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 $71,522 
Dividend income317 160 
Fee income1,009 907 
Total investment income from non-controlled/non-affiliate company investments85,548 72,589 
From non-controlled affiliate company investments:    
Interest income1,017 1,475 
Total investment income from non-controlled affiliate company investments1,017 1,475 
From controlled affiliate company investments:  
Interest income2 (18)
Total investment income from controlled affiliate company investments2 (18)
Total investment income86,567 74,046 
Expenses    
Interest and other debt financing expenses17,836 15,081 
Base management fee17,501 15,224 
Incentive fee3,381 2,004 
Professional fees899 837 
Administrative service fee1,818 1,602 
General and administrative expenses342 291 
Total expenses41,777 35,039 
Net investment income44,790 39,007 
Net gain (loss) on investment transactions     
Net realized gain (loss) from:    
Non-controlled/non-affiliate company investments15,599 4,125 
Non-controlled affiliate company investments(1,026)(5,739)
Foreign currency transactions(25)(778)
Net realized gain (loss) on investment transactions 14,548 (2,392)
Net change in unrealized appreciation (depreciation) from:  
Non-controlled/non-affiliate company investments5,473 54,069 
Non-controlled affiliate company investments907 9,071 
Controlled affiliate company investments(2,694)(50)
Translation of assets and liabilities in foreign currencies268 (1,374)
Forward currency contracts 281 (3,892)
Net change in unrealized appreciation (depreciation) on investment transactions 4,235 57,824 
Net gain (loss) on investment transactions 18,783 55,432 
(Provision) benefit for taxes on unrealized appreciation on investments$(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.
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TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Changes in Net Assets (unaudited)
(In thousands, except share data)
Common 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 1 12,716 — 12,717 
Distributions from distributable earnings— — — (51,008)(51,008)
Total increase for the three months ended December 31, 2021837,158 1 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.
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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.
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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.
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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 4 4 —4 
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% 07/2027 200 197 —197 
COP Hometown Acquisitions, Inc.+Senior loan P + 3.50%(f) 6.75% 07/2027 7 6 —6 
EMS LINQ, LLC+One stop L + 6.25%(c) 7.25% 12/2027 9,591 9,496 0.49,495 
EMS LINQ, LLC+(5)One stop L + 6.25% N/A(6) 12/2027 — (1)—(1)
EWC Growth Partners LLC+One stop L + 7.50%(c) 6.50% cash/2.00% PIK 03/2026 924 911 —878 
EWC Growth Partners LLC+One stop L + 7.50%(c) 6.50% cash/2.00% PIK 03/2026 30 29 —29 
EWC Growth Partners LLC+One stop L + 7.50%(c) 6.50% cash/2.00% PIK 03/2026 18 18 —17 
Excelligence Learning Corporation#+One stop L + 6.00%(c) 6.50% cash/0.50% PIK 04/2023 10,795 10,668 0.410,795 
Flores & Associates, LLC+One stop L + 4.75%(c) 5.75% 04/2027 3,769 3,693 0.13,731 
Flores & Associates, LLC+One stop L + 5.25%(c) 6.25% 04/2027 1,588 1,568 0.11,572 
Flores & Associates, LLC+One stop L + 4.75%(c) 5.75% 04/2027 840 831 —832 
Flores & Associates, LLC+One stop L + 4.75%(c) 5.75% 04/2027 775 767 0.1767 
Flores & Associates, LLC+(5)One stop L + 4.75% N/A(6) 04/2027 — (1)—(1)
FPG Intermediate Holdco, LLC+One stop L + 6.00%(a) 7.00% 03/2027 9,167 9,009 0.39,075 
FPG Intermediate Holdco, LLC+One stop L + 6.00%(a) 7.00% 03/2027 120 108 —113 
FPG Intermediate Holdco, LLC+One stop L + 6.00%(a)(f) 7.18% 03/2027 32 31 —31 
FSS Buyer LLC+One stop L + 5.75%(c) 6.50% 08/2028 5,533 5,428 0.25,533 
FSS Buyer LLC+(5)One stop L + 5.75% N/A(6) 08/2027 — (1)—— 
Learn-it Systems, LLC+Senior loan L + 4.50%(c) 5.50% 03/2025 2,517 2,548 0.12,511 
Learn-it Systems, LLC+Senior loan L + 4.50%(c) 5.50% 03/2025 1,354 1,351 0.11,351 
Learn-it Systems, LLC+Senior loan L + 4.75%(c) 5.75% 03/2025 359 347 —366 
Learn-it Systems, LLC+Senior loan L + 4.50%(b)(c) 5.50% 03/2025 33 33 —33 
Liminex, Inc.+~One stop L + 7.25%(c) 8.25% 11/2026 25,462 25,069 1.025,462 

See Notes to Consolidated Financial Statements.
12
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)
Diversified Consumer Services - (continued)
Liminex, Inc.+One stop L + 7.25%(c) 8.25% 11/2026 $800 $793 —%$800
Liminex, Inc.+(5)One stop L + 7.25% N/A(6) 11/2026 — (1)—— 
Litera Bidco LLC+One stop L + 6.00%(a) 7.00% 05/2026 4,617 4,568 0.24,640 
Litera Bidco LLC+One stop L + 5.75%(a) 6.75% 05/2026 3,702 3,719 0.23,685 
Litera Bidco LLC+One stop L + 5.75%(a) 6.75% 05/2026 694 713 —690 
Litera Bidco LLC+One stop L + 5.75%(a) 6.75% 05/2026 694 714 —690 
Litera Bidco LLC+One stop L + 6.00%(a) 7.00% 05/2026 145 140 —147 
Litera Bidco LLC+One stop L + 5.75% N/A(6) 05/2025 — — —— 
Mathnasium, LLC+One stop L + 5.00%(c) 5.75% 11/2027 9,307 9,216 0.49,214 
Mathnasium, LLC+One stop L + 5.00%(c) 5.75% 11/2027 13 12 —12 
PADI Holdco, Inc.*#One stop L + 7.25%(c) 6.75% cash/1.50% PIK 04/2024 21,659 21,746 0.719,493 
PADI Holdco, Inc.+~(8)(9)One stop E + 7.25%(g)(h) 5.75% cash/1.50% PIK 04/2024 20,650 20,849 0.718,402 
PADI Holdco, Inc.~One stop L + 7.25%(c) 6.75% cash/1.50% PIK 04/2024 812 808 0.1731 
PADI Holdco, Inc.+One stop L + 7.25%(c) 6.75% cash/1.50% PIK 04/2024 168 167 —151 
PADI Holdco, Inc.+(5)One stop L + 5.75% N/A(6) 04/2023 — (1)—(18)
Provenance Buyer LLC+One stop L + 5.00%(c) 5.75% 06/2027 18,417 18,079 0.718,417 
Provenance Buyer LLC+(5)One stop L + 5.00% N/A(6) 06/2027 — (2)—— 
Provenance Buyer LLC+(5)Senior loan L + 5.00% N/A(6) 06/2027 — (3)—— 
169,264 167,796 6.3164,238 
Diversified Financial Services
AxiomSL Group, Inc.+One stop L + 6.00%(c) 7.00% 12/2027 4,046 3,971 0.24,050 
AxiomSL Group, Inc.+One stop L + 6.00% N/A(6) 12/2027 — — —— 
AxiomSL Group, Inc.+One stop L + 6.00% N/A(6) 12/2025 — — —— 
Banker's Toolbox, Inc.+One stop L + 5.50%(c) 6.25% 07/2027 8,078 7,986 0.38,078 
Banker's Toolbox, Inc.+One stop L + 5.50% N/A(6) 07/2027 — — —— 
Banker's Toolbox, Inc.+One stop L + 5.50% N/A(6) 07/2027 — — —— 
Flash Topco, Inc. +One stop L + 5.75%(c) 6.50% 10/2028 9,894 9,798 0.49,795 
Flash Topco, Inc. +(5)One stop L + 5.75% N/A(6) 10/2028 — (1)—(1)
Higginbotham Insurance Agency, Inc.+One stop L + 5.50%(a) 6.25% 11/2026 3,596 3,552 0.13,578 
Higginbotham Insurance Agency, Inc.+One stop L + 5.50%(a) 6.25% 11/2026 1,015 1,002 —1,010 
Higginbotham Insurance Agency, Inc.+One stop L + 5.50%(a) 6.25% 11/2026 23 22 —22 
26,652 26,330 1.026,532 


See Notes to Consolidated Financial Statements.
13
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)
Diversified Telecommunication Services
NTI Connect, LLC+Senior loan L + 5.00%(c) 6.00% 12/2024 $1,641 $1,614 0.1%$1,641 
Electronic Equipment, Instruments & Components
CST Buyer Company#+One stop L + 5.50%(c) 6.50% 10/2025 20,425 20,230 0.820,425 
CST Buyer Company#+~One stop L + 5.50%(c) 6.50% 10/2025 10,189 10,108 0.410,189 
CST Buyer Company+One stop L + 6.00% N/A(6) 10/2025 — — —— 
Electrical Source Holdings, LLC*#+One stop L + 5.50%(c) 6.25% 11/2025 76,558 76,205 2.976,558 
Electrical Source Holdings, LLC+One stop L + 5.50%(c) 6.25% 11/2025 19,930 19,814 0.819,930 
Electrical Source Holdings, LLC+Senior loan L + 5.50%(c) 6.25% 11/2025 653 645 —653 
Electrical Source Holdings, LLC+Senior loan L + 5.50%(c) 6.25% 11/2025 138 137 —138 
Electrical Source Holdings, LLC+Senior loan L + 5.50%(c) 6.25% 11/2025 95 95 —95 
Electrical Source Holdings, LLC+Senior loan L + 5.50%(c) 6.25% 11/2025 89 89 —89 
Electrical Source Holdings, LLC+Senior loan L + 5.50%(c) 6.25% 11/2025 88 86 —88 
Electrical Source Holdings, LLC+Senior loan L + 5.50%(c) 6.25% 11/2025 60 59 —60 
Electrical Source Holdings, LLC+Senior loan L + 5.50%(c) 6.25% 11/2025 46 46 —46 
Electrical Source Holdings, LLC+Senior loan L + 5.50%(c) 6.25% 11/2025 42 41 —42 
Electrical Source Holdings, LLC+Second lien L + 5.50%(c) 6.25% 11/2025 35 35 —35 
Electrical Source Holdings, LLC+Senior loan L + 5.50%(c) 6.25% 11/2025 17 17 —17 
Watchfire Enterprises, Inc.+Second lien L + 8.25%(c) 9.25% 10/2024 9,435 9,387 0.49,435 
Watchfire Enterprises, Inc.+Senior loan L + 4.50%(c) 5.50% 07/2024 2,164 2,147 0.12,164 
139,964 139,141 5.4139,964 


See Notes to Consolidated Financial Statements.
14
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)
Food & Staples Retailing
Cafe Rio Holding, Inc.*#One stop L + 5.50%(c) 6.50% 09/2023 $18,370 $18,484 0.7%$18,370 
Cafe Rio Holding, Inc.+One stop L + 5.50%(c) 6.50% 09/2023 3,302 3,301 0.23,302 
Cafe Rio Holding, Inc.#+One stop L + 5.50%(c) 6.50% 09/2023 2,219 2,261 0.12,219 
Cafe Rio Holding, Inc.*#One stop L + 5.50%(c) 6.50% 09/2023 1,409 1,435 0.11,409 
Cafe Rio Holding, Inc.#+One stop L + 5.50%(c) 6.50% 09/2023 1,244 1,267 —1,244 
Cafe Rio Holding, Inc.+One stop L + 5.50%(c) 6.50% 09/2023 179 179 —179 
Cafe Rio Holding, Inc.+One stop L + 5.50% N/A(6) 09/2023 — — —— 
Captain D's, LLC#Senior loan L + 4.50%(c) 5.50% 12/2023 13,688 13,715 0.613,688 
Captain D's, LLC~Senior loan L + 4.50%(c) 5.50% 12/2023 2,149 2,127 0.12,149 
Captain D's, LLC+Senior loan L + 4.50% N/A(6) 12/2023 — — —— 
Mendocino Farms, LLC+One stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 892 905 —892 
Mendocino Farms, LLC+One stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 701 711 —701 
Mendocino Farms, LLC+One stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 689 686 —689 
Mendocino Farms, LLC+One stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 339 338 —339 
Mendocino Farms, LLC+One stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 338 337 —338 
Mendocino Farms, LLC+One stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 166 166 —166 
Mendocino Farms, LLC+One stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 101 101 —101 
Ruby Slipper Cafe LLC, The*+One stop L + 7.50%(c) 8.50% 01/2023 2,039 2,036 0.11,999 
Ruby Slipper Cafe LLC, The+One stop L + 7.50%(c) 8.50% 01/2023 413 419 —405 
Ruby Slipper Cafe LLC, The+One stop L + 7.50%(c) 8.50% 01/2023 30 30 —30 
Wetzel's Pretzels, LLC*#+One stop L + 6.50%(c) 7.50% 09/2023 15,935 15,758 0.615,935 
Wetzel's Pretzels, LLC+One stop L + 6.50%(c) 7.50% 09/2023 — — —— 
Wineshipping.com LLC+One stop L + 5.75%(c) 6.75% 10/2027 6,845 6,778 0.36,776 
Wineshipping.com LLC+One stop L + 5.75%(a)(c) 6.75% 10/2027 23 23 —22 
Wineshipping.com LLC+(5)One stop L + 5.75% N/A(6) 10/2027 — (9)—(10)
Wood Fired Holding Corp.*#One stop L + 6.25%(c) 7.25% 12/2023 12,952 13,028 0.512,952 
Wood Fired Holding Corp.+(5)One stop L + 6.25% N/A(6) 12/2023 — (1)—— 
Zenput Inc.+One stop L + 9.00%(c) 7.00% cash/3.00% PIK 06/2026 1,107 1,102 —1,132 
Zenput Inc.+One stop L + 9.00%(c) 7.00% cash/3.00% PIK 06/2026 10 10 —10 
85,140 85,187 3.385,037 


See Notes to Consolidated Financial Statements.
15
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)
Food Products
Borrower R365 Holdings, LLC+One stop L + 6.50%(c) 4.50% cash/3.00% PIK 06/2027 $13,188 $12,953 0.5%$13,188 
Borrower R365 Holdings, LLC+(5)One stop L + 6.50% N/A(6) 06/2027 — (2)—— 
P&P Food Safety Holdings, Inc.*+~One stop L + 6.00%(c)(d) 7.00% 12/2026 16,767 16,573 0.616,767 
P&P Food Safety Holdings, Inc.+(5)One stop L + 6.00% N/A(6) 12/2026 — (1)—— 
P&P Food Safety Holdings, Inc.+(5)One stop L + 6.00% N/A(6) 12/2026 — (24)—— 
Flavor Producers, LLC#~Senior loan L + 5.75%(c) 5.75% cash/1.00% PIK 12/2023 5,006 4,941 0.24,906 
Flavor Producers, LLC+(5)Senior loan L + 4.75% N/A(6) 12/2022 — (2)—— 
Kodiak Cakes, LLC*#+Senior loan L + 4.50%(a) 5.50% 06/2027 12,369 12,114 0.412,378 
Kodiak Cakes, LLC+Senior loan L + 4.50%(a) 5.50% 06/2026 50 48 —49 
Louisiana Fish Fry Products, Ltd.*+One stop L + 5.75%(c) 6.75% 07/2027 9,851 9,759 0.49,851 
Louisiana Fish Fry Products, Ltd.+One stop L + 5.75%(a)(c) 6.75% 07/2027 51 49 —51 
MAPF Holdings, Inc.*#+~One stop L + 5.50%(c) 6.50% 12/2026 33,790 33,506 1.333,790 
MAPF Holdings, Inc.+One stop P + 4.50%(f) 7.75% 12/2026 40 38 —40 
MAPF Holdings, Inc.+(5)One stop L + 5.50% N/A(6) 12/2026 — (37)—— 
Purfoods, LLC+One stop N/A 7.00% PIK 05/2026 79 83 —79 
Ultimate Baked Goods Midco LLC+One stop L + 6.25%(a) 7.25% 08/2027 6,722 6,659 0.36,722 
Ultimate Baked Goods Midco LLC+One stop L + 6.25%(a)(c) 7.25% 08/2027 35 3 —35 
Whitebridge Pet Brands, LLC+One stop L + 5.00%(a) 6.00% 07/2027 15,218 14,935 0.615,218 
Whitebridge Pet Brands, LLC+One stop L + 5.00%(a) 6.00% 07/2027 50 49 —50 
113,216 111,644 4.3113,124 


See Notes to Consolidated Financial Statements.
16
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)
Health Care Equipment & Supplies
Aspen Medical Products, LLC#~One stop L + 4.75%(c) 5.75% 06/2025 $4,115 $4,166 0.2%$4,115 
Aspen Medical Products, LLC+One stop L + 4.75%(c) 5.75% 06/2025 263 261 —263 
Aspen Medical Products, LLC+One stop L + 4.75% N/A(6) 06/2025 — — —— 
Baduhenna Bidco Limited+(8)(10)One stop SF + 6.93%(d)(p) 7.43% 08/2028 5,415 5,345 0.25,473 
Baduhenna Bidco Limited+(8)(9)(10)One stop E + 6.50%(g)(h) 6.50% 08/2028 3,427 3,383 0.13,246 
Baduhenna Bidco Limited+(8)(9)(10)One stop SN + 6.78%(o) 6.97% 08/2028 983 936 —958 
Baduhenna Bidco Limited+(8)(9)(10)One stop E + 6.50%(h) 6.50% 08/2028 783 783 —775 
Baduhenna Bidco Limited+(5)(8)(9)(10)One stop SF + 6.50% N/A(6) 08/2028 — (19)—— 
Belmont Instrument, LLC#+Senior loan L + 4.75%(c) 5.75% 12/2023 5,189 5,163 0.25,189 
Blades Buyer, Inc.#+~Senior loan L + 4.50%(b)(c) 5.50% 08/2025 8,689 8,660 0.38,689 
Blades Buyer, Inc.+Senior loan L + 4.50% N/A(6) 08/2025 — — —— 
Blades Buyer, Inc.+(5)Senior loan L + 4.50% N/A(6) 08/2025 — (16)—— 
Blue River Pet Care, LLC*#+One stop L + 5.00%(a) 5.10% 07/2026 41,008 40,793 1.641,008 
Blue River Pet Care, LLC+One stop L + 5.00%(c) 5.20% 07/2026 3,968 3,871 0.23,968 
Blue River Pet Care, LLC+One stop L + 5.00%(c) 5.22% 08/2025 360 358 —360 
CCSL Holdings, LLC*+One stop L + 6.00%(c) 7.00% 12/2026 15,516 15,354 0.615,516 
CCSL Holdings, LLC+One stop L + 6.00%(c) 7.00% 12/2026 4,198 4,141 0.24,198 
CCSL Holdings, LLC+One stop L + 5.75%(c) 6.75% 12/2026 40 38 —40 
CMI Parent Inc.#+Senior loan L + 4.25%(c) 5.00% 08/2025 6,549 6,630 0.36,549 
CMI Parent Inc.+Senior loan L + 4.25%(c) 5.00% 08/2025 3,244 3,214 0.13,244 
CMI Parent Inc.+(5)Senior loan L + 4.25% N/A(6) 08/2025 — (2)—— 
G & H Wire Company, Inc.#+One stop L + 7.00%(c) 8.00% 09/2023 11,070 11,034 0.411,070 
G & H Wire Company, Inc.+One stop L + 7.00%(c) 8.00% 09/2022 — — —— 
Joerns Healthcare, LLC*+One stop L + 6.00%(c) 7.00% 08/2024 1,993 1,952 0.11,674 
Joerns Healthcare, LLC*+One stop L + 6.00%(c) 7.00% 08/2024 1,916 1,887 —767 
Joerns Healthcare, LLC+One stop N/A 15.00% PIK 11/2022 688 688 —688 
Lombart Brothers, Inc.*#+~One stop L + 6.25%(c) 7.25% 04/2023 28,871 28,848 1.128,871 
Lombart Brothers, Inc.+One stop L + 6.25%(c) 7.25% 04/2023 5,214 5,149 0.25,214 
Lombart Brothers, Inc.#+(8)One stop L + 6.25%(c) 7.25% 04/2023 3,092 3,091 0.13,092 
Lombart Brothers, Inc.+One stop L + 6.25%(a) 7.25% 04/2023 116 115 —116 
Lombart Brothers, Inc.+(8)One stop L + 6.25%(a) 7.25% 04/2023 50 50 —50 
156,757 155,873 5.9155,133 


See Notes to Consolidated Financial Statements.
17
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)
Health Care Providers & Services
AAH TOPCO, LLC +One stop L + 5.50%(c) 6.25% 12/2027 $8,392 $8,308 0.3%$8,308 
AAH TOPCO, LLC +Subordinated debt N/A 11.50% 12/2031 988 968 0.1973 
AAH TOPCO, LLC +(5)One stop L + 5.50% N/A(6) 12/2027 — (1)—(1)
AAH TOPCO, LLC +(5)One stop L + 5.50% N/A(6) 12/2027 — (6)—(6)
Active Day, Inc.#+One stop L + 6.00%(c) 7.00% 02/2022 23,079 23,079 0.820,771 
Active Day, Inc.#+One stop L + 6.00%(c) 7.00% 02/2022 1,782 1,782 0.11,603 
Active Day, Inc.*#One stop L + 6.00%(c) 7.00% 02/2022 1,148 1,148 0.11,034 
Active Day, Inc.+One stop L + 6.00%(c) 7.00% 02/2022 915 915 —823 
Active Day, Inc.+One stop L + 6.00%(c) 7.00% 02/2022 807 807 —726 
Active Day, Inc.*#One stop L + 6.00%(c) 7.00% 02/2022 794 794 —714 
Active Day, Inc.+(5)One stop L + 6.00%(c) 7.00% 02/2022 2 2 —(18)
Active Day, Inc.+One stop L + 6.00%(c) 7.00% 02/2022 — — —— 
Acuity Eyecare Holdings, LLC+One stop L + 6.00%(a)(c) 7.00% 03/2025 14,215 14,040 0.614,215 
Acuity Eyecare Holdings, LLC+One stop L + 6.25%(c) 7.25% 03/2025 4,108 4,117 0.24,121 
Acuity Eyecare Holdings, LLC+One stop L + 6.25%(c) 7.25% 03/2025 3,660 3,628 0.23,671 
Acuity Eyecare Holdings, LLC#+One stop L + 6.25%(c) 7.25% 03/2025 3,504 3,550 0.13,514 
Acuity Eyecare Holdings, LLC+~One stop L + 6.25%(c) 7.25% 03/2025 3,228 3,297 0.13,237 
Acuity Eyecare Holdings, LLC+~One stop L + 6.25%(c) 7.25% 03/2025 1,882 1,947 0.11,888 
Acuity Eyecare Holdings, LLC+One stop L + 6.25%(c) 7.25% 03/2025 455 465 —457 
Acuity Eyecare Holdings, LLC+One stop L + 13.00%(c) 7.25% cash/6.75% PIK 03/2025 241 240 —256 
Acuity Eyecare Holdings, LLC+One stop L + 6.25%(c)(f) 7.29% 03/2025 195 194 —196 
Acuity Eyecare Holdings, LLC+One stop L + 6.25%(c) 7.25% 03/2025 168 167 —168 
Acuity Eyecare Holdings, LLC+Senior loan L + 6.25%(c) 7.25% 03/2025 111 110 —111 
Acuity Eyecare Holdings, LLC+One stop L + 13.00%(c) 7.25% cash/6.75% PIK 03/2025 92 92 —98 
Acuity Eyecare Holdings, LLC+One stop L + 6.25%(c) 7.25% 03/2025 1 1 —1 
Advanced Pain Management Holdings, Inc.+(7)Senior loan P + 3.75%(f) 7.00% 07/2021 11,412 6,855 —197 
Advanced Pain Management Holdings, Inc.+(7)Senior loan L + 8.50%(a) 9.75% 07/2021 4,082 7 —— 
Advanced Pain Management Holdings, Inc.+(7)Senior loan P + 3.75%(f) 7.00% 07/2021 781 469 —13 
Advanced Pain Management Holdings, Inc.+(5)(7)Senior loan P + 3.75%(f) 7.00% 07/2021 576 540 —(9)
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stop L + 6.00%(c) 7.00% 03/2027 3,966 3,914 0.23,982 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stop L + 6.00%(c) 7.00% 03/2027 3,535 3,493 0.23,554 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stop L + 10.50%(c) 11.50% 03/2028 1,737 1,716 0.11,711 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stop L + 10.50%(a)(c) 11.50% 03/2028 643 637 —633 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stop L + 10.50%(a)(c) 11.50% 03/2028 45 42 —42 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)One stop L + 6.00% N/A(6) 03/2027 — (2)—— 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)One stop L + 5.75% N/A(6) 03/2027 — (3)—(3)
CRH Healthcare Purchaser, Inc.*~Senior loan L + 4.50%(c) 5.50% 12/2024 19,502 19,499 0.719,502 
CRH Healthcare Purchaser, Inc.#Senior loan L + 4.50%(c) 5.50% 12/2024 5,237 5,190 0.25,237 
CRH Healthcare Purchaser, Inc.#+Senior loan L + 4.50%(c) 5.50% 12/2024 4,143 4,124 0.24,143 
CRH Healthcare Purchaser, Inc.+Senior loan L + 4.50%(c) 5.50% 12/2024 3,547 3,512 0.23,547 

See Notes to Consolidated Financial Statements.
18
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)
Health Care Providers & Services - (continued)
CRH Healthcare Purchaser, Inc.+Senior loan L + 4.50%(c) 5.50% 12/2024 $40 $38 —%$40 
Datix Bidco Limited+(8)(9)(10)Senior loan L + 4.50%(j) 4.96% 04/2025 60,764 59,644 2.360,204 
Datix Bidco Limited+(8)(9)(10)Second lien L + 7.75%(j) 8.21% 04/2026 21,561 21,157 0.821,363 
Emerge Intermediate, Inc.*#One stop L + 8.50%(c) 7.00% cash/2.50% PIK 05/2024 19,331 19,163 0.719,331 
Emerge Intermediate, Inc.+(5)One stop L + 6.00% N/A(6) 05/2024 — (2)—— 
Encorevet Group LLC+One stop L + 5.25%(c) 6.25% 11/2024 992 985 0.1982 
Encorevet Group LLC+One stop L + 5.25%(b)(c) 6.25% 11/2024 930 919 0.1918 
Encorevet Group LLC+One stop L + 5.25%(c) 6.25% 11/2024 624 618 —617 
Encorevet Group LLC+Senior loan L + 5.25%(c) 6.25% 11/2024 246 245 —244 
Encorevet Group LLC+One stop L + 5.25%(c) 6.25% 11/2024 164 163 —162 
Encorevet Group LLC+Senior loan L + 5.25%(c) 6.25% 11/2024 111 111 —109 
Encorevet Group LLC+Senior loan L + 5.25%(c) 6.25% 11/2024 69 68 —68 
Encorevet Group LLC+Senior loan L + 5.25%(c) 6.25% 11/2024 57 57 —57 
Encorevet Group LLC+One stop L + 5.25%(c) 6.25% 11/2024 32 32 —32 
Encorevet Group LLC+Senior loan L + 5.25%(c) 6.25% 11/2024 10 10 —10 
Encorevet Group LLC+(5)Senior loan L + 5.25% N/A(6) 11/2024 — — —(1)
ERC Topco Holdings, LLC+One stop L + 5.50%(c) 6.25% 11/2028 9,475 9,383 0.49,475 
ERC Topco Holdings, LLC+(5)One stop L + 5.50% N/A(6) 11/2027 — (1)—— 
ERC Topco Holdings, LLC+(5)One stop L + 5.50% N/A(6) 11/2028 — (4)—— 
Eyecare Services Partners Holdings LLC+One stop L + 6.25%(c) 2.00% cash/5.25% PIK 05/2023 18,579 18,634 0.513,934 
Eyecare Services Partners Holdings LLC*+One stop L + 6.25%(c) 2.00% cash/5.25% PIK 05/2023 8,150 8,217 0.26,112 
Eyecare Services Partners Holdings LLC*#One stop L + 6.25%(c) 2.00% cash/5.25% PIK 05/2023 7,138 7,200 0.25,354 
Eyecare Services Partners Holdings LLC+One stop L + 6.25%(c) 2.00% cash/5.25% PIK 05/2023 5,253 5,264 0.23,940 
Eyecare Services Partners Holdings LLC*+One stop L + 6.25%(c) 2.00% cash/5.25% PIK 05/2023 2,438 2,458 0.11,828 
Eyecare Services Partners Holdings LLC*+One stop L + 6.25%(c) 2.00% cash/5.25% PIK 05/2023 1,564 1,577 —1,173 
Eyecare Services Partners Holdings LLC*#One stop L + 6.25%(c) 2.00% cash/5.25% PIK 05/2023 1,156 1,166 —867 
Eyecare Services Partners Holdings LLC*#One stop L + 6.25%(c) 2.00% cash/5.25% PIK 05/2023 1,006 1,014 —754 
Eyecare Services Partners Holdings LLC*+One stop L + 6.25%(c) 2.00% cash/5.25% PIK 05/2023 658 663 —494 
Eyecare Services Partners Holdings LLC+One stop L + 6.25%(c) 2.00% cash/5.25% PIK 05/2023 406 405 —304 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.~(8)(9)(12)One stop C + 4.50%(n) 5.50% 03/2027 11,683 11,597 0.512,372 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stop C + 4.50%(n) 5.50% 03/2027 494 489 —498 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stop C + 4.50%(n) 5.50% 03/2027 186 184 —196 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)One stop L + 4.50%(c) 5.50% 03/2027 20 19 —20 
Heartland Veterinary Partners LLC+Senior loan L + 4.75%(c) 5.75% 12/2026 851 842 —842 
Heartland Veterinary Partners LLC+Senior loan L + 4.75%(a)(c) 5.75% 12/2026 16 15 —15 
Heartland Veterinary Partners LLC+Senior loan L + 4.75% N/A(6) 12/2026 — — —— 
Klick Inc.+(8)(12)Senior loan L + 4.50%(c) 5.50% 03/2028 10,073 9,983 0.410,089 
Klick Inc.+(5)(8)(12)Senior loan L + 4.50% N/A(6) 03/2026 — (1)—(1)
Krueger-Gilbert Health Physics, LLC+~Senior loan L + 5.25%(c) 6.25% 05/2025 2,329 2,320 0.12,329 
Krueger-Gilbert Health Physics, LLC+Senior loan L + 5.25%(c) 6.25% 05/2025 1,872 1,871 0.11,872 
Krueger-Gilbert Health Physics, LLC+Senior loan L + 5.25%(c) 6.25% 05/2025 1,099 1,127 —1,099 
Krueger-Gilbert Health Physics, LLC+Senior loan L + 5.25%(c) 6.25% 05/2025 60 60 —60 
Krueger-Gilbert Health Physics, LLC+(5)Senior loan L + 5.25% N/A(6) 05/2025 — (19)—— 

See Notes to Consolidated Financial Statements.
19
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)
Health Care Providers & Services - (continued)
MWD Management, LLC & MWD Services, Inc.#+One stop L + 5.50%(c) 6.50% 06/2023 $9,262 $9,234 0.4%$9,262 
MWD Management, LLC & MWD Services, Inc.#One stop L + 5.50%(c) 6.50% 06/2023 4,459 4,496 0.24,459 
MWD Management, LLC & MWD Services, Inc.+One stop L + 5.50% N/A(6) 06/2022 — — —— 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)One stop C + 5.25%(n) 6.25% 05/2028 20,384 20,104 0.719,353 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)One stop L + 5.25%(c) 6.25% 05/2028 4,359 4,301 0.24,315 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)One stop L + 5.25%(c) 6.25% 05/2028 2,837 2,809 0.12,809 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)One stop C + 5.25%(n) 6.25% 05/2028 1,209 1,174 —1,156 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)One stop L + 5.25%(c) 6.25% 05/2026 60 59 —59 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)One stop C + 5.25%(n) 6.25% 05/2026 26 23 —22 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)One stop L + 5.25%(c) 6.25% 05/2028 15 14 —15 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 19,110 17,404 0.513,714 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 2,218 1,869 0.11,591 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 2,101 1,902 0.11,508 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 1,591 1,340 —1,142 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 1,406 1,184 —1,009 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 1,224 1,031 —878 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 953 803 —684 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 826 696 —593 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 509 429 —366 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c)(f) 7.25% 05/2022 291 265 —209 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 97 88 —69 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 88 80 —63 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 68 62 —49 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 63 58 —45 
Pinnacle Treatment Centers, Inc.#+One stop L + 5.75%(c) 6.75% 01/2023 18,881 18,871 0.718,881 
Pinnacle Treatment Centers, Inc.*One stop L + 5.75%(c) 6.75% 01/2023 7,612 7,588 0.37,612 
Pinnacle Treatment Centers, Inc.#+One stop L + 5.75%(c) 6.75% 01/2023 1,551 1,551 0.11,551 
Pinnacle Treatment Centers, Inc.+One stop L + 5.75%(c) 6.75% 01/2023 700 703 —700 
Pinnacle Treatment Centers, Inc.+One stop L + 5.75%(c) 6.75% 01/2023 184 184 —184 
Pinnacle Treatment Centers, Inc.+One stop L + 5.75%(c) 6.75% 01/2023 106 106 —106 
Pinnacle Treatment Centers, Inc.+One stop L + 5.75%(c) 6.75% 01/2023 37 37 —37 
Pinnacle Treatment Centers, Inc.+One stop L + 5.75% N/A(6) 01/2023 — — —— 
Pinnacle Treatment Centers, Inc.+One stop L + 5.75% N/A(6) 01/2023 — — —— 
PPT Management Holdings, LLC+One stop L + 8.00%(c) 7.00% cash/2.00% PIK 12/2022 25,426 24,871 0.821,613 
PPT Management Holdings, LLC+One stop L + 8.00%(c) 7.00% cash/2.00% PIK 12/2022 308 303 —262 
PPT Management Holdings, LLC+One stop L + 8.00%(c) 7.00% cash/2.00% PIK 12/2022 182 179 —154 
PPT Management Holdings, LLC+One stop L + 8.00%(c) 7.00% cash/2.00% PIK 12/2022 170 158 —106 
PPT Management Holdings, LLC+One stop L + 8.00%(c) 7.00% cash/2.00% PIK 12/2022 90 82 —76 
Suveto Buyer, LLC+One stop L + 4.25%(c) 5.00% 09/2027 12,856 12,601 0.512,856 
Suveto Buyer, LLC+One stop L + 4.25%(c)(f) 5.00% 09/2027 83 81 —83 
459,752 444,048 15.9414,762 

See Notes to Consolidated Financial Statements.
20
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)
Health Care Technology
Connexin Software, Inc.+~One stop L + 8.50%(c) 9.50% 02/2024 $7,550 $7,592 0.3%$7,550 
Connexin Software, Inc.+One stop L + 8.50% N/A(6) 02/2024 — — —— 
ESO Solution, Inc.+One stop L + 7.00%(c)(d) 8.00% 03/2027 6,681 6,623 0.26,681 
ESO Solution, Inc.+(5)One stop L + 7.00% N/A(6) 03/2027 — (1)—— 
HSI Halo Acquisition, Inc.+~One stop L + 5.75%(c) 6.75% 08/2026 6,234 6,204 0.26,171 
HSI Halo Acquisition, Inc.+One stop L + 5.75%(c) 6.75% 08/2026 2,971 2,935 0.12,941 
HSI Halo Acquisition, Inc.+One stop L + 5.75%(c) 6.75% 08/2026 1,957 1,941 0.11,938 
HSI Halo Acquisition, Inc.+One stop L + 5.75%(c) 6.75% 08/2026 1,072 1,050 —1,058 
HSI Halo Acquisition, Inc.+One stop L + 5.75%(c) 6.75% 08/2026 639 635 —634 
HSI Halo Acquisition, Inc.+One stop L + 5.75%(a) 6.75% 09/2025 13 12 —12 
HSI Halo Acquisition, Inc.+(5)One stop L + 5.75% N/A(6) 08/2026 — (1)—(1)
Kareo, Inc.+One stop L + 9.00%(a) 10.00% 06/2023 10,273 10,246 0.410,105 
Kareo, Inc.+One stop L + 9.00%(a) 10.00% 06/2023 6,588 6,219 0.26,481 
Kareo, Inc.+One stop L + 9.00%(a) 10.00% 06/2023 1,506 1,470 0.11,481 
Kareo, Inc.+One stop L + 9.00%(a) 10.00% 06/2023 941 940 —926 
Kareo, Inc.+One stop L + 9.00%(a) 10.00% 06/2023 753 752 —741 
Kareo, Inc.+One stop L + 9.00%(a) 10.00% 06/2023 80 80 —78 
Kareo, Inc.+(5)One stop L + 9.00% N/A(6) 06/2023 — (25)—(71)
Kareo, Inc.+(5)One stop L + 9.00% N/A(6) 06/2023 — (1)—— 
Nextech Holdings, LLC+One stop L + 5.50%(c) 5.63% 06/2025 3,961 4,011 0.23,961 
Nextech Holdings, LLC+One stop L + 5.50%(c) 5.63% 06/2025 1,932 1,920 0.11,932 
Nextech Holdings, LLC+(5)One stop L + 5.50% N/A(6) 06/2025 — (3)—— 
Qgenda Intermediate Holdings, LLC+One stop L + 5.25%(c) 6.25% 06/2025 15,084 15,084 0.615,084 
Qgenda Intermediate Holdings, LLC#One stop L + 5.25%(c) 6.25% 06/2025 12,287 12,193 0.512,287 
Qgenda Intermediate Holdings, LLC+One stop L + 5.25%(c) 6.25% 06/2025 1,466 1,459 0.11,466 
Qgenda Intermediate Holdings, LLC#One stop L + 5.25%(c) 6.25% 06/2025 980 980 —980 
Qgenda Intermediate Holdings, LLC+One stop L + 5.25% N/A(6) 06/2025 — — —— 
Transaction Data Systems, Inc.*#+~One stop L + 4.50%(c) 5.50% 02/2026 66,921 65,971 2.666,921 
Transaction Data Systems, Inc.+(5)One stop L + 4.50% N/A(6) 02/2026 — (4)—— 
149,889 148,282 5.7149,356 


See Notes to Consolidated Financial Statements.
21
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)
Hotels, Restaurants & Leisure
BJH Holdings III Corp.*#+One stop L + 4.50%(c) 5.50% 08/2025 $50,961 $51,897 2.0%$50,961 
BJH Holdings III Corp.+(5)One stop L + 4.50% N/A(6) 08/2025 — (5)—— 
CR Fitness Holdings, LLC#~Senior loan L + 4.00%(a) 5.00% 07/2025 1,974 1,982 0.11,974 
CR Fitness Holdings, LLC+Senior loan L + 4.00%(a) 5.00% 07/2025 837 834 —837 
CR Fitness Holdings, LLC+Senior loan L + 4.00%(a) 5.00% 07/2025 74 74 —74 
Davidson Hotel Company, LLC+One stop L + 6.75%(a)(c) 6.25% cash/1.50% PIK 07/2024 7,115 7,077 0.26,048 
Davidson Hotel Company, LLC+One stop L + 6.75%(a)(c) 6.25% cash/1.50% PIK 07/2024 1,093 1,091 0.1929 
Davidson Hotel Company, LLC+(5)One stop L + 5.25% N/A(6) 07/2024 — — —(16)
EOS Fitness Opco Holdings, LLC*#One stop L + 4.75%(c) 5.75% 01/2025 8,574 8,617 0.38,574 
EOS Fitness Opco Holdings, LLC+One stop L + 4.75%(c) 5.75% 01/2025 903 907 —903 
EOS Fitness Opco Holdings, LLC+One stop L + 4.75%(c) 5.75% 01/2025 120 120 —120 
Freddy's Frozen Custard LLC~One stop L + 5.00%(c) 6.00% 03/2027 9,233 9,154 0.49,233 
Freddy's Frozen Custard LLC+(5)One stop L + 5.00% N/A(6) 03/2027 — (1)—— 
Harri US LLC+One stop L + 10.00%(c) 7.00% cash/4.00% PIK 08/2026 780 679 —787 
Harri US LLC+One stop L + 6.00% N/A(6) 08/2026 — — —— 
Harri US LLC+(5)One stop L + 6.00% N/A(6) 08/2026 — (7)—13 
SSRG Holdings, LLC+One stop L + 4.75%(c) 5.75% 11/2025 907 895 —907 
SSRG Holdings, LLC+One stop L + 4.75%(c) 5.75% 11/2025 35 35 —35 
Sunshine Sub, LLC#~One stop L + 4.75%(a) 5.75% 05/2024 12,759 12,824 0.512,759 
Sunshine Sub, LLC#+One stop L + 4.75%(a) 5.75% 05/2024 5,582 5,703 0.25,582 
Sunshine Sub, LLC+(5)One stop L + 4.75% N/A(6) 05/2024 — (1)—— 
Tropical Smoothie Cafe Holdings, LLC*#Senior loan L + 5.25%(a)(c) 6.25% 09/2026 14,278 14,146 0.514,278 
Tropical Smoothie Cafe Holdings, LLC#Senior loan L + 5.25%(a)(c) 6.25% 09/2026 6,493 6,437 0.36,493 
Tropical Smoothie Cafe Holdings, LLC+(5)Senior loan L + 5.25% N/A(6) 09/2026 — (1)—— 
121,718 122,457 4.6120,491 
Household Durables
Groundworks LLC+Senior loan L + 5.00%(c) 6.00% 01/2026 4,650 4,594 0.24,604 
Groundworks LLC+Senior loan L + 5.00%(c) 6.00% 01/2026 1,819 1,796 0.11,800 
Groundworks LLC+Senior loan L + 5.00%(c) 6.00% 01/2026 1,212 1,200 —1,200 
Groundworks LLC+Senior loan L + 5.00%(c) 6.00% 01/2026 1,080 1,065 —1,069 
Groundworks LLC+Senior loan L + 5.00%(c) 6.00% 01/2026 83 82 —82 
Groundworks LLC+Senior loan L + 4.75% N/A(6) 01/2026 — — —— 
Groundworks LLC+(5)Senior loan L + 5.00% N/A(6) 01/2026 — (5)—(5)
8,844 8,732 0.38,750 
Household Products
WU Holdco, Inc. #+One stop L + 5.50%(c) 6.50% 03/2026 3,771 3,830 0.13,775 
WU Holdco, Inc. +One stop L + 5.50%(c) 6.50% 03/2026 1,328 1,328 0.11,330 
WU Holdco, Inc. +One stop L + 5.50%(c) 5.72% 03/2025 14 14 —14 
WU Holdco, Inc. +One stop L + 5.50% N/A(6) 03/2026 — — —— 
5,113 5,172 0.25,119 

See Notes to Consolidated Financial Statements.
22
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)
Industrial Conglomerates
Arch Global CCT Holdings Corp.#+Senior loan L + 4.50%(c) 4.72% 04/2026 $2,373 $2,428 0.1%$2,371 
Arch Global CCT Holdings Corp.+Senior loan L + 4.50%(c) 4.72% 04/2026 127 126 —127 
Arch Global CCT Holdings Corp.+Senior loan L + 4.50% N/A(6) 04/2025 — — —— 
Arch Global CCT Holdings Corp.+Senior loan L + 4.50% N/A(6) 04/2026 — — —1 
Essential Services Holdings Corporation+(5)One stop L + 5.75% N/A(6) 11/2026 — (7)—(8)
Essential Services Holdings Corporation+(5)One stop L + 5.75% N/A(6) 11/2025 — (1)—(1)
Madison Safety & Flow LLC+Senior loan L + 4.00%(a) 4.10% 03/2025 463 462 —463 
Madison Safety & Flow LLC+Senior loan L + 4.00%(a) 4.11% 03/2025 3 3 —3 
Specialty Measurement Bidco Limited~(8)(9)(10)One stop E + 5.75%(g) 6.75% 11/2027 7,969 7,781 0.37,607 
Specialty Measurement Bidco Limited~(8)(10)One stop L + 5.75%(c) 6.75% 11/2027 7,961 7,776 0.37,961 
Specialty Measurement Bidco Limited+(5)(8)(9)(10)One stop L + 5.75% N/A(6) 11/2027 — (45)—— 
18,896 18,523 0.7 18,524 


See Notes to Consolidated Financial Statements.
23
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)
Insurance
Alera Group, Inc.+One stop L + 5.50%(a) 6.25% 10/2028 $25,562 $25,316 1.0%$25,434 
Alera Group, Inc.+One stop L + 5.50%(a) 6.25% 10/2028 7,024 6,919 0.36,987 
Alera Group, Inc.+(5)One stop L + 5.50% N/A(6) 10/2028 — (3)—(3)
AMBA Buyer, Inc. +One stop L + 5.75%(c) 6.50% 07/2027 3,221 3,191 0.13,221 
AMBA Buyer, Inc. +One stop L + 5.75% N/A(6) 07/2027 — — —— 
AMBA Buyer, Inc. +(5)One stop L + 5.75% N/A(6) 07/2027 — (4)—— 
Captive Resources Midco, LLC*#+~One stop L + 5.50%(a) 6.25% 05/2027 52,638 52,646 2.052,111 
Captive Resources Midco, LLC+One stop L + 5.50%(a) 6.25% 05/2027 6,778 6,711 0.26,711 
Captive Resources Midco, LLC+(5)One stop L + 5.50% N/A(6) 05/2027 — (12)—(17)
Integrity Marketing Acquisition, LLC+Senior loan L + 5.50%(b)(c) 6.25% 08/2025 2,531 2,495 0.12,508 
Integrity Marketing Acquisition, LLC+One stop L + 5.75%(c) 6.75% 08/2025 2,440 2,437 0.12,449 
Integrity Marketing Acquisition, LLC+Senior loan L + 5.75%(c) 6.75% 08/2025 1,529 1,508 0.11,535 
Integrity Marketing Acquisition, LLC+Senior loan L + 5.75%(c) 6.75% 08/2025 779 776 —783 
Integrity Marketing Acquisition, LLC+One stop L + 5.75%(c) 6.75% 08/2025 471 469 —473 
Integrity Marketing Acquisition, LLC+Senior loan L + 5.75%(c) 6.75% 08/2025 246 245 —247 
Integrity Marketing Acquisition, LLC+One stop L + 5.75% N/A(6) 08/2025 — — —— 
Integrity Marketing Acquisition, LLC+(5)Senior loan L + 5.50% N/A(6) 08/2025 — (1)—(1)
J.S. Held Holdings, LLC#+One stop L + 5.50%(c) 6.50% 07/2025 6,471 6,445 0.26,471 
J.S. Held Holdings, LLC+One stop L + 5.50%(c) 6.50% 07/2025 718 701 —718 
J.S. Held Holdings, LLC+One stop L + 5.50%(a) 6.50% 07/2025 80 76 —80 
Keystone Agency Partners LLC+Senior loan L + 4.75%(c) 5.75% 05/2027 2,315 2,280 0.12,280 
Keystone Agency Partners LLC+(5)Senior loan L + 5.50% N/A(6) 05/2027 — (3)—(3)
Long Term Care Group, Inc.+One stop L + 6.00%(a) 6.75% 09/2027 3,007 2,950 0.13,007 
Majesco*#One stop L + 7.25%(c) 8.25% 09/2027 18,894 18,630 0.718,899 
Majesco+(5)One stop L + 7.25% N/A(6) 09/2026 — (3)—— 
Norvax, LLC+Senior loan L + 5.00%(d) 6.00% 09/2025 33,033 32,860 1.332,703 
Norvax, LLC+Senior loan L + 5.00%(c) 6.00% 09/2025 10,000 9,856 0.49,900 
Orchid Underwriters Agency, LLC+Senior loan L + 4.50%(c) 5.50% 12/2024 4,050 4,086 0.24,050 
Orchid Underwriters Agency, LLC+Senior loan L + 4.50%(c) 5.50% 12/2024 470 470 —470 
Orchid Underwriters Agency, LLC+Senior loan L + 4.50% N/A(6) 12/2024 — — —— 
Pareto Health Intermediate Holdings, Inc. +One stop L + 5.25%(c) 6.25% 08/2025 7,280 7,215 0.37,280 
Patriot Growth Insurance Services, LLC+One stop L + 5.50%(c) 6.25% 10/2028 8,025 7,947 0.37,945 
Patriot Growth Insurance Services, LLC+(5)One stop L + 5.50% N/A(6) 10/2028 — (1)—(1)
Patriot Growth Insurance Services, LLC+(5)One stop L + 5.50% N/A(6) 10/2028 — (30)—(31)
People Corporation~(8)(9)(12)One stop C + 6.25%(n) 7.25% 02/2028 14,839 14,611 0.615,108 
People Corporation+(8)(9)(12)One stop C + 6.25%(n) 7.25% 02/2028 4,953 4,906 0.24,930 
People Corporation+(8)(9)(12)One stop C + 5.50%(m) 6.25% 02/2028 682 613 —396 
People Corporation+(8)(9)(12)One stop C + 6.25%(n) 7.25% 02/2027 81 79 —84 
RSC Acquisition, Inc.*#+One stop L + 5.50%(c) 6.25% 10/2026 25,833 25,441 1.025,575 
RSC Acquisition, Inc.+One stop L + 5.50%(b)(c) 6.25% 10/2026 6,611 6,290 0.36,545 
RSC Acquisition, Inc.+One stop L + 5.50%(c) 6.25% 10/2026 894 885 —885 
RSC Acquisition, Inc.+One stop L + 5.50%(c) 6.25% 10/2026 201 199 —199 
RSC Acquisition, Inc.+One stop L + 5.50%(c) 6.25% 10/2026 61 57 —57 
RSC Acquisition, Inc.+One stop P + 4.50%(f) 7.75% 10/2026 42 41 —42 
Sunstar Insurance Group, LLC+Senior loan L + 5.75%(c) 6.75% 10/2026 782 770 —782 
Sunstar Insurance Group, LLC+Senior loan L + 5.75%(c) 6.75% 10/2026 396 390 —396 
Sunstar Insurance Group, LLC+Senior loan L + 5.75%(c) 6.75% 10/2026 389 381 —389 
Sunstar Insurance Group, LLC+Senior loan L + 5.75% N/A(6) 10/2026 — — —— 

See Notes to Consolidated Financial Statements.
24
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)
Insurance - (continued)
TigerRisk, LLC*+One stop L + 5.00%(c) 6.00% 06/2027 $22,834 $22,628 0.9%$22,834
TigerRisk, LLC+(5)One stop L + 5.00% N/A(6) 06/2027 — (1)—— 
276,160 273,462 10.5274,428 
Internet & Catalog Retail
Revalize, Inc.+One stop L + 5.25%(c) 6.25% 04/2027 15,126 14,993 0.614,975 
Revalize, Inc.+One stop L + 5.25%(c) 6.25% 04/2027 8,853 8,775 0.38,764 
Revalize, Inc.+One stop L + 5.25%(c) 6.25% 04/2027 4,390 4,351 0.24,346 
Revalize, Inc.+One stop L + 5.25%(c) 6.25% 04/2027 2,644 2,621 0.12,618 
Revalize, Inc.+One stop L + 5.25%(c) 6.25% 04/2027 1,698 1,681 0.11,681 
Revalize, Inc.+One stop L + 5.25%(c) 6.25% 04/2027 400 397 —396 
Revalize, Inc.+(5)One stop L + 5.25% N/A(6) 04/2027 — (2)—(2)
Revalize, Inc.+(5)One stop L + 5.25% N/A(6) 04/2027 — (1)—(3)
33,111 32,815 1.332,775 
IT Services
Acquia, Inc.+~One stop L + 7.00%(c) 8.00% 10/2025 9,578 9,492 0.49,578 
Acquia, Inc.+One stop L + 7.00% N/A(6) 10/2025 — — —— 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+One stop L + 7.50%(c) 8.50% cash/1.00% PIK 08/2025 4,673 4,540 0.24,796 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+One stop L + 6.50% N/A(6) 08/2025 — — —1 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+(5)One stop L + 6.50% N/A(6) 08/2025 — (11)—— 
Centrify Corporation+One stop L + 5.75%(c) 6.75% 03/2028 16,707 16,486 0.616,707 
Centrify Corporation#One stop L + 5.75%(c) 6.75% 03/2028 9,658 9,528 0.49,658 
Centrify Corporation+(5)One stop L + 5.75% N/A(6) 03/2027 — (3)—— 
CivicPlus, LLC+One stop L + 6.25%(c) 7.00% 08/2027 6,174 6,116 0.26,174 
CivicPlus, LLC+One stop L + 6.25% N/A(6) 08/2027 — — —— 
CivicPlus, LLC+(5)One stop L + 6.25% N/A(6) 08/2027 — (27)—— 
Cordeagle US Finco, Inc.+One stop L + 6.75%(c) 7.75% 07/2027 3,347 3,285 0.13,347 
Cordeagle US Finco, Inc.+(5)One stop L + 6.75% N/A(6) 07/2027 — (1)—— 
Episerver, Inc.+One stop L + 5.50%(c) 6.50% 04/2026 21,658 21,373 0.821,496 
Episerver, Inc.+~(8)(9)One stop E + 5.75%(g) 5.75% 04/2026 20,279 20,486 0.820,410 
Episerver, Inc.#+One stop L + 5.50%(c) 6.50% 04/2026 12,030 12,134 0.511,940 
Episerver, Inc.+One stop L + 5.50%(c) 6.50% 04/2026 6,651 6,552 0.36,601 
Episerver, Inc.+(5)One stop L + 5.50% N/A(6) 04/2026 — (4)—(5)
Episerver, Inc.+(5)One stop L + 5.50% N/A(6) 04/2026 — (4)—(4)
Gamma Technologies, LLC*#+One stop L + 4.75%(c) 5.75% 06/2024 46,739 46,954 1.846,739 
Gamma Technologies, LLC+One stop L + 4.75% N/A(6) 06/2024 — — —— 
Infinisource, Inc.#+~One stop L + 4.50%(c) 5.50% 10/2026 28,032 27,642 1.127,752 
Infinisource, Inc.+One stop L + 4.50%(c) 5.50% 10/2026 8,466 8,384 0.38,382 
Infinisource, Inc.+One stop L + 4.50%(c) 5.50% 10/2026 2,042 2,000 0.12,021 
Infinisource, Inc.+One stop L + 4.50%(c) 5.50% 10/2026 306 303 —303 
Infinisource, Inc.+One stop L + 4.50%(c) 5.50% 10/2026 106 105 —105 
Infinisource, Inc.+(5)One stop L + 4.50% N/A(6) 10/2026 — (2)—(2)
Infinisource, Inc.+(5)One stop L + 4.50% N/A(6) 10/2026 — (12)—(13)
Infinisource, Inc.+(5)One stop L + 4.50% N/A(6) 10/2026 — (2)—(3)
PCS Intermediate II Holdings, LLC~One stop L + 5.25%(c) 6.25% 01/2026 14,311 14,213 0.514,311 
PCS Intermediate II Holdings, LLC+One stop L + 5.25%(c) 6.25% 01/2026 2,066 2,047 0.12,066 
PCS Intermediate II Holdings, LLC+(5)One stop L + 5.25% N/A(6) 01/2026 — (1)—— 

