_____________________________________________________________________________________________________

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, 2026

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 4, 2026, the Registrant had 260,495,181 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 March 31, 2026 (unaudited) and September 30, 2025	3
	Consolidated Statements of Operations for the three and six months ended March 31, 2026 (unaudited) and 2025 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and six months ended March 31, 2026 (unaudited) and 2025 (unaudited)	5
	Consolidated Statements of Cash Flows for the six months ended March 31, 2026 (unaudited) and 2025 (unaudited)	6
	Consolidated Schedules of Investments as of March 31, 2026 (unaudited) and September 30, 2025	8
	Notes to Consolidated Financial Statements (unaudited)	98
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	144
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, 2026		September 30, 2025
	(unaudited)
Assets
Investments, at fair value
Non-controlled/non-affiliate company investments	$	8,021,462	$	8,463,764
Non-controlled affiliate company investments	284,292		293,763
Controlled affiliate company investments	11,491		11,862
Total investments, at fair value (amortized cost of $8,477,016 and $8,759,938, respectively)	8,317,245		8,769,389
Cash	19,401		—
Cash equivalents	46,028		11,935
Foreign currencies (cost of $6,884 and $11,685, respectively)	6,763		11,681
Restricted cash	22,777		7,107
Restricted cash equivalents	40,210		81,720
Interest receivable	63,678		68,031
Receivable for investments	3,587		7,273
Net unrealized appreciation on derivatives	8,923		12,129
Other assets	1,085		9,034
Total Assets	$	8,529,697	$	8,978,299
Liabilities
Debt	$	4,723,905	$	4,926,778
Less unamortized debt issuance costs	(21,427)		(26,005)
Debt less unamortized debt issuance costs	4,702,478		4,900,773
Net unrealized depreciation on derivatives	—		5,023
Interest payable	33,891		38,254
Management and income incentive fees payable	36,533		40,884
Accrued trustee fees	646		1,039
Accounts payable and other liabilities	8,029		9,759
Total Liabilities	4,781,577		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 March 31, 2026 and September 30, 2025	—		—
Common stock, par value $0.001 per share, 500,000,000 shares authorized, 261,147,881 and 266,008,083 shares issued and outstanding as of March 31, 2026 and September 30, 2025, respectively	261		266
Paid in capital in excess of par	3,967,414		4,031,117
Distributable earnings (losses)	(219,555)		(48,816)
Total Net Assets	3,748,120		3,982,567
Total Liabilities and Total Net Assets	$	8,529,697	$	8,978,299
Number of common shares outstanding	261,147,881		266,008,083
Net asset value per common share	$	14.35	$	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 March 31,				Six months ended March 31,
	2026		2025		2026		2025
Investment income
From non-controlled/non-affiliate company investments:
Interest income	$	162,002	$	188,017	$	343,683	$	386,378
Payment-in-kind interest income	15,684		13,512		28,798		24,077
Dividend income	6,360		7,877		13,979		16,364
Fee income	739		1,690		1,818		2,245
Total investment income from non-controlled/non-affiliate company investments	184,785		211,096		388,278		429,064
From non-controlled affiliate company investments:
Interest income	1,874		2,241		3,949		4,484
Payment-in-kind interest income	1,315		414		2,588		746
Fee income	22		18		52		49
Total investment income from non-controlled affiliate company investments	3,211		2,673		6,589		5,279
From controlled affiliate company investments:
Payment-in-kind interest income	133		119		265		238
Fee income	5		4		9		11
Total investment income from controlled affiliate company investments	138		123		274		249
Total investment income	188,134		213,892		395,141		434,592
Expenses
Interest and other debt financing expenses	61,069		69,911		127,383		149,554
Base management fee	21,035		21,714		43,150		43,295
Incentive fee	15,542		18,247		32,999		36,305
Administrative service fee	2,939		3,185		6,119		6,087
Professional fees	1,627		1,765		3,412		3,605
General and administrative expenses	375		408		773		969
Total expenses	102,587		115,230		213,836		239,815
Net investment income - before tax	85,547		98,662		181,305		194,777
Excise and income tax benefit	—		—		—		(475)
Net investment income - after tax	85,547		98,662		181,305		195,252
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Non-controlled/non-affiliate company investments	(1,451)		(16,864)		(4,169)		(42,220)
Foreign currency transactions	1,354		(174)		234		(3,879)
Forward currency contracts	(10,258)		5,997		(10,258)		7,203
Net realized gain (loss) on investment transactions	(10,355)		(11,041)		(14,193)		(38,896)
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliate company investments	(119,789)		(1,341)		(138,065)		38,744
Non-controlled affiliate company investments	(12,522)		(2,933)		(21,946)		689
Controlled affiliate company investments	679		(441)		(635)		(527)
Translation of assets and liabilities in foreign currencies	(4,398)		11,427		(2,350)		(11,546)
Forward currency contracts	14,042		(15,495)		14,334		6,432
Net change in unrealized appreciation (depreciation) on investment transactions	(121,988)		(8,783)		(148,662)		33,792
Net gain (loss) on investment transactions	(132,343)		(19,824)		(162,855)		(5,104)
Net realized gain (loss) on extinguishment of debt	—		—		—		(48)
Benefit for taxes on unrealized appreciation on investments	—		146		—		198
Net increase (decrease) in net assets resulting from operations	$	(46,796)	$	78,984	$	18,450	$	190,298
Per Common Share Data
Basic and diluted earnings (loss) per common share (Note 10)	$	(0.18)	$	0.30	$	0.07	$	0.72
Dividends and distributions declared per common share	$	0.33	$	0.39	$	0.72	$	0.87
Basic and diluted weighted average common shares outstanding (Note 10)	262,676,687		266,484,213		263,183,214		265,402,101

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
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
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)
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
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	(4,860,202)	(5)		(63,703)		—		(63,708)
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		181,305		181,305
Net realized gain (loss) on investment transactions	—	—		—		(14,193)		(14,193)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(148,662)		(148,662)
Distributions to stockholders:
Distributions from distributable earnings	—	—		—		(189,189)		(189,189)
Total increase (decrease) for the six months ended March 31, 2026	(4,860,202)	(5)		(63,703)		(170,739)		(234,447)
Balance at March 31, 2026	261,147,881	$	261	$	3,967,414	$	(219,555)	$	3,748,120
Balance at December 31, 2025	263,384,785	$	263	$	3,995,213	$	(86,322)	$	3,909,154
Repurchases of common stock, net of commission costs	(2,236,904)	(2)		(27,799)		—		(27,801)
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		85,547		85,547
Net realized gain (loss) on investment transactions	—	—		—		(10,355)		(10,355)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(121,988)		(121,988)
Distributions to stockholders:
Distributions from distributable earnings	—	—		—		(86,437)		(86,437)
Total increase (decrease) for the three months ended March 31, 2026	(2,236,904)	(2)		(27,799)		(133,233)		(161,034)
Balance at March 31, 2026	261,147,881	$	261	$	3,967,414	$	(219,555)	$	3,748,120

