______________________________________________________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________________________________________________________________________________________________ 

FORM 10-Q

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

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended December 31, 2024

OR

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

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 814-00794

Golub Capital BDC, Inc.

(Exact name of registrant as specified in its charter)

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

200 Park Avenue, 25th Floor

New York, NY 10166

(Address of principal executive offices)

(212) 750-6060

(Registrant's telephone number, including area code)

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

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

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

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

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

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

Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

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

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

As of February 4, 2025, the Registrant had 265,498,597 shares of common stock, $0.001 par value, outstanding.

Part I. Financial Information
Item 1.	Financial Statements	3
	Consolidated Statements of Financial Condition as of December 31, 2024 (unaudited) and September 30, 2024	3
	Consolidated Statements of Operations for the three months ended December 31, 2024 (unaudited) and 2023 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2024 (unaudited) and 2023 (unaudited)	5
	Consolidated Statements of Cash Flows for the three months ended December 31, 2024 (unaudited) and 2023 (unaudited)	6
	Consolidated Schedules of Investments as of December 31, 2024 (unaudited) and September 30, 2024	53
	Notes to Consolidated Financial Statements (unaudited)	98
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	142
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	173
Item 4.	Controls and Procedures	175
Part II. Other Information
Item 1.	Legal Proceedings	176
Item 1A.	Risk Factors	176
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	176
Item 3.	Defaults Upon Senior Securities	176
Item 4.	Mine Safety Disclosures	176
Item 5.	Other Information	176
Item 6.	Exhibits	177

2

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)

	December 31, 2024		September 30, 2024
	(unaudited)
Assets
Investments, at fair value
Non-controlled/non-affiliate company investments	$	8,424,975	$	8,011,824
Non-controlled affiliate company investments	248,019		211,382
Controlled affiliate company investments	12,237		12,205
Total investments, at fair value (amortized cost of $8,755,566 and $8,302,913, respectively)	8,685,231		8,235,411
Cash and cash equivalents	103,508		123,120
Foreign currencies (cost of $6,825 and $7,973, respectively)	6,769		8,044
Restricted cash and cash equivalents	110,597		227,152
Restricted foreign currencies (cost of $0 and $1,219, respectively)	—		1,236
Interest receivable	73,296		74,036
Net unrealized appreciation on derivatives	12,486		29,490
Other assets	16,899		5,267
Total Assets	$	9,008,786	$	8,703,756
Liabilities
Debt	$	4,919,258	$	4,624,791
Less unamortized debt issuance costs	(28,694)		(25,361)
Debt less unamortized debt issuance costs	4,890,564		4,599,430
Net unrealized depreciation on derivatives	2,906		—
Interest payable	51,518		45,701
Management and incentive fees payable	38,823		33,619
Accrued trustee fees	123		178
Accounts payable and other liabilities	7,308		10,299
Total Liabilities	4,991,242		4,689,227
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, 2024 and September 30, 2024	—		—
Common stock, par value $0.001 per share, 350,000,000 shares authorized, 265,498,597 and 264,277,128 shares issued and outstanding as of December 31, 2024 and September 30, 2024, respectively	265		264
Paid in capital in excess of par	4,185,811		4,167,258
Distributable earnings (losses)	(168,532)		(152,993)
Total Net Assets	4,017,544		4,014,529
Total Liabilities and Total Net Assets	$	9,008,786	$	8,703,756
Number of common shares outstanding	265,498,597		264,277,128
Net asset value per common share	$	15.13	$	15.19

See Notes to Consolidated Financial Statements.

3

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Operations (unaudited)

(In thousands, except share and per share data)

	Three months ended December 31,
	2024		2023
Investment income
From non-controlled/non-affiliate company investments:
Interest income	$	198,361	$	147,532
Payment-in-kind interest income	10,565		10,909
Dividend income	8,487		4,375
Fee income	555		365
Total investment income from non-controlled/non-affiliate company investments	217,968		163,181
From non-controlled affiliate company investments:
Interest income	2,243		647
Payment-in-kind interest income	332		788
Fee income	31		48
Total investment income from non-controlled affiliate company investments	2,606		1,483
From controlled affiliate company investments:
Interest income	—		—
Payment-in-kind interest income	119		102
Fee income	7		4
Total investment income from controlled affiliate company investments	126		106
Total investment income	220,700		164,770
Expenses
Interest and other debt financing expenses	79,643		41,560
Base management fee	21,581		13,956
Incentive fee	18,058		21,285
Professional fees	1,840		1,308
Administrative service fee	2,902		2,245
General and administrative expenses	561		381
Total expenses	124,585		80,735
Net investment income - before tax	96,115		84,035
Excise and income tax	(475)		500
Net investment income - after tax	96,590		83,535
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Non-controlled/non-affiliate company investments	(25,356)		909
Foreign currency transactions	(3,705)		187
Forward currency contracts	1,206		—
Net realized gain (loss) on investment transactions	(27,855)		1,096
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliate company investments	40,085		3,047
Non-controlled affiliate company investments	3,622		(12,225)
Controlled affiliate company investments	(86)		(126)
Translation of assets and liabilities in foreign currencies	(22,973)		6,187
Forward currency contracts	21,927		(5,715)
Net change in unrealized appreciation (depreciation) on investment transactions	42,575		(8,832)
Net gain (loss) on investment transactions	14,720		(7,736)
Net realized gain (loss) on extinguishment of debt	(48)		—
(Provision) benefit for taxes on unrealized appreciation on investments	52		(23)
Net increase (decrease) in net assets resulting from operations	$	111,314	$	75,776
Per Common Share Data
Basic and diluted earnings per common share (Note 10)	$	0.42	$	0.45
Dividends and distributions declared per common share	$	0.48	$	0.44
Basic and diluted weighted average common shares outstanding (Note 10)	264,343,512		169,650,233

See Notes to Consolidated Financial Statements.

4

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Changes in Net Assets (unaudited)

(In thousands, except share data)

	Common Stock			Paid in Capital in Excess of Par		Distributable Earnings (Losses)		Total Net Assets
	Shares	Par Amount
Balance at September 30, 2023	169,594,742	$	170	$	2,646,912	$	(99,204)	$	2,547,878
Net increase (decrease) in net assets resulting from operations
Net investment income after taxes	—	—		—		83,535		83,535
Net realized gain (loss) on investment transactions	—	—		—		1,096		1,096
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(8,832)		(8,832)
(Provision) benefit for taxes on unrealized appreciation on investments	—	—		—		(23)		(23)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	991,053	1		14,885		—		14,886
Distributions from distributable earnings	—	—		—		(74,622)		(74,622)
Total increase (decrease) for the three months ended December 31, 2023	991,053	1		14,885		1,154		16,040
Balance at December 31, 2023	170,585,795	$	171	$	2,661,797	$	(98,050)	$	2,563,918
Balance at September 30, 2024	264,277,128	$	264	$	4,167,258	$	(152,993)	$	4,014,529
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		96,590		96,590
Net realized gain (loss) on investment transactions	—	—		—		(27,855)		(27,855)
Net realized gain (loss) on extinguishment of debt	—	—		—		(48)		(48)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		42,575		42,575
(Provision) benefit for taxes on unrealized appreciation on investments	—	—		—		52		52
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	1,221,469	1		18,553		—		18,554
Distributions from distributable earnings	—	—		—		(126,853)		(126,853)
Total increase (decrease) for the three months ended December 31, 2024	1,221,469	1		18,553		(15,539)		3,015
Balance at December 31, 2024	265,498,597	$	265	$	4,185,811	$	(168,532)	$	4,017,544

See Notes to Consolidated Financial Statements.

