0001476765-22-000020.txt : 20220209 0001476765-22-000020.hdr.sgml : 20220209 20220209160415 ACCESSION NUMBER: 0001476765-22-000020 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20211231 FILED AS OF DATE: 20220209 DATE AS OF CHANGE: 20220209 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GOLUB CAPITAL BDC, Inc. CENTRAL INDEX KEY: 0001476765 IRS NUMBER: 471893276 STATE OF INCORPORATION: MD FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 814-00794 FILM NUMBER: 22607171 BUSINESS ADDRESS: STREET 1: 200 PARK AVENUE STREET 2: 25TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10166 BUSINESS PHONE: 212.750.6060 MAIL ADDRESS: STREET 1: 200 PARK AVENUE STREET 2: 25TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10166 FORMER COMPANY: FORMER CONFORMED NAME: GOLUB CAPITAL INVESTMENT Corp DATE OF NAME CHANGE: 20170511 FORMER COMPANY: FORMER CONFORMED NAME: Golub Capital BDC, Inc. DATE OF NAME CHANGE: 20100414 FORMER COMPANY: FORMER CONFORMED NAME: Golub Capital BDC LLC DATE OF NAME CHANGE: 20091113 10-Q 1 gbdcfy202210-qq1.htm 10-Q Document

______________________________________________________________________________________________________
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 December 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 February 9, 2022, the Registrant had 170,865,742 shares of common stock, $0.001 par value, outstanding.



Part I. Financial Information  
Item 1. Financial Statements
Consolidated Statements of Financial Condition as of December 31, 2021 (unaudited) and September 30, 2021
Consolidated Statements of Operations for the three months ended December 31, 2021 (unaudited) and 2020 (unaudited)
Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2021 (unaudited) and 2020 (unaudited)
Consolidated Statements of Cash Flows for the three months ended December 31, 2021 (unaudited) and 2020 (unaudited)
Consolidated Schedules of Investments as of December 31, 2021 (unaudited) and September 30, 2021
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 data)

December 31, 2021September 30, 2021
(unaudited)
Assets    
Investments, at fair value    
Non-controlled/non-affiliate company investments$5,068,604 $4,815,270 
Non-controlled affiliate company investments62,528 61,379 
Controlled affiliate company investments15,634 18,237 
Total investments, at fair value (amortized cost of $5,143,591 and $4,895,397, respectively)5,146,766 4,894,886 
Cash and cash equivalents180,203 175,593 
Foreign currencies (cost of $2,445 and $5,145, respectively)2,480 5,497 
Restricted cash and cash equivalents
117,144 61,824 
Restricted foreign currencies (cost of $1,641 and $1,442, respectively)1,650 1,429 
Cash collateral held at broker for forward currency contracts 6,960 6,960 
Interest receivable21,268 18,261 
Receivable from investments sold3,023 97 
Unrealized appreciation on forward currency contracts371 90 
Other assets572 278 
Total Assets$5,480,437 $5,164,915 
Liabilities    
Debt$2,852,832 $2,569,228 
Less unamortized debt issuance costs22,404 17,850 
Debt less unamortized debt issuance costs2,830,428 2,551,378 
Interest payable16,184 12,516 
Management and incentive fees payable20,799 12,247 
Accounts payable and other liabilities5,547 5,788 
Payable for investments purchased— 294 
Total Liabilities2,872,958 2,582,223 
Commitments and Contingencies (Note 8)    
Net Assets    
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2021 and September 30, 2021— — 
Common stock, par value $0.001 per share, 200,000,000 shares authorized, 170,865,742 and 170,028,584 shares issued and outstanding as of December 31, 2021 and September 30, 2021, respectively171 170 
Paid in capital in excess of par2,676,967 2,664,251 
Distributable earnings (losses)
(69,659)(81,729)
Total Net Assets2,607,479 2,582,692 
Total Liabilities and Total Net Assets$5,480,437 $5,164,915 
Number of common shares outstanding170,865,742 170,028,584 
Net asset value per common share$15.26 $15.19 


