_____________________________________________________________________________________________________
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 March 31, 2026

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)
Delaware27-2326940
(State or other jurisdiction of incorporation or organization)  (I.R.S. Employer Identification No.)
200 Park Avenue, 25th Floor
New York, NY 10166
(Address of principal executive offices)

(212) 750-6060
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.001 per shareGBDC The Nasdaq Global Select Market

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

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes 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 May 4, 2026, the Registrant had 260,495,181 shares of common stock, $0.001 par value, outstanding.


Part I. Financial Information  
Item 1. Financial Statements
Consolidated Statements of Financial Condition as of March 31, 2026 (unaudited) and September 30, 2025
Consolidated Statements of Operations for the three and six months ended March 31, 2026 (unaudited) and 2025 (unaudited)
Consolidated Statements of Changes in Net Assets for the three and six months ended March 31, 2026 (unaudited) and 2025 (unaudited)
Consolidated Statements of Cash Flows for the six months ended March 31, 2026 (unaudited) and 2025 (unaudited)
Consolidated Schedules of Investments as of March 31, 2026 (unaudited) and September 30, 2025
Notes to Consolidated Financial Statements (unaudited)
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures about Market Risk
Item 4.Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A.Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits

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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)

March 31, 2026September 30, 2025
 (unaudited)
Assets    
Investments, at fair value    
Non-controlled/non-affiliate company investments$8,021,462 $8,463,764 
Non-controlled affiliate company investments284,292 293,763 
Controlled affiliate company investments11,491 11,862 
Total investments, at fair value (amortized cost of $8,477,016 and $8,759,938, respectively)
8,317,245 8,769,389 
Cash19,401 — 
Cash equivalents46,028 11,935 
Foreign currencies (cost of $6,884 and $11,685, respectively)
6,763 11,681 
Restricted cash 22,777 7,107 
Restricted cash equivalents40,210 81,720 
Interest receivable63,678 68,031 
Receivable for investments3,587 7,273 
Net unrealized appreciation on derivatives8,923 12,129 
Other assets1,085 9,034 
Total Assets$8,529,697 $8,978,299 
Liabilities    
Debt$4,723,905 $4,926,778 
Less unamortized debt issuance costs(21,427)(26,005)
Debt less unamortized debt issuance costs4,702,478 4,900,773 
Net unrealized depreciation on derivatives— 5,023 
Interest payable33,891 38,254 
Management and income incentive fees payable36,533 40,884 
Accrued trustee fees646 1,039 
Accounts payable and other liabilities8,029 9,759 
Total Liabilities4,781,577 4,995,732 
Commitments and Contingencies (Note 8)
    
Net Assets    
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2026 and September 30, 2025
— — 
Common stock, par value $0.001 per share, 500,000,000 shares authorized, 261,147,881 and 266,008,083 shares issued and outstanding as of March 31, 2026 and September 30, 2025, respectively
261 266 
Paid in capital in excess of par3,967,414 4,031,117 
Distributable earnings (losses)
(219,555)(48,816)
Total Net Assets3,748,120 3,982,567 
Total Liabilities and Total Net Assets$8,529,697 $8,978,299 
Number of common shares outstanding261,147,881 266,008,083 
Net asset value per common share$14.35 $14.97 

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

Three months ended March 31,Six months ended March 31,
  2026202520262025
Investment income    
From non-controlled/non-affiliate company investments:    
Interest income$162,002 $188,017 $343,683 $386,378 
Payment-in-kind interest income15,684 13,512 28,798 24,077 
Dividend income6,360 7,877 13,979 16,364 
Fee income739 1,690 1,818 2,245 
Total investment income from non-controlled/non-affiliate company investments184,785 211,096 388,278 429,064 
From non-controlled affiliate company investments:    
Interest income1,874 2,241 3,949 4,484 
Payment-in-kind interest income1,315 414 2,588 746 
Fee income22 18 52 49 
Total investment income from non-controlled affiliate company investments3,211 2,673 6,589 5,279 
From controlled affiliate company investments:  
Payment-in-kind interest income133 119 265 238 
Fee income5 4 9 11 
Total investment income from controlled affiliate company investments138 123 274 249 
Total investment income188,134 213,892 395,141 434,592 
Expenses    
Interest and other debt financing expenses61,069 69,911 127,383 149,554 
Base management fee21,035 21,714 43,150 43,295 
Incentive fee15,542 18,247 32,999 36,305 
Administrative service fee2,939 3,185 6,119 6,087 
Professional fees1,627 1,765 3,412 3,605 
General and administrative expenses375 408 773 969 
Total expenses102,587 115,230 213,836 239,815 
Net investment income - before tax85,547 98,662 181,305 194,777 
Excise and income tax benefit— — — (475)
Net investment income - after tax85,547 98,662 181,305 195,252 
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Non-controlled/non-affiliate company investments(1,451)(16,864)(4,169)(42,220)
Foreign currency transactions1,354 (174)234 (3,879)
Forward currency contracts(10,258)5,997 (10,258)7,203 
Net realized gain (loss) on investment transactions (10,355)(11,041)(14,193)(38,896)
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliate company investments(119,789)(1,341)(138,065)38,744 
Non-controlled affiliate company investments(12,522)(2,933)(21,946)689 
Controlled affiliate company investments679 (441)(635)(527)
Translation of assets and liabilities in foreign currencies(4,398)11,427 (2,350)(11,546)
Forward currency contracts 14,042 (15,495)14,334 6,432 
Net change in unrealized appreciation (depreciation) on investment transactions (121,988)(8,783)(148,662)33,792 
Net gain (loss) on investment transactions (132,343)(19,824)(162,855)(5,104)
Net realized gain (loss) on extinguishment of debt— — — (48)
Benefit for taxes on unrealized appreciation on investments— 146 — 198 
Net increase (decrease) in net assets resulting from operations$(46,796)$78,984 $18,450 $190,298 
Per Common Share Data
Basic and diluted earnings (loss) per common share (Note 10)
$(0.18)$0.30 $0.07 $0.72 
Dividends and distributions declared per common share$0.33 $0.39 $0.72 $0.87 
Basic and diluted weighted average common shares outstanding (Note 10)
262,676,687 266,484,213 263,183,214 265,402,101 

See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Changes in Net Assets (unaudited)
(In thousands, except share data)
Common StockPaid in Capital in Excess of ParDistributable Earnings (Losses)Total Net Assets
SharesPar Amount
Balance at September 30, 2024
264,277,128 $264 $4,167,258 $(152,993)$4,014,529 
Issuance of common stock2,408,940 3 37,431 — 37,434 
Repurchases of common stock, net of commission costs(77,777)— (1,130)— (1,130)
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes— — — 195,252 195,252 
Net realized gain (loss) on investment transactions— — — (38,896)(38,896)
Net realized gain (loss) on extinguishment of debt— — — (48)(48)
Net change in unrealized appreciation (depreciation) on investment transactions— — — 33,792 33,792 
Benefit for taxes on unrealized appreciation on investments— — — 198 198 
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan2,222,823 2 33,702 — 33,704 
Distributions from distributable earnings— — — (231,337)(231,337)
Total increase (decrease) for the six months ended March 31, 2025
4,553,986 5 70,003 (41,039)28,969 
Balance at March 31, 2025
268,831,114 $269 $4,237,261 $(194,032)$4,043,498 
Balance at December 31, 2024
265,498,597 $265 $4,185,811 $(168,532)$4,017,544 
Issuance of common stock2,408,940 3 37,431 — 37,434 
Repurchases of common stock, net of commission costs(77,777)— (1,130)— (1,130)
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes— — — 98,662 98,662 
Net realized gain (loss) on investment transactions— — — (11,041)(11,041)
Net change in unrealized appreciation (depreciation) on investment transactions— — — (8,783)(8,783)
Benefit for taxes on unrealized appreciation on investments— — — 146 146 
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan1,001,354 1 15,149 — 15,150 
Distributions from distributable earnings— — — (104,484)(104,484)
Total increase (decrease) for the three months ended March 31, 2025
3,332,517 4 51,450 (25,500)25,954 
Balance at March 31, 2025
268,831,114 $269 $4,237,261 $(194,032)$4,043,498 
Balance at September 30, 2025
266,008,083 $266 $4,031,117 $(48,816)$3,982,567 
Repurchases of common stock, net of commission costs(4,860,202)(5)(63,703)— (63,708)
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes— — — 181,305 181,305 
Net realized gain (loss) on investment transactions— — — (14,193)(14,193)
Net change in unrealized appreciation (depreciation) on investment transactions— — — (148,662)(148,662)
Distributions to stockholders:
Distributions from distributable earnings— — — (189,189)(189,189)
Total increase (decrease) for the six months ended March 31, 2026
(4,860,202)(5)(63,703)(170,739)(234,447)
Balance at March 31, 2026
261,147,881 $261 $3,967,414 $(219,555)$3,748,120 
Balance at December 31, 2025
263,384,785 $263 $3,995,213 $(86,322)$3,909,154 
Repurchases of common stock, net of commission costs(2,236,904)(2)(27,799)— (27,801)
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes— — — 85,547 85,547 
Net realized gain (loss) on investment transactions— — — (10,355)(10,355)
Net change in unrealized appreciation (depreciation) on investment transactions — — — (121,988)(121,988)
Distributions to stockholders:
Distributions from distributable earnings— — — (86,437)(86,437)
Total increase (decrease) for the three months ended March 31, 2026
(2,236,904)(2)(27,799)(133,233)(161,034)
Balance at March 31, 2026
261,147,881 $261 $3,967,414 $(219,555)$3,748,120 

See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Cash Flows (unaudited)
(In thousands)

Six months ended March 31,
  20262025
Cash flows from operating activities    
Net increase (decrease) in net assets resulting from operations$18,450 $190,298 
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 costs5,179 5,124 
Accretion of discounts and amortization of premiums on investments(6,596)(2,678)
Accretion of discounts and amortization of premiums on issued debt securities(563)1,681 
Net realized (gain) loss on investments4,169 42,220 
Net realized (gain) loss on foreign currency transactions(234)3,879 
Net realized (gain) loss on forward currency contracts10,258 (7,203)
Net realized (gain) loss on extinguishment of debt— 48 
Net change in unrealized (appreciation) depreciation on investments160,646 (38,906)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies2,350 11,546 
Net change in unrealized (appreciation) depreciation on interest rate swap171 4,697 
Net change in unrealized (appreciation) depreciation on forward currency contracts(14,334)(6,432)
Proceeds from (fundings of) revolving loans, net(11,314)(5,016)
Fundings of investments(296,134)(1,208,048)
Proceeds from principal payments and sales of portfolio investments639,511 840,343 
Proceeds from settlements of forward currency contracts(10,258)10,264 
Payment-in-kind interest capitalized(32,718)(27,921)
Non-cash dividends capitalized(13,192)(15,071)
Proceeds from non-cash dividends235 3,549 
Changes in operating assets and liabilities:
Interest receivable4,353 8,293 
Receivable for investments3,686 — 
Other assets7,949 385 
Interest payable(4,363)4,772 
Management and income incentive fees payable(4,351)7,250 
Accrued trustee fees(393)89 
Accounts payable and other liabilities(1,730)(2,459)
Net cash provided by (used in) operating activities460,777 (179,296)
Cash flows from financing activities    
Borrowings on debt378,068 3,731,443 
Repayments of debt(562,534)(3,496,076)
Capitalized debt issuance costs(601)(5,995)
Net proceeds from issuance of common stock (Note 11)
— 37,434 
Purchases of common stock (Note 11)
(63,708)(1,130)
Distributions paid(156,810)(197,633)
Purchases of common stock for dividend reinvestment plan (32,379)— 
Net cash provided by (used in) financing activities(437,964)68,043 
Net change in cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies22,813 (111,253)
Effect of foreign currency exchange rates(77)(1,915)
Cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies, beginning of period112,443 359,552 
Cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies, end of period$135,179 $246,384 
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest(1)
$126,960 $133,282 
Distributions declared for the period189,189 231,337 
Supplemental disclosure of non-cash financing activities:
Stock issued in connection with dividend reinvestment plan$— $33,704 
See Notes to Consolidated Financial Statements.
6

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





(1) Includes cash paid or received for contractual interest rate swaps, which may have different contractual settlement dates among the (i) fixed interest leg, (ii) floating interest leg and (iii) the debt instrument.


The following table provides a reconciliation of cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies reported within the Consolidated Statements of Financial Condition that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:
As of
March 31, 2026September 30, 2025
Cash $19,401 $— 
Cash equivalents46,028 11,935 
Foreign currencies (cost of $6,884 and $11,685, respectively)
6,763 11,681 
Restricted cash22,777 7,107 
Restricted cash equivalents40,210 81,720 
Total cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows(1)
$135,179 $112,443 
(1) See Note 2 for a description of cash, cash equivalents, foreign currencies, restricted cash, restricted 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)
March 31, 2026
(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 & DefenseJeppesen Holdings, LLC+One stopSF +4.75%(j)8.42%11/2032$2,377 $2,365 0.1%$2,329 Jeppesen Holdings, LLC+(5)One stopN/A(6)11/2032— (1)—(2)PPW Aero Buyer, Inc.*+One stopSF +5.00%(j)8.70%09/203133,853 33,529 0.933,694 PPW Aero Buyer, Inc.*One stopSF +5.00%(j)8.70%09/203111,741 11,632 0.311,686 
PPW Aero Buyer, Inc.+(5)One stopN/A(6)09/2031— (4)—(2)PPW Aero Buyer, Inc.+One stopSF +5.00%(a)(j)8.91%09/203156 53 —53 PPW Aero Buyer, Inc.+One stopSF +5.00%(j)8.70%09/20316,400 6,346 0.26,370 PPW Aero Buyer, Inc.+One stopSF +5.00%(j)8.70%09/2031186 185 —185 PPW Aero Buyer, Inc.+(5)One stopN/A(6)09/2031— (3)—(3)Titan BW Borrower L.P.+(25)One stopSF +5.38%(j)6.17% cash/2.88%PIK07/20322,017 1,999 —1,994 Titan BW Borrower L.P.+(5)One stopN/A(6)07/2032— (3)—(3)Titan BW Borrower L.P.+One stopSF +4.75%(j)8.42%07/2032101 100 —99 56,731 56,198 1.556,400 Air Freight & LogisticsRJW Group Holdings, Inc.+One stopSF +5.00%(j)8.70%11/203146,415 45,625 1.245,983 RJW Group Holdings, Inc.+One stopSF +5.00%(k)8.73%11/20312,931 2,876 0.12,900 RJW Group Holdings, Inc.*One stopSF +5.00%(j)8.70%11/20311,710 1,694 —1,694 RJW Group Holdings, Inc.+(5)One stopN/A(6)11/2031— (1)—(3)51,056 50,194 1.350,574 Auto Components                Arnott, LLC+One stopSF +4.75%(k)8.49%11/20304,712 4,676 0.14,543 Arnott, LLC+One stopSF +4.75%(j)(k)8.41%11/2030590 584 —562 Collision SP Subco, LLC+One stopSF +4.75%(j)8.42%01/20302,189 2,170 0.12,189 
Collision SP Subco, LLC+One stopSF +4.75%(j)(k)8.46%01/20301,278 1,268 0.11,278 Collision SP Subco, LLC+One stopSF +4.75%(j)8.42%01/203045 42 —45 Collision SP Subco, LLC+One stopSF +4.75%(j)8.42%01/2030243 242 —243 Collision SP Subco, LLC+One stopSF +4.75%(k)8.48%01/2030558 534 —558 Covercraft Parent III, Inc.+(7)(25)Senior securedSF +5.00%(i)8.27% cash/0.50%PIK08/20276,731 6,676 0.14,645 Covercraft Parent III, Inc.+(7)(25)Senior securedSF +5.00%(i)8.27% cash/0.50%PIK08/20271,362 1,346 —940 Covercraft Parent III, Inc.+(7)(25)Senior securedSF +5.00%(i)(j)8.30% cash/0.50%PIK08/2027186 183 —128 North Haven Falcon Buyer, LLC+(5)One stopN/A(6)11/2029— (24)—(28)North Haven Falcon Buyer, LLC+(5)One stopN/A(6)11/2029— (24)—(28)North Haven Falcon Buyer, LLC+(25)One stopSF +7.50%(j)6.14% cash/5.00%PIK11/20294,213 3,506 0.13,370 OEConnection, LLC*+One stopSF +4.50%(i)8.17%12/203212,249 12,201 0.312,296 OEConnection, LLC+(5)One stopN/A(6)12/2032— (6)—3 OEConnection, LLC+(5)One stopN/A(6)12/2032— (27)—26 34,356 33,347 0.830,770 Automobiles                CAP-KSI Holdings, LLC*+One stopSF +5.25%(j)8.94%06/203013,304 13,171 0.413,166 CAP-KSI Holdings, LLC+One stopSF +5.25%(a)(j)8.94%06/2030799 787 —787 
CG Group Holdings, LLC*+(25)One stopSF +8.75%(j)10.45% cash/2.00%PIK07/202746,640 46,521 1.246,173 CG Group Holdings, LLC+(25)One stopSF +8.75%(i)10.42% cash/2.00%PIK07/2026812 809 —804 Denali Midco 2, LLC*One stopSF +5.25%(i)8.92%12/202838,258 38,091 1.038,067 Denali Midco 2, LLC+One stopSF +5.25%(i)8.92%12/20288,917 9,014 0.28,872 Denali Midco 2, LLC+One stopSF +5.25%(i)8.92%12/20282,668 2,699 0.12,655 Denali Midco 2, LLC+One stopSF +5.25%(i)8.92%12/20281,621 1,637 0.11,613 Denali Midco 2, LLC+One stopSF +5.25%(i)8.92%12/20281,540 1,555 0.11,532 Denali Midco 2, LLC+One stopSF +5.25%(i)8.92%12/20281,344 1,357 —1,337 

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)
March 31, 2026
(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)
Denali Midco 2, LLC+One stopSF +5.25%(i)8.92%12/2028$1,293 $1,283 —%$1,287 Denali Midco 2, LLC+One stopSF +5.25%(i)8.92%12/20281,108 1,106 —1,103 Denali Midco 2, LLC+One stopSF +5.25%(i)8.92%12/20281,075 1,074 —1,070 
Denali Midco 2, LLC+One stopSF +5.25%(i)8.92%12/20281,075 1,074 —1,070 Denali Midco 2, LLC+One stopSF +5.25%(i)8.92%12/2028887 886 —883 Denali Midco 2, LLC+One stopSF +5.25%(i)8.92%12/2028403 400 —401 Denali Midco 2, LLC+One stopSF +5.25%(i)8.92%12/2028348 346 —346 Denali Midco 2, LLC+One stopSF +5.25%(i)8.92%12/20281,205 1,204 —1,199 Denali Midco 2, LLC+One stopSF +5.25%(i)8.92%12/2028294 292 —293 Denali Midco 2, LLC+One stopSF +5.25%(i)8.92%12/2028173 172 —172 Denali Midco 2, LLC+(5)One stopN/A(6)12/2028— (3)—(6)Denali Midco 2, LLC+One stopSF +5.25%(i)8.92%12/202887 85 —86 Denali Midco 2, LLC+One stopSF +5.25%(i)8.92%12/20281,687 1,678 0.11,675 Denali Midco 2, LLC+(25)Second lienN/A13.00%PIK12/202912,365 12,293 0.312,242 High Bar Brands Operating, LLC+(5)Senior securedN/A(6)12/2029— (1)—(2)High Bar Brands Operating, LLC+Senior securedSF +5.25%(j)8.95%12/2029249 249 —247 High Bar Brands Operating, LLC+Senior securedSF +5.25%(j)8.95%12/20291,415 1,412 0.11,399 High Bar Brands Operating, LLC+Senior securedSF +5.25%(j)8.95%12/2029295 294 —291 Lincoln Acq Buyer, LLC+One stopSF +4.50%(j)8.20%11/20325 5 —5 
Lincoln Acq Buyer, LLC+One stopSF +4.50%(j)8.20%11/2032281 280 —281 Lincoln Acq Buyer, LLC+One stopSF +4.50%(j)8.17%11/203234 34 —34 Lincoln Acq Buyer, LLC+One stopSF +4.50%(j)8.16%11/203211 11 —11 Lincoln Acq Buyer, LLC+(5)One stopN/A(6)11/2032— (1)—— MOP GM Holding, LLC*+(25)One stopSF +6.25%(j)6.35% cash/3.75%PIK11/202732,721 32,685 0.932,067 MOP GM Holding, LLC+(25)One stopSF +6.25%(j)6.32% cash/3.75%PIK11/20273,848 3,836 0.13,770 MOP GM Holding, LLC*+(25)One stopSF +6.25%(j)6.32% cash/3.75%PIK11/20273,566 3,559 0.13,495 MOP GM Holding, LLC*+(25)One stopSF +6.25%(j)6.32% cash/3.75%PIK11/20273,486 3,473 0.13,416 MOP GM Holding, LLC*+(25)One stopSF +6.25%(j)6.35% cash/3.75%PIK11/20272,607 2,598 0.12,555 MOP GM Holding, LLC+(25)One stopSF +6.25%(j)6.32% cash/3.75%PIK11/20272,130 2,123 0.12,088 MOP GM Holding, LLC+(25)One stopSF +6.25%(j)6.32% cash/3.75%PIK11/20271,965 1,955 0.11,925 MOP GM Holding, LLC+(25)One stopSF +6.25%(j)6.35% cash/3.75%PIK11/2027722 719 —708 MOP GM Holding, LLC+(25)One stopSF +6.25%(j)6.35% cash/3.75%PIK11/2027531 528 —520 
MOP GM Holding, LLC+(25)One stopSF +6.25%(j)6.34% cash/3.75%PIK11/2027404 402 —396 MOP GM Holding, LLC+(25)One stopSF +6.25%(j)6.32% cash/3.75%PIK11/2027264 262 —258 MOP GM Holding, LLC+(25)One stopSF +6.25%(j)6.35% cash/3.75%PIK11/2027202 202 —198 MOP GM Holding, LLC+(25)One stopSF +6.25%(j)6.35% cash/3.75%PIK11/202788 88 —87 MOP GM Holding, LLC+(25)One stopSF +6.25%(j)6.32% cash/3.75%PIK11/202788 88 —86 National Express Wash Parent Holdco, LLC+One stopSF +5.00%(k)8.66%07/2029922 912 —922 National Express Wash Parent Holdco, LLC+One stopSF +5.00%(j)8.70%07/202913,215 13,177 0.413,215 National Express Wash Parent Holdco, LLC+One stopSF +5.00%(k)8.59%07/20292,405 2,388 0.12,405 National Express Wash Parent Holdco, LLC+One stopSF +5.00%(j)8.70%07/20291,273 1,268 —1,273 POY Holdings, LLC*+One stopSF +5.50%(j)9.35%11/202728,050 28,195 0.726,647 POY Holdings, LLC*+One stopSF +5.50%(j)9.35%11/20273,648 3,680 0.13,465 POY Holdings, LLC*+One stopSF +5.50%(j)9.35%11/20271,291 1,291 —1,227 POY Holdings, LLC+One stopSF +5.50%(j)9.35%11/2027860 860 —817 POY Holdings, LLC+One stopSF +5.50%(j)9.35%11/2027642 642 —610 POY Holdings, LLC+One stopSF +5.50%(j)9.35%11/2027287 287 —272 
POY Holdings, LLC+One stopSF +5.50%(j)9.35%11/2027418 417 —395 POY Holdings, LLC+(5)One stopN/A(6)11/2027— (9)—— POY Holdings, LLC*One stopSF +5.50%(j)9.35%11/20272,250 2,244 0.12,138 Quick Quack Car Wash Holdings, LLC+One stopSF +5.00%(i)8.67%06/20314,784 4,754 0.14,784 Quick Quack Car Wash Holdings, LLC+(5)One stopN/A(6)06/2031— (3)—— Quick Quack Car Wash Holdings, LLC+One stopSF +5.00%(i)8.67%06/2031269 266 —269 

See Notes to Consolidated Financial Statements.
9
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(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)
Quick Quack Car Wash Holdings, LLC+One stopSF +5.00%(i)8.67%06/2031$108 $106 —%$108 
Quick Quack Car Wash Holdings, LLC+One stopSF +5.00%(i)8.67%06/2031517 515 —517 
Strickland's Enterprises, LLC+Senior securedSF +4.50%(j)8.17%01/2031357 356 —356 
Strickland's Enterprises, LLC+Senior securedN/A(6)01/2031— — —— 
Strickland's Enterprises, LLC+(5)Senior securedN/A(6)01/2031— (1)—(1)
TWAS Holdings, LLC*+One stopSF +4.75%(i)8.42%12/2029111,543 110,438 3.0111,543 
TWAS Holdings, LLC+(5)One stopN/A(6)12/2029— (3)—— 
TWAS Holdings, LLC+(5)One stopN/A(6)12/2029— (9)—— 
Yorkshire Parent, Inc.+Senior securedSF +4.50%(a)(j)8.19%12/2029119 117 —119 
Yorkshire Parent, Inc.*+Senior securedSF +4.50%(j)8.20%12/20292,203 2,224 0.12,203 
Yorkshire Parent, Inc.+Senior securedSF +4.50%(j)8.17%12/2029610 608 —610 
Yorkshire Parent, Inc.+Senior securedSF +4.50%(j)8.17%12/2029949 928 —949 
Yorkshire Parent, Inc.+Senior securedSF +4.50%(j)8.17%12/20292,227 2,219 0.12,227 
371,762 370,199 9.8367,732 
Banks
Empyrean Solutions, LLC+One stopSF +4.50%(j)8.20%11/20319,283 9,245 0.28,958 
Empyrean Solutions, LLC+(5)One stopN/A(6)11/2031— (6)—(49)
Empyrean Solutions, LLC+(5)One stopN/A(6)11/2031— (15)—(130)
OSP Hamilton Purchaser, LLC+One stopSF +4.75%(j)8.42%12/20291,718 1,736 0.11,675 
OSP Hamilton Purchaser, LLC+One stopSF +4.75%(j)8.42%12/2029270 267 —252 
OSP Hamilton Purchaser, LLC+One stopSF +4.75%(j)8.42%12/20291,643 1,639 0.11,603 
OSP Hamilton Purchaser, LLC+One stopSF +4.75%(j)8.45%12/2029928 923 —903 
13,842 13,789 0.413,212 
Beverages
Financial Information Technologies, LLC*+One stopSF +4.75%(j)8.45%06/203034,105 34,022 0.933,763 
Financial Information Technologies, LLC+(5)One stopN/A(6)06/2030— (1)—(5)
Financial Information Technologies, LLC+One stopSF +4.75%(j)8.45%06/20302,188 2,183 0.12,165 
Financial Information Technologies, LLC*One stopSF +4.75%(j)8.45%06/20301,679 1,675 —1,662 
Spindrift Beverage Co. Inc.+One stopSF +5.00%(j)8.67%02/2032245 229 —245 
Spindrift Beverage Co. Inc.+(5)One stopN/A(6)02/2032— (5)—— 
Spindrift Beverage Co. Inc.+One stopSF +5.00%(j)8.65%02/20327,653 7,572 0.27,653 
Watermill Express, LLC*+One stopSF +4.50%(j)8.20%04/20313,047 3,022 0.13,047 
Watermill Express, LLC+One stopSF +4.50%(j)8.20%04/2031294 293 —294 
Watermill Express, LLC+(5)One stopN/A(6)04/2031— (4)—— 
Watermill Express, LLC+One stopSF +4.50%(j)8.20%04/2031735 729 —735 
Watermill Express, LLC+One stopSF +4.50%(j)8.20%04/2031369 366 —369 
Watermill Express, LLC*One stopSF +4.50%(j)8.17%04/20312,381 2,362 0.12,381 
Watermill Express, LLC*One stopSF +4.50%(j)8.20%04/20312,771 2,757 0.12,771 
Watermill Express, LLC+(5)One stopN/A(6)04/2031— (10)—— 
Winebow Holdings, Inc.*+One stopSF +6.25%(i)10.02%12/20279,190 8,948 0.27,719 
64,657 64,138 1.762,799 
Building Products
BECO Holding Company, Inc.+(5)One stopN/A(6)11/2027— (1)—(2)
BECO Holding Company, Inc.*+One stopSF +5.25%(j)9.10%11/202840,366 40,767 1.140,258 
BECO Holding Company, Inc.+One stopSF +5.25%(j)9.10%11/2028311 310 —310 
BECO Holding Company, Inc.+(5)One stopN/A(6)11/2028— (3)—(2)
40,677 41,073 1.140,564 
Capital Markets
BlueMatrix Holdings, LLC+One stopSF +4.75%(j)8.44%01/2031204 204 —195 
BlueMatrix Holdings, LLC+One stopSF +4.75%(j)8.45%01/20312,502 2,515 0.12,427 
BlueMatrix Holdings, LLC+One stopSF +4.75%(j)8.45%01/2031841 834 —816 
BlueMatrix Holdings, LLC+One stopSF +4.75%(j)8.45%01/20319,874 9,813 0.39,578 

See Notes to Consolidated Financial Statements.
10
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(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)
BlueMatrix Holdings, LLC+One stopSF +4.75%(j)8.45%01/2031$758 $756 —%$736 14,179 14,122 0.413,752 ChemicalsAP Adhesives Holdings, LLC+(5)One stopN/A(6)04/2032— (8)—(17)AP Adhesives Holdings, LLC+(5)One stopN/A(6)04/2031— (4)—(8)AP Adhesives Holdings, LLC+One stopSF +4.75%(j)8.42%04/20325,771 5,746 0.25,719 Inhance Parent, Inc.+(25)One stopSF +7.00%(j)6.35% cash/4.50%PIK06/2029851 851 —851 
Inhance Parent, Inc.+(25)One stopSF +7.00%(j)6.35% cash/4.50%PIK06/202923,317 20,604 0.621,919 Inhance Parent, Inc.+(7)(25)One stopN/A20.00%PIK06/202911,656 4,446 0.15,246 JSG II, Inc. and Checkers USA, Inc.+One stopSF +4.50%(i)8.17%09/20321,430 1,423 —1,423 JSG II, Inc. and Checkers USA, Inc.+(5)One stopN/A(6)09/2032— (1)—(1)JSG II, Inc. and Checkers USA, Inc.+(5)One stopN/A(6)09/2032— (1)—(2)Krayden Holdings, Inc.*Senior securedSF +4.75%(i)8.45%03/20299,692 9,629 0.39,625 Krayden Holdings, Inc.+Senior securedSF +4.75%(j)8.45%03/20291,031 1,009 —1,008 Krayden Holdings, Inc.+Senior securedSF +4.75%(j)8.45%03/20293,020 2,976 0.12,952 PHM NL SP Bidco B.V.+(8)(9)(10)(25)One stopE + 6.75%(c)4.63% cash/4.25%PIK09/202857,255 54,461 1.453,248 PHM NL SP Bidco B.V.+(8)(10)(25)One stopSF +6.75%(h)6.28% cash/4.25%PIK09/202821,740 21,009 0.520,218 PHM NL SP Bidco B.V.+(8)(9)(10)(25)One stopSN +6.75%(g)7.48% cash/3.00%PIK09/202811,890 11,387 0.311,057 PHM NL SP Bidco B.V.+(8)(9)(10)(25)One stopE + 6.75%(d)5.92% cash/3.00%PIK09/20285,791 5,432 0.25,386 
153,444 138,959 3.7138,624 Commercial Services & SuppliesCHA Vision Holdings, Inc.+One stopN/A(6)01/2030— — —— CHA Vision Holdings, Inc.+One stopSF +5.00%(j)8.67%01/20311,053 1,050 —1,049 CHA Vision Holdings, Inc.+One stopSF +5.00%(j)8.67%01/2031343 342 —341 CHA Vision Holdings, Inc.+One stopSF +5.00%(j)8.67%01/2031304 302 —302 CHA Vision Holdings, Inc.+One stopSF +5.00%(j)8.67%01/203168 64 —64 CI (Quercus) Intermediate Holdings, LLC+One stopSF +5.00%(j)8.70%06/203153 37 —47 CI (Quercus) Intermediate Holdings, LLC*+One stopSF +5.00%(j)8.70%06/203133,570 33,286 0.933,267 CI (Quercus) Intermediate Holdings, LLC+(5)One stopN/A(6)06/2031— (2)—(4)CI (Quercus) Intermediate Holdings, LLC+(5)One stopN/A(6)06/2031— (4)—(9)Dispatch Acquisition Holdings, LLC+One stopSF +4.75%(j)8.45%11/2032673 670 —670 Dispatch Acquisition Holdings, LLC+One stopSF +4.75%(j)8.45%11/203236 36 —36 Dispatch Acquisition Holdings, LLC+(5)One stopN/A(6)11/2032— — —(1)Kleinfelder Intermediate, LLC+One stopSF +4.50%(j)8.17%09/20304,026 3,950 0.14,016 Kleinfelder Intermediate, LLC+(5)One stopN/A(6)09/2028— (5)—(1)Kleinfelder Intermediate, LLC+One stopSF +4.50%(j)8.17%09/2030437 435 —436 Kleinfelder Intermediate, LLC+(5)One stopN/A(6)09/2030— (1)—(1)Pearl Acquisition Buyer, Inc.+One stopSF +4.50%(j)8.20%12/20326 6 —6 
Pearl Acquisition Buyer, Inc.+One stopSF +4.50%(j)8.20%12/2032344 343 —343 Pearl Acquisition Buyer, Inc.+One stopN/A(6)12/2032— — —— Profile Products LLC+One stopSF +5.50%(j)9.27%11/20278,913 8,874 0.28,860 Profile Products LLC+One stopSF +5.50%(j)9.27%11/20271,806 1,794 0.11,796 Profile Products LLC+One stopP + 4.50%(a)11.25%11/202758 58 —58 Profile Products LLC+One stopP + 4.50%(a)11.25%11/202730 28 —28 PSC Parent, Inc.*+One stopSF +5.25%(j)8.91%04/20315,422 5,416 0.25,433 PSC Parent, Inc.+One stopSF +5.25%(i)(j)8.92%04/2030377 373 —377 PSC Parent, Inc.+One stopSF +5.25%(i)8.92%04/20311,302 1,297 —1,304 PSC Parent, Inc.+One stopSF +5.25%(j)8.92%04/2031904 901 —906 PT Intermediate Holdings III, LLC+(25)One stopSF +4.75%(j)6.70% cash/1.75%PIK04/203021,514 21,501 0.621,473 PT Intermediate Holdings III, LLC+(5)One stopN/A(6)04/2030— (3)—(2)Radwell Parent, LLC*+One stopSF +5.50%(j)9.20%03/202933,766 33,553 0.933,580 Radwell Parent, LLC*+One stopSF +5.50%(j)9.20%03/202932,454 32,490 0.932,276 Radwell Parent, LLC+One stopSF +5.50%(j)9.20%03/2029289 261 —282 

See Notes to Consolidated Financial Statements.
11
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value(4)
Radwell Parent, LLC+One stopN/A(6)04/2030$— $— —%$— 
Radwell Parent, LLC+One stopN/A(6)04/2030— — —— 
Radwell Parent, LLC+One stopN/A(6)04/2030— — —— 
Radwell Parent, LLC+(5)One stopN/A(6)04/2030— — —(1)
Radwell Parent, LLC+(5)One stopN/A(6)04/2030— — —(1)
Trinity Air Consultants Holdings Corporation+One stopSF +4.25%(j)8.02%06/20292,959 2,947 0.12,933 
Trinity Air Consultants Holdings Corporation+(5)One stopN/A(6)06/2029— (1)—(1)
Trinity Air Consultants Holdings Corporation+One stopSF +4.25%(j)8.01%06/20291,379 1,377 —1,366 
Trinity Air Consultants Holdings Corporation+(5)One stopN/A(6)06/2029— (1)—(3)
Trinity Air Consultants Holdings Corporation+One stopSF +4.25%(j)8.02%06/20291,569 1,555 0.11,555 
WRE Holding Corp.+(5)One stopN/A(6)07/2031— (4)—(8)
WRE Holding Corp.+One stopSF +5.00%(k)8.71%07/203175 75 —75 
WRE Holding Corp.+One stopSF +5.00%(k)8.67%07/2030452 435 —433 
WRE Holding Corp.*One stopSF +5.00%(k)8.74%07/203116,266 16,142 0.416,131 
WRE Holding Corp.*One stopSF +5.00%(k)8.61%07/20311,786 1,779 0.11,771 
WRE Holding Corp.*One stopSF +5.00%(k)8.60%07/20311,076 1,072 —1,067 
WRE Holding Corp.+One stopSF +5.00%(k)8.60%07/2031837 834 —830 
WRE Holding Corp.+One stopSF +5.00%(k)8.60%07/2031293 292 —290 
WRE Holding Corp.+One stopSF +5.00%(k)8.60%07/2031300 299 —297 
WRE Holding Corp.+One stopSF +5.00%(k)8.60%07/2031186 185 —184 
174,926 174,038 4.6173,850 
Communications Equipment
Lightning Finco Limited+(8)(15)One stopSF +5.75%(h)9.81%09/202814,802 14,786 0.414,580 
Lightning Finco Limited+(8)(9)(15)One stopE + 5.75%(d)7.87%09/20281,755 1,749 —1,729 
16,557 16,535 0.416,309 
Construction & Engineering
Consor Intermediate II, LLC*+One stopSF +4.50%(j)8.20%05/20315,484 5,488 0.15,439 
Consor Intermediate II, LLC+(5)One stopN/A(6)05/2031— (8)—(18)
Consor Intermediate II, LLC+One stopSF +4.50%(j)8.20%05/2031167 164 —161 
DCCM, LLC+One stopSF +4.75%(i)8.42%06/2032590 587 —590 
DCCM, LLC+(5)One stopN/A(6)06/2032— (1)—— 
DCCM, LLC+(5)One stopN/A(6)06/2032— (1)—— 
Royal Holdco Corporation+One stopSF +4.50%(j)8.19%12/2030752 743 —734 
Royal Holdco Corporation+One stopSF +4.50%(j)8.19%12/2030371 367 —366 
Royal Holdco Corporation+One stopSF +4.50%(j)8.17%12/20305,951 5,902 0.25,900 
13,315 13,241 0.313,172 
Containers & Packaging
Chase Intermediate*+One stopSF +4.75%(j)8.42%10/202848,574 49,030 1.347,602 
Chase Intermediate+One stopSF +4.75%(j)8.44%10/2028272 271 —258 
Chase Intermediate+One stopSF +4.75%(j)8.42%10/20282,273 2,269 —2,227 
Chase Intermediate+One stopSF +4.75%(j)8.42%10/2028595 563 —421 
Fortis Solutions Group, LLC*+One stopSF +5.50%(j)9.30%10/202851,328 51,054 1.450,973 
Fortis Solutions Group, LLC+One stopSF +5.50%(j)9.30%10/20281,686 1,672 —1,676 
Fortis Solutions Group, LLC+One stopSF +5.50%(j)9.30%10/2028139 98 —138 
Fortis Solutions Group, LLC+One stopSF +5.50%(j)9.30%10/2027272 266 —270 
Packaging Coordinators Midco, Inc.+One stopSF +5.00%(j)8.67%07/20326,298 6,204 0.26,174 
Packaging Coordinators Midco, Inc.+(5)One stopN/A(6)07/2032— (7)—(14)
Packaging Coordinators Midco, Inc.+(5)One stopN/A(6)07/2032— — —(20)
Packaging Coordinators Midco, Inc.+(9)One stopSN +5.00%(g)8.73%07/203212,289 12,214 0.312,046 
Packaging Coordinators Midco, Inc.+One stopSF +5.00%(j)8.67%07/203276 76 —74 
Packaging Coordinators Midco, Inc.+(5)One stopN/A(6)07/2032— (3)—(6)

See Notes to Consolidated Financial Statements.
12
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value(4)
Packaging Coordinators Midco, Inc.+(5)One stopN/A(6)07/2032$— $— —%$(6) 123,802 123,707 3.2121,813 Diversified Consumer ServicesABC Legal Holdings, LLC+One stopSF +4.25%(j)7.92%08/20321,330 1,324 —1,302 ABC Legal Holdings, LLC+(5)One stopN/A(6)08/2032— (1)—(6)ABC Legal Holdings, LLC+(5)One stopN/A(6)08/2032— (2)—(9)Action Termite Control, LLC+Senior securedN/A(6)12/2032— — —— Action Termite Control, LLC+Senior securedSF +4.25%(j)7.95%12/2032107 106 —107 Action Termite Control, LLC+(5)Senior securedN/A(6)12/2032— (2)—— Any Hour, LLC*(25)One stopSF +5.75%(j)6.20% cash/3.25%PIK05/20309,019 8,973 0.28,478 Any Hour, LLC+(25)One stopN/A13.00%PIK05/20313,493 3,452 0.12,655 Any Hour, LLC+(25)One stopSF +5.75%(j)6.20% cash/3.25%PIK05/2030870 860 —813 Any Hour, LLC+(25)One stopSF +5.75%(j)6.20% cash/3.25%PIK05/2030255 254 —240 Apex Service Partners, LLC+One stopSF +5.00%(j)8.67%10/20304,368 4,423 0.14,333 Apex Service Partners, LLC+One stopSF +5.00%(j)8.68%10/203013,785 13,731 0.413,675 Apex Service Partners, LLC+One stopSF +5.00%(j)8.67%10/20301,039 1,028 —1,031 Apex Service Partners, LLC+One stopSF +5.00%(j)8.69%10/202937 35 —37 Apex Service Partners, LLC+One stopSF +5.00%(j)8.67%10/20302,187 2,169 0.12,169 
Apex Service Partners, LLC+One stopSF +5.00%(j)8.67%10/20306,475 6,448 0.26,423 Aptive Environmental, LLC*One stopSF +4.75%(i)8.42%10/20321,767 1,751 0.11,767 Aptive Environmental, LLC+(5)One stopN/A(6)10/2032— (1)—— Aptive Environmental, LLC+One stopN/A(6)10/2032— — —— Certus Pest, Inc.+One stopSF +5.25%(j)9.10%08/2027454 453 —449 Certus Pest, Inc.+One stopSF +5.25%(j)9.10%08/20272,754 2,746 0.12,726 Certus Pest, Inc.*One stopSF +5.25%(j)9.10%08/20271,730 1,727 0.11,713 Certus Pest, Inc.*One stopSF +5.25%(j)9.10%08/20271,659 1,656 0.11,643 Certus Pest, Inc.*+One stopSF +5.25%(j)9.10%08/20271,197 1,195 —1,186 Certus Pest, Inc.*One stopSF +5.25%(j)9.10%08/20271,182 1,180 —1,170 Certus Pest, Inc.*+One stopSF +5.25%(j)9.10%08/2027820 818 —811 Certus Pest, Inc.*One stopSF +5.25%(j)9.10%08/2027723 721 —716 Certus Pest, Inc.+One stopSF +5.25%(j)9.10%08/2027704 703 —697 Certus Pest, Inc.*+One stopSF +5.25%(j)9.10%08/2027416 415 —412 Certus Pest, Inc.+One stopSF +5.25%(j)9.10%08/2027260 260 —258 Certus Pest, Inc.+One stopSF +5.25%(j)9.10%08/2027142 142 —141 Certus Pest, Inc.+One stopSF +5.25%(j)9.10%08/202760 60 —59 
Certus Pest, Inc.+(5)One stopN/A(6)08/2027— — —(2)Certus Pest, Inc.+(5)One stopN/A(6)08/2027— (9)—(33)Certus Pest, Inc.+One stopSF +5.25%(j)9.10%08/2027390 389 —387 Certus Pest, Inc.+One stopSF +5.25%(j)9.10%08/20272,318 2,312 0.12,295 Certus Pest, Inc.+One stopSF +5.25%(j)9.10%08/20271,445 1,441 —1,431 Certus Pest, Inc.+One stopSF +5.25%(j)9.10%08/2027694 692 —687 Certus Pest, Inc.+One stopSF +5.25%(j)9.10%08/2027694 692 —687 CHHJ Midco, LLC*+Senior securedSF +5.00%(i)8.77%01/20283,673 3,667 0.13,655 CHHJ Midco, LLC+Senior securedSF +5.00%(i)8.77%01/202830 30 —30 CHVAC Services Investment, LLC*+One stopSF +4.75%(j)8.45%05/20306,367 6,297 0.26,315 CHVAC Services Investment, LLC*+One stopSF +4.75%(j)8.45%05/20301,656 1,641 0.11,643 CHVAC Services Investment, LLC+One stopSF +4.75%(j)8.42%05/203094 91 —91 CHVAC Services Investment, LLC+One stopSF +4.75%(j)8.44%05/2030714 679 —641 COP Hometown Acquisitions, Inc.*+Senior securedSF +5.25%(j)8.91%07/20272,363 2,358 0.12,343 COP Hometown Acquisitions, Inc.*+Senior securedSF +5.25%(j)8.91%07/20272,303 2,295 0.12,283 COP Hometown Acquisitions, Inc.*+Senior securedSF +5.25%(j)8.91%07/20271,509 1,504 0.11,496 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(j)8.91%07/20271,067 1,063 —1,057 COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(j)8.91%07/20271,136 1,132 —1,126 

See Notes to Consolidated Financial Statements.
13
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(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)
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(j)8.92%07/2027$685 $683 —%$679 COP Hometown Acquisitions, Inc.+Senior securedP + 4.25%(a)11.00%07/2027101 99 —98 COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(j)8.91%07/20271,363 1,362 —1,350 COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(j)8.91%07/20271,031 1,030 —1,022 COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(j)8.92%07/2027907 906 —899 COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(j)8.90%07/20275,463 5,433 0.25,414 EMS LINQ, LLC+One stopSF +6.25%(k)9.98%12/202713,835 13,853 0.413,559 EMS LINQ, LLC+One stopSF +6.25%(j)(k)9.98%12/202784 84 —80 Entomo Brands Acquisitions, Inc.*+Senior securedSF +5.50%(j)9.35%07/20294,322 4,324 0.14,322 Entomo Brands Acquisitions, Inc.+Senior securedSF +5.50%(j)9.35%07/202914 14 —14 
Entomo Brands Acquisitions, Inc.*+Senior securedSF +5.50%(j)9.35%07/20291,257 1,247 —1,257 EWC Growth Partners LLC+One stopSF +6.00%(j)9.85%03/2027911 896 —774 EWC Growth Partners LLC+One stopSF +6.00%(j)9.85%03/20271,069 1,050 —908 EWC Growth Partners LLC+One stopSF +6.00%(j)9.85%03/202738 36 —32 EWC Growth Partners LLC+One stopSF +6.00%(j)9.85%03/2027101 99 —86 FPG Intermediate Holdco, LLC+(25)One stopSF +5.00%(k)8.70%PIK06/2029134 134 —134 FPG Intermediate Holdco, LLC+(25)One stopSF +5.00%(j)(k)8.69%PIK06/2029963 963 —963 FPG Intermediate Holdco, LLC+(25)One stopSF +5.00%(j)(k)8.67%PIK06/20291,425 1,425 —1,425 FPG Intermediate Holdco, LLC+(25)Senior securedSF +5.00%(j)(k)8.70%PIK06/20294,967 4,733 0.14,223 FPG Intermediate Holdco, LLC+(7)(25)One stopSF +5.00%(j)(k)8.70%PIK06/20291,987 1,631 0.11,590 FSS Buyer LLC+(5)One stopN/A(6)08/2030— — —(4)FSS Buyer LLC*+One stopSF +4.50%(i)8.17%08/20316,846 6,811 0.26,572 HS Spa Holdings, Inc.+One stopSF +5.25%(j)8.92%06/202911,373 11,360 0.311,373 HS Spa Holdings, Inc.+One stopSF +5.25%(a)(i)9.71%06/202874 73 —74 HS Spa Holdings, Inc.+One stopSF +5.25%(j)8.92%06/2029682 681 —682 
Kodiak Buyer, LLC+One stopSF +4.25%(j)7.95%07/2032614 611 —611 Kodiak Buyer, LLC+(5)One stopN/A(6)07/2032— (1)—(1)Kodiak Buyer, LLC+(5)One stopN/A(6)07/2032— (1)—(1)Liminex, Inc.+One stopSF +6.25%(j)10.07%11/202635,204 35,194 0.935,029 Liminex, Inc.*+One stopSF +6.25%(j)10.07%11/202623,222 23,201 0.623,106 Liminex, Inc.+One stopSF +6.25%(j)10.07%11/202615,754 15,698 0.415,674 Liminex, Inc.+One stopSF +6.25%(j)10.07%11/202620,067 20,175 0.519,966 Litera Bidco, LLC*One stopSF +5.00%(i)8.67%05/20285,123 5,130 0.15,046 Litera Bidco, LLC+One stopSF +5.00%(i)8.67%05/20282,046 2,042 0.12,012 Litera Bidco, LLC+(5)One stopN/A(6)05/2028— (1)—(5)Litera Bidco, LLC+(5)One stopN/A(6)05/2028— (1)—(10)Mario Purchaser, LLC+One stopSF +5.75%(j)9.55%04/2029450 447 —435 Mario Purchaser, LLC*+One stopSF +5.75%(j)9.55%04/202911,238 11,203 0.310,868 Mario Purchaser, LLC+(25)One stopN/A14.55%PIK04/20325,381 5,399 0.15,160 Mario Purchaser, LLC+One stopSF +5.75%(j)9.55%04/20295,174 5,194 0.15,004 Mario Purchaser, LLC+One stopSF +5.75%(j)9.56%04/2028148 146 —144 
NSG Buyer, Inc. *+One stopSF +5.00%(j)8.70%11/202940,147 39,943 1.139,825 NSG Buyer, Inc. +One stopSF +5.00%(j)8.70%11/2028145 141 —139 NSG Buyer, Inc. +(5)One stopN/A(6)11/2029— (18)—(38)PADI Holdco, Inc.+One stopSF +4.75%(j)8.56%01/2029668 664 —661 PADI Holdco, Inc.*One stopSF +4.75%(j)8.57%01/202921,024 20,873 0.620,919 PADI Holdco, Inc.+(9)One stopE + 4.75%(c)6.76%01/202920,566 20,166 0.620,463 PADI Holdco, Inc.+One stopSF +4.75%(j)8.57%01/2029810 804 —806 PADI Holdco, Inc.+One stopSF +4.75%(j)8.57%01/2029167 166 —166 PADI Holdco, Inc.+(9)One stopA + 5.25%(e)9.29%01/20297,785 7,052 0.27,746 Provenance Buyer LLC*+One stopSF +5.00%(j)8.80%06/202720,474 20,394 0.620,474 Provenance Buyer LLC*+One stopSF +5.00%(j)8.80%06/202713,795 13,728 0.413,795 Provenance Buyer LLC+One stopSF +5.00%(j)8.80%06/202738 34 —38 

See Notes to Consolidated Financial Statements.
14
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(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)
RW AM Holdco LLC+(7)One stopSF +5.25%(j)9.05%04/2028$23,613 $23,026 0.3%$10,390 
RW AM Holdco LLC+(5)(7)One stopSF +5.25%(j)9.02%04/202860 52 —(52)Salisbury House, LLC+(5)One stopN/A(6)08/2032— (1)—(2)Salisbury House, LLC*One stopSF +4.75%(k)8.48%08/20321,494 1,487 —1,480 Salisbury House, LLC+(5)One stopN/A(6)08/2032— (1)—(3)SCP CDH Buyer, Inc.+One stopSF +4.50%(j)8.20%12/2032354 352 —352 SCP CDH Buyer, Inc.+(5)One stopN/A(6)12/2032— (1)—(1)SCP CDH Buyer, Inc.+One stopN/A(6)12/2032— — —— Severin Acquisition, LLC+(25)One stopSF +4.75%(i)6.17% cash/2.25%PIK10/203135,966 35,694 0.934,887 Severin Acquisition, LLC+One stopSF +4.50%(i)8.18%10/20311,185 1,150 —1,052 Severin Acquisition, LLC+(25)One stopSF +4.75%(i)6.17% cash/2.25%PIK10/20311,785 1,756 0.11,562 Stellar Brands, LLC+Senior securedSF +4.50%(i)8.17%02/20317,115 7,071 0.27,115 Stellar Brands, LLC+(5)Senior securedN/A(6)02/2031— (4)—— Virginia Green Acquisition, LLC+(5)One stopN/A(6)12/2030— (5)—(5)Virginia Green Acquisition, LLC*+One stopSF +5.25%(k)8.85%12/20303,149 3,179 0.13,135 Virginia Green Acquisition, LLC+One stopN/A(6)12/2029— — —— Virginia Green Acquisition, LLC+(5)One stopN/A(6)12/2030— — —(1)467,679 463,963 11.9446,595 Diversified Financial ServicesBaker Tilly Advisory Group, LP+(5)One stopN/A(6)06/2030— (10)—(12)
Baker Tilly Advisory Group, LP+One stopSF +4.75%(i)8.42%06/20313,744 3,706 0.13,781 Baker Tilly Advisory Group, LP+One stopSF +4.50%(i)8.17%06/20315,747 5,722 0.15,695 Baker Tilly Advisory Group, LP+(5)One stopN/A(6)06/2031— (4)—(9)Banker's Toolbox, Inc.*+One stopSF +4.50%(j)8.20%07/202920,999 20,883 0.620,789 Banker's Toolbox, Inc.+(5)One stopN/A(6)07/2029— — —(2)Banker's Toolbox, Inc.+(5)One stopN/A(6)07/2029— (1)—(3)Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)One stopE + 4.75%(c)6.78%07/203117,212 15,991 0.516,954 Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)One stopE + 5.25%(c)7.37%07/20317,621 7,683 0.27,506 Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)(25)Subordinated debtE + 7.50%(d)9.65%PIK07/20322,351 2,199 0.12,257 Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)One stopE + 4.75%(d)6.85%07/20312,438 2,312 0.12,402 Ceres Groupe SAS & Ceres PikCo+(5)(8)(9)(20)One stopN/A(6)07/2031— — —(36)Corsair Blade IV S.A R.L.+(8)(9)(13)(25)One stopSN +5.75%(g)9.23% cash/0.25%PIK12/20301,187 950 —566 Corsair Blade IV S.A R.L.+(8)(13)(25)One stopSF +5.75%(j)9.17% cash/0.25%PIK12/20303,752 3,752 0.13,672 
Deerfield Dakota Holding, LLC+One stopSF +5.25%(i)8.93%09/203234 33 —33 Deerfield Dakota Holding, LLC+(25)One stopSF +5.75%(j)6.70% cash/2.75%PIK09/20321,852 1,835 —1,832 Equity Methods, LLC*One stopSF +4.50%(j)8.20%04/203219,829 19,743 0.519,535 Equity Methods, LLC+(5)One stopN/A(6)04/2032— (16)—(53)Equity Methods, LLC+(5)One stopN/A(6)04/2032— (20)—(67)Flash Topco, Inc.+One stopSF +6.00%(k)9.95%10/202816,830 16,597 0.416,494 Flash Topco, Inc.+One stopSF +6.50%(j)(k)10.20%10/2028176 174 —176 Flash Topco, Inc.+One stopSF +6.00%(k)9.70%10/20283,361 3,349 0.13,285 Higginbotham Insurance Agency, Inc.+(5)Senior securedN/A(6)06/2031— — —(2)Higginbotham Insurance Agency, Inc.+(5)One stopN/A(6)06/2031— (1)—(2)Higginbotham Insurance Agency, Inc.*+One stopSF +4.50%(i)8.17%06/20319,385 9,397 0.29,340 Medlar Bidco Limited+(8)(9)(21)One stopSN +4.50%(g)8.23%05/203226,050 26,024 0.725,879 Medlar Bidco Limited+(5)(8)(9)(21)One stopN/A(6)05/2032— (52)—(55)Medlar Bidco Limited+(8)(9)(21)One stopE + 4.50%(c)6.52%05/203232,446 31,557 0.932,237 Wealth Enhancement Group, LLC+One stopSF +4.25%(j)7.91%10/2028408 407 —406 Wealth Enhancement Group, LLC+One stopSF +4.25%(j)7.91%10/2028166 162 —162 
Wealth Enhancement Group, LLC+One stopSF +4.25%(j)7.91%10/202891 91 —91 Wealth Enhancement Group, LLC+(5)One stopN/A(6)10/2028— (1)—(3)

See Notes to Consolidated Financial Statements.
15
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(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)
Wealth Enhancement Group, LLC+One stopSF +4.25%(j)7.91%10/2028$2,838 $2,835 0.1%$2,826 
Wealth Enhancement Group, LLC+One stopSF +4.25%(j)7.91%10/20283,936 3,932 0.13,919 
Wealth Enhancement Group, LLC+One stopSF +4.25%(j)(k)7.90%10/20285,630 5,610 0.15,595 
Wealth Enhancement Group, LLC+(5)One stopN/A(6)10/2028— (2)—(4)
188,083 184,837 4.9185,184 
Diversified Telecommunication Services
NTI Connect, LLC*+Senior securedP + 3.75%(a)10.50%07/20271,529 1,526 —1,521 
Electric Utilities
Smart Energy Systems, Inc.+(25)One stopSF +7.50%(j)7.41% cash/3.75%PIK01/20306,547 6,438 0.26,547 
Smart Energy Systems, Inc.+(25)One stopSF +7.50%(j)7.41% cash/3.75%PIK01/2030721 717 —721 
7,268 7,155 0.27,268 
Electrical Equipment
Wildcat TopCo, Inc.+One stopSF +4.50%(j)8.20%11/203119,779 19,619 0.519,606 
Wildcat TopCo, Inc.+(5)One stopN/A(6)11/2031— (34)—(37)
Wildcat TopCo, Inc.+(5)One stopN/A(6)11/2031— (17)—(37)
19,779 19,568 0.519,532 
Electronic Equipment, Instruments & Components
CST Holding Company+One stopSF +5.00%(i)8.77%11/202833,542 32,947 0.933,067 
CST Holding Company+One stopSF +5.00%(j)8.86%11/202830 28 —28 
33,572 32,975 0.933,095 
Food & Staples Retailing
GMF Parent, Inc.+One stopSF +4.50%(j)8.19%12/20322 1 —2 
GMF Parent, Inc.+One stopSF +4.50%(j)8.19%12/2032296 294 —296 
GMF Parent, Inc.+One stopN/A(6)12/2032— — —— 
GMF Parent, Inc.+One stopN/A(6)12/2032— — —— 
Mendocino Farms, LLC+One stopSF +5.50%(i)9.17%03/20301,075 1,066 0.11,075 
Mendocino Farms, LLC+One stopSF +5.50%(i)9.17%03/20301,075 1,066 0.11,075 
Mendocino Farms, LLC*One stopSF +5.50%(i)9.17%03/20301,072 1,063 —1,072 
Mendocino Farms, LLC*One stopSF +5.50%(i)9.17%03/20301,072 1,063 —1,072 
Mendocino Farms, LLC+One stopSF +5.50%(i)9.17%03/2030985 983 —985 
Mendocino Farms, LLC+One stopSF +5.50%(i)9.17%03/203056 56 —56 
Mendocino Farms, LLC+One stopN/A(6)03/2030— — —— 
Mendocino Farms, LLC+One stopSF +5.50%(i)9.17%03/2030110 110 —110 
Mendocino Farms, LLC+One stopSF +5.50%(i)9.17%03/2030110 110 —110 
Mendocino Farms, LLC+One stopSF +5.50%(i)9.17%03/203056 56 —56 
Mendocino Farms, LLC+(5)One stopN/A(6)03/2030— (35)—— 
Mendocino Farms, LLC+One stopSF +5.50%(i)9.17%03/203056 56 —56 
PDI TA Holdings, Inc.+(25)One stopSF +6.00%(j)7.17% cash/2.50%PIK02/203111,493 11,445 0.311,262 
PDI TA Holdings, Inc.+One stopSF +5.50%(j)9.17%02/203182 82 —81 
Wineshipping.com LLC+(25)One stopSF +6.25%(j)4.85% cash/5.25%PIK12/2028242 238 —170 
Wineshipping.com LLC+(25)One stopSF +6.25%(j)4.85% cash/5.25%PIK12/202811,140 11,001 0.28,021 
Wineshipping.com LLC+(25)One stopSF +6.25%(j)4.85% cash/5.25%PIK12/2028301 296 —217 
Wineshipping.com LLC+(5)One stopN/A(6)12/2028— — —(209)
29,223 28,951 0.725,507 
Food Products
Blast Bidco Inc.*+One stopSF +6.00%(j)9.70%10/20304,831 4,785 0.14,831 
Blast Bidco Inc.+(5)One stopN/A(6)10/2029— (5)—— 
Borrower R365 Holdings, LLC+One stopSF +6.00%(j)9.85%06/202718,823 18,818 0.518,540 
Borrower R365 Holdings, LLC+One stopSF +6.00%(j)9.85%06/20271,556 1,551 0.11,532 
Borrower R365 Holdings, LLC+One stopSF +6.00%(j)9.85%06/2027231 231 —228 
Borrower R365 Holdings, LLC+(5)One stopN/A(6)06/2027— — —(2)
Eagle Family Foods Group, LLC+One stopSF +4.75%(k)8.54%08/203011,938 11,851 0.311,938 

See Notes to Consolidated Financial Statements.
16
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value(4)
Eagle Family Foods Group, LLC+(5)One stopN/A(6)08/2030$— $(11)—%$— 
Kodiak Cakes, LLC*+Senior securedSF +5.25%(k)8.98%06/202845,678 45,431 1.245,678 
Kodiak Cakes, LLC+(5)Senior securedN/A(6)06/2028— (3)—— 
Louisiana Fish Fry Products, Ltd.*+One stopSF +6.25%(j)10.10%07/202713,489 13,460 0.413,489 
Louisiana Fish Fry Products, Ltd.+One stopSF +6.25%(j)10.10%07/2027210 209 —210 
MAPF Holdings, Inc.+One stopSF +6.50%(j)10.20%12/202651,168 50,971 1.348,610 
MAPF Holdings, Inc.+One stopSF +6.50%(j)10.20%12/2026600 594 —570 
MAPF Holdings, Inc.+One stopSF +6.50%(j)10.20%12/20261,640 1,616 0.11,559 
MAPF Holdings, Inc.+(7)(25)One stopN/A19.00%PIK12/20263,065 2,936 0.12,189 
P&P Food Safety Holdings, Inc.*+One stopSF +5.25%(j)8.95%05/202914,637 14,670 0.414,576 
P&P Food Safety Holdings, Inc.+(5)One stopN/A(6)05/2029— (5)—(6)
P&P Food Safety Holdings, Inc.+(9)One stopE + 5.50%(c)7.64%05/202911,919 11,740 0.311,883 
P&P Food Safety Holdings, Inc.+(5)One stopN/A(6)05/2029— (18)—(19)
Sphynx UK Bidco, Ltd.+(8)(9)(10)One stopA + 4.25%(e)8.55%09/2032323 304 —322 
Sphynx UK Bidco, Ltd.+(8)(9)(10)One stopE + 4.25%(c)6.38%09/2032300 300 —297 
Sphynx UK Bidco, Ltd.+(8)(9)(10)One stopSN +4.25%(g)7.98%09/20321,384 1,393 —1,377 
Wizard Bidco Limited+(8)(10)One stopSF +6.00%(h)9.63%03/202922,740 22,671 0.622,285 
Wizard Bidco Limited+(8)(9)(10)(25)One stopSN +6.25%(g)8.48% cash/1.50%PIK03/202911,100 10,871 0.310,600 
Wizard Bidco Limited+(8)(9)(10)One stopSN +6.00%(g)9.73%03/20298,229 7,729 0.28,064 
Wizard Bidco Limited+(8)(9)(10)One stopSN +4.75%(g)8.48%09/2028198 186 —190 
Zullas, L.C.+(5)One stopN/A(6)06/2031— (1)—— 
Zullas, L.C.+One stopSF +4.75%(j)8.42%06/2031437 435 —437 
Zullas, L.C.+One stopSF +4.75%(j)8.42%06/203172 70 —72 
224,568 222,779 5.9219,450 
Healthcare Equipment & Supplies
Aspen Medical Products, LLC*+One stopSF +5.00%(j)8.67%06/20286,976 6,950 0.26,976 
Aspen Medical Products, LLC+One stopSF +5.00%(j)8.67%06/2028453 451 —453 
Aspen Medical Products, LLC+(5)One stopN/A(6)06/2028— (1)—— 
Aspen Medical Products, LLC+One stopSF +5.00%(j)8.67%06/2028886 880 —886 
Baduhenna Bidco Limited+(8)(10)One stopSF +6.45%(h)10.34%08/20287,745 7,748 0.27,649 
Baduhenna Bidco Limited+(8)(9)(10)One stopE + 6.45%(c)8.44%08/20284,787 4,789 0.14,700 
Baduhenna Bidco Limited+(8)(10)One stopSF +6.45%(h)10.34%08/20281,912 1,912 0.11,889 
Baduhenna Bidco Limited+(8)(9)(10)One stopSN +6.45%(g)10.30%08/20281,337 1,353 —1,323 
Baduhenna Bidco Limited+(8)(9)(10)One stopE + 6.45%(c)8.59%08/20281,143 1,094 —1,121 
Baduhenna Bidco Limited+(8)(9)(10)One stopSN +6.45%(g)10.30%08/20281,186 1,168 —1,158 
Bayou Intermediate II, LLC+One stopSF +4.75%(j)8.45%09/20321,410 1,404 —1,397 
Bayou Intermediate II, LLC+One stopSF +4.75%(i)(j)8.44%09/2032213 211 —209 
Bayou Intermediate II, LLC+One stopSF +4.75%(i)(j)8.44%09/203287 86 —85 
Belmont Instrument, LLC*+One stopSF +5.25%(j)8.95%08/202814,282 14,144 0.414,214 
Belmont Instrument, LLC+(5)One stopN/A(6)08/2028— (2)—— 
Blades Buyer, Inc.*+Senior securedSF +4.75%(i)8.42%03/202812,097 12,075 0.312,011 
Blades Buyer, Inc.*+Senior securedSF +4.75%(i)8.42%03/20281,716 1,708 0.11,704 
Blades Buyer, Inc.+Senior securedSF +4.75%(i)8.42%03/20281,388 1,382 —1,378 
Blades Buyer, Inc.+(5)Senior securedN/A(6)03/2028— — —(3)
Blades Buyer, Inc.+Senior securedSF +4.75%(i)8.42%03/20281,713 1,707 0.11,701 
Blades Buyer, Inc.+Senior securedSF +4.75%(i)8.42%03/20286,863 6,846 0.26,814 
Blades Buyer, Inc.+Senior securedSF +4.75%(i)8.42%03/2028268 267 —265 
Blue River Pet Care, LLC+One stopSF +5.00%(i)8.67%08/20293 3 —3 
Blue River Pet Care, LLC+One stopSF +5.00%(i)8.67%08/20295 5 —5 
Blue River Pet Care, LLC+One stopSF +5.00%(i)8.67%08/20292 2 —2 
Blue River Pet Care, LLC+One stopSF +5.00%(i)8.67%08/20292 2 —2 

See Notes to Consolidated Financial Statements.
17
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(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)
Blue River Pet Care, LLC+One stopSF +5.00%(i)8.67%08/2029$4 $4 —%$4 Blue River Pet Care, LLC*+One stopSF +5.00%(i)8.67%08/202958,492 58,325 1.658,223 Blue River Pet Care, LLC+One stopSF +5.00%(i)8.67%08/202912,271 12,264 0.312,215 Blue River Pet Care, LLC+One stopSF +5.00%(i)8.67%08/20292,861 2,860 0.12,848 Blue River Pet Care, LLC+One stopSF +5.00%(i)8.67%08/20292,750 2,748 0.12,737 Blue River Pet Care, LLC+One stopSF +5.00%(i)8.67%08/20292,723 2,722 0.12,711 Blue River Pet Care, LLC+One stopSF +5.00%(i)8.67%08/20292,093 2,091 0.12,083 Blue River Pet Care, LLC+One stopSF +5.00%(i)8.67%08/20291,239 1,235 —1,234 Blue River Pet Care, LLC+One stopSF +5.00%(i)8.67%08/2029411 409 —409 Blue River Pet Care, LLC+One stopSF +5.00%(i)8.67%08/202960 57 —57 Blue River Pet Care, LLC+One stopSF +5.00%(i)8.67%08/2029291 289 —289 Blue River Pet Care, LLC+One stopSF +5.00%(i)8.67%08/2029296 294 —294 Blue River Pet Care, LLC+One stopSF +5.00%(i)8.67%08/2029225 223 —224 
Blue River Pet Care, LLC+One stopSF +5.00%(i)8.67%08/2029255 253 —253 Blue River Pet Care, LLC+One stopN/A(6)08/2029— — —— Blue River Pet Care, LLC+One stopSF +5.00%(i)8.67%08/202912 12 —12 Blue River Pet Care, LLC+One stopSF +5.00%(i)8.67%08/20291 1 —1 Blue River Pet Care, LLC+One stopSF +5.00%(i)8.67%08/20294 4 —4 Blue River Pet Care, LLC+One stopSF +5.00%(i)8.67%08/20291 1 —1 Blue River Pet Care, LLC+One stopSF +5.00%(j)8.67%08/20291 1 —1 CCSL Holdings, LLC*One stopSF +5.75%(i)9.42%12/202820,733 20,703 0.620,723 CCSL Holdings, LLC*+One stopSF +5.75%(i)9.42%12/20285,597 5,608 0.25,595 CCSL Holdings, LLC+(9)One stopSN +5.75%(g)9.48%12/20283,485 3,317 0.13,483 CCSL Holdings, LLC+One stopSF +5.75%(i)9.42%12/20283,445 3,423 0.13,444 CCSL Holdings, LLC*+One stopSF +5.75%(i)9.42%12/20282,861 2,844 0.12,860 CCSL Holdings, LLC+One stopSF +5.75%(i)9.42%12/2028715 712 —714 CCSL Holdings, LLC+One stopSF +5.75%(i)9.42%12/2028970 966 —969 CCSL Holdings, LLC+(9)One stopE + 5.75%(b)7.64%12/202833,711 31,617 0.933,695 CCSL Holdings, LLC+(9)One stopE + 5.75%(b)7.64%12/20286,604 5,967 0.26,601 
CCSL Holdings, LLC+One stopSF +5.75%(i)9.42%12/20282,753 2,743 0.12,752 CCSL Holdings, LLC+One stopSF +5.75%(i)9.42%12/20282,191 2,183 0.12,190 Centegix Intermediate II, LLC+(25)One stopSF +5.76%(j)6.28% cash/3.13%PIK08/20321,557 1,549 —1,550 Centegix Intermediate II, LLC+One stopSF +5.25%(j)8.94%08/203246 45 —45 Centegix Intermediate II, LLC+One stopSF +2.63%(j)6.33%08/2032226 225 —225 Centegix Intermediate II, LLC+One stopSF +5.50%(j)9.20%08/203285 84 —84 Centegix Intermediate II, LLC+(5)One stopN/A(6)08/2032— (2)—(2)CMI Parent Inc.+One stopSF +4.50%(j)8.20%01/2033340 339 —339 CMI Parent Inc.+One stopN/A(6)01/2033— — —— CMI Parent Inc.+(5)One stopN/A(6)01/2033— — —(1)HuFriedy Group Acquisition, LLC+One stopSF +5.50%(j)9.17%06/20317,811 7,754 0.27,775 HuFriedy Group Acquisition, LLC+(5)One stopN/A(6)05/2030— (6)—(4)HuFriedy Group Acquisition, LLC+One stopSF +5.50%(j)(k)9.20%06/20311,710 1,687 0.11,702 HuFriedy Group Acquisition, LLC+One stopSF +5.50%(j)(k)9.18%06/2031295 290 —290 Isto Group, Inc.+One stopN/A(6)09/2032— — —— Isto Group, Inc.+One stopSF +4.75%(j)8.45%09/2032587 584 —584 Isto Group, Inc.+(5)One stopN/A(6)09/2032— (2)—(2)
JHC Investment Intermediate Holdings, LLC+One stopSF +8.00%(j)11.77%03/20291,235 1,235 —1,235 JHC Investment Intermediate Holdings, LLC+One stopSF +8.00%(j)11.77%03/2029922 773 —922 RTI Surgical, Inc.+(5)One stopN/A(6)09/2032— (2)—(2)RTI Surgical, Inc.+One stopSF +4.75%(j)8.42%09/20321,663 1,655 —1,655 TIDI Legacy Products, Inc.+One stopSF +4.50%(i)8.17%12/20293,467 3,514 0.13,442 

