0001476765MRI Software LLC, One stop 22023-03-310001476765SHO Holding I Corporation, Senior secured 22022-09-30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________________________________________________________________________________________________

FORM 10-Q

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

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, ~~2022~~2023

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

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 814-00794

Golub Capital BDC, Inc.

(Exact name of registrant as specified in its charter)


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

200 Park Avenue, 25th Floor

New York, NY 10166

(Address of principal executive offices)

(212) 750-6060

(Registrant's telephone number, including area code)

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


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

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

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

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

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


Large accelerated filer þ	☑	Accelerated filero	☐
Non-accelerated filer o	☐	Smaller reporting companyo	☐
Emerging growth company o	☐

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

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

As of May ~~10, 2022,~~8, 2023, the Registrant ~~had 170,895,670 shares~~had 169,963,496 shares of common stock, $0.001 par value, outstanding.


Part I. Financial Information
Item 1.	Financial Statements	3
	Consolidated Statements of Financial Condition as of March 31, ~~2022~~2023 (unaudited) and September 30, ~~2021~~2022	3
	Consolidated Statements of Operations for the three and six months ended March 31, ~~2022~~2023 (unaudited) and ~~2021~~2022 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and six months ended March 31, ~~2022~~2023 (unaudited) and ~~2021~~2022 (unaudited)	5
	Consolidated Statements of Cash Flows for the six months ended March 31, ~~2022~~2023 (unaudited) and ~~2021~~2022 (unaudited)	6
	Consolidated Schedules of Investments as of March 31, ~~2022~~2023 (unaudited) and September 30, ~~2021~~2022	108
	Notes to Consolidated Financial Statements (unaudited)	99105
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	~~136~~140
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	~~162~~166
Item 4.	Controls and Procedures	~~163~~167
Part II. Other Information
Item 1.	Legal Proceedings	~~164~~168
Item 1A.	Risk Factors	~~164~~168
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	~~164~~169
Item 3.	Defaults Upon Senior Securities	~~164~~169
Item 4.	Mine Safety Disclosures	~~164~~169
Item 5.	Other Information	~~164~~169
Item 6.	Exhibits	~~165~~170

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)


		March 31, 2022		September 30, 2021			March 31, 2023		September 30, 2022
		(unaudited)					(unaudited)
Assets	Assets					Assets
Investments, at fair value	Investments, at fair value					Investments, at fair value
Non-controlled/non-affiliate company investments	Non-controlled/non-affiliate company investments	$	5,347,715	$	4,815,270	Non-controlled/non-affiliate company investments	$	5,429,604	$	5,374,594
Non-controlled affiliate company investments	Non-controlled affiliate company investments	63,145		61,379		Non-controlled affiliate company investments	43,056		57,689
Controlled affiliate company investments	Controlled affiliate company investments	15,299		18,237		Controlled affiliate company investments	13,692		14,073
Total investments, at fair value (amortized cost of $5,405,019 and $4,895,397, respectively)		5,426,159		4,894,886
Total investments, at fair value (amortized cost of $5,618,695 and $5,569,604, respectively)						Total investments, at fair value (amortized cost of $5,618,695 and $5,569,604, respectively)	5,486,352		5,446,356
Cash and cash equivalents	Cash and cash equivalents	130,453		175,593		Cash and cash equivalents	76,757		117,290
Foreign currencies (cost of $5,587 and $5,145, respectively)		5,716		5,497
Foreign currencies (cost of $10,547 and $7,021, respectively)						Foreign currencies (cost of $10,547 and $7,021, respectively)	10,716		6,847
Restricted cash and cash equivalents	Restricted cash and cash equivalents	35,749		61,824		Restricted cash and cash equivalents	50,223		56,416
Restricted foreign currencies (cost of $2,412 and $1,442, respectively)		2,414		1,429
Cash collateral held at broker for forward currency contracts		—		6,960

Interest receivable	Interest receivable	21,251		18,261		Interest receivable	31,240		20,794
Receivable from investments sold		—		97
Unrealized appreciation on forward currency contracts		2,227		90

Net unrealized appreciation on forward currency contracts						Net unrealized appreciation on forward currency contracts	15,438		32,333
Other assets	Other assets	995		278		Other assets	1,024		1,188
Total Assets	Total Assets	$	5,624,964	$	5,164,915	Total Assets	$	5,671,750	$	5,681,224
Liabilities	Liabilities					Liabilities
Debt	Debt	$	2,980,962	$	2,569,228	Debt	$	3,116,857	$	3,093,603
Less unamortized debt issuance costs	Less unamortized debt issuance costs	20,786		17,850		Less unamortized debt issuance costs	(19,154)		(17,211)
Debt less unamortized debt issuance costs	Debt less unamortized debt issuance costs	2,960,176		2,551,378		Debt less unamortized debt issuance costs	3,097,703		3,076,392

Interest payable	Interest payable	15,643		12,516		Interest payable	23,574		20,384
Management and incentive fees payable	Management and incentive fees payable	20,929		12,247		Management and incentive fees payable	36,653		33,430
Accrued trustee fees						Accrued trustee fees	38		225
Accounts payable and other liabilities	Accounts payable and other liabilities	4,667		5,788		Accounts payable and other liabilities	7,637		6,293
Payable for investments purchased		—		294

Total Liabilities	Total Liabilities	3,001,415		2,582,223		Total Liabilities	3,165,605		3,136,724
Commitments and Contingencies (Note 8)	Commitments and Contingencies (Note 8)					Commitments and Contingencies (Note 8)
Net Assets	Net Assets					Net Assets
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2022 and September 30, 2021		—		—
Common stock, par value $0.001 per share, 350,000,000 shares authorized, 170,895,670 shares issued and outstanding as of March 31, 2022; 200,000,000 shares authorized, 170,028,584 shares issued and outstanding as of September 30, 2021		171		170
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2023 and September 30, 2022						Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2023 and September 30, 2022	—		—
Common stock, par value $0.001 per share, 350,000,000 shares authorized, 170,144,126 and 170,895,670 shares issued and outstanding as of March 31, 2023 and September 30, 2022, respectively.						Common stock, par value $0.001 per share, 350,000,000 shares authorized, 170,144,126 and 170,895,670 shares issued and outstanding as of March 31, 2023 and September 30, 2022, respectively.	170		171
Paid in capital in excess of par	Paid in capital in excess of par	2,677,424		2,664,251		Paid in capital in excess of par	2,667,028		2,676,674
Distributable earnings (losses)	Distributable earnings (losses)	(54,046)		(81,729)		Distributable earnings (losses)	(161,053)		(132,345)
Total Net Assets	Total Net Assets	2,623,549		2,582,692		Total Net Assets	2,506,145		2,544,500
Total Liabilities and Total Net Assets	Total Liabilities and Total Net Assets	$	5,624,964	$	5,164,915	Total Liabilities and Total Net Assets	$	5,671,750	$	5,681,224
Number of common shares outstanding	Number of common shares outstanding	170,895,670		170,028,584		Number of common shares outstanding	170,144,126		170,895,670
Net asset value per common share	Net asset value per common share	$	15.35	$	15.19	Net asset value per common share	$	14.73	$	14.89

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Operations (unaudited)

(In thousands, except share and per share data)


		Three months ended March 31,				Six months ended March 31,					Three months ended March 31,				Six months ended March 31,
		2022		2021		2022		2021			2023		2022		2023		2022

Investment income	Investment income									Investment income
From non-controlled/non-affiliate company investments:	From non-controlled/non-affiliate company investments:									From non-controlled/non-affiliate company investments:
Interest income	Interest income	$	84,552	$	74,076	$	168,774	$	145,598	Interest income	$	132,390	$	80,281	$	256,068	$	160,404
Payment-in-kind interest income										Payment-in-kind interest income	8,323		4,271		15,406		8,370
Dividend income	Dividend income	3		35		320		195		Dividend income	3,906		3		8,039		320
Fee income	Fee income	219		1,153		1,228		2,060		Fee income	1,028		219		1,515		1,228
Total investment income from non-controlled/non-affiliate company investments	Total investment income from non-controlled/non-affiliate company investments	84,774		75,264		170,322		147,853		Total investment income from non-controlled/non-affiliate company investments	145,647		84,774		281,028		170,322
From non-controlled affiliate company investments:	From non-controlled affiliate company investments:									From non-controlled affiliate company investments:
Interest income	Interest income	1,166		928		2,183		2,403		Interest income	482		872		528		1,688
Payment-in-kind interest income										Payment-in-kind interest income	746		294		2,089		495

Fee income	Fee income	—		7		—		7		Fee income	5		—		43		—
Total investment income from non-controlled affiliate company investments	Total investment income from non-controlled affiliate company investments	1,166		935		2,183		2,410		Total investment income from non-controlled affiliate company investments	1,233		1,166		2,660		2,183
From controlled affiliate company investments:	From controlled affiliate company investments:									From controlled affiliate company investments:
Interest income		21		2		23		(16)
Interest income(1)										Interest income(1)	(27)		(27)		(55)		(55)
Payment-in-kind interest income										Payment-in-kind interest income	95		48		188		78

Fee income										Fee income	5		—		9		—
Total investment income from controlled affiliate company investments	Total investment income from controlled affiliate company investments	21		2		23		(16)		Total investment income from controlled affiliate company investments	73		21		142		23
Total investment income	Total investment income	85,961		76,201		172,528		150,247		Total investment income	146,953		85,961		283,830		172,528
Expenses	Expenses									Expenses
Interest and other debt financing expenses	Interest and other debt financing expenses	19,275		16,190		37,111		31,271		Interest and other debt financing expenses	36,256		19,275		70,501		37,111
Base management fee	Base management fee	18,019		15,082		35,520		30,306		Base management fee	18,688		18,019		37,750		35,520
Incentive fee	Incentive fee	4,362		942		7,743		2,946		Incentive fee	17,976		4,362		33,987		7,743
Professional fees	Professional fees	729		1,201		1,628		2,038		Professional fees	1,320		729		2,528		1,628
Administrative service fee	Administrative service fee	1,640		2,000		3,458		3,602		Administrative service fee	1,958		1,640		4,133		3,458
General and administrative expenses	General and administrative expenses	400		478		742		769		General and administrative expenses	317		400		630		742
Total expenses	Total expenses	44,425		35,893		86,202		70,932		Total expenses	76,515		44,425		149,529		86,202
Base management fee waived (Note 3)	Base management fee waived (Note 3)	(1,904)		—		(1,904)		—		Base management fee waived (Note 3)	—		(1,904)		—		(1,904)
Net expenses	Net expenses	42,521		35,893		84,298		70,932		Net expenses	76,515		42,521		149,529		84,298

Net investment income		43,440		40,308		88,230		79,315
Net investment income - before tax										Net investment income - before tax	70,438		43,440		134,301		88,230
Excise tax										Excise tax	232		—		2,432		—
Net investment income - after tax										Net investment income - after tax	70,206		43,440		131,869		88,230
Net gain (loss) on investment transactions	Net gain (loss) on investment transactions									Net gain (loss) on investment transactions
Net realized gain (loss) from:	Net realized gain (loss) from:									Net realized gain (loss) from:
Non-controlled/non-affiliate company investments	Non-controlled/non-affiliate company investments	321		1,171		15,920		5,296		Non-controlled/non-affiliate company investments	(5,487)		145		(1,790)		15,202
Non-controlled affiliate company investments	Non-controlled affiliate company investments	—		—		(1,026)		(5,739)		Non-controlled affiliate company investments	—		—		320		(1,026)

Foreign currency transactions	Foreign currency transactions	51		(1,117)		26		(1,895)		Foreign currency transactions	17		227		(1,169)		744
Forward currency contracts										Forward currency contracts	708		—		1,171		—
Net realized gain (loss) on investment transactions	Net realized gain (loss) on investment transactions	372		54		14,920		(2,338)		Net realized gain (loss) on investment transactions	(4,762)		372		(1,468)		14,920
Net change in unrealized appreciation (depreciation) from:	Net change in unrealized appreciation (depreciation) from:									Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliate company investments	Non-controlled/non-affiliate company investments	20,920		46,499		26,393		100,568		Non-controlled/non-affiliate company investments	(723)		28,920		(34,120)		35,458
Non-controlled affiliate company investments	Non-controlled affiliate company investments	(1,798)		3,002		(891)		12,073		Non-controlled affiliate company investments	(5,491)		(1,798)		(13,472)		(891)
Controlled affiliate company investments	Controlled affiliate company investments	(1,157)		(1,041)		(3,851)		(1,091)		Controlled affiliate company investments	(886)		(1,157)		(579)		(3,851)
Translation of assets and liabilities in foreign currencies	Translation of assets and liabilities in foreign currencies	3,337		1,372		3,605		(2)		Translation of assets and liabilities in foreign currencies	2,561		(4,663)		18,458		(5,460)
Forward currency contracts	Forward currency contracts	1,856		1,121		2,137		(2,771)		Forward currency contracts	(2,447)		1,856		(16,895)		2,137
Net change in unrealized appreciation (depreciation) on investment transactions	Net change in unrealized appreciation (depreciation) on investment transactions	23,158		50,953		27,393		108,777		Net change in unrealized appreciation (depreciation) on investment transactions	(6,986)		23,158		(46,608)		27,393

Net gain (loss) on investment transactions	Net gain (loss) on investment transactions	23,530		51,007		42,313		106,439		Net gain (loss) on investment transactions	(11,748)		23,530		(48,076)		42,313
Provision for taxes on unrealized appreciation on investments		(97)		—		(592)		—
(Provision) benefit for taxes on realized gains on investments										(Provision) benefit for taxes on realized gains on investments	—		—		(207)		—
(Provision) benefit for taxes on unrealized appreciation on investments										(Provision) benefit for taxes on unrealized appreciation on investments	45		(97)		498		(592)
Net increase (decrease) in net assets resulting from operations	Net increase (decrease) in net assets resulting from operations	$	66,873	$	91,315	$	129,951	$	185,754	Net increase (decrease) in net assets resulting from operations	$	58,503	$	66,873	$	84,084	$	129,951
Per Common Share Data	Per Common Share Data									Per Common Share Data
Basic and diluted earnings per common share (Note 10)	Basic and diluted earnings per common share (Note 10)	$	0.39	$	0.55	$	0.76	$	1.11	Basic and diluted earnings per common share (Note 10)	$	0.34	$	0.39	$	0.49	$	0.76
Dividends and distributions declared per common share	Dividends and distributions declared per common share	$	0.30	$	0.29	$	0.60	$	0.58	Dividends and distributions declared per common share	$	0.33	$	0.30	$	0.66	$	0.60
Basic and diluted weighted average common shares outstanding (Note 10)	Basic and diluted weighted average common shares outstanding (Note 10)	170,866,740		167,281,115		170,452,256		167,270,194		Basic and diluted weighted average common shares outstanding (Note 10)	170,835,435		170,866,740		170,865,883		170,452,256

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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Changes in Net Assets (unaudited)

(In thousands, except share data)


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

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

Balance at September 30, 2021															Balance at September 30, 2021			170,028,584		$	170		$	2,664,251		$	(81,729)		$	2,582,692

Net increase (decrease) in net assets resulting from operations	Net increase (decrease) in net assets resulting from operations														Net increase (decrease) in net assets resulting from operations
Net investment income	Net investment income	—	—		—				79,315				79,315		Net investment income			—		—		—			88,230			88,230
Net realized gain (loss) on investments and foreign currency transactions		—	—		—				(2,338)				(2,338)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward currency contracts		—	—		—				108,777				108,777
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan		972,196	1		14,193				—				14,194
Distributions from distributable earnings		—	—		—				(97,010)				(97,010)

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

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

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

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

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

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

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

Total increase (decrease) for the three months ended March 31, 2022	Total increase (decrease) for the three months ended March 31, 2022	29,928	—		457				15,613				16,070		Total increase (decrease) for the three months ended March 31, 2022			29,928		—		457			15,613			16,070
Balance at March 31, 2022	Balance at March 31, 2022	170,895,670	$	171	$	2,677,424			$	(54,046)			$	2,623,549	Balance at March 31, 2022			170,895,670		$	171	$	2,677,424		$	(54,046)		$	2,623,549
Balance at September 30, 2022															Balance at September 30, 2022			170,895,670		171		2,676,674			(132,345)			2,544,500
Repurchases of common stock, net of commission costs															Repurchases of common stock, net of commission costs			(751,544)		(1)		(9,646)			—			(9,647)
Net increase (decrease) in net assets resulting from operations:															Net increase (decrease) in net assets resulting from operations:
Net investment income															Net investment income			—		—		—			131,869			131,869
Net realized gain (loss) on investment transactions															Net realized gain (loss) on investment transactions			—		—		—			(1,468)			(1,468)
Net change in unrealized appreciation (depreciation) on investment transactions															Net change in unrealized appreciation (depreciation) on investment transactions			—		—		—			(46,608)			(46,608)
(Provision) benefit for taxes on realized gain on investments															(Provision) benefit for taxes on realized gain on investments			—		—		—			(207)			(207)
(Provision) benefit for taxes on unrealized appreciation on investments															(Provision) benefit for taxes on unrealized appreciation on investments			—		—		—			498			498
Distributions to stockholders:															Distributions to stockholders:

Distributions from distributable earnings															Distributions from distributable earnings			—		—		—			(112,792)			(112,792)

Total increase (decrease) for the six months ended March 31, 2023															Total increase (decrease) for the six months ended March 31, 2023			(751,544)		(1)		(9,646)			(28,708)			(38,355)
Balance at March 31, 2023															Balance at March 31, 2023			170,144,126		$	170	$	2,667,028		$	(161,053)		$	2,506,145
Balance at December 31, 2022															Balance at December 31, 2022			170,895,670		$	171	$	2,676,674		$	(163,160)		$	2,513,685
Repurchases of common stock, net of commission costs															Repurchases of common stock, net of commission costs			(751,544)		(1)		(9,646)			—			(9,647)
Net increase (decrease) in net assets resulting from operations:															Net increase (decrease) in net assets resulting from operations:
Net investment income															Net investment income			—		—		—			70,206			70,206
Net realized gain (loss) on investment transactions															Net realized gain (loss) on investment transactions			—		—		—			(4,762)			(4,762)
Net change in unrealized appreciation (depreciation) on investment transactions															Net change in unrealized appreciation (depreciation) on investment transactions			��		—		—			(6,986)			(6,986)

(Provision) benefit for taxes on unrealized appreciation on investments															(Provision) benefit for taxes on unrealized appreciation on investments			—		—		—			45			45
Distributions to stockholders:															Distributions to stockholders:

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

Total increase (decrease) for the three months ended March 31, 2023															Total increase (decrease) for the three months ended March 31, 2023			(751,544)		(1)		(9,646)			2,107			(7,540)
Balance at March 31, 2023															Balance at March 31, 2023			170,144,126		$	170	$	2,667,028		$	(161,053)		$	2,506,145

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands, except share data)


		Six months ended March 31,				Six months ended March 31,
		2022		2021				2023		2022
Cash flows from operating activities	Cash flows from operating activities						Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	Net increase (decrease) in net assets resulting from operations	$	129,951	$	185,754		Net increase (decrease) in net assets resulting from operations	$	84,084	$	129,951
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:	Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:						Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Amortization of deferred debt issuance costs	Amortization of deferred debt issuance costs	3,443		3,340			Amortization of deferred debt issuance costs	3,425		3,443
Accretion of discounts and amortization of premiums on investments	Accretion of discounts and amortization of premiums on investments	(1,748)		7,826			Accretion of discounts and amortization of premiums on investments	(6,904)		(1,748)
Accretion of discounts and amortization of premiums on issued debt securities	Accretion of discounts and amortization of premiums on issued debt securities	879		959			Accretion of discounts and amortization of premiums on issued debt securities	484		879
Net realized (gain) loss on investments	Net realized (gain) loss on investments	(14,894)		443			Net realized (gain) loss on investments	1,470		(14,176)
Net realized (gain) loss on forward currency contracts							Net realized (gain) loss on forward currency contracts	(1,171)		—
Net realized (gain) loss on foreign currency transactions	Net realized (gain) loss on foreign currency transactions	(26)		1,895			Net realized (gain) loss on foreign currency transactions	1,169		(744)
Net change in unrealized (appreciation) depreciation on investments	Net change in unrealized (appreciation) depreciation on investments	(21,651)		(111,550)			Net change in unrealized (appreciation) depreciation on investments	48,171		(30,716)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	(3,605)		2			Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	(18,458)		5,460
Net change in unrealized (appreciation) depreciation on forward currency contracts	Net change in unrealized (appreciation) depreciation on forward currency contracts	(2,137)		2,771			Net change in unrealized (appreciation) depreciation on forward currency contracts	16,895		(2,137)
Proceeds from (fundings of) revolving loans, net	Proceeds from (fundings of) revolving loans, net	(1,002)		7,248			Proceeds from (fundings of) revolving loans, net	(1,970)		(1,002)
Fundings of investments	Fundings of investments	(1,267,348)		(678,530)			Fundings of investments	(412,649)		(1,267,348)
Proceeds from principal payments and sales of portfolio investments	Proceeds from principal payments and sales of portfolio investments	783,967		626,183			Proceeds from principal payments and sales of portfolio investments	393,997		783,967
PIK interest		(8,597)		(8,671)
Proceeds from settlements of forward currency contracts							Proceeds from settlements of forward currency contracts	1,171		—
Payment-in-kind interest capitalized							Payment-in-kind interest capitalized	(17,255)		(8,597)
Non-cash dividends							Non-cash dividends	(7,044)		—

Changes in operating assets and liabilities:	Changes in operating assets and liabilities:						Changes in operating assets and liabilities:
Interest receivable	Interest receivable	(2,990)		(1,123)			Interest receivable	(10,446)		(2,990)
Cash collateral held at broker for forward currency contracts	Cash collateral held at broker for forward currency contracts	6,960		(3,640)			Cash collateral held at broker for forward currency contracts	—		6,960
Receivable from investments sold	Receivable from investments sold	97		259			Receivable from investments sold	—		97
Other assets	Other assets	(717)		203			Other assets	164		(717)
Interest payable	Interest payable	3,127		5,501			Interest payable	3,190		3,127
Management and incentive fees payable	Management and incentive fees payable	8,682		(1,349)			Management and incentive fees payable	3,223		8,682
Payable for investments purchased	Payable for investments purchased	(294)		—			Payable for investments purchased	—		(294)
Accrued trustee fees							Accrued trustee fees	(187)		—
Accounts payable and other liabilities	Accounts payable and other liabilities	(1,121)		1,178			Accounts payable and other liabilities	1,344		(1,121)

Net cash provided by (used in) operating activities	Net cash provided by (used in) operating activities	(389,024)		38,699			Net cash provided by (used in) operating activities	82,703		(389,024)
Cash flows from financing activities	Cash flows from financing activities						Cash flows from financing activities
Borrowings on debt	Borrowings on debt	916,760		2,284,027			Borrowings on debt	312,251		916,760
Repayments of debt	Repayments of debt	(502,300)		(2,224,546)			Repayments of debt	(310,100)		(502,300)
Capitalized debt issuance costs	Capitalized debt issuance costs	(6,379)		(15,881)			Capitalized debt issuance costs	(5,368)		(6,379)

Purchases of common stock (Note 12)							Purchases of common stock (Note 12)	(9,647)		—
Distributions paid	Distributions paid	(75,649)		(68,156)			Distributions paid	(90,793)		(75,649)
Purchases of common stock under dividend reinvestment plan		(13,445)		(14,659)
Purchases of common stock for dividend reinvestment plan							Purchases of common stock for dividend reinvestment plan	(21,999)		(13,445)
Net cash provided by (used in) financing activities	Net cash provided by (used in) financing activities	318,987		(39,215)			Net cash provided by (used in) financing activities	(125,656)		318,987
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies		(70,037)		(516)
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents							Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents	(42,953)		(70,037)
Effect of foreign currency exchange rates	Effect of foreign currency exchange rates	26		168			Effect of foreign currency exchange rates	96		26
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, beginning of period		244,343		184,430
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, end of period		$	174,332	$	184,082

Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents, beginning of period							Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents, beginning of period	180,553		244,343
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents, end of period							Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents, end of period	$	137,696	$	174,332
Supplemental disclosure of cash flow information:	Supplemental disclosure of cash flow information:						Supplemental disclosure of cash flow information:
Cash paid during the period for interest	Cash paid during the period for interest	$	29,663	$	21,472		Cash paid during the period for interest	$	63,401	$	29,663

Distributions declared during the period	Distributions declared during the period	102,268		97,010			Distributions declared during the period	112,792		102,268
Supplemental disclosure of non-cash operating and financing activities:
Supplemental disclosure of non-cash financing activities:							Supplemental disclosure of non-cash financing activities:
Stock issued in connection with dividend reinvestment plan	Stock issued in connection with dividend reinvestment plan	$	13,174	$	14,194		Stock issued in connection with dividend reinvestment plan	$	—	$	13,174

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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

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

(In thousands, except share data)

The following table provides a reconciliation of cash and cash equivalents, foreign currencies and restricted cash and cash equivalents ~~and restricted foreign currencies~~ reported within the Consolidated Statements of Financial Condition that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:
As of March 31,
2022 2021
Cash and cash equivalents $ 130,453 $ 75,919
Foreign currencies (cost of $5,587 and $1,184, respectively) 5,716 1,185
Restricted cash and cash equivalents 35,749 106,105
Restricted foreign currencies (cost of $2,412 and $789, respectively) 2,414 873
Total cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows $ 174,332 $ 184,082


	As of
	March 31, 2023		September 30, 2022
Cash and cash equivalents	$	76,757	$	117,290
Foreign currencies (cost of $10,547 and $7,021, respectively)	10,716		6,847
Restricted cash and cash equivalents	50,223		56,416

Total cash and cash equivalents, foreign currencies and restricted cash and cash equivalents shown in the Consolidated Statements of Cash Flows	$	137,696	$	180,553

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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited)

March 31, ~~2022~~2023

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace and Defense
NTS Technical Systems*#+~ Senior loan L + 5.50% (b) 6.50% 06/2023 $ 39,971 $ 39,836 1.6 % $ 39,971
NTS Technical Systems~ Second lien L + 9.75% (b) 10.75% 12/2023 4,589 4,539 0.2 4,589
NTS Technical Systems+ Senior loan L + 5.50% (b) 6.50% 06/2023 3,091 3,054 0.1 3,091
NTS Technical Systems+(5) Senior loan L + 5.50% N/A(6) 06/2023 — (18) — —
Tronair Parent, Inc.+ Senior loan L + 6.25% (b) 6.75% cash/0.50% PIK 09/2023 678 675 — 604
Tronair Parent, Inc.+ Senior loan L + 6.25% (b) 6.75% cash/0.50% PIK 06/2023 40 38 — 24
Whitcraft LLC*#+~ One stop L + 6.00% (b) 7.01% 04/2023 62,930 63,092 2.3 61,042
Whitcraft LLC+(5) One stop L + 6.00% N/A(6) 04/2023 — (1) — (9)
111,299 111,215 4.2 109,312
Airlines
Aurora Lux Finco S.A.R.L.+(8)(13) One stop L + 6.00% (b) 7.00% 12/2026 980 964 — 951
Auto Components
Covercraft Parent III, Inc.+ Senior loan L + 4.50% (b) 5.50% 08/2027 4,914 4,870 0.2 4,914
Covercraft Parent III, Inc.+ Senior loan L + 4.50% (b) 5.51% 08/2027 994 971 — 994
Covercraft Parent III, Inc.+(5) Senior loan L + 4.50% N/A(6) 08/2027 — (1) — —
North Haven Falcon Buyer, LLC+ One stop L + 6.00% (b) 7.00% 05/2027 6,130 6,024 0.3 6,130
North Haven Falcon Buyer, LLC+ One stop L + 6.00% (b) 7.00% 05/2027 1,026 1,009 — 1,026
Polk Acquisition Corp.*#+ Senior loan L + 6.00% (a) 7.00% 12/2023 18,059 17,955 0.7 17,933
Polk Acquisition Corp.+ Senior loan L + 6.00% (a) 7.00% 12/2023 181 182 — 179
Polk Acquisition Corp.+ Senior loan L + 6.00% (a) 7.00% 12/2023 106 106 — 106
   31,410 31,116 1.2 31,282
Automobiles
CG Group Holdings, LLC*#+ One stop L + 5.25% (b) 6.26% 07/2027 31,384 31,106 1.2 31,384
CG Group Holdings, LLC+ One stop L + 5.25% (a) 6.25% 07/2026 336 332 — 336
Cobblestone Intermediate Holdco, LLC+ One stop L + 5.50% (a) 6.25% 01/2026 5,593 5,542 0.2 5,593
Cobblestone Intermediate Holdco, LLC+ One stop L + 5.50% (a)(b) 6.34% 01/2026 2,088 2,048 0.1 2,088
Denali Midco 2, LLC+ One stop L + 5.50% (a) 6.25% 12/2027 43,080 42,669 1.6 43,080
Denali Midco 2, LLC+ One stop L + 5.50% (a) 6.25% 12/2027 144 139 — 144
Denali Midco 2, LLC+ One stop L + 5.50% (a) 6.25% 12/2027 100 99 — 100
Denali Midco 2, LLC+ One stop L + 5.50% (a) 6.25% 12/2027 80 79 — 80
Denali Midco 2, LLC+ One stop L + 5.50% (a) 6.25% 12/2027 80 79 — 80
Denali Midco 2, LLC+ One stop L + 5.50% (a) 6.25% 12/2027 66 65 — 66
Denali Midco 2, LLC+(5) One stop L + 5.50% N/A(6) 12/2027 — (11) — —
JHCC Holdings LLC+ One stop L + 5.75% (b) 6.76% 09/2025 15,393 15,203 0.6 14,932


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace and Defense
PPW Aero Buyer, Inc.+	One stop	SF +	7.00%	(m)	11.90%				02/2029	$	24,950	$	24,217	1.0	%	$	24,451
PPW Aero Buyer, Inc.+(5)	One stop	SF +	7.00%		N/A(6)				02/2029	—		(1)		—		(1)
										24,950		24,216		1.0		24,450
Airlines
Aurora Lux Finco S.A.R.L. +(8)(13)	One stop	L +	6.00%	(b)	10.82%				12/2026	970		958		—		922

Auto Components
COP CollisionRight Holdings, Inc.#+	One stop	SF +	5.00%	(m)	10.05%				04/2028	9,747		9,604		0.4		9,454
COP CollisionRight Holdings, Inc.+	One stop	SF +	5.00%	(m)	9.98%				04/2028	36		35		—		33
COP CollisionRight Holdings, Inc.+	One stop	SF +	5.00%	(m)	9.78%				04/2028	112		109		—		109
Covercraft Parent III, Inc.+	Senior secured	L +	4.50%	(b)	9.25%				08/2027	4,865		4,829		0.2		4,768
Covercraft Parent III, Inc.+	Senior secured	L +	4.50%	(b)	9.66%				08/2027	984		966		0.1		949
Covercraft Parent III, Inc.+	Senior secured	L +	4.50%	(b)(c)	9.58%				08/2027	28		27		—		26
North Haven Falcon Buyer, LLC+(22)	One stop	L +	8.00%	(b)(c)	9.49%	cash/	3.75%	PIK	05/2027	6,157		6,042		0.2		5,911
North Haven Falcon Buyer, LLC+(22)	One stop	L +	4.25%	(b)(c)	9.47%				05/2027	1,031		1,019		—		990
Polk Acquisition Corp.*#+(22)	Senior secured	SF +	7.00%	(l)	10.16%	cash/	1.75%	PIK	12/2024	18,027		17,980		0.7		17,666
Polk Acquisition Corp.+(5)(22)	Senior secured	SF +	7.00%	(l)	11.91%				12/2024	—		1		—		(3)
Polk Acquisition Corp.+(22)	Senior secured	SF +	7.00%	(l)	10.16%	cash/	1.75%	PIK	12/2024	107		106		—		104
										41,094		40,718		1.6		40,007
Automobiles
CG Group Holdings, LLC*#+(22)	One stop	SF +	8.75%	(m)	11.65%	cash/	2.00%	PIK	07/2027	31,602		31,076		1.2		29,074
CG Group Holdings, LLC+(22)	One stop	SF +	8.75%	(l)	11.56%	cash/	2.00%	PIK	07/2026	342		335		—		318
Denali Midco 2, LLC*#+	One stop	SF +	6.25%	(l)	11.16%				12/2027	42,648		42,311		1.7		41,404
Denali Midco 2, LLC+(5)	One stop	SF +	6.25%		N/A(6)				12/2027	—		(4)		—		(15)
Denali Midco 2, LLC+	One stop	SF +	6.25%	(l)	11.16%				12/2027	197		195		—		191
Denali Midco 2, LLC+	One stop	SF +	6.25%	(l)	11.16%				12/2027	99		98		—		96
Denali Midco 2, LLC+	One stop	SF +	6.25%	(l)	11.16%				12/2027	79		79		—		77
Denali Midco 2, LLC+	One stop	SF +	6.25%	(l)	11.16%				12/2027	79		79		—		77
Denali Midco 2, LLC+	One stop	SF +	6.25%	(l)	11.16%				12/2027	65		65		—		63
Denali Midco 2, LLC+	One stop	SF +	6.50%	(l)	11.41%				12/2027	973		947		—		954
Denali Midco 2, LLC+	One stop	SF +	6.25%	(l)	11.16%				12/2027	656		651		—		637
Denali Midco 2, LLC+	One stop	SF +	6.25%	(l)	11.16%				12/2027	119		118		—		116
Denali Midco 2, LLC+	One stop	SF +	6.25%	(l)	11.16%				12/2027	113		113		—		110
Denali Midco 2, LLC+	One stop	SF +	6.25%	(l)	11.16%				12/2027	82		81		—		79
Denali Midco 2, LLC+(5)	One stop	SF +	6.50%		N/A(6)				12/2027	—		(15)		—		(11)
Denali Midco 2, LLC+	One stop	SF +	6.50%	(l)	11.41%				12/2027	130		127		—		127
Denali Midco 2, LLC+	One stop	SF +	6.50%	(l)	11.41%				12/2027	65		63		—		64
Denali Midco 2, LLC+	One stop	SF +	6.50%	(l)	11.41%				12/2027	222		216		—		217
JHCC Holdings LLC+	One stop	L +	5.50%	(b)	10.66%				09/2025	15,235		15,071		0.6		14,931
JHCC Holdings LLC+	One stop	L +	5.50%	(b)	10.66%				09/2025	493		489		—		483
JHCC Holdings LLC+	One stop	L +	5.50%	(b)	10.66%				09/2025	293		291		—		287
JHCC Holdings LLC+	One stop	L +	5.50%	(a)(b)	10.52%				09/2025	67		66		—	%	65
JHCC Holdings LLC+	One stop	L +	5.50%	(a)(b)(d)	10.63%				09/2025	2,658		2,629		0.1		2,592

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
MOP GM Holding, LLC*#+	One stop	SF +	5.75%	(n)	10.86%	11/2026	$	23,854	$	23,670	0.9	%	$	22,662
MOP GM Holding, LLC+	One stop	SF +	5.75%	(n)	10.45%	11/2026	2,616		2,598		0.1		2,485
MOP GM Holding, LLC+	One stop	SF +	5.75%	(n)	10.70%	11/2026	2,586		2,554		0.1		2,456
MOP GM Holding, LLC+	One stop	SF +	5.75%	(n)	10.45%	11/2026	2,565		2,546		0.1		2,437
MOP GM Holding, LLC+	One stop	SF +	5.75%	(n)	10.79%	11/2026	1,901		1,886		0.1		1,806
MOP GM Holding, LLC+	One stop	SF +	5.75%	(n)	10.82%	11/2026	1,563		1,552		0.1		1,485
MOP GM Holding, LLC+	One stop	SF +	5.75%	(n)	10.62%	11/2026	1,441		1,420		0.1		1,369
MOP GM Holding, LLC+	One stop	SF +	5.75%	(n)	10.86%	11/2026	524		521		—		498
MOP GM Holding, LLC+	One stop	SF +	5.75%	(n)	10.86%	11/2026	357		354		—		339
MOP GM Holding, LLC+	One stop	SF +	5.75%	(n)	10.86%	11/2026	146		145		—		139
MOP GM Holding, LLC+	One stop	SF +	5.75%	(n)	10.79%	11/2026	59		59		—		56
MOP GM Holding, LLC+	One stop	SF +	5.75%	(n)	10.76%	11/2026	186		184		—		176
MOP GM Holding, LLC+(5)	One stop	SF +	5.75%		N/A(6)	11/2026	—		(19)		—		—
MOP GM Holding, LLC+	One stop	SF +	5.75%	(n)	10.82%	11/2026	179		177		—		170
MOP GM Holding, LLC+	One stop	SF +	5.75%	(n)	10.82%	11/2026	60		59		—		57
POY Holdings, LLC#	One stop	SF +	5.50%	(m)	10.55%	11/2027	9,495		9,347		0.4		9,495
POY Holdings, LLC+(5)	One stop	SF +	5.50%		N/A(6)	11/2027	—		(3)		—		—
POY Holdings, LLC+(5)	One stop	SF +	5.50%		N/A(6)	11/2027	—		(1)		—		—
POY Holdings, LLC+	One stop	SF +	5.50%	(m)	10.55%	11/2027	81		81		—		81
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.50%	(m)	10.29%	07/2029	4,636		4,594		0.2		4,450
National Express Wash Parent Holdco, LLC+(5)	One stop	SF +	5.50%		N/A(6)	07/2029	—		(2)		—		(8)
National Express Wash Parent Holdco, LLC+(5)	One stop	SF +	5.50%		N/A(6)	07/2029	—		(7)		—		—
Quick Quack Car Wash Holdings, LLC*#	One stop	SF +	7.00%	(m)	11.83%	10/2024	12,749		12,722		0.5		12,749
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	7.00%	(m)	11.83%	10/2024	9,724		9,702		0.4		9,724
Quick Quack Car Wash Holdings, LLC#+	One stop	SF +	7.00%	(m)	11.83%	10/2024	2,301		2,296		0.1		2,301
Quick Quack Car Wash Holdings, LLC*+	One stop	SF +	7.00%	(m)	11.83%	10/2024	2,009		2,022		0.1		2,009
Quick Quack Car Wash Holdings, LLC*+	One stop	SF +	7.00%	(m)	11.83%	10/2024	1,342		1,351		0.1		1,342
Quick Quack Car Wash Holdings, LLC*+	One stop	SF +	7.00%	(m)	11.83%	10/2024	1,094		1,093		0.1		1,094
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	7.00%	(m)	11.83%	10/2024	95		90		—		95
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	7.00%		N/A(6)	10/2024	—		—		—		—
Quick Quack Car Wash Holdings, LLC+(5)	One stop	SF +	7.00%		N/A(6)	10/2024	—		(1)		—		—
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	7.00%	(m)	11.83%	10/2024	343		339		—		343
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	7.00%	(m)	11.83%	10/2024	104		100		—		104
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	7.00%	(m)	11.83%	10/2024	3,310		3,282		0.1		3,310
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	7.00%	(m)	11.83%	10/2024	95		93		—		95
Spotless Brands, LLC+	One stop	SF +	6.50%	(m)	11.31%	07/2028	8,327		8,180		0.3		7,995
Spotless Brands, LLC+	One stop	SF +	6.50%	(m)	11.35%	07/2028	904		896		—		868
Spotless Brands, LLC+	One stop	SF +	6.50%	(l)	11.39%	07/2028	6		5		—		5
Spotless Brands, LLC+	One stop	SF +	6.50%	(m)	11.34%	07/2028	672		666		—		645
TWAS Holdings, LLC#+	One stop	SF +	6.25%	(l)	11.16%	12/2026	40,256		39,956		1.6		39,450
TWAS Holdings, LLC*+	One stop	SF +	6.25%	(l)	11.16%	12/2026	30,411		30,168		1.2		29,803
TWAS Holdings, LLC+	One stop	SF +	6.25%	(l)	11.16%	12/2026	7,894		7,833		0.3		7,736
TWAS Holdings, LLC+	One stop	SF +	6.25%	(l)	11.16%	12/2026	606		602		—		594
TWAS Holdings, LLC+	One stop	SF +	6.25%	(l)	11.16%	12/2026	385		382		—		377
TWAS Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)	12/2026	—		(3)		—		(7)
							271,093		268,570		10.5		262,721

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Beverages
Fintech Midco, LLC*#	One stop	L +	5.00%	(c)	9.93%	08/2024	$	23,789	$	23,898	1.0	%	$	23,789
Fintech Midco, LLC+	One stop	L +	5.00%	(c)	9.93%	08/2024	15,107		15,037		0.6		15,107
Fintech Midco, LLC#+	One stop	L +	5.00%	(c)	9.93%	08/2024	1,102		1,115		—		1,102
Fintech Midco, LLC+	One stop	SF +	5.00%		N/A(6)	08/2024	—		—		—		—
Watermill Express, LLC+	One stop	L +	5.25%	(b)	10.41%	04/2027	2,233		2,218		0.1		2,233
Watermill Express, LLC+	One stop	L +	5.25%	(a)	10.11%	04/2027	4		4		—		4
Watermill Express, LLC+	One stop	L +	5.25%	(b)	10.41%	04/2027	216		215		—		216
Winebow Holdings, Inc.+	One stop	L +	6.25%	(a)	11.09%	07/2025	7,760		7,696		0.3		7,760
							50,211		50,183		2.0		50,211

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Commercial Services & Supplies - (continued)
North Haven Stack Buyer, LLC+ One stop L + 5.50% (b) 6.50% 07/2027 $ 694 $ 634 — % $ 694
North Haven Stack Buyer, LLC+ One stop L + 5.50% (a) 6.50% 07/2027 13 11 — 13
OVG Business Services, LLC+ One stop L + 6.25% (b) 7.25% 11/2028 1,809 1,770 0.1 1,754
OVG Business Services, LLC+(5) One stop L + 5.50% N/A(6) 11/2026 — — — (2)
Profile Products LLC+ One stop L + 5.50% (b) 6.25% 11/2027 4,995 4,901 0.2 4,995
Profile Products LLC+(8) One stop L + 5.50% (b) 6.25% 11/2027 1,295 1,271 — 1,295
Profile Products LLC+ One stop P + 4.50% (e) 8.00% 11/2027 6 5 — 6
Profile Products LLC+(5) One stop L + 5.50% N/A(6) 11/2027 — (13) — —
Profile Products LLC+(5) One stop L + 5.50% N/A(6) 11/2027 — (1) — —
PT Intermediate Holdings III, LLC+~ One stop L + 5.50% (b) 6.51% 11/2028 29,672 29,117 1.2 29,672
PT Intermediate Holdings III, LLC+ One stop L + 5.50% (b) 6.51% 11/2028 20,978 20,769 0.8 20,978
PT Intermediate Holdings III, LLC+ One stop L + 5.50% (b) 6.51% 11/2028 9,950 9,814 0.4 9,950
Radwell International, LLC+ One stop L + 5.25% (b) 6.00% 07/2027 3,899 3,887 0.1 3,899
Radwell International, LLC+ One stop L + 5.25% (b) 6.05% 07/2027 55 55 — 55
Radwell International, LLC+ One stop L + 5.50% N/A(6) 07/2027 — — — —
Trinity Air Consultants Holdings Corporation+ One stop L + 5.25% (b) 6.00% 06/2027 2,458 2,415 0.1 2,458
Trinity Air Consultants Holdings Corporation+ One stop L + 5.25% (b)(c) 6.15% 06/2027 21 21 — 21
Trinity Air Consultants Holdings Corporation+ One stop L + 5.25% N/A(6) 06/2027 — — — —
WRE Holding Corp.*# Senior loan SF + 5.25% (m)(n) 6.25% 01/2025 2,241 2,243 0.1 2,241
WRE Holding Corp.+ Senior loan SF + 5.25% (m)(n) 6.25% 01/2025 925 930 0.1 925
WRE Holding Corp.+ Senior loan SF + 5.25% (m)(n) 6.25% 01/2025 678 675 — 678
WRE Holding Corp.+ Senior loan SF + 5.25% (m)(n) 6.25% 01/2025 402 399 — 402
WRE Holding Corp.+ Senior loan SF + 5.25% (m)(n) 6.25% 01/2025 129 132 — 129
WRE Holding Corp.+ Senior loan SF + 5.25% (e)(n) 6.56% 01/2025 34 34 — 34
WRE Holding Corp.+ Senior loan SF + 5.25% (m)(n) 6.25% 01/2025 23 23 — 23
WRE Holding Corp.+ Senior loan SF + 5.25% (n) 6.25% 01/2025 6 4 — 6
168,876 166,929 6.5 169,302
Communications Equipment
Lightning Finco Limited+(8)(10) One stop L + 5.75% (c) 6.50% 09/2028 10,349 10,159 0.4 10,349
Lightning Finco Limited+(8)(9)(10) One stop E + 5.75% (g) 6.50% 09/2028 1,262 1,239 — 1,175
11,611 11,398 0.4 11,524
Containers and Packaging
AmerCareRoyal LLC+ Senior loan L + 9.00% (a) 6.00% cash/4.00% PIK 11/2025 778 767 — 778
AmerCareRoyal LLC+ Senior loan L + 9.00% (a) 6.00% cash/4.00% PIK 11/2025 166 164 — 166
AmerCareRoyal LLC+ Senior loan L + 9.00% (a) 6.00% cash/4.00% PIK 11/2025 161 159 — 161
AmerCareRoyal LLC+(8) Senior loan L + 9.00% (a) 6.00% cash/4.00% PIK 11/2025 144 142 — 144
Chase Intermediate+ One stop L + 5.50% (b)(c) 6.25% 10/2028 3,785 3,757 0.2 3,785
Chase Intermediate+(5) One stop L + 5.50% N/A(6) 10/2028 — (3) — —
Chase Intermediate+(5) One stop L + 5.50% N/A(6) 10/2028 — (22) — —
Chase Intermediate+ One stop L + 5.50% N/A(6) 10/2028 — — — —
Fortis Solutions Group LLC*#+ One stop L + 5.50% (b) 6.51% 10/2028 24,841 24,376 0.9 24,841
Fortis Solutions Group LLC+(5) One stop L + 5.50% N/A(6) 10/2027 — (6) — —
Fortis Solutions Group LLC+(5) One stop L + 5.50% N/A(6) 10/2028 — (95) — —
29,875 29,239 1.1 29,875


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Building Products
BECO Holding Company, Inc.#+	One stop	L +	5.25%	(b)	10.41%		11/2028	$	7,499	$	7,439	0.3	%	$	7,349
BECO Holding Company, Inc.+	One stop	L +	5.25%	(a)	10.10%		11/2027	27		24		—		18
BECO Holding Company, Inc.+(5)	One stop	L +	5.25%		N/A(6)		11/2028	—		(16)		—		(39)
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(c)(d)	9.44%		03/2024	4,085		4,085		0.2		4,085
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(c)(d)	9.44%		03/2024	1,382		1,391		0.1		1,382
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(c)(d)	9.44%		03/2024	890		894		—		890
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(c)(d)	9.44%		03/2024	840		836		—		840
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(c)(d)	9.44%		03/2024	427		431		—		427
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(c)(d)	9.44%		03/2024	272		273		—		272
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)(c)(d)	9.56%		03/2024	1,110		1,105		0.1		1,110
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(c)(d)	9.44%		03/2024	213		213		—		213
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(c)(d)	9.44%		03/2024	114		114		—		114
								16,859		16,789		0.7		16,661
Chemicals
Inhance Technologies Holdings LLC#+	One stop	L +	5.25%	(b)	10.00%		07/2024	12,379		12,422		0.5		12,132
Inhance Technologies Holdings LLC#	One stop	L +	5.25%	(b)	10.00%		07/2024	9,863		9,814		0.4		9,665
Inhance Technologies Holdings LLC+	One stop	L +	5.25%	(b)	10.00%		07/2024	1,881		1,878		—		1,843
Inhance Technologies Holdings LLC+	One stop	L +	5.25%	(b)	10.36%		07/2024	81		81		—		77
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	E +	6.25%	(f)	9.54%		09/2028	34,344		36,181		1.3		31,940
PHM NL SP Bidco B.V.+(8)(14)	One stop	L +	6.25%	(c)	11.46%		09/2028	13,766		13,576		0.5		12,802
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	SN +	6.25%	(j)	10.43%		09/2028	7,411		7,916		0.3		6,892
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	E +	6.25%	(f)	8.72%		09/2028	3,630		3,715		0.1		3,376
								83,355		85,583		3.1		78,727
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC*#+	One stop	L +	5.25%	(b)	10.41%		10/2028	17,088		16,899		0.7		16,918
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop	L +	5.25%		N/A(6)		10/2028	—		(2)		—		(2)
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop	L +	5.25%		N/A(6)		10/2028	—		(12)		—		(13)
Hydraulic Authority III Limited+(8)(9)(10)	One stop	SN +	5.00%	(j)	9.21%		11/2025	10,627		10,962		0.4		10,627
Hydraulic Authority III Limited+(8)(9)(10)	One stop	E +	5.00%	(e)	8.02%		11/2025	1,164		1,118		0.1		1,164
Hydraulic Authority III Limited+(8)(9)(10)(22)	One stop	N/A			11.00%	PIK	11/2028	266		277		—		266
Hydraulic Authority III Limited+(8)(9)(10)	One stop	SN +	5.00%		N/A(6)		11/2025	—		—		—		—
North Haven Stack Buyer, LLC*#	One stop	SF +	5.50%	(m)	10.33%		07/2027	8,722		8,596		0.3		8,548

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
North Haven Stack Buyer, LLC+	One stop	SF +	5.50%	(m)	10.45%				07/2027	$	973	$	953	0.1	%	$	917
North Haven Stack Buyer, LLC+	One stop	SF +	5.50%	(m)	10.37%				07/2027	63		62		—		60
North Haven Stack Buyer, LLC#	One stop	SF +	5.50%	(m)	10.33%				07/2027	2,938		2,917		0.1		2,879
North Haven Stack Buyer, LLC#	One stop	SF +	5.50%	(m)	10.33%				07/2027	969		962		0.1		950
OVG Business Services, LLC+	One stop	L +	6.25%	(a)	11.10%				11/2028	1,791		1,758		0.1		1,791
OVG Business Services, LLC+(5)	One stop	L +	5.00%		N/A(6)				11/2026	—		—		—		(1)
Profile Products LLC+	One stop	L +	5.50%	(a)(b)	10.37%				11/2027	6,044		5,941		0.2		5,923
Profile Products LLC+(8)	One stop	L +	5.50%	(b)	10.37%				11/2027	1,282		1,262		0.1		1,256
Profile Products LLC+	One stop	SF +	5.50%	(d)(l)	11.24%				11/2027	28		27		—		27
Profile Products LLC+	One stop	SF +	5.50%	(m)	10.51%				11/2027	280		278		—		275
Profile Products LLC+(5)	One stop	L +	5.50%		N/A(6)				11/2027	—		(1)		—		(1)
PT Intermediate Holdings III, LLC+	One stop	SF +	5.98%	(m)	11.02%				11/2028	29,374		28,937		1.1		28,472
PT Intermediate Holdings III, LLC+	One stop	SF +	5.98%	(m)	11.02%				11/2028	20,769		20,592		0.8		20,131
PT Intermediate Holdings III, LLC+	One stop	SF +	5.98%	(m)	11.02%				11/2028	9,850		9,736		0.4		9,548
PT Intermediate Holdings III, LLC+	One stop	SF +	6.50%	(m)	11.39%				11/2028	2,164		2,132		0.1		2,132
PT Intermediate Holdings III, LLC+(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(9)		—		(8)
Radwell Parent, LLC+	One stop	SF +	6.53%	(m)	11.53%				03/2029	18,981		18,717		0.7		18,686
Radwell Parent, LLC+	One stop	SF +	6.75%	(l)	11.56%				03/2028	46		41		—		42
Radwell Parent, LLC+(5)	One stop	SF +	6.53%		N/A(6)				03/2029	—		(7)		—		(8)
Radwell Parent, LLC#+	One stop	SF +	6.75%	(m)	11.65%				03/2029	24,888		24,180		1.0		24,639
Trinity Air Consultants Holdings Corporation+	One stop	L +	5.25%	(c)	10.18%				06/2027	2,458		2,423		0.1		2,433
Trinity Air Consultants Holdings Corporation+	One stop	L +	5.25%	(c)	10.34%				06/2027	33		32		—		32
Trinity Air Consultants Holdings Corporation+	One stop	L +	5.25%		N/A(6)				06/2027	—		—		—		—
WRE Holding Corp.*#	Senior secured	SF +	5.00%	(m)	9.60%				01/2025	2,217		2,211		0.1		2,217
WRE Holding Corp.+	Senior secured	SF +	5.00%	(m)	9.60%				01/2025	916		913		—		916
WRE Holding Corp.+	Senior secured	SF +	5.00%	(m)	9.60%				01/2025	672		670		—		672
WRE Holding Corp.+	Senior secured	SF +	5.00%	(n)	9.60%				01/2025	397		396		—		397
WRE Holding Corp.+	Senior secured	SF +	5.00%	(m)	9.60%				01/2025	128		128		—		128
WRE Holding Corp.+	Senior secured	SF +	5.00%	(n)	9.60%				01/2025	23		23		—		23
WRE Holding Corp.+	Senior secured	SF +	5.00%	(l)	9.86%				01/2025	6		6		—		6
WRE Holding Corp.+	Senior secured	SF +	5.00%	(l)(m)(n)	9.83%				01/2025	88		87		—		88
										165,245		163,205		6.5		162,130
Communications Equipment
Lightning Finco Limited+(8)(10)	One stop	L +	5.50%	(b)	10.45%				09/2028	10,349		10,189		0.4		10,246
Lightning Finco Limited+(8)(9)(10)	One stop	E +	5.50%	(e)	8.19%				09/2028	1,152		1,242		0.1		1,140
										11,501		11,431		0.5		11,386











Containers and Packaging
AmerCareRoyal LLC+(22)	Senior secured	SF +	7.25%	(l)	11.41%	cash/	0.75%	PIK	11/2025	744		737		—		737
AmerCareRoyal LLC+(22)	Senior secured	SF +	7.25%	(l)	11.32%	cash/	0.75%	PIK	11/2025	160		159		—		159
AmerCareRoyal LLC+(22)	Senior secured	SF +	7.25%	(l)	11.42%	cash/	0.75%	PIK	11/2025	155		153		—		153
AmerCareRoyal LLC+(8)(22)	Senior secured	SF +	7.25%	(l)	11.41%	cash/	0.75%	PIK	11/2025	135		133		—		133
Chase Intermediate#+	One stop	L +	5.25%	(c)(m)(n)	10.22%				10/2028	10,346		10,268		0.4		10,243
Chase Intermediate+(5)	One stop	SF +	5.25%		N/A(6)				10/2028	—		(3)		—		(4)
Chase Intermediate+(5)	One stop	SF +	5.25%		N/A(6)				10/2028	—		(6)		—		(7)
Fortis Solutions Group, LLC*#+	One stop	L +	5.50%	(a)	10.34%				10/2028	34,578		34,106		1.4		33,886
Fortis Solutions Group, LLC+	One stop	L +	5.50%	(a)	10.34%				10/2027	40		36		—		36
Fortis Solutions Group, LLC+	One stop	L +	5.50%	(a)	10.34%				10/2028	99		10		—		97
Fortis Solutions Group, LLC+(5)	One stop	L +	5.50%	(a)	10.34%				10/2028	34		(3)		—		(78)
										46,291		45,590		1.8		45,355

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Diversified Consumer Services - (continued)
Liminex, Inc.+~ One stop L + 7.25% (b) 8.26% 11/2026 $ 25,462 $ 25,089 1.0 % $ 25,462
Liminex, Inc.+ One stop L + 7.25% (b) 8.26% 11/2026 800 793 — 800
Liminex, Inc.+(5) One stop L + 7.25% N/A(6) 11/2026 — (1) — —
Litera Bidco LLC+ One stop L + 6.00% (a) 7.00% 05/2026 5,747 5,687 0.3 5,747
Litera Bidco LLC+ One stop L + 5.75% (a) 6.75% 05/2026 3,693 3,709 0.1 3,660
Litera Bidco LLC+ One stop L + 5.75% (a) 6.75% 05/2026 693 710 — 686
Litera Bidco LLC+ One stop L + 5.75% (a) 6.75% 05/2026 693 711 — 686
Litera Bidco LLC+ One stop L + 6.00% (a) 7.00% 05/2026 144 139 — 144
Litera Bidco LLC+ One stop L + 5.75% N/A(6) 05/2025 — — — —
Mathnasium, LLC# One stop L + 5.00% (b) 5.75% 11/2027 9,307 9,220 0.4 9,307
Mathnasium, LLC+ One stop L + 5.00% (b) 5.75% 11/2027 13 12 — 13
PADI Holdco, Inc.*# One stop L + 7.25% (b) 6.75% cash/1.50% PIK 04/2024 21,650 21,718 0.8 20,567
PADI Holdco, Inc.+~(8)(9) One stop E + 7.25% (g) 5.75% cash/1.50% PIK 04/2024 20,820 21,002 0.7 18,769
PADI Holdco, Inc.~ One stop L + 7.25% (b) 6.75% cash/1.50% PIK 04/2024 818 814 — 777
PADI Holdco, Inc.+ One stop L + 7.25% (b) 6.75% cash/1.50% PIK 04/2024 169 168 — 160
PADI Holdco, Inc.+(5) One stop L + 5.75% N/A(6) 04/2023 — (1) — (5)
Provenance Buyer LLC#+ One stop L + 5.00% (b) 6.01% 06/2027 18,371 18,049 0.7 18,371
Provenance Buyer LLC+(5) One stop L + 5.00% N/A(6) 06/2027 — (2) — —
Provenance Buyer LLC+(5) Senior loan L + 5.00% N/A(6) 06/2027 — (3) — —
171,504 170,052 6.4 168,132
Diversified Financial Services
AxiomSL Group, Inc.+ One stop L + 6.00% (b) 7.01% 12/2027 4,036 3,964 0.2 4,036
AxiomSL Group, Inc.+ One stop L + 6.00% N/A(6) 12/2027 — — — —
AxiomSL Group, Inc.+ One stop L + 6.00% N/A(6) 12/2025 — — — —
Banker's Toolbox, Inc.+ One stop L + 5.25% (c) 6.75% 07/2027 8,058 7,970 0.2 8,058
Banker's Toolbox, Inc.+ One stop L + 5.25% N/A(6) 07/2027 — — — —
Banker's Toolbox, Inc.+ One stop L + 5.25% N/A(6) 07/2027 — — — —
Flash Topco, Inc. * One stop L + 5.75% (a) 6.50% 10/2028 9,869 9,776 0.4 9,869
Flash Topco, Inc. +(5) One stop L + 5.75% N/A(6) 10/2028 — (1) — —
Higginbotham Insurance Agency, Inc.+ One stop L + 5.50% (a) 6.25% 11/2026 4,600 4,545 0.2 4,600
Higginbotham Insurance Agency, Inc.+ One stop L + 5.50% (a) 6.25% 11/2026 23 22 — 23
26,586 26,276 1.0 26,586


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Diversified Consumer Services
Certus Pest, Inc.#	One stop	SF +	7.50%	(m)	12.55%	02/2026	$	1,581	$	1,549	0.1	%	$	1,565
Certus Pest, Inc.#	One stop	SF +	7.50%	(m)	12.55%	02/2026	1,516		1,471		0.1		1,501
Certus Pest, Inc.+	One stop	SF +	7.50%	(m)	12.55%	02/2026	1,094		1,089		0.1		1,083
Certus Pest, Inc.#	One stop	SF +	7.50%	(m)	12.55%	02/2026	1,080		1,067		0.1		1,069
Certus Pest, Inc.+	One stop	SF +	7.50%	(m)	12.55%	02/2026	749		734		—		741
Certus Pest, Inc.#	One stop	SF +	7.50%	(m)	12.55%	02/2026	660		630		—		654
Certus Pest, Inc.+	One stop	SF +	7.50%	(m)	12.55%	02/2026	644		637		—		637
Certus Pest, Inc.+	One stop	SF +	7.50%	(m)	12.55%	02/2026	380		371		—		376
Certus Pest, Inc.+	One stop	SF +	7.50%	(m)	12.55%	02/2026	238		225		—		236
Certus Pest, Inc.+	One stop	SF +	7.50%	(m)	12.55%	02/2026	129		107		—		129
Certus Pest, Inc.+	One stop	SF +	7.50%	(m)	12.55%	02/2026	54		50		—		54
Certus Pest, Inc.+(5)	One stop	SF +	7.50%		N/A(6)	02/2026	—		(1)		—		(1)
CHHJ Midco, LLC#	Senior secured	L +	5.00%	(a)	9.84%	01/2026	2,709		2,694		0.1		2,709
CHHJ Midco, LLC+	Senior secured	L +	5.00%		N/A(6)	01/2026	—		—		—		—
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.50%	(b)	9.25%	07/2027	1,704		1,692		0.1		1,687
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.50%	(b)	9.25%	07/2027	1,660		1,642		0.1		1,644
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.50%	(b)	9.27%	07/2027	1,088		1,078		0.1		1,077
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.50%	(b)	9.29%	07/2027	769		761		—		761
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.50%	(b)	9.25%	07/2027	198		196		—		196
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.75%	(b)	9.66%	07/2027	119		117		—		119
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.50%		N/A(6)	07/2027	—		—		—		—
DP Flores Holdings, LLC#	One stop	SF +	6.25%	(n)	10.98%	09/2028	2,587		2,545		0.1		2,587
DP Flores Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)	09/2028	—		(2)		—		—
DP Flores Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)	09/2028	—		(14)		—		—
EMS LINQ, LLC+	One stop	L +	6.25%	(a)	11.09%	12/2027	9,591		9,516		0.4		9,400
EMS LINQ, LLC+	One stop	L +	6.25%	(a)	11.09%	12/2027	38		37		—		35
EWC Growth Partners LLC+	One stop	L +	6.00%	(b)	11.16%	03/2026	925		917		0.1		916
EWC Growth Partners LLC+	One stop	L +	6.00%		N/A(6)	03/2026	—		—		—		—
EWC Growth Partners LLC+	One stop	L +	6.00%	(b)	11.16%	03/2026	13		13		—		13
EWC Growth Partners LLC+	One stop	L +	6.00%	(b)	11.16%	03/2026	73		73		—		73
Excelligence Learning Corporation#+	One stop	SF +	6.00%	(m)	11.09%	01/2024	10,240		10,219		0.4		10,240
FPG Intermediate Holdco, LLC+	One stop	SF +	6.00%	(l)	10.91%	03/2027	9,052		8,933		0.3		8,690
FPG Intermediate Holdco, LLC+	One stop	SF +	6.00%	(l)	10.91%	03/2027	571		561		—		548
FPG Intermediate Holdco, LLC+	One stop	SF +	6.00%	(d)(l)	11.38%	03/2027	62		61		—		59
FPG Intermediate Holdco, LLC+(5)	One stop	SF +	6.50%		N/A(6)	03/2027	—		(12)		—		—
FSS Buyer LLC+	One stop	L +	5.75%	(b)	10.91%	08/2028	5,464		5,379		0.2		5,464
FSS Buyer LLC+(5)	One stop	L +	5.75%		N/A(6)	08/2027	—		(1)		—		—
HS Spa Holdings, Inc.+	One stop	SF +	5.75%	(n)	10.45%	06/2029	7,743		7,607		0.3		7,588
HS Spa Holdings, Inc.+(5)	One stop	SF +	5.75%		N/A(6)	06/2028	—		(2)		—		(2)
Learn-it Systems, LLC+	Senior secured	L +	4.75%	(c)	9.96%	03/2025	2,490		2,509		0.1		2,253
Learn-it Systems, LLC+	Senior secured	L +	4.75%	(b)	9.91%	03/2025	1,340		1,338		—		1,212
Learn-it Systems, LLC+	Senior secured	L +	4.75%	(b)	9.91%	03/2025	604		597		—		546
Learn-it Systems, LLC+	Senior secured	L +	4.75%	(b)	9.91%	03/2025	33		32		—		28
Liminex, Inc.+	One stop	SF +	7.25%	(m)	12.30%	11/2026	25,462		25,169		1.0		25,716
Liminex, Inc.+	One stop	SF +	6.25%	(m)	11.30%	11/2026	20,000		19,838		0.8		19,800
Liminex, Inc.+	One stop	SF +	7.25%	(m)	12.30%	11/2026	800		795		—		808
Liminex, Inc.+	One stop	SF +	7.25%	(m)	11.98%	11/2026	125		124		—		125
Litera Bidco LLC+	One stop	SF +	6.00%	(l)	10.91%	05/2026	5,690		5,644		0.2		5,690

