_____________________________________________________________________________________________________

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 March 31, 2025

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 May 5, 2025, the Registrant had 266,387,616 shares of common stock, $0.001 par value, outstanding.

Part I. Financial Information
Item 1.	Financial Statements	3
	Consolidated Statements of Financial Condition as of March 31, 2025 (unaudited) and September 30, 2024	3
	Consolidated Statements of Operations for the three and six months ended March 31, 2025 (unaudited) and 2024 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and six months ended March 31, 2025 (unaudited) and 2024 (unaudited)	5
	Consolidated Statements of Cash Flows for the six months ended March 31, 2025 (unaudited) and 2024 (unaudited)	6
	Consolidated Schedules of Investments as of March 31, 2025 (unaudited) and September 30, 2024	8
	Notes to Consolidated Financial Statements (unaudited)	98
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	146
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	177
Item 4.	Controls and Procedures	179
Part II. Other Information
Item 1.	Legal Proceedings	180
Item 1A.	Risk Factors	180
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	180
Item 3.	Defaults Upon Senior Securities	180
Item 4.	Mine Safety Disclosures	180
Item 5.	Other Information	180
Item 6.	Exhibits	181

2

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)

	March 31, 2025		September 30, 2024
	(unaudited)
Assets
Investments, at fair value
Non-controlled/non-affiliate company investments	$	8,345,620	$	8,011,824
Non-controlled affiliate company investments	263,684		211,382
Controlled affiliate company investments	11,916		12,205
Total investments, at fair value (amortized cost of $8,672,620 and $8,302,913, respectively)	8,621,220		8,235,411
Cash and cash equivalents	103,136		123,120
Foreign currencies (cost of $13,763 and $7,973, respectively)	13,791		8,044
Restricted cash and cash equivalents	129,457		227,152
Restricted foreign currencies (cost of $0 and $1,219, respectively)	—		1,236
Interest receivable	65,743		74,036
Net unrealized appreciation on derivatives	11,636		29,490
Other assets	4,882		5,267
Total Assets	$	8,949,865	$	8,703,756
Liabilities
Debt	$	4,833,150	$	4,624,791
Less unamortized debt issuance costs	(26,232)		(25,361)
Debt less unamortized debt issuance costs	4,806,918		4,599,430
Interest payable	50,473		45,701
Management and incentive fees payable	40,869		33,619
Accrued trustee fees	267		178
Accounts payable and other liabilities	7,840		10,299
Total Liabilities	4,906,367		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 March 31, 2025 and September 30, 2024	—		—
Common stock, par value $0.001 per share, 500,000,000 shares authorized, 268,831,114 shares issued and outstanding as of March 31, 2025; 350,000,000 shares authorized, 264,277,128 shares issued and outstanding as of September 30, 2024	269		264
Paid in capital in excess of par	4,237,261		4,167,258
Distributable earnings (losses)	(194,032)		(152,993)
Total Net Assets	4,043,498		4,014,529
Total Liabilities and Total Net Assets	$	8,949,865	$	8,703,756
Number of common shares outstanding	268,831,114		264,277,128
Net asset value per common share	$	15.04	$	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 March 31,				Six months ended March 31,
	2025		2024		2025		2024
Investment income
From non-controlled/non-affiliate company investments:
Interest income	$	188,017	$	145,838	$	386,378	$	293,910
Payment-in-kind interest income	13,512		10,691		24,077		21,060
Dividend income	7,877		4,365		16,364		8,740
Fee income	1,690		452		2,245		817
Total investment income from non-controlled/non-affiliate company investments	211,096		161,346		429,064		324,527
From non-controlled affiliate company investments:
Interest income	2,241		1,723		4,484		1,830
Payment-in-kind interest income	414		1,031		746		2,359
Fee income	18		18		49		66
Total investment income from non-controlled affiliate company investments	2,673		2,772		5,279		4,255
From controlled affiliate company investments:
Payment-in-kind interest income	119		107		238		209
Fee income	4		5		11		9
Total investment income from controlled affiliate company investments	123		112		249		218
Total investment income	213,892		164,230		434,592		329,000
Expenses
Interest and other debt financing expenses	69,911		44,125		149,554		85,685
Base management fee	21,714		13,662		43,295		27,618
Incentive fee	18,247		20,626		36,305		41,911
Professional fees	1,765		1,342		3,605		2,650
Administrative service fee	3,185		2,145		6,087		4,390
General and administrative expenses	408		384		969		765
Total expenses	115,230		82,284		239,815		163,019
Incentive fee waived (Note 3)	—		(5,157)		—		(5,157)
Net expenses	115,230		77,127		239,815		157,862
Net investment income - before tax	98,662		87,103		194,777		171,138
Excise and income tax	—		570		(475)		1,070
Net investment income - after tax	98,662		86,533		195,252		170,068
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Non-controlled/non-affiliate company investments	(16,864)		240		(42,220)		1,149
Non-controlled affiliate company investments	—		(18,517)		—		(18,517)
Foreign currency transactions	(174)		4,459		(3,879)		4,646
Forward currency contracts	5,997		—		7,203		—
Net realized gain (loss) on investment transactions	(11,041)		(13,818)		(38,896)		(12,722)
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliate company investments	(1,341)		15,644		38,744		18,691
Non-controlled affiliate company investments	(2,933)		11,854		689		(371)
Controlled affiliate company investments	(441)		(1,181)		(527)		(1,307)
Translation of assets and liabilities in foreign currencies	11,427		(10,156)		(11,546)		(3,969)
Forward currency contracts	(15,495)		4,332		6,432		(1,383)
Net change in unrealized appreciation (depreciation) on investment transactions	(8,783)		20,493		33,792		11,661
Net gain (loss) on investment transactions	(19,824)		6,675		(5,104)		(1,061)
Net realized gain (loss) on extinguishment of debt	—		—		(48)		—
(Provision) benefit for taxes on unrealized appreciation on investments	146		350		198		327
Net increase (decrease) in net assets resulting from operations	$	78,984	$	93,558	$	190,298	$	169,334
Per Common Share Data
Basic and diluted earnings per common share (Note 10)	$	0.30	$	0.55	$	0.72	$	1.00
Dividends and distributions declared per common share	$	0.39	$	0.46	$	0.87	$	0.90
Basic and diluted weighted average common shares outstanding (Note 10)	266,484,213		170,637,140		265,402,101		170,140,990

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	—	—		—		170,068		170,068
Net realized gain (loss) on investment transactions	—	—		—		(12,722)		(12,722)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		11,661		11,661
(Provision) benefit for taxes on unrealized appreciation on investments	—	—		—		327		327
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	1,922,565	2		29,518		—		29,520
Distributions from distributable earnings	—	—		—		(153,092)		(153,092)
Total increase (decrease) for the six months ended March 31, 2024	1,922,565	2		29,518		16,242		45,762
Balance at March 31, 2024	171,517,307	$	172	$	2,676,430	$	(82,962)	$	2,593,640
Balance at December 31, 2023	170,585,795	$	171	$	2,661,797	$	(98,050)	$	2,563,918
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		86,533		86,533
Net realized gain (loss) on investment transactions	—	—		—		(13,818)		(13,818)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		20,493		20,493
(Provision) benefit for taxes on unrealized appreciation on investments	—	—		—		350		350
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	931,512	1		14,633		—		14,634
Distributions from distributable earnings	—	—		—		(78,470)		(78,470)
Total increase (decrease) for the three months ended March 31, 2024	931,512	1		14,633		15,088		29,722
Balance at March 31, 2024	171,517,307	$	172	$	2,676,430	$	(82,962)	$	2,593,640
Balance at September 30, 2024	264,277,128	$	264	$	4,167,258	$	(152,993)	$	4,014,529
Issuance of common stock	2,408,940	3		37,431		—		37,434
Repurchases of common stock, net of commission costs	(77,777)	—		(1,130)		—		(1,130)
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		195,252		195,252
Net realized gain (loss) on investment transactions	—	—		—		(38,896)		(38,896)
Net realized gain (loss) on extinguishment of debt	—	—		—		(48)		(48)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		33,792		33,792
(Provision) benefit for taxes on unrealized appreciation on investments	—	—		—		198		198
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	2,222,823	2		33,702		—		33,704
Distributions from distributable earnings	—	—		—		(231,337)		(231,337)
Total increase (decrease) for the six months ended March 31, 2025	4,553,986	5		70,003		(41,039)		28,969
Balance at March 31, 2025	268,831,114	$	269	$	4,237,261	$	(194,032)	$	4,043,498
Balance at December 31, 2024	265,498,597	$	265	$	4,185,811	$	(168,532)	$	4,017,544
Issuance of common stock	2,408,940	3		37,431		—		37,434
Repurchases of common stock, net of commission costs	(77,777)	—		(1,130)		—		(1,130)
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		98,662		98,662
Net realized gain (loss) on investment transactions	—	—		—		(11,041)		(11,041)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(8,783)		(8,783)
(Provision) benefit for taxes on unrealized appreciation on investments	—	—		—		146		146
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	1,001,354	1		15,149		—		15,150
Distributions from distributable earnings	—	—		—		(104,484)		(104,484)
Total increase (decrease) for the three months ended March 31, 2025	3,332,517	4		51,450		(25,500)		25,954
Balance at March 31, 2025	268,831,114	$	269	$	4,237,261	$	(194,032)	$	4,043,498

See Notes to Consolidated Financial Statements.

5

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands)

	Six months ended March 31,
	2025		2024
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	190,298	$	169,334
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	5,124		4,655
Accretion of discounts and amortization of premiums on investments	(2,678)		(7,450)
Accretion of discounts and amortization of premiums on issued debt securities	1,681		455
Net realized (gain) loss on investments	42,220		17,368
Net realized (gain) loss on foreign currency transactions	3,879		(4,646)
Net realized (gain) loss on forward currency contracts	(7,203)		—
Net realized (gain) loss on extinguishment of debt	48		—
Net change in unrealized (appreciation) depreciation on investments	(38,906)		(17,013)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	11,546		3,969
Net change in unrealized (appreciation) depreciation on interest rate swap	4,697		2,772
Net change in unrealized (appreciation) depreciation on forward currency contracts	(6,432)		1,383
Proceeds from (fundings of) revolving loans, net	(5,016)		(1,658)
Fundings of investments	(1,208,048)		(147,267)
Proceeds from principal payments and sales of portfolio investments	840,343		321,264
Proceeds from settlements of forward currency contracts	10,264		—
Payment-in-kind interest capitalized	(27,921)		(23,397)
Non-cash dividends capitalized	(15,071)		(8,603)
Proceeds from non-cash dividends	3,549		—
Changes in operating assets and liabilities:
Cash collateral held at broker for derivatives	—		(4,800)
Interest receivable	8,293		(4,027)
Receivable for investments sold	—		(3,727)
Other assets	385		283
Interest payable	4,772		11,840
Management and incentive fees payable	7,250		(6,106)
Accrued trustee fees	89		(94)
Accounts payable and other liabilities	(2,459)		8,479
Net cash provided by (used in) operating activities	(179,296)		313,014
Cash flows from financing activities
Borrowings on debt	3,731,443		1,145,606
Repayments of debt	(3,496,076)		(999,698)
Capitalized debt issuance costs	(5,995)		(13,343)
Net proceeds from issuance of common stock (Note 11)	37,434		—
Purchases of common stock (Note 11)	(1,130)		—
Distributions paid	(197,633)		(123,572)
Net cash provided by (used in) financing activities	68,043		8,993
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies	(111,253)		322,007
Effect of foreign currency exchange rates	(1,915)		(1,865)
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	$	246,384	$	460,348
Supplemental disclosure of cash flow information:
Cash paid during the period for interest(1)	$	133,282	$	71,205
Distributions declared for the period	231,337		153,092
Supplemental disclosure of non-cash financing activities:
Stock issued in connection with dividend reinvestment plan	$	33,704	$	29,520

(1) Includes cash paid or received for contractual interest rate swaps, which may have different contractual settlement dates among the (i) fixed interest leg, (ii) floating interest leg and (iii) the debt instrument.

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
	March 31, 2025		September 30, 2024
Cash and cash equivalents	$	103,136	$	123,120
Foreign currencies (cost of $13,763 and $7,973, respectively)	13,791		8,044
Restricted cash and cash equivalents	129,457		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)	$	246,384	$	359,552

(1) See Note 2 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)

March 31, 2025

(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)	10.81%				02/2029	$	34,202	$	33,981	0.9	%	$	34,629
PPW Aero Buyer, Inc.+	One stop	SF +	5.50%	(i)	9.80%				02/2029	7,853		7,804		0.2		7,853
PPW Aero Buyer, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				02/2029	—		(78)		—		—
PPW Aero Buyer, Inc.+	One stop	P +	5.50%	(a)(i)	12.03%				02/2029	66		65		—		66
										42,121		41,772		1.1		42,548
Air Freight & Logistics
RJW Group Holdings, Inc.+	One stop	SF +	5.25%	(i)	9.55%				11/2031	46,415		45,522		1.1		45,950
RJW Group Holdings, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				11/2031	—		(33)		—		(34)
										46,415		45,489		1.1		45,916
Airlines
Accelya Lux Finco S.A.R.L.+(8)(13)(26)	One stop	SF +	7.00%	(i)	7.40%	cash/	4.00%	PIK	12/2026	9,085		8,961		0.2		8,903
Auto Components
Arnott, LLC+	One stop	SF +	4.75%	(j)	8.97%				11/2030	4,760		4,715		0.1		4,712
Arnott, LLC+	One stop	P +	3.75%	(a)	11.25%				11/2030	134		127		—		126
Collision SP Subco, LLC+	One stop	SF +	5.50%	(i)	9.79%				01/2030	882		872		—		873
Collision SP Subco, LLC+	One stop	SF +	5.50%	(h)(j)	9.82%				01/2030	399		394		—		393
Collision SP Subco, LLC+	One stop	SF +	5.50%	(i)	9.79%				01/2030	14		13		—		13
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50%	(i)	8.94%				08/2027	6,791		6,744		0.2		6,248
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50%	(i)	8.94%				08/2027	1,374		1,354		—		1,264
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50%	(i)	8.95%				08/2027	186		182		—		170
North Haven Falcon Buyer, LLC+(7)(26)	One stop	SF +	8.00%	(i)	7.33%	cash/	5.00%	PIK	05/2027	9,344		8,661		0.2		5,513
North Haven Falcon Buyer, LLC+(7)(26)	One stop	SF +	8.00%	(i)	7.31%	cash/	5.00%	PIK	05/2027	1,561		1,447		—		921
OEConnection, LLC*	One stop	SF +	5.00%	(h)	9.32%				04/2031	10,237		10,195		0.3		10,237
OEConnection, LLC+(5)	One stop	SF +	5.00%		N/A(6)				04/2031	—		(33)		—		—
OEConnection, LLC+	One stop	SF +	5.00%	(h)	9.32%				04/2031	1,786		1,770		—		1,786
OEConnection, LLC+(5)	One stop	SF +	5.00%		N/A(6)				04/2031	—		(7)		—		—
										37,468		36,434		0.8		32,256
Automobiles
CAP-KSI Holdings, LLC+	One stop	SF +	5.25%	(i)	9.55%				06/2030	11,258		11,115		0.3		11,118
CAP-KSI Holdings, LLC+	One stop	SF +	5.25%	(i)	9.56%				06/2030	396		383		—		384
CG Group Holdings, LLC*+(26)	One stop	SF +	8.75%	(i)	11.05%	cash/	2.00%	PIK	07/2027	46,149		45,967		1.2		46,149
CG Group Holdings, LLC+(26)	One stop	SF +	8.75%	(h)(i)	11.07%	cash/	2.00%	PIK	07/2026	796		790		—		796
Denali Midco 2, LLC*	One stop	SF +	5.25%	(h)	9.57%				12/2028	38,258		38,030		1.0		38,258
Denali Midco 2, LLC+(26)	Second lien	N/A			13.00%	PIK			12/2029	10,846		10,754		0.3		10,846
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.57%				12/2028	8,917		9,060		0.2		8,917
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.57%				12/2028	2,668		2,711		0.1		2,668
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.57%				12/2028	1,621		1,647		0.1		1,621
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.57%				12/2028	1,540		1,565		0.1		1,540
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.57%				12/2028	1,344		1,366		—		1,344
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.57%				12/2028	1,293		1,278		—		1,293
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.57%				12/2028	1,108		1,105		—		1,108
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.57%				12/2028	1,075		1,072		—		1,075
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.57%				12/2028	1,075		1,072		—		1,075
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.57%				12/2028	887		885		—		887
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.57%				12/2028	863		861		—		863
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.57%				12/2028	403		398		—		403

See Notes to Consolidated Financial Statements.

8

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(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)	9.57%	12/2028	$	348	$	344	—	%	$	348
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.57%	12/2028	294		291		—		294
Denali Midco 2, LLC+(5)	One stop	SF +	5.25%		N/A(6)	12/2028	—		(9)		—		—
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.57%	12/2028	173		171		—		173
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.57%	12/2028	87		85		—		87
Denali Midco 2, LLC+(5)	One stop	SF +	5.25%		N/A(6)	12/2028	—		(4)		—		—
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(i)	9.55%	12/2029	1,430		1,425		0.1		1,430
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(i)	9.55%	12/2029	298		297		—		298
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(i)	9.55%	12/2029	252		249		—		252
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(i)	9.55%	12/2029	17		16		—		17
JHCC Holdings LLC*+	One stop	SF +	5.25%	(i)	9.55%	09/2027	17,799		17,745		0.4		17,799
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.55%	09/2027	6,922		6,906		0.2		6,922
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.55%	09/2027	5,152		5,222		0.1		5,152
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.55%	09/2027	4,926		4,931		0.1		4,926
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.55%	09/2027	2,778		2,796		0.1		2,778
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.55%	09/2027	1,650		1,641		—		1,650
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.55%	09/2027	730		727		—		730
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.55%	09/2027	692		689		—		692
JHCC Holdings LLC+	One stop	P +	4.25%	(a)	11.75%	09/2027	80		79		—		80
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.55%	09/2027	2,880		2,848		0.1		2,880
MOP GM Holding, LLC^*+	One stop	SF +	5.75%	(i)	10.20%	11/2026	32,717		32,687		0.8		32,717
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.21%	11/2026	3,846		3,837		0.1		3,846
MOP GM Holding, LLC*+	One stop	SF +	5.75%	(i)	10.19%	11/2026	3,599		3,583		0.1		3,599
MOP GM Holding, LLC^*	One stop	SF +	5.75%	(i)	10.19%	11/2026	3,518		3,499		0.1		3,518
MOP GM Holding, LLC^*	One stop	SF +	5.75%	(i)	10.20%	11/2026	2,607		2,594		0.1		2,607
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.19%	11/2026	2,150		2,140		0.1		2,150
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.19%	11/2026	1,983		1,967		—		1,983
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.20%	11/2026	722		718		—		722
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.20%	11/2026	530		527		—		530
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.20%	11/2026	400		397		—		400
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.19%	11/2026	266		265		—		266
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.20%	11/2026	202		201		—		202
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.19%	11/2026	88		88		—		88
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.20%	11/2026	88		88		—		88
MOP GM Holding, LLC+(5)	One stop	SF +	5.75%		N/A(6)	11/2026	—		(26)		—		—
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.00%	(i)	9.30%	07/2029	13,348		13,278		0.3		13,280
National Express Wash Parent Holdco, LLC+(5)	One stop	SF +	5.00%		N/A(6)	07/2029	—		(23)		—		(23)
National Express Wash Parent Holdco, LLC+(5)	One stop	SF +	5.00%		N/A(6)	07/2029	—		—		—		(6)
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.00%	(j)	9.25%	07/2029	692		682		—		685
POY Holdings, LLC^*+	One stop	SF +	5.50%	(i)	9.95%	11/2027	28,343		28,575		0.7		28,343
POY Holdings, LLC*+	One stop	SF +	5.50%	(i)	9.95%	11/2027	3,684		3,737		0.1		3,684
POY Holdings, LLC*+	One stop	SF +	5.50%	(i)	9.95%	11/2027	1,304		1,303		—		1,304
POY Holdings, LLC+	One stop	SF +	5.50%	(i)	9.94%	11/2027	869		868		—		869
POY Holdings, LLC+	One stop	SF +	5.50%	(i)	9.95%	11/2027	648		648		—		648
POY Holdings, LLC+	One stop	SF +	5.50%	(i)	9.95%	11/2027	289		289		—		289
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	—		(23)		—		—
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	4.75%	(h)	9.07%	06/2031	4,481		4,448		0.1		4,481
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	4.75%	(h)	9.07%	06/2031	140		135		—		140
Quick Quack Car Wash Holdings, LLC+(5)	One stop	SF +	4.75%		N/A(6)	06/2031	—		(3)		—		—
TWAS Holdings, LLC*+	One stop	SF +	6.75%	(h)	11.17%	12/2026	46,563		46,370		1.2		46,563
TWAS Holdings, LLC*+	One stop	SF +	6.75%	(h)	11.17%	12/2026	41,590		41,553		1.0		41,590
TWAS Holdings, LLC*+	One stop	SF +	6.75%	(h)	11.17%	12/2026	10,797		10,785		0.3		10,797

See Notes to Consolidated Financial Statements.

9

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(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)	11.17%		12/2026	$	8,246	$	8,281	0.2	%	$	8,246
TWAS Holdings, LLC+	One stop	SF +	6.75%	(h)	11.17%		12/2026	5,237		5,259		0.1		5,237
TWAS Holdings, LLC+(5)	One stop	SF +	6.75%		N/A(6)		12/2026	—		(5)		—		—
Yorkshire Parent, Inc.+	One stop	SF +	5.00%	(i)	9.29%		12/2029	2,596		2,584		0.1		2,583
Yorkshire Parent, Inc.+	One stop	SF +	5.00%	(i)	9.29%		12/2029	83		56		—		55
Yorkshire Parent, Inc.+	One stop	SF +	5.50%	(i)	9.80%		12/2029	2,567		2,595		0.1		2,574
Yorkshire Parent, Inc.+	One stop	SF +	5.50%	(i)	9.80%		12/2029	711		708		—		713
Yorkshire Parent, Inc.+	One stop	SF +	5.50%	(i)	9.80%		12/2029	62		60		—		62
								401,971		401,231		9.9		401,683
Banks
Empyrean Solutions, LLC+	One stop	SF +	4.75%	(i)	9.05%		11/2031	9,283		9,239		0.2		9,283
Empyrean Solutions, LLC+(5)	One stop	SF +	4.75%		N/A(6)		11/2031	—		(7)		—		—
Empyrean Solutions, LLC+(5)	One stop	SF +	4.75%		N/A(6)		11/2031	—		(18)		—		—
OSP Hamilton Purchaser, LLC+	One stop	SF +	5.00%	(i)	9.29%		12/2029	1,736		1,758		0.1		1,736
OSP Hamilton Purchaser, LLC+	One stop	SF +	5.00%	(i)	9.29%		12/2029	329		324		—		329
OSP Hamilton Purchaser, LLC+	One stop	SF +	5.00%	(i)	9.29%		12/2029	34		33		—		34
								11,382		11,329		0.3		11,382
Beverages
Financial Information Technologies, LLC*+	One stop	SF +	5.25%	(i)	9.55%		06/2030	34,451		34,386		0.9		34,451
Financial Information Technologies, LLC+(26)	One stop	N/A			14.00%	PIK	06/2031	21,327		21,200		0.5		21,967
Financial Information Technologies, LLC+	One stop	SF +	5.25%		N/A(6)		06/2030	—		—		—		—
Financial Information Technologies, LLC+	One stop	SF +	5.25%	(i)	9.55%		06/2030	2,210		2,207		0.1		2,210
Financial Information Technologies, LLC+(5)	One stop	SF +	5.25%		N/A(6)		06/2030	—		(1)		—		—
Spindrift Beverage Co. Inc.+	One stop	SF +	5.25%	(h)	9.56%		02/2032	7,653		7,559		0.2		7,557
Spindrift Beverage Co. Inc.+	One stop	SF +	5.25%	(i)	9.56%		02/2032	105		87		—		86
Spindrift Beverage Co. Inc.+(5)	One stop	SF +	5.25%		N/A(6)		02/2032	—		(5)		—		(11)
Watermill Express, LLC^*	One stop	SF +	5.25%	(i)	9.70%		07/2029	3,047		3,032		0.1		3,055
Watermill Express, LLC+	One stop	SF +	5.25%	(i)	9.70%		07/2029	294		294		—		295
Watermill Express, LLC+	One stop	SF +	5.25%	(i)	9.70%		07/2029	237		234		—		237
Watermill Express, LLC+	One stop	SF +	5.25%	(i)	9.70%		07/2029	735		731		—		737
Watermill Express, LLC+	One stop	SF +	5.25%	(i)	9.70%		07/2029	369		368		—		369
Watermill Express, LLC+	One stop	SF +	4.75%	(i)	9.21%		07/2029	1,103		1,092		—		1,103
Winebow Holdings, Inc.*+	One stop	SF +	6.25%	(h)	10.67%		12/2027	9,299		9,137		0.2		8,463
								80,830		80,321		2.0		80,519

Building Products
BECO Holding Company, Inc.*+	One stop	SF +	5.25%	(i)	9.70%				11/2028	40,788	41,343	1.0	40,788
BECO Holding Company, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				11/2027	—	(2)	—	—
										40,788	41,341	1.0	40,788
Capital Markets
BlueMatrix Holdings, LLC+	One stop	SF +	5.75%	(i)	10.05%				01/2031	2,527	2,550	0.1	2,514
BlueMatrix Holdings, LLC+	One stop	SF +	5.75%	(i)	10.05%				01/2031	9,975	9,927	0.2	9,925
BlueMatrix Holdings, LLC+	One stop	SF +	5.75%		N/A(6)				01/2031	—	—	—	—
BlueMatrix Holdings, LLC+(5)	One stop	SF +	5.75%		N/A(6)				01/2031	—	(7)	—	(5)
										12,502	12,470	0.3	12,434
Chemicals
Inhance Technologies Holdings, LLC+(26)	One stop	SF +	6.50%	(i)	6.96%	cash/	4.00%	PIK	06/2025	15,443	13,972	0.3	12,818
Inhance Technologies Holdings, LLC+(26)	One stop	SF +	6.50%	(i)	6.96%	cash/	4.00%	PIK	06/2025	14,023	13,496	0.3	11,639
Inhance Technologies Holdings, LLC+(26)	One stop	SF +	6.50%	(i)	6.96%	cash/	4.00%	PIK	06/2025	2,727	2,619	0.1	2,264
Inhance Technologies Holdings, LLC+(26)	One stop	SF +	6.50%	(i)	6.96%	cash/	4.00%	PIK	06/2025	320	303	—	263
Krayden Holdings, Inc.+	Senior secured	SF +	4.75%	(h)	9.07%				03/2029	9,790	9,705	0.2	9,790
Krayden Holdings, Inc.+	Senior secured	SF +	4.75%	(h)	9.07%				03/2029	115	86	—	115
Krayden Holdings, Inc.+(5)	Senior secured	SF +	4.75%		N/A(6)				03/2029	—	(43)	—	—

See Notes to Consolidated Financial Statements.

10

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(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)(10)(26)	One stop	E +	6.25%	(d)	5.63%	cash/	3.00%	PIK	09/2028	$	50,403	$	51,002	1.2	%	$	47,883
PHM NL SP Bidco B.V.+(8)(10)(26)	One stop	SF +	6.75%	(g)	8.31%	cash/	3.00%	PIK	09/2028	20,296		19,557		0.5		19,281
PHM NL SP Bidco B.V.+(8)(9)(10)(26)	One stop	SN +	6.75%	(f)	8.21%	cash/	3.00%	PIK	09/2028	11,272		11,040		0.3		10,708
PHM NL SP Bidco B.V.+(8)(9)(10)(26)	One stop	E +	6.75%	(d)	6.40%	cash/	3.00%	PIK	09/2028	5,260		5,216		0.1		5,002
										129,649		126,953		3.0		119,763
Commercial Services & Supplies
BradyIFS Holdings, LLC^+	One stop	SF +	5.00%	(i)	9.29%				10/2029	5,196		5,261		0.2		5,196
BradyIFS Holdings, LLC+	One stop	SF +	5.00%	(i)	9.29%				10/2029	33		32		—		33
CI (Quercus) Intermediate Holdings, LLC*+	One stop	SF +	5.00%	(i)	9.30%				06/2031	29,375		29,067		0.8		29,375
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop	SF +	5.00%		N/A(6)				06/2031	—		(18)		—		—
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop	SF +	5.00%		N/A(6)				06/2031	—		(41)		—		—
CHA Vision Holdings, Inc. +	One stop	SF +	5.00%	(i)	9.29%				01/2031	1,064		1,060		0.1		1,064
CHA Vision Holdings, Inc. +	One stop	SF +	5.00%	(i)	9.29%				01/2031	145		144		—		145
CHA Vision Holdings, Inc. +	One stop	SF +	5.00%		N/A(6)				01/2030	—		—		—		—
Kleinfelder Intermediate, LLC+	One stop	SF +	5.00%	(i)	9.29%				09/2030	4,066		3,975		0.1		4,066
Kleinfelder Intermediate, LLC+(5)	One stop	SF +	5.00%		N/A(6)				09/2028	—		(7)		—		—
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	1,519		1,508		0.1		1,524
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.00%	(i)	9.30%				07/2027	158		157		—		158
North Haven Stack Buyer, LLC*+	Senior secured	SF +	5.25%	(i)	9.56%				07/2027	1,557		1,543		0.1		1,557
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.00%	(i)	9.30%				07/2027	333		316		—		333
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	9.55%				07/2027	283		281		—		283
North Haven Stack Buyer, LLC+	Second lien	N/A			9.75%				01/2028	23		10		—		23
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	9.54%				07/2027	12,222		12,210		0.3		12,222
North Haven Stack Buyer, LLC+(26)	Second lien	N/A			10.00%	cash/	2.50%	PIK	01/2028	2,307		2,290		0.1		2,313
North Haven Stack Buyer, LLC*+	Senior secured	SF +	5.25%	(i)	9.55%				07/2027	1,473		1,465		0.1		1,473
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	9.55%				07/2027	1,411		1,404		—		1,411

North Haven Stack Buyer, LLC*	Senior secured	SF +	5.25%	(i)	9.54%				07/2027	4,117	4,107	0.1	4,117
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	9.54%				07/2027	1,364	1,360	—	1,364
North Haven Stack Buyer, LLC*	Senior secured	SF +	5.25%	(i)	9.54%				07/2027	1,358	1,355	—	1,358
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	9.54%				07/2027	200	199	—	200
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	9.54%				07/2027	100	99	—	100
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	9.55%				07/2027	673	667	—	673
North Haven Stack Buyer, LLC*+	Senior secured	SF +	5.25%	(i)	9.55%				07/2027	2,270	2,259	0.1	2,270
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	9.55%				07/2027	482	479	—	482
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.00%	(i)	9.30%				07/2027	906	901	—	906
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.00%	(i)	9.30%				07/2027	685	682	—	685
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.00%	(i)	9.30%				07/2027	759	755	—	759
Profile Products LLC+	One stop	SF +	5.75%	(j)	10.29%				11/2027	9,006	8,941	0.2	8,916
Profile Products LLC+(8)	One stop	SF +	5.50%	(j)	10.04%				11/2027	1,825	1,806	—	1,807
Profile Products LLC+	One stop	P +	4.75%	(a)	12.25%				11/2027	84	83	—	84
Profile Products LLC+	One stop	P +	4.50%	(a)	12.00%				11/2027	6	6	—	6
PSC Parent, Inc.*+	One stop	SF +	5.25%	(h)	9.57%				04/2031	5,478	5,468	0.1	5,478
PSC Parent, Inc.+	One stop	SF +	5.25%	(a)(h)	9.67%				04/2030	497	492	—	497
PSC Parent, Inc.+	One stop	SF +	5.25%	(h)	9.56%				04/2031	510	504	—	510
PSC Parent, Inc.+	One stop	SF +	5.25%	(h)	9.57%				04/2031	913	909	—	913
PT Intermediate Holdings III, LLC+(26)	One stop	SF +	5.00%	(i)	7.55%	cash/	1.75%	PIK	04/2030	12,342	12,368	0.3	12,342
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)	9.80%				03/2029	34,115	33,829	0.8	33,774
Radwell Parent, LLC*+	One stop	SF +	5.50%	(i)	9.80%				03/2029	32,790	32,837	0.8	32,462
Radwell Parent, LLC+	One stop	SF +	5.50%	(i)	9.80%				03/2029	330	288	—	318

See Notes to Consolidated Financial Statements.

11

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(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)
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		2,614		0.1		2,632
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.25%	(j)	9.61%		06/2028	530		530		—		530
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.50%		N/A(6)		06/2028	—		—		—		—
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.25%	(j)	9.64%		06/2028	494		493		—		494
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.50%	(h)	8.82%		06/2028	249		247		—		249
WRE Holding Corp.*	One stop	SF +	5.00%	(j)	9.22%		07/2031	16,432		16,284		0.4		16,432
WRE Holding Corp.+	One stop	SF +	5.00%	(i)(j)	9.40%		07/2031	1,502		1,482		—		1,502
WRE Holding Corp.+(5)	One stop	SF +	5.00%		N/A(6)		07/2030	—		(21)		—		—
								193,814		192,673		4.8		193,029
Communications Equipment
Lightning Finco Limited+(8)(15)	One stop	SF +	5.50%	(g)	10.24%		09/2028	14,802		14,779		0.4		14,802
Lightning Finco Limited+(8)(9)(15)	One stop	E +	5.50%	(d)	7.96%		09/2028	1,643		1,745		—		1,643
								16,445		16,524		0.4		16,445
Construction & Engineering
Consor Intermediate II, LLC*+	One stop	SF +	4.50%	(i)	8.80%		05/2031	4,751		4,759		0.1		4,751
Consor Intermediate II, LLC+(5)	One stop	SF +	4.50%		N/A(6)		05/2031	—		(13)		—		—
Consor Intermediate II, LLC+(5)	One stop	SF +	4.50%		N/A(6)		05/2031	—		(3)		—		—
Royal Holdco Corporation+	One stop	SF +	4.50%	(i)	8.79%		12/2030	6,011		5,952		0.2		5,951
Royal Holdco Corporation+(5)	One stop	SF +	4.50%		N/A(6)		12/2030	—		(5)		—		(5)
Royal Holdco Corporation+(5)	One stop	SF +	4.50%		N/A(6)		12/2030	—		(10)		—		(20)
								10,762		10,680		0.3		10,677
Containers & Packaging
Chase Intermediate*+	One stop	SF +	4.75%	(i)	9.04%		10/2028	49,079		49,711		1.2		49,079
Chase Intermediate+	One stop	SF +	4.75%	(i)	9.04%		10/2028	80		78		—		80
Chase Intermediate+	One stop	SF +	4.75%	(h)(i)	9.05%		10/2028	1,607		1,603		—		1,607
Fortis Solutions Group, LLC^*+	One stop	SF +	5.50%	(i)	9.90%		10/2028	51,862		51,519		1.3		51,862
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(i)	9.90%		10/2028	170		84		—		170
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(i)	9.90%		10/2028	141		83		—		141
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(i)	9.90%		10/2027	272		265		—		272
Packaging Coordinators Midco, Inc.+	One stop	SF +	4.75%	(i)	9.04%		01/2032	5,272		5,259		0.2		5,193
Packaging Coordinators Midco, Inc.+(5)	One stop	SF +	4.75%		N/A(6)		01/2032	—		(1)		—		(8)
Packaging Coordinators Midco, Inc.+(5)	One stop	SF +	4.75%		N/A(6)		01/2032	—		—		—		(32)
Packaging Coordinators Midco, Inc.+(5)	One stop	SF +	4.75%		N/A(6)		01/2032	—		—		—		(187)
Packaging Coordinators Midco, Inc.+(5)	One stop	SF +	4.75%		N/A(6)		01/2032	—		—		—		(1)
								108,483		108,601		2.7		108,176
Diversified Consumer Services
Any Hour, LLC*	One stop	SF +	5.25%	(i)	9.55%		05/2030	9,020		8,962		0.2		8,660
Any Hour, LLC+(26)	One stop	N/A			13.00%	PIK	05/2031	3,069		3,020		0.1		2,945
Any Hour, LLC+	One stop	SF +	5.25%	(i)	9.51%		05/2030	512		500		—		474
Any Hour, LLC+	One stop	SF +	5.25%	(i)	9.55%		05/2030	255		238		—		150
Apex Service Partners, LLC+	One stop	SF +	5.00%	(i)	9.31%		10/2030	8,856		8,791		0.2		8,856
Apex Service Partners, LLC+	One stop	SF +	5.00%	(i)	9.31%		10/2030	4,411		4,480		0.1		4,411
Apex Service Partners, LLC+	One stop	SF +	5.00%	(i)	9.31%		10/2030	1,050		1,037		—		1,050
Apex Service Partners, LLC+	One stop	SF +	5.00%	(i)	9.31%		10/2029	68		67		—		68
Certus Pest, Inc.*	One stop	SF +	5.25%	(i)	9.70%		08/2027	1,730		1,715		0.1		1,730
Certus Pest, Inc.*	One stop	SF +	5.25%	(i)	9.70%		08/2027	1,659		1,640		0.1		1,659
Certus Pest, Inc.*+	One stop	SF +	5.25%	(i)	9.70%		08/2027	1,197		1,193		—		1,197
Certus Pest, Inc.*	One stop	SF +	5.25%	(i)	9.70%		08/2027	1,182		1,174		—		1,182
Certus Pest, Inc.*+	One stop	SF +	5.25%	(i)	9.70%		08/2027	820		813		—		820

See Notes to Consolidated Financial Statements.

12

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(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)	9.70%				08/2027	$	723	$	711	—	%	$	723
Certus Pest, Inc.+	One stop	SF +	5.25%	(i)	9.70%				08/2027	704		701		—		704
Certus Pest, Inc.*+	One stop	SF +	5.25%	(i)	9.70%				08/2027	416		412		—		416
Certus Pest, Inc.+	One stop	SF +	5.25%	(i)	9.69%				08/2027	394		393		—		394
Certus Pest, Inc.+	One stop	SF +	5.25%	(i)	9.70%				08/2027	260		256		—		260
Certus Pest, Inc.+	One stop	SF +	5.25%	(i)	9.70%				08/2027	142		136		—		142
Certus Pest, Inc.+	One stop	SF +	5.25%	(i)	9.70%				08/2027	60		59		—		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	—		(53)		—		—
CHHJ Midco, LLC*+	Senior secured	SF +	5.00%	(i)	9.45%				01/2026	3,712		3,707		0.1		3,712
CHHJ Midco, LLC+	Senior secured	SF +	5.00%		N/A(6)				01/2026	—		—		—		—
CHVAC Services Investment, LLC*+	One stop	SF +	5.00%	(i)	9.30%				05/2030	5,035		4,958		0.1		5,011
CHVAC Services Investment, LLC+	One stop	SF +	5.00%	(i)	9.29%				05/2030	1,332		1,302		—		1,317
CHVAC Services Investment, LLC+(5)	One stop	SF +	5.00%		N/A(6)				05/2030	—		(4)		—		(2)
CHVAC Services Investment, LLC+(5)	One stop	SF +	4.50%		N/A(6)				05/2030	—		(43)		—		(44)
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(h)	9.56%				07/2027	5,518		5,464		0.2		5,518
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.54%				07/2027	2,388		2,377		0.1		2,388
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.56%				07/2027	2,327		2,313		0.1		2,327
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.56%				07/2027	1,525		1,517		0.1		1,525
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.55%				07/2027	1,376		1,374		—		1,376
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.56%				07/2027	1,148		1,142		—		1,148
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.55%				07/2027	1,077		1,071		—		1,077
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.54%				07/2027	1,041		1,040		—		1,041
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.56%				07/2027	917		916		—		917
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.54%				07/2027	692		688		—		692
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)	10.66%				12/2027	13,835		13,863		0.4		13,835
EMS LINQ, LLC+	One stop	SF +	6.25%	(i)	10.66%				12/2027	150		149		—		150
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50%	(i)	9.95%				07/2029	4,366		4,370		0.1		4,323
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50%	(i)	9.95%				07/2029	1,263		1,243		—		1,251
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50%	(i)	9.95%				07/2029	30		29		—		28
EWC Growth Partners LLC+	One stop	SF +	6.00%	(i)	10.45%				03/2026	1,079		1,079		—		1,037
EWC Growth Partners LLC+	One stop	SF +	6.00%	(i)	10.45%				03/2026	920		918		—		883
EWC Growth Partners LLC+	One stop	SF +	6.00%	(i)	10.45%				03/2026	102		102		—		98
EWC Growth Partners LLC+	One stop	SF +	6.00%	(i)	10.45%				03/2026	38		38		—		36
FPG Intermediate Holdco, LLC+(7)(26)	One stop	SF +	6.75%	(j)	5.47%	cash/	5.75%	PIK	03/2027	22,756		21,857		0.3		12,971
FPG Intermediate Holdco, LLC+(26)	One stop	SF +	6.75%	(i)(j)	5.43%	cash/	5.75%	PIK	03/2027	873		873		—		873
FPG Intermediate Holdco, LLC+(26)	One stop	SF +	6.75%	(j)	5.22%	cash/	5.75%	PIK	03/2027	54		53		—		54
FSS Buyer LLC+	One stop	SF +	5.00%	(h)	9.32%				08/2028	7,627		7,614		0.2		7,627
FSS Buyer LLC+	One stop	SF +	5.00%		N/A(6)				08/2027	—		—		—		—
HS Spa Holdings, Inc.+	One stop	SF +	5.25%	(i)	9.56%				06/2029	11,491		11,473		0.3		11,491
HS Spa Holdings, Inc.+	One stop	SF +	5.25%	(i)	9.54%				06/2029	337		335		—		337
HS Spa Holdings, Inc.+	One stop	P +	4.25%	(a)(h)	10.70%				06/2028	68		66		—		68
Learn-it Systems, LLC+(26)	Senior secured	SF +	5.50%	(i)	9.19%	cash/	0.75%	PIK	09/2026	3,388		3,381		0.1		3,388
Learn-it Systems, LLC+(26)	Senior secured	SF +	5.50%	(j)	9.26%	cash/	0.75%	PIK	09/2026	1,996		1,990		—		1,996
Learn-it Systems, LLC+(26)	Senior secured	SF +	5.50%	(j)	9.26%	cash/	0.75%	PIK	09/2026	850		848		—		850
Learn-it Systems, LLC+	Senior secured	SF +	4.75%	(j)	9.25%				09/2026	16		16		—		16
Liminex, Inc.+	One stop	SF +	6.25%	(i)	10.69%				11/2026	35,561		35,533		0.9		35,561
Liminex, Inc.+	One stop	SF +	6.25%	(i)	10.69%				11/2026	23,457		23,401		0.6		23,457
Liminex, Inc.^+	One stop	SF +	6.25%	(i)	10.69%				11/2026	20,270		20,548		0.5		20,270
Liminex, Inc.+	One stop	SF +	6.25%	(i)	10.69%				11/2026	15,913		15,768		0.4		15,913
Litera Bidco, LLC*	One stop	SF +	5.00%	(h)	9.32%				05/2028	5,175		5,185		0.1		5,175
Litera Bidco, LLC+	One stop	SF +	5.00%	(h)	9.32%				05/2028	2,066		2,060		0.1		2,066

See Notes to Consolidated Financial Statements.

13

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(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)
Litera Bidco, LLC+(5)	One stop	SF +	5.00%		N/A(6)				05/2028	$	—	$	(1)	—	%	$	—
Litera Bidco, LLC+(5)	One stop	SF +	5.00%		N/A(6)				05/2028	—		(1)		—		—
Mario Purchaser, LLC*+	One stop	SF +	5.75%	(h)	10.17%				04/2029	11,325		11,277		0.3		10,985
Mario Purchaser, LLC+	One stop	SF +	5.75%	(h)	10.17%				04/2029	5,214		5,239		0.1		5,058
Mario Purchaser, LLC+(26)	One stop	SF +	10.75%	(h)	15.17%	PIK			04/2032	4,784		4,801		0.1		4,784
Mario Purchaser, LLC+	One stop	SF +	5.75%	(h)	10.17%				04/2029	453		416		—		316
Mario Purchaser, LLC+	One stop	SF +	5.75%	(h)	10.18%				04/2028	54		53		—		50
NSG Buyer, Inc. *+	One stop	SF +	5.00%	(h)	9.32%				11/2029	37,020		36,777		0.9		37,020
NSG Buyer, Inc. +	One stop	SF +	5.00%	(h)	9.32%				11/2028	145		139		—		145
NSG Buyer, Inc. +(5)	One stop	SF +	5.00%		N/A(6)				11/2029	—		(3)		—		—
NSG Buyer, Inc. +(5)	One stop	SF +	5.00%		N/A(6)				11/2029	—		(38)		—		—
PADI Holdco, Inc.*	One stop	SF +	4.75%	(i)	9.21%				01/2029	21,243		20,972		0.6		21,243
PADI Holdco, Inc.+(8)(9)	One stop	E +	4.75%	(c)	7.25%				01/2029	19,456		20,266		0.5		19,456
PADI Holdco, Inc.+(8)(9)	One stop	A +	5.25%	(e)	9.40%				01/2029	7,117		7,115		0.2		7,117
PADI Holdco, Inc.+	One stop	SF +	4.75%	(i)	9.19%				01/2029	818		808		—		818
PADI Holdco, Inc.+	One stop	SF +	4.75%	(i)	9.21%				01/2029	500		492		—		500
PADI Holdco, Inc.+	One stop	SF +	4.75%	(i)	9.19%				01/2029	169		167		—		169
Provenance Buyer LLC*+	One stop	SF +	5.50%	(i)	9.90%				06/2027	20,689		20,543		0.5		19,655
Provenance Buyer LLC*+	One stop	SF +	5.50%	(i)	9.90%				06/2027	13,938		13,879		0.3		13,242
Provenance Buyer LLC+	One stop	SF +	5.50%	(i)	9.90%				06/2027	212		209		—		200
RW AM Holdco LLC+	One stop	SF +	5.25%	(i)	9.65%				04/2028	26,233		25,575		0.6		22,823
RW AM Holdco LLC+(5)	One stop	SF +	5.25%		N/A(6)				04/2028	—		(13)		—		(40)
Severin Acquisition, LLC+(26)	One stop	SF +	5.00%	(h)	7.07%	cash/	2.25%	PIK	10/2031	35,503		35,177		0.9		35,503
Severin Acquisition, LLC+	One stop	SF +	4.75%	(h)(i)	9.06%				10/2031	667		625		—		667
Severin Acquisition, LLC+(26)	One stop	SF +	5.00%	(h)	7.07%	cash/	2.25%	PIK	10/2031	500		466		—		500
Stellar Brands, LLC+	Senior secured	SF +	4.50%	(j)	8.72%				02/2031	7,187		7,134		0.2		7,133
Stellar Brands, LLC+(5)	Senior secured	SF +	4.50%		N/A(6)				02/2031	—		(5)		—		(5)
Virginia Green Acquisition, LLC*+	One stop	SF +	5.25%	(j)	9.47%				12/2030	2,403		2,441		0.1		2,403
Virginia Green Acquisition, LLC+	One stop	SF +	5.25%	(j)	9.51%				12/2030	169		168		—		169
Virginia Green Acquisition, LLC+	One stop	SF +	5.25%		N/A(6)				12/2029	—		—		—		—
										454,096		451,535		10.8		437,569
Diversified Financial Services
Baker Tilly Advisory Group, LP+	One stop	SF +	4.75%	(h)	9.07%				06/2031	3,284		3,242		0.1		3,284
Baker Tilly Advisory Group, LP+(5)	One stop	SF +	4.75%		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)	8.80%				07/2027	20,463		20,424		0.5		20,463
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)	7.85%				07/2031	16,114		15,970		0.4		16,114
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)(26)	Subordinated debt	E +	8.00%	(c)	2.62%	cash/	8.00%	PIK	07/2032	1,994		1,973		0.1		1,994
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)(26)	One stop	SF +	5.75%	(i)	9.80%	cash/	0.25%	PIK	12/2030	3,648		3,648		0.1		3,612
Corsair Blade IV S.A R.L.+(8)(9)(13)(26)	One stop	SN +	5.75%	(f)	9.96%	cash/	0.25%	PIK	12/2030	1,128		872		—		841
Finastra USA, Inc.+(8)(10)	One stop	SF +	7.25%	(j)	11.43%				09/2029	5,347		5,274		0.1		5,373
Finastra USA, Inc.+(8)(10)	One stop	SF +	7.25%	(j)	11.43%				09/2029	26		25		—		24
Flash Topco, Inc.+	One stop	SF +	6.00%	(i)	10.39%				10/2028	17,006		16,788		0.4		17,006
Flash Topco, Inc.+	One stop	SF +	6.00%	(i)	10.29%				10/2028	3,395		3,379		0.1		3,395
Flash Topco, Inc.+	One stop	SF +	6.50%	(h)(i)	10.81%				10/2028	140		137		—		140
Higginbotham Insurance Agency, Inc.+	One stop	SF +	4.50%	(h)	8.83%				11/2028	8,052		8,083		0.2		8,052
Higginbotham Insurance Agency, Inc.+	One stop	SF +	4.75%	(h)	9.07%				11/2028	523		521		—		523
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	—		—		—		—

See Notes to Consolidated Financial Statements.

14

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(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)
Medlar Bidco Limited+(8)(9)(21)	One stop	SN +	5.00%		N/A(6)	01/2032	$	—	$	—	—	%	$	—
Wealth Enhancement Group, LLC+	One stop	SF +	5.00%	(i)	9.29%	10/2028	3,977		3,972		0.1		3,977
Wealth Enhancement Group, LLC+	One stop	SF +	5.00%	(i)	9.29%	10/2028	2,868		2,864		0.1		2,868
Wealth Enhancement Group, LLC+(5)	One stop	SF +	5.00%		N/A(6)	10/2028	—		(2)		—		—
Wealth Enhancement Group, LLC+(5)	One stop	SF +	5.00%		N/A(6)	10/2028	—		(19)		—		—
							87,965		87,139		2.2		87,666

Diversified Telecommunication Services
NTI Connect, LLC*+	Senior secured	SF +	5.00%	(i)	9.45%				07/2027	1,529	1,523	—	1,529
Electric Utilities
Smart Energy Systems, Inc.+(26)	One stop	SF +	7.50%	(j)	8.01%	cash/	3.75%	PIK	01/2030	6,318	6,180	0.2	6,205
Smart Energy Systems, Inc.+(5)	One stop	SF +	7.50%		N/A(6)				01/2030	—	(10)	—	(25)
										6,318	6,170	0.2	6,180
Electrical Equipment
Power Grid Holdings, Inc.+	One stop	SF +	4.75%	(i)	9.05%				12/2030	1,418	1,403	—	1,418
Power Grid Holdings, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				12/2030	—	(2)	—	—
Wildcat TopCo, Inc.+	One stop	SF +	5.00%	(i)	9.30%				11/2031	23,419	23,198	0.6	23,419
Wildcat TopCo, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				11/2031	—	(40)	—	—
Wildcat TopCo, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				11/2031	—	(20)	—	—
										24,837	24,539	0.6	24,837
Electronic Equipment, Instruments & Components
CST Holding Company+	One stop	SF +	5.00%	(h)	9.42%				11/2028	33,889	33,064	0.8	33,889
CST Holding Company+(5)	One stop	SF +	5.00%		N/A(6)				11/2028	—	(3)	—	—
										33,889	33,061	0.8	33,889

Food & Staples Retailing
Mendocino Farms, LLC+	One stop	SF +	5.50%	(h)	9.82%	03/2030	995	993	—	995
Mendocino Farms, LLC+	One stop	SF +	5.50%		N/A(6)	03/2030	—	—	—	—
Mendocino Farms, LLC+	One stop	SF +	5.50%		N/A(6)	03/2030	—	—	—	—
Mendocino Farms, LLC+	One stop	SF +	5.50%	(h)	9.82%	03/2030	110	110	—	110
Mendocino Farms, LLC+	One stop	SF +	5.50%	(h)	9.82%	03/2030	112	111	—	112
PDI TA Holdings, Inc.+	One stop	SF +	5.50%	(i)	9.79%	02/2031	1,286	1,281	0.1	1,286
PDI TA Holdings, Inc.+	One stop	SF +	5.50%	(i)	9.79%	02/2031	12	12	—	12
PDI TA Holdings, Inc.+	One stop	SF +	5.50%		N/A(6)	02/2031	—	—	—	—
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(i)	11.95%	07/2025	2,293	2,289	0.1	2,367
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(i)	11.95%	07/2025	512	512	—	529
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(i)	11.95%	07/2025	338	338	—	349
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(i)	11.95%	07/2025	190	190	—	196
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(i)	11.95%	07/2025	—	—	—	2
Wineshipping.com LLC+	One stop	SF +	5.75%	(i)	10.21%	10/2027	9,648	9,517	0.2	8,009
Wineshipping.com LLC+	One stop	SF +	5.75%	(j)	10.45%	10/2027	264	259	—	219
Wineshipping.com LLC+	One stop	SF +	5.75%	(a)(i)(j)	10.46%	10/2027	146	142	—	118
							15,906	15,754	0.4	14,304

See Notes to Consolidated Financial Statements.

15

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(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)	10.30%				10/2030	$	4,881	$	4,824	0.1	%	$	4,881
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)	10.45%				06/2027	18,823		18,814		0.5		18,823
Borrower R365 Holdings, LLC+	One stop	SF +	6.00%	(i)	10.45%				06/2027	1,556		1,547		—		1,556
Borrower R365 Holdings, LLC+	One stop	SF +	6.00%	(i)	10.45%				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)	9.29%				08/2030	12,946		12,830		0.3		12,946
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)	9.54%				06/2028	46,145		45,793		1.2		46,145
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)	10.70%				07/2027	13,630		13,600		0.3		13,493
Louisiana Fish Fry Products, Ltd.+	One stop	SF +	6.25%	(i)	10.70%				07/2027	182		179		—		178
MAPF Holdings, Inc.^+	One stop	SF +	6.50%	(i)	10.80%				12/2026	51,707		51,557		1.2		49,120
MAPF Holdings, Inc.+	One stop	SF +	6.50%	(i)	10.80%				12/2026	460		453		—		430
MAPF Holdings, Inc.+	One stop	SF +	6.50%	(i)	10.80%				12/2026	1,657		1,632		—		1,574
MAPF Holdings, Inc.+(26)	One stop	N/A			19.00%	PIK			12/2026	2,044		2,023		0.1		1,700
P&P Food Safety Holdings, Inc.*+	One stop	SF +	6.00%	(i)	10.45%				12/2026	24,684		24,655		0.6		24,684
P&P Food Safety Holdings, Inc.+	One stop	SF +	6.00%	(i)	10.45%				12/2026	30		29		—		30
Wizard Bidco Limited+(8)(10)	One stop	SF +	6.50%	(i)	10.80%				03/2029	22,740		22,649		0.6		22,740
Wizard Bidco Limited+(8)(9)(10)(26)	One stop	SN +	5.50%	(f)	8.46%	cash/	1.50%	PIK	03/2029	10,681		10,675		0.3		10,681
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	6.50%	(f)	10.96%				03/2029	8,039		7,722		0.2		8,039
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	5.25%	(f)	9.71%				09/2028	194		183		—		194
Wizard Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.00%		N/A(6)				03/2029	—		(38)		—		—
										220,630		219,333		5.4		217,445

Healthcare Equipment & Supplies
Aspen Medical Products, LLC*+	One stop	SF +	4.75%	(h)	9.07%	06/2028	7,050	7,011	0.2	7,050
Aspen Medical Products, LLC+	One stop	SF +	4.75%	(h)	9.07%	06/2028	458	455	—	458
Aspen Medical Products, LLC+(5)	One stop	SF +	4.75%		N/A(6)	06/2028	—	(1)	—	—
Aspen Medical Products, LLC+	One stop	SF +	4.75%	(h)	9.07%	06/2028	895	886	—	895
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	6.20%	(g)	10.77%	08/2028	7,745	7,749	0.2	7,745
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	6.20%	(c)	8.74%	08/2028	4,482	4,789	0.1	4,482
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	5.95%	(g)	10.52%	08/2028	1,912	1,912	0.1	1,912
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SN +	6.20%	(f)	10.77%	08/2028	1,307	1,346	—	1,307
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	6.20%	(c)	8.57%	08/2028	1,070	1,089	—	1,070
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SN +	6.20%	(f)	10.77%	08/2028	553	524	—	553
Belmont Instrument, LLC*+	One stop	SF +	5.25%	(i)	9.55%	08/2028	14,430	14,336	0.4	14,430
Belmont Instrument, LLC+	One stop	SF +	5.25%	(i)	9.55%	08/2028	20	18	—	20
Blades Buyer, Inc.*+	Senior secured	SF +	5.00%	(i)	9.42%	03/2028	12,222	12,189	0.3	12,222
Blades Buyer, Inc.*+	Senior secured	SF +	5.25%	(i)	9.67%	03/2028	1,734	1,722	—	1,734
Blades Buyer, Inc.+	Senior secured	SF +	5.00%	(i)	9.42%	03/2028	1,402	1,394	—	1,402
Blades Buyer, Inc.+	Senior secured	SF +	4.75%	(h)	9.17%	03/2028	106	103	—	104
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.17%	08/2029	12	12	—	12
Blue River Pet Care, LLC+	One stop	SF +	5.75%		N/A(6)	08/2029	—	—	—	—
Blue River Pet Care, LLC*+	One stop	SF +	5.75%	(h)	10.17%	08/2029	62,614	62,454	1.6	62,614
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.17%	08/2029	12,398	12,509	0.3	12,398
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.17%	08/2029	2,891	2,916	0.1	2,891
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.17%	08/2029	2,779	2,804	0.1	2,779
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.17%	08/2029	2,751	2,776	0.1	2,751
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.17%	08/2029	2,114	2,134	0.1	2,114

See Notes to Consolidated Financial Statements.

16

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(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 +	5.75%	(h)	10.17%				08/2029	$	1,252	$	1,248	—	%	$	1,252
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.17%				08/2029	415		413		—		415
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.17%				08/2029	300		297		—		300
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.17%				08/2029	294		292		—		294
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.17%				08/2029	299		297		—		299
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.17%				08/2029	257		256		—		257
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.17%				08/2029	227		226		—		227
CCSL Holdings, LLC*(8)	One stop	SF +	5.50%	(h)	9.82%				12/2028	20,952		20,909		0.5		20,952
CCSL Holdings, LLC*+(8)	One stop	SF +	5.50%	(h)	9.82%				12/2028	5,656		5,670		0.1		5,656
CCSL Holdings, LLC+(8)(9)	One stop	SN +	5.50%	(f)	9.96%				12/2028	3,440		3,339		0.1		3,440
CCSL Holdings, LLC+(8)	One stop	SF +	5.50%	(h)	9.82%				12/2028	3,480		3,452		0.1		3,480
CCSL Holdings, LLC*+(8)	One stop	SF +	5.50%	(h)	9.82%				12/2028	2,891		2,867		0.1		2,891
CCSL Holdings, LLC+(8)	One stop	SF +	5.50%	(h)	9.83%				12/2028	370		368		—		370
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%	(b)	7.86%				12/2028	31,881		31,882		0.8		31,881
CCSL Holdings, LLC+(8)(9)	One stop	E +	5.50%	(b)	7.86%				12/2028	6,245		6,016		0.2		6,245
CMI Parent Inc.*	One stop	SF +	5.00%	(h)	9.32%				12/2026	22,468		22,387		0.6		22,468
CMI Parent Inc.^*	One stop	SF +	5.00%	(h)	9.32%				12/2026	19,784		19,874		0.5		19,784
CMI Parent Inc.^*	Senior secured	SF +	5.00%	(h)	9.32%				12/2026	9,483		9,501		0.2		9,483
CMI Parent Inc.*+	One stop	SF +	5.00%	(h)	9.32%				12/2026	8,898		8,911		0.2		8,898
CMI Parent Inc.+	One stop	SF +	5.00%		N/A(6)				12/2026	—		—		—		—
HuFriedy Group Acquisition, LLC+	One stop	SF +	5.50%	(i)	9.81%				06/2031	7,891		7,821		0.2		7,891
HuFriedy Group Acquisition, LLC+(5)	One stop	SF +	5.50%		N/A(6)				05/2030	—		(7)		—		—
HuFriedy Group Acquisition, LLC+	One stop	SF +	5.50%	(i)	9.80%				06/2031	1,431		1,404		—		1,431
JHC Investment Intermediate Holdings, LLC+(26)	One stop	SF +	8.75%	(i)	7.14%	cash/	6.00%	PIK	03/2029	1,199		1,199		—		1,199
JHC Investment Intermediate Holdings, LLC+(26)	One stop	SF +	8.75%	(h)(i)	13.14%	PIK			03/2029	895		692		—		850
TIDI Legacy Products, Inc.+	One stop	SF +	5.25%	(h)	9.57%				12/2029	3,502		3,562		0.1		3,502
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)	10.05%				12/2029	4,407		4,406		0.1		4,407
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	—		(8)		—		—
										298,862		298,395		7.4		298,815

Healthcare Providers & Services
AAH TOPCO, LLC +	One stop	SF +	5.25%	(h)	9.67%		12/2027	8,627	8,584	0.2	8,627
AAH TOPCO, LLC +	One stop	SF +	5.25%	(h)	9.67%		12/2027	8,111	8,147	0.2	8,111
AAH TOPCO, LLC +	One stop	SF +	5.25%	(h)	9.66%		12/2027	3,135	3,154	0.1	3,135
AAH TOPCO, LLC +(26)	Subordinated debt	N/A			11.50%	PIK	12/2031	2,890	2,782	0.1	2,804
AAH TOPCO, LLC +(5)	One stop	SF +	5.25%		N/A(6)		12/2027	—	(1)	—	—
AAH TOPCO, LLC +(5)	One stop	SF +	5.00%		N/A(6)		03/2031	—	(43)	—	(44)
Active Day, Inc.*+	One stop	SF +	5.00%	(h)	9.42%		05/2026	17,298	17,244	0.5	17,298
Active Day, Inc.+	One stop	SF +	5.00%	(i)	9.30%		05/2026	6,627	6,565	0.2	6,627
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.42%		05/2026	1,335	1,332	0.1	1,335
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.42%		05/2026	861	858	—	861
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.42%		05/2026	686	684	—	686
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.42%		05/2026	605	604	—	605
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.42%		05/2026	595	593	—	595
Active Day, Inc.+	One stop	SF +	5.25%		N/A(6)		05/2026	—	—	—	—
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.42%		05/2026	—	—	—	—
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(i)	10.45%		03/2027	16,095	16,033	0.4	16,014
Acuity Eyecare Holdings, LLC+(26)	One stop	N/A			16.50%	PIK	06/2027	15,503	15,409	0.4	15,697

See Notes to Consolidated Financial Statements.

17

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(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)
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.70%				03/2027	$	3,975	$	3,960	0.1	%	$	3,975
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.70%				03/2027	3,541		3,527		0.1		3,541
Acuity Eyecare Holdings, LLC*+	One stop	SF +	6.25%	(i)	10.70%				03/2027	3,504		3,489		0.1		3,504
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.70%				03/2027	3,122		3,110		0.1		3,122
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(i)	10.45%				03/2027	1,996		1,988		0.1		1,986
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.70%				03/2027	1,819		1,812		0.1		1,819
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(i)	10.45%				03/2027	1,018		1,014		—		1,013
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.70%				03/2027	441		439		—		441
Acuity Eyecare Holdings, LLC+(26)	One stop	SF +	13.00%	(i)	10.70%	cash/	6.75%	PIK	03/2027	287		286		—		321
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(i)	10.44%				03/2027	211		210		—		210
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.70%				03/2027	162		162		—		162
Acuity Eyecare Holdings, LLC+(26)	One stop	SF +	13.00%	(i)	10.70%	cash/	6.75%	PIK	03/2027	112		111		—		125
Acuity Eyecare Holdings, LLC+	Senior secured	SF +	6.25%	(i)	10.70%				03/2027	107		107		—		107
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.70%				03/2027	1		1		—		1
Acuity Eyecare Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)				03/2027	—		(1)		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)	Subordinated debt	N/A			13.75%	PIK			03/2028	16,803		16,965		0.4		16,803
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC*+	One stop	SF +	6.00%	(i)	10.41%				03/2027	6,385		6,393		0.2		6,385
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC^+	One stop	SF +	6.00%	(i)	10.41%				03/2027	5,338		5,338		0.1		5,338
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)	Subordinated debt	N/A			13.75%	PIK			03/2028	3,646		3,627		0.1		3,646
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)	Subordinated debt	N/A			13.75%	PIK			03/2028	1,394		1,388		—		1,394
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00%	(i)	10.39%				03/2027	833		832		—		833
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00%	(i)	10.39%				03/2027	394		394		—		394
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)	One stop	SF +	6.00%		N/A(6)				03/2027	—		(1)		—		—
Bamboo US Bidco LLC+	One stop	SF +	5.25%	(i)	9.54%				09/2030	2,726		2,671		0.1		2,726
Bamboo US Bidco LLC+(8)(9)	One stop	E +	5.25%	(c)	7.86%				09/2030	1,835		1,752		0.1		1,835
Bamboo US Bidco LLC+	One stop	SF +	5.25%	(h)(i)	9.55%				09/2030	417		416		—		417
Bamboo US Bidco LLC+(5)	One stop	SF +	5.25%		N/A(6)				09/2030	—		(6)		—		—
Bamboo US Bidco LLC+	One stop	SF +	5.25%		N/A(6)				09/2030	—		—		—		—
Bamboo US Bidco LLC+(5)	One stop	SF +	5.25%		N/A(6)				10/2029	—		(11)		—		—
Benefit Plan Administrators of Eau Claire, LLC*	One stop	SF +	5.00%	(i)	9.31%				11/2030	13,038		12,962		0.3		12,956
Benefit Plan Administrators of Eau Claire, LLC+	One stop	SF +	5.00%	(h)	9.32%				11/2030	10,000		9,938		0.2		9,938
Benefit Plan Administrators of Eau Claire, LLC+(5)	One stop	SF +	5.00%		N/A(6)				11/2030	—		(13)		—		(14)
Benefit Plan Administrators of Eau Claire, LLC+(5)	One stop	SF +	5.00%		N/A(6)				11/2030	—		(42)		—		(45)
Community Care Partners, LLC+	One stop	SF +	6.00%	(h)	10.44%				06/2026	3,472		3,423		0.1		3,472
CRH Healthcare Purchaser, Inc.*+	Senior secured	SF +	5.75%	(i)	10.20%				06/2027	23,282		23,239		0.6		23,282
CRH Healthcare Purchaser, Inc.*+	Senior secured	SF +	5.75%	(i)	10.20%				06/2027	6,286		6,267		0.2		6,286
CRH Healthcare Purchaser, Inc.*+	Senior secured	SF +	5.75%	(i)	10.20%				06/2027	5,638		5,630		0.2		5,638
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	5.75%	(i)	10.20%				06/2027	4,258		4,246		0.1		4,258
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	5.75%	(i)	10.05%				06/2027	30		30		—		30
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(10)	One stop	SF +	5.25%	(j)	9.68%				04/2031	771		758		—		771
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(9)(10)	One stop	SN +	5.25%	(f)	9.71%				04/2031	462		446		—		462
Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)	One stop	SF +	5.25%		N/A(6)				04/2031	—		(1)		—		—
Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)	One stop	SF +	5.25%		N/A(6)				10/2030	—		(2)		—		—
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.21%				02/2027	15,593		15,294		0.4		15,436

See Notes to Consolidated Financial Statements.

18

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(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)
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.21%				02/2027	$	8,137	$	7,984	0.2	%	$	8,056
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.21%				02/2027	4,209		4,151		0.1		4,167
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.21%				02/2027	2,140		2,100		0.1		2,119
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.21%				02/2027	1,889		1,864		—		1,870
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.21%				02/2027	1,176		1,144		—		1,165
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.21%				02/2027	977		945		—		967
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.21%				02/2027	962		939		—		952
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.21%				02/2027	921		899		—		912
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.21%				02/2027	834		814		—		825
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.21%				02/2027	423		409		—		419
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.21%				02/2027	358		349		—		354
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.21%				02/2027	175		171		—		173
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.21%				02/2027	168		163		—		167
Encorevet Group LLC+	One stop	SF +	8.75%	(i)	13.21%				02/2027	155		155		—		157
Encorevet Group LLC+(26)	One stop	N/A			13.00%	PIK			05/2027	102		96		—		98
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.20%				02/2027	94		92		—		94
ERC Topco Holdings, LLC+(26)	One stop	SF +	6.50%	(i)	11.06%	PIK			03/2030	7,246		6,667		0.2		6,667
ERC Topco Holdings, LLC+	One stop	SF +	5.50%	(i)	10.06%				03/2030	1,069		992		—		1,069
ERC Topco Holdings, LLC+	One stop	SF +	5.50%	(i)	10.06%				03/2030	76		76		—		76
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75%	(k)	8.82%				03/2027	10,597		11,333		0.3		10,597
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75%	(k)	8.82%				03/2027	3,830		4,095		0.1		3,830
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75%	(k)	8.82%				03/2027	2,608		2,802		0.1		2,609
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75%	(k)	8.82%				03/2027	2,484		2,664		0.1		2,484
FYI Optical Acquisitions, Inc. & FYI USA, Inc.^+(8)(12)	One stop	SF +	5.75%	(i)	10.19%				03/2027	1,105		1,104		—		1,105
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)	One stop	SF +	5.75%	(i)	10.19%				03/2027	554		554		—		554
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75%	(k)	8.82%				03/2027	453		474		—		453
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%	(j)	9.26%				12/2026	2,520		2,537		0.1		2,520
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%	(j)	9.26%				12/2026	1,196		1,190		—		1,196
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%		N/A(6)				12/2026	—		—		—		—
Klick Inc.*+(8)(12)	Senior secured	SF +	4.50%	(h)	8.82%				03/2028	13,558		13,581		0.3		13,558
Klick Inc.+(8)(12)	Senior secured	SF +	4.50%	(h)	8.82%				03/2028	3,171		3,157		0.1		3,171
Klick Inc.+(5)(8)(12)	Senior secured	SF +	4.50%		N/A(6)				03/2028	—		(2)		—		—
Krueger-Gilbert Health Physics, LLC*+	Senior secured	SF +	5.75%	(i)	10.05%				05/2026	2,585		2,579		0.1		2,585
Krueger-Gilbert Health Physics, LLC*+	Senior secured	SF +	5.75%	(i)	10.05%				05/2026	2,375		2,367		0.1		2,375
Krueger-Gilbert Health Physics, LLC*	Senior secured	SF +	5.75%	(i)	10.05%				05/2026	1,517		1,518		—		1,517
Krueger-Gilbert Health Physics, LLC*+	Senior secured	SF +	5.75%	(i)	10.05%				05/2026	1,390		1,386		—		1,390
Krueger-Gilbert Health Physics, LLC+	One stop	SF +	5.75%	(i)	10.05%				05/2026	668		666		—		668
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.75%	(i)	10.05%				05/2026	611		610		—		611
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.75%	(i)	10.05%				05/2026	90		90		—		90
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.75%	(i)	10.05%				05/2026	8		7		—		8
LOV Acquisition LLC+	Senior secured	SF +	4.50%	(h)	8.82%				11/2031	25,123		25,003		0.6		25,123
LOV Acquisition LLC+(5)	Senior secured	SF +	4.50%		N/A(6)				11/2031	—		(13)		—		—
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)(26)	One stop	CA +	6.00%	(l)	6.98%	cash/	2.00%	PIK	05/2028	24,771		27,968		0.6		24,523
New Look Corporation and New Look Vision Group Inc. *+(8)(12)	One stop	SF +	5.50%	(i)	9.95%				05/2028	5,851		5,788		0.1		5,764
New Look Corporation and New Look Vision Group Inc. *+(8)(12)	One stop	SF +	5.50%	(i)	9.95%				05/2028	4,128		4,058		0.1		4,066
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)	One stop	CA +	5.50%	(l)	8.48%				05/2028	1,535		1,689		—		1,520

See Notes to Consolidated Financial Statements.