See Notes to Consolidated Financial Statements.
18
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value(4)
TIDI Legacy Products, Inc.+One stopN/A(6)12/2029$— $— —%$— 
TIDI Legacy Products, Inc.+One stopSF +4.50%(i)8.17%12/2029929 920 —923 
YI, LLC+One stopSF +5.75%(i)9.43%12/20294,362 4,362 0.14,301 
YI, LLC+(5)One stopN/A(6)12/2029— (1)—(2)
ZimVie, Inc.+One stopSF +4.75%(j)8.45%10/20321,496 1,489 —1,489 
ZimVie, Inc.+(5)One stopN/A(6)10/2032— (1)—(1)
ZimVie, Inc.+One stopSF +4.75%(j)8.45%10/203280 79 —79 
260,340 256,630 6.9259,194 
Healthcare Providers & Services
AAH TOPCO, LLC *+One stopSF +5.25%(i)9.02%12/20278,538 8,511 0.28,542 
AAH TOPCO, LLC +One stopSF +5.25%(i)9.02%12/20278,028 8,051 0.28,031 
AAH TOPCO, LLC +(25)Subordinated debtN/A11.50%PIK12/20313,243 3,150 0.13,187 
AAH TOPCO, LLC +One stopSF +5.25%(i)9.02%12/20273,451 3,463 0.13,452 
AAH TOPCO, LLC +One stopN/A(6)12/2027— — —— 
AAH TOPCO, LLC +One stopSF +5.00%(i)8.77%12/20274,036 4,009 0.14,007 
Active Day, Inc.*+One stopSF +5.00%(i)8.67%05/202717,120 17,098 0.517,075 
Active Day, Inc.+One stopSF +5.00%(i)8.67%05/20271,321 1,319 —1,318 
Active Day, Inc.+One stopSF +5.00%(i)8.67%05/2027852 851 —850 
Active Day, Inc.+One stopSF +5.00%(i)8.67%05/2027679 678 —676 
Active Day, Inc.+One stopSF +5.00%(i)8.67%05/2027598 597 —597 
Active Day, Inc.+One stopSF +5.00%(i)8.67%05/2027588 588 —587 
Active Day, Inc.+One stopN/A(6)05/2027— — —— 
Active Day, Inc.+One stopN/A(6)05/2027— — —— 
Active Day, Inc.+One stopSF +5.00%(i)8.67%05/20274,556 4,549 0.14,544 
Active Day, Inc.+One stopSF +5.00%(i)8.67%05/20276,561 6,551 0.26,544 
Active Day, Inc.+One stopSF +5.00%(i)8.67%05/2027275 274 —275 
Active Day, Inc.+(5)One stopN/A(6)05/2027— (1)—— 
Active Day, Inc.+One stopSF +5.00%(i)8.67%05/202794 94 —94 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(j)9.84%03/202715,929 15,912 0.415,889 
Acuity Eyecare Holdings, LLC+(25)One stopN/A16.50%PIK06/202718,224 18,173 0.518,315 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(j)10.10%03/20273,934 3,930 0.13,934 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(j)10.09%03/20273,504 3,500 0.13,504 
Acuity Eyecare Holdings, LLC*+One stopSF +6.25%(j)10.10%03/20273,504 3,498 0.13,504 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(j)10.10%03/20273,090 3,087 0.13,090 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(j)9.82%03/20271,975 1,973 0.11,970 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(j)10.10%03/20271,800 1,798 0.11,800 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(j)9.83%03/20271,007 1,006 —1,005 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(j)10.10%03/2027436 435 —436 
Acuity Eyecare Holdings, LLC+(25)One stopSF +13.00%(j)10.10% cash/6.75%PIK03/2027303 302 —309 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(j)9.82%03/2027209 209 —208 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(j)10.10%03/2027161 161 —161 
Acuity Eyecare Holdings, LLC+Senior securedSF +6.25%(j)10.07%03/2027106 106 —106 
Acuity Eyecare Holdings, LLC+(25)One stopSF +13.00%(j)10.09% cash/6.75%PIK03/2027119 119 —121 
Acuity Eyecare Holdings, LLC+One stopSF +5.75%(j)9.60%03/202791 84 —88 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(j)10.10%03/20271 1 —1 
Acuity Eyecare Holdings, LLC+One stopN/A(6)03/2027— — —— 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(25)Subordinated debtN/A13.75%PIK03/202815,410 15,531 0.415,307 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC*+One stopSF +6.00%(j)9.77%03/20276,320 6,323 0.26,292 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.00%(j)9.77%03/20275,282 5,282 0.15,260 

See Notes to Consolidated Financial Statements.
19
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(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)
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(25)Subordinated debtN/A13.75%PIK03/2028$3,366 $3,355 0.1%$3,343 AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(25)Subordinated debtN/A13.75%PIK03/20281,287 1,283 —1,279 AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.00%(j)9.77%03/2027824 824 —820 AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.00%(i)9.66%05/2028500 498 —498 AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.00%(j)9.77%03/2027391 391 —389 AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopN/A(6)03/2027— — —— Bamboo US Bidco LLC+One stopSF +5.00%(j)8.67%09/20301,356 1,351 —1,349 Bamboo US Bidco LLC+One stopSF +5.00%(i)(j)8.67%09/20301,363 1,363 —1,356 Bamboo US Bidco LLC*+One stopSF +5.00%(j)8.67%09/20302,699 2,655 0.12,685 Bamboo US Bidco LLC+One stopSF +5.00%(j)8.67%09/2030413 412 —410 Bamboo US Bidco LLC+(5)One stopN/A(6)10/2029— (9)—(3)Bamboo US Bidco LLC+(9)One stopE + 5.00%(c)7.03%09/20301,940 1,743 0.11,931 Benefit Plan Administrators of Eau Claire, LLC+(5)One stopN/A(6)11/2030— (10)—(12)
Benefit Plan Administrators of Eau Claire, LLC*One stopSF +4.75%(j)8.42%11/203012,907 12,845 0.412,838 Benefit Plan Administrators of Eau Claire, LLC+(5)One stopN/A(6)11/2030— (35)—(39)Benefit Plan Administrators of Eau Claire, LLC+One stopSF +4.75%(j)8.42%11/20309,900 9,850 0.39,847 BHG Holdings, LLC+One stopSF +5.50%(i)9.17%04/203224,670 24,483 0.724,474 BHG Holdings, LLC+(5)One stopN/A(6)04/2032— (24)—(25)BHG Holdings, LLC+(5)One stopN/A(6)04/2032— (54)—(56)Community Care Partners, LLC+One stopSF +6.00%(i)9.78%06/20263,436 3,399 0.13,436 Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(10)One stopSF +5.00%(k)8.73%04/2031771 761 —756 Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(9)(10)One stopSN +5.00%(g)8.73%04/2031473 447 —463 Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)One stopN/A(6)04/2031— (1)—(3)Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)One stopN/A(6)10/2030— (2)—(2)Encorevet Group LLC+One stopSF +6.75%(j)10.57%02/202715,593 15,180 0.415,593 Encorevet Group LLC+One stopSF +6.75%(j)10.57%02/20278,137 7,925 0.28,137 Encorevet Group LLC+One stopSF +6.75%(j)10.57%02/20274,209 4,182 0.14,209 Encorevet Group LLC+One stopSF +6.75%(j)10.57%02/20272,140 2,085 0.12,140 
Encorevet Group LLC+One stopSF +6.75%(j)10.57%02/20271,889 1,878 0.11,889 Encorevet Group LLC+One stopSF +6.75%(j)10.57%02/20271,176 1,161 —1,176 Encorevet Group LLC+One stopSF +6.75%(j)10.57%02/2027977 945 —977 Encorevet Group LLC+One stopSF +6.75%(j)10.57%02/2027962 939 —962 Encorevet Group LLC+One stopSF +6.75%(j)10.57%02/2027921 899 —921 Encorevet Group LLC+One stopSF +6.75%(j)10.57%02/2027834 814 —834 Encorevet Group LLC+One stopSF +6.75%(j)10.57%02/2027423 409 —423 Encorevet Group LLC+One stopSF +6.75%(j)10.57%02/2027358 349 —358 Encorevet Group LLC+One stopSF +6.75%(j)10.57%02/2027175 171 —175 Encorevet Group LLC+One stopSF +6.75%(j)10.57%02/2027168 163 —168 Encorevet Group LLC+One stopSF +6.75%(j)10.59%02/202794 92 —94 Encorevet Group LLC+(25)One stopN/A13.00%PIK05/2027115 109 —113 Encorevet Group LLC+One stopSF +8.75%(j)12.57%02/2027244 244 —246 ERC Topco Holdings, LLC+One stopSF +5.50%(a)(j)9.45%03/20301,402 1,341 —1,402 ERC Topco Holdings, LLC+(25)One stopSF +6.50%(j)10.46%PIK03/20308,076 7,498 0.26,461 ERC Topco Holdings, LLC+One stopSF +5.50%(j)9.46%03/203076 76 —76 FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.00%(l)7.30%09/202910,961 11,294 0.310,906 

See Notes to Consolidated Financial Statements.
20
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(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)
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.00%(l)7.30%09/2029$3,962 $4,048 0.1%$3,942 FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.00%(l)7.30%09/20292,699 2,771 0.12,685 FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.00%(l)7.30%09/20292,569 2,631 0.12,556 FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)One stopSF +5.00%(j)8.67%09/20291,105 1,098 —1,099 FYI Optical Acquisitions, Inc. & FYI USA, Inc.*+(8)(12)One stopSF +5.00%(j)8.67%09/2029554 550 —552 FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.00%(l)7.30%09/2029469 472 —466 FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.00%(l)7.30%09/2029283 280 —282 FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.00%(l)7.30%09/2029104 103 —103 Heartland Veterinary Partners LLC+Senior securedSF +4.75%(k)8.80%06/20282,493 2,498 0.12,493 
Heartland Veterinary Partners LLC+Senior securedSF +4.75%(k)8.80%06/20281,183 1,180 —1,183 Heartland Veterinary Partners LLC+Senior securedN/A(6)06/2028— — —— HP TLE Buyer, Inc.+One stopSF +4.75%(j)8.45%07/20321,639 1,632 0.11,639 HP TLE Buyer, Inc.+(5)One stopN/A(6)07/2032— (2)—— Krueger-Gilbert Health Physics, LLC*+Senior securedSF +5.00%(j)8.70%11/20262,559 2,556 0.12,550 Krueger-Gilbert Health Physics, LLC*+Senior securedSF +5.00%(j)8.70%11/20262,065 2,062 0.12,057 Krueger-Gilbert Health Physics, LLC*Senior securedSF +5.00%(j)8.70%11/20261,501 1,500 —1,496 Krueger-Gilbert Health Physics, LLC*+Senior securedSF +5.00%(j)8.70%11/20261,381 1,378 —1,375 Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.00%(j)8.70%11/2026605 604 —603 Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.00%(j)8.70%11/2026284 284 —283 Krueger-Gilbert Health Physics, LLC+Senior securedN/A(6)11/2026— — —— Krueger-Gilbert Health Physics, LLC+One stopSF +5.00%(j)8.70%11/2026661 660 —659 Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.00%(j)8.70%11/2026296 296 —295 LOV Acquisition LLC*+Senior securedSF +4.25%(i)7.92%11/203122,345 22,249 0.622,125 LOV Acquisition LLC+(5)Senior securedN/A(6)11/2031— (11)—(26)New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)One stopCA +5.25%(m)7.56%05/202825,371 27,714 0.725,371 
New Look Corporation and New Look Vision Group Inc. *+(8)(12)One stopSF +5.25%(j)8.95%05/20285,790 5,728 0.25,790 New Look Corporation and New Look Vision Group Inc. *+(8)(12)One stopSF +5.25%(j)8.95%05/20284,086 4,024 0.14,086 New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)One stopCA +5.25%(m)7.56%05/20281,571 1,675 0.11,571 New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)One stopCA +5.25%(m)7.56%05/2028819 858 —819 New Look Corporation and New Look Vision Group Inc. +(8)(12)One stopSF +5.25%(j)8.95%05/2028129 125 —129 New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)One stopCA +5.25%(m)7.56%05/2028186 178 —186 New Look Corporation and New Look Vision Group Inc. +(5)(8)(12)One stopN/A(6)05/2028— (2)—— Pinnacle Treatment Centers, Inc.*One stopSF +5.75%(j)9.42%01/202718,034 17,955 0.517,673 Pinnacle Treatment Centers, Inc.*One stopSF +5.75%(j)9.42%01/202712,083 12,050 0.311,842 Pinnacle Treatment Centers, Inc.*+One stopSF +5.75%(j)9.42%01/20272,430 2,424 0.12,381 Pinnacle Treatment Centers, Inc.*One stopSF +5.75%(j)9.42%01/20272,348 2,340 0.12,301 Pinnacle Treatment Centers, Inc.*+One stopSF +5.75%(j)9.42%01/20271,483 1,479 —1,454 Pinnacle Treatment Centers, Inc.*+One stopSF +5.75%(j)9.42%01/20271,348 1,345 —1,320 Pinnacle Treatment Centers, Inc.+One stopSF +5.75%(j)9.42%01/2027670 669 —656 
Pinnacle Treatment Centers, Inc.+One stopSF +5.75%(j)9.42%01/2027525 520 —514 Pinnacle Treatment Centers, Inc.+One stopSF +5.75%(j)9.42%01/2027176 176 —174 Pinnacle Treatment Centers, Inc.+One stopSF +5.75%(j)9.42%01/2027101 101 —99 Pinnacle Treatment Centers, Inc.+One stopP + 4.50%(a)(i)10.60%01/2027812 794 —786 

See Notes to Consolidated Financial Statements.
21
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(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)
PPV Intermediate Holdings, LLC+One stopSF +5.75%(j)9.41%08/2029$290 $285 —%$276 PPV Intermediate Holdings, LLC*+One stopSF +5.75%(j)9.42%08/202913,976 13,921 0.413,696 PPV Intermediate Holdings, LLC+(25)One stopN/A13.75%PIK08/20302,209 2,184 0.12,121 PPV Intermediate Holdings, LLC+(25)One stopN/A13.75%PIK08/203092 89 —89 PPV Intermediate Holdings, LLC+(25)One stopN/A13.75%PIK08/2030510 506 —490 PPV Intermediate Holdings, LLC+(25)One stopN/A13.75%PIK08/203093 93 —90 PPV Intermediate Holdings, LLC+(25)One stopN/A14.75%PIK08/203011,127 11,177 0.311,043 PPV Intermediate Holdings, LLC+One stopSF +5.25%(j)8.92%08/20295,460 5,392 0.25,286 Premise Health Holding Corp.+One stopSF +4.75%(j)8.45%11/20321,370 1,363 —1,357 Premise Health Holding Corp.+(5)One stopN/A(6)11/2031— (2)—(1)
Premise Health Holding Corp.+One stopSF +4.75%(j)8.45%11/2032655 649 —649 Premise Health Holding Corp.+One stopSF +4.75%(j)8.45%11/2032500 495 —495 Premise Health Holding Corp.+One stopSF +4.75%(j)8.45%11/2032166 164 —163 Pyramid Healthcare Acquisition Corp.*+One stopSF +4.75%(j)8.57%05/202724,709 24,735 0.724,674 Pyramid Healthcare Acquisition Corp.*+One stopSF +4.75%(j)8.57%05/20272,555 2,549 0.12,552 Pyramid Healthcare Acquisition Corp.*+One stopSF +4.75%(j)8.57%05/20272,136 2,133 0.12,133 Pyramid Healthcare Acquisition Corp.*+One stopSF +4.75%(j)8.57%05/20271,174 1,172 —1,173 Pyramid Healthcare Acquisition Corp.*+One stopSF +4.75%(j)8.57%05/20271,075 1,073 —1,074 Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(j)8.57%05/2027725 725 —725 Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(j)8.57%05/2027241 241 —241 Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(j)8.57%05/2027212 212 —212 Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(j)8.57%05/2027199 198 —198 Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(j)8.57%05/2027199 198 —198 Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(j)8.57%05/202778 78 —78 Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(j)8.58%05/2027120 120 —120 Signature MD, Inc.+One stopSF +4.50%(i)8.17%02/2032302 301 —301 Signature MD, Inc.+One stopN/A(6)02/2032— — —— Signature MD, Inc.+(5)One stopN/A(6)02/2032— (1)—(1)
Suveto Buyer, LLC+One stopP + 3.50%(a)10.25%09/202728 26 —26 Suveto Buyer, LLC*+One stopSF +4.50%(i)8.17%09/202727,316 27,313 0.727,259 Suveto Buyer, LLC+One stopSF +4.50%(i)8.17%09/202716,628 16,566 0.516,562 507,435 507,438 13.4502,921 Healthcare TechnologyAmberfield Acquisition Co.*+One stopSF +5.50%(j)9.20%05/20307,138 7,114 0.27,114 Amberfield Acquisition Co.+One stopSF +5.50%(j)9.20%05/2030176 169 —173 Amberfield Acquisition Co.+One stopSF +5.50%(j)9.20%05/2030164 162 —163 Color Intermediate, LLC*+Senior securedSF +4.75%(j)8.55%10/202917,301 17,271 0.517,041 Connexin Software, Inc.+One stopSF +6.00%(j)9.70%03/202711,700 11,686 0.311,583 Connexin Software, Inc.+One stopN/A(6)03/2027— — —— Crow River Buyer, Inc.+One stopSF +5.00%(j)8.67%01/20296,032 6,021 0.25,882 Crow River Buyer, Inc.+(5)One stopN/A(6)01/2029— — —(2)Crow River Buyer, Inc.+One stopSF +5.00%(i)8.67%01/20298,700 8,640 0.28,483 ESO Solution, Inc.+One stopSF +6.75%(j)10.43%05/202711,359 11,372 0.311,246 ESO Solution, Inc.+One stopSF +6.75%(j)10.43%05/20273,803 3,774 0.13,765 ESO Solution, Inc.+One stopSF +6.75%(j)(k)10.43%05/2027132 132 —130 GHX Ultimate Parent Corporation+(25)One stopSF +5.00%(j)6.20% cash/2.50%PIK02/203353,815 53,244 1.453,277 
GHX Ultimate Parent Corporation+(25)One stopSF +5.00%(j)6.20% cash/2.50%PIK02/2033352 351 —348 GHX Ultimate Parent Corporation+(5)One stopN/A(6)02/2033— (53)—(51)Healthmark Holdings, L.P.+(5)One stopN/A(6)07/2032— (1)—(2)Healthmark Holdings, L.P.*+One stopSF +4.50%(j)8.17%07/20321,568 1,560 0.11,555 Healthmark Holdings, L.P.+(5)One stopN/A(6)07/2032— (1)—(2)Kona Buyer, LLC+One stopSF +4.50%(j)8.17%07/203115,634 15,515 0.415,400 Kona Buyer, LLC+(5)One stopN/A(6)07/2031— (14)—(29)

See Notes to Consolidated Financial Statements.
22
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(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)
Kona Buyer, LLC+One stopSF +4.50%(j)8.17%07/2031$917 $917 —%$904 Kona Buyer, LLC+One stopSF +4.50%(j)8.17%07/2031258 257 —254 Kona Buyer, LLC+One stopSF +4.50%(j)8.16%07/2031376 374 —370 Kona Buyer, LLC+(5)One stopN/A(6)07/2031— (1)—(9)Kona Buyer, LLC+One stopSF +4.50%(j)8.16%07/20313,401 3,385 0.13,350 Lacker Bidco Limited+(8)(9)(10)One stopSN +6.25%(g)9.98%02/2031626 600 —626 Lacker Bidco Limited+(8)(9)(10)One stopSN +6.25%(g)9.98%02/2031835 837 —835 
Lacker Bidco Limited+(5)(8)(9)(10)One stopN/A(6)08/2030— (1)—— Lacker Bidco Limited+(8)(9)(10)One stopSN +5.50%(g)9.23%02/203129 30 —14 Modernizing Medicine, Inc.+(25)One stopSF +4.75%(j)6.20% cash/2.25%PIK04/203232,748 32,470 0.932,421 Modernizing Medicine, Inc.+(5)One stopN/A(6)04/2032— (26)—(30)Neptune Holdings, Inc.*One stopSF +4.50%(j)8.20%09/203015,935 16,009 0.415,696 Neptune Holdings, Inc.+(5)One stopN/A(6)08/2029— — —(2)Netsmart Technologies, Inc.+(25)One stopSF +5.20%(i)6.17% cash/2.70%PIK08/203153,822 53,403 1.452,476 Netsmart Technologies, Inc.+(5)One stopN/A(6)08/2031— (54)—(174)Netsmart Technologies, Inc.+(5)One stopN/A(6)08/2031— (26)—(172)Netsmart Technologies, Inc.+(25)One stopSF +5.20%(i)6.17% cash/2.70%PIK08/2031505 504 —492 Plasma Buyer LLC+(7)(25)One stopSF +5.75%(j)9.45%PIK05/20298,575 7,817 0.15,145 Plasma Buyer LLC+(7)(25)One stopSF +6.25%(j)9.45% cash/0.50%PIK05/2029325 296 —191 Plasma Buyer LLC+(25)One stopSF +6.25%(j)9.46% cash/0.50%PIK03/2027170 170 —170 Plasma Buyer LLC+(7)(25)One stopSF +6.25%(j)9.45% cash/0.50%PIK05/2028118 108 —72 QF Holdings, Inc.+(5)One stopN/A(6)12/2032— — —(1)
QF Holdings, Inc.+One stopSF +4.50%(j)8.20%12/2032372 371 —364 QF Holdings, Inc.+(5)One stopN/A(6)12/2032— — —(2)Signant Finance One Limited+(5)(8)(10)One stopN/A(6)10/2031— (1)—(1)Signant Finance One Limited+(8)(10)(25)One stopSF +4.75%(j)8.45%10/20311,507 1,493 0.11,493 Signant Finance One Limited+(5)(8)(10)One stopN/A(6)10/2031— (2)—(3)Transaction Data Systems, Inc.*+One stopSF +4.75%(j)8.60%08/202673,991 73,684 2.073,991 Transaction Data Systems, Inc.+(5)One stopN/A(6)08/2026— (3)—— 332,384 329,553 8.7324,544 Hotels, Restaurants & Leisure Barteca Restaurants, LLC*+One stopSF +6.00%(j)(k)9.85%08/202813,471 13,453 0.413,471 Barteca Restaurants, LLC+One stopSF +6.00%(k)9.95%08/2028680 676 —680 Barteca Restaurants, LLC+One stopSF +6.00%(j)9.85%08/2028464 440 —464 Barteca Restaurants, LLC+One stopSF +6.00%(j)(k)9.87%08/2028200 199 —200 BJH Holdings III Corp.*+One stopSF +5.00%(j)8.70%08/202769,210 69,022 1.969,210 BJH Holdings III Corp.+One stopSF +5.00%(j)8.70%08/2027756 749 —756 BJH Holdings III Corp.+One stopSF +5.00%(j)8.70%08/20275,519 5,479 0.25,519 Cafe Rio Holding, Inc.*+One stopSF +5.75%(j)9.57%09/202817,718 17,719 0.517,364 Cafe Rio Holding, Inc.*+One stopSF +5.75%(j)9.57%09/20283,160 3,150 0.13,096 
Cafe Rio Holding, Inc.*+One stopSF +5.75%(j)9.57%09/20282,122 2,122 0.12,080 Cafe Rio Holding, Inc.*One stopSF +5.75%(j)9.57%09/20281,347 1,347 —1,320 Cafe Rio Holding, Inc.*+One stopSF +5.75%(j)9.57%09/20281,189 1,189 —1,166 Cafe Rio Holding, Inc.+One stopSF +5.75%(i)(j)9.55%09/2028264 264 —259 Cafe Rio Holding, Inc.+One stopSF +5.75%(j)9.57%09/2028170 170 —167 Cafe Rio Holding, Inc.+One stopSF +5.75%(j)9.57%09/2028122 122 —120 Cafe Rio Holding, Inc.+One stopSF +5.75%(j)9.57%09/202897 97 —95 Cafe Rio Holding, Inc.+One stopSF +5.75%(j)9.57%09/202896 95 —94 Cafe Rio Holding, Inc.+One stopSF +5.75%(j)9.57%09/202877 77 —76 Cafe Rio Holding, Inc.+One stopSF +5.75%(j)9.57%09/202849 49 —48 Cafe Rio Holding, Inc.+One stopSF +5.75%(j)9.57%09/202855 55 —54 CB Sports Holdings Bidco, LLC+One stopSF +4.50%(j)8.18%12/203222 22 —22 CB Sports Holdings Bidco, LLC+One stopSF +4.50%(j)8.19%12/2032185 184 —185 

See Notes to Consolidated Financial Statements.
23
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value(4)
CB Sports Holdings Bidco, LLC+(5)One stopN/A(6)12/2032$— $(1)—%$— 
CB Sports Holdings Bidco, LLC+One stopN/A(6)12/2032— — —— CR Fitness Holdings, LLC+Senior securedSF +4.25%(j)7.95%10/203117 16 —16 CR Fitness Holdings, LLC+Senior securedSF +4.25%(j)7.95%10/20321,500 1,496 —1,493 CR Fitness Holdings, LLC+(5)Senior securedN/A(6)10/2032— (1)—(2)Crumbl Enterprises, LLC+(5)One stopN/A(6)05/2032— (11)—(13)Crumbl Enterprises, LLC*+One stopSF +4.50%(j)8.20%05/203232,164 32,024 0.932,003 ESN Venture Holdings, LLC*+(25)One stopSF +6.26%(j)6.58% cash/3.38%PIK10/20295,417 5,369 0.25,390 ESN Venture Holdings, LLC+(25)One stopSF +6.26%(j)6.58% cash/3.38%PIK10/2029926 921 —921 ESN Venture Holdings, LLC+(25)One stopSF +6.26%(j)6.58% cash/3.38%PIK10/2029818 811 —814 ESN Venture Holdings, LLC+(25)One stopSF +6.26%(j)6.58% cash/3.38%PIK10/2029376 373 —374 ESN Venture Holdings, LLC+(25)One stopSF +6.26%(j)6.58% cash/3.38%PIK10/2029184 183 —182 ESN Venture Holdings, LLC+(5)One stopN/A(6)10/2029— (7)—(6)ESN Venture Holdings, LLC+(25)One stopSF +6.26%(j)6.58% cash/3.38%PIK10/2029810 791 —790 ESN Venture Holdings, LLC+(25)One stopSF +6.26%(j)6.58% cash/3.38%PIK10/2029443 441 —440 ESN Venture Holdings, LLC+(25)One stopSF +6.26%(j)6.58% cash/3.38%PIK10/20291,604 1,594 0.11,596 
ESN Venture Holdings, LLC+(25)One stopSF +6.26%(j)6.58% cash/3.38%PIK10/20294,031 4,013 0.14,011 Excel Fitness Consolidator, LLC*+Senior securedSF +4.75%(j)8.45%04/20306,606 6,562 0.26,574 Excel Fitness Consolidator, LLC+Senior securedSF +4.75%(i)8.42%04/203052 51 —52 Excel Fitness Consolidator, LLC+(5)Senior securedN/A(6)04/2030— (2)—(3)Harri US LLC+(25)One stopSF +7.25%(j)6.17% cash/4.75%PIK08/20281,336 1,321 —1,249 Harri US LLC+(25)One stopSF +7.25%(j)6.17% cash/4.75%PIK08/2028904 902 —845 Harri US LLC+(25)One stopSF +7.25%(j)6.17% cash/4.75%PIK08/2028877 875 —821 Harri US LLC+(5)One stopN/A(6)08/2028— — —(2)Harri US LLC+(25)One stopSF +7.25%(j)6.17% cash/4.75%PIK08/20281,633 1,546 —1,527 Harri US LLC+(25)One stopN/A14.00%PIK08/20282,151 2,127 0.12,151 Olo Parent, Inc.+One stopSF +4.50%(j)8.17%09/20322,326 2,321 0.12,268 Olo Parent, Inc.+(5)One stopN/A(6)09/2032— — —(4)Patriot Acquireco, LLC+One stopSF +4.50%(j)8.22%09/203236 36 —35 Patriot Acquireco, LLC+One stopSF +4.50%(j)8.22%09/20321,809 1,801 0.11,800 PB Group Holdings, LLC+(25)One stopSF +5.50%(i)6.42% cash/2.75%PIK08/203037,923 37,789 1.037,733 
PB Group Holdings, LLC+One stopSF +5.00%(i)8.67%08/20302,858 2,842 0.12,836 QSR Acquisition Co.+One stopSF +4.25%(i)7.92%06/20321,518 1,513 —1,472 QSR Acquisition Co.+(5)One stopN/A(6)06/2032— — —(4)QSR Acquisition Co.+(5)One stopN/A(6)06/2032— (1)—(10)Rooster BidCo Limited+(8)(9)(10)One stopSN +5.00%(g)8.73%03/2032233 233 —233 Rooster BidCo Limited+(8)(9)(10)One stopSN +4.50%(g)8.23%03/20324,903 4,758 0.14,903 Rooster BidCo Limited+(5)(8)(9)(10)One stopN/A(6)03/2032— (22)—— Saguaro Buyer, LLC+One stopN/A(6)07/2032— — —— Saguaro Buyer, LLC+One stopSF +4.50%(j)8.20%07/2032398 396 —398 Saguaro Buyer, LLC+One stopSF +4.50%(j)8.20%07/2032217 216 —217 Saguaro Buyer, LLC+One stopSF +4.50%(j)8.20%07/2032100 98 —100 SDC Holdco, LLC+(5)One stopN/A(6)07/2032— (1)—(1)SDC Holdco, LLC*One stopSF +4.38%(i)8.05%07/20321,784 1,776 0.11,775 SDC Holdco, LLC+One stopSF +4.38%(i)8.05%07/2032500 498 —498 SSRG Holdings, LLC*One stopSF +4.75%(j)8.45%11/202912,345 12,261 0.312,345 SSRG Holdings, LLC*+One stopSF +4.75%(j)8.45%11/20297,662 7,662 0.27,662 SSRG Holdings, LLC+One stopSF +4.75%(j)8.45%11/2029636 624 —636 
SSRG Holdings, LLC+One stopSF +4.75%(j)8.45%11/2029605 600 —605 SSRG Holdings, LLC+(5)One stopN/A(6)11/2029— (1)—— SSRG Holdings, LLC+One stopSF +4.75%(j)8.45%11/2029674 671 —674 YE Brands Holding, LLC*+One stopSF +4.75%(j)8.45%10/202717,365 17,464 0.517,279 YE Brands Holding, LLC+One stopSF +4.75%(j)8.45%10/20271,173 1,170 —1,167 

See Notes to Consolidated Financial Statements.
24
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value(4)
YE Brands Holding, LLC+One stopN/A(6)10/2027$— $— —%$— 
273,887 272,778 7.3272,286 
Household Durables
TLB Holdings I, LLC+One stopSF +4.75%(i)8.42%10/203111 10 —11 
TLB Holdings I, LLC+One stopSF +4.75%(j)8.42%10/2031615 612 —615 
TLB Holdings I, LLC+(5)One stopN/A(6)10/2031— (1)—— 
626 621 —626 
Household Products
WU Holdco, Inc.+One stopSF +4.75%(j)8.45%04/20329,516 9,475 0.39,473 
WU Holdco, Inc.+One stopSF +4.75%(j)8.45%04/2032155 152 —152 
WU Holdco, Inc.+(5)One stopN/A(6)04/2032— (5)—(10)
9,671 9,622 0.39,615 
Industrial Conglomerates
Anova Buyer, Inc.+One stopSF +4.75%(k)8.49%01/2033292 291 —291 
Anova Buyer, Inc.+One stopSF +4.75%(j)8.45%01/20333 2 —2 
Anova Buyer, Inc.+One stopN/A(6)01/2033— — —— 
Arch Global CCT Holdings Corp.*+Senior securedSF +4.75%(j)8.55%04/20283,151 3,126 0.12,962 
Arch Global CCT Holdings Corp.+Senior securedSF +4.75%(j)8.55%04/2028633 623 —595 
Arch Global CCT Holdings Corp.+Senior securedSF +4.75%(j)8.55%04/2028593 582 —558 
Dwyer Instruments, Inc.+One stopSF +4.75%(j)8.45%07/20295,737 5,726 0.25,693 
Dwyer Instruments, Inc.+One stopSF +4.75%(j)8.45%07/20291,337 1,323 —1,315 
Dwyer Instruments, Inc.+One stopSF +4.75%(j)8.45%07/20291,455 1,446 —1,444 
Dwyer Instruments, Inc.+One stopSF +4.75%(j)8.45%07/2029466 463 —462 
Dwyer Instruments, Inc.+One stopSF +4.75%(j)8.45%07/2029545 539 —541 
Dwyer Instruments, Inc.+(5)(9)One stopN/A(6)07/2029— (23)—(2)
Dwyer Instruments, Inc.+(9)One stopE + 5.00%(c)7.12%07/202951,920 47,033 1.451,896 
Dwyer Instruments, Inc.+One stopSF +4.75%(j)8.45%07/20296,401 6,350 0.26,353 
Dwyer Instruments, Inc.+One stopSF +4.75%(j)8.45%07/20291,478 1,467 —1,466 
Essential Services Holdings Corporation+(25)One stopSF +5.50%(j)6.42% cash/2.75%PIK06/203111,514 11,428 0.311,421 
Essential Services Holdings Corporation+One stopSF +5.00%(a)(j)8.66%06/2030564 554 —554 
Essential Services Holdings Corporation+(5)One stopN/A(6)06/2031— (8)—(18)
Excelitas Technologies Corp.+(5)One stopN/A(6)08/2029— (40)—(104)
Excelitas Technologies Corp.*+One stopSF +5.25%(i)8.92%08/202910,022 9,978 0.39,898 
Excelitas Technologies Corp.+(9)One stopE + 5.25%(b)7.14%08/20291,962 1,771 0.11,937 
Excelitas Technologies Corp.+(5)One stopN/A(6)08/2028— (2)—(4)
98,073 92,629 2.697,260 
Insurance
AMBA Buyer, Inc.*+One stopSF +5.25%(j)9.05%07/20274,399 4,405 0.14,398 
AMBA Buyer, Inc.+One stopSF +5.25%(j)9.05%07/20271,310 1,309 —1,310 
AMBA Buyer, Inc.+One stopSF +5.25%(j)9.05%07/20271,105 1,103 —1,105 
AMBA Buyer, Inc.+One stopN/A(6)07/2027— — —— 
AMBA Buyer, Inc.+One stopSF +5.25%(j)9.05%07/2027159 159 —159 
Bellwether Buyer, LLC+One stopSF +4.50%(i)8.18%04/2032273 268 —268 
Bellwether Buyer, LLC+One stopSF +4.50%(i)8.17%04/20325,031 5,010 0.15,009 
Bellwether Buyer, LLC+(5)One stopN/A(6)04/2032— (6)—(12)
Ben Nevis Midco Limited+(8)(10)One stopSF +5.50%(j)9.17%03/2028561 555 —558 
Ben Nevis Midco Limited+(8)(10)One stopSF +5.50%(j)9.17%03/2028378 378 —375 
Ben Nevis Midco Limited+(8)(10)One stopSF +5.50%(j)9.17%03/202897 96 —96 
Ben Nevis Midco Limited+(8)(10)One stopSF +5.50%(j)9.17%03/2028465 457 —462 
Captive Resources Midco, LLC+One stopSF +4.50%(i)8.17%07/202922,958 22,940 0.622,958 
Captive Resources Midco, LLC+(5)One stopN/A(6)07/2028— (1)—— 

See Notes to Consolidated Financial Statements.
25
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(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)
Doxa Insurance Holdings LLC+One stopSF +4.50%(j)8.20%12/2030$1,861 $1,871 0.1%$1,849 Doxa Insurance Holdings LLC+One stopSF +4.50%(j)8.20%12/202937 37 —37 Doxa Insurance Holdings LLC+One stopSF +4.50%(j)8.20%12/20301,770 1,771 0.11,758 Doxa Insurance Holdings LLC+One stopSF +4.50%(j)8.19%12/20303,580 3,560 0.13,537 Galway Borrower LLC+One stopSF +4.50%(j)8.20%09/2028335 333 —333 Galway Borrower LLC+One stopSF +4.50%(j)8.20%09/202817 17 —17 Galway Borrower LLC+One stopSF +4.50%(j)8.20%09/202813 13 —12 Galway Borrower LLC+One stopSF +4.50%(j)8.20%09/202812 12 —12 Galway Borrower LLC+One stopN/A(6)09/2028— — —— Gimlet Bidco GMBH+(8)(9)(19)One stopE + 5.75%(c)7.78%04/20311,131 1,038 —1,121 Gimlet Bidco GMBH+(8)(9)(19)One stopE + 5.75%(c)7.78%04/2031461 437 —456 Gimlet Bidco GMBH+(8)(9)(19)One stopE + 5.00%(c)7.01%04/2031106 105 —97 Huskies Parent, Inc.+One stopSF +6.00%(i)9.77%11/20292,000 1,982 0.11,940 
Illumifin Corporation+One stopSF +6.00%(j)9.93%09/20274,626 4,454 0.14,441 Integrity Marketing Acquisition, LLC*+One stopSF +5.00%(j)8.67%08/202848,464 48,231 1.348,410 Integrity Marketing Acquisition, LLC+(5)One stopN/A(6)08/2028— (2)—— Integrity Marketing Acquisition, LLC+(5)One stopN/A(6)08/2028— (3)—(4)J.S. Held Holdings, LLC+One stopSF +4.75%(j)8.60%06/2028322 316 —319 J.S. Held Holdings, LLC+One stopSF +4.75%(j)8.60%06/202814,455 14,339 0.414,287 J.S. Held Holdings, LLC*+One stopSF +4.75%(j)8.60%06/202838,144 37,717 1.037,900 Koala Investment Holdings, Inc.+One stopSF +4.25%(j)7.95%08/20321,564 1,557 0.11,550 Koala Investment Holdings, Inc.+(5)One stopN/A(6)08/2032— (1)—(1)Koala Investment Holdings, Inc.+(5)One stopN/A(6)08/2032— (1)—(3)Majesco+One stopSF +4.50%(j)8.20%01/2033462 461 —455 Majesco+(5)One stopN/A(6)01/2033— — —(1)MRH Trowe Germany GMBH+(5)(8)(9)(19)One stopN/A(6)11/2031— (2)—(7)MRH Trowe Germany GMBH+(8)(9)(19)One stopE + 5.00%(d)7.16%05/20326,146 5,950 0.26,069 MRH Trowe Germany GMBH+(8)(9)(19)One stopE + 5.00%(d)7.15%05/20321,138 1,148 —1,112 Oakbridge Insurance Agency LLC+One stopSF +4.75%(i)8.42%11/20292,247 2,268 0.12,226 
Oakbridge Insurance Agency LLC+One stopSF +4.75%(i)8.42%11/202921 21 —21 Oakbridge Insurance Agency LLC+One stopSF +4.75%(i)8.42%11/20291,085 1,082 —1,075 Oakbridge Insurance Agency LLC+One stopSF +5.00%(i)8.67%11/2029797 791 —795 Oakbridge Insurance Agency LLC+(5)One stopN/A(6)11/2029— (2)—(5)Pareto Health Intermediate Holdings, Inc.+(5)One stopN/A(6)06/2029— (2)—(1)Pareto Health Intermediate Holdings, Inc.*+One stopSF +5.00%(j)(k)8.61%06/203085,453 84,900 2.384,603 Pareto Health Intermediate Holdings, Inc.+One stopSF +5.00%(j)8.71%06/2030419 415 —415 Patriot Growth Insurance Services, LLC+One stopSF +5.00%(j)8.85%10/202871,656 71,070 1.971,535 Patriot Growth Insurance Services, LLC+One stopSF +5.00%(j)8.85%10/20289,773 9,641 0.39,755 Patriot Growth Insurance Services, LLC+(5)One stopN/A(6)10/2028— (36)—(3)Patriot Growth Insurance Services, LLC+One stopSF +5.00%(j)8.70%10/20283,384 3,376 0.13,366 People Corporation+(8)(9)(12)One stopCA +5.00%(m)7.57%02/203123,634 24,862 0.623,697 People Corporation+(8)(9)(12)One stopCA +5.00%(m)7.57%02/203119,844 20,275 0.519,898 People Corporation+(8)(9)(12)One stopCA +5.00%(m)7.57%02/20317,760 8,270 0.27,781 People Corporation+(8)(9)(12)One stopCA +5.00%(m)7.57%02/20319,707 9,684 0.39,733 People Corporation+(8)(9)(12)One stopCA +5.00%(m)7.57%02/2031216 216 —216 
People Corporation+(8)(9)(12)One stopCA +5.00%(m)7.57%02/203121,834 21,614 0.621,921 People Corporation+(8)(9)(12)One stopN/A(6)02/2031— — —— Wasabi Lower Holdco, LLC+(5)Senior securedN/A(6)06/2032— (8)—(16)Wasabi Lower Holdco, LLC+Senior securedSF +4.50%(i)8.17%06/20322,610 2,579 0.12,546 

See Notes to Consolidated Financial Statements.
26
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value(4)
World Insurance Associates, LLC+(5)One stopN/A(6)04/2030$— $(2)—%$(2)World Insurance Associates, LLC+One stopSF +5.00%(j)8.70%04/20304,923 4,907 0.14,890 428,743 427,934 11.4426,828 Internet & Direct Marketing RetailRevalize, Inc.+(25)One stopSF +6.50%(j)8.60% cash/1.75%PIK04/202920,592 20,410 0.518,120 Revalize, Inc.+(25)One stopSF +6.50%(j)8.60% cash/1.75%PIK04/202912,053 11,830 0.310,606 Revalize, Inc.+(25)One stopSF +6.50%(j)8.60% cash/1.75%PIK04/20295,976 5,865 0.15,259 Revalize, Inc.+(25)One stopSF +6.50%(j)8.60% cash/1.75%PIK04/20293,600 3,523 0.13,168 Revalize, Inc.+(25)One stopSF +6.50%(j)8.60% cash/1.75%PIK04/20292,450 2,401 0.12,156 
Revalize, Inc.+(25)One stopSF +6.50%(j)8.60% cash/1.75%PIK04/20292,407 2,301 —2,118 Revalize, Inc.+(25)One stopSF +6.50%(j)8.60% cash/1.75%PIK04/2029230 219 —202 Revalize, Inc.+(25)One stopSF +6.25%(j)9.60% cash/0.50%PIK04/2029160 147 —106 47,468 46,696 1.141,735 IT ServicesAcquia, Inc.*+One stopSF +5.00%(j)8.80%10/202612,020 12,012 0.311,960 Acquia, Inc.+One stopSF +5.00%(j)8.80%10/2026112 112 —112 Acquia, Inc.+One stopSF +5.00%(j)8.80%10/20261,083 1,082 —1,078 CivicPlus, LLC+(5)One stopN/A(6)08/2030— (2)—(11)CivicPlus, LLC+(25)One stopSF +11.75%(j)15.45%PIK06/2034384 382 —370 CivicPlus, LLC+(25)One stopSF +6.00%(j)6.92% cash/2.75%PIK08/203023,722 23,670 0.623,248 CivicPlus, LLC+(25)One stopSF +6.00%(j)6.92% cash/2.75%PIK08/20302,228 2,213 0.12,153 CivicPlus, LLC+(5)One stopN/A(6)08/2030— (2)—(9)ContractPod Technologies, Ltd.+(8)(10)(25)One stopSF +6.50%(j)6.95% cash/3.25%PIK07/2030512 510 —502 ContractPod Technologies, Ltd.+(8)(10)(25)One stopSF +6.50%(j)6.93% cash/3.25%PIK07/2030226 225 —221 ContractPod Technologies, Ltd.+(5)(8)(10)One stopN/A(6)07/2030— (1)—(5)
Critical Start, Inc.+(25)One stopSF +6.82%(j)6.24% cash/4.25%PIK05/20285,551 5,543 0.15,385 Critical Start, Inc.+(25)One stopSF +6.75%(j)6.17% cash/4.25%PIK05/20282,549 2,528 0.12,472 Critical Start, Inc.+One stopP + 5.25%(a)(j)11.47%05/202854 52 —50 Delinea Inc.*+One stopSF +4.25%(j)7.95%03/203047,048 46,928 1.346,813 Delinea Inc.+(5)One stopN/A(6)03/2030— (2)—(3)Goldcup 31018 AB+(8)(9)(17)(25)One stopE + 6.37%(d)8.50%PIK07/202915,908 14,393 0.415,153 Goldcup 31018 AB+(8)(9)(17)(25)One stopE + 6.38%(d)8.51%PIK07/20291,484 1,365 —1,414 Goldcup 31018 AB+(5)(8)(9)(17)One stopN/A(6)01/2029— (1)—(12)Kentik Technologies, Inc.+(25)One stopSF +8.00%(i)7.68% cash/4.00%PIK11/202951 51 —50 Kentik Technologies, Inc.+(25)One stopSF +8.00%(i)7.68% cash/4.00%PIK11/202958 55 —56 Kentik Technologies, Inc.+(25)One stopSF +8.00%(i)7.68% cash/4.00%PIK11/202920 17 —19 Kentik Technologies, Inc.+(25)One stopSF +8.00%(i)7.68% cash/4.00%PIK11/20298 7 —6 Netwrix Corporation+(5)One stopN/A(6)06/2029— (1)—(8)Netwrix Corporation*+One stopSF +4.50%(j)8.17%06/20299,494 9,495 0.39,255 
Netwrix Corporation+One stopSF +4.50%(j)8.17%06/2029381 381 —371 Netwrix Corporation+One stopSF +4.50%(j)8.17%06/2029184 181 —140 Optimizely North America, Inc.+One stopSF +5.00%(i)8.67%10/203137,937 37,634 1.036,609 Optimizely North America, Inc.+(9)One stopE + 5.25%(b)7.16%10/203115,521 14,466 0.415,055 Optimizely North America, Inc.+(9)One stopSN +5.50%(g)9.23%10/20315,851 5,691 0.25,763 Optimizely North America, Inc.+(5)One stopN/A(6)10/2031— (79)—(213)PDQ.com Corporation+(5)One stopN/A(6)10/2032— — —(3)PDQ.com Corporation+One stopSF +4.50%(j)8.20%10/2032633 631 —604 PDQ.com Corporation+(5)One stopN/A(6)10/2032— (1)—(14)ReliaQuest Holdings, LLC+(25)One stopSF +6.00%(j)6.42% cash/3.25%PIK04/203112,334 12,310 0.312,211 ReliaQuest Holdings, LLC+(5)One stopN/A(6)04/2031— (20)—(46)ReliaQuest Holdings, LLC+(5)One stopN/A(6)04/2031— (5)—(10)ReliaQuest Holdings, LLC+(25)One stopSF +6.00%(j)6.42% cash/3.25%PIK04/203129,375 29,254 0.829,081 Saturn Borrower Inc.*+One stopSF +6.00%(j)9.70%11/202827,189 26,962 0.726,645 

See Notes to Consolidated Financial Statements.
27
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(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)
Saturn Borrower Inc.+One stopSF +6.00%(j)9.70%11/2028$120 $114 —%$110 
WPEngine, Inc.+One stopSF +5.75%(j)9.44%08/20295,438 5,425 0.15,356 
WPEngine, Inc.+(5)One stopN/A(6)08/2029— — —(2)
Zarya Holdco, Inc.+One stopSF +6.50%(j)10.17%07/20271,392 1,388 —1,371 
Zarya Holdco, Inc.+One stopSF +6.50%(j)10.17%07/20277,138 7,160 0.27,030 
Zarya Holdco, Inc.+One stopSF +6.50%(j)10.16%07/202714 14 —12 
266,019 262,137 6.9260,339 
Leisure Products
Crunch Holdings, LLC+One stopSF +4.50%(i)8.17%09/20311,756 1,752 0.11,756 
Crunch Holdings, LLC+(5)One stopN/A(6)09/2031— (1)—— 
Movement Holdings, LLC+(8)(10)One stopSF +5.50%(k)9.24%03/2030828 826 —828 
Movement Holdings, LLC+(8)(10)One stopN/A(6)03/2030— — —— 
2,584 2,577 0.12,584 
Life Sciences Tools & Services
Celerion Buyer, Inc.+(5)One stopN/A(6)11/2028— (1)—— 
Celerion Buyer, Inc.*+One stopSF +5.00%(j)8.67%11/202930,705 30,471 0.830,678 
Celerion Buyer, Inc.+One stopSF +5.00%(j)8.70%11/2029499 496 —498 
Celerion Buyer, Inc.*One stopSF +5.00%(j)8.67%11/202921,791 21,633 0.621,771 
Diamondback Acquisition, Inc.+One stopSF +4.50%(i)8.17%09/20321,489 1,485 0.11,444 
Diamondback Acquisition, Inc.+(5)One stopN/A(6)09/2032— (1)—(9)
Diamondback Acquisition, Inc.+One stopSF +4.50%(i)(j)8.17%09/203245 44 —39 
PAS Parent Inc.+(5)One stopN/A(6)08/2031— (5)—— 
PAS Parent Inc.*+One stopSF +4.50%(i)8.17%08/203257,956 57,696 1.658,119 
PAS Parent Inc.+(5)One stopN/A(6)08/2032— (2)—13 
Unchained Labs, LLC*+Senior securedSF +5.50%(i)9.22%08/20271,379 1,368 —1,359 
Unchained Labs, LLC+Senior securedSF +5.50%(i)9.22%08/20271,164 1,153 —1,147 
Unchained Labs, LLC+(5)Senior securedN/A(6)08/2027— (1)—— 
115,028 114,336 3.1115,059 
Machinery
AI Titan Parent, Inc.+One stopSF +4.50%(i)8.17%08/203110,508 10,427 0.310,035 
AI Titan Parent, Inc.+One stopSF +4.50%(i)8.17%08/2031473 465 —378 
AI Titan Parent, Inc.+(5)One stopN/A(6)08/2031— (10)—(59)
Blackbird Purchaser, Inc.+One stopSF +5.75%(j)9.45%12/20304,926 4,989 0.14,890 
Blackbird Purchaser, Inc.+(5)One stopN/A(6)12/2030— — —(3)
Blackbird Purchaser, Inc.+One stopSF +5.75%(i)(j)9.44%12/202960 59 —59 
Chase Industries, Inc.+(25)(26)Senior securedSF +7.00%(j)9.35% cash/1.50%PIK11/202613,623 13,489 0.413,487 
Chase Industries, Inc.+(25)(26)Senior securedSF +7.00%(j)9.35% cash/1.50%PIK11/20261,288 1,271 —1,275 
Chase Industries, Inc.+(25)(26)Senior securedSF +6.25%(j)9.35% cash/0.75%PIK11/2026120 112 —114 
Thermogenics, Inc.+(8)(12)One stopSF +4.25%(j)7.95%06/2032179 179 —179 
Thermogenics, Inc.+(8)(9)(12)One stopCA +4.25%(m)6.56%06/2032138 140 —138 
Thermogenics, Inc.+(8)(12)One stopSF +4.25%(j)7.95%06/2032105 105 —105 
Thermogenics, Inc.+(8)(9)(12)One stopCA +4.25%(m)6.56%06/203273 74 —73 
Thermogenics, Inc.+(8)(9)(12)One stopCA +4.25%(m)6.56%06/203214 14 —14 
Thermogenics, Inc.+(5)(8)(12)One stopN/A(6)06/2032— (2)—(2)
Thermogenics, Inc.+(5)(8)(12)One stopN/A(6)06/2032— (1)—(1)
31,507 31,311 0.830,682 
Marine
Project Nike Purchaser, LLC*+One stopSF +5.25%(j)8.95%04/202933,349 33,466 0.932,349 
Project Nike Purchaser, LLC+One stopSF +5.25%(j)8.95%04/2029739 736 —716 
Project Nike Purchaser, LLC+(5)One stopN/A(6)04/2029— (1)—(16)
34,088 34,201 0.933,049 
Media
Lotus Topco, Inc.*One stopSF +4.75%(j)8.45%06/20305,086 5,059 0.15,086 

See Notes to Consolidated Financial Statements.
28
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value(4)
Lotus Topco, Inc.+(5)One stopN/A(6)06/2030$— $(5)—%$— 
Lotus Topco, Inc.+One stopSF +4.75%(j)8.45%06/20301,928 1,914 0.11,928 
Lotus Topco, Inc.*One stopSF +4.75%(j)8.45%06/20301,990 1,977 0.11,990 
Shout! Factory, LLC*One stopSF +5.25%(j)8.95%06/20311,756 1,744 —1,732 
Shout! Factory, LLC+One stopSF +5.25%(j)8.92%06/203179 78 —76 
Triple Lift, Inc.*+One stopSF +5.75%(j)9.59%05/20287,187 7,099 0.26,629 
Triple Lift, Inc.*+One stopSF +5.75%(j)9.59%05/20281,533 1,508 —1,414 
Triple Lift, Inc.+(5)One stopN/A(6)05/2028— (3)—(12)
19,559 19,371 0.518,843 
Oil, Gas & Consumable Fuels
Edition Holdings, Inc.+One stopSF +4.50%(i)8.17%12/2032373 372 —369 
Edition Holdings, Inc.+(5)One stopN/A(6)12/2032— — —(1)
Edition Holdings, Inc.+(5)One stopN/A(6)12/2032— — —(1)
373 372 —367 
Paper & Forest Products
Messenger, LLC*+One stopSF +5.00%(j)8.67%12/202713,683 13,682 0.413,676 
Messenger, LLC+(9)One stopSN +5.00%(g)8.73%12/2027869 832 —870 
Messenger, LLC+One stopSF +5.00%(j)8.67%12/2027495 493 —494 
Messenger, LLC+(9)One stopN/A(6)12/2027— — —— 
Messenger, LLC*+One stopSF +5.00%(j)8.67%12/20271,434 1,447 0.11,433 
Messenger, LLC+One stopSF +5.00%(j)8.67%12/2027718 717 —718 
Messenger, LLC+One stopN/A(6)12/2027— — —— 
17,199 17,171 0.517,191 
Pharmaceuticals
ACP Ulysses Buyer, Inc.*+One stopSF +4.75%(j)8.45%02/203030,144 30,037 0.829,858 
ACP Ulysses Buyer, Inc.*+One stopSF +4.75%(j)8.45%02/20301,303 1,291 —1,291 
ACP Ulysses Buyer, Inc.+One stopSF +4.75%(j)8.45%02/2030499 480 —494 
Amalthea Parent, Inc.*+(8)(12)One stopSF +5.00%(j)8.93%03/202786,287 84,594 2.385,422 
Amalthea Parent, Inc.+(8)(12)One stopSF +5.00%(i)8.78%03/2027540 519 —536 
Apothecary Products, LLC*Senior securedSF +5.00%(k)8.63%07/20272,178 2,177 0.12,178 
Apothecary Products, LLC+Senior securedSF +5.00%(k)8.65%07/2027156 156 —156 
Caerus Midco 3 S.A.R.L.*+(8)(13)One stopSF +5.00%(j)8.70%05/202928,960 28,986 0.828,382 
Caerus Midco 3 S.A.R.L.+(8)(13)One stopSF +5.00%(j)8.70%05/20294,802 4,804 0.14,706 
Caerus Midco 3 S.A.R.L.+(8)(13)One stopSF +5.00%(j)8.70%05/20294,432 4,401 0.14,343 
Caerus Midco 3 S.A.R.L.+(8)(13)One stopSF +5.00%(j)8.70%05/2029703 700 —689 
Caerus Midco 3 S.A.R.L.+(8)(13)One stopSF +5.00%(i)8.67%05/2029444 442 —434 
Cobalt Buyer Sub, Inc.*+One stopSF +5.75%(j)9.42%10/202814,607 14,578 0.413,585 
Cobalt Buyer Sub, Inc.*+One stopSF +5.75%(j)9.42%10/20284,898 4,888 0.14,556 
Cobalt Buyer Sub, Inc.+One stopSF +5.75%(j)9.42%10/20283,701 3,655 0.13,442 
Cobalt Buyer Sub, Inc.+One stopSF +5.75%(j)9.42%10/20271,098 1,088 —1,030 
Cobalt Buyer Sub, Inc.+One stopSF +5.75%(j)9.42%10/20286,301 6,253 0.25,860 
Creek Parent, Inc.+One stopSF +5.00%(i)8.67%12/203156,260 55,456 1.555,388 
Creek Parent, Inc.+(5)One stopN/A(6)12/2031— (106)—(127)
Spark Bidco Limited+(8)(9)(10)(25)Senior securedSN +4.88%(g)7.48% cash/1.13%PIK08/202837,825 37,991 1.035,504 
Spark Bidco Limited+(8)(9)(10)Senior securedSN +6.00%(g)9.73%08/20285,495 5,137 0.15,292 
Spark Bidco Limited+(8)(9)(10)(25)Senior securedSN +4.88%(g)7.48% cash/1.13%PIK08/20284,585 4,027 0.14,304 
Spark Bidco Limited+(8)(10)Senior securedSF +6.00%(k)9.59%08/20283,991 3,986 0.13,843 

See Notes to Consolidated Financial Statements.
29
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(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)
Spark Bidco Limited+(8)(9)(10)(25)Senior securedSN +4.88%(g)7.48% cash/1.13%PIK08/2028$4,012 $3,689 0.1%$3,766 Spark Bidco Limited+(8)(9)(10)Senior securedSN +3.75%(g)7.48%02/2028198 199 —190 303,419 299,428 7.9295,122 Professional ServicesALKU Intermediate Holdings, LLC+One stopSF +6.25%(j)9.95%5/1/20296,694 6,713 0.2 6,600 ALKU Intermediate Holdings, LLC+One stopSF +5.50%(j)9.20%5/1/2029740 734 — 715 bswift, LLC*+One stopSF +4.75%(j)8.42%11/1/20287,564 7,554 0.2 7,375 bswift, LLC+One stopSF +4.75%(j)8.40%11/1/20289,900 9,863 0.3 9,653 bswift, LLC+One stopSF +4.75%(j)8.42%11/1/2028498 495 — 485 Denali Intermediate Holdings, Inc.+(5)One stopN/A(6)8/1/2032— (2)— (2)Denali Intermediate Holdings, Inc.+One stopSF +5.50%(i)9.18%8/1/20321,814 1,797 — 1,797 DISA Holdings Corp.*+Senior securedSF +5.00%(j)8.66%9/1/20285,162 5,141 0.1 5,143 DISA Holdings Corp.+Senior securedSF +5.00%(j)8.66%9/1/2028796 789 — 793 
DISA Holdings Corp.+One stopSF +5.00%(j)8.66%9/1/2028681 675 — 678 DISA Holdings Corp.+Senior securedSF +5.00%(j)8.66%9/1/2028602 597 — 599 DISA Holdings Corp.+(25)Subordinated debtSF +8.50%(j)10.17% cash/2.00%PIK3/1/2029106 105 — 106 DISA Holdings Corp.+Senior securedSF +5.00%(j)8.66%9/1/2028585 579 — 582 DISA Holdings Corp.+Senior securedSF +5.00%(j)8.66%9/1/202879 79 — 79 Eclipse Buyer, Inc.+One stopSF +4.50%(i)8.18%9/1/203114,283 14,172 0.4 13,926 Eclipse Buyer, Inc.+(5)One stopN/A(6)9/1/2031— (54)— (45)Eclipse Buyer, Inc.+(5)One stopN/A(6)9/1/2031— (9)— (61)Eliassen Group, LLC+One stopSF +5.75%(j)9.45%4/1/20282,116 2,103 0.1 2,049 Eliassen Group, LLC+One stopSF +5.75%(j)9.45%4/1/2028142 141 — 138 IG Investments Holdings, LLC*+One stopSF +5.00%(j)8.67%9/1/202813,260 13,221 0.4 13,170 IG Investments Holdings, LLC+(5)One stopN/A(6)9/1/2028— (1)— — NBG Acquisition Corp. and NBG-P Acquisition Corp.*+(25)One stopSF +6.00%(j)6.17% cash/3.50%PIK11/1/203034,411 34,022 0.8 29,938 NBG Acquisition Corp. and NBG-P Acquisition Corp.+(25)One stopSF +6.00%(j)6.20% cash/3.50%PIK11/1/2030800 797 — 696 NBG Acquisition Corp. and NBG-P Acquisition Corp.+(25)One stopSF +6.00%(j)6.20% cash/3.50%PIK11/1/2030346 338 — 284 
PlanSource Holdings, Inc.*+One stopSF +5.50%(j)9.17%12/1/202614,234 14,219 0.4 13,879 PlanSource Holdings, Inc.*+One stopSF +5.50%(j)9.17%12/1/20262,416 2,412 0.1 2,355 PlanSource Holdings, Inc.+One stopSF +5.50%(j)9.17%12/1/2026695 695 — 677 PlanSource Holdings, Inc.+(5)One stopN/A(6)12/1/2026— — — (6)Procure Acquireco, Inc.*+One stopSF +4.75%(j)8.45%12/1/202824,539 24,573 0.7 24,453 Procure Acquireco, Inc.+One stopSF +4.75%(j)8.45%12/1/20281,128 1,128 — 1,125 Procure Acquireco, Inc.+One stopN/A(6)12/1/2028— — — — Procure Acquireco, Inc.+(5)One stopN/A(6)12/1/2028— (55)— (58)Procure Acquireco, Inc.+One stopSF +4.75%(j)8.45%12/1/20283,444 3,433 0.1 3,432 Teaching Company, The+Senior securedSF +5.50%(j)9.14%2/1/2031438 432 — 432 Teaching Company, The+(5)Senior securedN/A(6)2/1/2031— (1)— (1)Varicent Intermediate Holdings Corporation+(8)(12)(25)One stopSF +6.00%(j)6.45% cash/3.25%PIK8/1/203152,954 52,395 1.3 50,306 Varicent Intermediate Holdings Corporation+(5)(8)(12)One stopN/A(6)8/1/2031— (72)— (318)Varicent Intermediate Holdings Corporation+(5)(8)(12)One stopN/A(6)8/1/2031— (35)— (307)Varicent Intermediate Holdings Corporation+(8)(12)(25)One stopSF +6.00%(j)6.45% cash/3.25%PIK8/1/20313,776 3,756 0.1 3,587 
Varicent Intermediate Holdings Corporation+(5)(8)(12)One stopN/A(6)8/1/2031— (2)— (18)204,203 202,727 5.2 194,236 Real Estate Management & DevelopmentInhabit IQ Inc.+(5)One stopN/A(6)01/2032— (2)—(30)

See Notes to Consolidated Financial Statements.
30
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(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)
Inhabit IQ Inc.*One stopSF +4.50%(i)8.17%01/2032$6,838 $6,824 0.2%$6,667 
Inhabit IQ Inc.+(5)One stopN/A(6)01/2032— (4)—(48)
MRI Software, LLC*+One stopSF +4.75%(j)8.45%02/202832,560 32,612 0.832,072 
MRI Software, LLC*+One stopSF +4.75%(j)8.45%02/202812,950 12,981 0.312,755 
MRI Software, LLC+One stopSF +4.75%(j)8.45%02/2028788 786 —741 
MRI Software, LLC*+One stopSF +4.75%(j)8.45%02/20289,781 9,730 0.39,635 
RPL Bidco Limited+(8)(9)(10)One stopSN +5.00%(g)8.73%08/20285,984 5,826 0.25,894 
RPL Bidco Limited+(8)(9)(10)One stopSN +5.00%(g)8.73%08/202827,619 28,275 0.727,205 
RPL Bidco Limited+(8)(9)(10)One stopA + 5.00%(e)9.04%08/202812,150 11,779 0.311,907 
RPL Bidco Limited+(8)(9)(10)One stopA + 5.00%(e)9.04%08/20282,950 3,044 0.12,891 
RPL Bidco Limited+(5)(8)(9)(10)One stopN/A(6)02/2028— — —(2)
111,620 111,851 2.9 109,687 
Road & Rail
Internet Truckstop Group, LLC*One stopSF +5.25%(j)9.10%04/202728,632 28,616 0.828,131 
Internet Truckstop Group, LLC*+One stopSF +5.25%(j)9.10%04/202712,553 12,514 0.312,333 
Internet Truckstop Group, LLC+(5)One stopN/A(6)04/2027— — —(6)
41,185 41,130 1.1 40,458 
Software
Anaplan, Inc.+One stopSF +4.50%(j)8.17%06/202958,030 58,171 1.556,288 
Anaplan, Inc.+(5)One stopN/A(6)06/2028— — —(10)
Appfire Technologies, LLC*+One stopSF +4.75%(j)8.45%03/202857,144 57,091 1.555,431 
Appfire Technologies, LLC+(5)One stopN/A(6)03/2028— (1)—(14)
Appfire Technologies, LLC+(5)One stopSF +4.75%(j)8.45%03/2028266 196 —(533)
Aras Corporation+One stopSF +5.00%(j)8.70%04/202928,308 28,340 0.727,600 
Aras Corporation+One stopSF +5.00%(j)8.70%04/20291,565 1,556 —1,435 
Armstrong Bidco Limited+(8)(9)(10)One stopSN +5.25%(g)8.98%06/20295,750 5,367 0.25,635 
Armstrong Bidco Limited+(8)(9)(10)One stopSN +5.25%(g)8.98%06/20292,999 2,738 0.12,940 
Arrow Buyer, Inc.+One stopSF +5.00%(j)8.70%07/203024,725 24,600 0.724,106 
Arrow Buyer, Inc.+One stopSF +5.00%(j)8.70%07/20301,620 1,616 0.11,580 
Arrow Buyer, Inc.+One stopSF +5.00%(j)8.70%07/20301,569 1,565 0.11,529 
Artifact Bidco, Inc.+One stopSF +4.15%(j)7.85%07/20311,489 1,478 —1,481 
Artifact Bidco, Inc.+(5)One stopN/A(6)05/2031— (1)—(2)
Artifact Bidco, Inc.+One stopN/A(6)05/2030— — —— 
Artifact Bidco, Inc.+(5)One stopN/A(6)05/2030— (1)—(1)
Auvik Networks Inc.+(8)(12)(25)One stopSF +6.25%(j)6.67% cash/3.25%PIK07/202711,202 11,216 0.311,033 
Auvik Networks Inc.+(8)(12)(25)One stopSF +6.25%(j)6.67% cash/3.25%PIK07/20272,014 2,011 0.11,984 
Auvik Networks Inc.+(8)(12)(25)One stopSF +6.25%(j)6.67% cash/3.25%PIK07/20271,026 1,024 —1,010 
Auvik Networks Inc.+(5)(8)(12)One stopN/A(6)07/2027— — —(2)
Azurite Intermediate Holdings, Inc.+One stopSF +6.00%(i)9.67%03/2031973 964 —953 
Azurite Intermediate Holdings, Inc.+One stopSF +6.00%(i)9.67%03/2031428 423 —419 
Azurite Intermediate Holdings, Inc.+(5)One stopN/A(6)03/2031— (2)—(2)
Baxter Planning Systems, LLC+(25)One stopSF +6.26%(j)6.55% cash/3.38%PIK05/20314,272 4,273 0.14,165 
Baxter Planning Systems, LLC+(5)One stopN/A(6)05/2031— (4)—(18)
Baxter Planning Systems, LLC+(5)One stopN/A(6)05/2031— (3)—(15)
Bayshore Intermediate #2, L.P.+One stopSF +5.00%(j)8.69%10/202795 95 —89 
Bayshore Intermediate #2, L.P.+(25)One stopSF +5.50%(j)6.18% cash/3.00%PIK10/2028126,070 126,021 3.3122,918 
BestPass, Inc.*+One stopSF +5.00%(i)8.67%08/203152,073 51,874 1.451,032 
BestPass, Inc.+(5)One stopN/A(6)08/2031— (20)—(104)
BestPass, Inc.+One stopSF +5.00%(i)8.67%08/20316,916 6,890 0.26,778 
Bloomerang, LLC+(25)One stopSF +5.50%(j)6.20% cash/3.00%PIK12/20294,630 4,655 0.14,560 