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,
	2026		2025
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	18,450	$	190,298
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	5,179		5,124
Accretion of discounts and amortization of premiums on investments	(6,596)		(2,678)
Accretion of discounts and amortization of premiums on issued debt securities	(563)		1,681
Net realized (gain) loss on investments	4,169		42,220
Net realized (gain) loss on foreign currency transactions	(234)		3,879
Net realized (gain) loss on forward currency contracts	10,258		(7,203)
Net realized (gain) loss on extinguishment of debt	—		48
Net change in unrealized (appreciation) depreciation on investments	160,646		(38,906)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	2,350		11,546
Net change in unrealized (appreciation) depreciation on interest rate swap	171		4,697
Net change in unrealized (appreciation) depreciation on forward currency contracts	(14,334)		(6,432)
Proceeds from (fundings of) revolving loans, net	(11,314)		(5,016)
Fundings of investments	(296,134)		(1,208,048)
Proceeds from principal payments and sales of portfolio investments	639,511		840,343
Proceeds from settlements of forward currency contracts	(10,258)		10,264
Payment-in-kind interest capitalized	(32,718)		(27,921)
Non-cash dividends capitalized	(13,192)		(15,071)
Proceeds from non-cash dividends	235		3,549
Changes in operating assets and liabilities:
Interest receivable	4,353		8,293
Receivable for investments	3,686		—
Other assets	7,949		385
Interest payable	(4,363)		4,772
Management and income incentive fees payable	(4,351)		7,250
Accrued trustee fees	(393)		89
Accounts payable and other liabilities	(1,730)		(2,459)
Net cash provided by (used in) operating activities	460,777		(179,296)
Cash flows from financing activities
Borrowings on debt	378,068		3,731,443
Repayments of debt	(562,534)		(3,496,076)
Capitalized debt issuance costs	(601)		(5,995)
Net proceeds from issuance of common stock (Note 11)	—		37,434
Purchases of common stock (Note 11)	(63,708)		(1,130)
Distributions paid	(156,810)		(197,633)
Purchases of common stock for dividend reinvestment plan	(32,379)		—
Net cash provided by (used in) financing activities	(437,964)		68,043
Net change in cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies	22,813		(111,253)
Effect of foreign currency exchange rates	(77)		(1,915)
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	$	135,179	$	246,384
Supplemental disclosure of cash flow information:
Cash paid during the period for interest(1)	$	126,960	$	133,282
Distributions declared for the period	189,189		231,337
Supplemental disclosure of non-cash financing activities:
Stock issued in connection with dividend reinvestment plan	$	—	$	33,704

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
	March 31, 2026		September 30, 2025
Cash	$	19,401	$	—
Cash equivalents	46,028		11,935
Foreign currencies (cost of $6,884 and $11,685, respectively)	6,763		11,681
Restricted cash	22,777		7,107
Restricted cash equivalents	40,210		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)	$	135,179	$	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)

March 31, 2026

(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)	8.42%				11/2032	$	2,377	$	2,365	0.1	%	$	2,329
Jeppesen Holdings, LLC+(5)	One stop				N/A(6)				11/2032	—		(1)		—		(2)
PPW Aero Buyer, Inc.*+	One stop	SF +	5.00%	(j)	8.70%				09/2031	33,853		33,529		0.9		33,694
PPW Aero Buyer, Inc.*	One stop	SF +	5.00%	(j)	8.70%				09/2031	11,741		11,632		0.3		11,686
PPW Aero Buyer, Inc.+(5)	One stop				N/A(6)				09/2031	—		(4)		—		(2)
PPW Aero Buyer, Inc.+	One stop	SF +	5.00%	(a)(j)	8.91%				09/2031	56		53		—		53
PPW Aero Buyer, Inc.+	One stop	SF +	5.00%	(j)	8.70%				09/2031	6,400		6,346		0.2		6,370
PPW Aero Buyer, Inc.+	One stop	SF +	5.00%	(j)	8.70%				09/2031	186		185		—		185
PPW Aero Buyer, Inc.+(5)	One stop				N/A(6)				09/2031	—		(3)		—		(3)
Titan BW Borrower L.P.+(25)	One stop	SF +	5.38%	(j)	6.17%	cash/	2.88%	PIK	07/2032	2,017		1,999		—		1,994
Titan BW Borrower L.P.+(5)	One stop				N/A(6)				07/2032	—		(3)		—		(3)
Titan BW Borrower L.P.+	One stop	SF +	4.75%	(j)	8.42%				07/2032	101		100		—		99
										56,731		56,198		1.5		56,400
Air Freight & Logistics
RJW Group Holdings, Inc.+	One stop	SF +	5.00%	(j)	8.70%				11/2031	46,415		45,625		1.2		45,983
RJW Group Holdings, Inc.+	One stop	SF +	5.00%	(k)	8.73%				11/2031	2,931		2,876		0.1		2,900
RJW Group Holdings, Inc.*	One stop	SF +	5.00%	(j)	8.70%				11/2031	1,710		1,694		—		1,694
RJW Group Holdings, Inc.+(5)	One stop				N/A(6)				11/2031	—		(1)		—		(3)
										51,056		50,194		1.3		50,574
Auto Components
Arnott, LLC+	One stop	SF +	4.75%	(k)	8.49%				11/2030	4,712		4,676		0.1		4,543
Arnott, LLC+	One stop	SF +	4.75%	(j)(k)	8.41%				11/2030	590		584		—		562
Collision SP Subco, LLC+	One stop	SF +	4.75%	(j)	8.42%				01/2030	2,189		2,170		0.1		2,189
Collision SP Subco, LLC+	One stop	SF +	4.75%	(j)(k)	8.46%				01/2030	1,278		1,268		0.1		1,278
Collision SP Subco, LLC+	One stop	SF +	4.75%	(j)	8.42%				01/2030	45		42		—		45
Collision SP Subco, LLC+	One stop	SF +	4.75%	(j)	8.42%				01/2030	243		242		—		243
Collision SP Subco, LLC+	One stop	SF +	4.75%	(k)	8.48%				01/2030	558		534		—		558
Covercraft Parent III, Inc.+(7)(25)	Senior secured	SF +	5.00%	(i)	8.27%	cash/	0.50%	PIK	08/2027	6,731		6,676		0.1		4,645
Covercraft Parent III, Inc.+(7)(25)	Senior secured	SF +	5.00%	(i)	8.27%	cash/	0.50%	PIK	08/2027	1,362		1,346		—		940
Covercraft Parent III, Inc.+(7)(25)	Senior secured	SF +	5.00%	(i)(j)	8.30%	cash/	0.50%	PIK	08/2027	186		183		—		128
North Haven Falcon Buyer, LLC+(5)	One stop				N/A(6)				11/2029	—		(24)		—		(28)
North Haven Falcon Buyer, LLC+(5)	One stop				N/A(6)				11/2029	—		(24)		—		(28)
North Haven Falcon Buyer, LLC+(25)	One stop	SF +	7.50%	(j)	6.14%	cash/	5.00%	PIK	11/2029	4,213		3,506		0.1		3,370
OEConnection, LLC*+	One stop	SF +	4.50%	(i)	8.17%				12/2032	12,249		12,201		0.3		12,296
OEConnection, LLC+(5)	One stop				N/A(6)				12/2032	—		(6)		—		3
OEConnection, LLC+(5)	One stop				N/A(6)				12/2032	—		(27)		—		26
										34,356		33,347		0.8		30,770
Automobiles
CAP-KSI Holdings, LLC*+	One stop	SF +	5.25%	(j)	8.94%				06/2030	13,304		13,171		0.4		13,166
CAP-KSI Holdings, LLC+	One stop	SF +	5.25%	(a)(j)	8.94%				06/2030	799		787		—		787
CG Group Holdings, LLC*+(25)	One stop	SF +	8.75%	(j)	10.45%	cash/	2.00%	PIK	07/2027	46,640		46,521		1.2		46,173
CG Group Holdings, LLC+(25)	One stop	SF +	8.75%	(i)	10.42%	cash/	2.00%	PIK	07/2026	812		809		—		804
Denali Midco 2, LLC*	One stop	SF +	5.25%	(i)	8.92%				12/2028	38,258		38,091		1.0		38,067
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.92%				12/2028	8,917		9,014		0.2		8,872
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.92%				12/2028	2,668		2,699		0.1		2,655
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.92%				12/2028	1,621		1,637		0.1		1,613
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.92%				12/2028	1,540		1,555		0.1		1,532
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.92%				12/2028	1,344		1,357		—		1,337

See Notes to Consolidated Financial Statements.

