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GBDC Golub Capital BDC

Filed: 10 May 21, 4:17pm

______________________________________________________________________________________________________
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, 2021

OR

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

For the transition period from _____ to _____

Commission File Number 814-00794

Golub Capital BDC, Inc.
(Exact name of registrant as specified in its charter)
Delaware27-2326940
(State or other jurisdiction of incorporation or organization)  (I.R.S. Employer Identification No.)
200 Park Avenue, 25th Floor
New York, NY 10166
(Address of principal executive offices)

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

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

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

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

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

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

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

As of May 10, 2021, the Registrant had 168,231,707 shares of common stock, $0.001 par value, outstanding.




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

2

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

March 31, 2021September 30, 2020
(unaudited)
Assets    
Investments, at fair value    
Non-controlled/non-affiliate company investments$4,315,911 $4,177,474 
Non-controlled affiliate company investments61,650 42,000 
Controlled affiliate company investments17,700 18,736 
Total investments, at fair value (amortized cost of $4,444,401 and $4,398,900, respectively)4,395,261 4,238,210 
Cash and cash equivalents75,919 24,569 
Foreign currencies (cost of $1,184 and $567, respectively)1,185 567 
Restricted cash and cash equivalents106,105 157,566 
Restricted foreign currencies (cost of $789 and $1,727, respectively)873 1,728 
Cash collateral held at broker for forward currency contracts6,960 3,320 
Interest receivable18,386 17,263 
Receivable from investments sold— 259 
Other assets599 802 
Total Assets$4,605,288 $4,444,284 
Liabilities    
Debt$2,086,204 $2,023,698 
Less unamortized debt issuance costs18,437 5,896 
Debt less unamortized debt issuance costs2,067,767 2,017,802 
Unrealized depreciation on forward currency contracts3,835 1,064 
Interest payable13,376 7,875 
Management and incentive fees payable15,998 17,347 
Accounts payable and other liabilities5,181 4,003 
Total Liabilities2,106,157 2,048,091 
Commitments and Contingencies (Note 8)    
Net Assets    
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2021 and September 30, 2020— — 
Common stock, par value $0.001 per share, 200,000,000 shares authorized, 168,231,707 and 167,259,511 shares issued and outstanding as of March 31, 2021 and September 30, 2020, respectively168 167 
Paid in capital in excess of par2,638,801 2,624,608 
Distributable earnings (losses)(139,838)(228,582)
Total Net Assets2,499,131 2,396,193 
Total Liabilities and Total Net Assets$4,605,288 $4,444,284 
Number of common shares outstanding168,231,707 167,259,511 
Net asset value per common share$14.86 $14.33 


See Notes to Consolidated Financial Statements.
3

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,
  2021202020212020
Investment income    
From non-controlled/non-affiliate company investments:    
Interest income$74,076 $74,593 $145,598 $150,452 
Dividend income35 146 195 180 
Fee income1,153 157 2,060 372 
Total investment income from non-controlled/non-affiliate company investments75,264 74,896 147,853 151,004 
From non-controlled affiliate company investments:    
Interest income928 228 2,403 472 
Dividend income— — 
Total investment income from non-controlled affiliate company investments935 228 2,410 472 
From controlled affiliate company investments:    
Interest income— (16)350 
Dividend income— — — 1,905 
Total investment income from controlled affiliate company investments— (16)2,255 
Total investment income76,201 75,124 150,247 153,731 
Expenses    
Interest and other debt financing expenses16,190 21,550 31,271 43,828 
Base management fee15,082 14,858 30,306 30,064 
Incentive fee942 3,847 2,946 9,751 
Professional fees1,201 1,045 2,038 1,984 
Administrative service fee2,000 1,446 3,602 2,848 
General and administrative expenses478 432 769 579 
Total expenses35,893 43,178 70,932 89,054 
Net investment income40,308 31,946 79,315 64,677 
Net gain (loss) on investment transactions    
Net realized gain (loss) from:    
Non-controlled/non-affiliate company investments1,171 235 5,296 2,891 
Non-controlled affiliate company investments— (8,038)(5,739)(8,038)
Controlled affiliate company investments— (4,036)— (4,036)
Foreign currency transactions(1,117)169 (1,895)14 
Net realized gain (loss) on investment transactions54 (11,670)(2,338)(9,169)
Net change in unrealized appreciation (depreciation) from:    
Non-controlled/non-affiliate company investments46,499 (258,248)100,568 (240,776)
Non-controlled affiliate company investments3,002 549 12,073 122 
Controlled affiliate company investments(1,041)2,537 (1,091)1,708 
Translation of assets and liabilities in foreign currencies1,372 3,626 (2)476 
Forward currency contracts1,121 2,296 (2,771)1,046 
Net change in unrealized appreciation (depreciation) on investment transactions50,953 (249,240)108,777 (237,424)
Net gain (loss) on investment transactions51,007 (260,910)106,439 (246,593)
Net increase (decrease) in net assets resulting from operations$91,315 $(228,964)$185,754 $(181,916)
Per Common Share Data    
Basic and diluted earnings (loss) per common share (Note 10)$0.55 $(1.66)$1.11 $(1.32)
Dividends and distributions declared per common share$0.29 $0.33 $0.58 $0.79 
Basic and diluted weighted average common shares outstanding (Note 10)167,281,115 138,150,198 167,270,194 137,566,569 

See Notes to Consolidated Financial Statements.
4

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Changes in Net Assets (unaudited)
(In thousands, except share data)

Common StockPaid in Capital in Excess of ParDistributable Earnings (Losses)Total Net Assets
SharesPar Amount
Balance at September 30, 2019132,658,200 $133 $2,310,610 $(87,889)$2,222,854 
Net increase (decrease) in net assets resulting from operations
Net investment income— — — 64,677 64,677 
Net realized gain (loss) on investments and foreign currency transactions— — — (9,169)(9,169)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward currency contracts— — — (237,424)(237,424)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan1,149,409 20,229 — 20,230 
Distributions from distributable earnings— — — (105,180)(105,180)
Total increase (decrease) for the six months ended March 31, 20201,149,409 20,229 (287,096)(266,866)
Balance at March 31, 2020133,807,609 $134 $2,330,839 $(374,985)$1,955,988 
Balance at December 31, 2019133,807,609 $134 $2,330,839 $(101,864)$2,229,109 
Net increase (decrease) in net assets resulting from operations:
Net investment income— — — 31,946 31,946 
Net realized gain (loss) on investments and foreign currency transactions— — — (11,670)(11,670)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward currency contracts— — — (249,240)(249,240)
Distributions to stockholders:
Distributions from distributable earnings— — — (44,157)(44,157)
Total increase (decrease) for the three months ended March 31, 2020— — — (273,121)(273,121)
Balance at March 31, 2020133,807,609 $134 $2,330,839 $(374,985)$1,955,988 
Balance at September 30, 2020167,259,511 $167 $2,624,608 $(228,582)$2,396,193 
Net increase in net assets resulting from operations
Net investment income— — — 79,315 79,315 
Net realized gain (loss) on investments and foreign currency transactions— — — (2,338)(2,338)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward currency contracts— — — 108,777 108,777 
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan972,196 14,193 — 14,194 
Distributions from distributable earnings— — — (97,010)(97,010)
Total increase for the six months ended March 31, 2021972,196 14,193 88,744 102,938 
Balance at March 31, 2021168,231,707 $168 $2,638,801 $(139,838)$2,499,131 
Balance at December 31, 2020167,259,511 $167 $2,624,608 $(182,648)$2,442,127 
Net increase 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 plan972,196 14,193 — 14,194 
Distributions from distributable earnings— — — (48,505)(48,505)
Total increase for the three months ended March 31, 2021972,196 14,193 42,810 57,004 
Balance at March 31, 2021168,231,707 $168 $2,638,801 $(139,838)$2,499,131 

See Notes to Consolidated Financial Statements.
5

TABLE OF CONTENTS

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

Six months ended March 31,
  20212020
Cash flows from operating activities    
Net increase (decrease) in net assets resulting from operations$185,754 $(181,916)
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 costs3,340 1,304 
Accretion of discounts and amortization of premiums on investments7,826 15,896 
Accretion of discounts on issued debt securities959 630 
Net realized (gain) loss on investments443 9,183 
Net realized (gain) loss on foreign currency transactions1,895 (14)
Net change in unrealized (appreciation) depreciation on investments(111,550)238,946 
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies(476)
Net change in unrealized (appreciation) depreciation on forward currency contracts2,771 (1,046)
Proceeds from (fundings of) revolving loans, net7,248 (31,054)
Fundings of investments(678,530)(498,841)
Proceeds from principal payments and sales of portfolio investments626,183 445,227 
PIK interest(8,671)(4,648)
Purchase of SLF and GCIC SLF minority interests, net of cash acquired (Note 1)(1)
— 4,944 
Changes in operating assets and liabilities:
Interest receivable(1,123)2,374 
Cash collateral held at broker for forward currency contracts(3,640)(1,100)
Receivable from investments sold259 — 
Other assets203 82 
Interest payable5,501 (554)
Management and incentive fees payable(1,349)5,616 
Accounts payable and other liabilities1,178 (23,423)
Accrued trustee fees— (207)
Net cash provided by (used in) operating activities38,699 (19,077)
Cash flows from financing activities    
Borrowings on debt2,284,027 694,931 
Repayments of debt(2,224,546)(553,438)
Capitalized debt issuance costs(15,881)(2,502)
Proceeds from other short-term borrowings— 64,769 
Repayments on other short-term borrowings— (65,017)
Distributions paid(68,156)(70,916)
Purchases of common stock under dividend reinvestment plan(14,659)(14,034)
Net cash (used in) provided by financing activities(39,215)53,793 
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies(516)34,716 
Effect of foreign currency exchange rates168 220 
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, beginning of period184,430 84,208 
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, end of period$184,082 $119,144 
See Notes to Consolidated Financial Statements.
6


TABLE OF CONTENTS

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

Six months ended March 31,
  20212020
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest$21,472 $39,162 
Distributions declared during the period97,010 105,180 
Supplemental disclosure of non-cash operating and financing activities:
Stock issued in connection with dividend reinvestment plan$14,194 $20,230 
Noncash assets acquired in consolidation of SLF and GCIC SLF (Note 1)— 185,101 
Noncash liabilities assumed in consolidation of SLF and GCIC SLF (Note 1)— (85,236)
Dissolution of existing SLF and GCIC SLF LLC equity interests— (119,077)
Proceeds from issuance of Class A-2-R GCIC 2018 Notes38,500 — 
Redemptions of Class A-2 GCIC 2018 Notes(38,500)— 
(1) Represents $17,011 paid in cash to RGA and Aurora (as defined in Note 1), net of cash acquired due to the consolidation of SLF and GCIC SLF of $21,955.
The following table provides a reconciliation of cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies reported within the Consolidated Statements of Financial Condition that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:
As of March 31,
20212020
Cash and cash equivalents$75,919 $23,705 
Foreign currencies (cost of $1,184 and $654, respectively)1,185 654 
Restricted cash and cash equivalents106,105 92,736 
Restricted foreign currencies (cost of $789 and $2,049, respectively)873 2,049 
Total cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows$184,082 $119,144 
See Note 2. Significant Accounting Policies and Recent Accounting Updates for a description of cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies.



See Notes to Consolidated Financial Statements.
7

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Investments                 
Non-controlled/non-affiliate company investments               
Debt investments                 
Aerospace and Defense                 
NTS Technical Systems*#~^Senior loan L + 5.50%(c) 6.50% 06/2023 $40,375 $40,070 1.6%$40,375
NTS Technical Systems~Second lien L + 9.75%(b) 10.75% 12/2023 4,589 4,510 0.24,589
NTS Technical Systems+(5)Senior loan L + 5.50% N/A(6) 06/2023 — (38)
NTS Technical Systems+(5)Senior loan L + 5.50% N/A(6) 06/2023 — (68)
Tronair Parent, Inc.+Senior loan L + 4.75%(e) 5.75% 09/2023 714 709 636
Tronair Parent, Inc.+Senior loan L + 4.50%(c) 4.70% 09/2021 160 159 156
Whitcraft LLC*#+~One stop L + 6.00%(c) 7.00% 04/2023 63,576 63,888 2.561,031
Whitcraft LLC+(5)One stop L + 6.00% N/A(6) 04/2023 — (2)(12)
109,414 109,228 4.3106,775
Airlines
Aurora Lux Finco S.A.R.L.+(8)(13)One stop L + 6.00%(c) 7.00% 12/2026 990 970 921
Auto Components                 
Polk Acquisition Corp.*#+Senior loan L + 6.50%(a) 3.50% cash/4.00% PIK 12/2023 18,302 18,169 0.717,936
Polk Acquisition Corp.+Senior loan L + 6.50%(a) 3.50% cash/4.00% PIK 12/2023 108 106 106
Polk Acquisition Corp.+Senior loan L + 6.50%(a)(c) 3.50% cash/4.00% PIK 12/2023 30 28 26
Power Stop, LLC+~Senior loan L + 4.50%(a) 4.61% 10/2025 2,828 2,876 0.12,828
   21,268 21,179 0.820,896
Automobiles                 
JHCC Holdings LLCOne stop L + 5.50%(c) 6.50% 09/2025 15,551 15,321 0.615,551
JHCC Holdings LLC+One stop L + 5.50%(c)(f) 6.99% 09/2025 128 126 128
JHCC Holdings LLC+One stop P + 4.50%(c)(f) 7.37% 09/2025 34 33 34
MOP GM Holding, LLC*+~^One stop L + 5.75%(c) 6.75% 11/2026 24,343 24,057 1.024,343
MOP GM Holding, LLC+One stop L + 5.75%(c) 6.75% 11/2026 130 128 130
MOP GM Holding, LLC+(5)One stop L + 5.75% N/A(6) 11/2026 — (53)
Quick Quack Car Wash Holdings, LLC*#One stop L + 6.50%(c) 7.50% 10/2024 13,017 13,033 0.513,017
Quick Quack Car Wash Holdings, LLC#+One stop L + 6.50%(c) 7.50% 10/2024 2,348 2,325 0.12,348
Quick Quack Car Wash Holdings, LLC+One stop L + 6.50%(c) 7.50% 10/2024 2,199 2,113 0.12,199
Quick Quack Car Wash Holdings, LLC*+One stop L + 6.50%(c) 7.50% 10/2024 2,051 2,093 0.12,051
Quick Quack Car Wash Holdings, LLC*+One stop L + 6.50%(c) 7.50% 10/2024 1,371 1,399 0.11,371
Quick Quack Car Wash Holdings, LLC*+One stop L + 6.50%(c) 7.50% 10/2024 1,117 1,156 0.11,117
Quick Quack Car Wash Holdings, LLC+One stop L + 6.50%(c) 7.50% 10/2024 30 30 30
TWAS Holdings, LLC+One stop L + 6.75%(c) 7.75% 12/2026 31,033 30,661 1.231,033
TWAS Holdings, LLC+One stop L + 6.75%(c) 7.75% 12/2026 383 296 383
TWAS Holdings, LLC+(5)One stop L + 6.75% N/A(6) 12/2026 — (4)
93,735 92,714 3.893,735

