_____________________________________________________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________________________________________________________________________________________________ 

FORM 10-Q

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

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended December 31, 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 February 4, 2026, the Registrant had 263,228,181 shares of common stock, $0.001 par value, outstanding.

Part I. Financial Information
Item 1.	Financial Statements	3
	Consolidated Statements of Financial Condition as of December 31, 2025 (unaudited) and September 30, 2025	3
	Consolidated Statements of Operations for the three months ended December 31, 2025 (unaudited) and 2024 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2025 (unaudited) and 2024 (unaudited)	5
	Consolidated Statements of Cash Flows for the three months ended December 31, 2025 (unaudited) and 2024 (unaudited)	6
	Consolidated Schedules of Investments as of December 31, 2025 (unaudited) and September 30, 2025	8
	Notes to Consolidated Financial Statements (unaudited)	99
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	143
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	173
Item 4.	Controls and Procedures	175
Part II. Other Information
Item 1.	Legal Proceedings	176
Item 1A.	Risk Factors	176
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	176
Item 3.	Defaults Upon Senior Securities	176
Item 4.	Mine Safety Disclosures	176
Item 5.	Other Information	176
Item 6.	Exhibits	177

2

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)

	December 31, 2025		September 30, 2025
	(unaudited)
Assets
Investments, at fair value
Non-controlled/non-affiliate company investments	$	8,338,531	$	8,463,764
Non-controlled affiliate company investments	290,019		293,763
Controlled affiliate company investments	10,681		11,862
Total investments, at fair value (amortized cost of $8,653,728 and $8,759,938, respectively)	8,639,231		8,769,389
Cash	58,445		—
Cash equivalents	25,865		11,935
Foreign currencies (cost of $9,406 and $11,685, respectively)	9,659		11,681
Restricted cash	32,148		7,107
Restricted cash equivalents	34,425		81,720
Interest receivable	72,129		68,031
Receivable for investments	6,701		7,273
Net unrealized appreciation on derivatives	11,110		12,129
Other assets	4,252		9,034
Total Assets	$	8,893,965	$	8,978,299
Liabilities
Debt	$	4,903,076	$	4,926,778
Less unamortized debt issuance costs	(23,849)		(26,005)
Debt less unamortized debt issuance costs	4,879,227		4,900,773
Net unrealized depreciation on derivatives	5,230		5,023
Interest payable	49,092		38,254
Management and income incentive fees payable	39,637		40,884
Accrued trustee fees	605		1,039
Accounts payable and other liabilities	11,020		9,759
Total Liabilities	4,984,811		4,995,732
Commitments and Contingencies (Note 8)
Net Assets
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2025 and September 30, 2025	—		—
Common stock, par value $0.001 per share, 500,000,000 shares authorized, 263,384,785 and 266,008,083 shares issued and outstanding as of December 31, 2025 and September 30, 2025, respectively	263		266
Paid in capital in excess of par	3,995,213		4,031,117
Distributable earnings (losses)	(86,322)		(48,816)
Total Net Assets	3,909,154		3,982,567
Total Liabilities and Total Net Assets	$	8,893,965	$	8,978,299
Number of common shares outstanding	263,384,785		266,008,083
Net asset value per common share	$	14.84	$	14.97

See Notes to Consolidated Financial Statements.

3

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Operations (unaudited)

(In thousands, except share and per share data)

	Three months ended December 31,
	2025		2024
Investment income
From non-controlled/non-affiliate company investments:
Interest income	$	181,681	$	198,361
Payment-in-kind interest income	13,114		10,565
Dividend income	7,619		8,487
Fee income	1,079		555
Total investment income from non-controlled/non-affiliate company investments	203,493		217,968
From non-controlled affiliate company investments:
Interest income	2,075		2,243
Payment-in-kind interest income	1,273		332
Fee income	30		31
Total investment income from non-controlled affiliate company investments	3,378		2,606
From controlled affiliate company investments:
Payment-in-kind interest income	132		119
Fee income	4		7
Total investment income from controlled affiliate company investments	136		126
Total investment income	207,007		220,700
Expenses
Interest and other debt financing expenses	66,314		79,643
Base management fee	22,115		21,581
Incentive fee	17,457		18,058
Professional fees	1,785		1,840
Administrative service fee	3,180		2,902
General and administrative expenses	398		561
Total expenses	111,249		124,585
Net investment income - before tax	95,758		96,115
Excise and income tax	—		(475)
Net investment income - after tax	95,758		96,590
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Non-controlled/non-affiliate company investments	(2,718)		(25,356)
Foreign currency transactions	(1,120)		(3,705)
Forward currency contracts	—		1,206
Net realized gain (loss) on investment transactions	(3,838)		(27,855)
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliate company investments	(18,276)		40,085
Non-controlled affiliate company investments	(9,424)		3,622
Controlled affiliate company investments	(1,314)		(86)
Translation of assets and liabilities in foreign currencies	2,048		(22,973)
Forward currency contracts	292		21,927
Net change in unrealized appreciation (depreciation) on investment transactions	(26,674)		42,575
Net gain (loss) on investment transactions	(30,512)		14,720
Net realized gain (loss) on extinguishment of debt	—		(48)
(Provision) benefit for taxes on unrealized appreciation on investments	—		52
Net increase (decrease) in net assets resulting from operations	$	65,246	$	111,314
Per Common Share Data
Basic and diluted earnings per common share (Note 10)	$	0.25	$	0.42
Dividends and distributions declared per common share	$	0.39	$	0.48
Basic and diluted weighted average common shares outstanding (Note 10)	263,678,730		264,343,512

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, 2024	264,277,128	$	264	$	4,167,258	$	(152,993)	$	4,014,529
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		96,590		96,590
Net realized gain (loss) on investment transactions	—	—		—		(27,855)		(27,855)
Net realized gain (loss) on extinguishment of debt	—	—		—		(48)		(48)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		42,575		42,575
(Provision) benefit for taxes on unrealized appreciation on investments	—	—		—		52		52
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	1,221,469	1		18,553		—		18,554
Distributions from distributable earnings	—	—		—		(126,853)		(126,853)
Total increase (decrease) for the three months ended December 31, 2024	1,221,469	1		18,553		(15,539)		3,015
Balance at December 31, 2024	265,498,597	$	265	$	4,185,811	$	(168,532)	$	4,017,544
Balance at September 30, 2025	266,008,083	$	266	$	4,031,117	$	(48,816)	$	3,982,567
Repurchases of common stock, net of commission costs	(2,623,298)	(3)		(35,904)		—		(35,907)
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		95,758		95,758
Net realized gain (loss) on investment transactions	—	—		—		(3,838)		(3,838)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(26,674)		(26,674)
Distributions to stockholders:
Distributions from distributable earnings	—	—		—		(102,752)		(102,752)
Total increase (decrease) for the three months ended December 31, 2025	(2,623,298)	(3)		(35,904)		(37,506)		(73,413)
Balance at December 31, 2025	263,384,785	$	263	$	3,995,213	$	(86,322)	$	3,909,154

See Notes to Consolidated Financial Statements.

