______________________________________________________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________________________________________________________________________________________________ 

FORM 10-Q

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

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2024

OR

☐       TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 814-00794

Golub Capital BDC, Inc.

(Exact name of registrant as specified in its charter)

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

200 Park Avenue, 25th Floor

New York, NY 10166

(Address of principal executive offices)

(212) 750-6060

(Registrant's telephone number, including area code)

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

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

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

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes þ No   o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and

“emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer			☑			Accelerated filer			☐
Non-accelerated filer			☐			Smaller reporting company			☐
Emerging growth company			☐

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

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

As of August 5, 2024, the Registrant had 264,609,056 shares of common stock, $0.001 par value, outstanding.

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Part I. Financial Information
Item 1.			Financial Statements			3
			Consolidated Statements of Financial Condition as of June 30, 2024 (unaudited) and September 30, 2023			3
			Consolidated Statements of Operations for the three and nine months ended June 30, 2024 (unaudited) and 2023 (unaudited)			4
			Consolidated Statements of Changes in Net Assets for the three and nine months ended June 30, 2024 (unaudited) and 2023 (unaudited)			5
			Consolidated Statements of Cash Flows for the nine months ended June 30, 2024 (unaudited) and 2023 (unaudited)			6
			Consolidated Schedules of Investments as of June 30, 2024 (unaudited) and September 30, 2023			8
			Notes to Consolidated Financial Statements (unaudited)			96
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			142
Item 3.			Quantitative and Qualitative Disclosures about Market Risk			171
Item 4.			Controls and Procedures			172
Part II. Other Information
Item 1.			Legal Proceedings			173
Item 1A.			Risk Factors			173
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			173
Item 3.			Defaults Upon Senior Securities			173
Item 4.			Mine Safety Disclosures			173
Item 5.			Other Information			173
Item 6.			Exhibits			174

2

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)

			June 30, 2024						September 30, 2023
			(unaudited)
Assets
Investments, at fair value
Non-controlled/non-affiliate company investments			$	7,648,143					$	5,416,739
Non-controlled affiliate company investments			207,402						87,084
Controlled affiliate company investments			11,969						12,790
Total investments, at fair value (amortized cost of $7,965,888 and $5,593,836, respectively)			7,867,514						5,516,613
Cash and cash equivalents			141,186						65,617
Foreign currencies (cost of $6,381 and $4,540, respectively)			6,327						4,208
Restricted cash and cash equivalents			316,484						70,381
Restricted foreign currencies (cost of $717 and $0, respectively)			717						—
Cash collateral held at broker for forward currency contracts			11,670						—
Interest receivable			81,884						58,054
Net unrealized appreciation on forward currency contracts			22,365						14,941
Receivable for investments sold			8,922						—
Other assets			20,136						3,658
Total Assets			$	8,477,205					$	5,733,472
Liabilities
Debt			$	4,337,697					$	3,133,332
Less unamortized debt issuance costs			(22,232)						(15,613)
Debt less unamortized debt issuance costs			4,315,465						3,117,719
Interest payable			61,170						24,749
Management and incentive fees payable			14,345						35,277
Accrued trustee fees			494						331
Accounts payable and other liabilities			32,088						7,518
Total Liabilities			4,423,562						3,185,594
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 June 30, 2024 and September 30, 2023			—						—
Common stock, par value $0.001 per share, 350,000,000 shares authorized, 264,609,056 and 169,594,742 shares issued and outstanding as of June 30, 2024 and September 30, 2023, respectively			265						170
Paid in capital in excess of par			4,217,451						2,646,912
Distributable earnings (losses)			(164,073)						(99,204)
Total Net Assets			4,053,643						2,547,878
Total Liabilities and Total Net Assets			$	8,477,205					$	5,733,472
Number of common shares outstanding			264,609,056						169,594,742
Net asset value per common share			$	15.32					$	15.02

See Notes to Consolidated Financial Statements.

3

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Operations (unaudited)

(In thousands, except share and per share data)

			Three months ended June 30,												Nine months ended June 30,
			2024						2023						2024						2023
Investment income
From non-controlled/non-affiliate company investments:
Interest income			$	153,899					$	140,169					$	447,809					$	396,237
Payment-in-kind interest income			9,036						9,248						30,096						24,654
Dividend income			5,705						4,058						14,445						12,097
Fee income			665						275						1,482						1,790
Total investment income from non-controlled/non-affiliate company investments			169,305						153,750						493,832						434,778
From non-controlled affiliate company investments:
Interest income			795						639						2,625						1,167
Payment-in-kind interest income			1,033						241						3,392						2,330
Fee income			26						16						92						59
Total investment income from non-controlled affiliate company investments			1,854						896						6,109						3,556
From controlled affiliate company investments:
Interest income(1)			—						(28)						—						(83)
Payment-in-kind interest income			108						98						317						286
Fee income			4						4						13						13
Total investment income from controlled affiliate company investments			112						74						330						216
Total investment income			171,271						154,720						500,271						438,550
Expenses
Interest and other debt financing expenses			60,116						39,487						145,801						109,988
Base management fee			14,362						18,997						41,980						56,747
Incentive fee			14,400						18,857						56,311						52,844
Professional fees			1,486						1,225						4,136						3,753
Administrative service fee			2,090						2,049						6,480						6,182
General and administrative expenses			370						327						1,135						957
Total expenses			92,824						80,942						255,843						230,471
Incentive fee waived (Note 3)			(14,400)						—						(19,557)						—
Net expenses			78,424						80,942						236,286						230,471
Net investment income - before tax			92,847						73,778						263,985						208,079
Excise and income tax			125						—						1,195						2,432
Net investment income - after tax			92,722						73,778						262,790						205,647
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Non-controlled/non-affiliate company investments			(32,137)						(44,158)						(30,988)						(45,948)
Non-controlled affiliate company investments			—						—						(18,517)						320
Controlled affiliate company investments			—						(927)						—						(927)
Foreign currency transactions			(6,206)						1,141						(1,560)						(28)
Forward currency contracts			624						2,021						624						3,192
Net realized gain (loss) on investment transactions			(37,719)						(41,923)						(50,441)						(43,391)
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliate company investments			(53,214)						44,697						(34,523)						10,577
Non-controlled affiliate company investments			396						(2,457)						25						(15,929)
Controlled affiliate company investments			196						842						(1,111)						263
Translation of assets and liabilities in foreign currencies			3,709						3,399						(260)						21,857
Forward currency contracts			2,972						(5,431)						1,589						(22,326)
Net change in unrealized appreciation (depreciation) on investment transactions			(45,941)						41,050						(34,280)						(5,558)
Net gain (loss) on investment transactions			(83,660)						(873)						(84,721)						(48,949)
(Provision) benefit for taxes on realized gains on investments			—						—						—						(207)
(Provision) benefit for taxes on unrealized appreciation on investments			190						78						517						576
Net increase (decrease) in net assets resulting from operations			$	9,252					$	72,983					$	178,586					$	157,067
Per Common Share Data
Basic and diluted earnings per common share (Note 10)			$	0.05					$	0.43					$	0.99					$	0.92
Dividends and distributions declared per common share			$	0.50					$	0.33					$	1.40					$	0.99
Basic and diluted weighted average common shares outstanding (Note 10)			199,969,889						169,980,131						180,047,668						170,570,633

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

See Notes to Consolidated Financial Statements.

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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, 2022						170,895,670						$	171					$	2,676,674					$	(132,345)					$	2,544,500
Repurchases of common stock, net of commission costs						(1,295,678)						(1)						(16,790)						—						(16,791)
Net increase (decrease) in net assets resulting from operations
Net investment income after taxes						—						—						—						205,647						205,647
Net realized gain (loss) on investment transactions						—						—						—						(43,391)						(43,391)
Net change in unrealized appreciation (depreciation) on investment transactions						—						—						—						(5,558)						(5,558)
(Provision) benefit for taxes on realized gain on investments						—						—						—						(207)						(207)
(Provision) benefit for taxes on unrealized appreciation on investments						—						—						—						576						576
Distributions to stockholders:
Distributions from distributable earnings						—						—						—						(168,858)						(168,858)
Total increase (decrease) for the nine months ended June 30, 2023						(1,295,678)						(1)						(16,790)						(11,791)						(28,582)
Balance at June 30, 2023						169,599,992						$	170					$	2,659,884					$	(144,136)					$	2,515,918
Balance at March 31, 2023						170,144,126						$	170					$	2,667,028					$	(161,053)					$	2,506,145
Repurchases of common stock, net of commission costs						(544,134)						—						(7,144)						—						(7,144)
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes						—						—						—						73,778						73,778
Net realized gain (loss) on investment transactions						—						—						—						(41,923)						(41,923)
Net change in unrealized appreciation (depreciation) on investment transactions						—						—						—						41,050						41,050
(Provision) benefit for taxes on unrealized appreciation on investments						—						—						—						78						78
Distributions to stockholders:
Distributions from distributable earnings						—						—						—						(56,066)						(56,066)
Total increase (decrease) for the three months ended June 30, 2023						(544,134)						—						(7,144)						16,917						9,773
Balance at June 30, 2023						169,599,992						$	170					$	2,659,884					$	(144,136)					$	2,515,918
Balance at September 30, 2023						169,594,742						$	170					$	2,646,912					$	(99,204)					$	2,547,878
Issuance of common stock - GBDC 3 Merger						92,115,308						92						1,526,259						—						1,526,351
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes						—						—						—						262,790						262,790
Net realized gain (loss) on investment transactions						—						—						—						(50,441)						(50,441)
Net change in unrealized appreciation (depreciation) on investment transactions						—						—						—						(34,280)						(34,280)
(Provision) benefit for taxes on unrealized appreciation on investments						—						—						—						517						517
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan						2,899,006						3						44,280						—						44,283
Distributions from distributable earnings						—						—						—						(243,455)						(243,455)
Total increase (decrease) for the nine months ended June 30, 2024						95,014,314						95						1,570,539						(64,869)						1,505,765
Balance at June 30, 2024						264,609,056						$	265					$	4,217,451					$	(164,073)					$	4,053,643
Balance at March 31, 2024						171,517,307						$	172					$	2,676,430					$	(82,962)					$	2,593,640
Issuance of common stock - GBDC 3 Merger						92,115,308						92						1,526,259						—						1,526,351
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes						—						—						—						92,722						92,722
Net realized gain (loss) on investment transactions						—						—						—						(37,719)						(37,719)
Net change in unrealized appreciation (depreciation) on investment transactions						—						—						—						(45,941)						(45,941)
(Provision) benefit for taxes on unrealized appreciation on investments						—						—						—						190						190
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan						976,441						1						14,762						—						14,763
Distributions from distributable earnings						—						—						—						(90,363)						(90,363)
Total increase (decrease) for the three months ended June 30, 2024						93,091,749						93						1,541,021						(81,111)						1,460,003
Balance at June 30, 2024						264,609,056						$	265					$	4,217,451					$	(164,073)					$	4,053,643

See Notes to Consolidated Financial Statements.

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands)

			Nine months ended June 30,
			2024						2023
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations			$	178,586					$	157,067
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			6,869						5,362
Accretion of discounts and amortization of premiums on investments			1,267						454
Accretion of discounts and amortization of premiums on issued debt securities			(10,996)						(9,994)
Net realized (gain) loss on investments			49,505						46,555
Net realized (gain) loss on foreign currency transactions			1,560						28
Net realized (gain) loss on forward currency contracts			(624)						(3,192)
Net change in unrealized (appreciation) depreciation on investments			35,609						5,089
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies			260						(21,857)
Net change in unrealized (appreciation) depreciation on interest rate swap			2,992						—
Net change in unrealized (appreciation) depreciation on forward currency contracts			(1,589)						22,326
Proceeds from (fundings of) revolving loans, net			(4,658)						(2,449)
Fundings of investments			(554,521)						(583,847)
Proceeds from principal payments and sales of portfolio investments			867,233						550,843
Proceeds from settlements of forward currency contracts			1,123						3,192
Payment-in-kind interest capitalized			(36,551)						(27,660)
Non-cash dividends capitalized			(13,890)						(10,767)
Proceeds from non-cash dividends			47						—
Cash acquired in GBDC 3 Merger			53,885						—
Changes in operating assets and liabilities:
Cash collateral held at broker for forward currency contracts			(11,670)						—
Interest receivable			8,374						(9,139)
Receivable for investments sold			—						—
Other assets			(20,191)						340
Interest payable			23,750						5,791
Management and incentive fees payable			(29,853)						4,424
Accrued trustee fees			155						(72)
Payable for investments purchased			—						250
Accounts payable and other liabilities(1)			(2,730)						(1,497)
Net cash provided by (used in) operating activities			543,942						131,247
Cash flows from financing activities
Borrowings on debt			1,966,609						513,927
Repayments of debt			(1,971,861)						(463,765)
Capitalized debt issuance costs			(13,488)						(5,368)
Purchases of common stock (Note 11)			—						(16,791)
Distributions paid			(199,173)						(135,311)
Purchases of common stock for dividend reinvestment plan			—						(33,547)
Net cash provided by (used in) financing activities			(217,913)						(140,855)
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies			326,029						(9,608)
Effect of foreign currency exchange rates			(1,521)						93
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, beginning of period			140,206						180,553
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, end of period			$	464,714					$	171,038
Supplemental disclosure of cash flow information:
Cash paid during the period for interest			$	110,623					$	98,381
Distributions declared for the period			243,455						168,858

See Notes to Consolidated Financial Statements.

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

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

(In thousands)

			Nine months ended June 30,
			2024						2023
Supplemental disclosure of non-cash financing activities:
Stock issued in connection with dividend reinvestment plan			$	44,282					$	—
Acquisition of subsidiaries(2)
Noncash assets acquired:
Investments, at cost			$	2,623,381					$	—
Interest receivable			32,204						—
Unrealized appreciation on forward currency contracts			6,334						—
Receivable for investments sold			8,922						—
Other assets			154						—
Total noncash assets purchased			2,670,995						—
Liabilities assumed:
Debt			1,211,174						—
Interest payable			12,671						—
Distributions payable			9,516						—
Management and incentive fees payable			8,921						—
Accrued trustee fees			8						—
Accounts payable and other liabilities			4,040						—
Total liabilities assumed			1,246,330						—
Issuance of common stock			$	1,526,351					$	—
Merger costs capitalized into purchase price			$	3,867					$	—

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
			June 30, 2024						September 30, 2023
Cash and cash equivalents			$	141,186					$	65,617
Foreign currencies (cost of $6,381 and $4,540, respectively)			6,327						4,208
Restricted cash and cash equivalents			316,484						70,381
Restricted foreign currencies (cost of $717 and $0, respectively)			717						—
Total cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows(3)			$	464,714					$	140,206

(1) Includes payment of $9,516 distribution payable to GBDC 3 shareholders that was assumed in the GBDC 3 Merger (defined in Note 2).

(2) Refer to Note 13 for more information related to our acquisition of GBDC 3.

(3) 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.

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited)

June 30, 2024

(Dollar and share amounts in thousands)

Investment Type

Spread

Above

Index(1)

Interest

Rate(2)

Maturity
Date

Principal ($) /

Shares(3)

Amortized CostPercentage
of Net
Assets

Fair

Value (4)

InvestmentsNon-controlled/non-affiliate company investmentsDebt investmentsAerospace & DefensePPW Aero Buyer, Inc.~+One stopSF +6.50%(i)(j)11.84%02/2029$34,464 $34,202 0.9%$34,809 PPW Aero Buyer, Inc.+One stopSF +5.50%(j)10.83%02/20291,727 1,635 —1,542 PPW Aero Buyer, Inc.+One stopSF +6.50%(i)11.84%02/202916 15 —16 36,207 35,852 0.936,367 AirlinesAccelya Lux Finco S.A.R.L.<+(8)(13)(24)One stopSF +7.00%(j)8.43% cash/4.00%PIK12/20268,812 8,738 0.28,547Auto Components                Collision SP Subco, LLC<+One stopSF +5.50%(j)10.83%01/2030888 877 —888 Collision SP Subco, LLC+One stopSF +5.50%(k)10.76%01/203041 36 —41 Collision SP Subco, LLC+One stopSF +5.50%(j)10.83%01/203014 13 —14 Covercraft Parent III, Inc.&+Senior securedSF +4.50%(j)9.95%08/20276,843 6,801 0.16,638 Covercraft Parent III, Inc.+Senior securedSF +4.50%(j)9.98%08/20271,385 1,364 —1,343 Covercraft Parent III, Inc.+Senior securedSF +4.50%(j)9.98%08/202760 56 —54 North Haven Falcon Buyer, LLC<+(24)One stopSF +8.00%(j)8.33% cash/5.00%PIK05/20278,991 8,295 0.26,744 

North Haven Falcon Buyer, LLC+(24)One stopSF +8.00%(j)13.35%05/20271,506 1,387 —1,129 OEConnection, LLC<+One stopSF +5.25%(i)10.59%04/203110,315 10,267 0.310,211 OEConnection, LLC+(5)One stopSF +5.25%N/A(6)04/2031— (9)—(9)OEConnection, LLC+(5)One stopSF +5.25%N/A(6)04/2031— (8)—(9)Polk Acquisition Corp.*#+(24)Senior securedSF +7.50%(i)10.69% cash/2.25%PIK12/202418,535 18,419 0.518,351 Polk Acquisition Corp.+(24)Senior securedSF +7.50%(i)10.69% cash/2.25%PIK12/2024110 109 —109 Polk Acquisition Corp.+(24)Senior securedSF +7.50%(i)10.69% cash/2.25%PIK12/202465 63 —62 48,753 47,670 1.145,566 Automobiles                CG Group Holdings, LLC*#~<+(24)One stopSF +8.75%(j)12.08% cash/2.00%PIK07/202745,784 45,569 1.145,326 CG Group Holdings, LLC+(24)One stopSF +8.75%(i)12.09% cash/2.00%PIK07/2026700 694 —694 Denali Midco 2, LLC*#~+One stopSF +6.00%(i)11.44%12/202744,740 44,553 1.144,741 Denali Midco 2, LLC<+One stopSF +6.50%(i)11.94%12/20271,512 1,495 —1,516 Denali Midco 2, LLC&<+One stopSF +6.00%(i)11.44%12/202710,427 10,633 0.310,427 Denali Midco 2, LLC+One stopSF +6.50%(i)11.94%12/2027407 403 —408 

Denali Midco 2, LLC+One stopSF +6.50%(i)11.94%12/2027345 341 —345 Denali Midco 2, LLC&+One stopSF +6.00%(i)11.44%12/20273,120 3,182 0.13,120 Denali Midco 2, LLC+One stopSF +6.50%(i)11.94%12/2027202 200 —203 Denali Midco 2, LLC<+One stopSF +6.00%(i)11.44%12/20271,896 1,933 0.11,896 Denali Midco 2, LLC<+One stopSF +6.00%(i)11.44%12/20271,801 1,836 —1,801 Denali Midco 2, LLC<+One stopSF +6.00%(i)11.44%12/20271,572 1,603 —1,572 Denali Midco 2, LLC<+One stopSF +6.00%(i)11.44%12/20271,296 1,295 —1,296 Denali Midco 2, LLC<+One stopSF +6.00%(i)11.44%12/20271,257 1,257 —1,257 Denali Midco 2, LLC<+One stopSF +6.00%(i)11.44%12/20271,257 1,257 —1,257 Denali Midco 2, LLC<+One stopSF +6.00%(i)11.44%12/20271,038 1,037 —1,038 Denali Midco 2, LLC+One stopSF +6.50%(i)11.94%12/2027101 100 —101 Denali Midco 2, LLC+(5)One stopSF +6.00%N/A(6)12/2027— (3)—— Denali Midco 2, LLC+One stopSF +6.50%(i)11.94%12/2027471 465 —472 Denali Midco 2, LLC+(5)One stopSF +5.75%N/A(6)12/2027— (4)—— Denali Midco 2, LLC+One stopSF +5.75%(i)(j)11.19%12/2027396 395 —396 

High Bar Brands Operating, LLC<+Senior securedSF +5.25%(j)10.58%12/20291,441 1,436 0.11,441 High Bar Brands Operating, LLC<+Senior securedSF +5.25%(j)10.58%12/2029300 299 —300 

See Notes to Consolidated Financial Statements.

8

---

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

Investment Type

Spread

Above

Index(1)

Interest

Rate(2)

Maturity
Date

Principal ($) /

Shares(3)

Amortized CostPercentage
of Net
Assets

Fair

Value (4)

High Bar Brands Operating, LLC+(5)Senior securedSF +5.25%N/A(6)12/2029$— $(1)—%$— High Bar Brands Operating, LLC+(5)Senior securedSF +5.25%N/A(6)12/2029— (1)—— JHCC Holdings LLC~+One stopSF +5.25%(j)10.58%09/202717,935 17,815 0.517,889 JHCC Holdings LLC+One stopSF +5.25%(j)10.58%09/20274,963 4,960 0.14,951 JHCC Holdings LLC<+One stopSF +5.25%(j)10.58%09/20261,663 1,643 —1,659 JHCC Holdings LLC<+One stopSF +5.25%(j)10.58%09/2027736 730 —734 JHCC Holdings LLC<+One stopSF +5.25%(j)10.58%09/20275,192 5,282 0.15,179 JHCC Holdings LLC+One stopSF +5.25%(i)10.59%09/202746 44 —44 JHCC Holdings LLC<+One stopSF +5.25%(j)10.58%09/2027697 695 —695 JHCC Holdings LLC+One stopSF +5.25%(j)10.58%09/20272,163 2,186 0.22,156 JHCC Holdings LLC+(5)One stopSF +5.25%N/A(6)09/2027— (27)—(17)

MOP GM Holding, LLC*#~^+One stopSF +5.75%(j)11.23%11/202632,974 32,959 0.832,645 MOP GM Holding, LLC~+One stopSF +5.75%(k)11.15%11/20263,627 3,605 0.13,591 MOP GM Holding, LLC&+One stopSF +5.75%(k)11.33%11/20263,875 3,869 0.13,837 MOP GM Holding, LLC^+One stopSF +5.75%(k)11.15%11/20263,545 3,524 0.13,510 MOP GM Holding, LLC^+One stopSF +5.75%(j)11.23%11/20262,628 2,611 0.12,601 MOP GM Holding, LLC&+One stopSF +5.75%(k)11.15%11/20262,167 2,154 0.22,146 MOP GM Holding, LLC&+One stopSF +5.75%(k)11.15%11/20261,998 1,978 0.11,977 MOP GM Holding, LLC+One stopSF +5.75%(j)11.23%11/2026727 723 —720 MOP GM Holding, LLC+One stopSF +5.75%(j)11.23%11/2026534 531 —530 MOP GM Holding, LLC+One stopSF +5.75%(j)(k)11.23%11/2026400 397 —396 MOP GM Holding, LLC+One stopSF +5.75%(k)11.15%11/2026268 267 —266 MOP GM Holding, LLC+One stopSF +5.75%(j)11.23%11/2026204 202 —202 MOP GM Holding, LLC+One stopSF +5.75%(j)11.23%11/202689 88 —88 MOP GM Holding, LLC+One stopSF +5.75%(k)11.15%11/202689 89 —88 MOP GM Holding, LLC+(5)One stopSF +5.75%N/A(6)11/2026— (38)—— National Express Wash Parent Holdco, LLC&+One stopSF +5.50%(k)10.76%07/20297,965 7,907 0.27,806 

National Express Wash Parent Holdco, LLC+One stopSF +5.50%(k)10.79%07/2029280 274 —272 National Express Wash Parent Holdco, LLC+(5)One stopSF +6.00%N/A(6)07/2029— (4)—— POY Holdings, LLC#^&<+One stopSF +5.50%(j)10.98%11/202728,563 28,863 0.728,563 POY Holdings, LLC<+One stopSF +5.50%(j)10.98%11/20271,314 1,314 —1,314 POY Holdings, LLC+One stopSF +5.50%(j)10.99%11/2027188 185 —188 POY Holdings, LLC<+One stopSF +5.50%(j)10.98%11/20273,711 3,779 0.13,711 POY Holdings, LLC+(5)One stopSF +5.50%N/A(6)11/2027— (1)—— POY Holdings, LLC+One stopSF +5.50%(j)10.98%11/2027653 652 —653 Quick Quack Car Wash Holdings, LLC+One stopSF +4.75%(i)10.09%06/20313,500 3,470 0.13,474 Quick Quack Car Wash Holdings, LLC+(5)One stopSF +4.75%N/A(6)06/2031— (3)—(4)Quick Quack Car Wash Holdings, LLC+(5)One stopSF +4.75%N/A(6)06/2031— (12)—(12)Spotless Brands, LLC<+One stopSF +6.50%(j)11.97%07/202812,353 12,311 0.312,353 Spotless Brands, LLC+One stopSF +6.50%(j)11.98%07/20281,343 1,335 —1,343 Spotless Brands, LLC+One stopSF +6.50%(j)11.97%07/2028996 991 —997 Spotless Brands, LLC+One stopSF +6.50%(i)11.93%07/202822 22 —22 TWAS Holdings, LLC#&<One stopSF +6.75%(i)12.19%12/202646,924 46,808 1.146,456 

TWAS Holdings, LLC*~&+One stopSF +6.75%(i)12.19%12/202641,916 41,890 1.041,498 TWAS Holdings, LLC<+One stopSF +6.75%(i)12.19%12/202610,882 10,877 0.310,773 TWAS Holdings, LLC<+One stopSF +6.75%(i)12.19%12/20268,309 8,393 0.28,226 TWAS Holdings, LLC<+One stopSF +6.75%(i)12.19%12/20265,277 5,331 0.15,224 TWAS Holdings, LLC+(5)One stopSF +6.75%N/A(6)12/2026— (5)—(8)Yorkshire Parent, Inc.<+One stopSF +6.00%(j)11.33%12/20292,247 2,287 0.12,247 Yorkshire Parent, Inc.+(5)One stopSF +6.00%N/A(6)12/2029— (1)—— Yorkshire Parent, Inc.+(5)One stopSF +6.00%N/A(6)12/2029— (1)—— 383,026 382,923 9.4380,590 

See Notes to Consolidated Financial Statements.

9

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Banks
			OSP Hamilton Purchaser, LLC<+			One stop						SF +			5.50%			(j)						10.93%															12/2029						$	1,749					$	1,775					—			%			$	1,749
			OSP Hamilton Purchaser, LLC+			One stop						SF +			5.00%			(i)						10.44%															12/2029						285						279						—						285
			OSP Hamilton Purchaser, LLC+			One stop						SF +			5.50%									N/A(6)															12/2029						—						—						—						—
																																													2,034						2,054						—						2,034
			Beverages
			Financial Information Technologies, LLC~<+			One stop						SF +			5.50%			(j)						10.83%															06/2030						34,713						34,639						0.9						34,713
			Financial Information Technologies, LLC+(24)			One stop						N/A												14.00%			PIK												06/2031						19,193						19,051						0.5						19,193
			Financial Information Technologies, LLC+(5)			One stop						SF +			5.50%									N/A(6)															06/2030						—						(1)						—						—
			Financial Information Technologies, LLC<+			One stop						SF +			5.50%			(j)						10.83%															06/2030						2,226						2,223						—						2,226
			Financial Information Technologies, LLC+(5)			One stop						SF +			5.50%									N/A(6)															06/2030						—						(1)						—						—
			Watermill Express, LLC^+			One stop						SF +			5.75%			(j)						11.23%															07/2029						3,072						3,053						0.1						3,073
			Watermill Express, LLC+			One stop						SF +			5.75%			(j)						11.23%															07/2029						297						296						—						297
			Watermill Express, LLC+			One stop						SF +			5.75%			(i)(j)						11.22%															07/2029						30						29						—						30
			Watermill Express, LLC<+			One stop						SF +			5.75%			(j)						11.23%															07/2029						742						736						—						742
			Watermill Express, LLC+			One stop						SF +			5.75%			(j)						11.23%															07/2029						371						370						—						371
			Winebow Holdings, Inc.~<			One stop						SF +			6.25%			(i)						11.69%															07/2025						10,660						10,624						0.3						10,447
																																													71,304						71,019						1.8						71,092

			Building Products
			BECO Holding Company, Inc.#~&<+			One stop						SF +			5.25%			(j)						10.73%															11/2028						41,104						41,773						1.0						41,105
			BECO Holding Company, Inc.+(5)			One stop						SF +			5.25%									N/A(6)															11/2027						—						(3)						—						—
			Jensen Hughes, Inc.+			Senior secured						SF +			5.75%			(i)						11.18%															03/2025						4,031						4,022						0.1						4,031
			Jensen Hughes, Inc.+			Senior secured						SF +			5.75%			(i)						11.18%															03/2025						1,440						1,436						0.1						1,440
			Jensen Hughes, Inc.+			Senior secured						SF +			5.75%			(i)						11.18%															03/2025						1,364						1,360						—						1,364
			Jensen Hughes, Inc.+			Senior secured						SF +			5.75%			(i)						11.18%															03/2025						879						877						—						879
			Jensen Hughes, Inc.+			Senior secured						SF +			5.75%			(i)						11.18%															03/2025						829						827						—						829
			Jensen Hughes, Inc.+			Senior secured						SF +			5.75%			(i)						11.18%															03/2025						421						420						—						421
			Jensen Hughes, Inc.+			Senior secured						SF +			5.75%			(i)						11.18%															03/2025						269						268						—						269
			Jensen Hughes, Inc.+			Senior secured						SF +			5.75%			(i)						11.18%															03/2025						210						209						—						210
			Jensen Hughes, Inc.+			Senior secured						SF +			5.75%			(i)						11.18%															03/2025						112						112						—						112
																																													50,659						51,301						1.2						50,660
			Capital Markets
			BlueMatrix Holdings, LLC<+			One stop						SF +			5.25%			(j)						10.58%															01/2031						2,546						2,572						0.1						2,547
			BlueMatrix Holdings, LLC+			One stop						SF +			5.25%									N/A(6)															01/2031						—						—						—						—
			BlueMatrix Holdings, LLC+(5)			One stop						SF +			5.25%									N/A(6)															01/2031						—						(7)						—						—
																																													2,546						2,565						0.1						2,547
			Chemicals
			Inhance Technologies Holdings, LLC#<+(24)			One stop						SF +			6.00%			(j)						11.45%															12/2024						14,958						14,611						0.3						12,715
			Inhance Technologies Holdings, LLC#&(24)			One stop						SF +			6.00%			(j)						11.45%															12/2024						13,570						13,053						0.3						11,534
			Inhance Technologies Holdings, LLC<+(24)			One stop						SF +			6.00%			(j)						11.45%															12/2024						2,639						2,529						0.1						2,243
			Inhance Technologies Holdings, LLC+(24)			One stop						SF +			6.00%			(j)						11.45%															12/2024						310						293						—						259
			PHM NL SP Bidco B.V.+(8)(9)(14)(24)			One stop						E +			6.75%			(d)						7.61%			cash/			3.00%			PIK						09/2028						48,535						49,576						1.1						42,711
			PHM NL SP Bidco B.V.+(8)(14)(24)			One stop						SF +			6.75%			(h)						9.31%			cash/			3.00%			PIK						09/2028						19,688						18,942						0.4						17,326
			PHM NL SP Bidco B.V.+(8)(9)(14)			One stop						SN +			3.75%			(g)						8.95%															09/2028						10,870						10,882						0.2						9,565
			PHM NL SP Bidco B.V.+(8)(9)(14)(24)			One stop						E +			6.75%			(d)						7.50%			cash/			3.00%			PIK						09/2028						5,130						5,141						0.1						4,514
																																													115,700						115,027						2.5						100,867
			Commercial Services & Supplies
			BradyIFS Holdings, LLC^+			One stop						SF +			6.00%			(j)						11.33%															10/2029						4,854						4,941						0.1						4,854
			BradyIFS Holdings, LLC+			One stop						SF +			6.00%			(j)						11.33%															10/2029						333						332						—						333
			BradyIFS Holdings, LLC+(5)			One stop						SF +			6.00%									N/A(6)															10/2029						—						(1)						—						—

See Notes to Consolidated Financial Statements.

10

---

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			CI (Quercus) Intermediate Holdings, LLC*#~<+			One stop						SF +			5.00%			(j)						10.34%															06/2031						$	26,272					$	25,962					0.7			%			$	26,141
			CI (Quercus) Intermediate Holdings, LLC+			One stop						P +			4.00%			(a)(j)						11.47%															06/2031						154						134						—						144
			CI (Quercus) Intermediate Holdings, LLC+(5)			One stop						SF +			5.00%									N/A(6)															06/2031						—						(61)						—						(123)
			Encore Holdings, LLC+			One stop						SF +			5.25%			(j)						10.67%															11/2028						4,575						4,508						0.1						4,598
			Encore Holdings, LLC<+			One stop						SF +			5.25%			(j)						10.68%															11/2028						910						896						—						914
			Encore Holdings, LLC+			One stop						SF +			5.00%			(i)(j)						10.34%															11/2028						855						849						—						855
			FR Vision Holdings, Inc.<+			One stop						SF +			5.50%			(j)						10.83%															01/2031						1,072						1,068						—						1,072
			FR Vision Holdings, Inc.+			One stop						SF +			5.50%			(j)						10.83%															01/2031						90						89						—						90
			FR Vision Holdings, Inc.+			One stop						SF +			5.50%									N/A(6)															01/2030						—						—						—						—
			Kleinfelder Intermediate, LLC<+			One stop						SF +			6.25%			(i)						11.59%															09/2030						4,098						4,035						0.1						4,139
			Kleinfelder Intermediate, LLC+(5)			One stop						SF +			6.25%									N/A(6)															09/2028						—						(8)						—						—
			Kleinfelder Intermediate, LLC+(5)			One stop						SF +			6.25%									N/A(6)															09/2030						—						(6)						—						—
			North Haven Stack Buyer, LLC+			Second lien						SF +			5.25%			(j)						10.58%															07/2027						1,568						1,552						0.1						1,568
			North Haven Stack Buyer, LLC+			Senior secured						SF +			5.00%			(j)						10.35%															07/2027						691						650						—						649
			North Haven Stack Buyer, LLC+			Senior secured						SF +			5.25%			(j)						10.57%															07/2027						285						282						—						285
			North Haven Stack Buyer, LLC+(5)			Second lien						N/A												N/A(6)															01/2028						—						(16)						—						(17)
			North Haven Stack Buyer, LLC*#~<			Senior secured						SF +			5.25%			(j)						10.58%															07/2027						12,317						12,301						0.3						12,317
			North Haven Stack Buyer, LLC+(24)			Second lien						N/A												10.00%			cash/			2.50%			PIK						01/2028						2,263						2,242						0.1						2,263
			North Haven Stack Buyer, LLC+			Senior secured						SF +			5.25%			(j)						10.58%															07/2027						1,485						1,475						0.1						1,485
			North Haven Stack Buyer, LLC+			Senior secured						SF +			5.25%			(j)						10.57%															07/2027						1,422						1,412						—						1,422

			North Haven Stack Buyer, LLC#~			Senior secured						SF +			5.25%			(j)						10.58%															07/2027						4,149						4,135						0.1						4,149
			North Haven Stack Buyer, LLC+			Senior secured						SF +			5.25%			(j)						10.58%															07/2027						1,374						1,369						—						1,374
			North Haven Stack Buyer, LLC#~			Senior secured						SF +			5.25%			(j)						10.58%															07/2027						1,369						1,364						—						1,369
			North Haven Stack Buyer, LLC+			Senior secured						SF +			5.25%			(j)						10.57%															07/2027						201						200						—						201
			North Haven Stack Buyer, LLC+			Senior secured						SF +			5.25%			(j)						10.58%															07/2027						100						100						—						100
			North Haven Stack Buyer, LLC+			Senior secured						SF +			5.25%			(j)						10.58%															07/2027						221						213						—						211
			North Haven Stack Buyer, LLC+			Senior secured						SF +			5.25%			(j)						10.58%															07/2027						2,287						2,273						0.1						2,287
			North Haven Stack Buyer, LLC+			Senior secured						SF +			5.25%			(j)						10.67%															07/2027						485						482						—						485
			North Haven Stack Buyer, LLC+(5)			Second lien						N/A												N/A(6)															01/2028						—						(21)						—						—
			Profile Products LLC<+			One stop						SF +			5.50%			(j)						10.93%															11/2027						9,076						8,991						0.2						8,893
			Profile Products LLC<+(8)			One stop						SF +			5.50%			(j)						10.93%															11/2027						1,840						1,814						0.1						1,802
			Profile Products LLC+			One stop						P +			4.50%			(a)						13.00%															11/2027						24						22						—						22
			Profile Products LLC+(5)			One stop						SF +			5.75%									N/A(6)															11/2027						—						(1)						—						(2)
			PSC Parent, Inc.<+			One stop						SF +			5.25%			(i)						10.58%															04/2031						5,505						5,495						0.1						5,451
			PSC Parent, Inc.+			One stop						SF +			5.25%			(i)						10.58%															04/2030						84						78						—						78
			PSC Parent, Inc.+(5)			One stop						SF +			5.25%									N/A(6)															04/2031						—						(6)						—						(6)
			PSC Parent, Inc.+(5)			One stop						SF +			5.25%									N/A(6)															04/2031						—						(5)						—						(5)
			PT Intermediate Holdings III, LLC<+(24)			One stop						SF +			5.00%			(j)						8.58%			cash/			1.75%			PIK						04/2030						12,076						12,105						0.3						12,076
			PT Intermediate Holdings III, LLC+(5)			One stop						SF +			4.75%									N/A(6)															04/2030						—						(2)						—						—
			Radwell Parent, LLC#^+			One stop						SF +			5.50%			(j)						10.83%															03/2029						34,376						34,035						0.9						34,377
			Radwell Parent, LLC&<+			One stop						SF +			5.50%			(j)						10.83%															03/2029						31,218						31,273						0.8						31,218
			Radwell Parent, LLC+			One stop						SF +			5.50%			(j)						10.83%															03/2029						289						237						—						289
			Radwell Parent, LLC+			One stop						SF +			5.50%			(j)						10.85%															03/2029						1,271						1,266						—						1,271
			Trinity Air Consultants Holdings Corporation<+			One stop						SF +			5.25%			(k)						10.66%															06/2028						2,632						2,607						0.1						2,632
			Trinity Air Consultants Holdings Corporation+			One stop						SF +			5.25%			(k)						10.58%															06/2028						530						530						—						530
			Trinity Air Consultants Holdings Corporation+			One stop						SF +			5.25%									N/A(6)															06/2028						—						—						—						—
			Trinity Air Consultants Holdings Corporation+			One stop						SF +			5.25%			(k)						10.61%															06/2028						432						429						—						432
			WRE Holding Corp.*#			Senior secured						SF +			5.00%			(i)						10.38%															01/2025						2,188						2,186						0.1						2,188
			WRE Holding Corp.+			Senior secured						SF +			5.00%			(i)						10.38%															01/2025						904						903						—						904
			WRE Holding Corp.+			Senior secured						SF +			5.00%			(i)						10.38%															01/2025						664						663						—						664

See Notes to Consolidated Financial Statements.

11

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

Investment Type

Spread

Above

Index(1)

Interest

Rate(2)

Maturity
Date

Principal ($) /

Shares(3)

Amortized CostPercentage
of Net
Assets

Fair

Value (4)

WRE Holding Corp.+Senior securedSF +5.00%(i)10.38%01/2025$392 $392 —%$392 WRE Holding Corp.+Senior securedSF +5.00%(i)(k)10.35%01/20251,221 1,218 —1,221 WRE Holding Corp.+Senior securedSF +5.00%(i)10.38%01/2025148 148 —148 WRE Holding Corp.+Senior securedSF +5.00%(i)10.38%01/2025126 126 —126 WRE Holding Corp.+Senior securedSF +5.00%(i)10.38%01/202523 23 —23 WRE Holding Corp.+Senior securedSF +5.25%N/A(6)01/2025— — —— 178,449 177,278 4.4177,889 Communications EquipmentLightning Finco Limited+(8)(10)One stopSF +5.50%(h)11.24%09/202814,802 14,774 0.414,802 Lightning Finco Limited+(8)(9)(10)One stopE + 5.50%(d)9.17%09/20281,628 1,743 —1,628 16,430 16,517 0.416,430 Construction & EngineeringConsor Intermediate II, LLC<+One stopSF +4.75%(j)10.08%05/20314,050 4,063 0.14,030 Consor Intermediate II, LLC+(5)One stopSF +4.75%N/A(6)05/2031— (18)—(19)Consor Intermediate II, LLC+(5)One stopSF +4.75%N/A(6)05/2031— (3)—(3)4,050 4,042 0.14,008 Containers & PackagingAmerCareRoyal LLC<+(24)Senior securedSF +6.50%(i)11.98%11/20253,266 3,316 0.13,266 

AmerCareRoyal LLC<+(24)Senior securedSF +6.50%(i)11.98%11/2025699 698 —699 AmerCareRoyal LLC+(24)Senior securedSF +6.50%(i)11.98%11/2025679 678 —679 AmerCareRoyal LLC<+(8)(24)Senior securedSF +6.50%(i)11.98%11/2025587 587 —588 Chase Intermediate#~&<+One stopSF +4.75%(j)10.23%10/202849,457 50,221 1.349,457 Chase Intermediate+(5)One stopSF +5.00%N/A(6)10/2028— (2)—— Chase Intermediate+One stopSF +4.75%(j)10.08%10/202835 29 —35 Fortis Solutions Group, LLC*#~^&+One stopSF +5.50%(j)10.93%10/202850,153 49,807 1.249,150 Fortis Solutions Group, LLC+One stopSF +5.50%(j)10.92%10/20281,512 1,397 —1,353 Fortis Solutions Group, LLC+One stopSF +5.50%(j)10.93%10/2028142 72 —139 Fortis Solutions Group, LLC+One stopSF +5.50%(j)10.93%10/2027121 113 —112  106,651 106,916 2.6105,478 Diversified Consumer ServicesAny Hour, LLC<+One stopSF +5.00%(j)10.33%05/20309,089 9,021 0.28,952 Any Hour, LLC+One stopN/A13.00%05/20312,746 2,692 0.12,692 Any Hour, LLC+One stopSF +5.00%(j)10.33%05/2030124 110 —109 Any Hour, LLC+(5)One stopSF +5.00%N/A(6)05/2030— (20)—(20)Apex Service Partners, LLC<+(24)One stopSF +7.00%(j)10.33% cash/2.00%PIK10/20304,415 4,497 0.14,415 Apex Service Partners, LLC+(24)One stopSF +7.00%(j)12.33%10/2030941 940 —941 

Apex Service Partners, LLC+One stopSF +6.50%(j)(k)11.83%10/202935 35 —35 Certus Pest, Inc.#~One stopSF +7.00%(j)12.48%02/20261,730 1,712 0.11,730 Certus Pest, Inc.#~One stopSF +7.00%(j)12.48%02/20261,659 1,634 0.11,659 Certus Pest, Inc.+One stopSF +7.00%(j)12.48%02/20261,197 1,197 —1,197 Certus Pest, Inc.#~One stopSF +7.00%(j)12.48%02/20261,182 1,175 —1,182 Certus Pest, Inc.~+One stopSF +7.00%(j)12.48%02/2026820 813 —820 Certus Pest, Inc.#~One stopSF +7.00%(j)12.48%02/2026722 706 —722 Certus Pest, Inc.+One stopSF +7.00%(j)12.48%02/2026704 701 —704 Certus Pest, Inc.~+One stopSF +7.00%(j)12.48%02/2026416 412 —416 Certus Pest, Inc.+One stopSF +7.00%(j)12.48%02/2026260 254 —260 Certus Pest, Inc.+One stopSF +7.00%(j)12.48%02/2026142 132 —142 Certus Pest, Inc.+One stopSF +7.00%(j)12.48%02/202660 58 —60 Certus Pest, Inc.+One stopSF +7.00%N/A(6)02/2026— — —— CHHJ Midco, LLC#<Senior securedSF +5.00%(k)10.51%01/20263,741 3,732 0.13,741 CHHJ Midco, LLC+Senior securedSF +5.00%N/A(6)01/2026— — —— CHVAC Services Investment, LLC<+One stopSF +5.00%(j)10.33%05/20302,945 2,920 0.12,920 CHVAC Services Investment, LLC+(5)One stopSF +5.00%N/A(6)05/2030— (44)—(45)

See Notes to Consolidated Financial Statements.

12

---

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

Investment Type

Spread

Above

Index(1)

Interest

Rate(2)

Maturity
Date

Principal ($) /

Shares(3)

Amortized CostPercentage
of Net
Assets

Fair

Value (4)

CHVAC Services Investment, LLC+(5)One stopSF +5.00%N/A(6)05/2030$— $(3)—%$(3)COP Hometown Acquisitions, Inc.<+Senior securedSF +5.25%(j)10.70%07/20272,407 2,393 0.12,388 COP Hometown Acquisitions, Inc.<+Senior securedSF +5.25%(j)10.70%07/20272,344 2,326 0.12,327 COP Hometown Acquisitions, Inc.<+Senior securedSF +5.25%(j)10.70%07/20271,536 1,526 0.11,525 COP Hometown Acquisitions, Inc.<+Senior securedSF +5.25%(j)10.72%07/20271,086 1,078 —1,078 COP Hometown Acquisitions, Inc.<+Senior securedSF +5.25%(j)10.70%07/20271,157 1,148 —1,148 COP Hometown Acquisitions, Inc.<+Senior securedSF +5.25%(j)10.73%07/2027698 692 —692 COP Hometown Acquisitions, Inc.+(5)Senior securedSF +5.25%N/A(6)07/2027— (2)—(1)COP Hometown Acquisitions, Inc.+Senior securedSF +5.50%(j)10.96%07/20271,387 1,384 —1,387 COP Hometown Acquisitions, Inc.<+Senior securedSF +5.50%(j)10.98%07/20271,045 1,043 —1,045 COP Hometown Acquisitions, Inc.+Senior securedSF +5.50%(j)10.98%07/2027924 922 —924 DP Flores Holdings, LLC#<One stopSF +6.25%(j)11.58%09/20283,854 3,851 0.13,854 

DP Flores Holdings, LLC+(5)One stopSF +6.25%N/A(6)09/2028— (1)—— DP Flores Holdings, LLC+(5)One stopSF +6.25%N/A(6)09/2028— (6)—— DP Flores Holdings, LLC+One stopSF +6.25%(j)11.58%09/2028599 594 —599 EMS LINQ, LLC^+One stopSF +6.25%(i)11.69%12/202713,835 13,871 0.413,835 EMS LINQ, LLC+One stopSF +6.25%(i)11.69%12/2027156 154 —156 Entomo Brands Acquisitions, Inc.<+Senior securedSF +5.50%(j)10.98%07/20294,400 4,403 0.14,400 Entomo Brands Acquisitions, Inc.+Senior securedSF +5.50%N/A(6)07/2029— — —— Entomo Brands Acquisitions, Inc.+Senior securedSF +5.50%(j)10.98%07/20291,060 1,036 —1,060 EWC Growth Partners LLC<+One stopSF +6.00%(j)11.48%03/2026976 971 —976 EWC Growth Partners LLC&+One stopSF +6.00%(j)11.48%03/20261,144 1,144 —1,144 EWC Growth Partners LLC+One stopSF +6.00%(j)11.48%03/202638 38 —38 EWC Growth Partners LLC+One stopSF +6.00%(j)11.48%03/2026109 109 —109 FPG Intermediate Holdco, LLC&+(24)One stopSF +6.75%(i)8.19% cash/4.00%PIK03/202714,055 13,734 0.313,213 FPG Intermediate Holdco, LLC+(24)One stopSF +6.75%(i)8.24% cash/4.00%PIK03/20277,780 7,495 0.27,313 FPG Intermediate Holdco, LLC+(24)One stopSF +6.75%(i)8.19% cash/4.00%PIK03/202794 94 —94 

FSS Buyer LLC&+One stopSF +5.00%(i)10.34%08/20287,685 7,671 0.27,685 FSS Buyer LLC+One stopSF +5.00%N/A(6)08/2027— — —— HS Spa Holdings, Inc.<+One stopSF +5.25%(j)10.60%06/202911,580 11,557 0.311,581 HS Spa Holdings, Inc.+One stopSF +5.25%(a)(i)11.29%06/202848 47 —48 HS Spa Holdings, Inc.+(5)One stopSF +5.25%N/A(6)06/2029— (2)—— Learn-it Systems, LLC<+(24)Senior securedSF +5.25%(j)7.98% cash/2.75%PIK09/20263,360 3,360 0.13,328 Learn-it Systems, LLC+(24)Senior securedSF +5.25%(k)8.01% cash/2.75%PIK09/20261,979 1,972 0.11,959 Learn-it Systems, LLC+(24)Senior securedSF +5.25%(k)8.01% cash/2.75%PIK09/2026842 839 —834 Learn-it Systems, LLC+Senior securedSF +5.25%N/A(6)09/2026— — —— Liminex, Inc.<+One stopSF +7.25%(j)12.73%11/202635,650 35,610 0.935,650 Liminex, Inc.<+One stopSF +7.25%(j)12.73%11/202623,516 23,434 0.623,516 Liminex, Inc.<+One stopSF +7.25%(j)12.73%11/202615,953 15,741 0.415,953 Liminex, Inc.^<+One stopSF +7.25%(j)12.73%11/202620,321 20,728 0.520,321 Litera Bidco, LLC<+One stopSF +4.75%(i)10.09%05/20285,214 5,227 0.15,188 Litera Bidco, LLC+One stopSF +4.75%(i)10.09%05/2028476 469 —465 

Litera Bidco, LLC+(5)One stopSF +5.00%N/A(6)05/2028— (2)—(2)Litera Bidco, LLC+(5)One stopSF +5.00%N/A(6)05/2028— (1)—— Mario Purchaser, LLC+One stopSF +5.75%(i)11.19%04/2029457 414 —412 Mario Purchaser, LLC<+One stopSF +5.75%(i)11.19%04/202911,413 11,354 0.311,298 Mario Purchaser, LLC+(24)One stopSF +10.75%(i)16.19%PIK04/20324,247 4,265 0.14,247 Mario Purchaser, LLC+One stopSF +5.75%(i)11.19%04/20295,254 5,283 0.15,202 Mario Purchaser, LLC+One stopSF +5.75%(i)11.19%04/202810 8 —8 Mathnasium, LLC#^One stopSF +5.00%(j)10.50%11/202713,221 13,259 0.313,221 Mathnasium, LLC+One stopSF +5.00%(j)10.49%11/2027102 102 —102 NSG Buyer, Inc. *#&+One stopSF +6.50%(i)11.94%11/202934,419 34,352 0.934,764 NSG Buyer, Inc. +(5)One stopSF +5.75%N/A(6)11/2029— (2)—— 

See Notes to Consolidated Financial Statements.

13

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			NSG Buyer, Inc. +(5)			One stop						SF +			6.25%									N/A(6)															11/2028						$	—					$	(1)					—			%			$	—
			NSG Buyer, Inc. +			One stop						SF +			5.75%			(i)						11.09%															11/2029						1,314						1,308						—						1,314
			PADI Holdco, Inc.*#			One stop						SF +			6.25%			(j)						11.75%															01/2027						21,407						21,167						0.5						21,408
			PADI Holdco, Inc.+(8)(9)			One stop						E +			6.25%			(c)						10.04%															01/2027						19,416						20,446						0.5						19,416
			PADI Holdco, Inc.+			One stop						SF +			6.25%			(j)						11.72%															01/2027						825						816						—						825
			PADI Holdco, Inc.+			One stop						SF +			6.25%			(j)						11.74%															01/2027						170						169						—						170
			PADI Holdco, Inc.+			One stop						SF +			6.25%			(j)						11.71%															01/2027						155						153						—						155
			Provenance Buyer LLC*#~<+			One stop						SF +			5.00%			(i)						10.44%															06/2027						20,851						20,659						0.5						20,433
			Provenance Buyer LLC#&			One stop						SF +			5.00%			(i)						10.44%															06/2027						14,046						13,993						0.4						13,765
			Provenance Buyer LLC+			One stop						SF +			5.00%			(i)						10.44%															06/2027						88						83						—						82
			RW AM Holdco LLC#&+			One stop						SF +			5.25%			(j)						10.68%															04/2028						26,435						25,795						0.6						24,321
			RW AM Holdco LLC+(5)			One stop						SF +			5.25%									N/A(6)															04/2028						—						(13)						—						(24)
			Virginia Green Acquisition, LLC<+			One stop						SF +			5.25%			(k)						10.51%															12/2030						2,422						2,464						0.1						2,422
			Virginia Green Acquisition, LLC+			One stop						SF +			5.25%									N/A(6)															12/2029						—						—						—						—
			Virginia Green Acquisition, LLC+			One stop						SF +			5.25%			(k)						10.51%															12/2030						100						99						—						100
																																													396,588						395,494						9.7						392,100
			Diversified Financial Services
			Avalara, Inc.<+			One stop						SF +			7.25%			(j)						12.58%															10/2028						18,170						18,090						0.4						18,170
			Avalara, Inc.+(5)			One stop						SF +			7.25%									N/A(6)															10/2028						—						(2)						—						—
			Baker Tilly Advisory Group, LP+			One stop						SF +			5.00%			(i)						10.34%															06/2031						3,165						3,118						0.1						3,117
			Baker Tilly Advisory Group, LP+(5)			One stop						SF +			5.00%									N/A(6)															06/2030						—						(10)						—						(10)
			Baker Tilly Advisory Group, LP+(5)			One stop						SF +			5.00%									N/A(6)															06/2031						—						(5)						—						(9)
			Banker's Toolbox, Inc.&+			One stop						SF +			5.25%			(k)						10.50%															07/2027						11,264						11,286						0.3						11,264
			Banker's Toolbox, Inc.+			One stop						SF +			5.25%			(k)						10.50%															07/2027						2,098						2,098						0.1						2,098
			Banker's Toolbox, Inc.+			One stop						SF +			5.25%			(k)						10.62%															07/2027						86						86						—						86
			Finastra USA, Inc.<+			One stop						SF +			7.25%			(k)						12.46%															09/2029						5,387						5,301						0.1						5,413
			Finastra USA, Inc.+			One stop						SF +			7.25%			(i)						12.58%															09/2029						10						9						—						10
			Flash Topco, Inc.*&			One stop						SF +			5.75%			(j)						11.18%															10/2028						17,139						16,938						0.4						16,453
			Flash Topco, Inc.+			One stop						SF +			6.50%			(j)(k)						11.81%															10/2028						132						130						—						128
			Flash Topco, Inc.+			One stop						SF +			6.50%			(j)(k)						11.81%															12/2024						70						70						—						70
			Higginbotham Insurance Agency, Inc.<+			One stop						SF +			5.50%			(i)						10.94%															11/2028						6,295						6,302						0.2						6,295
			Higginbotham Insurance Agency, Inc.+			One stop						SF +			4.75%			(i)						10.09%															11/2028						141						138						—						141
			Higginbotham Insurance Agency, Inc.+			One stop						SF +			5.50%			(i)						10.94%															11/2028						1,126						1,128						—						1,126
			Higginbotham Insurance Agency, Inc.+			One stop						SF +			5.50%			(i)						10.94%															11/2028						7,848						7,886						0.2						7,848
																																													72,931						72,563						1.8						72,200

See Notes to Consolidated Financial Statements.

14

---

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Diversified Telecommunication Services
			NTI Connect, LLC<+			Senior secured						SF +			5.50%			(i)						10.94%															01/2026						$	2,225					$	2,213					0.1			%			$	2,225
			Electrical Equipment
			Power Grid Holdings, Inc.<+			One stop						SF +			4.75%			(i)						10.09%															12/2030						1,429						1,411						—						1,429
			Power Grid Holdings, Inc.+(5)			One stop						SF +			4.75%									N/A(6)															12/2030						—						(2)						—						—
																																													1,429						1,409						—						1,429
			Electronic Equipment, Instruments & Components
			CST Holding Company&<+			One stop						SF +			5.00%			(i)						10.44%															11/2028						34,148						33,151						0.8						34,148
			CST Holding Company+			One stop						SF +			5.00%			(i)						10.44%															11/2028						10						7						—						10
																																													34,158						33,158						0.8						34,158

			Food & Staples Retailing
			Cafe Rio Holding, Inc.*#+			One stop						SF +			5.50%			(i)						10.94%															09/2028						18,055						18,053						0.5						18,055
			Cafe Rio Holding, Inc.#+			One stop						SF +			5.50%			(i)						10.94%															09/2028						3,218						3,202						0.1						3,218
			Cafe Rio Holding, Inc.#+			One stop						SF +			5.50%			(i)						10.94%															09/2028						2,162						2,162						0.1						2,162
			Cafe Rio Holding, Inc.*#			One stop						SF +			5.50%			(i)						10.94%															09/2028						1,372						1,372						—						1,372
			Cafe Rio Holding, Inc.#+			One stop						SF +			5.50%			(i)						10.94%															09/2028						1,212						1,212						—						1,212
			Cafe Rio Holding, Inc.+			One stop						SF +			5.50%			(i)						10.94%															09/2028						175						175						—						175
			Cafe Rio Holding, Inc.+			One stop						SF +			5.50%			(i)						10.94%															09/2028						180						180						—						180
			Cafe Rio Holding, Inc.+			One stop						SF +			5.50%			(i)						10.94%															09/2028						99						98						—						99
			Cafe Rio Holding, Inc.+			One stop						SF +			5.50%			(i)						10.94%															09/2028						79						78						—						79
			Cafe Rio Holding, Inc.+			One stop						SF +			5.50%			(i)						10.94%															09/2028						50						50						—						50
			Cafe Rio Holding, Inc.+(5)			One stop						SF +			5.50%									N/A(6)															09/2028						—						(2)						—						—
			Cafe Rio Holding, Inc.+			One stop						SF +			5.50%			(i)						10.94%															09/2028						97						96						—						97
			Mendocino Farms, LLC<+			One stop						SF +			5.50%			(i)						10.84%															03/2030						1,003						1,000						—						1,003
			Mendocino Farms, LLC+			One stop						SF +			5.50%			(i)						10.84%															03/2030						56						55						—						56
			Mendocino Farms, LLC+(5)			One stop						SF +			5.50%									N/A(6)															03/2030						—						(1)						—						—
			Ruby Slipper Cafe LLC, The*+			One stop						SF +			7.50%			(j)						12.98%															07/2025						2,310						2,300						0.1						2,310
			Ruby Slipper Cafe LLC, The+			One stop						SF +			7.50%			(j)						12.98%															07/2025						517						514						—						517
			Ruby Slipper Cafe LLC, The+			One stop						SF +			7.50%			(j)						12.98%															07/2025						340						339						—						340
			Ruby Slipper Cafe LLC, The+			One stop						SF +			7.50%			(j)						12.98%															07/2025						192						190						—						192
			Ruby Slipper Cafe LLC, The+			One stop						SF +			7.50%			(j)						12.98%															07/2025						—						—						—						—
			Wineshipping.com LLC&+			One stop						SF +			5.75%			(j)						11.25%															10/2027						9,699						9,575						0.2						9,213
			Wineshipping.com LLC+			One stop						SF +			5.75%			(j)						11.20%															10/2027						266						261						—						252
			Wineshipping.com LLC+			One stop						SF +			5.75%			(a)(j)						11.41%															10/2027						146						142						—						138
																																													41,228						41,051						1.0						40,720

See Notes to Consolidated Financial Statements.

15

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Food Products
			Blast Bidco Inc.<+			One stop						SF +			6.00%			(j)						11.33%															10/2030						$	4,917					$	4,852					0.1			%			$	4,917
			Blast Bidco Inc.+(5)			One stop						SF +			6.00%									N/A(6)															10/2029						—						(7)						—						—
			Borrower R365 Holdings, LLC^+			One stop						SF +			6.00%			(j)						11.48%															06/2027						18,868						18,855						0.5						18,868
			Borrower R365 Holdings, LLC<+			One stop						SF +			6.00%			(j)						11.48%															06/2027						1,560						1,548						0.1						1,560
			Borrower R365 Holdings, LLC+			One stop						SF +			6.00%			(j)						11.48%															06/2027						232						231						—						232
			Borrower R365 Holdings, LLC+(5)			One stop						SF +			6.00%									N/A(6)															06/2027						—						(1)						—						—
			Kodiak Cakes, LLC^+			Senior secured						SF +			5.25%			(j)						10.58%															06/2028						46,495						46,060						1.2						46,146
			Kodiak Cakes, LLC+(5)			Senior secured						SF +			5.25%									N/A(6)															06/2028						—						(5)						—						(4)
			Louisiana Fish Fry Products, Ltd.*~<+			One stop						SF +			6.25%			(j)						11.73%															07/2027						13,736						13,707						0.3						13,598
			Louisiana Fish Fry Products, Ltd.+			One stop						SF +			6.25%			(j)						11.73%															07/2027						196						193						—						192
			MAPF Holdings, Inc.*#~^&+			One stop						SF +			5.00%			(j)						10.48%															12/2026						52,109						51,974						1.3						50,547
			MAPF Holdings, Inc.+			One stop						SF +			5.00%			(j)						10.48%															12/2026						600						593						—						582
			MAPF Holdings, Inc.<+			One stop						SF +			5.00%			(j)						10.48%															12/2026						1,670						1,644						—						1,620
			P&P Food Safety Holdings, Inc.*~&+			One stop						SF +			6.00%			(j)						11.48%															12/2026						24,876						24,851						0.6						24,627
			P&P Food Safety Holdings, Inc.+(5)			One stop						SF +			6.00%									N/A(6)															12/2026						—						(2)						—						(2)
			Purfoods, LLC+(24)			One stop						N/A												7.00%			PIK												05/2026						66						67						—						66
			Ultimate Baked Goods Midco LLC<+			One stop						SF +			6.25%			(i)						11.69%															08/2027						9,338						9,354						0.2						9,338
			Ultimate Baked Goods Midco LLC+			One stop						SF +			6.25%			(i)						11.69%															08/2027						26						8						—						26
			Ultimate Baked Goods Midco LLC+			One stop						SF +			5.50%			(i)						10.94%															08/2027						1,931						1,921						—						1,921
			Whitebridge Pet Brands, LLC*#&+			One stop						SF +			4.75%			(i)						10.19%															07/2027						26,963						26,941						0.7						26,963
			Whitebridge Pet Brands, LLC+(5)			One stop						SF +			4.75%									N/A(6)															07/2027						—						(1)						—						—
			Wizard Bidco Limited<+(8)(10)			One stop						SF +			6.00%			(j)						11.33%															03/2029						22,740						22,631						0.6						22,740
			Wizard Bidco Limited<+(8)(9)(10)(24)			One stop						SN +			5.00%			(g)						8.70%			cash/			1.50%			PIK						03/2029						10,338						10,526						0.2						9,950
			Wizard Bidco Limited+(8)(9)(10)			One stop						SN +			6.00%			(g)						11.20%															03/2029						7,868						7,716						0.2						7,868
			Wizard Bidco Limited+(8)(9)(10)			One stop						SN +			4.75%			(g)						9.95%															09/2028						190						183						—						182
			Wizard Bidco Limited+(5)(8)(9)(10)			One stop						SN +			6.00%									N/A(6)															03/2029						—						(45)						—						—
																																													244,719						243,794						6.0						241,937

See Notes to Consolidated Financial Statements.

16

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

Investment Type

Spread

Above

Index(1)

Interest

Rate(2)

Maturity
Date

Principal ($) /

Shares(3)

Amortized CostPercentage
of Net
Assets

Fair

Value (4)

Healthcare Equipment & SuppliesAspen Medical Products, LLC#~+One stopSF +4.75%(i)10.18%06/2025$5,013 $5,027 0.1%$5,013 Aspen Medical Products, LLC<+One stopSF +4.75%(i)10.18%06/2025321 320 —321 Aspen Medical Products, LLC+One stopSF +4.75%N/A(6)06/2025— — —— Baduhenna Bidco Limited+(8)(10)One stopSF +5.95%(h)11.52%08/20287,745 7,750 0.27,745 Baduhenna Bidco Limited+(8)(9)(10)One stopE + 5.95%(c)9.76%08/20284,438 4,782 0.14,438 Baduhenna Bidco Limited+(8)(9)(10)One stopSN +5.95%(g)11.27%08/20281,279 1,341 —1,279 Baduhenna Bidco Limited+(8)(9)(10)One stopE + 5.95%(c)9.65%08/20281,059 1,087 —1,059 Baduhenna Bidco Limited+(8)(10)One stopSF +5.95%(h)11.54%08/20281,912 1,912 0.11,912 Belmont Instrument, LLC*#&One stopSF +6.25%(j)11.58%08/202814,541 14,578 0.414,541 Belmont Instrument, LLC+One stopSF +6.25%(j)11.58%08/202866 64 —65 Blades Buyer, Inc.#~<+Senior securedSF +5.00%(i)10.43%03/202812,317 12,270 0.312,317 Blades Buyer, Inc.<+Senior securedSF +5.25%(i)10.68%03/20281,747 1,732 —1,747 

Blades Buyer, Inc.<+Senior securedSF +5.00%(i)10.43%03/20281,412 1,404 —1,412 Blades Buyer, Inc.+Senior securedSF +4.75%(i)10.18%03/202875 73 —73 Blue River Pet Care, LLC*#~&+One stopSF +5.00%(i)10.44%08/202663,106 63,213 1.663,106 Blue River Pet Care, LLC<+One stopSF +5.00%(i)10.44%08/202612,492 12,737 0.312,492 Blue River Pet Care, LLC<+One stopSF +5.00%(i)10.44%08/20262,913 2,970 0.12,913 Blue River Pet Care, LLC<+One stopSF +5.00%(i)10.44%08/20262,800 2,854 0.12,800 Blue River Pet Care, LLC+One stopSF +5.00%(i)10.44%08/20262,772 2,827 0.12,772 Blue River Pet Care, LLC+One stopSF +5.00%(i)10.45%08/2026204 202 —204 Blue River Pet Care, LLC+One stopSF +5.00%(i)10.44%08/20261,262 1,261 —1,262 Blue River Pet Care, LLC+One stopSF +5.00%(i)10.45%08/20262,130 2,173 0.12,130 Blue River Pet Care, LLC+One stopSF +5.00%(i)10.44%08/2026159 155 —159 CCSL Holdings, LLC*#~(8)One stopSF +6.00%(i)11.34%12/202821,116 21,048 0.521,116 CCSL Holdings, LLC<+(8)One stopSF +6.00%(i)11.34%12/20285,700 5,715 0.15,700 CCSL Holdings, LLC<+(8)(9)One stopSN +6.00%(g)11.20%12/20283,393 3,356 0.13,393 CCSL Holdings, LLC+(8)One stopSF +6.00%(i)11.34%12/202860 57 —60 

CCSL Holdings, LLC+(8)One stopSF +6.00%(i)11.34%12/20282,913 2,882 0.12,913 CCSL Holdings, LLC+(5)(8)One stopSF +6.00%N/A(6)12/2028— (6)—— CCSL Holdings, LLC+(8)One stopSF +6.00%(i)11.34%12/20283,507 3,474 0.13,507 CMI Parent Inc.*#~^Senior securedSF +4.75%(i)10.19%08/202519,939 20,164 0.519,940 CMI Parent Inc.*^Senior securedSF +4.75%(i)10.19%08/20259,557 9,643 0.29,557 CMI Parent Inc.*<Senior securedSF +4.75%(i)10.19%08/20258,967 9,044 0.28,967 CMI Parent Inc.+(5)Senior securedSF +4.75%N/A(6)08/2025— (1)—— G & H Wire Company, Inc.+(7)(24)One stopSF +9.00%(j)8.00% cash/6.50%PIK12/202412,404 11,929 0.26,574 G & H Wire Company, Inc.+(7)(24)One stopSF +9.00%(j)8.00% cash/6.50%PIK12/2024104 100 —34 HuFriedy Group Acquisition, LLC+One stopSF +5.50%(j)10.85%06/20317,951 7,872 0.27,871 HuFriedy Group Acquisition, LLC+(5)One stopSF +5.50%N/A(6)05/2030— (9)—(9)HuFriedy Group Acquisition, LLC+(5)One stopSF +5.50%N/A(6)06/2031— (17)—(17)JHC Investment Intermediate Holdings, LLC+(24)One stopSF +8.75%(j)8.18% cash/6.00%PIK03/20291,330 1,330 —1,330 JHC Investment Intermediate Holdings, LLC+(7)(24)One stopSF +8.75%(j)14.18%PIK03/2029825 542 —619 

TIDI Legacy Products, Inc.<+One stopSF +5.50%(i)10.84%12/20293,529 3,596 0.13,529 TIDI Legacy Products, Inc.+One stopSF +5.50%N/A(6)12/2029— — —— TIDI Legacy Products, Inc.+One stopSF +5.50%N/A(6)12/2029— — —— YI, LLC<+One stopSF +5.75%(i)11.08%12/20294,441 4,439 0.14,441 YI, LLC+(5)One stopSF +5.75%N/A(6)12/2029— (2)—— YI, LLC+(5)One stopSF +5.75%N/A(6)12/2029— (9)—— 245,499 245,879 5.9239,285 

See Notes to Consolidated Financial Statements.