See Notes to Consolidated Financial Statements.
25
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)
IT Services - (continued)
Recordxtechnologies, LLC#One stop L + 5.50%(c) 6.50% 12/2025 $734 $728 —%$734
Recordxtechnologies, LLC+One stop L + 5.50%(c) 6.50% 12/2025 115 113 —115 
Recordxtechnologies, LLC+One stop L + 5.50%(c) 6.50% 12/2025 42 41 —42 
Red Dawn SEI Buyer, Inc.+~(8)(9)Senior loan SN + 4.50%(o) 5.50% 11/2025 23,827 23,631 0.923,645 
Red Dawn SEI Buyer, Inc.+Senior loan L + 4.50%(c) 5.50% 11/2025 2,484 2,439 0.12,512 
Red Dawn SEI Buyer, Inc.+Senior loan L + 4.25%(c) 5.25% 11/2025 742 737 —740 
Red Dawn SEI Buyer, Inc.+Senior loan L + 4.25%(c) 5.25% 11/2025 132 131 —131 
Red Dawn SEI Buyer, Inc.+(5)Senior loan L + 4.25% N/A(6) 11/2025 — (1)—— 
Saturn Borrower Inc.+~One stop L + 6.50%(c) 7.50% 09/2026 20,130 19,646 0.819,727 
Saturn Borrower Inc.+One stop L + 6.50%(c) 7.50% 09/2026 62 59 —60 
261,091 259,097 10.0260,066 


See Notes to Consolidated Financial Statements.
26
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)
Leisure Products
WBZ Investment LLC#+One stop L + 6.50%(c) 6.50% cash/1.00% PIK 09/2024 $8,648 $8,688 0.4%$8,648 
WBZ Investment LLC+One stop L + 6.50%(c) 6.50% cash/1.00% PIK 09/2024 1,239 1,233 —1,239 
WBZ Investment LLC+One stop L + 6.50%(c) 6.50% cash/1.00% PIK 09/2024 861 880 —861 
WBZ Investment LLC+One stop L + 6.50%(c) 6.50% cash/1.00% PIK 09/2024 440 451 —440 
WBZ Investment LLC+One stop L + 6.50%(c) 6.50% cash/1.00% PIK 09/2024 82 82 —82 
11,270 11,334 0.411,270 
Life Sciences Tools & Services
PAS Parent Inc.+One stop L + 5.50%(c) 6.25% 12/2028 33,629 33,293 1.333,293 
PAS Parent Inc.+(5)One stop L + 5.50% N/A(6) 12/2027 — (9)—(4)
PAS Parent Inc.+(5)One stop L + 5.50% N/A(6) 12/2028 — (5)—(5)
Unchained Labs, LLC+Senior loan L + 5.50%(a) 6.50% 08/2027 850 834 —850 
Unchained Labs, LLC+(5)Senior loan L + 5.50% N/A(6) 08/2027 — (1)—— 
Unchained Labs, LLC+(5)Senior loan L + 5.50% N/A(6) 08/2027 — (20)—— 
34,479 34,092 1.334,134 
Machinery
Bad Boy Mowers Acquisition, LLC+Senior loan L + 4.25%(c) 5.00% 03/2028 1,866 1,861 0.11,866 
Blackbird Purchaser, Inc. *+~Senior loan L + 4.50%(c)(f) 5.25% 04/2026 19,113 19,261 0.718,731 
Blackbird Purchaser, Inc. +(5)Senior loan L + 4.50% N/A(6) 10/2025 — (1)—(4)
Blackbird Purchaser, Inc. +(5)Senior loan L + 4.50% N/A(6) 04/2026 — (2)—(2)
Blackbird Purchaser, Inc. +(5)Senior loan L + 4.50% N/A(6) 04/2026 — (3)—(6)
Chase Industries, Inc.+~Senior loan L + 5.50%(c) 6.50% 05/2025 12,059 12,147 0.38,441 
Chase Industries, Inc.+Senior loan L + 7.00%(c) 6.50% cash/1.50% PIK 05/2025 985 1,011 —691 
Chase Industries, Inc.+Senior loan L + 7.00%(c) 6.50% cash/1.50% PIK 05/2023 350 351 —242 
34,373 34,625 1.129,959 
Marine
Veson Nautical LLC#+One stop L + 5.25%(c) 6.25% 11/2025 9,668 9,594 0.49,668 
Veson Nautical LLC*One stop L + 5.25%(c) 6.25% 11/2025 7,191 7,127 0.37,191 
Veson Nautical LLC+(5)One stop L + 5.25% N/A(6) 11/2025 — (1)—— 
16,859 16,720 0.716,859 
Media
Triple Lift, Inc.+One stop L + 5.75%(c) 6.50% 05/2028 5,384 5,286 0.25,384 
Triple Lift, Inc.+(5)One stop L + 5.75% N/A(6) 05/2028 — (1)—— 
5,384 5,285 0.25,384 
Multiline Retail
Mills Fleet Farm Group LLC*#+~One stop L + 6.25%(c) 7.25% 10/2024 46,470 46,389 1.846,470 
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.*+~(8)(12)One stop L + 6.75%(c) 7.75% 05/2025 20,577 20,680 0.820,577 
3ES Innovation, Inc.+(5)(8)(12)One stop L + 6.75% N/A(6) 05/2025 — (1)—— 
Drilling Info Holdings, Inc.*#+~Senior loan L + 4.25%(a) 4.35% 07/2025 37,354 37,708 1.437,295 
Drilling Info Holdings, Inc.~Senior loan L + 4.50%(a) 4.60% 07/2025 17,124 16,805 0.717,235 
Drilling Info Holdings, Inc.+(5)Senior loan L + 4.25% N/A(6) 07/2023 — (1)—(2)
Drilling Info Holdings, Inc.+(5)Senior loan L + 4.50% N/A(6) 07/2023 — (2)—(1)
Project Power Buyer, LLC*#+One stop L + 6.00%(c) 7.00% 05/2026 15,583 15,698 0.615,583 
Project Power Buyer, LLC+(5)One stop L + 6.00% N/A(6) 05/2025 — (1)—— 
90,638 90,886 3.590,687 

See Notes to Consolidated Financial Statements.
27
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)
Paper & Forest Products
Messenger, LLC+One stop L + 5.75%(c) 6.75% 12/2027 $8,837 $8,748 0.3%$8,748 
Messenger, LLC+One stop P + 4.75%(c)(f) 7.71% 12/2027 33 32 —32 
Messenger, LLC+(5)One stop L + 5.75% N/A(6) 12/2027 — (1)—(2)
8,870 8,779 0.38,778 
Personal Products
IMPLUS Footwear, LLC+~One stop L + 7.75%(c) 8.75% 04/2024 30,590 30,857 1.128,143 
IMPLUS Footwear, LLC+~One stop L + 7.75%(c) 8.75% 04/2024 5,224 5,269 0.24,807 
IMPLUS Footwear, LLC*+One stop L + 7.75%(c) 8.75% 04/2024 753 769 —693 
36,567 36,895 1.333,643 

See Notes to Consolidated Financial Statements.
28
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)
Pharmaceuticals
ACP Ulysses Buyer, Inc.*#+Senior loan L + 5.25%(a) 6.25% 02/2026 $23,019 $22,799 0.9%$22,790 
Amalthea Parent, Inc.*#+(8)(12)One stop L + 5.00%(a)(f) 5.75% 03/2027 54,433 53,922 2.153,889 
Amalthea Parent, Inc.+(5)(8)(12)One stop L + 5.00% N/A(6) 03/2027 — (2)—(3)
Amalthea Parent, Inc.+(5)(8)(12)One stop L + 5.00% N/A(6) 03/2027 — (43)—(50)
Amalthea Parent, Inc.+(5)(8)(12)One stop L + 5.00% N/A(6) 03/2027 — (3)—(3)
Apothecary Products, LLC+Senior loan L + 4.50%(a) 5.50% 07/2023 2,891 2,949 0.12,891 
Apothecary Products, LLC+Senior loan L + 4.50%(a)(b)(c)(d) 5.50% 07/2023 313 313 —313 
Cobalt Buyer Sub, Inc.+One stop L + 5.25%(c) 6.00% 10/2028 10,708 10,501 0.410,708 
Cobalt Buyer Sub, Inc.+One stop L + 5.25%(c) 6.00% 10/2027 9 7 —9 
Cobalt Buyer Sub, Inc.+(5)One stop L + 5.25% N/A(6) 10/2028 — (34)—— 
Spark Bidco Limited+(8)(9)(10)Senior loan SN + 4.75%(o) 4.94% 08/2028 26,972 26,588 1.026,532 
Spark Bidco Limited+(5)(8)(9)(10)Senior loan SN + 4.75% N/A(6) 02/2028 — (1)—— 
Spark Bidco Limited+(5)(8)(9)(10)Senior loan SN + 4.75% N/A(6) 08/2028 — (73)—2 
118,345 116,923 4.5117,078 
Professional Services
DISA Holdings Acquisition Subsidiary Corp.+~Senior loan L + 4.00%(c) 5.00% 06/2022 8,662 8,692 0.38,662 
DISA Holdings Acquisition Subsidiary Corp.+Senior loan L + 4.00% N/A(6) 06/2022 — — —— 
IG Investments Holdings, LLC+One stop L + 6.00%(c) 6.75% 09/2028 6,584 6,457 0.36,584 
IG Investments Holdings, LLC+One stop L + 6.00%(a) 6.75% 09/2027 21 21 —21 
NBG Acquisition Corp. and NBG-P Acquisition Corp.+One stop L + 5.25%(c) 6.00% 11/2028 7,520 7,464 0.37,463 
NBG Acquisition Corp. and NBG-P Acquisition Corp.+One stop L + 5.25%(c) 6.00% 11/2028 13 12 —12 
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5)One stop L + 5.25% N/A(6) 11/2028 — (17)—(17)
Net Health Acquisition Corp.+One stop L + 5.75%(c) 6.75% 12/2025 13,336 13,226 0.513,336 
Net Health Acquisition Corp.*#One stop L + 5.75%(c) 6.75% 12/2025 8,444 8,457 0.38,444 
Net Health Acquisition Corp.+~One stop L + 5.75%(c) 6.75% 12/2025 6,759 6,798 0.36,759 
Net Health Acquisition Corp.#One stop L + 5.75%(c) 6.75% 12/2025 4,270 4,221 0.24,270 
Net Health Acquisition Corp.*#One stop L + 5.75%(c) 6.75% 12/2025 1,180 1,182 —1,180 
Net Health Acquisition Corp.+(5)One stop L + 5.75% N/A(6) 12/2025 — (3)—— 
PlanSource Holdings, Inc. +~One stop L + 6.25%(c) 7.25% 04/2025 11,416 11,480 0.411,330 
PlanSource Holdings, Inc. +One stop L + 6.25%(c) 7.25% 04/2025 1,932 1,917 0.11,917 
PlanSource Holdings, Inc. +(5)One stop L + 6.25% N/A(6) 04/2025 — (1)—(2)
PlanSource Holdings, Inc. +(5)One stop L + 6.25% N/A(6) 04/2025 — (1)—(1)
ProcessMAP Corporation+One stop L + 6.00%(c) 6.75% 12/2027 3,837 3,798 0.13,798 
ProcessMAP Corporation+(5)One stop L + 6.00% N/A(6) 12/2027 — — —(1)
Procure Acquireco, Inc.+One stop L + 5.50%(c) 6.25% 12/2028 17,767 17,590 0.717,589 
Procure Acquireco, Inc.+(5)One stop L + 5.50% N/A(6) 12/2028 — (1)—(1)
Procure Acquireco, Inc.+(5)One stop L + 5.50% N/A(6) 12/2028 — (3)—(3)
Teaching Company, The*#+One stop L + 4.75%(c) 5.75% 07/2023 17,508 17,604 0.717,508 
Teaching Company, The+One stop P + 3.75%(f) 7.00% 07/2023 100 100 —100 
109,349 108,993 4.2108,948 
%
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%(c) 6.50% 02/2026 $14,470 $14,372 0.6%$14,470 
MRI Software LLC+One stop L + 5.50%(c) 6.50% 02/2026 2,120 2,074 0.12,120 
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 — (6)—— 
Inhabit IQ Inc.#+One stop L + 5.50%(c) 6.50% 07/2025 19,590 19,664 0.719,590 
Inhabit IQ Inc.+~One stop L + 5.50%(c) 6.50% 07/2025 13,494 13,328 0.513,494 
Inhabit IQ Inc.+One stop L + 5.50%(c) 6.50% 07/2025 12,461 12,347 0.512,461 
Inhabit IQ Inc.*#One stop L + 5.50%(c) 6.50% 07/2025 6,568 6,620 0.36,568 
Inhabit IQ Inc.+~One stop L + 5.50%(c) 6.50% 07/2025 3,201 3,259 0.13,201 
Inhabit IQ Inc.#+One stop L + 5.50%(c) 6.50% 07/2025 1,406 1,430 0.11,406 
Inhabit IQ Inc.#+One stop L + 5.50%(c) 6.50% 07/2025 1,190 1,211 —1,190 
Inhabit IQ Inc.#+One stop L + 5.50%(c) 6.50% 07/2025 1,174 1,194 —1,174 
Inhabit IQ Inc.+One stop L + 5.50%(c) 6.50% 07/2025 938 933 —938 
Inhabit IQ Inc.+One stop L + 5.50%(c) 6.50% 07/2025 495 503 —495 
Inhabit IQ Inc.+(5)One stop L + 5.50% N/A(6) 07/2025 — (1)—— 
Inhabit IQ Inc.+(5)One stop L + 5.50% N/A(6) 07/2025 — (199)—— 
RPL Bidco Limited+(8)(9)(10)One stop SN + 5.75%(o) 5.94% 08/2028 20,251 20,012 0.819,763 
RPL Bidco Limited+(8)(9)(10)One stop SF + 5.75% N/A(6) 02/2028 — — —— 
97,358 96,739 3.7 96,870 
Road & Rail
Channelside Acquisitona Co, Inc.+One stop L + 5.25%(c) 6.25% 07/2028 4,258 4,160 0.14,258 
Channelside Acquisitona Co, Inc.+(5)One stop L + 5.25% N/A(6) 07/2026 — (1)—— 
Channelside Acquisitona Co, Inc.+(5)One stop L + 5.25% N/A(6) 07/2028 — (1)—— 
Internet Truckstop Group LLC*#One stop L + 5.75%(c) 6.75% 04/2025 22,301 22,670 0.922,301 
Internet Truckstop Group LLC+One stop L + 5.75%(c) 6.75% 04/2025 9,765 9,647 0.49,765 
Internet Truckstop Group LLC+(5)One stop L + 5.75% N/A(6) 04/2025 — (2)—— 
36,324 36,473 1.436,324 


See Notes to Consolidated Financial Statements.
29
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)
Software
Accela, Inc.*#+One stop L + 7.50%(a) 4.25% cash/4.25% PIK 09/2024 $4,578 $4,558 0.2%$4,585 
Accela, Inc.+One stop L + 7.50%(a) 4.25% cash/4.25% PIK 09/2024 272 269 —273 
Accela, Inc.+One stop L + 7.00% N/A(6) 09/2024 — — —— 
Appfire Technologies, LLC#+One stop L + 5.50%(c) 6.50% 03/2027 34,943 34,450 1.334,943 
Appfire Technologies, LLC+One stop L + 5.50%(c) 6.50% 03/2027 20 19 —20 
Appfire Technologies, LLC+(5)One stop L + 5.50% N/A(6) 03/2027 — (14)—— 
Apptio, Inc. +~One stop L + 7.25%(d) 8.25% 01/2025 57,010 57,513 2.257,010 
Apptio, Inc. +One stop L + 7.25%(d) 8.25% 01/2025 76 75 —76 
Aras Corporation+One stop L + 7.00%(c) 4.25% cash/3.75% PIK 04/2027 13,788 13,667 0.513,808 
Aras Corporation+(5)One stop L + 6.50% N/A(6) 04/2027 — (1)—(2)
Auvik Networks Inc.+(8)(12)One stop L + 5.50%(c) 6.50% 07/2027 6,889 6,825 0.36,889 
Auvik Networks Inc.+(5)(8)(12)One stop L + 5.50% N/A(6) 07/2027 — (1)—— 
Axiom Merger Sub Inc.+~One stop L + 6.00%(c)(d) 7.00% 04/2026 5,773 5,803 0.25,730 
Axiom Merger Sub Inc.+~(8)(9)One stop E + 6.25%(g)(h) 6.25% 04/2026 2,379 2,394 0.12,411 
Axiom Merger Sub Inc.+One stop L + 6.00%(d) 7.00% 04/2026 274 271 —272 
Axiom Merger Sub Inc.+(5)One stop L + 6.00% N/A(6) 10/2025 — (1)—— 
Axiom Merger Sub Inc.+(5)One stop L + 6.00% N/A(6) 04/2026 — (1)—(1)
Bayshore Intermediate #2, L.P.+One stop L + 7.75%(c) 8.50% 10/2028 59,892 58,593 2.360,142 
Bayshore Intermediate #2, L.P.+(5)One stop L + 6.75% N/A(6) 10/2027 — (4)—(7)
Bearcat Buyer, Inc.+~Senior loan L + 4.25%(c) 5.25% 07/2026 2,891 2,908 0.12,871 
Bearcat Buyer, Inc.+Senior loan L + 4.25%(c) 5.25% 07/2026 515 516 —512 
Bearcat Buyer, Inc.~Senior loan L + 4.25%(c) 5.25% 07/2026 305 303 —303 
Bearcat Buyer, Inc.+Senior loan L + 4.25% N/A(6) 07/2024 — — —— 
Beqom North America, Inc.+One stop L + 7.50%(c) 7.00% cash/1.50% PIK 06/2026 927 923 —975 
Beqom North America, Inc.+One stop L + 6.00% N/A(6) 06/2026 — — —1 
Bullhorn, Inc.*#+~One stop L + 5.75%(c) 6.75% 09/2026 66,455 65,566 2.566,457 
Bullhorn, Inc.+(8)(9)One stop L + 6.00%(i) 6.26% 09/2026 11,857 11,696 0.513,071 
Bullhorn, Inc.+(8)(9)One stop E + 5.75%(g) 5.75% 09/2026 4,761 4,696 0.24,914 
Bullhorn, Inc.+One stop L + 5.75%(c) 6.75% 09/2026 215 212 —215 
Bullhorn, Inc.+One stop L + 5.75%(c) 6.75% 09/2026 96 95 —96 
Bullhorn, Inc.+One stop L + 5.75%(c) 6.75% 09/2026 77 76 —77 
Bullhorn, Inc.+(5)One stop L + 5.75% N/A(6) 09/2026 — (3)—— 
Burning Glass Intermediate Holdings Company, Inc.#+One stop L + 5.00%(a) 6.00% 06/2028 9,894 9,711 0.49,905 
Burning Glass Intermediate Holdings Company, Inc.+One stop L + 5.00%(c) 6.00% 06/2026 21 19 —20 
Calabrio, Inc. +One stop L + 7.00%(c) 8.00% 04/2027 53,683 52,973 2.153,683 
Calabrio, Inc. +(5)One stop L + 7.00% N/A(6) 04/2027 — (4)—— 
Cybergrants Holdings, LLC+One stop L + 6.50%(c) 7.25% 09/2027 58,423 57,593 2.257,839 
Cybergrants Holdings, LLC+(5)One stop L + 6.50% N/A(6) 09/2027 — (3)—(2)
Cybergrants Holdings, LLC+(5)One stop L + 6.50% N/A(6) 09/2027 — (41)—(43)
Daxko Acquisition Corporation+One stop L + 5.50%(c) 6.25% 10/2028 27,920 27,649 1.127,640 

See Notes to Consolidated Financial Statements.
30
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)
Software - (continued)
Daxko Acquisition Corporation+(5)One stop L + 5.50% N/A(6) 10/2027 $— $(2)—%$(2)
Daxko Acquisition Corporation+(5)One stop L + 5.50% N/A(6) 10/2028 — (33)—(34)
Diligent Corporation*#+~One stop L + 6.25%(c) 7.25% 08/2025 86,954 86,971 3.487,442 
Diligent Corporation+One stop L + 5.75%(c) 6.75% 08/2025 6,010 5,960 0.25,949 
Diligent Corporation+(5)One stop L + 6.25% N/A(6) 08/2025 — (1)—2 
FirstUp, Inc+One stop L + 6.75%(c) 4.25% cash/3.50% PIK 07/2027 8,683 8,605 0.38,683 
FirstUp, Inc+(5)One stop L + 6.25% N/A(6) 07/2027 — (1)—— 
Gainsight, Inc.+One stop L + 6.75%(c) 7.50% 07/2027 7,308 7,191 0.37,180 
Gainsight, Inc.+(5)One stop L + 6.25% N/A(6) 07/2027 — (2)—(2)
GS Acquisitionco, Inc.*#+~One stop L + 5.75%(c) 6.75% 05/2026 82,267 82,612 3.181,856 
GS Acquisitionco, Inc.+One stop L + 5.75%(b)(c) 6.75% 05/2026 126 124 —124 
GS Acquisitionco, Inc.+(5)One stop L + 5.75% N/A(6) 05/2026 — (11)—(23)
ICIMS, Inc.+~One stop L + 6.50%(c) 7.50% 09/2024 14,355 14,548 0.614,355 
ICIMS, Inc.+~One stop L + 6.50%(c) 7.50% 09/2024 4,501 4,491 0.24,501 
ICIMS, Inc.~One stop L + 6.50%(c) 7.50% 09/2024 2,706 2,687 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 2,991 2,964 0.13,109 
Impartner, Inc.+One stop L + 9.50%(c) 9.30% cash/2.00% PIK 08/2025 236 234 —245 
Impartner, Inc.+(5)One stop L + 7.50% N/A(6) 08/2025 — (1)—9 
Impartner, Inc.+One stop L + 7.50% N/A(6) 08/2025 — — —— 
Juvare, LLC*One stop L + 5.75%(c) 6.75% 10/2026 7,526 7,451 0.37,527 
Juvare, LLC+One stop L + 5.75%(c) 6.75% 10/2026 1,737 1,719 0.11,737 
Juvare, LLC+(5)One stop L + 5.75% N/A(6) 04/2026 — (1)—— 
Juvare, LLC+(5)One stop L + 5.75% N/A(6) 10/2026 — (26)—— 
Kaseya Traverse Inc+~One stop L + 6.50%(c) 6.50% cash/1.00% PIK 05/2025 38,344 39,004 1.538,344 
Kaseya Traverse Inc+One stop L + 6.50%(c) 6.50% cash/1.00% PIK 05/2025 14,013 13,885 0.514,013 
Kaseya Traverse Inc+One stop L + 6.50%(c) 6.50% cash/1.00% PIK 05/2025 3,956 3,964 0.23,956 
Kaseya Traverse Inc+One stop L + 6.50%(c) 6.50% cash/1.00% PIK 05/2025 2,771 2,569 0.12,771 
Kaseya Traverse Inc+One stop L + 6.50%(c) 6.50% cash/1.00% PIK 05/2025 1,632 1,610 0.11,632 
Kaseya Traverse Inc+(5)One stop L + 6.50% N/A(6) 05/2025 — (1)—— 
Mindbody, Inc.+~One stop L + 8.50%(c)(d) 8.00% cash/1.50% PIK 02/2025 49,337 49,898 1.949,396 
Mindbody, Inc.+One stop L + 8.50%(c) 8.00% cash/1.50% PIK 02/2025 5,530 5,478 0.25,536 
Mindbody, Inc.+(5)One stop L + 7.00% N/A(6) 02/2025 — (1)—(2)
Ministry Brands Holdings LLC+One stop L + 5.50%(c) 6.25% 12/2028 22,091 21,871 0.821,870 
Ministry Brands Holdings LLC+(5)One stop L + 5.50% N/A(6) 12/2027 — (2)—(2)
Ministry Brands Holdings LLC+(5)One stop L + 5.50% N/A(6) 12/2028 — (6)—(6)
Community Brands Parentco LLC+Senior loan L + 4.00%(a) 5.00% 12/2022 2,704 2,689 0.12,704 
Community Brands Parentco LLC+Senior loan L + 4.00%(a) 5.00% 12/2022 1,427 1,427 0.11,427 
Community Brands Parentco LLC+Senior loan L + 4.00%(a) 5.00% 12/2022 1,272 1,265 —1,272 
Community Brands Parentco LLC+Senior loan L + 4.00%(a) 5.00% 12/2022 816 821 —816 
Community Brands Parentco LLC+Senior loan L + 4.00%(a) 5.00% 12/2022 373 385 —373 
Namely, Inc.+~One stop L + 8.50%(c) 8.25% cash/2.25% PIK 06/2024 3,652 3,538 0.13,652 
Namely, Inc.+One stop L + 8.50%(c) 8.25% cash/2.25% PIK 06/2024 2,074 1,991 0.12,074 

See Notes to Consolidated Financial Statements.
31
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)
Software - (continued)
Namely, Inc.+One stop L + 8.50%(a) 8.25% cash/2.25% PIK 06/2024 $72 $72 —%$72 
Neo Bidco GMBH+(8)(9)(13)One stop E + 6.00%(h) 6.00% 07/2028 7,729 7,621 0.37,437 
Neo Bidco GMBH+(8)(9)(13)One stop E + 6.00% N/A(6) 01/2028 — — —— 
PDI TA Holdings, Inc.+One stop L + 4.50%(c) 5.50% 10/2024 8,473 8,365 0.38,473 
PDI TA Holdings, Inc.+Second lien L + 8.50%(c) 9.50% 10/2025 3,424 3,363 0.13,424 
PDI TA Holdings, Inc.+One stop L + 4.50%(c) 5.50% 10/2024 695 688 —695 
PDI TA Holdings, Inc.+Second lien L + 8.50%(c) 9.50% 10/2025 640 636 —640 
PDI TA Holdings, Inc.+One stop L + 4.50%(c) 5.50% 10/2024 505 499 —505 
PDI TA Holdings, Inc.+Second lien L + 8.50%(c)(d) 9.50% 10/2025 377 374 —377 
PDI TA Holdings, Inc.+(5)(8)(9)One stop SN + 4.50% N/A(6) 10/2024 — (1)—— 
PDI TA Holdings, Inc.+(5)One stop L + 4.50% N/A(6) 10/2024 — (1)—— 
Personify, Inc.*#+One stop L + 5.25%(c) 6.25% 09/2024 14,431 14,609 0.614,431 
Personify, Inc.#One stop L + 5.25%(c) 6.25% 09/2024 8,591 8,526 0.38,591 
Personify, Inc.+One stop L + 5.25% N/A(6) 09/2024 — — —— 
Pluralsight, LLC+One stop L + 8.00%(c) 9.00% 03/2027 23,748 23,537 0.923,748 
Pluralsight, LLC+(5)One stop L + 8.00% N/A(6) 03/2027 — (1)—— 
ProcessUnity Holdings, LLC+One stop L + 6.00%(d) 6.75% 09/2028 4,221 4,180 0.24,221 
ProcessUnity Holdings, LLC+(5)One stop L + 6.00% N/A(6) 09/2028 — (1)—— 
ProcessUnity Holdings, LLC+(5)One stop L + 6.00% N/A(6) 09/2028 — (8)—— 
Pyramid Healthcare Acquisition Corp.#+One stop L + 4.75%(c) 5.75% 05/2027 18,511 18,345 0.718,511 
Pyramid Healthcare Acquisition Corp.+One stop L + 4.75%(c) 5.75% 05/2027 637 581 —637 
Pyramid Healthcare Acquisition Corp.+(5)One stop L + 4.75% N/A(6) 05/2027 — (2)—— 
QAD, Inc.+One stop L + 6.00%(c) 6.75% 11/2027 9,536 9,443 0.49,440 
QAD, Inc.+(5)One stop L + 6.00% N/A(6) 11/2027 — (5)—(5)
RegEd Aquireco, LLC+Senior loan L + 4.25%(a) 5.25% 12/2024 11,271 11,273 0.411,045 
RegEd Aquireco, LLC+Senior loan L + 4.25%(a) 4.35% 12/2024 92 91 —86 
Riskonnect Parent, LLC+One stop L + 5.50%(c) 6.25% 12/2028 8,602 8,517 0.38,516 
Riskonnect Parent, LLC+(5)One stop L + 5.50% N/A(6) 12/2028 — (4)—(4)
Riskonnect Parent, LLC+(5)One stop L + 5.50% N/A(6) 12/2028 — (10)—(10)
Rodeo Buyer Company & Absorb Software Inc.+One stop L + 6.25%(c) 7.25% 05/2027 4,541 4,501 0.24,541 
Rodeo Buyer Company & Absorb Software Inc.+(5)One stop L + 6.25% N/A(6) 05/2027 — (1)—— 
Sontatype, Inc.+One stop L + 6.75%(c) 7.75% 12/2025 851 845 —851 
Sontatype, Inc.+(5)One stop L + 6.75% N/A(6) 12/2025 — (2)—— 
Spartan Buyer Acquisition Co.*#~One stop L + 6.25%(c) 7.25% 12/2026 31,596 31,271 1.231,596 
Spartan Buyer Acquisition Co.+One stop L + 6.25%(c) 7.25% 12/2026 2,008 1,970 0.12,008 
Spartan Buyer Acquisition Co.+(5)One stop L + 6.25% N/A(6) 12/2026 — (2)—— 
Tahoe Bidco B.V. +One stop L + 6.00%(c) 6.75% 09/2028 12,058 11,942 0.512,058 
Tahoe Bidco B.V. +(5)One stop L + 6.00% N/A(6) 10/2027 — (1)—— 
Telesoft Holdings LLC+One stop L + 5.75%(c) 6.75% 12/2025 893 880 —893 
Telesoft Holdings LLC+(5)One stop L + 5.75% N/A(6) 12/2025 — (1)—— 
TI Intermediate Holdings, LLC+Senior loan L + 4.25%(a) 4.35% 12/2024 3,472 3,506 0.13,389 
TI Intermediate Holdings, LLC+Senior loan L + 4.25%(a) 5.25% 12/2024 917 900 —904 
TI Intermediate Holdings, LLC+Senior loan L + 4.25%(a) 5.25% 12/2024 431 423 —425 

See Notes to Consolidated Financial Statements.
32
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)
Software - (continued)
TI Intermediate Holdings, LLC+Senior loan L + 4.50%(a) 5.50% 12/2024 $158 $156 —%$156 
TI Intermediate Holdings, LLC+Senior loan L + 4.25%(a) 5.25% 12/2024 139 131 —131 
TI Intermediate Holdings, LLC+(5)Senior loan L + 4.25% N/A(6) 12/2024 — — —(2)
Togetherwork Holdings, LLC*#One stop L + 6.25%(c) 7.25% 03/2025 15,364 15,436 0.615,368 
Togetherwork Holdings, LLC+One stop L + 6.25%(c) 7.25% 03/2025 6,946 6,838 0.36,948 
Togetherwork Holdings, LLC+One stop L + 6.25%(c) 7.25% 03/2025 4,213 4,173 0.24,214 
Togetherwork Holdings, LLC+~One stop L + 6.25%(c) 7.25% 03/2025 1,780 1,822 0.11,780 
Togetherwork Holdings, LLC#+One stop L + 6.25%(c) 7.25% 03/2025 1,728 1,766 0.11,729 
Togetherwork Holdings, LLC*#One stop L + 6.25%(c) 7.25% 03/2025 1,684 1,723 0.11,685 
Togetherwork Holdings, LLC#+One stop L + 6.25%(c) 7.25% 03/2025 1,627 1,647 0.11,628 
Togetherwork Holdings, LLC*+One stop L + 6.25%(c) 7.25% 03/2025 1,568 1,604 0.11,568 
Togetherwork Holdings, LLC#+One stop L + 6.25%(c) 7.25% 03/2025 1,462 1,495 0.11,463 
Togetherwork Holdings, LLC*#One stop L + 6.25%(c) 7.25% 03/2025 1,197 1,208 —1,197 
Togetherwork Holdings, LLC#+One stop L + 6.25%(c) 7.25% 03/2025 660 674 —660 
Togetherwork Holdings, LLC+One stop L + 6.25%(c) 7.25% 03/2025 456 452 —456 
Togetherwork Holdings, LLC+One stop L + 6.25%(c) 7.25% 03/2025 441 438 —442 
Togetherwork Holdings, LLC+One stop L + 6.25%(c) 7.25% 03/2025 250 248 —250 
Togetherwork Holdings, LLC+One stop L + 6.25%(c) 7.25% 03/2025 63 65 —64 
Togetherwork Holdings, LLC+~One stop L + 6.25%(c) 7.25% 03/2025 58 60 —59 
Togetherwork Holdings, LLC+(5)One stop L + 6.25% N/A(6) 03/2024 — (1)—— 
Trintech, Inc.*#+One stop L + 6.00%(c) 7.00% 12/2024 22,112 22,274 0.822,112 
Trintech, Inc.#+One stop L + 6.00%(c) 7.00% 12/2024 9,169 9,273 0.49,169 
Trintech, Inc.+One stop L + 6.00%(c) 7.00% 12/2024 100 100 —100 
Vector CS Midco Limited & Cloudsense Ltd.+~(8)(9)(10)One stop L + 8.05%(i) 5.30% cash/3.55% PIK 05/2024 8,241 8,327 0.37,428 
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)One stop L + 8.05%(i) 5.30% cash/3.55% PIK 05/2024 138 138 —122 
Vendavo, Inc.*#+One stop L + 5.75%(c) 6.75% 09/2027 19,760 19,595 0.819,760 
Vendavo, Inc.+(5)One stop L + 5.75% N/A(6) 09/2027 — (1)—— 
Workforce Software, LLC+~One stop L + 7.00%(c) 5.00% cash/3.00% PIK 07/2025 27,544 28,004 1.127,544 
Workforce Software, LLC+One stop L + 7.00%(c) 5.00% cash/3.00% PIK 07/2025 4,862 4,821 0.24,862 
Workforce Software, LLC+One stop L + 6.50%(c) 7.50% 07/2025 176 175 —176 
1,109,632 1,104,811 42.51,108,525 


See Notes to Consolidated Financial Statements.
33
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)
Specialty Retail
Batteries Plus Holding Corporation*#One stop L + 6.75%(a) 7.75% 06/2023 $21,921 $21,972 0.9%$21,921 
Batteries Plus Holding Corporation+One stop L + 6.75%(a) 7.75% 06/2023 1,431 1,425 0.11,431 
Batteries Plus Holding Corporation+One stop L + 6.75%(a)(c)(f) 8.00% 06/2023 63 62 —63 
Consilio Midco Limited+(8)(10)One stop L + 5.75%(d) 6.75% 05/2028 11,655 11,442 0.511,335 
Consilio Midco Limited+(8)(9)(10)One stop E + 6.25%(g) 6.25% 05/2028 9,723 9,627 0.49,654 
Consilio Midco Limited+(8)(10)One stop L + 5.75%(c) 6.75% 05/2028 2,180 2,140 0.12,120 
Consilio Midco Limited+(8)(10)One stop L + 5.75%(c) 6.75% 05/2028 741 721 0.1721 
Consilio Midco Limited+(5)(8)(10)One stop L + 5.75% N/A(6) 05/2028 — (2)—(3)
Consilio Midco Limited+(5)(8)(10)One stop L + 5.75% N/A(6) 05/2028 — (13)—(40)
Consilio Midco Limited+(5)(8)(9)(10)One stop E + 6.25% N/A(6) 05/2028 — (2)—(2)
Consilio Midco Limited+(5)(8)(10)One stop L + 5.75% N/A(6) 05/2028 — (1)—(1)
Cycle Gear, Inc.*#+One stop L + 5.25%(c) 6.25% 01/2026 49,073 48,955 1.949,073 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 20,821 20,696 0.820,821 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 4,803 4,765 0.24,803 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 4,180 4,147 0.24,180 
Imperial Optical Midco Inc.+~One stop L + 6.25%(a) 7.25% 08/2023 3,618 3,644 0.23,618 
Imperial Optical Midco Inc.*+One stop L + 6.25%(a) 7.25% 08/2023 2,820 2,809 0.12,820 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 2,784 2,762 0.12,784 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 2,255 2,237 0.12,255 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 2,073 2,057 0.12,073 
Imperial Optical Midco Inc.#+One stop L + 6.25%(a) 7.25% 08/2023 1,917 1,944 0.11,917 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 1,666 1,653 0.11,666 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 1,465 1,454 0.11,465 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 1,446 1,435 0.11,446 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 1,379 1,368 0.11,379 
Imperial Optical Midco Inc.#+One stop L + 6.25%(a) 7.25% 08/2023 1,248 1,266 —1,248 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 1,154 1,145 0.11,154 
Imperial Optical Midco Inc.*+One stop L + 6.25%(a) 7.25% 08/2023 1,136 1,152 0.11,136 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 974 967 —974 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 886 879 —886 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 665 659 —665 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 637 632 —637 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 503 499 —503 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 490 486 —490 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 463 454 —463 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 453 449 —453 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 449 445 —449 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 445 442 —445 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 418 414 —418 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 417 413 —417 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 413 409 —413 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 389 386 —389 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 383 380 —383 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 360 357 —360 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 355 352 —355 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 330 328 —330 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 316 314 —316 

See Notes to Consolidated Financial Statements.
34
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)
Specialty Retail - (continued)
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 $286 $284 —%$286 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 279 274 —279 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 274 272 —274 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 271 269 —271 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 259 257 —259 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 259 257 —259 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 240 239 —240 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 220 219 —220 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 197 195 —197 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 195 193 —195 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 193 191 —193 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 190 189 —190 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 180 179 —180 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 169 167 —169 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 166 165 —166 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 162 161 —162 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 160 158 —160 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 154 153 —154 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 153 152 —153 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 144 143 —144 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 139 138 —139 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 134 133 —134 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 130 129 —130 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 128 127 —128 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 115 114 —115 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 115 114 —115 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 115 114 —115 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 110 109 —110 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 107 106 —107 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 106 105 —106 
Imperial Optical Midco Inc.+One stop L + 6.25%(c) 7.25% 08/2023 106 105 —106 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 105 105 —105 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 100 99 —100 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 96 96 —96 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 86 85 —86 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 86 86 —86 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 83 83 —83 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 80 79 —80 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 76 76 —76 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 76 75 —76 
Imperial Optical Midco Inc.+One stop L + 6.25%(a)(c) 7.25% 08/2023 75 75 —75 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 74 74 —74 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 74 74 —74 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 72 71 —72 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 68 68 —68 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 68 68 —68 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 65 65 —65 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 64 63 —64 

See Notes to Consolidated Financial Statements.
35
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)
Specialty Retail - (continued)
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 $63 $63 —%$63 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 62 61 —62 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 61 60 —61 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 60 59 —60 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 56 55 —56 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 55 55 —55 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 53 52 —53 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 42 42 —42 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 41 41 —41 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 36 35 —36 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 35 35 —35 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 35 35 —35 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 28 27 —28 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 28 27 —28 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 27 26 —27 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 27 26 —27 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 26 25 —26 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 26 26 —26 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 24 24 —24 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 23 23 —23 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 21 21 —21 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 20 19 —20 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 19 18 —19 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 19 19 —19 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 19 19 —19 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 19 19 —19 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 17 17 —17 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 17 17 —17 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 17 17 —17 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 15 14 —15 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 14 13 —14 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 13 12 —13 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 13 13 —13 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 13 13 —13 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 13 13 —13 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 13 13 —13 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 12 12 —12 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 11 11 —11 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 11 11 —11 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 10 10 —10 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 10 10 —10 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 9 9 —9 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 9 9 —9 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 9 9 —9 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 9 9 —9 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 8 8 —8 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 8 8 —8 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 8 8 —8 

See Notes to Consolidated Financial Statements.
36
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)
Specialty Retail - (continued)
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 $7 $7 —%$7 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 6 6 —6 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 6 6 —6 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 5 5 —5 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 5 5 —5 
Imperial Optical Midco Inc.+One stop L + 6.25%(a) 7.25% 08/2023 3 3 —3 
Imperial Optical Midco Inc.+(5)One stop L + 6.25% N/A(6) 08/2023 — (45)—— 
Imperial Optical Midco Inc.+(5)One stop L + 6.25% N/A(6) 08/2023 — (112)—— 
Jet Equipment & Tools Ltd.+~(8)(9)(12)One stop C + 5.75%(l) 6.75% 11/2024 17,759 17,970 0.718,485 
Jet Equipment & Tools Ltd.*#(8)(12)One stop L + 5.75%(a) 6.75% 11/2024 12,207 12,374 0.512,198 
Jet Equipment & Tools Ltd.+(8)(9)(12)One stop C + 6.00%(l) 7.00% 11/2024 5,194 5,155 0.35,450 
Jet Equipment & Tools Ltd.#+(8)(12)One stop L + 5.75%(a) 6.75% 11/2024 4,251 4,302 0.24,248 
Jet Equipment & Tools Ltd.+(8)(12)One stop L + 5.75%(a) 6.75% 11/2024 1,562 1,553 0.11,560 
Jet Equipment & Tools Ltd.+(8)(12)One stop L + 5.75%(a)(f) 6.91% 11/2024 181 181 —181 
Jet Equipment & Tools Ltd.+(8)(9)(12)One stop C + 5.75%(l)(q) 6.78% 11/2024 87 87 —87 
PetPeople Enterprises, LLC#One stop L + 5.00%(c) 6.00% 09/2023 5,227 5,255 0.25,227 
PetPeople Enterprises, LLC#+One stop L + 5.00%(c) 6.00% 09/2023 1,774 1,791 0.11,774 
PetPeople Enterprises, LLC+One stop L + 5.00%(c) 6.00% 09/2023 20 21 —20 
PPV Intermediate Holdings II, LLC#+One stop L + 6.50%(a) 7.50% 05/2023 4,858 4,858 0.24,858 
PPV Intermediate Holdings II, LLC+One stop L + 6.50%(a) 7.50% 05/2023 2,476 2,458 0.12,476 
PPV Intermediate Holdings II, LLC*One stop L + 6.50%(a) 7.50% 05/2023 1,152 1,144 —1,152 
PPV Intermediate Holdings II, LLC#One stop L + 6.50%(a) 7.50% 05/2023 1,062 1,055 —1,062 
PPV Intermediate Holdings II, LLC#One stop L + 6.50%(a) 7.50% 05/2023 1,024 1,017 —1,024 
PPV Intermediate Holdings II, LLC#One stop L + 6.50%(a) 7.50% 05/2023 997 997 —997 
PPV Intermediate Holdings II, LLC*One stop L + 6.50%(a) 7.50% 05/2023 922 915 —922 
PPV Intermediate Holdings II, LLC+One stop L + 6.50%(a) 7.50% 05/2023 772 766 —772 
PPV Intermediate Holdings II, LLC*One stop L + 6.50%(a) 7.50% 05/2023 768 762 —768 
PPV Intermediate Holdings II, LLC*One stop L + 6.50%(a) 7.50% 05/2023 730 724 —730 
PPV Intermediate Holdings II, LLC#One stop L + 6.50%(a) 7.50% 05/2023 596 596 —596 
PPV Intermediate Holdings II, LLC*One stop L + 6.50%(a) 7.50% 05/2023 525 521 —525 
PPV Intermediate Holdings II, LLC*One stop L + 6.50%(a) 7.50% 05/2023 429 420 —429 
PPV Intermediate Holdings II, LLC+One stop L + 6.50%(a) 7.50% 05/2023 224 222 —224 
PPV Intermediate Holdings II, LLC+One stop L + 6.50%(a) 7.50% 05/2023 222 221 —222 
PPV Intermediate Holdings II, LLC+One stop L + 6.50%(a) 7.50% 05/2023 165 163 —165 
PPV Intermediate Holdings II, LLC+One stop L + 6.50%(a) 7.50% 05/2023 165 164 —165 
PPV Intermediate Holdings II, LLC+One stop L + 6.50%(a) 7.50% 05/2023 150 149 —150 
PPV Intermediate Holdings II, LLC+One stop L + 6.50%(a) 7.50% 05/2023 142 141 —142 
PPV Intermediate Holdings II, LLC+One stop L + 6.50%(a) 7.50% 05/2023 140 139 —140 
PPV Intermediate Holdings II, LLC+One stop L + 6.50%(a) 7.50% 05/2023 138 137 —138 
PPV Intermediate Holdings II, LLC#One stop L + 6.50%(a) 7.50% 05/2023 128 127 —128 
PPV Intermediate Holdings II, LLC+One stop L + 6.50%(a) 7.50% 05/2023 98 97 —98 
PPV Intermediate Holdings II, LLC+One stop P + 5.50%(f) 8.75% 05/2023 92 91 —92 
PPV Intermediate Holdings II, LLC+One stop L + 6.50%(a) 7.50% 05/2023 80 79 —80 
PPV Intermediate Holdings II, LLC+One stop L + 6.50%(e) 7.50% 05/2023 40 40 —40 
PPV Intermediate Holdings II, LLC+One stop N/A 7.90% PIK 05/2023 26 26 —26 
PPV Intermediate Holdings II, LLC+(5)One stop L + 6.50% N/A(6) 05/2023 — (1)—— 
Sola Franchise, LLC and Sola Salon Studios, LLC#One stop L + 4.75%(c) 5.75% 10/2024 7,221 7,231 0.37,221 

See Notes to Consolidated Financial Statements.
37
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)
Specialty Retail - (continued)
Sola Franchise, LLC and Sola Salon Studios, LLC#+One stop L + 4.75%(c) 5.75% 10/2024 $1,687 $1,726 0.1%$1,687 
Sola Franchise, LLC and Sola Salon Studios, LLC+One stop L + 4.75%(c) 5.75% 10/2024 40 40 —40 
Titan Fitness, LLC*#+One stop L + 6.75%(b)(c) 5.75% cash/2.00% PIK 02/2025 30,524 30,761 1.128,073 
Titan Fitness, LLC+One stop L + 6.75%(c) 5.75% cash/2.00% PIK 02/2025 1,903 1,889 0.11,751 
Titan Fitness, LLC+One stop L + 6.75%(c) 5.75% cash/2.00% PIK 02/2025 482 480 —442 
Vermont Aus Pty Ltd+~(8)(9)(11)Senior loan A + 4.75%(k) 4.87% 02/2025 2,144 2,160 0.12,276 
Vermont Aus Pty Ltd+(8)(9)(11)Senior loan A + 4.00%(k) 4.12% 02/2025 984 970 0.1906 
Vermont Aus Pty Ltd+(8)(9)(11)Senior loan A + 4.75%(k) 4.87% 02/2025 79 79 —92 
280,365 279,974 10.7 278,242 

See Notes to Consolidated Financial Statements.
38
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)
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.*#+One stop L + 6.00%(c) 7.00% 03/2023 $22,179 $22,240 0.9%$22,179 
Agility Recovery Solutions Inc.+One stop L + 6.00%(c) 7.00% 03/2023 902 901 —902 
23,081 23,141 0.923,081 
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.+(8)(10)One stop L + 6.00%(c) 6.50% 03/2028 1,954 1,929 0.11,954 
Dollfus Mieg Company, Inc.+(8)(10)One stop L + 6.00%(c) 6.50% 03/2028 974 961 0.1974 
Dollfus Mieg Company, Inc.+(8)(10)One stop L + 6.00%(c) 6.50% 03/2028 855 845 —856 
Dollfus Mieg Company, Inc.+(5)(8)(9)(10)One stop E + 6.00% N/A(6) 03/2028 — (1)—— 
Elite Sportswear, L.P.+Senior loan L + 7.75%(c) 7.25% cash/1.50% PIK 09/2025 9,927 9,781 0.37,941 
Elite Sportswear, L.P.+Senior loan L + 7.75%(c) 7.25% cash/1.50% PIK 09/2025 3,991 3,932 0.23,192 
Elite Sportswear, L.P.+Senior loan L + 7.75%(c) 7.25% cash/1.50% PIK 09/2025 2,054 2,024 0.11,642 
Elite Sportswear, L.P.*+Senior loan L + 7.75%(c) 7.25% cash/1.50% PIK 09/2025 681 671 —545 
Elite Sportswear, L.P.+Senior loan L + 7.75%(c) 7.25% cash/1.50% PIK 09/2025 312 307 —250 
Elite Sportswear, L.P.*+Senior loan L + 7.75%(c) 7.25% cash/1.50% PIK 09/2025 298 294 —239 
Elite Sportswear, L.P.+(5)Senior loan L + 7.75%(c) 7.25% cash/1.50% PIK 09/2025 102 86 —(112)
Elite Sportswear, L.P.+(5)Senior loan L + 7.75%(c) 7.25% cash/1.50% PIK 09/2025 3 3 —(4)
Georgica Pine Clothiers, LLC#+One stop L + 5.50%(c)(d) 6.50% 11/2023 10,450 10,361 0.410,475 
Georgica Pine Clothiers, LLC*#One stop L + 5.50%(c)(d) 6.50% 11/2023 6,554 6,500 0.36,570 
Georgica Pine Clothiers, LLC+One stop L + 5.50%(c) 6.50% 11/2023 1,014 998 —1,017 
Georgica Pine Clothiers, LLC#+One stop L + 5.50%(c)(d) 6.50% 11/2023 912 905 —914 
Georgica Pine Clothiers, LLC*#One stop L + 5.50%(c)(d) 6.50% 11/2023 640 636 —642 
Georgica Pine Clothiers, LLC+One stop L + 5.50%(d) 6.50% 11/2023 2 2 —2 
SHO Holding I Corporation+~Senior loan L + 5.25%(c) 6.25% 04/2024 3,992 3,988 0.13,793 
SHO Holding I Corporation+~Senior loan L + 5.23%(c) 6.23% 04/2024 67 67 —63 
SHO Holding I Corporation+Senior loan L + 5.00%(c) 6.00% 04/2024 58 58 —54 
SHO Holding I Corporation+Senior loan L + 4.00% N/A(6) 04/2024 — — —— 
SHO Holding I Corporation+Senior loan L + 4.00%(c) 5.00% 04/2024 — — —— 
SHO Holding I Corporation+Senior loan L + 5.23%(c) 6.23% 04/2024 — — —— 
44,840 44,347 1.641,007 
Trading Companies and Distributors
Marcone Yellowstone Buyer Inc.+One stop L + 5.50%(c) 6.25% 06/2028 19,263 18,906 0.819,215 
Marcone Yellowstone Buyer Inc.+One stop L + 5.50%(c) 6.25% 06/2028 459 451 —458 
19,722 19,357 0.819,673 
Water Utilities
S.J. Electro Systems, Inc.+Senior loan L + 4.50%(c) 5.50% 06/2027 17,136 16,980 0.717,136 
S.J. Electro Systems, Inc.+(5)Senior loan L + 4.50% N/A(6) 06/2027 — (2)—— 
S.J. Electro Systems, Inc.+(5)Senior loan L + 4.50% N/A(6) 06/2027 — (2)—— 
Vessco Midco Holdings, LLC+Senior loan L + 4.50%(c) 5.50% 11/2026 338 302 —338 
Vessco Midco Holdings, LLC+Senior loan L + 4.50%(c) 5.50% 11/2026 209 207 —209 
Vessco Midco Holdings, LLC+Senior loan P + 3.50%(f) 6.75% 10/2026 1 1 —1 
17,684 17,486 0.7 17,684 
Total non-controlled/non-affiliate company debt investments$4,914,180 $4,872,025 185.4%$4,834,485 






See Notes to Consolidated Financial Statements.
39
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)
Equity Investments (15)(16)
Aerospace and Defense
NTS Technical Systems+Common Stock N/A N/A N/A 2 $1,506 0.1%$1,109 
NTS Technical Systems+Preferred stock N/A N/A N/A — 256 —521 
NTS Technical Systems+Preferred stock N/A N/A N/A — 128 —303 
Tronair Parent, Inc.+LLC units N/A N/A N/A — 40 —38 
Whitcraft LLC+Common Stock N/A N/A N/A 11 2,285 0.12,802 
4,215 0.24,773 
Auto Components
Polk Acquisition Corp.+LP Interest N/A N/A N/A 5 314 —269 
Automobiles
CG Group Holdings, LLC+LP units N/A N/A N/A 1 730 —738 
MOP GM Holding, LLC+LP units N/A N/A N/A — 323 —584 
POY Holdings, LLC+LLC units N/A N/A N/A 141 141 —141 
Quick Quack Car Wash Holdings, LLCLLC interest N/A N/A N/A — 508 0.1925 
1,702 0.12,388 
Biotechnology
Cobepa BlueSky Aggregator, SCSp+LP Interest N/A N/A N/A 177 1,769 0.11,769 
Building Products
BECO Holding Company, Inc.+Preferred stock N/A N/A N/A 10 951 —999 
BECO Holding Company, Inc.+LP Interest N/A N/A N/A 2 196 —196 
1,147 1147— 1,195 
Chemicals
Inhance Technologies Holdings LLC+Preferred stock N/A N/A N/A 2 1,960 0.12,017 
Inhance Technologies Holdings LLC+LLC units N/A N/A N/A — 124 —226 
2,084 20840.1 2,243 
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+LP Interest N/A N/A N/A 540 540 —568 
Amarok LLC+Common Stock N/A N/A N/A 855 855 —855 
Hydraulic Authority III Limited+(8)(9)(10)Preferred stock N/A N/A N/A 284 384 —531 
Hydraulic Authority III Limited+(8)(9)(10)Common Stock N/A N/A N/A 6 43 —354 
North Haven Stack Buyer, LLCLLC units N/A N/A N/A 359 359 —370 
PT Intermediate Holdings III, LLC+LLC units N/A N/A N/A 1 767 0.1767 
2,948 0.1 3,445 
Diversified Consumer Services
CHHJ Franchising, LLC+(17)LLC units N/A N/A N/A 19 193 —253 
EMS LINQ, LLC+LP Interest N/A N/A N/A 525 525 —525 
EWC Growth Partners LLC+LLC interest N/A N/A N/A — 12 —1 
Liminex, Inc.+Common Stock N/A N/A N/A 12 434 0.1784 
PADI Holdco, Inc.+LLC interest N/A N/A N/A 1 969 —199 
Spear Education, LLC+LLC interest N/A N/A N/A — 7 —33 
Spear Education, LLC+LLC units N/A N/A N/A 1 1 —99 
2,141 0.11,894 

See Notes to Consolidated Financial Statements.
40
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)
Electronic Equipment, Instruments & Components
Electrical Source Holdings, LLC+LP Interest N/A N/A N/A — $— —$29 
Inventus Power, Inc.+Preferred stock N/A N/A N/A — 372 —257 
Inventus Power, Inc.+LLC units N/A N/A N/A — 88 —160 
Inventus Power, Inc.+LP Interest N/A N/A N/A — 20 —40 
Inventus Power, Inc.+Common Stock N/A N/A N/A — — —— 
480 —486 


See Notes to Consolidated Financial Statements.
41
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)
Food & Staples Retailing
Benihana, Inc.+LLC units N/A N/A N/A 43 $699 —%$611 
Cafe Rio Holding, Inc.+Common Stock N/A N/A N/A 5 603 0.1964 
Captain D's, LLC+LLC interest N/A N/A N/A 158 156 0.1764 
Feeders Supply Company, LLC+(17)Preferred stock N/A N/A N/A 4 400 —551 
Feeders Supply Company, LLC+Common Stock N/A N/A N/A — — —126 
Hopdoddy Holdings, LLC+LLC units N/A N/A N/A 44 217 —211 
Hopdoddy Holdings, LLC+LLC units N/A N/A N/A 20 61 —60 
Mendocino Farms, LLC+Common Stock N/A N/A N/A 168 770 0.11,725 
Ruby Slipper Cafe LLC, The+LLC interest N/A N/A N/A 31 373 —95 
Ruby Slipper Cafe LLC, The+LLC interest N/A N/A N/A 2 20 —25 
Wetzel's Pretzels, LLC+Common Stock N/A N/A N/A — 416 —714 
Wood Fired Holding Corp.+LLC units N/A N/A N/A 437 444 —558 
Wood Fired Holding Corp.+Common Stock N/A N/A N/A 437 — —698 
Zenput Inc.+Preferred stock N/A N/A N/A 146 409 —469 
4,568 0.37,571 
Food Products
Borrower R365 Holdings, LLC+Preferred stock N/A N/A N/A 77 102 —125 
C. J. Foods, Inc.+Preferred stock N/A N/A N/A — 75 —602 
P&P Food Safety Holdings, Inc.+Common Stock N/A N/A N/A 3 325 —319 
Kodiak Cakes, LLC+Common Stock N/A N/A N/A — 281 —328 
Kodiak Cakes, LLC+LLC units N/A N/A N/A 191 191 —192 
Louisiana Fish Fry Products, Ltd.+Common Stock N/A N/A N/A — 483 —428 
Purfoods, LLC+LLC interest N/A N/A N/A — 926 0.35,828 
2,383 0.37,822 
Health Care Equipment & Supplies
Aspen Medical Products, LLC+LP Interest N/A N/A N/A — 77 —112 
Blue River Pet Care, LLC+Common Stock N/A N/A N/A — 76 —155 
CCSL Holdings, LLC+LP Interest N/A N/A N/A — 312 —278 
CMI Parent Inc.+(17)Common Stock N/A N/A N/A — 132 —161 
CMI Parent Inc.+Common Stock N/A N/A N/A 3 3 —133 
G & H Wire Company, Inc.+LLC interest N/A N/A N/A 335 269 —111 
Joerns Healthcare, LLC*+Common Stock N/A N/A N/A 432 4,329 —36 
Lombart Brothers, Inc.+Common Stock N/A N/A N/A 1 440 —196 
5,638 —1,182 