See Notes to Consolidated Financial Statements.
3

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

Three months ended
  December 31, 2021December 31, 2020
Investment income    
From non-controlled/non-affiliate company investments:    
Interest income$84,222 $71,522 
Dividend income317 160 
Fee income1,009 907 
Total investment income from non-controlled/non-affiliate company investments85,548 72,589 
From non-controlled affiliate company investments:    
Interest income1,017 1,475 
Total investment income from non-controlled affiliate company investments1,017 1,475 
From controlled affiliate company investments:  
Interest income(18)
Total investment income from controlled affiliate company investments(18)
Total investment income86,567 74,046 
Expenses    
Interest and other debt financing expenses17,836 15,081 
Base management fee17,501 15,224 
Incentive fee3,381 2,004 
Professional fees899 837 
Administrative service fee1,818 1,602 
General and administrative expenses342 291 
Total expenses41,777 35,039 
Net investment income44,790 39,007 
Net gain (loss) on investment transactions     
Net realized gain (loss) from:    
Non-controlled/non-affiliate company investments15,599 4,125 
Non-controlled affiliate company investments(1,026)(5,739)
Foreign currency transactions(25)(778)
Net realized gain (loss) on investment transactions 14,548 (2,392)
Net change in unrealized appreciation (depreciation) from:  
Non-controlled/non-affiliate company investments5,473 54,069 
Non-controlled affiliate company investments907 9,071 
Controlled affiliate company investments(2,694)(50)
Translation of assets and liabilities in foreign currencies268 (1,374)
Forward currency contracts 281 (3,892)
Net change in unrealized appreciation (depreciation) on investment transactions 4,235 57,824 
Net gain (loss) on investment transactions 18,783 55,432 
(Provision) benefit for taxes on unrealized appreciation on investments$(495)$— 
Net increase (decrease) in net assets resulting from operations$63,078 $94,439 
Per Common Share Data    
Basic and diluted earnings per common share (Note 10)$0.37 $0.56 
Dividends and distributions declared per common share$0.30 $0.29 
Basic and diluted weighted average common shares outstanding (Note 10)170,046,783 167,259,511 

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, 2020167,259,511 167 2,624,608 (228,582)2,396,193 
Net increase (decrease) in net assets resulting from operations:
Net investment income— — — 39,007 39,007 
Net realized gain (loss) on investments and foreign currency transactions— — — (2,392)(2,392)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward currency contracts— — — 57,824 57,824 
Distributions to stockholders:
Distributions from distributable earnings— — — (48,505)(48,505)
Total increase for the three months ended December 31, 2020— — — 45,934 45,934 
Balance at December 31, 2020167,259,511 $167 $2,624,608 $(182,648)$2,442,127 
Balance at September 30, 2021170,028,584 170 2,664,251 (81,729)2,582,692 
Net increase (decrease) in net assets resulting from operations:
Net investment income— — — 44,790 44,790 
Net realized gain (loss) on investments and foreign currency transactions— — — 14,548 14,548 
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward currency contracts— — — 4,235 4,235 
(Provision) benefit for taxes on unrealized appreciation on investments— — — (495)(495)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan837,158 12,716 — 12,717 
Distributions from distributable earnings— — — (51,008)(51,008)
Total increase for the three months ended December 31, 2021837,158 12,716 12,070 24,787 
Balance at December 31, 2021170,865,742 $171 $2,676,967 $(69,659)$2,607,479 