5

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands)

	Three months ended December 31,
	2025		2024
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	65,246	$	111,314
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Amortization of deferred debt issuance costs	2,607		2,645
Accretion of discounts and amortization of premiums on investments	(3,376)		(569)
Accretion of discounts and amortization of premiums on issued debt securities	(285)		863
Net realized (gain) loss on investments	2,718		25,356
Net realized (gain) loss on foreign currency transactions	1,120		3,705
Net realized (gain) loss on forward currency contracts	—		(1,206)
Net realized (gain) loss on extinguishment of debt	—		48
Net change in unrealized (appreciation) depreciation on investments	29,014		(43,621)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	(2,048)		22,973
Net change in unrealized (appreciation) depreciation on interest rate swap	13		4,662
Net change in unrealized (appreciation) depreciation on forward currency contracts	(292)		(21,927)
Proceeds from (fundings of) revolving loans, net	(3,437)		(2,169)
Fundings of investments	(172,701)		(909,514)
Proceeds from principal payments and sales of portfolio investments	302,945		450,173
Proceeds from settlements of forward currency contracts	—		4,100
Payment-in-kind interest capitalized	(14,157)		(13,211)
Non-cash dividends capitalized	(7,034)		(7,264)
Proceeds from non-cash dividends	—		1,824
Changes in operating assets and liabilities:
Interest receivable	(4,098)		740
Receivable for investments	572		—
Other assets	4,782		(11,632)
Interest payable	10,838		5,817
Management and income incentive fees payable	(1,247)		5,204
Accrued trustee fees	(434)		(55)
Accounts payable and other liabilities	1,261		(2,991)
Net cash provided by (used in) operating activities	212,007		(374,735)
Cash flows from financing activities
Borrowings on debt	165,277		3,390,158
Repayments of debt	(190,200)		(3,037,745)
Capitalized debt issuance costs	(451)		(5,978)
Purchases of common stock (Note 11)	(35,907)		—
Distributions paid	(84,480)		(108,299)
Purchases of common stock for dividend reinvestment plan	(18,272)		—
Net cash provided by (used in) financing activities	(164,033)		238,136
Net change in cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies	47,974		(136,599)
Effect of foreign currency exchange rates	125		(2,079)
Cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies, beginning of period	112,443		359,552
Cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies, end of period	$	160,542	$	220,874
Supplemental disclosure of cash flow information:
Cash paid during the period for interest(1)	$	53,140	$	69,118
Distributions declared for the period	102,752		126,853
Supplemental disclosure of non-cash financing activities:
Stock issued in connection with dividend reinvestment plan	$	—	$	18,554

See Notes to Consolidated Financial Statements.

6

Golub Capital BDC, Inc. and Subsidiaries

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

(In thousands)

(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.

The following table provides a reconciliation of cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies reported within the Consolidated Statements of Financial Condition that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:

	As of
	December 31, 2025		September 30, 2025
Cash	$	58,445	$	—
Cash equivalents	25,865		11,935
Foreign currencies (cost of $9,406 and $11,685, respectively)	9,659		11,681
Restricted cash	32,148		7,107
Restricted cash equivalents	34,425		81,720
Total cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows(1)	$	160,542	$	112,443

(1) See Note 2 for a description of cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies.

See Notes to Consolidated Financial Statements.

7

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited)

December 31, 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
Jeppesen Holdings, LLC+	One stop	SF +	4.75%	(j)	8.59%				11/2032	$	1,901	$	1,894	0.1	%	$	1,887
Jeppesen Holdings, LLC+(5)	One stop				N/A(6)				11/2032	—		—		—		(1)
PPW Aero Buyer, Inc.*+	One stop	SF +	5.00%	(j)	8.67%				09/2031	33,940		33,596		0.9		33,940
PPW Aero Buyer, Inc.*	One stop	SF +	5.00%	(j)	8.67%				09/2031	11,771		11,655		0.3		11,771
PPW Aero Buyer, Inc.+(5)	One stop				N/A(6)				09/2031	—		(4)		—		—
PPW Aero Buyer, Inc.+(5)	One stop				N/A(6)				09/2031	—		(2)		—		—
PPW Aero Buyer, Inc.+	One stop	SF +	5.00%	(j)	8.67%				09/2031	6,416		6,359		0.2		6,416
PPW Aero Buyer, Inc.+	One stop	SF +	5.00%	(j)	8.67%				09/2031	186		186		—		186
PPW Aero Buyer, Inc.+(5)	One stop				N/A(6)				09/2031	—		(3)		—		—
Titan BW Borrower L.P.+(25)	One stop	SF +	5.38%	(j)	6.38%	cash/	2.88%	PIK	07/2032	1,610		1,595		—		1,610
Titan BW Borrower L.P.+(5)	One stop				N/A(6)				07/2032	—		(3)		—		—
Titan BW Borrower L.P.+(5)	One stop				N/A(6)				07/2032	—		(1)		—		—
										55,824		55,272		1.5		55,809
Air Freight & Logistics
RJW Group Holdings, Inc.+	One stop	SF +	5.00%	(j)	8.67%				11/2031	46,415		45,599		1.2		46,415
RJW Group Holdings, Inc.+	One stop	SF +	5.00%	(k)	8.73%				11/2031	2,931		2,874		0.1		2,931
RJW Group Holdings, Inc.+	One stop	SF +	5.00%	(j)	8.67%				11/2031	1,710		1,694		0.1		1,710
RJW Group Holdings, Inc.+(5)	One stop				N/A(6)				11/2031	—		(1)		—		—
										51,056		50,166		1.4		51,056
Auto Components
Arnott, LLC+	One stop	SF +	4.75%	(k)	8.62%				11/2030	4,724		4,686		0.1		4,582
Arnott, LLC+	One stop	SF +	4.75%	(k)	8.50%				11/2030	456		450		—		432
Collision SP Subco, LLC+	One stop	SF +	4.75%	(j)	8.59%				01/2030	2,194		2,175		0.1		2,194
Collision SP Subco, LLC+	One stop	SF +	4.75%	(j)(k)	8.45%				01/2030	1,281		1,271		—		1,281
Collision SP Subco, LLC+	One stop	SF +	4.75%	(j)	8.57%				01/2030	45		42		—		45
Collision SP Subco, LLC+	One stop	SF +	4.75%	(j)	8.59%				01/2030	244		242		—		244
Collision SP Subco, LLC+	One stop	SF +	4.75%	(j)(k)	8.48%				01/2030	560		534		—		560
Covercraft Parent III, Inc.+(25)	Senior secured	SF +	5.00%	(j)	8.55%	cash/	0.50%	PIK	08/2027	6,739		6,688		0.2		5,594
Covercraft Parent III, Inc.+(25)	Senior secured	SF +	5.00%	(j)	8.49%	cash/	0.50%	PIK	08/2027	1,364		1,346		—		1,131
Covercraft Parent III, Inc.+(25)	Senior secured	SF +	5.00%	(j)	8.41%	cash/	0.50%	PIK	08/2027	186		183		—		154
North Haven Falcon Buyer, LLC+(5)	One stop				N/A(6)				11/2029	—		(24)		—		(24)
North Haven Falcon Buyer, LLC+(5)	One stop				N/A(6)				11/2029	—		(24)		—		(24)
North Haven Falcon Buyer, LLC+(25)	One stop	SF +	7.50%	(j)	6.36%	cash/	5.00%	PIK	11/2029	4,160		3,453		0.1		3,453
OEConnection, LLC*+	One stop	SF +	4.50%	(i)	8.23%				12/2032	12,249		12,198		0.3		12,270
OEConnection, LLC+(5)	One stop				N/A(6)				12/2032	—		(6)		—		1
OEConnection, LLC+(5)	One stop				N/A(6)				12/2032	—		(28)		—		11
										34,202		33,186		0.8		31,904
Automobiles
CAP-KSI Holdings, LLC*+	One stop	SF +	5.25%	(j)	8.98%				06/2030	13,163		13,024		0.3		13,163
CAP-KSI Holdings, LLC+	One stop	SF +	5.25%	(a)(j)	9.48%				06/2030	396		385		—		396
CG Group Holdings, LLC*+(25)	One stop	SF +	8.75%	(j)	10.42%	cash/	2.00%	PIK	07/2027	46,520		46,385		1.2		46,520
CG Group Holdings, LLC+(25)	One stop	SF +	8.75%	(i)	10.47%	cash/	2.00%	PIK	07/2026	808		804		—		808
Denali Midco 2, LLC*	One stop	SF +	5.25%	(i)	8.97%				12/2028	38,258		38,076		1.0		38,258
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.97%				12/2028	8,917		9,025		0.2		8,917
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.97%				12/2028	2,668		2,702		0.1		2,668
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.97%				12/2028	1,621		1,640		—		1,621
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.97%				12/2028	1,540		1,558		—		1,540
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.97%				12/2028	1,344		1,359		—		1,344

See Notes to Consolidated Financial Statements.