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Diversified Telecommunication Services
NTI Connect, LLC+ Senior loan L + 5.00% (b) 6.01% 12/2024 $ 1,636 $ 1,612 0.1 % $ 1,636
Electronic Equipment, Instruments & Components
CST Buyer Company#+ One stop L + 5.50% (b) 6.50% 10/2025 20,323 20,140 0.8 20,323
CST Buyer Company#+~ One stop L + 5.50% (b) 6.50% 10/2025 10,189 10,112 0.4 10,189
CST Buyer Company+ One stop L + 5.50% N/A(6) 10/2025 — — — —
Electrical Source Holdings, LLC*#+ One stop L + 5.50% (b) 6.25% 11/2025 76,366 76,036 2.9 76,366
Electrical Source Holdings, LLC+ One stop L + 5.50% (b) 6.42% 11/2025 19,880 19,880 0.8 19,880
Electrical Source Holdings, LLC+ Senior loan L + 5.50% (b) 6.51% 11/2025 652 644 — 652
Electrical Source Holdings, LLC+ Senior loan L + 5.50% (b) 6.51% 11/2025 138 137 — 138
Electrical Source Holdings, LLC+ Senior loan L + 5.50% (b) 6.41% 11/2025 94 92 — 94
Electrical Source Holdings, LLC+ Senior loan L + 5.50% (b) 6.51% 11/2025 94 94 — 94
Electrical Source Holdings, LLC+ Senior loan L + 5.50% (b) 6.25% 11/2025 89 88 — 89
Electrical Source Holdings, LLC+ Senior loan L + 5.50% (b) 6.51% 11/2025 88 86 — 88
Electrical Source Holdings, LLC+ Senior loan L + 5.50% (b) 6.51% 11/2025 46 46 — 46
Electrical Source Holdings, LLC+ Senior loan L + 5.50% (b) 6.25% 11/2025 42 41 — 42
Electrical Source Holdings, LLC+ Second lien L + 5.50% (b) 6.51% 11/2025 35 35 — 35
Electrical Source Holdings, LLC+ Senior loan L + 5.50% (b) 6.25% 11/2025 17 17 — 17
Electrical Source Holdings, LLC+(5) One stop L + 5.50% N/A(6) 11/2025 — (119) — —
Watchfire Enterprises, Inc.+ Second lien L + 8.00% (a) 9.00% 10/2024 9,435 9,391 0.3 9,435
Watchfire Enterprises, Inc.+ Senior loan L + 4.25% (b) 5.26% 07/2024 1,725 1,713 0.1 1,725
139,213 138,433 5.3 139,213


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Litera Bidco LLC+	One stop	SF +	5.50%	(l)	10.41%				05/2026	$	3,655	$	3,667	0.1	%	$	3,606
Litera Bidco LLC+	One stop	SF +	5.50%	(l)	10.41%				05/2026	685		699		—		676
Litera Bidco LLC+	One stop	SF +	5.50%	(l)	10.41%				05/2026	685		699		—		676
Litera Bidco LLC+	One stop	SF +	6.00%	(l)	10.91%				05/2026	515		511		—		515
Litera Bidco LLC+	One stop	SF +	5.50%		N/A(6)				05/2025	—		—		—		—
Mario Purchaser, LLC+	One stop	SF +	5.75%	(l)	10.66%				04/2029	7,615		7,483		0.3		7,463
Mario Purchaser, LLC+(22)	One stop	SF +	10.75%	(l)	15.66%	PIK			04/2032	1,646		1,608		0.1		1,646
Mario Purchaser, LLC+(5)	One stop	SF +	5.75%		N/A(6)				04/2028	—		(1)		—		(1)
Mario Purchaser, LLC+	One stop	SF +	5.75%	(l)	10.66%				04/2029	108		104		—		101
Mathnasium, LLC#	One stop	L +	5.00%	(c)	10.13%				11/2027	9,214		9,143		0.4		9,122
Mathnasium, LLC+	One stop	L +	5.00%	(c)	10.13%				11/2027	13		12		—		12
NSG Buyer, Inc. *#	One stop	SF +	6.50%	(l)	11.41%				11/2029	20,101		19,677		0.8		19,900
NSG Buyer, Inc. +	One stop	SF +	6.50%	(l)	11.41%				11/2029	651		606		—		603
NSG Buyer, Inc. +(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		—		—		(1)
PADI Holdco, Inc.*#(22)	One stop	L +	7.25%	(b)	10.71%	cash/	1.50%	PIK	04/2024	21,622		21,574		0.9		21,406
PADI Holdco, Inc.+(8)(9)(22)	One stop	E +	7.25%	(e)	8.45%	cash/	1.50%	PIK	04/2024	19,817		20,930		0.8		19,619
PADI Holdco, Inc.+(22)	One stop	L +	7.25%	(b)	10.89%	cash/	1.50%	PIK	04/2024	831		827		—		822
PADI Holdco, Inc.+(22)	One stop	L +	7.25%	(b)	10.73%	cash/	1.50%	PIK	04/2024	171		171		—		170
PADI Holdco, Inc.+(5)	One stop	L +	5.75%		N/A(6)				04/2023	—		—		—		(2)
Provenance Buyer LLC*#+	One stop	L +	5.00%	(a)	9.84%				06/2027	18,186		17,926		0.7		18,186
Provenance Buyer LLC#	One stop	L +	5.00%	(a)	9.84%				06/2027	9,925		9,841		0.4		9,925
Provenance Buyer LLC+(5)	One stop	L +	5.00%		N/A(6)				06/2027	—		(2)		—		—
Provenance Buyer LLC+(5)	One stop	L +	5.00%		N/A(6)				06/2027	—		(2)		—		—
RW AM Holdco LLC#+	One stop	SF +	5.25%	(n)	10.21%				04/2028	17,640		17,491		0.7		16,758
RW AM Holdco LLC+(5)	One stop	P +	4.25%		N/A(6)				04/2028	—		(1)		—		(8)
										252,355		250,948		9.9		249,220
Diversified Financial Services
Adenza Group, Inc. +	One stop	L +	5.75%	(a)	10.59%				12/2027	3,995		3,937		0.1		3,876
Adenza Group, Inc. +(5)	One stop	L +	5.75%		N/A(6)				12/2027	—		—		—		(1)
Adenza Group, Inc. +	One stop	L +	5.75%		N/A(6)				12/2025	—		—		—		—
Avalara, Inc.+	One stop	SF +	7.25%	(m)	12.15%				10/2028	11,941		11,665		0.5		11,702
Avalara, Inc.+(5)	One stop	SF +	6.25%		N/A(6)				10/2028	—		(3)		—		(3)
Banker's Toolbox, Inc.+	One stop	SF +	5.50%	(l)	10.41%				07/2027	7,977		7,905		0.3		7,817
Banker's Toolbox, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				07/2027	—		—		—		(2)
Banker's Toolbox, Inc.+	One stop	SF +	5.50%	(l)	10.41%				07/2027	1,485		1,481		—		1,417
Flash Topco, Inc.*	One stop	L +	5.75%	(b)	10.58%				10/2028	9,770		9,692		0.4		9,282
Flash Topco, Inc.+	One stop	L +	5.75%	(b)	10.57%				10/2028	53		52		—		48
Higginbotham Insurance Agency, Inc.+	One stop	L +	5.25%	(a)	10.09%				11/2026	4,554		4,511		0.2		4,462
Higginbotham Insurance Agency, Inc.+	One stop	L +	5.25%	(a)	10.09%				11/2026	118		118		—		115

										39,893		39,358		1.5		38,713

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Food & Staples Retailing
Cafe Rio Holding, Inc.*# One stop L + 5.50% (b) 6.51% 09/2023 $ 18,323 $ 18,420 0.7 % $ 18,323
Cafe Rio Holding, Inc.+ One stop L + 5.50% (b) 6.51% 09/2023 3,293 3,292 0.2 3,293
Cafe Rio Holding, Inc.#+ One stop L + 5.50% (b) 6.51% 09/2023 2,214 2,249 0.1 2,214
Cafe Rio Holding, Inc.*# One stop L + 5.50% (b) 6.51% 09/2023 1,405 1,428 0.1 1,405
Cafe Rio Holding, Inc.#+ One stop L + 5.50% (b) 6.51% 09/2023 1,241 1,261 — 1,241
Cafe Rio Holding, Inc.+ One stop L + 5.50% (b) 6.51% 09/2023 178 178 — 178
Cafe Rio Holding, Inc.+ One stop L + 5.50% (b) 6.51% 09/2023 30 30 — 30
Captain D's, LLC# Senior loan L + 4.50% (a) 5.50% 12/2023 13,688 13,712 0.6 13,688
Captain D's, LLC~ Senior loan L + 4.50% (a) 5.50% 12/2023 2,138 2,119 0.1 2,138
Captain D's, LLC+ Senior loan L + 4.50% N/A(6) 12/2023 — — — —
Mendocino Farms, LLC+ One stop L + 8.50% (a) 2.00% cash/7.50% PIK 06/2023 907 918 — 907
Mendocino Farms, LLC+ One stop L + 8.50% (a) 2.00% cash/7.50% PIK 06/2023 713 721 — 713
Mendocino Farms, LLC+ One stop L + 8.50% (a) 2.00% cash/7.50% PIK 06/2023 699 698 — 699
Mendocino Farms, LLC+ One stop L + 8.50% (a) 2.00% cash/7.50% PIK 06/2023 344 343 — 344
Mendocino Farms, LLC+ One stop L + 8.50% (a) 2.00% cash/7.50% PIK 06/2023 343 343 — 343
Mendocino Farms, LLC+ One stop L + 8.50% (a) 2.00% cash/7.50% PIK 06/2023 169 169 — 169
Mendocino Farms, LLC+ One stop L + 8.50% (a) 2.00% cash/7.50% PIK 06/2023 103 103 — 103
Ruby Slipper Cafe LLC, The*+ One stop L + 7.50% (b) 8.51% 01/2023 2,035 2,032 0.1 2,035
Ruby Slipper Cafe LLC, The+ One stop L + 7.50% (b) 8.51% 01/2023 412 416 — 412
Ruby Slipper Cafe LLC, The+ One stop L + 7.50% (b) 8.51% 01/2023 30 30 — 30
Wetzel's Pretzels, LLC*#+ One stop L + 6.50% (b) 7.51% 09/2023 15,347 15,203 0.6 15,347
Wetzel's Pretzels, LLC+ One stop L + 6.50% (b) 7.51% 09/2023 — — — —
Wineshipping.com LLC+ One stop L + 5.75% (b) 6.75% 10/2027 6,828 6,764 0.3 6,828
Wineshipping.com LLC+ One stop L + 5.75% (b) 6.75% 10/2027 23 23 — 23
Wineshipping.com LLC+(5) One stop L + 5.75% N/A(6) 10/2027 — (9) — —
Wood Fired Holding Corp.*# One stop L + 6.25% (a)(b) 7.25% 12/2023 11,351 11,420 0.4 11,351
Wood Fired Holding Corp.+(5) One stop L + 6.25% N/A(6) 12/2023 — (1) — —
Zenput Inc.+ One stop L + 9.00% (b) 7.00% cash/3.00% PIK 06/2026 1,115 1,110 — 1,121
Zenput Inc.+ One stop L + 6.00% N/A(6) 06/2026 — — — —
82,929 82,972 3.2 82,935


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Diversified Telecommunication Services
NTI Connect, LLC+	Senior secured	SF +	4.75%	(m)	9.80%	12/2024	$	1,620	$	1,605	0.1	%	$	1,620

Electronic Equipment, Instruments & Components
CST Holding Company+	One stop	SF +	6.75%	(l)	11.66%	11/2028	24,657		23,968		1.0		24,164
CST Holding Company+	One stop	SF +	6.75%	(l)	11.66%	11/2028	5		4		—		4



							24,662		23,972		1.0		24,168

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food & Staples Retailing
Cafe Rio Holding, Inc.*#	One stop	SF +	5.50%	(m)	10.55%	09/2028	$	18,131	$	18,069	0.7	%	$	18,131
Cafe Rio Holding, Inc.#+	One stop	SF +	5.50%	(m)	10.55%	09/2028	3,260		3,237		0.1		3,260
Cafe Rio Holding, Inc.#+	One stop	SF +	5.50%	(m)	10.55%	09/2028	2,191		2,190		0.1		2,191
Cafe Rio Holding, Inc.*#	One stop	SF +	5.50%	(m)	10.55%	09/2028	1,390		1,391		0.1		1,390
Cafe Rio Holding, Inc.#+	One stop	SF +	5.50%	(m)	10.55%	09/2028	1,228		1,228		0.1		1,228
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(m)	10.55%	09/2028	128		127		—		128
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(m)	10.55%	09/2028	177		176		—		177
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%		N/A(6)	09/2028	—		—		—		—


Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(m)	10.55%	09/2028	80		79		—		80
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(m)	10.55%	09/2028	100		100		—		100
Mendocino Farms, LLC+	One stop	SF +	6.25%	(l)	11.16%	06/2025	928		922		0.1		928
Mendocino Farms, LLC+	One stop	SF +	6.25%	(l)	11.16%	06/2025	729		725		—		729
Mendocino Farms, LLC+	One stop	SF +	6.25%	(l)	11.16%	06/2025	715		709		—		715
Mendocino Farms, LLC+	One stop	SF +	6.25%	(l)	11.16%	06/2025	352		349		—		352
Mendocino Farms, LLC+	One stop	SF +	6.25%	(l)	11.16%	06/2025	351		349		—		351
Mendocino Farms, LLC+	One stop	SF +	6.25%	(l)	11.16%	06/2025	173		172		—		173
Mendocino Farms, LLC+	One stop	SF +	6.25%	(l)	11.16%	06/2025	105		104		—		105
Mendocino Farms, LLC+	One stop	SF +	6.25%	(l)	11.16%	06/2025	413		403		—		413
Mendocino Farms, LLC+	One stop	SF +	6.25%	(l)	11.16%	06/2025	309		307		—		309
Mendocino Farms, LLC+	One stop	SF +	6.25%	(l)	11.16%	06/2025	516		512		—		516
Ruby Slipper Cafe LLC, The*+	One stop	SF +	7.50%	(m)	12.55%	06/2024	2,014		2,014		0.1		2,014
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(m)	12.55%	06/2024	408		408		—		408
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(m)	12.55%	06/2024	290		288		—		290
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(m)	12.55%	06/2024	—		—		—		—
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(m)	12.55%	06/2024	21		21		—		21
Wineshipping.com LLC+	One stop	SF +	5.75%	(m)	10.79%	10/2027	6,759		6,708		0.3		6,624
Wineshipping.com LLC+	One stop	L +	5.75%	(b)	10.56%	10/2027	185		177		—		165
Wineshipping.com LLC+	One stop	SF +	5.75%	(b)(d)(l)(m)	10.96%	10/2027	40		39		—		38













							40,993		40,804		1.6		40,836

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Health Care Equipment & Supplies
Aspen Medical Products, LLC#~ One stop L + 5.00% (b) 6.00% 06/2025 $ 4,115 $ 4,162 0.2 % $ 4,115
Aspen Medical Products, LLC+ One stop L + 5.00% (b) 6.00% 06/2025 263 261 — 263
Aspen Medical Products, LLC+ One stop L + 5.00% N/A(6) 06/2025 — — — —
Baduhenna Bidco Limited+(8)(10) One stop SF + 6.50% (l) 7.43% 08/2028 5,415 5,348 0.2 5,415
Baduhenna Bidco Limited+(8)(9)(10) One stop E + 6.50% (f) 6.50% 08/2028 3,427 3,385 0.1 3,205
Baduhenna Bidco Limited+(8)(9)(10) One stop SN + 6.50% (k) 7.47% 08/2028 983 937 — 930
Baduhenna Bidco Limited+(8)(9)(10) One stop E + 6.50% (g) 6.50% 08/2028 783 753 — 765
Baduhenna Bidco Limited+(5)(8)(9)(10) One stop SN + 6.50% N/A(6) 08/2028 — (18) — —
Belmont Instrument, LLC#+ Senior loan SF + 4.75% (n) 5.75% 12/2023 5,176 5,153 0.2 5,176
Belmont Instrument, LLC+ Senior loan SF + 4.75% (n) 5.75% 12/2023 475 471 — 475
Blades Buyer, Inc.#+~ Senior loan L + 4.75% (b) 5.75% 03/2028 8,668 8,596 0.3 8,581
Blades Buyer, Inc.+ Senior loan SF + 4.75% (n) 5.75% 03/2028 1,402 1,377 0.1 1,395
Blades Buyer, Inc.+(5) Senior loan L + 4.75% N/A(6) 03/2028 — (2) — (1)
Blades Buyer, Inc.+(5) Senior loan SF + 4.75% N/A(6) 03/2028 — (2) — (2)
Blue River Pet Care, LLC*#+ One stop L + 5.00% (a) 5.46% 07/2026 47,520 47,204 1.8 47,045
Blue River Pet Care, LLC+(5) One stop L + 5.00% N/A(6) 08/2025 — (2) — (4)
Blue River Pet Care, LLC+(5) One stop L + 5.00% N/A(6) 07/2026 — (39) — (39)
Blue River Pet Care, LLC+(5) One stop L + 5.00% N/A(6) 07/2026 — (14) — (15)
CCSL Holdings, LLC*+ One stop L + 6.00% (c) 7.50% 12/2026 15,477 15,323 0.6 15,477
CCSL Holdings, LLC+ One stop L + 6.00% (c) 7.50% 12/2026 4,177 4,123 0.2 4,177
CCSL Holdings, LLC+ One stop L + 6.00% (b)(e) 7.31% 12/2026 50 48 — 50
CMI Parent Inc.#+ Senior loan L + 4.25% (b) 5.06% 08/2025 6,532 6,608 0.2 6,532
CMI Parent Inc.+ Senior loan L + 4.25% (b) 5.26% 08/2025 3,236 3,208 0.1 3,236
CMI Parent Inc.+(5) Senior loan L + 4.25% N/A(6) 08/2025 — (2) — —
G & H Wire Company, Inc.#+ One stop L + 7.00% (c) 8.50% 09/2023 11,042 11,011 0.5 11,042
G & H Wire Company, Inc.+ One stop L + 7.00% (b)(c) 8.00% 09/2022 72 71 — 72
Joerns Healthcare, LLC*+ One stop L + 6.00% (b) 7.00% 08/2024 1,993 1,957 — 1,236
Joerns Healthcare, LLC*+(7) One stop L + 6.00% (b) 7.00% 08/2024 1,916 1,889 — 383
Joerns Healthcare, LLC+ One stop N/A 15.00% PIK 11/2022 1,197 1,179 — 1,197
Lombart Brothers, Inc.*#+~ One stop L + 6.25% (b) 7.25% 04/2023 28,793 28,775 1.1 28,793
Lombart Brothers, Inc.+ One stop L + 6.25% (b) 7.26% 04/2023 5,201 5,149 0.2 5,201
Lombart Brothers, Inc.#+(8) One stop L + 6.25% (b) 7.25% 04/2023 3,084 3,083 0.2 3,084
Lombart Brothers, Inc.+ One stop L + 6.25% (a) 7.25% 04/2023 116 115 — 116
Lombart Brothers, Inc.+(8) One stop L + 6.25% (a) 7.25% 04/2023 50 50 — 50
161,163 160,157 6.0 157,950


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food Products
Borrower R365 Holdings, LLC+(22)	One stop	L +	6.50%	(b)	8.66%	cash/	3.00%	PIK	06/2027	$	13,631	$	13,450	0.5	%	$	13,494
Borrower R365 Holdings, LLC+(22)	One stop	L +	6.50%	(b)	8.66%	cash/	3.00%	PIK	06/2027	1,124		1,107		—		1,113
Borrower R365 Holdings, LLC+(5)	One stop	L +	6.50%		N/A(6)				06/2027	—		(1)		—		(1)
Borrower R365 Holdings, LLC+(5)	One stop	L +	6.50%		N/A(6)				06/2027	—		(1)		—		(1)
Borrower R365 Holdings, LLC+(22)	One stop	L +	6.50%	(b)	8.66%	cash/	3.00%	PIK	06/2027	43		42		—		42
Flavor Producers, LLC#+(22)	Senior secured	SF +	6.50%	(d)(m)	9.75%	cash/	1.75%	PIK	12/2024	5,015		4,993		0.2		4,815
Flavor Producers, LLC+(5)(22)	Senior secured	SF +	6.50%	(m)	11.50%				09/2024	—		—		—		(2)
Kodiak Cakes, LLC*#+	Senior secured	SF +	8.75%	(m)	13.65%				06/2027	12,369		12,040		0.5		11,347
Kodiak Cakes, LLC+	Senior secured	SF +	8.75%	(m)	13.65%				06/2026	150		146		—		132
Louisiana Fish Fry Products, Ltd.*+	One stop	SF +	6.25%	(n)	11.36%				07/2027	9,727		9,656		0.4		8,998
Louisiana Fish Fry Products, Ltd.+	One stop	SF +	6.25%	(l)(n)	11.34%				07/2027	73		71		—		65
MAPF Holdings, Inc.*#+	One stop	SF +	5.00%	(m)	10.05%				12/2026	37,788		37,548		1.5		37,408
MAPF Holdings, Inc.+	One stop	SF +	5.00%	(m)	10.05%				12/2026	120		118		—		117
P&P Food Safety Holdings, Inc.*+	One stop	SF +	6.00%	(m)	11.05%				12/2026	17,633		17,483		0.7		16,928
P&P Food Safety Holdings, Inc.+(5)	One stop	SF +	6.00%		N/A(6)				12/2026	—		(1)		—		(4)
P&P Food Safety Holdings, Inc.+(5)	One stop	SF +	6.00%		N/A(6)				12/2026	—		(4)		—		—
Purfoods, LLC+(22)	One stop	N/A			7.00%	PIK			05/2026	66		68		—		66
Ultimate Baked Goods Midco LLC+	One stop	SF +	6.50%	(l)	11.41%				08/2027	6,638		6,578		0.3		6,505
Ultimate Baked Goods Midco LLC+(5)	One stop	SF +	6.50%	(m)	11.29%				08/2027	8		(17)		—		7
Whitebridge Pet Brands, LLC*#+	One stop	L +	5.00%	(a)	9.84%				07/2027	22,887		22,603		0.9		22,430
Whitebridge Pet Brands, LLC+(5)	One stop	L +	5.00%		N/A(6)				07/2027	—		(2)		—		(5)
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	4.50%	(j)	8.68%				03/2029	6,700		7,070		0.2		6,215
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	4.50%	(j)	8.68%				09/2028	37		36		—		30
Wizard Bidco Limited+(8)(10)	One stop	SF +	7.00%	(m)	11.88%				03/2029	16,243		15,928		0.6		15,999
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	7.00%	(j)	11.18%				03/2029	5,480		5,380		0.2		5,398
Wizard Bidco Limited+(5)(8)(9)(10)	One stop	SN +	7.00%		N/A(6)				03/2029	—		(57)		—		—
										155,732		154,234		6.0		151,096

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Equipment & Supplies
Aspen Medical Products, LLC#+	One stop	L +	5.00%	(a)	9.81%				06/2025	$	4,115	$	4,148	0.2	%	$	4,115
Aspen Medical Products, LLC+	One stop	L +	5.00%	(a)	9.81%				06/2025	263		262		—		263
Aspen Medical Products, LLC+	One stop	L +	5.25%		N/A(6)				06/2025	—		—		—		—
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	5.95%	(k)	11.01%				08/2028	5,415		5,358		0.2		5,415
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	5.95%	(e)	8.49%				08/2028	3,140		3,392		0.1		3,140
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SN +	5.95%	(j)	10.25%				08/2028	872		944		—		872
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	5.95%	(e)	8.97%				08/2028	749		758		—		749
Baduhenna Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.95%		N/A(6)				08/2028	—		(15)		—		—
Belmont Instrument, LLC*#	One stop	SF +	6.25%	(m)	10.98%				08/2028	9,850		9,761		0.4		9,850
Belmont Instrument, LLC+	One stop	P +	5.25%	(d)	13.25%				08/2028	33		32		—		33
Blades Buyer, Inc.#+	Senior secured	SF +	5.00%	(n)	9.89%				03/2028	10,008		9,917		0.4		9,808
Blades Buyer, Inc.+(5)	Senior secured	SF +	5.00%		N/A(6)				03/2028	—		(1)		—		(4)
Blades Buyer, Inc.+	Senior secured	SF +	5.00%	(n)	9.91%				03/2028	318		317		—		312
Blades Buyer, Inc.+	Senior secured	SF +	5.25%	(l)	9.89%				03/2028	1,307		1,288		0.1		1,294
Blue River Pet Care, LLC*#+	One stop	L +	5.75%	(a)	10.59%				07/2026	50,936		50,669		2.0		49,918
Blue River Pet Care, LLC+	One stop	L +	5.75%	(a)	10.59%				08/2025	130		128		—		126
Blue River Pet Care, LLC+(5)	One stop	L +	5.75%		N/A(6)				07/2026	—		(3)		—		(8)
Blue River Pet Care, LLC+	One stop	L +	5.75%	(a)	10.59%				07/2026	179		178		—		176
Blue River Pet Care, LLC+	One stop	L +	5.75%	(a)	10.59%				07/2026	172		171		—		169
Blue River Pet Care, LLC+	One stop	L +	5.75%	(a)	10.60%				07/2026	768		762		—		753
CCSL Holdings, LLC*#	One stop	SF +	6.50%	(l)	11.41%				12/2026	15,320		15,200		0.6		15,167
CCSL Holdings, LLC+	One stop	SF +	6.50%	(l)	11.41%				12/2026	4,135		4,106		0.2		4,094
CCSL Holdings, LLC+(8)(9)	One stop	SN +	6.50%	(j)	10.78%				12/2026	2,390		2,418		0.1		2,366
CCSL Holdings, LLC+	One stop	SF +	6.50%	(l)	11.41%				12/2026	130		128		—		128
CCSL Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)				12/2026	—		(21)		—		—
CMI Parent Inc.*#	Senior secured	SF +	4.75%	(l)	9.66%				08/2025	6,465		6,518		0.3		6,401
CMI Parent Inc.*	Senior secured	SF +	4.75%	(l)	9.66%				08/2025	3,204		3,184		0.2		3,172
CMI Parent Inc.+(5)	Senior secured	SF +	4.75%		N/A(6)				08/2025	—		(2)		—		(4)
CMI Parent Inc.*	Senior secured	SF +	4.75%	(l)	9.66%				08/2025	2,917		2,893		0.1		2,888
G & H Wire Company, Inc.+(22)	One stop	L +	9.00%	(a)	7.34%	cash/	6.50%	PIK	09/2023	11,501		11,377		0.4		10,696
G & H Wire Company, Inc.+(22)	One stop	L +	9.00%	(a)	7.34%	cash/	6.50%	PIK	06/2023	96		96		—		86
Joerns Healthcare, LLC+(22)	One stop	SF +	18.00%	(m)	23.03%				01/2024	1,391		1,391		—		556
Joerns Healthcare, LLC+(22)	One stop	SF +	18.00%	(m)	23.03%				01/2024	277		277		—		277







										136,081		135,631		5.3		132,808

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Providers & Services
AAH TOPCO, LLC +	One stop	L +	5.50%	(a)	10.34%				12/2027	$	8,286	$	8,222	0.3	%	$	8,038
AAH TOPCO, LLC +(22)	Subordinated debt	N/A			11.50%	PIK			12/2031	1,144		1,126		—		1,029
AAH TOPCO, LLC +(5)	One stop	L +	5.50%		N/A(6)				12/2027	—		—		—		(2)
AAH TOPCO, LLC +	One stop	L +	5.50%	(a)	10.25%				12/2027	386		382		—		370
Active Day, Inc.#+	One stop	SF +	5.75%	(m)	10.80%				02/2025	17,657		17,514		0.7		17,303
Active Day, Inc.#+	One stop	SF +	5.75%	(m)	10.80%				02/2025	1,363		1,352		0.1		1,336
Active Day, Inc.*#	One stop	SF +	5.75%	(m)	10.80%				02/2025	878		871		—		861
Active Day, Inc.+	One stop	SF +	5.75%	(m)	10.80%				02/2025	700		694		—		686
Active Day, Inc.+	One stop	SF +	5.75%	(m)	10.80%				02/2025	617		612		—		605
Active Day, Inc.*#	One stop	SF +	5.75%	(m)	10.80%				02/2025	606		602		—		595
Active Day, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				02/2025	—		(2)		—		(4)
Active Day, Inc.+	One stop	SF +	5.75%	(m)	10.80%				02/2025	—		—		—		—
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(m)	11.03%				03/2025	16,426		16,326		0.7		16,189
Acuity Eyecare Holdings, LLC+(22)	One stop	N/A			15.00%				06/2027	11,238		11,058		0.4		11,238
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(m)	11.30%				03/2025	4,057		4,046		0.2		4,016
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(m)	11.30%				03/2025	3,614		3,596		0.2		3,578
Acuity Eyecare Holdings, LLC#+	One stop	SF +	6.25%	(m)	11.30%				03/2025	3,504		3,496		0.2		3,469
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(m)	11.30%				03/2025	3,187		3,223		0.1		3,156
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(m)	10.91%				03/2025	2,037		2,012		0.1		2,008
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(m)	11.30%				03/2025	1,858		1,891		0.1		1,839
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(m)	11.30%				03/2025	449		448		—		445
Acuity Eyecare Holdings, LLC+(22)	One stop	SF +	13.00%	(m)	11.30%	cash/	6.75%	PIK	03/2025	257		256		—		269
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(m)	11.30%				03/2025	166		165		—		164
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(m)	11.01%				03/2025	64		61		—		60
Acuity Eyecare Holdings, LLC+	Senior secured	SF +	6.25%	(m)	11.15%				03/2025	109		109		—		108
Acuity Eyecare Holdings, LLC+(22)	One stop	SF +	13.00%	(m)	11.26%	cash/	6.75%	PIK	03/2025	99		99		—		104
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(m)	11.30%				03/2025	1		1		—		1
Acuity Eyecare Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)				03/2025	—		—		—		(3)
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(m)	11.04%				03/2025	975		969		0.1		961
Advanced Pain Management Holdings, Inc.+(7)(22)	Senior secured	P +	3.75%	(d)	11.75%				07/2021	16,428		4,922		—		253
Advanced Pain Management Holdings, Inc.+(7)(22)	Senior secured	L +	8.50%	(a)	13.34%				07/2021	7,357		6		—		—
Advanced Pain Management Holdings, Inc.+(7)(22)	Senior secured	P +	3.75%	(d)	11.75%				07/2021	1,121		337		—		17
Advanced Pain Management Holdings, Inc.+(7)(22)	Senior secured	P +	3.75%	(d)	11.75%				07/2021	836		446		—		13
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	L +	6.13%	(b)	11.29%				03/2027	4,684		4,643		0.2		4,628
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	L +	6.13%	(b)	11.29%				03/2027	3,916		3,868		0.2		3,869
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(22)	Subordinated debt	L +	10.50%	(a)	15.34%				03/2028	2,045		2,022		0.1		2,045
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(22)	Subordinated debt	L +	10.50%	(a)	15.34%				03/2028	782		775		0.1		782
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(22)	Subordinated debt	L +	10.50%	(a)	15.34%				03/2028	244		241		—		244
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	L +	6.25%	(a)(b)	11.19%				03/2027	154		152		—		152
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)	One stop	L +	6.00%		N/A(6)				03/2027	—		(1)		—		(1)
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	L +	6.25%	(a)(b)	11.15%				03/2027	32		32		—		31
Community Care Partners, LLC+	One stop	SF +	6.00%	(l)	10.92%				06/2026	2,337		2,321		0.1		2,267
Community Care Partners, LLC+(5)	One stop	SF +	6.00%		N/A(6)				06/2026	—		(2)		—		—
CRH Healthcare Purchaser, Inc.+	Senior secured	L +	4.50%	(b)	9.66%				12/2024	19,501		19,500		0.8		19,209

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Health Care Providers & Services - (continued)
Krueger-Gilbert Health Physics, LLC+ Senior loan L + 5.25% (b) 6.26% 05/2025 $ 1,868 $ 1,866 0.1 % $ 1,868
Krueger-Gilbert Health Physics, LLC+ Senior loan L + 5.25% (b) 6.26% 05/2025 1,097 1,122 — 1,097
Krueger-Gilbert Health Physics, LLC+ Senior loan L + 5.25% (b) 6.26% 05/2025 60 60 — 60
Krueger-Gilbert Health Physics, LLC+(5) Senior loan L + 5.25% N/A(6) 05/2025 — (17) — —
MWD Management, LLC & MWD Services, Inc.#+ One stop L + 5.50% (b) 6.51% 06/2023 9,237 9,215 0.4 9,237
MWD Management, LLC & MWD Services, Inc.# One stop L + 5.50% (b) 6.51% 06/2023 4,448 4,479 0.2 4,448
MWD Management, LLC & MWD Services, Inc.+ One stop L + 5.50% (a) 6.50% 06/2022 40 40 — 40
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12) One stop C + 5.25% (j) 6.43% 05/2028 20,333 20,065 0.8 19,712
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12) One stop L + 5.25% (b) 6.26% 05/2028 4,348 4,293 0.2 4,348
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12) One stop L + 5.25% (b) 6.26% 05/2028 2,830 2,803 0.1 2,830
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12) One stop C + 5.25% (j) 6.43% 05/2028 1,206 1,173 — 1,202
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12) One stop C + 5.25% (j) 6.42% 05/2026 93 91 — 94
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12) One stop L + 5.25% (b) 6.26% 05/2026 60 59 — 60
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12) One stop L + 5.25% (b) 6.26% 05/2028 15 14 — 15
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (b) 7.26% 05/2022 19,110 17,374 0.7 17,184
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (b) 7.26% 05/2022 2,218 1,862 0.1 1,994
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (b) 7.26% 05/2022 2,101 1,899 0.1 1,890
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (b) 7.26% 05/2022 1,591 1,336 0.1 1,430
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (b) 7.26% 05/2022 1,406 1,180 0.1 1,264
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (b) 7.26% 05/2022 1,224 1,028 0.1 1,100
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (b) 7.26% 05/2022 953 800 — 857
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (b) 7.26% 05/2022 826 694 — 743
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (b) 7.26% 05/2022 509 428 — 458
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (b)(e) 7.26% 05/2022 291 264 — 262
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (b) 7.26% 05/2022 97 88 — 87
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (b) 7.26% 05/2022 88 80 — 79
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (b) 7.26% 05/2022 68 62 — 62
Oliver Street Dermatology Holdings, LLC+(7) One stop L + 6.25% (b) 7.26% 05/2022 63 57 — 57
Pinnacle Treatment Centers, Inc.#+ One stop L + 5.75% (b) 6.75% 01/2023 18,831 18,824 0.7 18,831
Pinnacle Treatment Centers, Inc.* One stop L + 5.75% (b) 6.75% 01/2023 7,592 7,574 0.3 7,592
Pinnacle Treatment Centers, Inc.#+ One stop L + 5.75% (b) 6.75% 01/2023 1,546 1,546 0.1 1,546
Pinnacle Treatment Centers, Inc.+ One stop L + 5.75% (b) 6.75% 01/2023 698 700 0.1 698
Pinnacle Treatment Centers, Inc.+ One stop L + 5.75% (b) 6.75% 01/2023 184 184 — 184
Pinnacle Treatment Centers, Inc.+ One stop L + 5.75% (b) 6.75% 01/2023 106 105 — 106
Pinnacle Treatment Centers, Inc.+ One stop L + 5.75% (b) 6.75% 01/2023 37 37 — 37
Pinnacle Treatment Centers, Inc.+ One stop L + 5.75% N/A(6) 01/2023 — — — —
PPT Management Holdings, LLC+ One stop L + 8.50% (b) 7.00% cash/2.50% PIK 12/2022 25,504 25,094 0.8 21,679
PPT Management Holdings, LLC+ One stop L + 8.50% (b) 7.00% cash/2.50% PIK 12/2022 310 306 — 264
PPT Management Holdings, LLC+ One stop L + 10.50% (b) 7.00% cash/4.50% PIK 12/2022 280 272 — 216
PPT Management Holdings, LLC+ One stop L + 8.50% (b) 7.00% cash/2.50% PIK 12/2022 182 180 — 156
PPT Management Holdings, LLC+ One stop L + 8.50% (b) 7.00% cash/2.50% PIK 12/2022 90 84 — 76
Suveto Buyer, LLC+ One stop L + 4.25% (b) 5.26% 09/2027 18,395 18,151 0.7 18,395
Suveto Buyer, LLC+ One stop L + 4.25% (b) 5.26% 09/2027 18 17 — 18
467,721 446,801 16.1 422,194


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
CRH Healthcare Purchaser, Inc.+	Senior secured	L +	4.50%	(b)	9.66%				12/2024	$	5,171	$	5,144	0.2	%	$	5,094
CRH Healthcare Purchaser, Inc.+	Senior secured	L +	4.50%	(b)	9.66%				12/2024	4,090		4,080		0.2		4,029
CRH Healthcare Purchaser, Inc.+	Senior secured	L +	4.50%	(b)	9.66%				12/2024	3,503		3,483		0.2		3,450
CRH Healthcare Purchaser, Inc.+(5)	Senior secured	L +	4.50%		N/A(6)				12/2024	—		(1)		—		(4)
Datix Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.50%	(j)	8.68%				04/2025	54,862		60,064		2.1		53,216
Datix Bidco Limited+(8)(9)(10)	Second lien	SN +	7.75%	(j)	11.93%				04/2026	19,467		21,273		0.7		18,688
Emerge Intermediate, Inc.*#(22)	One stop	SF +	6.50%	(m)	11.05%	cash/	0.50%	PIK	05/2024	19,230		19,150		0.8		19,230
Emerge Intermediate, Inc.+(22)	One stop	SF +	6.50%	(m)	11.05%	cash/	0.50%	PIK	05/2024	1,741		1,733		0.1		1,741
Emerge Intermediate, Inc.+(22)	One stop	SF +	6.50%	(l)(m)	10.89%	cash/	0.50%	PIK	05/2024	222		221		—		222
Encorevet Group LLC+	One stop	L +	6.75%	(b)	11.70%				11/2024	980		976		—		960
Encorevet Group LLC+	One stop	L +	6.75%	(b)	11.70%				11/2024	616		613		—		604
Encorevet Group LLC+	One stop	L +	6.75%	(b)	11.70%				11/2024	305		304		—		299
Encorevet Group LLC+	One stop	L +	6.75%	(b)	11.70%				11/2024	292		291		—		287
Encorevet Group LLC+	One stop	L +	6.75%	(b)	11.70%				11/2024	265		263		—		259
Encorevet Group LLC+	Senior secured	L +	6.75%	(b)	11.70%				11/2024	243		242		—		238
Encorevet Group LLC+	One stop	L +	6.75%	(b)	11.70%				11/2024	162		161		—		159
Encorevet Group LLC+	One stop	L +	6.75%	(b)	11.70%				11/2024	114		113		—		111
Encorevet Group LLC+	Senior secured	L +	6.75%	(b)	11.70%				11/2024	109		109		—		107
Encorevet Group LLC+	Senior secured	L +	6.75%	(b)	11.70%				11/2024	68		68		—		67
Encorevet Group LLC+	Senior secured	L +	6.75%	(b)	11.70%				11/2024	56		56		—		55
Encorevet Group LLC+	One stop	L +	6.75%	(b)	11.70%				11/2024	55		55		—		54
Encorevet Group LLC+	One stop	L +	6.75%	(b)	11.70%				11/2024	32		32		—		31
Encorevet Group LLC+	Senior secured	L +	6.75%	(b)	11.70%				11/2024	10		10		—		10
Encorevet Group LLC+	Senior secured	L +	6.75%	(b)	11.72%				11/2024	47		46		—		46
Encorevet Group LLC+(5)	One stop	L +	6.75%		N/A(6)				11/2024	—		(1)		—		—
ERC Topco Holdings, LLC+	One stop	L +	5.50%	(b)(d)	10.66%				11/2028	9,164		9,100		0.3		8,065
ERC Topco Holdings, LLC+	One stop	L +	5.50%	(b)(d)	10.98%				11/2027	60		59		—		45
ERC Topco Holdings, LLC+(5)	One stop	L +	5.50%		N/A(6)				11/2028	—		(3)		—		(9)
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	9.25%	PIK			05/2023	20,397		19,687		0.3		7,853
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	9.25%	PIK			05/2023	8,947		8,638		0.1		3,445
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	9.25%	PIK			05/2023	7,836		7,565		0.1		3,017
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	9.25%	PIK			05/2023	5,767		5,568		0.1		2,220
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	14.08%	PIK			05/2023	2,676		2,584		0.1		1,030
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	9.25%	PIK			05/2023	1,717		1,658		—		661
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	9.25%	PIK			05/2023	1,269		1,226		—		489
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	9.25%	PIK			05/2023	1,118		1,080		—		431
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	9.25%	PIK			05/2023	1,413		1,358		—		544
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	9.25%	PIK			05/2023	722		697		—		278
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	10.25%	(b)	5.83%	cash/	9.25%	PIK	05/2023	446		432		—		172
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	9.25%	PIK			05/2023	873		872		—		336
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	9.25%	PIK			05/2023	873		840		—		336
Eyecare Services Partners Holdings LLC+(22)	One stop	L +	9.25%	(a)(b)	9.25%	PIK			05/2023	1,272		1,272		0.1		1,272
Eyecare Services Partners Holdings LLC+(22)	One stop	L +	9.25%	(b)	9.25%	PIK			05/2023	2,038		2,038		0.1		2,038

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75%	(i)	10.73%				03/2027	$	10,567	$	10,581	0.4	%	$	10,567
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75%	(i)	10.77%				03/2027	81		79		—		81
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75%	(i)	10.77%				03/2027	473		498		—		473
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75%	(i)	10.77%				03/2027	167		169		—		167
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)	One stop	SF +	5.75%	(m)	10.80%				03/2027	70		69		—		70
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)	One stop	SF +	5.75%	(m)	10.80%				03/2027	94		93		—		94
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75%	(i)	10.77%				03/2027	693		714		—		693
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%	(n)	9.56%				12/2026	840		834		—		823
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%	(l)(n)	9.76%				12/2026	156		155		—		153
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%		N/A(6)				12/2026	—		—		—		—
Klick Inc.+(8)(12)	Senior secured	SF +	4.50%	(m)	9.50%				03/2028	9,947		9,876		0.4		9,847
Klick Inc.+(5)(8)(12)	Senior secured	SF +	4.50%		N/A(6)				03/2026	—		(1)		—		—
Krueger-Gilbert Health Physics, LLC+	Senior secured	L +	5.25%	(b)	10.41%				05/2025	2,299		2,294		0.1		2,254
Krueger-Gilbert Health Physics, LLC+	Senior secured	L +	5.25%	(b)	10.41%				05/2025	1,849		1,838		0.1		1,811
Krueger-Gilbert Health Physics, LLC+	Senior secured	L +	5.25%	(b)	10.41%				05/2025	1,085		1,103		0.1		1,064
Krueger-Gilbert Health Physics, LLC+	Senior secured	L +	5.25%	(b)	10.41%				05/2025	60		60		—		58
Krueger-Gilbert Health Physics, LLC+	Senior secured	L +	5.25%	(b)	10.41%				05/2025	762		750		—		747

New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(i)	10.52%				05/2028	18,054		19,905		0.7		17,151
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#(8)(12)	One stop	L +	5.50%	(b)	10.66%				05/2028	4,304		4,259		0.2		4,089
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#(8)(12)	One stop	L +	5.50%	(b)	10.66%				05/2028	2,801		2,779		0.1		2,661
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(i)	10.52%				05/2028	1,101		1,183		0.1		1,046
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(i)	10.52%				05/2028	573		584		—		545
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(i)	10.52%				05/2026	132		132		—		127
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	L +	5.50%	(b)	10.66%				05/2026	60		60		—		58
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	L +	5.50%	(b)	10.66%				05/2028	18		18		—		17
Oliver Street Dermatology Holdings, LLC+(7)(22)	One stop	SF +	11.38%	(m)	16.43%				06/2023	24,623		16,786		0.8		19,699
Oliver Street Dermatology Holdings, LLC+(22)	One stop	SF +	6.25%	(m)	11.30%				06/2023	14,246		14,246		0.5		12,678
Oliver Street Dermatology Holdings, LLC+(22)	One stop	SF +	6.25%	(m)	11.30%				06/2023	367		367		—		327
Pinnacle Treatment Centers, Inc.*#	One stop	SF +	6.75%	(m)	11.79%				01/2026	18,632		18,243		0.7		18,632
Pinnacle Treatment Centers, Inc.*	One stop	SF +	6.75%	(m)	11.79%				01/2026	7,515		7,360		0.3		7,515
Pinnacle Treatment Centers, Inc.#+	One stop	SF +	6.75%	(m)	11.79%				01/2026	1,531		1,499		0.1		1,531
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.75%	(m)	11.79%				01/2026	691		677		—		691
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.75%	(m)	11.79%				01/2026	182		178		—		182
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.75%	(l)	11.56%				01/2026	104		99		—		104
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.75%	(m)	11.79%				01/2026	105		102		—		105
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.75%	(m)	11.79%				01/2026	37		36		—		37
Pinnacle Treatment Centers, Inc.#	One stop	SF +	6.75%	(m)	11.79%				01/2026	2,192		2,147		0.1		2,192
Pinnacle Treatment Centers, Inc.#	One stop	SF +	6.75%	(m)	11.79%				01/2026	1,152		1,129		—		1,152
PPT Management Holdings, LLC+(7)(22)	One stop	L +	8.50%	(a)	10.84%	cash/	2.50%	PIK	05/2023	28,119		25,482		0.8		21,089
PPT Management Holdings, LLC+(7)(22)	One stop	L +	8.50%	(a)	10.84%	cash/	2.50%	PIK	05/2023	342		310		—		256

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Hotels, Restaurants & Leisure
BJH Holdings III Corp.*#+ One stop L + 4.50% (b) 5.50% 08/2025 $ 50,829 $ 51,704 1.9 % $ 50,829
BJH Holdings III Corp.+ One stop L + 4.50% (a)(b) 5.50% 08/2025 150 145 — 150
CR Fitness Holdings, LLC#~ Senior loan L + 4.00% (a) 5.00% 07/2025 1,968 1,977 0.1 1,968
CR Fitness Holdings, LLC+ Senior loan L + 4.00% (a) 5.00% 07/2025 832 828 — 832
CR Fitness Holdings, LLC+ Senior loan L + 4.00% (a) 5.00% 07/2025 74 74 — 74
Davidson Hotel Company, LLC+ One stop L + 6.75% (a) 6.25% cash/1.50% PIK 07/2024 7,120 7,091 0.3 6,764
Davidson Hotel Company, LLC+ One stop L + 6.75% (a) 6.25% cash/1.50% PIK 07/2024 1,094 1,092 0.1 1,039
Davidson Hotel Company, LLC+(5) One stop L + 5.25% N/A(6) 07/2024 — — — (6)
EOS Fitness Opco Holdings, LLC*# One stop L + 4.75% (b) 5.75% 01/2025 8,552 8,592 0.4 8,552
EOS Fitness Opco Holdings, LLC+ One stop L + 4.75% (b) 5.75% 01/2025 901 904 — 901
EOS Fitness Opco Holdings, LLC+ One stop L + 4.75% (b) 5.75% 01/2025 120 120 — 120
Freddy's Frozen Custard LLC~ One stop L + 5.00% (b) 6.00% 03/2027 9,209 9,133 0.4 9,209
Freddy's Frozen Custard LLC+(5) One stop L + 5.00% N/A(6) 03/2027 — (1) — —
Harri US LLC+ One stop L + 10.00% (b) 7.00% cash/4.00% PIK 08/2026 788 693 — 796
Harri US LLC+ One stop L + 6.00% N/A(6) 08/2026 — — — —
Harri US LLC+(5) One stop L + 6.00% N/A(6) 08/2026 — (6) — 14
SSRG Holdings, LLC+ One stop L + 4.75% (b) 5.76% 11/2025 904 893 — 904
SSRG Holdings, LLC+ One stop L + 4.75% (b) 5.75% 11/2025 75 75 — 75
Tropical Smoothie Cafe Holdings, LLC*# Senior loan L + 5.25% (a)(b) 6.25% 09/2026 13,695 13,571 0.5 13,695
Tropical Smoothie Cafe Holdings, LLC# Senior loan L + 5.25% (a)(b) 6.25% 09/2026 6,477 6,424 0.2 6,477
Tropical Smoothie Cafe Holdings, LLC+(5) Senior loan L + 5.25% N/A(6) 09/2026 — (1) — —
102,788 103,308 3.9 102,393
Household Durables
Groundworks LLC+ Senior loan L + 5.00% (b) 6.01% 01/2026 4,638 4,586 0.2 4,638
Groundworks LLC+ Senior loan L + 5.00% (b) 6.01% 01/2026 1,814 1,793 0.1 1,814
Groundworks LLC+ Senior loan L + 5.00% (b) 6.01% 01/2026 1,209 1,198 — 1,209
Groundworks LLC+ Senior loan L + 5.00% (b) 6.01% 01/2026 1,077 1,063 — 1,077
Groundworks LLC+ Senior loan L + 5.00% (b) 6.01% 01/2026 83 82 — 83
Groundworks LLC+ Senior loan L + 5.00% N/A(6) 01/2026 — — — —
Groundworks LLC+(5) Senior loan L + 5.00% N/A(6) 01/2026 — (5) — —
8,821 8,717 0.3 8,821
Household Products
WU Holdco, Inc. #+ One stop L + 5.50% (b) 6.51% 03/2026 3,762 3,817 0.1 3,762
WU Holdco, Inc. + One stop L + 5.50% (b) 6.51% 03/2026 1,325 1,325 0.1 1,325
WU Holdco, Inc. + One stop L + 5.50% (a) 6.50% 03/2026 344 341 — 344
WU Holdco, Inc. + One stop P + 4.50% (e) 8.00% 03/2025 4 4 — 4
5,435 5,487 0.2 5,435


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
PPT Management Holdings, LLC+(7)(22)	One stop	L +	10.50%	(a)	10.84%	cash/	4.50%	PIK	05/2023	$	316	$	282	—	%	$	236
PPT Management Holdings, LLC+(7)(22)	One stop	L +	8.50%	(a)	10.84%	cash/	2.50%	PIK	05/2023	202		183		—		152
PPT Management Holdings, LLC+(7)(22)	One stop	L +	8.50%	(a)	10.84%	cash/	2.50%	PIK	05/2023	100		88		—		74
PPT Management Holdings, LLC+(22)	One stop	L +	10.50%	(a)	10.84%	cash/	4.50%	PIK	05/2023	25		25		—		25
Suveto Buyer, LLC+	One stop	L +	5.00%	(a)	9.84%				09/2027	18,790		18,593		0.7		17,725
Suveto Buyer, LLC+	One stop	L +	5.00%	(a)	9.84%				09/2027	79		78		—		72

										492,879		467,489		16.4		412,174

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Technology
Alegeus Technologies Holdings Corp.+	Senior secured	L +	8.25%	(b)	10.95%				09/2024	$	374	$	373	—	%	$	374
Coding Solutions Acquisition, Inc.+	One stop	SF +	5.50%	(l)	10.31%				05/2028	5,222		5,177		0.2		5,222
Coding Solutions Acquisition, Inc.+	One stop	SF +	5.50%	(l)	10.29%				05/2028	21		21		—		21
Coding Solutions Acquisition, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				05/2028	—		(7)		—		—
Color Intermediate, LLC+	One stop	SF +	5.50%	(m)	10.50%				10/2029	11,724		11,506		0.4		11,255
Connexin Software, Inc.+	One stop	L +	8.50%	(b)	13.68%				02/2024	9,465		9,477		0.4		9,465
Connexin Software, Inc.+	One stop	SF +	8.50%		N/A(6)				02/2024	—		—		—		—
Crow River Buyer, Inc.+	One stop	SF +	7.75%	(m)	12.43%				01/2029	4,631		4,540		0.2		4,561
Crow River Buyer, Inc.+(5)	One stop	SF +	7.75%		N/A(6)				01/2029	—		(1)		—		(1)
ESO Solution, Inc.+	One stop	SF +	7.00%	(m)	11.90%				05/2027	7,549		7,498		0.3		7,549
ESO Solution, Inc.+	One stop	SF +	7.00%		N/A(6)				03/2027	—		—		—		—
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(l)	10.66%				08/2026	6,154		6,132		0.2		6,031
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(l)	10.66%				08/2026	2,934		2,908		0.1		2,875
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(l)	10.66%				08/2026	1,933		1,921		0.1		1,894
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(l)	10.65%				08/2026	1,348		1,331		0.1		1,321
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(l)	10.66%				08/2026	632		628		—		619
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(l)(m)	10.62%				09/2025	64		63		—		63
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(l)	10.64%				08/2026	131		130		—		129
HSI Halo Acquisition, Inc.+(22)	One stop	N/A			10.00%				08/2026	18		18		—		25
Nextech Holdings, LLC+	One stop	L +	5.00%	(b)	10.16%				06/2025	3,910		3,943		0.2		3,871
Nextech Holdings, LLC+	One stop	L +	5.00%	(b)	10.16%				06/2025	1,908		1,901		0.1		1,888
Nextech Holdings, LLC+	One stop	L +	5.00%	(b)	10.16%				06/2025	200		199		—		194
Plasma Buyer LLC+	One stop	SF +	5.75%	(m)	10.65%				05/2029	5,376		5,282		0.2		5,215
Plasma Buyer LLC+(5)	One stop	SF +	5.75%		N/A(6)				05/2028	—		(1)		—		(1)
Plasma Buyer LLC+(5)	One stop	SF +	5.75%		N/A(6)				05/2029	—		(12)		—		(42)
Qgenda Intermediate Holdings, LLC+	One stop	L +	5.00%	(a)	9.84%				06/2025	14,890		14,890		0.6		14,592
Qgenda Intermediate Holdings, LLC#	One stop	L +	5.00%	(a)	9.84%				06/2025	12,132		12,072		0.5		11,890
Qgenda Intermediate Holdings, LLC+	One stop	L +	5.00%	(a)	9.84%				06/2025	1,447		1,443		0.1		1,418
Qgenda Intermediate Holdings, LLC#	One stop	L +	5.00%	(a)	9.84%				06/2025	968		968		—		948
Qgenda Intermediate Holdings, LLC+	One stop	L +	5.00%	(a)	9.84%				06/2025	200		200		—		196
Tebra Technologies, Inc.+(22)	One stop	SF +	8.00%	(l)	9.41%	cash/	3.50%	PIK	06/2025	10,572		10,459		0.4		10,587
Tebra Technologies, Inc.+(22)	One stop	SF +	8.00%	(l)	9.41%	cash/	3.50%	PIK	06/2025	10,291		9,885		0.4		10,305
Tebra Technologies, Inc.+(22)	One stop	SF +	8.00%	(l)	9.41%	cash/	3.50%	PIK	06/2025	6,780		6,660		0.3		6,790
Tebra Technologies, Inc.+(22)	One stop	SF +	8.00%	(l)	9.41%	cash/	3.50%	PIK	06/2025	1,743		1,725		0.1		1,746
Tebra Technologies, Inc.+(22)	One stop	SF +	8.00%	(l)	9.41%	cash/	3.50%	PIK	06/2025	1,550		1,528		0.1		1,552
Tebra Technologies, Inc.+(22)	One stop	SF +	8.00%	(l)	9.41%	cash/	3.50%	PIK	06/2025	1,162		1,150		—		1,164
Tebra Technologies, Inc.+(22)	One stop	SF +	8.00%	(l)	9.41%	cash/	3.50%	PIK	06/2025	968		959		—		970
Tebra Technologies, Inc.+(22)	One stop	SF +	8.00%	(l)	9.41%	cash/	3.50%	PIK	06/2025	775		767		—		776
Tebra Technologies, Inc.+(22)	One stop	SF +	8.00%	(l)	9.41%	cash/	3.50%	PIK	06/2025	154		153		—		155
Tebra Technologies, Inc.+(22)	One stop	SF +	8.00%	(l)	9.41%	cash/	3.50%	PIK	06/2025	82		82		—		82
Transaction Data Systems, Inc.*#+	One stop	L +	4.50%	(b)	9.66%				02/2026	65,853		65,191		2.6		65,196
Transaction Data Systems, Inc.+(5)	One stop	L +	4.50%		N/A(6)				02/2026	—		(4)		—		(2)
Veranex, Inc.+	Senior secured	SF +	4.75%	(n)	9.57%				04/2028	3,162		3,135		0.1		2,909
Veranex, Inc.+	Senior secured	SF +	4.75%	(n)	9.61%				04/2028	18		18		—		14
Veranex, Inc.+	Senior secured	SF +	4.75%	(m)(n)	9.72%				04/2028	25		24		—		23
										196,366		194,332		7.7		193,839

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Hotels, Restaurants & Leisure


Barteca Restaurants, LLC#	One stop	SF +	5.50%	(m)	10.33%				08/2028	$	7,640	$	7,572	0.3	%	$	7,640
Barteca Restaurants, LLC+(5)	One stop	SF +	5.50%		N/A(6)				08/2028	—		(1)		—		—
Barteca Restaurants, LLC+	One stop	SF +	5.50%	(m)	10.46%				08/2028	307		289		—		307
BJH Holdings III Corp.*#+	One stop	L +	4.50%	(b)	9.25%				08/2025	50,445		51,062		2.0		48,932
BJH Holdings III Corp.+	One stop	L +	4.50%	(a)(b)	9.18%				08/2025	430		427		—		406
Davidson Hotel Company, LLC+	One stop	L +	5.25%	(a)	10.09%				07/2024	7,053		7,047		0.3		7,053
Davidson Hotel Company, LLC+	One stop	L +	5.25%	(a)	10.09%				07/2024	1,087		1,086		—		1,087
Davidson Hotel Company, LLC+	One stop	L +	5.25%		N/A(6)				07/2024	—		—		—		—
EOS Fitness Opco Holdings, LLC*#+	One stop	SF +	4.75%	(n)	9.79%				01/2026	9,345		9,350		0.4		9,345
EOS Fitness Opco Holdings, LLC+	One stop	SF +	4.75%	(n)	9.79%				01/2026	892		892		—		892
EOS Fitness Opco Holdings, LLC+	One stop	SF +	4.75%	(n)	9.73%				01/2026	32		32		—		32
EOS Fitness Opco Holdings, LLC+	One stop	SF +	4.75%	(n)	9.86%				01/2026	798		788		—		798
ESN Venture Holdings, LLC*	One stop	SF +	6.50%	(n)	11.36%				10/2028	3,643		3,596		0.2		3,643
ESN Venture Holdings, LLC+	One stop	SF +	6.50%	(n)	11.28%				10/2028	28		26		—		28
ESN Venture Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)				10/2028	—		(29)		—		—
Freddy's Frozen Custard LLC#	One stop	L +	5.00%	(a)	9.75%				03/2027	9,112		9,052		0.4		9,112
Freddy's Frozen Custard LLC+	One stop	L +	5.00%		N/A(6)				03/2027	—		—		—		—
Harri US LLC+(22)	One stop	SF +	10.50%	(n)	11.19%	cash/	4.50%	PIK	08/2026	820		746		—		823
Harri US LLC+	One stop	SF +	10.50%		N/A(6)				08/2026	—		—		—		—
Harri US LLC+(22)	One stop	SF +	6.00%	(n)	11.47%				08/2026	552		549		—		556
Harri US LLC+(22)	One stop	SF +	10.50%	(n)	11.38%	cash/	4.50%	PIK	08/2026	555		553		—		557
Health Buyer, LLC+	Senior secured	SF +	5.25%	(n)	10.29%				04/2029	2,591		2,557		0.1		2,487
Health Buyer, LLC+	Senior secured	SF +	5.25%	(l)	10.07%				04/2028	20		20		—		19
SSRG Holdings, LLC+	One stop	SF +	4.75%	(m)	9.80%				11/2025	995		987		0.1		985
SSRG Holdings, LLC+	One stop	SF +	4.75%	(m)	9.80%				11/2025	10		10		—		9
Tropical Smoothie Cafe Holdings, LLC+	One stop	SF +	5.00%	(m)	9.83%				09/2026	19,850		19,691		0.8		19,850
Tropical Smoothie Cafe Holdings, LLC*#	One stop	SF +	5.00%	(l)(m)	10.01%				09/2026	12,423		12,299		0.5		12,423
Tropical Smoothie Cafe Holdings, LLC#	One stop	SF +	5.00%	(m)	9.83%				09/2026	5,429		5,382		0.2		5,429
Tropical Smoothie Cafe Holdings, LLC+	One stop	L +	5.00%	(a)	9.85%				09/2026	10		9		—		10


										134,067		133,992		5.3		132,423
Household Durables
Groundworks LLC+	One stop	SF +	6.50%	(l)	11.36%				03/2030	6,559		6,364		0.3		6,362
Groundworks LLC+(5)	One stop	SF +	6.50%		N/A(6)				03/2030	—		(18)		—		(18)
Groundworks LLC+(5)	One stop	SF +	6.50%		N/A(6)				03/2029	—		(1)		—		(1)


										6,559		6,345		0.3		6,343
Household Products
WU Holdco, Inc.#+	One stop	SF +	5.50%	(m)	10.55%				03/2026	3,723		3,764		0.1		3,573
WU Holdco, Inc.+	One stop	SF +	5.50%	(m)	10.55%				03/2026	1,312		1,312		0.1		1,259
WU Holdco, Inc.+	One stop	SF +	5.50%	(m)	10.55%				03/2026	341		338		—		327
WU Holdco, Inc.+	One stop	SF +	5.50%	(m)	10.54%				03/2025	26		25		—		24
										5,402		5,439		0.2		5,183