See Notes to Consolidated Financial Statements.
31
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(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)
Bloomerang, LLC+(25)One stopSF +5.50%(j)6.20% cash/3.00%PIK12/2029$504 $501 —%$496 Bloomerang, LLC+(5)One stopN/A(6)12/2029— — —(2)Bloomerang, LLC+(5)(25)One stopN/A(6)12/2029— (5)—(12)Blue Bidco Limited+(8)(9)(10)One stopSN +5.00%(g)8.73%06/20329,116 9,207 0.28,979 Blue Bidco Limited+(8)(9)(10)One stopSN +5.00%(g)8.73%06/2032320 330 —294 Blue Bidco Limited+(8)(10)One stopSF +5.00%(k)8.68%06/20321,338 1,332 —1,312 Blue Bidco Limited+(8)(9)(10)One stopE + 5.00%(d)7.17%06/20325,258 5,132 0.15,126 Blue Bidco Limited+(8)(10)One stopSF +5.00%(k)8.68%06/20322,749 2,749 0.12,694 Bottomline Technologies, Inc.+One stopSF +4.50%(j)8.20%05/202945,466 45,275 1.244,785 Bottomline Technologies, Inc.+(5)One stopN/A(6)05/2028— (3)—(6)Bullhorn, Inc.*+One stopSF +5.00%(i)8.67%10/202977,997 77,970 2.076,047 Bullhorn, Inc.*+One stopSF +5.00%(i)8.67%10/20293,190 3,217 0.13,110 
Bullhorn, Inc.+One stopSF +5.00%(i)8.67%10/20291,643 1,659 0.11,602 Bullhorn, Inc.+One stopSF +5.00%(i)8.67%10/2029736 734 —718 Bullhorn, Inc.+One stopSF +5.00%(i)8.67%10/2029587 585 —572 Bullhorn, Inc.+One stopSF +5.00%(i)8.67%10/202968 67 —55 Burning Glass Intermediate Holdings Company, Inc.*+One stopSF +4.50%(j)8.35%06/202811,670 11,640 0.311,670 Burning Glass Intermediate Holdings Company, Inc.+One stopN/A(6)06/2028— — —— Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)One stopSF +6.00%(j)9.67%01/20298,332 8,288 0.28,124 Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)One stopSF +6.00%(j)9.67%01/20292,204 2,182 0.12,148 Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)One stopN/A(6)01/2029— — —— Bynder BidCo, Inc.& Bynder BidCo B.V.+(5)(8)(14)One stopN/A(6)01/2029— (1)—(2)Camelia Bidco Limited+(8)(9)(10)One stopSN +5.50%(g)9.23%08/20305,350 5,142 0.15,190 Camelia Bidco Limited+(8)(9)(10)One stopSN +5.50%(g)9.23%08/20301,048 1,007 —980 Camelia Bidco Limited+(8)(9)(10)One stopA + 5.50%(f)10.28%08/2030346 325 —335 Camelia Bidco Limited+(5)(8)(9)(10)One stopN/A(6)08/2030— (22)—(121)Coupa Holdings, LLC*+One stopSF +5.25%(j)8.92%02/203032,372 32,147 0.932,048 
Coupa Holdings, LLC+(5)One stopN/A(6)02/2029— (1)—(2)Coupa Holdings, LLC+(5)One stopN/A(6)02/2030— (14)—(29)Crewline Buyer, Inc.+One stopSF +6.75%(j)10.42%11/203010,857 10,830 0.310,585 Crewline Buyer, Inc.+(5)One stopN/A(6)11/2030— — —(2)Daxko Acquisition Corporation*+One stopSF +4.75%(i)8.42%10/202838,849 38,834 1.038,460 Daxko Acquisition Corporation*+One stopSF +4.75%(i)8.42%10/20283,277 3,258 0.13,244 Daxko Acquisition Corporation+One stopSF +4.75%(i)8.42%10/2028196 195 —193 Daxko Acquisition Corporation+(5)One stopN/A(6)10/2028— (7)—(11)Daxko Acquisition Corporation+One stopSF +4.75%(i)8.42%10/20281,530 1,517 —1,496 Denali Bidco Limited+(8)(9)(10)One stopE + 5.00%(c)7.13%09/20316,676 6,316 0.26,576 Denali Bidco Limited+(8)(9)(10)One stopSN +5.00%(g)8.73%09/20318,393 8,140 0.28,267 Denali Bidco Limited+(5)(8)(9)(10)One stopN/A(6)09/2031— (3)—(12)Denali Bidco Limited+(8)(9)(10)(25)Subordinated debtN/A11.20%PIK09/2032105 106 —102 Denali Bidco Limited+(8)(9)(10)(25)Subordinated debtN/A9.80%PIK09/2032158 159 —153 Diligent Corporation*+One stopSF +5.00%(j)8.67%08/20308,985 8,972 0.28,671 Diligent Corporation+One stopSF +5.00%(j)8.67%08/20301,541 1,533 —1,486 
Diligent Corporation+(5)One stopN/A(6)08/2030— (8)—(54)Diligent Corporation+One stopSF +5.00%(j)8.67%08/2030206 201 —173 Einstein Parent, Inc.+One stopSF +5.25%(j)8.92%01/20319,063 8,917 0.28,881 Einstein Parent, Inc.+(5)One stopN/A(6)01/2031— (15)—(19)

See Notes to Consolidated Financial Statements.
32
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(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)
Espresso Bidco, Inc.+(25)One stopSF +5.76%(j)6.33% cash/3.13%PIK03/2032$4,621 $4,563 0.1%$4,496 Espresso Bidco, Inc.+(5)One stopN/A(6)03/2032— (29)—(56)Espresso Bidco, Inc.+(25)One stopSF +5.76%(j)6.33% cash/3.13%PIK03/203218,688 18,456 0.518,221 Evergreen IX Borrower 2023, LLC+One stopSF +4.75%(j)8.45%09/20304,844 4,755 0.14,771 Evergreen IX Borrower 2023, LLC+One stopSF +4.75%(j)8.45%09/20304,416 4,383 0.14,350 Evergreen IX Borrower 2023, LLC+(5)One stopN/A(6)10/2029— (9)—(8)FirstUp, Inc.+One stopSF +6.75%(j)10.45%07/202713,067 13,056 0.412,806 FirstUp, Inc.+One stopSF +6.75%(j)10.45%07/20271,246 1,240 —1,221 FirstUp, Inc.+(5)One stopN/A(6)07/2027— — —(4)
Flexera Software, LLC+(5)One stopN/A(6)08/2032— — —(2)Flexera Software, LLC+One stopSF +4.50%(j)8.15%08/20321,401 1,399 —1,373 Flexera Software, LLC+(9)One stopE + 4.50%(b)6.45%08/2032489 494 —479 Flexera Software, LLC+One stopSF +4.50%(j)8.15%08/2032500 498 —490 Gainsight, Inc.+One stopSF +5.50%(j)9.32%07/202714,171 14,191 0.413,958 Gainsight, Inc.+(5)One stopN/A(6)07/2027— — —(4)GS Acquisitionco, Inc.*+One stopSF +5.25%(j)8.95%05/2028120,815 121,028 3.2117,794 GS Acquisitionco, Inc.+One stopSF +5.25%(j)8.95%05/2028283 282 —269 GS Acquisitionco, Inc.+One stopSF +5.25%(j)8.95%05/2028122 121 —119 GTIV, LLC*+One stopSF +4.75%(j)8.42%02/203172,302 71,837 1.970,856 GTIV, LLC+(5)One stopN/A(6)02/2031— (2)—(5)GTY Technology Holdings, Inc.+(25)One stopSF +6.63%(j)6.20% cash/4.13%PIK07/20295,432 5,426 0.25,296 GTY Technology Holdings, Inc.+(25)One stopSF +6.63%(j)6.20% cash/4.13%PIK07/20293,551 3,529 0.13,462 GTY Technology Holdings, Inc.+(25)One stopSF +6.63%(j)6.20% cash/4.13%PIK07/2029650 648 —634 GTY Technology Holdings, Inc.+(25)One stopSF +6.63%(j)6.16% cash/4.13%PIK07/2029452 452 —441 
GTY Technology Holdings, Inc.+One stopP + 5.00%(a)11.75%07/2029539 526 —506 GTY Technology Holdings, Inc.+(25)One stopSF +6.63%(j)6.17% cash/4.13%PIK07/20291,059 1,049 —1,032 GTY Technology Holdings, Inc.+(25)One stopSF +6.63%(j)6.17% cash/4.13%PIK07/20299,253 9,153 0.39,022 Gurobi Optimization, LLC+One stopSF +4.50%(j)8.20%09/203146,168 45,809 1.245,937 Gurobi Optimization, LLC+(5)One stopN/A(6)09/2031— (34)—(22)Hyland Software, Inc.*+One stopSF +5.00%(j)8.70%09/203046,529 47,141 1.245,134 Hyland Software, Inc.+(5)One stopN/A(6)09/2029— — —(4)Icefall Parent, Inc.*+One stopSF +4.50%(j)8.20%01/20303,639 3,630 0.13,512 Icefall Parent, Inc.+(5)One stopN/A(6)01/2030— (1)—(12)ICIMS, Inc.*+One stopSF +5.75%(j)9.42%08/202812,478 12,432 0.311,606 ICIMS, Inc.+One stopSF +5.75%(j)9.42%08/202844 43 —22 Insight Borrower, LLC+(7)(25)Senior securedSF +7.00%(j)9.70% cash/1.00%PIK01/20292,506 2,423 0.12,455 Insight Borrower, LLC+Senior securedSF +5.50%(j)9.20%01/2029185 177 —185 Insight Borrower, LLC+(25)Senior securedSF +7.00%(j)9.70% cash/1.00%PIK01/20296 6 —6 IQN Holding Corp. +One stopSF +5.25%(j)8.95%05/2028132 131 —128 
IQN Holding Corp. *+(25)One stopSF +5.76%(j)6.33% cash/3.13%PIK05/202923,143 23,182 0.622,564 IQN Holding Corp. +(25)One stopSF +5.76%(j)6.33% cash/3.13%PIK05/20294,110 4,078 0.14,007 Island Bidco AB+(8)(9)(17)(25)One stopE + 7.25%(d)2.12% cash/7.25%PIK07/202812,373 11,440 0.312,064 Island Bidco AB+(8)(17)(25)One stopSF +7.00%(k)7.10% cash/3.50%PIK07/20285,047 5,045 0.14,896 Island Bidco AB+(8)(17)(25)One stopSF +7.00%(k)7.10% cash/3.50%PIK07/20283,724 3,707 0.13,613 Island Bidco AB+(8)(9)(17)One stopE + 6.50%(d)8.83%07/202846 46 —42 Island Bidco AB+(8)(17)One stopSF +6.50%(k)10.18%07/202888 88 —84 Jawbreaker Parent, Inc.+One stopSF +4.75%(j)8.45%01/2033268 267 —264 Jawbreaker Parent, Inc.+(5)One stopN/A(6)01/2033— — —(1)Jawbreaker Parent, Inc.+(5)One stopN/A(6)01/2033— — —(1)Jawbreaker Parent, Inc.+(5)One stopN/A(6)01/2033— (1)—(2)Kairos Bidco Limited+(8)(10)One stopSF +4.75%(j)8.45%07/203210 10 —7 Kairos Bidco Limited+(8)(10)One stopSF +4.75%(j)8.45%07/2032604 601 —583 Kairos Bidco Limited+(5)(8)(10)One stopN/A(6)07/2032— (1)—(7)

See Notes to Consolidated Financial Statements.
33
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(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)
Kairos Bidco Limited+(8)(10)One stopSF +4.75%(j)8.45%07/2032$91 $90 —%$88 LeadsOnline, LLC+One stopSF +4.50%(j)8.16%02/202812,851 12,947 0.312,723 LeadsOnline, LLC+One stopSF +4.50%(j)8.16%02/20282,268 2,284 0.12,245 LeadsOnline, LLC+One stopSF +4.50%(j)8.20%02/2028658 657 —651 LeadsOnline, LLC+(5)One stopN/A(6)02/2028— (1)—(2)LogicMonitor, Inc.+(5)One stopN/A(6)11/2031— (34)—(101)LogicMonitor, Inc.+One stopSF +5.50%(j)9.17%11/203154,082 53,810 1.453,271 LogicMonitor, Inc.+(5)One stopN/A(6)11/2031— (1)—(2)Matrix42 Holding GMBH+(8)(9)(19)One stopE + 6.25%(c)8.27%12/202910,504 10,421 0.310,136 Matrix42 Holding GMBH+(8)(9)(19)One stopE + 6.25%(c)8.27%12/20291,591 1,483 0.11,536 Matrix42 Holding GMBH+(8)(9)(19)One stopE + 6.25%(c)8.27%12/2029819 767 —790 Matrix42 Holding GMBH+(5)(8)(9)(19)One stopN/A(6)06/2029— (1)—(4)Matrix42 Holding GMBH+(5)(8)(19)One stopN/A(6)06/2029— — —(2)
Matrix42 Holding GMBH+(8)(9)(19)One stopE + 6.25%(c)8.27%12/20292,009 2,007 0.11,939 Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(16)One stopSF +5.00%(j)8.67%11/203111,017 10,883 0.310,521 Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)One stopE + 5.00%(c)7.16%11/2030826 796 —671 Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)One stopE + 5.00%(c)7.01%11/203117,001 15,356 0.416,236 Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)One stopE + 5.00%(c)7.14%11/20311,518 1,514 —1,450 Ministry Brands Holdings LLC+One stopSF +5.50%(i)9.27%12/202830,592 30,520 0.830,134 Ministry Brands Holdings LLC+One stopSF +5.50%(i)9.27%12/20282,879 2,881 0.12,835 Ministry Brands Holdings LLC+One stopP + 4.50%(a)11.25%12/202730 27 —24 MS Buyer, Inc.+One stopSF +5.25%(j)8.95%07/203151,705 51,335 1.450,670 MS Buyer, Inc.+One stopSF +5.25%(j)8.95%07/20318,954 8,859 0.28,775 MS Buyer, Inc.+One stopSF +5.25%(j)8.95%07/2031771 732 —666 MYOB Invest Co Pty Ltd+(8)(9)(11)(25)One stopA + 5.25%(e)6.58% cash/2.75%PIK06/203038,514 35,970 1.037,358 Navex Global Holdings Corporation+One stopSF +5.00%(i)8.68%10/20325,959 6,011 0.25,809 
Navex Global Holdings Corporation+(5)One stopN/A(6)10/2031— — —(3)Navex Global Holdings Corporation+(5)One stopN/A(6)10/2032— (1)—(8)Naviga Inc.+(7)Senior securedSF +1.00%(j)4.80%09/2026183 120 —65 Obelix Parent, Inc.+One stopSF +5.00%(j)8.70%02/2033431 429 —429 Obelix Parent, Inc.+One stopN/A(6)02/2033— — —— Onit, Inc.+One stopSF +4.75%(j)8.42%01/20325,415 5,371 0.15,252 Onit, Inc.+(5)One stopN/A(6)01/2032— (6)—(24)Onit, Inc.+(5)One stopN/A(6)01/2032— (10)—(72)Onit, Inc.+One stopSF +4.50%(j)8.17%01/20321,448 1,444 —1,390 Orsay Bidco 1 B.V. and Sky Group Holding B.V.+(8)(9)(14)One stopE + 5.25%(b)(c)7.38%11/20295,142 5,197 0.14,988 Orsay Bidco 1 B.V. and Sky Group Holding B.V.+(8)(9)(14)One stopE + 5.25%(c)7.38%11/20292,280 2,091 0.12,223 Panzura, LLC+(7)(25)One stopN/A9.00% cash/8.00%PIK08/2027138 123 —114 Pineapple German Bidco GMBH+(8)(9)(19)(25)One stopE + 5.25%(c)7.27%01/20315,261 4,617 0.14,531 Pineapple German Bidco GMBH+(8)(19)(25)One stopSF +5.25%(j)8.94%01/203178 76 —75 Pineapple German Bidco GMBH+(8)(19)(25)One stopSF +5.25%(j)8.94%01/203115,166 15,048 0.414,635 
Pineapple German Bidco GMBH+(5)(8)(9)(19)One stopN/A(6)01/2031— (50)—(391)Pineapple German Bidco GMBH+(8)(9)(19)(25)One stopE + 5.25%(c)7.37%01/20311,130 1,050 —1,085 Pineapple German Bidco GMBH+(8)(9)(19)(25)One stopE + 5.25%(c)7.37%01/2031350 322 —336 Pineapple German Bidco GMBH+(8)(9)(19)(25)One stopE + 5.25%(c)7.37%01/203178 72 —75 Pluralsight, LLC+(7)(25)One stopSF +7.50%(i)11.17%PIK08/20297,212 6,764 0.11,875 Pluralsight, LLC+(25)One stopSF +4.50%(i)6.67% cash/1.50%PIK08/20294,043 3,963 0.13,841 Pluralsight, LLC+(25)One stopSF +4.50%(i)6.67% cash/1.50%PIK08/20292,022 2,022 0.11,921 Pluralsight, LLC+(5)One stopN/A(6)08/2029— — —(50)

See Notes to Consolidated Financial Statements.
34
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value(4)
Pluralsight, LLC+(5)One stopN/A(6)08/2029$— $— —%$(124)ProcessUnity Holdings, LLC+One stopSF +6.50%(j)10.20%09/20286,014 6,021 0.25,773 ProcessUnity Holdings, LLC+One stopSF +6.50%(j)10.20%09/20282,864 2,850 0.12,749 
ProcessUnity Holdings, LLC+One stopSF +6.50%(j)10.20%09/20281,203 1,200 —1,154 ProcessUnity Holdings, LLC+One stopSF +6.50%(j)10.20%09/2028118 117 —110 ProcessUnity Holdings, LLC+One stopSF +6.50%(j)10.20%09/20284,240 4,225 0.14,070 QAD, Inc.*+One stopSF +4.75%(i)8.42%11/202742,597 42,919 1.141,532 QAD, Inc.+(5)One stopN/A(6)11/2027— (1)—(24)Quant Buyer, Inc.*+One stopSF +5.25%(j)8.92%06/20297,293 7,248 0.27,075 Quant Buyer, Inc.*+One stopSF +5.25%(j)8.92%06/20294,294 4,283 0.14,165 Quant Buyer, Inc.*+One stopSF +5.25%(j)8.92%06/20297,508 7,429 0.27,283 Quant Buyer, Inc.+One stopSF +5.25%(j)8.92%06/2029230 227 —222 Rainforest Bidco Limited+(8)(9)(10)(25)One stopSN +5.43%(g)7.23% cash/1.93%PIK07/202921,240 19,802 0.620,709 Rainforest Bidco Limited+(8)(10)(25)One stopSF +5.43%(h)7.13% cash/1.93%PIK07/20293,797 3,779 0.13,702 Rainforest Bidco Limited+(8)(9)(10)(25)One stopSN +5.43%(g)7.23% cash/1.93%PIK07/20293,994 3,874 0.13,894 Rainforest Bidco Limited+(8)(9)(10)(25)One stopSN +5.43%(g)7.23% cash/1.93%PIK07/20291,561 1,448 —1,522 Rainforest Bidco Limited+(8)(10)(25)One stopSF +5.43%(h)7.13% cash/1.93%PIK07/20291,011 1,011 —986 
Rainforest Bidco Limited+(5)(8)(9)(10)One stopN/A(6)07/2029— (6)—(25)Rainforest Bidco Limited+(8)(10)(25)One stopSF +5.43%(h)7.13% cash/1.93%PIK07/2029704 704 —686 Riskonnect Parent, LLC*+One stopSF +4.75%(k)8.49%12/202844,934 45,257 1.244,036 Riskonnect Parent, LLC+One stopSF +4.75%(k)8.49%12/20282,109 2,121 0.12,067 Riskonnect Parent, LLC+One stopSF +4.75%(k)8.49%12/2028810 806 —794 Riskonnect Parent, LLC+One stopSF +4.75%(k)8.49%12/2028570 564 —560 Riskonnect Parent, LLC+One stopSF +4.75%(j)8.45%12/202828 25 —12 Rodeo Buyer Company & Absorb Software Inc.+(8)(12)One stopSF +6.25%(j)10.07%05/20277,616 7,610 0.27,540 Rodeo Buyer Company & Absorb Software Inc.+(5)(8)(12)One stopN/A(6)05/2027— — —(2)Rodeo Buyer Company & Absorb Software Inc.+(8)(12)One stopSF +6.25%(j)9.92%05/202713,056 13,010 0.412,926 Rodeo Buyer Company & Absorb Software Inc.+(8)(12)One stopSF +6.25%(j)9.92%05/20272,000 1,994 0.11,980 Sapphire Bidco Oy+(8)(9)(16)One stopE + 4.75%(c)6.77%07/202952,824 47,197 1.451,504 Sapphire Bidco Oy+(8)(9)(16)One stopE + 5.00%(c)7.03%07/20294,316 3,981 0.14,230 Sapphire Bidco Oy+(8)(9)(16)One stopE + 5.00%(c)7.03%07/20291,591 1,491 0.11,560 
Sapphire Bidco Oy+(8)(9)(16)One stopE + 4.75%(c)6.80%07/2029497 500 —484 Sonatype, Inc.+One stopSF +4.75%(i)8.42%01/202869,460 69,526 1.868,069 Sonatype, Inc.+(5)One stopN/A(6)01/2028— — —(6)Spark Bidco Limited+(5)(8)(10)One stopN/A(6)10/2032— — —(8)Spark Bidco Limited+(8)(10)One stopSF +4.75%(j)8.40%10/20321,132 1,124 —1,086 Spark Bidco Limited+(8)(10)One stopSF +4.75%(j)8.40%10/2032410 410 —393 Spark Bidco Limited+(8)(9)(10)One stopA + 4.75%(e)8.50%10/2032242 230 —234 Spark Bidco Limited+(5)(8)(9)(10)One stopN/A(6)10/2032— — —(1)Spartan Buyer Acquisition Co.*+(25)One stopSF +6.50%(j)9.67% cash/0.50%PIK06/202744,673 44,546 1.244,004 Spartan Buyer Acquisition Co.+(25)One stopSF +6.50%(j)9.17% cash/1.00%PIK06/20272,849 2,833 0.12,806 Spartan Buyer Acquisition Co.+(5)(25)One stopP + 5.50%(a)11.75% cash/0.50%PIK06/20272 (1)—(6)Striim, Inc.+(25)One stopN/A14.00%PIK03/2031500 483 —483 Telesoft Holdings LLC*+One stopSF +5.75%(i)9.52%12/202620,853 20,923 0.620,748 Telesoft Holdings LLC+One stopSF +6.25%(i)10.02%12/20261,410 1,408 —1,410 Telesoft Holdings LLC+One stopSF +5.75%(i)9.42%12/202637 37 —35 
Templafy APS and Templafy, LLC+(8)(18)One stopSF +6.00%(j)9.82%07/20284,800 4,787 0.14,728 Templafy APS and Templafy, LLC+(5)(8)(18)One stopN/A(6)07/2028— — —(2)Togetherwork Holdings, LLC*+One stopSF +5.00%(i)8.67%05/203127,553 27,517 0.726,865 Togetherwork Holdings, LLC+One stopSF +5.00%(i)8.67%05/2031691 665 —574 Togetherwork Holdings, LLC+One stopSF +5.00%(i)8.67%05/2031254 242 —195 

See Notes to Consolidated Financial Statements.
35
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(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)
Transform Bidco Limited+(8)(10)(25)One stopSF +6.50%(j)10.15%PIK01/2031$5,523 $5,586 0.2%$5,302 
Transform Bidco Limited+(8)(10)One stopSF +6.50%(i)10.18%06/203061 59 —57 
Transform Bidco Limited+(5)(8)(10)One stopN/A(6)01/2031— (66)—(283)
Transform Bidco Limited+(8)(9)(10)(25)One stopA + 6.50%(e)8.04% cash/2.50%PIK01/20314,291 4,022 0.14,140 
Transform Bidco Limited+(8)(9)(10)(25)One stopSN +6.50%(g)7.73% cash/2.50%PIK01/2031642 615 —619 
Transform Bidco Limited+(8)(10)(25)One stopSF +7.00%(j)7.65% cash/3.00%PIK01/20314,403 4,333 0.14,227 
Transform Bidco Limited+(5)(8)(10)One stopN/A(6)01/2031— (30)—(172)
Tricentis Operations Holdings, Inc.+(5)One stopN/A(6)02/2032— (4)—(28)
Tricentis Operations Holdings, Inc.+(25)One stopSF +6.00%(j)6.39% cash/3.25%PIK02/20327,935 7,903 0.27,697 
Tricentis Operations Holdings, Inc.+(5)One stopN/A(6)02/2032— (6)—(45)
Trintech, Inc.+One stopSF +4.75%(i)8.42%01/2033387 383 —370 
Trintech, Inc.+(5)One stopN/A(6)01/2033— — —(2)
Trintech, Inc.+(5)One stopN/A(6)01/2033— — —(3)
Vanco Payment Solutions, LLC+(5)One stopN/A(6)12/2031— — —(1)
Vanco Payment Solutions, LLC+One stopSF +4.75%(j)8.45%12/2031476 472 —460 
Vantage Bidco GMBH+(8)(9)(19)One stopE + 6.25%(c)8.39%04/20319,083 8,397 0.28,720 
Vantage Bidco GMBH+(5)(8)(9)(19)One stopN/A(6)10/2030— (10)—(42)
Varinem German Midco GMBH+(8)(9)(19)One stopE + 5.50%(d)7.63%07/20317,651 7,167 0.27,613 
Varinem German Midco GMBH+(8)(9)(19)One stopE + 4.75%(d)6.88%07/20314,844 4,604 0.14,566 
Vendavo, Inc.+One stopSF +5.75%(j)9.52%09/202726,953 26,513 0.623,988 
Vendavo, Inc.+One stopSF +5.75%(j)9.53%09/20272,506 2,491 0.12,161 
Vendavo, Inc.+One stopSF +5.75%(j)9.52%09/2027983 981 —875 
Viper Bidco, Inc.+One stopSF +4.75%(j)8.45%11/203140,371 40,208 1.139,564 
Viper Bidco, Inc.+(5)One stopN/A(6)11/2031— (16)—(77)
Viper Bidco, Inc.+(5)One stopN/A(6)11/2031— (9)—(43)
Viper Bidco, Inc.+(9)One stopSN +4.75%(g)8.48%11/203118,256 17,308 0.517,891 
Viper Bidco, Inc.+(5)One stopN/A(6)11/2031— (2)—(30)
WebPT, Inc.+(25)One stopSF +6.26%(j)6.93% cash/3.13%PIK01/2030942 937 —744 
Zendesk, Inc.+One stopSF +5.00%(j)8.69%11/20282,389 2,368 0.12,318 
Zendesk, Inc.+One stopSF +5.00%(j)8.71%11/202828,229 28,160 0.727,382 
Zendesk, Inc.+One stopSF +5.00%(j)8.71%11/20284,552 4,517 0.14,415 
Zendesk, Inc.+(5)One stopN/A(6)11/2028— — —(4)
2,021,673 1,999,037 52.4 1,962,982 
Specialty Retail
Ave Holdings III, Corp*+One stopSF +5.50%(j)9.35%02/202823,061 22,923 0.622,369 
Ave Holdings III, Corp+One stopSF +5.50%(j)9.35%02/20286,015 6,076 0.25,833 
Ave Holdings III, Corp+One stopSF +5.50%(j)9.35%02/2028790 790 —767 
Ave Holdings III, Corp+(5)One stopN/A(6)02/2028— (1)—(8)
Biscuit Parent, LLC*+One stopSF +4.75%(j)8.45%02/203126,412 26,242 0.726,412 
Biscuit Parent, LLC+(5)One stopN/A(6)02/2031— (1)—— 
Biscuit Parent, LLC+(5)One stopN/A(6)02/2031— (11)—— 
Cavender Stores L.P.*Senior securedSF +4.50%(i)8.17%10/20295,390 5,361 0.25,390 
Consilio Midco Limited+(8)(9)(10)Senior securedE + 4.75%(c)6.88%04/203212,928 12,664 0.312,476 
Consilio Midco Limited+(8)(10)Senior securedSF +4.75%(j)8.45%04/203210,689 10,643 0.310,315 
Consilio Midco Limited+(8)(10)Senior securedSF +4.75%(j)8.45%04/20326,588 6,560 0.26,358 
Consilio Midco Limited+(8)(10)Senior securedSF +4.75%(i)8.45%04/2032621 604 —491 
Consilio Midco Limited+(5)(8)(10)Senior securedN/A(6)04/2032— — —(87)
Consilio Midco Limited+(8)(10)(25)Subordinated debtSF +7.50%(j)11.23%04/20331,781 1,770 0.11,718 

See Notes to Consolidated Financial Statements.
36
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(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)
Consilio Midco Limited+(8)(9)(10)(25)Subordinated debtE + 7.50%(c)(d)9.60%04/2033$1,390 $1,361 —%$1,335 Consilio Midco Limited+(5)(8)(10)(25)Subordinated debtSF +7.50%(j)11.38%PIK04/20333 3 —(24)CVP Holdco, Inc.+One stopSF +4.75%(i)8.42%06/203113,529 13,428 0.413,401 CVP Holdco, Inc.+(5)One stopN/A(6)06/2030— (10)—(11)CVP Holdco, Inc.+One stopSF +4.75%(i)8.42%06/20311,193 1,179 —1,158 Cycle Gear, Inc.+One stopSF +6.75%(j)10.57%06/202646,304 45,472 1.246,304 Metal Supermarkets US Buyer, LLC+(8)(12)One stopSF +4.75%(j)8.45%12/203011,489 11,444 0.311,431 Metal Supermarkets US Buyer, LLC+(8)(12)One stopSF +4.75%(j)8.45%12/2030125 120 —118 PetVet Care Centers LLC*+One stopSF +6.00%(i)9.67%11/20304,668 4,700 0.14,201 PetVet Care Centers LLC+One stopSF +6.00%(i)9.67%11/202920 20 —12 Radiance Borrower, LLC+(25)One stopSF +5.25%(i)8.92%06/203121,895 21,776 0.621,895 Radiance Borrower, LLC+One stopSF +5.25%(i)8.92%06/2031205 192 —205 Salon Lofts Group, LLC+Senior securedSF +5.75%(j)9.45%08/20285,176 5,179 0.15,176 
Salon Lofts Group, LLC+(25)Second lienSF +9.00%(j)12.70%PIK09/20293,625 3,603 0.13,625 Salon Lofts Group, LLC+(25)Second lienSF +9.00%(j)12.70%PIK09/20291,967 1,956 0.11,967 Salon Lofts Group, LLC+(25)Second lienSF +9.00%(j)12.70%PIK09/2029716 712 —716 Salon Lofts Group, LLC+Senior securedSF +5.75%(j)9.45%08/2028532 530 —532 Salon Lofts Group, LLC+(25)Second lienSF +9.00%(j)12.70%PIK09/2029962 945 —962 Salon Lofts Group, LLC+Senior securedSF +5.75%(j)9.45%08/2028349 347 —349 Salon Lofts Group, LLC+Senior securedSF +5.75%(j)9.45%08/2028339 337 —339 Salon Lofts Group, LLC+Senior securedSF +5.75%(j)9.45%08/2028268 267 —268 Salon Lofts Group, LLC+Senior securedSF +5.75%(j)9.45%08/2028153 152 —153 Salon Lofts Group, LLC+(25)Second lienSF +9.00%(j)12.70%PIK09/2029182 181 —182 Salon Lofts Group, LLC+Senior securedSF +5.75%(j)9.45%08/2028111 111 —111 Salon Lofts Group, LLC+Senior securedSF +5.75%(j)9.45%08/2028103 103 —103 Salon Lofts Group, LLC+Senior securedSF +5.75%(j)9.45%08/202884 84 —84 Salon Lofts Group, LLC+Senior securedSF +5.75%(j)9.45%08/202878 78 —78 Salon Lofts Group, LLC+Senior securedSF +5.75%(j)9.45%08/2028494 492 —494 Salon Lofts Group, LLC+Senior securedSF +5.75%(j)9.45%08/2028767 762 —767 Salon Lofts Group, LLC+Senior securedSF +5.75%(j)9.45%08/2028631 628 —631 
Salon Lofts Group, LLC+(5)Second lienN/A(6)09/2029— (14)—— Salon Lofts Group, LLC+Senior securedSF +5.75%(j)9.45%08/2028168 167 —168 Salon Lofts Group, LLC+(5)Senior securedN/A(6)08/2028— (18)—— Salon Lofts Group, LLC+(25)Second lienSF +9.00%(j)12.70%PIK09/20291,645 1,635 0.11,645 Salon Lofts Group, LLC+Senior securedSF +5.75%(j)9.45%08/2028246 246 —246 Salon Lofts Group, LLC+(25)Second lienSF +9.00%(j)12.70%PIK09/2029730 727 —730 Salon Lofts Group, LLC+Senior securedSF +5.25%(j)8.95%08/20282,217 2,209 0.12,217 Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.*+One stopSF +5.25%(j)8.95%12/202931,907 31,707 0.931,732 Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(9)One stopCA +5.25%(m)7.56%12/20297,700 7,819 0.27,657 Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+One stopSF +5.25%(j)(k)8.95%12/2028225 221 —221 Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(5)One stopN/A(6)12/2029— (60)—(18)Titan Fitness, LLC+(7)(25)One stopSF +7.25%(j)8.56% cash/2.50%PIK10/202642,870 42,277 0.727,866 Titan Fitness, LLC+(7)(25)One stopSF +7.25%(j)8.56% cash/2.50%PIK10/20263,110 3,043 0.12,022 Titan Fitness, LLC+(7)(25)One stopSF +7.25%(j)8.57% cash/2.50%PIK10/2026612 590 —309 
Titan Fitness, LLC+(25)One stopSF +7.25%(j)8.56% cash/2.50%PIK10/2026634 630 —634 Vermont Aus Pty Ltd+(8)(9)(11)One stopA + 4.50%(e)8.86%03/202818,404 17,575 0.518,404 VSG Acquisition Corp. and Sherrill, Inc.+(5)One stopN/A(6)10/2029— (1)—(1)

See Notes to Consolidated Financial Statements.
37
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(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)
VSG Acquisition Corp. and Sherrill, Inc.+One stopSF +5.00%(j)8.67%10/2029$83 $76 —%$80 VSG Acquisition Corp. and Sherrill, Inc.*+One stopSF +5.00%(j)8.67%10/202916,183 15,901 0.416,112 338,367 334,502 8.5 318,620 Textiles, Apparel & Luxury GoodsDollfus Mieg Company, Inc.+(7)(8)(10)One stopSF +6.00%(j)10.15%03/20282,347 2,329 0.11,455 Dollfus Mieg Company, Inc.+(7)(8)(10)One stopSF +6.00%(j)9.69%03/20281,170 1,161 —726 Dollfus Mieg Company, Inc.+(7)(8)(10)One stopSF +6.00%(j)10.15%03/20281,027 1,020 —637 Elite Sportswear, L.P.+(25)Senior securedSF +7.50%(j)9.46% cash/2.00%PIK09/202710,051 10,051 0.39,548 Elite Sportswear, L.P.+(25)Senior securedSF +7.50%(j)9.46% cash/2.00%PIK09/20274,038 4,038 0.13,836 
Elite Sportswear, L.P.+(25)Senior securedSF +7.50%(j)9.46% cash/2.00%PIK09/20272,079 2,079 0.11,975 Elite Sportswear, L.P.+(25)Senior securedSF +7.50%(j)9.46% cash/2.00%PIK09/2027690 690 —656 Elite Sportswear, L.P.+(25)Senior securedSF +7.50%(j)9.46% cash/2.00%PIK09/2027315 315 —300 Elite Sportswear, L.P.+(25)Senior securedSF +7.50%(j)9.46% cash/2.00%PIK09/2027302 302 —287 Elite Sportswear, L.P.+(25)Senior securedSF +7.50%(j)9.31% cash/2.00%PIK09/2027509 509 —454 Elite Sportswear, L.P.+(25)Senior securedSF +7.50%(j)9.31% cash/2.00%PIK09/202718 18 —16 Georgica Pine Clothiers, LLC+One stopSF +6.00%(j)9.85%11/20269,051 9,030 0.39,073 Georgica Pine Clothiers, LLC+One stopSF +6.00%(j)9.85%11/20266,277 6,263 0.26,293 Georgica Pine Clothiers, LLC+One stopSF +6.00%(j)9.85%11/2026972 970 —974 Georgica Pine Clothiers, LLC+One stopSF +6.00%(j)9.85%11/2026872 870 —874 Georgica Pine Clothiers, LLC+One stopSF +6.00%(j)9.85%11/2026612 611 —614 Georgica Pine Clothiers, LLC+One stopSF +6.00%(j)9.85%11/20262 2 —2 Shoes For Crews Global, LLC+Senior securedSF +6.50%(j)10.46%07/20291,283 1,283 —1,283 Shoes For Crews Global, LLC+(25)Senior securedSF +7.00%(j)5.96% cash/5.00%PIK07/2029762 744 —762 
Shoes For Crews Global, LLC+Senior securedSF +6.50%(j)10.46%07/2029415 415 —415 Shoes For Crews Global, LLC+(5)Senior securedN/A(6)07/2029— (23)—— 42,792 42,677 1.140,180 Trading Companies & DistributorsMarcone Yellowstone Buyer Inc.+(25)One stopSF +7.00%(j)7.56% cash/3.25%PIK06/202820,917 20,735 0.518,825 Marcone Yellowstone Buyer Inc.+(25)One stopSF +7.00%(j)7.56% cash/3.25%PIK06/202821,696 21,322 0.519,527 Marcone Yellowstone Buyer Inc.+(25)One stopSF +7.25%(j)7.81% cash/3.25%PIK06/20286,440 6,312 0.15,828 Marcone Yellowstone Buyer Inc.+(25)One stopSF +7.00%(j)7.56% cash/3.25%PIK06/20282,655 2,555 0.12,389 Marcone Yellowstone Buyer Inc.+(25)One stopSF +7.00%(j)7.56% cash/3.25%PIK06/20286,951 6,661 0.26,255 58,659 57,585 1.452,824 Transportation InfrastructureLDS Intermediate Holdings, LLC+(5)One stopN/A(6)02/2032— (6)—(10)LDS Intermediate Holdings, LLC+One stopSF +5.00%(i)8.67%02/20327,371 7,332 0.27,303 LDS Intermediate Holdings, LLC+One stopSF +5.00%(i)8.67%02/20321,460 1,452 —1,446 LDS Intermediate Holdings, LLC+(5)One stopN/A(6)02/2032— (4)—(7)LDS Intermediate Holdings, LLC+One stopSF +5.00%(i)8.67%02/2032205 204 —203 9,036 8,978 0.28,935 Water UtilitiesS.J. Electro Systems, LLC*Senior securedSF +4.75%(j)8.57%06/202824,104 23,998 0.723,995 
S.J. Electro Systems, LLC*+Senior securedSF +4.75%(j)8.57%06/202818,486 18,443 0.518,402 S.J. Electro Systems, LLC+Senior securedSF +4.75%(j)8.57%06/20281,166 1,161 —1,162 S.J. Electro Systems, LLC+Senior securedSF +4.75%(j)8.51%06/20271,494 1,457 —1,455 S.J. Electro Systems, LLC+(5)Senior securedN/A(6)06/2028— (2)—(3)S.J. Electro Systems, LLC+Senior securedSF +4.75%(j)8.57%06/2028179 178 —178 S.J. Electro Systems, LLC+Senior securedSF +4.75%(j)8.57%06/2028239 238 —238 S.J. Electro Systems, LLC+One stopSF +4.75%(j)8.57%06/2028235 234 —234 S.J. Electro Systems, LLC+(5)One stopN/A(6)06/2028— (1)—(1)Vessco Midco Holdings, LLC+One stopSF +4.50%(k)8.23%07/2031507 505 —505 Vessco Midco Holdings, LLC+(5)One stopN/A(6)07/2031— (1)—(2)Vessco Midco Holdings, LLC*One stopSF +4.50%(i)(k)8.15%07/203122,500 22,329 0.622,394 

See Notes to Consolidated Financial Statements.
38
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(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)
Vessco Midco Holdings, LLC+One stopSF +4.50%(i)(k)8.17%07/2031$6,925 $6,897 0.2%$6,890 
Vessco Midco Holdings, LLC+(5)One stopN/A(6)07/2031— (19)—(12)
75,835 75,417 2.0 75,435 
Total non-controlled/non-affiliate company debt investments7,752,778 7,670,003 201.4 7,549,325 

See Notes to Consolidated Financial Statements.
39
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(Dollar and share amounts in thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Equity investments (22)(23)
Aerospace & Defense
PPW Aero Buyer, Inc.+LP interestN/AN/A02/2023N/A93 $948 —%$885 
Tronair Parent, Inc.+LLC interestN/AN/A07/2021N/A— 40 —129 
988 —1,014 
Air Freight & Logistics
RJW Group Holdings, Inc.+LP interestN/AN/A11/2024N/A4,370 2,689 0.13,692 
Auto Components
Arnott, LLC+LP interestN/AN/A12/2024N/A— 350 —234 
North Haven Falcon Buyer, LLC+LLC interestN/AN/A05/2021N/A2,704 693 —495 
North Haven Falcon Buyer, LLC+LLC interestN/AN/A05/2021N/A2,080 18 —— 
Polk Acquisition Corp.+LP interestN/AN/A06/2016N/A5 314 —18 
1,375 —747 
Automobiles
CAP-KSI Holdings, LLC+LP interestN/AN/A06/2024N/A645 645 —685 
CAP-KSI Holdings, LLC+LP interestN/AN/A06/2024N/A645 — —57 
CG Group Holdings, LLC+LP interestN/AN/A07/2021N/A1 983 —719 
Go Car Wash Parent, Corp.+(24)Preferred stockN/A15.00%Non-Cash04/2022N/A— 4,108 0.13,974 
Go Car Wash Parent, Corp.+LP interestN/AN/A04/2022N/A— 553 —— 
MOP GM Holding, LLC+LP interestN/AN/A11/2020N/A— 499 —286 
MOP GM Holding, LLC+LP interestN/AN/A06/2024N/A— 51 —65 
National Express Wash Parent Holdco, LLC+LP interestN/AN/A07/2022N/A1 103 —190 
POY Holdings, LLC+LLC interestN/AN/A11/2022N/A446 820 —354 
Quick Quack Car Wash Holdings, LLC+LP interestN/AN/A06/2024N/A1,085 1,085 0.11,566 
Quick Quack Car Wash Holdings, LLC+LLC interestN/AN/A06/2024N/A215 215 —310 
Yorkshire Parent, Inc.+LP interestN/AN/A12/2023N/A— 544 —662 
9,606 0.28,868 
Beverages
Spindrift Beverage Co. Inc.+LP interestN/AN/A02/2025N/A2 2,039 0.12,416 
Biotechnology
Cobepa BlueSky Aggregator, SCSp+(24)LP interestN/AN/A10/2023N/A4 40 —22 
Cobepa BlueSky Aggregator, SCSp+(7)(24)Preferred stockN/A15.00%Non-Cash04/2024N/A5 61 —6 
Cobepa BlueSky Aggregator, SCSp+LP interestN/AN/A12/2021N/A219 1,899 —— 
2,000 —28 
Building Products
BECO Holding Company, Inc.+(24)Preferred stockN/A11.75%Non-Cash11/2021N/A132 21,529 0.621,926 
BECO Holding Company, Inc.+LP interestN/AN/A11/2021N/A10 1,218 —961 
22,747 0.622,887 
Chemicals
Inhance Parent, Inc.+LP interestN/AN/A07/2018N/A— 124 —— 
Inhance Parent, Inc.+LP interestN/AN/A09/2025N/A12 — —345 
Inhance Parent, Inc.+LP interestN/AN/A12/2021N/A12 7,283 —— 
7,407 —345 

See Notes to Consolidated Financial Statements.
40
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Commercial Services & Supplies
CHA Vision Holdings, Inc.+LP interestN/AN/A01/2024N/A— $461 —%$528 
CI (Quercus) Intermediate Holdings, LLC+LP interestN/AN/A10/2021N/A773 836 —1,020 
PT Intermediate Holdings III, LLC+LLC interestN/AN/A12/2021N/A16 1,787 0.12,159 
Radwell Parent, LLC+LP interestN/AN/A03/2022N/A4 477 —493 
3,561 0.14,200 
Containers & Packaging
Chase Intermediate+LP interestN/AN/A04/2022N/A217 209 — 290 
Packaging Coordinators Midco, Inc.+LP interestN/AN/A09/2025N/A45 450 — 424 
659 —714 
Diversified Consumer Services
Action Termite Control, LLC+Common stockN/AN/A12/2025N/A1 5 —10 
Action Termite Control, LLC+Preferred stockN/AN/A12/2025N/A— 95 —98 
CHHJ Midco, LLC+(24)LLC interestN/AN/A01/2021N/A27 311 —411 
CHVAC Services Investment, LLC+LLC interestN/AN/A05/2024N/A105 267 —329 
DP Flores Holdings, LLC+LLC interestN/AN/A09/2022N/A106 98 —179 
EMS LINQ, LLC+LP interestN/AN/A12/2021N/A761 758 —164 
EWC Growth Partners LLC+LLC interestN/AN/A03/2020N/A— 12 —— 
FPG Intermediate Holdco, LLC+LLC interestN/AN/A07/2025N/A18 6,655 0.13,316 
HS Spa Holdings, Inc.+LP interestN/AN/A05/2022N/A729 732 —488 
Kodiak Buyer, LLC+Common stockN/AN/A08/2025N/A4 373 —428 
Liminex, Inc.+Common stockN/AN/A11/2020N/A17 633 —294 
NSG Buyer, Inc. +LP interestN/AN/A11/2022N/A3 2,992 0.14,210 
PADI Holdco, Inc.+LLC interestN/AN/A07/2017N/A1 945 0.11,364 
Project Alpha Intermediate Holdings, Inc.+LP interestN/AN/A05/2025N/A327 1,359 0.11,089 
SCP CDH Buyer, Inc.+Common stockN/AN/A12/2025N/A1 5 —10 
SCP CDH Buyer, Inc.+Preferred stockN/AN/A12/2025N/A— 95 —97 
Virginia Green Acquisition, LLC+LP interestN/AN/A12/2023N/A397 407 —546 
15,742 0.413,033 
Electric Utilities
Smart Energy Systems, Inc.+WarrantN/AN/A01/2025N/A18 96 —380 
Electrical Equipment
Wildcat TopCo, Inc.+(24)LP interestN/AN/A12/2024N/A503 412 —527 
Electronic Equipment, Instruments & Components
Inventus Power, Inc.+Preferred stockN/AN/A03/2014N/A— 372 —245 
Inventus Power, Inc.+LLC interestN/AN/A04/2018N/A— 88 —279 
Inventus Power, Inc.+LLC interestN/AN/A05/2019N/A— 20 —61 
Inventus Power, Inc.+Common stockN/AN/A03/2014N/A— — —— 
480 —585 


See Notes to Consolidated Financial Statements.
41
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Food & Staples Retailing
GMF Parent, Inc.+LP interestN/AN/A12/2025N/A— $100 —%$103 
Hopdoddy Holdings, LLC+LLC interestN/AN/A08/2015N/A44 217 —271 
Hopdoddy Holdings, LLC+LLC interestN/AN/A02/2016N/A20 61 —60 
Mendocino Farms, LLC+Common stockN/AN/A06/2018N/A227 1,041 —1,818 
PDI TA Holdings, Inc.+Preferred stockN/AN/A02/2023N/A135 4,613 0.26,359 
Ruby Slipper Cafe LLC, The+LLC interestN/AN/A06/2024N/A3 47 —57 
Ruby Slipper Cafe LLC, The+LLC interestN/AN/A01/2018N/A38 423 —72 
Ruby Slipper Cafe LLC, The+LLC interestN/AN/A08/2020N/A2 28 —60 
6,530 0.28,800 
Food Products
Borrower R365 Holdings, LLC+LP interestN/AN/A06/2021N/A107 195 —185 
Borrower R365 Holdings, LLC+LP interestN/AN/A05/2023N/A6 14 —11 
Borrower R365 Holdings, LLC+LP interestN/AN/A01/2022N/A4 9 —8 
Borrower R365 Holdings, LLC+LP interestN/AN/A06/2022N/A1 3 —2 
Borrower R365 Holdings, LLC+LP interestN/AN/A06/2022N/A2 4 —4 
Borrower R365 Holdings, LLC+LP interestN/AN/A05/2023N/A1 3 —3 
Borrower R365 Holdings, LLC+LP interestN/AN/A05/2023N/A— 1 —— 
Borrower R365 Holdings, LLC+LP interestN/AN/A04/2024N/A21 73 —64 
Kodiak Cakes, LLC+LP interestN/AN/A06/2021N/A— 557 0.12,086 
Louisiana Fish Fry Products, Ltd.+Common stockN/AN/A07/2021N/A— 599 —152 
Louisiana Fish Fry Products, Ltd.+Preferred stockN/AN/A09/2022N/A— 24 —36 
P&P Food Safety Holdings, Inc.+Preferred stockN/AN/A03/2024N/A— 31 —47 
P&P Food Safety Holdings, Inc.+Common stockN/AN/A12/2020N/A5 434 —333 
Purfoods, LLC+(24)LLC interestN/AN/A05/2016N/A— 945 0.25,919 
Zullas, L.C.+Common stockN/AN/A06/2025N/A— 250 —261 
3,142 0.39,111 
Healthcare Equipment & Supplies
Aspen Medical Products, LLC+LLC interestN/AN/A06/2019N/A— 98 —90 
Blue River Pet Care, LLC+LLC interestN/AN/A08/2019N/A— 734 —604 
CCSL Holdings, LLC+LP interestN/AN/A12/2020N/A— 499 —659 
Centegix Intermediate II, LLC+LLC interestN/AN/A08/2025N/A639 639 —674 
CMI Parent Inc.+(24)LLC interestN/AN/A08/2019N/A— 557 —707 
CMI Parent Inc.+LLC interestN/AN/A08/2019N/A8 483 0.12,178 
Isto Group, Inc.+(9)LP interestN/AN/A09/2025N/A3 369 —374 
JHC Investment Intermediate Holdings, LLC+LLC interestN/AN/A03/2024N/A5,293 — 0.11,614 
ZimVie, Inc.+LP interestN/AN/A10/2025N/A4 362 —362 
3,741 0.27,262 


See Notes to Consolidated Financial Statements.
42
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Healthcare Providers & Services
Active Day, Inc.+LLC interestN/AN/A12/2015N/A2 $1,099 0.1%$2,503 
Acuity Eyecare Holdings, LLC+LLC interestN/AN/A03/2017N/A1,632 2,235 0.25,364 
Acuity Eyecare Holdings, LLC+LLC interestN/AN/A05/2021N/A889 1,023 0.13,516 
ADCS Clinics Intermediate Holdings, LLC+Preferred stockN/AN/A05/2016N/A2 1,119 0.11,142 
ADCS Clinics Intermediate Holdings, LLC+Common stockN/AN/A05/2016N/A— 6 —— 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+LLC interestN/AN/A03/2021N/A180 192 —183 
CRH Healthcare Purchaser, Inc.+LP interestN/AN/A12/2018N/A531 456 —1,118 
DCA Investment Holding, LLC(7)(24)Preferred stockN/A8.00%Non-Cash12/2022N/A1,142 659 —— 
DCA Investment Holding, LLCCommon stockN/AN/A12/2022N/A12 5 —— 
Encorevet Group LLC+LLC interestN/AN/A05/2024N/A3 261 —25 
ERC Topco Holdings, LLC+LLC interestN/AN/A03/2025N/A3 4,841 0.13,586 
HP TLE Buyer, Inc.+LP interestN/AN/A07/2025N/A450 450 —454 
Krueger-Gilbert Health Physics, LLC+LLC interestN/AN/A05/2019N/A239 324 —821 
MWD Management, LLC & MWD Services, Inc.+LLC interestN/AN/A06/2017N/A412 335 —572 
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)LP interestN/AN/A05/2021N/A— 409 —442 
Pinnacle Treatment Centers, Inc.+LLC interestN/AN/A08/2016N/A— 528 —182 
Pinnacle Treatment Centers, Inc.+LLC interestN/AN/A08/2016N/A4 74 —— 
Pyramid Healthcare Acquisition Corp.+LLC interestN/AN/A05/2021N/A257 310 —385 
Radiology Partners, Inc.+Preferred stockN/AN/A02/2018N/A11 68 —92 
Radiology Partners, Inc.+LLC interestN/AN/A09/2014N/A43 55 —364 
Signature MD, Inc.+Common stockN/AN/A02/2026N/A— 100 —99 
Southern Veterinary Partners, LLC+(24)Preferred stockN/A10.00%Non-Cash12/2024N/A5 1,653 0.25,578 
Southern Veterinary Partners, LLC+LLC interestN/AN/A12/2024N/A52 81 —565 
Southern Veterinary Partners, LLC+(24)Preferred stockN/A10.00%Non-Cash12/2024N/A— 16 —55 
Southern Veterinary Partners, LLC+LLC interestN/AN/A12/2024N/A1 — —6 
Southern Veterinary Partners, LLC+(24)Preferred stockN/A10.00%Non-Cash12/2024N/A— 287 —464 
Southern Veterinary Partners, LLC+LLC interestN/AN/A12/2024N/A4 15 —47 
Southern Veterinary Partners, LLC+(24)Preferred stockN/A10.00%Non-Cash12/2024N/A— 3 —5 
Southern Veterinary Partners, LLC+LLC interestN/AN/A12/2024N/A— — —— 
Suveto Buyer, LLC+LP interestN/AN/A11/2021N/A8 727 —614 
17,331 0.828,182 


See Notes to Consolidated Financial Statements.
43
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Healthcare Technology
Amberfield Acquisition Co.+LLC interestN/AN/A05/2024N/A446 $449 —%$598 
Connexin Software, Inc.+LLC interestN/AN/A02/2018N/A180 228 —298 
Connexin Software, Inc.+LLC interestN/AN/A02/2024N/A12 16 —26 
HSI Halo Acquisition, Inc.+(24)Preferred stockN/A10.00%Non-Cash10/2019N/A— 141 —263 
HSI Halo Acquisition, Inc.+LLC interestN/AN/A10/2019N/A— 14 —176 
Modernizing Medicine, Inc.+(24)Preferred stockN/A13.00%Non-Cash04/2025N/A5 5,009 0.15,058 
Symplr Software, Inc.+(7)(24)Preferred stockN/A11.00%Non-Cash10/2021N/A15 22,002 0.517,401 
Symplr Software, Inc.+(7)(24)Preferred stockSF +10.50%(j)14.20%Non-Cash11/2018N/A3 6,886 0.26,373 
Symplr Software, Inc.+(7)(24)Preferred stockN/A11.00%Non-Cash12/2020N/A2 2,779 0.12,310 
Symplr Software, Inc.+(7)(24)Preferred stockN/A11.00%Non-Cash06/2021N/A1 1,671 —1,350 
Symplr Software, Inc.+LLC interestN/AN/A09/2021N/A— 161 —72 
Symplr Software, Inc.+Common stockN/AN/A11/2018N/A219 237 —292 
Tebra Technologies, Inc.+WarrantN/AN/A03/2019N/A169 871 —443 
Tebra Technologies, Inc.+WarrantN/AN/A06/2017N/A53 162 —— 
Tebra Technologies, Inc.+Preferred stockN/AN/A09/2018N/A1 8 —8 
Veranex, Inc.+LP interestN/AN/A08/2025N/A135 30 —— 
Veranex, Inc.+LP interestN/AN/A08/2025N/A472 — —— 
Veranex, Inc.+LP interestN/AN/A08/2025N/A60 — —— 
40,664 0.934,668 
Hotels, Restaurants & Leisure
Cafe Rio Holding, Inc.+Common stockN/AN/A09/2017N/A5 603 —200 
Cafe Rio Holding, Inc.+Preferred stockN/AN/A12/2025N/A— 41 —43 
Harri US LLC+LLC interestN/AN/A02/2022N/A119 892 —719 
Harri US LLC+LLC interestN/AN/A10/2021N/A102 649 —581 
Harri US LLC+WarrantN/AN/A10/2021N/A34 171 —194 
Harri US LLC+Preferred stockN/AN/A10/2023N/A96 1,141 0.11,582 
Harri US LLC+WarrantN/AN/A03/2024N/A9 69 —143 
Harri US LLC+WarrantN/AN/A02/2025N/A10 — —— 
Harri US LLC+WarrantN/AN/A06/2025N/A9 107 —136 
LMP TR Holdings, LLCLLC interestN/AN/A05/2013N/A712 712 —— 
Patriot Acquireco, LLC+Common stockN/AN/A09/2025N/A450 456 —434 
PB Group Holdings, LLC+LP interestN/AN/A08/2024N/A383 886 —832 
Rooster BidCo Limited+(8)(10)LP interestN/AN/A03/2025N/A1,258 1,308 0.12,749 
Saguaro Buyer, LLC+Common stockN/AN/A07/2025N/A— 250 —345 
SSRG Holdings, LLC+LLC interestN/AN/A11/2019N/A46 493 —495 
7,778 0.28,453 
Industrial Conglomerates
Anova Buyer, Inc.+Common stockN/AN/A01/2026N/A— 87 —87 
Insurance
Majesco+(24)Preferred stockN/A9.00%Non-Cash09/2020N/A— 400 —281 
Majesco+LP interestN/AN/A09/2020N/A97 94 —208 
Oakbridge Insurance Agency LLC+LP interestN/AN/A11/2023N/A20 404 —484 
898 —973 
Internet & Direct Marketing Retail
Revalize, Inc.+Preferred stockN/AN/A12/2021N/A25 26,215 0.622,738 
Revalize, Inc.+Preferred stockN/AN/A12/2021N/A15 15,735 0.413,648 

See Notes to Consolidated Financial Statements.
44
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Revalize, Inc.+Preferred stockN/AN/A12/2022N/A11 $11,050 0.2%$8,906 
Revalize, Inc.+Preferred stockN/AN/A04/2022N/A4 4,285 0.13,390 
57,285 1.348,682 
IT Services
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Preferred stockN/AN/A02/2020N/A804 2,398 0.28,771 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Preferred stockN/AN/A10/2020N/A211 931 0.12,300 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Preferred stockN/AN/A07/2021N/A48 408 —555 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+WarrantN/AN/A08/2020N/A277 779 0.12,807 
Critical Start, Inc.+Common stockN/AN/A05/2022N/A343 379 —70 
Kentik Technologies, Inc.+Preferred stockN/AN/A09/2021N/A509 2,933 0.12,924 
Kentik Technologies, Inc.+WarrantN/AN/A11/2024N/A1 5 —6 
Netwrix Corporation+LLC interestN/AN/A06/2022N/A7 19 —12 
Optimizely North America, Inc.+Common stockN/AN/A10/2018N/A92 1,016 —1,009 
Saturn Borrower Inc.+LP interestN/AN/A09/2020N/A520 470 —431 
9,338 0.518,885 
Leisure Products
Massage Envy, LLC+LLC interestN/AN/A09/2012N/A749 210 0.11,965 
Movement Holdings, LLC+(8)(10)LLC interestN/AN/A03/2024N/A— 152 —71 
362 0.12,036 
Life Sciences Tools & Services
Celerion Buyer, Inc.+(24)Common stockN/AN/A11/2022N/A1,302 79 0.12,951 
PAS Parent Inc.+LP interestN/AN/A12/2021N/A15 1,651 0.12,334 
PAS Parent Inc.+LP interestN/AN/A03/2023N/A2 267 —402 
1,997 0.25,687 
Oil, Gas & Consumable Fuels
W3 Co.+LLC interestN/AN/A03/2017N/A3 1,633 —388 
W3 Co.+Preferred stockN/AN/A01/2019N/A— 224 —199 
1,857 —587 
Paper & Forest Products
Messenger, LLC+LLC interestN/AN/A12/2021N/A8 667 —958 
Messenger, LLC+LLC interestN/AN/A12/2021N/A1 — —— 
667 —958 
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12)LP interestN/AN/A03/2021N/A701 605 —660 
Cobalt Buyer Sub, Inc.+(24)Preferred stockN/A13.75%Non-Cash10/2021N/A11 19,798 0.519,223 
Cobalt Buyer Sub, Inc.+Preferred stockN/AN/A10/2021N/A— 246 —7 
Cobalt Buyer Sub, Inc.+LP interestN/AN/A10/2021N/A3 2 —— 
Creek Parent, Inc.+LP interestN/AN/A12/2024N/A3,372 3,372 0.24,452 
24,023 0.724,342 


See Notes to Consolidated Financial Statements.
45
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(Dollar and share amounts in thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Professional Services
Eclipse Buyer, Inc.+(24)Preferred stockN/A12.50%Non-Cash09/2024N/A— $1,941 0.1%$1,921 
Enboarder, Inc.+(8)Preferred stockN/AN/A01/2022N/A83 859 —639 
Filevine, Inc.+Preferred stockN/AN/A04/2022N/A362 2,867 0.26,639 
Filevine, Inc.+WarrantN/AN/A04/2022N/A54 224 —933 
Filevine, Inc.+Preferred stockN/AN/A05/2024N/A21 176 —388 
Net Health Acquisition Corp.+LP interestN/AN/A12/2017N/A14 1,684 0.12,276 
Procure Acquireco, Inc.+LP interestN/AN/A12/2021N/A— 901 —1,278 
8,652 0.414,074 
Real Estate Management & Development
Inhabit IQ Inc.+LLC interestN/AN/A01/2018N/A2 528 —375 
SC Landco Parent, LLC+Common stockN/AN/A09/2022N/A2 274 —266 
802 —641 
Road & Rail
Internet Truckstop Group, LLC+LP interestN/AN/A04/2019N/A554 587 —314 
Software
Anaplan, Inc.+LP interestN/AN/A06/2022N/A962 1,254 0.11,661
Aras Corporation+(24)Preferred stockN/A12.00%Non-Cash04/2021N/A1 2,362 0.12,520
Aras Corporation+LP interestN/AN/A04/2021N/A427 446—659
Astute Holdings, Inc.+LP interestN/AN/A04/2019N/A— 520—0
Auvik Networks Inc.+(8)(12)Preferred stockN/AN/A07/2021N/A37 405—586
Auvik Networks Inc.+(8)(12)Preferred stockN/AN/A02/2023N/A4 46—70
Bayshore Intermediate #2, L.P.+LP interestN/AN/A10/2021N/A5,841 5,8900.26,145
Calabrio, Inc.+LP interestN/AN/A04/2021N/A1 1,1570.11,169
Calabrio, Inc.+LP interestN/AN/A04/2021N/A134 0—0
Claroty, Ltd.+(8)(15)Preferred stockN/AN/A01/2026N/A1 100—101
Cloudbees, Inc.+Preferred stockN/AN/A11/2021N/A179 2,0070.12,735
Cloudbees, Inc.+WarrantN/AN/A05/2018N/A158 445—578
Cloudbees, Inc.+Preferred stockN/AN/A06/2018N/A86 602—707
Cynet Security Ltd.+(8)(15)Preferred stockN/AN/A08/2022N/A220 855—896
Denali Bidco Limited+(8)(10)LP interestN/AN/A08/2023N/A431 341—787
Diligent Corporation+(24)Preferred stockN/A10.50%Non-Cash04/2021N/A24 35,9481.037,519
Diligent Corporation+Preferred stockN/AN/A04/2016N/A415 912—689
Energy Worldnet, LLC+(24)LLC interestN/AN/A02/2025N/A50 51—57
FirstUp, Inc.+LP interestN/AN/A07/2021N/A305 661—234
FirstUp, Inc.+LP interestN/AN/A03/2025N/A14 27—33
GS Acquisitionco, Inc.+(24)Preferred stockN/A11.00%Non-Cash04/2021N/A35 53,6781.555,377
GS Acquisitionco, Inc.+(24)Preferred stockN/A11.00%Non-Cash11/2021N/A5 6,8300.26,881
GS Acquisitionco, Inc.+LP interestN/AN/A09/2021N/A1 363—0
GS Acquisitionco, Inc.+(24)Preferred stockSF +10.50%(j)14.20%Non-Cash08/2023N/A— 149—146
GTY Technology Holdings, Inc.+LP interestN/AN/A07/2022N/A73 83—143
Gurobi Optimization, LLC+Common stockN/AN/A09/2024N/A— 709—669
Impartner, Inc.+Preferred stockN/AN/A10/2021N/A39 307—233
Insight Borrower, LLC+Preferred stockN/AN/A01/2026N/A— 2,7480.12,821
Insight Borrower, LLC+Common stockN/AN/A01/2026N/A— 184—189

See Notes to Consolidated Financial Statements.
46
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Kaseya Inc.+(24)Preferred stockSF +10.75%(j)14.35%Non-Cash06/2022N/A2 $3,970 0.1%$3,793 
Kaseya Inc.+LP interestN/AN/A06/2022N/A250 253—219
LogicMonitor, Inc.+LP interestN/AN/A12/2024N/A250 250 —280 
Menlo Ridgeview Co-Invest, LLC+(8)LLC interestN/AN/A05/2025N/A931 959—1,019
Ministry Brands Holdings LLC+LP interestN/AN/A12/2021N/A799 774—520
MS Buyer, Inc.+LLC interestN/AN/A01/2026N/A879 434 —681 
MS Buyer, Inc.+LP interestN/AN/A07/2024N/A258 258 —200 
Navex Global Holdings Corporation+LP interestN/AN/A10/2025N/A— 450 —382 
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+WarrantN/AN/A10/2019N/A6 17 —11 
Onit, Inc.+Common stockN/AN/A09/2025N/A— 14—14
Panzura, LLC+LLC interestN/AN/A03/2025N/A2 6 —— 
Pluralsight, LLC+LLC interestN/AN/A08/2024N/A1,988 3,663 —— 
QAD, Inc.+Preferred stockN/AN/A11/2021N/A1 1,186—939
QAD, Inc.+Common stockN/AN/A11/2021N/A68 134—56
RegEd Aquireco, LLC+LP interestN/AN/A12/2018N/A— 358—140
RegEd Aquireco, LLC+LP interestN/AN/A07/2023N/A— 29—35
RegEd Aquireco, LLC+LP interestN/AN/A12/2018N/A4 21—0
Riskonnect Parent, LLC+(24)Preferred stockN/A11.00%Non-Cash04/2022N/A26 38,5591.038,425 
Riskonnect Parent, LLC+LP interestN/AN/A11/2021N/A1,382 1,414—1,168 
Riskonnect Parent, LLC+(24)Preferred stockSF +10.50%(j)14.09%Non-Cash07/2022N/A— 1,146 —1,148 
Riskonnect Parent, LLC+(24)Preferred stockN/A10.50%Non-Cash06/2024N/A— 60 —64 
Rokt Inc.+Common stockN/AN/A01/2025N/A20 683 —736 
SnapLogic, Inc.+Preferred stockN/AN/A09/2019N/A344 1,028 0.12,100 
SnapLogic, Inc.+WarrantN/AN/A09/2019N/A131 162 —549 
Spartan Buyer Acquisition Co.+Common stockN/AN/A12/2020N/A1 794—438
Spartan Buyer Acquisition Co.+Preferred stockN/AN/A12/2022N/A— 110—146
Striim, Inc.+WarrantN/AN/A03/2026N/A14 15—15
Telesoft Holdings LLC+LP interestN/AN/A12/2019N/A137 129—109
Templafy APS and Templafy, LLC+(8)(18)WarrantN/AN/A07/2022N/A— 82—41
Togetherwork Holdings, LLC+LP interestN/AN/A07/2024N/A307 1,3420.11,423
Transform Bidco Limited+(8)(10)LP interestN/AN/A04/2025N/A2,350 2,3670.12,195
Tricentis Operations Holdings, Inc.+LP interestN/AN/A02/2025N/A40 40—36
Zendesk, Inc.+Common stockN/AN/A11/2022N/A63 708—549
180,495 4.8181,036 
Specialty Retail
Ave Holdings III, Corp+(7)(24)Preferred stockN/A11.50%Non-Cash02/2022N/A15 20,613 0.413,343 
Ave Holdings III, Corp+LP interestN/AN/A02/2022N/A2 1,737 —20 
Batteries Plus Holding Corporation+LP interestN/AN/A07/2016N/A10 1,287 —1,368 
Cycle Gear, Inc.+LLC interestN/AN/A02/2016N/A2,002 481 —338 
Cycle Gear, Inc.+LLC interestN/AN/A01/2023N/A75 75 —159 
Metal Supermarkets US Buyer, LLC+(8)(12)LLC interestN/AN/A12/2024N/A1 — —8 
Metal Supermarkets US Buyer, LLC+(8)(12)LLC interestN/AN/A12/2024N/A3 347 —339 

See Notes to Consolidated Financial Statements.
47
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Salon Lofts Group, LLC+Common stockN/AN/A08/2022N/A— $137 —%$76 
VSG Acquisition Corp. and Sherrill, Inc.+LP interestN/AN/A04/2022N/A— 57 —89 
24,734 0.415,740 
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.+(8)(10)Common stockN/AN/A03/2026N/A— — —— 
Georgica Pine Clothiers, LLC+(24)LLC interestN/AN/A11/2015N/A20 239 —287 
Georgica Pine Clothiers, LLC+Common stockN/AN/A08/2020N/A— — —2 
MakerSights, Inc.+Preferred stockN/AN/A06/2021N/A56 265 —89 
Shoes For Crews Global, LLC+LLC interestN/AN/A06/2024N/A2 1,087 0.11,805 
1,591 0.12,183 
Total non-controlled/non-affiliate company equity investments462,362 12.6472,137 
Total non-controlled/non-affiliate company investments8,132,365 214.08,021,462 




See Notes to Consolidated Financial Statements.
48
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(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)
Non-controlled/affiliate company investments(27)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+(7)(25)One stopSF +1.00%(j)4.70%PIK06/2027$7,775 $7,071 —%$2,333 
Abita Brewing Co., L.L.C.+(7)(25)Second lienSF +1.00%(j)4.70%PIK06/20275,353 3,724 —107 
Abita Brewing Co., L.L.C.+(25)One stopSF +1.00%(j)4.67%PIK06/20273,452 3,452 0.12,846 
16,580 14,247 0.15,286 
Energy, Equipment & Services
Benetech, Inc.+(7)(25)One stopSF +1.00%(j)4.70%PIK08/20275,114 3,623 0.12,046 
Benetech, Inc.+(7)(25)One stopSF +1.00%(j)4.70%PIK08/20271,133 731 —103 
6,247 4,354 0.12,149 
Healthcare Equipment & Supplies
G & H Wire Company, Inc.+One stopSF +6.00%(j)9.82%11/202991 91 —81 
G & H Wire Company, Inc.+(25)One stopSF +6.00%(j)9.82%PIK11/20292,960 2,960 0.12,901 
3,051 3,051 0.12,982 
Healthcare Providers & Services
Bayside Opco, LLC+One stopSF +7.25%(j)11.10%06/202612,670 12,665 0.312,670 
Bayside Opco, LLC+(25)Subordinated debtSF +10.00%(j)13.85%PIK06/20266,251 6,208 0.26,251 
Bayside Opco, LLC+One stopSF +7.25%(j)11.10%06/20264,482 4,469 0.14,482 
Bayside Opco, LLC+One stopSF +7.00%(j)10.84%06/2026325 325 —325 
Elite Dental Partners LLC+(7)(25)One stopSF +5.25%(j)9.10%PIK09/202719,263 13,029 0.12,890 
Elite Dental Partners LLC+(7)(25)One stopSF +12.00%(j)15.85%PIK09/202712,447 7,225 0.12,240 
Elite Dental Partners LLC+(25)One stopSF +5.25%(j)9.10%PIK09/20272,076 2,076 0.12,076 
Elite Dental Partners LLC+(25)One stopSF +5.25%(j)9.10%PIK09/20271,963 1,963 —1,963 
Elite Dental Partners LLC+(25)One stopSF +5.25%(j)9.10%PIK09/2027375 375 —375 
Opening Day Borrower 111 LLC+(25)One stopSF +6.25%(j)10.07%PIK05/20296,196 6,196 0.26,196 
SPF Borrower LLC+(25)One stopSF +6.25%(j)8.10% cash/2.00%PIK02/202816,273 16,273 0.416,273 
SPF Borrower LLC+One stopSF +9.50%(j)13.35%02/20288,912 8,912 0.28,912 
SPF Borrower LLC+One stopN/A(6)02/2028— — —— 
91,233 79,716 1.764,653 
Life Sciences Tools & Services
Reaction Biology Corporation+(25)One stopSF +4.75%(j)8.45%PIK03/20291,540 1,540 —1,522 
Reaction Biology Corporation+(25)One stopSF +4.75%(j)9.05%PIK03/20293,052 3,052 0.12,045 
4,592 4,592 0.13,567 
Multiline Retail
Fleet Farm Group, LLC+(25)Senior securedSF +5.50%(j)9.81%PIK01/20315,677 5,677 0.15,280 
Fleet Farm Group, LLC+(25)One stopSF +5.50%(j)9.17%PIK01/20313,404 3,404 0.13,166 
9,081 9,081 0.28,446 
Personal Products
IMPLUS Footcare, LLC+(25)One stopSF +6.00%(j)9.70%PIK10/20283,838 3,838 0.13,838 
IMPLUS Footcare, LLC+(25)One stopSF +6.00%(j)9.70%PIK10/20288,659 8,198 0.28,140 
12,497 12,036 0.311,978 
Software
Switchfly LLC+(25)One stopN/A1.00%PIK11/20272,242 2,242 0.12,086 
Specialty Retail
Chestnut Optical Midco, Inc.+One stopSF +1.00%(j)4.70%06/202945,063 42,141 1.140,558 
Chestnut Optical Midco, Inc.+(5)One stopN/A(6)06/2029— — —(282)
Chestnut Optical Midco, Inc.+One stopSF +1.00%(j)4.70%06/20297,511 7,511 0.16,007 
52,574 49,652 1.246,283 
Total non-controlled/affiliate company debt investments198,097 178,971 3.9147,430 

See Notes to Consolidated Financial Statements.
49
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Equity investments(22)(23)
Beverages
Abita Brewing Co., L.L.C.+WarrantN/AN/A02/2021N/A210$— —%$— 
Healthcare Equipment & Supplies
G & H Wire Company, Inc.+LLC interestN/AN/A11/2024N/A1593,810 0.11,920 
Healthcare Providers & Services
Bayside Opco, LLC+LLC interestN/AN/A05/2023N/A6 2,592 0.311,359 
Elite Dental Partners LLCLLC interestN/AN/A09/2020N/A— 2,902 —— 
Elite Dental Partners LLCLLC interestN/AN/A09/2020N/A— 1,250 —— 
Elite Dental Partners LLCLLC interestN/AN/A09/2020N/A— — —— 
Elite Dental Partners LLCLLC interestN/AN/A02/2026N/A— — —— 
Opening Day Borrower 111 LLC+LLC interestN/AN/A09/2024N/A181 21,172 0.310,707 
Opening Day Borrower 111 LLC+LLC interestN/AN/A04/2023N/A181 7,836 —— 
SPF Borrower LLC+LLC interestN/AN/A02/2024N/A— 9,347 0.310,966 
45,099 0.933,032 
Life Sciences Tools & Services
Reaction Biology Corporation+LLC interestN/AN/A03/2025N/A1394,980 —1,509 
Multiline Retail
Fleet Farm Group, LLCLLC interestN/AN/A12/2024N/A12923,874 0.623,369 
Personal Products
IMPLUS Footcare, LLC+LLC interestN/AN/A07/2025N/A8,288 12,388 0.413,153 
Software
Switchfly LLC+LLC interestN/AN/A09/2018N/A98,370 2,322 —— 
Switchfly LLC+LLC interestN/AN/A09/2024N/A7,275 5,375 0.13,624 
Switchfly LLC+LLC interestN/AN/A03/2022N/A950 950 —— 
8,647 0.13,624 
Specialty Retail
Chestnut Optical Midco, Inc.+LLC interestN/AN/A06/2024N/A189 53,763 1.660,255 
Total non-controlled/affiliate company equity investments152,561 3.7136,862 
Total non-controlled/affiliate company investments331,532 7.6284,292 








See Notes to Consolidated Financial Statements.
50
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Controlled affiliate company investments(28)
Debt investments
IT Services
MMan Acquisition Co.+(25)One stopN/A8.00%PIK09/2027$2,224 $2,224 0.1%$2,068 
MMan Acquisition Co.+(25)One stopN/A12.00%PIK09/20271,284 1,284 —1,284 
MMan Acquisition Co.+(25)One stopN/A12.00%PIK09/20271,380 1,380 —1,380 
MMan Acquisition Co.+(25)One stopN/A12.00%PIK09/2027399 399 —399 
Total controlled affiliate company debt investments5,287 5,287 0.15,131 
Equity investments(22)(23)
IT Services
MMan Acquisition Co.+Preferred stockN/AN/A09/2024N/A— 7,832 0.26,360 
Total controlled affiliate equity investments7,832 0.26,360 
Total controlled affiliate company investments13,119 0.311,491 
Total investments$8,477,016 221.9%$8,317,245 
Money market funds (included in cash equivalents and restricted cash equivalents)
BlackRock Liquidity Funds T-Fund
Institutional Shares (CUSIP 09248U718)		3.55%(29)$43,887 1.2%$43,887 
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio
Institutional Share Class (CUSIP 61747C582)		3.53%(29)10 —10 
Allspring Government Money Market Fund
Select Share Class (CUSIP 94975H296)		3.60%(29)2,131 0.12,131 
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio Institutional Share Class (CUSIP 61747C525)3.53%(29)40,210 1.140,210 
Total money market funds86,238 2.486,238 
Total investments and money market funds$8,563,254 224.3%$8,403,483 

See Notes to Consolidated Financial Statements.
51
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(Dollar and share amounts in thousands)
*
Denotes that all or a portion of the loan collateralizes the notes offered in the 2024 Debt Securitization (as defined in Note 7).
+
Denotes that all or a portion of the investment collateralizes the JPM Credit Facility (as defined in Note 7).
(1)The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime (“P”), Sterling Overnight Index Average (“SONIA” or “SN”), Australian Interbank Rate (”AUD” or ”A”) or Canadian 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 March 31, 2026. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of March 31, 2026, 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 could not be the applicable index rate outstanding as of March 31, 2026, as the loan could have priced or repriced based on an index rate prior to March 31, 2026.
(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 6.75% as of March 31, 2026.
(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 1.89% as of March 31, 2026.
(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 2.08% as of March 31, 2026.
(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 2.48% as of March 31, 2026.
(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 4.31% as of March 31, 2026.
(f) Denotes that all or a portion of the contract was indexed to the Six-Month AUD, which was 4.78% as of March 31, 2026.
(g) Denotes that all or a portion of the contract was indexed to SONIA, which was 3.73% as of March 31, 2026.
(h) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 3.68% as of March 31, 2026.
(i) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 3.66% as of March 31, 2026.
(j) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 3.68% as of March 31, 2026.
(k) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 3.70% as of March 31, 2026.
(l) Denotes that all or a portion of the contract was indexed to Daily CORRA, which was 2.27% as of March 31, 2026.
(m) Denotes that all or a portion of the contract was indexed to the 90-day Term CORRA, which was 2.29% as of March 31, 2026.
(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of March 31, 2026.
(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. The fair value of loan investments may include the impact of the unfunded commitment being valued below par.
(5)The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
(6)The entire commitment was unfunded as of March 31, 2026. As such, no interest is being earned on this investment. The investment could be subject to an unused facility fee.
(7)Investment was on non-accrual status as of March 31, 2026, meaning that the Company has ceased recognizing interest or non-cash dividend income on the investment.
(8)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2026, total non-qualifying assets at fair value represented 13.6% 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.
(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)The headquarters of this portfolio company is located in Germany.
(20)The headquarters of this portfolio company is located in France.
(21)The headquarters of this portfolio company is located in Jersey.

