc.+	One stop	L + 6.00%	(a)	6.75%	09/2027	2,999		2,945		0.1		2,939
Majesco*#	One stop	L + 7.25%	(b)	8.26%	09/2027	18,847		18,593		0.7		18,847
Majesco+(5)	One stop	L + 7.25%		N/A(6)	09/2026	—		(3)		—		—
Norvax, LLC+	Senior loan	L + 6.50%	(b)	7.50%	09/2025	32,950		32,707		1.2		32,291
Norvax, LLC+	Senior loan	L + 6.50%	(b)	7.50%	09/2025	9,975		9,816		0.4		9,776
Pareto Health Intermediate Holdings, Inc. +	One stop	L + 5.75%	(b)(e)	6.76%	08/2025	7,280		7,219		0.2		7,280
Patriot Growth Insurance Services, LLC+	One stop	L + 5.50%	(b)	6.25%	10/2028	8,306		8,228		0.3		8,306
Patriot Growth Insurance Services, LLC+(5)	One stop	L + 5.50%		N/A(6)	10/2028	—		(1)		—		—
Patriot Growth Insurance Services, LLC+(5)	One stop	L + 5.50%		N/A(6)	10/2028	—		(26)		—		—
People Corporation~(8)(9)(12)	One stop	C + 6.25%	(j)	7.25%	02/2028	14,802		14,584		0.6		15,157
People Corporation+(8)(9)(12)	One stop	C + 6.25%	(j)	7.25%	02/2028	4,941		4,895		0.2		4,946
People Corporation+(8)(9)(12)	One stop	C + 5.50%	(j)	6.37%	02/2028	680		614		—		704
People Corporation+(8)(9)(12)	One stop	C + 6.25%	(j)	7.25%	02/2027	81		80		—		83
RSC Acquisition, Inc.*#+	One stop	L + 5.50%	(b)	6.27%	10/2026	25,767		25,396		1.0		25,767
RSC Acquisition, Inc.+	One stop	L + 5.50%	(b)	6.26%	10/2026	6,594		6,291		0.3		6,594
RSC Acquisition, Inc.+	One stop	L + 5.50%	(b)	6.43%	10/2026	1,173		1,162		—		1,173
RSC Acquisition, Inc.+(5)	One stop	L + 5.50%		N/A(6)	10/2026	—		(1)		—		—
RSC Acquisition, Inc.+(5)	One stop	L + 5.50%		N/A(6)	10/2026	—		(3)		—		—
Sunstar Insurance Group, LLC+	Senior loan	L + 5.75%	(b)	6.76%	10/2026	779		769		—		779
Sunstar Insurance Group, LLC+	Senior loan	L + 5.75%	(b)	6.76%	10/2026	395		389		—		395
Sunstar Insurance Group, LLC+	Senior loan	L + 5.75%	(b)	6.76%	10/2026	388		380		—		388
Sunstar Insurance Group, LLC+	Senior loan	L + 5.75%		N/A(6)	10/2026	—		—		—		—
TigerRisk, LLC*+	One stop	L + 5.00%	(b)	6.00%	06/2027	22,777		22,580		0.9		22,777

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Insurance - (continued)
TigerRisk, LLC+(5)	One stop	L + 5.00%		N/A(6)	06/2027	$	—	$	(1)	—	%	$	—

						273,526		270,782		10.4		272,911
Internet & Catalog Retail
Revalize, Inc.+	One stop	L + 5.75%	(b)	6.76%	04/2027	15,088		14,962		0.6		15,088
Revalize, Inc.+	One stop	L + 5.75%	(b)	6.76%	04/2027	8,831		8,757		0.3		8,831
Revalize, Inc.+	One stop	L + 5.75%	(b)	6.76%	04/2027	4,379		4,342		0.2		4,379
Revalize, Inc.+	One stop	L + 5.75%	(b)	6.76%	04/2027	2,638		2,616		0.1		2,638
Revalize, Inc.+	One stop	L + 5.75%	(b)	6.76%	04/2027	1,694		1,678		0.1		1,694
Revalize, Inc.+	One stop	L + 5.75%	(b)	6.76%	04/2027	399		397		—		399
Revalize, Inc.+	One stop	L + 5.75%	(b)	6.75%	04/2027	143		140		—		143
Revalize, Inc.+(5)	One stop	L + 5.75%		N/A(6)	04/2027	—		(1)		—		—
						33,172		32,891		1.3		33,172
IT Services
Acquia, Inc.+~	One stop	L + 7.00%	(b)	8.00%	10/2025	9,578		9,499		0.3		9,578
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%	(b)	8.50% cash/1.00% PIK	08/2025	4,685		4,561		0.2		4,811
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	One stop	L + 6.50%		N/A(6)	08/2025	—		—		—		1
CivicPlus, LLC+	One stop	L + 6.00%	(b)	6.75%	08/2027	6,174		6,118		0.2		6,174
CivicPlus, LLC+	One stop	L + 6.00%		N/A(6)	08/2027	—		—		—		—
CivicPlus, LLC+(5)	One stop	L + 6.00%		N/A(6)	08/2027	—		(26)		—		—
Cordeagle US Finco, Inc.+	One stop	L + 6.75%	(b)	7.75%	07/2027	5,044		4,952		0.2		4,943
Cordeagle US Finco, Inc.+(5)	One stop	L + 6.75%		N/A(6)	07/2027	—		(1)		—		(1)
Delinea Inc.+	One stop	L + 5.75%	(a)	6.75%	03/2028	16,665		16,453		0.6		16,665
Delinea Inc.#	One stop	L + 5.75%	(b)	6.76%	03/2028	9,634		9,509		0.4		9,634
Delinea Inc.+(5)	One stop	L + 5.75%		N/A(6)	03/2027	—		(3)		—		—
Episerver, Inc.+	One stop	L + 5.50%	(b)	6.51%	04/2026	21,604		21,336		0.8		21,604
Episerver, Inc.+~(8)(9)	One stop	E + 5.75%	(f)	5.75%	04/2026	20,227		20,413		0.8		19,936
Episerver, Inc.#+	One stop	L + 5.50%	(b)	6.51%	04/2026	11,999		12,091		0.5		11,999
Episerver, Inc.+	One stop	L + 5.50%	(b)	6.51%	04/2026	6,635		6,541		0.3		6,635
Episerver, Inc.+(5)	One stop	L + 5.50%		N/A(6)	04/2026	—		(4)		—		—
Episerver, Inc.+(5)	One stop	L + 5.50%		N/A(6)	04/2026	—		(3)		—		—
Infinisource, Inc.#+~	One stop	L + 4.75%	(b)	5.76%	10/2026	27,959		27,590		1.1		27,959
Infinisource, Inc.+	One stop	L + 4.75%	(b)	5.76%	10/2026	8,445		8,367		0.3		8,445
Infinisource, Inc.+	One stop	L + 4.75%	(b)	5.76%	10/2026	2,037		1,997		0.1		2,037
Infinisource, Inc.+	One stop	L + 4.75%	(b)	5.76%	10/2026	305		302		—		305
Infinisource, Inc.+	One stop	L + 4.75%	(b)	5.76%	10/2026	106		105		—		106
Infinisource, Inc.+(5)	One stop	L + 4.75%		N/A(6)	10/2026	—		(2)		—		—
Infinisource, Inc.+(5)	One stop	L + 4.75%		N/A(6)	10/2026	—		(12)		—		—
Infinisource, Inc.+(5)	One stop	L + 4.75%		N/A(6)	10/2026	—		(2)		—		—
PCS Intermediate II Holdings, LLC~	One stop	L + 5.25%	(b)	6.26%	01/2026	14,274		14,183		0.5		14,274
PCS Intermediate II Holdings, LLC+	One stop	L + 5.25%	(b)	6.26%	01/2026	2,060		2,043		0.1		2,060
PCS Intermediate II Holdings, LLC+(5)	One stop	L + 5.25%		N/A(6)	01/2026	—		(1)		—		—
Recordxtechnologies, LLC#	One stop	L + 5.50%	(b)	6.51%	12/2025	732		727		—		732
Recordxtechnologies, LLC+	One stop	L + 5.50%	(b)	6.51%	12/2025	114		113		—		114
Recordxtechnologies, LLC+	One stop	L + 5.50%	(b)	6.51%	12/2025	42		41		—		42

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
IT Services - (continued)
Red Dawn SEI Buyer, Inc.+~(8)(9)	Senior loan	SN + 4.50%	(k)	5.50%	11/2025	$	23,767	$	23,584	0.9	%	$	22,784
Red Dawn SEI Buyer, Inc.+	Senior loan	L + 4.50%	(b)	5.51%	11/2025	2,477		2,435		0.1		2,477
Red Dawn SEI Buyer, Inc.+	Senior loan	L + 4.25%	(b)	5.26%	11/2025	740		735		—		734
Red Dawn SEI Buyer, Inc.+	Senior loan	L + 4.25%	(b)	5.26%	11/2025	132		131		—		131
Red Dawn SEI Buyer, Inc.+(5)	Senior loan	L + 4.25%		N/A(6)	11/2025	—		(1)		—		(1)
Red Dawn SEI Buyer, Inc.+(5)	Senior loan	L + 4.50%		N/A(6)	11/2025	—		(4)		—		—
Saturn Borrower Inc.+~	One stop	L + 6.50%	(b)	7.51%	09/2026	20,079		19,621		0.8		19,677
Saturn Borrower Inc.+	One stop	L + 6.50%	(b)	7.50%	09/2026	95		92		—		93


						215,609		213,480		8.2		213,948

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Leisure Products
WBZ Investment LLC#+	One stop	L + 6.50%	(b)	6.50% cash/1.00% PIK	09/2024	$	8,648	$	8,685	0.3	%	$	8,648
WBZ Investment LLC+	One stop	L + 6.50%	(b)	6.50% cash/1.00% PIK	09/2024	1,239		1,234		0.1		1,239
WBZ Investment LLC+	One stop	L + 6.50%	(b)	6.50% cash/1.00% PIK	09/2024	861		878		—		861
WBZ Investment LLC+	One stop	L + 6.50%	(b)	6.50% cash/1.00% PIK	09/2024	442		451		—		442
WBZ Investment LLC+	One stop	L + 6.50%	(b)	6.50% cash/1.00% PIK	09/2024	82		82		—		82
						11,272		11,330		0.4		11,272
Life Sciences Tools & Services
Covaris Intermediate 3, LLC+	One stop	L + 5.25%	(b)	6.00%	01/2028	5,924		5,866		0.2		5,924
Covaris Intermediate 3, LLC+(5)	One stop	L + 5.25%		N/A(6)	01/2028	—		(1)		—		—
Covaris Intermediate 3, LLC+(5)	One stop	L + 5.25%		N/A(6)	01/2028	��		(3)		—		—
PAS Parent Inc.*#+	One stop	L + 5.50%	(b)	6.51%	12/2028	33,709		33,055		1.3		33,709
PAS Parent Inc.+(5)	One stop	L + 5.50%		N/A(6)	12/2027	—		(9)		—		—
PAS Parent Inc.+(5)	One stop	L + 5.50%	(b)	N/A(6)	12/2028	—		(5)		—		—
Reaction Biology Corporation+	One stop	SF + 5.25%	(m)	6.00%	03/2029	8,064		7,984		0.3		7,983
Reaction Biology Corporation+(5)	One stop	SF + 5.25%		N/A(6)	03/2029	—		(1)		—		(2)
Reaction Biology Corporation+(5)	One stop	SF + 5.25%		N/A(6)	03/2029	—		(5)		—		(5)
Unchained Labs, LLC+	Senior loan	L + 5.50%	(a)	6.50%	08/2027	848		833		—		848
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	—		(19)		—		—











						48,545		47,694		1.8		48,457
Machinery
Bad Boy Mowers Acquisition, LLC+	Senior loan	L + 4.25%	(b)	5.00%	03/2028	1,866		1,862		0.1		1,866
Blackbird Purchaser, Inc. *+~	Senior loan	L + 4.50%	(a)(b)	5.27%	04/2026	19,184		19,320		0.7		19,184
Blackbird Purchaser, Inc. +(5)	Senior loan	L + 4.50%		N/A(6)	10/2025	—		(1)		—		—
Blackbird Purchaser, Inc. +(5)	Senior loan	L + 4.50%		N/A(6)	04/2026	—		(3)		—		—
Chase Industries, Inc.+~(7)	Senior loan	L + 7.00%	(b)	6.51% cash/1.50% PIK	05/2025	12,059		12,139		0.3		7,839
Chase Industries, Inc.+(7)	Senior loan	L + 7.00%	(b)	6.51% cash/1.50% PIK	05/2025	985		1,009		—		641
Chase Industries, Inc.+(7)	Senior loan	L + 7.00%	(b)	6.50% cash/1.50% PIK	05/2023	350		351		—		224

						34,444		34,677		1.1		29,754
Marine
Veson Nautical LLC#+	One stop	L + 4.75%	(a)	5.75%	11/2025	9,668		9,598		0.4		9,668
Veson Nautical LLC*	One stop	L + 4.75%	(a)	5.75%	11/2025	7,173		7,113		0.3		7,173
Veson Nautical LLC+(5)	One stop	L + 4.75%		N/A(6)	11/2025	—		(1)		—		—
						16,841		16,710		0.7		16,841
Media
Triple Lift, Inc.+	One stop	SF + 5.75%	(l)	6.50%	05/2028	5,370		5,277		0.2		5,263
Triple Lift, Inc.+	One stop	SF + 5.75%	(l)	6.50%	05/2028	1,139		1,116		—		1,116
Triple Lift, Inc.+(5)	One stop	L + 5.75%		N/A(6)	05/2028	—		(1)		—		(1)
						6,509		6,392		0.2		6,378
Multiline Retail
Mills Fleet Farm Group LLC*#+~	One stop	L + 6.25%	(a)	7.25%	10/2024	46,470		46,396		1.8		46,470

Oil, Gas & Consumable Fuels
3ES Innovation, Inc.*+~(8)(12)	One stop	L + 6.75%	(b)	7.75%	05/2025	20,524		20,621		0.8		20,524
3ES Innovation, Inc.+(5)(8)(12)	One stop	L + 6.75%		N/A(6)	05/2025	—		(1)		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Oil, Gas & Consumable Fuels - (Continued)
Drilling Info Holdings, Inc.*#+~	Senior loan	L + 4.25%	(a)	4.71%	07/2025	$	37,258	$	37,590	1.4	%	$	37,258
Drilling Info Holdings, Inc.~	Senior loan	L + 4.50%	(a)	4.96%	07/2025	17,080		16,783		0.6		17,080
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	—		(1)		—		—
Project Power Buyer, LLC*#+	One stop	L + 6.00%	(b)	7.01%	05/2026	15,544		15,652		0.6		15,544
Project Power Buyer, LLC+	One stop	L + 6.00%		N/A(6)	05/2025	—		—		—		—
						90,406		90,643		3.4		90,404
Paper & Forest Products
Messenger, LLC+	One stop	L + 5.75%	(b)	6.76%	12/2027	8,815		8,730		0.3		8,815
Messenger, LLC+	One stop	L + 5.75%	(b)	6.75%	12/2027	100		99		—		100
Messenger, LLC+	One stop	P + 4.75%	(a)(e)	7.89%	12/2027	31		30		—		31
Messenger, LLC+	One stop	L + 5.75%		N/A(6)	12/2027	—		—		—		—
						8,946		8,859		0.3		8,946
Personal Products
IMPLUS Footwear, LLC+~	One stop	L + 7.75%	(b)	8.76%	04/2024	30,514		30,757		1.1		28,378
IMPLUS Footwear, LLC+~	One stop	L + 7.75%	(b)	8.76%	04/2024	5,211		5,253		0.2		4,846
IMPLUS Footwear, LLC*+	One stop	L + 7.75%	(b)	8.76%	04/2024	751		766		—		699
						36,476		36,776		1.3		33,923

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Pharmaceuticals
ACP Ulysses Buyer, Inc.*#+	Senior loan	L + 5.50%	(a)	6.51%	02/2026	$	25,616	$	25,384	1.0	%	$	25,616
Amalthea Parent, Inc.*#+(8)(12)	One stop	L + 4.75%	(a)	5.50%	03/2027	54,296		53,748		2.1		54,296
Amalthea Parent, Inc.+(5)(8)(12)	One stop	L + 4.75%		N/A(6)	03/2027	—		(3)		—		—
Amalthea Parent, Inc.+(5)(8)(12)	One stop	L + 4.75%		N/A(6)	03/2027	—		(53)		—		—
Amalthea Parent, Inc.+(5)(8)(12)	One stop	L + 4.75%		N/A(6)	03/2027	—		(3)		—		—
Apothecary Products, LLC+	Senior loan	SF + 5.00%	(n)	6.00%	07/2023	2,891		2,940		0.1		2,891
Apothecary Products, LLC+	Senior loan	SF + 5.00%	(n)(o)	6.03%	07/2023	313		313		—		313
Cobalt Buyer Sub, Inc.+	One stop	L + 5.25%	(a)	6.00%	10/2028	10,681		10,482		0.4		10,681
Cobalt Buyer Sub, Inc.+	One stop	L + 5.25%	(a)(b)	6.00%	10/2027	21		19		—		21
Cobalt Buyer Sub, Inc.+(5)	One stop	L + 5.25%		N/A(6)	10/2028	—		(33)		—		—
Spark Bidco Limited+(8)(9)(10)	Senior loan	SN + 4.75%	(k)	5.44%	08/2028	26,972		26,602		1.0		25,755
Spark Bidco Limited+(5)(8)(9)(10)	Senior loan	SN + 4.75%		N/A(6)	02/2028	—		(2)		—		—
Spark Bidco Limited+(5)(8)(9)(10)	Senior loan	SN + 4.75%		N/A(6)	08/2028	—		(70)		—		—
						120,790		119,324		4.6		119,573
Professional Services
DISA Holdings Acquisition Subsidiary Corp.+~	Senior loan	L + 4.00%	(a)	5.00%	06/2022	8,441		8,457		0.3		8,441
DISA Holdings Acquisition Subsidiary Corp.+	Senior loan	L + 4.00%		N/A(6)	06/2022	—		—		—		—
IG Investments Holdings, LLC+	One stop	L + 6.00%	(b)	7.01%	09/2028	7,129		7,002		0.3		7,129
IG Investments Holdings, LLC+	One stop	P + 5.00%	(e)	8.50%	09/2027	9		8		—		9
NBG Acquisition Corp. and NBG-P Acquisition Corp.+	One stop	L + 5.25%	(b)	6.00%	11/2028	7,520		7,466		0.3		7,520
NBG Acquisition Corp. and NBG-P Acquisition Corp.+	One stop	L + 5.25%	(b)	6.00%	11/2028	33		32		—		33
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5)	One stop	L + 5.25%		N/A(6)	11/2028	—		(16)		—		—
Net Health Acquisition Corp.+	One stop	L + 5.75%	(a)	6.75%	12/2025	13,303		13,200		0.5		13,303
Net Health Acquisition Corp.*#	One stop	L + 5.75%	(a)	6.75%	12/2025	8,422		8,431		0.3		8,422
Net Health Acquisition Corp.+~	One stop	L + 5.75%	(a)	6.75%	12/2025	6,741		6,779		0.3		6,741
Net Health Acquisition Corp.#	One stop	L + 5.75%	(a)	6.75%	12/2025	4,259		4,213		0.2		4,259
Net Health Acquisition Corp.*#	One stop	L + 5.75%	(a)	6.75%	12/2025	1,177		1,178		—		1,177
Net Health Acquisition Corp.+(5)	One stop	L + 5.75%		N/A(6)	12/2025	—		(3)		—		—
PlanSource Holdings, Inc. +~	One stop	L + 6.25%	(b)(c)	7.25%	04/2025	11,416		11,475		0.4		11,416
PlanSource Holdings, Inc. +	One stop	L + 6.25%	(c)	7.25%	04/2025	1,932		1,918		0.1		1,932
PlanSource Holdings, Inc. +	One stop	L + 6.25%	(b)	7.25%	04/2025	139		138		—		139
PlanSource Holdings, Inc. +(5)	One stop	L + 6.25%		N/A(6)	04/2025	—		(1)		—		—
ProcessMAP Corporation+	One stop	L + 6.25%	(b)	3.51% cash/3.75% PIK	12/2027	3,873		3,837		0.1		3,873
ProcessMAP Corporation+(5)	One stop	L + 6.00%		N/A(6)	12/2027	—		—		—		(1)
Procure Acquireco, Inc.#+	One stop	L + 5.50%	(b)	6.25%	12/2028	17,723		17,552		0.7		17,723
Procure Acquireco, Inc.+(5)	One stop	L + 5.50%		N/A(6)	12/2028	—		(1)		—		—
Procure Acquireco, Inc.+(5)	One stop	L + 5.50%		N/A(6)	12/2028	—		(3)		—		—
Teaching Company, The*#+	One stop	L + 4.75%	(b)	5.75%	07/2023	17,508		17,589		0.7		17,508
Teaching Company, The+	One stop	L + 4.75%		N/A(6)	07/2023	—		—		—		—





						109,625		109,251		4.2		109,624

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Real Estate Management & Development
Inhabit IQ Inc.+	One stop	L + 6.00%	(a)	7.00%	07/2025	$	21,861	$	21,675	0.8	%	$	21,861
Inhabit IQ Inc.#+	One stop	L + 6.00%	(b)	7.00%	07/2025	19,539		19,602		0.7		19,539
Inhabit IQ Inc.+~	One stop	L + 6.00%	(b)	7.00%	07/2025	13,460		13,312		0.5		13,460
Inhabit IQ Inc.+	One stop	L + 6.00%	(b)	7.00%	07/2025	12,430		12,324		0.5		12,430
Inhabit IQ Inc.*#	One stop	L + 6.00%	(b)	7.00%	07/2025	6,551		6,597		0.3		6,551
Inhabit IQ Inc.+~	One stop	L + 6.00%	(b)	7.00%	07/2025	3,193		3,244		0.1		3,193
Inhabit IQ Inc.#+	One stop	L + 6.00%	(b)	7.00%	07/2025	1,403		1,424		0.1		1,403
Inhabit IQ Inc.#+	One stop	L + 6.00%	(b)	7.00%	07/2025	1,187		1,205		—		1,187
Inhabit IQ Inc.#+	One stop	L + 6.00%	(b)	7.00%	07/2025	1,170		1,189		—		1,170
Inhabit IQ Inc.+	One stop	L + 6.00%	(b)	7.00%	07/2025	936		930		0.1		936
Inhabit IQ Inc.+	One stop	L + 6.00%	(b)	7.00%	07/2025	494		501		—		494
Inhabit IQ Inc.+(5)	One stop	L + 6.00%		N/A(6)	07/2025	—		(1)		—		—
MRI Software LLC*+	One stop	L + 5.50%	(b)	6.51%	02/2026	14,433		14,341		0.6		14,433
MRI Software LLC+	One stop	L + 5.50%	(b)	6.51%	02/2026	4,230		4,178		0.2		4,230
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	—		(1)		—		—
MRI Software LLC+(5)	One stop	L + 5.50%		N/A(6)	02/2026	—		(2)		—		—
RPL Bidco Limited+(8)(9)(10)	One stop	SN + 5.75%	(k)	6.44%	08/2028	20,251		20,021		0.7		19,185
RPL Bidco Limited+(8)(9)(10)	One stop	A + 5.75%	(h)	5.90%	08/2028	2,202		2,169		0.1		2,234
RPL Bidco Limited+(8)(9)(10)	One stop	SN + 5.75%		N/A(6)	02/2028	—		—		—		—


						123,340		122,706		4.7		122,306
Road & Rail
Channelside Acquisitona Co, Inc.+	One stop	L + 5.25%	(b)	6.26%	07/2028	4,263		4,168		0.2		4,263
Channelside Acquisitona Co, Inc.+	One stop	L + 5.25%	(a)	6.25%	07/2026	3		2		—		3
Channelside Acquisitona Co, Inc.+	One stop	L + 5.25%	(b)	N/A(6)	07/2028	—		—		—		—
Internet Truckstop Group LLC*#	One stop	L + 5.50%	(b)	6.51%	04/2025	22,244		22,583		0.8		22,244
Internet Truckstop Group LLC+	One stop	L + 5.50%	(b)	6.51%	04/2025	9,740		9,631		0.4		9,740
Internet Truckstop Group LLC+(5)	One stop	L + 5.50%		N/A(6)	04/2025	—		(2)		—		—
						36,250		36,382		1.4		36,250

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Software
Accela, Inc.*#+	One stop	L + 7.50%	(a)	4.25% cash/4.25% PIK	09/2024	$	4,618	$	4,597	0.2	%	$	4,618
Accela, Inc.+	One stop	L + 7.50%	(a)	4.25% cash/4.25% PIK	09/2024	274		272		—		274
Accela, Inc.+	One stop	L + 7.00%	(a)	8.00%	09/2024	20		20		—		20
AgKnowledge Holdings Company, Inc.+	Senior loan	L + 4.75%	(b)(c)	6.25%	07/2023	134		130		—		131
Appfire Technologies, LLC#+	One stop	L + 5.50%	(b)	6.51%	03/2027	35,951		35,481		1.4		35,951
Appfire Technologies, LLC+	One stop	L + 5.50%	(b)	6.51%	03/2027	20		19		—		20
Appfire Technologies, LLC+(5)	One stop	L + 5.50%		N/A(6)	03/2027	—		(10)		—		—
Apptio, Inc. +~	One stop	L + 7.25%	(b)	8.25%	01/2025	57,010		57,473		2.2		57,010
Apptio, Inc. +	One stop	L + 7.25%	(b)	8.25%	01/2025	76		76		—		76
Aras Corporation+	One stop	L + 7.00%	(b)	4.25% cash/3.75% PIK	04/2027	13,896		13,780		0.5		13,896
Aras Corporation+(5)	One stop	L + 6.50%		N/A(6)	04/2027	—		(1)		—		(2)
Auvik Networks Inc.+(8)(12)	One stop	L + 5.75%	(b)	4.00% cash/2.75% PIK	07/2027	6,938		6,877		0.3		6,938
Auvik Networks Inc.+(5)(8)(12)	One stop	L + 5.50%		N/A(6)	07/2027	—		(1)		—		—
Axiom Merger Sub Inc.+~	One stop	L + 5.25%	(b)(c)	6.25%	04/2026	5,758		5,786		0.3		5,758
Axiom Merger Sub Inc.+~(8)(9)	One stop	E + 5.50%	(f)(g)	5.50%	04/2026	2,379		2,393		0.1		2,362
Axiom Merger Sub Inc.+	One stop	L + 5.25%	(c)	6.25%	04/2026	273		271		—		273
Axiom Merger Sub Inc.+	One stop	L + 5.25%	(c)	6.25%	04/2026	12		11		—		12
Axiom Merger Sub Inc.+(5)	One stop	L + 5.25%		N/A(6)	10/2025	—		(1)		—		—
Bayshore Intermediate #2, L.P.+	One stop	L + 7.75%	(b)	8.50%	10/2028	61,235		59,984		2.3		61,235
Bayshore Intermediate #2, L.P.+(5)	One stop	L + 6.75%		N/A(6)	10/2027	—		(3)		—		(7)
Bearcat Buyer, Inc.+~	Senior loan	L + 4.25%	(b)	5.26%	07/2026	2,884		2,900		0.1		2,884
Bearcat Buyer, Inc.+	Senior loan	L + 4.25%	(b)	5.26%	07/2026	514		514		—		514
Bearcat Buyer, Inc.~	Senior loan	L + 4.25%	(b)	5.26%	07/2026	305		303		—		305
Bearcat Buyer, Inc.+	Senior loan	L + 4.25%		N/A(6)	07/2024	—		—		—		—
Beqom North America, Inc.+	One stop	L + 7.50%	(b)	7.00% cash/1.50% PIK	06/2026	930		926		—		991
Beqom North America, Inc.+	One stop	L + 6.00%		N/A(6)	06/2026	—		—		—		—
Bullhorn, Inc.*#+~	One stop	L + 5.75%	(b)	6.76%	09/2026	66,285		65,447		2.5		66,285
Bullhorn, Inc.+(8)(9)	One stop	SN + 6.00%	(k)	6.69%	09/2026	11,827		11,676		0.5		12,632
Bullhorn, Inc.+(8)(9)	One stop	E + 5.75%	(f)	5.75%	09/2026	4,749		4,688		0.2		4,808
Bullhorn, Inc.+	One stop	L + 5.75%	(b)	6.76%	09/2026	215		212		—		215
Bullhorn, Inc.+	One stop	L + 5.75%	(b)	6.76%	09/2026	96		95		—		96
Bullhorn, Inc.+	One stop	L + 5.75%	(b)	6.76%	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	9,869		9,693		0.4		9,869
Burning Glass Intermediate Holdings Company, Inc.+	One stop	L + 5.00%	(b)	6.00%	06/2026	21		19		—		21
Calabrio, Inc. +	One stop	L + 7.00%	(b)	8.01%	04/2027	53,683		53,006		2.0		53,683
Calabrio, Inc. +(5)	One stop	L + 7.00%		N/A(6)	04/2027	—		(4)		—		—
Community Brands Parentco LLC+	One stop	SF + 5.90%	(n)	6.50%	02/2028	14,266		13,985		0.5		13,980
Community Brands Parentco LLC+(5)	One stop	SF + 5.75%		N/A(6)	02/2028	—		(1)		—		(1)
Community Brands Parentco LLC+(5)	One stop	SF + 5.75%		N/A(6)	02/2028	—		(1)		—		(1)

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Software - (continued)
Cybergrants Holdings, LLC+	One stop	L + 6.50%	(a)	7.25%	09/2027	$	63,653	$	62,783	2.4	%	$	63,016
Cybergrants Holdings, LLC+	One stop	L + 6.50%	(a)(b)	7.39%	09/2027	140		137		—		138
Cybergrants Holdings, LLC+(5)	One stop	L + 6.50%		N/A(6)	09/2027	—		(40)		—		(45)
Daxko Acquisition Corporation+	One stop	L + 5.50%	(b)	6.25%	10/2028	27,850		27,590		1.1		27,850
Daxko Acquisition Corporation+	One stop	L + 5.50%	(b)	6.25%	10/2028	620		588		—		620
Daxko Acquisition Corporation+(5)	One stop	L + 5.50%		N/A(6)	10/2027	—		(2)		—		—
Diligent Corporation*#+~	One stop	L + 6.25%	(b)	7.26%	08/2025	86,732		86,664		3.4		88,018
Diligent Corporation+	One stop	L + 5.75%	(b)	6.76%	08/2025	5,995		5,948		0.2		5,995
Diligent Corporation+(5)	One stop	L + 6.25%		N/A(6)	08/2025	—		(1)		—		—
Dragon UK Bidco Limited+(8)(9)(10)	One stop	SN + 6.00%	(k)	6.69%	02/2029	15,278		15,051		0.6		15,070
Dragon UK Bidco Limited+(5)(8)(9)(10)	One stop	SN + 6.00%		N/A(6)	02/2029	—		—		—		(4)
FirstUp, Inc+	One stop	L + 6.75%	(b)	4.26% cash/3.50% PIK	07/2027	8,759		8,684		0.3		8,759
FirstUp, Inc+(5)	One stop	L + 6.25%		N/A(6)	07/2027	—		(1)		—		—
Gainsight, Inc.+	One stop	L + 6.75%	(b)	7.50%	07/2027	9,576		9,429		0.4		9,576
Gainsight, Inc.+(5)	One stop	L + 6.75%		N/A(6)	07/2027	—		(2)		—		—
GS Acquisitionco, Inc.*#+~	One stop	L + 5.75%	(c)	7.25%	05/2026	82,058		82,363		3.1		82,058
GS Acquisitionco, Inc.+	One stop	L + 5.75%	(c)	7.25%	05/2026	224		222		—		224
GS Acquisitionco, Inc.+(5)	One stop	L + 5.75%		N/A(6)	05/2026	—		(11)		—		—
GTIV, LLC+	One stop	SF + 5.50%	(n)	6.25%	02/2029	74,401		73,672		2.8		73,657
GTIV, LLC+(5)	One stop	SF + 5.50%		N/A(6)	02/2029	—		(2)		—		(3)
ICIMS, Inc.+~	One stop	L + 6.50%	(b)	7.50%	09/2024	14,355		14,530		0.5		14,355
ICIMS, Inc.+~	One stop	L + 6.50%	(b)	7.50%	09/2024	4,501		4,492		0.2		4,501
ICIMS, Inc.~	One stop	L + 6.50%	(b)	7.50%	09/2024	2,706		2,689		0.1		2,706
ICIMS, Inc.+	One stop	L + 6.50%	(b)	7.50%	09/2024	88		88		—		88
Juvare, LLC*	One stop	L + 5.75%	(b)	6.76%	10/2026	7,526		7,455		0.3		7,526
Juvare, LLC+	One stop	L + 5.75%	(b)	6.76%	10/2026	1,737		1,720		0.1		1,737
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	—		(24)		—		—
Kaseya Inc+~	One stop	L + 6.50%	(b)	6.50% cash/1.00% PIK	05/2025	38,445		39,056		1.5		38,445
Kaseya Inc+	One stop	L + 6.50%	(b)	6.50% cash/1.00% PIK	05/2025	14,049		13,931		0.5		14,049
Kaseya Inc+	One stop	L + 6.50%	(b)	6.50% cash/1.00% PIK	05/2025	3,966		3,974		0.2		3,966
Kaseya Inc+	One stop	L + 6.50%	(b)	6.50% cash/1.00% PIK	05/2025	3,430		3,244		0.1		3,430
Kaseya Inc+	One stop	L + 6.50%	(b)	6.50% cash/1.00% PIK	05/2025	1,637		1,616		0.1		1,637
Kaseya Inc+(5)	One stop	L + 6.50%		N/A(6)	05/2025	—		(1)		—		—
Mindbody, Inc.+~	One stop	L + 8.50%	(c)	8.38% cash/1.50% PIK	02/2025	49,709		50,227		1.9		49,709
Mindbody, Inc.+	One stop	L + 8.50%	(c)	8.38% cash/1.50% PIK	02/2025	5,567		5,519		0.2		5,567
Mindbody, Inc.+(5)	One stop	L + 7.00%		N/A(6)	02/2025	—		(1)		—		—
Ministry Brands Holdings LLC+	One stop	L + 5.50%	(b)	6.51%	12/2028	22,091		21,878		0.8		22,091
Ministry Brands Holdings LLC+(5)	One stop	L + 5.50%		N/A(6)	12/2027	—		(2)		—		—
Ministry Brands Holdings LLC+(5)	One stop	L + 5.50%		N/A(6)	12/2028	—		(6)		—		—
Namely, Inc.+~	One stop	L + 8.50%	(b)	8.25% cash/2.25% PIK	06/2024	3,673		3,570		0.1		3,673
Namely, Inc.+	One stop	L + 8.50%	(b)	8.25% cash/2.25% PIK	06/2024	2,086		2,011		0.1		2,086
Namely, Inc.+	One stop	L + 8.50%	(b)	8.25% cash/2.25% PIK	06/2024	72		72		—		72