See Notes to Consolidated Financial Statements.
5

TABLE OF CONTENTS

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

Three months ended December 31,
  20212020
Cash flows from operating activities    
Net increase (decrease) in net assets resulting from operations$63,078 $94,439 
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 costs1,667 1,204 
Accretion of discounts and amortization of premiums on investments(640)4,624 
Accretion of discounts and amortization of premiums on issued debt securities467 471 
Net realized (gain) loss on investments(14,573)1,614 
Net realized (gain) loss on foreign currency transactions25 778 
Net change in unrealized (appreciation) depreciation on investments(3,686)(63,090)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies(268)1,374 
Net change in unrealized (appreciation) depreciation on forward currency contracts (281)3,892 
Proceeds from (fundings of) revolving loans, net(336)3,911 
Fundings of investments(890,932)(490,007)
Proceeds from principal payments and sales of portfolio investments661,760 278,665 
PIK interest(3,473)(4,725)
Changes in operating assets and liabilities:
Interest receivable(3,007)(1,365)
Cash collateral held at broker for forward currency contracts— (2,100)
Receivable from investments sold(2,926)259 
Other assets(294)665 
Interest payable3,668 4,676 
Management and incentive fees payable8,552 (17)
Payable for investments purchased(294)— 
Accounts payable and other liabilities(241)(140)
Net cash provided by (used in) operating activities(181,734)(164,872)
Cash flows from financing activities    
Borrowings on debt620,205 797,389 
Repayments of debt(336,800)(491,339)
Capitalized debt issuance costs(6,221)(6,130)
Distributions paid (38,291)(33,846)
Purchases of common stock under dividend reinvestment plan — (14,659)
Net cash provided by (used in) financing activities238,893 251,415 
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies57,159 86,543 
Effect of foreign currency exchange rates(25)192 
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, beginning of period244,343 184,430 
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, end of period$301,477 $271,165 
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest$12,034 $8,731 
Income tax paid during the period— — 
Distributions declared during the period51,008 48,505 
Supplemental disclosure of non-cash operating and financing activities:
Stock issued in connection with dividend reinvestment plan$12,717 $— 
Proceeds from issuance of Class A-2-R GCIC 2018 Notes— 38,500 
Redemptions of Class A-2 GCIC 2018 Notes— (38,500)

See Notes to Consolidated Financial Statements.
6


TABLE OF CONTENTS

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





The following table provides a reconciliation of cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies reported within the Consolidated Statements of Financial Condition that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:
As of December 31,
20212020
Cash and cash equivalents$180,203 $26,500 
Foreign currencies (cost of $2,445 and $527, respectively)
2,480 527 
Restricted cash and cash equivalents117,144 242,783 
Restricted foreign currencies (cost of $1,641 and $1,340, respectively)
1,650 1,355 
Total cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows
$301,477 $271,165 
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)
December 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 $40,072 $39,910 1.5%$40,072
NTS Technical Systems~Second lien L + 9.75%(c) 10.75% 12/2023 4,589 4,532 0.24,589
NTS Technical Systems+Senior loan L + 5.50%(c) 6.50% 06/2023 3,091 3,047 0.13,091
NTS Technical Systems+(5)Senior loan L + 5.50% N/A(6) 06/2023 — (22)
Tronair Parent, Inc.+Senior loan L + 6.25%(c) 6.75% cash/0.50% PIK 09/2023 682 678 606
Tronair Parent, Inc.+Senior loan L + 6.25%(c) 6.75% cash/0.50% PIK 06/2023 32 30 16
Whitcraft LLC*#+~One stop L + 6.00%(c) 7.00% 04/2023 63,091 63,292 2.461,198
Whitcraft LLC+(5)One stop L + 6.00% N/A(6) 04/2023 — (1)(9)
111,557 111,466 4.2109,563 
Airlines
Aurora Lux Finco S.A.R.L.+(8)(13)One stop L + 6.00%(c) 7.00% 12/2026 982 966 933
Auto Components                 
Covercraft Parent III, Inc.+Senior loan L + 4.50%(c)(f) 5.50% 08/2027 4,927 4,880 0.24,927
Covercraft Parent III, Inc.+Senior loan L + 4.50%(c) 5.50% 08/2027 994 970 0.1994
Covercraft Parent III, Inc.+(5)Senior loan L + 4.50% N/A(6) 08/2027 — (1)
North Haven Falcon Buyer, LLC+One stop L + 6.00%(c) 7.00% 05/2027 6,145 6,035 0.26,145
North Haven Falcon Buyer, LLC+One stop L + 6.00%(c) 7.00% 05/2027 120 102 120
Polk Acquisition Corp.*#+Senior loan L + 6.00%(a) 7.00% 12/2023 18,059 17,950 0.718,059
Polk Acquisition Corp.+Senior loan L + 6.00%(a) 7.00% 12/2023 181 182 181
Polk Acquisition Corp.+Senior loan L + 6.00%(a) 7.00% 12/2023 106 105 106
Power Stop, LLC+~Senior loan L + 4.50%(a) 4.60% 10/2025 2,806 2,846 0.12,806
   33,338 33,069 1.3 33,338 
Automobiles                 
CG Group Holdings, LLC*#+One stop L + 5.25%(c) 6.25% 07/2027 31,463 31,172 1.231,463
CG Group Holdings, LLC+One stop L + 5.25%(a)(c) 6.25% 07/2026 336 332 336
Cobblestone Intermediate Holdco, LLC+One stop L + 5.50%(a) 6.25% 01/2026 5,607 5,553 0.25,551
Cobblestone Intermediate Holdco, LLC+One stop L + 5.50%(c) 6.25% 01/2026 697 654 653
Denali Midco 2, LLC+One stop L + 5.50%(c) 6.25% 12/2027 43,188 42,758 1.642,756
Denali Midco 2, LLC+One stop L + 5.50%(c) 6.25% 12/2027 100 95 95
Denali Midco 2, LLC+(5)One stop L + 5.50% N/A(6) 12/2027 — (15)(15)
JHCC Holdings LLC+One stop L + 5.75%(c) 6.75% 09/2025 15,433 15,228 0.615,411
JHCC Holdings LLC+One stop P + 4.75%(f) 8.00% 08/2027 499 495 504
JHCC Holdings LLC+One stop L + 5.75%(c)(f) 7.14% 09/2025 297 295 297
JHCC Holdings LLC+One stop P + 4.75%(c)(f) 7.95% 09/2025 32 31 31
JHCC Holdings LLC+(5)One stop L + 5.75% N/A(6) 08/2027 — (31)29
See Notes to Consolidated Financial Statements.
8