See Notes to Consolidated Financial Statements.
52
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2026
(Dollar and share amounts in thousands)
(22) Equity investments are non-income producing securities unless otherwise noted.
(23) Ownership of certain equity investments occurs through a holding company or partnership.
(24) The Company holds an equity investment that is income producing.
(25) 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 six months ended March 31, 2026.
(26) The fair value of the loan reflects the legal claim on par and accrued uncapitalized payment-in-kind (“PIK”) interest.
(27) As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns five percent or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the six months ended March 31, 2026 were as follows:
Portfolio CompanyFair value as of September 30, 2025
Gross additions(a)
Gross reductions(b)
Net change in unrealized appreciation (depreciation)Net realized gain (loss)
Fair value as of March 31, 2026
Interest, dividend and fee income
Abita Brewing Co. LLC$5,216 $703 $— $(633)$— $5,286 $73 
Bayside Opco, LLC33,986 932 (79)248 — 35,087 1,570 
Benetech, Inc.2,089 — — 60 — 2,149 — 
Chestnut Optical Midco, Inc.101,952 5,142 — (556)— 106,538 1,599 
Elite Dental Partners LLC10,692 1,471 — (2,619)— 9,544 184 
Fleet Farm Group LLC33,243 433 — (1,861)— 31,815 442 
G & H Wire Company, Inc.6,070 244 (41)(1,371)— 4,902 148 
IMPLUS Footcare, LLC23,769 537 — 825 — 25,131 656 
Opening Day Borrower 111 LLC23,236 1,520 — (7,853)— 16,903 288 
Reaction Biology Corporation7,259 829 — (3,012)— 5,076 182 
SPF Borrower LLC37,469 452 (82)(1,688)— 36,151 1,436 
Switchfly LLC8,782 414 — (3,486)— 5,710 11 
Total Non-Controlled Affiliates$293,763 $12,677 $(202)$(21,946)$— $284,292 $6,589 
(a)
Gross additions could 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 could 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.
(28) As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” of and “control” this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement) (“controlled affiliate”). Transactions related to investments in controlled affiliates for the six months ended March 31, 2026 were as follows:
Portfolio Company
Fair value as of September 30, 2025
Gross additions(a)
Gross reductions(b)
Net change in unrealized appreciation (depreciation)Net realized gain (loss)
Fair value as of March 31, 2026
Interest, dividend and fee income
MMan Acquisition Co.$11,862 $264 $— $(635)$— $11,491 $274 
Total Controlled Affiliates$11,862 $264 $— $(635)$— $11,491 $274 
(a)
Gross additions could 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 could 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.
(29) The rate shown is the annualized seven-day yield as of March 31, 2026.


See Notes to Consolidated Financial Statements.
53
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments
September 30, 2025
(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)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace & Defense
PPW Aero Buyer, Inc.*+One stopSF +5.00%(i)9.00%02/2029$34,027 $33,833 0.9%$33,857 
PPW Aero Buyer, Inc.*One stopSF +5.00%(i)9.00%02/202911,801 11,736 0.311,742 
PPW Aero Buyer, Inc.+(5)One stopN/A(6)02/2029— (2)—(2)
PPW Aero Buyer, Inc.+(5)One stopN/A(6)02/2029— (2)—(1)
PPW Aero Buyer, Inc.+One stopSF +5.00%(i)9.00%02/20296,432 6,404 0.26,400 
PPW Aero Buyer, Inc.+One stopSF +5.00%(i)9.00%09/2031187 186 —186 
PPW Aero Buyer, Inc.+(5)One stopN/A(6)09/2031— (3)—(3)
Titan BW Borrower L.P.+(26)One stopSF +5.26%(i)6.58% cash/2.88%PIK07/20321,599 1,583 —1,583 
Titan BW Borrower L.P.+(5)One stopN/A(6)07/2032— (3)—(3)
Titan BW Borrower L.P.+(5)One stopN/A(6)07/2032— (1)—(1)
54,046 53,731 1.453,758 
Air Freight & Logistics
RJW Group Holdings, Inc.+One stopSF +5.00%(i)9.00%11/203146,415 45,573 1.245,950 
RJW Group Holdings, Inc.+One stopSF +5.00%(i)9.20%11/20312,931 2,871 0.12,897 
RJW Group Holdings, Inc.+One stopSF +5.00%(i)9.00%11/20311,710 1,693 0.11,693 
RJW Group Holdings, Inc.+(5)One stopN/A(6)11/2031— (1)—(3)
51,056 50,136 1.450,537 
Airlines
Accelya Lux Finco S.A.R.L.+(8)(22)(26)One stopSF +6.00%(i)10.10%PIK12/20269,085 8,930 0.29,085
Auto Components                
Arnott, LLC+One stopSF +4.75%(j)8.62%11/20304,736 4,696 0.14,689 
Arnott, LLC+One stopSF +4.75%(j)8.74%11/2030349 342 —341 
Collision SP Subco, LLC+One stopSF +4.75%(i)9.06%01/20302,200 2,178 0.12,200 
Collision SP Subco, LLC+One stopSF +4.75%(i)(j)9.00%01/20301,173 1,163 —1,173 
Collision SP Subco, LLC+One stopSF +4.75%(i)8.95%01/203045 42 —45 
Collision SP Subco, LLC+One stopSF +4.75%(i)9.04%01/2030245 243 —245 
Collision SP Subco, LLC+(5)One stopN/A(6)01/2030— (28)—— 
Covercraft Parent III, Inc.+Senior securedSF +4.50%(i)8.97%08/20276,756 6,706 0.25,810 
Covercraft Parent III, Inc.+Senior securedSF +4.50%(i)8.96%08/20271,367 1,349 —1,176 
Covercraft Parent III, Inc.+Senior securedSF +4.50%(i)8.78%08/2027186 183 —160 
North Haven Falcon Buyer, LLC+(7)(26)One stopSF +8.00%(i)7.20% cash/5.00%PIK05/20279,584 8,302 0.14,025 
North Haven Falcon Buyer, LLC+(7)(26)One stopSF +8.00%(i)7.18% cash/5.00%PIK05/20271,603 1,394 —673 
OEConnection, LLC*One stopSF +5.25%(h)9.41%04/203110,185 10,147 0.310,219 
OEConnection, LLC+One stopSF +5.25%(h)9.41%04/20311,777 1,762 0.11,784 
OEConnection, LLC+(5)One stopN/A(6)04/2031— (7)—3 
OEConnection, LLC+(5)One stopN/A(6)04/2031— (30)—23 
40,206 38,442 0.932,566 
Automobiles                
CAP-KSI Holdings, LLC*+One stopSF +5.25%(h)(i)9.32%06/203013,196 13,049 0.313,196 
CAP-KSI Holdings, LLC+One stopSF +5.25%(i)9.90%06/2030396 384 —396 
CG Group Holdings, LLC*+(26)One stopSF +8.75%(i)10.75% cash/2.00%PIK07/202746,395 46,244 1.246,395 
CG Group Holdings, LLC+(26)One stopSF +8.75%(h)10.91% cash/2.00%PIK07/2026804 799 —804 
Denali Midco 2, LLC*One stopSF +5.25%(h)9.41%12/202838,258 38,060 1.038,258 
Denali Midco 2, LLC+(26)Second lienN/A13.00%PIK12/202911,583 11,501 0.311,583 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.41%12/20288,917 9,036 0.28,917 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.41%12/20282,668 2,705 0.12,668 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.41%12/20281,621 1,642 0.11,621 

See Notes to Consolidated Financial Statements.
54
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(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)
Denali Midco 2, LLC+One stopSF +5.25%(h)9.41%12/2028$1,540 $1,560 —%$1,540 Denali Midco 2, LLC+One stopSF +5.25%(h)9.41%12/20281,344 1,362 —1,344 Denali Midco 2, LLC+One stopSF +5.25%(h)9.41%12/20281,293 1,281 —1,293 Denali Midco 2, LLC+One stopSF +5.25%(h)9.41%12/20281,108 1,106 —1,108 Denali Midco 2, LLC+One stopSF +5.25%(h)9.41%12/20281,075 1,072 —1,075 Denali Midco 2, LLC+One stopSF +5.25%(h)9.41%12/20281,075 1,074 —1,075 Denali Midco 2, LLC+One stopSF +5.25%(h)9.41%12/2028887 885 —887 Denali Midco 2, LLC+One stopSF +5.25%(h)9.41%12/20281,210 1,208 —1,210 Denali Midco 2, LLC+One stopSF +5.25%(h)9.41%12/2028403 399 —403 Denali Midco 2, LLC+One stopSF +5.25%(h)9.41%12/2028348 345 —348 Denali Midco 2, LLC+One stopSF +5.25%(h)9.41%12/2028294 292 —294 Denali Midco 2, LLC+(5)One stopN/A(6)12/2028— (11)—— Denali Midco 2, LLC+One stopSF +5.25%(h)9.41%12/2028173 171 —173 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.41%12/202887 85 —87 Denali Midco 2, LLC+(5)One stopN/A(6)12/2028— (4)—— High Bar Brands Operating, LLC+Senior securedSF +5.25%(i)9.25%12/20291,422 1,418 —1,422 High Bar Brands Operating, LLC+Senior securedSF +5.25%(i)9.25%12/2029296 295 —296 High Bar Brands Operating, LLC+Senior securedSF +5.25%(i)9.25%12/2029250 248 —250 High Bar Brands Operating, LLC+Senior securedSF +5.25%(i)9.24%12/20294 3 —4 JHCC Holdings LLC*One stopSF +5.25%(i)9.25%09/202717,708 17,674 0.517,708 JHCC Holdings LLC*+One stopSF +5.25%(i)9.25%09/20276,887 6,877 0.26,887 JHCC Holdings LLC+One stopSF +5.25%(i)9.25%09/20275,127 5,182 0.15,127 JHCC Holdings LLC+One stopSF +5.25%(i)9.25%09/20274,901 4,909 0.14,901 JHCC Holdings LLC+One stopSF +5.25%(i)9.25%09/20272,764 2,779 0.12,764 JHCC Holdings LLC+One stopSF +5.25%(i)9.25%09/20271,642 1,638 0.11,642 JHCC Holdings LLC+One stopSF +5.25%(i)9.25%09/2027727 724 —727 JHCC Holdings LLC+One stopSF +5.25%(i)9.25%09/2027688 687 —688 JHCC Holdings LLC+One stopP + 4.25%(a)11.50%09/202780 80 —80 JHCC Holdings LLC+One stopSF +5.25%(i)9.25%09/20273,975 3,949 0.13,975 
MOP GM Holding, LLC*+One stopSF +5.75%(i)9.90%11/202632,547 32,513 0.831,896 MOP GM Holding, LLC+One stopSF +5.75%(i)10.10%11/20263,826 3,817 0.13,749 MOP GM Holding, LLC*+One stopSF +5.75%(i)10.21%11/20263,580 3,569 0.13,508 MOP GM Holding, LLC*+One stopSF +5.75%(i)10.21%11/20263,500 3,484 0.13,430 MOP GM Holding, LLC*+One stopSF +5.75%(i)9.90%11/20262,593 2,582 0.12,541 MOP GM Holding, LLC+One stopSF +5.75%(i)10.21%11/20262,139 2,130 0.12,097 MOP GM Holding, LLC+One stopSF +5.75%(i)10.21%11/20261,972 1,960 0.11,932 MOP GM Holding, LLC+One stopSF +5.75%(i)9.90%11/2026718 715 —704 MOP GM Holding, LLC+One stopSF +5.75%(i)9.90%11/2026528 525 —517 MOP GM Holding, LLC+One stopSF +5.75%(i)9.95%11/2026400 397 —392 MOP GM Holding, LLC+One stopSF +5.75%(i)10.21%11/2026264 263 —259 MOP GM Holding, LLC+One stopSF +5.75%(i)9.90%11/2026201 200 —197 MOP GM Holding, LLC+One stopSF +5.75%(i)10.21%11/202688 88 —86 MOP GM Holding, LLC+One stopSF +5.75%(i)9.90%11/202688 88 —86 MOP GM Holding, LLC+(5)One stopN/A(6)11/2026— (18)—— National Express Wash Parent Holdco, LLC+One stopSF +5.00%(i)9.00%07/202913,281 13,237 0.313,281 
National Express Wash Parent Holdco, LLC+One stopSF +5.00%(j)9.24%07/20291,447 1,427 —1,447 National Express Wash Parent Holdco, LLC+One stopSF +5.00%(i)9.00%07/20291,280 1,274 —1,280 National Express Wash Parent Holdco, LLC+One stopSF +5.00%(j)9.03%07/2029692 682 —692 POY Holdings, LLC*+One stopSF +5.50%(i)9.65%11/202728,196 28,385 0.727,914 POY Holdings, LLC*+One stopSF +5.50%(i)9.65%11/20273,666 3,708 0.13,629 POY Holdings, LLC*+One stopSF +5.50%(i)9.65%11/20271,297 1,297 —1,284 POY Holdings, LLC+One stopSF +5.50%(i)9.65%11/2027864 864 —856 

See Notes to Consolidated Financial Statements.
55
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(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)
POY Holdings, LLC+One stopSF +5.50%(i)9.65%11/2027$645 $645 —%$639 
POY Holdings, LLC+One stopSF +5.50%(i)9.65%11/2027288 288 —285 
POY Holdings, LLC+One stopSF +5.50%(i)9.64%11/2027234 233 —229 
POY Holdings, LLC+(5)One stopN/A(6)11/2027— (11)—— 
POY Holdings, LLC*One stopSF +5.50%(i)9.64%11/20272,261 2,254 0.12,239 
Quick Quack Car Wash Holdings, LLC+One stopSF +4.75%(h)8.91%06/20314,808 4,775 0.14,808 
Quick Quack Car Wash Holdings, LLC+One stopSF +4.75%(h)8.91%06/2031270 267 —270 
Quick Quack Car Wash Holdings, LLC+(5)One stopN/A(6)06/2031— (3)—— 
Quick Quack Car Wash Holdings, LLC+One stopSF +4.75%(h)8.91%06/2031160 157 —160 
Quick Quack Car Wash Holdings, LLC+One stopSF +4.75%(h)8.91%06/203120 20 —20 
TWAS Holdings, LLC*+One stopSF +6.00%(h)10.26%12/202646,323 46,084 1.246,323 
TWAS Holdings, LLC*+One stopSF +6.00%(h)10.26%12/202641,374 41,343 1.041,374 
TWAS Holdings, LLC*+One stopSF +6.00%(h)10.26%12/202610,741 10,723 0.310,741 
TWAS Holdings, LLC+One stopSF +6.00%(h)10.26%12/20268,203 8,206 0.28,203 
TWAS Holdings, LLC+One stopSF +6.00%(h)10.26%12/20265,210 5,212 0.15,210 
TWAS Holdings, LLC+(5)One stopN/A(6)12/2026— (5)—— 
Yorkshire Parent, Inc.+One stopSF +5.00%(i)9.31%12/20292,227 2,218 0.12,227 
Yorkshire Parent, Inc.+One stopSF +5.00%(i)9.31%12/202971 47 —71 
Yorkshire Parent, Inc.+One stopSF +5.50%(i)9.50%12/20292,203 2,227 0.12,203 
Yorkshire Parent, Inc.+One stopSF +5.50%(i)9.79%12/2029610 608 —610 
Yorkshire Parent, Inc.+One stopSF +5.50%(i)9.50%12/202962 61 —62 
410,023 409,244 10.1408,597 
Banks
Empyrean Solutions, LLC+One stopSF +4.50%(i)8.50%11/20319,283 9,242 0.29,283 
Empyrean Solutions, LLC+(5)One stopN/A(6)11/2031— (6)—— 
Empyrean Solutions, LLC+(5)One stopN/A(6)11/2031— (16)—— 
OSP Hamilton Purchaser, LLC+One stopSF +5.00%(i)9.31%12/20291,727 1,747 0.11,727 
OSP Hamilton Purchaser, LLC+One stopSF +5.00%(i)9.32%12/20291,652 1,647 —1,652 
OSP Hamilton Purchaser, LLC+One stopSF +5.00%(i)9.31%12/2029270 267 —270 
OSP Hamilton Purchaser, LLC+One stopSF +5.00%(i)9.32%12/202919 14 —19 
12,951 12,895 0.312,951 
Beverages
Financial Information Technologies, LLC*+One stopSF +4.75%(i)8.75%06/203034,280 34,188 0.934,280 
Financial Information Technologies, LLC+One stopSF +4.75%(i)8.75%06/20301,687 1,683 0.11,687 
Financial Information Technologies, LLC+(5)One stopN/A(6)06/2030— (1)—— 
Financial Information Technologies, LLC+One stopSF +4.75%(i)8.75%06/20302,199 2,194 0.12,199 
Financial Information Technologies, LLC+One stopN/A(6)06/2030— — —— 
Spindrift Beverage Co. Inc.+One stopSF +5.00%(i)9.29%02/20327,653 7,565 0.27,653 
Spindrift Beverage Co. Inc.+(5)One stopN/A(6)02/2032— (17)—— 
Spindrift Beverage Co. Inc.+(5)One stopN/A(6)02/2032— (5)—— 
Watermill Express, LLC*+One stopSF +4.75%(i)8.75%04/20313,047 3,019 0.13,047 
Watermill Express, LLC+One stopSF +4.75%(i)8.75%04/2031294 293 —294 
Watermill Express, LLC+One stopSF +4.75%(i)8.82%04/2031149 141 —149 
Watermill Express, LLC+One stopSF +4.75%(i)8.75%04/2031735 728 —735 
Watermill Express, LLC+One stopSF +4.75%(i)8.79%04/2031369 366 —369 
Watermill Express, LLC*One stopSF +4.75%(i)8.96%04/20312,381 2,360 0.12,381 
Watermill Express, LLC+One stopSF +4.75%(i)8.75%04/20312,771 2,755 0.12,771 
Watermill Express, LLC+(5)One stopN/A(6)04/2031— (11)—— 
Winebow Holdings, Inc.*+One stopSF +6.25%(h)10.51%12/20279,231 8,961 0.28,123 
64,796 64,219 1.863,688 

See Notes to Consolidated Financial Statements.
56
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(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)
Building ProductsBECO Holding Company, Inc.*+One stopSF +5.25%(i)9.40%11/2028$40,578 $41,055 1.0%$40,578 BECO Holding Company, Inc.+(5)One stopN/A(6)11/2027— (2)—— BECO Holding Company, Inc.+One stopSF +5.25%(i)9.40%11/2028210 209 —210 BECO Holding Company, Inc.+(5)One stopN/A(6)11/2028— (4)—— 40,788 41,258 1.040,788 Capital MarketsBlueMatrix Holdings, LLC+One stopSF +4.75%(i)8.75%01/20312,514 2,528 0.12,514 BlueMatrix Holdings, LLC+One stopSF +4.75%(i)8.75%01/20319,925 9,856 0.39,925 BlueMatrix Holdings, LLC+One stopSF +4.75%(i)8.75%01/203168 67 —68 BlueMatrix Holdings, LLC+One stopSF +4.75%(i)8.75%01/2031846 838 —846 BlueMatrix Holdings, LLC+One stopSF +4.75%(i)8.75%01/2031762 760 —762 14,115 14,049 0.414,115 ChemicalsAP Adhesives Holdings, LLC+(5)One stopN/A(6)04/2032— (9)—— AP Adhesives Holdings, LLC+(5)One stopN/A(6)04/2031— (4)—— AP Adhesives Holdings, LLC+One stopSF +4.75%(i)8.80%04/20325,800 5,773 0.25,800 Inhance Parent, Inc.+One stopN/A(6)06/2029— — —— 
Inhance Parent, Inc.+(26)One stopSF +7.00%(i)6.65% cash/4.50%PIK06/202924,569 21,606 0.622,112 Inhance Parent, Inc.+(7)(26)One stopN/A20.00%PIK06/202910,562 4,446 0.14,964 JSG II, Inc. and Checkers USA, Inc.+One stopSF +4.50%(h)8.66%09/20321,433 1,426 —1,426 JSG II, Inc. and Checkers USA, Inc.+One stopSF +4.50%(h)8.66%09/203214 13 —13 JSG II, Inc. and Checkers USA, Inc.+(5)One stopN/A(6)09/2032— (1)—(2)Krayden Holdings, Inc.*Senior securedSF +4.75%(h)8.91%03/20299,741 9,667 0.39,741 Krayden Holdings, Inc.+Senior securedSF +4.75%(h)8.90%03/2029645 619 —645 Krayden Holdings, Inc.+Senior securedSF +4.75%(h)8.91%03/20293,035 2,984 0.13,035 PHM NL SP Bidco B.V.+(8)(9)(10)(26)One stopE + 6.75%(d)5.87% cash/3.00%PIK09/202855,652 51,989 1.352,870 PHM NL SP Bidco B.V.+(8)(10)(26)One stopSF +6.75%(g)8.12% cash/3.00%PIK09/202820,606 19,871 0.519,576 PHM NL SP Bidco B.V.+(8)(9)(10)(26)One stopSN +6.75%(f)7.72% cash/3.00%PIK09/202811,908 11,212 0.311,312 PHM NL SP Bidco B.V.+(8)(9)(10)(26)One stopE + 6.75%(d)5.80% cash/3.00%PIK09/20285,793 5,340 0.15,503 
149,758 134,932 3.5136,995 Commercial Services & SuppliesBradyIFS Holdings, LLC+One stopSF +5.00%(i)9.31%10/20295,170 5,228 0.15,170 BradyIFS Holdings, LLC+One stopSF +5.00%(i)9.25%10/202950 49 —50 CI (Quercus) Intermediate Holdings, LLC*+One stopSF +5.00%(i)9.02%06/203132,031 31,732 0.832,031 CI (Quercus) Intermediate Holdings, LLC+One stopSF +5.00%(i)9.00%06/203131 15 —31 CI (Quercus) Intermediate Holdings, LLC+One stopSF +5.00%(i)9.00%06/203166 39 —66 CI (Quercus) Intermediate Holdings, LLC+(5)One stopN/A(6)06/2031— (5)—— CHA Vision Holdings, Inc.+One stopSF +5.00%(i)9.33%01/20311,059 1,055 —1,053 CHA Vision Holdings, Inc.+One stopSF +5.00%(i)9.22%01/2031344 343 —343 CHA Vision Holdings, Inc.+One stopN/A(6)01/2030— — —— CHA Vision Holdings, Inc.+One stopSF +5.00%(i)9.00%01/2031305 304 —304 CHA Vision Holdings, Inc.+(5)One stopN/A(6)01/2031— (3)—(3)Kleinfelder Intermediate, LLC+One stopSF +5.00%(i)9.31%09/20304,047 3,962 0.14,047 Kleinfelder Intermediate, LLC+One stopP + 4.00%(a)11.25%09/202893 87 —93 Kleinfelder Intermediate, LLC+One stopSF +5.00%(i)9.31%09/2030439 434 —439 North Haven Stack Buyer, LLC+(26)Second lienN/A10.00% cash/2.50%PIK01/20281,539 1,530 —1,542 North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.95%07/2027157 156 —157 
North Haven Stack Buyer, LLC*+One stopSF +4.75%(i)8.95%07/20271,548 1,536 —1,548 North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.95%07/20271,364 1,357 —1,364 North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.95%07/2027281 280 —281 North Haven Stack Buyer, LLC+(5)Second lienN/A(6)01/2028— (9)—— North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.95%07/202712,160 12,136 0.312,160 

See Notes to Consolidated Financial Statements.
57
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(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)
North Haven Stack Buyer, LLC+(26)Second lienN/A10.00% cash/2.50%PIK01/2028$2,336 $2,322 0.1%$2,342 North Haven Stack Buyer, LLC*+One stopSF +4.75%(i)8.95%07/20271,466 1,458 —1,466 North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.95%07/20271,404 1,397 —1,404 North Haven Stack Buyer, LLC*One stopSF +4.75%(i)8.95%07/20274,097 4,083 0.14,097 North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.95%07/20271,357 1,353 —1,357 North Haven Stack Buyer, LLC*One stopSF +4.75%(i)8.95%07/20271,352 1,347 —1,352 North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.95%07/2027199 198 —199 North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.95%07/202799 99 —99 
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)9.11%07/2027819 813 —819 North Haven Stack Buyer, LLC*+One stopSF +4.75%(i)8.95%07/20272,258 2,248 0.12,258 North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.95%07/2027479 477 —479 North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.95%07/2027901 896 —901 North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.95%07/2027682 678 —682 North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.95%07/2027757 753 —757 North Haven Stack Buyer, LLC+(26)Second lienN/A9.75% cash/2.50%PIK01/202823 23 —23 North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.95%07/2027331 329 —331 North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.95%07/20271,334 1,327 —1,334 North Haven Stack Buyer, LLC+(26)Second lienN/A9.75% cash/2.50%PIK01/2028389 387 —389 North Haven Stack Buyer, LLC+(5)One stopN/A(6)07/2027— (1)—— North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.95%07/20271,078 1,075 —1,078 North Haven Stack Buyer, LLC+(26)Second lienN/A9.75% cash/2.50%PIK01/2028926 922 —926 North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.95%07/2027102 102 —102 North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.96%07/2027205 205 —205 North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.95%07/202780 80 —80 Profile Products LLC+One stopSF +5.50%(i)9.92%11/20278,959 8,907 0.28,959 
Profile Products LLC+One stopSF +5.50%(i)9.92%11/20271,816 1,800 0.11,816 Profile Products LLC+One stopP + 4.50%(a)11.75%11/202772 72 —72 Profile Products LLC+One stopP + 4.50%(a)11.75%11/20274 4 —4 PSC Parent, Inc.*+One stopSF +5.00%(h)9.15%04/20315,451 5,441 0.15,451 PSC Parent, Inc.+One stopSF +5.00%(h)9.16%04/2030231 226 —231 PSC Parent, Inc.+One stopSF +5.00%(h)9.17%04/2031604 599 —604 PSC Parent, Inc.+One stopSF +5.00%(h)9.16%04/2031909 904 —909 PT Intermediate Holdings III, LLC+(26)One stopSF +5.00%(i)7.25% cash/1.75%PIK04/203021,326 21,311 0.521,326 PT Intermediate Holdings III, LLC+(5)One stopN/A(6)04/2030— (4)—— Radwell Parent, LLC*+One stopSF +5.50%(i)9.50%03/202933,940 33,692 0.933,940 Radwell Parent, LLC*+One stopSF +5.50%(i)9.50%03/202932,623 32,663 0.832,623 Radwell Parent, LLC+One stopSF +5.50%(i)9.50%03/2029330 295 —330 Trinity Air Consultants Holdings Corporation+One stopSF +4.25%(j)8.48%06/20292,625 2,611 0.12,625 Trinity Air Consultants Holdings Corporation+One stopSF +4.25%(j)8.43%06/2029528 528 —528 Trinity Air Consultants Holdings Corporation+One stopN/A(6)06/2029— — —— Trinity Air Consultants Holdings Corporation+One stopSF +4.25%(j)8.43%06/2029492 492 —492 Trinity Air Consultants Holdings Corporation+One stopSF +4.25%(j)8.43%06/2029248 247 —248 
WRE Holding Corp.*One stopSF +5.00%(j)8.87%07/203116,349 16,213 0.416,349 WRE Holding Corp.+One stopSF +5.00%(j)9.17%07/2031294 293 —294 WRE Holding Corp.+(5)One stopN/A(6)07/2030— (19)—— WRE Holding Corp.*One stopSF +5.00%(j)9.14%07/20311,795 1,787 0.11,795 WRE Holding Corp.*One stopSF +5.00%(j)9.13%07/20311,081 1,077 —1,081 WRE Holding Corp.+One stopSF +5.00%(j)9.12%07/2031841 838 —841 WRE Holding Corp.+One stopSF +5.00%(i)9.30%07/2031301 300 —301 WRE Holding Corp.+One stopSF +5.00%(i)9.23%07/2031187 186 —187 214,364 213,260 4.8214,362 

See Notes to Consolidated Financial Statements.
58
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(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)
Communications Equipment
Lightning Finco Limited+(8)(15)One stopSF +5.50%(g)10.05%09/2028$14,802 $14,782 0.4%$14,802 
Lightning Finco Limited+(8)(9)(15)One stopE + 5.50%(d)7.54%09/20281,783 1,747 0.11,783 
16,585 16,529 0.516,585 
Construction & Engineering
Consor Intermediate II, LLC*+One stopSF +4.75%(h)(i)8.75%05/20315,512 5,515 0.15,512 
Consor Intermediate II, LLC+(5)One stopN/A(6)05/2031— (8)—— 
Consor Intermediate II, LLC+(5)One stopN/A(6)05/2031— (2)—— 
DCCM, LLC+One stopSF +4.75%(h)8.91%06/2032593 590 —593 
DCCM, LLC+(5)One stopN/A(6)06/2032— (1)—— 
DCCM, LLC+(5)One stopN/A(6)06/2032— (1)—— 
Royal Holdco Corporation+One stopSF +4.50%(i)8.62%12/20305,981 5,927 0.25,981 
Royal Holdco Corporation+One stopSF +4.50%(i)8.50%12/2030212 207 —212 
Royal Holdco Corporation+One stopSF +4.50%(i)8.67%12/2030430 421 —430 
12,728 12,648 0.312,728 
Containers & Packaging
Chase Intermediate*+One stopSF +4.75%(i)9.06%10/202848,826 49,371 1.248,826 
Chase Intermediate+One stopSF +4.75%(h)(i)8.97%10/2028200 198 —200 
Chase Intermediate+One stopSF +4.75%(i)9.06%10/20282,284 2,280 0.12,284 
Chase Intermediate+One stopSF +4.75%(i)9.06%10/2028598 560 —598 
Fortis Solutions Group, LLC*+One stopSF +5.50%(i)9.60%10/202851,594 51,285 1.351,594 
Fortis Solutions Group, LLC+One stopSF +5.50%(i)9.60%10/20281,695 1,680 0.11,695 
Fortis Solutions Group, LLC+One stopSF +5.50%(i)9.60%10/2028140 91 —140 
Fortis Solutions Group, LLC+One stopSF +5.50%(i)9.60%10/2027152 144 —152 
Packaging Coordinators Midco, Inc.+One stopSF +4.75%(i)9.06%07/20325,258 5,247 0.15,258 
Packaging Coordinators Midco, Inc.+(5)One stopN/A(6)07/2032— (1)—— 
Packaging Coordinators Midco, Inc.+One stopN/A(6)07/2032— — —— 
Packaging Coordinators Midco, Inc.+One stopN/A(6)07/2032— — —— 
Packaging Coordinators Midco, Inc.+One stopN/A(6)07/2032— — —— 
Packaging Coordinators Midco, Inc.+One stopN/A(6)07/2032— — —— 
Packaging Coordinators Midco, Inc.+One stopN/A(6)07/2032— — —— 
Packaging Coordinators Midco, Inc.+One stopN/A(6)07/2032— — —— 
 110,747 110,855 2.8110,747 
Diversified Consumer Services
ABC Legal Holdings, LLC+One stopSF +4.50%(h)8.65%08/20321,337 1,330 —1,323 
ABC Legal Holdings, LLC+(5)One stopN/A(6)08/2032— (1)—(3)
ABC Legal Holdings, LLC+(5)One stopN/A(6)08/2032— (2)—(4)
Any Hour, LLC*One stopSF +5.25%(i)9.25%05/20308,975 8,923 0.28,616 
Any Hour, LLC+(26)One stopN/A13.00%PIK05/20313,275 3,230 0.13,110 
Any Hour, LLC+One stopSF +5.25%(i)9.30%05/2030569 558 —531 
Any Hour, LLC+One stopSF +5.25%(i)9.25%05/2030254 238 —148 
Apex Service Partners, LLC+One stopSF +5.00%(i)9.17%10/203013,855 13,795 0.413,855 
Apex Service Partners, LLC+One stopSF +5.00%(i)9.20%10/20304,390 4,451 0.14,390 
Apex Service Partners, LLC+One stopSF +5.00%(i)9.20%10/20301,045 1,033 —1,045 
Apex Service Partners, LLC+(5)One stopN/A(6)10/2029— (2)—— 
Apex Service Partners, LLC+One stopSF +5.00%(i)9.31%10/20302,198 2,178 0.12,198 
Apex Service Partners, LLC+One stopSF +5.00%(i)9.21%10/20303,682 3,652 0.13,682 
Certus Pest, Inc.*One stopSF +5.25%(i)9.40%08/20271,730 1,721 0.11,730 
Certus Pest, Inc.*One stopSF +5.25%(i)9.40%08/20271,659 1,649 0.11,659 
Certus Pest, Inc.*+One stopSF +5.25%(i)9.40%08/20271,197 1,194 —1,197 
Certus Pest, Inc.*One stopSF +5.25%(i)9.40%08/20271,182 1,177 —1,182 
Certus Pest, Inc.*+One stopSF +5.25%(i)9.40%08/2027820 816 —820 
Certus Pest, Inc.*One stopSF +5.25%(i)9.40%08/2027723 717 —723 

See Notes to Consolidated Financial Statements.
59
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(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)
Certus Pest, Inc.+One stopSF +5.25%(i)9.40%08/2027$704 $702 —%$704 Certus Pest, Inc.*+One stopSF +5.25%(i)9.40%08/2027416 414 —416 Certus Pest, Inc.+One stopSF +5.25%(i)9.40%08/2027394 393 —394 Certus Pest, Inc.+One stopSF +5.25%(i)9.40%08/2027260 258 —260 Certus Pest, Inc.+One stopSF +5.25%(i)9.40%08/2027142 139 —142 Certus Pest, Inc.+One stopSF +5.25%(i)9.40%08/202760 59 —60 Certus Pest, Inc.+One stopN/A(6)08/2027— — —— Certus Pest, Inc.+(5)One stopN/A(6)08/2027— (23)—— Certus Pest, Inc.+One stopSF +5.25%(i)9.40%08/20272,336 2,328 0.12,336 Certus Pest, Inc.+One stopSF +5.25%(i)9.40%08/20271,456 1,451 —1,456 Certus Pest, Inc.+One stopSF +5.25%(i)9.40%08/2027698 695 —698 Certus Pest, Inc.+One stopSF +5.25%(i)9.40%08/2027698 695 —698 CHHJ Midco, LLC*+Senior securedSF +5.00%(i)9.15%01/20283,693 3,682 0.13,693 CHHJ Midco, LLC+Senior securedN/A(6)01/2028— — —— CHVAC Services Investment, LLC*+One stopSF +4.50%(i)8.50%05/20306,367 6,288 0.26,367 
CHVAC Services Investment, LLC*+One stopSF +4.50%(i)8.50%05/20301,656 1,639 0.11,656 CHVAC Services Investment, LLC+(5)One stopN/A(6)05/2030— (3)—— CHVAC Services Investment, LLC+One stopSF +4.50%(i)8.50%05/203061 22 —61 COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(i)9.54%07/20275,490 5,448 0.15,490 COP Hometown Acquisitions, Inc.*+Senior securedSF +5.25%(i)9.54%07/20272,376 2,368 0.12,376 COP Hometown Acquisitions, Inc.*+Senior securedSF +5.25%(i)9.54%07/20272,314 2,304 0.12,314 COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(i)9.54%07/20271,517 1,510 —1,517 COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(i)9.47%07/20271,370 1,368 —1,370 COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(i)9.54%07/20271,142 1,137 —1,142 COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(i)9.55%07/20271,072 1,067 —1,072 COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(i)9.44%07/20271,037 1,036 —1,037 COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(i)9.42%07/2027913 912 —913 COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(i)9.56%07/2027688 686 —688 COP Hometown Acquisitions, Inc.+(5)Senior securedN/A(6)07/2027— (1)—— EMS LINQ, LLC+One stopSF +6.25%(i)10.55%12/202713,835 13,858 0.413,697 
EMS LINQ, LLC+One stopSF +6.25%(i)10.55%12/202776 74 —72 Entomo Brands Acquisitions, Inc.+Senior securedSF +5.50%(i)9.65%07/20294,344 4,347 0.14,344 Entomo Brands Acquisitions, Inc.+Senior securedSF +5.50%(i)9.65%07/20291,263 1,251 —1,263 Entomo Brands Acquisitions, Inc.+Senior securedSF +5.50%(i)9.65%07/202914 14 —14 EWC Growth Partners LLC+One stopSF +6.00%(i)10.15%03/20261,074 1,074 —946 EWC Growth Partners LLC+One stopSF +6.00%(i)10.15%03/2026916 915 —806 EWC Growth Partners LLC+One stopSF +6.00%(i)10.15%03/2026101 101 —90 EWC Growth Partners LLC+One stopSF +6.00%(i)10.15%03/202638 38 —32 FPG Intermediate Holdco, LLC+One stopSF +5.00%(i)9.21%06/20291,060 1,060 —1,060 FPG Intermediate Holdco, LLC+(26)One stopSF +5.00%(i)9.32%PIK06/2029920 920 —920 FPG Intermediate Holdco, LLC+(26)One stopSF +6.75%(i)11.05%PIK06/2029130 129 —130 FPG Intermediate Holdco, LLC+(26)Senior securedSF +5.00%(i)9.32%PIK06/20294,741 4,470 0.14,362 FPG Intermediate Holdco, LLC+(7)(26)One stopSF +5.00%(i)9.32%PIK06/20291,896 1,630 0.11,630 FSS Buyer LLC*+One stopSF +4.50%(h)8.66%08/20316,880 6,842 0.26,880 FSS Buyer LLC+One stopN/A(6)08/2030— — —— HS Spa Holdings, Inc.+One stopSF +5.25%(i)9.45%06/202911,432 11,417 0.311,432 
HS Spa Holdings, Inc.+One stopSF +5.25%(i)9.56%06/2029685 684 —685 HS Spa Holdings, Inc.+One stopP + 4.25%(a)11.50%06/202844 43 —44 Kodiak Buyer, LLC+One stopSF +4.50%(i)8.50%07/2032614 611 —611 Kodiak Buyer, LLC+(5)One stopN/A(6)07/2032— (1)—(1)Kodiak Buyer, LLC+(5)One stopN/A(6)07/2032— (1)—(1)Liminex, Inc.+One stopSF +6.25%(i)10.71%11/202635,383 35,364 0.935,383 Liminex, Inc.+One stopSF +6.25%(i)10.71%11/202623,340 23,301 0.623,340 

See Notes to Consolidated Financial Statements.
60
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(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)
Liminex, Inc.+One stopSF +6.25%(i)10.71%11/2026$20,168 $20,361 0.5%$20,168 Liminex, Inc.+One stopSF +6.25%(i)10.71%11/202615,833 15,733 0.415,833 Litera Bidco, LLC*One stopSF +5.00%(h)9.16%05/20285,149 5,157 0.15,149 Litera Bidco, LLC+One stopSF +5.00%(h)9.16%05/20282,055 2,051 0.12,055 Litera Bidco, LLC+One stopSF +5.00%(h)9.25%05/202852 51 —52 Litera Bidco, LLC+(5)One stopN/A(6)05/2028— (1)—— Mario Purchaser, LLC*+One stopSF +5.75%(h)10.01%04/202911,267 11,226 0.310,817 
Mario Purchaser, LLC+One stopSF +5.75%(h)10.01%04/20295,188 5,210 0.14,981 Mario Purchaser, LLC+(26)One stopSF +10.75%15.01%PIK04/20325,165 5,182 0.15,061 Mario Purchaser, LLC+One stopSF +5.75%(h)10.01%04/2029452 448 —433 Mario Purchaser, LLC+One stopSF +5.75%(h)10.01%04/202854 54 —50 NSG Buyer, Inc. *+One stopSF +5.00%(i)9.00%11/202938,051 37,829 1.038,051 NSG Buyer, Inc. +One stopSF +5.00%(i)9.00%11/2028145 141 —145 NSG Buyer, Inc. +(5)One stopN/A(6)11/2029— (31)—— PADI Holdco, Inc.*One stopSF +5.00%(i)9.35%01/202921,134 20,922 0.521,134 PADI Holdco, Inc.+(9)One stopE + 5.00%(c)7.03%01/202920,997 20,216 0.520,997 PADI Holdco, Inc.+(9)One stopA + 5.50%(e)9.10%01/20297,496 7,084 0.27,496 PADI Holdco, Inc.+One stopSF +5.00%(i)9.46%01/2029814 806 —814 PADI Holdco, Inc.+One stopSF +5.00%(i)9.42%01/20291,125 1,119 —1,125 PADI Holdco, Inc.+One stopSF +5.00%(i)9.22%01/2029168 167 —168 Provenance Buyer LLC*+One stopSF +5.50%(i)9.60%06/202720,582 20,469 0.520,170 Provenance Buyer LLC*+One stopSF +5.50%(i)9.60%06/202713,867 13,804 0.413,590 Provenance Buyer LLC+One stopSF +5.50%(i)9.60%06/2027176 172 —170 
RW AM Holdco LLC+One stopSF +5.25%(i)9.35%04/202823,613 23,047 0.518,182 RW AM Holdco LLC+(5)One stopN/A(6)04/2028— (8)—(46)Salisbury House, LLC+One stopSF +5.00%(i)9.16%08/203234 33 —32 Salisbury House, LLC+(5)One stopN/A(6)08/2032— (1)—(3)Salisbury House, LLC+One stopSF +5.00%(h)9.16%08/20321,498 1,491 —1,483 Severin Acquisition, LLC+(26)One stopSF +5.00%(h)6.91% cash/2.25%PIK10/203135,734 35,435 0.935,377 Severin Acquisition, LLC+(5)One stopN/A(6)10/2031— (38)—(44)Severin Acquisition, LLC+(26)One stopSF +5.00%(h)6.91% cash/2.25%PIK10/20311,249 1,218 —1,175 Stellar Brands, LLC+Senior securedSF +4.50%(i)8.50%02/20317,151 7,103 0.27,151 Stellar Brands, LLC+(5)Senior securedN/A(6)02/2031— (4)—— Virginia Green Acquisition, LLC*+One stopSF +5.25%(j)9.41%12/20303,165 3,198 0.13,165 Virginia Green Acquisition, LLC+One stopN/A(6)12/2030— — —— Virginia Green Acquisition, LLC+One stopN/A(6)12/2029— — —— 454,919 451,016 11.1445,732 Diversified Financial ServicesBaker Tilly Advisory Group, LP+One stopSF +4.75%(h)8.91%06/20313,763 3,721 0.13,772 Baker Tilly Advisory Group, LP+(5)One stopN/A(6)06/2030— (11)—— Baker Tilly Advisory Group, LP+One stopSF +4.50%(h)8.66%06/20315,031 5,007 0.15,031 
Baker Tilly Advisory Group, LP+(5)One stopN/A(6)06/2031— (8)—— Banker's Toolbox, Inc.*+One stopSF +4.50%(h)8.66%07/202720,358 20,327 0.520,205 Banker's Toolbox, Inc.+(5)One stopN/A(6)07/2027— — —(2)Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)One stopE + 4.50%(d)6.58%07/203117,481 15,981 0.417,481 Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)(26)Subordinated debtE + 7.50%(d)9.58%PIK07/20322,276 2,085 0.12,276 Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)One stopE + 4.50%(d)6.76%07/20312,476 2,219 0.12,476 Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)One stopN/A(6)07/2031— — —— Corsair Blade IV S.A R.L.+(8)(13)(26)One stopSF +5.75%(i)9.75% cash/0.25%PIK12/20303,699 3,699 0.13,699 Corsair Blade IV S.A R.L.+(8)(9)(13)(26)One stopSN +5.75%(f)9.47% cash/0.25%PIK12/20301,191 911 —1,191 Deerfield Dakota Holding, LLC+(5)One stopN/A(6)09/2032— (2)—(2)Deerfield Dakota Holding, LLC+(26)One stopSF +5.75%(i)7.06% cash/2.75%PIK09/20321,829 1,810 0.11,810 

See Notes to Consolidated Financial Statements.
61
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(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)
Equity Methods, LLC+One stopSF +4.75%(i)8.75%04/2032$19,829 $19,736 0.5%$19,829 
Equity Methods, LLC+(5)One stopN/A(6)04/2032— (17)—— 
Equity Methods, LLC+(5)One stopN/A(6)04/2032— (21)—— 
Finastra USA, Inc.+(8)(10)One stopSF +7.25%(i)11.29%09/20291,490 1,472 —1,490 
Flash Topco, Inc.+One stopSF +5.75%(i)10.16%10/202816,919 16,693 0.416,750 
Flash Topco, Inc.+One stopSF +5.75%(i)10.06%10/20283,378 3,364 0.13,344 
Flash Topco, Inc.+One stopSF +6.50%(i)10.80%10/2028128 127 —128 
Higginbotham Insurance Agency, Inc.*+One stopSF +4.50%(h)8.67%11/20288,011 8,038 0.28,011 
Higginbotham Insurance Agency, Inc.+One stopSF +4.75%(h)8.91%11/2028720 718 —720 
Medlar Bidco Limited+(8)(9)(21)One stopSN +5.00%(f)8.97%05/203226,485 26,010 0.726,485 
Medlar Bidco Limited+(8)(9)(21)One stopE + 5.00%(c)6.97%05/203232,952 31,540 0.832,952 
Medlar Bidco Limited+(5)(8)(9)(21)One stopN/A(6)05/2032— (57)—— 
Wealth Enhancement Group, LLC+One stopSF +4.50%(i)8.79%10/20283,956 3,952 0.13,956 
Wealth Enhancement Group, LLC+One stopSF +4.50%(i)8.79%10/20282,853 2,850 0.12,853 
Wealth Enhancement Group, LLC+(5)One stopN/A(6)10/2028— (1)—— 
Wealth Enhancement Group, LLC+One stopSF +4.50%(h)(i)8.78%10/20281,307 1,291 —1,307 
Wealth Enhancement Group, LLC+(5)One stopN/A(6)10/2028— (2)—— 
176,132 171,432 4.4175,762 
Diversified Telecommunication Services
NTI Connect, LLC*+Senior securedSF +4.75%(i)8.90%07/20271,529 1,525 —1,529 
Electric Utilities
Smart Energy Systems, Inc.+(26)One stopSF +7.50%(i)8.04% cash/3.75%PIK01/20306,422 6,299 0.26,294 
Smart Energy Systems, Inc.+(26)One stopSF +7.50%7.88%01/2030707 698 —693 
7,129 6,997 0.26,987 
Electrical Equipment
Power Grid Holdings, Inc.+One stopSF +4.75%(i)8.75%12/20301,481 1,466 —1,481 
Power Grid Holdings, Inc.+One stopSF +4.75%(h)(i)9.67%12/203017 15 —17 
Wildcat TopCo, Inc.+One stopSF +4.75%(h)8.91%11/203123,302 23,098 0.623,302 
Wildcat TopCo, Inc.+One stopP + 3.75%(a)11.00%11/2031112 75 —112 
Wildcat TopCo, Inc.+(5)One stopN/A(6)11/2031— (18)—— 
24,912 24,636 0.624,912 
Electronic Equipment, Instruments & Components
CST Holding Company+One stopSF +5.00%(h)9.26%11/202833,715 33,006 0.933,715 
CST Holding Company+(5)One stopN/A(6)11/2028— (2)—— 
33,715 33,004 0.933,715 
Food & Staples Retailing
Mendocino Farms, LLC+One stopSF +5.50%(h)9.66%03/2030991 988 —991 
Mendocino Farms, LLC+One stopSF +5.50%(h)9.66%03/203056 56 —56 
Mendocino Farms, LLC+One stopN/A(6)03/2030— — —— 
Mendocino Farms, LLC+One stopSF +5.50%(h)9.66%03/2030110 110 —110 
Mendocino Farms, LLC+One stopSF +5.50%(h)9.66%03/2030111 111 —111 
Mendocino Farms, LLC+(5)One stopN/A(6)03/2030— (80)—— 
Mendocino Farms, LLC+One stopSF +5.50%(h)9.66%03/203056 56 —56 
Mendocino Farms, LLC+One stopSF +5.50%(h)9.66%03/203056 56 —56 
PDI TA Holdings, Inc.+One stopSF +5.50%(i)9.81%02/203111,551 11,498 0.311,551 
PDI TA Holdings, Inc.+One stopSF +5.50%(i)9.81%02/203135 35 —35 
Wineshipping.com LLC+(5)One stopN/A(6)12/2028— — —(205)
Wineshipping.com LLC+(26)One stopSF +6.25%(i)5.15% cash/5.25%PIK12/202810,615 10,478 0.28,492 
Wineshipping.com LLC+(26)One stopSF +6.25%(i)5.15% cash/5.25%PIK12/2028286 282 —229 
Wineshipping.com LLC+(26)One stopSF +6.25%(i)5.15% cash/5.25%PIK12/2028200 194 —154 
24,067 23,784 0.521,636 

See Notes to Consolidated Financial Statements.
62
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(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)
Food ProductsBlast Bidco Inc.+One stopSF +6.00%(i)10.00%10/2030$4,855 $4,804 0.1%$4,855 Blast Bidco Inc.+(5)One stopN/A(6)10/2029— (5)—— Borrower R365 Holdings, LLC+One stopSF +6.00%(i)10.15%06/202718,823 18,816 0.518,823 Borrower R365 Holdings, LLC+One stopSF +6.00%(i)10.15%06/20271,556 1,549 —1,556 Borrower R365 Holdings, LLC+One stopSF +6.00%(i)10.15%06/2027231 231 —231 Borrower R365 Holdings, LLC+One stopN/A(6)06/2027— — —— Eagle Family Foods Group, LLC+One stopSF +5.00%(i)(j)9.19%08/203012,878 12,774 0.312,878 Eagle Family Foods Group, LLC+(5)One stopN/A(6)08/2030— (12)—— Kodiak Cakes, LLC*+Senior securedSF +5.25%(j)9.38%06/202845,911 45,609 1.245,911 Kodiak Cakes, LLC+(5)Senior securedN/A(6)06/2028— (3)—— Louisiana Fish Fry Products, Ltd.*+One stopSF +6.25%(i)10.40%07/202713,559 13,530 0.313,559 Louisiana Fish Fry Products, Ltd.+One stopSF +6.25%(i)10.52%07/2027254 251 —254 MAPF Holdings, Inc.+One stopSF +6.50%(i)10.50%12/202651,438 51,285 1.349,895 MAPF Holdings, Inc.+One stopSF +6.50%(i)10.50%12/2026540 533 —522 
MAPF Holdings, Inc.+One stopSF +6.50%(i)10.50%12/20261,649 1,624 —1,600 MAPF Holdings, Inc.+(26)One stopN/A19.00%PIK12/20262,273 2,258 0.12,091 P&P Food Safety Holdings, Inc.*+One stopSF +5.25%(i)9.25%05/202913,105 13,193 0.313,105 P&P Food Safety Holdings, Inc.+(5)One stopN/A(6)05/2029— (7)—— P&P Food Safety Holdings, Inc.+(9)One stopE + 5.50%(c)7.48%05/202912,104 11,734 0.312,104 P&P Food Safety Holdings, Inc.+(5)One stopN/A(6)05/2029— (28)—— Sphynx UK Bidco, Ltd.+(8)(9)(10)One stopA + 4.75%(e)8.35%08/2032310 303 —308 Sphynx UK Bidco, Ltd.+(8)(9)(10)One stopE + 4.75%(c)6.82%08/2032304 300 —302 Sphynx UK Bidco, Ltd.+(8)(9)(10)One stopSN +4.75%(f)8.72%08/20321,407 1,393 —1,398 Wizard Bidco Limited+(8)(10)One stopSF +6.50%(i)10.50%03/202922,740 22,660 0.622,740 Wizard Bidco Limited+(8)(9)(10)(26)One stopSN +5.50%(f)7.97% cash/1.50%PIK03/202911,201 10,773 0.311,201 Wizard Bidco Limited+(8)(9)(10)One stopSN +6.50%(f)10.47%03/20298,366 7,726 0.28,366 Wizard Bidco Limited+(8)(9)(10)One stopSN +5.25%(f)9.22%09/2028174 159 —174 Zullas, L.C.+One stopSF +4.75%(h)8.91%06/203124 23 —24 
Zullas, L.C.+One stopSF +4.75%(h)8.91%06/2031439 437 —439 Zullas, L.C.+(5)One stopN/A(6)06/2031— (2)—— 224,141 221,908 5.5222,336 Healthcare Equipment & SuppliesAspen Medical Products, LLC*+One stopSF +4.75%(h)8.91%06/20287,013 6,981 0.27,013 Aspen Medical Products, LLC+One stopSF +4.75%(h)8.91%06/2028455 453 —455 Aspen Medical Products, LLC+(5)One stopN/A(6)06/2028— (1)—— Aspen Medical Products, LLC+One stopSF +4.75%(h)8.91%06/2028890 883 —890 Baduhenna Bidco Limited+(8)(10)One stopSF +6.45%(g)10.83%08/20287,745 7,748 0.27,745 Baduhenna Bidco Limited+(8)(9)(10)One stopE + 6.45%(c)8.48%08/20284,863 4,788 0.14,863 Baduhenna Bidco Limited+(8)(10)One stopSF +6.45%(g)10.83%08/20281,912 1,912 0.11,912 Baduhenna Bidco Limited+(8)(9)(10)One stopSN +6.45%(f)10.54%08/20281,360 1,350 —1,360 Baduhenna Bidco Limited+(8)(9)(10)One stopE + 6.45%(c)8.43%08/20281,160 1,092 —1,160 Baduhenna Bidco Limited+(8)(9)(10)One stopSN +6.45%(f)10.54%08/20281,205 1,163 —1,205 Belmont Instrument, LLC*+One stopSF +5.25%(i)9.25%08/202814,356 14,276 0.414,356 Belmont Instrument, LLC+(5)One stopN/A(6)08/2028— (2)—— Blades Buyer, Inc.*+Senior securedSF +5.00%(h)9.38%03/202812,160 12,132 0.312,160 
Blades Buyer, Inc.*+Senior securedSF +5.25%(h)9.63%03/20281,725 1,715 0.11,725 Blades Buyer, Inc.+Senior securedSF +5.00%(h)9.38%03/20281,395 1,389 —1,395 Blades Buyer, Inc.+(5)Senior securedN/A(6)03/2028— (1)—— Blades Buyer, Inc.+Senior securedSF +5.00%(h)9.38%03/20286,897 6,876 0.26,897 Blades Buyer, Inc.+Senior securedSF +5.00%(h)9.38%03/20281,721 1,714 0.11,721 Blue River Pet Care, LLC+One stopSF +5.75%(h)10.01%08/202912 12 —12 Blue River Pet Care, LLC+One stopN/A(6)08/2029— — —— 

See Notes to Consolidated Financial Statements.
63
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(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)
Blue River Pet Care, LLC*+One stopSF +5.75%(h)10.01%08/2029$62,286 $62,149 1.6%$62,286 Blue River Pet Care, LLC+One stopSF +5.75%(h)10.01%08/202912,335 12,392 0.312,335 Blue River Pet Care, LLC+One stopSF +5.75%(h)10.01%08/20292,876 2,890 0.12,876 Blue River Pet Care, LLC+One stopSF +5.75%(h)10.01%08/20292,764 2,777 0.12,764 Blue River Pet Care, LLC+One stopSF +5.75%(h)10.01%08/20292,737 2,750 0.12,737 Blue River Pet Care, LLC+One stopSF +5.75%(h)10.01%08/20292,104 2,114 0.12,104 
Blue River Pet Care, LLC+One stopSF +5.75%(h)10.01%08/20291,246 1,242 —1,246 Blue River Pet Care, LLC+One stopSF +5.75%(h)10.01%08/2029414 412 —414 Blue River Pet Care, LLC+One stopSF +5.75%(h)10.01%08/2029510 507 —510 Blue River Pet Care, LLC+One stopSF +5.75%(h)10.01%08/2029292 291 —292 Blue River Pet Care, LLC+One stopSF +5.75%(h)10.01%08/2029297 295 —297 Blue River Pet Care, LLC+One stopSF +5.75%(h)10.01%08/2029256 255 —256 Blue River Pet Care, LLC+One stopSF +5.75%(h)10.01%08/2029225 225 —225 Blue River Pet Care, LLC+One stopSF +5.75%(h)10.01%08/20291 1 —1 Blue River Pet Care, LLC+One stopSF +5.75%(h)10.01%08/20294 4 —4 Blue River Pet Care, LLC+One stopSF +5.75%(i)9.97%08/20291 1 —1 Centegix Intermediate II, LLC+One stopSF +5.50%(i)9.69%08/20321,360 1,353 —1,353 Centegix Intermediate II, LLC+(5)One stopN/A(6)08/2032— (1)—(1)Centegix Intermediate II, LLC+(5)One stopN/A(6)08/2032— (2)—(2)CCSL Holdings, LLC*One stopSF +5.75%(h)9.91%12/202820,842 20,806 0.520,842 CCSL Holdings, LLC*+One stopSF +5.75%(h)9.91%12/20285,627 5,640 0.15,627 CCSL Holdings, LLC+(9)One stopSN +5.75%(f)9.72%12/20283,562 3,328 0.13,562 CCSL Holdings, LLC+One stopSF +5.75%(h)9.91%12/20283,462 3,438 0.13,462 
CCSL Holdings, LLC*+One stopSF +5.75%(h)9.91%12/20282,877 2,856 0.12,877 CCSL Holdings, LLC+One stopSF +5.75%(h)9.91%12/2028320 319 —320 CCSL Holdings, LLC+One stopSF +5.75%(h)9.91%12/2028975 971 —975 CCSL Holdings, LLC+(9)One stopE + 5.75%(b)7.66%12/202834,411 31,750 0.934,411 CCSL Holdings, LLC+(9)One stopE + 5.75%(b)7.66%12/20286,741 5,992 0.26,741 CCSL Holdings, LLC+One stopSF +5.75%(h)9.91%12/20282,767 2,755 0.12,767 CCSL Holdings, LLC+One stopSF +5.75%(h)9.91%12/20282,202 2,192 0.12,202 CMI Parent Inc.*One stopSF +5.00%(h)9.16%12/202622,355 22,298 0.622,355 CMI Parent Inc.*+One stopSF +5.00%(h)9.16%12/202619,679 19,733 0.519,679 CMI Parent Inc.*+Senior securedSF +5.00%(h)9.16%12/20269,435 9,426 0.29,435 CMI Parent Inc.*+One stopSF +5.00%(h)9.16%12/20268,852 8,842 0.28,852 CMI Parent Inc.+One stopN/A(6)12/2026— — —— HuFriedy Group Acquisition, LLC+One stopSF +5.50%(i)9.70%06/20317,851 7,788 0.27,851 HuFriedy Group Acquisition, LLC+(5)One stopN/A(6)05/2030— (7)—— HuFriedy Group Acquisition, LLC+One stopSF +5.50%(i)9.51%06/20311,519 1,494 —1,519 Isto Group, Inc.+One stopN/A(6)09/2032— — —— 
Isto Group, Inc.+One stopSF +4.75%(i)8.77%09/2032588 585 —585 Isto Group, Inc.+(5)One stopN/A(6)09/2032— (2)—(2)JHC Investment Intermediate Holdings, LLC+(26)One stopSF +8.75%(i)7.16% cash/6.00%PIK03/20291,235 1,235 —1,235 JHC Investment Intermediate Holdings, LLC+(26)One stopSF +8.75%(i)7.16% cash/6.00%PIK03/2029922 746 —922 RTI Surgical, Inc.+(5)One stopN/A(6)09/2032— (2)—(2)RTI Surgical, Inc.+One stopSF +4.75%(i)8.75%09/20321,667 1,658 —1,658 TIDI Legacy Products, Inc.+One stopSF +4.50%(h)8.66%12/20293,485 3,538 0.13,485 TIDI Legacy Products, Inc.+One stopN/A(6)12/2029— — —— TIDI Legacy Products, Inc.+One stopN/A(6)12/2029— — —— YI, LLC+One stopSF +5.75%(h)9.90%12/20294,385 4,384 0.14,342 YI, LLC+(5)One stopN/A(6)12/2029— (1)—(2)320,336 315,897 8.1320,265 

See Notes to Consolidated Financial Statements.
64
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(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 +5.25%(h)9.51%12/2027$8,582 $8,547 0.2%$8,604 AAH TOPCO, LLC +One stopSF +5.25%(h)9.51%12/20278,069 8,099 0.28,090 
AAH TOPCO, LLC +One stopSF +5.25%(h)9.51%12/20273,469 3,483 0.13,477 AAH TOPCO, LLC +(26)Subordinated debtN/A11.50%PIK12/20313,063 2,963 0.13,032 AAH TOPCO, LLC +(5)One stopN/A(6)12/2027— (1)—— AAH TOPCO, LLC +One stopSF +5.00%(h)9.16%12/2027778 742 —778 Active Day, Inc.*+One stopSF +5.00%(h)9.26%05/202617,209 17,184 0.417,209 Active Day, Inc.+(5)One stopN/A(6)05/2026— (14)—— Active Day, Inc.+One stopSF +5.00%(h)9.26%05/20261,328 1,327 —1,328 Active Day, Inc.+One stopSF +5.00%(h)9.26%05/2026856 855 —856 Active Day, Inc.+One stopSF +5.00%(h)9.26%05/2026682 681 —682 Active Day, Inc.+One stopSF +5.00%(h)9.26%05/2026602 601 —602 Active Day, Inc.+One stopSF +5.00%(h)9.26%05/2026592 591 —592 Active Day, Inc.+One stopN/A(6)05/2026— — —— Active Day, Inc.+One stopSF +5.00%(h)N/A05/2026— — —— Active Day, Inc.+One stopSF +5.00%(h)9.26%05/20266,594 6,574 0.26,594 Acuity Eyecare Holdings, LLC+One stopSF +6.00%(i)10.22%03/202716,012 15,973 0.416,052 Acuity Eyecare Holdings, LLC+(26)One stopN/A16.50%PIK06/202716,812 16,740 0.416,980 Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)10.40%03/20273,954 3,945 0.13,964 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)10.46%03/20273,522 3,514 0.13,531 Acuity Eyecare Holdings, LLC*+One stopSF +6.25%(i)10.40%03/20273,504 3,494 0.13,513 Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)10.40%03/20273,106 3,098 0.13,114 Acuity Eyecare Holdings, LLC+One stopSF +6.00%(i)10.37%03/20271,986 1,981 0.11,991 Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)10.40%03/20271,810 1,805 0.11,814 Acuity Eyecare Holdings, LLC+One stopSF +6.00%(i)10.34%03/20271,013 1,010 —1,015 Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)10.40%03/2027439 437 —440 Acuity Eyecare Holdings, LLC+(26)One stopSF +13.00%(i)10.40% cash/6.75%PIK03/2027294 294 —307 Acuity Eyecare Holdings, LLC+One stopSF +6.00%(i)10.45%03/2027210 209 —210 Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)10.40%03/2027162 161 —162 Acuity Eyecare Holdings, LLC+(26)One stopSF +13.00%(i)10.45% cash/6.75%PIK03/2027115 115 —120 Acuity Eyecare Holdings, LLC+Senior securedSF +6.25%(i)10.67%03/2027107 106 —107 Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)10.40%03/20271 1 —1 Acuity Eyecare Holdings, LLC+One stopN/A(6)03/2027— — —— AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)Subordinated debtN/A13.75%PIK03/202818,211 18,347 0.518,211 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC*+One stopSF +6.00%(i)10.30%03/20276,353 6,359 0.26,353 AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.00%(i)10.30%03/20275,310 5,310 0.15,310 AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)Subordinated debtN/A13.75%PIK03/20283,960 3,945 0.13,960 AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)Subordinated debtN/A13.75%PIK03/20281,513 1,507 —1,513 AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.00%(i)10.41%03/2027829 828 —829 AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.00%(i)10.40%03/2027393 393 —393 AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopN/A(6)03/2027— — —— Bamboo US Bidco LLC*+One stopSF +5.25%(i)9.56%09/20302,713 2,664 0.12,713 Bamboo US Bidco LLC+(9)One stopE + 5.25%(c)7.28%09/20301,981 1,747 0.11,981 Bamboo US Bidco LLC+One stopSF +5.25%(i)9.56%09/2030415 414 —415 Bamboo US Bidco LLC+One stopSF +5.25%(h)(i)9.48%09/20301,257 1,252 —1,257 Bamboo US Bidco LLC+One stopN/A(6)09/2030— — —— Bamboo US Bidco LLC+(5)One stopN/A(6)10/2029— (10)—— 

