_____________________________________________________________________________________________________

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 June 30, 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 August 3, 2026, the Registrant had 259,651,589 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 June 30, 2026 (unaudited) and September 30, 2025	3
	Consolidated Statements of Operations for the three and nine months ended June 30, 2026 (unaudited) and 2025 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and nine months ended June 30, 2026 (unaudited) and 2025 (unaudited)	5
	Consolidated Statements of Cash Flows for the nine months ended June 30, 2026 (unaudited) and 2025 (unaudited)	6
	Consolidated Schedules of Investments as of June 30, 2026 (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	148
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	181
Item 4.	Controls and Procedures	183
Part II. Other Information
Item 1.	Legal Proceedings	184
Item 1A.	Risk Factors	184
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	184
Item 3.	Defaults Upon Senior Securities	184
Item 4.	Mine Safety Disclosures	184
Item 5.	Other Information	184
Item 6.	Exhibits	185

2

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)

	June 30, 2026		September 30, 2025
	(unaudited)
Assets
Investments, at fair value
Non-controlled/non-affiliate company investments	$	7,899,057	$	8,463,764
Non-controlled affiliate company investments	285,326		293,763
Controlled affiliate company investments	11,970		11,862
Total investments, at fair value (amortized cost of $8,377,113 and $8,759,938, respectively)	8,196,353		8,769,389
Cash	12,949		—
Cash equivalents	13		11,935
Foreign currencies (cost of $7,132 and $11,685, respectively)	7,044		11,681
Restricted cash	7,098		7,107
Restricted cash equivalents	43,559		81,720
Interest receivable	60,888		68,031
Receivable for investments	5,197		7,273
Net unrealized appreciation on derivatives	5,537		12,129
Other assets	928		9,034
Total Assets	$	8,339,566	$	8,978,299
Liabilities
Debt	$	4,561,799	$	4,926,778
Less unamortized debt issuance costs	(24,247)		(26,005)
Debt less unamortized debt issuance costs	4,537,552		4,900,773
Net unrealized depreciation on derivatives	3,187		5,023
Interest payable	48,007		38,254
Management and income incentive fees payable	36,152		40,884
Accrued trustee fees	489		1,039
Accounts payable and other liabilities	9,310		9,759
Total Liabilities	4,634,697		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 June 30, 2026 and September 30, 2025	—		—
Common stock, par value $0.001 per share, 500,000,000 shares authorized, 260,033,889 and 266,008,083 shares issued and outstanding as of June 30, 2026 and September 30, 2025, respectively	260		266
Paid in capital in excess of par	3,953,049		4,031,117
Distributable earnings (losses)	(248,440)		(48,816)
Total Net Assets	3,704,869		3,982,567
Total Liabilities and Total Net Assets	$	8,339,566	$	8,978,299
Number of common shares outstanding	260,033,889		266,008,083
Net asset value per common share	$	14.25	$	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 June 30,				Nine months ended June 30,
	2026		2025		2026		2025
Investment income
From non-controlled/non-affiliate company investments:
Interest income	$	164,808	$	193,964	$	508,491	$	580,342
Payment-in-kind interest income	14,444		12,671		43,242		36,409
Dividend income	4,233		8,224		18,212		24,588
Fee income	712		787		2,530		3,032
Total investment income from non-controlled/non-affiliate company investments	184,197		215,646		572,475		644,371
From non-controlled affiliate company investments:
Interest income	1,586		1,817		5,535		6,301
Payment-in-kind interest income	1,769		721		4,357		1,806
Fee income	36		32		88		81
Total investment income from non-controlled affiliate company investments	3,391		2,570		9,980		8,188
From controlled affiliate company investments:
Payment-in-kind interest income	138		124		403		362
Fee income	4		4		13		15
Total investment income from controlled affiliate company investments	142		128		416		377
Total investment income	187,730		218,344		582,871		652,936
Expenses
Interest and other debt financing expenses	60,993		70,698		188,376		220,253
Base management fee	20,716		22,082		63,866		65,376
Incentive fee	15,436		18,543		48,435		54,848
Administrative service fee	3,107		3,142		9,226		9,229
Professional fees	1,889		2,142		5,301		5,747
General and administrative expenses	372		475		1,145		1,444
Total expenses	102,513		117,082		316,349		356,897
Net investment income - before tax	85,217		101,262		266,522		296,039
Excise and income tax benefit	—		—		—		(475)
Net investment income - after tax	85,217		101,262		266,522		296,514
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Non-controlled/non-affiliate company investments	(11,071)		376		(15,240)		(41,844)
Foreign currency transactions	(13,710)		(400)		(13,476)		(4,279)
Forward currency contracts	—		—		(10,258)		7,203
Net realized gain (loss) on investment transactions	(24,781)		(24)		(38,974)		(38,920)
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliate company investments	(5,501)		(12,613)		(143,566)		26,131
Non-controlled affiliate company investments	(8,387)		(232)		(30,333)		457
Controlled affiliate company investments	341		(184)		(294)		(711)
Translation of assets and liabilities in foreign currencies	3,171		23,857		821		12,311
Forward currency contracts	6,951		(22,219)		21,285		(15,787)
Net change in unrealized appreciation (depreciation) on investment transactions	(3,425)		(11,391)		(152,087)		22,401
Net gain (loss) on investment transactions	(28,206)		(11,415)		(191,061)		(16,519)
Net realized gain (loss) on extinguishment of debt	—		—		—		(48)
(Provision) benefit for taxes on unrealized appreciation on investments	(2)		211		(2)		409
Net increase (decrease) in net assets resulting from operations	$	57,009	$	90,058	$	75,459	$	280,356
Per Common Share Data
Basic and diluted earnings (loss) per common share (Note 10)	$	0.22	$	0.34	$	0.29	$	1.05
Dividends and distributions declared per common share	$	0.33	$	0.39	$	1.05	$	1.26
Basic and diluted weighted average common shares outstanding (Note 10)	260,446,791		266,844,118		262,271,073		265,882,773