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Insurance - (continued)
TigerRisk, LLC+(5) One stop L + 5.00% N/A(6) 06/2027 $ — $ (1) — % $ —
273,526 270,782 10.4 272,911
Internet & Catalog Retail
Revalize, Inc.+ One stop L + 5.75% (b) 6.76% 04/2027 15,088 14,962 0.6 15,088
Revalize, Inc.+ One stop L + 5.75% (b) 6.76% 04/2027 8,831 8,757 0.3 8,831
Revalize, Inc.+ One stop L + 5.75% (b) 6.76% 04/2027 4,379 4,342 0.2 4,379
Revalize, Inc.+ One stop L + 5.75% (b) 6.76% 04/2027 2,638 2,616 0.1 2,638
Revalize, Inc.+ One stop L + 5.75% (b) 6.76% 04/2027 1,694 1,678 0.1 1,694
Revalize, Inc.+ One stop L + 5.75% (b) 6.76% 04/2027 399 397 — 399
Revalize, Inc.+ One stop L + 5.75% (b) 6.75% 04/2027 143 140 — 143
Revalize, Inc.+(5) One stop L + 5.75% N/A(6) 04/2027 — (1) — —
33,172 32,891 1.3 33,172
IT Services
Acquia, Inc.+~ One stop L + 7.00% (b) 8.00% 10/2025 9,578 9,499 0.3 9,578
Acquia, Inc.+ One stop L + 7.00% N/A(6) 10/2025 — — — —
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ One stop L + 7.50% (b) 8.50% cash/1.00% PIK 08/2025 4,685 4,561 0.2 4,811
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ One stop L + 6.50% N/A(6) 08/2025 — — — 1
CivicPlus, LLC+ One stop L + 6.00% (b) 6.75% 08/2027 6,174 6,118 0.2 6,174
CivicPlus, LLC+ One stop L + 6.00% N/A(6) 08/2027 — — — —
CivicPlus, LLC+(5) One stop L + 6.00% N/A(6) 08/2027 — (26) — —
Cordeagle US Finco, Inc.+ One stop L + 6.75% (b) 7.75% 07/2027 5,044 4,952 0.2 4,943
Cordeagle US Finco, Inc.+(5) One stop L + 6.75% N/A(6) 07/2027 — (1) — (1)
Delinea Inc.+ One stop L + 5.75% (a) 6.75% 03/2028 16,665 16,453 0.6 16,665
Delinea Inc.# One stop L + 5.75% (b) 6.76% 03/2028 9,634 9,509 0.4 9,634
Delinea Inc.+(5) One stop L + 5.75% N/A(6) 03/2027 — (3) — —
Episerver, Inc.+ One stop L + 5.50% (b) 6.51% 04/2026 21,604 21,336 0.8 21,604
Episerver, Inc.+~(8)(9) One stop E + 5.75% (f) 5.75% 04/2026 20,227 20,413 0.8 19,936
Episerver, Inc.#+ One stop L + 5.50% (b) 6.51% 04/2026 11,999 12,091 0.5 11,999
Episerver, Inc.+ One stop L + 5.50% (b) 6.51% 04/2026 6,635 6,541 0.3 6,635
Episerver, Inc.+(5) One stop L + 5.50% N/A(6) 04/2026 — (4) — —
Episerver, Inc.+(5) One stop L + 5.50% N/A(6) 04/2026 — (3) — —
Infinisource, Inc.#+~ One stop L + 4.75% (b) 5.76% 10/2026 27,959 27,590 1.1 27,959
Infinisource, Inc.+ One stop L + 4.75% (b) 5.76% 10/2026 8,445 8,367 0.3 8,445
Infinisource, Inc.+ One stop L + 4.75% (b) 5.76% 10/2026 2,037 1,997 0.1 2,037
Infinisource, Inc.+ One stop L + 4.75% (b) 5.76% 10/2026 305 302 — 305
Infinisource, Inc.+ One stop L + 4.75% (b) 5.76% 10/2026 106 105 — 106
Infinisource, Inc.+(5) One stop L + 4.75% N/A(6) 10/2026 — (2) — —
Infinisource, Inc.+(5) One stop L + 4.75% N/A(6) 10/2026 — (12) — —
Infinisource, Inc.+(5) One stop L + 4.75% N/A(6) 10/2026 — (2) — —
PCS Intermediate II Holdings, LLC~ One stop L + 5.25% (b) 6.26% 01/2026 14,274 14,183 0.5 14,274
PCS Intermediate II Holdings, LLC+ One stop L + 5.25% (b) 6.26% 01/2026 2,060 2,043 0.1 2,060
PCS Intermediate II Holdings, LLC+(5) One stop L + 5.25% N/A(6) 01/2026 — (1) — —
Recordxtechnologies, LLC# One stop L + 5.50% (b) 6.51% 12/2025 732 727 — 732
Recordxtechnologies, LLC+ One stop L + 5.50% (b) 6.51% 12/2025 114 113 — 114
Recordxtechnologies, LLC+ One stop L + 5.50% (b) 6.51% 12/2025 42 41 — 42


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Industrial Conglomerates
Arch Global CCT Holdings Corp.#+	Senior secured	L +	4.75%	(b)	9.58%	04/2026	$	2,343	$	2,382	0.1	%	$	2,319
Arch Global CCT Holdings Corp.+	Senior secured	L +	4.75%	(b)	9.91%	04/2026	134		134		—		133
Arch Global CCT Holdings Corp.+	Senior secured	L +	4.75%	(b)	9.79%	04/2026	122		121		—		120
Arch Global CCT Holdings Corp.+	Senior secured	L +	4.75%	(b)	0.097	04/2025	12		12		—		12
Dwyer Instruments, Inc.+	One stop	L +	6.00%	(b)	11.16%	07/2027	3,902		3,836		0.1		3,902
Dwyer Instruments, Inc.+	One stop	L +	6.00%	(b)(d)	11.70%	07/2027	10		9		—		10
Dwyer Instruments, Inc.+(5)	One stop	L +	6.00%		N/A(6)	07/2027	—		(8)		—		—
Essential Services Holdings Corporation+	One stop	L +	5.75%	(a)(b)	10.50%	11/2026	1,492		1,482		0.1		1,462
Essential Services Holdings Corporation+	One stop	L +	5.75%	(a)	0.1059	11/2025	10		9		—		9
Excelitas Technologies Corp.+	One stop	SF +	5.75%	(m)	10.61%	08/2029	7,613		7,477		0.3		7,536
Excelitas Technologies Corp.+(8)(9)	One stop	E +	5.75%	(e)	8.36%	08/2029	1,278		1,195		0.1		1,265
Excelitas Technologies Corp.+	One stop	SF +	5.75%	(m)	10.61%	08/2028	87		85		—		85
Excelitas Technologies Corp.+(5)	One stop	SF +	5.75%		N/A(6)	08/2029	—		(13)		—		(9)
Madison Safety & Flow LLC+	Senior secured	SF +	4.10%	(l)	8.86%	03/2025	434		434		—		434
Madison Safety & Flow LLC+	Senior secured	SF +	4.10%		N/A(6)	03/2025	—		—		—		—
Specialty Measurement Bidco Limited+(8)(10)	One stop	SF +	5.50%	(k)	10.56%	11/2027	7,961		7,815		0.3		7,768
Specialty Measurement Bidco Limited+(8)(9)(10)	One stop	E +	5.50%	(e)	8.22%	11/2027	7,252		7,846		0.3		7,076
Specialty Measurement Bidco Limited+(8)(9)(10)	One stop	E +	5.50%	(e)	8.31%	11/2027	3,565		3,437		0.1		3,478
Specialty Measurement Bidco Limited+(8)(10)	One stop	SF +	5.75%	(k)	10.55%	11/2027	2,510		2,460		0.1		2,472
Specialty Measurement Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.75%		N/A(6)	11/2027	—		(42)		—		(44)
							38,725		38,671		1.5		38,028

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
IT Services - (continued)
Red Dawn SEI Buyer, Inc.+~(8)(9) Senior loan SN + 4.50% (k) 5.50% 11/2025 $ 23,767 $ 23,584 0.9 % $ 22,784
Red Dawn SEI Buyer, Inc.+ Senior loan L + 4.50% (b) 5.51% 11/2025 2,477 2,435 0.1 2,477
Red Dawn SEI Buyer, Inc.+ Senior loan L + 4.25% (b) 5.26% 11/2025 740 735 — 734
Red Dawn SEI Buyer, Inc.+ Senior loan L + 4.25% (b) 5.26% 11/2025 132 131 — 131
Red Dawn SEI Buyer, Inc.+(5) Senior loan L + 4.25% N/A(6) 11/2025 — (1) — (1)
Red Dawn SEI Buyer, Inc.+(5) Senior loan L + 4.50% N/A(6) 11/2025 — (4) — —
Saturn Borrower Inc.+~ One stop L + 6.50% (b) 7.51% 09/2026 20,079 19,621 0.8 19,677
Saturn Borrower Inc.+ One stop L + 6.50% (b) 7.50% 09/2026 95 92 — 93
215,609 213,480 8.2 213,948


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Insurance
Alera Group, Inc.+	One stop	SF +	6.00%	(l)	10.91%				10/2028	$	25,242	$	25,044	1.0	%	$	24,485
Alera Group, Inc.+	One stop	SF +	6.00%	(l)	10.91%				10/2028	7,173		7,088		0.3		6,958
Alera Group, Inc.+	One stop	SF +	6.00%	(l)	10.91%				10/2028	611		606		—		592
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(m)(n)	10.21%				07/2027	3,172		3,149		0.1		3,141
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(m)(n)	10.21%				07/2027	945		941		—		935
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(m)(n)	10.21%				07/2027	786		780		—		778
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(m)	10.16%				07/2027	5		5		—		5
AMBA Buyer, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				07/2027	—		—		—		(1)
Captive Resources Midco, LLC+(22)	One stop	SF +	5.75%	(l)	5.03%	cash/	5.53%	PIK	07/2029	9,895		9,721		0.4		9,697
Captive Resources Midco, LLC+(5)	One stop	SF +	5.25%		N/A(6)				07/2028	—		(3)		—		(4)
Disco Parent, Inc.+	One stop	SF +	7.50%	(m)	12.39%				03/2029	4,069		3,968		0.2		3,968
Disco Parent, Inc.+(5)	One stop	SF +	7.50%		N/A(6)				03/2029	—		(1)		—		(1)
Integrity Marketing Acquisition, LLC+	Senior secured	L +	6.05%	(b)	11.00%				08/2025	3,031		2,999		0.1		2,979
Integrity Marketing Acquisition, LLC+	One stop	L +	5.80%	(b)	10.75%				08/2025	2,408		2,402		0.1		2,354
Integrity Marketing Acquisition, LLC+	Senior secured	L +	6.05%	(b)	11.00%				08/2025	1,509		1,493		0.1		1,483
Integrity Marketing Acquisition, LLC+	Senior secured	L +	5.80%	(b)(c)	10.29%				08/2025	770		765		—		752
Integrity Marketing Acquisition, LLC+	One stop	L +	5.80%	(b)(c)	10.81%				08/2025	466		462		—		455
Integrity Marketing Acquisition, LLC+	Senior secured	L +	6.05%	(b)	11.00%				08/2025	243		241		—		239
Integrity Marketing Acquisition, LLC+	Senior secured	L +	6.02%	(b)	10.97%				08/2025	183		182		—		180
Integrity Marketing Acquisition, LLC+	One stop	SF +	6.50%		N/A(6)				08/2025	—		—		—		—
Integrity Marketing Acquisition, LLC+	One stop	SF +	6.02%	(m)	10.92%				08/2025	1,751		1,716		0.1		1,708
J.S. Held Holdings, LLC#+	One stop	L +	5.50%	(b)	10.66%				07/2025	6,388		6,372		0.3		6,261
J.S. Held Holdings, LLC+	One stop	L +	5.50%	(b)	10.66%				07/2025	1,470		1,454		0.1		1,441
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(m)	10.55%				07/2025	1,423		1,403		0.1		1,394
J.S. Held Holdings, LLC+(5)	One stop	SF +	5.50%		N/A(6)				07/2025	—		(3)		—		(8)
J.S. Held Holdings, LLC+	One stop	L +	5.50%	(b)	10.72%				07/2025	364		361		—		356
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(m)	10.55%				07/2025	162		161		—		159
Keystone Agency Partners LLC+	Senior secured	SF +	5.75%	(m)	10.80%				05/2027	2,835		2,800		0.1		2,807
Keystone Agency Partners LLC+	Senior secured	SF +	5.75%	(m)	10.80%				05/2027	181		179		—		180
Keystone Agency Partners LLC+	Senior secured	SF +	5.75%	(l)	10.80%				05/2027	363		351		—		353
Long Term Care Group, Inc.+	One stop	SF +	6.00%	(m)	10.89%				09/2027	2,969		2,925		0.1		2,732
Majesco*#	One stop	L +	7.25%	(b)	12.41%				09/2027	18,656		18,451		0.7		18,656
Majesco+(5)	One stop	L +	7.25%		N/A(6)				09/2026	—		(2)		—		—
Norvax, LLC+	Senior secured	SF +	7.50%	(l)	12.41%				09/2025	32,618		32,381		1.2		31,313
Norvax, LLC+	Senior secured	SF +	7.50%	(l)	12.41%				09/2025	9,875		9,743		0.4		9,480
Paisley Bidco Limited+(8)(9)(10)	One stop	E +	6.50%	(e)	9.11%				03/2028	1,439		1,391		0.1		1,418
Paisley Bidco Limited+(5)(8)(9)(10)	One stop	SN +	7.00%		N/A(6)				03/2028	—		(58)		—		(62)
Pareto Health Intermediate Holdings, Inc.+	One stop	L +	4.50%	(b)	9.66%				08/2025	7,189		7,146		0.3		7,189
Patriot Growth Insurance Services, LLC+	One stop	L +	5.50%	(b)	10.35%				10/2028	11,007		10,920		0.4		10,671
Patriot Growth Insurance Services, LLC+(5)	One stop	L +	5.50%		N/A(6)				10/2028	—		(1)		—		(2)
Patriot Growth Insurance Services, LLC+	One stop	L +	5.75%	(b)	10.78%				10/2028	529		510		—		485
People Corporation+(8)(9)(12)	One stop	C +	6.25%	(i)	11.24%				02/2028	13,743		14,481		0.5		13,743
People Corporation+(8)(9)(12)	One stop	C +	6.25%	(i)	11.24%				02/2028	4,485		4,854		0.2		4,485
People Corporation+(8)(9)(12)	One stop	C +	5.50%	(h)(i)	10.49%				02/2028	4,340		4,447		0.2		4,010
People Corporation+(8)(9)(12)	One stop	C +	6.25%	(i)	11.28%				02/2027	39		36		—		39
RSC Acquisition, Inc.*#+	One stop	SF +	5.50%	(m)	10.35%				10/2026	25,504		25,215		1.0		24,994
RSC Acquisition, Inc.+	One stop	SF +	5.50%	(m)	10.40%				10/2026	6,527		6,293		0.3		6,397

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Leisure Products
WBZ Investment LLC#+ One stop L + 6.50% (b) 6.50% cash/1.00% PIK 09/2024 $ 8,648 $ 8,685 0.3 % $ 8,648
WBZ Investment LLC+ One stop L + 6.50% (b) 6.50% cash/1.00% PIK 09/2024 1,239 1,234 0.1 1,239
WBZ Investment LLC+ One stop L + 6.50% (b) 6.50% cash/1.00% PIK 09/2024 861 878 — 861
WBZ Investment LLC+ One stop L + 6.50% (b) 6.50% cash/1.00% PIK 09/2024 442 451 — 442
WBZ Investment LLC+ One stop L + 6.50% (b) 6.50% cash/1.00% PIK 09/2024 82 82 — 82
11,272 11,330 0.4 11,272
Life Sciences Tools & Services
Covaris Intermediate 3, LLC+ One stop L + 5.25% (b) 6.00% 01/2028 5,924 5,866 0.2 5,924
Covaris Intermediate 3, LLC+(5) One stop L + 5.25% N/A(6) 01/2028 — (1) — —
Covaris Intermediate 3, LLC+(5) One stop L + 5.25% N/A(6) 01/2028 �� (3) — —
PAS Parent Inc.*#+ One stop L + 5.50% (b) 6.51% 12/2028 33,709 33,055 1.3 33,709
PAS Parent Inc.+(5) One stop L + 5.50% N/A(6) 12/2027 — (9) — —
PAS Parent Inc.+(5) One stop L + 5.50% (b) N/A(6) 12/2028 — (5) — —
Reaction Biology Corporation+ One stop SF + 5.25% (m) 6.00% 03/2029 8,064 7,984 0.3 7,983
Reaction Biology Corporation+(5) One stop SF + 5.25% N/A(6) 03/2029 — (1) — (2)
Reaction Biology Corporation+(5) One stop SF + 5.25% N/A(6) 03/2029 — (5) — (5)
Unchained Labs, LLC+ Senior loan L + 5.50% (a) 6.50% 08/2027 848 833 — 848
Unchained Labs, LLC+(5) Senior loan L + 5.50% N/A(6) 08/2027 — (1) — —
Unchained Labs, LLC+(5) Senior loan L + 5.50% N/A(6) 08/2027 — (19) — —
48,545 47,694 1.8 48,457
Machinery
Bad Boy Mowers Acquisition, LLC+ Senior loan L + 4.25% (b) 5.00% 03/2028 1,866 1,862 0.1 1,866
Blackbird Purchaser, Inc. *+~ Senior loan L + 4.50% (a)(b) 5.27% 04/2026 19,184 19,320 0.7 19,184
Blackbird Purchaser, Inc. +(5) Senior loan L + 4.50% N/A(6) 10/2025 — (1) — —
Blackbird Purchaser, Inc. +(5) Senior loan L + 4.50% N/A(6) 04/2026 — (3) — —
Chase Industries, Inc.+~(7) Senior loan L + 7.00% (b) 6.51% cash/1.50% PIK 05/2025 12,059 12,139 0.3 7,839
Chase Industries, Inc.+(7) Senior loan L + 7.00% (b) 6.51% cash/1.50% PIK 05/2025 985 1,009 — 641
Chase Industries, Inc.+(7) Senior loan L + 7.00% (b) 6.50% cash/1.50% PIK 05/2023 350 351 — 224
34,444 34,677 1.1 29,754
Marine
Veson Nautical LLC#+ One stop L + 4.75% (a) 5.75% 11/2025 9,668 9,598 0.4 9,668
Veson Nautical LLC* One stop L + 4.75% (a) 5.75% 11/2025 7,173 7,113 0.3 7,173
Veson Nautical LLC+(5) One stop L + 4.75% N/A(6) 11/2025 — (1) — —
16,841 16,710 0.7 16,841
Media
Triple Lift, Inc.+ One stop SF + 5.75% (l) 6.50% 05/2028 5,370 5,277 0.2 5,263
Triple Lift, Inc.+ One stop SF + 5.75% (l) 6.50% 05/2028 1,139 1,116 — 1,116
Triple Lift, Inc.+(5) One stop L + 5.75% N/A(6) 05/2028 — (1) — (1)
6,509 6,392 0.2 6,378
Multiline Retail
Mills Fleet Farm Group LLC*#+~ One stop L + 6.25% (a) 7.25% 10/2024 46,470 46,396 1.8 46,470
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.*+~(8)(12) One stop L + 6.75% (b) 7.75% 05/2025 20,524 20,621 0.8 20,524
3ES Innovation, Inc.+(5)(8)(12) One stop L + 6.75% N/A(6) 05/2025 — (1) — —


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
RSC Acquisition, Inc.+	One stop	SF +	5.50%	(m)	10.50%				10/2026	$	1,511	$	1,500	0.1	%	$	1,481
RSC Acquisition, Inc.+	One stop	SF +	5.50%	(m)	10.68%				10/2026	49		48		—		47
RSC Acquisition, Inc.+	One stop	SF +	5.50%	(m)	10.55%				10/2026	295		271		—		236
RSC Acquisition, Inc.+	One stop	SF +	5.50%	(m)	10.58%				10/2026	2,654		2,633		0.1		2,601
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00%	(m)	11.05%				10/2026	772		763		—		772
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00%	(m)	11.05%				10/2026	918		912		—		918
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00%	(m)	11.05%				10/2026	391		386		—		391
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00%		N/A(6)				10/2026	—		—		—		—

										220,955		219,881		8.6		215,640
Internet & Catalog Retail
Revalize, Inc.+	One stop	SF +	5.75%	(l)	10.66%				04/2027	14,936		14,836		0.5		13,443
Revalize, Inc.+	One stop	SF +	5.75%	(l)	10.66%				04/2027	8,742		8,683		0.3		7,868
Revalize, Inc.+	One stop	SF +	5.75%	(l)	10.66%				04/2027	4,335		4,305		0.2		3,901
Revalize, Inc.+	One stop	SF +	5.75%	(l)	10.66%				04/2027	2,611		2,594		0.1		2,350
Revalize, Inc.+	One stop	SF +	5.75%	(l)	10.66%				04/2027	1,683		1,670		0.1		1,515
Revalize, Inc.+	One stop	SF +	5.75%	(l)	10.66%				04/2027	395		393		—		356
Revalize, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				04/2027	—		(1)		—		(23)
Revalize, Inc.+	One stop	SF +	5.75%	(l)	10.66%				04/2027	43		41		—		38
										32,745		32,521		1.2		29,448
IT Services
Acquia, Inc.+	One stop	L +	7.00%	(b)	11.79%				10/2025	9,578		9,520		0.4		9,482
Acquia, Inc.+	One stop	L +	7.00%	(c)	12.16%				10/2025	56		55		—		55
CivicPlus, LLC+(22)	One stop	L +	6.75%	(b)	9.20%	cash/	2.50%	PIK	08/2027	6,239		6,180		0.2		6,114
CivicPlus, LLC+(22)	One stop	L +	6.75%	(b)	9.20%	cash/	2.50%	PIK	08/2027	3,685		3,654		0.1		3,611
CivicPlus, LLC+(22)	One stop	L +	6.75%	(b)	9.20%	cash/	2.50%	PIK	08/2027	2,924		2,897		0.1		2,866
CivicPlus, LLC+(22)	One stop	SF +	11.75%	(n)	16.58%				06/2034	216		211		—		214
CivicPlus, LLC+(5)	One stop	L +	6.75%		N/A(6)				08/2027	—		(1)		—		(2)
Critical Start, Inc.+(22)	One stop	SF +	6.75%	(m)	7.77%	cash/	3.63%	PIK	05/2028	3,286		3,258		0.1		3,237
Critical Start, Inc.+(22)	One stop	SF +	6.75%	(l)	7.89%	cash/	3.63%	PIK	05/2028	1,507		1,477		0.1		1,485
Critical Start, Inc.+(5)	One stop	SF +	6.75%		N/A(6)				05/2028	—		(1)		—		(1)
Delinea Inc.+	One stop	L +	6.00%	(b)	11.16%				03/2028	16,496		16,322		0.6		15,836
Delinea Inc.#	One stop	L +	6.00%	(b)	11.16%				03/2028	9,537		9,433		0.4		9,156
Delinea Inc.+	One stop	L +	6.00%	(b)	11.16%				03/2027	118		116		—		111
Episerver, Inc.#+	One stop	L +	5.75%	(b)	10.91%				04/2026	21,386		21,187		0.8		20,530
Episerver, Inc.+(8)(9)	One stop	E +	6.00%	(e)	8.99%				04/2026	19,328		20,127		0.7		18,555
Episerver, Inc.*#	One stop	L +	5.75%	(b)	10.91%				04/2026	11,875		11,923		0.5		11,400
Episerver, Inc.*	One stop	L +	5.75%	(b)	10.91%				04/2026	6,568		6,499		0.3		6,305
Episerver, Inc.+(5)	One stop	L +	5.75%		N/A(6)				04/2026	—		(2)		—		(22)
Episerver, Inc.+(5)	One stop	L +	5.75%		N/A(6)				04/2026	—		(3)		—		(20)
Goldcup 31018 AB+(8)(9)(17)(22)	One stop	E +	9.57%	(f)	6.07%	cash/	6.32%	PIK	07/2029	8,646		7,910		0.4		8,559
Goldcup 31018 AB+(5)(8)(9)(17)	One stop	E +	6.50%		N/A(6)				01/2029	—		(2)		—		(1)
Goldcup 31018 AB+(5)(8)(9)(17)	One stop	E +	6.50%		N/A(6)				07/2029	—		(15)		—		(14)
Infinisource, Inc.*#	One stop	SF +	5.00%	(m)	10.05%				10/2026	27,664		27,378		1.1		27,111
Infinisource, Inc.+	One stop	SF +	5.00%	(m)	10.05%				10/2026	8,361		8,300		0.3		8,193
Infinisource, Inc.+	One stop	SF +	5.00%	(m)	10.05%				10/2026	2,016		1,985		0.1		1,976
Infinisource, Inc.+	One stop	SF +	5.00%	(m)	10.05%				10/2026	302		300		—		296
Infinisource, Inc.+	One stop	SF +	5.00%	(m)	10.05%				10/2026	213		212		—		209
Infinisource, Inc.+	One stop	SF +	5.00%	(m)	10.05%				10/2026	105		104		—		103
Infinisource, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				10/2026	—		(3)		—		(8)
Infinisource, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				10/2026	—		(1)		—		(3)

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Oil, Gas & Consumable Fuels - (Continued)
Drilling Info Holdings, Inc.*#+~ Senior loan L + 4.25% (a) 4.71% 07/2025 $ 37,258 $ 37,590 1.4 % $ 37,258
Drilling Info Holdings, Inc.~ Senior loan L + 4.50% (a) 4.96% 07/2025 17,080 16,783 0.6 17,080
Drilling Info Holdings, Inc.+(5) Senior loan L + 4.25% N/A(6) 07/2023 — (1) — (2)
Drilling Info Holdings, Inc.+(5) Senior loan L + 4.50% N/A(6) 07/2023 — (1) — —
Project Power Buyer, LLC*#+ One stop L + 6.00% (b) 7.01% 05/2026 15,544 15,652 0.6 15,544
Project Power Buyer, LLC+ One stop L + 6.00% N/A(6) 05/2025 — — — —
90,406 90,643 3.4 90,404
Paper & Forest Products
Messenger, LLC+ One stop L + 5.75% (b) 6.76% 12/2027 8,815 8,730 0.3 8,815
Messenger, LLC+ One stop L + 5.75% (b) 6.75% 12/2027 100 99 — 100
Messenger, LLC+ One stop P + 4.75% (a)(e) 7.89% 12/2027 31 30 — 31
Messenger, LLC+ One stop L + 5.75% N/A(6) 12/2027 — — — —
8,946 8,859 0.3 8,946
Personal Products
IMPLUS Footwear, LLC+~ One stop L + 7.75% (b) 8.76% 04/2024 30,514 30,757 1.1 28,378
IMPLUS Footwear, LLC+~ One stop L + 7.75% (b) 8.76% 04/2024 5,211 5,253 0.2 4,846
IMPLUS Footwear, LLC*+ One stop L + 7.75% (b) 8.76% 04/2024 751 766 — 699
36,476 36,776 1.3 33,923


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Infinisource, Inc.+	One stop	SF +	5.00%	(m)	10.05%				10/2026	$	86	$	76	—	%	$	84
Infinisource, Inc.+	One stop	L +	5.00%	(c)	10.22%				10/2026	486		483		—		477
Infinisource, Inc.+	One stop	L +	5.00%	(c)(m)	10.07%				10/2026	287		278		—		281
Netwrix Corporation*+	One stop	SF +	5.00%	(m)(n)	10.12%				06/2029	4,163		4,132		0.2		4,122
Netwrix Corporation+	One stop	SF +	5.00%	(m)	9.90%				06/2029	44		42		—		42
Netwrix Corporation+(5)	One stop	SF +	5.00%		N/A(6)				06/2029	—		(7)		—		(13)
PCS Intermediate II Holdings, LLC#	One stop	L +	5.25%	(b)	10.08%				01/2026	14,129		14,061		0.6		14,129
PCS Intermediate II Holdings, LLC#	One stop	L +	5.25%	(b)	10.08%				01/2026	2,040		2,027		0.1		2,040
PCS Intermediate II Holdings, LLC+	One stop	L +	5.25%	(b)	10.41%				01/2026	45		45		—		45
Recordxtechnologies, LLC#(22)	One stop	SF +	8.00%	(m)	11.40%	cash/	1.50%	PIK	12/2025	729		724		0.1		707
Recordxtechnologies, LLC+(22)	One stop	SF +	8.00%	(m)	11.40%	cash/	1.50%	PIK	12/2025	114		113		—		110
Recordxtechnologies, LLC+(22)	One stop	SF +	8.00%	(m)	11.40%	cash/	1.50%	PIK	12/2025	56		56		—		54
Red Dawn SEI Buyer, Inc.+(8)(9)	Senior secured	SN +	4.50%	(j)	8.68%				11/2025	21,166		23,399		0.8		20,710
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.50%	(m)	9.50%				11/2025	5,514		5,483		0.2		5,395
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.25%	(m)	9.25%				11/2025	733		729		0.1		713
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.25%	(m)	9.25%				11/2025	130		130		—		127
Red Dawn SEI Buyer, Inc.+(5)	Senior secured	SF +	4.50%		N/A(6)				11/2025	—		(1)		—		(2)
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.25%	(m)	9.25%				11/2025	13		13		—		10
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.50%	(m)	9.50%				11/2025	318		316		—		311
ReliaQuest Holdings, LLC+	One stop	SF +	10.75%	(n)	15.57%				10/2026	1,098		1,080		—		1,098
ReliaQuest Holdings, LLC+	One stop	SF +	10.75%	(m)(n)	15.70%				10/2026	128		128		—		128
ReliaQuest Holdings, LLC+(5)	One stop	SF +	10.75%		N/A(6)				10/2026	—		(1)		—		—
Saturn Borrower Inc.+(22)	One stop	L +	7.25%	(b)	11.66%	cash/	0.75%	PIK	09/2026	19,943		19,591		0.7		18,747
Saturn Borrower Inc.+	One stop	L +	6.50%	(b)	11.66%				09/2026	103		101		—		95
Zarya Holdco, Inc.+	Senior secured	SF +	6.50%	(l)	11.31%				07/2027	4,789		4,789		0.2		4,789
Zarya Holdco, Inc.+	Senior secured	SF +	6.50%		N/A(6)				07/2027	—		—		—		—


										236,220		236,807		9.2		229,532

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Pharmaceuticals
ACP Ulysses Buyer, Inc.*#+ Senior loan L + 5.50% (a) 6.51% 02/2026 $ 25,616 $ 25,384 1.0 % $ 25,616
Amalthea Parent, Inc.*#+(8)(12) One stop L + 4.75% (a) 5.50% 03/2027 54,296 53,748 2.1 54,296
Amalthea Parent, Inc.+(5)(8)(12) One stop L + 4.75% N/A(6) 03/2027 — (3) — —
Amalthea Parent, Inc.+(5)(8)(12) One stop L + 4.75% N/A(6) 03/2027 — (53) — —
Amalthea Parent, Inc.+(5)(8)(12) One stop L + 4.75% N/A(6) 03/2027 — (3) — —
Apothecary Products, LLC+ Senior loan SF + 5.00% (n) 6.00% 07/2023 2,891 2,940 0.1 2,891
Apothecary Products, LLC+ Senior loan SF + 5.00% (n)(o) 6.03% 07/2023 313 313 — 313
Cobalt Buyer Sub, Inc.+ One stop L + 5.25% (a) 6.00% 10/2028 10,681 10,482 0.4 10,681
Cobalt Buyer Sub, Inc.+ One stop L + 5.25% (a)(b) 6.00% 10/2027 21 19 — 21
Cobalt Buyer Sub, Inc.+(5) One stop L + 5.25% N/A(6) 10/2028 — (33) — —
Spark Bidco Limited+(8)(9)(10) Senior loan SN + 4.75% (k) 5.44% 08/2028 26,972 26,602 1.0 25,755
Spark Bidco Limited+(5)(8)(9)(10) Senior loan SN + 4.75% N/A(6) 02/2028 — (2) — —
Spark Bidco Limited+(5)(8)(9)(10) Senior loan SN + 4.75% N/A(6) 08/2028 — (70) — —
120,790 119,324 4.6 119,573
Professional Services
DISA Holdings Acquisition Subsidiary Corp.+~ Senior loan L + 4.00% (a) 5.00% 06/2022 8,441 8,457 0.3 8,441
DISA Holdings Acquisition Subsidiary Corp.+ Senior loan L + 4.00% N/A(6) 06/2022 — — — —
IG Investments Holdings, LLC+ One stop L + 6.00% (b) 7.01% 09/2028 7,129 7,002 0.3 7,129
IG Investments Holdings, LLC+ One stop P + 5.00% (e) 8.50% 09/2027 9 8 — 9
NBG Acquisition Corp. and NBG-P Acquisition Corp.+ One stop L + 5.25% (b) 6.00% 11/2028 7,520 7,466 0.3 7,520
NBG Acquisition Corp. and NBG-P Acquisition Corp.+ One stop L + 5.25% (b) 6.00% 11/2028 33 32 — 33
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5) One stop L + 5.25% N/A(6) 11/2028 — (16) — —
Net Health Acquisition Corp.+ One stop L + 5.75% (a) 6.75% 12/2025 13,303 13,200 0.5 13,303
Net Health Acquisition Corp.*# One stop L + 5.75% (a) 6.75% 12/2025 8,422 8,431 0.3 8,422
Net Health Acquisition Corp.+~ One stop L + 5.75% (a) 6.75% 12/2025 6,741 6,779 0.3 6,741
Net Health Acquisition Corp.# One stop L + 5.75% (a) 6.75% 12/2025 4,259 4,213 0.2 4,259
Net Health Acquisition Corp.*# One stop L + 5.75% (a) 6.75% 12/2025 1,177 1,178 — 1,177
Net Health Acquisition Corp.+(5) One stop L + 5.75% N/A(6) 12/2025 — (3) — —
PlanSource Holdings, Inc. +~ One stop L + 6.25% (b)(c) 7.25% 04/2025 11,416 11,475 0.4 11,416
PlanSource Holdings, Inc. + One stop L + 6.25% (c) 7.25% 04/2025 1,932 1,918 0.1 1,932
PlanSource Holdings, Inc. + One stop L + 6.25% (b) 7.25% 04/2025 139 138 — 139
PlanSource Holdings, Inc. +(5) One stop L + 6.25% N/A(6) 04/2025 — (1) — —
ProcessMAP Corporation+ One stop L + 6.25% (b) 3.51% cash/3.75% PIK 12/2027 3,873 3,837 0.1 3,873
ProcessMAP Corporation+(5) One stop L + 6.00% N/A(6) 12/2027 — — — (1)
Procure Acquireco, Inc.#+ One stop L + 5.50% (b) 6.25% 12/2028 17,723 17,552 0.7 17,723
Procure Acquireco, Inc.+(5) One stop L + 5.50% N/A(6) 12/2028 — (1) — —
Procure Acquireco, Inc.+(5) One stop L + 5.50% N/A(6) 12/2028 — (3) — —
Teaching Company, The*#+ One stop L + 4.75% (b) 5.75% 07/2023 17,508 17,589 0.7 17,508
Teaching Company, The+ One stop L + 4.75% N/A(6) 07/2023 — — — —
109,625 109,251 4.2 109,624
%


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Leisure Products
WBZ Investment LLC#+(22)	One stop	L +	6.50%	(c)	10.65%	cash/	1.00%	PIK	09/2024	$	8,649	$	8,673	0.3	%	$	8,649
WBZ Investment LLC+(22)	One stop	L +	6.50%	(c)	10.65%	cash/	1.00%	PIK	09/2024	1,240		1,236		0.1		1,240
WBZ Investment LLC+(22)	One stop	L +	6.50%	(c)	10.65%	cash/	1.00%	PIK	09/2024	861		871		—		861
WBZ Investment LLC+(22)	One stop	L +	6.50%	(c)	10.65%	cash/	1.00%	PIK	09/2024	446		452		—		446
WBZ Investment LLC+	One stop	L +	6.50%		N/A(6)				09/2024	—		—		—		—
										11,196		11,232		0.4		11,196
Life Sciences Tools & Services
Celerion Buyer, Inc.*#	One stop	SF +	6.50%	(m)	11.18%				11/2029	21,488		20,984		0.9		21,488
Celerion Buyer, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(1)		—		—
Celerion Buyer, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				11/2029	—		(80)		—		—
Covaris Intermediate 3, LLC+	One stop	L +	4.75%	(b)	9.91%				01/2028	5,879		5,832		0.2		5,762
Covaris Intermediate 3, LLC+	One stop	L +	4.75%	(b)	9.91%				01/2028	18		18		—		17
Covaris Intermediate 3, LLC+(5)	One stop	L +	4.75%		N/A(6)				01/2028	—		(2)		—		(6)
PAS Parent Inc.*#+	One stop	L +	5.50%	(a)	10.34%				12/2028	33,662		33,105		1.3		32,989
PAS Parent Inc.+	One stop	L +	5.50%	(a)	10.30%				12/2027	39		31		—		31
PAS Parent Inc.+(5)	One stop	SF +	5.50%		N/A(6)				12/2028	—		(4)		—		(3)
Reaction Biology Corporation#	One stop	SF +	5.00%	(n)	10.11%				03/2029	7,983		7,915		0.3		7,743
Reaction Biology Corporation+(5)	One stop	SF +	5.00%		N/A(6)				03/2029	—		(2)		—		(6)
Reaction Biology Corporation+(5)	One stop	SF +	5.00%		N/A(6)				03/2029	—		(1)		—		(5)
Reaction Biology Corporation+	One stop	SF +	5.00%	(n)	10.11%				03/2029	183		181		—		177
Reaction Biology Corporation+	One stop	SF +	5.00%	(n)	10.11%				03/2029	121		120		—		118
Unchained Labs, LLC+	Senior secured	SF +	5.50%	(l)	10.36%				08/2027	994		970		0.1		951
Unchained Labs, LLC+	Senior secured	SF +	5.50%	(l)	10.36%				08/2027	839		827		—		822
Unchained Labs, LLC+(5)	Senior secured	SF +	5.50%		N/A(6)				08/2027	—		—		—		(1)










										71,206		69,893		2.8		70,077
Machinery
Bad Boy Mowers Acquisition, LLC+	Senior secured	L +	4.25%	(b)	9.25%				03/2028	1,866		1,862		0.1		1,847
Blackbird Purchaser, Inc.*+	Senior secured	SF +	4.50%	(l)	9.41%				04/2026	19,102		19,205		0.8		18,910
Blackbird Purchaser, Inc.+	Senior secured	L +	4.50%	(a)	9.27%				10/2025	144		144		—		142
Blackbird Purchaser, Inc.+(5)	Senior secured	L +	4.50%		N/A(6)				04/2026	—		(2)		—		(2)
Chase Industries, Inc.+(7)(22)(23)	Senior secured	L +	7.00%	(b)	12.16%				05/2025	12,059		12,096		0.5		11,844
Chase Industries, Inc.+(7)(22)(23)	Senior secured	L +	7.00%	(b)	12.16%				05/2025	985		1,001		—		968
Chase Industries, Inc.+(7)(22)(23)	Senior secured	L +	7.00%	(b)	12.11%				05/2025	304		305		—		290

										34,460		34,611		1.4		33,999
Marine
Project Nike Purchaser, LLC+	One stop	SF +	6.00%	(m)	10.90%				04/2029	18,905		18,742		0.7		18,149
Project Nike Purchaser, LLC+	One stop	SF +	6.00%	(m)	10.90%				04/2029	75		73		—		65
Project Nike Purchaser, LLC+(5)	One stop	SF +	6.00%		N/A(6)				04/2029	—		(6)		—		(30)
										18,980		18,809		0.7		18,184
Media
Triple Lift, Inc.+	One stop	SF +	5.50%	(n)	10.36%				05/2028	5,316		5,239		0.2		5,157
Triple Lift, Inc.+	One stop	SF +	5.50%	(n)	10.23%				05/2028	1,127		1,108		0.1		1,093
Triple Lift, Inc.+	One stop	SF +	5.25%	(n)	9.59%				05/2028	27		26		—		25
										6,470		6,373		0.3		6,275
Multiline Retail
Mills Fleet Farm Group LLC*#+	One stop	L +	6.25%	(b)	11.08%				10/2024	45,138		45,101		1.8		45,138

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Real Estate Management & Development
Inhabit IQ Inc.+ One stop L + 6.00% (a) 7.00% 07/2025 $ 21,861 $ 21,675 0.8 % $ 21,861
Inhabit IQ Inc.#+ One stop L + 6.00% (b) 7.00% 07/2025 19,539 19,602 0.7 19,539
Inhabit IQ Inc.+~ One stop L + 6.00% (b) 7.00% 07/2025 13,460 13,312 0.5 13,460
Inhabit IQ Inc.+ One stop L + 6.00% (b) 7.00% 07/2025 12,430 12,324 0.5 12,430
Inhabit IQ Inc.*# One stop L + 6.00% (b) 7.00% 07/2025 6,551 6,597 0.3 6,551
Inhabit IQ Inc.+~ One stop L + 6.00% (b) 7.00% 07/2025 3,193 3,244 0.1 3,193
Inhabit IQ Inc.#+ One stop L + 6.00% (b) 7.00% 07/2025 1,403 1,424 0.1 1,403
Inhabit IQ Inc.#+ One stop L + 6.00% (b) 7.00% 07/2025 1,187 1,205 — 1,187
Inhabit IQ Inc.#+ One stop L + 6.00% (b) 7.00% 07/2025 1,170 1,189 — 1,170
Inhabit IQ Inc.+ One stop L + 6.00% (b) 7.00% 07/2025 936 930 0.1 936
Inhabit IQ Inc.+ One stop L + 6.00% (b) 7.00% 07/2025 494 501 — 494
Inhabit IQ Inc.+(5) One stop L + 6.00% N/A(6) 07/2025 — (1) — —
MRI Software LLC*+ One stop L + 5.50% (b) 6.51% 02/2026 14,433 14,341 0.6 14,433
MRI Software LLC+ One stop L + 5.50% (b) 6.51% 02/2026 4,230 4,178 0.2 4,230
MRI Software LLC+(5) One stop L + 5.50% N/A(6) 02/2026 — (2) — —
MRI Software LLC+(5) One stop L + 5.50% N/A(6) 02/2026 — (1) — —
MRI Software LLC+(5) One stop L + 5.50% N/A(6) 02/2026 — (2) — —
RPL Bidco Limited+(8)(9)(10) One stop SN + 5.75% (k) 6.44% 08/2028 20,251 20,021 0.7 19,185
RPL Bidco Limited+(8)(9)(10) One stop A + 5.75% (h) 5.90% 08/2028 2,202 2,169 0.1 2,234
RPL Bidco Limited+(8)(9)(10) One stop SN + 5.75% N/A(6) 02/2028 — — — —
123,340 122,706 4.7 122,306
Road & Rail
Channelside Acquisitona Co, Inc.+ One stop L + 5.25% (b) 6.26% 07/2028 4,263 4,168 0.2 4,263
Channelside Acquisitona Co, Inc.+ One stop L + 5.25% (a) 6.25% 07/2026 3 2 — 3
Channelside Acquisitona Co, Inc.+ One stop L + 5.25% (b) N/A(6) 07/2028 — — — —
Internet Truckstop Group LLC*# One stop L + 5.50% (b) 6.51% 04/2025 22,244 22,583 0.8 22,244
Internet Truckstop Group LLC+ One stop L + 5.50% (b) 6.51% 04/2025 9,740 9,631 0.4 9,740
Internet Truckstop Group LLC+(5) One stop L + 5.50% N/A(6) 04/2025 — (2) — —
36,250 36,382 1.4 36,250


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.*+(8)(12)	One stop	L +	6.50%	(a)	11.35%				05/2025	$	20,314	$	20,381	0.8	%	$	20,314
3ES Innovation, Inc.+(8)(12)	One stop	L +	6.50%	(a)	11.35%				05/2025	80		79		—		80
Envernus, Inc.*#+	Senior secured	L +	4.25%	(a)	9.09%				07/2025	36,873		37,107		1.4		36,683
Envernus, Inc.+	Senior secured	L +	4.50%	(a)	9.34%				07/2025	16,906		16,697		0.7		16,906
Envernus, Inc.+	Senior secured	L +	4.25%	(a)	9.09%				09/2024	86		86		—		86
Envernus, Inc.+	Senior secured	L +	4.50%	(a)	9.34%				09/2024	69		67		—		69
Project Power Buyer, LLC*#+	One stop	SF +	7.00%	(m)	11.90%				05/2026	40,270		39,658		1.6		39,667
Project Power Buyer, LLC+(5)	One stop	SF +	7.00%		N/A(6)				05/2025	—		(1)		—		(3)
										114,598		114,074		4.5		113,802
Paper & Forest Products
Messenger, LLC#+	One stop	SF +	5.75%	(l)	10.66%				12/2027	10,124		10,043		0.4		9,720
Messenger, LLC+	One stop	SF +	5.75%	(l)	10.59%				12/2027	99		98		—		95
Messenger, LLC+	One stop	SF +	5.75%	(l)	10.66%				12/2027	50		49		—		48
Messenger, LLC+	One stop	P +	4.75%	(d)(l)	11.90%				12/2027	49		49		—		47
										10,322		10,239		0.4		9,910
Personal Products
IMPLUS Footcare, LLC+(22)	One stop	SF +	9.25%	(m)	12.80%	cash/	1.50%	PIK	04/2024	30,446		30,584		1.1		28,010
IMPLUS Footcare, LLC+(22)	One stop	SF +	9.25%	(m)	12.80%	cash/	1.50%	PIK	04/2024	5,200		5,223		0.2		4,784
IMPLUS Footcare, LLC*+(22)	One stop	SF +	9.25%	(m)	12.80%	cash/	1.50%	PIK	04/2024	750		757		—		689
										36,396		36,564		1.3		33,483

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Software
Accela, Inc.*#+ One stop L + 7.50% (a) 4.25% cash/4.25% PIK 09/2024 $ 4,618 $ 4,597 0.2 % $ 4,618
Accela, Inc.+ One stop L + 7.50% (a) 4.25% cash/4.25% PIK 09/2024 274 272 — 274
Accela, Inc.+ One stop L + 7.00% (a) 8.00% 09/2024 20 20 — 20
AgKnowledge Holdings Company, Inc.+ Senior loan L + 4.75% (b)(c) 6.25% 07/2023 134 130 — 131
Appfire Technologies, LLC#+ One stop L + 5.50% (b) 6.51% 03/2027 35,951 35,481 1.4 35,951
Appfire Technologies, LLC+ One stop L + 5.50% (b) 6.51% 03/2027 20 19 — 20
Appfire Technologies, LLC+(5) One stop L + 5.50% N/A(6) 03/2027 — (10) — —
Apptio, Inc. +~ One stop L + 7.25% (b) 8.25% 01/2025 57,010 57,473 2.2 57,010
Apptio, Inc. + One stop L + 7.25% (b) 8.25% 01/2025 76 76 — 76
Aras Corporation+ One stop L + 7.00% (b) 4.25% cash/3.75% PIK 04/2027 13,896 13,780 0.5 13,896
Aras Corporation+(5) One stop L + 6.50% N/A(6) 04/2027 — (1) — (2)
Auvik Networks Inc.+(8)(12) One stop L + 5.75% (b) 4.00% cash/2.75% PIK 07/2027 6,938 6,877 0.3 6,938
Auvik Networks Inc.+(5)(8)(12) One stop L + 5.50% N/A(6) 07/2027 — (1) — —
Axiom Merger Sub Inc.+~ One stop L + 5.25% (b)(c) 6.25% 04/2026 5,758 5,786 0.3 5,758
Axiom Merger Sub Inc.+~(8)(9) One stop E + 5.50% (f)(g) 5.50% 04/2026 2,379 2,393 0.1 2,362
Axiom Merger Sub Inc.+ One stop L + 5.25% (c) 6.25% 04/2026 273 271 — 273
Axiom Merger Sub Inc.+ One stop L + 5.25% (c) 6.25% 04/2026 12 11 — 12
Axiom Merger Sub Inc.+(5) One stop L + 5.25% N/A(6) 10/2025 — (1) — —
Bayshore Intermediate #2, L.P.+ One stop L + 7.75% (b) 8.50% 10/2028 61,235 59,984 2.3 61,235
Bayshore Intermediate #2, L.P.+(5) One stop L + 6.75% N/A(6) 10/2027 — (3) — (7)
Bearcat Buyer, Inc.+~ Senior loan L + 4.25% (b) 5.26% 07/2026 2,884 2,900 0.1 2,884
Bearcat Buyer, Inc.+ Senior loan L + 4.25% (b) 5.26% 07/2026 514 514 — 514
Bearcat Buyer, Inc.~ Senior loan L + 4.25% (b) 5.26% 07/2026 305 303 — 305
Bearcat Buyer, Inc.+ Senior loan L + 4.25% N/A(6) 07/2024 — — — —
Beqom North America, Inc.+ One stop L + 7.50% (b) 7.00% cash/1.50% PIK 06/2026 930 926 — 991
Beqom North America, Inc.+ One stop L + 6.00% N/A(6) 06/2026 — — — —
Bullhorn, Inc.*#+~ One stop L + 5.75% (b) 6.76% 09/2026 66,285 65,447 2.5 66,285
Bullhorn, Inc.+(8)(9) One stop SN + 6.00% (k) 6.69% 09/2026 11,827 11,676 0.5 12,632
Bullhorn, Inc.+(8)(9) One stop E + 5.75% (f) 5.75% 09/2026 4,749 4,688 0.2 4,808
Bullhorn, Inc.+ One stop L + 5.75% (b) 6.76% 09/2026 215 212 — 215
Bullhorn, Inc.+ One stop L + 5.75% (b) 6.76% 09/2026 96 95 — 96
Bullhorn, Inc.+ One stop L + 5.75% (b) 6.76% 09/2026 77 76 — 77
Bullhorn, Inc.+(5) One stop L + 5.75% N/A(6) 09/2026 — (3) — —
Burning Glass Intermediate Holdings Company, Inc.#+ One stop L + 5.00% (a) 6.00% 06/2028 9,869 9,693 0.4 9,869
Burning Glass Intermediate Holdings Company, Inc.+ One stop L + 5.00% (b) 6.00% 06/2026 21 19 — 21
Calabrio, Inc. + One stop L + 7.00% (b) 8.01% 04/2027 53,683 53,006 2.0 53,683
Calabrio, Inc. +(5) One stop L + 7.00% N/A(6) 04/2027 — (4) — —
Community Brands Parentco LLC+ One stop SF + 5.90% (n) 6.50% 02/2028 14,266 13,985 0.5 13,980
Community Brands Parentco LLC+(5) One stop SF + 5.75% N/A(6) 02/2028 — (1) — (1)
Community Brands Parentco LLC+(5) One stop SF + 5.75% N/A(6) 02/2028 — (1) — (1)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Pharmaceuticals
ACP Ulysses Buyer, Inc.*#	One stop	SF +	5.50%	(m)	10.55%				02/2026	$	25,360	$	25,187	1.0	%	$	24,092
ACP Ulysses Buyer, Inc.*	One stop	SF +	5.50%	(m)	10.55%				02/2026	1,097		1,078		0.1		1,042
Amalthea Parent, Inc.*#+(8)(12)	One stop	L +	5.00%	(a)	9.84%				03/2027	56,956		56,500		2.2		55,817
Amalthea Parent, Inc.+(5)(8)(12)	One stop	SF +	5.00%		N/A(6)				03/2027	—		(2)		—		(5)
Amalthea Parent, Inc.+(8)(12)	One stop	L +	5.00%	(a)	9.81%				03/2027	1,739		1,718		0.1		1,704
Amalthea Parent, Inc.+(8)(12)	One stop	L +	5.00%	(a)	9.81%				03/2027	300		298		—		294
Apothecary Products, LLC+	Senior secured	SF +	5.25%	(n)	10.48%				07/2023	2,800		2,812		0.1		2,800
Apothecary Products, LLC+	Senior secured	SF +	5.25%		N/A(6)				07/2023	—		—		—		—
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.50%	(m)	10.40%				05/2029	17,093		16,793		0.7		16,555
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.75%	(l)	10.48%				05/2029	88		83		—		82
Caerus Midco 3 S.A.R.L.+(5)(8)(13)	One stop	SF +	5.75%		N/A(6)				05/2029	—		(23)		—		(81)
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.75%	(l)	10.56%				05/2029	2,828		2,775		0.1		2,771
Caerus Midco 3 S.A.R.L.+(5)(8)(13)	One stop	SF +	5.75%		N/A(6)				05/2029	—		(4)		—		(8)
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.25%	(l)	10.17%				10/2028	10,574		10,407		0.4		10,151
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.25%	(l)	10.17%				10/2027	36		35		—		33
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.25%	(l)	10.17%				10/2028	3,224		3,166		0.1		3,082
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.75%	(j)	8.93%				08/2028	24,171		26,660		0.9		22,919
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.75%	(j)	8.93%				08/2028	2,564		2,502		0.1		2,431
Spark Bidco Limited+(5)(8)(9)(10)	Senior secured	SN +	4.75%		N/A(6)				02/2028	—		(2)		—		(4)
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	6.00%	(j)	10.18%				08/2028	3,354		3,250		0.1		3,354
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.75%	(j)	8.93%				08/2028	2,930		2,689		0.1		2,778
Spark Bidco Limited+(5)(8)(9)(10)	Senior secured	SN +	6.00%		N/A(6)				08/2028	—		(36)		—		—
										155,114		155,886		6.0		149,807
Professional Services
bswift, LLC+	One stop	SF +	6.63%	(l)	11.34%				11/2028	5,125		4,976		0.2		4,972
Citrin Cooperman Advisors LLC+	One stop	SF +	5.75%	(m)(n)	9.87%				10/2027	3,429		3,382		0.1		3,172
Citrin Cooperman Advisors LLC+(5)	One stop	SF +	6.25%		N/A(6)				10/2027	—		(10)		—		(10)
Citrin Cooperman Advisors LLC+	One stop	SF +	6.25%	(m)	11.08%				10/2027	2,340		2,272		0.1		2,270
DISA Holdings Corp.+	Senior secured	SF +	5.50%	(l)	10.16%				09/2028	3,494		3,430		0.1		3,494
DISA Holdings Corp.+(5)	Senior secured	SF +	5.50%		N/A(6)				09/2028	—		(1)		—		—
DISA Holdings Corp.+	Senior secured	SF +	5.50%	(l)	10.16%				09/2028	209		204		—		209
DISA Holdings Corp.+	One stop	SF +	5.50%	(l)	10.16%				09/2028	133		126		—		133
DISA Holdings Corp.+	Subordinated debt	SF +	10.00%	(l)	14.73%				03/2029	50		49		—		50
Eliassen Group, LLC+	One stop	SF +	5.50%	(m)	10.40%				04/2028	1,437		1,425		0.1		1,437
Eliassen Group, LLC+	One stop	SF +	5.50%	(m)	10.69%				04/2028	4		4		—		4
Filevine, Inc.+(22)	One stop	SF +	6.50%	(m)(n)	8.24%	cash/	2.50%	PIK	04/2027	5,333		5,273		0.2		5,370
Filevine, Inc.+	One stop	SF +	6.50%		N/A(6)				04/2027	—		—		—		—
IG Investments Holdings, LLC+	One stop	L +	6.00%	(a)(b)	10.86%				09/2028	6,501		6,403		0.3		6,501
IG Investments Holdings, LLC+(5)	One stop	L +	6.00%		N/A(6)				09/2027	—		(1)		—		—
IG Investments Holdings, LLC+	One stop	L +	6.00%	(b)	10.83%				09/2028	556		547		—		556
NBG Acquisition Corp. and NBG-P Acquisition Corp.#	One stop	L +	5.25%	(b)	10.08%				11/2028	7,555		7,510		0.3		7,328
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5)	One stop	SF +	5.25%		N/A(6)				11/2028	—		(13)		—		—
NBG Acquisition Corp. and NBG-P Acquisition Corp.+	One stop	SF +	5.25%	(b)(m)	10.26%				11/2028	137		136		—		130
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5)	One stop	SF +	5.25%		N/A(6)				11/2028	—		(16)		—		—
Net Health Acquisition Corp.+	One stop	L +	5.75%	(a)	10.59%				12/2025	13,168		13,094		0.5		13,037
Net Health Acquisition Corp.*#	One stop	L +	5.75%	(a)	10.59%				12/2025	8,334		8,328		0.3		8,250
Net Health Acquisition Corp.*	One stop	L +	5.75%	(a)	10.59%				12/2025	6,672		6,702		0.3		6,605

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Software - (continued)
Cybergrants Holdings, LLC+ One stop L + 6.50% (a) 7.25% 09/2027 $ 63,653 $ 62,783 2.4 % $ 63,016
Cybergrants Holdings, LLC+ One stop L + 6.50% (a)(b) 7.39% 09/2027 140 137 — 138
Cybergrants Holdings, LLC+(5) One stop L + 6.50% N/A(6) 09/2027 — (40) — (45)
Daxko Acquisition Corporation+ One stop L + 5.50% (b) 6.25% 10/2028 27,850 27,590 1.1 27,850
Daxko Acquisition Corporation+ One stop L + 5.50% (b) 6.25% 10/2028 620 588 — 620
Daxko Acquisition Corporation+(5) One stop L + 5.50% N/A(6) 10/2027 — (2) — —
Diligent Corporation*#+~ One stop L + 6.25% (b) 7.26% 08/2025 86,732 86,664 3.4 88,018
Diligent Corporation+ One stop L + 5.75% (b) 6.76% 08/2025 5,995 5,948 0.2 5,995
Diligent Corporation+(5) One stop L + 6.25% N/A(6) 08/2025 — (1) — —
Dragon UK Bidco Limited+(8)(9)(10) One stop SN + 6.00% (k) 6.69% 02/2029 15,278 15,051 0.6 15,070
Dragon UK Bidco Limited+(5)(8)(9)(10) One stop SN + 6.00% N/A(6) 02/2029 — — — (4)
FirstUp, Inc+ One stop L + 6.75% (b) 4.26% cash/3.50% PIK 07/2027 8,759 8,684 0.3 8,759
FirstUp, Inc+(5) One stop L + 6.25% N/A(6) 07/2027 — (1) — —
Gainsight, Inc.+ One stop L + 6.75% (b) 7.50% 07/2027 9,576 9,429 0.4 9,576
Gainsight, Inc.+(5) One stop L + 6.75% N/A(6) 07/2027 — (2) — —
GS Acquisitionco, Inc.*#+~ One stop L + 5.75% (c) 7.25% 05/2026 82,058 82,363 3.1 82,058
GS Acquisitionco, Inc.+ One stop L + 5.75% (c) 7.25% 05/2026 224 222 — 224
GS Acquisitionco, Inc.+(5) One stop L + 5.75% N/A(6) 05/2026 — (11) — —
GTIV, LLC+ One stop SF + 5.50% (n) 6.25% 02/2029 74,401 73,672 2.8 73,657
GTIV, LLC+(5) One stop SF + 5.50% N/A(6) 02/2029 — (2) — (3)
ICIMS, Inc.+~ One stop L + 6.50% (b) 7.50% 09/2024 14,355 14,530 0.5 14,355
ICIMS, Inc.+~ One stop L + 6.50% (b) 7.50% 09/2024 4,501 4,492 0.2 4,501
ICIMS, Inc.~ One stop L + 6.50% (b) 7.50% 09/2024 2,706 2,689 0.1 2,706
ICIMS, Inc.+ One stop L + 6.50% (b) 7.50% 09/2024 88 88 — 88
Juvare, LLC* One stop L + 5.75% (b) 6.76% 10/2026 7,526 7,455 0.3 7,526
Juvare, LLC+ One stop L + 5.75% (b) 6.76% 10/2026 1,737 1,720 0.1 1,737
Juvare, LLC+(5) One stop L + 5.75% N/A(6) 04/2026 — (1) — —
Juvare, LLC+(5) One stop L + 5.75% N/A(6) 10/2026 — (24) — —
Kaseya Inc+~ One stop L + 6.50% (b) 6.50% cash/1.00% PIK 05/2025 38,445 39,056 1.5 38,445
Kaseya Inc+ One stop L + 6.50% (b) 6.50% cash/1.00% PIK 05/2025 14,049 13,931 0.5 14,049
Kaseya Inc+ One stop L + 6.50% (b) 6.50% cash/1.00% PIK 05/2025 3,966 3,974 0.2 3,966
Kaseya Inc+ One stop L + 6.50% (b) 6.50% cash/1.00% PIK 05/2025 3,430 3,244 0.1 3,430
Kaseya Inc+ One stop L + 6.50% (b) 6.50% cash/1.00% PIK 05/2025 1,637 1,616 0.1 1,637
Kaseya Inc+(5) One stop L + 6.50% N/A(6) 05/2025 — (1) — —
Mindbody, Inc.+~ One stop L + 8.50% (c) 8.38% cash/1.50% PIK 02/2025 49,709 50,227 1.9 49,709
Mindbody, Inc.+ One stop L + 8.50% (c) 8.38% cash/1.50% PIK 02/2025 5,567 5,519 0.2 5,567
Mindbody, Inc.+(5) One stop L + 7.00% N/A(6) 02/2025 — (1) — —
Ministry Brands Holdings LLC+ One stop L + 5.50% (b) 6.51% 12/2028 22,091 21,878 0.8 22,091
Ministry Brands Holdings LLC+(5) One stop L + 5.50% N/A(6) 12/2027 — (2) — —
Ministry Brands Holdings LLC+(5) One stop L + 5.50% N/A(6) 12/2028 — (6) — —
Namely, Inc.+~ One stop L + 8.50% (b) 8.25% cash/2.25% PIK 06/2024 3,673 3,570 0.1 3,673
Namely, Inc.+ One stop L + 8.50% (b) 8.25% cash/2.25% PIK 06/2024 2,086 2,011 0.1 2,086
Namely, Inc.+ One stop L + 8.50% (b) 8.25% cash/2.25% PIK 06/2024 72 72 — 72


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Net Health Acquisition Corp.#	One stop	L +	5.75%	(a)	10.59%	12/2025	$	4,215	$	4,182	0.2	%	$	4,173
Net Health Acquisition Corp.*#	One stop	L +	5.75%	(a)	10.59%	12/2025	1,165		1,164		—		1,153
Net Health Acquisition Corp.+	One stop	L +	5.75%	(a)	10.59%	12/2025	33		31		—		30
PlanSource Holdings, Inc.+	One stop	L +	6.25%	(c)	11.36%	04/2025	11,416		11,455		0.5		11,301
PlanSource Holdings, Inc.+	One stop	L +	6.25%	(c)	11.36%	04/2025	1,932		1,923		0.1		1,912
PlanSource Holdings, Inc.+	One stop	L +	6.25%	(c)	11.36%	04/2025	139		138		—		138
PlanSource Holdings, Inc.+(5)	One stop	L +	6.25%		N/A(6)	04/2025	—		—		—		(2)