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 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)
Automobiles - (continued)
MOP GM Holding, LLC*#~One stop L + 5.75%(c) 6.75% 11/2026 $24,160 $23,913 0.9%$24,160
MOP GM Holding, LLC+One stop L + 5.75%(b) 6.75% 11/2026 2,649 2,625 0.12,649
MOP GM Holding, LLC+One stop L + 5.75%(c) 6.75% 11/2026 2,604 2,578 0.12,604
MOP GM Holding, LLC+One stop L + 5.75%(c) 6.75% 11/2026 1,925 1,905 0.11,925
MOP GM Holding, LLC+One stop L + 5.75%(d)(f) 7.04% 11/2026 129 127 129
MOP GM Holding, LLC+(5)One stop L + 5.75% N/A(6) 11/2026 — (48)
POY Holdings, LLC+One stop L + 5.50%(c) 6.50% 11/2027 9,615 9,427 0.49,519
POY Holdings, LLC+One stop L + 5.50%(c) 6.50% 11/2027 54 50 52
POY Holdings, LLC+(5)One stop L + 5.50% N/A(6) 11/2027 — (2)(2)
Quick Quack Car Wash Holdings, LLC*#One stop L + 5.50%(c) 6.50% 10/2024 12,916 12,927 0.512,916
Quick Quack Car Wash Holdings, LLC+One stop L + 5.50%(c) 6.50% 10/2024 9,253 9,198 0.49,253
Quick Quack Car Wash Holdings, LLC#+One stop L + 5.50%(c) 6.50% 10/2024 2,331 2,316 0.12,331
Quick Quack Car Wash Holdings, LLC*+One stop L + 5.50%(c) 6.50% 10/2024 2,036 2,064 0.12,036
Quick Quack Car Wash Holdings, LLC*+One stop L + 5.50%(c) 6.50% 10/2024 1,361 1,379 0.11,361
Quick Quack Car Wash Holdings, LLC*+One stop L + 5.50%(c) 6.50% 10/2024 1,108 1,134 1,108
Quick Quack Car Wash Holdings, LLC+One stop L + 5.50% N/A(6) 10/2024 — — 
TWAS Holdings, LLC+One stop L + 6.75%(c) 7.75% 12/2026 40,765 40,361 1.540,357
TWAS Holdings, LLC*+One stop L + 6.75%(a) 7.75% 12/2026 30,800 30,476 1.230,492
TWAS Holdings, LLC+One stop L + 6.75%(a) 7.75% 12/2026 7,994 7,912 0.37,914
TWAS Holdings, LLC+(5)One stop L + 6.75% N/A(6) 12/2026 — (4)(4)
TWAS Holdings, LLC+(5)One stop L + 6.75% N/A(6) 12/2026 — (10)(10)
247,352 244,895 9.4245,901 
Beverages
Fintech Midco, LLC*#One stop L + 5.50%(c) 6.25% 08/2024 24,100 24,308 0.924,100 
Fintech Midco, LLC+One stop L + 5.50%(c) 6.25% 08/2024 15,299 15,163 0.615,299 
Fintech Midco, LLC#+One stop L + 5.50%(c) 6.25% 08/2024 1,116 1,140 1,116 
Fintech Midco, LLC+(5)One stop L + 5.50% N/A(6) 08/2024 — (1)— 
Watermill Express, LLC+One stop L + 5.25%(c) 6.25% 04/2027 2,261 2,241 0.12,261 
Watermill Express, LLC+One stop L + 5.25% N/A(6) 04/2027 — — — 
Watermill Express, LLC+(5)One stop L + 5.25% N/A(6) 04/2027 — (1)— 
Winebow Holdings, Inc.+One stop L + 6.25%(a) 7.25% 07/2025 7,859 7,760 0.37,859 
50,635 50,610 1.950,635 