19

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(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)
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)	One stop	CA +	5.50%	(l)	8.48%				05/2028	$	799	$	865	—	%	$	792
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)	One stop	CA +	5.50%	(l)	8.50%				05/2026	159		147		—		156
New Look Corporation and New Look Vision Group Inc. +(8)(12)(26)	One stop	SF +	6.00%	(i)	8.45%	cash/	2.00%	PIK	05/2028	131		126		—		129
New Look Corporation and New Look Vision Group Inc. +(5)(8)(12)	One stop	SF +	5.50%		N/A(6)				05/2026	—		(2)		—		(2)
Pinnacle Treatment Centers, Inc.*	One stop	SF +	5.75%	(i)	10.06%				01/2027	18,233		18,050		0.5		18,233
Pinnacle Treatment Centers, Inc.*+	One stop	SF +	5.75%	(i)	10.06%				01/2027	12,212		12,126		0.3		12,212
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75%	(i)	10.06%				01/2027	2,455		2,437		0.1		2,455
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75%	(i)	10.06%				01/2027	2,372		2,355		0.1		2,372
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75%	(i)	10.06%				01/2027	1,499		1,488		—		1,499
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75%	(i)	10.06%				01/2027	1,361		1,352		—		1,361
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75%	(i)	10.06%				01/2027	677		672		—		677
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75%	(i)	10.06%				01/2027	530		525		—		530
Pinnacle Treatment Centers, Inc.+	One stop	P +	4.50%	(a)	12.00%				01/2027	522		502		—		522
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75%	(i)	10.06%				01/2027	178		178		—		178
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75%	(i)	10.06%				01/2027	102		101		—		102
Premise Health Holding Corp.+	One stop	SF +	5.50%	(i)	9.80%				03/2031	1,385		1,379		—		1,385
Premise Health Holding Corp.+(5)	One stop	SF +	5.50%		N/A(6)				03/2030	—		(1)		—		—
Pyramid Healthcare Acquisition Corp.*+	One stop	SF +	4.75%	(i)	9.19%				05/2027	24,969		25,018		0.6		24,969
Pyramid Healthcare Acquisition Corp.*+	One stop	SF +	4.75%	(i)	9.19%				05/2027	2,581		2,568		0.1		2,581
Pyramid Healthcare Acquisition Corp.*+	One stop	SF +	4.75%	(i)	9.21%				05/2027	2,158		2,152		0.1		2,158
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(i)	9.21%				05/2027	1,187		1,184		—		1,187
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(i)	9.20%				05/2027	1,086		1,083		—		1,086
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(i)	9.19%				05/2027	733		731		—		733
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(i)	9.19%				05/2027	244		243		—		244
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(i)	9.19%				05/2027	215		214		—		215
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(i)	9.19%				05/2027	201		200		—		201
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(i)	9.21%				05/2027	201		200		—		201
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(i)	9.19%				05/2027	79		79		—		79
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(i)	9.20%				05/2027	40		39		—		40
Suveto Buyer, LLC*+	One stop	SF +	4.75%	(h)	9.07%				09/2027	27,601		27,595		0.7		27,601
Suveto Buyer, LLC+	One stop	SF +	4.75%	(h)	9.07%				09/2027	8,094		7,988		0.2		8,094
Suveto Buyer, LLC+(5)	One stop	SF +	4.75%		N/A(6)				09/2027	—		(2)		—		—
										481,108		482,900		11.9		479,533

See Notes to Consolidated Financial Statements.

20

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(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 Technology
Amberfield Acquisition Co.*+	One stop	SF +	5.50%	(i)	9.80%				05/2030	$	7,138	$	7,108	0.2	%	$	7,138
Amberfield Acquisition Co.+	One stop	SF +	5.50%	(i)	9.80%				05/2030	176		167		—		176
Amberfield Acquisition Co.+(5)	One stop	SF +	5.50%		N/A(6)				05/2030	—		(2)		—		—
Color Intermediate, LLC*+	Senior secured	SF +	4.75%	(i)	9.15%				10/2029	17,477		17,439		0.5		17,477
Connexin Software, Inc.+	One stop	SF +	8.50%	(i)	12.95%				03/2027	11,759		11,737		0.3		11,759
Connexin Software, Inc.+	One stop	SF +	8.50%		N/A(6)				03/2027	—		—		—		—
Crow River Buyer, Inc.+	One stop	SF +	6.00%	(i)	10.29%				01/2029	6,032		6,017		0.2		6,032
Crow River Buyer, Inc.+(5)	One stop	SF +	6.00%		N/A(6)				01/2029	—		(1)		—		—
Crow River Buyer, Inc.+	One stop	SF +	6.00%	(h)	10.32%				01/2029	8,700		8,619		0.2		8,700
ESO Solution, Inc.^+	One stop	SF +	6.75%	(i)	11.07%				05/2027	11,360		11,381		0.3		11,360
ESO Solution, Inc.+	One stop	SF +	6.75%	(i)	11.07%				05/2027	3,803		3,747		0.1		3,803
ESO Solution, Inc.+	One stop	SF +	6.75%	(i)	11.07%				03/2027	108		108		—		108
GHX Ultimate Parent Corporation+	One stop	SF +	4.75%	(i)	9.05%				12/2031	54,019		53,499		1.3		54,019
GHX Ultimate Parent Corporation+(5)	One stop	SF +	4.75%		N/A(6)				12/2031	—		(48)		—		—
HealthEdge Software, Inc.+	One stop	SF +	4.75%	(i)	9.07%				07/2031	19,315		19,142		0.5		19,315
HealthEdge Software, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				07/2031	—		(23)		—		—
HealthEdge Software, Inc.+	One stop	SF +	4.75%	(i)	9.07%				07/2031	8,521		8,442		0.2		8,521
Kona Buyer, LLC+	One stop	SF +	4.50%	(i)	8.79%				07/2031	15,792		15,650		0.4		15,792
Kona Buyer, LLC+(5)	One stop	SF +	7.00%		N/A(6)				07/2031	—		(17)		—		—
Kona Buyer, LLC+	One stop	SF +	4.50%	(i)	8.79%				07/2031	927		909		—		927
Kona Buyer, LLC+(5)	One stop	SF +	7.00%		N/A(6)				07/2031	—		(21)		—		—
Lacker Bidco Limited+(8)(9)(10)	One stop	SN +	5.75%	(f)	10.21%				02/2031	612		600		—		606
Lacker Bidco Limited+(8)(9)(10)	One stop	SN +	5.50%	(f)	9.96%				02/2031	283		278		—		274
Lacker Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.25%		N/A(6)				08/2030	—		(2)		—		(1)
Neptune Holdings, Inc.*	One stop	SF +	4.50%	(i)	8.80%				09/2030	16,098		16,189		0.4		16,098
Neptune Holdings, Inc.+	One stop	SF +	4.50%		N/A(6)				08/2029	—		—		—		—
Netsmart Technologies, Inc.+(26)	One stop	SF +	4.95%	(h)	6.82%	cash/	2.45%	PIK	08/2031	52,019		51,551		1.3		52,019
Netsmart Technologies, Inc.+(5)	One stop	SF +	4.50%		N/A(6)				08/2031	—		(64)		—		—
Netsmart Technologies, Inc.+(5)	One stop	SF +	6.95%		N/A(6)				08/2031	—		(31)		—		—
Plasma Buyer LLC+	One stop	SF +	5.75%	(i)	10.05%				05/2029	7,995		7,838		0.2		7,915
Plasma Buyer LLC+	One stop	SF +	6.25%	(i)	10.55%				05/2029	302		298		—		299
Plasma Buyer LLC+	One stop	SF +	5.75%	(i)	10.05%				05/2028	92		89		—		90
QF Holdings, Inc.+	One stop	SF +	5.00%	(i)	9.29%				12/2027	929		925		—		929
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.95%	cash/	3.50%	PIK	06/2025	11,348		11,338		0.3		11,461
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.95%	cash/	3.50%	PIK	06/2025	11,046		11,003		0.3		11,157
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.95%	cash/	3.50%	PIK	06/2025	7,278		7,271		0.2		7,350
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.95%	cash/	3.50%	PIK	06/2025	1,871		1,870		—		1,890
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.95%	cash/	3.50%	PIK	06/2025	1,663		1,662		—		1,680
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.95%	cash/	3.50%	PIK	06/2025	1,248		1,246		—		1,260
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.95%	cash/	3.50%	PIK	06/2025	1,040		1,038		—		1,050
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.95%	cash/	3.50%	PIK	06/2025	832		831		—		840
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.95%	cash/	3.50%	PIK	06/2025	166		166		—		167
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.95%	cash/	3.50%	PIK	06/2025	88		88		—		90
Transaction Data Systems, Inc.^*+	One stop	SF +	4.50%	(i)	8.95%				02/2026	74,989		74,911		1.9		74,989
Transaction Data Systems, Inc.+	One stop	SF +	4.50%		N/A(6)				02/2026	—		—		—		—
Veranex, Inc.+(7)(26)	Senior secured	SF +	6.75%	(j)	5.29%	cash/	5.75%	PIK	04/2028	3,515		3,247		0.1		2,532
Veranex, Inc.+(7)(26)	Senior secured	SF +	6.75%	(j)	5.39%	cash/	5.75%	PIK	04/2028	415		304		—		299
Veranex, Inc.+(7)(26)	Senior secured	SF +	6.75%	(j)	5.27%	cash/	5.75%	PIK	04/2028	106		86		—		76
										359,062		356,585		8.9		358,197

See Notes to Consolidated Financial Statements.

21

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(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)
Hotels, Restaurants & Leisure
Barteca Restaurants, LLC*+	One stop	SF +	6.00%	(i)	10.46%				08/2028	$	13,610	$	13,586	0.4	%	$	13,610
Barteca Restaurants, LLC+	One stop	SF +	6.00%	(i)	10.44%				08/2028	686		682		—		686
Barteca Restaurants, LLC+	One stop	SF +	6.00%	(i)	10.45%				08/2028	469		434		—		469
Barteca Restaurants, LLC+	One stop	SF +	6.00%	(i)	10.45%				08/2028	170		168		—		170
BJH Holdings III Corp.*+	One stop	SF +	5.00%	(i)	9.33%				08/2027	70,109		69,949		1.8		70,109
BJH Holdings III Corp.+	One stop	SF +	5.00%	(i)	9.33%				08/2027	5,589		5,520		0.2		5,589
BJH Holdings III Corp.+	One stop	SF +	5.00%	(i)	9.30%				08/2027	381		371		—		381
Cafe Rio Holding, Inc.*+	One stop	SF +	5.75%	(i)	10.19%				09/2028	17,911		17,910		0.5		17,552
Cafe Rio Holding, Inc.*+	One stop	SF +	5.75%	(i)	10.19%				09/2028	3,193		3,180		0.1		3,129
Cafe Rio Holding, Inc.*+	One stop	SF +	5.75%	(i)	10.19%				09/2028	2,145		2,145		0.1		2,102
Cafe Rio Holding, Inc.*	One stop	SF +	5.75%	(i)	10.19%				09/2028	1,361		1,361		—		1,334
Cafe Rio Holding, Inc.*+	One stop	SF +	5.75%	(i)	10.19%				09/2028	1,202		1,202		—		1,178
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(h)(i)	10.20%				09/2028	182		182		—		176
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(i)	10.19%				09/2028	172		172		—		169
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(i)	10.19%				09/2028	124		123		—		121
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(i)	10.19%				09/2028	98		98		—		96
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(i)	10.19%				09/2028	97		96		—		95
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(i)	10.19%				09/2028	78		78		—		76
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(i)	10.19%				09/2028	49		49		—		48
Cafe Rio Holding, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				09/2028	—		(1)		—		—
EOS Fitness Opco Holdings, LLC*+	One stop	SF +	5.25%	(i)	9.54%				01/2028	11,011		10,999		0.3		11,011
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25%	(h)(i)	9.55%				01/2028	7,482		7,434		0.2		7,482
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25%	(i)	9.54%				01/2028	2,816		2,798		0.1		2,816
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25%	(i)	9.54%				01/2028	1,792		1,780		0.1		1,792
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25%	(i)	9.54%				01/2028	1,765		1,756		0.1		1,765
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25%	(i)	9.54%				01/2028	1,479		1,471		0.1		1,479
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25%	(i)	9.54%				01/2028	1,229		1,224		—		1,229
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25%	(i)	9.54%				01/2028	1,088		1,085		—		1,088
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25%	(i)	9.54%				01/2028	1,063		1,058		—		1,063
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25%	(h)(i)	9.57%				01/2028	849		807		—		849
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25%	(i)	9.54%				01/2028	601		597		—		601
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25%		N/A(6)				01/2028	—		—		—		—
ESN Venture Holdings, LLC*+	One stop	SF +	5.75%	(i)	10.05%				10/2028	5,381		5,328		0.1		5,381
ESN Venture Holdings, LLC+	One stop	SF +	5.75%	(i)	10.06%				10/2028	1,593		1,583		0.1		1,593
ESN Venture Holdings, LLC+	One stop	SF +	5.75%	(i)	10.05%				10/2028	919		914		—		919
ESN Venture Holdings, LLC+	One stop	SF +	5.75%	(i)	10.05%				10/2028	813		805		—		813
ESN Venture Holdings, LLC+	One stop	SF +	5.75%	(i)	10.05%				10/2028	440		438		—		440
ESN Venture Holdings, LLC+	One stop	SF +	5.75%	(i)	10.04%				10/2028	386		336		—		386
ESN Venture Holdings, LLC+	One stop	SF +	5.75%	(i)	10.05%				10/2028	374		370		—		374
ESN Venture Holdings, LLC+	One stop	SF +	5.75%	(i)	10.05%				10/2028	209		202		—		209
ESN Venture Holdings, LLC+	One stop	SF +	5.75%	(i)	10.05%				10/2028	182		181		—		182
Freddy's Frozen Custard LLC+	One stop	SF +	5.00%	(i)	9.30%				03/2027	1,391		1,388		—		1,391
Freddy's Frozen Custard LLC+	One stop	SF +	5.00%		N/A(6)				03/2027	—		—		—		—
GFP Atlantic Holdco 2, LLC+	One stop	SF +	6.00%	(i)	10.33%				11/2029	1,072		1,070		—		1,072
GFP Atlantic Holdco 2, LLC+(5)	One stop	SF +	6.00%		N/A(6)				11/2029	—		(2)		—		—
Harri US LLC^+(26)	One stop	SF +	10.00%	(i)	10.46%	cash/	4.00%	PIK	08/2026	1,277		1,234		—		1,267
Harri US LLC+(26)	One stop	SF +	10.00%	(i)	10.46%	cash/	4.00%	PIK	08/2026	864		855		—		857
Harri US LLC+(26)	One stop	SF +	10.00%	(i)	10.46%	cash/	4.00%	PIK	08/2026	838		831		—		832
Harri US LLC+(5)	One stop	SF +	10.00%		N/A(6)				08/2026	—		(1)		—		—
Harri US LLC+(5)	One stop	SF +	10.00%		N/A(6)				08/2026	—		(28)		—		(10)
Health Buyer, LLC+	Senior secured	SF +	5.25%	(i)	9.55%				04/2029	3,882		3,873		0.1		3,882
Health Buyer, LLC+	Senior secured	SF +	5.50%	(i)	9.80%				04/2029	1,772		1,751		—		1,772

See Notes to Consolidated Financial Statements.

22

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(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)
Health Buyer, LLC+	Senior secured	SF +	5.50%	(i)	9.80%				04/2029	$	890	$	880	—	%	$	890
Health Buyer, LLC+	Senior secured	SF +	5.50%	(i)	9.80%				04/2029	129		128		—		129
Health Buyer, LLC+	Senior secured	SF +	5.25%		N/A(6)				04/2028	—		—		—		—
PB Group Holdings, LLC+(26)	One stop	SF +	5.50%	(h)	7.07%	cash/	2.75%	PIK	08/2030	37,241		37,076		0.9		37,241
PB Group Holdings, LLC+	One stop	SF +	5.00%	(h)	9.32%				08/2030	513		493		—		513
Rooster BidCo Limited+(8)(9)(10)	One stop	SN +	5.00%	(f)	9.46%				03/2032	4,789		4,753		0.1		4,753
Rooster BidCo Limited+(5)(8)(9)(10)	One stop	SN +	5.00%		N/A(6)				03/2032	—		—		—		(7)
Rooster BidCo Limited+(5)(8)(9)(10)	One stop	SN +	5.00%		N/A(6)				03/2032	—		(26)		—		(26)
SDC Holdco, LLC*	One stop	SF +	4.75%	(i)	9.05%				06/2031	21,736		21,640		0.6		21,737
SDC Holdco, LLC+(26)	Second lien	SF +	8.50%	(i)	12.80%	PIK			06/2032	3,563		3,541		0.1		3,563
SDC Holdco, LLC+(5)	One stop	SF +	4.75%		N/A(6)				06/2031	—		(9)		—		—
SSRG Holdings, LLC*	One stop	SF +	4.75%	(i)	9.05%				11/2027	12,470		12,421		0.3		12,470
SSRG Holdings, LLC*+	One stop	SF +	4.75%	(i)	9.05%				11/2027	7,742		7,802		0.2		7,743
SSRG Holdings, LLC+	One stop	SF +	4.75%	(i)	9.05%				11/2027	1,453		1,447		—		1,453
SSRG Holdings, LLC+	One stop	SF +	4.75%	(i)	9.05%				11/2027	611		609		—		611
Super REGO, LLC+(26)	Subordinated debt	N/A			15.00%	PIK			03/2030	68		67		—		68
YE Brands Holding, LLC*+	One stop	SF +	4.75%	(i)	9.05%				10/2027	17,543		17,707		0.4		17,543
YE Brands Holding, LLC+	One stop	SF +	4.75%	(i)	9.05%				10/2027	965		960		—		965
YE Brands Holding, LLC+	One stop	SF +	4.75%		N/A(6)				10/2027	—		—		—		—
										279,907		278,931		6.9		279,271
Household Products
WU Holdco, Inc.*+	One stop	SF +	5.00%	(i)	9.30%				03/2027	4,823		4,840		0.1		4,823
WU Holdco, Inc.+	One stop	SF +	5.00%	(i)	9.30%				03/2027	1,704		1,701		—		1,704
WU Holdco, Inc.+	One stop	SF +	5.00%	(i)	9.30%				03/2027	443		441		—		443
WU Holdco, Inc.+	One stop	SF +	5.00%	(i)	9.30%				03/2027	2,223		2,214		0.1		2,223
WU Holdco, Inc.+	One stop	SF +	5.00%	(i)	9.30%				03/2027	130		130		—		130
										9,323		9,326		0.2		9,323
Industrial Conglomerates
Arch Global CCT Holdings Corp.*+	Senior secured	SF +	4.75%	(i)	9.15%				04/2026	3,176		3,171		0.1		3,145
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75%	(i)	9.15%				04/2026	638		628		—		632
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75%	(i)	9.15%				04/2026	594		584		—		587
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75%	(i)	9.15%				04/2025	99		98		—		99
Dwyer Instruments, Inc.+(8)(9)	One stop	E +	5.00%	(c)	7.33%				07/2029	49,100		47,407		1.2		49,100
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(i)	9.05%				07/2029	1,493		1,479		0.1		1,493
Dwyer Instruments, Inc.+(5)(8)(9)	One stop	E +	5.00%		N/A(6)				07/2029	—		(44)		—		—
Dwyer Instruments, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				07/2029	—		(30)		—		—
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(i)	9.05%				07/2029	5,798		5,781		0.2		5,798
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(i)	9.05%				07/2029	174		147		—		174
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(i)	9.05%				07/2029	1,470		1,456		0.1		1,470
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(i)	9.05%				07/2029	470		466		—		470
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(i)	9.05%				07/2029	551		542		—		551
Essential Services Holdings Corporation+	One stop	SF +	5.00%	(i)	9.30%				06/2031	11,514		11,412		0.3		11,399
Essential Services Holdings Corporation+	One stop	SF +	5.00%	(i)	9.30%				06/2030	226		213		—		215
Essential Services Holdings Corporation+(5)	One stop	SF +	5.00%		N/A(6)				06/2031	—		(10)		—		(23)
Excelitas Technologies Corp.+(5)	One stop	SF +	5.25%		N/A(6)				08/2029	—		(52)		—		—
Excelitas Technologies Corp.+	One stop	SF +	5.25%	(h)	9.57%				08/2029	10,022		9,964		0.2		10,022
Excelitas Technologies Corp.+(8)(9)	One stop	E +	5.25%	(b)	7.61%				08/2029	1,855		1,784		—		1,855
Excelitas Technologies Corp.+(5)	One stop	SF +	5.25%		N/A(6)				08/2028	—		(2)		—		—
Excelitas Technologies Corp.+(5)	One stop	SF +	5.25%		N/A(6)				08/2029	—		(2)		—		—
										87,180		84,992		2.2		86,987

See Notes to Consolidated Financial Statements.

23

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(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)
Insurance
Accession Risk Management Group, Inc.^*+	One stop	SF +	4.75%	(i)	9.04%	11/2029	$	36,876	$	36,881	0.9	%	$	36,876
Accession Risk Management Group, Inc.^*+	One stop	SF +	4.75%	(i)	9.04%	11/2029	9,450		9,365		0.2		9,450
Accession Risk Management Group, Inc.*+	One stop	SF +	4.75%	(i)	9.05%	11/2029	8,319		8,312		0.2		8,319
Accession Risk Management Group, Inc.+	One stop	SF +	4.75%	(i)	9.04%	11/2029	8,032		7,996		0.2		8,032
Accession Risk Management Group, Inc.*+	One stop	SF +	4.75%	(i)	9.05%	11/2029	7,813		7,811		0.2		7,813
Accession Risk Management Group, Inc.*+	One stop	SF +	4.75%	(i)	9.05%	11/2029	5,222		5,274		0.1		5,222
Accession Risk Management Group, Inc.+	One stop	SF +	4.75%	(i)	9.05%	11/2029	618		532		—		618
Accession Risk Management Group, Inc.+(5)	One stop	SF +	4.75%		N/A(6)	11/2029	—		(13)		—		—
Alera Group, Inc.^*+	One stop	SF +	5.25%	(h)	9.57%	10/2028	35,234		35,286		0.9		35,234
Alera Group, Inc.+	One stop	SF +	5.25%	(h)	9.57%	10/2028	10,013		10,011		0.3		10,013
Alera Group, Inc.+	One stop	SF +	5.25%	(h)	9.57%	10/2028	3,997		4,055		0.1		3,997
Alera Group, Inc.+	One stop	SF +	5.75%	(h)	10.07%	10/2028	3,479		3,486		0.1		3,487
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(i)	9.65%	07/2027	4,445		4,455		0.1		4,445
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(i)	9.65%	07/2027	1,324		1,322		—		1,324
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(i)	9.65%	07/2027	1,117		1,114		—		1,117
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(i)	9.65%	07/2027	161		161		—		161
AMBA Buyer, Inc.+	One stop	SF +	5.25%		N/A(6)	07/2027	—		—		—		—
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.25%	(i)	9.54%	03/2028	561		552		—		561
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.25%	(i)	9.56%	03/2028	378		378		—		378
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.25%	(i)	9.54%	03/2028	92		85		—		92
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.25%	(i)	9.54%	03/2028	60		59		—		60
Captive Resources Midco, LLC+	One stop	SF +	4.75%	(h)	9.07%	07/2029	23,291		23,268		0.6		23,291
Captive Resources Midco, LLC+(5)	One stop	SF +	4.75%		N/A(6)	07/2028	—		(2)		—		—
Disco Parent, Inc.+	One stop	SF +	7.50%	(i)	11.81%	03/2029	9,240		9,160		0.2		9,240
Disco Parent, Inc.+(5)	One stop	SF +	7.50%		N/A(6)	03/2029	—		(1)		—		—
Doxa Insurance Holdings LLC+	One stop	SF +	5.25%	(i)	9.55%	12/2030	1,727		1,760		0.1		1,730
Doxa Insurance Holdings LLC+	One stop	SF +	5.25%	(i)	9.55%	12/2030	1,586		1,590		—		1,590
Doxa Insurance Holdings LLC+	One stop	SF +	5.25%	(i)	9.55%	12/2029	12		12		—		12
Doxa Insurance Holdings LLC+(5)	One stop	SF +	5.00%		N/A(6)	12/2030	—		(24)		—		—
Gimlet Bidco GMBH+(8)(9)(19)	One stop	E +	5.75%	(c)	8.36%	04/2031	1,059		1,033		—		1,059
Gimlet Bidco GMBH+(8)(9)(19)	One stop	E +	5.75%	(c)	8.36%	04/2031	195		184		—		195
Illumifin Corporation+(26)	One stop	SF +	6.00%	(i)	10.55%	09/2027	4,670		4,486		0.1		4,390
Integrated Specialty Coverages, LLC+	One stop	SF +	4.75%	(i)	9.05%	07/2030	10,189		10,113		0.3		10,189
Integrated Specialty Coverages, LLC+(5)	One stop	SF +	4.75%		N/A(6)	07/2029	—		(1)		—		—
Integrated Specialty Coverages, LLC+(5)	One stop	SF +	4.75%		N/A(6)	07/2030	—		(4)		—		—
Integrity Marketing Acquisition, LLC*+	One stop	SF +	5.00%	(i)	9.31%	08/2028	44,989		44,665		1.1		44,989
Integrity Marketing Acquisition, LLC+(5)	One stop	SF +	5.00%		N/A(6)	08/2028	—		(3)		—		—
Integrity Marketing Acquisition, LLC+(5)	One stop	SF +	5.00%		N/A(6)	08/2028	—		(11)		—		—
J.S. Held Holdings, LLC^*+	One stop	SF +	5.50%	(i)	9.95%	06/2028	38,027		37,657		0.9		38,027
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(i)	9.95%	06/2028	6,960		6,870		0.2		6,960
J.S. Held Holdings, LLC+(5)	One stop	SF +	5.50%		N/A(6)	06/2028	—		(8)		—		—
Keystone Agency Partners LLC+	One stop	SF +	4.75%	(i)	9.05%	05/2027	3,540		3,520		0.1		3,504
Keystone Agency Partners LLC+	One stop	SF +	5.00%	(h)	9.29%	05/2027	3,040		3,012		0.1		3,010
Keystone Agency Partners LLC+	One stop	SF +	4.75%	(i)	9.05%	05/2027	2,865		2,845		0.1		2,836
Keystone Agency Partners LLC+	One stop	SF +	4.75%	(i)	9.05%	05/2027	2,860		2,902		0.1		2,832
Keystone Agency Partners LLC+	One stop	SF +	4.75%	(i)	9.05%	05/2027	2,028		2,022		—		2,008
Keystone Agency Partners LLC+	One stop	SF +	4.75%	(i)	9.05%	05/2027	615		614		—		609
Keystone Agency Partners LLC+(5)	One stop	SF +	5.00%		N/A(6)	05/2027	—		(26)		—		(57)
Majesco^*	One stop	SF +	4.75%	(i)	9.05%	09/2028	28,101		28,132		0.7		28,101
Majesco+(5)	One stop	SF +	4.75%		N/A(6)	09/2027	—		(1)		—		—
MRH Trowe Germany GMBH+(8)(9)(19)	One stop	E +	6.25%	(b)(c)	8.78%	02/2029	1,118		1,113		—		1,153
Oakbridge Insurance Agency LLC+	One stop	SF +	5.75%	(h)	10.06%	11/2029	2,270		2,304		0.1		2,270

See Notes to Consolidated Financial Statements.

24

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(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)
Oakbridge Insurance Agency LLC+	One stop	SF +	5.75%	(h)	10.06%				11/2029	$	470	$	469	—	%	$	470
Oakbridge Insurance Agency LLC+	One stop	SF +	5.75%	(h)	10.07%				11/2029	28		28		—		28
Pareto Health Intermediate Holdings, Inc.*+	One stop	SF +	5.00%	(j)	9.28%				05/2030	74,461		73,896		1.8		74,461
Pareto Health Intermediate Holdings, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				06/2029	—		(1)		—		—
Pareto Health Intermediate Holdings, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				05/2030	—		(55)		—		—
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.00%	(i)	9.45%				10/2028	15,366		15,364		0.4		15,366
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.00%	(i)	9.45%				10/2028	3,141		3,129		0.1		3,141
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.00%	(i)	9.30%				10/2028	2,399		2,389		0.1		2,399
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.00%	(h)	9.42%				10/2028	107		100		—		107
People Corporation+(8)(9)(12)	One stop	CA +	5.25%	(l)	8.46%				02/2028	23,090		25,253		0.6		23,149
People Corporation+(8)(9)(12)	One stop	CA +	5.25%	(l)	8.46%				02/2028	19,380		20,600		0.5		19,428
People Corporation+(8)(9)(12)	One stop	CA +	5.25%	(l)	8.45%				02/2028	8,898		9,233		0.2		8,922
People Corporation+(8)(9)(12)	One stop	CA +	5.25%	(l)	8.46%				02/2028	7,578		8,401		0.2		7,598
People Corporation+(8)(9)(12)	One stop	CA +	5.25%	(l)	8.43%				02/2027	180		181		—		180
People Corporation+(5)(8)(9)(12)	One stop	CA +	5.25%		N/A(6)				02/2028	—		(71)		—		—
World Insurance Associates, LLC+(5)	One stop	SF +	5.00%		N/A(6)				04/2030	—		(20)		—		(40)
World Insurance Associates, LLC+(5)	One stop	SF +	5.00%		N/A(6)				04/2030	—		(3)		—		(3)
										480,671		483,196		11.9		480,343
Internet & Direct Marketing Retail
Revalize, Inc.^+	One stop	SF +	5.75%	(i)	10.19%				04/2027	20,404		20,124		0.4		17,751
Revalize, Inc.^+	One stop	SF +	5.75%	(i)	10.19%				04/2027	11,942		11,760		0.3		10,390
Revalize, Inc.^+	One stop	SF +	5.75%	(i)	10.19%				04/2027	5,921		5,831		0.1		5,151
Revalize, Inc.^+	One stop	SF +	5.75%	(i)	10.19%				04/2027	3,567		3,497		0.1		3,104
Revalize, Inc.+	One stop	SF +	5.75%	(i)	10.19%				04/2027	2,428		2,375		0.1		2,112
Revalize, Inc.+	One stop	SF +	5.75%	(i)	10.19%				04/2027	2,384		2,293		—		2,075
Revalize, Inc.+	One stop	SF +	5.75%	(i)	10.19%				04/2027	228		216		—		198
Revalize, Inc.+	One stop	SF +	5.75%	(i)	10.19%				04/2027	274		259		—		214
										47,148		46,355		1.0		40,995
IT Services
Acquia, Inc.^*+	One stop	SF +	7.00%	(i)	11.44%				10/2026	12,020		11,995		0.3		12,020
Acquia, Inc.+	One stop	SF +	7.00%	(i)	11.44%				10/2026	1,083		1,078		—		1,083
Acquia, Inc.+	One stop	SF +	7.00%	(i)	11.45%				10/2026	112		112		—		112
CivicPlus, LLC^+	One stop	SF +	5.75%	(i)	10.21%				08/2027	9,175		9,188		0.2		9,175
CivicPlus, LLC+	One stop	SF +	5.75%	(i)	10.21%				08/2027	5,430		5,441		0.1		5,430
CivicPlus, LLC+	One stop	SF +	5.75%	(i)	10.21%				08/2027	4,301		4,307		0.1		4,301
CivicPlus, LLC+(26)	One stop	SF +	11.75%	(j)	17.00%	PIK			06/2034	600		596		—		606
CivicPlus, LLC+	One stop	SF +	6.00%		N/A(6)				08/2027	—		—		—		—
Critical Start, Inc.+(26)	One stop	SF +	6.75%	(i)	7.41%	cash/	3.63%	PIK	05/2028	5,352		5,348		0.1		5,298
Critical Start, Inc.+(26)	One stop	SF +	6.75%	(i)	7.41%	cash/	3.63%	PIK	05/2028	2,457		2,431		0.1		2,433
Critical Start, Inc.+(5)	One stop	SF +	6.25%		N/A(6)				05/2028	—		(1)		—		(2)
Delinea Inc.^*	One stop	SF +	5.75%	(i)	10.20%				03/2028	22,492		22,499		0.6		22,492
Delinea Inc.^*	One stop	SF +	5.75%	(i)	10.20%				03/2028	13,058		13,060		0.3		13,058
Delinea Inc.+	One stop	SF +	5.75%	(i)	10.20%				03/2028	11,443		11,430		0.3		11,443
Delinea Inc.+(5)	One stop	SF +	5.75%		N/A(6)				03/2027	—		(1)		—		—
Goldcup 31018 AB+(8)(9)(17)(26)	One stop	E +	6.50%	(c)(d)	9.15%	PIK			07/2029	14,240		13,693		0.3		14,098
Goldcup 31018 AB+(8)(9)(17)(26)	One stop	E +	6.50%	(d)	9.15%	PIK			07/2029	1,329		1,304		—		1,306
Goldcup 31018 AB+(8)(9)(17)	One stop	E +	6.25%	(d)	9.02%				01/2029	216		209		—		214
Kentik Technologies, Inc.+(26)	Second lien	SF +	12.25%	(i)	16.55%	PIK			11/2029	53		50		—		51
Kentik Technologies, Inc.+(5)	Second lien	SF +	12.25%		N/A(6)				11/2029	—		(1)		—		(2)
Netwrix Corporation*+	One stop	SF +	4.75%	(i)	9.06%				06/2029	7,935		7,940		0.2		7,935
Netwrix Corporation+	One stop	SF +	4.75%	(i)	9.06%				06/2029	385		385		—		385
Netwrix Corporation+	One stop	SF +	4.75%	(i)	9.06%				06/2029	91		88		—		91

See Notes to Consolidated Financial Statements.

25

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(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)
Netwrix Corporation+(5)	One stop	SF +	4.75%		N/A(6)				06/2029	$	—	$	(1)	—	%	$	—
Optimizely North America, Inc.+	One stop	SF +	5.00%	(h)	9.32%				10/2031	38,320		37,960		1.0		38,320
Optimizely North America, Inc.+(8)(9)	One stop	E +	5.25%	(b)	7.61%				10/2031	14,678		14,591		0.4		14,678
Optimizely North America, Inc.+(8)(9)	One stop	SN +	5.50%	(f)	9.96%				10/2031	5,773		5,740		0.2		5,773
Optimizely North America, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				10/2031	—		(93)		—		—
PDQ Intermediate, Inc.+(26)	Subordinated debt	N/A			13.75%	PIK			10/2031	122		121		—		122
Recordxtechnologies, LLC*+	One stop	SF +	5.25%	(i)	9.55%				12/2027	18,776		18,937		0.5		18,777
Recordxtechnologies, LLC*	One stop	SF +	5.25%	(i)	9.55%				12/2027	12,490		12,394		0.3		12,490
Recordxtechnologies, LLC+	One stop	SF +	5.25%	(i)	9.55%				12/2027	1,760		1,775		—		1,760
Recordxtechnologies, LLC+	One stop	SF +	5.25%	(i)	9.55%				12/2027	889		883		—		889
Recordxtechnologies, LLC+	One stop	SF +	5.25%	(i)	9.55%				12/2027	2		—		—		2
ReliaQuest Holdings, LLC+(26)	One stop	SF +	6.75%	(i)	7.41%	cash/	3.63%	PIK	04/2031	11,928		11,930		0.3		11,928
ReliaQuest Holdings, LLC+(5)	One stop	SF +	6.75%		N/A(6)				04/2031	—		(4)		—		—
ReliaQuest Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)				04/2031	—		(1)		—		—
Saturn Borrower Inc.*+	One stop	SF +	6.00%	(i)	10.30%				11/2028	27,463		27,039		0.7		27,052
Saturn Borrower Inc.+(5)	One stop	SF +	6.00%		N/A(6)				11/2028	—		(8)		—		(7)
WPEngine, Inc.+	One stop	SF +	6.50%	(i)	10.82%				08/2029	5,438		5,421		0.2		5,438
WPEngine, Inc.+	One stop	SF +	6.50%		N/A(6)				08/2029	—		—		—		—
Zarya Holdco, Inc.+	One stop	SF +	6.50%	(i)	10.81%				07/2027	7,211		7,251		0.2		7,211
Zarya Holdco, Inc.+	One stop	SF +	6.50%	(i)	10.81%				07/2027	1,406		1,399		—		1,406
Zarya Holdco, Inc.+	One stop	SF +	6.50%		N/A(6)				07/2027	—		—		—		—
										258,028		256,485		6.4		257,366

See Notes to Consolidated Financial Statements.

26

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(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)
Leisure Products
Crunch Holdings, LLC*	One stop	SF +	4.50%	(h)	8.82%				09/2031	$	56,978	$	56,714	1.4	%	$	56,978
Crunch Holdings, LLC+(5)	One stop	SF +	4.50%		N/A(6)				09/2031	—		(37)		—		—
Movement Holdings, LLC+(8)(10)	One stop	SF +	5.25%	(i)	9.55%				03/2030	837		835		—		837
Movement Holdings, LLC+(8)(10)	One stop	SF +	5.25%		N/A(6)				03/2030	—		—		—		—
Movement Holdings, LLC+(5)(8)(10)	One stop	SF +	5.25%		N/A(6)				03/2030	—		(2)		—		—
WBZ Investment, LLC+	One stop	SF +	6.75%	(i)	11.20%				03/2027	7,753		7,753		0.2		7,753
WBZ Investment, LLC+	One stop	SF +	6.75%	(i)	11.20%				03/2027	1,709		1,709		0.1		1,709
WBZ Investment, LLC+	One stop	SF +	6.75%	(i)	11.20%				03/2027	1,188		1,188		—		1,188
WBZ Investment, LLC+	One stop	SF +	6.75%	(i)	11.20%				03/2027	628		628		—		628
WBZ Investment, LLC+	One stop	SF +	6.75%		N/A(6)				03/2027	—		—		—		—
										69,093		68,788		1.7		69,093
Life Sciences Tools & Services
Celerion Buyer, Inc.*+	One stop	SF +	5.00%	(i)	9.30%				11/2029	31,022		30,723		0.8		31,022
Celerion Buyer, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				11/2028	—		(1)		—		—
Celerion Buyer, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				11/2029	—		(72)		—		—
Celerion Buyer, Inc.*	One stop	SF +	5.00%	(i)	9.30%				11/2029	22,012		21,808		0.5		22,012
Graphpad Software, LLC+	One stop	SF +	4.75%	(i)	9.05%				06/2031	8,825		8,785		0.2		8,825
Graphpad Software, LLC+(5)	One stop	SF +	4.75%		N/A(6)				06/2031	—		(4)		—		—
Graphpad Software, LLC+	One stop	SF +	4.75%	(i)	9.05%				06/2031	221		211		—		221
PAS Parent Inc.+(5)	One stop	SF +	4.75%		N/A(6)				12/2028	—		(16)		—		—
PAS Parent Inc.*+	One stop	SF +	4.75%	(h)	9.07%				12/2028	55,235		55,254		1.4		55,235
PAS Parent Inc.+	One stop	SF +	4.75%	(h)	9.07%				12/2027	8		3		—		8
PAS Parent Inc.+	One stop	SF +	4.75%	(h)	9.07%				12/2028	2,929		2,947		0.1		2,929
Unchained Labs, LLC+	Senior secured	SF +	5.50%	(h)	9.87%				08/2027	1,393		1,381		—		1,379
Unchained Labs, LLC+	Senior secured	SF +	5.50%	(h)	9.87%				08/2027	1,176		1,163		—		1,164
Unchained Labs, LLC+(5)	Senior secured	SF +	5.50%		N/A(6)				08/2027	—		(1)		—		—
										122,821		122,181		3.0		122,795
Machinery
AI Titan Parent, Inc.+	One stop	SF +	4.75%	(h)	9.07%				08/2031	10,508		10,412		0.3		10,508
AI Titan Parent, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				08/2031	—		(10)		—		—
AI Titan Parent, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				08/2031	—		(12)		—		—
Blackbird Purchaser, Inc.+	One stop	SF +	5.50%	(i)	9.80%				12/2030	4,454		4,530		0.1		4,454
Blackbird Purchaser, Inc.+	One stop	SF +	5.50%	(i)	9.80%				12/2030	493		493		—		493
Blackbird Purchaser, Inc.+	One stop	SF +	5.50%	(h)(i)	9.81%				12/2029	35		35		—		35
Chase Industries, Inc.+(26)(27)	Senior secured	SF +	7.00%	(i)	9.95%	cash/	1.50%	PIK	11/2026	13,765		13,635		0.3		13,215
Chase Industries, Inc.+(26)(27)	Senior secured	SF +	7.00%	(i)	9.95%	cash/	1.50%	PIK	11/2026	1,301		1,284		—		1,249
Chase Industries, Inc.+(26)(27)	Senior secured	SF +	7.00%	(i)	9.95%	cash/	1.50%	PIK	11/2026	294		287		—		273
										30,850		30,654		0.7		30,227
Marine
Project Nike Purchaser, LLC*+	One stop	SF +	5.00%	(i)	9.30%				04/2029	33,694		33,848		0.9		33,694
Project Nike Purchaser, LLC+	One stop	SF +	5.00%	(i)	9.30%				04/2029	746		743		—		746
Project Nike Purchaser, LLC+	One stop	SF +	5.00%	(i)	9.30%				04/2029	236		234		—		236
										34,676		34,825		0.9		34,676
Media
Lotus Topco, Inc.*	One stop	SF +	4.75%	(i)	9.05%				06/2030	5,138		5,104		0.1		5,138
Lotus Topco, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				06/2030	—		(7)		—		—
Lotus Topco, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				06/2030	—		(17)		—		—
Triple Lift, Inc.^*	One stop	SF +	5.75%	(i)	10.20%				05/2028	7,262		7,169		0.2		6,972
Triple Lift, Inc.*+	One stop	SF +	5.75%	(i)	10.20%				05/2028	1,548		1,520		—		1,487
Triple Lift, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				05/2028	—		(4)		—		(6)
										13,948		13,765		0.3		13,591

See Notes to Consolidated Financial Statements.

27

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(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)
Oil, Gas & Consumable Fuels
Envernus, Inc.+	One stop	SF +	5.50%	(h)	9.82%				12/2029	$	5,265	$	5,347	0.1	%	$	5,265
Envernus, Inc.+	One stop	SF +	5.50%		N/A(6)				12/2029	—		—		—		—
Envernus, Inc.+	One stop	SF +	5.50%		N/A(6)				12/2029	—		—		—		—
										5,265		5,347		0.1		5,265
Paper & Forest Products
Messenger, LLC*+	One stop	SF +	5.25%	(i)	9.70%				12/2027	14,397		14,414		0.4		14,397
Messenger, LLC+(8)(9)	One stop	SN +	5.25%	(f)	9.81%				12/2027	894		876		—		894
Messenger, LLC+	One stop	SF +	5.25%	(i)	9.70%				12/2027	520		519		—		520
Messenger, LLC+(8)(9)	One stop	SN +	5.25%		N/A(6)				12/2027	—		—		—		—
Messenger, LLC*+	One stop	SF +	5.25%	(h)	9.67%				12/2027	1,508		1,532		—		1,508
Messenger, LLC+	One stop	SF +	5.25%	(i)	9.70%				12/2027	756		756		—		756
Messenger, LLC+	One stop	SF +	5.25%		N/A(6)				12/2027	—		—		—		—
										18,075		18,097		0.4		18,075
Personal Products
IMPLUS Footcare, LLC+(7)(26)	One stop	SF +	9.25%	(i)	12.20%	cash/	1.50%	PIK	07/2025	30,580		30,464		0.4		18,348
IMPLUS Footcare, LLC+(7)(26)	One stop	SF +	9.25%	(i)	12.20%	cash/	1.50%	PIK	07/2025	5,223		5,203		0.1		3,134
IMPLUS Footcare, LLC+(7)(26)	One stop	SF +	9.25%	(i)	12.20%	cash/	1.50%	PIK	07/2025	753		739		—		452
										36,556		36,406		0.5		21,934

See Notes to Consolidated Financial Statements.

28

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(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)
Pharmaceuticals
ACP Ulysses Buyer, Inc.*+	One stop	SF +	5.50%	(i)	9.80%				02/2029	$	30,144	$	30,000	0.7	%	$	30,144
ACP Ulysses Buyer, Inc.*+	One stop	SF +	5.50%	(i)	9.80%				02/2029	1,303		1,287		—		1,303
Amalthea Parent, Inc.^*+(8)(12)	One stop	SF +	5.00%	(i)	9.57%				03/2027	87,191		85,156		2.1		83,704
Amalthea Parent, Inc.+(8)(12)	One stop	SF +	5.00%	(h)	9.44%				03/2027	540		518		—		520
Apothecary Products, LLC+	Senior secured	SF +	5.00%	(j)	9.25%				07/2026	2,243		2,234		0.1		2,243
Apothecary Products, LLC+	Senior secured	SF +	5.00%	(i)	9.31%				07/2026	78		75		—		78
Caerus Midco 3 S.A.R.L.*+(8)	One stop	SF +	5.00%	(i)	9.30%				05/2029	29,261		29,293		0.7		29,261
Caerus Midco 3 S.A.R.L.+(8)	One stop	SF +	5.00%	(i)	9.30%				05/2029	4,851		4,854		0.1		4,851
Caerus Midco 3 S.A.R.L.+(8)	One stop	SF +	5.00%	(i)(j)	9.30%				05/2029	4,476		4,433		0.1		4,476
Caerus Midco 3 S.A.R.L.+(8)	One stop	SF +	5.00%	(i)(j)	9.30%				05/2029	710		706		—		710
Caerus Midco 3 S.A.R.L.+(8)	One stop	SF +	5.00%	(h)	9.33%				05/2029	14		11		—		14
Cobalt Buyer Sub, Inc.*+	One stop	SF +	5.50%	(i)	9.81%				10/2028	14,760		14,718		0.4		14,761
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.50%	(i)	9.81%				10/2028	4,950		4,934		0.1		4,950
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.50%	(i)	9.81%				10/2028	3,739		3,674		0.1		3,739
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.50%	(i)	9.81%				10/2027	146		132		—		146
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.50%	(i)	9.81%				10/2028	6,365		6,297		0.2		6,365
Cobalt Buyer Sub, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				10/2028	—		(68)		—		—
Creek Parent, Inc.+	One stop	SF +	5.25%	(h)	9.57%				12/2031	56,829		55,875		1.4		56,829
Creek Parent, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				12/2031	—		(135)		—		—
Spark Bidco Limited+(8)(9)(10)(26)	Senior secured	SN +	4.88%	(f)	8.20%	cash/	1.13%	PIK	08/2028	36,632		37,656		0.9		35,351
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	6.00%	(f)	10.46%				08/2028	5,368		5,134		0.1		5,368
Spark Bidco Limited+(8)(9)(10)(26)	Senior secured	SN +	4.88%	(f)	8.20%	cash/	1.13%	PIK	08/2028	4,441		3,987		0.1		4,285
Spark Bidco Limited+(8)(10)	Senior secured	SF +	6.00%	(i)	10.30%				08/2028	3,991		3,984		0.1		3,991
Spark Bidco Limited+(8)(9)(10)(26)	Senior secured	SN +	4.88%	(f)	8.20%	cash/	1.13%	PIK	08/2028	3,885		3,648		0.1		3,749
Spark Bidco Limited+(5)(8)(9)(10)	Senior secured	SN +	4.88%		N/A(6)				02/2028	—		(5)		—		(6)
										301,917		298,398		7.3		296,832
Professional Services
ALKU Intermediate Holdings, LLC+	One stop	SF +	6.25%	(j)	10.47%				5/1/2029	6,763		6,787		0.2		6,813
ALKU Intermediate Holdings, LLC+	One stop	SF +	5.50%	(j)	9.72%				5/1/2029	748		740		—		748
bswift, LLC+	One stop	SF +	4.75%	(i)	9.04%				11/1/2028	7,643		7,628		0.2		7,643
bswift, LLC+	One stop	SF +	4.75%	(i)	9.07%				11/1/2028	10,000		9,949		0.3		10,000
Citrin Cooperman Advisors LLC+	One stop	SF +	5.00%	(j)	9.25%				10/1/2027	8,017		8,031		0.2		8,017
Citrin Cooperman Advisors LLC+	One stop	SF +	5.00%	(j)	9.28%				10/1/2027	3,480		3,437		0.1		3,480
Citrin Cooperman Advisors LLC+	One stop	SF +	5.00%	(j)	9.28%				10/1/2027	1,034		1,026		—		1,034
Citrin Cooperman Advisors LLC+	One stop	SF +	5.25%	(i)(j)	9.73%				10/1/2027	1,741		1,741		0.1		1,741
Citrin Cooperman Advisors LLC+	One stop	SF +	5.25%	(j)	9.63%				10/1/2027	252		252		—		252
DISA Holdings Corp.+	Senior secured	SF +	5.00%	(i)	9.32%				9/1/2028	5,215		5,186		0.1		5,215
DISA Holdings Corp.+	Senior secured	SF +	5.00%	(i)	9.32%				9/1/2028	803		795		—		803
DISA Holdings Corp.+	One stop	SF +	5.00%	(i)	9.32%				9/1/2028	687		680		—		687
DISA Holdings Corp.+	Senior secured	SF +	5.00%	(i)	9.32%				9/1/2028	608		602		—		608
DISA Holdings Corp.+(26)	Subordinated debt	SF +	8.50%	(i)	10.82%	cash/	2.00%	PIK	3/1/2029	104		103		—		104
DISA Holdings Corp.+	Senior secured	SF +	5.00%	(i)	9.31%				9/1/2028	590		583		—		590
DISA Holdings Corp.+	Senior secured	SF +	5.00%	(i)	9.31%				9/1/2028	34		32		—		34
Eclipse Buyer, Inc.+	One stop	SF +	4.75%	(h)	9.06%				9/1/2031	14,283		14,151		0.4		14,283
Eclipse Buyer, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				9/1/2031	—		(64)		—		—
Eclipse Buyer, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				9/1/2031	—		(11)		—		—
Eliassen Group, LLC+	One stop	SF +	5.75%	(i)	10.05%				4/1/2028	2,137		2,123		0.1		2,094
Eliassen Group, LLC+	One stop	SF +	5.75%	(i)	10.05%				4/1/2028	145		143		—		141
Filevine, Inc.^+(26)	One stop	SF +	6.50%	(i)	8.46%	cash/	2.50%	PIK	4/1/2027	8,346		8,377		0.2		8,451
Filevine, Inc.+	One stop	SF +	6.50%		N/A(6)				4/1/2027	—		—		—		—
IG Investments Holdings, LLC+	One stop	SF +	5.00%	(i)	9.29%				9/1/2028	12,941		12,894		0.3		12,941

See Notes to Consolidated Financial Statements.

29

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(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)
IG Investments Holdings, LLC+	One stop	SF +	5.00%		N/A(6)				9/1/2028	$	—	$	—	—	%	$	—
NBG Acquisition Corp. and NBG-P Acquisition Corp.^*+	One stop	SF +	5.50%	(i)	9.94%				11/1/2028	33,850		33,518		0.8		32,497
NBG Acquisition Corp. and NBG-P Acquisition Corp.+	One stop	SF +	5.50%	(i)	9.95%				11/1/2028	787		782		—		756
NBG Acquisition Corp. and NBG-P Acquisition Corp.+	One stop	SF +	5.50%	(i)	9.95%				11/1/2028	434		426		—		414
PlanSource Holdings, Inc.*+	One stop	SF +	5.50%	(i)	9.83%				12/1/2026	14,234		14,213		0.4		14,234
PlanSource Holdings, Inc.+	One stop	SF +	5.50%	(i)	9.83%				12/1/2026	2,416		2,408		0.1		2,416
PlanSource Holdings, Inc.+	One stop	SF +	5.50%	(i)	9.83%				12/1/2026	695		693		—		695
PlanSource Holdings, Inc.+	One stop	SF +	5.50%		N/A(6)				12/1/2026	—		—		—		—
Procure Acquireco, Inc.*+	One stop	SF +	4.75%	(i)	9.06%				12/1/2028	24,796		24,842		0.6		24,796
Procure Acquireco, Inc.+	One stop	SF +	4.75%	(i)	9.06%				12/1/2028	1,140		1,140		—		1,140
Procure Acquireco, Inc.+	One stop	SF +	4.75%		N/A(6)				12/1/2028	—		—		—		—
Procure Acquireco, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				12/1/2028	—		(75)		—		—
Procure Acquireco, Inc.+	One stop	SF +	4.75%	(i)	9.05%				12/1/2028	3,479		3,463		0.1		3,479
Teaching Company, The+	One stop	SF +	5.75%	(i)	10.19%				1/1/2026	13,524		13,524		0.3		13,388
Teaching Company, The+(5)	One stop	SF +	5.75%		N/A(6)				1/1/2026	—		—		—		(2)
Varicent Intermediate Holdings Corporation+(8)(12)(26)	One stop	SF +	6.00%	(i)	7.05%	cash/	3.25%	PIK	8/1/2031	49,508		48,857		1.2		49,508
Varicent Intermediate Holdings Corporation+(5)(8)(12)	One stop	SF +	5.50%		N/A(6)				8/1/2031	—		(85)		—		—
Varicent Intermediate Holdings Corporation+(5)(8)(12)	One stop	SF +	6.00%		N/A(6)				8/1/2031	—		(70)		—		—
										230,434		228,821		5.7		229,000

%

Real Estate Management & Development
Inhabit IQ Inc.+	One stop	SF +	4.50%	(h)	8.82%	01/2032	6,890	6,873	0.2	6,873
Inhabit IQ Inc.+(5)	One stop	SF +	4.50%		N/A(6)	01/2032	—	(3)	—	(3)
Inhabit IQ Inc.+(5)	One stop	SF +	4.50%		N/A(6)	01/2032	—	(5)	—	(5)
MRI Software, LLC^*+	One stop	SF +	4.75%	(i)	9.05%	02/2027	32,907	33,072	0.8	32,907
MRI Software, LLC^*+	One stop	SF +	4.75%	(i)	9.05%	02/2027	13,086	13,173	0.3	13,086
MRI Software, LLC+	One stop	SF +	4.75%	(i)	9.05%	02/2027	176	159	—	176
MRI Software, LLC+	One stop	SF +	4.75%	(i)	9.05%	02/2027	3,032	2,956	0.1	3,032
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.50%	(f)	9.96%	08/2028	5,845	5,852	0.1	5,845
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.50%	(f)	9.96%	08/2028	26,979	28,281	0.7	26,979
RPL Bidco Limited+(8)(9)(10)	One stop	A +	5.50%	(e)	9.67%	08/2028	10,996	11,767	0.2	10,997
RPL Bidco Limited+(8)(9)(10)	One stop	A +	5.50%	(e)	9.67%	08/2028	2,670	3,038	0.1	2,670
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.50%		N/A(6)	02/2028	—	—	—	—
							102,581	105,163	2.5	102,557
Road & Rail
Internet Truckstop Group, LLC*	One stop	SF +	5.50%	(i)	9.95%	04/2027	28,632	28,644	0.7	28,345
Internet Truckstop Group, LLC*+	One stop	SF +	5.50%	(i)	9.95%	04/2027	12,553	12,496	0.3	12,427
Internet Truckstop Group, LLC+(5)	One stop	SF +	5.50%		N/A(6)	04/2027	—	(2)	—	(3)
							41,185	41,138	1.0	40,769

See Notes to Consolidated Financial Statements.

30

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(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)
Software
Anaplan, Inc.^+	One stop	SF +	5.00%	(i)	9.30%				06/2029	$	24,618	$	24,830	0.6	%	$	24,618
Anaplan, Inc.+	One stop	SF +	5.00%	(i)	9.30%				06/2029	12,968		12,940		0.3		12,968
Anaplan, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				06/2028	—		(1)		—		—
Appfire Technologies, LLC^*+	One stop	SF +	5.00%	(i)	9.30%				03/2028	57,524		57,439		1.4		57,524
Appfire Technologies, LLC+(5)	One stop	SF +	5.00%		N/A(6)				03/2028	—		(2)		—		—
Appfire Technologies, LLC+(5)	One stop	SF +	5.00%		N/A(6)				03/2028	—		(30)		—		—
Appfire Technologies, LLC+(5)	One stop	SF +	5.00%		N/A(6)				03/2028	—		(106)		—		—
Aras Corporation^+	One stop	SF +	6.25%	(i)	10.55%				04/2029	28,596		28,601		0.7		28,596
Aras Corporation+	One stop	SF +	6.25%	(i)	10.55%				04/2029	2,000		1,982		0.1		2,000
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.25%	(f)	9.71%				06/2029	5,616		5,364		0.2		5,616
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.25%	(f)	9.71%				06/2029	2,931		2,731		0.1		2,931
Arrow Buyer, Inc.+	One stop	SF +	5.75%	(i)	10.05%				07/2030	24,977		24,823		0.6		24,977
Arrow Buyer, Inc.+	One stop	SF +	5.75%	(i)	10.05%				07/2030	1,637		1,632		0.1		1,637
Arrow Buyer, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				07/2030	—		(23)		—		—
Artifact Bidco, Inc.+	One stop	SF +	4.50%	(i)	8.80%				05/2031	1,489		1,475		0.1		1,489
Artifact Bidco, Inc.+(5)	One stop	SF +	4.50%		N/A(6)				05/2031	—		(2)		—		—
Artifact Bidco, Inc.+	One stop	SF +	4.50%		N/A(6)				05/2030	—		—		—		—
Artifact Bidco, Inc.+(5)	One stop	SF +	4.50%		N/A(6)				05/2030	—		(1)		—		—
Auvik Networks Inc.^+(8)(12)(26)	One stop	SF +	6.25%	(i)	7.29%	cash/	3.25%	PIK	07/2027	10,841		10,865		0.3		10,841
Auvik Networks Inc.+(8)(12)(26)	One stop	SF +	6.25%	(i)	7.29%	cash/	3.25%	PIK	07/2027	1,949		1,943		0.1		1,949
Auvik Networks Inc.+(8)(12)(26)	One stop	SF +	6.25%	(i)	7.29%	cash/	3.25%	PIK	07/2027	993		989		—		993
Auvik Networks Inc.+(8)(12)	One stop	SF +	6.00%		N/A(6)				07/2027	—		—		—		—
Azul Systems, Inc.*	Senior secured	SF +	4.50%	(i)	8.95%				04/2027	9,492		9,638		0.2		9,492
Azul Systems, Inc.+	Senior secured	SF +	4.50%		N/A(6)				04/2026	—		—		—		—
Azurite Intermediate Holdings, Inc.+	One stop	SF +	6.50%	(h)	10.82%				03/2031	973		963		—		973
Azurite Intermediate Holdings, Inc.+	One stop	SF +	6.50%	(h)	10.82%				03/2031	428		422		—		428
Azurite Intermediate Holdings, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				03/2031	—		(2)		—		—
Baxter Planning Systems, LLC+(26)	One stop	SF +	6.25%	(j)	7.30%	cash/	3.38%	PIK	05/2031	4,130		4,129		0.1		4,130
Baxter Planning Systems, LLC+(5)	One stop	SF +	6.25%		N/A(6)				05/2031	—		(5)		—		—
Baxter Planning Systems, LLC+(5)	One stop	SF +	5.75%		N/A(6)				05/2031	—		(4)		—		—
Bayshore Intermediate #2, L.P.^+(26)	One stop	SF +	6.25%	(i)	7.18%	cash/	3.38%	PIK	10/2028	121,692		121,625		3.0		121,692
Bayshore Intermediate #2, L.P.+(5)	One stop	SF +	5.75%		N/A(6)				10/2027	—		(2)		—		—
BestPass, Inc.+	One stop	SF +	5.25%	(h)	9.57%				08/2031	52,602		52,364		1.3		52,602
BestPass, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				08/2031	—		(24)		—		—
BestPass, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				08/2031	—		(31)		—		—
Bloomerang, LLC+	One stop	SF +	6.00%	(i)	10.30%				12/2029	4,142		4,176		0.1		4,142
Bloomerang, LLC+	One stop	SF +	6.00%	(i)	10.31%				12/2029	414		404		—		414
Bloomerang, LLC+(5)	One stop	SF +	6.00%		N/A(6)				12/2029	—		(1)		—		—
Bottomline Technologies, Inc.+	One stop	SF +	5.25%	(i)	9.55%				05/2029	40,853		40,662		1.0		40,853
Bottomline Technologies, Inc.+	One stop	SF +	5.75%	(i)	10.05%				05/2029	5,073		5,007		0.2		5,073
Bottomline Technologies, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				05/2028	—		(4)		—		—
Bullhorn, Inc.*+	One stop	SF +	5.00%	(h)	9.32%				10/2029	77,997		77,813		2.0		77,997
Bullhorn, Inc.*+	One stop	SF +	5.00%	(h)	9.32%				10/2029	3,190		3,224		0.1		3,190
Bullhorn, Inc.+	One stop	SF +	5.00%	(h)	9.32%				10/2029	1,643		1,663		0.1		1,643
Bullhorn, Inc.+	One stop	SF +	5.00%	(h)	9.32%				10/2029	736		733		—		736
Bullhorn, Inc.+	One stop	SF +	5.00%	(h)	9.32%				10/2029	587		585		—		587
Bullhorn, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				10/2029	—		(2)		—		—
Burning Glass Intermediate Holdings Company, Inc.*	One stop	SF +	5.00%	(i)	9.45%				06/2028	11,232		11,207		0.3		11,232
Burning Glass Intermediate Holdings Company, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				06/2026	—		(1)		—		—
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	6.00%	(i)	10.30%				01/2029	8,332		8,276		0.2		8,332

See Notes to Consolidated Financial Statements.

31

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(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)
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	6.00%	(i)	10.30%				01/2029	$	2,204	$	2,175	0.1	%	$	2,204
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	6.00%		N/A(6)				01/2029	—		—		—		—
Bynder BidCo, Inc.& Bynder BidCo B.V.+(5)(8)(14)	One stop	SF +	6.00%		N/A(6)				01/2029	—		(1)		—		—
Calabrio, Inc.^+	One stop	SF +	5.50%	(i)	9.81%				04/2027	74,295		74,352		1.9		74,295
Calabrio, Inc.+	One stop	SF +	5.50%	(i)	9.81%				04/2027	5,459		5,530		0.2		5,459
Calabrio, Inc.+	One stop	SF +	5.50%	(i)	9.81%				04/2027	202		201		—		202
Camelia Bidco Limited+(8)(9)(10)	One stop	SN +	5.50%	(f)	9.96%				08/2030	5,227		5,140		0.1		5,227
Camelia Bidco Limited+(8)(9)(10)	One stop	SN +	5.50%	(f)	9.96%				08/2030	740		708		—		740
Camelia Bidco Limited+(8)(9)(10)	One stop	A +	5.50%	(e)	9.62%				08/2030	313		324		—		313
Camelia Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.50%		N/A(6)				08/2030	—		(27)		—		—
CB Buyer, Inc.+	One stop	SF +	5.00%	(i)	9.30%				07/2031	49,233		48,806		1.2		49,233
CB Buyer, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				07/2031	—		(47)		—		—
CB Buyer, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				07/2031	—		(60)		—		—
Coupa Holdings, LLC+	One stop	SF +	5.25%	(i)	9.54%				02/2030	31,799		31,520		0.8		31,799
Coupa Holdings, LLC+(5)	One stop	SF +	5.25%		N/A(6)				02/2029	—		(1)		—		—
Coupa Holdings, LLC+(5)	One stop	SF +	5.25%		N/A(6)				02/2030	—		(18)		—		—
Crewline Buyer, Inc.+	One stop	SF +	6.75%	(h)	11.07%				11/2030	10,857		10,825		0.3		10,857
Crewline Buyer, Inc.+(5)	One stop	SF +	6.75%		N/A(6)				11/2030	—		(1)		—		—
Daxko Acquisition Corporation^*	One stop	SF +	5.00%	(h)	9.32%				10/2028	39,255		39,235		1.0		39,255
Daxko Acquisition Corporation*+	One stop	SF +	5.00%	(h)	9.32%				10/2028	3,310		3,285		0.1		3,310
Daxko Acquisition Corporation+	One stop	SF +	5.00%	(h)	9.32%				10/2028	198		196		—		198
Daxko Acquisition Corporation+	One stop	SF +	5.00%	(h)	9.32%				10/2028	133		116		—		133
Daxko Acquisition Corporation+(5)	One stop	SF +	5.00%		N/A(6)				10/2028	—		(10)		—		—
Denali Bidco Limited+(8)(9)(10)	One stop	SN +	5.00%	(f)	9.46%				08/2030	7,595		7,537		0.2		7,595
Denali Bidco Limited+(8)(9)(10)	One stop	E +	5.00%	(c)	7.36%				08/2030	2,581		2,582		0.1		2,581
Denali Bidco Limited+(8)(9)(10)	One stop	E +	5.00%	(c)	7.36%				08/2030	1,843		1,840		0.1		1,843
Denali Bidco Limited+(8)(9)(10)	One stop	E +	5.00%	(c)	7.36%				08/2030	720		713		—		720
Denali Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.00%		N/A(6)				08/2030	—		(2)		—		—
Diligent Corporation+	One stop	SF +	5.00%	(i)	9.31%				08/2030	8,985		8,969		0.2		8,985
Diligent Corporation+	One stop	SF +	5.00%	(i)	9.31%				08/2030	1,541		1,530		—		1,541
Diligent Corporation+(5)	One stop	SF +	5.00%		N/A(6)				08/2030	—		(9)		—		—
Diligent Corporation+(5)	One stop	SF +	5.00%		N/A(6)				08/2030	—		(6)		—		—
Einstein Parent, Inc.+	One stop	SF +	6.50%	(i)	10.79%				01/2031	9,063		8,887		0.2		8,881
Einstein Parent, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				01/2031	—		(18)		—		(19)
Espresso Bidco, Inc.+	One stop	SF +	5.25%	(i)	9.55%				03/2032	18,098		17,827		0.5		17,827
Espresso Bidco, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				03/2032	—		(37)		—		(75)
Espresso Bidco, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				03/2032	—		(33)		—		(33)
Evergreen IX Borrower 2023, LLC+	One stop	SF +	4.75%	(i)	9.05%				09/2030	4,894		4,784		0.1		4,894
Evergreen IX Borrower 2023, LLC+	One stop	SF +	4.75%	(i)	9.05%				09/2030	4,461		4,421		0.1		4,461
Evergreen IX Borrower 2023, LLC+(5)	One stop	SF +	4.75%		N/A(6)				10/2029	—		(11)		—		—
FirstUp, Inc.^+	One stop	SF +	6.75%	(i)	11.05%				07/2027	13,126		13,104		0.3		12,994
FirstUp, Inc.+	One stop	SF +	6.75%	(i)	11.05%				07/2027	1,251		1,241		—		1,239
FirstUp, Inc.+(5)	One stop	SF +	6.75%		N/A(6)				07/2027	—		(1)		—		(2)
Gainsight, Inc.^+	One stop	SF +	6.00%	(i)	10.46%				07/2027	17,981		18,002		0.4		17,846
Gainsight, Inc.+	One stop	SF +	6.00%	(i)	10.46%				07/2027	128		127		—		124
GS Acquisitionco, Inc.^*+	One stop	SF +	5.25%	(i)	9.55%				05/2028	122,100		122,407		3.0		122,100
GS Acquisitionco, Inc.+	One stop	SF +	5.25%	(i)	9.55%				05/2028	73		72		—		73
GS Acquisitionco, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				05/2028	—		(1)		—		—
GTIV, LLC*+	One stop	SF +	4.75%	(i)	9.05%				02/2029	72,355		71,956		1.8		70,908
GTIV, LLC+(5)	One stop	SF +	4.75%		N/A(6)				02/2029	—		(1)		—		(5)
GTY Technology Holdings, Inc.+(26)	One stop	SF +	6.63%	(i)	6.81%	cash/	4.13%	PIK	07/2029	8,876		8,746		0.2		8,743

See Notes to Consolidated Financial Statements.

32

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(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)
GTY Technology Holdings, Inc.+(26)	One stop	SF +	6.63%	(i)	6.79%	cash/	4.13%	PIK	07/2029	$	5,210	$	5,203	0.1	%	$	5,132
GTY Technology Holdings, Inc.+(26)	One stop	SF +	6.63%	(i)	6.79%	cash/	4.13%	PIK	07/2029	3,406		3,377		0.1		3,355
GTY Technology Holdings, Inc.+(26)	One stop	SF +	6.63%	(i)	6.81%	cash/	4.13%	PIK	07/2029	1,016		1,003		—		1,001
GTY Technology Holdings, Inc.+(26)	One stop	SF +	6.63%	(i)	6.79%	cash/	4.13%	PIK	07/2029	624		621		—		614
GTY Technology Holdings, Inc.+(26)	One stop	SF +	6.63%	(i)	6.80%	cash/	4.13%	PIK	07/2029	434		434		—		427
GTY Technology Holdings, Inc.+	One stop	P +	5.00%	(a)(i)	11.95%				07/2029	216		198		—		195
Gurobi Optimization, LLC+	One stop	SF +	4.50%	(i)	8.80%				09/2031	51,664		51,188		1.3		51,664
Gurobi Optimization, LLC+(5)	One stop	SF +	4.50%		N/A(6)				09/2031	—		(40)		—		—
Hornet Security Holding GMBH+(8)(9)(10)	One stop	E +	4.75%	(d)	7.21%				02/2031	727		719		—		727
Hornet Security Holding GMBH+(8)(9)(10)	One stop	E +	4.75%	(d)	7.21%				02/2031	485		479		—		485
Hornet Security Holding GMBH+(8)(9)(10)	One stop	E +	4.75%	(b)	7.14%				08/2030	35		31		—		35
Hornet Security Holding GMBH+(5)(8)(9)(10)	One stop	E +	6.50%		N/A(6)				02/2031	—		(3)		—		—
Hyland Software, Inc.*+	One stop	SF +	5.00%	(h)	9.32%				09/2030	47,005		47,755		1.2		47,005
Hyland Software, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				09/2029	—		(1)		—		—
Icefall Parent, Inc.+	One stop	SF +	6.50%	(i)	10.79%				01/2030	1,407		1,399		—		1,407
Icefall Parent, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				01/2030	—		(1)		—		—
ICIMS, Inc.*+(26)	One stop	SF +	5.75%	(i)	10.04%				08/2028	12,478		12,430		0.3		12,229
ICIMS, Inc.+	One stop	SF +	5.75%	(i)	10.04%				08/2028	36		33		—		28
IQN Holding Corp. *+	One stop	SF +	5.25%	(i)	9.56%				05/2029	22,770		22,821		0.6		22,771
IQN Holding Corp. +	One stop	SF +	5.25%	(i)	9.56%				05/2028	128		127		—		128
Island Bidco AB+(8)(9)(17)(26)	One stop	E +	7.25%	(d)	2.58%	cash/	7.25%	PIK	07/2028	10,842		10,671		0.3		10,842
Island Bidco AB+(8)(17)(26)	One stop	SF +	7.00%	(j)	7.78%	cash/	3.50%	PIK	07/2028	4,874		4,886		0.1		4,874
Island Bidco AB+(8)(17)(26)	One stop	SF +	7.00%	(j)	7.78%	cash/	3.50%	PIK	07/2028	3,597		3,583		0.1		3,597
Island Bidco AB+(8)(9)(17)	One stop	E +	6.50%		N/A(6)				07/2028	—		—		—		—
Island Bidco AB+(8)(17)	One stop	SF +	6.50%		N/A(6)				07/2028	—		—		—		—
Juvare, LLC+	One stop	SF +	6.25%	(i)	10.71%				10/2026	10,538		10,532		0.3		10,432
Juvare, LLC+	One stop	SF +	6.25%	(i)	10.71%				10/2026	2,432		2,419		0.1		2,407
Juvare, LLC+	One stop	SF +	6.25%	(i)	10.71%				10/2026	769		763		—		761
Juvare, LLC+	One stop	SF +	6.25%	(i)	10.71%				04/2026	100		100		—		100
LeadsOnline, LLC^+	One stop	SF +	4.75%	(i)	9.06%				02/2028	12,983		13,129		0.3		12,983
LeadsOnline, LLC+	One stop	SF +	4.75%	(i)	9.06%				02/2028	2,291		2,317		0.1		2,291
LeadsOnline, LLC+	One stop	SF +	4.75%	(i)	9.05%				02/2028	664		662		—		664
LeadsOnline, LLC+(5)	One stop	SF +	4.75%		N/A(6)				02/2028	—		(1)		—		—
Lighthouse Bidco GMBH+(8)(9)(19)	One stop	E +	5.00%	(c)	7.36%				12/2031	18,488		17,714		0.5		18,488
Lighthouse Bidco GMBH+(8)(9)(19)	One stop	E +	5.00%		N/A(6)				06/2031	—		—		—		—
Lighthouse Bidco GMBH+(5)(8)(9)(19)	One stop	E +	5.00%		N/A(6)				12/2031	—		(104)		—		—
LogicMonitor, Inc.+	One stop	SF +	5.50%	(i)	9.79%				11/2031	53,749		53,431		1.3		53,749
LogicMonitor, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				11/2031	—		(40)		—		—
Matrix42 Holding GMBH+(8)(9)(19)	One stop	E +	6.25%	(d)	8.90%				01/2030	9,834		10,426		0.2		9,834
Matrix42 Holding GMBH+(8)(9)(19)	One stop	E +	6.25%	(d)	8.90%				12/2029	1,490		1,484		—		1,490
Matrix42 Holding GMBH+(8)(9)(19)	One stop	E +	6.25%	(d)	8.90%				01/2030	767		766		—		767
Matrix42 Holding GMBH+(5)(8)(9)(19)	One stop	E +	6.25%		N/A(6)				01/2030	—		(1)		—		—
Matrix42 Holding GMBH+(8)(19)	One stop	SF +	6.25%		N/A(6)				01/2028	—		—		—		—
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)	One stop	E +	5.50%	(c)	8.00%				11/2031	15,917		15,323		0.4		15,917
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(16)	One stop	SF +	5.50%	(i)	9.81%				11/2031	11,017		10,860		0.3		11,017
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)	One stop	E +	5.50%	(c)	8.00%				11/2031	129		90		—		129
Metatiedot Bidco Oy & Metatiedot US, LLC+(5)(8)(9)(16)	One stop	E +	5.50%		N/A(6)				11/2030	—		(45)		—		—
Mindbody, Inc.+	One stop	SF +	7.00%	(i)	11.44%				09/2025	61,966		62,065		1.5		61,966
Mindbody, Inc.+	One stop	SF +	7.00%	(i)	11.44%				09/2025	2,134		2,134		0.1		2,134
Mindbody, Inc.+	One stop	SF +	7.00%		N/A(6)				09/2025	—		—		—		—
Ministry Brands Holdings LLC+	One stop	SF +	5.50%	(h)	9.92%				12/2028	30,911		30,809		0.7		30,292

See Notes to Consolidated Financial Statements.