8

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(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)	8.92%				12/2028	$	1,293	$	1,283	—	%	$	1,287
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.92%				12/2028	1,108		1,106		—		1,103
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.92%				12/2028	1,075		1,074		—		1,070
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.92%				12/2028	1,075		1,074		—		1,070
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.92%				12/2028	887		886		—		883
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.92%				12/2028	403		400		—		401
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.92%				12/2028	348		346		—		346
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.92%				12/2028	1,205		1,204		—		1,199
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.92%				12/2028	294		292		—		293
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.92%				12/2028	173		172		—		172
Denali Midco 2, LLC+(5)	One stop				N/A(6)				12/2028	—		(3)		—		(6)
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.92%				12/2028	87		85		—		86
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.92%				12/2028	1,687		1,678		0.1		1,675
Denali Midco 2, LLC+(25)	Second lien	N/A			13.00%	PIK			12/2029	12,365		12,293		0.3		12,242
High Bar Brands Operating, LLC+(5)	Senior secured				N/A(6)				12/2029	—		(1)		—		(2)
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(j)	8.95%				12/2029	249		249		—		247
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(j)	8.95%				12/2029	1,415		1,412		0.1		1,399
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(j)	8.95%				12/2029	295		294		—		291
Lincoln Acq Buyer, LLC+	One stop	SF +	4.50%	(j)	8.20%				11/2032	5		5		—		5
Lincoln Acq Buyer, LLC+	One stop	SF +	4.50%	(j)	8.20%				11/2032	281		280		—		281
Lincoln Acq Buyer, LLC+	One stop	SF +	4.50%	(j)	8.17%				11/2032	34		34		—		34
Lincoln Acq Buyer, LLC+	One stop	SF +	4.50%	(j)	8.16%				11/2032	11		11		—		11
Lincoln Acq Buyer, LLC+(5)	One stop				N/A(6)				11/2032	—		(1)		—		—
MOP GM Holding, LLC*+(25)	One stop	SF +	6.25%	(j)	6.35%	cash/	3.75%	PIK	11/2027	32,721		32,685		0.9		32,067
MOP GM Holding, LLC+(25)	One stop	SF +	6.25%	(j)	6.32%	cash/	3.75%	PIK	11/2027	3,848		3,836		0.1		3,770
MOP GM Holding, LLC*+(25)	One stop	SF +	6.25%	(j)	6.32%	cash/	3.75%	PIK	11/2027	3,566		3,559		0.1		3,495
MOP GM Holding, LLC*+(25)	One stop	SF +	6.25%	(j)	6.32%	cash/	3.75%	PIK	11/2027	3,486		3,473		0.1		3,416
MOP GM Holding, LLC*+(25)	One stop	SF +	6.25%	(j)	6.35%	cash/	3.75%	PIK	11/2027	2,607		2,598		0.1		2,555
MOP GM Holding, LLC+(25)	One stop	SF +	6.25%	(j)	6.32%	cash/	3.75%	PIK	11/2027	2,130		2,123		0.1		2,088
MOP GM Holding, LLC+(25)	One stop	SF +	6.25%	(j)	6.32%	cash/	3.75%	PIK	11/2027	1,965		1,955		0.1		1,925
MOP GM Holding, LLC+(25)	One stop	SF +	6.25%	(j)	6.35%	cash/	3.75%	PIK	11/2027	722		719		—		708
MOP GM Holding, LLC+(25)	One stop	SF +	6.25%	(j)	6.35%	cash/	3.75%	PIK	11/2027	531		528		—		520
MOP GM Holding, LLC+(25)	One stop	SF +	6.25%	(j)	6.34%	cash/	3.75%	PIK	11/2027	404		402		—		396
MOP GM Holding, LLC+(25)	One stop	SF +	6.25%	(j)	6.32%	cash/	3.75%	PIK	11/2027	264		262		—		258
MOP GM Holding, LLC+(25)	One stop	SF +	6.25%	(j)	6.35%	cash/	3.75%	PIK	11/2027	202		202		—		198
MOP GM Holding, LLC+(25)	One stop	SF +	6.25%	(j)	6.35%	cash/	3.75%	PIK	11/2027	88		88		—		87
MOP GM Holding, LLC+(25)	One stop	SF +	6.25%	(j)	6.32%	cash/	3.75%	PIK	11/2027	88		88		—		86
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.00%	(k)	8.66%				07/2029	922		912		—		922
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.00%	(j)	8.70%				07/2029	13,215		13,177		0.4		13,215
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.00%	(k)	8.59%				07/2029	2,405		2,388		0.1		2,405
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.00%	(j)	8.70%				07/2029	1,273		1,268		—		1,273
POY Holdings, LLC*+	One stop	SF +	5.50%	(j)	9.35%				11/2027	28,050		28,195		0.7		26,647
POY Holdings, LLC*+	One stop	SF +	5.50%	(j)	9.35%				11/2027	3,648		3,680		0.1		3,465
POY Holdings, LLC*+	One stop	SF +	5.50%	(j)	9.35%				11/2027	1,291		1,291		—		1,227
POY Holdings, LLC+	One stop	SF +	5.50%	(j)	9.35%				11/2027	860		860		—		817
POY Holdings, LLC+	One stop	SF +	5.50%	(j)	9.35%				11/2027	642		642		—		610
POY Holdings, LLC+	One stop	SF +	5.50%	(j)	9.35%				11/2027	287		287		—		272
POY Holdings, LLC+	One stop	SF +	5.50%	(j)	9.35%				11/2027	418		417		—		395
POY Holdings, LLC+(5)	One stop				N/A(6)				11/2027	—		(9)		—		—
POY Holdings, LLC*	One stop	SF +	5.50%	(j)	9.35%				11/2027	2,250		2,244		0.1		2,138
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	5.00%	(i)	8.67%				06/2031	4,784		4,754		0.1		4,784
Quick Quack Car Wash Holdings, LLC+(5)	One stop				N/A(6)				06/2031	—		(3)		—		—
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	5.00%	(i)	8.67%				06/2031	269		266		—		269

See Notes to Consolidated Financial Statements.