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Software - (continued)
Neo Bidco GMBH+(8)(9)(13)	One stop	E + 6.00%	(f)	6.00%	07/2028	$	7,729	$	7,625	0.3	%	$	7,236
Neo Bidco GMBH+(8)(9)(13)	One stop	E + 6.00%		N/A(6)	01/2028	—		—		—		—
Newscycle Solutions, Inc.+	Senior loan	L + 7.00%	(b)	8.01%	12/2022	110		108		—		108
PDI TA Holdings, Inc.+	One stop	L + 4.50%	(b)	5.50%	10/2024	8,452		8,353		0.3		8,452
PDI TA Holdings, Inc.+	Second lien	L + 8.50%	(b)	9.50%	10/2025	3,424		3,367		0.1		3,424
PDI TA Holdings, Inc.+	One stop	L + 4.50%	(b)	5.50%	10/2024	1,124		1,119		—		1,124
PDI TA Holdings, Inc.+	One stop	L + 4.50%	(b)	5.50%	10/2024	694		687		—		694
PDI TA Holdings, Inc.+	Second lien	L + 8.50%	(b)	9.50%	10/2025	640		636		—		640
PDI TA Holdings, Inc.+	Second lien	L + 8.50%	(b)(c)	9.50%	10/2025	377		374		—		377
PDI TA Holdings, Inc.+(8)(9)	One stop	SN + 4.50%	(k)	5.50%	10/2024	95		94		—		91
PDI TA Holdings, Inc.+	One stop	L + 4.50%	(b)	5.50%	10/2024	41		40		—		41
Personify, Inc.*#+	One stop	L + 5.25%	(b)	6.26%	09/2024	13,801		13,964		0.5		13,801
Personify, Inc.#	One stop	L + 5.25%	(b)	6.26%	09/2024	8,218		8,159		0.3		8,218
Personify, Inc.+	One stop	L + 5.25%		N/A(6)	09/2024	—		—		—		—
Pluralsight, LLC+	One stop	L + 8.00%	(b)	9.00%	03/2027	23,748		23,546		0.9		23,748
Pluralsight, LLC+(5)	One stop	L + 8.00%		N/A(6)	03/2027	—		(1)		—		—
ProcessUnity Holdings, LLC+	One stop	L + 6.00%	(b)	7.01%	09/2028	4,221		4,181		0.2		4,221
ProcessUnity Holdings, LLC+(5)	One stop	L + 6.00%		N/A(6)	09/2028	—		(1)		—		—
ProcessUnity Holdings, LLC+(5)	One stop	L + 6.00%		N/A(6)	09/2028	—		(8)		—		—
Pyramid Healthcare Acquisition Corp.#+	One stop	L + 4.75%	(b)	5.75%	05/2027	18,465		18,308		0.7		18,465
Pyramid Healthcare Acquisition Corp.+	One stop	L + 4.75%	(b)	5.75%	05/2027	877		870		—		877
Pyramid Healthcare Acquisition Corp.+	One stop	L + 4.75%	(b)	5.75%	05/2027	542		538		—		542
Pyramid Healthcare Acquisition Corp.+	One stop	L + 4.75%	(b)	5.75%	05/2027	180		179		—		180
Pyramid Healthcare Acquisition Corp.+	One stop	L + 4.75%	(b)	5.76%	05/2027	159		157		—		159
Pyramid Healthcare Acquisition Corp.+	One stop	L + 4.75%	(b)	5.75%	05/2027	148		147		—		148
Pyramid Healthcare Acquisition Corp.+	One stop	L + 4.75%	(b)	5.75%	05/2027	148		147		—		148
Pyramid Healthcare Acquisition Corp.+	One stop	L + 4.75%	(b)(c)	6.25%	05/2027	101		65		—		101
Pyramid Healthcare Acquisition Corp.+	One stop	L + 4.75%	(b)	5.75%	05/2027	58		58		—		58
Pyramid Healthcare Acquisition Corp.+(5)	One stop	L + 4.75%		N/A(6)	05/2027	—		(2)		—		—
QAD, Inc.+	One stop	L + 6.00%	(b)	7.01%	11/2027	9,536		9,447		0.4		9,536
QAD, Inc.+(5)	One stop	L + 6.00%		N/A(6)	11/2027	—		(4)		—		—
RegEd Aquireco, LLC+	Senior loan	L + 4.25%	(a)	5.25%	12/2024	11,242		11,245		0.4		11,017
RegEd Aquireco, LLC+	Senior loan	L + 4.25%	(a)(e)	5.46%	12/2024	124		124		—		120
Riskonnect Parent, LLC*+	One stop	L + 5.50%	(c)	6.30%	12/2028	8,602		8,520		0.3		8,602
Riskonnect Parent, LLC+(5)	One stop	L + 5.50%		N/A(6)	12/2028	—		(4)		—		—
Riskonnect Parent, LLC+(5)	One stop	L + 5.50%		N/A(6)	12/2028	—		(10)		—		—
Rodeo Buyer Company & Absorb Software Inc.+	One stop	L + 6.25%	(b)	7.26%	05/2027	4,541		4,502		0.2		4,541
Rodeo Buyer Company & Absorb Software Inc.+(5)	One stop	L + 6.25%		N/A(6)	05/2027	—		(1)		—		—
Sonatype, Inc.+	One stop	SF + 6.75%	(n)	7.75%	12/2025	40,459		40,173		1.5		40,459
Sonatype, Inc.+	One stop	SF + 6.75%	(n)	7.75%	12/2025	851		845		—		851
Sonatype, Inc.+(5)	One stop	L + 6.75%		N/A(6)	12/2025	—		(2)		—		—
Spartan Buyer Acquisition Co.*#~	One stop	L + 6.25%	(b)	7.26%	12/2026	31,517		31,209		1.2		31,517
Spartan Buyer Acquisition Co.+	One stop	L + 6.25%	(b)	7.26%	12/2026	2,003		1,967		0.1		2,003

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Software - (continued)
Spartan Buyer Acquisition Co.+(5)	One stop	L + 6.25%		N/A(6)	12/2026	$	—	$	(2)	—	%	$	—
Tahoe Bidco B.V. +	One stop	L + 6.00%	(b)	6.75%	09/2028	12,058		11,946		0.5		12,058
Tahoe Bidco B.V. +(5)	One stop	L + 6.00%		N/A(6)	10/2027	—		(1)		—		—
Telesoft Holdings LLC+	One stop	L + 5.75%	(b)	6.75%	12/2025	891		878		—		891
Telesoft Holdings LLC+(5)	One stop	L + 5.75%		N/A(6)	12/2025	—		(1)		—		—
TI Intermediate Holdings, LLC+	Senior loan	L + 4.25%	(a)	4.71%	12/2024	3,463		3,494		0.1		3,433
TI Intermediate Holdings, LLC+	Senior loan	L + 4.25%	(a)	5.25%	12/2024	915		899		—		909
TI Intermediate Holdings, LLC+	Senior loan	L + 4.25%	(a)	5.25%	12/2024	430		423		—		427
TI Intermediate Holdings, LLC+	Senior loan	L + 4.50%	(a)	5.50%	12/2024	158		156		—		158
TI Intermediate Holdings, LLC+	Senior loan	L + 4.50%	(a)	5.50%	12/2024	139		131		—		139
TI Intermediate Holdings, LLC+	Senior loan	L + 4.25%	(a)(e)	5.39%	12/2024	17		17		—		17
Togetherwork Holdings, LLC*#	One stop	L + 6.25%	(b)	7.26%	03/2025	15,325		15,391		0.6		15,325
Togetherwork Holdings, LLC+	One stop	L + 6.25%	(b)	7.26%	03/2025	6,928		6,828		0.3		6,928
Togetherwork Holdings, LLC+	One stop	L + 6.25%	(b)	7.26%	03/2025	4,202		4,166		0.2		4,202
Togetherwork Holdings, LLC+~	One stop	L + 6.25%	(b)	7.26%	03/2025	1,776		1,814		0.1		1,776
Togetherwork Holdings, LLC#+	One stop	L + 6.25%	(b)	7.26%	03/2025	1,724		1,759		0.1		1,724
Togetherwork Holdings, LLC*#	One stop	L + 6.25%	(b)	7.26%	03/2025	1,680		1,716		0.1		1,680
Togetherwork Holdings, LLC#+	One stop	L + 6.25%	(b)	7.26%	03/2025	1,623		1,641		0.1		1,623
Togetherwork Holdings, LLC*+	One stop	L + 6.25%	(b)	7.26%	03/2025	1,564		1,598		0.1		1,564
Togetherwork Holdings, LLC#+	One stop	L + 6.25%	(b)	7.26%	03/2025	1,458		1,488		0.1		1,458
Togetherwork Holdings, LLC*#	One stop	L + 6.25%	(b)	7.26%	03/2025	1,194		1,204		—		1,194
Togetherwork Holdings, LLC#+	One stop	L + 6.25%	(b)	7.26%	03/2025	657		671		0.1		657
Togetherwork Holdings, LLC+	One stop	L + 6.25%	(b)	7.26%	03/2025	455		451		—		455
Togetherwork Holdings, LLC+	One stop	L + 6.25%	(b)	7.26%	03/2025	440		437		—		440
Togetherwork Holdings, LLC+	One stop	L + 6.25%	(b)	7.26%	03/2025	250		248		—		250
Togetherwork Holdings, LLC+	One stop	L + 6.25%	(b)	7.26%	03/2025	63		65		—		63
Togetherwork Holdings, LLC+~	One stop	L + 6.25%	(b)	7.26%	03/2025	58		60		—		58
Togetherwork Holdings, LLC+(5)	One stop	L + 6.25%		N/A(6)	03/2024	—		(1)		—		—
Trintech, Inc.*#+	One stop	L + 6.00%	(b)	7.00%	12/2024	22,144		22,283		0.8		22,144
Trintech, Inc.#+	One stop	L + 6.00%	(b)	7.00%	12/2024	9,189		9,285		0.4		9,189
Trintech, Inc.+	One stop	L + 6.00%	(b)	7.00%	12/2024	100		100		—		100
Vector CS Midco Limited & Cloudsense Ltd.+~(8)(9)(10)	One stop	N/A		4.50% cash/3.55% PIK	05/2024	8,321		8,399		0.3		7,279
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)	One stop	N/A		4.50% cash/3.55% PIK	05/2024	140		139		—		120
Vendavo, Inc.*#+	One stop	L + 5.25%	(b)	6.00%	09/2027	19,710		19,553		0.8		19,710
Vendavo, Inc.+(5)	One stop	L + 5.25%		N/A(6)	09/2027	—		(1)		—		—
WebPT, Inc.+	Senior loan	L + 6.75%	(b)	7.75%	01/2028	626		616		—		616
Workforce Software, LLC+~	One stop	L + 7.25%	(b)	5.25% cash/3.00% PIK	07/2025	27,754		28,183		1.1		27,754
Workforce Software, LLC+	One stop	L + 7.25%	(b)	5.25% cash/3.00% PIK	07/2025	4,862		4,824		0.2		4,862
Workforce Software, LLC+	One stop	L + 7.25%	(b)	5.25% cash/3.00% PIK	07/2025	3,464		3,399		0.1		3,464
Workforce Software, LLC+	One stop	L + 6.50%	(b)	7.50%	07/2025	58		57		—		56
Workforce Software, LLC+(5)	One stop	L + 4.00%		N/A(6)	07/2025	—		(1)		—		—

						1,261,302		1,254,827		48.0		1,259,712

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail
Ave Holdings III, Corp+	One stop	SF + 5.50%	(n)	6.30%	02/2028	$	26,026	$	25,513	1.0	%	$	25,766
Ave Holdings III, Corp+(5)	One stop	SF + 5.50%		N/A(6)	02/2028	—		(3)		—		(1)
Ave Holdings III, Corp+(5)	One stop	L + 5.50%		N/A(6)	02/2028	—		(12)		—		(12)
Batteries Plus Holding Corporation*#	One stop	L + 6.75%	(a)	7.75%	06/2023	21,921		21,948		0.8		21,921
Batteries Plus Holding Corporation+	One stop	L + 6.75%	(a)	7.75%	06/2023	1,427		1,422		0.1		1,427
Batteries Plus Holding Corporation+	One stop	L + 6.75%	(a)(e)	8.12%	06/2023	119		119		0.1		119
Consilio Midco Limited+(8)(10)	One stop	L + 5.75%	(b)	6.76%	05/2028	11,597		11,392		0.5		11,597
Consilio Midco Limited+(8)(9)(10)	One stop	E + 6.25%	(f)	6.25%	05/2028	9,699		9,607		0.4		9,467
Consilio Midco Limited+(8)(10)	One stop	L + 5.75%	(b)	6.76%	05/2028	2,169		2,131		0.1		2,169
Consilio Midco Limited+(8)(10)	One stop	L + 5.75%	(b)	6.76%	05/2028	737		718		—		737
Consilio Midco Limited+(5)(8)(10)	One stop	L + 5.75%		N/A(6)	05/2028	—		(2)		—		—
Consilio Midco Limited+(5)(8)(10)	One stop	L + 5.75%		N/A(6)	05/2028	—		(13)		—		—
Consilio Midco Limited+(5)(8)(9)(10)	One stop	E + 6.25%		N/A(6)	05/2028	—		(2)		—		—
Consilio Midco Limited+(8)(10)	One stop	L + 5.75%		N/A(6)	05/2028	—		—		—		—
Cycle Gear, Inc.*#+	One stop	L + 5.50%	(b)	6.51%	01/2026	48,999		48,884		1.9		48,999
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	20,769		20,663		0.8		20,769
Imperial Optical Midco Inc.#	One stop	L + 6.25%	(a)(b)	7.25%	08/2023	4,791		4,758		0.2		4,791
Imperial Optical Midco Inc.#	One stop	L + 6.25%	(a)(b)	7.25%	08/2023	4,170		4,142		0.2		4,170
Imperial Optical Midco Inc.+~	One stop	L + 6.25%	(a)	7.25%	08/2023	3,608		3,630		0.1		3,608
Imperial Optical Midco Inc.*+	One stop	L + 6.25%	(a)	7.25%	08/2023	2,813		2,804		0.1		2,813
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	2,777		2,758		0.1		2,777
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	2,250		2,235		0.1		2,250
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	2,068		2,054		0.1		2,068
Imperial Optical Midco Inc.#+	One stop	L + 6.25%	(a)	7.25%	08/2023	1,913		1,935		0.1		1,913
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	1,662		1,651		0.1		1,662
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	1,462		1,452		0.1		1,462
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	1,442		1,433		0.1		1,442
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	1,397		1,388		0.1		1,397
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	1,376		1,366		0.1		1,376
Imperial Optical Midco Inc.#+	One stop	L + 6.25%	(a)	7.25%	08/2023	1,245		1,259		—		1,245
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	1,151		1,143		0.1		1,151
Imperial Optical Midco Inc.*+	One stop	L + 6.25%	(a)	7.25%	08/2023	1,133		1,147		—		1,133
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	972		966		—		972
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	884		878		—		884
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	663		658		—		663
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	635		631		—		635
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	557		553		—		557
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	504		501		—		504
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	502		498		—		502
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	488		485		—		488
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	478		475		0.1		478
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	461		454		—		461
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	456		453		—		456
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	452		449		—		452
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	448		445		—		448
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	444		441		—		444
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	418		415		—		418

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail - (continued)
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	$	417	$	414	—	%	$	417
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	416		413		—		416
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	412		409		—		412
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	412		409		—		412
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	388		385		—		388
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	382		380		—		382
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	360		358		—		360
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	359		357		—		359
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	355		352		—		355
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	329		328		—		329
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	315		313		—		315
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	307		305		—		307
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	286		283		—		286
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	279		275		—		279
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	278		277		—		278
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	274		271		—		274
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	271		269		—		271
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	259		257		—		259
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	258		256		—		258
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	240		239		—		240
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	240		238		—		240
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	220		218		—		220
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	219		218		—		219
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	216		215		—		216
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	210		208		—		210
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	196		195		—		196
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	194		193		—		194
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	193		191		—		193
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	189		189		—		189
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	180		179		—		180
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	173		172		—		173
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	168		167		—		168
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	166		164		—		166
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	162		160		—		162
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	159		158		—		159
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	154		153		—		154
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	153		151		—		153
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	144		143		—		144
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	143		142		—		143
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	139		137		—		139
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	133		133		—		133
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	129		129		—		129
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	128		127		—		128
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	125		124		—		125
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	115		114		—		115
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	115		114		—		115
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	114		113		—		114
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	110		109		—		110

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail - (continued)
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	$	107	$	106	—	%	$	107
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	106		105		—		106
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	105		104		—		105
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	105		105		—		105
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	100		99		—		100
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	96		96		—		96
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	86		85		—		86
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	86		86		—		86
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	83		82		—		83
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	80		79		—		80
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	79		78		—		79
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	76		76		—		76
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	76		75		—		76
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	75		75		—		75
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	74		74		—		74
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	74		73		—		74
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	72		71		—		72
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	68		68		0.1		68
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	68		68		—		68
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	65		65		—		65
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	64		63		—		64
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	63		63		0.1		63
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	62		61		—		62
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	60		60		—		60
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	59		59		—		59
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	56		55		—		56
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	55		55		—		55
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	53		52		—		53
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	42		42		—		42
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	41		41		—		41
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	36		35		—		36
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	35		35		—		35
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	35		34		—		35
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	28		27		—		28
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	28		27		—		28
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	27		26		—		27
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	27		26		—		27
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	26		25		—		26
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	26		26		—		26
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	24		23		—		24
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	23		23		—		23
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	21		21		—		21
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	19		19		—		19
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	19		19		—		19
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	19		19		—		19
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	19		19		—		19
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(b)	7.25%	08/2023	19		19		—		19
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	18		18		—		18

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail - (continued)
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	$	17	$	17	—	%	$	17
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	17		17		—		17
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	17		17		—		17
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	15		14		—		15
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	14		13		—		14
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	13		12		—		13
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	13		13		—		13
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	13		13		—		13
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	13		13		—		13
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	13		13		—		13
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	12		11		—		12
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	11		11		—		11
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	11		11		—		11
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	10		10		—		10
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	10		10		—		10
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	9		9		—		9
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	9		9		—		9
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	9		9		—		9
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	9		9		—		9
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	8		8		—		8
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	8		8		—		8
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	8		8		—		8
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	7		7		—		7
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	6		6		—		6
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	6		6		—		6
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	5		5		—		5
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	5		5		—		5
Imperial Optical Midco Inc.+	One stop	L + 6.25%	(a)	7.25%	08/2023	3		3		—		3
Imperial Optical Midco Inc.+(5)	One stop	L + 6.25%	(a)	N/A(6)	08/2023	—		(88)		—		—
Jet Equipment & Tools Ltd.+~(8)(9)(12)	One stop	C + 6.25%	(i)	7.25%	11/2024	17,713		17,884		0.7		18,653
Jet Equipment & Tools Ltd.*#(8)(12)	One stop	SF + 6.25%	(m)	7.25%	11/2024	12,176		12,313		0.5		12,176
Jet Equipment & Tools Ltd.+(8)(12)	One stop	SF + 6.25%	(m)	7.25%	11/2024	5,334		5,282		0.2		5,334
Jet Equipment & Tools Ltd.+(8)(9)(12)	One stop	C + 6.25%	(i)	7.25%	11/2024	5,181		5,138		0.2		5,465
Jet Equipment & Tools Ltd.#+(8)(12)	One stop	SF + 6.25%	(m)	7.25%	11/2024	4,240		4,282		0.2		4,240
Jet Equipment & Tools Ltd.+(8)(12)	One stop	SF + 6.25%	(m)	7.25%	11/2024	1,558		1,547		0.1		1,558
Jet Equipment & Tools Ltd.+(8)(12)	One stop	SF + 6.25%	(e)(m)	7.56%	11/2024	189		188		—		189
Jet Equipment & Tools Ltd.+(8)(9)(12)	One stop	C + 6.25%	(i)(p)	7.41%	11/2024	124		124		—		126
PPV Intermediate Holdings II, LLC#+	One stop	L + 6.50%	(a)	7.50%	05/2023	4,846		4,846		0.2		4,798
PPV Intermediate Holdings II, LLC+	One stop	L + 6.50%	(a)	7.50%	05/2023	2,470		2,455		0.1		2,445
PPV Intermediate Holdings II, LLC*	One stop	L + 6.50%	(a)	7.50%	05/2023	1,149		1,142		0.1		1,138
PPV Intermediate Holdings II, LLC#	One stop	L + 6.50%	(a)	7.50%	05/2023	1,060		1,053		—		1,049
PPV Intermediate Holdings II, LLC#	One stop	L + 6.50%	(a)	7.50%	05/2023	1,021		1,015		—		1,011
PPV Intermediate Holdings II, LLC#	One stop	L + 6.50%	(a)	7.50%	05/2023	995		995		0.1		985
PPV Intermediate Holdings II, LLC*	One stop	L + 6.50%	(a)	7.50%	05/2023	919		914		0.1		910
PPV Intermediate Holdings II, LLC+	One stop	L + 6.50%	(a)	7.50%	05/2023	770		765		—		762
PPV Intermediate Holdings II, LLC*	One stop	L + 6.50%	(a)	7.50%	05/2023	766		762		—		758
PPV Intermediate Holdings II, LLC*	One stop	L + 6.50%	(a)	7.50%	05/2023	728		723		—		721

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail - (continued)
PPV Intermediate Holdings II, LLC#	One stop	L + 6.50%	(a)	7.50%	05/2023	$	594	$	594	—	%	$	588
PPV Intermediate Holdings II, LLC*	One stop	L + 6.50%	(a)	7.50%	05/2023	523		520		—		518
PPV Intermediate Holdings II, LLC*	One stop	L + 6.50%	(a)	7.50%	05/2023	428		421		0.1		424
PPV Intermediate Holdings II, LLC+	One stop	L + 6.50%	(a)	7.50%	05/2023	254		252		—		251
PPV Intermediate Holdings II, LLC+	One stop	L + 6.50%	(a)	7.50%	05/2023	223		222		—		221
PPV Intermediate Holdings II, LLC+	One stop	L + 6.50%	(a)	7.50%	05/2023	222		221		—		220
PPV Intermediate Holdings II, LLC+	One stop	L + 6.50%	(a)	7.50%	05/2023	165		164		—		163
PPV Intermediate Holdings II, LLC+	One stop	L + 6.50%	(a)	7.50%	05/2023	164		163		—		163
PPV Intermediate Holdings II, LLC+	One stop	L + 6.50%	(a)	7.50%	05/2023	150		149		—		148
PPV Intermediate Holdings II, LLC+	One stop	L + 6.50%	(a)	7.50%	05/2023	144		143		—		143
PPV Intermediate Holdings II, LLC+	One stop	L + 6.50%	(a)	7.50%	05/2023	142		141		—		140
PPV Intermediate Holdings II, LLC+	One stop	L + 6.50%	(a)	7.50%	05/2023	140		139		—		138
PPV Intermediate Holdings II, LLC+	One stop	L + 6.50%	(a)	7.50%	05/2023	138		137		—		136
PPV Intermediate Holdings II, LLC#	One stop	L + 6.50%	(a)	7.50%	05/2023	127		127		—		126
PPV Intermediate Holdings II, LLC+	One stop	L + 6.50%	(a)	7.50%	05/2023	116		115		—		115
PPV Intermediate Holdings II, LLC+	One stop	L + 6.50%	(a)	7.50%	05/2023	102		101		—		101
PPV Intermediate Holdings II, LLC+	One stop	L + 6.50%	(a)	7.50%	05/2023	98		97		—		97
PPV Intermediate Holdings II, LLC+	One stop	P + 5.50%	(e)	9.00%	05/2023	81		80		—		79
PPV Intermediate Holdings II, LLC+	One stop	L + 6.50%	(a)	7.50%	05/2023	80		79		—		79
PPV Intermediate Holdings II, LLC+	One stop	L + 6.50%	(a)	7.50%	05/2023	69		69		—		68
PPV Intermediate Holdings II, LLC+	One stop	L + 6.50%	(a)	7.50%	05/2023	40		40		—		40
PPV Intermediate Holdings II, LLC+	One stop	L + 6.50%	(a)	7.50%	05/2023	29		29		—		29
PPV Intermediate Holdings II, LLC+	One stop	N/A		7.90% PIK	05/2023	26		26		—		26
PPV Intermediate Holdings II, LLC+(5)	One stop	L + 6.50%		N/A(6)	05/2023	—		(8)		—		(10)
Sola Franchise, LLC and Sola Salon Studios, LLC#+	One stop	L + 4.75%	(b)	5.76%	10/2024	11,911		11,874		0.4		11,792
Sola Franchise, LLC and Sola Salon Studios, LLC#+	One stop	L + 4.75%	(b)	5.76%	10/2024	1,682		1,718		0.1		1,665
Sola Franchise, LLC and Sola Salon Studios, LLC+(5)	One stop	L + 4.75%		N/A(6)	10/2024	—		—		—		(2)
Titan Fitness, LLC*#+	One stop	L + 6.75%	(b)	5.75% cash/2.00% PIK	02/2025	30,602		30,822		1.1		29,068
Titan Fitness, LLC+	One stop	L + 6.75%	(b)	5.75% cash/2.00% PIK	02/2025	1,909		1,896		0.1		1,813
Titan Fitness, LLC+	One stop	L + 6.75%	(b)	5.75% cash/2.00% PIK	02/2025	486		483		—		460
Vermont Aus Pty Ltd+(8)(9)(11)	One stop	A + 5.75%	(h)	6.50%	03/2028	8,535		8,407		0.3		8,472
Vermont Aus Pty Ltd+(8)(11)	One stop	SF + 5.50%	(n)	6.40%	03/2028	8,384		8,259		0.3		8,300
						330,046		328,695		12.5		328,627

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.*#+	One stop	L + 6.75%	(c)	7.50% cash/0.75% PIK	06/2023	$	22,123	$	22,117	0.9	%	$	22,123
Agility Recovery Solutions Inc.+	One stop	L + 6.75%	(b)(c)(e)	7.73% cash/0.75% PIK	06/2023	684		680		—		684
						22,807		22,797		0.9		22,807
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.+(8)(10)	One stop	L + 6.00%	(c)	7.34%	03/2028	1,954		1,930		0.1		1,954
Dollfus Mieg Company, Inc.+(8)(10)	One stop	L + 6.00%	(c)	7.34%	03/2028	974		962		—		974
Dollfus Mieg Company, Inc.+(8)(10)	One stop	L + 6.00%	(c)	7.34%	03/2028	855		845		—		855
Dollfus Mieg Company, Inc.+(5)(8)(9)(10)	One stop	E + 6.00%		N/A(6)	03/2028	—		(1)		—		—
Elite Sportswear, L.P.+	Senior loan	L + 7.75%	(b)	7.26% cash/1.50% PIK	09/2025	9,939		9,803		0.3		7,951
Elite Sportswear, L.P.+	Senior loan	L + 7.75%	(b)	7.26% cash/1.50% PIK	09/2025	3,996		3,941		0.1		3,196
Elite Sportswear, L.P.+	Senior loan	L + 7.75%	(b)	7.26% cash/1.50% PIK	09/2025	2,056		2,028		0.1		1,645
Elite Sportswear, L.P.*+	Senior loan	L + 7.75%	(b)	7.26% cash/1.50% PIK	09/2025	683		673		—		546
Elite Sportswear, L.P.+	Senior loan	L + 7.75%	(b)	7.25% cash/1.50% PIK	09/2025	450		436		—		237
Elite Sportswear, L.P.+	Senior loan	L + 7.75%	(b)	7.26% cash/1.50% PIK	09/2025	312		308		—		250
Elite Sportswear, L.P.*+	Senior loan	L + 7.75%	(b)	7.26% cash/1.50% PIK	09/2025	298		294		—		239
Elite Sportswear, L.P.+	Senior loan	L + 7.75%	(b)	7.25% cash/1.50% PIK	09/2025	16		15		—		8
Georgica Pine Clothiers, LLC#+	One stop	L + 5.50%	(c)	7.00%	11/2023	10,424		10,337		0.4		10,449
Georgica Pine Clothiers, LLC*#	One stop	L + 5.50%	(c)	7.00%	11/2023	6,538		6,485		0.3		6,554
Georgica Pine Clothiers, LLC+	One stop	L + 5.50%	(c)	7.00%	11/2023	1,012		998		0.1		1,014
Georgica Pine Clothiers, LLC#+	One stop	L + 5.50%	(c)	7.00%	11/2023	910		903		—		912
Georgica Pine Clothiers, LLC*#	One stop	L + 5.50%	(c)	7.00%	11/2023	638		634		—		640
Georgica Pine Clothiers, LLC+	One stop	L + 5.50%	(c)	7.00%	11/2023	2		2		—		2
QF Holdings, Inc.+	Senior loan	L + 6.25%	(c)	7.54%	12/2027	626		616		—		616
SHO Holding I Corporation+~	Senior loan	L + 5.25%	(b)	6.25%	04/2024	3,981		3,980		0.2		3,782
SHO Holding I Corporation+~	Senior loan	L + 5.23%	(b)	6.23%	04/2024	67		67		—		63
SHO Holding I Corporation+	Senior loan	L + 5.00%	(b)	6.00%	04/2024	66		66		—		64
SHO Holding I Corporation+	Senior loan	L + 4.00%		N/A(6)	04/2024	—		—		—		—
SHO Holding I Corporation+	Senior loan	L + 4.00%	(b)	5.00%	04/2024	—		—		—		—
SHO Holding I Corporation+	Senior loan	L + 5.23%	(b)	6.23%	04/2024	—		—		—		—
						45,797		45,322		1.6		41,951
Trading Companies and Distributors
Marcone Yellowstone Buyer Inc.+	One stop	L + 5.50%	(b)	6.50%	06/2028	19,215		18,872		0.7		19,167
Marcone Yellowstone Buyer Inc.+	One stop	L + 5.50%	(b)	6.51%	06/2028	15,323		15,027		0.6		15,285
Marcone Yellowstone Buyer Inc.+	One stop	L + 5.50%	(b)	6.29%	06/2028	458		449		—		456
Marcone Yellowstone Buyer Inc.+	One stop	L + 5.50%	(b)	6.51%	06/2028	30		25		—		29
						35,026		34,373		1.3		34,937
Water Utilities
S.J. Electro Systems, Inc.+	Senior loan	L + 4.50%	(b)	5.50%	06/2027	17,093		16,945		0.7		17,093
S.J. Electro Systems, Inc.+	Senior loan	L + 4.50%	(a)	5.50%	06/2027	80		78		—		80
S.J. Electro Systems, Inc.+	Senior loan	L + 4.50%	(b)	5.50%	06/2027	45		43		—		45
Vessco Midco Holdings, LLC+	Senior loan	L + 4.50%	(b)	5.50%	11/2026	337		303		—		285
Vessco Midco Holdings, LLC+	Senior loan	L + 4.50%	(c)(e)	6.00%	11/2026	209		207		—		205
Vessco Midco Holdings, LLC+	Senior loan	P + 3.50%	(e)	7.00%	10/2026	2		2		—		2
						17,766		17,578		0.7		17,710
Total non-controlled/non-affiliate company debt investments						$	5,170,716	$	5,119,411	194.1	%	$	5,093,537

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity Investments (15)(16)
Aerospace and Defense
NTS Technical Systems+	Common Stock	N/A		N/A	N/A	2	$	1,506	—	%	$	877
NTS Technical Systems+	Preferred stock	N/A		N/A	N/A	—	256		—		542
NTS Technical Systems+	Preferred stock	N/A		N/A	N/A	—	128		—		317
Tronair Parent, Inc.+	LLC units	N/A		N/A	N/A	—	40		—		38
Whitcraft LLC+	Common Stock	N/A		N/A	N/A	11	2,285		0.2		2,788
							4,215		0.2		4,562
Auto Components
Polk Acquisition Corp.+	LP Interest	N/A		N/A	N/A	5	314		—		189

Automobiles
CG Group Holdings, LLC+	LP units	N/A		N/A	N/A	1	730		—		738
MOP GM Holding, LLC+	LP units	N/A	��	N/A	N/A	—	323		—		595
POY Holdings, LLC+	LLC units	N/A		N/A	N/A	141	141		—		158
Quick Quack Car Wash Holdings, LLC	LLC interest	N/A		N/A	N/A	—	508		0.1		967
							1,702		0.1		2,458
Biotechnology
Cobepa BlueSky Aggregator, SCSp+	LP Interest	N/A		N/A	N/A	177	1,769		0.1		1,769

Building Products
BECO Holding Company, Inc.+	Preferred stock	N/A		N/A	N/A	10	951		—		1,028
BECO Holding Company, Inc.+	LP Interest	N/A		N/A	N/A	2	196		—		196
							1,147		—		1,224
Chemicals
Inhance Technologies Holdings LLC+	Preferred stock	N/A		N/A	N/A	2	1,960		0.1		2,075
Inhance Technologies Holdings LLC+	LLC units	N/A		N/A	N/A	—	124		—		210
							2,084		0.1		2,285
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+	LP Interest	N/A		N/A	N/A	540	540		—		564
EGD Security Systems, LLC +	Common Stock	N/A		N/A	N/A	855	855		—		855
Hydraulic Authority III Limited+(8)(9)(10)	Preferred stock	N/A		N/A	N/A	284	384		—		529
Hydraulic Authority III Limited+(8)(9)(10)	Common Stock	N/A		N/A	N/A	6	43		—		450
North Haven Stack Buyer, LLC	LLC units	N/A		N/A	N/A	359	359		—		339
PT Intermediate Holdings III, LLC+	LLC units	N/A		N/A	N/A	8	767		0.1		804
Radwell Parent, LLC+	LP units	N/A		N/A	N/A	2	159		—		159
							3,107		0.1		3,700


Diversified Consumer Services
CHHJ Franchising, LLC+(17)	LLC units	N/A		N/A	N/A	19	193		—		265
EMS LINQ, LLC+	LP Interest	N/A		N/A	N/A	525	525		—		480
EWC Growth Partners LLC+	LLC interest	N/A		N/A	N/A	—	12		—		5
Liminex, Inc.+	Common Stock	N/A		N/A	N/A	12	434		0.1		876
PADI Holdco, Inc.+	LLC interest	N/A		N/A	N/A	1	969		—		221
Spear Education, LLC+	LLC interest	N/A		N/A	N/A	—	7		—		34
Spear Education, LLC+	LLC units	N/A		N/A	N/A	1	1		—		40
							2,141		0.1		1,921

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Electronic Equipment, Instruments & Components
Electrical Source Holdings, LLC+	LP Interest	N/A	N/A	N/A	—	$	—	—	%	$	28
Inventus Power, Inc.+	Preferred stock	N/A	N/A	N/A	—	372		—		150
Inventus Power, Inc.+	LLC units	N/A	N/A	N/A	—	88		—		184
Inventus Power, Inc.+	LP Interest	N/A	N/A	N/A	—	20		—		47
Inventus Power, Inc.+	Common Stock	N/A	N/A	N/A	—	—		—		—
						480		—		409

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food & Staples Retailing
Benihana, Inc.+	LLC units	N/A	N/A	N/A	43	$	699	0.1	%	$	756
Cafe Rio Holding, Inc.+	Common Stock	N/A	N/A	N/A	5	603		—		815
Captain D's, LLC+	LLC interest	N/A	N/A	N/A	158	156		—		599
Feeders Supply Company, LLC+(17)	Preferred stock	N/A	N/A	N/A	4	400		—		564
Feeders Supply Company, LLC+	Common Stock	N/A	N/A	N/A	—	—		—		113
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	N/A	44	217		—		211
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	N/A	20	61		—		60
Mendocino Farms, LLC+	Common Stock	N/A	N/A	N/A	168	770		0.1		1,789
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	N/A	31	373		—		85
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	N/A	2	20		—		26
Wetzel's Pretzels, LLC+	Common Stock	N/A	N/A	N/A	—	416		—		811
Wood Fired Holding Corp.+	LLC units	N/A	N/A	N/A	437	444		—		569
Wood Fired Holding Corp.+	Common Stock	N/A	N/A	N/A	437	—		0.1		1,617
Zenput Inc.+	Preferred stock	N/A	N/A	N/A	146	409		—		497
						4,568		0.3		8,512
Food Products
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	N/A	77	102		—		102
Borrower R365 Holdings, LLC+	LLC units	N/A	N/A	N/A	3	5		—		5
C. J. Foods, Inc.+	Preferred stock	N/A	N/A	N/A	—	75		—		603
Kodiak Cakes, LLC+	Common Stock	N/A	N/A	N/A	—	281		—		327
Kodiak Cakes, LLC+	LLC units	N/A	N/A	N/A	191	191		—		183
Louisiana Fish Fry Products, Ltd.+	Common Stock	N/A	N/A	N/A	—	483		0.1		465
P&P Food Safety Holdings, Inc.+	Common Stock	N/A	N/A	N/A	4	356		—		301
Purfoods, LLC+	LLC interest	N/A	N/A	N/A	—	945		0.2		5,097
						2,438		0.3		7,083
Health Care Equipment & Supplies
Aspen Medical Products, LLC+	LP Interest	N/A	N/A	N/A	—	77		—		103
Blue River Pet Care, LLC+	Common Stock	N/A	N/A	N/A	—	76		—		157
CCSL Holdings, LLC+	LP Interest	N/A	N/A	N/A	—	312		—		236
CMI Parent Inc.+(17)	Common Stock	N/A	N/A	N/A	—	132		—		165
CMI Parent Inc.+	Common Stock	N/A	N/A	N/A	3	3		—		161
G & H Wire Company, Inc.+	LLC interest	N/A	N/A	N/A	335	269		—		154
Joerns Healthcare, LLC*+	Common Stock	N/A	N/A	N/A	432	4,329		—		—
Lombart Brothers, Inc.+	Common Stock	N/A	N/A	N/A	1	440		0.1		746