33

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(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)
Ministry Brands Holdings LLC+	One stop	SF +	5.50%	(h)	9.92%				12/2028	$	2,908	$	2,911	0.1	%	$	2,850
Ministry Brands Holdings LLC+(5)	One stop	SF +	5.50%		N/A(6)				12/2027	—		(3)		—		(6)
Navex TopCo, Inc.+	One stop	SF +	5.50%	(h)	9.82%				11/2030	5,356		5,443		0.1		5,356
Navex TopCo, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				11/2028	—		(1)		—		—
Naviga Inc.+(7)	Senior secured	SF +	7.00%	(i)	11.30%				09/2025	160		147		—		64
Onit, Inc.+	One stop	SF +	4.75%	(i)	9.05%				01/2032	5,415		5,362		0.1		5,361
Onit, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				01/2032	—		(8)		—		(8)
Onit, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				01/2032	—		(12)		—		(24)
Orsay Bidco 1 B.V. and Sky Group Holding B.V.+(8)(9)(14)	One stop	E +	6.00%	(c)	8.36%				11/2029	2,091		2,036		0.1		2,102
Orsay Bidco 1 B.V. and Sky Group Holding B.V.+(5)(8)(9)(14)	One stop	E +	5.25%		N/A(6)				11/2029	—		(57)		—		(58)
Panzura, LLC+(26)	One stop	N/A			4.00%	cash/	11.00%	PIK	08/2027	126		115		—		112
Personify, Inc.+	One stop	SF +	4.75%	(i)	9.05%				09/2028	18,577		18,492		0.5		18,577
Personify, Inc.*	One stop	SF +	4.75%	(i)	9.05%				09/2028	13,770		13,692		0.3		13,770
Personify, Inc.*+	One stop	SF +	4.75%	(i)	9.05%				09/2028	9,755		9,695		0.2		9,755
Personify, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				09/2028	—		(3)		—		—
Pineapple German Bidco GMBH+(8)(19)(26)	One stop	SF +	6.25%	(i)	10.55%				01/2031	15,046		14,903		0.4		15,046
Pineapple German Bidco GMBH+(8)(9)(19)(26)	One stop	E +	6.25%	(c)	8.61%				01/2031	4,886		4,537		0.1		4,886
Pineapple German Bidco GMBH+(8)(9)(19)(26)	One stop	E +	6.50%	(c)	8.86%				01/2031	1,050		1,038		—		1,055
Pineapple German Bidco GMBH+(8)(9)(19)(26)	One stop	E +	6.50%	(c)	8.86%				01/2031	325		317		—		326
Pineapple German Bidco GMBH+(8)(19)(26)	One stop	SF +	6.25%	(i)	10.55%				01/2031	77		75		—		78
Pineapple German Bidco GMBH+(8)(9)(19)(26)	One stop	E +	6.50%	(c)	8.86%				01/2031	72		71		—		72
PING Identity Holding Corp.+	One stop	SF +	4.75%	(i)	9.05%				10/2029	15,069		15,034		0.4		15,069
PING Identity Holding Corp.+(5)	One stop	SF +	4.75%		N/A(6)				10/2028	—		(1)		—		—
Pluralsight, LLC+(26)	One stop	SF +	7.50%	(i)	11.83%	PIK			08/2029	6,349		6,139		0.2		6,285
Pluralsight, LLC+(26)	One stop	SF +	4.50%	(i)	7.33%	cash/	1.50%	PIK	08/2029	4,004		3,899		0.1		3,964
Pluralsight, LLC+(26)	One stop	SF +	4.50%	(i)	7.33%	cash/	1.50%	PIK	08/2029	2,002		2,002		—		1,982
Pluralsight, LLC+(5)	One stop	SF +	4.50%		N/A(6)				08/2029	—		—		—		(10)
Pluralsight, LLC+(5)	One stop	SF +	4.50%		N/A(6)				08/2029	—		—		—		(25)
ProcessUnity Holdings, LLC^+	One stop	SF +	6.50%	(i)	10.81%				09/2028	6,014		6,023		0.1		6,014
ProcessUnity Holdings, LLC+	One stop	SF +	6.75%	(i)	11.06%				09/2028	4,240		4,220		0.1		4,240
ProcessUnity Holdings, LLC+	One stop	SF +	6.50%	(i)	10.81%				09/2028	2,864		2,844		0.1		2,864
ProcessUnity Holdings, LLC+	One stop	SF +	6.50%	(i)	10.81%				09/2028	1,203		1,199		—		1,203
ProcessUnity Holdings, LLC+	One stop	SF +	6.50%		N/A(6)				09/2028	—		—		—		—
QAD, Inc.*+	One stop	SF +	4.75%	(h)	9.07%				11/2027	43,040		43,565		1.1		43,040
QAD, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				11/2027	—		(2)		—		—
Quant Buyer, Inc.*+	One stop	SF +	5.25%	(i)	9.56%				06/2029	7,368		7,308		0.2		7,368
Quant Buyer, Inc.*+	One stop	SF +	5.25%	(i)	9.56%				06/2029	4,450		4,412		0.1		4,450
Quant Buyer, Inc.*+	One stop	SF +	5.25%	(i)	9.56%				06/2029	4,338		4,323		0.1		4,338
Quant Buyer, Inc.+	One stop	SF +	5.25%	(i)	9.57%				06/2029	100		96		—		100
Quant Buyer, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				06/2029	—		(43)		—		—
Rainforest Bidco Limited+(8)(9)(10)(26)	One stop	SN +	6.05%	(f)	7.96%	cash/	2.55%	PIK	07/2029	20,302		19,302		0.5		19,947
Rainforest Bidco Limited+(8)(10)(26)	One stop	SF +	6.05%	(g)	7.81%	cash/	2.55%	PIK	07/2029	3,714		3,691		0.1		3,649
Rainforest Bidco Limited+(8)(9)(10)(26)	One stop	SN +	6.80%	(f)	8.46%	cash/	2.80%	PIK	07/2029	2,120		1,964		0.1		2,120
Rainforest Bidco Limited+(8)(9)(10)(26)	One stop	SN +	6.05%	(f)	7.96%	cash/	2.55%	PIK	07/2029	1,492		1,406		—		1,466
Riskonnect Parent, LLC*+	One stop	SF +	4.75%	(j)	8.97%				12/2028	45,402		45,840		1.1		45,402
Riskonnect Parent, LLC+	One stop	SF +	4.75%	(j)	8.97%				12/2028	2,131		2,147		0.1		2,131
Riskonnect Parent, LLC+	One stop	SF +	4.75%	(j)	8.97%				12/2028	819		813		—		819
Riskonnect Parent, LLC+	One stop	SF +	4.75%	(j)	8.97%				12/2028	576		567		—		576
Riskonnect Parent, LLC+(5)	One stop	SF +	4.75%		N/A(6)				12/2028	—		(4)		—		—

See Notes to Consolidated Financial Statements.

34

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(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)
Riskonnect Parent, LLC+(5)	One stop	SF +	4.75%		N/A(6)				12/2028	$	—	$	(9)	—	%	$	—
Rodeo Buyer Company & Absorb Software Inc.+(8)(12)	One stop	SF +	6.25%	(i)	10.55%				05/2027	13,056		12,970		0.3		13,056
Rodeo Buyer Company & Absorb Software Inc.^+(8)(12)	One stop	SF +	6.25%	(i)	10.70%				05/2027	7,616		7,606		0.2		7,616
Rodeo Buyer Company & Absorb Software Inc.+(8)(12)	One stop	SF +	6.25%		N/A(6)				05/2027	—		—		—		—
SailPoint Technologies Holdings, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				08/2028	—		(2)		—		—
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	5.50%	(c)	8.29%				07/2029	49,455		47,199		1.2		49,455
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	5.75%	(c)	8.50%				07/2029	4,041		3,981		0.1		4,051
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	5.75%	(c)	8.43%				07/2029	1,490		1,490		—		1,494
Sonatype, Inc.^+	One stop	SF +	5.50%	(h)	9.81%				01/2028	69,460		69,583		1.7		69,460
Sonatype, Inc.+	One stop	SF +	5.50%		N/A(6)				01/2028	—		—		—		—
Spartan Buyer Acquisition Co.^*+(26)	One stop	SF +	7.50%	(i)	10.81%	cash/	1.00%	PIK	06/2027	44,705		44,548		1.1		44,258
Spartan Buyer Acquisition Co.+(26)	One stop	SF +	7.50%	(i)	10.81%	cash/	1.00%	PIK	06/2027	2,851		2,822		0.1		2,822
Spartan Buyer Acquisition Co.+(5)(26)	One stop	P +	6.50%	(a)	13.00%	cash/	1.00%	PIK	06/2027	2		(1)		—		(2)
Telesoft Holdings LLC^*+	One stop	SF +	5.75%	(h)	10.17%				12/2026	21,074		21,265		0.5		21,074
Telesoft Holdings LLC+	One stop	SF +	6.25%	(h)	10.67%				12/2026	1,424		1,436		—		1,424
Telesoft Holdings LLC+	One stop	SF +	5.75%	(h)	10.17%				12/2026	74		73		—		74
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.00%	(h)	10.42%				07/2028	4,800		4,781		0.1		4,800
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.00%		N/A(6)				07/2028	—		—		—		—
TI Intermediate Holdings, LLC+(26)	Senior secured	SF +	5.50%	(i)	8.90%	cash/	1.00%	PIK	06/2027	4,182		4,176		0.1		3,470
TI Intermediate Holdings, LLC+(26)	Senior secured	SF +	5.50%	(i)	8.90%	cash/	1.00%	PIK	06/2027	1,109		1,109		—		920
TI Intermediate Holdings, LLC+(26)	Senior secured	SF +	5.50%	(i)	8.90%	cash/	1.00%	PIK	06/2027	696		696		—		578
TI Intermediate Holdings, LLC+(26)	Senior secured	SF +	5.50%	(i)	8.90%	cash/	1.00%	PIK	06/2027	522		522		—		433
TI Intermediate Holdings, LLC+(26)	Senior secured	SF +	5.50%	(i)	8.90%	cash/	1.00%	PIK	06/2027	192		192		—		160
TI Intermediate Holdings, LLC+(26)	Senior secured	SF +	5.50%	(i)	8.90%	cash/	1.00%	PIK	06/2027	91		91		—		74
Togetherwork Holdings, LLC*+	One stop	SF +	5.00%	(h)	9.32%				05/2031	27,833		27,790		0.7		27,833
Togetherwork Holdings, LLC+	One stop	SF +	5.00%	(h)	9.32%				05/2031	698		666		—		698
Togetherwork Holdings, LLC+(5)	One stop	SF +	5.00%		N/A(6)				05/2031	—		(15)		—		—
Transform Bidco Limited+(8)(10)	One stop	SF +	7.00%	(i)	11.29%				01/2031	5,405		5,481		0.1		5,284
Transform Bidco Limited+(8)(10)	One stop	SF +	7.00%	(h)	11.31%				01/2031	4,308		4,223		0.1		4,211
Transform Bidco Limited+(8)(9)(10)	One stop	A +	7.00%	(e)	11.12%				01/2031	3,806		3,937		0.1		3,721
Transform Bidco Limited+(8)(9)(10)	One stop	SN +	7.00%	(f)	11.46%				01/2031	615		602		—		601
Transform Bidco Limited+(5)(8)(10)	One stop	SF +	7.00%		N/A(6)				06/2030	—		(2)		—		(2)
Transform Bidco Limited+(5)(8)(10)	One stop	SF +	7.00%		N/A(6)				01/2031	—		(80)		—		(159)
Transform Bidco Limited+(5)(8)(10)	One stop	SF +	7.00%		N/A(6)				01/2031	—		(36)		—		(97)
Tricentis Operations Holdings, Inc.+(26)	One stop	SF +	6.25%	(i)	5.67%	cash/	4.88%	PIK	02/2032	7,554		7,517		0.2		7,516
Tricentis Operations Holdings, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				02/2032	—		(5)		—		(5)
Tricentis Operations Holdings, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				02/2032	—		(7)		—		(8)
Vantage Bidco GMBH+(8)(9)(19)(26)	One stop	E +	6.25%	(c)	5.48%	cash/	3.13%	PIK	04/2031	8,504		8,390		0.2		8,504
Vantage Bidco GMBH+(5)(8)(9)(19)	One stop	E +	6.25%		N/A(6)				10/2030	—		(13)		—		—
Varinem German Midco GMBH+(8)(9)(19)	One stop	E +	5.25%	(d)	7.84%				07/2031	7,163		7,156		0.2		7,199
Varinem German Midco GMBH+(5)(8)(9)(19)	One stop	E +	5.25%		N/A(6)				07/2031	—		—		—		(38)
Vendavo, Inc.+	One stop	SF +	5.75%	(i)	10.15%				09/2027	27,236		26,809		0.6		25,602
Vendavo, Inc.+	One stop	SF +	5.75%	(i)(j)	10.13%				09/2027	1,554		1,535		—		1,404
Vendavo, Inc.+	One stop	SF +	5.75%	(i)	10.15%				09/2027	993		989		—		933
Viper Bidco, Inc.+	One stop	SF +	5.00%	(i)	9.30%				11/2031	38,081		37,900		0.9		38,081
Viper Bidco, Inc.+(8)(9)	One stop	SN +	5.00%	(f)	9.46%				11/2031	18,014		17,471		0.4		18,014
Viper Bidco, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				11/2031	—		(18)		—		—
Viper Bidco, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				11/2031	—		(23)		—		—
WebPT, Inc.+	One stop	SF +	6.25%	(i)	10.66%				01/2028	931		923		—		912
Zendesk, Inc.^+	One stop	SF +	5.00%	(i)	9.30%				11/2028	28,508		28,267		0.7		28,508
Zendesk, Inc.+	One stop	SF +	5.00%		N/A(6)				11/2028	—		—		—		—

See Notes to Consolidated Financial Statements.

35

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(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)
Zendesk, Inc.+	One stop	SF +	5.00%	N/A(6)	11/2028	$	—	$	—	—	%	$	—
						2,106,938		2,096,363		51.9		2,098,273

Specialty Retail
Ave Holdings III, Corp*+	One stop	SF +	5.25%	(j)	9.72%				02/2028	23,300	23,092	0.6	22,834
Ave Holdings III, Corp+	One stop	SF +	5.25%	(j)	9.72%				02/2028	6,076	6,172	0.2	5,955
Ave Holdings III, Corp+	One stop	SF +	5.25%	(j)	9.72%				02/2028	798	797	—	783
Ave Holdings III, Corp+(5)	One stop	SF +	5.25%		N/A(6)				02/2028	—	(1)	—	(6)
Biscuit Parent, LLC*+	One stop	SF +	4.75%	(i)	9.05%				02/2031	20,105	19,928	0.5	20,105
Biscuit Parent, LLC+(5)	One stop	SF +	4.75%		N/A(6)				02/2031	—	(1)	—	—
Biscuit Parent, LLC+(5)	One stop	SF +	4.75%		N/A(6)				02/2031	—	(44)	—	—
Cavender Stores L.P.*	Senior secured	SF +	5.00%	(i)	9.30%				10/2029	5,431	5,393	0.1	5,431
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	8.61%				05/2028	36,907	37,809	0.9	36,907
Consilio Midco Limited*+(8)(10)	One stop	SF +	5.75%	(i)	10.20%				05/2028	15,604	15,578	0.4	15,604
Consilio Midco Limited*+(8)(10)	One stop	SF +	5.75%	(i)	10.20%				05/2028	15,507	15,558	0.4	15,507
Consilio Midco Limited*(8)(10)	One stop	SF +	5.75%	(i)	10.20%				05/2028	2,919	2,900	0.1	2,919
Consilio Midco Limited*(8)(10)	One stop	SF +	5.75%	(i)	10.20%				05/2028	1,941	1,934	0.1	1,941
Consilio Midco Limited*+(8)(10)	One stop	SF +	5.75%	(i)	10.20%				05/2028	992	983	—	992
Consilio Midco Limited+(8)(10)	One stop	SF +	5.50%	(i)	9.80%				05/2028	888	880	—	888
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	8.61%				05/2028	484	483	—	484
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	8.61%				05/2028	214	214	—	214
Consilio Midco Limited+(8)(10)	One stop	SF +	5.50%	(i)	9.80%				05/2028	204	202	—	204
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(i)	10.20%				05/2028	160	159	—	160
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	8.61%				05/2028	126	126	—	126
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	8.61%				05/2028	122	122	—	122
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	8.61%				05/2028	110	111	—	110
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	8.61%				05/2028	81	80	—	81
Consilio Midco Limited+(8)(10)	One stop	SF +	5.50%	(i)	9.80%				05/2028	65	59	—	65
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	8.61%				05/2028	58	57	—	58
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%		N/A(6)				05/2028	—	—	—	—
CVP Holdco, Inc.+	One stop	SF +	4.75%	(h)	9.07%				06/2031	13,529	13,408	0.3	13,529
CVP Holdco, Inc.+	One stop	SF +	4.75%	(h)	9.07%				06/2031	92	76	—	92
CVP Holdco, Inc.+(5)	One stop	SF +	7.25%		N/A(6)				06/2030	—	(13)	—	—
Cycle Gear, Inc.+	One stop	SF +	6.75%	(i)	11.21%				04/2026	46,529	46,213	1.2	46,529
Metal Supermarkets US Buyer, LLC+(8)(12)	One stop	SF +	4.75%	(j)	8.97%				12/2030	11,656	11,600	0.3	11,656
Metal Supermarkets US Buyer, LLC+(8)(12)	One stop	SF +	4.75%	(j)	8.97%				12/2030	139	133	—	139
PetVet Care Centers LLC*+	One stop	SF +	6.00%	(h)	10.32%				11/2030	4,716	4,753	0.1	4,480
PetVet Care Centers LLC+(5)	One stop	SF +	6.00%		N/A(6)				11/2029	—	(2)	—	(4)
PetVet Care Centers LLC+(5)	One stop	SF +	6.00%		N/A(6)				11/2030	—	(6)	—	—
PPV Intermediate Holdings, LLC*+	One stop	SF +	5.75%	(i)	10.06%				08/2029	14,118	14,048	0.4	14,118
PPV Intermediate Holdings, LLC+(26)	One stop	N/A			14.75%	PIK			08/2030	9,607	9,670	0.3	9,799
PPV Intermediate Holdings, LLC+	One stop	SF +	5.25%	(i)	9.56%				08/2029	5,515	5,427	0.1	5,515
PPV Intermediate Holdings, LLC+(26)	One stop	N/A			13.75%	PIK			08/2030	1,926	1,896	—	1,926
PPV Intermediate Holdings, LLC+(26)	One stop	N/A			13.75%	PIK			08/2030	445	440	—	445
PPV Intermediate Holdings, LLC+(26)	One stop	N/A			13.75%	PIK			08/2030	81	77	—	81
PPV Intermediate Holdings, LLC+(26)	One stop	N/A			13.75%	PIK			08/2030	81	81	—	81
PPV Intermediate Holdings, LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—	(8)	—	—
Radiance Borrower, LLC+(26)	One stop	SF +	5.75%	(h)	7.32%	cash/	2.75%	PIK	06/2031	21,752	21,609	0.5	21,752
Radiance Borrower, LLC+	One stop	SF +	5.25%	(h)	9.57%				06/2031	205	190	—	205
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	5,229	5,234	0.1	5,256
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00%	(i)	13.30%	PIK			09/2029	3,255	3,227	0.1	3,287
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00%	(i)	13.30%	PIK			09/2029	1,726	1,712	0.1	1,744

See Notes to Consolidated Financial Statements.

36

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(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)
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00%	(i)	13.30%	PIK			09/2029	$	1,444	$	1,432	0.1	%	$	1,466
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00%	(i)	13.30%	PIK			09/2029	844		823		—		852
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00%	(i)	13.30%	PIK			09/2029	628		623		—		635
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	537		535		—		540
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	499		495		—		501
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	349		347		—		351
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	342		340		—		343
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	288		280		—		288
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	270		269		—		272
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	249		248		—		250
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	169		168		—		170
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00%	(i)	13.30%	PIK			09/2029	160		159		—		162
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	154		153		—		156
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	113		113		—		114
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	105		104		—		105
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	85		85		—		86
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	79		78		—		79
Salon Lofts Group, LLC+(5)	Senior secured	SF +	5.75%		N/A(6)				08/2028	—		(4)		—		3
Salon Lofts Group, LLC+(5)(26)	Second lien	SF +	9.00%		N/A(6)				09/2029	—		(23)		—		41
Salon Lofts Group, LLC+(5)	Senior secured	SF +	5.25%		N/A(6)				08/2028	—		(36)		—		—
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.^*+(8)(12)	One stop	SF +	5.25%	(i)	9.55%				12/2029	29,361		29,110		0.7		29,361
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(8)(9)(12)	One stop	CA +	5.25%	(l)	7.91%				12/2029	7,520		7,897		0.2		7,520
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(8)(12)	One stop	SF +	5.25%	(i)	9.55%				12/2029	1,637		1,571		—		1,637
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(8)(12)	One stop	SF +	5.25%	(a)(i)	9.76%				12/2028	631		625		—		631
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(8)(9)(12)	One stop	CA +	5.25%	(l)	7.91%				12/2028	12		12		—		12
Titan Fitness, LLC+(26)	One stop	SF +	7.25%	(i)	5.45%	cash/	6.25%	PIK	10/2026	40,873		40,121		0.8		31,471
Titan Fitness, LLC+(26)	One stop	SF +	7.25%	(i)	5.45%	cash/	6.25%	PIK	10/2026	2,965		2,884		0.1		2,283
Titan Fitness, LLC+(26)	One stop	SF +	7.25%	(h)(i)	5.45%	cash/	6.25%	PIK	10/2026	510		484		—		318
Titan Fitness, LLC+(26)	One stop	SF +	7.25%	(i)	6.95%	cash/	4.75%	PIK	10/2026	12		—		—		12
Vermont Aus Pty Ltd+(8)(9)(11)	One stop	A +	5.75%	(e)	9.93%				03/2028	8,507		9,924		0.2		8,507
Vermont Aus Pty Ltd+(8)(9)(11)	One stop	A +	5.75%	(e)	9.93%				03/2028	8,323		9,213		0.2		8,323
VSG Acquisition Corp. and Sherrill, Inc.*+	One stop	SF +	6.00%	(i)	10.57%				04/2028	12,051		11,857		0.3		12,051
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	6.00%	(i)	10.57%				04/2028	2,085		2,057		0.1		2,085
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	6.00%	(i)	10.57%				04/2028	1,610		1,558		—		1,610
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	6.00%	(i)	10.57%				04/2028	54		48		—		54
										395,159		395,906		9.5		384,403

See Notes to Consolidated Financial Statements.

37

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(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)
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.+(8)(10)	One stop	SF +	6.00%	(j)	10.45%				03/2028	$	2,347	$	2,327	0.1	%	$	2,254
Dollfus Mieg Company, Inc.+(8)(10)	One stop	SF +	6.00%	(j)	10.45%				03/2028	1,170		1,160		—		1,123
Dollfus Mieg Company, Inc.+(8)(10)	One stop	SF +	6.00%	(j)	10.45%				03/2028	1,027		1,019		—		986
Elite Sportswear, L.P.+(26)	Senior secured	SF +	6.75%	(i)	10.81%	cash/	0.50%	PIK	09/2025	9,950		9,932		0.3		9,950
Elite Sportswear, L.P.+(26)	Senior secured	SF +	6.75%	(i)	10.81%	cash/	0.50%	PIK	09/2025	3,998		3,990		0.1		3,998
Elite Sportswear, L.P.+(26)	Senior secured	SF +	6.75%	(i)	10.81%	cash/	0.50%	PIK	09/2025	2,058		2,054		0.1		2,058
Elite Sportswear, L.P.+(26)	Senior secured	SF +	6.75%	(i)	10.81%	cash/	0.50%	PIK	09/2025	683		682		—		683
Elite Sportswear, L.P.+(26)	Senior secured	SF +	6.75%	(i)	10.81%	cash/	0.50%	PIK	09/2025	312		312		—		312
Elite Sportswear, L.P.+(26)	Senior secured	SF +	6.75%	(i)	10.81%	cash/	0.50%	PIK	09/2025	299		298		—		299
Elite Sportswear, L.P.+(26)	Senior secured	SF +	6.75%	(i)	10.82%	cash/	0.50%	PIK	09/2025	600		598		—		600
Elite Sportswear, L.P.+(26)	Senior secured	SF +	6.75%	(i)	10.82%	cash/	0.50%	PIK	09/2025	21		21		—		21
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	9.95%				11/2026	9,158		9,105		0.2		9,181
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	9.95%				11/2026	6,342		6,305		0.2		6,358
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	9.95%				11/2026	982		976		—		984
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	9.95%				11/2026	882		876		—		884
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	9.95%				11/2026	619		615		—		620
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	9.95%				11/2026	2		—		—		2
Shoes For Crews Global, LLC+	Senior secured	SF +	6.50%	(h)	10.94%				07/2029	1,296		1,296		—		1,296
Shoes For Crews Global, LLC+(26)	Senior secured	SF +	7.00%	(h)	6.44%	cash/	5.00%	PIK	07/2029	738		714		—		738
Shoes For Crews Global, LLC+	Senior secured	SF +	6.50%	(h)	10.94%				07/2029	419		419		—		419
Shoes For Crews Global, LLC+(5)	Senior secured	SF +	6.50%		N/A(6)				07/2029	—		(31)		—		—
										42,903		42,668		1.0		42,766
Trading Companies & Distributors
Marcone Yellowstone Buyer Inc.+(26)	One stop	SF +	7.00%	(i)	8.21%	cash/	3.25%	PIK	06/2028	20,242		20,014		0.5		18,825
Marcone Yellowstone Buyer Inc.+(26)	One stop	SF +	7.00%	(i)	8.21%	cash/	3.25%	PIK	06/2028	20,996		20,605		0.5		19,527
Marcone Yellowstone Buyer Inc.+(26)	One stop	SF +	7.25%	(i)	8.46%	cash/	3.25%	PIK	06/2028	6,232		6,092		0.1		5,859
Marcone Yellowstone Buyer Inc.+(26)	One stop	SF +	7.00%	(i)	8.16%	cash/	3.25%	PIK	06/2028	2,570		2,480		0.1		2,390
Marcone Yellowstone Buyer Inc.+(26)	One stop	SF +	7.00%	(i)	8.21%	cash/	3.25%	PIK	06/2028	6,726		6,466		0.1		6,255
										56,766		55,657		1.3		52,856
Transportation Infrastructure
LDS Intermediate Holdings, LLC+	One stop	SF +	5.00%	(h)	9.32%				02/2032	7,427		7,381		0.2		7,380
LDS Intermediate Holdings, LLC+	One stop	SF +	5.00%	(h)	9.32%				02/2032	147		140		—		140
LDS Intermediate Holdings, LLC+(5)	One stop	SF +	5.00%		N/A(6)				02/2032	—		(9)		—		(9)
										7,574		7,512		0.2		7,511
Water Utilities
S.J. Electro Systems, LLC*	Senior secured	SF +	4.75%	(i)	9.19%				06/2027	24,348		24,201		0.6		24,348
S.J. Electro Systems, LLC*+	Senior secured	SF +	4.75%	(i)	9.19%				06/2027	18,680		18,636		0.5		18,680
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75%	(i)	9.19%				06/2027	1,179		1,171		—		1,179
S.J. Electro Systems, LLC+(5)	Senior secured	SF +	4.75%		N/A(6)				06/2027	—		(50)		—		—
Vessco Midco Holdings, LLC*	One stop	SF +	4.75%	(h)(j)	9.05%				07/2031	22,500		22,297		0.6		22,500
Vessco Midco Holdings, LLC+	One stop	SF +	4.75%	(h)(j)	9.06%				07/2031	1,975		1,941		—		1,975
Vessco Midco Holdings, LLC+(5)	One stop	SF +	4.75%		N/A(6)				07/2031	—		(23)		—		—
										68,682		68,173		1.7		68,682
Total non-controlled/non-affiliate company debt investments										7,973,597		7,940,860		194.8		7,878,073

See Notes to Consolidated Financial Statements.

38

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)	Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity investments (22)(23)
Aerospace & Defense
PPW Aero Buyer, Inc.+	LP units	N/A	N/A		02/2023	N/A	93	$	948	—	%	$	710
Tronair Parent, Inc.+	LLC units	N/A	N/A		07/2021	N/A	—	40		—		68
								988		—		778
Air Freight & Logistics
RJW Group Holdings, Inc.+	LP units	N/A	N/A		11/2024	N/A	4,370	4,370		0.1		4,370
Auto Components
Arnott, LLC+	LP units	N/A	N/A		12/2024	N/A	—	350		—		350
Polk Acquisition Corp.+	LP interest	N/A	N/A		06/2016	N/A	5	314		—		—
								664		—		350
Automobiles
CAP-KSI Holdings, LLC+	Preferred stock	N/A	N/A		06/2024	N/A	645	645		—		687
CAP-KSI Holdings, LLC+	LP units	N/A	N/A		06/2024	N/A	645	—		—		88
CG Group Holdings, LLC+	LP units	N/A	N/A		07/2021	N/A	1	983		—		888
Go Car Wash Parent, Corp.+(24)	Preferred stock	N/A	17.00%	Non-Cash	04/2022	N/A	—	3,484		0.1		3,397
Go Car Wash Parent, Corp.+	Common stock	N/A	N/A		04/2022	N/A	—	553		—		—
MOP GM Holding, LLC+	LP units	N/A	N/A		11/2020	N/A	—	499		—		451
MOP GM Holding, LLC+	Preferred stock	N/A	N/A		06/2024	N/A	—	34		—		40
National Express Wash Parent Holdco, LLC+	LP units	N/A	N/A		07/2022	N/A	1	103		—		156
POY Holdings, LLC+	LLC units	N/A	N/A		11/2022	N/A	446	820		—		809
Quick Quack Car Wash Holdings, LLC+	LP units	N/A	N/A		06/2024	N/A	1,085	1,085		0.1		1,292
Quick Quack Car Wash Holdings, LLC+	LLC units	N/A	N/A		06/2024	N/A	215	215		—		247
Yorkshire Parent, Inc.+	LP units	N/A	N/A		12/2023	N/A	—	544		—		625
								8,965		0.2		8,680
Beverages
Spindrift Beverage Co. Inc.+	LP units	N/A	N/A		02/2025	N/A	2	2,039		0.1		2,039
Biotechnology
Cobepa BlueSky Aggregator, SCSp+(24)	LP units	N/A	N/A		10/2023	N/A	4	40		—		42
Cobepa BlueSky Aggregator, SCSp+(24)	Preferred stock	N/A	15.00%	Non-Cash	04/2024	N/A	5	56		—		57
Cobepa BlueSky Aggregator, SCSp+	LP interest	N/A	N/A		12/2021	N/A	219	1,899		—		514
								1,995		—		613
Building Products
BECO Holding Company, Inc.+(24)	Preferred stock	N/A	11.75%	Non-Cash	11/2021	N/A	132	19,083		0.5		19,284
BECO Holding Company, Inc.+	LP interest	N/A	N/A		11/2021	N/A	10	1,218		—		917
								20,301		0.5		20,201
Chemicals
Inhance Technologies Holdings, LLC+	Preferred stock	N/A	N/A		12/2021	N/A	12	7,283		0.1		3,304
Inhance Technologies Holdings, LLC+	LLC units	N/A	N/A		07/2018	N/A	—	124		—		—
								7,407		0.1		3,304

See Notes to Consolidated Financial Statements.

39

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)	Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+	LP interest	N/A	N/A		10/2021	N/A	773	$	836	—	%	$	1,076
CHA Vision Holdings, Inc. +	LP units	N/A	N/A		01/2024	N/A	—	461		—		531
Franchise Brands plc+(8)(9)(10)(24)(25)	Common stock	N/A	N/A		04/2023	N/A	51	113		—		94
North Haven Stack Buyer, LLC	LLC units	N/A	N/A		07/2021	N/A	516	637		—		996
PT Intermediate Holdings III, LLC+	LLC units	N/A	N/A		12/2021	N/A	16	1,787		0.1		1,874
Radwell Parent, LLC+	LP units	N/A	N/A		03/2022	N/A	4	477		—		396
								4,311		0.1		4,967
Containers & Packaging
Chase Intermediate+	LP units	N/A	N/A		04/2022	N/A	217	209		—		398
Diversified Consumer Services
CHHJ Midco, LLC+(24)	LLC units	N/A	N/A		01/2021	N/A	27	311		—		447
CHVAC Services Investment, LLC+	Common stock	N/A	N/A		05/2024	N/A	105	267		—		417
DP Flores Holdings, LLC+	LLC units	N/A	N/A		09/2022	N/A	106	98		—		156
EMS LINQ, LLC+	LP interest	N/A	N/A		12/2021	N/A	761	758		—		486
EWC Growth Partners LLC+	LLC interest	N/A	N/A		03/2020	N/A	—	12		—		—
HS Spa Holdings, Inc.+	Common stock	N/A	N/A		05/2022	N/A	729	732		—		731
Liminex, Inc.+	Common stock	N/A	N/A		11/2020	N/A	17	634		—		532
NSG Buyer, Inc. +(8)	LP units	N/A	N/A		11/2022	N/A	3	2,992		0.1		3,658
PADI Holdco, Inc.+(24)	LLC interest	N/A	N/A		07/2017	N/A	1	945		0.1		1,424
Project Alpha Intermediate Holdings, Inc.+(24)	Preferred stock	N/A	9.00%	Non-Cash	08/2016	N/A	—	1,228		0.1		1,679
Project Alpha Intermediate Holdings, Inc.+	Common stock	N/A	N/A		08/2016	N/A	202	329		—		808
Virginia Green Acquisition, LLC+	LP units	N/A	N/A		12/2023	N/A	397	407		—		471
								8,713		0.3		10,809
Electric Utilities
Smart Energy Systems, Inc.+	Warrant	N/A	N/A		01/2025	N/A	18	96		—		96
Electrical Equipment
Wildcat TopCo, Inc.+	LP units	N/A	N/A		12/2024	N/A	503	503		—		503
Electronic Equipment, Instruments & Components
Inventus Power, Inc.+	Preferred stock	N/A	N/A		03/2014	N/A	—	372		—		—
Inventus Power, Inc.+	LLC units	N/A	N/A		04/2018	N/A	—	88		—		242
Inventus Power, Inc.+	LP interest	N/A	N/A		05/2019	N/A	—	20		—		61
Inventus Power, Inc.+	Common stock	N/A	N/A		03/2014	N/A	—	—		—		—
								480		—		303

See Notes to Consolidated Financial Statements.

40

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)	Interest Rate(2)	Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food & Staples Retailing
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	08/2015	N/A	44	$	217	—	%	$	271
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	02/2016	N/A	20	61		—		60
Mendocino Farms, LLC+	Common stock	N/A	N/A	06/2018	N/A	227	1,041		—		1,392
PDI TA Holdings, Inc.+	Preferred stock	N/A	N/A	02/2023	N/A	135	4,613		0.2		6,035
Ruby Slipper Cafe LLC, The+	LLC units	N/A	N/A	06/2024	N/A	3	47		—		50
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	01/2018	N/A	38	423		—		151
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	08/2020	N/A	2	28		—		50
							6,430		0.2		8,009
Food Products
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	06/2021	N/A	107	195		—		282
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	05/2023	N/A	6	14		—		15
Borrower R365 Holdings, LLC+	LLC units	N/A	N/A	01/2022	N/A	4	9		—		11
Borrower R365 Holdings, LLC+	Common stock	N/A	N/A	06/2022	N/A	1	3		—		4
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	06/2022	N/A	2	4		—		5
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	05/2023	N/A	1	3		—		4
Borrower R365 Holdings, LLC+	LP units	N/A	N/A	05/2023	N/A	—	1		—		1
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	04/2024	N/A	21	73		—		64
Kodiak Cakes, LLC+	Common stock	N/A	N/A	06/2021	N/A	—	557		—		1,629
Louisiana Fish Fry Products, Ltd.+	Common stock	N/A	N/A	07/2021	N/A	—	599		—		229
Louisiana Fish Fry Products, Ltd.+	Preferred stock	N/A	N/A	09/2022	N/A	—	24		—		36
P&P Food Safety Holdings, Inc.+	Preferred stock	N/A	N/A	03/2024	N/A	—	31		—		39
P&P Food Safety Holdings, Inc.+	Common stock	N/A	N/A	12/2020	N/A	5	434		—		333
Purfoods, LLC+	LLC interest	N/A	N/A	05/2016	N/A	—	945		0.2		5,975
							2,892		0.2		8,627
Healthcare Equipment & Supplies
Aspen Medical Products, LLC+	LP interest	N/A	N/A	06/2019	N/A	—	98		—		103
Blue River Pet Care, LLC+	Common stock	N/A	N/A	08/2019	N/A	—	734		—		782
CCSL Holdings, LLC+(8)	LP interest	N/A	N/A	12/2020	N/A	—	500		—		642
CMI Parent Inc.+	Common stock	N/A	N/A	08/2019	N/A	—	557		—		651
CMI Parent Inc.+	Common stock	N/A	N/A	08/2019	N/A	8	483		0.1		905
JHC Investment Intermediate Holdings, LLC+	LLC units	N/A	N/A	03/2024	N/A	5,293	—		—		832
							2,372		0.1		3,915

See Notes to Consolidated Financial Statements.

41

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)	Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Healthcare Providers & Services
Active Day, Inc.+	LLC interest	N/A	N/A		12/2015	N/A	2	$	1,099	0.1	%	$	1,740
Acuity Eyecare Holdings, LLC+	LLC interest	N/A	N/A		03/2017	N/A	1,632	2,235		0.2		5,098
Acuity Eyecare Holdings, LLC+	LLC units	N/A	N/A		05/2021	N/A	889	1,023		0.1		3,255
ADCS Clinics Intermediate Holdings, LLC+	Preferred stock	N/A	N/A		05/2016	N/A	2	1,119		—		1,230
ADCS Clinics Intermediate Holdings, LLC+	Common stock	N/A	N/A		05/2016	N/A	—	6		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	LLC units	N/A	N/A		03/2021	N/A	180	192		—		134
CRH Healthcare Purchaser, Inc.+	LP interest	N/A	N/A		12/2018	N/A	531	456		—		743
DCA Investment Holding, LLC(7)(24)	Preferred stock	N/A	8.00%	Non-Cash	12/2022	N/A	1,142	659		—		593
DCA Investment Holding, LLC	Common stock	N/A	N/A		12/2022	N/A	12	5		—		—
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		02/2021	N/A	—	749		—		—
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		02/2021	N/A	—	79		—		97
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		02/2021	N/A	11	4		—		—
Encorevet Group LLC+	Preferred stock	N/A	N/A		05/2024	N/A	3	261		—		147
ERC Topco Holdings, LLC+	LLC units	N/A	N/A		03/2025	N/A	3	4,841		0.2		4,841
Krueger-Gilbert Health Physics, LLC+	Common stock	N/A	N/A		05/2019	N/A	239	324		—		600
MWD Management, LLC & MWD Services, Inc.+	LLC interest	N/A	N/A		06/2017	N/A	412	335		—		701
NDX Parent, LLC+	Common stock	N/A	N/A		06/2021	N/A	—	278		—		7
NDX Parent, LLC+	Preferred stock	N/A	N/A		01/2023	N/A	84	88		—		56
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)	Common stock	N/A	N/A		05/2021	N/A	—	409		—		297
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A		08/2016	N/A	—	528		—		901
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A		08/2016	N/A	4	74		—		119
Pyramid Healthcare Acquisition Corp.+	Common stock	N/A	N/A		05/2021	N/A	257	310		—		347
Radiology Partners, Inc.+	LLC units	N/A	N/A		02/2018	N/A	11	68		—		84
Radiology Partners, Inc.+	LLC interest	N/A	N/A		09/2014	N/A	43	55		—		333
Sage Dental Management, LLC+	LLC units	N/A	N/A		10/2012	N/A	—	249		—		477
Sage Dental Management, LLC+	LLC units	N/A	N/A		10/2012	N/A	3	3		—		—
Suveto Buyer, LLC+	Common stock	N/A	N/A		11/2021	N/A	8	727		—		529
								16,176		0.6		22,329

See Notes to Consolidated Financial Statements.

42

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Healthcare Technology
Amberfield Acquisition Co.+	LLC units	N/A			N/A		05/2024	N/A	446	$	449	—	%	$	446
Connexin Software, Inc.+	LLC interest	N/A			N/A		02/2018	N/A	180	228		—		319
Connexin Software, Inc.+	LLC units	N/A			N/A		02/2024	N/A	12	16		—		26
HSI Halo Acquisition, Inc.+(24)	Preferred stock	N/A			10.00%	Non-Cash	10/2019	N/A	—	115		—		244
HSI Halo Acquisition, Inc.+	LP interest	N/A			N/A		10/2019	N/A	—	14		—		75
Symplr Software, Inc.+(24)	Preferred stock	N/A			11.00%	Non-Cash	10/2021	N/A	15	20,104		0.5		19,251
Symplr Software, Inc.+(24)	Preferred stock	SF +	10.50%	(i)	14.80%	Non-Cash	11/2018	N/A	3	6,036		0.2		6,866
Symplr Software, Inc.+(24)	Preferred stock	N/A			11.00%	Non-Cash	12/2020	N/A	2	2,528		0.1		2,555
Symplr Software, Inc.+(24)	Preferred stock	N/A			11.00%	Non-Cash	06/2021	N/A	1	1,524		—		1,494
Symplr Software, Inc.+	LLC units	N/A			N/A		09/2021	N/A	—	161		—		174
Symplr Software, Inc.+	Common stock	N/A			N/A		11/2018	N/A	219	237		—		998
Tebra Technologies, Inc.+	LLC interest	N/A			N/A		07/2022	N/A	348	2,824		0.1		4,458
Tebra Technologies, Inc.+	Warrant	N/A			N/A		03/2019	N/A	169	871		—		649
Tebra Technologies, Inc.+	Warrant	N/A			N/A		06/2017	N/A	53	162		—		5
Tebra Technologies, Inc.+	Preferred stock	N/A			N/A		09/2018	N/A	1	8		—		12
										35,277		0.9		37,572
Hotels, Restaurants & Leisure
Cafe Rio Holding, Inc.+	Common stock	N/A			N/A		09/2017	N/A	5	603		—		446
Freddy's Frozen Custard LLC+	LP interest	N/A			N/A		03/2021	N/A	287	384		—		823
Harri US LLC+	LLC units	N/A			N/A		02/2022	N/A	119	892		—		785
Harri US LLC+	Preferred stock	N/A			N/A		10/2021	N/A	102	649		—		650
Harri US LLC+	Warrant	N/A			N/A		10/2021	N/A	34	171		—		217
Harri US LLC+	Preferred stock	N/A			N/A		10/2023	N/A	96	1,141		0.1		1,473
Harri US LLC+	Warrant	N/A			N/A		03/2024	N/A	9	69		—		144
Harri US LLC+	Warrant	N/A			N/A		02/2025	N/A	10	—		—		—
LMP TR Holdings, LLC	LLC units	N/A			N/A		05/2013	N/A	712	712		—		1,059
PB Group Holdings, LLC+	LP units	N/A			N/A		08/2024	N/A	383	886		—		1,118
Rooster BidCo Limited+(8)(10)	Preferred stock	N/A			N/A		03/2025	N/A	1,258	1,301		0.1		1,301
SSRG Holdings, LLC+	LP interest	N/A			N/A		11/2019	N/A	46	604		—		682
										7,412		0.2		8,698
Insurance
Accession Risk Management Group, Inc.+(24)	Preferred stock	N/A			13.25%	Non-Cash	08/2023	N/A	9	10,668		0.3		10,668
Majesco+(24)	Preferred stock	N/A			9.00%	Non-Cash	09/2020	N/A	—	562		—		639
Majesco+	LP interest	N/A			N/A		09/2020	N/A	97	94		—		484
Oakbridge Insurance Agency LLC+	LP units	N/A			N/A		11/2023	N/A	20	404		—		492
										11,728		0.3		12,283
Internet & Direct Marketing Retail
Revalize, Inc.+	Preferred stock	N/A			N/A		12/2021	N/A	25	26,216		0.5		20,250
Revalize, Inc.+	Preferred stock	N/A			N/A		12/2021	N/A	15	15,735		0.3		12,154
Revalize, Inc.+	Preferred stock	N/A			N/A		12/2022	N/A	11	11,050		0.2		7,926
Revalize, Inc.+	Preferred stock	N/A			N/A		04/2022	N/A	4	4,285		0.1		3,019
										57,286		1.1		43,349
IT Services
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A			N/A		02/2020	N/A	804	2,398		0.2		8,455
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A			N/A		10/2020	N/A	211	931		0.1		2,217
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A			N/A		07/2021	N/A	48	408		—		509

See Notes to Consolidated Financial Statements.

43

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)	Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Warrant	N/A	N/A		08/2020	N/A	277	$	779	0.1	%	$	2,767
Critical Start, Inc.+	Common stock	N/A	N/A		05/2022	N/A	343	379		—		197
Kentik Technologies, Inc.+	Preferred stock	N/A	N/A		09/2021	N/A	509	2,933		0.1		2,924
Kentik Technologies, Inc.+	Warrant	N/A	N/A		11/2024	N/A	—	3		—		3
Netwrix Corporation+	LLC units	N/A	N/A		06/2022	N/A	7	19		—		20
Optimizely North America, Inc.+	Common stock	N/A	N/A		10/2018	N/A	92	1,016		—		1,553
Saturn Borrower Inc.+	LP units	N/A	N/A		09/2020	N/A	520	470		—		758
								9,336		0.5		19,403
Leisure Products
Massage Envy, LLC+	LLC interest	N/A	N/A		09/2012	N/A	749	210		0.1		1,798
Movement Holdings, LLC+(8)(10)	LLC units	N/A	N/A		03/2024	N/A	—	152		—		111
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	82	141		—		76
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	56	96		—		53
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	47	78		—		42
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	41	70		—		37
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	18	29		—		16
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	2	2		—		2
								778		0.1		2,135
Life Sciences Tools & Services
Celerion Buyer, Inc.+(24)	LP units	N/A	N/A		11/2022	N/A	1,302	1,096		—		890
Celerion Buyer, Inc.+	LP units	N/A	N/A		11/2022	N/A	1,302	188		0.1		1,961
PAS Parent Inc.+	LP interest	N/A	N/A		12/2021	N/A	15	1,651		—		1,820
PAS Parent Inc.+	Preferred stock	N/A	N/A		03/2023	N/A	2	267		—		329
								3,202		0.1		5,000
Oil, Gas & Consumable Fuels
W3 Co.+	LLC interest	N/A	N/A		03/2017	N/A	3	1,632		—		1,596
W3 Co.+	Preferred stock	N/A	N/A		01/2019	N/A	—	224		—		255
								1,856		—		1,851
Paper & Forest Products
Messenger, LLC+	LLC units	N/A	N/A		12/2021	N/A	8	667		—		741
Messenger, LLC+	LLC units	N/A	N/A		12/2021	N/A	1	—		—		—
								667		—		741
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12)	LP interest	N/A	N/A		03/2021	N/A	701	605		—		447
Cobalt Buyer Sub, Inc.+(24)	Preferred stock	N/A	13.75%	Non-Cash	10/2021	N/A	11	17,127		0.5		18,254
Cobalt Buyer Sub, Inc.+	Preferred stock	N/A	N/A		10/2021	N/A	—	246		—		241
Cobalt Buyer Sub, Inc.+	Common stock	N/A	N/A		10/2021	N/A	3	2		—		—
Creek Parent, Inc.+	LP interest	N/A	N/A		12/2024	N/A	3,372	3,372		0.1		3,572
								21,352		0.6		22,514

See Notes to Consolidated Financial Statements.

44

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Professional Services
Eclipse Buyer, Inc.+(24)	Preferred stock	N/A			12.50%	Non-Cash	09/2024	N/A	—	$	1,713	0.1	%	$	1,743
Enboarder, Inc.+(8)(11)	Preferred stock	N/A			N/A		01/2022	N/A	83	859		—		566
Filevine, Inc.+	Preferred stock	N/A			N/A		04/2022	N/A	362	2,867		0.1		4,692
Filevine, Inc.+	Warrant	N/A			N/A		04/2022	N/A	54	224		—		589
Filevine, Inc.+	Preferred stock	N/A			N/A		05/2024	N/A	21	176		—		275
Net Health Acquisition Corp.+	LP interest	N/A			N/A		12/2017	N/A	14	1,684		0.1		2,357
Procure Acquireco, Inc.+	LP interest	N/A			N/A		12/2021	N/A	—	901		—		1,236
										8,424		0.3		11,458
Real Estate Management & Development
Inhabit IQ Inc.+	Common stock	N/A			N/A		01/2018	N/A	2	528		—		750
SC Landco Parent, LLC+	Common stock	N/A			N/A		09/2022	N/A	2	274		—		253
										802		—		1,003
Road & Rail
Internet Truckstop Group, LLC+	LP interest	N/A			N/A		04/2019	N/A	554	587		—		383
Software
Anaplan, Inc.+	LP interest	N/A			N/A		06/2022	N/A	962	1,254		—		1,568
Aras Corporation+(24)	Preferred stock	N/A			12.00%	Non-Cash	04/2021	N/A	1	2,070		0.1		2,227
Aras Corporation+	LP interest	N/A			N/A		04/2021	N/A	427	446		—		666
Astute Holdings, Inc.+	LP interest	N/A			N/A		04/2019	N/A	—	520		—		433
Auvik Networks Inc.+(8)(12)	Preferred stock	N/A			N/A		07/2021	N/A	37	405		—		544
Auvik Networks Inc.+(8)(12)	Preferred stock	N/A			N/A		02/2023	N/A	4	46		—		62
Bayshore Intermediate #2, L.P.+	Common stock	N/A			N/A		10/2021	N/A	5,841	5,890		0.2		7,109
Calabrio, Inc.+	LP interest	N/A			N/A		04/2021	N/A	1	1,157		—		1,134
Calabrio, Inc.+	LP interest	N/A			N/A		04/2021	N/A	134	0		—		0
CB Buyer, Inc.+	LP units	N/A			N/A		07/2024	N/A	258	258		—		182
Cloudbees, Inc.+	Preferred stock	N/A			N/A		11/2021	N/A	179	2,007		0.1		2,086
Cloudbees, Inc.+	Warrant	N/A			N/A		05/2018	N/A	158	445		—		1,089
Cloudbees, Inc.+	Preferred stock	N/A			N/A		06/2018	N/A	86	602		—		799
Cynet Security Ltd.+(8)(15)	Preferred stock	N/A			N/A		08/2022	N/A	220	855		—		1,039
Denali Bidco Limited+(8)(10)	LP interest	N/A			N/A		08/2023	N/A	431	610		—		902
Diligent Corporation+(24)	Preferred stock	N/A			10.50%	Non-Cash	04/2021	N/A	24	31,950		0.8		33,359
Diligent Corporation+	Preferred stock	N/A			N/A		04/2016	N/A	415	912		0.1		2,211
Energy Worldnet, LLC+	LLC units	N/A			N/A		02/2025	N/A	50	52		—		52
FirstUp, Inc.+	Common stock	N/A			N/A		07/2021	N/A	305	661		—		210
FirstUp, Inc.+	Preferred stock	N/A			N/A		03/2025	N/A	14	27		—		27
GS Acquisitionco, Inc.+(24)	Preferred stock	N/A			11.00%	Non-Cash	04/2021	N/A	35	47,662		1.3		50,362
GS Acquisitionco, Inc.+(24)	Preferred stock	N/A			11.00%	Non-Cash	11/2021	N/A	5	6,083		0.3		6,258
GS Acquisitionco, Inc.+	LP interest	N/A			N/A		09/2021	N/A	1	363		—		1,200
GS Acquisitionco, Inc.+(24)	Preferred stock	SF +	10.50%	(i)	14.80%	Non-Cash	08/2023	N/A	—	129		—		130
GTY Technology Holdings, Inc.+	LP units	N/A			N/A		07/2022	N/A	73	91		—		168
Gurobi Optimization, LLC+	Common stock	N/A			N/A		09/2024	N/A	—	709		—		835
Impartner, Inc.+	Preferred stock	N/A			N/A		10/2021	N/A	39	307		—		200
Kaseya Inc.+(24)	Preferred stock	SF +	10.75%	(i)	15.03%	Non-Cash	06/2022	N/A	3	3,929		0.1		3,903
Kaseya Inc.+	LP interest	N/A			N/A		06/2022	N/A	250	252		—		287

See Notes to Consolidated Financial Statements.

45

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
LogicMonitor, Inc.+	LP interest	N/A			N/A		12/2024	N/A	250	$	250	—	%	$	257
Ministry Brands Holdings LLC+	LP interest	N/A			N/A		12/2021	N/A	799	774		—		649
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+	Warrant	N/A			N/A		10/2019	N/A	6	17		—		16
Onit, Inc.+	Warrant	N/A			N/A		02/2023	N/A	—	14		—		16
Panzura, LLC+	LLC units	N/A			N/A		03/2025	N/A	2	6		—		—
Personify, Inc.+	LP interest	N/A			N/A		09/2018	N/A	879	1,396		0.1		2,139
Pluralsight, LLC+	LLC units	N/A			N/A		08/2024	N/A	1,988	3,663		0.1		4,330
QAD, Inc.+(24)	Preferred stock	N/A			9.00%	Non-Cash	11/2021	N/A	1	1,300		—		1,263
QAD, Inc.+	Common stock	N/A			N/A		11/2021	N/A	68	134		—		—
RegEd Aquireco, LLC+	LP interest	N/A			N/A		12/2018	N/A	—	358		—		214
RegEd Aquireco, LLC+	Preferred stock	N/A			N/A		07/2023	N/A	—	27		—		35
RegEd Aquireco, LLC+	LP interest	N/A			N/A		12/2018	N/A	4	21		—		0
Riskonnect Parent, LLC+(24)	Preferred stock	N/A			11.00%	Non-Cash	04/2022	N/A	26	34,310		0.9		34,669
Riskonnect Parent, LLC+	LP interest	N/A			N/A		11/2021	N/A	1,382	1,412		0.1		1,588
Riskonnect Parent, LLC+(24)	Preferred stock	SF +	10.50%	(i)	14.80%	Non-Cash	07/2022	N/A	—	991		—		1,006
Riskonnect Parent, LLC+(24)	Preferred stock	N/A			10.50%	Non-Cash	06/2024	N/A	—	54		—		57
Rokt Inc.+	Common stock	N/A			N/A		01/2025	N/A	20	683		—		683
SnapLogic, Inc.+	Preferred stock	N/A			N/A		09/2019	N/A	344	1,028		0.1		2,048
SnapLogic, Inc.+	Warrant	N/A			N/A		09/2019	N/A	131	162		—		527
Spartan Buyer Acquisition Co.+	Common stock	N/A			N/A		12/2020	N/A	1	794		—		501
Spartan Buyer Acquisition Co.+	Preferred stock	N/A			N/A		12/2022	N/A	—	110		—		126
Telesoft Holdings LLC+	LP interest	N/A			N/A		12/2019	N/A	137	129		—		120
Templafy APS and Templafy, LLC+(8)(18)	Warrant	N/A			N/A		07/2022	N/A	—	82		—		80
Togetherwork Holdings, LLC+	Preferred stock	N/A			N/A		07/2024	N/A	307	1,342		—		1,442
Tricentis Operations Holdings, Inc.+	LP interest	N/A			N/A		02/2025	N/A	40	40		—		40
Zendesk, Inc.+	LP units	N/A			N/A		11/2022	N/A	63	708		—		624
										159,497		4.3		171,472

See Notes to Consolidated Financial Statements.

46

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)	Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail
Ave Holdings III, Corp+(24)	Preferred stock	N/A	11.50%	Non-Cash	02/2022	N/A	15	$	19,362	0.5	%	$	18,648
Ave Holdings III, Corp+	LP units	N/A	N/A		02/2022	N/A	2	1,737		—		311
Batteries Plus Holding Corporation+	LP interest	N/A	N/A		07/2016	N/A	10	1,287		—		1,360
Cycle Gear, Inc.+	LLC units	N/A	N/A		02/2016	N/A	2,002	481		—		275
Cycle Gear, Inc.+	Preferred stock	N/A	N/A		01/2023	N/A	75	75		—		150
Metal Supermarkets US Buyer, LLC+(8)(12)	Preferred stock	N/A	N/A		12/2024	N/A	3	347		—		323
Metal Supermarkets US Buyer, LLC+(8)(12)	LLC units	N/A	N/A		12/2024	N/A	1	—		—		—
Pet Holdings ULC+(8)(12)(24)	LP interest	N/A	N/A		04/2015	N/A	677	383		—		633
Salon Lofts Group, LLC+	LP units	N/A	N/A		08/2022	N/A	—	129		—		93
Southern Veterinary Partners, LLC+(24)	Preferred stock	N/A	10.00%	Non-Cash	12/2024	N/A	5	1,119		0.2		5,071
Southern Veterinary Partners, LLC+(24)	Preferred stock	N/A	10.00%	Non-Cash	12/2024	N/A	—	243		—		421
Southern Veterinary Partners, LLC+	LLC units	N/A	N/A		12/2024	N/A	52	81		—		259
Southern Veterinary Partners, LLC+	LLC units	N/A	N/A		12/2024	N/A	4	15		—		21
Southern Veterinary Partners, LLC+(24)	Preferred stock	N/A	10.00%	Non-Cash	12/2024	N/A	—	11		—		50
Southern Veterinary Partners, LLC+(24)	Preferred stock	N/A	10.00%	Non-Cash	12/2024	N/A	—	2		—		4
Southern Veterinary Partners, LLC+	LLC units	N/A	N/A		12/2024	N/A	1	—		—		3
Southern Veterinary Partners, LLC+	LLC units	N/A	N/A		12/2024	N/A	—	—		—		—
VSG Acquisition Corp. and Sherrill, Inc.+	LP units	N/A	N/A		04/2022	N/A	—	57		—		80
								25,329		0.7		27,702
Textiles, Apparel & Luxury Goods
Georgica Pine Clothiers, LLC+(24)	LLC interest	N/A	N/A		11/2015	N/A	20	239		—		394
Georgica Pine Clothiers, LLC+	Common stock	N/A	N/A		08/2020	N/A	—	—		—		2
MakerSights, Inc.+	Preferred stock	N/A	N/A		06/2021	N/A	56	265		—		106
Shoes For Crews Global, LLC+	LLC units	N/A	N/A		06/2024	N/A	2	1,083		—		1,190
								1,587		—		1,692
Total non-controlled/non-affiliate company equity investments								434,031		11.6		467,547
Total non-controlled/non-affiliate company investments								8,374,891		206.4		8,345,620

See Notes to Consolidated Financial Statements.

47

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(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)
Non-controlled/affiliate company investments(28)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+(7)(26)	One stop	SF +	1.00%	(i)	5.30%	PIK			06/2027	$	7,388	$	7,071	0.1	%	$	4,359
Abita Brewing Co., L.L.C.+(7)(26)	Second lien	SF +	1.00%	(i)	5.30%	PIK			06/2027	5,086		3,724		—		407
Abita Brewing Co., L.L.C.+(26)	One stop	SF +	1.00%	(h)(i)(j)	5.34%	PIK			06/2027	2,054		2,054		0.1		1,788
										14,528		12,849		0.2		6,554
Energy, Equipment & Services
Benetech, Inc.+(7)(26)	One stop	SF +	1.00%	(i)	5.30%	PIK			08/2027	4,860		3,623		0.1		1,944
Benetech, Inc.+(7)(26)	One stop	SF +	1.00%	(i)	5.30%	PIK			08/2027	1,076		732		—		79
										5,936		4,355		0.1		2,023
Healthcare Equipment & Supplies
G & H Wire Company, Inc.+(26)	One stop	SF +	6.00%	(i)	5.46%	cash/	5.00%	PIK	11/2029	2,777		2,777		0.1		2,777
G & H Wire Company, Inc.+	One stop	SF +	6.00%		N/A(6)				11/2029	—		—		—		—
										2,777		2,777		0.1		2,777
Healthcare Providers & Services
Bayside Opco, LLC+	One stop	SF +	7.25%	(i)	11.70%				06/2026	12,786		12,743		0.3		12,786
Bayside Opco, LLC+(26)	Subordinated debt	SF +	10.00%	(i)	14.45%	PIK			06/2026	5,426		5,123		0.1		5,426
Bayside Opco, LLC+	One stop	SF +	7.25%	(i)	11.70%				06/2026	4,524		4,430		0.1		4,523
Bayside Opco, LLC+	One stop	SF +	7.00%		N/A(6)				06/2026	—		—		—		—
Elite Dental Partners LLC+(7)(26)	One stop	SF +	5.25%	(i)	9.70%	PIK			09/2025	17,519		13,029		0.1		5,081
Elite Dental Partners LLC+(7)(26)	One stop	SF +	12.00%	(i)	16.45%	PIK			09/2025	10,595		7,225		0.1		3,708
Elite Dental Partners LLC+(26)	One stop	SF +	5.25%	(i)	9.70%	PIK			09/2025	1,889		1,889		0.1		1,889
Opening Day Borrower 111 LLC+	One stop	SF +	6.25%	(i)	10.70%				05/2027	3,761		3,761		0.1		3,761
SPF Borrower LLC+(26)	One stop	SF +	6.25%	(i)	8.70%	cash/	2.00%	PIK	02/2028	16,191		16,191		0.4		16,191
SPF Borrower LLC+(26)	One stop	SF +	9.50%	(i)	13.95%	PIK			02/2028	8,625		8,625		0.2		8,625
SPF Borrower LLC+	One stop	SF +	6.25%		N/A(6)				02/2028	—		—		—		—
										81,316		73,016		1.5		61,990
Life Sciences Tools & Services
Reaction Biology Corporation+(26)	One stop	SF +	4.75%	(i)	4.30%	cash/	4.75%	PIK	03/2029	2,793		2,793		0.1		2,793
Reaction Biology Corporation+(26)	One stop	SF +	4.75%	(i)	4.30%	cash/	4.75%	PIK	03/2029	419		419		—		419
										3,212		3,212		0.1		3,212
Multiline Retail
Fleet Farm Group, LLC+(26)	Senior secured	SF +	5.50%	(i)	9.79%	PIK				5,147		5,147		0.1		5,147
Software
Switchfly LLC+(26)	One stop	N/A			1.00%	PIK			10/2026	1,419		1,419		—		1,277
Specialty Retail
Chestnut Optical Midco, Inc.+	One stop	SF +	1.00%	(i)	5.30%				06/2029	45,064		41,241		1.0		42,135
Chestnut Optical Midco, Inc.+(5)	One stop	SF +	1.00%		N/A(6)				06/2029	—		—		—		(183)
Chestnut Optical Midco, Inc.+(5)	One stop	SF +	1.00%	(i)	5.30%				06/2029	939		939		—		(37)
										46,003		42,180		1.0		41,915
Total non-controlled/affiliate company debt investments										160,338		144,955		3.1		124,895

See Notes to Consolidated Financial Statements.

48

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)	Interest Rate(2)	Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity investments(22)(23)
Beverages
Abita Brewing Co., L.L.C.+	Warrant	N/A	N/A	02/2021	N/A	210	$	—	—	%	$	—
Healthcare Equipment & Supplies
G & H Wire Company, Inc.+	LLC units	N/A	N/A	11/2024	N/A	159	3,810		0.1		4,129
Healthcare Providers & Services
Bayside Opco, LLC+	LLC units	N/A	N/A	05/2023	N/A	6	2,592		0.2		9,038
Elite Dental Partners LLC	LLC interest	N/A	N/A	09/2020	N/A	—	2,902		—		—
Elite Dental Partners LLC	LLC interest	N/A	N/A	09/2020	N/A	—	1,250		—		—
Elite Dental Partners LLC	LLC units	N/A	N/A	09/2020	N/A	—	—		—		—
Opening Day Borrower 111 LLC+	Preferred stock	N/A	N/A	09/2024	N/A	181	21,172		0.5		18,810
Opening Day Borrower 111 LLC+	LLC units	N/A	N/A	04/2023	N/A	181	7,836		0.1		2,350
SPF Borrower LLC+	LLC units	N/A	N/A	02/2024	N/A	—	9,347		0.3		12,786
							45,099		1.1		42,984
Life Sciences Tools & Services
Reaction Biology Corporation+	LLC units	N/A	N/A	03/2025	N/A	139	4,980		0.1		4,977
Multiline Retail
Fleet Farm Group, LLC	LLC units	N/A	N/A	12/2024	N/A	129	23,874		0.6		24,413
Software
Switchfly LLC+	LLC interest	N/A	N/A	09/2018	N/A	98,370	2,321		—		813
Switchfly LLC+	Preferred stock	N/A	N/A	09/2024	N/A	7,275	5,375		0.1		5,723
Switchfly LLC+	LLC units	N/A	N/A	03/2022	N/A	950	950		—		588
							8,646		0.1		7,124
Specialty Retail
Chestnut Optical Midco, Inc.+	LLC units	N/A	N/A	06/2024	N/A	189	53,764		1.4		55,162
Total non-controlled/affiliate company equity investments							140,173		3.4		138,789
Total non-controlled/affiliate company investments							285,128		6.5		263,684

See Notes to Consolidated Financial Statements.

49

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)	Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Controlled affiliate company investments(29)
Debt investments
IT Services
MMan Acquisition Co.+(26)	One stop	N/A	8.00%	PIK		03/2026	$	2,052	$	2,052	0.1	%	$	1,909
MMan Acquisition Co.+(26)	One stop	N/A	12.00%	PIK		03/2026	1,139		1,139		—		1,138
MMan Acquisition Co.+(26)	One stop	N/A	12.00%	PIK		03/2026	1,224		1,224		—		1,224
MMan Acquisition Co.+(26)	One stop	N/A	12.00%	PIK		03/2026	354		354		—		354
Total controlled affiliate company debt investments							4,769		4,769		0.1		4,625
Equity investments(22)(23)
IT Services
MMan Acquisition Co.+	Preferred stock	N/A	N/A		09/2024	N/A	—		7,832		0.2		7,291
Total controlled affiliate equity investments									7,832		0.2		7,291
Total controlled affiliate company investments									12,601		0.3		11,916
Total investments									8,672,620		213.2		8,621,220
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)			4.22%	(30)					$	62,303	1.5	%	$	62,303
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582)			4.21%	(30)					6,526		0.2		6,526
Morgan Stanley US Dollar Liquidity Fund Institutional Distributing Share Class (CUSIP L64887109)			4.37%	(30)					47,213		1.2		47,213
Allspring Government Money Market Fund Select Share Class (CUSIP 949921126)			4.27%	(30)					2,041		0.1		2,041
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio Institutional Share Class (CUSIP 61747C525)			4.14%	(30)					63,250		1.6		63,250
Total money market funds									181,333		4.6		181,333
Total investments and money market funds									$	8,853,953	217.8	%	$	8,802,553

See Notes to Consolidated Financial Statements.

50

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

^	Denotes that all or a portion of the loan secures the notes offered in the GBDC 3 2022 Debt Securitization (as defined in Note 7).
*	Denotes that all or a portion of the loan collateralizes the notes offered in the 2024 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).

(1)The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime (“P”), Sterling Overnight Index Average ("SONIA" or “SN”), Australian Interbank Rate (”AUD” or ”A”) or Canadian Overnight Repo Rate Average (“CORRA” or “CA”) which reset daily, monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of March 31, 2025. 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 March 31, 2025, 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 could not be the applicable index rate outstanding as of March 31, 2025, as the loan could have priced or repriced based on an index rate prior to March 31, 2025.

(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 7.50% as of March 31, 2025.

(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 2.36% as of March 31, 2025.

(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 2.34% as of March 31, 2025.

(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 2.34% as of March 31, 2025.

(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 4.13% as of March 31, 2025.

(f) Denotes that all or a portion of the contract was indexed to SONIA, which was 4.46% as of March 31, 2025.

(g) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 4.41% as of March 31, 2025.

(h) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 4.32% as of March 31, 2025.

(i) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 4.29% as of March 31, 2025.

(j) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 4.19% as of March 31, 2025.

(k) Denotes that all or a portion of the contract was indexed to Daily CORRA, which was 2.77% as of March 31, 2025.

(l) Denotes that all or a portion of the contract was indexed to the 90-day Term CORRA, which was 2.66% as of March 31, 2025.

(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of March 31, 2025.

(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.

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

(6)The entire commitment was unfunded as of March 31, 2025. As such, no interest is being earned on this investment. The investment could be subject to an unused facility fee.

(7)Investment was on non-accrual status as of March 31, 2025, meaning that the Company has ceased recognizing interest or non-cash dividend income on the investment.

(8)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of March 31, 2025, total non-qualifying assets at fair value represented 14.4% 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.

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

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

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

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

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

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

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

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

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

(19)The headquarters of this portfolio company is located in Germany.

(20)The headquarters of this portfolio company is located in France.

(21)The headquarters of this portfolio company is located in Jersey.

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

See Notes to Consolidated Financial Statements.

51

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

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

(24) The Company holds an equity investment that is income producing.

(25) The fair value of this investment was valued using Level 1 inputs. See Note 6.

(26) All or a portion of the loan interest was capitalized into the outstanding principal balance of the loan in accordance with the terms of the credit agreement during the six months ended March 31, 2025.

(27) The fair value of the loan reflects the legal claim on par and accrued uncapitalized payment-in-kind (“PIK”) interest.

(28) As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns five percent or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the six months ended March 31, 2025 were as follows:

Portfolio Company	Fair value as of September 30, 2024		Gross additions(a)		Gross reductions(b)		Net change in unrealized appreciation (depreciation)		Net realized gain (loss)		Fair value as of March 31, 2025		Interest, dividend and fee income
Abita Brewing Co. LLC	$	6,000	$	4,525	$	(3,252)	$	(719)	$	—	$	6,554	$	46
Bayside Opco, LLC	29,127		569		(79)		2,156		—		31,773		1,624
Benetech, Inc.	1,793		269		(459)		420		—		2,023		8
Chestnut Optical Midco, Inc.(c)	93,864		1,388		—		1,825		—		97,077		1,709
Elite Dental Partners LLC	11,696		1,761		(1,669)		(1,110)		—		10,678		96
Fleet Farm Group LLC	—		29,020		—		540		—		29,560		98
G & H Wire Company, Inc	—		6,587		—		319		—		6,906		102
Opening Day Borrower 111 LLC	24,936		8,137		(4,377)		(3,775)		—		24,921		78
Reaction Biology Corporation	—		8,192		—		(3)		—		8,189		13
SPF Borrower LLC	36,653		456		(164)		657		—		37,602		1,492
Switchfly LLC	7,313		709		—		379		—		8,401		13
Total Non-Controlled Affiliates	$	211,382	$	61,613	$	(10,000)	$	689	$	—	$	263,684	$	5,279

(a)	Gross additions could 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 could 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)	Formerly known as Imperial Optical Midco Inc.

(29) As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” of and “control” this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement) (“controlled affiliate”). Transactions related to investments in controlled affiliates for the six months ended March 31, 2025 were as follows:

Portfolio Company	Fair value as of September 30, 2024		Gross additions(a)		Gross reductions(b)		Net change in unrealized appreciation (depreciation)		Net realized gain (loss)		Fair value as of March 31, 2025		Interest, dividend and fee income
MMan Acquisition Co.	$	12,205	$	238	$	—	$	(527)	$	—	$	11,916	$	249
Total Controlled Affiliates	$	12,205	$	238	$	—	$	(527)	$	—	$	11,916	$	249

(a)

Gross additions could 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 could 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.

(30) The rate shown is the annualized seven-day yield as of March 31, 2025.

See Notes to Consolidated Financial Statements.