17

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

Investment Type

Spread

Above

Index(1)

Interest

Rate(2)

Maturity
Date

Principal ($) /

Shares(3)

Amortized CostPercentage
of Net
Assets

Fair

Value (4)

Healthcare Providers & ServicesAAH TOPCO, LLC <+One stopSF +5.50%(i)10.94%12/2027$8,694 $8,639 0.2%$8,563 AAH TOPCO, LLC +One stopSF +5.50%(i)10.94%12/20278,173 8,218 0.28,050 AAH TOPCO, LLC +(24)Subordinated debtN/A11.50%PIK12/20312,651 2,530 0.12,432 AAH TOPCO, LLC +One stopSF +6.00%(i)11.44%12/20271,486 1,509 0.11,486 AAH TOPCO, LLC +(5)One stopSF +5.50%N/A(6)12/2027— (1)—(2)Active Day, Inc.#+One stopSF +5.00%(i)10.44%08/202517,432 17,365 0.417,432 

Active Day, Inc.#+One stopSF +5.00%(i)10.44%08/20251,345 1,341 —1,345 Active Day, Inc.*#One stopSF +5.00%(i)10.44%08/2025867 863 —867 Active Day, Inc.+One stopSF +5.00%(i)10.44%08/2025691 688 —691 Active Day, Inc.+One stopSF +5.00%(i)10.44%08/2025609 607 —609 Active Day, Inc.*#One stopSF +5.00%(i)10.44%08/2025599 597 —599 Active Day, Inc.+One stopSF +5.25%N/A(6)08/2025— — —— Active Day, Inc.+One stopSF +5.00%(i)10.44%08/2025— — —— Acuity Eyecare Holdings, LLC+One stopSF +6.00%(j)11.49%03/202616,219 16,133 0.416,057 Acuity Eyecare Holdings, LLC+(24)One stopN/A16.50%06/202713,722 13,597 0.414,134 Acuity Eyecare Holdings, LLC+One stopSF +6.25%(j)11.73%03/20264,006 3,991 0.13,976 Acuity Eyecare Holdings, LLC+One stopSF +6.25%(j)11.74%03/20263,568 3,555 0.13,541 Acuity Eyecare Holdings, LLC#+One stopSF +6.25%(j)11.73%03/20263,504 3,491 0.13,478 Acuity Eyecare Holdings, LLC+One stopSF +6.25%(j)11.73%03/20263,147 3,152 0.13,123 Acuity Eyecare Holdings, LLC+One stopSF +6.00%(j)11.48%03/20262,011 1,996 0.11,991 Acuity Eyecare Holdings, LLC+One stopSF +6.25%(j)11.73%03/20261,834 1,841 0.11,821 Acuity Eyecare Holdings, LLC+One stopSF +6.00%(j)11.49%03/20261,026 1,020 —1,015 

Acuity Eyecare Holdings, LLC+One stopSF +6.25%(j)11.73%03/2026444 443 —441 Acuity Eyecare Holdings, LLC+(24)One stopSF +13.00%(j)11.73% cash/6.75%PIK03/2026275 274 —275 Acuity Eyecare Holdings, LLC+One stopSF +6.00%(j)11.48%03/2026213 211 —210 Acuity Eyecare Holdings, LLC+One stopSF +6.25%(j)11.73%03/2026164 163 —162 Acuity Eyecare Holdings, LLC+Senior securedSF +6.25%(j)11.74%03/2026108 108 —107 Acuity Eyecare Holdings, LLC+(24)One stopSF +13.00%(j)11.73% cash/6.75%PIK03/2026107 106 —107 Acuity Eyecare Holdings, LLC+One stopSF +6.25%(j)11.73%03/20261 1 —1 Acuity Eyecare Holdings, LLC+(5)One stopSF +6.25%N/A(6)03/2026— (1)—(2)AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(24)Subordinated debtN/A13.75%03/202815,145 15,349 0.415,032 AVG Intermediate Holdings & AVG Subsidiary Holdings LLC~+One stopSF +6.00%(j)11.45%03/20276,435 6,446 0.26,435 AVG Intermediate Holdings & AVG Subsidiary Holdings LLC^+One stopSF +6.00%(j)11.45%03/20275,379 5,380 0.25,379 AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(24)Subordinated debtN/A13.75%03/20283,308 3,284 0.13,283 AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(24)Subordinated debtN/A13.75%03/20281,265 1,257 —1,255 AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.00%(j)11.43%03/2027840 839 —840 AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.00%(j)11.43%03/2027398 398 —398 

AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)One stopSF +6.00%N/A(6)03/2027— (1)—— Bamboo US Bidco LLC<+(24)One stopSF +6.75%(j)8.70% cash/3.38%PIK09/20302,699 2,634 0.12,699 Bamboo US Bidco LLC<+(8)(9)(24)One stopE + 6.75%(c)7.24% cash/3.38%PIK09/20301,800 1,738 0.11,800 Bamboo US Bidco LLC+(24)One stopSF +6.75%(j)8.70% cash/3.38%PIK09/203079 74 —79 Bamboo US Bidco LLC+(5)One stopSF +6.00%N/A(6)09/2029— (13)—— Community Care Partners, LLC<+One stopSF +6.00%(i)11.46%06/20263,499 3,455 0.13,393 CRH Healthcare Purchaser, Inc.<+Senior securedSF +6.25%(j)11.73%06/202523,427 23,465 0.623,427 CRH Healthcare Purchaser, Inc.~<Senior securedSF +6.25%(j)11.73%06/20256,335 6,316 0.26,335 CRH Healthcare Purchaser, Inc.~+Senior securedSF +6.25%(j)11.73%06/20255,683 5,703 0.15,683 CRH Healthcare Purchaser, Inc.<+Senior securedSF +6.25%(j)11.73%06/20254,292 4,279 0.14,292 

See Notes to Consolidated Financial Statements.

18

---

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			CRH Healthcare Purchaser, Inc.+			Senior secured						SF +			6.25%			(i)						11.59%															06/2025						$	30					$	29					—			%			$	30
			Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(10)			One stop						SF +			5.50%			(k)						10.81%															04/2031						771						757						—						756
			Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(9)(10)			One stop						SN +			5.50%			(g)						10.70%															04/2031						452						445						—						443
			Datix Bidco Limited and RL Datix Holdings, Inc.(8)(10)			Senior secured						SF +			5.50%									N/A(6)															09/2024						—						—						—						—
			Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)			One stop						SF +			5.50%									N/A(6)															04/2031						—						(2)						—						(2)
			Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)			One stop						SF +			5.50%									N/A(6)															10/2030						—						(2)						—						(2)
			Encorevet Group LLC+			One stop						SF +			6.75%			(j)						12.25%															02/2027						15,593						15,394						0.4						15,047
			Encorevet Group LLC+			One stop						SF +			6.75%			(j)						12.25%															02/2027						8,137						8,035						0.2						7,852
			Encorevet Group LLC~+			One stop						SF +			6.75%			(j)						12.25%															02/2027						4,209						4,155						0.1						4,061
			Encorevet Group LLC+			One stop						SF +			6.75%			(j)						12.25%															02/2027						2,140						2,113						0.1						2,065
			Encorevet Group LLC~+			One stop						SF +			6.75%			(j)						12.25%															02/2027						1,888						1,865						—						1,823
			Encorevet Group LLC~+			One stop						SF +			6.75%			(j)						12.25%															02/2027						1,176						1,138						—						1,135
			Encorevet Group LLC+			One stop						SF +			6.75%			(j)						12.25%															02/2027						977						946						—						943
			Encorevet Group LLC+			One stop						SF +			6.75%			(j)						12.25%															02/2027						962						939						—						928
			Encorevet Group LLC+			One stop						SF +			6.75%			(j)						12.25%															02/2027						921						899						—						888
			Encorevet Group LLC+			One stop						SF +			6.75%			(j)						12.25%															02/2027						834						813						—						804
			Encorevet Group LLC+			One stop						SF +			6.75%			(j)						12.25%															02/2027						423						409						—						408
			Encorevet Group LLC+			One stop						SF +			6.75%			(j)						12.25%															02/2027						358						349						—						345
			Encorevet Group LLC+			One stop						SF +			6.75%			(j)						12.25%															02/2027						175						171						—						169
			Encorevet Group LLC+			One stop						SF +			6.75%			(j)						12.25%															02/2027						168						163						—						162
			Encorevet Group LLC+			One stop						SF +			6.75%			(j)						12.23%															02/2027						94						92						—						90
			Encorevet Group LLC+(24)			One stop						N/A												13.00%			PIK												05/2027						93						87						—						87
			Encorevet Group LLC+			One stop						SF +			8.75%			(j)						14.23%															02/2027						5						5						—						5
			ERC Topco Holdings, LLC&<+(24)			One stop						SF +			6.25%			(j)						8.33%			cash/			3.25%			PIK						11/2028						26,953						23,350						0.5						18,867
			ERC Topco Holdings, LLC+(24)			One stop						SF +			6.25%			(j)						8.58%			cash/			3.25%			PIK						11/2027						230						196						—						140
			ERC Topco Holdings, LLC&<+(24)			One stop						SF +			6.25%			(j)						5.33%			cash/			6.25%			PIK						11/2028						220						189						—						154
			ERC Topco Holdings, LLC+(24)			One stop						SF +			6.25%			(j)						5.33%			cash/			6.25%			PIK						11/2028						2						2						—						—
			FYI Optical Acquisitions, Inc. & FYI USA, Inc.<+(8)(9)(12)			One stop						CA +			5.75%			(l)						10.85%															03/2027						11,145						11,317						0.3						11,145
			FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)			One stop						CA +			5.75%			(l)						10.85%															03/2027						4,029						4,144						0.1						4,029
			FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)			One stop						CA +			5.75%			(l)						10.85%															03/2027						2,743						2,834						0.1						2,743
			FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)			One stop						CA +			5.75%			(l)						10.85%															03/2027						2,612						2,678						0.1						2,612
			FYI Optical Acquisitions, Inc. & FYI USA, Inc.^+(8)(12)			One stop						SF +			5.75%			(j)						11.23%															03/2027						1,105						1,104						—						1,105
			FYI Optical Acquisitions, Inc. & FYI USA, Inc.<+(8)(12)			One stop						SF +			5.75%			(j)						11.23%															03/2027						554						554						—						554
			FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)			One stop						CA +			5.75%			(l)						10.85%															03/2027						476						477						—						476
			Heartland Veterinary Partners LLC<+			Senior secured						SF +			4.75%			(i)						10.19%															12/2026						2,539						2,565						0.1						2,513
			Heartland Veterinary Partners LLC<+			Senior secured						SF +			4.75%			(i)						10.19%															12/2026						1,205						1,197						—						1,193
			Heartland Veterinary Partners LLC+			Senior secured						SF +			4.75%									N/A(6)															12/2026						—						—						—						—
			Klick Inc.&+(8)(12)			Senior secured						SF +			4.50%			(j)						9.93%															03/2028						13,664						13,693						0.3						13,664
			Klick Inc.+(8)(12)			Senior secured						SF +			4.50%			(i)						9.94%															03/2026						106						106						—						106

See Notes to Consolidated Financial Statements.

19

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

Investment Type

Spread

Above

Index(1)

Interest

Rate(2)

Maturity
Date

Principal ($) /

Shares(3)

Amortized CostPercentage
of Net
Assets

Fair

Value (4)

Krueger-Gilbert Health Physics, LLC~+Senior securedSF +5.75%(j)11.23%05/2026$2,605 $2,595 0.1%$2,605 Krueger-Gilbert Health Physics, LLC~+Senior securedSF +5.75%(j)11.23%05/20262,394 2,382 0.12,394 Krueger-Gilbert Health Physics, LLC~+Senior securedSF +5.75%(j)11.23%05/20261,529 1,532 —1,529 Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.75%(j)11.23%05/20261,397 1,388 —1,397 Krueger-Gilbert Health Physics, LLC<+Senior securedSF +5.75%(j)11.23%05/2026616 615 —616 Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.75%(j)11.24%05/2026436 433 —436 Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.75%(j)11.23%05/202690 90 —90 New Look (Delaware) Corporation and NL1 AcquireCo, Inc.<+(8)(9)(12)(24)One stopCA +6.00%(m)9.03% cash/2.00%PIK05/202825,851 27,785 0.624,817 New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#<(8)(12)One stopSF +5.50%(j)10.98%05/20285,897 5,833 0.15,661 New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#<+(8)(12)One stopSF +5.50%(j)10.98%05/20284,160 4,084 0.13,995 

New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)One stopCA +5.50%(m)10.53%05/20281,627 1,700 —1,562 New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)One stopCA +5.50%(m)10.53%05/2028848 870 —814 New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)(24)One stopSF +6.00%(j)9.48% cash/2.00%PIK05/2028130 125 —125 New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)One stopCA +5.50%(m)10.53%05/202632 13 —19 New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(5)(8)(12)One stopSF +5.50%N/A(6)05/2026— (2)—(4)Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(j)10.85%01/202618,383 18,139 0.418,199 Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(j)10.85%01/202612,308 12,175 0.312,185 Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(j)10.85%01/20262,474 2,446 0.12,449 Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(i)10.84%01/20272,389 2,366 0.12,366 Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(j)10.85%01/20261,511 1,494 —1,496 Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(j)10.85%01/20261,372 1,356 —1,358 Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(j)10.85%01/2026682 674 —675 Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(j)10.85%01/2026535 529 —529 

Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(j)10.85%01/2026180 178 —178 Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(j)10.85%01/2026103 102 —102 Pinnacle Treatment Centers, Inc.+(5)One stopSF +5.50%N/A(6)01/2026— (20)—(20)Premise Health Holding Corp.<+One stopSF +5.50%(k)10.76%03/20311,395 1,389 —1,395 Premise Health Holding Corp.+(5)One stopSF +5.50%N/A(6)03/2030— (1)—— Pyramid Healthcare Acquisition Corp.#&+One stopSF +4.75%(j)10.23%05/202725,164 25,229 0.625,164 Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(j)10.23%05/20272,601 2,584 0.12,601 Pyramid Healthcare Acquisition Corp.<+One stopSF +4.75%(j)10.24%05/20272,174 2,167 0.12,174 Pyramid Healthcare Acquisition Corp.<+One stopSF +4.75%(j)10.25%05/20271,195 1,191 —1,195 Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(j)10.23%05/20271,094 1,091 —1,095 Pyramid Healthcare Acquisition Corp.<+One stopSF +4.75%(j)10.23%05/2027739 736 —739 Pyramid Healthcare Acquisition Corp.<+One stopSF +4.75%(j)10.23%05/2027245 244 —245 Pyramid Healthcare Acquisition Corp.<+One stopSF +4.75%(j)10.23%05/2027216 215 —216 Pyramid Healthcare Acquisition Corp.<+One stopSF +4.75%(j)10.23%05/2027202 201 —202 Pyramid Healthcare Acquisition Corp.<+One stopSF +4.75%(j)10.25%05/2027202 201 —202 Pyramid Healthcare Acquisition Corp.<+One stopSF +4.75%(j)10.23%05/202780 80 —80 Pyramid Healthcare Acquisition Corp.+(5)One stopSF +4.75%N/A(6)05/2027— (1)—— 

Suveto Buyer, LLC+One stopSF +4.25%(i)9.69%09/202727,815 27,805 0.727,711 Suveto Buyer, LLC+One stopSF +4.25%(a)(i)9.89%09/2027190 188 —190 431,330 428,447 10.3418,959 

See Notes to Consolidated Financial Statements.

20

---

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

Investment Type

Spread Above Index(1)

Interest Rate(2)

Maturity Date

Principal ($) / Shares(3)

Amortized Cost

Percentage of Net Assets

Fair Value (4)

Healthcare TechnologyAlegeus Technologies Holdings Corp.+Senior securedSF +8.25%(j)13.67%09/2026$549 $546 —%$549 Amberfield Acquisition Co.<+One stopSF +5.00%(j)10.33%05/20304,866 4,856 0.14,818 Amberfield Acquisition Co.+(5)One stopSF +5.00%N/A(6)05/2030— (31)—(32)Amberfield Acquisition Co.+(5)One stopSF +5.00%N/A(6)05/2030— (3)—(3)Coding Solutions Acquisition, Inc.<+One stopSF +5.50%(i)10.84%05/20287,825 7,849 0.27,825 Coding Solutions Acquisition, Inc.+One stopSF +5.50%(i)10.84%05/20282,372 2,361 0.12,372 Coding Solutions Acquisition, Inc.<+One stopSF +5.75%(i)11.09%05/20282,580 2,551 0.12,586 Coding Solutions Acquisition, Inc.+One stopSF +5.50%(i)10.84%05/202848 48 —48 Coding Solutions Acquisition, Inc.+(5)One stopSF +5.75%N/A(6)05/2028— (7)—— Color Intermediate, LLC<+One stopSF +5.50%(j)10.93%10/202917,609 17,565 0.417,609 

Connexin Software, Inc.<+One stopSF +8.50%(j)13.98%03/202711,759 11,729 0.311,759 Connexin Software, Inc.+One stopSF +8.50%N/A(6)03/2027— — —— Crow River Buyer, Inc.<+One stopSF +7.75%(j)13.08%01/20296,032 6,014 0.16,032 Crow River Buyer, Inc.+(5)One stopSF +7.75%N/A(6)01/2029— (1)—— ESO Solution, Inc.^<+One stopSF +7.00%(j)12.35%05/202711,360 11,389 0.311,360 ESO Solution, Inc.+One stopSF +7.00%(j)(k)12.34%03/2027114 114 —114 ESO Solution, Inc.+One stopSF +7.00%(j)12.34%05/20273,803 3,727 0.13,803 Lacker Bidco Limited<+(8)(9)(10)One stopSN +5.25%(g)10.45%02/2031599 599 —599 Lacker Bidco Limited+(8)(9)(10)One stopSN +5.25%N/A(6)08/2030— — —— Lacker Bidco Limited+(5)(8)(9)(10)One stopSN +5.25%N/A(6)02/2031— (3)—— Neptune Holdings, Inc.~+One stopSF +5.75%(k)11.04%09/203016,220 16,411 0.416,220 Neptune Holdings, Inc.+(5)One stopSF +5.75%N/A(6)08/2029— (1)—— Plasma Buyer LLC<+One stopSF +5.75%(j)11.08%05/20298,057 7,896 0.27,654 Plasma Buyer LLC+One stopSF +5.75%(j)11.09%05/202862 59 —58 Plasma Buyer LLC+One stopSF +6.25%(j)11.59%05/2029121 117 —106 QF Holdings, Inc.+One stopSF +5.75%(j)11.18%12/2027931 925 —931 

Qgenda Intermediate Holdings, LLC~+One stopSF +4.75%(j)10.18%06/202719,593 19,632 0.519,593 Qgenda Intermediate Holdings, LLC<One stopSF +4.75%(j)10.18%06/202717,542 17,575 0.417,542 Qgenda Intermediate Holdings, LLC<+One stopSF +4.75%(j)10.18%06/20272,093 2,084 0.12,093 Qgenda Intermediate Holdings, LLC~+One stopSF +4.75%(j)10.18%06/20273,324 3,371 0.13,324 Qgenda Intermediate Holdings, LLC+One stopSF +4.75%(j)10.18%06/2027225 225 —225 Tebra Technologies, Inc.+(24)One stopSF +8.00%(j)9.98% cash/3.50%PIK06/202511,049 11,007 0.311,132 Tebra Technologies, Inc.+(24)One stopSF +8.00%(j)9.98% cash/3.50%PIK06/202510,755 10,576 0.310,836 Tebra Technologies, Inc.+(24)One stopSF +8.00%(j)9.98% cash/3.50%PIK06/20257,086 7,059 0.27,139 Tebra Technologies, Inc.+(24)One stopSF +8.00%(j)9.98% cash/3.50%PIK06/20251,822 1,815 —1,836 Tebra Technologies, Inc.+(24)One stopSF +8.00%(j)9.98% cash/3.50%PIK06/20251,620 1,613 —1,632 Tebra Technologies, Inc.+(24)One stopSF +8.00%(j)9.98% cash/3.50%PIK06/20251,215 1,210 —1,224 Tebra Technologies, Inc.+(24)One stopSF +8.00%(j)9.98% cash/3.50%PIK06/20251,013 1,008 —1,020 Tebra Technologies, Inc.+(24)One stopSF +8.00%(j)9.98% cash/3.50%PIK06/2025810 807 —816 

Tebra Technologies, Inc.+(24)One stopSF +8.00%(j)9.98% cash/3.50%PIK06/2025161 161 —163 Tebra Technologies, Inc.+(24)One stopSF +8.00%(j)9.98% cash/3.50%PIK06/202586 86 —86 Transaction Data Systems, Inc.*#~^+One stopSF +4.25%(j)9.73%02/202675,737 75,593 1.975,737 Transaction Data Systems, Inc.+(5)One stopSF +4.25%N/A(6)02/2026— (2)—— Veranex, Inc.<+(24)Senior securedSF +6.75%(k)7.65% cash/4.25%PIK04/20283,329 3,259 0.12,496 Veranex, Inc.+(24)Senior securedSF +6.75%(k)7.77% cash/4.25%PIK04/202872 60 —48 Veranex, Inc.+(24)Senior securedSF +6.75%(k)7.81% cash/4.25%PIK04/2028398 305 —299 252,837 252,154 6.2251,649 

See Notes to Consolidated Financial Statements.

21

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

Investment Type

Spread

Above

Index(1)

Interest

Rate(2)

Maturity
Date

Principal ($) /

Shares(3)

Amortized CostPercentage
of Net
Assets

Fair

Value (4)

Hotels, Restaurants & Leisure Barteca Restaurants, LLC#<+One stopSF +6.00%(j)11.50%08/2028$13,714 $13,685 0.3%$13,577 Barteca Restaurants, LLC+One stopSF +6.00%(j)11.48%08/2028692 686 —684 Barteca Restaurants, LLC+One stopSF +6.00%(j)11.48%08/202840 38 —38 Barteca Restaurants, LLC+(5)One stopSF +6.00%N/A(6)08/2028— (42)—(43)

BJH Holdings III Corp.*#~&<+One stopSF +4.50%(j)9.95%08/202570,648 71,169 1.769,941 BJH Holdings III Corp.+One stopSF +4.50%(j)9.95%08/2025570 564 —558 Davidson Hotel Company, LLC&+One stopSF +5.25%(i)10.69%07/20256,742 6,769 0.26,742 Davidson Hotel Company, LLC+One stopSF +5.25%(i)10.69%07/20251,163 1,162 —1,163 Davidson Hotel Company, LLC+One stopSF +5.25%N/A(6)07/2025— — —— EOS Fitness Opco Holdings, LLC*#<+One stopSF +5.25%(j)10.73%01/202711,090 11,109 0.311,090 EOS Fitness Opco Holdings, LLC<+One stopSF +5.75%(j)11.23%01/20271,778 1,771 0.11,787 EOS Fitness Opco Holdings, LLC+One stopSF +5.75%(j)11.23%01/20271,701 1,690 0.11,708 EOS Fitness Opco Holdings, LLC<+One stopSF +5.75%(j)11.23%01/20271,490 1,482 0.11,494 EOS Fitness Opco Holdings, LLC<+One stopSF +5.25%(j)10.73%01/20271,238 1,236 —1,238 EOS Fitness Opco Holdings, LLC+One stopSF +5.75%(j)11.23%01/20271,095 1,096 —1,098 EOS Fitness Opco Holdings, LLC+One stopSF +5.25%(j)10.73%01/20271,072 1,065 —1,072 EOS Fitness Opco Holdings, LLC+One stopSF +5.25%N/A(6)01/2027— — —— ESN Venture Holdings, LLC*&<One stopSF +6.25%(j)11.58%10/20285,422 5,386 0.15,381 ESN Venture Holdings, LLC+One stopSF +6.25%(j)11.58%10/2028819 814 —813 

ESN Venture Holdings, LLC+One stopSF +6.25%(j)11.58%10/2028377 374 —374 ESN Venture Holdings, LLC+One stopSF +6.25%(j)11.58%10/202864 63 —62 ESN Venture Holdings, LLC+(5)One stopSF +6.25%N/A(6)10/2028— (15)—(12)Freddy's Frozen Custard LLC<+One stopSF +5.00%(j)10.34%03/20271,401 1,397 —1,401 Freddy's Frozen Custard LLC+One stopSF +5.00%(i)10.33%03/202710 9 —10 GFP Atlantic Holdco 2, LLC<+One stopSF +6.00%(j)11.33%11/20271,080 1,078 —1,080 GFP Atlantic Holdco 2, LLC+(5)One stopSF +6.00%N/A(6)11/2027— (3)—— Harri US LLC^+(24)One stopSF +10.00%(j)11.50% cash/4.00%PIK08/20261,239 1,173 —1,171 Harri US LLC+(24)One stopSF +10.00%(j)11.50% cash/4.00%PIK08/2026838 825 —796 Harri US LLC+(24)One stopSF +10.00%(j)11.50% cash/4.00%PIK08/2026814 801 —772 Harri US LLC+(5)One stopSF +10.00%N/A(6)08/2026— (1)—(2)Harri US LLC+(5)One stopSF +10.00%N/A(6)08/2026— (44)—(68)Health Buyer, LLC<+Senior securedSF +5.25%(j)10.73%04/20293,889 3,878 0.13,850 Health Buyer, LLC<+Senior securedSF +5.50%(j)10.83%04/20291,776 1,752 0.11,776 Health Buyer, LLC+Senior securedSF +5.50%(j)10.83%04/2029713 703 —714 Health Buyer, LLC+Senior securedSF +5.25%N/A(6)04/2028— — —— 

Health Buyer, LLC+(5)Senior securedSF +5.50%N/A(6)04/2029— (1)—— SDC Holdco, LLC+One stopSF +5.00%(j)10.33%06/203121,737 21,628 0.621,628 SDC Holdco, LLC+(24)Second lienSF +8.50%(j)13.83%PIK06/20323,224 3,200 0.13,200 SDC Holdco, LLC+(5)One stopSF +5.00%N/A(6)06/2031— (10)—(10)SSRG Holdings, LLC~&+One stopSF +4.75%(j)10.23%11/20257,803 7,941 0.27,803 SSRG Holdings, LLC<+One stopSF +5.50%(j)10.98%11/2025615 614 —615 SSRG Holdings, LLC+One stopSF +4.75%(j)10.23%11/2025150 150 —150 Super REGO, LLC+(24)Subordinated debtN/A15.00%PIK03/2030104 102 —102 Tropical Smoothie Cafe Holdings, LLC&<+One stopSF +5.00%(j)10.48%09/202627,592 27,687 0.727,592 Tropical Smoothie Cafe Holdings, LLC*#~One stopSF +5.00%(i)(j)10.49%09/202616,417 16,438 0.416,417 Tropical Smoothie Cafe Holdings, LLC#<One stopSF +5.00%(j)10.48%09/20267,193 7,208 0.27,193 Tropical Smoothie Cafe Holdings, LLC~+One stopSF +5.50%(i)10.84%09/20265,473 5,573 0.15,472 Tropical Smoothie Cafe Holdings, LLC+(5)One stopSF +5.00%N/A(6)09/2026— (1)—— 

See Notes to Consolidated Financial Statements.

22

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			YE Brands Holding, LLC~<+			One stop						SF +			5.75%			(j)						11.18%															10/2027						$	17,677					$	17,911					0.5			%			$	17,677
			YE Brands Holding, LLC+			One stop						SF +			5.75%			(j)						11.18%															10/2027						841						837						—						841
			YE Brands Holding, LLC+			One stop						SF +			5.50%									N/A(6)															10/2027						—						—						—						—
																																													240,301						240,947						5.9						238,945
			Household Products
			WU Holdco, Inc.~+			One stop						SF +			5.25%			(j)						10.73%															03/2027						4,861						4,879						0.1						4,861
			WU Holdco, Inc.<+			One stop						SF +			5.50%			(j)						10.98%															03/2027						1,718						1,714						0.1						1,718
			WU Holdco, Inc.+			One stop						SF +			5.50%			(j)						10.98%															03/2027						446						444						—						446
			WU Holdco, Inc.+			One stop						SF +			5.25%			(j)						10.74%															03/2027						54						54						—						54
																																													7,079						7,091						0.2						7,079
			Industrial Conglomerates
			Arch Global CCT Holdings Corp.#<+			Senior secured						SF +			4.75%			(j)						10.18%															04/2026						3,201						3,206						0.1						3,138
			Arch Global CCT Holdings Corp.<+			Senior secured						SF +			4.75%			(j)						10.18%															04/2026						643						634						—						630
			Arch Global CCT Holdings Corp.+			Senior secured						SF +			4.75%			(j)						10.18%															04/2026						599						589						—						586
			Arch Global CCT Holdings Corp.+			Senior secured						SF +			4.75%			(j)						10.15%															04/2025						72						72						—						72
			Dwyer Instruments, Inc.<+			One stop						SF +			5.75%			(j)						11.18%															07/2027						5,842						5,838						0.2						5,842
			Dwyer Instruments, Inc.+(5)			One stop						SF +			5.75%									N/A(6)															07/2027						—						(1)						—						—
			Dwyer Instruments, Inc.+			One stop						SF +			5.75%			(j)						11.18%															07/2027						1,481						1,467						0.1						1,481
			Dwyer Instruments, Inc.<+			One stop						SF +			5.75%			(j)						11.18%															07/2027						474						470						—						474
			Dwyer Instruments, Inc.+(5)			One stop						SF +			5.75%									N/A(6)															07/2027						—						(2)						—						—
			Essential Services Holdings Corporation+			One stop						SF +			5.00%			(i)						10.33%															06/2031						11,514						11,399						0.3						11,399
			Essential Services Holdings Corporation+(5)			One stop						SF +			5.00%									N/A(6)															06/2030						—						(14)						—						(14)
			Essential Services Holdings Corporation+(5)			One stop						SF +			5.00%									N/A(6)															06/2031						—						(11)						—						(11)
			Excelitas Technologies Corp.+(5)			One stop						SF +			5.25%									N/A(6)															08/2029						—						(61)						—						(63)
			Excelitas Technologies Corp.<+			One stop						SF +			5.25%			(j)						10.58%															08/2029						10,022						9,955						0.3						9,945
			Excelitas Technologies Corp.<+(8)(9)			One stop						E +			5.25%			(c)						8.97%															08/2029						1,852						1,792						—						1,837
			Excelitas Technologies Corp.+(5)			One stop						SF +			5.25%									N/A(6)															08/2028						—						(4)						—						(4)
			Excelitas Technologies Corp.+(5)			One stop						SF +			5.25%									N/A(6)															08/2029						—						(3)						—						(3)
			Specialty Measurement Bidco Limited<+(8)(10)			One stop						SF +			6.25%			(h)						11.82%															11/2027						11,146						11,107						0.3						11,146
			Specialty Measurement Bidco Limited<+(8)(9)(10)			One stop						E +			6.25%			(c)						10.04%															11/2027						10,033						10,845						0.2						10,033
			Specialty Measurement Bidco Limited+(8)(9)(10)			One stop						E +			6.25%			(c)						10.04%															11/2027						4,934						4,906						0.1						4,934
			Specialty Measurement Bidco Limited<+(8)(10)			One stop						SF +			6.50%			(h)						12.07%															11/2027						2,019						2,048						—						2,024
			Specialty Measurement Bidco Limited<+(8)(10)			One stop						SF +			6.50%			(h)						12.07%															11/2027						3,767						3,734						0.1						3,776
			Specialty Measurement Bidco Limited+(8)(9)(10)			One stop						E +			6.50%			(c)						10.29%															11/2027						4,370						4,433						0.1						4,381
																																													71,969						72,399						1.8						71,603

See Notes to Consolidated Financial Statements.

23

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

Investment Type

Spread

Above

Index(1)

Interest

Rate(2)

Maturity
Date

Principal ($) /

Shares(3)

Amortized CostPercentage
of Net
Assets

Fair

Value (4)

InsuranceAccession Risk Management Group, Inc.*#~^+One stopSF +5.50%(j)10.98%11/2029$37,168 $37,153 0.9%$37,168 Accession Risk Management Group, Inc.~^+One stopSF +5.50%(j)10.98%11/20299,524 9,407 0.29,525 Accession Risk Management Group, Inc.&+One stopSF +5.50%(j)10.99%11/20298,383 8,372 0.28,383 Accession Risk Management Group, Inc.&<+One stopSF +5.50%(j)10.98%11/20295,263 5,324 0.15,263 Accession Risk Management Group, Inc.+(5)One stopSF +5.50%N/A(6)11/2029— (1)—— Accession Risk Management Group, Inc.+One stopSF +6.00%(j)11.35%11/2029722 709 —722 Accession Risk Management Group, Inc.+One stopSF +6.00%(j)11.34%11/20296,017 6,021 0.26,017 Alera Group, Inc.^<+One stopSF +5.25%(i)10.59%10/202835,509 35,571 0.935,509 Alera Group, Inc.&+One stopSF +5.25%(i)10.59%10/202810,091 10,089 0.310,091 Alera Group, Inc.&+One stopSF +5.25%(i)10.59%10/20284,028 4,098 0.14,028 Alera Group, Inc.+One stopSF +5.75%(i)11.09%10/2028570 590 —596 AMBA Buyer, Inc.&+One stopSF +5.25%(j)10.68%07/20274,480 4,492 0.14,480 

AMBA Buyer, Inc.+One stopSF +5.25%(j)10.68%07/20271,334 1,331 —1,334 AMBA Buyer, Inc.<+One stopSF +5.25%(j)(k)10.68%07/20271,125 1,121 —1,125 AMBA Buyer, Inc.+One stopSF +5.25%N/A(6)07/2027— — —— AMBA Buyer, Inc.+One stopSF +5.25%(j)10.65%07/2027162 162 —162 Ben Nevis Midco Limited<+(8)(10)One stopSF +5.50%(j)10.83%03/2028561 551 —561 Ben Nevis Midco Limited<+(8)(10)One stopSF +5.50%(j)10.85%03/2028378 378 —378 Ben Nevis Midco Limited+(8)(10)One stopSF +5.50%(j)10.83%03/202850 50 —50 Ben Nevis Midco Limited+(5)(8)(10)One stopSF +5.00%N/A(6)03/2028— (7)—— Captive Resources Midco, LLC<+(24)One stopSF +5.25%(i)10.59%07/202915,507 15,478 0.415,507 Captive Resources Midco, LLC+(5)One stopSF +5.25%N/A(6)07/2028— (2)—— Disco Parent, Inc.<+One stopSF +7.50%(j)12.85%03/20296,246 6,213 0.26,246 Disco Parent, Inc.+(5)One stopSF +7.50%N/A(6)03/2029— (1)—— Doxa Insurance Holdings LLC<+One stopSF +5.50%(j)10.84%12/20301,739 1,777 0.11,748 Doxa Insurance Holdings LLC+One stopSF +5.50%N/A(6)12/2029— — —— Doxa Insurance Holdings LLC+One stopSF +5.50%(j)10.84%12/20301,315 1,320 —1,323 Doxa Insurance Holdings LLC+(5)One stopSF +5.00%N/A(6)12/2030— (28)—(28)

Gimlet Bidco GMBH+(8)(9)(10)One stopE + 5.75%(c)9.64%04/20311,048 1,030 —1,022 Gimlet Bidco GMBH+(8)(9)(10)One stopE + 5.75%(c)9.64%04/203178 69 —67 Illumifin Corporation<+(24)One stopSF +7.00%(j)10.21% cash/2.38%PIK09/20274,498 4,306 0.13,958 Integrated Specialty Coverages, LLC<+One stopSF +6.00%(i)(j)(k)11.33%07/20305,064 5,032 0.15,064 Integrated Specialty Coverages, LLC+(5)One stopSF +6.00%N/A(6)07/2029— (1)—— Integrated Specialty Coverages, LLC+(5)One stopSF +6.00%N/A(6)07/2030— (8)—— Integrity Marketing Acquisition, LLC&+One stopSF +6.05%(j)11.50%08/20264,350 4,357 0.14,350 Integrity Marketing Acquisition, LLC~+One stopSF +5.80%(j)11.25%08/20262,728 2,716 0.12,721 Integrity Marketing Acquisition, LLC+One stopSF +6.02%(j)11.37%08/20263,223 3,203 0.13,223 Integrity Marketing Acquisition, LLC+One stopSF +6.05%(j)11.50%08/20262,166 2,156 0.12,166 Integrity Marketing Acquisition, LLC+One stopSF +5.80%(j)11.25%08/20261,066 1,064 —1,064 Integrity Marketing Acquisition, LLC+One stopSF +5.80%(j)11.25%08/2026644 643 —643 Integrity Marketing Acquisition, LLC+One stopSF +6.05%(j)11.50%08/20261,137 1,136 —1,137 Integrity Marketing Acquisition, LLC+One stopSF +6.02%(j)11.47%08/2026857 856 —857 Integrity Marketing Acquisition, LLC+One stopSF +6.50%N/A(6)08/2026— — —— 

Integrity Marketing Acquisition, LLC+One stopSF +6.00%(j)11.35%08/20262,783 2,765 0.12,783 J.S. Held Holdings, LLC~^<+One stopSF +5.50%(j)10.98%12/202624,842 24,831 0.624,345 J.S. Held Holdings, LLC&+One stopSF +5.50%(j)10.98%12/20265,414 5,407 0.15,306 J.S. Held Holdings, LLC<+One stopSF +5.50%(j)10.98%12/20265,237 5,228 0.15,132 J.S. Held Holdings, LLC<+One stopSF +5.50%(j)10.98%12/20265,068 5,071 0.14,967 

See Notes to Consolidated Financial Statements.

24

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

Investment Type

Spread

Above

Index(1)

Interest

Rate(2)

Maturity
Date

Principal ($) /

Shares(3)

Amortized CostPercentage
of Net
Assets

Fair

Value (4)

J.S. Held Holdings, LLC+One stopSF +5.50%(j)10.98%12/2026$161 $158 —%$158 J.S. Held Holdings, LLC+One stopSF +5.50%(j)10.99%12/2026581 573 —568 Keystone Agency Partners LLC<+Senior securedSF +5.50%(j)10.98%05/20273,568 3,540 0.13,568 Keystone Agency Partners LLC+Senior securedSF +5.50%(j)10.98%05/20272,044 2,034 0.12,044 Keystone Agency Partners LLC&+Senior securedSF +5.50%(j)10.98%05/20272,882 2,938 0.12,882 Keystone Agency Partners LLC<+Senior securedSF +5.50%(j)10.98%05/2027620 618 —620 Keystone Agency Partners LLC+Senior securedSF +5.50%(j)10.98%05/2027146 142 —146 

Majesco~^<One stopSF +4.75%(j)10.08%09/202828,321 28,359 0.728,321 Majesco+(5)One stopSF +4.75%N/A(6)09/2027— (1)—— MRH Trowe Germany GMBH+(8)(9)(19)One stopE + 5.75%(c)9.96%02/2029324 323 —324 Norvax, LLC^<+(8)Senior securedSF +7.50%(i)12.94%09/202539,654 39,292 1.039,654 Norvax, LLC<+(8)Senior securedSF +7.50%(i)12.94%09/202512,271 12,140 0.312,271 Oakbridge Insurance Agency LLC<+One stopSF +5.50%(i)10.83%11/20292,287 2,327 0.12,287 Oakbridge Insurance Agency LLC+One stopSF +5.75%N/A(6)11/2029— — —— Oakbridge Insurance Agency LLC+(5)One stopSF +5.75%N/A(6)11/2029— (1)—— Pareto Health Intermediate Holdings, Inc.&+One stopSF +6.25%(j)11.58%05/203022,171 22,097 0.522,171 Pareto Health Intermediate Holdings, Inc.+One stopSF +6.25%(j)11.58%05/20307,391 7,366 0.27,391 Pareto Health Intermediate Holdings, Inc.+(5)One stopSF +6.25%N/A(6)06/2029— (1)—— Patriot Growth Insurance Services, LLC&<+One stopSF +5.50%(j)10.98%10/202815,484 15,517 0.415,484 Patriot Growth Insurance Services, LLC+One stopSF +5.75%(j)11.23%10/20283,165 3,150 0.13,165 Patriot Growth Insurance Services, LLC+(5)One stopSF +5.75%N/A(6)10/2028— (1)—— Patriot Growth Insurance Services, LLC+One stopSF +5.75%(j)11.08%10/20281,045 1,041 —1,045 

People Corporation<+(8)(9)(12)One stopC + 6.25%(f)11.52%02/202818,659 19,727 0.518,659 People Corporation+(8)(9)(12)One stopC + 5.75%(f)11.02%02/202815,611 15,956 0.415,611 People Corporation+(8)(9)(12)One stopC + 6.25%(f)11.52%02/20286,092 6,561 0.26,092 People Corporation+(8)(9)(12)One stopC + 6.00%(f)11.21%02/20284,784 4,820 0.14,784 People Corporation+(5)(8)(9)(12)One stopC + 6.25%N/A(6)02/2027— (1)—— Sunstar Insurance Group, LLC+One stopSF +6.25%(i)11.69%10/20261,276 1,272 —1,269 Sunstar Insurance Group, LLC<+One stopSF +6.25%(i)11.69%10/20261,068 1,062 —1,062 Sunstar Insurance Group, LLC+One stopSF +6.25%(i)11.69%10/2026540 537 —538 Sunstar Insurance Group, LLC+One stopSF +6.25%(i)11.69%10/20268 8 —8 410,528 411,582 10.1409,115 Internet and Direct Marketing RetailRevalize, Inc.~^+One stopSF +5.75%(j)11.23%04/202720,562 20,252 0.519,328 Revalize, Inc.^+One stopSF +5.75%(j)11.23%04/202712,035 11,865 0.311,313 Revalize, Inc.^+One stopSF +5.75%(j)11.23%04/20275,967 5,883 0.15,610 Revalize, Inc.^+One stopSF +5.75%(j)11.23%04/20273,595 3,523 0.13,379 Revalize, Inc.<+One stopSF +5.75%(j)11.23%04/20272,447 2,393 —2,300 

Revalize, Inc.<+One stopSF +5.75%(j)11.23%04/20272,403 2,324 0.12,259 Revalize, Inc.+One stopSF +5.75%(j)11.23%04/2027234 221 —219 Revalize, Inc.+One stopSF +5.75%(j)11.23%04/2027172 156 —144 47,415 46,617 1.144,552 IT ServicesAcquia, Inc.^+One stopSF +7.00%(j)12.45%10/202512,020 12,031 0.312,020 Acquia, Inc.+One stopSF +7.00%(j)12.46%10/202544 44 —44 Acquia, Inc.+One stopSF +7.00%(j)12.45%10/20251,083 1,079 —1,083 CivicPlus, LLC^+(24)One stopSF +8.25%(j)11.25% cash/2.50%PIK08/20279,175 9,192 0.39,175 CivicPlus, LLC<+(24)One stopSF +8.25%(j)11.25% cash/2.50%PIK08/20275,430 5,443 0.25,430 CivicPlus, LLC<+(24)One stopSF +8.25%(j)11.25% cash/2.50%PIK08/20274,301 4,309 0.14,301 CivicPlus, LLC+One stopSF +11.75%(j)17.00%06/2034508 503 —508 

See Notes to Consolidated Financial Statements.

25

---

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

Investment Type

Spread

Above

Index(1)

Interest

Rate(2)

Maturity
Date

Principal ($) /

Shares(3)

Amortized CostPercentage
of Net
Assets

Fair

Value (4)

CivicPlus, LLC+(5)One stopSF +8.50%N/A(6)08/2027$— $(1)—%$— Critical Start, Inc.<+(24)One stopSF +6.75%(j)8.44% cash/3.63%PIK05/20285,207 5,206 0.15,154 

Critical Start, Inc.<+(24)One stopSF +6.75%(j)8.44% cash/3.63%PIK05/20282,390 2,360 0.12,367 Critical Start, Inc.+(5)One stopSF +6.25%N/A(6)05/2028— (1)—(2)Delinea Inc.^+One stopSF +5.75%(j)11.23%03/202822,668 22,676 0.622,668 Delinea Inc.#^One stopSF +5.75%(j)11.23%03/202813,160 13,163 0.313,160 Delinea Inc.+(5)One stopSF +5.75%N/A(6)03/2027— (2)—— Delinea Inc.<One stopSF +6.00%(j)11.48%03/202811,529 11,514 0.311,529 Goldcup 31018 AB<+(8)(9)(17)(24)One stopE + 6.50%(d)10.15% cash/0.25%PIK07/202913,389 12,993 0.313,389 Goldcup 31018 AB+(8)(9)(17)(24)One stopE + 6.50%(d)10.15% cash/0.25%PIK07/20291,249 1,236 —1,249 Goldcup 31018 AB+(5)(8)(9)(17)One stopE + 6.25%N/A(6)01/2029— (1)—— Netwrix Corporation*&+One stopSF +5.00%(j)10.35%06/20297,996 8,001 0.27,996 Netwrix Corporation+(5)One stopSF +5.00%N/A(6)06/2029— (1)—— Netwrix Corporation+One stopSF +5.25%(j)10.59%06/202956 52 —56 Optimizely North America, Inc.#^<One stopSF +5.25%(j)10.73%04/202625,926 25,914 0.625,926 Optimizely North America, Inc.+(8)(9)One stopE + 5.50%(c)9.20%04/202623,086 24,135 0.623,086 

Optimizely North America, Inc.*#^One stopSF +5.25%(j)10.73%04/202614,356 14,403 0.414,356 Optimizely North America, Inc.*<One stopSF +5.25%(j)10.73%04/20267,977 7,970 0.27,977 Optimizely North America, Inc.+One stopSF +5.25%N/A(6)04/2026— — —— PDQ Intermediate, Inc.+(24)Subordinated debtN/A13.75%PIK10/2031110 109 —110 Recordxtechnologies, LLC#~<One stopSF +5.25%(j)10.58%12/202718,923 19,127 0.518,734 Recordxtechnologies, LLC+One stopSF +5.25%(j)10.58%12/20271,773 1,791 —1,756 Recordxtechnologies, LLC+(5)One stopSF +5.25%(j)10.58%12/20272 (1)—(1)Recordxtechnologies, LLC<+One stopSF +5.25%(j)10.58%12/2027896 888 —887 Recordxtechnologies, LLC+One stopSF +5.25%(j)10.58%12/202712,584 12,462 0.312,458 Red Dawn SEI Buyer, Inc.<+(8)(9)Senior securedSN +4.50%(g)9.70%11/202530,036 32,017 0.730,036 Red Dawn SEI Buyer, Inc.<+Senior securedSF +4.50%(j)9.93%11/20257,610 7,639 0.27,610 Red Dawn SEI Buyer, Inc.~&+Senior securedSF +4.25%(j)9.68%11/202513,786 14,055 0.313,786 Red Dawn SEI Buyer, Inc.<+Senior securedSF +4.50%(j)9.93%11/20252,942 2,992 0.12,942 Red Dawn SEI Buyer, Inc.<+Senior securedSF +4.25%(j)9.68%11/20252,452 2,499 0.12,452 Red Dawn SEI Buyer, Inc.+Senior securedSF +4.25%N/A(6)11/2025— — —— 

Red Dawn SEI Buyer, Inc.+Senior securedSF +4.50%N/A(6)11/2025— — —— ReliaQuest Holdings, LLC<+(24)One stopSF +6.75%(j)8.45% cash/3.63%PIK04/203111,603 11,603 0.311,544 ReliaQuest Holdings, LLC+(5)One stopSF +6.75%N/A(6)04/2031— (5)—(5)ReliaQuest Holdings, LLC+(5)One stopSF +6.25%N/A(6)04/2031— (2)—(2)Saturn Borrower Inc.~<+One stopSF +6.50%(j)11.98%09/202627,605 27,381 0.727,054 Saturn Borrower Inc.+One stopSF +6.50%(i)(j)11.98%09/2026428 421 —419 Transform Bidco Limited+(5)(8)(10)One stopSF +7.00%N/A(6)06/2030— (1)—— Transform Bidco Limited<+(8)(10)One stopSF +7.00%(j)12.31%12/20305,405 5,506 0.15,405 WPEngine, Inc.<+One stopSF +6.50%(j)11.82%08/20295,437 5,418 0.15,438 WPEngine, Inc.+(5)One stopSF +6.50%N/A(6)08/2029— (1)—— Zarya Holdco, Inc.<+One stopSF +6.50%(j)11.85%07/20271,417 1,408 —1,417 Zarya Holdco, Inc.<+One stopSF +6.50%(j)11.85%07/20277,266 7,319 0.27,266 Zarya Holdco, Inc.+One stopSF +6.50%N/A(6)07/2027— — —— 331,825 334,843 8.2330,778 

See Notes to Consolidated Financial Statements.

26

---

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Leisure Products
			Movement Holdings, LLC<+			One stop						SF +			5.25%			(i)						10.59%															03/2030						$	843					$	840					—			%			$	843
			Movement Holdings, LLC+			One stop						SF +			5.25%									N/A(6)															03/2030						—						—						—						—
			Movement Holdings, LLC+(5)			One stop						SF +			5.25%									N/A(6)															03/2030						—						(2)						—						—
			WBZ Investment, LLC#&+(24)			One stop						SF +			6.75%			(j)						12.23%															03/2027						7,829						7,859						0.2						7,829
			WBZ Investment, LLC&+(24)			One stop						SF +			6.75%			(j)						12.23%															03/2027						1,723						1,723						0.1						1,723
			WBZ Investment, LLC&+(24)			One stop						SF +			6.75%			(j)						12.23%															03/2027						1,196						1,197						—						1,196
			WBZ Investment, LLC&+(24)			One stop						SF +			6.75%			(j)						12.23%															03/2027						628						628						—						628
			WBZ Investment, LLC+			One stop						SF +			6.75%									N/A(6)															03/2027						—						—						—						—
																																													12,219						12,245						0.3						12,219
			Life Sciences Tools & Services
			Celerion Buyer, Inc.*#~			One stop						SF +			5.50%			(j)						10.84%															11/2029						29,680						29,412						0.7						29,680
			Celerion Buyer, Inc.+(5)			One stop						SF +			5.50%									N/A(6)															11/2028						—						(1)						—						—
			Celerion Buyer, Inc.+(5)			One stop						SF +			5.50%									N/A(6)															11/2029						—						(72)						—						—
			Graphpad Software, LLC+			One stop						SF +			4.75%			(j)						10.08%															06/2031						8,869						8,825						0.2						8,825
			Graphpad Software, LLC+(5)			One stop						SF +			4.75%									N/A(6)															06/2031						—						(4)						—						(4)
			Graphpad Software, LLC+(5)			One stop						SF +			4.75%									N/A(6)															06/2031						—						(11)						—						(11)
			PAS Parent Inc.+(5)			One stop						SF +			5.00%									N/A(6)															12/2028						—						(20)						—						(20)
			PAS Parent Inc.*#~&<+			One stop						SF +			5.25%			(i)						10.71%															12/2028						55,655						55,672						1.4						55,375
			PAS Parent Inc.+			One stop						SF +			5.25%			(i)						10.71%															12/2027						164						158						—						160
			PAS Parent Inc.+			One stop						SF +			5.50%			(i)						10.84%															12/2028						2,095						2,118						0.1						2,079
			Reaction Biology Corporation#<(24)			One stop						SF +			6.90%			(j)						7.83%			cash/			4.40%			PIK						03/2029						8,502						8,372						0.2						7,227
			Reaction Biology Corporation<+(24)			One stop						SF +			6.90%			(j)						7.83%			cash/			4.40%			PIK						03/2029						2,829						2,484						0.1						2,404
			Reaction Biology Corporation<+(24)			One stop						SF +			6.90%			(j)						7.83%			cash/			4.40%			PIK						03/2029						1,881						1,653						—						1,599
			Reaction Biology Corporation+(24)			One stop						SF +			6.90%			(j)						7.83%			cash/			4.40%			PIK						03/2029						304						280						—						258
			Unchained Labs, LLC+			Senior secured						SF +			5.50%			(i)						10.89%															08/2027						1,403						1,390						—						1,376
			Unchained Labs, LLC<+			Senior secured						SF +			5.50%			(i)						10.89%															08/2027						1,185						1,170						—						1,161
			Unchained Labs, LLC+(5)			Senior secured						SF +			5.50%									N/A(6)															08/2027						—						(1)						—						(2)
																																													112,567						111,425						2.7						110,107
			Machinery
			Blackbird Purchaser, Inc.<+			One stop						SF +			5.50%			(i)(j)						10.83%															12/2030						4,487						4,573						0.1						4,487
			Blackbird Purchaser, Inc.+			One stop						SF +			5.50%			(i)(j)						10.84%															12/2030						266						266						—						266
			Blackbird Purchaser, Inc.+			One stop						SF +			5.50%									N/A(6)															12/2029						—						—						—						—
			Chase Industries, Inc.+(24)(25)			Senior secured						SF +			7.00%			(j)						10.98%			cash/			1.50%			PIK						05/2025						13,873						13,866						0.4						13,526
			Chase Industries, Inc.+(24)(25)			Senior secured						SF +			7.00%			(j)						10.98%			cash/			1.50%			PIK						05/2025						1,314						1,306						—						1,282
			Chase Industries, Inc.+(24)(25)			Senior secured						SF +			7.00%			(j)						10.98%			cash/			1.50%			PIK						05/2025						255						251						—						240
																																													20,195						20,262						0.5						19,801
			Marine
			Project Nike Purchaser, LLC&+			One stop						SF +			5.25%			(j)						10.58%															04/2029						33,953						34,133						0.9						33,953
			Project Nike Purchaser, LLC<+			One stop						SF +			5.25%			(j)						10.58%															04/2029						751						747						—						751
			Project Nike Purchaser, LLC+			One stop						SF +			5.25%			(j)						10.58%															04/2029						170						168						—						170
																																													34,874						35,048						0.9						34,874
			Media
			Lotus Topco, Inc.+			One stop						SF +			4.75%			(j)						10.08%															06/2030						5,177						5,138						0.1						5,138
			Lotus Topco, Inc.+(5)			One stop						SF +			4.75%									N/A(6)															06/2030						—						(8)						—						(8)
			Lotus Topco, Inc.+(5)			One stop						SF +			4.75%									N/A(6)															06/2030						—						(19)						—						(19)
			Triple Lift, Inc.^+			One stop						SF +			5.75%			(j)						11.24%															05/2028						7,318						7,223						0.2						7,026
			Triple Lift, Inc.<+			One stop						SF +			5.75%			(j)						11.24%															05/2028						1,561						1,529						—						1,498
			Triple Lift, Inc.+			One stop						SF +			5.75%			(j)						11.21%															05/2028						54						52						—						50
																																													14,110						13,915						0.3						13,685

See Notes to Consolidated Financial Statements.

27

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Multiline Retail
			Fleet Farm Group, LLC*#+			One stop						SF +			7.00%			(k)						12.56%															12/2026						$	43,652					$	43,402					1.1			%			$	42,780
			Oil, Gas & Consumable Fuels
			3ES Innovation, Inc.*+(8)(12)			One stop						SF +			6.50%			(j)						11.93%															05/2025						25,518						25,655						0.7						25,518
			3ES Innovation, Inc.+(8)(12)			One stop						SF +			6.50%									N/A(6)															05/2025						—						—						—						—
			Envernus, Inc.<+			One stop						SF +			5.50%			(i)						10.84%															12/2029						5,142						5,239						0.1						5,143
			Envernus, Inc.+			One stop						SF +			5.50%									N/A(6)															12/2029						—						—						—						—
			Envernus, Inc.+			One stop						SF +			5.50%									N/A(6)															12/2029						—						—						—						—
			Project Power Buyer, LLC*#~<+			One stop						SF +			7.00%			(j)						12.33%															05/2026						53,308						53,230						1.3						53,308
			Project Power Buyer, LLC+(5)			One stop						SF +			7.00%									N/A(6)															05/2025						—						(1)						—						—
																																													83,968						84,123						2.1						83,969
			Paper & Forest Products
			Messenger, LLC#~<+			One stop						SF +			5.75%			(j)						11.23%															12/2027						14,755						14,777						0.4						14,755
			Messenger, LLC+(8)(9)			One stop						SN +			5.75%			(g)						11.05%															12/2027						897						897						—						897
			Messenger, LLC+			One stop						SF +			5.75%			(j)						11.23%															12/2027						533						531						—						533
			Messenger, LLC+(8)(9)			One stop						SN +			5.75%									N/A(6)															12/2027						—						—						—						—
			Messenger, LLC~+			One stop						SF +			5.75%			(j)						11.23%															12/2027						1,546						1,576						0.1						1,546
			Messenger, LLC<+			One stop						SF +			5.75%			(j)						11.23%															12/2027						775						775						—						775
			Messenger, LLC+			One stop						SF +			5.75%									N/A(6)															12/2027						—						—						—						—
																																													18,506						18,556						0.5						18,506
			Personal Products
			IMPLUS Footcare, LLC+(24)			One stop						SF +			8.75%			(i)						13.24%			cash/			1.00%			PIK						07/2025						30,497						30,497						0.8						28,972
			IMPLUS Footcare, LLC+(24)			One stop						SF +			8.75%			(i)						13.24%			cash/			1.00%			PIK						07/2025						5,209						5,209						0.1						4,948
			IMPLUS Footcare, LLC*+(24)			One stop						SF +			8.75%			(i)						13.24%			cash/			1.00%			PIK						07/2025						751						751						—						713
																																													36,457						36,457						0.9						34,633

See Notes to Consolidated Financial Statements.

28

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

Investment Type

Spread

Above

Index(1)

Interest

Rate(2)

Maturity
Date

Principal ($) /

Shares(3)

Amortized CostPercentage
of Net
Assets

Fair

Value (4)

PharmaceuticalsACP Ulysses Buyer, Inc.*#~&One stopSF +5.50%(j)10.83%02/2029$30,143 $29,959 0.8%$30,143 ACP Ulysses Buyer, Inc.*<One stopSF +5.50%(j)10.83%02/20291,303 1,283 —1,303 Amalthea Parent, Inc.*#~^&<+(8)One stopSF +5.00%(j)(k)10.75%03/202787,870 85,828 2.080,841 Amalthea Parent, Inc.+(8)One stopSF +5.00%(j)10.60%03/2027360 338 —318 Apothecary Products, LLC+Senior securedSF +6.00%(k)11.39%07/20252,386 2,371 0.12,386 Apothecary Products, LLC+(5)Senior securedSF +6.00%N/A(6)07/2025— (4)—— Caerus Midco 3 S.A.R.L.<+(8)(13)One stopSF +5.00%(j)10.33%05/202929,486 29,522 0.729,486 Caerus Midco 3 S.A.R.L.<+(8)(13)One stopSF +5.00%(j)10.33%05/20294,888 4,892 0.14,888 Caerus Midco 3 S.A.R.L.+(8)(13)One stopSF +5.00%(j)10.33%05/20291,991 1,965 0.11,991 Caerus Midco 3 S.A.R.L.+(8)(13)One stopSF +5.00%(j)10.33%05/2029315 311 —315 Caerus Midco 3 S.A.R.L.+(8)(13)One stopSF +5.00%(i)10.35%05/2029112 108 —112 

Cobalt Buyer Sub, Inc.&+One stopSF +6.00%(i)11.46%10/202814,875 14,843 0.414,875 Cobalt Buyer Sub, Inc.+One stopSF +6.00%(i)11.46%10/20284,988 4,975 0.14,988 Cobalt Buyer Sub, Inc.<+One stopSF +6.00%(i)11.46%10/20283,768 3,693 0.13,768 Cobalt Buyer Sub, Inc.+One stopSF +6.00%(i)11.46%10/2027116 115 —116 Spark Bidco Limited<+(8)(9)(10)(24)Senior securedSN +4.88%(g)8.95% cash/1.13%PIK08/202835,550 37,346 0.834,040 Spark Bidco Limited<+(8)(9)(10)Senior securedSN +6.00%(g)11.20%08/20285,254 5,132 0.15,254 Spark Bidco Limited+(8)(9)(10)(24)Senior securedSN +4.88%(g)8.95% cash/1.13%PIK08/20284,309 3,949 0.14,126 Spark Bidco Limited+(8)(10)Senior securedSF +6.00%(j)11.33%08/20283,991 3,982 0.13,991 Spark Bidco Limited+(8)(9)(10)(24)Senior securedSN +4.88%(g)8.95% cash/1.13%PIK08/20283,770 3,611 0.13,610 Spark Bidco Limited+(5)(8)(9)(10)Senior securedSN +4.88%N/A(6)02/2028— (5)—(8)235,475 234,214 5.6226,543 Professional ServicesALKU Intermediate Holdings, LLC<+One stopSF +6.25%(i)11.59%05/20296,815 6,843 0.26,900 ALKU Intermediate Holdings, LLC<+One stopSF +5.50%(i)10.84%05/2029754 745 —754 bswift, LLC<+One stopSF +6.38%(j)11.67%11/20287,701 7,683 0.27,817 

Citrin Cooperman Advisors LLC+One stopSF +5.00%(j)10.40%10/20278,081 8,103 0.28,081 Citrin Cooperman Advisors LLC&+One stopSF +5.00%(j)10.40%10/20273,507 3,454 0.13,507 Citrin Cooperman Advisors LLC+One stopSF +5.00%(j)10.40%10/20271,041 1,031 —1,041 Citrin Cooperman Advisors LLC<+One stopSF +5.25%(j)10.65%10/2027254 253 —254 Citrin Cooperman Advisors LLC+One stopSF +5.25%(j)10.66%10/2027514 513 —518 DISA Holdings Corp.<+Senior securedSF +5.00%(j)10.35%09/20285,255 5,218 0.15,255 DISA Holdings Corp.+Senior securedSF +5.00%(j)10.35%09/2028613 605 —613 DISA Holdings Corp.+One stopSF +5.00%(j)10.35%09/2028693 683 —693 DISA Holdings Corp.+(24)Subordinated debtSF +8.50%(j)11.84% cash/2.00%PIK03/2029102 101 —102 DISA Holdings Corp.+(5)Senior securedSF +5.00%N/A(6)09/2028— (2)—— DISA Holdings Corp.<+Senior securedSF +5.00%(j)10.35%09/2028810 798 —810 DISA Holdings Corp.+(5)Senior securedSF +5.00%N/A(6)09/2028— (4)—— Eliassen Group, LLC<+One stopSF +5.75%(j)11.08%04/20282,154 2,137 0.12,132 Eliassen Group, LLC+One stopSF +5.75%(j)11.08%04/2028145 144 —144 Filevine, Inc.^+(24)One stopSF +6.50%(j)9.45% cash/2.50%PIK04/20278,189 8,231 0.28,271 Filevine, Inc.+One stopSF +6.50%N/A(6)04/2027— — —— 

IG Investments Holdings, LLC&+One stopSF +6.00%(j)11.43%09/20289,146 9,129 0.29,146 IG Investments Holdings, LLC&+One stopSF +6.00%(j)11.43%09/2028784 777 —784 IG Investments Holdings, LLC+One stopSF +6.00%N/A(6)09/2027— — —— NBG Acquisition Corp. and NBG-P Acquisition Corp.#~^&<One stopSF +5.25%(j)10.73%11/202834,111 33,850 0.833,088 NBG Acquisition Corp. and NBG-P Acquisition Corp.+One stopSF +5.25%(j)10.73%11/2028346 338 —332 Net Health Acquisition Corp.<+One stopSF +5.75%(i)11.19%12/202514,425 14,414 0.414,425 Net Health Acquisition Corp.*#~One stopSF +5.75%(i)11.19%12/20258,941 8,928 0.28,941 

See Notes to Consolidated Financial Statements.

29

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Net Health Acquisition Corp.*~			One stop						SF +			5.75%			(i)						11.19%															12/2025						$	7,419					$	7,436					0.2			%			$	7,419
			Net Health Acquisition Corp.#~			One stop						SF +			5.75%			(i)						11.19%															12/2025						4,612						4,595						0.1						4,612
			Net Health Acquisition Corp.*#~			One stop						SF +			5.75%			(i)						11.19%															12/2025						1,257						1,255						—						1,257
			Net Health Acquisition Corp.+			One stop						SF +			5.75%			(i)						11.19%															12/2025						313						313						—						313
			PlanSource Holdings, Inc.<+			One stop						SF +			6.25%			(k)						11.66%															06/2025						14,234						14,308						0.4						14,234
			PlanSource Holdings, Inc.<+			One stop						SF +			6.25%			(k)						11.66%															06/2025						2,416						2,412						0.1						2,416
			PlanSource Holdings, Inc.+			One stop						SF +			6.25%			(k)						11.66%															06/2025						695						695						—						695
			PlanSource Holdings, Inc.+			One stop						SF +			6.25%									N/A(6)															06/2025						—						—						—						—
			Procure Acquireco, Inc.#~&+			One stop						SF +			5.00%			(j)						10.50%															12/2028						24,987						25,042						0.6						24,987
			Procure Acquireco, Inc.+(5)			One stop						SF +			5.00%									N/A(6)															12/2028						—						(1)						—						—
			Procure Acquireco, Inc.+			One stop						SF +			5.00%			(j)						10.48%															12/2028						1,149						1,148						—						1,149
			Teaching Company, The+			One stop						SF +			5.75%			(j)						11.23%															01/2026						13,658						13,658						0.4						13,658
			Teaching Company, The+			One stop						SF +			5.75%									N/A(6)															01/2026						—						—						—						—
																																													185,121						184,833						4.5						184,348

%

			Real Estate Management & Development
			Inhabit IQ Inc.&<			One stop						SF +			5.50%			(i)						10.94%															07/2025						37,679						37,954						0.9						37,679
			Inhabit IQ Inc.#~+			One stop						SF +			5.50%			(i)						10.94%															07/2025						21,751						21,793						0.6						21,751
			Inhabit IQ Inc.~+			One stop						SF +			5.50%			(i)						10.94%															07/2025						15,648						15,682						0.4						15,648
			Inhabit IQ Inc.*^			One stop						SF +			5.50%			(i)						10.94%															07/2025						21,420						21,577						0.6						21,420
			Inhabit IQ Inc.*#~			One stop						SF +			5.50%			(i)						10.94%															07/2025						7,478						7,473						0.2						7,478
			Inhabit IQ Inc.<+			One stop						SF +			5.50%			(i)						10.94%															07/2025						3,998						4,012						0.1						3,998
			Inhabit IQ Inc.#<+			One stop						SF +			5.50%			(i)						10.94%															07/2025						1,750						1,749						—						1,750
			Inhabit IQ Inc.#<+			One stop						SF +			5.50%			(i)						10.94%															07/2025						1,481						1,480						—						1,481
			Inhabit IQ Inc.#<+			One stop						SF +			5.50%			(i)						10.94%															07/2025						1,466						1,466						—						1,466
			Inhabit IQ Inc.<+			One stop						SF +			5.50%			(i)						10.94%															07/2025						1,169						1,168						—						1,169
			Inhabit IQ Inc.<+			One stop						SF +			5.50%			(i)						10.94%															07/2025						616						616						—						616
			Inhabit IQ Inc.+			One stop						SF +			5.50%			(i)						10.94%															07/2025						90						90						—						90
			Inhabit IQ Inc.<			One stop						SF +			5.50%			(i)						10.94%															07/2025						682						682						—						682
			MRI Software, LLC*~^+			One stop						SF +			5.50%			(j)						10.93%															02/2027						28,992						29,254						0.7						28,992
			MRI Software, LLC~^&+			One stop						SF +			5.50%			(j)						10.93%															02/2027						13,189						13,318						0.3						13,189
			MRI Software, LLC+(5)			One stop						SF +			5.50%									N/A(6)															02/2027						—						(1)						—						—
			MRI Software, LLC+			One stop						SF +			5.75%			(j)						11.08%															02/2027						175						173						—						180
			RPL Bidco Limited<+(8)(9)(10)			One stop						SN +			5.50%			(g)						10.70%															08/2028						5,721						5,869						0.1						5,721
			RPL Bidco Limited+(8)(9)(10)			One stop						SN +			5.50%			(g)						10.70%															08/2028						26,408						28,278						0.7						26,408
			RPL Bidco Limited<+(8)(9)(10)			One stop						A +			5.50%			(e)						9.90%															08/2028						11,742						11,769						0.3						11,742
			RPL Bidco Limited<+(8)(9)(10)			One stop						A +			5.50%			(e)						9.90%															08/2028						2,851						3,038						0.1						2,851
			RPL Bidco Limited+(8)(9)(10)			One stop						SN +			5.50%									N/A(6)															02/2028						—						—						—						—
																																													204,306						207,440						5.0						204,311
			Road & Rail
			Channelside AcquisitionCo, Inc.+			One stop						SF +			6.75%									N/A(6)															07/2026						—						—						—						—
			Internet Truckstop Group, LLC~+			One stop						SF +			5.50%			(j)						10.98%															04/2027						28,632						28,712						0.7						28,632
			Internet Truckstop Group, LLC&+			One stop						SF +			5.50%			(j)						10.98%															04/2027						12,553						12,530						0.3						12,553
			Internet Truckstop Group, LLC+(5)			One stop						SF +			5.50%									N/A(6)															04/2027						—						(3)						—						—
																																													41,185						41,239						1.0						41,185

See Notes to Consolidated Financial Statements.

30

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

Investment Type

Spread

Above

Index(1)

Interest

Rate(2)

Maturity
Date

Principal ($) /

Shares(3)

Amortized CostPercentage
of Net
Assets

Fair

Value (4)

SoftwareAnaplan, Inc.^<+One stopSF +5.75%(j)11.08%06/2029$24,680 $24,929 0.6%$24,680 Anaplan, Inc.+One stopSF +5.75%(j)11.08%06/202913,000 12,968 0.313,000 Anaplan, Inc.+(5)One stopSF +5.75%N/A(6)06/2028— (1)—— Appfire Technologies, LLC~^+One stopSF +4.75%(j)10.08%03/202755,312 55,217 1.455,036 Appfire Technologies, LLC+One stopP + 3.75%(a)12.25%03/2027106 103 —104 Appfire Technologies, LLC+(5)One stopSF +4.75%N/A(6)03/2027— (35)—(23)Appfire Technologies, LLC+(5)One stopSF +4.75%N/A(6)03/2028— (133)—(133)Aras Corporation^<+(24)One stopSF +5.50%(j)10.80%04/202928,811 28,795 0.728,667 Aras Corporation+One stopSF +5.50%(i)(j)10.83%04/20291,217 1,192 —1,192 Armstrong Bidco Limited<+(8)(9)(10)One stopSN +5.25%(g)10.45%06/20295,498 5,360 0.25,498 Armstrong Bidco Limited+(8)(9)(10)One stopSN +5.25%(g)10.45%06/20292,869 2,725 0.12,869 Arrow Buyer, Inc.<+One stopSF +5.75%(j)11.08%07/203025,167 24,989 0.625,167 

Arrow Buyer, Inc.+One stopSF +5.75%(j)11.08%07/20301,650 1,644 0.11,650 Arrow Buyer, Inc.+(5)One stopSF +5.75%N/A(6)07/2030— (26)—— Artifact Bidco, Inc.+One stopSF +4.50%N/A(6)05/2031— — —— Artifact Bidco, Inc.+One stopSF +4.50%N/A(6)05/2030— — —— Artifact Bidco, Inc.+One stopSF +4.50%N/A(6)05/2030— — —— Artifact Bidco, Inc.+One stopSF +4.50%N/A(6)05/2031— — —— Auvik Networks Inc.^+(8)(12)(24)One stopSF +6.25%(j)8.33% cash/3.25%PIK07/202710,575 10,608 0.310,575 Auvik Networks Inc.<+(8)(12)(24)One stopSF +6.25%(j)8.33% cash/3.25%PIK07/20271,902 1,895 0.11,902 Auvik Networks Inc.<+(8)(12)(24)One stopSF +6.25%(j)8.33% cash/3.25%PIK07/2027968 964 —968 Auvik Networks Inc.+(8)(12)One stopSF +6.00%N/A(6)07/2027— — —— Avetta, LLC<+One stopSF +5.75%(j)11.10%10/20305,005 4,913 0.15,005 Avetta, LLC+(5)One stopSF +5.75%N/A(6)10/2029— (9)—— Axiom Merger Sub Inc.<+One stopSF +5.25%(k)10.81%04/20266,734 6,746 0.26,700 Axiom Merger Sub Inc.+(8)(9)One stopE + 5.50%(c)(d)9.35%04/20262,666 2,771 0.12,652 Axiom Merger Sub Inc.<+One stopSF +5.25%(k)10.81%04/20261,221 1,220 0.11,215 

Axiom Merger Sub Inc.+One stopSF +5.25%(k)10.76%04/2026175 175 —174 Axiom Merger Sub Inc.+One stopSF +5.25%N/A(6)10/2025— — —— Azul Systems, Inc.~Senior securedSF +4.50%(j)9.98%04/20279,492 9,693 0.39,491 Azul Systems, Inc.Senior securedSF +4.50%N/A(6)04/2026— — —— Azurite Intermediate Holdings, Inc.+One stopSF +6.50%(i)11.84%03/2031622 613 —607 Azurite Intermediate Holdings, Inc.<+One stopSF +6.50%(i)11.84%03/2031428 422 —422 Azurite Intermediate Holdings, Inc.+(5)One stopSF +9.00%N/A(6)03/2031— (2)—(2)Baxter Planning Systems, LLC<+(24)One stopSF +6.25%(j)8.20% cash/3.38%PIK05/20314,032 4,032 0.14,002 Baxter Planning Systems, LLC+(5)One stopSF +6.25%N/A(6)05/2031— (6)—(6)Baxter Planning Systems, LLC+(5)One stopSF +5.75%N/A(6)05/2031— (4)—(4)Bayshore Intermediate #2, L.P.^+(24)One stopSF +7.75%(j)13.17%10/2028113,593 113,500 2.8113,593 Bayshore Intermediate #2, L.P.+(5)One stopSF +6.75%N/A(6)10/2027— (2)—— Bloomerang, LLC<+One stopSF +6.00%(j)11.33%12/20294,142 4,181 0.14,142 Bloomerang, LLC+(5)One stopSF +6.00%N/A(6)12/2029— (1)—— Bloomerang, LLC+(5)One stopSF +6.00%N/A(6)12/2029— (12)—— Bonterra LLC^<+One stopSF +7.25%(j)12.58%09/202792,893 92,400 2.391,965 

Bonterra LLC+(24)One stopSF +8.00%(j)13.33%09/20273,708 3,662 0.13,670 Bonterra LLC+One stopSF +7.25%(j)12.59%09/2027248 242 —244 Bottomline Technologies, Inc.<+One stopSF +5.25%(i)10.59%05/202941,167 40,937 1.040,755 

See Notes to Consolidated Financial Statements.