5

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands)

	Three months ended December 31,
	2024		2023
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	111,314	$	75,776
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Amortization of deferred debt issuance costs	2,645		2,109
Accretion of discounts and amortization of premiums on investments	(569)		(3,673)
Accretion of discounts and amortization of premiums on issued debt securities	863		41
Net realized (gain) loss on investments	25,356		(909)
Net realized (gain) loss on foreign currency transactions	3,705		(187)
Net realized (gain) loss on forward currency contracts	(1,206)		—
Net realized (gain) loss on extinguishment of debt	48		—
Net change in unrealized (appreciation) depreciation on investments	(43,621)		9,304
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	22,973		(6,187)
Net change in unrealized (appreciation) depreciation on interest rate swap	4,662		(301)
Net change in unrealized (appreciation) depreciation on forward currency contracts	(21,927)		5,715
Proceeds from (fundings of) revolving loans, net	(2,169)		(235)
Fundings of investments	(909,514)		(73,242)
Proceeds from principal payments and sales of portfolio investments	450,173		179,411
Proceeds from settlements of forward currency contracts	4,100		—
Payment-in-kind interest capitalized	(13,211)		(13,715)
Non-cash dividends capitalized	(7,264)		(4,251)
Proceeds from non-cash dividends	1,824		—
Changes in operating assets and liabilities:
Interest receivable	740		3,560
Other assets	(11,632)		(12,390)
Interest payable	5,817		1,834
Management and incentive fees payable	5,204		(36)
Accrued trustee fees	(55)		(100)
Accounts payable and other liabilities	(2,991)		1,105
Net cash provided by (used in) operating activities	(374,735)		163,629
Cash flows from financing activities
Borrowings on debt	3,390,158		563,746
Repayments of debt	(3,037,745)		(629,508)
Capitalized debt issuance costs	(5,978)		(5,314)
Distributions paid	(108,299)		(59,736)
Net cash provided by (used in) financing activities	238,136		(130,812)
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies	(136,599)		32,817
Effect of foreign currency exchange rates	(2,079)		396
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, beginning of period	359,552		140,206
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, end of period	$	220,874	$	173,419
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	69,118	$	37,576
Distributions declared for the period	126,853		74,622
Supplemental disclosure of non-cash financing activities:
Stock issued in connection with dividend reinvestment plan	$	18,554	$	14,886

See Notes to Consolidated Financial Statements.

6

Golub Capital BDC, Inc. and Subsidiaries

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

(In thousands)

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, 2024		September 30, 2024
Cash and cash equivalents	$	103,508	$	123,120
Foreign currencies (cost of $6,825 and $7,973, respectively)	6,769		8,044
Restricted cash and cash equivalents	110,597		227,152
Restricted foreign currencies (cost of $0 and $1,219, respectively)	—		1,236
Total cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows(1)	$	220,874	$	359,552

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

See Notes to Consolidated Financial Statements.

7

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited)

December 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace & Defense
PPW Aero Buyer, Inc.*	One stop	SF +	6.50%	(i)	10.93%				02/2029	$	34,289	$	34,055	0.9	%	$	34,804
PPW Aero Buyer, Inc.+	One stop	SF +	5.50%	(i)	9.83%				02/2029	4,744		4,713		0.1		4,744
PPW Aero Buyer, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				02/2029	—		(79)		—		—
PPW Aero Buyer, Inc.+	One stop	SF +	6.50%	(a)(h)(i)	11.85%				02/2029	52		51		—		52
										39,085		38,740		1.0		39,600
Air Freight & Logistics
RJW Group Holdings, Inc.+	One stop	SF +	5.25%	(i)	9.58%				11/2031	46,415		45,496		1.1		45,486
RJW Group Holdings, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				11/2031	—		(34)		—		(34)
										46,415		45,462		1.1		45,452
Airlines
Accelya Lux Finco S.A.R.L.+(8)(13)(26)	One stop	SF +	7.00%	(i)	7.43%	cash/	4.00%	PIK	12/2026	8,903		8,795		0.2		8,725
Auto Components
Arnott, LLC+	One stop	SF +	4.75%	(i)	9.08%				11/2030	4,772		4,725		0.1		4,724
Arnott, LLC+(5)	One stop	SF +	4.75%		N/A(6)				11/2030	—		(8)		—		(8)
Collision SP Subco, LLC+	One stop	SF +	5.50%	(i)	10.09%				01/2030	884		874		—		884
Collision SP Subco, LLC+	One stop	SF +	5.50%	(i)(j)	10.12%				01/2030	259		254		—		259
Collision SP Subco, LLC+	One stop	SF +	5.50%	(i)	10.09%				01/2030	14		13		—		14
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50%	(i)	9.22%				08/2027	6,809		6,763		0.2		6,537
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50%	(i)	9.24%				08/2027	1,378		1,357		—		1,322
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50%	(i)	9.08%				08/2027	186		182		—		178
North Haven Falcon Buyer, LLC+(26)	One stop	SF +	8.00%	(i)	7.51%	cash/	5.00%	PIK	05/2027	9,223		8,538		0.2		7,378
North Haven Falcon Buyer, LLC+(26)	One stop	SF +	8.00%	(i)	7.49%	cash/	5.00%	PIK	05/2027	1,544		1,429		—		1,235
OEConnection, LLC*	One stop	SF +	5.00%	(h)	9.36%				04/2031	10,263		10,219		0.3		10,263
OEConnection, LLC+(5)	One stop	SF +	5.00%		N/A(6)				04/2031	—		(34)		—		—
OEConnection, LLC+(5)	One stop	SF +	5.00%		N/A(6)				04/2031	—		(8)		—		—
OEConnection, LLC+(5)	One stop	SF +	5.00%		N/A(6)				04/2031	—		(8)		—		—
Polk Acquisition Corp.+(26)	Senior secured	SF +	7.50%	(h)	9.71%	cash/	2.25%	PIK	03/2025	18,658		18,514		0.5		18,658
Polk Acquisition Corp.+(26)	Senior secured	SF +	7.50%	(h)	9.71%	cash/	2.25%	PIK	03/2025	110		110		—		110
Polk Acquisition Corp.+(26)	Senior secured	SF +	7.50%	(h)	9.71%	cash/	2.25%	PIK	03/2025	140		140		—		140
										54,240		53,060		1.3		51,694
Automobiles
CAP-KSI Holdings, LLC+	One stop	SF +	5.25%	(i)	9.58%				06/2030	6,568		6,477		0.2		6,568
CAP-KSI Holdings, LLC+	One stop	SF +	5.25%	(h)	9.61%				06/2030	182		168		—		182
CG Group Holdings, LLC*+(26)	One stop	SF +	8.75%	(i)	11.08%	cash/	2.00%	PIK	07/2027	46,033		45,834		1.2		46,033
CG Group Holdings, LLC+(26)	One stop	SF +	8.75%	(h)	11.11%	cash/	2.00%	PIK	07/2026	708		702		—		708
Denali Midco 2, LLC*	One stop	SF +	5.25%	(h)	9.61%				12/2028	38,258		38,014		1.0		38,258
Denali Midco 2, LLC+(26)	Second lien	N/A			13.00%	PIK			12/2029	10,501		10,404		0.3		10,501
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.61%				12/2028	8,917		9,071		0.2		8,917
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.61%				12/2027	2,668		2,715		0.1		2,668
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.61%				12/2028	1,621		1,649		0.1		1,621
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.61%				12/2028	1,540		1,567		0.1		1,540
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.61%				12/2028	1,344		1,368		—		1,344
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.61%				12/2028	1,293		1,277		—		1,293
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.61%				12/2028	1,108		1,104		—		1,108
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.61%				12/2028	1,075		1,072		—		1,075
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.61%				12/2028	1,075		1,072		—		1,075

See Notes to Consolidated Financial Statements.