Procure Acquireco, Inc.#+	One stop	L +	5.00%	(a)	9.84%	12/2028	17,545		17,401		0.7		17,545
Procure Acquireco, Inc.+(5)	One stop	L +	5.00%		N/A(6)	12/2028	—		(1)		—		—
Procure Acquireco, Inc.+(5)	One stop	L +	5.00%		N/A(6)	12/2028	—		(2)		—		—
Teaching Company, The+	One stop	L +	4.75%	(b)	9.54%	07/2023	17,375		17,392		0.7		17,201
Teaching Company, The+(5)	One stop	L +	4.75%		N/A(6)	07/2023	—		—		—		(2)





							118,297		117,503		4.7		116,957


Real Estate Management & Development
Inhabit IQ Inc.+	One stop	L +	5.75%	(b)	10.70%	07/2025	21,642	21,514	0.9	21,642
Inhabit IQ Inc.#+	One stop	L +	5.75%	(b)	10.70%	07/2025	19,334	19,353	0.8	19,334
Inhabit IQ Inc.+	One stop	L +	5.75%	(b)	10.70%	07/2025	13,322	13,244	0.5	13,322
Inhabit IQ Inc.*	One stop	L +	5.75%	(b)	10.70%	07/2025	12,305	12,231	0.5	12,305
Inhabit IQ Inc.*#	One stop	L +	5.75%	(b)	10.70%	07/2025	6,483	6,501	0.3	6,483
Inhabit IQ Inc.+	One stop	L +	5.75%	(b)	10.70%	07/2025	3,160	3,190	0.1	3,160
Inhabit IQ Inc.#+	One stop	L +	5.75%	(b)	10.70%	07/2025	1,388	1,397	0.1	1,388
Inhabit IQ Inc.#+	One stop	L +	5.75%	(b)	10.70%	07/2025	1,174	1,182	—	1,174
Inhabit IQ Inc.#+	One stop	L +	5.75%	(b)	10.70%	07/2025	1,158	1,165	—	1,158
Inhabit IQ Inc.+	One stop	L +	5.75%	(b)	10.70%	07/2025	926	924	—	926
Inhabit IQ Inc.+	One stop	L +	5.75%	(b)	10.70%	07/2025	489	492	—	489
Inhabit IQ Inc.+	One stop	L +	5.75%	(b)	10.63%	07/2025	200	200	—	200
MRI Software LLC*+	One stop	L +	5.50%	(b)	10.66%	02/2026	14,286	14,217	0.6	14,000
MRI Software LLC+	One stop	L +	5.50%	(b)	10.66%	02/2026	5,163	5,123	0.2	5,060
MRI Software LLC+(5)	One stop	L +	5.50%		N/A(6)	02/2026	—	(1)	—	(5)

MRI Software LLC+(5)	One stop	L +	5.50%		N/A(6)	02/2026	—	—	—	(4)
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.75%	(j)	9.93%	08/2028	18,004	20,057	0.7	17,015
RPL Bidco Limited+(8)(9)(10)	One stop	A +	5.75%	(g)	9.18%	08/2028	1,996	2,174	0.1	1,886
RPL Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.75%		N/A(6)	02/2028	—	—	—	(3)
RPL Bidco Limited+(8)(9)(10)	One stop	A +	6.75%	(g)	10.35%	08/2028	8,220	8,123	0.3	8,097

							129,250	131,086	5.1	127,627
Road & Rail
Channelside Acquisitona Co, Inc.+	One stop	L +	5.25%	(a)	10.09%	07/2028	4,223	4,144	0.2	4,051
Channelside Acquisitona Co, Inc.+(5)	One stop	SF +	6.75%		N/A(6)	07/2026	—	(1)	—	(1)
Channelside Acquisitona Co, Inc.+(5)	One stop	L +	5.25%		N/A(6)	07/2028	—	—	—	(1)
Internet Truckstop Group LLC*#	One stop	L +	5.00%	(b)	10.16%	04/2025	21,118	21,338	0.8	20,907
Internet Truckstop Group LLC+	One stop	L +	5.00%	(b)	10.16%	04/2025	9,248	9,179	0.4	9,155
Internet Truckstop Group LLC+(5)	One stop	L +	5.00%		N/A(6)	04/2025	—	(1)	—	(2)
							34,589	34,659	1.4	34,109

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Software
Accela, Inc.*#+(22)	One stop	SF +	7.50%	(l)	8.16%	cash/	4.25%	PIK	09/2024	$	4,774	$	4,762	0.2	%	$	4,774
Accela, Inc.+(22)	One stop	SF +	7.50%	(l)	8.16%	cash/	4.25%	PIK	09/2024	284		282		—		284
Accela, Inc.+	One stop	SF +	7.50%		N/A(6)				09/2024	—		—		—		—
Accela, Inc.+	One stop	SF +	7.50%	(l)	12.41%				09/2024	543		539		—		543
Anaplan, Inc.+	One stop	SF +	6.50%	(l)	11.31%				06/2029	9,840		9,752		0.4		9,742
Anaplan, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				06/2028	—		(1)		—		(1)
Appfire Technologies, LLC#+	One stop	SF +	5.50%	(l)(m)	10.68%				03/2027	38,630		38,246		1.5		37,858
Appfire Technologies, LLC+	One stop	SF +	5.50%	(m)	10.33%				03/2027	14		12		—		9
Appfire Technologies, LLC+(5)	One stop	SF +	5.50%		N/A(6)				03/2027	—		(33)		—		(88)
Apptio, Inc.+	One stop	L +	5.00%	(b)	9.81%				01/2025	57,010		57,306		2.3		57,010
Apptio, Inc.+	One stop	L +	5.00%	(b)	9.81%				01/2025	174		173		—		174
Aras Corporation+(22)	One stop	L +	7.00%	(b)	8.07%	cash/	3.75%	PIK	04/2027	14,432		14,339		0.6		14,144
Aras Corporation+	One stop	L +	6.50%	(b)(c)	11.48%				04/2027	61		60		—		59
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.50%	(j)	9.68%				06/2029	3,532		3,414		0.1		3,334
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.50%	(j)	9.68%				06/2029	1,430		1,317		0.1		1,327
Auvik Networks Inc.+(8)(12)(22)	One stop	SF +	5.75%	(m)	7.83%	cash/	2.75%	PIK	07/2027	7,133		7,084		0.3		6,939
Auvik Networks Inc.+(8)(12)(22)	One stop	SF +	6.25%	(m)	7.83%	cash/	3.25%	PIK	07/2027	1,272		1,261		0.1		1,259
Auvik Networks Inc.+(5)(8)(12)	One stop	SF +	3.00%		N/A(6)				07/2027	—		(1)		—		(2)
Axiom Merger Sub Inc.+	One stop	L +	5.25%	(b)(c)	9.71%				04/2026	5,707		5,729		0.3		5,707
Axiom Merger Sub Inc.+(8)(9)	One stop	E +	5.50%	(e)(f)	7.58%				04/2026	2,284		2,361		0.1		2,284
Axiom Merger Sub Inc.+	One stop	L +	5.25%	(c)	9.70%				04/2026	270		268		—		270
Axiom Merger Sub Inc.+	One stop	L +	5.25%	(c)	10.25%				04/2026	15		14		—		15
Axiom Merger Sub Inc.+	One stop	L +	5.25%	(b)	10.19%				10/2025	60		60		—		60
Bayshore Intermediate #2, L.P.+(22)	One stop	L +	7.75%	(a)	12.46%				10/2028	69,148		68,089		2.7		68,457
Bayshore Intermediate #2, L.P.+	One stop	L +	6.75%	(a)	11.42%				10/2027	33		31		—		32
Bonterra LLC+	One stop	L +	6.00%	(b)	11.16%				09/2027	64,822		64,105		2.6		63,525
Bonterra LLC+	One stop	L +	6.00%	(b)	11.09%				09/2027	197		195		—		193
Bonterra LLC+(5)	One stop	L +	6.00%		N/A(6)				09/2027	—		(61)		—		(95)
Bottomline Technologies, Inc.+	One stop	SF +	5.50%	(l)	10.26%				05/2029	28,022		27,532		1.1		27,181
Bottomline Technologies, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				05/2028	—		(4)		—		(5)
Bullhorn, Inc.*#+	One stop	L +	5.75%	(b)	10.91%				09/2026	65,608		64,973		2.6		64,952
Bullhorn, Inc.+(8)(9)	One stop	SN +	6.00%	(j)	10.18%				09/2026	11,733		11,596		0.5		11,616
Bullhorn, Inc.+(8)(9)	One stop	E +	5.75%	(e)	8.74%				09/2026	4,662		4,656		0.2		4,615
Bullhorn, Inc.+	One stop	L +	5.75%	(b)	10.91%				09/2026	213		211		—		210
Bullhorn, Inc.+	One stop	L +	5.75%	(b)	10.91%				09/2026	95		94		—		94
Bullhorn, Inc.+	One stop	L +	5.75%	(b)	10.91%				09/2026	76		75		—		75
Bullhorn, Inc.+(5)	One stop	L +	5.75%		N/A(6)				09/2026	—		(2)		—		(2)
Burning Glass Intermediate Holdings Company, Inc.#+	One stop	L +	5.00%	(a)	9.84%				06/2028	9,770		9,623		0.4		9,770
Burning Glass Intermediate Holdings Company, Inc.+	One stop	L +	5.00%	(a)	9.83%				06/2026	35		34		—		35
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	7.25%	(n)	12.05%				01/2029	5,437		5,278		0.2		5,355
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	7.25%	(n)	12.05%				01/2029	1,438		1,396		0.1		1,416
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	7.25%		N/A(6)				01/2029	—		—		—		—
Bynder BidCo, Inc.& Bynder BidCo B.V.+(5)(8)(14)	One stop	SF +	7.25%		N/A(6)				01/2029	—		(1)		—		(1)
Calabrio, Inc.+	One stop	L +	7.00%	(b)	12.16%				04/2027	53,683		53,140		2.2		53,683
Calabrio, Inc.+	One stop	L +	7.00%	(b)	11.95%				04/2027	135		132		—		135
Community Brands Parentco LLC+	One stop	SF +	5.75%	(l)	10.66%				02/2028	14,123		13,892		0.6		13,841

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Software - (continued)
Spartan Buyer Acquisition Co.+(5) One stop L + 6.25% N/A(6) 12/2026 $ — $ (2) — % $ —
Tahoe Bidco B.V. + One stop L + 6.00% (b) 6.75% 09/2028 12,058 11,946 0.5 12,058
Tahoe Bidco B.V. +(5) One stop L + 6.00% N/A(6) 10/2027 — (1) — —
Telesoft Holdings LLC+ One stop L + 5.75% (b) 6.75% 12/2025 891 878 — 891
Telesoft Holdings LLC+(5) One stop L + 5.75% N/A(6) 12/2025 — (1) — —
TI Intermediate Holdings, LLC+ Senior loan L + 4.25% (a) 4.71% 12/2024 3,463 3,494 0.1 3,433
TI Intermediate Holdings, LLC+ Senior loan L + 4.25% (a) 5.25% 12/2024 915 899 — 909
TI Intermediate Holdings, LLC+ Senior loan L + 4.25% (a) 5.25% 12/2024 430 423 — 427
TI Intermediate Holdings, LLC+ Senior loan L + 4.50% (a) 5.50% 12/2024 158 156 — 158
TI Intermediate Holdings, LLC+ Senior loan L + 4.50% (a) 5.50% 12/2024 139 131 — 139
TI Intermediate Holdings, LLC+ Senior loan L + 4.25% (a)(e) 5.39% 12/2024 17 17 — 17
Togetherwork Holdings, LLC*# One stop L + 6.25% (b) 7.26% 03/2025 15,325 15,391 0.6 15,325
Togetherwork Holdings, LLC+ One stop L + 6.25% (b) 7.26% 03/2025 6,928 6,828 0.3 6,928
Togetherwork Holdings, LLC+ One stop L + 6.25% (b) 7.26% 03/2025 4,202 4,166 0.2 4,202
Togetherwork Holdings, LLC+~ One stop L + 6.25% (b) 7.26% 03/2025 1,776 1,814 0.1 1,776
Togetherwork Holdings, LLC#+ One stop L + 6.25% (b) 7.26% 03/2025 1,724 1,759 0.1 1,724
Togetherwork Holdings, LLC*# One stop L + 6.25% (b) 7.26% 03/2025 1,680 1,716 0.1 1,680
Togetherwork Holdings, LLC#+ One stop L + 6.25% (b) 7.26% 03/2025 1,623 1,641 0.1 1,623
Togetherwork Holdings, LLC*+ One stop L + 6.25% (b) 7.26% 03/2025 1,564 1,598 0.1 1,564
Togetherwork Holdings, LLC#+ One stop L + 6.25% (b) 7.26% 03/2025 1,458 1,488 0.1 1,458
Togetherwork Holdings, LLC*# One stop L + 6.25% (b) 7.26% 03/2025 1,194 1,204 — 1,194
Togetherwork Holdings, LLC#+ One stop L + 6.25% (b) 7.26% 03/2025 657 671 0.1 657
Togetherwork Holdings, LLC+ One stop L + 6.25% (b) 7.26% 03/2025 455 451 — 455
Togetherwork Holdings, LLC+ One stop L + 6.25% (b) 7.26% 03/2025 440 437 — 440
Togetherwork Holdings, LLC+ One stop L + 6.25% (b) 7.26% 03/2025 250 248 — 250
Togetherwork Holdings, LLC+ One stop L + 6.25% (b) 7.26% 03/2025 63 65 — 63
Togetherwork Holdings, LLC+~ One stop L + 6.25% (b) 7.26% 03/2025 58 60 — 58
Togetherwork Holdings, LLC+(5) One stop L + 6.25% N/A(6) 03/2024 — (1) — —
Trintech, Inc.*#+ One stop L + 6.00% (b) 7.00% 12/2024 22,144 22,283 0.8 22,144
Trintech, Inc.#+ One stop L + 6.00% (b) 7.00% 12/2024 9,189 9,285 0.4 9,189
Trintech, Inc.+ One stop L + 6.00% (b) 7.00% 12/2024 100 100 — 100
Vector CS Midco Limited & Cloudsense Ltd.+~(8)(9)(10) One stop N/A 4.50% cash/3.55% PIK 05/2024 8,321 8,399 0.3 7,279
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10) One stop N/A 4.50% cash/3.55% PIK 05/2024 140 139 — 120
Vendavo, Inc.*#+ One stop L + 5.25% (b) 6.00% 09/2027 19,710 19,553 0.8 19,710
Vendavo, Inc.+(5) One stop L + 5.25% N/A(6) 09/2027 — (1) — —
WebPT, Inc.+ Senior loan L + 6.75% (b) 7.75% 01/2028 626 616 — 616
Workforce Software, LLC+~ One stop L + 7.25% (b) 5.25% cash/3.00% PIK 07/2025 27,754 28,183 1.1 27,754
Workforce Software, LLC+ One stop L + 7.25% (b) 5.25% cash/3.00% PIK 07/2025 4,862 4,824 0.2 4,862
Workforce Software, LLC+ One stop L + 7.25% (b) 5.25% cash/3.00% PIK 07/2025 3,464 3,399 0.1 3,464
Workforce Software, LLC+ One stop L + 6.50% (b) 7.50% 07/2025 58 57 — 56
Workforce Software, LLC+(5) One stop L + 4.00% N/A(6) 07/2025 — (1) — —
1,261,302 1,254,827 48.0 1,259,712


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Community Brands Parentco LLC+(5)	One stop	SF +	5.75%		N/A(6)				02/2028	$	—	$	(1)	—	%	$	(1)
Community Brands Parentco LLC+(5)	One stop	SF +	5.75%		N/A(6)				02/2028	—		(1)		—		(2)
Coupa Holdings, LLC+	One stop	SF +	7.50%	(l)	12.29%				02/2030	22,905		22,340		0.9		22,332
Coupa Holdings, LLC+(5)	One stop	SF +	7.50%		N/A(6)				02/2029	—		(1)		—		(1)
Coupa Holdings, LLC+(5)	One stop	SF +	7.50%		N/A(6)				02/2030	—		(25)		—		(26)
Daxko Acquisition Corporation+	One stop	L +	5.50%	(a)	10.34%				10/2028	27,571		27,352		1.1		26,468
Daxko Acquisition Corporation+	One stop	L +	5.50%	(a)	10.34%				10/2028	2,325		2,298		0.1		2,232
Daxko Acquisition Corporation+	One stop	P +	4.50%	(d)	12.50%				10/2027	18		17		—		12
Daxko Acquisition Corporation+(5)	One stop	L +	5.50%		N/A(6)				10/2028	—		(9)		—		—
Diligent Corporation*#+	One stop	L +	6.25%	(a)	11.09%				08/2025	85,850		85,793		3.4		84,993
Diligent Corporation+	One stop	L +	5.75%	(a)	10.59%				08/2025	5,934		5,902		0.2		5,814
Diligent Corporation+	One stop	L +	6.25%	(a)	11.08%				08/2025	98		96		—		94
Dragon UK Bidco Limited+(8)(9)(10)	One stop	SN +	6.00%	(j)	10.18%				02/2029	14,285		15,084		0.5		13,571
Dragon UK Bidco Limited+(8)(9)(10)	One stop	C +	6.00%	(i)	11.03%				02/2029	284		294		—		269
Dragon UK Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.00%		N/A(6)				02/2029	—		—		—		(6)
FirstUp, Inc.+(22)	One stop	L +	6.75%	(b)	8.41%	cash/	3.50%	PIK	07/2027	9,074		9,013		0.4		8,802
FirstUp, Inc.+(22)	One stop	L +	6.75%	(b)	8.33%	cash/	3.50%	PIK	07/2027	76		75		—		72
Gainsight, Inc.+(22)	One stop	L +	6.75%	(b)	11.58%	PIK			07/2027	10,487		10,368		0.4		10,382
Gainsight, Inc.+(5)	One stop	L +	6.00%		N/A(6)				07/2027	—		(1)		—		(1)
GS Acquisitionco, Inc.*#+	One stop	SF +	5.75%	(m)	10.80%				05/2026	84,193		84,327		3.3		83,351
GS Acquisitionco, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				05/2026	—		(2)		—		(2)
GTIV, LLC+	One stop	SF +	5.25%	(n)	10.22%				02/2029	73,843		73,225		2.9		73,104
GTIV, LLC+(5)	One stop	SF +	5.25%		N/A(6)				02/2029	—		(2)		—		(3)
GTY Technology Holdings, Inc.+(22)	One stop	SF +	6.88%	(m)	7.48%	cash/	4.30%	PIK	07/2029	3,168		3,113		0.1		3,136
GTY Technology Holdings, Inc.+(5)	One stop	SF +	6.25%		N/A(6)				07/2029	—		(2)		—		(1)
GTY Technology Holdings, Inc.+(22)	One stop	SF +	6.88%	(m)	7.31%	cash/	4.30%	PIK	07/2029	2,068		2,027		0.1		2,048
GTY Technology Holdings, Inc.+(22)	One stop	SF +	6.88%	(m)	7.48%	cash/	4.30%	PIK	07/2029	379		376		—		375
ICIMS, Inc.+(22)	One stop	SF +	7.25%	(m)	8.18%	cash/	3.88%	PIK	08/2028	7,855		7,732		0.3		7,697
ICIMS, Inc.+(5)	One stop	SF +	6.75%		N/A(6)				08/2028	—		(1)		—		(3)
ICIMS, Inc.+(5)	One stop	SF +	7.25%		N/A(6)				08/2028	—		—		—		(40)

IQN Holding Corp. #+	One stop	SF +	5.25%	(n)	10.38%				05/2029	14,630		14,503		0.6		14,338
IQN Holding Corp. +(5)	One stop	SF +	5.25%		N/A(6)				05/2028	—		(1)		—		(2)
IQN Holding Corp. +(5)	One stop	SF +	5.25%		N/A(6)				05/2029	—		(28)		—		(5)
Island Bidco AB+(8)(9)(17)(22)	One stop	E +	7.25%	(f)	2.75%	cash/	7.25%	PIK	07/2028	6,212		5,924		0.2		6,212
Island Bidco AB+(8)(17)(22)	One stop	SF +	7.00%	(n)	8.29%	cash/	3.50%	PIK	07/2028	3,000		2,974		0.1		3,000
Island Bidco AB+(8)(17)	One stop	SF +	6.50%		N/A(6)				07/2028	—		—		—		—
Island Bidco AB+(5)(8)(9)(17)	One stop	E +	6.50%		N/A(6)				07/2028	—		(1)		—		—
Juvare, LLC*	One stop	L +	6.25%	(b)	11.20%				10/2026	7,526		7,470		0.3		7,376
Juvare, LLC+	One stop	L +	6.25%	(b)	11.20%				10/2026	1,737		1,724		0.1		1,702
Juvare, LLC+	One stop	L +	6.25%	(b)	11.20%				10/2026	548		528		—		504
Juvare, LLC+	One stop	L +	6.25%	(b)(d)	11.41%				04/2026	50		50		—		49
Kaseya Inc.+	One stop	SF +	5.75%	(m)	10.65%				06/2029	9,178		9,054		0.4		8,994
Kaseya Inc.+(5)	One stop	SF +	5.75%		N/A(6)				06/2029	—		(2)		—		(5)
Kaseya Inc.+(5)	One stop	SF +	5.75%		N/A(6)				06/2029	—		(5)		—		(11)
Mindbody, Inc.+	One stop	L +	7.00%	(a)	11.83%				02/2025	49,911		50,249		2.0		49,911
Mindbody, Inc.+	One stop	L +	7.00%	(a)	11.83%				02/2025	5,588		5,557		0.2		5,588
Mindbody, Inc.+	One stop	L +	7.00%		N/A(6)				02/2025	—		—		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Ministry Brands Holdings LLC+	One stop	SF +	5.50%	(m)	10.55%				12/2028	$	21,870	$	21,691	0.8	%	$	20,996
Ministry Brands Holdings LLC+	One stop	SF +	5.50%	(a)(l)	10.30%				12/2027	45		44		—		39
Ministry Brands Holdings LLC+	One stop	L +	5.50%	(a)	10.21%				12/2028	76		71		—		52
Neo Bidco GMBH+(8)(9)(13)(22)	One stop	E +	6.50%	(e)	5.68%	cash/	3.00%	PIK	07/2028	7,144		7,697		0.3		7,001
Neo Bidco GMBH+(8)(13)	One stop	L +	6.00%	(b)	11.14%				01/2028	20		20		—		19
Neo Bidco GMBH+(8)(9)(13)	One stop	E +	6.00%		N/A(6)				01/2028	—		—		—		—
Naviga Inc.+	Senior secured	SF +	7.00%	(m)	12.00%				12/2023	109		109		—		109
PDI TA Holdings, Inc.+	One stop	L +	4.50%	(b)	9.30%				10/2024	8,366		8,306		0.3		8,366
PDI TA Holdings, Inc.+	Second lien	L +	8.50%	(b)	13.41%				10/2025	3,424		3,383		0.1		3,424
PDI TA Holdings, Inc.+	One stop	L +	4.50%	(b)	9.31%				10/2024	1,113		1,110		—		1,113
PDI TA Holdings, Inc.+	One stop	L +	4.50%	(b)	9.30%				10/2024	687		683		—		687
PDI TA Holdings, Inc.+	Second lien	L +	8.50%	(b)	13.41%				10/2025	640		637		—		640
PDI TA Holdings, Inc.+	Second lien	L +	8.50%	(b)	13.41%				10/2025	377		375		—		377
PDI TA Holdings, Inc.+(8)(9)	One stop	SN +	4.50%	(j)	8.80%				10/2024	85		94		—		85
PDI TA Holdings, Inc.+	One stop	L +	4.50%	(b)	9.26%				10/2024	149		148		—		149
Personify, Inc.*#+	One stop	SF +	5.25%	(m)	10.15%				09/2024	13,644		13,740		0.5		13,644
Personify, Inc.#	One stop	SF +	5.25%	(m)	10.15%				09/2024	8,128		8,093		0.3		8,128
Personify, Inc.+	One stop	SF +	5.25%		N/A(6)				09/2024	—		—		—		—
PING Identity Holding Corp.+	One stop	SF +	7.00%	(l)	11.76%				10/2029	9,953		9,813		0.4		9,853
PING Identity Holding Corp.+(5)	One stop	SF +	7.00%		N/A(6)				10/2028	—		(1)		—		(1)
Pluralsight, LLC+	One stop	L +	8.00%	(b)	12.78%				03/2027	23,748		23,558		0.9		23,511
Pluralsight, LLC+	One stop	L +	8.00%	(b)	12.78%				03/2027	50		49		—		49
ProcessUnity Holdings, LLC+	One stop	L +	6.00%	(b)	11.16%				09/2028	4,221		4,187		0.2		4,136
ProcessUnity Holdings, LLC+	One stop	L +	6.00%	(a)	10.85%				09/2028	41		40		—		39
ProcessUnity Holdings, LLC+	One stop	L +	6.00%	(b)	10.79%				09/2028	211		204		—		194
Pyramid Healthcare Acquisition Corp.#+	One stop	L +	4.75%	(a)(b)	9.58%				05/2027	18,279		18,153		0.7		18,279
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	9.73%				05/2027	868		862		—		868
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(a)	9.59%				05/2027	537		533		—		537
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	9.58%				05/2027	178		177		—		178
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	9.58%				05/2027	157		156		—		157
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(a)	9.59%				05/2027	147		146		—		147
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	9.70%				05/2027	147		146		—		147
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(a)(b)	9.61%				05/2027	795		763		—		795
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	9.58%				05/2027	58		57		—		58
Pyramid Healthcare Acquisition Corp.+(5)	One stop	L +	4.75%		N/A(6)				05/2027	—		(1)		—		—
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(a)(b)	9.74%				05/2027	1,579		1,568		0.1		1,579
QAD, Inc.+	One stop	L +	6.00%	(a)	10.84%				11/2027	9,440		9,368		0.4		9,440
QAD, Inc.+(5)	One stop	L +	6.00%		N/A(6)				11/2027	—		(4)		—		—
Quant Buyer, Inc.+	One stop	SF +	6.00%	(m)	10.40%				06/2029	2,479		2,457		0.1		2,386
Quant Buyer, Inc.+	One stop	SF +	6.00%	(m)	10.40%				06/2029	2,943		2,917		0.1		2,832
Quant Buyer, Inc.+(5)	One stop	SF +	6.00%		N/A(6)				06/2029	—		(1)		—		(6)
Quant Buyer, Inc.+	One stop	SF +	6.00%	(m)	10.40%				06/2029	2,017		1,999		0.1		1,941
Quant Buyer, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				06/2029	—		(81)		—		(81)
Rainforest Bidco Limited+(8)(9)(10)(22)	One stop	SN +	6.13%	(j)	7.68%	cash/	2.63%	PIK	07/2029	7,334		6,908		0.3		7,261
Rainforest Bidco Limited+(8)(9)(10)(22)	One stop	SN +	8.38%	(j)	9.93%	cash/	2.63%	PIK	07/2029	538		507		—		533
Rainforest Bidco Limited+(8)(10)(22)	One stop	SF +	6.13%	(m)	8.18%	cash/	2.63%	PIK	07/2029	1,405		1,388		0.1		1,391
RegEd Aquireco, LLC+	Senior secured	L +	4.00%	(b)	8.83%				12/2024	11,125		11,130		0.4		10,458

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
RegEd Aquireco, LLC+	Senior secured	L +	4.00%	(b)(d)	9.79%				12/2024	$	236	$	236	—	%	$	222
Riskonnect Parent, LLC*+	One stop	SF +	5.50%	(m)	10.55%				12/2028	10,153		10,070		0.4		9,950
Riskonnect Parent, LLC+(5)	One stop	SF +	5.50%		N/A(6)				12/2028	—		(3)		—		(7)
Riskonnect Parent, LLC+(5)	One stop	SF +	5.50%		N/A(6)				12/2028	—		(6)		—		(13)
Rodeo Buyer Company & Absorb Software Inc.+	One stop	L +	6.25%	(a)	11.09%				05/2027	4,541		4,510		0.2		4,496
Rodeo Buyer Company & Absorb Software Inc.+	One stop	L +	6.25%	(a)	11.09%				05/2027	20		20		—		19
SailPoint Technologies Holdings, Inc.+	One stop	SF +	6.25%	(l)	10.99%				08/2029	9,827		9,647		0.4		9,631
SailPoint Technologies Holdings, Inc.+(5)	One stop	SF +	6.25%		N/A(6)				08/2028	—		(2)		—		(3)
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	6.00%	(e)	8.28%				04/2029	33,311		30,421		1.3		32,977
Sonatype, Inc.+	One stop	SF +	6.75%	(m)	11.59%				12/2025	40,459		40,250		1.6		40,459
Sonatype, Inc.+	One stop	SF +	6.75%	(m)	11.59%				12/2025	851		847		—		851
Sonatype, Inc.+(5)	One stop	SF +	6.75%		N/A(6)				12/2025	—		(1)		—		—
Spartan Buyer Acquisition Co.*#+(22)	One stop	SF +	8.50%	(l)	11.31%	cash/	2.00%	PIK	12/2026	31,546		31,163		1.2		30,598
Spartan Buyer Acquisition Co.+(22)	One stop	SF +	8.50%	(l)	11.31%	cash/	2.00%	PIK	12/2026	1,998		1,961		0.1		1,938
Spartan Buyer Acquisition Co.+(5)(22)	One stop	P +	7.50%	(d)	13.50%	cash/	2.00%	PIK	12/2026	1		(1)		—		(1)
Tahoe Bidco B.V. +	One stop	L +	6.00%	(a)	10.71%				09/2028	12,058		11,963		0.5		12,058
Tahoe Bidco B.V. +(5)	One stop	L +	6.00%		N/A(6)				10/2027	—		(1)		—		—
Telesoft Holdings LLC+	One stop	L +	5.75%	(a)(c)	10.62%				12/2025	882		873		—		874
Telesoft Holdings LLC+	One stop	L +	5.75%	(a)	10.59%				12/2025	9		8		—		8
Telesoft Holdings LLC+	One stop	L +	6.25%	(c)	11.18%				08/2028	65		64		—		64
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.50%	(n)	11.57%				07/2028	3,171		3,096		0.1		3,171
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.50%		N/A(6)				07/2028	—		—		—		—
Templafy APS and Templafy, LLC+(5)(8)(18)	One stop	SF +	6.50%		N/A(6)				07/2028	—		(16)		—		—
TI Intermediate Holdings, LLC+	Senior secured	L +	4.25%	(c)	9.18%				12/2024	3,427		3,447		0.1		3,414
TI Intermediate Holdings, LLC+	Senior secured	L +	4.25%	(c)	9.18%				12/2024	906		896		—		902
TI Intermediate Holdings, LLC+	Senior secured	L +	4.25%	(c)	9.18%				12/2024	426		421		—		424
TI Intermediate Holdings, LLC+	Senior secured	L +	4.50%	(c)	9.47%				12/2024	501		496		—		501
TI Intermediate Holdings, LLC+	Senior secured	L +	4.50%	(c)	9.43%				12/2024	156		155		—		156
TI Intermediate Holdings, LLC+	Senior secured	L +	4.25%		N/A(6)				12/2024	—		—		—		—
Togetherwork Holdings, LLC*#	One stop	L +	6.25%	(c)	11.40%				03/2025	15,165		15,209		0.6		15,165
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	11.40%				03/2025	6,858		6,792		0.3		6,858
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	11.40%				03/2025	4,160		4,136		0.2		4,160
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	11.40%				03/2025	1,757		1,783		0.1		1,757
Togetherwork Holdings, LLC#+	One stop	L +	6.25%	(c)	11.40%				03/2025	1,706		1,729		0.1		1,706
Togetherwork Holdings, LLC*#	One stop	L +	6.25%	(c)	11.40%				03/2025	1,662		1,686		0.1		1,662
Togetherwork Holdings, LLC#+	One stop	L +	6.25%	(c)	11.40%				03/2025	1,606		1,619		0.1		1,606
Togetherwork Holdings, LLC*+	One stop	L +	6.25%	(c)	11.40%				03/2025	1,548		1,570		0.1		1,548
Togetherwork Holdings, LLC#+	One stop	L +	6.25%	(c)	11.40%				03/2025	1,444		1,463		0.1		1,444
Togetherwork Holdings, LLC*#	One stop	L +	6.25%	(c)	11.40%				03/2025	1,182		1,189		—		1,182
Togetherwork Holdings, LLC#+	One stop	L +	6.25%	(c)	11.40%				03/2025	651		660		—		651
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	11.40%				03/2025	450		448		—		450
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	11.40%				03/2025	436		434		—		436
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	11.40%				03/2025	250		249		—		250
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	11.40%				03/2025	63		64		—		63
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	11.40%				03/2025	58		58		—		58

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Togetherwork Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)				03/2025	$	—	$	(3)	—	%	$	—
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	11.40%				03/2025	1,332		1,323		0.1		1,332
Trintech, Inc.*#+	One stop	L +	6.00%	(a)	10.85%				12/2024	21,914		21,960		0.9		21,694
Trintech, Inc.#+	One stop	L +	6.00%	(a)	10.85%				12/2024	9,094		9,153		0.4		9,002
Trintech, Inc.+	One stop	L +	6.00%	(a)	10.85%				12/2024	100		100		—		98
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)(22)	One stop	N/A			4.50%	cash/	6.07%	PIK	05/2024	8,417		8,743		0.3		7,575
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)(22)	One stop	N/A			4.50%	cash/	6.07%	PIK	05/2024	138		146		—		124
Vendavo, Inc.*#+	One stop	L +	5.75%	(b)	10.90%				09/2027	19,512		19,384		0.7		18,731
Vendavo, Inc.+	One stop	P +	4.75%	(d)	12.75%				09/2027	40		39		—		34
WebPT, Inc.+	One stop	L +	6.75%	(b)	11.74%				01/2028	626		618		—		620
Workforce Software, LLC+(22)	One stop	L +	7.25%	(c)	9.46%	cash/	3.00%	PIK	07/2025	28,604		28,904		1.1		28,033
Workforce Software, LLC+(22)	One stop	L +	7.25%	(b)(c)	9.46%	cash/	3.00%	PIK	07/2025	5,062		5,035		0.2		4,961
Workforce Software, LLC+(22)	One stop	L +	7.25%	(c)	9.46%	cash/	3.00%	PIK	07/2025	3,585		3,540		0.1		3,513
Workforce Software, LLC+(5)	One stop	SF +	6.50%		N/A(6)				07/2025	—		(1)		—		(4)
Workforce Software, LLC+(22)	One stop	L +	7.25%	(c)	9.46%	cash/	3.00%	PIK	07/2025	105		104		—		103
Zendesk, Inc.+(22)	One stop	SF +	7.00%	(m)	8.38%	cash/	3.50%	PIK	11/2028	19,960		19,584		0.8		19,960
Zendesk, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(1)		—		—
Zendesk, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(47)		—		—

										1,401,644		1,390,694		55.1		1,382,071

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail
Ave Holdings III, Corp*+	One stop	SF +	5.50%	(m)	10.55%				02/2028	$	25,766	$	25,341	1.0	%	$	24,993
Ave Holdings III, Corp+(5)	One stop	SF +	5.50%		N/A(6)				02/2028	—		(2)		—		(4)
Ave Holdings III, Corp+(5)	One stop	SF +	5.50%	(m)	10.55%				02/2028	23		13		—		(4)
Ave Holdings III, Corp+	One stop	SF +	5.50%	(m)	10.55%				02/2028	299		297		—		290
Batteries Plus Holding Corporation+	One stop	L +	6.75%	(a)	11.59%				06/2023	21,921		21,921		0.9		21,921
Batteries Plus Holding Corporation+	One stop	L +	6.75%	(a)	11.59%				06/2023	1,413		1,412		0.1		1,413
Batteries Plus Holding Corporation+	One stop	P +	5.75%	(a)(d)	13.07%				06/2023	63		63		—		63
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(m)	10.80%				05/2028	11,480		11,309		0.5		11,365
Consilio Midco Limited#(8)(10)	One stop	SF +	5.75%	(m)	10.80%				05/2028	9,925		9,839		0.4		9,826
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(e)	9.24%				05/2028	9,181		9,449		0.4		9,089
Consilio Midco Limited#(8)(10)	One stop	SF +	5.75%	(m)	10.80%				05/2028	2,147		2,116		0.1		2,126
Consilio Midco Limited#(8)(10)	One stop	SF +	5.75%	(m)	10.80%				05/2028	1,428		1,415		0.1		1,414

Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(m)	10.80%				05/2028	730		714		—		723
Consilio Midco Limited+(5)(8)(10)	One stop	SF +	5.75%		N/A(6)				05/2028	—		(1)		—		(1)
Consilio Midco Limited+(5)(8)(9)(10)	One stop	E +	6.25%		N/A(6)				05/2028	—		—		—		(1)
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(m)	10.72%				05/2028	25		25		—		25
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(e)	9.07%				05/2028	7		7		—		7
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(e)	9.24%				05/2028	66		64		—		66
Cycle Gear, Inc.*#+	One stop	SF +	5.50%	(n)	10.61%				01/2026	48,486		48,377		1.9		46,547
Imperial Optical Midco Inc.+(22)	One stop	SF +	8.75%	(m)	5.83%	cash/	7.75%	PIK	05/2024	21,020		20,899		0.8		19,973
Imperial Optical Midco Inc.+(22)	One stop	SF +	8.75%	(m)	5.83%	cash/	7.75%	PIK	05/2024	3,652		3,642		0.1		3,470
Imperial Optical Midco Inc.+(22)	One stop	SF +	8.75%	(m)	5.83%	cash/	7.75%	PIK	05/2024	2,780		2,793		0.1		2,642
Imperial Optical Midco Inc.+(22)	One stop	SF +	8.75%	(m)	5.83%	cash/	7.75%	PIK	05/2024	3,037		3,017		0.1		2,885
Imperial Optical Midco Inc.+(22)	One stop	SF +	13.00%	(m)	7.37%	cash/	10.50%	PIK	05/2024	1,399		1,301		0.1		1,306
Imperial Optical Midco Inc.+(22)	One stop	SF +	8.75%	(m)	5.83%	cash/	7.75%	PIK	05/2024	5,381		5,422		0.2		5,113
Imperial Optical Midco Inc.+(22)	One stop	SF +	8.75%	(m)	5.83%	cash/	7.75%	PIK	05/2024	36,180		36,040		1.4		34,379
Imperial Optical Midco Inc.+(22)	One stop	SF +	8.75%	(m)	5.83%	cash/	7.75%	PIK	05/2024	4,887		4,856		0.2		4,644
Imperial Optical Midco Inc.+(22)	One stop	SF +	8.75%	(m)	5.83%	cash/	7.75%	PIK	05/2024	129		127		—		122
Imperial Optical Midco Inc.+(22)	One stop	SF +	8.75%	(m)	5.83%	cash/	7.75%	PIK	05/2024	76		76		—		72
Imperial Optical Midco Inc.+(22)	One stop	SF +	8.75%	(m)	5.83%	cash/	7.75%	PIK	05/2024	2,443		2,426		0.1		2,321
Imperial Optical Midco Inc.+(22)	One stop	SF +	8.75%	(m)	5.83%	cash/	7.75%	PIK	05/2024	40		39		—		38
Imperial Optical Midco Inc.+(22)	One stop	SF +	8.75%	(m)	5.83%	cash/	7.75%	PIK	05/2024	504		501		—		479
Imperial Optical Midco Inc.+(22)	One stop	SF +	8.75%	(m)	5.83%	cash/	7.75%	PIK	05/2024	1,209		1,201		—		1,149





PPV Intermediate Holdings, LLC#+	One stop	SF +	5.75%	(l)(m)(n)	10.93%				08/2029	9,214		9,062		0.4		9,029
PPV Intermediate Holdings, LLC+(22)	One stop	N/A			13.00%				08/2030	979		958		—		921
PPV Intermediate Holdings, LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—		(7)		—		(8)
PPV Intermediate Holdings, LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—		(22)		—		(8)
PPV Intermediate Holdings, LLC+(5)(22)	One stop	N/A			13.00%				08/2030	1		(2)		—		(1)
PPV Intermediate Holdings, LLC+(22)	One stop	N/A			13.00%				08/2030	226		224		—		213
PPV Intermediate Holdings, LLC+(22)	One stop	N/A			13.00%				08/2030	42		41		—		39
Salon Lofts Group, LLC+	One stop	SF +	5.75%	(m)	10.65%				08/2028	3,558		3,526		0.1		3,558
Salon Lofts Group, LLC+	One stop	SF +	5.75%	(l)	10.54%				08/2028	25		23		—		25
Salon Lofts Group, LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2028	—		(14)		—		—
Salon Lofts Group, LLC+	One stop	SF +	5.75%	(n)	10.88%				08/2028	58		58		—		58
Salon Lofts Group, LLC+	One stop	SF +	5.75%	(m)	10.42%				08/2028	233		230		—		233
SureWerx Purchaser III, Inc.+(8)(12)	One stop	SF +	6.75%	(m)	11.65%				12/2029	20,697		20,199		0.8		20,490

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
SureWerx Purchaser III, Inc.+(5)(8)(12)	One stop	SF +	6.75%		N/A(6)				12/2028	$	—	$	(1)	—	%	$	—
SureWerx Purchaser III, Inc.+(5)(8)(12)	One stop	SF +	6.75%		N/A(6)				12/2029	—		(61)		—		(43)
Titan Fitness, LLC*#+(22)	One stop	L +	6.75%	(a)(b)(c)	9.56%	cash/	2.00%	PIK	02/2025	30,968		31,112		1.1		28,490
Titan Fitness, LLC+(22)	One stop	L +	6.75%	(c)	8.94%	cash/	2.00%	PIK	02/2025	1,929		1,921		0.1		1,775
Titan Fitness, LLC+(22)	One stop	L +	6.75%	(b)(c)	8.94%	cash/	2.00%	PIK	02/2025	494		493		—		454
Vermont Aus Pty Ltd+(8)(11)	One stop	SF +	5.50%	(m)	10.55%				03/2028	8,300		8,197		0.3		8,300
Vermont Aus Pty Ltd+(8)(9)(11)	One stop	A +	5.75%	(g)	9.52%				03/2028	7,566		8,344		0.3		7,566
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.50%	(m)	10.66%				04/2028	8,267		8,163		0.3		8,101
VSG Acquisition Corp. and Sherrill, Inc.+(5)	One stop	P +	4.50%	(d)	12.50%				04/2028	1		—		—		(1)
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.50%	(l)(m)	10.59%				04/2028	106		102		—		99
										308,361		307,245		11.9		297,741

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.+(22)	One stop	L +	6.75%	(b)	11.16%	cash/	0.75%	PIK	12/2024	$	22,116	$	22,198	0.9	%	$	21,479
Agility Recovery Solutions Inc.+(22)	One stop	P +	5.50%	(b)(d)	11.99%	cash/	0.75%	PIK	12/2024	703		703		—		671
										22,819		22,901		0.9		22,150
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.+(8)(10)	One stop	L +	6.00%	(c)	11.01%				03/2028	1,954		1,934		0.1		1,817
Dollfus Mieg Company, Inc.+(8)(10)	One stop	L +	6.00%	(c)	11.01%				03/2028	974		964		0.1		906
Dollfus Mieg Company, Inc.+(8)(10)	One stop	L +	6.00%	(c)	11.01%				03/2028	855		847		—		796
Dollfus Mieg Company, Inc.+(5)(8)(9)(10)	One stop	E +	6.00%		N/A(6)				03/2028	—		(1)		—		—
Elite Sportswear, L.P.+(22)	Senior secured	L +	7.00%	(b)	11.41%	cash/	0.75%	PIK	09/2025	9,963		9,867		0.4		9,366
Elite Sportswear, L.P.+(22)	Senior secured	L +	7.00%	(b)	11.41%	cash/	0.75%	PIK	09/2025	4,004		3,965		0.2		3,764
Elite Sportswear, L.P.+(22)	Senior secured	L +	7.00%	(b)	11.41%	cash/	0.75%	PIK	09/2025	2,061		2,041		0.1		1,937
Elite Sportswear, L.P.+(22)	Senior secured	L +	7.00%	(b)	11.30%	cash/	0.75%	PIK	09/2025	618		607		—		553
Elite Sportswear, L.P.*+(22)	Senior secured	L +	7.00%	(b)	11.41%	cash/	0.75%	PIK	09/2025	684		677		—		643
Elite Sportswear, L.P.+(22)	Senior secured	L +	7.00%	(b)	11.41%	cash/	0.75%	PIK	09/2025	312		309		—		293
Elite Sportswear, L.P.*+(22)	Senior secured	L +	7.00%	(b)	11.41%	cash/	0.75%	PIK	09/2025	300		297		—		281
Elite Sportswear, L.P.+(22)	Senior secured	L +	7.00%	(b)	11.30%	cash/	0.75%	PIK	09/2025	21		21		—		19
Georgica Pine Clothiers, LLC+	One stop	L +	5.50%	(b)	10.66%				11/2023	9,583		9,545		0.4		9,608
Georgica Pine Clothiers, LLC+	One stop	L +	5.50%	(b)	10.66%				11/2023	6,473		6,442		0.3		6,490
Georgica Pine Clothiers, LLC+	One stop	L +	5.50%	(b)	10.66%				11/2023	1,002		997		—		1,004
Georgica Pine Clothiers, LLC+	One stop	L +	5.50%	(b)	10.66%				11/2023	900		897		—		902
Georgica Pine Clothiers, LLC+	One stop	L +	5.50%	(b)	10.66%				11/2023	632		629		—		633
Georgica Pine Clothiers, LLC+	One stop	L +	5.50%	(b)	10.66%				11/2023	2		2		—		2
QF Holdings, Inc.+	One stop	SF +	6.25%	(l)	11.16%				12/2027	626		618		—		626
SHO Holding I Corporation+	Senior secured	L +	5.25%	(b)	10.08%				04/2024	3,940		3,942		0.1		3,663
SHO Holding I Corporation+	Senior secured	L +	5.23%	(b)	10.06%				04/2024	67		67		—		62
SHO Holding I Corporation+	Senior secured	L +	5.00%	(b)	9.88%				04/2024	84		84		—		78
SHO Holding I Corporation+	Senior secured	L +	4.00%	(b)	8.90%				04/2024	50		50		—		50
SHO Holding I Corporation+	Senior secured	L +	4.00%	(b)	8.96%				04/2024	—		—		—		—
SHO Holding I Corporation+	Senior secured	L +	5.23%	(b)	10.08%				04/2024	—		—		—		—
										45,105		44,801		1.7		43,493
Trading Companies and Distributors
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25%	(m)	11.29%				06/2028	19,021		18,736		0.7		18,263
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25%	(m)	11.29%				06/2028	15,170		14,923		0.6		14,565
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25%	(m)	11.16%				06/2028	453		446		—		435
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25%	(m)	11.28%				06/2028	455		449		—		437
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.50%	(m)	11.54%				06/2028	4,134		4,019		0.2		4,010
Marcone Yellowstone Buyer Inc.+(5)	One stop	SF +	6.50%		N/A(6)				06/2028	—		(40)		—		(43)
										39,233		38,533		1.5		37,667
Water Utilities
S.J. Electro Systems, LLC+	Senior secured	L +	4.50%	(b)	9.45%				06/2027	16,922		16,803		0.6		15,653
S.J. Electro Systems, LLC+(5)	Senior secured	SF +	4.50%		N/A(6)				06/2027	—		(2)		—		—
S.J. Electro Systems, LLC+	Senior secured	L +	4.50%	(b)	9.45%				06/2027	200		199		—		185
S.J. Electro Systems, LLC+	Senior secured	L +	4.50%	(b)	9.45%				06/2027	79		79		—		73
Vessco Midco Holdings, LLC+	Senior secured	L +	4.50%	(c)	9.62%				11/2026	878		851		0.1		825
Vessco Midco Holdings, LLC+	Senior secured	L +	4.50%	(a)	9.34%				11/2026	207		205		—		202
Vessco Midco Holdings, LLC+	Senior secured	P +	3.50%	(c)(d)	10.88%				10/2026	6		6		—		6
										18,292		18,141		0.7		16,944
Total non-controlled/non-affiliate company debt investments										$	5,348,293	$	5,297,617	206.1	%	$	5,164,271

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Equity Investments (15)(16)
Aerospace and Defense
NTS Technical Systems+ Common Stock N/A N/A N/A 2 $ 1,506 — % $ 877
NTS Technical Systems+ Preferred stock N/A N/A N/A — 256 — 542
NTS Technical Systems+ Preferred stock N/A N/A N/A — 128 — 317
Tronair Parent, Inc.+ LLC units N/A N/A N/A — 40 — 38
Whitcraft LLC+ Common Stock N/A N/A N/A 11 2,285 0.2 2,788
4,215 0.2 4,562
Auto Components
Polk Acquisition Corp.+ LP Interest N/A N/A N/A 5 314 — 189
Automobiles
CG Group Holdings, LLC+ LP units N/A N/A N/A 1 730 — 738
MOP GM Holding, LLC+ LP units N/A �� N/A N/A — 323 — 595
POY Holdings, LLC+ LLC units N/A N/A N/A 141 141 — 158
Quick Quack Car Wash Holdings, LLC LLC interest N/A N/A N/A — 508 0.1 967
1,702 0.1 2,458
Biotechnology
Cobepa BlueSky Aggregator, SCSp+ LP Interest N/A N/A N/A 177 1,769 0.1 1,769
Building Products
BECO Holding Company, Inc.+ Preferred stock N/A N/A N/A 10 951 — 1,028
BECO Holding Company, Inc.+ LP Interest N/A N/A N/A 2 196 — 196
1,147 — 1,224
Chemicals
Inhance Technologies Holdings LLC+ Preferred stock N/A N/A N/A 2 1,960 0.1 2,075
Inhance Technologies Holdings LLC+ LLC units N/A N/A N/A — 124 — 210
2,084 0.1 2,285
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+ LP Interest N/A N/A N/A 540 540 — 564
EGD Security Systems, LLC + Common Stock N/A N/A N/A 855 855 — 855
Hydraulic Authority III Limited+(8)(9)(10) Preferred stock N/A N/A N/A 284 384 — 529
Hydraulic Authority III Limited+(8)(9)(10) Common Stock N/A N/A N/A 6 43 — 450
North Haven Stack Buyer, LLC LLC units N/A N/A N/A 359 359 — 339
PT Intermediate Holdings III, LLC+ LLC units N/A N/A N/A 8 767 0.1 804
Radwell Parent, LLC+ LP units N/A N/A N/A 2 159 — 159
3,107 0.1 3,700
Diversified Consumer Services
CHHJ Franchising, LLC+(17) LLC units N/A N/A N/A 19 193 — 265
EMS LINQ, LLC+ LP Interest N/A N/A N/A 525 525 — 480
EWC Growth Partners LLC+ LLC interest N/A N/A N/A — 12 — 5
Liminex, Inc.+ Common Stock N/A N/A N/A 12 434 0.1 876
PADI Holdco, Inc.+ LLC interest N/A N/A N/A 1 969 — 221
Spear Education, LLC+ LLC interest N/A N/A N/A — 7 — 34
Spear Education, LLC+ LLC units N/A N/A N/A 1 1 — 40
2,141 0.1 1,921


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity Investments (19)(20)
Aerospace and Defense
PPW Aero Buyer, Inc.+	LP units	N/A	N/A		N/A	66	$	664	—	%	$	664
Tronair Parent, Inc.+	LLC units	N/A	N/A		N/A	—	40		—		19
							704		—		683
Auto Components
Polk Acquisition Corp.+	LP Interest	N/A	N/A		N/A	5	314		—		4

Automobiles
CG Group Holdings, LLC+	LP units	N/A	N/A		N/A	1	730		—		391
Go Car Wash Parent, Corp.+(21)	Preferred Stock	N/A	13.00%	Non-Cash	N/A	—	142		—		145
Go Car Wash Parent, Corp.+	Common Stock	N/A	N/A		N/A	—	29		—		36
MOP GM Holding, LLC+	LP units	N/A	N/A		N/A	—	330		—		417
National Express Wash Parent Holdco, LLC+	LP units	N/A	N/A		N/A	1	61		—		70
POY Holdings, LLC+	LLC units	N/A	N/A		N/A	141	141		—		294
Quick Quack Car Wash Holdings, LLC	LLC interest	N/A	N/A		N/A	—	508		0.1		937
							1,941		0.1		2,290
Biotechnology
Cobepa BlueSky Aggregator, SCSp+	LP Interest	N/A	N/A		N/A	177	1,769		—		1,210

Building Products
BECO Holding Company, Inc.+(21)	Preferred Stock	N/A	11.75%	Non-Cash	N/A	10	1,016		0.1		1,081
BECO Holding Company, Inc.+	LP Interest	N/A	N/A		N/A	2	196		—		190
							1,212		0.1		1,271
Chemicals
Inhance Technologies Holdings LLC+	Preferred Stock	N/A	N/A		N/A	2	1,960		0.1		2,172
Inhance Technologies Holdings LLC+	LLC units	N/A	N/A		N/A	—	124		—		82
							2,084		0.1		2,254
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+	LP Interest	N/A	N/A		N/A	540	540		—		633
EGD Security Systems, LLC +	Common Stock	N/A	N/A		N/A	855	772		0.1		1,370
Hydraulic Authority III Limited+(8)(9)(10)	Preferred Stock	N/A	N/A		N/A	284	384		—		552
Hydraulic Authority III Limited+(8)(9)(10)	Common Stock	N/A	N/A		N/A	6	43		—		588
North Haven Stack Buyer, LLC	LLC units	N/A	N/A		N/A	359	360		—		465
PT Intermediate Holdings III, LLC+	LLC units	N/A	N/A		N/A	8	767		0.1		859
Radwell Parent, LLC+(21)	LP units	N/A	N/A		N/A	2	233		—		257
							3,099		0.2		4,724


Containers and Packaging
Chase Intermediate+	LP units	N/A	N/A		N/A	49	49		—		63

Diversified Consumer Services
CHHJ Midco, LLC+(21)	LLC units	N/A	N/A		N/A	19	193		—		277
DP Flores Holdings, LLC+	LLC units	N/A	N/A		N/A	70	70		—		67
EMS LINQ, LLC+	LP Interest	N/A	N/A		N/A	525	525		—		371
EWC Growth Partners LLC+	LLC interest	N/A	N/A		N/A	—	12		—		8

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

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


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
HS Spa Holdings, Inc.+	Common Stock	N/A	N/A	N/A	479	$	479	—	%	$	479
Liminex, Inc.+	Common Stock	N/A	N/A	N/A	12	434		—		717
NSG Buyer, Inc. +	LP units	N/A	N/A	N/A	2	1,860		0.1		1,856
PADI Holdco, Inc.+	LLC interest	N/A	N/A	N/A	1	987		0.1		631
						4,560		0.2		4,406
Electronic Equipment, Instruments & Components
Inventus Power, Inc.+	Preferred Stock	N/A	N/A	N/A	—	372		—		134
Inventus Power, Inc.+	LLC units	N/A	N/A	N/A	—	88		—		276
Inventus Power, Inc.+	LP Interest	N/A	N/A	N/A	—	20		—		61
Inventus Power, Inc.+	Common Stock	N/A	N/A	N/A	—	—		—		—
						480		—		471

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Food & Staples Retailing
Benihana, Inc.+ LLC units N/A N/A N/A 43 $ 699 0.1 % $ 756
Cafe Rio Holding, Inc.+ Common Stock N/A N/A N/A 5 603 — 815
Captain D's, LLC+ LLC interest N/A N/A N/A 158 156 — 599
Feeders Supply Company, LLC+(17) Preferred stock N/A N/A N/A 4 400 — 564
Feeders Supply Company, LLC+ Common Stock N/A N/A N/A — — — 113
Hopdoddy Holdings, LLC+ LLC units N/A N/A N/A 44 217 — 211
Hopdoddy Holdings, LLC+ LLC units N/A N/A N/A 20 61 — 60
Mendocino Farms, LLC+ Common Stock N/A N/A N/A 168 770 0.1 1,789
Ruby Slipper Cafe LLC, The+ LLC interest N/A N/A N/A 31 373 — 85
Ruby Slipper Cafe LLC, The+ LLC interest N/A N/A N/A 2 20 — 26
Wetzel's Pretzels, LLC+ Common Stock N/A N/A N/A — 416 — 811
Wood Fired Holding Corp.+ LLC units N/A N/A N/A 437 444 — 569
Wood Fired Holding Corp.+ Common Stock N/A N/A N/A 437 — 0.1 1,617
Zenput Inc.+ Preferred stock N/A N/A N/A 146 409 — 497
4,568 0.3 8,512
Food Products
Borrower R365 Holdings, LLC+ Preferred stock N/A N/A N/A 77 102 — 102
Borrower R365 Holdings, LLC+ LLC units N/A N/A N/A 3 5 — 5
C. J. Foods, Inc.+ Preferred stock N/A N/A N/A — 75 — 603
Kodiak Cakes, LLC+ Common Stock N/A N/A N/A — 281 — 327
Kodiak Cakes, LLC+ LLC units N/A N/A N/A 191 191 — 183
Louisiana Fish Fry Products, Ltd.+ Common Stock N/A N/A N/A — 483 0.1 465
P&P Food Safety Holdings, Inc.+ Common Stock N/A N/A N/A 4 356 — 301
Purfoods, LLC+ LLC interest N/A N/A N/A — 945 0.2 5,097
2,438 0.3 7,083
Health Care Equipment & Supplies
Aspen Medical Products, LLC+ LP Interest N/A N/A N/A — 77 — 103
Blue River Pet Care, LLC+ Common Stock N/A N/A N/A — 76 — 157
CCSL Holdings, LLC+ LP Interest N/A N/A N/A — 312 — 236
CMI Parent Inc.+(17) Common Stock N/A N/A N/A — 132 — 165
CMI Parent Inc.+ Common Stock N/A N/A N/A 3 3 — 161
G & H Wire Company, Inc.+ LLC interest N/A N/A N/A 335 269 — 154
Joerns Healthcare, LLC*+ Common Stock N/A N/A N/A 432 4,329 — —
Lombart Brothers, Inc.+ Common Stock N/A N/A N/A 1 440 0.1 746
5,638 0.1 1,722


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food & Staples Retailing
Benihana, Inc.+	LLC units	N/A	N/A	N/A	43	$	699	—	%	$	789
Cafe Rio Holding, Inc.+	Common Stock	N/A	N/A	N/A	5	603		—		844

Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	N/A	44	217		—		146
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	N/A	20	61		—		41
Mendocino Farms, LLC+	Common Stock	N/A	N/A	N/A	168	770		0.1		1,747
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	N/A	32	389		—		150
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	N/A	2	20		—		30

						2,759		0.1		3,747
Food Products
Borrower R365 Holdings, LLC+	Preferred Stock	N/A	N/A	N/A	77	102		—		102
Borrower R365 Holdings, LLC+	LLC units	N/A	N/A	N/A	3	5		—		5
Borrower R365 Holdings, LLC+	Common Stock	N/A	N/A	N/A	1	2		—		1
Borrower R365 Holdings, LLC+	Preferred Stock	N/A	N/A	N/A	1	2		—		2
C. J. Foods, Inc.+	Preferred Stock	N/A	N/A	N/A	—	75		0.1		940
Kodiak Cakes, LLC+	Common Stock	N/A	N/A	N/A	—	281		—		147
Kodiak Cakes, LLC+	LLC units	N/A	N/A	N/A	191	191		—		100
Louisiana Fish Fry Products, Ltd.+	Common Stock	N/A	N/A	N/A	—	483		—		244
Louisiana Fish Fry Products, Ltd.+	Preferred Stock	N/A	N/A	N/A	—	13		—		12
P&P Food Safety Holdings, Inc.+	Common Stock	N/A	N/A	N/A	4	356		—		209
Purfoods, LLC+	LLC interest	N/A	N/A	N/A	—	945		0.2		4,528
						2,455		0.3		6,290
Health Care Equipment & Supplies
Aspen Medical Products, LLC+	LP Interest	N/A	N/A	N/A	—	77		—		90
Blue River Pet Care, LLC+	Common Stock	N/A	N/A	N/A	—	76		—		190
CCSL Holdings, LLC+	LP Interest	N/A	N/A	N/A	—	336		—		287
CMI Parent Inc.+	Common Stock	N/A	N/A	N/A	—	132		—		179
CMI Parent Inc.+	Common Stock	N/A	N/A	N/A	3	3		—		300
G & H Wire Company, Inc.+	LLC interest	N/A	N/A	N/A	335	269		—		58


						893		—		1,104

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Health Care Providers & Services
Active Day, Inc.+ LLC interest N/A N/A N/A 2 $ 1,099 — % $ 402
Acuity Eyecare Holdings, LLC+ LLC interest N/A N/A N/A 1,632 2,235 0.2 4,274
Acuity Eyecare Holdings, LLC+ LLC units N/A N/A N/A 889 1,023 0.1 2,422
ADCS Clinics Intermediate Holdings, LLC+ Preferred stock N/A N/A N/A 2 1,119 0.1 1,591
ADCS Clinics Intermediate Holdings, LLC+ Common Stock N/A N/A N/A — 6 — —
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+ LLC units N/A N/A N/A 121 124 — 170
CRH Healthcare Purchaser, Inc.+ LP Interest N/A N/A N/A 429 327 — 1,085
DCA Investment Holding, LLC LLC interest N/A N/A N/A 13,890 1,025 0.1 1,719
DCA Investment Holding, LLC LLC units N/A N/A N/A 140 218 — 282
Emerge Intermediate, Inc.+ LLC units N/A N/A N/A — 648 — 815
Emerge Intermediate, Inc.+ LLC units N/A N/A N/A — 61 — 59
Emerge Intermediate, Inc.+ LLC units N/A N/A N/A 9 4 — —
Encore GC Acquisition, LLC+ LLC interest N/A N/A N/A 26 272 — —
Encore GC Acquisition, LLC+ LLC units N/A N/A N/A 26 52 — —
Encorevet Group LLC+ Common Stock N/A N/A N/A — 15 — 25
Encorevet Group LLC+ LLC units N/A N/A N/A — 11 — 17
Eyecare Services Partners Holdings LLC+ LLC units N/A N/A N/A — 262 — —
Eyecare Services Partners Holdings LLC+ LLC units N/A N/A N/A — 1 — —
Krueger-Gilbert Health Physics, LLC+ Common Stock N/A N/A N/A 177 199 — 239
Midwest Veterinary Partners, LLC+ LLC units N/A N/A N/A 1 1,019 — 1,090
Midwest Veterinary Partners, LLC+ Warrant N/A N/A N/A 6 — — 500
Midwest Veterinary Partners, LLC+ Warrant N/A N/A N/A — 29 — 37
MWD Management, LLC & MWD Services, Inc.+ LLC interest N/A N/A N/A 412 335 — 563
NDX Parent, LLC+ Common Stock N/A N/A N/A — 272 — 283
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12) Common Stock N/A N/A N/A — 304 — 383
Oliver Street Dermatology Holdings, LLC+ LLC interest N/A N/A N/A 452 234 — —
Pinnacle Treatment Centers, Inc.+ LLC interest N/A N/A N/A — 528 0.1 710
Pinnacle Treatment Centers, Inc.+ LLC interest N/A N/A N/A 4 74 0.1 660
Radiology Partners, Inc.+ LLC units N/A N/A N/A 11 68 — 73
Radiology Partners, Inc.+ LLC interest N/A N/A N/A 43 55 — 291
Sage Dental Management, LLC+ LLC units N/A N/A N/A — 249 — 109
Sage Dental Management, LLC+ LLC units N/A N/A N/A 3 3 — —
SSH Corporation+ Common Stock N/A N/A N/A — 40 — 150
Suveto Buyer, LLC+ Common Stock N/A N/A N/A 6 562 — 576
12,473 0.7 18,525