8

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 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%	(i)	8.97%		12/2028	$	1,293	$	1,282	—	%	$	1,293
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.97%		12/2028	1,108		1,106		—		1,108
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.97%		12/2028	1,075		1,074		—		1,075
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.97%		12/2028	1,075		1,074		—		1,075
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.97%		12/2028	887		886		—		887
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.97%		12/2028	403		400		—		403
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.97%		12/2028	348		346		—		348
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.97%		12/2028	1,208		1,207		—		1,208
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.97%		12/2028	294		292		—		294
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.97%		12/2028	173		171		—		173
Denali Midco 2, LLC+(5)	One stop				N/A(6)		12/2028	—		(3)		—		—
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.97%		12/2028	87		85		—		87
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.97%		12/2028	700		689		—		700
Denali Midco 2, LLC+(25)	Second lien	N/A			13.00%	PIK	12/2029	11,972		11,895		0.3		11,972
High Bar Brands Operating, LLC+(5)	Senior secured				N/A(6)		12/2029	—		(1)		—		—
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(j)	8.92%		12/2029	250		250		—		250
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(j)	8.92%		12/2029	1,419		1,415		—		1,419
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(j)	8.92%		12/2029	296		295		—		296
JHCC Holdings LLC*	One stop	SF +	5.25%	(j)	8.92%		09/2027	17,663		17,633		0.5		17,663
JHCC Holdings LLC+	One stop	SF +	5.25%	(j)	8.92%		09/2027	5,113		5,162		0.1		5,113
JHCC Holdings LLC*+	One stop	SF +	5.25%	(j)	8.92%		09/2027	4,888		4,896		0.1		4,888
JHCC Holdings LLC*+	One stop	SF +	5.25%	(j)	8.92%		09/2027	6,870		6,861		0.2		6,870
JHCC Holdings LLC+	One stop	SF +	5.25%	(j)	8.92%		09/2027	2,757		2,770		0.1		2,757
JHCC Holdings LLC*+	One stop	SF +	5.25%	(j)	8.92%		09/2027	1,638		1,635		0.1		1,638
JHCC Holdings LLC+	One stop	SF +	5.25%	(j)	8.92%		09/2027	725		723		—		725
JHCC Holdings LLC+	One stop	SF +	5.25%	(j)	8.92%		09/2027	686		685		—		686
JHCC Holdings LLC+	One stop	P +	4.25%	(a)	11.00%		09/2027	130		130		—		130
JHCC Holdings LLC+	One stop	SF +	5.25%	(j)	8.92%		09/2027	3,965		3,942		0.1		3,965
Lincoln Acq Buyer, LLC+	One stop	SF +	4.50%	(i)(j)	8.22%		11/2032	15		15		—		15
Lincoln Acq Buyer, LLC+	One stop	SF +	4.50%	(i)	8.22%		11/2032	281		280		—		280
Lincoln Acq Buyer, LLC+	One stop	SF +	4.50%	(j)	8.20%		11/2032	4		3		—		3
MOP GM Holding, LLC*+	One stop	SF +	5.75%	(j)	9.57%		11/2026	32,461		32,426		0.8		31,812
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	9.72%		11/2026	3,816		3,805		0.1		3,740
MOP GM Holding, LLC*+	One stop	SF +	5.75%	(j)	9.74%		11/2026	3,571		3,562		0.1		3,499
MOP GM Holding, LLC*+	One stop	SF +	5.75%	(j)	9.74%		11/2026	3,491		3,477		0.1		3,421
MOP GM Holding, LLC*+	One stop	SF +	5.75%	(j)	9.57%		11/2026	2,587		2,576		0.1		2,536
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	9.74%		11/2026	2,133		2,125		0.1		2,091
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	9.74%		11/2026	1,967		1,957		0.1		1,928
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	9.57%		11/2026	716		713		—		702
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	9.57%		11/2026	527		524		—		516
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	9.60%		11/2026	400		398		—		392
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	9.74%		11/2026	264		262		—		258
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	9.57%		11/2026	201		200		—		197
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	9.57%		11/2026	88		88		—		86
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	9.74%		11/2026	88		88		—		86
MOP GM Holding, LLC+(5)	One stop				N/A(6)		11/2026	—		(14)		—		—
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.00%	(k)	8.87%		07/2029	231		221		—		231
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.00%	(j)	8.67%		07/2029	13,247		13,207		0.3		13,247
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.00%	(k)	8.60%		07/2029	1,443		1,424		—		1,443
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.00%	(j)	8.67%		07/2029	1,277		1,271		—		1,277
POY Holdings, LLC*+	One stop	SF +	5.50%	(j)	9.32%		11/2027	28,123		28,290		0.7		26,997
POY Holdings, LLC*+	One stop	SF +	5.50%	(j)	9.32%		11/2027	3,656		3,693		0.1		3,510
POY Holdings, LLC*+	One stop	SF +	5.50%	(j)	9.32%		11/2027	1,294		1,294		—		1,243

See Notes to Consolidated Financial Statements.