See Notes to Consolidated Financial Statements.
42
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)
Health Care Providers & Services
Active Day, Inc.+LLC interest N/A N/A N/A 2 $1,099 —%$322 
Acuity Eyecare Holdings, LLC+LLC interest N/A N/A N/A 1,632 2,235 0.23,931 
Acuity Eyecare Holdings, LLC+LLC units N/A N/A N/A 889 1,023 0.12,208 
ADCS Clinics Intermediate Holdings, LLC+Preferred stock N/A N/A N/A 2 1,119 0.11,426 
ADCS Clinics Intermediate Holdings, LLC+Common Stock N/A N/A N/A — 6 —— 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+LLC units N/A N/A N/A 104 104 —165 
CRH Healthcare Purchaser, Inc.+LP Interest N/A N/A N/A 429 327 0.11,000 
DCA Investment Holding, LLCLLC interest N/A N/A N/A 13,890 1,618 0.12,282 
DCA Investment Holding, LLCLLC units N/A N/A N/A 140 218 —336 
Emerge Intermediate, Inc.+LLC units N/A N/A N/A — 648 —821 
Emerge Intermediate, Inc.+LLC units N/A N/A N/A — 61 —57 
Emerge Intermediate, Inc.+LLC units N/A N/A N/A 9 4 —— 
Encore GC Acquisition, LLC+LLC interest N/A N/A N/A 26 272 —12 
Encore GC Acquisition, LLC+LLC units N/A N/A N/A 26 52 —— 
Encorevet Group LLC+Common Stock N/A N/A N/A — 15 —27 
Encorevet Group LLC+LLC units N/A N/A N/A — 11 —19 
Eyecare Services Partners Holdings LLC+LLC units N/A N/A N/A — 262 —— 
Eyecare Services Partners Holdings LLC+LLC units N/A N/A N/A — 1 —— 
Krueger-Gilbert Health Physics, LLC+Common Stock N/A N/A N/A 177 199 —251 
Midwest Veterinary Partners, LLC+LLC units N/A N/A N/A 1 795 —831 
Midwest Veterinary Partners, LLC+Warrant N/A N/A N/A 6 — —427 
Midwest Veterinary Partners, LLC+Warrant N/A N/A N/A — 29 —36 
MWD Management, LLC & MWD Services, Inc.+LLC interest N/A N/A N/A 412 335 —452 
NDX Parent, LLC+Common Stock N/A N/A N/A — 272 —283 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)Common Stock N/A N/A N/A — 296 —379 
Oliver Street Dermatology Holdings, LLC+LLC interest N/A N/A N/A 452 234 —— 
Pinnacle Treatment Centers, Inc.+LLC interest N/A N/A N/A — 528 —696 
Pinnacle Treatment Centers, Inc.+LLC interest N/A N/A N/A 4 74 0.1680 
Radiology Partners, Inc.+LLC units N/A N/A N/A 11 68 —79 
Radiology Partners, Inc.+LLC interest N/A N/A N/A 43 55 —314 
Sage Dental Management, LLC+LLC units N/A N/A N/A — 249 —97 
Sage Dental Management, LLC+LLC units N/A N/A N/A 3 3 —— 
SSH Corporation+Common Stock N/A N/A N/A — 40 —121 
Suveto Buyer, LLC+Common Stock N/A N/A N/A 6 562 —599 
12,814 0.717,851 


See Notes to Consolidated Financial Statements.
43
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)
Health Care Technology
Symplr Software, Inc.+Preferred stock N/A N/A N/A 12 $11,807 0.5%$12,405 
Symplr Software, Inc.+Preferred stock N/A N/A N/A 2 2,734 0.23,685 
Symplr Software, Inc.+Preferred stock N/A N/A N/A 2 1,427 0.11,646 
Symplr Software, Inc.+Preferred stock N/A N/A N/A 1 880 —963 
Symplr Software, Inc.+LLC units N/A N/A N/A — 161 —183 
Symplr Software, Inc.+Common Stock N/A N/A N/A 177 — —852 
Connexin Software, Inc.+LLC interest N/A N/A N/A 154 193 —289 
HSI Halo Acquisition, Inc.+LP Interest N/A N/A N/A — 288 —362 
HSI Halo Acquisition, Inc.+LP Interest N/A N/A N/A — — —1 
Kareo, Inc.+Warrant N/A N/A N/A 75 394 —411 
Kareo, Inc.+Warrant N/A N/A N/A 53 162 —80 
Kareo, Inc.+Preferred stock N/A N/A N/A 1 8 —17 
18,054 0.820,894 
Hotels, Restaurants & Leisure
Freddy's Frozen Custard LLC+LP Interest N/A N/A N/A 206 206 —311 
Harri US LLC+Preferred stock N/A N/A N/A 71 455 —455 
Harri US LLC+Warrant N/A N/A N/A 18 106 —115 
LMP TR Holdings, LLCLLC units N/A N/A N/A 712 712 0.12,128 
SSRG Holdings, LLC+LP Interest N/A N/A N/A 6 61 —74 
Tropical Smoothie Cafe Holdings, LLC+(17)LP Interest N/A N/A N/A 5 477 0.1931 
2,017 0.24,014 
Household Durables
Groundworks LLC+LLC interest N/A N/A N/A — 155 —437 
Insurance
Captive Resources Midco, LLC+(17)LLC units N/A N/A N/A 425 — —293 
Majesco+LP Interest N/A N/A N/A — 307 —341 
Majesco+LP Interest N/A N/A N/A 69 — —199 
Orchid Underwriters Agency, LLC+LP Interest N/A N/A N/A 95 106 —108 
413 —941 
Internet and Catalog Retail
Revalize, Inc. +Preferred stock N/A N/A N/A 17 17,025 0.717,456 
Revalize, Inc. +Preferred stock N/A N/A N/A 10 10,219 0.410,478 
27,244 1.1 27,934 
IT Services
Appriss Health Intermediate Holdings, Inc+Preferred stock N/A N/A N/A 2 1,994 0.12,206 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Preferred stock N/A N/A N/A 587 462 0.24,894 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Preferred stock N/A N/A N/A 154 423 —1,284 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Preferred stock N/A N/A N/A 35 291 —297 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Warrant N/A N/A N/A 202 159 0.11,565 
Episerver, Inc.+Common Stock N/A N/A N/A 75 807 0.11,081 
Kentik Technologies, Inc.+Preferred stock N/A N/A N/A 192 1,103 —1,163 
PCS Intermediate II Holdings, LLC+LLC interest N/A N/A N/A 37 367 —423 

See Notes to Consolidated Financial Statements.
44
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)
IT Services - (continued)
Red Dawn SEI Buyer, Inc.+LP Interest N/A N/A N/A 13 $13 —%$20 
Saturn Borrower Inc.+LP units N/A N/A N/A 346 346 —178 
5,965 0.513,111 
Leisure Products
Massage Envy, LLC+LLC interest N/A N/A N/A 749 210 0.11,223 
WBZ Investment LLC+LLC interest N/A N/A N/A 67 117 —125 
WBZ Investment LLC+LLC interest N/A N/A N/A 46 80 —86 
WBZ Investment LLC+LLC interest N/A N/A N/A 38 65 —70 
WBZ Investment LLC+LLC interest N/A N/A N/A 33 58 —62 
WBZ Investment LLC+LLC interest N/A N/A N/A 15 24 —26 
WBZ Investment LLC+LLC interest N/A N/A N/A 2 2 —2 
556 0.11,594 
Life Sciences Tools & Services
PAS Parent Inc.+LP Interest N/A N/A N/A 9 933 —933 
Oil, Gas and Consumable Fuels
W3 Co.+LLC interest N/A N/A N/A 3 1,632 0.11,199 
W3 Co.+Preferred stock N/A N/A N/A — 224 —199 
1,856 0.11,398 
Paper and Forest Products
Messenger, LLC+LLC units N/A N/A N/A 3 288 —288 
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12)LP Interest N/A N/A N/A 502 502 0.11,081 
Cobalt Buyer Sub, Inc.+Preferred stock N/A N/A N/A 8 7,679 0.38,130 
Cobalt Buyer Sub, Inc.+Preferred stock N/A N/A N/A — 168 —168 
Cobalt Buyer Sub, Inc.+Common Stock N/A N/A N/A 2 2 —2 
8,351 0.49,381 


See Notes to Consolidated Financial Statements.
45
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)
Professional Services
Brandmuscle, Inc.+(17)LLC interest N/A N/A N/A — $216 —%$303 
DISA Holdings Acquisition Subsidiary Corp.+Common Stock N/A N/A N/A — 154 —393 
Net Health Acquisition Corp.+LP Interest N/A N/A N/A 13 1,509 0.11,855 
Procure Acquireco, Inc.+LP Interest N/A N/A N/A — 486 —486 
Vitalyst, LLC+Preferred stock N/A N/A N/A — 61 —90 
Vitalyst, LLC+Common Stock N/A N/A N/A 1 7 —— 
2,433 0.13,127 
Real Estate Management & Development
Property Brands, Inc.+Common Stock N/A N/A N/A 62 434 —461 
Road & Rail
Internet Truckstop Group LLC+LP Interest N/A N/A N/A 408 447 —592 

See Notes to Consolidated Financial Statements.
46
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)
Software
Accela, Inc.+LLC interest N/A N/A N/A 670 $418 —%$331 
Aras Corporation+Preferred stock N/A N/A N/A 1 1,000 —1,113
Aras Corporation+LP Interest N/A N/A N/A 306 306—389
Astute Holdings, Inc. +LP Interest N/A N/A N/A — 293—652
Auvik Networks Inc.+(8)(12)Preferred stock N/A N/A N/A 26 256—276
Bayshore Intermediate #2, L.P.+Common Stock N/A N/A N/A 4,095 4,0950.24,095
Calabrio, Inc. +LP Interest N/A N/A N/A 1 769—819
Calabrio, Inc. +LP Interest N/A N/A N/A 96 0—170
Cloudbees, Inc.+Preferred stock N/A N/A N/A 149 1,6630.11,663
Cloudbees, Inc.+Warrant N/A N/A N/A 131 2470.11,166
Cloudbees, Inc.+Preferred stock N/A N/A N/A 71 466—772
Diligent Corporation+Preferred stock N/A N/A N/A 17 16,5870.718,465
Diligent Corporation+Preferred stock N/A N/A N/A 415 9120.12,803 
Everbridge, Inc.+(8)(18)Common Stock N/A N/A N/A 4 444—227
FirstUp, Inc+Common Stock N/A N/A N/A 221 541—561
GS Acquisitionco, Inc.+Preferred stock N/A N/A N/A 26 25,3441.027,048
GS Acquisitionco, Inc.+Preferred stock N/A N/A N/A 2 1,5320.11,583
GS Acquisitionco, Inc.+LP Interest N/A N/A N/A 1 170—1,124
Impartner, Inc.+Preferred stock N/A N/A N/A 28 226—226
MetricStream, Inc.+Warrant N/A N/A N/A 168 263—201
Ministry Brands Holdings LLC+LP Interest N/A N/A N/A 438 438—438
mParticle, Inc.+Preferred stockN/AN/AN/A162 1,0600.11,132 
mParticle, Inc.+WarrantN/AN/AN/A69 16 —409 
Namely, Inc.+WarrantN/AN/AN/A47 314—336 
Namely, Inc.+WarrantN/AN/AN/A17 28—21 
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+WarrantN/AN/AN/A4 9—24
Personify, Inc.+LP InterestN/AN/AN/A716 9420.11,438
Project Alpha Intermediate Holding, Inc.+Common StockN/AN/AN/A— 9640.11,296
Project Alpha Intermediate Holding, Inc.+Common StockN/AN/AN/A202 3290.11,171 
Pyramid Healthcare Acquisition Corp.+Common StockN/AN/AN/A184 184—271 
QAD, Inc.+Preferred stockN/AN/AN/A— 125—125
RegEd Aquireco, LLC+LP InterestN/AN/AN/A— 331—192
RegEd Aquireco, LLC+LP InterestN/AN/AN/A3 21—— 
Riskonnect Parent, LLC+LP InterestN/AN/AN/A857 858 —858 
SnapLogic, Inc.+Preferred stockN/AN/AN/A278 6950.11,438
SnapLogic, Inc.+WarrantN/AN/AN/A106 75—394
Spartan Buyer Acquisition Co.+Common StockN/AN/AN/A1 623—755
Telesoft Holdings LLC+LP InterestN/AN/AN/A6 6—6
Workforce Software, LLC+Common StockN/AN/AN/A— 9730.11,220
63,523 2.9 75,208 


See Notes to Consolidated Financial Statements.
47
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)
Specialty Retail
Batteries Plus Holding Corporation+LP InterestN/AN/AN/A10 1,287 0.11,532 
Cycle Gear, Inc.+LLC unitsN/AN/AN/A27 462 —927 
Imperial Optical Midco Inc.+Preferred stockN/AN/AN/A— 122 —150 
Imperial Optical Midco Inc.+Preferred stockN/AN/AN/A— 46 —55 
Jet Equipment & Tools Ltd.+(8)(9)(12)LLC interestN/AN/AN/A1 948 0.12,172 
Pet Holdings ULC+(8)(12)LP InterestN/AN/AN/A677 450 0.11,731 
PPV Intermediate Holdings II, LLC+LLC interestN/AN/AN/A325 315 —852 
Sola Franchise, LLC and Sola Salon Studios, LLC+LLC interestN/AN/AN/A6 682 0.11,315 
Sola Franchise, LLC and Sola Salon Studios, LLC+LLC interestN/AN/AN/A1 139 —287 
Southern Veterinary Partners, LLC+Preferred stockN/AN/AN/A5 4,911 0.25,211 
Southern Veterinary Partners, LLC+LLC unitsN/AN/AN/A— 717 —1,047 
Southern Veterinary Partners, LLC+LLC interestN/AN/AN/A148 188 0.24,274 
10,267 0.819,553 
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.+LLC interestN/AN/AN/A97604—614
Textiles, Apparel & Luxury Goods
Elite Sportswear, L.P.+LLC interestN/AN/AN/A— 165 —3 
Georgica Pine Clothiers, LLC+LLC interestN/AN/AN/A20 239 —348 
Georgica Pine Clothiers, LLC+Common StockN/AN/AN/A— — —— 
MakerSights, Inc. +Preferred stockN/AN/AN/A40 218 —244 
R.G. Barry Corporation+Preferred stockN/AN/AN/A— 161 —156 
783 —751 
Total non-controlled/non-affiliate company equity investments$186,526 9.0%$234,119 
Total non-controlled/non-affiliate company investments$4,914,180 $5,058,551 194.4%$5,068,604 


See Notes to Consolidated Financial Statements.
48
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)
Non-controlled/affiliate company investments(19)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+One stop L + 5.75%(a) 6.75% 04/2024 $5,996 $6,003 0.3%$5,996 
Abita Brewing Co., L.L.C.+Second lien L + 8.00%(c) 9.00% 04/2024 3,476 3,465 0.13,476 
Abita Brewing Co., L.L.C.+One stop L + 5.75% N/A(6) 04/2024 — — —— 
9,472 9,468 0.49,472 
Consumer Finance
Paradigm DKD Group, LLC+(7)Senior loan L + 6.25%(c) 7.50% 05/2022 3,165 2,065 0.12,268 
Paradigm DKD Group, LLC+(5)(7)Senior loan L + 6.25%(c) 7.50% 05/2022 — (142)—5 
3,165 1,923 0.12,273 
Electronic Equipment, Instruments and Components
Sloan Company, Inc., The+(7)One stop L + 8.50%(c) 9.50% 04/2023 4,709 4,074 0.23,622 
Sloan Company, Inc., The+One stop L + 8.50%(c) 9.50% 04/2023 1,130 1,130 —1,130 
Sloan Company, Inc., The+(7)One stop L + 8.50%(c) 9.50% 04/2023 312 271 —240 
6,151 5,475 0.24,992 
Energy, Equipment & Services
Benetech, Inc.+One stop L + 6.00%(a) 7.25% 08/2023 3,691 3,693 0.12,214 
Benetech, Inc.+One stop L + 6.00%(a) 7.25% 08/2023 678 678 —194 
4,369 4,371 0.12,408 
Food and Staples Retailing
Rubio's Restaurants, Inc.+Senior loan L + 8.00%(c) 9.25% 12/2024 12,928 12,671 0.512,928 
Rubio's Restaurants, Inc.+(5)Senior loan L + 8.00% N/A(6) 12/2024 — (15)—— 
12,928 12,656 0.512,928 
Healthcare Providers and Services
Elite Dental Partners LLC+One stop L + 5.25%(c) 6.25% 06/2023 11,196 11,253 0.410,972 
Elite Dental Partners LLC+One stop L + 5.25%(c) 6.25% 06/2023 1,006 1,006 —1,006 
Elite Dental Partners LLC+One stop L + 12.00%(c) 13.00% PIK 06/2023 812 812 —812 
13,014 13,071 0.412,790 
Software
Switchfly LLC+One stop L + 5.00%(c) 6.00% 10/2023 6,263 6,164 0.24,635 
Switchfly LLC+One stop L + 5.00%(c) 6.00% 10/2023 522 515 —387 
Switchfly LLC+One stop L + 5.00%(c) 6.00% 10/2023 40 39 —30 
Switchfly LLC+(5)One stop L + 8.50%(c) 9.50% 10/2023 2 2 —(21)
6,827 6,720 0.25,031 
Total non-controlled/affiliate debt investments$55,926 $53,684 1.9%$49,894 

See Notes to Consolidated Financial Statements.
49
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 ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Equity investments(15)(16)
Beverages
Abita Brewing Co., L.L.C.+Warrant N/A N/A N/A 210$— 0.1%$2,559 
Consumer Finance
Paradigm DKD Group, LLCLLC units N/A N/A N/A 354 115 —— 
Paradigm DKD Group, LLCPreferred stock N/A N/A N/A 71 — —— 
Paradigm DKD Group, LLCPreferred stock N/A N/A N/A 2,004 — —— 
115 —— 
Electronic Equipment, Instruments and Components
Sloan Company, Inc., The+Common Stock N/A N/A N/A — 42 —3 
Energy, Equipment & Services
Benetech, Inc.+LLC interest N/A N/A N/A 58 — —— 
Benetech, Inc.+LLC interest N/A N/A N/A 58 — —— 
— —— 
Food and Staples Retailing
Rubio's Restaurants, Inc.+Preferred stock N/A N/A N/A 2,779 2,276 0.12,625 
Rubio's Restaurants, Inc.+Common Stock N/A N/A N/A 886 182 0.1818 
Rubio's Restaurants, Inc.+Common Stock N/A N/A N/A 536 110 —495 
Rubio's Restaurants, Inc.+Common Stock N/A N/A N/A 89 6 —34 
Rubio's Restaurants, Inc.+Common Stock N/A N/A N/A 52 3 —20 
Rubio's Restaurants, Inc.+Common Stock N/A N/A N/A 21 — —— 
Rubio's Restaurants, Inc.+Common Stock N/A N/A N/A 21 — —— 
Rubio's Restaurants, Inc.+Common Stock N/A N/A N/A 42 — —— 
Rubio's Restaurants, Inc.+Common Stock N/A N/A N/A 18 — —— 
Rubio's Restaurants, Inc.+Common Stock N/A N/A N/A 18 — —— 
Rubio's Restaurants, Inc.+Common Stock N/A N/A N/A 89 — —— 
2,577 0.23,992 
Healthcare Providers and Services
Elite Dental Partners LLCLLC interest N/A N/A N/A — 2,902 0.13,548 
Elite Dental Partners LLCLLC interest N/A N/A N/A — 1,250 0.11,252 
Elite Dental Partners LLCLLC units N/A N/A N/A — — —— 
4,152 0.24,800 
Software
Switchfly LLC+LLC interest N/A N/A N/A 3,419 2,321 —1,280 
Total non-controlled/affiliate equity investments$9,207 0.5%$12,634 
Total non-controlled/affiliate investments$55,926 $62,891 2.4%$62,528 

See Notes to Consolidated Financial Statements.
50
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)
Controlled affiliate company investments(20)
Debt Investments
IT Services
MMan Acquisition Co.*+(7)One stop L + 10.00%(c) 10.00% PIK 08/2023 $22,526 $19,634 0.5%$14,046 
MMan Acquisition Co.+One stop L + 8.00%(e) 8.00% PIK 08/2023 1,588 1,588 0.11,588 
24,114 21,222 0.615,634 
Total controlled affiliate debt investments$24,114 $21,222 0.6%$15,634 
Equity Investments (15)(16)
IT Services
MMan Acquisition Co.+Common StockN/AN/AN/A— $927 —%$— 
Total controlled affiliate equity investments$927 —%$— 
Total controlled affiliate investments$24,114 $22,149 0.6%$15,634 
Total investments$4,994,220 $5,143,591 197.4%$5,146,766 
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)0.00%(21)$61,408 2.4%$61,408 
Total money market funds$61,408 2.4%$61,408 
Total Investments and Money Market Funds$5,204,999 199.8%$5,208,174 


See Notes to Consolidated Financial Statements.
51
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2021
(In thousands)
*
Denotes that all or a portion of the loan secures the notes offered in the 2018 Debt Securitization (as defined in Note 7).
#
Denotes that all or a portion of the loan secures the notes offered in the GCIC 2018 Debt Securitization (as defined in Note 7).
+
Denotes that all or a portion of the investment collateralizes the JPM Credit Facility (as defined in Note 7).
~
Denotes that all or a portion of the loan collateralizes the MS Credit Facility II (as defined in Note 7).
(1)The majority of the investments bear interest at a rate that is permitted to be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”) denominated in U.S. dollars or U.K. pound sterling (“GBP”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime (“P”), Sterling Overnight Index Average ("SONIA" or “SN”), Australian Interbank Rate (”AUD” or ”A”), Canadian Bankers Acceptance Rate (”CDOR” or "C”), or Secured Overnight Financing Rate (“SOFR” or “SF”) which reset daily, monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of December 31, 2021. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of December 31, 2021, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of December 31, 2021, as the loan may have priced or repriced based on an index rate prior to December 31, 2021.
(a) Denotes that all or a portion of the loan was indexed to the 30-day LIBOR, which was 0.10% as of December 31, 2021.
(b) Denotes that all or a portion of the loan was indexed to the 60-day LIBOR, which was 0.15% as of December 31, 2021.
(c) Denotes that all or a portion of the loan was indexed to the 90-day LIBOR, which was 0.21% as of December 31, 2021.
(d) Denotes that all or a portion of the loan was indexed to the 180-day LIBOR, which was 0.34% as of December 31, 2021.
(e) Denotes that all or a portion of the loan was indexed to the 360-day LIBOR, which was 0.58% as of December 31, 2021.
(f) Denotes that all or a portion of the loan was indexed to the Prime rate, which was 3.25% as of December 31, 2021.
(g) Denotes that all or a portion of the loan was indexed to the 90-day EURIBOR, which was -0.58% as of December 31, 2021.
(h) Denotes that all or a portion of the loan was indexed to the 180-day EURIBOR, which was -0.56% as of December 31, 2021.
(i) Denotes that all or a portion of the loan was indexed to the 90-day GBP LIBOR, which was 0.26% as of December 31, 2021.
(j) Denotes that all or a portion of the loan was indexed to the 180-day GBP LIBOR, which was 0.47% as of December 31, 2021.
(k) Denotes that all or a portion of the loan was indexed to the Australia Three Month Interbank Rate, which was 0.12% as of December 31, 2021.
(l) Denotes that all or a portion of the loan was indexed to the 30-day Canadian Bankers’ Acceptance Rate, which was 0.45% as of December 31, 2021.
(m) Denotes that all or a portion of the loan was indexed to the 60-day Canadian Bankers’ Acceptance Rate, which was 0.48% as of December 31, 2021.
(n) Denotes that all or a portion of the loan was indexed to the 90-day Canadian Bankers’ Acceptance Rate, which was 0.52% as of December 31, 2021.
(o) Denotes that all or a portion of the loan was indexed to SONIA, which was 0.19% as of December 31, 2021.
(p) Denotes that all or a portion of the loan was indexed to SOFR, which was 0.05% as of December 31, 2021.
(q) Denotes that all or a portion of the loan was indexed to the Canadian Prime Rate, which was 2.45% as of December 31, 2021.
(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of December 31, 2021.
(3)The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.
(4)The fair values of investments were valued using significant unobservable inputs, unless noted otherwise. See Note 6. Fair Value Measurements.
(5)The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
(6)The entire commitment was unfunded as of December 31, 2021. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.
(7)Loan was on non-accrual status as of December 31, 2021, meaning that the Company has ceased recognizing interest income on the loan.
(8)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2021, total non-qualifying assets at fair value represented 10.6% of the Company's total assets calculated in accordance with the 1940 Act.
(9)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date or the date of the transaction. See Note 2. Significant Accounting Policies and Recent Accounting Updates - Foreign Currency Transactions.
(10)The headquarters of this portfolio company is located in the United Kingdom.
(11)The headquarters of this portfolio company is located in Australia.
(12)The headquarters of this portfolio company is located in Canada.
(13)The headquarters of this portfolio company is located in Luxembourg.
(14) The headquarters of this portfolio company is located in Netherlands.

See Notes to Consolidated Financial Statements.
52
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2021
(In thousands)
(15) Equity investments are non-income producing securities unless otherwise noted.
(16) Ownership of certain equity investments occurs through a holding company or partnership.
(17) The Company holds an equity investment that entitles it to receive preferential dividends.
(18) The fair value of this investment was valued using Level 1 inputs. See Note 6. Fair Value Measurements.
(19)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns five percent or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the three months ended December 31, 2021 were as follows:
Portfolio Company
Fair value as of September 30, 2021
Gross Additions(a)
Gross Reductions(b)
Net change in unrealized gain (loss)Net realized gain (loss)Fair value as of December 31, 2021Interest, dividend and fee income
Abita Brewing Co. LLC$10,050 $155 $— $1,826 $— $12,031 $183 
Benetech, Inc.
2,399 104 (122)27 — 2,408 87 
Elite Dental Partners LLC16,952 1,109 (7)(464)— 17,590 196 
Paradigm DKD Group, LLC2,627 71 (91)(334)— 2,273 12 
Rubio's Restaurants, Inc17,559 1 (10)(630)— 16,920 333 
Sloan Company, Inc., The
5,162 568 (152)(583)— 4,995 21 
Switchfly LLC
6,168 616 (498)25 — 6,311 178 
Uinta Brewing Company
462 22 (498)1,040 (1,026)— 7 
Total Non-Controlled Affiliates
$61,379 $2,646 $(1,378)$907 $(1,026)$62,528 $1,017 
(a)
Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind (“PIK”) interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(b)
Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.
(20)As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” of and “control” this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement) (“controlled affiliate”). Transactions related to investments in controlled affiliates for the three months ended December 31, 2021 were as follows:
Portfolio Company
Fair value as of September 30, 2021
Gross Additions(a)
Gross Reductions(b)
Net change in unrealized gain (loss)Net realized gain (loss)Fair value as of December 31, 2021Interest, dividend and fee income
MMan Acquisition Co.$18,237 $791 $(700)$(2,694)$— $15,634 $2 
Total Controlled Affiliates
$18,237 $791 $(700)$(2,694)$— $15,634 $2 
(a)
Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(b)
Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.
(21)The rate shown is the annualized seven-day yield as of December 31, 2021.


See Notes to Consolidated Financial Statements.
53
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)
Investments                 
Non-controlled/non-affiliate company investments               
Debt investments                 
Aerospace and Defense                 
NTS Technical Systems*#+~Senior loan L + 5.50%(c) 6.50% 06/2023 $40,173 $39,983 1.6%$40,173
NTS Technical Systems~Second lien L + 9.75%(c) 10.75% 12/2023 4,589 4,524 0.24,589
NTS Technical Systems+Senior loan L + 5.50%(c) 6.50% 06/2023 1,247 1,195 —1,247
NTS Technical Systems+(5)Senior loan L + 5.50% N/A(6) 06/2023— (26)——
Tronair Parent, Inc.+Senior loan L + 6.25%(c)(e) 6.75% cash/0.50% PIK 09/2023 680 676 —606
Tronair Parent, Inc.+Senior loan L + 6.25%(c) 6.75% cash/0.50% PIK 06/2023 20 17 —4
Whitcraft LLC*#+~One stop L + 6.00%(c) 7.00% 04/2023 63,253 63,492 2.461,355
Whitcraft LLC+(5)One stop L + 6.00% N/A(6) 04/2023 — (1)—(9)
109,962 109,860 4.2107,965
Airlines
Aurora Lux Finco S.A.R.L.+(8)(13)One stop L + 6.00%(c) 7.00% 12/2026 985 967 —936
Auto Components                 
Covercraft Parent III, Inc.+Senior loan L + 4.50%(c) 5.50% 08/2027 4,927 4,878 0.24,877
Covercraft Parent III, Inc.+(5)Senior loan L + 4.50% N/A(6) 08/2027 — (1)—(1)
Covercraft Parent III, Inc.+(5)Senior loan L + 4.50% N/A(6) 08/2027 — (18)—(18)
North Haven Falcon Buyer, LLCOne stop L + 6.00%(a) 7.00% 05/2027 6,160 6,045 0.26,160
North Haven Falcon Buyer, LLC+(5)One stop L + 6.00% N/A(6) 05/2027 — (19)——
Polk Acquisition Corp.*#+Senior loan L + 6.00%(a) 7.00% 12/2023 18,106 17,991 0.718,106
Polk Acquisition Corp.+Senior loan L + 6.00%(a) 7.00% 12/2023 181 182 —181
Polk Acquisition Corp.+Senior loan L + 6.00%(a) 7.00% 12/2023 107 106 —107
Power Stop, LLC+~Senior loan L + 4.50%(a) 4.58% 10/2025 2,813 2,856 0.12,813
   32,294 32,020 1.2 32,225 
Automobiles                 
CG Group Holdings, LLC+One stop L + 5.25%(c) 6.25% 07/2027 31,463 31,159 1.231,148
CG Group Holdings, LLC+One stop L + 5.25%(a)(c) 6.25% 07/2026 168 164 —164
JHCC Holdings LLCOne stop L + 5.50%(c) 6.50% 09/2025 15,472 15,253 0.615,318
JHCC Holdings LLC+One stop P + 4.50%(f) 7.75% 08/2027 501 496 —496
JHCC Holdings LLC+One stop L + 5.50%(c)(f) 6.89% 09/2025 298 296 —295
JHCC Holdings LLC+One stop P + 4.50%(f) 7.53% 09/2025 7 6 —6
JHCC Holdings LLC+(5)One stop L + 5.50% N/A(6) 08/2027 — (33)—(33)
MOP GM Holding, LLC*#+~One stop L + 5.75%(c) 6.75% 11/2026 24,221 23,961 1.023,980
MOP GM Holding, LLC+One stop L + 5.75%(d) 6.75% 11/2026 2,604 2,576 0.12,578
MOP GM Holding, LLC+One stop L + 5.75%(c) 6.75% 11/2026 1,930 1,909 0.11,910
MOP GM Holding, LLC+(5)One stop L + 5.75% N/A(6) 11/2026 — (2)—(2)
MOP GM Holding, LLC+(5)One stop L + 5.75% N/A(6) 11/2026 — (76)—(64)

See Notes to Consolidated Financial Statements.
54
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments
September 30, 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)
Quick Quack Car Wash Holdings, LLC*#One stop L + 5.50%(c) 6.50% 10/2024 $12,950 $12,963 0.5%$12,950
Quick Quack Car Wash Holdings, LLC+One stop L + 5.50%(b)(c) 6.50% 10/2024 3,953 3,888 0.23,953
Quick Quack Car Wash Holdings, LLC#+One stop L + 5.50%(c) 6.50% 10/2024 2,337 2,318 0.12,337
Quick Quack Car Wash Holdings, LLC*+One stop L + 5.50%(c) 6.50% 10/2024 2,042 2,072 0.12,042
Quick Quack Car Wash Holdings, LLC*+One stop L + 5.50%(c) 6.50% 10/2024 1,364 1,386 0.11,364
Quick Quack Car Wash Holdings, LLC*+One stop L + 5.50%(c) 6.50% 10/2024 1,111 1,141 —1,111
Quick Quack Car Wash Holdings, LLC+One stop L + 5.50% N/A(6) 10/2024 — — ——
TWAS Holdings, LLC*+One stop L + 6.00%(c) 7.00% 12/2026 30,878 30,539 1.230,878
TWAS Holdings, LLC+One stop L + 6.00%(c) 7.00% 12/2026 8,014 7,928 0.38,014
TWAS Holdings, LLC+(5)One stop L + 6.00% N/A(6) 12/2026 — (4)——
139,313 137,940 5.5138,445 
Beverages
Fintech Midco, LLC*#One stop L + 5.75%(c) 6.50% 08/2024 24,163 24,389 0.923,921 
Fintech Midco, LLC+One stop L + 5.75%(b) 6.50% 08/2024 15,337 15,188 0.615,184 
Fintech Midco, LLC#+One stop L + 5.75%(c) 6.50% 08/2024 1,119 1,146 —1,108 
Fintech Midco, LLC+(5)One stop L + 5.75% N/A(6) 08/2024 — (1)—(2)
Watermill Express, LLC+One stop L + 5.25%(c) 6.25% 04/2027 2,267 2,246 0.12,267 
Watermill Express, LLC+One stop L + 5.25% N/A(6) 04/2027 — — —— 
Watermill Express, LLC+(5)One stop L + 5.25% N/A(6) 04/2027 — (1)—— 
Winebow Holdings, Inc.One stop L + 6.25%(a) 7.25% 07/2025 7,878 7,773 0.37,878 
50,764 50,740 1.950,356 
Biotechnology
BIO18 Borrower, LLC#+One stop L + 4.75%(a)(c) 5.75% 11/2024 10,962 10,990 0.410,880 
BIO18 Borrower, LLC+One stop L + 4.75%(a) 5.75% 11/2024 7,948 7,891 0.37,888 
BIO18 Borrower, LLC*#+One stop L + 4.75%(a) 5.75% 11/2024 3,922 3,898 0.23,894 
BIO18 Borrower, LLC+(5)One stop L + 4.75% N/A(6) 11/2024 — (1)—(2)
22,832 22,778 0.922,660 


See Notes to Consolidated Financial Statements.
55

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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
Jensen Hughes, Inc.+Senior loan L + 4.50%(c)(f) 5.50% 03/2024 $4,149 $4,150 0.2%$4,107 
Jensen Hughes, Inc.+Senior loan L + 4.50%(b)(c)(f) 5.50% 03/2024 1,403 1,426 0.11,389 
Jensen Hughes, Inc.+Senior loan L + 4.50%(c)(f) 5.50% 03/2024 904 914 —895 
Jensen Hughes, Inc.+Senior loan L + 4.50%(c)(f) 5.50% 03/2024 852 844 —844 
Jensen Hughes, Inc.+Senior loan L + 4.50%(c)(f) 5.50% 03/2024 434 444 —430 
Jensen Hughes, Inc.+Senior loan L + 4.50%(c)(f) 5.50% 03/2024 277 279 —274 
Jensen Hughes, Inc.+Senior loan L + 4.50%(c)(f) 5.50% 03/2024 216 216 —214 
Jensen Hughes, Inc.+Senior loan L + 4.50%(c)(f) 5.50% 03/2024 115 115 —114 
Jensen Hughes, Inc.+(5)Senior loan L + 4.50% N/A(6) 03/2024 — (14)—(15)
8,350 8,374 0.38,252 
Chemicals
Inhance Technologies Holdings LLC#+One stop L + 6.00%(c) 7.00% 07/2024 12,573 12,663 0.512,573 
Inhance Technologies Holdings LLC+One stop L + 6.00%(c) 7.00% 07/2024 1,910 1,901 0.11,910 
Inhance Technologies Holdings LLC+One stop L + 6.00%(c) 7.00% 07/2024 96 95 —96 
PHM NL SP Bidco B.V.(8)(9)(14)One stop E + 6.25%(g) 6.25% 10/2028 36,686 36,182 1.436,182 
PHM NL SP Bidco B.V.+(8)(14)One stop L + 6.25%(d) 6.75% 10/2028 13,766 13,576 0.513,576 
PHM NL SP Bidco B.V.(5)(8)(9)(14)One stop E + 6.25% N/A(6) 10/2028 — (178)—(178)
65,031 64,239 2.564,159 
Commercial Services & Supplies
EGD Security Systems, LLC*#+One stop L + 5.65%(c) 6.65% 06/2023 30,092 30,317 1.230,092 
EGD Security Systems, LLC+One stop L + 5.65%(c) 6.65% 06/2023 1,687 1,676 0.11,687 
EGD Security Systems, LLC*+One stop L + 5.65%(c) 6.65% 06/2023 1,258 1,257 —1,258 
EGD Security Systems, LLC+One stop L + 5.65%(c) 6.65% 06/2023 843 838 —843 
EGD Security Systems, LLC+One stop L + 5.65%(c) 6.65% 06/2023 767 762 —767 
EGD Security Systems, LLC#+One stop L + 5.65%(c) 6.65% 06/2023 644 656 —644 
EGD Security Systems, LLC#+One stop L + 5.65%(c) 6.65% 06/2023 575 573 —575 
EGD Security Systems, LLC+One stop L + 5.65%(c) 6.65% 06/2023 537 533 —537 
EGD Security Systems, LLC+One stop L + 5.65%(c) 6.65% 06/2023 200 199 —200 
Hydraulic Authority III Limited+~(8)(9)(10)One stop L + 5.75%(i) 6.75% 11/2025 11,024 11,191 0.511,795 
Hydraulic Authority III Limited+(8)(9)(10)One stop N/A 11.00% PIK 11/2028 222 225 —236 


See Notes to Consolidated Financial Statements.
56

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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 + 5.75% N/A(6) 11/2025 $— $— —%$— 
North Haven Stack Buyer, LLCOne stop L + 5.50%(c) 6.50% 07/2027 8,855 8,684 0.48,767 
North Haven Stack Buyer, LLC+One stop L + 5.50%(c) 6.50% 07/2027 262 197 —195 
North Haven Stack Buyer, LLC+One stop L + 5.50%(c) 6.50% 07/2027 11 10 —10 
PT Intermediate Holdings III, LLC+~One stop L + 5.50%(c) 6.50% 10/2025 29,746 29,432 1.229,746 
PT Intermediate Holdings III, LLC+(5)One stop L + 5.50% N/A(6) 10/2025 — (3)—— 
Radwell International, LLC+One stop L + 5.50%(c) 6.25% 07/2027 3,919 3,905 0.23,905 
Radwell International, LLC+One stop L + 5.50%(c) 6.25% 07/2027 268 268 —268 
Radwell International, LLC+One stop L + 5.50%(c) 6.25% 07/2027 128 128 —128 
Trinity Air Consultants Holdings Corporation+One stop L + 5.25%(a) 6.00% 06/2027 2,458 2,411 0.12,458 
Trinity Air Consultants Holdings Corporation+One stop L + 5.25% N/A(6) 06/2027 — — —— 
Trinity Air Consultants Holdings Corporation+(5)One stop L + 5.25% N/A(6) 06/2027 — (1)—— 
WRE Holding Corp.*#Senior loan L + 5.50%(b)(c) 6.50% 01/2023 2,252 2,273 0.12,252 
WRE Holding Corp.+Senior loan L + 5.50%(b)(c) 6.50% 01/2023 930 946 —930 
WRE Holding Corp.+Senior loan L + 5.50%(c) 6.50% 01/2023 682 681 —682 
WRE Holding Corp.+Senior loan L + 5.50%(b)(c) 6.50% 01/2023 404 404 —404 
WRE Holding Corp.+Senior loan L + 5.50%(c) 6.50% 01/2023 129 134 —129 
WRE Holding Corp.+Senior loan L + 5.50%(a)(c)(f) 6.50% 01/2023 24 24 —24 
WRE Holding Corp.+Senior loan L + 5.50%(b)(c) 6.50% 01/2023 23 23 —23 
97,940 97,743 3.898,555 
Communications Equipment
Lightning Finco Limited+(8)(10)One stop L + 5.75%(c) 6.50% 09/2028 10,349 10,145 0.410,142 
Lightning Finco Limited(8)(9)(10)One stop E + 5.75%(g) 6.50% 09/2028 1,262 1,237 —1,205 
11,611 11,382 0.411,347 
Construction & Engineering
Reladyne, Inc.*#+Senior loan L + 5.00%(c) 6.00% 07/2024 32,522 32,513 1.332,522 
Reladyne, Inc.+~Senior loan L + 5.00%(c) 6.00% 07/2024 3,447 3,461 0.13,447 
Reladyne, Inc.+Senior loan L + 5.00%(c) 6.00% 07/2024 3,369 3,341 0.13,369 
Reladyne, Inc.+Senior loan L + 5.00%(c) 6.00% 07/2024 2,729 2,740 0.12,729 
Reladyne, Inc.*#+Senior loan L + 5.00%(c) 6.00% 07/2024 1,866 1,874 0.11,866 
Reladyne, Inc.#+~Senior loan L + 5.00%(c) 6.00% 07/2024 1,609 1,615 0.11,609 
Reladyne, Inc.#+Senior loan L + 5.00%(c) 6.00% 07/2024 1,529 1,543 0.11,529 
Reladyne, Inc.#+~Senior loan L + 5.00%(c) 6.00% 07/2024 733 736 —733 
Reladyne, Inc.+Senior loan L + 5.00%(c) 6.00% 07/2024 207 205 —207 
48,011 48,028 1.948,011 
Containers and Packaging
AmerCareRoyal LLC+Senior loan L + 5.00%(a) 6.00% 11/2025 813 808 —813 
AmerCareRoyal LLC+Senior loan L + 5.00%(a) 6.00% 11/2025 168 166 —168 
AmerCareRoyal LLC+Senior loan L + 5.00%(a) 6.00% 11/2025 163 161 —163 
AmerCareRoyal LLC+(8)Senior loan L + 5.00%(a) 6.00% 11/2025 151 150 —151 
Fortis Solutions Group LLC+Senior loan L + 4.50%(c) 5.50% 12/2023 4,049 3,983 0.24,049 
Fortis Solutions Group LLC+Senior loan L + 4.50%(c) 5.50% 12/2023 2,406 2,366 0.12,406 
Fortis Solutions Group LLC+Senior loan L + 4.50%(c) 5.50% 12/2023 1,570 1,558 0.11,570 
Fortis Solutions Group LLC+Senior loan L + 4.50%(c) 5.50% 12/2023 624 619 —624 
Fortis Solutions Group LLC+Senior loan L + 4.50%(c) 5.50% 12/2023 601 596 —601 
Fortis Solutions Group LLC+Senior loan L + 4.50% N/A(6) 12/2023 — — —— 
 10,545 10,407 0.4 10,545 

See Notes to Consolidated Financial Statements.
57

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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 $3,241 $3,245 0.1%$3,147 
WSC Holdings Midco LLC+Senior loan L + 4.50%(c) 5.50% 07/2027 2,991 2,962 0.12,961 
WSC Holdings Midco LLC+(5)Senior loan L + 4.50% N/A(6) 07/2027 — (1)—(1)
WSC Holdings Midco LLC+(5)Senior loan L + 4.50% N/A(6) 07/2027 — (17)—(18)
6,232 6,189 0.2 6,089 
Diversified Consumer Services
Certus Pest, Inc.+One stop L + 5.25%(c) 6.25% 02/2026 1,609 1,576 0.11,609 
Certus Pest, Inc.+One stop L + 5.25%(c) 6.25% 02/2026 1,527 1,475 0.11,527 
Certus Pest, Inc.+One stop L + 5.25%(c) 6.25% 02/2026 1,080 1,070 —1,080 
Certus Pest, Inc.+One stop L + 5.25%(c) 6.25% 02/2026 760 744 —760 
Certus Pest, Inc.+One stop L + 5.25%(c) 6.25% 02/2026 672 633 —672 
Certus Pest, Inc.+One stop L + 5.25%(c) 5.37% 02/2026 386 376 —386 
Certus Pest, Inc.+One stop L + 5.25%(c) 6.25% 02/2026 242 224 —242 
Certus Pest, Inc.+One stop L + 5.25%(c) 6.25% 02/2026 132 98 —132 
Certus Pest, Inc.+One stop L + 5.25% N/A(6) 02/2026 — — —— 
Certus Pest, Inc.+(5)One stop L + 5.25% N/A(6) 02/2026 — (6)—— 
Certus Pest, Inc.+One stop L + 5.25% N/A(6) 02/2026 — — —— 
CHHJ Franchising, LLC#Senior loan L + 5.00%(c) 6.00% 01/2026 2,751 2,727 0.12,751 
CHHJ Franchising, LLC+Senior loan L + 5.00%(c) 6.00% 01/2026 5 4 —5 
COP Hometown Acquisitions, Inc.+Senior loan L + 4.50%(c) 5.50% 07/2027 1,721 1,705 0.11,704 
COP Hometown Acquisitions, Inc.+Senior loan L + 4.50%(c) 5.50% 07/2027 1,677 1,652 0.11,652 
COP Hometown Acquisitions, Inc.+Senior loan L + 4.50%(c) 5.50% 07/2027 596 585 —579 
COP Hometown Acquisitions, Inc.+Senior loan L + 4.50% N/A(6) 07/2027 — — —— 
COP Hometown Acquisitions, Inc.+Senior loan L + 4.50% N/A(6) 07/2027 — — —— 

See Notes to Consolidated Financial Statements.
58

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
EWC Growth Partners LLCOne stop L + 7.50%(c) 6.50% cash/2.00% PIK 03/2026 $922 $908 —%$875 
EWC Growth Partners LLC+One stop L + 7.50%(c) 6.50% cash/2.00% PIK 03/2026 30 29 —29 
EWC Growth Partners LLC+One stop L + 7.50%(c) 6.50% cash/2.00% PIK 03/2026 18 18 —17 
Excelligence Learning Corporation#+One stop L + 6.50%(c) 5.50% cash/2.00% PIK 04/2023 10,766 10,612 0.410,335 
Flores & Associates, LLCOne stop L + 4.75%(c) 5.75% 04/2027 3,778 3,699 0.23,778 
Flores & Associates, LLC+One stop L + 4.75%(b)(c) 5.75% 04/2027 843 833 —843 
Flores & Associates, LLC+One stop L + 4.75%(c) 5.75% 04/2027 777 768 —777 
Flores & Associates, LLC+(5)One stop L + 4.75% N/A(6) 04/2027 — (1)—— 
FSS Buyer LLC+One stop L + 5.75%(c) 6.50% 08/2028 5,547 5,437 0.25,436 
FSS Buyer LLC+One stop L + 5.75%(c) 6.50% 08/2027 17 16 —16 
Learn-it Systems, LLC+Senior loan L + 4.50%(c) 5.50% 03/2025 2,523 2,557 0.12,518 
Learn-it Systems, LLC+Senior loan L + 4.50%(c) 5.50% 03/2025 1,357 1,354 0.11,355 
Learn-it Systems, LLC+Senior loan L + 4.50%(b) 5.50% 03/2025 8 9 —8 
Learn-it Systems, LLC+(5)Senior loan L + 4.75% N/A(6) 03/2025 — (12)—8 
Liminex, Inc.~One stop L + 7.25%(c) 8.25% 11/2026 25,462 25,049 1.025,462 
Liminex, Inc.+One stop L + 7.25%(c) 8.25% 11/2026 800 792 —800 
Liminex, Inc.+(5)One stop L + 7.25% N/A(6) 11/2026 — (1)—— 
Litera Bidco LLC+One stop L + 6.00%(a) 7.00% 05/2026 4,629 4,577 0.24,653 
Litera Bidco LLC+One stop L + 5.75%(a) 6.75% 05/2026 3,711 3,729 0.13,694 
Litera Bidco LLC+One stop L + 5.75%(a) 6.75% 05/2026 696 716 —693 
Litera Bidco LLC+One stop L + 5.75%(a) 6.75% 05/2026 696 717 —693 
Litera Bidco LLC+One stop L + 6.00%(a) 7.00% 05/2026 145 140 —148 
Litera Bidco LLC+One stop L + 5.75% N/A(6) 05/2025 — — —— 
PADI Holdco, Inc.*#One stop L + 7.25%(d) 6.75% cash/1.50% PIK 04/2024 21,666 21,774 0.819,499 
PADI Holdco, Inc.+~(8)(9)One stop E + 7.25%(g) 5.75% cash/1.50% PIK 04/2024 20,757 20,973 0.818,759 
PADI Holdco, Inc.~One stop L + 7.25%(c) 6.75% cash/1.50% PIK 04/2024 812 807 —731 
PADI Holdco, Inc.+One stop L + 7.25%(c) 6.75% cash/1.50% PIK 04/2024 168 167 —151 
PADI Holdco, Inc.+One stop L + 7.25%(c) 6.75% cash/1.50% PIK 04/2023 108 108 —89 
Provenance Buyer LLC+One stop L + 5.50%(c) 6.25% 06/2027 18,464 18,109 0.718,464 
Provenance Buyer LLC+(5)One stop L + 5.50% N/A(6) 06/2027 — (2)—— 
Provenance Buyer LLC+(5)Senior loan L + 5.50% N/A(6) 06/2027 — (3)—— 
137,858 136,742 5.1132,930 
Diversified Financial Services
AxiomSL Group, Inc.+One stop L + 6.00%(c) 7.00% 12/2027 4,056 3,978 0.23,975 
AxiomSL Group, Inc.+One stop L + 6.00% N/A(6) 12/2027 — — —— 
AxiomSL Group, Inc.+One stop L + 6.00% N/A(6) 12/2025 — — —— 
Banker's Toolbox, Inc.+One stop L + 5.50%(c) 6.25% 07/2027 8,098 8,002 0.38,098 
Banker's Toolbox, Inc.+One stop L + 5.50% N/A(6) 07/2027 — — —— 
Banker's Toolbox, Inc.+One stop L + 5.50% N/A(6) 07/2027 — — —— 
Higginbotham Insurance Agency, Inc.+One stop L + 5.50%(a) 6.25% 11/2026 3,596 3,550 0.13,596 
Higginbotham Insurance Agency, Inc.+One stop L + 5.50%(a) 6.25% 11/2026 828 815 —828 
16,578 16,345 0.616,497 


See Notes to Consolidated Financial Statements.
59

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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 Telecommunication Services
NTI Connect, LLC+Senior loan L + 5.00%(c) 6.00% 12/2024 $1,645 $1,616 0.1%$1,645 
Electronic Equipment, Instruments & Components
CST Buyer Company#+One stop L + 6.00%(c) 7.00% 10/2025 20,425 20,216 0.820,425 
CST Buyer Company#+~One stop L + 6.00%(c) 7.00% 10/2025 10,189 10,100 0.410,189 
CST Buyer Company+One stop L + 6.00% N/A(6) 10/2025 — — —— 
ES Acquisition LLC+One stop L + 5.50%(c) 6.25% 11/2025 76,750 76,374 3.076,366 
ES Acquisition LLCSenior loan L + 5.50%(c) 6.50% 11/2025 655 646 —652 
ES Acquisition LLC+Senior loan L + 5.50%(c) 6.50% 11/2025 138 138 —138 
ES Acquisition LLC+Senior loan L + 5.50%(c) 6.50% 11/2025 95 95 —94 
ES Acquisition LLCSenior loan L + 5.50%(c) 6.50% 11/2025 89 86 —88 
ES Acquisition LLC+Senior loan L + 5.50%(c) 6.50% 11/2025 84 82 —82 
ES Acquisition LLC+Senior loan L + 5.50%(c) 6.50% 11/2025 46 46 —46 
ES Acquisition LLC+Senior loan L + 5.50%(c) 6.50% 11/2025 42 41 —41 
ES Acquisition LLC+Second lien L + 5.50%(c) 6.50% 11/2025 35 35 —35 
ES Acquisition LLC+One stop L + 5.50% N/A(6) 11/2025 — — —— 
Watchfire Enterprises, Inc.+Second lien L + 8.25%(c) 9.25% 10/2024 9,435 9,382 0.39,435 
Watchfire Enterprises, Inc.+Senior loan L + 4.50%(c) 5.50% 07/2024 2,192 2,173 0.12,192 
120,175 119,414 4.6119,783 


See Notes to Consolidated Financial Statements.
60

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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 + 5.25%(c) 6.25% 09/2023 $18,418 $18,549 0.7%$18,418 
Cafe Rio Holding, Inc.+One stop L + 5.25%(c) 6.25% 09/2023 3,311 3,309 0.13,311 
Cafe Rio Holding, Inc.#+One stop L + 5.25%(c) 6.25% 09/2023 2,225 2,272 0.12,225 
Cafe Rio Holding, Inc.*#One stop L + 5.25%(c) 6.25% 09/2023 1,412 1,443 0.11,412 
Cafe Rio Holding, Inc.#+One stop L + 5.25%(c) 6.25% 09/2023 1,247 1,274 —1,247 
Cafe Rio Holding, Inc.+One stop L + 5.25%(c) 6.25% 09/2023 179 179 —179 
Cafe Rio Holding, Inc.+One stop L + 5.25% N/A(6) 09/2023 — — —— 
Captain D's, LLC#Senior loan L + 4.50%(c) 5.50% 12/2023 13,688 13,718 0.613,688 
Captain D's, LLC~Senior loan L + 4.50%(c) 5.50% 12/2023 2,149 2,124 0.12,149 
Captain D's, LLC+Senior loan L + 4.50% N/A(6) 12/2023 — — —— 
Feeders Supply Company, LLC#+One stop L + 5.00%(a) 6.00% 04/2023 8,844 8,791 0.48,844 
Feeders Supply Company, LLC+Subordinated debt N/A 12.50% cash/7.00% PIK 10/2023 163 163 —163 
Feeders Supply Company, LLC+One stop L + 5.00% N/A(6) 04/2023 — — —— 
FWR Holding Corporation#+One stop L + 5.75%(a) 6.50% cash/0.25% PIK 08/2023 10,428 10,420 0.410,428 
FWR Holding Corporation#+One stop L + 5.75%(a) 6.50% cash/0.25% PIK 08/2023 1,824 1,862 0.11,824 
FWR Holding Corporation#+One stop L + 5.75%(a) 6.50% cash/0.25% PIK 08/2023 1,153 1,177 —1,153 
FWR Holding Corporation#+One stop L + 5.75%(a) 6.50% cash/0.25% PIK 08/2023 365 372 —365 
FWR Holding Corporation+One stop L + 5.75%(a) 6.50% cash/0.25% PIK 08/2023 275 275 —275 
FWR Holding Corporation#+One stop L + 5.75%(a) 6.50% cash/0.25% PIK 08/2023 273 278 —273 
FWR Holding Corporation+One stop L + 5.75%(a) 6.50% cash/0.25% PIK 08/2023 132 131 —132 
FWR Holding Corporation+One stop L + 5.50% N/A(6) 08/2023 — — —— 
FWR Holding Corporation+One stop L + 5.50% N/A(6) 08/2023 — — —— 
Mendocino Farms, LLC+One stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 877 892 —877 
Mendocino Farms, LLC+One stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 690 701 —690 
Mendocino Farms, LLC+One stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 677 675 —677 
Mendocino Farms, LLC+One stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 332 331 —332 
Mendocino Farms, LLC+One stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 332 331 —332 
Mendocino Farms, LLC+One stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 164 164 —164 
Mendocino Farms, LLC+One stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 100 99 —100 
Mendocino Farms, LLC+(5)One stop L + 7.50% N/A(6) 06/2023 — (1)—— 
Ruby Slipper Cafe LLC, The*+One stop L + 7.50%(c) 8.50% 01/2023 2,041 2,037 0.12,000 
Ruby Slipper Cafe LLC, The+One stop L + 7.50%(c) 8.50% 01/2023 413 421 —405 
Ruby Slipper Cafe LLC, The+One stop L + 7.50%(c) 8.50% 01/2023 30 30 —30 
Wetzel's Pretzels, LLC*#+One stop L + 6.75%(c) 7.75% 09/2023 16,278 16,067 0.716,278 
Wetzel's Pretzels, LLC+One stop L + 6.75%(c) 7.75% 09/2023 — — —— 
Wood Fired Holding Corp.*#One stop L + 7.25%(c) 7.25% cash/1.00% PIK 12/2023 14,225 14,307 0.614,225 
Wood Fired Holding Corp.+One stop L + 7.25%(c) 7.25% cash/1.00% PIK 12/2023 705 701 —705 
Wood Fired Holding Corp.+(5)One stop L + 6.25% N/A(6) 12/2023 — (1)—— 
Zenput Inc.+One stop L + 9.00%(c) 7.00% cash/3.00% PIK 06/2026 1,098 1,093 —1,123 
Zenput Inc.+One stop L + 9.00%(c) 7.00% cash/3.00% PIK 06/2026 10 10 —10 
104,058 104,194 4.0104,034 