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Providers & Services
Active Day, Inc.+	LLC interest	N/A	N/A		N/A	2	$	1,099	—	%	$	141
Acuity Eyecare Holdings, LLC+(21)	LLC interest	N/A	N/A		N/A	1,632	2,235		0.2		4,199
Acuity Eyecare Holdings, LLC+	LLC units	N/A	N/A		N/A	889	1,023		0.1		2,496
ADCS Clinics Intermediate Holdings, LLC+	Preferred Stock	N/A	N/A		N/A	2	1,119		0.1		1,495
ADCS Clinics Intermediate Holdings, LLC+	Common Stock	N/A	N/A		N/A	—	6		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	LLC units	N/A	N/A		N/A	129	132		—		183
CRH Healthcare Purchaser, Inc.+	LP Interest	N/A	N/A		N/A	429	327		—		827
DCA Investment Holding, LLC	Preferred Stock	N/A	N/A		N/A	1,142	533		0.1		1,142
DCA Investment Holding, LLC	Common Stock	N/A	N/A		N/A	12	6		—		12
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		N/A	—	648		—		534
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		N/A	—	61		—		70
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		N/A	9	4		—		—
Encore GC Acquisition, LLC+	LLC interest	N/A	N/A		N/A	26	272		—		—
Encore GC Acquisition, LLC+	LLC units	N/A	N/A		N/A	26	52		—		—
Encorevet Group LLC+	Common Stock	N/A	N/A		N/A	—	15		—		16
Encorevet Group LLC+	LLC units	N/A	N/A		N/A	—	11		—		9
Eyecare Services Partners Holdings LLC+	LLC units	N/A	N/A		N/A	—	262		—		—
Eyecare Services Partners Holdings LLC+	LLC units	N/A	N/A		N/A	—	1		—		—
Krueger-Gilbert Health Physics, LLC+	Common Stock	N/A	N/A		N/A	185	212		—		203
Midwest Veterinary Partners, LLC+(21)	Preferred Stock	N/A	12.00%	Non-Cash	N/A	1	1,089		—		1,150
Midwest Veterinary Partners, LLC+	Warrant	N/A	N/A		N/A	6	—		—		386
Midwest Veterinary Partners, LLC+	Warrant	N/A	N/A		N/A	—	29		—		41
MWD Management, LLC & MWD Services, Inc.+	LLC interest	N/A	N/A		N/A	412	335		—		579
NDX Parent, LLC+	Common Stock	N/A	N/A		N/A	—	272		—		16
NDX Parent, LLC+	Preferred Stock	N/A	N/A		N/A	40	40		—		42
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	Common Stock	N/A	N/A		N/A	—	321		—		282
Oliver Street Dermatology Holdings, LLC+	LLC interest	N/A	N/A		N/A	452	234		—		—
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A		N/A	—	528		0.1		769
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A		N/A	4	74		—		651
Radiology Partners, Inc.+	LLC units	N/A	N/A		N/A	11	68		—		66
Radiology Partners, Inc.+	LLC interest	N/A	N/A		N/A	43	55		—		261
Sage Dental Management, LLC+	LLC units	N/A	N/A		N/A	—	249		—		372
Sage Dental Management, LLC+	LLC units	N/A	N/A		N/A	3	3		—		—
Suveto Buyer, LLC+	Common Stock	N/A	N/A		N/A	6	562		—		296



							11,877		0.6		16,238

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Health Care Technology
Connexin Software, Inc.+ LLC interest N/A N/A N/A 154 $ 193 — % $ 302
HSI Halo Acquisition, Inc.+ LP Interest N/A N/A N/A — 288 — 371
HSI Halo Acquisition, Inc.+ LP Interest N/A N/A N/A — — — 49
Kareo, Inc.+ Warrant N/A N/A N/A 75 394 — 411
Kareo, Inc.+ Warrant N/A N/A N/A 53 162 — 31
Kareo, Inc.+ Preferred stock N/A N/A N/A 1 8 — 17
Symplr Software, Inc.+ Preferred stock N/A N/A N/A 12 11,807 0.5 12,746
Symplr Software, Inc.+ Preferred stock N/A N/A N/A 2 2,734 0.2 3,783
Symplr Software, Inc.+ Preferred stock N/A N/A N/A 2 1,427 0.1 1,692
Symplr Software, Inc.+ Preferred stock N/A N/A N/A 1 880 — 989
Symplr Software, Inc.+ LLC units N/A N/A N/A — 161 — 205
Symplr Software, Inc.+ Common Stock N/A N/A N/A 177 — — 954
18,054 0.8 21,550
Hotels, Restaurants & Leisure
Freddy's Frozen Custard LLC+ LP Interest N/A N/A N/A 206 206 — 324
Harri US LLC+ LLC units N/A N/A N/A 83 658 — 658
Harri US LLC+ Preferred stock N/A N/A N/A 71 455 — 507
Harri US LLC+ Warrant N/A N/A N/A 18 106 — 128
LMP TR Holdings, LLC LLC units N/A N/A N/A 712 712 0.1 2,490
SSRG Holdings, LLC+ LP Interest N/A N/A N/A 6 61 — 80
Tropical Smoothie Cafe Holdings, LLC+(17) LP Interest N/A N/A N/A 5 477 0.1 1,012
2,675 0.2 5,199
Household Durables
Groundworks LLC+ LLC interest N/A N/A N/A — 155 — 435
Insurance
Captive Resources Midco, LLC+(17) LLC units N/A N/A N/A 425 — 0.1 1,034
Majesco+ LP Interest N/A N/A N/A — 307 — 348
Majesco+ LP Interest N/A N/A N/A 69 — — 147
Orchid Underwriters Agency, LLC+ LP Interest N/A N/A N/A 96 108 — 173
415 0.1 1,702
Internet and Catalog Retail
Revalize, Inc.+ Preferred stock N/A N/A N/A 17 17,025 0.7 17,935
Revalize, Inc.+ Preferred stock N/A N/A N/A 10 10,219 0.4 10,765
27,244 1.1 28,700
IT Services
Appriss Health Intermediate Holdings, Inc+ Preferred stock N/A N/A N/A 2 1,994 0.1 2,267
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ Preferred stock N/A N/A N/A 587 462 0.2 5,144
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ Preferred stock N/A N/A N/A 154 423 0.1 1,349
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ Preferred stock N/A N/A N/A 35 291 — 313
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ Warrant N/A N/A N/A 202 159 0.1 1,645
Episerver, Inc.+ Common Stock N/A N/A N/A 75 807 — 1,198
Kentik Technologies, Inc.+ Preferred stock N/A N/A N/A 192 1,103 — 1,204


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Technology
Connexin Software, Inc.+	LLC interest	N/A	N/A		N/A	154	$	193	—	%	$	214
HSI Halo Acquisition, Inc.+	LP Interest	N/A	N/A		N/A	—	292		—		418
HSI Halo Acquisition, Inc.+	LP Interest	N/A	N/A		N/A	—	5		—		93
Symplr Software, Inc.+(21)	Preferred Stock	N/A	11.00%	Non-Cash	N/A	12	12,566		0.5		12,838
Symplr Software, Inc.+(21)	Preferred Stock	N/A	10.63%	Non-Cash	N/A	2	3,038		0.2		4,319
Symplr Software, Inc.+(21)	Preferred Stock	N/A	11.00%	Non-Cash	N/A	2	1,528		0.1		1,704
Symplr Software, Inc.+(21)	Preferred Stock	N/A	11.00%	Non-Cash	N/A	1	939		0.1		996
Symplr Software, Inc.+	LLC units	N/A	N/A		N/A	—	161		—		144
Symplr Software, Inc.+	Common Stock	N/A	N/A		N/A	177	—		—		669
Tebra Technologies, Inc.+	Warrant	N/A	N/A		N/A	169	871		—		721
Tebra Technologies, Inc.+	Warrant	N/A	N/A		N/A	53	162		—		200
Tebra Technologies, Inc.+	LLC interest	N/A	N/A		N/A	348	2,824		0.1		2,896
Tebra Technologies, Inc.+	Preferred Stock	N/A	N/A		N/A	1	8		—		11
							22,587		1.0		25,223
Hotels, Restaurants & Leisure
Freddy's Frozen Custard LLC+	LP Interest	N/A	N/A		N/A	206	206		—		340
Harri US LLC+	LLC units	N/A	N/A		N/A	83	658		—		653
Harri US LLC+	Preferred Stock	N/A	N/A		N/A	71	455		—		541
Harri US LLC+	Warrant	N/A	N/A		N/A	24	106		—		156
LMP TR Holdings, LLC(21)	LLC units	N/A	N/A		N/A	712	712		0.1		2,725
SSRG Holdings, LLC+	LP Interest	N/A	N/A		N/A	6	61		—		83
Tropical Smoothie Cafe Holdings, LLC+	LP Interest	N/A	N/A		N/A	5	246		0.1		944
							2,444		0.2		5,442



Insurance
Majesco+	LP Interest	N/A	N/A		N/A	—	307		—		381
Majesco+	LP Interest	N/A	N/A		N/A	69	—		—		117
							307		—		498
Internet and Catalog Retail
Revalize, Inc.+	Preferred Stock	N/A	N/A		N/A	17	17,025		0.7		17,833
Revalize, Inc.+	Preferred Stock	N/A	N/A		N/A	10	10,219		0.4		10,704
Revalize, Inc.+	Preferred Stock	N/A	N/A		N/A	1	1,104		—		1,113
Revalize, Inc.+	Preferred Stock	N/A	N/A		N/A	7	7,034		0.3		6,614
							35,382		1.4		36,264
IT Services
Appriss Health Intermediate Holdings, Inc+(21)	Preferred Stock	N/A	11.00%	Non-Cash	N/A	2	2,129		0.1		2,207
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred Stock	N/A	N/A		N/A	587	462		0.2		4,048
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred Stock	N/A	N/A		N/A	154	423		—		1,062
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred Stock	N/A	N/A		N/A	35	291		—		244
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Warrant	N/A	N/A		N/A	202	159		0.1		1,289
Critical Start, Inc.+	Common Stock	N/A	N/A		N/A	225	225		—		246
Episerver, Inc.+	Common Stock	N/A	N/A		N/A	75	807		—		552
Kentik Technologies, Inc.+	Preferred Stock	N/A	N/A		N/A	192	1,103		0.1		1,103
Netwrix Corporation+	LLC units	N/A	N/A		N/A	9	18		—		21
PCS Intermediate II Holdings, LLC+	LLC interest	N/A	N/A		N/A	37	367		—		508
Red Dawn SEI Buyer, Inc.+	LP Interest	N/A	N/A		N/A	13	13		—		20
Saturn Borrower Inc.+	LP units	N/A	N/A		N/A	346	346		—		106

							6,343		0.5		11,406

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
IT Services - (continued)
PCS Intermediate II Holdings, LLC+ LLC interest N/A N/A N/A 37 $ 367 — % $ 460
Red Dawn SEI Buyer, Inc.+ LP Interest N/A N/A N/A 13 13 — 21
Saturn Borrower Inc.+ LP units N/A N/A N/A 346 346 — 153
5,965 0.5 13,754
Leisure Products
Massage Envy, LLC+ LLC interest N/A N/A N/A 749 210 0.1 1,822
WBZ Investment LLC+ LLC interest N/A N/A N/A 67 117 — 150
WBZ Investment LLC+ LLC interest N/A N/A N/A 46 80 — 103
WBZ Investment LLC+ LLC interest N/A N/A N/A 38 65 — 84
WBZ Investment LLC+ LLC interest N/A N/A N/A 33 58 — 73
WBZ Investment LLC+ LLC interest N/A N/A N/A 15 24 — 32
WBZ Investment LLC+ LLC interest N/A N/A N/A 2 2 — 3
556 0.1 2,267
Life Sciences Tools & Services
PAS Parent Inc.+ LP Interest N/A N/A N/A 9 933 — 905
Reaction Biology Corporation+ LLC units N/A N/A N/A — 265 — 265
1,198 — 1,170
Oil, Gas and Consumable Fuels
W3 Co.+ LLC interest N/A N/A N/A 3 1,632 0.1 1,199
W3 Co.+ Preferred stock N/A N/A N/A — 224 — 199
1,856 0.1 1,398
Paper and Forest Products
Messenger, LLC+ LLC units N/A N/A N/A 3 312 — 304
Messenger, LLC+ LLC units N/A N/A N/A — — — —
312 — 304
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12) LP Interest N/A N/A N/A 502 502 — 996
Cobalt Buyer Sub, Inc.+ Preferred stock N/A N/A N/A 8 7,679 0.4 8,348
Cobalt Buyer Sub, Inc.+ Preferred stock N/A N/A N/A — 168 — 155
Cobalt Buyer Sub, Inc.+ Common Stock N/A N/A N/A 2 2 — —
8,351 0.4 9,499


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Leisure Products
Massage Envy, LLC+	LLC interest	N/A	N/A		N/A	749	$	210	0.1	%	$	1,725
WBZ Investment LLC+	LLC interest	N/A	N/A		N/A	67	117		—		176
WBZ Investment LLC+	LLC interest	N/A	N/A		N/A	46	80		—		120
WBZ Investment LLC+	LLC interest	N/A	N/A		N/A	38	65		—		99
WBZ Investment LLC+	LLC interest	N/A	N/A		N/A	33	58		—		86
WBZ Investment LLC+	LLC interest	N/A	N/A		N/A	15	24		—		37
WBZ Investment LLC+	LLC interest	N/A	N/A		N/A	2	2		—		4
							556		0.1		2,247
Life Sciences Tools & Services
Celerion Buyer, Inc.+	LP units	N/A	N/A		N/A	930	930		0.1		930
Celerion Buyer, Inc.+	LP units	N/A	N/A		N/A	930	—		—		152
PAS Parent Inc.+	LP Interest	N/A	N/A		N/A	9	933		—		772
PAS Parent Inc.+	Preferred Stock	N/A	N/A		N/A	1	139		—		139
Reaction Biology Corporation+	LLC units	N/A	N/A		N/A	—	265		—		337
							2,267		0.1		2,330
Oil, Gas and Consumable Fuels
W3 Co.+	LLC interest	N/A	N/A		N/A	3	1,632		0.1		1,144
W3 Co.+	Preferred Stock	N/A	N/A		N/A	—	224		—		200
							1,856		0.1		1,344
Paper and Forest Products
Messenger, LLC+	LLC units	N/A	N/A		N/A	3	312		—		213
Messenger, LLC+	LLC units	N/A	N/A		N/A	—	—		—		—
							312		—		213
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12)	LP Interest	N/A	N/A		N/A	502	502		—		892
Cobalt Buyer Sub, Inc.+(21)	Preferred Stock	N/A	10.00%	Non-Cash	N/A	8	8,319		0.4		9,231
Cobalt Buyer Sub, Inc.+	Preferred Stock	N/A	N/A		N/A	—	168		—		171
Cobalt Buyer Sub, Inc.+	Common Stock	N/A	N/A		N/A	2	2		—		—
							8,991		0.4		10,294

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Professional Services
Brandmuscle, Inc.+ LLC interest N/A N/A N/A — $ 216 0.1 % $ 423
DISA Holdings Acquisition Subsidiary Corp.+ Common Stock N/A N/A N/A — 154 — 474
Enboarder, Inc.+(8)(11) Preferred stock N/A N/A N/A 56 573 — 573
Net Health Acquisition Corp.+ LP Interest N/A N/A N/A 13 1,509 0.1 2,135
Procure Acquireco, Inc.+ LP Interest N/A N/A N/A — 486 — 486
2,938 0.2 4,091
Real Estate Management & Development
Inhabit IQ Inc.+ Common Stock N/A N/A N/A 62 434 — 566
Road & Rail
Internet Truckstop Group LLC+ LP Interest N/A N/A N/A 408 447 — 640


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Professional Services
Brandmuscle, Inc.+	LLC interest	N/A	N/A		N/A	—	$	216	—	%	$	129
Enboarder, Inc.+(8)(11)	Preferred Stock	N/A	N/A		N/A	56	573		—		578
Filevine, Inc.+	Preferred Stock	N/A	N/A		N/A	221	1,401		0.1		1,541
Filevine, Inc.+	Warrant	N/A	N/A		N/A	33	49		—		162
Net Health Acquisition Corp.+	LP Interest	N/A	N/A		N/A	13	1,509		0.1		1,595
Procure Acquireco, Inc.+	LP Interest	N/A	N/A		N/A	—	486		—		572

							4,234		0.2		4,577
Real Estate Management & Development
Inhabit IQ Inc.+	Common Stock	N/A	N/A		N/A	62	434		—		802
SC Landco Parent, LLC+	Common Stock	N/A	N/A		N/A	2	274		—		260
							708		—		1,062
Road & Rail
Internet Truckstop Group LLC+	LP Interest	N/A	N/A		N/A	408	447		—		450

Software
Accela, Inc.+	LLC interest	N/A	N/A		N/A	670	418		—		353
Anaplan, Inc.+	LP Interest	N/A	N/A		N/A	385	385		—		455
Aras Corporation+(21)	Preferred Stock	N/A	12.00%	Non-Cash	N/A	1	1,075		0.1		1,176
Aras Corporation+	LP Interest	N/A	N/A		N/A	306	307		—		274
Astute Holdings, Inc.+	LP Interest	N/A	N/A		N/A	—	304		—		521
Auvik Networks Inc.+(8)(12)	Preferred Stock	N/A	N/A		N/A	26	256		—		257
Auvik Networks Inc.+(8)(12)	Preferred Stock	N/A	N/A		N/A	3	29		—		30
Bayshore Intermediate #2, L.P.+	Common Stock	N/A	N/A		N/A	4,095	4,095		0.1		3,064
Calabrio, Inc.+	LP Interest	N/A	N/A		N/A	1	769		0.1		723
Calabrio, Inc.+	LP Interest	N/A	N/A		N/A	96	0		—		0
Cloudbees, Inc.+	Preferred Stock	N/A	N/A		N/A	149	1,663		0.1		1,719
Cloudbees, Inc.+	Warrant	N/A	N/A		N/A	131	247		0.1		1,122
Cloudbees, Inc.+	Preferred Stock	N/A	N/A		N/A	71	466		0.1		769
Cynet Security Ltd.+(8)(15)	Preferred Stock	N/A	N/A		N/A	143	508		—		529
Diligent Corporation+(21)	Preferred Stock	N/A	10.50%	Non-Cash	N/A	17	17,646		0.7		18,207
Diligent Corporation+	Preferred Stock	N/A	N/A		N/A	415	912		0.1		1,994
FirstUp, Inc.+	Common Stock	N/A	N/A		N/A	221	541		—		345
GS Acquisitionco, Inc.+(21)	Preferred Stock	N/A	11.00%	Non-Cash	N/A	26	26,956		1.0		26,127
GS Acquisitionco, Inc.+(21)	Preferred Stock	N/A	11.00%	Non-Cash	N/A	2	1,626		0.1		1,529
GS Acquisitionco, Inc.+	LP Interest	N/A	N/A		N/A	1	170		—		922
GTY Technology Holdings, Inc.+	LP units	N/A	N/A		N/A	48	48		—		53
Impartner, Inc.+	Preferred Stock	N/A	N/A		N/A	28	226		—		203
Kaseya Inc.+(21)	Preferred Stock	N/A	11.75%	Non-Cash	N/A	2	1,764		0.1		1,763
Kaseya Inc.+	LP Interest	N/A	N/A		N/A	100	100		—		94
MetricStream, Inc.+	Warrant	N/A	N/A		N/A	168	263		—		167
Ministry Brands Holdings LLC+	LP Interest	N/A	N/A		N/A	438	439		—		251
mParticle, Inc.+	Preferred Stock	N/A	N/A		N/A	162	1,060		0.1		876
mParticle, Inc.+	Warrant	N/A	N/A		N/A	75	16		—		318
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+	Warrant	N/A	N/A		N/A	4	9		—		18
PDI TA Holdings, Inc.+	Preferred Stock	N/A	N/A		N/A	92	2,846		0.1		2,934

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Personify, Inc.+	LP Interest	N/A			N/A		N/A	716	$	942	0.1	%	$	1,617
Project Alpha Intermediate Holding, Inc.+	Common Stock	N/A			N/A		N/A	—	964		0.1		1,449
Project Alpha Intermediate Holding, Inc.+	Common Stock	N/A			N/A		N/A	202	329		—		222
Pyramid Healthcare Acquisition Corp.+	Common Stock	N/A			N/A		N/A	184	184		—		292
QAD, Inc.+	Preferred Stock	N/A			N/A		N/A	—	222		—		222
QAD, Inc.+	Common Stock	N/A			N/A		N/A	15	0		—		0
Onit, Inc.+(21)	Preferred Stock	N/A			15.00%	Non-Cash	N/A	—	42		—		42
Onit, Inc.+	Warrant	N/A			N/A		N/A	—	6		—		6
RegEd Aquireco, LLC+	LP Interest	N/A			N/A		N/A	—	331		—		69
RegEd Aquireco, LLC+	LP Interest	N/A			N/A		N/A	3	21		—		0
Riskonnect Parent, LLC+(21)	Preferred Stock	N/A			11.00%	Non-Cash	N/A	18	19,100		0.7		18,356
Riskonnect Parent, LLC+	LP Interest	N/A			N/A		N/A	857	859		—		842
Riskonnect Parent, LLC+(21)	Preferred Stock	SF +	10.50%	(m)	15.40%	Non-Cash	N/A	—	349		—		361
SnapLogic, Inc.+	Preferred Stock	N/A			N/A		N/A	278	695		0.1		1,327
SnapLogic, Inc.+	Warrant	N/A			N/A		N/A	106	75		—		354
Spartan Buyer Acquisition Co.+	Common Stock	N/A			N/A		N/A	1	623		—		272
Spartan Buyer Acquisition Co.+	Preferred Stock	N/A			N/A		N/A	—	38		—		39
Telesoft Holdings LLC+	LP Interest	N/A			N/A		N/A	6	6		—		6
Templafy APS and Templafy, LLC+(8)(18)	Warrant	N/A			N/A		N/A	—	62		—		43
Workforce Software, LLC+	Common Stock	N/A			N/A		N/A	—	973		—		487
Workforce Software, LLC+	Common Stock	N/A			N/A		N/A	—	36		—		40
Zendesk, Inc.+	LP units	N/A			N/A		N/A	45	454		—		469

									91,455		3.8		93,308

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Specialty Retail
Ave Holdings III, Corp+ Preferred stock N/A N/A N/A 9 $ 8,508 0.3 % $ 8,870
Ave Holdings III, Corp+ LP units N/A N/A N/A 1 934 — 934
Batteries Plus Holding Corporation+ LP Interest N/A N/A �� N/A 10 1,287 0.1 1,563
Cycle Gear, Inc.+ LLC units N/A N/A N/A 27 462 — 829
Imperial Optical Midco Inc.+ Preferred stock N/A N/A N/A — 122 — 156
Imperial Optical Midco Inc.+ Preferred stock N/A N/A N/A — 46 — 57
Jet Equipment & Tools Ltd.+(8)(9)(12) LLC interest N/A N/A N/A 1 948 0.1 2,292
Pet Holdings ULC+(8)(12) LP Interest N/A N/A N/A 677 450 0.1 1,670
PPV Intermediate Holdings II, LLC+ LLC interest N/A N/A N/A 325 315 — 904
Sola Franchise, LLC and Sola Salon Studios, LLC+ LLC interest N/A N/A N/A 6 682 0.1 1,602
Sola Franchise, LLC and Sola Salon Studios, LLC+ LLC interest N/A N/A N/A 1 139 — 365
Southern Veterinary Partners, LLC+ Preferred stock N/A N/A N/A 5 4,911 0.2 5,365
Southern Veterinary Partners, LLC+ LLC units N/A N/A N/A — 717 — 1,073
Southern Veterinary Partners, LLC+ LLC interest N/A N/A N/A 148 188 0.2 4,274
19,709 1.1 29,954
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.+ LLC interest N/A N/A N/A 97 604 — 510
Textiles, Apparel & Luxury Goods
Elite Sportswear, L.P.+ LLC interest N/A N/A N/A — 165 — —
Georgica Pine Clothiers, LLC+ LLC interest N/A N/A N/A 20 239 — 556
Georgica Pine Clothiers, LLC+ Common Stock N/A N/A N/A — — — —
MakerSights, Inc. + Preferred stock N/A N/A N/A 40 218 — 218
R.G. Barry Corporation+ Preferred stock N/A N/A N/A — 161 — 193
783 — 967
Total non-controlled/non-affiliate company equity investments $ 197,331 9.7 % $ 254,178
Total non-controlled/non-affiliate company investments $ 5,170,716 $ 5,316,742 203.8 % $ 5,347,715


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail
Ave Holdings III, Corp+(21)	Preferred Stock	N/A	11.50%	Non-Cash	N/A	9		$	9,051	0.4	%	$	8,925
Ave Holdings III, Corp+	LP units	N/A	N/A		N/A	1		1,129		—		1,068
Batteries Plus Holding Corporation+	LP Interest	N/A	N/A		N/A	10		1,287		0.1		1,437
Cycle Gear, Inc.+	LLC units	N/A	N/A		N/A	27		463		—		201
Cycle Gear, Inc.+	Preferred Stock	N/A	N/A		N/A	38		38		—		254
Imperial Optical Midco Inc.+	Preferred Stock	N/A	N/A		N/A	—		122		—		17
Imperial Optical Midco Inc.+	Preferred Stock	N/A	N/A		N/A	—		46		—		6
Imperial Optical Midco Inc.+	Common Stock	N/A	N/A		N/A	—		—		—		8
Pet Holdings ULC+(8)(12)(21)	LP Interest	N/A	N/A		N/A	677		450		0.1		1,707
Salon Lofts Group, LLC+	LP units	N/A	N/A		N/A	—		87		—		78
Southern Veterinary Partners, LLC+(21)	Preferred Stock	N/A	12.00%	Non-Cash	N/A	5		5,256		0.3		5,650
Southern Veterinary Partners, LLC+	LLC units	N/A	N/A		N/A	—		717		—		1,179
Southern Veterinary Partners, LLC+	LLC interest	N/A	N/A		N/A	148		188		0.2		4,214
VSG Acquisition Corp. and Sherrill, Inc.+	LP units	N/A	N/A		N/A	—		37		—		35
								18,871		1.1		24,779
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.+	LLC interest	N/A	N/A		N/A	97		604		—		226

Textiles, Apparel & Luxury Goods
Georgica Pine Clothiers, LLC+	LLC interest	N/A	N/A		N/A	20		239		—		473
Georgica Pine Clothiers, LLC+	Common Stock	N/A	N/A		N/A	—		—		—		1
MakerSights, Inc.+	Preferred Stock	N/A	N/A		N/A	40		218		—		218
R.G. Barry Corporation+	Preferred Stock	N/A	N/A		N/A	—		161		—		223
								618		—		915

Total non-controlled/non-affiliate company equity investments								$	232,178	10.6	%	$	265,333

Total non-controlled/non-affiliate company investments						$	5,348,293	$	5,529,795	216.7	%	$	5,429,604

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Non-controlled/affiliate company investments(19)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+ One stop L + 5.75% (a) 6.75% 04/2024 $ 5,786 $ 5,794 0.2 % $ 5,786
Abita Brewing Co., L.L.C.+ Second lien L + 8.00% (b) 9.01% 04/2024 3,553 3,545 0.1 3,553
Abita Brewing Co., L.L.C.+ One stop L + 5.75% N/A(6) 04/2024 — — — —
9,339 9,339 0.3 9,339
Consumer Finance
Paradigm DKD Group, LLC+(7) Senior loan L + 6.25% (b) 7.50% 05/2022 3,157 2,059 0.1 2,114
Paradigm DKD Group, LLC+(5)(7) Senior loan L + 6.25% (b) 7.50% 05/2022 — (142) — 6
3,157 1,917 0.1 2,120
Electronic Equipment, Instruments and Components
Sloan Company, Inc., The+(7) One stop L + 8.50% (b) 9.51% 07/2023 4,708 4,074 0.1 3,707
Sloan Company, Inc., The+ One stop L + 8.50% (b) 9.51% 07/2023 1,359 1,359 0.1 1,359
Sloan Company, Inc., The+(7) One stop L + 8.50% (b) 9.51% 07/2023 313 271 — 246
6,380 5,704 0.2 5,312
Energy, Equipment & Services
Benetech, Inc.+ One stop L + 6.00% (a) 7.25% 08/2023 3,621 3,623 0.1 1,810
Benetech, Inc.+ One stop L + 6.00% (a) 7.25% 08/2023 783 783 — 177
4,404 4,406 0.1 1,987
Food and Staples Retailing
Rubio's Restaurants, Inc.+ Senior loan L + 8.00% (b) 9.25% 12/2024 12,895 12,660 0.5 12,895
Rubio's Restaurants, Inc.+(5) Senior loan L + 8.00% N/A(6) 12/2024 — (13) — —
12,895 12,647 0.5 12,895
Healthcare Providers and Services
Elite Dental Partners LLC+ One stop L + 5.25% (b) 6.26% PIK 06/2023 11,371 11,417 0.4 11,143
Elite Dental Partners LLC+ One stop L + 12.00% (b) 13.01% PIK 06/2023 1,652 1,652 0.1 1,652
Elite Dental Partners LLC+ One stop L + 5.25% (b) 6.26% PIK 06/2023 1,226 1,226 — 1,226
14,249 14,295 0.5 14,021
Software
Switchfly LLC+ One stop L + 5.00% (b) 6.00% 10/2023 6,361 6,276 0.2 4,898
Switchfly LLC+ One stop L + 5.00% (b) 6.00% 10/2023 531 524 — 409
Switchfly LLC+ One stop L + 5.00% (b) 6.00% 10/2023 40 40 — 32
Switchfly LLC+(5) One stop L + 8.50% (b) 9.50% 10/2023 2 2 — (16)
6,934 6,842 0.2 5,323
Total non-controlled/affiliate debt investments $ 57,358 $ 55,150 1.9 % $ 50,997


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Non-controlled/affiliate company investments(24)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+(22)	One stop	SF +	8.00%	(m)(n)	12.47%		04/2024	$	6,018	$	5,994	0.2	%	$	4,814
Abita Brewing Co., L.L.C.+(7)(22)	Second lien	SF +	8.00%	(m)	12.90%		04/2024	3,962		3,724		—		1,307
Abita Brewing Co., L.L.C.+	One stop	SF +	8.00%		N/A(6)		04/2024	—		—		—		—


								9,980		9,718		0.2		6,121









Energy, Equipment & Services
Benetech, Inc.+(7)(22)	One stop	SF +	6.00%	(m)	11.05%		08/2024	3,912		3,622		0.1		1,370
Benetech, Inc.+(7)(22)	One stop	SF +	6.00%	(m)	11.05%		08/2024	1,233		1,140		—		267
								5,145		4,762		0.1		1,637
Food and Staples Retailing
Rubio's Restaurants, Inc.+(22)	Senior secured	SF +	8.00%	(m)	12.97%		12/2024	13,174		13,025		0.4		10,276
Rubio's Restaurants, Inc.+(22)	Senior secured	SF +	8.00%	(l)(m)	13.02%		12/2024	1,393		1,384		0.1		1,087
								14,567		14,409		0.5		11,363
Healthcare Providers and Services
Elite Dental Partners LLC+(22)	One stop	SF +	5.25%	(m)	10.15%	PIK	06/2023	12,336		12,347		0.4		9,375
Elite Dental Partners LLC+(22)	One stop	SF +	12.00%	(m)	16.90%	PIK	06/2023	5,000		5,000		0.2		4,750
Elite Dental Partners LLC+(22)	One stop	SF +	5.25%	(m)	10.15%	PIK	06/2023	1,330		1,330		—		1,330
								18,666		18,677		0.6		15,455
Software
Switchfly LLC+(22)	One stop	N/A			1.00%	PIK	10/2024	6,560		6,529		0.2		4,461
Switchfly LLC+(22)	One stop	N/A			1.00%	PIK	10/2024	548		545		—		373
Switchfly LLC+(22)	One stop	N/A			1.00%	PIK	10/2024	42		42		—		28
Switchfly LLC+(5)	One stop	L +	8.50%	(b)	13.28%		10/2024	2		2		—		(21)
								7,152		7,118		0.2		4,841

Total non-controlled/affiliate debt investments								$	55,510	$	54,684	1.6	%	$	39,417


Equity investments(19)(20)
Beverages


Abita Brewing Co., L.L.C.+	Warrant	N/A			N/A		N/A	210		$	—	—	%	$	2













Food and Staples Retailing
Rubio's Restaurants, Inc.+	Preferred Stock	N/A			N/A		N/A	2,779		2,276		—		193
Rubio's Restaurants, Inc.+	Common Stock	N/A			N/A		N/A	886		182		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A			N/A		N/A	536		110		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A			N/A		N/A	89		6		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A			N/A		N/A	52		3		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A			N/A		N/A	21		—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A			N/A		N/A	21		—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A			N/A		N/A	42		—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A			N/A		N/A	18		—		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Equity investments(15)(16)
Beverages
Abita Brewing Co., L.L.C.+ Warrant N/A N/A N/A 210 $ — — % $ 777
Consumer Finance
Paradigm DKD Group, LLC LLC interest N/A N/A N/A 354 115 — —
Paradigm DKD Group, LLC Preferred stock N/A N/A N/A 71 — — —
Paradigm DKD Group, LLC Preferred stock N/A N/A N/A 2,004 — — —
115 — —
Electronic Equipment, Instruments and Components
Sloan Company, Inc., The+ Common Stock N/A N/A N/A — 41 — 2
Energy, Equipment & Services
Benetech, Inc.+ LLC interest N/A N/A N/A 58 — — —
Benetech, Inc.+ LLC interest N/A N/A N/A 58 — — —
— — —
Food and Staples Retailing
Rubio's Restaurants, Inc.+ Preferred stock N/A N/A N/A 2,779 2,276 0.1 2,524
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 886 182 — 590
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 536 110 — 357
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 89 6 — 27
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 52 3 — 16
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 21 — — —
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 21 — — —
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 42 — — —
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 18 — — —
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 18 — — —
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 89 — — —
2,577 0.1 3,514
Healthcare Providers and Services
Elite Dental Partners LLC LLC interest N/A N/A N/A — 2,902 0.1 3,916
Elite Dental Partners LLC LLC interest N/A N/A N/A — 1,250 0.1 1,577
Elite Dental Partners LLC LLC units N/A N/A N/A — — — —
4,152 0.2 5,493
Software
Switchfly LLC+ LLC interest N/A N/A N/A 98,370 2,321 0.1 1,943
Switchfly LLC+ LLC units N/A N/A N/A 950 950 0.1 419
3,271 0.2 2,362
Total non-controlled/affiliate equity investments $ 10,156 0.5 % $ 12,148


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A		N/A	18		$	—	—	%	$	—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A		N/A	89		—		—		—
								2,577		—		193
Healthcare Providers and Services
Elite Dental Partners LLC	LLC interest	N/A	N/A		N/A	—		2,902		—		799
Elite Dental Partners LLC	LLC interest	N/A	N/A		N/A	—		1,250		—		—
Elite Dental Partners LLC	LLC units	N/A	N/A		N/A	—		—		—		—
								4,152		—		799
Software
Switchfly LLC+	LLC interest	N/A	N/A		N/A	98,370		2,321		0.1		2,174
Switchfly LLC+	LLC units	N/A	N/A		N/A	950		950		—		471
								3,271		0.1		2,645

Total non-controlled/affiliate equity investments								$	10,000	0.1	%	$	3,639

Total non-controlled/affiliate investments								$	64,684	1.7	%	$	43,056


Controlled affiliate company investments(25)
Debt Investments
IT Services
MMan Acquisition Co.+(7)(22)	One stop	N/A	10.00%	PIK	08/2023	$	31,043	$	19,497	0.4	%	$	9,934
MMan Acquisition Co.+(22)	One stop	N/A	8.00%	PIK	08/2023	1,717		1,716		0.1		1,682
MMan Acquisition Co.+(22)	One stop	N/A	12.00%	PIK	08/2023	952		952		—		952
MMan Acquisition Co.+(22)	One stop	N/A	12.00%	PIK	08/2023	275		275		—		275
MMan Acquisition Co.+(22)	One stop	N/A	12.00%	PIK	08/2023	849		849		—		849
Total controlled affiliate debt investments						$	34,836	$	23,289	0.5	%	$	13,692

Equity Investments (19)(20)
IT Services
MMan Acquisition Co.+	Common Stock	N/A	N/A		N/A	—		$	927	—	%	$	—

Total controlled affiliate equity investments								$	927	—	%	$	—

Total controlled affiliate investments								$	24,216	0.5	%	$	13,692

Total investments								$	5,618,695	218.9	%	$	5,486,352

Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)			4.7%	(26)				$	27,915	1.1	%	$	27,915
Allspring Treasury Plus Money Market Fund (CUSIP 94975H296)			4.6%	(26)				14,140		0.6		14,140
Morgan Stanley Institutional Liquidity Funds Treasury Securities Portfolio (CUSIP 61747C525)			4.4%	(26)				22,208		0.9		22,208
Total money market funds								$	64,263	2.6	%	$	64,263
Total Investments and Money Market Funds								$	5,682,958	221.5	%	$	5,550,615

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~

~~(In thousands)~~

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Total non-controlled/affiliate investments $ 57,358 $ 65,306 2.4 % $ 63,145
Controlled affiliate company investments(20)
Debt Investments
IT Services
MMan Acquisition Co.*+(7) One stop N/A 10.00% PIK 08/2023 $ 22,526 $ 19,607 0.5 % $ 12,958
MMan Acquisition Co.+ One stop N/A 8.00% PIK 08/2023 1,588 1,588 0.1 1,492
MMan Acquisition Co.+ One stop N/A 12.00% PIK 08/2023 849 849 — 849
Total controlled affiliate debt investments $ 24,963 $ 22,044 0.6 % $ 15,299
Equity Investments (15)(16)
IT Services
MMan Acquisition Co.+ Common Stock N/A N/A N/A — $ 927 — % $ —
Total controlled affiliate equity investments $ 927 — % $ —
Total controlled affiliate investments $ 24,963 $ 22,971 0.6 % $ 15,299
Total investments $ 5,253,037 $ 5,405,019 206.8 % $ 5,426,159
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718) 0.21%(21) $ 23,983 0.9 % $ 23,983
Total money market funds $ 23,983 0.9 % $ 23,983
Total Investments and Money Market Funds $ 5,429,002 207.7 % $ 5,450,142

~~See Notes to Consolidated Financial Statements.~~

~~TABLE OF CONTENTS~~

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

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

~~March 31, 2022~~2023

(In thousands)


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

(1)The majority of the investments bear interest at a rate that is permitted to be determined by reference to ~~London Interbank Offered~~the Secured Overnight Financing Rate (“~~LIBOR”~~SOFR” or ~~“L”) denominated in U.S. dollars or U.K. pound sterling (“GBP”~~“SF”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime (“P”), Sterling Overnight Index Average ("SONIA" or “SN”), Australian Interbank Rate (”AUD” or ”A”), Canadian Bankers Acceptance Rate (”CDOR” or "C”), or ~~Secured Overnight Financing~~London Interbank Offered Rate (“~~SOFR”~~LIBOR” or ~~“SF”~~“L”) denominated in U.S. dollars which reset daily, monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of March 31, ~~2022.~~2023. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest ~~outstanding~~outstanding contract is shown. Listed below are the index rates as of March 31, ~~2022,~~2023, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of March 31, ~~2022,~~2023, as the loan may have priced or repriced based on an index rate prior to March 31, ~~2022.~~2023.

(a) Denotes that all or a portion of the ~~loan~~contract was indexed to the 30-day LIBOR, which was ~~0.45%~~4.86% as of March 31, ~~2022.~~2023.

(b) Denotes that all or a portion of the ~~loan~~contract was indexed to the 90-day LIBOR, which was ~~0.96%~~5.19% as of March 31, ~~2022.~~2023.

(c) Denotes that all or a portion of the ~~loan~~contract was indexed to the 180-day LIBOR, which was ~~1.47%~~5.31% as of March 31, ~~2022.~~2023.

(d) Denotes that all or a portion of the ~~loan~~contract was indexed to the ~~360-day LIBOR,~~Prime rate, which was ~~2.10%~~8.00% as of March 31, ~~2022.~~2023.

(e)Denotes that all or a portion of the ~~loan~~contract was indexed to the ~~Prime rate,~~90-day EURIBOR, which was ~~3.50%~~3.04% as of March 31, ~~2022.~~2023.

(f) Denotes that all or a portion of the ~~loan~~contract was indexed to the ~~90-day~~180-day EURIBOR, which was ~~-0.46%~~3.34% as of March 31, ~~2022.~~2023.

(g) Denotes that all or a portion of the ~~loan~~contract was indexed to the ~~180-day EURIBOR,~~Three Month AUD, which was ~~-0.37%~~3.77% as of March 31, ~~2022.~~2023.

(h) Denotes that all or a portion of the ~~loan~~contract was indexed to the ~~Australia Three Month Interbank Rate,~~60-day CDOR, which was ~~0.23%~~4.98% as of March 31, ~~2022.~~2023.

(i) Denotes that all or a portion of the ~~loan~~contract was indexed to the ~~30-day Canadian Bankers’ Acceptance Rate,~~90-day CDOR, which was ~~0.96%~~5.03% as of March 31, ~~2022.~~2023.

(j) Denotes that all or a portion of the ~~loan~~contract was indexed to ~~the 90-day Canadian Bankers’ Acceptance Rate,~~SONIA, which was ~~1.26%~~4.18% as of March 31, ~~2022.~~2023.

(k) Denotes that all or a portion of the ~~loan~~contract was indexed to ~~SONIA,~~Daily SOFR, which was ~~0.69%~~4.87% as of March 31, ~~2022.~~2023.

(l) Denotes that all or a portion of the ~~loan~~contract was indexed to ~~Daily~~the 30-day Term SOFR which was ~~0.29%~~4.80% as of March 31, ~~2022.~~2023.

(m) Denotes that all or a portion of the ~~loan~~contract was indexed to the ~~30-day~~90-day Term SOFR ~~Rate~~ which was ~~0.30%~~4.91% as of March 31, ~~2022.~~2023.

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

~~(o)~~ ~~Denotes that all or a portion of the loan~~contract was indexed to the 180-day Term SOFR ~~Rate~~ which was ~~1.08%~~4.90% as of March 31, ~~2022.~~2023.

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

(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of March 31, ~~2022.~~2023.

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

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

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

(6)The entire commitment was unfunded as of March 31, ~~2022.~~2023. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.

(7)Loan was on non-accrual status as of March 31, ~~2022,~~2023, meaning that the Company has ceased recognizing interest income on the loan.

(8)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of March 31, ~~2022,~~2023, total non-qualifying assets at fair value represented ~~10.9%~~13.8% of the Company's total assets calculated in accordance with the 1940 Act.

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

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

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

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

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

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

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

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

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

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

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

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

See Notes to Consolidated Financial Statements.

5352

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, ~~2022~~2023

(In thousands)

~~(17)~~(20) Ownership of certain equity investments occurs through a holding company or partnership.

(21) The Company holds an equity investment that ~~entitles it to receive preferential dividends.~~is income producing.

~~(18)~~(22)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, 2023.

(23)The fair value of ~~this investment was valued using Level 1 inputs. See Note 6. Fair Value Measurements.~~the loan reflects the legal claim on par and accrued uncapitalized payment-in-kind (“PIK”) interest.

~~(19)~~(24)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns five percent or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the six months ended March 31, ~~2022~~2023 were as follows:
Portfolio Company
Fair value as of September 30, 2021
Gross Additions(a)
Gross Reductions(b)
Net change in unrealized gain (loss) Net realized gain (loss) Fair value as of March 31, 2022 Interest, dividend and fee income
Abita Brewing Co. LLC $ 10,050 $ 231 $ (206) $ 41 $ — $ 10,116 $ 383
Benetech, Inc.
2,399 208 (192) (428) — 1,987 172
Elite Dental Partners LLC 16,952 2,327 — 235 — 19,514 517
Paradigm DKD Group, LLC 2,627 143 (167) (483) — 2,120 18
Rubio's Restaurants, Inc 17,559 2 (21) (1,131) — 16,409 667
Sloan Company, Inc. 5,162 950 (305) (493) — 5,314 51
Switchfly LLC
6,168 1,687 (498) 328 — 7,685 368
Uinta Brewing Company
462 22 (498) 1,040 (1,026) — 7
Total Non-Controlled Affiliates
$ 61,379 $ 5,570 $ (1,887) $ (891) $ (1,026) $ 63,145 $ 2,183


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

~~(20)~~As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” of and “control” this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement) (“controlled affiliate”). Transactions related to investments in controlled affiliates for the six months ended March 31, 2022 were as follows:
Portfolio Company
Fair value as of September 30, 2021
Gross Additions(a)
Gross Reductions(b)
Net change in unrealized gain (loss) Net realized gain (loss) Fair value as of March 31, 2022 Interest, dividend and fee income
MMan Acquisition Co. $ 18,237 $ 2,315 $ (1,402) $ (3,851) $ — $ 15,299 $ 23
Total Controlled Affiliates
$ 18,237 $ 2,315 $ (1,402) $ (3,851) $ — $ 15,299 $ 23


Portfolio Company	Fair value as of September 30, 2022		Gross Additions(a)		Gross Reductions(b)		Net change in unrealized gain (loss)		Net realized gain (loss)		Fair value as of March 31, 2023		Interest, dividend and fee income
Abita Brewing Co. LLC	$	8,071	$	675	$	(472)	$	(2,151)	$	—	$	6,123	$	373
Benetech, Inc.	1,740		321		(257)		(167)		—		1,637		9
Elite Dental Partners LLC	20,689		2,634		(18)		(7,051)		—		16,254		943

Rubio's Restaurants, Inc	13,174		1,783		—		(3,401)		—		11,556		922
Sloan Company, Inc.	6,318		38		(6,329)		(347)		320		—		344
Switchfly LLC	7,697		144		—		(355)		—		7,486		69

Total Non-Controlled Affiliates	$	57,689	$	5,595	$	(7,076)	$	(13,472)	$	320	$	43,056	$	2,660


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

(25)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, 2023 were as follows:


Portfolio Company	Fair value as of September 30, 2022		Gross Additions(a)		Gross Reductions(b)		Net change in unrealized gain (loss)		Net realized gain (loss)		Fair value as of March 31, 2023		Interest, dividend and fee income
MMan Acquisition Co.	$	14,073	$	1,018	$	(820)	$	(579)	$	—	$	13,692	$	142
Total Controlled Affiliates	$	14,073	$	1,018	$	(820)	$	(579)	$	—	$	13,692	$	142


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

~~(21)~~(26)The rate shown is the annualized seven-day yield as of March 31, ~~2022.~~2023.

See Notes to Consolidated Financial Statements.

5453

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, ~~2021~~2022

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace and Defense
NTS Technical Systems*#+~ Senior loan L + 5.50% (c) 6.50% 06/2023 $ 40,173 $ 39,983 1.6 % $ 40,173
NTS Technical Systems~ Second lien L + 9.75% (c) 10.75% 12/2023 4,589 4,524 0.2 4,589
NTS Technical Systems+ Senior loan L + 5.50% (c) 6.50% 06/2023 1,247 1,195 — 1,247
NTS Technical Systems+(5) Senior loan L + 5.50% N/A(6) 06/2023 — (26) — —
Tronair Parent, Inc.+ Senior loan L + 6.25% (c)(e) 6.75% cash/0.50% PIK 09/2023 680 676 — 606
Tronair Parent, Inc.+ Senior loan L + 6.25% (c) 6.75% cash/0.50% PIK 06/2023 20 17 — 4
Whitcraft LLC*#+~ One stop L + 6.00% (c) 7.00% 04/2023 63,253 63,492 2.4 61,355
Whitcraft LLC+(5) One stop L + 6.00% N/A(6) 04/2023 — (1) — (9)
109,962 109,860 4.2 107,965
Airlines
Aurora Lux Finco S.A.R.L.+(8)(13) One stop L + 6.00% (c) 7.00% 12/2026 985 967 — 936
Auto Components
Covercraft Parent III, Inc.+ Senior loan L + 4.50% (c) 5.50% 08/2027 4,927 4,878 0.2 4,877
Covercraft Parent III, Inc.+(5) Senior loan L + 4.50% N/A(6) 08/2027 — (1) — (1)
Covercraft Parent III, Inc.+(5) Senior loan L + 4.50% N/A(6) 08/2027 — (18) — (18)
North Haven Falcon Buyer, LLC One stop L + 6.00% (a) 7.00% 05/2027 6,160 6,045 0.2 6,160
North Haven Falcon Buyer, LLC+(5) One stop L + 6.00% N/A(6) 05/2027 — (19) — —
Polk Acquisition Corp.*#+ Senior loan L + 6.00% (a) 7.00% 12/2023 18,106 17,991 0.7 18,106
Polk Acquisition Corp.+ Senior loan L + 6.00% (a) 7.00% 12/2023 181 182 — 181
Polk Acquisition Corp.+ Senior loan L + 6.00% (a) 7.00% 12/2023 107 106 — 107
Power Stop, LLC+~ Senior loan L + 4.50% (a) 4.58% 10/2025 2,813 2,856 0.1 2,813
   32,294 32,020 1.2 32,225
Automobiles
CG Group Holdings, LLC+ One stop L + 5.25% (c) 6.25% 07/2027 31,463 31,159 1.2 31,148
CG Group Holdings, LLC+ One stop L + 5.25% (a)(c) 6.25% 07/2026 168 164 — 164
JHCC Holdings LLC One stop L + 5.50% (c) 6.50% 09/2025 15,472 15,253 0.6 15,318
JHCC Holdings LLC+ One stop P + 4.50% (f) 7.75% 08/2027 501 496 — 496
JHCC Holdings LLC+ One stop L + 5.50% (c)(f) 6.89% 09/2025 298 296 — 295
JHCC Holdings LLC+ One stop P + 4.50% (f) 7.53% 09/2025 7 6 — 6
JHCC Holdings LLC+(5) One stop L + 5.50% N/A(6) 08/2027 — (33) — (33)
MOP GM Holding, LLC*#+~ One stop L + 5.75% (c) 6.75% 11/2026 24,221 23,961 1.0 23,980
MOP GM Holding, LLC+ One stop L + 5.75% (d) 6.75% 11/2026 2,604 2,576 0.1 2,578
MOP GM Holding, LLC+ One stop L + 5.75% (c) 6.75% 11/2026 1,930 1,909 0.1 1,910
MOP GM Holding, LLC+(5) One stop L + 5.75% N/A(6) 11/2026 — (2) — (2)
MOP GM Holding, LLC+(5) One stop L + 5.75% N/A(6) 11/2026 — (76) — (64)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace and Defense
Tronair Parent, Inc.+	Senior secured	L +	6.25%	(b)	8.67%	cash/	0.50%	PIK	09/2023	$	672	$	670	—	%	$	618
Tronair Parent, Inc.+	Senior secured	L +	6.25%	(b)	8.67%	cash/	0.50%	PIK	06/2023	100		99		—		88
Whitcraft LLC*#+	One stop	L +	6.00%	(b)	9.67%				04/2023	62,608		62,693		2.4		60,729
Whitcraft LLC+	One stop	P +	5.00%	(d)	11.25%				04/2023	42		38		—		33
										63,422		63,500		2.4		61,468
Airlines
Aurora Lux Finco S.A.R.L. +(8)(13)	One stop	L +	6.00%	(b)	8.78%				12/2026	975		961		—		926

Auto Components
COP CollisionRight Holdings, Inc.#+	One stop	SF +	4.75%	(l)	7.26%				04/2028	9,638		9,483		0.4		9,542
COP CollisionRight Holdings, Inc.+	One stop	SF +	4.75%	(l)	8.45%				04/2028	27		26		—		26
COP CollisionRight Holdings, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				04/2028	—		(2)		—		(3)
Covercraft Parent III, Inc.+	Senior secured	L +	4.50%	(b)	6.78%				08/2027	4,890		4,850		0.2		4,890
Covercraft Parent III, Inc.+	Senior secured	L +	4.50%	(b)	8.17%				08/2027	994		973		—		994
Covercraft Parent III, Inc.+(5)	Senior secured	L +	4.50%		N/A(6)				08/2027	—		(1)		—		—
North Haven Falcon Buyer, LLC+	One stop	L +	6.50%	(c)	8.51%				05/2027	6,099		6,004		0.3		5,855
North Haven Falcon Buyer, LLC+	One stop	L +	6.50%	(c)	8.67%				05/2027	1,021		1,006		—		981
Polk Acquisition Corp.*#+	Senior secured	SF +	6.00%	(k)	9.03%				12/2024	18,007		17,927		0.7		17,777
Polk Acquisition Corp.+	Senior secured	SF +	6.50%	(k)	9.53%				03/2023	695		693		—		695
Polk Acquisition Corp.+	Senior secured	SF +	6.00%	(k)	9.03%				12/2024	106		108		—		104
Polk Acquisition Corp.+	Senior secured	SF +	6.00%	(k)	9.03%				12/2024	106		106		—		105
										41,583		41,173		1.6		40,966
Automobiles
CG Group Holdings, LLC*#+	One stop	L +	7.25%	(b)	8.92%	cash/	2.00%	PIK	07/2027	31,441		31,084		1.1		28,925
CG Group Holdings, LLC+	One stop	L +	7.25%	(a)	8.37%	cash/	2.00%	PIK	07/2026	338		334		—		311
Denali Midco 2, LLC*#+	One stop	SF +	6.25%	(k)	9.38%				12/2027	42,864		42,490		1.7		41,579
Denali Midco 2, LLC+(5)	One stop	SF +	5.25%		N/A(6)				12/2027	—		(4)		—		(15)
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.38%				12/2027	198		196		—		192
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.38%				12/2027	100		99		—		97
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.38%				12/2027	80		79		—		77
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.38%				12/2027	80		79		—		77
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.28%				12/2027	66		65		—		64
Denali Midco 2, LLC+	One stop	SF +	6.50%	(k)	9.45%				12/2027	978		949		—		949
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.38%				12/2027	660		654		—		640
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.38%				12/2027	120		119		—		116
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.38%				12/2027	114		113		—		111
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.38%				12/2027	82		81		—		80
Denali Midco 2, LLC+(5)	One stop	SF +	6.50%		N/A(6)				12/2027	—		(29)		—		(29)
JHCC Holdings LLC+	One stop	L +	5.75%	(b)	9.42%				09/2025	15,314		15,116		0.6		14,855
JHCC Holdings LLC+	One stop	P +	4.75%	(d)	11.00%				09/2025	496		491		—		481
JHCC Holdings LLC+	One stop	L +	5.75%	(b)(d)	9.91%				09/2025	295		292		—		286
JHCC Holdings LLC+	One stop	P +	4.75%	(b)(d)	10.30%				09/2025	57		56		—		54
JHCC Holdings LLC+	One stop	L +	5.75%	(b)	9.42%				09/2025	302		267		—		269

See Notes to Consolidated Financial Statements.

5554

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
MOP GM Holding, LLC*#+	One stop	SF +	5.75%	(m)	9.98%	11/2026	$	23,977	$	23,768	1.0	%	$	23,498
MOP GM Holding, LLC+	One stop	L +	5.75%	(c)	7.09%	11/2026	2,629		2,609		0.1		2,576
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	7.62%	11/2026	2,599		2,562		0.1		2,547
MOP GM Holding, LLC+	One stop	L +	5.75%	(c)	6.95%	11/2026	2,578		2,556		0.1		2,527
MOP GM Holding, LLC+	One stop	SF +	5.75%	(l)	8.58%	11/2026	1,910		1,894		0.1		1,872
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	8.98%	11/2026	1,571		1,559		0.1		1,539
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	7.62%	11/2026	1,448		1,424		0.1		1,419
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	9.98%	11/2026	527		523		—		517
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	9.50%	11/2026	358		355		—		351
MOP GM Holding, LLC+	One stop	SF +	5.75%	(l)	9.55%	11/2026	148		146		—		145
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	8.51%	11/2026	60		59		—		59
MOP GM Holding, LLC+	One stop	SF +	5.75%	(c)(l)(m)	8.91%	11/2026	86		84		—		82
MOP GM Holding, LLC+(5)	One stop	SF +	5.75%		N/A(6)	11/2026	—		(21)		—		(47)
MOP GM Holding, LLC+	One stop	SF +	5.75%	(l)	8.99%	11/2026	180		178		—		176
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	8.94%	11/2026	60		59		—		59
POY Holdings, LLC#	One stop	L +	5.50%	(b)	9.17%	11/2027	9,543		9,379		0.4		9,543
POY Holdings, LLC+	One stop	L +	5.50%	(b)	9.17%	11/2027	36		32		—		36
POY Holdings, LLC+	One stop	L +	5.50%	(b)	9.14%	11/2027	82		79		—		82
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.50%	(m)	8.27%	07/2029	3,150		3,120		0.1		3,119
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.50%	(m)	8.39%	07/2029	70		68		—		68
National Express Wash Parent Holdco, LLC+(5)	One stop	SF +	5.50%		N/A(6)	07/2029	—		(22)		—		(22)
Quick Quack Car Wash Holdings, LLC*#	One stop	L +	6.50%	(b)	9.31%	10/2024	12,815		12,820		0.5		12,815
Quick Quack Car Wash Holdings, LLC+	One stop	L +	6.50%	(b)	9.31%	10/2024	9,773		9,750		0.4		9,773
Quick Quack Car Wash Holdings, LLC#+	One stop	L +	6.50%	(b)	9.31%	10/2024	2,313		2,306		0.1		2,313
Quick Quack Car Wash Holdings, LLC*+	One stop	L +	6.50%	(b)	9.31%	10/2024	2,020		2,042		0.1		2,020
Quick Quack Car Wash Holdings, LLC*+	One stop	L +	6.50%	(b)	9.31%	10/2024	1,350		1,364		0.1		1,350
Quick Quack Car Wash Holdings, LLC*+	One stop	L +	6.50%	(b)	9.31%	10/2024	1,099		1,110		—		1,099
Quick Quack Car Wash Holdings, LLC+	One stop	L +	6.50%	(b)	9.31%	10/2024	95		89		—		95
Quick Quack Car Wash Holdings, LLC+	One stop	L +	6.50%	(b)	9.32%	10/2024	120		120		—		120
Quick Quack Car Wash Holdings, LLC+	One stop	L +	6.50%	(a)(b)	9.51%	10/2024	95		93		—		95
Quick Quack Car Wash Holdings, LLC+	One stop	L +	6.50%	(a)	9.62%	10/2024	345		341		—		345
Quick Quack Car Wash Holdings, LLC+	One stop	L +	6.50%	(a)(b)	9.50%	10/2024	104		99		—		104
Spotless Brands, LLC+	One stop	SF +	6.50%	(l)	9.19%	07/2028	8,369		8,207		0.3		8,202
Spotless Brands, LLC+	One stop	SF +	6.50%	(k)	9.44%	07/2028	428		419		—		418
Spotless Brands, LLC+	One stop	SF +	6.50%	(d)(k)	9.92%	07/2028	20		20		—		20
Spotless Brands, LLC+(5)	One stop	SF +	6.50%		N/A(6)	07/2028	—		(7)		—		(7)
TWAS Holdings, LLC#+	One stop	SF +	6.25%	(k)	9.38%	12/2026	40,460		40,118		1.6		40,460
TWAS Holdings, LLC*+	One stop	SF +	6.25%	(k)	9.38%	12/2026	30,566		30,292		1.2		30,566
TWAS Holdings, LLC+	One stop	SF +	6.25%	(k)	9.38%	12/2026	7,934		7,865		0.3		7,934
TWAS Holdings, LLC+	One stop	SF +	6.25%	(k)	9.38%	12/2026	609		604		—		609
TWAS Holdings, LLC+	One stop	SF +	6.25%	(k)	9.38%	12/2026	387		384		—		387
TWAS Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)	12/2026	—		(3)		—		—
							263,499		260,975		10.1		257,983
Beverages
Fintech Midco, LLC*#	One stop	L +	5.25%	(b)	8.06%	08/2024	23,863		24,012		0.9		23,624
Fintech Midco, LLC+	One stop	L +	5.25%	(b)	8.06%	08/2024	15,149		15,053		0.6		14,998
Fintech Midco, LLC#+	One stop	L +	5.25%	(b)	8.06%	08/2024	1,105		1,123		0.1		1,094
Fintech Midco, LLC+(5)	One stop	L +	5.25%		N/A(6)	08/2024	—		—		—		(2)
Watermill Express, LLC+	One stop	L +	5.50%	(b)	9.17%	04/2027	2,244		2,227		0.1		2,222

See Notes to Consolidated Financial Statements.

5655

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Watermill Express, LLC+	One stop	L +	5.50%		N/A(6)	04/2027	$	—	$	—	—	%	$	—
Watermill Express, LLC+(5)	One stop	L +	5.50%		N/A(6)	04/2027	—		(1)		—		(2)
Winebow Holdings, Inc.+	One stop	L +	6.25%	(a)	9.37%	07/2025	7,799		7,722		0.3		7,799
							50,160		50,136		2.0		49,733

See Notes to Consolidated Financial Statements.

5756

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Building Products
BECO Holding Company, Inc.#+	One stop	L +	5.50%	(b)	9.17%		11/2028	$	7,538	$	7,472	0.3	%	$	7,387
BECO Holding Company, Inc.+(5)	One stop	L +	5.50%		N/A(6)		11/2027	—		(4)		—		(9)
BECO Holding Company, Inc.+(5)	One stop	L +	5.50%		N/A(6)		11/2028	—		(17)		—		(39)
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)	7.31%		03/2024	4,106		4,107		0.2		4,106
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)	7.31%		03/2024	1,388		1,403		0.1		1,388
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)	7.31%		03/2024	895		901		—		895
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)	7.31%		03/2024	844		839		—		844
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)	7.31%		03/2024	429		436		—		429
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)	7.31%		03/2024	274		275		—		274
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(b)(c)	7.13%		03/2024	886		877		—		886
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)	7.31%		03/2024	214		214		—		214
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)	7.31%		03/2024	114		114		—		114
								16,688		16,617		0.6		16,489
Chemicals
Inhance Technologies Holdings LLC#+	One stop	L +	5.25%	(b)	7.53%		07/2024	12,444		12,502		0.5		12,319
Inhance Technologies Holdings LLC+	One stop	L +	5.25%	(b)	7.53%		07/2024	9,913		9,845		0.4		9,813
Inhance Technologies Holdings LLC+	One stop	L +	5.25%	(b)	7.53%		07/2024	1,891		1,885		0.1		1,872
Inhance Technologies Holdings LLC+	One stop	L +	5.25%	(b)	7.53%		07/2024	21		22		—		19
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	E +	6.25%	(f)	8.11%		09/2028	31,048		36,136		1.2		30,116
PHM NL SP Bidco B.V.+(8)(14)	One stop	L +	6.25%	(c)	10.42%		09/2028	13,766		13,559		0.5		13,353
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	SN +	6.25%	(i)	8.44%		09/2028	6,711		7,914		0.2		6,510
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	E +	6.25%	(f)	6.31%		09/2028	3,282		3,710		0.1		3,161
								79,076		85,573		3.0		77,163
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC*+	One stop	L +	5.25%	(b)	8.92%		10/2028	16,063		15,862		0.6		15,741
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop	L +	5.25%		N/A(6)		10/2028	—		(3)		—		(4)
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop	L +	5.25%		N/A(6)		10/2028	—		(20)		—		(48)
Hydraulic Authority III Limited+(8)(9)(10)	One stop	SN +	5.00%	(i)	7.22%		11/2025	9,675		11,066		0.4		9,675
Hydraulic Authority III Limited+(8)(9)(10)	One stop	E +	5.00%	(e)	6.19%		11/2025	1,057		1,122		—		1,057
Hydraulic Authority III Limited+(8)(9)(10)	One stop	N/A			11.00%	PIK	11/2028	217		251		—		217
Hydraulic Authority III Limited+(8)(9)(10)	One stop	SN +	5.00%		N/A(6)		11/2025	—		—		—		—
North Haven Stack Buyer, LLC*+	One stop	SF +	5.50%	(k)	8.63%		07/2027	8,767		8,626		0.4		8,591

See Notes to Consolidated Financial Statements.