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	(2,532,475)	(3)		(35,463)		—		(35,466)
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		296,514		296,514
Net realized gain (loss) on investment transactions	—	—		—		(38,920)		(38,920)
Net realized gain (loss) on extinguishment of debt	—	—		—		(48)		(48)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		22,401		22,401
Benefit for taxes on unrealized appreciation on investments	—	—		—		409		409
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	2,222,823	2		33,702		—		33,704
Distributions from distributable earnings	—	—		—		(335,228)		(335,228)
Total increase (decrease) for the nine months ended June 30, 2025	2,099,288	2		35,670		(54,872)		(19,200)
Balance at June 30, 2025	266,376,416	$	266	$	4,202,928	$	(207,865)	$	3,995,329
Balance at March 31, 2025	268,831,114	$	269	$	4,237,261	$	(194,032)	$	4,043,498
Repurchases of common stock, net of commission costs	(2,454,698)	(3)		(34,333)		—		(34,336)
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		101,262		101,262
Net realized gain (loss) on investment transactions	—	—		—		(24)		(24)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(11,391)		(11,391)
Benefit for taxes on unrealized appreciation on investments	—	—		—		211		211
Distributions to stockholders:
Distributions from distributable earnings	—	—		—		(103,891)		(103,891)
Total increase (decrease) for the three months ended June 30, 2025	(2,454,698)	(3)		(34,333)		(13,833)		(48,169)
Balance at June 30, 2025	266,376,416	$	266	$	4,202,928	$	(207,865)	$	3,995,329
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	(5,974,194)	(6)		(78,068)		—		(78,074)
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		266,522		266,522
Net realized gain (loss) on investment transactions	—	—		—		(38,974)		(38,974)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(152,087)		(152,087)
Provision for taxes on unrealized appreciation on investments	—	—		—		(2)		(2)
Distributions to stockholders:
Distributions from distributable earnings	—	—		—		(275,083)		(275,083)
Total increase (decrease) for the nine months ended June 30, 2026	(5,974,194)	(6)		(78,068)		(199,624)		(277,698)
Balance at June 30, 2026	260,033,889	$	260	$	3,953,049	$	(248,440)	$	3,704,869
Balance at March 31, 2026	261,147,881	$	261	$	3,967,414	$	(219,555)	$	3,748,120
Repurchases of common stock, net of commission costs	(1,113,992)	(1)		(14,365)		—		(14,366)
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		85,217		85,217
Net realized gain (loss) on investment transactions	—	—		—		(24,781)		(24,781)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(3,425)		(3,425)
Provision for taxes on unrealized appreciation on investments	—	—		—		(2)		(2)
Distributions to stockholders:
Distributions from distributable earnings	—	—		—		(85,894)		(85,894)
Total increase (decrease) for the three months ended June 30, 2026	(1,113,992)	(1)		(14,365)		(28,885)		(43,251)
Balance at June 30, 2026	260,033,889	$	260	$	3,953,049	$	(248,440)	$	3,704,869

See Notes to Consolidated Financial Statements.