						5,638		0.1		1,722

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Providers & Services
Active Day, Inc.+	LLC interest	N/A	N/A	N/A	2	$	1,099	—	%	$	402
Acuity Eyecare Holdings, LLC+	LLC interest	N/A	N/A	N/A	1,632	2,235		0.2		4,274
Acuity Eyecare Holdings, LLC+	LLC units	N/A	N/A	N/A	889	1,023		0.1		2,422
ADCS Clinics Intermediate Holdings, LLC+	Preferred stock	N/A	N/A	N/A	2	1,119		0.1		1,591
ADCS Clinics Intermediate Holdings, LLC+	Common Stock	N/A	N/A	N/A	—	6		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	LLC units	N/A	N/A	N/A	121	124		—		170
CRH Healthcare Purchaser, Inc.+	LP Interest	N/A	N/A	N/A	429	327		—		1,085
DCA Investment Holding, LLC	LLC interest	N/A	N/A	N/A	13,890	1,025		0.1		1,719
DCA Investment Holding, LLC	LLC units	N/A	N/A	N/A	140	218		—		282
Emerge Intermediate, Inc.+	LLC units	N/A	N/A	N/A	—	648		—		815
Emerge Intermediate, Inc.+	LLC units	N/A	N/A	N/A	—	61		—		59
Emerge Intermediate, Inc.+	LLC units	N/A	N/A	N/A	9	4		—		—
Encore GC Acquisition, LLC+	LLC interest	N/A	N/A	N/A	26	272		—		—
Encore GC Acquisition, LLC+	LLC units	N/A	N/A	N/A	26	52		—		—
Encorevet Group LLC+	Common Stock	N/A	N/A	N/A	—	15		—		25
Encorevet Group LLC+	LLC units	N/A	N/A	N/A	—	11		—		17
Eyecare Services Partners Holdings LLC+	LLC units	N/A	N/A	N/A	—	262		—		—
Eyecare Services Partners Holdings LLC+	LLC units	N/A	N/A	N/A	—	1		—		—
Krueger-Gilbert Health Physics, LLC+	Common Stock	N/A	N/A	N/A	177	199		—		239
Midwest Veterinary Partners, LLC+	LLC units	N/A	N/A	N/A	1	1,019		—		1,090
Midwest Veterinary Partners, LLC+	Warrant	N/A	N/A	N/A	6	—		—		500
Midwest Veterinary Partners, LLC+	Warrant	N/A	N/A	N/A	—	29		—		37
MWD Management, LLC & MWD Services, Inc.+	LLC interest	N/A	N/A	N/A	412	335		—		563
NDX Parent, LLC+	Common Stock	N/A	N/A	N/A	—	272		—		283
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	Common Stock	N/A	N/A	N/A	—	304		—		383
Oliver Street Dermatology Holdings, LLC+	LLC interest	N/A	N/A	N/A	452	234		—		—
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A	N/A	—	528		0.1		710
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A	N/A	4	74		0.1		660
Radiology Partners, Inc.+	LLC units	N/A	N/A	N/A	11	68		—		73
Radiology Partners, Inc.+	LLC interest	N/A	N/A	N/A	43	55		—		291
Sage Dental Management, LLC+	LLC units	N/A	N/A	N/A	—	249		—		109
Sage Dental Management, LLC+	LLC units	N/A	N/A	N/A	3	3		—		—
SSH Corporation+	Common Stock	N/A	N/A	N/A	—	40		—		150
Suveto Buyer, LLC+	Common Stock	N/A	N/A	N/A	6	562		—		576



						12,473		0.7		18,525

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Technology
Connexin Software, Inc.+	LLC interest	N/A	N/A	N/A	154	$	193	—	%	$	302
HSI Halo Acquisition, Inc.+	LP Interest	N/A	N/A	N/A	—	288		—		371
HSI Halo Acquisition, Inc.+	LP Interest	N/A	N/A	N/A	—	—		—		49
Kareo, Inc.+	Warrant	N/A	N/A	N/A	75	394		—		411
Kareo, Inc.+	Warrant	N/A	N/A	N/A	53	162		—		31
Kareo, Inc.+	Preferred stock	N/A	N/A	N/A	1	8		—		17
Symplr Software, Inc.+	Preferred stock	N/A	N/A	N/A	12	11,807		0.5		12,746
Symplr Software, Inc.+	Preferred stock	N/A	N/A	N/A	2	2,734		0.2		3,783
Symplr Software, Inc.+	Preferred stock	N/A	N/A	N/A	2	1,427		0.1		1,692
Symplr Software, Inc.+	Preferred stock	N/A	N/A	N/A	1	880		—		989
Symplr Software, Inc.+	LLC units	N/A	N/A	N/A	—	161		—		205
Symplr Software, Inc.+	Common Stock	N/A	N/A	N/A	177	—		—		954
						18,054		0.8		21,550
Hotels, Restaurants & Leisure
Freddy's Frozen Custard LLC+	LP Interest	N/A	N/A	N/A	206	206		—		324
Harri US LLC+	LLC units	N/A	N/A	N/A	83	658		—		658
Harri US LLC+	Preferred stock	N/A	N/A	N/A	71	455		—		507
Harri US LLC+	Warrant	N/A	N/A	N/A	18	106		—		128
LMP TR Holdings, LLC	LLC units	N/A	N/A	N/A	712	712		0.1		2,490
SSRG Holdings, LLC+	LP Interest	N/A	N/A	N/A	6	61		—		80
Tropical Smoothie Cafe Holdings, LLC+(17)	LP Interest	N/A	N/A	N/A	5	477		0.1		1,012
						2,675		0.2		5,199

Household Durables
Groundworks LLC+	LLC interest	N/A	N/A	N/A	—	155		—		435

Insurance
Captive Resources Midco, LLC+(17)	LLC units	N/A	N/A	N/A	425	—		0.1		1,034
Majesco+	LP Interest	N/A	N/A	N/A	—	307		—		348
Majesco+	LP Interest	N/A	N/A	N/A	69	—		—		147
Orchid Underwriters Agency, LLC+	LP Interest	N/A	N/A	N/A	96	108		—		173
						415		0.1		1,702

Internet and Catalog Retail
Revalize, Inc.+	Preferred stock	N/A	N/A	N/A	17	17,025		0.7		17,935
Revalize, Inc.+	Preferred stock	N/A	N/A	N/A	10	10,219		0.4		10,765
						27,244		1.1		28,700

IT Services
Appriss Health Intermediate Holdings, Inc+	Preferred stock	N/A	N/A	N/A	2	1,994		0.1		2,267
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A	N/A	N/A	587	462		0.2		5,144
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A	N/A	N/A	154	423		0.1		1,349
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A	N/A	N/A	35	291		—		313
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Warrant	N/A	N/A	N/A	202	159		0.1		1,645
Episerver, Inc.+	Common Stock	N/A	N/A	N/A	75	807		—		1,198
Kentik Technologies, Inc.+	Preferred stock	N/A	N/A	N/A	192	1,103		—		1,204

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
IT Services - (continued)
PCS Intermediate II Holdings, LLC+	LLC interest	N/A	N/A	N/A	37	$	367	—	%	$	460
Red Dawn SEI Buyer, Inc.+	LP Interest	N/A	N/A	N/A	13	13		—		21
Saturn Borrower Inc.+	LP units	N/A	N/A	N/A	346	346		—		153

						5,965		0.5		13,754
Leisure Products
Massage Envy, LLC+	LLC interest	N/A	N/A	N/A	749	210		0.1		1,822
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	67	117		—		150
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	46	80		—		103
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	38	65		—		84
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	33	58		—		73
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	15	24		—		32
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	2	2		—		3
						556		0.1		2,267
Life Sciences Tools & Services
PAS Parent Inc.+	LP Interest	N/A	N/A	N/A	9	933		—		905
Reaction Biology Corporation+	LLC units	N/A	N/A	N/A	—	265		—		265
						1,198		—		1,170
Oil, Gas and Consumable Fuels
W3 Co.+	LLC interest	N/A	N/A	N/A	3	1,632		0.1		1,199
W3 Co.+	Preferred stock	N/A	N/A	N/A	—	224		—		199
						1,856		0.1		1,398

Paper and Forest Products
Messenger, LLC+	LLC units	N/A	N/A	N/A	3	312		—		304
Messenger, LLC+	LLC units	N/A	N/A	N/A	—	—		—		—
						312		—		304
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12)	LP Interest	N/A	N/A	N/A	502	502		—		996
Cobalt Buyer Sub, Inc.+	Preferred stock	N/A	N/A	N/A	8	7,679		0.4		8,348
Cobalt Buyer Sub, Inc.+	Preferred stock	N/A	N/A	N/A	—	168		—		155
Cobalt Buyer Sub, Inc.+	Common Stock	N/A	N/A	N/A	2	2		—		—
						8,351		0.4		9,499

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Professional Services
Brandmuscle, Inc.+	LLC interest	N/A	N/A	N/A	—	$	216	0.1	%	$	423
DISA Holdings Acquisition Subsidiary Corp.+	Common Stock	N/A	N/A	N/A	—	154		—		474
Enboarder, Inc.+(8)(11)	Preferred stock	N/A	N/A	N/A	56	573		—		573
Net Health Acquisition Corp.+	LP Interest	N/A	N/A	N/A	13	1,509		0.1		2,135
Procure Acquireco, Inc.+	LP Interest	N/A	N/A	N/A	—	486		—		486

						2,938		0.2		4,091
Real Estate Management & Development
Inhabit IQ Inc.+	Common Stock	N/A	N/A	N/A	62	434		—		566

Road & Rail
Internet Truckstop Group LLC+	LP Interest	N/A	N/A	N/A	408	447		—		640

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Software
Accela, Inc.+	LLC interest	N/A	N/A	N/A	670	$	418	—	%	$	339
Aras Corporation+	Preferred stock	N/A	N/A	N/A	1	1,000		—		1,146
Aras Corporation+	LP Interest	N/A	N/A	N/A	306	306		—		313
Astute Holdings, Inc. +	LP Interest	N/A	N/A	N/A	—	293		0.2		1,375
Auvik Networks Inc.+(8)(12)	Preferred stock	N/A	N/A	N/A	26	256		—		297
Bayshore Intermediate #2, L.P.+	Common Stock	N/A	N/A	N/A	4,095	4,095		0.2		4,095
Calabrio, Inc. +	LP Interest	N/A	N/A	N/A	1	769		—		837
Calabrio, Inc. +	LP Interest	N/A	N/A	N/A	96	0		—		89
Cloudbees, Inc.+	Preferred stock	N/A	N/A	N/A	149	1,663		0.1		1,752
Cloudbees, Inc.+	Warrant	N/A	N/A	N/A	131	247		—		1,227
Cloudbees, Inc.+	Preferred stock	N/A	N/A	N/A	71	466		—		811
Confluence Technologies, Inc.+	LLC interest	N/A	N/A	N/A	—	0		—		0
Diligent Corporation+	Preferred stock	N/A	N/A	N/A	17	16,587		0.8		18,937
Diligent Corporation+	Preferred stock	N/A	N/A	N/A	415	912		0.1		3,093
Everbridge, Inc.+(8)(18)	Common Stock	N/A	N/A	N/A	4	444		—		147
FirstUp, Inc+	Common Stock	N/A	N/A	N/A	221	541		—		512
GS Acquisitionco, Inc.+	Preferred stock	N/A	N/A	N/A	26	25,344		1.1		27,782
GS Acquisitionco, Inc.+	Preferred stock	N/A	N/A	N/A	2	1,532		0.1		1,626
GS Acquisitionco, Inc.+	LP Interest	N/A	N/A	N/A	1	170		—		1,049
Impartner, Inc.+	Preferred stock	N/A	N/A	N/A	28	226		—		245
MetricStream, Inc.+	Warrant	N/A	N/A	N/A	168	263		—		214
Ministry Brands Holdings LLC+	LP Interest	N/A	N/A	N/A	438	438		—		438
mParticle, Inc.+	Preferred stock	N/A	N/A	N/A	162	1,060		—		1,143
mParticle, Inc.+	Warrant	N/A	N/A	N/A	69	16		—		408
Namely, Inc.+	Warrant	N/A	N/A	N/A	47	314		—		312
Namely, Inc.+	Warrant	N/A	N/A	N/A	17	28		—		7
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+	Warrant	N/A	N/A	N/A	4	9		—		24
Personify, Inc.+	LP Interest	N/A	N/A	N/A	716	942		0.1		1,453
Project Alpha Intermediate Holding, Inc.+	Common Stock	N/A	N/A	N/A	—	964		0.1		1,325
Project Alpha Intermediate Holding, Inc.+	Common Stock	N/A	N/A	N/A	202	329		—		1,058
Pyramid Healthcare Acquisition Corp.+	Common Stock	N/A	N/A	N/A	184	184		—		314
QAD, Inc.+	Preferred stock	N/A	N/A	N/A	—	125		—		125
RegEd Aquireco, LLC+	LP Interest	N/A	N/A	N/A	—	331		—		192
RegEd Aquireco, LLC+	LP Interest	N/A	N/A	N/A	3	21		—		0
Riskonnect Parent, LLC+	LP Interest	N/A	N/A	N/A	857	858		—		795
SnapLogic, Inc.+	Preferred stock	N/A	N/A	N/A	278	695		0.1		1,458
SnapLogic, Inc.+	Warrant	N/A	N/A	N/A	106	75		—		389
Spartan Buyer Acquisition Co.+	Common Stock	N/A	N/A	N/A	1	623		—		787
Telesoft Holdings LLC+	LP Interest	N/A	N/A	N/A	6	6		—		6
Workforce Software, LLC+	Common Stock	N/A	N/A	N/A	—	973		0.1		956
Workforce Software, LLC+	Common Stock	N/A	N/A	N/A	—	36		—		37
						63,559		3.0		77,113

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail
Ave Holdings III, Corp+	Preferred stock	N/A	N/A		N/A	9		$	8,508	0.3	%	$	8,870
Ave Holdings III, Corp+	LP units	N/A	N/A		N/A	1		934		—		934
Batteries Plus Holding Corporation+	LP Interest	N/A	N/A	��	N/A	10		1,287		0.1		1,563
Cycle Gear, Inc.+	LLC units	N/A	N/A		N/A	27		462		—		829
Imperial Optical Midco Inc.+	Preferred stock	N/A	N/A		N/A	—		122		—		156
Imperial Optical Midco Inc.+	Preferred stock	N/A	N/A		N/A	—		46		—		57
Jet Equipment & Tools Ltd.+(8)(9)(12)	LLC interest	N/A	N/A		N/A	1		948		0.1		2,292
Pet Holdings ULC+(8)(12)	LP Interest	N/A	N/A		N/A	677		450		0.1		1,670
PPV Intermediate Holdings II, LLC+	LLC interest	N/A	N/A		N/A	325		315		—		904
Sola Franchise, LLC and Sola Salon Studios, LLC+	LLC interest	N/A	N/A		N/A	6		682		0.1		1,602
Sola Franchise, LLC and Sola Salon Studios, LLC+	LLC interest	N/A	N/A		N/A	1		139		—		365
Southern Veterinary Partners, LLC+	Preferred stock	N/A	N/A		N/A	5		4,911		0.2		5,365
Southern Veterinary Partners, LLC+	LLC units	N/A	N/A		N/A	—		717		—		1,073
Southern Veterinary Partners, LLC+	LLC interest	N/A	N/A		N/A	148		188		0.2		4,274
								19,709		1.1		29,954

Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.+	LLC interest	N/A	N/A		N/A	97		604		—		510

Textiles, Apparel & Luxury Goods
Elite Sportswear, L.P.+	LLC interest	N/A	N/A		N/A	—		165		—		—
Georgica Pine Clothiers, LLC+	LLC interest	N/A	N/A		N/A	20		239		—		556
Georgica Pine Clothiers, LLC+	Common Stock	N/A	N/A		N/A	—		—		—		—
MakerSights, Inc. +	Preferred stock	N/A	N/A		N/A	40		218		—		218
R.G. Barry Corporation+	Preferred stock	N/A	N/A		N/A	—		161		—		193
								783		—		967

Total non-controlled/non-affiliate company equity investments								$	197,331	9.7	%	$	254,178

Total non-controlled/non-affiliate company investments						$	5,170,716	$	5,316,742	203.8	%	$	5,347,715

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Non-controlled/affiliate company investments(19)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+	One stop	L + 5.75%	(a)	6.75%	04/2024	$	5,786	$	5,794	0.2	%	$	5,786
Abita Brewing Co., L.L.C.+	Second lien	L + 8.00%	(b)	9.01%	04/2024	3,553		3,545		0.1		3,553
Abita Brewing Co., L.L.C.+	One stop	L + 5.75%		N/A(6)	04/2024	—		—		—		—


						9,339		9,339		0.3		9,339
Consumer Finance
Paradigm DKD Group, LLC+(7)	Senior loan	L + 6.25%	(b)	7.50%	05/2022	3,157		2,059		0.1		2,114
Paradigm DKD Group, LLC+(5)(7)	Senior loan	L + 6.25%	(b)	7.50%	05/2022	—		(142)		—		6
						3,157		1,917		0.1		2,120
Electronic Equipment, Instruments and Components
Sloan Company, Inc., The+(7)	One stop	L + 8.50%	(b)	9.51%	07/2023	4,708		4,074		0.1		3,707
Sloan Company, Inc., The+	One stop	L + 8.50%	(b)	9.51%	07/2023	1,359		1,359		0.1		1,359
Sloan Company, Inc., The+(7)	One stop	L + 8.50%	(b)	9.51%	07/2023	313		271		—		246
						6,380		5,704		0.2		5,312
Energy, Equipment & Services
Benetech, Inc.+	One stop	L + 6.00%	(a)	7.25%	08/2023	3,621		3,623		0.1		1,810
Benetech, Inc.+	One stop	L + 6.00%	(a)	7.25%	08/2023	783		783		—		177
						4,404		4,406		0.1		1,987
Food and Staples Retailing
Rubio's Restaurants, Inc.+	Senior loan	L + 8.00%	(b)	9.25%	12/2024	12,895		12,660		0.5		12,895
Rubio's Restaurants, Inc.+(5)	Senior loan	L + 8.00%		N/A(6)	12/2024	—		(13)		—		—
						12,895		12,647		0.5		12,895
Healthcare Providers and Services
Elite Dental Partners LLC+	One stop	L + 5.25%	(b)	6.26% PIK	06/2023	11,371		11,417		0.4		11,143
Elite Dental Partners LLC+	One stop	L + 12.00%	(b)	13.01% PIK	06/2023	1,652		1,652		0.1		1,652
Elite Dental Partners LLC+	One stop	L + 5.25%	(b)	6.26% PIK	06/2023	1,226		1,226		—		1,226
						14,249		14,295		0.5		14,021
Software
Switchfly LLC+	One stop	L + 5.00%	(b)	6.00%	10/2023	6,361		6,276		0.2		4,898
Switchfly LLC+	One stop	L + 5.00%	(b)	6.00%	10/2023	531		524		—		409
Switchfly LLC+	One stop	L + 5.00%	(b)	6.00%	10/2023	40		40		—		32
Switchfly LLC+(5)	One stop	L + 8.50%	(b)	9.50%	10/2023	2		2		—		(16)
						6,934		6,842		0.2		5,323

Total non-controlled/affiliate debt investments						$	57,358	$	55,150	1.9	%	$	50,997

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity investments(15)(16)
Beverages


Abita Brewing Co., L.L.C.+	Warrant	N/A	N/A	N/A	210	$	—	—	%	$	777

Consumer Finance
Paradigm DKD Group, LLC	LLC interest	N/A	N/A	N/A	354	115		—		—
Paradigm DKD Group, LLC	Preferred stock	N/A	N/A	N/A	71	—		—		—
Paradigm DKD Group, LLC	Preferred stock	N/A	N/A	N/A	2,004	—		—		—
						115		—		—
Electronic Equipment, Instruments and Components
Sloan Company, Inc., The+	Common Stock	N/A	N/A	N/A	—	41		—		2

Energy, Equipment & Services
Benetech, Inc.+	LLC interest	N/A	N/A	N/A	58	—		—		—
Benetech, Inc.+	LLC interest	N/A	N/A	N/A	58	—		—		—
						—		—		—
Food and Staples Retailing
Rubio's Restaurants, Inc.+	Preferred stock	N/A	N/A	N/A	2,779	2,276		0.1		2,524
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	886	182		—		590
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	536	110		—		357
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	89	6		—		27
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	52	3		—		16
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	21	—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	21	—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	42	—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	18	—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	18	—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	89	—		—		—
						2,577		0.1		3,514

Healthcare Providers and Services
Elite Dental Partners LLC	LLC interest	N/A	N/A	N/A	—	2,902		0.1		3,916
Elite Dental Partners LLC	LLC interest	N/A	N/A	N/A	—	1,250		0.1		1,577
Elite Dental Partners LLC	LLC units	N/A	N/A	N/A	—	—		—		—
						4,152		0.2		5,493
Software
Switchfly LLC+	LLC interest	N/A	N/A	N/A	98,370	2,321		0.1		1,943
Switchfly LLC+	LLC units	N/A	N/A	N/A	950	950		0.1		419
						3,271		0.2		2,362

Total non-controlled/affiliate equity investments						$	10,156	0.5	%	$	12,148

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Total non-controlled/affiliate investments					$	57,358	$	65,306	2.4	%	$	63,145

Controlled affiliate company investments(20)
Debt Investments
IT Services
MMan Acquisition Co.*+(7)	One stop	N/A	10.00% PIK	08/2023	$	22,526	$	19,607	0.5	%	$	12,958
MMan Acquisition Co.+	One stop	N/A	8.00% PIK	08/2023	1,588		1,588		0.1		1,492
MMan Acquisition Co.+	One stop	N/A	12.00% PIK	08/2023	849		849		—		849

Total controlled affiliate debt investments					$	24,963	$	22,044	0.6	%	$	15,299

Equity Investments (15)(16)
IT Services
MMan Acquisition Co.+	Common Stock	N/A	N/A	N/A	—		$	927	—	%	$	—

Total controlled affiliate equity investments							$	927	—	%	$	—

Total controlled affiliate investments					$	24,963	$	22,971	0.6	%	$	15,299

Total investments					$	5,253,037	$	5,405,019	206.8	%	$	5,426,159

Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)			0.21%(21)				$	23,983	0.9	%	$	23,983

Total money market funds							$	23,983	0.9	%	$	23,983
Total Investments and Money Market Funds							$	5,429,002	207.7	%	$	5,450,142

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)


*						Denotes that all or a portion of the loan secures the notes offered in the 2018 Debt Securitization (as defined in Note 7).
#						Denotes that all or a portion of the loan secures the notes offered in the GCIC 2018 Debt Securitization (as defined in Note 7).
+						Denotes that all or a portion of the investment collateralizes the JPM Credit Facility (as defined in Note 7).
~						Denotes that all or a portion of the loan collateralizes the MS Credit Facility II (as defined in Note 7).

(1)The majority of the investments bear interest at a rate that is permitted to be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”) denominated in U.S. dollars or U.K. pound sterling (“GBP”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime (“P”), Sterling Overnight Index Average ("SONIA" or “SN”), Australian Interbank Rate (”AUD” or ”A”), Canadian Bankers Acceptance Rate (”CDOR” or "C”), or Secured Overnight Financing Rate (“SOFR” or “SF”) which reset daily, monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of March 31, 2022. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of March 31, 2022, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of March 31, 2022, as the loan may have priced or repriced based on an index rate prior to March 31, 2022.

(a) Denotes that all or a portion of the loan was indexed to the 30-day LIBOR, which was 0.45% as of March 31, 2022.

(b) Denotes that all or a portion of the loan was indexed to the 90-day LIBOR, which was 0.96% as of March 31, 2022.

(d) Denotes that all or a portion of the loan was indexed to the 360-day LIBOR, which was 2.10% as of March 31, 2022.

(e) Denotes that all or a portion of the loan was indexed to the Prime rate, which was 3.50% as of March 31, 2022.

(f) Denotes that all or a portion of the loan was indexed to the 90-day EURIBOR, which was -0.46% as of March 31, 2022.

(g) Denotes that all or a portion of the loan was indexed to the 180-day EURIBOR, which was -0.37% as of March 31, 2022.

(h) Denotes that all or a portion of the loan was indexed to the Australia Three Month Interbank Rate, which was 0.23% as of March 31, 2022.

(i) Denotes that all or a portion of the loan was indexed to the 30-day Canadian Bankers’ Acceptance Rate, which was 0.96% as of March 31, 2022.

(j) Denotes that all or a portion of the loan was indexed to the 90-day Canadian Bankers’ Acceptance Rate, which was 1.26% as of March 31, 2022.

(k) Denotes that all or a portion of the loan was indexed to SONIA, which was 0.69% as of March 31, 2022.

(l) Denotes that all or a portion of the loan was indexed to Daily SOFR, which was 0.29% as of March 31, 2022.

(m) Denotes that all or a portion of the loan was indexed to the 30-day Term SOFR Rate which was 0.30% as of March 31, 2022.

(n) Denotes that all or a portion of the loan was indexed to the 90-day Term SOFR Rate which was 0.68% as of March 31, 2022.

(o) Denotes that all or a portion of the loan was indexed to the 180-day Term SOFR Rate which was 1.08% as of March 31, 2022.

(p) Denotes that all or a portion of the loan was indexed to the Canadian Prime Rate, which was 2.70% as of March 31, 2022.

(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of March 31, 2022.

(3)The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.

(4)The fair values of investments were valued using significant unobservable inputs, unless noted otherwise. See Note 6. Fair Value Measurements.

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

(6)The entire commitment was unfunded as of March 31, 2022. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.

(7)Loan was on non-accrual status as of March 31, 2022, meaning that the Company has ceased recognizing interest income on the loan.

(8)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of March 31, 2022, total non-qualifying assets at fair value represented 10.9% of the Company's total assets calculated in accordance with the 1940 Act.

(9)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date or the date of the transaction. See Note 2. Significant Accounting Policies and Recent Accounting Updates - Foreign Currency Transactions.

(10)The headquarters of this portfolio company is located in the United Kingdom.

(11)The headquarters of this portfolio company is located in Australia.

(12)The headquarters of this portfolio company is located in Canada.

(13)The headquarters of this portfolio company is located in Luxembourg.

(14) The headquarters of this portfolio company is located in Netherlands.

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

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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2022

(In thousands)

(17) The Company holds an equity investment that entitles it to receive preferential dividends.

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

(19)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns five percent or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the six months ended March 31, 2022 were as follows:


Portfolio Company	Fair value as of September 30, 2021		Gross Additions(a)		Gross Reductions(b)		Net change in unrealized gain (loss)		Net realized gain (loss)		Fair value as of March 31, 2022		Interest, dividend and fee income
Abita Brewing Co. LLC	$	10,050	$	231	$	(206)	$	41	$	—	$	10,116	$	383
Benetech, Inc.	2,399		208		(192)		(428)		—		1,987		172
Elite Dental Partners LLC	16,952		2,327		—		235		—		19,514		517
Paradigm DKD Group, LLC	2,627		143		(167)		(483)		—		2,120		18
Rubio's Restaurants, Inc	17,559		2		(21)		(1,131)		—		16,409		667
Sloan Company, Inc.	5,162		950		(305)		(493)		—		5,314		51
Switchfly LLC	6,168		1,687		(498)		328		—		7,685		368
Uinta Brewing Company	462		22		(498)		1,040		(1,026)		—		7
Total Non-Controlled Affiliates	$	61,379	$	5,570	$	(1,887)	$	(891)	$	(1,026)	$	63,145	$	2,183


(a)						Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind (“PIK”) interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(b)						Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.

(20)As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” of and “control” this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement) (“controlled affiliate”). Transactions related to investments in controlled affiliates for the six months ended March 31, 2022 were as follows:


Portfolio Company	Fair value as of September 30, 2021		Gross Additions(a)		Gross Reductions(b)		Net change in unrealized gain (loss)		Net realized gain (loss)		Fair value as of March 31, 2022		Interest, dividend and fee income
MMan Acquisition Co.	$	18,237	$	2,315	$	(1,402)	$	(3,851)	$	—	$	15,299	$	23
Total Controlled Affiliates	$	18,237	$	2,315	$	(1,402)	$	(3,851)	$	—	$	15,299	$	23


(a)						Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(b)						Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.

(21)The rate shown is the annualized seven-day yield as of March 31, 2022.

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 2021

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace and Defense
NTS Technical Systems*#+~	Senior loan	L + 5.50%	(c)	6.50%	06/2023	$	40,173	$	39,983	1.6	%	$	40,173
NTS Technical Systems~	Second lien	L + 9.75%	(c)	10.75%	12/2023	4,589		4,524		0.2		4,589
NTS Technical Systems+	Senior loan	L + 5.50%	(c)	6.50%	06/2023	1,247		1,195		—		1,247
NTS Technical Systems+(5)	Senior loan	L + 5.50%		N/A(6)	06/2023	—		(26)		—		—
Tronair Parent, Inc.+	Senior loan	L + 6.25%	(c)(e)	6.75% cash/0.50% PIK	09/2023	680		676		—		606
Tronair Parent, Inc.+	Senior loan	L + 6.25%	(c)	6.75% cash/0.50% PIK	06/2023	20		17		—		4
Whitcraft LLC*#+~	One stop	L + 6.00%	(c)	7.00%	04/2023	63,253		63,492		2.4		61,355
Whitcraft LLC+(5)	One stop	L + 6.00%		N/A(6)	04/2023	—		(1)		—		(9)
						109,962		109,860		4.2		107,965
Airlines
Aurora Lux Finco S.A.R.L.+(8)(13)	One stop	L + 6.00%	(c)	7.00%	12/2026	985		967		—		936

Auto Components
Covercraft Parent III, Inc.+	Senior loan	L + 4.50%	(c)	5.50%	08/2027	4,927		4,878		0.2		4,877
Covercraft Parent III, Inc.+(5)	Senior loan	L + 4.50%		N/A(6)	08/2027	—		(1)		—		(1)
Covercraft Parent III, Inc.+(5)	Senior loan	L + 4.50%		N/A(6)	08/2027	—		(18)		—		(18)
North Haven Falcon Buyer, LLC	One stop	L + 6.00%	(a)	7.00%	05/2027	6,160		6,045		0.2		6,160
North Haven Falcon Buyer, LLC+(5)	One stop	L + 6.00%		N/A(6)	05/2027	—		(19)		—		—
Polk Acquisition Corp.*#+	Senior loan	L + 6.00%	(a)	7.00%	12/2023	18,106		17,991		0.7		18,106
Polk Acquisition Corp.+	Senior loan	L + 6.00%	(a)	7.00%	12/2023	181		182		—		181
Polk Acquisition Corp.+	Senior loan	L + 6.00%	(a)	7.00%	12/2023	107		106		—		107
Power Stop, LLC+~	Senior loan	L + 4.50%	(a)	4.58%	10/2025	2,813		2,856		0.1		2,813
						32,294		32,020		1.2		32,225
Automobiles
CG Group Holdings, LLC+	One stop	L + 5.25%	(c)	6.25%	07/2027	31,463		31,159		1.2		31,148
CG Group Holdings, LLC+	One stop	L + 5.25%	(a)(c)	6.25%	07/2026	168		164		—		164
JHCC Holdings LLC	One stop	L + 5.50%	(c)	6.50%	09/2025	15,472		15,253		0.6		15,318
JHCC Holdings LLC+	One stop	P + 4.50%	(f)	7.75%	08/2027	501		496		—		496
JHCC Holdings LLC+	One stop	L + 5.50%	(c)(f)	6.89%	09/2025	298		296		—		295
JHCC Holdings LLC+	One stop	P + 4.50%	(f)	7.53%	09/2025	7		6		—		6
JHCC Holdings LLC+(5)	One stop	L + 5.50%		N/A(6)	08/2027	—		(33)		—		(33)
MOP GM Holding, LLC*#+~	One stop	L + 5.75%	(c)	6.75%	11/2026	24,221		23,961		1.0		23,980
MOP GM Holding, LLC+	One stop	L + 5.75%	(d)	6.75%	11/2026	2,604		2,576		0.1		2,578
MOP GM Holding, LLC+	One stop	L + 5.75%	(c)	6.75%	11/2026	1,930		1,909		0.1		1,910
MOP GM Holding, LLC+(5)	One stop	L + 5.75%		N/A(6)	11/2026	—		(2)		—		(2)
MOP GM Holding, LLC+(5)	One stop	L + 5.75%		N/A(6)	11/2026	—		(76)		—		(64)

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


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

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Building Products
Jensen Hughes, Inc.+	Senior loan	L + 4.50%	(c)(f)	5.50%	03/2024	$	4,149	$	4,150	0.2	%	$	4,107
Jensen Hughes, Inc.+	Senior loan	L + 4.50%	(b)(c)(f)	5.50%	03/2024	1,403		1,426		0.1		1,389
Jensen Hughes, Inc.+	Senior loan	L + 4.50%	(c)(f)	5.50%	03/2024	904		914		—		895
Jensen Hughes, Inc.+	Senior loan	L + 4.50%	(c)(f)	5.50%	03/2024	852		844		—		844
Jensen Hughes, Inc.+	Senior loan	L + 4.50%	(c)(f)	5.50%	03/2024	434		444		—		430
Jensen Hughes, Inc.+	Senior loan	L + 4.50%	(c)(f)	5.50%	03/2024	277		279		—		274
Jensen Hughes, Inc.+	Senior loan	L + 4.50%	(c)(f)	5.50%	03/2024	216		216		—		214
Jensen Hughes, Inc.+	Senior loan	L + 4.50%	(c)(f)	5.50%	03/2024	115		115		—		114
Jensen Hughes, Inc.+(5)	Senior loan	L + 4.50%		N/A(6)	03/2024	—		(14)		—		(15)
						8,350		8,374		0.3		8,252
Chemicals
Inhance Technologies Holdings LLC#+	One stop	L + 6.00%	(c)	7.00%	07/2024	12,573		12,663		0.5		12,573
Inhance Technologies Holdings LLC+	One stop	L + 6.00%	(c)	7.00%	07/2024	1,910		1,901		0.1		1,910
Inhance Technologies Holdings LLC+	One stop	L + 6.00%	(c)	7.00%	07/2024	96		95		—		96
PHM NL SP Bidco B.V.(8)(9)(14)	One stop	E + 6.25%	(g)	6.25%	10/2028	36,686		36,182		1.4		36,182
PHM NL SP Bidco B.V.+(8)(14)	One stop	L + 6.25%	(d)	6.75%	10/2028	13,766		13,576		0.5		13,576
PHM NL SP Bidco B.V.(5)(8)(9)(14)	One stop	E + 6.25%		N/A(6)	10/2028	—		(178)		—		(178)
						65,031		64,239		2.5		64,159
Commercial Services & Supplies
EGD Security Systems, LLC*#+	One stop	L + 5.65%	(c)	6.65%	06/2023	30,092		30,317		1.2		30,092
EGD Security Systems, LLC+	One stop	L + 5.65%	(c)	6.65%	06/2023	1,687		1,676		0.1		1,687
EGD Security Systems, LLC*+	One stop	L + 5.65%	(c)	6.65%	06/2023	1,258		1,257		—		1,258
EGD Security Systems, LLC+	One stop	L + 5.65%	(c)	6.65%	06/2023	843		838		—		843
EGD Security Systems, LLC+	One stop	L + 5.65%	(c)	6.65%	06/2023	767		762		—		767
EGD Security Systems, LLC#+	One stop	L + 5.65%	(c)	6.65%	06/2023	644		656		—		644
EGD Security Systems, LLC#+	One stop	L + 5.65%	(c)	6.65%	06/2023	575		573		—		575
EGD Security Systems, LLC+	One stop	L + 5.65%	(c)	6.65%	06/2023	537		533		—		537
EGD Security Systems, LLC+	One stop	L + 5.65%	(c)	6.65%	06/2023	200		199		—		200
Hydraulic Authority III Limited+~(8)(9)(10)	One stop	L + 5.75%	(i)	6.75%	11/2025	11,024		11,191		0.5		11,795
Hydraulic Authority III Limited+(8)(9)(10)	One stop	N/A		11.00% PIK	11/2028	222		225		—		236

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


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

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


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

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


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

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Diversified Telecommunication Services
NTI Connect, LLC+	Senior loan	L + 5.00%	(c)	6.00%	12/2024	$	1,645	$	1,616	0.1	%	$	1,645