52

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 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%	(h)(i)	11.24%				02/2029	$	34,377	$	34,130	0.9	%	$	34,892
PPW Aero Buyer, Inc.+	One stop	SF +	5.50%	(i)	10.10%				02/2029	4,292		4,262		0.1		4,292
PPW Aero Buyer, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				02/2029	—		(87)		—		—
PPW Aero Buyer, Inc.+	One stop	SF +	6.50%	(a)(h)(i)	12.20%				02/2029	52		51		—		52
										38,721		38,356		1.0		39,236
Airlines
Accelya Lux Finco S.A.R.L.<+(8)(13)(25)	One stop	SF +	7.00%	(i)	7.70%	cash/	4.00%	PIK	12/2026	8,903		8,808		0.2		8,547
Auto Components
Collision SP Subco, LLC<+	One stop	SF +	5.50%	(i)	10.75%				01/2030	886		875		—		886
Collision SP Subco, LLC+	One stop	SF +	5.50%	(h)(j)	10.36%				01/2030	162		157		—		162
Collision SP Subco, LLC+	One stop	SF +	5.50%	(i)	10.75%				01/2030	14		13		—		14
Covercraft Parent III, Inc.&+	Senior secured	SF +	4.50%	(i)	9.97%				08/2027	6,826		6,781		0.2		6,621
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50%	(h)	9.45%				08/2027	1,381		1,360		—		1,339
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50%	(h)	9.62%				08/2027	60		56		—		54
North Haven Falcon Buyer, LLC<+(25)	One stop	SF +	8.00%	(i)	8.12%	cash/	5.00%	PIK	05/2027	9,106		8,415		0.2		7,285
North Haven Falcon Buyer, LLC+(25)	One stop	SF +	8.00%	(i)	8.00%	cash/	5.00%	PIK	05/2027	1,525		1,408		—		1,220
OEConnection, LLC~+	One stop	SF +	5.25%	(h)	10.10%				04/2031	10,288		10,243		0.3		10,288
OEConnection, LLC+(5)	One stop	SF +	5.25%		N/A(6)				04/2031	—		(8)		—		—
OEConnection, LLC+(5)	One stop	SF +	5.25%		N/A(6)				04/2031	—		(8)		—		—
Polk Acquisition Corp.*#+(25)	Senior secured	SF +	7.50%	(h)	10.20%	cash/	2.25%	PIK	12/2024	18,598		18,542		0.4		17,297
Polk Acquisition Corp.+(25)	Senior secured	SF +	7.50%	(h)	10.20%	cash/	2.25%	PIK	12/2024	110		110		—		102
Polk Acquisition Corp.+(25)	Senior secured	SF +	7.50%	(h)	10.20%	cash/	2.25%	PIK	12/2024	119		119		—		108
										49,075		48,063		1.1		45,376
Automobiles
CAP-KSI Holdings, LLC+	One stop	SF +	5.25%	(i)	9.85%				06/2030	6,584		6,490		0.2		6,584
CAP-KSI Holdings, LLC+	One stop	SF +	5.25%	(h)	10.10%				06/2030	182		167		—		182
CG Group Holdings, LLC*#~<+(25)	One stop	SF +	8.75%	(i)	11.35%	cash/	2.00%	PIK	07/2027	45,910		45,698		1.1		45,452
CG Group Holdings, LLC+(25)	One stop	SF +	8.75%	(h)	11.60%	cash/	2.00%	PIK	07/2026	704		698		—		698
Denali Midco 2, LLC~+	One stop	SF +	6.00%	(h)	10.95%				12/2027	44,627		44,451		1.1		44,627
Denali Midco 2, LLC&<+	One stop	SF +	6.00%	(h)	10.95%				12/2027	10,401		10,591		0.3		10,401
Denali Midco 2, LLC&+	One stop	SF +	6.00%	(h)	10.95%				12/2027	3,113		3,170		0.1		3,113
Denali Midco 2, LLC<+	One stop	SF +	6.00%	(h)	10.95%				12/2027	1,891		1,926		0.1		1,891
Denali Midco 2, LLC<+	One stop	SF +	6.00%	(h)	10.95%				12/2027	1,797		1,829		0.1		1,797
Denali Midco 2, LLC<+	One stop	SF +	6.00%	(h)	10.95%				12/2027	1,568		1,597		0.1		1,568
Denali Midco 2, LLC<+	One stop	SF +	6.50%	(h)	11.45%				12/2027	1,508		1,492		0.1		1,508
Denali Midco 2, LLC<+	One stop	SF +	6.00%	(h)	10.95%				12/2027	1,292		1,292		—		1,292
Denali Midco 2, LLC<+	One stop	SF +	6.00%	(h)	10.95%				12/2027	1,254		1,254		—		1,254
Denali Midco 2, LLC<+	One stop	SF +	6.00%	(h)	10.95%				12/2027	1,254		1,254		—		1,254
Denali Midco 2, LLC<+	One stop	SF +	6.00%	(h)	10.95%				12/2027	1,034		1,034		—		1,034
Denali Midco 2, LLC+	One stop	SF +	6.50%	(h)	11.45%				12/2027	469		465		—		469
Denali Midco 2, LLC+	One stop	SF +	6.50%	(h)	11.45%				12/2027	406		401		—		406
Denali Midco 2, LLC+	One stop	SF +	5.75%	(h)	10.70%				12/2027	394		394		—		394
Denali Midco 2, LLC+	One stop	SF +	6.50%	(h)	11.45%				12/2027	343		340		—		343

See Notes to Consolidated Financial Statements.

53

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 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 +	6.50%	(h)	11.45%	12/2027	$	201	$	200	—	%	$	201
Denali Midco 2, LLC+	One stop	SF +	6.00%	(h)	10.95%	12/2027	200		197		—		200
Denali Midco 2, LLC+	One stop	SF +	6.50%	(h)	11.45%	12/2027	101		100		—		101
Denali Midco 2, LLC+(5)	One stop	SF +	5.75%		N/A(6)	12/2027	—		(4)		—		—
High Bar Brands Operating, LLC<+	Senior secured	SF +	5.00%	(i)	9.60%	12/2029	1,435		1,430		0.1		1,435
High Bar Brands Operating, LLC<+	Senior secured	SF +	5.00%	(i)	9.60%	12/2029	299		298		—		299
High Bar Brands Operating, LLC+	Senior secured	SF +	5.00%	(i)	9.60%	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)	9.85%	09/2027	17,889		17,792		0.5		17,889
JHCC Holdings LLC<+	One stop	SF +	5.25%	(i)	9.85%	09/2027	5,179		5,262		0.1		5,179
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.85%	09/2027	4,951		4,950		0.1		4,951
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.87%	09/2027	3,714		3,691		0.1		3,714
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.92%	09/2027	2,797		2,819		0.1		2,797
JHCC Holdings LLC<+	One stop	SF +	5.25%	(i)	9.85%	09/2027	1,659		1,642		—		1,659
JHCC Holdings LLC<+	One stop	SF +	5.25%	(i)	9.85%	09/2027	732		727		—		732
JHCC Holdings LLC<+	One stop	SF +	5.25%	(i)	9.85%	09/2027	695		693		—		695
JHCC Holdings LLC+	One stop	P +	4.25%	(a)	12.25%	09/2027	66		64		—		66
MOP GM Holding, LLC*#~^+	One stop	SF +	5.75%	(i)	10.50%	11/2026	32,888		32,862		0.8		32,559
MOP GM Holding, LLC&+	One stop	SF +	5.75%	(j)	11.33%	11/2026	3,866		3,858		0.1		3,827
MOP GM Holding, LLC~+	One stop	SF +	5.75%	(j)	11.09%	11/2026	3,617		3,597		0.1		3,581
MOP GM Holding, LLC^+	One stop	SF +	5.75%	(j)	11.09%	11/2026	3,537		3,516		0.1		3,502
MOP GM Holding, LLC^+	One stop	SF +	5.75%	(i)	10.50%	11/2026	2,621		2,604		0.1		2,594
MOP GM Holding, LLC&+	One stop	SF +	5.75%	(j)	11.09%	11/2026	2,161		2,149		0.1		2,140
MOP GM Holding, LLC&+	One stop	SF +	5.75%	(j)	11.09%	11/2026	1,993		1,975		—		1,973
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.50%	11/2026	726		721		—		718
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.50%	11/2026	533		530		—		528
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)(j)	10.62%	11/2026	400		397		—		396
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	11.09%	11/2026	267		265		—		264
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.50%	11/2026	203		202		—		201
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.50%	11/2026	89		88		—		88
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	11.09%	11/2026	89		88		—		88
MOP GM Holding, LLC+(5)	One stop	SF +	5.75%		N/A(6)	11/2026	—		(34)		—		—
National Express Wash Parent Holdco, LLC&+	One stop	SF +	5.50%	(i)	10.74%	07/2029	9,620		9,560		0.2		9,428
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.50%	(j)	9.75%	07/2029	140		135		—		132
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)	10.25%	11/2027	28,489		28,766		0.7		28,489
POY Holdings, LLC<+	One stop	SF +	5.50%	(i)	10.25%	11/2027	3,703		3,764		0.1		3,703
POY Holdings, LLC~+	One stop	SF +	5.50%	(i)	10.25%	11/2027	1,311		1,311		—		1,311
POY Holdings, LLC+	One stop	SF +	5.50%	(i)	10.89%	11/2027	873		873		—		873
POY Holdings, LLC+	One stop	SF +	5.50%	(i)	10.25%	11/2027	651		651		—		651
POY Holdings, LLC+	One stop	SF +	5.50%	(i)	10.29%	11/2027	291		291		—		291
POY Holdings, LLC+	One stop	SF +	5.50%	(i)	10.29%	11/2027	31		29		—		31
POY Holdings, LLC+(5)	One stop	SF +	5.50%		N/A(6)	11/2027	—		(28)		—		—
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	4.75%	(h)	9.60%	06/2031	3,608		3,578		0.1		3,608
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	4.75%	(h)	9.60%	06/2031	140		129		—		140
Quick Quack Car Wash Holdings, LLC+(5)	One stop	SF +	4.75%		N/A(6)	06/2031	—		(3)		—		—

See Notes to Consolidated Financial Statements.

54

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 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)	11.70%		12/2026	$	46,804	$	46,658	1.2	%	$	46,804
TWAS Holdings, LLC*~&+	One stop	SF +	6.75%	(h)	11.70%		12/2026	41,809		41,768		1.0		41,809
TWAS Holdings, LLC<+	One stop	SF +	6.75%	(h)	11.70%		12/2026	10,854		10,845		0.3		10,854
TWAS Holdings, LLC<+	One stop	SF +	6.75%	(h)	11.70%		12/2026	8,288		8,354		0.2		8,288
TWAS Holdings, LLC<+	One stop	SF +	6.75%	(h)	11.70%		12/2026	5,264		5,306		0.1		5,264
TWAS Holdings, LLC+(5)	One stop	SF +	6.75%		N/A(6)		12/2026	—		(6)		—		—
Yorkshire Parent, Inc.<+	One stop	SF +	6.00%	(i)	10.60%		12/2029	2,634		2,672		0.1		2,634
Yorkshire Parent, Inc.+(5)	One stop	SF +	6.00%		N/A(6)		12/2029	—		(1)		—		—
Yorkshire Parent, Inc.+(5)	One stop	SF +	6.00%		N/A(6)		12/2029	—		(1)		—		—
								382,403		382,120		9.5		381,208
Banks
OSP Hamilton Purchaser, LLC<+	One stop	SF +	5.00%	(i)	10.25%		12/2029	1,745		1,769		0.1		1,745
OSP Hamilton Purchaser, LLC+	One stop	SF +	5.00%	(i)	10.26%		12/2029	331		325		—		331
OSP Hamilton Purchaser, LLC+	One stop	SF +	5.00%		N/A(6)		12/2029	—		—		—		—
								2,076		2,094		0.1		2,076
Beverages
Financial Information Technologies, LLC~&<+	One stop	SF +	5.25%	(i)	9.85%		06/2030	34,626		34,555		0.9		34,626
Financial Information Technologies, LLC+(25)	One stop	N/A			14.00%	PIK	06/2031	19,894		19,758		0.5		19,894
Financial Information Technologies, LLC+(5)	One stop	SF +	5.25%		N/A(6)		06/2030	—		(1)		—		—
Financial Information Technologies, LLC<+	One stop	SF +	5.25%	(i)	9.85%		06/2030	2,221		2,218		0.1		2,221
Financial Information Technologies, LLC+(5)	One stop	SF +	5.25%		N/A(6)		06/2030	—		(1)		—		—
Watermill Express, LLC^+	One stop	SF +	5.75%	(i)	10.50%		07/2029	3,064		3,046		0.1		3,072
Watermill Express, LLC+	One stop	SF +	5.75%	(i)	10.50%		07/2029	296		296		—		297
Watermill Express, LLC+	One stop	SF +	5.75%	(i)	10.96%		07/2029	111		108		—		111
Watermill Express, LLC<+	One stop	SF +	5.75%	(i)	10.50%		07/2029	739		735		—		742
Watermill Express, LLC+	One stop	SF +	5.75%	(i)	10.60%		07/2029	371		369		—		371
Watermill Express, LLC+	One stop	SF +	5.00%	(i)	9.75%		07/2029	582		569		—		564
Winebow Holdings, Inc.~<	One stop	SF +	6.25%	(h)	11.20%		12/2027	9,354		9,247		0.2		8,887
								71,258		70,899		1.8		70,785

Building Products
BECO Holding Company, Inc.#~&<+	One stop	SF +	5.25%	(i)	10.00%				11/2028	40,999	41,632	1.0	40,999
BECO Holding Company, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				11/2027	—	(2)	—	—
										40,999	41,630	1.0	40,999
Capital Markets
BlueMatrix Holdings, LLC~+	One stop	SF +	5.25%	(i)	9.85%				01/2031	2,540	2,564	0.1	2,540
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)	—	—
										2,540	2,557	0.1	2,540
Chemicals
Inhance Technologies Holdings, LLC#<+(25)	One stop	SF +	6.50%	(i)	7.98%	cash/	4.00%	PIK	12/2024	15,132	14,768	0.3	12,257
Inhance Technologies Holdings, LLC#&(25)	One stop	SF +	6.50%	(i)	7.98%	cash/	4.00%	PIK	12/2024	13,742	13,204	0.3	11,130
Inhance Technologies Holdings, LLC<+(25)	One stop	SF +	6.50%	(i)	7.98%	cash/	4.00%	PIK	12/2024	2,673	2,563	0.1	2,165
Inhance Technologies Holdings, LLC+(25)	One stop	SF +	6.50%	(i)	7.98%	cash/	4.00%	PIK	12/2024	314	297	—	251
Krayden Holdings, Inc.+	Senior secured	SF +	4.75%	(h)	9.60%				03/2029	9,840	9,743	0.3	9,741
Krayden Holdings, Inc.+(5)	Senior secured	SF +	4.75%		N/A(6)				03/2029	—	(33)	—	(34)
Krayden Holdings, Inc.+(5)	Senior secured	SF +	4.75%		N/A(6)				03/2029	—	(48)	—	(49)

See Notes to Consolidated Financial Statements.

55

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 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)(25)	One stop	E +	9.25%	(d)	9.41%	cash/	3.00%	PIK	09/2028	$	51,136	$	50,266	1.1	%	$	46,023
PHM NL SP Bidco B.V.+(8)(14)(25)	One stop	SF +	9.25%	(g)	11.33%	cash/	3.00%	PIK	09/2028	19,993		19,250		0.4		17,994
PHM NL SP Bidco B.V.+(8)(9)(14)(25)	One stop	SN +	6.75%	(f)	8.70%	cash/	3.00%	PIK	09/2028	11,497		10,881		0.3		10,348
PHM NL SP Bidco B.V.+(8)(9)(14)(25)	One stop	E +	6.75%	(d)	7.50%	cash/	3.00%	PIK	09/2028	5,332		5,138		0.1		4,807
										129,659		126,029		2.9		114,633
Commercial Services & Supplies
BradyIFS Holdings, LLC^+	One stop	SF +	6.00%	(i)	11.25%				10/2029	4,842		4,926		0.1		4,842
BradyIFS Holdings, LLC+	One stop	SF +	6.00%	(h)(i)	11.18%				10/2029	382		381		—		382
CI (Quercus) Intermediate Holdings, LLC~<+	One stop	SF +	5.00%	(i)	9.63%				06/2031	27,427		27,109		0.7		27,427
CI (Quercus) Intermediate Holdings, LLC+	One stop	SF +	5.00%	(i)	10.05%				06/2031	53		34		—		53
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop	SF +	5.00%		N/A(6)				06/2031	—		(50)		—		—
Encore Holdings, LLC+	One stop	SF +	5.50%	(i)	10.25%				11/2028	4,564		4,501		0.1		4,575
Encore Holdings, LLC<+	One stop	SF +	5.50%	(i)	10.20%				11/2028	907		895		—		910
Encore Holdings, LLC+	One stop	SF +	5.25%	(i)	10.11%				11/2028	1,170		1,163		—		1,170
FR Vision Holdings, Inc.<+	One stop	SF +	5.50%	(i)	10.78%				01/2031	1,070		1,066		—		1,070
FR Vision Holdings, Inc.+	One stop	SF +	5.50%	(i)	10.78%				01/2031	90		89		—		90
FR Vision Holdings, Inc.+	One stop	SF +	5.50%		N/A(6)				01/2030	—		—		—		—
Kleinfelder Intermediate, LLC<+	One stop	SF +	6.25%	(i)	11.31%				09/2030	4,087		3,987		0.1		4,087
Kleinfelder Intermediate, LLC+	One stop	P +	4.00%	(a)	12.00%				09/2028	120		112		—		120
Kleinfelder Intermediate, LLC+(5)	One stop	SF +	5.00%		N/A(6)				09/2030	—		(5)		—		—
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	10.31%				07/2027	1,564		1,549		0.1		1,568
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.00%	(i)	9.60%				07/2027	158		132		—		158
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	10.53%				07/2027	284		281		—		285
North Haven Stack Buyer, LLC+(5)	Second lien	N/A			N/A(6)				01/2028	—		(15)		—		—
North Haven Stack Buyer, LLC*#~<	Senior secured	SF +	5.25%	(i)	10.50%				07/2027	12,284		12,271		0.3		12,315
North Haven Stack Buyer, LLC+(25)	Second lien	N/A			10.00%	cash/	2.50%	PIK	01/2028	2,277		2,257		0.1		2,290
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	9.85%				07/2027	1,481		1,472		0.1		1,485
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	10.53%				07/2027	1,418		1,410		0.1		1,422

North Haven Stack Buyer, LLC#~	Senior secured	SF +	5.25%	(i)	10.50%				07/2027	4,139	4,126	0.1	4,149
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	10.50%				07/2027	1,371	1,366	—	1,374
North Haven Stack Buyer, LLC#~	Senior secured	SF +	5.25%	(i)	10.50%				07/2027	1,366	1,361	—	1,369
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	10.37%				07/2027	200	200	—	201
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	10.50%				07/2027	100	100	—	100
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	10.34%				07/2027	166	157	—	166
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	9.85%				07/2027	2,281	2,268	0.1	2,287
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	9.85%				07/2027	485	481	—	485
North Haven Stack Buyer, LLC+(25)	Second lien	N/A			10.00%	cash/	2.50%	PIK	01/2028	1,501	1,481	0.1	1,511
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.00%	(i)	9.59%				07/2027	910	904	—	910
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.00%	(i)	9.67%				07/2027	689	684	—	689
Profile Products LLC<+	One stop	SF +	5.50%	(h)	10.70%				11/2027	9,052	8,974	0.2	8,600
Profile Products LLC<+(8)	One stop	SF +	5.50%	(h)	10.70%				11/2027	1,835	1,811	—	1,743
Profile Products LLC+	One stop	P +	4.50%	(a)	12.50%				11/2027	72	71	—	68
Profile Products LLC+(5)	One stop	SF +	5.75%		N/A(6)				11/2027	—	(1)	—	(4)
PSC Parent, Inc.~+	One stop	SF +	5.25%	(h)	10.42%				04/2031	5,505	5,495	0.2	5,505
PSC Parent, Inc.+	One stop	SF +	5.25%	(a)(h)	10.36%				04/2030	377	372	—	377
PSC Parent, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				04/2031	—	(6)	—	—
PSC Parent, Inc.+	One stop	SF +	5.25%	(h)	10.10%				04/2031	917	913	—	917
PT Intermediate Holdings III, LLC<+(25)	One stop	SF +	5.00%	(i)	7.85%	cash/	1.75%	PIK	04/2030	12,234	12,262	0.3	12,234
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)	10.10%				03/2029	34,289	33,967	0.8	33,947
Radwell Parent, LLC&<+	One stop	SF +	5.50%	(i)	10.10%				03/2029	32,407	32,458	0.8	32,083
Radwell Parent, LLC+	One stop	SF +	5.50%	(i)	10.10%				03/2029	248	199	—	235

See Notes to Consolidated Financial Statements.

56

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 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)
Radwell Parent, LLC+	One stop	SF +	5.50%	(i)	10.10%		03/2029	$	553	$	551	—	%	$	540
Trinity Air Consultants Holdings Corporation<+	One stop	SF +	5.25%	(i)	10.61%		06/2028	2,632		2,610		0.1		2,632
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.25%	(j)	10.40%		06/2028	530		530		—		530
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)	10.45%		06/2028	494		492		—		494
WRE Holding Corp.+	One stop	SF +	5.00%	(j)	9.25%		07/2031	16,514		16,355		0.4		16,514
WRE Holding Corp.+	One stop	SF +	5.00%	(j)	9.81%		07/2031	241		219		—		241
WRE Holding Corp.+(5)	One stop	SF +	5.00%		N/A(6)		07/2030	—		(23)		—		—
								195,286		193,941		4.8		194,146
Communications Equipment
Lightning Finco Limited+(8)(10)	One stop	SF +	5.50%	(g)	10.76%		09/2028	14,802		14,775		0.4		14,802
Lightning Finco Limited+(8)(9)(10)	One stop	E +	5.50%	(d)	9.17%		09/2028	1,692		1,744		—		1,692
								16,494		16,519		0.4		16,494
Construction & Engineering
Consor Intermediate II, LLC~+	One stop	SF +	4.75%	(i)	9.35%		05/2031	4,050		4,062		0.1		4,050
Consor Intermediate II, LLC+(5)	One stop	SF +	4.75%		N/A(6)		05/2031	—		(17)		—		—
Consor Intermediate II, LLC+(5)	One stop	SF +	4.75%		N/A(6)		05/2031	—		(3)		—		—
								4,050		4,042		0.1		4,050
Containers & Packaging
Chase Intermediate#~&<+	One stop	SF +	4.75%	(i)	10.00%		10/2028	49,331		50,053		1.2		49,331
Chase Intermediate+(5)	One stop	SF +	4.75%		N/A(6)		10/2028	—		(2)		—		—
Chase Intermediate+	One stop	SF +	4.75%	(i)	9.90%		10/2028	938		932		—		938
Fortis Solutions Group, LLC*#~^&+	One stop	SF +	5.50%	(i)	10.20%		10/2028	51,533		51,172		1.3		50,501
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(i)	10.20%		10/2028	199		101		—		70
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(i)	10.20%		10/2028	141		76		—		138
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(a)(i)	10.78%		10/2027	162		153		—		152
								102,304		102,485		2.5		101,130
Diversified Consumer Services
Any Hour, LLC~+	One stop	SF +	5.00%	(i)	9.60%		05/2030	9,066		9,001		0.2		8,975
Any Hour, LLC+(25)	One stop	N/A			13.00%	PIK	05/2031	2,876		2,824		0.1		2,847
Any Hour, LLC+	One stop	SF +	5.00%	(i)	9.90%		05/2030	303		290		—		294
Any Hour, LLC+	One stop	SF +	5.00%	(i)	10.28%		05/2030	257		238		—		230
Apex Service Partners, LLC<+	One stop	SF +	5.00%	(h)	9.86%		10/2030	4,434		4,508		0.1		4,390
Apex Service Partners, LLC+	One stop	SF +	5.00%	(h)	9.86%		10/2030	1,545		1,476		0.1		1,406
Apex Service Partners, LLC+	One stop	SF +	5.00%	(h)	9.86%		10/2030	1,055		1,041		—		1,045
Apex Service Partners, LLC+	One stop	SF +	5.00%	(h)	9.86%		10/2029	38		36		—		38
Certus Pest, Inc.#~	One stop	SF +	5.75%	(i)	10.50%		02/2026	1,730		1,715		0.1		1,730
Certus Pest, Inc.#~	One stop	SF +	5.75%	(i)	10.50%		02/2026	1,659		1,638		0.1		1,659
Certus Pest, Inc.+	One stop	SF +	5.75%	(i)	10.50%		02/2026	1,197		1,197		—		1,197
Certus Pest, Inc.#~	One stop	SF +	5.75%	(i)	10.50%		02/2026	1,182		1,176		—		1,182
Certus Pest, Inc.~+	One stop	SF +	5.75%	(i)	10.50%		02/2026	820		814		—		820
Certus Pest, Inc.#~	One stop	SF +	5.75%	(i)	10.50%		02/2026	723		709		—		723
Certus Pest, Inc.+	One stop	SF +	5.75%	(i)	10.50%		02/2026	704		701		—		704
Certus Pest, Inc.~+	One stop	SF +	5.75%	(i)	10.50%		02/2026	416		412		—		416
Certus Pest, Inc.+	One stop	SF +	5.75%	(i)	10.50%		02/2026	260		255		—		260
Certus Pest, Inc.+	One stop	SF +	5.75%	(i)	10.50%		02/2026	142		133		—		142
Certus Pest, Inc.+	One stop	SF +	5.75%	(i)	10.50%		02/2026	60		58		—		60
Certus Pest, Inc.+	One stop	SF +	5.75%		N/A(6)		02/2026	—		—		—		—
CHHJ Midco, LLC#~	Senior secured	SF +	5.00%	(j)	10.51%		01/2026	3,732		3,724		0.1		3,732
CHHJ Midco, LLC+	Senior secured	SF +	5.00%		N/A(6)		01/2026	—		—		—		—
CHVAC Services Investment, LLC~+	One stop	SF +	5.00%	(i)	9.60%		05/2030	2,945		2,922		0.1		2,945

See Notes to Consolidated Financial Statements.

57

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 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)
CHVAC Services Investment, LLC+	One stop	SF +	5.00%	(i)	9.60%				05/2030	$	1,371	$	1,329	—	%	$	1,371
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)	10.73%				07/2027	2,400		2,387		0.1		2,400
COP Hometown Acquisitions, Inc.<+	Senior secured	SF +	5.25%	(i)	10.73%				07/2027	2,339		2,322		0.1		2,339
COP Hometown Acquisitions, Inc.<+	Senior secured	SF +	5.25%	(i)	10.72%				07/2027	1,533		1,523		0.1		1,533
COP Hometown Acquisitions, Inc.<+	Senior secured	SF +	5.25%	(i)	10.68%				07/2027	1,083		1,076		—		1,083
COP Hometown Acquisitions, Inc.<+	Senior secured	SF +	5.25%	(i)	10.73%				07/2027	1,154		1,147		—		1,154
COP Hometown Acquisitions, Inc.<+	Senior secured	SF +	5.25%	(i)	10.65%				07/2027	696		690		—		696
COP Hometown Acquisitions, Inc.+(5)	Senior secured	SF +	5.25%		N/A(6)				07/2027	—		(2)		—		—
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.50%	(g)(i)	10.83%				07/2027	1,383		1,381		—		1,383
COP Hometown Acquisitions, Inc.<+	Senior secured	SF +	5.50%	(i)	10.75%				07/2027	1,045		1,043		—		1,045
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.50%	(i)	10.74%				07/2027	922		920		—		922
EMS LINQ, LLC^+	One stop	SF +	6.25%	(i)	11.41%				12/2027	13,835		13,868		0.4		13,835
EMS LINQ, LLC+	One stop	SF +	6.25%	(i)	11.41%				12/2027	96		95		—		96
Entomo Brands Acquisitions, Inc.<+	Senior secured	SF +	5.50%	(i)	10.25%				07/2029	4,389		4,392		0.1		4,389
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50%	(i)	10.25%				07/2029	30		29		—		30
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50%	(i)	10.25%				07/2029	1,263		1,240		—		1,263
EWC Growth Partners LLC<+	One stop	SF +	6.00%	(i)	10.75%				03/2026	959		956		—		939
EWC Growth Partners LLC&+	One stop	SF +	6.00%	(i)	10.75%				03/2026	1,125		1,125		—		1,103
EWC Growth Partners LLC+	One stop	SF +	6.00%	(i)	10.75%				03/2026	38		38		—		36
EWC Growth Partners LLC+	One stop	SF +	6.00%	(i)	10.75%				03/2026	107		107		—		105
FPG Intermediate Holdco, LLC+(25)	One stop	SF +	6.75%	(j)	7.25%	cash/	4.00%	PIK	03/2027	14,093		13,790		0.3		10,992
FPG Intermediate Holdco, LLC+(25)	One stop	SF +	6.75%	(j)	7.25%	cash/	4.00%	PIK	03/2027	7,800		7,491		0.2		6,084
FPG Intermediate Holdco, LLC+(25)	One stop	SF +	6.75%	(h)(j)	7.81%	cash/	4.00%	PIK	03/2027	126		125		—		126
FSS Buyer LLC&+	One stop	SF +	5.00%	(h)	9.85%				08/2028	7,666		7,652		0.2		7,666
FSS Buyer LLC+	One stop	SF +	5.00%		N/A(6)				08/2027	—		—		—		—
HS Spa Holdings, Inc.<+	One stop	SF +	5.25%	(i)	10.31%				06/2029	11,550		11,530		0.3		11,550
HS Spa Holdings, Inc.+	One stop	SF +	5.25%	(a)(h)	11.15%				06/2028	64		62		—		64
HS Spa Holdings, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				06/2029	—		(2)		—		—
Learn-it Systems, LLC<+(25)	Senior secured	SF +	5.25%	(i)	7.25%	cash/	2.75%	PIK	09/2026	3,381		3,377		0.1		3,381
Learn-it Systems, LLC+(25)	Senior secured	SF +	5.25%	(i)	7.25%	cash/	2.75%	PIK	09/2026	1,991		1,985		0.1		1,991
Learn-it Systems, LLC+(25)	Senior secured	SF +	5.25%	(i)	7.25%	cash/	2.75%	PIK	09/2026	847		844		—		847
Learn-it Systems, LLC+	Senior secured	SF +	5.25%		N/A(6)				09/2026	—		—		—		—
Liminex, Inc.<+	One stop	SF +	7.25%	(i)	12.46%				11/2026	35,650		35,614		0.9		35,650
Liminex, Inc.<+	One stop	SF +	7.25%	(i)	12.46%				11/2026	23,516		23,443		0.6		23,516
Liminex, Inc.<+	One stop	SF +	7.25%	(i)	12.46%				11/2026	15,953		15,763		0.4		15,953
Liminex, Inc.^<+	One stop	SF +	7.25%	(i)	12.46%				11/2026	20,321		20,685		0.5		20,321
Litera Bidco, LLC~+	One stop	SF +	5.00%	(h)	9.85%				05/2028	5,201		5,213		0.1		5,201
Litera Bidco, LLC+	One stop	SF +	5.00%	(h)	9.85%				05/2028	1,060		1,053		—		1,060
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)	10.70%				04/2029	456		414		—		410
Mario Purchaser, LLC<+	One stop	SF +	5.75%	(h)	10.70%				04/2029	11,384		11,329		0.3		11,270
Mario Purchaser, LLC+(25)	One stop	SF +	10.75%	(h)	15.70%	PIK			04/2032	4,428		4,447		0.1		4,384
Mario Purchaser, LLC+	One stop	SF +	5.75%	(h)	10.70%				04/2029	5,241		5,268		0.1		5,188
Mario Purchaser, LLC+	One stop	SF +	5.75%	(h)	10.70%				04/2028	14		14		—		14
NSG Buyer, Inc. *#&+	One stop	SF +	6.25%	(h)	11.20%				11/2029	34,332		34,267		0.9		34,589
NSG Buyer, Inc. +(5)	One stop	SF +	5.50%		N/A(6)				11/2029	—		(2)		—		—
NSG Buyer, Inc. +(5)	One stop	SF +	6.25%		N/A(6)				11/2028	—		(1)		—		—
NSG Buyer, Inc. +	One stop	SF +	5.50%	(h)	10.35%				11/2029	1,785		1,779		0.1		1,785
PADI Holdco, Inc.*#	One stop	SF +	6.25%	(i)	11.46%				01/2027	21,353		21,136		0.5		21,353
PADI Holdco, Inc.+(8)(9)	One stop	E +	6.25%	(c)	9.76%				01/2027	20,130		20,416		0.5		20,130
PADI Holdco, Inc.+	One stop	SF +	6.25%	(i)	11.66%				01/2027	823		814		—		823

See Notes to Consolidated Financial Statements.

58

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 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)
PADI Holdco, Inc.+	One stop	SF +	6.25%	(i)	11.35%				01/2027	$	170	$	168	—	%	$	170
PADI Holdco, Inc.+	One stop	SF +	6.25%	(i)	11.67%				01/2027	214		212		—		214
Provenance Buyer LLC*#~<+	One stop	SF +	5.50%	(h)	10.45%				06/2027	20,797		20,617		0.5		19,756
Provenance Buyer LLC#&	One stop	SF +	5.50%	(h)	10.45%				06/2027	14,010		13,953		0.3		13,309
Provenance Buyer LLC+	One stop	SF +	5.50%	(h)	10.45%				06/2027	125		121		—		112
RW AM Holdco LLC#&+	One stop	SF +	5.25%	(i)	9.95%				04/2028	26,368		25,712		0.6		24,523
RW AM Holdco LLC+(5)	One stop	SF +	5.25%		N/A(6)				04/2028	—		(13)		—		(22)
Virginia Green Acquisition, LLC<+	One stop	SF +	5.25%	(j)	9.50%				12/2030	2,416		2,456		0.1		2,416
Virginia Green Acquisition, LLC+	One stop	SF +	5.25%		N/A(6)				12/2029	—		—		—		—
Virginia Green Acquisition, LLC+	One stop	SF +	5.25%	(j)	9.50%				12/2030	99		98		—		99
										384,276		382,358		9.4		375,442
Diversified Financial Services
Avalara, Inc.<+	One stop	SF +	6.25%	(i)	10.85%				10/2028	18,170		18,095		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 +	5.00%	(h)	9.85%				06/2031	3,301		3,255		0.1		3,301
Baker Tilly Advisory Group, LP+(5)	One stop	SF +	5.00%		N/A(6)				06/2030	—		(10)		—		—
Baker Tilly Advisory Group, LP+(5)	One stop	SF +	5.00%		N/A(6)				06/2031	—		(4)		—		—
Banker's Toolbox, Inc.&+	One stop	SF +	4.50%	(i)	9.10%				07/2027	20,569		20,521		0.5		20,569
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	16,585		15,959		0.4		16,430
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)(25)	Subordinated debt	E +	8.00%	(d)	3.59%	cash/	8.00%	PIK	07/2032	1,935		1,861		0.1		1,916
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	—		—		—		—
Finastra USA, Inc.<+	One stop	SF +	7.25%	(i)	12.18%				09/2029	5,373		5,292		0.1		5,393
Finastra USA, Inc.+	One stop	SF +	7.25%	(i)	12.18%				09/2029	46		45		—		46
Flash Topco, Inc.*&	One stop	SF +	5.75%	(i)	11.10%				10/2028	17,094		16,883		0.4		16,240
Flash Topco, Inc.+	One stop	SF +	6.50%	(i)	11.71%				10/2028	143		141		—		136
Flash Topco, Inc.+	One stop	SF +	6.50%	(i)	11.72%				12/2024	75		74		—		74
Higginbotham Insurance Agency, Inc.<+	One stop	SF +	4.50%	(h)	9.35%				11/2028	8,093		8,128		0.2		8,093
Higginbotham Insurance Agency, Inc.+	One stop	SF +	4.75%	(h)	9.60%				11/2028	220		218		—		220
										91,604		90,456		2.3		90,588

See Notes to Consolidated Financial Statements.

59

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 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)	9.75%	07/2027	$	1,529	$	1,521	—	%	$	1,529
Electrical Equipment
Power Grid Holdings, Inc.<+	One stop	SF +	4.75%	(i)	10.00%	12/2030	1,425		1,408		—		1,425
Power Grid Holdings, Inc.+(5)	One stop	SF +	4.75%		N/A(6)	12/2030	—		(2)		—		—
							1,425		1,406		—		1,425
Electronic Equipment, Instruments & Components
CST Holding Company&<	One stop	SF +	5.00%	(h)	9.95%	11/2028	34,063		33,123		0.8		34,063
CST Holding Company+(5)	One stop	SF +	5.00%		N/A(6)	11/2028	—		(3)		—		—
							34,063		33,120		0.8		34,063

Food & Staples Retailing
Mendocino Farms, LLC<+	One stop	SF +	5.50%	(h)	10.35%	03/2030	1,001	998	—	1,001
Mendocino Farms, LLC+(5)	One stop	SF +	5.50%		N/A(6)	03/2030	—	(1)	—	—
Mendocino Farms, LLC+	One stop	SF +	5.50%		N/A(6)	03/2030	—	—	—	—
Mendocino Farms, LLC+	One stop	SF +	5.50%	(h)	10.35%	03/2030	112	111	—	112
PDI TA Holdings, Inc.<+	One stop	SF +	5.25%	(h)(i)	10.47%	02/2031	1,143	1,138	—	1,143
PDI TA Holdings, Inc.+(5)	One stop	SF +	5.25%		N/A(6)	02/2031	—	(1)	—	—
PDI TA Holdings, Inc.+(5)	One stop	SF +	5.25%		N/A(6)	02/2031	—	(1)	—	—
Ruby Slipper Cafe LLC, The*+	One stop	SF +	7.50%	(i)	12.25%	07/2025	2,304	2,295	0.1	2,304
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(i)	12.25%	07/2025	515	513	—	515
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(i)	12.25%	07/2025	340	339	—	340
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(i)	12.25%	07/2025	190	190	—	190
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(i)	12.25%	07/2025	—	—	—	—
Wineshipping.com LLC&+	One stop	SF +	5.75%	(j)	10.74%	10/2027	9,674	9,545	0.3	9,190
Wineshipping.com LLC+	One stop	SF +	5.75%	(i)	11.20%	10/2027	265	259	—	251
Wineshipping.com LLC+	One stop	SF +	5.75%	(a)(i)	11.20%	10/2027	146	142	—	138
							15,690	15,527	0.4	15,184

See Notes to Consolidated Financial Statements.

60

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 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)	10.60%				10/2030	$	4,905	$	4,843	0.1	%	$	4,905
Blast Bidco Inc.+(5)	One stop	SF +	6.00%		N/A(6)				10/2029	—		(7)		—		—
Borrower R365 Holdings, LLC^+	One stop	SF +	6.00%	(i)	10.75%				06/2027	18,823		18,811		0.5		18,823
Borrower R365 Holdings, LLC<+	One stop	SF +	6.00%	(i)	10.75%				06/2027	1,556		1,545		—		1,556
Borrower R365 Holdings, LLC+	One stop	SF +	6.00%	(i)	10.75%				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)	10.33%				08/2030	13,432		13,301		0.3		13,298
Eagle Family Foods Group, LLC+	One stop	SF +	5.00%	(i)	10.33%				08/2030	201		187		—		186
Kodiak Cakes, LLC^+	Senior secured	SF +	5.25%	(i)	10.50%				06/2028	46,378		45,974		1.2		46,378
Kodiak Cakes, LLC+(5)	Senior secured	SF +	5.25%		N/A(6)				06/2028	—		(5)		—		—
Louisiana Fish Fry Products, Ltd.*~<+	One stop	SF +	6.25%	(i)	11.00%				07/2027	13,700		13,669		0.4		13,564
Louisiana Fish Fry Products, Ltd.+	One stop	SF +	6.25%	(i)	11.00%				07/2027	196		193		—		192
MAPF Holdings, Inc.*#~^&+	One stop	SF +	6.50%	(i)	11.25%				12/2026	51,975		51,816		1.2		46,258
MAPF Holdings, Inc.+	One stop	SF +	6.50%	(i)	11.25%				12/2026	600		593		—		534
MAPF Holdings, Inc.<+	One stop	SF +	6.50%	(i)	11.25%				12/2026	1,666		1,640		—		1,482
MAPF Holdings, Inc.+	One stop	N/A			19.00%				12/2026	1,214		1,187		—		1,076
P&P Food Safety Holdings, Inc.*~&+	One stop	SF +	6.00%	(i)	10.75%				12/2026	24,812		24,779		0.6		24,068
P&P Food Safety Holdings, Inc.+(5)	One stop	SF +	6.00%		N/A(6)				12/2026	—		(2)		—		(6)
Ultimate Baked Goods Midco LLC<+	One stop	SF +	6.25%	(i)	11.41%				08/2027	9,314		9,329		0.2		9,314
Ultimate Baked Goods Midco LLC+	One stop	SF +	6.25%	(i)	11.40%				08/2027	48		31		—		48
Ultimate Baked Goods Midco LLC+	One stop	SF +	5.50%	(i)	10.66%				08/2027	1,926		1,917		—		1,926
Whitebridge Pet Brands, LLC*#&+	One stop	SF +	4.75%	(h)	9.70%				07/2027	26,358		26,339		0.7		26,358
Whitebridge Pet Brands, LLC+(5)	One stop	SF +	4.75%		N/A(6)				07/2027	—		(1)		—		—
Wizard Bidco Limited<+(8)(10)	One stop	SF +	6.00%	(i)	10.60%				03/2029	22,740		22,637		0.6		22,740
Wizard Bidco Limited<+(8)(9)(10)(25)	One stop	SN +	5.00%	(f)	8.45%	cash/	1.50%	PIK	03/2029	10,977		10,583		0.3		10,483
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	6.00%	(f)	10.95%				03/2029	8,322		7,718		0.2		8,322
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	4.75%	(f)	9.70%				09/2028	200		183		—		192
Wizard Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.00%		N/A(6)				03/2029	—		(43)		—		—
										259,574		257,447		6.3		251,928

See Notes to Consolidated Financial Statements.

61

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 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 Equipment & Supplies
Aspen Medical Products, LLC#~+	One stop	SF +	4.75%	(h)	9.81%				06/2025	$	5,013	$	5,023	0.1	%	$	5,013
Aspen Medical Products, LLC<+	One stop	SF +	4.75%	(h)	9.81%				06/2025	321		320		—		321
Aspen Medical Products, LLC+	One stop	SF +	4.75%		N/A(6)				06/2025	—		—		—		—
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	6.20%	(g)	11.29%				08/2028	7,744		7,750		0.2		7,638
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	6.20%	(c)	9.76%				08/2028	4,614		4,789		0.1		4,550
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	6.20%	(g)	11.29%				08/2028	1,912		1,912		0.1		1,886
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SN +	6.20%	(f)	11.27%				08/2028	1,353		1,342		—		1,334
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	6.20%	(c)	9.55%				08/2028	1,101		1,087		—		1,086
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SN +	6.25%	(f)	11.20%				08/2028	572		518		—		537
Belmont Instrument, LLC*#&	One stop	SF +	6.25%	(i)	10.85%				08/2028	14,504		14,397		0.4		14,504
Belmont Instrument, LLC+	One stop	SF +	6.25%	(i)	10.85%				08/2028	66		63		—		66
Blades Buyer, Inc.#~<+	Senior secured	SF +	5.00%	(h)	10.30%				03/2028	12,285		12,244		0.3		12,285
Blades Buyer, Inc.<+	Senior secured	SF +	5.25%	(h)	10.55%				03/2028	1,743		1,729		—		1,743
Blades Buyer, Inc.<+	Senior secured	SF +	5.00%	(h)	10.30%				03/2028	1,409		1,401		—		1,409
Blades Buyer, Inc.+	Senior secured	SF +	4.75%	(h)	10.05%				03/2028	60		57		—		58
Blue River Pet Care, LLC*#~&+	One stop	SF +	5.00%	(h)	9.95%				07/2026	62,942		63,036		1.6		62,942
Blue River Pet Care, LLC<+	One stop	SF +	5.00%	(h)	9.95%				07/2026	12,462		12,676		0.3		12,462
Blue River Pet Care, LLC<+	One stop	SF +	5.00%	(h)	9.95%				07/2026	2,905		2,956		0.1		2,905
Blue River Pet Care, LLC<+	One stop	SF +	5.00%	(h)	9.95%				07/2026	2,793		2,841		0.1		2,793
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(h)	9.95%				07/2026	2,765		2,813		0.1		2,765
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(h)	9.95%				07/2026	2,125		2,161		0.1		2,125
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(h)	9.95%				07/2026	1,258		1,258		—		1,258
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(h)	9.95%				07/2026	417		416		—		417
Blue River Pet Care, LLC+	One stop	P +	4.00%	(a)(h)	11.19%				07/2026	150		148		—		150
Blue River Pet Care, LLC+(5)	One stop	SF +	5.00%		N/A(6)				07/2026	—		(3)		—		—
CCSL Holdings, LLC*#~(8)	One stop	SF +	5.75%	(h)	10.60%				12/2028	21,060		21,007		0.5		20,903
CCSL Holdings, LLC<+(8)	One stop	SF +	5.75%	(h)	10.60%				12/2028	5,685		5,701		0.1		5,642
CCSL Holdings, LLC<+(8)(9)	One stop	SN +	5.75%	(f)	10.70%				12/2028	3,579		3,350		0.1		3,552
CCSL Holdings, LLC+(8)	One stop	SF +	5.75%	(h)	10.60%				12/2028	3,497		3,467		0.1		3,472
CCSL Holdings, LLC+(8)	One stop	SF +	5.75%	(h)	10.60%				12/2028	2,906		2,878		0.1		2,884
CCSL Holdings, LLC+(8)	One stop	SF +	5.75%	(h)	10.60%				12/2028	120		118		—		116
CCSL Holdings, LLC+(5)(8)	One stop	SF +	5.75%		N/A(6)				12/2028	—		(6)		—		(7)
CCSL Holdings, LLC+(5)(8)(9)	One stop	E +	5.75%		N/A(6)				12/2028	—		—		—		(247)
CCSL Holdings, LLC+(5)(8)(9)	One stop	E +	5.75%		N/A(6)				12/2028	—		(46)		—		(48)
CMI Parent Inc.+	One stop	SF +	5.00%	(h)	9.85%				12/2026	22,581		22,476		0.6		22,468
CMI Parent Inc.~^+	One stop	SF +	5.00%	(h)	9.85%				12/2026	19,888		20,037		0.5		19,789
CMI Parent Inc.^+	Senior secured	SF +	5.00%	(h)	9.85%				12/2026	9,533		9,588		0.2		9,485
CMI Parent Inc.<+	One stop	SF +	5.00%	(h)	9.85%				12/2026	8,943		8,993		0.2		8,899
CMI Parent Inc.+(5)	One stop	SF +	5.00%		N/A(6)				12/2026	—		(1)		—		(3)
G & H Wire Company, Inc.+(7)(25)	One stop	SF +	9.00%	(i)	6.21%	cash/	8.00%	PIK	12/2025	12,622		11,929		0.2		6,564
G & H Wire Company, Inc.+(7)(25)	One stop	SF +	9.00%	(i)	6.21%	cash/	8.00%	PIK	12/2025	106		100		—		34
HuFriedy Group Acquisition, LLC+	One stop	SF +	5.50%	(i)	10.56%				06/2031	7,931		7,855		0.2		7,851
HuFriedy Group Acquisition, LLC+(5)	One stop	SF +	5.50%		N/A(6)				05/2030	—		(8)		—		(9)
HuFriedy Group Acquisition, LLC+(5)	One stop	SF +	5.50%		N/A(6)				06/2031	—		(16)		—		(17)
JHC Investment Intermediate Holdings, LLC+(25)	One stop	SF +	8.75%	(i)	7.45%	cash/	6.00%	PIK	03/2029	1,351		1,351		—		1,351
JHC Investment Intermediate Holdings, LLC+(7)(25)	One stop	SF +	8.75%	(i)	13.45%	PIK			03/2029	856		542		—		684
TIDI Legacy Products, Inc.<+	One stop	SF +	5.50%	(h)	10.35%				12/2029	3,520		3,584		0.1		3,520
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%	(h)	10.87%				12/2029	4,430		4,428		0.1		4,430
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)		—		—
										269,122		268,251		6.5		261,560

See Notes to Consolidated Financial Statements.

62

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 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)	10.20%				12/2027	$	8,672	$	8,621	0.2	%	$	8,672
AAH TOPCO, LLC +	One stop	SF +	5.25%	(h)	10.22%				12/2027	8,152		8,194		0.2		8,152
AAH TOPCO, LLC +(25)	Subordinated debt	N/A			11.50%	PIK			12/2031	2,730		2,614		0.1		2,566
AAH TOPCO, LLC +	One stop	SF +	5.25%	(h)	10.22%				12/2027	1,483		1,504		0.1		1,483
AAH TOPCO, LLC +(5)	One stop	SF +	5.50%		N/A(6)				12/2027	—		(1)		—		—
Active Day, Inc.#+	One stop	SF +	5.00%	(h)	9.95%				08/2025	17,388		17,342		0.4		17,388
Active Day, Inc.#+	One stop	SF +	5.00%	(h)	9.95%				08/2025	1,343		1,339		—		1,343
Active Day, Inc.*#	One stop	SF +	5.00%	(h)	9.95%				08/2025	865		863		—		865
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.95%				08/2025	689		687		—		689
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.95%				08/2025	608		606		—		608
Active Day, Inc.*#	One stop	SF +	5.00%	(h)	9.95%				08/2025	597		596		—		597
Active Day, Inc.+	One stop	SF +	5.25%		N/A(6)				08/2025	—		—		—		—
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.95%				08/2025	—		—		—		—
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(i)	10.92%				03/2026	16,177		16,111		0.4		16,177
Acuity Eyecare Holdings, LLC+(25)	One stop	N/A			16.50%	PIK			06/2027	14,304		14,189		0.4		14,733
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	11.00%				03/2026	3,996		3,983		0.1		3,996
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	11.14%				03/2026	3,559		3,548		0.1		3,559
Acuity Eyecare Holdings, LLC#+	One stop	SF +	6.25%	(i)	11.00%				03/2026	3,504		3,493		0.1		3,504
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	11.00%				03/2026	3,138		3,140		0.1		3,138
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(i)	11.22%				03/2026	2,006		1,995		—		2,006
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	11.00%				03/2026	1,829		1,833		—		1,829
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(i)	11.15%				03/2026	1,023		1,019		—		1,023
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	11.00%				03/2026	443		442		—		443
Acuity Eyecare Holdings, LLC+(25)	One stop	SF +	13.00%	(i)	11.00%	cash/	6.75%	PIK	03/2026	279		278		—		279
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(i)	11.39%				03/2026	212		211		—		212
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	11.00%				03/2026	163		163		—		163
Acuity Eyecare Holdings, LLC+	Senior secured	SF +	6.25%	(i)	11.58%				03/2026	108		107		—		108
Acuity Eyecare Holdings, LLC+(25)	One stop	SF +	13.00%	(i)	11.12%	cash/	6.75%	PIK	03/2026	109		108		—		109
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	11.00%				03/2026	1		1		—		1
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%		N/A(6)				03/2026	—		—		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(25)	Subordinated debt	N/A			13.75%	PIK			03/2028	15,672		15,862		0.4		15,672
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC~+	One stop	SF +	6.00%	(i)	11.16%				03/2027	6,419		6,429		0.2		6,419
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC^+	One stop	SF +	6.00%	(i)	11.16%				03/2027	5,365		5,366		0.1		5,365
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(25)	Subordinated debt	N/A			13.75%	PIK			03/2028	3,400		3,378		0.1		3,400
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(25)	Subordinated debt	N/A			13.75%	PIK			03/2028	1,300		1,293		—		1,300
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00%	(i)	11.35%				03/2027	837		836		—		837
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00%	(i)	11.35%				03/2027	397		397		—		397
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)	One stop	SF +	6.00%		N/A(6)				03/2027	—		(1)		—		—
Bamboo US Bidco LLC<+(25)	One stop	SF +	6.75%	(i)	8.62%	cash/	3.38%	PIK	09/2030	2,716		2,655		0.1		2,689
Bamboo US Bidco LLC<+(8)(9)(25)	One stop	E +	6.75%	(c)	7.01%	cash/	3.38%	PIK	09/2030	1,882		1,752		0.1		1,863
Bamboo US Bidco LLC+(25)	One stop	SF +	6.75%	(i)	8.56%	cash/	3.38%	PIK	09/2030	201		196		—		197
Bamboo US Bidco LLC+(5)	One stop	SF +	6.00%		N/A(6)				09/2029	—		(13)		—		(4)
Community Care Partners, LLC<+	One stop	SF +	6.00%	(h)	10.96%				06/2026	3,490		3,445		0.1		3,385
CRH Healthcare Purchaser, Inc.<+	Senior secured	SF +	6.25%	(i)	11.00%				06/2025	23,379		23,408		0.6		23,379
CRH Healthcare Purchaser, Inc.~<	Senior secured	SF +	6.25%	(i)	11.00%				06/2025	6,318		6,305		0.2		6,318
CRH Healthcare Purchaser, Inc.~+	Senior secured	SF +	6.25%	(i)	11.00%				06/2025	5,667		5,684		0.2		5,667
CRH Healthcare Purchaser, Inc.<+	Senior secured	SF +	6.25%	(i)	11.00%				06/2025	4,281		4,273		0.1		4,281

See Notes to Consolidated Financial Statements.

63

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 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)
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	6.25%	(i)	10.98%				06/2025	$	240	$	240	—	%	$	240
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(10)	One stop	SF +	5.50%	(j)	10.81%				04/2031	771		757		—		764
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(9)(10)	One stop	SN +	5.50%	(f)	10.45%				04/2031	478		445		—		473
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(10)	Senior secured	SF +	5.50%		N/A(6)				10/2024	—		—		—		—
Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)	One stop	SF +	5.50%		N/A(6)				04/2031	—		(2)		—		(2)
Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)	One stop	SF +	5.50%		N/A(6)				10/2030	—		(2)		—		(1)
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.96%				02/2027	15,592		15,351		0.4		15,047
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.96%				02/2027	8,137		8,013		0.2		7,852
Encorevet Group LLC~+	One stop	SF +	6.75%	(i)	11.96%				02/2027	4,209		4,143		0.1		4,061
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.96%				02/2027	2,140		2,108		0.1		2,065
Encorevet Group LLC~+	One stop	SF +	6.75%	(i)	11.96%				02/2027	1,888		1,859		0.1		1,823
Encorevet Group LLC~+	One stop	SF +	6.75%	(i)	11.96%				02/2027	1,176		1,137		—		1,135
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.96%				02/2027	977		945		—		943
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.96%				02/2027	962		939		—		928
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.96%				02/2027	921		898		—		888
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.96%				02/2027	833		814		—		804
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.96%				02/2027	422		409		—		408
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.96%				02/2027	358		349		—		345
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.96%				02/2027	175		171		—		169
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.96%				02/2027	168		163		—		162
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.73%				02/2027	94		92		—		90
Encorevet Group LLC+(25)	One stop	N/A			13.00%	PIK			05/2027	95		89		—		89
Encorevet Group LLC+	One stop	SF +	8.75%	(i)	13.50%				02/2027	5		5		—		5
ERC Topco Holdings, LLC&<+(7)(25)	One stop	SF +	6.25%	(i)	7.60%	cash/	3.25%	PIK	11/2028	26,963		22,760		0.4		16,178
ERC Topco Holdings, LLC+(7)(25)	One stop	SF +	6.25%	(i)	8.38%	cash/	3.25%	PIK	11/2027	232		195		—		112
ERC Topco Holdings, LLC&<+(7)(25)	One stop	SF +	6.25%	(i)	4.60%	cash/	6.25%	PIK	11/2028	459		376		—		275
ERC Topco Holdings, LLC+(7)(25)	One stop	SF +	6.25%	(i)	4.60%	cash/	6.25%	PIK	11/2028	2		2		—		2
FYI Optical Acquisitions, Inc. & FYI USA, Inc.<+(8)(9)(12)	One stop	CA +	5.75%	(k)	10.36%				03/2027	11,272		11,322		0.3		11,272
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75%	(k)	10.36%				03/2027	4,074		4,107		0.1		4,074
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75%	(k)	10.36%				03/2027	2,775		2,811		0.1		2,774
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75%	(k)	10.36%				03/2027	2,642		2,673		0.1		2,642
FYI Optical Acquisitions, Inc. & FYI USA, Inc.^+(8)(12)	One stop	SF +	5.75%	(i)	11.15%				03/2027	1,105		1,104		—		1,105
FYI Optical Acquisitions, Inc. & FYI USA, Inc.<+(8)(12)	One stop	SF +	5.75%	(i)	11.15%				03/2027	554		554		—		554
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75%	(k)	10.36%				03/2027	481		473		—		481
Heartland Veterinary Partners LLC<+	Senior secured	SF +	4.75%	(h)	9.70%				12/2026	2,533		2,556		0.1		2,507
Heartland Veterinary Partners LLC<+	Senior secured	SF +	4.75%	(h)	9.70%				12/2026	1,202		1,196		—		1,190
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%		N/A(6)				12/2026	—		—		—		—
Klick Inc.&+(8)(12)	Senior secured	SF +	4.50%	(i)	9.20%				03/2028	13,629		13,657		0.4		13,629
Klick Inc.+(5)(8)(12)	Senior secured	SF +	4.50%		N/A(6)				03/2028	—		(2)		—		—
Klick Inc.+(8)(12)	Senior secured	SF +	4.50%	(i)	9.10%				03/2028	3,179		3,163		0.1		3,179

See Notes to Consolidated Financial Statements.

64

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 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)
Krueger-Gilbert Health Physics, LLC~+	Senior secured	SF +	5.75%	(i)	10.50%				05/2026	$	2,599	$	2,589	0.1	%	$	2,599
Krueger-Gilbert Health Physics, LLC~+	Senior secured	SF +	5.75%	(i)	10.50%				05/2026	2,386		2,377		0.1		2,386
Krueger-Gilbert Health Physics, LLC~+	Senior secured	SF +	5.75%	(i)	10.50%				05/2026	1,526		1,527		0.1		1,526
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.75%	(i)	10.50%				05/2026	1,395		1,388		—		1,395
Krueger-Gilbert Health Physics, LLC<+	Senior secured	SF +	5.75%	(i)	10.50%				05/2026	615		614		—		615
Krueger-Gilbert Health Physics, LLC+(5)	Senior secured	SF +	5.75%		N/A(6)				05/2026	—		(1)		—		—
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.75%	(i)	10.50%				05/2026	90		90		—		90
Krueger-Gilbert Health Physics, LLC+	One stop	SF +	5.75%	(i)	10.50%				05/2026	671		668		—		671
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.<+(8)(9)(12)(25)	One stop	CA +	6.00%	(l)	8.25%	cash/	2.00%	PIK	05/2028	26,214		27,849		0.6		25,165
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#<(8)(12)	One stop	SF +	5.50%	(i)	10.25%				05/2028	5,882		5,818		0.1		5,646
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#<+(8)(12)	One stop	SF +	5.50%	(i)	10.25%				05/2028	4,150		4,075		0.1		3,984
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	CA +	5.50%	(l)	9.75%				05/2028	1,641		1,695		—		1,576
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	CA +	5.50%	(l)	9.75%				05/2028	855		868		—		821
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)(25)	One stop	SF +	6.00%	(i)	8.75%	cash/	2.00%	PIK	05/2028	130		125		—		125
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	CA +	5.50%	(l)	9.80%				05/2026	76		58		—		65
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(5)(8)(12)	One stop	SF +	5.50%		N/A(6)				05/2026	—		(2)		—		(4)
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50%	(i)	10.56%				01/2027	18,333		18,088		0.5		18,333
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50%	(i)	10.56%				01/2027	12,277		12,148		0.3		12,277
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50%	(i)	10.56%				01/2027	2,467		2,440		0.1		2,467
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50%	(i)	10.56%				01/2027	2,383		2,362		0.1		2,383
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50%	(i)	10.56%				01/2027	1,508		1,489		—		1,508
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50%	(i)	10.56%				01/2027	1,368		1,353		—		1,368
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50%	(i)	10.56%				01/2027	680		672		—		680
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50%	(i)	10.56%				01/2027	533		528		—		533
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50%	(i)	10.56%				01/2027	180		178		—		180
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50%	(i)	10.56%				01/2027	103		101		—		103
Pinnacle Treatment Centers, Inc.+	One stop	P +	4.25%	(a)	12.25%				01/2027	290		269		—		290
Premise Health Holding Corp.<+	One stop	SF +	5.50%	(j)	10.76%				03/2031	1,391		1,385		—		1,391
Premise Health Holding Corp.+(5)	One stop	SF +	5.50%		N/A(6)				03/2030	—		(1)		—		—
Pyramid Healthcare Acquisition Corp.#&+	One stop	SF +	4.75%	(i)	10.15%				05/2027	25,098		25,160		0.6		25,098
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(i)	10.15%				05/2027	2,595		2,579		0.1		2,595
Pyramid Healthcare Acquisition Corp.<+	One stop	SF +	4.75%	(i)	10.03%				05/2027	2,170		2,163		0.1		2,170
Pyramid Healthcare Acquisition Corp.<+	One stop	SF +	4.75%	(i)	9.96%				05/2027	1,192		1,188		—		1,192
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(i)	10.10%				05/2027	1,092		1,088		—		1,092
Pyramid Healthcare Acquisition Corp.<+	One stop	SF +	4.75%	(i)	10.15%				05/2027	738		735		—		738
Pyramid Healthcare Acquisition Corp.<+	One stop	SF +	4.75%	(i)	10.15%				05/2027	245		244		—		245
Pyramid Healthcare Acquisition Corp.<+	One stop	SF +	4.75%	(i)	10.15%				05/2027	216		215		—		216
Pyramid Healthcare Acquisition Corp.<+	One stop	SF +	4.75%	(i)	10.15%				05/2027	202		201		—		202
Pyramid Healthcare Acquisition Corp.<+	One stop	SF +	4.75%	(i)	9.96%				05/2027	202		201		—		202
Pyramid Healthcare Acquisition Corp.<+	One stop	SF +	4.75%	(i)	10.15%				05/2027	79		79		—		79
Pyramid Healthcare Acquisition Corp.+(5)	One stop	SF +	4.75%		N/A(6)				05/2027	—		(1)		—		—
Suveto Buyer, LLC+	One stop	SF +	4.25%	(h)	9.20%				09/2027	27,743		27,736		0.7		27,639
Suveto Buyer, LLC+	One stop	SF +	4.25%	(a)(h)	9.58%				09/2027	196		193		—		194
										436,956		432,652		10.5		422,905

See Notes to Consolidated Financial Statements.

65

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 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 Technology
Alegeus Technologies Holdings Corp.+	Senior secured	SF +	8.25%	(i)	13.46%				09/2026	$	535	$	532	—	%	$	535
Amberfield Acquisition Co.&<+	One stop	SF +	5.00%	(i)	9.60%				05/2030	4,866		4,856		0.1		4,866
Amberfield Acquisition Co.+(5)	One stop	SF +	5.00%		N/A(6)				05/2030	—		(31)		—		—
Amberfield Acquisition Co.+(5)	One stop	SF +	5.00%		N/A(6)				05/2030	—		(2)		—		—
Color Intermediate, LLC<+	Senior secured	SF +	4.75%	(i)	9.45%				10/2029	17,565		17,523		0.4		17,565
Connexin Software, Inc.<+	One stop	SF +	8.50%	(i)	13.25%				03/2027	11,759		11,732		0.3		11,759
Connexin Software, Inc.+	One stop	SF +	8.50%		N/A(6)				03/2027	—		—		—		—
Crow River Buyer, Inc.<+	One stop	SF +	7.75%	(h)(i)	13.00%				01/2029	6,032		6,016		0.2		6,032
Crow River Buyer, Inc.+	One stop	SF +	7.75%	(i)	12.85%				01/2029	26		25		—		26
ESO Solution, Inc.^<+	One stop	SF +	7.00%	(i)	12.06%				05/2027	11,360		11,387		0.3		11,360
ESO Solution, Inc.+	One stop	SF +	7.00%	(i)	12.06%				05/2027	3,803		3,734		0.1		3,803
ESO Solution, Inc.+	One stop	SF +	7.00%	(i)(j)	11.96%				03/2027	78		77		—		78
HealthEdge Software, Inc.+	One stop	SF +	4.75%	(h)	9.85%				07/2031	19,412		19,224		0.5		19,218
HealthEdge Software, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				07/2031	—		(25)		—		(26)
HealthEdge Software, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				07/2031	—		(42)		—		(43)
Kona Buyer, LLC+	One stop	SF +	4.50%	(i)	9.78%				07/2031	15,832		15,678		0.4		15,674
Kona Buyer, LLC+(5)	One stop	SF +	4.50%		N/A(6)				07/2031	—		(18)		—		(19)
Kona Buyer, LLC+	One stop	SF +	4.50%		N/A(6)				07/2031	—		—		—		—
Kona Buyer, LLC+(5)	One stop	SF +	4.50%		N/A(6)				07/2031	—		(23)		—		(23)
Lacker Bidco Limited<+(8)(9)(10)	One stop	SN +	5.25%	(f)	10.20%				02/2031	634		599		—		634
Lacker Bidco Limited+(8)(9)(10)	One stop	SN +	5.25%	(f)	10.20%				02/2031	142		133		—		142
Lacker Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.25%		N/A(6)				08/2030	—		(2)		—		—
Neptune Holdings, Inc.~+	One stop	SF +	5.75%	(i)	10.35%				09/2030	16,180		16,362		0.4		16,180
Neptune Holdings, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—		(1)		—		—
Netsmart Technologies, Inc.+(25)	One stop	SF +	5.20%	(h)	7.35%	cash/	2.70%	PIK	08/2031	51,325		50,821		1.3		50,812
Netsmart Technologies, Inc.+(5)	One stop	SF +	5.20%		N/A(6)				08/2031	—		(69)		—		(70)
Netsmart Technologies, Inc.+(5)	One stop	SF +	5.20%		N/A(6)				08/2031	—		(34)		—		(34)
Plasma Buyer LLC<+	One stop	SF +	5.75%	(i)	10.35%				05/2029	8,036		7,876		0.2		7,795
Plasma Buyer LLC+	One stop	SF +	6.25%	(i)	10.88%				05/2029	182		177		—		173
Plasma Buyer LLC+	One stop	SF +	5.75%	(i)	10.35%				05/2028	62		59		—		60
QF Holdings, Inc.+	One stop	SF +	5.00%	(i)	10.35%				12/2027	931		926		—		931
Tebra Technologies, Inc.+(25)	One stop	SF +	8.00%	(i)	9.25%	cash/	3.50%	PIK	06/2025	11,150		11,119		0.3		11,261
Tebra Technologies, Inc.+(25)	One stop	SF +	8.00%	(i)	9.25%	cash/	3.50%	PIK	06/2025	10,853		10,720		0.3		10,962
Tebra Technologies, Inc.+(25)	One stop	SF +	8.00%	(i)	9.25%	cash/	3.50%	PIK	06/2025	7,151		7,131		0.2		7,222
Tebra Technologies, Inc.+(25)	One stop	SF +	8.00%	(i)	9.25%	cash/	3.50%	PIK	06/2025	1,839		1,834		—		1,857
Tebra Technologies, Inc.+(25)	One stop	SF +	8.00%	(i)	9.25%	cash/	3.50%	PIK	06/2025	1,634		1,630		—		1,651
Tebra Technologies, Inc.+(25)	One stop	SF +	8.00%	(i)	9.25%	cash/	3.50%	PIK	06/2025	1,226		1,222		—		1,238
Tebra Technologies, Inc.+(25)	One stop	SF +	8.00%	(i)	9.25%	cash/	3.50%	PIK	06/2025	1,022		1,019		—		1,031
Tebra Technologies, Inc.+(25)	One stop	SF +	8.00%	(i)	9.25%	cash/	3.50%	PIK	06/2025	817		815		—		825
Tebra Technologies, Inc.+(25)	One stop	SF +	8.00%	(i)	9.25%	cash/	3.50%	PIK	06/2025	163		162		—		164
Tebra Technologies, Inc.+(25)	One stop	SF +	8.00%	(i)	9.25%	cash/	3.50%	PIK	06/2025	86		86		—		88
Transaction Data Systems, Inc.*#~^+	One stop	SF +	4.50%	(i)	9.25%				02/2026	75,488		75,367		1.9		75,488
Transaction Data Systems, Inc.+(5)	One stop	SF +	4.50%		N/A(6)				02/2026	—		(2)		—		—
Veranex, Inc.<+(7)(25)	Senior secured	SF +	6.75%	(j)	7.65%	cash/	4.25%	PIK	04/2028	3,385		3,320		0.1		2,403
Veranex, Inc.+(7)(25)	Senior secured	SF +	6.75%	(j)	7.81%	cash/	4.25%	PIK	04/2028	399		305		—		284
Veranex, Inc.+(7)(25)	Senior secured	SF +	6.75%	(j)	7.57%	cash/	4.25%	PIK	04/2028	102		88		—		72
										284,075		282,306		7.0		281,974

See Notes to Consolidated Financial Statements.

66

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 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)
Hotels, Restaurants & Leisure
Barteca Restaurants, LLC#~+	One stop	SF +	6.00%	(i)	11.21%				08/2028	$	13,680	$	13,652	0.4	%	$	13,680
Barteca Restaurants, LLC+	One stop	SF +	6.00%	(i)	11.40%				08/2028	690		685		—		690
Barteca Restaurants, LLC+	One stop	SF +	6.00%	(i)	10.75%				08/2028	471		432		—		471
Barteca Restaurants, LLC+	One stop	SF +	6.00%	(i)	10.85%				08/2028	40		38		—		40
BJH Holdings III Corp.~&<+	One stop	SF +	4.50%	(i)	9.97%				08/2027	70,467		70,805		1.8		69,940
BJH Holdings III Corp.+	One stop	SF +	4.50%	(h)(i)	9.88%				08/2027	675		670		—		666
Cafe Rio Holding, Inc.*#+	One stop	SF +	5.50%	(h)	10.45%				09/2028	18,006		18,005		0.4		17,827
Cafe Rio Holding, Inc.#+	One stop	SF +	5.50%	(h)	10.45%				09/2028	3,210		3,195		0.2		3,178
Cafe Rio Holding, Inc.#+	One stop	SF +	5.50%	(h)	10.45%				09/2028	2,157		2,157		0.1		2,135
Cafe Rio Holding, Inc.*#	One stop	SF +	5.50%	(h)	10.45%				09/2028	1,369		1,369		—		1,355
Cafe Rio Holding, Inc.#+	One stop	SF +	5.50%	(h)	10.45%				09/2028	1,208		1,208		—		1,196
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(h)	10.45%				09/2028	187		187		—		185
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(h)	10.45%				09/2028	173		173		—		171
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(h)	10.45%				09/2028	124		123		—		123
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(h)	10.45%				09/2028	99		98		—		98
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(h)	10.45%				09/2028	97		96		—		96
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(h)	10.45%				09/2028	78		78		—		78
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(h)	10.45%				09/2028	50		50		—		49
Cafe Rio Holding, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				09/2028	—		(1)		—		(1)
Davidson Hotel Company, LLC&+	One stop	SF +	5.25%	(h)	10.20%				07/2025	6,716		6,731		0.2		6,716
Davidson Hotel Company, LLC+	One stop	SF +	5.25%	(h)	10.20%				07/2025	1,160		1,159		—		1,160
Davidson Hotel Company, LLC+	One stop	SF +	5.25%		N/A(6)				07/2025	—		—		—		—
EOS Fitness Opco Holdings, LLC#~+	One stop	SF +	5.25%	(h)	10.10%				01/2028	11,063		11,051		0.3		10,981
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25%	(i)	9.92%				01/2028	2,830		2,809		0.1		2,809
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25%	(h)(i)	10.19%				01/2028	1,802		1,786		0.1		1,788
EOS Fitness Opco Holdings, LLC<+	One stop	SF +	5.25%	(h)	10.10%				01/2028	1,773		1,762		0.1		1,761
EOS Fitness Opco Holdings, LLC<+	One stop	SF +	5.25%	(h)	10.10%				01/2028	1,486		1,475		0.1		1,475
EOS Fitness Opco Holdings, LLC<+	One stop	SF +	5.25%	(h)	10.10%				01/2028	1,235		1,230		—		1,226
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25%	(h)	10.10%				01/2028	1,093		1,090		—		1,084
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25%	(h)	10.10%				01/2028	1,069		1,061		—		1,061
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25%	(h)(i)	10.10%				01/2028	450		446		—		446
EOS Fitness Opco Holdings, LLC+(5)	One stop	SF +	5.25%		N/A(6)				01/2028	—		—		—		(1)
EOS Fitness Opco Holdings, LLC+(5)	One stop	SF +	5.25%		N/A(6)				01/2028	—		(106)		—		(106)
ESN Venture Holdings, LLC*~&	One stop	SF +	5.75%	(i)	10.35%				10/2028	5,409		5,348		0.1		5,409
ESN Venture Holdings, LLC+	One stop	SF +	5.75%	(i)	10.93%				10/2028	924		919		—		924
ESN Venture Holdings, LLC+	One stop	SF +	5.75%	(i)	10.35%				10/2028	817		809		—		817
ESN Venture Holdings, LLC+	One stop	SF +	5.75%	(i)	10.35%				10/2028	375		372		—		375
ESN Venture Holdings, LLC+	One stop	SF +	5.75%	(i)	10.85%				10/2028	265		261		—		265
ESN Venture Holdings, LLC+	One stop	SF +	5.75%	(i)	10.35%				10/2028	209		201		—		209
ESN Venture Holdings, LLC+(5)	One stop	SF +	5.75%		N/A(6)				10/2028	—		(69)		—		—
Freddy's Frozen Custard LLC<+	One stop	SF +	5.00%	(h)	10.20%				03/2027	1,397		1,393		—		1,397
Freddy's Frozen Custard LLC+	One stop	SF +	5.00%	(h)	10.20%				03/2027	10		9		—		10
GFP Atlantic Holdco 2, LLC<+	One stop	SF +	6.00%	(i)	11.13%				11/2027	1,078		1,076		—		1,078
GFP Atlantic Holdco 2, LLC+(5)	One stop	SF +	6.00%		N/A(6)				11/2027	—		(3)		—		—
Harri US LLC^+(25)	One stop	SF +	10.00%	(i)	11.21%	cash/	4.00%	PIK	08/2026	1,251		1,193		—		1,211
Harri US LLC+(25)	One stop	SF +	10.00%	(i)	11.21%	cash/	4.00%	PIK	08/2026	847		835		—		821
Harri US LLC+(25)	One stop	SF +	10.00%	(i)	11.21%	cash/	4.00%	PIK	08/2026	822		811		—		797
Harri US LLC+(5)	One stop	SF +	10.00%		N/A(6)				08/2026	—		(1)		—		(2)
Harri US LLC+(5)	One stop	SF +	10.00%		N/A(6)				08/2026	—		(39)		—		(41)
Health Buyer, LLC<+	Senior secured	SF +	5.25%	(i)	9.85%				04/2029	3,893		3,881		0.1		3,853
Health Buyer, LLC<+	Senior secured	SF +	5.50%	(i)	10.10%				04/2029	1,776		1,753		0.1		1,776
Health Buyer, LLC+	Senior secured	SF +	5.50%	(i)	10.10%				04/2029	714		703		—		714

See Notes to Consolidated Financial Statements.