9

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 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)
POY Holdings, LLC+	One stop	SF +	5.50%	(j)	9.32%	11/2027	$	862	$	862	—	%	$	828
POY Holdings, LLC+	One stop	SF +	5.50%	(j)	9.32%	11/2027	643		643		—		617
POY Holdings, LLC+	One stop	SF +	5.50%	(j)	9.32%	11/2027	287		287		—		276
POY Holdings, LLC+	One stop	SF +	5.50%	(j)	9.33%	11/2027	344		342		—		325
POY Holdings, LLC+(5)	One stop				N/A(6)	11/2027	—		(10)		—		—
POY Holdings, LLC*	One stop	SF +	5.50%	(j)	9.31%	11/2027	2,256		2,249		0.1		2,165
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	4.75%	(i)	8.47%	06/2031	4,796		4,764		0.1		4,796
Quick Quack Car Wash Holdings, LLC+(5)	One stop				N/A(6)	06/2031	—		(3)		—		—
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	4.75%	(i)	8.47%	06/2031	269		266		—		269
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	4.75%	(i)	8.47%	06/2031	140		138		—		140
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	4.75%	(i)	8.47%	06/2031	329		328		—		329
TWAS Holdings, LLC*+	One stop	SF +	4.75%	(i)	8.47%	12/2029	111,822		110,699		2.9		111,264
TWAS Holdings, LLC+(5)	One stop				N/A(6)	12/2029	—		(4)		—		(4)
TWAS Holdings, LLC+(5)	One stop				N/A(6)	12/2029	—		(9)		—		(4)
Yorkshire Parent, Inc.+	One stop	SF +	5.50%	(j)	9.17%	12/2029	62		61		—		62
Yorkshire Parent, Inc.*+	One stop	SF +	5.50%	(j)	9.17%	12/2029	2,203		2,225		0.1		2,203
Yorkshire Parent, Inc.+	One stop	SF +	5.50%	(j)	9.34%	12/2029	610		608		—		610
Yorkshire Parent, Inc.+	One stop	SF +	5.00%	(j)	8.84%	12/2029	751		728		—		751
Yorkshire Parent, Inc.+	One stop	SF +	5.00%	(j)	8.84%	12/2029	2,227		2,218		0.1		2,227
							411,740		410,135		10.1		408,622
Banks
Empyrean Solutions, LLC+	One stop	SF +	4.50%	(j)	8.17%	11/2031	9,283		9,244		0.2		9,283
Empyrean Solutions, LLC+(5)	One stop				N/A(6)	11/2031	—		(6)		—		—
Empyrean Solutions, LLC+(5)	One stop				N/A(6)	11/2031	—		(16)		—		—
OSP Hamilton Purchaser, LLC+	One stop	SF +	4.75%	(j)	8.59%	12/2029	1,723		1,742		0.1		1,723
OSP Hamilton Purchaser, LLC+	One stop	SF +	4.75%	(j)	8.59%	12/2029	270		267		—		270
OSP Hamilton Purchaser, LLC+	One stop	SF +	4.75%	(j)	8.64%	12/2029	1,648		1,643		0.1		1,648
OSP Hamilton Purchaser, LLC+	One stop	SF +	4.75%	(j)	8.61%	12/2029	93		89		—		93
							13,017		12,963		0.4		13,017
Beverages
Financial Information Technologies, LLC*+	One stop	SF +	4.75%	(j)	8.42%	06/2030	34,192		34,106		0.9		34,192
Financial Information Technologies, LLC+(5)	One stop				N/A(6)	06/2030	—		(1)		—		—
Financial Information Technologies, LLC+	One stop	SF +	4.75%	(j)	8.42%	06/2030	2,192		2,189		0.1		2,192
Financial Information Technologies, LLC+	One stop	SF +	4.75%	(j)	8.42%	06/2030	1,683		1,679		0.1		1,683
Spindrift Beverage Co. Inc.+(5)	One stop				N/A(6)	02/2032	—		(16)		—		—
Spindrift Beverage Co. Inc.+(5)	One stop				N/A(6)	02/2032	—		(5)		—		—
Spindrift Beverage Co. Inc.+	One stop	SF +	5.00%	(j)	8.94%	02/2032	7,653		7,569		0.2		7,653
Watermill Express, LLC*+	One stop	SF +	4.75%	(j)	8.42%	04/2031	3,047		3,021		0.1		3,047
Watermill Express, LLC+	One stop	SF +	4.75%	(j)	8.42%	04/2031	294		293		—		294
Watermill Express, LLC+(5)	One stop				N/A(6)	04/2031	—		(5)		—		—
Watermill Express, LLC+	One stop	SF +	4.75%	(j)	8.42%	04/2031	735		728		—		735
Watermill Express, LLC+	One stop	SF +	4.75%	(j)	8.45%	04/2031	369		366		—		369
Watermill Express, LLC*	One stop	SF +	4.75%	(j)	8.56%	04/2031	2,381		2,361		0.1		2,381
Watermill Express, LLC+	One stop	SF +	4.75%	(j)	8.42%	04/2031	2,771		2,756		0.1		2,771
Watermill Express, LLC+(5)	One stop				N/A(6)	04/2031	—		(11)		—		—
Winebow Holdings, Inc.*+	One stop	SF +	6.25%	(i)	10.07%	12/2027	9,210		8,955		0.2		7,737
							64,527		63,985		1.8		63,054

See Notes to Consolidated Financial Statements.

10

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 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)
Building Products
BECO Holding Company, Inc.+(5)	One stop				N/A(6)				11/2027	$	—	$	(1)	—	%	$	—
BECO Holding Company, Inc.*+	One stop	SF +	5.25%	(j)	9.07%				11/2028	40,472		40,911		1.0		40,472
BECO Holding Company, Inc.+	One stop	SF +	5.25%	(j)	9.07%				11/2028	312		310		—		312
BECO Holding Company, Inc.+(5)	One stop				N/A(6)				11/2028	—		(3)		—		—
										40,784		41,217		1.0		40,784
Capital Markets
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(j)	8.42%				01/2031	159		157		—		159
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(j)	8.42%				01/2031	2,507		2,522		0.1		2,507
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(j)	8.42%				01/2031	844		837		—		844
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(j)	8.42%				01/2031	9,899		9,835		0.3		9,899
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(j)	8.42%				01/2031	760		758		—		760
										14,169		14,109		0.4		14,169
Chemicals
AP Adhesives Holdings, LLC+(5)	One stop				N/A(6)				04/2032	—		(9)		—		—
AP Adhesives Holdings, LLC+(5)	One stop				N/A(6)				04/2031	—		(4)		—		—
AP Adhesives Holdings, LLC+	One stop	SF +	4.75%	(j)	8.66%				04/2032	5,786		5,760		0.2		5,786
Inhance Parent, Inc.+(25)	One stop	SF +	7.00%	(j)	6.32%	cash/	4.50%	PIK	06/2029	841		841		—		841
Inhance Parent, Inc.+(25)	One stop	SF +	7.00%	(j)	6.32%	cash/	4.50%	PIK	06/2029	23,059		20,307		0.6		21,674
Inhance Parent, Inc.+(7)(25)	One stop	N/A			20.00%	PIK			06/2029	11,102		4,446		0.1		5,218
JSG II, Inc. and Checkers USA, Inc.+	One stop	SF +	4.50%	(i)	8.23%				09/2032	1,433		1,426		—		1,433
JSG II, Inc. and Checkers USA, Inc.+(5)	One stop				N/A(6)				09/2032	—		(1)		—		—
JSG II, Inc. and Checkers USA, Inc.+(5)	One stop				N/A(6)				09/2032	—		(1)		—		—
Krayden Holdings, Inc.*	Senior secured	SF +	4.75%	(i)	8.42%				03/2029	9,717		9,648		0.3		9,717
Krayden Holdings, Inc.+	Senior secured	SF +	4.75%	(i)(j)	8.46%				03/2029	1,099		1,075		—		1,099
Krayden Holdings, Inc.+	Senior secured	SF +	4.75%	(i)	8.42%				03/2029	3,028		2,980		0.1		3,028
PHM NL SP Bidco B.V.+(8)(9)(10)(25)	One stop	E +	6.75%	(d)	5.87%	cash/	3.00%	PIK	09/2028	55,695		51,996		1.3		51,796
PHM NL SP Bidco B.V.+(8)(10)(25)	One stop	SF +	6.75%	(h)	7.66%	cash/	3.00%	PIK	09/2028	20,606		19,873		0.5		19,164
PHM NL SP Bidco B.V.+(8)(9)(10)(25)	One stop	SN +	6.75%	(g)	7.47%	cash/	3.00%	PIK	09/2028	12,114		11,390		0.3		11,266
PHM NL SP Bidco B.V.+(8)(9)(10)(25)	One stop	E +	6.75%	(d)	5.92%	cash/	3.00%	PIK	09/2028	5,887		5,431		0.2		5,475
										150,367		135,158		3.6		136,497
Commercial Services & Supplies
CHA Vision Holdings, Inc.+	One stop				N/A(6)				01/2030	—		—		—		—
CHA Vision Holdings, Inc.+	One stop	SF +	5.00%	(j)	8.87%				01/2031	1,056		1,052		—		1,056
CHA Vision Holdings, Inc.+	One stop	SF +	5.00%	(j)	8.87%				01/2031	344		342		—		344
CHA Vision Holdings, Inc.+	One stop	SF +	5.00%	(j)	8.87%				01/2031	304		303		—		304
CHA Vision Holdings, Inc.+	One stop	SF +	5.00%	(j)	8.82%				01/2031	38		35		—		38
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop				N/A(6)				06/2031	—		(16)		—		—
CI (Quercus) Intermediate Holdings, LLC*+	One stop	SF +	5.00%	(j)	8.69%				06/2031	32,288		31,998		0.8		32,288
CI (Quercus) Intermediate Holdings, LLC+	One stop	SF +	5.00%	(j)	8.67%				06/2031	984		959		—		984
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop				N/A(6)				06/2031	—		(5)		—		—
Dispatch Acquisition Holdings, LLC+	One stop	SF +	4.75%	(j)	8.42%				11/2032	423		421		—		421
Dispatch Acquisition Holdings, LLC+	One stop	SF +	4.75%	(a)(j)	8.59%				11/2032	28		27		—		27
Kleinfelder Intermediate, LLC+	One stop	SF +	5.00%	(j)	8.84%				09/2030	4,036		3,956		0.1		4,036
Kleinfelder Intermediate, LLC+(5)	One stop				N/A(6)				09/2028	—		(5)		—		—
Kleinfelder Intermediate, LLC+	One stop	SF +	5.00%	(j)	8.84%				09/2030	438		433		—		438
Pearl Acquisition Buyer, Inc.+	One stop	SF +	4.50%	(j)	8.17%				12/2032	3		3		—		3
Pearl Acquisition Buyer, Inc.+	One stop	SF +	4.50%	(j)	8.17%				12/2032	343		342		—		342
Pearl Acquisition Buyer, Inc.+	One stop				N/A(6)				12/2032	—		—		—		—
Profile Products LLC+	One stop	SF +	5.50%	(j)	9.49%				11/2027	8,936		8,891		0.2		8,936
Profile Products LLC+	One stop	SF +	5.50%	(j)	9.49%				11/2027	1,811		1,798		0.1		1,811
Profile Products LLC+	One stop	P +	4.50%	(a)	11.25%				11/2027	60		60		—		60
Profile Products LLC+	One stop				N/A(6)				11/2027	—		—		—		—