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

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food & Staples Retailing
Cafe Rio Holding, Inc.*#	One stop	L + 5.25%	(c)	6.25%	09/2023	$	18,418	$	18,549	0.7	%	$	18,418
Cafe Rio Holding, Inc.+	One stop	L + 5.25%	(c)	6.25%	09/2023	3,311		3,309		0.1		3,311
Cafe Rio Holding, Inc.#+	One stop	L + 5.25%	(c)	6.25%	09/2023	2,225		2,272		0.1		2,225
Cafe Rio Holding, Inc.*#	One stop	L + 5.25%	(c)	6.25%	09/2023	1,412		1,443		0.1		1,412
Cafe Rio Holding, Inc.#+	One stop	L + 5.25%	(c)	6.25%	09/2023	1,247		1,274		—		1,247
Cafe Rio Holding, Inc.+	One stop	L + 5.25%	(c)	6.25%	09/2023	179		179		—		179
Cafe Rio Holding, Inc.+	One stop	L + 5.25%		N/A(6)	09/2023	—		—		—		—
Captain D's, LLC#	Senior loan	L + 4.50%	(c)	5.50%	12/2023	13,688		13,718		0.6		13,688
Captain D's, LLC~	Senior loan	L + 4.50%	(c)	5.50%	12/2023	2,149		2,124		0.1		2,149
Captain D's, LLC+	Senior loan	L + 4.50%		N/A(6)	12/2023	—		—		—		—
Feeders Supply Company, LLC#+	One stop	L + 5.00%	(a)	6.00%	04/2023	8,844		8,791		0.4		8,844
Feeders Supply Company, LLC+	Subordinated debt	N/A		12.50% cash/7.00% PIK	10/2023	163		163		—		163
Feeders Supply Company, LLC+	One stop	L + 5.00%		N/A(6)	04/2023	—		—		—		—
FWR Holding Corporation#+	One stop	L + 5.75%	(a)	6.50% cash/0.25% PIK	08/2023	10,428		10,420		0.4		10,428
FWR Holding Corporation#+	One stop	L + 5.75%	(a)	6.50% cash/0.25% PIK	08/2023	1,824		1,862		0.1		1,824
FWR Holding Corporation#+	One stop	L + 5.75%	(a)	6.50% cash/0.25% PIK	08/2023	1,153		1,177		—		1,153
FWR Holding Corporation#+	One stop	L + 5.75%	(a)	6.50% cash/0.25% PIK	08/2023	365		372		—		365
FWR Holding Corporation+	One stop	L + 5.75%	(a)	6.50% cash/0.25% PIK	08/2023	275		275		—		275
FWR Holding Corporation#+	One stop	L + 5.75%	(a)	6.50% cash/0.25% PIK	08/2023	273		278		—		273
FWR Holding Corporation+	One stop	L + 5.75%	(a)	6.50% cash/0.25% PIK	08/2023	132		131		—		132
FWR Holding Corporation+	One stop	L + 5.50%		N/A(6)	08/2023	—		—		—		—
FWR Holding Corporation+	One stop	L + 5.50%		N/A(6)	08/2023	—		—		—		—
Mendocino Farms, LLC+	One stop	L + 8.50%	(a)	2.00% cash/7.50% PIK	06/2023	877		892		—		877
Mendocino Farms, LLC+	One stop	L + 8.50%	(a)	2.00% cash/7.50% PIK	06/2023	690		701		—		690
Mendocino Farms, LLC+	One stop	L + 8.50%	(a)	2.00% cash/7.50% PIK	06/2023	677		675		—		677
Mendocino Farms, LLC+	One stop	L + 8.50%	(a)	2.00% cash/7.50% PIK	06/2023	332		331		—		332
Mendocino Farms, LLC+	One stop	L + 8.50%	(a)	2.00% cash/7.50% PIK	06/2023	332		331		—		332
Mendocino Farms, LLC+	One stop	L + 8.50%	(a)	2.00% cash/7.50% PIK	06/2023	164		164		—		164
Mendocino Farms, LLC+	One stop	L + 8.50%	(a)	2.00% cash/7.50% PIK	06/2023	100		99		—		100
Mendocino Farms, LLC+(5)	One stop	L + 7.50%		N/A(6)	06/2023	—		(1)		—		—
Ruby Slipper Cafe LLC, The*+	One stop	L + 7.50%	(c)	8.50%	01/2023	2,041		2,037		0.1		2,000
Ruby Slipper Cafe LLC, The+	One stop	L + 7.50%	(c)	8.50%	01/2023	413		421		—		405
Ruby Slipper Cafe LLC, The+	One stop	L + 7.50%	(c)	8.50%	01/2023	30		30		—		30
Wetzel's Pretzels, LLC*#+	One stop	L + 6.75%	(c)	7.75%	09/2023	16,278		16,067		0.7		16,278
Wetzel's Pretzels, LLC+	One stop	L + 6.75%	(c)	7.75%	09/2023	—		—		—		—
Wood Fired Holding Corp.*#	One stop	L + 7.25%	(c)	7.25% cash/1.00% PIK	12/2023	14,225		14,307		0.6		14,225
Wood Fired Holding Corp.+	One stop	L + 7.25%	(c)	7.25% cash/1.00% PIK	12/2023	705		701		—		705
Wood Fired Holding Corp.+(5)	One stop	L + 6.25%		N/A(6)	12/2023	—		(1)		—		—
Zenput Inc.+	One stop	L + 9.00%	(c)	7.00% cash/3.00% PIK	06/2026	1,098		1,093		—		1,123
Zenput Inc.+	One stop	L + 9.00%	(c)	7.00% cash/3.00% PIK	06/2026	10		10		—		10
						104,058		104,194		4.0		104,034

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


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

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


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

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


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

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


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

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Providers & Services - (continued)
NVA Holdings, Inc.~	Senior loan	L + 3.50%	(a)	3.63%	02/2026	$	2,766	$	2,746	0.1	%	$	2,766
Oliver Street Dermatology Holdings, LLC+(7)	One stop	L + 6.25%	(c)	7.25%	05/2022	19,156		17,460		0.6		13,743
Oliver Street Dermatology Holdings, LLC+(7)	One stop	L + 6.25%	(c)	7.25%	05/2022	2,223		1,878		0.1		1,595
Oliver Street Dermatology Holdings, LLC+(7)	One stop	L + 6.25%	(c)	7.25%	05/2022	2,107		1,909		0.1		1,511
Oliver Street Dermatology Holdings, LLC+(7)	One stop	L + 6.25%	(c)	7.25%	05/2022	1,595		1,347		—		1,144
Oliver Street Dermatology Holdings, LLC+(7)	One stop	L + 6.25%	(c)	7.25%	05/2022	1,409		1,190		—		1,011
Oliver Street Dermatology Holdings, LLC+(7)	One stop	L + 6.25%	(c)	7.25%	05/2022	1,227		1,036		—		880
Oliver Street Dermatology Holdings, LLC+(7)	One stop	L + 6.25%	(c)	7.25%	05/2022	955		807		—		685
Oliver Street Dermatology Holdings, LLC+(7)	One stop	L + 6.25%	(c)	7.25%	05/2022	828		699		—		594
Oliver Street Dermatology Holdings, LLC+(7)	One stop	L + 6.25%	(c)	7.25%	05/2022	511		431		—		366
Oliver Street Dermatology Holdings, LLC+(7)	One stop	L + 6.25%	(c)(f)	7.25%	05/2022	291		265		—		209
Oliver Street Dermatology Holdings, LLC+(7)	One stop	L + 6.25%	(c)	7.25%	05/2022	97		88		—		69
Oliver Street Dermatology Holdings, LLC+(7)	One stop	L + 6.25%	(c)	7.25%	05/2022	88		80		—		63
Oliver Street Dermatology Holdings, LLC+(7)	One stop	L + 6.25%	(c)	7.25%	05/2022	69		63		—		49
Oliver Street Dermatology Holdings, LLC+(7)	One stop	L + 6.25%	(c)	7.25%	05/2022	63		58		—		45
Pinnacle Treatment Centers, Inc.#+	One stop	L + 5.75%	(c)	6.75%	1/1/2023	18,931		18,919		0.8		18,931
Pinnacle Treatment Centers, Inc.*	One stop	L + 5.75%	(a)(c)	6.75%	1/1/2023	7,612		7,581		0.3		7,612
Pinnacle Treatment Centers, Inc.#+	One stop	L + 5.75%	(c)	6.75%	01/2023	1,555		1,555		0.1		1,555
Pinnacle Treatment Centers, Inc.+	One stop	L + 5.75%	(c)	6.75%	01/2023	702		705		—		702
Pinnacle Treatment Centers, Inc.+	One stop	L + 5.75%	(c)	6.75%	01/2023	186		186		—		186
Pinnacle Treatment Centers, Inc.+	One stop	L + 5.75%	(c)	6.75%	01/2023	106		106		—		106
Pinnacle Treatment Centers, Inc.+	One stop	L + 5.75%	(c)	6.75%	01/2023	37		37		—		37
Pinnacle Treatment Centers, Inc.+	One stop	L + 5.75%		N/A(6)	01/2023	—		—		—		—
Pinnacle Treatment Centers, Inc.+	One stop	L + 5.75%		N/A(6)	01/2023	—		—		—		—
PPT Management Holdings, LLC+	One stop	L + 8.00%	(c)	7.00% cash/2.00% PIK	12/2022	25,353		24,648		0.9		23,324
PPT Management Holdings, LLC+	One stop	L + 8.00%	(c)	7.00% cash/2.00% PIK	12/2022	308		301		—		283
PPT Management Holdings, LLC+	One stop	L + 8.00%	(c)	7.00% cash/2.00% PIK	12/2022	182		178		—		168
PPT Management Holdings, LLC+	One stop	L + 8.00%	(c)	7.00% cash/2.00% PIK	12/2022	90		79		—		82
PPT Management Holdings, LLC+(5)	One stop	L + 8.00%	(c)	7.00% cash/2.00% PIK	12/2022	20		5		—		(14)
Summit Behavioral Healthcare, LLC*#+	Senior loan	L + 5.00%	(c)	6.00%	10/2023	29,343		29,128		1.2		29,343
Summit Behavioral Healthcare, LLC+	Senior loan	L + 5.00%	(c)	6.00%	10/2023	901		879		—		901
Summit Behavioral Healthcare, LLC+(5)	Senior loan	L + 5.00%		N/A(6)	10/2023	—		(2)		—		—
Suveto Buyer, LLC+	One stop	L + 4.25%	(c)	5.00%	09/2027	4,335		4,069		0.2		4,067
Suveto Buyer, LLC+(5)	One stop	L + 4.25%		N/A(6)	9/1/2027	—		(2)		—		(2)
Veterinary Specialists of North America, LLC*#+	Senior loan	L + 4.00%	(a)	4.08%	04/2025	41,231		42,331		1.6		41,231
Veterinary Specialists of North America, LLC+	Senior loan	L + 4.00%	(a)	4.08%	04/2025	11,724		11,720		0.5		11,724
Veterinary Specialists of North America, LLC#+	Senior loan	L + 4.00%	(a)	4.08%	04/2025	2,843		2,828		0.1		2,843
Veterinary Specialists of North America, LLC*+	Senior loan	L + 4.00%	(a)	4.08%	04/2025	1,431		1,470		0.1		1,431
Veterinary Specialists of North America, LLC+	Senior loan	L + 4.00%	(a)	4.08%	04/2025	835		833		—		835
Water's Edge Management, LLC+	One stop	L + 7.50%	(c)	8.50%	04/2026	9,033		8,827		0.3		9,033
Water's Edge Management, LLC+	One stop	P + 6.50%	(c)(f)	9.75%	04/2026	11		9		—		11
						538,731		523,719		19.3		498,382

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


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

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Hotels, Restaurants & Leisure
BJH Holdings III Corp.*#+	One stop	L + 4.50%	(c)	5.50%	08/2025	$	51,179	$	52,182	2.0	%	$	51,179
BJH Holdings III Corp.+	One stop	L + 4.50%	(b)	5.50%	08/2025	60		55		—		60
CR Fitness Holdings, LLC#~	Senior loan	L + 4.00%	(a)	5.00%	07/2025	1,979		1,988		0.1		1,979
CR Fitness Holdings, LLC+	Senior loan	L + 4.00%	(a)	5.00%	07/2025	837		834		—		837
CR Fitness Holdings, LLC+	Senior loan	L + 4.00%	(a)	5.00%	07/2025	74		74		—		74
Davidson Hotel Company, LLC+	One stop	L + 6.75%	(a)(c)	6.25% cash/1.50% PIK	07/2024	7,088		7,046		0.2		5,670
Davidson Hotel Company, LLC+	One stop	L + 6.75%	(a)(c)	6.25% cash/1.50% PIK	07/2024	1,089		1,086		—		871
Davidson Hotel Company, LLC+(5)	One stop	L + 5.25%		N/A(6)	07/2024	—		—		—		(20)
EOS Fitness Opco Holdings, LLC*#	One stop	L + 5.25%	(c)	6.25%	01/2025	8,596		8,643		0.3		8,596
EOS Fitness Opco Holdings, LLC+	One stop	L + 5.25%	(c)	6.25%	01/2025	906		909		—		906
EOS Fitness Opco Holdings, LLC+	One stop	L + 5.25%	(c)	6.25%	01/2025	120		119		—		120
Freddy's Frozen Custard LLC~	One stop	L + 6.00%	(c)	7.00%	03/2027	9,257		9,174		0.4		9,257
Freddy's Frozen Custard LLC+(5)	One stop	L + 6.00%		N/A(6)	03/2027	—		(1)		—		—
Harri US LLC+	One stop	L + 10.00%	(c)	7.00% cash/4.00% PIK	08/2026	772		666		—		709
Harri US LLC+	One stop	L + 6.00%		N/A(6)	08/2026	—		—		—		—
Harri US LLC+(5)	One stop	L + 6.00%		N/A(6)	08/2026	—		(7)		—		(43)
Self Esteem Brands, LLC*#+	Senior loan	L + 4.25%	(a)	5.25%	02/2023	47,780		47,887		1.9		47,780
Self Esteem Brands, LLC+(5)	Senior loan	L + 4.25%		N/A(6)	02/2023	—		(2)		—		—
SSRG Holdings, LLC	One stop	L + 4.75%	(c)	5.75%	11/2025	909		896		—		909
SSRG Holdings, LLC+	One stop	L + 4.75%	(c)	5.75%	11/2025	45		44		—		45
Sunshine Sub, LLC#~	One stop	L + 4.75%	(a)	5.75%	05/2024	12,792		12,864		0.5		12,792
Sunshine Sub, LLC#+	One stop	L + 4.75%	(a)	5.75%	05/2024	5,596		5,730		0.2		5,596
Sunshine Sub, LLC+(5)	One stop	L + 4.75%		N/A(6)	05/2024	—		(1)		—		—
Tropical Smoothie Cafe Holdings, LLC*#	Senior loan	L + 5.25%	(a)(b)(c)	6.25%	09/2026	14,745		14,606		0.6		14,745
Tropical Smoothie Cafe Holdings, LLC#	Senior loan	L + 5.25%	(a)(c)	6.25%	09/2026	6,510		6,450		0.3		6,510
Tropical Smoothie Cafe Holdings, LLC+(5)	Senior loan	L + 5.25%		N/A(6)	09/2026	—		(1)		—		—
Velvet Taco Holdings, Inc.~	One stop	L + 7.50%	(c)	8.00% cash/0.50% PIK	03/2026	1,788		1,772		0.1		1,788
Velvet Taco Holdings, Inc.+	One stop	L + 9.00%	(c)	8.00% cash/2.00% PIK	03/2026	93		92		—		93
Velvet Taco Holdings, Inc.+	One stop	L + 7.00%		N/A(6)	03/2026	—		—		—		—
						172,215		173,105		6.6		170,453
Household Durables
Groundworks LLC+	Senior loan	L + 4.75%	(c)	5.75%	01/2026	4,662		4,602		0.2		4,662
Groundworks LLC+	Senior loan	L + 4.75%	(c)	5.75%	01/2026	539		523		—		539
Groundworks LLC+	Senior loan	L + 4.75%	(c)	5.75%	01/2026	83		82		—		83
Groundworks LLC+	Senior loan	L + 4.75%		N/A(6)	01/2026	—		—		—		—
Groundworks LLC+(5)	Senior loan	L + 4.75%		N/A(6)	01/2026	—		(24)		—		—

						5,284		5,183		0.2		5,284

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Household Products
WU Holdco, Inc. #+	One stop	L + 5.50%	(c)	6.50%	03/2026	$	3,780	$	3,844	0.1	%	$	3,785
WU Holdco, Inc. +	One stop	L + 5.50%	(c)	6.50%	03/2026	1,335		1,335		0.1		1,337
WU Holdco, Inc. +	One stop	L + 5.50%	(c)	5.63%	03/2025	20		20		—		18
WU Holdco, Inc. +	One stop	L + 5.50%		N/A(6)	03/2026	—		—		—		—
						5,135		5,199		0.2		5,140
Industrial Conglomerates
Arch Global CCT Holdings Corp.#+	Senior loan	L + 4.25%	(c)	4.38%	04/2026	2,379		2,438		0.1		2,381
Arch Global CCT Holdings Corp.+	Senior loan	L + 4.25%		N/A(6)	04/2025	—		—		—		—
Arch Global CCT Holdings Corp.+	Senior loan	L + 4.25%		N/A(6)	04/2026	—		—		—		—
Madison Safety & Flow LLC+	Senior loan	L + 4.00%	(a)	4.08%	03/2025	468		468		—		468
Madison Safety & Flow LLC+	Senior loan	L + 4.00%	(a)	4.08%	03/2025	3		3		—		3
Specialty Measurement Bidco Limited~(8)(9)(10)	One stop	E + 6.00%	(g)	7.00%	11/2027	7,969		7,773		0.3		7,747
Specialty Measurement Bidco Limited~(8)(10)	One stop	L + 6.00%	(c)	7.00%	11/2027	7,961		7,768		0.3		7,961
Specialty Measurement Bidco Limited+(5)(8)(9)(10)	One stop	L + 6.00%		N/A(6)	11/2027	—		(47)		—		—
						18,780		18,403		0.7		18,560

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


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

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


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

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Leisure Products
WBZ Investment LLC#+	One stop	L + 6.50%	(c)	6.50% cash/1.00% PIK	09/2024	$	8,626	$	8,670	0.4	%	$	8,626
WBZ Investment LLC+	One stop	L + 6.50%	(c)	6.50% cash/1.00% PIK	09/2024	1,235		1,230		—		1,235
WBZ Investment LLC+	One stop	L + 6.50%	(c)	6.50% cash/1.00% PIK	09/2024	859		880		—		859
WBZ Investment LLC+	One stop	L + 6.50%	(c)	6.50% cash/1.00% PIK	09/2024	439		451		—		439
WBZ Investment LLC+	One stop	L + 6.50%	(c)	6.50% cash/1.00% PIK	09/2024	82		82		—		82
						11,241		11,313		0.4		11,241
Life Sciences Tools & Services
Pace Analytical Services, LLC*#+	One stop	L + 5.50%	(c)	6.50%	04/2024	29,330		29,341		1.2		29,330
Pace Analytical Services, LLC+	One stop	L + 5.50%	(c)	6.50%	04/2024	7,090		6,923		0.3		7,090
Pace Analytical Services, LLC+	One stop	L + 5.50%	(c)	6.50%	04/2024	6,975		6,902		0.3		6,975
Pace Analytical Services, LLC#+	One stop	L + 5.50%	(c)	6.50%	04/2024	2,727		2,727		0.2		2,727
Pace Analytical Services, LLC*#	One stop	L + 5.50%	(c)	6.50%	04/2024	1,635		1,649		0.1		1,635
Pace Analytical Services, LLC*#	One stop	L + 5.50%	(c)	6.50%	04/2024	1,503		1,506		0.1		1,503
Pace Analytical Services, LLC*#	One stop	L + 5.50%	(c)	6.50%	04/2024	1,252		1,250		—		1,252
Pace Analytical Services, LLC#+	One stop	L + 5.50%	(c)	6.50%	04/2024	1,210		1,220		—		1,210
Pace Analytical Services, LLC+	One stop	L + 5.50%	(c)	6.50%	04/2024	983		969		—		983
Pace Analytical Services, LLC+	One stop	L + 5.50%	(c)	6.50%	04/2024	881		872		—		881
Pace Analytical Services, LLC*#	One stop	L + 5.50%	(c)	6.50%	04/2024	670		670		—		670
Pace Analytical Services, LLC*#	One stop	L + 5.50%	(c)	6.50%	04/2024	554		558		—		554
Pace Analytical Services, LLC*	One stop	L + 5.50%	(c)	6.50%	04/2024	186		187		—		186
Pace Analytical Services, LLC+(5)	One stop	L + 5.50%		N/A(6)	04/2024	—		(2)		—		—
Unchained Labs, LLC+	Senior loan	L + 5.50%	(a)	6.50%	08/2027	852		835		—		835
Unchained Labs, LLC+(5)	Senior loan	L + 5.50%		N/A(6)	08/2027	—		(1)		—		(1)
Unchained Labs, LLC+(5)	Senior loan	L + 5.50%		N/A(6)	08/2027	—		(21)		—		(21)
						55,848		55,585		2.2		55,809
Machinery
Bad Boy Mowers Acquisition, LLC+	Senior loan	L + 4.25%	(a)	5.00%	03/2028	2,029		2,024		0.1		2,029
Blackbird Purchaser, Inc. *+~	Senior loan	L + 4.50%	(c)(f)	4.63%	04/2026	15,839		16,063		0.6		15,864
Blackbird Purchaser, Inc. +	Senior loan	L + 4.50%	(c)	4.63%	04/2024	128		126		—		126
Chase Industries, Inc.+~	Senior loan	L + 7.00%	(c)	6.50% cash/1.50% PIK	05/2025	12,059		12,154		0.4		9,647
Chase Industries, Inc.+	Senior loan	L + 7.00%	(d)	6.50% cash/1.50% PIK	05/2025	985		1,012		—		788
Chase Industries, Inc.+	Senior loan	L + 7.00%	(c)	6.50% cash/1.50% PIK	05/2023	292		293		—		220
Time Manufacturing Acquisition, LLC~	Senior loan	L + 5.00%	(c)	6.00%	02/2023	703		702		—		703
						32,035		32,374		1.1		29,377

Marine
Veson Nautical LLC#+	One stop	L + 5.25%	(c)	6.25%	11/2025	9,668		9,589		0.4		9,668
Veson Nautical LLC+	One stop	L + 5.25%	(c)	6.25%	11/2025	7,209		7,141		0.3		7,209
Veson Nautical LLC+(5)	One stop	L + 5.25%		N/A(6)	11/2025	—		(1)		—		—
						16,877		16,729		0.7		16,877

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Media
Triple Lift, Inc.+	One stop	L + 5.75%	(c)	6.50%	05/2028	$	5,397	$	5,296	0.2	%	$	5,397
Triple Lift, Inc.+(5)	One stop	L + 5.75%		N/A(6)	05/2028	—		(1)		—		—
						5,397		5,295		0.2		5,397
Multiline Retail
Mills Fleet Farm Group LLC*#+~	One stop	L + 6.25%	(a)	7.25%	10/2024	46,470		46,382		1.8		46,470

Oil, Gas & Consumable Fuels
3ES Innovation, Inc.*+~(8)(12)	One stop	L + 6.75%	(c)	7.75%	05/2025	20,629		20,741		0.8		20,629
3ES Innovation, Inc.+(5)(8)(12)	One stop	L + 6.75%		N/A(6)	05/2025	—		(1)		—		—
Drilling Info Holdings, Inc.*#+~	Senior loan	L + 4.25%	(a)	4.33%	07/2025	37,452		37,830		1.4		37,381
Drilling Info Holdings, Inc.~	Senior loan	L + 4.50%	(a)	4.58%	07/2025	17,167		16,827		0.7		17,283
Drilling Info Holdings, Inc.+(5)	Senior loan	L + 4.25%		N/A(6)	07/2023	—		(1)		—		(2)
Drilling Info Holdings, Inc.+(5)	Senior loan	L + 4.50%		N/A(6)	07/2023	—		(2)		—		(1)
Project Power Buyer, LLC*#+	One stop	L + 6.00%	(c)	7.00%	05/2026	15,622		15,744		0.6		15,622
Project Power Buyer, LLC+(5)	One stop	L + 6.00%		N/A(6)	05/2025	—		(1)		—		—
						90,870		91,137		3.5		90,912
Paper & Forest Products
Messenger, LLC#~	One stop	L + 5.50%	(a)(f)	6.50%	08/2023	8,921		8,970		0.3		8,921
Messenger, LLC+	One stop	L + 5.50%		N/A(6)	08/2023	—		—		—		—

						8,921		8,970		0.3		8,921
Personal Products
IMPLUS Footwear, LLC+~	One stop	L + 7.75%	(c)	8.75%	04/2024	30,667		30,960		1.1		28,213
IMPLUS Footwear, LLC+~	One stop	L + 7.75%	(c)	8.75%	04/2024	5,238		5,287		0.2		4,819
IMPLUS Footwear, LLC*+	One stop	L + 7.75%	(c)	8.75%	04/2024	755		772		—		695
						36,660		37,019		1.3		33,727

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


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

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


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

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


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

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Software - (continued)
Cybergrants Holdings, LLC+(5)	One stop	L + 6.50%		N/A(6)	09/2027	$	—	$	(3)	—	%	$	(2)
Cybergrants Holdings, LLC+(5)	One stop	L + 5.75%		N/A(6)	09/2027	—		(42)		—		(43)
Daxko Acquisition Corporation*#+	One stop	L + 6.00%	(c)	7.00%	09/2023	25,416		25,467		1.0		25,416
Daxko Acquisition Corporation+	One stop	L + 6.00%		N/A(6)	09/2023	—		—		—		—
Digital Guardian, Inc.+	One stop	L + 9.50%	(c)	7.50% cash/3.00% PIK	06/2023	9,000		9,178		0.4		9,615
Digital Guardian, Inc.+	Subordinated debt	N/A		8.00% PIK	06/2023	9		8		—		9
Digital Guardian, Inc.+	One stop	L + 5.00%		N/A(6)	06/2023	—		—		—		2
Diligent Corporation*#+~	One stop	L + 6.25%	(c)	7.25%	08/2025	87,175		87,282		3.4		87,693
Diligent Corporation+	One stop	L + 5.75%	(c)	6.75%	08/2025	6,025		5,971		0.2		5,960
Diligent Corporation+	One stop	L + 6.25%		N/A(6)	08/2025	—		—		—		2
FirstUp, Inc+	One stop	L + 6.75%	(c)	4.25% cash/3.50% PIK	07/2027	8,606		8,524		0.3		8,520
FirstUp, Inc+(5)	One stop	L + 6.25%		N/A(6)	07/2027	—		(1)		—		(1)
Gainsight, Inc.+	One stop	L + 6.25%	(c)	7.00%	07/2027	7,172		7,050		0.3		7,046
Gainsight, Inc.+(5)	One stop	L + 6.25%		N/A(6)	07/2027	—		(2)		—		(2)
GS Acquisitionco, Inc.*#+~	One stop	L + 5.75%	(d)	6.75%	05/2026	53,499		53,611		2.1		53,499
GS Acquisitionco, Inc.*#	One stop	L + 5.75%	(d)	6.75%	05/2026	12,625		12,804		0.5		12,625
GS Acquisitionco, Inc.#+	One stop	L + 5.75%	(d)	6.75%	05/2026	3,253		3,299		0.2		3,253
GS Acquisitionco, Inc.+~	One stop	L + 5.75%	(d)	6.75%	05/2026	3,001		3,044		0.1		3,001
GS Acquisitionco, Inc.+	One stop	L + 5.75%	(d)	6.75%	05/2026	2,768		2,754		0.1		2,768
GS Acquisitionco, Inc.#+	One stop	L + 5.75%	(d)	6.75%	05/2026	1,880		1,907		0.1		1,880
GS Acquisitionco, Inc.+	One stop	L + 5.75%	(d)	6.75%	05/2026	74		74		—		74
GS Acquisitionco, Inc.+	One stop	L + 5.75%	(c)(d)	6.75%	05/2026	36		36		—		36
GS Acquisitionco, Inc.+(5)	One stop	L + 5.75%		N/A(6)	05/2026	—		(2)		—		—
ICIMS, Inc.+~	One stop	L + 6.50%	(c)	7.50%	09/2024	14,355		14,566		0.6		14,355
ICIMS, Inc.+~	One stop	L + 6.50%	(c)	7.50%	09/2024	4,501		4,490		0.2		4,501
ICIMS, Inc.~	One stop	L + 6.50%	(c)	7.50%	09/2024	2,706		2,685		0.1		2,706
ICIMS, Inc.+	One stop	L + 6.50%	(c)	7.50%	09/2024	88		88		—		88
Impartner, Inc.	One stop	L + 9.50%	(c)	9.30% cash/2.00% PIK	08/2025	2,976		2,947		0.1		3,091
Impartner, Inc.+	One stop	L + 9.50%	(c)	9.30% cash/2.00% PIK	08/2025	234		233		—		245
Impartner, Inc.+(5)	One stop	L + 7.50%		N/A(6)	08/2025	—		(1)		—		9
Impartner, Inc.+	One stop	L + 7.50%		N/A(6)	08/2025	—		—		—		—
Instructure, Inc.~	One stop	L + 5.50%	(a)	6.50%	03/2026	10,944		10,617		0.4		10,944
Juvare, LLC*	One stop	L + 5.75%	(c)	6.75%	10/2026	7,526		7,447		0.3		7,432
Juvare, LLC+	One stop	P + 4.75%	(f)	6.75%	10/2026	1,737		1,718		0.1		1,715
Juvare, LLC+(5)	One stop	L + 5.75%		N/A(6)	04/2026	—		(1)		—		(1)
Juvare, LLC+(5)	One stop	L + 5.75%		N/A(6)	10/2026	—		(27)		—		(27)
Kaseya Traverse Inc+~	One stop	L + 7.00%	(c)	5.00% cash/3.00% PIK	05/2025	38,053		38,761		1.4		37,387
Kaseya Traverse Inc+	One stop	L + 7.00%	(c)	5.00% cash/3.00% PIK	05/2025	13,986		13,848		0.5		13,741
Kaseya Traverse Inc+	One stop	L + 7.00%	(c)	5.00% cash/3.00% PIK	05/2025	3,925		3,935		0.2		3,857
Kaseya Traverse Inc+	One stop	L + 7.00%	(c)	5.00% cash/3.00% PIK	05/2025	1,625		1,602		0.1		1,597
Kaseya Traverse Inc+(5)	One stop	L + 6.50%		N/A(6)	05/2025	—		(1)		—		(6)
Kaseya Traverse Inc+(5)	One stop	L + 4.00%		N/A(6)	05/2025	—		(217)		—		(115)
Mindbody, Inc.+~	One stop	L + 8.50%	(c)(d)	8.00% cash/1.50% PIK	02/2025	49,337		49,944		1.9		49,401

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


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

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


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

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


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

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail - (continued)
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	$	221	$	219	—	%	$	219
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	197		195		—		196
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	195		193		—		194
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	194		192		—		192
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	190		189		—		189
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	181		179		—		180
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	169		167		—		168
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	167		165		—		165
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	162		161		—		161
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	161		159		—		159
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	155		153		—		154
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	153		152		—		152
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	144		143		—		143
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	139		138		—		138
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	134		133		—		133
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	130		129		—		129
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	129		127		—		128
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	115		114		—		114
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	115		114		—		114
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	115		114		—		114
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	110		109		—		110
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	107		106		—		107
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	106		105		—		105
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	106		105		—		105
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	100		99		—		100
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	97		96		—		96
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	87		86		—		86
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	83		83		—		83
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	80		79		—		79
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	76		76		—		76
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	76		75		—		76
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	75		74		—		74
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	74		74		—		74
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	69		68		—		68
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	68		68		—		68
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	65		65		—		65
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	64		64		—		64
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	63		63		—		63
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	62		62		—		62
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	61		60		—		60
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	60		59		—		59
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	56		55		—		56
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	55		55		—		55
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	43		42		—		42
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	41		41		—		41
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	36		36		—		36
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	35		35		—		35
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	35		35		—		35

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail - (continued)
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	$	28	$	28	—	%	$	28
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	28		27		—		28
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	27		27		—		27
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	27		26		—		26
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	26		25		—		25
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	26		26		—		26
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	24		24		—		23
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	23		23		—		23
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	21		21		—		21
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	20		19		—		19
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	19		18		—		18
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	19		19		—		19
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	19		19		—		19
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	17		17		—		17
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	17		17		—		17
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	17		17		—		17
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	15		14		—		14
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	14		13		—		14
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	13		13		—		13
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	13		13		—		13
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	13		13		—		13
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	13		13		—		13
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	13		13		—		13
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	12		12		—		12
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	11		11		—		11
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	11		11		—		11
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	10		10		—		10
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	10		10		—		10
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	9		9		—		9
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	9		9		—		9
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	9		9		—		9
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	9		9		—		9
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	8		8		—		8
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	8		8		—		8
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	8		8		—		8
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	7		7		—		7
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	6		6		—		6
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	6		6		—		6
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	5		5		—		5
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	5		5		—		5
Imperial Optical Midco Inc.+	One stop	L + 5.75%	(a)	6.75%	08/2023	3		3		—		3
Imperial Optical Midco Inc.+	One stop	L + 5.75%		N/A(6)	08/2023	—		—		—		—
Imperial Optical Midco Inc.+(5)	One stop	L + 5.75%		N/A(6)	08/2023	—		(78)		—		(64)
Jet Equipment & Tools Ltd.+~(8)(9)(12)	One stop	C + 5.25%	(l)	6.25%	11/2024	17,804		18,035		0.8		18,471
Jet Equipment & Tools Ltd.*#(8)(12)	One stop	L + 5.25%	(a)	6.25%	11/2024	12,239		12,419		0.5		12,228
Jet Equipment & Tools Ltd.+(8)(9)(12)	One stop	C + 5.50%	(l)	6.50%	11/2024	5,207		5,164		0.3		5,449
Jet Equipment & Tools Ltd.#+(8)(12)	One stop	L + 5.25%	(a)	6.25%	11/2024	4,262		4,317		0.2		4,259
Jet Equipment & Tools Ltd.+(8)(12)	One stop	L + 5.25%	(a)	6.25%	11/2024	1,566		1,556		0.1		1,564

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail - (continued)
Jet Equipment & Tools Ltd.+(8)(12)	One stop	L + 5.25%	(a)	6.25%	11/2024	$	118	$	118	—	%	$	118
Jet Equipment & Tools Ltd.+(8)(9)(12)	One stop	C + 5.25%	(l)(m)	6.25%	11/2024	101		99		—		99
PetPeople Enterprises, LLC#	One stop	L + 5.50%	(c)	6.50%	09/2023	5,227		5,259		0.2		5,227
PetPeople Enterprises, LLC#+	One stop	L + 5.50%	(c)(d)	6.50%	09/2023	1,774		1,793		0.1		1,774
PetPeople Enterprises, LLC+	One stop	L + 5.50%	(c)	6.50%	09/2023	20		21		—		20
PPV Intermediate Holdings II, LLC#+	One stop	L + 5.50%	(a)	6.50%	05/2023	4,871		4,871		0.2		4,871
PPV Intermediate Holdings II, LLC+	One stop	L + 5.50%	(a)	6.50%	05/2023	2,483		2,461		0.1		2,483
PPV Intermediate Holdings II, LLC*	One stop	L + 5.50%	(a)	6.50%	05/2023	1,155		1,145		—		1,155
PPV Intermediate Holdings II, LLC#	One stop	L + 5.50%	(a)	6.50%	05/2023	1,065		1,056		—		1,065
PPV Intermediate Holdings II, LLC#	One stop	L + 5.50%	(a)	6.50%	05/2023	1,027		1,018		—		1,027
PPV Intermediate Holdings II, LLC#	One stop	L + 5.50%	(a)	6.50%	05/2023	1,000		1,000		—		1,000
PPV Intermediate Holdings II, LLC*	One stop	L + 5.50%	(a)	6.50%	05/2023	924		916		—		924
PPV Intermediate Holdings II, LLC+	One stop	L + 5.50%	(a)	6.50%	05/2023	774		767		—		774
PPV Intermediate Holdings II, LLC*	One stop	L + 5.50%	(a)	6.50%	05/2023	770		763		—		770
PPV Intermediate Holdings II, LLC*	One stop	L + 5.50%	(a)	6.50%	05/2023	731		725		—		731
PPV Intermediate Holdings II, LLC#	One stop	L + 5.50%	(a)	6.50%	05/2023	597		597		—		597
PPV Intermediate Holdings II, LLC*	One stop	L + 5.50%	(a)	6.50%	05/2023	526		522		—		526
PPV Intermediate Holdings II, LLC*	One stop	L + 5.50%	(a)	6.50%	05/2023	431		420		—		431
PPV Intermediate Holdings II, LLC+	One stop	L + 5.50%	(a)	6.50%	05/2023	223		221		—		223
PPV Intermediate Holdings II, LLC+	One stop	P + 4.50%	(f)	7.75%	05/2023	193		192		—		193
PPV Intermediate Holdings II, LLC+	One stop	L + 5.50%	(a)	6.50%	05/2023	165		164		—		165
PPV Intermediate Holdings II, LLC#	One stop	L + 5.50%	(a)	6.50%	05/2023	128		127		—		128
PPV Intermediate Holdings II, LLC+	One stop	N/A		7.90% PIK	05/2023	26		26		—		26
PPV Intermediate Holdings II, LLC+(5)	One stop	L + 5.50%		N/A(6)	05/2023	—		(12)		—		—
Sola Franchise, LLC and Sola Salon Studios, LLC#	One stop	L + 4.75%	(c)	5.75%	10/2024	7,222		7,231		0.3		7,222
Sola Franchise, LLC and Sola Salon Studios, LLC#+	One stop	L + 4.75%	(c)	5.75%	10/2024	1,691		1,734		0.1		1,691
Sola Franchise, LLC and Sola Salon Studios, LLC+	One stop	L + 4.75%	(c)	5.75%	10/2024	80		80		—		80
Titan Fitness, LLC*#+	One stop	L + 6.75%	(b)(c)	5.75% cash/2.00% PIK	02/2025	30,446		30,702		1.1		27,390
Titan Fitness, LLC+	One stop	L + 6.75%	(c)	5.75% cash/2.00% PIK	02/2025	1,899		1,883		0.1		1,708
Titan Fitness, LLC+	One stop	L + 6.75%	(c)	5.75% cash/2.00% PIK	02/2025	480		477		—		430
Vermont Aus Pty Ltd+~(8)(9)(11)	Senior loan	A + 4.75%	(k)	4.82%	02/2025	2,199		2,216		0.1		2,318
Vermont Aus Pty Ltd+(8)(9)(11)	Senior loan	A + 4.00%	(k)	4.07%	02/2025	1,010		994		—		921
Vermont Aus Pty Ltd+(8)(9)(11)	Senior loan	A + 4.75%	(k)	4.82%	02/2025	81		81		—		94
						277,574		277,421		10.6		273,973