67

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 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)
Health Buyer, LLC+	Senior secured	SF +	5.25%		N/A(6)				04/2028	$	—	$	—	—	%	$	—
Health Buyer, LLC+(5)	Senior secured	SF +	5.50%		N/A(6)				04/2029	—		(1)		—		—
PB Group Holdings, LLC+(25)	One stop	SF +	5.50%	(h)	7.60%	cash/	2.75%	PIK	08/2030	36,728		36,547		0.9		36,544
PB Group Holdings, LLC+(5)	One stop	SF +	5.00%		N/A(6)				08/2030	—		(22)		—		(22)
SDC Holdco, LLC+	One stop	SF +	5.00%	(i)	9.60%				06/2031	21,737		21,632		0.6		21,737
SDC Holdco, LLC+(25)	Second lien	SF +	8.50%	(i)	13.10%	PIK			06/2032	3,340		3,317		0.1		3,340
SDC Holdco, LLC+	One stop	SF +	5.00%	(i)	9.66%				06/2031	192		183		—		192
SSRG Holdings, LLC+	One stop	SF +	5.00%	(i)	10.25%				11/2027	12,533		12,473		0.3		12,470
SSRG Holdings, LLC~&+	One stop	SF +	5.00%	(i)	9.60%				11/2027	7,784		7,878		0.2		7,744
SSRG Holdings, LLC+	One stop	SF +	5.00%	(i)	9.60%				11/2027	817		806		—		804
SSRG Holdings, LLC<+	One stop	SF +	5.00%	(i)	9.60%				11/2027	613		611		—		611
Super REGO, LLC+(25)	Subordinated debt	N/A			15.00%	PIK			03/2030	108		106		—		108
YE Brands Holding, LLC~<+	One stop	SF +	4.75%	(i)	9.35%				10/2027	17,632		17,828		0.4		17,632
YE Brands Holding, LLC+	One stop	SF +	4.75%	(i)	9.40%				10/2027	933		927		—		933
YE Brands Holding, LLC+	One stop	SF +	4.75%	(i)	9.47%				10/2027	54		54		—		54
										265,716		265,305		6.6		264,137
Household Products
WU Holdco, Inc.~+	One stop	SF +	5.00%	(i)	9.60%				03/2027	4,849		4,867		0.1		4,849
WU Holdco, Inc.<+	One stop	SF +	5.00%	(i)	9.60%				03/2027	1,713		1,709		0.1		1,713
WU Holdco, Inc.+	One stop	SF +	5.00%	(i)	9.60%				03/2027	446		443		—		446
WU Holdco, Inc.+	One stop	SF +	5.00%	(i)	9.60%				03/2027	1,567		1,557		—		1,567
WU Holdco, Inc.+	One stop	SF +	5.00%	(i)	9.73%				03/2027	61		60		—		61
										8,636		8,636		0.2		8,636
Industrial Conglomerates
Arch Global CCT Holdings Corp.#<+	Senior secured	SF +	4.75%	(i)	9.44%				04/2026	3,193		3,194		0.1		3,128
Arch Global CCT Holdings Corp.<+	Senior secured	SF +	4.75%	(i)	9.45%				04/2026	642		632		—		629
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75%	(i)	9.44%				04/2026	596		587		—		585
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75%	(a)(i)	9.58%				04/2025	93		93		—		93
Dwyer Instruments, Inc.<+	One stop	SF +	5.75%	(i)	10.45%				07/2027	5,827		5,824		0.2		5,827
Dwyer Instruments, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				07/2027	—		(1)		—		—
Dwyer Instruments, Inc.+	One stop	SF +	5.75%	(i)	10.45%				07/2027	1,477		1,465		—		1,477
Dwyer Instruments, Inc.<+	One stop	SF +	5.75%	(i)	10.45%				07/2027	472		468		—		472
Dwyer Instruments, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				07/2027	—		(2)		—		—
Essential Services Holdings Corporation+	One stop	SF +	5.00%	(i)	10.29%				06/2031	11,514		11,403		0.3		11,399
Essential Services Holdings Corporation+(5)	One stop	SF +	5.00%		N/A(6)				06/2030	—		(13)		—		(14)
Essential Services Holdings Corporation+(5)	One stop	SF +	5.00%		N/A(6)				06/2031	—		(11)		—		(23)
Excelitas Technologies Corp.+(5)	One stop	SF +	5.25%		N/A(6)				08/2029	—		(58)		—		(84)
Excelitas Technologies Corp.<+	One stop	SF +	5.25%	(i)	9.85%				08/2029	10,022		9,958		0.2		9,920
Excelitas Technologies Corp.<+(8)(9)	One stop	E +	5.25%	(c)	8.60%				08/2029	1,919		1,792		—		1,901
Excelitas Technologies Corp.+(5)	One stop	SF +	5.25%		N/A(6)				08/2028	—		(3)		—		(4)
Excelitas Technologies Corp.+(5)	One stop	SF +	5.25%		N/A(6)				08/2029	—		(3)		—		(3)
Specialty Measurement Bidco Limited<+(8)(10)	One stop	SF +	6.25%	(g)	11.34%				11/2027	11,146		11,110		0.3		11,146
Specialty Measurement Bidco Limited<+(8)(9)(10)	One stop	E +	6.25%	(c)	9.76%				11/2027	10,428		10,847		0.3		10,428
Specialty Measurement Bidco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	9.76%				11/2027	5,129		4,905		0.1		5,129
Specialty Measurement Bidco Limited<+(8)(10)	One stop	SF +	6.50%	(g)	11.59%				11/2027	2,020		2,045		0.1		2,040
Specialty Measurement Bidco Limited<+(8)(10)	One stop	SF +	6.50%	(g)	11.59%				11/2027	3,767		3,736		0.1		3,805
Specialty Measurement Bidco Limited+(8)(9)(10)	One stop	E +	6.50%	(c)	10.01%				11/2027	4,543		4,431		0.1		4,588
										72,788		72,399		1.8		72,439

See Notes to Consolidated Financial Statements.

68

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 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)
Insurance
Accession Risk Management Group, Inc.*#~^+	One stop	SF +	4.75%	(i)	9.96%				11/2029	$	37,070	$	37,068	0.9	%	$	36,885
Accession Risk Management Group, Inc.~^+	One stop	SF +	4.75%	(i)	9.81%				11/2029	9,499		9,399		0.2		9,453
Accession Risk Management Group, Inc.&+	One stop	SF +	4.75%	(i)	9.69%				11/2029	8,361		8,353		0.2		8,319
Accession Risk Management Group, Inc.&<+	One stop	SF +	4.75%	(i)	9.53%				11/2029	5,249		5,307		0.1		5,223
Accession Risk Management Group, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				11/2029	—		(17)		—		(13)
Accession Risk Management Group, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				11/2029	—		(4)		—		(3)
Accession Risk Management Group, Inc.+	One stop	SF +	4.75%	(i)	9.79%				11/2029	7,243		7,242		0.2		7,207
Accession Risk Management Group, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				11/2029	—		(134)		—		(111)
Alera Group, Inc.^<+	One stop	SF +	5.25%	(h)	10.10%				10/2028	35,416		35,476		0.9		35,416
Alera Group, Inc.&+	One stop	SF +	5.25%	(h)	10.10%				10/2028	10,065		10,064		0.3		10,065
Alera Group, Inc.&+	One stop	SF +	5.25%	(h)	10.10%				10/2028	4,018		4,083		0.1		4,018
Alera Group, Inc.+	One stop	SF +	5.75%	(h)	10.60%				10/2028	1,063		1,082		—		1,080
AMBA Buyer, Inc.&+	One stop	SF +	5.25%	(i)	9.95%				07/2027	4,468		4,479		0.1		4,468
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(i)	9.95%				07/2027	1,330		1,328		—		1,330
AMBA Buyer, Inc.<+	One stop	SF +	5.25%	(i)	9.95%				07/2027	1,122		1,118		—		1,122
AMBA Buyer, Inc.+	One stop	SF +	5.25%		N/A(6)				07/2027	—		—		—		—
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(i)	9.95%				07/2027	162		162		—		162
Ben Nevis Midco Limited<+(8)(10)	One stop	SF +	5.50%	(h)	10.35%				03/2028	561		551		—		561
Ben Nevis Midco Limited<+(8)(10)	One stop	SF +	5.50%	(i)	10.56%				03/2028	378		378		—		378
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.50%	(h)	10.34%				03/2028	60		59		—		60
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.50%	(h)	10.36%				03/2028	92		85		—		92
Captive Resources Midco, LLC<+(25)	One stop	SF +	5.25%	(h)	10.10%				07/2029	15,470		15,443		0.4		15,470
Captive Resources Midco, LLC+(5)	One stop	SF +	5.25%		N/A(6)				07/2028	—		(2)		—		—
Disco Parent, Inc.<+	One stop	SF +	7.50%	(i)	12.56%				03/2029	6,246		6,215		0.2		6,246
Disco Parent, Inc.+(5)	One stop	SF +	7.50%		N/A(6)				03/2029	—		(1)		—		—
Doxa Insurance Holdings LLC<+	One stop	SF +	5.25%	(i)	10.06%				12/2030	1,735		1,772		—		1,739
Doxa Insurance Holdings LLC+	One stop	SF +	5.50%		N/A(6)				12/2029	—		—		—		—
Doxa Insurance Holdings LLC+	One stop	SF +	5.25%	(i)	10.22%				12/2030	1,434		1,439		—		1,438
Doxa Insurance Holdings LLC+(5)	One stop	SF +	5.00%		N/A(6)				12/2030	—		(27)		—		—
Gimlet Bidco GMBH+(8)(9)(19)	One stop	E +	5.75%	(c)	9.39%				04/2031	1,089		1,032		—		1,079
Gimlet Bidco GMBH+(8)(9)(19)	One stop	E +	5.75%	(c)	9.39%				04/2031	81		69		—		76
Illumifin Corporation<+(25)	One stop	SF +	7.00%	(i)	6.54%	cash/	6.00%	PIK	09/2027	4,565		4,376		0.1		4,018
Integrated Specialty Coverages, LLC<+	One stop	SF +	6.00%	(h)(i)(j)	10.98%				07/2030	5,051		5,021		0.1		5,051
Integrated Specialty Coverages, LLC+(5)	One stop	SF +	6.00%		N/A(6)				07/2029	—		(1)		—		—
Integrated Specialty Coverages, LLC+	One stop	SF +	6.00%	(h)(i)(j)	10.88%				07/2030	1,008		987		—		1,008
Integrity Marketing Acquisition, LLC~&+	One stop	SF +	5.00%	(i)	10.07%				08/2028	44,556		44,205		1.1		44,110
Integrity Marketing Acquisition, LLC+(5)	One stop	SF +	5.00%		N/A(6)				08/2028	—		(4)		—		(4)
Integrity Marketing Acquisition, LLC+(5)	One stop	SF +	5.00%		N/A(6)				08/2028	—		(14)		—		(39)
J.S. Held Holdings, LLC~^<+	One stop	SF +	5.50%	(i)	10.25%				12/2026	22,378		22,364		0.6		22,154
J.S. Held Holdings, LLC&+	One stop	SF +	5.50%	(i)	10.25%				12/2026	5,400		5,384		0.1		5,346
J.S. Held Holdings, LLC<+	One stop	SF +	5.50%	(i)	10.25%				12/2026	5,223		5,207		0.1		5,171
J.S. Held Holdings, LLC<+	One stop	SF +	5.50%	(i)	10.25%				12/2026	5,055		5,046		0.1		5,005
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(i)	10.25%				12/2026	160		158		—		159
J.S. Held Holdings, LLC+(5)	One stop	SF +	5.50%		N/A(6)				12/2026	—		(6)		—		(6)
Keystone Agency Partners LLC<+	Senior secured	SF +	5.00%	(i)	9.60%				05/2027	3,558		3,534		0.1		3,558
Keystone Agency Partners LLC+	Senior secured	SF +	5.00%	(i)	9.60%				05/2027	2,039		2,031		0.1		2,039
Keystone Agency Partners LLC&+	Senior secured	SF +	5.00%	(i)	9.60%				05/2027	2,875		2,926		0.1		2,875
Keystone Agency Partners LLC<+	Senior secured	SF +	5.00%	(i)	9.60%				05/2027	618		617		—		618

See Notes to Consolidated Financial Statements.

69

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 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)
Keystone Agency Partners LLC+	Senior secured	SF +	5.00%	(i)	9.60%				05/2027	$	2,108	$	2,086	0.1	%	$	2,108
Majesco~^<	One stop	SF +	4.75%	(i)	9.35%				09/2028	28,248		28,283		0.7		28,248
Majesco+(5)	One stop	SF +	4.75%		N/A(6)				09/2027	—		(1)		—		—
MRH Trowe Germany GMBH+(8)(9)(19)	One stop	E +	6.00%	(c)	9.49%				02/2029	789		768		—		789
Norvax, LLC^<+(8)	Senior secured	SF +	8.00%	(h)	12.95%				09/2025	39,654		38,981		1.0		38,860
Norvax, LLC<+(8)	Senior secured	SF +	8.00%	(h)	12.95%				09/2025	12,271		12,048		0.3		12,026
Oakbridge Insurance Agency LLC<+	One stop	SF +	5.50%	(h)	10.66%				11/2029	2,281		2,320		0.1		2,281
Oakbridge Insurance Agency LLC+	One stop	P +	4.50%	(a)(h)	12.07%				11/2029	30		30		—		30
Oakbridge Insurance Agency LLC+	One stop	SF +	5.50%	(h)	10.66%				11/2029	91		90		—		91
Pareto Health Intermediate Holdings, Inc.&+	One stop	SF +	6.25%	(i)	10.85%				05/2030	22,115		22,045		0.6		22,115
Pareto Health Intermediate Holdings, Inc.+	One stop	SF +	6.25%	(i)	10.85%				05/2030	7,372		7,348		0.2		7,372
Pareto Health Intermediate Holdings, Inc.+(5)	One stop	SF +	6.25%		N/A(6)				06/2029	—		(1)		—		—
Patriot Growth Insurance Services, LLC&<+	One stop	SF +	5.00%	(i)	9.75%				10/2028	15,445		15,443		0.4		15,368
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.00%	(i)	9.75%				10/2028	3,156		3,142		0.1		3,141
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.00%	(h)	9.95%				10/2028	35		27		—		35
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.75%	(i)	10.35%				10/2028	1,481		1,476		—		1,447
People Corporation<+(8)(9)(12)	One stop	CA +	5.25%	(l)	9.83%				02/2028	24,688		25,371		0.6		24,688
People Corporation+(8)(9)(12)	One stop	CA +	5.25%	(l)	9.83%				02/2028	20,716		20,701		0.5		20,716
People Corporation+(8)(9)(12)	One stop	CA +	5.25%	(l)	9.83%				02/2028	8,101		8,442		0.2		8,101
People Corporation+(8)(9)(12)	One stop	CA +	5.25%	(l)	9.59%				02/2028	6,802		6,703		0.2		6,802
People Corporation+(8)(9)(12)	One stop	CA +	5.25%	(l)	7.37%				02/2027	71		71		—		71
										450,152		449,223		11.1		447,112
Internet & Direct Marketing Retail
Revalize, Inc.~^+	One stop	SF +	5.75%	(i)	11.15%				04/2027	20,510		20,188		0.5		19,279
Revalize, Inc.^+	One stop	SF +	5.75%	(i)	11.15%				04/2027	12,005		11,826		0.3		11,284
Revalize, Inc.^+	One stop	SF +	5.75%	(i)	11.15%				04/2027	5,952		5,863		0.1		5,595
Revalize, Inc.^+	One stop	SF +	5.75%	(i)	11.15%				04/2027	3,585		3,513		0.1		3,370
Revalize, Inc.<+	One stop	SF +	5.75%	(i)	11.15%				04/2027	2,440		2,385		0.1		2,294
Revalize, Inc.<+	One stop	SF +	5.75%	(i)	11.15%				04/2027	2,396		2,312		—		2,253
Revalize, Inc.+	One stop	SF +	5.75%	(i)	11.15%				04/2027	234		221		—		219
Revalize, Inc.+	One stop	SF +	5.75%	(i)	10.80%				04/2027	252		236		—		224
										47,374		46,544		1.1		44,518
IT Services
Acquia, Inc.^+	One stop	SF +	7.00%	(i)	12.46%				10/2025	12,020		12,030		0.3		12,020
Acquia, Inc.+	One stop	SF +	7.00%	(i)	12.47%				10/2025	44		44		—		44
Acquia, Inc.+	One stop	SF +	7.00%	(i)	12.46%				10/2025	1,083		1,080		—		1,083
CivicPlus, LLC^+(25)	One stop	SF +	5.75%	(i)	10.96%				08/2027	9,175		9,190		0.2		9,175
CivicPlus, LLC<+(25)	One stop	SF +	5.75%	(i)	10.96%				08/2027	5,430		5,442		0.2		5,430
CivicPlus, LLC<+(25)	One stop	SF +	5.75%	(i)	10.96%				08/2027	4,301		4,308		0.1		4,301
CivicPlus, LLC+(25)	One stop	SF +	11.75%	(i)(j)	17.00%	PIK			06/2034	552		548		—		552
CivicPlus, LLC+	One stop	SF +	8.50%		N/A(6)				08/2027	—		—		—		—
Critical Start, Inc.<+(25)	One stop	SF +	6.75%	(i)	8.40%	cash/	3.63%	PIK	05/2028	5,254		5,252		0.1		5,201
Critical Start, Inc.<+(25)	One stop	SF +	6.75%	(i)	8.40%	cash/	3.63%	PIK	05/2028	2,413		2,384		0.1		2,388
Critical Start, Inc.+(5)	One stop	SF +	6.25%		N/A(6)				05/2028	—		(1)		—		(2)
Delinea Inc.^+	One stop	SF +	5.75%	(i)	10.50%				03/2028	22,609		22,618		0.6		22,609
Delinea Inc.#^	One stop	SF +	5.75%	(i)	10.50%				03/2028	13,127		13,128		0.3		13,127
Delinea Inc.+(5)	One stop	SF +	5.75%		N/A(6)				03/2027	—		(1)		—		—
Delinea Inc.<	One stop	SF +	6.00%	(i)	10.75%				03/2028	11,500		11,486		0.3		11,500
Goldcup 31018 AB<+(8)(9)(17)(25)	One stop	E +	6.50%	(d)	10.18%	PIK			07/2029	14,282		13,351		0.4		14,283
Goldcup 31018 AB+(8)(9)(17)(25)	One stop	E +	6.50%	(d)	10.18%	PIK			07/2029	1,332		1,269		—		1,332

See Notes to Consolidated Financial Statements.

70

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 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)
Goldcup 31018 AB+(5)(8)(9)(17)	One stop	E +	6.50%		N/A(6)				01/2029	$	—	$	(1)	—	%	$	—
Netwrix Corporation*&+	One stop	SF +	5.50%	(i)	10.56%				06/2029	7,975		7,980		0.2		7,975
Netwrix Corporation+(5)	One stop	SF +	5.50%		N/A(6)				06/2029	—		(1)		—		—
Netwrix Corporation+	One stop	SF +	5.50%	(i)	10.56%				06/2029	386		384		—		422
Optimizely North America, Inc.#^<	One stop	SF +	5.25%	(i)	10.00%				04/2026	25,860		25,849		0.6		25,860
Optimizely North America, Inc.+(8)(9)	One stop	E +	5.50%	(c)	8.85%				04/2026	23,933		24,037		0.6		23,933
Optimizely North America, Inc.*#^	One stop	SF +	5.25%	(i)	10.00%				04/2026	14,317		14,346		0.4		14,317
Optimizely North America, Inc.*<	One stop	SF +	5.25%	(i)	10.00%				04/2026	7,956		7,951		0.2		7,956
Optimizely North America, Inc.+	One stop	SF +	5.25%		N/A(6)				04/2026	—		—		—		—
PDQ Intermediate, Inc.+(25)	Subordinated debt	N/A			13.75%	PIK			10/2031	114		113		—		114
Recordxtechnologies, LLC#~<	One stop	SF +	5.25%	(i)	9.85%				12/2027	18,874		19,063		0.5		18,874
Recordxtechnologies, LLC+	One stop	SF +	5.25%	(i)	9.85%				12/2027	1,769		1,786		—		1,769
Recordxtechnologies, LLC+	One stop	SF +	5.25%	(i)	9.85%				12/2027	2		—		—		2
Recordxtechnologies, LLC<+	One stop	SF +	5.25%	(i)	9.85%				12/2027	894		886		—		894
Recordxtechnologies, LLC+	One stop	SF +	5.25%	(i)	9.85%				12/2027	12,553		12,439		0.3		12,553
ReliaQuest Holdings, LLC<+(25)	One stop	SF +	6.75%	(i)	8.37%	cash/	3.63%	PIK	04/2031	11,710		11,711		0.3		11,710
ReliaQuest Holdings, LLC+(5)	One stop	SF +	6.75%		N/A(6)				04/2031	—		(5)		—		—
ReliaQuest Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)				04/2031	—		(2)		—		—
Saturn Borrower Inc.~<+	One stop	SF +	6.50%	(i)	11.25%				09/2026	27,535		27,313		0.7		26,983
Saturn Borrower Inc.+	One stop	SF +	6.50%	(h)(i)	11.28%				09/2026	444		437		—		434
WPEngine, Inc.<+	One stop	SF +	6.50%	(i)	11.62%				08/2029	5,438		5,419		0.1		5,438
WPEngine, Inc.+	One stop	SF +	6.50%		N/A(6)				08/2029	—		—		—		—
Zarya Holdco, Inc.<+	One stop	SF +	6.50%	(i)	11.56%				07/2027	1,413		1,406		—		1,385
Zarya Holdco, Inc.<+	One stop	SF +	6.50%	(i)	11.56%				07/2027	7,247		7,296		0.2		7,102
Zarya Holdco, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				07/2027	—		—		—		(2)
										271,542		270,535		6.7		270,762

See Notes to Consolidated Financial Statements.

71

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 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)
Leisure Products
Crunch Holdings, LLC+	One stop	SF +	4.75%	(h)	9.61%				09/2031	$	57,121	$	56,836	1.4	%	$	56,836
Crunch Holdings, LLC+(5)	One stop	SF +	4.75%		N/A(6)				09/2031	—		(39)		—		(39)
Movement Holdings, LLC<+	One stop	SF +	5.25%	(h)	10.10%				03/2030	841		839		—		841
Movement Holdings, LLC+	One stop	SF +	5.25%		N/A(6)				03/2030	—		—		—		—
Movement Holdings, LLC+(5)	One stop	SF +	5.25%		N/A(6)				03/2030	—		(2)		—		—
WBZ Investment, LLC#&+(25)	One stop	SF +	6.75%	(i)	11.50%				03/2027	7,804		7,804		0.2		7,804
WBZ Investment, LLC&+(25)	One stop	SF +	6.75%	(i)	11.50%				03/2027	1,717		1,717		0.1		1,717
WBZ Investment, LLC&+(25)	One stop	SF +	6.75%	(i)	11.50%				03/2027	1,194		1,194		—		1,194
WBZ Investment, LLC&+(25)	One stop	SF +	6.75%	(i)	11.50%				03/2027	628		628		—		628
WBZ Investment, LLC+	One stop	SF +	6.75%		N/A(6)				03/2027	—		—		—		—
										69,305		68,977		1.7		68,981
Life Sciences Tools & Services
Celerion Buyer, Inc.*#~	One stop	SF +	5.50%	(i)	10.73%				11/2029	29,605		29,352		0.7		29,605
Celerion Buyer, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				11/2028	—		(1)		—		—
Celerion Buyer, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				11/2029	—		(68)		—		—
Graphpad Software, LLC+	One stop	SF +	4.75%	(i)	9.35%				06/2031	8,869		8,826		0.2		8,869
Graphpad Software, LLC+(5)	One stop	SF +	4.75%		N/A(6)				06/2031	—		(4)		—		—
Graphpad Software, LLC+	One stop	SF +	4.75%	(i)	9.35%				06/2031	222		211		—		222
PAS Parent Inc.+(5)	One stop	SF +	5.00%		N/A(6)				12/2028	—		(18)		—		(39)
PAS Parent Inc.*#~&<+	One stop	SF +	5.00%	(h)	9.85%				12/2028	55,514		55,532		1.4		54,960
PAS Parent Inc.+	One stop	SF +	5.00%	(h)	9.85%				12/2027	130		124		—		124
PAS Parent Inc.+	One stop	SF +	5.00%	(h)	9.85%				12/2028	2,643		2,664		0.1		2,608
Reaction Biology Corporation#+(7)(25)	One stop	SF +	6.90%	(i)	7.10%	cash/	4.40%	PIK	03/2029	8,600		8,374		0.2		6,622
Reaction Biology Corporation+(7)(25)	One stop	SF +	6.90%	(i)	7.10%	cash/	4.40%	PIK	03/2029	2,861		2,482		0.1		2,203
Reaction Biology Corporation+(7)(25)	One stop	SF +	6.90%	(i)	7.10%	cash/	4.40%	PIK	03/2029	1,903		1,650		—		1,465
Reaction Biology Corporation+(7)(25)	One stop	SF +	6.90%	(i)	7.10%	cash/	4.40%	PIK	03/2029	306		278		—		236
Unchained Labs, LLC+	Senior secured	SF +	5.50%	(h)	10.40%				08/2027	1,400		1,387		—		1,372
Unchained Labs, LLC<+	Senior secured	SF +	5.50%	(h)	10.40%				08/2027	1,182		1,167		—		1,158
Unchained Labs, LLC+(5)	Senior secured	SF +	5.50%		N/A(6)				08/2027	—		(1)		—		(2)
										113,235		111,955		2.7		109,403
Machinery
AI Titan Parent, Inc.+	One stop	SF +	4.75%	(i)	9.81%				08/2031	10,508		10,405		0.3		10,403
AI Titan Parent, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				08/2031	—		(10)		—		(11)
AI Titan Parent, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				08/2031	—		(13)		—		(13)
Blackbird Purchaser, Inc.<+	One stop	SF +	5.50%	(i)	10.10%				12/2030	4,476		4,559		0.1		4,476
Blackbird Purchaser, Inc.+	One stop	SF +	5.50%	(i)	10.10%				12/2030	265		264		—		265
Blackbird Purchaser, Inc.+	One stop	SF +	5.50%	(i)	10.10%				12/2029	15		15		—		15
Chase Industries, Inc.+(25)(26)	Senior secured	SF +	7.00%	(i)	10.25%	cash/	1.50%	PIK	05/2025	13,837		13,816		0.3		13,145
Chase Industries, Inc.+(25)(26)	Senior secured	SF +	7.00%	(i)	10.25%	cash/	1.50%	PIK	05/2025	1,308		1,300		—		1,242
Chase Industries, Inc.+(25)(26)	Senior secured	SF +	7.00%	(i)	10.25%	cash/	1.50%	PIK	05/2025	255		250		—		228
										30,664		30,586		0.7		29,750
Marine
Project Nike Purchaser, LLC&+	One stop	SF +	5.25%	(i)	9.85%				04/2029	33,867		34,038		0.9		33,529
Project Nike Purchaser, LLC<+	One stop	SF +	5.25%	(i)	9.85%				04/2029	750		747		—		742
Project Nike Purchaser, LLC+	One stop	SF +	5.25%	(i)	9.85%				04/2029	250		248		—		246
										34,867		35,033		0.9		34,517
Media
Lotus Topco, Inc.+	One stop	SF +	4.75%	(j)	9.00%				06/2030	5,164		5,127		0.1		5,164
Lotus Topco, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				06/2030	—		(7)		—		—

See Notes to Consolidated Financial Statements.

72

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 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)
Lotus Topco, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				06/2030	$	—	$	(18)	$	—	%	$	—
Triple Lift, Inc.^+	One stop	SF +	5.75%	(i)	10.71%				05/2028	7,300		7,203		0.2			7,008
Triple Lift, Inc.<+	One stop	SF +	5.75%	(i)	10.71%				05/2028	1,557		1,526		—			1,495
Triple Lift, Inc.+	One stop	SF +	5.75%	(i)	11.20%				05/2028	54		52		—			50
										14,075		13,883		0.3			13,717
Multiline Retail
Fleet Farm Group, LLC*#+(7)	One stop	SF +	7.00%	(j)	12.56%				12/2026	43,652		43,416		0.8			31,866
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.*+(8)(12)	One stop	SF +	6.50%	(h)	11.45%				05/2025	25,451		25,549		0.7			25,451
3ES Innovation, Inc.+(8)(12)	One stop	SF +	6.50%		N/A(6)				05/2025	—		—		—			—
Envernus, Inc.<+	One stop	SF +	5.50%	(h)	10.35%				12/2029	5,131		5,222		0.1			5,131
Envernus, Inc.+	One stop	SF +	5.50%	(h)	10.35%				12/2029	5		5		—			5
Envernus, Inc.+	One stop	SF +	5.50%		N/A(6)				12/2029	—		—		—			—
Project Power Buyer, LLC*#~<+	One stop	SF +	6.75%	(i)	11.35%				05/2026	53,171		53,103		1.3			53,171
Project Power Buyer, LLC+	One stop	SF +	6.75%		N/A(6)				05/2025	—		—		—			—
										83,758		83,879		2.1			83,758
Paper & Forest Products
Messenger, LLC#~<+	One stop	SF +	5.75%	(i)	10.50%				12/2027	14,397		14,417		0.4			14,397
Messenger, LLC+(8)(9)	One stop	SN +	5.75%	(f)	10.80%				12/2027	926		875		—			926
Messenger, LLC+	One stop	SF +	5.75%	(i)	10.50%				12/2027	520		519		—			520
Messenger, LLC+(8)(9)	One stop	SN +	5.75%		N/A(6)				12/2027	—		—		—			—
Messenger, LLC~+	One stop	SF +	5.75%	(i)	11.15%				12/2027	1,508		1,537		0.1			1,508
Messenger, LLC<+	One stop	SF +	5.75%	(i)	10.50%				12/2027	756		756		—			756
Messenger, LLC+	One stop	SF +	5.75%		N/A(6)				12/2027	—		—		—			—
										18,107		18,104		0.5			18,107
Personal Products
IMPLUS Footcare, LLC+(25)	One stop	SF +	8.75%	(i)	12.51%	cash/	1.00%	PIK	07/2025	30,500		30,500		0.7			27,450
IMPLUS Footcare, LLC+(25)	One stop	SF +	8.75%	(i)	12.51%	cash/	1.00%	PIK	07/2025	5,209		5,209		0.1			4,688
IMPLUS Footcare, LLC*+(25)	One stop	SF +	8.75%	(i)	12.51%	cash/	1.00%	PIK	07/2025	751		751		—			675
										36,460		36,460		0.8			32,813

See Notes to Consolidated Financial Statements.

73

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 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)
Pharmaceuticals
ACP Ulysses Buyer, Inc.*#~&	One stop	SF +	5.50%	(i)	10.75%				02/2029	$	30,144	$	29,977	0.8	%	$	30,144
ACP Ulysses Buyer, Inc.*<	One stop	SF +	5.50%	(i)	10.75%				02/2029	1,303		1,285		—		1,303
Amalthea Parent, Inc.*#~^&<+(8)	One stop	SF +	5.00%	(j)	10.75%				03/2027	87,644		85,520		2.1		82,385
Amalthea Parent, Inc.+(8)	One stop	SF +	5.00%	(h)	9.96%				03/2027	360		338		—		328
Apothecary Products, LLC+	Senior secured	SF +	5.75%	(j)	10.59%				07/2025	2,321		2,310		0.1		2,321
Apothecary Products, LLC+(5)	Senior secured	SF +	5.75%		N/A(6)				07/2025	—		(3)		—		—
Caerus Midco 3 S.A.R.L.<+(8)(13)	One stop	SF +	5.00%	(i)	9.60%				05/2029	29,411		29,445		0.7		29,117
Caerus Midco 3 S.A.R.L.<+(8)(13)	One stop	SF +	5.00%	(i)	9.60%				05/2029	4,876		4,879		0.1		4,827
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.00%	(i)	9.60%				05/2029	1,986		1,962		—		1,941
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.00%	(i)	9.60%				05/2029	315		311		—		308
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.00%	(h)	9.87%				05/2029	262		259		—		256
Cobalt Buyer Sub, Inc.&+	One stop	SF +	5.50%	(h)	10.35%				10/2028	14,836		14,789		0.4		14,651
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.50%	(h)	10.35%				10/2028	4,975		4,957		0.1		4,913
Cobalt Buyer Sub, Inc.<+	One stop	SF +	5.50%	(h)	10.35%				10/2028	3,758		3,684		0.1		3,711
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.50%	(h)	10.35%				10/2027	146		130		—		128
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.50%	(h)	10.35%				10/2028	6,397		6,319		0.2		6,317
Cobalt Buyer Sub, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				10/2028	—		(78)		—		(80)
Spark Bidco Limited<+(8)(9)(10)(25)	Senior secured	SN +	4.88%	(f)	8.70%	cash/	1.13%	PIK	08/2028	37,712		37,449		0.9		36,204
Spark Bidco Limited<+(8)(9)(10)	Senior secured	SN +	6.00%	(f)	10.95%				08/2028	5,558		5,133		0.1		5,558
Spark Bidco Limited+(8)(9)(10)(25)	Senior secured	SN +	4.88%	(f)	8.70%	cash/	1.13%	PIK	08/2028	4,571		3,962		0.1		4,388
Spark Bidco Limited+(8)(10)	Senior secured	SF +	6.00%	(i)	10.60%				08/2028	3,991		3,984		0.1		3,991
Spark Bidco Limited+(8)(9)(10)(25)	Senior secured	SN +	4.88%	(f)	8.70%	cash/	1.13%	PIK	08/2028	3,999		3,624		0.1		3,840
Spark Bidco Limited+(5)(8)(9)(10)	Senior secured	SN +	4.88%		N/A(6)				02/2028	—		(5)		—		(8)
										244,565		240,231		5.9		236,543
Professional Services
ALKU Intermediate Holdings, LLC<+	One stop	SF +	6.25%	(j)	10.50%				5/1/2029	6,797		6,824		0.2		6,882
ALKU Intermediate Holdings, LLC<+	One stop	SF +	5.50%	(j)	9.75%				5/1/2029	751		743		—		751
bswift, LLC<+	One stop	SF +	6.38%	(i)	11.68%				11/1/2028	7,681		7,664		0.2		7,817
Citrin Cooperman Advisors LLC+	One stop	SF +	5.00%	(i)	10.32%				10/1/2027	8,058		8,077		0.2		8,058
Citrin Cooperman Advisors LLC&+	One stop	SF +	5.00%	(i)	10.32%				10/1/2027	3,498		3,449		0.1		3,498
Citrin Cooperman Advisors LLC+	One stop	SF +	5.00%	(i)	10.42%				10/1/2027	1,038		1,029		—		1,038
Citrin Cooperman Advisors LLC+	One stop	SF +	5.25%	(i)	10.67%				10/1/2027	664		663		—		664
Citrin Cooperman Advisors LLC<+	One stop	SF +	5.25%	(i)	10.67%				10/1/2027	253		253		—		253
DISA Holdings Corp.<+	Senior secured	SF +	5.00%	(i)	10.02%				9/1/2028	5,242		5,207		0.1		5,242
DISA Holdings Corp.<+	Senior secured	SF +	5.00%	(i)	10.02%				9/1/2028	808		796		—		808
DISA Holdings Corp.+	One stop	SF +	5.00%	(i)	10.02%				9/1/2028	691		682		—		691
DISA Holdings Corp.+	Senior secured	SF +	5.00%	(i)	10.02%				9/1/2028	611		604		—		611
DISA Holdings Corp.+(25)	Subordinated debt	SF +	8.50%	(h)	11.51%	cash/	2.00%	PIK	3/1/2029	104		103		—		104
DISA Holdings Corp.+	Senior secured	SF +	5.00%	(i)	10.11%				9/1/2028	70		65		—		70
DISA Holdings Corp.+(5)	Senior secured	SF +	5.00%		N/A(6)				9/1/2028	—		(2)		—		—
Eclipse Buyer, Inc.+	One stop	SF +	4.75%	(i)	9.74%				9/1/2031	14,283		14,141		0.4		14,140
Eclipse Buyer, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				9/1/2031	—		(69)		—		(18)
Eclipse Buyer, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				9/1/2031	—		(12)		—		(12)
Eliassen Group, LLC<+	One stop	SF +	5.75%	(i)	10.35%				4/1/2028	2,149		2,132		0.1		2,084
Eliassen Group, LLC+	One stop	SF +	5.75%	(i)	10.88%				4/1/2028	145		144		—		140
Filevine, Inc.^+(25)	One stop	SF +	6.50%	(i)	9.47%	cash/	2.50%	PIK	4/1/2027	8,241		8,279		0.2		8,344
Filevine, Inc.+	One stop	SF +	6.50%		N/A(6)				4/1/2027	—		—		—		—
IG Investments Holdings, LLC&+	One stop	SF +	6.00%	(i)	11.35%				9/1/2028	9,122		9,107		0.2		9,122
IG Investments Holdings, LLC&+	One stop	SF +	6.00%	(i)	11.35%				9/1/2028	782		776		—		782
IG Investments Holdings, LLC+	One stop	SF +	6.00%		N/A(6)				9/1/2027	—		—		—		—
NBG Acquisition Corp. and NBG-P Acquisition Corp.#~^&<	One stop	SF +	5.25%	(i)	10.65%				11/1/2028	34,023		33,720		0.8		33,004

See Notes to Consolidated Financial Statements.

74

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 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)
NBG Acquisition Corp. and NBG-P Acquisition Corp.+	One stop	SF +	5.25%	(i)	10.72%				11/1/2028	$	791	$	785	—	%	$	767
NBG Acquisition Corp. and NBG-P Acquisition Corp.+	One stop	SF +	5.25%	(i)	10.65%				11/1/2028	306		298		—		292
PlanSource Holdings, Inc.<+	One stop	SF +	6.25%	(j)	11.64%				6/1/2025	14,234		14,287		0.4		14,091
PlanSource Holdings, Inc.<+	One stop	SF +	6.25%	(j)	11.64%				6/1/2025	2,416		2,413		0.1		2,391
PlanSource Holdings, Inc.+	One stop	SF +	6.25%	(j)	11.64%				6/1/2025	695		695		—		689
PlanSource Holdings, Inc.+(5)	One stop	SF +	6.25%		N/A(6)				6/1/2025	—		—		—		(3)
Procure Acquireco, Inc.#~&+	One stop	SF +	5.00%	(j)	9.99%				12/1/2028	24,925		24,975		0.6		24,925
Procure Acquireco, Inc.+	One stop	SF +	5.00%	(i)	9.75%				12/1/2028	1,145		1,145		—		1,145
Procure Acquireco, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				12/1/2028	—		(1)		—		—
Teaching Company, The+	One stop	SF +	5.75%	(j)	11.09%				1/1/2026	13,614		13,614		0.4		13,614
Teaching Company, The+	One stop	SF +	5.75%		N/A(6)				1/1/2026	—		—		—		—
Varicent Intermediate Holdings Corporation+(25)	One stop	SF +	6.00%	(i)	7.35%	cash/	3.25%	PIK	8/1/2031	46,971		46,283		1.2		46,267
Varicent Intermediate Holdings Corporation+(5)	One stop	SF +	6.00%		N/A(6)				8/1/2031	—		(91)		—		(93)
Varicent Intermediate Holdings Corporation+(5)	One stop	SF +	6.00%		N/A(6)				8/1/2031	—		(89)		—		(90)
										210,108		208,689		5.2		208,068

%

Real Estate Management & Development
Inhabit IQ Inc.&<	One stop	SF +	5.50%	(h)	10.45%	07/2025	37,583	37,792	1.0	37,583
Inhabit IQ Inc.#~+	One stop	SF +	5.50%	(h)	10.45%	07/2025	21,694	21,725	0.6	21,694
Inhabit IQ Inc.~+	One stop	SF +	5.50%	(h)	10.45%	07/2025	15,607	15,632	0.4	15,607
Inhabit IQ Inc.*^	One stop	SF +	5.50%	(h)	10.45%	07/2025	21,366	21,484	0.5	21,366
Inhabit IQ Inc.*#~	One stop	SF +	5.50%	(h)	10.45%	07/2025	7,460	7,456	0.2	7,460
Inhabit IQ Inc.<+	One stop	SF +	5.50%	(h)	10.45%	07/2025	3,988	3,998	0.1	3,988
Inhabit IQ Inc.#<+	One stop	SF +	5.50%	(h)	10.45%	07/2025	1,745	1,744	—	1,745
Inhabit IQ Inc.#<+	One stop	SF +	5.50%	(h)	10.45%	07/2025	1,478	1,477	—	1,478
Inhabit IQ Inc.#<+	One stop	SF +	5.50%	(h)	10.45%	07/2025	1,461	1,461	—	1,461
Inhabit IQ Inc.<+	One stop	SF +	5.50%	(h)	10.45%	07/2025	1,166	1,165	—	1,166
Inhabit IQ Inc.<+	One stop	SF +	5.50%	(h)	10.45%	07/2025	614	614	—	614
Inhabit IQ Inc.+	One stop	SF +	5.50%		N/A(6)	07/2025	—	—	—	—
Inhabit IQ Inc.<	One stop	SF +	5.50%	(h)	10.45%	07/2025	680	680	—	680
MRI Software, LLC*~^+	One stop	SF +	4.75%	(i)	9.35%	02/2027	28,915	29,128	0.7	28,625
MRI Software, LLC~^&+	One stop	SF +	4.75%	(i)	9.35%	02/2027	13,155	13,261	0.3	13,023
MRI Software, LLC+(5)	One stop	SF +	4.75%		N/A(6)	02/2027	—	(25)	—	(31)
MRI Software, LLC+	One stop	SF +	4.75%	(i)	9.35%	02/2027	947	942	—	938
MRI Software, LLC+	One stop	SF +	4.75%	(i)	9.35%	02/2027	3,217	3,134	0.1	3,086
RPL Bidco Limited<+(8)(9)(10)	One stop	SN +	5.50%	(f)	10.45%	08/2028	6,052	5,865	0.2	6,052
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.50%	(f)	10.45%	08/2028	27,932	28,284	0.7	27,932
RPL Bidco Limited<+(8)(9)(10)	One stop	A +	5.50%	(e)	9.85%	08/2028	12,173	11,762	0.3	12,173
RPL Bidco Limited<+(8)(9)(10)	One stop	A +	5.50%	(e)	9.87%	08/2028	2,955	3,036	0.1	2,955
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.50%		N/A(6)	02/2028	—	—	—	—
							210,188	210,615	5.2	209,595
Road & Rail
Internet Truckstop Group, LLC~+	One stop	SF +	5.50%	(i)	10.25%	04/2027	28,632	28,669	0.7	28,346
Internet Truckstop Group, LLC&+	One stop	SF +	5.50%	(i)	10.25%	04/2027	12,553	12,523	0.3	12,427
Internet Truckstop Group, LLC+(5)	One stop	SF +	5.50%		N/A(6)	04/2027	—	(3)	—	(3)
							41,185	41,189	1.0	40,770

See Notes to Consolidated Financial Statements.

75

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 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)
Software
Anaplan, Inc.^<+	One stop	SF +	5.25%	(i)	9.85%				06/2029	$	24,680	$	24,917	0.6	%	$	24,680
Anaplan, Inc.+	One stop	SF +	5.25%	(i)	9.85%				06/2029	13,000		12,969		0.3		13,000
Anaplan, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				06/2028	—		(1)		—		—
Appfire Technologies, LLC~^+	One stop	SF +	4.75%	(i)	9.35%				03/2028	55,159		55,072		1.4		55,159
Appfire Technologies, LLC+	One stop	SF +	4.75%	(i)	9.35%				03/2028	1,603		1,562		0.1		1,603
Appfire Technologies, LLC+(5)	One stop	SF +	4.75%		N/A(6)				03/2028	—		(3)		—		—
Appfire Technologies, LLC+(5)	One stop	SF +	4.75%		N/A(6)				03/2028	—		(124)		—		—
Aras Corporation^<+(25)	One stop	SF +	5.50%	(i)	10.10%				04/2029	28,740		28,732		0.7		28,740
Aras Corporation+	One stop	SF +	5.50%	(i)	10.10%				04/2029	1,217		1,195		—		1,217
Armstrong Bidco Limited<+(8)(9)(10)	One stop	SN +	5.25%	(f)	10.20%				06/2029	5,815		5,361		0.2		5,815
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.25%	(f)	10.20%				06/2029	3,034		2,728		0.1		3,034
Arrow Buyer, Inc.<+	One stop	SF +	5.75%	(i)	10.35%				07/2030	25,104		24,934		0.6		25,104
Arrow Buyer, Inc.+	One stop	SF +	5.75%	(i)	10.35%				07/2030	1,645		1,640		0.1		1,645
Arrow Buyer, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				07/2030	—		(25)		—		—
Artifact Bidco, Inc.+	One stop	SF +	4.50%	(i)	9.10%				05/2031	1,489		1,475		0.1		1,474
Artifact Bidco, Inc.+(5)	One stop	SF +	4.50%		N/A(6)				05/2031	—		(2)		—		(2)
Artifact Bidco, Inc.+(5)	One stop	SF +	4.50%		N/A(6)				05/2030	—		(1)		—		(1)
Artifact Bidco, Inc.+(5)	One stop	SF +	4.50%		N/A(6)				05/2030	—		(1)		—		(1)
Auvik Networks Inc.^+(8)(12)(25)	One stop	SF +	6.25%	(i)	8.25%	cash/	3.25%	PIK	07/2027	10,663		10,693		0.3		10,663
Auvik Networks Inc.<+(8)(12)(25)	One stop	SF +	6.25%	(i)	8.25%	cash/	3.25%	PIK	07/2027	1,918		1,911		0.1		1,918
Auvik Networks Inc.<+(8)(12)(25)	One stop	SF +	6.25%	(i)	8.25%	cash/	3.25%	PIK	07/2027	976		972		—		976
Auvik Networks Inc.+(8)(12)	One stop	SF +	6.00%		N/A(6)				07/2027	—		—		—		—
Axiom Merger Sub Inc.<+	One stop	SF +	4.75%	(j)	10.31%				04/2026	6,717		6,695		0.2		6,666
Axiom Merger Sub Inc.+(8)(9)	One stop	E +	4.75%	(c)(d)	8.58%				04/2026	2,764		2,749		0.1		2,743
Axiom Merger Sub Inc.<+	One stop	SF +	4.75%	(j)	10.31%				04/2026	1,218		1,211		—		1,209
Axiom Merger Sub Inc.+	One stop	SF +	4.75%	(j)	9.96%				04/2026	175		174		—		174
Axiom Merger Sub Inc.+	One stop	SF +	4.75%		N/A(6)				10/2025	—		—		—		—
Axiom Merger Sub Inc.+(5)	One stop	SF +	4.75%		N/A(6)				04/2026	—		(92)		—		(98)
Azul Systems, Inc.~	Senior secured	SF +	4.50%	(i)	9.25%				04/2027	9,492		9,675		0.3		9,492
Azul Systems, Inc.+	Senior secured	SF +	4.50%		N/A(6)				04/2026	—		—		—		—
Azurite Intermediate Holdings, Inc.+	One stop	SF +	6.50%	(h)	11.35%				03/2031	622		614		—		622
Azurite Intermediate Holdings, Inc.<+	One stop	SF +	6.50%	(h)	11.35%				03/2031	428		422		—		428
Azurite Intermediate Holdings, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				03/2031	—		(2)		—		—
Baxter Planning Systems, LLC<+(25)	One stop	SF +	6.25%	(i)	8.12%	cash/	3.38%	PIK	05/2031	4,060		4,059		0.1		4,060
Baxter Planning Systems, LLC+(5)	One stop	SF +	6.25%		N/A(6)				05/2031	—		(5)		—		—
Baxter Planning Systems, LLC+(5)	One stop	SF +	5.75%		N/A(6)				05/2031	—		(4)		—		—
Bayshore Intermediate #2, L.P.^+(25)	One stop	SF +	7.75%	(i)	13.13%	PIK			10/2028	117,557		117,481		2.9		117,557
Bayshore Intermediate #2, L.P.+(5)	One stop	SF +	6.75%		N/A(6)				10/2027	—		(2)		—		—
BestPass, Inc.+	One stop	SF +	5.25%	(h)	10.10%				08/2031	52,867		52,609		1.3		52,602
BestPass, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				08/2031	—		(25)		—		(26)
BestPass, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				08/2031	—		(34)		—		(35)
Bloomerang, LLC<+	One stop	SF +	6.00%	(h)	10.85%				12/2029	4,142		4,180		0.1		4,142
Bloomerang, LLC+(5)	One stop	SF +	6.00%		N/A(6)				12/2029	—		(1)		—		—
Bloomerang, LLC+(5)	One stop	SF +	6.00%		N/A(6)				12/2029	—		(12)		—		—
Bonterra LLC^<+	One stop	SF +	7.00%	(i)	11.60%				09/2027	92,893		92,384		2.3		91,501
Bonterra LLC+	One stop	SF +	7.00%	(i)	11.94%				09/2027	7,599		7,487		0.2		7,485
Bonterra LLC+(25)	One stop	SF +	7.75%	(i)	12.35%	PIK			09/2027	3,836		3,793		0.1		3,778
Bonterra LLC+	One stop	SF +	7.00%	(i)	11.64%				09/2027	232		227		—		226
Bottomline Technologies, Inc.<+	One stop	SF +	5.25%	(h)	10.10%				05/2029	41,062		40,846		1.0		40,652
Bottomline Technologies, Inc.<+	One stop	SF +	5.75%	(h)	10.60%				05/2029	5,098		5,024		0.1		5,112
Bottomline Technologies, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				05/2028	—		(5)		—		(6)
Bullhorn, Inc.~&+	One stop	SF +	5.00%	(h)	9.85%				10/2029	77,997		77,728		2.0		77,997

See Notes to Consolidated Financial Statements.

76

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 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)
Bullhorn, Inc.~<	One stop	SF +	5.00%	(h)	9.85%	10/2029	$	3,190	$	3,228	0.1	%	$	3,190
Bullhorn, Inc.&+	One stop	SF +	5.00%	(h)	9.85%	10/2029	1,643		1,664		0.1		1,643
Bullhorn, Inc.<+	One stop	SF +	5.00%	(h)	9.85%	10/2029	736		733		—		736
Bullhorn, Inc.<+	One stop	SF +	5.00%	(h)	9.85%	10/2029	587		584		—		587
Bullhorn, Inc.+(5)	One stop	SF +	5.00%		N/A(6)	10/2029	—		(2)		—		—
Burning Glass Intermediate Holdings Company, Inc.#~+	One stop	SF +	5.00%	(h)	9.95%	06/2028	12,431		12,402		0.3		12,431
Burning Glass Intermediate Holdings Company, Inc.+(5)	One stop	SF +	5.00%		N/A(6)	06/2026	—		(1)		—		—
Bynder BidCo, Inc.& Bynder BidCo B.V.<+(8)(14)	One stop	SF +	7.25%	(i)	12.53%	01/2029	8,332		8,270		0.2		8,332
Bynder BidCo, Inc.& Bynder BidCo B.V.<+(8)(14)	One stop	SF +	7.25%	(i)	12.53%	01/2029	2,204		2,172		0.1		2,204
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	7.25%		N/A(6)	01/2029	—		—		—		—
Bynder BidCo, Inc.& Bynder BidCo B.V.+(5)(8)(14)	One stop	SF +	7.25%		N/A(6)	01/2029	—		(1)		—		—
Calabrio, Inc.^<+	One stop	SF +	5.50%	(i)	10.56%	04/2027	74,669		74,739		1.9		74,669
Calabrio, Inc.<+	One stop	SF +	5.50%	(i)	10.56%	04/2027	5,487		5,575		0.2		5,487
Calabrio, Inc.+(5)	One stop	SF +	5.50%		N/A(6)	04/2027	—		(2)		—		—
Camelia Bidco Limited<+(8)(9)(10)	One stop	SN +	5.50%	(f)	10.45%	08/2030	5,411		5,138		0.1		5,411
Camelia Bidco Limited+(8)(9)(10)	One stop	SN +	5.50%	(f)	10.45%	08/2030	766		707		—		766
Camelia Bidco Limited+(8)(9)(10)	One stop	A +	5.50%	(e)	9.93%	08/2030	346		324		—		346
Camelia Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.50%		N/A(6)	08/2030	—		(29)		—		—
CB Buyer, Inc.+	One stop	SF +	5.25%	(i)	9.85%	07/2031	46,611		46,161		1.2		46,611
CB Buyer, Inc.+(5)	One stop	SF +	5.25%		N/A(6)	07/2031	—		(51)		—		—
CB Buyer, Inc.+(5)	One stop	SF +	5.25%		N/A(6)	07/2031	—		(63)		—		—
Coupa Holdings, LLC<+	One stop	SF +	5.50%	(i)	10.75%	02/2030	31,960		31,650		0.8		31,960
Coupa Holdings, LLC+(5)	One stop	SF +	5.50%		N/A(6)	02/2029	—		(1)		—		—
Coupa Holdings, LLC+(5)	One stop	SF +	5.50%		N/A(6)	02/2030	—		(20)		—		—
Crewline Buyer, Inc.<+	One stop	SF +	6.75%	(i)	11.35%	11/2030	5,403		5,452		0.1		5,403
Crewline Buyer, Inc.+(5)	One stop	SF +	6.75%		N/A(6)	11/2030	—		(1)		—		—
Daxko Acquisition Corporation~^+	One stop	SF +	5.00%	(h)	9.85%	10/2028	39,458		39,434		1.0		39,458
Daxko Acquisition Corporation&+	One stop	SF +	5.00%	(h)	9.85%	10/2028	3,328		3,298		0.1		3,328
Daxko Acquisition Corporation+	One stop	SF +	5.00%	(h)	9.85%	10/2028	199		197		—		199
Daxko Acquisition Corporation+	One stop	P +	4.00%	(a)	12.00%	10/2028	64		52		—		64
Daxko Acquisition Corporation+(5)	One stop	SF +	5.00%		N/A(6)	10/2028	—		(20)		—		—
Denali Bidco Limited<+(8)(9)(10)	One stop	SN +	6.00%	(f)	10.95%	08/2030	7,864		7,541		0.2		7,903
Denali Bidco Limited+(8)(9)(10)	One stop	E +	6.00%	(c)	9.35%	08/2030	2,657		2,583		0.1		2,669
Denali Bidco Limited<+(8)(9)(10)	One stop	E +	6.00%	(c)	9.35%	08/2030	1,897		1,839		0.1		1,906
Denali Bidco Limited<+(8)(9)(10)	One stop	E +	5.50%	(c)	8.85%	08/2030	741		713		—		741
Denali Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.50%		N/A(6)	08/2030	—		(2)		—		—
Diligent Corporation<+	One stop	SF +	5.00%	(j)	10.09%	08/2030	8,985		8,967		0.2		8,985
Diligent Corporation+	One stop	SF +	5.00%	(j)	10.09%	08/2030	1,541		1,530		0.1		1,541
Diligent Corporation+(5)	One stop	SF +	5.00%		N/A(6)	08/2030	—		(11)		—		—
Diligent Corporation+(5)	One stop	SF +	5.00%		N/A(6)	08/2030	—		(6)		—		—
Dragon UK Bidco Limited<+(8)(9)(10)	One stop	SN +	5.75%	(f)	10.70%	02/2029	23,038		22,316		0.6		22,807
Dragon UK Bidco Limited+(8)(9)(10)	One stop	CA +	5.75%	(k)	9.67%	02/2029	4,493		4,440		0.1		4,447
Dragon UK Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.75%		N/A(6)	02/2029	—		(34)		—		(19)
Evergreen IX Borrower 2023, LLC<+	One stop	SF +	4.75%	(i)	9.35%	09/2030	4,919		4,798		0.1		4,869
Evergreen IX Borrower 2023, LLC+	One stop	SF +	4.75%	(i)	9.35%	09/2030	4,483		4,439		0.1		4,438
Evergreen IX Borrower 2023, LLC+(5)	One stop	SF +	4.75%		N/A(6)	10/2029	—		(13)		—		(4)
FirstUp, Inc.^+(25)	One stop	SF +	6.75%	(i)	11.35%	07/2027	13,126		13,138		0.3		12,863
FirstUp, Inc.<+(25)	One stop	SF +	6.75%	(i)	11.35%	07/2027	1,251		1,242		—		1,226
FirstUp, Inc.+(5)	One stop	SF +	6.75%		N/A(6)	07/2027	—		(1)		—		(4)

See Notes to Consolidated Financial Statements.

77

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 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)
Gainsight, Inc.^+(25)	One stop	SF +	6.00%	(i)	11.40%	PIK			07/2027	$	17,981	$	18,006	0.4	%	$	17,981
Gainsight, Inc.+(25)	One stop	SF +	6.00%	(i)	11.40%	PIK			07/2027	128		127		—		128
GS Acquisitionco, Inc.~^&<+	One stop	SF +	5.25%	(i)	9.85%				05/2028	122,743		123,093		3.0		121,514
GS Acquisitionco, Inc.+	One stop	SF +	5.25%	(i)	9.85%				05/2028	70		68		—		65
GS Acquisitionco, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				05/2028	—		(1)		—		(3)
GTIV, LLC+	One stop	SF +	4.75%	(j)	10.01%				02/2029	72,727		72,274		1.8		72,000
GTIV, LLC+(5)	One stop	SF +	4.75%		N/A(6)				02/2029	—		(2)		—		(3)
GTY Technology Holdings, Inc.<+(25)	One stop	SF +	6.88%	(i)	7.18%	cash/	4.30%	PIK	07/2029	5,100		5,092		0.1		5,049
GTY Technology Holdings, Inc.<+(25)	One stop	SF +	6.88%	(h)	7.54%	cash/	4.30%	PIK	07/2029	3,330		3,298		0.1		3,296
GTY Technology Holdings, Inc.+(25)	One stop	SF +	6.88%	(i)	7.18%	cash/	4.30%	PIK	07/2029	611		608		—		605
GTY Technology Holdings, Inc.+(25)	One stop	SF +	7.13%	(i)	7.92%	cash/	4.45%	PIK	07/2029	424		424		—		424
GTY Technology Holdings, Inc.+(5)	One stop	SF +	6.25%		N/A(6)				07/2029	—		(2)		—		(2)
GTY Technology Holdings, Inc.+(5)	One stop	SF +	7.13%		N/A(6)				07/2029	—		(2)		—		—
Gurobi Optimization, LLC+	One stop	SF +	4.75%	(h)(i)	9.47%				09/2031	52,763		52,240		1.3		52,235
Gurobi Optimization, LLC+(5)	One stop	SF +	4.75%		N/A(6)				09/2031	—		(44)		—		(44)
Hornet Security Holding GMBH<+(8)(9)(19)(25)	One stop	E +	7.00%	(d)	5.91%	cash/	4.50%	PIK	02/2031	748		719		—		748
Hornet Security Holding GMBH<+(8)(9)(19)(25)	One stop	E +	7.00%	(c)(d)	5.91%	cash/	4.50%	PIK	02/2031	498		480		—		498
Hornet Security Holding GMBH+(5)(8)(9)(19)	One stop	E +	6.50%		N/A(6)				08/2030	—		(1)		—		—
Hornet Security Holding GMBH+(5)(8)(9)(19)	One stop	E +	6.50%		N/A(6)				02/2031	—		(3)		—		—
Hyland Software, Inc.~&<+	One stop	SF +	6.00%	(h)	10.85%				09/2030	47,242		48,060		1.2		47,242
Hyland Software, Inc.+(5)	One stop	SF +	6.00%		N/A(6)				09/2029	—		(1)		—		—
Icefall Parent, Inc.<+	One stop	SF +	6.50%	(h)	11.35%				01/2030	1,407		1,399		—		1,407
Icefall Parent, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				01/2030	—		(1)		—		—
ICIMS, Inc.<+(25)	One stop	SF +	5.75%	(h)(i)	10.67%				08/2028	12,469		12,419		0.3		11,845
ICIMS, Inc.+	One stop	SF +	5.75%	(h)	10.62%				08/2028	96		93		—		80
ICIMS, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				08/2028	—		(7)		—		(103)
IQN Holding Corp. #&+	One stop	SF +	5.25%	(i)	10.31%				05/2029	22,887		22,944		0.6		22,887
IQN Holding Corp. +	One stop	SF +	5.25%	(i)	10.31%				05/2028	52		52		—		52
Island Bidco AB<+(8)(9)(17)(25)	One stop	E +	7.25%	(b)(d)	3.65%	cash/	7.25%	PIK	07/2028	10,768		10,302		0.3		10,768
Island Bidco AB<+(8)(17)(25)	One stop	SF +	7.00%	(j)	8.76%	cash/	3.50%	PIK	07/2028	4,791		4,804		0.1		4,791
Island Bidco AB+(8)(17)(25)	One stop	SF +	7.00%	(i)(j)	8.76%	cash/	3.50%	PIK	07/2028	3,535		3,519		0.1		3,535
Island Bidco AB+(5)(8)(9)(17)	One stop	E +	6.50%		N/A(6)				07/2028	—		(1)		—		—
Island Bidco AB+(8)(17)	One stop	SF +	6.50%		N/A(6)				07/2028	—		—		—		—
Juvare, LLC*~	One stop	SF +	6.25%	(i)	11.46%				10/2026	10,537		10,531		0.3		10,221
Juvare, LLC&+	One stop	SF +	6.25%	(i)	11.46%				10/2026	2,432		2,417		0.1		2,359
Juvare, LLC+	One stop	SF +	6.25%	(i)	11.46%				10/2026	769		761		—		745
Juvare, LLC+	One stop	SF +	6.25%	(i)	11.46%				04/2026	100		100		—		98
Kaseya Inc.^<+(25)	One stop	SF +	5.50%	(i)	10.75%				06/2029	23,506		23,702		0.6		23,506
Kaseya Inc.+	One stop	SF +	5.50%	(i)	10.78%				06/2029	271		266		—		271
Kaseya Inc.+(25)	One stop	SF +	5.50%	(i)	10.10%				06/2029	136		134		—		136
Kaseya Inc.+	One stop	SF +	5.50%	(i)	10.75%				06/2029	86		83		—		86
LeadsOnline, LLC^+	One stop	SF +	4.75%	(i)	10.17%				02/2028	13,049		13,221		0.3		13,049
LeadsOnline, LLC<+	One stop	SF +	4.75%	(i)	10.17%				02/2028	2,303		2,332		0.1		2,303
LeadsOnline, LLC<+	One stop	SF +	4.75%	(i)	9.45%				02/2028	667		665		—		667
LeadsOnline, LLC+(5)	One stop	SF +	4.75%		N/A(6)				02/2028	—		(1)		—		—
Matrix42 Holding GMBH<+(8)(9)(13)	One stop	E +	6.25%	(d)	9.92%				01/2030	10,121		10,417		0.3		10,121
Matrix42 Holding GMBH<+(8)(9)(13)	One stop	E +	6.25%	(d)	9.92%				12/2029	1,533		1,483		—		1,533
Matrix42 Holding GMBH<+(8)(9)(13)	One stop	E +	6.25%	(d)	9.92%				01/2030	789		765		—		789
Matrix42 Holding GMBH+(5)(8)(9)(13)	One stop	E +	6.25%		N/A(6)				01/2030	—		(1)		—		—
Matrix42 Holding GMBH+(8)(13)	One stop	SF +	6.25%		N/A(6)				01/2028	—		—		—		—
Mindbody, Inc.<+	One stop	SF +	7.00%	(i)	12.40%				09/2025	61,966		62,207		1.5		61,966
Mindbody, Inc.<+	One stop	SF +	7.00%	(i)	12.40%				09/2025	2,134		2,133		0.1		2,134

See Notes to Consolidated Financial Statements.

78

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 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)
Mindbody, Inc.+	One stop	SF +	7.00%		N/A(6)				09/2025	$	—	$	—	—	%	$	—
Ministry Brands Holdings LLC<+	One stop	SF +	5.50%	(h)	10.45%				12/2028	31,070		30,952		0.8		30,448
Ministry Brands Holdings LLC+	One stop	SF +	5.50%	(h)	10.45%				12/2028	2,923		2,926		0.1		2,864
Ministry Brands Holdings LLC+(5)	One stop	SF +	5.50%		N/A(6)				12/2027	—		(4)		—		(6)
Navex TopCo, Inc.<+	One stop	SF +	5.50%	(h)	10.60%				11/2030	5,382		5,477		0.1		5,382
Navex TopCo, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				11/2028	—		(1)		—		—
Naviga Inc.+(7)	Senior secured	SF +	7.00%	(h)	12.25%				12/2024	160		147		—		48
Orsay Bidco 1 B.V. and Sky Group Holding B.V.+(5)(8)(9)(14)	One stop	E +	5.75%		N/A(6)				11/2029	—		(26)		—		—
Panzura, LLC+(25)	One stop	N/A			4.00%	cash/	15.00%	PIK	08/2027	118		106		—		98
Personify, Inc.*#~+	One stop	SF +	5.25%	(i)	10.00%				09/2025	13,866		13,895		0.3		13,866
Personify, Inc.#&	One stop	SF +	5.25%	(i)	10.00%				09/2025	9,810		9,828		0.2		9,810
Personify, Inc.+	One stop	SF +	5.25%		N/A(6)				09/2025	—		—		—		—
Pineapple German Bidco GMBH+(8)(9)(19)(25)	One stop	E +	7.00%	(c)	10.51%	PIK			01/2031	1,052		1,012		—		1,042
Pineapple German Bidco GMBH+(8)(9)(19)(25)	One stop	E +	7.00%	(c)	10.51%	PIK			01/2031	250		237		—		247
Pineapple German Bidco GMBH+(8)(9)(19)(25)	One stop	E +	7.00%	(c)	10.51%	PIK			01/2031	72		69		—		72
PING Identity Holding Corp.<+	One stop	SF +	4.75%	(i)	9.35%				10/2029	15,145		15,105		0.4		15,145
PING Identity Holding Corp.+(5)	One stop	SF +	4.75%		N/A(6)				10/2028	—		(1)		—		—
Pluralsight, LLC+(25)	One stop	SF +	7.50%	(i)	12.57%	PIK			08/2029	5,963		5,730		0.1		5,725
Pluralsight, LLC+(25)	One stop	SF +	4.50%	(i)	8.12%	cash/	1.50%	PIK	08/2029	3,975		3,859		0.1		3,856
Pluralsight, LLC+(25)	One stop	SF +	4.50%	(i)	9.62%	cash/	1.50%	PIK	08/2029	1,988		1,988		—		1,928
Pluralsight, LLC+(5)	One stop	SF +	4.50%		N/A(6)				08/2029	—		—		—		(30)
Pluralsight, LLC+(5)	One stop	SF +	4.50%		N/A(6)				08/2029	—		—		—		(75)
ProcessUnity Holdings, LLC^+	One stop	SF +	6.50%	(h)	11.35%				09/2028	6,014		6,025		0.1		6,014
ProcessUnity Holdings, LLC<+	One stop	SF +	6.50%	(h)	11.35%				09/2028	2,864		2,841		0.1		2,864
ProcessUnity Holdings, LLC+	One stop	SF +	6.50%	(h)	11.35%				09/2028	1,203		1,198		—		1,203
ProcessUnity Holdings, LLC+	One stop	SF +	6.50%	(h)	11.35%				09/2028	90		89		—		90
QAD, Inc.&<+	One stop	SF +	4.75%	(h)	9.60%				11/2027	43,261		43,887		1.1		43,261
QAD, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				11/2027	—		(2)		—		—
Quant Buyer, Inc.<+	One stop	SF +	5.25%	(i)	10.39%				06/2029	7,406		7,339		0.2		7,406
Quant Buyer, Inc.<+	One stop	SF +	5.25%	(i)	10.31%				06/2029	4,360		4,343		0.1		4,360
Quant Buyer, Inc.~+	One stop	SF +	5.25%	(i)	10.31%				06/2029	3,015		2,982		0.1		3,015
Quant Buyer, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				06/2029	—		(4)		—		—
Quant Buyer, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				06/2029	—		(51)		—		—
Rainforest Bidco Limited+(8)(9)(10)(25)	One stop	SN +	6.05%	(f)	8.45%	cash/	2.55%	PIK	07/2029	20,740		19,016		0.5		19,962
Rainforest Bidco Limited+(8)(10)(25)	One stop	SF +	6.05%	(g)	8.34%	cash/	2.55%	PIK	07/2029	3,664		3,638		0.1		3,526
Rainforest Bidco Limited+(8)(9)(10)(25)	One stop	SN +	6.55%	(f)	8.95%	cash/	2.55%	PIK	07/2029	2,159		1,971		0.1		2,159
Rainforest Bidco Limited+(8)(9)(10)(25)	One stop	SN +	6.05%	(f)	8.45%	cash/	2.55%	PIK	07/2029	1,524		1,383		—		1,467
Riskonnect Parent, LLC*<+	One stop	SF +	5.50%	(i)	10.25%				12/2028	45,635		46,131		1.1		45,407
Riskonnect Parent, LLC+	One stop	SF +	5.50%	(i)	10.25%				12/2028	2,141		2,161		0.1		2,131
Riskonnect Parent, LLC<+	One stop	SF +	5.50%	(i)	10.10%				12/2028	823		816		—		815
Riskonnect Parent, LLC+	One stop	SF +	5.50%	(i)	10.10%				12/2028	579		570		—		573
Riskonnect Parent, LLC+(5)	One stop	SF +	5.50%		N/A(6)				12/2028	—		(5)		—		(4)
Riskonnect Parent, LLC+(5)	One stop	SF +	5.50%		N/A(6)				12/2028	—		(9)		—		(10)
Rodeo Buyer Company & Absorb Software Inc.^<+	One stop	SF +	6.25%	(h)	11.20%				05/2027	7,616		7,613		0.2		7,616
Rodeo Buyer Company & Absorb Software Inc.+	One stop	SF +	6.25%		N/A(6)				05/2027	—		—		—		—
SailPoint Technologies Holdings, Inc.^+	One stop	SF +	6.00%	(i)	11.10%				08/2029	14,654		14,569		0.4		14,654
SailPoint Technologies Holdings, Inc.+(5)	One stop	SF +	6.00%		N/A(6)				08/2028	—		(2)		—		—
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	5.50%	(c)	9.20%				07/2029	50,901		47,198		1.3		50,901
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	5.75%	(c)	9.41%				07/2029	4,160		3,981		0.1		4,170

See Notes to Consolidated Financial Statements.