5857

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
North Haven Stack Buyer, LLC+(5)	One stop	SF +	5.50%		N/A(6)				07/2027	$	—	$	(22)	—	%	$	(56)
North Haven Stack Buyer, LLC+	One stop	SF +	5.50%	(k)	8.63%				07/2027	38		37		—		35
North Haven Stack Buyer, LLC+	One stop	SF +	5.50%	(k)	8.63%				07/2027	2,953		2,929		0.1		2,894
North Haven Stack Buyer, LLC+	One stop	SF +	5.50%	(k)	8.63%				07/2027	974		966		—		955
OVG Business Services, LLC+	One stop	L +	6.25%	(a)	9.34%				11/2028	1,800		1,764		0.1		1,764
OVG Business Services, LLC+	One stop	L +	5.50%	(a)	8.14%				11/2026	9		9		—		8
Profile Products LLC+	One stop	L +	5.50%	(b)	8.43%				11/2027	5,466		5,359		0.2		5,466
Profile Products LLC+(8)	One stop	L +	5.50%	(b)	8.42%				11/2027	1,288		1,266		0.1		1,288
Profile Products LLC+	One stop	L +	5.50%	(a)(d)	8.60%				11/2027	18		17		—		18
Profile Products LLC+(5)	One stop	L +	5.50%		N/A(6)				11/2027	—		(8)		—		—
Profile Products LLC+(5)	One stop	L +	5.25%		N/A(6)				11/2027	—		(1)		—		—
PT Intermediate Holdings III, LLC+	One stop	L +	5.50%	(b)	9.17%				11/2028	29,523		29,029		1.2		28,932
PT Intermediate Holdings III, LLC+	One stop	L +	5.50%	(b)	9.17%				11/2028	20,873		20,681		0.8		20,456
PT Intermediate Holdings III, LLC+	One stop	L +	5.50%	(b)	9.17%				11/2028	9,900		9,775		0.4		9,702
Radwell Parent, LLC+	One stop	SF +	5.75%	(l)	9.40%				03/2029	19,076		18,789		0.7		18,313
Radwell Parent, LLC+(5)	One stop	SF +	5.75%		N/A(6)				03/2028	—		(4)		—		(9)
Radwell Parent, LLC+(5)	One stop	SF +	5.75%		N/A(6)				03/2029	—		(8)		—		(22)
Trinity Air Consultants Holdings Corporation+	One stop	L +	5.25%	(c)	7.08%				06/2027	2,458		2,419		0.1		2,409
Trinity Air Consultants Holdings Corporation+	One stop	L +	5.25%	(c)	8.60%				06/2027	33		32		—		31
Trinity Air Consultants Holdings Corporation+	One stop	L +	5.25%		N/A(6)				06/2027	—		—		—		—
WRE Holding Corp.*#	Senior secured	SF +	5.25%	(l)	7.95%				01/2025	2,229		2,225		0.1		2,229
WRE Holding Corp.+	Senior secured	SF +	5.25%	(l)	7.95%				01/2025	920		920		—		920
WRE Holding Corp.+	Senior secured	SF +	5.25%	(l)	7.95%				01/2025	675		673		—		675
WRE Holding Corp.+	Senior secured	SF +	5.25%	(l)	7.95%				01/2025	399		398		—		399
WRE Holding Corp.+	Senior secured	SF +	5.25%	(l)	7.95%				01/2025	128		129		—		128
WRE Holding Corp.+	Senior secured	SF +	5.25%	(l)	7.95%				01/2025	23		23		—		23
WRE Holding Corp.+	Senior secured	SF +	5.25%	(l)	7.95%				01/2025	14		13		—		14
WRE Holding Corp.+	Senior secured	SF +	5.25%	(l)	7.99%				01/2025	16		14		—		16
										134,592		134,328		5.2		131,817
Communications Equipment
Lightning Finco Limited+(8)(10)	One stop	L +	5.50%	(b)	8.57%				09/2028	10,349		10,174		0.4		10,142
Lightning Finco Limited+(8)(9)(10)	One stop	E +	5.50%	(e)	6.25%				09/2028	1,041		1,240		—		1,020
										11,390		11,414		0.4		11,162











Containers and Packaging
AmerCareRoyal LLC+	Senior secured	L +	5.50%	(a)	8.12%	cash/	0.50%	PIK	11/2025	748		739		—		733
AmerCareRoyal LLC+	Senior secured	L +	5.50%	(a)	8.12%	cash/	0.50%	PIK	11/2025	160		158		—		156
AmerCareRoyal LLC+	Senior secured	L +	5.50%	(a)	8.12%	cash/	0.50%	PIK	11/2025	155		153		—		152
AmerCareRoyal LLC+(8)	Senior secured	L +	5.50%	(a)	8.12%	cash/	0.50%	PIK	11/2025	134		133		—		132
Chase Intermediate+	One stop	L +	5.00%	(b)(c)	8.00%				10/2028	9,900		9,819		0.4		9,702
Chase Intermediate+(5)	One stop	L +	5.00%		N/A(6)				10/2028	—		(3)		—		(7)
Chase Intermediate+(5)	One stop	L +	5.00%		N/A(6)				10/2028	—		(11)		—		(24)
Fortis Solutions Group, LLC*#+	One stop	L +	5.50%	(b)(c)	9.59%				10/2028	33,683		33,177		1.3		33,346
Fortis Solutions Group, LLC+	One stop	L +	5.50%	(c)	9.67%				10/2027	20		15		—		17
Fortis Solutions Group, LLC+(5)	One stop	L +	5.50%		N/A(6)				10/2028	—		(95)		—		(12)
Fortis Solutions Group, LLC+(5)	One stop	L +	5.50%		N/A(6)				10/2028	—		(40)		—		(56)
										44,800		44,045		1.7		44,139

See Notes to Consolidated Financial Statements.

5958

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Distributors
WSC Holdings Midco LLC+	Senior secured	SF +	4.50%	(l)	7.13%	07/2027	$	1,244	$	1,231	—	%	$	1,232
WSC Holdings Midco LLC+	Senior secured	SF +	4.50%	(l)	7.30%	07/2027	1,797		1,782		0.1		1,779
WSC Holdings Midco LLC+	Senior secured	SF +	4.50%	(l)	7.13%	07/2027	2,961		2,931		0.1		2,932
WSC Holdings Midco LLC+(5)	Senior secured	SF +	4.50%		N/A(6)	07/2027	—		(1)		—		(1)
WSC Holdings Midco LLC+(5)	Senior secured	SF +	4.50%		N/A(6)	07/2027	—		(1)		—		(1)
							6,002		5,942		0.2		5,941
Diversified Consumer Services
Certus Pest, Inc.#	One stop	SF +	6.25%	(m)	9.08%	02/2026	1,589		1,560		0.1		1,557
Certus Pest, Inc.#	One stop	SF +	6.25%	(m)	9.08%	02/2026	1,524		1,479		0.1		1,493
Certus Pest, Inc.+	One stop	SF +	6.25%	(m)	8.19%	02/2026	1,099		1,099		0.1		1,077
Certus Pest, Inc.#	One stop	SF +	6.25%	(l)(m)	10.04%	02/2026	1,080		1,070		0.1		1,058
Certus Pest, Inc.+	One stop	SF +	6.25%	(m)	9.08%	02/2026	753		739		—		738
Certus Pest, Inc.#	One stop	SF +	6.25%	(m)	9.08%	02/2026	664		632		—		651
Certus Pest, Inc.+	One stop	SF +	6.25%	(l)	9.95%	02/2026	647		643		—		634
Certus Pest, Inc.+	One stop	SF +	6.25%	(l)	9.95%	02/2026	382		374		—		374
Certus Pest, Inc.+	One stop	SF +	6.25%	(m)	9.08%	02/2026	239		225		—		235
Certus Pest, Inc.+	One stop	SF +	6.25%	(m)	9.08%	02/2026	131		105		—		128
Certus Pest, Inc.+	One stop	SF +	6.25%	(l)	9.95%	02/2026	55		50		—		54
Certus Pest, Inc.+(5)	One stop	SF +	6.25%		N/A(6)	02/2026	—		—		—		(1)
Certus Pest, Inc.+(5)	One stop	SF +	6.25%		N/A(6)	02/2026	—		(2)		—		—
Certus Pest, Inc.+(5)	One stop	SF +	6.25%		N/A(6)	02/2026	—		(13)		—		(99)
CHHJ Midco, LLC#	Senior secured	L +	5.00%	(a)	8.12%	01/2026	2,723		2,705		0.1		2,723
CHHJ Midco, LLC+	Senior secured	L +	5.00%		N/A(6)	01/2026	—		—		—		—
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.50%	(b)	7.24%	07/2027	1,713		1,699		0.1		1,696
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.50%	(b)	6.78%	07/2027	1,669		1,648		0.1		1,652
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.50%	(b)	6.87%	07/2027	1,094		1,082		0.1		1,083
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.50%	(b)	7.19%	07/2027	773		764		—		765
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.50%	(b)	6.78%	07/2027	199		196		—		197
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.75%	(b)	7.75%	07/2027	120		118		—		120
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.50%		N/A(6)	07/2027	—		—		—		—
DP Flores Holdings, LLC+	One stop	SF +	6.50%	(l)	10.00%	09/2028	2,593		2,548		0.1		2,548
DP Flores Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)	09/2028	—		(2)		—		(2)
DP Flores Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)	09/2028	—		(15)		—		(15)
DP Flores Holdings, LLC+	One stop	SF +	6.50%		N/A(6)	09/2028	—		—		—		—
DP Flores Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)	09/2028	—		(25)		—		—
EMS LINQ, LLC+	One stop	L +	6.25%	(a)	9.37%	12/2027	9,591		9,508		0.4		9,495
EMS LINQ, LLC+(5)	One stop	L +	6.25%		N/A(6)	12/2027	—		(1)		—		(1)
EWC Growth Partners LLC+	One stop	L +	6.00%	(b)	9.67%	03/2026	930		920		0.1		920
EWC Growth Partners LLC+	One stop	L +	6.00%	(b)	9.67%	03/2026	74		73		—		73
EWC Growth Partners LLC+	One stop	L +	6.00%	(b)	9.67%	03/2026	14		14		—		14
Excelligence Learning Corporation#+	One stop	L +	6.00%	(b)	9.67%	04/2023	10,240		10,204		0.4		10,240
FPG Intermediate Holdco, LLC+	One stop	SF +	6.00%	(k)	9.13%	03/2027	9,098		8,964		0.3		8,756
FPG Intermediate Holdco, LLC+	One stop	SF +	6.00%	(k)	9.13%	03/2027	314		303		—		287
FPG Intermediate Holdco, LLC+(5)	One stop	SF +	6.00%		N/A(6)	03/2027	—		(1)		—		(3)
FPG Intermediate Holdco, LLC+(5)	One stop	SF +	6.50%		N/A(6)	03/2027	—		(13)		—		(14)
FSS Buyer LLC+	One stop	L +	5.75%	(a)	8.87%	08/2028	5,491		5,399		0.2		5,272
FSS Buyer LLC+(5)	One stop	L +	5.75%		N/A(6)	08/2027	—		(1)		—		(2)
HS Spa Holdings, Inc.+	One stop	SF +	5.75%	(m)	7.51%	06/2029	7,782		7,634		0.3		7,627

See Notes to Consolidated Financial Statements.

6059

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Diversified Telecommunication Services
NTI Connect, LLC+ Senior loan L + 5.00% (c) 6.00% 12/2024 $ 1,645 $ 1,616 0.1 % $ 1,645
Electronic Equipment, Instruments & Components
CST Buyer Company#+ One stop L + 6.00% (c) 7.00% 10/2025 20,425 20,216 0.8 20,425
CST Buyer Company#+~ One stop L + 6.00% (c) 7.00% 10/2025 10,189 10,100 0.4 10,189
CST Buyer Company+ One stop L + 6.00% N/A(6) 10/2025 — — — —
ES Acquisition LLC+ One stop L + 5.50% (c) 6.25% 11/2025 76,750 76,374 3.0 76,366
ES Acquisition LLC Senior loan L + 5.50% (c) 6.50% 11/2025 655 646 — 652
ES Acquisition LLC+ Senior loan L + 5.50% (c) 6.50% 11/2025 138 138 — 138
ES Acquisition LLC+ Senior loan L + 5.50% (c) 6.50% 11/2025 95 95 — 94
ES Acquisition LLC Senior loan L + 5.50% (c) 6.50% 11/2025 89 86 — 88
ES Acquisition LLC+ Senior loan L + 5.50% (c) 6.50% 11/2025 84 82 — 82
ES Acquisition LLC+ Senior loan L + 5.50% (c) 6.50% 11/2025 46 46 — 46
ES Acquisition LLC+ Senior loan L + 5.50% (c) 6.50% 11/2025 42 41 — 41
ES Acquisition LLC+ Second lien L + 5.50% (c) 6.50% 11/2025 35 35 — 35
ES Acquisition LLC+ One stop L + 5.50% N/A(6) 11/2025 — — — —
Watchfire Enterprises, Inc.+ Second lien L + 8.25% (c) 9.25% 10/2024 9,435 9,382 0.3 9,435
Watchfire Enterprises, Inc.+ Senior loan L + 4.50% (c) 5.50% 07/2024 2,192 2,173 0.1 2,192
120,175 119,414 4.6 119,783


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
HS Spa Holdings, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				06/2028	$	—	$	(2)	—	%	$	(2)
Learn-it Systems, LLC+	Senior secured	L +	4.75%	(c)	8.92%				03/2025	2,497		2,521		0.1		2,297
Learn-it Systems, LLC+	Senior secured	L +	4.75%	(b)	8.42%				03/2025	1,344		1,341		—		1,236
Learn-it Systems, LLC+	Senior secured	L +	4.75%	(b)(c)	8.30%				03/2025	606		598		—		558
Learn-it Systems, LLC+	Senior secured	L +	4.75%	(b)	7.63%				03/2025	33		32		—		29
Liminex, Inc.+	One stop	SF +	7.25%	(l)	10.95%				11/2026	25,462		25,129		1.0		25,971
Liminex, Inc.+	One stop	SF +	6.25%	(l)	9.95%				11/2026	20,000		19,816		0.8		19,800
Liminex, Inc.+	One stop	SF +	7.25%	(l)	10.95%				11/2026	800		794		—		816
Liminex, Inc.+(5)	One stop	SF +	7.25%		N/A(6)				11/2026	—		(1)		—		—
Litera Bidco LLC+	One stop	L +	6.00%	(a)	9.12%				05/2026	5,718		5,666		0.2		5,662
Litera Bidco LLC+	One stop	L +	5.75%	(a)	8.87%				05/2026	3,674		3,688		0.1		3,609
Litera Bidco LLC+	One stop	L +	5.75%	(a)	8.87%				05/2026	688		705		—		676
Litera Bidco LLC+	One stop	L +	5.75%	(a)	8.87%				05/2026	688		705		—		676
Litera Bidco LLC+	One stop	L +	6.00%	(a)	9.12%				05/2026	517		513		—		512
Litera Bidco LLC+	One stop	L +	5.75%		N/A(6)				05/2025	—		—		—		—
Mario Purchaser, LLC+	One stop	SF +	5.75%	(k)	8.88%				04/2029	7,654		7,510		0.3		7,347
Mario Purchaser, LLC+	One stop	SF +	10.75%	(k)	13.88%	PIK			04/2032	1,527		1,487		0.1		1,497
Mario Purchaser, LLC+(5)	One stop	P +	4.75%		N/A(6)				04/2028	—		(1)		—		(3)
Mario Purchaser, LLC+	One stop	SF +	5.75%	(k)	8.88%				04/2029	109		104		—		94
Mathnasium, LLC#	One stop	L +	5.00%	(b)	7.91%				11/2027	9,261		9,182		0.4		9,168
Mathnasium, LLC+	One stop	L +	5.00%	(b)	7.91%				11/2027	13		12		—		12
NSG Buyer, Inc. +	One stop	SF +	6.00%	(k)	9.13%				06/2029	7,874		7,798		0.3		7,874
NSG Buyer, Inc. +	One stop	SF +	6.00%	(k)	9.13%				06/2029	242		239		—		242
NSG Buyer, Inc. +	One stop	SF +	6.00%	(k)	9.13%				06/2029	141		140		—		141
NSG Buyer, Inc. +	One stop	SF +	6.00%	(k)	9.13%				06/2029	133		117		—		133
NSG Buyer, Inc. +	One stop	SF +	6.00%	(k)	9.13%				06/2028	12		11		—		12
PADI Holdco, Inc.*#	One stop	L +	7.25%	(b)	8.82%	cash/	1.50%	PIK	04/2024	21,638		21,619		0.8		20,771
PADI Holdco, Inc.+(8)(9)	One stop	E +	7.25%	(e)	6.33%	cash/	1.50%	PIK	04/2024	17,873		20,923		0.7		17,156
PADI Holdco, Inc.+	One stop	L +	7.25%	(b)	9.38%	cash/	1.50%	PIK	04/2024	824		820		—		791
PADI Holdco, Inc.+	One stop	L +	7.25%	(b)	8.90%	cash/	1.50%	PIK	04/2024	170		170		—		163
PADI Holdco, Inc.+(5)	One stop	L +	5.75%		N/A(6)				04/2023	—		(1)		—		(4)
Provenance Buyer LLC#+	One stop	L +	5.00%	(a)	8.12%				06/2027	18,279		17,987		0.7		18,279
Provenance Buyer LLC+	One stop	L +	5.00%	(a)	8.12%				06/2027	9,975		9,881		0.4		9,975
Provenance Buyer LLC+(5)	One stop	L +	5.00%		N/A(6)				06/2027	—		(2)		—		—
Provenance Buyer LLC+(5)	One stop	L +	5.00%		N/A(6)				06/2027	—		(2)		—		—
RW AM Holdco LLC#+	One stop	SF +	5.25%	(m)	9.48%				04/2028	17,729		17,565		0.7		17,551
RW AM Holdco LLC+(5)	One stop	SF +	5.25%		N/A(6)				04/2028	—		(1)		—		(2)
										238,062		238,745		9.2		234,367

See Notes to Consolidated Financial Statements.

6160

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Diversified Financial Services
AxiomSL Group, Inc.+	One stop	L +	6.00%	(a)	9.12%	12/2027	$	4,016	$	3,951	0.2	%	$	3,976
AxiomSL Group, Inc.+	One stop	L +	6.00%		N/A(6)	12/2027	—		—		—		—
AxiomSL Group, Inc.+	One stop	L +	6.00%		N/A(6)	12/2025	—		—		—		—
Banker's Toolbox, Inc.+	One stop	SF +	5.25%	(m)	9.23%	07/2027	8,017		7,938		0.3		7,857
Banker's Toolbox, Inc.+(5)	One stop	L +	5.25%		N/A(6)	07/2027	—		—		—		(2)
Banker's Toolbox, Inc.+	One stop	L +	5.25%	(c)	8.74%	07/2027	990		985		—		921
Flash Topco, Inc.*	One stop	L +	5.75%	(b)	8.56%	10/2028	9,820		9,734		0.4		9,623
Flash Topco, Inc.+(5)	One stop	L +	5.75%		N/A(6)	10/2028	—		(1)		—		(2)
Higginbotham Insurance Agency, Inc.+	One stop	L +	5.25%	(a)	8.37%	11/2026	4,577		4,528		0.2		4,531
Higginbotham Insurance Agency, Inc.+	One stop	L +	5.25%	(a)	8.37%	11/2026	26		25		—		24

							27,446		27,160		1.1		26,928

See Notes to Consolidated Financial Statements.

6261

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Diversified Telecommunication Services
NTI Connect, LLC+	Senior secured	L +	5.00%	(b)	8.67%	12/2024	$	1,628	$	1,609	0.1	%	$	1,628

Electronic Equipment, Instruments & Components
CST Buyer Company#+	One stop	L +	5.50%	(a)	8.62%	10/2025	20,121		19,964		0.8		20,121
CST Buyer Company#+	One stop	L +	5.50%	(a)	8.62%	10/2025	10,140		10,074		0.4		10,140
CST Buyer Company+	One stop	L +	5.50%		N/A(6)	10/2025	—		—		—		—
Electrical Source Holdings, LLC*#+	One stop	L +	5.00%	(b)	8.07%	11/2025	75,982		75,698		3.0		75,982
Electrical Source Holdings, LLC+	One stop	L +	5.00%	(b)	8.67%	11/2025	19,780		19,780		0.8		19,780
Electrical Source Holdings, LLC+	One stop	L +	5.00%	(b)	8.07%	11/2025	1,752		1,752		0.1		1,752
Electrical Source Holdings, LLC+	Senior secured	L +	5.00%	(b)	8.67%	11/2025	648		642		—		648
Electrical Source Holdings, LLC+	Senior secured	L +	5.00%	(b)	8.67%	11/2025	137		136		—		137
Electrical Source Holdings, LLC+	Senior secured	L +	5.00%	(b)	8.67%	11/2025	94		94		—		94
Electrical Source Holdings, LLC+	Senior secured	L +	5.00%	(b)	8.67%	11/2025	89		88		—		89
Electrical Source Holdings, LLC+	Senior secured	L +	5.00%	(b)	8.67%	11/2025	88		86		—		88
Electrical Source Holdings, LLC+(5)	Senior secured	L +	5.00%		N/A(6)	11/2025	—		(2)		—		—
Electrical Source Holdings, LLC+	Senior secured	L +	5.00%	(b)	8.67%	11/2025	46		45		—		46
Electrical Source Holdings, LLC+	Senior secured	L +	5.00%	(b)	8.07%	11/2025	41		41		—		41
Electrical Source Holdings, LLC+	Senior secured	L +	5.00%	(b)	8.67%	11/2025	35		35		—		35
Electrical Source Holdings, LLC+	Senior secured	L +	5.00%	(b)	8.67%	11/2025	17		17		—		17
Electrical Source Holdings, LLC+(5)	One stop	L +	5.00%		N/A(6)	11/2025	—		(119)		—		—
Electrical Source Holdings, LLC+	One stop	L +	5.00%	(b)	7.77%	11/2025	2,305		2,305		0.1		2,305
							131,275		130,636		5.2		131,275

See Notes to Consolidated Financial Statements.

6362

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food & Staples Retailing
Cafe Rio Holding, Inc.*#	One stop	SF +	5.50%	(l)	9.20%	09/2028	$	18,226	$	18,096	0.7	%	$	18,226
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(l)	9.20%	09/2028	3,277		3,241		0.1		3,277
Cafe Rio Holding, Inc.#+	One stop	SF +	5.50%	(l)	9.20%	09/2028	2,203		2,202		0.1		2,203
Cafe Rio Holding, Inc.*#	One stop	SF +	5.50%	(l)	9.20%	09/2028	1,398		1,397		0.1		1,398
Cafe Rio Holding, Inc.#+	One stop	SF +	5.50%	(l)	9.20%	09/2028	1,235		1,234		0.1		1,235
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(l)	9.20%	09/2028	110		107		—		110
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(l)	9.20%	09/2028	178		176		—		178
Cafe Rio Holding, Inc.+(5)	One stop	SF +	5.50%		N/A(6)	09/2028	—		(1)		—		—


Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(l)	9.20%	09/2028	80		79		—		80
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	9.38%	06/2025	931		928		—		922
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	9.38%	06/2025	731		730		—		724
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	9.38%	06/2025	718		710		—		711
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	9.38%	06/2025	353		350		—		350
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	9.38%	06/2025	353		349		—		349
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	9.38%	06/2025	174		172		—		172
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	9.38%	06/2025	106		104		—		105
Mendocino Farms, LLC+(5)	One stop	SF +	6.25%		N/A(6)	06/2025	—		(20)		—		(21)
Ruby Slipper Cafe LLC, The*+	One stop	SF +	7.50%	(l)	11.20%	06/2024	2,025		2,019		0.1		2,025
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(l)	11.20%	06/2024	410		411		—		410
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(l)	11.20%	06/2024	292		289		—		292
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(l)	11.20%	06/2024	—		—		—		—
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%		N/A(6)	06/2024	—		—		—		—
Wetzel's Pretzels, LLC*#+	One stop	L +	6.50%	(b)	10.17%	09/2023	14,768		14,679		0.6		14,768
Wetzel's Pretzels, LLC+	One stop	L +	6.50%	(b)	10.17%	09/2023	—		—		—		—
Wineshipping.com LLC+	One stop	L +	5.75%	(c)	7.58%	10/2027	6,793		6,736		0.3		6,590
Wineshipping.com LLC+	One stop	L +	5.75%	(b)	8.17%	10/2027	186		178		—		180
Wineshipping.com LLC+	One stop	L +	5.75%	(b)	8.83%	10/2027	17		16		—		14
Wood Fired Holding Corp.*#	One stop	L +	6.25%	(b)	8.67%	12/2023	9,679		9,728		0.4		9,679
Wood Fired Holding Corp.+	One stop	L +	6.25%		N/A(6)	12/2023	—		—		—		—













							64,243		63,910		2.5		63,977

See Notes to Consolidated Financial Statements.

6463

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food Products
Borrower R365 Holdings, LLC+	One stop	L +	6.50%	(b)	7.18%	cash/	3.00%	PIK	06/2027	$	13,490	$	13,288	0.5	%	$	13,490
Borrower R365 Holdings, LLC+	One stop	L +	6.50%	(b)	7.18%	cash/	3.00%	PIK	06/2027	1,112		1,094		0.1		1,112
Borrower R365 Holdings, LLC+(5)	One stop	L +	6.50%		N/A(6)				06/2027	—		(1)		—		—
Borrower R365 Holdings, LLC+(5)	One stop	L +	6.50%		N/A(6)				06/2027	—		(1)		—		—
Flavor Producers, LLC#+	Senior secured	L +	5.75%	(b)	7.82%	cash/	1.00%	PIK	12/2023	5,001		4,962		0.2		4,851
Flavor Producers, LLC+	Senior secured	L +	5.75%	(b)	7.82%	cash/	1.00%	PIK	12/2022	2		2		—		2
Kodiak Cakes, LLC*#+	Senior secured	L +	6.00%	(b)	9.67%				06/2027	12,369		12,246		0.4		11,379
Kodiak Cakes, LLC+	Senior secured	L +	6.00%	(b)	9.67%				06/2026	100		99		—		87
Louisiana Fish Fry Products, Ltd.*+	One stop	SF +	6.25%	(k)	9.38%				07/2027	9,777		9,698		0.4		8,994
Louisiana Fish Fry Products, Ltd.+	One stop	L +	6.25%	(c)(k)	9.24%				07/2027	73		71		—		65
MAPF Holdings, Inc.*#+	One stop	L +	5.50%	(b)	9.17%				12/2026	37,979		37,709		1.5		37,979
MAPF Holdings, Inc.+	One stop	L +	5.50%	(b)	9.17%				12/2026	70		68		—		70
P&P Food Safety Holdings, Inc.*+	One stop	L +	6.00%	(c)	8.88%				12/2026	17,722		17,551		0.7		17,367
P&P Food Safety Holdings, Inc.+	One stop	L +	6.00%	(b)	9.67%				12/2026	38		37		—		36
P&P Food Safety Holdings, Inc.+(5)	One stop	L +	6.00%		N/A(6)				12/2026	—		(5)		—		—
Purfoods, LLC+	One stop	N/A			7.00%	PIK			05/2026	66		69		—		66
Ultimate Baked Goods Midco LLC+	One stop	L +	6.50%	(a)	9.62%				08/2027	6,671		6,604		0.2		6,004
Ultimate Baked Goods Midco LLC+	One stop	L +	6.50%	(a)(d)	9.92%				08/2027	47		19		—		41
Whitebridge Pet Brands, LLC*#+	One stop	L +	5.00%	(a)	8.12%				07/2027	23,003		22,686		0.9		23,003
Whitebridge Pet Brands, LLC+	One stop	L +	5.00%	(a)	7.98%				07/2027	130		128		—		130
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	4.75%	(i)	6.94%				03/2029	6,067		7,062		0.2		6,067
Wizard Bidco Limited+(5)(8)(9)(10)	One stop	SN +	4.75%		N/A(6)				09/2028	—		(1)		—		—
										133,717		133,385		5.1		130,743

See Notes to Consolidated Financial Statements.

6564

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Equipment & Supplies
Aspen Medical Products, LLC#+	One stop	L +	5.00%	(b)	7.39%				06/2025	$	4,115	$	4,155	0.2	%	$	4,074
Aspen Medical Products, LLC+	One stop	L +	5.00%	(b)	7.39%				06/2025	263		262		—		260
Aspen Medical Products, LLC+	One stop	L +	5.00%		N/A(6)				06/2025	—		—		—		—
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	6.50%	(j)	9.61%				08/2028	5,415		5,353		0.2		5,415
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	6.45%	(e)	6.70%				08/2028	2,839		3,389		0.1		2,806
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SF +	6.50%	(i)	8.76%				08/2028	790		940		—		784
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	6.45%	(e)	7.64%				08/2028	677		756		—		669
Baduhenna Bidco Limited+(5)(8)(9)(10)	One stop	SF +	6.50%		N/A(6)				08/2028	—		(17)		—		(8)
Belmont Instrument, LLC+	One stop	SF +	6.25%	(l)	9.69%				08/2028	9,900		9,803		0.4		9,801
Belmont Instrument, LLC+(5)	One stop	SF +	6.25%		N/A(6)				08/2028	—		(1)		—		(1)
Blades Buyer, Inc.#+	Senior secured	SF +	4.75%	(l)(m)	7.43%				03/2028	10,045		9,940		0.4		9,786
Blades Buyer, Inc.+	Senior secured	SF +	4.75%	(k)	7.47%				03/2028	33		31		—		27
Blades Buyer, Inc.+(5)	Senior secured	SF +	4.75%		N/A(6)				03/2028	—		(1)		—		(8)
Blades Buyer, Inc.+	Senior secured	SF +	4.75%		N/A(6)				03/2028	—		—		—		—
Blue River Pet Care, LLC*#+	One stop	L +	5.00%	(a)	8.12%				07/2026	51,197		50,889		2.0		50,686
Blue River Pet Care, LLC+(5)	One stop	L +	5.00%		N/A(6)				08/2025	—		(2)		—		(4)
Blue River Pet Care, LLC+(5)	One stop	L +	5.00%		N/A(6)				07/2026	—		(10)		—		(11)
Blue River Pet Care, LLC+	One stop	L +	5.00%	(a)	7.94%				07/2026	180		178		—		178
Blue River Pet Care, LLC+	One stop	L +	5.00%	(a)	8.12%				07/2026	173		172		—		171
CCSL Holdings, LLC*+	One stop	SF +	6.50%	(k)	9.63%				12/2026	15,399		15,261		0.6		15,244
CCSL Holdings, LLC+	One stop	SF +	6.50%	(k)	9.63%				12/2026	4,156		4,123		0.2		4,114
CCSL Holdings, LLC+(8)(9)	One stop	SN +	6.50%	(i)	8.79%				12/2026	2,175		2,428		0.1		2,154
CCSL Holdings, LLC+	One stop	SF +	6.50%	(d)(k)	9.73%				12/2026	115		113		—		113
CCSL Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)				12/2026	—		(15)		—		(14)
CCSL Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)				12/2026	—		(24)		—		(26)
CMI Parent Inc.#+	Senior secured	L +	4.25%	(b)	7.26%				08/2025	6,499		6,563		0.3		6,434
CMI Parent Inc.+	Senior secured	L +	4.25%	(b)	7.92%				08/2025	3,220		3,196		0.1		3,188
CMI Parent Inc.+(5)	Senior secured	L +	4.25%		N/A(6)				08/2025	—		(2)		—		(4)
CMI Parent Inc.+	Senior secured	SF +	4.75%	(l)	8.30%				08/2025	2,932		2,903		0.1		2,903
G & H Wire Company, Inc.#+	One stop	L +	8.00%	(c)	11.17%	cash/	1.00%	PIK	09/2023	11,133		11,109		0.4		10,911
G & H Wire Company, Inc.+	One stop	L +	8.00%	(b)	10.24%	cash/	1.00%	PIK	10/2022	72		72		—		68
Joerns Healthcare, LLC*+(7)	One stop	SF +	16.00%	(l)	9.75%	cash/	10.00%	PIK	08/2024	2,084		1,963		—		104
Joerns Healthcare, LLC*+(7)	One stop	SF +	16.00%	(l)	9.75%	cash/	10.00%	PIK	08/2024	2,003		1,889		—		—
Joerns Healthcare, LLC+	One stop	N/A			15.00%	PIK			11/2022	1,290		1,287		—		1,161








										136,705		136,703		5.1		130,975

See Notes to Consolidated Financial Statements.

6665

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Providers & Services
AAH TOPCO, LLC +	One stop	L +	5.50%	(a)	8.58%				12/2027	$	8,329	$	8,256	0.3	%	$	8,079
AAH TOPCO, LLC +	Subordinated debt	N/A			11.50%	PIK			12/2031	1,080		1,062		—		1,026
AAH TOPCO, LLC +(5)	One stop	L +	5.50%		N/A(6)				12/2027	—		(1)		—		(2)
AAH TOPCO, LLC +	One stop	L +	5.50%	(a)	8.36%				12/2027	193		187		—		175
Active Day, Inc.#+	One stop	SF +	5.25%	(k)	8.38%				02/2025	17,746		17,566		0.7		17,389
Active Day, Inc.#+	One stop	SF +	5.25%	(k)	8.38%				02/2025	1,369		1,356		0.1		1,343
Active Day, Inc.*#	One stop	SF +	5.25%	(k)	8.38%				02/2025	883		874		0.1		865
Active Day, Inc.+	One stop	SF +	5.25%	(k)	8.38%				02/2025	704		696		0.1		689
Active Day, Inc.+	One stop	SF +	5.25%	(k)	8.38%				02/2025	620		615		—		608
Active Day, Inc.*#	One stop	SF +	5.25%	(k)	8.38%				02/2025	610		604		—		597
Active Day, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				02/2025	—		(2)		—		(4)
Active Day, Inc.+	One stop	SF +	5.25%	(k)	8.38%				02/2025	—		—		—		—
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(l)	9.47%				03/2025	16,467		16,342		0.6		16,213
Acuity Eyecare Holdings, LLC+	One stop	N/A			15.00%				06/2027	10,440		10,239		0.4		10,440
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	9.95%				03/2025	4,077		4,071		0.2		4,036
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	9.77%				03/2025	3,632		3,607		0.2		3,596
Acuity Eyecare Holdings, LLC#+	One stop	SF +	6.25%	(l)	9.95%				03/2025	3,504		3,516		0.2		3,469
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	9.95%				03/2025	3,203		3,246		0.1		3,172
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(l)	9.02%				03/2025	2,047		2,016		0.1		2,016
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	9.95%				03/2025	1,868		1,909		0.1		1,849
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	9.95%				03/2025	452		455		—		447
Acuity Eyecare Holdings, LLC+	One stop	SF +	13.00%	(l)	9.95%	cash/	6.75%	PIK	03/2025	251		250		—		266
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	9.95%				03/2025	167		166		—		165
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(l)	9.71%				03/2025	61		51		—		45
Acuity Eyecare Holdings, LLC+	Senior secured	SF +	6.25%	(l)	9.04%				03/2025	110		109		—		109
Acuity Eyecare Holdings, LLC+	One stop	SF +	13.00%	(l)	9.76%	cash/	6.75%	PIK	03/2025	96		96		—		102
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	9.95%				03/2025	1		1		—		1
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	9.94%				03/2025	145		145		—		143
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(l)	9.06%				03/2025	208		206		—		205
Advanced Pain Management Holdings, Inc.+(7)	Senior secured	P +	3.75%	(d)	10.00%				07/2021	17,456		6,855		—		—
Advanced Pain Management Holdings, Inc.+(7)	Senior secured	L +	8.50%	(a)	11.62%				07/2021	6,906		6		—		—
Advanced Pain Management Holdings, Inc.+(7)	Senior secured	P +	3.75%	(d)	10.00%				07/2021	1,190		469		—		—
Advanced Pain Management Holdings, Inc.+(7)	Senior secured	P +	3.75%	(d)	10.00%				07/2021	888		544		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	L +	6.13%	(b)	9.80%				03/2027	4,708		4,661		0.2		4,505
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	L +	6.13%	(b)	9.80%				03/2027	3,936		3,882		0.2		3,766
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	Subordinated debt	L +	10.50%	(a)	13.62%				03/2028	1,900		1,874		0.1		1,900
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	Subordinated debt	L +	10.50%	(a)	13.62%				03/2028	726		719		—		726
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	Subordinated debt	L +	10.50%	(a)	13.62%				03/2028	163		159		—		163
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	L +	6.25%	(a)	9.37%				03/2027	97		95		—		89
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)	One stop	L +	6.00%		N/A(6)				03/2027	—		(1)		—		(3)
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)	One stop	L +	6.25%		N/A(6)				03/2027	—		(1)		—		(3)
Community Care Partners, LLC+	One stop	SF +	5.75%	(k)	8.89%				06/2026	2,349		2,330		0.1		2,325
Community Care Partners, LLC+(5)	One stop	SF +	5.75%		N/A(6)				06/2026	—		(3)		—		(3)
CRH Healthcare Purchaser, Inc.*+	Senior secured	L +	4.50%	(b)	8.17%				12/2024	19,502		19,499		0.8		19,502

See Notes to Consolidated Financial Statements.

6766

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
CRH Healthcare Purchaser, Inc.#	Senior secured	L +	4.50%	(b)	8.17%				12/2024	$	5,197	$	5,162	0.2	%	$	5,197
CRH Healthcare Purchaser, Inc.#+	Senior secured	L +	4.50%	(b)	8.17%				12/2024	4,112		4,098		0.2		4,112
CRH Healthcare Purchaser, Inc.+	Senior secured	L +	4.50%	(b)	8.17%				12/2024	3,521		3,495		0.2		3,521
CRH Healthcare Purchaser, Inc.+	Senior secured	L +	4.50%	(b)	8.10%				12/2024	50		49		—		50
Datix Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.50%	(i)	6.69%				04/2025	49,685		59,896		1.9		47,200
Datix Bidco Limited+(8)(9)(10)	Second lien	SN +	7.75%	(i)	9.94%				04/2026	17,630		21,227		0.7		16,748
Emerge Intermediate, Inc.*#	One stop	SF +	6.50%	(l)	9.70%	cash/	0.50%	PIK	05/2024	19,277		19,162		0.8		19,277
Emerge Intermediate, Inc.+	One stop	SF +	6.50%	(l)	9.70%	cash/	0.50%	PIK	05/2024	1,745		1,734		0.1		1,745
Emerge Intermediate, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				05/2024	—		(2)		—		—
Encorevet Group LLC+	One stop	L +	6.75%	(a)	9.87%				11/2024	985		979		—		965
Encorevet Group LLC+	One stop	L +	6.75%	(a)	9.87%				11/2024	619		615		—		607
Encorevet Group LLC+	One stop	L +	6.75%	(a)	9.87%				11/2024	307		305		—		301
Encorevet Group LLC+	One stop	L +	6.75%	(a)	9.87%				11/2024	294		292		—		288
Encorevet Group LLC+	One stop	L +	6.75%	(a)	9.87%				11/2024	266		264		—		261
Encorevet Group LLC+	Senior secured	L +	6.75%	(a)	9.87%				11/2024	244		243		—		239
Encorevet Group LLC+	One stop	L +	6.75%	(a)	9.87%				11/2024	163		162		—		160
Encorevet Group LLC+	One stop	L +	6.75%	(a)	9.87%				11/2024	114		113		—		112
Encorevet Group LLC+	Senior secured	L +	6.75%	(a)	9.87%				11/2024	110		110		—		107
Encorevet Group LLC+	Senior secured	L +	6.75%	(a)	9.87%				11/2024	68		68		—		67
Encorevet Group LLC+	Senior secured	L +	6.75%	(a)	9.87%				11/2024	57		56		—		56
Encorevet Group LLC+	One stop	L +	6.75%	(a)	9.87%				11/2024	56		55		—		55
Encorevet Group LLC+	One stop	L +	6.75%	(a)	9.87%				11/2024	32		32		—		32
Encorevet Group LLC+	Senior secured	L +	6.75%	(a)	9.87%				11/2024	10		10		—		10
Encorevet Group LLC+(5)	Senior secured	L +	6.75%		N/A(6)				11/2024	—		—		—		(1)
Encorevet Group LLC+(5)	One stop	L +	6.75%		N/A(6)				11/2024	—		(1)		—		—
ERC Topco Holdings, LLC+	One stop	L +	5.50%	(b)	9.17%				11/2028	9,546		9,471		0.4		9,259
ERC Topco Holdings, LLC+(5)	One stop	L +	5.50%		N/A(6)				11/2027	—		(1)		—		(5)
ERC Topco Holdings, LLC+(5)	One stop	L +	5.50%		N/A(6)				11/2028	—		(3)		—		(7)
Eyecare Services Partners Holdings LLC+	One stop	L +	9.25%	(a)	4.13%	cash/	8.25%	PIK	05/2023	19,569		19,596		0.5		12,720
Eyecare Services Partners Holdings LLC*+	One stop	L +	9.25%	(a)	4.13%	cash/	8.25%	PIK	05/2023	8,584		8,615		0.2		5,580
Eyecare Services Partners Holdings LLC*#	One stop	L +	9.25%	(a)	4.12%	cash/	8.25%	PIK	05/2023	7,518		7,546		0.2		4,887
Eyecare Services Partners Holdings LLC+	One stop	L +	9.25%	(a)	4.12%	cash/	8.25%	PIK	05/2023	5,533		5,538		0.1		3,596
Eyecare Services Partners Holdings LLC*+	One stop	L +	9.25%	(a)	4.12%	cash/	8.25%	PIK	05/2023	2,567		2,577		0.1		1,669
Eyecare Services Partners Holdings LLC*+	One stop	L +	9.25%	(a)	4.12%	cash/	8.25%	PIK	05/2023	1,648		1,654		—		1,070
Eyecare Services Partners Holdings LLC*#	One stop	L +	9.25%	(a)	4.12%	cash/	8.25%	PIK	05/2023	1,218		1,222		—		792
Eyecare Services Partners Holdings LLC*#	One stop	L +	9.25%	(a)	4.12%	cash/	8.25%	PIK	05/2023	1,073		1,077		—		697
Eyecare Services Partners Holdings LLC+	One stop	L +	9.25%	(a)	4.14%	cash/	8.25%	PIK	05/2023	1,168		1,159		—		613
Eyecare Services Partners Holdings LLC*+	One stop	L +	9.25%	(a)	4.13%	cash/	8.25%	PIK	05/2023	693		695		—		451
Eyecare Services Partners Holdings LLC+	One stop	L +	9.25%	(a)	4.14%	cash/	8.25%	PIK	05/2023	428		428		—		278
Eyecare Services Partners Holdings LLC+	One stop	L +	9.25%	(a)	4.14%	cash/	8.25%	PIK	05/2023	837		832		—		837
Eyecare Services Partners Holdings LLC+	One stop	L +	9.25%	(a)	4.14%	cash/	8.25%	PIK	05/2023	837		832		—		544

See Notes to Consolidated Financial Statements.

6867

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Hotels, Restaurants & Leisure
BJH Holdings III Corp.*#+ One stop L + 4.50% (c) 5.50% 08/2025 $ 51,179 $ 52,182 2.0 % $ 51,179
BJH Holdings III Corp.+ One stop L + 4.50% (b) 5.50% 08/2025 60 55 — 60
CR Fitness Holdings, LLC#~ Senior loan L + 4.00% (a) 5.00% 07/2025 1,979 1,988 0.1 1,979
CR Fitness Holdings, LLC+ Senior loan L + 4.00% (a) 5.00% 07/2025 837 834 — 837
CR Fitness Holdings, LLC+ Senior loan L + 4.00% (a) 5.00% 07/2025 74 74 — 74
Davidson Hotel Company, LLC+ One stop L + 6.75% (a)(c) 6.25% cash/1.50% PIK 07/2024 7,088 7,046 0.2 5,670
Davidson Hotel Company, LLC+ One stop L + 6.75% (a)(c) 6.25% cash/1.50% PIK 07/2024 1,089 1,086 — 871
Davidson Hotel Company, LLC+(5) One stop L + 5.25% N/A(6) 07/2024 — — — (20)
EOS Fitness Opco Holdings, LLC*# One stop L + 5.25% (c) 6.25% 01/2025 8,596 8,643 0.3 8,596
EOS Fitness Opco Holdings, LLC+ One stop L + 5.25% (c) 6.25% 01/2025 906 909 — 906
EOS Fitness Opco Holdings, LLC+ One stop L + 5.25% (c) 6.25% 01/2025 120 119 — 120
Freddy's Frozen Custard LLC~ One stop L + 6.00% (c) 7.00% 03/2027 9,257 9,174 0.4 9,257
Freddy's Frozen Custard LLC+(5) One stop L + 6.00% N/A(6) 03/2027 — (1) — —
Harri US LLC+ One stop L + 10.00% (c) 7.00% cash/4.00% PIK 08/2026 772 666 — 709
Harri US LLC+ One stop L + 6.00% N/A(6) 08/2026 — — — —
Harri US LLC+(5) One stop L + 6.00% N/A(6) 08/2026 — (7) — (43)
Self Esteem Brands, LLC*#+ Senior loan L + 4.25% (a) 5.25% 02/2023 47,780 47,887 1.9 47,780
Self Esteem Brands, LLC+(5) Senior loan L + 4.25% N/A(6) 02/2023 — (2) — —
SSRG Holdings, LLC One stop L + 4.75% (c) 5.75% 11/2025 909 896 — 909
SSRG Holdings, LLC+ One stop L + 4.75% (c) 5.75% 11/2025 45 44 — 45
Sunshine Sub, LLC#~ One stop L + 4.75% (a) 5.75% 05/2024 12,792 12,864 0.5 12,792
Sunshine Sub, LLC#+ One stop L + 4.75% (a) 5.75% 05/2024 5,596 5,730 0.2 5,596
Sunshine Sub, LLC+(5) One stop L + 4.75% N/A(6) 05/2024 — (1) — —
Tropical Smoothie Cafe Holdings, LLC*# Senior loan L + 5.25% (a)(b)(c) 6.25% 09/2026 14,745 14,606 0.6 14,745
Tropical Smoothie Cafe Holdings, LLC# Senior loan L + 5.25% (a)(c) 6.25% 09/2026 6,510 6,450 0.3 6,510
Tropical Smoothie Cafe Holdings, LLC+(5) Senior loan L + 5.25% N/A(6) 09/2026 — (1) — —
Velvet Taco Holdings, Inc.~ One stop L + 7.50% (c) 8.00% cash/0.50% PIK 03/2026 1,788 1,772 0.1 1,788
Velvet Taco Holdings, Inc.+ One stop L + 9.00% (c) 8.00% cash/2.00% PIK 03/2026 93 92 — 93
Velvet Taco Holdings, Inc.+ One stop L + 7.00% N/A(6) 03/2026 — — — —
172,215 173,105 6.6 170,453
Household Durables
Groundworks LLC+ Senior loan L + 4.75% (c) 5.75% 01/2026 4,662 4,602 0.2 4,662
Groundworks LLC+ Senior loan L + 4.75% (c) 5.75% 01/2026 539 523 — 539
Groundworks LLC+ Senior loan L + 4.75% (c) 5.75% 01/2026 83 82 — 83
Groundworks LLC+ Senior loan L + 4.75% N/A(6) 01/2026 — — — —
Groundworks LLC+(5) Senior loan L + 4.75% N/A(6) 01/2026 — (24) — —
5,284 5,183 0.2 5,284


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	4.50%	(h)	7.26%				03/2027	$	11,224	$	11,520	0.4	%	$	11,224
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(5)(8)(9)(12)	One stop	C +	4.50%		N/A(6)				03/2027	—		(2)		—		—
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	4.50%	(h)	8.67%				03/2027	502		542		—		502
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	4.50%	(h)	8.67%				03/2027	178		183		—		178
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)	One stop	L +	4.50%	(b)	8.17%				03/2027	74		74		—		74
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(5)(8)(12)	One stop	SF +	4.50%		N/A(6)				03/2027	—		(1)		—		—
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	4.50%	(h)	8.67%				03/2027	736		777		—		736
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%	(l)	7.63%				12/2026	844		837		—		827
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%	(l)	7.63%				12/2026	62		61		—		59
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%		N/A(6)				12/2026	—		—		—		—
Klick Inc.+(8)(12)	Senior secured	L +	4.50%	(b)	8.17%				03/2028	9,997		9,919		0.4		9,997
Klick Inc.+(5)(8)(12)	Senior secured	L +	4.50%		N/A(6)				03/2026	—		(1)		—		—
Krueger-Gilbert Health Physics, LLC+	Senior secured	L +	5.25%	(b)	8.92%				05/2025	2,311		2,305		0.1		2,311
Krueger-Gilbert Health Physics, LLC+	Senior secured	L +	5.25%	(b)	8.92%				05/2025	1,858		1,846		0.1		1,858
Krueger-Gilbert Health Physics, LLC+	Senior secured	L +	5.25%	(b)	8.92%				05/2025	1,091		1,113		—		1,091
Krueger-Gilbert Health Physics, LLC+	Senior secured	L +	5.25%	(b)	8.92%				05/2025	60		60		—		60
Krueger-Gilbert Health Physics, LLC+(5)	Senior secured	L +	5.25%		N/A(6)				05/2025	—		(14)		—		—

New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(h)	9.67%				05/2028	17,736		19,985		0.7		17,381
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	L +	5.50%	(b)	9.17%				05/2028	4,326		4,275		0.2		4,239
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	L +	5.50%	(b)	9.17%				05/2028	2,816		2,791		0.1		2,760
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(h)	9.67%				05/2028	1,081		1,188		—		1,060
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(h)	9.67%				05/2028	563		586		—		519
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(h)	9.65%				05/2026	103		106		—		100
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	L +	5.50%	(b)	9.17%				05/2026	60		60		—		59
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	L +	5.50%	(b)	9.17%				05/2028	18		18		—		16
Oliver Street Dermatology Holdings, LLC+(7)	One stop	SF +	11.43%	(l)	15.13%				01/2023	22,787		16,786		0.7		17,090
Oliver Street Dermatology Holdings, LLC+	One stop	SF +	6.25%	(l)	9.95%				01/2023	13,521		12,666		0.5		12,845
Oliver Street Dermatology Holdings, LLC+	One stop	SF +	6.25%	(l)	9.95%				01/2023	348		329		—		331
Pinnacle Treatment Centers, Inc.#+	One stop	L +	5.75%	(b)	8.56%				01/2023	18,732		18,730		0.7		18,732
Pinnacle Treatment Centers, Inc.*	One stop	L +	5.75%	(b)	8.56%				01/2023	7,553		7,548		0.3		7,553
Pinnacle Treatment Centers, Inc.#+	One stop	L +	5.75%	(b)	8.56%				01/2023	1,539		1,539		0.1		1,539
Pinnacle Treatment Centers, Inc.+	One stop	L +	5.75%	(b)	8.56%				01/2023	695		695		—		695
Pinnacle Treatment Centers, Inc.+	One stop	L +	5.75%	(b)	8.56%				01/2023	184		184		—		184
Pinnacle Treatment Centers, Inc.+	One stop	L +	5.75%	(a)	8.81%				01/2023	145		145		—		145
Pinnacle Treatment Centers, Inc.+	One stop	L +	5.75%	(b)	8.56%				01/2023	105		105		—		105
Pinnacle Treatment Centers, Inc.+	One stop	L +	5.75%	(b)	8.56%				01/2023	37		37		—		37
PPT Management Holdings, LLC+(7)	One stop	L +	8.50%	(b)	8.28%	cash/	2.50%	PIK	12/2022	25,694		25,514		0.8		19,270
PPT Management Holdings, LLC+(7)	One stop	L +	8.50%	(b)	8.28%	cash/	2.50%	PIK	12/2022	312		310		—		234
PPT Management Holdings, LLC+(7)	One stop	L +	10.50%	(b)	8.28%	cash/	4.50%	PIK	12/2022	284		282		—		214
PPT Management Holdings, LLC+(7)	One stop	L +	8.50%	(b)	8.28%	cash/	2.50%	PIK	12/2022	184		183		—		138
PPT Management Holdings, LLC+(7)	One stop	L +	8.50%	(b)	8.28%	cash/	2.50%	PIK	12/2022	90		88		—		68
PPT Management Holdings, LLC+	One stop	L +	10.50%		N/A(6)				12/2022	—		—		—		—

See Notes to Consolidated Financial Statements.

6968

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Suveto Buyer, LLC+	One stop	L +	5.00%	(b)	8.67%	09/2027	$	18,330	$	18,110	0.7	%	$	17,528
Suveto Buyer, LLC+	One stop	L +	5.00%	(b)	8.66%	09/2027	64		62		—		58

							470,089		459,629		16.0		405,913

See Notes to Consolidated Financial Statements.

7069

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Technology
Alegeus Technologies Holdings Corp.+	Senior secured	L +	8.25%	(b)	10.95%				09/2024	$	374	$	373	—	%	$	370
Coding Solutions Acquisition, Inc.+	One stop	SF +	5.75%	(k)	8.78%				05/2028	5,248		5,199		0.2		5,143
Coding Solutions Acquisition, Inc.+	One stop	SF +	5.75%	(k)	8.78%				05/2028	10		10		—		9
Coding Solutions Acquisition, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				05/2028	—		(8)		—		(31)
Connexin Software, Inc.+	One stop	L +	8.50%	(b)	11.31%				02/2024	8,619		8,644		0.3		8,619
Connexin Software, Inc.+	One stop	L +	8.50%		N/A(6)				02/2024	—		—		—		—
ESO Solution, Inc.+	One stop	SF +	7.00%	(l)	10.56%				03/2027	7,549		7,493		0.3		7,549
ESO Solution, Inc.+(5)	One stop	SF +	7.00%		N/A(6)				03/2027	—		(1)		—		—
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(m)	9.83%				08/2026	6,186		6,161		0.2		6,025
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(m)	9.83%				08/2026	2,949		2,919		0.1		2,872
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(m)	9.83%				08/2026	1,943		1,929		0.1		1,892
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(m)	9.84%				08/2026	1,355		1,336		0.1		1,320
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(m)	9.83%				08/2026	635		631		—		618
HSI Halo Acquisition, Inc.+	One stop	L +	5.75%	(a)	8.31%				09/2025	13		12		—		11
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(m)	9.86%				08/2026	132		130		—		128
Nextech Holdings, LLC+	One stop	L +	5.50%	(a)(b)	8.31%				06/2025	3,931		3,970		0.2		3,891
Nextech Holdings, LLC+	One stop	L +	5.50%	(a)(b)	8.31%				06/2025	1,917		1,909		0.1		1,899
Nextech Holdings, LLC+(5)	One stop	L +	5.50%		N/A(6)				06/2025	—		(1)		—		(6)
Plasma Buyer LLC+	One stop	SF +	5.75%	(l)	9.30%				05/2029	5,403		5,301		0.2		5,295
Plasma Buyer LLC+(5)	One stop	SF +	5.75%		N/A(6)				05/2028	—		(1)		—		(1)
Plasma Buyer LLC+(5)	One stop	SF +	5.75%		N/A(6)				05/2029	—		(13)		—		(28)
Qgenda Intermediate Holdings, LLC+	One stop	L +	5.00%	(b)	8.67%				06/2025	14,968		14,968		0.6		14,668
Qgenda Intermediate Holdings, LLC#	One stop	L +	5.00%	(b)	8.67%				06/2025	12,194		12,120		0.5		11,950
Qgenda Intermediate Holdings, LLC+	One stop	L +	5.00%	(b)	8.67%				06/2025	1,455		1,449		—		1,425
Qgenda Intermediate Holdings, LLC#	One stop	L +	5.00%	(b)	8.67%				06/2025	973		973		—		953
Qgenda Intermediate Holdings, LLC+(5)	One stop	L +	5.00%		N/A(6)				06/2025	—		—		—		(4)
Tebra Technologies, Inc.+	One stop	SF +	8.00%	(k)	7.63%	cash/	3.50%	PIK	06/2025	10,386		10,215		0.4		10,386
Tebra Technologies, Inc.+	One stop	SF +	8.00%	(k)	7.63%	cash/	3.50%	PIK	06/2025	10,110		9,614		0.4		10,110
Tebra Technologies, Inc.+	One stop	SF +	8.00%	(k)	7.63%	cash/	3.50%	PIK	06/2025	6,661		6,404		0.3		6,661
Tebra Technologies, Inc.+	One stop	SF +	8.00%	(k)	7.63%	cash/	3.50%	PIK	06/2025	1,713		1,686		0.1		1,713
Tebra Technologies, Inc.+	One stop	SF +	8.00%	(k)	7.63%	cash/	3.50%	PIK	06/2025	1,523		1,482		0.1		1,523
Tebra Technologies, Inc.+	One stop	SF +	8.00%	(k)	7.63%	cash/	3.50%	PIK	06/2025	1,142		1,124		—		1,142
Tebra Technologies, Inc.+	One stop	SF +	8.00%	(k)	7.63%	cash/	3.50%	PIK	06/2025	952		937		—		952
Tebra Technologies, Inc.+	One stop	SF +	8.00%	(k)	7.63%	cash/	3.50%	PIK	06/2025	761		749		—		761
Tebra Technologies, Inc.+	One stop	SF +	8.00%	(k)	7.63%	cash/	3.50%	PIK	06/2025	152		149		—		152
Tebra Technologies, Inc.+	One stop	SF +	8.00%	(k)	7.63%	cash/	3.50%	PIK	06/2025	80		80		—		80
Transaction Data Systems, Inc.*#+	One stop	L +	4.50%	(b)	8.17%				02/2026	66,280		65,504		2.6		64,955
Transaction Data Systems, Inc.+(5)	One stop	L +	4.50%		N/A(6)				02/2026	—		(4)		—		(6)
Veranex, Inc.+	Senior secured	SF +	4.75%	(m)	7.52%				04/2028	3,178		3,149		0.1		3,146
Veranex, Inc.+(5)	Senior secured	P +	3.75%		N/A(6)				04/2028	—		—		—		(1)
Veranex, Inc.+(5)	Senior secured	SF +	4.75%		N/A(6)				04/2028	—		(1)		—		(3)
										178,792		176,591		6.9		176,138

See Notes to Consolidated Financial Statements.

7170

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Hotels, Restaurants & Leisure


Barteca Restaurants, LLC#	One stop	SF +	6.00%	(m)	9.19%				08/2028	$	7,679	$	7,604	0.3	%	$	7,602
Barteca Restaurants, LLC+(5)	One stop	SF +	6.00%		N/A(6)				08/2028	—		(1)		—		(1)
Barteca Restaurants, LLC+(5)	One stop	SF +	6.00%		N/A(6)				08/2028	—		(20)		—		(20)
BJH Holdings III Corp.*#+	One stop	L +	4.50%	(a)	7.58%				08/2025	50,571		51,317		2.0		49,561
BJH Holdings III Corp.+	One stop	L +	4.50%	(a)	7.59%				08/2025	70		66		—		54
Davidson Hotel Company, LLC+	One stop	L +	5.25%	(a)	8.37%				07/2024	7,096		7,080		0.3		7,096
Davidson Hotel Company, LLC+	One stop	L +	5.25%	(a)	8.37%				07/2024	1,092		1,090		—		1,092
Davidson Hotel Company, LLC+	One stop	L +	5.25%		N/A(6)				07/2024	—		—		—		—
EOS Fitness Opco Holdings, LLC*#+	One stop	SF +	4.75%	(m)	7.58%				01/2026	9,393		9,401		0.4		9,393
EOS Fitness Opco Holdings, LLC+	One stop	SF +	4.75%	(c)(m)	7.58%				01/2026	896		897		—		896
EOS Fitness Opco Holdings, LLC+	One stop	SF +	4.75%	(c)(m)	7.58%				01/2026	8		8		—		8
EOS Fitness Opco Holdings, LLC+(5)	One stop	SF +	4.75%		N/A(6)				01/2026	—		(12)		—		—
Freddy's Frozen Custard LLC+	One stop	L +	5.00%	(b)	8.16%				03/2027	9,160		9,093		0.4		9,160
Freddy's Frozen Custard LLC+(5)	One stop	L +	5.00%		N/A(6)				03/2027	—		(1)		—		—
Harri US LLC+	One stop	L +	10.00%	(b)	8.91%	cash/	4.00%	PIK	08/2026	804		720		—		806
Harri US LLC+	One stop	L +	10.00%		N/A(6)				08/2026	—		—		—		—
Harri US LLC+(5)	One stop	L +	10.00%		N/A(6)				08/2026	—		(6)		—		4
Health Buyer, LLC+	Senior secured	SF +	5.25%	(m)	7.98%				04/2029	2,604		2,567		0.1		2,447
Health Buyer, LLC+	Senior secured	SF +	5.25%	(k)	8.03%				04/2028	2		2		—		1
SSRG Holdings, LLC+	One stop	SF +	4.75%	(l)	8.45%				11/2025	1,000		990		—		1,000
SSRG Holdings, LLC+	One stop	SF +	4.75%	(l)	8.45%				11/2025	20		20		—		20
Tropical Smoothie Cafe Holdings, LLC+	One stop	SF +	5.25%	(l)	7.98%				09/2026	19,950		19,767		0.8		19,950
Tropical Smoothie Cafe Holdings, LLC*#	One stop	SF +	5.25%	(k)(l)	8.26%				09/2026	13,695		13,553		0.6		13,695
Tropical Smoothie Cafe Holdings, LLC#	One stop	SF +	5.25%	(k)(l)	8.01%				09/2026	5,830		5,773		0.2		5,830
Tropical Smoothie Cafe Holdings, LLC+(5)	One stop	SF +	4.25%		N/A(6)				09/2026	—		(1)		—		—


										129,870		129,907		5.1		128,594
Household Durables
Groundworks LLC+	Senior secured	L +	5.00%	(b)	7.81%				01/2026	4,615		4,569		0.2		4,615
Groundworks LLC+	Senior secured	L +	5.00%	(b)	7.81%				01/2026	1,805		1,786		0.1		1,805
Groundworks LLC+	Senior secured	L +	5.00%	(b)	7.81%				01/2026	1,203		1,193		—		1,203
Groundworks LLC+	Senior secured	L +	5.00%	(b)	7.81%				01/2026	1,072		1,060		—		1,072
Groundworks LLC+	Senior secured	L +	5.00%	(b)	7.08%				01/2026	82		82		—		82
Groundworks LLC+	Senior secured	L +	5.00%	(b)	7.81%				01/2026	56		52		—		56
Groundworks LLC+	Senior secured	L +	5.00%		N/A(6)				01/2026	—		—		—		—


										8,833		8,742		0.3		8,833
Household Products
WU Holdco, Inc.#+	One stop	L +	5.50%	(b)	9.17%				03/2026	3,743		3,790		0.1		3,630
WU Holdco, Inc.+	One stop	L +	5.50%	(b)	9.17%				03/2026	1,318		1,318		0.1		1,279
WU Holdco, Inc.+	One stop	L +	5.50%	(b)	9.17%				03/2026	342		340		—		332
WU Holdco, Inc.+	One stop	L +	5.50%	(b)(c)	8.11%				03/2025	26		25		—		24
										5,429		5,473		0.2		5,265
Industrial Conglomerates
Arch Global CCT Holdings Corp.#+	Senior secured	L +	4.75%	(a)	7.87%				04/2026	2,355		2,401		0.1		2,331
Arch Global CCT Holdings Corp.+	Senior secured	L +	4.75%	(b)	8.42%				04/2026	135		134		—		134
Arch Global CCT Holdings Corp.+	Senior secured	L +	4.75%	(b)	8.42%				04/2026	76		75		—		74
Arch Global CCT Holdings Corp.+	Senior secured	L +	4.75%		N/A(6)				04/2025	—		—		—		—
Dwyer Instruments, Inc.+	One stop	L +	6.00%	(b)	9.67%				07/2027	3,922		3,847		0.2		3,844
Dwyer Instruments, Inc.+	One stop	L +	5.50%	(c)	8.38%				07/2027	7		6		—		6

See Notes to Consolidated Financial Statements.