8

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.61%	12/2028	$	887	$	885	—	%	$	887
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.59%	12/2028	572		570		—		572
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.61%	12/2028	403		398		—		403
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.61%	12/2028	348		344		—		348
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.61%	12/2028	294		291		—		294
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.61%	12/2028	292		282		—		292
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.61%	12/2028	173		171		—		173
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.61%	12/2028	87		85		—		87
Denali Midco 2, LLC+(5)	One stop	SF +	5.25%		N/A(6)	12/2028	—		(5)		—		—
High Bar Brands Operating, LLC+	Senior secured	SF +	5.00%	(i)	9.33%	12/2029	1,433		1,429		0.1		1,433
High Bar Brands Operating, LLC+	Senior secured	SF +	5.00%	(i)	9.33%	12/2029	298		297		—		298
High Bar Brands Operating, LLC+	Senior secured	SF +	5.00%	(i)	9.33%	12/2029	254		250		—		254
High Bar Brands Operating, LLC+(5)	Senior secured	SF +	5.25%		N/A(6)	12/2029	—		(1)		—		—
JHCC Holdings LLC*+	One stop	SF +	5.25%	(i)	9.58%	09/2027	17,844		17,769		0.5		17,844
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.58%	09/2027	6,336		6,316		0.2		6,336
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.58%	09/2027	5,166		5,242		0.1		5,166
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.58%	09/2027	4,938		4,940		0.1		4,938
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.58%	09/2027	2,785		2,804		0.1		2,785
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.58%	09/2027	1,655		1,642		—		1,655
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.58%	09/2027	732		728		—		732
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.58%	09/2027	693		691		—		693
JHCC Holdings LLC+	One stop	P +	4.25%	(a)	11.75%	09/2027	100		99		—		100
JHCC Holdings LLC+(5)	One stop	SF +	5.25%		N/A(6)	09/2027	—		(36)		—		—
MOP GM Holding, LLC^*+	One stop	SF +	5.75%	(i)	10.23%	11/2026	32,803		32,774		0.8		32,803
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	10.33%	11/2026	3,855		3,848		0.1		3,855
MOP GM Holding, LLC*+	One stop	SF +	5.75%	(j)	11.09%	11/2026	3,608		3,589		0.1		3,608
MOP GM Holding, LLC^*	One stop	SF +	5.75%	(j)	11.09%	11/2026	3,527		3,507		0.1		3,527
MOP GM Holding, LLC^*	One stop	SF +	5.75%	(i)	10.23%	11/2026	2,614		2,600		0.1		2,614
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	11.09%	11/2026	2,156		2,144		0.1		2,156
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	11.09%	11/2026	1,987		1,971		—		1,987
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.23%	11/2026	723		719		—		723
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.23%	11/2026	531		529		—		531
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)(j)	10.35%	11/2026	400		397		—		400
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	11.09%	11/2026	267		265		—		267
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.23%	11/2026	202		202		—		202
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	11.09%	11/2026	89		88		—		89
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.23%	11/2026	88		88		—		88
MOP GM Holding, LLC+(5)	One stop	SF +	5.75%		N/A(6)	11/2026	—		(30)		—		—
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.50%	(i)(j)	9.84%	07/2029	7,924		7,879		0.2		7,924
National Express Wash Parent Holdco, LLC+	One stop	SF +	6.00%	(j)	10.63%	07/2029	1,671		1,657		—		1,679
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.50%	(j)	9.86%	07/2029	386		379		—		386
National Express Wash Parent Holdco, LLC+(5)	One stop	SF +	6.00%		N/A(6)	07/2029	—		(2)		—		—
POY Holdings, LLC^*+	One stop	SF +	5.50%	(i)	9.98%	11/2027	28,416		28,670		0.7		28,416
POY Holdings, LLC+	One stop	SF +	5.50%	(i)	9.98%	11/2027	3,694		3,750		0.1		3,694
POY Holdings, LLC*+	One stop	SF +	5.50%	(i)	9.98%	11/2027	1,308		1,307		—		1,308
POY Holdings, LLC+	One stop	SF +	5.50%	(i)	10.24%	11/2027	871		870		—		871
POY Holdings, LLC+	One stop	SF +	5.50%	(i)	9.98%	11/2027	649		649		—		649
POY Holdings, LLC+	One stop	SF +	5.50%	(i)	9.98%	11/2027	290		290		—		290
POY Holdings, LLC+(5)	One stop	SF +	5.50%		N/A(6)	11/2027	—		(2)		—		—
POY Holdings, LLC+(5)	One stop	SF +	5.50%		N/A(6)	11/2027	—		(26)		—		—
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	4.75%	(h)	9.11%	06/2031	4,189		4,157		0.1		4,189
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	4.75%	(h)	9.12%	06/2031	93		86		—		93
Quick Quack Car Wash Holdings, LLC+(5)	One stop	SF +	4.75%		N/A(6)	06/2031	—		(3)		—		—

See Notes to Consolidated Financial Statements.

9

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
TWAS Holdings, LLC*	One stop	SF +	6.75%	(h)	11.21%		12/2026	$	46,683	$	46,515	1.2	%	$	46,683
TWAS Holdings, LLC*+	One stop	SF +	6.75%	(h)	11.21%		12/2026	41,699		41,657		1.0		41,699
TWAS Holdings, LLC*	One stop	SF +	6.75%	(h)	11.21%		12/2026	10,826		10,815		0.3		10,826
TWAS Holdings, LLC+	One stop	SF +	6.75%	(h)	11.21%		12/2026	8,267		8,317		0.2		8,267
TWAS Holdings, LLC+	One stop	SF +	6.75%	(h)	11.21%		12/2026	5,250		5,283		0.1		5,250
TWAS Holdings, LLC+(5)	One stop	SF +	6.75%		N/A(6)		12/2026	—		(5)		—		—
Yorkshire Parent, Inc.+	One stop	SF +	6.00%	(i)	10.33%		12/2029	2,629		2,664		0.1		2,629
Yorkshire Parent, Inc.+	One stop	SF +	6.00%	(i)	10.52%		12/2029	214		213		—		214
Yorkshire Parent, Inc.+	One stop	SF +	6.00%	(i)	10.33%		12/2029	14		14		—		14
								386,104		385,510		9.6		386,112
Banks
Empyrean Solutions, LLC+	One stop	SF +	4.75%	(i)	9.08%		11/2031	9,283		9,237		0.2		9,236
Empyrean Solutions, LLC+(5)	One stop	SF +	4.75%		N/A(6)		11/2031	—		(7)		—		(7)
Empyrean Solutions, LLC+(5)	One stop	SF +	4.75%		N/A(6)		11/2031	—		(18)		—		(19)
OSP Hamilton Purchaser, LLC+	One stop	SF +	5.25%	(i)	9.84%		12/2029	1,740		1,764		0.1		1,740
OSP Hamilton Purchaser, LLC+	One stop	SF +	5.25%	(i)	9.84%		12/2029	330		325		—		330
OSP Hamilton Purchaser, LLC+	One stop	SF +	5.25%	(i)	9.84%		12/2029	34		33		—		34
								11,387		11,334		0.3		11,314
Beverages
Financial Information Technologies, LLC*	One stop	SF +	5.25%	(i)	9.58%		06/2030	34,539		34,471		0.9		34,539
Financial Information Technologies, LLC+(26)	One stop	N/A			14.00%	PIK	06/2031	20,606		20,474		0.5		21,224
Financial Information Technologies, LLC+	One stop	SF +	5.25%		N/A(6)		06/2030	—		—		—		—
Financial Information Technologies, LLC+	One stop	SF +	5.25%	(i)	9.58%		06/2030	2,215		2,212		0.1		2,215
Financial Information Technologies, LLC+(5)	One stop	SF +	5.25%		N/A(6)		06/2030	—		(1)		—		—
Watermill Express, LLC^*	One stop	SF +	5.25%	(i)	9.73%		07/2029	3,055		3,039		0.1		3,071
Watermill Express, LLC+	One stop	SF +	5.25%	(i)	9.73%		07/2029	295		294		—		297
Watermill Express, LLC+	One stop	SF +	5.25%	(h)(i)	9.81%		07/2029	209		205		—		209
Watermill Express, LLC+	One stop	SF +	5.25%	(i)	9.73%		07/2029	737		732		—		742
Watermill Express, LLC+	One stop	SF +	5.25%	(i)	9.77%		07/2029	369		368		—		371
Watermill Express, LLC+	One stop	SF +	4.75%	(i)	9.23%		07/2029	580		568		—		580
Winebow Holdings, Inc.*	One stop	SF +	6.25%	(h)	10.71%		12/2027	9,327		9,188		0.2		8,488
								71,932		71,550		1.8		71,736

Building Products
BECO Holding Company, Inc.*+	One stop	SF +	5.25%	(i)	9.73%				11/2028	40,893	41,487	1.0	40,893
BECO Holding Company, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				11/2027	—	(2)	—	—
										40,893	41,485	1.0	40,893
Capital Markets
BlueMatrix Holdings, LLC+	One stop	SF +	5.25%	(i)	9.58%				01/2031	2,533	2,556	0.1	2,533
BlueMatrix Holdings, LLC+	One stop	SF +	5.25%		N/A(6)				01/2031	—	—	—	—
BlueMatrix Holdings, LLC+(5)	One stop	SF +	5.25%		N/A(6)				01/2031	—	(7)	—	—
										2,533	2,549	0.1	2,533
Chemicals
Inhance Technologies Holdings, LLC+(26)	One stop	SF +	6.50%	(i)	7.24%	cash/	4.00%	PIK	06/2025	15,285	13,800	0.3	12,534
Inhance Technologies Holdings, LLC+(26)	One stop	SF +	6.50%	(i)	7.24%	cash/	4.00%	PIK	06/2025	13,880	13,348	0.3	11,382
Inhance Technologies Holdings, LLC+(26)	One stop	SF +	6.50%	(i)	7.24%	cash/	4.00%	PIK	06/2025	2,700	2,591	0.1	2,213
Inhance Technologies Holdings, LLC+(26)	One stop	SF +	6.50%	(i)	7.24%	cash/	4.00%	PIK	06/2025	317	300	—	257
Krayden Holdings, Inc.+	Senior secured	SF +	4.75%	(h)	9.11%				03/2029	9,815	9,724	0.2	9,815
Krayden Holdings, Inc.+(5)	Senior secured	SF +	4.75%		N/A(6)				03/2029	—	(31)	—	—
Krayden Holdings, Inc.+(5)	Senior secured	SF +	4.75%		N/A(6)				03/2029	—	(45)	—	—

See Notes to Consolidated Financial Statements.