9

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(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)
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	5.00%	(i)	8.67%	06/2031	$	108	$	106	—	%	$	108
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	5.00%	(i)	8.67%	06/2031	517		515		—		517
Strickland's Enterprises, LLC+	Senior secured	SF +	4.50%	(j)	8.17%	01/2031	357		356		—		356
Strickland's Enterprises, LLC+	Senior secured				N/A(6)	01/2031	—		—		—		—
Strickland's Enterprises, LLC+(5)	Senior secured				N/A(6)	01/2031	—		(1)		—		(1)
TWAS Holdings, LLC*+	One stop	SF +	4.75%	(i)	8.42%	12/2029	111,543		110,438		3.0		111,543
TWAS Holdings, LLC+(5)	One stop				N/A(6)	12/2029	—		(3)		—		—
TWAS Holdings, LLC+(5)	One stop				N/A(6)	12/2029	—		(9)		—		—
Yorkshire Parent, Inc.+	Senior secured	SF +	4.50%	(a)(j)	8.19%	12/2029	119		117		—		119
Yorkshire Parent, Inc.*+	Senior secured	SF +	4.50%	(j)	8.20%	12/2029	2,203		2,224		0.1		2,203
Yorkshire Parent, Inc.+	Senior secured	SF +	4.50%	(j)	8.17%	12/2029	610		608		—		610
Yorkshire Parent, Inc.+	Senior secured	SF +	4.50%	(j)	8.17%	12/2029	949		928		—		949
Yorkshire Parent, Inc.+	Senior secured	SF +	4.50%	(j)	8.17%	12/2029	2,227		2,219		0.1		2,227
							371,762		370,199		9.8		367,732
Banks
Empyrean Solutions, LLC+	One stop	SF +	4.50%	(j)	8.20%	11/2031	9,283		9,245		0.2		8,958
Empyrean Solutions, LLC+(5)	One stop				N/A(6)	11/2031	—		(6)		—		(49)
Empyrean Solutions, LLC+(5)	One stop				N/A(6)	11/2031	—		(15)		—		(130)
OSP Hamilton Purchaser, LLC+	One stop	SF +	4.75%	(j)	8.42%	12/2029	1,718		1,736		0.1		1,675
OSP Hamilton Purchaser, LLC+	One stop	SF +	4.75%	(j)	8.42%	12/2029	270		267		—		252
OSP Hamilton Purchaser, LLC+	One stop	SF +	4.75%	(j)	8.42%	12/2029	1,643		1,639		0.1		1,603
OSP Hamilton Purchaser, LLC+	One stop	SF +	4.75%	(j)	8.45%	12/2029	928		923		—		903
							13,842		13,789		0.4		13,212
Beverages
Financial Information Technologies, LLC*+	One stop	SF +	4.75%	(j)	8.45%	06/2030	34,105		34,022		0.9		33,763
Financial Information Technologies, LLC+(5)	One stop				N/A(6)	06/2030	—		(1)		—		(5)
Financial Information Technologies, LLC+	One stop	SF +	4.75%	(j)	8.45%	06/2030	2,188		2,183		0.1		2,165
Financial Information Technologies, LLC*	One stop	SF +	4.75%	(j)	8.45%	06/2030	1,679		1,675		—		1,662
Spindrift Beverage Co. Inc.+	One stop	SF +	5.00%	(j)	8.67%	02/2032	245		229		—		245
Spindrift Beverage Co. Inc.+(5)	One stop				N/A(6)	02/2032	—		(5)		—		—
Spindrift Beverage Co. Inc.+	One stop	SF +	5.00%	(j)	8.65%	02/2032	7,653		7,572		0.2		7,653
Watermill Express, LLC*+	One stop	SF +	4.50%	(j)	8.20%	04/2031	3,047		3,022		0.1		3,047
Watermill Express, LLC+	One stop	SF +	4.50%	(j)	8.20%	04/2031	294		293		—		294
Watermill Express, LLC+(5)	One stop				N/A(6)	04/2031	—		(4)		—		—
Watermill Express, LLC+	One stop	SF +	4.50%	(j)	8.20%	04/2031	735		729		—		735
Watermill Express, LLC+	One stop	SF +	4.50%	(j)	8.20%	04/2031	369		366		—		369
Watermill Express, LLC*	One stop	SF +	4.50%	(j)	8.17%	04/2031	2,381		2,362		0.1		2,381
Watermill Express, LLC*	One stop	SF +	4.50%	(j)	8.20%	04/2031	2,771		2,757		0.1		2,771
Watermill Express, LLC+(5)	One stop				N/A(6)	04/2031	—		(10)		—		—
Winebow Holdings, Inc.*+	One stop	SF +	6.25%	(i)	10.02%	12/2027	9,190		8,948		0.2		7,719
							64,657		64,138		1.7		62,799

Building Products
BECO Holding Company, Inc.+(5)	One stop				N/A(6)	11/2027	—	(1)	—	(2)
BECO Holding Company, Inc.*+	One stop	SF +	5.25%	(j)	9.10%	11/2028	40,366	40,767	1.1	40,258
BECO Holding Company, Inc.+	One stop	SF +	5.25%	(j)	9.10%	11/2028	311	310	—	310
BECO Holding Company, Inc.+(5)	One stop				N/A(6)	11/2028	—	(3)	—	(2)
							40,677	41,073	1.1	40,564
Capital Markets
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(j)	8.44%	01/2031	204	204	—	195
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(j)	8.45%	01/2031	2,502	2,515	0.1	2,427
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(j)	8.45%	01/2031	841	834	—	816
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(j)	8.45%	01/2031	9,874	9,813	0.3	9,578

See Notes to Consolidated Financial Statements.