See Notes to Consolidated Financial Statements.

11

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 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)
PSC Parent, Inc.*+	One stop	SF +	5.25%	(i)	8.99%				04/2031	$	5,436	$	5,429	0.1	%	$	5,436
PSC Parent, Inc.+	One stop	SF +	5.25%	(i)	8.97%				04/2030	284		280		—		284
PSC Parent, Inc.+	One stop	SF +	5.25%	(i)	9.00%				04/2031	683		678		—		683
PSC Parent, Inc.+	One stop	SF +	5.25%	(i)	8.97%				04/2031	906		903		—		906
PT Intermediate Holdings III, LLC+(25)	One stop	SF +	5.00%	(j)	6.92%	cash/	1.75%	PIK	04/2030	21,420		21,406		0.6		21,420
PT Intermediate Holdings III, LLC+(5)	One stop				N/A(6)				04/2030	—		(4)		—		—
Radwell Parent, LLC*+	One stop	SF +	5.50%	(j)	9.17%				03/2029	33,854		33,623		0.9		33,854
Radwell Parent, LLC*+	One stop	SF +	5.50%	(j)	9.17%				03/2029	32,538		32,577		0.8		32,538
Radwell Parent, LLC+	One stop	SF +	5.50%	(j)	9.17%				03/2029	207		175		—		207
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.50%	(j)	8.50%				06/2029	247		247		—		245
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.50%	(i)(j)	8.44%				06/2029	2,967		2,954		0.1		2,937
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.50%	(j)	8.50%				06/2029	527		527		—		521
Trinity Air Consultants Holdings Corporation+(5)	One stop				N/A(6)				06/2029	—		(1)		—		(1)
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.50%	(j)	8.50%				06/2029	609		607		—		603
Trinity Air Consultants Holdings Corporation+(5)	One stop				N/A(6)				06/2029	—		(2)		—		(3)
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.50%	(j)	8.48%				06/2029	1,573		1,558		—		1,557
WRE Holding Corp.+(5)	One stop				N/A(6)				07/2031	—		(4)		—		—
WRE Holding Corp.+	One stop	SF +	5.00%	(k)	8.71%				07/2031	75		75		—		75
WRE Holding Corp.+(5)	One stop				N/A(6)				07/2030	—		(18)		—		—
WRE Holding Corp.*	One stop	SF +	5.00%	(k)	8.87%				07/2031	16,308		16,178		0.4		16,308
WRE Holding Corp.*	One stop	SF +	5.00%	(k)	8.62%				07/2031	1,790		1,783		0.1		1,790
WRE Holding Corp.*	One stop	SF +	5.00%	(k)	8.60%				07/2031	1,079		1,074		—		1,079
WRE Holding Corp.+	One stop	SF +	5.00%	(k)	8.60%				07/2031	839		836		—		839
WRE Holding Corp.+	One stop	SF +	5.00%	(k)	8.60%				07/2031	294		292		—		294
WRE Holding Corp.+	One stop	SF +	5.00%	(k)	8.60%				07/2031	300		299		—		300
WRE Holding Corp.+	One stop	SF +	5.00%	(k)	8.60%				07/2031	186		186		—		186
										173,214		172,252		4.2		173,146
Communications Equipment
Lightning Finco Limited+(8)(15)	One stop	SF +	5.50%	(h)	9.59%				09/2028	14,802		14,784		0.4		14,802
Lightning Finco Limited+(8)(9)(15)	One stop	E +	5.50%	(d)	7.62%				09/2028	1,784		1,748		0.1		1,785
										16,586		16,532		0.5		16,587
Construction & Engineering
Consor Intermediate II, LLC*+	One stop	SF +	4.50%	(j)	8.17%				05/2031	5,498		5,501		0.2		5,498
Consor Intermediate II, LLC+(5)	One stop				N/A(6)				05/2031	—		(8)		—		—
Consor Intermediate II, LLC+	One stop	SF +	4.50%	(j)	8.17%				05/2031	134		131		—		134
DCCM, LLC+	One stop	SF +	4.75%	(i)	8.47%				06/2032	591		588		—		591
DCCM, LLC+(5)	One stop				N/A(6)				06/2032	—		(1)		—		—
DCCM, LLC+(5)	One stop				N/A(6)				06/2032	—		(1)		—		—
Royal Holdco Corporation+	One stop	SF +	4.50%	(j)	8.29%				12/2030	429		421		—		429
Royal Holdco Corporation+	One stop	SF +	4.50%	(j)	8.20%				12/2030	371		367		—		371
Royal Holdco Corporation+	One stop	SF +	4.50%	(j)	8.24%				12/2030	5,966		5,915		0.2		5,966
										12,989		12,913		0.4		12,989

See Notes to Consolidated Financial Statements.