See Notes to Consolidated Financial Statements.
9

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 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)
Building Products
BECO Holding Company, Inc.#+One stop L + 5.50%(c) 6.25% 11/2028 $7,595 $7,520 0.3%$7,519 
BECO Holding Company, Inc.+(5)One stop L + 5.50% N/A(6) 11/2027 — (4)(5)
BECO Holding Company, Inc.+(5)One stop L + 5.50% N/A(6) 11/2028 — (19)(19)
Jensen Hughes, Inc.+Senior loan L + 4.50%(b)(c) 5.50% 03/2024 4,138 4,139 0.24,138 
Jensen Hughes, Inc.+Senior loan L + 4.50%(a)(c) 5.50% 03/2024 1,400 1,421 0.11,400 
Jensen Hughes, Inc.+Senior loan L + 4.50%(b)(c) 5.50% 03/2024 902 911 902 
Jensen Hughes, Inc.+Senior loan L + 4.50%(c) 5.50% 03/2024 850 843 850 
Jensen Hughes, Inc.+Senior loan L + 4.50%(b)(c) 5.50% 03/2024 433 442 433 
Jensen Hughes, Inc.+Senior loan L + 4.50%(c) 5.50% 03/2024 276 278 276 
Jensen Hughes, Inc.+Senior loan L + 4.50%(b)(c) 5.50% 03/2024 215 215 215 
Jensen Hughes, Inc.+Senior loan L + 4.50%(c) 5.50% 03/2024 115 115 115 
Jensen Hughes, Inc.+(5)Senior loan L + 4.50% N/A(6) 03/2024 — (13)— 
15,924 15,848 0.615,824 
Chemicals
Inhance Technologies Holdings LLC#+One stop L + 6.00%(c) 7.00% 07/2024 12,541 12,622 0.512,415 
Inhance Technologies Holdings LLC+One stop L + 6.00%(a) 7.00% 07/2024 9,988 9,891 0.49,888 
Inhance Technologies Holdings LLC+One stop L + 6.00%(c) 7.00% 07/2024 1,906 1,897 0.11,886 
Inhance Technologies Holdings LLC+One stop L + 6.00%(c) 7.00% 07/2024 28 28 26 
PHM NL SP Bidco B.V.+(8)(9)(14)One stop E + 6.25%(g) 6.25% 10/2028 36,686 36,067 1.436,025 
PHM NL SP Bidco B.V.+(8)(14)One stop L + 6.25%(d) 6.75% 10/2028 13,766 13,533 0.513,766 
PHM NL SP Bidco B.V.+(8)(9)(14)One stop SN + 6.25%(o) 6.44% 10/2028 7,942 7,942 0.38,132 
PHM NL SP Bidco B.V.+(8)(9)(14)One stop E + 6.25%(h) 6.25% 10/2028 3,779 3,716 0.13,808 
86,636 85,696 3.385,946 
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+One stop L + 5.50%(c) 6.25% 10/2028 14,991 14,773 0.614,878 
CI (Quercus) Intermediate Holdings, LLC+One stop L + 5.50%(c) 6.25% 10/2028 714 683 687 
CI (Quercus) Intermediate Holdings, LLC+(5)One stop L + 5.50% N/A(6) 10/2028 — (3)(2)
Amarok LLC+One stop L + 5.75%(c) 6.50% 12/2028 52,537 52,016 2.052,012 
Amarok LLC+One stop L + 5.75%(c) 6.50% 12/2027 150 145 145 
Amarok LLC+(5)One stop L + 5.75% N/A(6) 12/2028 — (6)(6)
FFPLS Holdings, LLC+One stop L + 5.75%(c)(d) 6.50% 10/2027 4,117 4,021 0.24,076 
FFPLS Holdings, LLC+One stop L + 5.75%(c) 6.50% 10/2027 56 54 54 
FFPLS Holdings, LLC+(5)One stop L + 5.75% N/A(6) 10/2027 — (56)(57)
Hydraulic Authority III Limited+~(8)(9)(10)One stop SN + 5.50%(o) 6.50% 11/2025 10,996 11,153 0.511,814 
Hydraulic Authority III Limited+(8)(9)(10)One stop N/A 11.00% PIK 11/2028 248 252 263 