See Notes to Consolidated Financial Statements.
8

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Beverages
Abita Brewing Co., L.L.C.+One stop L + 7.25%(c) 8.25% 04/2024 $6,913 $6,905 0.3%$6,774 
Abita Brewing Co., L.L.C.+Second lien L + 8.00%(c) 9.00% 04/2024 3,247 3,234 0.12,435 
Abita Brewing Co., L.L.C.+One stop L + 7.25% N/A(6) 04/2024 — — — 
Fintech Midco, LLC*#One stop L + 5.00%(c) 6.00% 08/2024 24,287 24,588 1.024,287 
Fintech Midco, LLC#+One stop L + 5.00%(c) 6.00% 08/2024 1,124 1,158 1,124 
Fintech Midco, LLC+(5)One stop L + 5.00% N/A(6) 08/2024 — (1)— 
35,571 35,884 1.434,620 
Biotechnology
BIO18 Borrower, LLC#One stop L + 4.75%(a)(c) 5.75% 11/2024 11,019 11,052 0.411,019 
BIO18 Borrower, LLC*#+One stop L + 4.75%(a) 5.75% 11/2024 3,943 3,913 0.23,943 
BIO18 Borrower, LLC+One stop L + 4.75%(a) 5.75% 11/2024 210 210 210 
BIO18 Borrower, LLC+One stop L + 4.75% N/A(6) 11/2024 — — — 
15,172 15,175 0.615,172 
Building Products
Jensen Hughes, Inc.+Senior loan L + 4.50%(c) 5.50% 03/2024 4,170 4,171 0.24,170 
Jensen Hughes, Inc.+Senior loan L + 4.50%(c)(f) 5.50% 03/2024 1,249 1,277 0.11,249 
Jensen Hughes, Inc.+Senior loan L + 4.50%(d)(f) 5.50% 03/2024 909 921 909 
Jensen Hughes, Inc.+Senior loan L + 4.50%(c)(f) 5.50% 03/2024 436 448 436 
Jensen Hughes, Inc.+Senior loan L + 4.50%(c)(f) 5.50% 03/2024 278 281 278 
Jensen Hughes, Inc.+Senior loan L + 4.50%(c)(f) 5.51% 03/2024 217 217 217 
Jensen Hughes, Inc.+Senior loan L + 4.50%(c)(f) 5.50% 03/2024 116 116 116 
7,375 7,431 0.37,375 
Chemicals
Inhance Technologies Holdings LLC#+One stop L + 6.00%(c) 7.00% 07/2024 12,637 12,742 0.512,406 
Inhance Technologies Holdings LLC+One stop L + 6.00%(c) 7.00% 07/2024 1,920 1,910 0.11,885 
Inhance Technologies Holdings LLC+One stop L + 6.00%(c) 7.00% 07/2024 80 80 76 
14,637 14,732 0.614,367 
Commercial Services & Supplies
Bazaarvoice, Inc.*#+~^One stop L + 5.75%(a) 6.75% 02/2024 47,885 48,410 1.947,885 
Bazaarvoice, Inc.+One stop L + 5.75%(c) 6.75% 02/2024 21,041 20,850 0.921,041 
Bazaarvoice, Inc.+(5)One stop L + 5.75% N/A(6) 02/2024 — (3)— 
EGD Security Systems, LLC*#+^One stop L + 5.65%(c) 6.65% 06/2023 30,092 30,385 1.230,092 
EGD Security Systems, LLC*+One stop L + 5.65%(c) 6.65% 06/2023 1,258 1,257 0.11,258 
EGD Security Systems, LLC+One stop L + 5.65%(c) 6.65% 06/2023 843 837 843 
EGD Security Systems, LLC+One stop L + 5.65%(c) 6.65% 06/2023 767 760 767 
EGD Security Systems, LLC#+One stop L + 5.65%(c) 6.65% 06/2023 644 660 644 
EGD Security Systems, LLC#+One stop L + 5.65%(c) 6.65% 06/2023 575 572 575 
EGD Security Systems, LLC+One stop L + 5.65%(c) 6.65% 06/2023 140 139 140 
EGD Security Systems, LLC+(5)One stop L + 5.65% N/A(6) 06/2023 — (18)— 

See Notes to Consolidated Financial Statements.
9

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Commercial Services & Supplies - (continued)
Hydraulic Authority III Limited+~(8)(9)(10)One stop L + 6.00%(i) 7.00% 11/2025 $11,331 $11,518 0.5%$11,904 
Hydraulic Authority III Limited+(8)(9)(10)One stop N/A 11.00% PIK 11/2028 221 224 241 
Hydraulic Authority III Limited+(5)(8)(9)(10)One stop L + 6.00% N/A(6) 11/2025 — — (6)
PT Intermediate Holdings III, LLC+~^One stop L + 5.50%(c) 6.50% 10/2025 29,625 29,276 1.228,440 
Radwell International, LLC+Senior loan L + 4.75%(c) 5.75% 12/2026 2,100 2,059 0.12,058 
Radwell International, LLC+Senior loan L + 4.75%(c) 5.75% 12/2026 239 234 229 
Radwell International, LLC+Senior loan L + 4.75%(c) 5.75% 12/2026 
WRE Holding Corp.*#Senior loan L + 5.25%(b)(c) 6.25% 01/2023 2,264 2,293 0.12,264 
WRE Holding Corp.+^Senior loan L + 5.25%(b)(c) 6.25% 01/2023 934 957 934 
WRE Holding Corp.+Senior loan L + 5.25%(b)(c) 6.25% 01/2023 686 686 686 
WRE Holding Corp.+Senior loan L + 5.25%(b)(c) 6.25% 01/2023 406 406 406 
WRE Holding Corp.+Senior loan L + 5.25%(b)(c) 6.25% 01/2023 23 23 23 
WRE Holding Corp.+Senior loan L + 5.25%(c) 6.25% 01/2023 16 17 16 
WRE Holding Corp.+Senior loan L + 5.25% N/A(6) 01/2023 — — 
151,098 151,557 6.0150,448 


See Notes to Consolidated Financial Statements.
10

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Construction & Engineering
Reladyne, Inc.*#+^Senior loan L + 5.00%(c) 6.00% 07/2022 $32,693 $32,852 1.3%$32,693 
Reladyne, Inc.+~Senior loan L + 5.00%(c) 6.00% 07/2022 3,465 3,507 0.13,465 
Reladyne, Inc.+Senior loan L + 5.00%(c) 6.00% 07/2022 3,386 3,359 0.13,386 
Reladyne, Inc.+Senior loan L + 5.00%(c) 6.00% 07/2022 2,743 2,776 0.12,743 
Reladyne, Inc.*#+Senior loan L + 5.00%(c) 6.00% 07/2022 1,875 1,898 0.11,875 
Reladyne, Inc.#+~Senior loan L + 5.00%(c) 6.00% 07/2022 1,617 1,636 0.11,617 
Reladyne, Inc.#+Senior loan L + 5.00%(c) 6.00% 07/2022 1,538 1,568 0.11,538 
Reladyne, Inc.#+~Senior loan L + 5.00%(c) 6.00% 07/2022 736 746 736 
48,053 48,342 1.948,053 
Containers and Packaging
AmerCareRoyal LLC+Senior loan L + 5.00%(a) 6.00% 11/2025 818 811 818 
AmerCareRoyal LLC+Senior loan L + 5.00%(a) 6.00% 11/2025 169 167 169 
AmerCareRoyal LLC+Senior loan L + 5.00%(a) 6.00% 11/2025 152 150 152 
AmerCareRoyal LLC+(5)Senior loan L + 5.00% N/A(6) 11/2025 — (2)— 
Fortis Solutions Group LLC+Senior loan L + 5.00%(a) 6.00% 12/2023 2,418 2,375 0.12,370 
Fortis Solutions Group LLC+Senior loan L + 5.00%(a) 6.00% 12/2023 1,578 1,567 0.11,546 
Fortis Solutions Group LLC+Senior loan L + 5.00%(a) 6.00% 12/2023 628 623 615 
Fortis Solutions Group LLC+Senior loan L + 5.00%(a) 6.00% 12/2023 604 600 592 
Fortis Solutions Group LLC+(5)Senior loan L + 5.00% N/A(6) 12/2023 — — (1)
Plano Molding Company, LLC+One stop L + 9.00%(c) 8.50% cash/1.50% PIK 05/2022 14,670 14,770 0.615,105 
Plano Molding Company, LLC+One stop L + 9.00%(c) 8.50% cash/1.50% PIK 05/2022 1,187 1,180 0.11,223 
 22,224 22,241 0.922,589 
Distributors
PetroChoice Holdings, Inc.#^Senior loan L + 5.00%(c) 6.00% 08/2022 3,258 3,264 0.13,137 
Diversified Consumer Services
Certus Pest, Inc.+One stop L + 5.25%(c) 6.25% 02/2026 1,102 1,091 0.11,091 
Certus Pest, Inc.+(5)One stop L + 5.25% N/A(6) 02/2026 — — (1)
Certus Pest, Inc.+(5)One stop L + 5.25% N/A(6) 02/2026 — (59)(61)
Certus Pest, Inc.+(5)One stop L + 5.25% N/A(6) 02/2026 — — (61)
CHHJ Franchising, LLC+Senior loan L + 5.00%(c) 6.00% 01/2026 2,765 2,738 0.12,737 
CHHJ Franchising, LLC+Senior loan P + 4.00%(f) 7.25% 01/2026 
EWC Growth Partners LLCOne stop L + 7.50%(c) 6.50% cash/2.00% PIK 03/2026 917 902 834 
EWC Growth Partners LLC+One stop L + 7.50%(c) 6.50% cash/2.00% PIK 03/2026 30 29 27 
EWC Growth Partners LLC+One stop L + 7.50%(c) 6.50% cash/2.00% PIK 03/2026 18 18 16 
Excelligence Learning Corporation#+One stop L + 7.00%(c) 3.50% cash/4.50% PIK 04/2023 10,584 10,375 0.48,996 
Learn-it Systems, LLC+Senior loan L + 4.50%(c) 5.50% 03/2025 2,535 2,579 0.12,535 
Learn-it Systems, LLC+Senior loan L + 4.50%(c) 5.50% 03/2025 660 658 660 
Learn-it Systems, LLC+Senior loan L + 4.50%(b) 5.50% 03/2025 20 20 20 
Liminex, Inc.~One stop L + 7.25%(c) 8.25% 11/2026 25,399 24,945 1.025,399 
Liminex, Inc.+(5)One stop L + 7.25% N/A(6) 11/2026 — (2)— 
Litera Bidco LLC+^One stop L + 5.75%(a) 6.75% 05/2026 3,731 3,749 0.23,644 
Litera Bidco LLC+One stop L + 6.00%(a) 7.00% 05/2026 2,965 2,928 0.12,928 
Litera Bidco LLC+One stop L + 5.50%(a) 6.50% 05/2026 699 722 683 