12

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 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)
Containers & Packaging
Chase Intermediate*+	One stop	SF +	4.75%	(j)	8.59%		10/2028	$	48,700	$	49,200	1.3	%	$	48,700
Chase Intermediate+	One stop	SF +	4.75%	(j)	8.42%		10/2028	272		271		—		272
Chase Intermediate+	One stop	SF +	4.75%	(j)	8.59%		10/2028	2,278		2,274		0.1		2,278
Chase Intermediate+	One stop	SF +	4.75%	(j)	8.59%		10/2028	596		562		—		596
Fortis Solutions Group, LLC*+	One stop	SF +	5.50%	(j)	9.27%		10/2028	51,461		51,169		1.3		50,946
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(j)	9.27%		10/2028	1,691		1,675		0.1		1,674
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(j)	9.27%		10/2028	140		94		—		138
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(a)(j)	9.67%		10/2027	176		170		—		170
Packaging Coordinators Midco, Inc.+	One stop	SF +	4.50%	(j)	8.34%		07/2032	6,314		6,216		0.2		6,314
Packaging Coordinators Midco, Inc.+(5)	One stop				N/A(6)		07/2032	—		(8)		—		—
Packaging Coordinators Midco, Inc.+	One stop				N/A(6)		07/2032	—		—		—		—
Packaging Coordinators Midco, Inc.+(9)	One stop	SN +	4.50%	(g)	8.22%		07/2032	12,583		12,269		0.3		12,583
Packaging Coordinators Midco, Inc.+	One stop	SF +	4.50%	(j)	8.34%		07/2032	36		36		—		36
Packaging Coordinators Midco, Inc.+(5)	One stop				N/A(6)		07/2032	—		(3)		—		—
Packaging Coordinators Midco, Inc.+	One stop				N/A(6)		07/2032	—		—		—		—
								124,247		123,925		3.3		123,707
Diversified Consumer Services
ABC Legal Holdings, LLC+	One stop	SF +	4.50%	(j)	8.34%		08/2032	1,333		1,327		—		1,333
ABC Legal Holdings, LLC+(5)	One stop				N/A(6)		08/2032	—		(1)		—		—
ABC Legal Holdings, LLC+(5)	One stop				N/A(6)		08/2032	—		(2)		—		—
Action Termite Control, LLC+	Senior secured				N/A(6)		12/2032	—		—		—		—
Action Termite Control, LLC+	Senior secured	SF +	4.25%	(j)	7.96%		12/2032	107		107		—		107
Action Termite Control, LLC+(5)	Senior secured				N/A(6)		12/2032	—		(2)		—		(2)
Any Hour, LLC*	One stop	SF +	5.25%	(j)	8.92%		05/2030	8,952		8,903		0.2		8,415
Any Hour, LLC+(25)	One stop	N/A			13.00%	PIK	05/2031	3,383		3,341		0.1		2,910
Any Hour, LLC+	One stop	SF +	5.25%	(i)(j)	8.96%		05/2030	797		786		—		740
Any Hour, LLC+	One stop	SF +	5.25%	(j)	8.92%		05/2030	253		239		—		240
Apex Service Partners, LLC+	One stop	SF +	5.00%	(j)	8.82%		10/2030	4,379		4,437		0.1		4,390
Apex Service Partners, LLC+	One stop	SF +	5.00%	(j)	8.78%		10/2030	13,820		13,763		0.4		13,854
Apex Service Partners, LLC+	One stop	SF +	5.00%	(j)	8.82%		10/2030	1,042		1,031		—		1,045
Apex Service Partners, LLC+	One stop	SF +	5.00%	(j)	8.71%		10/2029	21		20		—		21
Apex Service Partners, LLC+	One stop	SF +	5.00%	(j)	8.84%		10/2030	2,192		2,173		0.1		2,198
Apex Service Partners, LLC+	One stop	SF +	5.00%	(j)	8.81%		10/2030	4,456		4,427		0.1		4,472
Aptive Environmental, LLC+	One stop	SF +	4.75%	(i)	8.47%		10/2032	1,767		1,750		0.1		1,750
Aptive Environmental, LLC+(5)	One stop				N/A(6)		10/2032	—		(2)		—		(2)
Aptive Environmental, LLC+(5)	One stop				N/A(6)		10/2032	—		—		—		(1)
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.07%		08/2027	455		454		—		455
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.07%		08/2027	2,761		2,752		0.1		2,761
Certus Pest, Inc.*	One stop	SF +	5.25%	(j)	9.07%		08/2027	1,730		1,725		0.1		1,730
Certus Pest, Inc.*	One stop	SF +	5.25%	(j)	9.07%		08/2027	1,659		1,653		0.1		1,659
Certus Pest, Inc.*+	One stop	SF +	5.25%	(j)	9.07%		08/2027	1,197		1,194		—		1,197
Certus Pest, Inc.*	One stop	SF +	5.25%	(j)	9.07%		08/2027	1,182		1,179		—		1,182
Certus Pest, Inc.*+	One stop	SF +	5.25%	(j)	9.07%		08/2027	820		817		—		820
Certus Pest, Inc.*	One stop	SF +	5.25%	(j)	9.07%		08/2027	723		720		—		723
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.07%		08/2027	704		703		—		704
Certus Pest, Inc.*+	One stop	SF +	5.25%	(j)	9.07%		08/2027	416		415		—		416
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.07%		08/2027	260		259		—		260
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.07%		08/2027	142		141		—		142
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.07%		08/2027	60		60		—		60
Certus Pest, Inc.+	One stop				N/A(6)		08/2027	—		—		—		—
Certus Pest, Inc.+(5)	One stop				N/A(6)		08/2027	—		(10)		—		—
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.07%		08/2027	391		390		—		391

See Notes to Consolidated Financial Statements.

13

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 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%	(j)	9.07%		08/2027	$	2,324	$	2,317	0.1	%	$	2,324
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.07%		08/2027	1,449		1,444		—		1,449
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.07%		08/2027	696		694		—		696
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.07%		08/2027	696		694		—		696
CHHJ Midco, LLC*+	Senior secured	SF +	5.00%	(j)	8.82%		01/2028	3,683		3,675		0.1		3,683
CHHJ Midco, LLC+	Senior secured	SF +	5.00%	(j)	8.84%		01/2028	30		30		—		30
CHVAC Services Investment, LLC*+	One stop	SF +	4.50%	(j)	8.17%		05/2030	6,367		6,293		0.2		6,367
CHVAC Services Investment, LLC*+	One stop	SF +	4.50%	(j)	8.17%		05/2030	1,656		1,639		0.1		1,656
CHVAC Services Investment, LLC+	One stop	SF +	4.50%	(i)	8.23%		05/2030	94		91		—		94
CHVAC Services Investment, LLC+	One stop	SF +	4.50%	(j)	8.17%		05/2030	61		24		—		61
COP Hometown Acquisitions, Inc.*+	Senior secured	SF +	5.25%	(j)	9.24%		07/2027	2,370		2,362		0.1		2,370
COP Hometown Acquisitions, Inc.*+	Senior secured	SF +	5.25%	(j)	9.24%		07/2027	2,309		2,300		0.1		2,309
COP Hometown Acquisitions, Inc.*+	Senior secured	SF +	5.25%	(j)	9.09%		07/2027	1,513		1,507		—		1,513
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	9.14%		07/2027	1,070		1,065		—		1,070
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	9.24%		07/2027	1,140		1,135		—		1,140
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	9.09%		07/2027	687		684		—		687
COP Hometown Acquisitions, Inc.+(5)	Senior secured				N/A(6)		07/2027	—		(1)		—		—
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	9.13%		07/2027	1,366		1,365		—		1,366
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	9.12%		07/2027	1,034		1,034		—		1,034
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	9.08%		07/2027	909		909		—		909
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	9.19%		07/2027	5,476		5,441		0.2		5,476
EMS LINQ, LLC+	One stop	SF +	6.25%	(i)	10.07%		12/2027	13,835		13,855		0.4		13,697
EMS LINQ, LLC+	One stop	SF +	6.25%	(i)	10.07%		12/2027	84		83		—		80
Entomo Brands Acquisitions, Inc.*+	Senior secured	SF +	5.50%	(j)	9.32%		07/2029	4,333		4,336		0.1		4,333
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50%	(j)	9.32%		07/2029	14		14		—		14
Entomo Brands Acquisitions, Inc.*+	Senior secured	SF +	5.50%	(j)	9.32%		07/2029	1,260		1,249		—		1,260
EWC Growth Partners LLC+	One stop	SF +	6.00%	(j)	9.82%		03/2026	913		913		—		748
EWC Growth Partners LLC+	One stop	SF +	6.00%	(j)	9.82%		03/2026	1,072		1,072		—		879
EWC Growth Partners LLC+	One stop	SF +	6.00%	(j)	9.82%		03/2026	38		38		—		30
EWC Growth Partners LLC+	One stop	SF +	6.00%	(j)	9.82%		03/2026	101		101		—		83
FPG Intermediate Holdco, LLC+(25)	One stop	SF +	5.00%	(k)	8.70%	PIK	06/2029	130		130		—		130
FPG Intermediate Holdco, LLC+(25)	One stop	SF +	5.00%	(k)	8.70%	PIK	06/2029	943		943		—		943
FPG Intermediate Holdco, LLC+(25)	One stop	SF +	5.00%	(j)(k)	8.70%	PIK	06/2029	1,395		1,395		—		1,395
FPG Intermediate Holdco, LLC+(25)	Senior secured	SF +	5.00%	(k)	8.70%	PIK	06/2029	4,860		4,607		0.1		4,423
FPG Intermediate Holdco, LLC+(7)(25)	One stop	SF +	5.00%	(k)	8.70%	PIK	06/2029	1,944		1,630		0.1		1,633
FSS Buyer LLC+	One stop				N/A(6)		08/2030	—		—		—		—
FSS Buyer LLC*+	One stop	SF +	4.50%	(i)	8.22%		08/2031	6,863		6,826		0.2		6,863
HS Spa Holdings, Inc.+	One stop	SF +	5.25%	(j)	9.07%		06/2029	11,403		11,388		0.3		11,403
HS Spa Holdings, Inc.+	One stop	SF +	5.25%	(a)(i)	8.97%		06/2028	46		45		—		46
HS Spa Holdings, Inc.+	One stop	SF +	5.25%	(j)	9.09%		06/2029	684		683		—		684
Kodiak Buyer, LLC+	One stop	SF +	4.50%	(j)	8.17%		07/2032	614		611		—		614
Kodiak Buyer, LLC+(5)	One stop				N/A(6)		07/2032	—		(1)		—		—
Kodiak Buyer, LLC+(5)	One stop				N/A(6)		07/2032	—		(1)		—		—
Liminex, Inc.+	One stop	SF +	6.00%	(j)	9.99%		11/2026	35,293		35,279		0.9		35,293
Liminex, Inc.+	One stop	SF +	6.00%	(j)	9.99%		11/2026	23,281		23,251		0.6		23,281
Liminex, Inc.+	One stop	SF +	6.00%	(j)	9.99%		11/2026	15,793		15,716		0.4		15,793
Liminex, Inc.+	One stop	SF +	6.00%	(j)	9.99%		11/2026	20,117		20,267		0.5		20,117
Litera Bidco, LLC*	One stop	SF +	5.00%	(i)	8.72%		05/2028	5,136		5,144		0.1		5,136
Litera Bidco, LLC+	One stop	SF +	5.00%	(i)	8.72%		05/2028	2,051		2,046		0.1		2,051
Litera Bidco, LLC+(5)	One stop				N/A(6)		05/2028	—		(1)		—		—
Litera Bidco, LLC+(5)	One stop				N/A(6)		05/2028	—		(1)		—		—
Mario Purchaser, LLC+	One stop	SF +	5.75%	(j)	9.84%		04/2029	450		447		—		432
Mario Purchaser, LLC*+	One stop	SF +	5.75%	(j)	9.84%		04/2029	11,239		11,201		0.3		10,789