10

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(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)
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(j)	8.45%				01/2031	$	758	$	756	—	%	$	736
										14,179		14,122		0.4		13,752
Chemicals
AP Adhesives Holdings, LLC+(5)	One stop				N/A(6)				04/2032	—		(8)		—		(17)
AP Adhesives Holdings, LLC+(5)	One stop				N/A(6)				04/2031	—		(4)		—		(8)
AP Adhesives Holdings, LLC+	One stop	SF +	4.75%	(j)	8.42%				04/2032	5,771		5,746		0.2		5,719
Inhance Parent, Inc.+(25)	One stop	SF +	7.00%	(j)	6.35%	cash/	4.50%	PIK	06/2029	851		851		—		851
Inhance Parent, Inc.+(25)	One stop	SF +	7.00%	(j)	6.35%	cash/	4.50%	PIK	06/2029	23,317		20,604		0.6		21,919
Inhance Parent, Inc.+(7)(25)	One stop	N/A			20.00%	PIK			06/2029	11,656		4,446		0.1		5,246
JSG II, Inc. and Checkers USA, Inc.+	One stop	SF +	4.50%	(i)	8.17%				09/2032	1,430		1,423		—		1,423
JSG II, Inc. and Checkers USA, Inc.+(5)	One stop				N/A(6)				09/2032	—		(1)		—		(1)
JSG II, Inc. and Checkers USA, Inc.+(5)	One stop				N/A(6)				09/2032	—		(1)		—		(2)
Krayden Holdings, Inc.*	Senior secured	SF +	4.75%	(i)	8.45%				03/2029	9,692		9,629		0.3		9,625
Krayden Holdings, Inc.+	Senior secured	SF +	4.75%	(j)	8.45%				03/2029	1,031		1,009		—		1,008
Krayden Holdings, Inc.+	Senior secured	SF +	4.75%	(j)	8.45%				03/2029	3,020		2,976		0.1		2,952
PHM NL SP Bidco B.V.+(8)(9)(10)(25)	One stop	E +	6.75%	(c)	4.63%	cash/	4.25%	PIK	09/2028	57,255		54,461		1.4		53,248
PHM NL SP Bidco B.V.+(8)(10)(25)	One stop	SF +	6.75%	(h)	6.28%	cash/	4.25%	PIK	09/2028	21,740		21,009		0.5		20,218
PHM NL SP Bidco B.V.+(8)(9)(10)(25)	One stop	SN +	6.75%	(g)	7.48%	cash/	3.00%	PIK	09/2028	11,890		11,387		0.3		11,057
PHM NL SP Bidco B.V.+(8)(9)(10)(25)	One stop	E +	6.75%	(d)	5.92%	cash/	3.00%	PIK	09/2028	5,791		5,432		0.2		5,386
										153,444		138,959		3.7		138,624
Commercial Services & Supplies
CHA Vision Holdings, Inc.+	One stop				N/A(6)				01/2030	—		—		—		—
CHA Vision Holdings, Inc.+	One stop	SF +	5.00%	(j)	8.67%				01/2031	1,053		1,050		—		1,049
CHA Vision Holdings, Inc.+	One stop	SF +	5.00%	(j)	8.67%				01/2031	343		342		—		341
CHA Vision Holdings, Inc.+	One stop	SF +	5.00%	(j)	8.67%				01/2031	304		302		—		302
CHA Vision Holdings, Inc.+	One stop	SF +	5.00%	(j)	8.67%				01/2031	68		64		—		64
CI (Quercus) Intermediate Holdings, LLC+	One stop	SF +	5.00%	(j)	8.70%				06/2031	53		37		—		47
CI (Quercus) Intermediate Holdings, LLC*+	One stop	SF +	5.00%	(j)	8.70%				06/2031	33,570		33,286		0.9		33,267
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop				N/A(6)				06/2031	—		(2)		—		(4)
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop				N/A(6)				06/2031	—		(4)		—		(9)
Dispatch Acquisition Holdings, LLC+	One stop	SF +	4.75%	(j)	8.45%				11/2032	673		670		—		670
Dispatch Acquisition Holdings, LLC+	One stop	SF +	4.75%	(j)	8.45%				11/2032	36		36		—		36
Dispatch Acquisition Holdings, LLC+(5)	One stop				N/A(6)				11/2032	—		—		—		(1)
Kleinfelder Intermediate, LLC+	One stop	SF +	4.50%	(j)	8.17%				09/2030	4,026		3,950		0.1		4,016
Kleinfelder Intermediate, LLC+(5)	One stop				N/A(6)				09/2028	—		(5)		—		(1)
Kleinfelder Intermediate, LLC+	One stop	SF +	4.50%	(j)	8.17%				09/2030	437		435		—		436
Kleinfelder Intermediate, LLC+(5)	One stop				N/A(6)				09/2030	—		(1)		—		(1)
Pearl Acquisition Buyer, Inc.+	One stop	SF +	4.50%	(j)	8.20%				12/2032	6		6		—		6
Pearl Acquisition Buyer, Inc.+	One stop	SF +	4.50%	(j)	8.20%				12/2032	344		343		—		343
Pearl Acquisition Buyer, Inc.+	One stop				N/A(6)				12/2032	—		—		—		—
Profile Products LLC+	One stop	SF +	5.50%	(j)	9.27%				11/2027	8,913		8,874		0.2		8,860
Profile Products LLC+	One stop	SF +	5.50%	(j)	9.27%				11/2027	1,806		1,794		0.1		1,796
Profile Products LLC+	One stop	P +	4.50%	(a)	11.25%				11/2027	58		58		—		58
Profile Products LLC+	One stop	P +	4.50%	(a)	11.25%				11/2027	30		28		—		28
PSC Parent, Inc.*+	One stop	SF +	5.25%	(j)	8.91%				04/2031	5,422		5,416		0.2		5,433
PSC Parent, Inc.+	One stop	SF +	5.25%	(i)(j)	8.92%				04/2030	377		373		—		377
PSC Parent, Inc.+	One stop	SF +	5.25%	(i)	8.92%				04/2031	1,302		1,297		—		1,304
PSC Parent, Inc.+	One stop	SF +	5.25%	(j)	8.92%				04/2031	904		901		—		906
PT Intermediate Holdings III, LLC+(25)	One stop	SF +	4.75%	(j)	6.70%	cash/	1.75%	PIK	04/2030	21,514		21,501		0.6		21,473
PT Intermediate Holdings III, LLC+(5)	One stop				N/A(6)				04/2030	—		(3)		—		(2)
Radwell Parent, LLC*+	One stop	SF +	5.50%	(j)	9.20%				03/2029	33,766		33,553		0.9		33,580
Radwell Parent, LLC*+	One stop	SF +	5.50%	(j)	9.20%				03/2029	32,454		32,490		0.9		32,276
Radwell Parent, LLC+	One stop	SF +	5.50%	(j)	9.20%				03/2029	289		261		—		282

See Notes to Consolidated Financial Statements.

11

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(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				N/A(6)	04/2030	$	—	$	—	—	%	$	—
Radwell Parent, LLC+	One stop				N/A(6)	04/2030	—		—		—		—
Radwell Parent, LLC+	One stop				N/A(6)	04/2030	—		—		—		—
Radwell Parent, LLC+(5)	One stop				N/A(6)	04/2030	—		—		—		(1)
Radwell Parent, LLC+(5)	One stop				N/A(6)	04/2030	—		—		—		(1)
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.25%	(j)	8.02%	06/2029	2,959		2,947		0.1		2,933
Trinity Air Consultants Holdings Corporation+(5)	One stop				N/A(6)	06/2029	—		(1)		—		(1)
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.25%	(j)	8.01%	06/2029	1,379		1,377		—		1,366
Trinity Air Consultants Holdings Corporation+(5)	One stop				N/A(6)	06/2029	—		(1)		—		(3)
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.25%	(j)	8.02%	06/2029	1,569		1,555		0.1		1,555
WRE Holding Corp.+(5)	One stop				N/A(6)	07/2031	—		(4)		—		(8)
WRE Holding Corp.+	One stop	SF +	5.00%	(k)	8.71%	07/2031	75		75		—		75
WRE Holding Corp.+	One stop	SF +	5.00%	(k)	8.67%	07/2030	452		435		—		433
WRE Holding Corp.*	One stop	SF +	5.00%	(k)	8.74%	07/2031	16,266		16,142		0.4		16,131
WRE Holding Corp.*	One stop	SF +	5.00%	(k)	8.61%	07/2031	1,786		1,779		0.1		1,771
WRE Holding Corp.*	One stop	SF +	5.00%	(k)	8.60%	07/2031	1,076		1,072		—		1,067
WRE Holding Corp.+	One stop	SF +	5.00%	(k)	8.60%	07/2031	837		834		—		830
WRE Holding Corp.+	One stop	SF +	5.00%	(k)	8.60%	07/2031	293		292		—		290
WRE Holding Corp.+	One stop	SF +	5.00%	(k)	8.60%	07/2031	300		299		—		297
WRE Holding Corp.+	One stop	SF +	5.00%	(k)	8.60%	07/2031	186		185		—		184
							174,926		174,038		4.6		173,850
Communications Equipment
Lightning Finco Limited+(8)(15)	One stop	SF +	5.75%	(h)	9.81%	09/2028	14,802		14,786		0.4		14,580
Lightning Finco Limited+(8)(9)(15)	One stop	E +	5.75%	(d)	7.87%	09/2028	1,755		1,749		—		1,729
							16,557		16,535		0.4		16,309
Construction & Engineering
Consor Intermediate II, LLC*+	One stop	SF +	4.50%	(j)	8.20%	05/2031	5,484		5,488		0.1		5,439
Consor Intermediate II, LLC+(5)	One stop				N/A(6)	05/2031	—		(8)		—		(18)
Consor Intermediate II, LLC+	One stop	SF +	4.50%	(j)	8.20%	05/2031	167		164		—		161
DCCM, LLC+	One stop	SF +	4.75%	(i)	8.42%	06/2032	590		587		—		590
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)	8.19%	12/2030	752		743		—		734
Royal Holdco Corporation+	One stop	SF +	4.50%	(j)	8.19%	12/2030	371		367		—		366
Royal Holdco Corporation+	One stop	SF +	4.50%	(j)	8.17%	12/2030	5,951		5,902		0.2		5,900
							13,315		13,241		0.3		13,172