See Notes to Consolidated Financial Statements.
61

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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
Borrower R365 Holdings, LLC+One stop L + 6.50%(c) 4.50% cash/3.00% PIK 06/2027 $13,066 $12,820 0.5%$13,066 
Borrower R365 Holdings, LLC+One stop L + 6.50%(c) 7.50% 06/2027 43 41 —43 
Flavor Producers, LLC#~Senior loan L + 5.75%(c) 5.75% cash/1.00% PIK 12/2023 5,005 4,933 0.24,906 
Flavor Producers, LLC+(5)Senior loan L + 4.75% N/A(6) 12/2022 — (2)—— 
Kodiak Cakes, LLC+Senior loan L + 4.50%(a) 5.50% 06/2027 12,369 12,101 0.512,378 
Kodiak Cakes, LLC+Senior loan L + 4.50%(a) 5.50% 06/2026 50 48 —49 
Louisiana Fish Fry Products, Ltd.+One stop L + 5.75%(c) 6.75% 07/2027 9,876 9,780 0.49,777 
Louisiana Fish Fry Products, Ltd.+One stop L + 5.75%(c) 6.75% 07/2027 36 35 —35 
MAPF Holdings, Inc.*#+~One stop L + 5.50%(c) 6.50% 12/2026 33,863 33,563 1.333,863 
MAPF Holdings, Inc.+(5)One stop L + 5.50% N/A(6) 12/2026 — (39)—— 
MAPF Holdings, Inc.+(5)One stop L + 5.50% N/A(6) 12/2026 — (3)—— 
FCID Merger Sub, Inc.*+~One stop L + 6.00%(c) 7.00% 12/2026 15,654 15,458 0.615,654 
FCID Merger Sub, Inc.+(5)One stop L + 6.00% N/A(6) 12/2026 — (1)—— 
FCID Merger Sub, Inc.+(5)One stop L + 6.00% N/A(6) 12/2026 — (29)—— 
Purfoods, LLC+One stop N/A 7.00% PIK 05/2026 79 83 —79 
Ultimate Baked Goods Midco LLC+One stop L + 6.25%(a) 7.25% 08/2027 6,722 6,656 0.26,654 
Ultimate Baked Goods Midco LLC+(5)One stop L + 6.25%(c) 7.25% 08/2027 11 (23)—10 
Whitebridge Pet Brands, LLCOne stop L + 5.00%(a) 6.00% 07/2027 15,256 14,960 0.615,103 
Whitebridge Pet Brands, LLC+One stop L + 5.00%(a) 6.00% 07/2027 10 9 —9 
112,040 110,390 4.3111,626 


See Notes to Consolidated Financial Statements.
62

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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 + 4.75%(c) 5.75% 06/2025 $4,115 $4,170 0.2%$4,115 
Aspen Medical Products, LLC+One stop L + 4.75%(c) 5.75% 06/2025 263 261 —263 
Aspen Medical Products, LLC+One stop L + 4.75% N/A(6) 06/2025 — — —— 
Baduhenna Bidco Limited+(8)(10)One stop SF + 6.50%(o) 6.55% 08/2028 5,415 5,342 0.25,341 
Baduhenna Bidco Limited(8)(9)(10)One stop E + 6.50%(h) 6.50% 08/2028 3,427 3,381 0.13,307 
Baduhenna Bidco Limited+(8)(9)(10)One stop SN + 6.50%(n) 6.55% 08/2028 983 934 —941 
Baduhenna Bidco Limited+(5)(8)(9)(10)One stop SN + 6.75% N/A(6) 08/2028 — (30)—(30)
Belmont Instrument, LLC#+Senior loan L + 4.75%(c) 5.75% 12/2023 5,203 5,173 0.25,203 
Blades Buyer, Inc.#+~Senior loan L + 4.50%(c) 5.50% 08/2025 8,712 8,681 0.38,712 
Blades Buyer, Inc.+Senior loan L + 4.50% N/A(6) 08/2025 — — —— 
Blades Buyer, Inc.+(5)Senior loan L + 4.50% N/A(6) 08/2025 — (17)—— 
Blue River Pet Care, LLC*#+One stop L + 5.00%(a) 5.08% 07/2026 34,829 34,787 1.334,479 
Blue River Pet Care, LLC+One stop L + 5.00%(a)(c) 5.10% 07/2026 3,195 3,142 0.13,164 
Blue River Pet Care, LLC+One stop L + 5.00%(c) 5.13% 07/2026 451 320 —315 
Blue River Pet Care, LLC+(5)One stop L + 5.00% N/A(6) 08/2025 — (2)—(4)
CCSL Holdings, LLC*+One stop L + 5.75%(c) 6.75% 12/2026 15,555 15,384 0.615,555 
CCSL Holdings, LLC+One stop L + 5.75%(c) 6.75% 12/2026 4,198 4,138 0.24,198 
CCSL Holdings, LLC+One stop P + 4.75%(f) 8.00% 12/2026 10 8 —10 
CMI Parent Inc.#+Senior loan L + 4.00%(c) 5.00% 08/2025 6,566 6,669 0.36,501 
CMI Parent Inc.+(5)Senior loan L + 4.00% N/A(6) 08/2025 — (2)—(4)
G & H Wire Company, Inc.#+One stop L + 6.25%(c) 7.25% 09/2023 11,099 11,056 0.511,099 
G & H Wire Company, Inc.+One stop L + 6.25%(c) 7.25% 09/2022 — — —— 
Joerns Healthcare, LLC*+One stop L + 6.00%(c) 7.00% 08/2024 1,984 1,939 0.11,746 
Joerns Healthcare, LLC*+One stop L + 6.00%(c) 7.00% 08/2024 1,908 1,876 0.11,679 
Katena Holdings, Inc.#+One stop L + 6.00%(c) 7.00% 06/2024 12,595 12,487 0.512,595 
Katena Holdings, Inc.#+One stop L + 6.00%(c) 7.00% 06/2024 1,230 1,220 —1,230 
Katena Holdings, Inc.+One stop L + 6.00%(c) 7.00% 06/2024 985 977 —985 
Katena Holdings, Inc.+One stop L + 6.00%(c) 7.00% 06/2024 920 912 —920 
Katena Holdings, Inc.#+One stop L + 6.00%(c) 7.00% 06/2024 843 835 —843 
Katena Holdings, Inc.+One stop L + 6.00%(c) 7.00% 06/2024 70 68 —70 
Lombart Brothers, Inc.*#+~One stop L + 6.25%(c) 7.25% 04/2023 28,948 28,920 1.228,948 
Lombart Brothers, Inc.#+(8)One stop L + 6.25%(c) 7.25% 04/2023 3,100 3,099 0.13,100 
Lombart Brothers, Inc.+One stop L + 6.25%(a) 7.25% 04/2023 116 115 —116 
Lombart Brothers, Inc.+(8)One stop L + 6.25%(a) 7.25% 04/2023 50 49 —50 
156,770 155,892 6.0155,447 


See Notes to Consolidated Financial Statements.
63

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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 $23,143 $23,194 0.8%$20,828 
Active Day, Inc.#+One stop L + 6.00%(c) 7.00% 12/2021 1,786 1,790 0.11,607 
Active Day, Inc.*#One stop L + 6.00%(c) 7.00% 12/2021 1,151 1,153 —1,036 
Active Day, Inc.+One stop L + 6.00%(c) 7.00% 12/2021 917 921 —825 
Active Day, Inc.+One stop L + 6.00%(c) 7.00% 12/2021 809 809 —728 
Active Day, Inc.*#One stop L + 6.00%(c) 7.00% 12/2021 796 796 —716 
Active Day, Inc.+(5)One stop L + 6.00%(c) 7.00% 12/2021 2 2 —(18)
Active Day, Inc.+One stop L + 6.00%(c) 7.00% 12/2021 — — —— 
Acuity Eyecare Holdings, LLC+One stop L + 5.00%(c) 6.00% 03/2025 6,275 6,087 0.26,275 
Acuity Eyecare Holdings, LLC+One stop L + 6.25%(c) 7.25% 03/2025 4,119 4,130 0.24,191 
Acuity Eyecare Holdings, LLC+One stop L + 6.25%(c) 7.25% 03/2025 3,669 3,634 0.13,734 
Acuity Eyecare Holdings, LLC#+One stop L + 6.25%(c) 7.25% 03/2025 3,504 3,561 0.23,567 
Acuity Eyecare Holdings, LLC+~One stop L + 6.25%(c) 7.25% 03/2025 3,235 3,312 0.13,293 
Acuity Eyecare Holdings, LLC+~One stop L + 6.25%(c) 7.25% 03/2025 1,888 1,959 0.11,921 
Acuity Eyecare Holdings, LLC+One stop L + 6.25%(c) 7.25% 03/2025 457 469 —464 
Acuity Eyecare Holdings, LLC+One stop L + 13.00%(c) 7.25% cash/6.75% PIK 03/2025 238 237 —253 
Acuity Eyecare Holdings, LLC+One stop L + 6.25%(c)(f) 7.29% 03/2025 195 194 —199 
Acuity Eyecare Holdings, LLC+One stop L + 6.25%(c) 7.25% 03/2025 168 167 —171 
Acuity Eyecare Holdings, LLC+Senior loan L + 6.25%(c) 7.25% 03/2025 111 110 —113 
Acuity Eyecare Holdings, LLC+One stop L + 13.00%(c) 7.25% cash/6.75% PIK 03/2025 91 90 —96 
Acuity Eyecare Holdings, LLC+One stop L + 6.25%(c) 7.25% 03/2025 1 1 —1 
Advanced Pain Management Holdings, Inc.+(7)Senior loan P + 3.75%(f) 7.00% 07/2021 11,412 6,855 —197 
Advanced Pain Management Holdings, Inc.+(7)Senior loan L + 8.50%(a) 9.75% 07/2021 4,082 7 —— 
Advanced Pain Management Holdings, Inc.+(7)Senior loan P + 3.75%(f) 7.00% 07/2021 781 469 —13 
Advanced Pain Management Holdings, Inc.+(7)Senior loan P + 3.75%(f) 7.00% 07/2021 576 540 —10 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stop L + 6.00%(c) 7.00% 03/2027 3,976 3,922 0.23,976 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stop L + 10.50%(c) 11.50% 03/2028 1,680 1,658 0.11,680 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stop L + 6.00%(c) 7.00% 03/2027 1,666 1,623 0.11,666 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stop L + 10.50%(c) 11.50% 03/2028 472 466 —472 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)One stop L + 6.00% N/A(6) 03/2027 — (2)—— 
CRH Healthcare Purchaser, Inc.*~Senior loan L + 4.50%(c) 5.50% 12/2024 19,502 19,498 0.719,306 
CRH Healthcare Purchaser, Inc.+Senior loan L + 4.50%(c) 5.50% 12/2024 5,250 5,199 0.25,197 
CRH Healthcare Purchaser, Inc.+Senior loan L + 4.50%(c) 5.50% 12/2024 4,153 4,133 0.24,112 
CRH Healthcare Purchaser, Inc.+(5)Senior loan L + 4.50% N/A(6) 12/2024 — (2)—(4)
Datix Bidco Limited+(8)(9)(10)Senior loan L + 4.50%(i) 4.55% 04/2025 60,764 59,559 2.358,750 
Datix Bidco Limited+(8)(9)(10)Second lien L + 7.75%(i) 7.80% 04/2026 21,561 21,133 0.820,847 
Emerge Intermediate, Inc.*#One stop L + 8.50%(c) 7.00% cash/2.50% PIK 05/2024 19,256 19,069 0.719,256 
Emerge Intermediate, Inc.+(5)One stop L + 6.00% N/A(6) 05/2024 — (2)—— 
Encorevet Group LLC+One stop L + 5.25%(c) 6.25% 11/2024 995 987 —985 
Encorevet Group LLC+Senior loan L + 5.25%(c) 6.25% 11/2024 247 245 —244 

See Notes to Consolidated Financial Statements.
64

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Encorevet Group LLC+One stop L + 5.25%(c) 6.25% 11/2024 $164 $163 —%$163 
Encorevet Group LLC+Senior loan L + 5.25%(c) 6.25% 11/2024 111 111 —110 
Encorevet Group LLC+One stop L + 5.25%(c) 6.25% 11/2024 99 93 —92 
Encorevet Group LLC+Senior loan L + 5.25%(c) 6.25% 11/2024 69 69 —68 
Encorevet Group LLC+Senior loan L + 5.25%(c) 6.25% 11/2024 57 57 —57 
Encorevet Group LLC+One stop L + 5.25%(b) 6.25% 11/2024 32 32 —32 
Encorevet Group LLC+Senior loan L + 5.25%(c) 6.25% 11/2024 10 10 —10 
Encorevet Group LLC+(5)Senior loan L + 5.25% N/A(6) 11/2024 — — —(1)
ERC Finance, LLC+One stop L + 6.00%(a)(c) 7.00% 04/2024 6,999 6,879 0.36,999 
ERC Finance, LLC+One stop L + 6.00%(a) 7.00% 04/2024 7 6 —7 
ERC Finance, LLC+(5)One stop L + 6.00% N/A(6) 04/2024 — (3)—— 
Eyecare Services Partners Holdings LLC+One stop L + 6.25%(c) 2.00% cash/5.25% PIK 05/2023 18,333 18,397 0.615,583 
Eyecare Services Partners Holdings LLC*+One stop L + 6.25%(c) 2.00% cash/5.25% PIK 05/2023 8,042 8,121 0.36,836 
Eyecare Services Partners Holdings LLC*#One stop L + 6.25%(c) 2.00% cash/5.25% PIK 05/2023 7,043 7,116 0.25,986 
Eyecare Services Partners Holdings LLC+One stop L + 6.25%(c) 2.00% cash/5.25% PIK 05/2023 5,183 5,197 0.24,406 
Eyecare Services Partners Holdings LLC*+One stop L + 6.25%(c) 2.00% cash/5.25% PIK 05/2023 2,405 2,430 0.12,044 
Eyecare Services Partners Holdings LLC*+One stop L + 6.25%(c) 2.00% cash/5.25% PIK 05/2023 1,543 1,559 0.11,312 
Eyecare Services Partners Holdings LLC*#One stop L + 6.25%(c) 2.00% cash/5.25% PIK 05/2023 1,141 1,152 —970 
Eyecare Services Partners Holdings LLC*#One stop L + 6.25%(c) 2.00% cash/5.25% PIK 05/2023 1,006 1,016 —854 
Eyecare Services Partners Holdings LLC*+One stop L + 6.25%(c) 2.00% cash/5.25% PIK 05/2023 649 654 —552 
Eyecare Services Partners Holdings LLC+One stop L + 6.25%(c) 2.00% cash/5.25% PIK 05/2023 400 399 —340 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.~(8)(9)(12)One stop C + 4.50%(m) 5.50% 03/2027 11,713 11,622 0.512,364 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stop C + 4.50%(m) 5.50% 03/2027 187 185 —196 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stop C + 4.50%(m) 5.50% 03/2027 110 105 —110 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)One stop L + 4.50%(c) 5.50% 03/2027 20 19 —20 
Klick Inc.+(8)(12)Senior loan L + 4.50%(c) 5.50% 03/2028 10,098 10,005 0.410,115 
Klick Inc.+(5)(8)(12)Senior loan L + 4.50% N/A(6) 03/2026 — (1)—(1)
Krueger-Gilbert Health Physics, LLC+~Senior loan L + 5.25%(c) 6.25% 05/2025 2,335 2,326 0.12,335 
Krueger-Gilbert Health Physics, LLC+Senior loan L + 5.25%(c) 6.25% 05/2025 1,874 1,873 0.11,874 
Krueger-Gilbert Health Physics, LLC+Senior loan L + 5.25%(c) 6.25% 05/2025 1,102 1,132 —1,102 
Krueger-Gilbert Health Physics, LLC+Senior loan L + 5.25%(c) 6.25% 05/2025 60 60 —60 
Krueger-Gilbert Health Physics, LLC+(5)Senior loan L + 5.25% N/A(6) 05/2025 — (20)—— 
MD Now Holdings, Inc.#+One stop L + 5.00%(c) 6.00% 08/2025 22,373 22,415 0.922,373 
MD Now Holdings, Inc.+One stop L + 5.00%(c) 6.00% 08/2025 619 619 —619 
MD Now Holdings, Inc.+(5)One stop L + 5.00% N/A(6) 08/2025 — (1)—— 
MWD Management, LLC & MWD Services, Inc.#+One stop L + 5.50%(c) 6.50% 06/2023 9,286 9,253 0.49,286 
MWD Management, LLC & MWD Services, Inc.#One stop L + 5.50%(c) 6.50% 06/2023 4,471 4,514 0.24,471 
MWD Management, LLC & MWD Services, Inc.+(5)One stop L + 5.50% N/A(6) 06/2022 — (1)—— 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)One stop C + 5.50%(m) 6.50% 05/2028 20,435 20,144 0.819,553 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)One stop C + 5.50%(m) 6.50% 05/2028 1,111 1,075 —1,094 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)One stop L + 5.50%(c) 6.50% 05/2028 501 460 —506 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)One stop L + 5.50%(c) 6.50% 05/2026 41 40 —41 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)One stop C + 5.50%(m) 6.50% 05/2026 20 17 —18 

See Notes to Consolidated Financial Statements.
65

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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 $2,766 $2,746 0.1%$2,766 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 19,156 17,460 0.613,743 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 2,223 1,878 0.11,595 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 2,107 1,909 0.11,511 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 1,595 1,347 —1,144 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 1,409 1,190 —1,011 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 1,227 1,036 —880 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 955 807 —685 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 828 699 —594 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 511 431 —366 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c)(f) 7.25% 05/2022 291 265 —209 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 97 88 —69 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 88 80 —63 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 69 63 —49 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 63 58 —45 
Pinnacle Treatment Centers, Inc.#+One stop L + 5.75%(c) 6.75% 1/1/2023 18,931 18,919 0.818,931 
Pinnacle Treatment Centers, Inc.*One stop L + 5.75%(a)(c) 6.75% 1/1/2023 7,612 7,581 0.37,612 
Pinnacle Treatment Centers, Inc.#+One stop L + 5.75%(c) 6.75% 01/2023 1,555 1,555 0.11,555 
Pinnacle Treatment Centers, Inc.+One stop L + 5.75%(c) 6.75% 01/2023 702 705 —702 
Pinnacle Treatment Centers, Inc.+One stop L + 5.75%(c) 6.75% 01/2023 186 186 —186 
Pinnacle Treatment Centers, Inc.+One stop L + 5.75%(c) 6.75% 01/2023 106 106 —106 
Pinnacle Treatment Centers, Inc.+One stop L + 5.75%(c) 6.75% 01/2023 37 37 —37 
Pinnacle Treatment Centers, Inc.+One stop L + 5.75% N/A(6) 01/2023 — — —— 
Pinnacle Treatment Centers, Inc.+One stop L + 5.75% N/A(6) 01/2023 — — —— 
PPT Management Holdings, LLC+One stop L + 8.00%(c) 7.00% cash/2.00% PIK 12/2022 25,353 24,648 0.923,324 
PPT Management Holdings, LLC+One stop L + 8.00%(c) 7.00% cash/2.00% PIK 12/2022 308 301 —283 
PPT Management Holdings, LLC+One stop L + 8.00%(c) 7.00% cash/2.00% PIK 12/2022 182 178 —168 
PPT Management Holdings, LLC+One stop L + 8.00%(c) 7.00% cash/2.00% PIK 12/2022 90 79 —82 
PPT Management Holdings, LLC+(5)One stop L + 8.00%(c) 7.00% cash/2.00% PIK 12/2022 20 5 —(14)
Summit Behavioral Healthcare, LLC*#+Senior loan L + 5.00%(c) 6.00% 10/2023 29,343 29,128 1.229,343 
Summit Behavioral Healthcare, LLC+Senior loan L + 5.00%(c) 6.00% 10/2023 901 879 —901 
Summit Behavioral Healthcare, LLC+(5)Senior loan L + 5.00% N/A(6) 10/2023 — (2)—— 
Suveto Buyer, LLC+One stop L + 4.25%(c) 5.00% 09/2027 4,335 4,069 0.24,067 
Suveto Buyer, LLC+(5)One stop L + 4.25% N/A(6) 9/1/2027 — (2)—(2)
Veterinary Specialists of North America, LLC*#+Senior loan L + 4.00%(a) 4.08% 04/2025 41,231 42,331 1.641,231 
Veterinary Specialists of North America, LLC+Senior loan L + 4.00%(a) 4.08% 04/2025 11,724 11,720 0.511,724 
Veterinary Specialists of North America, LLC#+Senior loan L + 4.00%(a) 4.08% 04/2025 2,843 2,828 0.12,843 
Veterinary Specialists of North America, LLC*+Senior loan L + 4.00%(a) 4.08% 04/2025 1,431 1,470 0.11,431 
Veterinary Specialists of North America, LLC+Senior loan L + 4.00%(a) 4.08% 04/2025 835 833 —835 
Water's Edge Management, LLC+One stop L + 7.50%(c) 8.50% 04/2026 9,033 8,827 0.39,033 
Water's Edge Management, LLC+One stop P + 6.50%(c)(f) 9.75% 04/2026 11 9 —11 
538,731 523,719 19.3498,382 

See Notes to Consolidated Financial Statements.
66

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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 $7,597 0.3%$7,550 
Connexin Software, Inc.+One stop L + 8.50% N/A(6) 02/2024 — — —— 
ESO Solution, Inc.+One stop L + 7.00%(c) 8.00% 03/2027 6,681 6,621 0.36,681 
ESO Solution, Inc.+(5)One stop L + 7.00% N/A(6) 03/2027 — (1)—— 
HealthEdge Software, Inc.One stop L + 6.25%(c) 7.25% 04/2026 2,000 1,966 0.12,000 
HealthEdge Software, Inc.+One stop L + 6.25%(c) 7.25% 04/2026 1,008 1,008 —1,008 
HealthEdge Software, Inc.+One stop L + 6.25%(c) 7.25% 04/2026 225 223 —225 
HealthEdge Software, Inc.+One stop L + 6.25%(c) 7.25% 04/2026 19 18 —19 
HSI Halo Acquisition, Inc.+~One stop L + 5.75%(c) 6.75% 08/2026 6,250 6,218 0.26,250 
HSI Halo Acquisition, Inc.+One stop L + 5.75%(c) 6.75% 08/2026 1,962 1,945 0.11,962 
HSI Halo Acquisition, Inc.+One stop L + 5.75%(c) 6.75% 08/2026 1,075 1,051 —1,075 
HSI Halo Acquisition, Inc.+One stop L + 5.75%(c) 6.75% 08/2026 641 637 —641 
HSI Halo Acquisition, Inc.+One stop L + 5.75%(a) 6.75% 09/2025 13 12 —13 
Kareo, Inc.+One stop L + 9.00%(a) 10.00% 06/2022 10,273 10,322 0.410,375 
Kareo, Inc.One stop L + 9.00%(a) 10.00% 06/2022 1,506 1,473 0.11,521 
Kareo, Inc.+One stop L + 9.00%(a) 10.00% 06/2022 941 947 —951 
Kareo, Inc.+One stop L + 9.00%(a) 10.00% 06/2022 753 758 —761 
Kareo, Inc.+One stop L + 9.00%(a) 10.00% 06/2022 80 81 —80 
Nextech Holdings, LLC+One stop L + 5.50%(c) 5.63% 06/2025 3,971 4,025 0.23,971 
Nextech Holdings, LLC+One stop L + 5.50%(c) 5.63% 06/2025 1,937 1,925 0.11,937 
Nextech Holdings, LLC+(5)One stop L + 5.50% N/A(6) 06/2025 — (3)—— 
Qgenda Intermediate Holdings, LLC+One stop L + 5.25%(c) 6.25% 06/2025 15,122 15,122 0.615,122 
Qgenda Intermediate Holdings, LLC#One stop L + 5.25%(c) 6.25% 06/2025 12,318 12,217 0.512,318 
Qgenda Intermediate Holdings, LLC#One stop L + 5.25%(c) 6.25% 06/2025 983 983 —983 
Qgenda Intermediate Holdings, LLC+One stop L + 5.25%(c) 6.25% 06/2025 100 100 —100 
Transaction Data Systems, Inc.*#+~One stop L + 4.50%(c) 5.50% 02/2026 67,135 66,127 2.667,135 
Transaction Data Systems, Inc.+(5)One stop L + 4.50% N/A(6) 02/2026 — (4)—— 
142,543 141,368 5.5142,678 


See Notes to Consolidated Financial Statements.
67

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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 + 4.50%(c) 5.50% 08/2025 $51,179 $52,182 2.0%$51,179 
BJH Holdings III Corp.+One stop L + 4.50%(b) 5.50% 08/2025 60 55 —60 
CR Fitness Holdings, LLC#~Senior loan L + 4.00%(a) 5.00% 07/2025 1,979 1,988 0.11,979 
CR Fitness Holdings, LLC+Senior loan L + 4.00%(a) 5.00% 07/2025 837 834 —837 
CR Fitness Holdings, LLC+Senior loan L + 4.00%(a) 5.00% 07/2025 74 74 —74 
Davidson Hotel Company, LLC+One stop L + 6.75%(a)(c) 6.25% cash/1.50% PIK 07/2024 7,088 7,046 0.25,670 
Davidson Hotel Company, LLC+One stop L + 6.75%(a)(c) 6.25% cash/1.50% PIK 07/2024 1,089 1,086 —871 
Davidson Hotel Company, LLC+(5)One stop L + 5.25% N/A(6) 07/2024 — — —(20)
EOS Fitness Opco Holdings, LLC*#One stop L + 5.25%(c) 6.25% 01/2025 8,596 8,643 0.38,596 
EOS Fitness Opco Holdings, LLC+One stop L + 5.25%(c) 6.25% 01/2025 906 909 —906 
EOS Fitness Opco Holdings, LLC+One stop L + 5.25%(c) 6.25% 01/2025 120 119 —120 
Freddy's Frozen Custard LLC~One stop L + 6.00%(c) 7.00% 03/2027 9,257 9,174 0.49,257 
Freddy's Frozen Custard LLC+(5)One stop L + 6.00% N/A(6) 03/2027 — (1)—— 
Harri US LLC+One stop L + 10.00%(c) 7.00% cash/4.00% PIK 08/2026 772 666 —709 
Harri US LLC+One stop L + 6.00% N/A(6) 08/2026 — — —— 
Harri US LLC+(5)One stop L + 6.00% N/A(6) 08/2026 — (7)—(43)
Self Esteem Brands, LLC*#+Senior loan L + 4.25%(a) 5.25% 02/2023 47,780 47,887 1.947,780 
Self Esteem Brands, LLC+(5)Senior loan L + 4.25% N/A(6) 02/2023 — (2)—— 
SSRG Holdings, LLCOne stop L + 4.75%(c) 5.75% 11/2025 909 896 —909 
SSRG Holdings, LLC+One stop L + 4.75%(c) 5.75% 11/2025 45 44 —45 
Sunshine Sub, LLC#~One stop L + 4.75%(a) 5.75% 05/2024 12,792 12,864 0.512,792 
Sunshine Sub, LLC#+One stop L + 4.75%(a) 5.75% 05/2024 5,596 5,730 0.25,596 
Sunshine Sub, LLC+(5)One stop L + 4.75% N/A(6) 05/2024 — (1)—— 
Tropical Smoothie Cafe Holdings, LLC*#Senior loan L + 5.25%(a)(b)(c) 6.25% 09/2026 14,745 14,606 0.614,745 
Tropical Smoothie Cafe Holdings, LLC#Senior loan L + 5.25%(a)(c) 6.25% 09/2026 6,510 6,450 0.36,510 
Tropical Smoothie Cafe Holdings, LLC+(5)Senior loan L + 5.25% N/A(6) 09/2026 — (1)—— 
Velvet Taco Holdings, Inc.~One stop L + 7.50%(c) 8.00% cash/0.50% PIK 03/2026 1,788 1,772 0.11,788 
Velvet Taco Holdings, Inc.+One stop L + 9.00%(c) 8.00% cash/2.00% PIK 03/2026 93 92 —93 
Velvet Taco Holdings, Inc.+One stop L + 7.00% N/A(6) 03/2026 — — —— 
172,215 173,105 6.6170,453 
Household Durables
Groundworks LLC+Senior loan L + 4.75%(c) 5.75% 01/2026 4,662 4,602 0.24,662 
Groundworks LLC+Senior loan L + 4.75%(c) 5.75% 01/2026 539 523 —539 
Groundworks LLC+Senior loan L + 4.75%(c) 5.75% 01/2026 83 82 —83 
Groundworks LLC+Senior loan L + 4.75% N/A(6) 01/2026 — — —— 
Groundworks LLC+(5)Senior loan L + 4.75% N/A(6) 01/2026 — (24)—— 
5,284 5,183 0.25,284 

See Notes to Consolidated Financial Statements.
68

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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 + 5.50%(c) 6.50% 03/2026 $3,780 $3,844 0.1%$3,785 
WU Holdco, Inc. +One stop L + 5.50%(c) 6.50% 03/2026 1,335 1,335 0.11,337 
WU Holdco, Inc. +One stop L + 5.50%(c) 5.63% 03/2025 20 20 —18 
WU Holdco, Inc. +One stop L + 5.50% N/A(6) 03/2026 — — —— 
5,135 5,199 0.25,140 
Industrial Conglomerates
Arch Global CCT Holdings Corp.#+Senior loan L + 4.25%(c) 4.38% 04/2026 2,379 2,438 0.12,381 
Arch Global CCT Holdings Corp.+Senior loan L + 4.25% N/A(6) 04/2025 — — —— 
Arch Global CCT Holdings Corp.+Senior loan L + 4.25% N/A(6) 04/2026 — — —— 
Madison Safety & Flow LLC+Senior loan L + 4.00%(a) 4.08% 03/2025 468 468 —468 
Madison Safety & Flow LLC+Senior loan L + 4.00%(a) 4.08% 03/2025 3 3 —3 
Specialty Measurement Bidco Limited~(8)(9)(10)One stop E + 6.00%(g) 7.00% 11/2027 7,969 7,773 0.37,747 
Specialty Measurement Bidco Limited~(8)(10)One stop L + 6.00%(c) 7.00% 11/2027 7,961 7,768 0.37,961 
Specialty Measurement Bidco Limited+(5)(8)(9)(10)One stop L + 6.00% N/A(6) 11/2027 — (47)—— 
18,780 18,403 0.718,560 


See Notes to Consolidated Financial Statements.
69

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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
Alera Group, Inc.+One stop L + 5.50%(a) 6.25% 10/2028 $25,626 $25,370 1.0%$25,370 
Alera Group, Inc.+(5)One stop L + 5.50% N/A(6) 10/2028 — (36)—(73)
AMBA Buyer, Inc. +One stop L + 5.75%(c) 6.50% 07/2027 3,221 3,189 0.13,188 
AMBA Buyer, Inc. +One stop L + 5.75% N/A(6) 07/2027 — — —— 
AMBA Buyer, Inc. +(5)One stop L + 5.75% N/A(6) 07/2027 — (5)—(5)
Captive Resources Midco, LLC*#+~One stop L + 5.75%(a) 6.75% 05/2025 51,213 51,402 2.051,213 
Captive Resources Midco, LLC#One stop L + 5.75%(a) 6.75% 05/2025 1,425 1,415 0.11,425 
Captive Resources Midco, LLC+(5)One stop L + 5.75% N/A(6) 05/2025 — (12)—— 
Integrity Marketing Acquisition, LLC+Senior loan L + 5.50%(c) 6.50% 08/2025 2,446 2,447 0.12,446 
Integrity Marketing Acquisition, LLC+Senior loan L + 5.75%(c)(d) 6.75% 08/2025 1,532 1,513 0.11,545 
Integrity Marketing Acquisition, LLC+Senior loan L + 5.50%(c) 6.50% 08/2025 781 778 —781 
Integrity Marketing Acquisition, LLC+Senior loan L + 5.50%(c) 6.50% 08/2025 472 471 —472 
Integrity Marketing Acquisition, LLC+Senior loan L + 5.50%(c) 6.25% 08/2025 443 421 —431 
Integrity Marketing Acquisition, LLC+Senior loan L + 5.50%(c) 6.50% 08/2025 247 245 —247 
Integrity Marketing Acquisition, LLC+Senior loan L + 5.75% N/A(6) 08/2025 — — —— 
J.S. Held Holdings, LLC#+One stop L + 5.50%(c) 6.50% 07/2025 6,487 6,460 0.26,487 
J.S. Held Holdings, LLC+One stop L + 5.50%(c) 6.50% 07/2025 379 360 —379 
J.S. Held Holdings, LLC+(5)One stop L + 5.50% N/A(6) 07/2025 — (4)—— 
Long Term Care Group, Inc.+One stop L + 6.00%(c) 6.75% 09/2027 3,015 2,955 0.12,954 
Majesco*#One stop L + 7.25%(c) 8.25% 09/2027 18,942 18,665 0.718,947 
Majesco+(5)One stop L + 7.25% N/A(6) 09/2026 — (3)—— 
Norvax, LLC+Senior loan L + 4.00%(d) 5.00% 09/2025 33,116 32,962 1.333,116 
Orchid Underwriters Agency, LLC+Senior loan L + 4.50%(c) 4.63% 12/2024 4,082 4,121 0.24,082 
Orchid Underwriters Agency, LLC+Senior loan L + 4.50%(c) 5.50% 12/2024 497 496 —497 
Orchid Underwriters Agency, LLC+Senior loan L + 4.50% N/A(6) 12/2024 — — —— 
Pareto Health Intermediate Holdings, Inc. +One stop L + 5.75%(d) 6.75% 08/2025 7,299 7,229 0.37,226 
People Corporation~(8)(9)(12)One stop C + 6.25%(m) 7.25% 02/2028 14,876 14,639 0.615,169 
People Corporation+(8)(9)(12)One stop C + 6.25%(m) 7.25% 02/2028 4,090 4,046 0.24,091 
People Corporation+(8)(9)(12)One stop C + 6.25%(m) 7.25% 02/2027 35 32 —33 
People Corporation+(5)(8)(9)(12)One stop C + 5.50% N/A(6) 02/2028 — (67)—(153)
RSC Acquisition, Inc.*#+One stop L + 5.50%(c) 6.50% 10/2026 25,899 25,487 1.025,899 
RSC Acquisition, Inc.+One stop L + 5.50%(b)(c) 6.50% 10/2026 3,281 3,055 0.13,281 
RSC Acquisition, Inc.+One stop L + 5.50%(c) 6.50% 10/2026 175 63 —175 
RSC Acquisition, Inc.+(5)One stop L + 5.50% N/A(6) 10/2026 — (1)—— 
Sunstar Insurance Group, LLC+Senior loan L + 5.75%(c) 6.75% 10/2026 783 772 —783 
Sunstar Insurance Group, LLC+Senior loan L + 5.75%(c) 6.75% 10/2026 397 390 —397 
Sunstar Insurance Group, LLC+Senior loan L + 5.75%(c) 6.75% 10/2026 205 196 —205 
Sunstar Insurance Group, LLC+Senior loan L + 5.75% N/A(6) 10/2026 — — —— 
TigerRisk, LLC*+One stop L + 5.25%(c) 6.25% 06/2027 22,892 22,675 0.922,892 
TigerRisk, LLC+(5)One stop L + 5.25% N/A(6) 06/2027 — (1)—— 
233,856 231,725 9.0233,500 
Internet & Catalog Retail
AQ Holdco Inc. +One stop L + 5.25%(c) 6.25% 04/2027 15,164 15,024 0.615,164 
AQ Holdco Inc. +One stop L + 5.25%(c) 6.25% 04/2027 8,875 8,793 0.38,875 
AQ Holdco Inc. +One stop L + 5.25%(c) 6.25% 04/2027 4,401 4,360 0.24,401 
AQ Holdco Inc. +One stop L + 5.25%(c) 6.25% 04/2027 2,651 2,627 0.12,651 
AQ Holdco Inc. +One stop L + 5.25%(c) 6.25% 04/2027 36 34 —36 
AQ Holdco Inc. +(5)One stop L + 5.25% N/A(6) 04/2027 — (2)—— 
31,127 30,836 1.231,127 

See Notes to Consolidated Financial Statements.
70

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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 $9,578 $9,488 0.4%$9,483 
Acquia, Inc.+One stop L + 7.00%(c) 8.00% 10/2025 4 4 —4 
Appriss Holdings, Inc.*#+~One stop L + 6.00%(c) 7.00% 05/2026 24,780 25,247 1.024,780 
Appriss Holdings, Inc.+One stop P + 5.00%(f) 8.25% 05/2025 100 96 —100 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+One stop L + 7.50%(c) 8.50% cash/1.00% PIK 08/2025 4,661 4,519 0.24,771 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+One stop L + 6.50% N/A(6) 08/2025 — — —1 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+(5)One stop L + 6.50% N/A(6) 08/2025 — (11)—— 
Centrify Corporation+One stop L + 5.75%(c) 6.75% 03/2028 16,749 16,518 0.616,756 
Centrify Corporation+One stop L + 6.00%(c) 7.00% 03/2028 9,682 9,547 0.49,687 
Centrify Corporation+(5)One stop L + 5.75% N/A(6) 03/2027 — (3)—(1)
CivicPlus, LLC+One stop L + 6.25%(c) 7.00% 08/2027 6,174 6,113 0.26,112 
CivicPlus, LLC+One stop L + 6.25% N/A(6) 08/2027 — — —— 
CivicPlus, LLC+(5)One stop L + 6.25% N/A(6) 08/2027 — (28)—(29)
Cordeagle US Finco, Inc.+One stop L + 6.75%(c) 7.75% 07/2027 3,347 3,282 0.13,280 
Cordeagle US Finco, Inc.+(5)One stop L + 6.75% N/A(6) 07/2027 — (1)—(1)
Episerver, Inc.+One stop L + 5.50%(c) 6.50% 04/2026 21,713 21,410 0.821,689 
Episerver, Inc.+~(8)(9)One stop E + 5.75%(g) 5.75% 04/2026 20,332 20,558 0.820,951 
Episerver, Inc.#+One stop L + 5.50%(c) 6.50% 04/2026 12,062 12,175 0.512,048 
Episerver, Inc.+(5)One stop L + 5.50% N/A(6) 04/2026 — (4)—— 
Gamma Technologies, LLC*#+One stop L + 4.75%(c) 5.75% 06/2024 46,861 47,097 1.846,861 
Gamma Technologies, LLC+One stop L + 4.75% N/A(6) 06/2024 — — —— 
Infinisource, Inc.+~One stop L + 4.50%(c) 5.50% 10/2026 28,106 27,767 1.128,106 
Infinisource, Inc.One stop L + 4.50%(c) 5.50% 10/2026 2,047 2,008 0.12,047 
Infinisource, Inc.+One stop L + 4.50%(c) 5.50% 10/2026 306 304 —306 
Infinisource, Inc.+One stop L + 4.50%(c) 5.50% 10/2026 118 117 —118 
Infinisource, Inc.+One stop L + 4.50%(c) 5.50% 10/2026 107 106 —107 
PCS Intermediate II Holdings, LLC~One stop L + 5.25%(c) 6.25% 01/2026 14,347 14,243 0.614,347 
PCS Intermediate II Holdings, LLC+One stop L + 5.25%(c) 6.25% 01/2026 2,071 2,052 0.12,071 
PCS Intermediate II Holdings, LLC+(5)One stop L + 5.25% N/A(6) 01/2026 — (1)—— 
Recordxtechnologies, LLC#One stop L + 5.50%(c) 6.50% 12/2025 736 729 —721 
Recordxtechnologies, LLC+One stop L + 5.50%(c) 6.50% 12/2025 115 114 —113 
Recordxtechnologies, LLC+One stop L + 5.50%(c) 6.50% 12/2025 42 41 —40 
Red Dawn SEI Buyer, Inc.+~(8)(9)Senior loan L + 4.50%(j) 5.50% 11/2025 23,887 23,680 0.923,610 
Red Dawn SEI Buyer, Inc.+Senior loan L + 4.50%(d) 5.50% 11/2025 2,490 2,442 0.12,520 
Red Dawn SEI Buyer, Inc.+Senior loan L + 4.25%(d) 5.25% 11/2025 744 738 —741 
Red Dawn SEI Buyer, Inc.+Senior loan L + 4.25%(d) 5.25% 11/2025 132 131 —132 
Red Dawn SEI Buyer, Inc.+(5)Senior loan L + 4.25% N/A(6) 11/2025 — (1)—— 
Saturn Borrower Inc.+~One stop L + 6.50%(c) 7.50% 09/2026 20,181 19,670 0.820,181 
Saturn Borrower Inc.+One stop L + 6.50%(c) 7.50% 09/2026 41 39 —41 
271,513 270,186 10.5271,693 

See Notes to Consolidated Financial Statements.
71

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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 + 6.50%(c) 6.50% cash/1.00% PIK 09/2024 $8,626 $8,670 0.4%$8,626 
WBZ Investment LLC+One stop L + 6.50%(c) 6.50% cash/1.00% PIK 09/2024 1,235 1,230 —1,235 
WBZ Investment LLC+One stop L + 6.50%(c) 6.50% cash/1.00% PIK 09/2024 859 880 —859 
WBZ Investment LLC+One stop L + 6.50%(c) 6.50% cash/1.00% PIK 09/2024 439 451 —439 
WBZ Investment LLC+One stop L + 6.50%(c) 6.50% cash/1.00% PIK 09/2024 82 82 —82 
11,241 11,313 0.411,241 
Life Sciences Tools & Services
Pace Analytical Services, LLC*#+One stop L + 5.50%(c) 6.50% 04/2024 29,330 29,341 1.229,330 
Pace Analytical Services, LLC+One stop L + 5.50%(c) 6.50% 04/2024 7,090 6,923 0.37,090 
Pace Analytical Services, LLC+One stop L + 5.50%(c) 6.50% 04/2024 6,975 6,902 0.36,975 
Pace Analytical Services, LLC#+One stop L + 5.50%(c) 6.50% 04/2024 2,727 2,727 0.22,727 
Pace Analytical Services, LLC*#One stop L + 5.50%(c) 6.50% 04/2024 1,635 1,649 0.11,635 
Pace Analytical Services, LLC*#One stop L + 5.50%(c) 6.50% 04/2024 1,503 1,506 0.11,503 
Pace Analytical Services, LLC*#One stop L + 5.50%(c) 6.50% 04/2024 1,252 1,250 —1,252 
Pace Analytical Services, LLC#+One stop L + 5.50%(c) 6.50% 04/2024 1,210 1,220 —1,210 
Pace Analytical Services, LLC+One stop L + 5.50%(c) 6.50% 04/2024 983 969 —983 
Pace Analytical Services, LLC+One stop L + 5.50%(c) 6.50% 04/2024 881 872 —881 
Pace Analytical Services, LLC*#One stop L + 5.50%(c) 6.50% 04/2024 670 670 —670 
Pace Analytical Services, LLC*#One stop L + 5.50%(c) 6.50% 04/2024 554 558 —554 
Pace Analytical Services, LLC*One stop L + 5.50%(c) 6.50% 04/2024 186 187 —186 
Pace Analytical Services, LLC+(5)One stop L + 5.50% N/A(6) 04/2024 — (2)—— 
Unchained Labs, LLC+Senior loan L + 5.50%(a) 6.50% 08/2027 852 835 —835 
Unchained Labs, LLC+(5)Senior loan L + 5.50% N/A(6) 08/2027 — (1)—(1)
Unchained Labs, LLC+(5)Senior loan L + 5.50% N/A(6) 08/2027 — (21)—(21)
55,848 55,585 2.255,809 
Machinery
Bad Boy Mowers Acquisition, LLC+Senior loan L + 4.25%(a) 5.00% 03/2028 2,029 2,024 0.12,029 
Blackbird Purchaser, Inc. *+~Senior loan L + 4.50%(c)(f) 4.63% 04/2026 15,839 16,063 0.615,864 
Blackbird Purchaser, Inc. +Senior loan L + 4.50%(c) 4.63% 04/2024 128 126 —126 
Chase Industries, Inc.+~Senior loan L + 7.00%(c) 6.50% cash/1.50% PIK 05/2025 12,059 12,154 0.49,647 
Chase Industries, Inc.+Senior loan L + 7.00%(d) 6.50% cash/1.50% PIK 05/2025 985 1,012 —788 
Chase Industries, Inc.+Senior loan L + 7.00%(c) 6.50% cash/1.50% PIK 05/2023 292 293 —220 
Time Manufacturing Acquisition, LLC~Senior loan L + 5.00%(c) 6.00% 02/2023 703 702 —703 
32,035 32,374 1.129,377 
Marine
Veson Nautical LLC#+One stop L + 5.25%(c) 6.25% 11/2025 9,668 9,589 0.49,668 
Veson Nautical LLC+One stop L + 5.25%(c) 6.25% 11/2025 7,209 7,141 0.37,209 
Veson Nautical LLC+(5)One stop L + 5.25% N/A(6) 11/2025 — (1)—— 
16,877 16,729 0.716,877 

See Notes to Consolidated Financial Statements.
72

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Media
Triple Lift, Inc.+One stop L + 5.75%(c) 6.50% 05/2028 $5,397 $5,296 0.2%$5,397 
Triple Lift, Inc.+(5)One stop L + 5.75% N/A(6) 05/2028 — (1)—— 
5,397 5,295 0.25,397 
Multiline Retail
Mills Fleet Farm Group LLC*#+~One stop L + 6.25%(a) 7.25% 10/2024 46,47046,3821.846,470
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.*+~(8)(12)One stop L + 6.75%(c) 7.75% 05/2025 20,629 20,741 0.820,629 
3ES Innovation, Inc.+(5)(8)(12)One stop L + 6.75% N/A(6) 05/2025 — (1)—— 
Drilling Info Holdings, Inc.*#+~Senior loan L + 4.25%(a) 4.33% 07/2025 37,452 37,830 1.437,381 
Drilling Info Holdings, Inc.~Senior loan L + 4.50%(a) 4.58% 07/2025 17,167 16,827 0.717,283 
Drilling Info Holdings, Inc.+(5)Senior loan L + 4.25% N/A(6) 07/2023 — (1)—(2)
Drilling Info Holdings, Inc.+(5)Senior loan L + 4.50% N/A(6) 07/2023 — (2)—(1)
Project Power Buyer, LLC*#+One stop L + 6.00%(c) 7.00% 05/2026 15,622 15,744 0.615,622 
Project Power Buyer, LLC+(5)One stop L + 6.00% N/A(6) 05/2025 — (1)—— 
90,870 91,137 3.590,912 
Paper & Forest Products
Messenger, LLC#~One stop L + 5.50%(a)(f) 6.50% 08/2023 8,921 8,970 0.38,921 
Messenger, LLC+One stop L + 5.50% N/A(6) 08/2023 — — —— 
8,921 8,970 0.38,921 
Personal Products
IMPLUS Footwear, LLC+~One stop L + 7.75%(c) 8.75% 04/2024 30,667 30,960 1.128,213 
IMPLUS Footwear, LLC+~One stop L + 7.75%(c) 8.75% 04/2024 5,238 5,287 0.24,819 
IMPLUS Footwear, LLC*+One stop L + 7.75%(c) 8.75% 04/2024 755 772 —695 
36,660 37,019 1.333,727 

See Notes to Consolidated Financial Statements.
73

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Pharmaceuticals
ACP Ulysses Buyer, Inc.*#+Senior loan L + 5.00%(a) 6.00% 02/2026 $13,077 $12,980 0.5%$13,077 
Amalthea Parent, Inc.*#+(8)(12)One stop L + 5.00%(a) 6.00% 03/2027 25,964 25,726 1.025,964 
Amalthea Parent, Inc.+(5)(8)(12)One stop L + 5.00% N/A(6) 03/2027 — (2)—— 
Amalthea Parent, Inc.+(5)(8)(12)One stop L + 5.00% N/A(6) 03/2027 — (45)—— 
Apothecary Products, LLC+Senior loan L + 4.25%(a) 5.25% 07/2023 2,891 2,959 0.12,891 
Apothecary Products, LLC+Senior loan L + 4.25%(a)(b)(c)(d) 5.25% 07/2023 313 313 —313 
BIOVT, LLC*#+One stop L + 5.75%(a) 6.75% 07/2022 32,910 32,785 1.332,910 
BIOVT, LLC#+One stop L + 5.75%(a) 6.75% 07/2022 1,978 1,970 0.11,978 
BIOVT, LLC*One stop L + 5.75%(a) 6.75% 07/2022 1,857 1,849 0.11,857 
BIOVT, LLC+One stop L + 5.75%(a) 6.75% 07/2022 102 102 —102 
Spark Bidco Limited+(8)(9)(10)Senior loan SN + 4.75%(n) 4.80% 08/2028 26,972 26,573 1.026,082 
Spark Bidco Limited+(8)(9)(10)Senior loan SN + 4.75% N/A(6) 02/2028 — — —— 
Spark Bidco Limited+(5)(8)(9)(10)Senior loan SN + 4.75% N/A(6) 08/2028 — (76)—(75)
106,064 105,134 4.1105,099 
Professional Services
DISA Holdings Acquisition Subsidiary Corp.+~Senior loan L + 4.25%(a) 5.25% 06/2022 8,846 8,889 0.48,846 
DISA Holdings Acquisition Subsidiary Corp.+Senior loan L + 4.25% N/A(6) 06/2022 — — —— 
IG Investments Holdings, LLC+One stop L + 6.00%(c) 6.75% 09/2028 6,600 6,469 0.36,468 
IG Investments Holdings, LLC+(5)One stop L + 6.00% N/A(6) 09/2027 — (1)—(1)
Net Health Acquisition Corp.+One stop L + 5.75%(c) 6.75% 12/2025 13,370 13,252 0.513,370 
Net Health Acquisition Corp.*#One stop L + 5.75%(c) 6.75% 12/2025 8,465 8,483 0.48,465 
Net Health Acquisition Corp.+~One stop L + 5.75%(c) 6.75% 12/2025 6,776 6,817 0.36,776 
Net Health Acquisition Corp.#One stop L + 5.75%(c) 6.75% 12/2025 4,280 4,229 0.24,280 
Net Health Acquisition Corp.*#One stop L + 5.75%(c) 6.75% 12/2025 1,183 1,186 —1,183 
Net Health Acquisition Corp.+(5)One stop L + 5.75% N/A(6) 12/2025 — (3)—— 
Nexus Brands Group, Inc.*#One stop L + 5.75%(c) 6.75% 11/2023 9,282 9,345 0.49,282 
Nexus Brands Group, Inc.+~(8)(9)One stop SN + 6.03%(n) 7.03% 11/2023 7,072 7,163 0.37,584 
Nexus Brands Group, Inc.#+One stop L + 5.75%(c) 6.75% 11/2023 1,966 2,010 0.11,966 
Nexus Brands Group, Inc.#~One stop L + 5.75%(c) 6.75% 11/2023 1,423 1,454 0.11,423 
Nexus Brands Group, Inc.+(8)(9)One stop SN + 6.03%(n) 7.03% 11/2023 817 817 —826 
Nexus Brands Group, Inc.~One stop L + 5.75%(c) 6.75% 11/2023 757 753 —757 
Nexus Brands Group, Inc.+One stop L + 5.75%(b) 6.75% 11/2023 561 557 —561 
Nexus Brands Group, Inc.+One stop L + 5.75%(c) 6.75% 11/2023 513 513 —513 
Nexus Brands Group, Inc.+One stop L + 5.75%(c) 6.75% 11/2023 486 481 —486 
Nexus Brands Group, Inc.+One stop L + 5.75%(a) 6.75% 11/2023 160 162 —160 
Nexus Brands Group, Inc.+One stop L + 5.75%(c) 6.75% 11/2023 84 84 —84 
Nexus Brands Group, Inc.+One stop L + 5.75%(c) 6.75% 11/2023 53 53 —53 
Nexus Brands Group, Inc.+(8)(9)One stop SN + 6.03%(n) 7.03% 11/2023 28 28 —26 
Nexus Brands Group, Inc.+One stop L + 5.75%(c) 6.75% 11/2023 11 11 —11 
Nexus Brands Group, Inc.+(5)One stop L + 5.75% N/A(6) 11/2023 — (36)—— 
PlanSource Holdings, Inc. +~One stop L + 6.25%(c) 7.25% 04/2025 11,416 11,514 0.411,416 
PlanSource Holdings, Inc. +One stop L + 6.25%(c) 7.25% 04/2025 82 82 —82 
Teaching Company, The*#+One stop L + 4.75%(c) 5.75% 07/2023 17,508 17,621 0.717,508 
Teaching Company, The+One stop L + 4.75% N/A(6) 07/2023 — — —— 
101,739 101,933 4.1102,125 