See Notes to Consolidated Financial Statements.

14

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 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)
Mario Purchaser, LLC+(25)	One stop	N/A			14.84%	PIK			04/2032	$	5,185	$	5,202	0.1	%	$	5,080
Mario Purchaser, LLC+	One stop	SF +	5.75%	(j)	9.84%				04/2029	5,174		5,195		0.1		4,968
Mario Purchaser, LLC+	One stop	SF +	5.75%	(j)	9.74%				04/2028	136		134		—		130
NSG Buyer, Inc. *+	One stop	SF +	5.00%	(j)	8.67%				11/2029	38,404		38,194		1.0		38,404
NSG Buyer, Inc. +	One stop	SF +	5.00%	(j)	8.67%				11/2028	145		141		—		145
NSG Buyer, Inc. +(5)	One stop				N/A(6)				11/2029	—		(27)		—		—
PADI Holdco, Inc.+	One stop	SF +	5.00%	(j)	9.08%				01/2029	541		537		—		541
PADI Holdco, Inc.*	One stop	SF +	5.00%	(j)	8.97%				01/2029	21,079		20,898		0.5		21,079
PADI Holdco, Inc.+(9)	One stop	E +	5.00%	(c)	7.07%				01/2029	20,958		20,192		0.5		20,958
PADI Holdco, Inc.+	One stop	SF +	5.00%	(j)	8.99%				01/2029	812		805		—		812
PADI Holdco, Inc.+	One stop	SF +	5.00%	(j)	8.89%				01/2029	168		166		—		168
PADI Holdco, Inc.+(9)	One stop	A +	5.50%	(e)	9.20%				01/2029	7,547		7,068		0.2		7,547
Provenance Buyer LLC*+	One stop	SF +	5.00%	(j)	8.77%				06/2027	20,527		20,432		0.5		20,323
Provenance Buyer LLC*+	One stop	SF +	5.00%	(j)	8.77%				06/2027	13,831		13,766		0.4		13,692
Provenance Buyer LLC+	One stop	SF +	5.00%	(j)	8.78%				06/2027	188		184		—		186
RW AM Holdco LLC+(7)	One stop	SF +	5.25%	(j)	9.02%				04/2028	23,613		23,037		0.3		12,987
RW AM Holdco LLC+(5)(7)	One stop				N/A(6)				04/2028	—		(8)		—		(90)
Salisbury House, LLC+	One stop	SF +	5.00%	(i)	8.72%				08/2032	30		29		—		30
Salisbury House, LLC+	One stop	SF +	5.00%	(k)	8.73%				08/2032	1,498		1,491		—		1,498
Salisbury House, LLC+(5)	One stop				N/A(6)				08/2032	—		(1)		—		—
SCP CDH Buyer, Inc.+	One stop	SF +	4.50%	(j)	8.17%				12/2032	354		352		—		351
SCP CDH Buyer, Inc.+(5)	One stop				N/A(6)				12/2032	—		(1)		—		(1)
SCP CDH Buyer, Inc.+	One stop				N/A(6)				12/2032	—		—		—		—
Severin Acquisition, LLC+(25)	One stop	SF +	4.75%	(i)	6.22%	cash/	2.25%	PIK	10/2031	35,852		35,567		0.9		35,494
Severin Acquisition, LLC+(5)	One stop				N/A(6)				10/2031	—		(37)		—		(44)
Severin Acquisition, LLC+(25)	One stop	SF +	4.75%	(i)	6.22%	cash/	2.25%	PIK	10/2031	1,561		1,530		—		1,487
Stellar Brands, LLC+	Senior secured	SF +	4.50%	(j)	8.17%				02/2031	7,133		7,087		0.2		7,133
Stellar Brands, LLC+(5)	Senior secured				N/A(6)				02/2031	—		(4)		—		—
Virginia Green Acquisition, LLC+(5)	One stop				N/A(6)				12/2030	—		(5)		—		(5)
Virginia Green Acquisition, LLC*+	One stop	SF +	5.25%	(k)	8.86%				12/2030	3,157		3,189		0.1		3,141
Virginia Green Acquisition, LLC+	One stop				N/A(6)				12/2029	—		—		—		—
Virginia Green Acquisition, LLC+(5)	One stop				N/A(6)				12/2030	—		—		—		(1)
										461,717		457,830		11.2		447,063
Diversified Financial Services
Baker Tilly Advisory Group, LP+(5)	One stop				N/A(6)				06/2030	—		(11)		—		—
Baker Tilly Advisory Group, LP+	One stop	SF +	4.75%	(i)	8.47%				06/2031	3,753		3,713		0.1		3,763
Baker Tilly Advisory Group, LP+	One stop	SF +	4.25%	(i)	7.97%				06/2031	5,031		5,008		0.1		5,031
Baker Tilly Advisory Group, LP+(5)	One stop				N/A(6)				06/2031	—		(8)		—		—
Banker's Toolbox, Inc.*+	One stop	SF +	4.50%	(j)	8.17%				07/2029	20,803		20,676		0.5		20,803
Banker's Toolbox, Inc.+(5)	One stop				N/A(6)				07/2029	—		(2)		—		—
Banker's Toolbox, Inc.+(5)	One stop				N/A(6)				07/2029	—		(2)		—		—
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop	E +	4.75%	(d)	6.83%				07/2031	17,494		15,986		0.5		17,494
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)(25)	Subordinated debt	E +	8.00%	(d)	10.08%	PIK			07/2032	2,278		2,086		0.1		2,278
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop	E +	4.75%	(d)	6.85%				07/2031	2,478		2,223		0.1		2,478
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop				N/A(6)				07/2031	—		—		—		—
Corsair Blade IV S.A R.L.+(8)(9)(13)(25)	One stop	SN +	5.75%	(g)	9.22%	cash/	0.25%	PIK	12/2030	1,201		931		—		1,201
Corsair Blade IV S.A R.L.+(8)(13)(25)	One stop	SF +	5.75%	(j)	9.76%	cash/	0.25%	PIK	12/2030	3,725		3,725		0.1		3,725
Deerfield Dakota Holding, LLC+(5)	One stop				N/A(6)				09/2032	—		(2)		—		—
Deerfield Dakota Holding, LLC+(25)	One stop	SF +	5.75%	(j)	6.67%	cash/	2.75%	PIK	09/2032	1,844		1,826		0.1		1,844
Equity Methods, LLC+	One stop	SF +	4.75%	(j)	8.42%				04/2032	19,829		19,740		0.5		19,829
Equity Methods, LLC+(5)	One stop				N/A(6)				04/2032	—		(16)		—		—
Equity Methods, LLC+(5)	One stop				N/A(6)				04/2032	—		(20)		—		—