See Notes to Consolidated Financial Statements.
10

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 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 SN + 5.50% N/A(6) 11/2025 $— $— %$— 
North Haven Stack Buyer, LLC*+One stop L + 5.50%(c) 6.50% 07/2027 8,833 8,669 0.48,833 
North Haven Stack Buyer, LLC+One stop L + 5.50%(c) 6.50% 07/2027 261 199 261 
North Haven Stack Buyer, LLC+(5)One stop L + 5.50% N/A(6) 07/2027 — (1)— 
OVG Business Services, LLC+One stop L + 6.25%(c) 7.25% 11/2028 1,809 1,769 0.11,791 
OVG Business Services, LLC+(5)One stop L + 5.50% N/A(6) 11/2026 — — (1)
Profile Products LLC+One stop L + 5.50%(c) 6.25% 11/2027 4,995 4,897 0.24,895 
Profile Products LLC+(8)One stop L + 5.50%(c) 6.25% 11/2027 1,295 1,270 1,269 
Profile Products LLC+(5)One stop L + 5.50% N/A(6) 11/2027 — (1)(1)
Profile Products LLC+(5)One stop L + 5.50% N/A(6) 11/2027 — (14)(14)
Profile Products LLC+(5)One stop L + 5.50% N/A(6) 11/2027 — (1)(1)
PT Intermediate Holdings III, LLC+~One stop L + 5.50%(c) 6.25% 11/2028 29,746 29,162 1.129,448 
PT Intermediate Holdings III, LLC+One stop L + 5.50%(c) 6.25% 11/2028 9,975 9,833 0.49,875 
Radwell International, LLC+One stop L + 5.25%(c) 6.00% 07/2027 3,909 3,896 0.13,909 
Radwell International, LLC+One stop L + 5.25%(c) 6.00% 07/2027 267 267 267 
Radwell International, LLC+One stop L + 5.50% N/A(6) 07/2027 — — — 
Trinity Air Consultants Holdings Corporation+One stop L + 5.25%(c) 6.00% 06/2027 2,458 2,413 0.12,458 
Trinity Air Consultants Holdings Corporation+One stop L + 5.25%(a) 6.25% 06/2027 14 13 14 
Trinity Air Consultants Holdings Corporation+(5)One stop L + 5.25% N/A(6) 06/2027 — (1)— 
WRE Holding Corp.*#Senior loan L + 5.50%(b)(c) 6.50% 01/2025 2,247 2,252 0.12,247 
WRE Holding Corp.+Senior loan L + 5.50%(b)(c) 6.50% 01/2025 928 935 928 
WRE Holding Corp.+Senior loan L + 5.50%(b)(c) 6.50% 01/2025 680 677 680 
WRE Holding Corp.+Senior loan L + 5.50%(b)(c) 6.50% 01/2025 403 400 403 
WRE Holding Corp.+Senior loan L + 5.50%(c) 6.50% 01/2025 129 133 129 
WRE Holding Corp.+Senior loan L + 5.50%(b) 6.50% 01/2025 24 24 24 
WRE Holding Corp.+Senior loan L + 5.50%(b)(c) 6.50% 01/2025 23 23 23 
151,805 149,846 5.8151,301 
Communications Equipment
Lightning Finco Limited+(8)(10)One stop L + 5.75%(d) 6.50% 09/2028 10,349 10,152 0.410,349 
Lightning Finco Limited+(8)(9)(10)One stop E + 5.75%(h) 6.50% 09/2028 1,262 1,238 0.11,208 
11,611 11,390 0.511,557 
Containers and Packaging
AmerCareRoyal LLC+Senior loan L + 9.00%(a) 6.00% cash/4.00% PIK 11/2025 790 779 790 
AmerCareRoyal LLC+Senior loan L + 9.00%(a) 6.00% cash/4.00% PIK 11/2025 169 166 169 
AmerCareRoyal LLC+Senior loan L + 9.00%(a) 6.00% cash/4.00% PIK 11/2025 164 161 164 
AmerCareRoyal LLC+(8)Senior loan L + 9.00%(a) 6.00% cash/4.00% PIK 11/2025 147 144 147 
Berry Intermediate, LLC+One stop L + 5.50%(c) 6.25% 10/2028 2,691 2,673 0.12,664 
Berry Intermediate, LLC+One stop L + 5.50%(a) 6.25% 10/2028 442 409 408 
Berry Intermediate, LLC+(5)One stop L + 5.50% N/A(6) 10/2028 — (3)(4)
Berry Intermediate, LLC+(5)One stop L + 5.50% N/A(6) 10/2028 — — (35)
Fortis Solutions Group LLC*#+One stop L + 5.50%(c) 6.25% 10/2028 24,903 24,420 1.024,654 
Fortis Solutions Group LLC+(5)One stop L + 5.50% N/A(6) 10/2027 — (6)(3)
Fortis Solutions Group LLC+(5)One stop L + 5.50% N/A(6) 10/2028 — (99)(102)
 29,306 28,644 1.128,852 