See Notes to Consolidated Financial Statements.
65
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Bayou Intermediate II, LLC+(5)One stopN/A(6)09/2032$— $(1)—%$(2)Bayou Intermediate II, LLC+One stopSF +4.75%(i)8.76%09/20321,410 1,403 —1,396 Bayou Intermediate II, LLC+(5)One stopN/A(6)09/2032— (2)—(4)Benefit Plan Administrators of Eau Claire, LLC*One stopSF +5.00%(i)9.29%11/203012,973 12,904 0.312,973 Benefit Plan Administrators of Eau Claire, LLC+One stopSF +5.00%(i)9.29%11/20309,950 9,894 0.39,950 Benefit Plan Administrators of Eau Claire, LLC+(5)One stopN/A(6)11/2030— (12)—— Benefit Plan Administrators of Eau Claire, LLC+(5)One stopN/A(6)11/2030— (38)—— BHG Holdings, LLC+One stopSF +5.25%(h)9.41%04/203224,794 24,590 0.624,794 BHG Holdings, LLC+(5)One stopN/A(6)04/2032— (26)—— BHG Holdings, LLC+(5)One stopN/A(6)04/2032— (58)—— Community Care Partners, LLC+One stopSF +6.00%(h)10.27%06/20263,454 3,411 0.13,454 Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(10)One stopSF +5.00%(j)9.29%04/2031771 759 —771 Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(9)(10)One stopSN +5.00%(f)8.97%04/2031481 446 —481 Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)One stopN/A(6)04/2031— (1)—— Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)One stopN/A(6)10/2030— (2)—— Encorevet Group LLC+One stopSF +6.75%(i)11.10%02/202715,593 15,237 0.415,593 
Encorevet Group LLC+One stopSF +6.75%(i)11.10%02/20278,137 7,954 0.28,137 Encorevet Group LLC+One stopSF +6.75%(h)(i)11.10%02/20274,209 4,167 0.14,209 Encorevet Group LLC+One stopSF +6.75%(i)11.10%02/20272,140 2,092 0.12,140 Encorevet Group LLC+One stopSF +6.75%(i)11.10%02/20271,889 1,871 0.11,889 Encorevet Group LLC+One stopSF +6.75%(i)11.10%02/20271,176 1,152 —1,176 Encorevet Group LLC+One stopSF +6.75%(h)(i)11.10%02/2027977 945 —977 Encorevet Group LLC+One stopSF +6.75%(i)11.10%02/2027962 939 —962 Encorevet Group LLC+One stopSF +6.75%(h)(i)11.10%02/2027921 899 —921 Encorevet Group LLC+One stopSF +6.75%(i)11.10%02/2027834 814 —834 Encorevet Group LLC+One stopSF +6.75%(h)(i)11.10%02/2027423 409 —423 Encorevet Group LLC+One stopSF +6.75%(i)11.10%02/2027358 349 —358 Encorevet Group LLC+One stopSF +6.75%(i)11.10%02/2027175 171 —175 Encorevet Group LLC+One stopSF +6.75%(i)11.10%02/2027168 163 —168 Encorevet Group LLC+One stopSF +8.75%(h)(i)13.09%02/2027155 154 —157 Encorevet Group LLC+(26)One stopN/A13.00%PIK05/2027109 103 —106 Encorevet Group LLC+One stopSF +6.75%(i)(j)11.01%02/202794 92 —94 ERC Topco Holdings, LLC+(26)One stopSF +6.76%(i)10.76%PIK03/20307,661 7,082 0.26,512 
ERC Topco Holdings, LLC+One stopSF +5.50%(i)9.78%03/20301,145 1,076 —1,145 ERC Topco Holdings, LLC+(26)One stopSF +5.50%(i)9.76%03/203076 76 —76 FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.75%(k)8.62%03/202710,951 11,344 0.310,951 FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.75%(k)8.62%03/20273,958 4,083 0.13,958 FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.75%(k)8.62%03/20272,696 2,794 0.12,696 FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.75%(k)8.62%03/20272,566 2,654 0.12,566 FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)One stopSF +5.75%(i)10.21%03/20271,105 1,105 —1,105 FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)One stopSF +5.75%(i)10.21%03/2027554 554 —554 FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.75%(k)8.62%03/2027468 474 —468 Heartland Veterinary Partners LLC+Senior securedSF +4.75%(i)9.23%06/20282,506 2,514 0.12,506 Heartland Veterinary Partners LLC+Senior securedSF +4.75%(i)9.11%06/20281,190 1,184 —1,190 Heartland Veterinary Partners LLC+Senior securedN/A(6)06/2028— — —— HP TLE Buyer, Inc.+One stopSF +4.75%(i)8.75%07/20321,639 1,631 0.11,631 

See Notes to Consolidated Financial Statements.
66
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
HP TLE Buyer, Inc.+(5)One stopN/A(6)07/2032$— $(2)—%$(2)Klick Inc.*+(8)(12)Senior securedSF +4.50%(h)8.66%03/202813,488 13,507 0.313,488 Klick Inc.*(8)(12)Senior securedSF +4.50%(h)8.66%03/20283,155 3,144 0.13,155 Klick Inc.+(5)(8)(12)Senior securedN/A(6)03/2028— (1)—— Krueger-Gilbert Health Physics, LLC*+Senior securedSF +5.25%(i)9.25%11/20262,572 2,565 0.12,572 Krueger-Gilbert Health Physics, LLC*+Senior securedSF +5.25%(i)9.25%11/20262,362 2,355 0.12,362 Krueger-Gilbert Health Physics, LLC*Senior securedSF +5.25%(i)9.25%11/20261,509 1,507 —1,509 Krueger-Gilbert Health Physics, LLC*+Senior securedSF +5.25%(i)9.25%11/20261,386 1,381 —1,386 Krueger-Gilbert Health Physics, LLC+One stopSF +5.25%(i)9.25%11/2026664 663 —664 Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.25%(i)9.25%11/2026608 607 —608 Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.25%(i)9.25%11/202690 90 —90 Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.25%(i)9.27%11/2026183 182 —183 
Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.25%(i)9.25%11/2026297 297 —297 LOV Acquisition LLC+Senior securedSF +4.25%(h)8.41%11/203125,123 25,012 0.625,123 LOV Acquisition LLC+(5)Senior securedN/A(6)11/2031— (12)—— New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)(26)One stopCA +5.50%(l)7.96%PIK05/202825,477 27,846 0.725,477 New Look Corporation and New Look Vision Group Inc. *+(8)(12)One stopSF +5.50%(i)9.50%05/20285,821 5,759 0.25,821 New Look Corporation and New Look Vision Group Inc. *+(8)(12)One stopSF +5.50%(i)9.50%05/20284,107 4,041 0.14,107 New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)One stopCA +5.50%(l)7.96%05/20281,578 1,682 0.11,578 New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)One stopCA +5.50%(l)7.96%05/2028822 861 —822 New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)One stopCA +5.50%(l)7.95%05/2028154 142 —154 New Look Corporation and New Look Vision Group Inc. +(8)(12)(26)One stopSF +5.50%(i)9.50%PIK05/2028130 125 —130 New Look Corporation and New Look Vision Group Inc. +(5)(8)(12)One stopN/A(6)05/2028— (2)—— Pinnacle Treatment Centers, Inc.*One stopSF +5.75%(i)9.95%01/202718,134 18,002 0.517,952 Pinnacle Treatment Centers, Inc.*One stopSF +5.75%(i)9.95%01/202712,147 12,092 0.312,026 Pinnacle Treatment Centers, Inc.*+One stopSF +5.75%(i)9.95%01/20272,442 2,431 0.12,418 
Pinnacle Treatment Centers, Inc.*One stopSF +5.75%(i)9.95%01/20272,360 2,348 0.12,336 Pinnacle Treatment Centers, Inc.*+One stopSF +5.75%(i)9.95%01/20271,491 1,485 —1,477 Pinnacle Treatment Centers, Inc.*+One stopSF +5.75%(i)9.95%01/20271,354 1,348 —1,340 Pinnacle Treatment Centers, Inc.+One stopSF +5.75%(i)9.95%01/2027673 671 —666 Pinnacle Treatment Centers, Inc.+One stopSF +5.75%(i)9.95%01/2027528 523 —522 Pinnacle Treatment Centers, Inc.+One stopP + 4.50%(a)11.75%01/2027522 503 —502 Pinnacle Treatment Centers, Inc.+One stopSF +5.75%(i)9.95%01/2027178 176 —176 Pinnacle Treatment Centers, Inc.+One stopSF +5.75%(i)9.95%01/2027102 101 —101 Premise Health Holding Corp.+One stopSF +5.25%(i)9.25%03/20311,377 1,372 —1,377 PPV Intermediate Holdings, LLC*+One stopSF +5.75%(i)9.95%08/202914,046 13,983 0.414,046 PPV Intermediate Holdings, LLC+(26)One stopN/A14.75%PIK08/203010,340 10,398 0.310,522 PPV Intermediate Holdings, LLC+One stopSF +5.25%(i)9.45%08/20295,488 5,410 0.15,488 PPV Intermediate Holdings, LLC+(26)One stopN/A13.75%PIK08/20302,063 2,036 0.12,063 PPV Intermediate Holdings, LLC+(26)One stopN/A13.75%PIK08/2030477 472 —477 PPV Intermediate Holdings, LLC+(26)One stopN/A13.75%PIK08/203086 83 —86 PPV Intermediate Holdings, LLC+(26)One stopN/A13.75%PIK08/203087 87 —87 
PPV Intermediate Holdings, LLC+(5)One stopN/A(6)08/2029— (7)—— Premise Health Holding Corp.+(5)One stopN/A(6)03/2030— (1)—— Pyramid Healthcare Acquisition Corp.*+One stopSF +4.75%(i)9.21%05/202724,839 24,876 0.624,839 Pyramid Healthcare Acquisition Corp.*+One stopSF +4.75%(i)9.21%05/20272,569 2,559 0.12,569 Pyramid Healthcare Acquisition Corp.*+One stopSF +4.75%(i)9.14%05/20272,147 2,143 0.12,147 Pyramid Healthcare Acquisition Corp.*+One stopSF +4.75%(i)9.10%05/20271,180 1,178 —1,180 

See Notes to Consolidated Financial Statements.
67
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(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)
Pyramid Healthcare Acquisition Corp.*+One stopSF +4.75%(i)9.18%05/2027$1,081 $1,079 —%$1,081 Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(i)9.21%05/2027729 728 —729 Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(i)9.21%05/2027243 242 —243 Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(i)9.21%05/2027213 213 —213 Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(i)9.21%05/2027200 200 —200 Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(i)9.10%05/2027200 200 —200 Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(i)9.21%05/202778 78 —78 Pyramid Healthcare Acquisition Corp.+(5)One stopN/A(6)05/2027— (1)—— Suveto Buyer, LLC*+One stopSF +4.50%(h)8.66%09/202727,459 27,455 0.727,459 
Suveto Buyer, LLC+One stopSF +4.50%(h)8.66%09/202711,180 11,096 0.311,180 Suveto Buyer, LLC+(5)One stopN/A(6)09/2027— (2)—— 512,013 511,926 12.9510,894 Healthcare TechnologyAmberfield Acquisition Co.*+One stopSF +5.50%(i)9.50%05/20307,138 7,110 0.27,138 Amberfield Acquisition Co.+One stopSF +5.50%(i)9.50%05/2030176 169 —176 Amberfield Acquisition Co.+One stopSF +5.50%(i)9.50%05/2030164 162 —164 Color Intermediate, LLC*+Senior securedSF +4.75%(i)8.85%10/202917,388 17,354 0.417,388 Connexin Software, Inc.+One stopSF +6.25%(i)10.40%03/202711,759 11,742 0.311,759 Connexin Software, Inc.+One stopN/A(6)03/2027— — —— Crow River Buyer, Inc.+One stopSF +6.00%(i)10.31%01/20296,032 6,019 0.26,032 Crow River Buyer, Inc.+(5)One stopN/A(6)01/2029— (1)—— Crow River Buyer, Inc.+One stopSF +6.00%(h)10.17%01/20298,700 8,630 0.28,700 ESO Solution, Inc.+One stopSF +6.75%(i)10.95%05/202711,359 11,376 0.311,359 ESO Solution, Inc.+One stopSF +6.75%(i)10.95%05/20273,803 3,761 0.13,803 ESO Solution, Inc.+One stopSF +6.75%(i)10.95%03/2027142 142 —142 GHX Ultimate Parent Corporation+One stopSF +4.75%(i)8.75%12/203153,749 53,270 1.453,749 GHX Ultimate Parent Corporation+(5)One stopN/A(6)12/2031— (45)—— 
Healthmark Holdings, L.P.+(5)One stopN/A(6)07/2032— (1)—(2)Healthmark Holdings, L.P.+(5)One stopN/A(6)07/2032— (2)—(2)Healthmark Holdings, L.P.+One stopSF +4.50%(i)8.70%07/20321,499 1,492 —1,484 Kona Buyer, LLC+One stopSF +4.50%(i)8.82%07/203115,713 15,583 0.415,713 Kona Buyer, LLC+(5)One stopN/A(6)07/2031— (15)—— Kona Buyer, LLC+One stopSF +4.50%(i)8.82%07/2031922 922 —922 Kona Buyer, LLC+One stopSF +4.50%(i)8.82%07/2031259 258 —259 Kona Buyer, LLC+One stopN/A(6)07/2031— — —— Kona Buyer, LLC+One stopN/A(6)07/2031— — —— Kona Buyer, LLC+One stopN/A(6)07/2031— — —— Kona Buyer, LLC+One stopN/A(6)07/2031— — —— Lacker Bidco Limited+(8)(9)(10)One stopSN +5.75%(f)9.72%02/2031637 600 —631 Lacker Bidco Limited+(8)(9)(10)One stopSN +5.75%(f)9.72%02/2031529 516 —521 Lacker Bidco Limited+(5)(8)(9)(10)One stopN/A(6)08/2030— (2)—(1)Modernizing Medicine, Inc.+(26)One stopSF +4.75%(i)6.50% cash/2.25%PIK04/203232,379 32,078 0.832,379 Modernizing Medicine, Inc.+(5)One stopN/A(6)04/2032— (28)—— Neptune Holdings, Inc.*One stopSF +4.50%(i)8.50%09/203016,017 16,099 0.416,017 Neptune Holdings, Inc.+One stopN/A(6)08/2029— — —— Netsmart Technologies, Inc.+(26)One stopSF +4.95%(h)6.66% cash/2.45%PIK08/203152,670 52,239 1.352,670 
Netsmart Technologies, Inc.+(5)One stopN/A(6)08/2031— (59)—— Netsmart Technologies, Inc.+(5)One stopN/A(6)08/2031— (29)—— Plasma Buyer LLC+One stopSF +5.75%(i)10.05%05/20297,975 7,821 0.26,778 Plasma Buyer LLC+One stopSF +6.25%(i)10.55%05/2029301 296 —256 Plasma Buyer LLC+One stopSF +5.75%(i)10.05%05/2028110 108 —94 QF Holdings, Inc.+One stopSF +4.75%(i)9.06%12/2027924 921 —924 Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.85% cash/3.50%PIK11/202511,513 11,478 0.311,628 

See Notes to Consolidated Financial Statements.
68
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(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)
Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.85% cash/3.50%PIK11/2025$11,207 $11,173 0.3%$11,319 Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.85% cash/3.50%PIK11/20257,383 7,361 0.27,457 Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.85% cash/3.50%PIK11/20251,899 1,893 0.11,918 Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.85% cash/3.50%PIK11/20251,688 1,683 0.11,704 Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.85% cash/3.50%PIK11/20251,266 1,262 —1,278 
Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.85% cash/3.50%PIK11/20251,054 1,051 —1,065 Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.85% cash/3.50%PIK11/2025844 841 —852 Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.85% cash/3.50%PIK11/2025168 168 —170 Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.85% cash/3.50%PIK11/202590 90 —90 Transaction Data Systems, Inc.*+One stopSF +4.25%(i)8.40%08/202674,490 74,392 1.974,490 Transaction Data Systems, Inc.+One stopN/A(6)08/2026— — —— 361,947 359,878 9.1361,024 Hotels, Restaurants & Leisure Barteca Restaurants, LLC*+One stopSF +6.00%(i)(j)10.34%08/202813,540 13,520 0.313,540 Barteca Restaurants, LLC+One stopSF +6.00%(j)10.38%08/2028683 679 —683 Barteca Restaurants, LLC+One stopSF +6.00%(i)10.15%08/2028466 437 —466 Barteca Restaurants, LLC+One stopSF +6.00%(i)(j)10.25%08/2028200 199 —200 BJH Holdings III Corp.*+One stopSF +5.00%(i)9.00%08/202769,569 69,371 1.869,569 BJH Holdings III Corp.+One stopSF +5.00%(i)9.00%08/20275,547 5,492 0.15,547 BJH Holdings III Corp.+One stopSF +5.00%(h)(i)9.07%08/2027576 569 —576 Cafe Rio Holding, Inc.*+One stopSF +5.75%(i)10.21%09/202817,815 17,815 0.517,636 
Cafe Rio Holding, Inc.*+One stopSF +5.75%(i)10.21%09/20283,177 3,166 0.13,145 Cafe Rio Holding, Inc.*+One stopSF +5.75%(i)10.21%09/20282,134 2,134 0.12,113 Cafe Rio Holding, Inc.*One stopSF +5.75%(i)10.21%09/20281,354 1,354 —1,340 Cafe Rio Holding, Inc.*+One stopSF +5.75%(i)10.21%09/20281,195 1,195 —1,184 Cafe Rio Holding, Inc.+One stopSF +5.75%(h)(i)9.95%09/2028112 112 —110 Cafe Rio Holding, Inc.+One stopSF +5.75%(i)10.21%09/2028171 171 —170 Cafe Rio Holding, Inc.+One stopSF +5.75%(i)10.21%09/2028123 122 —122 Cafe Rio Holding, Inc.+One stopSF +5.75%(i)10.21%09/202898 97 —97 Cafe Rio Holding, Inc.+One stopSF +5.75%(i)10.21%09/202896 95 —95 Cafe Rio Holding, Inc.+One stopSF +5.75%(i)10.21%09/202878 77 —77 Cafe Rio Holding, Inc.+One stopSF +5.75%(i)10.21%09/202849 49 —49 Cafe Rio Holding, Inc.+One stopSF +5.75%(i)10.21%09/202855 55 —55 Crumbl Enterprises, LLC+One stopSF +4.50%(i)8.50%05/203232,326 32,174 0.832,326 Crumbl Enterprises, LLC+One stopSF +4.50%(i)8.50%05/2032421 409 —421 ESN Venture Holdings, LLC*+(26)One stopSF +6.26%(i)6.88% cash/3.38%PIK10/20295,353 5,296 0.15,353 ESN Venture Holdings, LLC+(26)One stopSF +6.26%(i)6.88% cash/3.38%PIK10/20291,585 1,573 —1,585 
ESN Venture Holdings, LLC+(26)One stopSF +6.26%(i)6.87% cash/3.38%PIK10/2029915 909 —915 ESN Venture Holdings, LLC+(26)One stopSF +6.26%(i)6.88% cash/3.38%PIK10/2029808 801 —808 ESN Venture Holdings, LLC+(26)One stopSF +6.26%(i)6.88% cash/3.38%PIK10/2029437 435 —437 ESN Venture Holdings, LLC+(26)One stopSF +6.26%(i)6.94% cash/3.38%PIK10/2029771 727 —771 ESN Venture Holdings, LLC+(26)One stopSF +6.26%(i)6.88% cash/3.38%PIK10/2029371 367 —371 ESN Venture Holdings, LLC+(5)One stopN/A(6)10/2029— (9)—— ESN Venture Holdings, LLC+(26)One stopSF +6.26%(i)6.88% cash/3.38%PIK10/2029181 180 —181 GFP Atlantic Holdco 2, LLC+One stopSF +6.00%(i)10.21%11/20291,067 1,066 —1,067 GFP Atlantic Holdco 2, LLC+One stopSF +6.00%(i)10.30%11/2029798 789 —798 Harri US LLC+(26)One stopSF +7.25%(i)6.70% cash/4.75%PIK08/20281,304 1,277 —1,253 Harri US LLC+(26)One stopSF +7.25%(i)6.70% cash/4.75%PIK08/2028882 877 —847 Harri US LLC+(26)One stopSF +7.25%(i)6.70% cash/4.75%PIK08/2028857 852 —822 Harri US LLC+(5)One stopN/A(6)08/2028— — —(2)Harri US LLC+(26)One stopSF +7.25%(i)6.50% cash/4.75%PIK08/20281,601 1,496 —1,537 
Harri US LLC+(5)One stopN/A(6)08/2028— (7)—(83)Health Buyer, LLC*+Senior securedSF +5.25%(i)9.25%04/20293,863 3,854 0.13,863 

See Notes to Consolidated Financial Statements.
69
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(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)
Health Buyer, LLC+Senior securedSF +5.50%(i)9.50%04/2029$1,763 $1,745 0.1%$1,763 
Health Buyer, LLC+Senior securedSF +5.50%(i)9.50%04/2029886 878 —886 
Health Buyer, LLC+Senior securedSF +5.50%(i)9.50%04/2029129 128 —129 
Health Buyer, LLC+Senior securedN/A(6)04/2028— — —— 
Olo Parent, Inc.+One stopN/A(6)09/2032— — —— 
Olo Parent, Inc.+One stopSF +4.50%(i)8.56%09/20321,826 1,821 0.11,822 
Patriot Acquireco, LLC+One stopSF +4.50%(i)8.66%09/203226 25 —25 
Patriot Acquireco, LLC+One stopSF +4.50%(i)8.66%09/20321,818 1,809 0.11,809 
PB Group Holdings, LLC+(26)One stopSF +5.50%(h)6.91% cash/2.75%PIK08/203037,581 37,432 1.037,581 
PB Group Holdings, LLC+One stopSF +5.00%(h)9.16%08/2030513 495 —513 
QSR Acquisition Co.+One stopSF +4.25%(i)8.25%06/20321,525 1,520 —1,525 
QSR Acquisition Co.+One stopN/A(6)06/2032— — —— 
QSR Acquisition Co.+(5)One stopN/A(6)06/2032— (1)—— 
Rooster BidCo Limited+(8)(9)(10)One stopSN +5.00%(f)8.97%03/20324,984 4,755 0.14,984 
Rooster BidCo Limited+(8)(9)(10)One stopSN +5.00%(f)8.97%03/2032119 118 —119 
Rooster BidCo Limited+(5)(8)(9)(10)One stopN/A(6)03/2032— (24)—— 
Saguaro Buyer, LLC+One stopSF +4.50%(h)8.66%07/20326 6 —6 
Saguaro Buyer, LLC+One stopSF +4.50%(h)8.66%07/2032400 398 —400 
Saguaro Buyer, LLC+One stopN/A(6)07/2032— — —— 
Saguaro Buyer, LLC+One stopSF +4.50%(h)8.66%07/203211 9 —11 
SDC Holdco, LLC+(5)One stopN/A(6)07/2032— (1)—(1)
SDC Holdco, LLC+One stopSF +4.38%(h)8.54%07/20321,788 1,779 0.11,779 
SSRG Holdings, LLC*One stopSF +4.75%(i)8.75%11/202912,408 12,307 0.312,346 
SSRG Holdings, LLC*+One stopSF +4.75%(i)8.75%11/20297,702 7,707 0.27,664 
SSRG Holdings, LLC+One stopSF +4.75%(i)8.75%11/2029908 893 —895 
SSRG Holdings, LLC+One stopSF +4.75%(i)8.75%11/2029607 603 —605 
SSRG Holdings, LLC+(5)One stopN/A(6)11/2029— (2)—(2)
SSRG Holdings, LLC+One stopSF +4.75%(i)8.75%11/2029677 674 —674 
Super REGO, LLC+(26)Subordinated debtN/A15.00%PIK03/203074 74 —74 
YE Brands Holding, LLC*+One stopSF +4.75%(i)8.75%10/202717,454 17,586 0.417,454 
YE Brands Holding, LLC+One stopSF +4.75%(i)8.75%10/20271,179 1,175 —1,179 
YE Brands Holding, LLC+One stopSF +4.75%(i)8.75%10/202724 24 —24 
264,986 263,708 6.3264,308 
Household Products
WU Holdco, Inc.+One stopSF +4.75%(i)8.75%04/20329,564 9,519 0.29,564 
WU Holdco, Inc.+(5)One stopN/A(6)04/2032— (3)—— 
WU Holdco, Inc.+(5)One stopN/A(6)04/2032— (5)—— 
9,564 9,511 0.29,564 


See Notes to Consolidated Financial Statements.
70
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(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)
Industrial ConglomeratesArch Global CCT Holdings Corp.*+Senior securedSF +4.75%(h)8.91%04/2026$3,160 $3,148 0.1%$3,128 Arch Global CCT Holdings Corp.+Senior securedSF +4.75%(h)8.91%04/2026635 625 —629 Arch Global CCT Holdings Corp.+Senior securedSF +4.75%(h)8.91%04/2026591 581 —585 Dwyer Instruments, Inc.+(9)One stopE + 5.00%(c)7.00%07/202952,997 47,221 1.352,997 Dwyer Instruments, Inc.+One stopSF +4.75%(i)8.75%07/20291,485 1,473 —1,485 Dwyer Instruments, Inc.+(5)(9)One stopN/A(6)07/2029— (39)—— Dwyer Instruments, Inc.+(5)One stopN/A(6)07/2029— (26)—— Dwyer Instruments, Inc.+One stopSF +4.75%(i)8.75%07/20295,767 5,753 0.25,767 Dwyer Instruments, Inc.+One stopSF +4.75%(i)8.75%07/2029243 222 —243 Dwyer Instruments, Inc.+One stopSF +4.75%(i)8.75%07/20291,463 1,452 —1,463 Dwyer Instruments, Inc.+One stopSF +4.75%(i)8.75%07/2029468 465 —468 Dwyer Instruments, Inc.+One stopSF +4.75%(i)8.75%07/2029548 541 —548 Essential Services Holdings Corporation+One stopSF +5.00%(i)9.32%06/203111,514 11,420 0.311,399 
Essential Services Holdings Corporation+One stopSF +5.00%(i)9.19%06/2030282 271 —272 Essential Services Holdings Corporation+(5)One stopN/A(6)06/2031— (9)—(23)Excelitas Technologies Corp.+(5)One stopN/A(6)08/2029— (46)—— Excelitas Technologies Corp.+One stopSF +5.25%(h)9.41%08/202910,022 9,970 0.310,022 Excelitas Technologies Corp.+(9)One stopE + 5.25%(b)7.16%08/20292,002 1,777 0.12,002 Excelitas Technologies Corp.+(5)One stopN/A(6)08/2028— (2)—— 91,177 84,797 2.390,985 InsuranceAMBA Buyer, Inc.*+One stopSF +5.25%(i)9.35%07/20274,422 4,429 0.14,422 AMBA Buyer, Inc.+One stopSF +5.25%(i)9.35%07/20271,317 1,315 —1,317 AMBA Buyer, Inc.+One stopSF +5.25%(i)9.35%07/20271,111 1,109 —1,111 AMBA Buyer, Inc.+One stopSF +5.25%(i)9.35%07/2027161 161 —161 AMBA Buyer, Inc.+One stopN/A(6)07/2027— — —— Bellwether Buyer, LLC+One stopSF +4.50%(h)8.66%04/2032262 257 —262 Bellwether Buyer, LLC+One stopSF +4.50%(h)8.64%04/20325,031 5,008 0.15,031 Bellwether Buyer, LLC+(5)One stopN/A(6)04/2032— (6)—— Ben Nevis Midco Limited+(8)(10)One stopSF +5.50%(i)9.81%03/2028561 554 —561 Ben Nevis Midco Limited+(8)(10)One stopSF +5.50%(i)9.70%03/2028378 378 —378 Ben Nevis Midco Limited+(8)(10)One stopSF +5.50%(i)9.81%03/2028465 456 —465 
Ben Nevis Midco Limited+(8)(10)One stopSF +5.50%(i)9.81%03/202897 96 —97 Captive Resources Midco, LLC+One stopSF +4.50%(h)8.66%07/202922,958 22,938 0.622,958 Captive Resources Midco, LLC+(5)One stopN/A(6)07/2028— (2)—— Doxa Insurance Holdings LLC+One stopSF +5.25%(i)9.25%12/20301,718 1,748 0.11,718 Doxa Insurance Holdings LLC+One stopSF +5.25%(i)9.25%12/20301,618 1,622 —1,618 Doxa Insurance Holdings LLC+One stopSF +5.25%(i)9.25%12/202912 12 —12 Doxa Insurance Holdings LLC+(5)One stopN/A(6)12/2030— (22)—— Gimlet Bidco GMBH+(8)(9)(19)One stopE + 5.75%(c)7.78%04/20311,149 1,035 —1,137 Gimlet Bidco GMBH+(8)(9)(19)One stopE + 5.75%(b)(c)7.75%04/2031408 375 —404 Gimlet Bidco GMBH+(5)(8)(9)(19)One stopN/A(6)04/2031— (5)—(10)Illumifin Corporation+(26)One stopSF +6.00%(i)10.59%09/20274,648 4,470 0.14,416 Integrated Specialty Coverages, LLC+One stopSF +4.75%(h)8.91%07/203010,111 10,043 0.310,111 Integrated Specialty Coverages, LLC+(5)One stopN/A(6)07/2029— (1)—— Integrated Specialty Coverages, LLC+(5)One stopN/A(6)07/2030— (4)—— Integrity Marketing Acquisition, LLC*+One stopSF +5.00%(i)9.20%08/202848,347 48,067 1.248,347 Integrity Marketing Acquisition, LLC+(5)One stopN/A(6)08/2028— (3)—— 
Integrity Marketing Acquisition, LLC+(5)One stopN/A(6)08/2028— (5)—— J.S. Held Holdings, LLC*+One stopSF +5.50%(i)9.65%06/202837,835 37,469 1.037,835 J.S. Held Holdings, LLC+One stopSF +5.50%(i)9.65%06/202811,024 10,949 0.311,024 

See Notes to Consolidated Financial Statements.
71
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
J.S. Held Holdings, LLC+(5)One stopN/A(6)06/2028$— $(7)—%$— Koala Investment Holdings, Inc.+(8)(10)One stopSF +4.50%(i)8.50%08/20321,564 1,557 —1,549 Koala Investment Holdings, Inc.+(5)(8)(10)One stopN/A(6)08/2032— (1)—(1)Koala Investment Holdings, Inc.+(5)(8)(10)One stopN/A(6)08/2032— (1)—(3)Majesco*+One stopSF +4.75%(i)8.75%09/202827,954 27,981 0.727,954 Majesco+(5)One stopN/A(6)09/2027— (1)—— MRH Trowe Germany GMBH+(5)(8)(9)(19)One stopN/A(6)11/2031— (2)—— MRH Trowe Germany GMBH+(8)(9)(19)One stopE + 5.00%(d)7.11%05/20326,242 5,950 0.26,242 MRH Trowe Germany GMBH+(8)(9)(19)One stopE + 5.00%(c)6.99%05/2032236 235 —236 Oakbridge Insurance Agency LLC+One stopSF +5.75%(h)9.97%11/20292,258 2,289 0.12,258 
Oakbridge Insurance Agency LLC+One stopSF +5.75%(h)9.97%11/20291,091 1,090 —1,091 Oakbridge Insurance Agency LLC+One stopSF +5.75%(h)10.03%11/20294 3 —4 Oakbridge Insurance Agency LLC+One stopSF +5.00%(h)9.27%11/2029276 271 —276 Pareto Health Intermediate Holdings, Inc.*+One stopSF +4.75%(i)8.75%05/203074,088 73,580 1.974,088 Pareto Health Intermediate Holdings, Inc.+(5)One stopN/A(6)06/2029— (1)—— Pareto Health Intermediate Holdings, Inc.+(5)One stopN/A(6)05/2030— (49)—— Patriot Growth Insurance Services, LLC+One stopSF +5.00%(i)9.15%10/202872,028 71,322 1.872,028 Patriot Growth Insurance Services, LLC+One stopSF +5.00%(i)9.15%10/20289,823 9,664 0.39,823 Patriot Growth Insurance Services, LLC+One stopSF +5.00%(i)9.00%10/20283,047 3,039 0.13,047 Patriot Growth Insurance Services, LLC+(5)One stopN/A(6)10/2028— (41)—— People Corporation+(8)(9)(12)One stopCA +5.25%(l)8.27%02/202823,737 25,132 0.623,797 People Corporation+(8)(9)(12)One stopCA +5.25%(l)8.27%02/202819,927 20,499 0.519,976 People Corporation+(8)(9)(12)One stopCA +5.25%(l)8.27%02/20289,746 9,790 0.39,771 People Corporation+(8)(9)(12)One stopCA +5.25%(l)8.27%02/20287,792 8,360 0.27,811 People Corporation+(8)(9)(12)One stopCA +5.25%(l)8.26%02/2027258 262 —258 People Corporation+(8)(9)(12)One stopCA +5.00%(l)7.99%02/20286,619 6,608 0.26,619 
Wasabi Lower Holdco, LLC+(5)Senior securedN/A(6)06/2032— (8)—— Wasabi Lower Holdco, LLC+Senior securedSF +4.50%(h)8.66%06/20322,610 2,577 0.12,610 World Insurance Associates, LLC+One stopSF +5.00%(i)9.00%04/20301,724 1,707 0.11,724 World Insurance Associates, LLC+(5)One stopN/A(6)04/2030— (2)—— 424,657 424,246 10.9424,533 Internet & Direct Marketing RetailRevalize, Inc.+(26)One stopSF +6.50%(i)8.90% cash/1.75%PIK04/202920,410 20,185 0.517,962 Revalize, Inc.+(26)One stopSF +6.50%(i)8.90% cash/1.75%PIK04/202911,947 11,755 0.310,513 Revalize, Inc.+(26)One stopSF +6.50%(i)8.90% cash/1.75%PIK04/20295,923 5,828 0.15,212 Revalize, Inc.+(26)One stopSF +6.50%(i)8.90% cash/1.75%PIK04/20293,568 3,499 0.13,140 Revalize, Inc.+(26)One stopSF +6.50%(i)8.89% cash/1.75%PIK04/20292,428 2,377 0.12,137 Revalize, Inc.+(26)One stopSF +6.50%(i)8.90% cash/1.75%PIK04/20292,385 2,288 0.12,099 Revalize, Inc.+(26)One stopSF +6.50%(i)8.90% cash/1.75%PIK04/2029228 216 —201 Revalize, Inc.+(26)One stopSF +6.25%(i)9.90% cash/0.50%PIK04/2029297 282 —242 47,186 46,430 1.241,506 
IT ServicesAcquia, Inc.*+One stopSF +6.00%(i)10.43%10/202612,020 12,005 0.312,020 Acquia, Inc.+One stopSF +6.00%(i)10.43%10/20261,083 1,081 —1,083 Acquia, Inc.+One stopSF +6.00%(i)10.45%10/2026112 112 —112 CivicPlus, LLC+One stopSF +5.50%(i)9.70%08/203023,499 23,442 0.623,499 CivicPlus, LLC+(5)One stopN/A(6)08/2030— (17)—— CivicPlus, LLC+(26)One stopSF +11.75%(i)(j)15.75%PIK06/2034356 354 —358 CivicPlus, LLC+(5)One stopN/A(6)08/2030— (2)—— ContractPod Technologies, Ltd.+(8)(10)(26)One stopSF +6.50%(i)7.25% cash/3.25%PIK07/2030504 502 —504 ContractPod Technologies, Ltd.+(5)(8)(10)One stopN/A(6)07/2030— (1)—— ContractPod Technologies, Ltd.+(5)(8)(10)One stopN/A(6)07/2030— (1)—— 

See Notes to Consolidated Financial Statements.
72
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(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)
Critical Start, Inc.+(26)One stopSF +6.75%(i)7.46% cash/3.63%PIK05/2028$5,450 $5,443 0.1%$5,395 
Critical Start, Inc.+(26)One stopSF +6.75%(i)7.46% cash/3.63%PIK05/20282,503 2,478 0.12,477 
Critical Start, Inc.+(5)One stopN/A(6)05/2028— (1)—(2)
Delinea Inc.*+One stopSF +5.75%(i)9.90%03/202822,375 22,380 0.622,375 
Delinea Inc.*+One stopSF +5.75%(i)9.90%03/202812,990 12,992 0.312,990 
Delinea Inc.+One stopSF +5.75%(i)9.90%03/202811,385 11,375 0.311,385 
Delinea Inc.+(5)One stopN/A(6)03/2027— (1)—— 
Goldcup 31018 AB+(8)(9)(17)(26)One stopE + 6.50%(d)8.57%PIK07/202915,805 14,046 0.414,936 
Goldcup 31018 AB+(8)(9)(17)(26)One stopE + 6.50%(d)8.57%PIK07/20291,474 1,330 —1,393 
Goldcup 31018 AB+(8)(9)(17)One stopE + 6.25%(d)8.32%01/2029234 209 —220 
Kentik Technologies, Inc.+(26)Senior securedSF +8.00%(i)8.02% cash/4.00%PIK11/202956 54 —56 
Kentik Technologies, Inc.+(26)Senior securedSF +8.00%(i)8.02% cash/4.00%PIK11/202950 50 —50 
Netwrix Corporation*+One stopSF +4.75%(i)8.95%06/20299,541 9,544 0.29,541 
Netwrix Corporation+One stopSF +4.75%(i)8.95%06/2029383 382 —383 
Netwrix Corporation+One stopSF +4.75%(i)8.95%06/2029162 159 —162 
Netwrix Corporation+(5)One stopN/A(6)06/2029— (1)—— 
Optimizely North America, Inc.+One stopSF +5.00%(h)9.16%10/203138,128 37,797 1.038,128 
Optimizely North America, Inc.+(9)One stopE + 5.25%(b)7.15%10/203115,843 14,529 0.415,843 
Optimizely North America, Inc.+(9)One stopSN +5.50%(f)9.47%10/20315,979 5,715 0.25,979 
Optimizely North America, Inc.+(5)One stopN/A(6)10/2031— (86)—— 
PDQ Intermediate, Inc.+(26)Subordinated debtN/A13.75%PIK10/2031130 129 —132 
ReliaQuest Holdings, LLC+(26)One stopSF +6.00%(i)7.06% cash/3.25%PIK04/203112,133 12,107 0.312,133 
ReliaQuest Holdings, LLC+(5)One stopN/A(6)04/2031— (7)—— 
ReliaQuest Holdings, LLC+(5)One stopN/A(6)04/2031— (22)—— 
ReliaQuest Holdings, LLC+(26)One stopSF +6.00%(i)7.06% cash/3.25%PIK04/203128,895 28,763 0.728,895 
Saturn Borrower Inc.*+One stopSF +6.00%(i)10.00%11/202827,326 27,055 0.727,326 
Saturn Borrower Inc.+One stopSF +6.00%(h)10.16%11/2028110 104 —110 
WPEngine, Inc.+One stopSF +6.00%(i)10.02%08/20295,438 5,423 0.15,438 
WPEngine, Inc.+One stopN/A(6)08/2029— — —— 
Zarya Holdco, Inc.+One stopSF +6.50%(i)10.70%07/20277,174 7,205 0.27,174 
Zarya Holdco, Inc.+One stopSF +6.50%(i)10.70%07/20271,399 1,393 —1,399 
Zarya Holdco, Inc.+One stopN/A(6)07/2027— — —— 
262,537 258,019 6.5261,494 
Leisure Products
Crunch Holdings, LLC+One stopSF +4.75%(h)8.91%09/20311,765 1,761 0.11,765 
Crunch Holdings, LLC+(5)One stopN/A(6)09/2031— (1)—— 
Movement Holdings, LLC+(8)(10)One stopSF +5.50%(i)9.70%03/2030832 830 —832 
Movement Holdings, LLC+(8)(10)One stopN/A(6)03/2030— — —— 
Movement Holdings, LLC+(5)(8)(10)One stopN/A(6)03/2030— (1)—— 
WBZ Investment, LLC+One stopSF +6.75%(j)11.17%03/20277,703 7,703 0.27,703 
WBZ Investment, LLC+One stopSF +6.75%(j)11.17%03/20271,702 1,702 0.11,702 
WBZ Investment, LLC+One stopSF +6.75%(j)11.17%03/20271,182 1,182 —1,182 
WBZ Investment, LLC+One stopSF +6.75%(j)11.17%03/2027628 628 —628 
WBZ Investment, LLC+One stopN/A(6)03/2027— — —— 
13,812 13,804 0.413,812 


See Notes to Consolidated Financial Statements.
73
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(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)
Life Sciences Tools & Services
Celerion Buyer, Inc.*+One stopSF +5.00%(i)9.25%11/2029$30,864 $30,598 0.8%$30,864 
Celerion Buyer, Inc.+(5)One stopN/A(6)11/2028— (1)—— 
Celerion Buyer, Inc.+(5)One stopN/A(6)11/2029— (64)—— 
Celerion Buyer, Inc.*One stopSF +5.00%(i)9.25%11/202921,901 21,720 0.621,901 
Diamondback Acquisition, Inc.+One stopSF +4.50%(h)8.66%09/20321,492 1,489 —1,489 
Diamondback Acquisition, Inc.+(5)One stopN/A(6)09/2032— (1)—(2)
Diamondback Acquisition, Inc.+One stopSF +4.50%(h)8.66%09/203239 38 —38 
PAS Parent Inc.*+One stopSF +4.50%(h)8.66%08/203258,248 57,967 1.557,666 
PAS Parent Inc.+(5)One stopN/A(6)08/2031— (6)—(10)
PAS Parent Inc.+(5)One stopN/A(6)08/2032— (2)—(49)
Unchained Labs, LLC*+Senior securedSF +5.50%(h)9.71%08/20271,386 1,374 —1,357 
Unchained Labs, LLC+Senior securedSF +5.50%(h)9.71%08/20271,170 1,158 —1,147 
Unchained Labs, LLC+(5)Senior securedN/A(6)08/2027— (1)—(2)
115,100 114,269 2.9114,399 
Machinery
AI Titan Parent, Inc.+One stopSF +4.50%(h)8.66%08/203110,508 10,420 0.310,508 
AI Titan Parent, Inc.+(5)One stopN/A(6)08/2031— (9)—— 
AI Titan Parent, Inc.+(5)One stopN/A(6)08/2031— (11)—— 
Blackbird Purchaser, Inc.+One stopSF +5.50%(i)9.50%12/20304,432 4,500 0.14,432 
Blackbird Purchaser, Inc.+One stopSF +5.50%(i)9.50%12/2030520 520 —520 
Blackbird Purchaser, Inc.+One stopSF +5.50%(h)(i)9.55%12/202970 69 —70 
Chase Industries, Inc.+(26)(27)Senior securedSF +7.00%(i)9.65% cash/1.50%PIK11/202613,694 13,586 0.313,557 
Chase Industries, Inc.+(26)(27)Senior securedSF +7.00%(i)9.65% cash/1.50%PIK11/20261,294 1,280 —1,281 
Chase Industries, Inc.+(26)(27)Senior securedSF +7.00%(i)9.65% cash/1.50%PIK11/2026201 193 —195 
Thermogenics, Inc.+(8)(9)(12)One stopCA +4.25%(l)6.70%06/2032139 141 —139 
Thermogenics, Inc.+(5)(8)(12)One stopN/A(6)06/2032— (1)—— 
Thermogenics, Inc.+(8)(12)One stopSF +4.25%(i)8.25%06/2032180 179 —180 
Thermogenics, Inc.+(5)(8)(12)One stopN/A(6)06/2032— (3)—— 
Thermogenics, Inc.+(8)(9)(12)One stopCA +4.25%(l)6.70%06/203214 14 —14 
31,052 30,878 0.730,896 
Marine
Project Nike Purchaser, LLC*+One stopSF +5.25%(i)9.25%04/202933,523 33,657 0.833,187 
Project Nike Purchaser, LLC+One stopSF +5.25%(i)9.25%04/2029742 739 —735 
Project Nike Purchaser, LLC+One stopSF +5.25%(i)9.25%04/2029198 197 —194 
34,463 34,593 0.834,116 
Media
Lotus Topco, Inc.*One stopSF +4.75%(i)8.75%06/20305,112 5,081 0.15,073 
Lotus Topco, Inc.+(5)One stopN/A(6)06/2030— (6)—(8)
Lotus Topco, Inc.+One stopSF +4.75%(i)8.75%06/2030647 632 —628 
Lotus Topco, Inc.+One stopSF +4.75%(i)8.75%06/20302,000 1,986 0.11,985 
Shout! Factory, LLC+One stopSF +5.25%(i)9.25%06/20311,778 1,766 0.11,778 
Shout! Factory, LLC+One stopSF +5.25%(i)9.25%06/203137 35 —37 
Triple Lift, Inc.*+One stopSF +5.75%(i)9.90%05/20287,224 7,134 0.26,718 
Triple Lift, Inc.*+One stopSF +5.75%(i)9.90%05/20281,541 1,514 —1,433 
Triple Lift, Inc.+(5)One stopN/A(6)05/2028— (4)—(10)
18,339 18,138 0.517,634 
Oil, Gas & Consumable Fuels
Envernus, Inc.+One stopSF +5.50%(h)9.66%12/20297,993 8,066 0.27,993 
Envernus, Inc.+One stopSF +5.50%(h)9.64%12/20294 3 —4 
Envernus, Inc.+One stopN/A(6)12/2029— — —— 
7,997 8,069 0.27,997 

See Notes to Consolidated Financial Statements.
74
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(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)
Paper & Forest ProductsMessenger, LLC*+One stopSF +5.00%(h)9.16%12/2027$14,039 $14,038 0.4%$14,039 Messenger, LLC+(9)One stopSN +5.00%(f)8.97%12/2027907 853 —907 Messenger, LLC+One stopSF +5.00%(h)9.16%12/2027507 506 —507 Messenger, LLC+(9)One stopSN +5.00%(f)8.97%12/20279 9 —9 Messenger, LLC*+One stopSF +5.00%(h)9.16%12/20271,471 1,489 —1,471 Messenger, LLC+One stopSF +5.00%(h)9.16%12/2027738 736 —738 Messenger, LLC+One stopN/A(6)12/2027— — —— 17,671 17,631 0.417,671 PharmaceuticalsACP Ulysses Buyer, Inc.*+One stopSF +5.50%(i)9.50%02/202930,144 30,018 0.830,144 ACP Ulysses Buyer, Inc.*+One stopSF +5.50%(i)9.50%02/20291,303 1,289 —1,303 Amalthea Parent, Inc.*+(8)(12)One stopSF +5.00%(i)9.46%03/202786,739 84,842 2.184,137 Amalthea Parent, Inc.+(8)(12)One stopSF +5.00%(h)9.27%03/2027540 519 —524 Apothecary Products, LLC*Senior securedSF +5.00%(j)9.04%07/20262,191 2,188 0.12,191 Apothecary Products, LLC+Senior securedSF +5.00%(i)9.21%07/202665 64 —65 
Caerus Midco 3 S.A.R.L.*+(8)One stopSF +5.00%(i)9.00%05/202929,110 29,139 0.729,110 Caerus Midco 3 S.A.R.L.+(8)One stopSF +5.00%(i)9.00%05/20294,826 4,829 0.14,826 Caerus Midco 3 S.A.R.L.+(8)One stopSF +5.00%(i)9.00%05/20294,454 4,417 0.14,454 Caerus Midco 3 S.A.R.L.+(8)One stopSF +5.00%(i)9.00%05/2029707 703 —707 Caerus Midco 3 S.A.R.L.+(8)One stopSF +5.00%(h)9.16%05/2029262 259 —262 Cobalt Buyer Sub, Inc.*+One stopSF +5.75%(i)9.95%10/202814,684 14,648 0.414,390 Cobalt Buyer Sub, Inc.*+One stopSF +5.75%(i)9.95%10/20284,915 4,902 0.14,817 Cobalt Buyer Sub, Inc.+One stopSF +5.75%(i)9.95%10/20283,720 3,665 0.13,645 Cobalt Buyer Sub, Inc.+One stopSF +5.75%(i)9.95%10/2027439 427 —417 Cobalt Buyer Sub, Inc.+One stopSF +5.75%(i)9.95%10/20286,333 6,275 0.26,206 Cobalt Buyer Sub, Inc.+(5)One stopN/A(6)10/2028— (58)—— Creek Parent, Inc.+One stopSF +5.00%(h)9.14%12/203156,544 55,666 1.456,544 Creek Parent, Inc.+(5)One stopN/A(6)12/2031— (121)—— Spark Bidco Limited+(8)(9)(10)(26)Senior securedSN +4.88%(f)7.72% cash/1.13%PIK08/202838,346 37,879 0.937,100 
Spark Bidco Limited+(8)(9)(10)Senior securedSN +6.00%(f)9.97%08/20285,587 5,135 0.15,587 Spark Bidco Limited+(8)(9)(10)(26)Senior securedSN +4.88%(f)7.72% cash/1.13%PIK08/20284,648 4,014 0.14,497 Spark Bidco Limited+(8)(10)Senior securedSF +6.00%(i)10.00%08/20283,991 3,986 0.13,991 Spark Bidco Limited+(8)(9)(10)(26)Senior securedSN +4.88%(f)7.72% cash/1.13%PIK08/20284,067 3,674 0.13,935 Spark Bidco Limited+(8)(9)(10)Senior securedSN +3.75%(f)7.72%02/2028122 118 —116 303,737 298,477 7.4298,968 Professional ServicesALKU Intermediate Holdings, LLC+One stopSF +6.25%(i)10.25%5/1/20296,728 6,750 0.2 6,728 ALKU Intermediate Holdings, LLC+One stopSF +5.50%(i)9.50%5/1/2029744 737 — 727 bswift, LLC*+One stopSF +4.75%(i)9.07%11/1/20287,604 7,591 0.2 7,604 bswift, LLC+One stopSF +4.75%(i)9.04%11/1/20289,950 9,906 0.3 9,950 Denali Intermediate Holdings, Inc.+(5)One stopN/A(6)8/1/2032— (2)— (2)Denali Intermediate Holdings, Inc.+One stopSF +5.50%(h)9.67%8/1/20321,818 1,800 0.1 1,800 DISA Holdings Corp.*+Senior securedSF +5.00%(h)9.28%9/1/20285,189 5,163 0.1 5,189 DISA Holdings Corp.+Senior securedSF +5.00%(h)9.28%9/1/2028800 792 — 800 
DISA Holdings Corp.+One stopSF +5.00%(h)9.28%9/1/2028684 678 — 684 DISA Holdings Corp.+Senior securedSF +5.00%(h)9.28%9/1/2028605 600 — 605 DISA Holdings Corp.+(26)Subordinated debtSF +8.50%(h)10.63% cash/2.00%PIK3/1/2029106 105 — 106 DISA Holdings Corp.+Senior securedSF +5.00%(h)(i)9.27%9/1/2028587 581 — 587 DISA Holdings Corp.+Senior securedSF +5.00%(h)9.28%9/1/202834 32 — 34 Eclipse Buyer, Inc.+One stopSF +4.50%(h)8.68%9/1/203114,283 14,162 0.4 14,283 Eclipse Buyer, Inc.+(5)One stopN/A(6)9/1/2031— (59)— — 

See Notes to Consolidated Financial Statements.
75
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Eclipse Buyer, Inc.+(5)One stopN/A(6)9/1/2031$— $(10)— %$— 
Eliassen Group, LLC+One stopSF +5.75%(i)9.75%4/1/20282,126 2,113 0.1 2,084 
Eliassen Group, LLC+One stopSF +5.75%(h)9.91%4/1/2028144 142 — 140 
IG Investments Holdings, LLC*+One stopSF +5.00%(i)9.31%9/1/202812,877 12,835 0.3 12,877 
IG Investments Holdings, LLC+One stopN/A(6)9/1/2028— — — — 
NBG Acquisition Corp. and NBG-P Acquisition Corp.*+(26)One stopSF +6.00%(i)6.90% cash/3.50%PIK11/1/203033,978 33,622 0.8 31,939 
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(26)One stopSF +6.00%(i)6.50% cash/3.50%PIK11/1/2030790 786 — 743 
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(26)One stopSF +6.00%(i)6.50% cash/3.50%PIK11/1/2030292 285 — 264 
PlanSource Holdings, Inc.*+One stopSF +5.50%(i)9.70%12/1/202614,234 14,209 0.4 14,234 
PlanSource Holdings, Inc.+One stopSF +5.50%(i)9.70%12/1/20262,416 2,411 0.1 2,416 
PlanSource Holdings, Inc.+One stopSF +5.50%(i)9.70%12/1/2026695 694 — 695 
PlanSource Holdings, Inc.+One stopN/A(6)12/1/2026— — — — 
Procure Acquireco, Inc.*+One stopSF +4.75%(i)8.75%12/1/202824,667 24,708 0.6 24,667 
Procure Acquireco, Inc.+One stopSF +4.75%(i)8.75%12/1/20281,135 1,134 — 1,135 
Procure Acquireco, Inc.+One stopN/A(6)12/1/2028— — — — 
Procure Acquireco, Inc.+(5)One stopN/A(6)12/1/2028— (65)— — 
Procure Acquireco, Inc.+One stopSF +4.75%(i)8.75%12/1/20283,462 3,448 0.1 3,462 
Teaching Company, The+One stopSF +5.75%(i)10.21%1/1/202612,290 12,290 0.3 12,290 
Teaching Company, The+One stopP + 4.75%(a)12.00%1/1/202650 50 — 50 
Varicent Intermediate Holdings Corporation+(8)(12)(26)One stopSF +5.75%(i)6.63% cash/3.13%PIK8/1/203152,117 51,506 1.3 52,117 
Varicent Intermediate Holdings Corporation+(5)(8)(12)One stopN/A(6)8/1/2031— (78)— — 
Varicent Intermediate Holdings Corporation+(5)(8)(12)One stopN/A(6)8/1/2031— (53)— — 
210,405 208,863 5.3208,208 
Real Estate Management & Development
Inhabit IQ Inc.+One stopSF +4.50%(h)8.66%01/20326,873 6,857 0.26,873 
Inhabit IQ Inc.+(5)One stopN/A(6)01/2032— (3)—— 
Inhabit IQ Inc.+(5)One stopN/A(6)01/2032— (4)—— 
MRI Software, LLC*+One stopSF +4.75%(i)8.75%02/202832,733 32,856 0.832,733 
MRI Software, LLC*+One stopSF +4.75%(i)8.75%02/202813,019 13,083 0.313,019 
MRI Software, LLC+One stopSF +4.75%(i)8.75%02/2028316 308 —316 
MRI Software, LLC+One stopSF +4.75%(i)8.75%02/20289,830 9,762 0.39,830 
RPL Bidco Limited+(8)(9)(10)One stopSN +5.00%(f)8.97%08/20286,084 5,839 0.26,084 
RPL Bidco Limited+(8)(9)(10)One stopSN +5.00%(f)8.97%08/202828,080 28,278 0.728,080 
RPL Bidco Limited+(8)(9)(10)One stopA + 5.00%(e)8.62%08/202811,640 11,773 0.311,640 
RPL Bidco Limited+(8)(9)(10)One stopA + 5.00%(e)8.62%08/20282,826 3,041 0.12,826 
RPL Bidco Limited+(8)(9)(10)One stopN/A(6)02/2028— — —— 
111,401 111,790 2.9111,401 
Road & Rail
Internet Truckstop Group, LLC*One stopSF +5.25%(i)9.40%04/202728,632 28,608 0.728,345 
Internet Truckstop Group, LLC*+One stopSF +5.25%(i)9.40%04/202712,553 12,496 0.312,427 
Internet Truckstop Group, LLC+(5)One stopN/A(6)04/2027— (2)—(3)
VRS Buyer, Inc.+Senior securedSF +4.75%(i)9.08%07/20321,491 1,484 —1,491 
VRS Buyer, Inc.+(5)Senior securedN/A(6)07/2032— (1)—— 
VRS Buyer, Inc.+(5)Senior securedN/A(6)07/2032— (1)—— 
42,676 42,584 1.042,260 

See Notes to Consolidated Financial Statements.
76
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(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 +4.50%(i)8.70%06/2029$58,322 $58,485 1.5%$58,322 Anaplan, Inc.+One stopN/A(6)06/2028— — —— Appfire Technologies, LLC*+One stopSF +5.00%(i)9.00%03/202857,223 57,151 1.456,651 Appfire Technologies, LLC+One stopSF +5.00%(i)9.00%03/2028100 98 —95 Appfire Technologies, LLC+One stopSF +5.00%(i)9.00%03/2028222 197 —203 Appfire Technologies, LLC+(5)One stopN/A(6)03/2028— (88)—(266)Aras Corporation+One stopSF +5.00%(i)9.00%04/202928,451 28,472 0.728,451 Aras Corporation+One stopSF +5.00%(i)9.00%04/20291,565 1,552 —1,565 Armstrong Bidco Limited+(8)(9)(10)One stopSN +5.25%(f)9.22%06/20295,846 5,365 0.25,846 Armstrong Bidco Limited+(8)(9)(10)One stopSN +5.25%(f)9.22%06/20293,049 2,735 0.13,049 Arrow Buyer, Inc.+One stopSF +5.00%(i)9.00%07/203024,851 24,712 0.624,851 Arrow Buyer, Inc.+One stopSF +5.00%(i)9.00%07/20301,629 1,624 0.11,629 Arrow Buyer, Inc.+One stopSF +5.00%(i)9.00%07/20301,577 1,573 0.11,577 
Artifact Bidco, Inc.+One stopSF +4.25%(i)8.25%05/20311,489 1,476 —1,489 Artifact Bidco, Inc.+(5)One stopN/A(6)05/2031— (2)—— Artifact Bidco, Inc.+One stopN/A(6)05/2030— — —— Artifact Bidco, Inc.+(5)One stopN/A(6)05/2030— (1)—— Auvik Networks Inc.+(8)(12)(26)One stopSF +6.25%(i)7.31% cash/3.25%PIK07/202711,019 11,038 0.311,019 Auvik Networks Inc.+(8)(12)(26)One stopSF +6.25%(i)7.31% cash/3.25%PIK07/20271,981 1,977 0.11,981 Auvik Networks Inc.+(8)(12)(26)One stopSF +6.25%(i)7.31% cash/3.25%PIK07/20271,009 1,007 —1,009 Auvik Networks Inc.+(8)(12)One stopN/A(6)07/2027— — —— Azul Systems, Inc.*Senior securedSF +4.50%(i)8.65%04/20279,492 9,601 0.29,492 Azul Systems, Inc.+Senior securedN/A(6)04/2026— — —— Azurite Intermediate Holdings, Inc.+One stopSF +6.00%(h)10.16%03/2031973 963 —973 Azurite Intermediate Holdings, Inc.+One stopSF +6.00%(h)10.16%03/2031428 423 —428 Azurite Intermediate Holdings, Inc.+(5)One stopN/A(6)03/2031— (2)—— Baxter Planning Systems, LLC+(26)One stopSF +6.25%(i)7.19% cash/3.38%PIK05/20314,200 4,200 0.14,200 Baxter Planning Systems, LLC+(5)One stopN/A(6)05/2031— (5)—— Baxter Planning Systems, LLC+(5)One stopN/A(6)05/2031— (3)—— 
Bayshore Intermediate #2, L.P.+One stopSF +5.00%(i)9.00%10/202795 93 —95 Bayshore Intermediate #2, L.P.+(26)One stopSF +5.50%(i)6.50% cash/3.00%PIK10/2028124,185 124,126 3.1124,185 BestPass, Inc.*+One stopSF +4.75%(h)8.91%08/203152,338 52,119 1.352,338 BestPass, Inc.+(5)One stopN/A(6)08/2031— (22)—— BestPass, Inc.+(5)One stopN/A(6)08/2031— (29)—— Bloomerang, LLC+(26)One stopSF +6.50%(i)7.00% cash/3.50%PIK12/20294,142 4,172 0.14,142 Bloomerang, LLC+(26)One stopSF +6.50%(i)7.00% cash/3.50%PIK12/2029414 405 —414 Bloomerang, LLC+One stopSF +6.00%(i)11.13%12/202958 58 —58 Blue Bidco Limited+(8)(9)(10)One stopE + 5.00%(d)7.04%05/20325,340 5,130 0.15,340 Blue Bidco Limited+(8)(9)(10)One stopSN +5.00%(f)8.97%05/20329,268 9,204 0.29,268 Blue Bidco Limited+(8)(9)(10)One stopN/A(6)05/2032— — —— Blue Bidco Limited+(8)(10)One stopSF +5.00%(j)9.26%05/20321,338 1,332 —1,338 Blue Bidco Limited+(8)(10)One stopSF +5.00%(i)9.26%05/20322,749 2,749 0.12,749 Bottomline Technologies, Inc.+(5)One stopN/A(6)05/2028— (4)—— Bottomline Technologies, Inc.+One stopSF +4.50%(i)8.50%05/202945,696 45,473 1.245,696 
Bullhorn, Inc.*+One stopSF +5.00%(h)9.16%10/202977,997 77,892 2.077,997 Bullhorn, Inc.*+One stopSF +5.00%(h)9.16%10/20293,190 3,220 0.13,190 Bullhorn, Inc.+One stopSF +5.00%(h)9.16%10/20291,643 1,661 0.11,643 Bullhorn, Inc.+One stopSF +5.00%(h)9.16%10/2029736 734 —736 Bullhorn, Inc.+One stopSF +5.00%(h)9.16%10/2029587 585 —587 Bullhorn, Inc.+One stopSF +5.00%(h)9.16%10/202968 66 —68 Burning Glass Intermediate Holdings Company, Inc.*One stopSF +5.00%(i)9.15%06/202811,232 11,211 0.311,232 

See Notes to Consolidated Financial Statements.
77
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(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)
Burning Glass Intermediate Holdings Company, Inc.+One stopSF +5.00%(j)9.43%06/2026$154 $154 —%$154 Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)One stopSF +6.00%(j)10.14%01/20298,332 8,282 0.28,332 Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)One stopSF +6.00%(j)10.14%01/20292,204 2,178 0.12,204 Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)One stopN/A(6)01/2029— — —— Bynder BidCo, Inc.& Bynder BidCo B.V.+(5)(8)(14)One stopN/A(6)01/2029— (1)—— 
Calabrio, Inc.+One stopSF +5.50%(i)9.70%04/202773,921 73,965 1.973,921 Calabrio, Inc.+One stopSF +5.50%(i)9.70%04/20275,432 5,485 0.15,432 Calabrio, Inc.+One stopSF +5.50%(i)9.70%04/2027202 201 —202 Camelia Bidco Limited+(8)(9)(10)One stopSN +5.50%(f)9.47%08/20305,440 5,140 0.15,440 Camelia Bidco Limited+(8)(9)(10)One stopSN +5.50%(f)9.47%08/20301,065 1,006 —1,065 Camelia Bidco Limited+(8)(9)(10)One stopA + 5.50%(e)9.05%08/2030331 324 —331 Camelia Bidco Limited+(5)(8)(9)(10)One stopN/A(6)08/2030— (25)—— CB Buyer, Inc.+One stopSF +5.25%(i)9.25%07/203151,465 51,064 1.351,465 CB Buyer, Inc.+(5)One stopN/A(6)07/2031— (43)—— CB Buyer, Inc.+One stopSF +5.25%(i)9.25%07/2031562 503 —562 Coupa Holdings, LLC+One stopSF +5.25%(i)9.56%02/203031,639 31,390 0.831,639 Coupa Holdings, LLC+(5)One stopN/A(6)02/2029— (1)—— Coupa Holdings, LLC+(5)One stopN/A(6)02/2030— (16)—— Crewline Buyer, Inc.+One stopSF +6.75%(h)10.91%11/203010,857 10,828 0.310,857 Crewline Buyer, Inc.+(5)One stopN/A(6)11/2030— (1)—— Daxko Acquisition Corporation*+One stopSF +4.75%(h)8.91%10/202839,052 39,035 1.039,052 
Daxko Acquisition Corporation*+One stopSF +4.75%(h)8.91%10/20283,293 3,272 0.13,293 Daxko Acquisition Corporation+One stopSF +4.75%(h)8.91%10/2028196 196 —196 Daxko Acquisition Corporation+One stopSF +4.75%(h)8.91%10/2028133 118 —133 Daxko Acquisition Corporation+(5)One stopN/A(6)10/2028— (8)—— Denali Bidco Limited+(8)(9)(10)One stopSN +5.00%(f)8.97%09/20318,534 8,141 0.28,492 Denali Bidco Limited+(8)(9)(10)(26)Subordinated debtN/A11.20%PIK09/2032100 99 —99 Denali Bidco Limited+(8)(9)(10)One stopE + 5.00%(c)7.08%09/20316,782 6,318 0.26,747 Denali Bidco Limited+(8)(9)(10)(26)Subordinated debtN/A9.80%PIK09/2032152 150 —150 Denali Bidco Limited+(5)(8)(9)(10)One stopN/A(6)09/2031— (3)—(4)Diligent Corporation+One stopSF +5.00%(i)9.20%08/20308,985 8,970 0.28,985 Diligent Corporation+One stopSF +5.00%(i)9.20%08/20301,541 1,531 —1,541 Diligent Corporation+(5)One stopN/A(6)08/2030— (9)—— Diligent Corporation+One stopSF +5.00%(i)9.20%08/2030103 97 —103 Einstein Parent, Inc.+One stopSF +6.50%(i)10.83%01/20319,063 8,902 0.29,063 Einstein Parent, Inc.+(5)One stopN/A(6)01/2031— (17)—— Espresso Bidco, Inc.+(26)One stopSF +5.75%(i)6.63% cash/3.13%PIK03/203218,396 18,145 0.518,396 
Espresso Bidco, Inc.+(5)One stopN/A(6)03/2032— (35)—— Espresso Bidco, Inc.+(5)One stopN/A(6)03/2032— (31)—— Evergreen IX Borrower 2023, LLC+One stopSF +4.75%(i)8.75%09/20304,869 4,770 0.14,869 Evergreen IX Borrower 2023, LLC+One stopSF +4.75%(i)8.75%09/20304,438 4,402 0.14,438 Evergreen IX Borrower 2023, LLC+(5)One stopN/A(6)10/2029— (10)—— FirstUp, Inc.+One stopSF +6.75%(i)10.75%07/202713,126 13,110 0.312,994 FirstUp, Inc.+One stopSF +6.75%(i)10.75%07/20271,251 1,244 —1,239 FirstUp, Inc.+(5)One stopN/A(6)07/2027— (1)—(2)Flexera Software, LLC+One stopN/A(6)08/2032— — —— Flexera Software, LLC+One stopSF +4.75%(i)8.96%08/20321,401 1,399 —1,397 Flexera Software, LLC+(9)One stopE + 4.75%(b)6.63%08/2032496 494 —495 Gainsight, Inc.+One stopSF +6.25%(i)10.60%07/202714,171 14,198 0.414,171 

See Notes to Consolidated Financial Statements.
78
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Gainsight, Inc.+(5)One stopN/A(6)07/2027$— $(1)—%$— GS Acquisitionco, Inc.*+One stopSF +5.25%(i)9.25%05/2028121,457 121,717 3.0120,850 
GS Acquisitionco, Inc.+One stopSF +5.25%(i)9.25%05/2028122 121 —121 GS Acquisitionco, Inc.+One stopSF +5.25%(i)9.25%05/2028180 178 —177 GTIV, LLC*+One stopSF +4.75%(h)8.91%02/202971,983 71,638 1.871,983 GTIV, LLC+(5)One stopN/A(6)02/2029— (1)—— GTY Technology Holdings, Inc.+(26)One stopSF +6.63%(i)6.67% cash/4.13%PIK07/20299,064 8,949 0.29,064 GTY Technology Holdings, Inc.+(26)One stopSF +6.63%(i)6.50% cash/4.13%PIK07/20295,320 5,314 0.15,320 GTY Technology Holdings, Inc.+(26)One stopSF +6.63%(i)6.50% cash/4.13%PIK07/20293,478 3,453 0.13,478 GTY Technology Holdings, Inc.+(26)One stopSF +6.63%(i)6.67% cash/4.13%PIK07/20291,038 1,026 —1,038 GTY Technology Holdings, Inc.+(26)One stopSF +6.63%(i)6.50% cash/4.13%PIK07/2029636 634 —636 GTY Technology Holdings, Inc.+(26)One stopSF +6.63%(i)6.82% cash/4.13%PIK07/2029443 443 —443 GTY Technology Holdings, Inc.+One stopSF +6.00%(i)10.00%07/2029324 308 —324 Gurobi Optimization, LLC+One stopSF +4.50%(i)8.50%09/203149,465 49,045 1.349,465 Gurobi Optimization, LLC+(5)One stopN/A(6)09/2031— (37)—— Hornet Security Holding GMBH+(8)(9)(19)One stopE + 4.75%(b)6.62%02/2031788 719 —796 
Hornet Security Holding GMBH+(8)(9)(19)One stopE + 4.75%(b)6.62%02/2031525 480 —530 Hornet Security Holding GMBH+(8)(9)(19)One stopE + 4.75%(b)6.66%08/203015 12 —15 Hornet Security Holding GMBH+(8)(9)(19)One stopE + 4.75%(d)6.80%02/2031109 104 —112 Hyland Software, Inc.*+One stopSF +5.00%(h)9.16%09/203046,767 47,448 1.246,767 Hyland Software, Inc.+One stopN/A(6)09/2029— — —— Icefall Parent, Inc.+One stopSF +4.50%(i)8.81%01/20303,184 3,174 0.13,184 Icefall Parent, Inc.+(5)One stopN/A(6)01/2030— (1)—— ICIMS, Inc.*+(26)One stopSF +5.75%(i)10.07%08/202812,478 12,431 0.311,854 ICIMS, Inc.+One stopSF +5.75%(i)10.07%08/202890 87 —74 IQN Holding Corp. *+(26)One stopSF +5.75%(i)6.63% cash/3.13%PIK05/202922,897 22,943 0.622,897 IQN Holding Corp. +One stopSF +5.25%(i)9.25%05/2028108 108 —108 IQN Holding Corp. +(26)One stopSF +5.75%(i)6.63% cash/3.13%PIK05/20294,046 4,009 0.14,046 Island Bidco AB+(8)(9)(17)(26)One stopE + 7.25%(c)2.04% cash/7.25%PIK07/202812,125 11,001 0.312,125 Island Bidco AB+(8)(17)(26)One stopSF +7.00%(j)7.67% cash/3.50%PIK07/20284,961 4,958 0.14,961 
Island Bidco AB+(8)(17)(26)One stopSF +7.00%(j)7.67% cash/3.50%PIK07/20283,660 3,639 0.13,660 Island Bidco AB+(5)(8)(9)(17)One stopN/A(6)07/2028— (1)—— Island Bidco AB+(8)(17)One stopSF +6.50%(j)10.59%07/202888 87 —88 Kairos Bidco Limited+One stopSF +4.75%(i)8.75%07/203210 10 —10 Kairos Bidco Limited+One stopSF +4.75%(i)8.75%07/2032604 601 —601 Kairos Bidco Limited+(5)One stopN/A(6)07/2032— (1)—(1)Kairos Bidco Limited+One stopSF +4.75%(i)8.75%07/203291 90 —90 LeadsOnline, LLC+One stopSF +4.50%(i)8.79%02/202812,917 13,038 0.312,917 LeadsOnline, LLC+One stopSF +4.50%(i)8.79%02/20282,280 2,301 0.12,280 LeadsOnline, LLC+One stopSF +4.50%(i)8.50%02/2028661 660 —661 LeadsOnline, LLC+(5)One stopN/A(6)02/2028— (1)—— Lighthouse Bidco GMBH+(8)(9)(19)One stopE + 4.75%(c)6.75%12/203120,056 17,727 0.520,056 Lighthouse Bidco GMBH+(5)(8)(9)(19)One stopN/A(6)06/2031— (29)—— Lighthouse Bidco GMBH+(5)(8)(9)(19)One stopN/A(6)12/2031— (96)—— LogicMonitor, Inc.+One stopSF +5.50%(i)9.81%11/203153,749 53,455 1.453,749 LogicMonitor, Inc.+(5)One stopN/A(6)11/2031— (37)—— Matrix42 Holding GMBH+(8)(9)(19)One stopE + 6.25%(d)8.32%12/202910,668 10,409 0.310,588 
Matrix42 Holding GMBH+(8)(9)(19)One stopE + 6.25%(d)8.32%12/20291,616 1,481 0.11,604 Matrix42 Holding GMBH+(8)(9)(19)One stopE + 6.25%(d)8.32%12/2029832 765 —826 Matrix42 Holding GMBH+(5)(8)(9)(19)One stopN/A(6)06/2029— (1)—(2)Matrix42 Holding GMBH+(8)(19)One stopN/A(6)06/2029— — —— Matrix42 Holding GMBH+(8)(9)(19)One stopE + 6.25%(d)8.31%12/20292,041 2,005 0.12,025 