10

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
PHM NL SP Bidco B.V.+(8)(9)(14)(26)	One stop	E +	6.75%	(d)	6.91%	cash/	3.00%	PIK	09/2028	$	47,511	$	50,243	1.1	%	$	45,135
PHM NL SP Bidco B.V.+(8)(14)(26)	One stop	SF +	6.75%	(g)	8.31%	cash/	3.00%	PIK	09/2028	19,993		19,252		0.5		18,993
PHM NL SP Bidco B.V.+(8)(9)(14)(26)	One stop	SN +	6.75%	(f)	8.45%	cash/	3.00%	PIK	09/2028	10,918		11,042		0.3		10,372
PHM NL SP Bidco B.V.+(8)(9)(14)(26)	One stop	E +	6.75%	(d)	6.40%	cash/	3.00%	PIK	09/2028	5,033		5,215		0.1		4,786
										125,452		125,439		2.9		115,487
Commercial Services & Supplies
BradyIFS Holdings, LLC^+	One stop	SF +	5.00%	(i)	9.52%				10/2029	5,209		5,278		0.1		5,209
BradyIFS Holdings, LLC+	One stop	SF +	5.00%	(i)	9.40%				10/2029	33		32		—		33
CI (Quercus) Intermediate Holdings, LLC*+	One stop	SF +	5.00%	(i)	9.33%				06/2031	28,778		28,463		0.7		28,778
CI (Quercus) Intermediate Holdings, LLC+	One stop	SF +	5.00%	(h)	9.36%				06/2031	53		35		—		53
CI (Quercus) Intermediate Holdings, LLC+	One stop	SF +	5.00%	(i)	9.33%				06/2031	669		621		—		669
Encore Holdings, LLC+	One stop	SF +	5.25%	(i)	9.68%				11/2028	4,552		4,493		0.1		4,564
Encore Holdings, LLC+	One stop	SF +	5.25%	(i)	9.68%				11/2028	905		893		—		907
Encore Holdings, LLC+	One stop	SF +	5.00%	(i)	9.33%				11/2028	1,498		1,491		—		1,498
Encore Holdings, LLC+	One stop	SF +	4.75%	(i)	9.08%				11/2028	5,975		5,917		0.2		5,914
Encore Holdings, LLC+(5)	One stop	SF +	4.75%		N/A(6)				11/2028	—		(21)		—		(43)
FR Vision Holdings, Inc.+	One stop	SF +	5.50%	(h)(i)	10.12%				01/2031	1,067		1,064		—		1,067
FR Vision Holdings, Inc.+	One stop	SF +	5.50%	(i)	10.08%				01/2031	145		144		—		145
FR Vision Holdings, Inc.+	One stop	SF +	5.50%		N/A(6)				01/2030	—		—		—		—
Kleinfelder Intermediate, LLC+	One stop	SF +	5.00%	(h)	9.36%				09/2030	4,077		3,981		0.1		4,077
Kleinfelder Intermediate, LLC+	One stop	P +	4.00%	(a)	11.50%				09/2028	120		113		—		120
Kleinfelder Intermediate, LLC+(5)	One stop	SF +	5.00%		N/A(6)				09/2030	—		(5)		—		—
North Haven Stack Buyer, LLC+(26)	Second lien	N/A			10.00%	cash/	2.50%	PIK	01/2028	1,510		1,498		0.1		1,513
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.00%	(i)	9.33%				07/2027	158		157		—		158
North Haven Stack Buyer, LLC*+	Senior secured	SF +	5.25%	(i)	9.76%				07/2027	1,560		1,546		0.1		1,564
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.00%	(i)	9.46%				07/2027	518		494		—		518
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	9.58%				07/2027	284		281		—		284
North Haven Stack Buyer, LLC+(5)	Second lien	N/A			N/A(6)				01/2028	—		(14)		—		—
North Haven Stack Buyer, LLC*	Senior secured	SF +	5.25%	(i)	9.84%				07/2027	12,254		12,241		0.3		12,283
North Haven Stack Buyer, LLC+(26)	Second lien	N/A			10.00%	cash/	2.50%	PIK	01/2028	2,293		2,274		0.1		2,299
North Haven Stack Buyer, LLC*+	Senior secured	SF +	5.25%	(i)	9.58%				07/2027	1,477		1,469		0.1		1,481
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	9.58%				07/2027	1,415		1,407		0.1		1,418

North Haven Stack Buyer, LLC*	Senior secured	SF +	5.25%	(i)	9.84%				07/2027	4,128	4,116	0.1	4,138
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	9.84%				07/2027	1,367	1,363	—	1,371
North Haven Stack Buyer, LLC*	Senior secured	SF +	5.25%	(i)	9.84%				07/2027	1,362	1,358	—	1,365
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	9.77%				07/2027	200	199	—	200
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	9.84%				07/2027	100	99	—	100
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	9.70%				07/2027	443	435	—	443
North Haven Stack Buyer, LLC*+	Senior secured	SF +	5.25%	(i)	9.58%				07/2027	2,276	2,264	0.1	2,281
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	9.58%				07/2027	483	480	—	485
North Haven Stack Buyer, LLC+(5)(26)	Second lien	N/A			N/A(6)				01/2028	—	(5)	—	2
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.00%	(i)	9.33%				07/2027	908	902	—	908
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.00%	(i)	9.33%				07/2027	687	683	—	687
Profile Products LLC+	One stop	SF +	5.50%	(j)	10.04%				11/2027	9,029	8,957	0.2	8,848
Profile Products LLC+(8)	One stop	SF +	5.50%	(j)	10.04%				11/2027	1,830	1,808	—	1,793
Profile Products LLC+	One stop	P +	4.50%	(a)	12.00%				11/2027	26	24	—	24
Profile Products LLC+(5)	One stop	SF +	5.75%		N/A(6)				11/2027	—	(1)	—	(2)
PSC Parent, Inc.*+	One stop	SF +	5.25%	(h)	9.76%				04/2031	5,492	5,482	0.2	5,492
PSC Parent, Inc.+	One stop	SF +	5.25%	(a)(h)	9.97%				04/2030	476	469	—	476
PSC Parent, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				04/2031	—	(6)	—	—
PSC Parent, Inc.+	One stop	SF +	5.25%	(h)	9.61%				04/2031	915	911	—	915
PT Intermediate Holdings III, LLC+(26)	One stop	SF +	5.00%	(i)	7.58%	cash/	1.75%	PIK	04/2030	12,289	12,315	0.3	12,289

See Notes to Consolidated Financial Statements.