79

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 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)
Sapphire Bidco Oy<+(8)(9)(16)	One stop	E +	5.75%	(c)	9.46%				07/2029	$	1,533	$	1,491	—	%	$	1,537
Sonatype, Inc.<+	One stop	SF +	6.75%	(h)	12.01%				12/2025	55,697		55,865		1.4		55,697
Sonatype, Inc.^+	One stop	SF +	6.75%	(h)	12.01%				12/2025	13,763		13,983		0.3		13,763
Sonatype, Inc.+(5)	One stop	SF +	6.75%		N/A(6)				12/2025	—		(1)		—		—
Spartan Buyer Acquisition Co.*#^<+(25)	One stop	SF +	7.50%	(i)(j)	11.24%	cash/	1.00%	PIK	06/2027	44,700		44,526		1.1		44,251
Spartan Buyer Acquisition Co.<+(25)	One stop	SF +	7.50%	(i)(j)	11.24%	cash/	1.00%	PIK	06/2027	2,849		2,814		0.1		2,820
Spartan Buyer Acquisition Co.+(5)(25)	One stop	P +	6.50%	(a)	13.50%	cash/	1.00%	PIK	06/2027	2		(2)		—		(2)
Telesoft Holdings LLC~^&+	One stop	SF +	5.75%	(h)	10.70%				12/2026	21,186		21,485		0.5		21,186
Telesoft Holdings LLC<+	One stop	SF +	6.25%	(h)	11.20%				12/2026	1,432		1,452		—		1,432
Telesoft Holdings LLC+	One stop	SF +	5.75%	(h)	10.70%				12/2026	74		73		—		74
Templafy APS and Templafy, LLC<+(8)(18)	One stop	SF +	6.00%	(i)	11.40%				07/2028	4,800		4,778		0.1		4,800
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.00%		N/A(6)				07/2028	—		—		—		—
TI Intermediate Holdings, LLC~+(25)	Senior secured	SF +	5.50%	(i)	9.20%	cash/	1.00%	PIK	06/2027	4,168		4,152		0.1		3,668
TI Intermediate Holdings, LLC<+(25)	Senior secured	SF +	5.50%	(i)	9.20%	cash/	1.00%	PIK	06/2027	1,105		1,099		—		972
TI Intermediate Holdings, LLC+(25)	Senior secured	SF +	5.50%	(i)	9.20%	cash/	1.00%	PIK	06/2027	693		690		—		610
TI Intermediate Holdings, LLC+(25)	Senior secured	SF +	5.50%	(i)	9.20%	cash/	1.00%	PIK	06/2027	520		517		—		458
TI Intermediate Holdings, LLC<+(25)	Senior secured	SF +	5.50%	(i)	9.20%	cash/	1.00%	PIK	06/2027	191		190		—		168
TI Intermediate Holdings, LLC+(25)	Senior secured	SF +	5.50%	(i)	9.20%	cash/	1.00%	PIK	06/2027	43		43		—		31
Togetherwork Holdings, LLC&+	One stop	SF +	5.25%	(h)	10.10%				05/2031	27,973		27,926		0.7		27,973
Togetherwork Holdings, LLC+(5)	One stop	SF +	5.25%		N/A(6)				05/2031	—		(33)		—		—
Togetherwork Holdings, LLC+(5)	One stop	SF +	5.25%		N/A(6)				05/2031	—		(16)		—		—
Transform Bidco Limited<+(8)(10)	One stop	SF +	7.00%	(i)	12.31%				01/2031	5,405		5,502		0.1		5,337
Transform Bidco Limited+(5)(8)(10)	One stop	SF +	7.00%		N/A(6)				06/2030	—		(1)		—		(2)
Transform Bidco Limited+(5)(8)(10)	One stop	SF +	7.00%		N/A(6)				01/2031	—		(143)		—		(145)
Vantage Bidco GMBH<+(8)(9)(19)(25)	One stop	E +	6.25%	(c)	6.47%	cash/	3.13%	PIK	04/2031	8,742		8,377		0.2		8,654
Vantage Bidco GMBH+(5)(8)(9)(19)	One stop	E +	6.25%		N/A(6)				10/2030	—		(14)		—		(11)
Varinem German Midco GMBH+(8)(9)(19)	One stop	E +	6.00%	(d)	9.67%				07/2031	7,373		7,151		0.2		7,299
Varinem German Midco GMBH+(8)(9)(19)	One stop	E +	6.00%		N/A(6)				07/2031	—		—		—		—
Vector CS Midco Limited & Cloudsense Ltd.+(7)(8)(9)(10)(25)	One stop	N/A			4.50%	cash/	8.21%	PIK	11/2024	12,736		10,407		0.2		7,004
Vector CS Midco Limited & Cloudsense Ltd.+(7)(8)(9)(10)(25)	One stop	N/A			4.50%	cash/	8.21%	PIK	11/2024	252		195		—		138
Vendavo, Inc.*#&+	One stop	SF +	5.75%	(i)	10.84%				09/2027	27,377		26,955		0.6		25,460
Vendavo, Inc.+	One stop	SF +	5.75%	(i)(j)	10.69%				09/2027	1,303		1,283		—		1,129
Vendavo, Inc.+	One stop	SF +	5.75%	(i)	10.84%				09/2027	998		993		—		928
WebPT, Inc.+	One stop	SF +	6.75%	(i)	11.91%				01/2028	931		922		—		903
Workforce Software, LLC^+(25)	One stop	SF +	7.25%	(i)	9.46%	cash/	3.00%	PIK	07/2025	41,999		42,205		1.0		41,999
Workforce Software, LLC^+(25)	One stop	SF +	7.25%	(i)	9.46%	cash/	3.00%	PIK	07/2025	7,436		7,443		0.2		7,436
Workforce Software, LLC<+(25)	One stop	SF +	7.25%	(i)	9.46%	cash/	3.00%	PIK	07/2025	5,266		5,262		0.1		5,266
Workforce Software, LLC<+(25)	One stop	SF +	7.25%	(i)	9.46%	cash/	3.00%	PIK	07/2025	1,580		1,592		—		1,580
Workforce Software, LLC+(5)	One stop	SF +	6.50%		N/A(6)				07/2025	—		(1)		—		—
Zendesk, Inc.^+	One stop	SF +	5.00%	(i)	9.69%				11/2028	28,647		28,538		0.7		28,647
Zendesk, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				11/2028	—		(1)		—		—
Zendesk, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				11/2028	—		(34)		—		—
										2,077,748		2,064,059		51.3		2,058,537

See Notes to Consolidated Financial Statements.

80

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 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)
Specialty Retail
Ave Holdings III, Corp*<+	One stop	SF +	5.25%	(j)	9.75%				02/2028	$	23,420	$	23,176	0.6	%	$	23,420
Ave Holdings III, Corp&+	One stop	SF +	5.25%	(j)	9.75%				02/2028	6,108		6,219		0.2		6,108
Ave Holdings III, Corp+	One stop	SF +	5.25%	(j)	9.75%				02/2028	802		802		—		802
Ave Holdings III, Corp+(5)	One stop	SF +	5.25%		N/A(6)				02/2028	—		(2)		—		—
Biscuit Parent, LLC<+	One stop	SF +	4.75%	(i)	9.35%				02/2031	1,332		1,329		—		1,332
Biscuit Parent, LLC+(5)	One stop	SF +	4.75%		N/A(6)				02/2031	—		(1)		—		—
Cavender Stores L.P.~	Senior secured	SF +	5.00%	(i)	9.60%				10/2029	5,459		5,417		0.2		5,459
Consilio Midco Limited<+(8)(9)(10)	One stop	E +	6.25%	(c)	9.61%				05/2028	38,182		38,065		1.0		38,182
Consilio Midco Limited<+(8)(10)	One stop	SF +	5.75%	(i)	10.50%				05/2028	15,686		15,654		0.4		15,686
Consilio Midco Limited#&(8)(10)	One stop	SF +	5.75%	(i)	10.50%				05/2028	15,587		15,646		0.4		15,587
Consilio Midco Limited#~(8)(10)	One stop	SF +	5.75%	(i)	10.50%				05/2028	2,935		2,913		0.1		2,935
Consilio Midco Limited#~(8)(10)	One stop	SF +	5.75%	(i)	10.50%				05/2028	1,951		1,943		0.1		1,951
Consilio Midco Limited~+(8)(10)	One stop	SF +	5.75%	(i)	10.50%				05/2028	998		987		—		998
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	9.61%				05/2028	500		485		—		500
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	9.61%				05/2028	222		215		—		222
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(i)	10.50%				05/2028	168		167		—		168
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	9.61%				05/2028	130		127		—		130
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	9.61%				05/2028	127		123		—		127
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	9.61%				05/2028	95		92		—		95
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	9.61%				05/2028	114		111		—		114
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	9.61%				05/2028	60		58		—		60
Consilio Midco Limited+(8)(10)	One stop	SF +	5.50%	(i)	10.10%				05/2028	143		139		—		140
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%		N/A(6)				05/2028	—		—		—		—
Consilio Midco Limited+(8)(10)	One stop	SF +	5.50%	(i)	10.10%				05/2028	74		62		—		58
CVP Holdco, Inc.+	One stop	SF +	5.00%	(h)	9.85%				06/2031	13,529		13,399		0.4		13,529
CVP Holdco, Inc.+(5)	One stop	SF +	7.50%		N/A(6)				06/2030	—		(14)		—		—
CVP Holdco, Inc.+(5)	One stop	SF +	7.50%		N/A(6)				06/2031	—		(17)		—		—
Cycle Gear, Inc.*#+	One stop	SF +	6.75%	(i)	12.15%				01/2026	46,529		46,463		1.1		45,133
PetVet Care Centers LLC~+	One stop	SF +	6.00%	(h)	10.85%				11/2030	4,740		4,779		0.1		4,503
PetVet Care Centers LLC+(5)	One stop	SF +	6.00%		N/A(6)				11/2029	—		(2)		—		(4)
PetVet Care Centers LLC+(5)	One stop	SF +	6.00%		N/A(6)				11/2030	—		(6)		—		—
PPV Intermediate Holdings, LLC#~<+	One stop	SF +	5.75%	(i)	10.81%				08/2029	14,189		14,110		0.4		14,189
PPV Intermediate Holdings, LLC+(25)	One stop	N/A			14.75%	PIK			08/2030	8,929		8,997		0.2		9,108
PPV Intermediate Holdings, LLC+(25)	One stop	N/A			13.75%	PIK			08/2030	1,799		1,766		0.1		1,799
PPV Intermediate Holdings, LLC+(25)	One stop	N/A			13.75%	PIK			08/2030	416		410		—		416
PPV Intermediate Holdings, LLC+(25)	One stop	N/A			13.75%	PIK			08/2030	76		75		—		76
PPV Intermediate Holdings, LLC+(25)	One stop	N/A			13.75%	PIK			08/2030	75		71		—		75
PPV Intermediate Holdings, LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—		(9)		—		—
PPV Intermediate Holdings, LLC+(5)	One stop	SF +	5.25%		N/A(6)				08/2029	—		(68)		—		(70)
Radiance Borrower, LLC+(25)	One stop	SF +	5.75%	(h)	7.85%	cash/	2.75%	PIK	06/2031	21,558		21,403		0.5		21,558
Radiance Borrower, LLC+	One stop	SF +	5.25%	(h)	10.10%				06/2031	410		393		—		410
Salon Lofts Group, LLC<+	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	5,256		5,261		0.1		5,256
Salon Lofts Group, LLC+(25)	Second lien	SF +	9.00%	(i)	13.60%	PIK			09/2029	3,045		3,014		0.1		3,045
Salon Lofts Group, LLC+(25)	Second lien	SF +	9.00%	(i)	13.60%	PIK			09/2029	1,615		1,598		—		1,615
Salon Lofts Group, LLC+(25)	Second lien	SF +	9.00%	(i)(j)	14.30%	PIK			09/2029	578		572		—		578
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.35%				09/2029	540		538		—		540
Salon Lofts Group, LLC+(25)	Second lien	SF +	9.00%	(i)(j)	14.11%	PIK			09/2029	786		762		—		786
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	349		347		—		349
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	344		342		—		344
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	272		271		—		272
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	156		155		—		156

See Notes to Consolidated Financial Statements.

81

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 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)
Salon Lofts Group, LLC+(25)	Second lien	SF +	9.00%	(i)	13.60%	PIK			09/2029	$	150	$	148	—	%	$	150
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	114		113		—		114
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	105		104		—		105
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	86		86		—		86
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	80		80		—		80
Salon Lofts Group, LLC+(5)	Senior secured	SF +	5.75%		N/A(6)				08/2028	—		(4)		—		—
Salon Lofts Group, LLC+(5)	Senior secured	SF +	5.75%		N/A(6)				08/2028	—		(2)		—		—
Salon Lofts Group, LLC+(5)	Senior secured	SF +	5.75%		N/A(6)				08/2028	—		(6)		—		—
Salon Lofts Group, LLC+(25)	Second lien	SF +	9.00%	(i)	13.60%	PIK			09/2029	304		266		—		304
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	170		169		—		170
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.~^&<+(8)	One stop	SF +	5.25%	(i)	9.85%				12/2029	29,510		29,234		0.7		29,510
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.<+(8)(9)	One stop	CA +	5.25%	(l)	9.18%				12/2029	8,039		7,938		0.2		8,039
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(8)	One stop	SF +	5.25%	(i)	9.85%				12/2028	501		495		—		501
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(5)(8)	One stop	SF +	5.25%		N/A(6)				12/2029	—		(60)		—		—
Titan Fitness, LLC*#<+(25)	One stop	SF +	7.25%	(h)	10.05%	cash/	2.50%	PIK	10/2026	38,898		38,338		0.8		33,063
Titan Fitness, LLC+(25)	One stop	SF +	7.25%	(h)	10.05%	cash/	2.50%	PIK	10/2026	2,822		2,749		0.1		2,398
Titan Fitness, LLC+(25)	One stop	SF +	7.25%	(h)	9.92%	cash/	2.50%	PIK	10/2026	423		400		—		300
Vermont Aus Pty Ltd+(8)(9)(11)	One stop	A +	5.75%	(e)	10.23%				03/2028	9,465		9,969		0.2		9,465
Vermont Aus Pty Ltd+(8)(9)(11)	One stop	A +	5.75%	(e)	10.23%				03/2028	10,081		10,081		0.3		10,081
VSG Acquisition Corp. and Sherrill, Inc.&+	One stop	SF +	5.50%	(i)	11.01%				04/2028	12,113		11,918		0.3		11,749
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.50%	(i)	11.01%				04/2028	1,617		1,571		—		1,569
VSG Acquisition Corp. and Sherrill, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				04/2028	—		(6)		—		(6)
										353,762		351,918		8.6		345,415

See Notes to Consolidated Financial Statements.

82

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 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)
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.<+(8)(10)	One stop	SF +	6.00%	(j)	10.58%				03/2028	$	2,347	$	2,325	0.1	%	$	2,112
Dollfus Mieg Company, Inc.<+(8)(10)	One stop	SF +	6.00%	(j)	10.58%				03/2028	1,170		1,159		—		1,052
Dollfus Mieg Company, Inc.<+(8)(10)	One stop	SF +	6.00%	(j)	10.58%				03/2028	1,027		1,018		—		925
Elite Sportswear, L.P.+(25)	Senior secured	SF +	7.25%	(i)	11.12%	cash/	1.00%	PIK	09/2025	9,951		9,913		0.3		9,951
Elite Sportswear, L.P.+(25)	Senior secured	SF +	7.25%	(i)	11.12%	cash/	1.00%	PIK	09/2025	3,999		3,983		0.1		3,999
Elite Sportswear, L.P.+(25)	Senior secured	SF +	7.25%	(i)	11.12%	cash/	1.00%	PIK	09/2025	2,058		2,050		0.1		2,058
Elite Sportswear, L.P.*+(25)	Senior secured	SF +	7.25%	(i)	11.12%	cash/	1.00%	PIK	09/2025	683		680		—		683
Elite Sportswear, L.P.+(25)	Senior secured	SF +	7.25%	(i)	11.12%	cash/	1.00%	PIK	09/2025	312		311		—		312
Elite Sportswear, L.P.*+(25)	Senior secured	SF +	7.25%	(i)	11.12%	cash/	1.00%	PIK	09/2025	298		298		—		298
Elite Sportswear, L.P.+(25)	Senior secured	SF +	7.25%	(i)	11.12%	cash/	1.00%	PIK	09/2025	115		111		—		115
Elite Sportswear, L.P.+(25)	Senior secured	SF +	7.25%	(i)	11.12%	cash/	1.00%	PIK	09/2025	4		4		—		4
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	10.25%				11/2024	9,211		9,207		0.2		9,235
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	10.25%				11/2024	6,375		6,371		0.2		6,391
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	10.25%				11/2024	987		986		—		989
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	10.25%				11/2024	886		886		—		889
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	10.25%				11/2024	622		622		—		623
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	10.25%				11/2024	2		2		—		2
Shoes For Crews Global, LLC+	Senior secured	SF +	6.50%	(h)	11.82%				07/2029	1,302		1,302		—		1,302
Shoes For Crews Global, LLC+(25)	Senior secured	SF +	7.00%	(h)	7.32%	cash/	5.00%	PIK	07/2029	718		690		—		688
Shoes For Crews Global, LLC+	Senior secured	SF +	6.50%	(h)	11.82%				07/2029	421		421		—		421
Shoes For Crews Global, LLC+(5)	Senior secured	SF +	6.50%		N/A(6)				07/2029	—		(34)		—		—
										42,488		42,305		1.0		42,049
Trading Companies & Distributors
Marcone Yellowstone Buyer Inc.<+	One stop	SF +	6.25%	(i)	11.73%				06/2028	20,073		19,822		0.5		17,915
Marcone Yellowstone Buyer Inc.&<+	One stop	SF +	6.25%	(i)	11.73%				06/2028	20,821		20,421		0.5		18,583
Marcone Yellowstone Buyer Inc.<+	One stop	SF +	6.50%	(i)	11.98%				06/2028	6,181		6,035		0.2		5,563
Marcone Yellowstone Buyer Inc.<+	One stop	SF +	6.25%	(i)	11.72%				06/2028	2,548		2,463		0.1		2,274
Marcone Yellowstone Buyer Inc.&+	One stop	SF +	6.25%	(i)	11.73%				06/2028	6,670		6,425		0.1		5,953
										56,293		55,166		1.4		50,288
Water Utilities
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75%	(i)	9.85%				06/2027	24,409		24,228		0.6		24,226
S.J. Electro Systems, LLC~&<	Senior secured	SF +	4.75%	(i)	10.15%				06/2027	18,775		18,722		0.5		18,635
S.J. Electro Systems, LLC<+	Senior secured	SF +	4.75%	(i)	10.15%				06/2027	1,184		1,175		—		1,176
S.J. Electro Systems, LLC+(5)	Senior secured	SF +	4.75%		N/A(6)				06/2027	—		(63)		—		(63)
Vessco Midco Holdings, LLC+	One stop	SF +	5.25%	(h)(j)	10.22%				07/2031	22,500		22,281		0.6		22,275
Vessco Midco Holdings, LLC+	One stop	SF +	5.25%	(j)	9.54%				07/2031	1,100		1,064		—		1,025
Vessco Midco Holdings, LLC+(5)	One stop	SF +	5.25%		N/A(6)				07/2031	—		(24)		—		(25)
										67,968		67,383		1.7		67,249
Total non-controlled/non-affiliate company debt investments										7,686,718		7,639,077		188.0		7,546,848

See Notes to Consolidated Financial Statements.

83

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)	Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity investments (21)(22)
Aerospace & Defense
PPW Aero Buyer, Inc.+	LP units	N/A	N/A		02/2023	N/A	93	$	948	—	%	$	771
Tronair Parent, Inc.+	LLC units	N/A	N/A		07/2021	N/A	—	40		—		66
								988		—		837
Auto Components
Polk Acquisition Corp.+	LP interest	N/A	N/A		06/2016	N/A	5	314		—		—
Automobiles
CAP-KSI Holdings, LLC+	Preferred stock	N/A	N/A		06/2024	N/A	645	645		—		645
CAP-KSI Holdings, LLC+	LP units	N/A	N/A		06/2024	N/A	645	—		—		—
CG Group Holdings, LLC+	LP units	N/A	N/A		07/2021	N/A	1	983		—		645
Go Car Wash Parent, Corp.+(23)	Preferred stock	N/A	17.00%	Non-Cash	04/2022	N/A	—	3,202		0.1		3,136
Go Car Wash Parent, Corp.+	Common stock	N/A	N/A		04/2022	N/A	—	554		—		19
MOP GM Holding, LLC+	LP units	N/A	N/A		11/2020	N/A	—	499		—		546
MOP GM Holding, LLC+	Preferred stock	N/A	N/A		06/2024	N/A	—	34		—		36
National Express Wash Parent Holdco, LLC+	LP units	N/A	N/A		07/2022	N/A	1	103		—		134
POY Holdings, LLC+	LLC units	N/A	N/A		11/2022	N/A	446	820		—		966
Quick Quack Car Wash Holdings, LLC+	LP units	N/A	N/A		06/2024	N/A	1,085	1,085		0.1		1,143
Quick Quack Car Wash Holdings, LLC+	LLC units	N/A	N/A		06/2024	N/A	215	215		—		226
Yorkshire Parent, Inc.+	LP units	N/A	N/A		12/2023	N/A	—	544		—		577
								8,684		0.2		8,073
Biotechnology
Cobepa BlueSky Aggregator, SCSp+	LP units	N/A	N/A		10/2023	N/A	4	40		—		41
Cobepa BlueSky Aggregator, SCSp+(23)	Preferred stock	N/A	15.00%	Non-Cash	04/2024	N/A	5	54		—		53
Cobepa BlueSky Aggregator, SCSp+	LP interest	N/A	N/A		12/2021	N/A	219	1,899		—		670
								1,993		—		764
Building Products
BECO Holding Company, Inc.+(23)	Preferred stock	N/A	11.75%	Non-Cash	11/2021	N/A	132	17,967		0.5		17,976
BECO Holding Company, Inc.+	LP interest	N/A	N/A		11/2021	N/A	10	1,218		—		987
								19,185		0.5		18,963
Chemicals
Inhance Technologies Holdings, LLC+	Preferred stock	N/A	N/A		12/2021	N/A	12	7,283		0.1		4,902
Inhance Technologies Holdings, LLC+	LLC units	N/A	N/A		07/2018	N/A	—	124		—		—
								7,407		0.1		4,902
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+	LP interest	N/A	N/A		10/2021	N/A	773	836		—		996
FR Vision Holdings, Inc.+	LP units	N/A	N/A		01/2024	N/A	—	461		—		471
Franchise Brands plc+(8)(9)(10)(23)(24)	Common stock	N/A	N/A		04/2023	N/A	51	113		—		118
North Haven Stack Buyer, LLC	LLC units	N/A	N/A		07/2021	N/A	516	637		—		846
PT Intermediate Holdings III, LLC+	LLC units	N/A	N/A		12/2021	N/A	16	1,787		0.1		1,879
Radwell Parent, LLC+	LP units	N/A	N/A		03/2022	N/A	4	477		—		465
								4,311		0.1		4,775

See Notes to Consolidated Financial Statements.

84

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)	Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Containers & Packaging
Chase Intermediate+	LP units	N/A	N/A		04/2022	N/A	217	$	209	—	%	$	337
Diversified Consumer Services
CHHJ Midco, LLC+(23)	LLC units	N/A	N/A		01/2021	N/A	27	311		—		419
CHVAC Services Investment, LLC+	Common stock	N/A	N/A		05/2024	N/A	105	267		—		301
DP Flores Holdings, LLC+	LLC units	N/A	N/A		09/2022	N/A	106	119		—		137
EMS LINQ, LLC+	LP interest	N/A	N/A		12/2021	N/A	761	758		—		748
EWC Growth Partners LLC+	LLC interest	N/A	N/A		03/2020	N/A	—	12		—		—
HS Spa Holdings, Inc.+	Common stock	N/A	N/A		05/2022	N/A	729	732		—		730
Liminex, Inc.+	Common stock	N/A	N/A		11/2020	N/A	17	634		—		681
NSG Buyer, Inc. +(8)	LP units	N/A	N/A		11/2022	N/A	3	2,992		0.1		3,616
PADI Holdco, Inc.+	LLC interest	N/A	N/A		07/2017	N/A	1	987		0.1		868
Project Alpha Intermediate Holdings, Inc.+(23)	Preferred stock	N/A	9.00%	Non-Cash	08/2016	N/A	—	1,148		0.1		1,646
Project Alpha Intermediate Holdings, Inc.+	Common stock	N/A	N/A		08/2016	N/A	202	329		—		755
Virginia Green Acquisition, LLC+	LP units	N/A	N/A		12/2023	N/A	397	407		—		454
								8,696		0.3		10,355
Electronic Equipment, Instruments & Components
Inventus Power, Inc.+	Preferred stock	N/A	N/A		03/2014	N/A	—	372		—		20
Inventus Power, Inc.+	LLC units	N/A	N/A		04/2018	N/A	—	88		—		276
Inventus Power, Inc.+	LP interest	N/A	N/A		05/2019	N/A	—	20		—		61
Inventus Power, Inc.+	Common stock	N/A	N/A		03/2014	N/A	—	—		—		—
								480		—		357

See Notes to Consolidated Financial Statements.

85

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)	Interest Rate(2)	Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food & Staples Retailing
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	08/2015	N/A	44	$	217	—	%	$	217
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	02/2016	N/A	20	61		—		48
Mendocino Farms, LLC+(23)	Common stock	N/A	N/A	06/2018	N/A	227	1,041		—		1,433
PDI TA Holdings, Inc.+	Preferred stock	N/A	N/A	02/2023	N/A	135	4,613		0.2		5,660
Ruby Slipper Cafe LLC, The+	LLC units	N/A	N/A	06/2024	N/A	3	47		—		49
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	01/2018	N/A	38	423		—		174
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	08/2020	N/A	2	28		—		46
							6,430		0.2		7,627
Food Products
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	06/2021	N/A	107	195		—		302
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	05/2023	N/A	6	14		—		15
Borrower R365 Holdings, LLC+	LLC units	N/A	N/A	01/2022	N/A	4	9		—		11
Borrower R365 Holdings, LLC+	Common stock	N/A	N/A	06/2022	N/A	1	3		—		4
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	06/2022	N/A	2	4		—		6
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	05/2023	N/A	1	3		—		4
Borrower R365 Holdings, LLC+	LP units	N/A	N/A	05/2023	N/A	—	1		—		1
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	04/2024	N/A	21	73		—		68
Kodiak Cakes, LLC+(23)	Common stock	N/A	N/A	06/2021	N/A	—	557		—		842
Louisiana Fish Fry Products, Ltd.+	Common stock	N/A	N/A	07/2021	N/A	—	599		—		331
Louisiana Fish Fry Products, Ltd.+	Preferred stock	N/A	N/A	09/2022	N/A	—	24		—		36
P&P Food Safety Holdings, Inc.+	Preferred stock	N/A	N/A	03/2024	N/A	—	32		—		35
P&P Food Safety Holdings, Inc.+	Common stock	N/A	N/A	12/2020	N/A	5	434		—		238
Purfoods, LLC+	LLC interest	N/A	N/A	05/2016	N/A	—	945		0.2		4,991
							2,893		0.2		6,884
Healthcare Equipment & Supplies
Aspen Medical Products, LLC+	LP interest	N/A	N/A	06/2019	N/A	—	98		—		111
Blue River Pet Care, LLC+	Common stock	N/A	N/A	08/2019	N/A	—	734		0.1		856
CCSL Holdings, LLC+(8)	LP interest	N/A	N/A	12/2020	N/A	—	499		—		680
CMI Parent Inc.+	Common stock	N/A	N/A	08/2019	N/A	—	557		—		626
CMI Parent Inc.+	Common stock	N/A	N/A	08/2019	N/A	8	483		—		716
G & H Wire Company, Inc.+	LLC interest	N/A	N/A	09/2017	N/A	335	269		—		—
JHC Investment Intermediate Holdings, LLC+	LLC units	N/A	N/A	03/2024	N/A	5,293	—		—		188
							2,640		0.1		3,177

See Notes to Consolidated Financial Statements.

86

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)	Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Healthcare Providers & Services
Active Day, Inc.+	LLC interest	N/A	N/A		12/2015	N/A	2	$	1,099	0.1	%	$	1,217
Acuity Eyecare Holdings, LLC+	LLC interest	N/A	N/A		03/2017	N/A	1,632	2,235		0.1		4,614
Acuity Eyecare Holdings, LLC+	LLC units	N/A	N/A		05/2021	N/A	889	1,023		0.1		2,919
ADCS Clinics Intermediate Holdings, LLC+	Preferred stock	N/A	N/A		05/2016	N/A	2	1,119		0.1		1,300
ADCS Clinics Intermediate Holdings, LLC+	Common stock	N/A	N/A		05/2016	N/A	—	6		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	LLC units	N/A	N/A		03/2021	N/A	180	192		—		184
CRH Healthcare Purchaser, Inc.+	LP interest	N/A	N/A		12/2018	N/A	531	456		—		625
DCA Investment Holding, LLC(23)	Preferred stock	N/A	8.00%	Non-Cash	12/2022	N/A	1,142	659		—		783
DCA Investment Holding, LLC	Common stock	N/A	N/A		12/2022	N/A	12	5		—		—
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		02/2021	N/A	—	749		—		435
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		02/2021	N/A	—	79		—		108
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		02/2021	N/A	11	4		—		—
Encorevet Group LLC+	Preferred stock	N/A	N/A		05/2024	N/A	3	261		—		203
Krueger-Gilbert Health Physics, LLC+	Common stock	N/A	N/A		05/2019	N/A	239	324		—		621
Midwest Veterinary Partners, LLC+(23)	Preferred stock	N/A	12.00%	Non-Cash	08/2021	N/A	1	1,984		0.1		2,123
Midwest Veterinary Partners, LLC+	Warrant	N/A	N/A		07/2019	N/A	9	152		—		482
Midwest Veterinary Partners, LLC+(23)	Preferred stock	N/A	10.00%	Non-Cash	07/2019	N/A	—	57		—		68
MWD Management, LLC & MWD Services, Inc.+	LLC interest	N/A	N/A		06/2017	N/A	412	335		—		660
NDX Parent, LLC+	Common stock	N/A	N/A		06/2021	N/A	—	278		—		11
NDX Parent, LLC+	Preferred stock	N/A	N/A		01/2023	N/A	84	88		—		82
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	Common stock	N/A	N/A		05/2021	N/A	—	407		—		311
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A		08/2016	N/A	—	528		—		866
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A		08/2016	N/A	4	74		—		1,036
Pyramid Healthcare Acquisition Corp.+	Common stock	N/A	N/A		05/2021	N/A	257	310		—		385
Radiology Partners, Inc.+	LLC units	N/A	N/A		02/2018	N/A	11	68		—		86
Radiology Partners, Inc.+	LLC interest	N/A	N/A		09/2014	N/A	43	55		—		340
Sage Dental Management, LLC+	LLC units	N/A	N/A		10/2012	N/A	—	249		—		617
Sage Dental Management, LLC+	LLC units	N/A	N/A		10/2012	N/A	3	3		—		—
Suveto Buyer, LLC+	Common stock	N/A	N/A		11/2021	N/A	8	727		—		534
								13,526		0.5		20,610

See Notes to Consolidated Financial Statements.

87

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Healthcare Technology
Amberfield Acquisition Co.+	LLC units	N/A			N/A		05/2024	N/A	446	$	449	—	%	$	447
Connexin Software, Inc.+	LLC interest	N/A			N/A		02/2018	N/A	180	228		—		301
Connexin Software, Inc.+	LLC units	N/A			N/A		02/2024	N/A	12	16		—		23
HSI Halo Acquisition, Inc.+(23)	Preferred stock	N/A			10.00%	Non-Cash	10/2019	N/A	—	102		—		233
HSI Halo Acquisition, Inc.+	LP interest	N/A			N/A		10/2019	N/A	—	14		—		58
Symplr Software, Inc.+(23)	Preferred stock	N/A			11.00%	Non-Cash	10/2021	N/A	15	18,931		0.5		19,043
Symplr Software, Inc.+(23)	Preferred stock	SF +	10.50%	(i)	15.10%	Non-Cash	11/2018	N/A	3	5,513		0.2		6,675
Symplr Software, Inc.+(23)	Preferred stock	N/A			11.00%	Non-Cash	12/2020	N/A	2	2,373		0.1		2,527
Symplr Software, Inc.+(23)	Preferred stock	N/A			11.00%	Non-Cash	06/2021	N/A	1	1,433		—		1,478
Symplr Software, Inc.+	LLC units	N/A			N/A		09/2021	N/A	—	161		—		185
Symplr Software, Inc.+	Common stock	N/A			N/A		11/2018	N/A	219	237		—		1,064
Tebra Technologies, Inc.+	LLC interest	N/A			N/A		07/2022	N/A	348	2,824		0.1		2,972
Tebra Technologies, Inc.+	Warrant	N/A			N/A		03/2019	N/A	169	871		—		547
Tebra Technologies, Inc.+	Warrant	N/A			N/A		06/2017	N/A	53	162		—		56
Tebra Technologies, Inc.+	Preferred stock	N/A			N/A		09/2018	N/A	1	8		—		11
										33,322		0.9		35,620
Hotels, Restaurants & Leisure
Cafe Rio Holding, Inc.+	Common stock	N/A			N/A		09/2017	N/A	5	603		—		760
Freddy's Frozen Custard LLC+	LP interest	N/A			N/A		03/2021	N/A	287	384		—		648
Harri US LLC+	LLC units	N/A			N/A		02/2022	N/A	119	892		—		711
Harri US LLC+	Preferred stock	N/A			N/A		10/2021	N/A	102	649		—		587
Harri US LLC+	Warrant	N/A			N/A		10/2021	N/A	34	171		—		196
Harri US LLC+	Preferred stock	N/A			N/A		10/2023	N/A	96	1,141		0.1		1,342
Harri US LLC+	Warrant	N/A			N/A		03/2024	N/A	9	69		—		132
LMP TR Holdings, LLC	LLC units	N/A			N/A		05/2013	N/A	712	712		0.1		1,691
PB Group Holdings, LLC+	LP units	N/A			N/A		08/2024	N/A	383	886		—		886
SSRG Holdings, LLC+(23)	LP interest	N/A			N/A		11/2019	N/A	46	604		—		566
										6,111		0.2		7,519
Insurance
Accession Risk Management Group, Inc.+(23)	Preferred stock	N/A			13.25%	Non-Cash	08/2023	N/A	9	9,987		0.3		9,988
Majesco+(23)	Preferred stock	N/A			9.00%	Non-Cash	09/2020	N/A	—	534		—		611
Majesco+	LP interest	N/A			N/A		09/2020	N/A	97	94		—		324
Oakbridge Insurance Agency LLC+	LP units	N/A			N/A		11/2023	N/A	20	404		—		412
										11,019		0.3		11,335
Internet & Direct Marketing Retail
Revalize, Inc.+	Preferred stock	N/A			N/A		12/2021	N/A	25	26,215		0.8		30,067
Revalize, Inc.+	Preferred stock	N/A			N/A		12/2021	N/A	15	15,735		0.4		18,046
Revalize, Inc.+	Preferred stock	N/A			N/A		12/2022	N/A	11	11,050		0.3		11,768
Revalize, Inc.+	Preferred stock	N/A			N/A		04/2022	N/A	4	4,285		0.1		4,481
										57,285		1.6		64,362
IT Services
Appriss Health Intermediate Holdings, Inc+(23)	Preferred stock	N/A			11.00%	Non-Cash	05/2021	N/A	3	3,664		0.1		3,777
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A			N/A		02/2020	N/A	804	2,398		0.2		7,470
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A			N/A		10/2020	N/A	211	931		0.1		1,959
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A			N/A		07/2021	N/A	48	407		—		449

See Notes to Consolidated Financial Statements.

88

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)	Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Warrant	N/A	N/A		08/2020	N/A	277	$	779	0.1	%	$	2,393
Critical Start, Inc.+	Common stock	N/A	N/A		05/2022	N/A	343	379		—		175
Kentik Technologies, Inc.+	Preferred stock	N/A	N/A		09/2021	N/A	275	1,587		—		1,578
Netwrix Corporation+	LLC units	N/A	N/A		06/2022	N/A	7	19		—		18
Optimizely North America, Inc.+	Common stock	N/A	N/A		10/2018	N/A	92	1,089		—		1,528
Saturn Borrower Inc.+	LP units	N/A	N/A		09/2020	N/A	485	418		—		267
								11,671		0.5		19,614
Leisure Products
Massage Envy, LLC+	LLC interest	N/A	N/A		09/2012	N/A	749	210		0.1		1,682
Movement Holdings, LLC+	LLC units	N/A	N/A		03/2024	N/A	—	152		—		136
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	82	141		—		119
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	56	96		—		82
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	47	78		—		66
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	41	70		—		59
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	18	29		—		25
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	2	2		—		2
								778		0.1		2,171
Life Sciences Tools & Services
Celerion Buyer, Inc.+	LP units	N/A	N/A		11/2022	N/A	1,302	1,309		—		1,302
Celerion Buyer, Inc.+	LP units	N/A	N/A		11/2022	N/A	1,302	188		—		982
PAS Parent Inc.+	LP interest	N/A	N/A		12/2021	N/A	15	1,651		0.1		1,618
PAS Parent Inc.+	Preferred stock	N/A	N/A		03/2023	N/A	2	267		—		299
Reaction Biology Corporation+	LLC units	N/A	N/A		03/2022	N/A	—	321		—		4
								3,736		0.1		4,205
Oil, Gas & Consumable Fuels
W3 Co.+	LLC interest	N/A	N/A		03/2017	N/A	3	1,633		—		1,679
W3 Co.+	Preferred stock	N/A	N/A		01/2019	N/A	—	224		—		252
								1,857		—		1,931
Paper & Forest Products
Messenger, LLC+	LLC units	N/A	N/A		12/2021	N/A	8	667		—		620
Messenger, LLC+	LLC units	N/A	N/A		12/2021	N/A	1	—		—		—
								667		—		620
Pharmaceuticals
Amalthea Parent, Inc.+(8)	LP interest	N/A	N/A		03/2021	N/A	701	606		—		390
Cobalt Buyer Sub, Inc.+(23)	Preferred stock	N/A	13.75%	Non-Cash	10/2021	N/A	11	15,926		0.4		17,048
Cobalt Buyer Sub, Inc.+	Preferred stock	N/A	N/A		10/2021	N/A	—	246		—		306
Cobalt Buyer Sub, Inc.+	Common stock	N/A	N/A		10/2021	N/A	3	2		—		27
								16,780		0.4		17,771

See Notes to Consolidated Financial Statements.

89

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Professional Services
Eclipse Buyer, Inc.+(23)	Preferred stock	N/A			12.50%	Non-Cash	09/2024	N/A	—	$	1,609	0.1	%	$	1,595
Enboarder, Inc.+(8)(11)	Preferred stock	N/A			N/A		01/2022	N/A	83	859		—		567
Filevine, Inc.+	Preferred stock	N/A			N/A		04/2022	N/A	362	2,867		0.1		3,992
Filevine, Inc.+	Warrant	N/A			N/A		04/2022	N/A	54	224		—		485
Filevine, Inc.+	Preferred stock	N/A			N/A		05/2024	N/A	21	176		—		234
Net Health Acquisition Corp.+	LP interest	N/A			N/A		12/2017	N/A	14	1,684		0.1		2,311
Procure Acquireco, Inc.+	LP interest	N/A			N/A		12/2021	N/A	—	901		—		1,150
										8,320		0.3		10,334
Real Estate Management & Development
Inhabit IQ Inc.+	Common stock	N/A			N/A		01/2018	N/A	73	595		—		1,488
SC Landco Parent, LLC+	Common stock	N/A			N/A		09/2022	N/A	2	274		—		260
										869		—		1,748
Road & Rail
Internet Truckstop Group, LLC+	LP interest	N/A			N/A		04/2019	N/A	554	587		—		402
Software
Anaplan, Inc.+	LP interest	N/A			N/A		06/2022	N/A	962	1,254		0.1		1,492
Aras Corporation+(23)	Preferred stock	N/A			12.00%	Non-Cash	04/2021	N/A	1	1,937		0.2		2,108
Aras Corporation+	LP interest	N/A			N/A		04/2021	N/A	427	446		—		531
Astute Holdings, Inc.+	LP interest	N/A			N/A		04/2019	N/A	—	520		—		547
Auvik Networks Inc.+(8)(12)	Preferred stock	N/A			N/A		07/2021	N/A	37	405		—		504
Auvik Networks Inc.+(8)(12)	Preferred stock	N/A			N/A		02/2023	N/A	4	46		—		57
Bayshore Intermediate #2, L.P.+	Common stock	N/A			N/A		10/2021	N/A	5,841	5,890		0.2		6,231
Calabrio, Inc.+	LP interest	N/A			N/A		04/2021	N/A	1	1,157		—		1,135
Calabrio, Inc.+	LP interest	N/A			N/A		04/2021	N/A	134	0		—		0
CB Buyer, Inc.+	LP units	N/A			N/A		07/2024	N/A	258	258		—		258
Cloudbees, Inc.+	Preferred stock	N/A			N/A		11/2021	N/A	179	2,008		0.1		2,021
Cloudbees, Inc.+	Warrant	N/A			N/A		05/2018	N/A	158	445		—		1,157
Cloudbees, Inc.+	Preferred stock	N/A			N/A		06/2018	N/A	86	602		—		797
Cynet Security Ltd.+(8)(15)	Preferred stock	N/A			N/A		08/2022	N/A	220	855		—		1,008
Denali Bidco Limited+(8)(10)	LP interest	N/A			N/A		08/2023	N/A	431	610		—		824
Diligent Corporation+(23)	Preferred stock	N/A			10.50%	Non-Cash	04/2021	N/A	24	30,108		0.8		31,231
Diligent Corporation+	Preferred stock	N/A			N/A		04/2016	N/A	415	912		0.1		2,543
FirstUp, Inc.+	Common stock	N/A			N/A		07/2021	N/A	305	661		—		346
GS Acquisitionco, Inc.+(23)	Preferred stock	N/A			11.00%	Non-Cash	04/2021	N/A	35	44,899		1.2		46,202
GS Acquisitionco, Inc.+(23)	Preferred stock	N/A			11.00%	Non-Cash	11/2021	N/A	5	5,740		0.1		5,741
GS Acquisitionco, Inc.+	LP interest	N/A			N/A		09/2021	N/A	1	363		—		952
GS Acquisitionco, Inc.+(23)	Preferred stock	SF +	10.50%	(i)	15.10%	Non-Cash	08/2023	N/A	—	120		—		120
GTY Technology Holdings, Inc.+	LP units	N/A			N/A		07/2022	N/A	73	91		—		140
Gurobi Optimization, LLC+	Common stock	N/A			N/A		09/2024	N/A	—	709		—		709
Impartner, Inc.+	Preferred stock	N/A			N/A		10/2021	N/A	39	307		—		217
Kaseya Inc.+(23)	Preferred stock	SF +	10.75%	(i)	15.35%	Non-Cash	06/2022	N/A	5	5,750		0.2		5,787
Kaseya Inc.+	LP interest	N/A			N/A		06/2022	N/A	250	252		—		267
Ministry Brands Holdings LLC+	LP interest	N/A			N/A		12/2021	N/A	799	773		—		704

See Notes to Consolidated Financial Statements.

90

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
mParticle, Inc.+	Preferred stock	N/A			N/A		09/2021	N/A	227	$	1,429	—	%	$	1,120
mParticle, Inc.+	Warrant	N/A			N/A		08/2020	N/A	115	143		—		382
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+	Warrant	N/A			N/A		10/2019	N/A	6	17		—		20
Onit, Inc.+(23)	Preferred stock	N/A			15.00%	Non-Cash	02/2023	N/A	—	117		—		128
Onit, Inc.+	Warrant	N/A			N/A		02/2023	N/A	—	14		—		20
Panzura, LLC+	LLC units	N/A			N/A		09/2023	N/A	2	6		—		—
Personify, Inc.+	LP interest	N/A			N/A		09/2018	N/A	879	1,396		0.1		2,303
Pluralsight, LLC+	LLC units	N/A			N/A		08/2024	N/A	1,988	3,663		0.1		3,663
QAD, Inc.+(23)	Preferred stock	N/A			9.00%	Non-Cash	11/2021	N/A	1	1,243		—		1,147
QAD, Inc.+	Common stock	N/A			N/A		11/2021	N/A	68	134		—		0
RegEd Aquireco, LLC+	LP interest	N/A			N/A		12/2018	N/A	—	358		—		163
RegEd Aquireco, LLC+	Preferred stock	N/A			N/A		07/2023	N/A	—	27		—		32
RegEd Aquireco, LLC+	LP interest	N/A			N/A		12/2018	N/A	4	21		—		0
Riskonnect Parent, LLC+(23)	Preferred stock	N/A			11.00%	Non-Cash	04/2022	N/A	26	32,359		0.8		31,936
Riskonnect Parent, LLC+	LP interest	N/A			N/A		11/2021	N/A	1,382	1,412		—		1,513
Riskonnect Parent, LLC+(23)	Preferred stock	SF +	10.50%	(i)	15.10%	Non-Cash	07/2022	N/A	—	920		—		934
Riskonnect Parent, LLC+(23)	Preferred stock	N/A			10.50%	Non-Cash	06/2024	N/A	—	51		—		52
SnapLogic, Inc.+	Preferred stock	N/A			N/A		09/2019	N/A	344	1,028		—		1,707
SnapLogic, Inc.+	Warrant	N/A			N/A		09/2019	N/A	131	162		—		439
Spartan Buyer Acquisition Co.+	Common stock	N/A			N/A		12/2020	N/A	1	794		—		584
Spartan Buyer Acquisition Co.+	Preferred stock	N/A			N/A		12/2022	N/A	—	110		—		132
Telesoft Holdings LLC+	LP interest	N/A			N/A		12/2019	N/A	137	129		—		123
Templafy APS and Templafy, LLC+(8)(18)	Warrant	N/A			N/A		07/2022	N/A	—	82		—		96
Togetherwork Holdings, LLC+	Preferred stock	N/A			N/A		07/2024	N/A	307	1,342		—		1,355
Workforce Software, LLC+(23)	Common stock	N/A			N/A		07/2019	N/A	—	973		0.1		1,524
Workforce Software, LLC+	Common stock	N/A			N/A		01/2022	N/A	—	36		—		48
Zendesk, Inc.+	LP units	N/A			N/A		11/2022	N/A	63	708		—		602
										155,792		4.1		163,652

See Notes to Consolidated Financial Statements.

91

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)	Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail
Ave Holdings III, Corp+(23)	Preferred stock	N/A	11.50%	Non-Cash	02/2022	N/A	15	$	18,188	0.5	%	$	17,541
Ave Holdings III, Corp+	LP units	N/A	N/A		02/2022	N/A	2	1,737		—		936
Batteries Plus Holding Corporation+	LP interest	N/A	N/A		07/2016	N/A	10	1,287		—		1,239
Cycle Gear, Inc.+	LLC units	N/A	N/A		02/2016	N/A	2,002	481		—		183
Cycle Gear, Inc.+	Preferred stock	N/A	N/A		01/2023	N/A	75	75		—		150
Pet Holdings ULC+(8)(12)(23)	LP interest	N/A	N/A		04/2015	N/A	677	383		—		657
Salon Lofts Group, LLC+	LP units	N/A	N/A		08/2022	N/A	—	129		—		112
Southern Veterinary Partners, LLC+(23)	Preferred stock	N/A	12.00%	Non-Cash	06/2021	N/A	5	6,397		0.2		7,200
Southern Veterinary Partners, LLC+(23)	Preferred stock	N/A	10.00%	Non-Cash	05/2018	N/A	—	899		—		1,360
Southern Veterinary Partners, LLC+	LLC interest	N/A	N/A		05/2018	N/A	148	188		0.2		5,022
VSG Acquisition Corp. and Sherrill, Inc.+	LP units	N/A	N/A		04/2022	N/A	—	57		—		47
								29,821		0.9		34,447
Textiles, Apparel & Luxury Goods
Georgica Pine Clothiers, LLC+(23)	LLC interest	N/A	N/A		11/2015	N/A	20	239		—		369
Georgica Pine Clothiers, LLC+	Common stock	N/A	N/A		08/2020	N/A	—	—		—		2
MakerSights, Inc.+	Preferred stock	N/A	N/A		06/2021	N/A	56	265		—		104
Shoes For Crews Global, LLC+	LLC units	N/A	N/A		06/2024	N/A	2	1,083		—		1,109
								1,587		—		1,584
Total non-controlled/non-affiliate company equity investments								417,958		11.6		464,976
Total non-controlled/non-affiliate company investments								8,057,035		199.6		8,011,824

See Notes to Consolidated Financial Statements.

92

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 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)
Non-controlled/affiliate company investments(27)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+(7)(25)	One stop	SF +	1.00%	(i)	5.60%	PIK			06/2026	$	7,188	$	7,071	0.1	%	$	4,888
Abita Brewing Co., L.L.C.+(7)(25)	Second lien	SF +	8.00%	(i)	12.60%	PIK			06/2026	4,834		3,725		—		435
Abita Brewing Co., L.L.C.+(25)	One stop	SF +	1.00%	(i)(j)	5.81%	PIK			06/2026	783		783		—		677
										12,805		11,579		0.1		6,000
Energy, Equipment & Services
Benetech, Inc.+(7)(25)	One stop	SF +	6.00%	(i)	10.75%	PIK			08/2026	4,645		3,623		0.1		1,626
Benetech, Inc.+(7)(25)	One stop	SF +	6.00%	(i)	10.75%	PIK			08/2026	1,210		920		—		167
										5,855		4,543		0.1		1,793
Healthcare Providers & Services
Bayside Opco, LLC+(25)	One stop	SF +	7.25%	(i)	12.00%				06/2026	12,845		12,782		0.3		12,845
Bayside Opco, LLC+(25)	Subordinated debt	SF +	10.00%	(i)	14.75%	PIK			06/2026	5,047		4,613		0.1		4,995
Bayside Opco, LLC+(25)	One stop	SF +	7.25%	(i)	12.00%				06/2026	4,543		4,410		0.1		4,499
Bayside Opco, LLC+	One stop	SF +	7.00%		N/A(6)				06/2026	—		—		—		—
Elite Dental Partners LLC+(7)(25)	One stop	SF +	5.25%	(i)	9.85%	PIK			09/2025	16,683		13,029		0.2		5,505
Elite Dental Partners LLC+(7)(25)	One stop	SF +	12.00%	(i)	16.60%	PIK			09/2025	9,762		7,226		0.1		4,393
Elite Dental Partners LLC+(25)	One stop	SF +	5.25%	(i)	9.85%	PIK			09/2025	1,798		1,798		—		1,798
Opening Day Borrower 111 LLC+	One stop	SF +	6.25%		N/A(6)				05/2027	—		—		—		—
Opening Day Borrower 111 LLC+	One stop	SF +	6.25%		N/A(6)				05/2027	—		—		—		—
SPF Borrower LLC+(25)	One stop	SF +	6.25%	(i)	9.00%	cash/	2.00%	PIK	02/2028	16,191		16,191		0.4		16,191
SPF Borrower LLC+(25)	One stop	SF +	9.50%	(i)	4.75%	cash/	9.50%	PIK	02/2028	8,333		8,333		0.2		8,333
SPF Borrower LLC+	One stop	SF +	6.25%		N/A(6)				02/2028	—		—		—		—
										75,202		68,382		1.4		58,559
Software
Switchfly LLC+(25)	One stop	N/A			1.00%	PIK			10/2026	710		709		—		526
Specialty Retail
Imperial Optical Midco Inc.+	One stop	SF +	1.00%	(i)	5.60%				06/2029	45,065		40,793		1.0		40,558
Imperial Optical Midco Inc.+(5)	One stop	SF +	1.00%		N/A(6)				06/2029	—		—		—		(282)
Imperial Optical Midco Inc.+(5)	One stop	SF +	1.00%		N/A(6)				06/2029	—		—		—		(1,502)
										45,065		40,793		1.0		38,774
Total non-controlled/affiliate company debt investments										139,637		126,006		2.6		105,652

See Notes to Consolidated Financial Statements.

93

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)	Interest Rate(2)	Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity investments(21)(22)
Beverages
Abita Brewing Co., L.L.C.+	Warrant	N/A	N/A	02/2021	N/A	210	$	—	—	%	$	—
Healthcare Providers & Services
Bayside Opco, LLC+	LLC units	N/A	N/A	05/2023	N/A	6	2,592		0.2		6,788
Elite Dental Partners LLC	LLC interest	N/A	N/A	09/2020	N/A	—	2,902		—		—
Elite Dental Partners LLC	LLC interest	N/A	N/A	09/2020	N/A	—	1,250		—		—
Elite Dental Partners LLC	LLC units	N/A	N/A	09/2020	N/A	—	—		—		—
Opening Day Borrower 111 LLC+	Preferred stock	N/A	N/A	09/2024	N/A	181	21,172		0.5		21,172
Opening Day Borrower 111 LLC+	LLC units	N/A	N/A	04/2023	N/A	181	7,836		0.1		3,764
SPF Borrower LLC+	LLC units	N/A	N/A	02/2024	N/A	—	9,347		0.3		12,129
							45,099		1.1		43,853
Software
Switchfly LLC+	LLC interest	N/A	N/A	09/2018	N/A	98,370	2,321		—		860
Switchfly LLC+	Preferred stock	N/A	N/A	09/2024	N/A	7,275	5,375		0.1		5,375
Switchfly LLC+	LLC units	N/A	N/A	03/2022	N/A	950	950		—		552
							8,646		0.1		6,787
Specialty Retail
Imperial Optical Midco Inc.+	LLC units	N/A	N/A	06/2024	N/A	189	53,764		1.4		55,090
Total non-controlled/affiliate company equity investments							107,509		2.6		105,730
Total non-controlled/affiliate company investments							233,515		5.2		211,382

See Notes to Consolidated Financial Statements.

94

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)	Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Controlled affiliate company investments(28)
Debt investments
IT Services
MMan Acquisition Co.+(25)	One stop	N/A	8.00%	PIK		03/2026	$	1,971	$	1,971	0.1	%	$	1,813
MMan Acquisition Co.+(25)	One stop	N/A	12.00%	PIK		03/2026	1,073		1,073		—		1,073
MMan Acquisition Co.+(25)	One stop	N/A	12.00%	PIK		03/2026	1,153		1,153		—		1,153
MMan Acquisition Co.+(25)	One stop	N/A	12.00%	PIK		03/2026	334		334		—		334
Total controlled affiliate company debt investments							4,531		4,531		0.1		4,373
Equity investments(21)(22)
IT Services
MMan Acquisition Co.+	Preferred stock	N/A	N/A		09/2024	N/A	—		7,832		0.2		7,832
Total controlled affiliate equity investments									7,832		0.2		7,832
Total controlled affiliate company investments									12,363		0.3		12,205
Total investments									8,302,913		205.1		8,235,411
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)			4.83%	(29)					$	103,410	2.6	%	$	103,410
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582)			4.78%	(29)					1,599		—		1,599
Morgan Stanley Institutional Liquidity Funds - Government Portfolio Institutional Share Class (CUSIP 61747C707)			4.85%	(29)					7,465		0.2		7,465
Morgan Stanley US Dollar Liquidity Fund Institutional Distributing Share Class (CUSIP L64887109)			4.98%	(29)					10,658		0.3		10,658
Allspring Government Money Market Fund Select Share Class (CUSIP 949921126)			4.86%	(29)					2,616		0.1		2,616
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio Institutional Share Class (CUSIP 61747C525)			4.88%	(29)					87,353		2.2		87,353
Total money market funds									213,101		5.4		213,101
Total investments and money market funds									$	8,516,014	210.5	%	$	8,448,512

See Notes to Consolidated Financial Statements.

95

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts 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 loan secures the notes offered in the GBDC 3 2021 Debt Securitization (as defined in Note 7).
^	Denotes that all or a portion of the loan secures the notes offered in the GBDC 3 2022 Debt Securitization (as defined in Note 7).
&	Denotes that all or a portion of the loan secures the notes offered in the GBDC 3 2022-2 Debt Securitization (as defined in Note 7).
<	Denotes that all or a portion of the loan collateralizes the GBDC 3 DB Credit Facility (as defined in Note 7).
+	Denotes that all or a portion of the investment collateralizes the JPM Credit Facility (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 the Secured Overnight Financing Rate (“SOFR” or “SF”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime (“P”), Sterling Overnight Index Average ("SONIA" or “SN”), Australian Interbank Rate (”AUD” or ”A”) or Canadian Overnight Repo Rate Average (“CORRA” or “CA”) 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, 2024. 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, 2024, 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 could not be the applicable index rate outstanding as of September 30, 2024, as the loan could have priced or repriced based on an index rate prior to September 30, 2024.

(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 8.00% as of September 30, 2024.

(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 3.35% as of September 30, 2024.

(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 3.28% as of September 30, 2024.

(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 3.11% as of September 30, 2024.

(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 4.43% as of September 30, 2024.

(f) Denotes that all or a portion of the contract was indexed to SONIA, which was 4.95% as of September 30, 2024.

(g) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 4.96% as of September 30, 2024.

(h) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 4.85% as of September 30, 2024.

(i) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 4.59% as of September 30, 2024.

(j) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 4.25% as of September 30, 2024.

(k) Denotes that all or a portion of the contract was indexed to Daily CORRA, which was 4.30% as of September 30, 2024.

(l) Denotes that all or a portion of the contract was indexed to the 90-day Term CORRA, which was 3.92% as of September 30, 2024.

(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, 2024.

(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.

(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, 2024. As such, no interest is being earned on this investment. The investment could be subject to an unused facility fee.

(7)Loan was on non-accrual status as of September 30, 2024, 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 September 30, 2024, total non-qualifying assets at fair value represented 13.3% 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.

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

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

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

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

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

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

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

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

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

See Notes to Consolidated Financial Statements.

96

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

(19)The headquarters of this portfolio company is located in Germany.

(20)The headquarters of this portfolio company is located in France.

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

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

(23) The Company holds an equity investment that is income producing.

(24) The fair value of this investment was valued using Level 1 inputs. See Note 6.

(25) All or a portion of the loan interest was capitalized into the outstanding principal balance of the loan in accordance with the terms of the credit agreement during the year ended September 30, 2024.

(26) The fair value of the loan reflects the legal claim on par and accrued uncapitalized payment-in-kind (“PIK”) interest.

(27) 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 year ended September 30, 2024 were as follows:

Portfolio Company	Fair value as of September 30, 2023		Gross additions(a)		Gross reductions(b)		Net change in unrealized appreciation (depreciation)		Net realized gain (loss)		Fair value as of September 30, 2024		Interest, dividend and fee income
Abita Brewing Co. LLC	$	6,536	$	2,166	$	(709)	$	(1,993)	$	—	$	6,000	$	575
Bayside Opco, LLC	22,044		2,758		(699)		5,024		—		29,127		3,660
Benetech, Inc.	1,353		780		(843)		503		—		1,793		9
Elite Dental Partners LLC	13,396		5,845		(3,013)		(4,532)		—		11,696		180
Imperial Optical Midco Inc.	—		94,556		—		(692)		—		93,864		1,008
Opening Day Borrower 111 LLC	24,438		27,853		(23,040)		(4,272)		(43)		24,936		629
Rubio's Restaurants, Inc.	12,063		3,759		(3,929)		6,624		(18,517)		—		1,187
SPF Borrower LLC	—		34,008		(136)		2,781		—		36,653		2,112
Switchfly LLC	7,254		6,180		(5,378)		1,157		(1,900)		7,313		88
Total Non-Controlled Affiliates	$	87,084	$	177,905	$	(37,747)	$	4,600	$	(20,460)	$	211,382	$	9,448

(a)

Gross additions could 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 could 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.

(28) 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 year ended September 30, 2024 were as follows:

Portfolio Company	Fair value as of September 30, 2023		Gross additions(a)		Gross reductions(b)		Net change in unrealized appreciation (depreciation)		Net realized gain (loss)		Fair value as of September 30, 2024		Interest, dividend and fee income
MMan Acquisition Co.	$	12,790	$	11,979	$	(11,344)	$	10,406	$	(11,626)	$	12,205	$	439
Total Controlled Affiliates	$	12,790	$	11,979	$	(11,344)	$	10,406	$	(11,626)	$	12,205	$	439

(a)

Gross additions could 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 could 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.

(29) The rate shown is the annualized seven-day yield as of September 30, 2024.

See Notes to Consolidated Financial Statements.

97

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 1. Organization

Golub Capital BDC, Inc. (“GBDC” and, collectively with its consolidated 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 that are, in most cases, sponsored by private equity firms. 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 Fifth Amended and Restated Investment Advisory Agreement effective as of June 3, 2024 (the “Investment Advisory Agreement” or “Post-GBDC 3 Merger Advisory Agreement”) 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.

On September 16, 2019, the Company completed its acquisition of Golub Capital Investment Corporation (“GCIC”), a Maryland corporation (the “GCIC Merger”), pursuant to that certain Agreement and Plan of Merger (as amended, the “GCIC 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 (“GCIC Merger Sub”), the Investment Adviser, and, for certain limited purposes, the Administrator.

On June 3, 2024, the Company completed its acquisition of Golub Capital BDC 3, Inc. (“GBDC 3”), a Maryland corporation (the “GBDC 3 Merger”), pursuant to that certain Agreement and Plan of Merger (as amended, the “GBDC 3 Merger Agreement”), dated as of January 16, 2024, by and among the Company, GBDC 3, Park Avenue Subsidiary Inc., a Maryland corporation and wholly owned subsidiary of the Company (“GBDC 3 Merger Sub”), the Investment Adviser, and, for certain limited purposes, Golub Capital LLC. Upon consummation of the GBDC 3 Merger, the Company entered into the Investment Advisory Agreement. The Investment Advisory Agreement replaced the Fourth Amended and Restated Investment Advisory Agreement by and between the Company and the Investment Adviser dated as of July 1, 2023 (the “Prior Investment Advisory Agreement”). Refer to Note 3 for more information on the Investment Advisory Agreement and the Prior Investment Advisory Agreement.

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 unaudited 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”) as established by the Financial Accounting Standards Board (“FASB”) for 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. Certain prior period amounts have been reclassified to conform to the current period presentation. 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, 2024, 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

98

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. On August 2, 2024, the Company’s board of directors (the “Board”) designated the Investment Adviser as the Company’s valuation designee (“Valuation Designee”) in accordance with Rule 2a-5 under the 1940 Act. As of such date, the Valuation Designee is responsible for determining the fair value of the Company’s portfolio investments, subject to oversight of the Board. In accordance with ASC Topic 820, the Valuation Designee has categorized the Company’s 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 Investment Adviser’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 Valuation Designee 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 Board to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Valuation Designee will continue to refine its valuation methodologies. See further description of fair value methodology in Note 6.

Use of estimates:  The preparation of the unaudited interim 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.

99

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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 listed in the table below in its consolidated financial statements:

Entity Name	Abbreviation
Golub Capital BDC CLO III Depositor LLC	(“2018 CLO Depositor”)
Golub Capital BDC CLO III LLC1	(“2018 Issuer”)1
Golub Capital BDC Holdings, LLC	(“BDC Holdings”)
GCIC Holdings LLC	(“GCIC Holdings”)
GCIC CLO II Depositor LLC2	(“GCIC 2018 CLO Depositor”)2
GCIC CLO II LLC3	(“GCIC 2018 Issuer”)3
Golub Capital BDC CLO 8 Depositor LLC2	("BDC CLO 8 Depositor")2
Golub Capital BDC CLO 8 LLC3	(“2024 Issuer”)3
GCIC Funding LLC	(“GCIC Funding”)
GBDC Holdings Coinvest, Inc.
GBDC Holdings ED Coinvest, Inc.
GCIC North Haven Stack Buyer Coinvest, Inc.
GCIC Quick Quack Coinvest LLC
GBDC Quick Quack Coinvest LLC
Golub Capital 3 Holdings LLC	(“GBDC 3 Holdings”)
GBDC 3 Funding LLC	(“GBDC 3 Funding”)
Golub Capital BDC 3 CLO 1 Depositor LLC	(“GBDC 3 2021 CLO Depositor”)
Golub Capital BDC 3 CLO 1 LLC1	(“GBDC 3 2021 Issuer”)1
Golub Capital BDC 3 ABS 2022-1 Depositor LLC	(“GBDC 3 2022 ABS 2022-1 Depositor”)
Golub Capital BDC 3 ABS 2022-1 LLC	(“GBDC 3 2022 Issuer”)
Golub Capital BDC 3 CLO 2 Depositor LLC	(“GBDC 3 2022 CLO 2 Depositor”)
Golub Capital BDC 3 CLO 2 LLC	(“GBDC 3 2022-2 Issuer”)
GBDC 3 Holdings Coinvest, Inc.
GBDC 3 Quick Quack Coinvest LLC

1.Prior to November 18, 2024, the date of each entity’s dissolution.

2.GCIC CLO II Depositor LLC (“GCIC 2018 CLO Depositor”) was renamed to Golub Capital BDC CLO 8 Depositor LLC (“BDC CLO 8 Depositor”) effective November 18, 2024.

3.GCIC CLO II LLC (“GCIC 2018 Issuer”) was renamed to Golub Capital BDC CLO 8 LLC (“2024 Issuer”) effective November 18, 2024.

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, Funding II, GCIC Holdings, GBDC 3 Holdings, GBDC 3 Funding, GBDC 3 2022 Issuer, GBDC 3 2022-2 Issuer, 2024 Issuer and, prior to November 18, 2024, GCIC 2018 Issuer, 2018 Issuer and GBDC 3 2021 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 and cash equivalents and foreign currencies: Cash and 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.

100

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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.

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. Non-U.S. dollar transactions during the period are valued at the prevailing spot rates on the applicable transaction date and the related assets and liabilities are revalued at the prevailing spot rates as of period-end.

Net assets and fair values are presented based on the applicable foreign exchange rates and fluctuations arising from the translation of assets and liabilities are included within 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.

Derivative instruments:

The Company follows the guidance in ASC Topic 815 - Derivatives and Hedging (“ASC Topic 815”), when accounting for derivative instruments.

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 forward currency 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 as a component of “Net unrealized appreciation on derivatives” or “Net unrealized depreciation on derivatives” by counterparty on a net basis across all derivative instruments, 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.

Interest rate swaps: The Company designated interest rate swaps as the hedging instrument in qualifying fair value hedge accounting relationships, and as a result, the change in fair value of the hedging instruments and hedged items are recorded in interest expense and recognized as components of “Interest and other debt financing expenses” in the Company’s Consolidated Statements of Operations. The fair value of the interest rate swaps is recorded on the Consolidated Statements of Financial Condition as a component of “Net unrealized appreciation on derivatives” or “Net unrealized depreciation on derivatives” by counterparty on a net basis across all derivative instruments, not taking into account collateral posted which is recorded separately, if applicable. Refer to Note 5 for more information regarding the interest rate swaps.

101

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Revenue recognition:

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

Original issue discount, market discount or premium and certain loan origination or amendment fees that are deemed to be an adjustment to yield (“Loan Origination Fees”) are capitalized and the Company accretes or amortizes such amounts over the life of the loan as interest income (“Discount Amortization”). For the three and six months ended March 31, 2025, the Company received Loan Origination Fees that were capitalized of $4,781 and $17,540, respectively. For the three and six months ended March 31, 2024, the Company received Loan Origination Fees that were capitalized of $1,120 and $3,998, respectively. For the three and six months ended March 31, 2025, interest income included $6,700 and $12,955, respectively, of Discount Amortization. For the three and six months ended March 31, 2024, interest income included $4,556 and $9,857, respectively, of Discount Amortization.

For investments with contractual payment-in-kind (“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 and six months ended March 31, 2025, investment income included $14,045 and $25,061, respectively, of PIK interest and the Company capitalized PIK interest of $14,710 and $27,921, respectively, into the principal balance of certain debt investments. For the three and six months ended March 31, 2024, investment income included $11,829 and $23,628, respectively, of PIK interest and the Company capitalized PIK interest of $9,682 and $23,397, 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, administrative agent fees, and prepayment premiums on loans. The Company records these fees that are not deemed to be an adjustment to yield as fee income when earned. For the three and six months ended March 31, 2025, fee income included $1,203 and $1,297 from non-recurring prepayment premiums, respectively. For the three and six months ended March 31, 2024, fee income included $141 and $176 from non-recurring prepayment premiums, respectively. Other income is recorded into income when earned.

For the three and six months ended March 31, 2025, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of $197,416 and $398,783, respectively. For the three and six months ended March 31, 2024, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of $136,676 and $285,157, respectively.

Dividend income on 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. The Company has certain preferred equity securities in the portfolio that contain a PIK dividend provision that are accrued and recorded as income at the contractual rates, if deemed collectible. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the issuer.

For the three and six months ended March 31, 2025, the Company recognized PIK and non-cash dividend income of $7,807 and $15,071, respectively, which were capitalized into the cost basis of certain preferred equity investments. For the three and six months ended March 31, 2024, the Company recognized PIK and non-cash dividend income of $4,352 and $8,603, respectively, which were capitalized into the cost basis of certain preferred equity investments. For the three and six months ended March 31, 2025, the Company received $1,725 and $3,549 of cash payments of accrued and capitalized preferred dividends. For the three and six months ended March 31, 2024, the Company received no cash payments of accrued and capitalized preferred dividends.

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. 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.

102

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

For the three and six months ended March 31, 2025, the Company recorded dividend income received in cash of $70 and $1,293, respectively, and return of capital distributions received in cash of $109 and $344, respectively. For the three and six months ended March 31, 2024, the Company recorded dividend income received in cash of $13 and $137, respectively, and return of capital distributions received in cash of $125 and $818, 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 investment transactions in the Consolidated Statements of Operations.

Non-accrual investments: A loan can be left on accrual status while 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 capitalized Loan Origination Fees 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 $59,888 and $93,204 as of March 31, 2025 and September 30, 2024, respectively.

Management reviews all preferred equity securities accruing contractual PIK dividend income to determine if there is reasonable doubt that amortized cost or capitalized PIK and non-cash dividend income will be collected for possible placement on non-accrual status. When a preferred equity security is placed on non-accrual status, the contractual PIK dividend provision is no longer accrued to dividend income as of the date the preferred equity security is placed on non-accrual status. The total fair value of non-accrual preferred equity securities was $593 as of March 31, 2025. There were no preferred equity securities on non-accrual status as of September 30, 2024.

Asset Acquisition: Pursuant to the GCIC Merger Agreement, the GCIC Merger Sub was first merged with and into GCIC, with GCIC as the surviving company (the Initial GCIC Merger), and, immediately following this initial merger, GCIC was then merged with and into the Company, with the Company as the surviving company. Pursuant to the GBDC 3 Merger Agreement, the GBDC 3 Merger Sub was first merged with and into GBDC 3, with GBDC 3 as the surviving company and, immediately following this initial merger, GBDC 3 was then merged with and into the Company, with the Company as the surviving company. The GCIC Merger and the GBDC 3 Merger were 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 “asset acquisition.” Under the asset acquisition method of 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 non-cash 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 or GBDC 3’s stockholders exceeded the relative fair values of the net identifiable assets of GCIC or GBDC 3 acquired other than “non-qualifying” assets, any such premium paid by the Company was further allocated to the cost of the GCIC or GBDC 3 assets acquired by the Company pro-rata to their relative fair value, other than “non-qualifying” assets. As both GCIC and GBDC 3 did not have any “qualifying” assets at the time of acquisition, the premium was allocated to “non-qualifying” assets, which are GCIC and GBDC 3’s investments in loans and equity securities, including its investment in GCIC SLF. Immediately following the acquisitions of GCIC and GBDC 3, 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 and GBDC 3 assets acquired were 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 reversal of the unrealized depreciation on the loans acquired from GCIC and GBDC 3 through their ultimate disposition. Amortization expense of purchase premium for the three and six months ended March 31, 2025 was $4,592 and $10,278,

103

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

respectively. Amortization expense of purchase premium for the three and six months ended March 31, 2024 was $779 and $2,407, 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 or GBDC 3 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 or GBDC 3.

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 could 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. For the three months ended March 31, 2025, the Company did not record any U.S. federal excise tax expense. For the six months ended March 31, 2025, the Company recorded a reversal of the accrual for U.S. federal excise tax expense of $475. For the three and six months ended March 31, 2024, $499 and $999, respectively, was recorded for U.S. federal excise tax.

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 the consolidated 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 March 31, 2025. The Company’s tax returns for the 2021 through 2023 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. For the three and six months ended March 31, 2025, the Company did not record any U.S. income taxes. For the three and six months ended March 31, 2024, $71 was recorded for U.S. income taxes.

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.

104

Golub Capital BDC, Inc. and Subsidiaries

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 re-approved the Program in August 2024 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. Refer to Note 11 for more information on the share repurchases under the Program.

Equity Distribution Agreement: On October 6, 2023, the Company entered into an equity distribution agreement as amended, (the “2023 Equity Distribution Agreement”), by and among the Company, the Investment Adviser, the Administrator, and Keefe, Bruyette & Woods, Inc. and Regions Securities LLC (the “Placement Agents”), 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 2023 Equity Distribution Agreement provides that the Company can offer and sell shares from time to time through, or to, the Placement Agents. Sales of the shares can 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 2023 Equity Distribution Agreement, the Placement Agents receive a commission from the Company of up to 1.50% of the gross sales price of any shares sold through the Placement Agents under the 2023 Equity Distribution Agreement. Offering costs for the 2023 Equity Distribution Agreement are charged against the proceeds from equity offerings when proceeds are received. During the three and six months ended March 31, 2025, the Company issued 2,408,940 shares of common stock under the 2023 Equity Distribution Agreement. During the three and six months ended March 31, 2024, the Company did not issue any shares of common stock under the 2023 Equity Distribution Agreements.

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 March 31, 2025 and September 30, 2024, the Company had deferred debt issuance costs of $26,232 and $25,361, respectively.

These amounts are amortized and included in interest expense and other debt financing expenses in the Consolidated Statements of Operations over the estimated average life of the borrowings. Amortization expense for deferred debt issuance costs for the three and six months ended March 31, 2025 was $2,479 and $5,124, respectively. Amortization expense for deferred debt issuance costs for the three and six months ended March 31, 2024 was $2,546 and $4,655, 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.