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


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

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity Investments (15)(16)
Aerospace and Defense
NTS Technical Systems+	Common Stock	N/A	N/A	N/A	2	$	1,506	—	%	$	1,016
NTS Technical Systems+	Preferred stock	N/A	N/A	N/A	—	256		—		502
NTS Technical Systems+	Preferred stock	N/A	N/A	N/A	—	128		—		291
Tronair Parent, Inc.+	LLC units	N/A	N/A	N/A	—	40		—		40
Whitcraft LLC+	Common Stock	N/A	N/A	N/A	11	2,285		0.2		2,822
						4,215		0.2		4,671
Auto Components
Polk Acquisition Corp.+	LP interest	N/A	N/A	N/A	5	314		—		341

Automobiles
CG Group Holdings, LLC+	LP units	N/A	N/A	N/A	1	730		—		730
MOP GM Holding, LLC+	LP units	N/A	N/A	N/A	—	323		—		537
Quick Quack Car Wash Holdings, LLC	LLC interest	N/A	N/A	N/A	—	508		0.1		787
						1,561		0.1		2,054
Biotechnology
BIO18 Borrower, LLC+(17)	Preferred stock	N/A	N/A	N/A	591	1,190		0.1		2,779

Building Products
Brooks Equipment Company, LLC+	Common Stock	N/A	N/A	N/A	10	1,021		0.1		2,991

Chemicals
Inhance Technologies Holdings LLC+	LLC units	N/A	N/A	N/A	—	124		—		103

Commercial Services & Supplies
Hydraulic Authority III Limited+(8)(9)(10)	Preferred stock	N/A	N/A	N/A	284	384		—		516
Hydraulic Authority III Limited+(8)(9)(10)	Common Stock	N/A	N/A	N/A	6	43		—		165
North Haven Stack Buyer, LLC	LLC units	N/A	N/A	N/A	359	359		—		359
						786		—		1,040
Construction & Engineering
Reladyne, Inc.+	LP interest	N/A	N/A	N/A	—	1,032		—		1,155

Diversified Consumer Services
CHHJ Franchising, LLC+(17)	LLC units	N/A	N/A	N/A	19	193		0.1		239
EWC Growth Partners LLC	LLC interest	N/A	N/A	N/A	—	12		—		1
Liminex, Inc.+	Common Stock	N/A	N/A	N/A	12	434		0.1		757
PADI Holdco, Inc.+	LLC interest	N/A	N/A	N/A	1	969		—		198
Spear Education, LLC+	LLC interest	N/A	N/A	N/A	—	7		—		33
Spear Education, LLC+	LLC units	N/A	N/A	N/A	1	1		—		74
						1,616		0.2		1,302
Electronic Equipment, Instruments & Components
ES Acquisition LLC+	LP interest	N/A	N/A	N/A	—	—		—		21
Inventus Power, Inc.+	Preferred stock	N/A	N/A	N/A	—	372		—		315
Inventus Power, Inc.+	LLC units	N/A	N/A	N/A	—	88		—		160
Inventus Power, Inc.+	LP interest	N/A	N/A	N/A	—	20		—		40
Inventus Power, Inc.+	Common Stock	N/A	N/A	N/A	—	—		—		—
						480		—		536

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


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

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


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

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Technology
Connexin Software, Inc.+	LLC interest	N/A	N/A	N/A	153	$	192	—	%	$	312
HSI Halo Acquisition, Inc.+	LP interest	N/A	N/A	N/A	—	288		—		271
HSI Halo Acquisition, Inc.+	LP interest	N/A	N/A	N/A	—	—		—		—
Kareo, Inc.+	Warrant	N/A	N/A	N/A	52	162		—		88
Kareo, Inc.+	Warrant	N/A	N/A	N/A	13	49		—		69
Kareo, Inc.+	Preferred stock	N/A	N/A	N/A	2	8		—		18
Caliper Software, Inc.+	Preferred stock	N/A	N/A	N/A	2	2,734		0.2		3,588
Caliper Software, Inc.+	Preferred stock	N/A	N/A	N/A	2	1,427		0.1		1,601
Caliper Software, Inc.+	Preferred stock	N/A	N/A	N/A	1	880		—		936
Caliper Software, Inc.+	LLC units	N/A	N/A	N/A	—	161		—		178
Caliper Software, Inc.+	Common Stock	N/A	N/A	N/A	177	—		—		826
						5,901		0.3		7,887
Hotels, Restaurants & Leisure
Freddy's Frozen Custard LLC+	LP interest	N/A	N/A	N/A	206	206		—		295
Harri US LLC+	Warrant	N/A	N/A	N/A	18	106		—		106
LMP TR Holdings, LLC	LLC units	N/A	N/A	N/A	712	712		—		487
SSRG Holdings, LLC	LP interest	N/A	N/A	N/A	6	61		—		75
Tropical Smoothie Cafe Holdings, LLC+(17)	LP interest	N/A	N/A	N/A	5	477		0.1		869
						1,562		0.1		1,832

Household Durables
Groundworks LLC+(17)	LLC interest	N/A	N/A	N/A	—	155		—		410

Insurance
Captive Resources Midco, LLC+(17)	LLC units	N/A	N/A	N/A	425	—		—		431
Majesco+	LP interest	N/A	N/A	N/A	—	307		—		333
Majesco+	LP interest	N/A	N/A	N/A	69	—		—		167
Orchid Underwriters Agency, LLC+(17)	LP interest	N/A	N/A	N/A	93	105		—		98
						412		—		1,029

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
IT Services
Appriss Health Intermediate Holdings, Inc+	Preferred stock	N/A	N/A	N/A	2	$	1,994	0.1	%	$	2,147
Appriss Holdings, Inc.+	Preferred stock	N/A	N/A	N/A	—	174		—		204
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A	N/A	N/A	587	462		0.2		4,500
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A	N/A	N/A	154	423		0.1		1,180
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A	N/A	N/A	35	291		—		301
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Warrant	N/A	N/A	N/A	202	159		0.1		1,439
Episerver, Inc.+	Common Stock	N/A	N/A	N/A	75	807		—		939
Kentik Technologies, Inc.+	Preferred stock	N/A	N/A	N/A	192	1,103		—		1,103
PCS Intermediate II Holdings, LLC+	LLC interest	N/A	N/A	N/A	37	367		—		464
Red Dawn SEI Buyer, Inc.+	LP interest	N/A	N/A	N/A	13	13		—		21
Saturn Borrower Inc.+	LP units	N/A	N/A	N/A	346	346		—		259
						6,139		0.5		12,557
Leisure Products
Massage Envy, LLC+	LLC interest	N/A	N/A	N/A	749	210		0.1		1,059
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	67	117		—		93
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	46	80		—		64
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	38	65		—		52
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	33	58		—		45
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	15	24		—		19
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	2	2		—		2
						556		0.1		1,334
Life Sciences Tools & Services
Pace Analytical Services, LLC+	LLC interest	N/A	N/A	N/A	6	700		—		1,195

Oil, Gas and Consumable Fuels
W3 Co.+	LLC interest	N/A	N/A	N/A	3	1,632		0.1		1,587
W3 Co.+	Preferred stock	N/A	N/A	N/A	—	224		—		221
						1,856		0.1		1,808
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12)	LP interest	N/A	N/A	N/A	502	502		—		899
BIOVT, LLC+	LLC interest	N/A	N/A	N/A	—	1,223		0.1		2,460
						1,725		0.1		3,359

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Professional Services
Brandmuscle, Inc.+(17)	LLC interest	N/A	N/A	N/A	—	$	216	—	%	$	359
DISA Holdings Acquisition Subsidiary Corp.+	Common Stock	N/A	N/A	N/A	—	154		—		453
Net Health Acquisition Corp.+	LP interest	N/A	N/A	N/A	13	1,509		0.1		2,047
Nexus Brands Group, Inc.+	LP interest	N/A	N/A	N/A	—	547		0.1		1,818
Vitalyst, LLC+	Preferred stock	N/A	N/A	N/A	—	61		—		96
Vitalyst, LLC+	Common Stock	N/A	N/A	N/A	1	7		—		—
						2,494		0.2		4,773
Real Estate Management & Development
Property Brands, Inc.+	Common Stock	N/A	N/A	N/A	62	434		—		312

Road & Rail
Internet Truckstop Group LLC+	LP interest	N/A	N/A	N/A	408	447		—		458

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


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

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail
2nd Ave. LLC+	LP interest	N/A	N/A	N/A	653		$	653	0.1	%	$	1,616
Batteries Plus Holding Corporation+	LP interest	N/A	N/A	N/A	10		1,287		0.1		1,483
Cycle Gear, Inc.+(17)	LLC units	N/A	N/A	N/A	27		462		—		1,056
Imperial Optical Midco Inc.+	Preferred stock	N/A	N/A	N/A	—		122		—		144
Imperial Optical Midco Inc.+	Preferred stock	N/A	N/A	N/A	—		46		—		53
Jet Equipment & Tools Ltd.+(8)(9)(12)	LLC interest	N/A	N/A	N/A	1		948		0.1		2,777
Pet Holdings ULC+(8)(12)	LP interest	N/A	N/A	N/A	677		483		0.1		1,483
PPV Intermediate Holdings II, LLC+	LLC interest	N/A	N/A	N/A	325		315		—		745
Sola Franchise, LLC and Sola Salon Studios, LLC+	LLC interest	N/A	N/A	N/A	6		682		—		1,188
Sola Franchise, LLC and Sola Salon Studios, LLC+	LLC interest	N/A	N/A	N/A	2		138		—		255
Southern Veterinary Partners, LLC+	Preferred stock	N/A	N/A	N/A	3		2,955		0.1		3,374
Southern Veterinary Partners, LLC+	LLC units	N/A	N/A	N/A	—		717		—		1,023
Southern Veterinary Partners, LLC+	LLC interest	N/A	N/A	N/A	148		188		0.2		3,276
							8,996		0.7		18,473
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.+	LLC interest	N/A	N/A	N/A	97		604		—		577
Textiles, Apparel & Luxury Goods
Elite Sportswear, L.P.+	LLC interest	N/A	N/A	N/A	—		165		—		—
Georgica Pine Clothiers, LLC+	LLC interest	N/A	N/A	N/A	20		239		—		243
Georgica Pine Clothiers, LLC+	LLC units	N/A	N/A	N/A	—		—		—		—
MakerSights, Inc. +	Preferred stock	N/A	N/A	N/A	40		218		—		232
R.G. Barry Corporation+	Preferred stock	N/A	N/A	N/A	—		161		—		158
							783		—		633

Total non-controlled/non-affiliate company equity investments							$	126,279	6.7	%	$	173,072

Total non-controlled/non-affiliate company investments					$	4,715,909	$	4,810,690	186.4	%	$	4,815,270

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


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

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity investments(15)(16)
Beverages
Abita Brewing Co., L.L.C.+	Warrant	N/A	N/A	N/A	210		$	—	—	%	$	733
Uinta Brewing Company	Common Stock	N/A	N/A	N/A	153		17		—		—
							17		—		733
Consumer Finance
Paradigm DKD Group, LLC	LLC interest	N/A	N/A	N/A	354		115		—		4
Paradigm DKD Group, LLC	Preferred stock	N/A	N/A	N/A	71		—		—		—
Paradigm DKD Group, LLC	Preferred stock	N/A	N/A	N/A	2,004		—		—		—
							115		—		4
Electronic Equipment, Instruments and Components
Sloan Company, Inc., The+	Common Stock	N/A	N/A	N/A	—		41		—		49

Energy, Equipment & Services
Benetech, Inc.+	LLC interest	N/A	N/A	N/A	58		—		—		—
Benetech, Inc.+	LLC interest	N/A	N/A	N/A	58		—		—		—
							—		—		—
Food and Staples Retailing
Rubio's Restaurants, Inc.+	Preferred stock	N/A	N/A	N/A	2,779		2,276		0.1		2,844
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	886		182		0.1		1,199
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	536		110		0.1		725
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	89		6		—		72
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	52		3		—		42
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	21		—		—		2
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	21		—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	42		—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	18		—		—		1
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	18		—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	89		—		—		—
							2,577		0.3		4,885

Healthcare Providers and Services
Elite Dental Partners LLC	LLC interest	N/A	N/A	N/A	—		2,902		0.1		3,568
Elite Dental Partners LLC	LLC interest	N/A	N/A	N/A	—		1,250		0.1		1,794
Elite Dental Partners LLC	LLC units	N/A	N/A	N/A	—		—		—		19
							4,152		0.2		5,381
Software
Switchfly LLC+	LLC interest	N/A	N/A	N/A	3,419		2,321		—		1,281

Total non-controlled/affiliate equity investments							$	9,223	0.5	%	$	12,333

Total non-controlled/affiliate investments					$	55,761	$	62,649	2.4	%	$	61,379

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Controlled affiliate company investments(20)
Debt Investments
IT Services
MMan Acquisition Co.*+(7)	One stop	L + 10.00%	(c)	10.00% PIK	08/2023	$	22,527	$	19,663	0.6	%	$	16,436
MMan Acquisition Co.+	One stop	L + 8.00%	(e)	8.00% PIK	08/2023	1,468		1,468		0.1		1,468
						23,995		21,131		0.7		17,904

Total controlled affiliate debt investments						$	23,995	$	21,131	0.7	%	$	17,904

Equity Investments (15)(16)
IT Services
MMan Acquisition Co.+	Common Stock	N/A		N/A	N/A	—		$	927	—	%	$	333
								927		—		333

Total controlled affiliate equity investments								$	927	—	%	$	333

Total controlled affiliate investments						$	23,995	$	22,058	0.7	%	$	18,237

Total investments						$	4,795,665	$	4,895,397	189.5	%	$	4,894,886

Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)				0.00%(21)				$	38,317	1.5	%	$	38,317

Total money market funds								$	38,317	1.5	%	$	38,317
Total Investments and Money Market Funds								$	4,933,714	191.0	%	$	4,933,203

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)


*						Denotes that all or a portion of the loan secures the notes offered in the 2018 Debt Securitization (as defined in Note 7).
#						Denotes that all or a portion of the loan secures the notes offered in the GCIC 2018 Debt Securitization (as defined in Note 7).
+						Denotes that all or a portion of the investment collateralizes the JPM Credit Facility (as defined in Note 7).
~						Denotes that all or a portion of the loan collateralizes the MS Credit Facility II (as defined in Note 7).

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(3)The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.

(4)The fair values of substantially all investments were valued using significant unobservable inputs. See Note 6. Fair Value Measurements.

(6)The entire commitment was unfunded as of September 30, 2021. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.

(7)Loan was on non-accrual status as of September 30, 2021, meaning that the Company has ceased recognizing interest income on the loan.

(8)The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2021, total non-qualifying assets at fair value represented 10.1% of the Company’s total assets calculated in accordance with the 1940 Act.

(10)The headquarters of this portfolio company is located in the United Kingdom.

(11)The headquarters of this portfolio company is located in Australia.

(12)The headquarters of this portfolio company is located in Canada.

(13)The headquarters of this portfolio company is located in Luxembourg.

(14) The headquarters of this portfolio company is located in Netherlands.

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

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

(17)The Company holds an equity investment that entitles it to receive preferential dividends.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)

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


Portfolio Company	Fair value as of September 30, 2020		Gross Additions(l)		Gross Reductions(m)		Net change in unrealized gain (loss)		Net realized gain (loss)		Fair value as of September 30, 2021		Interest, dividend and fee income
Abita Brewing Co. LLC(c)	$	—	$	27,863	$	(20,062)	$	2,249	$	—	$	10,050	$	931
Benetech, Inc.	2,672		410		(795)		112		—		2,399		349
Dental Holdings Corporation	9,320		561		(13,657)		1,792		1,984		—		462
Elite Dental Partners LLC	15,368		668		(75)		991		—		16,952		955
Paradigm DKD Group, LLC	2,460		1,196		(1,215)		186		—		2,627		19
Rubio's Restaurants, Inc(d)	—		28,760		(16,470)		11,008		(5,739)		17,559		1,792
Sloan Company, Inc., The	4,365		637		(574)		900		(166)		5,162		67
Switchfly LLC	7,229		453		—		(1,514)		—		6,168		469
Uinta Brewing Company	586		266		(209)		(181)		—		462		(3)
Total Non-Controlled Affiliates	$	42,000	$	60,814	$	(53,057)	$	15,543	$	(3,921)	$	61,379	$	5,041


(a)						Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(b)						Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.
(c)						During the three months ended September 31, 2021, the Company’s ownership increased to over five percent of the portfolio company's voting securities.
(d)						During the three months ended December 31, 2020, the Company’s ownership increased to over five percent of the portfolio company's voting securities.

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


Portfolio Company	Fair value as of September 30, 2020		Gross Additions(q)		Gross Reductions(r)		Net change in unrealized gain (loss)		Net realized gain (loss)		Fair value as of September 30, 2021		Interest, dividend and fee income
MMan Acquisition Co.(s)	$	18,736	$	5,023	$	(5,023)	$	(499)	$	—	$	18,237	$	(12)
Total Controlled Affiliates	$	18,736	$	5,023	$	(5,023)	$	(499)	$	—	$	18,237	$	(12)


(a)						Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(b)						Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.

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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 1. Organization

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

The Company’s investment strategy is to invest primarily in one stop (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by other middle-market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies. The Company also selectively invests in second lien and subordinated (a loan that ranks senior only to a borrower’s equity securities and ranks junior to all of such borrower’s other indebtedness in priority of payment) loans of, and warrants and minority equity securities in, U.S. middle-market companies. The Company has entered into the Investment Advisory Agreement (defined below in Note 3) with GC Advisors LLC (the “Investment Adviser”), under which the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company. Under an administration agreement (the “Administration Agreement”) the Company is provided with certain services by an administrator (the “Administrator”), which is currently Golub Capital LLC.

Note 2. Significant Accounting Policies and Recent Accounting Updates

Basis of presentation: The Company is an investment company as defined in the accounting and reporting guidance under Accounting Standards Codification (“ASC”) Topic 946 — Financial Services — Investment Companies (“ASC Topic 946”).

The accompanying interim consolidated financial statements of the Company and related financial information have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for the interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of financial results as of and for the periods presented. All intercompany balances and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. The unaudited interim consolidated financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto in the Company’s Form 10-K for the year ended September 30, 2021, as filed with the U.S. Securities and Exchange Commission (the “SEC”).

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

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

Any changes to the valuation methodology are reviewed by management and the Company’s board of directors (the “Board”) to confirm that the changes are appropriate. As markets change, new products develop and the pricing for

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

products becomes more or less transparent, the Company will continue to refine its valuation methodologies. See further description of fair value methodology in Note 6. Fair Value Measurements.

Use of estimates: The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Consolidation: As provided under Regulation S-X and ASC Topic 946, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries Golub Capital BDC CLO III Depositor LLC (“2018 CLO Depositor”), Golub Capital BDC CLO III LLC (“2018 Issuer”), Golub Capital BDC Funding LLC (“Funding”), Golub Capital BDC Funding II LLC (“Funding II”), Golub Capital BDC Holdings, LLC (“BDC Holdings”), GC SBIC VI, L.P. (“SBIC VI”), GCIC Holdings LLC (“GCIC Holdings”), GCIC Funding LLC (“GCIC Funding”), GCIC CLO II Depositor LLC (“GCIC 2018 CLO Depositor”), GCIC CLO II LLC (“GCIC 2018 Issuer”), GCIC Funding II LLC (“GCIC Funding II”), prior to its dissolution on August 26, 2021, Golub Capital BDC CLO 4 LLC (“2020 Issuer”), prior to May 10, 2021, the date of each of the following entity’s dissolution date, GC SBIC IV, L.P. (“SBIC IV”), GCIC Senior Loan Fund LLC and GCIC Senior Loan Fund II LLC and prior to March 23, 2022, the date of each of the following entity’s dissolution date, Golub Capital BDC CLO 4 Depositor LLC (“2020 CLO Depositor”), GC SBIC V, L.P. (“SBIC V”), Senior Loan Fund LLC and Senior Loan Fund II LLC.

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

Cash, cash equivalents and foreign currencies: Cash, cash equivalents and foreign currencies are highly liquid investments with an original maturity of three months or less at the date of acquisition. The Company deposits its cash in financial institutions and, at times, such balances exceed the Federal Deposit Insurance Corporation insurance limits.

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

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

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

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

Although net assets and fair values are presented based on the applicable foreign exchange rates described above, the Company does not isolate that portion of the results of operations resulting from changes in foreign exchange

100

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

rates on investments from the fluctuations arising from changes in fair values of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Fluctuations arising from the translation of assets other than investments and liabilities are included with the net change in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations.

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

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

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

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

Revenue recognition:

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

Loan origination fees, original issue discount and market discount or premium are capitalized, and the Company accretes or amortizes such amounts over the life of the loan as interest income. For the three and six months ended March 31, 2022, interest income included $4,048 and $11,783, respectively, of accretion of discounts. For the three and six months ended March 31, 2021, interest income included $5,520 and $10,126, respectively, of accretion of discounts. For the three and six months ended March 31, 2022, the Company received loan origination fees of $4,804 and $16,016, respectively. For the three and six months ended March 31, 2021, the Company received loan origination fees of $4,390 and $13,055, respectively.

For investments with contractual PIK interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, the Company will not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not collectible. For the three and six months ended March 31, 2022, the Company capitalized PIK interest of $5,124 and $8,597, respectively, into the principal balance of certain debt investments. For the three and six months ended March 31, 2021, the Company capitalized PIK interest of $3,946 and $8,671, respectively, into the principal balance of certain debt investments.

In addition, the Company generates revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, consulting fees and prepayment premiums on loans. The Company records these fees as fee income when earned. All other income is recorded into income when earned. For the three and six months ended March 31, 2022, fee income included $103 and $795, respectively, of prepayment premiums, which fees are non-recurring. For the three and six months ended March 31, 2021, fee income included $695 and $1,416, respectively, of prepayment premiums, which fees are non-recurring.

101

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

For the three and six months ended March 31, 2022, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of $82,033 and $162,023, respectively. For the three and six months ended March 31, 2021, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of $76,510 and $150,483, respectively.

Dividend income on preferred equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Each distribution received from limited liability company (“LLC”) and limited partnership (“LP”) investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.

For the three and six months ended March 31, 2022, the Company recorded dividend income of $3 and $320, respectively, and return of capital distributions of $596 and $726, respectively. For the three and six months ended March 31, 2021, the Company recorded dividend income of $35 and $195, respectively, and return of capital distributions of $0 and $0, respectively.

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

Non-accrual loans: A loan can be left on accrual status during the period the Company is pursuing repayment of the loan. Management reviews all loans that become 90 days or more past due on principal and interest, or when there is reasonable doubt that principal or interest will be collected, for possible placement on non-accrual status. When a loan is placed on non-accrual status, unpaid interest credited to income is reversed. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans are recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, payments are likely to remain current. The total fair value of non-accrual loans was $55,871 and $46,104 as of March 31, 2022 and September 30, 2021, respectively.

Purchase accounting: On September 16, 2019, the Company completed its acquisition of Golub Capital Investment Corporation (“GCIC”), a Maryland corporation, pursuant to that certain Agreement and Plan of Merger (as amended, the “Merger Agreement”), dated as of November 27, 2018, by and among the Company, GCIC, Fifth Ave Subsidiary Inc., a Maryland corporation and wholly owned subsidiary of the Company (“Merger Sub”), the Investment Adviser, and, for certain limited purposes, the Administrator. Pursuant to the Merger Agreement, Merger Sub was first merged with and into GCIC, with GCIC as the surviving company (the “Initial Merger”), and, immediately following the Initial Merger, GCIC was then merged with and into the Company, with the Company as the surviving company (the Initial Merger and the subsequent merger, collectively, the “Merger”). The Merger was accounted for under the asset acquisition method of accounting in accordance with ASC 805 — Business Combinations — Related Issues (“ASC Topic 805”), also referred to as “purchase accounting.” Under asset acquisition accounting, acquiring assets in groups not only requires ascertaining the cost of the asset (or net assets), but also allocating that cost to the individual assets (or individual assets and liabilities) that make up the group. Per ASC Topic 805, assets are recognized based on their cost to the acquiring entity, which generally includes transaction costs of the asset acquisition, and no gain or loss is recognized unless the fair value of noncash assets given as consideration differs from the assets carrying amounts on the acquiring entity’s books.

The cost of the group of assets acquired in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on the relative fair values of net identifiable assets acquired other than “non-qualifying” assets (for example cash) and does not give rise to goodwill. To the extent that the consideration paid to GCIC’s

102

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

stockholders exceeded the relative fair values of the net identifiable assets of GCIC acquired other than “non-qualifying” assets, any such premium paid by the Company was further allocated to the cost of the GCIC assets acquired by the Company pro-rata to their relative fair value, other than “non-qualifying” assets. As GCIC did not have any “qualifying” assets at the time of acquisition, the premium was allocated to “non-qualifying” assets, which are GCIC’s investments in loans and equity securities, including its investment in GCIC SLF. Immediately following the acquisition of GCIC, the Company recorded its assets at their respective fair values and, as a result, the purchase premium allocated to the cost basis of the GCIC assets acquired was immediately recognized as unrealized depreciation on the Company's Consolidated Statement of Operations. The purchase premium allocated to investments in loan securities will amortize over the life of the loans through interest income, with a corresponding reversal of the unrealized depreciation on the loans acquired from GCIC through their ultimate disposition. Amortization expense of purchase premium for the three and six months ended March 31, 2022, was $2,940 and $10,035, respectively. Amortization expense of purchase premium for the three and six months ended March 31, 2021, was $8,722 and $17,952, respectively. The purchase premium allocated to investments in equity securities will not amortize over the life of the equity securities through interest income and, assuming no subsequent change to the fair value of the equity securities acquired from GCIC and disposition of such equity securities at fair value, the Company will recognize a realized loss with a corresponding reversal of the unrealized depreciation upon disposition of the equity securities acquired from GCIC.

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

Depending on the level of taxable income earned in a tax year, the Company can determine to retain taxable income in excess of current year dividend distributions and distribute such taxable income in the next tax year. The Company may then be required to incur a 4% excise tax on such income. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. No U.S. federal excise tax was accrued or paid for the six months ended March 31, 2022 and 2021.

The Company accounts for income taxes in conformity with ASC Topic 740 — Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense or tax benefit in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized tax benefits or unrecognized tax liabilities related to uncertain income tax positions through March 31, 2022. The Company's tax returns for the 2018 through 2020 tax years remain subject to examination by U.S. federal and most state tax authorities.

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

Dividends and distributions: Dividends and distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend or distribution is determined by the Board each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are distributed at least annually, although the Company can retain such capital gains for investment in its discretion.

103

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

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

Share repurchase plan: The Company has a share repurchase program (the “Program”) which allows the Company to repurchase the Company’s outstanding common stock on the open market at prices below the Company’s NAV as reported in its most recently published consolidated financial statements. The Board most recently reapproved the Program in August 2021 and the Program is implemented at the discretion of management. Shares can be purchased from time to time at prevailing market prices, through open market transactions, including block transactions. The Program permits repurchases up to $150,000 of the Company's common stock. The Company did not make any repurchases of its common stock during each of the three and six months ended March 31, 2022 and March 31, 2021.

Equity Distribution Agreement: On May 28, 2021, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”), by and among the Company, the Investment Adviser, Golub Capital LLC and SMBC Nikko Securities America, Inc. (the “Placement Agent”), in connection with the sale by the Company of shares of its common stock, having an aggregate offering price of up to $250,000, in an “at the market offering,” in amounts and at times to be determined by the Company. Actual sales, if any, will depend on a variety of factors to be determined by the Company from time to time, including, among others, market conditions and the market price of the Company’s common stock. The Equity Distribution Agreement provides that the Company may offer and sell shares from time to time through the Placement Agent, or to it. Sales of the shares, if any, may be made in negotiated transactions or transactions that are deemed to be “at the market,” as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on The Nasdaq Global Select Market or any similar securities exchange or sales made to or through a market maker other than on a securities exchange, at prices related to the prevailing market prices or at negotiated prices. Pursuant to the terms of the Equity Distribution Agreement, the Placement Agent will receive a commission from the Company of up to 1.25% of the gross sales price of any shares sold through the Placement Agent under the Equity Distribution Agreement. Offering costs for the Equity Distribution Agreement are charged against the proceeds from equity offerings when proceeds are received. During the six months ended March 31, 2022, the Company did not issue any shares of common stock under the Equity Distribution Agreement.

Deferred debt issuance costs: Deferred debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of March 31, 2022 and September 30, 2021, the Company had deferred debt issuance costs of $20,786 and $17,850, respectively. These amounts are amortized and included in interest expense in the Consolidated Statements of Operations over the estimated average life of the borrowings. Amortization expense for deferred debt issuance costs for the three and six months ended March 31, 2022, was $1,776 and $3,443, respectively. Amortization expense for deferred debt issuance costs for the three and six months ended March 31, 2021, was $2,136 and $3,340, respectively.

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

104

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 3. Related Party Transactions

Investment Advisory Agreement: Under the Investment Advisory Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, GBDC. The Board most recently reapproved the Investment Advisory Agreement in May 2021. The Investment Adviser is a registered investment adviser with the U.S. Securities and Exchange Commission (the “SEC”). The Investment Adviser receives fees for providing services, consisting of two components, a base management fee and an Incentive Fee (as defined below).

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

The Investment Adviser served as collateral manager under the 2020 Collateral Management Agreement (as defined in Note 7) and serves as collateral manager under the 2018 Collateral Management Agreement (as defined in Note 7) and the GCIC 2018 Collateral Management Agreement (as defined in Note 7). Fees payable to the Investment Adviser for providing these services are offset against the base management fee payable by the Company under the Investment Advisory Agreement.

During the three months ended March 31, 2022, the Investment Adviser irrevocably waived $1,904 of base management fees. After taking into account the waiver by the Investment Adviser, the base management fee incurred was $16,115 rather than $18,019 for the three months ended March 31, 2022.

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

The Company accomplishes this limitation by subjecting each quarterly Incentive Fee payable under the Income and Capital Gain Incentive Fee Calculation (as defined below) to a cap (the “Incentive Fee Cap”). Under the Investment Advisory Agreement, the Incentive Fee Cap in any quarter is equal to the difference between (a) 20.0% of Cumulative Pre-Incentive Fee Net Income Per Share (as defined below) and (b) Cumulative Incentive Fees Paid Per Share (as defined below). To the extent the Incentive Fee Cap is zero or a negative value in any quarter, no Incentive Fee would be payable in that quarter. If, for any relevant period, the Incentive Fee Cap calculation results in the Company paying less than the amount of the Incentive Fee calculated above, then the difference between the Incentive Fee and the Incentive Fee Cap will not be paid by GBDC and will not be received by the Investment Adviser as an Incentive Fee either at the end of such relevant period or at the end of any future period. “Cumulative Pre-Incentive Fee Net Income Per Share” equals the sum of “Pre-Incentive Fee Net Income Per Share” (as defined below) for each quarterly period since April 13, 2010. “Pre-Incentive Fee Net Income Per Share” equals the sum of (i) Pre-Incentive Fee Net Investment Income (as defined below) and (ii) Adjusted Capital Returns for the applicable period, divided by (b) the weighted average number of shares of GBDC common stock outstanding during such period. “Adjusted Capital Returns” for any period is the sum of the realized aggregate capital gains, realized aggregate capital losses, aggregate unrealized capital depreciation and aggregate unrealized capital appreciation for

105

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

such period; provided that the calculation of realized aggregate capital gains, realized aggregate capital losses, aggregate unrealized capital depreciation and aggregate unrealized capital appreciation shall not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation resulting solely from the purchase accounting for any premium or discount paid for the acquisition of assets in a merger. “Cumulative Incentive Fees Paid Per Share” is equal to the sum of Incentive Fees Paid Per Share since April 13, 2010. “Incentive Fees Paid Per Share” for any period is equal to the Incentive Fees accrued and/or payable to the Company for such period, divided by the weighted average number of shares of common stock of GBDC during such period.

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

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

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

For the three months ended March 31, 2022, there was no Income Incentive Fee incurred. For the six months ended March 31, 2022, the Income Incentive Fee incurred was $2,929. For the three and six months ended March 31, 2021, the Income Incentive Fee incurred was $942 and $2,946, respectively.

The Investment Advisory Agreement excludes the impact of purchase accounting resulting from a merger, including the Merger, from the calculation of income subject to the Income Incentive Fee and the calculation of the Incentive Fee Cap. As a result, under the Investment Advisory Agreement, Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation or any amortization or accretion of any purchase premium or discount to interest income solely from the purchase accounting for any premium or discount paid for the acquisition of assets in a merger, such as the premium to net asset value paid for the shares of GCIC common stock in the Merger. Because of the structure of the Income Incentive Fee, it is possible that an Incentive Fee is calculated under this formula with respect to a period in which the Company has incurred a loss. For example, if the Company receives Pre-Incentive Fee Net Investment Income in excess of the hurdle rate (as defined below) for a calendar quarter, the Income Incentive Fee will result in a positive value and an Incentive Fee will be paid even if the Company has incurred a loss in such period due to realized and/or unrealized capital losses unless the payment of such Incentive Fee would cause the Company to pay Incentive Fees on a cumulative basis that exceed the Incentive Fee Cap.

Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company’s net assets (defined as total assets less indebtedness and before taking into account any Incentive Fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed “hurdle rate” of 2.0% quarterly. If market interest rates rise, it is possible that the Company will be able to invest funds in debt instruments that provide for a higher return, which would increase Pre-Incentive Fee Net Investment Income and make it easier for the Investment Adviser to surpass the fixed hurdle rate and receive an Incentive Fee based on such net investment income.

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

106

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

•Zero in any calendar quarter in which the Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate;

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

•20.0% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.5% in any calendar quarter.

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

•The cumulative aggregate realized capital losses are calculated as the sum of the amounts by which (a) the net sales price of each investment in the Company’s portfolio when sold is less than (b) the accreted or amortized cost basis of such investment.

•The cumulative aggregate realized capital gains are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in the Company’s portfolio when sold and (b) the accreted or amortized cost basis of such investment.

•The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable Capital Gain Incentive Fee calculation date and (b) the accreted or amortized cost basis of such investment.