31

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

Investment Type

Spread

Above

Index(1)

Interest

Rate(2)

Maturity
Date

Principal ($) /

Shares(3)

Amortized CostPercentage
of Net
Assets

Fair

Value (4)

Bottomline Technologies, Inc.<+One stopSF +5.75%(i)11.09%05/2029$5,112 $5,033 0.2%$5,124 Bottomline Technologies, Inc.+(5)One stopSF +5.00%N/A(6)05/2028— (6)—(6)Bullhorn, Inc.~&+One stopSF +5.00%(i)10.34%10/202977,997 77,674 1.977,607 Bullhorn, Inc.~<One stopSF +5.00%(i)10.34%10/20293,190 3,230 0.13,174 Bullhorn, Inc.&+One stopSF +5.00%(i)10.34%10/20291,643 1,666 0.11,635 Bullhorn, Inc.<+One stopSF +5.00%(i)10.34%10/2029736 733 —733 Bullhorn, Inc.<+One stopSF +5.00%(i)10.34%10/2029587 584 —584 Bullhorn, Inc.+(5)One stopSF +5.00%N/A(6)10/2029— (3)—(2)Burning Glass Intermediate Holdings Company, Inc.#~+One stopSF +5.00%(i)10.44%06/202813,172 13,141 0.313,172 Burning Glass Intermediate Holdings Company, Inc.+(5)One stopSF +5.00%N/A(6)06/2026— (1)—— 

Bynder BidCo, Inc.& Bynder BidCo B.V.<+(8)(14)One stopSF +7.25%(j)12.57%01/20298,332 8,268 0.28,332 Bynder BidCo, Inc.& Bynder BidCo B.V.<+(8)(14)One stopSF +7.25%(j)12.57%01/20292,204 2,170 0.12,204 Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)One stopSF +7.25%N/A(6)01/2029— — —— Bynder BidCo, Inc.& Bynder BidCo B.V.+(5)(8)(14)One stopSF +7.25%N/A(6)01/2029— (1)—— Calabrio, Inc.^<+One stopSF +5.50%(j)10.85%04/202774,857 74,931 1.974,857 Calabrio, Inc.<+One stopSF +5.50%(j)10.85%04/20275,500 5,598 0.25,500 Calabrio, Inc.+(5)One stopSF +5.50%N/A(6)04/2027— (2)—— Camelia Bidco Limited<+(8)(9)(10)One stopSN +6.25%(g)11.45%08/20305,116 5,133 0.15,116 Camelia Bidco Limited+(8)(9)(10)One stopSN +6.25%(g)11.45%08/2030724 698 —724 Camelia Bidco Limited+(8)(9)(10)One stopA + 6.00%(e)10.35%08/2030334 324 —334 Camelia Bidco Limited+(8)(9)(10)One stopSN +5.25%N/A(6)08/2030— — —— Community Brands Parentco, LLC<+One stopSF +5.50%(i)10.94%02/202816,468 16,352 0.416,468 Community Brands Parentco, LLC+(5)One stopSF +5.50%N/A(6)02/2028— (1)—— Coupa Holdings, LLC<+One stopSF +5.50%(j)10.83%02/203032,039 31,714 0.832,039 

Coupa Holdings, LLC+(5)One stopSF +5.50%N/A(6)02/2029— (1)—— Coupa Holdings, LLC+(5)One stopSF +5.50%N/A(6)02/2030— (21)—— Crewline Buyer, Inc.<+One stopSF +6.75%(j)12.08%11/20305,403 5,454 0.15,403 Crewline Buyer, Inc.+(5)One stopSF +6.75%N/A(6)11/2030— (1)—— Daxko Acquisition Corporation~^+One stopSF +5.50%(i)10.94%10/202839,559 39,534 1.039,163 Daxko Acquisition Corporation&+One stopSF +5.50%(i)10.94%10/20283,336 3,305 0.13,303 Daxko Acquisition Corporation+One stopSF +5.50%(i)10.94%10/2028199 198 —198 Daxko Acquisition Corporation+One stopP + 4.50%(a)13.00%10/202754 52 —50 Denali Bidco Limited<+(8)(9)(10)One stopSN +5.75%(g)10.95%08/20307,434 7,520 0.27,471 Denali Bidco Limited+(8)(9)(10)One stopE + 5.75%(c)9.47%08/20302,556 2,585 0.12,568 Denali Bidco Limited<+(8)(9)(10)One stopE + 5.75%(c)9.47%08/20301,825 1,839 —1,835 Denali Bidco Limited<+(8)(9)(10)One stopE + 5.50%(c)9.22%08/2030713 713 —713 Denali Bidco Limited+(5)(8)(9)(10)One stopSN +5.50%N/A(6)08/2030— (2)—— Diligent Corporation<+One stopSF +5.00%(i)10.34%08/20308,985 8,967 0.28,917 Diligent Corporation+One stopSF +5.00%(i)10.34%08/20301,541 1,529 —1,529 

Diligent Corporation+(5)One stopSF +5.00%N/A(6)08/2030— (11)—(12)Diligent Corporation+(5)One stopSF +5.00%N/A(6)08/2030— (6)—(7)Dragon UK Bidco Limited<+(8)(9)(10)One stopSN +5.75%(g)10.95%02/202921,780 22,319 0.521,345 Dragon UK Bidco Limited+(8)(9)(10)One stopCA +5.75%(l)10.53%02/20294,442 4,479 0.14,354 Dragon UK Bidco Limited+(5)(8)(9)(10)One stopSN +6.00%N/A(6)02/2029— (34)—(36)Evergreen IX Borrower 2023, LLC<+One stopSF +6.00%(j)11.33%09/20304,931 4,831 0.14,931 Evergreen IX Borrower 2023, LLC+(5)One stopSF +6.00%N/A(6)10/2029— (11)—— FirstUp, Inc.^+(24)One stopSF +7.50%(j)8.58% cash/4.25%PIK07/202713,081 13,094 0.313,081 FirstUp, Inc.<+(24)One stopSF +7.50%(j)8.58% cash/4.25%PIK07/20271,247 1,237 —1,247 FirstUp, Inc.+(5)One stopSF +7.50%N/A(6)07/2027— (1)—— 

See Notes to Consolidated Financial Statements.

32

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

Investment Type

Spread

Above

Index(1)

Interest

Rate(2)

Maturity
Date

Principal ($) /

Shares(3)

Amortized CostPercentage
of Net
Assets

Fair

Value (4)

Gainsight, Inc.^+(24)One stopSF +6.75%(j)12.23%PIK07/2027$17,437 $17,464 0.4%$17,437 

Gainsight, Inc.+(24)One stopSF +6.75%(j)12.23%PIK07/2027124 123 —124 GS Acquisitionco, Inc.~^&<+One stopSF +5.25%(j)10.58%05/2028122,395 122,769 3.0121,783 GS Acquisitionco, Inc.+One stopSF +5.25%(j)10.58%05/202872 70 —69 GS Acquisitionco, Inc.+One stopSF +5.25%(j)10.58%05/202854 49 —48 GTIV, LLC+One stopSF +4.75%(k)10.01%02/202972,913 72,433 1.872,913 GTIV, LLC+(5)One stopSF +4.75%N/A(6)02/2029— (2)—— GTY Technology Holdings, Inc.<+(24)One stopSF +6.88%(j)7.91% cash/4.30%PIK07/20295,043 5,035 0.15,043 GTY Technology Holdings, Inc.<+(24)One stopSF +6.88%(j)7.92% cash/4.30%PIK07/20293,293 3,260 0.13,293 GTY Technology Holdings, Inc.+(24)One stopSF +6.88%(j)7.91% cash/4.30%PIK07/2029603 601 —603 GTY Technology Holdings, Inc.+(24)One stopSF +7.13%(j)8.01% cash/4.45%PIK07/2029420 418 —420 GTY Technology Holdings, Inc.+One stopP + 5.25%(a)13.75%07/202990 88 —90 GTY Technology Holdings, Inc.+(5)One stopSF +7.13%N/A(6)07/2029— (3)—3 Hornet Security Holding GMBH<+(8)(9)(19)One stopE + 6.50%(d)10.39%02/2031703 702 —694 Hornet Security Holding GMBH<+(8)(9)(19)One stopE + 6.50%(d)10.43%02/2031468 468 —463 

Hornet Security Holding GMBH+(5)(8)(9)(19)One stopE + 6.50%N/A(6)08/2030— (1)—(1)Hornet Security Holding GMBH+(5)(8)(9)(19)One stopE + 6.50%N/A(6)02/2031— (3)—(3)Hyland Software, Inc.~&<+One stopSF +6.00%(i)11.34%09/203047,362 48,214 1.247,362 Hyland Software, Inc.+(5)One stopSF +6.00%N/A(6)09/2029— (1)—— Icefall Parent, Inc.<+One stopSF +6.50%(j)11.83%01/20301,407 1,398 —1,407 Icefall Parent, Inc.+(5)One stopSF +6.50%N/A(6)01/2030— (1)—— ICIMS, Inc.<+(24)One stopSF +7.25%(j)8.70% cash/3.88%PIK08/202812,304 12,254 0.312,059 ICIMS, Inc.+One stopSF +6.75%(j)12.08%08/202832 29 —26 ICIMS, Inc.+(5)One stopSF +7.25%N/A(6)08/2028— (7)—(45)IQN Holding Corp. #&+One stopSF +5.25%(j)10.60%05/202922,945 23,006 0.622,946 IQN Holding Corp. +One stopSF +5.25%(j)10.60%05/202826 25 —26 Island Bidco AB<+(8)(9)(17)(24)One stopE + 7.25%(b)(d)3.65% cash/7.25%PIK07/202810,169 10,090 0.310,169 Island Bidco AB<+(8)(17)(24)One stopSF +7.00%(k)8.76% cash/3.50%PIK07/20284,747 4,763 0.14,747 Island Bidco AB+(8)(17)One stopSF +3.50%(k)8.76%07/20283,504 3,486 0.13,504 

Island Bidco AB+(8)(9)(17)One stopE + 6.50%(d)10.38%07/202860 60 —60 Island Bidco AB+(8)(17)One stopSF +6.50%N/A(6)07/2028— — —— Juvare, LLC*~One stopSF +6.25%(j)11.75%10/202610,538 10,535 0.310,432 Juvare, LLC&+One stopSF +6.25%(j)11.75%10/20262,432 2,416 0.12,407 Juvare, LLC+One stopSF +6.25%(j)11.75%10/2026769 761 —761 Juvare, LLC+One stopSF +6.25%(j)11.75%04/2026100 100 —100 Kaseya Inc.^<+(24)One stopSF +5.50%(j)10.83%06/202923,562 23,770 0.623,562 Kaseya Inc.+(24)One stopSF +5.50%(j)10.83%06/2029136 134 —136 Kaseya Inc.+One stopSF +5.50%(j)10.83%06/202986 82 —86 Kaseya Inc.+(24)One stopSF +5.50%(j)10.82%06/202970 65 —70 LeadsOnline, LLC^+One stopSF +4.75%(j)10.15%02/202813,082 13,267 0.313,082 LeadsOnline, LLC<+One stopSF +4.75%(j)10.15%02/20282,309 2,341 0.12,309 LeadsOnline, LLC<+One stopSF +4.75%(j)10.18%02/2028669 667 —669 LeadsOnline, LLC+(5)One stopSF +4.75%N/A(6)02/2028— (1)—— Matrix42 Holding GMBH<+(8)(9)(13)One stopE + 6.25%(c)10.17%01/20309,737 10,413 0.29,737 Matrix42 Holding GMBH<+(8)(9)(13)One stopE + 6.25%(c)10.17%12/20291,475 1,483 —1,475 

Matrix42 Holding GMBH<+(8)(9)(13)One stopE + 6.25%(c)10.17%01/2030759 764 —759 Matrix42 Holding GMBH+(5)(8)(9)(13)One stopE + 6.25%N/A(6)01/2030— (1)—— Matrix42 Holding GMBH+(8)(13)One stopSF +6.00%N/A(6)01/2028— — —— Mindbody, Inc.<+One stopSF +7.00%(j)12.48%09/202561,966 62,286 1.561,966 Mindbody, Inc.<+One stopSF +7.00%(j)12.48%09/20252,134 2,133 0.12,134 Mindbody, Inc.+One stopSF +7.00%N/A(6)09/2025— — —— Ministry Brands Holdings LLC<+One stopSF +5.50%(i)10.94%12/202831,149 31,025 0.830,526 Ministry Brands Holdings LLC+One stopSF +5.50%(i)10.94%12/20282,930 2,933 0.12,872 

See Notes to Consolidated Financial Statements.

33

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

Investment Type

Spread

Above

Index(1)

Interest

Rate(2)

Maturity
Date

Principal ($) /

Shares(3)

Amortized CostPercentage
of Net
Assets

Fair

Value (4)

Ministry Brands Holdings LLC+(5)One stopSF +5.50%N/A(6)12/2027$— $(4)—%$(6)Navex TopCo, Inc.<+One stopSF +5.50%(i)10.83%11/20305,396 5,494 0.15,396 Navex TopCo, Inc.+(5)One stopSF +5.75%N/A(6)11/2028— (1)—— Naviga Inc.+(7)Senior securedSF +7.00%(j)12.33%07/2024160 147 —72 Orsay Bidco 1 B.V. and Sky Group Holding B.V.+(5)(8)(9)(14)One stopE + 5.75%N/A(6)11/2029— (27)—(26)

Panzura, LLC+(24)One stopN/A4.00% cash/15.00%PIK08/2027112 102 —100 PDI TA Holdings, Inc.<+One stopSF +5.25%(j)10.58%02/20311,024 1,019 —1,024 PDI TA Holdings, Inc.+One stopSF +5.25%(j)10.59%02/2031122 121 —122 PDI TA Holdings, Inc.+(5)One stopSF +5.25%N/A(6)02/2031— (1)—— Personify, Inc.*#~+One stopSF +5.25%(j)10.73%09/202513,915 13,962 0.313,915 Personify, Inc.#&One stopSF +5.25%(j)10.73%09/20259,838 9,855 0.29,838 Personify, Inc.+One stopSF +5.25%N/A(6)09/2025— — —— Pineapple German Bidco GMBH+(8)(9)(19)(24)One stopE + 7.00%(b)10.65%PIK01/2031994 992 —982 Pineapple German Bidco GMBH+(8)(9)(19)One stopE + 7.00%(b)10.65%01/203168 68 —67 Pineapple German Bidco GMBH+(5)(8)(9)(19)One stopE + 7.00%N/A(6)01/2031— (4)—(5)PING Identity Holding Corp.<+One stopSF +7.00%(i)12.34%10/202915,145 15,144 0.415,145 PING Identity Holding Corp.+(5)One stopSF +7.00%N/A(6)10/2028— (1)—— Pluralsight, LLC+(7)One stopSF +8.00%(j)13.46%04/202733,094 30,773 0.416,548 Pluralsight, LLC+(7)One stopSF +8.00%(j)13.46%04/2027200 174 —100 ProcessUnity Holdings, LLC^+One stopSF +6.75%(j)12.08%09/20286,014 6,026 0.16,014 

ProcessUnity Holdings, LLC<+One stopSF +6.75%(j)12.08%09/20282,864 2,840 0.12,864 ProcessUnity Holdings, LLC+One stopSF +6.75%(j)12.08%09/20281,203 1,198 —1,203 ProcessUnity Holdings, LLC+One stopSF +6.75%(i)12.09%09/202818 17 —18 QAD, Inc.<+One stopSF +5.25%(i)10.59%11/202743,373 44,050 1.143,373 QAD, Inc.+(5)One stopSF +5.25%N/A(6)11/2027— (3)—— Quant Buyer, Inc.<+One stopSF +5.25%(j)10.60%06/20294,372 4,353 0.14,372 Quant Buyer, Inc.<+One stopSF +5.25%(j)10.60%06/20293,683 3,642 0.13,683 Quant Buyer, Inc.~+One stopSF +5.25%(j)10.60%06/20293,022 2,988 0.13,022 Quant Buyer, Inc.+(5)One stopSF +5.25%N/A(6)06/2029— (4)—— Quant Buyer, Inc.+(5)One stopSF +5.25%N/A(6)06/2029— (65)—— Rainforest Bidco Limited+(8)(9)(10)(24)One stopSN +6.05%(g)8.70% cash/2.55%PIK07/202919,482 18,879 0.518,898 Rainforest Bidco Limited+(8)(10)(24)One stopSF +6.05%(h)8.81% cash/2.55%PIK07/20293,641 3,613 0.13,540 Rainforest Bidco Limited+(8)(9)(10)One stopSN +4.00%(g)9.20%07/20292,021 1,947 —2,021 Rainforest Bidco Limited+(8)(9)(10)(24)One stopSN +6.05%(g)8.70% cash/2.55%PIK07/20291,432 1,372 —1,389 

RegEd Aquireco, LLC<+Senior securedSF +4.25%(i)(k)9.68%12/202412,151 12,153 0.312,151 RegEd Aquireco, LLC+Senior securedSF +4.25%(a)(k)9.73%12/2024276 276 —276 Riskonnect Parent, LLC*&<+One stopSF +5.50%(j)10.98%12/202845,752 46,277 1.145,522 Riskonnect Parent, LLC+One stopSF +5.50%(j)10.98%12/20282,147 2,167 0.12,136 Riskonnect Parent, LLC<+One stopSF +5.50%(j)10.83%12/2028825 817 —817 Riskonnect Parent, LLC+One stopSF +5.50%(j)10.83%12/2028580 570 —575 Riskonnect Parent, LLC+(5)One stopSF +5.50%N/A(6)12/2028— (5)—(4)Riskonnect Parent, LLC+(5)One stopSF +5.50%N/A(6)12/2028— (10)—(10)Rodeo Buyer Company & Absorb Software Inc.^<+One stopSF +6.25%(i)11.69%05/20277,616 7,613 0.27,616 Rodeo Buyer Company & Absorb Software Inc.+(5)One stopSF +6.25%N/A(6)05/2027— (1)—— SailPoint Technologies Holdings, Inc.^+One stopSF +6.00%(i)11.33%08/202914,654 14,565 0.414,654 SailPoint Technologies Holdings, Inc.+(5)One stopSF +6.00%N/A(6)08/2028— (2)—— Sapphire Bidco Oy+(8)(9)(16)One stopE + 5.50%(c)9.41%07/202948,969 47,113 1.248,969 Sapphire Bidco Oy+(8)(9)(16)One stopE + 5.75%(c)9.64%07/20294,001 3,980 0.14,011 Sapphire Bidco Oy<+(8)(9)(16)One stopE + 5.75%(c)9.64%07/20291,475 1,491 —1,482 

Sonatype, Inc.<+One stopSF +6.75%(i)12.18%12/202555,697 55,900 1.455,697 Sonatype, Inc.^+One stopSF +6.75%(i)12.18%12/202513,763 14,028 0.313,763 

See Notes to Consolidated Financial Statements.

34

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Sonatype, Inc.+(5)			One stop						SF +			6.75%									N/A(6)															12/2025						$	—					$	(1)					—			%			$	—
			Spartan Buyer Acquisition Co.*#^<+(24)			One stop						SF +			7.50%			(i)						11.84%			cash/			1.00%			PIK						06/2027						44,675						44,496						1.1						44,228
			Spartan Buyer Acquisition Co.<+(24)			One stop						SF +			7.50%			(i)						11.84%			cash/			1.00%			PIK						06/2027						2,848						2,812						0.1						2,820
			Spartan Buyer Acquisition Co.+(5)(24)			One stop						P +			6.50%			(a)						14.00%			cash/			1.00%			PIK						06/2027						2						(2)						—						(2)
			Telesoft Holdings LLC~^&+			One stop						SF +			5.75%			(i)						11.19%															12/2026						21,241						21,608						0.5						21,241
			Telesoft Holdings LLC<+			One stop						SF +			6.25%			(i)						11.69%															12/2026						1,436						1,460						—						1,436
			Telesoft Holdings LLC+			One stop						SF +			5.75%			(i)(j)						11.19%															12/2026						58						57						—						58
			Templafy APS and Templafy, LLC<+(8)(18)			One stop						SF +			6.00%			(j)						11.48%															07/2028						4,800						4,777						0.1						4,800
			Templafy APS and Templafy, LLC+(8)(18)			One stop						SF +			6.00%									N/A(6)															07/2028						—						—						—						—
			Templafy APS and Templafy, LLC+(5)(8)(18)			One stop						SF +			6.00%									N/A(6)															07/2028						—						(12)						—						—
			TI Intermediate Holdings, LLC~+			Senior secured						SF +			4.50%			(j)						9.93%															12/2024						4,182						4,147						0.1						3,554
			TI Intermediate Holdings, LLC<+			Senior secured						SF +			4.50%			(j)						9.93%															12/2024						1,108						1,095						—						943
			TI Intermediate Holdings, LLC+			Senior secured						SF +			4.50%			(j)						9.93%															12/2024						696						688						—						592
			TI Intermediate Holdings, LLC+			Senior secured						SF +			4.50%			(j)						9.93%															12/2024						522						515						—						443
			TI Intermediate Holdings, LLC<+			Senior secured						SF +			4.50%			(j)						9.93%															12/2024						192						190						—						163
			TI Intermediate Holdings, LLC+			Senior secured						SF +			4.50%			(j)						9.92%															12/2024						91						89						—						75
			Togetherwork Holdings, LLC<+			One stop						SF +			5.25%			(i)						10.58%															05/2031						27,973						27,924						0.7						27,763
			Togetherwork Holdings, LLC+(5)			One stop						SF +			5.25%									N/A(6)															05/2031						—						(35)						—						(35)
			Togetherwork Holdings, LLC+(5)			One stop						SF +			5.25%									N/A(6)															05/2031						—						(17)						—						(17)
			Vantage Bidco GMBH<+(8)(9)(19)(24)			One stop						E +			6.25%			(c)						9.97%															04/2031						8,326						8,288						0.2						8,222
			Vantage Bidco GMBH+(5)(8)(9)(19)			One stop						E +			6.25%									N/A(6)															10/2030						—						(15)						—						(13)
			Vector CS Midco Limited & Cloudsense Ltd.+(7)(8)(9)(10)(24)			One stop						N/A												4.50%			cash/			8.34%			PIK						07/2024						11,790						10,541						0.2						6,603
			Vector CS Midco Limited & Cloudsense Ltd.+(7)(8)(9)(10)(24)			One stop						N/A												4.50%			cash/			8.34%			PIK						07/2024						233						198						—						129
			Vendavo, Inc.*#&+			One stop						SF +			5.75%			(j)						11.19%															09/2027						27,448						27,040						0.6						25,801
			Vendavo, Inc.+			One stop						SF +			5.75%			(j)(k)						11.22%															09/2027						288						278						—						270
			WebPT, Inc.+			One stop						SF +			6.75%			(j)						12.20%															01/2028						931						922						—						922
			Workforce Software, LLC^+(24)			One stop						SF +			7.25%			(j)						9.75%			cash/			3.00%			PIK						07/2025						41,682						41,952						1.0						41,682
			Workforce Software, LLC^+(24)			One stop						SF +			7.25%			(j)						9.75%			cash/			3.00%			PIK						07/2025						7,379						7,389						0.2						7,379
			Workforce Software, LLC<+(24)			One stop						SF +			7.25%			(j)						9.75%			cash/			3.00%			PIK						07/2025						5,227						5,222						0.1						5,227
			Workforce Software, LLC<+(24)			One stop						SF +			7.25%			(j)						9.75%			cash/			3.00%			PIK						07/2025						1,568						1,584						—						1,568
			Workforce Software, LLC+(5)			One stop						SF +			6.50%									N/A(6)															07/2025						—						(1)						—						—
			Zendesk, Inc.^+(24)			One stop						SF +			6.25%			(j)						11.60%															11/2028						28,647						28,531						0.7						28,647
			Zendesk, Inc.+(5)			One stop						SF +			6.25%									N/A(6)															11/2028						—						(1)						—						—
			Zendesk, Inc.+(5)			One stop						SF +			6.25%									N/A(6)															11/2028						—						(37)						—						—
																																													1,935,494						1,930,708						47.0						1,903,571

See Notes to Consolidated Financial Statements.

35

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

Investment Type

Spread

Above

Index(1)

Interest

Rate(2)

Maturity
Date

Principal ($) /

Shares(3)

Amortized CostPercentage
of Net
Assets

Fair

Value (4)

Specialty RetailAve Holdings III, Corp*<+One stopSF +5.25%(j)10.73%02/2028$23,481 $23,217 0.6%$23,481 Ave Holdings III, Corp&+One stopSF +5.25%(j)10.73%02/20286,124 6,243 0.26,124 Ave Holdings III, Corp+One stopSF +5.25%(j)10.73%02/2028804 804 —804 Ave Holdings III, Corp+(5)One stopSF +5.25%N/A(6)02/2028— (2)—— Biscuit Parent, LLC<+One stopSF +4.75%(j)10.08%02/20311,335 1,332 —1,335 Biscuit Parent, LLC+(5)One stopSF +4.75%N/A(6)02/2031— (1)—— Cavender Stores L.P.<Senior securedSF +5.00%(j)10.33%10/20295,472 5,429 0.25,473 Consilio Midco Limited<+(8)(9)(10)One stopE + 6.25%(c)9.95%05/202836,827 38,194 0.936,827 Consilio Midco Limited<+(8)(10)One stopSF +5.75%(j)11.23%05/202815,726 15,692 0.415,726 Consilio Midco Limited#&(8)(10)One stopSF +5.75%(j)11.23%05/202815,626 15,690 0.415,626 Consilio Midco Limited#~(8)(10)One stopSF +5.75%(j)11.23%05/20282,942 2,918 0.12,942 Consilio Midco Limited#~(8)(10)One stopSF +5.75%(j)11.23%05/20281,956 1,947 0.11,956 

Consilio Midco Limited~+(8)(10)One stopSF +5.75%(j)11.23%05/20281,000 988 —1,000 Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)9.95%05/2028483 486 —483 Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)9.95%05/2028214 215 —214 Consilio Midco Limited+(8)(10)One stopSF +5.75%(j)11.23%05/2028168 167 —168 Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)9.95%05/2028126 128 —126 Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)9.95%05/2028122 123 —122 Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)9.95%05/2028110 111 —110 Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)9.95%05/2028110 111 —110 Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)9.95%05/202858 58 —58 Consilio Midco Limited+(8)(10)One stopSF +5.50%(j)10.98%05/202844 41 —42 Consilio Midco Limited+(8)(10)One stopSF +5.75%N/A(6)05/2028— — —— Consilio Midco Limited+(5)(8)(10)One stopSF +5.50%N/A(6)05/2028— (12)—(16)CVP Holdco, Inc.+One stopSF +5.00%(j)10.33%06/203113,529 13,394 0.413,394 CVP Holdco, Inc.+(5)One stopSF +5.00%N/A(6)06/2030— (14)—(14)CVP Holdco, Inc.+(5)One stopSF +5.00%N/A(6)06/2031— (18)—(18)

Cycle Gear, Inc.*#+One stopSF +6.75%(j)12.18%01/202646,529 46,451 1.144,668 PetVet Care Centers LLC~+One stopSF +6.00%(i)11.34%11/20304,752 4,795 0.14,609 PetVet Care Centers LLC+(5)One stopSF +6.00%N/A(6)11/2029— (1)—(4)PetVet Care Centers LLC+(5)One stopSF +6.00%N/A(6)11/2030— (6)—— PPV Intermediate Holdings, LLC#~<+One stopSF +5.75%(j)11.10%08/202914,225 14,142 0.414,082 PPV Intermediate Holdings, LLC+(24)One stopN/A14.75%PIK08/20308,605 8,676 0.28,647 PPV Intermediate Holdings, LLC+(24)One stopN/A13.75%PIK08/20301,738 1,704 —1,686 PPV Intermediate Holdings, LLC+(24)One stopN/A13.75%PIK08/2030402 396 —390 PPV Intermediate Holdings, LLC+(24)One stopN/A13.75%PIK08/203074 73 —72 PPV Intermediate Holdings, LLC+(24)One stopN/A13.75%PIK08/203072 68 —70 PPV Intermediate Holdings, LLC+(5)One stopSF +5.75%N/A(6)08/2029— (10)—(8)Radiance Borrower, LLC+(24)One stopSF +5.75%(i)8.34% cash/2.75%PIK06/203121,457 21,296 0.521,296 Radiance Borrower, LLC+(5)One stopSF +5.25%N/A(6)06/2031— (18)—(18)Salon Lofts Group, LLC<+Senior securedSF +5.75%(j)11.08%08/20285,270 5,274 0.15,270 Salon Lofts Group, LLC+(24)Second lienSF +9.00%(j)14.33%09/20292,935 2,902 0.12,905 

Salon Lofts Group, LLC+(24)Second lienSF +9.00%(j)(k)14.11%09/20291,514 1,496 —1,499 Salon Lofts Group, LLC+Second lienSF +9.00%(k)14.30%09/2029557 550 —551 Salon Lofts Group, LLC+Senior securedSF +5.75%(j)11.08%09/2029542 539 —542 Salon Lofts Group, LLC+Second lienSF +9.00%(k)14.26%09/2029488 463 —480 

See Notes to Consolidated Financial Statements.

36

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Salon Lofts Group, LLC+			Senior secured						SF +			5.75%			(j)						11.08%															08/2028						$	349					$	346					—			%			$	349
			Salon Lofts Group, LLC+			Senior secured						SF +			5.75%			(j)						11.08%															08/2028						345						342						—						345
			Salon Lofts Group, LLC+			Senior secured						SF +			5.75%			(j)						11.08%															08/2028						273						271						—						273
			Salon Lofts Group, LLC+			Senior secured						SF +			5.75%			(k)						10.90%															08/2028						156						155						—						156
			Salon Lofts Group, LLC+(24)			Second lien						SF +			9.00%			(j)						14.33%															09/2029						144						142						—						143
			Salon Lofts Group, LLC+			Senior secured						SF +			5.75%			(j)						11.08%															08/2028						114						113						—						114
			Salon Lofts Group, LLC+			Senior secured						SF +			5.75%			(j)						11.08%															08/2028						105						105						—						105
			Salon Lofts Group, LLC+			Senior secured						SF +			5.75%			(j)						11.08%															08/2028						86						86						—						86
			Salon Lofts Group, LLC+			Senior secured						SF +			5.75%			(j)						11.08%															08/2028						80						80						—						80
			Salon Lofts Group, LLC+(5)			Senior secured						SF +			5.75%									N/A(6)															08/2028						—						(5)						—						—
			Salon Lofts Group, LLC+(5)			Senior secured						SF +			5.75%									N/A(6)															08/2028						—						(2)						—						—
			Salon Lofts Group, LLC+(5)			Senior secured						SF +			5.75%									N/A(6)															08/2028						—						(6)						—						—
			Salon Lofts Group, LLC+(5)			Second lien						SF +			9.00%									N/A(6)															09/2029						—						(41)						—						(41)
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.^<+(8)			One stop						SF +			5.25%			(j)						10.58%															12/2029						29,585						29,295						0.7						29,364
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.<+(8)(9)			One stop						C +			5.25%			(f)						10.53%															12/2029						7,949						7,938						0.2						7,889
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(8)			One stop						SF +			5.25%			(i)						10.59%															12/2028						363						356						—						356
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(5)(8)			One stop						SF +			5.25%									N/A(6)															12/2029						—						(64)						—						(47)
			Titan Fitness, LLC*#<+(24)			One stop						SF +			7.25%			(i)(j)						10.25%			cash/			2.50%			PIK						10/2026						38,744						38,205						0.9						36,031
			Titan Fitness, LLC+(24)			One stop						SF +			7.25%			(j)						10.20%			cash/			2.50%			PIK						10/2026						2,799						2,724						0.1						2,603
			Titan Fitness, LLC+(24)			One stop						SF +			7.25%			(j)						10.20%			cash/			2.50%			PIK						10/2026						510						488						—						453
			Vermont Aus Pty Ltd+(8)(11)			One stop						SF +			5.65%			(j)						10.98%															03/2028						10,064						10,027						0.2						10,064
			Vermont Aus Pty Ltd+(8)(9)(11)			One stop						A +			5.75%			(e)						10.20%															03/2028						9,154						9,996						0.2						9,154
			VSG Acquisition Corp. and Sherrill, Inc.&+			One stop						SF +			5.50%			(i)						10.96%															04/2028						12,143						11,952						0.3						11,658
			VSG Acquisition Corp. and Sherrill, Inc.+			One stop						SF +			5.50%			(i)						10.96%															04/2028						1,622						1,578						—						1,558
			VSG Acquisition Corp. and Sherrill, Inc.+			One stop						SF +			5.50%			(i)						10.96%															04/2028						30						24						—						22
																																													350,032						350,136						8.4						343,525

See Notes to Consolidated Financial Statements.

37

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

Investment Type

Spread

Above

Index(1)

Interest

Rate(2)

Maturity
Date

Principal ($) /

Shares(3)

Amortized CostPercentage
of Net
Assets

Fair

Value (4)

Technology Hardware, Storage & PeripheralsAgility Recovery Solutions Inc.+(24)One stopSF +6.75%(j)11.48% cash/0.75%PIK12/2024$5,449 $5,449 0.1%$5,486 Agility Recovery Solutions Inc.+(24)One stopSF +6.75%(a)(j)11.71% cash/0.75%PIK12/2024960 960 —968 6,409 6,409 0.16,454 Textiles, Apparel & Luxury GoodsDollfus Mieg Company, Inc.<+(8)(10)One stopSF +6.00%(k)11.22%03/20282,347 2,325 0.12,300 Dollfus Mieg Company, Inc.<+(8)(10)One stopSF +6.00%(k)11.22%03/20281,170 1,158 —1,146 Dollfus Mieg Company, Inc.<+(8)(10)One stopSF +6.00%(k)11.22%03/20281,027 1,018 —1,007 Dollfus Mieg Company, Inc.+(8)(9)(10)One stopE + 6.00%N/A(6)03/2028— — —— Elite Sportswear, L.P.+(24)Senior securedSF +7.00%(j)11.85% cash/0.75%PIK09/20259,950 9,903 0.39,950 Elite Sportswear, L.P.+(24)Senior securedSF +7.00%(j)11.85% cash/0.75%PIK09/20253,999 3,980 0.13,999 Elite Sportswear, L.P.+(24)Senior securedSF +7.00%(j)11.85% cash/0.75%PIK09/20252,058 2,048 0.12,058 

Elite Sportswear, L.P.*+(24)Senior securedSF +7.00%(j)11.85% cash/0.75%PIK09/2025683 680 —683 Elite Sportswear, L.P.+(24)Senior securedSF +7.00%(j)11.85% cash/0.75%PIK09/2025312 311 —312 Elite Sportswear, L.P.*+(24)Senior securedSF +7.00%(j)11.85% cash/0.75%PIK09/2025298 297 —298 Elite Sportswear, L.P.+(24)Senior securedSF +7.00%(j)11.85% cash/0.75%PIK09/2025792 786 —792 Elite Sportswear, L.P.+(24)Senior securedSF +7.00%(j)11.85% cash/0.75%PIK09/202527 27 —27 Georgica Pine Clothiers, LLC+One stopSF +5.50%(j)10.98%11/20249,211 9,196 0.29,235 Georgica Pine Clothiers, LLC+One stopSF +5.50%(j)10.98%11/20246,391 6,380 0.26,407 Georgica Pine Clothiers, LLC+One stopSF +5.50%(j)10.98%11/2024989 988 —992 Georgica Pine Clothiers, LLC+One stopSF +5.50%(j)10.98%11/2024889 887 —891 Georgica Pine Clothiers, LLC+One stopSF +5.50%(j)10.98%11/2024624 622 —625 Georgica Pine Clothiers, LLC+One stopSF +5.50%(j)10.98%11/20242 2 —2 Shoes For Crews Global, LLC+Senior securedSF +6.50%(j)12.09%07/20291,305 1,305 —1,305 Shoes For Crews Global, LLC+(24)Senior securedSF +7.00%(j)7.59% cash/5.00%PIK07/2029711 683 —683 Shoes For Crews Global, LLC+Senior securedSF +6.50%(j)12.09%07/2029422 422 —422 Shoes For Crews Global, LLC+(5)Senior securedSF +6.50%N/A(6)07/2029— (36)—(36)

43,207 42,982 1.043,098 Trading Companies and DistributorsMarcone Yellowstone Buyer Inc.<+One stopSF +6.25%(j)11.73%06/202820,125 19,862 0.518,766 Marcone Yellowstone Buyer Inc.&<+One stopSF +6.25%(j)11.73%06/202820,875 20,476 0.519,466 Marcone Yellowstone Buyer Inc.<+One stopSF +6.50%(j)11.98%06/20286,196 6,048 0.15,824 Marcone Yellowstone Buyer Inc.<+One stopSF +6.25%(j)11.73%06/20282,555 2,474 0.12,382 Marcone Yellowstone Buyer Inc.&+One stopSF +6.25%(j)11.73%06/20286,687 6,456 0.16,236 Marcone Yellowstone Buyer Inc.+(5)One stopSF +6.50%N/A(6)06/2028— (31)—— 56,438 55,285 1.352,674 Water UtilitiesS.J. Electro Systems, LLC&<Senior securedSF +4.75%(j)10.23%06/202718,824 18,765 0.518,824 S.J. Electro Systems, LLC<+Senior securedSF +4.75%(j)10.23%06/20271,187 1,176 —1,187 S.J. Electro Systems, LLC+(5)Senior securedSF +4.75%N/A(6)06/2027— (3)—— Vessco Midco Holdings, LLC+Senior securedSF +4.50%(k)9.84%11/20262,974 2,960 0.12,974 Vessco Midco Holdings, LLC<+Senior securedSF +4.50%(i)9.94%11/2026292 291 —291 Vessco Midco Holdings, LLC+Senior securedSF +5.25%(k)10.60%11/2026769 761 —769 Vessco Midco Holdings, LLC+Senior securedSF +4.50%N/A(6)10/2026— — —— Vessco Midco Holdings, LLC+Senior securedSF +5.00%(k)10.36%11/2026738 734 —738 

24,784 24,684 0.6 24,783 Total non-controlled/non-affiliate company debt investments7,315,681 7,304,906 177.6 7,199,875 

See Notes to Consolidated Financial Statements.

38

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Equity investments (20)(21)
			Aerospace & Defense
			PPW Aero Buyer, Inc.+			LP units						N/A												N/A															N/A						93						$	948					—			%			$	849
			Tronair Parent, Inc.+			LLC units						N/A												N/A															N/A						—						40						—						72
																																																			988						—						921
			Auto Components
			Polk Acquisition Corp.+			LP interest						N/A												N/A															N/A						5						314						—						—
			Automobiles
			CG Group Holdings, LLC+			LP units						N/A												N/A															N/A						1						983						—						814
			Go Car Wash Parent, Corp.+(22)			Preferred stock						N/A												17.00%			Non-Cash												N/A						—						3,067						0.1						3,006
			Go Car Wash Parent, Corp.+			Common stock						N/A												N/A															N/A						—						553						—						261
			MOP GM Holding, LLC+			LP units						N/A												N/A															N/A						—						500						—						500
			National Express Wash Parent Holdco, LLC+			LP units						N/A												N/A															N/A						1						103						—						114
			POY Holdings, LLC+			LLC units						N/A												N/A															N/A						446						820						0.1						1,078
			Quick Quack Car Wash Holdings, LLC+			LP units						N/A												N/A															N/A						1,085						1,085						—						1,085
			Quick Quack Car Wash Holdings, LLC+			LLC units						N/A												N/A															N/A						215						215						—						215
			Yorkshire Parent, Inc.+			LP units						N/A												N/A															N/A						—						544						—						537
																																																			7,870						0.2						7,610
			Biotechnology
			Cobepa BlueSky Aggregator, SCSp+			LP units						N/A												N/A															N/A						4						40						—						40
			Cobepa BlueSky Aggregator, SCSp+(22)			Preferred stock						N/A												15.00%			Non-Cash												N/A						5						51						—						51
			Cobepa BlueSky Aggregator, SCSp+			LP interest						N/A												N/A															N/A						219						1,899						—						663
																																																			1,990						—						754
			Building Products
			BECO Holding Company, Inc.+(22)			Preferred stock						N/A												11.75%			Non-Cash												N/A						132						17,428						0.5						17,200
			BECO Holding Company, Inc.+			LP interest						N/A												N/A															N/A						10						1,218						—						1,239
																																																			18,646						0.5						18,439
			Chemicals
			Inhance Technologies Holdings, LLC+			Preferred stock						N/A												N/A															N/A						12						7,283						0.1						5,742
			Inhance Technologies Holdings, LLC+			LLC units						N/A												N/A															N/A						—						124						—						—
																																																			7,407						0.1						5,742
			Commercial Services & Supplies
			CI (Quercus) Intermediate Holdings, LLC+			LP interest						N/A												N/A															N/A						773						836						—						982
			FR Vision Holdings, Inc.+			LP units						N/A												N/A															N/A						—						461						—						459
			Franchise Brands plc+(8)(9)(10)(22)(23)			Common stock						N/A												N/A															N/A						51						113						—						93
			North Haven Stack Buyer, LLC			LLC units						N/A												N/A															N/A						515						637						—						901
			PT Intermediate Holdings III, LLC+			LLC units						N/A												N/A															N/A						16						1,787						0.1						1,986
			Radwell Parent, LLC+			LP units						N/A												N/A															N/A						4						477						—						520
																																																			4,311						0.1						4,941
			Containers & Packaging
			Chase Intermediate+			LP units						N/A												N/A															N/A						217						209						—						237
			Diversified Consumer Services
			CHHJ Midco, LLC+(22)			LLC units						N/A												N/A															N/A						27						311						—						401
			CHVAC Services Investment, LLC+			Common stock						N/A												N/A															N/A						105						267						—						265
			DP Flores Holdings, LLC+			LLC units						N/A												N/A															N/A						106						119						—						135

See Notes to Consolidated Financial Statements.

39

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			EMS LINQ, LLC+			LP interest						N/A												N/A															N/A						761						$	758					—			%			$	736
			EWC Growth Partners LLC+			LLC interest						N/A												N/A															N/A						—						12						—						—
			HS Spa Holdings, Inc.+			Common stock						N/A												N/A															N/A						729						732						—						725
			Liminex, Inc.+			Common stock						N/A												N/A															N/A						17						633						—						678
			NSG Buyer, Inc. +(8)			LP units						N/A												N/A															N/A						3						2,992						0.2						3,324
			PADI Holdco, Inc.+			LLC interest						N/A												N/A															N/A						1						987						—						891
			Project Alpha Intermediate Holdings, Inc.+(22)			Preferred stock						N/A												9.00%			Non-Cash												N/A						—						1,109						0.1						1,609
			Project Alpha Intermediate Holdings, Inc.+			Common stock						N/A												N/A															N/A						202						329						—						948
			Virginia Green Acquisition, LLC+			LP units						N/A												N/A															N/A						397						407						—						427
																																																			8,656						0.3						10,139
			Electronic Equipment, Instruments & Components
			Inventus Power, Inc.+			Preferred stock						N/A												N/A															N/A						—						372						—						15
			Inventus Power, Inc.+			LLC units						N/A												N/A															N/A						—						88						—						276
			Inventus Power, Inc.+			LP interest						N/A												N/A															N/A						—						20						—						61
			Inventus Power, Inc.+			Common stock						N/A												N/A															N/A						—						—						—						—
																																																			480						—						352

See Notes to Consolidated Financial Statements.

40

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Food & Staples Retailing
			Cafe Rio Holding, Inc.+			Common stock						N/A												N/A															N/A						5						$	603					—			%			$	972
			Hopdoddy Holdings, LLC+			LLC units						N/A												N/A															N/A						44						217						—						161
			Hopdoddy Holdings, LLC+			LLC units						N/A												N/A															N/A						20						61						—						36
			Mendocino Farms, LLC+(22)			Common stock						N/A												N/A															N/A						227						1,041						0.1						1,500
			Ruby Slipper Cafe LLC, The+			LLC units						N/A												N/A															N/A						3						47						—						47
			Ruby Slipper Cafe LLC, The+			LLC interest						N/A												N/A															N/A						38						423						—						200
			Ruby Slipper Cafe LLC, The+			LLC interest						N/A												N/A															N/A						2						28						—						44
																																																			2,420						0.1						2,960
			Food Products
			Borrower R365 Holdings, LLC+			Preferred stock						N/A												N/A															N/A						107						195						—						325
			Borrower R365 Holdings, LLC+			Preferred stock						N/A												N/A															N/A						6						14						—						17
			Borrower R365 Holdings, LLC+			LLC units						N/A												N/A															N/A						4						9						—						13
			Borrower R365 Holdings, LLC+			Common stock						N/A												N/A															N/A						1						3						—						4
			Borrower R365 Holdings, LLC+			Preferred stock						N/A												N/A															N/A						2						4						—						6
			Borrower R365 Holdings, LLC+			Preferred stock						N/A												N/A															N/A						1						3						—						4
			Borrower R365 Holdings, LLC+			LP units						N/A												N/A															N/A						—						1						—						1
			Borrower R365 Holdings, LLC+			Preferred stock						N/A												N/A															N/A						21						73						—						72
			Kodiak Cakes, LLC+			Common stock						N/A												N/A															N/A						—						753						0.1						966
			Louisiana Fish Fry Products, Ltd.+			Common stock						N/A												N/A															N/A						—						599						—						327
			Louisiana Fish Fry Products, Ltd.+			Preferred stock						N/A												N/A															N/A						—						24						—						36
			P&P Food Safety Holdings, Inc.+			Preferred stock						N/A												N/A															N/A						—						32						—						34
			P&P Food Safety Holdings, Inc.+			Common stock						N/A												N/A															N/A						5						434						—						267
			Purfoods, LLC+			LLC interest						N/A												N/A															N/A						—						945						0.1						4,651
																																																			3,089						0.2						6,723
			Healthcare Equipment & Supplies
			Aspen Medical Products, LLC+			LP interest						N/A												N/A															N/A						—						98						—						111
			Blue River Pet Care, LLC+			Common stock						N/A												N/A															N/A						—						734						0.1						876
			CCSL Holdings, LLC+(8)			LP interest						N/A												N/A															N/A						—						499						—						558
			CMI Parent Inc.+			Common stock						N/A												N/A															N/A						—						557						—						614
			CMI Parent Inc.+			Common stock						N/A												N/A															N/A						8						483						—						735
			G & H Wire Company, Inc.+			LLC interest						N/A												N/A															N/A						335						269						—						—
			JHC Investment Intermediate Holdings, LLC+			LLC units						N/A												N/A															N/A						5,293						—						—						140
																																																			2,640						0.1						3,034

See Notes to Consolidated Financial Statements.

41

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Healthcare Providers & Services
			Active Day, Inc.+			LLC interest						N/A												N/A															N/A						2						$	1,099					—			%			$	953
			Acuity Eyecare Holdings, LLC+			LLC interest						N/A												N/A															N/A						1,632						2,235						0.2						5,119
			Acuity Eyecare Holdings, LLC+			LLC units						N/A												N/A															N/A						889						1,023						0.1						3,159
			ADCS Clinics Intermediate Holdings, LLC+			Preferred stock						N/A												N/A															N/A						2						1,119						0.1						1,406
			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						180						192						—						208
			CRH Healthcare Purchaser, Inc.+			LP interest						N/A												N/A															N/A						531						456						—						660
			DCA Investment Holding, LLC(22)			Preferred stock						N/A												8.00%			Non-Cash												N/A						1,142						633						—						914
			DCA Investment Holding, LLC			Common stock						N/A												N/A															N/A						12						5						—						—
			Emerge Intermediate, Inc.+			LLC units						N/A												N/A															N/A						—						749						—						584
			Emerge Intermediate, Inc.+			LLC units						N/A												N/A															N/A						—						79						—						104
			Emerge Intermediate, Inc.+			LLC units						N/A												N/A															N/A						11						4						—						—
			Encorevet Group LLC+			Preferred stock						N/A												N/A															N/A						3						261						—						245
			Krueger-Gilbert Health Physics, LLC+			Common stock						N/A												N/A															N/A						239						324						—						548
			Midwest Veterinary Partners, LLC+(22)			Preferred stock						N/A												12.00%			Non-Cash												N/A						1						1,921						0.1						2,009
			Midwest Veterinary Partners, LLC+			Warrant						N/A												N/A															N/A						9						152						—						481
			Midwest Veterinary Partners, LLC+(22)			Preferred stock						N/A												10.00%			Non-Cash												N/A						—						55						—						66
			MWD Management, LLC & MWD Services, Inc.+			LLC interest						N/A												N/A															N/A						412						335						—						584
			NDX Parent, LLC+			Common stock						N/A												N/A															N/A						—						278						—						20
			NDX Parent, LLC+			Preferred stock						N/A												N/A															N/A						84						88						—						99
			New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)			Common stock						N/A												N/A															N/A						—						407						—						304
			Pinnacle Treatment Centers, Inc.+			LLC interest						N/A												N/A															N/A						—						528						—						849
			Pinnacle Treatment Centers, Inc.+			LLC interest						N/A												N/A															N/A						4						74						—						949
			Radiology Partners, Inc.+			LLC units						N/A												N/A															N/A						11						68						—						81
			Radiology Partners, Inc.+			LLC interest						N/A												N/A															N/A						43						55						—						323
			Sage Dental Management, LLC+			LLC units						N/A												N/A															N/A						—						249						—						513
			Sage Dental Management, LLC+			LLC units						N/A												N/A															N/A						3						3						—						—
			Suveto Buyer, LLC+			Common stock						N/A												N/A															N/A						8						727						—						554
																																																			13,125						0.5						20,732

See Notes to Consolidated Financial Statements.

42

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Healthcare Technology
			Amberfield Acquisition Co.+			LLC units						N/A												N/A															N/A						446						$	449					—			%			$	446
			Connexin Software, Inc.+			LLC interest						N/A												N/A															N/A						180						229						—						237
			Connexin Software, Inc.+			LLC units						N/A												N/A															N/A						12						16						—						20
			HSI Halo Acquisition, Inc.+(22)			Preferred stock						N/A												10.00%			Non-Cash												N/A						—						97						—						227
			HSI Halo Acquisition, Inc.+			LP interest						N/A												N/A															N/A						—						14						—						30
			Symplr Software, Inc.+(22)			Preferred stock						N/A												11.00%			Non-Cash												N/A						15						18,363						0.5						18,799
			Symplr Software, Inc.+(22)			Preferred stock						SF +			10.50%			(j)						15.83%			Non-Cash												N/A						3						5,250						0.2						6,493
			Symplr Software, Inc.+(22)			Preferred stock						N/A												11.00%			Non-Cash												N/A						2						2,296						0.1						2,495
			Symplr Software, Inc.+(22)			Preferred stock						N/A												11.00%			Non-Cash												N/A						1						1,389						—						1,459
			Symplr Software, Inc.+			LLC units						N/A												N/A															N/A						—						161						—						210
			Symplr Software, Inc.+			Common stock						N/A												N/A															N/A						219						237						—						1,207
			Tebra Technologies, Inc.+			LLC interest						N/A												N/A															N/A						348						2,824						0.1						3,047
			Tebra Technologies, Inc.+			Warrant						N/A												N/A															N/A						169						871						—						561
			Tebra Technologies, Inc.+			Warrant						N/A												N/A															N/A						53						162						—						56
			Tebra Technologies, Inc.+			Preferred stock						N/A												N/A															N/A						1						8						—						11
																																																			32,366						0.9						35,298
			Hotels, Restaurants & Leisure
			Freddy's Frozen Custard LLC+			LP interest						N/A												N/A															N/A						287						384						—						648
			Harri US LLC+			LLC units						N/A												N/A															N/A						119						893						—						698
			Harri US LLC+			Preferred stock						N/A												N/A															N/A						102						649						—						577
			Harri US LLC+			Warrant						N/A												N/A															N/A						34						171						—						192
			Harri US LLC+			Preferred stock						N/A												N/A															N/A						96						1,141						0.1						1,236
			Harri US LLC+			Warrant						N/A												N/A															N/A						9						69						—						123
			LMP TR Holdings, LLC			LLC units						N/A												N/A															N/A						712						712						0.1						2,063
			SSRG Holdings, LLC+			LP interest						N/A												N/A															N/A						46						622						—						635
																																																			4,641						0.2						6,172
			Insurance
			Accession Risk Management Group, Inc.+(22)			Preferred stock						N/A												13.25%			Non-Cash												N/A						9						9,660						0.3						9,596
			Majesco+(22)			Preferred stock						N/A												9.00%			Non-Cash												N/A						—						520						—						598
			Majesco+			LP interest						N/A												N/A															N/A						97						94						—						253
			Oakbridge Insurance Agency LLC+			LP units						N/A												N/A															N/A						20						404						—						421
																																																			10,678						0.3						10,868
			Internet and Direct Marketing Retail
			Revalize, Inc.+			Preferred stock						N/A												N/A															N/A						25						26,215						0.8						29,904
			Revalize, Inc.+			Preferred stock						N/A												N/A															N/A						15						15,735						0.4						17,948
			Revalize, Inc.+			Preferred stock						N/A												N/A															N/A						11						11,050						0.3						11,704
			Revalize, Inc.+			Preferred stock						N/A												N/A															N/A						4						4,285						0.1						4,457
																																																			57,285						1.6						64,013

See Notes to Consolidated Financial Statements.

43

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			IT Services
			Appriss Health Intermediate Holdings, Inc+(22)			Preferred stock						N/A												11.00%			Non-Cash												N/A						3						$	3,551					0.1			%			$	3,645
			Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+			Preferred stock						N/A												N/A															N/A						804						2,398						0.2						7,034
			Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+			Preferred stock						N/A												N/A															N/A						211						931						0.1						1,844
			Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+			Preferred stock						N/A												N/A															N/A						48						407						—						423
			Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+			Warrant						N/A												N/A															N/A						277						779						0.1						2,254
			Critical Start, Inc.+			Common stock						N/A												N/A															N/A						343						379						—						363
			Kentik Technologies, Inc.+			Preferred stock						N/A												N/A															N/A						275						1,587						—						1,578
			Netwrix Corporation+			LLC units						N/A												N/A															N/A						7						19						—						21
			Optimizely North America, Inc.+			Common stock						N/A												N/A															N/A						92						1,089						—						1,491
			Red Dawn SEI Buyer, Inc.+			LP interest						N/A												N/A															N/A						232						461						—						467
			Saturn Borrower Inc.+			LP units						N/A												N/A															N/A						485						418						—						247
																																																			12,019						0.5						19,367
			Leisure Products
			Massage Envy, LLC+			LLC interest						N/A												N/A															N/A						749						210						0.1						1,642
			Movement Holdings, LLC+			LLC units						N/A												N/A															N/A						—						152						—						150
			WBZ Investment, LLC+			LLC interest						N/A												N/A															N/A						82						141						—						126
			WBZ Investment, LLC+			LLC interest						N/A												N/A															N/A						56						96						—						86
			WBZ Investment, LLC+			LLC interest						N/A												N/A															N/A						47						78						—						71
			WBZ Investment, LLC+			LLC interest						N/A												N/A															N/A						41						71						—						61
			WBZ Investment, LLC+			LLC interest						N/A												N/A															N/A						18						29						—						26
			WBZ Investment, LLC+			LLC interest						N/A												N/A															N/A						2						2						—						2
																																																			779						0.1						2,164
			Life Sciences Tools & Services
			Celerion Buyer, Inc.+			LP units						N/A												N/A															N/A						1,302						1,309						—						1,302
			Celerion Buyer, Inc.+			LP units						N/A												N/A															N/A						1,302						188						—						644
			PAS Parent Inc.+			LP interest						N/A												N/A															N/A						15						1,651						0.1						1,745
			PAS Parent Inc.+			Preferred stock						N/A												N/A															N/A						2						267						—						313
			Reaction Biology Corporation+			LLC units						N/A												N/A															N/A						—						321						—						64
																																																			3,736						0.1						4,068
			Oil, Gas & Consumable Fuels
			W3 Co.+			LLC interest						N/A												N/A															N/A						3						1,632						0.1						1,853
			W3 Co.+			Preferred stock						N/A												N/A															N/A						—						224						—						258
																																																			1,856						0.1						2,111
			Paper & Forest Products
			Messenger, LLC+			LLC units						N/A												N/A															N/A						8						667						—						488
			Messenger, LLC+			LLC units						N/A												N/A															N/A						1						—						—						—
																																																			667						—						488
			Pharmaceuticals
			Amalthea Parent, Inc.+(8)			LP interest						N/A												N/A															N/A						701						605						—						356
			Cobalt Buyer Sub, Inc.+(22)			Preferred stock						SF +			10.00%			(j)						15.33%			Non-Cash												N/A						11						15,317						0.4						16,419
			Cobalt Buyer Sub, Inc.+			Preferred stock						N/A												N/A															N/A						—						246						—						256
			Cobalt Buyer Sub, Inc.+			Common stock						N/A												N/A															N/A						3						2						—						—
																																																			16,170						0.4						17,031

See Notes to Consolidated Financial Statements.

44

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Professional Services
			Brandmuscle, Inc.+			LLC interest						N/A												N/A															N/A						—						$	216					—			%			$	145
			Enboarder, Inc.+(8)(11)			Preferred stock						N/A												N/A															N/A						83						860						—						853
			Filevine, Inc.+			Preferred stock						N/A												N/A															N/A						362						2,867						0.1						3,695
			Filevine, Inc.+			Warrant						N/A												N/A															N/A						54						224						—						441
			Filevine, Inc.+			Preferred stock						N/A												N/A															N/A						21						176						—						216
			Net Health Acquisition Corp.+			LP interest						N/A												N/A															N/A						14						1,684						—						2,023
			Procure Acquireco, Inc.+			LP interest						N/A												N/A															N/A						—						901						—						1,002
																																																			6,928						0.1						8,375
			Real Estate Management & Development
			Inhabit IQ Inc.+			Common stock						N/A												N/A															N/A						73						595						—						1,097
			SC Landco Parent, LLC+			Common stock						N/A												N/A															N/A						2						274						—						260
																																																			869						—						1,357
			Road & Rail
			Internet Truckstop Group, LLC+			LP interest						N/A												N/A															N/A						554						587						—						501
			Software
			Anaplan, Inc.+			LP interest						N/A												N/A															N/A						962						1,254						0.1						1,485
			Aras Corporation+(22)			Preferred stock						N/A												12.00%			Non-Cash												N/A						1						1,873						0.1						2,015
			Aras Corporation+			LP interest						N/A												N/A															N/A						427						446						—						483
			Astute Holdings, Inc.+			LP interest						N/A												N/A															N/A						—						520						—						934
			Auvik Networks Inc.+(8)(12)			Preferred stock						N/A												N/A															N/A						37						405						—						487
			Auvik Networks Inc.+(8)(12)			Preferred stock						N/A												N/A															N/A						4						46						—						55
			Bayshore Intermediate #2, L.P.+			Common stock						N/A												N/A															N/A						5,841						5,890						0.2						6,298
			Calabrio, Inc.+			LP interest						N/A												N/A															N/A						1						1,157						—						1,198
			Calabrio, Inc.+			LP interest						N/A												N/A															N/A						134						0						—						0
			Cloudbees, Inc.+			Preferred stock						N/A												N/A															N/A						179						2,007						0.1						1,986
			Cloudbees, Inc.+			Warrant						N/A												N/A															N/A						158						445						—						1,140
			Cloudbees, Inc.+			Preferred stock						N/A												N/A															N/A						86						602						—						784
			Cynet Security Ltd.+(8)(15)			Preferred stock						N/A												N/A															N/A						220						855						—						999
			Denali Bidco Limited+(8)(10)			LP interest						N/A												N/A															N/A						431						610						—						693
			Diligent Corporation+(22)			Preferred stock						N/A												10.50%			Non-Cash												N/A						24						29,214						0.8						30,005
			Diligent Corporation+			Preferred stock						N/A												N/A															N/A						415						912						0.1						2,362
			FirstUp, Inc.+			Common stock						N/A												N/A															N/A						305						661						—						428
			GS Acquisitionco, Inc.+(22)			Preferred stock						N/A												11.00%			Non-Cash												N/A						35						43,559						1.1						44,367
			GS Acquisitionco, Inc.+(22)			Preferred stock						N/A												11.00%			Non-Cash												N/A						5						5,573						0.2						5,513
			GS Acquisitionco, Inc.+			LP interest						N/A												N/A															N/A						1						363						—						1,005
			GS Acquisitionco, Inc.+(22)			Preferred stock						SF +			10.50%			(j)						15.83%			Non-Cash												N/A						—						115						—						116
			GTY Technology Holdings, Inc.+			LP units						N/A												N/A															N/A						73						91						—						123
			Impartner, Inc.+			Preferred stock						N/A												N/A															N/A						39						307						—						278
			Kaseya Inc.+(22)			Preferred stock						SF +			10.75%			(j)						16.08%			Non-Cash												N/A						5						5,524						0.2						5,585
			Kaseya Inc.+			LP interest						N/A												N/A															N/A						250						252						—						250
			MetricStream, Inc.+			Warrant						N/A												N/A															N/A						212						303						—						189
			Ministry Brands Holdings LLC+			LP interest						N/A												N/A															N/A						799						773						—						724

See Notes to Consolidated Financial Statements.

45

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			mParticle, Inc.+			Preferred stock						N/A												N/A															N/A						227						$	1,429					—			%			$	1,260
			mParticle, Inc.+			Warrant						N/A												N/A															N/A						115						143						—						435
			Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+			Warrant						N/A												N/A															N/A						6						17						—						19
			Onit, Inc.+(22)			Preferred stock						N/A												15.00%			Non-Cash												N/A						—						113						—						120
			Onit, Inc.+			Warrant						N/A												N/A															N/A						—						14						—						18
			Panzura, LLC+			LLC units						N/A												N/A															N/A						2						6						—						2
			PDI TA Holdings, Inc.+			Preferred stock						N/A												N/A															N/A						135						4,613						0.2						5,414
			Personify, Inc.+			LP interest						N/A												N/A															N/A						879						1,396						0.1						2,405
			Pyramid Healthcare Acquisition Corp.+			Common stock						N/A												N/A															N/A						257						310						—						434
			QAD, Inc.+(22)			Preferred stock						N/A												9.00%			Non-Cash												N/A						1						1,215						—						1,213
			QAD, Inc.+			Common stock						N/A												N/A															N/A						68						134						—						36
			RegEd Aquireco, LLC+			LP interest						N/A												N/A															N/A						—						358						—						140
			RegEd Aquireco, LLC+			LP interest						N/A												N/A															N/A						4						21						—						0
			RegEd Aquireco, LLC+			Preferred stock						N/A												N/A															N/A						—						27						—						35
			Riskonnect Parent, LLC+(22)			Preferred stock						N/A												11.00%			Non-Cash												N/A						26						31,413						0.7						30,304
			Riskonnect Parent, LLC+			LP interest						N/A												N/A															N/A						1,382						1,412						—						1,442
			Riskonnect Parent, LLC+(22)			Preferred stock						SF +			10.50%			(j)						15.83%			Non-Cash												N/A						—						884						—						896
			Riskonnect Parent, LLC+(22)			Preferred stock						N/A												10.50%			Non-Cash												N/A						—						49						—						49
			SnapLogic, Inc.+			Preferred stock						N/A												N/A															N/A						344						1,028						—						1,714
			SnapLogic, Inc.+			Warrant						N/A												N/A															N/A						131						162						—						447
			Spartan Buyer Acquisition Co.+			Common stock						N/A												N/A															N/A						1						794						—						582
			Spartan Buyer Acquisition Co.+			Preferred stock						N/A												N/A															N/A						—						110						—						132
			Telesoft Holdings LLC+			LP interest						N/A												N/A															N/A						137						129						—						126
			Templafy APS and Templafy, LLC+(8)(18)			Warrant						N/A												N/A															N/A						—						82						—						106
			Workforce Software, LLC+(22)			Common stock						N/A												N/A															N/A						—						973						—						627
			Workforce Software, LLC+			Common stock						N/A												N/A															N/A						—						36						—						44
			Zendesk, Inc.+			LP units						N/A												N/A															N/A						63						709						—						873
																																																			151,334						3.9						158,375

See Notes to Consolidated Financial Statements.

46

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Specialty Retail
			Ave Holdings III, Corp+(22)			Preferred stock						N/A												11.50%			Non-Cash												N/A						15						$	17,619					0.4			%			$	16,898
			Ave Holdings III, Corp+			LP units						N/A												N/A															N/A						2						1,737						0.1						1,462
			Batteries Plus Holding Corporation+			LP interest						N/A												N/A															N/A						10						1,287						—						1,194
			Cycle Gear, Inc.+			LLC units						N/A												N/A															N/A						2,002						481						—						48
			Cycle Gear, Inc.+			Preferred stock						N/A												N/A															N/A						50						50						—						100
			Pet Holdings ULC+(8)(12)(22)			LP interest						N/A												N/A															N/A						677						383						—						705
			Salon Lofts Group, LLC+			LP units						N/A												N/A															N/A						—						129						—						121
			Southern Veterinary Partners, LLC+(22)			Preferred stock						N/A												12.00%			Non-Cash												N/A						5						6,184						0.2						6,830
			Southern Veterinary Partners, LLC+(22)			Preferred stock						N/A												10.00%			Non-Cash												N/A						—						860						—						1,328
			Southern Veterinary Partners, LLC+			LLC interest						N/A												N/A															N/A						148						188						0.1						5,020
			VSG Acquisition Corp. and Sherrill, Inc.+			LP units						N/A												N/A															N/A						—						58						—						43
																																																			28,976						0.8						33,749
			Technology Hardware, Storage & Peripherals
			Agility Recovery Solutions Inc.+			LLC interest						N/A												N/A															N/A						97						604						—						64
			Textiles, Apparel & Luxury Goods
			Georgica Pine Clothiers, LLC+(22)			LLC interest						N/A												N/A															N/A						20						239						—						434
			Georgica Pine Clothiers, LLC+			Common stock						N/A												N/A															N/A						—						—						—						2
			MakerSights, Inc.+			Preferred stock						N/A												N/A															N/A						56						265						—						164
			Shoes For Crews Global, LLC+			LLC units						N/A												N/A															N/A						2						1,083						—						1,083
																																																			1,587						—						1,683
			Total non-controlled/non-affiliate company equity investments																																																403,227						11.1						448,268
			Total non-controlled/non-affiliate company investments																																																7,708,133						188.7						7,648,143

See Notes to Consolidated Financial Statements.