Containers & Packaging
Chase Intermediate*+	One stop	SF +	4.75%	(j)	8.42%	10/2028	48,574	49,030	1.3	47,602
Chase Intermediate+	One stop	SF +	4.75%	(j)	8.44%	10/2028	272	271	—	258
Chase Intermediate+	One stop	SF +	4.75%	(j)	8.42%	10/2028	2,273	2,269	—	2,227
Chase Intermediate+	One stop	SF +	4.75%	(j)	8.42%	10/2028	595	563	—	421
Fortis Solutions Group, LLC*+	One stop	SF +	5.50%	(j)	9.30%	10/2028	51,328	51,054	1.4	50,973
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(j)	9.30%	10/2028	1,686	1,672	—	1,676
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(j)	9.30%	10/2028	139	98	—	138
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(j)	9.30%	10/2027	272	266	—	270
Packaging Coordinators Midco, Inc.+	One stop	SF +	5.00%	(j)	8.67%	07/2032	6,298	6,204	0.2	6,174
Packaging Coordinators Midco, Inc.+(5)	One stop				N/A(6)	07/2032	—	(7)	—	(14)
Packaging Coordinators Midco, Inc.+(5)	One stop				N/A(6)	07/2032	—	—	—	(20)
Packaging Coordinators Midco, Inc.+(9)	One stop	SN +	5.00%	(g)	8.73%	07/2032	12,289	12,214	0.3	12,046
Packaging Coordinators Midco, Inc.+	One stop	SF +	5.00%	(j)	8.67%	07/2032	76	76	—	74
Packaging Coordinators Midco, Inc.+(5)	One stop				N/A(6)	07/2032	—	(3)	—	(6)

See Notes to Consolidated Financial Statements.

12

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(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)
Packaging Coordinators Midco, Inc.+(5)	One stop				N/A(6)				07/2032	$	—	$	—	—	%	$	(6)
										123,802		123,707		3.2		121,813
Diversified Consumer Services
ABC Legal Holdings, LLC+	One stop	SF +	4.25%	(j)	7.92%				08/2032	1,330		1,324		—		1,302
ABC Legal Holdings, LLC+(5)	One stop				N/A(6)				08/2032	—		(1)		—		(6)
ABC Legal Holdings, LLC+(5)	One stop				N/A(6)				08/2032	—		(2)		—		(9)
Action Termite Control, LLC+	Senior secured				N/A(6)				12/2032	—		—		—		—
Action Termite Control, LLC+	Senior secured	SF +	4.25%	(j)	7.95%				12/2032	107		106		—		107
Action Termite Control, LLC+(5)	Senior secured				N/A(6)				12/2032	—		(2)		—		—
Any Hour, LLC*(25)	One stop	SF +	5.75%	(j)	6.20%	cash/	3.25%	PIK	05/2030	9,019		8,973		0.2		8,478
Any Hour, LLC+(25)	One stop	N/A			13.00%	PIK			05/2031	3,493		3,452		0.1		2,655
Any Hour, LLC+(25)	One stop	SF +	5.75%	(j)	6.20%	cash/	3.25%	PIK	05/2030	870		860		—		813
Any Hour, LLC+(25)	One stop	SF +	5.75%	(j)	6.20%	cash/	3.25%	PIK	05/2030	255		254		—		240
Apex Service Partners, LLC+	One stop	SF +	5.00%	(j)	8.67%				10/2030	4,368		4,423		0.1		4,333
Apex Service Partners, LLC+	One stop	SF +	5.00%	(j)	8.68%				10/2030	13,785		13,731		0.4		13,675
Apex Service Partners, LLC+	One stop	SF +	5.00%	(j)	8.67%				10/2030	1,039		1,028		—		1,031
Apex Service Partners, LLC+	One stop	SF +	5.00%	(j)	8.69%				10/2029	37		35		—		37
Apex Service Partners, LLC+	One stop	SF +	5.00%	(j)	8.67%				10/2030	2,187		2,169		0.1		2,169
Apex Service Partners, LLC+	One stop	SF +	5.00%	(j)	8.67%				10/2030	6,475		6,448		0.2		6,423
Aptive Environmental, LLC*	One stop	SF +	4.75%	(i)	8.42%				10/2032	1,767		1,751		0.1		1,767
Aptive Environmental, LLC+(5)	One stop				N/A(6)				10/2032	—		(1)		—		—
Aptive Environmental, LLC+	One stop				N/A(6)				10/2032	—		—		—		—
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.10%				08/2027	454		453		—		449
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.10%				08/2027	2,754		2,746		0.1		2,726
Certus Pest, Inc.*	One stop	SF +	5.25%	(j)	9.10%				08/2027	1,730		1,727		0.1		1,713
Certus Pest, Inc.*	One stop	SF +	5.25%	(j)	9.10%				08/2027	1,659		1,656		0.1		1,643
Certus Pest, Inc.*+	One stop	SF +	5.25%	(j)	9.10%				08/2027	1,197		1,195		—		1,186
Certus Pest, Inc.*	One stop	SF +	5.25%	(j)	9.10%				08/2027	1,182		1,180		—		1,170
Certus Pest, Inc.*+	One stop	SF +	5.25%	(j)	9.10%				08/2027	820		818		—		811
Certus Pest, Inc.*	One stop	SF +	5.25%	(j)	9.10%				08/2027	723		721		—		716
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.10%				08/2027	704		703		—		697
Certus Pest, Inc.*+	One stop	SF +	5.25%	(j)	9.10%				08/2027	416		415		—		412
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.10%				08/2027	260		260		—		258
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.10%				08/2027	142		142		—		141
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.10%				08/2027	60		60		—		59
Certus Pest, Inc.+(5)	One stop				N/A(6)				08/2027	—		—		—		(2)
Certus Pest, Inc.+(5)	One stop				N/A(6)				08/2027	—		(9)		—		(33)
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.10%				08/2027	390		389		—		387
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.10%				08/2027	2,318		2,312		0.1		2,295
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.10%				08/2027	1,445		1,441		—		1,431
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.10%				08/2027	694		692		—		687
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.10%				08/2027	694		692		—		687
CHHJ Midco, LLC*+	Senior secured	SF +	5.00%	(i)	8.77%				01/2028	3,673		3,667		0.1		3,655
CHHJ Midco, LLC+	Senior secured	SF +	5.00%	(i)	8.77%				01/2028	30		30		—		30
CHVAC Services Investment, LLC*+	One stop	SF +	4.75%	(j)	8.45%				05/2030	6,367		6,297		0.2		6,315
CHVAC Services Investment, LLC*+	One stop	SF +	4.75%	(j)	8.45%				05/2030	1,656		1,641		0.1		1,643
CHVAC Services Investment, LLC+	One stop	SF +	4.75%	(j)	8.42%				05/2030	94		91		—		91
CHVAC Services Investment, LLC+	One stop	SF +	4.75%	(j)	8.44%				05/2030	714		679		—		641
COP Hometown Acquisitions, Inc.*+	Senior secured	SF +	5.25%	(j)	8.91%				07/2027	2,363		2,358		0.1		2,343
COP Hometown Acquisitions, Inc.*+	Senior secured	SF +	5.25%	(j)	8.91%				07/2027	2,303		2,295		0.1		2,283
COP Hometown Acquisitions, Inc.*+	Senior secured	SF +	5.25%	(j)	8.91%				07/2027	1,509		1,504		0.1		1,496
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	8.91%				07/2027	1,067		1,063		—		1,057
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	8.91%				07/2027	1,136		1,132		—		1,126