See Notes to Consolidated Financial Statements.
11

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Diversified Consumer Services - (continued)
Litera Bidco LLC+One stop L + 5.50%(a) 6.50% 05/2026 $699 $722 %$683 
Litera Bidco LLC+(5)One stop L + 5.75% N/A(6) 05/2025 — — (2)
PADI Holdco, Inc.One stop L + 7.25%(c) 6.75% cash/1.50% PIK 04/2024 21,677 21,828 0.818,421 
PADI Holdco, Inc.+~(8)(9)One stop E + 5.75%(g) 4.25% cash/1.50% PIK 04/2024 20,656 20,884 0.717,672 
PADI Holdco, Inc.~One stop L + 7.25%(c) 6.75% cash/1.50% PIK 04/2024 806 800 684 
PADI Holdco, Inc.+One stop L + 7.25%(c) 6.75% cash/1.50% PIK 04/2024 166 165 141 
PADI Holdco, Inc.+One stop L + 7.25%(c) 6.75% cash/1.50% PIK 04/2023 60 60 28 
95,494 95,157 3.587,079 
Diversified Financial Services
Higginbotham Insurance Agency, Inc.+One stop L + 5.75%(a) 6.50% 11/2026 3,614 3,563 0.13,614 
Higginbotham Insurance Agency, Inc.+(5)One stop L + 5.75% N/A(6) 11/2026 — (7)— 
Sovos Compliance*+^One stop L + 4.75%(a) 5.75% 04/2024 19,614 20,081 0.819,614 
Sovos Compliance+Second lien N/A 12.00% PIK 04/2025 9,497 9,713 0.49,497 
Sovos Compliance+One stop L + 4.75%(a) 5.75% 04/2024 4,322 4,248 0.24,322 
Sovos Compliance+One stop L + 4.75%(c) 5.75% 04/2024 2,890 2,832 0.12,890 
Sovos Compliance+One stop N/A 12.00% PIK 04/2025 2,482 2,420 0.12,482 
Sovos Compliance+One stop L + 4.75%(c) 5.75% 04/2024 2,216 2,197 0.12,216 
Sovos Compliance*#One stop L + 4.75%(a) 5.75% 04/2024 1,903 1,949 0.11,903 
Sovos Compliance+Second lien N/A 12.00% PIK 04/2025 1,298 1,332 1,298 
Sovos Compliance*#One stop L + 4.75%(a) 5.75% 04/2024 768 787 768 
Sovos Compliance+One stop L + 4.75%(a) 5.75% 04/2024 85 84 85 
Sovos Compliance+(5)One stop L + 4.75%(a) 5.75% 04/2024 — (1)— 
48,689 49,198 1.948,689 


See Notes to Consolidated Financial Statements.
12

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Electric Utilities
Arcos, LLC#^One stop L + 5.00%(c) 6.00% 09/2021 $6,880 $6,880 0.3%$6,880 
Electronic Equipment, Instruments & Components
CST Buyer Company#+One stop L + 6.00%(d) 7.00% 10/2025 20,528 20,292 0.820,528 
CST Buyer Company+~One stop L + 6.00%(c) 7.00% 10/2025 10,189 10,090 0.410,189 
CST Buyer Company+One stop L + 6.00% N/A(6) 10/2025 — — — 
ES Acquisition LLCSenior loan L + 5.00%(c) 6.00% 11/2025 658 648 0.1652 
ES Acquisition LLC+Senior loan L + 5.00%(c) 6.00% 11/2025 140 138 138 
ES Acquisition LLC+Senior loan L + 5.00%(c) 6.00% 11/2025 95 95 94 
ES Acquisition LLCSenior loan L + 5.50%(c) 6.50% 11/2025 89 86 90 
ES Acquisition LLC+Senior loan L + 5.00%(c) 6.00% 11/2025 46 46 46 
ES Acquisition LLC+Senior loan L + 5.00%(c)(f) 6.42% 11/2025 43 41 41 
ES Acquisition LLC+Second lien L + 5.00%(c) 6.00% 11/2025 36 35 35 
ES Acquisition LLC+(5)Senior loan L + 5.00% N/A(6) 11/2025 — (1)(1)
Watchfire Enterprises, Inc.Second lien L + 8.00%(a) 9.00% 10/2021 9,435 9,418 0.49,435 
41,259 40,888 1.741,247 


See Notes to Consolidated Financial Statements.
13

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Food & Staples Retailing
Cafe Rio Holding, Inc.*#One stop L + 5.50%(c) 6.50% 09/2023 $18,514 $18,679 0.8%$18,514 
Cafe Rio Holding, Inc.+One stop L + 5.50%(c) 6.50% 09/2023 2,688 2,686 0.12,688 
Cafe Rio Holding, Inc.#+One stop L + 5.50%(c) 6.50% 09/2023 2,236 2,295 0.12,236 
Cafe Rio Holding, Inc.*#One stop L + 5.50%(c) 6.50% 09/2023 1,420 1,457 0.11,420 
Cafe Rio Holding, Inc.#+One stop L + 5.50%(c) 6.50% 09/2023 1,254 1,287 0.11,254 
Cafe Rio Holding, Inc.+One stop L + 5.50%(c) 6.50% 09/2023 180 180 180 
Cafe Rio Holding, Inc.+One stop L + 5.50% N/A(6) 09/2023 — — — 
Captain D's, LLC#+Senior loan L + 4.50%(b) 5.50% 12/2023 13,688 13,725 0.513,688 
Captain D's, LLC~Senior loan L + 4.50%(b) 5.50% 12/2023 2,160 2,129 0.12,160 
Captain D's, LLC+Senior loan L + 4.50% N/A(6) 12/2023 — — — 
Feeders Supply Company, LLC#+One stop L + 6.00%(a) 7.00% 04/2023 9,074 9,007 0.49,074 
Feeders Supply Company, LLC+Subordinated debt N/A 12.50% cash/7.00% PIK 10/2023 158 158 158 
Feeders Supply Company, LLC+One stop L + 6.00%(a) 7.00% 04/2023 10 10 10 
FWR Holding Corporation#+One stop L + 7.00%(c) 6.50% cash/1.50% PIK 08/2023 10,411 10,397 0.49,578 
FWR Holding Corporation#+One stop L + 7.00%(c) 6.50% cash/1.50% PIK 08/2023 1,821 1,869 0.11,675 
FWR Holding Corporation#+One stop L + 7.00%(c) 6.50% cash/1.50% PIK 08/2023 1,151 1,181 0.11,059 
FWR Holding Corporation+One stop L + 7.00%(c) 6.50% cash/1.50% PIK 08/2023 364 373 336 
FWR Holding Corporation+One stop L + 7.00%(c) 6.50% cash/1.50% PIK 08/2023 274 273 252 
FWR Holding Corporation#+One stop L + 7.00%(c) 6.50% cash/1.50% PIK 08/2023 272 279 250 
FWR Holding Corporation+One stop L + 7.00%(c) 6.50% cash/1.50% PIK 08/2023 131 131 121 
FWR Holding Corporation+(5)One stop L + 7.00% N/A(6) 08/2023 — — (10)
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 848 867 848 
Mendocino Farms, LLC+One stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 667 682 667 
Mendocino Farms, LLC+One stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 654 652 654 
Mendocino Farms, LLC+One stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 322 321 322 
Mendocino Farms, LLC+One stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 322 320 322 
Mendocino Farms, LLC+One stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 159 159 159 
Mendocino Farms, LLC+One stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 96 96 96 
Mendocino Farms, LLC+(5)One stop L + 8.50% N/A(6) 06/2023 — (2)— 
NBC Intermediate, LLC+~^Senior loan L + 6.00%(d) 7.00% 09/2023 18,490 18,326 0.718,490 
NBC Intermediate, LLC#+Senior loan L + 6.00%(a) 7.00% 09/2023 9,657 9,627 0.49,657 
NBC Intermediate, LLC*#+Senior loan L + 6.00%(a) 7.00% 09/2023 5,047 5,058 0.25,047 
NBC Intermediate, LLC#+Senior loan L + 6.00%(a) 7.00% 09/2023 4,301 4,337 0.24,301 
NBC Intermediate, LLC#(8)Senior loan L + 6.00%(a) 7.00% 09/2023 667 661 667 
NBC Intermediate, LLC+Senior loan L + 6.00% N/A(6) 09/2023 — — — 
Ruby Slipper Cafe LLC, The*+One stop L + 8.50%(c) 8.50% cash/1.00% PIK 01/2023 2,046 2,040 0.11,821 
Ruby Slipper Cafe LLC, The+One stop L + 8.50%(c) 8.50% cash/1.00% PIK 01/2023 414 424 369 
Ruby Slipper Cafe LLC, The+One stop L + 8.50%(c) 8.50% cash/1.00% PIK 01/2023 30 30 27 
Wetzel's Pretzels, LLC*#One stop L + 7.25%(c) 7.75% cash/0.50% PIK 09/2021 16,902 16,967 0.616,057 
Wetzel's Pretzels, LLC+One stop L + 7.25%(c) 7.75% cash/0.50% PIK 09/2021 100 101 96 
Wood Fired Holding Corp.*#One stop L + 7.75%(c) 6.75% cash/2.00% PIK 12/2023 14,163 14,338 0.614,021 
Wood Fired Holding Corp.+One stop L + 7.75%(c) 6.75% cash/2.00% PIK 12/2023 701 701 694 
Wood Fired Holding Corp.+One stop L + 7.75%(c) 6.75% cash/2.00% PIK 12/2023 202 201 200 
141,594 142,022 5.6139,158 


See Notes to Consolidated Financial Statements.
14

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Food Products
FCID Merger Sub, Inc.*~One stop L + 6.00%(c) 7.00% 12/2026 $13,694 $13,500 0.5%$13,694 
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 — (41)— 
Flavor Producers, LLC#~Senior loan L + 5.75%(c)(d) 5.75% cash/1.00% PIK 12/2023 5,006 4,916 0.24,605 
Flavor Producers, LLC+(5)Senior loan L + 5.75% N/A(6) 12/2022 — (3)(2)
MAPF Holdings, Inc.*#+~^One stop L + 6.00%(c) 7.00% 12/2026 29,386 29,107 1.229,386 
MAPF Holdings, Inc.+(5)One stop L + 6.00% N/A(6) 12/2026 — (43)— 
MAPF Holdings, Inc.+(5)One stop L + 6.00% N/A(6) 12/2026 — (3)— 
Purfoods, LLC+One stop N/A 7.00% PIK 05/2026 76 80 76 
48,162 47,512 1.947,759 


See Notes to Consolidated Financial Statements.
15

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Equipment & Supplies
Aspen Medical Products, LLC+~One stop L + 5.00%(c) 6.00% 06/2025 $4,115 $4,177 0.2%$4,115 
Aspen Medical Products, LLC+One stop L + 5.00%(c) 6.00% 06/2025 263 261 263 
Aspen Medical Products, LLC+One stop L + 5.00% N/A(6) 06/2025 — — — 
Belmont Instrument, LLC+^Senior loan L + 4.75%(c) 5.75% 12/2023 5,230 5,193 0.25,230 
Blades Buyer, Inc.+~^Senior loan L + 4.75%(c) 5.75% 08/2025 6,602 6,588 0.36,602 
Blades Buyer, Inc.+Senior loan L + 4.75% N/A(6) 08/2025 — — — 
Blades Buyer, Inc.+(5)Senior loan L + 4.75% N/A(6) 08/2025 — (19)— 
Blue River Pet Care, LLC#+One stop L + 5.00%(a) 5.11% 07/2026 27,551 27,600 1.127,551 
Blue River Pet Care, LLC+One stop L + 5.00%(a) 5.11% 07/2026 5,343 5,261 0.25,343 
Blue River Pet Care, LLC+One stop L + 5.00%(a) 5.11% 08/2025 114 112 114 
CCSL Holdings, LLC*+One stop L + 5.75%(d) 6.75% 12/2026 15,634 15,446 0.615,634 
CCSL Holdings, LLC+(5)One stop L + 5.75% N/A(6) 12/2026 — (2)— 
CCSL Holdings, LLC+(5)One stop L + 5.75% N/A(6) 12/2026 — (60)— 
CMI Parent Inc.+^Senior loan L + 4.25%(c) 5.25% 08/2025 6,599 6,715 0.36,599 
CMI Parent Inc.+(5)Senior loan L + 4.25% N/A(6) 08/2025 — (2)— 
Flexan, LLC+^One stop L + 5.25%(c) 6.25% 02/2022 8,405 8,378 0.38,405 
Flexan, LLC*#One stop L + 5.25%(c) 6.25% 02/2022 3,256 3,245 0.13,256 
Flexan, LLC+One stop L + 5.25%(c) 6.25% 02/2022 2,335 2,327 0.12,335 
Flexan, LLC#+One stop L + 5.25%(c) 6.25% 02/2022 1,532 1,527 0.11,532 
Flexan, LLC+(5)One stop L + 5.25% N/A(6) 02/2022 — (3)— 
G & H Wire Company, Inc.#^One stop L + 7.75%(a) 8.00% cash/0.75% PIK 09/2023 11,145 11,105 0.410,923 
G & H Wire Company, Inc.+One stop L + 7.75%(a) 8.75% 09/2022 — — — 
Joerns Healthcare, LLC*+One stop L + 6.00%(c) 7.00% 08/2024 1,872 1,831 0.11,834 
Joerns Healthcare, LLC*+One stop L + 6.00%(c) 7.00% 08/2024 1,800 1,775 0.11,764 
Katena Holdings, Inc.#+One stop L + 6.50%(c) 7.50% 06/2021 12,662 12,683 0.612,662 
Katena Holdings, Inc.#+One stop L + 6.50%(c) 7.50% 06/2021 1,237 1,239 0.11,237 
Katena Holdings, Inc.+One stop L + 6.50%(c) 7.50% 06/2021 925 924 925 
Katena Holdings, Inc.#+One stop L + 6.50%(c) 7.50% 06/2021 847 848 847 
Katena Holdings, Inc.+One stop L + 6.50%(c) 7.50% 06/2021 200 200 200 
Lombart Brothers, Inc.*#+~One stop L + 8.25%(c) 8.25% cash/1.00% PIK 04/2023 28,862 29,060 1.127,707 
Lombart Brothers, Inc.#+(8)One stop L + 8.25%(c) 8.25% cash/1.00% PIK 04/2023 3,108 3,132 0.12,983 
Lombart Brothers, Inc.+One stop L + 8.25%(a) 8.25% cash/1.00% PIK 04/2023 280 280 270 
Lombart Brothers, Inc.+One stop L + 8.25%(a) 8.25% cash/1.00% PIK 04/2023 50 49 48 
Orthotics Holdings, Inc.*#One stop L + 6.00%(d) 7.00% 06/2021 7,698 7,697 0.37,544 
Orthotics Holdings, Inc.*#One stop L + 19.00%(c) 7.00% cash/13.00% PIK 06/2021 4,104 4,102 0.23,775 
Orthotics Holdings, Inc.*#One stop L + 6.00%(d) 7.00% 06/2021 1,262 1,261 1,236 
Orthotics Holdings, Inc.*#One stop L + 19.00%(c) 7.00% cash/13.00% PIK 06/2021 672 672 619 
Orthotics Holdings, Inc.+One stop L + 6.00% N/A(6) 06/2021 — — — 
163,703 163,602 6.5161,553 