47

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Non-controlled/affiliate company investments(26)
			Debt investments
			Beverages
			Abita Brewing Co., L.L.C.+(24)			One stop						SF +			1.00%			(j)						6.33%															06/2026						$	7,071					$	7,071					0.2			%			$	5,304
			Abita Brewing Co., L.L.C.+(7)(24)			Second lien						SF +			8.00%			(j)						13.33%															06/2026						4,671						3,876						—						747
			Abita Brewing Co., L.L.C.+(24)			One stop						SF +			1.00%			(j)						6.33%															06/2026						543						543						—						427
																																													12,285						11,490						0.2						6,478
			Energy, Equipment & Services
			Benetech, Inc.+(7)(24)			One stop						SF +			6.00%			(j)						11.48%															08/2026						4,509						3,623						—						1,579
			Benetech, Inc.+(7)(24)			One stop						SF +			6.00%			(j)						11.48%															08/2026						1,093						836						—						71
																																													5,602						4,459						—						1,650
			Healthcare Providers and Services
			Bayside Opco, LLC+(24)			One stop						SF +			7.25%			(j)						12.73%															06/2026						12,874						12,801						0.3						12,874
			Bayside Opco, LLC+(24)			Subordinated debt						SF +			10.00%			(j)						15.48%															06/2026						4,850						4,353						0.1						4,656
			Bayside Opco, LLC+(24)			One stop						SF +			7.25%			(j)						12.73%															06/2026						4,554						4,400						0.1						4,508
			Bayside Opco, LLC+			One stop						SF +			7.00%									N/A(6)															06/2026						—						—						—						—
			Elite Dental Partners LLC+(7)(24)			One stop						SF +			5.25%			(j)						10.73%			PIK												09/2025						16,229						13,029						0.1						5,355
			Elite Dental Partners LLC+(7)(24)			One stop						SF +			12.00%			(j)						17.48%			PIK												05/2025						9,335						7,225						0.1						4,201
			Elite Dental Partners LLC+(24)			One stop						SF +			5.25%			(j)						10.73%			PIK												09/2025						1,749						1,749						—						1,749
			Opening Day Borrower 111 LLC+(7)(24)			One stop						SF +			6.25%			(j)						11.73%															05/2027						16,292						13,540						0.4						13,197
			Opening Day Borrower 111 LLC+(7)(24)			One stop						SF +			6.25%			(j)						11.73%															05/2027						6,222						5,288						0.1						5,039
			Opening Day Borrower 111 LLC+(7)(24)			One stop						SF +			6.25%			(j)						11.72%															05/2027						1,842						1,776						0.1						1,493
			Opening Day Borrower 111 LLC+			One stop						SF +			6.25%									N/A(6)															05/2027						—						—						—						—
			Opening Day Borrower 111 LLC+			One stop						SF +			6.25%									N/A(6)															05/2027						—						—						—						—
			SPF Borrower LLC+(24)			One stop						SF +			6.25%			(j)						9.73%			cash/			2.00%			PIK						02/2028						16,191						16,191						0.4						16,191
			SPF Borrower LLC+(24)			One stop						SF +			9.50%			(j)						14.98%															02/2028						8,334						8,333						0.2						8,333
			SPF Borrower LLC+			One stop						SF +			6.25%									N/A(6)															02/2028						—						—						—						—
																																													98,472						88,685						1.9						77,596
			Software
			Switchfly LLC+(24)			One stop						N/A												1.00%			PIK												10/2026						6,644						6,644						0.1						4,717
			Switchfly LLC+(24)			One stop						N/A												1.00%			PIK												10/2026						555						555						—						394
			Switchfly LLC+(24)			One stop						N/A												1.00%			PIK												10/2026						42						42						—						30
			Switchfly LLC+(24)			One stop						N/A												1.00%			PIK												10/2026						709						709						—						496
																																													7,950						7,950						0.1						5,637
			Specialty Retail
			Imperial Optical Midco Inc.+			One stop						SF +			1.00%			(j)						6.33%															06/2029						45,065						40,565						1.0						40,558
			Imperial Optical Midco Inc.+(5)			One stop						SF +			1.00%									N/A(6)															06/2029						—						—						—						(282)
			Imperial Optical Midco Inc.+(5)			One stop						SF +			1.00%									N/A(6)															06/2029						—						—						—						(1,502)
																																													45,065						40,565						1.0						38,774
			Total non-controlled/affiliate company debt investments																																										169,374						153,149						3.2						130,135
			Equity investments(20)(21)
			Beverages
			Abita Brewing Co., L.L.C.+			Warrant						N/A												N/A															N/A						210						$	—					—			%			$	—
			Healthcare Providers and Services
			Bayside Opco, LLC+			LLC units						N/A												N/A															N/A						6						2,592						0.1						4,699
			Elite Dental Partners LLC			LLC interest						N/A												N/A															N/A						—						2,902						—						—
			Elite Dental Partners LLC			LLC interest						N/A												N/A															N/A						—						1,250						—						—
			Elite Dental Partners LLC			LLC units						N/A												N/A															N/A						—						—						—						—

See Notes to Consolidated Financial Statements.

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Opening Day Borrower 111 LLC+			LLC units						N/A												N/A															N/A						181						$	7,837					0.2			%			$	5,998
			SPF Borrower LLC+			LLC units						N/A												N/A															N/A						—						9,347						0.3						11,375
																																																			23,928						0.6						22,072
			Software
			Switchfly LLC+			LLC interest						N/A												N/A															N/A						98,370						2,321						—						905
			Switchfly LLC+			LLC units						N/A												N/A															N/A						950						950						—						527
																																																			3,271						—						1,432
			Specialty Retail
			Imperial Optical Midco Inc.+			LLC units						N/A												N/A															N/A						189						53,763						1.3						53,763
			Total non-controlled/affiliate company equity investments																																																80,962						1.9						77,267
			Total non-controlled/affiliate company investments																																																234,111						5.1						207,402
			Controlled affiliate company investments(27)
			Debt investments
			IT Services
			MMan Acquisition Co.+(7)(24)			One stop						N/A												10.00%			PIK												08/2024						$	36,049					$	19,457					0.2			%			$	7,931
			MMan Acquisition Co.+(24)			One stop						N/A												8.00%			PIK												08/2024						1,857						1,857						0.1						1,708
			MMan Acquisition Co.+(24)			One stop						N/A												12.00%			PIK												08/2024						953						953						—						953
			MMan Acquisition Co.+(24)			One stop						N/A												12.00%			PIK												08/2024						1,068						1,068						—						1,068
			MMan Acquisition Co.+(24)			One stop						N/A												12.00%			PIK												08/2024						309						309						—						309
			Total controlled affiliate company debt investments																																										40,236						23,644						0.3						11,969
			Total controlled affiliate company investments																																																23,644						0.3						11,969
			Total investments																																																7,965,888						194.1						7,867,514
			Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
			BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)																					5.19%			(28)																								$	176,899					4.4			%			$	176,899
			Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio (CUSIP 61747C582)																					5.14%			(28)																								598						—						598
			Morgan Stanley Institutional Liquidity Funds - Government Portfolio (CUSIP 61747C707)																					5.22%			(28)																								22,099						0.5						22,099
			Morgan Stanley US Dollar Liquidity Fund (CUSIP L64887109)																					5.31%			(28)																								25,007						0.6						25,007
			Allspring Treasury Government Money Market Fund (CUSIP 949921126)																					5.25%			(28)																								15,646						0.4						15,646
			Morgan Stanley Institutional Liquidity Funds Treasury Securities Portfolio (CUSIP 61747C525)																					5.14%			(28)																								132,630						3.3						132,630
			Total money market funds																																																372,879						9.2						372,879
			Total investments and money market funds																																																$	8,338,767					203.3			%			$	8,240,393

See Notes to Consolidated Financial Statements.

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

*						Denotes that all or a portion of the loan secures the notes offered in the 2018 Debt Securitization (as defined in Note 7).
#						Denotes that all or a portion of the loan secures the notes offered in the GCIC 2018 Debt Securitization (as defined in Note 7).
~						Denotes that all or a portion of the loan secures the notes offered in the GBDC 3 2021 Debt Securitization (as defined in Note 7).
^						Denotes that all or a portion of the loan secures the notes offered in the GBDC 3 2022 Debt Securitization (as defined in Note 7).
&						Denotes that all or a portion of the loan secures the notes offered in the GBDC 3 2022-2 Debt Securitization (as defined in Note 7).
<						Denotes that all or a portion of the loan collateralizes the DB Credit Facility (as defined in Note 7).
+						Denotes that all or a portion of the investment collateralizes the JPM Credit Facility (as defined in Note 7).

(1)The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime (“P”), Sterling Overnight Index Average ("SONIA" or “SN”), Australian Interbank Rate (”AUD” or ”A”), Canadian Bankers Acceptance Rate (”CDOR” or "C”) or Canadian Overnight Repo Rate Average (“CORRA” or “CA”) which reset daily, monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of June 30, 2024. 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 June 30, 2024, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of June 30, 2024, as the loan may have priced or repriced based on an index rate prior to June 30, 2024.

(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 8.50% as of June 30, 2024.

(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 3.63% as of June 30, 2024.

(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 3.71% as of June 30, 2024.

(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 3.68% as of June 30, 2024.

(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 4.50% as of June 30, 2024.

(f) Denotes that all or a portion of the contract was indexed to the 90-day CDOR, which was 4.97% as of June 30, 2024.

(g) Denotes that all or a portion of the contract was indexed to SONIA, which was 5.20% as of June 30, 2024.

(h) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 5.33% as of June 30, 2024.

(i) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 5.34% as of June 30, 2024.

(j) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 5.32% as of June 30, 2024.

(k) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 5.25% as of June 30, 2024.

(l) Denotes that all or a portion of the contract was indexed to Daily CORRA, which was 4.78% as of June 30, 2024.

(m) Denotes that all or a portion of the contract was indexed to 90-day Term CORRA, which was 4.68% as of June 30, 2024.

(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of June 30, 2024.

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

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

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

(6)The entire commitment was unfunded as of June 30, 2024. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.

(7)Loan was on non-accrual status as of June 30, 2024, meaning that the Company has ceased recognizing interest income on the loan.

(8)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of June 30, 2024, total non-qualifying assets at fair value represented 13.2% 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 Translation”.

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

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

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

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

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

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

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

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

See Notes to Consolidated Financial Statements.

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

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

(19)The headquarters of this portfolio company is located in Germany.

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

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

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

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

(24)All or a portion of the loan interest was capitalized into the outstanding principal balance of the loan in accordance with the terms of the credit agreement during the nine months ended June 30, 2024.

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

(26)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns five percent or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the nine months ended June 30, 2024 were as follows:

Portfolio Company						Fair value as of September 30, 2023						Gross Additions(a)						Gross Reductions(b)												Net change in unrealized appreciation (depreciation)						Net realized gain (loss)									Fair value as of June 30, 2024						Interest, dividend and fee income
Abita Brewing Co. LLC						$	6,536					$	1,660					$	(291)											$	(1,427)					$	—								$	6,478					$	565
Bayside Opco, LLC						22,044						2,372						(566)												2,887						—									26,737						2,799
Benetech, Inc.						1,353						527						(674)												444						—									1,650						9
Elite Dental Partners LLC						13,396						4,917						(2,134)												(4,874)						—									11,305						129
Imperial Optical Midco Inc.						—						94,328						—												(1,791)						—									92,537						33
Opening Day Borrower 111 LLC						24,438						5,864						(1,662)												(2,913)						—									25,727						15
Rubio's Restaurants, Inc.						12,063						3,759						(3,929)												6,624						(18,517)									—						1,187
SPF Borrower LLC						—						33,923						(51)												2,027						—									35,899						1,304
Switchfly LLC						7,254						769						(2)												(952)						—									7,069						68
Total Non-Controlled Affiliates						$	87,084					$	148,119					$	(9,309)											$	25					$	(18,517)								$	207,402					$	6,109

(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.

(27)As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” of and “control” this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement) (“controlled affiliate”). Transactions related to investments in controlled affiliates for the nine months ended June 30, 2024 were as follows:

Portfolio Company						Fair value as of September 30, 2023						Gross Additions(a)						Gross Reductions(b)												Net change in unrealized appreciation (depreciation)						Net realized gain (loss)						Fair value as of June 30, 2024						Interest, dividend and fee income
MMan Acquisition Co.						$	12,790					$	2,891					$	(2,601)											$	(1,111)					$	—					$	11,969					$	330
Total Controlled Affiliates						$	12,790					$	2,891					$	(2,601)											$	(1,111)					$	—					$	11,969					$	330

(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.

(28)The rate shown is the annualized seven-day yield as of June 30, 2024.

See Notes to Consolidated Financial Statements.

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 2023

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Investments
			Non-controlled/non-affiliate company investments
			Debt investments
			Aerospace and Defense
			PPW Aero Buyer, Inc.+			One stop						SF +			7.00%			(k)(m)						12.33%															02/2029						$	24,825					$	24,157					1.0			%			$	24,825
			PPW Aero Buyer, Inc.+(5)			One stop						SF +			7.00%									N/A(6)															02/2029						—						(1)						—						—
																																													24,825						24,156						1.0						24,825
			Airlines
			Accelya Lux Finco S.A.R.L.+(8)(13)			One stop						SF +			6.00%			(l)						11.49%															12/2026						965						955						—						917
			Auto Components
			COP CollisionRight Holdings, Inc.#+			One stop						SF +			5.25%			(l)						10.79%															04/2028						9,810						9,680						0.4						9,711
			COP CollisionRight Holdings, Inc.+			One stop						SF +			5.25%			(l)						10.79%															04/2028						36						35						—						35
			Covercraft Parent III, Inc.+			Senior secured						SF +			4.50%			(l)(m)						10.10%															08/2027						4,840						4,809						0.2						4,647
			Covercraft Parent III, Inc.+			Senior secured						SF +			4.50%			(m)						10.09%															08/2027						977						960						—						938
			Covercraft Parent III, Inc.+			Senior secured						SF +			4.50%			(m)						10.03%															08/2027						13						12						—						9
			North Haven Falcon Buyer, LLC+(23)			One stop						SF +			8.00%			(l)						9.78%			cash/			3.75%			PIK						05/2027						6,243						6,141						0.2						5,493
			North Haven Falcon Buyer, LLC+(23)			One stop						SF +			8.00%			(l)						9.82%			cash/			3.75%			PIK						05/2027						1,048						1,037						0.1						922
			Polk Acquisition Corp.*#+(23)			Senior secured						SF +			7.00%			(k)						10.67%			cash/			1.75%			PIK						12/2024						18,092						18,078						0.7						17,731
			Polk Acquisition Corp.+(23)			Senior secured						SF +			7.00%			(k)						10.67%			cash/			1.75%			PIK						12/2024						60						61						—						57
			Polk Acquisition Corp.+(23)			Senior secured						SF +			7.00%			(k)						10.67%			cash/			1.75%			PIK						12/2024						107						107						—						105
																																													41,226						40,920						1.6						39,648
			Automobiles
			CG Group Holdings, LLC*#+(23)			One stop						SF +			8.75%			(l)						12.14%			cash/			2.00%			PIK						07/2027						31,764						31,300						1.2						30,493
			CG Group Holdings, LLC+(23)			One stop						SF +			8.75%			(k)						12.07%			cash/			2.00%			PIK						07/2026						345						340						—						333
			Denali Midco 2, LLC*#+			One stop						SF +			6.25%			(k)						11.67%															12/2027						42,433						42,132						1.6						41,583
			Denali Midco 2, LLC+(5)			One stop						SF +			6.25%									N/A(6)															12/2027						—						(4)						—						(10)
			Denali Midco 2, LLC+			One stop						SF +			6.25%			(k)						11.67%															12/2027						196						194						—						192
			Denali Midco 2, LLC+			One stop						SF +			6.25%			(k)						11.67%															12/2027						99						98						—						97
			Denali Midco 2, LLC+			One stop						SF +			6.25%			(k)						11.67%															12/2027						79						78						—						77
			Denali Midco 2, LLC+			One stop						SF +			6.25%			(k)						11.67%															12/2027						79						78						—						77
			Denali Midco 2, LLC+			One stop						SF +			6.25%			(k)						11.67%															12/2027						65						65						—						64
			Denali Midco 2, LLC+			One stop						SF +			6.50%			(k)						11.92%															12/2027						968						945						—						959
			Denali Midco 2, LLC+			One stop						SF +			6.25%			(k)						11.67%															12/2027						653						649						—						640
			Denali Midco 2, LLC+			One stop						SF +			6.25%			(k)						11.67%															12/2027						119						118						—						116
			Denali Midco 2, LLC+			One stop						SF +			6.25%			(k)						11.67%															12/2027						113						112						—						111
			Denali Midco 2, LLC+			One stop						SF +			6.25%			(k)						11.67%															12/2027						81						81						—						80
			Denali Midco 2, LLC+(5)			One stop						SF +			6.50%									N/A(6)															12/2027						—						(7)						—						(3)
			Denali Midco 2, LLC+			One stop						SF +			6.50%			(k)						11.92%															12/2027						129						126						—						128
			Denali Midco 2, LLC+			One stop						SF +			6.50%			(k)						11.92%															12/2027						65						63						—						64
			Denali Midco 2, LLC+			One stop						SF +			6.50%			(k)						11.92%															12/2027						221						215						—						218
			Denali Midco 2, LLC+			One stop						SF +			6.50%			(k)						11.92%															12/2027						261						255						—						258
			JHCC Holdings LLC+			One stop						SF +			5.25%			(l)						10.79%															09/2025						15,156						15,026						0.6						14,929
			JHCC Holdings LLC+			One stop						SF +			5.25%			(l)						10.79%															09/2025						491						487						—						483
			JHCC Holdings LLC+			One stop						SF +			5.25%			(l)						10.79%															09/2025						292						290						—						287
			JHCC Holdings LLC+(5)			One stop						SF +			5.25%									N/A(6)															09/2025						—						(1)						—						(2)
			JHCC Holdings LLC+			One stop						SF +			5.25%			(l)						10.79%															09/2025						3,309						3,286						0.1						3,259

See Notes to Consolidated Financial Statements.

52

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

Investment Type

Spread

Above

Index(1)

Interest

Rate(2)

Maturity
Date

Principal ($) /

Shares(3)

Amortized CostPercentage
of Net
Assets

Fair

Value (4)

JHCC Holdings LLC+One stopSF +6.75%(l)12.29%09/2025$1,109 $1,090 —%$1,114 MOP GM Holding, LLC*#+One stopSF +5.75%(l)11.29%11/202623,733 23,574 0.922,785 MOP GM Holding, LLC+One stopSF +5.75%(m)11.03%11/20262,602 2,587 0.12,498 MOP GM Holding, LLC+One stopSF +5.75%(l)11.32%11/20262,573 2,545 0.12,470 MOP GM Holding, LLC+One stopSF +5.75%(m)11.03%11/20262,552 2,535 0.12,450 MOP GM Holding, LLC+One stopSF +5.75%(l)11.29%11/20261,891 1,879 0.11,815 MOP GM Holding, LLC+One stopSF +5.75%(l)11.27%11/20261,555 1,546 0.11,493 MOP GM Holding, LLC+One stopSF +5.75%(m)11.03%11/20261,433 1,416 0.11,376 MOP GM Holding, LLC+One stopSF +5.75%(l)11.29%11/2026522 519 —501 MOP GM Holding, LLC+One stopSF +5.75%(l)11.29%11/2026355 352 —341 MOP GM Holding, LLC+One stopSF +5.75%(l)11.29%11/2026146 145 —140 MOP GM Holding, LLC+One stopSF +5.75%(l)11.29%11/202659 59 —57 MOP GM Holding, LLC+One stopSF +5.75%(l)(m)11.34%11/2026186 185 —178 

MOP GM Holding, LLC+(5)One stopSF +5.75%N/A(6)11/2026— (16)—(93)MOP GM Holding, LLC+One stopSF +5.75%(l)11.27%11/2026178 177 —171 MOP GM Holding, LLC+One stopSF +5.75%(l)11.27%11/202659 59 —57 POY Holdings, LLC#One stopSF +5.50%(l)11.04%11/20279,447 9,316 0.49,447 POY Holdings, LLC+(5)One stopSF +5.50%N/A(6)11/2027— (3)—— POY Holdings, LLC+(5)One stopSF +5.50%N/A(6)11/2027— (1)—— POY Holdings, LLC+One stopSF +5.50%(l)11.04%11/202781 80 —81 National Express Wash Parent Holdco, LLC+One stopSF +5.50%(l)(m)10.89%07/20294,980 4,939 0.24,781 National Express Wash Parent Holdco, LLC+One stopSF +5.50%(m)10.96%07/2029105 103 —97 National Express Wash Parent Holdco, LLC+(5)One stopSF +5.50%N/A(6)07/2029— (3)—(15)Quick Quack Car Wash Holdings, LLC*#One stopSF +6.50%(l)12.02%10/202612,682 12,538 0.512,555 Quick Quack Car Wash Holdings, LLC+One stopSF +6.50%(l)12.02%10/20269,675 9,565 0.49,578 Quick Quack Car Wash Holdings, LLC#+One stopSF +6.50%(l)12.02%10/20262,289 2,263 0.12,266 Quick Quack Car Wash Holdings, LLC*+One stopSF +6.50%(l)12.02%10/20261,998 1,988 0.11,979 Quick Quack Car Wash Holdings, LLC*+One stopSF +6.50%(l)12.02%10/20261,336 1,328 0.11,323 

Quick Quack Car Wash Holdings, LLC*+One stopSF +6.50%(l)12.02%10/20261,089 1,076 —1,078 Quick Quack Car Wash Holdings, LLC+One stopSF +6.50%(l)12.02%10/202694 90 —93 Quick Quack Car Wash Holdings, LLC+(5)One stopSF +6.50%N/A(6)10/2026— (2)—(2)Quick Quack Car Wash Holdings, LLC+One stopSF +6.50%(l)12.02%10/202650 48 —49 Quick Quack Car Wash Holdings, LLC+One stopSF +6.50%(l)12.02%10/2026342 336 —338 Quick Quack Car Wash Holdings, LLC+One stopSF +6.50%(l)12.02%10/2026103 99 —102 Quick Quack Car Wash Holdings, LLC+One stopSF +6.50%(l)12.02%10/20263,293 3,242 0.13,260 Quick Quack Car Wash Holdings, LLC+One stopSF +6.50%(l)12.02%10/202694 92 —93 Quick Quack Car Wash Holdings, LLC+One stopSF +6.50%(k)11.92%10/20261,500 1,485 0.11,485 Quick Quack Car Wash Holdings, LLC+(5)One stopSF +6.50%N/A(6)10/2026— (35)—(35)Spotless Brands, LLC+One stopSF +6.50%(l)12.00%07/20288,306 8,173 0.38,223 Spotless Brands, LLC+One stopSF +6.50%(l)12.02%07/2028903 896 0.1894 Spotless Brands, LLC+One stopSF +6.50%N/A(6)07/2028— — —— Spotless Brands, LLC+One stopSF +6.50%(l)11.99%07/2028670 665 —663 TWAS Holdings, LLC#+One stopSF +6.75%(k)12.17%12/202640,051 39,793 1.639,651 TWAS Holdings, LLC*+One stopSF +6.75%(k)12.17%12/202630,255 30,045 1.229,953 

TWAS Holdings, LLC+One stopSF +6.75%(k)12.17%12/20267,854 7,801 0.37,775 TWAS Holdings, LLC+One stopSF +6.75%(k)12.17%12/2026603 599 —597 TWAS Holdings, LLC+One stopSF +6.75%(k)12.17%12/2026383 381 —379 TWAS Holdings, LLC+(5)One stopSF +6.75%N/A(6)12/2026— (2)—(4)274,054 271,473 10.5268,470 

See Notes to Consolidated Financial Statements.

53

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Beverages
			Financial Information Technologies, LLC+			One stop						SF +			6.50%			(l)						11.89%															06/2030						$	22,623					$	22,295					0.9			%			$	22,396
			Financial Information Technologies, LLC+(23)			One stop						N/A												14.00%			PIK												06/2031						11,182						10,869						0.4						10,847
			Financial Information Technologies, LLC+(5)			One stop						SF +			6.50%									N/A(6)															06/2030						—						—						—						(1)
			Watermill Express, LLC+			One stop						SF +			5.00%			(l)						10.54%															04/2027						2,221						2,208						0.1						2,221
			Watermill Express, LLC+			One stop						SF +			5.00%			(k)						10.42%															04/2027						8						7						—						8
			Watermill Express, LLC+			One stop						SF +			5.00%			(l)						10.54%															04/2027						214						214						—						214
			Winebow Holdings, Inc.+			One stop						SF +			6.25%			(k)						11.67%															07/2025						7,720						7,671						0.3						7,566
																																													43,968						43,264						1.7						43,251

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

See Notes to Consolidated Financial Statements.

54

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			North Haven Stack Buyer, LLC+(5)			Senior secured						SF +			5.50%									N/A(6)															07/2027						$	—					$	(18)					—			%			$	(20)
			North Haven Stack Buyer, LLC+			Senior secured						SF +			5.50%			(b)(l)						11.40%															07/2027						66						65						—						64
			North Haven Stack Buyer, LLC#			Senior secured						SF +			5.50%			(l)						11.02%															07/2027						2,923						2,905						0.1						2,887
			North Haven Stack Buyer, LLC#			Senior secured						SF +			5.50%			(l)						11.02%															07/2027						964						958						0.1						952
			North Haven Stack Buyer, LLC+			Senior secured						SF +			5.50%			(l)						11.02%															07/2027						968						962						0.1						956
			North Haven Stack Buyer, LLC+			Senior secured						SF +			5.50%			(l)						11.02%															07/2027						142						141						—						140
			North Haven Stack Buyer, LLC+			Senior secured						SF +			5.50%			(l)						11.02%															07/2027						71						70						—						70
			North Haven Stack Buyer, LLC+(5)			Senior secured						SF +			5.50%									N/A(6)															07/2027						—						(61)						—						(46)
			North Haven Stack Buyer, LLC+(5)			Second lien						N/A												N/A(6)															01/2028						—						(35)						—						(35)
			Profile Products LLC+			One stop						SF +			5.75%			(l)						11.22%															11/2027						6,293						6,199						0.3						6,167
			Profile Products LLC+(8)			One stop						SF +			5.75%			(l)						11.22%															11/2027						1,275						1,258						—						1,250
			Profile Products LLC+			One stop						SF +			5.75%			(b)(k)						11.42%															11/2027						42						41						—						41
			Profile Products LLC+			One stop						P +			4.75%			(b)						13.25%															11/2027						8						8						—						8
			PT Intermediate Holdings III, LLC+			One stop						SF +			5.98%			(l)						11.52%															11/2028						29,225						28,846						1.1						29,225
			PT Intermediate Holdings III, LLC+			One stop						SF +			5.98%			(l)						11.52%															11/2028						20,664						20,504						0.8						20,664
			PT Intermediate Holdings III, LLC+			One stop						SF +			5.98%			(l)						11.52%															11/2028						9,800						9,696						0.4						9,800
			PT Intermediate Holdings III, LLC+			One stop						SF +			6.50%			(l)						11.89%															11/2028						2,243						2,214						0.1						2,260
			PT Intermediate Holdings III, LLC+(5)			One stop						SF +			6.50%									N/A(6)															11/2028						—						(8)						—						—
			Radwell Parent, LLC+			One stop						SF +			6.53%			(l)						12.02%															03/2029						18,885						18,644						0.7						18,885
			Radwell Parent, LLC+			One stop						SF +			6.75%			(l)						12.14%															03/2028						69						64						—						69
			Radwell Parent, LLC+(5)			One stop						SF +			6.53%									N/A(6)															03/2029						—						(7)						—						—
			Radwell Parent, LLC#+			One stop						SF +			6.75%			(l)						12.14%															03/2029						24,763						24,118						1.0						24,824
			Trinity Air Consultants Holdings Corporation+			One stop						SF +			5.75%			(l)						11.10%															06/2027						2,458						2,427						0.1						2,458
			Trinity Air Consultants Holdings Corporation+(5)			One stop						SF +			5.75%									N/A(6)															06/2027						—						(3)						—						—
			Trinity Air Consultants Holdings Corporation+			One stop						SF +			5.75%									N/A(6)															06/2027						—						—						—						—
			Trinity Air Consultants Holdings Corporation+			One stop						SF +			5.75%			(m)						11.27%															06/2027						35						35						—						35
			WRE Holding Corp.*#			Senior secured						SF +			5.00%			(k)(m)						10.50%															01/2025						2,204						2,200						0.1						2,204
			WRE Holding Corp.+			Senior secured						SF +			5.00%			(k)						10.43%															01/2025						911						908						—						911
			WRE Holding Corp.+			Senior secured						SF +			5.00%			(m)						10.19%															01/2025						668						667						—						668
			WRE Holding Corp.+			Senior secured						SF +			5.00%			(m)						10.19%															01/2025						395						394						—						395
			WRE Holding Corp.+			Senior secured						SF +			5.00%			(m)						10.19%															01/2025						127						127						—						127
			WRE Holding Corp.+			Senior secured						SF +			5.00%			(m)						10.19%															01/2025						23						23						—						23
			WRE Holding Corp.+			Senior secured						SF +			5.00%			(k)						10.57%															01/2025						353						345						—						353
			WRE Holding Corp.+			Senior secured						SF +			5.25%									N/A(6)															01/2025						—						—						—						—
			WRE Holding Corp.+			Senior secured						SF +			5.00%			(k)(l)(m)						10.38%															01/2025						150						149						—						150
																																													156,018						153,745						6.1						155,577
			Communications Equipment
			Lightning Finco Limited+(8)(10)			One stop						SF +			5.75%			(l)						11.13%															09/2028						10,349						10,204						0.4						10,246
			Lightning Finco Limited+(8)(9)(10)			One stop						E +			5.75%			(d)						9.53%															09/2028						1,123						1,244						—						1,112
																																													11,472						11,448						0.4						11,358
			Containers and Packaging
			AmerCareRoyal LLC+(23)			Senior secured						SF +			7.00%			(k)						11.98%			cash/			0.50%			PIK						11/2025						743						737						0.1						743
			AmerCareRoyal LLC+(23)			Senior secured						SF +			7.00%			(k)						11.98%			cash/			0.50%			PIK						11/2025						159						157						—						159
			AmerCareRoyal LLC+(23)			Senior secured						SF +			7.00%			(k)						11.98%			cash/			0.50%			PIK						11/2025						154						153						—						154
			AmerCareRoyal LLC+(8)(23)			Senior secured						SF +			7.00%			(k)(l)						11.98%			cash/			0.50%			PIK						11/2025						133						132						—						133
			Chase Intermediate#+			One stop						SF +			5.25%			(k)(l)(m)						10.95%															10/2028						10,818						10,743						0.4						10,601
			Chase Intermediate+			One stop						SF +			5.25%			(m)						11.00%															10/2028						120						117						—						113
			Chase Intermediate+(5)			One stop						SF +			5.25%									N/A(6)															10/2028						—						(1)						—						(4)

See Notes to Consolidated Financial Statements.

55

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

Investment Type

Spread

Above

Index(1)

Interest

Rate(2)

Maturity
Date

Principal ($) /

Shares(3)

Amortized CostPercentage
of Net
Assets

Fair

Value (4)

Chase Intermediate+(5)One stopSF +5.75%N/A(6)10/2028$— $(5)—%$(5)Fortis Solutions Group, LLC*#+One stopSF +5.50%(l)10.99%10/202834,402 33,976 1.333,370 Fortis Solutions Group, LLC+(5)One stopSF +5.50%N/A(6)10/2027— (4)—(8)Fortis Solutions Group, LLC+One stopSF +5.50%(l)10.99%10/202898 17 —95 Fortis Solutions Group, LLC+One stopSF +5.50%(l)10.99%10/2028358 325 —190  46,985 46,347 1.845,541 Diversified Consumer ServicesCertus Pest, Inc.#One stopSF +7.50%(l)13.04%02/20261,573 1,547 0.11,557 Certus Pest, Inc.#One stopSF +7.50%(l)13.04%02/20261,508 1,471 0.11,493 Certus Pest, Inc.+One stopSF +7.50%(l)13.04%02/20261,088 1,084 0.11,077 Certus Pest, Inc.#One stopSF +7.50%(l)13.04%02/20261,074 1,064 0.11,064 Certus Pest, Inc.+One stopSF +7.50%(l)13.04%02/2026745 732 —738 Certus Pest, Inc.#One stopSF +7.50%(l)13.04%02/2026657 632 —650 Certus Pest, Inc.+One stopSF +7.50%(l)13.04%02/2026640 635 —634 Certus Pest, Inc.+One stopSF +7.50%(l)13.04%02/2026378 371 —374 

Certus Pest, Inc.+One stopSF +7.50%(l)13.04%02/2026237 226 —235 Certus Pest, Inc.+One stopSF +7.50%(l)13.04%02/2026129 111 —128 Certus Pest, Inc.+One stopSF +7.50%(l)13.04%02/202654 50 —54 Certus Pest, Inc.+(5)One stopSF +7.50%N/A(6)02/2026— (1)—(1)CHHJ Midco, LLC#Senior securedSF +5.00%(k)10.42%01/20262,695 2,682 0.12,695 CHHJ Midco, LLC+Senior securedSF +5.00%N/A(6)01/2026— — —— COP Exterminators Acquisitions, Inc.+Senior securedSF +5.50%(l)11.02%07/20292,864 2,830 0.12,829 COP Exterminators Acquisitions, Inc.+(5)Senior securedSF +5.50%N/A(6)07/2029— (1)—(1)COP Exterminators Acquisitions, Inc.+(5)Senior securedSF +5.50%N/A(6)07/2029— (26)—(20)COP Hometown Acquisitions, Inc.+Senior securedSF +4.50%(l)9.90%07/20271,695 1,685 0.11,695 COP Hometown Acquisitions, Inc.+Senior securedSF +4.50%(l)9.90%07/20271,652 1,636 0.11,652 COP Hometown Acquisitions, Inc.+Senior securedSF +4.50%(l)9.92%07/20271,083 1,073 0.11,083 COP Hometown Acquisitions, Inc.+Senior securedSF +4.50%(l)9.98%07/2027765 758 —765 COP Hometown Acquisitions, Inc.+Senior securedSF +4.50%(l)9.90%07/2027197 195 —197 COP Hometown Acquisitions, Inc.+Senior securedSF +4.75%(l)10.31%07/2027119 117 —119 COP Hometown Acquisitions, Inc.+Senior securedSF +4.50%N/A(6)07/2027— — —— 

DP Flores Holdings, LLC#One stopSF +6.25%(m)11.59%09/20282,574 2,536 0.12,574 DP Flores Holdings, LLC+(5)One stopSF +6.25%N/A(6)09/2028— (1)—— DP Flores Holdings, LLC+(5)One stopSF +6.25%N/A(6)09/2028— (12)—— EMS LINQ, LLC+One stopSF +6.25%(k)11.67%12/20279,591 9,524 0.49,304 EMS LINQ, LLC+(5)One stopSF +6.25%N/A(6)12/2027— (1)—(4)EWC Growth Partners LLC+One stopSF +6.00%(l)11.54%03/2026920 914 0.1920 EWC Growth Partners LLC+One stopSF +6.00%N/A(6)03/2026— — —— EWC Growth Partners LLC+One stopSF +6.00%(l)11.54%03/202614 14 —14 EWC Growth Partners LLC+One stopSF +6.00%(l)11.54%03/202673 73 —73 Excelligence Learning Corporation#+One stopSF +6.00%(l)11.54%01/202410,176 10,157 0.410,176 FPG Intermediate Holdco, LLC+One stopSF +6.00%(l)11.57%03/20277,668 7,563 0.37,592 FPG Intermediate Holdco, LLC+One stopSF +6.00%(l)11.57%03/2027484 474 —479 FPG Intermediate Holdco, LLC+One stopSF +6.00%(b)(l)12.16%03/202733 32 —32 FPG Intermediate Holdco, LLC+(5)One stopSF +6.50%N/A(6)03/2027— (12)—— FSS Buyer LLC+One stopSF +5.75%(l)11.24%08/20285,436 5,360 0.25,436 FSS Buyer LLC+(5)One stopSF +5.75%N/A(6)08/2027— (1)—— HS Spa Holdings, Inc.+One stopSF +5.75%(m)11.07%06/20297,704 7,579 0.37,627 

HS Spa Holdings, Inc.+One stopSF +5.75%(k)(l)11.07%06/202813 11 —12 

See Notes to Consolidated Financial Statements.

56

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Learn-it Systems, LLC+(23)			Senior secured						SF +			5.25%			(l)						8.04%			cash/			2.75%			PIK						09/2026						$	2,536					$	2,550					0.1			%			$	2,333
			Learn-it Systems, LLC+(23)			Senior secured						SF +			5.25%			(l)						8.04%			cash/			2.75%			PIK						09/2026						1,364						1,363						—						1,256
			Learn-it Systems, LLC+(23)			Senior secured						SF +			5.25%			(l)						8.04%			cash/			2.75%			PIK						09/2026						615						612						—						565
			Learn-it Systems, LLC+(5)(23)			Senior secured						L +			4.75%			(a)						10.40%															09/2026						—						—						—						(3)
			Liminex, Inc.+			One stop						SF +			7.25%			(l)						12.79%															11/2026						25,462						25,126						1.0						25,462
			Liminex, Inc.+			One stop						SF +			7.25%			(l)						12.79%															11/2026						20,000						19,795						0.8						20,000
			Liminex, Inc.+			One stop						SF +			7.25%			(l)						12.79%															11/2026						800						793						—						800
			Liminex, Inc.+(5)			One stop						SF +			7.25%									N/A(6)															11/2026						—						(2)						—						—
			Liminex, Inc.+			One stop						SF +			7.25%			(l)						12.79%															11/2026						15,837						15,558						0.6						15,837
			Litera Bidco LLC+			One stop						SF +			6.00%			(k)						11.42%															05/2026						5,660						5,622						0.2						5,660
			Litera Bidco LLC+			One stop						SF +			5.25%			(k)						10.67%															05/2026						3,636						3,647						0.1						3,636
			Litera Bidco LLC+			One stop						SF +			5.25%			(k)						10.67%															05/2026						682						694						—						682
			Litera Bidco LLC+			One stop						SF +			5.25%			(k)						10.67%															05/2026						682						694						—						682
			Litera Bidco LLC+			One stop						SF +			6.00%			(k)						11.42%															05/2026						512						509						—						512
			Litera Bidco LLC+			One stop						SF +			5.25%									N/A(6)															05/2025						—						—						—						—
			Mario Purchaser, LLC+			One stop						SF +			5.75%			(k)						11.17%															04/2029						7,577						7,457						0.3						7,274
			Mario Purchaser, LLC+(23)			One stop						SF +			10.75%			(k)						16.17%			PIK												04/2032						1,784						1,749						0.1						1,748
			Mario Purchaser, LLC+(5)			One stop						SF +			5.75%									N/A(6)															04/2028						—						(1)						—						(3)
			Mario Purchaser, LLC+			One stop						SF +			5.75%			(k)						11.17%															04/2029						169						165						—						154
			Mathnasium, LLC#			One stop						SF +			5.00%			(l)						10.51%															11/2027						9,168						9,105						0.4						9,168
			Mathnasium, LLC+			One stop						SF +			5.00%			(l)						10.52%															11/2027						11						11						—						11
			NSG Buyer, Inc. *#+			One stop						SF +			6.50%			(k)						11.92%															11/2029						20,821						20,423						0.8						20,821
			NSG Buyer, Inc. +(5)			One stop						SF +			6.50%									N/A(6)															11/2029						—						(35)						—						—
			NSG Buyer, Inc. +			One stop						SF +			6.50%									N/A(6)															11/2028						—						—						—						—
			PADI Holdco, Inc.*#(23)			One stop						SF +			6.25%			(l)						11.82%															01/2027						21,582						21,242						0.8						21,582
			PADI Holdco, Inc.+(8)(9)(23)			One stop						E +			6.25%			(d)						10.03%															01/2027						19,322						20,594						0.8						19,322
			PADI Holdco, Inc.+(23)			One stop						SF +			6.25%			(l)						11.79%															01/2027						832						819						—						832
			PADI Holdco, Inc.+(23)			One stop						SF +			6.25%			(l)						11.79%															01/2027						172						169						—						172
			PADI Holdco, Inc.+			One stop						SF +			6.25%			(l)						11.77%															01/2027						54						50						—						54
			Provenance Buyer LLC*#+			One stop						SF +			5.00%			(k)						10.42%															06/2027						18,094						17,864						0.7						18,094
			Provenance Buyer LLC#			One stop						SF +			5.00%			(k)						10.42%															06/2027						9,875						9,801						0.4						9,875
			Provenance Buyer LLC+(5)			One stop						SF +			5.00%									N/A(6)															06/2027						—						(2)						—						—
			RW AM Holdco LLC#+			One stop						SF +			5.25%			(m)						10.82%															04/2028						17,551						17,418						0.7						17,025
			RW AM Holdco LLC+(5)			One stop						SF +			5.25%									N/A(6)															04/2028						—						(1)						—						(5)
																																													268,637						266,870						10.5						266,798

See Notes to Consolidated Financial Statements.

57

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Diversified Financial Services
			Adenza Group, Inc. +			One stop						SF +			5.75%			(k)						11.18%															12/2027						$	3,975					$	3,923					0.1			%			$	3,975
			Adenza Group, Inc. +			One stop						SF +			5.75%									N/A(6)															12/2025						—						—						—						—
			Avalara, Inc.+			One stop						SF +			7.25%			(l)						12.64%															10/2028						11,941						11,690						0.5						11,941
			Avalara, Inc.+(5)			One stop						SF +			7.25%									N/A(6)															10/2028						—						(3)						—						—
			Banker's Toolbox, Inc.+			One stop						SF +			5.25%			(l)						10.72%															07/2027						7,936						7,873						0.3						7,936
			Banker's Toolbox, Inc.+			One stop						SF +			5.25%									N/A(6)															07/2027						—						—						—						—
			Banker's Toolbox, Inc.+			One stop						SF +			5.25%			(l)						10.72%															07/2027						1,478						1,478						—						1,478
			Finastra USA, Inc.+(8)			One stop						SF +			7.25%			(m)						12.71%															09/2029						4,950						4,852						0.2						4,851
			Finastra USA, Inc.+(8)			One stop						SF +			7.25%			(k)						12.58%															09/2029						11						10						—						10
			Flash Topco, Inc.*			One stop						SF +			5.75%			(l)						11.22%															10/2028						9,721						9,649						0.4						9,235
			Flash Topco, Inc.+			One stop						SF +			6.50%			(l)						11.87%															10/2028						41						40						—						38
			Flash Topco, Inc.+			One stop						SF +			6.50%			(l)						11.87%															12/2024						19						19						—						19
			Higginbotham Insurance Agency, Inc.+			One stop						SF +			5.50%			(k)						10.92%															11/2028						4,530						4,494						0.2						4,507
			Higginbotham Insurance Agency, Inc.+(5)			One stop						SF +			5.50%									N/A(6)															11/2028						—						(25)						—						(25)
			Higginbotham Insurance Agency, Inc.+			One stop						SF +			5.50%			(k)						10.92%															11/2028						183						183						—						182
																																													44,785						44,183						1.7						44,147

See Notes to Consolidated Financial Statements.

58

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Diversified Telecommunication Services
			NTI Connect, LLC+			Senior secured						SF +			4.75%			(l)						10.29%															12/2024						$	1,612					$	1,601					0.1			%			$	1,612
			Electronic Equipment, Instruments & Components
			CST Holding Company+			One stop						SF +			6.50%			(k)						11.92%															11/2028						24,533						23,910						1.0						24,533
			CST Holding Company+(5)			One stop						SF +			6.50%									N/A(6)															11/2028						—						(1)						—						—
																																													24,533						23,909						1.0						24,533

			Food & Staples Retailing
			Cafe Rio Holding, Inc.*#			One stop						SF +			5.25%			(k)						10.67%															09/2028						18,034						18,034						0.7						18,034
			Cafe Rio Holding, Inc.#+			One stop						SF +			5.25%			(k)						10.67%															09/2028						3,244						3,224						0.1						3,244
			Cafe Rio Holding, Inc.#+			One stop						SF +			5.25%			(k)						10.67%															09/2028						2,179						2,179						0.1						2,179
			Cafe Rio Holding, Inc.*#			One stop						SF +			5.25%			(k)						10.67%															09/2028						1,383						1,383						0.1						1,383
			Cafe Rio Holding, Inc.#+			One stop						SF +			5.25%			(k)						10.67%															09/2028						1,222						1,222						0.1						1,222
			Cafe Rio Holding, Inc.+			One stop						SF +			5.25%			(k)						10.67%															09/2028						101						101						—						101
			Cafe Rio Holding, Inc.+			One stop						SF +			5.25%			(k)						10.67%															09/2028						176						176						—						176
			Cafe Rio Holding, Inc.+			One stop						SF +			5.25%			(k)						10.67%															09/2028						50						50						—						50
			Cafe Rio Holding, Inc.+			One stop						SF +			5.25%			(k)						10.67%															09/2028						79						79						—						79
			Cafe Rio Holding, Inc.+			One stop						SF +			5.25%			(k)						10.67%															09/2028						100						99						—						100
			Mendocino Farms, LLC+			One stop						SF +			6.25%			(k)						11.67%															06/2025						923						918						0.1						923
			Mendocino Farms, LLC+			One stop						SF +			6.25%			(k)						11.67%															06/2025						726						722						—						726
			Mendocino Farms, LLC+			One stop						SF +			6.25%			(k)						11.67%															06/2025						712						708						—						712
			Mendocino Farms, LLC+			One stop						SF +			6.25%			(k)						11.67%															06/2025						351						349						—						351
			Mendocino Farms, LLC+			One stop						SF +			6.25%			(k)						11.67%															06/2025						350						347						—						350
			Mendocino Farms, LLC+			One stop						SF +			6.25%			(k)						11.67%															06/2025						173						172						—						173
			Mendocino Farms, LLC+			One stop						SF +			6.25%			(k)						11.67%															06/2025						105						104						—						105
			Mendocino Farms, LLC+			One stop						SF +			6.25%			(k)						11.67%															06/2025						824						817						—						824
			Mendocino Farms, LLC+			One stop						SF +			6.25%			(k)						11.67%															06/2025						307						306						—						307
			Mendocino Farms, LLC+			One stop						SF +			6.25%			(k)						11.67%															06/2025						514						511						—						514
			Ruby Slipper Cafe LLC, The*+			One stop						SF +			7.50%			(l)						13.04%															06/2024						2,003						2,003						0.1						2,003
			Ruby Slipper Cafe LLC, The+			One stop						SF +			7.50%			(l)						13.04%															06/2024						406						406						—						406
			Ruby Slipper Cafe LLC, The+			One stop						SF +			7.50%			(l)						13.04%															06/2024						289						288						—						289
			Ruby Slipper Cafe LLC, The+			One stop						SF +			7.50%			(l)						13.04%															06/2024						—						—						—						—
			Ruby Slipper Cafe LLC, The+			One stop						SF +			7.50%			(l)						13.04%															06/2024						28						28						—						28
			Wineshipping.com LLC+			One stop						SF +			5.75%			(l)						11.32%															10/2027						6,725						6,679						0.3						6,456
			Wineshipping.com LLC+			One stop						SF +			5.75%			(l)						11.20%															10/2027						184						177						—						177
			Wineshipping.com LLC+			One stop						SF +			5.75%			(b)(l)						11.47%															10/2027						63						63						—						60
																																													41,251						41,145						1.6						40,972

See Notes to Consolidated Financial Statements.

59

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Food Products
			Borrower R365 Holdings, LLC+(23)			One stop						SF +			6.50%			(l)						12.04%															06/2027						$	13,669					$	13,510					0.5			%			$	13,669
			Borrower R365 Holdings, LLC+(23)			One stop						SF +			6.50%			(l)						12.04%															06/2027						1,127						1,112						—						1,127
			Borrower R365 Holdings, LLC+(5)			One stop						SF +			6.50%									N/A(6)															06/2027						—						(1)						—						—
			Borrower R365 Holdings, LLC+(5)			One stop						SF +			6.50%									N/A(6)															06/2027						—						(1)						—						—
			Borrower R365 Holdings, LLC+(23)			One stop						SF +			6.50%			(l)						12.04%															06/2027						43						43						—						43
			Flavor Producers, LLC#+(23)			Senior secured						SF +			6.50%			(b)(l)						10.24%			cash/			1.75%			PIK						12/2024						5,035						5,028						0.2						4,682
			Flavor Producers, LLC+(5)			Senior secured						SF +			6.50%									N/A(6)															09/2024						—						—						—						(2)
			Kodiak Cakes, LLC*#+			Senior secured						SF +			8.75%			(l)						14.14%															06/2027						12,338						12,048						0.5						11,998
			Kodiak Cakes, LLC+			Senior secured						SF +			8.75%			(l)						14.14%															06/2026						150						146						—						146
			Louisiana Fish Fry Products, Ltd.*+			One stop						SF +			6.25%			(l)						11.79%															07/2027						9,678						9,616						0.4						9,387
			Louisiana Fish Fry Products, Ltd.+			One stop						SF +			6.25%			(b)(k)(l)						12.06%															07/2027						76						75						—						72
			MAPF Holdings, Inc.*#+			One stop						SF +			5.00%			(l)						10.54%															12/2026						37,594						37,388						1.5						37,594
			MAPF Holdings, Inc.+			One stop						SF +			5.00%			(l)						10.54%															12/2026						120						118						—						120
			P&P Food Safety Holdings, Inc.*+			One stop						SF +			6.00%			(l)						11.54%															12/2026						17,579						17,449						0.7						17,052
			P&P Food Safety Holdings, Inc.+			One stop						SF +			6.00%			(l)						11.55%															12/2026						19						18						—						16
			P&P Food Safety Holdings, Inc.+(5)			One stop						SF +			6.00%									N/A(6)															12/2026						—						(4)						—						(16)
			Purfoods, LLC+(23)			One stop						N/A												7.00%			PIK												05/2026						66						68						—						66
			Ultimate Baked Goods Midco LLC+			One stop						SF +			6.25%			(k)						11.67%															08/2027						6,604						6,551						0.3						6,604
			Ultimate Baked Goods Midco LLC+(5)			One stop						SF +			6.25%									N/A(6)															08/2027						—						(22)						—						—
			Whitebridge Pet Brands, LLC*#+			One stop						SF +			4.75%			(k)						10.17%															07/2027						20,777						20,530						0.8						20,777
			Whitebridge Pet Brands, LLC+(5)			One stop						SF +			4.75%									N/A(6)															07/2027						—						(2)						—						—
			Wizard Bidco Limited+(8)(9)(10)			One stop						SN +			5.25%			(i)						10.44%															03/2029						6,631						7,077						0.2						6,366
			Wizard Bidco Limited+(8)(9)(10)			One stop						SN +			5.25%			(i)						10.44%															09/2028						91						90						—						88
			Wizard Bidco Limited+(8)(10)			One stop						SF +			6.50%			(l)						11.89%															03/2029						16,243						15,955						0.6						16,283
			Wizard Bidco Limited+(8)(9)(10)			One stop						SN +			6.50%			(i)						11.69%															03/2029						5,424						5,389						0.2						5,438
			Wizard Bidco Limited+(5)(8)(9)(10)			One stop						SN +			6.50%									N/A(6)															03/2029						—						(52)						—						—
																																													153,264						152,129						5.9						151,510

See Notes to Consolidated Financial Statements.

60

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Healthcare Equipment & Supplies
			Aspen Medical Products, LLC#+			One stop						SF +			5.25%			(l)						10.76%															06/2025						$	4,115					$	4,141					0.2			%			$	4,115
			Aspen Medical Products, LLC+			One stop						SF +			5.25%			(l)						10.76%															06/2025						263						262						—						263
			Aspen Medical Products, LLC+			One stop						SF +			5.25%									N/A(6)															06/2025						—						—						—						—
			Baduhenna Bidco Limited+(8)(10)			One stop						SF +			5.95%			(j)						11.51%															08/2028						5,415						5,363						0.2						5,415
			Baduhenna Bidco Limited+(8)(9)(10)			One stop						E +			5.95%			(d)						9.72%															08/2028						3,063						3,396						0.1						3,063
			Baduhenna Bidco Limited+(8)(9)(10)			One stop						SN +			5.95%			(i)						11.26%															08/2028						863						947						—						863
			Baduhenna Bidco Limited+(8)(9)(10)			One stop						E +			5.95%			(d)						9.92%															08/2028						731						760						—						731
			Baduhenna Bidco Limited+(5)(8)(9)(10)			One stop						SN +			5.95%									N/A(6)															08/2028						—						(14)						—						—
			Belmont Instrument, LLC*#			One stop						SF +			6.25%			(l)						11.64%															08/2028						9,801						9,722						0.4						9,801
			Belmont Instrument, LLC+			One stop						SF +			6.25%			(l)						11.64%															08/2028						33						32						—						33
			Blades Buyer, Inc.#+			Senior secured						SF +			5.00%			(l)(m)						10.45%															03/2028						9,958						9,880						0.4						9,859
			Blades Buyer, Inc.+(5)			Senior secured						SF +			4.75%									N/A(6)															03/2028						—						(1)						—						(3)
			Blades Buyer, Inc.+			Senior secured						SF +			5.00%			(k)						10.33%															03/2028						317						316						—						314
			Blades Buyer, Inc.+			Senior secured						SF +			5.25%			(k)						10.68%															03/2028						1,301						1,283						0.1						1,301
			Blue River Pet Care, LLC*#+			One stop						SF +			5.75%			(l)						11.27%															07/2026						50,675						50,449						2.0						50,167
			Blue River Pet Care, LLC+			One stop						SF +			5.75%			(k)(l)						11.24%															08/2025						124						122						—						120
			Blue River Pet Care, LLC+(5)			One stop						SF +			5.75%									N/A(6)															07/2026						—						(1)						—						(2)
			Blue River Pet Care, LLC+			One stop						SF +			5.75%			(l)						11.27%															07/2026						178						177						—						176
			Blue River Pet Care, LLC+			One stop						SF +			5.75%			(l)						11.27%															07/2026						171						170						—						170
			Blue River Pet Care, LLC+			One stop						SF +			5.75%			(l)						11.27%															07/2026						764						759						—						757
			Blue River Pet Care, LLC+			One stop						SF +			5.75%			(l)						11.27%															07/2026						170						169						—						168
			CCSL Holdings, LLC*#(8)			One stop						SF +			6.00%			(k)						11.42%															12/2026						15,241						14,986						0.6						15,089
			CCSL Holdings, LLC+(8)			One stop						SF +			6.00%			(k)						11.42%															12/2026						4,114						4,048						0.2						4,073
			CCSL Holdings, LLC+(8)(9)			One stop						SN +			6.00%			(i)						11.29%															12/2026						2,354						2,385						0.1						2,330
			CCSL Holdings, LLC+(5)(8)			One stop						SF +			6.00%									N/A(6)															12/2026						—						(3)						—						(3)
			CCSL Holdings, LLC+(5)(8)			One stop						SF +			6.00%									N/A(6)															12/2026						—						(44)						—						(26)
			CCSL Holdings, LLC+(5)(8)			One stop						SF +			6.00%									N/A(6)															12/2028						—						(27)						—						(27)
			CMI Parent Inc.*#			Senior secured						SF +			4.75%			(k)						10.17%															08/2025						6,432						6,474						0.3						6,432
			CMI Parent Inc.*			Senior secured						SF +			4.75%			(k)						10.17%															08/2025						3,094						3,080						0.1						3,094
			CMI Parent Inc.+(5)			Senior secured						SF +			4.75%									N/A(6)															08/2025						—						(2)						—						—
			CMI Parent Inc.*			Senior secured						SF +			4.75%			(k)						10.17%															08/2025						2,903						2,884						0.1						2,903
			G & H Wire Company, Inc.+(23)			One stop						SF +			9.00%			(l)						8.07%			cash/			6.50%			PIK						12/2024						11,846						11,798						0.4						9,477
			G & H Wire Company, Inc.+(23)			One stop						SF +			9.00%			(l)						8.07%			cash/			6.50%			PIK						12/2024						100						98						—						70
			Joerns Healthcare, LLC+(7)(23)			One stop						SF +			18.00%			(l)						23.64%			PIK												01/2024						1,560						1,470						—						515
			Joerns Healthcare, LLC+(23)			One stop						SF +			18.00%			(l)						23.64%			PIK												01/2024						310						310						—						310
																																													135,896						135,389						5.2						131,548

See Notes to Consolidated Financial Statements.

61

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

Investment Type

Spread

Above

Index(1)

Interest

Rate(2)

Maturity
Date

Principal ($) /

Shares(3)

Amortized CostPercentage
of Net
Assets

Fair

Value (4)

Healthcare Providers & ServicesAAH TOPCO, LLC +One stopSF +5.50%(k)10.92%12/2027$8,245 $8,187 0.3%$7,997 AAH TOPCO, LLC +(23)Subordinated debtN/A11.50%PIK12/20311,211 1,195 0.11,114 AAH TOPCO, LLC +(5)One stopSF +5.50%N/A(6)12/2027— — —(2)AAH TOPCO, LLC +One stopSF +5.50%(k)10.92%12/2027472 468 —454 Active Day, Inc.#+One stopSF +5.75%(l)11.29%02/202517,566 17,462 0.717,216 Active Day, Inc.#+One stopSF +5.75%(l)11.29%02/20251,356 1,348 0.11,328 Active Day, Inc.*#One stopSF +5.75%(l)11.29%02/2025874 869 —856 Active Day, Inc.+One stopSF +5.75%(l)11.29%02/2025696 692 —682 Active Day, Inc.+One stopSF +5.75%(l)11.29%02/2025615 610 —602 Active Day, Inc.*#One stopSF +5.75%(l)11.29%02/2025604 600 —592 Active Day, Inc.+(5)One stopSF +5.75%N/A(6)02/2025— (2)—(4)Active Day, Inc.+One stopSF +5.75%(l)11.29%02/2025— — —— Acuity Eyecare Holdings, LLC+One stopSF +6.00%(l)11.55%03/202616,343 16,198 0.616,343 

Acuity Eyecare Holdings, LLC+(23)One stopN/A16.50%06/202712,165 12,007 0.512,165 Acuity Eyecare Holdings, LLC+One stopSF +6.25%(l)11.79%03/20264,036 4,012 0.24,036 Acuity Eyecare Holdings, LLC+One stopSF +6.25%(l)11.80%03/20263,596 3,570 0.23,596 Acuity Eyecare Holdings, LLC#+One stopSF +6.25%(l)11.79%03/20263,504 3,484 0.23,504 Acuity Eyecare Holdings, LLC+One stopSF +6.25%(l)11.79%03/20263,171 3,185 0.13,171 Acuity Eyecare Holdings, LLC+One stopSF +6.00%(l)11.53%03/20262,027 1,999 0.12,027 Acuity Eyecare Holdings, LLC+One stopSF +6.25%(l)11.79%03/20261,849 1,866 0.11,849 Acuity Eyecare Holdings, LLC+One stopSF +6.25%(l)11.79%03/2026447 445 —447 Acuity Eyecare Holdings, LLC+(23)One stopSF +13.00%(l)11.79% cash/6.75%PIK03/2026264 263 —268 Acuity Eyecare Holdings, LLC+One stopSF +6.25%(l)11.79%03/2026165 164 —165 Acuity Eyecare Holdings, LLC+One stopSF +6.00%(l)11.52%03/202630 27 —30 Acuity Eyecare Holdings, LLC+Senior securedSF +6.25%(l)11.79%03/2026109 108 —109 Acuity Eyecare Holdings, LLC+(23)One stopSF +13.00%(l)11.79% cash/6.75%PIK03/2026102 102 —102 Acuity Eyecare Holdings, LLC+One stopSF +6.25%(l)11.79%03/20261 1 —1 Acuity Eyecare Holdings, LLC+(5)One stopSF +6.25%N/A(6)03/2026— (2)—— 

Acuity Eyecare Holdings, LLC+One stopSF +6.00%(l)11.55%03/20261,033 1,024 0.11,033 AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.13%(l)11.65%03/20274,661 4,625 0.24,661 AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.13%(l)11.65%03/20273,896 3,855 0.23,896 AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(23)Subordinated debtSF +10.50%(k)15.92%03/20282,213 2,192 0.12,213 AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(23)Subordinated debtSF +10.50%(k)15.92%03/2028846 840 —846 AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(23)Subordinated debtSF +10.50%(k)15.92%03/2028264 262 —264 AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.25%(k)11.67%03/2027153 151 —153 AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)One stopSF +6.00%N/A(6)03/2027— (1)—— AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.25%(k)(l)11.68%03/202772 72 —72 Bamboo US Bidco LLC+One stopSF +6.00%(k)11.32%09/20302,424 2,352 0.12,352 Bamboo US Bidco LLC+(8)(9)One stopE + 6.00%(c)9.86%09/20301,595 1,547 0.11,547 Bamboo US Bidco LLC+(5)One stopSF +6.00%N/A(6)09/2029— (15)—(15)Bamboo US Bidco LLC+(5)One stopSF +6.00%N/A(6)09/2030— (6)—(6)Community Care Partners, LLC+One stopSF +6.00%(k)11.43%06/20262,325 2,311 0.12,186 

Community Care Partners, LLC+(5)One stopSF +6.00%N/A(6)06/2026— (2)—— CRH Healthcare Purchaser, Inc.+Senior securedSF +4.75%(l)10.29%12/202419,501 19,500 0.819,209 CRH Healthcare Purchaser, Inc.+Senior securedSF +4.75%(l)10.29%12/20245,145 5,126 0.25,068 

See Notes to Consolidated Financial Statements.

62

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

Investment Type

Spread

Above

Index(1)

Interest

Rate(2)

Maturity
Date

Principal ($) /

Shares(3)

Amortized CostPercentage
of Net
Assets

Fair

Value (4)

CRH Healthcare Purchaser, Inc.+Senior securedSF +4.75%(l)10.29%12/2024$4,070 $4,063 0.2%$4,008 CRH Healthcare Purchaser, Inc.+Senior securedSF +4.75%(l)10.29%12/20243,485 3,471 0.13,433 CRH Healthcare Purchaser, Inc.+Senior securedSF +4.75%(l)10.29%12/2024200 199 —196 Datix Bidco Limited+(8)(9)(10)Senior securedSN +4.50%(i)9.69%04/202554,300 60,233 2.153,757 Datix Bidco Limited+(8)(9)(10)Second lienSN +7.75%(i)12.94%04/202619,268 21,320 0.819,171 Emerge Intermediate, Inc.*#(23)One stopSF +7.25%(k)11.42% cash/1.25%PIK05/202419,231 19,186 0.819,231 Emerge Intermediate, Inc.+(23)One stopSF +7.25%(k)11.42% cash/1.25%PIK05/20241,741 1,736 0.11,741 Emerge Intermediate, Inc.+(23)One stopSF +7.25%(k)11.43% cash/1.25%PIK05/2024134 132 —134 

Encorevet Group LLC+One stopSF +6.75%(l)12.32%11/2024975 972 —945 Encorevet Group LLC+One stopSF +6.75%(l)12.32%11/2024613 611 —594 Encorevet Group LLC+One stopSF +6.75%(l)12.32%11/2024304 303 —295 Encorevet Group LLC+One stopSF +6.75%(l)12.32%11/2024291 290 —282 Encorevet Group LLC+One stopSF +6.75%(l)12.32%11/2024263 262 —256 Encorevet Group LLC+Senior securedSF +6.75%(l)12.32%11/2024242 241 —235 Encorevet Group LLC+One stopSF +6.75%(l)12.32%11/2024161 161 —156 Encorevet Group LLC+One stopSF +6.75%(l)12.32%11/2024113 113 —110 Encorevet Group LLC+Senior securedSF +6.75%(l)12.32%11/2024109 109 —105 Encorevet Group LLC+Senior securedSF +6.75%(l)12.32%11/202468 67 —66 Encorevet Group LLC+Senior securedSF +6.75%(l)12.32%11/202456 56 —54 Encorevet Group LLC+One stopSF +6.75%(l)12.32%11/202455 55 —54 Encorevet Group LLC+One stopSF +6.75%(l)12.32%11/202432 32 —31 Encorevet Group LLC+Senior securedSF +6.75%(l)12.32%11/202410 10 —9 Encorevet Group LLC+Senior securedSF +6.75%(l)12.28%11/202447 47 —45 ERC Topco Holdings, LLC+One stopSF +5.50%(l)11.15%11/20289,116 9,063 0.37,566 ERC Topco Holdings, LLC+One stopSF +5.50%(l)11.10%11/202760 59 —37 FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopC + 5.75%(h)11.25%03/202710,516 10,592 0.410,516 

FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopC + 5.75%(h)11.25%03/202782 80 —82 FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopC + 5.75%(h)11.25%03/2027471 499 —471 FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopC + 5.75%(h)11.25%03/2027166 170 —166 FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)One stopSF +5.75%(l)11.27%03/202770 69 —70 FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)One stopSF +5.75%(l)11.27%03/202794 93 —94 FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopC + 5.75%(h)11.25%03/2027690 715 —690 Heartland Veterinary Partners LLC+Senior securedSF +4.75%(k)10.17%12/2026836 830 —819 Heartland Veterinary Partners LLC+Senior securedSF +4.75%(k)10.17%12/2026161 160 —158 Heartland Veterinary Partners LLC+Senior securedSF +4.75%N/A(6)12/2026— — —— Klick Inc.+(8)(12)Senior securedSF +4.50%(l)9.99%03/20289,896 9,832 0.49,896 Klick Inc.+(5)(8)(12)Senior securedSF +4.50%N/A(6)03/2026— (1)—— Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.25%(l)10.79%05/20252,287 2,283 0.12,287 Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.25%(l)10.79%05/20251,840 1,832 0.11,840 Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.25%(l)10.79%05/20251,080 1,093 —1,080 

Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.25%(l)10.79%05/202560 60 —60 Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.25%(l)10.79%05/20251,086 1,077 —1,086 New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)One stopC + 5.50%(h)11.01%05/202817,876 19,826 0.716,983 New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#(8)(12)One stopSF +5.50%(l)11.04%05/20284,282 4,242 0.24,068 New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#(8)(12)One stopSF +5.50%(l)11.04%05/20282,787 2,768 0.12,648 

See Notes to Consolidated Financial Statements.

63

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)			One stop						C +			5.50%			(h)						11.01%															05/2028						$	1,090					$	1,181					—			%			$	1,035
			New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)			One stop						C +			5.50%			(h)						11.01%															05/2028						568						595						—						539
			New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)			One stop						C +			5.50%			(h)						11.01%															05/2026						182						184						—						177
			New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)			One stop						SF +			5.50%			(l)						11.04%															05/2026						80						79						—						77
			New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)			One stop						SF +			5.50%			(l)						11.04%															05/2028						18						17						—						17
			Oliver Street Dermatology Holdings, LLC+(7)(23)			One stop						SF +			11.33%			(l)						16.87%															11/2023						26,731						16,786						0.7						18,178
			Oliver Street Dermatology Holdings, LLC+(23)			One stop						SF +			6.25%			(l)						11.79%															11/2023						15,083						15,083						0.6						15,083
			Oliver Street Dermatology Holdings, LLC+(23)			One stop						SF +			6.25%			(l)						11.79%															11/2023						388						388						—						388
			Pinnacle Treatment Centers, Inc.*#			One stop						SF +			6.75%			(l)						12.32%															01/2026						18,532						18,201						0.7						18,532
			Pinnacle Treatment Centers, Inc.*			One stop						SF +			6.75%			(l)						12.32%															01/2026						7,476						7,349						0.3						7,476
			Pinnacle Treatment Centers, Inc.#+			One stop						SF +			6.75%			(l)						12.32%															01/2026						1,523						1,497						0.1						1,523
			Pinnacle Treatment Centers, Inc.+			One stop						SF +			6.75%			(l)						12.32%															01/2026						688						676						—						688
			Pinnacle Treatment Centers, Inc.+			One stop						SF +			6.75%			(l)						12.32%															01/2026						182						178						—						182
			Pinnacle Treatment Centers, Inc.+			One stop						SF +			6.75%			(l)						12.32%															01/2026						197						193						—						197
			Pinnacle Treatment Centers, Inc.+			One stop						SF +			6.75%			(l)						12.32%															01/2026						104						102						—						104
			Pinnacle Treatment Centers, Inc.+			One stop						SF +			6.75%			(l)						12.32%															01/2026						37						36						—						37
			Pinnacle Treatment Centers, Inc.#			One stop						SF +			6.75%			(l)						12.32%															01/2026						2,181						2,144						0.1						2,181
			Pinnacle Treatment Centers, Inc.#			One stop						SF +			6.75%			(l)						12.32%															01/2026						1,147						1,127						—						1,147
			Suveto Buyer, LLC+			One stop						SF +			4.25%			(k)						9.67%															09/2027						19,672						19,543						0.7						19,082
			Suveto Buyer, LLC+			One stop						SF +			4.25%			(k)						9.67%															09/2027						24						23						—						19
																																													388,703						387,084						14.7						374,314

See Notes to Consolidated Financial Statements.

64

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

Investment Type

Spread

Above

Index(1)

Interest

Rate(2)

Maturity
Date

Principal ($) /

Shares(3)

Amortized CostPercentage
of Net
Assets

Fair

Value (4)

Healthcare TechnologyAlegeus Technologies Holdings Corp.+Senior securedSF +8.25%(m)13.36%09/2024$374 $373 —%$374 Coding Solutions Acquisition, Inc.+One stopSF +5.50%(k)10.82%05/20285,196 5,155 0.25,014 Coding Solutions Acquisition, Inc.+One stopSF +5.50%(k)10.82%05/202814 14 —12 Coding Solutions Acquisition, Inc.+One stopSF +5.50%(k)11.57%05/20281,571 1,558 0.11,516 Coding Solutions Acquisition, Inc.+One stopSF +6.00%(l)11.32%05/2028632 616 —616 Coding Solutions Acquisition, Inc.+(5)One stopSF +6.00%N/A(6)05/2028— (28)—(28)Color Intermediate, LLC+One stopSF +5.50%(l)10.99%10/202911,665 11,465 0.411,315 Connexin Software, Inc.+One stopSF +8.50%(l)13.89%02/20249,465 9,470 0.49,465 Connexin Software, Inc.+One stopSF +8.50%(l)13.89%02/202420 20 —20 Crow River Buyer, Inc.+One stopSF +7.75%(l)13.12%01/20294,631 4,548 0.24,631 Crow River Buyer, Inc.+(5)One stopSF +7.75%N/A(6)01/2029— (1)—— ESO Solution, Inc.+One stopSF +7.00%(l)12.40%05/20277,549 7,495 0.37,474 ESO Solution, Inc.+One stopSF +7.00%(l)12.33%03/202743 42 —42 

HSI Halo Acquisition, Inc.+One stopSF +5.75%(m)11.19%08/20266,122 6,104 0.26,046 HSI Halo Acquisition, Inc.+One stopSF +5.75%(m)11.19%08/20262,919 2,897 0.12,883 HSI Halo Acquisition, Inc.+One stopSF +5.75%(m)11.32%08/20261,923 1,913 0.11,899 HSI Halo Acquisition, Inc.+One stopSF +5.75%(m)11.19%08/20261,341 1,327 0.11,325 HSI Halo Acquisition, Inc.+One stopSF +5.75%(m)11.19%08/2026628 626 —620 HSI Halo Acquisition, Inc.+One stopSF +5.75%(b)(m)11.59%09/202576 76 —76 HSI Halo Acquisition, Inc.+One stopSF +5.75%(m)11.19%08/2026131 130 —129 HSI Halo Acquisition, Inc.+One stopSF +6.25%(m)11.82%08/2026485 480 —485 Neptune Holdings, Inc.+One stopSF +6.00%(m)11.50%09/20304,950 4,877 0.24,888 Neptune Holdings, Inc.+(5)One stopSF +6.00%N/A(6)08/2029— (1)—(1)Plasma Buyer LLC+One stopSF +5.75%(l)11.14%05/20295,349 5,263 0.24,921 Plasma Buyer LLC+One stopSF +5.75%(l)11.14%05/202811 10 —7 Plasma Buyer LLC+(5)One stopSF +5.75%N/A(6)05/2029— (11)—— QF Holdings, Inc.+One stopSF +6.25%(l)11.72%12/2027626 619 —626 Qgenda Intermediate Holdings, LLC+One stopSF +5.00%(l)10.49%06/202514,813 14,813 0.614,517 Qgenda Intermediate Holdings, LLC#One stopSF +5.00%(l)10.49%06/202512,070 12,023 0.511,829 

Qgenda Intermediate Holdings, LLC+One stopSF +5.00%(l)10.49%06/20251,440 1,436 0.11,411 Qgenda Intermediate Holdings, LLC#One stopSF +5.00%(l)10.49%06/2025962 963 —943 Qgenda Intermediate Holdings, LLC+One stopSF +5.00%(l)10.49%06/2025200 200 —196 Tebra Technologies, Inc.+(23)One stopSF +8.00%(k)9.92% cash/3.50%PIK06/202510,760 10,687 0.410,814 Tebra Technologies, Inc.+(23)One stopSF +8.00%(k)9.92% cash/3.50%PIK06/202510,474 10,159 0.410,526 Tebra Technologies, Inc.+(23)One stopSF +8.00%(k)9.92% cash/3.50%PIK06/20256,901 6,854 0.36,935 Tebra Technologies, Inc.+(23)One stopSF +8.00%(k)9.92% cash/3.50%PIK06/20251,774 1,762 0.11,783 Tebra Technologies, Inc.+(23)One stopSF +8.00%(k)9.92% cash/3.50%PIK06/20251,577 1,567 0.11,585 Tebra Technologies, Inc.+(23)One stopSF +8.00%(k)9.92% cash/3.50%PIK06/20251,183 1,175 —1,189 Tebra Technologies, Inc.+(23)One stopSF +8.00%(k)9.92% cash/3.50%PIK06/2025986 979 —990 Tebra Technologies, Inc.+(23)One stopSF +8.00%(k)9.92% cash/3.50%PIK06/2025789 783 —793 Tebra Technologies, Inc.+(23)One stopSF +8.00%(k)9.92% cash/3.50%PIK06/2025157 156 —158 Tebra Technologies, Inc.+(23)One stopSF +8.00%(k)9.92% cash/3.50%PIK06/202584 84 —84 

Transaction Data Systems, Inc.*#+One stopSF +4.50%(l)10.04%02/202665,427 64,881 2.665,427 Transaction Data Systems, Inc.+One stopSF +4.50%(k)9.93%02/2026180 178 —180 Veranex, Inc.+Senior securedSF +5.25%(m)10.64%04/20283,146 3,122 0.12,674 Veranex, Inc.+Senior securedSF +5.25%(m)10.63%04/202850 50 —43 Veranex, Inc.+Senior securedSF +5.25%(m)10.54%04/202825 25 —21 198,719 196,934 7.7196,453 

See Notes to Consolidated Financial Statements.