See Notes to Consolidated Financial Statements.
74

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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
Property Brands, Inc.#+One stop L + 5.75%(c) 6.75% 07/2025 $19,640 $19,727 0.7%$19,444 
Property Brands, Inc.+~One stop L + 5.75%(c) 6.75% 07/2025 13,528 13,342 0.513,394 
Property Brands, Inc.+One stop L + 5.75%(c) 6.75% 07/2025 12,492 12,370 0.512,367 
Property Brands, Inc.*#One stop L + 5.75%(c) 6.75% 07/2025 6,585 6,645 0.36,519 
Property Brands, Inc.+~One stop L + 5.75%(c)(d) 6.75% 07/2025 3,209 3,275 0.13,177 
Property Brands, Inc.#+One stop L + 5.75%(d) 6.75% 07/2025 1,409 1,437 0.11,396 
Property Brands, Inc.#+One stop L + 5.75%(d) 6.75% 07/2025 1,193 1,216 —1,181 
Property Brands, Inc.#+One stop L + 5.75%(c) 6.75% 07/2025 1,176 1,200 —1,164 
Property Brands, Inc.+One stop L + 5.75%(c) 6.75% 07/2025 940 934 —931 
Property Brands, Inc.+One stop L + 5.75%(d) 6.75% 07/2025 497 506 —491 
Property Brands, Inc.+(5)One stop L + 5.75% N/A(6) 07/2025 — (1)—(2)
Property Brands, Inc.+(5)One stop L + 5.75% N/A(6) 07/2025 — (213)—(219)
MRI Software LLC*+One stop L + 5.50%(d) 6.50% 02/2026 14,474 14,370 0.614,474 
MRI Software LLC+One stop L + 5.50%(d) 6.50% 02/2026 2,009 1,968 0.12,009 
MRI Software LLC+(5)One stop L + 5.50% N/A(6) 02/2026 — (2)—— 
MRI Software LLC+One stop L + 5.50% N/A(6) 02/2026 — — —— 
MRI Software LLC+One stop L + 5.50% N/A(6) 02/2026 — — —— 
MRI Software LLC+(5)One stop L + 5.50% N/A(6) 02/2026 — (6)—— 
RPL Bidco Limited+(8)(9)(10)One stop SN + 5.75%(n) 5.80% 08/2028 20,251 20,003 0.819,428 
RPL Bidco Limited+(8)(9)(10)One stop SN + 5.75% N/A(6) 02/2028 — — —— 
97,403 96,771 3.7 95,754 
Road & Rail
Gruden Acquisition, Inc+One stop L + 5.50%(c) 6.50% 07/2028 4,254 4,151 0.14,148 
Gruden Acquisition, Inc+(5)One stop L + 5.50% N/A(6) 07/2026 — (1)—(1)
Gruden Acquisition, Inc+(5)One stop L + 5.50% N/A(6) 07/2028 — (1)—(1)
Internet Truckstop Group LLC*#One stop L + 5.75%(c) 6.75% 04/2025 22,358 22,756 0.922,358 
Internet Truckstop Group LLC+One stop L + 5.75%(c) 6.75% 04/2025 9,789 9,662 0.49,789 
Internet Truckstop Group LLC+(5)One stop L + 5.75% N/A(6) 04/2025 — (2)—— 
36,401 36,565 1.436,293 


See Notes to Consolidated Financial Statements.
75

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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 + 4.95%(a) 4.25% cash/1.70% PIK 09/2023 $4,556 $4,556 0.2%$4,556 
Accela, Inc.+One stop L + 7.00% N/A(6) 09/2023 — — —— 
Appfire Technologies, LLC#+One stop L + 5.50%(c) 6.50% 03/2027 33,935 33,481 1.333,935 
Appfire Technologies, LLC+One stop L + 5.50%(c) 6.50% 03/2027 20 19 —20 
Appfire Technologies, LLC+One stop L + 5.50% N/A(6) 03/2027 — — —— 
Appfire Technologies, LLC+(5)One stop L + 5.50% N/A(6) 03/2027 — (15)—— 
Apptio, Inc. +~One stop L + 7.25%(c) 8.25% 01/2025 57,010 57,555 2.257,010 
Apptio, Inc. +One stop L + 7.25%(c) 8.25% 01/2025 76 75 —76 
Aras Corporation+One stop L + 7.00%(c) 4.25% cash/3.75% PIK 04/2027 10,179 10,086 0.410,198 
Aras Corporation+(5)One stop L + 6.50% N/A(6) 04/2027 — (1)—(2)
Aras Corporation+(5)One stop L + 3.25% N/A(6) 04/2027 — (12)—2 
Auvik Networks Inc.+(8)(12)One stop L + 5.75%(c) 4.00% cash/2.75% PIK 07/2027 6,841 6,775 0.36,773 
Auvik Networks Inc.+(5)(8)(12)One stop L + 5.50% N/A(6) 07/2027 — (1)—(1)
Axiom Merger Sub Inc.+~One stop L + 6.00%(c)(d) 7.00% 04/2026 5,788 5,819 0.25,788 
Axiom Merger Sub Inc.+~(8)(9)One stop E + 6.25%(g) 6.25% 04/2026 2,386 2,401 0.12,477 
Axiom Merger Sub Inc.+One stop L + 6.00%(c) 7.00% 04/2026 274 272 —274 
Axiom Merger Sub Inc.+(5)One stop L + 6.00% N/A(6) 04/2026 — (1)—— 
Axiom Merger Sub Inc.+(5)One stop L + 6.00% N/A(6) 04/2026 — (1)—— 
Bearcat Buyer, Inc.+~Senior loan L + 4.25%(c) 5.25% 07/2026 2,899 2,917 0.12,882 
Bearcat Buyer, Inc.+Senior loan L + 4.25%(c) 5.25% 07/2026 516 517 —513 
Bearcat Buyer, Inc.~Senior loan L + 4.25%(c) 5.25% 07/2026 306 304 —304 
Bearcat Buyer, Inc.+Senior loan L + 4.25% N/A(6) 07/2024 — — —— 
Beqom North America, Inc.+One stop L + 7.50%(c)(d) 7.00% cash/1.50% PIK 06/2026 923 919 —970 
Beqom North America, Inc.+One stop L + 6.00% N/A(6) 06/2026 — — —1 
Bullhorn, Inc.*#+~One stop L + 5.75%(c) 6.75% 09/2026 66,625 65,684 2.666,642 
Bullhorn, Inc.+(8)(9)One stop L + 6.00%(i) 6.08% 09/2026 11,888 11,716 0.513,040 
Bullhorn, Inc.+(8)(9)One stop E + 5.75%(g) 5.75% 09/2026 4,774 4,704 0.25,011 
Bullhorn, Inc.+One stop L + 5.75%(c) 6.75% 09/2026 216 213 —216 
Bullhorn, Inc.+One stop L + 5.75%(c) 6.75% 09/2026 97 95 —97 
Bullhorn, Inc.+One stop L + 5.75%(c) 6.75% 09/2026 77 76 —77 
Bullhorn, Inc.+(5)One stop L + 5.75% N/A(6) 09/2026 — (3)—— 
Burning Glass Intermediate Holdings Company, Inc.+One stop L + 5.00%(a) 6.00% 06/2028 9,919 9,729 0.49,930 
Burning Glass Intermediate Holdings Company, Inc.+(5)One stop L + 5.00% N/A(6) 06/2026 — (2)—(1)
Calabrio, Inc. +One stop L + 7.00%(c) 8.00% 04/2027 53,683 52,939 2.153,683 
Calabrio, Inc. +(5)One stop L + 7.00% N/A(6) 04/2027 — (4)—— 
Cloudbees, Inc.+One stop L + 9.00%(a) 9.50% cash/0.50% PIK 05/2023 4,236 4,257 0.24,236 
Cloudbees, Inc.One stop L + 9.00%(a) 9.50% cash/0.50% PIK 05/2023 2,788 2,737 0.12,788 
Cloudbees, Inc.+One stop L + 9.00%(a) 9.50% cash/0.50% PIK 05/2023 1,476 1,466 0.11,476 
Cloudbees, Inc.+One stop L + 8.50% N/A(6) 05/2023 — — —— 
Cybergrants Holdings, LLC+One stop L + 6.50%(c) 7.25% 09/2027 58,423 57,556 2.257,839 

See Notes to Consolidated Financial Statements.
76

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Cybergrants Holdings, LLC+(5)One stop L + 6.50% N/A(6) 09/2027 $— $(3)—%$(2)
Cybergrants Holdings, LLC+(5)One stop L + 5.75% N/A(6) 09/2027 — (42)—(43)
Daxko Acquisition Corporation*#+One stop L + 6.00%(c) 7.00% 09/2023 25,416 25,467 1.025,416 
Daxko Acquisition Corporation+One stop L + 6.00% N/A(6) 09/2023 — — —— 
Digital Guardian, Inc.+One stop L + 9.50%(c) 7.50% cash/3.00% PIK 06/2023 9,000 9,178 0.49,615 
Digital Guardian, Inc.+Subordinated debt N/A 8.00% PIK 06/2023 9 8 —9 
Digital Guardian, Inc.+One stop L + 5.00% N/A(6) 06/2023 — — —2 
Diligent Corporation*#+~One stop L + 6.25%(c) 7.25% 08/2025 87,175 87,282 3.487,693 
Diligent Corporation+One stop L + 5.75%(c) 6.75% 08/2025 6,025 5,971 0.25,960 
Diligent Corporation+One stop L + 6.25% N/A(6) 08/2025 — — —2 
FirstUp, Inc+One stop L + 6.75%(c) 4.25% cash/3.50% PIK 07/2027 8,606 8,524 0.38,520 
FirstUp, Inc+(5)One stop L + 6.25% N/A(6) 07/2027 — (1)—(1)
Gainsight, Inc.+One stop L + 6.25%(c) 7.00% 07/2027 7,172 7,050 0.37,046 
Gainsight, Inc.+(5)One stop L + 6.25% N/A(6) 07/2027 — (2)—(2)
GS Acquisitionco, Inc.*#+~One stop L + 5.75%(d) 6.75% 05/2026 53,499 53,611 2.153,499 
GS Acquisitionco, Inc.*#One stop L + 5.75%(d) 6.75% 05/2026 12,625 12,804 0.512,625 
GS Acquisitionco, Inc.#+One stop L + 5.75%(d) 6.75% 05/2026 3,253 3,299 0.23,253 
GS Acquisitionco, Inc.+~One stop L + 5.75%(d) 6.75% 05/2026 3,001 3,044 0.13,001 
GS Acquisitionco, Inc.+One stop L + 5.75%(d) 6.75% 05/2026 2,768 2,754 0.12,768 
GS Acquisitionco, Inc.#+One stop L + 5.75%(d) 6.75% 05/2026 1,880 1,907 0.11,880 
GS Acquisitionco, Inc.+One stop L + 5.75%(d) 6.75% 05/2026 74 74 —74 
GS Acquisitionco, Inc.+One stop L + 5.75%(c)(d) 6.75% 05/2026 36 36 —36 
GS Acquisitionco, Inc.+(5)One stop L + 5.75% N/A(6) 05/2026 — (2)—— 
ICIMS, Inc.+~One stop L + 6.50%(c) 7.50% 09/2024 14,355 14,566 0.614,355 
ICIMS, Inc.+~One stop L + 6.50%(c) 7.50% 09/2024 4,501 4,490 0.24,501 
ICIMS, Inc.~One stop L + 6.50%(c) 7.50% 09/2024 2,706 2,685 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 2,976 2,947 0.13,091 
Impartner, Inc.+One stop L + 9.50%(c) 9.30% cash/2.00% PIK 08/2025 234 233 —245 
Impartner, Inc.+(5)One stop L + 7.50% N/A(6) 08/2025 — (1)—9 
Impartner, Inc.+One stop L + 7.50% N/A(6) 08/2025 — — —— 
Instructure, Inc.~One stop L + 5.50%(a) 6.50% 03/2026 10,944 10,617 0.410,944 
Juvare, LLC*One stop L + 5.75%(c) 6.75% 10/2026 7,526 7,447 0.37,432 
Juvare, LLC+One stop P + 4.75%(f) 6.75% 10/2026 1,737 1,718 0.11,715 
Juvare, LLC+(5)One stop L + 5.75% N/A(6) 04/2026 — (1)—(1)
Juvare, LLC+(5)One stop L + 5.75% N/A(6) 10/2026 — (27)—(27)
Kaseya Traverse Inc+~One stop L + 7.00%(c) 5.00% cash/3.00% PIK 05/2025 38,053 38,761 1.437,387 
Kaseya Traverse Inc+One stop L + 7.00%(c) 5.00% cash/3.00% PIK 05/2025 13,986 13,848 0.513,741 
Kaseya Traverse Inc+One stop L + 7.00%(c) 5.00% cash/3.00% PIK 05/2025 3,925 3,935 0.23,857 
Kaseya Traverse Inc+One stop L + 7.00%(c) 5.00% cash/3.00% PIK 05/2025 1,625 1,602 0.11,597 
Kaseya Traverse Inc+(5)One stop L + 6.50% N/A(6) 05/2025 — (1)—(6)
Kaseya Traverse Inc+(5)One stop L + 4.00% N/A(6) 05/2025 — (217)—(115)
Mindbody, Inc.+~One stop L + 8.50%(c)(d) 8.00% cash/1.50% PIK 02/2025 49,337 49,944 1.949,401 

See Notes to Consolidated Financial Statements.
77

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Mindbody, Inc.+One stop L + 7.00% N/A(6) 02/2025 — — —7 
Ministry Brands, LLC+Senior loan L + 4.00%(a) 5.00% 12/2022 2,711 2,692 0.12,711 
Ministry Brands, LLC+Senior loan L + 4.00%(a) 5.00% 12/2022 1,430 1,430 0.11,430 
Ministry Brands, LLC+Senior loan L + 4.00%(a) 5.00% 12/2022 1,276 1,266 —1,276 
Ministry Brands, LLC+Senior loan L + 4.00%(a) 5.00% 12/2022 819 824 —819 
Ministry Brands, LLC+Senior loan L + 4.00%(a) 5.00% 12/2022 373 389 —373 
mParticle, Inc.+One stop L + 10.25%(c) 7.50% cash/3.75% PIK 09/2025 4,889 4,825 0.24,889 
mParticle, Inc.+One stop L + 10.25%(c) 11.25% 09/2025 — — —— 
Namely, Inc.+~One stop L + 8.50%(c) 8.25% cash/2.25% PIK 06/2024 3,631 3,505 0.13,631 
Namely, Inc.+One stop L + 8.50%(c) 8.25% cash/2.25% PIK 06/2024 2,062 1,970 0.12,062 
Namely, Inc.+One stop L + 7.50%(a) 8.25% cash/1.25% PIK 06/2024 72 70 —72 
Neo Bidco GMBH(8)(9)(13)One stop E + 6.00%(h) 6.00% 07/2028 7,729 7,617 0.37,572 
Neo Bidco GMBH(8)(9)(13)One stop E + 6.00% N/A(6) 01/2028 — — —— 
PDI TA Holdings, Inc.One stop L + 4.50%(c) 5.50% 10/2024 8,495 8,376 0.38,495 
PDI TA Holdings, Inc.Second lien L + 8.50%(c) 9.50% 10/2025 3,424 3,359 0.13,424 
PDI TA Holdings, Inc.One stop L + 4.50%(d) 5.50% 10/2024 697 689 —697 
PDI TA Holdings, Inc.+One stop L + 4.50%(c) 5.50% 10/2024 385 379 —385 
PDI TA Holdings, Inc.+Second lien L + 8.50%(c) 9.50% 10/2025 206 203 —206 
Personify, Inc.*#+One stop L + 5.25%(c) 6.25% 09/2024 14,469 14,664 0.614,469 
Personify, Inc.#One stop L + 5.25%(c) 6.25% 09/2024 8,614 8,543 0.38,614 
Personify, Inc.+One stop L + 5.25% N/A(6) 09/2024 — 1 —— 
Pluralsight, LLC+One stop L + 8.00%(c) 9.00% 03/2027 23,748 23,526 0.923,748 
Pluralsight, LLC+(5)One stop L + 8.00% N/A(6) 03/2027 — (1)—— 
ProcessUnity Holdings, LLC+One stop L + 6.00%(d) 6.75% 09/2028 4,221 4,178 0.24,178 
ProcessUnity Holdings, LLC+(5)One stop L + 6.00% N/A(6) 09/2028 — (1)—(1)
ProcessUnity Holdings, LLC+(5)One stop L + 6.00% N/A(6) 09/2028 — (8)—(8)
Pyramid Healthcare Acquisition Corp.#+One stop L + 4.75%(c) 5.75% 05/2027 18,558 18,384 0.718,558 
Pyramid Healthcare Acquisition Corp.+One stop L + 4.75%(c) 5.75% 05/2027 159 100 —159 
Pyramid Healthcare Acquisition Corp.+(5)One stop L + 4.75% N/A(6) 05/2027 — (2)—— 
RegEd Aquireco, LLC+Senior loan L + 4.25%(a) 5.25% 12/2024 11,300 11,301 0.410,735 
RegEd Aquireco, LLC+Senior loan P + 3.25%(f) 4.27% 12/2024 144 143 —130 
Rodeo Buyer Company & Absorb Software Inc.+One stop L + 6.25%(c) 7.25% 05/2027 4,541 4,499 0.24,541 
Rodeo Buyer Company & Absorb Software Inc.+(5)One stop L + 6.25% N/A(6) 05/2027 — (1)—— 
SnapLogic, Inc.One stop L + 8.75%(c) 5.75% cash/5.50% PIK 09/2024 6,319 6,268 0.26,195 
SnapLogic, Inc.One stop L + 3.25%(b) 5.75% 09/2024 2,110 2,045 0.12,069 
SnapLogic, Inc.+One stop L + 8.75%(c) 5.75% cash/5.50% PIK 09/2024 64 64 —63 
SnapLogic, Inc.+One stop L + 3.25% N/A(6) 09/2024 — — —— 
SnapLogic, Inc.+(5)One stop L + 3.25% N/A(6) 09/2024 — (10)—(41)
Sontatype, Inc.+One stop L + 6.75%(c) 7.75% 12/2025 851 845 —851 
Sontatype, Inc.+(5)One stop L + 6.75% N/A(6) 12/2025 — (2)—— 
Spartan Buyer Acquisition Co.*#~One stop L + 6.25%(c) 7.25% 12/2026 31,676 31,334 1.231,359 
Spartan Buyer Acquisition Co.+One stop L + 6.25%(c) 7.25% 12/2026 2,013 1,973 0.11,993 

See Notes to Consolidated Financial Statements.
78

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Spartan Buyer Acquisition Co.+(5)One stop L + 6.25% N/A(6) 12/2026 $— $(3)—%$(2)
Telesoft Holdings LLC+One stop L + 5.75%(c) 6.75% 12/2025 895 881 —895 
Telesoft Holdings LLC+(5)One stop L + 5.75% N/A(6) 12/2025 — (1)—— 
TI Intermediate Holdings, LLC+Senior loan L + 4.50%(a) 4.58% 12/2024 3,481 3,526 0.13,474 
TI Intermediate Holdings, LLC+Senior loan L + 4.50%(a) 5.50% 12/2024 920 901 —927 
TI Intermediate Holdings, LLC+Senior loan L + 4.50%(a) 5.50% 12/2024 432 424 —436 
TI Intermediate Holdings, LLC+Senior loan L + 4.50%(a) 4.58% 12/2024 14 13 —14 
Togetherwork Holdings, LLC*#One stop L + 6.25%(a) 7.25% 03/2025 15,404 15,482 0.615,408 
Togetherwork Holdings, LLCOne stop L + 6.25%(a) 7.25% 03/2025 6,964 6,847 0.36,965 
Togetherwork Holdings, LLC+~One stop L + 6.25%(a) 7.25% 03/2025 1,785 1,830 0.11,786 
Togetherwork Holdings, LLC#+One stop L + 6.25%(a) 7.25% 03/2025 1,733 1,774 0.11,734 
Togetherwork Holdings, LLC*#One stop L + 6.25%(a) 7.25% 03/2025 1,688 1,730 0.11,689 
Togetherwork Holdings, LLC#+One stop L + 6.25%(a) 7.25% 03/2025 1,631 1,653 0.11,631 
Togetherwork Holdings, LLC*+One stop L + 6.25%(a) 7.25% 03/2025 1,572 1,611 0.11,573 
Togetherwork Holdings, LLC#+One stop L + 6.25%(a) 7.25% 03/2025 1,466 1,500 0.11,466 
Togetherwork Holdings, LLC*#One stop L + 6.25%(a) 7.25% 03/2025 1,200 1,212 —1,201 
Togetherwork Holdings, LLC#+One stop L + 6.25%(a) 7.25% 03/2025 661 677 —662 
Togetherwork Holdings, LLC+One stop L + 6.25%(a) 7.25% 03/2025 457 453 —457 
Togetherwork Holdings, LLC+One stop L + 6.25%(a) 7.25% 03/2025 443 439 —443 
Togetherwork Holdings, LLC+One stop L + 6.25%(a) 7.25% 03/2025 104 102 —104 
Togetherwork Holdings, LLC+One stop L + 6.25%(a) 7.25% 03/2024 70 69 —70 
Togetherwork Holdings, LLC+One stop L + 6.25%(a) 7.25% 03/2025 64 65 —64 
Togetherwork Holdings, LLC+~One stop L + 6.25%(a) 7.25% 03/2025 59 60 —59 
Transact Holdings, Inc.+~Senior loan L + 4.75%(a) 4.83% 04/2026 3,047 3,083 0.13,025 
Trintech, Inc.*#+One stop L + 6.00%(c) 7.00% 12/2024 22,171 22,355 0.922,171 
Trintech, Inc.#+One stop L + 6.00%(c) 7.00% 12/2024 9,192 9,306 0.49,192 
Trintech, Inc.+One stop L + 6.00%(c) 7.00% 12/2024 100 100 —100 
Vector CS Midco Limited & Cloudsense Ltd.+~(8)(9)(10)One stop L + 8.05%(i) 5.30% cash/3.55% PIK 05/2024 8,162 8,258 0.37,330 
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)One stop L + 8.05%(i) 5.30% cash/3.55% PIK 05/2024 136 136 —120 
Vendavo, Inc.+One stop L + 5.75%(c) 6.50% 09/2027 19,809 19,637 0.819,636 
Vendavo, Inc.+(5)One stop L + 5.75% N/A(6) 09/2027 — (1)—(1)
Workforce Software, LLC+~One stop L + 6.50%(c) 7.50% 07/2025 27,474 27,967 1.127,474 
Workforce Software, LLC+One stop L + 6.50%(c) 6.50% cash/1.00% PIK 07/2025 4,862 4,818 0.24,862 
Workforce Software, LLC+One stop L + 6.50%(c) 7.50% 07/2025 94 92 —94 
1,015,519 1,012,853 39.41,013,797 


See Notes to Consolidated Financial Statements.
79

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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%(a) 7.50% 09/2025 $5,855 $5,787 0.3%$5,855 
2nd Ave. LLC+One stop L + 6.50% N/A(6) 09/2025 — — —— 
Batteries Plus Holding Corporation*#One stop L + 6.75%(a) 7.75% 06/2023 21,921 21,998 0.921,921 
Batteries Plus Holding Corporation+One stop L + 6.75%(a) 7.75% 06/2023 1,434 1,427 0.11,434 
Batteries Plus Holding Corporation+One stop L + 6.75%(f) 8.36% 06/2023 102 102 —102 
Boot Barn, Inc.#+~Senior loan L + 4.50%(c) 5.50% 06/2023 7,523 7,607 0.37,523 
Consilio Midco Limited+(8)(12)One stop L + 5.75%(d) 6.75% 05/2028 11,684 11,462 0.511,567 
Consilio Midco Limited+(5)(8)(12)One stop L + 5.75% N/A(6) 05/2028 — (2)—(1)
Consilio Midco Limited+(5)(8)(12)One stop L + 5.75% N/A(6) 05/2028 — (41)—(44)
Cycle Gear, Inc.#+One stop L + 5.00%(c) 6.00% 01/2026 49,145 49,023 1.948,654 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 20,873 20,728 0.820,716 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 4,815 4,771 0.24,779 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 4,191 4,152 0.24,159 
Imperial Optical Midco Inc.+~One stop L + 5.75%(a) 6.75% 08/2023 3,627 3,656 0.23,599 
Imperial Optical Midco Inc.*+One stop L + 5.75%(a) 6.75% 08/2023 2,828 2,814 0.12,806 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 2,791 2,765 0.22,770 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 2,261 2,240 0.12,244 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 2,079 2,060 0.12,063 
Imperial Optical Midco Inc.#+One stop L + 5.75%(a) 6.75% 08/2023 1,922 1,953 0.11,907 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 1,671 1,655 0.11,658 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 1,469 1,455 0.11,458 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 1,450 1,436 0.11,439 
Imperial Optical Midco Inc.+One stop L + 5.75%(c) 6.75% 08/2023 1,383 1,370 0.11,372 
Imperial Optical Midco Inc.#+One stop L + 5.75%(a) 6.75% 08/2023 1,251 1,272 —1,242 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 1,157 1,146 —1,148 
Imperial Optical Midco Inc.*+One stop L + 5.75%(a) 6.75% 08/2023 1,139 1,157 —1,131 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 888 880 —881 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 666 660 —661 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 638 633 —634 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 504 499 —500 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 464 454 —460 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 454 450 —451 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 450 446 —447 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 446 442 —443 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 418 414 —415 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 414 410 —411 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 390 386 —387 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 384 381 —381 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 356 353 —354 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 331 329 —328 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 317 314 —314 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 287 284 —285 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 280 274 —278 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 275 272 —273 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 272 269 —270 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 259 257 —257 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 241 239 —239 

See Notes to Consolidated Financial Statements.
80

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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 + 5.75%(a) 6.75% 08/2023 $221 $219 —%$219 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 197 195 —196 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 195 193 —194 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 194 192 —192 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 190 189 —189 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 181 179 —180 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 169 167 —168 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 167 165 —165 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 162 161 —161 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 161 159 —159 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 155 153 —154 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 153 152 —152 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 144 143 —143 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 139 138 —138 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 134 133 —133 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 130 129 —129 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 129 127 —128 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 115 114 —114 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 115 114 —114 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 115 114 —114 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 110 109 —110 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 107 106 —107 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 106 105 —105 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 106 105 —105 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 100 99 —100 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 97 96 —96 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 87 86 —86 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 83 83 —83 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 80 79 —79 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 76 76 —76 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 76 75 —76 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 75 74 —74 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 74 74 —74 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 69 68 —68 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 68 68 —68 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 65 65 —65 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 64 64 —64 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 63 63 —63 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 62 62 —62 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 61 60 —60 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 60 59 —59 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 56 55 —56 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 55 55 —55 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 43 42 —42 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 41 41 —41 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 36 36 —36 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 35 35 —35 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 35 35 —35 

See Notes to Consolidated Financial Statements.
81

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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 + 5.75%(a) 6.75% 08/2023 $28 $28 —%$28 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 28 27 —28 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 27 27 —27 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 27 26 —26 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 26 25 —25 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 26 26 —26 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 24 24 —23 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 23 23 —23 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 21 21 —21 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 20 19 —19 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 19 18 —18 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 19 19 —19 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 19 19 —19 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 17 17 —17 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 17 17 —17 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 17 17 —17 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 15 14 —14 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 14 13 —14 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 13 13 —13 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 13 13 —13 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 13 13 —13 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 13 13 —13 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 13 13 —13 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 12 12 —12 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 11 11 —11 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 11 11 —11 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 10 10 —10 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 10 10 —10 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 9 9 —9 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 9 9 —9 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 9 9 —9 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 9 9 —9 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 8 8 —8 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 8 8 —8 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 8 8 —8 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 7 7 —7 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 6 6 —6 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 6 6 —6 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 5 5 —5 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 5 5 —5 
Imperial Optical Midco Inc.+One stop L + 5.75%(a) 6.75% 08/2023 3 3 —3 
Imperial Optical Midco Inc.+One stop L + 5.75% N/A(6) 08/2023 — — —— 
Imperial Optical Midco Inc.+(5)One stop L + 5.75% N/A(6) 08/2023 — (78)—(64)
Jet Equipment & Tools Ltd.+~(8)(9)(12)One stop C + 5.25%(l) 6.25% 11/2024 17,804 18,035 0.818,471 
Jet Equipment & Tools Ltd.*#(8)(12)One stop L + 5.25%(a) 6.25% 11/2024 12,239 12,419 0.512,228 
Jet Equipment & Tools Ltd.+(8)(9)(12)One stop C + 5.50%(l) 6.50% 11/2024 5,207 5,164 0.35,449 
Jet Equipment & Tools Ltd.#+(8)(12)One stop L + 5.25%(a) 6.25% 11/2024 4,262 4,317 0.24,259 
Jet Equipment & Tools Ltd.+(8)(12)One stop L + 5.25%(a) 6.25% 11/2024 1,566 1,556 0.11,564 

See Notes to Consolidated Financial Statements.
82

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Jet Equipment & Tools Ltd.+(8)(12)One stop L + 5.25%(a) 6.25% 11/2024 $118 $118 —%$118 
Jet Equipment & Tools Ltd.+(8)(9)(12)One stop C + 5.25%(l)(m) 6.25% 11/2024 101 99 —99 
PetPeople Enterprises, LLC#One stop L + 5.50%(c) 6.50% 09/2023 5,227 5,259 0.25,227 
PetPeople Enterprises, LLC#+One stop L + 5.50%(c)(d) 6.50% 09/2023 1,774 1,793 0.11,774 
PetPeople Enterprises, LLC+One stop L + 5.50%(c) 6.50% 09/2023 20 21 —20 
PPV Intermediate Holdings II, LLC#+One stop L + 5.50%(a) 6.50% 05/2023 4,871 4,871 0.24,871 
PPV Intermediate Holdings II, LLC+One stop L + 5.50%(a) 6.50% 05/2023 2,483 2,461 0.12,483 
PPV Intermediate Holdings II, LLC*One stop L + 5.50%(a) 6.50% 05/2023 1,155 1,145 —1,155 
PPV Intermediate Holdings II, LLC#One stop L + 5.50%(a) 6.50% 05/2023 1,065 1,056 —1,065 
PPV Intermediate Holdings II, LLC#One stop L + 5.50%(a) 6.50% 05/2023 1,027 1,018 —1,027 
PPV Intermediate Holdings II, LLC#One stop L + 5.50%(a) 6.50% 05/2023 1,000 1,000 —1,000 
PPV Intermediate Holdings II, LLC*One stop L + 5.50%(a) 6.50% 05/2023 924 916 —924 
PPV Intermediate Holdings II, LLC+One stop L + 5.50%(a) 6.50% 05/2023 774 767 —774 
PPV Intermediate Holdings II, LLC*One stop L + 5.50%(a) 6.50% 05/2023 770 763 —770 
PPV Intermediate Holdings II, LLC*One stop L + 5.50%(a) 6.50% 05/2023 731 725 —731 
PPV Intermediate Holdings II, LLC#One stop L + 5.50%(a) 6.50% 05/2023 597 597 —597 
PPV Intermediate Holdings II, LLC*One stop L + 5.50%(a) 6.50% 05/2023 526 522 —526 
PPV Intermediate Holdings II, LLC*One stop L + 5.50%(a) 6.50% 05/2023 431 420 —431 
PPV Intermediate Holdings II, LLC+One stop L + 5.50%(a) 6.50% 05/2023 223 221 —223 
PPV Intermediate Holdings II, LLC+One stop P + 4.50%(f) 7.75% 05/2023 193 192 —193 
PPV Intermediate Holdings II, LLC+One stop L + 5.50%(a) 6.50% 05/2023 165 164 —165 
PPV Intermediate Holdings II, LLC#One stop L + 5.50%(a) 6.50% 05/2023 128 127 —128 
PPV Intermediate Holdings II, LLC+One stop N/A 7.90% PIK 05/2023 26 26 —26 
PPV Intermediate Holdings II, LLC+(5)One stop L + 5.50% N/A(6) 05/2023 — (12)—— 
Sola Franchise, LLC and Sola Salon Studios, LLC#One stop L + 4.75%(c) 5.75% 10/2024 7,222 7,231 0.37,222 
Sola Franchise, LLC and Sola Salon Studios, LLC#+One stop L + 4.75%(c) 5.75% 10/2024 1,691 1,734 0.11,691 
Sola Franchise, LLC and Sola Salon Studios, LLC+One stop L + 4.75%(c) 5.75% 10/2024 80 80 —80 
Titan Fitness, LLC*#+One stop L + 6.75%(b)(c) 5.75% cash/2.00% PIK 02/2025 30,446 30,702 1.127,390 
Titan Fitness, LLC+One stop L + 6.75%(c) 5.75% cash/2.00% PIK 02/2025 1,899 1,883 0.11,708 
Titan Fitness, LLC+One stop L + 6.75%(c) 5.75% cash/2.00% PIK 02/2025 480 477 —430 
Vermont Aus Pty Ltd+~(8)(9)(11)Senior loan A + 4.75%(k) 4.82% 02/2025 2,199 2,216 0.12,318 
Vermont Aus Pty Ltd+(8)(9)(11)Senior loan A + 4.00%(k) 4.07% 02/2025 1,010 994 —921 
Vermont Aus Pty Ltd+(8)(9)(11)Senior loan A + 4.75%(k) 4.82% 02/2025 81 81 —94 
277,574 277,421 10.6 273,973 

See Notes to Consolidated Financial Statements.
83

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.*#+One stop L + 6.00%(c) 7.00% 03/2023 $22,238 $22,311 0.9%$22,238 
Agility Recovery Solutions Inc.+One stop L + 6.00%(c) 7.00% 03/2023 902 900 —902 
23,140 23,211 0.923,140 
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.+(8)(10)One stop L + 6.00%(c) 6.50% 03/2028 1,954 1,928 0.11,954 
Dollfus Mieg Company, Inc.+(8)(10)One stop L + 6.00%(c) 6.50% 03/2028 974 961 —974 
Dollfus Mieg Company, Inc.+(8)(10)One stop L + 6.00%(c) 6.50% 03/2028 855 844 —855 
Dollfus Mieg Company, Inc.(5)(8)(9)(10)One stop E + 6.00% N/A(6) 03/2028 — (1)—— 
Elite Sportswear, L.P.+Senior loan L + 6.25%(c) 7.25% 12/2021 9,802 9,787 0.36,371 
Elite Sportswear, L.P.+Senior loan L + 6.25%(c) 7.25% 12/2021 3,941 3,935 0.12,562 
Elite Sportswear, L.P.+Senior loan L + 6.25%(c) 7.25% 12/2021 2,028 2,026 0.11,318 
Elite Sportswear, L.P.*+Senior loan L + 6.25%(c) 7.25% 12/2021 673 672 —437 
Elite Sportswear, L.P.+Senior loan L + 6.25%(c) 7.25% 12/2021 308 308 —200 
Elite Sportswear, L.P.*+Senior loan L + 6.25%(c) 7.25% 12/2021 294 294 —191 
Elite Sportswear, L.P.+(5)Senior loan L + 6.25%(c) 7.25% 12/2021 86 83 —(351)
Elite Sportswear, L.P.+(5)Senior loan L + 6.25%(c) 7.25% 12/2021 3 3 —(12)
Georgica Pine Clothiers, LLC#+One stop L + 7.50%(d) 6.50% cash/2.00% PIK 11/2023 10,459 10,365 0.410,483 
Georgica Pine Clothiers, LLC*#One stop L + 7.50%(d) 6.50% cash/2.00% PIK 11/2023 6,559 6,503 0.36,574 
Georgica Pine Clothiers, LLC+One stop L + 7.50%(c)(d) 6.50% cash/2.00% PIK 11/2023 1,015 996 —1,017 
Georgica Pine Clothiers, LLC#+One stop L + 7.50%(d) 6.50% cash/2.00% PIK 11/2023 913 906 —915 
Georgica Pine Clothiers, LLC*#One stop L + 7.50%(d) 6.50% cash/2.00% PIK 11/2023 640 636 —642 
Georgica Pine Clothiers, LLC+One stop L + 7.50%(d) 6.50% cash/2.00% PIK 11/2023 2 2 —2 
SHO Holding I Corporation+~Senior loan L + 5.25%(c) 6.25% 04/2024 4,003 3,995 0.23,803 
SHO Holding I Corporation+~Senior loan L + 5.23%(c) 6.23% 04/2024 67 67 —63 
SHO Holding I Corporation+(5)Senior loan L + 5.00% N/A(6) 04/2024 — — —(4)
SHO Holding I Corporation+(5)Senior loan L + 4.00% N/A(6) 04/2024 — (1)—— 
SHO Holding I Corporation+Senior loan L + 4.00%(c) 5.00% 04/2024 — — —— 
SHO Holding I Corporation+Senior loan L + 5.23%(c) 6.23% 04/2024 — — —— 
44,576 44,309 1.537,994 
Trading Companies and Distributors
Marcone Yellowstone Buyer Inc.+One stop L + 5.50%(c) 6.25% 06/2028 19,311 18,940 0.719,311 
Marcone Yellowstone Buyer Inc.+(5)One stop L + 5.50% N/A(6) 06/2028 — (4)—— 
19,311 18,936 0.719,311 
Water Utilities
S.J. Electro Systems, Inc.+Senior loan L + 4.50%(c) 5.50% 06/2027 17,136 16,973 0.717,136 
S.J. Electro Systems, Inc.+(5)Senior loan L + 4.50% N/A(6) 06/2027 — (2)—— 
S.J. Electro Systems, Inc.+(5)Senior loan L + 4.50% N/A(6) 06/2027 — (2)—— 
Vessco Midco Holdings, LLC+Senior loan L + 4.50%(c) 5.50% 11/2026 339 313 —313 
Vessco Midco Holdings, LLC+Senior loan L + 4.50%(c) 5.50% 11/2026 210 208 —208 
Vessco Midco Holdings, LLC+Senior loan L + 4.50% N/A(6) 10/2026 — — —— 
17,685 17,490 0.7 17,657 
Total non-controlled/non-affiliate company debt investments$4,715,909 $4,684,411 179.7%$4,642,198 

See Notes to Consolidated Financial Statements.
84

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Equity Investments (15)(16)
Aerospace and Defense
NTS Technical Systems+Common Stock N/A N/A N/A 2 $1,506 —%$1,016 
NTS Technical Systems+Preferred stock N/A N/A N/A — 256 —502 
NTS Technical Systems+Preferred stock N/A N/A N/A — 128 —291 
Tronair Parent, Inc.+LLC units N/A N/A N/A — 40 —40 
Whitcraft LLC+Common Stock N/A N/A N/A 11 2,285 0.22,822 
4,215 0.24,671 
Auto Components
Polk Acquisition Corp.+LP interest N/A N/A N/A 5 314 —341 
Automobiles
CG Group Holdings, LLC+LP units N/A N/A N/A 1 730 —730 
MOP GM Holding, LLC+LP units N/A N/A N/A — 323 —537 
Quick Quack Car Wash Holdings, LLCLLC interest N/A N/A N/A — 508 0.1787 
1,561 0.12,054 
Biotechnology
BIO18 Borrower, LLC+(17)Preferred stock N/A N/A N/A 591 1,190 0.12,779 
Building Products
Brooks Equipment Company, LLC+Common Stock N/A N/A N/A 10 1,021 0.12,991 
Chemicals
Inhance Technologies Holdings LLC+LLC units N/A N/A N/A — 124 —103 
Commercial Services & Supplies
Hydraulic Authority III Limited+(8)(9)(10)Preferred stock N/A N/A N/A 284 384 —516 
Hydraulic Authority III Limited+(8)(9)(10)Common Stock N/A N/A N/A 6 43 —165 
North Haven Stack Buyer, LLCLLC units N/A N/A N/A 359 359 —359 
786 — 1,040 
Construction & Engineering
Reladyne, Inc.+LP interest N/A N/A N/A — 1,032 —1,155 
Diversified Consumer Services
CHHJ Franchising, LLC+(17)LLC units N/A N/A N/A 19 193 0.1239 
EWC Growth Partners LLCLLC interest N/A N/A N/A — 12 —1 
Liminex, Inc.+Common Stock N/A N/A N/A 12 434 0.1757 
PADI Holdco, Inc.+LLC interest N/A N/A N/A 1 969 —198 
Spear Education, LLC+LLC interest N/A N/A N/A — 7 —33 
Spear Education, LLC+LLC units N/A N/A N/A 1 1 —74 
1,616 0.21,302 
Electronic Equipment, Instruments & Components
ES Acquisition LLC+LP interest N/A N/A N/A — — —21 
Inventus Power, Inc.+Preferred stock N/A N/A N/A — 372 —315 
Inventus Power, Inc.+LLC units N/A N/A N/A — 88 —160 
Inventus Power, Inc.+LP interest N/A N/A N/A — 20 —40 
Inventus Power, Inc.+Common Stock N/A N/A N/A — — —— 
480 —536 


See Notes to Consolidated Financial Statements.
85

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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
Benihana, Inc.+LLC units N/A N/A N/A 43 $699 —%$378 
Cafe Rio Holding, Inc.+Common Stock N/A N/A N/A 5 603 0.11,037 
Captain D's, LLC+LLC interest N/A N/A N/A 158 156 0.1784 
Feeders Supply Company, LLC+Preferred stock N/A N/A N/A 4 400 —525 
Feeders Supply Company, LLC+Common Stock N/A N/A N/A — — —— 
Hopdoddy Holdings, LLC+LLC units N/A N/A N/A 44 216 —211 
Hopdoddy Holdings, LLC+LLC units N/A N/A N/A 20 61 —60 
Mendocino Farms, LLC+Common Stock N/A N/A N/A 168 770 0.11,682 
Ruby Slipper Cafe LLC, The+LLC interest N/A N/A N/A 31 373 —122 
Ruby Slipper Cafe LLC, The+LLC interest N/A N/A N/A 2 20 —38 
Wetzel's Pretzels, LLC+Common Stock N/A N/A N/A — 416 —462 
Wood Fired Holding Corp.+LLC units N/A N/A N/A 437 444 —548 
Wood Fired Holding Corp.+Common Stock N/A N/A N/A 437 — —708 
Zenput Inc.+Preferred stock N/A N/A N/A 146 409 —426 
4,567 0.36,981 
Food Products
Borrower R365 Holdings, LLC+Preferred stock N/A N/A N/A 77 102 —115 
C. J. Foods, Inc.+Preferred stock N/A N/A N/A — 75 —588 
Kodiak Cakes, LLC+Common Stock N/A N/A N/A — 281 —281 
Kodiak Cakes, LLC+LLC units N/A N/A N/A 191 191 —191 
Louisiana Fish Fry Products, Ltd.+Common Stock N/A N/A N/A — 483 —483 
FCID Merger Sub, Inc.+Common Stock N/A N/A N/A 3 325 —352 
Purfoods, LLC+LLC interest N/A N/A N/A — 926 0.35,932 
2,383 0.37,942 
Health Care Equipment & Supplies
Aspen Medical Products, LLC+LP interest N/A N/A N/A — 77 —139 
Blue River Pet Care, LLC+Common Stock N/A N/A N/A — 76 —151 
CCSL Holdings, LLC+LP interest N/A N/A N/A — 312 —319 
CMI Parent Inc.+Common Stock N/A N/A N/A — 240 —276 
CMI Parent Inc.+Common Stock N/A N/A N/A 3 3 —62 
G & H Wire Company, Inc.+LLC interest N/A N/A N/A 335 269 —177 
Joerns Healthcare, LLC*+Common Stock N/A N/A N/A 432 4,329 —455 
Katena Holdings, Inc.+LLC units N/A N/A N/A — 573 0.1718 
Lombart Brothers, Inc.+Common Stock N/A N/A N/A 1 440 —215 
6,319 0.12,512 


See Notes to Consolidated Financial Statements.
86

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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.+LLC interest N/A N/A N/A 2 $1,099 —%$320 
Acuity Eyecare Holdings, LLC+LLC interest N/A N/A N/A 1,632 2,235 0.23,718 
Acuity Eyecare Holdings, LLC+LLC units N/A N/A N/A 889 1,023 0.12,065 
ADCS Clinics Intermediate Holdings, LLC+Preferred stock N/A N/A N/A 2 1,119 0.11,434 
ADCS Clinics Intermediate Holdings, LLC+Common Stock N/A N/A N/A — 6 —— 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+LLC units N/A N/A N/A 104 104 —135 
CRH Healthcare Purchaser, Inc.+(17)LP interest N/A N/A N/A 429 327 0.1771 
DCA Investment Holding, LLCLLC interest N/A N/A N/A 13,890 1,618 0.12,239 
DCA Investment Holding, LLCLLC units N/A N/A N/A 140 218 —276 
Emerge Intermediate, Inc.+LLC units N/A N/A N/A — 648 —817 
Emerge Intermediate, Inc.+LLC units N/A N/A N/A — 61 —57 
Emerge Intermediate, Inc.+LLC units N/A N/A N/A 9 4 —— 
Encore GC Acquisition, LLC+LLC interest N/A N/A N/A 26 272 —45 
Encore GC Acquisition, LLC+LLC units N/A N/A N/A 26 52 —— 
Encorevet Group LLC+Common Stock N/A N/A N/A — 15 —25 
Encorevet Group LLC+LLC units N/A N/A N/A — 8 —13 
Eyecare Services Partners Holdings LLC+LLC units N/A N/A N/A — 262 —— 
Eyecare Services Partners Holdings LLC+LLC units N/A N/A N/A — 1 —— 
Krueger-Gilbert Health Physics, LLC+Common Stock N/A N/A N/A 177 199 —248 
MD Now Holdings, Inc.+(17)LLC interest N/A N/A N/A 15 110 —241 
Midwest Veterinary Partners, LLC+LLC units N/A N/A N/A 1 567 —567 
Midwest Veterinary Partners, LLC+Warrant N/A N/A N/A 6 — —185 
Midwest Veterinary Partners, LLC+Warrant N/A N/A N/A — 29 —35 
MWD Management, LLC & MWD Services, Inc.+LLC interest N/A N/A N/A 412 335 —442 
NDX Parent, LLC+Common Stock N/A N/A N/A — 272 —272 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)Common Stock N/A N/A N/A — 296 —323 
Oliver Street Dermatology Holdings, LLC+LLC interest N/A N/A N/A 452 234 —— 
Pentec Acquisition Sub, Inc.+Preferred stock N/A N/A N/A 1 116 —166 
Pinnacle Treatment Centers, Inc.+LLC interest N/A N/A N/A — 528 —682 
Pinnacle Treatment Centers, Inc.+LLC interest N/A N/A N/A 4 74 0.1734 
Radiology Partners, Inc.+LLC units N/A N/A N/A 11 68 —92 
Radiology Partners, Inc.+LLC interest N/A N/A N/A 43 55 —365 
Sage Dental Management, LLC+LLC units N/A N/A N/A — 249 —116 
Sage Dental Management, LLC+LLC units N/A N/A N/A 3 3 —— 
SSH Corporation+Common Stock N/A N/A N/A — 40 —108 
Summit Behavioral Healthcare, LLC+(17)LLC interest N/A N/A N/A 2 115 —229 
Summit Behavioral Healthcare, LLC+LLC interest N/A N/A N/A 2 — —409 
12,362 0.717,129 


See Notes to Consolidated Financial Statements.
87

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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.+LLC interest N/A N/A N/A 153 $192 —%$312 
HSI Halo Acquisition, Inc.+LP interest N/A N/A N/A — 288 —271 
HSI Halo Acquisition, Inc.+LP interest N/A N/A N/A — — —— 
Kareo, Inc.+Warrant N/A N/A N/A 52 162 —88 
Kareo, Inc.+Warrant N/A N/A N/A 13 49 —69 
Kareo, Inc.+Preferred stock N/A N/A N/A 2 8 —18 
Caliper Software, Inc.+Preferred stock N/A N/A N/A 2 2,734 0.23,588 
Caliper Software, Inc.+Preferred stock N/A N/A N/A 2 1,427 0.11,601 
Caliper Software, Inc.+Preferred stock N/A N/A N/A 1 880 —936 
Caliper Software, Inc.+LLC units N/A N/A N/A — 161 —178 
Caliper Software, Inc.+Common Stock N/A N/A N/A 177 — —826 
5,901 0.37,887 
Hotels, Restaurants & Leisure
Freddy's Frozen Custard LLC+LP interest N/A N/A N/A 206 206 —295 
Harri US LLC+Warrant N/A N/A N/A 18 106 —106 
LMP TR Holdings, LLCLLC units N/A N/A N/A 712 712 —487 
SSRG Holdings, LLCLP interest N/A N/A N/A 6 61 —75 
Tropical Smoothie Cafe Holdings, LLC+(17)LP interest N/A N/A N/A 5 477 0.1869 
1,562 0.11,832 
Household Durables
Groundworks LLC+(17)LLC interest N/A N/A N/A — 155 —410 
Insurance
Captive Resources Midco, LLC+(17)LLC units N/A N/A N/A 425 — —431 
Majesco+LP interest N/A N/A N/A — 307 —333 
Majesco+LP interest N/A N/A N/A 69 — —167 
Orchid Underwriters Agency, LLC+(17)LP interest N/A N/A N/A 93 105 —98 
412 —1,029 

See Notes to Consolidated Financial Statements.
88

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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
Appriss Health Intermediate Holdings, Inc+Preferred stock N/A N/A N/A 2 $1,994 0.1%$2,147 
Appriss Holdings, Inc.+Preferred stock N/A N/A N/A — 174 —204 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Preferred stock N/A N/A N/A 587 462 0.24,500 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Preferred stock N/A N/A N/A 154 423 0.11,180 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Preferred stock N/A N/A N/A 35 291 —301 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Warrant N/A N/A N/A 202 159 0.11,439 
Episerver, Inc.+Common Stock N/A N/A N/A 75 807 —939 
Kentik Technologies, Inc.+Preferred stock N/A N/A N/A 192 1,103 —1,103 
PCS Intermediate II Holdings, LLC+LLC interest N/A N/A N/A 37 367 —464 
Red Dawn SEI Buyer, Inc.+LP interest N/A N/A N/A 13 13 —21 
Saturn Borrower Inc.+LP units N/A N/A N/A 346 346 —259 
6,139 0.512,557 
Leisure Products
Massage Envy, LLC+LLC interest N/A N/A N/A 749 210 0.11,059 
WBZ Investment LLC+LLC interest N/A N/A N/A 67 117 —93 
WBZ Investment LLC+LLC interest N/A N/A N/A 46 80 —64 
WBZ Investment LLC+LLC interest N/A N/A N/A 38 65 —52 
WBZ Investment LLC+LLC interest N/A N/A N/A 33 58 —45 
WBZ Investment LLC+LLC interest N/A N/A N/A 15 24 —19 
WBZ Investment LLC+LLC interest N/A N/A N/A 2 2 —2 
556 0.11,334 
Life Sciences Tools & Services
Pace Analytical Services, LLC+LLC interest N/A N/A N/A 6 700 —1,195 
Oil, Gas and Consumable Fuels
W3 Co.+LLC interest N/A N/A N/A 3 1,632 0.11,587 
W3 Co.+Preferred stock N/A N/A N/A — 224 —221 
1,856 0.11,808 
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12)LP interest N/A N/A N/A 502 502 —899 
BIOVT, LLC+LLC interest N/A N/A N/A — 1,223 0.12,460 
1,725 0.13,359 


See Notes to Consolidated Financial Statements.
89

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Professional Services
Brandmuscle, Inc.+(17)LLC interest N/A N/A N/A — $216 —%$359 
DISA Holdings Acquisition Subsidiary Corp.+Common Stock N/A N/A N/A — 154 —453 
Net Health Acquisition Corp.+LP interest N/A N/A N/A 13 1,509 0.12,047 
Nexus Brands Group, Inc.+LP interest N/A N/A N/A — 547 0.11,818 
Vitalyst, LLC+Preferred stock N/A N/A N/A — 61 —96 
Vitalyst, LLC+Common Stock N/A N/A N/A 1 7 —— 
2,494 0.24,773 
Real Estate Management & Development
Property Brands, Inc.+Common Stock N/A N/A N/A 62 434 —312 
Road & Rail
Internet Truckstop Group LLC+LP interest N/A N/A N/A 408 447 —458 

See Notes to Consolidated Financial Statements.
90

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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.+LLC interest N/A N/A N/A 670 $418 —%$202 
Aras Corporation+Preferred stock N/A N/A N/A 1 1,001 —1,079
Aras Corporation+LP interest N/A N/A N/A 306 306—334
Astute Holdings, Inc. +LP interest N/A N/A N/A — 293—517
Auvik Networks Inc.+(8)(12)Preferred stock N/A N/A N/A 26 256—256
Calabrio, Inc. +LP interest N/A N/A N/A 1 770—769
Calabrio, Inc. +LP interest N/A N/A N/A 96 0——
Cloudbees, Inc.+Preferred stock N/A N/A N/A 72 466—667
Cloudbees, Inc.+Warrant N/A N/A N/A 131 2470.1906
Digital Guardian, Inc.+Preferred stock N/A N/A N/A 356 434—519
Digital Guardian, Inc.+Warrant N/A N/A N/A 122 225—257
Digital Guardian, Inc.+Preferred stock N/A N/A N/A 74 142—157
Digital Guardian, Inc.+Preferred stock N/A N/A N/A 67 123—145 
Digital Guardian, Inc.+Warrant N/A N/A N/A 124 33——
Diligent Corporation+Preferred stock N/A N/A N/A 17 16,5870.717,983
Diligent Corporation+Preferred stock N/A N/A N/A 415 9120.22,828
Everbridge, Inc.+(8)Common Stock N/A N/A N/A 4 444—508
FirstUp, Inc+Common Stock N/A N/A N/A 221 541—541
GS Acquisitionco, Inc.+Preferred stock N/A N/A N/A 26 25,3441.025,901
GS Acquisitionco, Inc.+LP interest N/A N/A N/A 1 170—1,041
MetricStream, Inc.+Warrant N/A N/A N/A 168 263—196
mParticle, Inc.+Preferred stock N/A N/A N/A 162 1,060—1,060 
mParticle, Inc.+Warrant N/A N/A N/A 69 16 —383 
Namely, Inc.+Warrant N/A N/A N/A 47 314—322 
Namely, Inc.+Warrant N/A N/A N/A 17 28—20 
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+Warrant N/A N/A N/A 4 9—22
Personify, Inc.+LP interest N/A N/A N/A 716 9420.11,262
Project Alpha Intermediate Holding, Inc.+Common Stock N/A N/A N/A — 9640.11,270
Project Alpha Intermediate Holding, Inc.+Common Stock N/A N/A N/A 202 3290.11,290 
Pyramid Healthcare Acquisition Corp.+Common Stock N/A N/A N/A 184 184—218 
RegEd Aquireco, LLC+LP interest N/A N/A N/A — 331—158
RegEd Aquireco, LLC+LP interest N/A N/A N/A 3 21——
SnapLogic, Inc.Preferred stock N/A N/A N/A 278 6950.11,590 
SnapLogic, Inc.Warrant N/A N/A N/A 106 75 —417 
Spartan Buyer Acquisition Co.+Common Stock N/A N/A N/A 1 623—714
Telesoft Holdings LLC+LP interest N/A N/A N/A 6 6—6
Workforce Software, LLC+Common Stock N/A N/A N/A — 9730.11,361
55,545 2.564,899 

See Notes to Consolidated Financial Statements.
91

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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. LLC+LP interest N/A N/A N/A 653 $653 0.1%$1,616 
Batteries Plus Holding Corporation+LP interest N/A N/A N/A 10 1,287 0.11,483 
Cycle Gear, Inc.+(17)LLC units N/A N/A N/A 27 462 —1,056 
Imperial Optical Midco Inc.+Preferred stock N/A N/A N/A — 122 —144 
Imperial Optical Midco Inc.+Preferred stock N/A N/A N/A — 46 —53 
Jet Equipment & Tools Ltd.+(8)(9)(12)LLC interest N/A N/A N/A 1 948 0.12,777 
Pet Holdings ULC+(8)(12)LP interest N/A N/A N/A 677 483 0.11,483 
PPV Intermediate Holdings II, LLC+LLC interest N/A N/A N/A 325 315 —745 
Sola Franchise, LLC and Sola Salon Studios, LLC+LLC interest N/A N/A N/A 6 682 —1,188 
Sola Franchise, LLC and Sola Salon Studios, LLC+LLC interest N/A N/A N/A 2 138 —255 
Southern Veterinary Partners, LLC+Preferred stock N/A N/A N/A 3 2,955 0.13,374 
Southern Veterinary Partners, LLC+LLC units N/A N/A N/A — 717 —1,023 
Southern Veterinary Partners, LLC+LLC interest N/A N/A N/A 148 188 0.23,276 
8,996 0.718,473 
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.+LLC interest N/A N/A N/A 97604—577
Textiles, Apparel & Luxury Goods
Elite Sportswear, L.P.+LLC interest N/A N/A N/A — 165 —— 
Georgica Pine Clothiers, LLC+LLC interest N/A N/A N/A 20 239 —243 
Georgica Pine Clothiers, LLC+LLC units N/A N/A N/A — — —— 
MakerSights, Inc. +Preferred stock N/A N/A N/A 40 218 —232 
R.G. Barry Corporation+Preferred stock N/A N/A N/A — 161 —158 
783 —633 
Total non-controlled/non-affiliate company equity investments$126,279 6.7%$173,072 
Total non-controlled/non-affiliate company investments$4,715,909 $4,810,690 186.4%$4,815,270 