7271

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Leisure Products
WBZ Investment LLC#+ One stop L + 6.50% (c) 6.50% cash/1.00% PIK 09/2024 $ 8,626 $ 8,670 0.4 % $ 8,626
WBZ Investment LLC+ One stop L + 6.50% (c) 6.50% cash/1.00% PIK 09/2024 1,235 1,230 — 1,235
WBZ Investment LLC+ One stop L + 6.50% (c) 6.50% cash/1.00% PIK 09/2024 859 880 — 859
WBZ Investment LLC+ One stop L + 6.50% (c) 6.50% cash/1.00% PIK 09/2024 439 451 — 439
WBZ Investment LLC+ One stop L + 6.50% (c) 6.50% cash/1.00% PIK 09/2024 82 82 — 82
11,241 11,313 0.4 11,241
Life Sciences Tools & Services
Pace Analytical Services, LLC*#+ One stop L + 5.50% (c) 6.50% 04/2024 29,330 29,341 1.2 29,330
Pace Analytical Services, LLC+ One stop L + 5.50% (c) 6.50% 04/2024 7,090 6,923 0.3 7,090
Pace Analytical Services, LLC+ One stop L + 5.50% (c) 6.50% 04/2024 6,975 6,902 0.3 6,975
Pace Analytical Services, LLC#+ One stop L + 5.50% (c) 6.50% 04/2024 2,727 2,727 0.2 2,727
Pace Analytical Services, LLC*# One stop L + 5.50% (c) 6.50% 04/2024 1,635 1,649 0.1 1,635
Pace Analytical Services, LLC*# One stop L + 5.50% (c) 6.50% 04/2024 1,503 1,506 0.1 1,503
Pace Analytical Services, LLC*# One stop L + 5.50% (c) 6.50% 04/2024 1,252 1,250 — 1,252
Pace Analytical Services, LLC#+ One stop L + 5.50% (c) 6.50% 04/2024 1,210 1,220 — 1,210
Pace Analytical Services, LLC+ One stop L + 5.50% (c) 6.50% 04/2024 983 969 — 983
Pace Analytical Services, LLC+ One stop L + 5.50% (c) 6.50% 04/2024 881 872 — 881
Pace Analytical Services, LLC*# One stop L + 5.50% (c) 6.50% 04/2024 670 670 — 670
Pace Analytical Services, LLC*# One stop L + 5.50% (c) 6.50% 04/2024 554 558 — 554
Pace Analytical Services, LLC* One stop L + 5.50% (c) 6.50% 04/2024 186 187 — 186
Pace Analytical Services, LLC+(5) One stop L + 5.50% N/A(6) 04/2024 — (2) — —
Unchained Labs, LLC+ Senior loan L + 5.50% (a) 6.50% 08/2027 852 835 — 835
Unchained Labs, LLC+(5) Senior loan L + 5.50% N/A(6) 08/2027 — (1) — (1)
Unchained Labs, LLC+(5) Senior loan L + 5.50% N/A(6) 08/2027 — (21) — (21)
55,848 55,585 2.2 55,809
Machinery
Bad Boy Mowers Acquisition, LLC+ Senior loan L + 4.25% (a) 5.00% 03/2028 2,029 2,024 0.1 2,029
Blackbird Purchaser, Inc. *+~ Senior loan L + 4.50% (c)(f) 4.63% 04/2026 15,839 16,063 0.6 15,864
Blackbird Purchaser, Inc. + Senior loan L + 4.50% (c) 4.63% 04/2024 128 126 — 126
Chase Industries, Inc.+~ Senior loan L + 7.00% (c) 6.50% cash/1.50% PIK 05/2025 12,059 12,154 0.4 9,647
Chase Industries, Inc.+ Senior loan L + 7.00% (d) 6.50% cash/1.50% PIK 05/2025 985 1,012 — 788
Chase Industries, Inc.+ Senior loan L + 7.00% (c) 6.50% cash/1.50% PIK 05/2023 292 293 — 220
Time Manufacturing Acquisition, LLC~ Senior loan L + 5.00% (c) 6.00% 02/2023 703 702 — 703
32,035 32,374 1.1 29,377
Marine
Veson Nautical LLC#+ One stop L + 5.25% (c) 6.25% 11/2025 9,668 9,589 0.4 9,668
Veson Nautical LLC+ One stop L + 5.25% (c) 6.25% 11/2025 7,209 7,141 0.3 7,209
Veson Nautical LLC+(5) One stop L + 5.25% N/A(6) 11/2025 — (1) — —
16,877 16,729 0.7 16,877


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Dwyer Instruments, Inc.+(5)	One stop	L +	6.00%		N/A(6)	07/2027	$	—	$	(9)	—	%	$	(10)
Essential Services Holdings Corporation+	One stop	L +	5.75%	(a)(b)	8.07%	11/2026	819		810		—		789
Essential Services Holdings Corporation+(5)	One stop	L +	5.75%		N/A(6)	11/2025	—		(1)		—		(2)
Excelitas Technologies Corp.+	One stop	SF +	5.75%	(l)	8.59%	08/2029	7,131		6,989		0.3		7,060
Excelitas Technologies Corp.+(8)(9)	One stop	E +	5.75%	(e)	6.08%	08/2029	1,155		1,193		—		1,144
Excelitas Technologies Corp.+	One stop	SF +	5.75%	(l)	8.59%	08/2028	92		89		—		89
Excelitas Technologies Corp.+(5)	One stop	SF +	5.75%		N/A(6)	08/2029	—		(13)		—		(14)
Madison Safety & Flow LLC+	Senior secured	SF +	3.60%	(k)	6.63%	03/2025	443		443		—		443
Madison Safety & Flow LLC+	Senior secured	SF +	3.60%	(k)(l)	6.64%	03/2025	2		2		—		2
Specialty Measurement Bidco Limited+(8)(10)	One stop	L +	5.75%	(b)	8.82%	11/2027	7,961		7,800		0.3		7,961
Specialty Measurement Bidco Limited+(8)(9)(10)	One stop	E +	5.75%	(e)	6.75%	11/2027	6,556		7,833		0.3		6,556
Specialty Measurement Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.75%		N/A(6)	11/2027	—		(39)		—		—
							30,654		31,560		1.2		30,407

See Notes to Consolidated Financial Statements.

7372

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Media
Triple Lift, Inc.+ One stop L + 5.75% (c) 6.50% 05/2028 $ 5,397 $ 5,296 0.2 % $ 5,397
Triple Lift, Inc.+(5) One stop L + 5.75% N/A(6) 05/2028 — (1) — —
5,397 5,295 0.2 5,397
Multiline Retail
Mills Fleet Farm Group LLC*#+~ One stop L + 6.25% (a) 7.25% 10/2024 46,470 46,382 1.8 46,470
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.*+~(8)(12) One stop L + 6.75% (c) 7.75% 05/2025 20,629 20,741 0.8 20,629
3ES Innovation, Inc.+(5)(8)(12) One stop L + 6.75% N/A(6) 05/2025 — (1) — —
Drilling Info Holdings, Inc.*#+~ Senior loan L + 4.25% (a) 4.33% 07/2025 37,452 37,830 1.4 37,381
Drilling Info Holdings, Inc.~ Senior loan L + 4.50% (a) 4.58% 07/2025 17,167 16,827 0.7 17,283
Drilling Info Holdings, Inc.+(5) Senior loan L + 4.25% N/A(6) 07/2023 — (1) — (2)
Drilling Info Holdings, Inc.+(5) Senior loan L + 4.50% N/A(6) 07/2023 — (2) — (1)
Project Power Buyer, LLC*#+ One stop L + 6.00% (c) 7.00% 05/2026 15,622 15,744 0.6 15,622
Project Power Buyer, LLC+(5) One stop L + 6.00% N/A(6) 05/2025 — (1) — —
90,870 91,137 3.5 90,912
Paper & Forest Products
Messenger, LLC#~ One stop L + 5.50% (a)(f) 6.50% 08/2023 8,921 8,970 0.3 8,921
Messenger, LLC+ One stop L + 5.50% N/A(6) 08/2023 — — — —
8,921 8,970 0.3 8,921
Personal Products
IMPLUS Footwear, LLC+~ One stop L + 7.75% (c) 8.75% 04/2024 30,667 30,960 1.1 28,213
IMPLUS Footwear, LLC+~ One stop L + 7.75% (c) 8.75% 04/2024 5,238 5,287 0.2 4,819
IMPLUS Footwear, LLC*+ One stop L + 7.75% (c) 8.75% 04/2024 755 772 — 695
36,660 37,019 1.3 33,727


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Insurance
Alera Group, Inc.+	One stop	SF +	6.00%	(l)	9.06%	10/2028	$	25,370	$	25,153	1.0	%	$	24,297
Alera Group, Inc.+	One stop	SF +	6.00%	(k)(l)	9.06%	10/2028	7,210		7,117		0.3		6,905
Alera Group, Inc.+	One stop	SF +	6.00%	(k)(l)	9.07%	10/2028	463		458		—		437
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(l)(m)	9.33%	07/2027	3,188		3,163		0.1		3,157
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(m)	6.43%	07/2027	950		946		—		940
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(l)(m)	9.33%	07/2027	790		783		—		782
AMBA Buyer, Inc.+	One stop	SF +	5.25%		N/A(6)	07/2027	—		—		—		—
AMBA Buyer, Inc.+(5)	One stop	SF +	5.25%		N/A(6)	07/2027	—		—		—		(1)
Captive Resources Midco, LLC+	One stop	SF +	5.50%	(k)	8.53%	07/2029	9,813		9,624		0.4		9,616
Captive Resources Midco, LLC+(5)	One stop	SF +	5.50%		N/A(6)	07/2028	—		(4)		—		(4)
Integrity Marketing Acquisition, LLC+	Senior secured	L +	5.50%	(c)	7.58%	08/2025	3,046		3,007		0.1		3,020
Integrity Marketing Acquisition, LLC+	One stop	L +	5.75%	(c)	7.83%	08/2025	2,421		2,414		0.1		2,415
Integrity Marketing Acquisition, LLC+	Senior secured	L +	5.75%	(c)	7.87%	08/2025	1,517		1,497		0.1		1,513
Integrity Marketing Acquisition, LLC+	Senior secured	L +	5.75%	(c)	7.40%	08/2025	774		768		—		772
Integrity Marketing Acquisition, LLC+	One stop	L +	5.75%	(c)	7.74%	08/2025	468		465		—		467
Integrity Marketing Acquisition, LLC+	Senior secured	L +	5.75%	(c)	8.85%	08/2025	244		242		—		244
Integrity Marketing Acquisition, LLC+	Senior secured	L +	5.50%	(b)(c)	8.67%	08/2025	184		183		—		182
Integrity Marketing Acquisition, LLC+	One stop	L +	5.75%		N/A(6)	08/2025	—		—		—		—
Integrity Marketing Acquisition, LLC+	One stop	SF +	5.75%	(l)	8.56%	08/2025	1,117		1,082		—		1,096
J.S. Held Holdings, LLC#+	One stop	L +	5.50%	(b)	9.17%	07/2025	6,422		6,402		0.3		6,380
J.S. Held Holdings, LLC+	One stop	L +	5.50%	(b)	9.17%	07/2025	1,478		1,458		0.1		1,468
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(l)	9.20%	07/2025	1,430		1,406		0.1		1,416
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(l)	9.20%	07/2025	77		72		—		71
J.S. Held Holdings, LLC+	One stop	P +	4.50%	(d)	10.75%	07/2025	48		45		—		46
Keystone Agency Partners LLC+	Senior secured	SF +	6.00%	(l)	9.70%	05/2027	2,850		2,810		0.1		2,793
Keystone Agency Partners LLC+	Senior secured	SF +	6.00%	(l)	9.70%	05/2027	182		180		—		179
Keystone Agency Partners LLC+	Senior secured	SF +	6.00%	(l)	9.35%	05/2027	160		146		—		141
Long Term Care Group, Inc.+	One stop	L +	6.00%	(a)	8.82%	09/2027	2,984		2,935		0.1		2,984
Majesco*#	One stop	L +	7.25%	(b)	10.93%	09/2027	18,751		18,522		0.7		18,751
Majesco+(5)	One stop	L +	7.25%		N/A(6)	09/2026	—		(2)		—		—
Norvax, LLC+	Senior secured	L +	7.50%	(b)	11.18%	09/2025	32,784		32,498		1.2		30,161
Norvax, LLC+	Senior secured	L +	7.50%	(b)	11.18%	09/2025	9,925		9,765		0.4		9,131
Pareto Health Intermediate Holdings, Inc.+	One stop	L +	4.75%	(c)	7.63%	08/2025	7,225		7,174		0.3		7,081
Patriot Growth Insurance Services, LLC+	One stop	L +	5.50%	(b)	8.65%	10/2028	9,491		9,409		0.4		9,287
Patriot Growth Insurance Services, LLC+(5)	One stop	L +	5.50%		N/A(6)	10/2028	—		(1)		—		(1)
Patriot Growth Insurance Services, LLC+	One stop	L +	5.50%	(c)	9.31%	10/2028	617		591		—		584
Patriot Growth Insurance Services, LLC+(5)	One stop	L +	5.75%		N/A(6)	10/2028	—		(22)		—		(22)
People Corporation+(8)(9)(12)	One stop	C +	6.25%	(h)	9.87%	02/2028	13,502		14,537		0.5		13,502
People Corporation+(8)(9)(12)	One stop	C +	6.25%	(h)	9.87%	02/2028	4,406		4,874		0.2		4,406
People Corporation+(8)(9)(12)	One stop	C +	5.50%	(h)	9.13%	02/2028	3,166		3,354		0.1		2,819
People Corporation+(8)(9)(12)	One stop	C +	6.25%	(h)	9.92%	02/2027	147		158		—		147
RSC Acquisition, Inc.*#+	One stop	SF +	5.50%	(l)	8.31%	10/2026	25,637		25,306		1.0		25,122
RSC Acquisition, Inc.+	One stop	SF +	5.50%	(l)	8.54%	10/2026	6,561		6,293		0.3		6,430
RSC Acquisition, Inc.+	One stop	SF +	5.50%	(l)	9.05%	10/2026	1,519		1,506		0.1		1,488
RSC Acquisition, Inc.+(5)	One stop	SF +	5.50%		N/A(6)	10/2026	—		(1)		—		(2)
RSC Acquisition, Inc.+(5)	One stop	SF +	5.50%	(l)	9.20%	10/2026	90		47		—		(2)
RSC Acquisition, Inc.+	One stop	SF +	5.50%	(l)	8.55%	10/2026	995		986		—		975
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00%	(l)	9.69%	10/2026	773		764		—		758

See Notes to Consolidated Financial Statements.

7473

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00%	(l)	9.69%				10/2026	$	791	$	784	—	%	$	772
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00%	(l)	9.69%				10/2026	392		387		—		384
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00%	(l)	9.65%				10/2026	2		2		—		2
TigerRisk, LLC*+	One stop	L +	4.75%	(a)	7.87%				06/2027	22,662		22,485		0.9		22,662
TigerRisk, LLC+(5)	One stop	L +	4.75%		N/A(6)				06/2027	—		(1)		—		—

										232,622		231,767		8.9		225,751
Internet & Catalog Retail
Revalize, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2027	15,012		14,899		0.6		14,562
Revalize, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2027	8,786		8,720		0.3		8,523
Revalize, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2027	4,357		4,324		0.2		4,226
Revalize, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2027	2,624		2,605		0.1		2,546
Revalize, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2027	1,691		1,677		0.1		1,641
Revalize, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2027	397		395		—		385
Revalize, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2027	228		226		—		222
Revalize, Inc.+(5)	One stop	L +	5.75%		N/A(6)				04/2027	—		(1)		—		(8)
										33,095		32,845		1.3		32,097
IT Services
Acquia, Inc.+	One stop	L +	7.00%	(a)	9.63%				10/2025	9,578		9,509		0.4		9,578
Acquia, Inc.+	One stop	L +	7.00%	(b)(c)	10.18%				10/2025	23		22		—		23
CivicPlus, LLC+	One stop	L +	6.00%	(a)	9.12%				08/2027	6,174		6,109		0.3		6,112
CivicPlus, LLC+	One stop	L +	6.00%	(a)	9.12%				08/2027	3,646		3,612		0.2		3,610
CivicPlus, LLC+	One stop	L +	6.00%	(b)	9.67%				08/2027	2,894		2,863		0.1		2,865
CivicPlus, LLC+	One stop	SF +	11.75%	(m)	14.38%				06/2034	202		197		—		200
CivicPlus, LLC+(5)	One stop	L +	6.00%		N/A(6)				08/2027	—		(1)		—		(1)
Critical Start, Inc.+	One stop	SF +	5.75%	(k)	5.65%	cash/	3.13%	PIK	05/2028	3,251		3,221		0.1		3,219
Critical Start, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				05/2028	—		(1)		—		(1)
Delinea Inc.+	One stop	L +	6.00%	(a)	9.12%				03/2028	16,581		16,388		0.6		15,420
Delinea Inc.#	One stop	L +	6.00%	(a)	9.12%				03/2028	9,586		9,471		0.4		8,915
Delinea Inc.+	One stop	L +	6.00%	(a)	9.12%				03/2027	118		116		—		104
Episerver, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2026	21,494		21,261		0.8		20,635
Episerver, Inc.+(8)(9)	One stop	E +	6.00%	(e)	7.19%				04/2026	17,564		20,276		0.7		16,976
Episerver, Inc.#+	One stop	L +	5.75%	(b)	9.42%				04/2026	11,937		12,007		0.5		11,460
Episerver, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2026	6,601		6,520		0.2		6,337
Episerver, Inc.+(5)	One stop	L +	5.75%		N/A(6)				04/2026	—		(3)		—		(22)
Episerver, Inc.+(5)	One stop	L +	5.75%		N/A(6)				04/2026	—		(3)		—		(20)
Goldcup 31018 AB+(8)(9)(17)	One stop	E +	7.07%	(f)	3.57%	cash/	3.82%	PIK	07/2029	7,666		7,736		0.3		7,571
Goldcup 31018 AB+(5)(8)(9)(17)	One stop	E +	6.50%		N/A(6)				01/2029	—		(2)		—		(2)
Goldcup 31018 AB+(5)(8)(9)(17)	One stop	E +	6.50%		N/A(6)				07/2029	—		(16)		—		(16)
Infinisource, Inc.#+	One stop	L +	5.25%	(c)	8.13%				10/2026	27,812		27,484		1.1		27,534
Infinisource, Inc.+	One stop	L +	5.25%	(c)	8.13%				10/2026	8,403		8,334		0.3		8,319
Infinisource, Inc.+	One stop	L +	5.25%	(c)	8.13%				10/2026	2,026		1,991		0.1		2,006
Infinisource, Inc.+	One stop	L +	5.25%	(c)	8.13%				10/2026	303		301		—		300
Infinisource, Inc.+	One stop	L +	5.25%	(b)	8.92%				10/2026	213		212		—		211
Infinisource, Inc.+	One stop	L +	5.25%	(c)	8.13%				10/2026	105		105		—		104
Infinisource, Inc.+	One stop	L +	5.25%	(b)	8.92%				10/2026	57		47		—		45
Infinisource, Inc.+(5)	One stop	L +	5.25%		N/A(6)				10/2026	—		(1)		—		(2)
Infinisource, Inc.+	One stop	L +	5.25%	(b)	8.92%				10/2026	86		75		—		85
Netwrix Corporation+	One stop	SF +	5.00%	(l)	7.90%				06/2029	3,534		3,503		0.1		3,499
Netwrix Corporation+(5)	One stop	SF +	5.00%		N/A(6)				06/2029	—		(2)		—		(2)
Netwrix Corporation+	One stop	SF +	5.00%	(l)	8.44%				06/2029	129		121		—		110

See Notes to Consolidated Financial Statements.

7574

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
PCS Intermediate II Holdings, LLC+	One stop	L +	5.25%	(c)	8.62%	01/2026	$	14,201	$	14,122	0.6	%	$	14,201
PCS Intermediate II Holdings, LLC+	One stop	L +	5.25%	(c)	8.62%	01/2026	2,050		2,035		0.1		2,050
PCS Intermediate II Holdings, LLC+(5)	One stop	L +	5.25%		N/A(6)	01/2026	—		(1)		—		—
Recordxtechnologies, LLC#	One stop	L +	5.50%	(b)	9.17%	12/2025	728		724		—		699
Recordxtechnologies, LLC+	One stop	L +	5.50%	(b)	9.17%	12/2025	114		113		—		109
Recordxtechnologies, LLC+	One stop	L +	5.50%	(b)	9.17%	12/2025	59		58		—		55
Red Dawn SEI Buyer, Inc.+(8)(9)	Senior secured	SN +	4.50%	(i)	6.69%	11/2025	19,267		23,496		0.7		18,882
Red Dawn SEI Buyer, Inc.+	Senior secured	L +	4.50%	(c)	8.67%	11/2025	5,542		5,505		0.2		5,431
Red Dawn SEI Buyer, Inc.+	Senior secured	L +	4.25%	(c)	8.42%	11/2025	737		732		—		717
Red Dawn SEI Buyer, Inc.+	Senior secured	L +	4.25%	(c)	8.42%	11/2025	131		130		—		127
Red Dawn SEI Buyer, Inc.+(5)	Senior secured	L +	4.50%		N/A(6)	11/2025	—		(2)		—		(5)
Red Dawn SEI Buyer, Inc.+(5)	Senior secured	L +	4.25%		N/A(6)	11/2025	—		(1)		—		(3)
Red Dawn SEI Buyer, Inc.+	Senior secured	L +	4.50%	(b)(c)	8.67%	11/2025	169		167		—		166
ReliaQuest Holdings, LLC+	One stop	SF +	10.75%	(l)	14.30%	10/2026	1,098		1,077		—		1,098
ReliaQuest Holdings, LLC+	One stop	SF +	10.75%	(l)	14.30%	10/2026	50		50		—		50
ReliaQuest Holdings, LLC+(5)	One stop	SF +	10.75%		N/A(6)	10/2026	—		(2)		—		—
Saturn Borrower Inc.+	One stop	L +	6.50%	(b)	10.17%	09/2026	19,977		19,572		0.7		18,978
Saturn Borrower Inc.+	One stop	L +	6.50%	(b)	10.17%	09/2026	103		101		—		98
Zarya Holdco, Inc.+	Senior secured	SF +	6.50%	(k)	9.63%	07/2027	4,789		4,789		0.2		4,789
Zarya Holdco, Inc.+	Senior secured	SF +	6.50%		N/A(6)	07/2027	—		—		—		—


							228,998		234,117		8.7		222,614

See Notes to Consolidated Financial Statements.

7675

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Leisure Products
WBZ Investment LLC#+	One stop	L +	6.25%	(b)(c)	8.13%	cash/	1.00%	PIK	09/2024	$	8,649	$	8,679	0.3	%	$	8,649
WBZ Investment LLC+	One stop	L +	6.25%	(b)(c)	8.13%	cash/	1.00%	PIK	09/2024	1,239		1,235		0.1		1,239
WBZ Investment LLC+	One stop	L +	6.25%	(b)(c)	8.13%	cash/	1.00%	PIK	09/2024	861		875		—		861
WBZ Investment LLC+	One stop	L +	6.25%	(c)	8.13%	cash/	1.00%	PIK	09/2024	444		452		—		444
WBZ Investment LLC+	One stop	L +	6.25%		N/A(6)				09/2024	—		—		—		—
										11,193		11,241		0.4		11,193
Life Sciences Tools & Services
Covaris Intermediate 3, LLC+	One stop	L +	4.75%	(b)	7.56%				01/2028	5,909		5,856		0.2		5,909
Covaris Intermediate 3, LLC+	One stop	L +	5.25%	(a)	8.37%				01/2028	18		18		—		18
Covaris Intermediate 3, LLC+(5)	One stop	L +	4.75%		N/A(6)				01/2028	—		(2)		—		—
PAS Parent Inc.*#+	One stop	L +	5.50%	(a)(b)	8.62%				12/2028	33,706		33,102		1.3		32,694
PAS Parent Inc.+	One stop	P +	4.50%	(a)(d)	10.07%				12/2027	161		153		—		151
PAS Parent Inc.+(5)	One stop	L +	5.50%		N/A(6)				12/2028	—		(5)		—		(8)
Reaction Biology Corporation#	One stop	SF +	5.25%	(m)	9.48%				03/2029	8,023		7,949		0.3		7,783
Reaction Biology Corporation+	One stop	SF +	5.25%	(m)	9.48%				03/2029	60		55		—		45
Reaction Biology Corporation+(5)	One stop	P +	4.25%		N/A(6)				03/2029	—		(1)		—		(5)
Unchained Labs, LLC+	Senior secured	L +	5.50%	(a)	8.62%				08/2027	999		972		0.1		999
Unchained Labs, LLC+	Senior secured	L +	5.50%	(a)	8.62%				08/2027	844		830		—		844
Unchained Labs, LLC+	Senior secured	L +	5.50%		N/A(6)				08/2027	—		—		—		—










										49,720		48,927		1.9		48,430
Machinery
Bad Boy Mowers Acquisition, LLC+	Senior secured	L +	4.25%	(b)	7.38%				03/2028	1,866		1,862		0.1		1,866
Blackbird Purchaser, Inc.*+	Senior secured	L +	4.50%	(a)	7.62%				04/2026	19,084		19,205		0.7		18,893
Blackbird Purchaser, Inc.+	Senior secured	L +	4.50%	(a)	7.62%				10/2025	58		57		—		56
Blackbird Purchaser, Inc.+(5)	Senior secured	L +	4.50%		N/A(6)				04/2026	—		(2)		—		(3)
Chase Industries, Inc.+(7)	Senior secured	L +	7.00%	(c)	9.88%				05/2025	12,059		12,117		0.4		9,853
Chase Industries, Inc.+(7)	Senior secured	L +	7.00%	(b)	10.67%				05/2025	985		1,005		—		805
Chase Industries, Inc.+(7)	Senior secured	L +	7.00%	(c)	9.80%				05/2025	350		350		—		280

										34,402		34,594		1.2		31,750
Marine
Project Nike Purchaser, LLC+	One stop	SF +	6.00%	(l)	9.55%				04/2029	19,000		18,822		0.7		18,430
Project Nike Purchaser, LLC+(5)	One stop	P +	5.00%		N/A(6)				04/2029	—		(2)		—		(8)
Project Nike Purchaser, LLC+(5)	One stop	P +	5.00%		N/A(6)				04/2029	—		(7)		—		(23)
										19,000		18,813		0.7		18,399
Media
Triple Lift, Inc.+	One stop	SF +	5.50%	(l)(m)	9.36%				05/2028	5,343		5,258		0.3		5,343
Triple Lift, Inc.+	One stop	SF +	5.50%	(m)	9.61%				05/2028	1,133		1,112		0.1		1,133
Triple Lift, Inc.+	One stop	SF +	5.75%	(j)	8.74%				05/2028	27		26		—		27
										6,503		6,396		0.4		6,503
Multiline Retail
Mills Fleet Farm Group LLC*#+	One stop	L +	6.25%	(b)	9.06%				10/2024	45,138		45,090		1.8		45,138

See Notes to Consolidated Financial Statements.

7776

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.*+(8)(12)	One stop	L +	6.75%	(b)	9.70%				05/2025	$	20,419	$	20,502	0.8	%	$	20,419
3ES Innovation, Inc.+(8)(12)	One stop	L +	6.75%	(b)	9.92%				05/2025	80		79		—		80
Envernus, Inc.*#+	Senior secured	L +	4.25%	(a)	7.37%				07/2025	37,066		37,349		1.4		36,097
Envernus, Inc.+	Senior secured	L +	4.50%	(a)	7.62%				07/2025	16,993		16,739		0.7		16,653
Envernus, Inc.+	Senior secured	L +	4.25%	(a)	7.37%				09/2024	86		85		—		82
Envernus, Inc.+	Senior secured	L +	4.50%	(a)	7.62%				09/2024	69		65		—		67
Project Power Buyer, LLC*#+	One stop	L +	6.00%	(b)	9.68%				05/2026	15,464		15,559		0.6		15,464
Project Power Buyer, LLC+	One stop	L +	6.00%		N/A(6)				05/2025	—		—		—		—
										90,177		90,378		3.5		88,862
Paper & Forest Products
Messenger, LLC#+	One stop	SF +	5.75%	(k)	8.88%				12/2027	10,176		10,086		0.4		10,176
Messenger, LLC+	One stop	SF +	5.75%	(k)	8.50%				12/2027	100		99		—		100
Messenger, LLC+	One stop	SF +	5.75%	(k)	8.88%				12/2027	50		49		—		50
Messenger, LLC+	One stop	P +	4.75%	(d)	11.00%				12/2027	34		33		—		34
										10,360		10,267		0.4		10,360
Personal Products
IMPLUS Footcare, LLC+	One stop	L +	8.00%	(b)	11.42%	cash/	0.25%	PIK	04/2024	30,464		30,657		1.1		28,332
IMPLUS Footcare, LLC+	One stop	L +	8.00%	(b)	11.42%	cash/	0.25%	PIK	04/2024	5,203		5,236		0.2		4,839
IMPLUS Footcare, LLC*+	One stop	L +	8.00%	(b)	11.42%	cash/	0.25%	PIK	04/2024	750		761		—		698
										36,417		36,654		1.3		33,869

See Notes to Consolidated Financial Statements.

7877

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Pharmaceuticals
ACP Ulysses Buyer, Inc.*#+	One stop	SF +	5.25%	(l)	8.95%				02/2026	$	25,488	$	25,285	1.0	%	$	25,106
ACP Ulysses Buyer, Inc.+	One stop	SF +	5.25%	(l)	8.95%				02/2026	1,102		1,081		—		1,086
Amalthea Parent, Inc.*#+(8)(12)	One stop	L +	4.75%	(a)	7.87%				03/2027	57,245		56,732		2.2		56,673
Amalthea Parent, Inc.+(5)(8)(12)	One stop	SF +	4.75%		N/A(6)				03/2027	—		(3)		—		(3)
Amalthea Parent, Inc.+(5)(8)(12)	One stop	SF +	4.75%		N/A(6)				03/2027	—		(24)		—		(17)
Amalthea Parent, Inc.+(5)(8)(12)	One stop	SF +	4.75%		N/A(6)				03/2027	—		(3)		—		(3)
Apothecary Products, LLC+	Senior secured	SF +	5.00%	(m)	8.36%				07/2023	2,891		2,921		0.1		2,833
Apothecary Products, LLC+	Senior secured	SF +	5.00%	(l)	8.58%				07/2023	156		156		—		140
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.50%	(m)	9.48%				05/2029	17,179		16,853		0.7		16,835
Caerus Midco 3 S.A.R.L.+(5)(8)(13)	One stop	SF +	5.50%		N/A(6)				05/2029	—		(5)		—		(5)
Caerus Midco 3 S.A.R.L.+(5)(8)(13)	One stop	SF +	5.50%		N/A(6)				05/2029	—		(25)		—		(52)
Cobalt Buyer Sub, Inc.+	One stop	L +	5.25%	(a)	8.37%				10/2028	10,627		10,445		0.4		10,096
Cobalt Buyer Sub, Inc.+	One stop	L +	5.25%	(a)	8.37%				10/2027	36		34		—		32
Cobalt Buyer Sub, Inc.+	One stop	L +	5.25%	(a)	8.37%				10/2028	3,240		3,177		0.1		3,062
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.50%	(i)	6.69%				08/2028	21,890		26,631		0.9		21,890
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.50%	(i)	6.69%				08/2028	2,653		3,004		0.1		2,653
Spark Bidco Limited+(5)(8)(9)(10)	Senior secured	SN +	4.50%		N/A(6)				02/2028	—		(2)		—		—
										142,507		146,257		5.5		140,326
Professional Services
Citrin Cooperman Advisors LLC+	One stop	SF +	5.00%	(k)(l)	7.80%				10/2027	2,996		2,945		0.1		2,996
DISA Holdings Corp.+	Senior secured	SF +	5.50%	(k)	8.18%				09/2028	2,273		2,228		0.1		2,227
DISA Holdings Corp.+	Senior secured	SF +	5.50%	(k)	8.18%				09/2028	2		2		—		2
DISA Holdings Corp.+(5)	Senior secured	SF +	5.50%		N/A(6)				09/2028	—		(6)		—		(6)
Eliassen Group, LLC+	One stop	SF +	5.75%	(l)	9.30%				04/2028	1,444		1,431		—		1,444
Eliassen Group, LLC+	One stop	SF +	5.75%	(l)	9.13%				04/2028	4		4		—		4
Filevine, Inc.+	One stop	SF +	6.50%	(l)(m)	5.43%	cash/	2.50%	PIK	04/2027	5,265		5,197		0.2		5,270
Filevine, Inc.+	One stop	SF +	6.50%		N/A(6)				04/2027	—		—		—		—
IG Investments Holdings, LLC+	One stop	L +	6.00%	(a)(b)	9.47%				09/2028	7,093		6,976		0.3		7,093
IG Investments Holdings, LLC+(5)	One stop	L +	6.00%		N/A(6)				09/2027	—		(1)		—		—
NBG Acquisition Corp. and NBG-P Acquisition Corp.+	One stop	L +	5.25%	(a)(b)	8.06%				11/2028	7,593		7,543		0.3		7,365
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5)	One stop	L +	5.25%		N/A(6)				11/2028	—		(14)		—		(66)
NBG Acquisition Corp. and NBG-P Acquisition Corp.+	One stop	L +	5.25%	(b)	8.10%				11/2028	75		74		—		68
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5)	One stop	L +	5.25%		N/A(6)				11/2028	—		(18)		—		(75)
Net Health Acquisition Corp.+	One stop	L +	5.75%	(a)	8.87%				12/2025	13,235		13,147		0.5		13,103
Net Health Acquisition Corp.*#	One stop	L +	5.75%	(a)	8.87%				12/2025	8,378		8,380		0.3		8,295
Net Health Acquisition Corp.+	One stop	L +	5.75%	(a)	8.87%				12/2025	6,706		6,741		0.3		6,639
Net Health Acquisition Corp.#	One stop	L +	5.75%	(a)	8.88%				12/2025	4,237		4,198		0.2		4,195
Net Health Acquisition Corp.*#	One stop	L +	5.75%	(a)	8.87%				12/2025	1,171		1,172		—		1,159
Net Health Acquisition Corp.+(5)	One stop	L +	5.75%		N/A(6)				12/2025	—		(2)		—		(3)
PlanSource Holdings, Inc.+	One stop	L +	6.25%	(c)	9.55%				04/2025	11,416		11,465		0.4		11,416
PlanSource Holdings, Inc.+	One stop	L +	6.25%	(c)	9.55%				04/2025	1,932		1,920		0.1		1,932
PlanSource Holdings, Inc.+	One stop	L +	6.25%	(c)	9.55%				04/2025	139		138		—		139
PlanSource Holdings, Inc.+(5)	One stop	L +	6.25%		N/A(6)				04/2025	—		(1)		—		—

ProcessMAP Corporation+	One stop	L +	6.25%	(b)	6.17%	cash/	3.75%	PIK	12/2027	3,948		3,914		0.2		3,869
ProcessMAP Corporation+(5)	One stop	L +	6.00%		N/A(6)				12/2027	—		—		—		(1)
Procure Acquireco, Inc.#+	One stop	L +	5.25%	(c)	8.00%				12/2028	17,634		17,477		0.7		17,634
Procure Acquireco, Inc.+(5)	One stop	L +	5.25%		N/A(6)				12/2028	—		(1)		—		—

See Notes to Consolidated Financial Statements.

7978

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Procure Acquireco, Inc.+(5)	One stop	L +	5.25%		N/A(6)	12/2028	$	—	$	(3)	—	%	$	—
Teaching Company, The*#+	One stop	L +	4.75%	(a)	7.69%	07/2023	17,464		17,510		0.7		17,289
Teaching Company, The+(5)	One stop	L +	4.75%		N/A(6)	07/2023	—		—		—		(2)





							113,005		112,416		4.4		111,986


Real Estate Management & Development
Inhabit IQ Inc.+	One stop	L +	5.75%	(a)	8.87%	07/2025	21,751	21,595	0.9	21,751
Inhabit IQ Inc.#+	One stop	L +	5.75%	(a)	8.87%	07/2025	19,437	19,478	0.8	19,437
Inhabit IQ Inc.+	One stop	L +	5.75%	(a)	8.87%	07/2025	13,391	13,280	0.5	13,391
Inhabit IQ Inc.*	One stop	L +	5.75%	(a)	8.87%	07/2025	12,367	12,278	0.5	12,367
Inhabit IQ Inc.*#	One stop	L +	5.75%	(a)	8.87%	07/2025	6,518	6,548	0.3	6,518
Inhabit IQ Inc.+	One stop	L +	5.75%	(a)	8.87%	07/2025	3,176	3,213	0.1	3,176
Inhabit IQ Inc.#+	One stop	L +	5.75%	(a)	8.87%	07/2025	1,395	1,410	0.1	1,395
Inhabit IQ Inc.#+	One stop	L +	5.75%	(a)	8.87%	07/2025	1,181	1,193	—	1,181
Inhabit IQ Inc.#+	One stop	L +	5.75%	(a)	8.87%	07/2025	1,164	1,178	—	1,164
Inhabit IQ Inc.+	One stop	L +	5.75%	(a)	8.87%	07/2025	931	927	—	931
Inhabit IQ Inc.+	One stop	L +	5.75%	(a)	8.87%	07/2025	491	497	—	491
Inhabit IQ Inc.+	One stop	L +	5.75%		N/A(6)	07/2025	—	—	—	—
MRI Software LLC*+	One stop	L +	5.50%	(b)	9.17%	02/2026	14,360	14,279	0.6	14,216
MRI Software LLC+	One stop	L +	5.50%	(b)	9.17%	02/2026	4,952	4,905	0.2	4,903
MRI Software LLC+(5)	One stop	L +	5.50%		N/A(6)	02/2026	—	(2)	—	(3)

MRI Software LLC+(5)	One stop	L +	5.50%		N/A(6)	02/2026	—	(1)	—	(5)
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.75%	(i)	7.94%	08/2028	16,305	20,039	0.6	15,653
RPL Bidco Limited+(8)(9)(10)	One stop	A +	5.75%	(g)	8.21%	08/2028	1,912	2,172	0.1	1,836
RPL Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.75%		N/A(6)	02/2028	—	—	—	(2)


							119,331	122,989	4.7	118,400
Road & Rail
Channelside Acquisitona Co, Inc.+	One stop	L +	5.25%	(b)	8.92%	07/2028	4,241	4,154	0.2	4,199
Channelside Acquisitona Co, Inc.+	One stop	L +	5.25%	(a)	8.34%	07/2026	5	4	—	5
Channelside Acquisitona Co, Inc.+	One stop	L +	5.25%		N/A(6)	07/2028	—	—	—	—
Internet Truckstop Group LLC*#	One stop	L +	5.50%	(b)	9.18%	04/2025	21,564	21,843	0.8	21,564
Internet Truckstop Group LLC+	One stop	L +	5.50%	(b)	9.18%	04/2025	9,442	9,355	0.4	9,442
Internet Truckstop Group LLC+(5)	One stop	L +	5.50%		N/A(6)	04/2025	—	(2)	—	—
							35,252	35,354	1.4	35,210

See Notes to Consolidated Financial Statements.

8079

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Software
Accela, Inc.*#+	One stop	L +	7.50%	(a)	6.37%	cash/	4.25%	PIK	09/2024	$	4,695	$	4,678	0.2	%	$	4,695
Accela, Inc.+	One stop	L +	7.50%	(a)	6.37%	cash/	4.25%	PIK	09/2024	279		277		—		279
Accela, Inc.+	One stop	L +	7.00%	(a)	10.12%				09/2024	20		20		—		20
Anaplan, Inc.+	One stop	SF +	6.50%	(k)	9.53%				06/2029	9,840		9,745		0.4		9,643
Anaplan, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				06/2028	—		(2)		—		(3)
Appfire Technologies, LLC#+	One stop	SF +	5.50%	(k)	8.63%				03/2027	36,575		36,151		1.4		36,209
Appfire Technologies, LLC+	One stop	SF +	5.50%	(k)	8.63%				03/2027	19		16		—		17
Appfire Technologies, LLC+(5)	One stop	SF +	5.50%		N/A(6)				03/2027	—		(7)		—		(11)
Appfire Technologies, LLC+(5)	One stop	SF +	5.00%		N/A(6)				03/2027	—		(39)		—		(55)
Apptio, Inc.+	One stop	L +	6.00%	(b)	8.46%				01/2025	57,010		57,389		2.2		56,440
Apptio, Inc.+	One stop	L +	6.00%	(b)	8.46%				01/2025	76		76		—		76
Aras Corporation+	One stop	L +	7.00%	(b)	5.71%	cash/	3.75%	PIK	04/2027	14,159		14,055		0.6		14,159
Aras Corporation+	One stop	L +	6.50%	(c)	9.50%				04/2027	31		30		—		31
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.75%	(i)	7.94%				06/2029	3,199		3,407		0.1		3,103
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.75%	(i)	7.94%				06/2029	550		539		—		500
Auvik Networks Inc.+(8)(12)	One stop	SF +	5.75%	(l)	5.73%	cash/	2.75%	PIK	07/2027	7,033		6,978		0.3		6,829
Auvik Networks Inc.+(8)(12)	One stop	SF +	6.25%	(l)	5.73%	cash/	3.25%	PIK	07/2027	1,251		1,239		—		1,239
Auvik Networks Inc.+(5)(8)(12)	One stop	SF +	5.75%		N/A(6)				07/2027	—		(1)		—		(2)
Axiom Merger Sub Inc.+	One stop	L +	5.50%	(b)(c)	7.07%				04/2026	5,728		5,753		0.2		5,728
Axiom Merger Sub Inc.+(8)(9)	One stop	E +	5.75%	(e)(f)	5.85%				04/2026	2,075		2,375		0.1		2,075
Axiom Merger Sub Inc.+	One stop	L +	5.50%	(c)	7.05%				04/2026	272		270		—		272
Axiom Merger Sub Inc.+	One stop	L +	5.50%	(b)(c)	8.87%				04/2026	15		14		—		15
Axiom Merger Sub Inc.+	One stop	L +	5.50%		N/A(6)				10/2025	—		—		—		—
Bayshore Intermediate #2, L.P.+	One stop	L +	7.75%	(a)	10.43%				10/2028	65,064		63,909		2.6		65,064
Bayshore Intermediate #2, L.P.+(5)	One stop	L +	6.75%		N/A(6)				10/2027	—		(3)		—		—
Bonterra LLC+	One stop	L +	6.25%	(b)	9.92%				09/2027	63,832		63,041		2.5		63,194
Bonterra LLC+	One stop	L +	6.25%	(b)	9.92%				09/2027	122		120		—		120
Bonterra LLC+(5)	One stop	L +	6.25%		N/A(6)				09/2027	—		(36)		—		(58)
Bottomline Technologies, Inc.+	One stop	SF +	5.50%	(k)	8.35%				05/2029	28,163		27,631		1.1		27,318
Bottomline Technologies, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				05/2028	—		(4)		—		(6)
Bullhorn, Inc.*#+	One stop	L +	5.75%	(b)	9.42%				09/2026	65,946		65,212		2.6		65,946
Bullhorn, Inc.+(8)(9)	One stop	SN +	6.00%	(i)	8.19%				09/2026	10,681		11,636		0.4		10,681
Bullhorn, Inc.+(8)(9)	One stop	E +	5.75%	(e)	6.94%				09/2026	4,236		4,672		0.2		4,236
Bullhorn, Inc.+	One stop	L +	5.75%	(b)	9.42%				09/2026	214		211		—		214
Bullhorn, Inc.+	One stop	L +	5.75%	(b)	9.42%				09/2026	96		95		—		96
Bullhorn, Inc.+	One stop	L +	5.75%	(b)	9.42%				09/2026	76		76		—		76
Bullhorn, Inc.+	One stop	L +	5.75%	(b)	9.42%				09/2026	110		107		—		110
Burning Glass Intermediate Holdings Company, Inc.#+	One stop	L +	5.00%	(a)	8.12%				06/2028	9,819		9,658		0.4		9,819
Burning Glass Intermediate Holdings Company, Inc.+	One stop	L +	5.00%	(a)	8.12%				06/2026	28		26		—		28
Calabrio, Inc.+	One stop	L +	7.00%	(b)	10.67%				04/2027	53,683		53,073		2.1		53,683
Calabrio, Inc.+(5)	One stop	L +	7.00%		N/A(6)				04/2027	—		(3)		—		—
Community Brands Parentco LLC+	One stop	SF +	5.75%	(k)	8.88%				02/2028	14,194		13,939		0.5		13,911
Community Brands Parentco LLC+(5)	One stop	SF +	5.50%		N/A(6)				02/2028	—		(1)		—		(1)
Community Brands Parentco LLC+(5)	One stop	SF +	5.50%		N/A(6)				02/2028	—		(1)		—		(2)
Daxko Acquisition Corporation+	One stop	L +	5.50%	(a)	8.62%				10/2028	27,710		27,471		1.1		26,879
Daxko Acquisition Corporation+	One stop	L +	5.50%	(a)	8.62%				10/2028	2,337		2,307		0.1		2,267
Daxko Acquisition Corporation+(5)	One stop	L +	5.50%		N/A(6)				10/2027	—		(2)		—		(5)

See Notes to Consolidated Financial Statements.

8180

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Daxko Acquisition Corporation+(5)	One stop	L +	5.50%		N/A(6)				10/2028	$	—	$	(10)	—	%	$	(33)
Diligent Corporation*#+	One stop	L +	6.25%	(c)	9.13%				08/2025	86,292		86,221		3.4		85,426
Diligent Corporation+	One stop	L +	5.75%	(c)	8.63%				08/2025	5,964		5,925		0.2		5,832
Diligent Corporation+	One stop	L +	6.25%	(c)	8.49%				08/2025	162		161		—		158
Dragon UK Bidco Limited+(8)(9)(10)	One stop	SN +	6.00%	(i)	8.19%				02/2029	12,937		15,067		0.5		12,161
Dragon UK Bidco Limited+(8)(9)(10)	One stop	C +	6.00%	(h)	10.20%				02/2029	277		293		—		261
Dragon UK Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.00%		N/A(6)				02/2029	—		—		—		(6)
FirstUp, Inc.+	One stop	L +	6.75%	(b)	6.92%	cash/	3.50%	PIK	07/2027	8,916		8,848		0.4		8,916
FirstUp, Inc.+(5)	One stop	L +	9.75%		N/A(6)				07/2027	—		(1)		—		—
Gainsight, Inc.+	One stop	L +	6.75%	(b)	9.56%	PIK			07/2027	9,948		9,815		0.4		9,847
Gainsight, Inc.+(5)	One stop	L +	6.75%		N/A(6)				07/2027	—		(2)		—		(1)
GS Acquisitionco, Inc.*#+	One stop	L +	5.75%	(b)(c)	9.85%				05/2026	84,289		84,506		3.2		82,603
GS Acquisitionco, Inc.+	One stop	L +	5.75%	(c)	9.46%				05/2026	186		184		—		180
GS Acquisitionco, Inc.+(5)	One stop	L +	5.75%		N/A(6)				05/2026	—		(4)		—		(40)
GTIV, LLC+	One stop	SF +	5.25%	(m)	8.36%				02/2029	74,215		73,541		2.9		72,731
GTIV, LLC+(5)	One stop	SF +	5.25%		N/A(6)				02/2029	—		(2)		—		(5)
GTY Technology Holdings, Inc.+	One stop	SF +	6.88%	(l)	9.81%	cash/	0.63%	PIK	07/2029	3,100		3,041		0.1		3,069
GTY Technology Holdings, Inc.+(5)	One stop	SF +	6.88%		N/A(6)				07/2029	—		(2)		—		(1)
GTY Technology Holdings, Inc.+(5)	One stop	SF +	6.88%		N/A(6)				07/2029	—		(23)		—		(24)
ICIMS, Inc.+	One stop	SF +	6.75%	(l)	9.49%				08/2028	7,775		7,640		0.3		7,707
ICIMS, Inc.+(5)	One stop	SF +	6.75%		N/A(6)				08/2028	—		(1)		—		(1)
ICIMS, Inc.+	One stop	SF +	6.75%		N/A(6)				08/2028	—		—		—		—

IQN Holding Corp. #+	One stop	SF +	5.50%	(l)	8.41%				05/2029	14,682		14,544		0.6		14,535
IQN Holding Corp. +(5)	One stop	SF +	5.50%		N/A(6)				05/2028	—		(1)		—		(1)
IQN Holding Corp. +(5)	One stop	SF +	5.50%		N/A(6)				05/2029	—		(31)		—		(3)
Island Bidco AB+(8)(9)(17)	One stop	E +	7.25%	(f)	0.23%	cash/	7.25%	PIK	07/2028	5,318		5,603		0.2		5,265
Island Bidco AB+(8)(17)	One stop	SF +	7.00%	(m)	6.09%	cash/	3.50%	PIK	07/2028	2,921		2,893		0.1		2,892
Island Bidco AB+(8)(17)	One stop	SF +	6.50%		N/A(6)				07/2028	—		—		—		—
Island Bidco AB+(5)(8)(9)(17)	One stop	E +	6.50%		N/A(6)				07/2028	—		(1)		—		(1)
Juvare, LLC*	One stop	L +	6.25%	(b)	9.92%				10/2026	7,526		7,462		0.3		7,451
Juvare, LLC+	One stop	L +	6.25%	(b)	9.92%				10/2026	1,737		1,722		0.1		1,719
Juvare, LLC+	One stop	L +	6.25%	(b)	9.92%				10/2026	548		525		—		526
Juvare, LLC+	One stop	L +	6.25%	(b)	9.92%				04/2026	45		45		—		45
Kaseya Inc.+	One stop	SF +	5.75%	(m)	8.29%				06/2029	9,178		9,044		0.4		8,994
Kaseya Inc.+(5)	One stop	SF +	5.75%		N/A(6)				06/2029	—		(3)		—		(5)
Kaseya Inc.+(5)	One stop	SF +	5.75%		N/A(6)				06/2029	—		(5)		—		(11)
Mindbody, Inc.+	One stop	L +	8.50%	(b)	10.64%	cash/	1.50%	PIK	02/2025	50,096		50,522		2.0		50,096
Mindbody, Inc.+	One stop	L +	8.50%	(b)	10.64%	cash/	1.50%	PIK	02/2025	5,610		5,570		0.2		5,610
Mindbody, Inc.+	One stop	L +	8.00%		N/A(6)				02/2025	—		—		—		—
Ministry Brands Holdings LLC+	One stop	L +	5.50%	(b)	9.17%				12/2028	21,981		21,785		0.8		21,322
Ministry Brands Holdings LLC+(5)	One stop	L +	5.50%		N/A(6)				12/2027	—		(2)		—		(5)
Ministry Brands Holdings LLC+(5)	One stop	L +	5.50%		N/A(6)				12/2028	—		(5)		—		(18)
Neo Bidco GMBH+(8)(9)(13)	One stop	E +	6.00%	(e)	6.00%				07/2028	6,408		7,633		0.2		6,216
Neo Bidco GMBH+(8)(13)	One stop	L +	6.00%	(b)	9.29%				01/2028	59		59		—		58
Neo Bidco GMBH+(8)(9)(13)	One stop	E +	6.00%		N/A(6)				01/2028	—		—		—		—
Newscycle Solutions, Inc.+	Senior secured	L +	7.00%	(b)	10.67%				12/2022	109		109		—		109

See Notes to Consolidated Financial Statements.

8281

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
PDI TA Holdings, Inc.+	One stop	L +	4.50%	(b)	7.16%	10/2024	$	8,409	$	8,329	0.3	%	$	8,241
PDI TA Holdings, Inc.+	Second lien	L +	8.50%	(b)	11.49%	10/2025	3,424		3,375		0.1		3,424
PDI TA Holdings, Inc.+	One stop	L +	4.50%	(b)(c)	6.98%	10/2024	1,119		1,114		—		1,096
PDI TA Holdings, Inc.+	One stop	L +	4.50%	(b)	7.16%	10/2024	690		685		—		676
PDI TA Holdings, Inc.+	Second lien	L +	8.50%	(b)	11.49%	10/2025	640		637		—		640
PDI TA Holdings, Inc.+	Second lien	L +	8.50%	(b)	11.49%	10/2025	377		375		—		377
PDI TA Holdings, Inc.+(8)(9)	One stop	SN +	4.50%	(i)	6.81%	10/2024	78		94		—		76
PDI TA Holdings, Inc.+	One stop	L +	4.50%	(b)	7.16%	10/2024	40		40		—		37
Personify, Inc.*#+	One stop	L +	5.25%	(b)	8.92%	09/2024	13,723		13,851		0.5		13,723
Personify, Inc.#	One stop	L +	5.25%	(b)	8.92%	09/2024	8,173		8,126		0.3		8,173
Personify, Inc.+	One stop	L +	5.25%		N/A(6)	09/2024	—		—		—		—
Pluralsight, LLC+	One stop	L +	8.00%	(a)	10.68%	03/2027	23,748		23,567		0.9		23,748
Pluralsight, LLC+(5)	One stop	L +	8.00%		N/A(6)	03/2027	—		(1)		—		—
ProcessUnity Holdings, LLC+	One stop	L +	6.00%	(b)	9.67%	09/2028	4,221		4,184		0.2		4,221
ProcessUnity Holdings, LLC+	One stop	L +	6.00%	(a)	9.11%	09/2028	23		22		—		23
ProcessUnity Holdings, LLC+(5)	One stop	L +	6.00%		N/A(6)	09/2028	—		(7)		—		—
Pyramid Healthcare Acquisition Corp.#+	One stop	L +	4.75%	(b)(c)	7.56%	05/2027	18,372		18,230		0.7		18,372
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	7.91%	05/2027	873		866		—		873
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(a)	7.30%	05/2027	539		535		—		539
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	7.56%	05/2027	179		178		—		179
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	7.56%	05/2027	158		157		—		158
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	8.42%	05/2027	148		147		—		148
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	7.82%	05/2027	148		147		—		148
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(a)	7.87%	05/2027	100		68		—		100
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	7.56%	05/2027	58		58		—		58
Pyramid Healthcare Acquisition Corp.+(5)	One stop	L +	4.75%		N/A(6)	05/2027	—		(2)		—		—
QAD, Inc.+	One stop	L +	6.00%	(a)	9.12%	11/2027	9,488		9,407		0.4		9,298
QAD, Inc.+(5)	One stop	L +	6.00%		N/A(6)	11/2027	—		(4)		—		(9)
Quant Buyer, Inc.+	One stop	SF +	5.50%	(l)	8.47%	06/2029	2,491		2,468		0.1		2,405
Quant Buyer, Inc.+	One stop	SF +	5.50%	(l)	8.47%	06/2029	2,957		2,929		0.1		2,855
Quant Buyer, Inc.+(5)	One stop	SF +	5.50%		N/A(6)	06/2029	—		(1)		—		(5)
Quant Buyer, Inc.+	One stop	SF +	6.00%	(l)	8.97%	06/2029	2,027		2,007		0.1		2,006
Quant Buyer, Inc.+	One stop	SF +	6.00%		N/A(6)	06/2029	—		—		—		—
Rainforest Bidco Limited+(8)(9)(10)	One stop	SN +	5.75%	(i)	7.94%	07/2029	6,546		6,795		0.3		6,456
Rainforest Bidco Limited+(8)(9)(10)	One stop	SN +	5.75%		N/A(6)	01/2029	—		—		—		—
Rainforest Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.75%		N/A(6)	07/2029	—		(26)		—		(26)
RegEd Aquireco, LLC+	Senior secured	L +	4.25%	(b)	7.06%	12/2024	11,183		11,188		0.4		10,401
RegEd Aquireco, LLC+	Senior secured	L +	4.25%	(b)(d)	7.87%	12/2024	236		235		—		220
Riskonnect Parent, LLC*+	One stop	SF +	5.50%	(m)	9.73%	12/2028	10,109		10,020		0.4		10,008
Riskonnect Parent, LLC+(5)	One stop	SF +	5.50%		N/A(6)	12/2028	—		(3)		—		(4)
Riskonnect Parent, LLC+(5)	One stop	SF +	5.50%		N/A(6)	12/2028	—		(7)		—		(8)
Rodeo Buyer Company & Absorb Software Inc.+	One stop	L +	6.25%	(a)	9.37%	05/2027	4,541		4,506		0.2		4,541
Rodeo Buyer Company & Absorb Software Inc.+(5)	One stop	L +	6.25%		N/A(6)	05/2027	—		(1)		—		—
SailPoint Technologies Holdings, Inc.+	One stop	SF +	6.25%	(k)	9.10%	08/2029	9,827		9,633		0.4		9,729
SailPoint Technologies Holdings, Inc.+(5)	One stop	SF +	6.25%		N/A(6)	08/2028	—		(2)		—		(2)
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	6.00%	(e)	6.00%	04/2029	30,114		30,386		1.2		29,813
Sonatype, Inc.+	One stop	SF +	6.75%	(k)	9.47%	12/2025	40,459		40,211		1.6		40,459

See Notes to Consolidated Financial Statements.

8382

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Sonatype, Inc.+	One stop	SF +	6.75%	(k)	9.47%				12/2025	$	851	$	846	—	%	$	851
Sonatype, Inc.+(5)	One stop	SF +	6.75%		N/A(6)				12/2025	—		(1)		—		—
Spartan Buyer Acquisition Co.*#+	One stop	L +	6.25%	(a)	9.37%				12/2026	31,358		31,083		1.2		30,730
Spartan Buyer Acquisition Co.+	One stop	L +	6.25%	(a)	9.37%				12/2026	1,993		1,961		0.1		1,953
Spartan Buyer Acquisition Co.+	One stop	P +	5.25%	(d)	11.50%				12/2026	48		46		—		43
Tahoe Bidco B.V. +	One stop	L +	6.00%	(a)	8.68%				09/2028	12,058		11,955		0.5		12,058
Tahoe Bidco B.V. +(5)	One stop	L +	6.00%		N/A(6)				10/2027	—		(1)		—		—
Telesoft Holdings LLC+	One stop	L +	5.75%	(b)(c)	8.61%				12/2025	886		876		—		871
Telesoft Holdings LLC+(5)	One stop	L +	5.75%		N/A(6)				12/2025	—		(1)		—		(2)
Telesoft Holdings LLC+	One stop	L +	6.25%	(b)	9.03%				08/2028	65		64		—		64
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.50%	(m)	9.64%				07/2028	3,171		3,088		0.1		3,082
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.50%		N/A(6)				07/2028	—		—		—		—
Templafy APS and Templafy, LLC+(5)(8)(18)	One stop	SF +	6.50%		N/A(6)				07/2028	—		(17)		—		(18)
TI Intermediate Holdings, LLC+	Senior secured	L +	4.25%	(a)	7.37%				12/2024	3,445		3,470		0.1		3,427
TI Intermediate Holdings, LLC+	Senior secured	L +	4.25%	(a)	7.37%				12/2024	910		898		—		906
TI Intermediate Holdings, LLC+	Senior secured	L +	4.25%	(a)	7.37%				12/2024	428		422		—		426
TI Intermediate Holdings, LLC+	Senior secured	L +	4.50%	(a)	7.62%				12/2024	233		227		—		233
TI Intermediate Holdings, LLC+	Senior secured	L +	4.50%	(a)	7.62%				12/2024	157		156		—		157
TI Intermediate Holdings, LLC+	Senior secured	L +	4.25%	(a)	7.37%				12/2024	17		17		—		17
Togetherwork Holdings, LLC*#	One stop	L +	6.25%	(c)	9.13%				03/2025	15,245		15,300		0.6		15,245
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	9.13%				03/2025	6,893		6,810		0.3		6,893
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	9.13%				03/2025	4,181		4,151		0.2		4,181
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	9.13%				03/2025	1,767		1,799		0.1		1,767
Togetherwork Holdings, LLC#+	One stop	L +	6.25%	(c)	9.13%				03/2025	1,715		1,743		0.1		1,715
Togetherwork Holdings, LLC*#	One stop	L +	6.25%	(c)	9.13%				03/2025	1,671		1,701		0.1		1,671
Togetherwork Holdings, LLC#+	One stop	L +	6.25%	(c)	9.13%				03/2025	1,614		1,630		0.1		1,614
Togetherwork Holdings, LLC*+	One stop	L +	6.25%	(c)	9.13%				03/2025	1,555		1,584		0.1		1,555
Togetherwork Holdings, LLC#+	One stop	L +	6.25%	(c)	9.13%				03/2025	1,450		1,475		0.1		1,450
Togetherwork Holdings, LLC*#	One stop	L +	6.25%	(c)	9.13%				03/2025	1,188		1,196		—		1,188
Togetherwork Holdings, LLC#+	One stop	L +	6.25%	(c)	9.13%				03/2025	654		666		—		654
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	9.13%				03/2025	453		449		—		453
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	9.13%				03/2025	438		435		—		438
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	9.13%				03/2025	250		248		—		250
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	9.13%				03/2025	63		64		—		63
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	9.13%				03/2025	58		59		—		58
Togetherwork Holdings, LLC+(5)	One stop	L +	6.25%		N/A(6)				03/2024	—		(1)		—		—
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	9.55%				03/2025	1,339		1,327		0.1		1,339
Trintech, Inc.*#+	One stop	L +	6.00%	(a)	9.12%				12/2024	22,029		22,121		0.9		21,809
Trintech, Inc.#+	One stop	L +	6.00%	(a)	9.12%				12/2024	9,140		9,218		0.4		9,050
Trintech, Inc.+	One stop	L +	6.00%	(a)	9.12%				12/2024	100		100		—		98
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)	One stop	N/A			4.50%	cash/	4.70%	PIK	05/2024	7,416		8,529		0.3		6,525
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)	One stop	N/A			4.50%	cash/	4.70%	PIK	05/2024	122		142		—		106
Vendavo, Inc.*#+	One stop	L +	5.75%	(b)	8.99%				09/2027	19,611		19,468		0.7		18,826
Vendavo, Inc.+	One stop	P +	4.75%	(d)	11.00%				09/2027	40		39		—		34
WebPT, Inc.+	One stop	L +	6.75%	(b)	9.82%				01/2028	626		617		—		620

See Notes to Consolidated Financial Statements.