65

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Hotels, Restaurants & Leisure
			Barteca Restaurants, LLC#			One stop						SF +			6.00%			(l)						11.57%															08/2028						$	7,602					$	7,540					0.3			%			$	7,602
			Barteca Restaurants, LLC+(5)			One stop						SF +			6.00%									N/A(6)															08/2028						—						(1)						—						—
			Barteca Restaurants, LLC+			One stop						SF +			6.00%			(l)						11.57%															08/2028						510						493						—						510
			BJH Holdings III Corp.*#+			One stop						SF +			4.50%			(l)						9.90%															08/2025						50,191						50,681						2.0						49,690
			BJH Holdings III Corp.+			One stop						SF +			4.50%			(k)(l)						9.92%															08/2025						280						277						—						272
			Davidson Hotel Company, LLC+			One stop						SF +			5.25%			(k)						10.67%															07/2025						5,468						5,568						0.2						5,468
			Davidson Hotel Company, LLC+			One stop						SF +			5.25%			(k)						10.67%															07/2025						844						840						—						844
			Davidson Hotel Company, LLC+			One stop						SF +			5.25%									N/A(6)															07/2025						—						—						—						—
			EOS Fitness Opco Holdings, LLC*#+			One stop						SF +			4.75%			(m)						10.34%															01/2026						9,295						9,298						0.4						9,156
			EOS Fitness Opco Holdings, LLC+			One stop						SF +			4.75%			(m)						10.34%															01/2026						887						887						—						874
			EOS Fitness Opco Holdings, LLC+			One stop						SF +			4.75%			(b)(l)(m)						11.00%															01/2026						104						104						—						104
			EOS Fitness Opco Holdings, LLC+			One stop						SF +			4.75%			(l)						10.29%															01/2026						883						875						—						869
			ESN Venture Holdings, LLC*			One stop						SF +			6.00%			(l)						11.39%															10/2028						3,625						3,582						0.2						3,625
			ESN Venture Holdings, LLC+			One stop						SF +			6.00%			(l)						11.39%															10/2028						16						14						—						16
			ESN Venture Holdings, LLC+			One stop						SF +			6.00%			(l)(m)						11.27%															10/2028						168						142						—						168
			Harri US LLC+(23)			One stop						SF +			10.00%			(l)						11.57%			cash/			4.00%			PIK						08/2026						840						778						—						845
			Harri US LLC+			One stop						SF +			10.00%									N/A(6)															08/2026						—						—						—						—
			Harri US LLC+(23)			One stop						SF +			10.00%			(l)						11.57%			cash/			4.00%			PIK						08/2026						552						549						—						558
			Harri US LLC+(23)			One stop						SF +			10.00%			(l)						11.57%			cash/			4.00%			PIK						08/2026						568						567						—						573
			Health Buyer, LLC+			Senior secured						SF +			5.25%			(b)(l)						10.80%															04/2029						2,578						2,547						0.1						2,487
			Health Buyer, LLC+(5)			Senior secured						SF +			5.25%									N/A(6)															04/2028						—						—						—						(1)
			Health Buyer, LLC+			Senior secured						SF +			5.50%			(l)						10.89%															04/2029						1,171						1,143						0.1						1,142
			Health Buyer, LLC+(5)			Senior secured						SF +			5.50%									N/A(6)															04/2029						—						(7)						—						(7)
			SSRG Holdings, LLC+			One stop						SF +			4.75%			(l)						10.29%															11/2025						990						983						—						990
			SSRG Holdings, LLC+			One stop						SF +			4.75%			(l)						10.29%															11/2025						20						20						—						20
			Tropical Smoothie Cafe Holdings, LLC+			One stop						SF +			4.75%			(l)						10.27%															09/2026						19,466						19,333						0.8						19,466
			Tropical Smoothie Cafe Holdings, LLC*#			One stop						SF +			4.75%			(k)(l)						10.30%															09/2026						12,214						12,109						0.5						12,214
			Tropical Smoothie Cafe Holdings, LLC#			One stop						SF +			4.75%			(l)						10.27%															09/2026						5,338						5,298						0.2						5,338
			Tropical Smoothie Cafe Holdings, LLC+(5)			One stop						SF +			4.75%									N/A(6)															09/2026						—						(1)						—						—
			YE Brands Holding, LLC+			One stop						SF +			5.75%			(k)						11.18%															10/2027						4,950						4,901						0.2						4,901
			YE Brands Holding, LLC+(5)			One stop						SF +			5.50%									N/A(6)															10/2027						—						—						—						(1)
																																													128,560						128,520						5.0						127,723
			Household Durables
			Groundworks LLC+			One stop						SF +			6.50%			(l)						11.81%															03/2030						6,891						6,706						0.3						6,891
			Groundworks LLC+(5)			One stop						SF +			6.50%									N/A(6)															03/2030						—						(17)						—						—
			Groundworks LLC+(5)			One stop						SF +			6.50%									N/A(6)															03/2029						—						(1)						—						—
																																													6,891						6,688						0.3						6,891
			Household Products
			WU Holdco, Inc.#+			One stop						SF +			5.50%			(l)						11.04%															03/2026						3,703						3,738						0.1						3,592
			WU Holdco, Inc.+			One stop						SF +			5.50%			(l)						11.04%															03/2026						1,305						1,305						0.1						1,266
			WU Holdco, Inc.+			One stop						SF +			5.50%			(l)						11.04%															03/2026						339						337						—						329
			WU Holdco, Inc.+			One stop						SF +			5.50%			(l)						11.04%															03/2025						30						30						—						30
																																													5,377						5,410						0.2						5,217

See Notes to Consolidated Financial Statements.

66

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Industrial Conglomerates
			Arch Global CCT Holdings Corp.#+			Senior secured						SF +			4.75%			(l)						10.22%															04/2026						$	2,331					$	2,364					0.1			%			$	2,284
			Arch Global CCT Holdings Corp.+			Senior secured						SF +			4.75%			(l)						10.24%															04/2026						134						133						—						131
			Arch Global CCT Holdings Corp.+			Senior secured						SF +			4.75%			(l)						10.23%															04/2026						148						148						—						145
			Arch Global CCT Holdings Corp.+			Senior secured						SF +			4.75%									N/A(6)															04/2025						—						—						—						—
			Dwyer Instruments, Inc.+			One stop						SF +			5.75%			(b)(l)						11.25%															07/2027						3,883						3,824						0.1						3,883
			Dwyer Instruments, Inc.+			One stop						SF +			5.75%			(k)(l)						11.23%															07/2027						12						11						—						12
			Dwyer Instruments, Inc.+(5)			One stop						SF +			5.75%									N/A(6)															07/2027						—						(7)						—						—
			Essential Services Holdings Corporation+			One stop						SF +			5.75%			(l)						11.15%															11/2026						1,485						1,476						0.1						1,455
			Essential Services Holdings Corporation+(5)			One stop						SF +			5.75%									N/A(6)															11/2025						—						(1)						—						(2)
			Excelitas Technologies Corp.+			One stop						SF +			5.75%			(l)						11.21%															08/2029						7,555						7,431						0.3						7,480
			Excelitas Technologies Corp.+(8)(9)			One stop						E +			5.75%			(d)						9.54%															08/2029						1,237						1,187						—						1,224
			Excelitas Technologies Corp.+			One stop						SF +			5.75%			(l)						11.27%															08/2028						132						130						—						130
			Excelitas Technologies Corp.+(5)			One stop						SF +			5.75%									N/A(6)															08/2029						—						(12)						—						(9)
			Specialty Measurement Bidco Limited+(8)(10)			One stop						SF +			6.00%			(j)						11.57%															11/2027						7,961						7,831						0.3						7,961
			Specialty Measurement Bidco Limited+(8)(9)(10)			One stop						E +			6.00%			(d)						9.78%															11/2027						7,073						7,859						0.3						7,073
			Specialty Measurement Bidco Limited+(8)(9)(10)			One stop						E +			6.00%			(d)						9.78%															11/2027						3,479						3,442						0.1						3,479
			Specialty Measurement Bidco Limited+(8)(10)			One stop						SF +			6.25%			(j)						11.81%															11/2027						2,510						2,466						0.1						2,516
			Specialty Measurement Bidco Limited+(8)(9)(10)			One stop						E +			6.25%			(d)						10.03%															11/2027						1,291						1,324						0.1						1,294
			Specialty Measurement Bidco Limited+(5)(8)(9)(10)			One stop						SN +			6.25%									N/A(6)															11/2027						—						(36)						—						—
																																													39,231						39,570						1.5						39,056

See Notes to Consolidated Financial Statements.

67

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

Investment Type

Spread

Above

Index(1)

Interest

Rate(2)

Maturity
Date

Principal ($) /

Shares(3)

Amortized CostPercentage
of Net
Assets

Fair

Value (4)

InsuranceAccession Risk Management Group, Inc.+(5)One stopSF +6.00%N/A(6)10/2026$— $(72)—%$(75)Accession Risk Management Group, Inc.*#+One stopSF +5.50%(l)11.02%10/202625,373 25,125 1.024,738 Accession Risk Management Group, Inc.+One stopSF +5.50%(l)11.03%10/20266,494 6,293 0.36,332 Accession Risk Management Group, Inc.+One stopSF +5.50%(l)11.04%10/20261,503 1,494 0.11,465 Accession Risk Management Group, Inc.+(5)One stopSF +5.50%N/A(6)10/2026— (1)—(2)Accession Risk Management Group, Inc.+One stopSF +5.50%(l)11.07%10/20265,565 5,526 0.25,426 Alera Group, Inc.+One stopSF +6.00%(k)11.42%10/202825,114 24,934 1.024,863 Alera Group, Inc.+One stopSF +6.00%(k)11.42%10/20287,137 7,059 0.37,066 Alera Group, Inc.+One stopSF +6.00%(k)11.42%10/2028608 604 —602 AMBA Buyer, Inc.+One stopSF +5.25%(l)10.74%07/20273,156 3,136 0.13,125 AMBA Buyer, Inc.+One stopSF +5.25%(l)10.74%07/2027940 937 —930 AMBA Buyer, Inc.+One stopSF +5.25%(l)10.74%07/2027782 776 —774 AMBA Buyer, Inc.+One stopSF +5.25%(k)10.67%07/20274 4 —4 

AMBA Buyer, Inc.+(5)One stopSF +5.25%N/A(6)07/2027— — —(1)Captive Resources Midco, LLC+(23)One stopSF +5.25%(k)5.29% cash/5.78%PIK07/202910,130 9,969 0.410,130 Captive Resources Midco, LLC+(5)One stopSF +5.25%N/A(6)07/2028— (3)—— Disco Parent, Inc.+One stopSF +7.50%(l)12.92%03/20294,069 3,976 0.23,968 Disco Parent, Inc.+(5)One stopSF +7.50%N/A(6)03/2029— (1)—(1)Integrated Specialty Coverages, LLC+One stopSF +6.00%(k)(l)(m)11.38%07/20303,289 3,209 0.13,207 Integrated Specialty Coverages, LLC+(5)One stopSF +6.00%N/A(6)07/2029— (1)—(1)Integrated Specialty Coverages, LLC+(5)One stopSF +6.00%N/A(6)07/2030— (9)—(9)Integrity Marketing Acquisition, LLC+Senior securedSF +6.05%(l)11.57%08/20263,016 2,983 0.13,001 Integrity Marketing Acquisition, LLC+One stopSF +5.80%(l)11.32%08/20262,396 2,379 0.12,366 Integrity Marketing Acquisition, LLC+Senior securedSF +6.05%(l)11.57%08/20261,502 1,485 0.11,494 Integrity Marketing Acquisition, LLC+Senior securedSF +5.80%(l)11.32%08/2026765 762 —756 Integrity Marketing Acquisition, LLC+One stopSF +5.80%(l)11.32%08/2026463 461 —457 Integrity Marketing Acquisition, LLC+Senior securedSF +6.05%(l)11.57%08/2026242 240 —240 Integrity Marketing Acquisition, LLC+Senior securedSF +6.02%(l)11.54%08/2026182 181 —181 Integrity Marketing Acquisition, LLC+One stopSF +6.50%N/A(6)08/2026— — —— 

Integrity Marketing Acquisition, LLC+One stopSF +6.02%(l)11.53%08/20262,133 2,100 0.12,111 Integrity Marketing Acquisition, LLC+(5)One stopSF +6.00%N/A(6)08/2026— (24)—(50)J.S. Held Holdings, LLC#+One stopSF +5.50%(l)11.04%07/20256,355 6,343 0.26,292 J.S. Held Holdings, LLC+One stopSF +5.50%(l)11.04%07/20251,463 1,451 0.11,448 J.S. Held Holdings, LLC+One stopSF +5.50%(l)11.04%07/20251,416 1,400 0.11,401 J.S. Held Holdings, LLC+One stopSF +5.50%(l)11.04%07/2025146 144 —143 J.S. Held Holdings, LLC+One stopSF +5.50%(l)11.04%07/202596 94 —92 J.S. Held Holdings, LLC+One stopSF +5.50%(l)11.04%07/2025271 270 —269 Keystone Agency Partners LLC+Senior securedSF +5.50%(l)11.04%05/20272,821 2,790 0.12,821 Keystone Agency Partners LLC+Senior securedSF +5.50%(l)11.04%05/2027181 179 —181 Keystone Agency Partners LLC+Senior securedSF +5.50%(l)11.04%05/2027742 732 —742 Illumifin Corporation+(23)One stopSF +7.00%(l)6.58% cash/6.00%PIK09/20273,022 2,983 0.12,599 Majesco*#One stopSF +7.38%(l)12.77%09/202718,560 18,379 0.718,560 Majesco+(5)One stopSF +7.38%N/A(6)09/2026— (2)—— Norvax, LLC+(8)Senior securedSF +7.50%(k)12.92%09/202531,733 31,547 1.231,733 Norvax, LLC+(8)Senior securedSF +7.50%(k)12.92%09/20259,607 9,503 0.49,607 

Paisley Bidco Limited+(8)(9)(10)One stopE + 6.50%(d)10.21%03/20281,404 1,393 0.11,404 Paisley Bidco Limited+(5)(8)(9)(10)One stopSN +6.75%N/A(6)03/2028— (52)—— 

See Notes to Consolidated Financial Statements.

68

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

Investment Type

Spread

Above

Index(1)

Interest

Rate(2)

Maturity
Date

Principal ($) /

Shares(3)

Amortized CostPercentage
of Net
Assets

Fair

Value (4)

Pareto Health Intermediate Holdings, Inc.+One stopSF +6.50%(m)11.97%05/2030$14,460 $14,184 0.6%$14,460 Pareto Health Intermediate Holdings, Inc.+One stopSF +6.50%(m)11.97%05/20304,820 4,728 0.24,820 Pareto Health Intermediate Holdings, Inc.+(5)One stopSF +6.50%N/A(6)06/2029— (1)—— Patriot Growth Insurance Services, LLC+One stopSF +5.75%(l)11.28%10/202810,951 10,872 0.410,732 Patriot Growth Insurance Services, LLC+(5)One stopSF +5.75%N/A(6)10/2028— — —(1)Patriot Growth Insurance Services, LLC+One stopSF +5.75%(b)(l)11.29%10/20281,449 1,431 0.11,404 People Corporation+(8)(9)(12)One stopC + 6.25%(h)11.75%02/202813,608 14,424 0.513,608 People Corporation+(8)(9)(12)One stopC + 6.25%(h)11.75%02/20284,442 4,834 0.24,442 People Corporation+(8)(9)(12)One stopC + 5.75%(h)11.21%02/202811,352 11,485 0.411,152 People Corporation+(5)(8)(9)(12)One stopC + 6.25%N/A(6)02/2027— (1)—(3)

People Corporation+(8)(9)(12)One stopC + 6.00%(g)11.44%02/2028178 154 —129 Sunstar Insurance Group, LLC+Senior securedSF +6.00%(l)11.54%10/2026767 760 —767 Sunstar Insurance Group, LLC+Senior securedSF +6.00%(l)11.54%10/2026914 909 —914 Sunstar Insurance Group, LLC+Senior securedSF +6.00%(l)11.54%10/2026389 385 —389 Sunstar Insurance Group, LLC+Senior securedSF +6.00%(k)11.42%10/20262 2 —2 246,012 244,842 9.5243,204 Internet & Catalog RetailRevalize, Inc.+One stopSF +5.75%(l)11.29%04/202714,860 14,773 0.513,969 Revalize, Inc.+One stopSF +5.75%(l)11.29%04/20278,698 8,646 0.38,176 Revalize, Inc.+One stopSF +5.75%(l)11.29%04/20274,313 4,287 0.24,054 Revalize, Inc.+One stopSF +5.75%(l)11.29%04/20272,598 2,583 0.12,442 Revalize, Inc.+One stopSF +5.75%(l)11.29%04/20271,674 1,663 0.11,574 Revalize, Inc.+One stopSF +5.75%(l)11.29%04/2027393 391 —370 Revalize, Inc.+One stopSF +5.75%(l)11.30%04/202729 27 —15 Revalize, Inc.+One stopSF +5.75%(l)11.24%04/202743 41 —40 32,608 32,411 1.230,640 IT ServicesAcquia, Inc.+One stopL + 7.00%(a)12.34%10/20259,578 9,532 0.49,578 Acquia, Inc.+One stopSF +7.00%(l)(m)12.67%10/202527 27 —27 

CivicPlus, LLC+(23)One stopSF +6.50%(l)9.57% cash/2.50%PIK08/20276,319 6,267 0.36,256 CivicPlus, LLC+(23)One stopSF +6.50%(l)9.57% cash/2.50%PIK08/20273,732 3,705 0.23,695 CivicPlus, LLC+(23)One stopSF +6.50%(l)9.57% cash/2.50%PIK08/20272,962 2,938 0.12,932 CivicPlus, LLC+(23)One stopSF +11.75%(m)17.00%PIK06/2034234 229 —232 CivicPlus, LLC+One stopSF +6.00%(k)11.42%08/20276 6 —6 Critical Start, Inc.+(23)One stopSF +6.75%(l)8.46% cash/3.63%PIK05/20283,343 3,318 0.13,310 Critical Start, Inc.+(23)One stopSF +6.75%(l)8.46% cash/3.63%PIK05/20281,525 1,498 0.11,510 Critical Start, Inc.+(5)One stopSF +6.75%N/A(6)05/2028— (1)—(1)Delinea Inc.+One stopSF +5.75%(l)11.29%03/202816,412 16,257 0.616,084 Delinea Inc.#One stopSF +5.75%(l)11.29%03/20289,488 9,395 0.49,299 Delinea Inc.+(5)One stopSF +5.75%N/A(6)03/2027— (2)—(4)Optimizely North America, Inc.#+One stopSF +5.50%(l)11.04%04/202621,277 21,112 0.820,850 Optimizely North America, Inc.+(8)(9)One stopE + 5.75%(d)9.69%04/202618,752 19,978 0.718,377 Optimizely North America, Inc.*#One stopSF +5.50%(l)11.04%04/202611,813 11,839 0.511,577 

Optimizely North America, Inc.*One stopSF +5.50%(l)11.04%04/20266,535 6,479 0.36,404 Optimizely North America, Inc.+(5)One stopSF +5.50%N/A(6)04/2026— (2)—(11)Optimizely North America, Inc.+(5)One stopSF +5.50%N/A(6)04/2026— (2)—(10)Goldcup 31018 AB+(8)(9)(17)(23)One stopE + 6.50%(e)10.43%PIK07/20298,621 8,132 0.38,535 Goldcup 31018 AB+(5)(8)(9)(17)One stopE + 6.25%N/A(6)01/2029— (2)—(1)Goldcup 31018 AB+(8)(9)(17)(23)One stopE + 6.50%(e)10.43%PIK07/2029804 793 —790 Infinisource, Inc.*#One stopSF +4.50%(m)10.09%10/202627,517 27,273 1.127,517 

See Notes to Consolidated Financial Statements.

69

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Infinisource, Inc.+			One stop						SF +			4.50%			(m)						10.09%															10/2026						$	8,318					$	8,267					0.3			%			$	8,318
			Infinisource, Inc.+			One stop						SF +			4.50%			(m)						10.09%															10/2026						2,006						1,979						0.1						2,006
			Infinisource, Inc.+			One stop						SF +			4.50%			(m)						10.09%															10/2026						301						299						—						301
			Infinisource, Inc.+			One stop						SF +			4.50%			(m)						10.09%															10/2026						213						212						—						213
			Infinisource, Inc.+			One stop						SF +			4.50%			(m)						10.09%															10/2026						104						104						—						104
			Infinisource, Inc.+			One stop						SF +			4.50%			(l)						10.06%															10/2026						32						29						—						32
			Infinisource, Inc.+(5)			One stop						SF +			4.50%									N/A(6)															10/2026						—						(1)						—						—
			Infinisource, Inc.+			One stop						SF +			4.50%			(m)						10.09%															10/2026						85						77						—						85
			Infinisource, Inc.+			One stop						SF +			4.50%			(m)						10.09%															10/2026						484						481						—						484
			Infinisource, Inc.+			One stop						SF +			4.50%			(m)						10.09%															10/2026						285						278						—						285
			Netwrix Corporation*+			One stop						SF +			5.00%			(l)(m)						10.37%															06/2029						4,196						4,168						0.2						4,112
			Netwrix Corporation+			One stop						SF +			5.00%			(m)						10.47%															06/2029						44						42						—						40
			Netwrix Corporation+(5)			One stop						SF +			5.00%									N/A(6)															06/2029						—						(6)						—						(24)
			PCS Intermediate II Holdings, LLC#			One stop						SF +			5.25%			(l)						10.77%															01/2026						14,056						14,001						0.6						14,056
			PCS Intermediate II Holdings, LLC#			One stop						SF +			5.25%			(l)						10.77%															01/2026						2,029						2,019						0.1						2,029
			PCS Intermediate II Holdings, LLC+			One stop						SF +			5.25%									N/A(6)															01/2026						—						—						—						—
			Recordxtechnologies, LLC#(23)			One stop						SF +			6.50%			(l)						11.89%															12/2025						729						724						—						714
			Recordxtechnologies, LLC+(23)			One stop						SF +			6.50%			(l)						11.89%															12/2025						114						113						—						112
			Recordxtechnologies, LLC+(23)			One stop						SF +			6.50%			(l)						11.89%															12/2025						62						61						—						60
			Red Dawn SEI Buyer, Inc.+(8)(9)			Senior secured						SN +			4.50%			(i)						9.69%															11/2025						20,842						23,302						0.8						20,634
			Red Dawn SEI Buyer, Inc.+			Senior secured						SF +			4.50%			(l)						9.99%															11/2025						5,486						5,461						0.2						5,431
			Red Dawn SEI Buyer, Inc.+			Senior secured						SF +			4.25%			(l)						9.74%															11/2025						729						726						—						718
			Red Dawn SEI Buyer, Inc.+			Senior secured						SF +			4.25%			(l)						9.74%															11/2025						130						129						—						128
			Red Dawn SEI Buyer, Inc.+(5)			Senior secured						SF +			4.50%									N/A(6)															11/2025						—						—						—						(1)
			Red Dawn SEI Buyer, Inc.+			Senior secured						SF +			4.25%			(l)						9.74%															11/2025						13						13						—						12
			Red Dawn SEI Buyer, Inc.+			Senior secured						SF +			4.50%			(l)						9.99%															11/2025						318						317						—						315
			ReliaQuest Holdings, LLC+			One stop						SF +			10.75%			(l)						16.12%															10/2026						1,098						1,083						0.1						1,098
			ReliaQuest Holdings, LLC+			One stop						SF +			10.75%			(l)						16.12%															10/2026						266						266						—						266
			ReliaQuest Holdings, LLC+			One stop						SF +			10.75%			(l)						16.12%															10/2026						82						81						—						82
			Saturn Borrower Inc.+(23)			One stop						SF +			6.50%			(l)						12.04%															09/2026						19,897						19,596						0.7						19,101
			Saturn Borrower Inc.+			One stop						SF +			6.50%			(l)						12.04%															09/2026						103						101						—						99
			WPEngine, Inc.+			One stop						SF +			6.50%			(m)						11.92%															08/2029						3,522						3,453						0.1						3,469
			WPEngine, Inc.+(5)			One stop						SF +			6.50%									N/A(6)															08/2029						—						(1)						—						(1)
			Zarya Holdco, Inc.+			One stop						SF +			6.50%			(l)						11.92%															07/2027						4,777						4,777						0.2						4,777
			Zarya Holdco, Inc.+			One stop						SF +			6.50%			(l)						11.91%															07/2027						20						20						—						20
																																													239,286						240,940						9.3						236,027

See Notes to Consolidated Financial Statements.

70

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Leisure Products
			WBZ Investment LLC#+(23)			One stop						SF +			6.50%			(l)						11.04%			cash/			1.00%			PIK						09/2024						$	8,425					$	8,444					0.3			%			$	8,425
			WBZ Investment LLC+(23)			One stop						SF +			6.50%			(l)						11.04%			cash/			1.00%			PIK						09/2024						1,240						1,237						0.1						1,240
			WBZ Investment LLC+(23)			One stop						SF +			6.50%			(l)						11.04%			cash/			1.00%			PIK						09/2024						861						868						—						861
			WBZ Investment LLC+(23)			One stop						SF +			6.50%			(l)						11.04%			cash/			1.00%			PIK						09/2024						449						452						—						449
			WBZ Investment LLC+			One stop						SF +			6.50%									N/A(6)															09/2024						—						—						—						—
																																													10,975						11,001						0.4						10,975
			Life Sciences Tools & Services
			Celerion Buyer, Inc.*#			One stop						SF +			6.50%			(m)						11.93%															11/2029						21,380						20,918						0.9						21,380
			Celerion Buyer, Inc.+(5)			One stop						SF +			6.50%									N/A(6)															11/2028						—						(1)						—						—
			Celerion Buyer, Inc.+(5)			One stop						SF +			6.50%									N/A(6)															11/2029						—						(73)						—						—
			Covaris Intermediate 3, LLC+			One stop						SF +			5.25%			(l)						10.79%															01/2028						5,850						5,807						0.2						5,557
			Covaris Intermediate 3, LLC+(5)			One stop						SF +			5.25%									N/A(6)															01/2028						—						—						—						(3)
			Covaris Intermediate 3, LLC+			One stop						SF +			5.25%			(l)						10.79%															01/2028						39						37						—						25
			PAS Parent Inc.*#+			One stop						SF +			5.25%			(k)						10.68%															12/2028						33,571						33,063						1.3						32,898
			PAS Parent Inc.+(5)			One stop						SF +			5.25%									N/A(6)															12/2027						—						(7)						—						(7)
			PAS Parent Inc.+(5)			One stop						SF +			5.25%									N/A(6)															12/2028						—						(4)						—						(2)
			Reaction Biology Corporation#			One stop						SF +			5.25%			(l)						10.79%															03/2029						7,943						7,880						0.3						7,546
			Reaction Biology Corporation+(5)			One stop						SF +			5.25%									N/A(6)															03/2029						—						(2)						—						(10)
			Reaction Biology Corporation+			One stop						SF +			5.25%			(l)						10.79%															03/2029						75						74						—						68
			Reaction Biology Corporation+			One stop						SF +			5.25%			(m)						10.87%															03/2029						182						180						—						173
			Reaction Biology Corporation+			One stop						SF +			5.25%			(l)						10.79%															03/2029						121						120						—						115
			Unchained Labs, LLC+			Senior secured						SF +			5.50%			(k)						10.87%															08/2027						989						982						—						979
			Unchained Labs, LLC+			Senior secured						SF +			5.50%			(k)						10.87%															08/2027						835						824						—						827
			Unchained Labs, LLC+			Senior secured						SF +			5.50%									N/A(6)															08/2027						—						—						—						—
																																													70,985						69,798						2.7						69,546
			Machinery
			Bad Boy Mowers Acquisition, LLC+			Senior secured						SF +			4.25%			(k)						9.68%															03/2028						1,866						1,863						0.1						1,866
			Blackbird Purchaser, Inc.*+			Senior secured						SF +			4.25%			(k)						9.67%															04/2026						19,174						19,259						0.8						19,174
			Blackbird Purchaser, Inc.+			Senior secured						SF +			4.25%									N/A(6)															10/2025						—						—						—						—
			Chase Industries, Inc.+(23)(24)			Senior secured						SF +			7.00%			(l)						11.04%			cash/			1.50%			PIK						05/2025						12,059						12,059						0.4						11,004
			Chase Industries, Inc.+(23)(24)			Senior secured						SF +			7.00%			(l)						11.04%			cash/			1.50%			PIK						05/2025						985						985						—						900
			Chase Industries, Inc.+(23)(24)			Senior secured						SF +			7.00%			(l)						11.04%			cash/			1.50%			PIK						05/2025						170						170						—						138
																																													34,254						34,336						1.3						33,082
			Marine
			Project Nike Purchaser, LLC+			One stop						SF +			6.00%			(l)						11.39%															04/2029						19,572						19,417						0.7						18,985
			Project Nike Purchaser, LLC+			One stop						SF +			6.00%			(l)						11.39%															04/2029						75						73						—						68
																																													19,647						19,490						0.7						19,053
			Media
			Triple Lift, Inc.+			One stop						SF +			5.75%			(l)						11.30%															05/2028						5,289						5,220						0.2						5,077
			Triple Lift, Inc.+			One stop						SF +			5.75%			(l)						11.30%															05/2028						1,122						1,105						—						1,077
			Triple Lift, Inc.+			One stop						SF +			5.75%			(l)						11.20%															05/2028						27						26						—						25
																																													6,438						6,351						0.2						6,179
			Multiline Retail
			Mills Fleet Farm Group LLC*#+			One stop						SF +			6.50%			(l)						12.02%															10/2024						45,138						45,113						1.8						45,138

See Notes to Consolidated Financial Statements.

71

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Oil, Gas & Consumable Fuels
			3ES Innovation, Inc.*+(8)(12)			One stop						SF +			6.50%			(k)						11.92%															05/2025						$	20,210					$	20,261					0.8			%			$	20,210
			3ES Innovation, Inc.+(8)(12)			One stop						SF +			6.50%			(k)						11.92%															05/2025						80						79						—						80
			Envernus, Inc.*#+			Senior secured						SF +			4.25%			(k)						9.67%															07/2025						38,453						38,575						1.5						38,259
			Envernus, Inc.+			Senior secured						SF +			4.50%			(k)						9.92%															07/2025						16,960						16,791						0.7						16,960
			Envernus, Inc.+			Senior secured						SF +			4.50%			(k)						9.92%															09/2026						66						61						—						66
			Project Power Buyer, LLC*#+			One stop						SF +			7.00%			(l)						12.39%															05/2026						40,066						39,553						1.5						40,066
			Project Power Buyer, LLC+(5)			One stop						SF +			7.00%									N/A(6)															05/2025						—						(1)						—						—
																																													115,835						115,319						4.5						115,641
			Paper & Forest Products
			Messenger, LLC#+			One stop						SF +			5.75%			(l)						11.29%															12/2027						10,074						10,001						0.4						9,670
			Messenger, LLC+			One stop						SF +			5.75%			(l)						11.27%															12/2027						99						98						—						95
			Messenger, LLC+			One stop						SF +			5.75%			(l)						11.29%															12/2027						49						49						—						47
			Messenger, LLC+			One stop						P +			4.75%			(b)						13.25%															12/2027						21						21						—						19
																																													10,243						10,169						0.4						9,831
			Personal Products
			IMPLUS Footcare, LLC+(23)			One stop						SF +			8.75%			(l)						13.30%			cash/			1.00%			PIK						07/2024						30,496						30,574						1.2						28,852
			IMPLUS Footcare, LLC+(23)			One stop						SF +			8.75%			(l)						13.30%			cash/			1.00%			PIK						07/2024						5,208						5,222						0.2						4,927
			IMPLUS Footcare, LLC*+(23)			One stop						SF +			8.75%			(l)						13.30%			cash/			1.00%			PIK						07/2024						751						755						—						710
																																													36,455						36,551						1.4						34,489

See Notes to Consolidated Financial Statements.

72

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

Investment Type

Spread

Above

Index(1)

Interest

Rate(2)

Maturity
Date

Principal ($) /

Shares(3)

Amortized CostPercentage
of Net
Assets

Fair

Value (4)

PharmaceuticalsACP Ulysses Buyer, Inc.*#One stopSF +5.50%(l)11.04%02/2026$25,232 $25,089 1.0%$23,970 ACP Ulysses Buyer, Inc.*One stopSF +5.50%(l)11.04%02/20261,091 1,076 —1,036 Amalthea Parent, Inc.*#+(8)(12)One stopSF +5.00%(k)10.43%03/202758,695 58,287 2.153,997 Amalthea Parent, Inc.+(5)(8)(12)One stopSF +5.00%N/A(6)03/2027— (2)—(22)Apothecary Products, LLC+Senior securedSF +6.50%(m)12.10%07/20252,632 2,608 0.12,632 Apothecary Products, LLC+(5)Senior securedSF +6.50%N/A(6)07/2025— (7)—— Caerus Midco 3 S.A.R.L.+(8)(13)One stopSF +5.50%(l)10.89%05/202917,007 16,733 0.716,497 Caerus Midco 3 S.A.R.L.+(8)(13)One stopSF +5.75%(k)11.07%05/202974 69 —68 Caerus Midco 3 S.A.R.L.+(8)(13)One stopSF +5.75%(m)11.21%05/20291,148 1,117 —1,096 Caerus Midco 3 S.A.R.L.+(8)(13)One stopSF +5.75%(l)11.14%05/20292,814 2,766 0.12,758 Caerus Midco 3 S.A.R.L.+(8)(13)One stopSF +5.75%(m)11.21%05/2029182 177 —174 

Cobalt Buyer Sub, Inc.+One stopSF +6.00%(k)11.43%10/202810,520 10,370 0.410,310 Cobalt Buyer Sub, Inc.+One stopSF +6.00%(k)11.43%10/202712 11 —10 Cobalt Buyer Sub, Inc.+One stopSF +6.00%(k)11.43%10/20283,527 3,475 0.13,457 Cobalt Buyer Sub, Inc.+One stopSF +6.00%(k)11.43%10/20282,658 2,570 0.12,604 Spark Bidco Limited+(8)(9)(10)Senior securedSN +4.75%(i)9.94%08/202823,923 26,689 0.922,129 Spark Bidco Limited+(8)(9)(10)Senior securedSN +4.75%(i)9.94%08/20282,537 2,505 0.12,347 Spark Bidco Limited+(5)(8)(9)(10)Senior securedSN +4.75%N/A(6)02/2028— (2)—(6)Spark Bidco Limited+(8)(9)(10)Senior securedSN +6.00%(i)11.19%08/20283,320 3,257 0.13,221 Spark Bidco Limited+(8)(9)(10)Senior securedSN +4.75%(i)9.94%08/20282,900 2,689 0.12,682 Spark Bidco Limited+(8)(10)Senior securedSF +6.00%(l)11.39%08/20282,613 2,568 0.12,535 160,885 162,045 5.9151,495 Professional ServicesALKU Intermediate Holdings, LLC+One stopSF +6.25%(k)11.57%05/20294,444 4,382 0.24,389 bswift, LLC+One stopSF +6.63%(l)11.91%11/20285,100 4,964 0.25,100 Citrin Cooperman Advisors LLC+One stopSF +5.75%(l)11.14%10/20274,203 4,160 0.24,203 Citrin Cooperman Advisors LLC+(5)One stopSF +6.25%N/A(6)10/2027— (9)—— 

Citrin Cooperman Advisors LLC+One stopSF +6.25%(m)11.70%10/20272,329 2,267 0.12,334 DISA Holdings Corp.+Senior securedSF +5.50%(k)10.83%09/20283,477 3,419 0.13,477 DISA Holdings Corp.+Senior securedSF +5.50%(k)10.83%09/20287 6 —7 DISA Holdings Corp.+Senior securedSF +5.50%(k)10.83%09/2028220 215 —220 DISA Holdings Corp.+One stopSF +5.50%(k)10.83%09/2028151 145 —151 DISA Holdings Corp.+(23)Subordinated debtSF +10.00%(k)13.33% cash/2.00%PIK03/202951 49 —51 Eliassen Group, LLC+One stopSF +5.50%(m)10.84%04/20281,430 1,419 0.11,430 Eliassen Group, LLC+One stopSF +5.50%(k)(l)10.86%04/20289 9 —9 Filevine, Inc.+(23)One stopSF +6.50%(l)(m)9.13% cash/2.50%PIK04/20275,400 5,347 0.25,454 Filevine, Inc.+One stopSF +6.50%N/A(6)04/2027— — —— IG Investments Holdings, LLC+One stopSF +6.00%(k)(l)11.45%09/20286,468 6,380 0.36,468 IG Investments Holdings, LLC+(5)One stopSF +6.00%N/A(6)09/2027— (1)—— IG Investments Holdings, LLC+One stopSF +6.00%(l)11.47%09/2028553 545 —553 NBG Acquisition Corp. and NBG-P Acquisition Corp.#One stopSF +5.25%(l)10.77%11/20287,517 7,477 0.37,291 NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5)One stopSF +5.25%N/A(6)11/2028— (12)—— NBG Acquisition Corp. and NBG-P Acquisition Corp.+One stopSF +5.25%(l)10.78%11/2028157 156 —150 

NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5)One stopSF +5.25%N/A(6)11/2028— (15)—— Net Health Acquisition Corp.+One stopSF +5.75%(k)11.17%12/202513,101 13,041 0.512,839 Net Health Acquisition Corp.*#One stopSF +5.75%(k)11.17%12/20258,290 8,275 0.38,124 Net Health Acquisition Corp.*One stopSF +5.75%(k)11.17%12/20256,637 6,662 0.36,504 

See Notes to Consolidated Financial Statements.

73

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Net Health Acquisition Corp.#			One stop						SF +			5.75%			(k)						11.17%															12/2025						$	4,194					$	4,167					0.2			%			$	4,110
			Net Health Acquisition Corp.*#			One stop						SF +			5.75%			(k)						11.17%															12/2025						1,159						1,156						—						1,135
			Net Health Acquisition Corp.+			One stop						SF +			5.75%			(k)						11.17%															12/2025						86						86						—						80
			PlanSource Holdings, Inc.+			One stop						SF +			6.25%			(m)						11.90%															04/2025						11,416						11,446						0.4						11,416
			PlanSource Holdings, Inc.+			One stop						SF +			6.25%			(m)						11.90%															04/2025						1,932						1,925						0.1						1,932
			PlanSource Holdings, Inc.+			One stop						SF +			6.25%			(m)						11.90%															04/2025						139						138						—						139
			PlanSource Holdings, Inc.+			One stop						SF +			6.25%									N/A(6)															04/2025						—						—						—						—
			Procure Acquireco, Inc.#+			One stop						SF +			5.00%			(l)						10.57%															12/2028						17,456						17,326						0.7						17,456
			Procure Acquireco, Inc.+(5)			One stop						SF +			5.00%									N/A(6)															12/2028						—						(1)						—						—
			Procure Acquireco, Inc.+(5)			One stop						SF +			5.00%									N/A(6)															12/2028						—						(2)						—						—
			Teaching Company, The+			One stop						SF +			5.75%			(l)						11.27%															01/2026						13,791						13,791						0.5						13,791
			Teaching Company, The+			One stop						SF +			5.75%			(b)(l)						11.76%															01/2026						80						80						—						80
																																													119,797						118,993						4.7						118,893

%

			Real Estate Management & Development
			Inhabit IQ Inc.+			One stop						SF +			5.50%			(k)						10.92%															07/2025						21,533						21,433						0.8						21,533
			Inhabit IQ Inc.#+			One stop						SF +			5.50%			(k)						10.92%															07/2025						19,232						19,227						0.8						19,232
			Inhabit IQ Inc.+			One stop						SF +			5.50%			(k)						10.92%															07/2025						13,254						13,208						0.5						13,254
			Inhabit IQ Inc.*			One stop						SF +			5.50%			(k)						10.92%															07/2025						12,242						12,185						0.5						12,242
			Inhabit IQ Inc.*#			One stop						SF +			5.50%			(k)						10.92%															07/2025						6,450						6,453						0.3						6,450
			Inhabit IQ Inc.+			One stop						SF +			5.50%			(k)						10.92%															07/2025						3,143						3,167						0.1						3,143
			Inhabit IQ Inc.#+			One stop						SF +			5.50%			(k)						10.92%															07/2025						1,381						1,383						0.1						1,381
			Inhabit IQ Inc.#+			One stop						SF +			5.50%			(k)						10.92%															07/2025						1,169						1,171						0.1						1,169
			Inhabit IQ Inc.#+			One stop						SF +			5.50%			(k)						10.92%															07/2025						1,152						1,154						—						1,152
			Inhabit IQ Inc.+			One stop						SF +			5.50%			(k)						10.92%															07/2025						922						920						—						922
			Inhabit IQ Inc.+			One stop						SF +			5.50%			(k)						10.92%															07/2025						486						487						—						486
			Inhabit IQ Inc.+			One stop						SF +			5.50%			(k)						10.92%															07/2025						130						130						—						130
			MRI Software LLC*+			One stop						SF +			5.50%			(l)						10.99%															02/2026						14,211						14,156						0.5						13,927
			MRI Software LLC+			One stop						SF +			5.50%			(l)						10.99%															02/2026						5,350						5,317						0.2						5,243
			MRI Software LLC+(5)			One stop						SF +			5.50%									N/A(6)															02/2026						—						(1)						—						(5)
			RPL Bidco Limited+(8)(9)(10)			One stop						SN +			5.50%			(i)						10.69%															08/2028						17,820						20,075						0.7						17,152
			RPL Bidco Limited+(8)(9)(10)			One stop						A +			5.50%			(f)						9.63%															08/2028						1,920						2,177						0.1						1,848
			RPL Bidco Limited+(5)(8)(9)(10)			One stop						SN +			5.50%									N/A(6)															02/2028						—						—						—						(2)
			RPL Bidco Limited+(8)(9)(10)			One stop						A +			6.75%			(f)						10.93%															08/2028						7,910						8,138						0.3						7,949
																																													128,305						130,780						5.0						127,206
			Road & Rail
			Channelside Acquisitona Co, Inc.+			One stop						SF +			6.38%			(k)						11.79%															07/2028						4,229						4,158						0.2						4,229
			Channelside Acquisitona Co, Inc.+(5)			One stop						SF +			6.75%									N/A(6)															07/2026						—						(2)						—						—
			Channelside Acquisitona Co, Inc.+			One stop						SF +			6.75%			(k)						12.08%															07/2028						3,948						3,847						0.2						3,968
			Channelside Acquisitona Co, Inc.+(5)			One stop						SF +			6.75%									N/A(6)															07/2028						—						(2)						—						—
			Internet Truckstop Group LLC*#			One stop						SF +			5.00%			(l)						10.54%															04/2025						21,118						21,278						0.8						21,118
			Internet Truckstop Group LLC+			One stop						SF +			5.00%			(l)						10.54%															04/2025						9,248						9,196						0.3						9,248
			Internet Truckstop Group LLC+(5)			One stop						SF +			5.00%									N/A(6)															04/2025						—						(1)						—						—
																																													38,543						38,474						1.5						38,563

See Notes to Consolidated Financial Statements.

74

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

Investment Type

Spread

Above

Index(1)

Interest

Rate(2)

Maturity
Date

Principal ($) /

Shares(3)

Amortized CostPercentage
of Net
Assets

Fair

Value (4)

SoftwareAnaplan, Inc.+One stopSF +6.50%(k)11.82%06/2029$9,840 $9,760 0.4%$9,840 Anaplan, Inc.+(5)One stopSF +6.50%N/A(6)06/2028— (1)—— Appfire Technologies, LLC#+One stopSF +5.50%(l)11.06%03/202739,442 39,102 1.538,653 Appfire Technologies, LLC+(5)One stopSF +5.50%N/A(6)03/2027— (2)—(5)Appfire Technologies, LLC+(5)One stopSF +5.50%N/A(6)03/2027— (30)—(68)Aras Corporation+(23)One stopSF +6.75%(l)8.95% cash/3.25%PIK04/202714,687 14,605 0.614,541 Aras Corporation+One stopSF +6.50%(b)(l)12.14%04/202767 67 —66 Armstrong Bidco Limited+(8)(9)(10)One stopSN +5.00%(i)10.19%06/20293,496 3,420 0.13,321 Armstrong Bidco Limited+(8)(9)(10)One stopSN +5.00%(i)10.19%06/20291,824 1,734 0.11,733 Arrow Buyer, Inc.+One stopSF +6.50%(l)11.89%06/203016,360 15,943 0.616,155 Arrow Buyer, Inc.+(5)One stopSF +6.50%N/A(6)06/2030— (23)—(47)Auvik Networks Inc.+(8)(12)(23)One stopSF +5.75%(l)8.52% cash/2.75%PIK07/20277,232 7,189 0.37,124 

Auvik Networks Inc.+(8)(12)(23)One stopSF +6.25%(l)8.52% cash/3.25%PIK07/20271,293 1,283 0.11,293 Auvik Networks Inc.+(5)(8)(12)One stopSF +3.00%N/A(6)07/2027— — —(1)Axiom Merger Sub Inc.+One stopL + 5.25%(a)10.60%04/20265,677 5,695 0.25,677 Axiom Merger Sub Inc.+(8)(9)One stopE + 5.50%(d)(e)8.90%04/20262,215 2,347 0.12,215 Axiom Merger Sub Inc.+One stopL + 5.25%(a)10.60%04/2026269 267 —269 Axiom Merger Sub Inc.+One stopSF +5.25%(m)10.86%04/202639 38 —39 Axiom Merger Sub Inc.+One stopSF +5.25%N/A(6)10/2025— — —— Bayshore Intermediate #2, L.P.+(23)One stopSF +7.50%(l)13.00%10/202873,822 72,859 2.973,822 Bayshore Intermediate #2, L.P.+One stopSF +6.50%(l)11.87%10/202733 31 —33 Bonterra LLC+One stopSF +7.25%(l)12.64%09/202765,427 64,789 2.563,465 Bonterra LLC+(5)One stopSF +7.25%N/A(6)09/2027— (2)—(6)Bonterra LLC+One stopSF +8.00%(l)13.39%09/20272,855 2,812 0.12,769 Bottomline Technologies, Inc.+One stopSF +5.25%(k)10.57%05/202927,881 27,434 1.126,696 Bottomline Technologies, Inc.+(5)One stopSF +5.00%N/A(6)05/2028— (3)—(7)Bullhorn, Inc.*#+One stopSF +5.75%(l)11.24%09/202665,269 64,735 2.564,616 

Bullhorn, Inc.+(8)(9)One stopSN +6.00%(i)11.19%09/202611,553 11,556 0.411,438 Bullhorn, Inc.+(8)(9)One stopE + 5.75%(d)9.69%09/20264,523 4,640 0.24,478 Bullhorn, Inc.+One stopSF +5.75%(l)11.24%09/2026212 210 —209 Bullhorn, Inc.+One stopSF +5.75%(l)11.24%09/202695 94 —94 Bullhorn, Inc.+One stopSF +5.75%(l)11.24%09/202676 75 —75 Bullhorn, Inc.+(5)One stopSF +5.75%N/A(6)09/2026— (2)—(2)Burning Glass Intermediate Holdings Company, Inc.#+One stopSF +5.00%(k)10.42%06/20289,720 9,588 0.49,720 Burning Glass Intermediate Holdings Company, Inc.+One stopSF +5.00%(k)10.42%06/202621 20 —21 Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)One stopSF +7.25%(l)12.60%01/20295,437 5,291 0.25,437 Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)One stopSF +7.25%(l)12.60%01/20291,438 1,399 0.11,438 Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)One stopSF +7.25%N/A(6)01/2029— — —— Bynder BidCo, Inc.& Bynder BidCo B.V.+(5)(8)(14)One stopSF +7.25%N/A(6)01/2029— (1)—— Calabrio, Inc.+One stopSF +7.13%(k)12.44%04/202753,683 53,207 2.153,683 Calabrio, Inc.+One stopSF +7.13%(k)12.45%04/2027135 132 —135 Camelia Bidco Limited+(8)(9)(10)One stopSN +6.25%(i)11.44%08/20303,125 3,193 0.13,078 

Camelia Bidco Limited+(8)(9)(10)One stopA + 6.25%(f)10.39%08/2030204 201 —201 Camelia Bidco Limited+(5)(8)(9)(10)One stopSN +6.25%N/A(6)08/2030— (20)—(20)Community Brands Parentco LLC+One stopSF +5.50%(l)11.02%02/202814,052 13,846 0.613,771 Community Brands Parentco LLC+(5)One stopSF +5.50%N/A(6)02/2028— (1)—(1)

See Notes to Consolidated Financial Statements.

75

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

Investment Type

Spread

Above

Index(1)

Interest

Rate(2)

Maturity
Date

Principal ($) /

Shares(3)

Amortized CostPercentage
of Net
Assets

Fair

Value (4)

Community Brands Parentco LLC+(5)One stopSF +5.50%N/A(6)02/2028$— $(1)—%$(2)Coupa Holdings, LLC+One stopSF +7.50%(k)12.82%02/203022,905 22,382 0.922,332 Coupa Holdings, LLC+(5)One stopSF +7.50%N/A(6)02/2029— (1)—(1)Coupa Holdings, LLC+(5)One stopSF +7.50%N/A(6)02/2030— (23)—(51)Daxko Acquisition Corporation+One stopSF +5.50%(k)10.92%10/202827,431 27,233 1.026,334 Daxko Acquisition Corporation+One stopSF +5.50%(k)10.92%10/20282,313 2,289 0.12,221 Daxko Acquisition Corporation+One stopP + 4.50%(b)13.00%10/202722 21 —17 Daxko Acquisition Corporation+(5)One stopSF +5.50%N/A(6)10/2028— (8)—(44)Denali Bidco Limited+(8)(9)(10)One stopSN +6.00%(i)11.19%08/20302,917 2,948 0.12,844 

Denali Bidco Limited+(8)(9)(10)One stopE + 6.00%(c)9.86%08/2030732 735 —714 Denali Bidco Limited+(5)(8)(9)(10)One stopSN +6.00%N/A(6)08/2030— (13)—(13)Diligent Corporation*#+One stopSF +6.25%(l)11.77%08/202585,408 85,363 3.384,553 Diligent Corporation+One stopSF +5.75%(l)11.27%08/20255,904 5,879 0.25,800 Diligent Corporation+One stopSF +6.25%(l)11.77%08/2025133 133 —130 Dragon UK Bidco Limited+(8)(9)(10)One stopSN +5.75%(i)10.94%02/202914,139 15,100 0.613,715 Dragon UK Bidco Limited+(8)(9)(10)One stopC + 5.75%(h)11.26%02/2029282 294 —274 Dragon UK Bidco Limited+(5)(8)(9)(10)One stopSN +5.75%N/A(6)02/2029— — —(3)Evergreen IX Borrower 2023, LLC+One stopSF +6.00%(l)11.39%09/20304,506 4,393 0.24,393 Evergreen IX Borrower 2023, LLC+(5)One stopSF +6.00%N/A(6)10/2029— (12)—(12)FirstUp, Inc.+(23)One stopSF +6.75%(l)8.64% cash/3.50%PIK07/20279,236 9,160 0.49,120 FirstUp, Inc.+(5)(23)One stopSF +7.50%N/A(6)07/2027— (1)—(1)FirstUp, Inc.+(23)One stopSF +7.50%(l)8.64% cash/4.25%PIK07/2027876 863 —865 Gainsight, Inc.+(23)One stopSF +6.75%(l)12.27%PIK07/202711,106 11,001 0.410,995 

Gainsight, Inc.+(23)One stopSF +6.75%(l)12.27%PIK07/202756 55 —55 GS Acquisitionco, Inc.*#+One stopSF +5.75%(l)11.29%05/202683,759 83,809 3.382,920 GS Acquisitionco, Inc.+(5)One stopSF +5.75%N/A(6)05/2026— — —(2)GTIV, LLC+One stopSF +5.25%(k)10.67%02/202973,471 72,908 2.973,471 GTIV, LLC+(5)One stopSF +5.25%N/A(6)02/2029— (2)—— GTY Technology Holdings, Inc.+(23)One stopSF +6.87%(l)7.97% cash/4.30%PIK07/20293,237 3,187 0.13,205 GTY Technology Holdings, Inc.+(5)One stopSF +6.25%N/A(6)07/2029— (2)—(1)GTY Technology Holdings, Inc.+(23)One stopSF +6.88%(l)7.97% cash/4.30%PIK07/20292,114 2,076 0.12,093 GTY Technology Holdings, Inc.+(23)One stopSF +6.88%(l)7.97% cash/4.30%PIK07/2029387 384 —384 Hyland Software, Inc.+One stopSF +6.00%(k)11.32%09/20304,950 4,876 0.24,876 Hyland Software, Inc.+(5)One stopSF +6.00%N/A(6)09/2029— (1)—(1)ICIMS, Inc.+(23)One stopSF +7.25%(l)8.76% cash/3.88%PIK08/20288,009 7,899 0.37,849 ICIMS, Inc.+One stopSF +6.75%(l)12.14%08/202827 26 —24 ICIMS, Inc.+(5)One stopSF +7.25%N/A(6)08/2028— — —(37)IQN Holding Corp. #+One stopSF +5.25%(l)10.67%05/202914,613 14,497 0.614,321 

IQN Holding Corp. +(5)One stopSF +5.25%N/A(6)05/2028— (1)—(2)IQN Holding Corp. +(5)One stopSF +5.25%N/A(6)05/2029— (25)—(3)Island Bidco AB+(8)(9)(17)(23)One stopE + 7.25%(e)3.93% cash/7.25%PIK07/20286,275 6,149 0.26,275 Island Bidco AB+(8)(17)(23)One stopSF +7.00%(m)8.84% cash/3.50%PIK07/20283,051 3,028 0.13,051 Island Bidco AB+(8)(17)One stopSF +6.50%N/A(6)07/2028— — —— Island Bidco AB+(5)(8)(9)(17)One stopE + 6.50%N/A(6)07/2028— (1)—— Juvare, LLC*One stopSF +6.25%(l)11.82%10/20267,526 7,478 0.37,150 Juvare, LLC+One stopSF +6.25%(l)11.82%10/20261,737 1,726 0.11,650 Juvare, LLC+One stopSF +6.25%(l)11.82%10/2026548 540 —541 Juvare, LLC+One stopSF +6.25%(b)(l)12.01%04/202650 50 —48 Kaseya Inc.+(23)One stopSF +6.25%(l)9.12% cash/2.50%PIK06/20299,197 9,084 0.49,105 

See Notes to Consolidated Financial Statements.

76

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

Investment Type

Spread

Above

Index(1)

Interest

Rate(2)

Maturity
Date

Principal ($) /

Shares(3)

Amortized CostPercentage
of Net
Assets

Fair

Value (4)

Kaseya Inc.+(23)One stopSF +6.25%(k)9.07% cash/2.50%PIK06/2029$68 $65 —%$65 

Kaseya Inc.+(23)One stopSF +6.25%(l)9.12% cash/2.50%PIK06/202934 29 —28 LeadsOnline, LLC+One stopSF +6.25%(k)11.58%02/20284,208 4,104 0.24,102 LeadsOnline, LLC+One stopSF +6.25%(k)11.58%02/2028743 724 —724 LeadsOnline, LLC+(5)One stopSF +6.25%N/A(6)02/2028— (1)—(1)Mindbody, Inc.+One stopSF +7.00%(l)12.52%02/202549,911 50,159 2.049,911 Mindbody, Inc.+One stopSF +7.00%(l)12.52%02/20253,929 3,906 0.23,929 Mindbody, Inc.+One stopSF +7.00%N/A(6)02/2025— — —— Ministry Brands Holdings LLC+One stopSF +5.50%(k)10.92%12/202821,760 21,597 0.820,890 Ministry Brands Holdings LLC+One stopSF +5.50%(k)10.92%12/202781 80 —75 Ministry Brands Holdings LLC+One stopSF +5.50%(k)(l)10.99%12/202896 91 —72 Neo Bidco GMBH+(8)(9)(13)(23)One stopE + 6.00%(e)9.95%07/20286,913 7,640 0.36,913 Neo Bidco GMBH+(8)(13)One stopSF +6.00%N/A(6)01/2028— — —— Neo Bidco GMBH+(8)(9)(13)One stopE + 6.00%(d)(e)9.95%01/202863 66 —63 Naviga Inc.+Senior securedSF +7.00%(l)12.49%12/2023109 108 —109 Panzura, LLC+(23)One stopN/A2.00% cash/13.00%PIK08/202750 44 —44 PDI TA Holdings, Inc.+One stopSF +4.50%(l)9.98%10/20248,323 8,282 0.38,323 

PDI TA Holdings, Inc.+Second lienSF +8.50%(l)14.03%10/20253,424 3,391 0.13,424 PDI TA Holdings, Inc.+One stopSF +4.50%(l)9.98%10/20241,107 1,105 —1,107 PDI TA Holdings, Inc.+One stopSF +4.50%(l)9.98%10/2024683 680 —683 PDI TA Holdings, Inc.+Second lienSF +8.71%(l)14.24%10/2025640 638 —640 PDI TA Holdings, Inc.+Second lienSF +8.53%(l)14.06%10/2025377 375 —377 PDI TA Holdings, Inc.+(8)(9)One stopSN +4.50%(i)9.81%10/202484 93 —84 PDI TA Holdings, Inc.+One stopSF +4.50%(l)9.98%10/2024148 148 —148 PDI TA Holdings, Inc.+Second lienSF +8.50%(l)14.03%10/20253,333 3,270 0.13,333 Personify, Inc.*#+One stopSF +5.25%(l)10.64%09/202413,084 13,146 0.513,084 Personify, Inc.#One stopSF +5.25%(l)10.64%09/20248,083 8,060 0.38,083 Personify, Inc.+One stopSF +5.25%N/A(6)09/2024— — —— PING Identity Holding Corp.+One stopSF +7.00%(k)12.32%10/20299,953 9,824 0.49,953 PING Identity Holding Corp.+(5)One stopSF +7.00%N/A(6)10/2028— (1)—— Pluralsight, LLC+One stopSF +8.00%(l)13.45%04/202723,748 23,582 0.923,511 Pluralsight, LLC+One stopSF +8.00%(l)13.47%04/202763 62 —62 ProcessUnity Holdings, LLC+One stopSF +6.75%(k)12.07%09/20284,221 4,190 0.24,221 

ProcessUnity Holdings, LLC+(5)One stopSF +6.75%N/A(6)09/2028— (1)—— ProcessUnity Holdings, LLC+One stopSF +6.75%(l)12.14%09/2028844 838 —844 ProcessUnity Holdings, LLC+One stopSF +6.75%(l)12.14%09/20281,996 1,968 0.11,996 Pyramid Healthcare Acquisition Corp.#+One stopSF +4.75%(l)10.27%05/202718,186 18,077 0.718,186 Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(l)10.32%05/2027864 859 —864 Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(l)10.27%05/2027534 531 —534 Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(l)10.27%05/2027178 176 —178 Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(l)10.27%05/2027156 155 —156 Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(l)10.27%05/2027146 145 —146 Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(l)10.32%05/2027146 145 —146 Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(l)10.27%05/20271,880 1,857 0.11,880 Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(l)10.27%05/202758 57 —58 Pyramid Healthcare Acquisition Corp.+(5)One stopSF +4.75%N/A(6)05/2027— (1)—— Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(l)10.30%05/20271,571 1,562 0.11,571 Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(l)10.28%05/2027791 786 —791 QAD, Inc.+One stopSF +5.38%(k)10.69%11/20279,393 9,329 0.49,393 QAD, Inc.+(5)One stopSF +5.38%N/A(6)11/2027— (3)—— 

Quant Buyer, Inc.+One stopSF +6.00%(m)11.30%06/20292,466 2,446 0.12,411 

See Notes to Consolidated Financial Statements.

77

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

Investment Type

Spread

Above

Index(1)

Interest

Rate(2)

Maturity
Date

Principal ($) /

Shares(3)

Amortized CostPercentage
of Net
Assets

Fair

Value (4)

Quant Buyer, Inc.+One stopSF +6.00%(m)11.30%06/2029$2,928 $2,904 0.1%$2,862 Quant Buyer, Inc.+(5)One stopSF +6.00%N/A(6)06/2029— (1)—(3)Quant Buyer, Inc.+One stopSF +6.00%(m)11.30%06/20292,006 1,990 0.11,961 Quant Buyer, Inc.+(5)One stopSF +6.50%N/A(6)06/2029— (74)—— Rainforest Bidco Limited+(8)(9)(10)(23)One stopSN +5.50%(i)8.69% cash/2.00%PIK07/20297,352 7,015 0.37,022 Rainforest Bidco Limited+(8)(9)(10)(23)One stopSN +5.50%(i)8.69% cash/2.00%PIK07/2029540 516 —516 Rainforest Bidco Limited+(8)(10)(23)One stopSF +5.50%(j)8.80% cash/2.00%PIK07/20291,423 1,407 0.11,356 Rainforest Bidco Limited+(5)(8)(9)(10)One stopSN +6.50%N/A(6)07/2029— (64)—(64)RegEd Aquireco, LLC+Senior securedSF +4.25%(k)(m)9.86%12/202411,067 11,071 0.410,514 RegEd Aquireco, LLC+Senior securedSF +4.25%(l)(m)9.94%12/2024236 236 —224 

Riskonnect Parent, LLC*+One stopSF +5.50%(l)11.04%12/202810,102 10,027 0.49,900 Riskonnect Parent, LLC+One stopSF +5.50%(l)11.04%12/2028140 138 —133 Riskonnect Parent, LLC+(5)One stopSF +5.50%N/A(6)12/2028— (5)—(13)Rodeo Buyer Company & Absorb Software Inc.+One stopSF +6.25%(k)11.67%05/20274,541 4,514 0.24,541 Rodeo Buyer Company & Absorb Software Inc.+One stopSF +6.25%(k)11.67%05/202727 26 —27 SailPoint Technologies Holdings, Inc.+One stopSF +6.25%(k)11.58%08/20299,827 9,661 0.49,729 SailPoint Technologies Holdings, Inc.+(5)One stopSF +6.25%N/A(6)08/2028— (1)—(2)Sapphire Bidco Oy+(8)(9)(16)One stopE + 5.75%(d)9.41%07/202932,488 30,455 1.332,488 Sapphire Bidco Oy+(8)(9)(16)One stopE + 5.75%N/A(6)07/2029— — —— Sonatype, Inc.+One stopSF +6.75%(k)12.18%12/202540,459 40,288 1.640,459 Sonatype, Inc.+One stopSF +6.75%(k)12.18%12/2025851 847 —851 Sonatype, Inc.+(5)One stopSF +6.75%N/A(6)12/2025— (1)—— Spartan Buyer Acquisition Co.*#+(23)One stopSF +8.50%(k)11.82% cash/2.00%PIK12/202631,705 31,376 1.230,754 Spartan Buyer Acquisition Co.+(23)One stopSF +8.50%(k)11.82% cash/2.00%PIK12/20262,015 1,983 0.11,955 Spartan Buyer Acquisition Co.+(5)(23)One stopP + 7.50%(b)14.00% cash/2.00%PIK12/20261 (1)—(1)

Tahoe Bidco B.V. +(8)(14)One stopSF +6.00%(k)11.42%09/202812,058 11,972 0.511,696 Tahoe Bidco B.V. +(5)(8)(14)One stopSF +6.00%N/A(6)10/2027— (1)—(2)Telesoft Holdings LLC+One stopSF +5.75%(k)11.17%12/2025877 870 —864 Telesoft Holdings LLC+One stopSF +5.75%(k)11.17%12/20258 8 —7 Telesoft Holdings LLC+One stopSF +6.25%(k)11.67%08/202864 64 —64 Templafy APS and Templafy, LLC+(8)(18)One stopSF +6.00%(m)11.68%07/20283,171 3,103 0.13,171 Templafy APS and Templafy, LLC+(8)(18)One stopSF +6.00%N/A(6)07/2028— — —— Templafy APS and Templafy, LLC+(5)(8)(18)One stopSF +6.00%N/A(6)07/2028— (14)—— TI Intermediate Holdings, LLC+Senior securedL + 4.50%(a)9.87%12/20243,409 3,423 0.13,341 TI Intermediate Holdings, LLC+Senior securedL + 4.25%(a)9.62%12/2024901 894 —883 TI Intermediate Holdings, LLC+Senior securedL + 4.25%(a)(b)9.63%12/2024425 422 —416 TI Intermediate Holdings, LLC+Senior securedL + 4.50%(a)(m)9.91%12/2024565 562 —554 TI Intermediate Holdings, LLC+Senior securedL + 4.50%(a)9.87%12/2024156 155 —153 TI Intermediate Holdings, LLC+(5)Senior securedSF +4.50%N/A(6)12/2024— — —(2)Togetherwork Holdings, LLC*#One stopSF +6.00%(k)11.42%03/202515,085 15,118 0.615,085 Togetherwork Holdings, LLC+One stopSF +6.00%(k)11.42%03/20256,823 6,774 0.36,823 

Togetherwork Holdings, LLC+One stopSF +6.00%(k)11.42%03/20254,139 4,121 0.24,139 Togetherwork Holdings, LLC+One stopSF +6.00%(k)11.42%03/20251,748 1,767 0.11,748 Togetherwork Holdings, LLC#+One stopSF +6.00%(k)11.42%03/20251,697 1,714 0.11,697 Togetherwork Holdings, LLC*#One stopSF +6.00%(k)11.42%03/20251,654 1,671 0.11,654 Togetherwork Holdings, LLC#+One stopSF +6.00%(k)11.42%03/20251,598 1,608 0.11,598 Togetherwork Holdings, LLC*+One stopSF +6.00%(k)11.42%03/20251,539 1,556 0.11,539 Togetherwork Holdings, LLC#+One stopSF +6.00%(k)11.42%03/20251,436 1,450 0.11,436 Togetherwork Holdings, LLC*#One stopSF +6.00%(k)11.42%03/20251,175 1,181 —1,175 Togetherwork Holdings, LLC#+One stopSF +6.00%(k)11.42%03/2025647 654 —647 

See Notes to Consolidated Financial Statements.

78

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Togetherwork Holdings, LLC+			One stop						SF +			6.00%			(k)						11.42%															03/2025						$	448					$	446					—			%			$	448
			Togetherwork Holdings, LLC+			One stop						SF +			6.00%			(k)						11.42%															03/2025						434						432						—						434
			Togetherwork Holdings, LLC+			One stop						SF +			6.00%			(k)						11.42%															03/2025						250						249						—						250
			Togetherwork Holdings, LLC+			One stop						SF +			6.00%			(k)						11.42%															03/2025						62						63						—						62
			Togetherwork Holdings, LLC+			One stop						SF +			6.00%			(k)						11.42%															03/2025						57						58						—						57
			Togetherwork Holdings, LLC+(5)			One stop						SF +			6.00%									N/A(6)															03/2025						—						(2)						—						—
			Togetherwork Holdings, LLC+			One stop						SF +			6.00%			(k)						11.42%															03/2025						1,326						1,318						0.1						1,326
			Togetherwork Holdings, LLC+			One stop						SF +			6.00%			(k)						11.42%															03/2025						5,954						5,880						0.2						5,954
			Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)(23)			One stop						N/A												4.50%			cash/			8.38%			PIK						05/2024						8,587						8,980						0.3						7,986
			Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)(23)			One stop						N/A												4.50%			cash/			8.38%			PIK						05/2024						140						150						—						130
			Vendavo, Inc.*#+			One stop						SF +			5.75%			(l)						11.25%															09/2027						19,413						19,300						0.7						18,442
			Vendavo, Inc.+			One stop						P +			4.75%			(b)						13.25%															09/2027						85						84						—						78
			WebPT, Inc.+			One stop						SF +			6.75%			(l)						12.27%															01/2028						626						619						—						620
			Workforce Software, LLC+(23)			One stop						SF +			7.25%			(l)						9.82%			cash/			3.00%			PIK						07/2025						29,044						29,280						1.1						28,754
			Workforce Software, LLC+(23)			One stop						SF +			7.25%			(l)						9.82%			cash/			3.00%			PIK						07/2025						5,140						5,119						0.2						5,088
			Workforce Software, LLC+(23)			One stop						SF +			7.25%			(l)						9.82%			cash/			3.00%			PIK						07/2025						3,640						3,605						0.1						3,604
			Workforce Software, LLC+(5)			One stop						SF +			6.50%									N/A(6)															07/2025						—						(1)						—						(2)
			Workforce Software, LLC+(23)			One stop						SF +			7.25%			(l)						9.82%			cash/			3.00%			PIK						07/2025						107						106						—						106
			Zendesk, Inc.+(23)			One stop						SF +			6.75%			(l)						8.90%			cash/			3.25%			PIK						11/2028						20,311						19,969						0.8						20,311
			Zendesk, Inc.+(5)			One stop						SF +			6.50%									N/A(6)															11/2028						—						(1)						—						—
			Zendesk, Inc.+(5)			One stop						SF +			6.50%									N/A(6)															11/2028						—						(43)						—						—
																																													1,365,871						1,356,325						52.9						1,347,754

See Notes to Consolidated Financial Statements.