See Notes to Consolidated Financial Statements.
16

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Providers & Services
Active Day, Inc.#+One stop L + 6.00%(c) 7.00% 12/2021 $23,917 $24,056 0.9%$21,525 
Active Day, Inc.#+One stop L + 6.00%(c) 7.00% 12/2021 1,846 1,858 0.11,661 
Active Day, Inc.*#One stop L + 6.00%(c) 7.00% 12/2021 1,190 1,196 0.11,071 
Active Day, Inc.+One stop L + 6.00%(c) 7.00% 12/2021 947 960 853 
Active Day, Inc.+One stop L + 6.00%(c) 7.00% 12/2021 836 834 752 
Active Day, Inc.*#One stop L + 6.00%(c) 7.00% 12/2021 823 826 739 
Active Day, Inc.+(5)One stop L + 6.00%(c) 7.00% 12/2021 (8)
Active Day, Inc.+One stop L + 6.00%(c) 7.00% 12/2021 — — — 
Acuity Eyecare Holdings, LLC+One stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 7,184 7,208 0.36,841 
Acuity Eyecare Holdings, LLC#+One stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 6,082 6,132 0.25,791 
Acuity Eyecare Holdings, LLC+~One stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 5,645 5,735 0.25,374 
Acuity Eyecare Holdings, LLC+~One stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 3,292 3,381 0.13,135 
Acuity Eyecare Holdings, LLC+One stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 796 814 759 
Acuity Eyecare Holdings, LLC+One stop L + 13.00%(a)(c) 7.25% cash/6.75% PIK 03/2024 352 350 377 
Acuity Eyecare Holdings, LLC+One stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 294 292 280 
Acuity Eyecare Holdings, LLC+One stop L + 13.00%(c) 7.25% cash/6.75% PIK 03/2024 154 153 165 
Acuity Eyecare Holdings, LLC+One stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 152 150 144 
Acuity Eyecare Holdings, LLC+(5)One stop L + 6.25%(c) 7.25% 03/2024 (1)16 
ADCS Clinics Intermediate Holdings, LLC*#+One stop L + 5.75%(c)(d) 6.75% 05/2022 41,655 41,943 1.741,655 
ADCS Clinics Intermediate Holdings, LLC*#One stop L + 5.75%(c) 6.75% 05/2022 208 211 208 
ADCS Clinics Intermediate Holdings, LLC+One stop L + 5.75%(d) 6.75% 05/2022 190 190 190 
ADCS Clinics Intermediate Holdings, LLC*+One stop L + 5.75%(c)(d) 6.75% 05/2022 162 163 162 
ADCS Clinics Intermediate Holdings, LLC*#One stop L + 5.75%(c) 6.75% 05/2022 62 62 62 
Advanced Pain Management Holdings, Inc.+(7)Senior loan L + 5.00%(c) 6.25% 07/2021 11,433 6,860 199 
Advanced Pain Management Holdings, Inc.+(7)Senior loan L + 8.50%(c) 9.75% 07/2021 4,082 — 
Advanced Pain Management Holdings, Inc.+(7)Senior loan L + 5.00%(c) 6.25% 07/2021 782 469 14 
Advanced Pain Management Holdings, Inc.+(5)(7)Senior loan L + 5.00%(c) 6.25% 07/2021 347 (21)
Agilitas USA, Inc.*#One stop L + 7.75%(c) 8.75% 04/2022 6,647 6,669 0.36,647 
Agilitas USA, Inc.+One stop L + 7.75%(c) 8.75% 04/2022 100 100 100 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stop L + 6.00%(c) 7.00% 03/2027 3,996 3,936 0.23,936 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stop L + 10.50%(c) 11.50% 03/2028 1,586 1,562 0.11,562 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)One stop L + 6.00% N/A(6) 03/2027 — (2)(1)
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)One stop L + 6.00% N/A(6) 03/2027 — (47)(48)
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)One stop L + 10.50% N/A(6) 03/2028 — (6)(6)
CRH Healthcare Purchaser, Inc.*~Senior loan L + 4.50%(c) 5.50% 12/2024 19,502 19,553 0.819,502 
CRH Healthcare Purchaser, Inc.+Senior loan L + 4.50%(c) 5.50% 12/2024 4,174 4,163 0.24,174 
CRH Healthcare Purchaser, Inc.+(5)Senior loan L + 4.50% N/A(6) 12/2024 — (1)— 
Deca Dental Management LLC*#+One stop L + 7.50%(c) 7.00% cash/1.50% PIK 05/2022 11,323 11,400 0.511,323 
Deca Dental Management LLC#~One stop L + 7.50%(c) 7.00% cash/1.50% PIK 05/2022 1,379 1,389 0.11,379 
Deca Dental Management LLC+~One stop L + 7.50%(c) 7.00% cash/1.50% PIK 05/2022 994 1,001 0.1994 

See Notes to Consolidated Financial Statements.
17

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Providers & Services - (continued)
Deca Dental Management LLC+One stop L + 7.50%(c) 7.00% cash/1.50% PIK 05/2022 $738 $745 %$738 
Deca Dental Management LLC+One stop L + 7.50%(c) 7.00% cash/1.50% PIK 05/2022 102 101 102 
Deca Dental Management LLC+One stop L + 7.50%(c) 7.00% cash/1.50% PIK 05/2022 — 
Emerge Intermediate, Inc.*#One stop L + 8.50%(c) 7.00% cash/2.50% PIK 05/2024 19,037 18,813 0.717,895 
Emerge Intermediate, Inc.+(5)One stop L + 8.50% N/A(6) 05/2024 — (2)(18)
Encorevet Group LLC+One stop L + 5.25%(c) 6.25% 11/2024 708 699 708 
Encorevet Group LLC+Senior loan L + 5.25%(c) 6.25% 11/2024 248 246 248 
Encorevet Group LLC+Senior loan L + 5.25%(c) 6.25% 11/2024 111 111 111 
Encorevet Group LLC+Senior loan L + 5.25%(c) 6.25% 11/2024 69 69 69 
Encorevet Group LLC+Senior loan L + 5.25%(c) 6.25% 11/2024 58 57 58 
Encorevet Group LLC+Senior loan L + 5.25%(c) 6.25% 11/2024 10 10 10 
Encorevet Group LLC+Senior loan L + 5.25% N/A(6) 11/2024 — — — 
Eyecare Services Partners Holdings LLC+One stop L + 6.25%(c) 7.25% 05/2023 18,137 18,216 0.716,323 
Eyecare Services Partners Holdings LLC*+One stop L + 6.25%(c) 7.25% 05/2023 7,956 8,060 0.37,160 
Eyecare Services Partners Holdings LLC*#One stop L + 6.25%(c) 7.25% 05/2023 6,968 7,062 0.36,270 
Eyecare Services Partners Holdings LLC+One stop L + 6.25%(c) 7.25% 05/2023 5,128 5,145 0.24,614 
Eyecare Services Partners Holdings LLC*+One stop L + 6.25%(c) 7.25% 05/2023 2,379 2,411 0.12,141 
Eyecare Services Partners Holdings LLC*+One stop L + 6.25%(c) 7.25% 05/2023 1,527 1,548 0.11,374 
Eyecare Services Partners Holdings LLC*#One stop L + 6.25%(c) 7.25% 05/2023 1,129 1,144 1,016 
Eyecare Services Partners Holdings LLC*#One stop L + 6.25%(c) 7.25% 05/2023 994 1,008 895 
Eyecare Services Partners Holdings LLC*+One stop L + 6.25%(c) 7.25% 05/2023 642 649 578 
Eyecare Services Partners Holdings LLC+One stop L + 6.25%(c) 7.25% 05/2023 400 399 360 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.~(8)(9)(12)One stop L + 4.50%(m) 4.98% 03/2027 11,772 11,673 0.512,527 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stop L + 4.50%(m) 4.94% 03/2027 133 131 144 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)One stop L + 5.00%(c) 5.20% 03/2027 20 19 21 
Klick Inc.+(8)(12)Senior loan L + 4.50%(c) 5.50% 03/2028 10,124 10,023 0.410,023 
Klick Inc.+(8)(12)Senior loan L + 4.50%(c) 5.50% 03/2026 27 25 25 
Krueger-Gilbert Health Physics, LLC+~Senior loan L + 5.25%(c) 6.25% 05/2025 2,347 2,336 0.12,347 
Krueger-Gilbert Health Physics, LLC+Senior loan L + 5.25%(c) 6.25% 05/2025 1,173 1,172 1,173 
Krueger-Gilbert Health Physics, LLC+Senior loan L + 5.25%(c) 6.25% 05/2025 1,108 1,142 1,108 
Krueger-Gilbert Health Physics, LLC+Senior loan L + 5.25%(c) 6.25% 05/2025 50 50 50 
MD Now Holdings, Inc.#+One stop L + 5.00%(c) 6.00% 08/2024 14,470 14,605 0.614,470 
MD Now Holdings, Inc.+One stop L + 5.00%(c) 6.00% 08/2024 622 622 622 
MD Now Holdings, Inc.+(5)One stop L + 5.00% N/A(6) 08/2024 — (1)— 
Midwest Veterinary Partners, LLC+One stop L + 5.75%(c) 6.75% 07/2025 11,360 11,213 0.511,360 
Midwest Veterinary Partners, LLC+One stop L + 5.75%(c) 6.75% 07/2025 9,757 9,627 0.49,757 
Midwest Veterinary Partners, LLC^One stop L + 5.75%(c) 6.75% 07/2025 4,252 4,195 0.24,252 
Midwest Veterinary Partners, LLC+One stop L + 5.75%(c) 6.75% 07/2025 4,120 4,090 0.24,120 
Midwest Veterinary Partners, LLC#+One stop L + 5.75%(c) 6.75% 07/2025 1,020 1,012 1,020 
Midwest Veterinary Partners, LLC+One stop L + 5.75%(c) 6.75% 07/2025 150 150 150 
MWD Management, LLC & MWD Services, Inc.#+One stop L + 5.50%(c) 6.50% 06/2023 9,333 9,292 0.49,333 
MWD Management, LLC & MWD Services, Inc.#One stop L + 5.50%(c) 6.50% 06/2023 4,494 4,549 0.24,494 
MWD Management, LLC & MWD Services, Inc.+(5)One stop L + 5.50% N/A(6) 06/2022 — (1)— 

See Notes to Consolidated Financial Statements.
18

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Providers & Services - (continued)
NVA Holdings, Inc.~Senior loan L + 3.50%(a) 3.63% 02/2026 $2,840 $2,817 0.1%$2,840 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 19,249 17,574 0.512,741 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 2,234 1,897 0.11,479 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 2,116 1,922 0.11,401 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 1,602 1,361 1,061 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 1,416 1,202 937 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 1,232 1,047 816 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 960 815 635 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 832 706 551 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 513 436 340 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c)(f) 7.25% 05/2022 291 266 193 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 97 89 64 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 88 81 58 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 69 63 46 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 64 58 42 
Pinnacle Treatment Centers, Inc.#One stop L + 5.75%(c) 6.75% 1/1/2023 19,030 19,083 0.819,030 
Pinnacle Treatment Centers, Inc.*One stop L + 5.75%(c) 6.75% 1/1/2023 7,612 7,569 0.37,612 
Pinnacle Treatment Centers, Inc.#+One stop L + 5.75%(c) 6.75% 01/2023 1,563 1,565 0.11,563 
Pinnacle Treatment Centers, Inc.^One stop L + 5.75%(c) 6.75% 01/2023 706 710 706 
Pinnacle Treatment Centers, Inc.+One stop L + 5.75%(c) 6.75% 01/2023 186 187 186 
Pinnacle Treatment Centers, Inc.+^One stop L + 5.75%(c) 6.75% 01/2023 106 107 106 
Pinnacle Treatment Centers, Inc.+One stop L + 5.75%(c) 6.75% 01/2023 38 37 38 
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 + 8.50%(c) 7.00% cash/2.50% PIK 12/2022 25,170 24,166 0.922,646 
PPT Management Holdings, LLC+One stop L + 8.50%(c) 7.00% cash/2.50% PIK 12/2022 306 295 274 
PPT Management Holdings, LLC+One stop L + 8.50%(c) 7.00% cash/2.50% PIK 12/2022 180 175 162 
PPT Management Holdings, LLC+One stop L + 8.50%(c) 7.00% cash/2.50% PIK 12/2022 88 74 80 
PPT Management Holdings, LLC+(5)One stop L + 8.50%(c) 7.00% cash/2.50% PIK 12/2022 18 (1)(24)
Pyramid Healthcare, Inc.*+One stop L + 6.50%(c) 7.50% 08/2022 13,743 13,638 0.513,743 
Pyramid Healthcare, Inc.+One stop L + 6.50%(c) 7.50% 08/2022 423 420 423 
Pyramid Healthcare, Inc.+One stop L + 6.50%(c) 7.50% 08/2022 306 303 306 
Pyramid Healthcare, Inc.+One stop L + 6.50%(c) 7.50% 08/2022 266 264 266 
Pyramid Healthcare, Inc.+One stop L + 6.50%(c) 7.50% 8/1/2022 103 102 103 
Pyramid Healthcare, Inc.+One stop L + 6.50%(c) 7.50% 08/2022 41 41 41 
Pyramid Healthcare, Inc.+(5)One stop L + 6.50% N/A(6) 08/2022 — (5)— 
Riverchase MSO, LLC*#Senior loan L + 6.75%(a) 6.75% cash/1.00% PIK 10/2022 9,623 9,697 0.49,623 
Riverchase MSO, LLC+Senior loan P + 5.75%(f) 8.00% cash/1.00% PIK 10/2022 130 130 130 
RXH Buyer Corporation*#+One stop L + 5.75%(c) 6.75% 09/2022 27,380 27,411 1.127,380 
RXH Buyer Corporation*#One stop L + 5.75%(c) 6.75% 09/2022 3,099 3,103 0.13,099 
RXH Buyer Corporation+(5)One stop L + 5.75% N/A(6) 09/2022 — (1)— 
Summit Behavioral Healthcare, LLC*#+Senior loan L + 5.00%(c) 6.00% 10/2023 29,492 29,226 1.229,492 
Summit Behavioral Healthcare, LLC+Senior loan L + 5.00%(c) 6.00% 10/2023 905 878 905 