See Notes to Consolidated Financial Statements.
79
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(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)
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)One stopE + 5.25%(c)7.28%11/2031$17,267 $15,340 0.4%$17,267 Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(16)One stopSF +5.25%(i)9.45%11/203111,017 10,872 0.311,017 Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)One stopE + 5.25%(c)7.28%11/2031140 93 —140 Metatiedot Bidco Oy & Metatiedot US, LLC+(5)(8)(9)(16)One stopN/A(6)11/2030— (41)—— Mindbody, Inc.+One stopSF +6.00%(i)10.46%09/202761,966 61,966 1.661,966 Mindbody, Inc.+One stopSF +6.00%(i)10.46%09/20272,134 2,134 0.12,134 
Mindbody, Inc.+One stopN/A(6)09/2027— — —— Ministry Brands Holdings LLC+One stopSF +5.50%(h)9.76%12/202830,751 30,664 0.830,137 Ministry Brands Holdings LLC+One stopSF +5.50%(h)9.76%12/20282,893 2,896 0.12,835 Ministry Brands Holdings LLC+(5)One stopN/A(6)12/2027— (3)—(6)MYOB Invest Co Pty Ltd+(8)(9)(11)(26)One stopA + 5.75%(e)6.33% cash/3.00%PIK06/203036,379 35,400 0.936,379 Navex TopCo, Inc.+One stopSF +5.25%(h)9.41%11/20305,329 5,408 0.15,329 Navex TopCo, Inc.+(5)One stopN/A(6)11/2028— (1)—— Naviga Inc.+(7)(26)Senior securedSF +1.00%(i)5.10%PIK09/2026184 121 —67 Onit, Inc.+One stopSF +4.75%(i)9.06%01/20325,415 5,367 0.15,428 Onit, Inc.+(5)One stopN/A(6)01/2032— (7)—— Onit, Inc.+(5)One stopN/A(6)01/2032— (11)—— Onit, Inc.+One stopSF +4.50%(i)8.50%01/20321,448 1,444 —1,444 Orsay Bidco 1 B.V. and Sky Group Holding B.V.+(8)(9)(14)One stopE + 5.75%(c)7.75%11/20292,316 2,087 0.12,327 Orsay Bidco 1 B.V. and Sky Group Holding B.V.+(8)(9)(14)One stopE + 5.00%(c)7.00%11/2029347 289 —347 Panzura, LLC+(26)One stopN/A4.00% cash/11.00%PIK08/2027132 123 —120 
Personify, Inc.+One stopSF +4.75%(i)8.75%09/202816,676 16,611 0.416,676 Personify, Inc.*One stopSF +4.75%(i)8.75%09/202812,337 12,270 0.312,337 Personify, Inc.*+One stopSF +4.75%(i)8.75%09/20288,751 8,702 0.28,751 Personify, Inc.+One stopN/A(6)09/2028— — —— Pineapple German Bidco GMBH+(8)(19)(26)One stopSF +5.25%(i)9.24%PIK01/203115,046 14,915 0.415,046 Pineapple German Bidco GMBH+(8)(9)(19)(26)One stopE + 5.25%(c)7.27%PIK01/20315,300 4,554 0.15,300 Pineapple German Bidco GMBH+(8)(9)(19)(26)One stopE + 5.25%(c)7.27%PIK01/20311,139 1,039 —1,139 Pineapple German Bidco GMBH+(8)(9)(19)(26)One stopE + 5.25%(c)7.27%PIK01/2031353 318 —353 Pineapple German Bidco GMBH+(8)(19)(26)One stopSF +5.25%(i)9.24%PIK01/203177 75 —77 Pineapple German Bidco GMBH+(8)(9)(19)(26)One stopE + 5.25%(c)7.25%PIK01/203178 71 —78 Pineapple German Bidco GMBH+(5)(8)(9)(19)One stopN/A(6)01/2031— (55)—— PING Identity Holding Corp.+One stopSF +4.75%(i)8.75%10/202914,993 14,963 0.414,993 PING Identity Holding Corp.+(5)One stopN/A(6)10/2028— (1)—— Pluralsight, LLC+(26)One stopSF +7.50%(i)11.70%PIK08/20296,738 6,553 0.26,671 
Pluralsight, LLC+(26)One stopSF +4.50%(i)7.20% cash/1.50%PIK08/20294,025 3,933 0.13,985 Pluralsight, LLC+(26)One stopSF +4.50%(i)7.20% cash/1.50%PIK08/20292,013 2,013 0.11,993 Pluralsight, LLC+(5)One stopN/A(6)08/2029— — —(10)Pluralsight, LLC+(5)One stopN/A(6)08/2029— — —(25)ProcessUnity Holdings, LLC+One stopSF +6.50%(i)10.50%09/20286,014 6,023 0.26,014 ProcessUnity Holdings, LLC+One stopSF +6.50%(i)10.50%09/20284,240 4,223 0.14,240 ProcessUnity Holdings, LLC+One stopSF +6.50%(i)10.50%09/20282,864 2,847 0.12,864 ProcessUnity Holdings, LLC+One stopSF +6.50%(i)10.50%09/20281,203 1,199 —1,203 ProcessUnity Holdings, LLC+One stopSF +6.50%(h)(i)10.57%09/2028108 108 —108 QAD, Inc.*+One stopSF +4.75%(h)8.91%11/202742,819 43,243 1.142,819 QAD, Inc.+(5)One stopN/A(6)11/2027— (2)—— Quant Buyer, Inc.*+One stopSF +5.25%(i)9.49%06/20297,332 7,279 0.27,332 

See Notes to Consolidated Financial Statements.
80
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(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 +5.25%(i)9.45%06/2029$4,428 $4,395 0.1%$4,428 
Quant Buyer, Inc.*+One stopSF +5.25%(i)9.45%06/20294,316 4,302 0.14,316 Quant Buyer, Inc.+One stopSF +5.25%(i)9.45%06/2029230 227 —230 Quant Buyer, Inc.+(5)One stopN/A(6)06/2029— (41)—— Rainforest Bidco Limited+(8)(9)(10)(26)One stopSN +6.05%(f)7.47% cash/2.55%PIK07/202921,404 19,591 0.521,404 Rainforest Bidco Limited+(8)(10)(26)One stopSF +6.05%(g)7.68% cash/2.55%PIK07/20293,762 3,742 0.13,762 Rainforest Bidco Limited+(8)(9)(10)(26)One stopSN +6.80%(f)7.97% cash/2.80%PIK07/20293,580 3,360 0.13,580 Rainforest Bidco Limited+(8)(9)(10)(26)One stopSN +6.05%(f)7.47% cash/2.55%PIK07/20291,573 1,430 —1,573 Rainforest Bidco Limited+(8)(10)(26)One stopSF +6.18%(g)8.12% cash/2.18%PIK07/20291,002 1,002 —1,002 Rainforest Bidco Limited+(5)(8)(9)(10)One stopN/A(6)07/2029— (7)—— Rainforest Bidco Limited+(8)(10)(26)One stopSF +5.93%(g)8.12% cash/1.93%PIK07/2029700 700 —700 Riskonnect Parent, LLC*+One stopSF +4.75%(j)8.62%12/202845,168 45,548 1.144,717 Riskonnect Parent, LLC+One stopSF +4.75%(j)8.62%12/20282,119 2,134 0.12,099 Riskonnect Parent, LLC+One stopSF +4.75%(j)8.62%12/2028815 809 —807 
Riskonnect Parent, LLC+One stopSF +4.75%(j)8.62%12/2028573 566 —567 Riskonnect Parent, LLC+One stopSF +4.75%(j)8.62%12/202877 74 —68 Riskonnect Parent, LLC+(5)One stopN/A(6)12/2028— (8)—(10)Rodeo Buyer Company & Absorb Software Inc.+(8)(12)One stopSF +6.25%(h)10.41%05/202713,056 12,990 0.313,056 Rodeo Buyer Company & Absorb Software Inc.+(8)(12)One stopSF +6.25%(h)10.51%05/20277,616 7,608 0.27,616 Rodeo Buyer Company & Absorb Software Inc.+(8)(12)One stopN/A(6)05/2027— — —— Rodeo Buyer Company & Absorb Software Inc.+(8)(12)One stopSF +6.25%(h)10.41%05/20272,000 1,991 0.12,000 Sapphire Bidco Oy+(8)(9)(16)One stopE + 4.75%(c)6.78%07/202953,648 47,198 1.453,648 Sapphire Bidco Oy+(8)(9)(16)One stopE + 5.00%(c)7.04%07/20294,383 3,981 0.14,395 Sapphire Bidco Oy+(8)(9)(16)One stopE + 5.00%(c)6.96%07/20291,616 1,491 0.11,620 Sonatype, Inc.+One stopSF +5.50%(h)9.75%01/202869,460 69,555 1.869,460 Sonatype, Inc.+One stopN/A(6)01/2028— — —— Spark Bidco Limited+(8)(10)One stopN/A(6)10/2032— — —— Spark Bidco Limited+(8)(10)One stopN/A(6)10/2032— — —— Spark Bidco Limited+(8)(10)One stopN/A(6)10/2032— — —— Spark Bidco Limited+(8)(9)(10)One stopN/A(6)10/2032— — —— 
Spartan Buyer Acquisition Co.*+(26)One stopSF +7.50%(i)10.70% cash/1.00%PIK06/202744,709 44,567 1.144,261 Spartan Buyer Acquisition Co.+(26)One stopSF +7.50%(i)10.70% cash/1.00%PIK06/20272,851 2,828 0.12,822 Spartan Buyer Acquisition Co.+(5)(26)One stopP + 6.50%(a)12.75% cash/1.00%PIK06/20272 (1)—(2)Telesoft Holdings LLC*+One stopSF +5.75%(h)10.01%12/202620,963 21,081 0.520,963 Telesoft Holdings LLC+One stopSF +6.25%(h)10.51%12/20261,417 1,420 —1,417 Telesoft Holdings LLC+One stopSF +5.75%(h)10.01%12/202637 36 —37 Templafy APS and Templafy, LLC+(8)(18)One stopSF +6.00%(i)10.35%07/20284,800 4,784 0.14,800 Templafy APS and Templafy, LLC+(8)(18)One stopN/A(6)07/2028— — —— TI Intermediate Holdings, LLC+(26)Senior securedSF +5.50%(h)8.76% cash/1.00%PIK06/20274,226 4,222 0.13,297 TI Intermediate Holdings, LLC+(26)Senior securedSF +5.50%(h)8.76% cash/1.00%PIK06/20271,122 1,122 —875 TI Intermediate Holdings, LLC+(26)Senior securedSF +5.50%(h)8.76% cash/1.00%PIK06/2027701 701 —547 TI Intermediate Holdings, LLC+(26)Senior securedSF +5.50%(h)8.76% cash/1.00%PIK06/2027536 535 —418 TI Intermediate Holdings, LLC+(26)Senior securedSF +5.50%(h)8.76% cash/1.00%PIK06/2027194 194 —151 
TI Intermediate Holdings, LLC+(26)Senior securedSF +5.50%(h)8.76% cash/1.00%PIK06/202791 91 —70 Togetherwork Holdings, LLC*+One stopSF +5.25%(h)9.41%05/203127,693 27,653 0.727,416 Togetherwork Holdings, LLC+One stopSF +5.25%(h)9.41%05/2031694 665 —647 Togetherwork Holdings, LLC+(5)One stopN/A(6)05/2031— (14)—(24)Transform Bidco Limited+(8)(10)One stopSF +6.75%(i)10.53%01/20315,444 5,514 0.15,444 Transform Bidco Limited+(8)(10)One stopSF +6.75%(i)10.53%01/20314,339 4,261 0.14,339 Transform Bidco Limited+(8)(9)(10)(26)One stopA + 6.75%(e)7.62% cash/2.75%PIK01/20314,057 3,966 0.14,057 Transform Bidco Limited+(8)(9)(10)(26)One stopSN +6.75%(f)7.97% cash/2.75%PIK01/2031644 606 —644 

See Notes to Consolidated Financial Statements.
81
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Transform Bidco Limited+(5)(8)(10)One stopN/A(6)06/2030$— $(2)—%$— Transform Bidco Limited+(5)(8)(10)One stopN/A(6)01/2031— (73)—— Transform Bidco Limited+(5)(8)(10)One stopN/A(6)01/2031— (33)—— Tricentis Operations Holdings, Inc.+(26)One stopSF +6.25%(i)5.61% cash/4.88%PIK02/20327,741 7,707 0.27,741 
Tricentis Operations Holdings, Inc.+(5)One stopN/A(6)02/2032— (4)—— Tricentis Operations Holdings, Inc.+(5)One stopN/A(6)02/2032— (7)—— Vantage Bidco GMBH+(8)(9)(19)(26)One stopE + 6.25%(c)8.25%PIK04/20319,226 8,393 0.29,226 Vantage Bidco GMBH+(5)(8)(9)(19)One stopN/A(6)10/2030— (11)—— Varinem German Midco GMBH+(8)(9)(19)One stopE + 5.50%(d)7.57%07/20317,771 7,161 0.27,790 Varinem German Midco GMBH+(8)(9)(19)One stopE + 4.75%(d)6.82%07/20314,143 3,835 0.14,143 Vendavo, Inc.+One stopSF +5.75%(i)10.00%09/202727,095 26,661 0.624,385 Vendavo, Inc.+One stopSF +5.75%(i)10.15%09/20272,933 2,913 0.12,683 Vendavo, Inc.+One stopSF +5.75%(i)10.00%09/2027988 985 —889 Viper Bidco, Inc.+One stopSF +4.75%(i)8.75%11/203137,890 37,724 1.037,985 Viper Bidco, Inc.+(9)One stopSN +4.75%(f)8.72%11/203118,655 17,390 0.518,702 Viper Bidco, Inc.+(5)One stopN/A(6)11/2031— (17)—— Viper Bidco, Inc.+(5)One stopN/A(6)11/2031— (21)—— Viper Bidco, Inc.+(5)One stopN/A(6)11/2031— (2)—(5)WebPT, Inc.+One stopSF +6.25%(i)10.55%01/2028927 920 —778 Zendesk, Inc.+One stopSF +5.00%(i)9.00%11/202828,368 28,286 0.728,368 
Zendesk, Inc.+One stopSF +5.00%(i)9.00%11/20282,179 2,164 0.12,179 Zendesk, Inc.+One stopN/A(6)11/2028— — —— 2,206,850 2,179,855 55.32,197,567 Specialty RetailAve Holdings III, Corp*+One stopSF +5.50%(j)9.62%02/202823,180 23,008 0.622,369 Ave Holdings III, Corp+One stopSF +5.50%(j)9.62%02/20286,046 6,124 0.25,833 Ave Holdings III, Corp+One stopSF +5.50%(j)9.62%02/2028794 794 —767 Ave Holdings III, Corp+(5)One stopN/A(6)02/2028— (1)—(10)Biscuit Parent, LLC*+One stopSF +4.75%(i)8.75%02/203120,004 19,843 0.520,004 Biscuit Parent, LLC+(5)One stopN/A(6)02/2031— (1)—— Biscuit Parent, LLC+One stopSF +4.75%(i)8.75%02/2031273 233 —273 Cavender Stores L.P.*Senior securedSF +5.00%(i)9.00%10/20295,404 5,370 0.15,404 Consilio Midco Limited+(8)(9)(10)Senior securedE + 4.75%(c)6.75%04/203213,130 12,660 0.313,130 Consilio Midco Limited+(8)(10)Senior securedSF +4.75%(i)9.04%04/203210,689 10,639 0.310,689 Consilio Midco Limited+(8)(10)Senior securedSF +4.75%(i)9.04%04/20326,589 6,558 0.26,589 Consilio Midco Limited+(8)(10)Senior securedN/A(6)04/2032— — —— Consilio Midco Limited+(8)(10)Senior securedN/A(6)04/2032— — —— Consilio Midco Limited+(8)(9)(10)(26)Subordinated debtE + 7.50%(d)9.59%PIK04/20331,345 1,294 —1,345 
Consilio Midco Limited+(8)(10)(26)Subordinated debtSF +7.50%(j)11.64%PIK04/20331,681 1,669 0.11,681 Consilio Midco Limited+(8)(10)(26)Subordinated debtSF +7.50%(i)11.82%PIK04/20331 1 —1 CVP Holdco, Inc.+One stopSF +4.75%(h)8.91%06/203113,529 13,418 0.413,529 CVP Holdco, Inc.+One stopSF +4.75%(h)8.91%06/2031776 761 —776 CVP Holdco, Inc.+(5)One stopN/A(6)06/2030— (11)—— Cycle Gear, Inc.+One stopSF +6.75%(h)11.01%04/202646,304 45,655 1.246,304 Metal Supermarkets US Buyer, LLC+(8)(12)One stopSF +4.75%(i)8.75%12/203011,489 11,439 0.311,489 Metal Supermarkets US Buyer, LLC+(8)(12)One stopSF +4.75%(i)8.75%12/2030306 300 —306 PetVet Care Centers LLC*+One stopSF +6.00%(h)10.16%11/20304,692 4,726 0.14,317 PetVet Care Centers LLC+(5)One stopN/A(6)11/2029— (2)—(6)PetVet Care Centers LLC+(5)One stopN/A(6)11/2030— (6)—— Radiance Borrower, LLC+(26)One stopSF +5.75%(h)7.16% cash/2.75%PIK06/203121,950 21,820 0.621,950 Radiance Borrower, LLC+One stopSF +5.25%(h)9.41%06/2031205 191 —205 

See Notes to Consolidated Financial Statements.
82
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(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)
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)9.75%08/2028$5,203 $5,207 0.1%$5,216 
Salon Lofts Group, LLC+(26)Second lienSF +9.00%(i)13.00%PIK09/20293,479 3,454 0.13,505 
Salon Lofts Group, LLC+(26)Second lienSF +9.00%(i)13.00%PIK09/20291,845 1,832 0.11,859 
Salon Lofts Group, LLC+(26)Second lienSF +9.00%(i)13.00%PIK09/20291,543 1,533 —1,559 
Salon Lofts Group, LLC+(26)Second lienSF +9.00%(i)13.00%PIK09/2029902 884 —909 
Salon Lofts Group, LLC+(26)Second lienSF +9.00%(i)13.00%PIK09/2029672 667 —676 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)9.75%08/2028535 533 —536 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)9.75%08/2028496 493 —498 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)9.75%08/2028349 347 —350 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)9.75%08/2028340 338 —341 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.75%08/2028575 569 —575 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)9.75%08/2028269 268 —270 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)9.75%08/2028248 246 —249 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)9.75%08/2028168 168 —168 
Salon Lofts Group, LLC+(26)Second lienSF +9.00%(i)13.00%PIK09/2029171 170 —173 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)9.75%08/2028153 153 —154 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)9.75%08/2028112 111 —112 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)9.75%08/2028104 104 —104 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)9.75%08/202885 84 —85 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)9.75%08/202878 78 —79 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)9.75%08/2028634 630 —636 
Salon Lofts Group, LLC+(5)(26)Second lienN/A(6)09/2029— (15)—21 
Salon Lofts Group, LLC+(5)Senior securedN/A(6)08/2028— (22)—— 
Salon Lofts Group, LLC+(26)Second lienSF +9.00%(i)13.00%PIK09/2029685 681 —692 
Salon Lofts Group, LLC+Senior securedSF +5.25%(i)9.25%08/20282,228 2,219 0.12,228 
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.*+One stopSF +5.25%(i)9.25%12/202932,072 31,844 0.831,751 
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(9)One stopCA +5.25%(l)7.70%12/20297,733 7,858 0.27,655 
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(5)One stopN/A(6)12/2029— (69)—(33)
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+One stopSF +5.25%(i)9.25%12/2028236 231 —230 
Titan Fitness, LLC+(26)One stopSF +7.25%(i)5.44% cash/6.25%PIK10/202641,525 40,863 0.831,974 
Titan Fitness, LLC+(26)One stopSF +7.25%(i)5.44% cash/6.25%PIK10/20263,013 2,939 0.12,320 
Titan Fitness, LLC+(26)One stopSF +7.25%(i)5.34% cash/6.25%PIK10/2026594 570 —399 
Titan Fitness, LLC+(26)One stopSF +7.25%(i)6.81% cash/4.75%PIK10/2026621 613 —621 
Vermont Aus Pty Ltd+(8)(9)(11)One stopA + 5.75%(e)9.38%03/20288,958 9,878 0.28,958 
Vermont Aus Pty Ltd+(8)(9)(11)One stopA + 5.75%(e)9.38%03/20288,765 9,165 0.28,765 
VSG Acquisition Corp. and Sherrill, Inc.+(5)One stopN/A(6)10/2029— (1)—(1)
VSG Acquisition Corp. and Sherrill, Inc.+One stopSF +5.00%(h)9.16%10/2029133 126 —130 
VSG Acquisition Corp. and Sherrill, Inc.*+One stopSF +5.00%(h)9.16%10/202916,264 15,942 0.416,183 
329,175 327,173 8.0316,892 


See Notes to Consolidated Financial Statements.
83
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(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)
Textiles, Apparel & Luxury GoodsDollfus Mieg Company, Inc.+(7)(8)(10)One stopSF +6.00%(i)10.15%03/2028$2,347 $2,329 0.1%$1,643 Dollfus Mieg Company, Inc.+(7)(8)(10)One stopSF +6.00%(i)10.15%03/20281,170 1,161 —819 Dollfus Mieg Company, Inc.+(7)(8)(10)One stopSF +6.00%(i)10.15%03/20281,027 1,020 —720 Elite Sportswear, L.P.+(26)Senior securedSF +7.50%(i)10.51% cash/1.25%PIK10/20259,950 9,950 0.29,478 Elite Sportswear, L.P.+(26)Senior securedSF +7.50%(i)10.51% cash/1.25%PIK10/20253,997 3,997 0.13,808 Elite Sportswear, L.P.+(26)Senior securedSF +7.50%(i)10.51% cash/1.25%PIK10/20252,058 2,058 0.11,960 Elite Sportswear, L.P.+(26)Senior securedSF +7.50%(i)10.51% cash/1.25%PIK10/2025683 683 —651 Elite Sportswear, L.P.+(26)Senior securedSF +7.50%(i)10.51% cash/1.25%PIK10/2025312 312 —298 Elite Sportswear, L.P.+(26)Senior securedSF +7.50%(i)10.51% cash/1.25%PIK10/2025299 299 —285 Elite Sportswear, L.P.+(26)Senior securedSF +7.50%(i)10.51% cash/1.25%PIK10/2025120 120 —115 
Elite Sportswear, L.P.+(26)Senior securedSF +7.50%(i)10.51% cash/1.25%PIK10/20254 4 —4 Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)9.65%11/20269,105 9,068 0.29,127 Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)9.65%11/20266,310 6,284 0.26,325 Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)9.65%11/2026977 973 —979 Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)9.65%11/2026877 873 —880 Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)9.65%11/2026615 613 —617 Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)9.65%11/20262 — —2 Shoes For Crews Global, LLC+Senior securedSF +6.50%(h)10.77%07/20291,289 1,289 —1,289 Shoes For Crews Global, LLC+(26)Senior securedSF +7.00%(h)6.27% cash/5.00%PIK07/2029756 734 —756 Shoes For Crews Global, LLC+Senior securedSF +6.50%(h)10.77%07/2029417 417 —417 Shoes For Crews Global, LLC+(5)Senior securedN/A(6)07/2029— (27)—— 42,315 42,157 0.940,173 Trading Companies & DistributorsMarcone Yellowstone Buyer Inc.+(26)One stopSF +7.00%(i)8.19% cash/3.25%PIK06/202820,574 20,369 0.518,619 Marcone Yellowstone Buyer Inc.+(26)One stopSF +7.00%(i)8.19% cash/3.25%PIK06/202821,341 20,957 0.519,313 Marcone Yellowstone Buyer Inc.+(26)One stopSF +7.00%(i)8.44% cash/3.25%PIK06/20286,334 6,201 0.25,765 
Marcone Yellowstone Buyer Inc.+(26)One stopSF +7.00%(i)8.09% cash/3.25%PIK06/20282,611 2,516 0.12,363 Marcone Yellowstone Buyer Inc.+(26)One stopSF +7.00%(i)8.19% cash/3.25%PIK06/20286,836 6,562 0.26,187 57,696 56,605 1.552,247 Transportation InfrastructureLDS Intermediate Holdings, LLC+One stopSF +5.00%(h)9.16%02/20327,408 7,366 0.27,334 LDS Intermediate Holdings, LLC+(5)One stopN/A(6)02/2032— (6)—(11)LDS Intermediate Holdings, LLC+One stopSF +5.00%(h)9.16%02/20321,467 1,459 —1,452 LDS Intermediate Holdings, LLC+(5)One stopN/A(6)02/2032— (5)—(9)LDS Intermediate Holdings, LLC+One stopSF +5.00%(h)9.16%02/203291 90 —90 8,966 8,904 0.28,856 Water UtilitiesS.J. Electro Systems, LLC*Senior securedSF +4.75%(i)9.21%06/202724,226 24,113 0.624,226 S.J. Electro Systems, LLC*+Senior securedSF +4.75%(i)9.21%06/202718,582 18,550 0.518,582 S.J. Electro Systems, LLC+Senior securedSF +4.75%(i)9.21%06/20271,172 1,166 —1,172 S.J. Electro Systems, LLC+(5)Senior securedN/A(6)06/2027— (39)—— S.J. Electro Systems, LLC+(5)Senior securedN/A(6)06/2027— (2)—— S.J. Electro Systems, LLC+Senior securedSF +4.75%(h)9.01%06/2027180 179 —180 S.J. Electro Systems, LLC+Senior securedSF +4.75%(h)9.01%06/2027240 239 —240 Vessco Midco Holdings, LLC*One stopSF +4.75%(h)(j)8.93%07/203122,500 22,313 0.622,500 
Vessco Midco Holdings, LLC+One stopSF +4.75%(h)(j)8.89%07/20314,075 4,044 0.14,075 Vessco Midco Holdings, LLC+(5)One stopN/A(6)07/2031— (21)—— 70,975 70,542 1.8 70,975 Total non-controlled/non-affiliate company debt investments8,064,825 7,974,174 200.3 7,978,756 



See Notes to Consolidated Financial Statements.
84
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(Dollar and share amounts in thousands)



Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Equity investments (23)(24)
Aerospace & Defense
PPW Aero Buyer, Inc.+Preferred stockN/AN/A02/2023N/A93 $948 —%$672 
Tronair Parent, Inc.+Common stockN/AN/A07/2021N/A— 40 —98 
988 —770 
Air Freight & Logistics
RJW Group Holdings, Inc.+(25)LLC unitsN/AN/A11/2024N/A4,370 2,689 0.13,469 
Auto Components
Arnott, LLC+LP unitsN/AN/A12/2024N/A— 350 —314 
Polk Acquisition Corp.+LP interestN/AN/A06/2016N/A5 314 —30 
664 —344 
Automobiles
CAP-KSI Holdings, LLC+Preferred stockN/AN/A06/2024N/A645 645 —717 
CAP-KSI Holdings, LLC+Common stockN/AN/A06/2024N/A645 — —167 
CG Group Holdings, LLC+LLC unitsN/AN/A07/2021N/A1 983 —718 
Go Car Wash Parent, Corp.+(25)Common stockN/A17.00%Non-Cash04/2022N/A— 3,794 0.13,678 
Go Car Wash Parent, Corp.+Preferred stockN/AN/A04/2022N/A— 553 —— 
MOP GM Holding, LLC+Common stockN/AN/A11/2020N/A— 499 —473 
MOP GM Holding, LLC+Preferred stockN/AN/A06/2024N/A— 51 —63 
National Express Wash Parent Holdco, LLC+LLC unitsN/AN/A07/2022N/A1 103 —176 
POY Holdings, LLC+LP interestN/AN/A11/2022N/A446 820 —483 
Quick Quack Car Wash Holdings, LLC+LLC unitsN/AN/A06/2024N/A1,085 1,085 0.11,421 
Quick Quack Car Wash Holdings, LLC+Preferred stockN/AN/A06/2024N/A215 215 —270 
Yorkshire Parent, Inc.+LP interestN/AN/A12/2023N/A— 544 —626 
9,292 0.28,792 
Beverages
Spindrift Beverage Co. Inc.+LLC interestN/AN/A02/2025N/A2 2,039 0.12,501 
Biotechnology
Cobepa BlueSky Aggregator, SCSp+(25)LP unitsN/AN/A10/2023N/A4 40 —45 
Cobepa BlueSky Aggregator, SCSp+(25)LLC unitsN/A15.00%Non-Cash04/2024N/A5 61 —57 
Cobepa BlueSky Aggregator, SCSp+Common stockN/AN/A12/2021N/A219 1,899 —47 
2,000 —149 
Building Products
BECO Holding Company, Inc.+(25)Common stockN/A11.75%Non-Cash11/2021N/A132 20,273 0.520,736 
BECO Holding Company, Inc.+Common stockN/AN/A11/2021N/A10 1,218 —1,116 
21,491 0.521,852 
Chemicals
Inhance Parent, Inc.+LP interestN/AN/A07/2018N/A— 124 —— 

See Notes to Consolidated Financial Statements.
85
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Inhance Parent, Inc.+LP unitsN/AN/A09/2025N/A12 $— —%$328 
Inhance Parent, Inc.+LP unitsN/AN/A12/2021N/A12 7,284 —— 
7,408 —328 
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+Preferred stockN/AN/A10/2021N/A773 836 —993 
CHA Vision Holdings, Inc.+WarrantN/AN/A01/2024N/A— 461 —610 
North Haven Stack Buyer, LLCPreferred stockN/AN/A07/2021N/A516 637 —1,244 
PT Intermediate Holdings III, LLC+Preferred stockN/AN/A12/2021N/A16 1,787 0.11,918 
Radwell Parent, LLC+Preferred stockN/AN/A03/2022N/A4 477 —467 
4,198 0.15,232 
Containers & Packaging
Chase Intermediate+LP unitsN/AN/A04/2022N/A217 209 —351 
Packaging Coordinators Midco, Inc.+LP unitsN/AN/A09/2025N/A45 450 —450 
659 —801 
Diversified Consumer Services
CHHJ Midco, LLC+(25)LP interestN/AN/A01/2021N/A27 311 —428 
CHVAC Services Investment, LLC+Preferred stockN/AN/A05/2024N/A105 267 —453 
DP Flores Holdings, LLC+Preferred stockN/AN/A09/2022N/A106 98 —170 
EMS LINQ, LLC+Preferred stockN/AN/A12/2021N/A761 758 —236 
EWC Growth Partners LLC+Preferred stockN/AN/A03/2020N/A— 12 —— 
FPG Intermediate Holdco, LLC+LLC unitsN/AN/A07/2025N/A18 6,655 0.26,637 
HS Spa Holdings, Inc.+WarrantN/AN/A05/2022N/A729 732 —587 
Kodiak Buyer, LLC+LP interestN/AN/A08/2025N/A4 373 —373 
Liminex, Inc.+Preferred stockN/AN/A11/2020N/A17 633 —410 
NSG Buyer, Inc. +Preferred stockN/AN/A11/2022N/A3 2,992 0.14,203 
PADI Holdco, Inc.+(25)LLC interestN/AN/A07/2017N/A1 945 0.11,392 
Project Alpha Intermediate Holdings, Inc.+Common stockN/AN/A05/2025N/A327 1,359 0.11,410 
Virginia Green Acquisition, LLC+Preferred stockN/AN/A12/2023N/A397 407 —454 
15,542 0.516,753 
Electric Utilities
Smart Energy Systems, Inc.+Preferred stockN/AN/A01/2025N/A18 96 — 458 
Electrical Equipment
Wildcat TopCo, Inc.+Preferred stockN/AN/A12/2024N/A503 503 — 675 
Electronic Equipment, Instruments & Components
Inventus Power, Inc.+Preferred stockN/AN/A03/2014N/A— 372 —168 
Inventus Power, Inc.+LLC unitsN/AN/A04/2018N/A— 88 —276 
Inventus Power, Inc.+Common stockN/AN/A05/2019N/A— 20 —61 
Inventus Power, Inc.+Common stockN/AN/A03/2014N/A— — —— 
480 —505 
Food & Staples Retailing
Hopdoddy Holdings, LLC+LLC unitsN/AN/A08/2015N/A44 217 —271 
Hopdoddy Holdings, LLC+LLC unitsN/AN/A02/2016N/A20 61 —60 
Mendocino Farms, LLC+Common stockN/AN/A06/2018N/A227 1,041 0.11,421 
PDI TA Holdings, Inc.+Preferred stockN/AN/A02/2023N/A135 4,613 0.26,591 

See Notes to Consolidated Financial Statements.
86
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Ruby Slipper Cafe LLC, The+WarrantN/AN/A06/2024N/A3 $47 —%$53 
Ruby Slipper Cafe LLC, The+LLC interestN/AN/A01/2018N/A38 423 —85 
Ruby Slipper Cafe LLC, The+LLC interestN/AN/A08/2020N/A2 28 —54 
6,430 0.38,535 
Food Products
Borrower R365 Holdings, LLC+Preferred stockN/AN/A06/2021N/A107 195 —277 
Borrower R365 Holdings, LLC+LLC unitsN/AN/A05/2023N/A6 14 —14 
Borrower R365 Holdings, LLC+LLC unitsN/AN/A01/2022N/A4 9 —11 
Borrower R365 Holdings, LLC+LLC unitsN/AN/A06/2022N/A1 3 —4 
Borrower R365 Holdings, LLC+Preferred stockN/AN/A06/2022N/A2 4 —5 
Borrower R365 Holdings, LLC+Preferred stockN/AN/A05/2023N/A1 3 —4 
Borrower R365 Holdings, LLC+Preferred stockN/AN/A05/2023N/A— 1 —1 
Borrower R365 Holdings, LLC+LLC unitsN/AN/A04/2024N/A21 73 —66 
Kodiak Cakes, LLC+Preferred stockN/AN/A06/2021N/A— 557 0.11,914 
Louisiana Fish Fry Products, Ltd.+Preferred stockN/AN/A07/2021N/A— 599 —273 
Louisiana Fish Fry Products, Ltd.+Preferred stockN/AN/A09/2022N/A— 24 —36 
P&P Food Safety Holdings, Inc.+LP unitsN/AN/A03/2024N/A— 31 —42 
P&P Food Safety Holdings, Inc.+Common stockN/AN/A12/2020N/A5 434 —312 
Purfoods, LLC+LLC interestN/AN/A05/2016N/A— 945 0.25,892 
Zullas, L.C.+WarrantN/AN/A06/2025N/A— 250 —250 
3,142 0.39,101 
Healthcare Equipment & Supplies
Aspen Medical Products, LLC+LP interestN/AN/A06/2019N/A— 98 —96 
Blue River Pet Care, LLC+LP interestN/AN/A08/2019N/A— 734 —794 
CCSL Holdings, LLC+Preferred stockN/AN/A12/2020N/A— 499 —676 
Centegix Intermediate II, LLC+Preferred stockN/AN/A08/2025N/A600 600 —600 
CMI Parent Inc.+Common stockN/AN/A08/2019N/A— 557 —677 
CMI Parent Inc.+Common stockN/AN/A08/2019N/A8 483 —1,034 
Isto Group, Inc.+(9)LP unitsN/AN/A09/2025N/A3 369 —365 
JHC Investment Intermediate Holdings, LLC+LP unitsN/AN/A03/2024N/A5,293 — 0.11,761 
3,340 0.16,003 
Healthcare Providers & Services
Active Day, Inc.+LLC interestN/AN/A12/2015N/A2 1,099 0.12,207 
Acuity Eyecare Holdings, LLC+LLC interestN/AN/A03/2017N/A1,632 2,235 0.25,684 
Acuity Eyecare Holdings, LLC+LLC unitsN/AN/A05/2021N/A889 1,023 0.13,651 
ADCS Clinics Intermediate Holdings, LLC+Preferred stockN/AN/A05/2016N/A2 1,119 —1,154 
ADCS Clinics Intermediate Holdings, LLC+Common stockN/AN/A05/2016N/A— 6 —— 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+WarrantN/AN/A03/2021N/A180 192 —140 
CRH Healthcare Purchaser, Inc.+Preferred stockN/AN/A12/2018N/A531 456 —824 

See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
DCA Investment Holding, LLC(7)(25)Preferred stockN/A8.00%Non-Cash12/2022N/A1,142 $659 —%$— 
DCA Investment Holding, LLCLP unitsN/AN/A12/2022N/A12 5 —— 
Emerge Intermediate, Inc.+LLC unitsN/AN/A02/2021N/A— 749 —— 
Emerge Intermediate, Inc.+LLC unitsN/AN/A02/2021N/A— 79 —— 
Emerge Intermediate, Inc.+LLC unitsN/AN/A02/2021N/A11 4 —— 
Encorevet Group LLC+LLC unitsN/AN/A05/2024N/A3 261 —100 
ERC Topco Holdings, LLC+LLC unitsN/AN/A03/2025N/A3 4,841 0.13,870 
HP TLE Buyer, Inc.+LP unitsN/AN/A07/2025N/A450 450 —450 
Krueger-Gilbert Health Physics, LLC+LP interestN/AN/A05/2019N/A239 324 —683 
MWD Management, LLC & MWD Services, Inc.+LLC interestN/AN/A06/2017N/A412 335 —620 
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)LLC unitsN/AN/A05/2021N/A— 409 —451 
Pinnacle Treatment Centers, Inc.+LLC interestN/AN/A08/2016N/A— 528 —621 
Pinnacle Treatment Centers, Inc.+LLC interestN/AN/A08/2016N/A4 74 —— 
Pyramid Healthcare Acquisition Corp.+Preferred stockN/AN/A05/2021N/A257 310 —380 
Radiology Partners, Inc.+LLC unitsN/AN/A02/2018N/A11 68 —94 
Radiology Partners, Inc.+LLC interestN/AN/A09/2014N/A43 55 —374 
Sage Dental Management, LLC+LLC unitsN/AN/A10/2012N/A— 249 —657 
Sage Dental Management, LLC+LLC unitsN/AN/A10/2012N/A3 3 —— 
Southern Veterinary Partners, LLC+(25)Preferred stockN/A10.00%Non-Cash12/2024N/A5 1,380 0.15,319 
Southern Veterinary Partners, LLC+(25)LP unitsN/A10.00%Non-Cash12/2024N/A— 265 —442 
Southern Veterinary Partners, LLC+Preferred stockN/AN/A12/2024N/A52 81 —845 
Southern Veterinary Partners, LLC+LP interestN/AN/A12/2024N/A4 15 —70 
Southern Veterinary Partners, LLC+(25)LLC unitsN/A10.00%Non-Cash12/2024N/A— 14 —52 
Southern Veterinary Partners, LLC+(25)LP interestN/A10.00%Non-Cash12/2024N/A— 3 —4 
Southern Veterinary Partners, LLC+LLC unitsN/AN/A12/2024N/A1 — —8 
Southern Veterinary Partners, LLC+LLC unitsN/AN/A12/2024N/A— — —1 
Suveto Buyer, LLC+Common stockN/AN/A11/2021N/A8 727 —573 
18,018 0.629,274 
Healthcare Technology
Amberfield Acquisition Co.+Preferred stockN/AN/A05/2024N/A446 449 —531 
Connexin Software, Inc.+LLC interestN/AN/A02/2018N/A180 228 —335 
Connexin Software, Inc.+Preferred stockN/AN/A02/2024N/A12 16 —27 
HSI Halo Acquisition, Inc.+(25)Preferred stockN/A10.00%Non-Cash10/2019N/A— 127 —258 
HSI Halo Acquisition, Inc.+Preferred stockN/AN/A10/2019N/A— 14 —156 
Modernizing Medicine, Inc.+(25)WarrantN/A13.00%Non-Cash04/2025N/A5 4,689 0.14,794 
Symplr Software, Inc.+(25)LLC unitsN/A11.00%Non-Cash10/2021N/A15 21,349 0.520,627 
Symplr Software, Inc.+(25)Common stockSF +10.50%(i)14.50%Non-Cash11/2018N/A3 6,594 0.27,498 
Symplr Software, Inc.+(25)Common stockN/A11.00%Non-Cash12/2020N/A2 2,694 0.12,737 
Symplr Software, Inc.+(25)Preferred stockN/A11.00%Non-Cash06/2021N/A1 1,621 0.11,601 
Symplr Software, Inc.+LP interestN/AN/A09/2021N/A— 161 —131 

See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Symplr Software, Inc.+Common stockN/AN/A11/2018N/A219 $237 —%$756 
Tebra Technologies, Inc.+LP unitsN/AN/A07/2022N/A348 2,824 0.14,942 
Tebra Technologies, Inc.+Preferred stockN/AN/A03/2019N/A169 871 —926 
Tebra Technologies, Inc.+WarrantN/AN/A06/2017N/A53 162 —— 
Tebra Technologies, Inc.+LP interestN/AN/A09/2018N/A1 8 —17 
Veranex, Inc.+LP unitsN/AN/A08/2025N/A135 30 —16 
Veranex, Inc.+LP unitsN/AN/A08/2025N/A472 — —— 
Veranex, Inc.+LP unitsN/AN/A08/2025N/A60 — —— 
42,074 1.145,352 
Hotels, Restaurants & Leisure
Cafe Rio Holding, Inc.+Common stockN/AN/A09/2017N/A5 603 —416 
Harri US LLC+LP unitsN/AN/A02/2022N/A119 892 —731 
Harri US LLC+Common stockN/AN/A10/2021N/A102 649 —610 
Harri US LLC+LP interestN/AN/A10/2021N/A34 171 —204 
Harri US LLC+Preferred stockN/AN/A10/2023N/A96 1,141 0.11,407 
Harri US LLC+LLC unitsN/AN/A03/2024N/A9 69 —137 
Harri US LLC+WarrantN/AN/A02/2025N/A10 — —— 
Harri US LLC+WarrantN/AN/A06/2025N/A9 107 —123 
LMP TR Holdings, LLCLLC unitsN/AN/A05/2013N/A712 712 —— 
Patriot Acquireco, LLC+LP unitsN/AN/A09/2025N/A450 450 —450 
PB Group Holdings, LLC+Preferred stockN/AN/A08/2024N/A383 886 —946 
Rooster BidCo Limited+(8)(10)LLC unitsN/AN/A03/2025N/A1,258 1,301 0.11,925 
Saguaro Buyer, LLC+LP unitsN/AN/A07/2025N/A— 250 —266 
SSRG Holdings, LLC+WarrantN/AN/A11/2019N/A46 493 —515 
7,724 0.27,730 
Insurance
Majesco+(25)WarrantN/A9.00%Non-Cash09/2020N/A— 592 —668 
Majesco+Preferred stockN/AN/A09/2020N/A97 94 —321 
Oakbridge Insurance Agency LLC+Preferred stockN/AN/A11/2023N/A20 404 —506 
1,090 —1,495 
Internet & Direct Marketing Retail
Revalize, Inc.+Preferred stockN/AN/A12/2021N/A25 26,216 0.521,278 
Revalize, Inc.+Preferred stockN/AN/A12/2021N/A15 15,735 0.312,771 
Revalize, Inc.+LP unitsN/AN/A12/2022N/A11 11,050 0.28,334 
Revalize, Inc.+LP unitsN/AN/A04/2022N/A4 4,285 0.13,171 
57,286 1.145,554 
IT Services
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+LP interestN/AN/A02/2020N/A804 2,398 0.28,624 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+LLC unitsN/AN/A10/2020N/A211 931 0.12,262 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Preferred stockN/AN/A07/2021N/A48 407 —519 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+LLC interestN/AN/A08/2020N/A277 779 0.12,818 
Critical Start, Inc.+LLC unitsN/AN/A05/2022N/A343 379 —158 
Kentik Technologies, Inc.+LP unitsN/AN/A09/2021N/A509 2,933 0.12,944 
Kentik Technologies, Inc.+Preferred stockN/AN/A11/2024N/A1 3 —4 
Netwrix Corporation+Common stockN/AN/A06/2022N/A7 19 —18 
Optimizely North America, Inc.+LLC interestN/AN/A10/2018N/A92 1,016 0.11,369 

See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Saturn Borrower Inc.+LP interestN/AN/A09/2020N/A520 $470 —%$607 
9,335 0.619,323 
Leisure Products
Massage Envy, LLC+LLC interestN/AN/A09/2012N/A749 210 0.11,930 
Movement Holdings, LLC+(8)(10)LP unitsN/AN/A03/2024N/A— 152 —87 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A82 141 —116 
WBZ Investment, LLC+LLC unitsN/AN/A09/2018N/A56 96 —80 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A47 78 —65 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A41 70 —58 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A18 29 —24 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A2 2 —2 
778 0.12,362 
Life Sciences Tools & Services
Celerion Buyer, Inc.+(25)LLC interestN/AN/A11/2022N/A1,302 1,096 —727 
Celerion Buyer, Inc.+Common stockN/AN/A11/2022N/A1,302 188 0.13,778 
PAS Parent Inc.+LLC unitsN/AN/A12/2021N/A15 1,651 0.11,914 
PAS Parent Inc.+Preferred stockN/AN/A03/2023N/A2 267 —342 
3,202 0.26,761 
Oil, Gas & Consumable Fuels
W3 Co.+LLC interestN/AN/A03/2017N/A3 1,632 —928 
W3 Co.+Common stockN/AN/A01/2019N/A— 224 —224 
1,856 —1,152 
Paper & Forest Products
Messenger, LLC+Preferred stockN/AN/A12/2021N/A8 667 —853 
Messenger, LLC+Preferred stockN/AN/A12/2021N/A1 — —— 
667 — 853 
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12)LP interestN/AN/A03/2021N/A701 605 —472 
Cobalt Buyer Sub, Inc.+(25)LP interestN/A13.75%Non-Cash10/2021N/A11 18,419 0.518,854 
Cobalt Buyer Sub, Inc.+LP interestN/AN/A10/2021N/A— 246 —100 
Cobalt Buyer Sub, Inc.+Preferred stockN/AN/A10/2021N/A3 2 —— 
Creek Parent, Inc.+Preferred stockN/AN/A12/2024N/A3,372 3,372 0.13,608 
22,644 0.623,034 
Professional Services
Eclipse Buyer, Inc.+(25)LP unitsN/A12.50%Non-Cash09/2024N/A— 1,824 0.11,853 
Enboarder, Inc.+(8)LLC unitsN/AN/A01/2022N/A83 859 —537 
Filevine, Inc.+LP interestN/AN/A04/2022N/A362 2,867 0.26,388 
Filevine, Inc.+LP unitsN/AN/A04/2022N/A54 224 —843 
Filevine, Inc.+LLC unitsN/AN/A05/2024N/A21 176 —373 
Net Health Acquisition Corp.+LP interestN/AN/A12/2017N/A14 1,684 0.12,417 
Procure Acquireco, Inc.+LP interestN/AN/A12/2021N/A— 901 —1,199 
8,535 0.413,610 
Real Estate Management & Development
Inhabit IQ Inc.+LP interestN/AN/A01/2018N/A2 528 —587 
SC Landco Parent, LLC+Common stockN/AN/A09/2022N/A2 274 —266 
802 —853 
Road & Rail
Internet Truckstop Group, LLC+WarrantN/AN/A04/2019N/A554 587 — 352 


See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(Dollar and share amounts in thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Software
Anaplan, Inc.+LLC unitsN/AN/A06/2022N/A962 $1,254 0.1%$1,675 
Aras Corporation+(25)LLC unitsN/A12.00%Non-Cash04/2021N/A1 2,212 0.12,435
Aras Corporation+Common stockN/AN/A04/2021N/A427 446—776
Astute Holdings, Inc.+LP interestN/AN/A04/2019N/A— 520—114
Auvik Networks Inc.+(8)(12)LLC unitsN/AN/A07/2021N/A37 405—584
Auvik Networks Inc.+(8)(12)LP unitsN/AN/A02/2023N/A4 46—66
Bayshore Intermediate #2, L.P.+LLC unitsN/AN/A10/2021N/A5,841 5,8900.27,482
Calabrio, Inc.+LP interestN/AN/A04/2021N/A1 1,157—1,037
Calabrio, Inc.+Preferred stockN/AN/A04/2021N/A134 0—0
CB Buyer, Inc.+Preferred stockN/AN/A07/2024N/A258 258—160
Cloudbees, Inc.+LP interestN/AN/A11/2021N/A179 2,0070.12,149
Cloudbees, Inc.+WarrantN/AN/A05/2018N/A158 445—1,120
Cloudbees, Inc.+Preferred stockN/AN/A06/2018N/A86 602—821
Cynet Security Ltd.+(8)(15)Preferred stockN/AN/A08/2022N/A220 855—1,172
Denali Bidco Limited+(8)(10)LP unitsN/AN/A08/2023N/A431 312—732
Diligent Corporation+(25)LP interestN/A10.50%Non-Cash04/2021N/A24 33,9020.935,506
Diligent Corporation+Preferred stockN/AN/A04/2016N/A415 912—1,065
Energy Worldnet, LLC+(25)Preferred stockN/AN/A02/2025N/A50 52—54
FirstUp, Inc.+Common stockN/AN/A07/2021N/A305 661—242
FirstUp, Inc.+LP unitsN/AN/A03/2025N/A14 27—30
GS Acquisitionco, Inc.+(25)LP interestN/A11.00%Non-Cash04/2021N/A35 50,5961.352,892
GS Acquisitionco, Inc.+(25)Preferred stockN/A11.00%Non-Cash11/2021N/A5 6,4470.26,572
GS Acquisitionco, Inc.+Preferred stockN/AN/A09/2021N/A1 363—341
GS Acquisitionco, Inc.+(25)Preferred stockSF +10.50%(i)14.50%Non-Cash08/2023N/A— 139—138
GTY Technology Holdings, Inc.+Common stockN/AN/A07/2022N/A73 91—165
Gurobi Optimization, LLC+LLC unitsN/AN/A09/2024N/A— 709—775
Impartner, Inc.+LP interestN/AN/A10/2021N/A39 307—211
Kaseya Inc.+(25)Preferred stockSF +10.75%(i)14.92%Non-Cash06/2022N/A2 3,7000.13,635
Kaseya Inc.+Common stockN/AN/A06/2022N/A250 252—263
LogicMonitor, Inc.+LLC unitsN/AN/A12/2024N/A250 250 —277 
Menlo Ridgeview Co-Invest, LLC+(8)LLC unitsN/AN/A05/2025N/A931 954—996
Ministry Brands Holdings LLC+WarrantN/AN/A12/2021N/A799 774—613
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+LP interestN/AN/A10/2019N/A6 17—17
Onit, Inc.+(25)Common stockN/AN/A09/2025N/A— 14—14
Panzura, LLC+LLC unitsN/AN/A03/2025N/A2 6 —— 
Personify, Inc.+LLC interestN/AN/A09/2018N/A879 1,396 0.12,241 
Pluralsight, LLC+Common stockN/AN/A08/2024N/A1,988 3,6630.13,512
QAD, Inc.+LLC unitsN/AN/A11/2021N/A1 1,186—1,004
QAD, Inc.+LP interestN/AN/A11/2021N/A68 134 —279 
RegEd Aquireco, LLC+LP interestN/AN/A12/2018N/A— 358—161
RegEd Aquireco, LLC+LLC unitsN/AN/A07/2023N/A— 29—37
RegEd Aquireco, LLC+LP interestN/AN/A12/2018N/A4 21—0
Riskonnect Parent, LLC+(25)Preferred stockN/A11.00%Non-Cash04/2022N/A26 36,3810.936,658

See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Riskonnect Parent, LLC+Preferred stockN/AN/A11/2021N/A1,382 $1,414 0.1%$1,393 
Riskonnect Parent, LLC+(25)LP unitsSF +10.50%(i)14.70%Non-Cash07/2022N/A— 1,067—1,074 
Riskonnect Parent, LLC+(25)LLC unitsN/A10.50%Non-Cash06/2024N/A— 56—61 
Rokt Inc.+LLC unitsN/AN/A01/2025N/A20 683 —763 
SnapLogic, Inc.+WarrantN/AN/A09/2019N/A344 1,028 0.12,007 
SnapLogic, Inc.+Common stockN/AN/A09/2019N/A131 162 —517 
Spartan Buyer Acquisition Co.+LP unitsN/AN/A12/2020N/A1 794 —412 
Spartan Buyer Acquisition Co.+LP unitsN/AN/A12/2022N/A— 110—136
StrongDM, Inc.+Preferred stockN/AN/A05/2025N/A424 2,2570.12,349
Telesoft Holdings LLC+LP interestN/AN/A12/2019N/A137 129—120
Templafy APS and Templafy, LLC+(8)(18)Preferred stockN/AN/A07/2022N/A— 82—21
Togetherwork Holdings, LLC+Preferred stockN/AN/A07/2024N/A307 1,3420.11,376
Transform Bidco Limited+(8)(10)LP unitsN/AN/A04/2025N/A2,349 2,3490.12,432
Tricentis Operations Holdings, Inc.+Preferred stockN/AN/A02/2025N/A40 40—44
Zendesk, Inc.+LP unitsN/AN/A11/2022N/A63 708—648
171,971 4.6181,374 
Specialty Retail
Ave Holdings III, Corp+(25)Preferred stockN/A11.50%Non-Cash02/2022N/A15 20,613 0.415,226 
Ave Holdings III, Corp+Preferred stockN/AN/A02/2022N/A2 1,737 —157 
Batteries Plus Holding Corporation+LP interestN/AN/A07/2016N/A10 1,287 0.11,399 
Cycle Gear, Inc.+LLC unitsN/AN/A02/2016N/A2,002 481 —356 
Cycle Gear, Inc.+WarrantN/AN/A01/2023N/A75 75 —160 
Metal Supermarkets US Buyer, LLC+(8)(12)LLC unitsN/AN/A12/2024N/A3 347 —370 
Metal Supermarkets US Buyer, LLC+(8)(12)Preferred stockN/AN/A12/2024N/A1 — —29 
Salon Lofts Group, LLC+Preferred stockN/AN/A08/2022N/A— 137 —111 
VSG Acquisition Corp. and Sherrill, Inc.+LP interestN/AN/A04/2022N/A— 57 —92 
24,734 0.517,900 
Textiles, Apparel & Luxury Goods
Georgica Pine Clothiers, LLC+(25)LLC interestN/AN/A11/2015N/A20 239 —292 
Georgica Pine Clothiers, LLC+Common stockN/AN/A08/2020N/A— — —2 
MakerSights, Inc.+Common stockN/AN/A06/2021N/A56 265 —101 
Shoes For Crews Global, LLC+LLC unitsN/AN/A06/2024N/A2 1,083 —1,366 
1,587 —1,761 
Total non-controlled/non-affiliate company equity investments453,851 12.2 485,008 
Total non-controlled/non-affiliate company investments8,428,025 212.5 8,463,764 




See Notes to Consolidated Financial Statements.
92
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(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)
Non-controlled/affiliate company investments(28)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+(7)(26)One stopSF +1.00%(i)5.00%PIK06/2027$7,589 $7,071 0.1%$2,732 
Abita Brewing Co., L.L.C.+(7)(26)Second lienSF +1.00%(i)5.00%PIK06/20275,224 3,725 —210 
Abita Brewing Co., L.L.C.+(26)One stopSF +1.00%(i)5.13%PIK06/20272,748 2,748 0.12,274 
15,561 13,544 0.25,216 
Energy, Equipment & Services
Benetech, Inc.+(7)(26)One stopSF +1.00%(i)5.00%PIK08/20274,991 3,623 0.11,997 
Benetech, Inc.+(7)(26)One stopSF +1.00%(i)5.00%PIK08/20271,105 732 —92 
6,096 4,355 0.12,089 
Healthcare Equipment & Supplies
G & H Wire Company, Inc.+(26)One stopSF +6.00%(i)5.35% cash/5.00%PIK11/20292,847 2,847 0.12,847 
G & H Wire Company, Inc.+One stopN/A(6)11/2029— — —— 
2,847 2,847 0.12,847 
Healthcare Providers & Services
Bayside Opco, LLC+One stopSF +7.25%(i)11.40%06/202612,729 12,703 0.312,729 
Bayside Opco, LLC+(26)Subordinated debtSF +10.00%(i)14.15%PIK06/20265,832 5,659 0.15,832 
Bayside Opco, LLC+One stopSF +7.25%(i)11.40%06/20264,503 4,450 0.14,503 
Bayside Opco, LLC+One stopN/A(6)06/2026— — —— 
Elite Dental Partners LLC+(7)(26)One stopSF +5.25%(i)9.40%PIK09/202618,393 13,029 0.14,414 
Elite Dental Partners LLC+(7)(26)One stopSF +12.00%(i)16.15%PIK09/202611,500 7,226 0.13,335 
Elite Dental Partners LLC+(26)One stopSF +5.25%(i)9.40%PIK09/20261,982 1,982 0.11,982 
Elite Dental Partners LLC+(26)One stopSF +5.25%(i)9.40%PIK09/2026961 961 —961 
Opening Day Borrower 111 LLC+(26)One stopSF +6.25%(i)10.71%PIK05/20274,675 4,675 0.14,675 
SPF Borrower LLC+(26)One stopSF +6.25%(i)8.40% cash/2.00%PIK02/202816,191 16,191 0.416,191 
SPF Borrower LLC+(26)One stopSF +9.50%(i)13.65%PIK02/20288,625 8,625 0.28,625 
SPF Borrower LLC+One stopN/A(6)02/2028— — —— 
85,391 75,501 1.563,247 
Life Sciences Tools & Services
Reaction Biology Corporation+(26)One stopSF +4.75%(i)8.75%PIK03/20292,923 2,923 0.12,777 
Reaction Biology Corporation+(26)One stopSF +4.75%(i)8.75%PIK03/2029839 839 —839 
3,762 3,762 0.13,616 
Multiline Retail
Fleet Farm Group, LLC+(26)Senior securedSF +5.50%(i)9.81%PIK12/20265,405 5,405 0.15,242 
Fleet Farm Group, LLC+One stopSF +5.50%(i)9.70%12/20263,245 3,245 0.13,180 
8,650 8,650 0.28,422 
Personal Products
IMPLUS Footcare, LLC+(26)One stopSF +6.00%(i)10.31%PIK10/20288,288 7,738 0.27,708 
IMPLUS Footcare, LLC+(26)One stopSF +6.00%(i)10.01%PIK10/20283,761 3,761 0.13,678 
12,049 11,499 0.311,386 
Software
Switchfly LLC+(26)One stopN/A1.00%PIK11/20271,830 1,830 —1,651 
Specialty Retail
Chestnut Optical Midco, Inc.+One stopSF +1.00%(i)5.00%06/202945,065 41,693 1.040,107 
Chestnut Optical Midco, Inc.+(5)One stopN/A(6)06/2029— — —(309)
Chestnut Optical Midco, Inc.+One stopSF +1.00%(i)5.00%06/20292,817 2,817 —1,164 
47,882 44,510 1.040,962 
Total non-controlled/affiliate company debt investments184,068 166,498 3.5139,436 


See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(Dollar and share amounts in thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Equity investments(23)(24)
Beverages
Abita Brewing Co., L.L.C.+LP interestN/AN/A02/2021N/A210$— —%$— 
Healthcare Equipment & Supplies
G & H Wire Company, Inc.+LP unitsN/AN/A11/2024N/A1593,810 0.13,223 
Healthcare Providers & Services
Bayside Opco, LLC+Preferred stockN/AN/A05/2023N/A6 2,592 0.310,922 
Elite Dental Partners LLCLLC interestN/AN/A09/2020N/A— 2,902 —— 
Elite Dental Partners LLCLP unitsN/AN/A09/2020N/A— 1,250 —— 
Elite Dental Partners LLCLLC interestN/AN/A09/2020N/A— — —— 
Opening Day Borrower 111 LLC+LP unitsN/AN/A09/2024N/A181 21,172 0.518,561 
Opening Day Borrower 111 LLC+LP unitsN/AN/A04/2023N/A181 7,836 —— 
SPF Borrower LLC+Preferred stockN/AN/A02/2024N/A— 9,347 0.312,653 
45,099 1.1 42,136 
Life Sciences Tools & Services
Reaction Biology Corporation+LLC unitsN/AN/A03/2025N/A1394,980 0.13,643 
Multiline Retail
Fleet Farm Group, LLCPreferred stockN/AN/A12/2024N/A12923,874 0.624,821 
Personal Products
IMPLUS Footcare, LLC+LLC unitsN/AN/A07/2025N/A8,288 12,388 0.312,383 
Software
Switchfly LLC+Preferred stockN/AN/A09/2018N/A98,370 2,321 —486 
Switchfly LLC+Preferred stockN/AN/A09/2024N/A7,275 5,375 0.26,002 
Switchfly LLC+Preferred stockN/AN/A03/2022N/A950 950 —643 
8,646 0.27,131 
Specialty Retail
Chestnut Optical Midco, Inc.+LP unitsN/AN/A06/2024N/A189 53,764 1.560,990 
Total non-controlled/affiliate company equity investments152,561 3.9154,327 
Total non-controlled/affiliate company investments319,059 7.4 293,763 


See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Controlled affiliate company investments(29)
Debt investments
IT Services
MMan Acquisition Co.+(26)One stopN/A8.00%PIK03/2026$2,137 $2,137 0.1%$2,030 
MMan Acquisition Co.+(26)One stopN/A12.00%PIK03/20261,209 1,209 —1,209 
MMan Acquisition Co.+(26)One stopN/A12.00%PIK03/20261,300 1,300 —1,300 
MMan Acquisition Co.+(26)One stopN/A12.00%PIK03/2026376 376 —376 
Total controlled affiliate company debt investments5,022 5,022 0.14,915 
Equity investments(23)(24)
IT Services
MMan Acquisition Co.+LP unitsN/AN/A09/2024N/A— 7,832 0.26,947 
Total controlled affiliate equity investments7,832 0.26,947 
Total controlled affiliate company investments12,854 0.311,862 
Total investments$8,759,938 220.2 %$8,769,389 
Money market funds (included in cash equivalents and restricted cash equivalents)
BlackRock Liquidity Funds T-Fund
Institutional Shares (CUSIP 09248U718)		4.00%(30)$23,093 0.6%$23,093 
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio Institutional Share Class (CUSIP 61747C525)3.97%(30)70,563 1.870,563 
Total money market funds93,656 2.493,656 
Total investments and money market funds$8,853,594 222.6%$8,863,045 

See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(Dollar and share amounts in thousands)
*
Denotes that all or a portion of the loan collateralizes the notes offered in the 2024 Debt Securitization (as defined in Note 7).
+
Denotes that all or a portion of the investment collateralizes the JPM Credit Facility (as defined in Note 7).
(1)The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime (“P”), Sterling Overnight Index Average ("SONIA" or “SN”), Australian Interbank Rate (”AUD” or ”A”) or Canadian 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 September 30, 2025. 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, 2025, 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 could not be the applicable index rate outstanding as of September 30, 2025, as the loan could have priced or repriced based on an index rate prior to September 30, 2025.
(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 7.25% as of September 30, 2025.
(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 1.93% as of September 30, 2025.
(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 2.03% as of September 30, 2025.
(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 2.10% as of September 30, 2025.
(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 3.58% as of September 30, 2025.
(f) Denotes that all or a portion of the contract was indexed to SONIA, which was 3.97% as of September 30, 2025.
(g) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 4.24% as of September 30, 2025.
(h) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 4.13% as of September 30, 2025.
(i) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 3.98% as of September 30, 2025.
(j) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 3.85% as of September 30, 2025.
(k) Denotes that all or a portion of the contract was indexed to Daily CORRA, which was 2.56% as of September 30, 2025.
(l) Denotes that all or a portion of the contract was indexed to the 90-day Term CORRA, which was 2.45% as of September 30, 2025.
(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, 2025.
(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. The fair value of loan investments may include the impact of the unfunded commitment being valued below par.
(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, 2025. As such, no interest is being earned on this investment. The investment could be subject to an unused facility fee.
(7)Investment was on non-accrual status as of September 30, 2025, meaning that the Company has ceased recognizing interest or non-cash dividend income on the investment.
(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, 2025, total non-qualifying assets at fair value represented 13.3% 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.
(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)The headquarters of this portfolio company is located in Germany.
(20)The headquarters of this portfolio company is located in France.
(21)The headquarters of this portfolio company is located in Jersey.
(22)The headquarters of this portfolio company is located in Spain.

See Notes to Consolidated Financial Statements.
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Consolidated Schedule of Investments - (continued)
September 30, 2025
(Dollar and share amounts in thousands)
(23) Equity investments are non-income producing securities unless otherwise noted.
(24) Ownership of certain equity investments occurs through a holding company or partnership.
(25) The Company holds an equity investment that is income producing.
(26) 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, 2025.
(27) The fair value of the loan reflects the legal claim on par and accrued uncapitalized payment-in-kind (“PIK”) interest.
(28) 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, 2025 were as follows:
Portfolio CompanyFair value as of September 30, 2024
Gross additions(a)
Gross reductions(b)
Net change in unrealized appreciation (depreciation)Net realized gain (loss)Fair value as of September 30, 2025Interest, dividend and fee income
Abita Brewing Co. LLC$6,000 $11,690 $(9,725)$(2,749)$— $5,216 $114 
Bayside Opco, LLC29,127 1,165 (156)3,850 — 33,986 3,263 
Benetech, Inc.1,793 — (189)485 — 2,089 8 
Chestnut Optical Midco, Inc.(c)
93,864 3,717 — 4,371 — 101,952 3,440 
Elite Dental Partners LLC11,696 1,145 — (2,149)— 10,692 223 
Fleet Farm Group LLC— 32,523 — 720 — 33,243 416 
G & H Wire Company, Inc.— 6,657 — (587)— 6,070 251 
IMPLUS Footcare, LLC— 23,769 — — — 23,769 238 
Opening Day Borrower 111 LLC24,936 12,900 (8,225)(6,375)— 23,236 303 
Reaction Biology Corporation— 10,426 (1,684)(1,483)— 7,259 182 
SPF Borrower LLC36,653 620 (328)524 — 37,469 2,994 
Switchfly LLC7,313 2,547 (1,427)349 — 8,782 26 
Total Non-Controlled Affiliates$211,382 $107,159 $(21,734)$(3,044)$— $293,763 $11,458 
(a)
Gross additions could 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 could include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.
(c)
Formerly known as Imperial Optical Midco Inc.
(29) 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, 2025 were as follows:
Portfolio CompanyFair value as of September 30, 2024
Gross additions(a)
Gross reductions(b)
Net change in unrealized appreciation (depreciation)Net realized gain (loss)Fair value as of September 30, 2025Interest, dividend and fee income
MMan Acquisition Co.$12,205 $490 $— $(833)$— $11,862 $510 
Total Controlled Affiliates$12,205 $490 $— $(833)$— $11,862 $510 
(a)
Gross additions could 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 could 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.
(30) The rate shown is the annualized seven-day yield as of September 30, 2025.


See Notes to Consolidated Financial Statements.
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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 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 (the “GCIC Merger”), 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 (“GCIC Merger Sub”), 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 (the “GBDC 3 Merger”), 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 (“GBDC 3 Merger Sub”), the Investment Adviser, and, for certain limited purposes, the Administrator.
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. 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, 2025, 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. On August 2, 2024, the Company’s board of directors (the “Board”) designated the Investment Adviser as the Company’s valuation designee (“Valuation Designee”) in accordance with Rule 2a-5 under the 1940 Act. As of such date, the Valuation Designee is responsible for determining the fair value of the
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Company’s portfolio investments, subject to oversight of the Board. In accordance with ASC Topic 820, the Valuation Designee has categorized the Company’s 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 Investment Adviser’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 Valuation Designee 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 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 Valuation Designee will continue to refine its valuation methodologies. See further description of fair value methodology in Note 6.
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.