79

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

Investment Type

Spread

Above

Index(1)

Interest

Rate(2)

Maturity
Date

Principal ($) /

Shares(3)

Amortized CostPercentage
of Net
Assets

Fair

Value (4)

Specialty RetailAve Holdings III, Corp*+One stopSF +5.50%(l)11.04%02/2028$25,635 $25,256 1.0%$24,866 Ave Holdings III, Corp+(5)One stopSF +5.50%N/A(6)02/2028— (2)—(4)Ave Holdings III, Corp+One stopSF +5.50%(l)11.04%02/202857 49 —36 Ave Holdings III, Corp+One stopSF +5.50%(l)11.04%02/2028460 456 —446 Consilio Midco Limited+(8)(10)One stopSF +5.75%(l)11.29%05/202811,421 11,268 0.511,307 Consilio Midco Limited#(8)(10)One stopSF +5.75%(l)11.29%05/20289,875 9,799 0.49,776 Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(d)10.20%05/20288,908 9,416 0.38,819 Consilio Midco Limited#(8)(10)One stopSF +5.75%(l)11.29%05/20282,136 2,108 0.12,115 Consilio Midco Limited#(8)(10)One stopSF +5.75%(l)11.29%05/20281,421 1,409 0.11,406 Consilio Midco Limited+(8)(10)One stopSF +5.75%(l)11.29%05/2028726 712 —719 Consilio Midco Limited+(8)(10)One stopSF +5.75%(l)11.29%05/2028100 99 —99 Consilio Midco Limited+(5)(8)(9)(10)One stopE + 6.25%N/A(6)05/2028— (2)—(1)

Consilio Midco Limited+(8)(10)One stopSF +5.75%(l)11.29%05/20288 8 —8 Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(d)10.20%05/20287 7 —7 Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(d)10.20%05/202864 64 —64 Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(d)10.20%05/202815 15 —15 Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(d)10.20%05/202828 28 —28 Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(d)10.20%05/202817 18 —17 Cycle Gear, Inc.*#+One stopSF +5.50%(l)11.04%01/202646,953 46,848 1.744,135 Imperial Optical Midco Inc.+(23)One stopSF +8.75%(l)6.52% cash/7.75%PIK05/202421,847 21,796 0.820,827 Imperial Optical Midco Inc.+(23)One stopSF +8.75%(l)6.52% cash/7.75%PIK05/20243,796 3,786 0.23,618 Imperial Optical Midco Inc.+(23)One stopSF +8.75%(l)6.52% cash/7.75%PIK05/20242,889 2,950 0.12,754 Imperial Optical Midco Inc.+(23)One stopSF +8.75%(l)6.52% cash/7.75%PIK05/20243,156 3,149 0.13,009 Imperial Optical Midco Inc.+(23)One stopSF +13.00%(l)8.02% cash/10.50%PIK05/20243,851 3,796 0.23,845 Imperial Optical Midco Inc.+(23)One stopSF +8.75%(l)6.52% cash/7.75%PIK05/20245,593 5,699 0.25,332 

Imperial Optical Midco Inc.+(23)One stopSF +8.75%(l)6.52% cash/7.75%PIK05/202437,604 37,739 1.435,849 Imperial Optical Midco Inc.+(23)One stopSF +8.75%(l)6.52% cash/7.75%PIK05/20245,079 5,067 0.24,842 Imperial Optical Midco Inc.+(23)One stopSF +8.75%(l)6.52% cash/7.75%PIK05/2024134 133 —128 Imperial Optical Midco Inc.+(23)One stopSF +8.75%(l)6.52% cash/7.75%PIK05/202479 79 —76 Imperial Optical Midco Inc.+(23)One stopSF +8.75%(l)6.52% cash/7.75%PIK05/20242,539 2,533 0.12,420 Imperial Optical Midco Inc.+(23)One stopSF +8.75%(l)6.52% cash/7.75%PIK05/202442 41 —40 Imperial Optical Midco Inc.+(23)One stopSF +8.75%(l)6.52% cash/7.75%PIK05/2024524 523 —500 Imperial Optical Midco Inc.+(23)One stopSF +8.75%(l)6.52% cash/7.75%PIK05/20241,256 1,253 0.11,198 Imperial Optical Midco Inc.+One stopSF +13.00%N/A(6)05/2024— — —231 PPV Intermediate Holdings, LLC#+One stopSF +5.75%(l)11.17%08/20299,613 9,470 0.49,469 PPV Intermediate Holdings, LLC+(23)One stopN/A13.50%PIK08/20301,046 1,026 —983 PPV Intermediate Holdings, LLC+(5)One stopSF +5.75%N/A(6)08/2029— (7)—(6)PPV Intermediate Holdings, LLC+(23)One stopN/A13.50%PIK08/203044 40 —41 PPV Intermediate Holdings, LLC+(23)One stopN/A13.50%PIK08/2030242 239 —227 

PPV Intermediate Holdings, LLC+(23)One stopN/A13.50%PIK08/203044 44 —42 PPV Intermediate Holdings, LLC+(23)One stopN/A14.25%PIK08/20302,743 2,663 0.12,660 Salon Lofts Group, LLC+Senior securedSF +6.25%(m)11.59%08/20283,540 3,511 0.23,505 Salon Lofts Group, LLC+Senior securedSF +6.25%(m)11.60%08/202875 73 —73 Salon Lofts Group, LLC+(5)Senior securedSF +6.25%N/A(6)08/2028— (8)—(10)Salon Lofts Group, LLC+Senior securedSF +6.25%(l)11.64%08/202858 57 —57 Salon Lofts Group, LLC+Senior securedSF +6.25%(m)11.59%08/2028231 229 —229 

See Notes to Consolidated Financial Statements.

80

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

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

See Notes to Consolidated Financial Statements.

81

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

Investment Type

Spread

Above

Index(1)

Interest

Rate(2)

Maturity
Date

Principal ($) /

Shares(3)

Amortized CostPercentage
of Net
Assets

Fair

Value (4)

Technology Hardware, Storage & PeripheralsAgility Recovery Solutions Inc.+(23)One stopSF +6.75%(l)11.54% cash/0.75%PIK12/2024$22,200 $22,200 0.9%$22,375 Agility Recovery Solutions Inc.+(23)One stopP + 5.50%(b)(l)12.47% cash/0.75%PIK12/2024742 742 —752 22,942 22,942 0.923,127 Textiles, Apparel & Luxury GoodsDollfus Mieg Company, Inc.+(8)(10)One stopL + 6.00%(a)11.90%03/20281,954 1,936 0.11,856 Dollfus Mieg Company, Inc.+(8)(10)One stopL + 6.00%(a)11.90%03/2028974 965 —925 Dollfus Mieg Company, Inc.+(8)(10)One stopL + 6.00%(a)11.90%03/2028855 848 —813 Dollfus Mieg Company, Inc.+(8)(9)(10)One stopE + 6.00%N/A(6)03/2028— — —— Elite Sportswear, L.P.+(23)Senior securedSF +7.75%(l)11.90% cash/1.50%PIK09/20259,976 9,898 0.49,577 Elite Sportswear, L.P.+(23)Senior securedSF +7.75%(l)11.90% cash/1.50%PIK09/20254,009 3,978 0.23,848 Elite Sportswear, L.P.+(23)Senior securedSF +7.75%(l)11.90% cash/1.50%PIK09/20252,063 2,047 0.11,981 Elite Sportswear, L.P.+(23)Senior securedSF +7.75%(l)11.90% cash/1.50%PIK09/2025113 105 —70 

Elite Sportswear, L.P.*+(23)Senior securedSF +7.75%(l)11.90% cash/1.50%PIK09/2025684 680 —657 Elite Sportswear, L.P.+(23)Senior securedSF +7.75%(l)11.90% cash/1.50%PIK09/2025314 311 —301 Elite Sportswear, L.P.*+(23)Senior securedSF +7.75%(l)11.90% cash/1.50%PIK09/2025300 297 —288 Elite Sportswear, L.P.+(23)Senior securedSF +7.75%(l)11.90% cash/1.50%PIK09/20254 4 —2 Georgica Pine Clothiers, LLC+One stopSF +5.50%(l)11.04%11/20239,512 9,504 0.49,538 Georgica Pine Clothiers, LLC+One stopSF +5.50%(l)11.04%11/20236,440 6,434 0.36,458 Georgica Pine Clothiers, LLC+One stopSF +5.50%(l)11.04%11/2023997 996 —999 Georgica Pine Clothiers, LLC+One stopSF +5.50%(l)11.04%11/2023895 895 —898 Georgica Pine Clothiers, LLC+One stopSF +5.50%(l)11.04%11/2023628 628 —630 Georgica Pine Clothiers, LLC+One stopSF +5.50%(l)11.04%11/20232 2 —2 SHO Holding I Corporation+Senior securedSF +5.25%(l)10.88%04/20243,918 3,920 0.23,644 SHO Holding I Corporation+Senior securedSF +5.23%(l)10.86%04/202456 56 —52 SHO Holding I Corporation+Senior securedSF +5.00%(l)10.61%04/202484 84 —78 SHO Holding I Corporation+Senior securedSF +4.00%(l)9.63%04/202450 50 —50 SHO Holding I Corporation+Senior securedSF +4.00%(l)9.65%04/2024— — —— SHO Holding I Corporation+Senior securedSF +5.23%(l)10.83%04/2024— — —— 

43,828 43,638 1.742,667 Trading Companies and DistributorsMarcone Yellowstone Buyer Inc.+One stopSF +6.25%(l)11.79%06/202818,924 18,668 0.717,789 Marcone Yellowstone Buyer Inc.+One stopSF +6.25%(l)11.79%06/202815,093 14,871 0.614,187 Marcone Yellowstone Buyer Inc.+One stopSF +6.25%(l)11.81%06/2028451 444 —424 Marcone Yellowstone Buyer Inc.+One stopSF +6.25%(l)11.79%06/2028453 447 —426 Marcone Yellowstone Buyer Inc.+One stopSF +6.50%(l)12.04%06/20284,113 4,009 0.23,908 Marcone Yellowstone Buyer Inc.+(5)One stopSF +6.50%N/A(6)06/2028— (36)—— 39,034 38,403 1.536,734 Water UtilitiesS.J. Electro Systems, LLC+Senior securedSF +4.75%(l)10.27%06/202716,836 16,732 0.615,995 S.J. Electro Systems, LLC+Senior securedSF +4.75%(l)10.27%06/202758 57 —51 S.J. Electro Systems, LLC+Senior securedSF +4.75%(l)10.27%06/202779 79 —75 Vessco Midco Holdings, LLC+Senior securedSF +4.50%(a)(m)10.04%11/20262,101 2,082 0.12,101 Vessco Midco Holdings, LLC+(5)Senior securedSF +4.00%N/A(6)11/2026— (6)—— Vessco Midco Holdings, LLC+Senior securedSF +4.50%(k)9.92%11/2026206 204 —206 Vessco Midco Holdings, LLC+Senior securedSF +4.50%N/A(6)10/2026— — —— 19,280 19,148 0.7 18,428 Total non-controlled/non-affiliate company debt investments5,236,123 5,214,755 201.45,132,167 

See Notes to Consolidated Financial Statements.

82

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Equity investments (19)(20)
			Aerospace and Defense
			PPW Aero Buyer, Inc.+			LP units						N/A												N/A															N/A						66						$	664					—			%			$	694
			Tronair Parent, Inc.+			LLC units						N/A												N/A															N/A						—						40						—						38
																																																			704						—						732
			Auto Components
			Polk Acquisition Corp.+			LP interest						N/A												N/A															N/A						5						314						—						—
			Automobiles
			CG Group Holdings, LLC+			LP units						N/A												N/A															N/A						1						730						—						487
			Go Car Wash Parent, Corp.+(21)			Preferred stock						N/A												17.00%			Non-Cash												N/A						—						88						—						92
			Go Car Wash Parent, Corp.+			Common stock						N/A												N/A															N/A						—						50						—						40
			MOP GM Holding, LLC+			LP units						N/A												N/A															N/A						—						330						—						357
			National Express Wash Parent Holdco, LLC+			LP units						N/A												N/A															N/A						1						61						—						70
			POY Holdings, LLC+			LLC units						N/A												N/A															N/A						141						141						—						354
			Quick Quack Car Wash Holdings, LLC			LLC interest						N/A												N/A															N/A						—						508						0.1						728
																																																			1,908						0.1						2,128
			Biotechnology
			Cobepa BlueSky Aggregator, SCSp+			LP interest						N/A												N/A															N/A						177						1,769						0.1						1,315
			Building Products
			BECO Holding Company, Inc.+(21)			Preferred stock						N/A												11.75%			Non-Cash												N/A						10						1,086						0.1						1,163
			BECO Holding Company, Inc.+			LP interest						N/A												N/A															N/A						2						196						—						201
																																																			1,282						0.1						1,364
			Chemicals
			Inhance Technologies Holdings LLC+			Preferred stock						N/A												N/A															N/A						2						1,960						0.1						1,785
			Inhance Technologies Holdings LLC+			LLC units						N/A												N/A															N/A						—						124						—						40
																																																			2,084						0.1						1,825
			Commercial Services & Supplies
			CI (Quercus) Intermediate Holdings, LLC+			LP interest						N/A												N/A															N/A						540						540						—						625
			EGD Security Systems, LLC +			Common stock						N/A												N/A															N/A						855						578						0.1						1,224
			Franchise Brands plc+(8)(9)(10)(22)			Common stock						N/A												N/A															N/A						51						113						—						100
			North Haven Stack Buyer, LLC			LLC units						N/A												N/A															N/A						359						360						—						515
			PT Intermediate Holdings III, LLC+(21)			LLC units						N/A												N/A															N/A						8						767						—						898
			Radwell Parent, LLC+(21)			LP units						N/A												N/A															N/A						2						233						—						293
																																																			2,591						0.1						3,655
			Containers and Packaging
			Chase Intermediate+			LP units						N/A												N/A															N/A						49						25						—						56

See Notes to Consolidated Financial Statements.

83

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Diversified Consumer Services
			CHHJ Midco, LLC+(21)			LLC units						N/A												N/A															N/A						19						$	193					—			%			$	302
			DP Flores Holdings, LLC+			LLC units						N/A												N/A															N/A						70						70						—						79
			EMS LINQ, LLC+			LP interest						N/A												N/A															N/A						525						525						—						408
			EWC Growth Partners LLC+			LLC interest						N/A												N/A															N/A						—						12						—						2
			HS Spa Holdings, Inc.+			Common stock						N/A												N/A															N/A						479						479						—						496
			Liminex, Inc.+			Common stock						N/A												N/A															N/A						12						434						0.1						699
			NSG Buyer, Inc. +(8)			LP units						N/A												N/A															N/A						2						1,860						0.1						1,812
			PADI Holdco, Inc.+			LLC interest						N/A												N/A															N/A						1						987						—						755
																																																			4,560						0.2						4,553
			Electronic Equipment, Instruments & Components
			Inventus Power, Inc.+			Preferred stock						N/A												N/A															N/A						—						372						—						97
			Inventus Power, Inc.+			LLC units						N/A												N/A															N/A						—						88						—						276
			Inventus Power, Inc.+			LP interest						N/A												N/A															N/A						—						20						—						61
			Inventus Power, Inc.+			Common stock						N/A												N/A															N/A						—						—						—						—
																																																			480						—						434

See Notes to Consolidated Financial Statements.

84

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Food & Staples Retailing
			Benihana, Inc.+			LLC units						N/A												N/A															N/A						43						$	699					—			%			$	896
			Cafe Rio Holding, Inc.+			Common stock						N/A												N/A															N/A						5						604						—						987
			Hopdoddy Holdings, LLC+			LLC units						N/A												N/A															N/A						44						217						—						5
			Hopdoddy Holdings, LLC+			LLC units						N/A												N/A															N/A						20						61						—						1
			Mendocino Farms, LLC+			Common stock						N/A												N/A															N/A						168						770						0.1						1,535
			Ruby Slipper Cafe LLC, The+			LLC interest						N/A												N/A															N/A						32						389						—						183
			Ruby Slipper Cafe LLC, The+			LLC interest						N/A												N/A															N/A						2						20						—						33
																																																			2,760						0.1						3,640
			Food Products
			Borrower R365 Holdings, LLC+			Preferred stock						N/A												N/A															N/A						77						102						—						173
			Borrower R365 Holdings, LLC+			LLC units						N/A												N/A															N/A						3						5						—						7
			Borrower R365 Holdings, LLC+			Common stock						N/A												N/A															N/A						1						2						—						2
			Borrower R365 Holdings, LLC+			Preferred stock						N/A												N/A															N/A						1						2						—						3
			Borrower R365 Holdings, LLC+			Preferred stock						N/A												N/A															N/A						4						9						—						9
			Borrower R365 Holdings, LLC+			Preferred stock						N/A												N/A															N/A						1						2						—						2
			Borrower R365 Holdings, LLC+			LP units						N/A												N/A															N/A						—						1						—						1
			C. J. Foods, Inc.+			Preferred stock						N/A												N/A															N/A						—						75						0.1						1,285
			Kodiak Cakes, LLC+			Common stock						N/A												N/A															N/A						—						472						—						299
			Louisiana Fish Fry Products, Ltd.+			Common stock						N/A												N/A															N/A						—						483						—						346
			Louisiana Fish Fry Products, Ltd.+			Preferred stock						N/A												N/A															N/A						—						13						—						25
			P&P Food Safety Holdings, Inc.+			Common stock						N/A												N/A															N/A						4						356						—						220
			Purfoods, LLC+			LLC interest						N/A												N/A															N/A						—						945						0.2						4,430
																																																			2,467						0.3						6,802
			Healthcare Equipment & Supplies
			Aspen Medical Products, LLC+			LP interest						N/A												N/A															N/A						—						77						—						88
			Blue River Pet Care, LLC+			Common stock						N/A												N/A															N/A						—						76						—						211
			CCSL Holdings, LLC+(8)			LP interest						N/A												N/A															N/A						—						337						—						315
			CMI Parent Inc.+			Common stock						N/A												N/A															N/A						—						132						—						186
			CMI Parent Inc.+			Common stock						N/A												N/A															N/A						3						3						—						275
			G & H Wire Company, Inc.+			LLC interest						N/A												N/A															N/A						335						269						—						54
																																																			894						—						1,129

See Notes to Consolidated Financial Statements.

85

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Healthcare Providers & Services
			Active Day, Inc.+			LLC interest						N/A												N/A															N/A						2						$	1,099					—			%			$	156
			Acuity Eyecare Holdings, LLC+(21)			LLC interest						N/A												N/A															N/A						1,632						2,235						0.2						4,917
			Acuity Eyecare Holdings, LLC+			LLC units						N/A												N/A															N/A						889						1,023						0.1						2,950
			ADCS Clinics Intermediate Holdings, LLC+			Preferred stock						N/A												N/A															N/A						2						1,119						0.1						1,562
			ADCS Clinics Intermediate Holdings, LLC+			Common stock						N/A												N/A															N/A						—						6						—						—
			AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+			LLC units						N/A												N/A															N/A						129						132						—						202
			CRH Healthcare Purchaser, Inc.+			LP interest						N/A												N/A															N/A						429						327						—						631
			DCA Investment Holding, LLC(21)			Preferred stock						N/A												8.00%			Non-Cash												N/A						1,142						558						0.1						1,214
			DCA Investment Holding, LLC			Common stock						N/A												N/A															N/A						12						5						—						22
			Emerge Intermediate, Inc.+			LLC units						N/A												N/A															N/A						—						648						—						507
			Emerge Intermediate, Inc.+			LLC units						N/A												N/A															N/A						—						61						—						76
			Emerge Intermediate, Inc.+			LLC units						N/A												N/A															N/A						9						4						—						—
			Encore GC Acquisition, LLC+			LLC interest						N/A												N/A															N/A						26						272						—						—
			Encore GC Acquisition, LLC+			LLC units						N/A												N/A															N/A						26						52						—						—
			Encorevet Group LLC+			Common stock						N/A												N/A															N/A						—						15						—						16
			Encorevet Group LLC+			LLC units						N/A												N/A															N/A						—						11						—						9
			Krueger-Gilbert Health Physics, LLC+			Common stock						N/A												N/A															N/A						185						212						—						267
			Midwest Veterinary Partners, LLC+(21)			Preferred stock						N/A												12.00%			Non-Cash												N/A						1						1,165						0.1						1,222
			Midwest Veterinary Partners, LLC+			Warrant						N/A												N/A															N/A						6						—						—						342
			Midwest Veterinary Partners, LLC+(21)			Preferred stock						N/A												10.00%			Non-Cash												N/A						—						30						—						43
			MWD Management, LLC & MWD Services, Inc.+			LLC interest						N/A												N/A															N/A						412						335						—						617
			NDX Parent, LLC+			Common stock						N/A												N/A															N/A						—						272						—						39
			NDX Parent, LLC+			Preferred stock						N/A												N/A															N/A						40						40						—						45
			New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)			Common stock						N/A												N/A															N/A						—						321						—						311
			Oliver Street Dermatology Holdings, LLC+			LLC interest						N/A												N/A															N/A						452						234						—						—
			Pinnacle Treatment Centers, Inc.+			LLC interest						N/A												N/A															N/A						—						528						0.1						799
			Pinnacle Treatment Centers, Inc.+			LLC interest						N/A												N/A															N/A						4						74						—						407
			Radiology Partners, Inc.+			LLC units						N/A												N/A															N/A						11						68						—						85
			Radiology Partners, Inc.+			LLC interest						N/A												N/A															N/A						43						55						—						338
			Sage Dental Management, LLC+			LLC units						N/A												N/A															N/A						—						249						—						448
			Sage Dental Management, LLC+			LLC units						N/A												N/A															N/A						3						3						—						—
			Suveto Buyer, LLC+			Common stock						N/A												N/A															N/A						6						562						—						378
																																																			11,715						0.7						17,603

See Notes to Consolidated Financial Statements.

86

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Healthcare Technology
			Connexin Software, Inc.+			LLC interest						N/A												N/A															N/A						154						$	193					—			%			$	222
			HSI Halo Acquisition, Inc.+(21)			Preferred stock						N/A												10.00%			Non-Cash												N/A						—						303						—						435
			HSI Halo Acquisition, Inc.+			LP interest						N/A												N/A															N/A						—						5						—						130
			Symplr Software, Inc.+(21)			Preferred stock						N/A												11.00%			Non-Cash												N/A						12						13,373						0.5						13,369
			Symplr Software, Inc.+(21)			Preferred stock						SF +			10.50%			(l)						15.74%			Non-Cash												N/A						2						3,391						0.2						4,605
			Symplr Software, Inc.+(21)			Preferred stock						N/A												11.00%			Non-Cash												N/A						2						1,635						0.1						1,774
			Symplr Software, Inc.+(21)			Preferred stock						N/A												11.00%			Non-Cash												N/A						1						1,002						0.1						1,037
			Symplr Software, Inc.+			LLC units						N/A												N/A															N/A						—						161						—						173
			Symplr Software, Inc.+			Common stock						N/A												N/A															N/A						177						—						—						801
			Tebra Technologies, Inc.+			Warrant						N/A												N/A															N/A						169						871						—						681
			Tebra Technologies, Inc.+			Warrant						N/A												N/A															N/A						53						162						—						179
			Tebra Technologies, Inc.+			LLC interest						N/A												N/A															N/A						348						2,824						0.1						3,113
			Tebra Technologies, Inc.+			Preferred stock						N/A												N/A															N/A						1						8						—						12
																																																			23,928						1.0						26,531
			Hotels, Restaurants & Leisure
			Freddy's Frozen Custard LLC+(21)			LP interest						N/A												N/A															N/A						206						188						—						369
			Harri US LLC+			LLC units						N/A												N/A															N/A						83						658						—						609
			Harri US LLC+			Preferred stock						N/A												N/A															N/A						71						455						—						512
			Harri US LLC+			Warrant						N/A												N/A															N/A						24						106						—						162
			LMP TR Holdings, LLC(21)			LLC units						N/A												N/A															N/A						712						712						0.1						2,437
			SSRG Holdings, LLC+			LP interest						N/A												N/A															N/A						6						61						—						86
			Tropical Smoothie Cafe Holdings, LLC+			LP interest						N/A												N/A															N/A						5						246						0.1						1,074
																																																			2,426						0.2						5,249
			Insurance
			Accession Risk Management Group, Inc.+(21)			Preferred stock						N/A												13.25%			Non-Cash												N/A						3						2,667						0.1						2,619
			Majesco+(21)			Preferred stock						N/A												9.00%			Non-Cash												N/A						—						316						—						398
			Majesco+			LP interest						N/A												N/A															N/A						69						—						—						203
																																																			2,983						0.1						3,220
			Internet and Catalog Retail
			Revalize, Inc.+			Preferred stock						N/A												N/A															N/A						17						17,025						0.8						19,463
			Revalize, Inc.+			Preferred stock						N/A												N/A															N/A						10						10,219						0.5						11,682
			Revalize, Inc.+			Preferred stock						N/A												N/A															N/A						1						1,104						—						1,218
			Revalize, Inc.+			Preferred stock						N/A												N/A															N/A						7						7,034						0.3						7,225
																																																			35,382						1.6						39,588
			IT Services
			Appriss Health Intermediate Holdings, Inc+(21)			Preferred stock						N/A												11.00%			Non-Cash												N/A						2						2,272						0.1						2,285
			Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+			Preferred stock						N/A												N/A															N/A						587						462						0.2						4,260
			Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+			Preferred stock						N/A												N/A															N/A						154						423						0.1						1,117
			Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+			Preferred stock						N/A												N/A															N/A						35						291						—						256
			Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+			Warrant						N/A												N/A															N/A						202						159						0.1						1,361
			Critical Start, Inc.+			Common stock						N/A												N/A															N/A						225						225						—						269
			Optimizely North America, Inc.+			Common stock						N/A												N/A															N/A						75						807						—						683
			Kentik Technologies, Inc.+			Preferred stock						N/A												N/A															N/A						192						1,103						—						1,103
			Netwrix Corporation+(21)			LLC units						N/A												N/A															N/A						5						10						—						16

See Notes to Consolidated Financial Statements.

87

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			PCS Intermediate II Holdings, LLC+			LLC interest						N/A												N/A															N/A						37						$	367					—			%			$	574
			Red Dawn SEI Buyer, Inc.+			LP interest						N/A												N/A															N/A						13						13						—						22
			Saturn Borrower Inc.+			LP units						N/A												N/A															N/A						346						346						—						114
																																																			6,478						0.5						12,060
			Leisure Products
			Massage Envy, LLC+			LLC interest						N/A												N/A															N/A						749						210						0.1						1,783
			WBZ Investment LLC+			LLC interest						N/A												N/A															N/A						67						117						—						137
			WBZ Investment LLC+			LLC interest						N/A												N/A															N/A						46						80						—						93
			WBZ Investment LLC+			LLC interest						N/A												N/A															N/A						38						65						—						77
			WBZ Investment LLC+			LLC interest						N/A												N/A															N/A						33						58						—						67
			WBZ Investment LLC+			LLC interest						N/A												N/A															N/A						15						24						—						28
			WBZ Investment LLC+			LLC interest						N/A												N/A															N/A						2						2						—						2
																																																			556						0.1						2,187
			Life Sciences Tools & Services
			Celerion Buyer, Inc.+			LP units						N/A												N/A															N/A						930						930						0.1						930
			Celerion Buyer, Inc.+			LP units						N/A												N/A															N/A						930						—						—						287
			PAS Parent Inc.+			LP interest						N/A												N/A															N/A						9						933						—						879
			PAS Parent Inc.+			Preferred stock						N/A												N/A															N/A						1						139						—						162
			Reaction Biology Corporation+			LLC units						N/A												N/A															N/A						—						265						—						273
																																																			2,267						0.1						2,531
			Oil, Gas and Consumable Fuels
			W3 Co.+			LLC interest						N/A												N/A															N/A						3						1,633						0.1						2,002
			W3 Co.+			Preferred stock						N/A												N/A															N/A						—						224						—						254
																																																			1,857						0.1						2,256
			Paper and Forest Products
			Messenger, LLC+			LLC units						N/A												N/A															N/A						3						312						—						160
			Messenger, LLC+			LLC units						N/A												N/A															N/A						—						—						—						—
																																																			312						—						160
			Pharmaceuticals
			Amalthea Parent, Inc.+(8)(12)			LP interest						N/A												N/A															N/A						502						502						—						432
			Cobalt Buyer Sub, Inc.+(21)			Preferred stock						SF +			10.00%			(l)						15.24%			Non-Cash												N/A						8						9,066						0.4						10,241
			Cobalt Buyer Sub, Inc.+			Preferred stock						N/A												N/A															N/A						—						168						—						167
			Cobalt Buyer Sub, Inc.+			Common stock						N/A												N/A															N/A						2						2						—						—
																																																			9,738						0.4						10,840

See Notes to Consolidated Financial Statements.

88

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Professional Services
			Brandmuscle, Inc.+			LLC interest						N/A												N/A															N/A						—						$	216					—			%			$	233
			Enboarder, Inc.+(8)(11)			Preferred stock						N/A												N/A															N/A						56						573						—						573
			Filevine, Inc.+			Preferred stock						N/A												N/A															N/A						221						1,402						0.1						1,598
			Filevine, Inc.+			Warrant						N/A												N/A															N/A						33						49						—						171
			Filevine, Inc.+			Warrant						N/A												N/A															N/A						90						90						—						92
			Net Health Acquisition Corp.+			LP interest						N/A												N/A															N/A						13						1,509						0.1						1,636
			Procure Acquireco, Inc.+			LP interest						N/A												N/A															N/A						—						486						—						611
																																																			4,325						0.2						4,914
			Real Estate Management & Development
			Inhabit IQ Inc.+			Common stock						N/A												N/A															N/A						62						434						0.1						1,023
			SC Landco Parent, LLC+			Common stock						N/A												N/A															N/A						2						274						—						254
																																																			708						0.1						1,277
			Road & Rail
			Internet Truckstop Group LLC+			LP interest						N/A												N/A															N/A						408						447						—						484
			Software
			Anaplan, Inc.+			LP interest						N/A												N/A															N/A						385						385						—						547
			Aras Corporation+(21)			Preferred stock						N/A												12.00%			Non-Cash												N/A						1						1,155						0.1						1,238
			Aras Corporation+			LP interest						N/A												N/A															N/A						306						306						—						409
			Astute Holdings, Inc.+			LP interest						N/A												N/A															N/A						—						304						—						731
			Auvik Networks Inc.+(8)(12)			Preferred stock						N/A												N/A															N/A						26						256						—						316
			Auvik Networks Inc.+(8)(12)			Preferred stock						N/A												N/A															N/A						3						29						—						36
			Bayshore Intermediate #2, L.P.+			Common stock						N/A												N/A															N/A						4,095						4,095						0.2						3,596
			Calabrio, Inc.+			LP interest						N/A												N/A															N/A						1						769						—						711
			Calabrio, Inc.+			LP interest						N/A												N/A															N/A						96						0						—						0
			Cloudbees, Inc.+			Preferred stock						N/A												N/A															N/A						149						1,663						0.1						1,665
			Cloudbees, Inc.+			Warrant						N/A												N/A															N/A						131						247						0.1						986
			Cloudbees, Inc.+			Preferred stock						N/A												N/A															N/A						71						466						—						688
			Cynet Security Ltd.+(8)(15)			Preferred stock						N/A												N/A															N/A						145						508						—						612
			Denali Bidco Limited+(8)(10)			LP interest						N/A												N/A															N/A						258						335						—						335
			Diligent Corporation+(21)			Preferred stock						N/A												10.50%			Non-Cash												N/A						17						18,782						0.8						19,404
			Diligent Corporation+			Preferred stock						N/A												N/A															N/A						415						912						0.1						2,024
			FirstUp, Inc.+			Common stock						N/A												N/A															N/A						221						541						—						317
			GS Acquisitionco, Inc.+(21)			Preferred stock						N/A												11.00%			Non-Cash												N/A						26						28,686						1.1						28,365
			GS Acquisitionco, Inc.+(21)			Preferred stock						N/A												11.00%			Non-Cash												N/A						2						1,727						0.1						1,660
			GS Acquisitionco, Inc.+			LP interest						N/A												N/A															N/A						1						170						0.1						1,044
			GS Acquisitionco, Inc.+(21)			Preferred stock						SF +			10.50%			(l)						15.88%			Non-Cash												N/A						—						49						—						49
			GTY Technology Holdings, Inc.+			LP units						N/A												N/A															N/A						48						48						—						62
			Impartner, Inc.+			Preferred stock						N/A												N/A															N/A						28						226						—						215
			Kaseya Inc.+(21)			Preferred stock						N/A												11.75%			Non-Cash												N/A						2						1,877						0.1						1,912
			Kaseya Inc.+			LP interest						N/A												N/A															N/A						100						100						—						110
			MetricStream, Inc.+			Warrant						N/A												N/A															N/A						168						263						—						163
			Ministry Brands Holdings LLC+			LP interest						N/A												N/A															N/A						438						439						—						386
			mParticle, Inc.+			Preferred stock						N/A												N/A															N/A						162						1,060						—						911
			mParticle, Inc.+			Warrant						N/A												N/A															N/A						75						16						—						286

See Notes to Consolidated Financial Statements.

89

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+			Warrant						N/A												N/A															N/A						4						$	9					—			%			$	20
			Panzura, LLC+			LLC units						N/A												N/A															N/A						1						4						—						4
			PDI TA Holdings, Inc.+			Preferred stock						N/A												N/A															N/A						92						2,846						0.1						3,224
			Personify, Inc.+			LP interest						N/A												N/A															N/A						716						942						0.1						1,779
			Project Alpha Intermediate Holding, Inc.+(21)			Preferred stock						N/A												9.00%			Non-Cash												N/A						—						999						0.1						1,515
			Project Alpha Intermediate Holding, Inc.+			Common stock						N/A												N/A															N/A						202						329						—						396
			Pyramid Healthcare Acquisition Corp.+			Common stock						N/A												N/A															N/A						184						184						—						315
			QAD, Inc.+(21)			Preferred stock						N/A												9.00%			Non-Cash												N/A						—						227						—						251
			QAD, Inc.+			Common stock						N/A												N/A															N/A						15						0						—						20
			Onit, Inc.+(21)			Preferred stock						N/A												15.00%			Non-Cash												N/A						—						46						—						50
			Onit, Inc.+			Warrant						N/A												N/A															N/A						—						6						—						7
			RegEd Aquireco, LLC+			LP interest						N/A												N/A															N/A						—						331						—						58
			RegEd Aquireco, LLC+			LP interest						N/A												N/A															N/A						3						21						—						0
			RegEd Aquireco, LLC+			Preferred stock						N/A												N/A															N/A						—						20						—						21
			Riskonnect Parent, LLC+(21)			Preferred stock						N/A												11.00%			Non-Cash												N/A						18						20,254						0.8						19,444
			Riskonnect Parent, LLC+			LP interest						N/A												N/A															N/A						857						859						—						1,125
			Riskonnect Parent, LLC+(21)			Preferred stock						SF +			10.50%			(l)						15.92%			Non-Cash												N/A						—						378						—						394
			SnapLogic, Inc.+			Preferred stock						N/A												N/A															N/A						278						695						0.1						1,349
			SnapLogic, Inc.+			Warrant						N/A												N/A															N/A						106						75						—						345
			Spartan Buyer Acquisition Co.+			Common stock						N/A												N/A															N/A						1						623						—						328
			Spartan Buyer Acquisition Co.+			Preferred stock						N/A												N/A															N/A						—						38						—						44
			Telesoft Holdings LLC+			LP interest						N/A												N/A															N/A						6						6						—						5
			Templafy APS and Templafy, LLC+(8)(18)			Warrant						N/A												N/A															N/A						—						62						—						45
			Workforce Software, LLC+			Common stock						N/A												N/A															N/A						—						973						—						668
			Workforce Software, LLC+			Common stock						N/A												N/A															N/A						—						36						—						41
			Zendesk, Inc.+			LP units						N/A												N/A															N/A						45						454						—						629
																																																			95,831						4.0						100,855

See Notes to Consolidated Financial Statements.

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Specialty Retail
			Ave Holdings III, Corp+(21)			Preferred stock						N/A												11.50%			Non-Cash												N/A						9						$	9,639					0.4			%			$	9,288
			Ave Holdings III, Corp+			LP units						N/A												N/A															N/A						1						1,129						—						1,077
			Batteries Plus Holding Corporation+			LP interest						N/A												N/A															N/A						10						1,287						0.1						1,415
			Cycle Gear, Inc.+			LLC units						N/A												N/A															N/A						2,002						481						—						—
			Cycle Gear, Inc.+			Preferred stock						N/A												N/A															N/A						50						50						—						79
			Imperial Optical Midco Inc.+			Preferred stock						N/A												N/A															N/A						—						122						—						50
			Imperial Optical Midco Inc.+			Preferred stock						N/A												N/A															N/A						—						46						—						18
			Imperial Optical Midco Inc.+			Common stock						N/A												N/A															N/A						—						—						—						80
			Pet Holdings ULC+(8)(12)(21)			LP interest						N/A												N/A															N/A						677						450						—						1,035
			Salon Lofts Group, LLC+			LP units						N/A												N/A															N/A						—						87						—						69
			Southern Veterinary Partners, LLC+(21)			Preferred stock						N/A												12.00%			Non-Cash												N/A						5						5,629						0.2						6,002
			Southern Veterinary Partners, LLC+(21)			Preferred stock						N/A												10.00%			Non-Cash												N/A						—						751						0.1						1,237
			Southern Veterinary Partners, LLC+			LLC interest						N/A												N/A															N/A						148						188						0.2						5,558
			VSG Acquisition Corp. and Sherrill, Inc.+			LP units						N/A												N/A															N/A						—						37						—						24
																																																			19,896						1.0						25,932
			Technology Hardware, Storage & Peripherals
			Agility Recovery Solutions Inc.+			LLC interest						N/A												N/A															N/A						97						604						—						223
			Textiles, Apparel & Luxury Goods
			Georgica Pine Clothiers, LLC+(21)			LLC interest						N/A												N/A															N/A						20						239						—						525
			Georgica Pine Clothiers, LLC+			Common stock						N/A												N/A															N/A						—						—						—						2
			MakerSights, Inc.+			Preferred stock						N/A												N/A															N/A						40						218						—						218
			R.G. Barry Corporation+			Preferred stock						N/A												N/A															N/A						—						161						—						284
																																																			618						—						1,029
			Total non-controlled/non-affiliate company equity investments																																																241,909						11.2						284,572
			Total non-controlled/non-affiliate company investments																																																5,456,664						212.6						5,416,739

See Notes to Consolidated Financial Statements.

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Non-controlled/affiliate company investments(25)
			Debt investments
			Beverages
			Abita Brewing Co., L.L.C.+(23)			One stop						SF +			8.00%			(m)						13.03%															04/2024						$	6,410					$	6,397					0.2			%			$	5,128
			Abita Brewing Co., L.L.C.+(7)(23)			Second lien						SF +			8.00%			(m)						13.37%															04/2024						4,229						3,725						0.1						1,396
			Abita Brewing Co., L.L.C.+			One stop						SF +			8.00%									N/A(6)															04/2024						—						—						—						—
																																													10,639						10,122						0.3						6,524
			Energy, Equipment & Services
			Benetech, Inc.+(7)(23)			One stop						SF +			6.00%			(l)						11.54%															08/2024						4,138						3,623						—						1,242
			Benetech, Inc.+(7)(23)			One stop						SF +			6.00%			(l)						11.54%															08/2024						1,147						982						—						111
																																													5,285						4,605						—						1,353
			Food and Staples Retailing
			Rubio's Restaurants, Inc.+(23)			Senior secured						SF +			8.00%			(l)						13.55%															12/2024						13,600						13,494						0.5						10,880
			Rubio's Restaurants, Inc.+(7)(23)			Senior secured						SF +			14.00%			(l)						19.56%															12/2024						1,630						1,553						—						391
			Rubio's Restaurants, Inc.+(23)			Senior secured						SF +			8.00%			(k)						13.42%															12/2024						930						923						—						649
																																													16,160						15,970						0.5						11,920
			Healthcare Providers and Services
			Bayside Opco, LLC+(23)			One stop						SF +			7.25%			(l)						12.79%															06/2026						12,108						12,005						0.5						11,866
			Bayside Opco, LLC+(7)(23)			Subordinated debt						SF +			10.00%			(l)						15.54%															06/2026						4,322						3,328						0.1						3,457
			Bayside Opco, LLC+(23)			One stop						SF +			7.25%			(l)						12.79%															06/2026						4,283						4,064						0.2						4,026
			Bayside Opco, LLC+(23)			One stop						SF +			7.00%			(l)						6.54%			cash/			6.00%			PIK						06/2026						350						350						—						350
			Elite Dental Partners LLC+(7)(23)			One stop						SF +			5.25%			(l)						10.79%			PIK												09/2024						12,988						12,337						0.3						7,533
			Elite Dental Partners LLC+(7)(23)			One stop						SF +			12.00%			(l)						17.54%			PIK												09/2024						5,950						5,483						0.2						4,463
			Elite Dental Partners LLC+(23)			One stop						SF +			5.25%			(l)						10.79%			PIK												09/2024						1,400						1,400						—						1,400
			Opening Day Borrower 111 LLC+(7)(23)			One stop						SF +			6.25%			(l)						11.79%															05/2027						13,492						12,217						0.5						12,143
			Opening Day Borrower 111 LLC+(7)(23)			One stop						SF +			6.25%			(l)						11.79%															05/2027						5,156						4,783						0.2						4,640
			Opening Day Borrower 111 LLC+(5)(7)			One stop						SF +			6.25%									N/A(6)															05/2027						—						—						—						(163)
																																													60,049						55,967						2.0						49,715
			Software
			Switchfly LLC+(23)			One stop						N/A												1.00%			PIK												10/2024						6,593						6,590						0.1						4,351
			Switchfly LLC+(23)			One stop						N/A												1.00%			PIK												10/2024						550						550						—						363
			Switchfly LLC+(23)			One stop						N/A												1.00%			PIK												10/2024						42						42						—						28
			Switchfly LLC+(5)			One stop						L +			8.50%			(a)						14.05%															10/2024						2						2						—						(28)
																																													7,187						7,184						0.1						4,714
			Total non-controlled/affiliate company debt investments																																										99,320						93,848						2.9						74,226
			Equity investments(19)(20)
			Beverages
			Abita Brewing Co., L.L.C.+			Warrant						N/A												N/A															N/A						210						$	—					—			%			$	12
			Food and Staples Retailing
			Rubio's Restaurants, Inc.+			Preferred stock						N/A												N/A															N/A						2,779						2,276						—						143
			Rubio's Restaurants, Inc.+			Common stock						N/A												N/A															N/A						27,241						278						—						—
			Rubio's Restaurants, Inc.+			Common stock						N/A												N/A															N/A						6,321						131						—						—
			Rubio's Restaurants, Inc.+			Common stock						N/A												N/A															N/A						1,056						9						—						—
			Rubio's Restaurants, Inc.+			Common stock						N/A												N/A															N/A						1,829						10						—						—
			Rubio's Restaurants, Inc.+			Common stock						N/A												N/A															N/A						246						1						—						—
			Rubio's Restaurants, Inc.+			Common stock						N/A												N/A															N/A						246						1						—						—
			Rubio's Restaurants, Inc.+			Common stock						N/A												N/A															N/A						492						2						—						—

See Notes to Consolidated Financial Statements.

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Rubio's Restaurants, Inc.+			Common stock						N/A												N/A															N/A						568						$	2					—			%			$	—
			Rubio's Restaurants, Inc.+			Common stock						N/A												N/A															N/A						543						2						—						—
			Rubio's Restaurants, Inc.+			Common stock						N/A												N/A															N/A						1,490						5						—						—
																																																			2,717						—						143
			Healthcare Providers and Services
			Bayside Opco, LLC+			LLC units						N/A												N/A															N/A						6						2,592						0.1						2,345
			Elite Dental Partners LLC			LLC interest						N/A												N/A															N/A						—						2,902						—						—
			Elite Dental Partners LLC			LLC interest						N/A												N/A															N/A						—						1,250						—						—
			Elite Dental Partners LLC			LLC units						N/A												N/A															N/A						—						—						—						—
			Opening Day Borrower 111 LLC+			LLC units						N/A												N/A															N/A						163						7,238						0.3						7,818
																																																			13,982						0.4						10,163
			Software
			Switchfly LLC+			LLC interest						N/A												N/A															N/A						98,370						2,321						0.1						2,088
			Switchfly LLC+			LLC units						N/A												N/A															N/A						950						950						—						452
																																																			3,271						0.1						2,540
			Total non-controlled/affiliate company equity investments																																																19,970						0.5						12,858
			Total non-controlled/affiliate company investments																																																113,818						3.4						87,084
			Controlled affiliate company investments(26)
			Debt investments
			IT Services
			MMan Acquisition Co.+(7)(23)			One stop						N/A												10.00%			PIK												08/2024						$	33,449					$	19,458					0.4			%			$	9,031
			MMan Acquisition Co.+(23)			One stop						N/A												8.00%			PIK												08/2024						1,716						1,716						0.1						1,579
			MMan Acquisition Co.+(23)			One stop						N/A												12.00%			PIK												08/2024						952						952						—						952
			MMan Acquisition Co.+(23)			One stop						N/A												12.00%			PIK												08/2024						275						275						—						275
			MMan Acquisition Co.+(23)			One stop						N/A												12.00%			PIK												08/2024						953						953						—						953
			Total controlled affiliate company debt investments																																										37,345						23,354						0.5						12,790
			Total controlled affiliate company investments																																																23,354						0.5						12,790
			Total investments																																																5,593,836						216.5						5,516,613
			Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
			BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)																					5.23%			(27)																								$	28,774					1.1			%			$	28,774
			Allspring Treasury Plus Money Market Fund (CUSIP 94975H296)																					5.22%			(27)																								6,670						0.3						6,670
			Morgan Stanley Institutional Liquidity Funds Treasury Securities Portfolio (CUSIP 61747C525)																					5.21%			(27)																								37,378						1.5						37,378
			Total money market funds																																																72,822						2.9						72,822
			Total investments and money market funds																																																$	5,666,658					219.4			%			$	5,589,435

See Notes to Consolidated Financial Statements.

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

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

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

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

(b) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 8.50% as of September 30, 2023.

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

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

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

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

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

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

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

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

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

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

(m) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 5.47% as of September 30, 2023.

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

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

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

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

(6)The entire commitment was unfunded as of September 30, 2023. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.

(7)Loan was on non-accrual status as of September 30, 2023, meaning that the Company has ceased recognizing interest income on the loan.

(8)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2023, total non-qualifying assets at fair value represented 15.2% 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 Translation”.

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

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

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

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

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

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

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

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

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

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

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

See Notes to Consolidated Financial Statements.

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Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

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

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

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

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

(25)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns five percent or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the year ended September 30, 2023 were as follows:

Portfolio Company						Fair value as of September 30, 2022						Gross Additions(a)						Gross Reductions(b)												Net change in unrealized appreciation (depreciation)						Net realized gain (loss)									Fair value as of September 30, 2023						Interest, dividend and fee income
Abita Brewing Co. LLC						$	8,071					$	1,334					$	(728)											$	(2,141)					$	—								$	6,536					$	805
Bayside Opco, LLC						—						22,958						(619)												(295)						—									22,044						749
Benetech, Inc.						1,740						618						(710)												(295)						—									1,353						9
Elite Dental Partners LLC						20,689						4,308						(1,147)												(10,454)						—									13,396						1,005
Opening Day Borrower 111 LLC						—						25,387						(1,149)												200						—									24,438						—
Rubio's Restaurants, Inc.						13,174						4,943						(1,460)												(4,594)						—									12,063						1,922
Sloan Company, Inc.						6,318						38						(6,329)												(347)						320									—						344
Switchfly LLC						7,697						209						—												(652)						—									7,254						142
Total Non-Controlled Affiliates						$	57,689					$	59,795					$	(12,142)											$	(18,578)					$	320								$	87,084					$	4,976

(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.

(26)As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” of and “control” this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement) (“controlled affiliate”). Transactions related to investments in controlled affiliates for the year ended September 30, 2023 were as follows:

Portfolio Company						Fair value as of September 30, 2022						Gross Additions(a)						Gross Reductions(b)												Net change in unrealized appreciation (depreciation)						Net realized gain (loss)						Fair value as of September 30, 2023						Interest, dividend and fee income
MMan Acquisition Co.						$	14,073					$	3,527					$	(3,264)											$	(619)					$	(927)					$	12,790					$	307
Total Controlled Affiliates						$	14,073					$	3,527					$	(3,264)											$	(619)					$	(927)					$	12,790					$	307

(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.

(27)The rate shown is the annualized seven-day yield as of September 30, 2023.

See Notes to Consolidated Financial Statements.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 1. Organization

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

The Company’s investment strategy is to invest primarily in one stop (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by other middle-market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies that are, in most cases, sponsored by private equity firms. The Company also selectively invests in second lien and subordinated (a loan that ranks senior only to a borrower’s equity securities and ranks junior to all of such borrower’s other indebtedness in priority of payment) loans of, and warrants and minority equity securities in, U.S. middle-market companies. The Company has entered into the Fifth Amended and Restated Investment Advisory Agreement effective as of June 3, 2024 (the “Investment Advisory Agreement” or “Post-GBDC 3 Merger Advisory Agreement”) with GC Advisors LLC (the “Investment Adviser”), under which the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company. Under an administration agreement (the “Administration Agreement”) the Company is provided with certain services by an administrator (the “Administrator”), which is currently Golub Capital LLC.

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 “GCIC 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, the Investment Adviser, and, for certain limited purposes, the Administrator.

On June 3, 2024, the Company completed its acquisition of Golub Capital BDC 3, Inc. (“GBDC 3”), a Maryland corporation pursuant to that certain Agreement and Plan of Merger (as amended, the “GBDC 3 Merger Agreement”), dated as of January 16, 2024, by and among the Company, GBDC 3, Park Avenue Subsidiary Inc., a Maryland corporation and wholly owned subsidiary of the Company (“Merger Sub”), GC Advisors, a Delaware limited liability company and investment adviser to each of the Company and GBDC 3, and, for certain limited purposes, Golub Capital LLC. Pursuant to the Merger Agreement, Merger Sub was first merged with and into GBDC 3, with GBDC 3 as the surviving corporation (the “Initial GBDC 3 Merger”), and immediately following the Initial Merger, GBDC 3 was then merged with and into the Company, with the Company as the surviving company (the Initial Merger and the subsequent merger, collectively, the “GBDC 3 Merger”). Upon consummation of the GBDC 3 Merger, the Company entered into the Investment Advisory Agreement. The Investment Advisory Agreement replaced the Fourth Amended and Restated Investment Advisory Agreement by and between the Company and the Investment Adviser dated as of July 1, 2023 (the “Prior Investment Advisory Agreement”). Refer to Note 3 for more information on the Investment Advisory Agreement and the Prior Investment Advisory Agreement and refer to Note 13. Acquisition of Golub Capital BDC 3, Inc. for discussion of the GBDC 3 Merger.

Note 2. Significant Accounting Policies and Recent Accounting Updates

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

The accompanying unaudited interim consolidated financial statements of the Company and related financial information have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) as established by the Financial Accounting Standards Board (“FASB”) for 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.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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, 2023, 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 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 interim 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 listed in the table below in its consolidated financial statements:

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Entity Name			Abbreviation
Golub Capital BDC CLO III Depositor LLC			(“2018 CLO Depositor”)
Golub Capital BDC CLO III LLC			(“2018 Issuer”)
Golub Capital BDC Holdings, LLC			(“BDC Holdings”)
GCIC Holdings LLC			(“GCIC Holdings”)
GCIC CLO II Depositor LLC			(“GCIC 2018 CLO Depositor”)
GCIC CLO II LLC			(“GCIC 2018 Issuer”)
GCIC Funding LLC			(“GCIC Funding”)
GBDC Holdings Coinvest, Inc.
GBDC Holdings ED Coinvest, Inc.
GCIC North Haven Stack Buyer Coinvest, Inc.
GCIC Quick Quack Coinvest LLC
GBDC Quick Quack Coinvest LLC
Golub Capital 3 Holdings LLC			(“GBDC 3 Holdings”)
GBDC 3 Funding LLC			(“GBDC 3 Funding”)
Golub Capital BDC 3 CLO 1 Depositor LLC			(“GBDC 3 2021 CLO Depositor”)
Golub Capital BDC 3 CLO 1 LLC			(“GBDC 3 2021 Issuer”)
Golub Capital BDC 3 ABS 2022-1 Depositor LLC			(“GBDC 3 2022 ABS 2022-1 Depositor”)
Golub Capital BDC 3 ABS 2022-1 LLC			(“GBDC 3 2022 Issuer”)
Golub Capital BDC 3 CLO 2 Depositor LLC			(“GBDC 3 2022 CLO 2 Depositor”)
Golub Capital BDC 3 CLO 2 LLC			(“GBDC 3 2022-2 Issuer”)
GBDC 3 Holdings Coinvest, Inc.
GBDC 3 Holdings ED Coinvest, Inc.
GCBH 3 North Haven Stack Buyer Coinvest Inc.
GBDC 3 Quick Quack Coinvest 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, GCIC 2018 Issuer, GBDC 3 Holdings, GBDC 3 Funding, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer and the GBDC 3 2022-2 Issuer, that are consolidated in the Company’s consolidated financial statements. The creditors of the special purpose entities have received security interests in such assets and such assets are not intended to be available to the creditors of GBDC (or any affiliate of GBDC).

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

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. Non-U.S. dollar transactions during the period are valued at the prevailing spot rates on the applicable transaction date and the related assets and liabilities are revalued at the prevailing spot rates as of period-end.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Net assets and fair values are presented based on the applicable foreign exchange rates and fluctuations arising from the translation of assets 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.

Derivative Instruments:

The Company follows the guidance in ASC Topic 815, Derivatives and Hedging (“ASC Topic 815”), when accounting for derivative instruments.

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.

Interest rate swaps: The Company designated interest rate swaps as the hedging instrument in qualifying fair value hedge accounting relationships, and as a result, the change in fair value of the hedging instruments and hedged items are recorded in interest expense and recognized as components of “interest expense” in the Company’s Consolidated Statement of Operations. The fair value of the interest rate swaps is included as a component of “Accounts payable and other liabilities” on the Company's Consolidated Statements of Financial Condition. Refer to Note 5 for more information regarding the interest rate swaps.

Revenue recognition:

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

Loan origination fees, original issue discount and market discount or premium are capitalized, and the Company accretes or amortizes such amounts over the life of the loan as interest income. For the three and nine months ended June 30, 2024, interest income included $6,632 and $16,489, respectively, of accretion of discounts. For the three and nine months ended June 30, 2023, interest income included $4,660 and $15,351, respectively, of accretion of discounts. For the three and nine months ended June 30, 2024, the Company received loan origination fees of $6,300 and $10,298, respectively. For the three and nine months ended June 30, 2023, the Company received loan origination fees of $2,663 and $14,049, respectively.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

For investments with contractual payment-in-kind (“PIK”) interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, the Company will not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not collectible. For the three and nine months ended June 30, 2024, investment income included $10,177 and $33,805, respectively, of PIK interest and the Company capitalized PIK interest of $11,245 and $36,551, respectively, into the principal balance of certain debt investments. For the three and nine months ended June 30, 2023, investment income included $9,587 and $27,270, respectively, of PIK interest and the Company capitalized PIK interest of $10,405 and $27,660, respectively, into the principal balance of certain debt investments.

In addition, the Company generates revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, consulting fees, administrative agent fees, and prepayment premiums on loans. The Company records these fees as fee income when earned. For the three and nine months ended June 30, 2024, fee income included $162 and $338 from non-recurring prepayment premiums, respectively. For the three months ended June 30, 2023, there was no fee income from non-recurring prepayment premiums. For the nine months ended June 30, 2023, fee income included $79 from non-recurring prepayment premiums. Other income is recorded into income when earned.

For the three and nine months ended June 30, 2024, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of $132,038 and $417,195, respectively. For the three and nine months ended June 30, 2023, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of $139,293 and $380,046, respectively.

Dividend income on equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. The Company has certain preferred equity securities in the portfolio that contain a PIK dividend provision that are accrued and recorded as income at the contractual rates, if deemed collectible. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the issuer.

For the three and nine months ended June 30, 2024, the Company recognized PIK and non-cash dividend income of $5,287 and $13,890, respectively, which were capitalized into the cost basis of certain preferred equity investments. For the three and nine months ended June 30, 2023, the Company recognized PIK and non-cash dividend income of $3,723 and $10,767, respectively, which were capitalized into the cost basis of certain preferred equity investments. For the three and nine months ended June 30, 2024, the Company received $47 of cash payments of accrued and capitalized preferred dividends. For the three and nine months ended June 30, 2023, the Company received no cash payments of accrued and capitalized preferred dividends in cash.

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

For the three and nine months ended June 30, 2024, the Company recorded dividend income received in cash of $418 and $555, respectively, and return of capital distributions received in cash of $733 and $1,551, respectively. For the three and nine months ended June 30, 2023 the Company recorded dividend income received in cash of $334 and $1,329, respectively and return of capital distributions received in cash of $212 and $295, 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 investment transactions in the Consolidated Statements of Operations.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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 $70,292 and $62,937 as of June 30, 2024 and September 30, 2023, respectively.

Purchase accounting: Pursuant to the GCIC Merger Agreement, the GCIC Merger Sub was first merged with and into GCIC, with GCIC as the surviving company (the “Initial GCIC Merger”), and, immediately following the Initial GCIC Merger, GCIC was then merged with and into the Company, with the Company as the surviving company (the Initial GCIC Merger and the subsequent merger, collectively, the “GCIC Merger”). Pursuant to the GBDC 3 Merger Agreement, the GBDC 3 Merger Sub was first merged with and into GBDC 3, with GBDC 3 as the surviving company in the Initial GBDC 3 Merger and, immediately following the Initial GBDC 3 Merger, GBDC 3 was then merged with and into the Company, with the Company as the surviving company. The GCIC Merger and the GBDC 3 Merger were 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 the asset acquisition method of 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 non-cash 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 or GBDC 3’s stockholders exceeded the relative fair values of the net identifiable assets of GCIC or GBDC 3 acquired other than “non-qualifying” assets, any such premium paid by the Company was further allocated to the cost of the GCIC or GBDC 3 assets acquired by the Company pro-rata to their relative fair value, other than “non-qualifying” assets. As both GCIC and GBDC 3 did not have any “qualifying” assets at the time of acquisition, the premium was allocated to “non-qualifying” assets, which are GCIC and GBDC 3’s investments in loans and equity securities, including its investment in GCIC SLF. Immediately following the acquisitions of GCIC and GBDC 3, 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 and GBDC 3 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 and GBDC 3 through their ultimate disposition. Amortization expense of purchase premium for the three and nine months ended June 30, 2024 was $3,086 and $5,493, respectively. Amortization expense of purchase premium for the three and nine months ended June 30, 2023 was $1,570 and $5,357, 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 or GBDC 3 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 or GBDC 3.

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.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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. For the three and nine months ended June 30, 2024, $125 and $1,124, respectively, was recorded for U.S. federal excise tax. For the three months ended June 30, 2023, the company did not record any U.S. federal excise tax. For the nine months ended June 30, 2023, $2,432 was recorded for U.S. federal excise tax.

The Company accounts for income taxes in conformity with ASC Topic 740 — Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense or tax benefit in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized tax benefits or unrecognized tax liabilities related to uncertain income tax positions through June 30, 2024. The Company's tax returns for the 2021 through 2023 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. For the three months ended June 30, 2024, the Company did not record any U.S. income taxes. For the nine months ended June 30, 2024, $71 was recorded for U.S. income taxes. For the three and nine months ended June 30, 2023, the Company did not record any U.S. income taxes.

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

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

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

Share repurchase plan: The Company has a share repurchase program (the “Program”) which allows the Company to repurchase the Company’s outstanding common stock on the open market at prices below the Company’s NAV as reported in its most recently published consolidated financial statements. The Board reapproved the Program in August 2024 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. Refer to Note 11 for more information on the share repurchases under the Program.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Equity Distribution Agreement: On October 6, 2023, the Company entered into a new equity distribution agreement (the “2023 Equity Distribution Agreement”), by and among the Company, the Investment Adviser, Golub Capital LLC and Keefe, Bruyette & Woods, Inc. and Regions Securities LLC (the “Placement Agents”), 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 2023 Equity Distribution Agreement provides that the Company may offer and sell shares from time to time through, or to, the Placement Agents, 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 2023 Equity Distribution Agreement, the Placement Agents will receive a commission from the Company of up to 1.50% of the gross sales price of any shares sold through the Placement Agents under the 2023 Equity Distribution Agreement. Offering costs for the 2023 Equity Distribution Agreement are charged against the proceeds from equity offerings when proceeds are received. During the three months ended December 31, 2023, the Company terminated the equity distribution agreement entered into on May 28, 2021 by and among the Company, the Investment Adviser, Golub Capital LLC and SMBC Nikko Securities America, Inc. (the “2021 Equity Distribution Agreement”). During the three and nine months ended June 30, 2024 and 2023, the Company did not issue any shares of common stock under the 2021 or 2023 Equity Distribution Agreements.

Deferred debt issuance costs: Deferred debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of June 30, 2024 and September 30, 2023, the Company had deferred debt issuance costs of $22,232 and $15,613, respectively.

These amounts are amortized and included in interest expense in the Consolidated Statements of Operations over the estimated average life of the borrowings. Amortization expense for deferred debt issuance costs for the three and nine months ended June 30, 2024 was $2,214 and $6,869, respectively. Amortization expense for deferred debt issuance costs for the three and nine months ended June 30, 2023 was $1,937 and $5,362, 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.

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 approved the Investment Advisory Agreement on June 3, 2024. The Investment Advisory Agreement amended the Prior Investment Advisory Agreement in order to incorporate changes to the calculation of the incentive fee rates and the incentive fee cap. Under the Investment Advisory Agreement, the incentive fee rates were reduced from 20.0% to 15.0%, and the incentive fee cap was reduced from 20.0% to 15.0%. None of the other material terms changed in the Investment Advisory Agreement as compared to the Prior Investment Advisory Agreement, including the services to be provided and the calculation of the base management fee. The Investment Advisory Agreement was entered into and effective as of June 3, 2024, the closing of the GBDC 3 Merger. On August 3, 2023, effective as of July 1, 2023, the Board approved the Prior Investment Advisory Agreement, pursuant to which the base management fee rate was reduced from 1.375% to 1.0%. 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 1.0% (or 1.375% for periods ending on or before June 30, 2023) of the fair value of the average adjusted gross assets of the Company at the end of the two most recently completed calendar quarters (including assets purchased with borrowed funds and securitization-related

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

The Investment Adviser serves as collateral manager under the 2018 Collateral Management Agreement (as described in Note 7), the GCIC 2018 Collateral Management Agreement (as described in Note 7), the 2021 Collateral Management Agreement (as described in Note 7), the 2022 Collateral Management Agreement (as described in Note 7) and the 2022-2 Collateral Management Agreement (as described 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.

The base management fee incurred for the three and nine months ended June 30, 2024 was $14,362 and $41,980, respectively. The base management fee incurred for the three and nine months ended June 30, 2023 was $18,997 and $56,747, respectively.

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 15.0% 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) 15.0% 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 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.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

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

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

For the three and nine months ended June 30, 2024, the Income Incentive Fee incurred was $14,400 and $56,311, respectively. For the three and nine months ended June 30, 2023, the Income Incentive Fee incurred was $18,857 and $52,844, respectively.

On January 16, 2024, the Investment Adviser agreed to irrevocably waive any incentive fees in excess of 15% and waive incentive fees in excess of an incentive fee cap that is also reduced to 15%, in each case effective as of January 1, 2024, for periods ending on or prior to the earlier of (i) the closing of the acquisition of GBDC 3 pursuant to the GBDC 3 Merger Agreement or (ii) the termination of the GBDC 3 Merger Agreement (the “Waiver Period”), in accordance with the terms of a waiver letter agreement (the “GBDC 3 Merger Waiver”) to the Prior Investment Advisory Agreement. During the Waiver Period, as a result of the GBDC 3 Merger Waiver, fees payable to the Investment Adviser under the Prior Investment Advisory Agreement, net of the GBDC 3 Merger Waiver, will equal those that would be payable under the Post-GBDC 3 Merger Advisory Agreement.

In addition, the Investment Adviser unilaterally agreed to irrevocably waive 100% of the Income Incentive Fee payable to the Investment Adviser under the Investment Advisory Agreement for the three months ended June 30, 2024.

For the three and nine months ended June 30, 2024, the Investment Adviser irrevocably waived $14,400 and $19,557 of income incentive fees, respectively. For the three and nine months ended June 30, 2023, there was no Income Incentive Fee irrevocably waived.

The Investment Advisory Agreement excludes the impact of purchase accounting resulting from a merger, including the GCIC Merger and GBDC 3 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 and GBDC 3 common stock in the GCIC Merger and GBDC 3 Merger. Because of the structure of the Income Incentive Fee, it is possible that an Incentive Fee is calculated under this formula with respect to a period in which the Company has incurred a loss. For example, if the Company receives Pre-Incentive Fee Net Investment Income in excess of the hurdle rate (as defined below) for a calendar quarter, the Income Incentive Fee will result in a positive value and an Incentive Fee will be paid even if the Company has incurred a loss in such period due to realized and/or unrealized capital losses unless the payment of such Incentive Fee would cause the Company to pay Incentive Fees on a cumulative basis that exceed the Incentive Fee Cap.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company’s net assets (defined as total assets less indebtedness and before taking into account any Incentive Fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed “hurdle rate” of 2.0% quarterly.

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 the Company’s total assets (excluding cash and cash equivalents but including assets purchased with borrowed funds and securitization-related assets, unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit with custodian) used to calculate the base management fee annual rate.

For periods ending on or before March 31, 2024, 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.

For periods ending after June 3, 2024, including the three months ended June 30, 2024, 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 the percentage at which amounts payable to the Adviser equals 15.0% of the Company's Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply. This portion of the Company’s Pre-Incentive Fee Net Investment Income is referred to as the “catch-up” provision. The catch-up is meant to provide the Investment Adviser with 15.0% of the Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply; and

•15.0% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds the catch-up provision in any calendar quarter.

The Capital Gain Incentive Fee equals (a) 15.0% 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 (A) realized capital gains, if any, on a cumulative positive basis from the date the Company elected to become a BDC through the end of each calendar year, (B) all realized capital losses on a cumulative basis and (C) all unrealized capital depreciation on a cumulative basis less (2) all unamortized deferred debt issuance costs, if and to the extent such costs exceed all unrealized capital appreciation on a cumulative basis.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

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

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

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

For the three and nine months ended June 30, 2024 and 2023, the Company did not accrue a Capital Gain Incentive Fee. As of June 30, 2024 and September 30, 2023, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement as described above. Any payment due for a Capital Gain Incentive Fee under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year.

In accordance with GAAP, the Company also is required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee on a quarterly basis as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement, as applicable. If the Capital Gain Incentive Fee Base, adjusted as required by GAAP to include unrealized capital appreciation, is positive at the end of a period, then GAAP requires the Company to accrue a capital gain incentive fee equal to 15% 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 nine months ended June 30, 2024 and 2023, the Company did not accrue a capital gain incentive fee under GAAP. Changes in the accrual for the capital gain incentive fee under GAAP are included in incentive fee in the Consolidated Statements of Operations. As of both June 30, 2024 and September 30, 2023, 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.

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 $3,123 and $2,118 as of June 30, 2024 and September 30, 2023, respectively, for accrued allocated shared services under the Administration Agreement. As of June 30, 2024, also included in accounts payable and other liabilities is $1,305 of accrued allocated shared service fees payable to the Administrator that was assumed from GBDC 3 in the GBDC 3 Merger.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

Total expenses reimbursed to the Administrator during the three and nine months ended June 30, 2024 were $5,716 and $9,752, respectively. Total expenses reimbursed to the Administrator during the three and nine months ended June 30, 2023 were $3,976 and $7,192, respectively.

As of June 30, 2024 and September 30, 2023, included in accounts payable and other liabilities were $3,205 and $2,017, respectively, for expenses paid on behalf of the Company by the Administrator. As of June 30, 2024, also included in accounts payable and other liabilities was $423 of expenses paid on behalf of GBDC 3 by the administrator which were assumed in the GBDC 3 Merger.

As of June 30, 2024, included in accounts payable and other liabilities were $4,271 for an income incentive fee and $4,651 for base management fees each of which were payable by GBDC 3 pursuant to its investment advisory agreement with the Investment Adviser and which were assumed in the GBDC 3 Merger. The investment advisory agreement between the Investment Adviser and GBDC 3 was terminated in connection with the closing of the GBDC 3 Merger.

The Company is party to an unsecured revolving credit facility with the Investment Adviser (as amended, the “Adviser Revolver”) which, as of June 30, 2024 permits the Company to borrow a maximum of $200,000 and expires on June 15, 2025. As of September 30, 2023, the Company was permitted to borrow a maximum of $100,000 under the Adviser Revolver. Refer to Note 7 Borrowings for discussion of the Adviser Revolver.