See Notes to Consolidated Financial Statements.
92

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Non-controlled/affiliate company investments(19)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+One stop L + 5.75%(a) 6.75% 04/2024 $5,996 $6,004 0.2%$5,996 
Abita Brewing Co., L.L.C.+Second lien L + 8.00%(d) 9.00% 04/2024 3,321 3,310 0.13,321 
Abita Brewing Co., L.L.C.+One stop L + 5.75% N/A(6) 04/2024 — — —— 
Uinta Brewing Company+(7)One stop L + 4.00%(a) 5.00% 11/2021 962 921 —55 
Uinta Brewing Company+(7)One stop L + 4.00%(a) 5.00% 11/2021 571 565 —407 
10,850 10,800 0.39,779 
Consumer Finance
Paradigm DKD Group, LLC+(7)Senior loan L + 6.25%(c) 7.50% 05/2022 3,196 2,084 0.12,618 
Paradigm DKD Group, LLC+(5)(7)Senior loan L + 6.25%(c) 7.50% 05/2022 — (142)—5 
3,196 1,942 0.12,623 
Electronic Equipment, Instruments and Components
Sloan Company, Inc., The+(7)One stop L + 8.50%(c) 9.50% 04/2023 4,708 4,074 0.24,125 
Sloan Company, Inc., The+One stop L + 8.50%(c) 9.50% 04/2023 714 714 —714 
Sloan Company, Inc., The+(7)One stop L + 8.50%(c) 9.50% 04/2023 312 272 —274 
5,734 5,060 0.25,113 
Energy, Equipment & Services
Benetech, Inc.+One stop L + 6.00%(a) 7.25% 08/2023 3,761 3,762 0.12,257 
Benetech, Inc.+One stop L + 6.00%(a) 7.25% 08/2023 626 626 —142 
4,387 4,388 0.12,399 
Food and Staples Retailing
Rubio's Restaurants, Inc.+Senior loan L + 8.00%(c) 9.25% 12/2024 12,961 12,681 0.512,702 
Rubio's Restaurants, Inc.+(5)Senior loan L + 8.00% N/A(6) 12/2024 — (16)—(28)
12,961 12,665 0.5 12,674 
Healthcare Providers and Services
Elite Dental Partners LLC+One stop L + 5.25%(c) 6.25% 06/2023 11,224 11,285 0.510,887 
Elite Dental Partners LLC+One stop L + 5.25%(c) 6.25% 06/2023 684 684 —684 
11,908 11,969 0.5 11,571 
Software
Switchfly LLC+One stop L + 5.00%(c) 6.00% 10/2023 6,168 6,056 0.24,504 
Switchfly LLC+One stop L + 5.00%(c) 6.00% 10/2023 515 506 —376 
Switchfly LLC+One stop L + 5.00%(c) 6.00% 10/2023 40 38 —28 
Switchfly LLC+(5)One stop L + 8.50%(c) 9.50% 10/2023 2 2 —(21)
6,725 6,602 0.2 4,887 
Total non-controlled/affiliate debt investments$55,761 $53,426 1.9%$49,046 

See Notes to Consolidated Financial Statements.
93

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Equity investments(15)(16)
Beverages
Abita Brewing Co., L.L.C.+Warrant N/A N/A N/A 210$— —%$733 
Uinta Brewing CompanyCommon Stock N/A N/A N/A 15317 —— 
17 — 733 
Consumer Finance
Paradigm DKD Group, LLCLLC interest N/A N/A N/A 354 115 —4 
Paradigm DKD Group, LLCPreferred stock N/A N/A N/A 71 — —— 
Paradigm DKD Group, LLCPreferred stock N/A N/A N/A 2,004 — —— 
115 — 4 
Electronic Equipment, Instruments and Components
Sloan Company, Inc., The+Common StockN/AN/AN/A— 41 —49 
Energy, Equipment & Services
Benetech, Inc.+LLC interest N/A N/A N/A 58 — —— 
Benetech, Inc.+LLC interest N/A N/A N/A 58 — —— 
— —— 
Food and Staples Retailing
Rubio's Restaurants, Inc.+Preferred stock N/A N/A N/A 2,779 2,276 0.12,844 
Rubio's Restaurants, Inc.+Common Stock N/A N/A N/A 886 182 0.11,199 
Rubio's Restaurants, Inc.+Common Stock N/A N/A N/A 536 110 0.1725 
Rubio's Restaurants, Inc.+Common Stock N/A N/A N/A 89 6 —72 
Rubio's Restaurants, Inc.+Common Stock N/A N/A N/A 52 3 —42 
Rubio's Restaurants, Inc.+Common Stock N/A N/A N/A 21 — —2 
Rubio's Restaurants, Inc.+Common Stock N/A N/A N/A 21 — —— 
Rubio's Restaurants, Inc.+Common Stock N/A N/A N/A 42 — —— 
Rubio's Restaurants, Inc.+Common Stock N/A N/A N/A 18 — —1 
Rubio's Restaurants, Inc.+Common Stock N/A N/A N/A 18 — —— 
Rubio's Restaurants, Inc.+Common Stock N/A N/A N/A 89 — —— 
2,577 0.34,885 
Healthcare Providers and Services
Elite Dental Partners LLCLLC interest N/A N/A N/A — 2,902 0.13,568 
Elite Dental Partners LLCLLC interest N/A N/A N/A — 1,250 0.11,794 
Elite Dental Partners LLCLLC units N/A N/A N/A — — —19 
4,152 0.25,381 
Software
Switchfly LLC+LLC interest N/A N/A N/A 3,419 2,321 —1,281 
Total non-controlled/affiliate equity investments$9,223 0.5%$12,333 
Total non-controlled/affiliate investments$55,761 $62,649 2.4%$61,379 

See Notes to Consolidated Financial Statements.
94

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Controlled affiliate company investments(20)
Debt Investments
IT Services
MMan Acquisition Co.*+(7)One stop L + 10.00%(c) 10.00% PIK 08/2023 $22,527 $19,663 0.6%$16,436 
MMan Acquisition Co.+One stop L + 8.00%(e) 8.00% PIK 08/2023 1,468 1,468 0.11,468 
23,995 21,131 0.717,904 
Total controlled affiliate debt investments$23,995 $21,131 0.7%$17,904 
Equity Investments (15)(16)
IT Services
MMan Acquisition Co.+Common Stock N/A N/A N/A — $927 —$333 
927 —333 
Total controlled affiliate equity investments$927 —%$333 
Total controlled affiliate investments$23,995 $22,058 0.7%$18,237 
Total investments$4,795,665 $4,895,397 189.5%$4,894,886 
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)0.00%(21)$38,317 1.5%$38,317 
Total money market funds$38,317 1.5%$38,317 
Total Investments and Money Market Funds$4,933,714 191.0%$4,933,203 


See Notes to Consolidated Financial Statements.
95

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2021
(In thousands)
*
Denotes that all or a portion of the loan secures the notes offered in the 2018 Debt Securitization (as defined in Note 7).
#
Denotes that all or a portion of the loan secures the notes offered in the GCIC 2018 Debt Securitization (as defined in Note 7).
+
Denotes that all or a portion of the investment collateralizes the JPM Credit Facility (as defined in Note 7).
~
Denotes that all or a portion of the loan collateralizes the MS Credit Facility II (as defined in Note 7).
(1)The majority of the investments bear interest at a rate that is permitted to be determined by reference to LIBOR denominated in U.S. dollars or GBP, EURIBOR, Prime, SONIA, AUD, CDOR, or SOFR, which reset daily, monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of September 30, 2021. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of September 30, 2021, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of September 30, 2021, as the loan may have priced or repriced based on an index rate prior to September 30, 2021.
(a) Denotes that all or a portion of the loan was indexed to the 30-day LIBOR, which was 0.08% as of September 30, 2021.
(b) Denotes that all or a portion of the loan was indexed to the 60-day LIBOR, which was 0.11% as of September 30, 2021.
(c) Denotes that all or a portion of the loan was indexed to the 90-day LIBOR, which was 0.13% as of September 30, 2021.
(d) Denotes that all or a portion of the loan was indexed to the 180-day LIBOR, which was 0.16% as of September 30, 2021.
(e) Denotes that all or a portion of the loan was indexed to the 360-day LIBOR, which was 0.24% as of September 30, 2021.
(f) Denotes that all or a portion of the loan was indexed to the Prime rate, which was 3.25% as of September 30, 2021.
(g) Denotes that all or a portion of the loan was indexed to the 90-day EURIBOR, which was -0.56% as of September 30, 2021.
(h) Denotes that all or a portion of the loan was indexed to the 180-day EURIBOR, which was -0.53% as of September 30, 2021.
(i) Denotes that all or a portion of the loan was indexed to the 90-day GBP LIBOR, which was 0.08% as of September 30, 2021.
(j) Denotes that all or a portion of the loan was indexed to the 180-day GBP LIBOR, which was 0.17% as of September 30, 2021.
(k) Denotes that all or a portion of the loan was indexed to the Australia Three Month Interbank Rate, which was 0.07% as of September 30, 2021.
(l) Denotes that all or a portion of the loan was indexed to the 30-day Canadian Bankers’ Acceptance Rate, which was 0.43% as of September 30, 2021.
(m) Denotes that all or a portion of the loan was indexed to the 90-day Canadian Bankers’ Acceptance Rate, which was 0.45% as of September 30, 2021.
(n) Denotes that all or a portion of the loan was indexed to the Sterling Overnight Index Average, which was 0.05% as of September 30, 2021.
(o) Denotes that all or a portion of the loan was indexed to the Secured Overnight Financing Rate, which was 0.05% as of September 30, 2021.
(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of September 30, 2021.
(3)The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.
(4)The fair values of substantially all investments were valued using significant unobservable inputs. See Note 6. Fair Value Measurements.
(5)The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
(6)The entire commitment was unfunded as of September 30, 2021. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.
(7)Loan was on non-accrual status as of September 30, 2021, meaning that the Company has ceased recognizing interest income on the loan.
(8)The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2021, total non-qualifying assets at fair value represented 10.1% of the Company’s total assets calculated in accordance with the 1940 Act.
(9)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date or the date of the transaction. See Note 2. Significant Accounting Policies and Recent Accounting Updates - Foreign Currency Transactions.
(10)The headquarters of this portfolio company is located in the United Kingdom.
(11)The headquarters of this portfolio company is located in Australia.
(12)The headquarters of this portfolio company is located in Canada.
(13)The headquarters of this portfolio company is located in Luxembourg.
(14) The headquarters of this portfolio company is located in Netherlands.
(15) Equity investments are non-income producing securities unless otherwise noted.
(16) Ownership of certain equity investments occurs through a holding company or partnership.
(17)The Company holds an equity investment that entitles it to receive preferential dividends.

See Notes to Consolidated Financial Statements.
96

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2021
(In thousands)
(18)Transactions related to investments in non-controlled affiliates for the year ended September 30, 2021 were as follows:
Portfolio Company
Fair value as of September 30, 2020
Gross Additions(l)
Gross Reductions(m)
Net change in unrealized gain (loss)Net realized gain (loss)Fair value as of September 30, 2021Interest, dividend and fee income
Abita Brewing Co. LLC(c)
$— $27,863 $(20,062)$2,249 $— $10,050 $931 
Benetech, Inc.
2,672 410 (795)112 — 2,399 349 
Dental Holdings Corporation
9,320 561 (13,657)1,792 1,984 — 462 
Elite Dental Partners LLC15,368 668 (75)991 — 16,952 955 
Paradigm DKD Group, LLC2,460 1,196 (1,215)186 — 2,627 19 
Rubio's Restaurants, Inc(d)
— 28,760 (16,470)11,008 (5,739)17,559 1,792 
Sloan Company, Inc., The
4,365 637 (574)900 (166)5,162 67 
Switchfly LLC
7,229 453 — (1,514)— 6,168 469 
Uinta Brewing Company
586 266 (209)(181)— 462 (3)
Total Non-Controlled Affiliates
$42,000 $60,814 $(53,057)$15,543 $(3,921)$61,379 $5,041 
(a)
Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(b)
Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.
(c)
During the three months ended September 31, 2021, the Company’s ownership increased to over five percent of the portfolio company's voting securities.
(d)
During the three months ended December 31, 2020, the Company’s ownership increased to over five percent of the portfolio company's voting securities.
(19) Transactions related to investments in controlled affiliates for the year ended September 30, 2021 were as follows:
Portfolio Company
Fair value as of September 30, 2020
Gross Additions(q)
Gross Reductions(r)
Net change in unrealized gain (loss)Net realized gain (loss)Fair value as of September 30, 2021Interest, dividend and fee income
MMan Acquisition Co.(s)
$18,736 $5,023 $(5,023)$(499)$— $18,237 $(12)
Total Controlled Affiliates
$18,736 $5,023 $(5,023)$(499)$— $18,237 $(12)
(a)
Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(b)
Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.
(20)The rate shown is the annualized seven-day yield as of September 30, 2021.


See Notes to Consolidated Financial Statements.
97

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2021
(In thousands)
Note 1. Organization

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

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

Note 2. Significant Accounting Policies and Recent Accounting Updates

Basis of presentation:  The Company is an investment company as defined in the accounting and reporting guidance under Accounting Standards Codification (“ASC”) Topic 946 — Financial Services — Investment Companies (“ASC Topic 946”).
The accompanying interim consolidated financial statements of the Company and related financial information have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for the interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of financial results as of and for the periods presented. All intercompany balances and transactions have been eliminated. The unaudited interim consolidated financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto in the Company’s Form 10-K for the year ended September 30, 2021, as filed with the U.S. Securities and Exchange Commission (the “SEC”).

Fair value of financial instruments:  The Company applies fair value to all of its financial instruments in accordance with ASC Topic 820 — Fair Value Measurement (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC Topic 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date.

The availability of observable inputs can vary depending on the financial instrument and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is traded on an active exchange or in the secondary market and the current market conditions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for financial instruments classified as Level 3.

Any changes to the valuation methodology are reviewed by management and the Company’s board of directors (the “Board”) to confirm that the changes are appropriate. As markets change, new products develop and the pricing for

See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
products becomes more or less transparent, the Company will continue to refine its valuation methodologies. See further description of fair value methodology in Note 6. Fair Value Measurements.

Use of estimates:  The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Consolidation:  As provided under Regulation S-X and ASC Topic 946, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries Golub Capital BDC CLO III Depositor LLC (“2018 CLO Depositor”), Golub Capital BDC CLO III LLC (“2018 Issuer”), Golub Capital BDC Funding LLC (“Funding”), Golub Capital BDC Funding II LLC (“Funding II”), Golub Capital BDC Holdings, LLC (“BDC Holdings”), GC SBIC IV, L.P. (“SBIC IV”), GC SBIC V, L.P. (“SBIC V”), GC SBIC VI, L.P. (“SBIC VI”), GCIC Holdings LLC (“GCIC Holdings”), GCIC Funding LLC (“GCIC Funding”), GCIC CLO II Depositor LLC (“GCIC 2018 CLO Depositor”), GCIC CLO II LLC (“GCIC 2018 Issuer”), Golub Capital BDC CLO 4 Depositor LLC (“2020 CLO Depositor”), GCIC Funding II LLC (“GCIC Funding II”), Senior Loan Fund LLC, Senior Loan Fund II LLC, GCIC Senior Loan Fund LLC and GCIC Senior Loan Fund II LLC and, prior to its dissolution on August 26, 2021, Golub Capital BDC CLO 4 LLC (“2020 Issuer”).

Assets related to transactions that do not meet ASC Topic 860 requirements for accounting sale treatment are reflected in the Company’s Consolidated Statements of Financial Condition as investments. Those assets are owned by special purpose entities, including BDC Holdings, 2018 Issuer, Funding II, GCIC Holdings and the GCIC 2018 Issuer that are consolidated in the Company’s consolidated financial statements. The creditors of the special purpose entities have received security interests in such assets and such assets are not intended to be available to the creditors of GBDC (or any affiliate of GBDC).

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

Restricted cash and cash equivalents and restricted foreign currencies:  Restricted cash and cash equivalents and restricted foreign currencies include amounts that are collected and are held by trustees who have been appointed as custodians of the assets securing certain of the Company’s financing transactions. Restricted cash and cash equivalents and restricted foreign currencies are held by the trustees for payment of interest expense and principal on the outstanding borrowings or reinvestment into new assets. In addition, for periods prior to the surrender of the applicable small business investment company (“SBIC”) licenses, restricted cash and cash equivalents included amounts held within the Company’s SBIC subsidiaries. The amounts held within the SBICs were generally restricted to the originations of new loans by the SBICs and the payment of U.S. Small Business Administration (“SBA”) debentures and related interest expense.

Foreign currency translation: The Company’s books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1)cash and cash equivalents, restricted cash and cash equivalents, fair value of investments, interest receivable, and other assets and liabilities—at the spot exchange rate on the last business day of the period; and

(2)purchases and sales of investments, income and expenses—at the exchange rates prevailing on the respective dates of such transactions.

Although net assets and fair values are presented based on the applicable foreign exchange rates described above, the Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in fair values of investments held. Such fluctuations
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
are included with the net realized and unrealized gain or loss from investments. Fluctuations arising from the translation of assets other than investments and liabilities are included with the net change in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations.

Foreign security and currency transactions involve certain considerations and risks not typically associated with investing in U.S. companies. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

Forward currency contracts: A forward currency contract is an obligation between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Company utilized forward currency contracts to economically hedge the currency exposure associated with certain foreign-denominated investments. The use of forward currency contracts does not eliminate fluctuations in the price of the underlying securities the Company owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the exchange rates on the contract date and reporting date and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized gains (losses) and unrealized appreciation (depreciation) on the contracts are included in the Consolidated Statements of Operations. Unrealized appreciation (depreciation) on forward currency contracts is recorded on the Consolidated Statements of Financial Condition by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable.

The primary risks associated with forward currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks can exceed the amounts reflected in the Consolidated Statements of Financial Condition.

Refer to Note 5 for more information regarding the forward currency contracts.

Revenue recognition:

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

Loan origination fees, original issue discount and market discount or premium are capitalized, and the Company accretes or amortizes such amounts over the life of the loan as interest income. For the three months ended December 31, 2021 and 2020, interest income included $7,735 and $4,606, respectively, of accretion of discounts. For the three months ended December 31, 2021 and 2020, the Company received loan origination fees of $11,212 and $8,665, respectively.

For investments with contractual PIK interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, the Company will not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not collectible. For the three months ended December 31, 2021 and 2020, the Company capitalized PIK interest of $3,473 and $4,725, respectively, into the principal balance of certain debt investments.

In addition, the Company generates revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, consulting fees and prepayment premiums on loans. The Company records these fees as fee income when earned. All other income is recorded into income when earned. For the three months ended December 31, 2021 and 2020, fee income included $692 and $721, respectively, of prepayment premiums, which fees are non-recurring.

For the three months ended December 31, 2021 and 2020, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of $79,990 and $73,973, respectively.

Dividend income on preferred equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Each distribution received from limited liability company (“LLC”) and limited partnership (“LP”) investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.

For the three months ended December 31, 2021 and 2020, the Company recorded dividend income of $317 and $160, respectively, and return of capital distributions of $130 and $0, respectively.

Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the amortized cost basis of investment, without regard to unrealized gains or losses previously recognized. The Company reports current period changes in fair value of investments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investments and foreign currency translation in the Consolidated Statements of Operations.

Non-accrual loans: A loan can be left on accrual status during the period the Company is pursuing repayment of the loan. Management reviews all loans that become 90 days or more past due on principal and interest, or when there is reasonable doubt that principal or interest will be collected, for possible placement on non-accrual status. When a loan is placed on non-accrual status, unpaid interest credited to income is reversed. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans are recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, payments are likely to remain current. The total fair value of non-accrual loans was $42,302 and $46,104 as of December 31, 2021 and September 30, 2021, respectively.

Purchase accounting: On September 16, 2019, the Company completed its acquisition of Golub Capital Investment Corporation (“GCIC”), a Maryland corporation, pursuant to that certain Agreement and Plan of Merger (as amended, the “Merger Agreement”), dated as of November 27, 2018, by and among the Company, GCIC, Fifth Ave Subsidiary Inc., a Maryland corporation and wholly owned subsidiary of the Company (“Merger Sub”), the Investment Adviser, and, for certain limited purposes, the Administrator. Pursuant to the Merger Agreement, Merger Sub was first merged with and into GCIC, with GCIC as the surviving company (the “Initial Merger”), and, immediately following the Initial Merger, GCIC was then merged with and into the Company, with the Company as the surviving company (the Initial Merger and the subsequent merger, collectively, the “Merger”). The Merger was accounted for under the asset acquisition method of accounting in accordance with ASC 805 — Business Combinations — Related Issues (“ASC Topic 805”), also referred to as “purchase accounting.” Under asset acquisition accounting, acquiring assets in groups not only requires ascertaining the cost of the asset (or net assets), but also allocating that cost to the individual assets (or individual assets and liabilities) that make up the group. Per ASC Topic 805, assets are recognized based on their cost to the acquiring entity, which generally includes transaction costs of the asset acquisition, and no gain or loss is recognized unless the fair value of noncash assets given as consideration differs from the assets carrying amounts on the acquiring entity’s books.

The cost of the group of assets acquired in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on the relative fair values of net identifiable assets acquired other than “non-qualifying” assets (for example cash) and does not give rise to goodwill. To the extent that the consideration paid to GCIC’s stockholders exceeded the relative fair values of the net identifiable assets of GCIC acquired other than “non-qualifying” assets, any such premium paid by the Company was further allocated to the cost of the GCIC assets acquired by the Company pro-rata to their relative fair value, other than “non-qualifying” assets. As GCIC did not have any “qualifying” assets at the time of acquisition, the premium was allocated to “non-qualifying” assets, which are GCIC’s investments in loans and equity securities, including its investment in GCIC SLF. Immediately following the acquisition of GCIC, the Company recorded its assets at their respective fair values and, as a result, the purchase premium allocated to the cost basis of the GCIC assets acquired was immediately recognized as unrealized depreciation on the Company's Consolidated Statement of Operations. The purchase premium allocated to investments in loan securities will amortize over the life of the loans through interest income, with a corresponding
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
reversal of the unrealized depreciation on the loans acquired from GCIC through their ultimate disposition. Amortization expense of purchase premium for the three months ended December 31, 2021 and 2020, was $7,095 and $9,230, respectively. The purchase premium allocated to investments in equity securities will not amortize over the life of the equity securities through interest income and, assuming no subsequent change to the fair value of the equity securities acquired from GCIC and disposition of such equity securities at fair value, the Company will recognize a realized loss with a corresponding reversal of the unrealized depreciation upon disposition of the equity securities acquired from GCIC.

Income taxes:  The Company has elected to be treated as a RIC under Subchapter M of the Code and operates in a manner so as to qualify for the tax treatment applicable to RICs. In order to qualify and be subject to tax as a RIC, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute dividends for U.S. federal income tax purposes to its stockholders of an amount generally at least equal to 90% of investment company taxable income, as defined by the Code and determined without regard to any deduction for dividends paid, for each tax year. The Company has made, and intends to continue to make, the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal income taxes with respect to all income distributed to its stockholders.

Depending on the level of taxable income earned in a tax year, the Company can determine to retain taxable income in excess of current year dividend distributions and distribute such taxable income in the next tax year. The Company may then be required to incur a 4% excise tax on such income. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. No U.S. federal excise tax was accrued or paid for the three months ended December 31, 2021 and 2020.

The Company accounts for income taxes in conformity with ASC Topic 740 — Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense or tax benefit in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized tax benefits or unrecognized tax liabilities related to uncertain income tax positions through December 31, 2021. The Company's tax returns for the 2018 through 2020 tax years remain subject to examination by U.S. federal and most state tax authorities.

Certain of the Company's consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. Income tax expense, if any, is included under the income category for which it applies in the Consolidated Statements of Operations.

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

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

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

Share repurchase plan: The Company has a share repurchase program (the “Program”) which allows the Company to repurchase the Company’s outstanding common stock on the open market at prices below the Company’s NAV as reported in its most recently published consolidated financial statements. The Board most recently reapproved the Program in August 2021 and the Program is implemented at the discretion of management. Shares can be purchased from time to time at prevailing market prices, through open market transactions, including block transactions. The Program permits repurchases up to $150,000 of the Company's common stock. Prior to August 6, 2019, the Program permitted up to $75,000 in repurchases. The Company did not make any repurchases of its common stock during each of the three months ended December 31, 2021 and 2020.

Equity Distribution Agreement: On May 28, 2021, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”), by and among the Company, the Investment Adviser, Golub Capital LLC and SMBC Nikko Securities America, Inc. (the “Placement Agent”), in connection with the sale by the Company of shares of its common stock, having an aggregate offering price of up to $250,000, in an “at the market offering,” in amounts and at times to be determined by the Company. Actual sales, if any, will depend on a variety of factors to be determined by the Company from time to time, including, among others, market conditions and the market price of the Company’s common stock. The Equity Distribution Agreement provides that the Company may offer and sell shares from time to time through the Placement Agent, or to it. Sales of the shares, if any, may be made in negotiated transactions or transactions that are deemed to be “at the market,” as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on The Nasdaq Global Select Market or any similar securities exchange or sales made to or through a market maker other than on a securities exchange, at prices related to the prevailing market prices or at negotiated prices. Pursuant to the terms of the Equity Distribution Agreement, the Placement Agent will receive a commission from the Company of up to 1.25% of the gross sales price of any shares sold through the Placement Agent under the Equity Distribution Agreement. Offering costs for the Equity Distribution Agreement are charged against the proceeds from equity offerings when proceeds are received. During the three months ended December 31, 2021 and 2020, the Company did not issue any shares of common stock under the Equity Distribution Agreement.

Deferred debt issuance costs: Deferred debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of December 31, 2021 and September 30, 2021, the Company had deferred debt issuance costs of $22,404 and $17,850, respectively. These amounts are amortized and included in interest expense in the Consolidated Statements of Operations over the estimated average life of the borrowings. Amortization expense for deferred debt issuance costs for the three months ended December 31, 2021 and 2020, was $1,667 and $1,204, respectively.

Deferred offering costs: Deferred offering costs consist of fees paid in relation to legal, accounting, regulatory and printing work completed in preparation of equity offerings. Deferred offering costs are charged against the proceeds from equity offerings when received. These amounts are included in other assets on the Consolidated Statements of Financial Condition.

Note 3. Related Party Transactions

Investment Advisory Agreement: Under the Investment Advisory Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, GBDC. The Board most recently reapproved the Investment Advisory Agreement in May 2021. The Investment Adviser is a registered investment adviser with the U.S. Securities and Exchange Commission (the “SEC”). The Investment Adviser receives fees for providing services, consisting of two components, a base management fee and an Incentive Fee (as defined below).

The base management fee is calculated at an annual rate equal to 1.375% of average adjusted gross assets at the end of the two most recently completed calendar quarters (including assets purchased with borrowed funds and securitization-related assets, leverage, unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit with custodian but adjusted to exclude cash and cash equivalents so that investors do not pay
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
the base management fee on such assets) and is payable quarterly in arrears. Additionally, the Investment Adviser voluntarily excludes any assets funded with secured borrowing proceeds from the base management fee calculation. The base management fee is adjusted, based on the actual number of days elapsed relative to the total number of days in such calendar quarter, for any share issuances or repurchases during such calendar quarter. For purposes of the Investment Advisory Agreement, cash equivalents mean U.S. government securities and commercial paper instruments maturing within 270 days of purchase (which is different than the GAAP definition, which defines cash equivalents as U.S. government securities and commercial paper instruments maturing within 90 days of purchase). To the extent that the Investment Adviser or any of its affiliates provides investment advisory, collateral management or other similar services to a subsidiary of the Company, the base management fee will be reduced by an amount equal to the product of (1) the total fees paid to the Investment Adviser by such subsidiary for such services and (2) the percentage of such subsidiary’s total equity, including membership interests and any class of notes not exclusively held by one or more third parties, that is owned, directly or indirectly, by the Company.

The Investment Adviser served as collateral manager under the 2020 Collateral Management Agreement (as defined in Note 7) and serves as collateral manager under the 2018 Collateral Management Agreement (as defined in Note 7) and the GCIC 2018 Collateral Management Agreement (as defined in Note 7). Fees payable to the Investment Adviser for providing these services are offset against the base management fee payable by the Company under the Investment Advisory Agreement.

The Company has structured the calculation of the Incentive Fee to include a fee limitation such that an Incentive Fee for any quarter can only be paid to the Investment Adviser if, after such payment, the cumulative Incentive Fees paid to the Investment Adviser, calculated on a per share basis, since April 13, 2010, the effective date of the Company’s election to become a BDC, would be less than or equal to 20.0% of the Company’s Cumulative Pre-Incentive Fee Net Income (as defined below).

The Company accomplishes this limitation by subjecting each quarterly Incentive Fee payable under the Income and Capital Gain Incentive Fee Calculation (as defined below) to a cap (the “Incentive Fee Cap”). Under the Investment Advisory Agreement, the Incentive Fee Cap in any quarter is equal to the difference between (a) 20.0% of Cumulative Pre-Incentive Fee Net Income Per Share (as defined below) and (b) Cumulative Incentive Fees Paid Per Share (as defined below). To the extent the Incentive Fee Cap is zero or a negative value in any quarter, no Incentive Fee would be payable in that quarter. If, for any relevant period, the Incentive Fee Cap calculation results in the Company paying less than the amount of the Incentive Fee calculated above, then the difference between the Incentive Fee and the Incentive Fee Cap will not be paid by GBDC and will not be received by the Investment Adviser as an Incentive Fee either at the end of such relevant period or at the end of any future period. “Cumulative Pre-Incentive Fee Net Income Per Share” equals the sum of “Pre-Incentive Fee Net Income Per Share” (as defined below) for each quarterly period since April 13, 2010. “Pre-Incentive Fee Net Income Per Share” equals the sum of (i) Pre-Incentive Fee Net Investment Income (as defined below) and (ii) Adjusted Capital Returns for the applicable period, divided by (b) the weighted average number of shares of GBDC common stock outstanding during such period. “Adjusted Capital Returns” for any period is the sum of the realized aggregate capital gains, realized aggregate capital losses, aggregate unrealized capital depreciation and aggregate unrealized capital appreciation for such period; provided that the calculation of realized aggregate capital gains, realized aggregate capital losses, aggregate unrealized capital depreciation and aggregate unrealized capital appreciation shall not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation resulting solely from the purchase accounting for any premium or discount paid for the acquisition of assets in a merger. “Cumulative Incentive Fees Paid Per Share” is equal to the sum of Incentive Fees Paid Per Share since April 13, 2010. “Incentive Fees Paid Per Share” for any period is equal to the Incentive Fees accrued and/or payable to the Company for such period, divided by the weighted average number of shares of common stock of GBDC during such period.

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

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

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

For the three months ended December 31, 2021 and 2020, the Income Incentive Fee incurred was $2,929 and $2,004, respectively.

The Investment Advisory Agreement excludes the impact of purchase accounting resulting from a merger, including the Merger, from the calculation of income subject to the Income Incentive Fee and the calculation of the Incentive Fee Cap. As a result, under the Investment Advisory Agreement, Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation or any amortization or accretion of any purchase premium or discount to interest income solely from the purchase accounting for any premium or discount paid for the acquisition of assets in a merger, such as the premium to net asset value paid for the shares of GCIC common stock in the Merger. Because of the structure of the Income Incentive Fee, it is possible that an Incentive Fee is calculated under this formula with respect to a period in which the Company has incurred a loss. For example, if the Company receives Pre-Incentive Fee Net Investment Income in excess of the hurdle rate (as defined below) for a calendar quarter, the Income Incentive Fee will result in a positive value and an Incentive Fee will be paid even if the Company has incurred a loss in such period due to realized and/or unrealized capital losses unless the payment of such Incentive Fee would cause the Company to pay Incentive Fees on a cumulative basis that exceed the Incentive Fee Cap.
Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company’s net assets (defined as total assets less indebtedness and before taking into account any Incentive Fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed “hurdle rate” of 2.0% quarterly. If market interest rates rise, it is possible that the Company will be able to invest funds in debt instruments that provide for a higher return, which would increase Pre-Incentive Fee Net Investment Income and make it easier for the Investment Adviser to surpass the fixed hurdle rate and receive an Incentive Fee based on such net investment income.
The Company’s Pre-Incentive Fee Net Investment Income used to calculate this part of the Incentive Fee is also included in the amount of its total assets (excluding cash and cash equivalents but including assets purchased with borrowed funds and securitization-related assets, unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit with custodian) used to calculate the 1.375% base management fee annual rate.

The Company calculates the Income Incentive Fee with respect to its Pre-Incentive Fee Net Investment Income quarterly, in arrears, as follows:

•Zero in any calendar quarter in which the Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate;
•100% of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.5% in any calendar quarter. This portion of the Company’s Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than 2.5%) is referred to as the “catch-up” provision. The catch-up is meant to provide the Investment Adviser with 20.0% of the Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply if the Company’s Pre-Incentive Fee Net Investment Income exceeds 2.5% in any calendar quarter; and
•20.0% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.5% in any calendar quarter.

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The Capital Gain Incentive Fee equals (a) 20.0% of the Company’s Capital Gain Incentive Fee Base (as defined below), if any, calculated in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date), which commenced with the calendar year ending December 31, 2010, less (b) the aggregate amount of any previously paid Capital Gain Incentive Fees. The Company’s “Capital Gain Incentive Fee Base” equals (1) the sum of (i) realized capital gains, if any, on a cumulative positive basis from the date the Company elected to become a BDC through the end of each calendar year, (ii) all realized capital losses on a cumulative basis and (iii) all unrealized capital depreciation on a cumulative basis less (2) all unamortized deferred debt issuance costs, if and to the extent such costs exceed all unrealized capital appreciation on a cumulative basis.

•The cumulative aggregate realized capital losses are calculated as the sum of the amounts by which (a) the net sales price of each investment in the Company’s portfolio when sold is less than (b) the accreted or amortized cost basis of such investment.
•The cumulative aggregate realized capital gains are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in the Company’s portfolio when sold and (b) the accreted or amortized cost basis of such investment.
•The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable Capital Gain Incentive Fee calculation date and (b) the accreted or amortized cost basis of such investment.

In accordance with GAAP, the Company also is required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee on a quarterly basis as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement. If the Capital Gain Incentive Fee Base, adjusted as required by GAAP to include unrealized capital appreciation, is positive at the end of a period, then GAAP requires the Company to accrue a capital gain incentive fee equal to 20% of such amount, less the aggregate amount of the actual Capital Gain Incentive Fees paid and capital gain incentive fees accrued under GAAP in all prior periods. If such amount is negative, then there is no accrual for such period. The resulting accrual under GAAP in a given period results in additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. There can be no assurance that such unrealized capital appreciation will be realized in the future. For the three months ended December 31, 2021, the Company accrued a capital gain incentive fee of $452. For the three months ended December 31, 2020, the Company did not accrue a capital gain incentive fee. Changes in the accrual for the capital gain incentive fee are included in incentive fee in the Consolidated Statements of Operations. As of December 31, 2021, there was a cumulative accrual of $452 for capital gain incentive fees under GAAP included in management and incentive fees payable on the Consolidated Statements of Financial Condition. As of September 30, 2021, there was no cumulative accrual of capital gain incentive fees under GAAP included in management and incentive fees payable on the Consolidated Statements of Financial Condition.

As of December 31, 2021 and September 30, 2021, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement as described above. Any payment due under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year.

Administration Agreement:  Under the Administration Agreement, the Administrator furnishes the Company with office facilities and equipment, provides the Company with clerical, bookkeeping and record keeping services at such facilities and provides the Company with other administrative services as the Administrator, subject to review by the Board, determines necessary to conduct the Company’s day-to-day operations. The Company reimburses the Administrator the allocable portion of overhead and other expenses incurred by it in performing its obligations under the Administration Agreement, including rent, fees and expenses associated with performing compliance functions and the Company's allocable portion of the cost of its chief financial officer and chief compliance officer and their respective staffs. The Board reviews such expenses to determine that these expenses, including any allocation of expenses among the Company and other entities for which the Administrator provides similar services, are reasonable and comparable to administrative services charged by unaffiliated third party asset managers. Under the Administration Agreement, the Administrator also provides, on the Company’s behalf, managerial assistance to those portfolio companies to which the Company is required to provide such assistance and will be paid an
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
additional amount based on the cost of the services provided, which amount shall not exceed the amount the Company receives from such portfolio companies.

Included in accounts payable and other liabilities is $1,818 and $1,769 as of December 31, 2021 and September 30, 2021, respectively, for accrued allocated shared services under the Administration Agreement.

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

Total expenses reimbursed to the Administrator during the three months ended December 31, 2021 and 2020 were $2,521 and $1,627, respectively.

As of December 31, 2021 and September 30, 2021, included in accounts payable and other liabilities were $1,865 and $2,523, respectively, for expenses paid on behalf of the Company by the Administrator.

The Company is party to an unsecured revolving credit facility with the Investment Adviser (as amended, the “Adviser Revolver”) which, as of December 31, 2021 and September 30, 2021 permits the Company to borrow a maximum of $100,000 and expires on June 21, 2022. Refer to Note 7. Borrowings for discussion of the Adviser Revolver.

On October 2, 2020, an affiliate of the Investment Adviser (the “Affiliate”) purchased $40,000 principal of the Company’s 2024 Unsecured Notes (defined in Note 7) and on October 9, 2020, the Affiliate sold $15,000 principal of its position to an unaffiliated party. On May 21, 2021, the Affiliate sold the remaining $25,000 principal of the Company’s 2024 Unsecured Notes to an unaffiliated party.

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 4. Investments

Investments as of December 31, 2021 and September 30, 2021 consisted of the following:
As of December 31, 2021As of September 30, 2021
  PrincipalAmortized
Cost		Fair
Value		PrincipalAmortized
Cost		Fair
Value
Senior secured$648,629 $634,222 $620,168 $816,316 $803,520 $784,805 
One stop4,301,066 4,268,792 4,235,533 3,936,606 3,913,331 3,882,314 
Second lien43,537 42,949 43,339 42,571 41,946 41,857 
Subordinated debt988 968 973 172 171 172 
EquityN/A196,660 246,753 N/A136,429 185,738 
Total$4,994,220 $5,143,591 $5,146,766 $4,795,665 $4,895,397 $4,894,886 


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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The following tables show the portfolio composition by geographic region at amortized cost and fair value as a percentage of total investments in portfolio companies. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which is not always indicative of the primary source of the portfolio company’s business.
As of December 31, 2021As of September 30, 2021
Amortized Cost:        
United States        
Mid-Atlantic$836,371 16.3 %$836,031 17.1 %
Midwest939,085 18.3 963,963 19.7 
West979,854 19.0 914,227 18.7 
Southeast1,092,846 21.2 1,054,070 21.5 
Southwest399,971 7.8 319,831 6.5 
Northeast413,395 8.0 387,030 7.9 
Canada196,415 3.8 171,126 3.5 
United Kingdom212,600 4.1 187,664 3.8 
Australia3,209 0.1 3,291 0.1 
Luxembourg8,587 0.2 8,584 0.2 
Netherlands61,258 1.2 49,580 1.0 
Total$5,143,591 100.0 %$4,895,397 100.0 %
Fair Value:        
United States        
Mid-Atlantic$824,331 16.0 %$824,447 16.8 %
Midwest938,181 18.2 964,658 19.7 
West989,354 19.2 922,289 18.8 
Southeast1,096,091 21.3 1,054,839 21.6 
Southwest401,528 7.8 318,892 6.5 
Northeast409,817 8.0 386,780 7.9 
Canada200,568 3.9 175,969 3.6 
United Kingdom213,521 4.1 185,591 3.8 
Australia3,274 0.1 3,333 0.1 
Luxembourg8,370 0.2 8,508 0.2 
Netherlands 61,731 1.2 49,580 1.0 
Total$5,146,766 100.0 %$4,894,886 100.0 %


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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The industry compositions of the portfolio at amortized cost and fair value as of December 31, 2021 and September 30, 2021 were as follows:
As of December 31, 2021As of September 30, 2021
Amortized Cost:        
Aerospace and Defense$115,681 2.2 %$114,075 2.3 %
Airlines966 0.0 *967 0.0 *
Auto Components33,383 0.6 32,334 0.7 
Automobiles246,597 4.8 139,501 2.9 
Beverages60,078 1.2 61,557 1.3 
Biotechnology1,769 0.0 *23,968 0.5 
Building Products16,995 0.3 9,395 0.2 
Chemicals87,780 1.7 64,363 1.3 
Commercial Services and Supplies152,794 3.0 98,529 2.0 
Communications Equipment11,390 0.2 11,382 0.2 
Construction & Engineering— — 49,060 1.0 
Consumer Finance2,038 0.0 *2,057 0.0 *
Containers and Packaging28,644 0.6 10,407 0.2 
Distributors6,173 0.1 6,189 0.1 
Diversified Consumer Services169,937 3.3 138,358 2.8 
Diversified Financial Services26,330 0.5 16,345 0.3 
Diversified Telecommunication Services1,614 0.0 *1,616 0.0 *
Electronic Equipment, Instruments and Components145,138 2.8 124,995 2.6 
Energy Equipment and Services4,371 0.1 4,388 0.1 
Food and Staples Retailing104,988 2.1 124,003 2.5 
Food Products114,027 2.2 112,773 2.3 
Healthcare Equipment and Supplies161,511 3.2 162,211 3.3 
Healthcare Providers and Services474,085 9.2 552,202 11.3 
Health Care Technology166,336 3.2 147,269 3.0 
Hotels, Restaurants and Leisure124,474 2.4 174,667 3.6 
Household Durables8,887 0.2 5,338 0.1 
Household Products5,172 0.1 5,199 0.1 
Industrial Conglomerates18,523 0.4 18,403 0.4 
Insurance273,875 5.3 232,137 4.7 
Internet and Catalog Retail60,059 1.2 30,836 0.6 
IT Services287,211 5.6 298,383 6.1 
Leisure Products11,890 0.2 11,869 0.2 
Life Sciences Tools & Services35,025 0.7 56,285 1.2 
Machinery34,625 0.7 32,374 0.7 
Marine16,720 0.3 16,729 0.3 
Media5,285 0.1 5,295 0.1 
Multiline Retail46,389 1.0 46,382 1.0 
Oil, Gas and Consumable Fuels92,742 1.8 92,993 1.9 
Paper and Forest Products9,067 0.2 8,970 0.2 
Personal Products36,895 0.7 37,019 0.8 
Pharmaceuticals125,274 2.4 106,859 2.2 
Professional Services111,426 2.2 104,427 2.1 
Real Estate Management and Development97,173 1.9 97,205 2.0 
Road and Rail36,920 0.7 37,012 0.8 
Software1,177,375 22.9 1,077,321 22.0 
Specialty Retail290,241 5.6 286,417 5.9 
Technology Hardware, Storage and Peripherals23,745 0.5 23,815 0.5 
Textiles, Apparel and Luxury Goods45,130 0.9 45,092 0.9 
Trading Companies and Distributors19,357 0.4 18,936 0.4 
Water Utilities17,486 0.3 17,490 0.4 
Total$5,143,591 100.0 %$4,895,397 100.0 %
* Represents an amount less than 0.1%.
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
As of December 31, 2021As of September 30, 2021
Fair Value:        
Aerospace and Defense$114,336 2.2 %$112,636 2.3 %
Airlines933 0.0 *936 0.0 *
Auto Components33,607 0.7 32,566 0.7 
Automobiles248,289 4.8 140,499 2.9 
Beverages62,666 1.2 60,868 1.2 
Biotechnology1,769 0.0 *25,439 0.5 
Building Products17,019 0.3 11,243 0.2 
Chemicals88,189 1.7 64,262 1.3 
Commercial Services and Supplies154,746 3.0 99,595 2.0 
Communications Equipment11,557 0.2 11,347 0.2 
Construction & Engineering— — 49,166 1.0 
Consumer Finance2,273 0.0 *2,627 0.1 
Containers and Packaging28,852 0.6 10,545 0.2 
Distributors6,079 0.1 6,089 0.1 
Diversified Consumer Services166,132 3.2 134,232 2.7 
Diversified Financial Services26,532 0.5 16,497 0.3 
Diversified Telecommunications Services1,641 0.0 *1,645 0.0 *
Electronic Equipment, Instruments and Components145,445 2.8 125,481 2.6 
Energy Equipment and Services2,408 0.0 *2,399 0.0 *
Food and Staples Retailing109,528 2.1 128,574 2.6 
Food Products120,946 2.4 119,568 2.4 
Healthcare Equipment and Supplies156,315 3.0 157,959 3.2 
Healthcare Providers and Services450,203 8.7 532,463 10.9 
Health Care Technology170,250 3.3 150,565 3.1 
Hotels, Restaurants and Leisure124,505 2.4 172,285 3.5 
Household Durables9,187 0.2 5,694 0.1 
Household Products5,119 0.1 5,140 0.1 
Industrial Conglomerates18,524 0.4 18,560 0.4 
Insurance275,369 5.4 234,529 4.8 
Internet and Catalog Retail60,709 1.2 31,127 0.6 
IT Services288,811 5.6 302,487 6.2 
Leisure Products12,864 0.3 12,575 0.3 
Life Sciences Tools & Services35,067 0.7 57,004 1.2 
Machinery29,959 0.6 29,377 0.6 
Marine16,859 0.3 16,877 0.3 
Media5,384 0.1 5,397 0.1 
Multiline Retail46,470 0.9 46,470 1.0 
Oil, Gas and Consumable Fuels92,085 1.8 92,720 1.9 
Paper and Forest Products9,066 0.2 8,921 0.2 
Personal Products33,643 0.7 33,727 0.7 
Pharmaceuticals126,459 2.5 108,458 2.2 
Professional Services112,075 2.2 106,898 2.2 
Real Estate Management and Development97,331 1.9 96,066 2.0 
Road and Rail36,916 0.7 36,751 0.8 
Software1,190,044 23.1 1,084,864 22.2 
Specialty Retail297,795 5.8 292,446 6.0 
Technology Hardware, Storage and Peripherals23,695 0.5 23,717 0.5 
Textiles, Apparel and Luxury Goods41,758 0.8 38,627 0.8 
Trading Companies and Distributors19,673 0.4 19,311 0.4 
Water Utilities17,684 0.4 17,657 0.4 
Total$5,146,766 100.0 %$4,894,886 100.0 %
* Represents an amount less than 0.1%.
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 5. Forward Currency Contracts

The Company enters into forward currency contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies.

The outstanding forward currency contracts as of December 31, 2021 and September 30, 2021 were as follows:
As of December 31, 2021
CounterpartyCurrency to be soldCurrency to be purchasedSettlement dateUnrealized appreciation ($)Unrealized depreciation ($)
Macquarie Bank Limited£3,780 GBP$4,804 USD3/27/2023$— $(296)
Macquarie Bank Limited€9,300 EUR$10,861 USD4/29/2022225 — 
Macquarie Bank Limited€6,760 EUR$8,044 USD4/28/2023247 — 
Macquarie Bank Limited£10,058 GBP$12,706 USD7/17/2023— (858)
Macquarie Bank Limited£8,925 GBP$11,219 USD2/28/2023— (825)
Macquarie Bank Limited$18,425 CAD$13,783 USD10/30/2023— (689)
Macquarie Bank Limited€13,960 EUR$16,735 USD4/28/2023588 — 
Macquarie Bank Limited£2,228 GBP$2,903 USD4/28/2023— (103)
Macquarie Bank Limited€25,000 GBP$34,298 USD8/27/2024496 — 
Macquarie Bank Limited€26,000 EUR$31,803 USD2/27/2025828 — 
Macquarie Bank Limited$25,000 CAD$19,609 USD8/27/202437 — 
Macquarie Bank Limited$30,000 CAD$23,399 USD8/27/2024— (84)
Macquarie Bank Limited€20,550 GBP$28,297 USD9/3/2024508 — 
Macquarie Bank Limited$22,600 CAD$17,739 USD8/30/202447 — 
Macquarie Bank Limited€13,945 GBP$19,149 USD3/31/2025250 — 
$3,227 $(2,856)
As of September 30, 2021
CounterpartyCurrency to be soldCurrency to be purchasedSettlement dateUnrealized appreciation ($)Unrealized depreciation ($)
Macquarie Bank Limited£3,780 GBP$4,804 USD3/27/2023$— $(272)
Macquarie Bank Limited€9,300 EUR$10,861 USD4/29/2022106 — 
Macquarie Bank Limited€6,760 EUR$8,044 USD4/28/202340 — 
Macquarie Bank Limited£10,058 GBP$12,706 USD7/17/2023— (796)
Macquarie Bank Limited£8,925 GBP$11,219 USD2/28/2023— (769)
Macquarie Bank Limited$18,425 CAD$13,783 USD10/30/2023— (660)
Macquarie Bank Limited€13,960 EUR$16,735 USD4/28/2023343 — 
Macquarie Bank Limited£2,228 GBP$2,903 USD4/28/2023— (88)
Macquarie Bank Limited€25,000 GBP$34,298 USD8/27/2024663 — 
Macquarie Bank Limited€26,000 EUR$31,803 USD2/27/2025426 — 
Macquarie Bank Limited$25,000 CAD$19,609 USD8/27/202475 — 
Macquarie Bank Limited$30,000 CAD$23,399 USD8/27/2024— (41)
Macquarie Bank Limited€20,550 GBP$28,297 USD9/3/2024647 — 
Macquarie Bank Limited$22,600 CAD$17,739 USD8/30/202481 — 
Macquarie Bank Limited€13,945 GBP$19,149 USD3/31/2025335 — 
$2,716 $(2,626)

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) with its derivative counterparty, Macquarie Bank Limited (“Macquarie”). The ISDA Master Agreement is a bilateral agreement between the Company and Macquarie that governs over the counter (“OTC”) derivatives, including forward currency contracts, and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Company and cash collateral received from Macquarie, if any, is included in the Consolidated Statements of Financial Condition as cash collateral held at broker for forward currency contracts or cash collateral received from broker for forward currency contracts. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties.

The following table is intended to provide additional information about the effect of the forward currency contracts on the financial statements of the Company including: the fair value of derivatives by risk category, the location of those fair values on the Consolidated Statements of Financial Condition, and the Company’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Company as of December 31, 2021 and September 30, 2021.
As of December 31, 2021
CounterpartyRisk exposure categoryUnrealized appreciation on forward currency contracts Unrealized depreciation on forward currency contracts Net amounts presented in the Consolidated Statement of Financial Condition
Collateral (Received) Pledged (1)
Net Amount (2)
Macquarie Bank LimitedForeign exchange$3,227 $(2,856)$371 $— $371 

As of September 30, 2021
CounterpartyRisk exposure categoryUnrealized appreciation on forward currency contracts Unrealized depreciation on forward currency contracts Net amounts presented in the Consolidated Statement of Financial Condition
Collateral (Received) Pledged (1)
Net Amount (2)
Macquarie Bank LimitedForeign exchange$2,716 $(2,626)$90 $— $90 

(1) The actual collateral pledged may be more than the amount shown due to over collateralization.
(2)Represents the net amount due from/(to) counterparties in the event of default.
The impact of derivative transactions for the three months ended December 31, 2021 and 2020 on the Consolidated Statements of Operations, including realized and unrealized gains (losses) is summarized in the table below:
Realized gain (loss) on forward currency contracts recognized in income
Risk exposure categoryThree months ended December 31,
20212020
Foreign exchange $— $— 
Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income
Risk exposure categoryThree months ended December 31,
20212020
Foreign exchange $281 $(3,892)

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The following table is a summary of the average outstanding daily volume for forward currency contracts for the three months ended December 31, 2021 and 2020:
Average U.S. Dollar notional outstandingThree months ended December 31,
20212020
Forward currency contracts$260,211 $71,247 

Exclusion of the Investment Adviser from Commodity Pool Operator Definition

Engaging in commodity interest transactions such as swap transactions or futures contracts for the Company may cause the Investment Adviser to fall within the definition of “commodity pool operator” under the Commodity Exchange Act (the “CEA”) and related Commodity Futures Trading Commission (the “CFTC”) regulations. On February 6, 2020, the Investment Adviser claimed an exclusion from the definition of the term “commodity pool operator” under the CEA and the CFTC regulations in connection with its management of the Company and, therefore, is not subject to CFTC registration or regulation under the CEA as a commodity pool operator with respect to its management of the Company.

Note 6. Fair Value Measurements

The Company follows ASC Topic 820 for measuring fair value. Fair value is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the assets or liabilities or market and the assets’ or liabilities’ complexity. The Company’s fair value analysis includes an analysis of the value of any unfunded loan commitments. Assets and liabilities are categorized for disclosure purposes based upon the level of judgment associated with the inputs used to measure their value. The valuation hierarchical levels are based upon the transparency of the inputs to the valuation of the asset or liability as of the measurement date. The three levels are defined as follows:

Level 1:     Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

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

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

In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the three months ended December 31, 2021 and 2020. The following section describes the valuation techniques used by the Company to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

Investments

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Board, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of the Board to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with approximately 25% (based on the number of portfolio companies) of the Company’s valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. All investments as of December 31, 2021 and September 30, 2021, with the exception of money market funds included in cash, cash equivalents and restricted cash and cash equivalents and one portfolio company equity investment (Level 1 investments) and forward currency contracts (Level 2 investments), were valued using Level 3 inputs.

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

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

Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that are ultimately received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company could realize significantly less than the value at which such investment had previously been recorded. The Company’s investments are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded.

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The following tables present fair value measurements of the Company’s investments and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of December 31, 2021 and September 30, 2021:
As of December 31, 2021Fair Value Measurements Using
DescriptionLevel 1Level 2Level 3Total
Assets, at fair value:        
Debt investments(1)
$— $— $4,900,013 $4,900,013 
Equity investments(1)
227 — 246,526 246,753 
Money market funds(1)(2)
61,408 — — 61,408 
Forward currency contracts— 3,227 — 3,227 
Total assets, at fair value:$61,635 $3,227 $5,146,539 $5,211,401 
Liabilities at fair value:
Forward currency contracts $— $(2,856)$— $(2,856)
Total liabilities, at fair value:$— $(2,856)$— $(2,856)
As of September 30, 2021Fair Value Measurements Using
DescriptionLevel 1Level 2Level 3Total
Assets, at fair value:        
Debt investments(1)
$— $— $4,709,148 $4,709,148 
Equity investments(1)
508 — 185,230 185,738 
Money market funds(1)(2)
38,317 — — 38,317 
Forward currency contracts— 2,716 — 2,716 
Total assets, at fair value:$38,825 $2,716 $4,894,378 $4,935,919 
Liabilities at fair value:
Forward currency contracts $— $(2,626)$— $(2,626)
Total liabilities, at fair value:$— $(2,626)$— $(2,626)
(1)Refer to the Consolidated Schedules of Investments for further details.
(2)Included in cash and cash equivalents, restricted cash and cash equivalents, foreign currencies and restricted foreign currencies on the Consolidated Statements of Financial Condition.