105

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Segment reporting: In accordance with ASC Topic 280 - Segment Reporting (“ASC Topic 280”), the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.    

The Company operates through a single operating and reporting segment with an investment objective to generate both current income and, to a lesser extent, capital appreciation through debt and equity investments. The chief operating decision maker (the “CODM”) is comprised of the Company’s chief executive officer, chief financial officer and chief operating officer and assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase (decrease) in net assets resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in evaluating the Company’s distribution policy. Performance metrics are provided to the CODM on a quarterly basis and are utilized to evaluate performance generated from segment net assets. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets” and the significant segment expenses are listed on the accompanying consolidated statement of operations. The Company has elected to early adopt ASC Topic 280 as of March 31, 2025.

Recent Accounting Updates: In December 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU No. 2023-09 requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU No. 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. The Company is currently evaluating the impact of adopting ASU No. 2023-09.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). ASU No. 2024-03 requires disaggregated disclosure of certain costs and expenses, including purchase of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for annual years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption and retrospective application are permitted. The Company is currently evaluating the impact of adopting ASU No. 2024-03.

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 approved the Investment Advisory Agreement on January 16, 2024. The Investment Advisory Agreement amended the Prior Investment Advisory Agreement in order to incorporate changes to the calculation of the incentive fee rates and the incentive fee cap. Under the Investment Advisory Agreement, the incentive fee rates were reduced from 20.0% to 15.0%, and the incentive fee cap was reduced from 20.0% to 15.0%. None of the other material terms changed in the Investment Advisory Agreement as compared to the Prior Investment Advisory Agreement, including the services to be provided and the calculation of the base management fee. The Investment Advisory Agreement was entered into and effective as of June 3, 2024, the closing of the GBDC 3 Merger. On August 3, 2023, the Board approved, and the Company entered into, the Prior Investment Advisory Agreement with the Investment Adviser, effective as of July 1, 2023, pursuant to which the base management fee rate was reduced from 1.375% to 1.0%. 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 1.0% (or 1.375% for periods ending on or before June 30, 2023) of the fair value of the average adjusted gross assets of the Company 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 for such derivative instruments with custodian but adjusted to exclude cash and cash equivalents so that investors do not pay 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

106

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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 serves as collateral manager under the 2018 Collateral Management Agreement (as described in Note 7), the GCIC 2018 Collateral Management Agreement (as described in Note 7), the 2021 Collateral Management Agreement (as described in Note 7), the 2022 Collateral Management Agreement (as described in Note 7), the 2022-2 Collateral Management Agreement (as described in Note 7) and the 2024 Collateral Management Agreement (as described 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 base management fee incurred for the three and six months ended March 31, 2025 was $21,714 and $43,295, respectively. The base management fee incurred for the three and six months ended March 31, 2024 was $13,662 and $27,618, respectively.

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 15.0% of the Company’s Cumulative Pre-Incentive Fee Net Income Per Share (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) 15.0% 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 asset acquisition 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

107

Golub Capital BDC, Inc. and Subsidiaries

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 and six months ended March 31, 2025, the Income Incentive Fee incurred was $18,247 and $36,305, respectively. For the three and six months ended March 31, 2024, the Income Incentive Fee incurred was $20,626 and $41,911, respectively.

On January 16, 2024, the Investment Adviser agreed to irrevocably waive any incentive fees payable under the Prior Investment Advisory Agreement in excess of 15% and waive incentive fees in excess of an incentive fee cap that was also reduced to 15%, in each case effective as of January 1, 2024, for periods ending on or prior to the earlier of (i) the closing of the acquisition of GBDC 3 pursuant to the GBDC 3 Merger Agreement or (ii) the termination of the GBDC 3 Merger Agreement (the “Waiver Period”), in accordance with the terms of a waiver letter agreement (the “GBDC 3 Merger Waiver”) to the Prior Investment Advisory Agreement. For the three and six months ended March 31, 2024, the Investment Adviser irrevocably waived $5,157 of income incentive fees under the GBDC 3 Merger Waiver.

The Investment Advisory Agreement excludes the impact of asset acquisition resulting from a merger, including each of the GCIC Merger and GBDC 3 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 asset acquisition 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 and GBDC 3 common stock in the GCIC Merger and GBDC 3 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 the Company’s 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 base management fee annual rate.

For periods ended on or before March 31, 2024, the Company calculated the Income Incentive Fee with respect to its Pre-Incentive Fee Net Investment Income quarterly, in arrears, as follows:

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

•Zero in any calendar quarter in which the Pre-Incentive Fee Net Investment Income did 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.

For periods ended after June 3, 2024, including the three months ended June 30, 2024, 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 the percentage at which amounts payable to the Adviser equals 15.0% of the Company's Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply. This portion of the Company’s Pre-Incentive Fee Net Investment Income is referred to as the “catch-up” provision. The catch-up is meant to provide the Investment Adviser with 15.0% of the Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply; and

•15.0% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds the catch-up provision in any calendar quarter.

The Capital Gain Incentive Fee equals (a) 15.0% 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 (A) 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, (B) all realized capital losses on a cumulative basis and (C) 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.

Realized capital gains and losses include gains and losses on investments, foreign currencies, including gains and losses on borrowings in foreign currencies, derivative contracts and any income tax related to cumulative aggregate realized gains and losses.

For the three and six months ended March 31, 2025 and 2024, the Company did not accrue a Capital Gain Incentive Fee. As of March 31, 2025 and September 30, 2024, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement as described above. Any payment due for a Capital Gain Incentive Fee under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year.

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

109

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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, as applicable. 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 15% 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 and six months ended March 31, 2025 and 2024, the Company did not accrue a capital gain incentive fee under GAAP. Changes in the accrual for the capital gain incentive fee under GAAP are included in incentive fee in the Consolidated Statements of Operations. As of both March 31, 2025 and September 30, 2024, 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.

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 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 $3,185 and $2,840 as of March 31, 2025 and September 30, 2024, 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 and six months ended March 31, 2025 were $1,722 and $4,380, respectively. Total expenses reimbursed to the Administrator during the three and six months ended March 31, 2024 were $2,018 and $4,036, respectively.

As of March 31, 2025 and September 30, 2024, included in accounts payable and other liabilities were $1,900 and $2,658, 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 March 31, 2025 permits the Company to borrow a maximum of $200,000 and expires on June 15, 2025. As of September 30, 2023, the Company was permitted to borrow a maximum of $100,000 under the Adviser Revolver. Refer to Note 7, for discussion of the Adviser Revolver.

Effective June 3, 2024, the Company assumed, as a result of the GBDC 3 Merger, an unsecured revolving credit facility with the Investment Adviser (“GBDC 3 Adviser Revolver”) that had a credit limit of $100,000. The GBDC 3 Adviser Revolver was terminated on June 11, 2024.

On June 3, 2024, the Company completed its acquisition of GBDC 3. Refer to Note 1 for more information regarding the GBDC 3 Merger.

Note 4. Investments

110

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Investments as of March 31, 2025 and September 30, 2024 consisted of the following:

	As of March 31, 2025						As of September 30, 2024
	Principal		Amortized Cost		Fair Value		Principal		Amortized Cost		Fair Value
Senior secured	$	472,368	$	470,229	$	466,973	$	510,503	$	506,178	$	502,386
One stop	7,602,435		7,558,377		7,481,347		7,271,543		7,216,368		7,110,258
Second lien	31,454		29,829		26,912		18,430		17,125		14,054
Subordinated debt	32,447		32,149		32,361		30,410		29,943		30,175
Equity	N/A		582,036		613,627		N/A		533,299		578,538
Total	$	8,138,704	$	8,672,620	$	8,621,220	$	7,830,886	$	8,302,913	$	8,235,411

111

Golub Capital BDC, Inc. and Subsidiaries

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 March 31, 2025				As of September 30, 2024
Amortized Cost:
United States
Mid-Atlantic	$	1,574,307	18.2	%	$	1,502,136	18.1	%
Midwest	1,395,266		16.1		1,391,538		16.8
West	1,304,254		15.0		1,133,878		13.7
Southeast	1,682,153		19.4		1,638,221		19.7
Southwest	1,086,170		12.5		1,041,814		12.5
Northeast	580,828		6.7		713,024		8.6
Canada	365,890		4.2		182,002		2.2
United Kingdom	415,328		4.8		395,769		4.8
Australia	19,996		0.2		20,909		0.2
Luxembourg	13,481		0.2		58,328		0.7
Netherlands	12,429		0.1		95,950		1.2
Finland	78,898		0.9		52,670		0.6
Sweden	34,346		0.4		33,243		0.4
Israel	17,379		0.2		855		0.0	*
Denmark	4,863		0.1		4,860		0.1
Germany	69,089		0.8		19,896		0.2
France	17,943		0.2		17,820		0.2
Total	$	8,672,620	100.0	%	$	8,302,913	100.0	%
Fair Value:
United States
Mid-Atlantic	$	1,595,299	18.5	%	$	1,506,726	18.3	%
Midwest	1,393,332		16.2		1,352,353		16.4
West	1,307,188		15.2		1,130,497		13.7
Southeast	1,643,880		19.1		1,634,599		19.8
Southwest	1,063,124		12.3		1,020,950		12.4
Northeast	583,760		6.8		713,123		8.7
Canada	356,035		4.1		178,003		2.2
United Kingdom	407,690		4.7		395,840		4.8
Australia	17,396		0.2		20,113		0.2
Luxembourg	13,356		0.1		57,439		0.7
Netherlands	12,580		0.1		89,708		1.1
Finland	82,063		1.0		56,608		0.7
Sweden	34,931		0.4		34,709		0.4
Israel	17,484		0.2		1,008		0.0	*
Denmark	4,880		0.1		4,896		0.1
Germany	70,114		0.8		20,493		0.3
France	18,108		0.2		18,346		0.2
Total	$	8,621,220	100.0	%	$	8,235,411	100.0	%

* Represents an amount less than 0.1%

112

Golub Capital BDC, Inc. and Subsidiaries

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 a percentage of total investments in portfolio companies as of March 31, 2025 and September 30, 2024 were as follows:

	As of March 31, 2025				As of September 30, 2024
Amortized Cost:
Aerospace & Defense	$	42,760	0.5	%	$	39,344	0.5	%
Air Freight & Logistics	49,859		0.6		—		—
Airlines	8,961		0.1		8,808		0.1
Auto Components	37,098		0.4		48,377		0.6
Automobiles	410,196		4.7		390,804		4.7
Banks	11,329		0.1		2,094		0.0	*
Beverages	95,209		1.1		82,478		1.0
Biotechnology	1,995		0.0	*	1,993		0.0	*
Building Products	61,642		0.7		60,815		0.7
Capital Markets	12,470		0.1		2,557		0.0	*
Chemicals	134,360		1.6		133,436		1.6
Commercial Services & Supplies	196,984		2.3		198,252		2.4
Communications Equipment	16,524		0.2		16,519		0.2
Construction & Engineering	10,680		0.1		4,042		0.1
Containers & Packaging	108,810		1.3		102,694		1.3
Diversified Consumer Services	460,248		5.3		391,054		4.7
Diversified Financial Services	87,139		1.0		90,456		1.1
Diversified Telecommunication Services	1,523		0.0	*	1,521		0.0	*
Electrical Utilities	6,266		0.1		—		—
Electrical Equipment	25,042		0.3		1,406		0.0	*
Electronic Equipment, Instruments & Components	33,541		0.4		33,600		0.4
Energy Equipment & Services	4,355		0.1		4,543		0.1
Food & Staples Retailing	22,184		0.3		21,957		0.3
Food Products	222,225		2.6		260,340		3.1
Healthcare Equipment & Supplies	307,354		3.5		270,891		3.3
Healthcare Providers & Services	617,191		7.1		559,659		6.7
Healthcare Technology	391,862		4.5		315,628		3.8
Hotels, Restaurants & Leisure	286,343		3.3		271,416		3.3
Household Products	9,326		0.1		8,636		0.1
Industrial Conglomerates	84,992		1.0		72,399		0.9
Insurance	494,924		5.7		460,242		5.5
Internet & Direct Marketing Retail	103,641		1.2		103,829		1.3
IT Services	278,422		3.2		294,569		3.5
Leisure Products	69,566		0.8		69,755		0.8
Life Sciences Tools & Services	133,575		1.5		115,691		1.4
Machinery	30,654		0.4		30,586		0.4
Marine	34,825		0.4		35,033		0.4
Media	13,765		0.2		13,883		0.2
Multiline Retail	29,021		0.3		43,416		0.5
Oil, Gas & Consumable Fuels	7,203		0.1		85,736		1.0
Paper & Forest Products	18,764		0.2		18,771		0.2
Personal Products	36,406		0.4		36,460		0.4
Pharmaceuticals	319,750		3.7		257,011		3.1
Professional Services	237,245		2.7		217,009		2.6
Real Estate Management & Development	105,965		1.2		211,484		2.6
Road & Rail	41,725		0.5		41,776		0.5
Software	2,265,925		26.1		2,229,206		26.9
Specialty Retail	517,179		6.0		476,296		5.7
Textiles, Apparel & Luxury Goods	44,255		0.5		43,892		0.5
Trading Companies & Distributors	55,657		0.6		55,166		0.7
Transportation Infrastructure	7,512		0.1		—		—
Water Utilities	68,173		0.8		67,383		0.8
Total	$	8,672,620	100.0	%	$	8,302,913	100.0	%

* Represents an amount less than 0.1%.

113

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

	As of March 31, 2025				As of September 30, 2024
Fair Value:
Aerospace & Defense	$	43,326	0.5	%	$	40,073	0.5	%
Air Freight & Logistics	50,286		0.6		—		—
Airlines	8,903		0.1		8,547		0.1
Auto Components	32,606		0.4		45,376		0.6
Automobiles	410,363		4.8		389,281		4.7
Banks	11,382		0.1		2,076		0.0	*
Beverages	89,112		1.0		76,785		0.9
Biotechnology	613		0.0	*	764		0.0	*
Building Products	60,989		0.7		59,962		0.7
Capital Markets	12,434		0.1		2,540		0.0	*
Chemicals	123,067		1.4		119,535		1.5
Commercial Services & Supplies	197,996		2.3		198,921		2.4
Communications Equipment	16,445		0.2		16,494		0.2
Construction & Engineering	10,677		0.1		4,050		0.0	*
Containers & Packaging	108,574		1.3		101,467		1.2
Diversified Consumer Services	448,378		5.2		385,797		4.7
Diversified Financial Services	87,666		1.0		90,588		1.1
Diversified Telecommunication Services	1,529		0.0	*	1,529		0.0	*
Electrical Utilities	6,276		0.1		—		—
Electrical Equipment	25,340		0.3		1,425		0.0	*
Electronic Equipment, Instruments & Components	34,192		0.4		34,420		0.4
Energy Equipment & Services	2,023		0.0	*	1,793		0.0	*
Food & Staples Retailing	22,313		0.3		22,811		0.3
Food Products	226,072		2.6		258,812		3.1
Healthcare Equipment & Supplies	309,636		3.6		264,737		3.2
Healthcare Providers & Services	606,836		7.0		545,927		6.6
Healthcare Technology	395,769		4.6		317,594		3.9
Hotels, Restaurants & Leisure	287,969		3.3		271,656		3.3
Household Products	9,323		0.1		8,636		0.1
Industrial Conglomerates	86,987		1.0		72,439		0.9
Insurance	492,626		5.7		458,447		5.6
Internet & Direct Marketing Retail	84,344		1.0		108,880		1.3
IT Services	288,685		3.4		302,581		3.7
Leisure Products	71,228		0.8		71,152		0.9
Life Sciences Tools & Services	135,984		1.6		113,608		1.4
Machinery	30,227		0.4		29,750		0.4
Marine	34,676		0.4		34,517		0.4
Media	13,591		0.2		13,717		0.2
Multiline Retail	29,560		0.3		31,866		0.4
Oil, Gas & Consumable Fuels	7,116		0.1		85,689		1.0
Paper & Forest Products	18,816		0.2		18,727		0.2
Personal Products	21,934		0.3		32,813		0.4
Pharmaceuticals	319,346		3.7		254,314		3.1
Professional Services	240,458		2.8		218,402		2.7
Real Estate Management & Development	103,560		1.2		211,343		2.6
Road & Rail	41,152		0.5		41,172		0.5
Software	2,278,146		26.4		2,229,502		27.1
Specialty Retail	509,182		5.9		473,726		5.8
Textiles, Apparel & Luxury Goods	44,458		0.5		43,633		0.5
Trading Companies & Distributors	52,856		0.6		50,288		0.6
Transportation Infrastructure	7,511		0.1		—		—
Water Utilities	68,682		0.8		67,249		0.8
Total	$	8,621,220	100.0	%	$	8,235,411	100.0	%

* Represents an amount less than 0.1%.

114

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 5. Derivatives

The Company enters into derivatives from time to time to help mitigate its foreign currency and interest rate risk exposures.

Forward Currency Contracts

The outstanding forward currency contracts as of March 31, 2025 and September 30, 2024 were as follows:

As of March 31, 2025
Counterparty	Currency to be sold			Currency to be purchased		Settlement date	Unrealized appreciation		Unrealized depreciation
Macquarie Bank Limited	$	7,000	CAD	5,386	USD	7/18/2025	$	485	$	—
Macquarie Bank Limited	£	8,750	GBP	10,667	USD	7/21/2025	—		(620)
Macquarie Bank Limited	€	20,700	EUR	22,363	USD	7/21/2025	—		(160)
Macquarie Bank Limited	€	10,100	EUR	10,918	USD	7/21/2025	—		(72)
Macquarie Bank Limited	€	16,100	EUR	17,902	USD	7/30/2025	367		—
Macquarie Bank Limited	€	3,900	EUR	4,371	USD	1/30/2026	80		—
Macquarie Bank Limited	£	21,900	GBP	27,811	USD	2/2/2026	—		(409)
Macquarie Bank Limited	€	35,000	EUR	39,008	USD	2/5/2026	495		—
Macquarie Bank Limited	A$	26,100	AUD	17,179	USD	2/5/2026	805		—
Macquarie Bank Limited	€	14,650	EUR	16,498	USD	5/12/2027	70		—
Macquarie Bank Limited	€	20,300	EUR	22,346	USD	5/27/2027	—		(390)
							$	2,302	$	(1,651)
SMBC Capital Markets, Inc.	€	22,000	EUR	24,594	USD	1/20/2026	$	432	$	—
SMBC Capital Markets, Inc.	€	23,750	EUR	26,543	USD	1/20/2026	459		—
SMBC Capital Markets, Inc.	$	7,400	CAD	5,533	USD	2/2/2026	302		—
SMBC Capital Markets, Inc.	£	21,900	GBP	27,746	USD	2/5/2026	—		(469)
							$	1,193	$	(469)

115

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

As of September 30, 2024
Counterparty	Currency to be sold			Currency to be purchased			Settlement date	Unrealized appreciation		Unrealized depreciation
Macquarie Bank Limited	€	14,650	EUR	$	17,567	USD	11/12/2024	$	1,225	$	—
Macquarie Bank Limited	$	5,200	CAD	$	4,245	USD	12/9/2024	390		—
Macquarie Bank Limited	€	12,400	EUR	$	14,586	USD	12/23/2024	732		—
Macquarie Bank Limited	€	7,900	EUR	$	8,682	USD	2/5/2025	—		(152)
Macquarie Bank Limited	€	26,000	EUR	$	31,803	USD	2/27/2025	2,654		—
Macquarie Bank Limited	£	5,600	GBP	$	7,321	USD	3/17/2025	—		(152)
Macquarie Bank Limited	£	13,945	GBP	$	19,149	USD	3/31/2025	522		—
Macquarie Bank Limited	$	7,000	CAD	$	5,386	USD	7/18/2025	172		—
Macquarie Bank Limited	£	8,750	GBP	$	10,667	USD	7/21/2025	—		(964)
Macquarie Bank Limited	€	20,700	EUR	$	22,363	USD	7/21/2025	—		(894)
Macquarie Bank Limited	€	10,100	EUR	$	10,918	USD	7/21/2025	—		(430)
Macquarie Bank Limited	€	16,100	EUR	$	17,902	USD	7/30/2025	—		(209)
Macquarie Bank Limited	€	3,900	EUR	$	4,371	USD	1/30/2026	—		(45)
Macquarie Bank Limited	£	21,900	GBP	$	27,811	USD	2/2/2026	—		(1,244)
Macquarie Bank Limited	€	35,000	EUR	$	39,008	USD	2/5/2026	—		(618)
Macquarie Bank Limited	$	26,100	AUD	$	17,179	USD	2/5/2026	—		(761)
								$	5,695	$	(5,469)
SMBC Capital Markets, Inc.	€	22,000	EUR	$	24,594	USD	1/20/2026	$	—	$	(387)
SMBC Capital Markets, Inc.	€	23,750	EUR	$	26,543	USD	1/20/2026	—		(425)
SMBC Capital Markets, Inc.	$	7,400	CAD	$	5,533	USD	2/2/2026	—		(4)
SMBC Capital Markets, Inc.	£	21,900	GBP	$	27,811	USD	2/5/2026	—		(1,406)
								$	—	$	(2,222)

The impact of forward currency contracts not designated as an effective hedge accounting relationship for the three and six months ended March 31, 2025 and 2024 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 category	Three months ended March 31,				Six months ended March 31,
	2025		2024		2025		2024
Foreign exchange	$	5,997	$	—	$	7,203	$	—
Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income
Risk exposure category	Three months ended March 31,				Six months ended March 31,
	2025		2024		2025		2024
Foreign exchange	$	(15,495)	$	4,332	$	6,432	$	(1,383)

116

Golub Capital BDC, Inc. and Subsidiaries

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 and six months ended March 31, 2025 and 2024:

Average U.S. Dollar notional outstanding	Three months ended March 31,				Six months ended March 31,
	2025		2024		2025		2024
Forward currency contracts	$	328,164	$	404,826	$	339,465	$	293,420

Interest Rate Swaps

In connection with the 2028 Notes (as defined in Note 7), the Company entered into interest rate swap agreements with SMBC (as defined below) to more closely align the interest rate of such liability with its investment portfolio, which consists primarily of floating rate loans. Under the interest rate swap agreements, the Company (i) receives a fixed interest rate of 7.310% and pays a floating interest rate of one-month SOFR plus 3.327% on the first $225,000 of the 2028 Notes and (ii) receives a fixed interest rate of 7.310% and pays a floating interest rate of one-month SOFR plus 2.835% on the second $225,000 of the 2028 Notes. The interest rate swap agreements terminate on November 5, 2028. The Company designated these interest rate swaps and the 2028 Notes as a qualifying fair value hedge accounting relationship. See Note 7 for more information on the 2028 Notes.

In connection with the 2029 Notes (as defined in Note 7), the Company entered into interest rate swap agreements with SMBC and Macquarie (as defined below) to more closely align the interest rate of such liability with its investment portfolio, which consists primarily of floating rate loans. Under the interest rate swap agreements, the Company (i) receives a fixed interest rate of 6.248% and pays a floating interest rate of one-month SOFR plus 2.444% on the first $600,000 of the 2029 Notes and (ii) receives a fixed interest rate of 5.881% and pays a floating interest rate of three-month SOFR plus 2.012% on the second $150,000 of the 2029 Notes. The interest rate swap agreements terminate on June 15, 2029. The Company designated these interest rate swaps and the 2029 Notes as a qualifying fair value hedge accounting relationship. See Note 7 for more information on the 2029 Notes.

As of March 31, 2025, the counterparties to the Company’s interest rate swap agreements were SMBC and Macquarie.

As a result of the Company’s designation as a hedging instrument in a qualifying fair value hedge accounting relationship, the Company is required to fair value the hedging instrument and the related hedged item, with the changes in the fair value of each being recorded in interest expense. The net unrealized loss related to the fair value hedge was $35 and $4,696, respectively, for the three and six months ended March 31, 2025. The net unrealized gain related to the fair value hedge was $2,471 and $2,772, respectively, for the three and six months ended March 31, 2024. The net unrealized gain /(loss) related to the fair value hedge is included in “Interest and other debt financing expenses” in the Company’s Consolidated Statement of Operations. The table below presents the components of the net unrealized gain /(loss) related to the fair value hedge recognized for the hedging instrument, the interest rate swaps, and the hedged items, the 2028 and 2029 Notes, from derivatives designated in a qualifying hedge accounting relationship for the three and six months ended March 31, 2025 and 2024.

	Three months ended March 31,				Six months ended March 31,
	2025		2024		2025		2024
Hedging Instruments (Interest rate swaps)	$	17,717	$	(9,094)	$	(21,225)	$	(5,828)
Hedged items (Unsecured notes)	(17,752)		11,565		16,529		8,600
Fair market value adjustments for hedge accounting recognized in interest expense	$	(35)	$	2,471	$	(4,696)	$	2,772

117

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The outstanding interest rate swap contracts as of March 31, 2025 and September 30, 2024 were as follows:

As of March 31, 2025
Counterparty	Notional Amount		Maturity Date	Unrealized Appreciation		Unrealized Depreciation
SMBC Capital Markets, Inc.	$	225,000	11/5/2028	$	1,779	$	—
SMBC Capital Markets, Inc.	225,000		11/5/2028	5,522		—
SMBC Capital Markets, Inc.	600,000		6/15/2029	1,988		—
				$	9,289	$	—
Macquarie Bank Limited	150,000		6/15/2029	$	972	$	—
				$	972	$	—

As of September 30, 2024
Counterparty	Notional Amount		Maturity Date	Unrealized Appreciation		Unrealized Depreciation
SMBC Capital Markets, Inc.	$	225,000	11/5/2028	$	8,925	$	—
SMBC Capital Markets, Inc.	225,000		11/5/2028	13,298		—
SMBC Capital Markets, Inc.	600,000		6/15/2029	9,263		—
				$	31,486	$	—

The table below presents the carrying value of the 2028 and 2029 Notes as of March 31, 2025 and September 30, 2024 that is designated in a qualifying hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from the current hedging relationship included in such carrying value:

	As of March 31, 2025				As of September 30, 2024
Description	Carrying Value		Cumulative Hedging Adjustment		Carrying Value		Cumulative Hedging Adjustment
2028 Notes	$	453,645	$	7,197	$	460,642	$	14,675
2029 Notes	748,486		3,162		606,271		12,213

Offsetting Derivatives

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 each of its derivative counterparties, Macquarie Bank Limited (“Macquarie”) and SMBC Capital Markets, Inc. (“SMBC” and, together with Macquarie, the “Counterparties” and each a “Counterparty”). Each ISDA Master Agreement is a bilateral agreement between the Company and each Counterparty that governs over the counter (“OTC”) derivatives, including forward currency contracts and interest rate swaps, and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of each ISDA Master Agreements with each of the Counterparties permits 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 either Counterparty, if any, is included in the Consolidated Statements of Financial Condition as other assets or other liabilities. As of March 31, 2025 and September 30, 2024, there was $0 and $650, respectively, of collateral pledged for derivatives which is included in other assets on the Consolidated Statements of Financial Condition. 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.

118

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following table is intended to provide additional information about the effect of the offsetting derivative contracts on the consolidated financial statements of the Company including: 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 March 31, 2025 and September 30, 2024.

As of March 31, 2025
Counterparty	Statement of Financial Condition Location of Amounts	Gross Amount of Recognized Assets		Gross Amount of Recognized (Liabilities)		Net amounts presented in the Consolidated Statements of Financial Condition		Collateral (Received) / Pledged(1)		Net Amounts(2)
Macquarie Bank Limited	Net unrealized appreciation on derivatives	$	3,274	$	(1,651)	$	1,623	$	—	$	1,623
SMBC Capital Markets, Inc.	Net unrealized depreciation on derivatives	10,482		(469)		10,013		—		10,013

As of September 30, 2024
Counterparty	Statement of Financial Condition Location of Amounts	Gross Amount of Recognized Assets		Gross Amount of Recognized (Liabilities)		Net amounts presented in the Consolidated Statements of Financial Condition		Collateral (Received) / Pledged(1)		Net Amounts(2)
Macquarie Bank Limited	Net unrealized appreciation on derivatives	$	5,695	$	(5,469)	$	226	$	—	$	226
SMBC Capital Markets, Inc.	Net unrealized appreciation on derivatives	31,486		(2,222)		29,264		—		29,264

(1)The actual collateral pledged could be more than the amount shown due to over collateralization.

(2)Represents the net amount due from/(to) counterparties in the event of default.

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 could 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. The Investment Adviser has 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 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. Effective August 2, 2024, the Board designated the Investment Adviser as the Company’s Valuation Designee in accordance with Rule 2a-5 under the 1940 Act. The Company’s fair value analysis, currently undertaken by the Valuation Designee, 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:

119

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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 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. Currently, the Valuation Designee 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 and six months ended March 31, 2025 and 2024. The following section describes the valuation techniques used 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

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 Valuation Designee, based on input of the Valuation Designee’s personnel and independent valuation firms that have been engaged at the direction of the Valuation Designee to assist in the valuation of each portfolio investment without a readily available market quotation at least every other quarter under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with each portfolio investment being reviewed at least every other quarter (subject to a de minimis threshold) with approximately 50% (based on the fair value of the portfolio company investments) 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 March 31, 2025 and September 30, 2024, with the exception of one portfolio company investment (Level 1 investments), were valued using Level 3 inputs. As of March 31, 2025 and September 30, 2024, all money market funds included in cash and cash equivalents and restricted cash and cash equivalents were valued using Level 1 inputs and all forward currency contracts and interest rate swaps were valued using Level 2 inputs.

When determining fair value of Level 3 debt and equity investments, the Valuation Designee 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 Valuation Designee 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 Valuation Designee uses a market interest rate yield analysis to determine fair value.

120

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

In addition, for certain debt investments, the Valuation Designee 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 could be willing to pay. Ask prices represent the lowest price that the Company and others could be willing to accept. The Valuation Designee 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 could differ significantly from the values that would have been used had a ready market existed for such investments and could 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.

The following tables present fair value measurements of the Company’s investments and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value as of March 31, 2025 and September 30, 2024:

As of March 31, 2025	Fair Value Measurements Using
Description	Level 1		Level 2		Level 3		Total
Assets, at fair value:
Debt investments(1)	$	—	$	—	$	8,007,593	$	8,007,593
Equity investments(1)	94		—		613,533		613,627
Money market funds(1)(2)	181,333		—		—		181,333
Forward currency contracts	—		3,495		—		3,495
Interest rate swaps	—		10,261		—		10,261
Total assets, at fair value:	$	181,427	$	13,756	$	8,621,126	$	8,816,309
Liabilities, at fair value:
Forward currency contracts	$	—	$	(2,120)	$	—	$	(2,120)
Total liabilities, at fair value:	$	—	$	(2,120)	$	—	$	(2,120)

As of September 30, 2024	Fair Value Measurements Using
Description	Level 1		Level 2		Level 3		Total
Assets, at fair value:
Debt investments(1)	$	—	$	—	$	7,656,873	$	7,656,873
Equity investments(1)	118		—		578,420		578,538
Money market funds(1)(2)	213,101		—		—		213,101
Forward currency contracts	—		5,695		—		5,695
Interest rate swaps	—		31,486		—		31,486
Total assets, at fair value:	$	213,219	$	37,181	$	8,235,293	$	8,485,693
Liabilities at fair value:
Forward currency contracts	$	—	$	(7,691)	$	—	$	(7,691)
Total liabilities, at fair value:	$	—	$	(7,691)	$	—	$	(7,691)

(1)Refer to the Consolidated Schedules of Investments for further details.

(2)Included in cash and cash equivalents and restricted cash and cash equivalents on the Consolidated Statements of Financial Condition.

121

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The net change in unrealized appreciation (depreciation) for the three and six months ended March 31, 2025 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 March 31, 2025 was $8,020 and ($28,233), respectively. The net change in unrealized appreciation (depreciation) for the three and six months ended March 31, 2024 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 March 31, 2024 was $2,150 and $23,326, respectively.

The following tables present the changes in investments measured at fair value using Level 3 inputs for the six months ended March 31, 2025 and 2024:

	For the six months ended March 31, 2025
	Debt Investments		Equity Investments		Total Investments
Fair value, beginning of period	$	7,656,873	$	578,420	$	8,235,293
Net change in unrealized appreciation (depreciation) on investments	52,525		(13,601)		38,924
Net translation of investments in foreign currencies	(22,777)		(23)		(22,800)
Realized gain (loss) on investments	(41,842)		(378)		(42,220)
Realized gain (loss) on translation of investments in foreign currencies	(2,913)		—		(2,913)
Fundings of (proceeds from) revolving loans, net	5,016		—		5,016
Fundings of investments	1,156,083		51,965		1,208,048
PIK interest and non-cash dividends	27,921		15,071		42,992
Proceeds from non-cash dividends	—		(3,549)		(3,549)
Proceeds from principal payments and sales of portfolio investments	(825,971)		(14,372)		(840,343)
Accretion of discounts and amortization of premiums	2,678		—		2,678
Fair value, end of period	$	8,007,593	$	613,533	$	8,621,126

	For the six months ended March 31, 2024
	Debt Investments		Equity Investments		Total Investments
Fair value, beginning of period	$	5,219,183	$	297,330	$	5,516,513
Net change in unrealized appreciation (depreciation) on investments	7,198		9,809		17,007
Net translation of investments in foreign currencies	11,332		1		11,333
Realized gain (loss) on investments	(15,784)		(1,584)		(17,368)
Realized gain (loss) on translation of investments in foreign currencies	30		—		30
Funding of (proceeds from) revolving loans, net	1,658		—		1,658
Fundings of investments	134,121		13,146		147,267
PIK interest and non-cash dividends	23,397		8,603		32,000
Proceeds from principal payments and sales of portfolio investments	(316,680)		(4,584)		(321,264)
Accretion of discounts and amortization of premiums	7,450		—		7,450
Fair value, end of period	$	5,071,905	$	322,721	$	5,394,626

122

Golub Capital BDC, Inc. and Subsidiaries

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 March 31, 2025 and September 30, 2024.

Quantitative Information about Level 3 Fair Value Measurements
	Fair value as of March 31, 2025		Valuation Techniques	Unobservable Input	Range (Weighted Average) (1)
Assets:
Senior secured loans(2)	$	466,973	Yield analysis	Market interest rate	7.0% - 14.0% (9.5%)
			Market comparable companies	EBITDA multiples	2.8x - 20.6x (14.1x)
One stop loans(3)(4)	$	7,428,945	Yield analysis	Market interest rate	2.0% - 20.0% (9.7%)
			Market comparable companies	EBITDA multiples	3.6x - 38.0x (15.9x)
				Revenue multiples	1.4x - 18.0x (8.3x)
	52,402		Broker/dealer bids or quotes	Broker/dealer bids or quotes	N/A
Subordinated debt and second lien loans(5)(6)	$	59,273	Yield analysis	Market interest rate	9.3% - 17.3% (12.5%)
			Market comparable companies	EBITDA multiples	4.7x - 24.0x (15.1x)
				Revenue multiples	8.5x
Equity(7)	$	613,533	Market comparable companies	EBITDA multiples	4.6x - 29.2x (15.6x)
				Revenue multiples	1.4x - 18.0x (8.5x)

(1)Unobservable inputs were weighted by the relative fair value of the instruments.

(2)$8,606 of loans at fair value were valued using the market comparable companies approach only.

(3)$132,417 of loans at fair value were valued using the market comparable companies approach only.

(4)The Company valued $6,479,895 and $949,050 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.

(5)$407 of loans at fair value were valued using the market comparable companies approach only.

(6)The Company valued $59,224 and $49 of subordinated debt and second lien loans using EBITDA and revenue multiples, respectively.

(7)The Company valued $540,535 and $72,998 of equity investments using EBITDA and revenue multiples, respectively.

123

Golub Capital BDC, Inc. and Subsidiaries

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, 2024		Valuation Techniques	Unobservable Input	Range (Weighted Average)(1)
Assets:
Senior secured loans(2)	$	502,386	Yield analysis	Market interest rate	6.5% - 20.3% (10.5%)
			Market comparable companies	EBITDA multiples	1.5x - 24.0x (12.3x)
One stop loans(3)(4)	$	7,057,577	Yield analysis	Market interest rate	4.3% - 21.0% (9.9%)
			Market comparable companies	EBITDA multiples	2.8x - 53.2x (16.0x)
				Revenue multiples	1.0x - 18.0x (7.9x)
	52,681		Broker/dealer bids or quotes	Broker/dealer bids or quotes	N/A
Subordinated debt and second lien loans(5)	$	44,229	Yield analysis	Market interest rate	10.0% - 15.5% (13.3%)
			Market comparable companies	EBITDA multiples	5.5x - 24.0x (16.0x)
Equity(6)	$	578,420	Market comparable companies	EBITDA multiples	5.5x - 53.2x (18.2x)
				Revenue multiples	1.2x - 18.0x (8.1x)

(1)Unobservable inputs were weighted by the relative fair value of the instruments.

(2)$2,807 of loans at fair value were valued using the market comparable companies approach only.

(3)$64,786 of loans at fair value were valued using the market comparable companies approach only.

(4)The Company valued $6,036,312 and $1,021,265 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.

(5)$435 of loans at fair value were valued using the market comparable companies approach only.

(6)The Company valued $505,597 and $72,823 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 Valuation Designee.

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 Valuation Designee uses EBITDA multiples and, to a lesser extent, revenue multiples on the Company’s 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 Valuation Designee 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 could 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, 2027 Notes, 2028 Notes and 2029 Notes (as defined in Note 7) 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.

124

Golub Capital BDC, Inc. and Subsidiaries

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 March 31, 2025 and September 30, 2024.

	As of March 31, 2025				As of September 30, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
Debt(1)	$	4,833,150	$	4,815,346	$	4,624,791	$	4,591,161

(1) As of March 31, 2025 and September 30, 2024, carrying value is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship related to the 2028 and 2029 Notes. See Note 5 for additional information.

125

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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 March 31, 2025, the Company’s asset coverage for borrowed amounts was 182.8%.

2024 Debt Securitization: On November 18, 2024, the Company completed a $2,200,500 term debt securitization (the “2024 Debt Securitization”). The notes offered in the 2024 Debt Securitization (“the 2024 Notes”) were issued by the 2024 Issuer and were backed by a diversified portfolio of senior secured loans. The transaction was executed through a private placement which consisted of $1,192,400 of Aaa/AAA Class A-1R Senior Secured Floating Rate Notes due 2036 (the “Class A-1R 2024 Notes”), which bear interest at three-month SOFR plus 1.56%; $171,600 of AAA Class A-2RR Senior Secured Floating Rate Notes due 2036, which bear interest at three-month SOFR plus 1.75% (the “Class A-2RR 2024 Notes”); $165,000 of AA Class B-R Senior Secured Floating Rate Notes, which bear interest at three-month SOFR plus 1.70% (the “Class B-R Notes”); $154,000 of A Class C-R Senior Secured Floating Rate Notes, which bear interest at three-month SOFR plus 2.10%; and $517,500 of Subordinated Notes due 2124 which do not bear interest (the “Subordinated Notes” and together with the Secured Notes, the “2024 Notes”). The Company indirectly retained all of the Class B-R, Class C-R and Subordinated Notes.

Through October 20, 2028, all principal collections received on the underlying collateral may be used by the 2024 Issuer to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the 2024 Issuer and in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the 2024 Debt Securitization, allowing the Company to maintain the initial leverage in the 2024 Debt Securitization. The 2024 Notes are scheduled to mature on October 20, 2036. The Subordinated 2024 Notes are due in 2124. The Class A-1R and Class A-2RR 2024 Notes are included in the March 31, 2025 Consolidated Statement of Financial Condition as debt of the company. As of March 31, 2025, the Class B-R, Class C-R and Subordinated 2024 Notes were eliminated in consolidation.

As of March 31, 2025, there were 120 portfolio companies with a total fair value of $2,190,925 securing the 2024 Debt Securitization. The pool of loans in the 2024 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 2024 Debt Securitization is based on three-month SOFR. The three-month SOFR in effect as of March 31, 2025 based on the last interest rate reset was 4.3%.

For the three and six months ended March 31, 2025 and 2024, the components of interest expense, cash paid for interest, annualized average stated interest rates and average outstanding balances for the 2024 Debt Securitization were as follows:

	Three months ended March 31,					Six months ended March 31,
	2025			2024		2025			2024
Stated interest expense	$	20,229		$	—	$	30,441		$	—
Amortization of debt issuance costs	229			—		341			—
Total interest and other debt financing expenses	$	20,458		$	—	$	30,782		$	—
Cash paid for interest expense	$	—		$	—	$	—		$	—
Annualized average stated interest rate	6.0		%	N/A		6.1		%	N/A
Average outstanding balance	$	1,364,000		$	—	$	1,004,264		$	—

126

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

As of March 31, 2025, the classes, amounts, ratings and interest rates in effect (expressed as a spread to three-month SOFR) of the Class A-1R and A-2RR 2024 Notes are as follows:

Description	Class A-1R 2024 Notes	Class A-2RR 2024 Notes
Type	Senior Secured Floating Rate	Senior Secured Floating Rate
Amount Outstanding	$1,192,400	$171,600
Fitch Rating	“AAA”	“NR”
S&P Rating	“AAA”	“AAA”
Interest Rate	SOFR + 1.56%	SOFR + 1.75%

As part of the 2024 Debt Securitization, the Company entered into a master loan sale agreement that provides for the sale of assets on the 2024 Debt Securitization closing date as well as future sales from the Company to the 2024 Issuer through the BDC CLO 8 Depositor, (1) the Company sold and/or contributed to the BDC CLO 8 Depositor the remainder of its ownership interest in the portfolio company investments securing the 2024 Debt Securitization and participations for the purchase price and other consideration set forth in the master loan sale agreement and (2) the BDC CLO 8 Depositor, in turn, sold to the 2024 Issuer all of its ownership interest in such portfolio loans and participations for the purchase price and other consideration set forth in the master loan sale agreement. Following these transfers, the 2024 Issuer, and not the BDC CLO 8 Depositor or the Company, holds all of the ownership interest in such portfolio company investments and participations.

2018 Debt Securitization: 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 the 2018 CLO Depositor, and were backed by a diversified portfolio of senior secured and second lien loans. The transaction was executed through a private placement which, through November 18, 2024, consisted of approximately $327,000 of AAA/AAA Class A 2018 Notes, which bore interest at three-month LIBOR plus 1.48%; $61,200 of AA Class B 2018 Notes, which bore interest at three-month LIBOR plus 2.10%; $20,000 of A Class C-1 2018 Notes, which bore interest at three-month LIBOR plus 2.80%; $38,800 of A Class C-2 2018 Notes, which bore interest at three-month LIBOR plus 2.65%; $42,000 of BBB- Class D 2018 Notes, which bore interest at three-month LIBOR plus 2.95%; and $113,400 of Subordinated 2018 Notes which did not bear interest. The Company indirectly retained all of the Class C-2, Class D and Subordinated 2018 Notes. The Class A, Class B and Class C-1 2018 Notes are included in the September 30, 2024 Consolidated Statements of Financial Condition as debt of the Company. As of September 30, 2024, the Class C-2, Class D and Subordinated 2018 Notes were eliminated in consolidation.

Through January 20, 2023, the 2018 Issuer was 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.

On November 18, 2024, in connection with the 2024 Debt Securitization, the 2018 Issuer redeemed the outstanding 2018 Notes pursuant to the terms of the indenture governing the 2018 Notes. Following such redemption, the agreements which governed the 2018 Debt Securitization were terminated. The 2018 Notes would have otherwise matured on January 20, 2031.

As of September 30, 2024, there were 44 portfolio companies with a total fair value of $351,446 securing the 2018 Notes. The pool of loans in the 2018 Debt Securitization were required to meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

127

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The interest charged under the 2018 Debt Securitization was based on three-month SOFR plus a spread adjustment of 0.26161%. For the three and six months ended March 31, 2025 and 2024, the components of interest expense, cash paid for interest, annualized average stated interest rates and average outstanding balances for the 2018 Debt Securitization were as follows:

	Three months ended March 31,					Six months ended March 31,
	2025		2024			2025			2024
Stated interest expense	$	—	$	6,503		$	1,839		$	13,599
Amortization of debt issuance costs	—		—			—			2
Total interest and other debt financing expenses	$	—	$	6,503		$	1,839		$	13,601
Cash paid for interest expense	$	—	$	7,227		$	5,152		$	14,412
Annualized average stated interest rate	N/A		7.4		%	7.1		%	7.4		%
Average outstanding balance	$	—	$	354,072		$	51,905		$	367,094

As part of the 2018 Debt Securitization, GBDC entered into a master loan sale agreement 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 and to purchase or otherwise acquire the LLC equity interests in the Subordinated 2018 Notes. As of September 30, 2024, the 2018 Notes (other than the Subordinated 2018 Notes) were the secured obligations of the 2018 Issuer and indentures governing the 2018 Notes include customary covenants and events of default.

GCIC 2018 Debt Securitization: Effective September 16, 2019, the Company assumed, as a result of the GCIC 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 were secured by a diversified portfolio of senior secured and second lien loans. Through November 18, 2024, the GCIC 2018 Debt Securitization consisted 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 bore 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 September 30, 2024 Consolidated Statements of Financial Condition as debt of the Company. As of September 30, 2024, 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 was 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.

On November 18, 2024, in connection with the 2024 Debt Securitization, the GCIC 2018 Issuer redeemed the outstanding GCIC 2018 Notes pursuant to the terms of the indenture governing such GCIC 2018 Notes. Following such redemption, the agreements that governed the GCIC 2018 Debt Securitization were terminated. The GCIC 2018 Notes would have otherwise matured on January 20, 2031, and the Subordinated GCIC 2018 Notes would have otherwise matured on December 13, 2118.

128

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

As of September 30, 2024, there were 58 portfolio companies with a total fair value of $524,168 securing the GCIC 2018 Notes. The pool of loans in the GCIC 2018 Debt Securitization were required to 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 GCIC 2018 Debt Securitization was based on three-month SOFR plus a spread adjustment of 0.26161%. For the three and six months ended March 31, 2025 and 2024, the components of interest expense, cash paid for interest, annualized average stated interest rates and average outstanding balances for the GCIC 2018 Debt Securitization were as follows:

	Three months ended March 31,					Six months ended March 31,
	2025		2024			2025			2024
Stated interest expense	$	—	$	8,049		$	1,682		$	16,676
Accretion of discounts on notes issued	—		—			—			—
Amortization of debt issuance costs	—		—			—			—
Total interest and other debt financing expenses	$	—	$	8,049		$	1,682		$	16,676
Cash paid for interest expense	$	—	$	8,749		$	4,861		$	17,604
Annualized average stated interest rate	N/A		6.8		%	6.1		%	6.9		%
Average outstanding balance	$	—	$	472,970		$	55,356		$	484,697

As part of the GCIC 2018 Debt Securitization, GBDC assumed in the GCIC Merger a master loan sale agreement under which GBDC agreed to directly or indirectly sell or contribute certain senior secured and second lien loans (or participation interests therein) to the GCIC 2018 Issuer and to purchase or otherwise acquire the LLC equity interests in the GCIC Subordinated 2018 Notes. As of September 30, 2024, the GCIC 2018 Notes (other than the GCIC Subordinated 2018 Notes) were the secured obligations of the GCIC 2018 Issuer and indentures governing the GCIC 2018 Notes include customary covenants and events of default.

GBDC 3 2021 Debt Securitization: Effective June 3, 2024, the Company assumed, as a result of the GBDC 3 Merger, a $398,850 term debt securitization (the “GBDC 3 2021 Debt Securitization”). The GBDC 3 2021 Debt Securitization was originally completed on March 11, 2021. The GBDC 3 2021 Notes were issued by the GBDC 3 2021 Issuer and were backed by a diversified portfolio of senior secured and second lien loans. Through November 18, 2024, the GBDC 3 2021 Notes offered in the GBDC 3 2021 Debt Securitization consisted of $224,000 of AAA Class A GBDC 3 2021 Notes, which bore interest at the three-month SOFR plus 1.60%; $28,000 of AA Class B GBDC 3 2021 Notes, which bore interest at the three-month SOFR plus 1.85%; $36,000 of A Class C-1 GBDC 3 2021 Notes, which bore interest at the three-month SOFR plus 2.80%; $10,000 A Class C-2 GBDC 3 2021 Notes, which bore interest at 3.91%; up to $28,000 of BBB- Class D GBDC 3 2021 Notes, which were unfunded on the closing date of the GBDC 3 2021 Debt Securitization and which, if funded, would bear interest at the three-month SOFR plus a spread set in connection with the funding date but which in no event will be greater than 5.00% (the Class D GBDC 3 2021 Notes, together with the Class A GBDC 3 2021 Notes, the Class B GBDC 3 2021 Notes, the Class C-1 GBDC 3 2021 Notes and the Class C-2 GBDC 3 2021 Notes are referred to as the “Secured GBDC 3 2021 Notes”); and approximately $100,850 of Subordinated GBDC 3 2021 Notes, which did not bear interest. The Class A GBDC 3 2021 Notes, the Class B GBDC 3 2021 Notes, the Class C-1 GBDC 3 2021 Notes, and the Class C-2 GBDC 3 2021 Notes were issued through a private placement through Deutsche Bank Securities Inc. The GBDC 3 2021 Issuer indirectly retained all of the Class D GBDC 3 2021 Notes and Subordinated GBDC 3 2021 Notes which were eliminated in consolidation. The Class A, Class B, Class C-1, and Class C-2 GBDC 3 2021 Notes are included in the September 30, 2024 Consolidated Statements of Financial Condition as debt of the Company.

Through April 15, 2025, the GBDC 3 2021 Issuer was 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 GBDC 3 2021 Issuer, in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the GBDC 3 2021 Debt Securitization, allowing the Company to maintain the initial leverage in the GBDC 3 2021 Debt Securitization.

129

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

On November 18, 2024, in connection with the 2024 Debt Securitization, the GBDC 3 2021 Issuer redeemed the outstanding GBDC 3 2021 Notes pursuant to the terms of the indenture governing such GBDC 3 2021 Notes. Following such redemption, the agreements which governed the GBDC 3 2021 Debt Securitization were terminated. The redemption of the GBDC 3 2021 Notes resulted in a realized loss on the extinguishment of debt of $48 for the three months ended December 31, 2024, which represented the unamortized discount on the GBDC 3 2021 Notes assumed as a result on the GBDC 3 Merger, at termination. The Secured GBDC 3 2021 Notes would have otherwise matured on April 15, 2033 and the Subordinated GBDC 3 2021 Notes would have otherwise matured in 2121.

As of September 30, 2024, there were 81 portfolio companies with total fair value of $395,682 securing the GBDC 3 2021 Notes. The pool of loans in the GBDC 3 2021 Debt Securitization were required to 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 GBDC 3 2021 Debt Securitization was based on three-month SOFR plus a spread adjustment of 0.26161%. For the three and six months ended March 31, 2025 and 2024, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the GBDC 3 2021 Debt Securitization were as follows:

	Three months ended March 31,				Six months ended March 31,
	2025		2024		2025			2024
Stated interest expense	$	—	$	—	$	2,694		$	—
Amortization of debt issuance costs	—		—		—			—
Total interest expense	$	—	$	—	$	2,694		$	—
Cash paid for interest expense	$	—	$	—	$	7,355		$	—
Annualized average stated interest rate	N/A		N/A		6.9		%	N/A
Average outstanding balance	$	—	$	—	$	78,593		$	—

As part of the GBDC 3 2021 Debt Securitization, GBDC assumed in the GBDC 3 Merger a master loan sale agreement under which GBDC agreed to directly or indirectly sell or contribute certain senior secured and second lien loans (or participation interests therein) to the GBDC 3 2021 Issuer and to purchase or otherwise acquire the LLC equity interests in the Subordinated GBDC 3 2021 Notes. As of September 30, 2024, the Secured GBDC 3 2021 Notes (other than the Subordinated GBDC 3 2021 Notes) were the secured obligations of the GBDC 3 2021 Issuer and indentures governing the Secured GBDC 3 2021 Notes include customary covenants and events of default.

GBDC 3 2022 Debt Securitization: Effective June 3, 2024, the Company assumed, as a result of the GBDC 3 Merger, a $401,750 asset-backed securitization (the “GBDC 3 2022 Debt Securitization”). The GBDC 3 2022 Debt Securitization was originally completed on January 25, 2022. The notes offered in the GBDC 3 2022 Debt Securitization were issued by the GBDC 3 2022 Issuer and are backed by a diversified portfolio of senior secured loans. The notes offered in the GBDC 3 2022 Debt Securitization consist of $252,000 of Class A Senior Secured Floating Rate Notes, which bear interest at a benchmark interest rate, which will be based on three-month term SOFR, plus 2.00% (the “Secured GBDC 3 2022 Notes”) and $149,750 of Subordinated Notes, which do not bear interest (the “Subordinated GBDC 3 2022 Notes” and, together with the Secured GBDC 3 2022 Notes, the “GBDC 3 2022 Notes”). The Secured GBDC 3 2022 Notes were issued through a private placement through Deutsche Bank Securities Inc. The GBDC 3 2022 Issuer indirectly retained all of the Subordinated GBDC 3 2022 Notes, and the Subordinated GBDC 3 2022 Notes were eliminated in consolidation. The Secured GBDC 3 2022 Notes are included in the March 31, 2025 and September 30, 2024 Consolidated Statements of Financial Condition as debt of the Company.

Through January 25, 2024, the GBDC 3 2022 Issuer was 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 GBDC 3 2022 Issuer, in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the GBDC 3 2022 Debt Securitization. There were repayments on the

130

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

GBDC 3 2022 Notes of $14,751 during the period June 3, 2024 through September 30, 2024. The Secured GBDC 3 2022 Notes are due on January 18, 2030. The Subordinated GBDC 3 2022 Notes are due on January 25, 2122.

As of March 31, 2025 and September 30, 2024, there were 48 and 55 portfolio companies, respectively, with a total fair value of $304,630 and $377,755, respectively, securing the GBDC 3 2022 Debt Securitization. The pool of loans in the GBDC 3 2022 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 GBDC 3 2022 Debt Securitization is based on three-month term SOFR. The three-month term SOFR rate in effect as of March 31, 2025 based on the last interest rate reset was 4.3%.

For the three and six months ended March 31, 2025 and 2024, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the GBDC 3 2022 Debt Securitization were as follows:

	Three months ended March 31,					Six months ended March 31,
	2025			2024		2025			2024
Stated interest expense	$	3,413		$	—	$	7,448		$	—
Amortization of debt issuance costs	—			—		—			—
Total interest expense	$	3,413		$	—	$	7,448		$	—
Cash paid for interest expense	$	3,932		$	—	$	8,292		$	—
Annualized average stated interest rate	6.5		%	N/A		6.7		%	N/A
Average outstanding balance	$	214,289		$	—	$	223,976		$	—

As of March 31, 2025, the class, amount, rating and interest rate (expressed as a spread to three-month term SOFR, as applicable) of the GBDC 3 2022 Debt Securitization was as follows:

Description	Secured GBDC 3 2022 Notes
Type	Senior Secured Floating Rate
Amount Outstanding	$209,082
Kroll Bond Rating Agency Rating	A
Interest Rate	SOFR + 2.0%

As part of the GBDC 3 2022 Debt Securitization, GBDC assumed in the GBDC 3 Merger a master loan sale agreement under which GBDC agreed to directly or indirectly sell or contribute certain senior secured loans (or participation interests therein) to the GBDC 3 2022 Issuer and to purchase or otherwise acquire the LLC equity interests in the Subordinated GBDC 3 2022 Notes. As of March 31, 2025 and September 30, 2024, the Secured GBDC 3 2022 Notes (other than the Subordinated GBDC 3 2022 Notes) were the secured obligations of the Secured GBDC 3 2022 and indentures governing the Secured GBDC 3 2022 Notes include customary covenants and events of default.

GBDC 3 2022-2 Debt Securitization: Effective June 3, 2024, the Company assumed, as a result of the GBDC 3 Merger, a $386,600 term debt securitization (the “GBDC 3 2022-2 Debt Securitization”). The GBDC 3 2022-2 Debt Securitization was originally completed on December 14, 2022. The notes offered in the GBDC 3 2022-2 Debt Securitization (the “GBDC 3 2022-2 Notes”) were issued by the GBDC 3 2022-2 Issuer and were backed by a diversified portfolio of senior secured and second lien loans. Through December 16, 2024, the GBDC 3 2022-2 Notes offered in the GBDC 3 2022-2 Debt Securitization consisted of $140,000 of AAA Class A GBDC 3 Senior Secured Floating Rate Notes due 2034, which bore interest at the three-month term SOFR plus 2.60%; $38,800 of AA Class B GBDC 3 Senior Secured Floating Rate Notes due 2034, which bore interest at the three-month term SOFR plus 3.09% (the “Class B GBDC 3 2022-2 Notes” and, together with the Class A GBDC 3 2022-2 Notes, the “Secured GBDC 3 2022-2 Notes”); $85,000 of AAA Class A GBDC 3 Senior Secured Floating Rate Loans maturing 2034, which bore interest at the three-month term SOFR plus 2.60% (the “Class A GBDC 3 2022-2 Loans” and, together with the Secured GBDC 3 2022-2 Notes, the “Secured GBDC 3 2022-2 Debt”); and $122,800 of

131

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Subordinated Notes due 2122 (the “Subordinated GBDC 3 2022-2 Notes”), which did not bear interest. The GBDC 3 2022-2 Issuer indirectly retained all of the Class B GBDC 3 2022-2 Notes and Subordinated GBDC 3 2022-2 Notes which were eliminated in consolidation. The Class A GBDC 3 2022-2 Notes and Class A GBDC 3 2022-2 Loans are included in the September 30, 2024 Consolidated Statement of Financial Condition as debt of the Company.

Through January 18, 2026, the GBDC 3 2022-2 Issuer was permitted to us 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 GBDC 3 2022-2 Issuer, in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the GBDC 3 2022-2 Debt Securitization, allowing the Company to maintain the initial leverage in the GBDC 3 2022-2 Debt Securitization.

On December 16, 2024, the GBDC 3 2022-2 Issuer redeemed the outstanding GBDC 3 2022-2 Notes pursuant to the terms of the indenture governing such GBDC 3 2022-2 Notes. Following such redemption, the agreements which governed the GBDC 3 2022-2 Debt Securitization were terminated. The Secured GBDC 3 2022-2 Notes and Class A GBDC 3 2022-2 Loans would have otherwise matured on January 18, 2034. The Subordinated GBDC 3 2022-2 Notes would have otherwise matured on December 14, 2122.

As of September 30, 2024, there were 73 portfolio companies with a total fair value of $377,471 securing the GBDC 3 2022-2 Debt Securitization. The pool of loans in the GBDC 3 2022-2 Debt Securitization were required to 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 GBDC 3 2022-2 Debt Securitization was based on three-month term SOFR. For the three and six months ended March 31, 2025 and 2024, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the GBDC 3 2022-2 Debt Securitization were as follows:

	Three months ended March 31,				Six months ended March 31,
	2025		2024		2025			2024
Stated interest expense	$	—	$	—	$	3,504		$	—
Amortization of debt issuance costs	—		—		—			—
Total interest expense	$	—	$	—	$	3,504		$	—
Cash paid for interest expense	$	—	$	—	$	7,197		$	—
Annualized average stated interest rate	N/A		—%		7.5		%	N/A
Average outstanding balance	$	—	$	—	$	93,956		$	—

As part of the GBDC 3 2022-2 Debt Securitization, GBDC assumed in the GBDC 3 Merger a master loan sale agreement under which GBDC agreed to directly or indirectly sell or contribute certain senior secured and second lien loans (or participation interests therein) to the GBDC 3 2022-2 Issuer and to purchase or otherwise acquire the LLC equity interests in the Subordinated GBDC 3 2022-2 Notes. As of September 30, 2024, the Secured GBDC 3 2022-2 Notes (other than the Subordinated GBDC 3 2022-2 Notes) were the secured obligations of the GBDC 3 2022-2 Issuer and indentures governing the Secured GBDC 3 2022-2 Notes include customary covenants and events of default.

The Investment Adviser serves or served as collateral manager to each of the 2018 Issuer, GCIC 2018 Issuer, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer, GBDC 3 2022-2 Issuer and the 2024 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 each of the 2018 Issuer, GCIC 2018 Issuer, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer, GBDC 3 2022-2 and the 2024 Issuer for rendering such collateral management services.

132

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

GBDC 3 DB Credit Facility: Effective June 3, 2024, the Company assumed, as a result of the GBDC 3 Merger, a loan financing and servicing agreement (as amended, the “GBDC 3 DB Credit Facility”), with the Company and GBDC 3 Funding, as equity holder and as servicer, the lenders from time to time parties thereto, Deutsche Bank AG, 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 Deutsche Bank Trust Company Americas, as collateral agent and as collateral custodian. The GBDC 3 DB Credit Facility was originally entered into on September 10, 2019 (the “GBDC 3 DB Credit Facility Effective Date”). On November 19, 2024, all amounts outstanding under the GBDC 3 DB Credit Facility were repaid, following which the agreements governing the GBDC 3 DB Credit Facility were terminated. The period during which GBDC 3 Funding may have requested drawdowns under the “GBDC 3 DB Credit Facility (the “Revolving Period”) commenced on the GBDC 3 DB Credit Facility Effective Date and would have continued through April 10, 2025. Prior to termination, the GBDC 3 DB Credit Facility allowed GBDC 3 Funding to borrow up to $625,000, subject to leverage and borrowing base restrictions, and had a maturity date of April 10, 2028.

Prior to termination, the GBDC 3 DB Credit Facility bore interest at the applicable base rate plus 2.30% per annum during the Revolving Period and 2.80% after the Revolving Period. The base rate under the GBDC 3 DB Credit Facility was (i) the three-month Canadian Overnight Repo Rate Average (“CORRA”) plus an adjustment equal to 0.32138% with respect to any advances denominated in Canadian dollars, (ii) the three-month EURIBOR 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, (iv) the daily simple Sterling Overnight Index Average with respect to any advances denominated U.K. pound sterling, the daily simple Swiss Average Rate Overnight with respect to any advances denominated in Swiss francs, (v) the three-month Copenhagen Interbank Offered Rate with respect to any advances denominated in Danish krones, (vi) the three-month Bank Bill Benchmark Rate with respect to any advances denominated in New Zealand dollars, (vii) the three-month Norwegian Krone Interbank Offered Rate with respect to any advances denominated in Norwegian krona, (viii) the three-month Stockholm Interbank Offered Rate with respect to any advances denominated in Swedish krona, and (ix) the three-month term SOFR with respect to any other advances. 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. In addition, a non-usage fee of 0.25% per annum was payable on the undrawn amount under the GBDC 3 DB Credit Facility, and, during the Revolving Period, an additional fee based on unfunded commitments of the lenders could have been payable if borrowings under the GBDC 3 DB Credit Facility did not exceed a minimum utilization percentage threshold. A prepayment fee would have been payable in the event of any permanent reduction in commitments of the GBDC 3 DB Credit Facility in the amount of 0.50% or 0.25% of the amount of the reduction during the first or second year after the Effective Date, respectively.

The GBDC 3 DB Credit Facility was secured by all of the assets held by GBDC 3 Funding. GBDC 3 Funding 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 under the GBDC 3 DB Credit Facility were subject to the leverage restrictions contained in the 1940 Act.

As of September 30, 2024, the Company had outstanding debt under the GBDC 3 DB Credit Facility of $411,489.

133

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

For the three and six months ended March 31, 2025 and 2024, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the “GBDC 3 DB Credit Facility were as follows:

	Three months ended March 31,					Six months ended March 31,
	2025		2024			2025			2024
Stated interest expense	$	—	$	—		$	3,820		$	—
Facility fees	—		—			244			—
Accretion of discounts	—		—			—			—
Total interest and other debt financing expenses	$	—	$	—		$	4,064		$	—
Cash paid for interest expense and facility fees	$	—	$	—		$	11,680		$	—
Annualized average stated interest rate¹	N/A		—		%	6.8		%	N/A
Average outstanding balance	$	—	$	—		$	112,364		$	—

(1)The average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollar.

JPM Credit Facility: 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 from time to time party thereto which, as of March 31, 2025, allowed the Company to borrow up to $1,997,500 in U.S. dollars and certain agreed upon foreign currencies, subject to leverage and borrowing base restrictions. Through a series of agreements, most recently on November 15, 2024 and December 6, 2024, the Company, through the accordion feature, increased the aggregate commitments under the JPM Credit Facility from $1,822,500 to $1,997,500.

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 bear interest at the applicable base rate plus a margin of either 1.75% or 1.875%, subject to compliance with a borrowing base test. The applicable base rate under the JPM Credit Facility is (i) one-month SOFR with respect to any advances denominated in U.S. dollars, (ii) SONIA with respect to any advances denominated in U.K. pound sterling, (iii) one-month EURIBOR with respect to any advances denominated in euros, (iv) CORRA with respect to any advances denominated in Canadian Dollars, and (v) the relevant rate as defined in the JPM Credit Facility for borrowings in other currencies. Effective September 13, 2022, interest under the JPM Facility for loans denominated in SOFR were converted to reference a benchmark rate of term SOFR plus an adjustment of an amount ranging between 0.11448% and 0.42826% (subject to applicable tenor). Effective March 17, 2023, the adjustment to term SOFR was reduced to 0.10%.

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 August 6, 2029 and requires mandatory prepayment of interest and principal upon certain events during the one year amortization period of the facility.

As of March 31, 2025 and September 30, 2024, the Company had outstanding debt of $1,110,054 and $956,590, respectively, and no letters of credit outstanding under the JPM Credit Facility.

For the three and six months ended March 31, 2025 and 2024, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the JPM Credit Facility were as follows:

134

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

	Three months ended March 31,						Six months ended March 31,
	2025			2024			2025			2024
Stated interest expense	$	16,053		$	1,648		$	33,098		$	12,484
Facility fees	849			1,411			1,637			2,233
Amortization of debt issuance costs	920			843			2,151			1,665
Total interest and other debt financing expenses	$	17,822		$	3,902		$	36,886		$	16,382
Cash paid for interest expense and facility fees	$	17,434		$	1,637		$	37,455		$	14,735
Annualized average stated interest rate¹	5.9		%	6.2		%	6.1		%	7.0		%
Average outstanding balance	$	1,106,198		$	106,957		$	1,095,615		$	358,079

(1)The average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollar.

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. On April 8, 2024, the Company redeemed $500,000 in aggregate principal amount of the 2024 Notes. The 2024 Notes were redeemed at 100% of the principal amount, plus the accrued and unpaid interest thereon. The 2024 Notes bore 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 would otherwise have matured on April 15, 2024.

The 2024 Notes were the Company’s general unsecured obligations that ranked 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.

For the three and six months ended March 31, 2025 and 2024, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the 2024 Notes were as follows:

	Three months ended March 31,					Six months ended March 31,
	2025		2024			2025		2024
Stated interest expense	$	—	$	4,219		$	—	$	8,438
Accretion of discounts and amortization of premiums on notes issued	—		(345)			—		(694)
Amortization of debt issuance costs	—		556			—		1,056
Total interest and other debt financing expenses	$	—	$	4,430		$	—	$	8,800
Cash paid for interest expense	$	—	$	—		$	—	$	8,438
Annualized average stated interest rate	N/A		3.4		%	N/A		3.4		%
Average outstanding balance	$	—	$	500,000		$	—	$	500,000

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 both March 31, 2025 and September 30, 2024, outstanding aggregate principal amount of the 2026 Notes was $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.

135

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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 could 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 and six months ended March 31, 2025 and 2024, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the 2026 Notes were as follows:

	Three months ended March 31,						Six months ended March 31,
	2025			2024			2025			2024
Stated interest expense	$	3,750		$	3,750		$	7,500		$	7,500
Accretion of discounts on notes issued	131			132			265			266
Amortization of debt issuance costs	386			420			789			797
Total interest and other debt financing expenses	$	4,267		$	4,302		$	8,554		$	8,563
Cash paid for interest expense	$	7,500		$	7,500		$	7,500		$	7,500
Annualized average stated interest rate	2.5		%	2.5		%	2.5		%	2.5		%
Average outstanding balance	$	600,000		$	600,000		$	600,000		$	600,000

2027 Notes: On August 3, 2021, the Company issued $350,000 in aggregate principal amount of unsecured notes (the “2027 Notes”). As of both March 31, 2025 and September 30, 2024, outstanding aggregate principal amount of the 2027 Notes was $350,000. 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.

At any time or from time to time, the Company could 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 2027 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,

136

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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 2027 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 2027 Notes.

For the three and six months ended March 31, 2025 and 2024, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the 2027 Notes were as follows:

	Three months ended March 31,						Six months ended March 31,
	2025			2024			2025			2024
Stated interest expense	$	1,794		$	1,794		$	3,588		$	3,588
Accretion of discounts on notes issued	181			183			366			368
Amortization of debt issuance costs	211			231			432			563
Total interest and other debt financing expenses	$	2,186		$	2,208		$	4,386		$	4,519
Cash paid for interest expense	$	3,588		$	3,588		$	3,588		$	3,588
Annualized average stated interest rate	2.1		%	2.1		%	2.1		%	2.1		%
Average outstanding balance	$	350,000		$	350,000		$	350,000		$	350,000

2028 Notes: On December 5, 2023, the Company issued $450,000 in aggregate principal amount of unsecured notes (the “2028 Notes”). As of March 31, 2025 and September 30, 2024, the outstanding aggregate principal amount of the 2028 Notes was $450,000. The 2028 Notes bear interest at a rate of 7.050% per year payable semi-annually in arrears on June 5 and December 5 of each year, commencing on June 5, 2024. The 2028 Notes mature on December 5, 2028.

The 2028 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 2028 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 could redeem some or all of the 2028 Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2028 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date on the 2028 Notes on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 45 basis points less interest accrued to the date of redemption. If the Company redeems any 2028 Notes on or after November 5, 2028 (the date falling one month prior to the maturity date of the 2028 Notes), the redemption price for the 2028 Notes will be equal to 100% of the principal amount of the 2028 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2028 Notes.

On December 5, 2023, the Company entered into an interest rate swap on the 2028 Notes with SMBC as the counterparty. Under the terms of the agreement, the Company agreed to receive a fixed rate of 7.310% and pay SMBC a rate of one-month Term SOFR + 3.327%. The interest rate swap is designated as an effective hedge accounting instrument. The notional amount of the swap is $225,000 and terminates on November 5, 2028. The carrying value of the 2028 Notes is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship. See Note 5 for additional information.

On April 11, 2024, the Company entered into an interest rate swap on the 2028 Notes pursuant to which the Company agreed to receive a fixed rate of 7.310% and pay a rate of one-month SOFR plus 2.835%. The interest rate swap is designated as an effective hedge accounting instrument. The notional amount of the swap is $225,000 and terminates on November 5, 2028. The carrying value of the 2028 Notes is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship. See Note 5 for additional information.

137

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

For the three and six months ended March 31, 2025 and 2024, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the 2028 Notes were as follows:

	Three months ended March 31,						Six months ended March 31,
	2025			2024			2025			2024
Stated interest expense	$	7,931		$	7,931		$	15,862		$	10,222
Net contractual interest rate swap expense	115			813			853			1,088
Net (gain)/loss related to the fair value hedge	35			(3,884)			7,444			(4,184)
Accretion of discounts on notes issued	238			240			481			311
Amortization of debt issuance costs	304			286			622			362
Total interest and other debt financing expenses	$	8,623		$	5,386		$	25,262		$	7,799
Cash paid (received) for interest expense(1)	$	8,409		$	4,929		$	16,901		$	4,929
Annualized average interest rate swap and stated interest rate(2)	7.3		%	7.1		%	7.4		%	7.1		%
Average outstanding balance	$	450,000		$	450,000		$	450,000		$	290,164

(1)Includes cash paid or received for contractual interest rate swaps, which may have different contractual settlement dates among the (i) fixed interest leg, (ii) floating interest leg and (iii) the 2028 Notes.

(2) The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollars.

2029 Notes: On February 1, 2024, the Company issued $600,000 in aggregate principal amount of unsecured notes (the “2029 Notes”) and on December 3, 2024, the Company issued an additional $150,000 in aggregate principal amount of 2029 Notes under the same terms as the original issuance. As of March 31, 2025 and September 30, 2024, the outstanding aggregate principal amount of the 2029 Notes was $750,000 and $600,000, respectively. The 2029 Notes bear interest at a rate of 6.000% per year payable semi-annually in arrears on January 15 and July 15 of each year, commencing on July 15, 2024. The 2029 Notes mature on July 15, 2029.

The 2029 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 2029 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 could redeem some or all of the 2029 Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2029 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date on the 2029 Notes on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 35 basis points less interest accrued to the date of redemption. If the Company redeems any 2029 Notes on or after June 15, 2029 (the date falling one month prior to the maturity date of the 2029 Notes), the redemption price for the 2029 Notes will be equal to 100% of the principal amount of the 2029 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2029 Notes.