Effective June 3, 2024, the Company assumed, as a result of the GBDC 3 Merger, an unsecured revolving credit facility with the Investment Adviser (“GBDC 3 Adviser Revolver”) that had a credit limit of $100,000. The GBDC 3 Adviser Revolver was terminated on June 11, 2024.

On June 3, 2024, the Company completed its acquisition of GBDC 3. Refer to Note 13 for more information regarding the GBDC 3 Merger.

Note 4. Investments

Investments as of June 30, 2024 and September 30, 2023 consisted of the following:

			As of June 30, 2024																		As of September 30, 2023
			Principal						Amortized Cost						Fair Value						Principal						Amortized Cost						Fair Value
Senior secured			$	572,956					$	574,913					$	567,375					$	518,721					$	527,449					$	503,985
One stop			6,907,436						6,863,356						6,734,334						4,812,987						4,763,128						4,678,099
Second lien			17,364						16,345						13,298						32,173						33,514						29,154
Subordinated debt			27,535						27,085						26,972						8,907						7,866						7,945
Equity			N/A						484,189						525,535						N/A						261,879						297,430
Total			$	7,525,291					$	7,965,888					$	7,867,514					$	5,372,788					$	5,593,836					$	5,516,613

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

			As of June 30, 2024												As of September 30, 2023
Amortized Cost:
United States
Mid-Atlantic			$	1,367,833					17.2		%				$	936,563					16.7		%
Midwest			1,503,978						18.9						1,061,739						19.0
West			1,295,075						16.2						895,353						16.0
Southeast			1,577,148						19.8						1,092,833						19.6
Southwest			712,767						8.9						487,270						8.7
Northeast			672,484						8.4						461,711						8.3
Canada			164,741						2.1						170,492						3.1
United Kingdom			396,102						5.0						308,977						5.5
Australia			20,883						0.3						17,050						0.3
Luxembourg			58,195						0.7						29,523						0.5
Netherlands			94,951						1.2						80,112						1.4
Finland			52,584						0.7						30,455						0.5
Sweden			32,627						0.4						18,099						0.3
Israel			855						0.0		*				508						0.0		*
Denmark			4,847						0.1						3,151						0.1
Germany			10,818						0.1						—						—
Total			$	7,965,888					100.0		%				$	5,593,836					100.0		%
Fair Value:
United States
Mid-Atlantic			$	1,364,993					17.3		%				$	937,002					17.0		%
Midwest			1,479,360						18.8						1,046,284						19.0
West			1,279,228						16.3						887,364						16.1
Southeast			1,571,296						20.0						1,094,393						19.8
Southwest			704,477						8.9						484,949						8.8
Northeast			659,842						8.4						448,383						8.1
Canada			159,083						2.0						161,668						2.9
United Kingdom			383,013						4.9						287,313						5.2
Australia			20,071						0.3						16,075						0.3
Luxembourg			57,310						0.7						28,486						0.5
Netherlands			84,626						1.1						69,730						1.3
Finland			54,462						0.7						32,488						0.6
Sweden			33,118						0.4						18,650						0.3
Israel			999						0.0		*				612						0.0		*
Denmark			4,906						0.1						3,216						0.1
Germany			10,730						0.1						—						—
Total			$	7,867,514					100.0		%				$	5,516,613					100.0		%

* Represents an amount less than 0.1%

The industry compositions of the portfolio at amortized cost and fair value as of June 30, 2024 and September 30, 2023 were as follows:

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

			As of June 30, 2024												As of September 30, 2023
Amortized Cost:
Aerospace and Defense			$	36,840					0.5		%				$	24,860					0.4		%
Airlines			8,738						0.1						955						0.0		*
Auto Components			47,984						0.6						41,234						0.7
Automobiles			390,793						4.9						273,381						4.9
Banks			2,054						0.0		*				—						—
Beverages			82,509						1.0						53,386						1.0
Biotechnology			1,990						0.0		*				1,769						0.0		*
Building Products			69,947						0.9						18,282						0.3
Capital Markets			2,565						0.0		*				—						—
Chemicals			122,434						1.5						87,729						1.6
Commercial Services and Supplies			181,589						2.3						156,336						2.8
Communications Equipment			16,517						0.2						11,448						0.2
Construction & Engineering			4,042						0.1						—						—
Containers and Packaging			107,125						1.3						46,372						0.8
Diversified Consumer Services			404,150						5.1						271,430						4.9
Diversified Financial Services			72,563						0.9						44,183						0.8
Diversified Telecommunication Services			2,213						0.0		*				1,601						0.0		*
Electrical Equipment			1,409						0.0		*				—						—
Electronic Equipment, Instruments and Components			33,638						0.4						24,389						0.4
Energy Equipment and Services			4,459						0.1						4,605						0.1
Food and Staples Retailing			43,471						0.6						62,592						1.1
Food Products			246,883						3.1						154,596						2.8
Healthcare Equipment and Supplies			248,519						3.1						136,283						2.4
Healthcare Providers and Services			554,495						7.0						468,748						8.4
Healthcare Technology			284,520						3.6						220,862						4.0
Hotels, Restaurants and Leisure			245,588						3.1						130,946						2.3
Household Durables			—						—						6,688						0.1
Household Products			7,091						0.1						5,410						0.1
Industrial Conglomerates			72,399						0.9						39,570						0.7
Insurance			422,260						5.3						247,825						4.4
Internet and Direct Marketing Retail			103,902						1.3						67,793						1.2
IT Services			370,506						4.7						270,772						4.8
Leisure Products			13,024						0.2						11,557						0.2
Life Sciences Tools & Services			115,161						1.4						72,065						1.3
Machinery			20,262						0.3						34,336						0.6
Marine			35,048						0.4						19,490						0.4
Media			13,915						0.2						6,351						0.1
Multiline Retail			43,402						0.5						45,113						0.8
Oil, Gas and Consumable Fuels			85,979						1.1						117,176						2.1
Paper and Forest Products			19,223						0.2						10,481						0.2
Personal Products			36,457						0.5						36,551						0.7
Pharmaceuticals			250,384						3.1						171,783						3.1
Professional Services			191,761						2.4						123,318						2.2
Real Estate Management and Development			208,309						2.6						131,488						2.4
Road and Rail			41,826						0.5						38,921						0.7
Software			2,092,953						26.3						1,462,611						26.2
Specialty Retail			473,440						5.9						313,197						5.6
Technology Hardware, Storage and Peripherals			7,013						0.1						23,546						0.4
Textiles, Apparel and Luxury Goods			44,569						0.6						44,256						0.8
Trading Companies and Distributors			55,285						0.7						38,403						0.7
Water Utilities			24,684						0.3						19,148						0.3
Total			$	7,965,888					100.0		%				$	5,593,836					100.0		%

* Represents an amount less than 0.1%.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

			As of June 30, 2024												As of September 30, 2023
Fair Value:
Aerospace and Defense			$	37,288					0.5		%				$	25,557					0.5		%
Airlines			8,547						0.1						917						0.0		*
Auto Components			45,566						0.6						39,648						0.7
Automobiles			388,200						4.9						270,598						4.9
Banks			2,034						0.0		*				—						—
Beverages			77,570						1.0						49,787						0.9
Biotechnology			754						0.0		*				1,315						0.0		*
Building Products			69,099						0.9						18,278						0.3
Capital Markets			2,547						0.0		*				—						—
Chemicals			106,609						1.4						75,851						1.4
Commercial Services and Supplies			182,830						2.3						159,232						2.9
Communications Equipment			16,430						0.2						11,358						0.2
Construction & Engineering			4,008						0.1						—						0.0
Containers and Packaging			105,715						1.3						45,597						0.8
Diversified Consumer Services			402,239						5.1						271,351						4.9
Diversified Financial Services			72,200						0.9						44,147						0.8
Diversified Telecommunication Services			2,225						0.0		*				1,612						0.0		*
Electrical Equipment			1,429						0.0		*				—						—
Electronic Equipment, Instruments and Components			34,510						0.4						24,967						0.5
Energy Equipment and Services			1,650						0.0		*				1,353						0.0		*
Food and Staples Retailing			43,680						0.6						56,675						1.0
Food Products			248,660						3.2						158,312						2.9
Healthcare Equipment and Supplies			242,319						3.1						132,677						2.4
Healthcare Providers and Services			539,793						6.9						451,795						8.2
Healthcare Technology			286,947						3.7						222,984						4.1
Hotels, Restaurants and Leisure			245,117						3.1						132,972						2.4
Household Durables			—						—						6,891						0.1
Household Products			7,079						0.1						5,217						0.1
Industrial Conglomerates			71,603						0.9						39,056						0.7
Insurance			419,983						5.3						246,424						4.5
Internet and Direct Marketing Retail			108,565						1.4						70,228						1.3
IT Services			362,114						4.6						260,877						4.7
Leisure Products			14,383						0.2						13,162						0.3
Life Sciences Tools & Services			114,175						1.5						72,077						1.3
Machinery			19,801						0.3						33,082						0.6
Marine			34,874						0.4						19,053						0.4
Media			13,685						0.2						6,179						0.1
Multiline Retail			42,780						0.5						45,138						0.8
Oil, Gas and Consumable Fuels			86,080						1.1						117,897						2.2
Paper and Forest Products			18,994						0.2						9,991						0.2
Personal Products			34,633						0.4						34,489						0.6
Pharmaceuticals			243,574						3.1						162,335						2.9
Professional Services			192,723						2.4						123,807						2.2
Real Estate Management and Development			205,668						2.6						128,483						2.3
Road and Rail			41,686						0.5						39,047						0.7
Software			2,068,581						26.3						1,455,863						26.4
Specialty Retail			469,811						6.0						308,126						5.6
Technology Hardware, Storage and Peripherals			6,518						0.1						23,350						0.4
Textiles, Apparel and Luxury Goods			44,781						0.6						43,696						0.8
Trading Companies and Distributors			52,674						0.7						36,734						0.7
Water Utilities			24,783						0.3						18,428						0.3
Total			$	7,867,514					100.0		%				$	5,516,613					100.0		%

* Represents an amount less than 0.1%.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 5. Derivatives

The Company enters into derivatives from time to time to help mitigate its foreign currency and interest rate risk exposures.

Forward Currency Contracts

The outstanding forward currency contracts as of June 30, 2024 and September 30, 2023 were as follows:

As of June 30, 2024
Counterparty						Currency to be sold									Currency to be purchased									Settlement date						Unrealized appreciation ($)						Unrealized depreciation ($)
Macquarie Bank Limited						$	10,800		CAD						$	8,235		USD						7/15/2024						$	339					$	—
Macquarie Bank Limited						$	15,600		CAD						$	12,236		USD						8/27/2024						813						—
Macquarie Bank Limited						$	30,000		CAD						$	23,399		USD						8/27/2024						1,432						—
Macquarie Bank Limited						£	4,500		GBP						$	6,182		USD						8/27/2024						487						—
Macquarie Bank Limited						£	25,000		GBP						$	34,298		USD						8/27/2024						2,660						—
Macquarie Bank Limited						$	22,600		CAD						$	17,739		USD						8/30/2024						1,188						—
Macquarie Bank Limited						£	20,550		GBP						$	28,297		USD						9/3/2024						2,287						—
Macquarie Bank Limited						$	6,000		CAD						$	4,717		USD						9/4/2024						322						—
Macquarie Bank Limited						£	6,500		GBP						$	8,567		USD						9/5/2024						343						—
Macquarie Bank Limited						$	5,558		CAD						$	4,365		USD						9/27/2024						291						—
SMBC Capital Markets, Inc.						€	9,300		EUR						$	10,203		USD						9/30/2024						193						—
Macquarie Bank Limited						£	15,000		GBP						$	20,258		USD						9/30/2024						1,266						—
Macquarie Bank Limited						£	16,290		GBP						$	21,848		USD						9/30/2024						1,226						—
Macquarie Bank Limited						€	14,650		EUR						$	17,567		USD						11/12/2024						1,741						—
Macquarie Bank Limited						$	5,200		CAD						$	4,245		USD						12/9/2024						420						—
Macquarie Bank Limited						€	12,400		EUR						$	14,586		USD						12/23/2024						1,163						—
Macquarie Bank Limited						€	7,900		EUR						$	8,682		USD						2/5/2025						125						—
Macquarie Bank Limited						€	26,000		EUR						$	31,803		USD						2/27/2025						3,501						—
Macquarie Bank Limited						£	5,600		GBP						$	7,321		USD						3/17/2025						223						—
Macquarie Bank Limited						£	13,945		GBP						$	19,149		USD						3/31/2025						1,436						—
Macquarie Bank Limited						$	7,000		CAD						$	5,386		USD						7/18/2025						216						—
Macquarie Bank Limited						€	20,700		EUR						$	22,363		USD						7/21/2025						—						(210)
Macquarie Bank Limited						€	10,100		EUR						$	10,918		USD						7/21/2025						—						(96)
Macquarie Bank Limited						£	8,750		GBP						$	10,667		USD						7/21/2025						—						(394)
Macquarie Bank Limited						€	16,100		EUR						$	17,902		USD						7/30/2025						312						—
SMBC Capital Markets, Inc.						€	22,000		EUR						$	24,594		USD						1/20/2026						360						—
SMBC Capital Markets, Inc.						€	23,750		EUR						$	26,543		USD						1/20/2026						382						—
Macquarie Bank Limited						€	3,900		EUR						$	4,371		USD						1/30/2026						74						—
SMBC Capital Markets, Inc.						$	7,400		CAD						$	5,533		USD						2/2/2026						50						—
Macquarie Bank Limited						£	21,900		GBP						$	27,811		USD						2/2/2026						61						—
Macquarie Bank Limited						$	26,100		AUD						$	17,179		USD						2/5/2026						—						(293)
Macquarie Bank Limited						€	35,000		EUR						$	39,008		USD						2/5/2026						457						—
SMBC Capital Markets, Inc.						£	21,900		GBP						$	27,746		USD						2/5/2026						—						(10)
																														$	23,368					$	(1,003)

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

As of September 30, 2023
Counterparty						Currency to be sold									Currency to be purchased									Settlement date						Unrealized appreciation ($)						Unrealized depreciation ($)
Macquarie Bank Limited						$	15,600		CAD						$	12,236		USD						8/27/2024						$	676					$	—
Macquarie Bank Limited						$	30,000		CAD						$	23,399		USD						8/27/2024						1,174						—
Macquarie Bank Limited						£	25,000		GBP						$	34,298		USD						8/27/2024						3,570						—
Macquarie Bank Limited						$	22,600		CAD						$	17,739		USD						8/30/2024						991						—
Macquarie Bank Limited						£	20,550		GBP						$	28,297		USD						9/3/2024						3,032						—
Macquarie Bank Limited						€	26,000		EUR						$	31,803		USD						2/27/2025						3,397						—
Macquarie Bank Limited						£	13,945		GBP						$	19,149		USD						3/31/2025						1,968						—
Macquarie Bank Limited						$	7,000		CAD						$	5,386		USD						7/18/2025						203						—
Macquarie Bank Limited						€	10,100		EUR						$	10,918		USD						7/21/2025						—						(70)
																														$	15,011					$	(70)

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 each of its derivative counterparties, Macquarie Bank Limited (“Macquarie”) and SMBC Capital Markets, Inc. (“SMBC” and, together with Macquarie, the “Counterparties” and each a “Counterparty”). Each ISDA Master Agreement is a bilateral agreement between the Company and each Counterparty 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 each ISDA Master Agreements with each of the Counterparties permits 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 either Counterparty, 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 consolidated financial statements of the Company including: the fair value of derivatives by risk category, the location of those fair values on the Consolidated Statements of Financial Condition, and the Company’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Company as of June 30, 2024 and September 30, 2023.

As of June 30, 2024
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						$	22,383					$	(993)					$	21,390					$	—					$	21,390
SMBC Capital Markets, Inc.						Foreign exchange						985						(10)						975						—						975
												$	23,368					$	(1,003)					$	22,365											$	22,365

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

As of September 30, 2023
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						$	15,011					$	(70)					$	14,941					$	—					$	14,941

(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 not designated as an effective hedge accounting relationship for the three and nine months ended June 30, 2024 and 2023 on the Consolidated Statements of Operations, including realized and unrealized gains (losses) is summarized in the table below:

Realized gain (loss) on forward currency contracts recognized in income
Risk exposure category			Three months ended June 30,												Nine months ended June 30,
			2024						2023						2024						2023
Foreign exchange			$	624					$	2,021					$	624					$	3,192
Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income
Risk exposure category			Three months ended June 30,												Nine months ended June 30,
			2024						2023						2024						2023
Foreign exchange			$	2,972					$	(5,431)					$	1,589					$	(22,326)

The following table is a summary of the average outstanding daily volume for forward currency contracts for the three and nine months ended June 30, 2024 and 2023:

Average U.S. Dollar notional outstanding			Three months ended June 30,												Nine months ended June 30,
			2024						2023						2024						2023
Forward currency contracts			$	442,838					$	204,449					$	343,044					$	233,538

Interest Rate Swaps

In connection with the 2028 Notes (as defined in Note 7), the Company entered into interest rate swap agreements to more closely align the interest rate of such liability with its investment portfolio, which consists primarily of floating rate loans. Under the interest rate swap agreements, the Company (i) receives a fixed interest rate of 7.310% and pays a floating interest rate of one-month SOFR plus 3.327% on the first $225,000 of the 2028 Notes and (ii) receives a fixed interest rate of 7.310% and pays a floating interest rate of one-month SOFR plus 2.835% on the second $225,000 of the 2028 Notes. The Company designated these interest rate swaps and the 2028 Notes as a qualifying fair value hedge accounting relationship. See Note 7 for more information on the 2028 Notes.

In connection with the 2029 Notes (as defined in Note 7), the Company entered into an interest rate swap agreement to more closely align the interest rate of such liability with its investment portfolio, which consists primarily of floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 6.248% and pays a floating interest rate of one-month SOFR plus 2.444% on $600,000 of the 2029 Notes. The Company

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

designated this interest rate swap and the 2029 Notes as a qualifying fair value hedge accounting relationship. See Note 7 for more information on the 2029 Notes.

As of June 30, 2024, the counterparty to the Company’s interest rate swap agreements was SMBC.

As a result of the Company’s designation as a hedging instrument in a qualifying fair value hedge accounting relationship, the Company is required to fair value the hedging instrument and the related hedged item, with the changes in the fair value of each being recorded in interest expense. The net gain/(loss) related to the fair value hedge was $(5,763) and $(2,991) for the three and nine months ended June 30, 2024, which is included in “Interest expense” in the Company’s Consolidated Statement of Operations. The Statement of Financial Condition impact of fair valuing the interest rate swaps as of June 30, 2024 is presented below:

Derivative Instrument						Notional Amount						Maturity Date						Gross Amount of Recognized Assets						Gross Amount of Recognized Liabilities						Statement of Financial Condition Location of Amounts
Interest rate swap						$	225,000					11/5/2028						$	—					$	2,440					Accounts payable and other liabilities
Interest rate swap						$	225,000					11/5/2028						$	2,083					$	—					Accounts payable and other liabilities
Interest rate swap						$	600,000					6/15/2029						$	—					$	13,386					Accounts payable and other liabilities

The table below presents the carrying value of the 2028 and 2029 Notes as of June 30, 2024 that is designated in a qualifying hedging relationship and the related hedging adjustment (increase/(decrease)) from the current hedging relationship included in such carrying value:

Description						Carrying Value						Hedging Adjustment
2028 Notes						$	445,088					$	(636)
2029 Notes						$	583,629					$	(10,116)

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.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

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

In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the three and nine months ended June 30, 2024 and 2023. 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.

Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Board, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of the Board to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with approximately 25% (based on the number of portfolio companies) of the Company’s valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. All investments as of June 30, 2024 and September 30, 2023, with the exception of one portfolio company investment (Level 1 investments), were valued using Level 3 inputs. As of June 30, 2024 and September 30, 2023, all money market funds included in cash and cash equivalents and restricted cash and cash equivalents were valued using Level 1 inputs and all forward currency contracts and interest rate swaps were valued using Level 2 inputs.

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

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

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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.

The following tables present fair value measurements of the Company’s investments and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of June 30, 2024 and September 30, 2023:

As of June 30, 2024						Fair Value Measurements Using
Description						Level 1						Level 2						Level 3						Total
Assets, at fair value:
Debt investments(1)						$	—					$	—					$	7,341,979					$	7,341,979
Equity investments(1)						93						—						525,442						525,535
Money market funds(1)(2)						372,879						—						—						372,879
Forward currency contracts						—						23,368						—						23,368
Interest rate swaps						—						2,083						—						2,083
Total assets, at fair value:						$	372,972					$	25,451					$	7,867,421					$	8,265,844
Liabilities, at fair value:
Forward currency contracts						$	—					$	(1,003)					$	—					$	(1,003)
Interest rate swaps						—						(15,827)						—						(15,827)
Total liabilities, at fair value:						$	—					$	(16,830)					$	—					$	(16,830)

As of September 30, 2023						Fair Value Measurements Using
Description						Level 1						Level 2						Level 3						Total
Assets, at fair value:
Debt investments(1)						$	—					$	—					$	5,219,183					$	5,219,183
Equity investments(1)						100						—						297,330						297,430
Money market funds(1)(2)						72,822						—						—						72,822
Forward currency contracts						—						15,011						—						15,011
Total assets, at fair value:						$	72,922					$	15,011					$	5,516,513					$	5,604,446
Liabilities at fair value:
Forward currency contracts						$	—					$	(70)					$	—					$	(70)
Total liabilities, at fair value:						$	—					$	(70)					$	—					$	(70)

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

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

The net change in unrealized appreciation (depreciation) for the three and nine months ended June 30, 2024 reported within the net change in unrealized appreciation (depreciation) on investments in the Company's Consolidated Statements of Operations attributable to the Company's Level 3 assets held as of June 30, 2024 was $(61,787) and $(37,732), respectively. The net change in unrealized appreciation (depreciation) for the three and nine months ended June 30, 2023 reported within the net change in unrealized appreciation (depreciation) on investments in the Company's Consolidated Statements of Operations attributable to the Company's Level 3 assets held as of June 30, 2023 and was $9,785 and $(293), respectively.

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following tables present the changes in investments measured at fair value using Level 3 inputs for the nine months ended June 30, 2024 and 2023:

			For the nine months ended June 30, 2024
			Debt Investments						Equity Investments						Total Investments
Fair value, beginning of period			$	5,219,183					$	297,330					$	5,516,513
Net change in unrealized appreciation (depreciation) on investments			(41,400)						5,803						(35,597)
Net translation of investments in foreign currencies			14,457						(2)						14,455
Realized gain (loss) on investments			(51,729)						2,224						(49,505)
Realized gain (loss) on translation of investments in foreign currencies			(6,831)						—						(6,831)
Fundings of (proceeds from) revolving loans, net			4,658						—						4,658
Fundings of investments			484,277						70,244						554,521
PIK interest and non-cash dividends			36,551						13,890						50,441
Proceeds from non-cash dividends			—						(47)						(47)
Proceeds from principal payments and sales of portfolio investments			(855,953)						(11,280)						(867,233)
Transfer in - GBDC 3 Merger			2,527,770						147,280						2,675,050
Accretion of discounts and amortization of premiums			10,996						—						10,996
Fair value, end of period			$	7,341,979					$	525,442					$	7,867,421

			For the nine months ended June 30, 2023
			Debt Investments						Equity Investments						Total Investments
Fair value, beginning of period			$	5,168,537					$	277,819					$	5,446,356
Net change in unrealized appreciation (depreciation) on investments			11,678						(16,761)						(5,083)
Net translation of investments in foreign currencies			47,721						103						47,824
Realized gain (loss) on investments			(48,084)						1,529						(46,555)
Realized gain (loss) on translation of investments in foreign currencies			(1,402)						—						(1,402)
Funding of (proceeds from) revolving loans, net			2,449						—						2,449
Fundings of investments			556,489						27,244						583,733
PIK interest and non-cash dividends			27,660						10,767						38,427
Proceeds from principal payments and sales of portfolio investments			(534,196)						(16,647)						(550,843)
Accretion of discounts and amortization of premiums			9,994						—						9,994
Fair value, end of period			$	5,240,846					$	284,054					$	5,524,900

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of June 30, 2024 and September 30, 2023.

    

Quantitative Information about Level 3 Fair Value Measurements

Fair value as of June 30, 2024

Valuation Techniques

Unobservable Input

Range (Weighted Average) (1)

Assets:

Senior secured loans(2)

$

567,375

Yield analysis

Market interest rate

7.5% - 15.5% (10.5%)

Market comparable companies

EBITDA multiples

2.1x - 33.3x (12.9x)

One stop loans(3)(4)

$

6,681,549

Yield analysis

Market interest rate

7.0% - 19.3% (10.8%)

Market comparable companies

EBITDA multiples

2.8x - 39.0x (16.1x)

Revenue multiples

1.0x - 18.4x (8.3x)

52,785

Broker/dealer bids or quotes

Broker/dealer bids or quotes

N/A

Subordinated debt and second lien loans

$

40,270

Yield analysis

Market interest rate

9.3% - 15.8% (13.1%)

Market comparable companies

EBITDA multiples

5.5x - 24.0x (16.4x)

Equity(5)

$

525,442

Market comparable companies

EBITDA multiples

5.5x - 35.0x (16.5x)

Revenue multiples

1.3x - 18.4x (10.4x)

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

(2)$15,120 of loans at fair value were valued using the market comparable companies approach only.

(3) $99,389 of loans at fair value were valued using the market comparable companies approach only.

(4)The Company valued $5,557,365 and $1,124,184 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 $470,773 and $54,669 of equity investments using EBITDA and revenue multiples, respectively.

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Quantitative Information about Level 3 Fair Value Measurements

Fair value as of September 30, 2023

Valuation Techniques

Unobservable Input

Range (Weighted Average)(1)

Assets:

Senior secured loans(2)

$

503,985

Yield analysis

Market interest rate

8.0% - 17.8% (10.6%)

Market comparable companies

EBITDA multiples

5.2x - 24.0x (14.7x)

One stop loans(3)(4)

$

4,678,099

Yield analysis

Market interest rate

7.3% - 26.3% (10.9%)

Market comparable companies

EBITDA multiples

4.0x - 34.0x (16.3x)

Revenue multiples

1.5x - 27.0x (7.7x)

Subordinated debt and second lien loans(5)

$

37,099

Yield analysis

Market interest rate

10.3% - 24.5% (14.6%)

Market comparable companies

EBITDA multiples

8.3x - 22.0x (19.5x)

Equity(5)

$

297,330

Market comparable companies

EBITDA multiples

5.2x - 35.0x (16.9x)

Revenue multiples

1.5x - 18.0x (9.6x)

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

(2)$44,510 of loans at fair value were valued using the market comparable companies approach only.

(3)$123,841 of loans at fair value were valued using the market comparable companies approach only.

(4)The Company valued $3,895,527 and $782,572 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 $258,046 and $39,284 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, 2027 Notes, 2028 Notes and 2029 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.

The following are the carrying values and fair values of the Company’s debt as of June 30, 2024 and September 30, 2023.

			As of June 30, 2024												As of September 30, 2023
			Carrying Value						Fair Value						Carrying Value						Fair Value
Debt			$	4,337,697					$	4,281,789					$	3,133,332					$	2,990,685

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 7. Borrowings

In accordance with the 1940 Act, with certain limited exceptions, prior to February 6, 2019, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing. On February 5, 2019, the Company’s stockholders voted to approve the asset coverage requirement decrease to 150% from 200% in accordance with Section 61(a)(2) of the 1940 Act. Effective February 6, 2019, the reduced asset coverage requirement permits the Company to have a ratio of total consolidated assets to outstanding indebtedness of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement. As of June 30, 2024, the Company’s asset coverage for borrowed amounts was 192.2%.

2018 Debt Securitization: On November 16, 2018, the Company completed a $602,400 term debt securitization (the “2018 Debt Securitization”). The notes offered in the 2018 Debt Securitization (the “2018 Notes”) were issued by the 2018 Issuer, a subsidiary of 2018 CLO Depositor, and are backed by a diversified portfolio of senior secured and second lien loans. The transaction was executed through a private placement of approximately $327,000 of AAA/AAA Class A 2018 Notes, which bear interest at three-month LIBOR plus 1.48%; $61,200 of AA Class B 2018 Notes, which bear interest at three-month LIBOR plus 2.10%; $20,000 of A Class C-1 2018 Notes, which bear interest at three-month LIBOR plus 2.80%; $38,800 of A Class C-2 2018 Notes, which bear interest at three-month LIBOR plus 2.65%; $42,000 of BBB- Class D 2018 Notes, which bear interest at three-month LIBOR plus 2.95%; and $113,400 of Subordinated 2018 Notes which do not bear interest. The Company indirectly retained all of the Class C-2, Class D and Subordinated 2018 Notes.

Through January 20, 2023, the 2018 Issuer was permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the 2018 Issuer and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the 2018 Debt Securitization. For the three and nine months ended June 30, 2024, the Company had repayments on the 2018 Notes of $38,989 and $80,703, respectively. For each of the three and nine months ended June 30, 2023, the Company had repayments on the 2018 Notes of $4,820. The 2018 Notes are scheduled to mature on January 20, 2031. The Class A, Class B and Class C-1 2018 Notes are included in the June 30, 2024 and September 30, 2023 Consolidated Statements of Financial Condition as debt of the Company. As of June 30, 2024 and September 30, 2023, the Class C-2, Class D and Subordinated 2018 Notes were eliminated in consolidation.

As of June 30, 2024 and September 30, 2023, there were 52 and 65 portfolio companies, respectively, with a total fair value of $425,279 and $555,699, 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.

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The interest charged under the 2018 Debt Securitization is based on three-month SOFR plus a spread adjustment of 0.26161%. The three-month SOFR in effect as of June 30, 2024 based on the last interest rate reset was 5.3%.

For the three and nine months ended June 30, 2024 and 2023, the components of interest expense, cash paid for interest, annualized average stated interest rates and average outstanding balances for the 2018 Debt Securitization were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2024						2023						2024						2023
Stated interest expense			$	5,823					$	6,947					$	19,422					$	19,207
Amortization of debt issuance costs			—						9						2						152
Total interest and other debt financing expenses			$	5,823					$	6,956					$	19,424					$	19,359
Cash paid for interest expense			$	6,354					$	6,577					$	20,766					$	17,246
Annualized average stated interest rate			7.4		%				6.9		%				7.4		%				6.3		%
Average outstanding balance			$	316,992					$	404,387					$	350,454					$	406,929

As of June 30, 2024, the classes, amounts, ratings and interest rates in effect (expressed as a spread to three-month SOFR) of the Class A, B and C-1 2018 Notes are as follows:

Description

Class A 2018 Notes

Class B 2018 Notes

Class C-1 2018 Notes

Type

Senior Secured Floating Rate

Senior Secured Floating Rate

Senior Secured Floating Rate

Amount Outstanding

$226,794

$61,200

$20,000

Fitch Rating

“AAA”

“NR”

“NR”

S&P Rating

“AAA”

“AA”

“A”

Interest Rate(1)

SOFR + 1.48%

SOFR + 2.10%

SOFR + 2.80%

(1)Interest rate for securitizations represents the weighted average spread over 3-month SOFR for the various tranches of issued notes, excluding tranches retained by the Company. SOFR borrowings under the securitizations are subject to an additional spread adjustment of 0.26161%.

GCIC 2018 Debt Securitization: Effective September 16, 2019, the Company assumed, as a result of the GCIC Merger, a $908,195 term debt securitization (the “GCIC 2018 Debt Securitization”). The GCIC 2018 Debt Securitization was originally completed on December 13, 2018. The notes offered in the GCIC 2018 Debt Securitization (the “GCIC 2018 Notes”) were issued by the GCIC 2018 Issuer, a subsidiary of GCIC 2018 CLO Depositor, and are secured by a diversified portfolio of senior secured and second lien loans. The GCIC 2018 Debt Securitization consists of $490,000 of AAA/AAA Class A-1 GCIC 2018 Notes, $38,500 of AAA Class A-2 GCIC 2018 Notes, and $18,000 of AA Class B-1 GCIC 2018 Notes. In partial consideration for the loans transferred to the GCIC 2018 Issuer as part of the GCIC 2018 Debt Securitization, the GCIC 2018 CLO Depositor received and retained $27,000 of Class B-2 GCIC 2018 Notes, $95,000 of Class C GCIC 2018 Notes and $60,000 of Class D GCIC 2018 Notes and $179,695 of Subordinated GCIC 2018 Notes. On December 21, 2020, the Company and the GCIC 2018 Issuer amended the GCIC 2018 Debt Securitization to, among other things, (a) refinance the issued Class A-2 GCIC 2018 Notes issued by the GCIC 2018 Issuer by redeeming in full the $38,500 of Class A-2 GCIC 2018 Notes and issuing new Class A-2-R GCIC 2018 Notes in an aggregate principal amount of $38,500 that bear interest at a rate of 2.498%, which is a decrease from the rate of 4.665% of the Class A-2 GCIC 2018 Notes and (b) provide for a non-called period, during which the Class A-2-R GCIC 2018 Notes cannot be redeemed, from December 21, 2020 to but excluding June 21, 2021. The Class A-1, Class A-2-R and Class B-1 GCIC 2018 Notes are included in the June 30, 2024 and September 30, 2023 Consolidated Statements of Financial Condition as debt of the Company. As of June 30, 2024 and September 30, 2023, 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 was permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of the Investment Adviser in its capacity as collateral manager of the GCIC 2018 Issuer and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the GCIC 2018 Debt Securitization. For the three and nine months ended June 30, 2024, the Company had repayments on the GCIC 2018 Notes of $87,299 and $133,510, respectively.

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

For the three and nine months ended June 30, 2023, the Company had repayments on the GCIC 2018 Notes of $8,628. The GCIC 2018 Notes are scheduled to mature on January 20, 2031, and the Subordinated GCIC 2018 Notes are scheduled to mature on December 13, 2118.

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

As of June 30, 2024 and September 30, 2023, there were 67 and 87 portfolio companies, respectively, with a total fair value of $615,268 and $841,241, 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.

The interest charged under the GCIC 2018 Debt Securitization is based on three-month SOFR plus a spread adjustment of 0.26161%. The three-month SOFR in effect as of June 30, 2024 based on the last interest rate reset was 5.3%.

For the three and nine months ended June 30, 2024 and 2023, the components of interest expense, cash paid for interest, annualized average stated interest rates and average outstanding balances for the GCIC 2018 Debt Securitization were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2024						2023						2024						2023
Stated interest expense			$	6,734					$	8,670					$	23,410					$	24,068
Accretion of discounts on notes issued			—						—						—						544
Amortization of debt issuance costs			—						—						—						21
Total interest and other debt financing expenses			$	6,734					$	8,670					$	23,410					$	24,633
Cash paid for interest expense			$	7,928					$	8,261					$	25,531					$	21,681
Annualized average stated interest rate			6.8		%				6.4		%				6.8		%				5.9		%
Average outstanding balance			$	400,163					$	539,674					$	456,622					$	544,225

As of June 30, 2024, the classes, amounts, ratings and interest rates in effect (expressed as a spread to three-month SOFR, 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

$323,517

$38,500

$18,000

Fitch’s Rating

"AAA"

"NR"

"NR"

S&P Rating

"AAA"

"AAA"

"AA"

Interest Rate(1)

SOFR + 1.48%

2.50%

SOFR + 2.25%

(1)Interest rate for securitizations represents the weighted average spread over 3-month SOFR for the various tranches of issued notes, excluding tranches retained by the Company. SOFR borrowings under the securitizations are subject to an additional spread adjustment of 0.26161%.

As part of each of the 2018 Debt Securitization and the GCIC 2018 Debt Securitization, GBDC entered into, or assumed in the GCIC 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 and the GCIC 2018 Issuer, as applicable, and to purchase or otherwise acquire the LLC equity interests in the Subordinated 2018 Notes and the GCIC Subordinated 2018 Notes, as applicable. As of June 30, 2024, the 2018 Notes and the GCIC 2018 Notes (other than the Subordinated 2018 Notes and the GCIC Subordinated 2018 Notes)

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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.

GBDC 3 2021 Debt Securitization: Effective June 3, 2024, the Company assumed, as a result of the GBDC 3 Merger, a $398,850 term debt securitization (the “GBDC 3 2021 Debt Securitization”). The GBDC 3 2021 Debt Securitization was originally completed on March 11, 2021. The notes offered in the GBDC 3 2021 Debt Securitization (the “GBDC 3 2021 Notes”) were issued by the GBDC 3 2021 Issuer and are backed by a diversified portfolio of senior secured and second lien loans. The GBDC 3 2021 Notes offered in the GBDC 3 2021 Debt Securitization consist of $224,000 of AAA Class A GBDC 3 2021 Notes, which bear interest at the three-month SOFR plus 1.60%; $28,000 of AA Class B GBDC 3 2021 Notes, which bear interest at the three-month SOFR plus 1.85%; $36,000 of A Class C-1 GBDC 3 2021 Notes, which bear interest at the three-month SOFR plus 2.80%; $10,000 A Class C-2 GBDC 3 2021 Notes, which bear interest at 3.91%; up to $28,000 of BBB- Class D GBDC 3 2021 Notes, which were unfunded on the closing date of the GBDC 3 2021 Debt Securitization and which, if funded, will bear interest at the three-month SOFR plus a spread set in connection with the funding date but which in no event will be greater than 5.00% (the Class D GBDC 3 2021 Notes, together with the Class A GBDC 3 2021 Notes, the Class B GBDC 3 2021 Notes, the Class C-1 GBDC 3 2021 Notes and the Class C-2 GBDC 3 2021 Notes are referred to as the “Secured GBDC 3 2021 Notes”); and approximately $100,850 of Subordinated GBDC 3 2021 Notes, which do not bear interest. The Class A GBDC 3 2021 Notes, the Class B GBDC 3 2021 Notes, the Class C-1 GBDC 3 2021 Notes, and the Class C-2 GBDC 3 2021 Notes were issued through a private placement through Deutsche Bank Securities Inc. The GBDC 3 2021 Issuer indirectly retained all of the Class D GBDC 3 2021 Notes and Subordinated GBDC 3 2021 Notes which were eliminated in consolidation. The Class A, Class B, Class C-1, and Class C-2 GBDC 3 2021 Notes are included in the June 30, 2024 Consolidated Statements of Financial Condition as debt of the Company.

Through April 15, 2025, all principal collections received on the underlying collateral may be used by the GBDC 3 2021 Issuer to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the GBDC 3 2021 Issuer, in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the GBDC 3 2021 Debt Securitization, allowing the Company to maintain the initial leverage in the GBDC 3 2021 Debt Securitization. The Secured GBDC 3 2021 Notes are due on April 15, 2033. The Subordinated GBDC 3 2021 Notes are due in 2121.

As of June 30, 2024, there were 70 portfolio companies with total fair value of $381,641 securing the GBDC 3 2021 Notes. The pool of loans in the GBDC 3 2021 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 GBDC 3 2021 Debt Securitization is based on three-month SOFR plus a spread adjustment of 0.26161%. The three-month term SOFR in effect as of June 30, 2024 based on the last interest rate reset was 5.3%.

For the three and nine months ended June 30, 2024, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the GBDC 3 2021 Debt Securitization were as follows:

			Three months ended June 30,						Nine months ended June 30,
			2024												2024
Stated interest expense			$	1,680											$	1,680
Amortization of debt issuance costs			—												—
Total interest expense			$	1,680											$	1,680
Cash paid for interest expense			$	—											$	—
Annualized average stated interest rate			7.4		%										7.4		%
Average outstanding balance			$	91,692											$	30,452

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

As of June 30, 2024, the classes, amounts, ratings and interest rates in effect (expressed as a spread to three-month term SOFR, as applicable) of the Class A 2021 Notes, Class B 2021 Notes, Class C-1 2021 Notes and the Class C-2 GBDC 3 2021 Notes were as follows:

Description

Class A GBDC 3 2021 Notes

Class B GBDC 3 2021 Notes

Class C-1 GBDC 3 2021 Notes

Class C-2 GBDC 3 2021 Notes

Type

Senior Secured Floating Rate

Senior Secured Floating Rate

Senior Secured Floating Rate

Senior Secured Floating Rate

Amount Outstanding

$224,000

$28,000

$36,000

$10,000

S&P Rating

"AAA"

"AA"

"A"

"A"

Interest Rate(1)

SOFR + 1.60%

SOFR + 1.85%

SOFR + 2.80%

3.91%

(1)Interest rate for securitizations represents the weighted average spread over 3-month SOFR for the various tranches of issued notes, excluding tranches retained by the Company. SOFR borrowings under the securitizations are subject to an additional spread adjustment of 0.26161%.

GBDC 3 2022 Debt Securitization: Effective June 3, 2024, the Company assumed, as a result of the GBDC 3 Merger, a $401,750 asset-backed securitization (the “GBDC 3 2022 Debt Securitization”). The GBDC 3 2022 Debt Securitization was originally completed on January 25, 2022. The notes offered in the GBDC 3 2022 Debt Securitization were issued by the GBDC 3 2022 Issuer and are backed by a diversified portfolio of senior secured loans. The notes offered in the GBDC 3 2022 Debt Securitization consist of $252,000 of Class A Senior Secured Floating Rate Notes, which bear interest at a benchmark interest rate, which will be based on three-month term SOFR, plus 2.00% (the “Secured GBDC 3 2022 Notes”) and $149,750 of Subordinated Notes, which do not bear interest (the “Subordinated GBDC 3 2022 Notes” and, together with the Secured GBDC 3 2022 Notes, the “GBDC 3 2022 Notes”). The Secured GBDC 3 2022 Notes were issued through a private placement through Deutsche Bank Securities Inc. The GBDC 3 2022 Issuer indirectly retained all of the Subordinated GBDC 3 2022 Notes, and the Subordinated GBDC 3 2022 Notes were eliminated in consolidation. The Secured GBDC 3 2022 Notes are included in the June 30, 2024 Consolidated Statements of Financial Condition as debt of the Company.

Through January 25, 2024, the GBDC 3 2022 Issuer was 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 GBDC 3 2022 Issuer, in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the GBDC 3 2022 Debt Securitization. For each of the three and nine months ended June 30, 2024, there were repayments on the GBDC 3 2022 Notes of $413. The Secured GBDC 3 2022 Notes are due on January 18, 2030. The Subordinated GBDC 3 2022 Notes are due on January 25, 2122.

As of June 30, 2024, there were 56 portfolio companies with a total fair value of $383,300 securing the GBDC 3 2022 Debt Securitization. The pool of loans in the GBDC 3 2022 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The interest charged under the GBDC 3 2022 Debt Securitization is based on three-month term SOFR. The three-month term SOFR rate in effect as of June 30, 2024 based on the last interest rate reset was 5.3%.

For the three and nine months ended June 30, 2024, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the GBDC 3 2022 Debt Securitization were as follows:

			Three months ended June 30,						Nine months ended June 30,
			2024												2024
Stated interest expense			$	1,437											$	1,437
Amortization of debt issuance costs			—												—
Total interest expense			$	1,437											$	1,437
Cash paid for interest expense			$	—											$	—
Annualized average stated interest rate			7.5		%										7.5		%
Average outstanding balance			$	77,411											$	25,710

As of June 30, 2024, the class, amount, rating and interest rate (expressed as a spread to three-month term SOFR, as applicable) of the GBDC 3 2022 Debt Securitization was as follows:

Description						Secured GBDC 3 2022 Notes
Type						Senior Secured Floating Rate
Amount Outstanding						$251,587
Kroll Bond Rating Agency Rating						A
Interest Rate						SOFR + 2.0%

GBDC 3 2022-2 Debt Securitization: Effective June 3, 2024, the Company assumed, as a result of the GBDC 3 Merger, a $386,600 term debt securitization (the “GBDC 3 2022-2 Debt Securitization”). The GBDC 3 2022-2 Debt Securitization was originally completed on December 14, 2022. The notes offered in the GBDC 3 2022-2 Debt Securitization (the “GBDC 3 2022-2 Notes”) were issued by the GBDC 3 2022-2 Issuer and are backed by a diversified portfolio of senior secured and second lien loans. The GBDC 3 2022-2 Notes offered in the GBDC 3 2022-2 Debt Securitization consist of $140,000 of AAA Class A GBDC 3 Senior Secured Floating Rate Notes due 2034, which bear interest at the three-month term SOFR plus 2.60%; $38,800 of AA Class B GBDC 3 Senior Secured Floating Rate Notes due 2034, which bear interest at the three-month term SOFR plus 3.09% (the “Class B GBDC 3 2022-2 Notes” and, together with the Class A GBDC 3 2022-2 Notes, the “Secured GBDC 3 2022-2 Notes”); $85,000 of AAA Class A GBDC 3 Senior Secured Floating Rate Loans maturing 2034, which bear interest at the three-month term SOFR plus 2.60% (the “Class A GBDC 3 2022-2 Loans” and, together with the Secured GBDC 3 2022-2 Notes, the “Secured GBDC 3 2022-2 Debt”); and $122,800 of Subordinated Notes due 2122 (the “Subordinated GBDC 3 2022-2 Notes”), which do not bear interest. The GBDC 3 2022-2 Issuer indirectly retained all of the Class B GBDC 3 2022-2 Notes and Subordinated GBDC 3 2022-2 Notes which were eliminated in consolidation. The Class A GBDC 3 2022-2 Notes and Class A GBDC 3 2022-2 Loans are included in the June 30, 2024 Consolidated Statement of Financial Condition as debt of the Company.

Through January 18, 2026, all principal collections received on the underlying collateral may be used by the GBDC 3 2022-2 Issuer to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the GBDC 3 2022-2 Issuer, in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the GBDC 3 2022-2 Debt Securitization, allowing the Company to maintain the initial leverage in the GBDC 3 2022-2 Debt Securitization. The Secured GBDC 3 2022-2 Notes and Class A GBDC 3 2022-2 Loans are due on January 18, 2034. The Subordinated GBDC 3 2022-2 Notes are due on December 14, 2122.

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

As of June 30, 2024, there were 72 portfolio companies with a total fair value of $372,528 securing the GBDC 3 2022-2 Debt Securitization. The pool of loans in the GBDC 3 2022-2 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 GBDC 3 2022-2 Debt Securitization is based on three-month term SOFR. The three-month term SOFR rate in effect as of June 30, 2024 based on the last interest rate reset was 5.3%.

For the three and nine months ended June 30, 2024, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the GBDC 3 2022-2 Debt Securitization were as follows:

			Three months ended June 30,						Nine months ended June 30,
			2024												2024
Stated interest expense			$	1,387											$	1,387
Amortization of debt issuance costs			—												—
Total interest expense			$	1,387											$	1,387
Cash paid for interest expense			$	—											$	—
Annualized average stated interest rate			8.1		%										8.1		%
Average outstanding balance			$	69,231											$	22,993

As of June 30, 2024, the classes, amounts, ratings and interest rates (expressed as a spread to three-month term SOFR, as applicable) of the Class A GBDC 3 2022-2 Notes and Class A GBDC 3 2022-2 Loans were as follows:

Description

Class A GBDC 3 2022-2 Notes

Class A GBDC 3 2022-2 Loans

Type

Senior Secured Floating Rate

Senior Secured Floating Rate

Amount Outstanding

$140,000

$85,000

S&P Rating

"AAA"

"AAA"

Interest Rate

SOFR + 2.60%

SOFR + 2.60%

The Investment Adviser serves as collateral manager to the 2018 Issuer, GCIC 2018 Issuer, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer and the GBDC 3 2022-2 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, GCIC 2018 Issuer, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer and the GBDC 3 2022-2 Issuer for rendering such collateral management services.

DB Credit Facility: Effective June 3, 2024, the Company assumed, as a result of the GBDC 3 Merger, a loan financing and servicing agreement (as amended, the “DB Credit Facility”), with the Company and GBDC 3 Funding, as equity holder and as servicer, the lenders from time to time parties thereto, 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 Deutsche Bank Trust Company Americas, as collateral agent and as collateral custodian. The DB Credit Facility was originally entered into on September 10, 2019 (the “DB Credit Facility Effective Date”). The period during which GBDC 3 Funding may request drawdowns under the DB Credit Facility (the “Revolving Period”) commenced on the DB Credit Facility Effective Date and continues through April 10, 2025. As of June 30, 2024, the DB Credit Facility allowed GBDC 3 Funding to borrow up to $625,000, subject to leverage and borrowing base restrictions, and has a maturity date of April 10, 2028.

As of June 30, 2024, the DB Credit Facility bears interest at the applicable base rate plus 2.30% per annum during the Revolving Period and 2.80% after the Revolving Period. The base rate under the DB Credit Facility is (i) the three-month Canadian Overnight Repo Rate Average (“CORRA”) plus an adjustment equal to 0.32138% with respect to any advances denominated in Canadian dollars, (ii) the three-month EURIBOR with respect to any

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

advances denominated in euros, (iii) the three-month Bank Bill Swap Rate with respect to any advances denominated in Australian dollars, (iv) the daily simple Sterling Overnight Index Average with respect to any advances denominated U.K. pound sterling, the daily simple Swiss Average Rate Overnight with respect to any advances denominated in Swiss francs, (v) the three-month Copenhagen Interbank Offered Rate with respect to any advances denominated in Danish krones, (vi) the three-month Bank Bill Benchmark Rate with respect to any advances denominated in New Zealand dollars, (vii) the three-month Norwegian Krone Interbank Offered Rate with respect to any advances denominated in Norwegian krona, (viii) the three-month Stockholm Interbank Offered Rate with respect to any advances denominated in Swedish krona, and (ix) the three-month term SOFR with respect to any other advances. A syndication/agent fee is payable to the facility agent each quarter and is 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. In addition, a non-usage fee of 0.25% per annum is payable on the undrawn amount under the DB Credit Facility, and, during the Revolving Period, an additional fee based on unfunded commitments of the lenders may be payable if borrowings under the DB Credit Facility do not exceed a minimum utilization percentage threshold. A prepayment fee would be payable in the event of any permanent reduction in commitments of the DB Credit Facility in the amount of 0.50% or 0.25% of the amount of the reduction during the first or second year after the Effective Date, respectively.

The DB Credit Facility is secured by all of the assets held by GBDC 3 Funding. GBDC 3 Funding has made customary representations and warranties and is 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, are subject to the leverage restrictions contained in the 1940 Act.

The Company transfers certain loans and debt securities it has originated or acquired from time to time to GBDC 3 Funding through a purchase and sale agreement and causes GBDC 3 Funding to originate or acquire loans, consistent with the Company’s investment objectives.

 

As of June 30, 2024, the Company had outstanding debt under the DB Credit Facility of $565,778.

For the three and nine months ended June 30, 2024, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the DB Credit Facility were as follows:

			Three months ended June 30,									Nine months ended June 30,
			2024												2024
Stated interest expense			$	3,076											$	3,076
Facility fees			154												154
Amortization of debt issuance costs			—												—
Total interest and other debt financing expenses			$	3,230											$	3,230
Cash paid for interest expense and facility fees			$	—											$	—
Annualized average stated interest rate¹			7.6		%										7.6		%
Average outstanding balance			$	163,225											$	54,210

(1)The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollar.

JPM Credit Facility: 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 from time to time party thereto which, as of June 30, 2024, allowed the Company to borrow up to $1,487,500 in U.S. dollars and certain agreed upon foreign currencies, subject to leverage and borrowing base restrictions. Through a series of amendments, most recently on June 7, 2024, the Company amended the JPM Credit Facility to, among other things, extend the maturity date to March 17, 2028, decrease the adjustment to term SOFR for loans using such rate to 0.10%, increase the accordion feature to allow the Company to request, at one or more times, that existing and/or new lenders, at their election provide up to $512,500 of additional commitments and update the applicable reference rate with respect to borrowings denominated in Canadian Dollars with CORRA.

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The 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 bear interest at the applicable base rate plus a margin of either 1.75% or 1.875%, subject to compliance with a borrowing base test. The applicable base rate under the JPM Credit Facility is (i) one-month SOFR with respect to any advances denominated in U.S. dollars, (ii) SONIA with respect to any advances denominated in U.K. pound sterling, (iii) one-month EURIBOR with respect to any advances denominated in euros, (iv) CORRA with respect to any advances denominated in Canadian Dollars, and (v) the relevant rate as defined in the JPM Credit Facility for borrowings in other currencies. Effective September 13, 2022, interest under the JPM Facility for loans denominated in SOFR were converted to reference a benchmark rate of term SOFR plus an adjustment of an amount ranging between 0.11448% and 0.42826% (subject to applicable tenor). Effective March 17, 2023, the adjustment to term SOFR was reduced to 0.10%.

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

As of June 30, 2024 and September 30, 2023, the Company had outstanding debt of $333,718 and $784,374, respectively, and no letters of credit outstanding under the JPM Credit Facility.

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

For the three and nine months ended June 30, 2024 and 2023, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the JPM Credit Facility were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2024						2023						2024						2023
Stated interest expense			$	3,423					$	11,195					$	15,898					$	29,463
Facility fees			1,125						1,005						3,358						2,145
Amortization of debt issuance costs			848						836						2,491						1,948
Total interest and other debt financing expenses			$	5,396					$	13,036					$	21,747					$	33,556
Cash paid for interest expense and facility fees			$	4,083					$	11,704					$	18,818					$	31,491
Annualized average stated interest rate¹			7.1		%				6.4		%				7.1		%				5.9		%
Average outstanding balance			$	194,775					$	703,448					$	300,911					$	670,564

(1)The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollar.

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. On April 8, 2024, the Company redeemed $500,000 in aggregate principal amount of the 2024 Notes. The 2024 Notes were redeemed at 100% of the principal amount, plus the accrued and unpaid interest thereon. As of September 30, 2023, the outstanding aggregate principal amount of the 2024 Notes was $500,000. The 2024 Notes bore 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 were the Company’s general unsecured obligations that ranked 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.

For the three and nine months ended June 30, 2024 and 2023, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the 2024 Notes were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2024						2023						2024						2023
Stated interest expense			$	328					$	4,219					$	8,766					$	12,657
Accretion of discounts and amortization of premiums on notes issued			(53)						(345)						(747)						(1,035)
Amortization of debt issuance costs			84						495						1,204						1,485
Total interest and other debt financing expenses			$	359					$	4,369					$	9,223					$	13,107
Cash paid for interest expense			$	8,109					$	8,438					$	16,547					$	16,876
Annualized average stated interest rate			3.4		%				3.4		%				3.4		%				3.4		%
Average outstanding balance			$	38,462					$	500,000					$	346,715					$	500,000

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

2026 Notes: On February 24, 2021, the Company issued $400,000 in aggregate principal amount of unsecured notes (the “2026 Notes”) and on October 13, 2021, the Company issued an additional $200,000 aggregate principal amount of 2026 Notes under the same terms as the original issuance. As of both June 30, 2024 and September 30, 2023, outstanding aggregate principal amount of the 2026 Notes was $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.

For the three and nine months ended June 30, 2024 and 2023, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the 2026 Notes were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2024						2023						2024						2023
Stated interest expense			$	3,750					$	3,750					$	11,250					$	11,250
Accretion of discounts on notes issued			132						132						398						397
Amortization of debt issuance costs			420						372						1,269						1,117
Total interest and other debt financing expenses			$	4,302					$	4,254					$	12,917					$	12,764
Cash paid for interest expense			$	—					$	—					$	7,500					$	7,500
Annualized average stated interest rate			2.5		%				2.5		%				2.5		%				2.5		%
Average outstanding balance			$	600,000					$	600,000					$	600,000					$	600,000

2027 Notes: On August 3, 2021, the Company issued $350,000 in aggregate principal amount of unsecured notes (the “2027 Notes”). As of both June 30, 2024 and September 30, 2023, outstanding aggregate principal amount of the 2027 Notes was $350,000. The 2027 Notes bear interest at a rate of 2.050% per year payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2022. The 2027 Notes mature on February 15, 2027.

The 2027 Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2027 Notes; equal in right of payment to the Company’s existing and future indebtedness or other obligations that are not so subordinated or junior; effectively junior to any of the Company’s secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

For the three and nine months ended June 30, 2024 and 2023, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the 2027 Notes were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2024						2023						2024						2023
Stated interest expense			$	1,794					$	1,794					$	5,382					$	5,382
Accretion of discounts on notes issued			182						183						549						548
Amortization of debt issuance costs			231						225						698						639
Total interest and other debt financing expenses			$	2,207					$	2,202					$	6,629					$	6,569
Cash paid for interest expense			$	—					$	—					$	3,588					$	3,587
Annualized average stated interest rate			2.1		%				2.1		%				2.1		%				2.1		%
Average outstanding balance			$	350,000					$	350,000					$	350,000					$	350,000

2028 Notes: On December 5, 2023, the Company issued $450,000 in aggregate principal amount of unsecured notes (the “2028 Notes”). As of June 30, 2024, the outstanding aggregate principal amount of the 2028 Notes was $450,000. The 2028 Notes bear interest at a rate of 7.050% per year payable semi-annually in arrears on June 5 and December 5 of each year, commencing on June 5, 2024. The 2028 Notes mature on December 5, 2028.

The 2028 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 2028 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 2028 Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2028 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date on the 2028 Notes on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 45 basis points less interest accrued to the date of redemption. If the Company redeems any 2028 Notes on or after November 5, 2028 (the date falling one month prior to the maturity date of the 2028 Notes), the redemption price for the 2028 Notes will be equal to 100% of the principal amount of the 2028 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2028 Notes.

On December 5, 2023, the Company entered into an interest rate swap on the 2028 Notes with SMBC as the counterparty. Under the terms of the agreement, the Company agreed to receive a fixed rate of 7.310% and pay SMBC a rate of one-month Term SOFR + 3.327%. The interest rate swap is designated as an effective hedge

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

accounting instrument. The notional amount of the swap is $225,000 and terminates on November 5, 2028. The carrying value of the 2028 Notes is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship. See Note 5 for additional information.

On April 11, 2024, the Company entered into an interest rate swap on the 2028 Notes pursuant to which the Company agreed to receive a fixed rate of 7.310% and pay a rate of one-month SOFR plus 2.835%. The interest rate swap is designated as an effective hedge accounting instrument. The notional amount of the swap is $225,000 and terminates on November 5, 2028. The carrying value of the 2028 Notes is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship. See Note 5 for additional information.

For the three and nine months ended June 30, 2024, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the 2028 Notes were as follows:

			Three months ended June 30,						Nine months ended June 30,
			2024												2024
Stated interest expense			$	7,931											$	18,153
Net contractual interest rate swap expense			1,279												2,368
Net (gain)/loss related to the fair value hedge			3,906												(279)
Accretion of discounts on notes issued			241												552
Amortization of debt issuance costs			299												661
Total interest and other debt financing expenses			$	13,656											$	21,455
Cash paid for interest expense			$	12,944											$	17,873
Annualized average interest rate swap and stated interest rate			8.2		%										8.0		%
Average outstanding balance			$	450,000											$	343,248

2029 Notes: On February 1, 2024, the Company issued $600,000 in aggregate principal amount of unsecured notes (the “2029 Notes”). As of June 30, 2024, the outstanding aggregate principal amount of the 2029 Notes was $600,000. The 2029 Notes bear interest at a rate of 6.000% per year payable semi-annually in arrears on January 15 and July 15 of each year, commencing on July 15, 2024. The 2029 Notes mature on July 15, 2029.

The 2029 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 2029 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 2029 Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2029 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date on the 2029 Notes on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 35 basis points less interest accrued to the date of redemption. If the Company redeems any 2029 Notes on or after June 15, 2029 (the date falling one month prior to the maturity date of the 2029 Notes), the redemption price for the 2029 Notes will be equal to 100% of the principal amount of the 2029 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2029 Notes.

On February 1, 2024, the Company entered into an interest rate swap on the 2029 Notes with SMBC as the counterparty. Under the terms of the agreement, the Company agreed to receive a fixed rate of 6.248% and pay SMBC a rate of one-month Term SOFR + 2.444%. The interest rate swap is designated as an effective hedge accounting instrument. The notional amount of the swap is $600,000 and terminates on June 15, 2029. The carrying

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

value of the 2029 Notes is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship. See Note 5 for additional information.

For the three and nine months ended June 30, 2024, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the 2029 Notes were as follows:

			Three months ended June 30,						Nine months ended June 30,
			2024												2024
Stated interest expense			$	9,000											$	15,000
Net contractual interest rate swap expense			2,405												3,923
Net (gain)/loss related to the fair value hedge			1,857												3,270
Accretion of discounts on notes issued			309												513
Amortization of debt issuance costs			333												543
Total interest and other debt financing expenses			$	13,904											$	23,249
Cash paid for interest expense			$	—											$	—
Annualized average interest rate swap and stated interest rate			7.6		%										7.6		%
Average outstanding balance			$	600,000											$	330,657

Adviser Revolver: The Company has entered into the Adviser Revolver with the Investment Adviser pursuant to which, as of June 30, 2024 and September 30, 2023, the Company was permitted to borrow up to $200,000 and $100,000, respectively, and which had a maturity date of June 15, 2025. The Adviser Revolver bears an interest rate equal to the short-term Applicable Federal Rate (“AFR”). The short-term AFR as of June 30, 2024 was 5.0%. On June 11, 2024, the Company amended the revolving loan agreement to increase the borrowing capacity under the Adviser Revolver from $100,000 to $200,000. As of both June 30, 2024 and September 30, 2023, the Company had no outstanding debt under the Adviser Revolver.

For the three and nine months ended June 30, 2024 and 2023, the components of interest expense, cash paid for interest, annualized average stated interest rates and average outstanding balances for the Adviser Revolver were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2024						2023						2024						2023
Stated interest expense			$	—					$	—					$	—					$	—
Cash paid for interest expense			—						—						—						—
Annualized average stated interest rate			—		%				—		%				—		%				—		%
Average outstanding balance			$	—					$	—					$	—					$	—

For the three and nine months ended June 30, 2024, the average total debt outstanding was $3,351,951 and $3,211,972, respectively. For the three and nine months ended June 30, 2023, the average total debt outstanding was $3,097,509 and $3,071,718, respectively.

For the three and nine months ended June 30, 2024, the effective average interest rate, which includes amortization of debt financing costs, accretion of discounts and amortization of premiums on notes issued, non-usage facility fees and the net contractual interest rate swap expense on the 2028 and 2029 Notes but excluding the net gain/(loss) related to the fair value hedges associated with the 2028 and 2029 Notes interest rate swaps, on the Company's total debt was 6.5% and 5.9%, respectively. For the three and nine months ended June 30, 2023, the effective 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 5.1% and 4.8%, respectively.

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

A summary of the Company’s maturity requirements for borrowings as of June 30, 2024 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			$	307,994					$	—					$	—					$	—					$	307,994
GCIC 2018 Debt Securitization			380,017						—						—						—						380,017
GBDC 3 2021 Debt Securitization(1)			297,950						—						—						—						297,950
GBDC 3 2022 Debt Securitization			251,587						—						—						—						251,587
GBDC 3 2022-2 Debt Securitization			225,000						—						—						—						225,000
DB Credit Facility			565,778						—						—						565,778						—
JPM Credit Facility			333,718						—						—						333,718						—
2026 Notes(2)			598,860						—						598,860						—						—
2027 Notes(2)			348,076						—						348,076						—						—
2028 Notes(2)(3)			445,088						—						—						445,088						—
2029 Notes(2)(3)			583,629						—						—						—						583,629
Total borrowings			$	4,337,697					$	—					$	946,936					$	1,344,584					$	2,046,177

(1) Includes $50 of discount recognized on the assumption of the GBDC 3 2021 Debt Securitization in the GBDC 3 Merger.

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

(3) Carrying value is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship. See Note 5 for additional information.

Note 8. Commitments and Contingencies

Commitments: As of June 30, 2024, the Company had outstanding commitments to fund investments totaling $414,307, including $89,664 of commitments on undrawn revolvers. As of September 30, 2023, the Company had outstanding commitments to fund investments totaling $189,378, including $39,650 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, could 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 and interest rate swap agreements as of June 30, 2024 and September 30, 2023. 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.

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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.

Note 9. Financial Highlights

The financial highlights for the Company are as follows:

			Nine months ended June 30,
Per share data:(1)			2024						2023
Net asset value at beginning of period			15.02						14.89
Net increase (decrease) in net assets as a result of issuance of shares(2)			0.51						—
Net increase in net assets as a result of repurchases of shares			—						0.01
Distributions declared:
From net investment income - after tax			(1.40)						(0.99)
Net investment income - after tax			1.46						1.21
Net realized gain (loss) on investment transactions			(0.28)						(0.26)
Net change in unrealized appreciation (depreciation) on investment transactions(3)			0.01						(0.03)
Net asset value at end of period			$	15.32					$	14.83
Per share market value at end of period			$	15.71					$	13.50
Total return based on market value(4)			17.41		%				17.00		%
Number of common shares outstanding			264,609,056						169,599,992

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

			Nine months ended June 30,
Listed below are supplemental data and ratios to the financial highlights:			2024						2023
Ratio of net investment income - after tax to average net assets*			12.92%						10.89%
Ratio of total expenses to average net assets*(5)			11.92%						11.60%
Ratio of incentive fee waiver to average net assets			(0.72)%						—%
Ratio of incentive fees to average net assets(5)			2.07%						2.09%
Ratio of income and excise taxes to average net assets(5)			0.04%						0.10%
Ratio of net expenses (without incentive fees) to average net assets*(5)			9.85%						9.51%
Total return based on average net asset value(6)			6.57%						6.22%
Total return based on average net asset value - annualized(6)			8.78%						8.32%
Net assets at end of period			$4,053,643						$2,515,918
Average debt outstanding			$3,211,972						$3,071,718
Average debt outstanding per share			$12.14						$18.11
Portfolio Turnover*			13.11%						13.39%
Asset coverage ratio(7)			192.15%						178.74%
Asset coverage ratio per unit(8)			$1,922						$1,787
Average market value per unit:(9)
2018 Debt Securitization			N/A						N/A
GCIC 2018 Debt Securitization			N/A						N/A
GBDC 3 2021 Debt Securitization			N/A						N/A
GBDC 3 2022 Debt Securitization			N/A						N/A
GBDC 3 2022-2 Debt Securitization			N/A						N/A
DB Credit Facility			N/A						N/A
JPM Credit Facility			N/A						N/A
2024 Notes			N/A						$965
2026 Notes			$909						$863
2027 Notes			$882						$830
2028 Notes			$1,027						N/A
2029 Notes			$980						N/A
Adviser Revolver			N/A						N/A

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

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

(2)Net increase in net assets as a result of issuance of shares pursuant to the GBDC 3 Merger.

(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 at the end of the period and as of the dividend record date.

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

(5)Incentive fees, income tax and excise tax are not annualized in the calculation.

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

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

(8)Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.

(9)Not applicable since such senior securities are not registered for public trading, with the exception of the 2024 Notes, 2026 Notes, 2027 Notes, 2028 Notes and 2029 Notes. The average market value per unit calculated for the 2024 Notes, 2026 Notes, 2027 Notes, 2028 Notes and 2029 Notes is based on the average monthly prices of such notes and is expressed in terms of dollar amounts per $1,000 of indebtedness.

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 10. Earnings Per Share

The following information sets forth the computation of the net increase in net assets per share resulting from operations for the three and nine months ended June 30, 2024 and 2023:

			Three months ended June 30,												Nine months ended June 30,
			2024						2023						2024						2023
Earnings available to stockholders			$	9,252					$	72,983					$	178,586					$	157,067
Basic and diluted weighted average shares outstanding			199,969,889						169,980,131						180,047,668						170,570,633
Basic and diluted earnings per share			$	0.05					$	0.43					$	0.99					$	0.92

Note 11. Common Stock Transactions

On August 2, 2024, the Board reapproved the Program to repurchase up to $150,000 of the Company’s common stock pursuant to the Program, exclusive of shares repurchased prior to the date of such authorization. Under the Program, purchases may be made at management’s discretion from time to time in open-market transactions, in accordance with all applicable securities laws and regulations. As of June 30, 2024, the repurchased shares have been retired and returned to the status of authorized but unissued shares of GBDC Common Stock.

As of June 30, 2024, Wells Fargo Securities, LLC, as broker, repurchased 1,300,928 shares of the Company’s common stock pursuant to the Program at an average price of $12.96 per share for an aggregate purchase price of approximately $16,861. There were no repurchases under the Program for the three and nine months ended June 30, 2024. For the three and nine months ended June 30, 2023, repurchases under the Program were as follows:

Month Purchased									Total Number of Shares Repurchased						Average Price Paid Per Share						Approximate Dollar Value of Shares that have been Purchased Under the Plan						Approximate Dollar Value of Shares that May Yet be Purchased Under the Plan
March 1 - 31, 2023									751,544						$12.84						$9,647						$140,353
April 1 - 30, 2023									56,130						$13.03						731						139,622
May 1 - 31, 2023									188,210						$12.95						2,438						137,184
June 1 - 30, 2023									299,794						$13.26						3,975						133,209
Total									1,295,678						$12.96						$16,791						$150,000*

*The Program was reapproved on August 3, 2023 to purchase $150,000 of the Company’s common stock, exclusive of shares repurchased prior to the date of such authorization. No additional shares have been purchased since the re-approval.

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 12. Dividends and Distributions

The Company’s dividends and distributions are recorded on the ex-dividend date. The following table summarizes the Company’s dividend declarations and distributions during the nine months ended June 30, 2024 and 2023:

Date Declared									Record Date						Payment Date						Amount Per Share						Cash Distribution						DRIP Shares Issued						DRIP Shares Value
For the nine months ended June 30, 2024(1)
			11/17/2023						12/01/2023						12/15/2023						$	0.07					$	9,584					152,288						$	2,287
			11/17/2023						12/08/2023						12/29/2023						$	0.37					$	50,152					838,765						$	12,599
			02/02/2024						02/15/2024						03/15/2024						$	0.07					$	9,906					134,135						$	2,035
			01/16/2024						03/01/2024						03/29/2024						$	0.39					$	53,930					797,377						$	12,599
			04/19/2024						05/02/2024						06/21/2024						$	0.39					$	55,368					762,152						$	11,524
			05/03/2024						05/16/2024						06/14/2024						$	0.06					$	8,572					113,668						$	1,718
			06/02/2024						06/13/2024						06/27/2024						$	0.05					$	11,661					100,621						$	1,520
For the nine months ended June 30, 2023
			11/18/2022						12/09/2022						12/29/2022						$	0.33					$	47,245					—						$	9,151		(2)
			02/07/2023						03/03/2023						03/29/2023						$	0.33					$	43,548					—						$	12,848		(3)
			05/05/2023						06/02/2023						06/29/2023						$	0.33					$	44,518					—						$	11,548		(4)

(1)Supplemental distributions of $0.05 per share will be payable on each September 13, 2024 and December 13, 2024 to shareholders of record as of August 16, 2024 and November 29, 2024, respectively. Cash Distribution amount, DRIP Shares Issued and DRIP Shares Value for the dividends payable will be determined on the respective record dates.