In accordance with GAAP, the Company also is required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee on a quarterly basis as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement. If the Capital Gain Incentive Fee Base, adjusted as required by GAAP to include unrealized capital appreciation, is positive at the end of a period, then GAAP requires the Company to accrue a capital gain incentive fee equal to 20% of such amount, less the aggregate amount of the actual Capital Gain Incentive Fees paid and capital gain incentive fees accrued under GAAP in all prior periods. If such amount is negative, then there is no accrual for such period. The resulting accrual under GAAP in a given period results in additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. There can be no assurance that such unrealized capital appreciation will be realized in the future. For the three and six months ended March 31, 2022, the Company accrued a capital gain incentive fee of $4,362 and $4,814, respectively. For the three and six months ended March 31, 2021, the Company did not accrue a capital gain incentive fee. Changes in the accrual for the capital gain incentive fee are included in incentive fee in the Consolidated Statements of Operations. As of March 31, 2022, there was a cumulative accrual of $4,814 for capital gain incentive fees under GAAP included in management and incentive fees payable on the Consolidated Statements of Financial Condition. As of September 30, 2021, there was no cumulative accrual of capital gain incentive fees under GAAP included in management and incentive fees payable on the Consolidated Statements of Financial Condition.

107

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

As of March 31, 2022 and September 30, 2021, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement as described above. Any payment due under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year.

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

Included in accounts payable and other liabilities is $1,639 and $1,769 as of March 31, 2022 and September 30, 2021, respectively, for accrued allocated shared services under the Administration Agreement.

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

Total expenses reimbursed to the Administrator during the three and six months ended March 31, 2022, were $1,867 and $4,388, respectively. Total expenses reimbursed to the Administrator during the three and six months ended March 31, 2021, were $1,475 and $3,102, respectively.

As of March 31, 2022 and September 30, 2021, included in accounts payable and other liabilities were $856 and $2,523, respectively, for expenses paid on behalf of the Company by the Administrator.

The Company is party to an unsecured revolving credit facility with the Investment Adviser (as amended, the “Adviser Revolver”) which, as of March 31, 2022 and September 30, 2021 permits the Company to borrow a maximum of $100,000 and expires on June 21, 2022. Refer to Note 7. Borrowings for discussion of the Adviser Revolver.

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

108

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 4. Investments

Investments as of March 31, 2022 and September 30, 2021 consisted of the following:


	As of March 31, 2022						As of September 30, 2021
	Principal		Amortized Cost		Fair Value		Principal		Amortized Cost		Fair Value
Senior secured	$	642,771	$	623,158	$	605,007	$	816,316	$	803,520	$	784,805
One stop	4,563,092		4,526,868		4,508,470		3,936,606		3,913,331		3,882,314
Second lien	43,614		43,067		42,796		42,571		41,946		41,857
Subordinated debt	3,560		3,512		3,560		172		171		172


Equity	N/A		208,414		266,326		N/A		136,429		185,738
Total	$	5,253,037	$	5,405,019	$	5,426,159	$	4,795,665	$	4,895,397	$	4,894,886

109

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following tables show the portfolio composition by geographic region at amortized cost and fair value as a percentage of total investments in portfolio companies. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which is not always indicative of the primary source of the portfolio company’s business.


	As of March 31, 2022				As of September 30, 2021
Amortized Cost:
United States
Mid-Atlantic	$	892,366	16.5	%	$	836,031	17.1	%
Midwest	1,013,131		18.8		963,963		19.7
West	989,490		18.3		914,227		18.7
Southeast	1,108,915		20.5		1,054,070		21.5
Southwest	447,195		8.3		319,831		6.5
Northeast	428,476		7.9		387,030		7.9
Canada	201,408		3.7		171,126		3.5
United Kingdom	236,962		4.4		187,664		3.8
Australia	17,239		0.3		3,291		0.1
Luxembourg	8,589		0.2		8,584		0.2
Netherlands	61,248		1.1		49,580		1.0

Total	$	5,405,019	100.0	%	$	4,895,397	100.0	%

Fair Value:
United States
Mid-Atlantic	$	882,978	16.3	%	$	824,447	16.8	%
Midwest	1,014,616		18.7		964,658		19.7
West	1,002,604		18.5		922,289		18.8
Southeast	1,120,177		20.6		1,054,839		21.6
Southwest	455,254		8.4		318,892		6.5
Northeast	423,405		7.8		386,780		7.9
Canada	207,642		3.8		175,969		3.6
United Kingdom	233,523		4.3		185,591		3.8
Australia	17,345		0.3		3,333		0.1
Luxembourg	8,187		0.2		8,508		0.2
Netherlands	60,428		1.1		49,580		1.0

Total	$	5,426,159	100.0	%	$	4,894,886	100.0	%

110

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The industry compositions of the portfolio at amortized cost and fair value as of March 31, 2022 and September 30, 2021 were as follows:


	As of March 31, 2022				As of September 30, 2021
Amortized Cost:
Aerospace and Defense	$	115,430	2.1	%	$	114,075	2.3	%
Airlines	964		0.0	*	967		0.0	*
Auto Components	31,430		0.6		32,334		0.7
Automobiles	265,153		4.9		139,501		2.9
Beverages	59,822		1.1		61,557		1.3
Biotechnology	1,769		0.0	*	23,968		0.5
Building Products	16,958		0.3		9,395		0.2
Chemicals	87,727		1.6		64,363		1.3
Commercial Services and Supplies	170,036		3.1		98,529		2.0
Communications Equipment	11,398		0.2		11,382		0.2
Construction & Engineering	—		—		49,060		1.0
Consumer Finance	2,032		0.0	*	2,057		0.0	*
Containers and Packaging	29,239		0.5		10,407		0.2
Distributors	7,027		0.1		6,189		0.1
Diversified Consumer Services	172,193		3.2		138,358		2.8
Diversified Financial Services	26,276		0.5		16,345		0.3
Diversified Telecommunication Services	1,612		0.0	*	1,616		0.0	*

Electronic Equipment, Instruments and Components	144,658		2.7		124,995		2.6
Energy Equipment and Services	4,406		0.1		4,388		0.1
Food and Staples Retailing	102,764		1.9		124,003		2.5
Food Products	127,766		2.4		112,773		2.3
Healthcare Equipment and Supplies	165,795		3.1		162,211		3.3
Healthcare Providers and Services	477,721		8.8		552,202		11.3
Health Care Technology	168,558		3.1		147,269		3.0
Hotels, Restaurants and Leisure	105,983		2.0		174,667		3.6
Household Durables	8,872		0.2		5,338		0.1
Household Products	5,487		0.1		5,199		0.1
Industrial Conglomerates	18,603		0.4		18,403		0.4
Insurance	271,197		5.0		232,137		4.7
Internet and Catalog Retail	60,135		1.1		30,836		0.6
IT Services	242,416		4.5		298,383		6.1
Leisure Products	11,886		0.2		11,869		0.2
Life Sciences Tools & Services	48,892		0.9		56,285		1.1
Machinery	34,677		0.6		32,374		0.7
Marine	16,710		0.4		16,729		0.3
Media	6,392		0.1		5,295		0.1
Multiline Retail	46,396		0.9		46,382		1.0
Oil, Gas and Consumable Fuels	92,499		1.7		92,993		1.9
Paper and Forest Products	9,171		0.2		8,970		0.2
Personal Products	36,776		0.7		37,019		0.8
Pharmaceuticals	127,675		2.4		106,859		2.2
Professional Services	112,189		2.1		104,427		2.1
Real Estate Management and Development	123,140		2.3		97,205		2.0
Road and Rail	36,829		0.7		37,012		0.8
Software	1,328,499		24.6		1,077,321		22.0
Specialty Retail	348,404		6.4		286,417		5.9
Technology Hardware, Storage and Peripherals	23,401		0.4		23,815		0.5
Textiles, Apparel and Luxury Goods	46,105		0.9		45,092		0.9
Trading Companies and Distributors	34,373		0.6		18,936		0.4
Water Utilities	17,578		0.3		17,490		0.4
Total	$	5,405,019	100.0	%	$	4,895,397	100.0	%

* Represents an amount less than 0.1%.

111

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)


	As of March 31, 2022				As of September 30, 2021
Fair Value:
Aerospace and Defense	$	113,874	2.1	%	$	112,636	2.3	%
Airlines	951		0.0	*	936		0.0	*
Auto Components	31,471		0.6		32,566		0.7
Automobiles	267,352		4.9		140,499		2.9
Beverages	60,624		1.1		60,868		1.2
Biotechnology	1,769		0.0	*	25,439		0.5
Building Products	17,107		0.3		11,243		0.2
Chemicals	87,128		1.6		64,262		1.3
Commercial Services and Supplies	173,002		3.3		99,595		2.0
Communications Equipment	11,524		0.2		11,347		0.2
Construction & Engineering	—		—		49,166		1.0
Consumer Finance	2,120		0.0	*	2,627		0.1
Containers and Packaging	29,875		0.6		10,545		0.2
Distributors	6,898		0.1		6,089		0.1
Diversified Consumer Services	170,053		3.1		134,232		2.7
Diversified Financial Services	26,586		0.5		16,497		0.3
Diversified Telecommunications Services	1,636		0.0	*	1,645		0.0	*

Electronic Equipment, Instruments and Components	144,936		2.7		125,481		2.6
Energy Equipment and Services	1,987		0.0	*	2,399		0.0	*
Food and Staples Retailing	107,856		2.0		128,574		2.6
Food Products	133,490		2.5		119,568		2.4
Healthcare Equipment and Supplies	159,672		2.9		157,959		3.2
Healthcare Providers and Services	460,233		8.5		532,463		10.9
Health Care Technology	173,748		3.2		150,565		3.1
Hotels, Restaurants and Leisure	107,592		2.0		172,285		3.5
Household Durables	9,256		0.2		5,694		0.1
Household Products	5,435		0.1		5,140		0.1
Industrial Conglomerates	18,392		0.4		18,560		0.4
Insurance	274,613		5.1		234,529		4.8
Internet and Catalog Retail	61,872		1.1		31,127		0.6
IT Services	243,001		4.5		302,487		6.2
Leisure Products	13,539		0.2		12,575		0.3
Life Sciences Tools & Services	49,627		0.9		57,004		1.2
Machinery	29,754		0.5		29,377		0.6
Marine	16,841		0.3		16,877		0.3
Media	6,378		0.1		5,397		0.1
Multiline Retail	46,470		0.9		46,470		1.0
Oil, Gas and Consumable Fuels	91,802		1.7		92,720		1.9
Paper and Forest Products	9,250		0.2		8,921		0.2
Personal Products	33,923		0.6		33,727		0.7
Pharmaceuticals	129,072		2.4		108,458		2.2
Professional Services	113,715		2.1		106,898		2.2
Real Estate Management and Development	122,872		2.3		96,066		2.0
Road and Rail	36,890		0.7		36,751		0.8
Software	1,344,510		24.8		1,084,864		22.2
Specialty Retail	358,581		6.6		292,446		6.0
Technology Hardware, Storage and Peripherals	23,317		0.4		23,717		0.5
Textiles, Apparel and Luxury Goods	42,918		0.8		38,627		0.8
Trading Companies and Distributors	34,937		0.6		19,311		0.4
Water Utilities	17,710		0.3		17,657		0.4
Total	$	5,426,159	100.0	%	$	4,894,886	100.0	%

* Represents an amount less than 0.1%.

112

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 5. Forward Currency Contracts

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

The outstanding forward currency contracts as of March 31, 2022 and September 30, 2021 were as follows:



As of March 31, 2022
Counterparty	Currency to be sold			Currency to be purchased			Settlement date	Unrealized appreciation ($)		Unrealized depreciation ($)
Macquarie Bank Limited	£	3,780	GBP	$	4,804	USD	3/27/2023	$	—	$	(168)
Macquarie Bank Limited	€	9,300	EUR	$	10,861	USD	4/29/2022	558		—
Macquarie Bank Limited	€	6,760	EUR	$	8,044	USD	4/28/2023	378		—
Macquarie Bank Limited	£	10,058	GBP	$	12,706	USD	7/17/2023	—		(541)
Macquarie Bank Limited	£	8,925	GBP	$	11,219	USD	2/28/2023	—		(517)
Macquarie Bank Limited	$	18,425	CAD	$	13,783	USD	10/30/2023	—		(944)
Macquarie Bank Limited	€	13,960	EUR	$	16,735	USD	4/28/2023	903		—
Macquarie Bank Limited	£	2,228	GBP	$	2,903	USD	4/28/2023	—		(30)
Macquarie Bank Limited	€	25,000	GBP	$	34,298	USD	8/27/2024	1,053		—
Macquarie Bank Limited	€	26,000	EUR	$	31,803	USD	2/27/2025	1,266		—
Macquarie Bank Limited	$	25,000	CAD	$	19,609	USD	8/27/2024	—		(354)
Macquarie Bank Limited	$	30,000	CAD	$	23,399	USD	8/27/2024	—		(549)
Macquarie Bank Limited	€	20,550	GBP	$	28,297	USD	9/3/2024	961		—
Macquarie Bank Limited	$	22,600	CAD	$	17,739	USD	8/30/2024	—		(307)
Macquarie Bank Limited	€	13,945	GBP	$	19,149	USD	3/31/2025	518		—
								$	5,637	$	(3,410)



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

								$	2,716	$	(2,626)

113

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

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

The following table is intended to provide additional information about the effect of the forward currency contracts on the financial statements of the Company including: the fair value of derivatives by risk category, the location of those fair values on the Consolidated Statements of Financial Condition, and the Company’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Company as of March 31, 2022 and September 30, 2021.


As of March 31, 2022
Counterparty	Risk exposure category	Unrealized appreciation on forward currency contracts		Unrealized depreciation on forward currency contracts		Net amounts presented in the Consolidated Statement of Financial Condition		Collateral (Received) Pledged (1)		Net Amount (2)
Macquarie Bank Limited	Foreign exchange	$	5,637	$	(3,410)	$	2,227	$	—	$	2,227


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

(1) The actual collateral pledged may be more than the amount shown due to over collateralization.

(2)Represents the net amount due from/(to) counterparties in the event of default.

The impact of derivative transactions for the three and six months ended March 31, 2022 and 2021 on the Consolidated Statements of Operations, including realized and unrealized gains (losses) is summarized in the table below:


Realized gain (loss) on forward currency contracts recognized in income
Risk exposure category	Three months ended March 31,				Six months ended March 31,
	2022		2021		2022		2021
Foreign exchange	$	—	$	—	$	—	$	—

Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income
Risk exposure category	Three months ended March 31,				Six months ended March 31,
	2022		2021		2022		2021
Foreign exchange	$	1,856	$	1,121	$	2,137	$	(2,771)

114

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following table is a summary of the average outstanding daily volume for forward currency contracts for the three and six months ended March 31, 2022, and 2021:


Average U.S. Dollar notional outstanding	Three months ended March 31,				Six months ended March 31,
	2022		2021		2022		2021
Forward currency contracts	$	260,211	$	81,055	$	260,211	$	76,097

Exclusion of the Investment Adviser from Commodity Pool Operator Definition

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

Note 6. Fair Value Measurements

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

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

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

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

In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the three and six months ended March 31, 2022 and 2021. The following section describes the valuation techniques used by the Company to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

115

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Board, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of the Board to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with approximately 25% (based on the number of portfolio companies) of the Company’s valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. All investments as of March 31, 2022 and September 30, 2021, with the exception of money market funds included in cash, cash equivalents and restricted cash and cash equivalents and one portfolio company equity investment (Level 1 investments) and forward currency contracts (Level 2 investments), were valued using Level 3 inputs.

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

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

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

116

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following tables present fair value measurements of the Company’s investments and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of March 31, 2022 and September 30, 2021:


As of March 31, 2022	Fair Value Measurements Using
Description	Level 1		Level 2		Level 3		Total
Assets, at fair value:
Debt investments(1)	$	—	$	—	$	5,159,833	$	5,159,833
Equity investments(1)	147		—		266,179		266,326
Money market funds(1)(2)	23,983		—		—		23,983
Forward currency contracts	—		5,637		—		5,637
Total assets, at fair value:	$	24,130	$	5,637	$	5,426,012	$	5,455,779
Liabilities at fair value:
Forward currency contracts	$	—	$	(3,410)	$	—	$	(3,410)
Total liabilities, at fair value:	$	—	$	(3,410)	$	—	$	(3,410)


As of September 30, 2021	Fair Value Measurements Using
Description	Level 1		Level 2		Level 3		Total
Assets, at fair value:
Debt investments(1)	$	—	$	—	$	4,709,148	$	4,709,148
Equity investments(1)	508		—		185,230		185,738
Money market funds(1)(2)	38,317		—		—		38,317
Forward currency contracts	—		2,716		—		2,716
Total assets, at fair value:	$	38,825	$	2,716	$	4,894,378	$	4,935,919
Liabilities at fair value:
Forward currency contracts	$	—	$	(2,626)	$	—	$	(2,626)
Total liabilities, at fair value:	$	—	$	(2,626)	$	—	$	(2,626)

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

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

The net change in unrealized appreciation (depreciation) for the three and six months ended March 31, 2022, reported within the net change in unrealized appreciation (depreciation) on investments in the Company's Consolidated Statements of Operations attributable to the Company's Level 3 assets held as of March 31, 2022 was $14,133 and $28,759, respectively. The net change in unrealized appreciation (depreciation) for the three and six months ended March 31, 2021, reported within the net change in unrealized appreciation (depreciation) on investments in the Company's Consolidated Statements of Operations attributable to the Company's Level 3 assets held as of March 31, 2021 was $15,376 and $52,312, respectively.

117

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following tables present the changes in investments measured at fair value using Level 3 inputs for the six months ended March 31, 2022 and 2021:


	For the six months ended March 31, 2022
	Debt Investments		Equity Investments		Total Investments
Fair value, beginning of period	$	4,709,148	$	185,230	$	4,894,378
Net change in unrealized appreciation (depreciation) on investments	13,047		8,965		22,012

Realized gain (loss) on investments	(135)		15,029		14,894
Funding of (proceeds from) revolving loans, net	1,002		—		1,002
Fundings of investments	1,181,552		85,796		1,267,348
PIK interest	8,597		—		8,597
Proceeds from principal payments and sales of portfolio investments	(755,126)		(28,841)		(783,967)



Accretion of discounts and amortization of premiums	1,748		—		1,748

Fair value, end of period	$	5,159,833	$	266,179	$	5,426,012


	For the six months ended March 31, 2021
	Debt Investments		Equity Investments		Total Investments
Fair value, beginning of period	$	4,146,013	$	92,197	$	4,238,210
Net change in unrealized appreciation (depreciation) on investments	91,161		20,389		111,550
Realized gain (loss) on investments	(5,391)		4,948		(443)
Funding of (proceeds from) revolving loans, net	(7,248)		—		(7,248)
Fundings of investments	668,320		10,210		678,530
PIK interest	8,671		—		8,671
Proceeds from principal payments and sales of portfolio investments	(611,865)		(14,318)		(626,183)
Accretion of discounts and amortization of premiums	(7,826)		—		(7,826)

Fair value, end of period	$	4,281,835	$	113,426	$	4,395,261

118

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of March 31, 2022 and September 30, 2021.

Quantitative information about Level 3 Fair Value Measurements

Fair value as of March 31, 2022

Valuation Techniques

Unobservable Input

Range (Weighted Average) (1)

Assets:

Senior secured loans(2)

599,824

Market rate approach

Market interest rate

4.0% - 17.8% (6.3%)

Market comparable companies

EBITDA multiples

6.5x - 23.6x (15.1x)

4,897

Market comparable

Broker/dealer bids or quotes

N/A

286

Collateral analysis

Recovery rate

1.5%

One stop loans(3)(4)

4,471,781

Market rate approach

Market interest rate

3.5% - 17.0% (7.1%)

Market comparable companies

EBITDA multiples

4.5x - 36.8x (16.9x)

Revenue multiples

2.0x - 30.0x (8.8x)

36,689

Market comparable

Broker/dealer bids or quotes

N/A

Subordinated debt and second lien loans

46,356

Market rate approach

Market interest rate

6.5% - 11.5% (9.1%)

Market comparable companies

EBITDA multiples

6.5x - 24.0x (17.8x)

Equity(5)

266,179

Market comparable companies

EBITDA multiples

4.5x - 43.9x (18.8x)

Revenue multiples

2.0x - 30.0x (15.4x)

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

(2)$10,818 of loans at fair value were valued using the market comparable companies approach only.

(3)$108,592 of loans at fair value were valued using the market comparable companies approach only.

(4)The Company valued $3,780,023 and $691,758 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.

(5)The Company valued $229,104 and $37,075 of equity investments using EBITDA and revenue multiples, respectively.

119

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Quantitative information about Level 3 Fair Value Measurements

Fair value as of September 30, 2021

Valuation Techniques

Unobservable Input

Range

(Weighted Average)(1)

Assets:

Senior secured loans(2)

778,413

Market rate approach

Market interest rate

2.5% - 14.8% (5.6%)

Market comparable companies

EBITDA multiples

6.0x - 24.2x (15.1x)

6,172

Market comparable

Broker/dealer bids or quotes

N/A

220

Collateral analysis

Recovery rate

1.6%

One stop loans(3)(4)

3,882,314

Market rate approach

Market interest rate

1.0% - 18.0% (7.5%)

Market comparable companies

EBITDA multiples

4.5x - 35.0x (15.5x)

Revenue multiples

2.0x - 18.5x (8.0x)

Subordinated debt and second lien loans(5)

42,029

Market rate approach

Market interest rate

6.8% - 19.5% (9.5%)

Market comparable companies

EBITDA multiples

6.0x - 23.6x (17.2x)

Revenue multiples

3.4x

Equity(6)

185,230

Market comparable companies

EBITDA multiples

4.5x - 26.0x (17.4x)

Revenue multiples

2.0x - 25.0x (12.3x)

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

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

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

(4)The Company valued $3,354,556 and $527,758 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.

(5)The Company valued $42,020 and $9 of subordinated debt loans and second lien loans using EBITDA and revenue multiples, respectively. All second lien and subordinated debt loans were also valued using the market rate approach.

(6)The Company valued $159,620 and $25,610 of equity investments using EBITDA and revenue multiples, respectively.

The above tables are not intended to be all-inclusive but rather to provide information on significant unobservable inputs and valuation techniques used by the Company.

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

Other Financial Assets and Liabilities

ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. As a result, with the exception of the line item titled “debt” which is reported at cost, all assets and liabilities approximate fair value on the Consolidated Statements of Financial Condition due to their short maturity. The fair value of the Company's 2024 Notes, 2026 Notes and 2027 Notes (as defined in Note 7. Borrowings) is based on vendor pricing received by the Company, which is considered a Level 2 input. The fair value of the Company’s remaining debt is estimated using Level 3 inputs by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date, if available.

120

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following are the carrying values and fair values of the Company’s debt as of March 31, 2022 and September 30, 2021.


	As of March 31, 2022				As of September 30, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
Debt	$	2,980,962	$	2,893,865	$	2,569,228	$	2,594,368

Note 7. Borrowings

In accordance with the 1940 Act, with certain limited exceptions, prior to February 6, 2019, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing. On February 5, 2019, the Company’s stockholders voted to approve the asset coverage requirement decrease to 150% from 200% in accordance with Section 61(a)(2) of the 1940 Act. Effective February 6, 2019, the reduced asset coverage requirement permits the Company to have a ratio of total consolidated assets to outstanding indebtedness of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement. As of March 31, 2022, the Company’s asset coverage for borrowed amounts was 187.6%.

Debt Securitizations: On November 16, 2018, the Company completed a $602,400 term debt securitization (the “2018 Debt Securitization”). The notes offered in the 2018 Debt Securitization (the “2018 Notes”) were issued by the 2018 Issuer, a subsidiary of 2018 CLO Depositor, and are backed by a diversified portfolio of senior secured and second lien loans. The transaction was executed through a private placement of approximately $327,000 of AAA/AAA Class A 2018 Notes, which bear interest at three-month LIBOR plus 1.48%; $61,200 of AA Class B 2018 Notes, which bear interest at three-month LIBOR plus 2.10%; $20,000 of A Class C-1 2018 Notes, which bear interest at three-month LIBOR plus 2.80%; $38,800 of A Class C-2 2018 Notes, which bear interest at three-month LIBOR plus 2.65%; $42,000 of BBB- Class D 2018 Notes, which bear interest at three-month LIBOR plus 2.95%; and $113,400 of Subordinated 2018 Notes which do not bear interest. The Company indirectly retained all of the Class C-2, Class D and Subordinated 2018 Notes. Through January 20, 2023, the 2018 Issuer is permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the 2018 Issuer and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the 2018 Debt Securitization. The 2018 Notes are scheduled to mature on January 20, 2031. The Class A, Class B and Class C-1 2018 Notes are included in the March 31, 2022 and September 30, 2021 Consolidated Statements of Financial Condition as debt of the Company. As of March 31, 2022 and September 30, 2021, the Class C-2, Class D and Subordinated 2018 Notes were eliminated in consolidation.

As of March 31, 2022 and September 30, 2021, there were 76 and 75 portfolio companies, respectively, with a total fair value of $589,868 and $579,075, respectively, securing the 2018 Notes. The pool of loans in the 2018 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

The interest charged under the 2018 Debt Securitization is based on three-month LIBOR. The three-month LIBOR in effect as of March 31, 2022 based on the last interest rate reset was 0.3%. For the three and six months ended March 31, 2022 and 2021 the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the 2018 Debt Securitization were as follows:


	Three months ended March 31,						Six months ended March 31,
	2022			2021			2022			2021
Stated interest expense	$	1,904		$	1,898		$	3,750		$	3,846
Amortization of debt issuance costs	104			104			210			210
Total interest and other debt financing expenses	$	2,008		$	2,002		$	3,960		$	4,056
Cash paid for interest expense	$	1,846		$	1,936		$	3,694		$	3,928
Annualized average stated interest rate	1.9		%	1.9		%	1.8		%	1.9		%
Average outstanding balance	$	408,200		$	408,200		$	408,200		$	408,200

121

As of March 31, 2022, the classes, amounts, ratings and interest rates (expressed as a spread to three-month LIBOR) of the Class A, B and C-1 2018 Notes are as follows:

Description

Class A 2018 Notes

Class B 2018 Notes

Class C-1 2018 Notes

Type

Senior Secured Floating Rate

Amount Outstanding

$327,000

$61,200

$20,000

Fitch Rating

“AAA”

“NR”

S&P Rating

“AAA”

“AA”

“A”

Interest Rate

LIBOR + 1.48%

LIBOR + 2.10%

LIBOR + 2.80%

Effective September 16, 2019, the Company assumed, as a result of the Merger, a $908,195 term debt securitization (the “GCIC 2018 Debt Securitization”). The GCIC 2018 Debt Securitization was originally completed on December 13, 2018. The notes offered in the GCIC 2018 Debt Securitization (the “GCIC 2018 Notes”) were issued by the GCIC 2018 Issuer, a subsidiary of GCIC 2018 CLO Depositor, and are secured by a diversified portfolio of senior secured and second lien loans. The GCIC 2018 Debt Securitization consists of $490,000 of AAA/AAA Class A-1 GCIC 2018 Notes, $38,500 of AAA Class A-2 GCIC 2018 Notes, and $18,000 of AA Class B-1 GCIC 2018 Notes. In partial consideration for the loans transferred to the GCIC 2018 Issuer as part of the GCIC 2018 Debt Securitization, the GCIC 2018 CLO Depositor received and retained $27,000 of Class B-2 GCIC 2018 Notes, $95,000 of Class C GCIC 2018 Notes and $60,000 of Class D GCIC 2018 Notes and $179,695 of Subordinated GCIC 2018 Notes. On December 21, 2020, the Company and the GCIC 2018 Issuer amended the GCIC 2018 Debt Securitization to, among other things, (a) refinance the issued Class A-2 GCIC 2018 Notes issued by the GCIC 2018 Issuer by redeeming in full the $38,500 of Class A-2 GCIC 2018 Notes and issuing new Class A-2-R GCIC 2018 Notes in an aggregate principal amount of $38,500 that bear interest at a rate of 2.498%, which is a decrease from the rate of 4.665% of the Class A-2 GCIC 2018 Notes and (b) provide for a non-called period, during which the Class A-2-R GCIC 2018 Notes cannot be redeemed, from December 21, 2020 to but excluding June 21, 2021. The Class A-1, Class A-2-R and Class B-1 GCIC 2018 Notes are included in the March 31, 2022 and September 30, 2021 Consolidated Statements of Financial Condition as debt of the Company. As of March 31, 2022 and September 30, 2021, the Class B-2, Class C and Class D GCIC 2018 Notes and the Subordinated GCIC 2018 Notes were eliminated in consolidation.

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

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

As of March 31, 2022 and September 30, 2021, there were 94 and 96 portfolio companies, respectively, with a total fair value of $901,037 and $889,326, respectively, securing the GCIC 2018 Notes. The pool of loans in the GCIC 2018 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

122

The interest charged under the GCIC 2018 Debt Securitization is based on three-month LIBOR. The three-month LIBOR in effect as of March 31, 2022 based on the last interest rate reset was 0.3%. For the three and six months ended March 31, 2022 and 2021, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the GCIC 2018 Debt Securitization were as follows:


	Three months ended March 31,						Six months ended March 31,
	2022			2021			2022			2021
Stated interest expense	$	2,444		$	2,435		$	4,818		$	5,068
Accretion of discounts on notes issued	441			444			892			892
Amortization of debt issuance costs	17			13			34			13
Total interest and other debt financing expenses	$	2,902		$	2,892		$	5,744		$	5,973
Cash paid for interest expense	$	2,368		$	2,318		4,739			5,381
Annualized average stated interest rate	1.8		%	1.8		%	1.8		%	1.9		%
Average outstanding balance	$	546,500		$	546,500		$	546,500		$	546,500

As of March 31, 2022, the classes, amounts, ratings and interest rates (expressed as a spread to three-month LIBOR, as applicable) of the Class A-1 GCIC 2018 Notes, Class A-2 GCIC 2018 Notes, and Class B-1 GCIC 2018 Notes were as follows:

Description

Class A-1 GCIC 2018 Notes

Class A-2-R GCIC 2018 Notes

Class B-1 GCIC 2018 Notes

Type

Senior Secured Floating Rate

Senior Secured Fixed Rate

Senior Secured Floating Rate

Amount Outstanding

$490,000

$38,500

$18,000

Fitch’s Rating

"AAA"

"NR"

S&P Rating

"AAA"

"AA"

Interest Rate

LIBOR + 1.48%

2.50%

LIBOR + 2.25%

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

Through November 5, 2022, all principal collections received on the underlying collateral could have been used by the 2020 Issuer to purchase new collateral under the direction of GC Advisors, in its capacity as collateral manager of the 2020 Issuer and in accordance with the Company's investment strategy, allowing the Company to maintain the initial leverage in the 2020 Debt Securitization.

123

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

The pool of loans in the 2020 Debt Securitization must have met certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

The interest charged under the 2020 Debt Securitization was based on three-month LIBOR. For the three and six months ended March 31, 2022 and 2021, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the 2020 Debt Securitization were as follows:


	Three months ended March 31,					Six months ended March 31,
	2022		2021			2022		2021
Stated interest expense	$	—	$	1,263		$	—	$	2,559
Amortization of debt issuance costs	—		186			—		376
Total interest and other debt financing expenses	$	—	$	1,449		$	—	$	2,935
Cash paid for interest expense	—		2,295			—		2,295
Annualized average stated interest rate	N/A		2.7		%	N/A		2.7		%
Average outstanding balance	$	—	$	189,000		$	—	$	189,000

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

As part of each of the 2018 Debt Securitization, GCIC 2018 Debt Securitization and the 2020 Debt Securitization, GBDC entered into, or assumed in the Merger, master loan sale agreements under which GBDC agreed to directly or indirectly sell or contribute certain senior secured and second lien loans (or participation interests therein) to the 2018 Issuer, the GCIC 2018 Issuer or the 2020 Issuer, as applicable, and to purchase or otherwise acquire the LLC equity interests in the Subordinated 2018 Notes, the GCIC Subordinated 2018 Notes and the Subordinated 2020 Notes, as applicable. As of March 31, 2022, the 2018 Notes and the GCIC 2018 Notes (other than the Subordinated 2018 Notes and the GCIC Subordinated 2018 Notes) were the secured obligations of the 2018 Issuer and the GCIC 2018 Issuer, respectively, and indentures governing each of the 2018 Notes and the GCIC 2018 Notes include customary covenants and events of default.

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

As of March 31, 2022 and September 30, 2021, each of SBIC IV, SBIC V and SBIC VI had no outstanding SBA-guaranteed debentures. The original amount of debentures committed to SBIC IV, SBIC V and SBIC VI by the SBA were $150,000, $175,000 and $175,000, respectively. Through September 30, 2021, SBIC IV, SBIC V and SBIC VI repaid all outstanding debentures and the corresponding debenture commitments were terminated.

124

For the three and six months ended March 31, 2022 and 2021, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the SBA debentures were as follows:


	Three months ended March 31,					Six months ended March 31,
	2022		2021			2022		2021
Stated interest expense	$	—	$	1,254		$	—	$	2,933
Amortization of debt issuance costs	—		1,139			—		1,469
Total interest and other debt financing expenses	$	—	$	2,393		$	—	$	4,402
Cash paid for interest expense	$	—	$	3,347		$	—	$	3,347
Annualized average stated interest rate	N/A		2.7		%	N/A		2.9		%
Average outstanding balance	$	—	$	190,069		$	—	$	205,600

Revolving Credit Facilities: On February 1, 2019, Funding II entered into a credit facility, as amended, (the “MS Credit Facility II”) with Morgan Stanley, as the administrative agent, each of the lenders from time to time party thereto, each of the securitization subsidiaries from time to time party thereto, and Wells Fargo Bank, N.A., as collateral agent, account bank and collateral custodian. On October 23, 2020, the Company delivered a notice to the lenders under the MS Credit Facility II to permanently decrease the borrowing capacity under the MS Credit Facility II by $75,000, resulting in total borrowing capacity of $325,000. On January 29, 2021, the Company entered into an amendment to the MS Credit Facility II that extended the reinvestment period to May 3, 2021 from February 1, 2021, extended the maturity date to May 1, 2024 from February 1, 2024 and reduced borrowing capacity to $250,000 from $325,000. On February 23, 2021, the Company delivered a notice to the lenders under the MS Credit Facility II to permanently decrease the borrowing capacity under the MS Credit Facility II by $175,000 to $75,000. On April 13, 2021, the Company entered into an amendment to the MS Credit Facility II to, among other things, reduce the interest rate for borrowings under the facility to the applicable base rate plus 2.05% during the revolving period and to the applicable base rate plus 2.55% thereafter, extend the revolving period from May 3, 2021 to April 12, 2024 and to extend the maturity date from May 1, 2024 to April 12, 2026. On July 30, 2021, the Company entered into an amendment to the MS Credit Facility II to, among other things, amend general concentration limits and institute an unused fee holiday until November 30, 2021. As of March 31, 2022, the MS Credit Facility II allows Funding II to borrow up to $75,000 at any one time outstanding, subject to leverage and borrowing base restrictions.

The period from February 1, 2019 until April 12, 2024 is referred to as the revolving period and during such revolving period, Funding II may request drawdowns under the MS Credit Facility II. Prior to June 18, 2020, borrowings under the MS Credit Facility II bore interest at the applicable base rate plus 2.05%. Effective June 18, 2020 to April 13, 2021, the MS Credit Facility II bore interest at the applicable base rate plus 2.45%. Effective April 13, 2021, the MS Credit Facility II bears interest at the applicable base rate plus 2.05%. Following expiration of the revolving period, the interest rate on borrowings under the MS Credit Facility II will reset to the applicable base rate plus 2.55% for the remaining term of the MS Credit Facility II. The revolving period will continue through April 12, 2024 unless there is an earlier termination or event of default. The base rate under the MS Credit Facility II is (i) one-month LIBOR with respect to any advances denominated in U.S. dollars or U.K. pound sterling, (ii) one-month EURIBOR with respect to any advances denominated in euros, and (iii) one-month Canadian Dollar Offered Rate with respect to any advances denominated in Canadian dollars. The scheduled maturity date of the MS Credit Facility II is April 12, 2026. The MS Credit Facility II is subject to a non-usage fee of 0.50% per annum subsequent to a ramp-up period as defined in the credit agreement.

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

As of March 31, 2022 and September 30, 2021, the Company had no outstanding debt under the MS Credit Facility II.

125

For the three and six months ended March 31, 2022 and 2021, the components of interest expense, cash paid for interest and facility fees, average interest rates and average outstanding balances for the MS Credit Facility II were as follows:


	Three months ended March 31,						Six months ended March 31,
	2022			2021			2022			2021
Stated interest expense	$	—		$	1,176		$	4		$	2,719
Facility fees	148			113			188			257
Amortization of debt issuance costs	52			67			106			264
Total interest and other debt financing expenses	$	200		$	1,356		$	298		$	3,240
Cash paid for interest expense and facility fees	$	150		$	1,721		$	296		$	3,816
Annualized average stated interest rate	N/A			3.2		%	N/A			2.9		%
Average outstanding balance	$	—	*	$	149,877		$	—	*	$	189,689

* Represents an amount less than $1.