11

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
PT Intermediate Holdings III, LLC+(5)	One stop	SF +	4.75%		N/A(6)		04/2030	$	—	$	(1)	—	%	$	—
Radwell Parent, LLC^*	One stop	SF +	5.50%	(i)	9.83%		03/2029	34,202		33,899		0.9		33,859
Radwell Parent, LLC*+	One stop	SF +	5.50%	(i)	9.83%		03/2029	32,874		32,923		0.8		32,546
Radwell Parent, LLC+	One stop	SF +	5.50%	(i)	9.83%		03/2029	248		202		—		235
Radwell Parent, LLC+(5)	One stop	SF +	5.50%		N/A(6)		03/2029	—		(1)		—		(7)
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.25%	(j)	9.76%		06/2028	2,632		2,612		0.1		2,638
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.25%	(j)	10.01%		06/2028	530		530		—		531
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.25%		N/A(6)		06/2028	—		—		—		—
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.25%	(j)	9.78%		06/2028	494		493		—		495
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.50%		N/A(6)		06/2028	—		—		—		—
WRE Holding Corp.*	One stop	SF +	5.00%	(j)	9.25%		07/2031	16,473		16,320		0.4		16,473
WRE Holding Corp.+	One stop	SF +	5.00%	(j)	9.52%		07/2031	1,355		1,334		—		1,355
WRE Holding Corp.+(5)	One stop	SF +	5.00%		N/A(6)		07/2030	—		(22)		—		—
								205,369		203,994		5.1		204,449
Communications Equipment
Lightning Finco Limited+(8)(10)	One stop	SF +	5.25%	(g)	9.99%		09/2028	14,802		14,778		0.4		14,802
Lightning Finco Limited+(8)(9)(10)	One stop	E +	5.25%	(d)	7.83%		09/2028	1,573		1,744		—		1,573
								16,375		16,522		0.4		16,375
Construction & Engineering
Consor Intermediate II, LLC*	One stop	SF +	4.50%	(i)	8.83%		05/2031	4,040		4,051		0.1		4,040
Consor Intermediate II, LLC+(5)	One stop	SF +	4.50%		N/A(6)		05/2031	—		(17)		—		—
Consor Intermediate II, LLC+(5)	One stop	SF +	4.50%		N/A(6)		05/2031	—		(3)		—		—
								4,040		4,031		0.1		4,040
Containers & Packaging
Chase Intermediate*+	One stop	SF +	4.75%	(i)	9.34%		10/2028	49,205		49,881		1.3		49,205
Chase Intermediate+(5)	One stop	SF +	4.75%		N/A(6)		10/2028	—		(2)		—		—
Chase Intermediate+	One stop	SF +	4.75%	(i)	9.22%		10/2028	935		930		—		935
Fortis Solutions Group, LLC^*+	One stop	SF +	5.50%	(i)	9.93%		10/2028	51,400		51,049		1.3		51,400
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(i)	9.93%		10/2028	595		500		—		595
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(i)	9.93%		10/2028	141		79		—		141
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(a)(i)	10.32%		10/2027	212		204		—		212
								102,488		102,641		2.6		102,488
Diversified Consumer Services
Any Hour, LLC*	One stop	SF +	5.00%	(i)	9.33%		05/2030	9,043		8,982		0.2		8,862
Any Hour, LLC+(26)	One stop	N/A			13.00%	PIK	05/2031	2,971		2,922		0.1		2,942
Any Hour, LLC+	One stop	SF +	5.00%	(i)	9.45%		05/2030	455		442		—		436
Any Hour, LLC+	One stop	SF +	5.00%	(i)	9.33%		05/2030	256		238		—		203
Apex Service Partners, LLC+	One stop	SF +	5.00%	(i)	9.51%		10/2030	4,423		4,494		0.1		4,423
Apex Service Partners, LLC+	One stop	SF +	5.00%	(i)	9.50%		10/2030	4,026		3,959		0.1		4,026
Apex Service Partners, LLC+	One stop	SF +	5.00%	(i)	9.51%		10/2030	1,052		1,039		—		1,052
Apex Service Partners, LLC+	One stop	SF +	5.00%	(i)	9.51%		10/2029	54		53		—		54
Certus Pest, Inc.*	One stop	SF +	5.25%	(i)	9.73%		08/2027	1,730		1,711		0.1		1,722
Certus Pest, Inc.*	One stop	SF +	5.25%	(i)	9.73%		08/2027	1,659		1,635		0.1		1,651
Certus Pest, Inc.*+	One stop	SF +	5.25%	(i)	9.73%		08/2027	1,197		1,193		—		1,191
Certus Pest, Inc.*	One stop	SF +	5.25%	(i)	9.73%		08/2027	1,182		1,172		—		1,176
Certus Pest, Inc.*+	One stop	SF +	5.25%	(i)	9.73%		08/2027	820		812		—		816
Certus Pest, Inc.*	One stop	SF +	5.25%	(i)	9.73%		08/2027	723		708		—		719
Certus Pest, Inc.+	One stop	SF +	5.25%	(i)	9.73%		08/2027	704		700		—		701
Certus Pest, Inc.*+	One stop	SF +	5.25%	(i)	9.73%		08/2027	416		412		—		413
Certus Pest, Inc.+	One stop	SF +	5.25%	(i)	9.73%		08/2027	260		255		—		259

See Notes to Consolidated Financial Statements.

12

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Certus Pest, Inc.+	One stop	SF +	5.25%	(i)	9.73%				08/2027	$	142	$	135	—	%	$	142
Certus Pest, Inc.+	One stop	SF +	5.25%	(i)	9.73%				08/2027	60		58		—		60
Certus Pest, Inc.+	One stop	SF +	5.25%		N/A(6)				08/2027	—		—		—		—
Certus Pest, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				08/2027	—		(60)		—		(61)
CHHJ Midco, LLC*+	Senior secured	SF +	5.00%	(i)	9.48%				01/2026	3,722		3,716		0.1		3,722
CHHJ Midco, LLC+	Senior secured	SF +	5.00%		N/A(6)				01/2026	—		—		—		—
CHVAC Services Investment, LLC*+	One stop	SF +	5.00%	(i)	9.33%				05/2030	4,317		4,254		0.1		4,317
CHVAC Services Investment, LLC+	One stop	SF +	5.00%	(i)	9.33%				05/2030	718		690		—		718
CHVAC Services Investment, LLC+(5)	One stop	SF +	5.00%		N/A(6)				05/2030	—		(3)		—		—
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.99%				07/2027	2,394		2,383		0.1		2,394
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.99%				07/2027	2,333		2,317		0.1		2,333
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.99%				07/2027	1,529		1,520		0.1		1,529
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.50%	(i)	10.17%				07/2027	1,380		1,378		—		1,380
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.99%				07/2027	1,152		1,144		—		1,152
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.98%				07/2027	1,080		1,074		—		1,080
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.50%	(i)	10.14%				07/2027	1,045		1,043		—		1,045
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.50%	(i)	10.15%				07/2027	919		918		—		919
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.99%				07/2027	694		689		—		694
COP Hometown Acquisitions, Inc.+(5)	Senior secured	SF +	5.25%		N/A(6)				07/2027	—		(2)		—		—
EMS LINQ, LLC^+	One stop	SF +	6.25%	(i)	10.86%				12/2027	13,835		13,866		0.4		13,835
EMS LINQ, LLC+	One stop	SF +	6.25%	(i)	10.81%				12/2027	120		119		—		120
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50%	(i)	9.98%				07/2029	4,378		4,381		0.1		4,378
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50%	(i)	9.98%				07/2029	1,263		1,242		—		1,263
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50%	(i)	9.98%				07/2029	30		29		—		30
EWC Growth Partners LLC+	One stop	SF +	6.00%	(i)	10.48%				03/2026	1,082		1,082		—		1,061
EWC Growth Partners LLC+	One stop	SF +	6.00%	(i)	10.48%				03/2026	922		920		—		904
EWC Growth Partners LLC+	One stop	SF +	6.00%	(i)	10.48%				03/2026	102		102		—		100
EWC Growth Partners LLC+	One stop	SF +	6.00%	(i)	10.48%				03/2026	38		38		—		36
FPG Intermediate Holdco, LLC+(26)	One stop	SF +	6.75%	(i)(j)	5.69%	cash/	5.75%	PIK	03/2027	22,431		21,652		0.4		17,945
FPG Intermediate Holdco, LLC+(26)	One stop	SF +	6.75%	(i)	5.70%	cash/	5.75%	PIK	03/2027	553		553		—		553
FPG Intermediate Holdco, LLC+(26)	One stop	SF +	6.75%	(h)(i)(j)	5.46%	cash/	5.75%	PIK	03/2027	40		40		—		40
FSS Buyer LLC+	One stop	SF +	5.00%	(h)	9.36%				08/2028	7,647		7,633		0.2		7,647
FSS Buyer LLC+	One stop	SF +	5.00%		N/A(6)				08/2027	—		—		—		—
HS Spa Holdings, Inc.+	One stop	SF +	5.25%	(i)	9.76%				06/2029	11,521		11,502		0.3		11,521
HS Spa Holdings, Inc.+	One stop	SF +	5.25%	(i)	9.88%				06/2029	338		336		—		338
HS Spa Holdings, Inc.+	One stop	SF +	5.25%	(a)(h)	10.06%				06/2028	42		40		—		42
Learn-it Systems, LLC+(26)	Senior secured	SF +	5.25%	(i)	7.25%	cash/	2.75%	PIK	09/2026	3,372		3,366		0.1		3,372
Learn-it Systems, LLC+(26)	Senior secured	SF +	5.25%	(i)	7.25%	cash/	2.75%	PIK	09/2026	1,986		1,980		—		1,986
Learn-it Systems, LLC+(26)	Senior secured	SF +	5.25%	(i)	7.25%	cash/	2.75%	PIK	09/2026	846		842		—		846
Learn-it Systems, LLC+	Senior secured	SF +	5.25%		N/A(6)				09/2026	—		—		—		—
Liminex, Inc.+	One stop	SF +	7.25%	(h)	11.71%				11/2026	35,650		35,618		0.9		35,650
Liminex, Inc.+	One stop	SF +	7.25%	(h)	11.71%				11/2026	23,516		23,452		0.6		23,516
Liminex, Inc.^+	One stop	SF +	7.25%	(h)	11.71%				11/2026	20,321		20,642		0.5		20,321
Liminex, Inc.+	One stop	SF +	7.25%	(h)	11.71%				11/2026	15,953		15,786		0.4		15,953
Litera Bidco, LLC*	One stop	SF +	5.00%	(h)	9.36%				05/2028	5,188		5,199		0.2		5,188
Litera Bidco, LLC+	One stop	SF +	5.00%	(h)	9.36%				05/2028	1,058		1,052		—		1,058
Litera Bidco, LLC+(5)	One stop	SF +	5.00%		N/A(6)				05/2028	—		(2)		—		—
Litera Bidco, LLC+(5)	One stop	SF +	5.00%		N/A(6)				05/2028	—		(1)		—		—
Mario Purchaser, LLC+	One stop	SF +	5.75%	(h)	10.21%				04/2029	11,354		11,302		0.3		11,014
Mario Purchaser, LLC+	One stop	SF +	5.75%	(h)	10.21%				04/2029	5,228		5,254		0.1		5,071
Mario Purchaser, LLC+(26)	One stop	SF +	10.75%	(h)	15.21%	PIK			04/2032	4,607		4,625		0.1		4,561
Mario Purchaser, LLC+	One stop	SF +	5.75%	(h)	10.21%				04/2029	455		416		—		318
Mario Purchaser, LLC+	One stop	SF +	5.75%	(h)	10.21%				04/2028	44		43		—		40