5

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands)

	Nine months ended June 30,
	2026		2025
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	75,459	$	280,356
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	7,903		7,537
Accretion of discounts and amortization of premiums on investments	(12,688)		(5,524)
Accretion of discounts and amortization of premiums on issued debt securities	(740)		2,507
Net realized (gain) loss on investments	15,240		41,844
Net realized (gain) loss on foreign currency transactions	13,476		4,279
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	174,193		(25,877)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	(821)		(12,311)
Net change in unrealized (appreciation) depreciation on interest rate swap	125		4,541
Net change in unrealized (appreciation) depreciation on forward currency contracts	(21,285)		15,787
Proceeds from (fundings of) revolving loans, net	(14,147)		(7,592)
Fundings of investments	(367,296)		(1,781,515)
Proceeds from principal payments and sales of portfolio investments	828,977		1,146,022
Proceeds from settlements of forward currency contracts	(10,258)		10,264
Payment-in-kind interest capitalized	(49,157)		(40,439)
Non-cash dividends capitalized	(17,424)		(23,091)
Proceeds from non-cash dividends	358		4,288
Changes in operating assets and liabilities:
Cash collateral held at broker for derivatives	—		(8,410)
Interest receivable	7,143		3,253
Receivable for investments	2,076		(1,263)
Other assets	8,106		261
Interest payable	9,753		5,745
Management and income incentive fees payable	(4,732)		6,994
Accrued trustee fees	(550)		343
Accounts payable and other liabilities	(449)		(557)
Net cash provided by (used in) operating activities	653,520		(379,713)
Cash flows from financing activities
Borrowings on debt	1,017,122		3,517,912
Repayments of debt	(1,351,772)		(3,008,603)
Capitalized debt issuance costs	(6,145)		(9,029)
Net proceeds from issuance of common stock (Note 11)	—		37,434
Purchases of common stock (Note 11)	(78,074)		(35,466)
Distributions paid	(227,649)		(280,970)
Purchases of common stock for dividend reinvestment plan	(47,434)		(20,554)
Net cash provided by (used in) financing activities	(693,952)		200,724
Net change in cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies	(40,432)		(178,989)
Effect of foreign currency exchange rates	(1,348)		(1,790)
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	$	70,663	$	178,773
Supplemental disclosure of cash flow information:

See Notes to Consolidated Financial Statements.

6

Golub Capital BDC, Inc. and Subsidiaries

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

(In thousands)

	Nine months ended June 30,
	2026		2025
Cash paid during the period for interest(1)	$	171,335	$	199,922
Distributions declared for the period	275,083		335,228
Supplemental disclosure of non-cash financing activities:
Stock issued in connection with dividend reinvestment plan	$	—	$	33,704

(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
	June 30, 2026		September 30, 2025
Cash	$	12,949	$	—
Cash equivalents	13		11,935
Foreign currencies (cost of $7,132 and $11,685, respectively)	7,044		11,681
Restricted cash	7,098		7,107
Restricted cash equivalents	43,559		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)	$	70,663	$	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)