On February 1, 2024 and December 3, 2024, the Company entered into interest rate swap agreements on the 2029 Notes with SMBC and Macquarie, respectively, as counterparties. Under the terms of the agreement with SMBC, the Company (i) receives a fixed rate of 6.248% and (ii) pays SMBC a rate of one-month Term SOFR + 2.444% on the first $600,000 of 2029 Notes. Under the terms of the agreement with Macquarie, the Company (i) receives a fixed rate of 5.881% and (ii) pays Macquarie a floating interest rate of three-month Term SOFR + 2.012% on the second $150,000 of the 2029 Notes. The Company designated these interest rate swap as effective hedge accounting instruments. The total notional amount of both swap agreements is $750,000 and both agreements terminate on June

138

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

15, 2029. The carrying value of the 2029 Notes is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship. See Note 5 for additional information.

For the three and six months ended March 31, 2025 and 2024, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the 2029 Notes were as follows:

	Three months ended March 31,						Six months ended March 31,
	2025			2024			2025			2024
Stated interest expense	$	11,250		$	6,000		$	20,950		$	6,000
Net contractual interest rate swap expense	1,196			1,518			2,893			1,518
Net (gain)/loss related to the fair value hedge	(1)			1,413			(2,748)			1,413
Accretion of discounts on notes issued	268			204			569			204
Amortization of debt issuance costs	429			210			789			210
Total interest and other debt financing expenses	$	13,142		$	9,345		$	22,453		$	9,345
Cash paid (received) for interest expense (1)	$	23,301		$	—		$	23,301		$	—
Annualized average interest rate swap and stated interest rate (2)	6.7		%	6.0		%	6.9		%	6.0		%
Average outstanding balance	$	750,000		$	395,604		$	698,077		$	196,721

(1)Includes cash paid or received for contractual interest rate swaps, which may have different contractual settlement dates among the (i) fixed interest leg, (ii) floating interest leg and (iii) the 2029 Notes.

(2)     The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollars.

Adviser Revolver: The Company has entered into the Adviser Revolver with the Investment Adviser pursuant to which, as of both March 31, 2025 and September 30, 2024, the Company was permitted to borrow up to $200,000 and which had a maturity date of June 15, 2025. The Adviser Revolver bears an interest rate equal to the short-term Applicable Federal Rate (“AFR”). The short-term AFR as of March 31, 2025 was 4.2%. On June 11, 2024, the Company amended the revolving loan agreement to increase the borrowing capacity under the Adviser Revolver from $100,000 to $200,000. As of both March 31, 2025 and September 30, 2024, the Company had no outstanding debt under the Adviser Revolver.

For the three and six months ended March 31, 2025 and 2024, the components of interest expense, cash paid for interest, annualized average stated interest rates and average outstanding balances for the Adviser Revolver were as follows:

	Three months ended March 31,				Six months ended March 31,
	2025		2024		2025		2024
Stated interest expense	$	—	$	—	$	—	$	—
Cash paid for interest expense	—		—		—		—
Annualized average stated interest rate	N/A		N/A		N/A		N/A
Average outstanding balance	$	—	$	—	$	—	$	—

For the three and six months ended March 31, 2025, the average total debt outstanding was $4,834,487 and $4,814,106, respectively. For the three and six months ended March 31, 2024, the average total debt outstanding was $3,229,603 and $3,146,755, respectively.

For the three and six months ended March 31, 2025, the effective average interest rate, which includes amortization of debt financing costs, accretion of discounts and amortization of premiums on notes issued, non-usage facility fees and the net contractual interest rate swap expense on the 2028 and 2029 Notes but excluding the net gain/(loss) related to the fair value hedges associated with the 2028 and 2029 Notes interest rate swaps, on the Company's total debt was 5.9% and 6.0%, respectively. For the three and six months ended March 31, 2024, the effective average

139

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

interest rate, which includes amortization of debt financing costs, accretion of discounts and amortization of premiums on notes issued, non-usage facility fees and the net contractual interest rate swap expense on the 2028 and 2029 Notes but excluding the net gain/(loss) related to the fair value hedges associated with the 2028 and 2029 Notes interest rate swaps, on the Company's total debt was 5.5% and 5.4%, respectively.

A summary of the Company’s maturity requirements for borrowings as of March 31, 2025 is as follows:

	Payments Due by Period
	Total		Less Than 1 Year		1 – 3 Years		3 – 5 Years		More Than 5 Years
GBDC 3 2022 Debt Securitization	$	209,082	$	—	$	—	$	209,082	$	—
2024 Debt Securitization	1,364,000		—		—		—		1,364,000
JPM Credit Facility	1,110,054		—		—		1,110,054		—
2026 Notes(1)	599,258		—		599,258		—		—
2027 Notes(1)	348,625		—		348,625		—		—
2028 Notes(1)(2)	453,645		—		—		453,645		—
2029 Notes(1)(2)	748,486		—		—		748,486		—
Total borrowings	$	4,833,150	$	—	$	947,883	$	2,521,267	$	1,364,000

(1) Represents principal outstanding plus unamortized premium and / or unaccreted original issue discount.

(2) Carrying value is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship. See Note 5 for additional information.

140

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 8. Commitments and Contingencies

Commitments: As of March 31, 2025, the Company had outstanding commitments to fund investments totaling $1,024,064, including $232,188 of commitments on undrawn revolvers. As of September 30, 2024, the Company had outstanding commitments to fund investments totaling $717,869, including $157,618 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 could 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, could 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 and interest rate swap agreements as of March 31, 2025 and September 30, 2024. 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 could not achieve the anticipated benefits of the derivative instruments and could 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 could 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.

Note 9. Financial Highlights

The financial highlights for the Company are as follows:

	Six months ended March 31,
Per share data:(1)	2025				2024
Net asset value at beginning of period	$	15.19			$	15.02
Distributions declared:
From net investment income - after tax	(0.87)				(0.90)
Net investment income - after tax	0.74				1.00
Net realized gain (loss) on investment transactions	(0.15)				(0.07)
Net realized gain (loss) on extinguishment of debt	0.00			(2)	—
Net change in unrealized appreciation (depreciation) on investment transactions(3)	0.13				0.07
Net asset value at end of period	$	15.04			$	15.12
Per share market value at end of period	$	15.14			$	16.63
Total return based on market value(4)	5.96		%		19.98		%
Number of common shares outstanding	268,831,114				171,517,307

141

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

	Six months ended March 31,
Listed below are supplemental data and ratios to the financial highlights:	2025	2024
Ratio of net investment income - after tax to average net assets *	9.72%	13.29%
Ratio of total expenses to average net assets *(5)	11.02%	11.14%
Ratio of incentive fee waiver to average net assets	0.00%	(0.20)%
Ratio of incentive fees to average net assets (5)	0.90%	1.64%
Ratio of income and excise taxes to average net assets (5)	(0.01)%	0.04%
Ratio of net expenses (without incentive fees) to average net assets *(5)	10.12%	9.50%
Total return based on average net asset value(6)	4.72%	6.61%
Total return based on average net asset value - annualized(6)	9.47%	13.23%
Net assets at end of period	$4,043,498	$2,593,640
Average debt outstanding	$4,814,106	$3,146,755
Average debt outstanding per share	$17.91	$18.35
Portfolio Turnover*	19.86%	5.39%
Asset coverage ratio(7)	182.80%	177.94%
Asset coverage ratio per unit(8)	$1,828	$1,779
Average market value per unit:(9)
2018 Debt Securitization	N/A	N/A
GCIC 2018 Debt Securitization	N/A	N/A
GBDC 3 2021 Debt Securitization	N/A	N/A
GBDC 3 2022 Debt Securitization	N/A	N/A
GBDC 3 2022-2 Debt Securitization	N/A	N/A
2024 Debt Securitization	N/A	N/A
DB Credit Facility	N/A	N/A
JPM Credit Facility	N/A	N/A
2024 Notes	N/A	$993
2026 Notes	$956	$904
2027 Notes	$934	$876
2028 Notes	$1,045	$1,033
2029 Notes	$1,002	$988
Adviser Revolver	N/A	N/A

*Annualized for periods less than one year, unless otherwise noted.

(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)Represents an amount less than $0.01.

(3)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 at the end of the period and as of the dividend record date.

(4)Total return based on market value assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load.

(5)Incentive fees and excise taxes are not annualized in the calculation.

(6)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.

(7)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).

(8)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.

142

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

(9)Not applicable since such senior securities are not registered for public trading, with the exception of the 2024 Notes, 2026 Notes, 2027 Notes, 2028 Notes and 2029 Notes. The average market value per unit calculated for the 2024 Notes, 2026 Notes, 2027 Notes, 2028 Notes and 2029 Notes is based on the average monthly prices of such notes and is expressed in terms of dollar amounts 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 and six months ended March 31, 2025 and 2024:

	Three months ended March 31,				Six months ended March 31,
	2025		2024		2025		2024
Earnings available to stockholders	$	78,984	$	93,558	$	190,298	$	169,334
Basic and diluted weighted average shares outstanding	266,484,213		170,637,140		265,402,101		170,140,990
Basic and diluted earnings per share	$	0.30	$	0.55	$	0.72	$	1.00

Note 11. Common Stock Transactions

On October 6, 2023, the Company entered into the 2023 Equity Distribution Agreement (the “ATM Program”), which provides that the Company may, from time to time, issue and sell shares of its common stock, par value $0.001 per share, having an aggregate offering price as of March 31, 2025 of up to $250,000 in an “at the market offering,” as defined in Rule 415 under the Securities Act of 1933, as amended.

For the three and six months ended March 31, 2025, the Company issued common stock under the ATM Program as follows:

	Total Number of Shares Issued	Average Offering Price per share	Gross Proceeds	Underwriting Fees/Offering Expenses	Approximate Dollar Value of Shares that May Yet be Issued Under the ATM Program
ATM Program	2,408,940	$15.79	$38,043	$609	$211,957

On August 2, 2024, the Board reapproved the Program to repurchase up to $150,000 of the Company’s common stock, exclusive of shares repurchased prior to the date of such authorization. Under the Program, purchases may be made at management’s discretion from time to time in open-market transactions, in accordance with all applicable securities laws and regulations. As of March 31, 2025, the repurchased shares have been retired and returned to the status of authorized but unissued shares of GBDC Common Stock.

As of March 31, 2025, Wells Fargo Securities, LLC, as broker, had repurchased 409,705 shares of the Company’s common stock pursuant to the Program at an average price of $14.49 per share for an aggregate purchase price of approximately $5,938.

For the three and six months ended March 31, 2025, repurchases under the Program were as follows:

Month Purchased	Total Number of Shares Repurchased	Average Price Paid Per Share	Approximate Dollar Value of Shares that have been Purchased Under the Plan	Approximate Dollar Value of Shares that May Yet be Purchased Under the Plan
March 1 - 31, 2025	77,777	$14.53	$1,130	$144,062
Total	77,777	$14.53	$1,130	$144,062

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

There were no repurchases under the Program for the six months ended March 31, 2024.

On February 21, 2025, the Company filed an amendment to the Company’s certificate of incorporation to increase the number of authorized shares of capital stock of the Company from 351,000,000 shares to 501,000,000 shares, consisting of 500,000,000 shares of common stock, par value $0.001 per share, and 1,000,000 shares of preferred stock, par value $0.001 per share (the “Certificate of Incorporation Amendment”). The Certificate of Incorporation Amendment became effective immediately upon filing.

Note 12. 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 six months ended March 31, 2025 and 2024:

Date Declared		Record Date	Payment Date	Amount Per Share		Cash Distribution		DRIP Shares Issued	DRIP Shares Value
For the six months ended March 31, 2025
	06/02/2024	11/29/2024	12/13/2024	$	0.05	$	10,760	—	$	2,454	(1)
	11/14/2024	11/29/2024	12/13/2024	$	0.04	$	8,607	—	$	1,964	(1)
	11/14/2024	12/09/2024	12/27/2024	$	0.39	$	84,514	1,221,469	$	18,554
	02/03/2025	03/03/2025	03/28/2025	$	0.39	$	89,334	1,001,354	$	15,150
For the six months ended March 31, 2024
	11/17/2023	12/01/2023	12/15/2023	$	0.07	$	9,584	152,288	$	2,287
	11/17/2023	12/08/2023	12/29/2023	$	0.37	$	50,152	838,765	$	12,599
	02/02/2024	02/15/2024	03/15/2024	$	0.07	$	9,906	134,135	$	2,035
	01/16/2024	03/01/2024	03/29/2024	$	0.39	$	53,930	797,377	$	12,599

(1)In accordance with the Company's DRIP, 292,877 shares of the Company's stock were purchased in the open market at an average price of $15.08 and were allocated to stockholders of the Company participating in DRIP.

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 13. Subsequent Events

In preparing these consolidated 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 April 4, 2025, the Company amended the JPM Credit Facility to among other things, (i) change the applicable margin to a range of 1.525% to 1.775%, (ii) reduce the unused fee rate on all unused commitments to 0.325% from 0.375%, (iii) extend the maturity date to April 4, 2030 from August 6, 2029 and (iv) amend the accordion provision to permit increases to the total commitments to up to $3,000,000.

On May 2, 2025, the Company’s Board declared a quarterly distribution of $0.39 per share payable on June 27, 2025 to holders of record as of June 13, 2025.

For fiscal year 2025, including the period April 1, 2025 through May 5, 2025, Wells Fargo Securities, LLC, as broker, has repurchased 2,521,275 shares of the Company’s common stock pursuant to the Program for an aggregate purchase price of approximately $35,306 at an average price of $14.00 per share.

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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 unaudited interim 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 due to disruptions, including, without limitation, those caused by global health pandemics, or other large scale events;

•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;

•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;

•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;

•elevated levels of inflation, and its impact on us, on our portfolio companies and on the industries in which we invest;

•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 disruptions, including those caused by global health pandemics, or other large scale events;

•turmoil in Ukraine, Russia and the Middle East, including sanctions related to such turmoil, and the potential for volatility in energy prices and other supply chain issues and any impact on the industries in which we invest;

•our ability to qualify and maintain our qualification as a regulated investment company, or RIC, and as a business development company;

•the impact of information technology systems and systems failures, including data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks;

•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

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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, 2024.

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 $75.0 billion in capital under management(1) as of January 1, 2025, (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 most recently approved by our board of directors in June 2024. Under an administration agreement, or the Administration Agreement, we are provided with certain administrative services by an administrator, or 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 $80.0 million of capital, on average, in the securities of U.S. middle-market companies. We also selectively invest more than $80.0 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 could increase our risk of losing part or all of our investment.

As of March 31, 2025 and September 30, 2024, our portfolio at fair value was comprised of the following:

	As of March 31, 2025				As of September 30, 2024
Investment Type	Investments at  Fair Value (In thousands)		Percentage of Total Investments		Investments at  Fair Value (In thousands)		Percentage of Total Investments
Senior secured	$	466,973	5.4	%	$	502,386	6.1	%
One stop	7,481,347		86.8		7,110,258		86.3
Second lien	26,912		0.3		14,054		0.2
Subordinated debt	32,361		0.4		30,175		0.4
Equity	613,627		7.1		578,538		7.0
Total	$	8,621,220	100.0	%	$	8,235,411	100.0	%

(1) “Capital under management” is a gross measure of invested capital including leverage as of January 1, 2025.

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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 recurring revenue loans. Other targeted characteristics of recurring revenue 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 March 31, 2025 and September 30, 2024, one stop loans included $949.1 million and $1,021.3 million, respectively, of recurring revenue loans at fair value.

As of March 31, 2025 and September 30, 2024, we had debt and equity investments in 393 and 381 portfolio companies, respectively.

The following table shows the weighted average annualized income yield and weighted average annualized investment income yield of both our earning and total portfolio company investments, which represented nearly 100% of our debt investments, as well as the annualized total return based on (i) our average net asset value, (ii) our average net asset value per share, and (iii) 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 March 31, 2025 and December 31, 2024 and the six months ended March 31, 2025 and March 31, 2024:        

	For the three months ended		For the six months ended
	March 31, 2025	December 31, 2024	March 31, 2025	March 31, 2024
Weighted average income yield (1)*	10.5%	10.9%	10.6%	12.3%
Weighted average investment income yield (2)*	10.8%	11.2%	11.0%	12.7%
Weighted average income yield of total investments (3)*	9.9%	10.4%	10.0%	11.8%
Weighted average investment income yield of total investments (4)*	10.3%	10.7%	10.5%	12.2%
Total return based on average net asset value (5)*	7.9%	11.0%	9.5%	13.2%
Total return based on net asset value per share (6)*	8.0%	11.1%	9.6%	13.2%
Total return based on market value (7)*	3.2%	3.5%	6.0%	20.0%

*Annualized for periods less than one year.

(1)Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income, excluding amortization of capitalized fees, discounts and purchase premium (as described in Note 2 of the consolidated financial statements), divided by the daily 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, interest earned on cash, accrued PIK and non-cash dividend income 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 daily average fair value of earning portfolio company investments, and does not represent a return to any investor in us.

(3)Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income, excluding amortization of capitalized fees, discounts and purchase premium (as described in Note 2 of the consolidated financial statements), divided by the daily average total fair value of portfolio company investments, and does not represent a return to any investor in us.

(4)Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income 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 daily average total fair value of portfolio company investments, and does not represent a return to any investor in us.

(5)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.

(6)Total return based on net asset value per share is calculated as (a) net income per share for the period, (b) divided by net asset value per share as of the end of the period. Total return does not include sales load.

(7)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

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debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates 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 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, administrative agent fees 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.

Prior to the redemption of the 2018 Notes and termination of the documents governing the 2018 Debt Securitization on November 18, 2024, GC Advisors served as collateral manager for the 2018 Issuer under a collateral management agreement, or the 2018 Collateral Management Agreement, and was 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 was payable in arrears on each payment date. Under the 2018 Collateral Management Agreement, the term "collection period" referred 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.

Prior to the redemption of the GCIC 2018 Notes and the termination of the documents governing the GCIC 2018 Debt Securitization, GC Advisors served 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, 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 GCIC 2018 Issuer at the beginning of the collection period relating to each payment date, which was payable in arrears on each payment date. Under the 2018 GCIC 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.

Prior to the redemption of the GBDC 3 2021 Notes and the termination of the documents governing the GBDC 3 2021 Debt Securitization, GC Advisors served as collateral manager for our indirect, wholly owned, consolidated subsidiary, Golub Capital BDC 3 CLO 1 LLC, or the GBDC 3 2021 Issuer, under a collateral management agreement, or the GBDC 3 2021 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 GBDC 3 2021 Issuer at the beginning of the collection period relating to each payment date, which was payable in arrears on each payment date. Under the GBDC 3 2021 Collateral Management Agreement, the term “collection period” referred to the period commencing on the tenth business day prior to the preceding payment date and ending on (but excluding) the tenth business day prior to such payment date.

Prior to the redemption of the GBDC 3 2022-2 Notes and the termination of the documents governing the GBDC 3 2022-2 Debt Securitization, GC Advisors served as collateral manager for our indirect, wholly owned, consolidated subsidiary, Golub Capital BDC 3 CLO 2 LLC, or the GBDC 3 2022-2 Issuer, under a collateral management agreement, or the GBDC 3 2022-2 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 GBDC 3 2022-2 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the GBDC 3 2022-2 Collateral Management Agreement, the term “collection period” referred to the period commencing on the tenth business day prior to the preceding payment date and ending on (but excluding) the tenth business day prior to such payment date.

GC Advisors, as collateral manager for our indirect, wholly owned, consolidated subsidiary, Golub Capital BDC 3 ABS 2022-1 LLC, or the GBDC 3 2022 Issuer, under a collateral management agreement, or the GBDC 3 2022-2 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 GBDC 3 2022 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the GBDC 3 2022 Collateral Management Agreement, the term “collection period” relating to any payment date, refers to the period commencing on the tenth business day prior to the preceding payment date and ending on (but excluding) the tenth business day prior to such payment date.

GC Advisors, as collateral manager for our indirect, wholly owned, consolidated subsidiary, Golub Capital BDC CLO 8 LLC, or the 2024 Issuer, under a collateral management agreement, or the 2024 Issuer 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 2024 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the 2024 Issuer 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.

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Collateral management fees are paid directly by the 2018 Issuer, GCIC 2018 Issuer, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer, GBDC 2 2022-2 Issuer and the 2024 Issuer 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. Before we acquired the GCIC 2018 Issuer as part of our acquisition of Golub Capital Investment Corporation, a Maryland corporation, or GCIC, on September 6, 2019, 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. Before we acquired the GBDC 3 2022 Issuer as a part of our acquisition of Golub Capital BDC 3, Inc., or GBDC 3, on June 3, 2024, the GBDC 3 2022 Issuer paid Deutsche Bank AG, New York Branch, structuring and placement fees for its services in connection with the structuring of the GBDC 3 2022 Debt Securitization (as defined in Note 7 of our consolidated financial statements). Before we acquired the GBDC 3 2022-2 Issuer as a part of our acquisition of GBDC 3 on June 3, 2024, the GBDC 3 2022-2 Issuer paid GreensLedge Capital Markets LLC and KeyBanc Capital Markets Inc. structuring and placement fees for its services in connection with the structuring of the GBDC 3 2022-2 Debt Securitization (as defined in Note 7 of our consolidated financial statements).Term debt securitizations are also known as 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, GCIC 2018 Issuer, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer, GBDC 3 2022-2 Issuer and the 2024 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, GCIC 2018 Debt Securitization, the GBDC 3 2021 Debt Securitization, the GBDC 3 2022 Debt Securitization, the GBDC 3 2022-2 Debt Securitization and the 2024 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.

GBDC 3 Acquisition

On June 3, 2024, we completed our acquisition of GBDC 3, pursuant to the GBDC 3 Merger Agreement (as defined in Note 1 of our consolidated financial statements). Pursuant to the GBDC 3 Merger Agreement, and, immediately following the initial merger of GBDC 3 Merger Sub (as defined in Note 1 of our consolidated financial statements) with and into GBDC 3, was then merged with and into us, with us as the surviving company. As a result of, and as of the effective time of, the GBDC 3 Merger, GBDC 3’s separate existence ceased.

In accordance with the terms of the GBDC 3 Merger Agreement, at the effective time of the GBDC 3 Merger, each outstanding share of GBDC 3’s common stock was converted into the right to receive 0.9138 shares of our common stock (with GBDC 3’s stockholders receiving cash in lieu of fractional shares of our common stock). As a result of the GBDC 3 Merger, we issued an aggregate of 92,115,308 shares of our common stock to former stockholders of GBDC 3.

Upon the consummation of the GBDC 3 Merger, we entered into the Investment Advisory Agreement, with GC Advisors, which replaced the Fourth Amended and Restated Investment Advisory Agreement by and between the Company and the Investment Adviser dated as of July 1, 2023 or the Prior Investment Advisory Agreement.

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Recent Developments

On April 4, 2025, we amended our JPM Credit Facility (as defined in Note 7 of our consolidated financial statements) to, among other things, (i) change the applicable margin to a range of 1.525% to 1.775%, (ii) reduce the unused fee rate on all unused commitments to 0.325% from 0.375%, (iii) extend the maturity date to April 4, 2030 from August 6, 2029 and (iv) amend the accordion provision to permit increases to the total commitments to up to $3.0 billion.

On May 2, 2025, our Board declared a quarterly distribution of $0.39 per share, which is payable on June 27, 2025 to holders of record as of June 13, 2025.

On May 2, 2025, Joshua M. Levinson resigned from his position as our Chief Compliance Officer. Mr. Levinson remains with Golub Capital and was promoted to Chief Operating Officer and Chief Legal Officer of the Firm in 2024.

On May 2, 2025, our board of directors appointed Wu-Kwan Kit as Chief Compliance Officer of the Company effective immediately. Ms. Kit has served as Senior BDC Counsel to Golub Capital since September 2024 and will continue in that role concurrent to her position as Chief Compliance Officer. Prior to joining Golub Capital, Ms. Kit was Senior Vice President and Senior Counsel at PIMCO, where she primarily supported its registered funds. Prior to this position, she worked at Van Eck Associates as Assistant General Counsel. Prior to that, Ms. Kit worked as an Associate at Schulte Roth & Zabel’s Investment Management Group. Ms. Kit earned her BA degree cum laude from the University of Pennsylvania. She received a JD from the University of Pennsylvania Law School.

For fiscal year 2025, including the period April 1, 2025 through May 5, 2025, Wells Fargo Securities, LLC, as broker, has repurchased 2,521,275 shares of our common stock pursuant to the Program (as defined in Note 2 of our consolidated financial statements) for an aggregate purchase price of approximately $35.3 million at an average price of $14.00 per share.

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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.

Consolidated operating results for the three months ended March 31, 2025 and December 31, 2024 and the six months ended March 31, 2025 and March 31, 2024 are as follows:

	Three months ended				Variances		Six months ended				Variances
	March 31, 2025		December 31, 2024		March 31, 2025 vs December 31, 2024		March 31, 2025		March 31, 2024		2025 vs. 2024
	(In thousands)
Interest income	$	188,150	$	200,035	$	(11,885)	$	388,185	$	288,290	$	99,895
Payment-in-kind interest income	14,045		11,016		3,029		25,061		23,628		1,433
Loan Origination Fees Discount Amortization	6,700		6,255		445		12,955		9,857		3,098
Acquisition purchase premium amortization	(4,592)		(5,686)		1,094		(10,278)		(2,407)		(7,871)
Non-cash dividend income	7,807		7,264		543		15,071		8,603		6,468
Dividend income	70		1,223		(1,153)		1,293		137		1,156
Fee income	1,712		593		1,119		2,305		892		1,413
Total investment income	213,892		220,700		(6,808)		434,592		329,000		105,592
Total net expenses	115,230		124,585		(9,355)		239,815		157,862		81,953
Net investment income before taxes	98,662		96,115		2,547		194,777		171,138		23,639
Income and excise taxes	—		(475)		475		(475)		1,070		(1,545)
Net investment income after taxes	98,662		96,590		2,072		195,252		170,068		25,184
Net realized gain (loss) on investment transactions excluding purchase premium	(10,698)		(27,803)		17,105		(38,501)		(12,716)		(25,785)
Net realized gain (loss) on investment transactions due to purchase premium	(343)		(52)		(291)		(395)		(6)		(389)
Net change in unrealized appreciation (depreciation) on investment transactions excluding purchase premium	(13,718)		36,837		(50,555)		23,119		9,248		13,871
Net change in unrealized appreciation (depreciation) on investment transactions due to purchase premium	4,935		5,738		(803)		10,673		2,413		8,260
Net gain (loss) on investment transactions	(19,824)		14,720		(34,544)		(5,104)		(1,061)		(4,043)
Net realized gain (loss) on extinguishment of debt	—		(48)		48		(48)		—		(48)
(Provision) benefit for taxes on unrealized appreciation on investments	146		52		94		198		327		(129)
Net increase (decrease) in net assets resulting from operations	$	78,984	$	111,314	$	(32,330)	$	190,298	$	169,334	$	20,964
Average earning debt investments, at fair value	$	7,959,225	$	7,727,320	$	231,905	$	7,825,114	$	5,080,337	$	2,744,777
Average earning preferred equity investments, at fair value	$	244,810	$	235,868	$	8,942	$	243,582	$	135,495	$	108,087

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 operating results may not be meaningful.

On September 16, 2019, and June 3, 2024, we completed our acquisitions of GCIC and GBDC 3, respectively. Each 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 and GBDC 3’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 and GBDC 3 investments acquired by us pro-rata based on their relative fair value. Immediately following each acquisition of GCIC and GBDC 3, we recorded its assets at their respective fair values and, as a result, the purchase premium allocated to the cost basis of the GCIC and GBDC 3 assets acquired was immediately recognized as unrealized depreciation on our Consolidated Statement of Operations. The purchase premium allocated to investments in loan

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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 GBDC 3 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 under GAAP;

•“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 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” – calculates net income and earnings per share based on Adjusted Net Investment Income and Adjusted Net Realized and Unrealized Gain/(Loss).

	Three months ended				Six months ended
	March 31, 2025		December 31, 2024		March 31, 2025		March 31, 2024
	(In thousands)
Net investment income after taxes	$	98,662	$	96,590	$	195,252	$	170,068
Add: Acquisition purchase premium amortization	4,592		5,686		10,278		2,407
Adjusted Net Investment Income	$	103,254	$	102,276	$	205,530	$	172,475
Net gain (loss) on investment transactions	$	(19,824)	$	14,720	$	(5,104)	$	(1,061)
Add: Realized loss on investment transactions due to purchase premium	343		52		395		6
Less: Net change in unrealized appreciation on investment transactions due to purchase premium	(4,935)		(5,738)		(10,673)		(2,413)
Adjusted Net Realized and Unrealized Gain/(Loss)	$	(24,416)	$	9,034	$	(15,382)	$	(3,468)
Net increase (decrease) in net assets resulting from operations	$	78,984	$	111,314	$	190,298	$	169,334
Add: Acquisition purchase premium amortization	4,592		5,686		10,278		2,407
Add: Realized loss on investment transactions due to purchase premium	343		52		395		6
Less: Net change in unrealized appreciation on investment transactions due to purchase premium and purchase premium write-down	(4,935)		(5,738)		(10,673)		(2,413)
Adjusted Net Income	$	78,984	$	111,314	$	190,298	$	169,334

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.

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Investment Income

Investment income decreased from the three months ended December 31, 2024 to the three months ended March 31, 2025 by $6.8 million primarily due to a decrease in interest and payment-in-kind (“PIK”) interest income primarily due to (i) declining interest base rates primarily due to the timing of resetting interest rate contracts, (ii) the reversal of $1.8 million of previously recognized interest and PIK interest income resulting from loans that were placed on non-accrual status during the three months ended March 31, 2025 and, to a lesser extent, (iii) a decrease of interest earned on cash to $1.5 million during the three months ended March 31, 2025 from $3.2 million during the three months ended December 31, 2024, that were partially offset by (i) an increase in interest income as a result of an increase in the average earning debt investments balance of $231.9 million and (ii) an increase in discount amortization acceleration and prepayment fee income driven by increased repayments as compared to the three months ended December 31, 2024. Investment income increased from the six months ended March 31, 2024 to the six months ended March 31, 2025 by $105.6 million, primarily due to (1) an increase in interest income as a result of an increase in the average earning debt investments balance of $2,744.8 million primarily driven by our acquisition of GBDC 3 and (2) an increase in non-cash dividend income driven by an increase in the average earning preferred equity investments balance of $108.1 million primarily driven by our acquisition of GBDC 3.

The annualized income yield by debt security type for the three months ended March 31, 2025 and December 31, 2024 and the six months ended March 31, 2025 and March 31, 2024 are as follows:

	Three months ended		Six months ended
	March 31, 2025	December 31, 2024	March 31, 2025	March 31, 2024
Senior secured	10.1%	10.5%	10.3%	11.6%
One stop	10.3%	10.7%	10.5%	12.1%
Second lien	13.4%	13.6%	13.5%	14.2%
Subordinated debt	13.8%	13.8%	13.8%	16.5%

Income yields on senior secured and one stop loans decreased for the three months ended March 31, 2025 as compared to the three months ended December 31, 2024 and for the six months ended March 31, 2025 as compared to the six months ended March 31, 2024, primarily due to declining interest base rates. Our loan portfolio is partially insulated from a drop in floating interest rates, as 97.6% of the loan portfolio at fair value is subject to an interest rate floor. As of March 31, 2025 and September 30, 2024, the weighted average base rate floor of our loans was 0.79% and 0.81%, respectively.

As of March 31, 2025, we have second lien investments in six portfolio companies and subordinated debt investments in seven portfolio companies 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.

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Expenses

The following table summarizes our expenses for the three months ended March 31, 2025 and December 31, 2024 and the six months ended March 31, 2025 and March 31, 2024:

	Three months ended				Variances		Six months ended				Variances
	March 31, 2025		December 31, 2024		March 31, 2025 vs December 31, 2024		March 31, 2025		March 31, 2024		2025 vs. 2024
	(In thousands)
Interest and other debt financing expenses	$	67,432	$	76,998	$	(9,566)	$	144,430	$	81,030	$	63,400
Amortization of debt issuance costs	2,479		2,645		(166)		5,124		4,655		469
Base management fee	21,714		21,581		133		43,295		27,618		15,677
Income Incentive fee, net of waiver	18,247		18,058		189		36,305		36,754		(449)
Professional fees	1,765		1,840		(75)		3,605		2,650		955
Administrative service fee	3,185		2,902		283		6,087		4,390		1,697
General and administrative expenses	408		561		(153)		969		765		204
Net expenses	$	115,230	$	124,585	$	(9,355)	$	239,815	$	157,862	$	81,953
Average debt outstanding	$	4,834,487	$	4,770,126	$	64,361	$	4,814,106	$	3,146,755	$	1,667,351

Interest Expense

Interest and other debt financing expenses, including amortization of debt issuance costs, decreased from the three months ended December 31, 2024 to the three months ended March 31, 2025 by $9.7 million, primarily due to (1) decreased interest expense driven by (i) the Company experiencing the full benefit during the three months ended March 31, 2025 of the debt capital refinancings completed during the fiscal year 2025 first quarter and (ii) lower interest base rates due to the timing of resetting interest rate contracts, (2) less than $0.1 million of net unrealized losses related to the fair value hedge of the interest rate swaps on the 2028 and 2029 Notes recognized during the three months ended March 31, 2025 compared to $4.6 million of net unrealized losses related to the fair value hedge of the interest rate swaps on the 2028 and 2029 Notes recognized during the three months ended December 31, 2024 that was partially offset by increased interest expense incurred on the increase in average debt outstanding of $64.4 million during the three months ended March 31, 2025. Interest and other debt financing expenses, including amortization of debt issuance costs, increased from the six months ended March 31, 2024 to the six months ended March 31, 2025 by $63.9 million, primarily due to an increase in average debt outstanding of $1,667.4 million driven by (1) the assumption of GBDC 3’s debt facilities and (2) the issuance of the 2029 Notes that was partially offset by decreasing interest base rates on borrowings from our floating rate debt facilities for the six months ended March 31, 2025 as compared to the six months ended March 31, 2024. For more information about our outstanding borrowings for the three and six months ended March 31, 2025 and 2024, including the terms thereof, see Note 7 in the notes to our consolidated financial statements and the “Liquidity and Capital Resources” section below.

For the three months ended March 31, 2025 and December 31, 2024, the effective annualized average interest rate, which includes amortization of debt financing costs, amortization of discounts on notes issued, non-usage facility fees and the net contractual interest rate swap expense on the 2028 and 2029 Notes but excluding the net unrealized gain/(loss) related to the fair value hedges associated with the 2028 and 2029 Notes interest rate swaps, on our total debt was 5.9% and 6.2%, respectively. For the six months ended March 31, 2025 and 2024, the effective annualized average interest rate, which includes amortization of debt financing costs, amortization of discounts on notes issued and non-usage facility fees and the net contractual interest rate swap expense on the 2028 and 2029 Notes but excluding the net unrealized gain/(loss) related to the fair value hedges associated with the 2028 and 2029 Notes interest rate swaps, on our total debt, on our total debt was 6.0% and 5.6%, respectively. The effective average interest rate decreased for the three months ended March 31, 2025 compared to the three months ended December 31, 2024 primarily due to reduced borrowing costs for the entire period resulting from the debt capital refinancing completed during the three months ended December 31, 2024 and lower interest base rates due to the timing of resetting interest rate contracts on our floating rate debt facilities. The effective annualized average interest rate increased for the six months ended March 31, 2025 compared to the six months ended March 31, 2024 primarily due to the 2029 Notes issuance, a full period of the 2028 Notes issuance and, the redemption of the 2024 Notes in April 2024 that bore interest at a rate of 3.375%.

Management Fee

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The base management fee increased by $0.1 million from the three months ended December 31, 2024 to the three months ended March 31, 2025 primarily due to an increase in average adjusted gross assets from the three months ended December 31, 2024 to the three months ended March 31, 2025.

The base management fee increased from the six months ended March 31, 2024 to the six months ended March 31, 2025 primarily due to an increase in average adjusted gross assets primarily as a result of our acquisition of GBDC 3 in June 2024.

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 $0.2 million from the three months ended December 31, 2024 to the three months ended March 31, 2025. due to an increase in Pre-Incentive Fee Net Investment Income and a greater rate of return on the value of our net assets driven by net funds growth. The Income Incentive Fee decreased by $0.4 million from the six months ended March 31, 2024 to the six months ended March 31, 2025 primarily due to the permanent reduction of the income incentive fee and capital gain incentive fee rate from 20% to 15% upon the close of the acquisition of GBDC 3 in June 2024. For each of the three months ended March 31, 2025 and December 31, 2024 and the six months ended March 31, 2025 and March 31, 2024, we were fully through the Income Incentive Fee “catch-up” provision and the Income Incentive Fee was equal to 15% of Pre-Incentive Fee Net Investment Income for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, net of the GBDC 3 Merger Waiver (as defined in Note 3 of our consolidated financial statements) and 20% of Pre-Incentive Fee Net Investment Income for the three months ended December 31, 2023.

As of March 31, 2025 and September 30, 2024, 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. As of March 31, 2025 and September 30, 2024, 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.

Professional Fees, Administrative Service Fee and General and Administrative Expenses

In total, professional fees, the administrative service fee and general and administrative expenses increased by $0.1 million from the three months ended December 31, 2024 to the three months ended March 31, 2025 primarily due to an increase in the administrative service fee that was partially offset by decreases in professional fees and general and administrative expenses.

In total, professional fees, the administrative service fee and general and administrative expenses increased by $2.9 million from the six months ended March 31, 2024 to the six months ended March 31, 2025, primarily due to an increase in the administrative service fee and professional fees.

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 March 31, 2025 and December 31, 2024 and the six months ended March 31, 2025 and March 31, 2024 were $1.7 million, $2.7 million, $4.4 million and $4.0 million, respectively.

As of March 31, 2025 and September 30, 2024, included in accounts payable and other liabilities were $1.9 million and $2.7 million, respectively, of 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 March 31, 2025 and December 31, 2024 and the six months ended March 31, 2025 and March 31, 2024:

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	Three months ended				Variances		Six months ended				Variances
	March 31, 2025		December 31, 2024		March 31, 2025 vs December 31, 2024		March 31, 2025		March 31, 2024		2025 vs. 2024
	(in thousands)						(In thousands)
Net realized gain (loss) from investments	$	(16,864)	$	(25,356)	$	8,492	$	(42,220)	$	(17,368)	$	(24,852)
Net realized gain (loss) from foreign currency transactions	(174)		(3,705)		3,531		(3,879)		4,646		(8,525)
Net realized gain (loss) from forward currency contracts	5,997		1,206		4,791		7,203		—		7,203
Net realized gain (loss) on investment transactions	$	(11,041)	$	(27,855)	$	16,814	$	(38,896)	$	(12,722)	$	(26,174)
Unrealized appreciation from investments	$	47,086	$	81,215	$	(34,129)	$	110,766	$	58,239	$	52,527
Unrealized (depreciation) from investments	(51,801)		(37,594)		(14,207)		(71,860)		(41,226)		(30,634)
Unrealized appreciation (depreciation) from forward currency contracts	(15,495)		21,927		(37,422)		6,432		(1,383)		7,815
Unrealized appreciation (depreciation) on foreign currency translation	11,427		(22,973)		34,400		(11,546)		(3,969)		(7,577)
Net change in unrealized appreciation (depreciation) on investment transactions	$	(8,783)	$	42,575	$	(51,358)	$	33,792	$	11,661	$	22,131
Net realized gain (loss) on extinguishment of debt	$	—	$	(48)	48		$	(48)	$	—	$	(48)

During the three months ended March 31, 2025, we had a net realized loss of $11.0 million, primarily attributable to realized losses recognized on (i) the restructuring of debt and equity investments of two portfolio company investments and (ii) net realized gains recognized on the settlement of forward currency contracts and translation of foreign currency amounts and transactions into U.S. dollars. During the three months ended December 31, 2024, we had a net realized loss of $27.9 million, primarily attributable to realized losses recognized on (i) the restructure of debt and equity investments of two portfolio company investments and the sale of a portfolio company debt investment, and (ii) net realized losses recognized on the translation of foreign currency amounts and transactions into U.S. dollars and settlement of forward currency contracts, that were partially offset by $0.4 million of realized gain recognized on the sale of one equity investment.

During the six months ended March 31, 2025, we had a net realized loss of $38.9 million primarily attributable to realized losses recognized on the restructuring of debt and equity investments of multiple portfolio company investments and the sale of a portfolio company debt investment that was partially offset by net realized gains recognized on the settlement of forward currency contracts and translation of foreign currency amounts and transactions into U.S. dollars. During the six months ended March 31, 2024, we had a net realized loss of $12.7 million, primarily attributable to the realized losses on the disposition of debt and equity investments of a portfolio company in the second quarter of the 2024 fiscal year that was partially offset by realized gains recognized on the translation of foreign currency amounts and transactions into U.S. dollars and realized gains recognized on the sale of equity investments in multiple portfolio companies.

For the three months ended March 31, 2025, we had $47.1 million in unrealized appreciation on 188 portfolio company investments, which was offset by $51.8 million in unrealized depreciation on 226 portfolio company investments. For the three months ended December 31, 2024, we had $81.2 million in unrealized appreciation on 225 portfolio company investments, which was offset by $37.6 million in unrealized depreciation on 174 portfolio company investments.

Unrealized appreciation for the three months ended March 31, 2025 was primarily due to (i) the reversal of previously recognized unrealized depreciation on the restructuring of portfolio company investments, (ii) fair valuing recent originations up to or near par and (iii) improved performance from certain portfolio companies. Unrealized appreciation for the three months ended December 31, 2024 was primarily due to unrealized appreciation resulting from solid borrower credit trends across our portfolio and the reversal of previously recognized unrealized depreciation (i) on the disposition or restructuring of portfolio company investments and (ii) spread tightening in the market during the second half of calendar year 2024. Unrealized depreciation for the three months ended March 31, 2025 and December 31, 2024 primarily resulted from isolated deterioration in credit performance in (i) a small number of portfolio companies and (ii) portfolio companies that were moved to or on non-accrual status.

For the six months ended March 31, 2025, we had $110.8 million in unrealized appreciation on 244 portfolio company investments, which was offset by $71.9 million in unrealized depreciation on 170 portfolio company investments. For the six months ended March 31, 2024, we had $58.2 million in unrealized appreciation on 224 portfolio company investments, which was offset by $41.2 million in unrealized depreciation on 159 portfolio company investments.

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Unrealized appreciation for the six months ended March 31, 2025 was primarily due to (i) the reversal of previously recognized unrealized depreciation on the restructuring of portfolio company investments and (ii) fair valuing recent originations up to or near par. Unrealized appreciation for the six months ended March 31, 2024 primarily resulted from the improved performance of certain portfolio companies and the reversal of unrealized depreciation due to spread tightening in the market during the second half of calendar year 2023.

Unrealized depreciation for the six months ended March 31, 2025 primarily resulted from isolated deterioration in credit performance in (i) a small number of portfolio companies and (ii) portfolio companies that were moved to or on non-accrual status. Unrealized depreciation for the six months ended March 31, 2024 primarily resulted from isolated deterioration in the credit performance of a small number of portfolio companies.

For the six months ended March 31, 2025, we had a realized loss on extinguishment of debt of less than $0.1 million, which represents the unamortized discount on the GBDC 3 2021 Notes assumed as a result on the GBDC 3 Merger, at termination.

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Liquidity and Capital Resources

For the six months ended March 31, 2025, we experienced a net decrease in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $111.3 million. During the period, cash used in operating activities was $179.3 million, primarily driven by proceeds from principal payments and sales of portfolio investments of $840.3 million and net investment income after tax of $195.3 million, offset by fundings of portfolio investments of $1,208.0 million. Lastly, cash provided by financing activities was $68.0 million, primarily driven by borrowings on debt of $3,731.4 million and net proceeds from the issuance of common stock through the ATM Program (as defined in Note 11 of our consolidated financial statements) of $37.4 million, offset by repayments of debt of $3,496.1 million and distributions paid of $197.6 million.

For the six months ended March 31, 2024, we experienced a net increase in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $322.0 million. During the period, cash provided by operating activities was $313.0 million, primarily driven by proceeds from principal payments and sales of portfolio investments of $321.3 million and net investment income after excise tax of $170.1 million, offset by fundings of portfolio investments of $147.3 million. Lastly, cash provided by financing activities was $9.0 million, primarily driven by repayments of debt of $999.7 million, distributions paid of $123.6 million, offset by borrowings on debt of $1,145.6 million.

As of March 31, 2025 and September 30, 2024, we had cash and cash equivalents of $103.1 million and $123.1 million, respectively. In addition, we had foreign currencies of $13.8 million and $8.0 million as of March 31, 2025 and September 30, 2024, respectively, restricted cash and cash equivalents of $129.5 million and $227.2 million as of March 31, 2025 and September 30, 2024, respectively. We had restricted foreign currencies of $0.0 million and $1.2 million as of March 31, 2025 and September 30, 2024, 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. As of March 31, 2025 and September 30, 2024, $29.6 million and $136.3 million, respectively, of restricted cash was retained for partial repayments on the notes of certain of our debt securitizations that are past their reinvestment period term.

Revolving Debt Facilities

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, as of March 31, 2025, allowed us to borrow up to $2.0 billion at any one time outstanding, subject to leverage and borrowing base restrictions. As of March 31, 2025 and September 30, 2024, we had outstanding debt under the JPM Credit Facility of $1,110.1 million and $956.6 million, respectively. As of March 31, 2025 and September 30, 2024, subject to leverage and borrowing base restrictions, we had $887.4 million and $865.9 million, respectively, of remaining commitments and availability 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 $200.0 million at any one time outstanding as of March 31, 2025. 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 both March 31, 2025 and September 30, 2024, we had no amounts outstanding on the Adviser Revolver.

GBDC 3 DB Credit Facility - Effective June 3, 2024, we assumed, as a result of the GBDC 3 Merger, the GBDC 3 DB Credit Facility (as defined in Note 7 of our consolidated financial statements). On November 19, 2024, all amounts outstanding under the GBDC 3 DB Credit Facility were repaid, following which the agreements governing the GBDC 3 DB Credit Facility were terminated. As of September 30, 2024, we had outstanding debt under the GBDC 3 DB Credit Facility of $411.5 million and subject to leverage and borrowing base restrictions, we had $213.5 million of remaining commitments and $113.9 million of availability on the GBDC 3 DB Credit Facility. As of September 30, 2024, we could borrow up to $625.0 million on the GBDC 3 DB Credit Facility.

Debt Securitizations

2024 Debt Securitization - On November 18, 2024, we completed the 2024 Debt Securitization. The Class A-1R 2024 Notes and Class A-2RR 2024 Notes (each as defined in Note 7 to our consolidated financial statements) are included in the March 31, 2025 Consolidated Statements of Financial Condition as our debt, and the Class B-R,

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Class C-R and Subordinated Notes were eliminated in consolidation. As of March 31, 2025, we had outstanding debt under the 2024 Debt Securitization of $1,364.0 million.

GBDC 3 2022 Debt Securitization - Effective June 3, 2024, we assumed as a result of the GBDC 3 Merger, the GBDC 3 2022 Debt Securitization. The Class A Senior Secured Floating Rate GBDC 3 Notes are included in the March 31, 2025 and September 30, 2024 Consolidated Statements of Financial Condition as our debt and the GBDC 3 Subordinated Notes were eliminated in consolidation. As of March 31, 2025 and September 30, 2024, we had debt outstanding under the GBDC 3 2022 Debt Securitization of $209.1 million and $236.8 million, respectively.

2018 Debt Securitization - On November 18, 2024, in conjunction with the $2.2 billion term debt securitization, (“the 2024 Debt Securitization”), the 2018 Notes (as defined in Note 7 of our consolidated financial statements) were redeemed and following such redemption, the agreements governing the 2018 Debt Securitization were terminated. The Class A, Class B and Class C-1 2018 Notes are included in the September 30, 2024 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 September 30, 2024, we had outstanding debt under the 2018 Debt Securitization of $230.0 million.

GCIC 2018 Debt Securitization - Effective September 16, 2019, we assumed as a result of the GCIC Merger, the GCIC 2018 Debt Securitization. On November 18, 2024, in conjunction with the 2024 Debt Securitization, the GCIC 2018 Notes (as defined in Note 7 of our consolidated financial statements) were redeemed and following such redemption, the agreements governing the GCIC 2018 Debt Securitization were terminated. 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 September 30, 2024 Consolidated Statements of Financial Condition as our debt, and the Class B-2, Class C and Class D GCIC 2018 Notes and the Subordinated GCIC 2018 Notes were eliminated in consolidation. As of September 30, 2024, we had outstanding debt under the GCIC 2018 Debt Securitization of $252.8 million.

GBDC 3 2021 Debt Securitization - Effective June 3, 2024, we assumed as a result of the GBDC 3 Merger, the GBDC 3 2021 Debt Securitization. On November 18, 2024, in conjunction with the 2024 Debt Securitization, the GBDC 3 2021 Notes (as defined in Note 7 of our consolidated financial statements) were redeemed and following such redemption, the agreements governing the GBDC 3 2021 Debt Securitization were terminated. The Class A, Class B, Class C-1, and Class C-2 GBDC 3 2021 Notes are included in the September 30, 2024 Consolidated Statements of Financial Condition as our debt and the Class D and Subordinated 2021 GBDC 3 Notes were eliminated in consolidation. As of September 30, 2024, we had debt outstanding under the GBDC 3 2021 Debt Securitization of $298.0 million.

GBDC 3 2022-2 Debt Securitization - Effective June 3, 2024, we assumed as a result of the GBDC 3 Merger, the GBDC 3 2022-2 Debt Securitization. On December 16, 2024, the GBDC 3 2022-2 Notes (as defined in Note 7 of our consolidated financial statements) were redeemed and following such redemption, the agreements governing the GBDC 3 2022-2 Notes were terminated. The Class A 2022-2 Notes and Class A GBDC 3 2022-2 Loan are included in the September 30, 2024 Consolidated Statements of Financial Condition as our debt and Subordinated GBDC 3 2022-2 Notes were eliminated in consolidation. As of September 30, 2024, we had debt outstanding under the GBDC 3 2022-2 Debt Securitization of $225.0 million.

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 Notes (as defined in Note 7 of our consolidated financial statements). On October 15, 2021, we issued an additional $100.0 million in aggregate

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principal of the 2024 Notes. On April 8, 2024, we redeemed the $500.0 million in aggregate principal amount of the 2024 Notes, or 100% of the principal amount, plus the accrued and unpaid interest thereon.

2026 Notes

On February 24, 2021, we issued $400.0 million in aggregate principal amount of the 2026 Notes. On October 13, 2021, we issued an additional $200.0 million in aggregate principal of the 2026 Notes. As of both March 31, 2025 and September 30, 2024, we had $600.0 million of outstanding aggregate principal amount of the 2026 Notes.

2027 Notes

On July 27, 2021, we issued $350.0 million in aggregate principal amount of the 2027 Notes, all of which remained outstanding as our debt as of both March 31, 2025 and September 30, 2024.

2028 Notes

On December 5, 2023, we issued $450.0 million in aggregate principal amount of the 2028 Notes, all of which remained outstanding as our debt as of both March 31, 2025 and September 30, 2024.

On December 5, 2023, we entered into an interest rate swap on the 2028 Notes pursuant to which we agreed to receive a fixed rate of 7.310% and pay a rate of one-month Term SOFR plus 3.327%. The interest rate swap is designated as an effective hedge accounting instrument. The notional amount of the swap is $225.0 million and terminates on November 5, 2028.

On April 11, 2024, we entered into an interest rate swap on the remaining portion of the 2028 Notes pursuant to which we agreed to receive a fixed rate of 7.310% and pay a rate of one-month SOFR plus 2.835%. The interest rate swap is designated as an effective hedge accounting instrument. The notional amount of the swap is $225.0 million and terminates on November 5, 2028. The carrying value of the 2028 Notes is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship.

2029 Notes

On February 1, 2024, we issued $600.0 million in aggregate principal amount of the 2029 Notes, and on December 3, 2024, we issued an additional $150.0 million in aggregate principal amount of the 2029 Notes under the same terms of the original issuance. As of March 31, 2025 and September 30, 2024, the outstanding aggregate principal amount of the 2029 Notes was $750.0 million and $600.0 million, respectively.

On February 1, 2024 and December 3, 2024, we entered into interest rate swap agreements on the 2029 Notes pursuant to which we agreed (i) to receive a fixed rate of 6.248% and pay a rate of one-month Term SOFR plus 2.444% on the first $600.0 million of the 2029 Notes and (ii) to receive a fixed rate of 5.881% and pay a rate of three-month SOFR plus 2.012% on the second $150.0 million of the 2029 Notes. The interest rate swap agreements are designated as effective hedge accounting instruments. The aggregate notional amount of the swap is $750.0 million and terminates on July 15, 2029. The carrying value of the 2029 Notes is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship.

Equity Distribution Agreement

On October 6, 2023, we entered into an equity distribution agreement, or, as amended, the 2023 Equity Distribution Agreement, in connection with 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 March 31, 2025, we issued 2.4 million shares of common stock for aggregate proceeds totaling $38.0 million under the 2023 Equity Distribution Agreement. As of September 30, 2024, there were no common stock issuances under the 2023 Equity Distribution Agreement. As of March 31, 2025, common stock with an aggregate offering amount of $212.0 million remained available for issuance under the 2023 Distribution Agreement.

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

As of March 31, 2025, 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

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currently intend to continue to target a GAAP debt-to-equity ratio between 0.85x to 1.25x. As of March 31, 2025, our asset coverage for borrowed amounts and GAAP debt-to-equity ratio was 182.8% and 1.21x, respectively, and our GAAP debt-to-equity ratio, net, which reduces total debt by cash and cash equivalents, foreign currencies and restricted cash held for partial repayment on notes of certain of our securitization vehicles past their reinvestment period term (if any) was 1.16x as of March 31, 2025.

On August 2, 2024, our board of directors reapproved the Program (as defined in Note 2 of our consolidated financial statements), which allows us to repurchase up to $150.0 million of our outstanding common stock, exclusive of shares repurchased prior to the date of such authorization, 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, in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. During the six months ended March 31, 2025, we repurchased 77,777 shares of our common stock for an aggregate repurchase price of approximately $1.1 million. During the six months ended March 31, 2024, we did not make any repurchases of our common stock.

As of March 31, 2025 and September 30, 2024, we had outstanding commitments to fund investments totaling $1,024.1 million and $717.9 million, respectively. As of March 31, 2025, total commitments of $1,024.1 million included $232.2 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 March 31, 2025 is included in Note 7 of our consolidated financial statements. We did not have any other material contractual payment obligations as of March 31, 2025. As of March 31, 2025, 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 and JPM Credit Facility, 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, could 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 and interest rate swap agreements as of March 31, 2025 and September 30, 2024. 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 could 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 could 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.

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Portfolio Composition, Investment Activity and Yield

As of March 31, 2025 and September 30, 2024, we had investments in 393 and 381 portfolio companies, respectively, with a total fair value of $8.6 billion and $8.2 billion, respectively.

The following table shows the asset mix of our new investment commitments for the three months ended March 31, 2025 and December 31, 2024 and the six months ended March 31, 2025 and March 31, 2024:

	Three months ended								Six months ended
	March 31, 2025				December 31, 2024				March 31, 2025				March 31, 2024
	(In thousands)		Percentage		(In thousands)		Percentage		(In thousands)		Percentage		(In thousands)		Percentage
Senior secured	$	22,058	7.4	%	$	27,767	2.3	%	$	49,825	3.4	%	$	8,000	9.9	%
One stop	272,985		91.3		1,139,505		95.9		1,412,490		95.0		70,485		87.3
Second lien	—		—		10,278		0.9		10,278		0.6		—		—
Subordinated debt	—		—		—		—		—		—		100		0.1
Equity	3,907		1.3		10,540		0.9		14,447		1.0		2,181		2.7
Total new investment commitments	$	298,950	100.0	%	$	1,188,090	100.0	%	$	1,487,040	100.0	%	$	80,766	100.0	%

For the six months ended March 31, 2025, we had approximately $840.3 million in proceeds from principal payments and sales of portfolio investments.

For the six months ended March 31, 2024, we had approximately $321.3 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 March 31, 2025(1)						As of September 30, 2024(2)
	Principal		Amortized Cost		Fair Value		Principal		Amortized Cost		Fair Value
	(In thousands)						(In thousands)
Senior secured:
Performing	$	468,172	$	466,445	$	464,002	$	506,457	$	502,318	$	499,579
Non-accrual(3)	4,196		3,784		2,971		4,046		3,860		2,807
One stop:
Performing	7,490,780		7,458,326		7,424,837		7,120,505		7,081,793		7,020,296
Non-accrual(3)	111,655		100,051		56,510		151,038		134,575		89,962
Second lien:
Performing	26,368		26,105		26,505		13,596		13,400		13,619
Non-accrual(3)	5,086		3,724		407		4,834		3,725		435
Subordinated debt:
Performing	32,447		32,149		32,361		30,410		29,943		30,175
Non-accrual(3)	—		—		—		—		—		—
Equity:
Performing	N/A		581,377		613,034		N/A		533,299		578,538
Non-accrual(3)	N/A		659		593		N/A		—		—
Total	$	8,138,704	$	8,672,620	$	8,621,220	$	7,830,886	$	8,302,913	$	8,235,411

(1)As of March 31, 2025, $1,301.9 million and $1,232.9 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. As of March 31, 2025, $107.4 million and $59.8 million at amortized cost and fair value, respectively, of our loans with a PIK feature were on non-accrual status.

(2)As of September 30, 2024, $1,395.5 million and $1,328.0 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. As of September 30, 2024, $98.6 million and $61.3 million at amortized cost and fair value, respectively, of our loans with a PIK feature were on non-accrual status.

(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, interest or our management has reasonable doubt that principal or interest will be collected. Preferred equity securities accruing contractual PIK dividend income may be placed on non-accrual.

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status if there is reasonable doubt that the amortized cost or capitalized PIK and non-cash dividend income is collectible. See “— Critical Accounting Policies — Revenue Recognition.”

As of March 31, 2025, we had loans in eight portfolio companies and preferred equity securities in one portfolio company on non-accrual status, and non-accrual investments as a percentage of total investments at cost and fair value were 1.2% and 0.7%, respectively. As of September 30, 2024, we had loans in eleven portfolio companies on non-accrual status, and non-accrual loans as a percentage of total investments at cost and fair value were 1.7% and 1.1%, respectively, and as a percentage of total debt investments at cost and fair value were 1.8% and 1.2%, respectively. As of September 30, 2024, we did not have any preferred equity securities on non-accrual status.

As of March 31, 2025 and September 30, 2024, the fair value of our debt investments as a percentage of the outstanding principal value was 98.4% and 97.8%, respectively.

The following table shows the weighted average rate, spread over the applicable base rate 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 March 31, 2025 and December 31, 2024 and the six months ended March 31, 2025 and March 31, 2024:

	Three months ended		Six months ended
	March 31, 2025	December 31, 2024	March 31, 2025	March 31, 2024
Weighted average rate of new investment fundings	9.7%	9.4%	9.4%	11.0%
Weighted average spread over the applicable base rate of new floating rate investment fundings	5.4%	5.1%	5.2%	5.8%
Weighted average fees of new investment fundings	0.8%	0.9%	0.8%	1.0%
Weighted average rate of sales and payoffs of portfolio investments	10.4%	11.3%	10.9%	11.7%

As of March 31, 2025, 97.6% of our debt portfolio at both amortized cost and fair value had interest rate floors that limit the minimum applicable interest rates on such loans. As of September 30, 2024, 98.0% and 98.1% of our debt portfolio at amortized cost and at fair value, respectively, had interest rate floors that limit the minimum applicable interest rates on such loans.

As of March 31, 2025 and September 30, 2024, the portfolio median1 earnings before interest, taxes, depreciation and amortization, or EBITDA, for our portfolio companies was $65.4 million and $63.7 million, respectively. The portfolio median EBITDA is based on the most recently reported trailing twelve-month EBITDA received from the portfolio company.

1 The portfolio median EBITDA is based on our portfolio of debt investments and excludes (i) portfolio companies with negative or de minimis EBITDA, (ii) investments designated as recurring revenue loans and (iii) portfolio companies with any loans on non-accrual status.

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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.

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The following table shows the distribution of our investments on the 1 to 5 internal performance rating scale at fair value as of March 31, 2025 and September 30, 2024:

	As of March 31, 2025			As of September 30, 2024
Internal Performance Rating	Investments at Fair Value (In thousands)		Percentage of Total Investments	Investments at Fair Value (In thousands)		Percentage of Total Investments
5	$	121,114	1.4%	$	158,656	1.9%
4	7,609,108		88.3	7,013,631		85.2
3	769,096		8.9	955,079		11.6
2	121,902		1.4	108,045		1.3
1	—		—	—		—
Total	$	8,621,220	100.0%	$	8,235,411	100.0%

The table below details the fair value of our debt investments as a percentage of the outstanding principal value by internal performance rating held as of March 31, 2025 and September 30, 2024.

	Average Price1
Category	March 31, 2025	September 30, 2024
Internal Performance Ratings 4 and 5 (Performing At or Above Expectations)	99.7%	99.5%
Internal Performance Rating 3 (Performing Below Expectations)	91.8%	91.3
Internal Performance Ratings 1 and 2 (Performing Materially Below Expectations)	49.5%	58.2
Total	98.4%	97.8%

(1)Includes only debt investments held as of March 31, 2025 and September 30, 2024. Value reflects the fair value of debt investments as a percentage of the outstanding principal value by Internal Performance Rating category.

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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.

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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. The Board most recently approved an amended and restated Investment Advisory Agreement on June 3, 2024. The Investment Advisory Agreement amended the Prior Investment Advisory Agreement in order to incorporate changes to the calculation of the incentive fee rates and the incentive fee cap. Under the Investment Advisory Agreement, the incentive fee rates were reduced from 20.0% to 15.0%, and the incentive fee cap was reduced from 20.0% to 15.0%. None of the other material terms changed in the Investment Advisory Agreement as compared to the Prior Investment Advisory Agreement, including the services to be provided and the calculation of the base management fee. On August 3, 2023, effective July 1, 2023 the Board approved an amended and restated Investment Advisory Agreement, pursuant to which the base management fee rate was reduced from 1.375% to 1.0%.

•GC Advisors agreed to irrevocably waive any incentive fees payable under the Prior Investment Advisory Agreement in excess of 15% and waive incentive fees in excess of an incentive fee cap that was also reduced to 15%, in each case effective as of January 1, 2024 for periods ending on or prior to the earlier of (i) the closing of the acquisition of GBDC 3 pursuant to the GBDC 3 Merger Agreement or (ii) the termination of the GBDC 3 Merger Agreement (the “Waiver Period”). During the Waiver Period, fees payable to the Investment Adviser under the Prior Investment Advisory Agreement, net of the GBDC 3 Merger Waiver, was equal to what was payable under the Investment Advisory Agreement, which was entered into and effective upon closing of the GBDC 3 Merger Agreement.

•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.

•GC Advisors serves as collateral manager to the 2018 Issuer, the GBDC 3 2021 Issuer, the GBDC 3 2022 Issuer, GBDC 3 2022-2 Issuer and the 2024 Issuer under the 2018 Collateral Management Agreement, the GCIC 2018 Collateral Management Agreement, the 2021 Collateral Management Agreement, the 2022 Collateral Management Agreement, 2022-2 Collateral Management Agreement , and the 2024 Issuer 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 the first calendar quarter of 2025, the Golub Capital Employee Grant Program Rabbi Trust, or the Trust, purchased approximately $13.0 million, or 832,821 shares of our common stock for the purpose of awarding incentive compensation to employees of Golub Capital. During calendar year 2024, the Trust purchased approximately $10.1 million, or 670,760 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 GCIC Merger Agreement.

•On June 3, 2024, we completed our acquisition of GBDC 3, pursuant to the GBDC 3 Merger Agreement.

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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 Direct Lending Corporation, or GDLC, Golub Capital Direct Lending Unlevered Corporation, or GDLCU, Golub Capital BDC 4, Inc., or GBDC 4, and Golub Capital Private Credit Fund, or GCRED, all of which are 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 capacities for GDLC, GDLCU, GBDC 4 and GCRED. If GC Advisors and its affiliates determine that an investment is appropriate for us, GDLC, GDLCU, GBDC 4, GCRED 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.

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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.

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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.

Pursuant to Rule 2a-5 under the 1940 Act, as recently amended, effective August 2, 2024, our board of directors, as permitted, has designated GC Advisors as our valuation designee (the “Valuation Designee”) to perform the determination of fair value of our investments for which market quotations are not readily available, or valued by a third-party pricing service, in accordance with our valuation policies and procedures, subject to the oversight of our board of directors.

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 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, the valuation designee 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 valuation designee 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, the valuation designee 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 the valuation function. Preliminary valuation conclusions are then documented and discussed with our senior management and GC Advisors. The valuation designee reviews these preliminary valuations. At least every other quarter, the valuation for each portfolio investment, subject to a de minimis threshold, is reviewed by an independent valuation firm. The valuation designee 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 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, currently undertaken by the Valuation Designee, 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.

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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 could require significant management judgment or estimation.

In certain cases, the inputs used to measure fair value could 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. The Valuation Designee 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 six months ended March 31, 2025 and 2024. 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.

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 the Valuation Designee, based on input of the Valuation Designee’s personnel and independent valuation firms that have been engaged by or at the direction of the Valuation Designee to assist in the valuation of each portfolio investment without a readily available market quotation at least every other quarter under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with each portfolio investment being reviewed at least every other quarter (subject to a de minimis threshold) with approximately 50% (based on the fair value of portfolio company investments) 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 March 31, 2025 and September 30, 2024, with the exception of one portfolio company investment (Level 1 investments), were valued using Level 3 inputs. As of March 31, 2025 and September 30, 2024, all money market funds included in cash and cash equivalents and restricted cash and restricted cash equivalents were valued using Level 1 inputs and all forward currency contracts and interest rate swaps were valued using Level 2 inputs.

When determining fair value of Level 3 debt and equity investments, the Valuation Designee could 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 could affect the price at which similar investments could 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 could 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 Valuation Designee 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 Valuation Designee uses a market interest rate yield analysis to determine fair value.

In addition, for certain debt investments, the Valuation Designee could base its 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 could be willing to pay. Ask prices represent the lowest price that we and others may be willing to accept. The Valuation Designee generally uses 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 could differ significantly from the values that would have been used had a market existed for such investments and could differ materially from the values that could 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 could realize significantly less than the value at which such investment had previously been recorded.

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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 2026 Notes, 2027 Notes, 2028 Notes and 2029 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 amount and contractual interest terms of debt investments. Original issue discount, market discount or premium and certain loan origination or amendment fees that are deemed to be an adjustment to yield (“Loan Origination Fees”) are capitalized and we accrete or amortize such amounts over the life of the loan as interest income (“Discount Amortization”). 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 could generate revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, administrative agent fees, consulting fees and prepayment premiums on loans that are not deemed to be an adjustment to yield and record these fees as fee income when earned. 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. We have certain preferred equity securities in our portfolio that contain a PIK dividend provision that are accrued and recorded as income at the contractual rates, if deemed collectible. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the issuer. 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 investment transactions in our Consolidated Statements of Operations and fluctuations arising from the translation of foreign exchange rates on investments in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations.

Non-accrual Investments: 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 could 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 $59.9 million and $93.2 million as of March 31, 2025 and September 30, 2024, respectively. We review all preferred equity securities accruing contractual PIK dividend income to determine if there is reasonable doubt that amortized cost or capitalized PIK and non-cash dividend income will be collected, for possible placement on non-accrual status. When a preferred equity security is placed on non-accrual status, the contractual PIK dividend provision is no longer accrued to dividend income as of the date the preferred equity security is placed on non-accrual status. The total fair value of our non-accrual preferred equity securities was $0.6 million as of March 31, 2025. We did not have any preferred equity securities on non-accrual status as of September 30, 2024.

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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 could choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. We could 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 the three months ended March 31, 2025, we did not record any U.S. federal excise tax. For the six months ended March 31, 2025, we recorded a reversal of the accrual for U.S. federal excise tax expense of $0.5 million. For the three and six months ended March 31, 2024, $0.5 million and $1.0 million, respectively, was recorded for 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 and six months ended March 31, 2025, we recorded a net tax benefit of $0.1 million $0.2 million, respectively, for taxable subsidiaries. For the three and six months ended March 31, 2024, $0.1 million was recorded for U.S. income taxes and we recorded a net tax benefit of $0.3 million for taxable subsidiaries. As of March 31, 2025 and September 30, 2024, we recorded a net deferred tax liability, reported within accounts payable and other liabilities on the Consolidated Statement of Financial Condition, of $0.6 million and $0.8 million, respectively, for taxable subsidiaries, primarily due to unrealized appreciation on the investments held at the taxable subsidiaries.

Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations could differ from net investment income and realized gains recognized for financial reporting purposes. Differences could 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 could 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 valuation risk and changes in interest rates.

Valuation Risk. Most of our investments will not have a readily available market price. To ensure accurate valuations, our investments are valued at fair value in good faith by the Investment Adviser, as our valuation designee, subject to the oversight of our Board based on, among other things, the input of independent third-party valuation firms engaged at the direction of the valuation designee, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each investment while employing a consistently applied valuation process for the investments we hold. 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 our investments could fluctuate from period to period, if we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it.

Interest Rate Risk. Many of the loans in our portfolio have floating interest rates, and we expect that our loans in the future could also have floating interest rates. These loans are usually based on floating SOFR or another base rate and typically have interest rate reset provisions that adjust applicable interest rates under such loans to current market rates on a daily, monthly, quarterly, semi-annual, or annual basis. The loans that are subject to floating SOFR or another base rate 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 March 31, 2025 and September 30, 2024, the weighted average floor on loans subject to floating interest rates was 0.79% and 0.81%, respectively. The Class A Senior Secured GBDC 3 Notes issued in connection with the GBDC 3 2022 Debt Securitization have floating rate interest provisions based on three-month term SOFR and the Class A-1R, and A-2RR 2024 Notes issued in connection with the 2024 Debt Securitization have floating rate interest provisions based on three-month SOFR plus a spread adjustment. The JPM Credit Facility has a floating interest rate provision that, as of March 31, 2025, is primarily based on an applicable base rate (as defined in Note 7 to our consolidated financial statements) plus a spread that ranges from 1.75% to 1.875% plus a spread adjustment of 0.10% on SOFR borrowings. We have entered into two interest rate swaps on the 2028 Notes and two interest rate swaps on the 2029 Notes and these swaps have floating rate provisions based on one-month SOFR plus a spread of 3.327%, one-month SOFR plus a spread of 2.835%, one-month SOFR plus a spread of 2.444%, and three-month SOFR plus a spread of 2.012%, respectively. We expect that other credit facilities into which we enter in the future could have floating interest rate provisions.

Assuming that the unaudited interim Consolidated Statement of Financial Condition as of March 31, 2025 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 rates	Increase (decrease) in interest income(1)		Increase (decrease) in interest expense		Net increase (decrease) in  investment income
	(In thousands)
Down 200 basis points	$	(159,680)	$	(77,663)	$	(82,017)
Down 150 basis points	(120,452)		(58,247)		(62,205)
Down 100 basis points	(80,386)		(38,831)		(41,555)
Down 50 basis points	(40,193)		(19,416)		(20,777)
Up 50 basis points	40,193		19,416		20,777
Up 100 basis points	80,386		38,831		41,555
Up 150 basis points	120,579		58,247		62,332
Up 200 basis points	160,771		77,663		83,108

(1) Assumes applicable three-month base rate as of March 31, 2025, with the exception of SONIA and Prime that utilize the March 31, 2025 rate.

Although we believe that this analysis is indicative of our sensitivity to interest rate changes as of March 31, 2025, 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 JPM Credit Facility, the 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.

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We have and, in the future, could 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 could insulate us against adverse changes in interest rates, they could 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 March 31, 2025 (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 and their 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 six months ended March 31, 2025 to the risk factors discussed in Item 1A. Risk Factors in our annual report on Form 10-K for the year ended September 30, 2024.

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.

Second Amended and Restated Bylaws

On May 2, 2025, our Board adopted and approved our Second Amended and Restated Bylaws, effective as of such date, in order to remove Section 2.11, Ratification, and Section 3.12, Interested Directors.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended March 31, 2025, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

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Item 6: Exhibits.

EXHIBIT INDEX

Number	Description
3.1	Certificate of Amendment to Certificate of Incorporation of Golub Capital BDC, Inc. (Incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on February 25, 2025).
3.2	Second Amended and Restated Bylaws of Golub Capital BDC, Inc	*
10.1	Third Amended and Restated Senior Secured Revolving Credit Agreement, dated as of April 4, 2025, by and among Golub Capital BDC, Inc., as borrower, JPMorgan Chase Bank, N.A., as administrative 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 April 10, 2025).
31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.	*
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.	*
32.1	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	*
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.	*
101.SCH	Inline XBRL Taxonomy Extension Schema Document.	*
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document	*
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.	*
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.	*
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.	*
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).	*

_________________

* 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.
Date: May 5, 2025	By	/s/ David B. Golub
		David B. Golub
		Chief Executive Officer
		(Principal Executive Officer)
Date: May 5, 2025	By	/s/ Christopher C. Ericson
		Christopher C. Ericson
		Chief Financial Officer
		(Principal Accounting and Financial Officer)

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