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
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:
Entity NameAbbreviation
Golub Capital BDC CLO III Depositor LLC1
(“2018 CLO Depositor”)1
Golub Capital BDC CLO III LLC2
(“2018 Issuer”)2
Golub Capital BDC Holdings, LLC(“BDC Holdings”)
GCIC Holdings LLC(“GCIC Holdings”)
GCIC CLO II Depositor LLC 3
(“GCIC 2018 CLO Depositor”)3
GCIC CLO II LLC4
(“GCIC 2018 Issuer”)4
Golub Capital BDC CLO 8 Depositor LLC3
("BDC CLO 8 Depositor")3
Golub Capital BDC CLO 8 LLC4
(“2024 Issuer”)4
GCIC Funding LLC5
(“GCIC Funding”)5
GBDC Holdings Coinvest, Inc.6
GBDC Holdings ED Coinvest, Inc.
GCIC North Haven Stack Buyer Coinvest, Inc.7
GCIC Quick Quack Coinvest LLC5
GBDC Quick Quack Coinvest LLC5
Golub Capital 3 Holdings LLC(“GBDC 3 Holdings”)
GBDC 3 Funding LLC 8 9
(“GBDC 3 Funding”)8 9
Golub Capital BDC 3 CLO 1 Depositor LLC1
(“GBDC 3 2021 CLO Depositor”)1
Golub Capital BDC 3 CLO 1 LLC2
(“GBDC 3 2021 Issuer”)2
Golub Capital BDC 3 ABS 2022-1 Depositor LLC10
(“GBDC 3 2022 ABS 2022-1 Depositor”)10
Golub Capital BDC 3 ABS 2022-1 LLC9
(“GBDC 3 2022 Issuer”)9
Golub Capital BDC 3 CLO 2 Depositor LLC10
(“GBDC 3 2022 CLO 2 Depositor”)10
Golub Capital BDC 3 CLO 2 LLC8
(“GBDC 3 2022-2 Issuer”)8
GBDC 3 Holdings Coinvest, Inc.6
GBDC 3 Quick Quack Coinvest LLC5
1.Prior to April 22, 2025, the date of each entity’s dissolution.
2.Prior to November 18, 2024, the date of each entity’s dissolution.
3.GCIC CLO II Depositor LLC (“GCIC 2018 CLO Depositor”) was renamed to Golub Capital BDC CLO 8 Depositor LLC (“BDC CLO 8 Depositor”) effective November 18, 2024.
4.GCIC CLO II LLC (“GCIC 2018 Issuer”) was renamed to Golub Capital BDC CLO 8 LLC (“2024 Issuer”) effective November 18, 2024.
5.Prior to April 30, 2025, the date of each entity’s dissolution.
6.GBDC 3 Holdings Coinvest, Inc. merged into GBDC Holdings Coinvest, Inc. effective September 1, 2025.
7.Prior to December 31, 2025, the date of the entity’s dissolution.
8.Golub Capital BDC 3 CLO 2 LLC (“GBDC 3 2022-2 Issuer”) merged into GBDC 3 Funding LLC (“GBDC 3 Funding”) effective May 19, 2025.
9.Golub Capital BDC 3 ABS 2022-1 LLC (“GBDC 3 2022 Issuer”) merged into GBDC 3 Funding LLC (“GBDC 3 Funding”) effective August 21, 2025.
10.Prior to March 17, 2026, the date of each entity’s dissolution.
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
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, Funding II, GCIC Holdings, GBDC 3 Holdings, GBDC 3 Funding, 2024 Issuer and, prior to November 18, 2024, GCIC 2018 Issuer, 2018 Issuer and GBDC 3 2021 Issuer, GCIC Funding (prior to April 30, 2025), GBDC 3 2022-2 Issuer (prior to May 19, 2025), and GBDC 3 2022 Issuer (prior to August 21, 2025) that are consolidated in the Company’s consolidated financial statements. The creditors of the special purpose entities have received security interests in such assets and such assets are not intended to be available to the creditors of GBDC (or any affiliate of GBDC).
Cash, cash equivalents and foreign currencies: Cash, cash equivalents and foreign currencies are highly liquid investments with an original maturity of three months or less at the date of acquisition. The Company deposits its cash in financial institutions and, at times, such balances exceed the Federal Deposit Insurance Corporation insurance limits.
Restricted cash, restricted cash equivalents and restricted foreign currencies: Restricted cash, restricted 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, restricted 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.
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 within 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 forward currency 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 as a component of “Net unrealized appreciation on derivatives” or “Net unrealized depreciation on derivatives” by counterparty on a net basis across all derivative instruments, 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.
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
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 and other debt financing expenses” in the Company’s Consolidated Statements of Operations. The fair value of the interest rate swaps is recorded on the Consolidated Statements of Financial Condition as a component of “Net unrealized appreciation on derivatives” or “Net unrealized depreciation on derivatives” by counterparty on a net basis across all derivative instruments, not taking into account collateral posted which is recorded separately, if applicable.
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.
Original issue discount, market discount or premium and certain loan origination or amendment fees that are deemed to be an adjustment to yield (“Loan Origination Fees”) are capitalized and the Company accretes or amortizes such amounts over the life of the loan as interest income (“Discount Amortization”). For the three and six months ended March 31, 2026, the Company received Loan Origination Fees that were capitalized of $1,842 and $5,363, respectively. For the three and six months ended March 31, 2025, the Company received Loan Origination Fees that were capitalized of $4,781 and $17,540, respectively. For the three and six months ended March 31, 2026, interest income included $5,740 and $12,284, respectively, of Discount Amortization. For the three and six months ended March 31, 2025, interest income included $6,700 and $12,955, respectively, of Discount Amortization.
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 six months ended March 31, 2026, investment income included $17,132 and $31,651, respectively, of PIK interest and the Company capitalized PIK interest of $18,561 and $32,718, respectively, into the principal balance of certain debt investments. For the three and six months ended March 31, 2025, investment income included $14,045 and $25,061, respectively, of PIK interest and the Company capitalized PIK interest of $14,710 and $27,921, 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 that are not deemed to be an adjustment to yield as fee income when earned. For the three and six months ended March 31, 2026, fee income included $196 and $761 from non-recurring prepayment premiums, respectively. For the three and six months ended March 31, 2025, fee income included $1,203 and $1,297 from non-recurring prepayment premiums, respectively.
For the three and six months ended March 31, 2026, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of $169,873 and $347,269, respectively. For the three and six months ended March 31, 2025, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of $197,416 and $398,783, 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 six months ended March 31, 2026, the Company recognized PIK and non-cash dividend income of $6,158 and $13,192, respectively, which were capitalized into the cost basis of certain preferred equity investments. For the three and six months ended March 31, 2025, the Company recognized PIK and non-cash dividend income of $7,807 and $15,071, respectively, which were capitalized into the cost basis of certain preferred equity investments. For both the three and six months ended March 31, 2026 the Company received $235 of cash payments of accrued and capitalized preferred dividends. For the three and six months ended March 31, 2025 the Company received $1,725 and $3,549, respectively, of cash payments of accrued and capitalized preferred dividends.
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Each distribution received from limited liability company (“LLC”) and limited partnership (“LP”) investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.
For the three and six months ended March 31, 2026, the Company recorded dividend income received in cash of $202 and $787, respectively, and return of capital distributions received in cash of $410 and $502, respectively. For the three and six months ended March 31, 2025, the Company recorded dividend income received in cash of $70 and $1,293, respectively, and return of capital distributions received in cash of $109 and $344, 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.
Non-accrual investments: A loan can be left on accrual status while 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 capitalized Loan Origination Fees 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 $77,727 and $27,321 as of March 31, 2026 and September 30, 2025, respectively.

Management reviews all preferred equity securities accruing contractual PIK dividend income to determine if there is reasonable doubt that amortized cost or capitalized PIK and non-cash dividend income will be collected for possible placement on non-accrual status. When a preferred equity security is placed on non-accrual status, the contractual PIK dividend provision is no longer accrued to dividend income as of the date the preferred equity security is placed on non-accrual status. As of March 31, 2026, there were four preferred equity securities on non-accrual status with a fair value of $40,783. As of September 30, 2025, there was one preferred equity security on non-accrual status with a fair value of $0.
Asset Acquisition: Pursuant to the GCIC Merger Agreement, the GCIC Merger Sub was first merged with and into GCIC, with GCIC as the surviving company, and, immediately following this initial merger, GCIC was then merged with and into the Company, with the Company as the surviving company. 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 and, immediately following this initial 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 “asset acquisition.” 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
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
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 were 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 six months ended March 31, 2026 was $2,520 and $5,688, respectively. Amortization expense of purchase premium for the three and six months ended March 31, 2025 was $4,592 and $10,278, 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.
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 could 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 six months ended March 31, 2026, no U.S. federal excise tax was recorded. For the three months ended March 31, 2025, the Company did not record any U.S. federal excise tax expense. For the six months ended March 31, 2025, the Company recorded a reversal of the accrual for U.S. federal excise tax expense of $475.
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 March 31, 2026. The Company’s tax returns for the 2022 through 2024 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 and six months ended March 31, 2026 and 2025, the Company did not record any U.S. income tax expense.
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.
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The Company has adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of any distributions the Company declares in cash on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, if the Board authorizes and the Company declares a cash distribution, then stockholders who participate in the DRIP will have their cash distribution reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. The Company expects to use newly issued shares under the guidelines of the DRIP if the Company’s shares are trading at a premium to net asset value. The Company can purchase shares in the open market in connection with the obligations under the plan, and in particular, if the Company’s shares are trading at a significant discount to net asset value (“NAV”) and the Company is otherwise permitted under applicable law to purchase such shares, the Company intends to purchase shares in the open market in connection with any obligations under the DRIP.
In the event the market price per share of the Company’s common stock on the date of a distribution exceeds the most recently computed NAV per share of the common stock, the Company will issue shares of common stock to participants in the DRIP at the greater of the most recently computed NAV per share of common stock or 95% of the current market price per share of common stock (or such lesser discount to the current market price per share that still exceeds the most recently computed NAV per share of common stock).
Share repurchase plan: The Company has a share repurchase program (the “Program”) which allows the Company to repurchase the Company’s outstanding common stock on the open market at prices below the Company’s NAV as reported in its most recently published consolidated financial statements. The Board re-approved the Program in August 2025 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.
Equity Distribution Agreement: On October 6, 2023, the Company entered into an equity distribution agreement, which was most recently amended on May 16, 2025 (the “2023 Equity Distribution Agreement”), by and among the Company, the Investment Adviser, the Administrator, 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 $288,043, in an “at the market offering,” in amounts and at times to be determined by the Company. Through March 31, 2026, the Company has issued 2,408,940 of shares of its common stock for net proceeds to the Company of $38,043 under the 2023 Equity Distribution Agreement. 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 can offer and sell shares of its common stock from time to time through, or to, the Placement Agents. Sales of the shares can 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 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 and six months ended March 31, 2026, the Company did not issue any shares of common stock under the 2023 Equity Distribution Agreement. During the three and six months ended March 31, 2025, the Company issued 2,408,940 shares of common stock under the 2023 Equity Distribution Agreement.
Deferred debt issuance costs: Deferred debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of March 31, 2026 and September 30, 2025, the Company had deferred debt issuance costs of $21,427 and $26,005, respectively.
These amounts are amortized and included in “Interest expense and other debt financing expenses” in the Consolidated Statements of Operations over the estimated average life of the borrowings. Amortization expense for deferred debt issuance costs for the three and six months ended March 31, 2026 was $2,572 and $5,179, respectively. Amortization expense for deferred debt issuance costs for the three and six months ended March 31, 2025 was $2,479 and $5,124, respectively.
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Deferred offering costs: Deferred offering costs consist of fees paid in relation to legal, accounting, regulatory and printing work completed in preparation of equity offerings. Deferred offering costs are charged against the proceeds from equity offerings when received. These amounts are included in “Other assets” on the Consolidated Statements of Financial Condition.
Segment reporting: In accordance with ASC Topic 280 - Segment Reporting (“ASC Topic 280”), the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.    
The Company operates through a single operating and reporting segment with an investment objective to generate both current income and, to a lesser extent, capital appreciation through debt and equity investments. The chief operating decision maker (the “CODM”) is comprised of the senior executive committee that, as of March 31, 2026, includes the Company’s chief executive officer, chief financial officer and chief operating officer and assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase (decrease) in net assets resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in evaluating the Company’s distribution policy. Performance metrics are provided to the CODM on a quarterly basis and are utilized to evaluate performance generated from segment net assets. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated statement of financial condition as “total assets” and the significant segment expenses are listed on the accompanying consolidated statement of operations.
Recent Accounting Updates: In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). ASU No. 2024-03 requires disaggregated disclosure of certain costs and expenses, including purchase of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for annual years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption and retrospective application are permitted. The Company is currently evaluating the impact of adopting ASU No. 2024-03.
Note 3. Related Party Transactions
Investment Advisory Agreement: Under the Investment Advisory Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, GBDC. The Board most recently re-approved the Investment Advisory Agreement in May 2026. 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 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, cash equivalents, restricted cash and restricted cash equivalents, and foreign currencies 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.
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The Investment Adviser served 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), prior to their redemption, and serves as the collateral manager under the 2024 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 six months ended March 31, 2026 was $21,035 and $43,150, respectively. The base management fee incurred for the three and six months ended March 31, 2025 was $21,714 and $43,295, 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 Per Share (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 asset acquisition for any premium or discount paid for the acquisition of assets in a merger. “Cumulative Incentive Fees Paid Per Share” is equal to the sum of Incentive Fees Paid Per Share since April 13, 2010. “Incentive Fees Paid Per Share” for any period is equal to the Incentive Fees accrued and/or payable to the Company for such period, divided by the weighted average number of shares of common stock of GBDC during such period.
“Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the calendar quarter (including the base management fee, taxes, any expenses payable under the Investment Advisory Agreement and the Administration Agreement, any expenses of securitizations and any interest expense and dividends paid on any outstanding preferred stock, but excluding the Incentive Fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities, accrued income that the Company has not yet received in cash.
Incentive Fees are calculated and payable quarterly in arrears (or, upon termination of the Investment Advisory Agreement, as of the termination date).
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
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 six months ended March 31, 2026, the Income Incentive Fee incurred was $15,542 and $32,999, respectively. For the three and six months ended March 31, 2025, the Income Incentive Fee incurred was $18,247 and $36,305, respectively.
The Investment Advisory Agreement excludes the impact of asset acquisition resulting from a merger, including each of 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 asset acquisition 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.
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.
The Company calculated 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
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
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.
•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 six months ended March 31, 2026 and 2025, the Company did not accrue a Capital Gain Incentive Fee. As of March 31, 2026 and September 30, 2025, 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 six months ended March 31, 2026 and 2025, 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 March 31, 2026 and September 30, 2025, there was no cumulative accrual of capital gain incentive fees under GAAP included in “Accounts payable and other liabilities” 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.
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Included in accounts payable and other liabilities is $2,939 and $3,022 as of March 31, 2026 and September 30, 2025, respectively, for accrued allocated shared services under the Administration Agreement.
Other related party transactions: The Administrator pays for certain unaffiliated third-party expenses incurred by the Company. Such expenses include postage, printing, office supplies, rating agency fees and professional fees. These expenses are not marked-up and represent the same amount the Company would have paid had the Company paid the expenses directly. These expenses are subsequently reimbursed in cash.
Total expenses reimbursed to the Administrator during the three and six months ended March 31, 2026 were $2,558 and $5,085, respectively. Total expenses reimbursed to the Administrator during the three and six months ended March 31, 2025 were $1,722 and $4,380, respectively.
As of March 31, 2026 and September 30, 2025, included in accounts payable and other liabilities were $1,114 and $2,527, respectively, for expenses paid on behalf of the Company by the Administrator.
The Company is party to an unsecured revolving credit facility with the Investment Adviser (as amended, the “Adviser Revolver”) which, as of March 31, 2026 and September 30, 2025, permits the Company to borrow a maximum of $300,000 and expires on June 13, 2032. Refer to Note 7 for discussion of the Adviser Revolver.
Note 4. Investments
Investments as of March 31, 2026 and September 30, 2025 consisted of the following:
As of March 31, 2026As of September 30, 2025
  PrincipalAmortized
Cost		Fair
Value		PrincipalAmortized
Cost		Fair
Value
Senior secured$414,687 $411,384 $403,460 $448,400 $444,061 $442,477 
One stop7,478,479 7,381,885 7,241,236 7,735,754 7,633,999 7,615,809 
Second lien27,545 25,762 22,176 31,317 29,607 26,409 
Subordinated debt35,451 35,230 35,014 38,444 38,027 38,412 
EquityN/A622,755 615,359 N/A614,244 646,282 
Total$7,956,162 $8,477,016 $8,317,245 $8,253,915 $8,759,938 $8,769,389 
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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 March 31, 2026As of September 30, 2025
Amortized Cost:        
United States        
Southeast$1,667,160 19.7 %$1,756,509 20.0 %
Mid-Atlantic1,567,372 18.5 1,621,070 18.5 
Midwest1,352,506 15.9 1,395,381 15.9 
West1,217,921 14.4 1,345,106 15.4 
Southwest1,041,863 12.3 1,055,464 12.0 
Northeast476,125 5.6 472,221 5.4 
United Kingdom407,839 4.8 399,688 4.6 
Canada340,373 4.0 337,991 3.9 
Finland81,718 1.0 78,934 0.9 
Germany64,646 0.8 81,459 0.9 
Jersey57,529 0.7 57,493 0.7 
Australia53,545 0.6 54,443 0.6 
Luxembourg44,035 0.5 4,610 0.1 
Sweden36,083 0.4 35,269 0.4 
France28,185 0.3 20,285 0.2 
Netherlands17,757 0.2 12,835 0.1 
Israel17,490 0.2 17,384 0.2 
Denmark4,869 0.1 4,866 0.1 
Spain— — 8,930 0.1 
Total$8,477,016 100.0 %$8,759,938 100.0 %
Fair Value:        
United States        
Southeast$1,638,710 19.7 %$1,741,027 19.8 %
Mid-Atlantic1,563,676 18.8 1,641,053 18.7 
Midwest1,331,654 16.0 1,399,325 16.0 
West1,189,120 14.3 1,347,579 15.4 
Southwest977,975 11.8 1,028,584 11.7 
Northeast467,456 5.6 472,847 5.4 
United Kingdom401,420 4.8 407,437 4.6 
Canada333,626 4.0 332,821 3.8 
Finland86,656 1.0 88,087 1.0 
Germany64,446 0.8 87,711 1.0 
Jersey58,061 0.7 59,437 0.7 
Australia55,762 0.7 54,102 0.6 
Luxembourg42,792 0.5 4,890 0.1 
Sweden37,254 0.4 37,383 0.4 
France29,083 0.4 22,233 0.2 
Netherlands17,481 0.2 13,210 0.2 
Israel17,306 0.2 17,757 0.2 
Denmark4,767 0.1 4,821 0.1 
Spain— — 9,085 0.1 
Total$8,317,245 100.0 %$8,769,389 100.0 %
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The industry compositions of the portfolio at amortized cost and fair value as a percentage of total investments in portfolio companies as of March 31, 2026 and September 30, 2025 were as follows:
As of March 31, 2026As of September 30, 2025
Amortized Cost:        
Aerospace & Defense$57,186 0.7 %$54,719 0.6 %
Air Freight & Logistics52,883 0.6 52,825 0.6 
Airlines— — 8,930 0.1 
Auto Components34,722 0.4 39,106 0.4 
Automobiles379,805 4.5 418,536 4.8 
Banks13,789 0.2 12,895 0.1 
Beverages80,424 0.9 79,802 0.9 
Biotechnology2,000 0.0 *2,000 0.0 *
Building Products63,820 0.7 62,749 0.7 
Capital Markets14,122 0.2 14,049 0.2 
Chemicals146,366 1.7 142,340 1.6 
Commercial Services & Supplies177,599 2.1 217,458 2.5 
Communications Equipment16,535 0.2 16,529 0.2 
Construction & Engineering13,241 0.2 12,648 0.1 
Containers & Packaging124,366 1.5 111,514 1.3 
Diversified Consumer Services479,705 5.7 466,558 5.3 
Diversified Financial Services184,837 2.2 171,432 2.0 
Diversified Telecommunication Services1,526 0.0 *1,525 0.0 *
Electric Utilities7,251 0.1 7,093 0.1 
Electrical Equipment19,980 0.2 25,139 0.3 
Electronic Equipment, Instruments & Components33,455 0.4 33,484 0.4 
Energy Equipment & Services4,354 0.0 *4,355 0.0 *
Food & Staples Retailing35,481 0.4 30,214 0.3 
Food Products225,921 2.7 225,050 2.6 
Healthcare Equipment & Supplies267,232 3.1 325,894 3.7 
Healthcare Providers & Services649,584 7.7 650,544 7.4 
Healthcare Technology370,217 4.4 401,952 4.6 
Hotels, Restaurants & Leisure280,556 3.3 271,432 3.1 
Household Durables621 0.0 *— — 
Household Products9,622 0.1 9,511 0.1 
Industrial Conglomerates92,716 1.1 84,797 1.0 
Insurance428,832 5.1 425,336 4.9 
Internet & Direct Marketing Retail103,981 1.2 103,716 1.2 
IT Services284,594 3.4 280,208 3.2 
Leisure Products2,939 0.0 *14,582 0.2 
Life Sciences Tools & Services125,905 1.5 126,213 1.4 
Machinery31,311 0.4 30,878 0.4 
Marine34,201 0.4 34,593 0.4 
Media19,371 0.2 18,138 0.2 
Multiline Retail32,955 0.4 32,524 0.4 
Oil, Gas & Consumable Fuels2,229 0.0 *9,925 0.1 
Paper & Forest Products17,838 0.2 18,298 0.2 
Personal Products24,424 0.3 23,887 0.3 
Pharmaceuticals323,451 3.8 321,121 3.7 
Professional Services211,379 2.5 217,398 2.5 
Real Estate Management & Development112,653 1.3 112,592 1.3 
Road & Rail41,717 0.5 43,171 0.5 
Software2,190,421 25.8 2,362,302 27.0 
Specialty Retail462,651 5.5 450,181 5.1 
Textiles, Apparel & Luxury Goods44,268 0.5 43,744 0.5 
Trading Companies & Distributors57,585 0.7 56,605 0.6 
Transportation Infrastructure8,978 0.1 8,904 0.1 
Water Utilities75,417 0.9 70,542 0.8 
Total$8,477,016 100.0 %$8,759,938 100.0 %
* 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 March 31, 2026As of September 30, 2025
Fair Value:        
Aerospace & Defense$57,414 0.7 %$54,528 0.6 %
Air Freight & Logistics54,266 0.7 54,006 0.6 
Airlines— — 9,085 0.1 
Auto Components31,517 0.4 32,910 0.4 
Automobiles376,600 4.5 417,389 4.8 
Banks13,212 0.2 12,951 0.1 
Beverages70,501 0.8 71,405 0.8 
Biotechnology28 0.0 *149 0.0 *
Building Products63,451 0.8 62,640 0.7 
Capital Markets13,752 0.2 14,115 0.2 
Chemicals138,969 1.7 137,323 1.6 
Commercial Services & Supplies178,050 2.1 219,594 2.5 
Communications Equipment16,309 0.2 16,585 0.2 
Construction & Engineering13,172 0.2 12,728 0.1 
Containers & Packaging122,527 1.5 111,548 1.3 
Diversified Consumer Services459,628 5.5 462,485 5.3 
Diversified Financial Services185,184 2.2 175,762 2.0 
Diversified Telecommunication Services1,521 0.0 *1,529 0.0 *
Electric Utilities7,648 0.1 7,445 0.1 
Electrical Equipment20,059 0.2 25,587 0.3 
Electronic Equipment, Instruments & Components33,680 0.4 34,220 0.4 
Energy Equipment & Services2,149 0.0 *2,089 0.0 *
Food & Staples Retailing34,307 0.4 30,171 0.3 
Food Products228,561 2.7 231,437 2.6 
Healthcare Equipment & Supplies271,358 3.3 332,338 3.8 
Healthcare Providers & Services628,788 7.6 645,551 7.4 
Healthcare Technology359,212 4.3 406,376 4.6 
Hotels, Restaurants & Leisure280,739 3.4 272,038 3.1 
Household Durables626 0.0 *— — 
Household Products9,615 0.1 9,564 0.1 
Industrial Conglomerates97,347 1.2 90,985 1.0 
Insurance427,801 5.1 426,028 4.9 
Internet & Direct Marketing Retail90,417 1.1 87,060 1.0 
IT Services290,715 3.5 292,679 3.3 
Leisure Products4,620 0.1 16,174 0.2 
Life Sciences Tools & Services125,822 1.5 128,419 1.5 
Machinery30,682 0.4 30,896 0.3 
Marine33,049 0.4 34,116 0.4 
Media18,843 0.2 17,634 0.2 
Multiline Retail31,815 0.4 33,243 0.4 
Oil, Gas & Consumable Fuels954 0.0 *9,149 0.1 
Paper & Forest Products18,149 0.2 18,524 0.2 
Personal Products25,131 0.3 23,769 0.3 
Pharmaceuticals319,464 3.8 322,002 3.7 
Professional Services208,310 2.5 221,818 2.5 
Real Estate Management & Development110,328 1.3 112,254 1.3 
Road & Rail40,772 0.5 42,612 0.5 
Software2,149,728 25.9 2,387,723 27.2 
Specialty Retail440,898 5.3 436,744 5.0 
Textiles, Apparel & Luxury Goods42,363 0.5 41,934 0.5 
Trading Companies & Distributors52,824 0.6 52,247 0.6 
Transportation Infrastructure8,935 0.1 8,856 0.1 
Water Utilities75,435 0.9 70,975 0.8 
Total$8,317,245 100.0 %$8,769,389 100.0 %
* 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 March 31, 2026 and September 30, 2025 were as follows:
As of March 31, 2026
CounterpartyCurrency to be soldCurrency to be purchasedSettlement dateUnrealized appreciation Unrealized depreciation
Macquarie Bank Limited€14,650 EUR16,498 USD5/12/2027$— $(645)
Macquarie Bank Limited€20,300 EUR22,346 USD5/27/2027— (1,395)
Macquarie Bank Limited£22,000 GBP30,140 USD2/2/20281,263 — 
$1,263 $(2,040)
SMBC Capital Markets, Inc.€33,200 EUR39,008 USD5/27/2027$76 $— 
SMBC Capital Markets, Inc.€22,600 EUR26,965 USD1/20/2028277 — 
SMBC Capital Markets, Inc.$12,500 CAD9,398 USD2/2/2028227 — 
SMBC Capital Markets, Inc.£22,800 GBP31,131 USD2/4/20281,212 — 
$1,792 $— 
Wells Fargo Bank, N.A.£13,900 GBP18,492 USD10/28/2026$138 $— 
Wells Fargo Bank, N.A.€30,700 EUR36,579 USD1/20/2028329 — 
Wells Fargo Bank, N.A.A$27,000 AUD18,549 USD2/4/2028239 — 
$706 $— 
As of September 30, 2025
CounterpartyCurrency to be soldCurrency to be purchasedSettlement dateUnrealized appreciation Unrealized depreciation
Macquarie Bank Limited€3,900 EUR4,371 USD1/30/2026$— $(235)
Macquarie Bank Limited£21,900 GBP27,811 USD2/2/2026— (1,615)
Macquarie Bank Limited€35,000 EUR39,008 USD2/5/2026— (2,338)
Macquarie Bank LimitedA$26,100 AUD17,179 USD2/5/2026— (109)
Macquarie Bank Limited€14,650 EUR16,498 USD5/12/2027— (1,079)
Macquarie Bank Limited€20,300 EUR22,346 USD5/27/2027— (1,990)
$— $(7,366)
SMBC Capital Markets, Inc.€22,000 EUR24,594 USD1/20/2026$— $(1,367)
SMBC Capital Markets, Inc.€23,750 EUR26,543 USD1/20/2026— (1,483)
SMBC Capital Markets, Inc.$7,400 CAD5,533 USD2/2/2026185 — 
SMBC Capital Markets, Inc.£21,900 GBP27,746 USD2/5/2026— (1,672)
SMBC Capital Markets, Inc.€33,200 EUR39,008 USD5/27/2027— (910)
$185 $(5,432)
The impact of forward currency contracts not designated as an effective hedge accounting relationship for the three and six months ended March 31, 2026 and 2025 on the Consolidated Statements of Operations, including realized and unrealized gains (losses) is summarized in the table below:
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Realized gain (loss) on forward currency contracts recognized in income
Risk exposure categoryThree months ended March 31,Six months ended March 31,
2026202520262025
Foreign exchange $(10,258)$5,997 $(10,258)$7,203 
Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income
Risk exposure categoryThree months ended March 31,Six months ended March 31,
2026202520262025
Foreign exchange $14,042 $(15,495)$14,334 $6,432 
The following table is a summary of the average outstanding daily volume for forward currency contracts for the three and six months ended March 31, 2026 and 2025:
Average U.S. Dollar notional outstandingThree months ended March 31,Six months ended March 31,
2026202520262025
Forward currency contracts$228,316 $328,164 $246,305 $339,465 
Interest Rate Swaps
In connection with the 2028 Notes and 2029 Notes (each 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. The Company designated these interest rate swaps and the 2028 and 2029 Notes as a qualifying fair value hedge accounting relationship. See Note 7 for more information on the 2028 and 2029 Notes. As of March 31, 2026, the counterparties to the Company’s interest rate swap agreements were SMBC Capital Markets, Inc. and Macquarie Bank Limited. The outstanding interest rate swaps as of March 31, 2026 and September 30, 2025 were as follows:
As of March 31, 2026
CounterpartyHedged itemCompany receivesCompany paysMaturity dateNotional amountUnrealized appreciationUnrealized depreciation
SMBC Capital Markets, Inc2028 Notes7.310%1M SOFR+3.327 %11/5/2028$225,000 $1,543 $— 
SMBC Capital Markets, Inc2028 Notes7.310%1M SOFR+2.835 %11/5/2028225,000 4,288 — 
SMBC Capital Markets, Inc2028 Notes5.050%D SOFR+1.723 %12/5/2028250,000 — (2,190)
SMBC Capital Markets, Inc2029 Notes6.248%1M SOFR+2.444 %6/15/2029600,000 2,552 — 
$8,383 $(2,190)
Macquarie Bank Limited2029 Notes5.881%3M SOFR+2.012 %6/15/2029150,000 $1,009 $— 
$1,009 $— 
As of September 30, 2025
CounterpartyHedged itemCompany receivesCompany paysMaturity dateNotional amountUnrealized appreciationUnrealized depreciation
SMBC Capital Markets, Inc2028 Notes7.310%1M SOFR+3.327 %11/5/2028$225,000 $3,513 $— 
SMBC Capital Markets, Inc2028 Notes7.310%1M SOFR+2.835 %11/5/2028225,000 6,772 — 
SMBC Capital Markets, Inc2028 Notes5.050%D SOFR+1.723 %12/5/2028250,000 — (689)
SMBC Capital Markets, Inc2029 Notes6.248%1M SOFR+2.444 %6/15/2029600,000 7,780 — 
$18,065 $(689)
Macquarie Bank Limited2029 Notes5.881%3M SOFR+2.012 %6/15/2029150,000 $2,343 $— 
$2,343 $— 
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 and other debt financing expenses. The net unrealized loss related to the fair value hedge was $158 and $170, respectively, for the three and six months ended March 31, 2026. The net unrealized loss related to the fair value hedge was $35 and $4,696, respectively, for the three and six months ended March 31, 2025. The net unrealized gain/(loss) related to the fair value hedge is included in “Interest
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
and other debt financing expenses” in the Company’s Consolidated Statement of Operations. The table below presents the components of the net unrealized loss related to the fair value hedge recognized for the hedging instrument, the interest rate swaps, and the hedged items, the 2028 and 2029 Notes, from derivatives designated in a qualifying hedge accounting relationship for the three and six months ended March 31, 2026 and 2025:
Three months ended March 31,
Six months ended March 31,
2026202520262025
Hedging instruments (Interest rate swaps)$(10,999)$17,717 $(12,517)$(21,225)
Hedged items (Unsecured notes)10,841 (17,752)12,347 16,529 
Fair market value adjustments for hedge accounting recognized in interest expense$(158)$(35)$(170)$(4,696)
The table below presents the carrying value, which is inclusive of (i) unamortized premium and/or unaccreted original issue discount and (ii) the cumulative adjustment for the change in fair value of an effective hedge accounting relationship, of the 2028 and 2029 Notes as of March 31, 2026 and September 30, 2025 that are designated in qualifying hedging relationships and the related cumulative hedging adjustment (increase/(decrease)) from the current hedging relationships included in such carrying value:
As of March 31, 2026
As of September 30, 2025
DescriptionCarrying ValueCumulative Hedging AdjustmentCarrying ValueCumulative Hedging Adjustment
2028 Notes$712,928 $3,589 $720,521 $9,445 
2029 Notes750,156 3,742 756,102 10,232 
Offsetting Derivatives
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 interest rate swaps, 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 “Other assets” or “Accounts payable and other liabilities”. As of March 31, 2026 and September 30, 2025, there was $0 and $4,890, respectively, of collateral pledged for derivatives which is included in other assets on the Consolidated Statements of Financial Condition. 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 offsetting derivative contracts on the consolidated financial statements of the Company including: the location of those fair values on the Consolidated Statements of Financial Condition and the Company’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Company as of March 31, 2026 and September 30, 2025:
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
As of March 31, 2026
CounterpartyStatement of Financial Condition Location of AmountsGross Amount of Recognized AssetsGross Amount of Recognized (Liabilities)Net amounts presented in the Consolidated Statements of Financial Condition
Collateral (Received) / Pledged(1)
Net Amounts(2)
Macquarie Bank LimitedNet unrealized appreciation on derivatives$2,272 $(2,040)$232 $— $232 
SMBC Capital Markets, Inc.Net unrealized appreciation on derivatives10,175 (2,190)7,985 — 7,985 
Wells Fargo Bank, N.A.Net unrealized appreciation on derivatives706 — 706 — 706 
As of September 30, 2025
CounterpartyStatement of Financial Condition Location of AmountsGross Amount of Recognized AssetsGross Amount of Recognized (Liabilities)Net amounts presented in the Consolidated Statements of Financial Condition
Collateral (Received) / Pledged(1)
Net Amounts(2)
Macquarie Bank LimitedNet unrealized depreciation on derivatives$2,343 $(7,366)$(5,023)$4,890 $(133)
SMBC Capital Markets, Inc.Net unrealized appreciation on derivatives18,250 (6,121)12,129 — 12,129 
(1)The actual collateral pledged could be more than the amount shown due to over collateralization.
(2)Represents the net amount due from/(to) counterparties in the event of default.
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 could 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 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. Effective August 2, 2024, the Board designated the Investment Adviser as the Company’s Valuation Designee in accordance with Rule 2a-5 under the 1940 Act. The Company’s fair value analysis, currently undertaken by the Valuation Designee, 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:
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Level 1:     Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2:     Inputs include quoted prices for similar assets or liabilities in active markets and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the assets or liabilities.
Level 3: Inputs include significant unobservable inputs for the assets or liabilities and include situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value are based upon the best information available and require significant management judgment or estimation.
In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The 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. Currently, the Valuation Designee 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 six months ended March 31, 2026 and 2025. The following section describes the valuation techniques used 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 Valuation Designee, based on input of the Valuation Designee’s personnel and independent valuation firms that have been engaged at the direction of the Valuation Designee to assist in the valuation of each portfolio investment without a readily available market quotation. For periods ending on or before December 31, 2025, at least every other quarter, the valuation for each portfolio investment prepared by the professionals of the Valuation Designee responsible for the valuation function, based on the fair value methodology in accordance with ASC Topic 820 described below (subject to a de minimis threshold) was reviewed by an independent valuation firm. This valuation process was conducted at the end of each fiscal quarter, with each portfolio investment being reviewed at least every other quarter (subject to a de-minimis threshold) with approximately 50% (based on the fair value of portfolio company investments) of the Company’s valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. For periods beginning after December 31, 2025, the valuation process is conducted on a monthly basis and this monthly valuation process begins with each portfolio investment being initially valued, based on the fair value methodology in accordance with ASC Topic 820 described below, either by (i) professionals of the Valuation Designee responsible for the valuation function or (ii) investment valuation firms that have been engaged to support the valuation of portfolio investments. The valuation for each portfolio investment, or approximately 100% (based on the fair value of portfolio company investments) of the Company’s debt and equity investments without readily available market quotations (subject to a de minimis threshold), was either (i) performed by or (ii) reviewed by an independent valuation firm. All investments as of March 31, 2026 and September 30, 2025 were valued using Level 3 inputs. As of March 31, 2026 and September 30, 2025, all money market funds included in cash equivalents 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, the Valuation Designee 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.
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The Valuation Designee may also employ other valuation multiples to determine enterprise value, such as revenues. If debt investments are credit impaired, the Valuation Designee will use the enterprise value analysis or a liquidation basis analysis to determine fair value, which may include evaluating multiple recovery scenarios and weighting the expected outcomes based on their likelihood. For debt investments that are not determined to be credit impaired, the Valuation Designee uses a market interest rate yield analysis to determine fair value.
In addition, for certain debt investments, the Valuation Designee 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 could be willing to pay. Ask prices represent the lowest price that the Company and others could be willing to accept. The Valuation Designee generally uses the midpoint of the bid/ask range as its best estimate of fair value of such investment.
Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair value of the investments could differ significantly from the values that would have been used had a ready market existed for such investments and could 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 to determine such fair value as of March 31, 2026 and September 30, 2025:
As of March 31, 2026Fair Value Measurements Using
DescriptionLevel 1Level 2Level 3Total
Assets, at fair value:        
Debt investments(1)
$— $— $7,701,886 $7,701,886 
Equity investments(1)
— — 615,359 615,359 
Money market funds(1)(2)
86,238 — — 86,238 
Forward currency contracts— 3,761 — 3,761 
Interest rate swaps— 9,392 — 9,392 
Total assets, at fair value:$86,238 $13,153 $8,317,245 $8,416,636 
Liabilities, at fair value:
Forward currency contracts $— $(2,040)$— $(2,040)
Interest rate swaps— (2,190)— (2,190)
Total liabilities, at fair value:$— $(4,230)$— $(4,230)
As of September 30, 2025Fair Value Measurements Using
DescriptionLevel 1Level 2Level 3Total
Assets, at fair value:        
Debt investments(1)
$— $— $8,123,107 $8,123,107 
Equity investments(1)
— — 646,282 646,282 
Money market funds(1)(2)
93,656 — — 93,656 
Forward currency contracts— 185 — 185 
Interest rate swaps— 20,408 — 20,408 
Total assets, at fair value:$93,656 $20,593 $8,769,389 $8,883,638 
Liabilities, at fair value:
Forward currency contracts $— $(12,798)$— $(12,798)
Interest rate swaps— (689)— (689)
Total liabilities, at fair value:$— $(13,487)$— $(13,487)
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
(1)Refer to the Consolidated Schedules of Investments for further details.
(2)Included in “Cash equivalents” and “Restricted cash equivalents” on the Consolidated Statements of Financial Condition.

The net change in unrealized appreciation (depreciation) for the three and six months ended March 31, 2026 reported within the net change in unrealized appreciation (depreciation) on investments in the Company’s Consolidated Statements of Operations attributable to the Company’s Level 3 assets held as of March 31, 2026 was ($144,435) and ($170,003), respectively. The net change in unrealized appreciation (depreciation) for the three and six months ended March 31, 2025 reported within the net change in unrealized appreciation (depreciation) on investments in the Company’s Consolidated Statements of Operations attributable to the Company’s Level 3 assets held as of March 31, 2025 was $8,020 and ($28,233), respectively.
The following tables present the changes in investments measured at fair value using Level 3 inputs for the six months ended March 31, 2026 and 2025:
For the six months ended March 31, 2026
  Debt
Investments		Equity
Investments		Total
Investments
Fair value, beginning of period$8,123,107 $646,282 $8,769,389 
Net change in unrealized appreciation (depreciation) on investments(121,216)(39,430)(160,646)
Net translation of investments in foreign currencies(8,572)(5)(8,577)
Realized gain (loss) on investments(6,611)2,442 (4,169)
Realized gain (loss) on translation of investments in foreign currencies1,040 — 1,040 
Fundings of (proceeds from) revolving loans, net11,314 — 11,314 
Fundings of investments282,102 14,032 296,134 
PIK interest and non-cash dividends32,718 13,192 45,910 
Proceeds from non-cash dividends— (235)(235)
Proceeds from principal payments and sales of portfolio investments(618,592)(20,919)(639,511)
Accretion of discounts and amortization of premiums6,596 — 6,596 
Fair value, end of period$7,701,886 $615,359 $8,317,245 
For the six months ended March 31, 2025
  Debt
Investments		Equity
Investments		Total
Investments
Fair value, beginning of period$7,656,873 $578,420 $8,235,293 
Net change in unrealized appreciation (depreciation) on investments52,525 (13,601)38,924 
Net translation of investments in foreign currencies(22,777)(23)(22,800)
Realized gain (loss) on investments(41,842)(378)(42,220)
Realized gain (loss) on translation of investments in foreign currencies(2,913)— (2,913)
Funding of (proceeds from) revolving loans, net5,016 — 5,016 
Fundings of investments1,156,083 51,965 1,208,048 
PIK interest and non-cash dividends27,921 15,071 42,992 
Proceeds from non-cash dividends— (3,549)(3,549)
Proceeds from principal payments and sales of portfolio investments(825,971)(14,372)(840,343)
Accretion of discounts and amortization of premiums2,678 — 2,678 
Fair value, end of period$8,007,593 $613,533 $8,621,126 


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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of March 31, 2026 and September 30, 2025:
Quantitative Information about Level 3 Fair Value Measurements
Fair value as of March 31, 2026Valuation TechniquesUnobservable Input
Range (Weighted Average) (1)
Assets:        
Senior secured loans(2)
$403,460 Yield analysisMarket interest rate
7.8% - 14.8% (9.3%)
    Market comparable companiesEBITDA multiples
3.5x - 20.5x (13.7x)
One stop loans(3)(4)
$7,228,554 Yield analysisMarket interest rate
3.5% - 20.0% (9.3%)
  Market comparable companiesEBITDA multiples
4.3x - 29.5x (14.4x)
      Revenue multiples
0.8x - 14.5x (6.5x)
12,682 Broker/dealer bids or quotesBroker/dealer bids or quotesN/A
Subordinated debt and second lien loans(5)
$57,190 Yield analysisMarket interest rate
10.8% - 14.3% (12.2%)
    Market comparable companiesEBITDA multiples
4.3x - 21.0x (14.7x)
Equity(6)
$615,359 Market comparable companiesEBITDA multiples
4.3x - 26.0x (13.5x)
      Revenue multiples
0.8x - 18.5x (7.9x)
    
(1)Unobservable inputs were weighted by the relative fair value of the instruments.
(2)$5,994 of loans at fair value were valued using the market comparable companies approach only.
(3)$92,049 of loans at fair value were valued using the market comparable companies approach only.
(4)The Company valued $6,431,803 and $796,751 of one stop loans using EBITDA and revenue multiples, respectively.
(5)$107 of loans at fair value were valued using the market comparable companies approach only.
(6)The Company valued $550,230 and $65,129 of equity investments using EBITDA and revenue multiples, respectively.
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Quantitative Information about Level 3 Fair Value Measurements
Fair value as of September 30, 2025Valuation TechniquesUnobservable Input
Range
(Weighted Average)(1)
Assets:        
Senior secured loans(2)
$442,477 Yield analysisMarket interest rate
7.3% - 17.0% (9.1%)
    Market comparable companiesEBITDA multiples
3.5x - 26.3x (14.2x)
One stop loans(3)(4)
$7,603,780 Yield analysisMarket interest rate
3.8% - 20.5% (9.1%)
  Market comparable companiesEBITDA multiples
3.9x - 39.2x (15.7x)
      Revenue multiples
1.4x - 15.0x (8.0x)
12,029 Broker/dealer bids or quotesBroker/dealer bids or quotesN/A
Subordinated debt and second lien loans(5)
$64,821 Yield analysisMarket interest rate
8.8% - 22.0% (11.1%)
    Market comparable companiesEBITDA multiples
4.0x - 24.0x (15.5x)
Equity(6)
$646,282 Market comparable companiesEBITDA multiples
4.0x - 39.2x (16.4x)
      Revenue multiples
1.4x - 21.3x (8.8x)
(1)Unobservable inputs were weighted by the relative fair value of the instruments.
(2)$67 of loans at fair value were valued using the market comparable companies approach only.
(3)$46,465 of loans at fair value were valued using the market comparable companies approach only.
(4)The Company valued $6,600,901 and $1,002,879 of one stop loans using EBITDA and revenue multiples, respectively.
(5)$132 of loans at fair value were valued using the market comparable companies approach only.
(6)The Company valued $563,467 and $82,815 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 Valuation Designee.
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 Valuation Designee uses EBITDA multiples and, to a lesser extent, revenue multiples on the Company’s 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 Valuation Designee 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 could 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 2026 Notes, 2027 Notes, 2028 Notes and 2029 Notes (as defined in Note 7) 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 fair value of Company’s revolving credit facilities approximates the carrying value due to their variable interest rates based on selected short-term rates.
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The following are the carrying values and fair values of the Company’s debt as of March 31, 2026 and September 30, 2025.
As of March 31, 2026As of September 30, 2025
  Carrying ValueFair ValueCarrying ValueFair Value
Debt(1)
$4,723,905 $4,703,332 $4,926,778 $4,934,395 
(1) As of March 31, 2026 and September 30, 2025, carrying value is inclusive of (i) unamortized premium and/or unaccreted original issue discount and (ii) an adjustment for the change in fair value of an effective hedge accounting relationship related to the 2028 and 2029 Notes. See Note 5 for additional information.
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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 March 31, 2026, the Company’s asset coverage for borrowed amounts was 178.8%.
2024 Debt Securitization: On November 18, 2024, the Company completed a $2,200,500 term debt securitization (the “2024 Debt Securitization”). The notes offered in the 2024 Debt Securitization (“the 2024 Notes”) were issued by the 2024 Issuer and were backed by a diversified portfolio of senior secured loans. The transaction was executed through a private placement which consisted of $1,192,400 of Aaa/AAA Class A-1R Senior Secured Floating Rate Notes due 2036 (the “Class A-1R 2024 Notes”), which bear interest at three-month SOFR plus 1.56%; $171,600 of AAA Class A-2RR Senior Secured Floating Rate Notes due 2036, which bear interest at three-month SOFR plus 1.75% (the “Class A-2RR 2024 Notes”); $165,000 of AA Class B-R Senior Secured Floating Rate Notes, which bear interest at three-month SOFR plus 1.70% (the “Class B-R Notes”); $154,000 of A Class C-R Senior Secured Floating Rate Notes, which bear interest at three-month SOFR plus 2.10%; and $517,500 of Subordinated Notes due 2124 which do not bear interest (the “Subordinated Notes” and together with the Secured Notes, the “2024 Notes”). The Company indirectly retained all of the Class B-R, Class C-R and Subordinated Notes.
Through October 20, 2028, all principal collections received on the underlying collateral may be used by the 2024 Issuer to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the 2024 Issuer and in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the 2024 Debt Securitization, allowing the Company to maintain the initial leverage in the 2024 Debt Securitization. The 2024 Notes are scheduled to mature on October 20, 2036. The Subordinated 2024 Notes are due in 2124. The Class A-1R and Class A-2RR 2024 Notes are included in the March 31, 2026 Consolidated Statement of Financial Condition as debt of the Company. As of March 31, 2026, the Class B-R, Class C-R and Subordinated 2024 Notes were eliminated in consolidation.

As of March 31, 2026 and September 30, 2025, there were 139 and 126 portfolio companies, respectively, with a total fair value of $2,164,727 and $2,161,579, respectively, securing the 2024 Debt Securitization. The pool of loans in the 2024 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 2024 Debt Securitization is based on three-month SOFR. The three-month SOFR in effect as of March 31, 2026 based on the last interest rate reset was 3.7%.

For the three and six months ended March 31, 2026 and 2025, the components of interest expense, cash paid for interest, annualized average stated interest rates and average outstanding balances for the 2024 Debt Securitization were as follows:
Three months ended March 31,
 Six months ended March 31,
  2026202520262025
Stated interest expense$18,064 $20,229 $37,443 $30,441 
Amortization of debt issuance costs229 229 464 341 
Total interest and other debt financing expenses$18,293 $20,458 $37,907 $30,782 
Cash paid for interest expense$19,061 $— $39,436 $— 
Annualized average stated interest rate5.4 %6.0 %5.5 %6.1 %
Average outstanding balance$1,364,000 $1,364,000 $1,364,000 $1,004,264 
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
As of March 31, 2026, the classes, amounts, ratings and interest rates in effect (expressed as a spread to three-month SOFR) of the Class A-1R and A-2RR 2024 Notes are as follows:
DescriptionClass A-1R 2024 NotesClass A-2RR 2024 Notes
TypeSenior Secured Floating RateSenior Secured Floating Rate
Amount Outstanding$1,192,400$171,600
Fitch Rating“AAA”“NR”
S&P Rating“AAA”“AAA”
Interest Rate
SOFR + 1.56%
SOFR + 1.75%
As part of the 2024 Debt Securitization, the Company entered into a master loan sale agreement that provides for the sale of assets on the 2024 Debt Securitization closing date as well as future sales from the Company to the 2024 Issuer through the BDC CLO 8 Depositor, (1) the Company sold and/or contributed to the BDC CLO 8 Depositor the remainder of its ownership interest in the portfolio company investments securing the 2024 Debt Securitization and participations for the purchase price and other consideration set forth in the master loan sale agreement and (2) the BDC CLO 8 Depositor, in turn, sold to the 2024 Issuer all of its ownership interest in such portfolio loans and participations for the purchase price and other consideration set forth in the master loan sale agreement. Following these transfers, the 2024 Issuer, and not the BDC CLO 8 Depositor or the Company, holds all of the ownership interest in such portfolio company investments and participations.
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 the 2018 CLO Depositor, and were backed by a diversified portfolio of senior secured and second lien loans. The transaction was executed through a private placement which, through November 18, 2024, consisted of approximately $327,000 of AAA/AAA Class A 2018 Notes, which bore interest at three-month LIBOR plus 1.48%; $61,200 of AA Class B 2018 Notes, which bore interest at three-month LIBOR plus 2.10%; $20,000 of A Class C-1 2018 Notes, which bore interest at three-month LIBOR plus 2.80%; $38,800 of A Class C-2 2018 Notes, which bore interest at three-month LIBOR plus 2.65%; $42,000 of BBB- Class D 2018 Notes, which bore interest at three-month LIBOR plus 2.95%; and $113,400 of Subordinated 2018 Notes which did not bear interest. The Company indirectly retained all of the Class C-2, Class D and Subordinated 2018 Notes.
Through January 20, 2023, the 2018 Issuer was permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the 2018 Issuer and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the 2018 Debt Securitization.
On November 18, 2024, in connection with the 2024 Debt Securitization, the 2018 Issuer redeemed the outstanding 2018 Notes pursuant to the terms of the indenture governing the 2018 Notes. Following such redemption, the agreements which governed the 2018 Debt Securitization were terminated. The 2018 Notes would have otherwise matured on January 20, 2031.
The pool of loans in the 2018 Debt Securitization were required to meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The interest charged under the 2018 Debt Securitization was based on three-month SOFR plus a spread adjustment of 0.26161%.
For the three and six months ended March 31, 2026 and 2025, the components of interest expense, cash paid for interest, annualized average stated interest rates and average outstanding balances for the 2018 Debt Securitization were as follows:
Three months ended March 31,
Six months ended March 31,
  2026202520262025
Stated interest expense$— $— $— $1,839 
Amortization of debt issuance costs— — — — 
Total interest and other debt financing expenses$— $— $— $1,839 
Cash paid for interest expense$— $— $— $5,152 
Annualized average stated interest rateN/AN/AN/A7.1 %
Average outstanding balance$— $— $— $51,905 
As part of the 2018 Debt Securitization, GBDC entered into a master loan sale agreement 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 to purchase or otherwise acquire the LLC equity interests in the Subordinated 2018 Notes.

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 were secured by a diversified portfolio of senior secured and second lien loans. Through November 18, 2024, the GCIC 2018 Debt Securitization consisted 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 bore 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.
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.
On November 18, 2024, in connection with the 2024 Debt Securitization, the GCIC 2018 Issuer redeemed the outstanding GCIC 2018 Notes pursuant to the terms of the indenture governing such GCIC 2018 Notes. Following such redemption, the agreements that governed the GCIC 2018 Debt Securitization were terminated. The GCIC 2018 Notes would have otherwise matured on January 20, 2031, and the Subordinated GCIC 2018 Notes would have otherwise matured on December 13, 2118.
The pool of loans in the GCIC 2018 Debt Securitization were required to 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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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The interest charged under the GCIC 2018 Debt Securitization was based on three-month SOFR plus a spread adjustment of 0.26161%.
For the three and six months ended March 31, 2026 and 2025, 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 March 31,
Six months ended March 31,
  2026202520262025
Stated interest expense$— $— $— $1,682 
Accretion of discounts on notes issued— — — — 
Amortization of debt issuance costs— — — — 
Total interest and other debt financing expenses$— $— $— $1,682 
Cash paid for interest expense$— $— $— $4,861 
Annualized average stated interest rateN/AN/AN/A6.1 %
Average outstanding balance$— $— $— $55,356 
As part of the GCIC 2018 Debt Securitization, GBDC assumed in the GCIC Merger a master loan sale agreement under which GBDC agreed to directly or indirectly sell or contribute certain senior secured and second lien loans (or participation interests therein) to the GCIC 2018 Issuer and to purchase or otherwise acquire the LLC equity interests in the GCIC Subordinated 2018 Notes.

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 GBDC 3 2021 Notes were issued by the GBDC 3 2021 Issuer and were backed by a diversified portfolio of senior secured and second lien loans. Through November 18, 2024, the GBDC 3 2021 Notes offered in the GBDC 3 2021 Debt Securitization consisted of $224,000 of AAA Class A GBDC 3 2021 Notes, which bore interest at the three-month SOFR plus 1.60%; $28,000 of AA Class B GBDC 3 2021 Notes, which bore interest at the three-month SOFR plus 1.85%; $36,000 of A Class C-1 GBDC 3 2021 Notes, which bore interest at the three-month SOFR plus 2.80%; $10,000 A Class C-2 GBDC 3 2021 Notes, which bore 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, would 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 did 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.
Through April 15, 2025, the GBDC 3 2021 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 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.
On November 18, 2024, in connection with the 2024 Debt Securitization, the GBDC 3 2021 Issuer redeemed the outstanding GBDC 3 2021 Notes pursuant to the terms of the indenture governing such GBDC 3 2021 Notes. Following such redemption, the agreements which governed the GBDC 3 2021 Debt Securitization were terminated. The redemption of the GBDC 3 2021 Notes resulted in a realized loss on the extinguishment of debt of $48 for the three months ended December 31, 2024, which represented the unamortized discount on the GBDC 3 2021 Notes assumed as a result on the GBDC 3 Merger, at termination. The Secured GBDC 3 2021 Notes would have otherwise matured on April 15, 2033 and the Subordinated GBDC 3 2021 Notes would have otherwise matured in 2121.
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The pool of loans in the GBDC 3 2021 Debt Securitization were required to 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 was based on three-month SOFR plus a spread adjustment of 0.26161%.
For the three and six months ended March 31, 2026 and 2025, 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 March 31,
Six months ended March 31,
2026202520262025
Stated interest expense$— $— $— $2,694 
Amortization of debt issuance costs— — — — 
Total interest expense$— $— $— $2,694 
Cash paid for interest expense$— $— $— $7,355 
Annualized average stated interest rateN/AN/AN/A6.9 %
Average outstanding balance$— $— $— $78,593 
As part of the GBDC 3 2021 Debt Securitization, GBDC assumed in the GBDC 3 Merger a master loan sale agreement under which GBDC agreed to directly or indirectly sell or contribute certain senior secured and second lien loans (or participation interests therein) to the GBDC 3 2021 Issuer and to purchase or otherwise acquire the LLC equity interests in the Subordinated GBDC 3 2021 Notes.
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.
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.
On August 1, 2025, the GBDC 3 2022 Issuer redeemed the outstanding GBDC 3 2022 Notes pursuant to the terms of the indenture governing such GBDC 3 2022 Notes. Following such redemption, the agreements that governed the GBDC 3 2022 Debt Securitization were terminated. The GBDC 3 2022 Notes would have otherwise matured on January 18, 2030 and the Subordinated GBDC 3 2022 Notes would have otherwise matured on January 25, 2122.
The pool of loans in the GBDC 3 2022 Debt Securitization were required to 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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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The interest charged under the GBDC 3 2022 Debt Securitization was based on three-month term SOFR.
For the three and six months ended March 31, 2026 and 2025, 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 March 31,
Six months ended March 31,
2026202520262025
Stated interest expense$— $3,413 $— $7,448 
Amortization of debt issuance costs— — — — 
Total interest expense$— $3,413 $— $7,448 
Cash paid for interest expense$— $3,932 $— $8,292 
Annualized average stated interest rateN/A6.5 %N/A6.7 %
Average outstanding balance$— $214,289 $— $223,976 
As part of the GBDC 3 2022 Debt Securitization, GBDC assumed in the GBDC 3 Merger a master loan sale agreement under which GBDC agreed to directly or indirectly sell or contribute certain senior secured loans (or participation interests therein) to the GBDC 3 2022 Issuer and to purchase or otherwise acquire the LLC equity interests in the Subordinated GBDC 3 2022 Notes.
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 were backed by a diversified portfolio of senior secured and second lien loans. Through December 16, 2024, the GBDC 3 2022-2 Notes offered in the GBDC 3 2022-2 Debt Securitization consisted of $140,000 of AAA Class A GBDC 3 Senior Secured Floating Rate Notes due 2034, which bore 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 bore 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 bore 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 did 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.
Through January 18, 2026, the GBDC 3 2022-2 Issuer was permitted to us 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 2022-2 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.
On December 16, 2024, the GBDC 3 2022-2 Issuer redeemed the outstanding GBDC 3 2022-2 Notes pursuant to the terms of the indenture governing such GBDC 3 2022-2 Notes. Following such redemption, the agreements which governed the GBDC 3 2022-2 Debt Securitization were terminated. The Secured GBDC 3 2022-2 Notes and Class A GBDC 3 2022-2 Loans would have otherwise matured on January 18, 2034. The Subordinated GBDC 3 2022-2 Notes would have otherwise matured on December 14, 2122.
The pool of loans in the GBDC 3 2022-2 Debt Securitization were required to 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 was based on three-month term SOFR.
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
For the three and six months ended March 31, 2026 and 2025, 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 March 31,
Six months ended March 31,
2026202520262025
Stated interest expense$— $— $— $3,504 
Amortization of debt issuance costs— — — — 
Total interest expense$— $— $— $3,504 
Cash paid for interest expense$— $— $— $7,197 
Annualized average stated interest rateN/AN/AN/A7.5 %
Average outstanding balance$— $— $— $93,956 


As part of the GBDC 3 2022-2 Debt Securitization, GBDC assumed in the GBDC 3 Merger a master loan sale agreement under which GBDC agreed to directly or indirectly sell or contribute certain senior secured and second lien loans (or participation interests therein) to the GBDC 3 2022-2 Issuer and to purchase or otherwise acquire the LLC equity interests in the Subordinated GBDC 3 2022-2 Notes.
The Investment Adviser serves or served as collateral manager to each of the 2018 Issuer, GCIC 2018 Issuer, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer, GBDC 3 2022-2 Issuer and the 2024 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 each of the 2018 Issuer, GCIC 2018 Issuer, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer, GBDC 3 2022-2 and the 2024 Issuer for rendering such collateral management services.
GBDC 3 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 “GBDC 3 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 GBDC 3 DB Credit Facility was originally entered into on September 10, 2019 (the “GBDC 3 DB Credit Facility Effective Date”). On November 19, 2024, all amounts outstanding under the GBDC 3 DB Credit Facility were repaid, following which the agreements governing the GBDC 3 DB Credit Facility were terminated. The period during which GBDC 3 Funding may have requested drawdowns under the “GBDC 3 DB Credit Facility (the “Revolving Period”) commenced on the GBDC 3 DB Credit Facility Effective Date and would have continued through April 10, 2025. Prior to termination, the GBDC 3 DB Credit Facility allowed GBDC 3 Funding to borrow up to $625,000, subject to leverage and borrowing base restrictions, and had a maturity date of April 10, 2028.
Prior to termination, the GBDC 3 DB Credit Facility bore 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 GBDC 3 DB Credit Facility was (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 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, (v) the daily simple Swiss Average Rate Overnight with respect to any advances denominated in Swiss francs, (vi) the three-month Copenhagen Interbank Offered Rate with respect to any advances denominated in Danish krones, (vii) the three-month Bank Bill Benchmark Rate with respect to any advances denominated in New Zealand dollars, (viii) the three-month Norwegian Krone Interbank Offered Rate with respect to any advances denominated in Norwegian krona, (ix) the three-month Stockholm Interbank Offered Rate with respect to any advances denominated in Swedish krona, and (x) the three-month term SOFR with respect to any other advances. A syndication/agent fee was payable to the facility agent each quarter and was calculated based on the aggregate commitments outstanding each day during the preceding collection period at a rate of 1/360 of 0.25% of the aggregate commitments on each day. In addition, a non-usage fee of 0.25% per annum was payable on the
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
undrawn amount under the GBDC 3 DB Credit Facility, and, during the Revolving Period, an additional fee based on unfunded commitments of the lenders could have been payable if borrowings under the GBDC 3 DB Credit Facility did not exceed a minimum utilization percentage threshold. A prepayment fee would have been payable in the event of any permanent reduction in commitments of the GBDC 3 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 GBDC 3 DB Credit Facility was secured by all of the assets held by GBDC 3 Funding. GBDC 3 Funding made customary representations and warranties and was required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. The borrowings under the GBDC 3 DB Credit Facility were subject to the leverage restrictions contained in the 1940 Act.
For the three and six months ended March 31, 2026 and 2025, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the “GBDC 3 DB Credit Facility were as follows:
Three months ended March 31,
Six months ended March 31,
  2026202520262025
Stated interest expense$— $— $— $3,820 
Facility fees— — — 244 
Total interest and other debt financing expenses$— $— $— $4,064 
Cash paid for interest expense and facility fees$— $— $— $11,680 
Annualized average stated interest rate¹
N/AN/AN/A6.8 %
Average outstanding balance$— $— $— $112,364 
(1)The 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 March 31, 2026, allowed the Company to borrow up to $1,997,500 in U.S. dollars and certain agreed upon foreign currencies (“Outstanding Commitments”), subject to leverage and borrowing base restrictions. Through a series of agreements, most recently on November 15, 2024 and December 6, 2024, the Company, through the accordion feature, increased the aggregate commitments under the JPM Credit Facility from $1,822,500 to $1,997,500. On April 4, 2025, the Company amended and restated the JPM Credit Facility to among other things, (i) change the applicable margin to a range of 1.525% to 1.775% for any Term Benchmark Loan or RFR Loan (as defined in the JPM Credit Facility) or a range of 0.525% to 0.775% for any ABR Loan (each as defined in the JPM Credit Facility), (ii) reduce the unused fee rate on all unused commitments to 0.325% from 0.375%, (iii) extend the maturity date to April 4, 2030 from August 6, 2029 and (iv) amend the accordion provision to permit increases to the total commitments to up to $3,000,000.
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.
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Borrowings for any Term Benchmark Loan or RFR Loan (each as defined in the JPM Credit Facility) under the JPM Credit Facility bear interest at the applicable base rate plus a margin of 1.525% if the gross borrowing base is equal to or greater than 2.0 times the Outstanding Commitments, 1.650% if the gross borrowing base is less than 2.0 times and equal to or greater than 1.60 times the Outstanding Commitments or 1.775% if the gross borrowing base is less than 1.60 times the Outstanding Commitments, 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 plus an adjustment of 0.10%, (ii) SONIA with respect to any advances denominated in U.K. pound sterling plus an adjustment of 0.0326%, (iii) one-month EURIBOR with respect to any advances denominated in Euros, (iv) CORRA with respect to any advances denominated in Canadian Dollars plus an adjustment of 0.029547%, (v) Australian Bank Bill Swap Bid Rate (“BBSY”) with respect to any advances denominated in Australian Dollars plus an adjustment of 0.20% and (vi) the relevant rate as defined in the JPM Credit Facility for borrowings in other currencies. Borrowings for any ABR Loan (as defined in the JPM Credit Facility) bear interest at the applicable base rate plus a margin of 0.525% if the gross borrowing base is equal to or greater than 2.0 times the Outstanding Commitments, 0.650% if the gross borrowing base is less than 2.0 times and equal to or greater than 1.60 times the Outstanding Commitments or 0.775% if the gross borrowing base is less than 1.60 times the Outstanding Commitments. As of March 31, 2026, the applicable margin for Term Benchmark Loans and RFR Loans (as defined in the JPM Credit Facility) was 1.525% and the applicable margin for ABR Loans (as defined in the JPM Credit Facility) was 0.525%.

The Company pays a commitment fee of 0.325% 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 April 4, 2030 and requires mandatory prepayment of interest and principal upon certain events during the one year amortization period of the facility.
As of March 31, 2026 and September 30, 2025, the Company had outstanding debt of $947,674 and $1,098,437, respectively, and no letters of credit outstanding under the JPM Credit Facility.
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
For the three and six months ended March 31, 2026 and 2025, 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 March 31,
Six months ended March 31,
  2026202520262025
Stated interest expense$11,084 $16,053 $24,785 $33,098 
Facility fees807 849 1,556 1,637 
Amortization of debt issuance costs906 920 1,832 2,151 
Total interest and other debt financing expenses$12,797 $17,822 $28,173 $36,886 
Cash paid for interest expense and facility fees$10,745 $17,434 $24,188 $37,455 
Annualized average stated interest rate¹
4.6 %5.9 %4.7 %6.1 %
Average outstanding balance$981,048 $1,106,198 $1,048,651 $1,095,615 
(1)The average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollar.
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, other than the issue date and the issue price. As of both March 31, 2026 and September 30, 2025, 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 could 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.
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
For the three and six months ended March 31, 2026 and 2025, 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 March 31,
Six months ended March 31,
  2026202520262025
Stated interest expense$3,750 $3,750 $7,500 $7,500 
Accretion of discounts on notes issued131 131 265 265 
Amortization of debt issuance costs368 386 744 789 
Total interest and other debt financing expenses$4,249 $4,267 $8,509 $8,554 
Cash paid for interest expense$7,500 $7,500 $7,500 $7,500 
Annualized average stated interest rate2.5 %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 March 31, 2026 and September 30, 2025, outstanding aggregate principal amount of the 2027 Notes was $350,000. The 2027 Notes bear interest at a rate of 2.050% per year payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2022. The 2027 Notes mature on February 15, 2027.
The 2027 Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2027 Notes; equal in right of payment to the Company’s existing and future indebtedness or other obligations that are not so subordinated or junior; effectively junior to any of the Company’s secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
At any time or from time to time, the Company could 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 six months ended March 31, 2026 and 2025, 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 March 31,
Six months ended March 31,
  2026202520262025
Stated interest expense$1,794 $1,794 $3,588 $3,588 
Accretion of discounts on notes issued181 181 365 366 
Amortization of debt issuance costs201 211 406 432 
Total interest and other debt financing expenses$2,176 $2,186 $4,359 $4,386 
Cash paid for interest expense$3,588 $3,588 $3,588 $3,588 
Annualized average stated interest rate2.1 %2.1 %2.1 %2.1 %
Average outstanding balance$350,000 $350,000 $350,000 $350,000 
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
2028 Notes: On December 5, 2023, the Company issued $450,000 in aggregate principal amount of unsecured notes (the “2028 Notes”) and on September 19, 2025, the Company issued an additional $250,000 in aggregate principal amount of 2028 Notes under the same terms as the original issuance, other than the issue date and issue price. As of both March 31, 2026 and September 30, 2025, the outstanding aggregate principal amount of the 2028 Notes was $700,000. 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 could 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 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 10, 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.
On September 19, 2025, the Company entered into an interest rate swap on the 2028 Notes pursuant to which the Company agreed to receive a fixed rate of 5.050% and pay a floating interest rate of SOFR plus 1.723%. The interest rate swap is designated as an effective hedge accounting instrument. The notional amount of the swap is $250,000 and terminates on December 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.
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
For the three and six months ended March 31, 2026 and 2025, the components of interest expense, cash paid for interest and facility fees, annualized average contractual interest rate swap and stated interest rates and average outstanding balances for the 2028 Notes were as follows:
Three months ended March 31,
Six months ended March 31,
2026202520262025
Stated interest expense$12,336 $7,931 $24,674 $15,862 
Net contractual interest rate swap expense(420)115 27 853 
Net (gain)/loss related to the fair value hedge
97 35 99 7,444 
Accretion of discounts (premium) on notes issued(859)238 (1,737)481 
Amortization of debt issuance costs441 304 869 622 
Total interest and other debt financing expenses$11,595 $8,623 $23,932 $25,262 
Cash paid (received) for interest expense(1)
$11,055 $8,409 $27,894 $16,901 
Annualized average contractual interest rate swap and stated interest rate6.9 %7.3 %7.1 %7.4 %
Average outstanding balance$700,000 $450,000 $700,000 $450,000 
(1)Includes cash paid or received for contractual interest rate swaps, which may have different contractual settlement dates among the (i) fixed interest leg, (ii) floating interest leg and (iii) the 2028 Notes.
2029 Notes: On February 1, 2024, the Company issued $600,000 in aggregate principal amount of unsecured notes (the “2029 Notes”) and on December 3, 2024, the Company issued an additional $150,000 in aggregate principal amount of 2029 Notes under the same terms as the original issuance, other than the issue date and the issue price. As of both March 31, 2026 and September 30, 2025, the outstanding aggregate principal amount of the 2029 Notes was $750,000. 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 could 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 January 29, 2024 and November 25, 2024, the Company entered into interest rate swap agreements on the 2029 Notes with SMBC and Macquarie, respectively, as counterparties. Under the terms of the agreement with SMBC, the Company (i) receives a fixed rate of 6.248% and (ii) pays SMBC a rate of one-month Term SOFR + 2.444% on the first $600,000 of 2029 Notes. Under the terms of the agreement with Macquarie, the Company (i) receives a fixed rate of 5.881% and (ii) pays Macquarie a floating interest rate of three-month Term SOFR + 2.012% on the second $150,000 of the 2029 Notes. The Company designated these interest rate swap as effective hedge accounting instruments. The total notional amount of both swap agreements is $750,000 and both agreements terminate on
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
June 15, 2029. The carrying 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 six months ended March 31, 2026 and 2025, the components of interest expense, cash paid for interest and facility fees, annualized average contractual interest rate swap and stated interest rates and average outstanding balances for the 2029 Notes were as follows:
Three months ended March 31,
Six months ended March 31,
2026202520262025
Stated interest expense$11,250 $11,250 $22,500 $20,950 
Net contractual interest rate swap expense(67)1,196 491 2,893 
Net (gain)/loss related to the fair value hedge61 (1)71 (2,748)
Accretion of discounts on notes issued269 268 544 569 
Amortization of debt issuance costs427 429 864 789 
Total interest and other debt financing expenses$11,940 $13,142 $24,470 $22,453 
Cash paid (received) for interest expense (1)
$21,857 $23,301 $24,283 $23,301 
Annualized average contractual interest rate swap and stated interest rate6.0 %6.7 %6.1 %6.9 %
Average outstanding balance$750,000 $750,000 $750,000 $698,077 
(1)Includes cash paid or received for contractual interest rate swaps, which may have different contractual settlement dates among the (i) fixed interest leg, (ii) floating interest leg and (iii) the 2029 Notes.
Adviser Revolver: The Company has entered into the Adviser Revolver with the Investment Adviser pursuant to which, as of both March 31, 2026 and September 30, 2025, the Company was permitted to borrow up to $300,000. On June 13, 2025, the Company amended the Adviser Revolver to, among other things, increase the borrowing capacity under the Adviser Revolver from $200,000 to $300,000, extend the maturity date to June 13, 2032, and amend the rate that interest accrues on each loan from the short-term applicable federal rate to the mid-term applicable federal rate. The Adviser Revolver bears an interest rate equal to the mid-term Applicable Federal Rate (“AFR”). The mid-term AFR as of March 31, 2026 was 3.9%.
As of March 31, 2026, the Company had no outstanding debt under the Adviser Revolver. As of September 30, 2025, the Company had outstanding debt of $39,200 under the Adviser Revolver.
For the three and six months ended March 31, 2026 and 2025, 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 March 31,
Six months ended March 31,
  2026202520262025
Stated interest expense$19 $— $33 $— 
Cash paid for interest expense14 — 71 — 
Annualized average stated interest rate3.6 %N/A3.6 %N/A
Average outstanding balance$2,222 $— $1,822 $— 
For the three and six months ended March 31, 2026, the average total debt outstanding was $4,747,270 and $4,814,473, respectively. For the three and six months ended March 31, 2025, the average total debt outstanding was $4,834,487 and $4,814,106, respectively.
For the three and six months ended March 31, 2026, 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 and interest rate swaps, on the Company's total debt was 5.2% and 5.3%, respectively. For the three and six months ended March 31, 2025, the effective
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
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 and interest rate swaps, on the Company's total debt was 5.9% and 6.0%, respectively.
A summary of the Company’s maturity requirements for borrowings as of March 31, 2026 is as follows:
Payments Due by Period
  TotalLess Than
1 Year		1 – 3 Years3 – 5 YearsMore Than
5 Years
2024 Debt Securitization$1,364,000 $— $— $— $1,364,000 
JPM Credit Facility947,674 — — 947,674 — 
2026 Notes(1)
599,789 599,789 — — — 
2027 Notes(1)
349,358 349,358 — — — 
2028 Notes(1)(2)
712,928 — 712,928 — — 
2029 Notes(1)(2)
750,156 — — 750,156 — 
Total borrowings$4,723,905 $949,147 $712,928 $1,697,830 $1,364,000 
(1) Represents principal outstanding plus unamortized premium and / or unaccreted original issue discount.
(2) 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.