See Notes to Consolidated Financial Statements.
19

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Providers & Services - (continued)
Summit Behavioral Healthcare, LLC+Senior loan L + 5.00%(c) 6.00% 10/2023 $100 $97 %$100 
Veterinary Specialists of North America, LLC*#+Senior loan L + 4.25%(a) 4.36% 04/2025 41,442 42,699 1.741,442 
Veterinary Specialists of North America, LLC+Senior loan L + 4.25%(a) 4.36% 04/2025 11,784 11,780 0.511,784 
Veterinary Specialists of North America, LLC#+Senior loan L + 4.25%(a) 4.36% 04/2025 2,857 2,839 0.12,857 
Veterinary Specialists of North America, LLC*+Senior loan L + 4.25%(a) 4.36% 04/2025 1,437 1,483 0.11,437 
Veterinary Specialists of North America, LLC+(5)Senior loan L + 4.25% N/A(6) 04/2025 — (2)— 
WHCG Management, LLC*#+Senior loan L + 4.75%(d) 5.75% 03/2023 15,984 16,058 0.615,825 
WHCG Management, LLC+Senior loan L + 4.75%(d) 5.75% 03/2023 5,598 5,569 0.25,542 
WHCG Management, LLC+Senior loan L + 4.75%(d) 5.75% 03/2023 1,973 1,968 0.11,953 
WHCG Management, LLC+Senior loan L + 4.75%(d) 5.75% 03/2023 336 334 333 
WHCG Management, LLC+Senior loan L + 4.75%(d) 5.75% 03/2023 196 197 194 
WHCG Management, LLC+(5)Senior loan L + 4.75% N/A(6) 3/1/2023 — (73)(74)
570,634 558,419 21.3531,668 

See Notes to Consolidated Financial Statements.
20

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Technology
Connexin Software, Inc.+~One stop L + 8.50%(a) 9.50% 02/2024 $7,550 $7,607 0.3%$7,550 
Connexin Software, Inc.+One stop L + 8.50% N/A(6) 02/2024 — — — 
HealthcareSource HR, Inc.*#One stop L + 6.25%(c) 7.25% 05/2023 33,563 33,589 1.333,563 
HealthcareSource HR, Inc.+(5)One stop L + 6.25% N/A(6) 05/2023 — (1)— 
HealthEdge Software, Inc.One stop L + 6.25%(c) 7.25% 04/2026 2,000 1,962 0.12,000 
HealthEdge Software, Inc.+One stop L + 6.25%(c) 7.25% 04/2026 1,008 1,008 0.11,008 
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 6,281 6,246 0.36,281 
HSI Halo Acquisition, Inc.+One stop L + 5.75%(c) 6.75% 08/2026 1,972 1,953 0.11,972 
HSI Halo Acquisition, Inc.+One stop L + 5.75%(c) 6.75% 08/2026 645 639 645 
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 — (13)— 
Kareo, Inc.+One stop L + 9.00%(a) 10.00% 06/2022 10,273 10,354 0.410,375 
Kareo, Inc.One stop L + 9.00%(a) 10.00% 06/2022 1,506 1,450 0.11,521 
Kareo, Inc.+One stop L + 9.00%(a) 10.00% 06/2022 941 951 951 
Kareo, Inc.+One stop L + 9.00%(a) 10.00% 06/2022 753 761 761 
Kareo, Inc.+One stop L + 9.00%(a) 10.00% 06/2022 80 81 80 
Nextech Holdings, LLC^One stop L + 5.50%(c) 5.71% 06/2025 3,991 4,052 0.23,912 
Nextech Holdings, LLC+One stop L + 5.50%(b) 5.65% 06/2025 1,947 1,933 0.11,908 
Nextech Holdings, LLC+(5)One stop L + 5.50% N/A(6) 06/2025 — (3)(12)
Nextech Holdings, LLC+(5)One stop L + 5.50% N/A(6) 06/2025 — (3)(8)
Qgenda Intermediate Holdings, LLC^One stop L + 5.50%(c) 6.50% 06/2025 15,199 15,199 0.615,199 
Qgenda Intermediate Holdings, LLC#+One stop L + 5.50%(c) 6.50% 06/2025 12,380 12,266 0.512,380 
Qgenda Intermediate Holdings, LLC#One stop L + 5.50%(c) 6.50% 06/2025 988 988 988 
Qgenda Intermediate Holdings, LLC+One stop L + 5.50% N/A(6) 06/2025 — — — 
Transaction Data Systems, Inc.*#+~^One stop L + 5.75%(c) 6.75% 02/2026 83,051 82,504 3.383,051 
Transaction Data Systems, Inc.+One stop L + 5.75%(a)(c) 6.75% 02/2026 108 105 108 
Verisys Corporation*#One stop L + 8.25%(c) 8.75% cash/0.50% PIK 01/2023 8,471 8,554 0.38,302 
Verisys Corporation+One stop L + 8.25%(c) 8.75% cash/0.50% PIK 01/2023 40 40 40 
193,004 192,475 7.7192,832 


See Notes to Consolidated Financial Statements.
21

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Hotels, Restaurants & Leisure
BJH Holdings III Corp.#+^One stop L + 5.25%(a) 6.25% 08/2025 $44,270 $45,476 1.8$44,270 
BJH Holdings III Corp.+(5)One stop L + 5.25% N/A(6) 08/2025 — (6)— 
CR Fitness Holdings, LLC+~Senior loan L + 4.25%(a) 5.25% 07/2025 1,989 1,999 0.11,909 
CR Fitness Holdings, LLC+Senior loan L + 4.25%(a) 5.25% 07/2025 267 262 233 
CR Fitness Holdings, LLC+Senior loan L + 4.25%(a)(c) 5.25% 07/2025 74 74 72 
Davidson Hotel Company, LLC+One stop L + 6.75%(a)(c) 6.25% cash/1.50% PIK 07/2024 7,034 6,984 0.24,924 
Davidson Hotel Company, LLC+One stop L + 6.75%(a)(c) 6.25% cash/1.50% PIK 07/2024 1,080 1,077 756 
Davidson Hotel Company, LLC+(5)One stop L + 6.75% N/A(6) 07/2024 — — (30)
Davidson Hotel Company, LLC+(5)One stop L + 6.75% N/A(6) 07/2024 — (17)— 
EOS Fitness Opco Holdings, LLC*#One stop L + 5.75%(c) 6.75% 01/2025 8,631 8,722 0.38,113 
EOS Fitness Opco Holdings, LLC+One stop L + 5.75%(c) 6.75% 01/2025 909 918 854 
EOS Fitness Opco Holdings, LLC+One stop L + 5.75%(c) 6.75% 01/2025 120 120 112 
Freddy's Frozen Custard LLC~One stop L + 6.00%(c) 7.00% 03/2027 9,694 9,598 0.49,597 
Freddy's Frozen Custard LLC+One stop L + 6.00%(c) 7.00% 03/2027 14 13 13 
Self Esteem Brands, LLC*#+^Senior loan L + 4.25%(a) 5.25% 02/2022 45,608 45,841 1.845,608 
Self Esteem Brands, LLC+Senior loan P + 3.25%(f) 6.50% 02/2022 2,339 2,336 0.12,339 
SSRG Holdings, LLCOne stop L + 5.25%(c) 6.25% 11/2025 913 899 913 
SSRG Holdings, LLC+One stop L + 5.25%(c) 6.25% 11/2025 55 54 55 
Sunshine Sub, LLC#~One stop L + 5.25%(c) 6.25% 05/2024 12,833 12,919 0.512,447 
Sunshine Sub, LLC#+One stop L + 5.25%(c) 6.25% 05/2024 5,626 5,784 0.25,456 
Sunshine Sub, LLC+(5)One stop L + 5.25% N/A(6) 05/2024 — (1)(6)
Tropical Smoothie Cafe Holdings, LLC*#Senior loan L + 5.25%(a)(c)(d) 6.25% 09/2026 16,791 16,638 0.716,791 
Tropical Smoothie Cafe Holdings, LLC+(5)Senior loan L + 5.25% N/A(6) 09/2026 — (1)— 
Velvet Taco Holdings, Inc.~One stop L + 8.00%(c) 8.00% cash/1.00% PIK 03/2026 1,781 1,762 0.11,638 
Velvet Taco Holdings, Inc.+One stop L + 11.00%(c) 8.00% cash/4.00% PIK 03/2026 91 91 91 
Velvet Taco Holdings, Inc.+One stop L + 7.00% N/A(6) 03/2026 — — — 
160,119 161,542 6.2156,155 
Household Durables
Groundworks LLC^Senior loan L + 5.00%(c) 6.00% 01/2026 4,686 4,619 0.24,686 
Groundworks LLC+Senior loan L + 5.00%(c) 6.00% 01/2026 324 307 324 
Groundworks LLC+Senior loan L + 5.00%(c) 6.00% 01/2026 84 82 84 
Groundworks LLC+(5)Senior loan L + 5.00% N/A(6) 01/2026 — (1)— 
Groundworks LLC+(5)(8)Senior loan L + 5.00% N/A(6) 01/2026 — (27)— 
5,094 4,980 0.25,094 

See Notes to Consolidated Financial Statements.
22

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Household Products
WU Holdco, Inc. #^One stop L + 5.25%(c) 6.25% 03/2026 $3,411 $3,479 0.2%$3,411 
WU Holdco, Inc. +One stop L + 5.25%(c) 6.25% 03/2026 390 390 390 
WU Holdco, Inc. +One stop L + 5.25%(c) 5.45% 03/2025 16 16 14 
3,817 3,885 0.23,815 
Industrial Conglomerates
Arch Global CCT Holdings Corp.#+^Senior loan L + 4.75%(a) 4.86% 04/2026 4,177 4,210 0.24,177 
Arch Global CCT Holdings Corp.+Senior loan L + 4.75% N/A(6) 04/2025 — — — 
Arch Global CCT Holdings Corp.+Senior loan L + 4.75% N/A(6) 04/2026 — — — 
Madison Safety & Flow LLC^Senior loan L + 4.00%(a) 4.10% 03/2025 484 484 484 
Madison Safety & Flow LLC+Senior loan L + 4.00% N/A(6) 03/2025 — — — 
Specialty Measurement Bidco Limited~(8)(9)(10)One stop E+ 6.25%(g) 7.25% 11/2027 7,969 7,757 0.37,844 
Specialty Measurement Bidco Limited~(8)(10)One stop L + 6.25%(c) 7.25% 11/2027 7,961 7,753 0.37,961 
Specialty Measurement Bidco Limited+(5)(8)(9)(10)One stop L + 6.25% N/A(6) 11/2027 — (51)— 
20,591 20,153 0.820,466 