Effective September 16, 2019, the Company assumed, as a result of the Merger, a senior secured revolving credit facility (as amended, the “WF Credit Facility”) with GCIC Funding as the borrower and with Wells Fargo Bank, N.A. as the swingline lender, collateral agent, account bank, collateral custodian and administrative agent. On February 12, 2021, all outstanding borrowings under the WF Credit Facility were repaid following which the WF Credit Facility was terminated. Prior to its termination, the WF Credit Facility allowed GCIC Funding to borrow up to $300,000 at any one time outstanding, subject to leverage and borrowing base restrictions. The stated maturity on the WF Credit Facility was March 21, 2024, with a reinvestment period that would have expired on March 20, 2021. The WF Credit Facility bore interest at one-month LIBOR plus 2.00%. A non-usage fee rate between 0.50% and 1.75% per annum was payable depending on the size of the unused portion of the WF Credit Facility.

The WF Credit Facility was collateralized by all of the assets held by GCIC Funding, and GBDC pledged its interests in GCIC Funding as collateral to Wells Fargo Bank, N.A., as the collateral agent, to secure the obligations of GBDC as the transferor and servicer under the WF Credit Facility. Both GBDC and GCIC Funding made customary representations and warranties and were required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. Borrowings under the WF Credit Facility were subject to the asset coverage requirements contained in the 1940 Act.

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

As of March 31, 2022 and September 30, 2021, the Company had no outstanding debt or commitments under the WF Credit Facility.

For the three and six months ended March 31, 2022 and 2021, the components of interest expense, cash paid for interest and facility fees, annualized average interest rates and average outstanding balances for the WF Credit Facility were as follows:


	Three months ended March 31,					Six months ended March 31,
	2022		2021			2022		2021
Stated interest expense	$	—	$	536		$	—	$	996
Facility fees	—		45			—		323

Total interest and other debt financing expenses	$	—	$	581		$	—	$	1,319
Cash paid for interest expense and facility fees	$	—	$	874		$	—	$	1,614
Annualized average stated interest rate	N/A		2.2		%	N/A		2.2		%
Average outstanding balance	$	—	$	100,517		$	—	$	91,099

126

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

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

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

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

As of March 31, 2022 and September 30, 2021, the Company had no outstanding debt or commitments under the DB Credit Facility.


	Three months ended March 31,				Six months ended March 31,
	2022		2021		2022		2021
Stated interest expense	$	—	$	—	$	—	$	73
Facility fees	—		—		—		14

Total interest and other debt financing expenses	$	—	$	—	$	—	$	87
Cash paid for interest expense and facility fees	$	—	$	—	$	—	$	840
Annualized average stated interest rate	N/A		N/A		N/A		2.2		%
Average outstanding balance	$	—	$	—	$	—	$	6,642

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

127

amendment to the JPM Credit Facility to amend the JPM Credit Facility to, among other things, increase the accordion feature to allow the Company, under certain circumstances, to increase the total size of the facility to $1,500,000. On November 23, 2021, the Company entered into an agreement with First National Bank of Pennsylvania, JPMorgan Chase Bank, N.A., MUFG Union Bank, N.A., CIBC Bank USA, and Sumitomo Mitsui Banking Corporation, pursuant to which, through the accordion feature in the JPM Credit Facility, the aggregate commitments under the JPM Credit Facility increased from $687,500 to $1,037,500. On December 17, 2021, the Company entered into an agreement with Comerica Bank, Capital One, National Association and JPMorgan Chase Bank, N.A., pursuant to which, through the JPM Credit Facility’s accordion feature, the aggregate commitments under the JPM Credit Facility increased to $1,187,500. Under the JPM Credit Facility, as of March 31, 2022, the lenders agreed to extend credit to the Company in an aggregate amount of up to $1,187,500 in U.S. dollars and certain agreed upon foreign currencies with an option for the Company to request, at one or more times, that existing and/or new lenders, at their election, provide up to $312,500 of additional commitments.

The JPM Credit Facility provides for the issuance of letters of credit in an initial aggregate face amount of up to $23,750, subject to increase or reduction from time to time pursuant to the terms of the JPM Credit Facility. The JPM Credit Facility is secured by a first priority security interest in substantially all of the assets of the Company and certain of the Company’s subsidiaries thereunder.

Borrowings under the JPM Credit Facility are subject to compliance with a borrowing base test. Interest under the JPM Credit Facility for (i) loans for which the Company elects the base rate option, (A) if the value of the gross borrowing base is equal to or greater than 1.60 times the aggregate amount of certain outstanding indebtedness of the Company, or (the “Combined Debt Amount,”) is payable at the greater of (a) the prime rate as last quoted by The Wall Street Journal, (b) the sum of (x) the greater of (I) the federal funds effective rate and (II) the overnight bank funding rate plus (y) 0.5%, and (c) one month LIBOR plus 1% per annum or (the “alternate base rate”) plus 0.75% and, (B) if the value of the gross borrowing base is less than 1.60 times the Combined Debt Amount, the alternate base rate plus 0.875%; and (ii) loans for which the Company elects the Eurocurrency option (A) if the value of the gross borrowing base is equal to or greater than 1.60 times the Combined Debt Amount, is payable at a rate equal to LIBOR plus 1.75% and (B) if the value of the gross borrowing base is less than 1.60 times the Combined Debt Amount, is payable at a rate equal to LIBOR plus 1.875%. Effective November 19, 2021, interest under the JPM Facility for loans denominated in Pounds Sterling and Swiss Francs (A) if the value of the gross borrowing base is equal to or greater than 1.60 times the Combined Debt Amounts, is payable at a rate equal to one month SONIA plus 1.7826% per annum or one month Swiss Average Overnight Rate (“SARON”) plus 1.6929% per annum, respectively and, (B) if the value of the gross borrowing base is less than 1.60 times the Combined Debt Amount, is payable at a rate equal to one month SONIA plus 1.9076% per annum or one month SARON plus 1.8179% per annum, respectively.

The Company pays a commitment fee of 0.375% per annum on the daily unused portion of commitments under the JPM Credit Facility. The Company is also required to pay letter of credit participation fees and a fronting fee on the daily amount of any lender’s exposure with respect to any letters of credit issued at the request of the Company under the JPM Credit Facility. The JPM Credit Facility matures on February 11, 2026, and requires mandatory prepayment of interest and principal upon certain events during the term-out period.

As of March 31, 2022 and September 30, 2021, the Company had outstanding debt of $580,788 and $472,102, respectively, and no letters of credit outstanding under the JPM Credit Facility.

128


	Three months ended March 31,						Six months ended March 31,
	2022			2021			2022			2021
Stated interest expense	$	2,086		$	251		$	3,475		$	251
Facility fees	742			192			1,326			192
Amortization of debt issuance costs	486			150			874			150
Total interest and other debt financing expenses	$	3,314		$	593		$	5,675		$	593
Cash paid for interest expense and facility fees	$	2,620		$	251		$	3,539		$	251
Annualized average stated interest rate	2.0		%	1.9		%	2.0		%	1.9		%
Average outstanding balance	$	420,435		$	53,811		$	356,773		$	26,610

2024 Notes: On October 2, 2020, the Company issued $400,000 in aggregate principal amount of unsecured notes (the “2024 Notes”), and on October 15, 2021, the Company issued an additional $100,000 in aggregate principal amount of 2024 Notes under the same terms of the original issuance. As of March 31, 2022, the outstanding aggregate principal amount of the 2024 Notes is $500,000. The 2024 Notes bear interest at a rate of 3.375% per year payable semiannually in arrears on April 15 and October 15 of each year, commencing on April 15, 2021. The 2024 Notes mature on April 15, 2024.

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

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


	Three months ended March 31,						Six months ended March 31,
	2022			2021			2022			2021
Stated interest expense	$	4,219		$	3,375		$	8,307		$	6,713
Accretion of discounts and amortization of premiums on notes issued	(341)			22			(633)			45
Amortization of debt issuance costs	480			389			951			770
Total interest and other debt financing expenses	$	4,358		$	3,786		$	8,625		$	7,528
Cash paid for interest expense	$	—		$	—		$	6,750		$	—
Annualized average stated interest rate	3.4		%	3.4		%	3.4		%	3.4		%
Average outstanding balance	$	500,000		$	400,000		$	492,308		$	397,802

129

2026 Notes: On February 24, 2021, the Company issued $400,000 in aggregate principal amount of unsecured notes (the “2026 Notes”) and on October 13, 2021, the Company issued an additional $200,000 aggregate principal amount of 2026 Notes under the same terms as the original issuance. As of March 31, 2022, outstanding aggregate principal amount of the 2026 Notes is $600,000. The 2026 Notes bear interest at a rate of 2.500% per year payable semiannually in arrears on February 24 and August 24 of each year, commencing on August 24, 2021. The 2026 Notes mature on August 24, 2026.

The 2026 Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2026 Notes; equal in right of payment to the Company’s existing and future indebtedness or other obligations that are not so subordinated or junior; effectively junior to any of the Company’s secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

At any time or from time to time, the Company may redeem some or all of the 2026 Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2026 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2026 Notes to be redeemed through July 24, 2026 (the date falling one month prior to the maturity date of the 2026 Notes), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 30 basis points, plus, in each case, accrued and unpaid interest, if any, to, but excluding, the redemption date; provided, however, that if the Company redeems any 2026 Notes on or after July 24, 2026 (the date falling one month prior to the maturity date of the 2026 Notes), the redemption price for the 2026 Notes will be equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2026 Notes.


	Three months ended March 31,						Six months ended March 31,
	2022			2021			2022			2021
Stated interest expense	$	3,750		$	1,028		$	7,333		$	1,028
Accretion of discounts on notes issued	131			22			254			22
Amortization of debt issuance costs	403			88			794			88
Total interest and other debt financing expenses	$	4,284		$	1,138		$	8,381		$	1,138
Cash paid for interest expense	$	6,819		$	—		$	6,819		$	—
Annualized average stated interest rate	2.5		%	2.6		%	2.5		%	2.6		%
Average outstanding balance	$	600,000		$	160,000		$	586,813		$	79,121

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

The 2027 Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2027 Notes; equal in right of payment to the Company’s existing and future indebtedness or other obligations that are not so subordinated or junior; effectively junior to any of the Company’s secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

130

At any time or from time to time, the Company may redeem some or all of the 2027 Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2027 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2027 Notes to be redeemed through January 15, 2027 (the date falling one month prior to the maturity date of the Notes), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 25 basis points, plus, in each case, accrued and unpaid interest, if any, to, but excluding, the redemption date; provided, however, that if the Company redeems any 2027 Notes on or after January 15, 2027 (the date falling one month prior to the maturity date of the Notes), the redemption price for the 2027 Notes will be equal to 100% of the principal amount of the 2027 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the Notes.


	Three months ended March 31,					Six months ended March 31,
	2022			2021		2022			2021
Stated interest expense	$	1,794		$	—	$	3,588		$	—
Accretion of discounts on notes issued	181			—		366			—
Amortization of debt issuance costs	234			—		474			—
Total interest and other debt financing expenses	$	2,209		$	—	$	4,428		$	—
Cash paid for interest expense	$	3,827		$	—	$	3,827		$	—
Average stated interest rate	2.1		%	N/A		2.1		%	N/A
Average outstanding balance	$	350,000		$	—	$	350,000		$	—

Revolver: The Company has entered into the Adviser Revolver with the Investment Adviser pursuant to which, as of each of March 31, 2022 and September 30, 2021, the Company was permitted to borrow up to $100,000 and which had a maturity date of June 21, 2022. The Adviser Revolver bears an interest rate equal to the short-term Applicable Federal Rate, which was 1.0% as of March 31, 2022. As of March 31, 2022 and September 30, 2021, the Company had no outstanding debt under the Adviser Revolver.


	Three months ended March 31,				Six months ended March 31,
	2022		2021		2022		2021
Stated interest expense	$	—	$	—	$	—	$	—



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

For the three and six months ended March 31, 2022, the average total debt outstanding was $2,825,135 and $2,740,594, respectively. For the three and six months ended March 31, 2021, the average total debt outstanding was $2,197,975 and $2,140,263, respectively.

For the three and six months ended March 31, 2022, the effective annualized average interest rate, which includes amortization of debt financing costs, accretion of discounts and amortization of premiums on notes issued and non-usage facility fees, on the Company's total debt was 2.8% and 2.7%, respectively. For the three and six months ended March 31, 2021, the effective annualized average interest rate, which includes amortization of debt financing costs, accretion of discounts and amortization of premiums on notes issued and non-usage facility fees, on the Company's total debt was 3.0% and 2.9%, respectively.

131

A summary of the Company’s maturity requirements for borrowings as of March 31, 2022 is as follows:


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


2018 Debt Securitization	$	408,200	$	—	$	—	$	—	$	408,200
2018 GCIC Debt Securitization(1)	545,059		—		—		—		545,059











JPM Credit Facility	580,788		—		—		580,788		—
2024 Notes(2)	502,824		—		502,824		—		—
2026 Notes(2)	597,664		—		—		597,664		—
2027 Notes(2)	346,427		—		—		346,427		—
Total borrowings	$	2,980,962	$	—	$	502,824	$	1,524,879	$	953,259

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

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

Note 8. Commitments and Contingencies

Commitments: As of March 31, 2022, the Company had outstanding commitments to fund investments totaling $243,771, including $40,588 of commitments on undrawn revolvers. As of September 30, 2021, the Company had outstanding commitments to fund investments totaling $340,702, including $42,216 of commitments on undrawn revolvers.

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

Off-balance sheet risk: Off-balance sheet risk refers to an unrecorded potential liability that may result in a future obligation or loss, even though it does not appear on the Consolidated Statements of Financial Condition. The Company has entered and, in the future, may again enter into derivative instruments that contain elements of off-balance sheet market and credit risk. Refer to Note 5 for outstanding forward currency contracts as of March 31, 2022 and September 30, 2021. Derivative instruments can be affected by market conditions, such as interest rate and foreign currency volatility, which could impact the fair value of the derivative instruments. If market conditions move against the Company, it may not achieve the anticipated benefits of the derivative instruments and may realize a loss. The Company minimizes market risk through monitoring its investments and borrowings.

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

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

132

Note 9. Financial Highlights

The financial highlights for the Company are as follows:


	Six months ended March 31,
Per share data:(1)	2022				2021
Net asset value at beginning of period	$	15.19			$	14.33
Net increase in net assets as a result of issuance of DRIP shares	0.00			(2)	0.00			(2)


Distributions declared:
From net investment income	(0.60)				(0.58)


Net investment income	0.52				0.47
Net realized gain (loss) on investment transactions	0.08				(0.01)
Net change in unrealized appreciation (depreciation) on investment transactions(3)	0.16				0.65
Net asset value at end of period	$	15.35			$	14.86
Per share market value at end of period	$	15.21			$	14.62
Total return based on market value(4)	0.00		%	(5)	14.90		%
Number of common shares outstanding	170,895,670				168,231,707


	Six months ended March 31,
Listed below are supplemental data and ratios to the financial highlights:	2022	2021
Ratio of net investment income to average net assets*	6.80%	6.54%
Ratio of total expenses (without waiver) to average net assets*	6.35%	5.73%
Ratio of management fee waiver to average net assets	(0.07)%	—%
Ratio of incentive fees to average net assets	0.30%	0.12%
Ratio of net expenses (without incentive fees) to average net assets*(6)	5.98%	5.61%
Total return based on average net asset value*(7)	10.02%	15.32%
Net assets at end of period	$2,623,549	$2,499,131
Average debt outstanding	$2,740,594	$2,140,263
Average debt outstanding per share	$16.04	$12.72
Portfolio turnover*	30.53%	28.50%
Asset coverage ratio(8)	187.55%	224.80%
Asset coverage ratio per unit(9)	$1,876	$2,248
Average market value per unit:(10)

2018 Debt Securitization	N/A	N/A
GCIC 2018 Debt Securitization	N/A	N/A
2020 Debt Securitization	N/A	N/A

2024 Notes	$1,017	$1,022
2026 Notes	$965	$987
2027 Notes	$943	N/A
SBA Debentures	N/A	N/A


MS Credit Facility II	N/A	N/A
WF Credit Facility	N/A	N/A
DB Credit Facility	N/A	N/A


JPM Credit Facility	N/A	N/A
Adviser Revolver	N/A	N/A

*Annualized for periods less than one year.

(1)Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate.

(2)Represents an amount less than $0.01

(3)Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on the shares outstanding as of the dividend record date.

(4)Total return based on market value assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load.

133

(5)Represents an amount less than 0.01%

(6)For the six months ended March 31, 2022, base management fee waiver is not annualized in the calculation.

(7)Total return based on average net asset value is calculated as (a) the net increase (decrease) in net assets resulting from operations divided by (b) the daily average of total net assets. Total return does not include sales load.

(8)Effective February 6, 2019, in accordance with Section 61(a)(2) of the 1940 Act, with certain limited exceptions, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing (excluding the Company's SBA debentures pursuant to exemptive relief received by the Company from the SEC). Prior to February 6, 2019, in accordance with the 1940 Act, with certain limited exceptions, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing (excluding the Company's SBA debentures pursuant to exemptive relief received by the Company from the SEC).

(9)Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. These amounts exclude the SBA debentures pursuant to exemptive relief the Company received from the SEC on September 13, 2011.

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

Note 10. Earnings Per Share

The following information sets forth the computation of the net increase in net assets per share resulting from operations for the three and six months ended March 31, 2022 and 2021:


	Three months ended March 31,				Six months ended March 31,
	2022		2021		2022		2021
Earnings available to stockholders	$	66,873	$	91,315	$	129,951	$	185,754
Basic and diluted weighted average shares outstanding	170,866,740		167,281,115		170,452,256		167,270,194
Basic and diluted earnings per share	$	0.39	$	0.55	$	0.76	$	1.11

Note 11. Dividends and Distributions

The Company’s dividends and distributions are recorded on the ex-dividend date. The following table summarizes the Company’s dividend declarations and distributions during the six months ended March 31, 2022 and 2021:


Date Declared		Record Date	Payment Date	Amount Per Share		Cash Distribution		DRIP Shares Issued	DRIP Shares Value
For the six months ended March 31, 2022
	11/19/2021	12/10/2021	12/30/2021	$	0.30	$	38,291	837,158	$	12,717
	02/04/2022	03/04/2022	03/29/2022	$	0.30	$	37,358	29,928	$	13,902	(1)(2)



For the six months ended March 31, 2021
	11/20/2020	12/11/2020	12/30/2020	$	0.29	$	33,846	—	$	14,659	(3)
	02/05/2021	03/05/2021	03/30/2021	$	0.29	$	34,311	972,196	$	14,194

(1)In accordance with the Company's DRIP, 882,358 shares of the Company's stock were purchased in the open market at an average price of $15.24 and were issued to stockholders of the Company participating in DRIP.

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

(3)In accordance with the Company's DRIP, 1,034,149 shares of the Company's stock were purchased in the open market at an average price of $14.18 and were issued to stockholders of the Company participating in DRIP.

134

Note 12. Subsequent Events

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

On May 6, 2022, the Company’s board of directors declared a quarterly distribution of $0.30 per share, which is payable on June 29, 2022 to holders of record as of June 3, 2022.

135

TABLE OF CONTENTS

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

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

Forward-Looking Statements

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

•our future operating results;

•our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives as a result of the coronavirus, or COVID-19, pandemic;

•the effect of investments that we expect to make and the competition for those investments;

•our contractual arrangements and relationships with third parties;

•actual and potential conflicts of interest with GC Advisors LLC, or GC Advisors, and other affiliates of Golub Capital LLC, or collectively, Golub Capital;

•the dependence of our future success on the general economy and its effect on the industries in which we invest;

•the ability of our portfolio companies to achieve their objectives;

•the use of borrowed money to finance a portion of our investments;

•the adequacy of our financing sources and working capital;

•the timing of cash flows, if any, from the operations of our portfolio companies;

•general economic and political trends and other external factors, including the COVID-19 pandemic;

•changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets that could result in changes to the value of our assets;

•the ability of GC Advisors to locate suitable investments for us and to monitor and administer our investments;

•the ability of GC Advisors or its affiliates to attract and retain highly talented professionals;

•the ability of GC Advisors to continue to effectively manage our business due to the disruptions caused by the COVID-19 pandemic;

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

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

•general price and volume fluctuations in the stock markets;

•the impact on our business of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or Dodd-Frank, and the rules and regulations issued thereunder and any actions toward repeal thereof; and

•the effect of changes to tax legislation and our tax position.

Such forward-looking statements may include statements preceded by, followed by or that otherwise include the words “may,” “might,” “will,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “estimate,” “anticipate,” “predict,” “potential,” “plan” or similar words. The forward looking statements contained in this quarterly report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth as “Risk Factors” in our annual report on Form 10-K for the year ended September 30, 2021.

136

TABLE OF CONTENTS

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

137

TABLE OF CONTENTS

Overview

We are an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended, or the 1940 Act. In addition, for U.S. federal income tax purposes, we have elected to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code. As a business development company and a RIC, we are also subject to certain constraints, including limitations imposed by the 1940 Act and the Code.

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

Our investment objective is to generate current income and capital appreciation by investing primarily in one stop (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by other middle-market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies. We also selectively invest in second lien and subordinated loans of, and warrants and minority equity securities in U.S. middle-market companies. We intend to achieve our investment objective by (1) accessing the established loan origination channels developed by Golub Capital, a leading lender to U.S. middle-market companies with over $45.0 billion in capital under management as of March 31, 2022, (2) selecting investments within our core middle-market company focus, (3) partnering with experienced private equity firms, or sponsors, in many cases with whom Golub Capital has invested alongside in the past, (4) implementing the disciplined underwriting standards of Golub Capital and (5) drawing upon the aggregate experience and resources of Golub Capital.

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

Under an investment advisory agreement, or the Investment Advisory Agreement, we have agreed to pay GC Advisors an annual base management fee based on our average adjusted gross assets as well as an incentive fee based on our investment performance. The Investment Advisory Agreement was most recently approved by our board of directors in May 2022. Under an administration agreement, or the Administration Agreement, we are provided with certain administrative services by the Administrator, which is currently Golub Capital LLC. Under the Administration Agreement, we have agreed to reimburse the Administrator for our allocable portion (subject to the review and approval of our independent directors) of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement.

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

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

138

TABLE OF CONTENTS

As of March 31, 2022 and September 30, 2021, our portfolio at fair value was comprised of the following:


	As of March 31, 2022				As of September 30, 2021
Investment Type	Investments at Fair Value (In thousands)		Percentage of Total Investments		Investments at Fair Value (In thousands)		Percentage of Total Investments
Senior secured	$	605,007	11.1	%	$	784,805	16.0	%
One stop	4,508,470		83.1		3,882,314		79.3
Second lien	42,796		0.8		41,857		0.9
Subordinated debt	3,560		0.1		172		0.0	*


Equity	266,326		4.9		185,738		3.8
Total	$	5,426,159	100.0	%	$	4,894,886	100.0	%


*			Represents an amount less than 0.1%.

One stop loans include loans to technology companies undergoing strong growth due to new services, increased adoption and/or entry into new markets. We refer to loans to these companies as late stage lending loans or recurring revenue loans. Other targeted characteristics of late stage lending businesses include strong customer revenue retention rates, a diversified customer base and backing from growth equity or venture capital firms. In some cases, the borrower’s high revenue growth is supported by a high level of discretionary spending. As part of the underwriting of such loans and consistent with industry practice, we adjust our characterization of the earnings of such borrowers for a reduction or elimination of such discretionary expenses, if appropriate. As of March 31, 2022 and September 30, 2021, one stop loans included $691.8 million and $527.8 million, respectively, of late stage lending loans at fair value.

As of March 31, 2022 and September 30, 2021, we had debt and equity investments in 310 and 296 portfolio companies, respectively.

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


	For the three months ended		For the six months ended
	March 31, 2022	December 31, 2021		March 31, 2022		March 31, 2021
Weighted average income yield (1)*	6.9%	7.1%		7.0%		7.5%
Weighted average investment income yield (2)*	7.3%	7.7%		7.5%		8.0%
Total return based on average net asset value (3)*	10.4%	9.7%		10.0%		15.3%
Total return based on market value (4)	0.4%	(0.4)%		0.0%	(5)	14.9%

*Annualized for periods of less than one year.

(1)Represents income from interest and fees, excluding amortization of capitalized fees, discounts and purchase premium (as described in Note 2 of the consolidated financial statements), divided by the average fair value of earning portfolio company investments, and does not represent a return to any investor in us.

(2)Represents income from interest, fees and amortization of capitalized fees and discounts, excluding amortization of purchase premium (as described in Note 2 of the consolidated financial statements), divided by the average fair value of earning portfolio investments, and does not represent a return to any investor in us.

(3)Total return based on average net asset value is calculated as (a) the net increase/(decrease) in net assets resulting from operations divided by (b) the daily average of total net assets. Total return does not include sales load.

(4)Total return based on market value assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load.

(5)Represents an amount less than 0.1%

Revenues: We generate revenue in the form of interest and fee income on debt investments and capital gains and distributions, if any, on portfolio company investments that we originate or acquire. Our debt investments, whether

139

TABLE OF CONTENTS

in the form of senior secured, one stop, second lien or subordinated loans, typically have a term of three to seven years and bear interest at a fixed or floating rate. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. In some cases, our investments provide for deferred interest payments or payment-in-kind, or PIK, interest. The principal amount of loans and any accrued but unpaid interest generally become due at the maturity date. In addition, we generate revenue in the form of commitment, origination, amendment, structuring or due diligence fees, fees for providing managerial assistance and consulting fees. Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums on loans as fee income. For additional details on revenues, see “Critical Accounting Policies—Revenue Recognition.”

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

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

•calculating our net asset value, or NAV (including the cost and expenses of any independent valuation firm);

•fees and expenses incurred by GC Advisors payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for us and in monitoring our investments and performing due diligence on our prospective portfolio companies or otherwise relating to, or associated with, evaluating and making investments, which fees and expenses include, among other items, due diligence reports, appraisal reports, any studies commissioned by GC Advisors and travel and lodging expenses;

•expenses related to unsuccessful portfolio acquisition efforts;

•offerings of our common stock and other securities;

•administration fees and expenses, if any, payable under the Administration Agreement (including payments based upon our allocable portion of the Administrator’s overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of our chief compliance officer, chief financial officer and their respective staffs);

•fees payable to third parties, including agents, consultants or other advisors, relating to, or associated with, evaluating and making investments in portfolio companies, including costs associated with meeting financial sponsors;

•transfer agent, dividend agent and custodial fees and expenses;

•U.S. federal and state registration and franchise fees;

•all costs of registration and listing our shares on any securities exchange;

•U.S. federal, state and local taxes;

•independent directors’ fees and expenses;

•costs of preparing and filing reports or other documents required by the SEC or other regulators;

•costs of any reports, proxy statements or other notices to stockholders, including printing costs;

•costs associated with individual or group stockholders;

•costs associated with compliance under the Sarbanes-Oxley Act of 2002, as amended, or the Sarbanes-Oxley Act;

•our allocable portion of any fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;

•direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs;

•proxy voting expenses; and

140

TABLE OF CONTENTS

•all other expenses incurred by us or the Administrator in connection with administering our business.

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

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

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

Prior to the redemption of the 2020 Notes and the termination of the documents governing the 2020 Debt Securitization (as defined in Note 7 of our consolidated financial statements) on August 26, 2021, GC Advisors served as collateral manager for Golub Capital BDC CLO 4 LLC, or the 2020 Issuer, under a collateral management agreement, or the 2020 Collateral Management Agreement, and was entitled to receive an annual fee in an amount equal to 0.35% of the principal balance of the portfolio loans held by the 2020 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the 2020 Collateral Management Agreement, the term “collection period” generally referred to a quarterly period commencing on the day after the end of the prior collection period to the tenth business day prior to the payment date.

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

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

141

TABLE OF CONTENTS

GCIC Acquisition

On September 16, 2019, we completed our acquisition of Golub Capital Investment Corporation, or GCIC, pursuant to that certain Agreement and Plan of Merger, as amended, or the Merger Agreement, dated November 27, 2018, by and among us, GCIC, Fifth Ave Subsidiary Inc., our wholly owned subsidiary, or Merger Sub, GC Advisors, and, for certain limited purposes, the Administrator. In accordance with the terms of the Merger Agreement, at the effective time of the Merger, each outstanding share of GCIC’s common stock was converted into the right to receive 0.865 shares of our common stock (with GCIC’s stockholders receiving cash in lieu of fractional shares of our common stock). As a result of the Merger, we issued an aggregate of 71,779,964 shares of our common stock to former stockholders of GCIC.

COVID-19 Pandemic

The spread of COVID-19, which was identified as a global pandemic by the World Health Organization in 2020, resulted in governmental authorities imposing restrictions on travel and the temporary closure of many corporate offices, retail stores, restaurants, healthcare facilities, fitness clubs and manufacturing facilities and factories in affected jurisdictions. While restrictions, business closures and other quarantine measures have been lifted in certain states in the United States and other countries, COVID-19 outbreaks have led and could lead to the re-introduction of such restrictions. As a result, we are unable to predict the duration of business and supply chain disruptions, the extent to which COVID-19 will continue to affect our portfolio companies’ operating results or the impact COVID-19 may have on our results of operations and financial condition.

We and GC Advisors continue to monitor the COVID-19 pandemic and guidance from U.S. and international authorities, including federal, state and local public health authorities, and future recommendations from such authorities may further impact our business operations and financial results. Due to certain resurgences of COVID-19 and the threat of new variants of COVID-19, we remain cautious and concerned about the on-going impacts to the U.S. economy from COVID-19.

LIBOR Transition

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

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

In April 2018, the New York Federal Reserve Bank began publishing its alternative rate, the Secured Overnight Financing Rate, or SOFR. The Bank of England followed suit in April 2018 by publishing its proposed alternative rate, the Sterling Overnight Index Average, or SONIA.

142

TABLE OF CONTENTS

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

As such, when LIBOR is discontinued, if a replacement rate is not widely agreed upon or if a replacement rate is significantly different from LIBOR, it could cause a disruption in the credit markets generally. Such a disruption could also negatively impact the market value and/or transferability of our portfolio company investments. Furthermore, disruptions related to loans and/or other debt financing securitizations (CLOs) in the marketplace could have a material adverse effect on the ability of GC Advisors or its affiliates to enter into loans in the future in accordance with our investment strategy and have a material adverse effect on us. We could also be materially and adversely impacted to the extent GC Advisors or its affiliates are unable to successfully implement an acceptable replacement rate in leverage utilized by us or if there is a prolonged period of mismatch on the interest rates payable on our leverage and our portfolio investments as a result of the discontinued publication of LIBOR results in a decrease in our net investment income and distributions we are able to pay to our stockholders.

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

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

Recent Developments

On May 6, 2022, our board of directors declared a quarterly distribution of $0.30 per share, which is payable on June 29, 2022 to holders of record as of June 3, 2022.

Consolidated Results of Operations

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

143

TABLE OF CONTENTS

Consolidated operating results for the three months ended March 31, 2022 and December 31, 2021 and the six months ended March 31, 2022 and March 31, 2021 are as follows:


	Three months ended				Variances		Six months ended				Variances
	March 31, 2022		December 31, 2021		March 31, 2022 vs December 31, 2021		March 31, 2022		March 31, 2021		2022 vs. 2021
	(In thousands)
Interest income	$	84,631	$	84,601	$	30	$	169,232	$	155,811	$	13,421
Accretion of discounts and amortization of premiums	4,048		7,735		(3,687)		11,783		10,126		1,657
GCIC acquisition purchase premium amortization	(2,940)		(7,095)		4,155		(10,035)		(17,952)		7,917
Dividend income	3		317		(314)		320		195		125
Fee income	219		1,009		(790)		1,228		2,067		(839)
Total investment income	85,961		86,567		(606)		172,528		150,247		22,281
Total net expenses	42,521		41,777		744		84,298		70,932		13,366


Net investment income	43,440		44,790		(1,350)		88,230		79,315		8,915
Net realized gain (loss) on investment transactions excluding purchase premium	372		14,776		(14,404)		15,148		(2,239)		17,387
Net realized gain (loss) on investment transactions due to purchase premium	—		(228)		228		(228)		(99)		(129)
Net change in unrealized appreciation (depreciation) on investment transactions excluding purchase premium	20,218		(3,088)		23,306		17,130		90,726		(73,596)
Net change in unrealized appreciation (depreciation) on investment transactions due to purchase premium	2,940		7,323		(4,383)		10,263		18,051		(7,788)
Net gain (loss) on investment transactions	23,530		18,783		4,747		42,313		106,439		(64,126)
(Provision) benefit for taxes on unrealized appreciation on investments	(97)		(495)		398		(592)		—		(592)
Net increase (decrease) in net assets resulting from operations	$	66,873	$	63,078	$	3,795	$	129,951	$	185,754	$	(55,803)
Average earning debt investments, at fair value	$	4,970,924	$	4,784,517	$	186,407	$	4,872,253	$	4,231,369	$	640,884

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

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

As a supplement to our GAAP financial measures, we have provided the following non-GAAP financial measures that we believe are useful for the reasons described below:

•“Adjusted Net Investment Income” - excludes the amortization of the purchase price premium from net investment income calculated in accordance with GAAP;

144

TABLE OF CONTENTS

•“Adjusted Net Investment Income Before Accrual for Capital Gain Incentive Fee” - Adjusted Net Investment Income excluding the accrual or reversal for the capital gain incentive fee under GAAP;

•“Adjusted Net Realized and Unrealized Gain/(Loss)” - excludes the unrealized loss resulting from the purchase premium write-down and the corresponding reversal of the unrealized loss resulting from the amortization of the premium on loans or from the sale of equity investments from the determination of realized and unrealized gain/(loss) determined in accordance with GAAP; and

•“Adjusted Net Income/(Loss)” – calculates net income and earnings per share based on Adjusted Net Investment Income and Adjusted Net Realized and Unrealized Gain/(Loss).

We believe that excluding the financial impact of the purchase premium in the above non-GAAP financial measures is useful for investors as this is a non-cash expense/loss and is one method we use to measure our results of operations. In addition, we believe that providing the Adjusted Net Investment Income Before Accrual for Capital Gain Incentive Fee is a useful non-GAAP financial measure as such accrual is not contractually payable under the terms of the Investment Advisory Agreement.

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


	Three months ended				Six months ended
	March 31, 2022		December 31, 2021			March 31, 2022		March 31, 2021
	(In thousands)
Net investment income	$	43,440	$	44,790		$	88,230	$	79,315
Add: GCIC acquisition purchase premium amortization	2,940		7,095			10,035		17,952
Adjusted Net Investment Income	$	46,380	$	51,885		$	98,265	$	97,267
Add: Accrual (reversal) for capital gain incentive fee under GAAP	4,362		452			4,814		—
Adjusted Net Investment Income Before Accrual for Capital Gain Incentive Fee	$	50,742	$	52,337		$	103,079	$	97,267

Net gain (loss) on investment transactions	$	23,530	$	18,783		$	42,313	$	106,439
Add: Realized loss on investment transactions due to purchase premium	—		228			228		99
Less: Net change in unrealized appreciation on investment transactions due to purchase premium	(2,940)		(7,323)			(10,263)		(18,051)
Adjusted Net Realized and Unrealized Gain	$	20,590	$	11,688		$	32,278	$	88,487

Net increase (decrease) in net assets resulting from operations	$	66,873	$	63,078		$	129,951	$	185,754
Add: GCIC acquisition purchase premium amortization	2,940		7,095			10,035		17,952
Add: Realized loss on investment transactions due to purchase premium	—		228			228		99
Less: Net change in unrealized appreciation on investment transactions due to purchase premium	(2,940)		(7,323)			(10,263)		(18,051)
Adjusted Net Income	$	66,873	$	63,078		$	129,951	$	185,754

Investment Income

Investment income decreased from the three months ended December 31, 2021 to the three months ended March 31, 2022 by $0.6 million primarily due to a decrease in accretion income resulting from reduced payoffs of portfolio company investments and a decrease in dividend and fee income, partially offset by a decrease in GCIC premium amortization.

Investment income increased from the six months ended March 31, 2021 to the six months ended March 31, 2022 by $22.3 million primarily due to an increase in the average earning debt investments balance of $640.9 million and a decrease of the GCIC acquisition purchase price premium amortization.