See Notes to Consolidated Financial Statements.

15

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 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)
Finastra USA, Inc.+(8)(10)	One stop	SF +	7.25%	(j)	10.97%				09/2029	$	1,476	$	1,460	—	%	$	1,476
Flash Topco, Inc.+	One stop	SF +	6.00%	(k)	9.95%				10/2028	16,874		16,645		0.4		16,537
Flash Topco, Inc.+	One stop	SF +	6.50%	(k)	10.20%				10/2028	156		153		—		154
Flash Topco, Inc.+	One stop	SF +	6.00%	(k)	9.70%				10/2028	3,369		3,357		0.1		3,302
Higginbotham Insurance Agency, Inc.+(5)	One stop				N/A(6)				06/2031	—		—		—		(1)
Higginbotham Insurance Agency, Inc.+(5)	One stop				N/A(6)				06/2031	—		(1)		—		(1)
Higginbotham Insurance Agency, Inc.*+	One stop	SF +	4.50%	(i)(j)	8.22%				06/2031	8,908		8,931		0.2		8,886
Medlar Bidco Limited+(8)(9)(21)	One stop	SN +	5.00%	(g)	8.72%				05/2032	26,540		26,017		0.7		26,540
Medlar Bidco Limited+(5)(8)(9)(21)	One stop				N/A(6)				05/2032	—		(54)		—		—
Medlar Bidco Limited+(8)(9)(21)	One stop	E +	5.00%	(c)	6.99%				05/2032	32,978		31,549		0.9		32,978
Wealth Enhancement Group, LLC+	One stop	SF +	4.50%	(j)	8.49%				10/2028	409		408		—		409
Wealth Enhancement Group, LLC+	One stop	SF +	4.50%	(j)	8.49%				10/2028	91		91		—		91
Wealth Enhancement Group, LLC+(5)	One stop				N/A(6)				10/2028	—		(1)		—		—
Wealth Enhancement Group, LLC+	One stop	SF +	4.50%	(j)	8.49%				10/2028	2,845		2,842		0.1		2,845
Wealth Enhancement Group, LLC+	One stop	SF +	4.50%	(j)	8.49%				10/2028	3,946		3,942		0.1		3,946
Wealth Enhancement Group, LLC+	One stop	SF +	4.50%	(j)	8.36%				10/2028	3,383		3,368		0.1		3,383
Wealth Enhancement Group, LLC+(5)	One stop				N/A(6)				10/2028	—		(2)		—		—
										179,411		174,558		4.7		178,991
Diversified Telecommunication Services
NTI Connect, LLC*+	Senior secured	SF +	4.75%	(j)	8.57%				07/2027	1,529		1,525		—		1,529
Electric Utilities
Smart Energy Systems, Inc.+(25)	One stop	SF +	7.50%	(j)	7.74%	cash/	3.75%	PIK	01/2030	6,484		6,368		0.2		6,354
Smart Energy Systems, Inc.+(25)	One stop	SF +	7.50%	(j)	7.74%	cash/	3.75%	PIK	01/2030	714		706		—		700
										7,198		7,074		0.2		7,054
Electrical Equipment
Power Grid Holdings, Inc.+	One stop	P +	3.75%	(a)	10.50%				12/2030	14		12		—		12
Power Grid Holdings, Inc.+	One stop	SF +	4.75%	(j)	8.42%				12/2030	1,040		1,029		—		1,028
Wildcat TopCo, Inc.+	One stop	SF +	4.50%	(j)	8.32%				11/2031	19,828		19,662		0.5		19,828
Wildcat TopCo, Inc.+(5)	One stop				N/A(6)				11/2031	—		(35)		—		—
Wildcat TopCo, Inc.+(5)	One stop				N/A(6)				11/2031	—		(18)		—		—
										20,882		20,650		0.5		20,868
Electronic Equipment, Instruments & Components
CST Holding Company+	One stop	SF +	5.00%	(i)	8.82%				11/2028	33,629		32,977		0.9		33,629
CST Holding Company+(5)	One stop				N/A(6)				11/2028	—		(2)		—		—
										33,629		32,975		0.9		33,629
Food & Staples Retailing
GMF Parent, Inc.+	One stop				N/A(6)				12/2032	—		—		—		—
GMF Parent, Inc.+	One stop	SF +	4.50%	(j)	8.20%				12/2032	296		294		—		294
GMF Parent, Inc.+	One stop				N/A(6)				12/2032	—		—		—		—
GMF Parent, Inc.+	One stop				N/A(6)				12/2032	—		—		—		—
Mendocino Farms, LLC+	One stop	SF +	5.50%	(i)	9.22%				03/2030	1,075		1,066		—		1,075
Mendocino Farms, LLC+	One stop	SF +	5.50%	(i)	9.22%				03/2030	1,075		1,066		—		1,075
Mendocino Farms, LLC+	One stop	SF +	5.50%	(i)	9.22%				03/2030	988		986		—		988
Mendocino Farms, LLC+	One stop	SF +	5.50%	(i)	9.22%				03/2030	56		56		—		56
Mendocino Farms, LLC+	One stop				N/A(6)				03/2030	—		—		—		—
Mendocino Farms, LLC+	One stop	SF +	5.50%	(i)	9.22%				03/2030	110		110		—		110
Mendocino Farms, LLC+	One stop	SF +	5.50%	(i)	9.22%				03/2030	110		110		—		110
Mendocino Farms, LLC+	One stop	SF +	5.50%	(i)	9.22%				03/2030	56		56		—		56
Mendocino Farms, LLC+(5)	One stop				N/A(6)				03/2030	—		(56)		—		—
Mendocino Farms, LLC+	One stop	SF +	5.50%	(i)	9.22%				03/2030	56		56		—		56
PDI TA Holdings, Inc.+	One stop	SF +	5.50%	(j)	9.34%				02/2031	11,522		11,472		0.3		11,522
PDI TA Holdings, Inc.+	One stop	SF +	5.50%	(j)	9.34%				02/2031	65		64		—		65

See Notes to Consolidated Financial Statements.

16

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 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)

Wineshipping.com LLC+(25)

One stop

SF +

6.25%

(j)

4.82%

cash/

5.25%

PIK

12/2028

$