See Notes to Consolidated Financial Statements.
23

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Insurance
Captive Resources Midco, LLC*#+~^One stop L + 5.75%(a) 6.75% 05/2025 $52,136 $52,305 2.1%$52,136 
Captive Resources Midco, LLC#One stop L + 5.75%(a) 6.75% 05/2025 1,432 1,421 0.11,432 
Captive Resources Midco, LLC+(5)One stop L + 5.75% N/A(6) 05/2025 — (15)— 
High Street Insurance Partners, Inc.+Senior loan L + 6.50%(a)(c)(d) 7.50% 12/2025 1,129 1,104 0.11,112 
High Street Insurance Partners, Inc.+Senior loan L + 6.50%(a)(c) 7.50% 12/2025 109 95 95 
Integrity Marketing Acquisition, LLC^Senior loan L + 5.75%(c) 6.75% 08/2025 2,458 2,459 0.12,421 
Integrity Marketing Acquisition, LLC+Senior loan L + 5.75%(c)(d) 6.75% 08/2025 786 782 774 
Integrity Marketing Acquisition, LLC+Senior loan L + 5.75%(c)(d) 6.75% 08/2025 475 473 468 
Integrity Marketing Acquisition, LLC+Senior loan L + 5.75%(c) 6.75% 08/2025 248 246 244 
Integrity Marketing Acquisition, LLC+Senior loan L + 5.75% N/A(6) 08/2025 — — — 
Integrity Marketing Acquisition, LLC+(5)Senior loan L + 5.75% N/A(6) 08/2025 — (22)(23)
J.S. Held Holdings, LLC#+^One stop L + 6.00%(c) 7.00% 07/2025 6,442 6,411 0.36,379 
J.S. Held Holdings, LLC+One stop P + 5.00%(f) 8.25% 07/2025 160 155 156 
J.S. Held Holdings, LLC+(5)One stop L + 6.00% N/A(6) 07/2025 — — (1)
J.S. Held Holdings, LLC+(5)One stop L + 6.00% N/A(6) 07/2025 — (22)(15)
Majesco+One stop L + 7.75%(c) 8.75% 09/2027 14,464 14,210 0.614,464 
Majesco+(5)One stop L + 7.75% N/A(6) 09/2026 — (3)— 
Orchid Underwriters Agency, LLC^Senior loan L + 4.50%(c) 5.50% 12/2024 4,103 4,149 0.24,103 
Orchid Underwriters Agency, LLC+Senior loan L + 4.50%(c) 5.50% 12/2024 541 541 541 
Orchid Underwriters Agency, LLC+Senior loan L + 4.25% N/A(6) 12/2024 — — — 
People Corporation~(8)(9)(14)One stop L + 6.25%(m) 7.25% 02/2028 14,951 14,694 0.614,824 
People Corporation+(8)(9)(14)One stop L + 6.25%(m) 7.25% 02/2028 682 640 591 
People Corporation+(5)(8)(9)(14)One stop L + 6.25% N/A(6) 02/2027 — (2)(2)
RSC Acquisition, Inc.*#+^One stop L + 5.50%(c) 6.50% 10/2026 26,030 25,576 1.026,030 
RSC Acquisition, Inc.+One stop L + 5.50%(b)(c) 6.50% 10/2026 2,518 2,426 0.12,518 
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 — (151)— 
Sunstar Insurance Group, LLC+Senior loan L + 5.75%(c) 6.75% 10/2026 627 616 621 
Sunstar Insurance Group, LLC+Senior loan L + 5.75%(c) 6.75% 10/2026 307 299 303 
Sunstar Insurance Group, LLC+Senior loan L + 5.50% N/A(6) 10/2026 — — — 
129,598 128,386 5.2129,171 
Internet & Catalog Retail
AutoQuotes, LLC+One stop L + 6.00%(c) 7.00% 11/2024 9,863 9,983 0.49,863 
AutoQuotes, LLC+One stop L + 6.00% N/A(6) 11/2024 — — — 
9,863 9,983 0.49,863 

See Notes to Consolidated Financial Statements.
24

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
IT Services
Acquia, Inc.+~One stop L + 7.00%(c) 8.00% 10/2025 $7,118 $7,063 0.3%$7,118 
Acquia, Inc.+One stop L + 7.00%(c) 8.00% 10/2025 
Appriss Holdings, Inc.+~^One stop L + 5.50%(c) 5.70% 05/2026 24,842 25,488 1.024,842 
Appriss Holdings, Inc.+(5)One stop L + 5.50% N/A(6) 05/2025 — (3)— 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+One stop L + 7.50%(c) 8.50% cash/1.00% PIK 08/2025 4,638 4,477 0.24,742 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+One stop L + 7.50% N/A(6) 08/2025 — — 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+(5)One stop L + 7.50% N/A(6) 08/2025 — (13)— 
Centrify Corporation+One stop L + 6.00%(c) 7.00% 03/2028 16,833 16,583 0.616,623 
Centrify Corporation+(5)One stop L + 6.00% N/A(6) 03/2027 — (2)(2)
Episerver, Inc.+~(8)(9)One stop E+ 6.00%(g) 6.00% 10/2024 20,436 20,709 0.921,319 
Episerver, Inc.#^One stop L + 5.75%(d) 6.75% 10/2024 12,124 12,289 0.512,263 
Episerver, Inc.+(5)One stop L + 5.75% N/A(6) 10/2024 — (2)
Gamma Technologies, LLC*#+^One stop L + 4.75%(c) 5.75% 06/2024 47,092 47,368 1.947,092 
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 29,034 28,647 1.229,034 
Infinisource, Inc.+(8)One stop L + 4.50%(c) 5.50% 10/2026 284 281 284 
Infinisource, Inc.+One stop L + 4.50%(c) 5.50% 10/2026 110 109 110 
Infinisource, Inc.+(5)One stop L + 4.50% N/A(6) 10/2026 — (1)— 
Maverick Bidco Inc.*#+~One stop L + 6.25%(c) 7.25% 04/2023 48,301 48,402 1.948,301 
Maverick Bidco Inc.+One stop L + 6.25%(c) 7.25% 04/2023 3,629 3,553 0.13,629 
Maverick Bidco Inc.*#(8)One stop L + 6.25%(c) 7.25% 04/2023 3,167 3,210 0.13,167 
Maverick Bidco Inc.+One stop L + 6.25%(c) 7.25% 04/2023 2,807 2,751 0.12,807 
Maverick Bidco Inc.^One stop L + 6.25%(c) 7.25% 04/2023 1,684 1,633 0.11,684 
Maverick Bidco Inc.+(5)One stop L + 6.25% N/A(6) 04/2023 — (1)— 
Maverick Bidco Inc.+(5)One stop L + 6.25% N/A(6) 04/2023 — (95)— 
PCS Intermediate II Holdings, LLC~(8)One stop L + 5.25%(c) 6.25% 01/2026 14,420 14,304 0.614,420 
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 740 732 725 
Recordxtechnologies, LLC+One stop L + 5.50%(c) 6.50% 12/2025 115 114 112 
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 24,008 23,777 1.024,284 
Red Dawn SEI Buyer, Inc.^Senior loan L + 4.25%(d) 5.25% 11/2025 748 741 745 
Red Dawn SEI Buyer, Inc.+Senior loan L + 4.25%(d) 5.25% 11/2025 133 132 132 
Red Dawn SEI Buyer, Inc.+Senior loan L + 4.25%(a) 5.25% 11/2025 13 12 13 
Red Dawn SEI Buyer, Inc.+(5)Senior loan L + 4.50% N/A(6) 11/2025 — (54)33 
262,322 262,248 10.5263,526 


See Notes to Consolidated Financial Statements.
25

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Leisure Products
WBZ Investment LLC#+One stop L + 7.50%(c) 6.50% cash/2.00% PIK 09/2024 $8,553 $8,604 0.3%$7,955 
WBZ Investment LLC+One stop L + 7.50%(c) 6.50% cash/2.00% PIK 09/2024 1,226 1,218 0.11,140 
WBZ Investment LLC+One stop L + 7.50%(c) 6.50% cash/2.00% PIK 09/2024 852 876 792 
WBZ Investment LLC+One stop L + 7.50%(c) 6.50% cash/2.00% PIK 09/2024 435 449 405 
WBZ Investment LLC+One stop L + 7.50%(c) 6.50% cash/2.00% PIK 09/2024 80 81 76 
11,146 11,228 0.410,368 
Life Sciences Tools & Services
Pace Analytical Services, LLC*#+One stop L + 5.50%(c) 6.50% 04/2024 29,485 29,524 1.229,485 
Pace Analytical Services, LLC+One stop L + 5.75%(c) 6.75% 04/2024 7,010 6,923 0.37,010 
Pace Analytical Services, LLC+One stop L + 5.75%(c) 6.75% 04/2024 3,523 3,423 0.13,523 
Pace Analytical Services, LLC#^One stop L + 5.75%(c) 6.75% 04/2024 2,741 2,747 0.12,741 
Pace Analytical Services, LLC*#One stop L + 5.50%(c) 6.50% 04/2024 1,643 1,666 0.11,643 
Pace Analytical Services, LLC*#One stop L + 5.50%(c) 6.50% 04/2024 1,511 1,517 0.11,511 
Pace Analytical Services, LLC*#One stop L + 5.50%(c) 6.50% 04/2024 1,257 1,257 0.11,257 
Pace Analytical Services, LLC^One stop L + 5.75%(c) 6.75% 04/2024 1,216 1,233 1,216 
Pace Analytical Services, LLCOne stop L + 5.75%(c) 6.75% 04/2024 988 971 988 
Pace Analytical Services, LLC*#One stop L + 5.50%(c) 6.50% 04/2024 674 675 674 
Pace Analytical Services, LLC*#One stop L + 5.50%(c) 6.50% 04/2024 557 564 557 
Pace Analytical Services, LLC*One stop L + 5.50%(c) 6.50% 04/2024 187 189 187 
Pace Analytical Services, LLC+(5)One stop L + 5.75% N/A(6) 04/2024 — (2)— 
50,792 50,687 2.050,792 
Machinery
Bad Boy Mowers Acquisition, LLC+(8)Senior loan L + 4.50%(c) 5.25% 03/2028 2,039 2,034 0.12,034 
Blackbird Purchaser, Inc. *+~^Senior loan L + 4.50%(c)(f) 4.70% 04/2026 15,920 16,167 0.615,760 
Blackbird Purchaser, Inc. +Senior loan L + 4.50%(c) 4.70% 04/2024 28 28 26 
Chase Industries, Inc.+~Senior loan L + 7.00%(d) 6.50% cash/1.50% PIK 05/2025 12,059 12,166 0.510,385 
Chase Industries, Inc.+Senior loan L + 7.00%(d) 6.50% cash/1.50% PIK 05/2025 985 1,016 849 
Chase Industries, Inc.+Senior loan L + 7.00%(d) 6.50% cash/1.50% PIK 05/2023 238 240 208 
Time Manufacturing Acquisition, LLC~Senior loan L + 5.00%(b)(c) 6.00% 02/2023 715 714 718 
31,984 32,365 1.229,980 
Marine
Veson Nautical LLC#^One stop L + 5.00%(c) 6.00% 11/2025 9,668 9,579 0.49,668 
Veson Nautical LLC+(5)One stop L + 5.00% N/A(6) 11/2025 — (1)— 
9,668 9,578 0.49,668 

See Notes to Consolidated Financial Statements.
26

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Multiline Retail
Mills Fleet Farm Group LLC*#+~^One stop L + 6.00%(c) 7.00% 10/2024 $46,488 $46,386 1.9%$46,488 
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.+~(8)(12)One stop L + 5.75%(c) 6.75% 05/2025 13,690 13,908 0.513,690 
3ES Innovation, Inc.+(5)(8)(12)One stop L + 5.75% N/A(6) 05/2025 — (1)— 
Drilling Info Holdings, Inc.*#+~Senior loan L + 4.25%(a) 4.36% 07/2025 36,611 37,043 1.536,532 
Drilling Info Holdings, Inc.~Senior loan L + 4.50%(a) 4.61% 07/2025 17,254 16,871 0.717,385 
Drilling Info Holdings, Inc.+Senior loan L + 4.25%(a) 4.36% 07/2023 80 78 78 
Drilling Info Holdings, Inc.+Senior loan L + 4.50%(a) 4.61% 07/2023 34 32 34 
Drilling Info Holdings, Inc.+(5)Senior loan L + 4.25% N/A(6) 07/2025 — (5)(2)
Project Power Buyer, LLC*#^One stop L + 6.25%(c) 7.25% 05/2026 15,703 15,837 0.615,703 
Project Power Buyer, LLC+(5)One stop L + 6.25% N/A(6) 05/2025 — (1)— 
83,372 83,762 3.383,420 
Paper & Forest Products
Messenger, LLC+~One stop L + 6.00%(c)(f) 7.00% 08/2023 8,967 9,027 0.48,967 
Messenger, LLC+One stop L + 6.00% N/A(6) 08/2023 — — — 
8,967 9,027 0.48,967 