See Notes to Consolidated Financial Statements.

13

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
NSG Buyer, Inc. *+	One stop	SF +	6.50%	(h)	10.96%				11/2029	$	34,243	$	34,182	0.9	%	$	34,501
NSG Buyer, Inc. +	One stop	SF +	5.75%	(h)	10.11%				11/2029	2,728		2,722		0.1		2,728
NSG Buyer, Inc. +(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(1)		—		—
NSG Buyer, Inc. +(5)	One stop	SF +	5.75%		N/A(6)				11/2029	—		(1)		—		—
PADI Holdco, Inc.*	One stop	SF +	6.25%	(i)	10.91%				01/2027	21,298		21,105		0.6		21,191
PADI Holdco, Inc.+(8)(9)	One stop	E +	6.25%	(c)	9.15%				01/2027	18,667		20,385		0.5		18,573
PADI Holdco, Inc.+	One stop	SF +	6.25%	(i)	11.00%				01/2027	821		813		—		816
PADI Holdco, Inc.+	One stop	SF +	6.25%	(i)	10.83%				01/2027	170		168		—		169
PADI Holdco, Inc.+	One stop	SF +	6.25%	(i)	11.01%				01/2027	95		93		—		94
Provenance Buyer LLC*	One stop	SF +	5.50%	(h)	9.96%				06/2027	20,742		20,579		0.5		19,912
Provenance Buyer LLC*	One stop	SF +	5.50%	(h)	9.96%				06/2027	13,974		13,916		0.3		13,415
Provenance Buyer LLC+	One stop	SF +	5.50%	(h)	9.95%				06/2027	200		197		—		190
RW AM Holdco LLC+	One stop	SF +	5.25%	(i)	9.68%				04/2028	26,301		25,643		0.6		23,671
RW AM Holdco LLC+(5)	One stop	SF +	5.25%		N/A(6)				04/2028	—		(13)		—		(30)
Severin Acquisition, LLC+(26)	One stop	SF +	5.00%	(h)	7.11%	cash/	2.25%	PIK	10/2031	35,391		35,052		0.9		35,391
Severin Acquisition, LLC+(5)	One stop	SF +	4.75%		N/A(6)				10/2031	—		(43)		—		—
Severin Acquisition, LLC+(5)	One stop	SF +	4.75%		N/A(6)				10/2031	—		(36)		—		—
Virginia Green Acquisition, LLC+	One stop	SF +	5.25%	(j)	9.53%				12/2030	2,409		2,448		0.1		2,409
Virginia Green Acquisition, LLC+	One stop	SF +	5.25%	(j)	9.56%				12/2030	121		120		—		121
Virginia Green Acquisition, LLC+	One stop	SF +	5.25%		N/A(6)				12/2029	—		—		—		—
										423,536		422,419		10.3		413,928
Diversified Financial Services
Avalara, Inc.+	One stop	SF +	6.25%	(i)	10.58%				10/2028	18,170		18,099		0.5		18,170
Avalara, Inc.+(5)	One stop	SF +	7.25%		N/A(6)				10/2028	—		(2)		—		—
Baker Tilly Advisory Group, LP+	One stop	SF +	4.75%	(h)	9.11%				06/2031	3,292		3,248		0.1		3,292
Baker Tilly Advisory Group, LP+(5)	One stop	SF +	5.00%		N/A(6)				06/2030	—		(9)		—		—
Baker Tilly Advisory Group, LP+(5)	One stop	SF +	5.00%		N/A(6)				06/2031	—		(3)		—		—
Banker's Toolbox, Inc.*+	One stop	SF +	4.50%	(i)	8.83%				07/2027	20,517		20,473		0.5		20,517
Banker's Toolbox, Inc.+	One stop	SF +	4.50%		N/A(6)				07/2027	—		—		—		—
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop	E +	5.25%	(d)	8.84%				07/2031	15,420		15,964		0.4		15,420
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)(26)	Subordinated debt	E +	8.00%	(c)(d)	3.59%	cash/	8.00%	PIK	07/2032	1,852		1,917		—		1,852
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop	E +	5.25%		N/A(6)				07/2031	—		—		—		—
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop	E +	5.25%		N/A(6)				07/2031	—		—		—		—
Corsair Blade IV S.A R.L.+(8)(13)	One stop	SF +	5.50%	(g)	9.81%				12/2030	3,623		3,623		0.1		3,587
Corsair Blade IV S.A R.L.+(8)(9)(13)	One stop	SN +	5.50%	(f)	10.20%				12/2030	1,086		854		—		818
Finastra USA, Inc.+	One stop	SF +	7.25%	(i)	11.65%				09/2029	5,360		5,283		0.1		5,386
Finastra USA, Inc.+	One stop	SF +	7.25%	(i)	11.65%				09/2029	62		61		—		62
Flash Topco, Inc.+	One stop	SF +	6.00%	(i)	10.69%				10/2028	17,050		16,836		0.4		16,922
Flash Topco, Inc.+	One stop	SF +	6.00%	(i)	10.40%				10/2028	3,403		3,386		0.1		3,369
Flash Topco, Inc.+	One stop	SF +	6.50%	(i)	10.83%				10/2028	92		89		—		92
Higginbotham Insurance Agency, Inc.+	One stop	SF +	4.50%	(h)	8.86%				11/2028	8,073		8,106		0.2		8,073
Higginbotham Insurance Agency, Inc.+	One stop	SF +	4.75%	(h)	9.11%				11/2028	366		363		—		366
Medlar Bidco Limited+(8)(9)(21)	One stop	SN +	5.00%		N/A(6)				01/2032	—		—		—		—
Medlar Bidco Limited+(8)(9)(21)	One stop	SN +	5.00%		N/A(6)				01/2032	—		—		—		—
Medlar Bidco Limited+(5)(8)(9)(21)	One stop	SN +	5.00%		N/A(6)				01/2032	—		—		—		(59)
Wealth Enhancement Group, LLC+	One stop	SF +	5.00%	(i)	9.57%				10/2028	3,988		3,982		0.1		3,968
Wealth Enhancement Group, LLC+	One stop	SF +	5.00%	(i)	9.57%				10/2028	2,876		2,871		0.1		2,861
Wealth Enhancement Group, LLC+(5)	One stop	SF +	5.00%		N/A(6)				10/2028	—		(2)		—		(3)
Wealth Enhancement Group, LLC+(5)	One stop	SF +	5.00%		N/A(6)				10/2028	—		(21)		—		(21)
										105,230		105,118		2.6		104,672

See Notes to Consolidated Financial Statements.