See Notes to Consolidated Financial Statements.
11

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 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)
Distributors
PetroChoice Holdings, Inc.#+Senior loan L + 5.00%(c) 6.00% 08/2022 $3,232 $3,235 0.1%$3,095 
WSC Holdings Midco LLC+Senior loan L + 4.50%(c) 5.50% 07/2027 2,984 2,956 0.12,984 
WSC Holdings Midco LLC+(5)Senior loan L + 4.50% N/A(6) 07/2027 — (1)— 
WSC Holdings Midco LLC+(5)Senior loan L + 4.50% N/A(6) 07/2027 — (17)— 
6,216 6,173 0.2 6,079 
Diversified Consumer Services
Certus Pest, Inc.#One stop L + 5.75%(c) 6.75% 02/2026 1,601 1,570 0.11,601 
Certus Pest, Inc.#One stop L + 5.75%(c) 6.75% 02/2026 1,527 1,478 0.11,527 
Certus Pest, Inc.#One stop L + 5.75%(c) 6.75% 02/2026 1,080 1,071 1,080 
Certus Pest, Inc.+One stop L + 5.75%(c) 6.75% 02/2026 758 743 758 
Certus Pest, Inc.#One stop L + 5.75%(c) 6.75% 02/2026 669 631 669 
Certus Pest, Inc.+One stop L + 5.75%(a) 6.75% 02/2026 385 376 385 
Certus Pest, Inc.+One stop L + 5.75%(c) 6.75% 02/2026 240 223 240 
Certus Pest, Inc.+One stop L + 5.75%(c) 6.75% 02/2026 132 100 132 
Certus Pest, Inc.+One stop L + 5.75%(c) 6.75% 02/2026 55 49 55 
Certus Pest, Inc.+One stop L + 5.75% N/A(6) 02/2026 — — — 
Certus Pest, Inc.+(5)One stop L + 5.75% N/A(6) 02/2026 — (5)— 
Certus Pest, Inc.+One stop L + 5.75% N/A(6) 02/2026 — — — 
CHHJ Franchising, LLC#Senior loan P + 4.00%(f) 7.25% 01/2026 2,744 2,721 0.12,744 
CHHJ Franchising, LLC+Senior loan P + 4.00%(f) 7.25% 01/2026 
COP Hometown Acquisitions, Inc.+Senior loan L + 4.50%(c) 5.50% 07/2027 1,721 1,705 0.11,695 
COP Hometown Acquisitions, Inc.+Senior loan L + 4.50%(c) 5.50% 07/2027 1,677 1,653 0.11,652 
COP Hometown Acquisitions, Inc.+Senior loan L + 4.50%(c)(f) 5.50% 07/2027 1,102 1,088 1,085 
COP Hometown Acquisitions, Inc.+Senior loan L + 4.50%(c) 5.50% 07/2027 777 767 765 
COP Hometown Acquisitions, Inc.+Senior loan L + 4.50%(c) 5.50%