The net change in unrealized appreciation (depreciation) for the three months ended December 31, 2021 and 2020, reported within the net change in unrealized appreciation (depreciation) on investments in the Company’s Consolidated Statements of Operations attributable to the Company’s Level 3 assets held as of December 31, 2021 and 2020 was $14,260 and $46,683, respectively.


















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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

The following tables present the changes in investments measured at fair value using Level 3 inputs for the three months ended December 31, 2021 and 2020:
For the three months ended December 31, 2021
  Debt
Investments		Equity
Investments		Total
Investments
Fair value, beginning of period$4,709,148 $185,230 $4,894,378 
Net change in unrealized appreciation (depreciation) on investments2,902 1,065 3,967 
Realized gain (loss) on investments(313)14,886 14,573 
Funding of (proceeds from) revolving loans, net336 — 336 
Fundings of investments821,550 69,382 890,932 
PIK interest3,473 — 3,473 
Proceeds from principal payments and sales of portfolio investments(637,723)(24,037)(661,760)
Accretion of discounts and amortization of premiums640 — 640 
Fair value, end of period$4,900,013 $246,526 $5,146,539 

For the three months ended December 31, 2020
  Debt
Investments		Equity
Investments		Total
Investments
Fair value, beginning of period$4,146,013 $92,197 $4,238,210 
Net change in unrealized appreciation (depreciation) on investments53,236 9,854 63,090 
Realized gain (loss) on investments(5,412)3,798 (1,614)
Funding of (proceeds from) revolving loans, net(3,911)— (3,911)
Fundings of investments481,021 8,986 490,007 
PIK interest4,725 — 4,725 
Proceeds from principal payments and sales of portfolio investments(268,174)(10,491)(278,665)
Accretion of discounts and amortization of premiums(4,624)— (4,624)
Fair value, end of period$4,402,874 $104,344 $4,507,218 


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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of December 31, 2021 and September 30, 2021.
    
Quantitative information about Level 3 Fair Value Measurements
Fair value as of December 31, 2021Valuation TechniquesUnobservable Input
Range (Weighted Average) (1)
Assets:        
Senior secured loans(2)
$616,872 Market rate approachMarket interest rate2.5% - 14.8% (5.8%)
    Market comparable companiesEBITDA multiples6.5x - 24.0x (14.9x)
3,095 Market comparableBroker/dealer bids or quotesN/A
201 Collateral analysisRecovery rate1.6%
One stop loans(3)(4)
$4,214,070 Market rate approachMarket interest rate1.0% - 27.3% (7.4%)
  Market comparable companiesEBITDA multiples4.5x - 36.8x (16.5x)
      Revenue multiples2.0x - 30.0x (9.1x)
21,463 Market comparableBroker/dealer bids or quotesN/A
Subordinated debt and second lien loans$44,312 Market rate approachMarket interest rate6.3% - 11.8% (9.0%)
    Market comparable companiesEBITDA multiples7.0x - 24.3x (17.6x)
Equity(5)
$246,526 Market comparable companiesEBITDA multiples4.5x - 43.0x (18.9x)
      Revenue multiples2.0x - 30.0x (15.9x)
(1)Unobservable inputs were weighted by the relative fair value of the instruments.
(2)$25,351 of loans at fair value were valued using the market comparable companies approach only.
(3)$109,156 of loans at fair value were valued using the market comparable companies approach only.
(4)The Company valued $3,557,077 and $656,993 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.
(5)The Company valued $212,915 and $33,611 of equity investments using EBITDA and revenue multiples, respectively.
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Quantitative information about Level 3 Fair Value Measurements
Fair value as of September 30, 2021Valuation TechniquesUnobservable Input
Range
(Weighted Average)(1)
Assets:        
Senior secured loans(2)
$778,413 Market rate approachMarket interest rate2.5% - 14.8% (5.6%)
    Market comparable companiesEBITDA multiples6.0x - 24.2x (15.1x)
6,172 Market comparableBroker/dealer bids or quotesN/A
220 Collateral analysisRecovery rate1.6%
One stop loans(3)(4)
$3,882,314 Market rate approachMarket interest rate1.0% - 18.0% (7.5%)
  Market comparable companiesEBITDA multiples4.5x - 35.0x (15.5x)
      Revenue multiples2.0x - 18.5x (8.0x)
Subordinated debt and second lien loans(5)
$42,029 Market rate approachMarket interest rate6.8% - 19.5% (9.5%)
    Market comparable companiesEBITDA multiples6.0x - 23.6x (17.2x)
Revenue multiples3.4x
Equity(6)
$185,230 Market comparable companiesEBITDA multiples4.5x - 26.0x (17.4x)
      Revenue multiples2.0x - 25.0x (12.3x)
(1)Unobservable inputs were weighted by the relative fair value of the instruments.
(2)$23,989 of loans at fair value were valued using the market comparable companies approach only.
(3)$76,290 of loans at fair value were valued using the market comparable companies approach only.
(4)The Company valued $3,354,556 and $527,758 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.
(5)The Company valued $42,020 and $9 of subordinated debt loans and second lien loans using EBITDA and revenue multiples, respectively. All second lien and subordinated debt loans were also valued using the market rate approach.
(6)The Company valued $159,620 and $25,610 of equity investments using EBITDA and revenue multiples, respectively.

The above tables are not intended to be all-inclusive but rather to provide information on significant unobservable inputs and valuation techniques used by the Company.
The significant unobservable inputs used in the fair value measurement of the Company’s debt and equity investments are EBITDA multiples, revenue multiples and market interest rates. The Company uses EBITDA multiples and, to a lesser extent, revenue multiples on its debt and equity investments to determine any credit gains or losses. Increases or decreases in either of these inputs in isolation would have resulted in a significantly lower or higher fair value measurement. The Company uses market interest rates for loans to determine if the effective yield on a loan is commensurate with the market yields for that type of loan. If a loan’s effective yield was significantly less than the market yield for a similar loan with a similar credit profile, then the resulting fair value of the loan may have been lower.

Other Financial Assets and Liabilities

ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. As a result, with the exception of the line item titled “debt” which is reported at cost, all assets and liabilities approximate fair value on the Consolidated Statements of Financial Condition due to their short maturity. The fair value of the Company's 2024 Notes, 2026 Notes and 2027 Notes (as defined in Note 7. Borrowings) is based on vendor pricing received by the Company, which is considered a Level 2 input. The fair value of the Company’s remaining debt is estimated using Level 3 inputs by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date, if available.

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The following are the carrying values and fair values of the Company’s debt as of December 31, 2021 and September 30, 2021.
As of December 31, 2021As of September 30, 2021
  Carrying ValueFair ValueCarrying ValueFair Value
Debt$2,852,832 $2,849,051 $2,569,228 $2,594,368 

Note 7. Borrowings

In accordance with the 1940 Act, with certain limited exceptions, prior to February 6, 2019, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing. On February 5, 2019, the Company’s stockholders voted to approve the asset coverage requirement decrease to 150% from 200% in accordance with Section 61(a)(2) of the 1940 Act. Effective February 6, 2019, the reduced asset coverage requirement permits the Company to have a ratio of total consolidated assets to outstanding indebtedness of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement. As of December 31, 2021, the Company’s asset coverage for borrowed amounts was 190.9%.

Debt Securitizations: On November 16, 2018, the Company completed a $602,400 term debt securitization (the “2018 Debt Securitization”). The notes offered in the 2018 Debt Securitization (the “2018 Notes”) were issued by the 2018 Issuer, a subsidiary of 2018 CLO Depositor, and are backed by a diversified portfolio of senior secured and second lien loans. The transaction was executed through a private placement of approximately $327,000 of AAA/AAA Class A 2018 Notes, which bear interest at three-month LIBOR plus 1.48%; $61,200 of AA Class B 2018 Notes, which bear interest at three-month LIBOR plus 2.10%; $20,000 of A Class C-1 2018 Notes, which bear interest at three-month LIBOR plus 2.80%; $38,800 of A Class C-2 2018 Notes, which bear interest at three-month LIBOR plus 2.65%; $42,000 of BBB- Class D 2018 Notes, which bear interest at three-month LIBOR plus 2.95%; and $113,400 of Subordinated 2018 Notes which do not bear interest. The Company indirectly retained all of the Class C-2, Class D and Subordinated 2018 Notes. Through January 20, 2023, the 2018 Issuer is permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the 2018 Issuer and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the 2018 Debt Securitization. The 2018 Notes are scheduled to mature on January 20, 2031. The Class A, Class B and Class C-1 2018 Notes are included in the December 31, 2021 and September 30, 2021 Consolidated Statements of Financial Condition as debt of the Company. As of December 31, 2021 and September 30, 2021, the Class C-2, Class D and Subordinated 2018 Notes were eliminated in consolidation.

As of December 31, 2021 and September 30, 2021, there were 73 and 75 portfolio companies, respectively, with a total fair value of $563,276 and $579,075, respectively, securing the 2018 Notes. The pool of loans in the 2018 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

The interest charged under the 2018 Debt Securitization is based on three-month LIBOR. The three-month LIBOR in effect as of December 31, 2021 based on the last interest rate reset was 0.1%. For the three months ended December 31, 2021 and 2020, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the 2018 Debt Securitization were as follows:
Three months ended December 31,
  20212020
Stated interest expense$1,846 $1,948 
Amortization of debt issuance costs106 106 
Total interest and other debt financing expenses$1,952 $2,054 
Cash paid for interest expense$1,848 $1,992 
Annualized average stated interest rate1.8 %1.9 %
Average outstanding balance$408,200 $408,200 

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TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
As of December 31, 2021, the classes, amounts, ratings and interest rates (expressed as a spread to three-month LIBOR) of the Class A, B and C-1 2018 Notes are as follows:
DescriptionClass A 2018 NotesClass B 2018 NotesClass C-1 2018 Notes
TypeSenior Secured Floating RateSenior Secured Floating RateSenior Secured Floating Rate
Amount Outstanding$327,000$61,200$20,000
Fitch Rating“AAA”“NR”“NR”
S&P Rating“AAA”“AA”“A”
Interest RateLIBOR + 1.48%LIBOR + 2.10%LIBOR + 2.80%

Effective September 16, 2019, the Company assumed, as a result of the Merger, a $908,195 term debt securitization (the “GCIC 2018 Debt Securitization”). The GCIC 2018 Debt Securitization was originally completed on December 13, 2018. The notes offered in the GCIC 2018 Debt Securitization (the “GCIC 2018 Notes”) were issued by the GCIC 2018 Issuer, a subsidiary of GCIC 2018 CLO Depositor, and are secured by a diversified portfolio of senior secured and second lien loans. The GCIC 2018 Debt Securitization consists of $490,000 of AAA/AAA Class A-1 GCIC 2018 Notes, $38,500 of AAA Class A-2 GCIC 2018 Notes, and $18,000 of AA Class B-1 GCIC 2018 Notes. In partial consideration for the loans transferred to the GCIC 2018 Issuer as part of the GCIC 2018 Debt Securitization, the GCIC 2018 CLO Depositor received and retained $27,000 of Class B-2 GCIC 2018 Notes, $95,000 of Class C GCIC 2018 Notes and $60,000 of Class D GCIC 2018 Notes and $179,695 of Subordinated GCIC 2018 Notes. On December 21, 2020, the Company and the GCIC 2018 Issuer amended the GCIC 2018 Debt Securitization to, among other things, (a) refinance the issued Class A-2 GCIC 2018 Notes issued by the GCIC 2018 Issuer by redeeming in full the $38,500 of Class A-2 GCIC 2018 Notes and issuing new Class A-2-R GCIC 2018 Notes in an aggregate principal amount of $38,500 that bear interest at a rate of 2.498%, which is a decrease from the rate of 4.665% of the Class A-2 GCIC 2018 Notes and (b) provide for a non-called period, during which the Class A-2-R GCIC 2018 Notes cannot be redeemed, from December 21, 2020 to but excluding June 21, 2021. The Class A-1, Class A-2-R and Class B-1 GCIC 2018 Notes are included in the December 31, 2021 and September 30, 2021 Consolidated Statements of Financial Condition as debt of the Company. As of December 31, 2021 and September 30, 2021, the Class B-2, Class C and Class D GCIC 2018 Notes and the Subordinated GCIC 2018 Notes were eliminated in consolidation.

Through January 20, 2023, the GCIC 2018 Issuer is permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of the Investment Adviser in its capacity as collateral manager of the GCIC 2018 Issuer and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the GCIC 2018 Debt Securitization. The GCIC 2018 Notes are scheduled to mature on January 20, 2031, and the Subordinated GCIC 2018 Notes are scheduled to mature on December 13, 2118.

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

As of December 31, 2021 and September 30, 2021, there were 90 and 96 portfolio companies, respectively, with a total fair value of $845,919 and $889,326, respectively, securing the GCIC 2018 Notes. The pool of loans in the GCIC 2018 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

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The interest charged under the GCIC 2018 Debt Securitization is based on three-month LIBOR. The three-month LIBOR in effect as of December 31, 2021 based on the last interest rate reset was 0.1%. For the three months ended December 31, 2021 and 2020, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the GCIC 2018 Debt Securitization were as follows:
Three months ended December 31,
  20212020
Stated interest expense$2,374 $2,633 
Accretion of discounts on notes issued451 448 
Amortization of debt issuance costs17 — 
Total interest and other debt financing expenses$2,842 $3,081 
Cash paid for interest expense2,371 3,063 
Annualized average stated interest rate1.7 %1.9 %
Average outstanding balance$546,500 $546,500 

As of December 31, 2021, the classes, amounts, ratings and interest rates (expressed as a spread to three-month LIBOR, as applicable) of the Class A-1 GCIC 2018 Notes, Class A-2 GCIC 2018 Notes, and Class B-1 GCIC 2018 Notes were as follows:
DescriptionClass A-1 GCIC 2018 NotesClass A-2-R GCIC 2018 NotesClass B-1 GCIC 2018 Notes
TypeSenior Secured Floating RateSenior Secured Fixed RateSenior Secured Floating Rate
Amount Outstanding$490,000$38,500$18,000
Fitch’s Rating"AAA""NR""NR"
S&P Rating"AAA""AAA""AA"
Interest RateLIBOR + 1.48%2.50%LIBOR + 2.25%

On August 26, 2020, the Company completed a $330,355 term debt securitization, of which $297,355 was funded at closing (the “2020 Debt Securitization”). The notes offered in the 2020 Debt Securitization (the “2020 Notes”) were issued by the 2020 Issuer, a subsidiary of 2020 CLO Depositor, and were backed by a diversified portfolio of senior secured and second lien loans. The 2020 Notes consisted of approximately $137,500 of AAA Class A-1 2020 Notes, which bore interest at three-month LIBOR plus 2.35%; $10,500 of AAA Class A-2 2020 Notes, which bore interest at three-month LIBOR plus 2.75%; $21,000 of AA Class B 2020 Notes which bore interest at the three-month LIBOR plus 3.20%; up to $33,000 A Class C 2020 Notes, which remained unfunded upon closing of the transactions and bore interest at three-month LIBOR plus a spread set in connection with the funding date but which in no event was to be greater than 3.65%; and approximately $108,355 of Subordinated 2020 Notes, which did not bear interest. The Company was permitted, subject to certain conditions, to request a one-time funding of the Class C 2020 Notes, which would not be deemed an additional issuance of notes, but would have caused the Class C 2020 Notes to be additional debt of the Company. As a part of the 2020 Debt Securitization, the Company also entered into a credit agreement (the “Credit Agreement”) upon closing of the transactions pursuant to which various financial institutions and other persons which were, or could have become, parties thereto as lenders (the “Lenders”) committed to make $20,000 of AAA Class A-1-L loans to the Company (the “2020 Loans”). The 2020 Loans bore interest at three-month LIBOR plus 2.35% and were fully drawn upon closing of the transactions. Any Lender could have elected to convert all or a portion of the Class A-1-L Loans held by such Lender into Class A-1 2020 Notes upon written notice to the Company in accordance to the Credit Agreement. The Class A-1 2020 Notes, the Class A-2 2020 Notes and the Class B 2020 Notes were issued through a private placement. The Class C 2020 Notes and the Subordinated 2020 Notes were retained by the Company and the Company was the sole owner of the equity of the 2020 Issuer.

Through November 5, 2022, all principal collections received on the underlying collateral could have been used by the 2020 Issuer to purchase new collateral under the direction of GC Advisors, in its capacity as collateral manager of the 2020 Issuer and in accordance with the Company's investment strategy, allowing the Company to maintain the initial leverage in the 2020 Debt Securitization.

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On August 26, 2021, the 2020 Issuer redeemed the outstanding 2020 Notes pursuant to the terms of the indenture governing such 2020 Notes. Following such redemption, the agreements that governed the 2020 Debt Securitization were terminated. The 2020 Notes would have otherwise matured on November 5, 2032.

The pool of loans in the 2020 Debt Securitization must have met certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

The interest charged under the 2020 Debt Securitization was based on three-month LIBOR. For the three months ended December 31, 2021 and 2020, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the 2020 Debt Securitization were as follows:
Three months ended December 31,
20212020
Stated interest expense$— $1,296 
Amortization of debt issuance costs— 190 
Total interest and other debt financing expenses$— $1,486 
Cash paid for interest expense— — 
Annualized average stated interest rateN/A2.7 %
Average outstanding balance$— $189,000 

The Investment Adviser served as collateral manager to the 2020 Issuer and serves as the collateral manager to the 2018 Issuer and GCIC 2018 Issuer under separate collateral management agreements and receives a fee for providing these services. The total fees payable by the Company under the Investment Advisory Agreement are reduced by an amount equal to the total aggregate fees paid to the Investment Adviser by the 2018 Issuer, the GCIC 2018 Issuer and the 2020 Issuer for rendering such collateral management services.

As part of each of the 2018 Debt Securitization, GCIC 2018 Debt Securitization and the 2020 Debt Securitization, GBDC entered into, or assumed in the Merger, master loan sale agreements under which GBDC agreed to directly or indirectly sell or contribute certain senior secured and second lien loans (or participation interests therein) to the 2018 Issuer, the GCIC 2018 Issuer or the 2020 Issuer, as applicable, and to purchase or otherwise acquire the LLC equity interests in the Subordinated 2018 Notes, the GCIC Subordinated 2018 Notes and the Subordinated 2020 Notes, as applicable. As of December 31, 2021, the 2018 Notes and the GCIC 2018 Notes (other than the Subordinated 2018 Notes and the GCIC Subordinated 2018 Notes) were the secured obligations of the 2018 Issuer and the GCIC 2018 Issuer, respectively, and indentures governing each of the 2018 Notes and the GCIC 2018 Notes include customary covenants and events of default.

SBA Debentures: On November 4, 2020, May 4, 2021 and September 21, 2021, SBIC IV, SBIC V, and SBIC VI, respectively, surrendered their licenses to operate as a SBIC. The SBICs were subject to a variety of regulations and oversight by the SBA concerning the size and nature of the companies in which they invested as well as the structures of those investments. The licenses allowed the SBICs to obtain leverage by issuing SBA-guaranteed debentures, subject to issuance of a capital commitment by the SBA and customary procedures. These debentures were non-recourse to the Company, had interest payable semiannually and a ten-year maturity. The interest rate was fixed at the time of issuance at a market-driven spread over U.S. Treasury Notes with ten-year maturities.

As of December 31, 2021 and September 30, 2021, each of SBIC IV, SBIC V and SBIC VI had no outstanding SBA-guaranteed debentures. The original amount of debentures committed to SBIC IV, SBIC V and SBIC VI by the SBA were $150,000, $175,000 and $175,000, respectively. Through September 30, 2021, SBIC IV, SBIC V and SBIC VI repaid $150,000, $175,000 and $110,000 of outstanding debentures, respectively, and these commitments were terminated.

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For the three months ended December 31, 2021 and 2020, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the SBA debentures were as follows:
Three months ended December 31,
  20212020
Stated interest expense$— $1,679 
Amortization of debt issuance costs— 331 
Total interest and other debt financing expenses$— $2,010 
Cash paid for interest expense$— $— 
Annualized average stated interest rateN/A3.0 %
Average outstanding balance$— $220,793 

Revolving Credit Facilities: On February 1, 2019, Funding II entered into a credit facility, as amended, (the “MS Credit Facility II”) with Morgan Stanley, as the administrative agent, each of the lenders from time to time party thereto, each of the securitization subsidiaries from time to time party thereto, and Wells Fargo Bank, N.A., as collateral agent, account bank and collateral custodian. On October 23, 2020, the Company delivered a notice to the lenders under the MS Credit Facility II to permanently decrease the borrowing capacity under the MS Credit Facility II by $75,000, resulting in total borrowing capacity of $325,000. On January 29, 2021, the Company entered into an amendment to the MS Credit Facility II that extended the reinvestment period to May 3, 2021 from February 1, 2021, extended the maturity date to May 1, 2024 from February 1, 2024 and reduced borrowing capacity to $250,000 from $325,000. On February 23, 2021, the Company delivered a notice to the lenders under the MS Credit Facility II to permanently decrease the borrowing capacity under the MS Credit Facility II by $175,000 to $75,000. On April 13, 2021, the Company entered into an amendment on MS Credit Facility II to, among other things, reduce the interest rate for borrowings under the facility to the applicable base rate plus 2.05% during the revolving period and to the applicable base rate plus 2.55% thereafter, extend the revolving period from May 3, 2021 to April 12, 2024 and to extend the maturity date from May 1, 2024 to April 12, 2026. On July 30, 2021, the Company entered into an amendment on MS Credit Facility II to, among other things, amend general concentration limits and institute an unused fee holiday until November 30, 2021. As of December 31, 2021, the MS Credit Facility II allows Funding II to borrow up to $75,000 at any one time outstanding, subject to leverage and borrowing base restrictions.
The period from February 1, 2019 until April 12, 2024 is referred to as the revolving period and during such revolving period, Funding II may request drawdowns under the MS Credit Facility II. Prior to June 18, 2020, borrowings under the MS Credit Facility II bore interest at the applicable base rate plus 2.05%. Effective June 18, 2020 to April 13, 2021, the MS Credit Facility II bore interest at the applicable base rate plus 2.45%. Effective April 13, 2021, the MS Credit Facility II bears interest at the applicable base rate plus 2.05%. Following expiration of the revolving period, the interest rate on borrowings under the MS Credit Facility II will reset to the applicable base rate plus 2.55% for the remaining term of the MS Credit Facility II. The revolving period will continue through April 12, 2024 unless there is an earlier termination or event of default. The base rate under the MS Credit Facility II is (i) one-month LIBOR with respect to any advances denominated in U.S. dollars or U.K. pound sterling, (ii) one-month EURIBOR with respect to any advances denominated in euros, and (iii) one-month Canadian Dollar Offered Rate with respect to any advances denominated in Canadian dollars. The scheduled maturity date of the MS Credit Facility II is April 12, 2026. The MS Credit Facility II is subject to a non-usage fee of 0.50% per annum subsequent to a ramp-up period as defined in the credit agreement.
The MS Credit Facility II is secured by all of the assets held by Funding II. Both the Company and Funding II have made customary representations and warranties and are required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. The borrowings under the MS Credit Facility II will be subject to the leverage restrictions contained in the 1940 Act.
As of December 31, 2021 and September 30, 2021, the Company had no outstanding debt under the MS Credit Facility II.

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For the three months ended December 31, 2021 and 2020, the components of interest expense, cash paid for interest and facility fees, average interest rates and average outstanding balances for the MS Credit Facility II were as follows:
Three months ended December 31,
  20212020
Stated interest expense$4 $1,543 
Facility fees40 144 
Amortization of debt issuance costs54 197 
Total interest and other debt financing expenses$98 $1,884 
Cash paid for interest expense and facility fees$146 $2,095 
Annualized average stated interest rateN/A2.7 %
Average outstanding balance$— *$230,165 

* Represents an amount less than $1.

Effective September 16, 2019, the Company assumed, as a result of the Merger, a senior secured revolving credit facility (as amended, the “WF Credit Facility”) with GCIC Funding as the borrower and with Wells Fargo Bank, N.A. as the swingline lender, collateral agent, account bank, collateral custodian and administrative agent. On February 12, 2021, all outstanding borrowings under the WF Credit Facility were repaid following which the WF Credit Facility was terminated. Prior to its termination, the WF Credit Facility allowed GCIC Funding to borrow up to $300,000 at any one time outstanding, subject to leverage and borrowing base restrictions. The stated maturity on the WF Credit Facility was March 21, 2024, with a reinvestment period that would have expired on March 20, 2021. The WF Credit Facility bore interest at one-month LIBOR plus 2.00%. A non-usage fee rate between 0.50% and 1.75% per annum was payable depending on the size of the unused portion of the WF Credit Facility.

The WF Credit Facility was collateralized by all of the assets held by GCIC Funding, and GBDC pledged its interests in GCIC Funding as collateral to Wells Fargo Bank, N.A., as the collateral agent, to secure the obligations of GBDC as the transferor and servicer under the WF Credit Facility. Both GBDC and GCIC Funding made customary representations and warranties and were required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. Borrowings under the WF Credit Facility were subject to the asset coverage requirements contained in the 1940 Act.

The Company transferred certain loans and debt securities it originated or acquired from time to time to GCIC Funding through a purchase and sale agreement and caused GCIC Funding to originate or acquire loans, consistent with the Company’s investment objectives.

As of December 31, 2021 and September 30, 2021, the Company had no outstanding debt under the WF Credit Facility.

For the three months ended December 31, 2021 and 2020, the components of interest expense, cash paid for interest and facility fees, annualized average interest rates and average outstanding balances for the WF Credit Facility were as follows:
Three months ended December 31,
  20212020
Stated interest expense$— $460 
Facility fees— 278 
Total interest and other debt financing expenses$— $738 
Cash paid for interest expense and facility fees$— $740 
Annualized average stated interest rateN/A2.2 %
Average outstanding balance$— $82,540 

Effective September 16, 2019, the Company assumed as a result of the Merger a senior secured revolving credit facility (as amended, the “DB Credit Facility”) with GCIC Funding II as the borrower and with Deutsche Bank AG,
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New York branch, as facility agent, the other agents parties thereto, each of the entities from time to time party thereto as securitization subsidiaries and Wells Fargo Bank, National Association, as collateral agent and as collateral custodian. On October 9, 2020, all outstanding borrowings under the DB Credit Facility were repaid following which the DB Credit Facility was terminated. Prior to its termination, the DB Credit Facility allowed GCIC Funding II to borrow up to $250,000 at any one time outstanding, subject to leverage and borrowing base restrictions.

The DB Credit Facility bore interest at the applicable base rate plus 1.90% per annum. The base rate under the DB Credit Facility was (i) the three-month Canadian Dollar Offered Rate with respect to any advances denominated in Canadian dollars, (ii) the three-month EURIBOR Interbank Offered Rate with respect to any advances denominated in Euros, (iii) the three-month Bank Bill Swap Rate with respect to any advances denominated in Australian dollars and (iv) the three-month LIBOR with respect to any other advances. A non-usage fee of 0.25% per annum was payable on the undrawn amount under the DB Credit Facility, and an additional fee based on unfunded commitments of the lenders was payable if borrowings under the DB Credit Facility did not exceed a minimum utilization percentage threshold. In addition, a syndication/agent fee was payable to the facility agent each quarter and was calculated based on the aggregate commitments outstanding each day during the preceding collection period at a rate of 1/360 of 0.25% of the aggregate commitments on each day. The reinvestment period of the DB Credit Facility would have expired on December 31, 2021 and the DB Credit Facility would have matured on December 31, 2024.

The DB Credit Facility was secured by all of the assets held by GCIC Funding II. GCIC Funding II made customary representations and warranties and was required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. The borrowings of the Company, including under the DB Credit Facility, were subject to the leverage restrictions contained in the 1940 Act.

The Company transferred certain loans and debt securities it originated or acquired from time to time to GCIC Funding II through a purchase and sale agreement and caused GCIC Funding II to originate or acquire loans, consistent with the Company’s investment objectives.

As of December 31, 2021 and September 30, 2021, the Company had no outstanding debt under the DB Credit Facility.

For the three months ended December 31, 2021 and 2020, the components of interest expense, cash paid for interest and facility fees, annualized average interest rates and average outstanding balances for the DB Credit Facility were as follows:
Three months ended December 31,
  20212020
Stated interest expense$— $73 
Facility fees— 14 
Total interest and other debt financing expenses$— $87 
Cash paid for interest expense and facility fees$— $840 
Annualized average stated interest rateN/A2.2 %
Average outstanding balance$— $13,248 

On February 11, 2021, the Company entered into a senior secured revolving credit facility, as amended, (the “JPM Credit Facility”) with the Company, as borrower, JPMorgan Chase Bank N.A., as administrative agent and as collateral agent, and the lenders party thereto. On October 14, 2021, the Company entered into an agreement with Signature Bank, Wells Fargo Bank, National Association and Regions Bank, pursuant to which, through the accordion feature in the JPM Credit Facility, the aggregate commitments under the JPM Credit Facility increased to $687,500 from $475,000 and the accordion feature allowed the Company, under certain circumstances, to increase the total size of the facility to a maximum of $712,500. On November 19, 2021, the Company entered into an amendment to the JPM Credit Facility to amend the JPM Credit Facility to, among other things, increase the accordion feature to allow the Company, under certain circumstances, to increase the total size of the facility to $1,500,000. On November 23, 2021, the Company entered into an agreement with First National Bank of
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Pennsylvania, JPMorgan Chase Bank, N.A., MUFG Union Bank, N.A., CIBC Bank USA, and Sumitomo Mitsui Banking Corporation, pursuant to which, through the accordion feature in the JPM Credit Facility, the aggregate commitments under the JPM Credit Facility increased from $687,500 to $1,037,500. On December 17, 2021, the Company entered into an agreement with Comerica Bank, Capital One, National Association and JPMorgan Chase Bank, N.A., pursuant to which, through the JPM Credit Facility’s accordion feature, the aggregate commitments under the JPM Credit Facility increased to $1,187,500. Under the JPM Credit Facility, as of December 31, 2021, the lenders agreed to extend credit to the Company in an aggregate amount of up to $1,187,500 in U.S. dollars and certain agreed upon foreign currencies with an option for the Company to request, at one or more times, that existing and/or new lenders, at their election, provide up to $312,500 of additional commitments.

The JPM Credit Facility provides for the issuance of letters of credit in an initial aggregate face amount of up to $23,750, subject to increase or reduction from time to time pursuant to the terms of the JPM Credit Facility. The JPM Credit Facility is secured by a first priority security interest in substantially all of the assets of the Company and certain of the Company’s subsidiaries thereunder.

Borrowings under the JPM Credit Facility are subject to compliance with a borrowing base test. Interest under the JPM Credit Facility for (i) loans for which the Company elects the base rate option, (A) if the value of the gross borrowing base is equal to or greater than 1.60 times the aggregate amount of certain outstanding indebtedness of the Company, or (the “Combined Debt Amount,”) is payable at the greater of (a) the prime rate as last quoted by The Wall Street Journal, (b) the sum of (x) the greater of (I) the federal funds effective rate and (II) the overnight bank funding rate plus (y) 0.5%, and (c) one month LIBOR plus 1% per annum or (the “alternate base rate”) plus 0.75% and, (B) if the value of the gross borrowing base is less than 1.60 times the Combined Debt Amount, the alternate base rate plus 0.875%; and (ii) loans for which the Company elects the Eurocurrency option (A) if the value of the gross borrowing base is equal to or greater than 1.60 times the Combined Debt Amount, is payable at a rate equal to LIBOR plus 1.75% and (B) if the value of the gross borrowing base is less than 1.60 times the Combined Debt Amount, is payable at a rate equal to LIBOR plus 1.875%. Effective November 19, 2021, interest under the JPM Facility for loans denominated in Pounds Sterling and Swiss Francs (A) if the value of the gross borrowing base is equal to or greater than 1.60 times the Combined Debt Amounts, is payable at a rate equal to one month SONIA plus 1.7826% per annum or one month Swiss Average Overnight Rate (“SARON”) plus 1.6929% per annum, respectively and, (B) if the value of the gross borrowing base is less than 1.60 times the Combined Debt Amount, is payable at a rate equal to one month SONIA plus 1.9076% per annum or one month SARON plus 1.8179% per annum, respectively.

The Company pays a commitment fee of 0.375% per annum on the daily unused portion of commitments under the JPM Credit Facility. The Company is also required to pay letter of credit participation fees and a fronting fee on the daily amount of any lender’s exposure with respect to any letters of credit issued at the request of the Company under the JPM Credit Facility. The JPM Credit Facility matures on February 11, 2026, and require mandatory prepayment of interest and principal upon certain events during the term-out period.

As of December 31, 2021 and September 30, 2021, the Company had outstanding debt of $453,069 and $472,102, respectively, and no letters of credit outstanding under the JPM Credit Facility.

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For the three months ended December 31, 2021 and 2020, the components of interest expense, cash paid for interest and facility fees, annualized average interest rates and average outstanding balances for the JPM Credit Facility were as follows:
Three months ended December 31,
  20212020
Stated interest expense$1,389 $— 
Facility fees584 — 
Amortization of debt issuance costs388 — 
Total interest and other debt financing expenses$2,361 $— 
Cash paid for interest expense and facility fees$919 $— 
Annualized average stated interest rate1.9 %N/A
Average outstanding balance$294,233 $— 


2024 Notes: On October 2, 2020, the Company issued $400,000 in aggregate principal amount of unsecured notes (the “2024 Notes”), and on October 15, 2021, the Company issued an additional $100,000 in aggregate principal amount of 2024 Notes under the same terms of the original issuance. As of December 31, 2021, the outstanding aggregate principal amount of the 2024 Notes is $500,000. The 2024 Notes bear interest at a rate of 3.375% per year payable semiannually in arrears on April 15 and October 15 of each year, commencing on April 15, 2021. The 2024 Notes mature on April 15, 2024.

The 2024 Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2024 Notes; equal in right of payment to the Company’s existing and future indebtedness or other obligations that are not so subordinated or junior; effectively junior to any of the Company’s secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

At any time or from time to time, the Company may redeem some or all of the 2024 Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2024 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2024 Notes to be redeemed through March 15, 2024 (the date falling one month prior to the maturity date of the 2024 Notes), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points, plus, in each case, accrued and unpaid interest, if any, to, but excluding, the redemption date; provided, however, that if the Company redeems any 2024 Notes on or after March 15, 2024 (the date falling one month prior to the maturity date of the 2024 Notes), the redemption price for the 2024 Notes will be equal to 100% of the principal amount of the 2024 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2024 Notes.

For the three months ended December 31, 2021 and 2020, the components of interest expense, cash paid for interest and facility fees, average interest rates and average outstanding balances for the 2024 Notes were as follows:
Three months ended December 31,
  20212020
Stated interest expense$4,088 $3,338 
Accretion of discounts and amortization of premiums on notes issued(292)23 
Amortization of debt issuance costs471 381 
Total interest and other debt financing expenses$4,267 $3,742 
Cash paid for interest expense6,750 — 
Annualized average stated interest rate3.3 %3.4 %
Average outstanding balance$484,782 $395,652 
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2026 Notes: On February 24, 2021, the Company issued $400,000 in aggregate principal amount of unsecured notes (the “2026 Notes”) and on October 13, 2021, the Company issued an additional $200,000 aggregate principal amount of 2026 Notes under the same terms as the original issuance. As of December 31, 2021, outstanding aggregate principal amount of the 2026 Notes is $600,000. The 2026 Notes bear interest at a rate of 2.500% per year payable semiannually in arrears on February 24 and August 24 of each year, commencing on August 24, 2021. The 2026 Notes mature on August 24, 2026.

The 2026 Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2026 Notes; equal in right of payment to the Company’s existing and future indebtedness or other obligations that are not so subordinated or junior; effectively junior to any of the Company’s secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

At any time or from time to time, the Company may redeem some or all of the 2026 Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2026 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2026 Notes to be redeemed through July 24, 2026 (the date falling one month prior to the maturity date of the 2026 Notes), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 30 basis points, plus, in each case, accrued and unpaid interest, if any, to, but excluding, the redemption date; provided, however, that if the Company redeems any 2026 Notes on or after July 24, 2026 (the date falling one month prior to the maturity date of the 2026 Notes), the redemption price for the 2026 Notes will be equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2026 Notes.

For the three months ended December 31, 2021 and 2020, the components of interest expense, cash paid for interest and facility fees, average interest rates and average outstanding balances for the 2026 Notes were as follows:
Three months ended December 31,
  20212020
Stated interest expense$3,583 $— 
Accretion of discounts on notes issued123 — 
Amortization of debt issuance costs391 — 
Total interest and other debt financing expenses$4,097 $— 
Cash paid for interest expense— — 
Annualized average stated interest rate2.5 %N/A
Average outstanding balance$573,913 $— 

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

The 2027 Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2027 Notes; equal in right of payment to the Company’s existing and future indebtedness or other obligations that are not so subordinated or junior; effectively junior to any of the Company’s secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

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

For the three months ended December 31, 2021 and 2020, the components of interest expense, cash paid for interest and facility fees, average interest rates and average outstanding balances for the 2027 Notes were as follows:

Three months ended December 31,
  20212020
Stated interest expense$1,794 $— 
Accretion of discounts on notes issued185 — 
Amortization of debt issuance costs240 — 
Total interest and other debt financing expenses$2,219 $— 
Cash paid for interest expense— — 
Average stated interest rate2.0 %N/A
Average outstanding balance$350,000 $— 

Revolver: The Company has entered into the Adviser Revolver with the Investment Adviser pursuant to which, as of each of December 31, 2021 and September 30, 2021, the Company was permitted to borrow up to $100,000 and which had a maturity date of June 21, 2022. The Adviser Revolver bears an interest rate equal to the short-term Applicable Federal Rate, which was 0.3% as of December 31, 2021. As of December 31, 2021 and September 30, 2021, the Company had no outstanding debt under the Adviser Revolver.

For the three months ended December 31, 2021 and 2020, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the Adviser Revolver were as follows:
Three months ended December 31,
  20212020
Stated interest expense$— $— 
Cash paid for interest expense— — 
Annualized average stated interest rateN/AN/A
Average outstanding balance$— $— 


For the three months ended December 31, 2021 and 2020, the average total debt outstanding was $2,657,628 and $2,086,099, respectively.

For the three months ended December 31, 2021 and 2020, the effective annualized average interest rate, which includes amortization of debt financing costs, amortization of discounts on notes issued and non-usage facility fees, on the Company’s total debt was 2.7% and 2.9%, respectively.

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A summary of the Company’s maturity requirements for borrowings as of December 31, 2021 is as follows:
Payments Due by Period
  TotalLess Than
1 Year		1 – 3 Years3 – 5 YearsMore Than
5 Years
2018 Debt Securitization$408,200 $— $— $— $408,200 
2018 GCIC Debt Securitization(1)
544,618 — — — 544,618 
JPM Credit Facility453,069 — — 453,069 — 
2024 Notes(2)
503,166 — 503,166 — — 
2026 Notes(2)
597,533 — — 597,533 — 
2027 Notes(2)
346,246 — — 346,246 
Total borrowings$2,852,832 $— $503,166 $1,050,602 $1,299,064 

(1) Represents principal outstanding less unaccreted discount recognized on the assumption of the 2018 GCIC Debt Securitization in the Merger.
(2) Represents principal outstanding plus unamortized premium and / or unaccreted original issue discount.

Note 8. Commitments and Contingencies

Commitments: As of December 31, 2021, the Company had outstanding commitments to fund investments totaling $308,233, including $41,005 of commitments on undrawn revolvers. As of September 30, 2021, the Company had outstanding commitments to fund investments totaling $340,702, including $42,216 of commitments on undrawn revolvers.

Indemnifications:  In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide general indemnifications. The Company’s maximum exposure under these arrangements is unknown, as these involve future claims against the Company that have not occurred. The Company expects the risk of any future obligations under these indemnifications to be remote.
Off-balance sheet risk: Off-balance sheet risk refers to an unrecorded potential liability that may result in a future obligation or loss, even though it does not appear on the Consolidated Statements of Financial Condition. The Company has entered and, in the future, may again enter into derivative instruments that contain elements of off-balance sheet market and credit risk. Refer to Note 5 for outstanding forward currency contracts as of December 31, 2021 and September 30, 2021. Derivative instruments can be affected by market conditions, such as interest rate and foreign currency volatility, which could impact the fair value of the derivative instruments. If market conditions move against the Company, it may not achieve the anticipated benefits of the derivative instruments and may realize a loss. The Company minimizes market risk through monitoring its investments and borrowings.

Concentration of credit and counterparty risk:  Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of the contract. The Company has engaged and, in the future, may engage again in derivative transactions with counterparties. In the event that the counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparties or issuers of the instruments. The Company’s maximum loss that it could incur related to counterparty risk on its derivative instruments is the value of the collateral for that respective derivative instrument. It is the Company’s policy to review, as necessary, the credit standing of each counterparty.

Legal proceedings:  In the normal course of business, the Company is subject to legal and regulatory proceedings that are generally incidental to its ongoing operations. While there can be no assurance of the ultimate disposition of any such proceedings, the Company does not believe any disposition will have a material adverse effect on the Company’s consolidated financial statements.


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Note 9. Financial Highlights

The financial highlights for the Company are as follows:
Three months ended December 31,
Per share data:(1)
20212020
Net asset value at beginning of period$15.19 $14.33 
Net increase in net assets as a result of issuance of DRIP shares— ^— 
Distributions declared:
From net investment income(0.30)(0.29)
Net investment income0.27 0.23 
Net realized gain (loss) on investment transactions0.08 (0.01)
Net change in unrealized appreciation (depreciation) on investment transactions(2)
0.02 0.34 
Net asset value at end of period$15.26 $14.60 
Per share market value at end of period$15.44 $14.14 
Total return based on market value(3)
(0.40)%9.00 %
Number of common shares outstanding170,865,742 167,259,511 
Three months ended December 31,
Listed below are supplemental data and ratios to the financial highlights:20212020
Ratio of net investment income to average net assets*6.86%6.42%
Ratio of total expenses to average net assets*6.01%5.51%
Ratio of incentive fees to average net assets0.13%0.08%
Ratio of expenses (without incentive fees) to average net assets*5.88%5.43%
Total return based on average net asset value(4)*
9.65%15.53%
Net assets at end of period$2,607,479$2,442,127
Average debt outstanding$2,657,628$2,086,099
Average debt outstanding per share$15.55$12.27
Portfolio turnover*52.32%25.38%
Asset coverage ratio(5)
190.90%216.01%
Asset coverage ratio per unit(6)
$1,909$2,160
Average market value per unit:(7)
2018 Debt SecuritizationN/AN/A
GCIC 2018 Debt SecuritizationN/AN/A
2020 Debt SecuritizationN/AN/A
2024 Notes$1,030$1,008
2026 Notes$988N/A
2027 Notes$969N/A
SBA DebenturesN/AN/A
MS Credit Facility IIN/AN/A
WF Credit Facility N/AN/A
DB Credit Facility N/AN/A
JPM Credit FacilityN/AN/A
Adviser RevolverN/AN/A
* Annualized for periods less than one year.
^ Represents an amount less than $0.01    
(1)Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate.
(2)Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on the shares outstanding as of the dividend record date.
(3)Total return based on market value assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load.
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(4)Total return based on average net asset value is calculated as (a) the net increase/(decrease) in net assets resulting from operations divided by (b) the daily average of total net assets. Total return does not include sales load.
(5)Effective February 6, 2019, in accordance with Section 61(a)(2) of the 1940 Act, with certain limited exceptions, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing (excluding the Company's SBA debentures pursuant to exemptive relief received by the Company from the SEC). Prior to February 6, 2019, in accordance with the 1940 Act, with certain limited exceptions, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing (excluding the Company's SBA debentures pursuant to exemptive relief received by the Company from the SEC).
(6)Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. These amounts exclude the SBA debentures pursuant to exemptive relief the Company received from the SEC on September 13, 2011.
(7)Not applicable since such senior securities are not registered for public trading, with the exception of the 2024 Notes, 2026 Notes and the 2027 Notes. The average market value per unit calculated for the 2024 Notes, 2026 Notes, and the 2027 Notes is based on the average monthly prices of such notes and is expressed per $1,000 of indebtedness.

Note 10. Earnings Per Share

The following information sets forth the computation of the net increase in net assets per share resulting from operations for the three months ended December 31, 2021 and 2020:
Three months ended December 31,
  20212020
Earnings available to stockholders$63,078 $94,439 
Basic and diluted weighted average shares outstanding170,046,783 167,259,511 
Basic and diluted earnings per share$0.37 $0.56 


Note 11. Dividends and Distributions

The Company’s dividends and distributions are recorded on the ex-dividend date. The following table summarizes the Company’s dividend declarations and distributions during the three months ended December 31, 2021 and 2020:
Date DeclaredRecord DatePayment DateAmount
Per Share		Cash
Distribution		DRIP Shares
Issued		DRIP Shares
Value
For the three months ended December 31, 2021
11/19/202112/10/202112/30/2021$0.30 $38,291 837,158 $12,717 
For the three months ended December 31, 2020        
11/20/202012/11/202012/30/2020$0.29 $33,846 — $14,659 
(1)
(1)In accordance with the Company's DRIP, 1,034,149 shares of the Company's stock were purchased in the open market at an average price of $14.18 and were issued to stockholders of the Company participating in DRIP.


Note 12. Subsequent Events

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

On February 4, 2022, the Company’s board of directors declared a quarterly distribution of $0.30 per share, which is payable on March 29, 2022 to holders of record as of March 4, 2022.

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

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

Forward-Looking Statements

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

•our future operating results;
•our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives as a result of the coronavirus, or COVID-19, pandemic;
•the effect of investments that we expect to make and the competition for those investments;
•our contractual arrangements and relationships with third parties;
•actual and potential conflicts of interest with GC Advisors LLC, or GC Advisors, and other affiliates of Golub Capital LLC, or collectively, Golub Capital;
•the dependence of our future success on the general economy and its effect on the industries in which we invest;
•the ability of our portfolio companies to achieve their objectives;
•the use of borrowed money to finance a portion of our investments and the effect of the COVID-19 pandemic on the availability of equity and debt capital and our use of borrowed funds to finance a portion of our investments;
•the adequacy of our financing sources and working capital;
•the timing of cash flows, if any, from the operations of our portfolio companies;
•general economic and political trends and other external factors, including the COVID-19 pandemic;
•changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets that could result in changes to the value of our assets, including changes from the impact of the COVID-19 pandemic;
•the ability of GC Advisors to locate suitable investments for us and to monitor and administer our investments;
•the ability of GC Advisors or its affiliates to attract and retain highly talented professionals;
•the ability of GC Advisors to continue to effectively manage our business due to the disruptions caused by the COVID-19 pandemic;
•our ability to qualify and maintain our qualification as a regulated investment company, or RIC, and as a business development company;
•general price and volume fluctuations in the stock markets;
•the impact on our business of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or Dodd-Frank, and the rules and regulations issued thereunder and any actions toward repeal thereof; and
•the effect of changes to tax legislation and our tax position.

Such forward-looking statements may include statements preceded by, followed by or that otherwise include the words “may,” “might,” “will,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “estimate,” “anticipate,” “predict,” “potential,” “plan” or similar words. The forward looking statements contained in this quarterly report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth as “Risk Factors” in our annual report on Form 10-K for the year ended September 30, 2021.

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

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Overview

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

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

Our investment objective is to generate current income and capital appreciation by investing primarily in one stop (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by other middle-market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies. We also selectively invest in second lien and subordinated loans of, and warrants and minority equity securities in U.S. middle-market companies. We intend to achieve our investment objective by (1) accessing the established loan origination channels developed by Golub Capital, a leading lender to U.S. middle-market companies with over $45.0 billion in capital under management as of December 31, 2021, (2) selecting investments within our core middle-market company focus, (3) partnering with experienced private equity firms, or sponsors, in many cases with whom Golub Capital has invested alongside in the past, (4) implementing the disciplined underwriting standards of Golub Capital and (5) drawing upon the aggregate experience and resources of Golub Capital.

Our investment activities are managed by GC Advisors and supervised by our board of directors of which a majority of the members are independent of us, GC Advisors and its affiliates.

Under an investment advisory agreement, or the Investment Advisory Agreement, we have agreed to pay GC Advisors an annual base management fee based on our average adjusted gross assets as well as an incentive fee based on our investment performance. The Investment Advisory Agreement was approved by our board of directors in May 2021. Under an administration agreement, or the Administration Agreement, we are provided with certain administrative services by the Administrator, which is currently Golub Capital LLC. Under the Administration Agreement, we have agreed to reimburse the Administrator for our allocable portion (subject to the review and approval of our independent directors) of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement.

We seek to create a portfolio that includes primarily one stop and other senior secured loans by primarily investing approximately $10.0 million to $75.0 million of capital, on average, in the securities of U.S. middle-market companies. We also selectively invest more than $75.0 million in some of our portfolio companies and generally expect that the size of our individual investments will vary proportionately with the size of our capital base.

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

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As of December 31, 2021 and September 30, 2021, our portfolio at fair value was comprised of the following:
As of December 31, 2021As of September 30, 2021
Investment TypeInvestments at
 Fair Value
(In thousands)		Percentage of
Total
Investments		Investments at
 Fair Value
(In thousands)		Percentage of
Total
Investments
Senior secured$620,168 12.0 %$784,805 16.0 %
One stop4,235,533 82.3 3,882,314 79.3 %
Second lien43,339 0.9 41,857 0.9 %
Subordinated debt973 0.0 *172 0.0 *
Equity246,753 4.8 185,738 3.8 %
Total$5,146,766 100.0 %$4,894,886 100.0 %
*Represents an amount less than 0.1%.
One stop loans include loans to technology companies undergoing strong growth due to new services, increased adoption and/or entry into new markets. We refer to loans to these companies as late stage lending loans or recurring revenue loans. Other targeted characteristics of late stage lending businesses include strong customer revenue retention rates, a diversified customer base and backing from growth equity or venture capital firms. In some cases, the borrower’s high revenue growth is supported by a high level of discretionary spending. As part of the underwriting of such loans and consistent with industry practice, we adjust our characterization of the earnings of such borrowers for a reduction or elimination of such discretionary expenses, if appropriate. As of December 31, 2021 and September 30, 2021, one stop loans included $657.0 million and $527.8 million, respectively, of late stage lending loans at fair value.

As of December 31, 2021 and September 30, 2021, we had debt and equity investments in 301 and 296 portfolio companies, respectively.

The following table shows the weighted average income yield and weighted average investment income yield of our earning portfolio company investments, which represented nearly 100% of our debt investments, as well as the total return based on our average net asset value, and the total return based on the change in the quoted market price of our stock and assuming distributions were reinvested in accordance with our dividend reinvestment plan, or DRIP, in each case for the three months ended December 31, 2021, September 30, 2021 and December 31, 2020:        
For the three months ended
  December 31, 2021September 30, 2021December 31, 2020
Weighted average income yield (1)*
7.1%7.2%7.4%
Weighted average investment income yield (2)*
7.7%7.7%7.9%
Total return based on average net asset value (3)*
9.7%11.1%15.5%
Total return based on market value (4)
(0.4)%4.5%9.0%
•Annualized for periods of less than one year.

(1)Represents income from interest and fees, excluding amortization of capitalized fees, discounts and purchase premium (as described in Note 2 of the consolidated financial statements), divided by the average fair value of earning portfolio company investments, and does not represent a return to any investor in us.
(2)Represents income from interest, fees and amortization of capitalized fees and discounts, excluding amortization of purchase premium (as described in Note 2 of the consolidated financial statements), divided by the average fair value of earning portfolio investments, and does not represent a return to any investor in us.
(3)Total return based on average net asset value is calculated as (a) the net increase/(decrease) in net assets resulting from operations divided by (b) the daily average of total net assets. Total return does not include sales load.
(4)Total return based on market value assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load.
Revenues: We generate revenue in the form of interest and fee income on debt investments and capital gains and distributions, if any, on portfolio company investments that we originate or acquire. Our debt investments, whether in the form of senior secured, one stop, second lien or subordinated loans, typically have a term of three to seven years and bear interest at a fixed or floating rate. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates
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significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. In some cases, our investments provide for deferred interest payments or payment-in-kind, or PIK, interest. The principal amount of loans and any accrued but unpaid interest generally become due at the maturity date. In addition, we generate revenue in the form of commitment, origination, amendment, structuring or due diligence fees, fees for providing managerial assistance and consulting fees. Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums on loans as fee income. For additional details on revenues, see “Critical Accounting Policies—Revenue Recognition.”

We recognize realized gains or losses on investments based on the difference between the net proceeds from the disposition and the amortized cost basis of the investment or derivative instrument, without regard to unrealized gains or losses previously recognized. We record current period changes in fair value of investments and derivative instruments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investment transactions in the Consolidated Statements of Operations.

Expenses:  Our primary operating expenses include the payment of fees to GC Advisors under the Investment Advisory Agreement and interest expense on our outstanding debt. We bear all other out-of-pocket costs and expenses of our operations and transactions, including:

•calculating our net asset value, or NAV (including the cost and expenses of any independent valuation firm);
•fees and expenses incurred by GC Advisors payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for us and in monitoring our investments and performing due diligence on our prospective portfolio companies or otherwise relating to, or associated with, evaluating and making investments, which fees and expenses include, among other items, due diligence reports, appraisal reports, any studies commissioned by GC Advisors and travel and lodging expenses;
•expenses related to unsuccessful portfolio acquisition efforts;
•offerings of our common stock and other securities;
•administration fees and expenses, if any, payable under the Administration Agreement (including payments based upon our allocable portion of the Administrator’s overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of our chief compliance officer, chief financial officer and their respective staffs);
•fees payable to third parties, including agents, consultants or other advisors, relating to, or associated with, evaluating and making investments in portfolio companies, including costs associated with meeting financial sponsors;
•transfer agent, dividend agent and custodial fees and expenses;
•U.S. federal and state registration and franchise fees;
•all costs of registration and listing our shares on any securities exchange;
•U.S. federal, state and local taxes;
•independent directors’ fees and expenses;
•costs of preparing and filing reports or other documents required by the SEC or other regulators;
•costs of any reports, proxy statements or other notices to stockholders, including printing costs;
•costs associated with individual or group stockholders;
•costs associated with compliance under the Sarbanes-Oxley Act of 2002, as amended, or the Sarbanes-Oxley Act;
•our allocable portion of any fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;
•direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs;
•proxy voting expenses; and
•all other expenses incurred by us or the Administrator in connection with administering our business.

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We expect our general and administrative expenses to be relatively stable or decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.

GC Advisors, as collateral manager for Golub Capital BDC CLO III LLC, or the 2018 Issuer, under a collateral management agreement, or the 2018 Collateral Management Agreement, is entitled to receive an annual fee in an amount equal to 0.25% of the principal balance of the portfolio loans held by the 2018 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the 2018 Collateral Management Agreement, the term "collection period" refers to the period commencing on the third business day prior to the preceding payment date and ending on (but excluding) the third business day prior to such payment date.

GC Advisors, as collateral manager for Golub Capital Investment Corporation CLO II LLC, or the GCIC 2018 Issuer, under a collateral management agreement, or the GCIC 2018 Collateral Management Agreement, is entitled to receive an annual fee in an amount equal to 0.35% of the principal balance of the portfolio loans held by the GCIC 2018 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the 2018 GCIC Collateral Management Agreement, the term “collection period” generally refers to a quarterly period commencing on the day after the end of the prior collection period to the tenth business day prior to the payment date.

Prior to the redemption of the 2020 Notes and the termination of the documents governing the 2020 Debt Securitization (as defined in Note 7 of our consolidated financial statements) on August 26, 2021, GC Advisors served as collateral manager for Golub Capital BDC CLO 4 LLC, or the 2020 Issuer, under a collateral management agreement, or the 2020 Collateral Management Agreement, and was entitled to receive an annual fee in an amount equal to 0.35% of the principal balance of the portfolio loans held by the 2020 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the 2020 Collateral Management Agreement, the term “collection period” generally referred to a quarterly period commencing on the day after the end of the prior collection period to the tenth business day prior to the payment date.