14

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Diversified Telecommunication Services
NTI Connect, LLC*	Senior secured	SF +	5.00%	(i)	9.48%	07/2027	$	1,529	$	1,523	—	%	$	1,529
Electrical Equipment
Power Grid Holdings, Inc.+	One stop	SF +	4.75%	(i)	9.08%	12/2030	1,421		1,405		—		1,421
Power Grid Holdings, Inc.+(5)	One stop	SF +	4.75%		N/A(6)	12/2030	—		(2)		—		—
Wildcat TopCo, Inc.+	One stop	SF +	5.00%	(h)	9.36%	11/2031	23,478		23,248		0.6		23,243
Wildcat TopCo, Inc.+(5)	One stop	SF +	5.00%		N/A(6)	11/2031	—		(41)		—		(42)
Wildcat TopCo, Inc.+(5)	One stop	SF +	5.00%		N/A(6)	11/2031	—		(21)		—		(21)
							24,899		24,589		0.6		24,601
Electronic Equipment, Instruments & Components
CST Holding Company	One stop	SF +	5.00%	(h)	9.46%	11/2028	33,976		33,094		0.8		33,976
CST Holding Company+(5)	One stop	SF +	5.00%		N/A(6)	11/2028	—		(3)		—		—
							33,976		33,091		0.8		33,976

Food & Staples Retailing
Mendocino Farms, LLC+	One stop	SF +	5.50%	(h)	9.86%	03/2030	998	995	—	998
Mendocino Farms, LLC+	One stop	SF +	5.50%	(h)	9.86%	03/2030	56	55	—	56
Mendocino Farms, LLC+	One stop	SF +	5.50%		N/A(6)	03/2030	—	—	—	—
Mendocino Farms, LLC+	One stop	SF +	5.50%	(h)	9.86%	03/2030	112	111	—	112
PDI TA Holdings, Inc.+	One stop	SF +	5.50%	(i)	10.09%	02/2031	1,141	1,137	0.1	1,141
PDI TA Holdings, Inc.+	One stop	SF +	5.50%		N/A(6)	02/2031	—	—	—	—
PDI TA Holdings, Inc.+	One stop	SF +	5.50%	(i)	10.00%	02/2031	148	146	—	148
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(i)	11.98%	07/2025	2,299	2,293	0.1	2,299
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(i)	11.98%	07/2025	514	512	—	514
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(i)	11.98%	07/2025	339	338	—	339
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(i)	11.98%	07/2025	190	190	—	190
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(i)	11.98%	07/2025	—	—	—	—
Wineshipping.com LLC+	One stop	SF +	5.75%	(j)	10.74%	10/2027	9,648	9,519	0.2	8,587
Wineshipping.com LLC+	One stop	SF +	5.75%	(j)	10.45%	10/2027	264	259	—	235
Wineshipping.com LLC+	One stop	SF +	5.75%	(a)(i)(j)	10.59%	10/2027	146	142	—	128
							15,855	15,697	0.4	14,747

See Notes to Consolidated Financial Statements.

15

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food Products
Blast Bidco Inc.+	One stop	SF +	6.00%	(i)	10.33%				10/2030	$	4,893	$	4,834	0.1	%	$	4,893
Blast Bidco Inc.+(5)	One stop	SF +	6.00%		N/A(6)				10/2029	—		(6)		—		—
Borrower R365 Holdings, LLC^+	One stop	SF +	6.00%	(i)	10.48%				06/2027	18,823		18,812		0.5		18,823
Borrower R365 Holdings, LLC+	One stop	SF +	6.00%	(i)	10.48%				06/2027	1,556		1,546		0.1		1,556
Borrower R365 Holdings, LLC+	One stop	SF +	6.00%	(i)	10.48%				06/2027	231		231		—		231
Borrower R365 Holdings, LLC+(5)	One stop	SF +	6.00%		N/A(6)				06/2027	—		(1)		—		—
Eagle Family Foods Group, LLC+	One stop	SF +	5.00%	(i)	9.59%				08/2030	13,063		12,941		0.3		13,063
Eagle Family Foods Group, LLC+(5)	One stop	SF +	5.00%		N/A(6)				08/2030	—		(14)		—		—
Kodiak Cakes, LLC^*+	Senior secured	SF +	5.25%	(i)	9.84%				06/2028	46,262		45,885		1.2		46,262
Kodiak Cakes, LLC+(5)	Senior secured	SF +	5.25%		N/A(6)				06/2028	—		(4)		—		—
Louisiana Fish Fry Products, Ltd.*+	One stop	SF +	6.25%	(i)	10.73%				07/2027	13,665		13,635		0.4		13,529
Louisiana Fish Fry Products, Ltd.+	One stop	SF +	6.25%	(h)(i)	10.59%				07/2027	240		237		—		236
MAPF Holdings, Inc.^+	One stop	SF +	6.50%	(i)	10.83%				12/2026	51,840		51,684		1.2		47,695
MAPF Holdings, Inc.+	One stop	SF +	6.50%	(i)	10.83%				12/2026	600		593		—		552
MAPF Holdings, Inc.+	One stop	SF +	6.50%	(i)	10.83%				12/2026	1,661		1,636		—		1,529
MAPF Holdings, Inc.+(26)	One stop	N/A			19.00%	PIK			12/2026	1,974		1,950		—		1,752
P&P Food Safety Holdings, Inc.*+	One stop	SF +	6.00%	(i)	10.48%				12/2026	24,747		24,715		0.6		24,501
P&P Food Safety Holdings, Inc.+	One stop	SF +	6.00%	(i)	10.87%				12/2026	38		36		—		36
Wizard Bidco Limited+(8)(10)	One stop	SF +	6.00%	(i)	10.33%				03/2029	22,740		22,643		0.6		22,740
Wizard Bidco Limited+(8)(9)(10)(26)	One stop	SN +	5.00%	(f)	8.20%	cash/	1.50%	PIK	03/2029	10,307		10,629		0.2		9,870
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	6.00%	(f)	10.70%				03/2029	7,787		7,720		0.2		7,787
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	4.75%	(f)	9.45%				09/2028	188		183		—		180
Wizard Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.00%		N/A(6)				03/2029	—		(40)		—		—
										220,615		219,845		5.4		215,235

Healthcare Equipment & Supplies
Aspen Medical Products, LLC*+	One stop	SF +	4.75%	(h)	9.11%	06/2028	7,069	7,024	0.2	7,069
Aspen Medical Products, LLC+	One stop	SF +	4.75%	(h)	9.11%	06/2028	459	455	—	459
Aspen Medical Products, LLC+(5)	One stop	SF +	4.75%		N/A(6)	06/2028	—	(1)	—	—
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	5.95%	(g)	10.52%	08/2028	7,745	7,749	0.2	7,745
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	5.95%	(c)	8.99%	08/2028	4,289	4,788	0.1	4,289
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	5.95%	(g)	10.52%	08/2028	1,912	1,912	—	1,912
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SN +	5.95%	(f)	10.77%	08/2028	1,266	1,344	—	1,266
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	5.95%	(c)	8.68%	08/2028	1,024	1,088	—	1,024
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SN +	5.95%	(f)	10.65%	08/2028	535	521	—	535
Belmont Instrument, LLC*	One stop	SF +	6.25%	(i)	10.58%	08/2028	14,467	14,367	0.4	14,467
Belmont Instrument, LLC+	One stop	SF +	6.25%	(i)	10.58%	08/2028	22	20	—	22
Blades Buyer, Inc.*	Senior secured	SF +	5.00%	(i)	9.60%	03/2028	12,254	12,218	0.3	12,254
Blades Buyer, Inc.*	Senior secured	SF +	5.25%	(i)	9.85%	03/2028	1,738	1,726	0.1	1,738
Blades Buyer, Inc.+	Senior secured	SF +	5.00%	(i)	9.60%	03/2028	1,406	1,398	0.1	1,406
Blades Buyer, Inc.+	Senior secured	SF +	4.75%	(i)	9.35%	03/2028	60	58	—	58
Blue River Pet Care, LLC*+	One stop	SF +	5.00%	(h)	9.46%	07/2026	62,779	62,860	1.6	62,779
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(h)	9.46%	07/2026	12,430	12,615	0.3	12,430
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(h)	9.46%	07/2026	2,898	2,941	0.1	2,898
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(h)	9.46%	07/2026	2,785	2,828	0.1	2,785
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(h)	9.46%	07/2026	2,758	2,799	0.1	2,758
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(h)	9.46%	07/2026	2,120	2,151	0.1	2,120
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(h)	9.46%	07/2026	1,255	1,255	—	1,255
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(h)	9.46%	07/2026	417	416	—	417
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(a)(h)	10.33%	07/2026	210	208	—	210

See Notes to Consolidated Financial Statements.