See Notes to Consolidated Financial Statements.

13

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(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)
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	8.92%		07/2027	$	685	$	683	—	%	$	679
COP Hometown Acquisitions, Inc.+	Senior secured	P +	4.25%	(a)	11.00%		07/2027	101		99		—		98
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	8.91%		07/2027	1,363		1,362		—		1,350
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	8.91%		07/2027	1,031		1,030		—		1,022
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	8.92%		07/2027	907		906		—		899
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	8.90%		07/2027	5,463		5,433		0.2		5,414
EMS LINQ, LLC+	One stop	SF +	6.25%	(k)	9.98%		12/2027	13,835		13,853		0.4		13,559
EMS LINQ, LLC+	One stop	SF +	6.25%	(j)(k)	9.98%		12/2027	84		84		—		80
Entomo Brands Acquisitions, Inc.*+	Senior secured	SF +	5.50%	(j)	9.35%		07/2029	4,322		4,324		0.1		4,322
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50%	(j)	9.35%		07/2029	14		14		—		14
Entomo Brands Acquisitions, Inc.*+	Senior secured	SF +	5.50%	(j)	9.35%		07/2029	1,257		1,247		—		1,257
EWC Growth Partners LLC+	One stop	SF +	6.00%	(j)	9.85%		03/2027	911		896		—		774
EWC Growth Partners LLC+	One stop	SF +	6.00%	(j)	9.85%		03/2027	1,069		1,050		—		908
EWC Growth Partners LLC+	One stop	SF +	6.00%	(j)	9.85%		03/2027	38		36		—		32
EWC Growth Partners LLC+	One stop	SF +	6.00%	(j)	9.85%		03/2027	101		99		—		86
FPG Intermediate Holdco, LLC+(25)	One stop	SF +	5.00%	(k)	8.70%	PIK	06/2029	134		134		—		134
FPG Intermediate Holdco, LLC+(25)	One stop	SF +	5.00%	(j)(k)	8.69%	PIK	06/2029	963		963		—		963
FPG Intermediate Holdco, LLC+(25)	One stop	SF +	5.00%	(j)(k)	8.67%	PIK	06/2029	1,425		1,425		—		1,425
FPG Intermediate Holdco, LLC+(25)	Senior secured	SF +	5.00%	(j)(k)	8.70%	PIK	06/2029	4,967		4,733		0.1		4,223
FPG Intermediate Holdco, LLC+(7)(25)	One stop	SF +	5.00%	(j)(k)	8.70%	PIK	06/2029	1,987		1,631		0.1		1,590
FSS Buyer LLC+(5)	One stop				N/A(6)		08/2030	—		—		—		(4)
FSS Buyer LLC*+	One stop	SF +	4.50%	(i)	8.17%		08/2031	6,846		6,811		0.2		6,572
HS Spa Holdings, Inc.+	One stop	SF +	5.25%	(j)	8.92%		06/2029	11,373		11,360		0.3		11,373
HS Spa Holdings, Inc.+	One stop	SF +	5.25%	(a)(i)	9.71%		06/2028	74		73		—		74
HS Spa Holdings, Inc.+	One stop	SF +	5.25%	(j)	8.92%		06/2029	682		681		—		682
Kodiak Buyer, LLC+	One stop	SF +	4.25%	(j)	7.95%		07/2032	614		611		—		611
Kodiak Buyer, LLC+(5)	One stop				N/A(6)		07/2032	—		(1)		—		(1)
Kodiak Buyer, LLC+(5)	One stop				N/A(6)		07/2032	—		(1)		—		(1)
Liminex, Inc.+	One stop	SF +	6.25%	(j)	10.07%		11/2026	35,204		35,194		0.9		35,029
Liminex, Inc.*+	One stop	SF +	6.25%	(j)	10.07%		11/2026	23,222		23,201		0.6		23,106
Liminex, Inc.+	One stop	SF +	6.25%	(j)	10.07%		11/2026	15,754		15,698		0.4		15,674
Liminex, Inc.+	One stop	SF +	6.25%	(j)	10.07%		11/2026	20,067		20,175		0.5		19,966
Litera Bidco, LLC*	One stop	SF +	5.00%	(i)	8.67%		05/2028	5,123		5,130		0.1		5,046
Litera Bidco, LLC+	One stop	SF +	5.00%	(i)	8.67%		05/2028	2,046		2,042		0.1		2,012
Litera Bidco, LLC+(5)	One stop				N/A(6)		05/2028	—		(1)		—		(5)
Litera Bidco, LLC+(5)	One stop				N/A(6)		05/2028	—		(1)		—		(10)
Mario Purchaser, LLC+	One stop	SF +	5.75%	(j)	9.55%		04/2029	450		447		—		435
Mario Purchaser, LLC*+	One stop	SF +	5.75%	(j)	9.55%		04/2029	11,238		11,203		0.3		10,868
Mario Purchaser, LLC+(25)	One stop	N/A			14.55%	PIK	04/2032	5,381		5,399		0.1		5,160
Mario Purchaser, LLC+	One stop	SF +	5.75%	(j)	9.55%		04/2029	5,174		5,194		0.1		5,004
Mario Purchaser, LLC+	One stop	SF +	5.75%	(j)	9.56%		04/2028	148		146		—		144
NSG Buyer, Inc. *+	One stop	SF +	5.00%	(j)	8.70%		11/2029	40,147		39,943		1.1		39,825
NSG Buyer, Inc. +	One stop	SF +	5.00%	(j)	8.70%		11/2028	145		141		—		139
NSG Buyer, Inc. +(5)	One stop				N/A(6)		11/2029	—		(18)		—		(38)
PADI Holdco, Inc.+	One stop	SF +	4.75%	(j)	8.56%		01/2029	668		664		—		661
PADI Holdco, Inc.*	One stop	SF +	4.75%	(j)	8.57%		01/2029	21,024		20,873		0.6		20,919
PADI Holdco, Inc.+(9)	One stop	E +	4.75%	(c)	6.76%		01/2029	20,566		20,166		0.6		20,463
PADI Holdco, Inc.+	One stop	SF +	4.75%	(j)	8.57%		01/2029	810		804		—		806
PADI Holdco, Inc.+	One stop	SF +	4.75%	(j)	8.57%		01/2029	167		166		—		166
PADI Holdco, Inc.+(9)	One stop	A +	5.25%	(e)	9.29%		01/2029	7,785		7,052		0.2		7,746
Provenance Buyer LLC*+	One stop	SF +	5.00%	(j)	8.80%		06/2027	20,474		20,394		0.6		20,474
Provenance Buyer LLC*+	One stop	SF +	5.00%	(j)	8.80%		06/2027	13,795		13,728		0.4		13,795
Provenance Buyer LLC+	One stop	SF +	5.00%	(j)	8.80%		06/2027	38		34		—		38