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

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

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

Note 13. Acquisition of Golub Capital BDC 3, Inc.

On June 3, 2024, the Company completed its previously announced acquisition of GBDC 3. In accordance with the terms of the GBDC 3 Merger Agreement, at the effective time of the GBDC 3 Merger, each outstanding share of GBDC 3 common stock was converted into the right to receive 0.9138 shares of common stock, par value $0.001 per share of the Company (with GBDC 3 stockholders receiving cash in lieu of fractional shares of the Company’s common stock). As a result of the GBDC 3 Merger, the Company issued an aggregate of 92,115,308 shares of its common stock to former GBDC 3 stockholders.

The GBDC 3 Merger was accounted for in accordance with the asset acquisition method of accounting as detailed in ASC Topic 805. The fair value of the merger consideration paid and transaction costs incurred to complete the GBDC 3 Merger by the Company was allocated to the assets acquired and liabilities assumed, based on their relative fair values as of the date of acquisition and did not give rise to goodwill. The excess of merger consideration paid over the fair value of net assets acquired is considered the purchase premium. Immediately following the acquisition of GBDC 3, the Company recorded its assets at their respective fair values and, as a result, the purchase premium allocated to the cost basis of the GBDC 3 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 GBDC 3 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 GBDC 3 equity securities acquired and disposition of such equity securities at fair value, the Company will recognize a realized loss or a reduction in realized gains with a corresponding reversal of the unrealized depreciation upon disposition of the GBDC 3 equity securities acquired.

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The merger was considered a tax-free reorganization and the Company has elected to carry forward the historical cost basis of the GBDC 3 investments for tax purposes. The following table summarizes the allocation of the purchase price to the assets acquired and liabilities assumed as a result of the GBDC 3 Merger:

Common stock issued by the Company(1)			$	1,526,351
Transaction costs			3,867
Total purchase price			$	1,530,218
Assets acquired:
Investments, at fair value (amortized cost of $2,675,051)			$	2,623,381
Cash and cash equivalents(2)			53,885
Interest receivable			32,204
Other assets			15,409
Total assets acquired			$	2,724,879
Liabilities assumed:
Debt			1,211,174
Other liabilities(3)			35,156
Total liabilities assumed			1,246,330
Net assets acquired			1,478,549
Total purchase premium			$	51,669

(1)Based on the most recent market price at closing of $16.57 and the 92,115,308 shares of common stock issued by the Company in conjunction with the GBDC 3 Merger.

(2)Includes $46,067 of restricted cash and cash equivalents, $373 of foreign restricted cash and cash equivalents and $1,064 of foreign cash and cash equivalents.

(3)Includes $4,651 of management fees and $4,271 of incentive fees accrued by GBDC 3 through the closing date of the GBDC 3 Merger pursuant to an investment advisory agreement between GBDC 3 and the Investment Adviser, which was terminated upon the closing of the GBDC 3 Merger. The payable for these fees was assumed by the Company and paid by the Company to the Investment Adviser in July 2024.

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 14. Subsequent Events

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

On August 2, 2024, the Company’s Board declared a quarterly distribution of $0.39 per share payable on September 27, 2024 to holders of record as of August 30, 2024 and a supplemental distribution of $0.05 per share payable on September 13, 2024 to holders of record as of August 16, 2024.

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

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

Forward-Looking Statements

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

•our future operating results;

•our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives due to disruptions, including those caused by global health pandemics, such as the COVID-19 pandemic, or other large scale events;

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

•our contractual arrangements and relationships with third parties;

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

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

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

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

•the adequacy of our financing sources and working capital;

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

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

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

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

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

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

•the ability of GC Advisors to continue to effectively manage our business due to disruptions, including those caused by global health pandemics, such as the COVID-19 pandemic, or other large scale events;

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

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

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

•general price and volume fluctuations in the stock markets;

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

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

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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, 2023, our quarterly report on Form 10-Q for the quarter ended December 31, 2023 and in Item 1A. “Risk Factors” in this quarterly report on Form 10-Q.

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

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Overview

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

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

Our investment objective is to generate current income and capital appreciation by investing primarily in one stop (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by other middle-market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies. We also selectively invest in second lien and subordinated loans of, and warrants and minority equity securities in U.S. middle-market companies. We intend to achieve our investment objective by (1) accessing the established loan origination channels developed by Golub Capital, a leading lender to U.S. middle-market companies with over $70.0 billion in capital under management as of April 1, 2024, (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 June 2024. Under an administration agreement, or the Administration Agreement, we are provided with certain administrative services by an administrator, or the Administrator, which is currently Golub Capital LLC. Under the Administration Agreement, we have agreed to reimburse the Administrator for our allocable portion (subject to the review and approval of our independent directors) of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement.

We seek to create a portfolio that includes primarily one stop and other senior secured loans by primarily investing approximately $10.0 million to $80.0 million of capital, on average, in the securities of U.S. middle-market companies. We also selectively invest more than $80.0 million in some of our portfolio companies and generally expect that the size of our individual investments will vary proportionately with the size of our capital base.

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

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As of June 30, 2024 and September 30, 2023, our portfolio at fair value was comprised of the following:

						As of June 30, 2024												As of September 30, 2023
Investment Type						Investments at  Fair Value (In thousands)						Percentage of Total Investments						Investments at  Fair Value (In thousands)						Percentage of Total Investments
Senior secured						$	567,375					7.2		%				$	503,985					9.1		%
One stop						6,734,334						85.6						4,678,099						84.8
Second lien						13,298						0.2						29,154						0.5
Subordinated debt						26,972						0.3						7,945						0.2
Equity						525,535						6.7						297,430						5.4
Total						$	7,867,514					100.0		%				$	5,516,613					100.0		%

One stop loans include loans to technology companies undergoing strong growth due to new services, increased adoption and/or entry into new markets. We refer to loans to these companies as recurring revenue loans. Other targeted characteristics of recurring revenue businesses include strong customer revenue retention rates, a diversified customer base and backing from growth equity or venture capital firms. In some cases, the borrower’s high revenue growth is supported by a high level of discretionary spending. As part of the underwriting of such loans and consistent with industry practice, we adjust our characterization of the earnings of such borrowers for a reduction or elimination of such discretionary expenses, if appropriate. As of June 30, 2024 and September 30, 2023, one stop loans included $1,124.2 million and $782.6 million, respectively, of recurring revenue loans at fair value.

As of June 30, 2024 and September 30, 2023, we had debt and equity investments in 380 and 342 portfolio companies, respectively.

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The following table shows the weighted average income yield and weighted average investment income yield of our earning portfolio company investments, which represented nearly 100% of our debt investments, as well as the annualized total return based on our average net asset value, and the total return based on the change in the quoted market price of our stock and assuming distributions were reinvested in accordance with our dividend reinvestment plan, or DRIP, in each case for the three months ended June 30, 2024 and March 31, 2024 and the nine months ended June 30, 2024 and June 30, 2023:        

			For the three months ended												For the nine months ended
			June 30, 2024						March 31, 2024												June 30, 2024						June 30, 2023
Weighted average income yield (1)(3)*			12.0%						12.4%												12.3%						10.9%
Weighted average investment income yield (2)*			12.3%						12.8%												12.8%						11.3%
Total return based on average net asset value excluding the one-time write-down of the GBDC 3 purchase premium (4)*			8.1%						14.7%												11.3%						8.3%
Total return based on average net asset value (5)*			1.2%						14.7%												8.8%						8.3%
Total return based on market value (6)*			(3.9)%						13.3%												17.4%						17.0%

* Annualized for periods less than one year

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

(3)The income yield presented for the three months ended June 30, 2024 excludes the one-time reversal of $2.5 million of previously recognized interest income resulting from loans that were restructured or placed on non-accrual status, which is included in the calculation of the investment income yield for the quarter ended June 30, 2024. The income yield was 11.8% for the quarter ended June 30, 2024, when including the $2.5 million reversal of previously recognized interest income.

(4)During the three and nine months ended June 30, 2024, we recognized a $51.7 million net change in unrealized depreciation on investments due to the one-time write-down of the purchase premium allocated to former GBDC 3 investments acquired in the GBDC 3 Merger.

(5)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.

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

Revenues: We generate revenue in the form of interest and fee income on debt investments and capital gains and distributions, if any, on portfolio company investments that we originate or acquire. Our debt investments, whether in the form of senior secured, one stop, second lien or subordinated loans, typically have a term of three to seven years and bear interest at a fixed or floating rate. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. In some cases, our investments provide for deferred interest payments or PIK interest. The principal amount of loans and any accrued but unpaid interest generally become due at the maturity date.

In addition, we generate revenue in the form of commitment, origination, amendment, structuring or due diligence fees, fees for providing managerial assistance, administrative agent fees and consulting fees. Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums on loans as fee income. For additional details on revenues, see “Critical Accounting Policies—Revenue Recognition.” We recognize realized gains or losses on investments based on the difference between the net proceeds from the disposition and the amortized cost basis of the investment or derivative instrument, without regard to unrealized gains or losses previously recognized. We record current period changes in fair value of investments and derivative instruments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investment transactions in the Consolidated Statements of Operations.

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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

•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

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period” generally refers to a quarterly period commencing on the day after the end of the prior collection period to the tenth business day prior to the payment date.

GC Advisors, as collateral manager for our indirect, wholly owned, consolidated subsidiary, Golub Capital BDC 3 CLO 1 LLC, or the GBDC 3 2021 Issuer, under a collateral management agreement, or the 2021 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 GBDC 3 2021 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the 2021 Collateral Management Agreement, the term “collection period” refers to the period commencing on the tenth business day prior to the preceding payment date and ending on (but excluding) the tenth business day prior to such payment date.

GC Advisors, as collateral manager for our indirect, wholly owned, consolidated subsidiary, Golub Capital BDC 3 ABS 2022-1 LLC, or the GBDC 3 2022 Issuer, under a collateral management agreement, or the 2022-2 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 GBDC 3 2022 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the 2022 Collateral Management Agreement, the term “collection period” relating to any payment date, refers to the period commencing on the tenth business day prior to the preceding payment date and ending on (but excluding) the tenth business day prior to such payment date. GC Advisors, as collateral manager for our indirect, wholly owned, consolidated subsidiary, Golub Capital BDC 3 CLO 2 LLC, or the GBDC 3 2022-2 Issuer, under a collateral management agreement, or the 2022-2 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 GBDC 3 2022-2 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the 2022-2 Collateral Management Agreement, the term “collection period” refers to the period commencing on the tenth business day prior to the preceding payment date and ending on (but excluding) the tenth business day prior to such payment date.

Collateral management fees are paid directly by the 2018 Issuer, GCIC 2018 Issuer, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer and GBDC 3 2022-2 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 Golub Capital Investment Corporation, a Maryland corporation, or GCIC, on September 6, 2019, 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). Before we acquired the GBDC 3 2021 Issuer and GBDC 3 2022 Issuer as a part of our acquisition of Golub Capital BDC 3, Inc., or GBDC 3, on June 3, 2024, the GBDC 3 2021 Issuer and GBDC 3 2022 Issuer paid Deutsche Bank AG, New York Branch, structuring and placement fees for its services in connection with the structuring of the GBDC 3 2021 Debt Securitization and the GBDC 3 2022 Debt Securitization (as defined in Note 7 of our consolidated financial statements). Before we acquired the GBDC 3 2022-2 Issuer as a part of our acquisition of GBDC 3 on June 3, 2024, the GBDC 3 2022-2 Issuer paid GreensLedge Capital Markets LLC and KeyBanc Capital Markets Inc. structuring and placement fees for its services in connection with the structuring of the GBDC 3 2022-2 Debt Securitization (as defined in Note 7 of our consolidated financial statements). Term debt securitizations are also known as CLOs, and are a form of secured financing incurred by us, which are consolidated by us and subject to our overall asset coverage requirement. The 2018 Issuer, GCIC 2018 Issuer, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer and GBDC 3 2022-2 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, GCIC 2018 Debt Securitization, the GBDC 3 2021 Debt Securitization, the GBDC 3 2022 Debt Securitization and the GBDC 3 2022-2 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.

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GBDC 3 Acquisition

On June 3, 2024, we completed our acquisition of GBDC 3, pursuant to the GBDC 3 Merger Agreement. Pursuant to the GBDC 3 Merger Agreement, and, immediately following the Initial GBDC 3 Merger, GBDC 3 was then merged with and into us, with us as the surviving company. As a result of, and as of the effective time of, the GBDC 3 Merger, GBDC 3’s separate existence ceased.

In accordance with the terms of the GBDC 3 Merger Agreement, at the effective time of the GBDC 3 Merger, each outstanding share of GBDC 3’s common stock was converted into the right to receive 0.9138 shares of our common stock (with GBDC 3’s stockholders receiving cash in lieu of fractional shares of our common stock). As a result of the GBDC 3 Merger, we issued issue an aggregate of 92,115,308 shares of our common stock to former stockholders of GBDC 3.

Upon the consummation of the GBDC 3 Merger, we entered into the Investment Advisory Agreement, with GC Advisors, which replaced the Fourth Amended and Restated Investment Advisory Agreement by and between the Company and the Investment Adviser dated as of July 1, 2023 (the “Prior Investment Advisory Agreement”).

Recent Developments

On August 2, 2024, the Company’s Board declared a quarterly distribution of $0.39 per share payable on September 27, 2024 to holders of record as of August 30, 2024 and a supplemental distribution of $0.05 per share payable on September 13, 2024 to holders of record as of August 16, 2024.

Consolidated Results of Operations

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

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Consolidated operating results for the three months ended June 30, 2024 and March 31, 2024 and the nine months ended June 30, 2024 and June 30, 2023 are as follows:

			Three months ended												Variances												Nine months ended												Variances
			June 30, 2024						March 31, 2024												June 30, 2024 vs March 31, 2024												June 30, 2024						June 30, 2023						2024 vs. 2023
			(In thousands)
Interest income			$	151,148					$	143,784											$	7,364											$	439,438					$	387,327					$	52,111
Payment-in-kind interest income			10,177						11,829												(1,652)												33,805						27,270						6,535
Accretion of discounts and amortization of premiums			6,632						4,556												2,076												16,489						15,351						1,138
Acquisition purchase premium amortization			(3,086)						(779)												(2,307)												(5,493)						(5,357)						(136)
Non-cash dividend income			5,287						4,352												935												13,890						10,767						3,123
Dividend income			418						13												405												555						1,330						(775)
Fee income			695						475												220												1,587						1,862						(275)
Total investment income			171,271						164,230												7,041												500,271						438,550						61,721
Total net expenses			78,424						77,127												1,297												236,286						230,471						5,815
Net investment income before taxes			92,847						87,103												5,744												263,985						208,079						55,906
Income and excise taxes			125						570												(445)												1,195						2,432						(1,237)
Net investment income after taxes			92,722						86,533												6,189												262,790						205,647						57,143
Net realized gain (loss) on investment transactions excluding purchase premium			(37,235)						(13,818)												(23,417)												(49,951)						(43,096)						(6,855)
Net realized gain (loss) on investment transactions due to purchase premium			(484)						—												(484)												(490)						(295)						(195)
Net change in unrealized appreciation (depreciation) on investment transactions excluding purchase premium			2,158						19,714												(17,556)												11,406						(11,210)						22,616
Net change in unrealized appreciation (depreciation) on investment transactions due to purchase premium			3,571						779												2,792												5,984						5,652						332
Unrealized (depreciation) from the write-down of the GBDC 3 purchase premium			(51,670)						—												(51,670)												(51,670)						—						(51,670)
Net gain (loss) on investment transactions			(83,660)						6,675												(90,335)												(84,721)						(48,949)						(35,772)
(Provision) benefit for taxes on realized gain on investments			—						—												—												—						(207)						207
(Provision) benefit for taxes on unrealized appreciation on investments			190						350												(160)												517						576						(59)
Net increase (decrease) in net assets resulting from operations			$	9,252					$	93,558											$	(84,306)											$	178,586					$	157,067					$	21,519
Average earning debt investments, at fair value			$	5,538,937					$	5,054,115											$	484,822											$	5,137,959					$	5,106,515					$	31,444
Average earning preferred equity investments, at fair value			$	164,677					$	137,555											$	27,122											$	146,514					$	115,376					$	31,138

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 operating results may not be meaningful.

On September 16, 2019, and June 3, 2024, we completed our acquisitions of GCIC and GBDC 3, respectively. Each 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 and GBDC 3’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 and GBDC 3 investments acquired by us pro-rata based on their relative fair value. Immediately following each acquisition of GCIC and GBDC 3, we recorded its assets at their respective fair values and, as a result, the purchase premium allocated to the cost basis of the GCIC and GBDC 3 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 GBDC 3 and

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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;

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

						Three months ended												Nine months ended
						June 30, 2024						March 31, 2024												June 30, 2024						June 30, 2023
						(In thousands)
Net investment income after taxes						$	92,722					$	86,533											$	262,790					$	205,647
Add: Acquisition purchase premium amortization						3,086						779												5,493						5,357
Adjusted Net Investment Income						$	95,808					$	87,312											$	268,283					$	211,004
Net gain (loss) on investment transactions						$	(83,660)					$	6,675											$	(84,721)					$	(48,949)
Add: Realized loss on investment transactions due to purchase premium						484						—												490						295
Less: Net change in unrealized appreciation on investment transactions due to purchase premium						(3,571)						(779)												(5,984)						(5,652)
Add: Unrealized depreciation from the write-down of the GBDC 3 purchase premium						51,670						—												51,670						—
Adjusted Net Realized and Unrealized Gain/(Loss)						$	(35,077)					$	5,896											$	(38,545)					$	(54,306)
Net increase (decrease) in net assets resulting from operations						$	9,252					$	93,558											$	178,586					$	157,067
Add: Acquisition purchase premium amortization						3,086						779												5,493						5,357
Add: Realized loss on investment transactions due to purchase premium						484						—												490						295
Less: Net change in unrealized appreciation on investment transactions due to purchase premium						(3,571)						(779)												(5,984)						(5,652)
Add: Unrealized depreciation from the write-down of the GBDC 3 purchase premium						51,670						—												51,670						—
Adjusted Net Income						$	60,921					$	93,558											$	230,255					$	157,067

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.

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Investment Income

Investment income increased from the three months ended March 31, 2024 to the three months ended June 30, 2024 by $7.0 million, primarily due an increase in interest income as a result of an increase in the average earning debt investments balance of $484.8 million from our acquisition of GBDC 3. The increase in interest income resulting from the increase in the average earning debt investments was partially offset by the reversal of $2.5 million of previously recognized interest income and payment-in-kind (“PIK”) interest income resulting from loans that were restructured or placed on non-accrual status during the three months ended June 30, 2024 and, to a lesser extent, a decrease of interest earned on cash to $3.1 million during the three months ended June 30, 2024 from $4.8 million during the three months ended March 31, 2024.

Investment income increased from the nine months ended June 30, 2023 to the nine months ended June 30, 2024 by $61.7 million, primarily due to an increase in interest and PIK interest income due to rising interest base rates coupled with an increase in non-cash dividend income.

The annualized income yield by debt security type for the three months ended June 30, 2024 and March 31, 2024 and the nine months ended June 30, 2024 and June 30, 2023 are as follows:

			Three months ended												Nine months ended
			June 30, 2024						March 31, 2024												June 30, 2024						June 30, 2023
Senior secured			11.4%						11.6%												11.8%						10.3%
One stop			11.5%						12.0%												12.1%						10.9%
Second lien			13.2%						14.3%												14.2%						13.3%
Subordinated debt			14.3%						24.0%												15.6%						14.5%

Income yields on senior secured loans and one stop loans decreased for the three months ended June 30, 2024 as compared to the three months ended March 31, 2024, primarily due to interest rate spread compression on new investments and amendments to existing loans. Income yields on senior secured and one stop loans increased for the nine months ended June 30, 2024 as compared to the nine months ended June 30, 2023, primarily due to rising interest base rates. Our loan portfolio is partially insulated from a drop in floating interest rates, as 97.2% of the loan portfolio at fair value is subject to an interest rate floor. As of June 30, 2024 and September 30, 2023, the weighted average base rate floor of our loans was 0.81% and 0.80%, respectively.

As of June 30, 2024, we have second lien investments in four portfolio companies and subordinated debt investments in six 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. The income yield for subordinated debt loans decreased for the three months ended June 30, 2024 as compared to the three months ended March 31, 2024 due to the one-time recognition of $0.2 million of previously deferred interest income resulting from the change in accrual status of a former non-accrual loan during the three months ended March 31, 2024. The income yield for subordinated debt loans was 15.2% for the three months ended March 31, 2024 when excluding the $0.2 million of previously deferred interest income.

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

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Expenses

The following table summarizes our expenses for the three months ended June 30, 2024 and March 31, 2024 and the nine months ended June 30, 2024 and June 30, 2023:

						Three months ended												Variances												Nine months ended												Variances
						June 30, 2024						March 31, 2024												June 30, 2024 vs March 31, 2024												June 30, 2024						June 30, 2023						2024 vs. 2023
						(In thousands)
Interest and other debt financing expenses						$	57,902					$	41,579											$	16,323											$	138,932					$	104,626					$	34,306
Amortization of debt issuance costs						2,214						2,546												(332)												6,869						5,362						1,507
Base management fee						14,362						13,662												700												41,980						56,747						(14,767)
Income Incentive fee, net of waiver						—						15,469												(15,469)												36,754						52,844						(16,090)
Professional fees						1,486						1,342												144												4,136						3,753						383
Administrative service fee						2,090						2,145												(55)												6,480						6,182						298
General and administrative expenses						370						384												(14)												1,135						957						178
Net expenses						$	78,424					$	77,127											$	1,297											$	236,286					$	230,471					$	5,815
Average debt outstanding						$	3,351,951					$	3,229,603											$	122,348											$	3,211,972					$	3,071,718					$	140,254

Interest Expense

Interest and other debt financing expenses, including amortization of debt issuance costs, increased from the three months ended March 31, 2024 to the three months ended June 30, 2024 by $16.0 million, primarily due to (i) $5.8 million of net unrealized losses related to the fair value hedge of the interest rate swaps on the 2028 and 2029 Notes recognized during the three months ended June 30, 2024 compared to $2.4 million of unrealized gains related to the fair value hedge of the interest rate swaps on the 2028 and 2029 Notes recognized during the three months ended March 31, 2024, (ii) increased interest expense incurred on the 2029 Notes that were outstanding for the full three months ended June 30, 2024, and (iii) in an increase in average debt outstanding of $122.3 million

primarily due to the assumption of GBDC 3’s debt facilities. Interest and other debt financing expenses, including amortization of debt issuance costs, increased from the nine months ended June 30, 2023 to the nine months ended June 30, 2024 by $35.8 million, primarily due to (i) the issuance of the 2028 Notes and 2029 Notes, (ii) rising interest base rates on borrowings from our floating rate debt facilities, (iii) an increase in average debt outstanding of $140.3 million primarily due to the assumption of GBDC 3’s debt facilities and (iv) $3.5 million of net unrealized losses related to the fair value hedge of the interest rate swaps on the 2028 and 2029 Notes. For more information about our outstanding borrowings for the three and nine months ended June 30, 2024 and 2023, including the terms thereof, see “Note 7. Borrowings” in the notes to our consolidated financial statements and the “Liquidity and Capital Resources” section below.

For the three months ended June 30, 2024 and March 31, 2024 and the nine months ended June 30, 2024 and June 30, 2023, the effective annualized average interest rate, which includes amortization of debt financing costs, amortization of discounts on notes issued non-usage facility fees and the net contractual interest rate swap expense on the 2028 and 2029 Notes but excluding the net gain/(loss) related to the fair value hedges associated with the 2028 and 2029 Notes interest rate swaps, on our total debt was 6.5%, 5.5%, 5.9% and 4.8%, respectively.

The effective annualized average interest rate increased for the three months ended June 30, 2024 compared to the three months ended March 31, 2024 primarily due to the April 8, 2024 redemption of the 2024 Notes that bore interest at a rate of 3.375%, the 2029 Notes outstanding for the full three months ended June 30, 2024 and, to a lesser extent, the assumption of GBDC 3’s credit facilities. The effective annualized average interest rate increased for the nine months ended June 30, 2024 compared to the nine months ended June 30, 2023 primarily due to the 2028 Notes and 2029 Notes issuances,, the redemption of the 2024 Notes that bore interest at a rate of 3.375% and rising interest rates on our borrowings from floating rate debt facilities.

Management Fee

The base management fee increased from the three months ended March 31, 2024 to the three months ended June 30, 2024 primarily due to an increase in average adjusted gross assets as a result of our acquisition of GBDC 3.

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The base management fee decreased from the nine months ended June 30, 2023 to the nine months ended June 30, 2024 primarily due to the base management fee rate reduction to 1.0% from 1.375% effective July 1, 2023 under the Prior Investment Advisory Agreement, as compared to the Investment Advisory Agreement in place prior to July 1, 2023.

Incentive Fees

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

The Income Incentive Fee decreased by $15.5 million from the three months ended March 31, 2024 to the three months ended June 30, 2024 primarily due to a $14.4 million income incentive fee waiver unilaterally provided by GC Advisors to waive 100% of Income Incentive Fees during the three months ended June 30, 2024, which was in addition to the permanent reduction of the income incentive fee and capital gain incentive fee rate from 20% to 15% upon the close of the GBDC 3 Merger. GC Advisors unilaterally provided a $5.2 million income incentive fee waiver during the three months ended March 31, 2024 to waive incentive fees in excess of 15% in support of the GBDC 3 Merger for periods during the pendency of the closing of the GBDC 3 Merger (the “GBDC 3 Merger Waiver”).

The Income Incentive Fee decreased by $16.1 million from the nine months ended June 30, 2023 to the nine months ended June 30, 2024 primarily as a result of $19.6 million in aggregate waivers of Income Incentive Fees during the nine months ended June 30, 2024 that offset an increase in Pre-Incentive Fee Net Investment Income and a greater rate of return on the value of our net assets driven by net funds growth, the impact of rising interest base rates and an increase in non-cash dividend income during fiscal year 2024. For each of the three months ended June 30, 2024 and March 31, 2024 and the nine months ended June 30, 2024 and June 30, 2023, we were fully through the Income Incentive Fee “catch-up” provision and the Income Incentive Fee was equal to 15% of Pre-Incentive Fee Net Investment Income, net of the GBDC 3 Merger Waiver for the three months ended March 31, 2024 and 20% of Pre-Incentive Fee Net Investment Income for the three months ended December 31, 2023.

As of June 30, 2024 and September 30, 2023, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement. In accordance with GAAP, we are required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement. As of June 30, 2024 and September 30, 2023, 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.

Professional Fees, Administrative Service Fee and General and Administrative Expenses

In total, professional fees, the administrative service fee and general and administrative expenses increased by $0.1 million from the three months ended March 31, 2024 to the three months ended June 30, 2024 primarily due to an increase in professional fees.

In total, professional fees, the administrative service fee and general and administrative expenses increased by $0.9 million from the nine months ended June 30, 2023 to the nine months ended June 30, 2024, primarily due to an increase in the administrative service fee and professional fees.

The Administrator pays for certain expenses incurred by us. These expenses are subsequently reimbursed in cash. Total expenses reimbursed to the Administrator during the three months ended June 30, 2024 and March 31, 2024 and the nine months ended June 30, 2024 and June 30, 2023 were $5.7 million, $2.0 million, $9.8 million and $7.2 million, respectively.

As of June 30, 2024 and September 30, 2023, included in accounts payable and other liabilities were $3.2 million and $2.0 million, respectively, of expenses paid on behalf of us by the Administrator.

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Net Realized and Unrealized Gains and Losses

The following table summarizes our net realized and unrealized gains (losses) for the three months ended June 30, 2024 and March 31, 2024 and the nine months ended June 30, 2024 and June 30, 2023:

			Three months ended												Variances												Nine months ended												Variances
			June 30, 2024						March 31, 2024												June 30, 2024 vs March 31, 2024												June 30, 2024						June 30, 2023						2024 vs. 2023
			(in thousands)																		(In thousands)
Net realized gain (loss) from investments			$	(32,137)					$	(18,277)											$	(13,860)											$	(49,505)					$	(46,555)					$	(2,950)
Net realized gain (loss) from foreign currency transactions			(6,206)						4,459												(10,665)												(1,560)						(28)						(1,532)
Net realized gain (loss) from forward currency contracts			624						—												624												624						3,192						(2,568)
Net realized gain (loss) on investment transactions			$	(37,719)					$	(13,818)											$	(23,901)											$	(50,441)					$	(43,391)					$	(7,050)
Unrealized appreciation from investments			$	28,341					$	46,457											$	(18,116)											$	54,076					$	82,581					$	(28,505)
Unrealized (depreciation) from investments			(29,293)						(20,140)												(9,153)												(38,015)						(87,670)						49,655
Unrealized loss from write-down of the GBDC 3 purchase premium			(51,670)						—												(51,670)												(51,670)						—						(51,670)
Unrealized appreciation (depreciation) from forward currency contracts			2,972						4,332												(1,360)												1,589						(22,326)						23,915
Unrealized appreciation (depreciation) on foreign currency translation			3,709						(10,156)												13,865												(260)						21,857						(22,117)
Net change in unrealized appreciation (depreciation) on investment transactions			$	(45,941)					$	20,493											$	(66,434)											$	(34,280)					$	(5,558)					$	(28,722)

During the three months ended June 30, 2024, we had a net realized loss of $37.7 million, primarily attributable to the realized loss recognized on the restructure of equity and debt investments of a portfolio company that was partially offset by $3.6 million of realized gains recognized on the sale of three equity investments. During the three months ended March 31, 2024, we had a net realized loss of $13.8 million, primarily attributable to the realized loss recognized on the disposition of equity and debt investments of a portfolio company that were partially offset by realized gains recognized on the translation of foreign currency amounts and transactions into U.S. dollars and a realized gain on the sale of an equity investment.

During the nine months ended June 30, 2024, we had a net realized loss of $50.4 million, primarily attributable to realized losses recognized on (i) the restructure of equity and debt investments of a portfolio company during the three months ended June 30, 2024 and (ii) the disposition of equity and debt investments of a portfolio company during the three months ended March 31, 2024 that were partially offset by realized gains recognized on the sale of equity investments in multiple portfolio companies throughout the nine months ended June 30, 2024. During the nine months ended June 30, 2023, we had a net realized loss of $43.4 million primarily attributable to the realized loss recognized on the restructuring of debt investments of multiple portfolio companies and the disposition of equity and debt investments of multiple portfolio company investments that were partially offset by realized gains on the sale of equity investments in multiple portfolio companies and gains on the settlement of a forward currency contract.

For the three months ended June 30, 2024, we had $28.3 million in unrealized appreciation on 111 portfolio company investments, which was offset by $29.3 million in unrealized depreciation on 293 portfolio company investments. For the three months ended March 31, 2024, we had $46.5 million in unrealized appreciation on 209 portfolio company investments, which was offset by $20.1 million in unrealized depreciation on 174 portfolio company investments.

Unrealized appreciation for the three months ended June 30, 2024 primarily resulted from the reversal of unrealized depreciation on the restructuring of portfolio company investments and unrealized appreciation on equity investments due to improved performance of certain portfolio companies. Unrealized appreciation for the three months ended March 31, 2024 primarily resulted from strong credit performance in our portfolio and the reversal of unrealized depreciation on the disposition of equity and debt investments of a portfolio company. Unrealized depreciation for the three months ended June 30, 2024 primarily resulted from isolated deterioration in the credit performance of certain portfolio companies that were moved to or previously on non-accrual status as well as certain portfolio companies with pre-existing credit challenges. Unrealized depreciation for the three months ended March 31, 2024 primarily resulted from isolated deterioration in the credit performance of a small number of portfolio companies.

For the nine months ended June 30, 2024, we had $54.1 million in unrealized appreciation on 165 portfolio company investments, which was offset by $38.0 million in unrealized depreciation on 239 portfolio company investments. For the nine months ended June 30, 2023, we had $82.6 million in unrealized appreciation on 173 portfolio company investments, which was offset by $87.7 million in unrealized depreciation on 183 portfolio company investments.

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Unrealized appreciation for the nine months ended June 30, 2024 primarily resulted from the reversal of unrealized depreciation on the disposition or restructuring of portfolio company investments, improved performance of certain portfolio companies and the reversal of unrealized depreciation due to spread tightening in the market during the 2024 fiscal year. Unrealized appreciation for the nine months ended June 30, 2023 primarily resulted from the reversal of unrealized depreciation on the sale, restructuring or disposition of portfolio company investments, loan repayments and improved performance of certain portfolio companies. Unrealized depreciation for the nine months ended June 30, 2024 primarily resulted from isolated deterioration in the credit performance of certain portfolio companies that were moved to or on non-accrual status as well as certain portfolio companies with pre-existing credit challenges. Unrealized depreciation for the nine months ended June 30, 2023 primarily resulted from decreases in the fair value across our portfolio company investments due to incremental spread widening in the market during the first quarter of the 2023 fiscal year and isolated deterioration in the credit performance of a small number of portfolio companies.

During the three and nine months ended June 30, 2024, we recognized a $51.7 million net change in unrealized depreciation on investments due to a one-time purchase premium write-down in connection to the GBDC 3 Merger.

Liquidity and Capital Resources

For the nine months ended June 30, 2024, we experienced a net increase in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $326.0 million. During the period, cash provided by operating activities was $543.9 million, primarily driven by proceeds from principal payments and sales of portfolio investments of $867.2 million and net investment income after tax of $262.8 million, offset by fundings of portfolio investments of $554.5 million. Lastly, cash used in financing activities was $217.9 million, primarily driven by borrowings on debt of $1,966.6 million, offset by repayments of debt of $1,971.9 million and distributions paid of $199.2 million.

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

As of June 30, 2024 and September 30, 2023, we had cash and cash equivalents of $141.2 million and $65.6 million, respectively. In addition, we had foreign currencies of $6.3 million and $4.2 million as of June 30, 2024 and September 30, 2023, respectively, restricted cash and cash equivalents of $316.5 million and $70.4 million as of June 30, 2024 and September 30, 2023, respectively, and restricted foreign currencies of $0.7 million as of June 30, 2024. As of September 30, 2023, we had no restricted foreign currencies. 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

JPM Credit Facility - On February 11, 2021, we entered into the JPM Credit Facility (as defined in Note 7 of our consolidated financial statements), which, as of June 30, 2024, allowed us to borrow up to $1.49 billion at any one time outstanding, subject to leverage and borrowing base restrictions. As of June 30, 2024 and September 30, 2023, we had outstanding debt under the JPM Credit Facility of $333.7 million and $784.4 million, respectively. As of June 30, 2024 and September 30, 2023, subject to leverage and borrowing base restrictions, we had $1.15 billion and $703.1 million, respectively, of remaining commitments and availability on the JPM Credit Facility.

DB Credit Facility - Effective June 3, 2024, we assumed, as a result of the GBDC 3 Merger, the DB Credit Facility (as defined in Note 7 of our consolidated financial statements), which, as of June 30, 2024, allowed us to borrow up to $625.0 million at any one time outstanding, subject to leverage and borrowing base restrictions. As of June 30, 2024, we had outstanding debt under the DB Credit Facility of $565.8 million. As of June 30, 2024, subject to

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leverage and borrowing base restrictions, we had $59.2 million of remaining commitments and $23.9 million of availability on the DB Credit Facility.

Adviser Revolver - On June 22, 2016, we entered into the Adviser Revolver (as defined in Note 7 of our consolidated financial statements), which, as amended, permitted us to borrow up to $200.0 million at any one time outstanding as of June 30, 2024. We entered into the Adviser Revolver in order to have the ability to borrow funds on a short-term basis and have in the past repaid, and generally intend in the future to repay, borrowings under the Adviser Revolver within 30 to 45 days from which they are drawn. As of both June 30, 2024 and September 30, 2023, we had no amounts outstanding on the Adviser Revolver.

Debt Securitizations

2018 Debt Securitization - On November 16, 2018, we completed the 2018 Debt Securitization. The Class A, Class B and Class C-1 2018 Notes are included in the June 30, 2024 and September 30, 2023 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 June 30, 2024 and September 30, 2023, we had outstanding debt under the 2018 Debt Securitization of $308.0 million and $388.7 million, respectively.

GCIC 2018 Debt Securitization - Effective September 16, 2019, we assumed as a result of the GCIC Merger, the GCIC 2018 Debt Securitization. The Class A-1, Class A-2 (Class A-2-R GCIC 2018 Notes after refinancing on December 21, 2020) and Class B-1 GCIC 2018 Notes are included in the June 30, 2024 and September 30, 2023 Consolidated Statements of Financial Condition as our debt, and the Class B-2, Class C and Class D GCIC 2018 Notes and the Subordinated GCIC 2018 Notes were eliminated in consolidation. As of June 30, 2024 and September 30, 2023, we had outstanding debt under the GCIC 2018 Debt Securitization of $380.0 million and $513.5 million, respectively.

GBDC 3 2021 Debt Securitization - Effective June 3, 2024, we assumed as a result of the GBDC 3 Merger, the GBDC 3 2021 Debt Securitization. The Class A, Class B, Class C-1, and Class C-2 GBDC 3 2021 Notes are included in the June 30, 2024 Consolidated Statements of Financial Condition as our debt and the Class D and Subordinated 2021 GBDC 3 Notes were eliminated in consolidation. As of June 30, 2024, we had debt outstanding under the GBDC 3 2021 Debt Securitization of $298.0 million.

GBDC 3 2022 Debt Securitization - Effective June 3, 2024, we assumed as a result of the GBDC 3 Merger, the GBDC 3 2022 Debt Securitization. The Class A Senior Secured Floating Rate GBDC 3 Notes are included in the June 30, 2024 Consolidated Statements of Financial Condition as our debt and the GBDC 3 Subordinated Notes were eliminated in consolidation. As of June 30, 2024, we had debt outstanding under the GBDC 3 2022 Debt Securitization of $251.6 million.

GBDC 3 2022-2 Debt Securitization - Effective June 3, 2024, we assumed as a result of the GBDC 3 Merger, the GBDC 3 2022-2 Debt Securitization. The Class A 2022-2 Notes and Class A GBDC 3 2022-2 Loan are included in the June 30, 2024 Consolidated Statements of Financial Condition as our debt and Subordinated GBDC 3 2022-2 Notes were eliminated in consolidation. As of June 30, 2024, we had debt outstanding under the GBDC 3 2022-2 Debt Securitization of $225.0 million.

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

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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 both June 30, 2024 and September 30, 2023, we had $600.0 million of outstanding aggregate principal amount of the 2026 Notes.

2027 Notes

On July 27, 2021, we issued $350.0 million in aggregate principal amount of the 2027 Notes, all of which remained outstanding as our debt as of both June 30, 2024 and September 30, 2023.

2028 Notes

On December 5, 2023, we issued $450.0 million in aggregate principal amount of the 2028 Notes, all of which remained outstanding as our debt as of June 30, 2024.

On December 5, 2023, we entered into an interest rate swap on the 2028 Notes pursuant to which we agreed to receive a fixed rate of 7.310% and pay a rate of one-month Term SOFR + 3.327%. The interest rate swap is designated as an effective hedge accounting instrument. The notional amount of the swap is $225.0 million and terminates on November 5, 2028. The carrying value of the 2028 Notes is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship.

On April 11, 2024, we entered into an interest rate swap on the remaining portion of the 2028 Notes pursuant to which we agreed to receive a fixed rate of 7.310% and pay a rate of one-month SOFR plus 2.835%. The interest rate swap is designated as an effective hedge accounting instrument. The notional amount of the swap is $225.0 million and terminates on November 5, 2028.

2029 Notes

On February 1, 2024, we issued $600.0 million in aggregate principal amount of the 2029 Notes, all of which remained outstanding as our debt as of June 30, 2024.

On February 1, 2024, we entered into an interest rate swap on the 2029 Notes pursuant to which we agreed to receive a fixed rate of 6.248% and pay a rate of one-month Term SOFR + 2.444%. The interest rate swap is designated as an effective hedge accounting instrument. The notional amount of the swap is $600.0 million and terminates on July 15, 2029.

Equity Distribution Agreement

On October 6, 2023, we entered into an equity distribution agreement, or the 2023 Equity Distribution Agreement, in connection with 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. During the three months ended December 31, 2023, we terminated the equity distribution agreement entered into on May 28, 2021, or the 2021 Equity Distribution Agreement. As of both June 30, 2024 and September 30, 2023, there had been no common stock issuances under either the 2021 or 2023 Equity Distribution Agreements.

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

As of June 30, 2024, in accordance with the 1940 Act, with certain limited exceptions, we were allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. Prior to February 6, 2019, in accordance with the 1940 Act, with certain limited exceptions, we were allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing. We currently intend to continue to target a GAAP debt-to-equity ratio between 0.85x to 1.25x. As of June 30, 2024, our asset coverage for borrowed amounts and GAAP debt-to-equity ratio was 192.2% and 1.09x, respectively, and our

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GAAP debt-to-equity ratio, net, which reduces total debt by cash and cash equivalents and foreign currencies, was 1.05x as of June 30, 2024.

On August 2, 2024, our board of directors reapproved the Program (as defined in Note 2 of our consolidated financial statements), which allows us to repurchase up to $150 million of our outstanding common stock, exclusive of shares repurchased prior to the date of such authorization, 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, pursuant to Rule 10b-18 under the Securities Exchange Act of 1934, as amended. During the nine months ended June 30, 2024, we did not make any repurchases of our common stock. During the nine months ended June 30, 2023, we repurchased 1,295,678 shares of our common stock for an aggregate repurchase price of approximately $16.8 million.

As of June 30, 2024 and September 30, 2023, we had outstanding commitments to fund investments totaling $414.3 million and $189.4 million, respectively. As of June 30, 2024, total commitments of $414.3 million included $89.7 million of unfunded commitments on revolvers. There is no guarantee that these amounts will be funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers, subject to the terms of each loan’s respective credit agreement. A summary of maturity requirements for our principal borrowings as of June 30, 2024 is included in Note 7 of our consolidated financial statements. We did not have any other material contractual payment obligations as of June 30, 2024. As of June 30, 2024, we believe that we had sufficient assets and liquidity to adequately cover future obligations under our unfunded commitments based on historical rates of drawings upon unfunded commitments, cash and restricted cash balances that we maintain, availability under the Adviser Revolver and JPM Credit Facility, 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 and interest rate swap agreements as of June 30, 2024 and September 30, 2023. 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 could 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.

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Portfolio Composition, Investment Activity and Yield

As of June 30, 2024 and September 30, 2023, we had investments in 380 and 342 portfolio companies, respectively, with a total fair value of $7.9 billion and $5.5 billion, respectively.

The following table shows the asset mix of our new investment commitments for the three months ended June 30, 2024 and March 31, 2024 and the nine months ended June 30, 2024 and June 30, 2023:

			Three months ended																								Nine months ended
			June 30, 2024												March 31, 2024																		June 30, 2024												June 30, 2023
			(In thousands)						Percentage						(In thousands)						Percentage																		(In thousands)						Percentage						(In thousands)						Percentage
Senior secured			$	36,494					8.4		%				$	500					2.3		%																$	44,494					8.6		%				$	8,248					1.6		%
One stop			388,075						89.2						21,168						95.7																		458,560						88.9						492,119						95.6
Second lien			8,141						1.9						—						—																		8,141						1.6						—						—
Subordinated debt			—						—						50						0.2																		100						0.0		*				50						0.0		*
Equity			2,252						0.5						404						1.8																		4,433						0.9						14,647						2.8
Total new investment commitments			$	434,962					100.0		%				$	22,122					100.0		%																$	515,728					100.0		%				$	515,064					100.0		%

* Represents an amount less than 0.1%.

For the nine months ended June 30, 2024, we had approximately $867.2 million in proceeds from principal payments and sales of portfolio investments.

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

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

			As of June 30, 2024(1)																		As of September 30, 2023(2)
			Principal						Amortized Cost						Fair Value						Principal						Amortized Cost						Fair Value
			(In thousands)																		(In thousands)
Senior secured:
Performing			$	572,796					$	574,766					$	567,303					$	517,091					$	525,896					$	503,594
Non-accrual(3)			160						147						72						1,630						1,553						391
One stop:
Performing			6,757,215						6,744,325						6,664,861						4,708,376						4,685,989						4,620,406
Non-accrual(3)			150,221						119,031						69,473						104,611						77,139						57,693
Second lien:
Performing			12,693						12,469						12,551						27,944						29,789						27,758
Non-accrual(3)			4,671						3,876						747						4,229						3,725						1,396
Subordinated debt:
Performing			27,535						27,085						26,972						4,585						4,538						4,488
Non-accrual(3)			—						—						—						4,322						3,328						3,457
Equity			N/A						484,189						525,535						N/A						261,879						297,430
Total			$	7,525,291					$	7,965,888					$	7,867,514					$	5,372,788					$	5,593,836					$	5,516,613

(1)As of June 30, 2024, $1,298.2 million and $1,222.0 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of the interest due on such loan to be PIK interest. As of June 30, 2024, $92.0 million and $53.6 million at amortized cost and fair value, respectively, of our loans with a PIK feature were on non-accrual status.

(2)As of September 30, 2023, $934.2 million and $887.2 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of the interest due on such loan to be PIK interest. As of September 30, 2023, $85.7 million and $62.9 million at amortized cost and fair value, respectively, of our loans with a PIK feature were on non-accrual status.

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

As of June 30, 2024, we had loans in ten portfolio companies on non-accrual status, and non-accrual investments as a percentage of total debt investments at cost and fair value were 1.6% and 1.0%, respectively. As of September 30, 2023, we had loans in nine portfolio companies on non-accrual status, and non-accrual investments as a percentage of total investments at cost and fair value were 1.6% and 1.2%, respectively.

As of June 30, 2024 and September 30, 2023, the fair value of our debt investments as a percentage of the outstanding principal value was 97.6% and 97.1%, respectively.

The following table shows the weighted average rate, spread over the applicable base rate of floating rate and fees of investments originated and the weighted average rate of sales and payoffs of portfolio companies during the three months ended June 30, 2024 and March 31, 2024 and the nine months ended June 30, 2024 and June 30, 2023:

			Three months ended,												Nine months ended
			June 30, 2024						March 31, 2024												June 30, 2024						June 30, 2023
Weighted average rate of new investment fundings			10.7%						11.0%												10.7%						11.5%
Weighted average spread over the applicable base rate of new floating rate investment fundings			5.4%						5.8%												5.4%						6.8%
Weighted average fees of new investment fundings			0.8%						0.9%												0.8%						1.8%
Weighted average rate of sales and payoffs of portfolio investments			11.3%						12.0%												11.3%						9.6%

As of June 30, 2024, 97.0% and 97.2% 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, 2023, 97.2% and 97.6% 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.

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As of June 30, 2024 and September 30, 2023, the portfolio median1 earnings before interest, taxes, depreciation and amortization, or EBITDA, for our portfolio companies was $61.9 million and $58.8 million, respectively. The portfolio median EBITDA is based on the most recently reported trailing twelve-month EBITDA received from the portfolio company.

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

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

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

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

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

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

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The following table shows the distribution of our investments on the 1 to 5 internal performance rating scale at fair value as of June 30, 2024 and September 30, 2023:

						As of June 30, 2024												As of September 30, 2023
Internal Performance Rating						Investments at Fair Value (In thousands)						Percentage of Total Investments						Investments at Fair Value (In thousands)						Percentage of Total Investments
5						$	126,286					1.6%						$	50,279					0.9%
4						6,893,398						87.6						4,647,644						84.2
3						795,362						10.1						803,724						14.6
2						52,468						0.7						14,966						0.3
1						—						—						—						—
Total						$	7,867,514					100.0%						$	5,516,613					100.0%

The table below details the weighted average price of our debt investments by internal performance rating held as of June 30, 2024 and September 30, 2023.

						Weighted Average Price1
Category						June 30, 2024						September 30, 2023
Internal Performance Ratings 4 and 5 (Performing At or Above Expectations)						99.5%						98.9%
Internal Performance Rating 3 (Performing Below Expectations)						90.3						91.3
Internal Performance Ratings 1 and 2 (Performing Materially Below Expectations)						38.5						27.6
Total						97.6%						97.1%

(1)Includes only debt investments held as of June 30, 2024 and September 30, 2023. Value reflects weighted average fair value of debt investments as a percentage of principal by Internal Performance Rating category.

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Distributions

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

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

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

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

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

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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. The Board most recently approved an amended and restated Investment Advisory Agreement on June 3, 2024. The Investment Advisory Agreement amended the Prior Investment Advisory Agreement in order to incorporate changes to the calculation of the incentive fee rates and the incentive fee cap. Under the Investment Advisory Agreement, the incentive fee rates were reduced from 20.0% to 15.0%, and the incentive fee cap was reduced from 20.0% to 15.0%. None of the other material terms changed in the Investment Advisory Agreement as compared to the Prior Investment Advisory Agreement, including the services to be provided and the calculation of the base management fee. On August 3, 2023, effective July 1, 2023 the Board approved an amended and restated Investment Advisory Agreement, pursuant to which the base management fee rate was reduced from 1.375% to 1.0%.

•GC Advisors has agreed to irrevocably waive any incentive fees in excess of 15% and waive incentive fees in excess of an incentive fee cap that is also reduced to 15%, in each case effective as of January 1, 2024 for periods ending on or prior to the earlier of (i) the closing of the acquisition of GBDC 3 pursuant to the GBDC 3 Merger Agreement or (ii) the termination of the GBDC 3 Merger Agreement (the “Waiver Period”), in accordance with the terms of a waiver letter agreement (the “ GBDC 3 Merger Waiver”) to the Investment Advisory Agreement. During the Waiver Period, as a result of the GBDC 3 Merger Waiver, fees payable to the Investment Adviser under the Investment Advisory Agreement, net of the GBDC 3 Merger Waiver, will equal those that would be payable under the investment advisory agreement that would be entered into and effective upon closing of the GBDC 3 Merger Agreement.

•GC Advisors has agreed to irrevocably waived $14.4 million of income incentive fees calculated under the Investment Advisory Agreement, for the quarter ended June 30, 2024.

•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.

•GC Advisors serves as collateral manager to the 2018 Issuer, the GCIC 2018 Issuer, the GBDC 3 2021 Issuer, the GBDC 3 2022 Issuer and the GBDC 3 2022-2 Issuer under the 2018 Collateral Management Agreement, the GCIC 2018 Collateral Management Agreement the 2021 Collateral Management Agreement, the 2022 Collateral Management Agreement and the 2022-2 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.

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•During the second calendar quarter of 2024, the Golub Capital Employee Grant Program Rabbi Trust, or the Trust, did not purchase any shares of our common stock for the purpose of awarding incentive compensation to employees of Golub Capital. Through the first two calendar quarters of 2024, the Trust purchased approximately $0.1 million, or 5,000 shares of our common stock, for the purpose of awarding incentive compensation to employees of Golub Capital. During calendar year 2023, the Trust purchased approximately $18.0 million, or 1,306,855 shares of our common stock, for the purpose of awarding incentive compensation to employees of Golub Capital.

•Effective June 3, 2024, we assumed in the GBDC 3 Merger an unsecured line of credit with GC Advisors that allowed for borrowing up to $100.0 million, which we subsequently terminated effective June 11, 2024.

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

•On June 3, 2024, we completed our acquisition of GBDC 3, pursuant to the GBDC 3 Merger Agreement, GBDC 3 was merged with and into us, with us as the surviving company. As a result of, and as of the effective time of, the GBDC 3 Merger, GBDC 3’s separate existence ceased.

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 Direct Lending Corporation, or GDLC, Golub Capital Direct Lending Unlevered Corporation, or GDLCU, Golub Capital BDC 4, Inc., or GBDC 4, and Golub Capital Private Credit Fund, or GCRED, all of which are unlisted business development companies that primarily focus on investing in one stop and other senior secured loans. In addition, our officers and directors serve in similar capacities for GDLC, GDLCU, GBDC 4 and GCRED. If GC Advisors and its affiliates determine that an investment is appropriate for us, GDLC, GDLCU, GBDC 4, GCRED and other accounts, depending on the availability of such investment and other appropriate factors, and pursuant to GC Advisors’ allocation policy, GC Advisors or its affiliates could determine that we should invest side-by-side with one or more other accounts. We do not intend to make any investments if they are not permitted by applicable law and interpretive positions of the SEC and its staff, or if they are inconsistent with GC Advisors’ allocation procedures.

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

Critical Accounting Policies

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

Fair Value Measurements

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

Valuation methods include comparisons of the portfolio companies to peer companies that are public, determination of the enterprise value of a portfolio company, discounted cash flow analysis and a market interest rate approach. The factors that are taken into account in fair value pricing investments include: available current market data, including relevant and applicable market trading and transaction comparables; applicable market yields and multiples; security covenants; call protection provisions; information rights; the nature and realizable value of any collateral; the portfolio company’s ability to make payments, its earnings and discounted cash flows and the markets in which it does business; comparisons of financial ratios of peer companies that are public; comparable merger and

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

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

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. 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 nine months ended June 30, 2024 and 2023. The following section describes the valuation techniques used by us to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

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Valuation of Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by our board of directors, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of our board of directors to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with approximately 25% (based on the number of portfolio companies) of our valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. All investments as of June 30, 2024 and September 30, 2023, with the exception of one portfolio company investment (Level 1 investments), were valued using Level 3 inputs. As of June 30, 2024 and September 30, 2023, all money market funds included in cash and cash equivalents and restricted cash and restricted cash equivalents were valued using Level 1 inputs and all forward currency contracts and interest rate swaps were valued using Level 2 inputs.

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

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

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

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

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

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Valuation of Other Financial Assets and Liabilities

The fair value of the 2024 Notes, 2026 Notes, 2027 Notes, 2028 Notes and 2029 Notes is based on vendor pricing received by the Company, which is considered a Level 2 input. The fair value of our remaining debt is estimated using Level 3 inputs by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date, if available.

Revenue Recognition:

Our revenue recognition policies are as follows:

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

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

Non-accrual loans: 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 $70.3 million and $62.9 million as of June 30, 2024 and September 30, 2023, respectively.

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

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Depending on the level of taxable income earned in a tax year, we may choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. We may then be required to incur a 4% excise tax on such income. To the extent that we determine that our estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, we accrue excise tax, if any, on estimated excess taxable income as taxable income is earned. For the three and nine months ended June 30, 2024, $0.1 million and $1.1 million, respectively, was recorded for U.S. federal excise tax. For the three months ended June 30, 2023, we did not incur U.S. federal excise tax. For the nine months ended June 30, 2023, $2.4 million was recorded for U.S. federal excise tax.

We have consolidated subsidiaries that are subject to U.S. federal and state corporate-level income taxes. For the three months ended ended June 30, 2024, we recorded no U.S. income taxes. For the nine months ended June 30, 2024, $0.1 million was recorded for U.S. income taxes and we recorded a net tax benefit of $0.4 million. For the three months ended June 30, 2023, we recorded no U.S. income taxes. For the nine months ended June 30, 2023, we recorded a net tax benefit of $0.4 million for taxable subsidiaries. As of June 30, 2024 and September 30, 2023, we recorded a net deferred tax liability, reported within accounts payable and other liabilities on the Consolidated Statement of Financial Condition, of $0.9 million and $1.1 million, respectively, for taxable subsidiaries, primarily due to unrealized appreciation on the investments held at the taxable subsidiaries.

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

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are subject to financial market risks, including changes in interest rates. Many of the loans in our portfolio have floating interest rates, and we expect that our loans in the future may also have floating interest rates. These loans are usually based on floating 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 SOFR or another base rate are also typically subject to a minimum base rate, or floor, that we charge on our loans if the current market rates are below the respective floors. As of June 30, 2024 and September 30, 2023, the weighted average floor on loans subject to floating interest rates was 0.81% and 0.80%, 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 SOFR 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 Class A GBDC 3 Notes and Class A GBDC 3 Loans issued in connection with the GBDC 3 2022-2 Debt Securitization have floating rate provisions based on three-month term SOFR, the Class A Senior Secured GBDC 3 Notes issued in connection with the GBDC 3 2022 Debt Securitization have floating rate interest provisions based on three-month term SOFR and the Class A, B, and C-1 GBDC 3 2021 Notes issued in connection with the GBDC 3 2021 Debt Securitization have floating rate interest provisions based on three-month SOFR plus a spread adjustment. The JPM Credit Facility has a floating interest rate provision that, as of June 30, 2024, is primarily based on an applicable base rate (as defined in Note 7) plus a spread that ranges from 1.75% to 1.875% plus a spread adjustment of 0.10% on SOFR borrowings. The DB Credit Facility has a floating interest rate provision equal to three-month term SOFR plus a spread of 2.30%. We have entered into two interest rate swaps on the 2028 Notes and one interest rate swap on the 2029 Notes, these swaps have floating rate provisions based on one-month SOFR plus a spread of 3.327%, one-month SOFR plus a spread of 2.835% and one-month SOFR plus a spread of 2.444%, respectively. We expect that other credit facilities into which we enter in the future could have floating interest rate provisions.

Assuming that the unaudited interim Consolidated Statement of Financial Condition as of June 30, 2024 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(1)						Increase (decrease) in interest expense						Net increase (decrease) in  investment income
						(In thousands)
Down 200 basis points						$	(147,868)					$	(62,771)					$	(85,097)
Down 150 basis points						(110,901)						(47,078)						(63,823)
Down 100 basis points						(73,934)						(31,385)						(42,549)
Down 50 basis points						(36,967)						(15,693)						(21,274)
Up 50 basis points						36,967						15,693						21,274
Up 100 basis points						73,934						31,385						42,549
Up 150 basis points						110,901						47,078						63,823
Up 200 basis points						147,868						62,771						85,097

(1) Assumes applicable three-month base rate as of June 30, 2024, with the exception of SONIA and Prime that utilize the June 30, 2024 rate.

Although we believe that this analysis is indicative of our sensitivity to interest rate changes as of June 30, 2024, 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 JPM Credit Facility, the DB 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 have and, in the future, could hedge against interest rate fluctuations by using standard hedging instruments such as interest rate swaps, futures, options and forward contracts to the limited extent permitted under the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to the investments in our portfolio with fixed interest rates.

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Item 4. Controls and Procedures.

As of June 30, 2024 (the end of the period covered by this report), management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, or the Exchange Act). Based on that evaluation, our management, including the chief executive officer and chief financial officer, concluded that, at the end of such period, our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in the Company’s periodic reports.

There has not been any change in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

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Part II - Other Information

Item 1: Legal Proceedings.

We, GC Advisors and Golub Capital LLC may, from time to time, be involved in legal and regulatory proceedings arising out of 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.

There have been no material changes during the three months ended June 30, 2024 to the risk factors discussed in Item 1A. Risk Factors in our annual report on Form 10-K for the year ended September 30, 2023 and our quarterly report on Form 10-Q for the quarter ended December 31, 2023.

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.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended June 30, 2024, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

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Item 6: Exhibits.

EXHIBIT INDEX

Number						Description
2.1						Amendment No. 1 to Agreement and Plan of Merger by and among Golub Capital BDC, Inc., Golub Capital BDC 3, Inc., Park Avenue Subsidiary, Inc., GC Advisors, LLC, and solely for purposes of Section 1.9, Golub Capital LLC, dated as of April 11, 2024 (Incorporated by reference to Exhibit 4(b) filed with Amendment No. 1 to the Registrant’s Registration Statement on Form N-14 (File No. 333-277325), filed on April 12, 2024).
10.1						Fifth Amended and Restated Investment Advisory Agreement, dated as of June 3, 2024, by and between Golub Capital BDC, Inc. and GC Advisors, LLC. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on June 3, 2024).
10.2						Amended and Restated Revolving Loan Agreement, dated as of September 1, 2023, by and among Golub Capital BDC 3, Inc., as the borrower, and GC Advisors LLC, as the lender. (Incorporated by reference to Exhibit 10.1 to Golub Capital BDC 3, Inc.’s Current Report on Form 8-K (File No. 814-01244), filed on September 6, 2023).
10.3						Loan Financing and Servicing Agreement, dated as of September 10, 2019, by and among GBDC 3 Funding LLC, as borrower, Golub Capital BDC 3, Inc., as equity holder and as servicer, the lenders from time to time party thereto, 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 Deutsche Bank Trust Company Americas, as collateral agent and as collateral custodian (Incorporated by reference to Exhibit 10.1 to Golub Capital BDC 3, Inc.'s Current Report on Form 8-K (File No. 814-01244), filed on September 12, 2019).
10.4						Sale and Contribution Agreement, dated as of September 10, 2019, between Golub Capital BDC 3, Inc., as seller, and GBDC 3 Funding LLC, as purchaser (Incorporated by reference to Exhibit 10.2 to Golub Capital BDC 3, Inc.'s Current Report on Form 8-K (File No. 814-01244), filed on September 12, 2019).
10.5						Amendment No. 2 to Loan Financing and Servicing Agreement, dated as of October 29, 2021, among GBDC 3 Funding LLC, as borrower, Golub Capital BDC 3, Inc., as servicer, and Deutsche Bank AG, New York Branch, as facility agent, as agent and as a committed lender. (Incorporated by reference to Exhibit 10.1 to Golub Capital BDC 3, Inc.’s Current Report on Form 8-K (File No. 814-01244). filed on November 3, 2021).
10.6						Amendment No. 4 to Loan Financing and Servicing Agreement, dated as of June 24, 2022, among GBDC 3 Funding LLC, as borrower, Golub Capital BDC 3, Inc., as servicer, and Deutsche Bank AG, New York Branch, as facility agent, as agent and as a committed lender. (Incorporated by reference to Exhibit 10.1 to Golub Capital BDC 3, Inc.’s Current Report on Form 8-K (File No. 814-01244), filed on June 28, 2022).
10.7						Amendment No. 5 to Loan Financing and Servicing Agreement, dated as of March 8, 2023, among GBDC 3 Funding LLC, as borrower, Golub Capital BDC 3, Inc., as servicer, and Deutsche Bank AG, New York Branch, as facility agent, as agent and as a committed lender. (Incorporated by reference to Exhibit 10.1 to Golub Capital BDC 3, Inc.’s Current Report on Form 8-K (File No. 814-01244), filed on March 14, 2023).
10.8						Indenture, dated as of March 11, 2021, entered into by and among Golub Capital BDC 3, Inc. and Golub Capital BDC 3 CLO 1 LLC, as Issuer, and Deutsche Bank Trust Company Americas, as Trustee (Incorporated by reference to Exhibit 10.2 to Golub Capital BDC 3, Inc.'s Current Report on Form 8-K (File No. 814-01244), filed on March 17, 2021).
10.9						Master Loan Sale Agreement, dated as of March 11, 2021, entered into by and among Golub Capital BDC 3, Inc., as Seller, GC Advisors LLC, as Closing Date Seller, Golub Capital BDC 3 CLO 1 LLC, as Buyer and GBDC 3 Funding LLC, as Warehouse Buyer (Incorporated by reference to Exhibit 10.4 to Golub Capital BDC 3, Inc.'s Current Report on Form 8-K (File No. 814-01244), filed on March 17, 2021).
10.10						Collateral Management Agreement, dated as of March 11, 2021, entered into by and among Golub Capital BDC 3, Inc. and Golub Capital BDC 3 CLO 1 LLC, as Issuer and GC Advisors LLC, as Collateral Manager (Incorporated by reference to Exhibit 10.3 to Golub Capital BDC 3, Inc.'s Current Report on Form 8-K (File No. 814-01244), filed on March 17, 2021).

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10.11						Master Loan Sale Agreement, dated as of March 11, 2021, entered into by and among Golub Capital BDC 3, Inc., as Seller, Golub Capital BDC 3 CLO 1 Depositor LLC, as Intermediate Seller, and Golub Capital BDC 3 CLO 1 LLC, as Buyer (Incorporated by reference to Exhibit 10.4 to Golub Capital BDC 3, Inc.'s Current Report on Form 8-K (File No. 814-01244), filed on March 17, 2021).
10.12						Note Purchase Agreement, dated as of March 11, 2021, entered into by and among Golub Capital BDC 3, Inc. and Golub Capital BDC 3 CLO 1 LLC, as borrowers, and Deutsche Bank Securities, Inc., as the administrative agent and a lender (Incorporated by reference to Exhibit 10.1 to Golub Capital BDC 3, Inc.'s Current Report on Form 8-K (File No. 814-01244), filed on March 17, 2021).
10.13						Indenture, dated as of January 25, 2022, by and between Golub Capital BDC 3 ABS 2022-1 LLC, as Issuer, and Deutsche Bank Trust Company Americas, as Trustee (Incorporated by reference to Exhibit 10.2 to Golub Capital BDC 3, Inc.’s Current Report on Form 8-K (File No. 814-01244), filed on January 28, 2022).
10.14						Note Purchase Agreement, dated as of January 25, 2022, by and between Golub Capital BDC 3 ABS 2022-1 LLC and Deutsche Bank Securities Inc. (Incorporated by reference to Exhibit 10.1 to Golub Capital BDC 3, Inc.’s Current Report on Form 8-K (File No. 814-01244), filed on January 28, 2022).
10.15						Collateral Management Agreement, dated as of January 25, 2022, by and between Golub Capital BDC 3 ABS 2022-1 LLC, as Issuer and GC Advisors LLC, as Collateral Manager (Incorporated by reference to Exhibit 10.3 to Golub Capital BDC 3, Inc.’s Current Report on Form 8-K (File No. 814-01244), filed on January 28, 2022).
10.16						Master Loan Sale Agreement, dated as of January 25, 2022, by and among Golub Capital BDC 3, Inc., as the Seller, GC Advisors LLC, as the Closing Date Seller, Golub Capital BDC 3 ABS 2022-1 LLC, as the Buyer, and Golub Capital 3 Holdings LLC (Incorporated by reference to Exhibit 10.4 to Golub Capital BDC 3, Inc.’s Current Report on Form 8-K (File No. 814-01244), filed on January 28, 2022).
10.17						Master Loan Sale Agreement, dated as of January 25, 2022, by and among Golub Capital BDC 3, Inc., as the Seller, Golub Capital BDC 3 ABS 2022-1 Depositor LLC, as the Intermediate Seller, Golub Capital BDC 3 ABS 2022-1 LLC, as the Buyer, and GBDC 3 Funding LLC (Incorporated by reference to Exhibit 10.5 to Golub Capital BDC 3, Inc.’s Current Report on Form 8-K (File No. 814-01244), filed on January 28, 2022).
10.18						Indenture, dated as of December 14, 2022, by and between Golub Capital BDC 3 CLO 2 LLC, as Issuer, and Citibank, N.A., as Collateral Trustee. (Incorporated by reference to Exhibit 10.2 to Golub Capital BDC 3, Inc.’s Current Report on Form 8-K (File No. 814-01244), filed on December 19, 2022).
10.19						Credit Agreement, dated as of December 14, 2022, by and among Golub Capital BDC 3 CLO 2 LLC, as borrower, Citibank, N.A., as Collateral Trustee and as loan agent, and the various financial institutions and other persons party thereto from time to time as lenders. (Incorporated by reference to Exhibit 10.3 to Golub Capital BDC 3, Inc.’s Current Report on Form 8-K (File No. 814-01244), filed on December 19, 2022).
10.20						Master Loan Sale Agreement, dated as of December 14, 2022, by and among Golub Capital BDC 3, Inc., as the Seller, GC Advisors LLC, as the Closing Date Seller, Golub Capital BDC 3 CLO 2 LLC, as the Buyer, and GBDC 3 Funding LLC, as the Warehouse Borrower. (Incorporated by reference to Exhibit 10.5 to Golub Capital BDC 3, Inc.’s Current Report on Form 8-K (File No. 814-01244), filed on December 19, 2022).
10.21						Master Loan Sale Agreement, dated as of December 14, 2022, by and among Golub Capital BDC 3, Inc., as the Seller, Golub Capital BDC 3 CLO 2 Depositor LLC, as the Intermediate Seller, and Golub Capital BDC 3 CLO 2 LLC, as the buyer. (Incorporated by reference to Exhibit 10.6 to the Registrant’s Current Report on Form 8-K (File No. 814-01244), filed on December 19, 2022).
10.22						Master Loan Sale Agreement, dated as of December 14, 2022, by and among Golub Capital BDC 3, Inc., as the Seller, Golub Capital BDC 3 CLO 2 Depositor LLC, as the Intermediate Seller, and Golub Capital BDC 3 CLO 2 LLC, as the buyer. (Incorporated by reference to Exhibit 10.6 to the Registrant’s Current Report on Form 8-K (File No. 814-01244), filed on December 19, 2022).

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10.23						First Supplemental Indenture, dated as of June 30, 2023, by and between Golub Capital BDC 3 CLO 1 LLC, Deutsche Bank Trust Company Americas, as Trustee, and GC Advisors LLC, as Collateral Manager. (Incorporated by reference to Exhibit 10.1 to Golub Capital BDC 3, Inc.’s Current Report on Form 8-K (File No. 814-01244), filed on June 30, 2023).
10.24						Amendment No. 1 to the Amended and Restated Senior Secured Revolving Credit Agreement, dated as of March 17, 2023, by and among Golub Capital BDC, Inc., JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and the lenders, syndication agents, joint bookrunners, and joint lead arrangers party thereto, dated June 7, 2024. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on June 13, 2024).
10.25						Third Amendment to Revolving Loan Agreement, dated as of June 11, 2024, by and between Golub Capital BDC, Inc., as the borrower, and GC Advisors LLC, as the lender. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on June 13, 2024).
31.1						Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.			*
31.2						Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.			*
32.1						Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.			*
101.INS						Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.			*
101.SCH						Inline XBRL Taxonomy Extension Schema Document.			*
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document			*
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.			*
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document.			*
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.			*
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).			*

_________________

* Filed herewith

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SIGNATURES

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

			Golub Capital BDC, Inc.
Date: August 5, 2024			By			/s/ David B. Golub
						David B. Golub
						Chief Executive Officer
						(Principal Executive Officer)
Date: August 5, 2024			By			/s/ Christopher C. Ericson
						Christopher C. Ericson
						Chief Financial Officer
						(Principal Accounting and Financial Officer)

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