16

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(h)	9.46%				07/2026	$	294	$	294	—	%	$	294
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(h)	9.46%				07/2026	300		299		—		300
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(h)	9.48%				07/2026	258		257		—		258
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(h)	9.46%				07/2026	228		227		—		228
CCSL Holdings, LLC*(8)	One stop	SF +	5.50%	(h)	9.86%				12/2028	21,007		20,960		0.5		21,007
CCSL Holdings, LLC*(8)	One stop	SF +	5.50%	(h)	9.86%				12/2028	5,671		5,686		0.1		5,671
CCSL Holdings, LLC+(8)(9)	One stop	SN +	5.50%	(f)	10.20%				12/2028	3,341		3,346		0.1		3,341
CCSL Holdings, LLC+(8)	One stop	SF +	5.50%	(h)	9.86%				12/2028	3,489		3,460		0.1		3,489
CCSL Holdings, LLC*+(8)	One stop	SF +	5.50%	(h)	9.86%				12/2028	2,898		2,873		0.1		2,898
CCSL Holdings, LLC+(8)	One stop	SF +	5.50%	(h)	9.86%				12/2028	120		118		—		120
CCSL Holdings, LLC+(5)(8)	One stop	SF +	5.50%		N/A(6)				12/2028	—		(5)		—		—
CCSL Holdings, LLC+(8)(9)	One stop	E +	5.50%	(c)	8.18%				12/2028	30,585		31,949		0.8		30,585
CCSL Holdings, LLC+(8)(9)	One stop	E +	5.50%	(c)	8.18%				12/2028	5,991		6,029		0.1		5,991
CMI Parent Inc.*	One stop	SF +	5.00%	(h)	9.36%				12/2026	22,525		22,432		0.6		22,525
CMI Parent Inc.^*	One stop	SF +	5.00%	(h)	9.36%				12/2026	19,836		19,949		0.5		19,836
CMI Parent Inc.^*	Senior secured	SF +	5.00%	(h)	9.36%				12/2026	9,508		9,544		0.2		9,508
CMI Parent Inc.*	One stop	SF +	5.00%	(h)	9.36%				12/2026	8,921		8,953		0.2		8,921
CMI Parent Inc.+(5)	One stop	SF +	5.00%		N/A(6)				12/2026	—		(1)		—		—
HuFriedy Group Acquisition, LLC+	One stop	SF +	5.50%	(i)	10.01%				06/2031	7,911		7,838		0.2		7,911
HuFriedy Group Acquisition, LLC+(5)	One stop	SF +	5.50%		N/A(6)				05/2030	—		(8)		—		—
HuFriedy Group Acquisition, LLC+	One stop	SF +	5.50%	(i)	9.83%				06/2031	1,296		1,268		—		1,296
JHC Investment Intermediate Holdings, LLC+(26)	One stop	SF +	8.75%	(h)	7.21%	cash/	6.00%	PIK	03/2029	1,193		1,193		—		1,193
JHC Investment Intermediate Holdings, LLC+(7)(26)	One stop	SF +	8.75%	(i)	13.18%	PIK			03/2029	885		542		—		814
TIDI Legacy Products, Inc.+	One stop	SF +	5.25%	(h)	9.61%				12/2029	3,511		3,573		0.1		3,511
TIDI Legacy Products, Inc.+	One stop	SF +	5.50%		N/A(6)				12/2029	—		—		—		—
TIDI Legacy Products, Inc.+	One stop	SF +	5.50%		N/A(6)				12/2029	—		—		—		—
YI, LLC+	One stop	SF +	5.75%	(i)	10.39%				12/2029	4,419		4,417		0.1		4,419
YI, LLC+(5)	One stop	SF +	5.75%		N/A(6)				12/2029	—		(1)		—		—
YI, LLC+(5)	One stop	SF +	5.75%		N/A(6)				12/2029	—		(9)		—		—
										296,085		297,923		7.4		296,012

See Notes to Consolidated Financial Statements.

17

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Healthcare Providers & Services
AAH TOPCO, LLC +	One stop	SF +	5.25%	(h)	9.71%				12/2027	$	8,649	$	8,603	0.2	%	$	8,649
AAH TOPCO, LLC +	One stop	SF +	5.25%	(h)	9.71%				12/2027	8,131		8,171		0.2		8,131
AAH TOPCO, LLC +(26)	Subordinated debt	N/A			11.50%	PIK			12/2031	2,810		2,697		0.1		2,726
AAH TOPCO, LLC +	One stop	SF +	5.25%	(h)	9.71%				12/2027	2,353		2,374		0.1		2,353
AAH TOPCO, LLC +(5)	One stop	SF +	5.25%		N/A(6)				12/2027	—		(1)		—		—
Active Day, Inc.*+	One stop	SF +	5.00%	(h)	9.46%				05/2026	17,343		17,272		0.4		17,343
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.46%				05/2026	1,339		1,333		—		1,339
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.46%				05/2026	863		859		—		863
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.46%				05/2026	687		685		—		687
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.46%				05/2026	606		604		—		606
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.46%				05/2026	596		594		—		596
Active Day, Inc.+	One stop	SF +	5.25%		N/A(6)				05/2026	—		—		—		—
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.46%				05/2026	—		—		—		—
Active Day, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				05/2026	—		(76)		—		—
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(i)	10.54%				03/2027	16,136		16,051		0.4		15,975
Acuity Eyecare Holdings, LLC+(26)	One stop	N/A			16.50%	PIK			06/2027	14,897		14,793		0.4		15,344
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.73%				03/2027	3,985		3,966		0.1		3,965
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.78%				03/2027	3,550		3,533		0.1		3,532
Acuity Eyecare Holdings, LLC*+	One stop	SF +	6.25%	(i)	10.73%				03/2027	3,504		3,487		0.1		3,486
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.73%				03/2027	3,131		3,121		0.1		3,115
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(i)	10.67%				03/2027	2,001		1,989		0.1		1,981
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.73%				03/2027	1,824		1,820		0.1		1,815
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(i)	10.64%				03/2027	1,020		1,015		—		1,010
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.73%				03/2027	442		440		—		440
Acuity Eyecare Holdings, LLC+(26)	One stop	SF +	13.00%	(i)	10.73%	cash/	6.75%	PIK	03/2027	283		282		—		319
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(i)	10.73%				03/2027	211		210		—		209
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.73%				03/2027	163		162		—		162
Acuity Eyecare Holdings, LLC+(26)	One stop	SF +	13.00%	(i)	10.77%	cash/	6.75%	PIK	03/2027	110		110		—		124
Acuity Eyecare Holdings, LLC+	Senior secured	SF +	6.25%	(i)	10.96%				03/2027	107		107		—		107
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.73%				03/2027	1		1		—		1
Acuity Eyecare Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)				03/2027	—		(1)		—		(1)
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)	Subordinated debt	N/A			13.75%	PIK			03/2028	16,229		16,404		0.4		16,229
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC*+	One stop	SF +	6.00%	(i)	10.61%				03/2027	6,402		6,410		0.2		6,402
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC^+	One stop	SF +	6.00%	(i)	10.61%				03/2027	5,351		5,352		0.2		5,351
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)	Subordinated debt	N/A			13.75%	PIK			03/2028	3,522		3,501		0.1		3,522
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)	Subordinated debt	N/A			13.75%	PIK			03/2028	1,347		1,340		—		1,347
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00%	(i)	10.69%				03/2027