See Notes to Consolidated Financial Statements.

14

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(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)
RW AM Holdco LLC+(7)	One stop	SF +	5.25%	(j)	9.05%				04/2028	$	23,613	$	23,026	0.3	%	$	10,390
RW AM Holdco LLC+(5)(7)	One stop	SF +	5.25%	(j)	9.02%				04/2028	60		52		—		(52)
Salisbury House, LLC+(5)	One stop				N/A(6)				08/2032	—		(1)		—		(2)
Salisbury House, LLC*	One stop	SF +	4.75%	(k)	8.48%				08/2032	1,494		1,487		—		1,480
Salisbury House, LLC+(5)	One stop				N/A(6)				08/2032	—		(1)		—		(3)
SCP CDH Buyer, Inc.+	One stop	SF +	4.50%	(j)	8.20%				12/2032	354		352		—		352
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)	6.17%	cash/	2.25%	PIK	10/2031	35,966		35,694		0.9		34,887
Severin Acquisition, LLC+	One stop	SF +	4.50%	(i)	8.18%				10/2031	1,185		1,150		—		1,052
Severin Acquisition, LLC+(25)	One stop	SF +	4.75%	(i)	6.17%	cash/	2.25%	PIK	10/2031	1,785		1,756		0.1		1,562
Stellar Brands, LLC+	Senior secured	SF +	4.50%	(i)	8.17%				02/2031	7,115		7,071		0.2		7,115
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)	8.85%				12/2030	3,149		3,179		0.1		3,135
Virginia Green Acquisition, LLC+	One stop				N/A(6)				12/2029	—		—		—		—
Virginia Green Acquisition, LLC+(5)	One stop				N/A(6)				12/2030	—		—		—		(1)
										467,679		463,963		11.9		446,595
Diversified Financial Services
Baker Tilly Advisory Group, LP+(5)	One stop				N/A(6)				06/2030	—		(10)		—		(12)
Baker Tilly Advisory Group, LP+	One stop	SF +	4.75%	(i)	8.42%				06/2031	3,744		3,706		0.1		3,781
Baker Tilly Advisory Group, LP+	One stop	SF +	4.50%	(i)	8.17%				06/2031	5,747		5,722		0.1		5,695
Baker Tilly Advisory Group, LP+(5)	One stop				N/A(6)				06/2031	—		(4)		—		(9)
Banker's Toolbox, Inc.*+	One stop	SF +	4.50%	(j)	8.20%				07/2029	20,999		20,883		0.6		20,789
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	—		(1)		—		(3)
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop	E +	4.75%	(c)	6.78%				07/2031	17,212		15,991		0.5		16,954
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop	E +	5.25%	(c)	7.37%				07/2031	7,621		7,683		0.2		7,506
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)(25)	Subordinated debt	E +	7.50%	(d)	9.65%	PIK			07/2032	2,351		2,199		0.1		2,257
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop	E +	4.75%	(d)	6.85%				07/2031	2,438		2,312		0.1		2,402
Ceres Groupe SAS & Ceres PikCo+(5)(8)(9)(20)	One stop				N/A(6)				07/2031	—		—		—		(36)
Corsair Blade IV S.A R.L.+(8)(9)(13)(25)	One stop	SN +	5.75%	(g)	9.23%	cash/	0.25%	PIK	12/2030	1,187		950		—		566
Corsair Blade IV S.A R.L.+(8)(13)(25)	One stop	SF +	5.75%	(j)	9.17%	cash/	0.25%	PIK	12/2030	3,752		3,752		0.1		3,672
Deerfield Dakota Holding, LLC+	One stop	SF +	5.25%	(i)	8.93%				09/2032	34		33		—		33
Deerfield Dakota Holding, LLC+(25)	One stop	SF +	5.75%	(j)	6.70%	cash/	2.75%	PIK	09/2032	1,852		1,835		—		1,832
Equity Methods, LLC*	One stop	SF +	4.50%	(j)	8.20%				04/2032	19,829		19,743		0.5		19,535
Equity Methods, LLC+(5)	One stop				N/A(6)				04/2032	—		(16)		—		(53)
Equity Methods, LLC+(5)	One stop				N/A(6)				04/2032	—		(20)		—		(67)
Flash Topco, Inc.+	One stop	SF +	6.00%	(k)	9.95%				10/2028	16,830		16,597		0.4		16,494
Flash Topco, Inc.+	One stop	SF +	6.50%	(j)(k)	10.20%				10/2028	176		174		—		176
Flash Topco, Inc.+	One stop	SF +	6.00%	(k)	9.70%				10/2028	3,361		3,349		0.1		3,285
Higginbotham Insurance Agency, Inc.+(5)	Senior secured				N/A(6)				06/2031	—		—		—		(2)
Higginbotham Insurance Agency, Inc.+(5)	One stop				N/A(6)				06/2031	—		(1)		—		(2)
Higginbotham Insurance Agency, Inc.*+	One stop	SF +	4.50%	(i)	8.17%				06/2031	9,385		9,397		0.2		9,340
Medlar Bidco Limited+(8)(9)(21)	One stop	SN +	4.50%	(g)	8.23%				05/2032	26,050		26,024		0.7		25,879
Medlar Bidco Limited+(5)(8)(9)(21)	One stop				N/A(6)				05/2032	—		(52)		—		(55)
Medlar Bidco Limited+(8)(9)(21)	One stop	E +	4.50%	(c)	6.52%				05/2032	32,446		31,557		0.9		32,237
Wealth Enhancement Group, LLC+	One stop	SF +	4.25%	(j)	7.91%				10/2028	408		407		—		406
Wealth Enhancement Group, LLC+	One stop	SF +	4.25%	(j)	7.91%				10/2028	166		162		—		162
Wealth Enhancement Group, LLC+	One stop	SF +	4.25%	(j)	7.91%				10/2028	91		91		—		91
Wealth Enhancement Group, LLC+(5)	One stop				N/A(6)				10/2028	—		(1)		—		(3)

See Notes to Consolidated Financial Statements.

15

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(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)

Wealth Enhancement Group, LLC+

One stop

SF +

4.25%

(j)

7.91%

10/2028

$

2,838

$

2,835

0.1

%