8483

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Workforce Software, LLC+	One stop	L +	7.25%	(b)	7.32%	cash/	3.00%	PIK	07/2025	$	28,178	$	28,542	1.1	%	$	28,178
Workforce Software, LLC+	One stop	L +	7.25%	(b)	7.32%	cash/	3.00%	PIK	07/2025	4,986		4,954		0.2		4,986
Workforce Software, LLC+	One stop	L +	7.25%	(b)	7.32%	cash/	3.00%	PIK	07/2025	3,532		3,477		0.1		3,532
Workforce Software, LLC+	One stop	L +	6.50%	(b)	9.57%				07/2025	118		116		—		118
Workforce Software, LLC+	One stop	L +	7.25%	(b)	7.32%	cash/	3.00%	PIK	07/2025	69		68		—		69

										1,316,756		1,316,394		51.1		1,300,853

See Notes to Consolidated Financial Statements.

8584

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Equity Investments (15)(16)
Aerospace and Defense
NTS Technical Systems+ Common Stock N/A N/A N/A 2 $ 1,506 — % $ 1,016
NTS Technical Systems+ Preferred stock N/A N/A N/A — 256 — 502
NTS Technical Systems+ Preferred stock N/A N/A N/A — 128 — 291
Tronair Parent, Inc.+ LLC units N/A N/A N/A — 40 — 40
Whitcraft LLC+ Common Stock N/A N/A N/A 11 2,285 0.2 2,822
4,215 0.2 4,671
Auto Components
Polk Acquisition Corp.+ LP interest N/A N/A N/A 5 314 — 341
Automobiles
CG Group Holdings, LLC+ LP units N/A N/A N/A 1 730 — 730
MOP GM Holding, LLC+ LP units N/A N/A N/A — 323 — 537
Quick Quack Car Wash Holdings, LLC LLC interest N/A N/A N/A — 508 0.1 787
1,561 0.1 2,054
Biotechnology
BIO18 Borrower, LLC+(17) Preferred stock N/A N/A N/A 591 1,190 0.1 2,779
Building Products
Brooks Equipment Company, LLC+ Common Stock N/A N/A N/A 10 1,021 0.1 2,991
Chemicals
Inhance Technologies Holdings LLC+ LLC units N/A N/A N/A — 124 — 103
Commercial Services & Supplies
Hydraulic Authority III Limited+(8)(9)(10) Preferred stock N/A N/A N/A 284 384 — 516
Hydraulic Authority III Limited+(8)(9)(10) Common Stock N/A N/A N/A 6 43 — 165
North Haven Stack Buyer, LLC LLC units N/A N/A N/A 359 359 — 359
786 — 1,040
Construction & Engineering
Reladyne, Inc.+ LP interest N/A N/A N/A — 1,032 — 1,155
Diversified Consumer Services
CHHJ Franchising, LLC+(17) LLC units N/A N/A N/A 19 193 0.1 239
EWC Growth Partners LLC LLC interest N/A N/A N/A — 12 — 1
Liminex, Inc.+ Common Stock N/A N/A N/A 12 434 0.1 757
PADI Holdco, Inc.+ LLC interest N/A N/A N/A 1 969 — 198
Spear Education, LLC+ LLC interest N/A N/A N/A — 7 — 33
Spear Education, LLC+ LLC units N/A N/A N/A 1 1 — 74
1,616 0.2 1,302
Electronic Equipment, Instruments & Components
ES Acquisition LLC+ LP interest N/A N/A N/A — — — 21
Inventus Power, Inc.+ Preferred stock N/A N/A N/A — 372 — 315
Inventus Power, Inc.+ LLC units N/A N/A N/A — 88 — 160
Inventus Power, Inc.+ LP interest N/A N/A N/A — 20 — 40
Inventus Power, Inc.+ Common Stock N/A N/A N/A — — — —
480 — 536


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail
Ave Holdings III, Corp*+	One stop	SF +	5.50%	(l)	9.20%	02/2028	$	25,896	$	25,427	1.0	%	$	25,119
Ave Holdings III, Corp+	One stop	P +	4.50%	(d)	10.75%	02/2028	14		12		—		10
Ave Holdings III, Corp+	One stop	SF +	5.50%	(l)	8.71%	02/2028	103		91		—		67
Batteries Plus Holding Corporation*#	One stop	L +	6.75%	(a)	9.87%	06/2023	21,921		21,921		0.9		21,921
Batteries Plus Holding Corporation+	One stop	L +	6.75%	(a)	9.87%	06/2023	1,420		1,417		0.1		1,420
Batteries Plus Holding Corporation+	One stop	L +	6.75%	(a)(d)	9.93%	06/2023	145		145		—		145
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(l)	9.45%	05/2028	11,538		11,351		0.5		11,192
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(l)	9.45%	05/2028	9,975		9,880		0.4		9,676
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(e)	7.48%	05/2028	8,342		9,483		0.4		8,271
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(l)	9.45%	05/2028	2,158		2,123		0.1		2,093
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(l)	9.45%	05/2028	1,435		1,421		0.1		1,392

Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(l)	9.45%	05/2028	734		716		0.1		712
Consilio Midco Limited+(5)(8)(10)	One stop	SF +	5.75%		N/A(6)	05/2028	—		(2)		—		(3)
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(e)	7.48%	05/2028	35		34		—		33
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%		N/A(6)	05/2028	—		—		—		—
Cycle Gear, Inc.*#+	One stop	SF +	5.50%	(l)	9.20%	01/2026	48,851		48,738		1.9		47,874
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	20,664		20,597		0.8		20,664
Imperial Optical Midco Inc.#	One stop	L +	6.75%	(a)	9.87%	08/2023	4,767		4,746		0.2		4,767
Imperial Optical Midco Inc.#	One stop	L +	6.75%	(a)	9.87%	08/2023	4,149		4,131		0.2		4,149
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	3,590		3,604		0.2		3,590
Imperial Optical Midco Inc.*+	One stop	L +	6.75%	(a)	9.87%	08/2023	2,798		2,792		0.1		2,798
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	2,763		2,751		0.1		2,763
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	2,238		2,229		0.1		2,238
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	2,058		2,049		0.1		2,058
Imperial Optical Midco Inc.#+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,903		1,918		0.1		1,903
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,654		1,647		0.1		1,654
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,454		1,448		0.1		1,454
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,435		1,429		0.1		1,435
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,390		1,384		0.1		1,390
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,369		1,363		0.1		1,369
Imperial Optical Midco Inc.#+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,238		1,248		—		1,238
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,145		1,140		0.1		1,145
Imperial Optical Midco Inc.*+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,128		1,137		0.1		1,128
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	967		963		0.1		967
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	879		875		—		879
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	660		657		—		660
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	632		629		—		632
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	625		622		—		625
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	554		552		—		554
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	502		499		—		502
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	499		497		—		499
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	486		484		—		486
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	477		475		—		477
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	459		454		—		459
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	454		452		—		454
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	450		448		—		450
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	446		444		—		446

See Notes to Consolidated Financial Statements.

8685

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	$	442	$	440	—	%	$	442
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	416		414		—		416
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	415		413		—		415
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	414		412		—		414
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	410		408		—		410
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	410		408		—		410
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	380		379		—		380
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	358		357		—		358
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	357		356		—		357
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	353		351		—		353
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	327		327		—		327
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	314		312		—		314
Imperial Optical Midco Inc.+(5)	One stop	L +	6.75%		N/A(6)	08/2023	—		(46)		—		—
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	306		304		—		306
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	284		283		—		284
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	277		275		—		277
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	277		276		—		277
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	272		271		—		272
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	269		268		—		269
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	257		256		—		257
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	257		256		—		257
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	239		238		—		239
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	238		238		—		238
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	219		218		—		219
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	218		217		—		218
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	215		214		—		215
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	209		208		—		209
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	195		194		—		195
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	193		192		—		193
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	192		191		—		192
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	188		188		—		188
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	179		178		—		179
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	172		171		—		172
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	167		167		—		167
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	165		164		—		165
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	161		160		—		161
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	160		159		—		160
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	158		158		—		158
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	153		152		—		153
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	152		151		—		152
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	143		143		—		143
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	143		142		—		143
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	138		137		—		138
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	133		132		—		133
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	131		131		—		131
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	131		131		—		131
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	129		128		—		129
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	127		127		—		127

See Notes to Consolidated Financial Statements.

8786

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

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


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	$	124	$	124	—	%	$	124
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	114		113		—		114
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	114		114		—		114
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	114		114		—		114
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	112		111		—		112
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	109		109		—		109
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	106		106		—		106
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	105		105		—		105
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	105		104		—		105
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	105		104		—		105
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	99		99		—		99
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	96		95		—		96
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	86		85		—		86
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	86		85		—		86
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	82		82		—		82
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	79		79		—		79
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	79		78		—		79
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	75		75		—		75
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	75		75		—		75
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	75		75		—		75
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	75		75		—		75
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	74		74		—		74
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	74		73		—		74
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	71		71		—		71
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	68		68		—		68
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	68		68		—		68
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	65		65		—		65
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	64		63		—		64
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	63		62		—		63
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	62		61		—		62
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	60		60		—		60
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	59		59		—		59
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	56		55		—		56
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	55		55		—		55
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	54		54		—		54
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	52		52		—		52
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	47		47		—		47
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	42		42		—		42
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	41		41		—		41
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	40		40		—		40
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	39		38		—		39
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	36		35		—		36
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	34		34		—		34
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	35		34		—		35
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	35		35		—		35
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	34		34		—		34
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	33		32		—		33
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	31		31		—		31

Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	29		29		—		29

See Notes to Consolidated Financial Statements.

8887

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	$	29	$	29	—	%	$	29
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	29		29		—		29
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	28		27		—		28
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	27		27		—		27
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	27		26		—		27
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	26		26		—		26
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	26		26		—		26
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	25		25		—		25
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	25		25		—		25
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	24		24		—		24
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	23		23		—		23
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	23		23		—		23
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	21		21		—		21
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	19		19		—		19
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	19		19		—		19
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	19		19		—		19
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	19		19		—		19
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	19		19		—		19
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	18		18		—		18
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	17		17		—		17
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	17		17		—		17
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	17		17		—		17
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	16		16		—		16
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	15		15		—		15
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	14		14		—		14
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	13		12		—		13
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	13		13		—		13
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	13		13		—		13
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	13		13		—		13
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	13		13		—		13
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	13		13		—		13
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	12		11		—		12
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	11		11		—		11
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	11		11		—		11
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	10		10		—		10
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	10		10		—		10
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	10		10		—		10
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	10		10		—		10
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	9		9		—		9
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	9		9		—		9
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	9		9		—		9
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	9		9		—		9
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	8		8		—		8
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	8		8		—		8
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	8		8		—		8
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	8		8		—		8
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	7		7		—		7
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	6		6		—		6
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	6		6		—		6

See Notes to Consolidated Financial Statements.

8988

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
IT Services
Appriss Health Intermediate Holdings, Inc+ Preferred stock N/A N/A N/A 2 $ 1,994 0.1 % $ 2,147
Appriss Holdings, Inc.+ Preferred stock N/A N/A N/A — 174 — 204
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ Preferred stock N/A N/A N/A 587 462 0.2 4,500
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ Preferred stock N/A N/A N/A 154 423 0.1 1,180
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ Preferred stock N/A N/A N/A 35 291 — 301
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ Warrant N/A N/A N/A 202 159 0.1 1,439
Episerver, Inc.+ Common Stock N/A N/A N/A 75 807 — 939
Kentik Technologies, Inc.+ Preferred stock N/A N/A N/A 192 1,103 — 1,103
PCS Intermediate II Holdings, LLC+ LLC interest N/A N/A N/A 37 367 — 464
Red Dawn SEI Buyer, Inc.+ LP interest N/A N/A N/A 13 13 — 21
Saturn Borrower Inc.+ LP units N/A N/A N/A 346 346 — 259
6,139 0.5 12,557
Leisure Products
Massage Envy, LLC+ LLC interest N/A N/A N/A 749 210 0.1 1,059
WBZ Investment LLC+ LLC interest N/A N/A N/A 67 117 — 93
WBZ Investment LLC+ LLC interest N/A N/A N/A 46 80 — 64
WBZ Investment LLC+ LLC interest N/A N/A N/A 38 65 — 52
WBZ Investment LLC+ LLC interest N/A N/A N/A 33 58 — 45
WBZ Investment LLC+ LLC interest N/A N/A N/A 15 24 — 19
WBZ Investment LLC+ LLC interest N/A N/A N/A 2 2 — 2
556 0.1 1,334
Life Sciences Tools & Services
Pace Analytical Services, LLC+ LLC interest N/A N/A N/A 6 700 — 1,195
Oil, Gas and Consumable Fuels
W3 Co.+ LLC interest N/A N/A N/A 3 1,632 0.1 1,587
W3 Co.+ Preferred stock N/A N/A N/A — 224 — 221
1,856 0.1 1,808
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12) LP interest N/A N/A N/A 502 502 — 899
BIOVT, LLC+ LLC interest N/A N/A N/A — 1,223 0.1 2,460
1,725 0.1 3,359


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	$	5	$	5	—	%	$	5
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	5		5		—		5
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	3		3		—		3
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	386		384		—		386
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	170		169		—		170
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	58		57		—		58
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	38		38		—		38
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	26		26		—		26
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	17		16		—		17





Jet Equipment & Tools Ltd.+(8)(9)(12)	One stop	C +	5.75%	(h)	9.92%				11/2024	16,781		17,761		0.6		16,381
Jet Equipment & Tools Ltd.*#(8)(12)	One stop	SF +	5.75%	(l)	9.45%				11/2024	12,113		12,223		0.5		11,824
Jet Equipment & Tools Ltd.+(8)(12)	One stop	SF +	6.00%	(l)	9.70%				11/2024	5,307		5,265		0.2		5,205
Jet Equipment & Tools Ltd.+(8)(9)(12)	One stop	C +	6.00%	(h)	10.17%				11/2024	4,917		5,120		0.2		4,822
Jet Equipment & Tools Ltd.#+(8)(12)	One stop	SF +	5.75%	(l)	9.45%				11/2024	4,219		4,252		0.2		4,118
Jet Equipment & Tools Ltd.+(8)(12)	One stop	SF +	5.75%	(l)	9.45%				11/2024	1,550		1,542		0.1		1,513
Jet Equipment & Tools Ltd.+(8)(12)	One stop	SF +	5.75%	(d)(k)	9.82%				11/2024	310		310		—		302
Jet Equipment & Tools Ltd.+(8)(9)(12)	One stop	CP +	4.75%	(n)	10.20%				11/2024	39		43		—		38
Jet Equipment & Tools Ltd.+(8)(9)(12)	One stop	C +	6.00%	(h)	10.17%				11/2024	2,121		2,269		0.1		2,080
Jet Equipment & Tools Ltd.+(8)(12)	One stop	SF +	6.50%	(l)	10.20%				11/2024	1,035		1,014		0.1		1,025
PPV Intermediate Holdings, LLC+	One stop	SF +	5.75%	(l)(m)	9.29%				08/2029	7,738		7,590		0.3		7,583
PPV Intermediate Holdings, LLC+	One stop	N/A			13.00%				08/2030	918		896		—		895
PPV Intermediate Holdings, LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—		(8)		—		(8)
PPV Intermediate Holdings, LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—		(23)		—		(19)
PPV Intermediate Holdings, LLC+(5)	One stop	N/A			13.00%				08/2030	—		(3)		—		(4)
Salon Lofts Group, LLC+	One stop	SF +	5.75%	(l)	9.30%				08/2028	3,576		3,541		0.1		3,540
Salon Lofts Group, LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2028	—		(2)		—		(2)
Salon Lofts Group, LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2028	—		(18)		—		(18)
Sola Franchise, LLC and Sola Salon Studios, LLC#+	One stop	SF +	4.75%	(l)	8.45%				10/2024	11,850		11,821		0.5		11,850
Sola Franchise, LLC and Sola Salon Studios, LLC#+	One stop	SF +	4.75%	(l)	8.45%				10/2024	1,674		1,702		0.1		1,674
Sola Franchise, LLC and Sola Salon Studios, LLC+	One stop	SF +	4.75%		N/A(6)				10/2024	—		—		—		—
Titan Fitness, LLC*#+	One stop	L +	6.75%	(a)(b)	7.56%	cash/	2.00%	PIK	02/2025	30,810		30,991		1.1		28,958
Titan Fitness, LLC+	One stop	L +	6.75%	(b)	7.00%	cash/	2.00%	PIK	02/2025	1,918		1,908		0.1		1,803
Titan Fitness, LLC+	One stop	L +	6.75%	(b)	7.00%	cash/	2.00%	PIK	02/2025	490		487		—		458
Vermont Aus Pty Ltd+(8)(11)	One stop	SF +	5.50%	(l)	9.20%				03/2028	8,342		8,228		0.3		8,342
Vermont Aus Pty Ltd+(8)(9)(11)	One stop	A +	5.75%	(g)	8.86%				03/2028	7,286		8,376		0.3		7,286
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.50%	(l)	9.31%				04/2028	8,308		8,193		0.3		8,225
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	P +	4.50%	(d)	10.75%				04/2028	69		67		—		68
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	L +	5.50%	(b)	9.31%				04/2028	7		2		—		4
										344,146		346,216		13.3		338,066

See Notes to Consolidated Financial Statements.

9089

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.*#+	One stop	L +	6.75%	(b)	9.67%	cash/	0.75%	PIK	06/2023	$	22,091	$	22,086	0.9	%	$	21,870
Agility Recovery Solutions Inc.+	One stop	L +	6.75%	(b)(d)	9.91%	cash/	0.75%	PIK	06/2023	581		579		—		571
										22,672		22,665		0.9		22,441
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.+(8)(10)	One stop	L +	6.00%	(c)	10.12%				03/2028	1,954		1,932		0.1		1,817
Dollfus Mieg Company, Inc.+(8)(10)	One stop	L +	6.00%	(c)	10.12%				03/2028	974		963		0.1		906
Dollfus Mieg Company, Inc.+(8)(10)	One stop	L +	6.00%	(c)	10.12%				03/2028	855		846		—		796
Dollfus Mieg Company, Inc.+(5)(8)(9)(10)	One stop	E +	6.00%		N/A(6)				03/2028	—		(1)		—		(3)
Elite Sportswear, L.P.+	Senior secured	L +	7.75%	(b)	9.92%	cash/	1.50%	PIK	09/2025	9,963		9,847		0.4		8,470
Elite Sportswear, L.P.+	Senior secured	L +	7.75%	(b)	9.92%	cash/	1.50%	PIK	09/2025	4,005		3,958		0.2		3,404
Elite Sportswear, L.P.+	Senior secured	L +	7.75%	(b)	9.92%	cash/	1.50%	PIK	09/2025	2,061		2,037		0.1		1,751
Elite Sportswear, L.P.+(5)	Senior secured	L +	7.75%	(b)	9.66%	cash/	1.50%	PIK	09/2025	157		144		—		(5)
Elite Sportswear, L.P.*+	Senior secured	L +	7.75%	(b)	9.92%	cash/	1.50%	PIK	09/2025	684		676		—		582
Elite Sportswear, L.P.+	Senior secured	L +	7.75%	(b)	9.92%	cash/	1.50%	PIK	09/2025	313		309		—		266
Elite Sportswear, L.P.*+	Senior secured	L +	7.75%	(b)	9.92%	cash/	1.50%	PIK	09/2025	300		295		—		255
Elite Sportswear, L.P.+	Senior secured	L +	7.75%	(b)	9.66%	cash/	1.50%	PIK	09/2025	5		5		—		—
Georgica Pine Clothiers, LLC#+	One stop	L +	5.50%	(c)	9.67%				11/2023	9,583		9,522		0.4		9,606
Georgica Pine Clothiers, LLC*#	One stop	L +	5.50%	(c)	9.67%				11/2023	6,505		6,456		0.3		6,522
Georgica Pine Clothiers, LLC+	One stop	L +	5.50%	(c)	9.67%				11/2023	1,007		997		—		1,009
Georgica Pine Clothiers, LLC#+	One stop	L +	5.50%	(c)	9.67%				11/2023	904		898		—		908
Georgica Pine Clothiers, LLC*#	One stop	L +	5.50%	(c)	9.67%				11/2023	635		631		—		636
Georgica Pine Clothiers, LLC+	One stop	L +	5.50%	(c)	9.67%				11/2023	2		2		—		2
QF Holdings, Inc.+	One stop	L +	6.25%	(c)	10.43%				12/2027	626		617		—		626
SHO Holding I Corporation+	Senior secured	L +	5.25%	(b)	8.06%				04/2024	3,960		3,962		0.1		3,682
SHO Holding I Corporation+	Senior secured	L +	5.23%	(b)	8.04%				04/2024	67		67		—		62
SHO Holding I Corporation+	Senior secured	L +	5.00%	(b)	8.14%				04/2024	66		66		—		62
SHO Holding I Corporation+	Senior secured	L +	4.00%	(b)	7.06%				04/2024	35		35		—		35
SHO Holding I Corporation+	Senior secured	L +	4.00%	(b)	7.09%				04/2024	—		—		—		—
SHO Holding I Corporation+	Senior secured	L +	5.23%	(b)	7.95%				04/2024	—		—		—		—
										44,661		44,264		1.7		41,389
Trading Companies and Distributors
Marcone Yellowstone Buyer Inc.+	One stop	L +	5.50%	(b)	9.17%				06/2028	19,118		18,804		0.7		18,353
Marcone Yellowstone Buyer Inc.+	One stop	L +	5.50%	(b)	9.17%				06/2028	15,246		14,975		0.6		14,637
Marcone Yellowstone Buyer Inc.+	One stop	L +	5.50%	(b)	9.01%				06/2028	455		447		—		437
Marcone Yellowstone Buyer Inc.+	One stop	L +	5.50%	(b)	8.92%				06/2028	188		184		—		170
										35,007		34,410		1.3		33,597
Water Utilities
S.J. Electro Systems, LLC+	Senior secured	L +	4.50%	(a)	7.62%				06/2027	17,008		16,874		0.7		16,498
S.J. Electro Systems, LLC+	Senior secured	L +	4.50%	(a)	7.62%				06/2027	80		78		—		77
S.J. Electro Systems, LLC+	Senior secured	L +	4.50%	(a)	7.62%				06/2027	110		108		—		104
Vessco Midco Holdings, LLC+	Senior secured	L +	4.50%	(b)	7.77%				11/2026	584		554		—		532
Vessco Midco Holdings, LLC+	Senior secured	L +	4.50%	(a)	7.62%				11/2026	208		206		—		204
Vessco Midco Holdings, LLC+	Senior secured	P +	3.50%	(d)	9.75%				10/2026	2		2		—		2
										17,992		17,822		0.7		17,417
Total non-controlled/non-affiliate company debt investments										$	5,257,884	$	5,258,590	200.7	%	$	5,107,481

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Professional Services
Brandmuscle, Inc.+(17) LLC interest N/A N/A N/A — $ 216 — % $ 359
DISA Holdings Acquisition Subsidiary Corp.+ Common Stock N/A N/A N/A — 154 — 453
Net Health Acquisition Corp.+ LP interest N/A N/A N/A 13 1,509 0.1 2,047
Nexus Brands Group, Inc.+ LP interest N/A N/A N/A — 547 0.1 1,818
Vitalyst, LLC+ Preferred stock N/A N/A N/A — 61 — 96
Vitalyst, LLC+ Common Stock N/A N/A N/A 1 7 — —
2,494 0.2 4,773
Real Estate Management & Development
Property Brands, Inc.+ Common Stock N/A N/A N/A 62 434 — 312
Road & Rail
Internet Truckstop Group LLC+ LP interest N/A N/A N/A 408 447 — 458

See Notes to Consolidated Financial Statements.

9190

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

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


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity Investments (19)(20)
Aerospace and Defense
Tronair Parent, Inc.+	LLC units	N/A	N/A	N/A	—	$	40	—	%	$	27
Whitcraft LLC+	Common Stock	N/A	N/A	N/A	11	2,285		0.1		2,870
						2,325		0.1		2,897
Auto Components
Polk Acquisition Corp.+	LP interest	N/A	N/A	N/A	5	314		—		60

Automobiles
CG Group Holdings, LLC+	LP units	N/A	N/A	N/A	1	730		—		597
Go Car Wash Parent, Corp.+	Preferred stock	N/A	N/A	N/A	—	47		—		50
Go Car Wash Parent, Corp.+	Common Stock	N/A	N/A	N/A	—	29		—		36
MOP GM Holding, LLC+	LP units	N/A	N/A	N/A	—	330		—		481
National Express Wash Parent Holdco, LLC+	LP units	N/A	N/A	N/A	1	61		—		61
POY Holdings, LLC+	LLC units	N/A	N/A	N/A	141	141		—		278
Quick Quack Car Wash Holdings, LLC	LLC interest	N/A	N/A	N/A	—	508		0.1		1,020
						1,846		0.1		2,523
Biotechnology
Cobepa BlueSky Aggregator, SCSp+	LP interest	N/A	N/A	N/A	177	1,769		0.1		1,536

Building Products
BECO Holding Company, Inc.+	Preferred stock	N/A	N/A	N/A	10	951		0.1		1,065
BECO Holding Company, Inc.+	LP interest	N/A	N/A	N/A	2	196		—		216
						1,147		0.1		1,281
Chemicals
Inhance Technologies Holdings LLC+	Preferred stock	N/A	N/A	N/A	2	1,960		0.1		2,196
Inhance Technologies Holdings LLC+	LLC units	N/A	N/A	N/A	—	124		—		102
						2,084		0.1		2,298
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+	LP interest	N/A	N/A	N/A	540	540		—		579
EGD Security Systems, LLC +	Common Stock	N/A	N/A	N/A	855	855		0.1		803
Hydraulic Authority III Limited+(8)(9)(10)	Preferred stock	N/A	N/A	N/A	284	384		—		474
Hydraulic Authority III Limited+(8)(9)(10)	Common Stock	N/A	N/A	N/A	6	43		—		533
North Haven Stack Buyer, LLC	LLC units	N/A	N/A	N/A	359	359		—		374
PT Intermediate Holdings III, LLC+(21)	LLC units	N/A	N/A	N/A	8	767		—		822
Radwell Parent, LLC+	LP units	N/A	N/A	N/A	2	159		—		182
						3,107		0.1		3,767


Containers and Packaging
Chase Intermediate+	LP units	N/A	N/A	N/A	49	49		—		59

Diversified Consumer Services
CHHJ Midco, LLC+(21)	LLC units	N/A	N/A	N/A	19	193		—		249
DP Flores Holdings, LLC+	LLC units	N/A	N/A	N/A	70	70		—		70
EMS LINQ, LLC+	LP interest	N/A	N/A	N/A	525	525		—		483
EWC Growth Partners LLC+	LLC interest	N/A	N/A	N/A	—	12		—		5
HS Spa Holdings, Inc.+	Common Stock	N/A	N/A	N/A	479	479		—		460
Liminex, Inc.+	Common Stock	N/A	N/A	N/A	12	434		0.1		885
PADI Holdco, Inc.+	LLC interest	N/A	N/A	N/A	1	987		—		305

See Notes to Consolidated Financial Statements.

9291

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Specialty Retail
2nd Ave. LLC+ LP interest N/A N/A N/A 653 $ 653 0.1 % $ 1,616
Batteries Plus Holding Corporation+ LP interest N/A N/A N/A 10 1,287 0.1 1,483
Cycle Gear, Inc.+(17) LLC units N/A N/A N/A 27 462 — 1,056
Imperial Optical Midco Inc.+ Preferred stock N/A N/A N/A — 122 — 144
Imperial Optical Midco Inc.+ Preferred stock N/A N/A N/A — 46 — 53
Jet Equipment & Tools Ltd.+(8)(9)(12) LLC interest N/A N/A N/A 1 948 0.1 2,777
Pet Holdings ULC+(8)(12) LP interest N/A N/A N/A 677 483 0.1 1,483
PPV Intermediate Holdings II, LLC+ LLC interest N/A N/A N/A 325 315 — 745
Sola Franchise, LLC and Sola Salon Studios, LLC+ LLC interest N/A N/A N/A 6 682 — 1,188
Sola Franchise, LLC and Sola Salon Studios, LLC+ LLC interest N/A N/A N/A 2 138 — 255
Southern Veterinary Partners, LLC+ Preferred stock N/A N/A N/A 3 2,955 0.1 3,374
Southern Veterinary Partners, LLC+ LLC units N/A N/A N/A — 717 — 1,023
Southern Veterinary Partners, LLC+ LLC interest N/A N/A N/A 148 188 0.2 3,276
8,996 0.7 18,473
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.+ LLC interest N/A N/A N/A 97 604 — 577
Textiles, Apparel & Luxury Goods
Elite Sportswear, L.P.+ LLC interest N/A N/A N/A — 165 — —
Georgica Pine Clothiers, LLC+ LLC interest N/A N/A N/A 20 239 — 243
Georgica Pine Clothiers, LLC+ LLC units N/A N/A N/A — — — —
MakerSights, Inc. + Preferred stock N/A N/A N/A 40 218 — 232
R.G. Barry Corporation+ Preferred stock N/A N/A N/A — 161 — 158
783 — 633
Total non-controlled/non-affiliate company equity investments $ 126,279 6.7 % $ 173,072
Total non-controlled/non-affiliate company investments $ 4,715,909 $ 4,810,690 186.4 % $ 4,815,270


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Spear Education, LLC+	LLC interest	N/A	N/A	N/A	—	$	7	—	%	$	35
Spear Education, LLC+	LLC units	N/A	N/A	N/A	1	1		—		37
						2,708		0.1		2,529
Electronic Equipment, Instruments & Components
Electrical Source Holdings, LLC+	LP interest	N/A	N/A	N/A	—	—		—		77
Inventus Power, Inc.+	Preferred stock	N/A	N/A	N/A	—	372		—		106
Inventus Power, Inc.+	LLC units	N/A	N/A	N/A	—	88		—		185
Inventus Power, Inc.+	LP interest	N/A	N/A	N/A	—	20		—		50
Inventus Power, Inc.+	Common Stock	N/A	N/A	N/A	—	—		—		—
						480		—		418

See Notes to Consolidated Financial Statements.

9392

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

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


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food & Staples Retailing
Benihana, Inc.+	LLC units	N/A	N/A	N/A	43	$	699	0.1	%	$	718
Cafe Rio Holding, Inc.+	Common Stock	N/A	N/A	N/A	5	603		—		758

Feeders Supply Company, LLC+(21)	Preferred stock	N/A	N/A	N/A	4	401		—		592
Feeders Supply Company, LLC+	Common Stock	N/A	N/A	N/A	—	—		—		181
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	N/A	44	217		—		211
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	N/A	20	61		—		60
Mendocino Farms, LLC+	Common Stock	N/A	N/A	N/A	168	770		0.1		1,738
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	N/A	32	389		—		155
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	N/A	2	20		—		28
Wetzel's Pretzels, LLC+	Common Stock	N/A	N/A	N/A	—	416		—		884
Wood Fired Holding Corp.+	LLC units	N/A	N/A	N/A	437	444		—		593
Wood Fired Holding Corp.+	Common Stock	N/A	N/A	N/A	437	—		0.1		1,675

						4,020		0.3		7,593
Food Products
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	N/A	77	102		—		114
Borrower R365 Holdings, LLC+	LLC units	N/A	N/A	N/A	3	5		—		5
Borrower R365 Holdings, LLC+	Common Stock	N/A	N/A	N/A	1	2		—		2
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	N/A	1	2		—		2
C. J. Foods, Inc.+	Preferred stock	N/A	N/A	N/A	—	75		—		484
Kodiak Cakes, LLC+	Common Stock	N/A	N/A	N/A	—	281		—		148
Kodiak Cakes, LLC+	LLC units	N/A	N/A	N/A	191	191		—		175
Louisiana Fish Fry Products, Ltd.+	Common Stock	N/A	N/A	N/A	—	483		—		251
Louisiana Fish Fry Products, Ltd.+	Preferred stock	N/A	N/A	N/A	—	13		—		13
P&P Food Safety Holdings, Inc.+	Common Stock	N/A	N/A	N/A	4	356		—		208
Purfoods, LLC+	LLC interest	N/A	N/A	N/A	—	946		0.2		4,657
						2,456		0.2		6,059
Health Care Equipment & Supplies
Aspen Medical Products, LLC+	LP interest	N/A	N/A	N/A	—	77		—		101
Blue River Pet Care, LLC+	Common Stock	N/A	N/A	N/A	—	76		—		165
CCSL Holdings, LLC+	LP interest	N/A	N/A	N/A	—	336		—		254
CMI Parent Inc.+(21)	Common Stock	N/A	N/A	N/A	—	132		—		172
CMI Parent Inc.+	Common Stock	N/A	N/A	N/A	3	3		—		279
G & H Wire Company, Inc.+	LLC interest	N/A	N/A	N/A	335	269		—		16
Joerns Healthcare, LLC*+	Common Stock	N/A	N/A	N/A	432	4,329		—		—


						5,222		—		987

See Notes to Consolidated Financial Statements.

9493

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Equity investments(15)(16)
Beverages
Abita Brewing Co., L.L.C.+ Warrant N/A N/A N/A 210 $ — — % $ 733
Uinta Brewing Company Common Stock N/A N/A N/A 153 17 — —
17 — 733
Consumer Finance
Paradigm DKD Group, LLC LLC interest N/A N/A N/A 354 115 — 4
Paradigm DKD Group, LLC Preferred stock N/A N/A N/A 71 — — —
Paradigm DKD Group, LLC Preferred stock N/A N/A N/A 2,004 — — —
115 — 4
Electronic Equipment, Instruments and Components
Sloan Company, Inc., The+ Common Stock N/A N/A N/A — 41 — 49
Energy, Equipment & Services
Benetech, Inc.+ LLC interest N/A N/A N/A 58 — — —
Benetech, Inc.+ LLC interest N/A N/A N/A 58 — — —
— — —
Food and Staples Retailing
Rubio's Restaurants, Inc.+ Preferred stock N/A N/A N/A 2,779 2,276 0.1 2,844
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 886 182 0.1 1,199
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 536 110 0.1 725
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 89 6 — 72
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 52 3 — 42
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 21 — — 2
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 21 — — —
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 42 — — —
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 18 — — 1
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 18 — — —
Rubio's Restaurants, Inc.+ Common Stock N/A N/A N/A 89 — — —
2,577 0.3 4,885
Healthcare Providers and Services
Elite Dental Partners LLC LLC interest N/A N/A N/A — 2,902 0.1 3,568
Elite Dental Partners LLC LLC interest N/A N/A N/A — 1,250 0.1 1,794
Elite Dental Partners LLC LLC units N/A N/A N/A — — — 19
4,152 0.2 5,381
Software
Switchfly LLC+ LLC interest N/A N/A N/A 3,419 2,321 — 1,281
Total non-controlled/affiliate equity investments $ 9,223 0.5 % $ 12,333
Total non-controlled/affiliate investments $ 55,761 $ 62,649 2.4 % $ 61,379


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Providers & Services
Active Day, Inc.+	LLC interest	N/A	N/A	N/A	2	$	1,099	—	%	$	386
Acuity Eyecare Holdings, LLC+	LLC interest	N/A	N/A	N/A	1,632	2,235		0.2		3,719
Acuity Eyecare Holdings, LLC+	LLC units	N/A	N/A	N/A	889	1,023		0.1		2,176
ADCS Clinics Intermediate Holdings, LLC+	Preferred stock	N/A	N/A	N/A	2	1,119		0.1		1,402
ADCS Clinics Intermediate Holdings, LLC+	Common Stock	N/A	N/A	N/A	—	6		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	LLC units	N/A	N/A	N/A	129	132		—		154
CRH Healthcare Purchaser, Inc.+	LP interest	N/A	N/A	N/A	429	327		0.1		1,252
DCA Investment Holding, LLC	LLC interest	N/A	N/A	N/A	13,890	1,025		0.1		1,809
DCA Investment Holding, LLC	LLC units	N/A	N/A	N/A	140	218		0.1		905
Emerge Intermediate, Inc.+	LLC units	N/A	N/A	N/A	—	648		—		841
Emerge Intermediate, Inc.+	LLC units	N/A	N/A	N/A	—	61		—		64
Emerge Intermediate, Inc.+	LLC units	N/A	N/A	N/A	9	4		—		—
Encore GC Acquisition, LLC+	LLC interest	N/A	N/A	N/A	26	272		—		—
Encore GC Acquisition, LLC+	LLC units	N/A	N/A	N/A	26	52		—		—
Encorevet Group LLC+	Common Stock	N/A	N/A	N/A	—	15		—		21
Encorevet Group LLC+	LLC units	N/A	N/A	N/A	—	11		—		13
Eyecare Services Partners Holdings LLC+	LLC units	N/A	N/A	N/A	—	262		—		—
Eyecare Services Partners Holdings LLC+	LLC units	N/A	N/A	N/A	—	1		—		—
Krueger-Gilbert Health Physics, LLC+	Common Stock	N/A	N/A	N/A	177	199		—		241
Midwest Veterinary Partners, LLC+	LLC units	N/A	N/A	N/A	1	1,019		—		1,156
Midwest Veterinary Partners, LLC+	Warrant	N/A	N/A	N/A	6	—		—		459
Midwest Veterinary Partners, LLC+	Warrant	N/A	N/A	N/A	—	29		—		39
MWD Management, LLC & MWD Services, Inc.+	LLC interest	N/A	N/A	N/A	412	335		—		526
NDX Parent, LLC+	Common Stock	N/A	N/A	N/A	—	272		—		91
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	Common Stock	N/A	N/A	N/A	—	304		—		265
Oliver Street Dermatology Holdings, LLC+	LLC interest	N/A	N/A	N/A	452	234		—		—
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A	N/A	—	528		—		739
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A	N/A	4	74		—		781
Radiology Partners, Inc.+	LLC units	N/A	N/A	N/A	11	68		—		67
Radiology Partners, Inc.+	LLC interest	N/A	N/A	N/A	43	55		—		266
Sage Dental Management, LLC+	LLC units	N/A	N/A	N/A	—	249		—		222
Sage Dental Management, LLC+	LLC units	N/A	N/A	N/A	3	3		—		—
SSH Corporation+	Common Stock	N/A	N/A	N/A	—	40		—		213
Suveto Buyer, LLC+	Common Stock	N/A	N/A	N/A	6	562		—		327



						12,481		0.7		18,134

See Notes to Consolidated Financial Statements.

9594

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Controlled affiliate company investments(20)
Debt Investments
IT Services
MMan Acquisition Co.*+(7) One stop L + 10.00% (c) 10.00% PIK 08/2023 $ 22,527 $ 19,663 0.6 % $ 16,436
MMan Acquisition Co.+ One stop L + 8.00% (e) 8.00% PIK 08/2023 1,468 1,468 0.1 1,468
23,995 21,131 0.7 17,904
Total controlled affiliate debt investments $ 23,995 $ 21,131 0.7 % $ 17,904
Equity Investments (15)(16)
IT Services
MMan Acquisition Co.+ Common Stock N/A N/A N/A — $ 927 — % $ 333
927 — 333
Total controlled affiliate equity investments $ 927 — % $ 333
Total controlled affiliate investments $ 23,995 $ 22,058 0.7 % $ 18,237
Total investments $ 4,795,665 $ 4,895,397 189.5 % $ 4,894,886
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718) 0.00%(21) $ 38,317 1.5 % $ 38,317
Total money market funds $ 38,317 1.5 % $ 38,317
Total Investments and Money Market Funds $ 4,933,714 191.0 % $ 4,933,203


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Technology
Connexin Software, Inc.+	LLC interest	N/A	N/A	N/A	154	$	193	—	%	$	208
HSI Halo Acquisition, Inc.+	LP interest	N/A	N/A	N/A	—	288		—		389
HSI Halo Acquisition, Inc.+	LP interest	N/A	N/A	N/A	—	—		—		45
Symplr Software, Inc.+	Preferred stock	N/A	N/A	N/A	12	11,807		0.5		12,515
Symplr Software, Inc.+	Preferred stock	N/A	N/A	N/A	2	2,734		0.2		4,015
Symplr Software, Inc.+	Preferred stock	N/A	N/A	N/A	2	1,427		0.1		1,661
Symplr Software, Inc.+	Preferred stock	N/A	N/A	N/A	1	880		0.1		971
Symplr Software, Inc.+	LLC units	N/A	N/A	N/A	—	161		—		159
Symplr Software, Inc.+	Common Stock	N/A	N/A	N/A	177	—		—		739
Tebra Technologies, Inc.+	Warrant	N/A	N/A	N/A	169	871		—		686
Tebra Technologies, Inc.+	Warrant	N/A	N/A	N/A	53	162		—		162
Tebra Technologies, Inc.+	LLC interest	N/A	N/A	N/A	348	2,824		0.1		2,958
Tebra Technologies, Inc.+	Preferred stock	N/A	N/A	N/A	1	8		—		12
						21,355		1.0		24,520
Hotels, Restaurants & Leisure
Freddy's Frozen Custard LLC+	LP interest	N/A	N/A	N/A	206	206		—		285
Harri US LLC+	LLC units	N/A	N/A	N/A	83	658		—		658
Harri US LLC+	Preferred stock	N/A	N/A	N/A	71	455		—		512
Harri US LLC+	Warrant	N/A	N/A	N/A	18	106		—		129
LMP TR Holdings, LLC(21)	LLC units	N/A	N/A	N/A	712	712		0.1		2,956
SSRG Holdings, LLC+	LP interest	N/A	N/A	N/A	6	61		—		80
Tropical Smoothie Cafe Holdings, LLC+(21)	LP interest	N/A	N/A	N/A	5	246		0.1		945
						2,444		0.2		5,565

Household Durables
Groundworks LLC+	LLC interest	N/A	N/A	N/A	—	155		—		442

Insurance
Majesco+	LP interest	N/A	N/A	N/A	—	307		—		364
Majesco+	LP interest	N/A	N/A	N/A	69	—		—		43
						307		—		407

Internet and Catalog Retail
Revalize, Inc.+	Preferred stock	N/A	N/A	N/A	17	17,025		0.7		17,564
Revalize, Inc.+	Preferred stock	N/A	N/A	N/A	10	10,219		0.4		10,542
Revalize, Inc.+	Preferred stock	N/A	N/A	N/A	1	1,104		—		1,096
						28,348		1.1		29,202

IT Services
Appriss Health Intermediate Holdings, Inc+	Preferred stock	N/A	N/A	N/A	2	1,994		0.1		2,172
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A	N/A	N/A	587	462		0.2		4,684
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A	N/A	N/A	154	423		0.1		1,228
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A	N/A	N/A	35	291		—		285
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Warrant	N/A	N/A	N/A	202	159		0.1		1,481
Critical Start, Inc.+	Common Stock	N/A	N/A	N/A	225	225		—		225
Episerver, Inc.+	Common Stock	N/A	N/A	N/A	75	807		—		655
Kentik Technologies, Inc.+	Preferred stock	N/A	N/A	N/A	192	1,103		—		1,171

See Notes to Consolidated Financial Statements.

9695

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, ~~2021~~2022

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Netwrix Corporation+	LLC units	N/A	N/A	N/A	9	$	18	—	%	$	20
PCS Intermediate II Holdings, LLC+	LLC interest	N/A	N/A	N/A	37	367		—		504
Red Dawn SEI Buyer, Inc.+	LP interest	N/A	N/A	N/A	13	13		—		19
Saturn Borrower Inc.+	LP units	N/A	N/A	N/A	346	346		—		109

						6,208		0.5		12,553
Leisure Products
Massage Envy, LLC+	LLC interest	N/A	N/A	N/A	749	210		0.1		1,715
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	67	117		—		192
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	46	80		—		131
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	38	65		—		108
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	33	58		—		95
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	15	24		—		40
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	2	2		—		4
						556		0.1		2,285
Life Sciences Tools & Services
PAS Parent Inc.+	LP interest	N/A	N/A	N/A	9	933		—		781
Reaction Biology Corporation+	LLC units	N/A	N/A	N/A	—	265		—		267
						1,198		—		1,048
Oil, Gas and Consumable Fuels
W3 Co.+	LLC interest	N/A	N/A	N/A	3	1,632		—		1,004
W3 Co.+	Preferred stock	N/A	N/A	N/A	—	224		—		188
						1,856		—		1,192
Paper and Forest Products
Messenger, LLC+	LLC units	N/A	N/A	N/A	3	312		—		280
Messenger, LLC+	LLC units	N/A	N/A	N/A	—	—		—		—
						312		—		280
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12)	LP interest	N/A	N/A	N/A	502	502		0.1		943
Cobalt Buyer Sub, Inc.+	Preferred stock	N/A	N/A	N/A	8	7,679		0.4		8,840
Cobalt Buyer Sub, Inc.+	Preferred stock	N/A	N/A	N/A	—	168		—		154
Cobalt Buyer Sub, Inc.+	Common Stock	N/A	N/A	N/A	2	2		—		—
						8,351		0.5		9,937

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Professional Services
Brandmuscle, Inc.+	LLC interest	N/A	N/A	N/A	—	$	216	—	%	$	149
Enboarder, Inc.+(8)(11)	Preferred stock	N/A	N/A	N/A	56	573		—		620
Filevine, Inc.+	Preferred stock	N/A	N/A	N/A	221	1,401		0.1		1,479
Filevine, Inc.+	Warrant	N/A	N/A	N/A	33	49		—		153
Net Health Acquisition Corp.+	LP interest	N/A	N/A	N/A	13	1,509		0.1		1,719
Procure Acquireco, Inc.+	LP interest	N/A	N/A	N/A	—	486		—		516

						4,234		0.2		4,636
Real Estate Management & Development
Inhabit IQ Inc.+	Common Stock	N/A	N/A	N/A	62	434		—		472
SC Landco Parent, LLC+(8)	Common Stock	N/A	N/A	N/A	2	274		—		248
						708		—		720

Road & Rail
Internet Truckstop Group LLC+	LP interest	N/A	N/A	N/A	408	447		—		532

Software
Accela, Inc.+	LLC interest	N/A	N/A	N/A	670	418		—		330
Anaplan, Inc.+	LP interest	N/A	N/A	N/A	385	385		—		385
Aras Corporation+	Preferred stock	N/A	N/A	N/A	1	1,000		0.1		1,165
Aras Corporation+	LP interest	N/A	N/A	N/A	306	306		—		247
Astute Holdings, Inc.+	LP interest	N/A	N/A	N/A	—	304		—		754
Auvik Networks Inc.+(8)(12)	Preferred stock	N/A	N/A	N/A	26	256		—		278
Bayshore Intermediate #2, L.P.+	Common Stock	N/A	N/A	N/A	4,095	4,095		0.2		3,834
Calabrio, Inc.+	LP interest	N/A	N/A	N/A	1	769		—		875
Calabrio, Inc.+	LP interest	N/A	N/A	N/A	96	0		—		0
Cloudbees, Inc.+	Preferred stock	N/A	N/A	N/A	149	1,663		0.1		1,905
Cloudbees, Inc.+	Warrant	N/A	N/A	N/A	131	247		0.1		1,342
Cloudbees, Inc.+	Preferred stock	N/A	N/A	N/A	71	466		0.1		877
Cynet Security Ltd.+(8)(15)	Preferred stock	N/A	N/A	N/A	143	508		—		508
Diligent Corporation+	Preferred stock	N/A	N/A	N/A	17	16,587		0.7		18,299
Diligent Corporation+	Preferred stock	N/A	N/A	N/A	415	913		0.1		2,088
FirstUp, Inc.+	Common Stock	N/A	N/A	N/A	221	541		—		361
GS Acquisitionco, Inc.+	Preferred stock	N/A	N/A	N/A	26	25,344		1.1		27,141
GS Acquisitionco, Inc.+	Preferred stock	N/A	N/A	N/A	2	1,532		0.1		1,588
GS Acquisitionco, Inc.+	LP interest	N/A	N/A	N/A	1	170		—		1,038
GTY Technology Holdings, Inc.+	LP units	N/A	N/A	N/A	46	46		—		46
Impartner, Inc.+	Preferred stock	N/A	N/A	N/A	28	226		—		249
Kaseya Inc.+	Preferred stock	N/A	N/A	N/A	2	1,658		0.1		1,756
Kaseya Inc.+	LP interest	N/A	N/A	N/A	100	100		—		100
MetricStream, Inc.+	Warrant	N/A	N/A	N/A	168	263		—		147
Ministry Brands Holdings LLC+	LP interest	N/A	N/A	N/A	438	439		—		251
mParticle, Inc.+	Preferred stock	N/A	N/A	N/A	162	1,060		—		1,141
mParticle, Inc.+	Warrant	N/A	N/A	N/A	73	16		—		419
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+	Warrant	N/A	N/A	N/A	4	9		—		19
Personify, Inc.+	LP interest	N/A	N/A	N/A	716	942		0.1		1,565
Project Alpha Intermediate Holding, Inc.+	Common Stock	N/A	N/A	N/A	—	964		0.1		1,386

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Project Alpha Intermediate Holding, Inc.+	Common Stock	N/A	N/A	N/A	202	$	329	—	%	$	188
Pyramid Healthcare Acquisition Corp.+	Common Stock	N/A	N/A	N/A	184	184		—		267
QAD, Inc.+	Preferred stock	N/A	N/A	N/A	—	125		—		120
QAD, Inc.+	Common Stock	N/A	N/A	N/A	9	0		—		0
RegEd Aquireco, LLC+	LP interest	N/A	N/A	N/A	—	331		—		66
RegEd Aquireco, LLC+	LP interest	N/A	N/A	N/A	3	21		—		0
Riskonnect Parent, LLC+	Preferred stock	N/A	N/A	N/A	18	18,055		0.7		17,791
Riskonnect Parent, LLC+	LP interest	N/A	N/A	N/A	857	859		—		825
Riskonnect Parent, LLC+	Preferred stock	N/A	N/A	N/A	—	323		—		340
SnapLogic, Inc.+	Preferred stock	N/A	N/A	N/A	278	695		0.1		1,392
SnapLogic, Inc.+	Warrant	N/A	N/A	N/A	106	75		—		361
Spartan Buyer Acquisition Co.+	Common Stock	N/A	N/A	N/A	1	623		—		747
Telesoft Holdings LLC+	LP interest	N/A	N/A	N/A	6	6		—		6
Templafy APS and Templafy, LLC+(8)(18)	Warrant	N/A	N/A	N/A	—	62		—		62
Workforce Software, LLC+	Common Stock	N/A	N/A	N/A	—	973		—		577
Workforce Software, LLC+	Common Stock	N/A	N/A	N/A	—	36		—		38
						83,924		3.7		92,874

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail
Ave Holdings III, Corp+	Preferred stock	N/A	N/A	N/A	9		$	8,508	0.4	%	$	9,086
Ave Holdings III, Corp+	LP units	N/A	N/A	N/A	1		934		0.1		888
Batteries Plus Holding Corporation+	LP interest	N/A	N/A	N/A	10		1,287		0.1		1,386
Cycle Gear, Inc.+	LLC units	N/A	N/A	N/A	27		462		—		602
Imperial Optical Midco Inc.+	Preferred stock	N/A	N/A	N/A	—		122		—		169
Imperial Optical Midco Inc.+	Preferred stock	N/A	N/A	N/A	—		46		—		62
Jet Equipment & Tools Ltd.+(8)(9)(12)	LLC interest	N/A	N/A	N/A	1		948		0.1		2,077
Pet Holdings ULC+(8)(12)	LP interest	N/A	N/A	N/A	677		450		0.1		1,732
Salon Lofts Group, LLC+	LP units	N/A	N/A	N/A	—		87		—		87
Sola Franchise, LLC and Sola Salon Studios, LLC+	LLC interest	N/A	N/A	N/A	6		682		0.1		1,848
Sola Franchise, LLC and Sola Salon Studios, LLC+	LLC interest	N/A	N/A	N/A	1		139		—		433
Southern Veterinary Partners, LLC+	Preferred stock	N/A	N/A	N/A	5		4,911		0.2		5,682
Southern Veterinary Partners, LLC+	LLC units	N/A	N/A	N/A	—		717		0.1		1,124
Southern Veterinary Partners, LLC+	LLC interest	N/A	N/A	N/A	148		188		0.2		4,240
VSG Acquisition Corp. and Sherrill, Inc.+	LP units	N/A	N/A	N/A	—		37		—		39
							19,518		1.4		29,455

Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.+	LLC interest	N/A	N/A	N/A	97		604		—		411

Textiles, Apparel & Luxury Goods
Georgica Pine Clothiers, LLC+(21)	LLC interest	N/A	N/A	N/A	20		239		—		511
Georgica Pine Clothiers, LLC+	Common Stock	N/A	N/A	N/A	—		—		—		1
MakerSights, Inc.+	Preferred stock	N/A	N/A	N/A	40		218		—		218
R.G. Barry Corporation+	Preferred stock	N/A	N/A	N/A	—		161		—		183
							618		—		913

Total non-controlled/non-affiliate company equity investments							$	221,151	10.1	%	$	267,113

Total non-controlled/non-affiliate company investments					$	5,257,884	$	5,479,741	211.3	%	$	5,374,594

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)				Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Non-controlled/affiliate company investments(22)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+	One stop	L +	6.25%		(a)	9.37%		04/2024	$	5,786	$	5,791	0.2	%	$	5,786
Abita Brewing Co., L.L.C.+	Second lien	L +	8.00%		(b)	11.67%		04/2024	3,730		3,723		0.1		2,051
Abita Brewing Co., L.L.C.+	One stop	L +	6.25	%		N/A(6)		04/2024	—		—		—		—


									9,516		9,514		0.3		7,837




Electronic Equipment, Instruments and Components
Sloan Company, Inc., The+(7)	One stop	L +	8.50%		(b)	12.17%		07/2023	6,502		4,074		0.2		4,733
Sloan Company, Inc., The+	One stop	L +	8.50%		(b)	12.17%		07/2023	1,585		1,585		0.1		1,585
Sloan Company, Inc., The+(7)	One stop	L +	8.50%		(b)	12.17%		07/2023	431		271		—		—
									8,518		5,930		0.3		6,318
Energy, Equipment & Services
Benetech, Inc.+(7)	One stop	SF +	6.00%		(l)	9.70%		08/2024	3,720		3,623		0.1		1,487
Benetech, Inc.+(7)	One stop	SF +	6.00%		(l)	9.70%		08/2024	1,107		1,077		—		253
									4,827		4,700		0.1		1,740
Food and Staples Retailing
Rubio's Restaurants, Inc.+	Senior secured	L +	8.00%		(b)	11.60%		12/2024	12,830		12,638		0.4		10,905
Rubio's Restaurants, Inc.+(5)	Senior secured	L +	8.00	%		N/A(6)		12/2024	—		(11)		—		(208)
									12,830		12,627		0.4		10,697
Healthcare Providers and Services
Elite Dental Partners LLC+	One stop	SF +	5.25%		(b)(l)	8.80%	PIK	06/2023	11,770		11,799		0.4		11,182
Elite Dental Partners LLC+	One stop	SF +	12.00%		(l)	15.55%	PIK	06/2023	2,991		2,991		0.1		2,961
Elite Dental Partners LLC+	One stop	SF +	5.25%		(b)(l)	8.80%	PIK	06/2023	1,269		1,269		—		1,269
									16,030		16,059		0.5		15,412
Software
Switchfly LLC+	One stop	L +	3.00%		(b)	5.28%		10/2024	6,454		6,397		0.2		4,583
Switchfly LLC+	One stop	L +	3.00%		(b)	5.28%		10/2024	539		535		—		382
Switchfly LLC+	One stop	L +	3.00%		(b)	5.28%		10/2024	40		40		—		30
Switchfly LLC+(5)	One stop	L +	8.50%		(b)	10.79%		10/2024	2		2		—		(16)
									7,035		6,974		0.2		4,979

Total non-controlled/affiliate debt investments									$	58,756	$	55,804	1.8	%	$	46,983

See Notes to Consolidated Financial Statements.

100

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity investments(19)(20)
Beverages


Abita Brewing Co., L.L.C.+	Warrant	N/A	N/A	N/A	210		$	—	—	%	$	234






Electronic Equipment, Instruments and Components
Sloan Company, Inc., The+	Common Stock	N/A	N/A	N/A	—		41		—		—

Energy, Equipment & Services
Benetech, Inc.+	LLC interest	N/A	N/A	N/A	58		—		—		—
Benetech, Inc.+	LLC interest	N/A	N/A	N/A	58		—		—		—
							—		—		—
Food and Staples Retailing
Rubio's Restaurants, Inc.+	Preferred stock	N/A	N/A	N/A	2,779		2,276		0.1		2,059
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	886		182		—		250
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	536		110		—		151
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	89		6		—		11
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	52		3		—		6
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	21		—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	21		—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	42		—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	18		—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	18		—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	89		—		—		—
							2,577		0.1		2,477

Healthcare Providers and Services
Elite Dental Partners LLC	LLC interest	N/A	N/A	N/A	—		2,902		0.2		4,042
Elite Dental Partners LLC	LLC interest	N/A	N/A	N/A	—		1,250		—		1,235
Elite Dental Partners LLC	LLC units	N/A	N/A	N/A	—		—		—		—
							4,152		0.2		5,277
Software
Switchfly LLC+	LLC interest	N/A	N/A	N/A	98,370		2,321		0.1		2,231
Switchfly LLC+	LLC units	N/A	N/A	N/A	950		950		—		487
							3,271		0.1		2,718

Total non-controlled/affiliate equity investments							$	10,041	0.4	%	$	10,706

Total non-controlled/affiliate investments					$	58,756	$	65,845	2.2	%	$	57,689

See Notes to Consolidated Financial Statements.

101

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Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

Controlled affiliate company investments(23)
Debt Investments
IT Services
MMan Acquisition Co.*+(7)	One stop	N/A	10.00%	PIK	08/2023	$	30,277	$	19,550	0.4	%	$	10,596
MMan Acquisition Co.+	One stop	N/A	8.00%	PIK	08/2023	1,588		1,588		0.1		1,524
MMan Acquisition Co.+	One stop	N/A	12.00%	PIK	08/2023	849		849		—		849
MMan Acquisition Co.+	One stop	N/A	12.00%	PIK	08/2023	255		255		—		255
MMan Acquisition Co.+	One stop	N/A	12.00%	PIK	08/2023	849		849		—		849
Total controlled affiliate debt investments						$	33,818	$	23,091	0.5	%	$	14,073

Equity Investments (19)(20)
IT Services
MMan Acquisition Co.+	Common Stock	N/A	N/A		N/A	—		$	927	—	%	$	—

Total controlled affiliate equity investments								$	927	—	%	$	—

Total controlled affiliate investments						$	33,818	$	24,018	0.5	%	$	14,073

Total investments						$	5,350,458	$	5,569,604	214.0	%	$	5,446,356

Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)			2.8%	(24)				$	37,208	1.5	%	$	37,208

Total money market funds								$	37,208	1.5	%	$	37,208
Total Investments and Money Market Funds								$	5,606,812	215.5	%	$	5,483,564

See Notes to Consolidated Financial Statements.

102

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

(1)The majority of the investments bear interest at a rate that is permitted to be determined by reference to SOFR, EURIBOR, Prime, Canadian Prime (“CP”), SONIA, AUD, CDOR or LIBOR denominated in U.S. dollars ~~or GBP, EURIBOR, Prime, SONIA, AUD, CDOR, or SOFR,~~ which reset daily, monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of September 30, ~~2021.~~2022. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest ~~outstanding~~outstanding contract is shown. Listed below are the index rates as of September 30, ~~2021,~~2022, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of September 30, ~~2021,~~2022, as the loan may have priced or repriced based on an index rate prior to September 30, ~~2021.~~2022.

(a) Denotes that all or a portion of the loan was indexed to the 30-day LIBOR, which was ~~0.08%~~3.14% as of September 30, ~~2021.~~2022.

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

~~(c)~~ Denotes that all or a portion of the loan was indexed to the 90-day LIBOR, which was ~~0.13%~~3.75% as of September 30, ~~2021.~~2022.

~~(d)~~(c) Denotes that all or a portion of the loan was indexed to the 180-day LIBOR, which was ~~0.16%~~4.23% as of September 30, ~~2021.~~2022.

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

~~(f)~~(d) Denotes that all or a portion of the loan was indexed to the Prime rate, which was ~~3.25%~~6.25% as of September 30, ~~2021.~~2022.

~~(g)~~ (e) Denotes that all or a portion of the loan was indexed to the 90-day EURIBOR, which was ~~-0.56%~~1.17% as of September 30, ~~2021.~~2022.

~~(h)~~ (f) Denotes that all or a portion of the loan was indexed to the 180-day EURIBOR, which was ~~-0.53%~~1.81% as of September 30, ~~2021.~~2022.

~~(i)~~ (g) Denotes that all or a portion of the loan was indexed to the Three Month AUD, which was 3.11% as of September 30, 2022.

(h) Denotes that all or a portion of the loan was indexed to the 90-day ~~GBP LIBOR,~~CDOR, which was ~~0.08%~~4.20% as of September 30, ~~2021.~~2022.

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

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

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

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

(m) Denotes that all or a portion of the loan was indexed to the 180-day ~~GBP LIBOR,~~Term SOFR which was ~~0.17%~~3.99% as of September 30, ~~2021.~~2022.

~~(k)~~ (n) Denotes that all or a portion of the loan was indexed to the ~~Australia Three Month Interbank Rate,~~Canadian Prime, which was ~~0.07%~~5.45% as of September 30, ~~2021.~~2022.

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

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

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

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

(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of September 30, ~~2021.~~2022.

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

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

(6)The entire commitment was unfunded as of September 30, ~~2021.~~2022. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.

(7)Loan was on non-accrual status as of September 30, ~~2021,~~2022, meaning that the Company has ceased recognizing interest income on the loan.

(8)The investment is treated as a non-qualifying asset under Section 55(a) of the 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~~Company's total assets. As of September 30, ~~2021,~~2022, total non-qualifying assets at fair value represented ~~10.1%~~11.6% of the ~~Company’s~~Company's total assets calculated in accordance with the 1940 Act.