See Notes to Consolidated Financial Statements.
27

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Personal Products
IMPLUS Footwear, LLC+~One stop L + 7.75%(c) 8.75% 04/2024 $30,820 $31,170 1.1%$27,737 
IMPLUS Footwear, LLC+~One stop L + 7.75%(c) 8.75% 04/2024 5,263 5,324 0.24,737 
IMPLUS Footwear, LLC*+One stop L + 7.75%(c) 8.75% 04/2024 759 779 683 
36,842 37,273 1.333,157 
Pharmaceuticals
ACP Ulysses Buyer, Inc.+^Senior loan L + 5.00%(c) 6.00% 02/2026 13,144 13,036 0.513,144 
Amalthea Parent, Inc.+(8)(12)One stop L + 5.25%(b) 6.25% 03/2027 22,357 22,134 0.922,134 
Amalthea Parent, Inc.+(5)(8)(12)One stop L + 5.25% N/A(6) 03/2027 — (3)(3)
Amalthea Parent, Inc.+(5)(8)(12)One stop L + 5.25% N/A(6) 03/2027 — (50)(50)
Apothecary Products, LLC+Senior loan L + 4.25%(a) 5.25% 07/2023 2,904 2,990 0.12,904 
Apothecary Products, LLC+Senior loan L + 4.25%(d) 5.25% 07/2023 78 78 78 
BIOVT, LLC*#^One stop L + 5.75%(a) 6.75% 07/2022 32,636 32,436 1.332,636 
BIOVT, LLC#^One stop L + 5.75%(a) 6.75% 07/2022 1,983 1,970 0.11,983 
BIOVT, LLC*One stop L + 5.75%(a) 6.75% 07/2022 1,862 1,850 0.11,862 
BIOVT, LLC+One stop L + 5.75%(c) 6.75% 07/2022 200 198 200 
75,164 74,639 3.074,888 
Professional Services
Brandmuscle, Inc.#Senior loan L + 4.75%(c) 5.75% 12/2021 7,665 7,676 0.37,663 
Brandmuscle, Inc.#Senior loan L + 5.00%(c) 6.00% 12/2021 1,068 1,076 1,069 
Brandmuscle, Inc.+Senior loan L + 4.75% N/A(6) 12/2021 — — — 
DISA Holdings Acquisition Subsidiary Corp.+~Senior loan L + 4.25%(c) 5.25% 06/2022 9,161 9,221 0.48,978 
DISA Holdings Acquisition Subsidiary Corp.+(5)Senior loan L + 4.25% N/A(6) 06/2022 — — (29)
Net Health Acquisition Corp.+One stop L + 5.75%(c) 6.75% 12/2025 13,437 13,305 0.513,303 
Net Health Acquisition Corp.*#One stop L + 5.75%(c) 6.75% 12/2025 8,510 8,536 0.38,425 
Net Health Acquisition Corp.~^One stop L + 5.75%(c) 6.75% 12/2025 6,810 6,862 0.36,742 
Net Health Acquisition Corp.+One stop L + 5.75%(c) 6.75% 12/2025 4,302 4,243 0.24,259 
Net Health Acquisition Corp.*#One stop L + 5.75%(c) 6.75% 12/2025 1,189 1,193 1,177 
Net Health Acquisition Corp.+(5)One stop L + 5.75% N/A(6) 12/2025 — (3)(3)
Nexus Brands Group, Inc.*#One stop L + 6.00%(c) 7.00% 11/2023 9,330 9,408 0.49,330 
Nexus Brands Group, Inc.+~(8)(9)One stop L + 6.00%(i) 7.00% 11/2023 7,109 7,208 0.37,797 
Nexus Brands Group, Inc.#+One stop L + 6.00%(c) 7.00% 11/2023 1,976 2,031 0.11,976 
Nexus Brands Group, Inc.#~One stop L + 6.00%(c) 7.00% 11/2023 1,429 1,469 0.11,429 
Nexus Brands Group, Inc.+(8)(9)One stop L + 6.00%(i) 7.00% 11/2023 822 821 849 
Nexus Brands Group, Inc.~One stop L + 6.00%(c) 7.00% 11/2023 761 756 761 
Nexus Brands Group, Inc.+One stop L + 6.00%(c) 7.00% 11/2023 516 516 516 
Nexus Brands Group, Inc.+One stop L + 6.00%(c) 7.00% 11/2023 85 84 85 
Nexus Brands Group, Inc.+One stop L + 6.00%(c) 7.00% 11/2023 54 53 54 
Nexus Brands Group, Inc.+One stop L + 6.00%(a)(c) 7.00% 11/2023 40 41 40 
Nexus Brands Group, Inc.+(8)(9)One stop L + 6.00%(h) 7.00% 11/2023 14 14 14 
Nexus Brands Group, Inc.+One stop L + 6.00% N/A(6) 11/2023 — — — 
PlanSource Holdings, Inc. +~One stop L + 6.25%(d) 7.25% 04/2025 11,416 11,528 0.511,416 
PlanSource Holdings, Inc. +(5)One stop L + 6.25% N/A(6) 04/2025 — (1)— 
Teaching Company, The*#+One stop L + 4.75%(c)(d) 5.75% 07/2023 17,743 17,889 0.717,743 
Teaching Company, The+One stop L + 4.75% N/A(6) 07/2023 — — — 
103,437 103,926 4.1103,594 


See Notes to Consolidated Financial Statements.
28

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Real Estate Management & Development
MRI Software LLC*+^One stop L + 5.50%(d) 6.50% 02/2026 $14,526 $14,409 0.6%$14,526 
MRI Software LLC+One stop L + 5.50%(d) 6.50% 02/2026 1,851 1,810 0.11,851 
MRI Software LLC+One stop L + 5.50%(c) 6.50% 02/2026 14 11 14 
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 — (2)— 
MRI Software LLC+(5)One stop L + 5.50% N/A(6) 02/2026 — (7)— 
Property Brands, Inc.#One stop L + 6.00%(d) 7.00% 01/2024 19,742 19,906 0.819,742 
Property Brands, Inc.~^One stop L + 6.00%(d) 7.00% 01/2024 13,598 13,410 0.613,598 
Property Brands, Inc.*#One stop L + 6.00%(d) 7.00% 01/2024 6,618 6,711 0.36,618 
Property Brands, Inc.~^One stop L + 6.00%(d) 7.00% 01/2024 3,226 3,315 0.13,226 
Property Brands, Inc.#+One stop L + 6.00%(d) 7.00% 01/2024 1,417 1,454 0.11,417 
Property Brands, Inc.#+One stop L + 6.00%(d) 7.00% 01/2024 1,200 1,231 1,200 
Property Brands, Inc.#+One stop L + 6.00%(d) 7.00% 01/2024 1,182 1,215 1,182 
Property Brands, Inc.+One stop L + 6.00%(d) 7.00% 01/2024 946 940 946 
Property Brands, Inc.+One stop L + 6.00%(d) 7.00% 01/2024 499 512 499 
Property Brands, Inc.+One stop L + 6.00%(d) 7.00% 01/2024 200 199 200 
65,019 65,114 2.6 65,019 
Road & Rail
Internet Truckstop Group LLC*#One stop L + 5.75%(c) 6.75% 04/2025 22,473 22,930 0.922,192 
Internet Truckstop Group LLC+One stop L + 5.75%(c) 6.75% 04/2025 9,838 9,692 0.49,715 
Internet Truckstop Group LLC+(5)One stop L + 5.75% N/A(6) 03/2027 — (2)(4)
32,311 32,620 1.331,903 


See Notes to Consolidated Financial Statements.
29

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Software
Accela, Inc.*#+One stop L + 4.93%(a) 4.25% cash/1.68% PIK 09/2023 $4,517 $4,516 0.2%$4,488 
Accela, Inc.+(5)One stop L + 7.00% N/A(6) 09/2023 — — (1)
Appfire Technologies, LLC+One stop L + 5.00%(c) 6.00% 03/2027 14,609 14,464 0.614,463 
Appfire Technologies, LLC+(5)One stop L + 5.00% N/A(6) 03/2027 — (1)(2)
Appfire Technologies, LLC+(5)One stop L + 5.00% N/A(6) 03/2027 — (107)(108)
Apptio, Inc. +~One stop L + 7.25%(d) 8.25% 01/2025 57,010 57,639 2.357,010 
Apptio, Inc. +One stop L + 7.25%(d) 8.25% 01/2025 76 75 76 
Astute Holdings, Inc. +One stop L + 6.50%(c) 7.50% 04/2025 10,772 10,892 0.510,772 
Astute Holdings, Inc. +One stop L + 6.50%(c) 7.50% 04/2025 2,754 2,746 0.12,754 
Astute Holdings, Inc. +(5)One stop L + 6.50% N/A(6) 04/2025 — (1)— 
Axiom Merger Sub Inc.+~^One stop L + 5.25%(c)(d) 6.25% 04/2026 5,817 5,866 0.35,856 
Axiom Merger Sub Inc.+~(8)(9)One stop E + 5.50%(g) 5.50% 04/2026 2,398 2,417 0.12,513 
Axiom Merger Sub Inc.+One stop L + 5.25%(d) 6.25% 04/2026 30 29 30 
Bearcat Buyer, Inc.+~Senior loan L + 4.25%(c) 5.25% 07/2026 2,914 2,934 0.12,839 
Bearcat Buyer, Inc.+Senior loan L + 4.25%(c) 5.25% 07/2026 520 519 507 
Bearcat Buyer, Inc.~Senior loan L + 4.25%(c) 5.25% 07/2026 308 305 300 
Bearcat Buyer, Inc.+Senior loan L + 4.25% N/A(6) 07/2024 — — — 
Bullhorn, Inc.*#+~^One stop L + 5.75%(c) 6.75% 09/2026 66,963 65,914 2.767,282 
Bullhorn, Inc.+(8)(9)One stop L + 6.00%(i) 6.09% 09/2026 11,948 11,756 0.513,330 
Bullhorn, Inc.+(8)(9)One stop E + 5.75%(g) 5.75% 09/2026 4,798 4,720 0.25,067 
Bullhorn, Inc.+One stop L + 5.75%(c) 6.75% 09/2026 97 96 98 
Bullhorn, Inc.+One stop L + 5.75%(c) 6.75% 09/2026 78 76 78 
Bullhorn, Inc.+(5)One stop L + 5.75% N/A(6) 09/2026 — (4)
Bullhorn, Inc.+(5)One stop L + 5.75% N/A(6) 09/2026 — (3)
Calabrio, Inc. +~One stop L + 6.50%(c) 7.50% 06/2025 24,880 24,892 1.024,880 
Calabrio, Inc. +One stop L + 6.50% N/A(6) 06/2025 — — 
Clearwater Analytics, LLC+One stop L + 6.25%(c) 7.25% 10/2025 17,354 17,195 0.717,354 
Clearwater Analytics, LLC*#+One stop L + 6.25%(c) 7.25% 10/2025 14,242 14,197 0.614,242 
Clearwater Analytics, LLC*One stop L + 6.25%(c) 7.25% 10/2025 6,010 6,009 0.36,010 
Clearwater Analytics, LLC+One stop L + 6.25%(c) 7.25% 10/2025 985 971 985 
Clearwater Analytics, LLC+(5)One stop L + 6.25% N/A(6) 10/2025 — (4)— 
Cloudbees, Inc.+One stop L + 9.00%(a) 9.50% cash/0.50% PIK 05/2023 4,225 4,253 0.24,225 
Cloudbees, Inc.One stop L + 9.00%(a) 9.50% cash/0.50% PIK 05/2023 2,781 2,714 0.12,781 
Cloudbees, Inc.+One stop L + 9.00%(a) 9.50% cash/0.50% PIK 05/2023 1,473 1,472 0.11,473 
Cloudbees, Inc.+One stop L + 8.50% N/A(6) 05/2023 — — — 
Confluence Technologies, Inc.*~^One stop L + 5.50%(a) 6.50% 03/2024 44,775 44,576 1.844,775 
Confluence Technologies, Inc.+(5)One stop L + 5.50% N/A(6) 03/2024 — (1)— 
Convercent, Inc.One stop L + 9.00%(c) 8.25% cash/2.75% PIK 12/2024 2,835 2,773 0.12,947 
Convercent, Inc.+Subordinated debt N/A 4.00% 03/2021 138 138 283 
Convercent, Inc.+One stop L + 9.00%(c) 8.25% cash/2.75% PIK 12/2024 20 20 21 

See Notes to Consolidated Financial Statements.
30

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Software - (continued)
Convercent, Inc.+One stop L + 9.00%(c) 8.25% cash/2.75% PIK 12/2024 $20 $20 %$21 
Convercent, Inc.+One stop L + 9.00% N/A(6) 12/2024 — — — 
Daxko Acquisition Corporation*#^One stop L + 6.00%(c) 7.00% 09/2023 25,548 25,613 1.025,548 
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 8,868 9,097 0.49,483 
Digital Guardian, Inc.+Subordinated debt N/A 8.00% PIK 06/2023 
Digital Guardian, Inc.+One stop L + 8.00% N/A(6) 06/2023 — — 
Diligent Corporation*#+~^One stop L + 6.25%(c) 7.25% 08/2025 87,615 87,899 3.588,371 
Diligent Corporation+One stop L + 6.25% N/A(6) 08/2025 — — 
GS Acquisitionco, Inc.*#+~^One stop L + 5.75%(d) 6.75% 05/2024 53,774 54,112 2.253,774 
GS Acquisitionco, Inc.*#One stop L + 5.75%(d) 6.75% 05/2024 12,691 12,951 0.512,691 
GS Acquisitionco, Inc.#+One stop L + 5.75%(d) 6.75% 05/2024 3,270 3,338 0.13,270 
GS Acquisitionco, Inc.+~One stop L + 5.75%(d) 6.75% 05/2024 3,017 3,080 0.13,017 
GS Acquisitionco, Inc.#+One stop L + 5.75%(d) 6.75% 05/2024 1,889 1,928 0.11,889 
GS Acquisitionco, Inc.+One stop L + 5.75%(d) 6.75% 05/2024 118 116 118 
GS Acquisitionco, Inc.+One stop L + 5.75%(d) 6.75% 05/2024 74 74 74 
GS Acquisitionco, Inc.+One stop L + 5.75%(d) 6.75% 05/2024 37 37 37 
ICIMS, Inc.+~One stop L + 6.50%(c) 7.50% 09/2024 14,355 14,603 0.614,355 
ICIMS, Inc.+~One stop L + 6.50%(c) 7.50% 09/2024 4,501 4,488 0.24,501 
ICIMS, Inc.~One stop L + 6.50%(c) 7.50% 09/2024 2,706 2,682 0.12,706 
ICIMS, Inc.+One stop L + 6.50%(c) 7.50% 09/2024 88 88 88 
Impartner, Inc.One stop L + 9.50%(c) 9.30% cash/2.00% PIK 08/2025 2,946 2,914 0.13,055 
Impartner, Inc.+(5)One stop L + 9.50% N/A(6) 08/2025 — (3)17 
Impartner, Inc.+One stop L + 9.50% N/A(6) 08/2025 — — — 
Infogix, Inc.*#One stop L + 6.00%(c) 7.00% 04/2024 7,142 7,254 0.37,142 
Infogix, Inc.*^One stop L + 6.00%(c) 7.00% 04/2024 1,101 1,116 1,101 
Infogix, Inc.+One stop L + 6.00%(c) 7.00% 04/2024 90 90 90 
Instructure, Inc.~One stop L + 7.00%(c) 8.00% 03/2026 16,264 15,725 0.716,264 
Integral Ad Science, Inc.+~One stop L + 7.25%(c) 6.00% cash/1.25% PIK 07/2024 15,951 16,113 0.615,951 
Integral Ad Science, Inc.+(5)One stop L + 6.00% N/A(6) 07/2023 — (1)(2)
Integration Appliance, Inc.*+~One stop L + 7.25%(c) 8.25% 08/2023 68,336 68,981 2.768,336 
Integration Appliance, Inc.+One stop L + 7.25%(c) 8.25% 08/2023 487 484 487 
Invoice Cloud, Inc.+One stop L + 6.50%(c) 4.25% cash/3.25% PIK 02/2024 6,632 6,664 0.36,632 
Invoice Cloud, Inc.+One stop L + 6.50%(c) 4.25% cash/3.25% PIK 02/2024 2,222 2,222 0.12,222 
Invoice Cloud, Inc.+One stop L + 6.00% N/A(6) 02/2024 — — — 
Juvare, LLC*One stop L + 5.75%(c) 6.75% 10/2026 7,526 7,439 0.37,526 
Juvare, LLC+One stop P + 4.75%(f) 8.00% 10/2026 954 933 954 
Juvare, LLC+(5)One stop L + 5.75% N/A(6) 04/2026 — (1)— 
Kaseya Traverse Inc+~One stop L + 7.00%(c) 5.00% cash/3.00% PIK 05/2025 37,498 38,306 1.537,498 
Kaseya Traverse Inc+One stop L + 7.00%(c) 5.00% cash/3.00% PIK 05/2025 3,868 3,878 0.23,868 
Kaseya Traverse Inc+One stop L + 7.00%(c) 5.00% cash/3.00% PIK 05/2025 647 629 647 
Kaseya Traverse Inc+One stop L + 6.50%(b) 7.50% 05/2025 89 88 87 
Mindbody, Inc.+~One stop L + 8.50%(c) 8.00% cash/1.50% PIK 02/2025 48,960 49,657 2.048,960 