Collateral management fees were paid directly by the 2020 Issuer and are paid directly by the 2018 Issuer and GCIC 2018 Issuer to GC Advisors and are offset against the management fees payable under the Investment Advisory Agreement. The 2018 Issuer paid Morgan Stanley & Co. LLC structuring and placement fees for its services in connection with the structuring of the 2018 Debt Securitization (as defined in Note 7 of our consolidated financial statements). Before we acquired the GCIC 2018 Issuer as part of our acquisition of GCIC (as defined in the “GCIC Acquisition” section below), the GCIC 2018 Issuer paid Wells Fargo Securities, LLC structuring and placement fees for its services in connection with the initial structuring of the GCIC 2018 Debt Securitization (as defined in Note 7 of our consolidated financial statements). The 2020 Issuer paid Wells Fargo Securities, LLC structuring and placement fees for its services in connection with the structuring of the 2020 Debt Securitization (as defined in Note 7 of our consolidated financial statements). Term debt securitizations are also known as collateralized loan obligations, or CLOs, and are a form of secured financing incurred by us, which are consolidated by us and subject to our overall asset coverage requirement. The 2018 Issuer and GCIC 2018 Issuer also agreed to pay ongoing administrative expenses to the trustee, collateral manager, independent accountants, legal counsel, rating agencies and independent managers in connection with developing and maintaining reports, and providing required services in connection with the administration of the 2018 Debt Securitization and GCIC 2018 Debt Securitization and collectively the Debt Securitizations, as applicable.

We believe that these administrative expenses approximate the amount of ongoing fees and expenses that we would be required to pay in connection with a traditional secured credit facility. Our common stockholders indirectly bear all of these expenses.

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GCIC Acquisition

On September 16, 2019, we completed our acquisition of Golub Capital Investment Corporation, or GCIC, pursuant to that certain Agreement and Plan of Merger, as amended, or the Merger Agreement, dated November 27, 2018, by and among us, GCIC, Fifth Ave Subsidiary Inc., our wholly owned subsidiary, or Merger Sub, GC Advisors, and, for certain limited purposes, the Administrator. Pursuant to the Merger Agreement, Merger Sub was first merged with and into GCIC, or the Initial Merger, with GCIC as the surviving company and immediately following the Initial Merger, GCIC was then merged with and into us, the Initial Merger and subsequent merger referred to as the Merger, with us as the surviving company.

In accordance with the terms of the Merger Agreement, at the effective time of the Merger, each outstanding share of GCIC’s common stock was converted into the right to receive 0.865 shares of our common stock (with GCIC’s stockholders receiving cash in lieu of fractional shares of our common stock). As a result of the Merger, we issued an aggregate of 71,779,964 shares of our common stock to former stockholders of GCIC.
COVID-19 Pandemic
The rapid spread of COVID-19, which was identified as a global pandemic by the World Health Organization in 2020, resulted in governmental authorities imposing restrictions on travel and the temporary closure of many corporate offices, retail stores, restaurants, healthcare facilities, fitness clubs and manufacturing facilities and factories in affected jurisdictions. While several countries, as well as certain states in the United States, have lifted or reduced certain travel restrictions, business closures and other quarantine measures and recurring COVID-19 outbreaks have led to the re-introduction of such restrictions in certain states in the United States and globally and could continue to lead to the re-introduction of such restrictions elsewhere. In early 2021, COVID-19 vaccines started to be administered to high-risk adults and essential workers across the United States and eligibility to receive the vaccine has since expanded to all adults and children of certain ages. Although we believe the number of vaccinated adults and children in the United States is promising for continued reductions of travel restrictions and other quarantine measures, we are unable to predict the duration of business and supply chain disruptions, the extent to which COVID-19 will continue to affect our portfolio companies’ operating results or the impact COVID-19 may have on our results of operations and financial condition.

We and GC Advisors continue to monitor the rapidly evolving situation relating to the COVID-19 pandemic and guidance from U.S. and international authorities, including federal, state and local public health authorities and future recommendations from such authorities may further impact our business operations and financial results. Due to the resurgence of COVID-19 and the threat of new variants of COVID-19, we remain cautious and concerned about the on-going impacts to the U.S. economy from COVID-19.

LIBOR Transition

In July 2017, the Financial Conduct Authority, or the FCA, announced its intention to cease sustaining the London Inter-Bank Offered Rate, or LIBOR, by the end of 2021. The FCA’s intention is that, after 2021, it will no longer be necessary for the FCA to persuade or compel banks to submit to LIBOR due to the development of alternative benchmark rates, which the FCA suggested should be based on transactions and not on reference rates that do not have active underlying markets to support them. In April 2018, the New York Federal Reserve Bank began publishing its alternative rate, the Secured Overnight Financing Rate or SOFR. The Bank of England followed suit in April 2018 by publishing its proposed alternative rate, the Sterling Overnight Index Average, or SONIA.

On November 30, 2020, LIBOR’s administrator, the ICE Benchmark Administration Limited, or the IBA, announced a consultation beginning in early December 2020 on its intention to cease the publication of the one-week and two-month U.S. dollar LIBOR, or USD LIBOR, settings immediately following the LIBOR publication on December 31, 2021, and the remaining USD LIBOR settings, including one-month and three-month LIBOR, immediately following the LIBOR publication on June 30, 2023. On March 5, 2021, the FCA released an announcement confirming that such LIBOR settings would cease to be provided by any administrator or no longer be representative as of the dates specified in the IBA proposal, and confirmed that the FCA does not expect any LIBOR settings will become unrepresentative before such dates. The IBA closed the consultation for feedback at the end of January 2021. Concurrent with the IBA’s proposal, the Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation released a statement that (i) encouraged banks to cease entering into new contracts that use USD LIBOR as a reference rate as soon as practicable and in any event by December 31, 2021, (ii) indicated that new contracts entered into before December 31, 2021 should either utilize a reference rate other than USD LIBOR or have robust fallback language that includes a clearly defined alternative
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reference rate after USD LIBOR’s discontinuation and (iii) explained that extending the publication of certain USD LIBOR tenors until June 30, 2023 would allow most legacy USD LIBOR contracts to mature before LIBOR experiences disruptions.

As such, if LIBOR in its current form does not survive and a replacement rate is not widely agreed upon or if a replacement rate is significantly different from LIBOR, it could cause a disruption in the credit markets generally. Such a disruption could also negatively impact the market value and/or transferability of our portfolio company investments. Furthermore, disruptions related to loans and/or other debt financing securitizations (CLOs) in the marketplace could have a material adverse effect on the ability of GC Advisors or its affiliates to enter into loans in the future in accordance with our investment strategy and have a material adverse effect on us. We could also be materially and adversely impacted to the extent GC Advisors or its affiliates are unable to successfully implement an acceptable replacement rate in leverage utilized by us or if there is a prolonged period of mismatch on the interest rates payable on our leverage and our portfolio investments as a result of the continued publication of LIBOR. A mismatch on the interest rates payable by any leverage incurred by us and the interest rate payable on the portfolio company investments could result in a decrease in our net investment income and distributions we are able to pay to our stockholders.

As of January 1, 2022, USD LIBOR is available in five settings (overnight, one-month, three-month, six-month and 12-month). The IBA has stated that it will cease to publish all remaining USD LIBOR settings immediately following their publication on June 30, 2023. As of January 1, 2022, all non-USD LIBOR reference rates in all settings ceased to be published. As of December 31, 2021, Golub Capital has amended all credit agreements to effectuate the transition to alternate reference rates for portfolio company debt investments priced via reference to non-USD LIBOR. In addition, Golub Capital is amending credit agreements to include fallback language to transition the reference rate of portfolio company debt investments priced via reference to USD LIBOR to an alternate reference rate, such as forward-looking term SOFR, based on prevailing market practices.

In anticipation of the discontinuation of LIBOR, we have assessed our current debt facilities for our exposure to LIBOR. The JPM Credit Facility (as defined in Note 7 of our consolidated financial statements) and MS Credit Facility II (as defined in Note 7 of our consolidated financial statements) have been amended to include fall-back language to incorporate SOFR as an alternative reference rate, as well as foreign alternative reference rates for foreign borrowings. The notes offered in the 2018 Debt Securitization and GCIC 2018 Debt Securitization (as defined in Note 7 of our consolidated financial statements) currently utilize a reference rate to three-month USD LIBOR. We may seek to amend or refinance the Debt Securitizations prior to June 30, 2023, the cessation date for three-month USD LIBOR. The 2024 Notes, 2026 Notes and 2027 Notes (as defined in Note 7 of our consolidated financial statements) accrue fixed-rate interest and will not be affected by the transition to LIBOR. We expect any new debt facilities that we enter into subsequent to December 31, 2021 will reference a benchmark interest rate other than LIBOR, such as SOFR.

Recent Developments

On February 4, 2022, our board of directors declared a quarterly distribution of $0.30 per share, which is payable on March 29, 2022 to holders of record as of March 4, 2022.

Consolidated Results of Operations

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

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Consolidated operating results for the three months ended December 31, 2021, September 30, 2021 and December 31, 2020 are as follows:
Three months endedVariancesVariances
  December 31, 2021September 30, 2021December 31, 2020December 31, 2021 vs September 30, 2021December 31, 2021 vs December 31, 2020
  (In thousands)
Interest income$84,601 $78,248 $77,603 $6,353 $6,998 
Accretion of discounts and amortization of premiums7,735 5,352 4,606 2,383 3,129 
GCIC acquisition purchase premium amortization(7,095)(5,405)(9,230)(1,690)2,135 
Dividend income317 1,440 160 (1,123)157 
Fee income1,009 1,474 907 (465)102 
Total investment income86,567 81,109 74,046 5,458 12,521 
Total net expenses41,777 34,817 35,039 6,960 6,738 
Net investment income44,790 46,292 39,007 (1,502)5,783 
Net realized gain (loss) on investment transactions excluding purchase premium14,776 4,957 (2,313)9,819 17,089 
Net realized gain (loss) on investment transactions due to purchase premium(228)(321)(79)93 (149)
Net change in unrealized appreciation (depreciation) on investment transactions excluding purchase premium(3,088)15,522 48,515 (18,610)(51,603)
Net change in unrealized appreciation (depreciation) on investment transactions due to purchase premium 7,323 5,726 9,309 1,597 (1,986)
Net gain (loss) on investment transactions 18,783 25,884 55,432 (7,101)(36,649)
(Provision) benefit for taxes on unrealized appreciation on investments (495)(543)— 48 (495)
Net increase (decrease) in net assets resulting from operations$63,078 $71,633 $94,439 $(8,555)$(31,361)
Average earning debt investments, at fair value$4,784,517 $4,396,969 $4,182,748 $387,548 $601,769 
Net income can vary substantially from period to period for various reasons, including the recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, quarterly and year-to-date comparisons of net income may not be meaningful.

On September 16, 2019, we completed our acquisition of GCIC. The acquisition was accounted for under the asset acquisition method of accounting in accordance with Accounting Standards Codification, or ASC, 805-50, Business Combinations — Related Issues. Under asset acquisition accounting, where the consideration paid to GCIC’s stockholders exceeded the relative fair values of the assets acquired and liabilities assumed, the premium paid by us was allocated to the cost of the GCIC assets acquired by us pro-rata based on their relative fair value. Immediately following the acquisition of GCIC, we recorded its assets at their respective fair values and, as a result, the purchase premium allocated to the cost basis of the GCIC assets acquired was immediately recognized as unrealized depreciation on our Consolidated Statement of Operations. The purchase premium allocated to investments in loan securities will amortize over the life of the loans through interest income with a corresponding reversal of the unrealized depreciation on such loans acquired through their ultimate disposition. The purchase premium allocated to investments in equity securities will not amortize over the life of the equity securities through interest income and, assuming no subsequent change to the fair value of the equity securities acquired from GCIC and disposition of such equity securities at fair value, we will recognize a realized loss with a corresponding reversal of the unrealized depreciation upon disposition of the equity securities acquired.

As a supplement to our GAAP financial measures, we have provided the following non-GAAP financial measures that we believe are useful for the reasons described below:
•“Adjusted Net Investment Income” - excludes the amortization of the purchase price premium from net investment income calculated in accordance with GAAP;
•“Adjusted Net Investment Income Before Accrual for Capital Gain Incentive Fee” - Adjusted Net Investment Income excluding the accrual or reversal for the capital gain incentive fee;
•“Adjusted Net Realized and Unrealized Gain/(Loss)” - excludes the unrealized loss resulting from the purchase premium write-down and the corresponding reversal of the unrealized loss resulting from the
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amortization of the premium on loans or from the sale of equity investments from the determination of realized and unrealized gain/(loss) determined in accordance with GAAP; and
•“Adjusted Net Income/(Loss)” – calculates net income and earnings per share based on Adjusted Net Investment Income and Adjusted Net Realized and Unrealized Gain/(Loss).
Three months ended
December 31, 2021September 30, 2021December 31, 2020
  (In thousands)
Net investment income $44,790 $46,292 $39,007 
Add: GCIC acquisition purchase premium amortization7,095 5,405 9,230 
Adjusted Net Investment Income $51,885 $51,697 $48,237 
Add: Accrual (reversal) for capital gain incentive fee452 — — 
Adjusted Net Investment Income Before Accrual for Capital Gain Incentive Fee$52,337 $51,697 $48,237 
Net gain (loss) on investment transactions $18,783 $25,884 $55,432 
Add: Realized loss on investment transactions due to purchase premium228 321 79 
Less: Net change in unrealized appreciation on investment transactions due to purchase premium (7,323)(5,726)(9,309)
Adjusted Net Realized and Unrealized Gain$11,688 $20,479 $46,202 
Net increase (decrease) in net assets resulting from operations$63,078 $71,633 $94,439 
Add: GCIC acquisition purchase premium amortization7,095 5,405 9,230 
Add: Realized loss on investment transactions due to purchase premium228 321 79 
Less: Net change in unrealized appreciation on investment transactions due to purchase premium (7,323)(5,726)(9,309)
Adjusted Net Income$63,078 $71,633 $94,439 
We believe that excluding the financial impact of the purchase premium in the above non-GAAP financial measures is useful for investors as this is a non-cash expense/loss and is one method we use to measure our results of operations. In addition, we believe that providing the Adjusted Net Investment Income Before Accrual for Capital Gain Incentive Fee is a useful non-GAAP financial measure as such accrual is not contractually payable under the terms of the Investment Advisory Agreement.
Although these non-GAAP financial measures are intended to enhance investors’ understanding of our business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP.

Investment Income

Investment income increased from the three months ended September 30, 2021 to the three months ended December 31, 2021 by $5.5 million primarily due to an increase in the average earning debt investments balance of $387.5 million and an increase in accretion income resulting from increased payoffs of portfolio company investments. These increases were partially offset by an increase in purchase price premium amortization resulting from accelerated amortization from increased payoffs of portfolio company investments.

Investment income increased from the three months ended December 31, 2020 to the three months ended December 31, 2021 by $12.5 million primarily due to an increase in the average earning debt investments balance of $601.8 million and a reduction of the GCIC acquisition purchase price premium amortization.

The annualized income yield by debt security type for the three months ended December 31, 2021, September 30, 2021 and December 31, 2020 was as follows:
Three months ended
  December 31, 2021September 30, 2021December 31, 2020
Senior secured5.6%5.8%6.5%
One stop7.3%7.4%7.6%
Second lien9.1%14.5%10.9%
Subordinated debt16.4%19.2%10.7%

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Income yields on one stop and senior secured loans decreased for the three months ended December 31, 2021 as compared to the three months ended September 30, 2021, primarily due to the general trend of interest rate compression on new investments and the payoff of higher yielding one stop and senior secured loans during fiscal year 2021. Income yields on one stop and senior secured loans decreased for the three months ended December 31, 2021 as compared to the three months ended December 31, 2020 primarily due to the general trend of interest rate compression on new investments. Our loan portfolio is partially insulated from a drop in LIBOR, as over 90.0% of the loan portfolio at fair value is subject to a LIBOR floor. As of December 31, 2021 and September 30, 2021, the weighted average LIBOR floor of our loans at fair value was 0.93% and 0.99%, respectively. The decrease in our portfolio’s weighted average LIBOR floor is primarily due to the majority of our new portfolio company investments originating with LIBOR floors ranging between 0.00% and 0.75%.

As of December 31, 2021, we have eight second lien investments and one subordinated debt investments as shown in the Consolidated Schedule of Investments. Due to the limited number of second lien and subordinated debt investments, income yields on second lien and subordinated debt investments can be significantly impacted by the addition, subtraction or refinancing of one investment.

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

Expenses

The following table summarizes our expenses for the three months ended December 31, 2021, September 30, 2021 and December 31, 2020:
Three months endedVariancesVariances
  December 31, 2021September 30, 2021December 31, 2020December 31, 2021 vs September 30, 2021December 31, 2021 vs December 31, 2020
  (In thousands)
Interest and other debt financing expenses$16,169 $14,212 $13,877 $1,957 $2,292 
Amortization of debt issuance costs1,667 5,131 1,204 (3,464)463 
Base management fee, net of waiver17,501 12,254 15,224 5,247 2,277 
Income incentive fee2,929 268 2,004 2,661 925 
Capital gain incentive fee452 — — 452 452 
Professional fees899 920 837 (21)62 
Administrative service fee1,818 1,769 1,602 49 216 
General and administrative expenses342 263 291 79 51 
Total expenses$41,777 $34,817 $35,039 $6,960 $6,738 
Average debt outstanding$2,657,628 $2,320,969 $2,086,099 $336,659 $571,529 

Interest Expense

Interest and other debt financing expenses, including amortization of debt issuance costs, decreased by $1.5 million from the three months ended September 30, 2021 to the three months ended December 31, 2021 primarily due to the one time acceleration of $3.6 million of amortization of deferred issuance costs related to the early redemption of the 2020 Debt Securitization and debentures outstanding at GC SBIC VI, L.P., or SBIC VI, that occurred during the three months ended September 30, 2021. Interest and other debt financing expenses, including amortization of debt issuance costs, increased for the three months ended December 31, 2021 compared to the three months ended December 31, 2020 by $2.8 million, primarily due to an increase in average debt outstanding of $571.5 million. For more information about our outstanding borrowings for the three months ended December 31, 2021 and 2020, including the terms thereof, see Note 7. Borrowings in the notes to our consolidated financial statements and the “Liquidity and Capital Resources” section below.

For the three months ended December 31, 2021, September 30, 2021 and December 31, 2020, the effective annualized average interest rate, which includes amortization of debt financing costs, amortization of discounts on notes issued and non-usage facility fees, on our total debt was 2.7%, 2.8% and 2.9%, respectively. The effective annualized average interest rate for the three months ended September 30, 2021 excludes the one time acceleration of amortization of deferred issuance costs related to the early redemption of the 2020 Debt Securitization and debentures outstanding at SBIC VI that occurred during the three months ended September 30, 2021.

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The decrease in the effective annualized average interest rate from the three months ended September 30, 2021 to the three months ended December 31, 2021 was primarily due to the issuance of the additional 2026 Notes (as defined in Note 7 of our consolidated financial statements) and the additional 2024 Notes (as defined in Note 7 of our consolidated financial statements) at a price resulting in a yield to maturity of 2.667% and 1.809% during the three months ended December 31, 2021.

The decrease in the effective annualized average interest rate from the three months ended December 31, 2020 to the three months ended December 31, 2021 was primarily due to the issuance of the 2026 Notes and 2027 Notes (as defined in Note 7 of our consolidated financial statements) that bear interest at a fixed rate of 2.500% and 2.050%, respectively.

Management Fee

The base management fee, net of waiver, increased from the three months ended September 30, 2021 to the three months ended December 31, 2021 due to $4.0 million of base management fees irrevocably waived by GC Advisors to offset the one-time costs associated with the accelerated amortization of debt issuance costs on the early redemption of the 2020 Debt Securitization and debentures outstanding at SBIC VI during the three months ended September 30, 2021 and an increase in average adjusted gross assets from the three months ended September 30, 2021 to three months ended December 31, 2021.

The base management fee increased from the three months ended December 31, 2020 to the three months ended December 31, 2021 as a result of an increase in average adjusted gross assets from 2020 to 2021.

Incentive Fees

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

The Income Incentive Fee increased by $2.7 million from the three months ended September 30, 2021 to the three months ended December 31, 2021, primarily as a result of an increase in Pre-Incentive Fee Net Investment Income (as defined in Note 3 of our consolidated financial statements). As we remain in the “catch-up” provision of the calculation of the Income Incentive Fee, the increase in Pre-Incentive Fee Net Investment Income causes a corresponding increase in the Income Incentive Fee, which is the case until we are fully through the catch-up. The Income Incentive Fee increased by $0.9 million from the three months ended December 31, 2020 to the three months ended December 31, 2021 primarily due to an increase in Pre-Incentive Fee Net Investment Income. For the three months ended December 31, 2021, the Income Incentive Fee as a percentage of Pre-Incentive Fee Net Investment Income was 6.1% compared to 0.6% for the three months ended September 30, 2021 and 4.9% for three months ended December 31, 2020.

For each of the three months ended December 31, 2021 and September 30, 2021, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement. In accordance with GAAP, we are required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement. We recorded an accrual for a capital gain incentive fee under GAAP of $0.5 million, or less than $0.01 per share, for the three months ended December 31, 2021, which was primarily the result of unrealized appreciation of debt and equity investments. As of December 31, 2021, there was a capital gain incentive fee accrual of $0.5 million calculated in accordance with GAAP. As of September 30, 2021, there was no capital gain incentive fee accrual calculated in accordance with GAAP. Any payment due under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year. No Capital Gain Incentive Fees as calculated under the Investment Advisory Agreement or any prior investment advisory agreements, as applicable, have been payable since December 31, 2018.

For additional details on unrealized appreciation and depreciation of investments, refer to the “Net Realized and Unrealized Gains and Losses” section below.

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Professional Fees, Administrative Service Fee, and General and Administrative Expenses

In total, professional fees, the administrative service fee, and general and administrative expenses remained relatively flat from the three months ended September 30, 2021 to the three months ended December 31, 2021. In total, professional fees, the administrative service fee, and general and administrative expenses increased from the three months ended December 31, 2020 to the three months ended December 31, 2021 primarily due to an increase in the administrative service fee driven by investments in human capital.

The Administrator pays for certain expenses incurred by us. These expenses are subsequently reimbursed in cash. Total expenses reimbursed to the Administrator during the three months ended December 31, 2021, September 30, 2021 and December 31, 2020 were $2.5 million, $1.7 million and $1.6 million, respectively.

As of December 31, 2021 and September 30, 2021, included in accounts payable and other liabilities were $1.9 million and $2.5 million, respectively, for expenses paid on behalf of us by the Administrator.

Net Realized and Unrealized Gains and Losses

The following table summarizes our net realized and unrealized gains (losses) for the three months ended December 31, 2021, September 30, 2021 and December 31, 2020:

Three months endedVariancesVariances
  December 31, 2021September 30, 2021December 31, 2020December 31, 2021 vs September 30, 2021December 31, 2021 vs December 31, 2020
  (In thousands)
Net realized gain (loss) on investments$14,573 $7,762 $(1,614)$6,811 $16,187 
Foreign currency transactions(25)(3,126)(778)3,101 753 
Net realized gain (loss) on investment transactions $14,548 $4,636 $(2,392)$9,912 $16,940 
Unrealized appreciation on investments36,805 35,036 74,714 1,769 (37,909)
Unrealized (depreciation) on investments(33,119)(23,071)(11,624)(10,048)(21,495)
Unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies268 4,812 (1,374)(4,544)1,642 
Unrealized appreciation (depreciation) on forward currency contracts281 4,471 (3,892)(4,190)4,173 
Net change in unrealized appreciation (depreciation) on investment transactions $4,235 $21,248 $57,824 $(17,013)$(53,589)

During the three months ended December 31, 2021 and three months ended September 30, 2021, we had a net realized gain of $14.5 million and $4.6 million, respectively, both primarily attributable to recognized realized gains on the sale of equity investments in multiple portfolio companies.

During the three months ended December 31, 2020, we had a net realized loss of $2.4 million primarily attributable to recognized realized losses on the restructure, sale, or write-off of multiple portfolio companies, partially offset by net realized gains from the sale of equity investments in multiple portfolio companies.

For the three months ended December 31, 2021, we had $36.8 million in unrealized appreciation on 176 portfolio company investments, which was offset by $33.1 million in unrealized depreciation on 151 portfolio company investments. For the three months September 30, 2021, we had $35.0 million in unrealized appreciation on 237 portfolio company investments, which was offset by $23.1 million in unrealized depreciation on 114 portfolio company investments. Unrealized appreciation for both the three months ended December 31, 2021 and the three months ended September 30, 2021 primarily resulted from better than expected performance of our portfolio companies. Unrealized depreciation for both the three months ended December 31, 2021 and the three months ended September 30, 2021 primarily resulted from amortization of discounts, negative credit related adjustments that caused a reduction in fair value and the reversal of the net unrealized appreciation associated with the sale of portfolio company investments.

For the three months ended December 31, 2020, we had $74.7 million in unrealized appreciation on 193 portfolio company investments, which was offset by $11.6 million in unrealized depreciation on 75 portfolio company investments. Unrealized appreciation for the three months ended December 31, 2020 primarily resulted from better than expected performance of our portfolio companies and credit market conditions beginning to recover from the COVID-19 pandemic. Unrealized depreciation for the three months ended December 31, 2020 primarily resulted
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from decreases in the fair value in the majority of our portfolio company investments due to the immediate adverse economic effects of the COVID-19 pandemic, the continuing uncertainty surrounding its long-term impact and increases in the spread between the yields realized on risk-free and higher risk securities.

Liquidity and Capital Resources

For the three months ended December 31, 2021, we experienced a net increase in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $57.2 million. During the period, cash used in operating activities was $181.7 million, primarily driven by fundings of portfolio investments of $890.9 million, offset by proceeds from principal payments and sales of portfolio investments of $661.8 million and net investment income of $44.8 million. Lastly, cash provided by financing activities was $238.9 million, primarily driven by borrowings on debt of $620.2 million, offset by repayments of debt of $336.8 million and distributions paid of $38.3 million.

For the three months ended December 31, 2020, we experienced a net increase in cash, cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $86.5 million. During the period, cash used in operating activities was $164.9 million, primarily as a result of fundings of portfolio investments of $490.0 million, partially offset by the proceeds from principal payments and sales of portfolio investments of $278.7 million and net investment income of $39.0 million. Lastly, cash provided by financing activities was $251.4 million, primarily driven by borrowings on debt of $797.4 million, partially offset by repayments of debt of $491.3 million, distributions paid of $33.8 million, and repurchases of common stock under the DRIP of $14.7 million.

As of December 31, 2021 and September 30, 2021, we had cash and cash equivalents of $180.2 million and $175.6 million, respectively. In addition, we had foreign currencies of $2.5 million and $5.5 million as of December 31, 2021 and September 30, 2021, respectively, restricted cash and cash equivalents of $117.1 million and $61.8 million as of December 31, 2021 and September 30, 2021, respectively, and restricted foreign currencies of $1.7 million and $1.4 million as of December 31, 2021 and September 30, 2021, respectively. Cash and cash equivalents and foreign currencies are available to fund new investments, pay operating expenses and pay distributions. Restricted cash and cash equivalents and restricted foreign currencies can be used to pay principal and interest on borrowings and to fund new investments that meet the guidelines under our debt securitizations or credit facilities, as applicable.

Revolving Debt Facilities

MS Credit Facility II - As of both December 31, 2021 and September 30, 2021, we had no amounts outstanding on the MS Credit Facility II (as defined in Note 7 of our consolidated financial statements). As of December 31, 2021, the MS Credit Facility II allowed Golub Capital BDC Funding II LLC, or Funding II, as amended, to borrow up to $75.0 million at any one time outstanding, subject to leverage and borrowing base restrictions. As of both December 31, 2021 and September 30, 2021, subject to leverage and borrowing base restrictions, we had approximately $75.0 million of remaining commitments and $75.0 million of availability on the MS Credit Facility II.

JPM Credit Facility - On February 11, 2021, we entered into the JPM Credit Facility (as defined in Note 7 of our consolidated financial statements), which allowed us to borrow up to $475.0 million at any one time outstanding, subject to leverage and borrowing base restrictions. Through a series of amendments, most recently on December 17, 2021, we increased commitments on the JPM Credit Facility to $1,187.5 million. As of December 31, 2021 and September 30, 2021, we had outstanding debt under the JPM Credit Facility of $453.1 million and $472.1 million, respectively. As of December 31, 2021 and September 30, 2021, subject to leverage and borrowing base restrictions, we had $734.4 million and $2.9 million, respectively, of remaining commitments and $734.4 million and $2.9 million of availability, respectively, on the JPM Credit Facility.

Adviser Revolver - On June 22, 2016, we entered into the Adviser Revolver (as defined in Note 7 of our consolidated financial statements), which, as amended, permitted us to borrow up to $100.0 million at any one time outstanding as of December 31, 2021. We entered into the Adviser Revolver in order to have the ability to borrow funds on a short-term basis and have in the past repaid, and generally intend in the future to repay, borrowings under the Adviser Revolver within 30 to 45 days from which they are drawn. As of each of December 31, 2021 and September 30, 2021, we had no amounts outstanding on the Adviser Revolver.

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Debt Securitizations

2018 Debt Securitization - On November 16, 2018, we completed the 2018 Debt Securitization. The Class A, Class B and Class C-1 2018 Notes are included in the December 31, 2021 and September 30, 2021 Consolidated Statements of Financial Condition as our debt and the Class C-2, Class D and Subordinated 2018 Notes were eliminated in consolidation. As of both December 31, 2021 and September 30, 2021, we had outstanding debt under the 2018 Debt Securitization of $408.2 million.

GCIC 2018 Debt Securitization - Effective September 16, 2019, we assumed as a result of the Merger, the GCIC 2018 Debt Securitization. The Class A-1, Class A-2 (Class A-2-R GCIC 2018 Notes after refinancing on December 21, 2020) and Class B-1 GCIC 2018 Notes are included in the December 31, 2021 and September 30, 2021 Consolidated Statements of Financial Condition as our debt. As of December 31, 2021 and September 30, 2021 the Class B-2, Class C and Class D GCIC 2018 Notes and the Subordinated GCIC 2018 Notes were eliminated in consolidation. As of December 31, 2021 and September 30, 2021, we had outstanding debt under the GCIC 2018 Debt Securitization of $544.6 million and $544.2 million, respectively.

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

2024 Notes

On October 2, 2020, we issued $400.0 million in aggregate principal amount of the 2024 Unsecured Notes. On October 15, 2021, we issued an additional $100.0 million in aggregate principal of the 2024 Notes (the “New 2024 Notes”). Upon issuance of the New 2024 Notes, the outstanding aggregate principal amount of the 2024 Notes is $500.0 million, all of which remained outstanding as our debt as of December 31, 2021.

2026 Notes

On February 24, 2021, we issued $400.0 million in aggregate principal amount of the 2026 Unsecured Notes. On October 13, 2021, we issued an additional $200.0 million in aggregate principal of the 2026 Notes (the “New 2026 Notes”). Upon issuance of the New 2026 Notes, the outstanding aggregate principal amount of the 2026 Notes is $600.0 million, all of which remained outstanding as our debt as of December 31, 2021.

2027 Notes

On July 27, 2021, we issued $350.0 million in aggregate principal amount of the 2027 Unsecured Notes, all of which remained outstanding as our debt as of December 31, 2021.

Equity Distribution Agreement

On May 28, 2021, we entered into an equity distribution agreement, or the Equity Distribution Agreement, in connection with the launch of an at the market program to sell up to $250.0 million of shares of our common stock. An at the market offering is a registered offering by a publicly traded issuer of its listed equity securities that allows the issuer to sell shares directly into the market at market prices. As of December 31, 2021, there have been no common stock issuances under the Equity Distribution Agreement.

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

As of December 31, 2021, in accordance with the 1940 Act, with certain limited exceptions, we were allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. Prior to February 6, 2019, in accordance with the 1940 Act, with certain limited exceptions, we were allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing. We currently intend to continue to target a GAAP debt-to-equity ratio between 0.85x to 1.25x. As of December 31, 2021, our asset coverage for borrowed amounts and GAAP debt-to-equity ratio was 190.9% and 1.10x, respectively.

In August 2021, our board of directors reapproved a share repurchase program, or the Program, which allows us
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to repurchase up to $150.0 million of our outstanding common stock on the open market at prices below the NAV per share as reported in our then most recently published consolidated financial statements. The Program is implemented at the discretion of management with shares to be purchased from time to time at prevailing market
prices, through open market transactions, including block transactions. We did not make any repurchases of our common stock during the three months ended December 31, 2021 and 2020.

As of December 31, 2021 and September 30, 2021, we had outstanding commitments to fund investments totaling $308.2 million and $340.7 million, respectively. As of December 31, 2021, total commitments of $308.2 million included $41.0 million of unfunded commitments on revolvers. There is no guarantee that these amounts will be funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers, subject to the terms of each loan’s respective credit agreement. A summary of maturity requirements for our principal borrowings as of December 31, 2021 is included in Note 7 of our consolidated financial statements. We did not have any other material contractual payment obligations as of December 31, 2021. As of December 31, 2021, we believe that we had sufficient assets and liquidity to adequately cover future obligations under our unfunded commitments based on historical rates of drawings upon unfunded commitments, cash and restricted cash balances that we maintain, availability under the Adviser Revolver, JPM Credit Facility and MS Credit Facility II, as well as ongoing principal repayments on debt investments. In addition, we generally hold some syndicated loans in larger portfolio companies that are saleable over a relatively short period to generate cash.

In addition, we have entered and, in the future, may again enter into derivative instruments that contain elements of off-balance sheet market and credit risk. Refer to Note 5 of our consolidated financial statements for outstanding forward currency contracts as of December 31, 2021 and September 30, 2021. Derivative instruments can be affected by market conditions, such as interest rate volatility, which could impact the fair value of the derivative instruments. If market conditions move against us, we may not achieve the anticipated benefits of the derivative instruments and may realize a loss. We minimize market risk through monitoring its investments and borrowings.

Although we expect to fund the growth of our investment portfolio through the net proceeds from future securities offerings and future borrowings, to the extent permitted by the 1940 Act, we cannot assure you that our efforts to raise capital will be successful. In addition, from time to time, we can amend or refinance our leverage facilities and securitization financings, to the extent permitted by applicable law. In addition to capital not being available, it also may not be available on favorable terms. To the extent we are not able to raise capital on what we believe are favorable terms, we will focus on optimizing returns by investing capital generated from repayments into new investments we believe are attractive from a risk/reward perspective. Furthermore, to the extent we are not able to raise capital and are at or near our targeted leverage ratios, we expect to receive smaller allocations, if any, on new investment opportunities under GC Advisors’ allocation policy and have, in the past, received such smaller allocations under similar circumstances.

Portfolio Composition, Investment Activity and Yield

As of December 31, 2021 and September 30, 2021, we had investments in 301 and 296 portfolio companies, respectively, with a total fair value of $5.1 billion and $4.9 billion, respectively.

The following table shows the asset mix of our new investment commitments for the three months ended December 31, 2021, September 30, 2021 and December 31, 2020:

Three months ended
  December 31, 2021September 30, 2021December 31, 2020
  (In thousands)Percentage(In thousands)Percentage(In thousands)Percentage
Senior secured$37,039 4.3 %$134,212 13.8 %$116,773 22.2 %
One stop761,442 87.7 786,244 80.9 396,147 75.2 
Second lien640 0.1 21,886 2.3 8,013 1.5 
Subordinated debt988 0.1  — — — — 
Equity67,613 7.8 29,106 3.0 5,907 1.1 
Total new investment commitments$867,722 100.0 %$971,448 100.0 %$526,840 100.0 %


For the three months ended December 31, 2021, we had approximately $661.8 million in proceeds from principal payments and sales of portfolio investments.

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For the three months ended December 31, 2020, we had approximately $278.7 million in proceeds from principal payments and sales of portfolio investments.

The following table shows the principal, amortized cost and fair value of our portfolio of investments by asset class:
As of December 31, 2021(1)
As of September 30, 2021(2)
  PrincipalAmortized
Cost		Fair
Value		PrincipalAmortized
Cost		Fair
Value
  (In thousands)(In thousands)
Senior secured:            
Performing$628,613 $624,428 $617,694 $796,269 $793,707 $781,962 
Non-accrual(3)
20,016 9,794 2,474 20,047 9,813 2,843 
One stop:            
Performing4,242,974 4,217,602 4,195,705 3,876,907 3,860,525 3,839,053 
Non-accrual(3)
58,092 51,190 39,828 59,699 52,806 43,261 
Second lien:            
Performing43,537 42,949 43,339 42,571 41,946 41,857 
Non-accrual(3)
— — — — — — 
Subordinated debt:            
Performing988 968 973 172 171 172 
Non-accrual(3)
— — — — — — 
EquityN/A196,660 246,753 N/A136,429 185,738 
Total$4,994,220 $5,143,591 $5,146,766 $4,795,665 $4,895,397 $4,894,886 
(1)As of December 31, 2021, $465.0 million and $430.8 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of the interest due on such loan to be PIK interest.
(2)As of September 30, 2021, $502.1 million and $476.1 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of the interest due on such loan to be PIK interest.
(3)We refer to a loan as non-accrual when we cease recognizing interest income on the loan because we have stopped pursuing repayment of the loan or, in certain circumstances, it is past due 90 days or more on principal and interest or our management has reasonable doubt that principal or interest will be collected. See “— Critical Accounting Policies — Revenue Recognition.”
As of December 31, 2021, we had loans in five portfolio companies on non-accrual status, and non-accrual
investments as a percentage of total debt investments at cost and fair value were 1.2% and 0.9%, respectively. 
As of September 30, 2021, we had loans in six portfolio companies on non-accrual status, and non-accrual investments as a percentage of total investments at cost and fair value were 1.3% and 1.0%, respectively. As of December 31, 2021 and September 30, 2021, the fair value of our debt investments as a percentage of the outstanding principal value was 98.1% and 98.2%, respectively.

The following table shows the weighted average rate, spread over LIBOR of floating rate and fees of investments originated and the weighted average rate of sales and payoffs of portfolio companies during the three months ended December 31, 2021, September 30, 2021 and December 31, 2020:
For the three months ended
  December 31, 2021September 30, 2021December 31, 2020
Weighted average rate of new investment fundings6.7%6.4%7.1%
Weighted average spread over LIBOR of new floating rate investment fundings5.9%5.7%6.1%
Weighted average fees of new investment fundings1.2%1.2%1.3%
Weighted average rate of sales and payoffs of portfolio investments6.3%7.3%7.1%

As of December 31, 2021, 98.7% and 98.7% of our debt portfolio at fair value and at amortized cost, respectively, had interest rate floors that limit the minimum applicable interest rates on such loans. As of September 30, 2021, 92.4% and 92.4% of our debt portfolio at fair value and at amortized cost, respectively, had interest rate floors that limit the minimum applicable interest rates on such loans.
As of December 31, 2021 and September 30, 2021, the portfolio median earnings before interest, taxes, depreciation and amortization, or EBITDA, for our portfolio companies was $44.8 million and $41.1 million, respectively. The
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portfolio median EBITDA is based on the most recently reported trailing twelve-month EBITDA received from the portfolio company.

As part of the monitoring process, GC Advisors regularly assesses the risk profile of each of our investments and rates each of them based on an internal system developed by Golub Capital and its affiliates. This system is not generally accepted in our industry or used by our competitors. It is based on the following categories, which we refer to as GC Advisors’ internal performance ratings:
 
Internal Performance Ratings
Rating Definition
5 Involves the least amount of risk in our portfolio. The borrower is performing above expectations, and the trends and risk factors are generally favorable.
4 Involves an acceptable level of risk that is similar to the risk at the time of origination. The borrower is generally performing as expected, and the risk factors are neutral to favorable.
3 Involves a borrower performing below expectations and indicates that the loan’s risk has increased somewhat since origination. The borrower could be out of compliance with debt covenants; however, loan payments are generally not past due.
2 Involves a borrower performing materially below expectations and indicates that the loan’s risk has increased materially since origination. In addition to the borrower being generally out of compliance with debt covenants, loan payments could be past due (but generally not more than 180 days past due).
1 Involves a borrower performing substantially below expectations and indicates that the loan’s risk has substantially increased since origination. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 1 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered.

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

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

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

The following table shows the distribution of our investments on the 1 to 5 internal performance rating scale at fair value as of December 31, 2021 and September 30, 2021:
As of December 31, 2021As of September 30, 2021
Internal
Performance
Rating		Investments
at Fair Value
(In thousands)		Percentage of
Total
Investments		Investments
at Fair Value
(In thousands)		Percentage of
Total
Investments
5$349,616 6.8%$499,241 10.2%
44,406,567 85.63,951,870 80.7
3341,026 6.6395,208 8.1
249,317 1.047,836 1.0
1240 0.0*731 0.0*
Total$5,146,766 100.0%$4,894,886 100.0%
*Represents an amount less than 0.1%.

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Distributions

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

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

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

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

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

Related Party Transactions

We have entered into a number of business relationships with affiliated or related parties, including the following:

•We entered into the Investment Advisory Agreement with GC Advisors. Mr. Lawrence Golub, our chairman, is a manager of GC Advisors, and Mr. David Golub, our chief executive officer, is a manager of GC Advisors, and each of Messrs. Lawrence Golub and David Golub owns an indirect pecuniary interest in GC Advisors.

•Golub Capital LLC provides, and other affiliates of Golub Capital have historically provided, us with the office facilities and administrative services necessary to conduct day-to-day operations pursuant to our Administration Agreement.

•We have entered into a license agreement with Golub Capital LLC, pursuant to which Golub Capital LLC has granted us a non-exclusive, royalty-free license to use the name “Golub Capital.”

•Under a staffing agreement, or the Staffing Agreement, Golub Capital LLC has agreed to provide GC Advisors with the resources necessary to fulfill its obligations under the Investment Advisory Agreement. The Staffing Agreement provides that Golub Capital LLC will make available to GC Advisors experienced investment professionals and provide access to the senior investment personnel of Golub Capital LLC for purposes of evaluating, negotiating, structuring, closing and monitoring our investments. The Staffing Agreement also includes a commitment that the members of GC Advisors’ investment committee will serve in such capacity. Services under the Staffing Agreement are provided on a direct cost reimbursement basis. We are not a party to the Staffing Agreement.

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•GC Advisors served as collateral manager to the 2020 Issuer under the 2020 Collateral Management Agreement and serves as collateral manager to the 2018 Issuer and the GCIC 2018 Issuer under the 2018 Collateral Management Agreement and the GCIC 2018 Collateral Management Agreement, respectively. Fees payable to GC Advisors for providing these services offset against the base management fee payable by us under the Investment Advisory Agreement.

•We have entered into the Adviser Revolver with GC Advisors in order to have the ability to borrow funds on a short-term basis.

•During calendar year 2021, the Golub Capital Employee Grant Program Rabbi Trust, or the Trust, purchased approximately $14.3 million, or 925,040 shares of our common stock for the purpose of awarding incentive compensation to employees of Golub Capital. During calendar year 2020, the Trust purchased approximately $54.7 million, or 4,103,225 shares of our common stock, for the purpose of awarding incentive compensation to employees of Golub Capital.

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

•On October 2, 2020, an affiliate of GC Advisors purchased $40.0 million of the 2024 Unsecured Notes. On October 8, 2020, the affiliate sold $15.0 million of the 2024 Unsecured Notes to an unaffiliated party. On May 21, 2021, the affiliate sold $25.0 million of the 2024 Unsecured Notes to an unaffiliated party which closed its position.

GC Advisors also sponsors or manages, and expects in the future to sponsor or manage, other investment funds, accounts or investment vehicles (together referred to as “accounts”) that have investment mandates that are similar, in whole and in part, with ours. For example, GC Advisors presently serves as the investment adviser to Golub Capital BDC 3, Inc. and Golub Capital Direct Lending Corporation, both unlisted business development companies that primarily focus on investing in one stop and other senior secured loans. In addition, our officers and directors serve in similar capacity for Golub Capital BDC 3, Inc. and Golub Capital Direct Lending Corporation. If GC Advisors and its affiliates determine that an investment is appropriate for us, Golub Capital BDC 3, Inc., Golub Capital Direct Lending Corporation and other accounts, depending on the availability of such investment and other appropriate factors, and pursuant to GC Advisors’ allocation policy, GC Advisors or its affiliates could determine that we should invest side-by-side with one or more other accounts. We do not intend to make any investments if they are not permitted by applicable law and interpretive positions of the SEC and its staff, or if they are inconsistent with GC Advisors’ allocation procedures.

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

Critical Accounting Policies

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

Fair Value Measurements

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

Valuation methods include comparisons of the portfolio companies to peer companies that are public, determination of the enterprise value of a portfolio company, discounted cash flow analysis and a market interest rate approach. The factors that are taken into account in fair value pricing investments include: available current market data, including relevant and applicable market trading and transaction comparables; applicable market yields and
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multiples; security covenants; call protection provisions; information rights; the nature and realizable value of any collateral; the portfolio company’s ability to make payments, its earnings and discounted cash flows and the markets in which it does business; comparisons of financial ratios of peer companies that are public; comparable merger and acquisition transactions; and the principal market and enterprise values. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we will consider the pricing indicated by the external event to corroborate the private equity valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the investments can differ significantly from the values that would have been used had a readily available market value existed for such investments and differ materially from values that are ultimately received or settled.

Our board of directors is ultimately and solely responsible for determining, in good faith, the fair value of investments that are not publicly traded, whose market prices are not readily available on a quarterly basis or any other situation where portfolio investments require a fair value determination.

With respect to investments for which market quotations are not readily available, our board of directors undertakes a multi-step valuation process each quarter, as described below:

Our quarterly valuation process begins with each portfolio company investment being initially valued by the investment professionals of GC Advisors responsible for credit monitoring. Preliminary valuation conclusions are then documented and discussed with our senior management and GC Advisors. The audit committee of our board of directors reviews these preliminary valuations. At least once annually the valuation for each portfolio investment, subject to a de minimis threshold, is reviewed by an independent valuation firm. The board of directors discusses valuations and determines the fair value of each investment in our portfolio in good faith.

Determination of fair values involves subjective judgments and estimates. Under current accounting standards, the notes to our consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on our consolidated financial statements.

We follow ASC Topic 820 for measuring fair value. Fair value is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the assets or liabilities or market and the assets’ or liabilities’ complexity. Our fair value analysis includes an analysis of the value of any unfunded loan commitments. Assets and liabilities are categorized for disclosure purposes based upon the level of judgment associated with the inputs used to measure their value. The valuation hierarchical levels are based upon the transparency of the inputs to the valuation of the asset or liability as of the measurement date. The three levels are defined as follows:

Level 1: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2: Inputs include quoted prices for similar assets or liabilities in active markets and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the assets or liabilities.
Level 3: Inputs include significant unobservable inputs for the assets or liabilities and include situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value are based upon the best information available and may require significant management judgment or estimation.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and we consider factors specific to the asset or liability. We assess the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the three months ended December 31, 2021 and 2020. The following section describes the valuation techniques used by us to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.
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Valuation of Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by our board of directors, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of our board of directors to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with approximately 25% (based on the number of portfolio companies) of our valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. All investments as of December 31, 2021 and September 30, 2021, with the exception of money market funds included in cash, cash equivalents and restricted cash and cash equivalents and one portfolio company equity investment (Level 1 investments) and forward currency contracts (Level 2 investments), were valued using Level 3 inputs.

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

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

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

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

Valuation of Other Financial Assets and Liabilities

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

Revenue Recognition:

Our revenue recognition policies are as follows:

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

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

Non-accrual: Loans may be left on accrual status during the period we are pursuing repayment of the loan. Management reviews all loans that become past due 90 days or more on principal and interest or when there is reasonable doubt that principal or interest will be collected for possible placement on non-accrual status. We generally reverse accrued interest when a loan is placed on non-accrual. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. We restore non-accrual loans to accrual status when past due principal and interest is paid and, in our management’s judgment, are likely to remain current. The total fair value of our non-accrual loans was $42.3 million and $46.1 million as of December 31, 2021 and September 30, 2021, respectively.

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

Depending on the level of taxable income earned in a tax year, we may choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. We may then be required to incur a 4% excise tax on such income. To the extent that we determine that our estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, we accrue excise tax, if any, on estimated excess taxable income as taxable income is earned. For each of the three months ended December 31, 2021 and 2020, we did not incur any U.S federal excise tax.

We have consolidated subsidiaries that are subject to U.S. federal and state corporate-level income taxes. For the three months ended December 31, 2021, we recorded a net tax expense of $0.5 million for taxable subsidiaries. For the three months ended December 31, 2020, we did not record a net tax expense for taxable subsidiaries. As of December 31, 2021, we recorded a net deferred tax liability on the Consolidated Statement of Financial Condition of $1.0 million for taxable subsidiaries, primarily due to unrealized appreciation on the investments held at the taxable subsidiaries. As of September 30, 2021, we recorded a net deferred tax liability on the Consolidated Statement of Financial Condition of $0.5 million for taxable subsidiaries, primarily due to unrealized appreciation on the investments held at the taxable subsidiaries.

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

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are subject to financial market risks, including changes in interest rates. Many of the loans in our portfolio have floating interest rates, and we expect that our loans in the future may also have floating interest rates. These loans are usually based on a floating LIBOR and typically have interest rate reset provisions that adjust applicable interest rates under such loans to current market rates on a quarterly basis. The loans that are subject to the floating LIBOR are also typically subject to a minimum base rate, or floor, that we charge on our loans if the current market rates are below the respective floors. As of December 31, 2021 and September 30, 2021, the weighted average LIBOR floor on the loans subject to floating interest rates was 0.93% and 0.99%, respectively. The Class A, B and C-1 2018 Notes issued in connection with the 2018 Debt Securitization have floating rate interest provisions based on three-month LIBOR that reset quarterly, as do the Class A-1 and B-1 GCIC 2018 Notes as issued as part of the GCIC 2018 Debt Securitization. The MS Credit Facility II has a floating interest rate provision primarily based on one-month LIBOR plus 2.45%. Finally, the JPM Credit Facility has a floating interest rate provision primarily based on one-month LIBOR plus a spread that ranges from 1.75% to 1.875%. We expect that other credit facilities into which we enter in the future may have floating interest rate provisions.

In connection with the COVID-19 pandemic, the U.S. Federal Reserve and other central banks have reduced certain interest rates and LIBOR has decreased. A prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income if such decreases in LIBOR are not offset by a corresponding increase in the spread over LIBOR that we earn on any portfolio investments, a decrease in our operating expenses, including with respect to our income incentive fee, or a decrease in the interest rate of our floating interest rate liabilities tied to LIBOR.

Assuming that the interim and unaudited Consolidated Statement of Financial Condition as of December 31, 2021 were to remain constant and that we took no actions to alter interest rate sensitivity as of such date, the following table shows the annualized impact of hypothetical base rate changes in interest rates.
Change in interest ratesIncrease (decrease) in
interest income		Increase (decrease) in
interest expense		Net increase
(decrease) in
 investment income
(In thousands)
Down 25 basis points$(157)$(3,418)$3,261 
Up 50 basis points926 6,837 (5,911)
Up 100 basis points13,430 13,674 (244)
Up 150 basis points36,340 20,511 15,829 
Up 200 basis points59,343 27,348 31,995 

Although we believe that this analysis is indicative of our sensitivity to interest rate changes as of December 31, 2021, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments, including borrowings under the Debt Securitizations, the MS Credit Facility II, the JPM Credit Facility, Adviser Revolver, or other borrowings, that could affect net increase in net assets resulting from operations, or net income. Accordingly, we can offer no assurances that actual results would not differ materially from the analysis above.

We may in the future hedge against interest rate fluctuations by using standard hedging instruments such as interest rate swaps, futures, options and forward contracts to the limited extent permitted under the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to the investments in our portfolio with fixed interest rates.


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Item 4. Controls and Procedures.

As of December 31, 2021 (the end of the period covered by this report), management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, or the Exchange Act). Based on that evaluation, our management, including the chief executive officer and chief financial officer, concluded that, at the end of such period, our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in the Company’s periodic reports. There has not been any change in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

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Part II - Other Information

Item 1: Legal Proceedings.

We, GC Advisors and Golub Capital LLC may, from time to time, be involved in legal and regulatory proceedings arising out of our respective operations in the normal course of business or otherwise. While there can be no assurance of the ultimate disposition of any such proceedings, each of us, GC Advisors and Golub Capital LLC do not believe it is currently subject to any material legal proceedings.

Item 1A: Risk Factors.

There have been no material changes during the three months ended December 31, 2021 to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended September 30, 2021.


Item 2: Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3: Defaults Upon Senior Securities.

None.

Item 4: Mine Safety Disclosures

None.

Item 5: Other Information.

None.
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Item 6: Exhibits.

EXHIBIT INDEX
   
Number Description
Commitment Increase Agreement, dated as of October 14, 2021, by Signature Bank, as Increasing Lender, Wells Fargo Bank, National Association and Regions Bank, each as an Assuming Lender, in favor of the Company, as borrower, and JPMorgan Chase Bank, N.A., as administrative agent under the Revolving Credit Facility. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current report on Form 8-K (File No. 814-00794), filed on October 18, 2021).
Commitment Increase Agreement, dated as of November 23, 2021, by First National Bank of Pennsylvania, as Assuming Lender, JPMorgan Chase Bank, N.A., MUFG Union Bank, N.A., CIBC Bank USA, and Sumitomo Mitsui Banking Corporation, each as an Increasing Lender, in favor of Golub Capital BDC, Inc., as borrower, and JPMorgan Chase Bank, N.A., as administrative agent under the Senior Secured Revolving Credit Facility, dated as of February 11, 2021, as amended, among Golub Capital BDC, Inc., as borrower, JPMorgan Chase Bank, N.A., as administrative agent and as collateral agent, and the lenders, syndication agents, joint bookrunners, and joint lead arrangers party thereto. (Incorporated by reference to Exhibit 10.2 to the Registrant’s Current report on Form 8-K (File No. 814-00794), filed on November 24, 2021).
Amendment No. 1, dated as of November 19, 2021, to Senior Secured Revolving Credit Agreement, dated as of February 11, 2021, by and among, Golub Capital BDC, Inc., as borrower, JPMorgan Chase Bank, N.A., as administrative agent and as collateral agent, and the lenders, syndication agents, joint bookrunners, and joint lead arrangers party thereto. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current report on Form 8-K/A (File No. 814-00794), filed on December 14, 2021).
Commitment Increase Agreement, dated as of December 17, 2021, by Comerica Bank, and Capital One, National Association, each as an Assuming Lender, in favor of Golub Capital BDC, Inc., as borrower, and JPMorgan Chase Bank, N.A., as administrative agent under the Senior Secured Revolving Credit Facility, dated as of February 11, 2021, as amended, among Golub Capital BDC, Inc., as borrower, JPMorgan Chase Bank, N.A., as administrative agent and as collateral agent, and the lenders, syndication agents, joint bookrunners, and joint lead arrangers party thereto. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current report on Form 8-K (File No. 814-00794), filed on December 21, 2021).
 Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
  Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

_________________
* Filed herewith
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SIGNATURES

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

Golub Capital BDC, Inc.
Dated: February 9, 2022By/s/ David B. Golub
David B. Golub
Chief Executive Officer
(Principal Executive Officer)
Dated: February 9, 2022By/s/ Christopher C. Ericson
 Christopher C. Ericson
Chief Financial Officer
(Principal Accounting and Financial Officer)

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