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 8. Commitments and Contingencies
Commitments: As of March 31, 2026, the Company had outstanding commitments to fund investments totaling $680,459, including $234,009 of commitments on undrawn revolvers. As of September 30, 2025, the Company had outstanding commitments to fund investments totaling $927,887, including $252,574 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 could 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 March 31, 2026 and September 30, 2025. 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 could not achieve the anticipated benefits of the derivative instruments and could 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 could be exposed to risk. The risk of default depends on the creditworthiness of the counterparties or issuers of the instruments. The Company’s maximum loss that it could incur related to counterparty risk on its derivative instruments is the value of the collateral for that respective derivative instrument. It is the Company’s policy to review, as necessary, the credit standing of each counterparty.
Legal proceedings: In the normal course of business, the Company is subject to legal and regulatory proceedings that are generally incidental to its ongoing operations. While there can be no assurance of the ultimate disposition of any such proceedings, the Company does not believe any disposition will have a material adverse effect on the Company’s consolidated financial statements.
Note 9. Financial Highlights
The financial highlights for the Company are as follows:
Six months ended March 31,
Per share data:(1)
20262025
Net asset value at beginning of period$14.97$15.19 
Net increase in net assets as a result of repurchases of shares0.03 — 
Distributions declared:
From net investment income - after tax(0.72)(0.87)
Net investment income - after tax0.69 0.74 
Net realized gain (loss) on investment transactions(0.05)(0.15)
Net realized gain (loss) on extinguishment of debt— 
0.00 (2)
Net change in unrealized appreciation (depreciation) on investment transactions(3)
(0.57)0.13 
Net asset value at end of period$14.35 $15.04 
Per share market value at end of period$12.66 $15.14 
Total return based on market value(4)
(2.48)%5.96 %

Number of common shares outstanding261,147,881 268,831,114 
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Six months ended March 31,
Listed below are supplemental data and ratios to the financial highlights:20262025
Ratio of net investment income - after tax to average net assets*9.26%9.72%
Ratio of total expenses to average net assets*(5)
10.07%11.02%
Ratio of incentive fees to average net assets(5)
0.84%0.90%
Ratio of income and excise taxes to average net assets(5)
0.00%(0.01)%
Ratio of net expenses (without incentive fees) to average net assets*(5)
9.23%10.12%
Total return based on average net asset value(6)
0.47%4.72%
Total return based on average net asset value - annualized(6)
0.94%9.47%
Net assets at end of period$3,748,120$4,043,498
Average debt outstanding$4,814,473$4,814,106
Average debt outstanding per share$18.44$17.91
Portfolio turnover*6.91%19.86%
Asset coverage ratio(7)
178.78%182.80%
Asset coverage ratio per unit(8)
$1,788$1,828
Average market value per unit:(9)
2018 Debt Securitization—N/A
GCIC 2018 Debt Securitization—N/A
GBDC 3 2021 Debt Securitization—N/A
GBDC 3 2022 Debt Securitization—N/A
GBDC 3 2022-2 Debt Securitization—N/A
2024 Debt SecuritizationN/AN/A
GBDC 3 DB Credit Facility—N/A
JPM Credit FacilityN/AN/A
2026 Notes$987$956
2027 Notes$970$934
2028 Notes$1,046$1,045
2029 Notes$1,014$1,002
Adviser RevolverN/AN/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)Represents an amount less than $0.01.
(3)Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on the shares outstanding 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 and excise taxes 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 2026 Notes, 2027 Notes, 2028 Notes and 2029 Notes. The average market value per unit calculated for the 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 $1,000 of indebtedness.
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 10. Earnings Per Share
The following information sets forth the computation of the net increase in net assets per share resulting from operations for the three and six months ended March 31, 2026 and 2025:
Three months ended March 31,
Six months ended March 31,
  2026202520262025
Earnings available to stockholders$(46,796)$78,984 $18,450 $190,298 
Basic and diluted weighted average shares outstanding262,676,687 266,484,213 263,183,214 265,402,101 
Basic and diluted earnings (loss) per share$(0.18)$0.30 $0.07 $0.72 

Note 11. Common Stock Transactions
On October 6, 2023, the Company entered into the 2023 Equity Distribution Agreement, which provides that the Company may, from time to time, issue and sell shares of its common stock, par value $0.001 per share, having an aggregate offering price of up to $288,043 in an “at the market offering,” as defined in Rule 415 under the Securities Act of 1933, as amended (the “ATM Program”).
For the three and six months ended March 31, 2026, the Company did not issue any common stock under the ATM Program.
For the three and six months ended March 31, 2025, the Company issued common stock under the ATM Program as follows:
Total Number of Shares IssuedAverage Offering Price per shareGross ProceedsUnderwriting Fees/Offering ExpensesApproximate Dollar Value of Shares that May Yet be Issued Under the ATM Program
ATM Program2,408,940$15.79$38,043$609$211,957
On August 1, 2025, the Board re-approved the Program to repurchase up to $150,000 of the Company’s common stock, 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 March 31, 2026, the repurchased shares have been retired and returned to the status of authorized but unissued shares of GBDC Common Stock.
For the three and six months ended March 31, 2026, Wells Fargo Securities, LLC, as broker, had repurchased 4,860,202 shares of the Company’s common stock pursuant to the Program at an average price of $13.11 per share for an aggregate purchase price of approximately $63,708.
For the three and six months ended March 31, 2026, repurchases under the Program were as follows:
Month PurchasedTotal Number of Shares RepurchasedAverage Price Paid Per ShareApproximate Dollar Value of Shares that have been Purchased Under the PlanApproximate Dollar Value of Shares that May Yet be Purchased Under the Plan
October 1 - 31, 20252,540,542 $13.69 $34,792 $110,043 
December 1 - 31, 202582,756 $13.47 $1,115 $108,928 
January 1 - 31, 202656,604 $13.51 $765 $108,163 
February 1 - 28, 2026853,300 $12.53 $10,693 $97,470 
March 1 - 31, 20261,327,000 $12.32 $16,343 $81,127 
Total4,860,202 $13.11 $63,708 $81,127 

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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 March 31, 2025, Wells Fargo Securities, LLC, as broker, had repurchased 409,705 shares of the Company’s common stock pursuant to the Program at an average price of $14.49 per share for an aggregate purchase price of approximately $5,938.
For the three and six months ended March 31, 2025, repurchases under the Program were as follows:
Month PurchasedTotal Number of Shares RepurchasedAverage Price Paid Per ShareApproximate Dollar Value of Shares that have been Purchased Under the PlanApproximate Dollar Value of Shares that May Yet be Purchased Under the Plan
March 1 - 31, 202577,777$14.53$1,130$144,062
Total77,777$14.53$1,130$144,062 *
*The Program was re-approved on August 1, 2025 to purchase $150,000 of the Company’s common stock, exclusive of shares repurchased prior to the date of such authorization.
On February 21, 2025, the Company filed an amendment to the Company’s certificate of incorporation to increase the number of authorized shares of capital stock of the Company from 351,000,000 shares to 501,000,000 shares, consisting of 500,000,000 shares of common stock, par value $0.001 per share, and 1,000,000 shares of preferred stock, par value $0.001 per share (the “Certificate of Incorporation Amendment”). The Certificate of Incorporation Amendment became effective immediately upon filing.
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 six months ended March 31, 2026 and 2025:
Date DeclaredRecord DatePayment DateAmount
Per Share		Cash
Distribution		DRIP Shares
Issued		DRIP Shares
Value
For the six months ended March 31, 2026
11/14/202512/15/202512/30/2025$0.39 $84,480 — $18,272 (1)
02/02/202603/13/202603/30/2026$0.33 $72,330 — $14,107 (2)
For the six months ended March 31, 2025
06/02/202411/29/202412/13/2024$0.05 $10,760 — $2,454 (3)
11/14/202411/29/202412/13/2024$0.04 $8,607 — $1,964 (4)
11/14/202412/09/202412/27/2024$0.39 $84,514 1,221,469 $18,554 
02/03/202503/03/202503/28/2025$0.39 $89,334 1,001,354 $15,150 
(1)In accordance with the Company’s DRIP, 1,347,354 shares of the Company's stock were purchased in the open market at an average price of $13.56 and were allocated to stockholders of the Company participating in DRIP.
(2)In accordance with the Company’s DRIP, 1,115,280 shares of the Company's stock were purchased in the open market at an average price of $12.65 and were allocated to stockholders of the Company participating in DRIP.
(3)In accordance with the Company’s DRIP, 162,709 shares of the Company's stock were purchased in the open market at an average price of $15.08 and were allocated to stockholders of the Company participating in DRIP.
(4)In accordance with the Company’s DRIP, 130,168 shares of the Company’s stock were purchased in the open market at an average price of $15.08 and were allocated to stockholders of the Company participating in DRIP.
Note 13. 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 May 1, 2026, the Company’s Board declared a quarterly distribution of $0.33 per share payable on June 29, 2026 to holders of record as of June 15, 2026.
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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 period of April 1, 2026 through May 4, 2026, Wells Fargo Securities, LLC, as broker, has repurchased 652,700 shares of the Company’s common stock pursuant to the Program (as defined in Note 2) for an aggregate purchase price of approximately $8,440 at an average price of $12.93 per share.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The information contained in this section should be read in conjunction with our 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, without limitation, those caused by global health pandemics, 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;
•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;
•elevated 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, or other large scale events;
•turmoil in Ukraine, Russia and the Middle East, 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, 2025.
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 $90.0 billion in capital under management(1) as of January 1, 2026, (2) selecting investments within our core middle-market company focus, (3) partnering with experienced private equity firms, or sponsors, in many cases with whom Golub Capital has invested alongside in the past, (4) implementing the disciplined underwriting standards of Golub Capital and (5) drawing upon the aggregate experience and resources of Golub Capital.
Our investment activities are managed by GC Advisors and supervised by our board of directors of which a majority of the members are independent of us, GC Advisors and its affiliates.
Under an investment advisory agreement, or the Investment Advisory Agreement, we have agreed to pay GC Advisors an annual base management fee based on our average adjusted gross assets as well as an incentive fee based on our investment performance. The Investment Advisory Agreement was most recently approved by our board of directors in May 2026. Under an administrative 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 $85.0 million of capital, on average, in the securities of U.S. middle-market companies. We also selectively invest more than $85.0 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 could increase our risk of losing part or all of our investment.
As of March 31, 2026 and September 30, 2025, our portfolio at fair value was comprised of the following:
As of March 31, 2026As of September 30, 2025
Investment TypeInvestments at
 Fair Value
(In thousands)		Percentage of
Total
Investments		Investments at
 Fair Value
(In thousands)		Percentage of
Total
Investments
Senior secured$403,460 4.9 %$442,477 5.0 %
One stop7,241,236 87.0 7,615,809 86.8 
Second lien22,176 0.3 26,409 0.3 
Subordinated debt35,014 0.4 38,412 0.5 
Equity615,359 7.4 646,282 7.4 
Total$8,317,245 100.0 %$8,769,389 100.0 %
(1) “Capital under management” is a gross measure of invested capital including leverage as of January 1, 2026.
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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 March 31, 2026 and September 30, 2025, one stop loans included $630.1 million and $771.9 million, respectively, of recurring revenue loans at fair value.
As of March 31, 2026 and September 30, 2025, we had debt and equity investments in 420 and 417 portfolio companies, respectively.
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The following table shows the weighted average annualized income yield and weighted average annualized investment income yield of both our earning and total portfolio company investments, which represented nearly 100% of our debt investments, as well as the annualized total return based on (i) our average net asset value, (ii) our average net asset value per share, and (iii) the change in the quoted market price of our stock and assuming distributions were reinvested in accordance with our dividend reinvestment plan, or DRIP, in each case for the three months ended March 31, 2026 and December 31, 2025 and the six months ended March 31, 2026 and March 31, 2025:        
For the three months endedFor the six months ended
  March 31, 2026December 31, 2025March 31, 2026March 31, 2025
Weighted average income yield(1)*
9.4%9.7%9.6%10.6%
Weighted average investment income yield(2)*
9.7%10.0%9.9%11.0%
Weighted average income yield of total investments(3)*
8.8%9.2%9.0%10.0%
Weighted average investment income yield of total investments(4)*
9.1%9.5%9.3%10.5%
Total return based on average net asset value(5)
(1.2)%1.6%0.5%4.7%
Annualized total return based on average net asset value(5)*
N/A6.5%0.9%9.5%
Total return based on net asset value per share(6)
(1.3)%1.7%0.5%4.8%
Annualized total return based on net asset value per share(6)*
N/A6.7%1.0%9.6%
Total return based on market value(7)
(4.3)%2.0%(2.5)%6.0%
*Annualized
(1)Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income, excluding amortization of capitalized fees, discounts and GCIC/GBDC 3 acquisition 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 GCIC/GBDC 3 acquisition 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.
(3)Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income, excluding amortization of capitalized fees, discounts and GCIC/GBDC 3 acquisition purchase premium (as described in Note 2 of the consolidated financial statements), divided by the daily average total fair value of portfolio company investments, and does not represent a return to any investor in us.
(4)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 GCIC/GBDC 3 acquisition purchase premium (as described in Note 2 of the consolidated financial statements), divided by the daily average total fair value of portfolio company investments, and does not represent a return to any investor in us.
(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 net asset value per share is calculated as (a) net income per share for the period, (b) divided by net asset value per share as of the end of the period. Total return does not include sales load.
(7)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.
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In addition, we generate revenue in the form of commitment, origination, amendment, structuring or due diligence fees, fees for providing managerial assistance, administrative agent fees and consulting fees. Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums on loans as fee income. For additional details on revenues, see “Critical Accounting Policies—Revenue Recognition.” We recognize realized gains or losses on investments based on the difference between the net proceeds from the disposition and the amortized cost basis of the investment or derivative instrument, without regard to unrealized gains or losses previously recognized. We record current period changes in fair value of investments and derivative instruments that are measured at fair value as a component of the “Net change in unrealized appreciation (depreciation) on investment transactions” in the Consolidated Statements of Operations.
Expenses: Our primary operating expenses include the payment of fees to GC Advisors under the Investment Advisory Agreement and interest expense on our outstanding debt. We bear all other out-of-pocket costs and expenses of our operations and transactions, including:
•calculating our net asset value, or NAV (including the cost and expenses of any independent valuation firm);
•fees and expenses incurred by GC Advisors payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for us and in monitoring our investments and performing due diligence on our prospective portfolio companies or otherwise relating to, or associated with, 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.
Prior to the redemption of the 2018 Notes and termination of the documents governing the 2018 Debt Securitization on November 18, 2024, GC Advisors served as collateral manager for the 2018 Issuer under a collateral management agreement, or the 2018 Collateral Management Agreement, and was entitled to receive an annual fee in an amount equal to 0.35% of the principal balance of the portfolio loans held by the 2018 Issuer at the beginning of
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the collection period relating to each payment date, which was payable in arrears on each payment date. Under the 2018 Collateral Management Agreement, the term "collection period" referred 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.
Prior to the redemption of the GCIC 2018 Notes and the termination of the documents governing the GCIC 2018 Debt Securitization, GC Advisors served 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, and was entitled to receive an annual fee in an amount equal to 0.35% of the principal balance of the portfolio loans held by the GCIC 2018 Issuer at the beginning of the collection period relating to each payment date, which was payable in arrears on each payment date. Under the 2018 GCIC Collateral Management Agreement, the term “collection period” generally referred to a quarterly period commencing on the day after the end of the prior collection period to the tenth business day prior to the payment date.

Prior to the redemption of the GBDC 3 2021 Notes and the termination of the documents governing the GBDC 3 2021 Debt Securitization, GC Advisors served 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 GBDC 3 2021 Collateral Management Agreement, and was entitled to receive an annual fee in an amount equal to 0.35% of the principal balance of the portfolio loans held by the GBDC 3 2021 Issuer at the beginning of the collection period relating to each payment date, which was payable in arrears on each payment date. Under the GBDC 3 2021 Collateral Management Agreement, the term “collection period” referred 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.

Prior to the redemption of the GBDC 3 2022-2 Notes and the termination of the documents governing the GBDC 3 2022-2 Debt Securitization, GC Advisors served 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 GBDC 3 2022-2 Collateral Management Agreement, and was entitled to receive an annual fee in an amount equal to 0.35% of the principal balance of the portfolio loans held by the 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 GBDC 3 2022-2 Collateral Management Agreement, the term “collection period” referred 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.

Prior to the redemption of the GBDC 3 2022 Notes and the termination of the documents governing the GBDC 3 2022 Debt Securitization, GC Advisors served 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 GBDC 3 2022 Collateral Management Agreement, and was entitled to receive an annual fee in an amount equal to 0.35% of the principal balance of the portfolio loans held by the 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 GBDC 3 2022 Collateral Management Agreement, the term “collection period” relating to any payment date, referred 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 CLO 8 LLC, or the 2024 Issuer, under a collateral management agreement, or the 2024 Issuer 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 2024 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the 2024 Issuer 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.
Collateral management fees are paid directly by the 2018 Issuer, GCIC 2018 Issuer, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer, GBDC 2 2022-2 Issuer and the 2024 Issuer and are offset against the management fees payable under the Investment Advisory Agreement. These fees include structuring and placement fees paid by the 2018 Issuer to Morgan Stanley & Co. LLC for its services in connection with the structuring of the 2018 Debt Securitization and by the 2024 Issuer to Deutsche Bank Securities Inc. for its services in connection with the structuring of the 2024 Debt Securitization. Before we acquired the GCIC 2018 Issuer as part of the GCIC Merger, the GCIC 2018 Issuer paid Wells Fargo Securities, LLC structuring and placement fees for its services in connection with the initial structuring
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of the GCIC 2018 Debt Securitization. Before we acquired the GBDC 3 2021 Issuer as a part of the GBDC 3 Merger, the GBDC 3 2021 Issuer paid Deutsche Bank AG, New York Branch, structuring and placement fees for its services in connection with the structuring of each 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 the GBDC 3 Merger, 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, GBDC 3 2022-2 Issuer and the 2024 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, the GBDC 3 2022-2 Debt Securitization and the 2024 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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Recent Developments
On May 1, 2026, our Board declared a quarterly distribution of $0.33 per share, which is payable on June 29, 2026 to holders of record as of June 15, 2026.
For the period of April 1, 2026 through May 4, 2026, Wells Fargo Securities, LLC, as broker, has
repurchased 652,700 shares of our common stock pursuant to the Program (as defined in Note 2 of our consolidated financial statements) for an aggregate purchase price of approximately $8.4 million at an average price of $12.93 per share.

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Consolidated Results of Operations
In addition to our analysis of the year-to-date reporting period compared to the year-to-date prior periods, 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.
Consolidated operating results for the three months ended March 31, 2026 and December 31, 2025 and the six months ended March 31, 2026 and March 31, 2025 are as follows:
Three months endedVariancesSix months endedVariances
  March 31, 2026December 31, 2025
March 31, 2026 vs. December 31, 2025
March 31, 2026March 31, 2025
2026
vs.
2025
  (In thousands)
Interest income$160,656 $180,380 $(19,724)$341,036 $388,185 $(47,149)
Payment-in-kind interest income17,132 14,519 2,613 31,651 25,061 6,590 
Discount amortization5,740 6,544 (804)12,284 12,955 (671)
GCIC/GBDC 3 acquisition purchase premium amortization(2,520)(3,168)648 (5,688)(10,278)4,590 
Non-cash dividend income6,158 7,034 (876)13,192 15,071 (1,879)
Dividend income202 585 (383)787 1,293 (506)
Fee income766 1,113 (347)1,879 2,305 (426)
Total investment income188,134 207,007 (18,873)395,141 434,592 (39,451)
Total expenses102,587 111,249 (8,662)213,836 239,815 (25,979)
Net investment income before taxes85,547 95,758 (10,211)181,305 194,777 (13,472)
Income and excise taxes— — — — (475)475 
Net investment income after taxes85,547 95,758 (10,211)181,305 195,252 (13,947)
Net realized gain (loss) on investment transactions excluding GCIC/GBDC 3 acquisition purchase premium(10,345)(3,789)(6,556)(14,134)(38,501)24,367 
Net realized gain (loss) on investment transactions due to GCIC/GBDC 3 acquisition purchase premium(10)(49)39 (59)(395)336 
Net change in unrealized appreciation (depreciation) on investment transactions excluding GCIC/GBDC 3 acquisition purchase premium(124,518)(29,891)(94,627)(154,409)23,119 (177,528)
Net change in unrealized appreciation (depreciation) on investment transactions due to GCIC/GBDC 3 acquisition purchase premium 2,530 3,217 (687)5,747 10,673 (4,926)
Net gain (loss) on investment transactions (132,343)(30,512)(101,831)(162,855)(5,104)(157,751)
Net realized gain (loss) on extinguishment of debt— — — — (48)48 
(Provision) benefit for taxes on unrealized appreciation on investments — — — — 198 (198)
Net increase (decrease) in net assets resulting from operations$(46,796)$65,246 $(112,042)$18,450 $190,298 $(171,848)
Average earning debt investments, at fair value$7,785,504 $8,048,361 $(262,857)$7,899,230 $7,825,114 $74,116 
Average earning preferred equity investments, at fair value$202,793 $230,264 $(27,471)$200,431 $243,582 $(43,151)
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, 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
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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 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 endedSix months ended
March 31, 2026December 31, 2025March 31, 2026March 31, 2025
  (In thousands)
Net investment income after taxes$85,547 $95,758 $181,305 $195,252 
Add: GCIC/GBDC 3 acquisition purchase premium amortization2,520 3,168 5,688 10,278 
Adjusted Net Investment Income $88,067 $98,926 $186,993 $205,530 
Net gain (loss) on investment transactions$(132,343)$(30,512)$(162,855)$(5,104)
Add: Realized loss on investment transactions due to GCIC/GBDC 3 acquisition purchase premium10 49 59 395 
Less: Net change in unrealized appreciation on investment transactions due to GCIC/GBDC 3 acquisition purchase premium(2,530)(3,217)(5,747)(10,673)
Adjusted Net Realized and Unrealized Gain/(Loss)$(134,863)$(33,680)$(168,543)$(15,382)
Net increase (decrease) in net assets resulting from operations$(46,796)$65,246 $18,450 $190,298 
Add: GCIC/GBDC 3 acquisition purchase premium amortization2,520 3,168 5,688 10,278 
Add: Realized loss on investment transactions due to GCIC/GBDC 3 acquisition purchase premium10 49 59 395 
Less: Net change in unrealized appreciation on investment transactions due to GCIC/GBDC 3 acquisition purchase premium(2,530)(3,217)(5,747)(10,673)
Adjusted Net Income$(46,796)$65,246 $18,450 $190,298 
We believe that excluding the financial impact of the GCIC/GBDC 3 acquisition 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 decreased from the three months ended December 31, 2025 to the three months ended March 31, 2026 by $18.9 million. The decrease was primarily due to a decrease in interest income as a result of (1) a decrease in the average earning debt investments balance of $262.9 million, (2) the delayed impact of interest base rate reductions from December 2025 and (3) $1.5 million of previously accrued interest income that was recharacterized as payment-in-kind (“PIK”) interest income as such amounts were capitalized and added to the principal balance of certain loans during the period. Investment income decreased from the six months ended March 31, 2025 to the six months ended March 31, 2026 by $39.5 million, primarily due to a decrease in interest income as a result of declining interest base rates and, to a lesser extent, spread compression on new and amended debt investments that was partially offset by interest income earned on an increase in the average earning debt investments balance of $74.1 million. For the three and six months ended March 31, 2026, PIK interest income represented 9.0% and 7.9%, respectively, of total investment income excluding amortization of purchase premium for the GCIC/GBDC 3 acquisitions. For the three and six months ended March 31, 2025, PIK interest income represented 6.4% and 5.6%, respectively, of total investment income excluding amortization of purchase premium for the GCIC/GBDC 3 acquisitions.

The annualized income yield by debt security type for the three months ended March 31, 2026 and December 31, 2025 and the six months ended March 31, 2026 and March 31, 2025 are as follows:
Three months endedSix months ended
  March 31, 2026December 31, 2025March 31, 2026March 31, 2025
Senior secured9.0%9.4%9.2%10.3%
One stop9.2%9.6%9.4%10.5%
Second lien13.1%13.3%13.2%13.5%
Subordinated debt13.4%13.4%13.4%13.8%
Income yields on senior secured and one stop loans decreased for the three months ended March 31, 2026 as compared to the three months ended December 31, 2025 primarily due to the delayed impact of interest base rate reductions in December 2025. Income yields on senior secured and one stop loans decreased for the six months ended March 31, 2026 as compared to the six months ended March 31, 2025, primarily due to declining interest base rates and, to a lesser extent, spread compression on new and amended debt investments. Our loan portfolio is partially insulated from a drop in floating interest rates, as 97.8% of the loan portfolio at fair value is subject to an interest rate floor. As of March 31, 2026 and September 30, 2025, the weighted average base rate floor of our loans was 0.77% and 0.78%, respectively.
As of March 31, 2026, we have second lien investments in three portfolio companies and subordinated debt investments in seven portfolio companies as shown in the Consolidated Schedule of Investments. Due to the limited number of second lien and subordinated debt investments, income yields on second lien and subordinated debt investments can be significantly impacted by the addition, subtraction or refinancing of one investment.
For additional details on investment yields and asset mix, refer to the “Liquidity and Capital Resources - Portfolio Composition, Investment Activity and Yield” section below.
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Expenses
The following table summarizes our expenses for the three months ended March 31, 2026 and December 31, 2025 and the six months ended March 31, 2026 and March 31, 2025:
Three months endedVariancesSix months endedVariances
  March 31, 2026December 31, 2025
March 31, 2026 vs. December 31, 2025
March 31, 2026March 31, 2025
2026 vs. 2025
  (In thousands)
Interest and other debt financing expenses$58,497 $63,707 $(5,210)$122,204 $144,430 $(22,226)
Amortization of debt issuance costs2,572 2,607 (35)5,179 5,124 55 
Base management fee21,035 22,115 (1,080)43,150 43,295 (145)
Income Incentive fee15,542 17,457 (1,915)32,999 36,305 (3,306)
Administrative service fee2,939 3,180 (241)6,119 6,087 32 
Professional fees1,627 1,785 (158)3,412 3,605 (193)
General and administrative expenses375 398 (23)773 969 (196)
Total expenses$102,587 $111,249 $(8,662)$213,836 $239,815 $(25,979)
Average debt outstanding$4,747,270 $4,991,510 $(244,240)$4,814,473 $4,814,106 $367 
Interest Expense
Interest and other debt financing expenses, net of amortization of debt issuance costs, decreased from the three months ended December 31, 2025 to the three months ended March 31, 2026 by $5.2 million, primarily due to a decrease in interest expense as a result of (1) a decrease in the average debt outstanding of $244.2 million and (2) lower interest base rates on our floating rate borrowings. Interest and other debt financing expenses, including amortization of debt issuance costs, decreased from the six months ended March 31, 2025 to the six months ended March 31, 2026 by $22.2 million, primarily due to reduced borrowing costs resulting from (i) the debt capital refinancings completed during the fiscal year 2025 first quarter, including the 2024 Debt Securitization issuance of $1.3 billion in notes which bear interest at a weighted-average rate of three-month SOFR + 1.58%, (ii) the April 2025 amendment to the JPM Credit Facility that reduced the applicable margin to a range of 1.525% to 1.775% from a range of 1.75% to 1.875% and (iii) decreasing interest base rates on our floating rate borrowings. For more information about our outstanding borrowings for the three and six months ended March 31, 2026 and 2025, including the terms thereof, see Note 7 in the notes to our consolidated financial statements and the “Liquidity and Capital Resources” section below.
For the three months ended March 31, 2026 and December 31, 2025, the effective annualized average interest rate1 on our total debt was 5.2% and 5.4%, respectively. For the six months ended March 31, 2026 and 2025, the effective annualized average interest rate1 on our total debt was 5.3% and 6.0%, respectively. The effective annualized average interest rate1 decreased for the three months ended March 31, 2026 compared to the three months ended December 31, 2025 due to lower interest base rates on our floating rate borrowings. The effective annualized average interest rate1 decreased for the six months ended March 31, 2026 compared to the six months ended March 31, 2025 primarily due to reduced borrowing costs resulting from (1) the debt capital refinancing completed during fiscal year 2025, (2) the April 2025 amendment to the JPM Credit Facility that reduced the applicable margin and (3) decreasing interest base rates on our floating rate borrowings.
Management Fee
The base management fee decreased from the three months ended December 31, 2025 to the three months ended March 31, 2026 primarily due to a decrease in average adjusted gross assets from the three months ended December 31, 2025 to the three months ended March 31, 2026.
The base management fee decreased from the six months ended March 31, 2025 to the six months ended March 31, 2026 primarily due to a decrease in average adjusted gross assets from the six months ended March 31, 2025 to the six months ended March 31, 2026.
1 The effective average interest rate includes amortization of debt financing costs, amortization of discounts on notes issued and non-usage facility fees and the net contractual interest rate swap expense on the 2028 and 2029 Notes but excluding the net unrealized gain/(loss) related to the fair value hedges associated with the 2028 and 2029 Notes interest rate swaps.
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Incentive Fees
The incentive fee payable under the Investment Advisory Agreement consists of two parts: (1) the income component, or the Income Incentive Fee, and (2) the capital gains component, or the Capital Gain Incentive Fee.
The Income Incentive Fee decreased by $1.9 million from the three months ended December 31, 2025 to the three months ended March 31, 2026 primarily due to a decrease in Pre-Incentive Fee Net Investment Income. The Income Incentive Fee decreased by $3.3 million from the six months ended March 31, 2025 to the six months ended March 31, 2026 primarily due to a decrease in Pre-Incentive Fee Net Investment Income and a lower rate of return on the value of our net assets driven by a decrease in the investment income yield on our investment portfolio due to declining interest base rates and a decrease in our average earning debt investments. For each of the three months ended March 31, 2026 and December 31, 2025 and the six months ended March 31, 2026 and March 31, 2025, 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.
As of March 31, 2026 and September 30, 2025, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement. In accordance with GAAP, we are required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement. As of March 31, 2026 and September 30, 2025, 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, the administrative service fee, professional fees and general and administrative expenses decreased by $0.4 million from the three months ended December 31, 2025 to the three months ended March 31, 2026, primarily due to decreases across each of these expense categories.
In total, professional fees, the administrative service fee and general and administrative expenses decreased by $0.4 million from the six months ended March 31, 2025 to the six months ended March 31, 2026, primarily due to a decrease in professional fees and general and administrative expenses that was partially offset by an increase in the administrative service fee.
The Administrator pays for certain expenses incurred by us. These expenses are subsequently reimbursed in cash. Total expenses reimbursed to the Administrator during the three months ended March 31, 2026 and December 31, 2025 and the six months ended March 31, 2026 and March 31, 2025 were $2.6 million, $2.5 million, $5.1 million, and $4.4 million, respectively.
As of March 31, 2026 and September 30, 2025, included in accounts payable and other liabilities were $1.1 million and $2.5 million, respectively, of expenses paid on behalf of us by the Administrator.
Net Realized and Unrealized Gains and Losses
The following table summarizes our net realized and unrealized gains (losses) for the three months ended March 31, 2026 and December 31, 2025 and the six months ended March 31, 2026 and March 31, 2025:
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Three months endedVariancesSix months endedVariances
  March 31, 2026December 31, 2025
March 31, 2026 vs. December 31, 2025
March 31, 2026March 31, 2025
2026 vs. 2025
  (in thousands)(In thousands)
Net realized gain (loss) from investments$(1,441)$(2,669)$1,228 $(4,110)$(41,825)$37,715 
Net realized gain (loss) from investments due to GCIC/GBDC 3 acquisition purchase premium(10)(49)39 (59)(395)336 
Net realized gain (loss) from foreign currency transactions1,354 (1,120)2,474 234 (3,879)4,113 
Net realized gain (loss) from forward currency contracts(10,258)— (10,258)(10,258)7,203 (17,461)
Net realized gain (loss) on investment transactions $(10,355)$(3,838)$(6,517)$(14,193)$(38,896)$24,703 
Unrealized appreciation from investments$11,111 $23,957 $(12,846)$24,111 $104,782 $(80,671)
Unrealized (depreciation) from investments(145,273)(56,188)(89,085)(190,504)(76,549)(113,955)
Unrealized appreciation (depreciation) from investments due to GCIC/GBDC 3 acquisition purchase premium2,530 3,217 (687)5,747 10,673 (4,926)
Unrealized appreciation (depreciation) from forward currency contracts14,042 292 13,750 14,334 6,432 7,902 
Unrealized appreciation (depreciation) on foreign currency translation(4,398)2,048 (6,446)(2,350)(11,546)9,196 
Net change in unrealized appreciation (depreciation) on investment transactions $(121,988)$(26,674)$(95,314)$(148,662)$33,792 $(182,454)
Net realized gain (loss) on extinguishment of debt$— $— — $— $(48)$48 
During the three months ended March 31, 2026, we had a net realized loss of $10.4 million, primarily attributable to (i) $8.9 million of net realized losses recognized on the settlement of forward currency contracts and translation of foreign currency amounts and transactions into U.S. dollars and (ii) realized losses recognized on the restructuring of a portfolio company investment. During the three months ended December 31, 2025, we had a net realized loss of $3.8 million, primarily attributable to (1) realized losses recognized on the restructuring of a portfolio company investment and (2) $1.1 million of net realized losses recognized on the translation of foreign currency amounts and transactions into U.S. dollars that were partially offset by $2.8 million of net realized gains recognized on the disposition of equity investments in multiple portfolio companies. During the six months ended March 31, 2026, we had a net realized loss of $14.2 million, primarily attributable to (i) $10.0 million of net realized losses recognized on the settlement of forward currency contracts and translation of foreign currency amounts and transactions into U.S. dollars and (ii) realized losses recognized on the restructuring of two portfolio company investments. During the six months ended March 31, 2025, we had a net realized loss of $38.9 million, primarily attributable to realized losses recognized on the restructuring of debt and equity investments of multiple portfolio company investments and the sale of a portfolio company debt investment that was partially offset by net realized gains recognized on the settlement of forward currency contracts and translation of foreign currency amounts and transactions into U.S. dollars.

For the three months ended March 31, 2026, we had $11.1 million in unrealized appreciation on 103 portfolio company investments, which was offset by $145.3 million in unrealized depreciation on 343 portfolio company investments. For the three months ended December 31, 2025, we had $24.0 million in unrealized appreciation on 127 portfolio company investments, which was offset by $56.2 million in unrealized depreciation on 309 portfolio company investments. For the six months ended March 31, 2026, we had $24.1 million in unrealized appreciation on 90 portfolio company investments, which was offset by $190.5 million in unrealized depreciation on 356 portfolio company investments. For the six months ended March 31, 2025, we had $104.8 million in unrealized appreciation on 208 portfolio company investments, which was offset by $76.5 million in unrealized depreciation on 206 portfolio company investments.
Unrealized appreciation for the three months ended March 31, 2026 was primarily due to increases in the fair values of certain equity investments and the reversal of previously recognized unrealized depreciation on the restructuring of a portfolio company investment. Unrealized appreciation for the three months ended December 31, 2025 was primarily due to increases in the fair value of certain equity investments and the reversal of previously recognized unrealized depreciation on the restructuring of a portfolio company investment. Unrealized appreciation for the six months ended March 31, 2026 was primarily due to increases in the fair values of certain equity investments and the reversal of previously recognized unrealized depreciation on the restructuring of portfolio company investments. Unrealized appreciation for the six months ended March 31, 2025 was primarily due to (i) the reversal of previously recognized unrealized depreciation on the restructuring of portfolio company investments and (ii) fair valuing recent originations up to or near par.

Unrealized depreciation for the three and six months ended March 31, 2026, primarily resulted from (1) fair value adjustments across our portfolio company investments related to market wide credit spread widening during the
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three months ended March 31, 2026, primarily on our well-performing loans rated in our highest internal performance rating 4 and 5 categories, as defined below under the “Portfolio Composition, Investment Activity and Yield” section and (2) isolated deterioration in the performance of (i) debt and equity investments in portfolio companies that were moved to or on non-accrual status and (ii) debt and equity investments in certain portfolio companies with pre-existing credit challenges. Unrealized depreciation for the three months ended December 31, 2025 primarily resulted from isolated deterioration in the performance of (i) debt and equity investments in portfolio companies that were moved to or on non-accrual status and (ii) debt and equity investments in certain portfolio companies with pre-existing credit challenges. Unrealized depreciation for the six months ended March 31, 2025 primarily resulted from isolated deterioration in credit performance in (i) a small number of portfolio companies and (ii) portfolio companies that were moved to or on non-accrual status.

For the six months ended March 31, 2025, we had a realized loss on extinguishment of debt of less than $0.1 million, which represents the unamortized discount on the GBDC 3 2021 Notes assumed as a result on the GBDC 3 Merger, at termination.
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Liquidity and Capital Resources
For the six months ended March 31, 2026, we experienced a net increase in cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies of $22.8 million. During the period, cash provided by operating activities was $460.8 million, primarily as a result of proceeds from principal payments and sales of portfolio investments of $639.5 million, partially offset by purchases and fundings of portfolio investments of $296.1 million, and net investment income after tax of $181.3 million. Lastly, cash used in financing activities was $438.0 million, primarily driven by borrowings on debt of $378.1 million offset by repayments of debt of $562.5 million, distributions paid and purchases of common stock under the DRIP totaling $189.2 million and purchases of common stock under the Program of $63.7 million.
For the six months ended March 31, 2025, we experienced a net decrease in cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies of $111.3 million. During the period, cash used in operating activities was $179.3 million, primarily driven by proceeds from principal payments and sales of portfolio investments of $840.3 million and net investment income after tax of $195.3 million, offset by fundings of portfolio investments of $1,208.0 million. Lastly, cash provided by financing activities was $68.0 million, primarily driven by borrowings on debt of $3,731.4 million and net proceeds from the issuance of common stock through the ATM Program (as defined in Note 11 of our consolidated financial statements) of $37.4 million, offset by repayments of debt of $3,496.1 million and distributions paid of $197.6 million.
As of March 31, 2026 and September 30, 2025, we had cash and cash equivalents totaling $65.4 million and $11.9 million, respectively. In addition, we had foreign currencies of $6.8 million and $11.7 million as of March 31, 2026 and September 30, 2025, respectively and restricted cash and restricted cash equivalents totaling $63.0 million and $88.8 million as of March 31, 2026 and September 30, 2025, respectively. We had no restricted foreign currencies as of March 31, 2026 and September 30, 2025. Cash, cash equivalents and foreign currencies are available to fund new investments, pay operating expenses and pay distributions. Restricted cash, restricted 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. As of March 31, 2026 and September 30, 2025, we did not have any debt securitizations that were past their reinvestment period term.
Revolving Debt Facilities
JPM Credit Facility - On February 11, 2021, we initially entered into the JPM Credit Facility (as defined in Note 7 of our consolidated financial statements), which, as of March 31, 2026, allowed us to borrow up to $2.0 billion at any one time outstanding, subject to leverage and borrowing base restrictions. As of March 31, 2026 and September 30, 2025, we had outstanding debt under the JPM Credit Facility of $947.7 million and $1,098.4 million, respectively. As of March 31, 2026 and September 30, 2025, subject to leverage and borrowing base restrictions, we had $1,049.8 million and $899.1 million, respectively, of remaining commitments and availability on the JPM Credit Facility.
Adviser Revolver - On June 22, 2016, we entered into the Adviser Revolver (as defined in Note 7 of our consolidated financial statements), which, as amended, permitted us to borrow up to $300.0 million at any one time outstanding as of March 31, 2026. 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 March 31, 2026, we had no amounts outstanding on the Adviser Revolver. As of September 30, 2025, we had outstanding debt under the Adviser Revolver of $39.2 million, respectively.
GBDC 3 DB Credit Facility - Effective June 3, 2024, we assumed, as a result of the GBDC 3 Merger (as defined in Note 7 of our consolidated financial statements), the GBDC 3 DB Credit Facility (as defined in Note 7 of our consolidated financial statements). On November 19, 2024, all amounts outstanding under the GBDC 3 DB Credit Facility were repaid, following which the agreements governing the GBDC 3 DB Credit Facility were terminated. As of March 31, 2026 and September 30, 2025, we had no outstanding debt under the GBDC 3 DB Credit Facility.
Debt Securitizations
2024 Debt Securitization - On November 18, 2024, we completed the 2024 Debt Securitization (the “2024 Debt Securitization”). The Class A-1R 2024 Notes and Class A-2RR 2024 Notes (each as defined in Note 7 of our consolidated financial statements) are included in the March 31, 2026 Consolidated Statements of Financial Condition as our debt, and the Class B-R, Class C-R and Subordinated Notes were eliminated in consolidation. As
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of both March 31, 2026 and September 30, 2025, we had outstanding debt under the 2024 Debt Securitization of $1,364.0 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. On August 1, 2025, the GBDC 3 2022 Notes (as defined in Note 7 of our consolidated financial statements) were redeemed and following such redemption, the agreements governing the GBDC 3 2022 Debt Securitization were terminated.
2018 Debt Securitization - On November 18, 2024, in conjunction with the 2024 Debt Securitization, the 2018 Notes (as defined in Note 7 of our consolidated financial statements) were redeemed and following such redemption, the agreements governing the 2018 Debt Securitization were terminated.
GCIC 2018 Debt Securitization - Effective September 16, 2019, we assumed as a result of the GCIC Merger, the GCIC 2018 Debt Securitization. On November 18, 2024, in conjunction with the 2024 Debt Securitization, the GCIC 2018 Notes (as defined in Note 7 of our consolidated financial statements) were redeemed and following such redemption, the agreements governing the GCIC 2018 Debt Securitization were terminated.
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. On November 18, 2024, in conjunction with the 2024 Debt Securitization, the GBDC 3 2021 Notes (as defined in Note 7 of our consolidated financial statements) were redeemed and following such redemption, the agreements governing the GBDC 3 2021 Debt Securitization were terminated.
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. On December 16, 2024, the GBDC 3 2022-2 Notes (as defined in Note 7 of our consolidated financial statements) were redeemed and following such redemption, the agreements governing the GBDC 3 2022-2 Notes were terminated.
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.
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 March 31, 2026 and September 30, 2025, 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 March 31, 2026 and September 30, 2025.
2028 Notes
On December 5, 2023, we issued $450.0 million in aggregate principal amount of the 2028 Notes, On September 19, 2025, we issued an additional $250.0 million in aggregate principal of the 2028 Notes under the same terms of the original issuance, other than the issue date and the issue price. As of both March 31, 2026 and September 30, 2025, we had $700.0 million of outstanding aggregate principal amount of the 2028 Notes.
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 plus 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.
On April 10, 2024, we entered into an interest rate swap on the remaining portion of the initial $450.0 million of 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.
On September 19, 2025, we entered into an interest rate swap on the additional $250.0 million in aggregate principal of the 2028 Notes, pursuant to which we agreed to receive a fixed rate of 5.050% and pay a floating interest rate of
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SOFR plus 1.723%. The interest rate swap is designated as an effective hedge accounting instrument. The notional amount of the swap is $250.0 million and terminates on December 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.
2029 Notes
On February 1, 2024, we issued $600.0 million in aggregate principal amount of the 2029 Notes, and on December 3, 2024, we issued an additional $150.0 million in aggregate principal amount of the 2029 Notes under the same terms of the original issuance other than the issue date and the issue price. As of both March 31, 2026 and September 30, 2025, we had $750.0 million of outstanding aggregate principal amount of the 2029 Notes.
On January 29, 2024 and November 25, 2024, we entered into interest rate swap agreements on the 2029 Notes pursuant to which we agreed (i) to receive a fixed rate of 6.248% and pay a rate of one-month Term SOFR plus 2.444% on the first $600.0 million of the 2029 Notes and (ii) to receive a fixed rate of 5.881% and pay a rate of three-month SOFR plus 2.012% on the second $150.0 million of the 2029 Notes. The interest rate swap agreements are designated as effective hedge accounting instruments. The aggregate notional amount of the swap is $750.0 million and terminates on June 15, 2029. The carrying value of the 2029 Notes is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship.
Equity Distribution Agreement
On October 6, 2023, we entered into an equity distribution agreement, or, as amended, the 2023 Equity Distribution Agreement, in connection with an at the market program to sell up to $288.0 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 six months ended March 31, 2026, there were no common stock issuances under the 2023 Equity Distribution Agreement. During the six months ended March 31, 2025, we issued 2.4 million shares of common stock for aggregate proceeds totaling $38.0 million under the 2023 Equity Distribution Agreement. As of March 31, 2026 and September 30, 2025, following an amendment to the 2023 Equity Distribution Agreement in May 2025 to increase the aggregate offering amount by $38.0 million, common stock with an aggregate offering amount of $250.0 million remained available for issuance under the 2023 Distribution Agreement.
Asset Coverage, Contractual Obligations, Off-Balance Sheet Arrangements and Other Liquidity Considerations
As of March 31, 2026, 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 March 31, 2026, our asset coverage for borrowed amounts and GAAP debt-to-equity ratio was 178.8% and 1.27x, respectively, and our GAAP debt-to-equity ratio, net, which reduces total debt by cash, cash equivalents, foreign currencies and restricted cash held for partial repayment on notes of certain of our securitization vehicles past their reinvestment period term (if any) was 1.24x as of March 31, 2026.
On August 1, 2025, our board of directors re-approved the Program (as defined in Note 2 of our consolidated financial statements), which allows us to repurchase up to $150.0 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, in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. During the six months ended March 31, 2026, we repurchased 4.9 million shares of our common stock for an aggregate repurchase price of approximately $63.7 million. During the six months ended March 31, 2025, we repurchased 77,777 shares of our common stock for an aggregate repurchase price of approximately $1.1 million.
As of March 31, 2026 and September 30, 2025, we had outstanding commitments to fund investments totaling $680.5 million and $927.9 million, respectively. As of March 31, 2026, total commitments of $680.5 million included $234.0 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
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credit agreement. A summary of maturity requirements for our principal borrowings as of March 31, 2026 is included in Note 7 of our consolidated financial statements. We did not have any other material contractual payment obligations as of March 31, 2026. As of March 31, 2026, 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, could 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 March 31, 2026 and September 30, 2025. 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 could 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 March 31, 2026 and September 30, 2025, we had investments in 420 and 417 portfolio companies, respectively, with a total fair value of $8.3 billion and $8.8 billion, respectively.
The following table shows the asset mix of our new investment commitments for the three months ended March 31, 2026 and December 31, 2025 and the six months ended March 31, 2026 and March 31, 2025:
Three months endedSix months ended
  March 31, 2026December 31, 2025March 31, 2026March 31, 2025
  (In thousands)Percentage(In thousands)Percentage(In thousands)Percentage(In thousands)Percentage
Senior secured$1,000 5.6 %$3,000 6.7 %$4,000 6.4 %$49,825 3.4 %
One stop16,380 92.4 40,499 90.7 56,879 91.2 1,412,490 95.0 
Second lien— — — — — —  10,278 0.6  
Subordinated debt— — — — — — — — 
Equity354 2.0 1,157 2.6 1,511 2.4 14,447 1.0 
Total new investment commitments$17,734 100.0 %$44,656 100.0 %$62,390 100.0 %$1,487,040 100.0 %

For the six months ended March 31, 2026, we had approximately $639.5 million in proceeds from principal payments and sales of portfolio investments.
For the six months ended March 31, 2025, we had approximately $840.3 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 March 31, 2026(1)
As of September 30, 2025(2)
  PrincipalAmortized
Cost		Fair
Value		PrincipalAmortized
Cost		Fair
Value
  (In thousands)(In thousands)
Senior secured:            
Performing$403,719 $400,636 $395,227 $448,216 $443,940 $442,410 
Non-accrual(3)
10,968 10,748 8,233 184 121 67 
One stop:            
Performing7,324,862 7,252,587 7,171,849 7,663,987 7,582,036 7,588,765 
Non-accrual(3)
153,617 129,298 69,387 71,767 51,963 27,044 
Second lien:            
Performing22,192 22,038 22,069 26,093 25,882 26,199 
Non-accrual(3)
5,353 3,724 107 5,224 3,725 210 
Subordinated debt:            
Performing35,451 35,230 35,014 38,444 38,027 38,412 
Non-accrual(3)
— — — — — — 
Equity:
PerformingN/A568,084 574,576 N/A613,585 646,282 
Non-accrual(3)
N/A54,671 40,783 N/A659 — 
Total$7,956,162 $8,477,016 $8,317,245 $8,253,915 $8,759,938 $8,769,389 
(1)As of March 31, 2026, $1,640.9 million and $1,551.1 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of the interest due on such loan to be PIK interest. As of March 31, 2026, $116.1 million and $64.5 million at amortized cost and fair value, respectively, of our loans with a PIK feature were on non-accrual status.
(2)As of September 30, 2025, $1,520.7 million and $1,476.5 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, 2025, $51.3 million and $24.1 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, interest or our management has reasonable doubt that principal or interest will be collected. Preferred equity securities accruing contractual PIK dividend income may be placed on non-accrual status if there is reasonable doubt that the amortized cost or capitalized PIK and non-cash dividend income is collectible. See “— Critical Accounting Policies — Revenue Recognition.”
As of March 31, 2026, we had loans in fifteen portfolio companies and preferred equity securities in four portfolio companies on non-accrual status, and non-accrual investments as a percentage of total investments at cost and fair value were 2.3% and 1.4%, respectively. As of September 30, 2025, we had loans in eight portfolio companies and preferred equity securities in one portfolio company on non-accrual status, and non-accrual investments as a percentage of total investments at cost and fair value were 0.6% and 0.3%, respectively.
As of March 31, 2026 and September 30, 2025, the fair value of our debt investments as a percentage of the outstanding principal value was 96.8% and 98.4%, respectively.
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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 March 31, 2026 and December 31, 2025 and the six months ended March 31, 2026 and March 31, 2025:
Three months endedSix months ended
  March 31, 2026December 31, 2025March 31, 2026March 31, 2025
Weighted average rate of new investment fundings8.8%8.6%8.7%9.4%
Weighted average spread over the applicable base rate of new floating rate investment fundings4.9%4.9%4.9%5.2%
Weighted average fees of new investment fundings0.7%0.6%0.6%0.8%
Weighted average rate of sales and payoffs of portfolio investments(1)
9.0%9.4%9.2%10.9%
(1)Excludes the disposition of non-accrual assets.
As of March 31, 2026, 97.8% of our debt portfolio at both 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, 2025, 98.0% of our debt portfolio at both amortized cost and at fair value had interest rate floors that limit the minimum applicable interest rates on such loans.
As of March 31, 2026 and September 30, 2025, the portfolio median1 earnings before interest, taxes, depreciation and amortization, or EBITDA, for our portfolio companies was $75.1 million and $72.4 million, respectively. The portfolio median EBITDA is based on the most recently reported trailing twelve-month EBITDA received from the portfolio company.
















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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As part of the monitoring process, GC Advisors regularly assesses the risk profile of each of our investments and rates each of them based on an internal system developed by Golub Capital and its affiliates. This system is not generally accepted in our industry or used by our competitors. It is based on the following categories, which we refer to as GC Advisors’ internal performance ratings:
 
Internal Performance Ratings
Rating Definition
5 Involves the least amount of risk in our portfolio. The borrower is performing above expectations, and the trends and risk factors are generally favorable.
4 Involves an acceptable level of risk that is similar to the risk at the time of origination. The borrower is generally performing as expected, and the risk factors are neutral to favorable.
3 Involves a borrower performing below expectations and indicates that the loan’s risk has increased somewhat since origination. The borrower could be out of compliance with debt covenants; however, loan payments are generally not past due.
2 Involves a borrower performing materially below expectations and indicates that the loan’s risk has increased materially since origination. In addition to the borrower being generally out of compliance with debt covenants, loan payments could be past due (but generally not more than 180 days past due).
1 Involves a borrower performing substantially below expectations and indicates that the loan’s risk has substantially increased since origination. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 1 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered.
Our internal performance ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments.
For any investment rated 1, 2 or 3, GC Advisors will increase its monitoring intensity and prepare regular updates for the investment committee, summarizing current operating results and material impending events and suggesting recommended actions.
GC Advisors monitors and, when appropriate, changes the internal performance ratings assigned to each investment in our portfolio. In connection with our valuation process, GC Advisors and our board of directors review these internal performance ratings on a quarterly basis.











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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 March 31, 2026 and September 30, 2025:
As of March 31, 2026As of September 30, 2025
Internal
Performance
Rating		Investments
at Fair Value
(In thousands)		Percentage of
Total
Investments		Investments
at Fair Value
(In thousands)		Percentage of
Total
Investments
5$123,169 1.5%$157,871 1.8%
47,288,701 87.67,683,585 87.6
3722,546 8.7843,352 9.6
2182,722 2.284,581 1.0
1107 0.0*— —
Total$8,317,245 100.0%$8,769,389 100.0%
*Represents an amount less than 0.1%.
The table below details the fair value of our debt investments as a percentage of the outstanding principal value by internal performance rating held as of March 31, 2026 and September 30, 2025:
Average Price1
CategoryMarch 31, 2026September 30, 2025
Internal Performance Ratings 4 and 5
(Performing At or Above Expectations)		98.5%99.7%
Internal Performance Rating 3
(Performing Below Expectations)		92.291.3
Internal Performance Ratings 1 and 2
(Performing Materially Below Expectations)		45.334.1
Total96.8%98.4%
(1)Includes only debt investments held as of March 31, 2026 and September 30, 2025. Price reflects the fair value of debt investments as a percentage of the outstanding principal value by Internal Performance Rating category.

The table below details the fair value of our debt investments as a percentage of the outstanding principal value by internal performance rating held as of March 31, 2026 and December 31, 2025, the net change in unrealized depreciation on debt and equity investments for the three months ended March 31, 2026 and the primary drivers of reductions in average price of our debt investments by internal performance rating category as for March 31, 2026 as compared to December 31, 2025:
Average Price1
Net Change in Unrealized Depreciation on Investments2,3
CategoryMarch 31, 2026December 31, 2025$ Per Share% to TotalPrimary Driver
Internal Performance Ratings 4 and 5
(Performing At or Above Expectations)		98.5%99.7%$(0.35)69%Spread widening
Internal Performance Rating 3
(Performing Below Expectations)		92.292.6(0.08)16%Spread widening, credit challenges
Internal Performance Ratings 1 and 2
(Performing Materially Below Expectations)		45.345.7(0.08)16%Pre-existing credit challenges
Total96.8%98.2%$(0.51)100%
Note: Percentages may not sum due to rounding.
(1)Includes only debt investments held as of March 31, 2026 and December 31, 2025. Price reflects the fair value of debt investments as a percentage of the outstanding principal value by Internal Performance Rating category.
(2)Net change in unrealized depreciation on investments reflects the net change in unrealized appreciation or depreciation on total debt and equity investments for the three months ended March 31, 2026 and excludes (i) the change in unrealized appreciation or depreciation resulting from the translation of assets and liabilities in foreign currencies and forward currency contracts and (ii) the reversal of the unrealized loss resulting from GCIC/GBDC 3 acquisition purchase premium amortization.

(3)Based on weighted average shares outstanding for the three months ended March 31, 2026.
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The following table shows the distribution of our investments in our software industry segment on the 1 to 5 internal performance rating scale at fair value as of March 31, 2026, December 31, 2025 and September 30, 2025:
As of March 31, 2026As of December 31, 2025As of September 30, 2025
Internal
Performance
Rating		Software Investments
at Fair Value
(In thousands)		Percentage of
Total Software
Investments		Software Investments
at Fair Value
(In thousands)		Percentage of
Total Software
Investments		Software Investments
at Fair Value
(In thousands)		Percentage of
Total Software
Investments
5$11,670 0.5%$48,904 2.1%$19,288 0.8%
42,030,068 94.52,141,454 93.02,252,463 94.3
396,480 4.5101,986 4.4114,615 4.8
211,517 0.510,904 0.51,357 0.1
1— —— —— —
Total$2,149,735 100.0%$2,303,248 100.0%$2,387,723 100.0%

The table below details the fair value of our debt investments in our software industry segment as a percentage of the outstanding principal value by internal performance rating held as of March 31, 2026, December 31, 2025 and September 30, 2025.
Average Price1
CategoryMarch 31, 2026December 31, 2025September 30, 2025
Internal Performance Ratings 4 and 5
(Performing At or Above Expectations)		97.5%99.7%99.8%
Internal Performance Rating 3
(Performing Below Expectations)		94.295.694.5
Internal Performance Ratings 1 and 2
(Performing Materially Below Expectations)		44.975.536.0
Total97.1%99.4%99.6%
(1)Includes only debt investments held as of March 31, 2026, December 31, 2025 and September 30, 2025. Price reflects the fair value of debt investments as a percentage of the outstanding principal value 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, chief executive officer of GC Advisors and an interested director of Golub Capital BDC, and Mr. David Golub, our chairman and chief executive officer, are managers of GC Advisors, and each of Messrs. Lawrence Golub and David Golub own an indirect pecuniary interest in GC Advisors. The Board most recently approved an amended and restated Investment Advisory Agreement in May 2026.
•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 the collateral manager to the 2024 Issuer under the 2024 Issuer Collateral Management Agreement. Fees payable to GC Advisors for providing these services offset against the base management fee payable by us under the Investment Advisory Agreement.
•We have entered into the Adviser Revolver with GC Advisors in order to have the ability to borrow funds on a short-term basis.
•During the first calendar quarter of 2026, the Golub Capital Employee Grant Program Rabbi Trust, or the Trust, purchased approximately $18.7 million, or 1,500,000 shares of our common stock for the purpose of awarding incentive compensation to employees of Golub Capital. During the calendar year 2025, the Trust purchased approximately $45.1 million, or 3,089,459 shares of our common stock, for the purpose of awarding incentive compensation to employees of Golub Capital.
•On September 16, 2019, we completed our acquisition of GCIC pursuant to the GCIC Merger Agreement.
•On June 3, 2024, we completed our acquisition of GBDC 3, pursuant to the GBDC 3 Merger Agreement.
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, Golub Capital Private Credit Fund, or GCRED, Golub Capital Private Income Fund I, or GPIF I, and Golub Capital Private Income Fund S, or GPIF S, 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, GCRED, GPIF I and GPIF S. If GC Advisors and its affiliates determine that an investment is appropriate for us, GDLC, GDLCU, GBDC 4, GCRED, GPIF I, GPIF S 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.
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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.
Pursuant to Rule 2a-5 under the 1940 Act, our board of directors, as permitted, has designated GC Advisors as our valuation designee (the “Valuation Designee”) to perform the determination of fair value of our investments for which market quotations are not readily available, or valued by a third-party pricing service, in accordance with our valuation policies and procedures, subject to the oversight of our board of directors.
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 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, the Valuation Designee 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 Valuation Designee 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. As part of the valuation process described below, the Valuation Designee discusses the valuation conclusions and determined the fair value of each portfolio investment in good faith.
For periods ending on or before December 31, 2025, with respect to investments that are not publicly-traded or whose market price is not otherwise (a) readily available or (b) provided by a third-party pricing service or other quote: Our quarterly valuation process began with each portfolio company investment being initially valued by the investment professionals of the Valuation Designee responsible for the valuation function, with preliminary valuation conclusions documented and discussed with senior management. At least every other quarter, the valuation for each portfolio investment, subject to a de minimis threshold, was reviewed by an independent valuation firm. This valuation process was conducted at the end of each fiscal quarter, with each portfolio investment being reviewed at least every other quarter (subject to a de-minimis threshold) with approximately 50% (based on the fair value of portfolio company investments) of our valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm.

For periods ending after December 31, 2025, with respect to investments that are not publicly-traded or whose market price is not otherwise (a) readily available or (b) provided via a third-party pricing service or other quote, Valuation Designee undertakes a multi-step valuation process each month. This monthly valuation process begins with each portfolio investment being initially valued either by (i) professionals of the Valuation Designee responsible for the valuation function or (ii) independent valuation firms that have been engaged to support the valuation of portfolio investments. Preliminary valuation conclusions are then documented and discussed with senior management and, in the case of valuations prepared by independent valuation firms, the Valuation Designee. Each month the valuation for each portfolio investment, or approximately 100% (based on the fair value of portfolio company investments) of our debt and equity investments without readily available market quotations (subject to a de minimis threshold) is either (i) performed by or (ii) reviewed by an independent valuation firm.
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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 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, currently undertaken by the Valuation Designee, 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 could require significant management judgment or estimation.
In certain cases, the inputs used to measure fair value could 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. The Valuation Designee 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 six months ended March 31, 2026 and 2025. 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 the Valuation Designee, based on input of the Valuation Designee’s personnel and independent valuation firms that have been engaged by or at the direction of the Valuation Designee to assist in the valuation of each portfolio investment without a readily available market quotation in accordance with the multi-step valuation process described above in “ — Fair Value Measurements”. For periods ending on or before December 31, 2025, at least every other quarter, the valuation for each portfolio investment (subject to a de minimis threshold) was reviewed by an independent valuation firm. This valuation process was conducted at the end of each fiscal quarter, with each portfolio investment being reviewed at least every other quarter (subject to a de-minimis threshold) with approximately 50% (based on the fair value of portfolio company investments) of our valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. For periods beginning after December 31, 2025, the valuation process is conducted on a monthly basis and this monthly valuation process begins with each portfolio investment being initially valued, based on the fair value methodology in accordance with ASC Topic 820 described below, either by (i) professionals of the Valuation Designee responsible for the valuation function or (ii) investment valuation firms that have been engaged to support the valuation of portfolio investments. Each month the valuation for each portfolio investment, or approximately 100% (based on the fair value of portfolio company investments) of our debt and equity investments without readily available market quotations (subject to a de minimis threshold) was either (i) performed by or (ii) reviewed by an independent valuation firm. All investments as of March 31, 2026 and September 30, 2025 were valued using Level 3 inputs. As of March 31, 2026 and September 30, 2025, all money market funds included in cash equivalents 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, the Valuation Designee could 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 could affect the price at which similar investments could 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 could 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. The Valuation Designee may also employ other valuation multiples to determine enterprise value, such as revenues. If debt investments are credit impaired, the Valuation Designee will use the enterprise value analysis or a liquidation basis analysis to determine fair value, which may include evaluating multiple recovery scenarios and weighting the expected outcomes based on their likelihood. For debt investments that are not determined to be credit impaired, the Valuation Designee uses a market interest rate yield analysis to determine fair value.
In addition, for certain debt investments, the Valuation Designee could base its 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 could be willing to pay. Ask prices represent the lowest price that we and others may be willing to accept. The Valuation Designee generally uses the midpoint of the bid/ask range as our best estimate of the 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 could differ significantly from the values that would have been used had a market existed for such investments and could differ materially from the values that could 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 could 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.
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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 our revolving credit facilities approximates the carrying value due to their variable interest rates based on selected short term rates.

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. Original issue discount, market discount or premium and certain loan origination or amendment fees that are deemed to be an adjustment to yield (“Loan Origination Fees”) are capitalized and we accrete or amortize such amounts over the life of the loan as interest income (“Discount Amortization”). 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 could 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 that are not deemed to be an adjustment to yield and record these fees as fee income when earned. 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 Investments: 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 could 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 $77.7 million and $27.3 million as of March 31, 2026 and September 30, 2025, respectively. We review all preferred equity securities accruing contractual PIK dividend income to determine if there is reasonable doubt that amortized cost or capitalized PIK and non-cash dividend income will be collected, for possible placement on non-accrual status. When a preferred equity security is placed on non-accrual status, the contractual PIK dividend provision is no longer accrued to dividend income as of the date the preferred equity security is placed on non-accrual status. As of March 31, 2026, there were four preferred equity securities on non-accrual status with a fair value of $40.8 million. As of September 30, 2025, there was one preferred equity security on non-accrual status with a fair value of $0.0 million.

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Income taxes: We have elected to be treated as a RIC under Subchapter M of the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. In order to be subject to tax as a RIC, we are required to meet certain source of income and asset diversification requirements, as well as timely distribute to our stockholders dividends for U.S. federal income tax purposes of an amount generally at least equal to 90% of investment company taxable income, as defined by the Code and determined without regard to any deduction for dividends paid, for each tax year. We have made and intend to continue to make the requisite distributions to our stockholders, which will generally relieve us from U.S. federal income taxes.
Depending on the level of taxable income earned in a tax year, we could choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. We could 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 both three and six months ended March 31, 2026, we did not record any U.S. federal excise tax. For the three months ended March 31, 2025, we did not record any U.S. federal excise tax. For the six months ended March 31, 2025, we recorded a reversal of the accrual for U.S. federal excise tax expense of $0.5 million.
We have consolidated subsidiaries that are subject to U.S. federal and state corporate-level income taxes. For both the three and six months ended March 31, 2026, we did not record any U.S. income taxes and we recorded a net tax benefit of less than $0.1 million for taxable subsidiaries. For the three and six months ended March 31, 2025, we did not record any U.S income taxes and we recorded a net tax benefit of $0.1 million and $0.2 million, respectively, for taxable subsidiaries. As of both March 31, 2026 and September 30, 2025, we recorded a net deferred tax liability, reported within accounts payable and other liabilities on the Consolidated Statement of Financial Condition, of $0.2 million for taxable subsidiaries, primarily due to unrealized appreciation on the investments held at the taxable subsidiaries.
Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations could differ from net investment income and realized gains recognized for financial reporting purposes. Differences could 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 could 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 valuation risk and changes in interest rates.
Valuation Risk. Most of our investments will not have a readily available market price. To ensure accurate valuations, our investments are valued at fair value in good faith by the Investment Adviser, as our Valuation Designee, subject to the oversight of our Board based on, among other things, the input of independent third-party valuation firms engaged at the direction of the Valuation Designee, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each investment while employing a consistently applied valuation process for the investments we hold. 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 our investments could fluctuate from period to period, if we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it.
Interest Rate Risk. Many of the loans in our portfolio have floating interest rates, and we expect that our loans in the future could 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 March 31, 2026 and September 30, 2025, the weighted average floor on loans subject to floating interest rates was 0.77% and 0.78%, respectively. The Class A-1R, and A-2RR 2024 Notes issued in connection with the 2024 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 March 31, 2026, is primarily based on an applicable base rate (as defined in Note 7 to our consolidated financial statements) plus a spread that ranges from 1.525% to 1.775% plus a spread adjustment of 0.10% on SOFR borrowings. The Adviser Revolver has a floating interest rate provision equal to the mid-term Applicable Federal Rate. We have entered into three interest rate swaps on the 2028 Notes and two interest rate swaps on the 2029 Notes and 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%, floating rate SOFR plus a spread of 1.723%, one-month SOFR plus a spread of 2.444%, and three-month SOFR plus a spread of 2.012%, respectively. We expect that other credit facilities and swaps 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 March 31, 2026 was 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$(154,841)$(75,233)$(79,608)
Down 150 basis points(117,114)(56,425)(60,689)
Down 100 basis points(78,492)(37,617)(40,875)
Down 50 basis points(39,263)(18,808)(20,455)
Up 50 basis points39,270 18,808 20,462 
Up 100 basis points78,539 37,617 40,922 
Up 150 basis points117,809 56,425 61,384 
Up 200 basis points157,079 75,233 81,846 
(1) Assumes applicable three-month base rate as of March 31, 2026, with the exception of SONIA and Prime that utilize the March 31, 2026 rate.
Although we believe that this analysis is indicative of our sensitivity to interest rate changes as of March 31, 2026, 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 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.
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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 could insulate us against adverse changes in interest rates, they could 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 March 31, 2026 (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 and their 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 six months ended March 31, 2026 to the risk factors discussed in Item 1A. Risk Factors in our annual report on Form 10-K for the year ended September 30, 2025.
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds.
None.
Item 3: Defaults Upon Senior Securities.
None.
Item 4: Mine Safety Disclosures.
None.
Item 5: Other Information.
None.
Rule 10b5-1 Trading Plans
During the fiscal quarter ended March 31, 2026, 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
 Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
  Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
101.INSInline 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.SCHInline XBRL Taxonomy Extension Schema Document.*
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.*
101.LABInline XBRL Taxonomy Extension Label Linkbase Document.*
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.*
104Cover 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: May 4, 2026By/s/ David B. Golub
David B. Golub
Chief Executive Officer
(Principal Executive Officer)
Date: May 4, 2026By/s/ Christopher C. Ericson
 Christopher C. Ericson
Chief Financial Officer
(Principal Accounting and Financial Officer)
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