See Notes to Consolidated Financial Statements.
31

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Software - (continued)
Mindbody, Inc.+(5)One stop L + 8.00% N/A(6) 02/2025 $— $(1)%$(4)
Ministry Brands, LLC+^Senior loan L + 4.00%(a) 5.00% 12/2022 1,438 1,451 0.11,438 
Ministry Brands, LLC+^Senior loan L + 4.00%(a) 5.00% 12/2022 823 830 823 
Ministry Brands, LLC+Senior loan L + 4.00%(a) 5.00% 12/2022 375 384 375 
mParticle, Inc.One stop L + 9.75%(c) 7.50% cash/3.25% PIK 09/2025 3,209 3,159 0.13,209 
mParticle, Inc.+One stop L + 9.75%(c) 7.50% cash/3.25% PIK 09/2025 30 30 30 
Namely, Inc.+~One stop L + 7.50%(c) 8.25% cash/1.25% PIK 06/2024 3,602 3,454 0.13,602 
Namely, Inc.+One stop L + 7.50%(c) 8.25% cash/1.25% PIK 06/2024 2,046 1,934 0.12,046 
Namely, Inc.+One stop L + 7.50%(a) 8.25% cash/1.25% PIK 06/2024 70 70 70 
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+One stop L + 7.75%(c) 7.50% cash/1.75% PIK 10/2024 2,158 2,143 0.12,274 
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+One stop L + 7.75% N/A(6) 10/2024 — — 
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+One stop L + 7.75% N/A(6) 10/2024 — — 
PDI TA Holdings, Inc.One stop L + 4.50%(c) 5.50% 10/2024 8,559 8,420 0.38,559 
PDI TA Holdings, Inc.Second lien L + 8.50%(c) 9.50% 10/2025 3,424 3,351 0.13,424 
Personify, Inc.*+^One stop L + 5.75%(c) 6.75% 09/2024 15,177 15,403 0.615,177 
Personify, Inc.+One stop L + 5.75%(c) 6.75% 09/2024 9,010 8,926 0.49,010 
Personify, Inc.+One stop L + 5.75%(c) 6.75% 09/2024 60 61 60 
RegEd Aquireco, LLC^Senior loan L + 4.25%(a) 5.25% 12/2024 11,358 11,357 0.410,790 
RegEd Aquireco, LLC+Senior loan P + 3.25%(a)(f) 5.95% 12/2024 152 151 136 
Saturn Borrower Inc.+~One stop L + 6.50%(c) 7.50% 09/2026 20,282 19,717 0.819,675 
Saturn Borrower Inc.+(5)One stop L + 6.50% N/A(6) 09/2026 — (3)(3)
SnapLogic, Inc.One stop L + 8.75%(c) 5.75% cash/5.50% PIK 09/2024 6,150 6,091 0.26,150 
SnapLogic, Inc.+One stop L + 8.75%(c) 5.75% cash/5.50% PIK 09/2024 62 62 62 
SnapLogic, Inc.+One stop L + 8.75% N/A(6) 09/2024 — — — 
Sontatype, Inc.+One stop L + 6.75%(c) 7.75% 12/2025 851 844 851 
Sontatype, Inc.+(5)One stop L + 6.75% N/A(6) 12/2025 — (2)— 
Spartan Buyer Acquisition Co.+~One stop L + 6.50%(c) 7.50% 12/2026 31,836 31,460 1.331,836 
Spartan Buyer Acquisition Co.+(5)One stop L + 6.50% N/A(6) 12/2026 — (3)— 
Telesoft Holdings LLC^One stop L + 5.75%(b) 6.75% 12/2025 900 884 900 
Telesoft Holdings LLC+(5)One stop L + 5.75% N/A(6) 12/2025 — (2)— 
TI Intermediate Holdings, LLC+^Senior loan L + 4.50%(a) 4.61% 12/2024 3,499 3,551 0.13,495 
TI Intermediate Holdings, LLC+Senior loan L + 4.50%(a) 5.50% 12/2024 924 903 944 
TI Intermediate Holdings, LLC+Senior loan L + 4.50%(a) 4.61% 12/2024 
TI Intermediate Holdings, LLC+(5)Senior loan L + 4.50% N/A(6) 12/2024 — (10)
Togetherwork Holdings, LLC*#One stop L + 6.25%(a) 7.25% 03/2025 15,484 15,573 0.615,330 
Togetherwork Holdings, LLCOne stop L + 6.25%(a) 7.25% 03/2025 6,999 6,864 0.36,929 
Togetherwork Holdings, LLC~^One stop L + 6.25%(a) 7.25% 03/2025 1,794 1,846 0.11,776 
Togetherwork Holdings, LLC#+One stop L + 6.25%(a) 7.25% 03/2025 1,741 1,788 0.11,725 
Togetherwork Holdings, LLC*#One stop L + 6.25%(a) 7.25% 03/2025 1,697 1,745 0.11,681 
Togetherwork Holdings, LLC#^One stop L + 6.25%(a) 7.25% 03/2025 1,639 1,664 0.11,623 
Togetherwork Holdings, LLC*^One stop L + 6.25%(a) 7.25% 03/2025 1,580 1,626 0.11,564 
Togetherwork Holdings, LLC#+One stop L + 6.25%(a) 7.25% 03/2025 1,474 1,513 0.11,459 
Togetherwork Holdings, LLC*#One stop L + 6.25%(a) 7.25% 03/2025 1,206 1,220 0.11,195 

See Notes to Consolidated Financial Statements.
32

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Software - (continued)
Togetherwork Holdings, LLC#+One stop L + 6.25%(a) 7.25% 03/2025 $665 $682 %$658 
Togetherwork Holdings, LLC+One stop L + 6.25%(a) 7.25% 03/2025 460 454 455 
Togetherwork Holdings, LLC^One stop L + 6.25%(a) 7.25% 03/2025 445 440 440 
Togetherwork Holdings, LLC+One stop L + 6.25%(a) 7.25% 03/2024 140 138 138 
Togetherwork Holdings, LLC+One stop L + 6.25%(a) 7.25% 03/2025 64 66 63 
Togetherwork Holdings, LLC+~One stop L + 6.25%(a) 7.25% 03/2025 59 61 58 
Transact Holdings, Inc.+~Senior loan L + 4.75%(a) 4.86% 04/2026 3,064 3,103 0.13,040 
Trintech, Inc.*#^One stop L + 6.00%(c) 7.00% 12/2023 22,285 22,571 0.922,285 
Trintech, Inc.#+^One stop L + 6.00%(c) 7.00% 12/2023 9,239 9,396 0.49,239 
Trintech, Inc.+One stop L + 6.00%(c) 7.00% 12/2023 300 301 300 
Vector CS Midco Limited & Cloudsense Ltd.+~(8)(9)(10)One stop N/A 3.70% cash/3.55% PIK 05/2024 8,005 8,106 0.38,492 
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)One stop L + 8.05%(i) 4.50% cash/3.55% PIK 05/2024 134 133 138 
Vendavo, Inc.*#+~One stop L + 6.50%(b)(c) 7.50% 10/2022 35,188 35,160 1.435,188 
Vendavo, Inc.+(5)One stop L + 6.50% N/A(6) 10/2022 — (2)— 
Workforce Software, LLC+~One stop L + 6.50%(c) 7.50% 07/2025 27,333 27,961 1.127,333 
Workforce Software, LLC+(5)One stop L + 6.50% N/A(6) 07/2025 — (2)— 
1,011,617 1,013,704 40.61,014,181 


See Notes to Consolidated Financial Statements.
33

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Specialty Retail
2nd Ave. LLCOne stop L + 6.50%(d) 7.50% 09/2025 $5,885 $5,808 0.2%$5,885 
2nd Ave. LLC+One stop L + 6.50%(d) 7.50% 09/2025 50 50 50 
Batteries Plus Holding Corporation#+One stop L + 6.75%(a) 7.75% 07/2022 21,921 22,048 0.921,921 
Batteries Plus Holding Corporation+One stop P + 5.75%(f) 9.00% 07/2022 34 32 34 
Boot Barn, Inc.#+~Senior loan L + 4.50%(c) 5.50% 06/2023 16,778 16,882 0.716,778 
Cycle Gear, Inc.#+^One stop L + 5.00%(c) 6.00% 01/2024 21,416 21,708 0.921,416 
Imperial Optical Midco Inc.+~One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 3,638 3,676 0.23,638 
Imperial Optical Midco Inc.*+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 2,837 2,820 0.12,837 
Imperial Optical Midco Inc.#+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 1,929 1,967 0.11,929 
Imperial Optical Midco Inc.#+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 1,256 1,281 0.11,256 
Imperial Optical Midco Inc.*+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 1,143 1,166 0.11,143 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 332 330 332 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 273 269 273 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 242 240 242 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 191 190 191 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 170 168 170 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 167 165 167 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 163 161 163 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 140 138 140 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 135 134 135 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 130 130 130 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 129 127 129 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 108 106 108 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 107 105 107 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 101 99 101 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 97 96 97 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 83 83 83 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 80 79 80 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 76 76 76 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 69 68 69 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 69 68 69 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 66 65 66 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 64 64 64 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 63 63 63 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 62 62 62 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 61 60 61 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 60 59 60 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 55 55 55 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 43 42 43 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 41 41 41 

See Notes to Consolidated Financial Statements.
34

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Specialty Retail -. (continued)
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 $36 $36 %$36 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 35 35 35 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 28 28 28 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 28 27 28 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 27 27 27 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 26 25 26 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 24 24 24 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 23 23 23 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 21 21 21 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 20 19 20 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 19 19 19 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 19 19 19 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 19 19 19 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 17 17 17 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 13 13 13 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 13 13 13 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 11 11 11 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 11 11 11 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 10 10 10 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 
Imperial Optical Midco Inc.+One stop L + 6.25% N/A(6) 08/2023 — — — 
Imperial Optical Midco Inc.+(5)One stop L + 6.25% N/A(6) 08/2023 — (22)— 
Jet Equipment & Tools Ltd.+~(8)(9)(12)One stop L + 5.25%(l)(m) 6.25% 11/2024 17,897 18,141 0.818,740 
Jet Equipment & Tools Ltd.*#(8)(12)One stop L + 5.25%(a) 6.25% 11/2024 12,301 12,512 0.512,289 
Jet Equipment & Tools Ltd.+(8)(9)(12)One stop L + 5.50%(l) 6.50% 11/2024 5,233 5,187 0.25,533 
Jet Equipment & Tools Ltd.#(8)(12)^One stop L + 5.25%(a) 6.25% 11/2024 4,284 4,347 0.24,279 
Jet Equipment & Tools Ltd.(8)(12)^One stop L + 5.25%(a) 6.25% 11/2024 1,573 1,562 0.11,572 
Jet Equipment & Tools Ltd.+(5)(8)(9)(12)One stop L + 5.25% N/A(6) 11/2024 — (1)— 
Pet Holdings ULC*#+(8)(12)One stop L + 5.50%(c) 6.50% 07/2022 46,852 47,425 1.946,852 
Pet Holdings ULC*#+(8)(12)One stop L + 5.50%(c) 6.50% 07/2022 239 240 239 

See Notes to Consolidated Financial Statements.
35

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type