145

TABLE OF CONTENTS

The annualized income yield by debt security type for the three months ended March 31, 2022 and December 31, 2021 and the six months ended March 31, 2022 and March 31, 2021 are as follows:


	Three months ended		Six months ended
	March 31, 2022	December 31, 2021		March 31, 2022	March 31, 2021
Senior secured	5.4%	5.6%		5.6%	6.3%
One stop	7.1%	7.3%		7.2%	7.7%
Second lien	8.8%	9.1%		9.0%	10.9%
Subordinated debt	11.6%	12.3%		11.8%	10.6%

Income yields on one stop and senior secured loans decreased for the three months ended March 31, 2022 as compared to the three months ended December 31, 2021 and for the six months ended March 31, 2022 as compared to the six months ended March 31, 2021, primarily due to the general trend of interest rate compression on new investments. Our loan portfolio is partially insulated from a drop in floating interest rates, as over 98.0% of the loan portfolio at fair value is subject to an interest rate floor. As of March 31, 2022 and September 30, 2021, the weighted average base rate floor of our loans was 0.86% and 0.90%, respectively. The decrease in our portfolio’s weighted average base rate floor is primarily due to the majority of our new portfolio company investments originating with base rate floors ranging between 0.00% and 0.75%.

As of March 31, 2022, we have second lien investments in six portfolio companies and subordinated debt investments in two portfolio companies as shown in the Consolidated Schedule of Investments. Due to the limited number of second lien and subordinated debt investments, income yields on second lien and subordinated debt investments can be significantly impacted by the addition, subtraction or refinancing of one investment.

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

146

TABLE OF CONTENTS

Expenses

The following table summarizes our expenses for the three months ended March 31, 2022 and December 31, 2021 and the six months ended March 31, 2022 and March 31, 2021:


	Three months ended				Variances			Six months ended			Variances
	March 31, 2022		December 31, 2021			March 31, 2022 vs December 31, 2021			March 31, 2022		March 31, 2021		2022 vs. 2021
	(In thousands)
Interest and other debt financing expenses	$	17,499	$	16,169		$	1,330		$	33,668	$	27,931	$	5,737
Amortization of debt issuance costs	1,776		1,667			109			3,443		3,340		103
Base management fee, net of waiver	16,115		17,501			(1,386)			33,616		30,306		3,310
Income incentive fee	—		2,929			(2,929)			2,929		2,946		(17)
Capital gain incentive fee	4,362		452			3,910			4,814		—		4,814
Professional fees	729		899			(170)			1,628		2,038		(410)
Administrative service fee	1,640		1,818			(178)			3,458		3,602		(144)
General and administrative expenses	400		342			58			742		769		(27)
Net expenses	$	42,521	$	41,777		$	744		$	84,298	$	70,932	$	13,366
Average debt outstanding	$	2,825,135	$	2,657,628		$	167,507		$	2,740,594	$	2,140,263	$	600,331

Interest Expense

Interest and other debt financing expenses, including amortization of debt issuance costs, increased by $1.4 million from the three months ended December 31, 2021 to the three months ended March 31, 2022 primarily due to increased borrowings on the JPM Credit Facility (as defined in Note 7 of our consolidated financial statements) to fund investments. Interest and other debt financing expenses, including amortization of debt issuance costs, increased from the six months ended March 31, 2021 to the six months ended March 31, 2022 by $5.8 million, primarily due to an increase in average debt outstanding of $600.3 million. For more information about our outstanding borrowings for the three and six months ended March 31, 2022, and 2021, including the terms thereof, see Note 7. Borrowings in the notes to our consolidated financial statements and the “Liquidity and Capital Resources” section below.

For the three months ended March 31, 2022 and December 31, 2021, the effective annualized average interest rate, which includes amortization of debt financing costs, amortization of discounts on notes issued and non-usage facility fees, on our total debt was 2.8% and 2.7%, respectively. For the six months ended March 31, 2022 and March 31, 2021, the effective annualized average interest rate, which includes amortization of debt financing costs, amortization of discounts on notes issued and non-usage facility fees, on our total debt was 2.7% and 2.9%, respectively.

The increase in the effective annualized average interest rate from the three months ended December 31, 2021 to the three months ended March 31, 2022 was primarily due to rising interest rates on the JPM Credit Facility.

The decrease in the effective annualized average interest rate in the six months ended March 31, 2022 compared to the six months ended March 31, 2021 was primarily due to the issuance of the 2026 Notes (as defined in Note 7 of our consolidated financial statements) and the 2027 Notes (as defined in Note 7 of our consolidated financial statements) issued in February 2021 and August 2021, respectively, that bear interest at a fixed rate of 2.500% and 2.050%, respectively, as well as the issuance of the additional 2026 Notes (as defined in Note 7 of our consolidated financial statements) and the additional 2024 Notes (as defined in Note 7 of our consolidated financial statements) in October 2021 at a price resulting in a yield to maturity of 2.667% and 1.809%, respectively.

147

TABLE OF CONTENTS

Management Fee

The base management fee, net of waiver, decreased from the three months ended December 31, 2021 to the three months ended March 31, 2022 primarily due to the base management fee waiver described below.

The base management fee, net of waiver, increased from the six months ended March 31, 2021 to the six months ended March 31, 2022 due to an increase in average adjusted gross assets from 2021 to 2022, partially offset by the management fee waiver described below.

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

Incentive Fees

The incentive fee payable under the Investment Advisory Agreement consists of two parts: (1) the income component, or the Income Incentive Fee, and (2) the capital gains component, or the Capital Gain Incentive Fee.

No Income Incentive Fee was payable for the three months ended March 31, 2022 due to our returns on equity not exceeding the quarterly hurdle rate of 2.0%, which compared to an Income Incentive Fee of $2.9 million for the three months ended December 31, 2021. The Income Incentive Fee was consistent from the six months ended March 31, 2021 to the six months ended March 31, 2022. As we remained in the “catch-up” provision of the calculation of the Income Incentive Fee for the relevant periods, an increase in Pre-Incentive Fee Net Investment Income (as defined in Note 3 of our consolidated financial statements) causes a corresponding increase in the Income Incentive fee until we are fully through the catch up.

The Income Incentive Fee as a percentage of Pre-Incentive Fee Net Investment Income was 6.1%, 3.1% and 3.6% for the three months ended December 31, 2021, the six months ended March 31, 2022 and the six months ended March 31, 2021, respectively. There was no Income Incentive Fee for the three months ended March 31, 2022.

As of both March 31, 2022 and September 30, 2021, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement. In accordance with GAAP, we are required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement. As of March 31, 2022, there was a capital gain incentive fee accrual of $4.8 million calculated in accordance with GAAP. We recorded an accrual for a capital gain incentive fee under GAAP of $4.4 million and $4.8 million for the three and six months ended March 31, 2022, respectively, which was primarily the result of an increase in unrealized appreciation on debt and equity investments. As of September 30, 2021, there was no capital gain incentive fee accrual calculated in accordance with GAAP. Any payment due under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year. No Capital Gain Incentive Fees as calculated under the Investment Advisory Agreement or any prior investment advisory agreements, as applicable, have been payable since December 31, 2018.

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

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

148

TABLE OF CONTENTS

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

In total, professional fees, the administrative service fee, and general and administrative expenses decreased by $0.3 million from the three months ended December 31, 2021 to the three months ended March 31, 2022 primarily due to lower professional fees and administrative expenses. In total, professional fees, the administrative service fee, and general and administrative expenses decreased from the six months ended March 31, 2021 to the six months ended March 31, 2022 by $0.6 million primarily due to a decrease in professional fees.

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

Total expenses reimbursed to the Administrator during the three months ended March 31, 2022 and December 31, 2021, were $1.9 million and $2.5 million, respectively. Total expenses reimbursed to the Administrator during the six months ended March 31, 2022 and 2021, were $4.4 million and $3.1 million, respectively.

As of March 31, 2022 and September 30, 2021, included in accounts payable and other liabilities were $0.9 million and $2.5 million, respectively, for expenses paid on behalf of us by the Administrator.

Net Realized and Unrealized Gains and Losses

The following table summarizes our net realized and unrealized gains (losses) for the three months ended March 31, 2022 and December 31, 2021 and the six months ended March 31, 2022 and March 31, 2021:


	Three months ended				Variances			Six months ended			Variances
	March 31, 2022		December 31, 2021			March 31, 2022 vs December 31, 2021			March 31, 2022		March 31, 2021		2022 vs. 2021
	(In thousands)					(In thousands)
Net realized gain (loss) on investments	$	321	$	14,573		$	(14,252)		$	14,894	$	(443)	$	15,337
Foreign currency transactions	51		(25)			76			26		(1,895)		1,921
Net realized gain (loss) on investment transactions	$	372	$	14,548		$	(14,176)		$	14,920	$	(2,338)	$	17,258
Unrealized appreciation on investments	40,626		36,805			3,821			65,821		124,403		(58,582)
Unrealized (depreciation) on investments	(22,661)		(33,119)			10,458			(44,170)		(12,853)		(31,317)

Unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies	3,337		268			3,069			3,605		(2)		3,607
Unrealized appreciation (depreciation) on forward currency contracts	1,856		281			1,575			2,137		(2,771)		4,908
Net change in unrealized appreciation (depreciation) on investment transactions	$	23,158	$	4,235		$	18,923		$	27,393	$	108,777	$	(81,384)

During the three months ended March 31, 2022 and the three months ended December 31, 2021, we had a net realized gain of $0.4 million and $14.5 million, respectively, both primarily attributable to recognized realized gains on the sale of equity investments in multiple portfolio companies.

During the six months ended March 31, 2022, we had a net realized gain of $14.9 million primarily attributable to recognized realized gains on the sale of equity investments in multiple portfolio companies. During the six months ended March 31, 2021, we had a net realized loss of $2.3 million primarily attributable to recognized realized losses on the restructure, sale, or write-off of multiple portfolio companies, partially offset by net realized gains from the sale of equity investments in multiple portfolio companies.

For the three months ended March 31, 2022, we had $40.6 million in unrealized appreciation on 199 portfolio company investments, which was offset by $22.7 million in unrealized depreciation on 147 portfolio company investments. For the three months December 31, 2021, we had $36.8 million in unrealized appreciation on 176 portfolio company investments, which was offset by $33.1 million in unrealized depreciation on 151 portfolio company investments. Unrealized appreciation for both the three months ended March 31, 2022 and the three months ended December 31, 2021 primarily resulted from better than expected performance of our portfolio companies. Unrealized depreciation for both the three months ended March 31, 2022 and the three months ended December 31, 2021 primarily resulted from amortization of discounts, negative credit related adjustments that caused a reduction in fair value and the reversal of the net unrealized appreciation associated with the sale of portfolio company investments.

149

TABLE OF CONTENTS

For the six months ended March 31, 2022, we had $65.8 million in unrealized appreciation on 213 portfolio company investments, which was offset by $44.2 million in unrealized depreciation on 133 portfolio company investments. For the six months ended March 31, 2021, we had $124.4 million in unrealized appreciation on 222 portfolio company investments, which was offset by $12.9 million in unrealized depreciation on 58 portfolio company investments. Unrealized appreciation for both the six months ended March 31, 2022 and March 31, 2021 primarily resulted from better than expected performance of our portfolio companies and credit market conditions beginning to recover from the COVID-19 pandemic. Unrealized depreciation for the six months ended March 31, 2022 primarily resulted from amortization of discounts, negative credit related adjustments that caused a reduction in fair value and the reversal of the net unrealized appreciation associated with the sale of portfolio company investments. Unrealized depreciation for the six months ended March 31, 2021 primarily resulted from decreases in the fair value in the majority of our portfolio company investments due to the adverse economic effects of the COVID-19 pandemic, the continuing uncertainty surrounding its long-term impact and increases in the spread between the yields realized on risk-free and higher risk securities.

Liquidity and Capital Resources

For the six months ended March 31, 2022, we experienced a net decrease in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $70.0 million. During the period, cash used in operating activities was $389.0 million, primarily driven by fundings of portfolio investments of $1,267.3 million, offset by proceeds from principal payments and sales of portfolio investments of $784.0 million and net investment income of $88.2 million. Lastly, cash provided by financing activities was $319.0 million, primarily driven by borrowings on debt of $916.8 million, offset by repayments of debt of $502.3 million and distributions paid of $75.6 million.

For the six months ended March 31, 2021, we experienced a net decrease in cash, cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $0.5 million. During the period, cash provided by operating activities was $38.7 million, primarily as a result of proceeds from principal payments and sales of portfolio investments of $626.2 million and net investment income of $79.3 million, offset by fundings of portfolio investments of $678.5 million. Lastly, cash used in financing activities was $39.2 million, primarily driven by repayments of debt of $2,224.5 million, distributions paid of $68.2 million, and purchases of common stock under the DRIP of $14.7 million, partially offset by borrowings on debt of $2,284.0 million.

As of March 31, 2022 and September 30, 2021, we had cash and cash equivalents of $130.5 million and $175.6 million, respectively. In addition, we had foreign currencies of $5.7 million and $5.5 million as of March 31, 2022 and September 30, 2021, respectively, restricted cash and cash equivalents of $35.7 million and $61.8 million as of March 31, 2022 and September 30, 2021, respectively, and restricted foreign currencies of $2.4 million and $1.4 million as of March 31, 2022 and September 30, 2021, respectively. Cash and cash equivalents and foreign currencies are available to fund new investments, pay operating expenses and pay distributions. Restricted cash and cash equivalents and restricted foreign currencies can be used to pay principal and interest on borrowings and to fund new investments that meet the guidelines under our debt securitizations or credit facilities, as applicable.

Revolving Debt Facilities

MS Credit Facility II - As of both March 31, 2022 and September 30, 2021, we had no amounts outstanding on the MS Credit Facility II (as defined in Note 7 of our consolidated financial statements). As of March 31, 2022, the MS Credit Facility II allowed Golub Capital BDC Funding II LLC, or Funding II, as amended, to borrow up to $75.0 million at any one time outstanding, subject to leverage and borrowing base restrictions. As of both March 31, 2022 and September 30, 2021, subject to leverage and borrowing base restrictions, we had approximately $75.0 million of remaining commitments and $75.0 million of availability on the MS Credit Facility II.

JPM Credit Facility - On February 11, 2021, we entered into the JPM Credit Facility (as defined in Note 7 of our consolidated financial statements), which, as of March 31, 2022, allowed us to borrow up to $1,187.5 million at any one time outstanding, subject to leverage and borrowing base restrictions. As of March 31, 2022 and September 30, 2021, we had outstanding debt under the JPM Credit Facility of $580.8 million and $472.1 million, respectively. As of March 31, 2022 and September 30, 2021, subject to leverage and borrowing base restrictions, we had $606.7 million and $2.9 million, respectively, of remaining commitments and $606.7 million and $2.9 million of availability, respectively, on the JPM Credit Facility.

150

TABLE OF CONTENTS

Adviser Revolver - On June 22, 2016, we entered into the Adviser Revolver (as defined in Note 7 of our consolidated financial statements), which, as amended, permitted us to borrow up to $100.0 million at any one time outstanding as of March 31, 2022. We entered into the Adviser Revolver in order to have the ability to borrow funds on a short-term basis and have in the past repaid, and generally intend in the future to repay, borrowings under the Adviser Revolver within 30 to 45 days from which they are drawn. As of each of March 31, 2022 and September 30, 2021, we had no amounts outstanding on the Adviser Revolver.

Debt Securitizations

2018 Debt Securitization - On November 16, 2018, we completed the 2018 Debt Securitization. The Class A, Class B and Class C-1 2018 Notes are included in the March 31, 2022 and September 30, 2021 Consolidated Statements of Financial Condition as our debt and the Class C-2, Class D and Subordinated 2018 Notes were eliminated in consolidation. As of both March 31, 2022 and September 30, 2021, we had outstanding debt under the 2018 Debt Securitization of $408.2 million.

GCIC 2018 Debt Securitization - Effective September 16, 2019, we assumed as a result of the Merger, the GCIC 2018 Debt Securitization. The Class A-1, Class A-2 (Class A-2-R GCIC 2018 Notes after refinancing on December 21, 2020) and Class B-1 GCIC 2018 Notes are included in the March 31, 2022 and September 30, 2021 Consolidated Statements of Financial Condition as our debt. As of March 31, 2022 and September 30, 2021 the Class B-2, Class C and Class D GCIC 2018 Notes and the Subordinated GCIC 2018 Notes were eliminated in consolidation. As of March 31, 2022 and September 30, 2021, we had outstanding debt under the GCIC 2018 Debt Securitization of $545.1 million and $544.2 million, respectively.

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

2024 Notes

On October 2, 2020, we issued $400.0 million in aggregate principal amount of the 2024 Notes. On October 15, 2021, we issued an additional $100.0 million in aggregate principal of the 2024 Notes. As of March 31, 2022, we had $500.0 million of outstanding aggregate principal amount of the 2024 Notes.

2026 Notes

On February 24, 2021, we issued $400.0 million in aggregate principal amount of the 2026 Notes. On October 13, 2021, we issued an additional $200.0 million in aggregate principal of the 2026 Notes. As of March 31, 2022, we had $600.0 million of outstanding aggregate principal amount of the 2026 Notes.

2027 Notes

On July 27, 2021, we issued $350.0 million in aggregate principal amount of the 2027 Notes, all of which remained outstanding as our debt as of March 31, 2022.

Equity Distribution Agreement

On May 28, 2021, we entered into an equity distribution agreement, or the Equity Distribution Agreement, in connection with the launch of an at the market program to sell up to $250.0 million of shares of our common stock. An at the market offering is a registered offering by a publicly traded issuer of its listed equity securities that allows the issuer to sell shares directly into the market at market prices. As of March 31, 2022, there have been no common stock issuances under the Equity Distribution Agreement.

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

As of March 31, 2022, in accordance with the 1940 Act, with certain limited exceptions, we were allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. Prior to February 6, 2019, in accordance with the 1940 Act, with certain limited exceptions, we were allowed to borrow

151

TABLE OF CONTENTS

amounts such that our asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing. We currently intend to continue to target a GAAP debt-to-equity ratio between 0.85x to 1.25x. As of March 31, 2022, our asset coverage for borrowed amounts and GAAP debt-to-equity ratio was 187.6% and 1.14x, respectively.

In August 2021, our board of directors reapproved a share repurchase program, or the Program, which allows us

to repurchase up to $150.0 million of our outstanding common stock on the open market at prices below the NAV per share as reported in our then most recently published consolidated financial statements. The Program is implemented at the discretion of management with shares to be purchased from time to time at prevailing market

prices, through open market transactions, including block transactions. We did not make any repurchases of our common stock during the six months ended March 31, 2022 and 2021.

As of March 31, 2022 and September 30, 2021, we had outstanding commitments to fund investments totaling $243.8 million and $340.7 million, respectively. As of March 31, 2022, total commitments of $243.8 million included $40.6 million of unfunded commitments on revolvers. There is no guarantee that these amounts will be funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers, subject to the terms of each loan’s respective credit agreement. A summary of maturity requirements for our principal borrowings as of March 31, 2022 is included in Note 7 of our consolidated financial statements. We did not have any other material contractual payment obligations as of March 31, 2022. As of March 31, 2022, we believe that we had sufficient assets and liquidity to adequately cover future obligations under our unfunded commitments based on historical rates of drawings upon unfunded commitments, cash and restricted cash balances that we maintain, availability under the Adviser Revolver, JPM Credit Facility and MS Credit Facility II, as well as ongoing principal repayments on debt investments. In addition, we generally hold some syndicated loans in larger portfolio companies that are saleable over a relatively short period to generate cash.

In addition, we have entered and, in the future, may again enter into derivative instruments that contain elements of off-balance sheet market and credit risk. Refer to Note 5 of our consolidated financial statements for outstanding forward currency contracts as of March 31, 2022 and September 30, 2021. Derivative instruments can be affected by market conditions, such as interest rate volatility, which could impact the fair value of the derivative instruments. If market conditions move against us, we may not achieve the anticipated benefits of the derivative instruments and may realize a loss. We minimize market risk through monitoring its investments and borrowings.

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

152

TABLE OF CONTENTS

Portfolio Composition, Investment Activity and Yield

As of March 31, 2022 and September 30, 2021, we had investments in 310 and 296 portfolio companies, respectively, with a total fair value of $5.4 billion and $4.9 billion, respectively.

The following table shows the asset mix of our new investment commitments for the three months ended March 31, 2022 and December 31, 2021 and the six months ended March 31, 2022 and March 31, 2021:


	Three months ended								Six months ended
	March 31, 2022				December 31, 2021					March 31, 2022			March 31, 2021
	(In thousands)		Percentage		(In thousands)		Percentage				(In thousands)		Percentage		(In thousands)		Percentage
Senior secured	$	5,940	1.8	%	$	37,039	4.3	%			$	42,979	3.6	%	$	173,775	22.8	%
One stop	304,844		94.4		761,442		87.7				1,066,286		89.5		572,624		75.2
Second lien	—		—		640		0.1				640		0.1		8,013		1.1
Subordinated debt	—		0.0		988		0.1				988		0.1		—		—

Equity	12,399		3.8		67,613		7.8				80,012		6.7		7,131		0.9
Total new investment commitments	$	323,183	100.0	%	$	867,722	100.0	%			$	1,190,905	100.0	%	$	761,543	100.0	%

For the six months ended March 31, 2022, we had approximately $784.0 million in proceeds from principal payments and sales of portfolio investments.

For the six months ended March 31, 2021, we had approximately $626.2 million in proceeds from principal payments and sales of portfolio investments.

153

TABLE OF CONTENTS

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


	As of March 31, 2022(1)						As of September 30, 2021(2)
	Principal		Amortized Cost		Fair Value		Principal		Amortized Cost		Fair Value
	(In thousands)						(In thousands)
Senior secured:
Performing	$	604,174	$	599,867	$	593,897	$	796,269	$	793,707	$	781,962
Non-accrual(3)	38,597		23,291		11,110		20,047		9,813		2,843
One stop:
Performing	4,503,084		4,473,875		4,463,709		3,876,907		3,860,525		3,839,053
Non-accrual(3)	60,008		52,993		44,761		59,699		52,806		43,261
Second lien:
Performing	43,614		43,067		42,796		42,571		41,946		41,857
Non-accrual(3)	—		—		—		—		—		—
Subordinated debt:
Performing	3,560		3,512		3,560		172		171		172
Non-accrual(3)	—		—		—		—		—		—




Equity	N/A		208,414		266,326		N/A		136,429		185,738
Total	$	5,253,037	$	5,405,019	$	5,426,159	$	4,795,665	$	4,895,397	$	4,894,886

(1)As of March 31, 2022, $501.3 million and $461.4 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of the interest due on such loan to be PIK interest.

(2)As of September 30, 2021, $502.1 million and $476.1 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of the interest due on such loan to be PIK interest.

(3)We refer to a loan as non-accrual when we cease recognizing interest income on the loan because we have stopped pursuing repayment of the loan or, in certain circumstances, it is past due 90 days or more on principal and interest or our management has reasonable doubt that principal or interest will be collected. See “— Critical Accounting Policies — Revenue Recognition.”

As of March 31, 2022, we had loans in seven portfolio companies on non-accrual status, and non-accrual

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

As of March 31, 2022 and September 30, 2021, the fair value of our debt investments as a percentage of the outstanding principal value was 98.2% and 98.2%, respectively.

The following table shows the weighted average rate, spread over the applicable base rate of floating rate and fees of investments originated and the weighted average rate of sales and payoffs of portfolio companies during the three months ended the three months ended March 31, 2022 and December 31, 2021 and the six months ended March 31, 2022 and March 31, 2021:


	For the three months ended		For the six months ended
	March 31, 2022	December 31, 2021		March 31, 2022	March 31, 2021
Weighted average rate of new investment fundings	6.7%	6.7%		6.7%	7.0%
Weighted average spread over the applicable base rate of new floating rate investment fundings	5.8%	5.9%		5.8%	5.9%
Weighted average fees of new investment fundings	1.1%	1.2%		1.1%	1.3%
Weighted average rate of sales and payoffs of portfolio investments	6.0%	6.3%		6.2%	6.8%

As of March 31, 2022, 98.4% and 98.6% of our debt portfolio at amortized cost and at fair value, respectively, had interest rate floors that limit the minimum applicable interest rates on such loans. As of September 30, 2021, 92.4% and 92.4% of our debt portfolio at amortized cost and at fair value, respectively, had interest rate floors that limit the minimum applicable interest rates on such loans.

As of March 31, 2022 and September 30, 2021, the portfolio median earnings before interest, taxes, depreciation and amortization, or EBITDA, for our portfolio companies was $45.7 million and $41.1 million, respectively. The

154

TABLE OF CONTENTS

portfolio median EBITDA is based on the most recently reported trailing twelve-month EBITDA received from the portfolio company.

As part of the monitoring process, GC Advisors regularly assesses the risk profile of each of our investments and rates each of them based on an internal system developed by Golub Capital and its affiliates. This system is not generally accepted in our industry or used by our competitors. It is based on the following categories, which we refer to as GC Advisors’ internal performance ratings:



Internal Performance Ratings
Rating						Definition
5						Involves the least amount of risk in our portfolio. The borrower is performing above expectations, and the trends and risk factors are generally favorable.
4						Involves an acceptable level of risk that is similar to the risk at the time of origination. The borrower is generally performing as expected, and the risk factors are neutral to favorable.
3						Involves a borrower performing below expectations and indicates that the loan’s risk has increased somewhat since origination. The borrower could be out of compliance with debt covenants; however, loan payments are generally not past due.
2						Involves a borrower performing materially below expectations and indicates that the loan’s risk has increased materially since origination. In addition to the borrower being generally out of compliance with debt covenants, loan payments could be past due (but generally not more than 180 days past due).
1						Involves a borrower performing substantially below expectations and indicates that the loan’s risk has substantially increased since origination. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 1 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered.

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

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

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

The following table shows the distribution of our investments on the 1 to 5 internal performance rating scale at fair value as of March 31, 2022 and September 30, 2021:


	As of March 31, 2022			As of September 30, 2021
Internal Performance Rating	Investments at Fair Value (In thousands)		Percentage of Total Investments	Investments at Fair Value (In thousands)		Percentage of Total Investments
5	$	337,368	6.2%	$	499,241	10.2%
4	4,670,103		86.1	3,951,870		80.7
3	367,590		6.8	395,208		8.1
2	50,810		0.9	47,836		1.0
1	288		0.0*	731		0.0*
Total	$	5,426,159	100.0%	$	4,894,886	100.0%


*			Represents an amount less than 0.1%.

155

TABLE OF CONTENTS

Distributions

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

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

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

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

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

Related Party Transactions

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

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

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

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

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

156

TABLE OF CONTENTS

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

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

•During the first calendar quarter of 2022, the Golub Capital Employee Grant Program Rabbi Trust, or the Trust, purchased approximately $11.7 million, or 789,200 shares of our common stock, for the purpose of awarding incentive compensation to employees of Golub Capital. During calendar year 2021, the Trust purchased approximately $14.3 million, or 925,040 shares of our common stock for the purpose of awarding incentive compensation to employees of Golub Capital.

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

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

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

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

Critical Accounting Policies

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

Fair Value Measurements

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

Valuation methods include comparisons of the portfolio companies to peer companies that are public, determination of the enterprise value of a portfolio company, discounted cash flow analysis and a market interest rate approach. The factors that are taken into account in fair value pricing investments include: available current market data, including relevant and applicable market trading and transaction comparables; applicable market yields and

157

TABLE OF CONTENTS

multiples; security covenants; call protection provisions; information rights; the nature and realizable value of any collateral; the portfolio company’s ability to make payments, its earnings and discounted cash flows and the markets in which it does business; comparisons of financial ratios of peer companies that are public; comparable merger and acquisition transactions; and the principal market and enterprise values. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we will consider the pricing indicated by the external event to corroborate the private equity valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the investments can differ significantly from the values that would have been used had a readily available market value existed for such investments and differ materially from values that are ultimately received or settled.

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

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

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

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

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

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

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

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and we consider factors specific to the asset or liability. We assess the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the three and six months ended March 31, 2022 and 2021. The following section describes the valuation techniques used by us to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

158

TABLE OF CONTENTS

Valuation of Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by our board of directors, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of our board of directors to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with approximately 25% (based on the number of portfolio companies) of our valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. All investments as of March 31, 2022 and September 30, 2021, with the exception of money market funds included in cash, cash equivalents and restricted cash and cash equivalents and one portfolio company equity investment (Level 1 investments) and forward currency contracts (Level 2 investments), were valued using Level 3 inputs.

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

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

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

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

159

TABLE OF CONTENTS

Valuation of Other Financial Assets and Liabilities

The fair value of the 2024 Notes, 2026 Notes and 2027 Notes is based on vendor pricing received by the Company, which is considered a Level 2 input. The fair value of our remaining debt is estimated using Level 3 inputs by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date, if available.

Revenue Recognition:

Our revenue recognition policies are as follows:

Investments and Related Investment Income: Interest income is accrued based upon the outstanding principal amount and contractual interest terms of debt investments. Premiums, discounts, and origination fees are amortized or accreted into interest income over the life of the respective debt investment. For investments with contractual PIK interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, we do not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not likely to be collectible. In addition, we may generate revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, consulting fees and prepayment premiums on loans and record these fees as fee income when received. Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums on loans as fee income. Dividend income on preferred equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Distributions received from limited liability company, or LLC, and limited partnership, or LP, investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, we will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.

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

Non-accrual: Loans may be left on accrual status during the period we are pursuing repayment of the loan. Management reviews all loans that become past due 90 days or more on principal and interest or when there is reasonable doubt that principal or interest will be collected for possible placement on non-accrual status. We generally reverse accrued interest when a loan is placed on non-accrual. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. We restore non-accrual loans to accrual status when past due principal and interest is paid and, in our management’s judgment, are likely to remain current. The total fair value of our non-accrual loans was $55.9 million and $46.1 million as of March 31, 2022 and September 30, 2021, respectively.

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

Depending on the level of taxable income earned in a tax year, we may choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. We may then be required to incur a 4% excise tax on such income. To the extent that we determine that our estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend

160

TABLE OF CONTENTS

distributions, we accrue excise tax, if any, on estimated excess taxable income as taxable income is earned. For each of the three and six months ended March 31, 2022 and 2021, we did not incur any U.S federal excise tax.

We have consolidated subsidiaries that are subject to U.S. federal and state corporate-level income taxes. For the six months ended March 31, 2022, we recorded a net tax expense of $0.6 million for taxable subsidiaries. For the six months ended March 31, 2021, we did not record a net tax expense for taxable subsidiaries. As of March 31, 2022, we recorded a net deferred tax liability, reported within accounts payable and other liabilities on the Consolidated Statement of Financial Condition, of $1.1 million for taxable subsidiaries, primarily due to unrealized appreciation on the investments held at the taxable subsidiaries. As of September 30, 2021, we recorded a net deferred tax liability, reported within accounts payable and other liabilities on the Consolidated Statement of Financial Condition, of $0.5 million for taxable subsidiaries, primarily due to unrealized appreciation on the investments held at the taxable subsidiaries.

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

161

TABLE OF CONTENTS

Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are subject to financial market risks, including changes in interest rates. Many of the loans in our portfolio have floating interest rates, and we expect that our loans in the future may also have floating interest rates. These loans are usually based on floating LIBOR, SOFR or another base rate and typically have interest rate reset provisions that adjust applicable interest rates under such loans to current market rates on a daily, monthly, quarterly, semi-annual, or annual basis. The loans that are subject to floating LIBOR, SOFR or another base rate are also typically subject to a minimum base rate, or floor, that we charge on our loans if the current market rates are below the respective floors. As of March 31, 2022 and September 30, 2021, the weighted average floor on loans subject to floating interest rates was 0.86% and 0.90%, respectively. The Class A, B and C-1 2018 Notes issued in connection with the 2018 Debt Securitization have floating rate interest provisions based on three-month LIBOR that reset quarterly, as do the Class A-1 and B-1 GCIC 2018 Notes as issued as part of the GCIC 2018 Debt Securitization. The MS Credit Facility II has a floating interest rate provision primarily based on one-month LIBOR plus 2.05%. Finally, the JPM Credit Facility has a floating interest rate provision primarily based on one-month LIBOR plus a spread that ranges from 1.75% to 1.875%. We expect that other credit facilities into which we enter in the future may have floating interest rate provisions.

Assuming that the interim and unaudited Consolidated Statement of Financial Condition as of March 31, 2022 were to remain constant and that we took no actions to alter interest rate sensitivity as of such date, the following table shows the annualized impact of hypothetical base rate changes in interest rates.


Change in interest rates	Increase (decrease) in interest income		Increase (decrease) in interest expense		Net increase (decrease) in investment income
	(In thousands)
Down 25 basis points	$	(568)	$	(3,739)	$	3,171
Up 50 basis points	25,991		7,478		18,513
Up 100 basis points	51,333		14,955		36,378
Up 150 basis points	76,824		22,433		54,391
Up 200 basis points	102,358		29,911		72,447

Although we believe that this analysis is indicative of our sensitivity to interest rate changes as of March 31, 2022, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments, including borrowings under the Debt Securitizations, the MS Credit Facility II, the JPM Credit Facility, Adviser Revolver, or other borrowings, that could affect net increase in net assets resulting from operations, or net income. Accordingly, we can offer no assurances that actual results would not differ materially from the analysis above.

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

162

Item 4. Controls and Procedures.

As of March 31, 2022 (the end of the period covered by this report), management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, or the Exchange Act). Based on that evaluation, our management, including the chief executive officer and chief financial officer, concluded that, at the end of such period, our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in the Company’s periodic reports. There has not been any change in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

163

Part II - Other Information

Item 1: Legal Proceedings.

We, GC Advisors and Golub Capital LLC may, from time to time, be involved in legal and regulatory proceedings arising out of our respective operations in the normal course of business or otherwise. While there can be no assurance of the ultimate disposition of any such proceedings, each of us, GC Advisors and Golub Capital LLC do not believe it is currently subject to any material legal proceedings.

Item 1A: Risk Factors.

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

Political uncertainty could adversely affect our business.

U.S. and non-U.S. markets could experience political uncertainty and/or change that subjects investments to heightened risks, including, for instance, risks related to the elections in the U.S., the large-scale invasion of Ukraine by Russia that began in February 2022, or the effect on world leaders and governments of the COVID-19 pandemic. These heightened risks could also include: increased risk of default (by both government and private issuers); greater social, trade, economic and political instability (including the risk of war or terrorist activity); greater governmental involvement in the economy; greater governmental supervision and regulation of the securities markets and market participants resulting in increased expenses related to compliance; greater fluctuations in currency exchange rates; controls or restrictions on foreign investment and/or trade, capital controls and limitations on repatriation of invested capital and on the ability to exchange currencies; inability to purchase and sell investments or otherwise settle security or derivative transactions (i.e., a market freeze); unavailability of currency hedging techniques; and slower clearance. During times of political uncertainty and/or change, global markets often become more volatile. There could also be a lower level of monitoring and regulation of markets while a country is experiencing political uncertainty and/or change, and the activities of investors in such markets and enforcement of existing regulations could become more limited. Markets experiencing political uncertainty and/or change could have substantial, and in some periods extremely high, rates of inflation for many years. Inflation and rapid fluctuations in inflation rates typically have negative effects on such countries’ economies and markets. Tax laws could change materially, and any changes in tax laws could have an unpredictable effect on us, our investments and our investors. There can be no assurance that political changes will not cause us or our investors to suffer losses.

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

None.

Item 3: Defaults Upon Senior Securities.

None.

Item 4: Mine Safety Disclosures

None.

Item 5: Other Information.

None.

164

Item 6: Exhibits.

EXHIBIT INDEX



Number	Description









3.1	Certificate of Amendment to Certificate of Incorporation of Golub Capital BDC, Inc. (Incorporated by reference to Exhibit 3.1 to the Registrant’s Current report on Form 8-K (File No. 814-00794), filed on February 18, 2022).
31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.	*
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.	*
32.1	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	*

_________________

* Filed herewith

165

SIGNATURES

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


	Golub Capital BDC, Inc.

Dated: May 10, 2022	By	/s/ David B. Golub
		David B. Golub
		Chief Executive Officer
		(Principal Executive Officer)

Dated: May 10, 2022	By	/s/ Christopher C. Ericson
		Christopher C. Ericson
		Chief Financial Officer
		(Principal Accounting and Financial Officer)

166

Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability	H.S. freshman Avg

Golub Capital BDC (GBDC) 10-Q2022 Q2 Quarterly report

Content analysis