June 30, 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
Advanced Cooling Technologies, Inc.+	One stop	SF +	4.50%	(i)	8.14%				05/2033	$	418	$	417	—	%	$	416
Advanced Cooling Technologies, Inc.+	One stop				N/A(6)				05/2033	—		—		—		—
API Holdings III, LLC+	One stop				N/A(6)				06/2033	—		—		—		—
API Holdings III, LLC+	One stop				N/A(6)				06/2033	—		—		—		—
API Holdings III, LLC+	One stop	SF +	5.50%	(j)	9.15%				06/2033	391		389		—		389
Jeppesen Holdings, LLC+	One stop	SF +	4.75%	(j)	8.41%				11/2032	2,377		2,366		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)	8.73%				09/2031	33,766		33,462		0.9		33,615
PPW Aero Buyer, Inc.*	One stop	SF +	5.00%	(j)	8.73%				09/2031	11,712		11,609		0.3		11,660
PPW Aero Buyer, Inc.+	One stop	SF +	5.00%	(j)	8.73%				09/2031	443		439		—		441
PPW Aero Buyer, Inc.+	One stop	SF +	5.00%	(a)(j)	9.09%				09/2031	109		107		—		108
PPW Aero Buyer, Inc.+	One stop	SF +	5.00%	(j)	8.73%				09/2031	6,384		6,334		0.2		6,355
PPW Aero Buyer, Inc.+	One stop	SF +	5.00%	(j)	8.73%				09/2031	186		185		—		185
PPW Aero Buyer, Inc.+	One stop	SF +	5.00%	(j)	8.73%				09/2031	68		65		—		65
Titan BW Borrower L.P.+(25)	One stop	SF +	5.38%	(j)	6.14%	cash/	2.88%	PIK	07/2032	2,022		2,004		0.1		1,998
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)	8.41%				07/2032	101		100		—		99
										57,977		57,473		1.6		57,655
Air Freight & Logistics
RJW Group Holdings, Inc.+	One stop	SF +	5.00%	(j)	8.73%				11/2031	46,415		45,650		1.2		46,001
RJW Group Holdings, Inc.+	One stop	SF +	5.00%	(j)	8.67%				11/2031	2,931		2,878		0.1		2,901
RJW Group Holdings, Inc.*	One stop	SF +	5.00%	(j)	8.73%				11/2031	1,710		1,695		—		1,695
RJW Group Holdings, Inc.+(5)	One stop				N/A(6)				11/2031	—		(1)		—		(3)
										51,056		50,222		1.3		50,594
Auto Components
Arnott, LLC+	One stop	SF +	4.75%	(k)	8.49%				11/2030	4,700		4,666		0.1		4,540
Arnott, LLC+	One stop	SF +	4.75%	(i)	8.39%				11/2030	590		585		—		563
Collision SP Subco, LLC+	One stop	SF +	4.75%	(j)	8.41%				01/2030	2,183		2,166		0.1		2,183
Collision SP Subco, LLC+	One stop	SF +	4.75%	(j)	8.48%				01/2030	1,274		1,265		—		1,274
Collision SP Subco, LLC+(5)	One stop				N/A(6)				01/2030	—		(2)		—		—
Collision SP Subco, LLC+	One stop	SF +	4.75%	(j)	8.41%				01/2030	243		241		—		243
Collision SP Subco, LLC+	One stop	SF +	4.75%	(j)(k)	8.48%				01/2030	615		593		—		615
Covercraft Parent III, Inc.+(7)(25)	Senior secured	SF +	5.00%	(j)	5.32%	cash/	3.50%	PIK	08/2029	6,821		6,517		0.2		4,979
Covercraft Parent III, Inc.+(7)(25)	Senior secured	SF +	5.00%	(j)	5.38%	cash/	3.50%	PIK	08/2029	1,392		1,315		—		1,016
Covercraft Parent III, Inc.+(7)(25)	Senior secured	SF +	5.00%	(j)	8.67%	cash/	0.50%	PIK	08/2029	188		180		—		138
North Haven Falcon Buyer, LLC+(25)	One stop	SF +	7.50%	(j)	6.15%	cash/	5.00%	PIK	11/2029	139		115		—		115
North Haven Falcon Buyer, LLC+(25)	One stop	SF +	7.50%	(j)	6.14%	cash/	5.00%	PIK	11/2029	139		115		—		115
North Haven Falcon Buyer, LLC+(25)	One stop	SF +	7.50%	(j)	6.15%	cash/	5.00%	PIK	11/2029	4,266		3,559		0.1		3,541
OEConnection, LLC*+	One stop	SF +	4.50%	(i)	8.14%				12/2032	12,249		12,202		0.4		12,296
OEConnection, LLC+(5)	One stop				N/A(6)				12/2032	—		(6)		—		3
OEConnection, LLC+(5)	One stop				N/A(6)				12/2032	—		(26)		—		26
										34,799		33,485		0.9		31,647
Automobiles
Bolt Purchaser, LLC+	One stop	SF +	4.75%	(j)	8.48%				06/2033	455		453		—		453
Bolt Purchaser, LLC+	One stop				N/A(6)				06/2033	—		—		—		—
CAP-KSI Holdings, LLC*+	One stop	SF +	5.25%	(j)	8.96%				06/2030	13,272		13,146		0.4		12,926

See Notes to Consolidated Financial Statements.

8

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 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)
CAP-KSI Holdings, LLC+	One stop	SF +	5.25%	(a)(j)	8.97%				06/2030	$	924	$	912	—	%	$	893
CG Group Holdings, LLC*+(25)	One stop	SF +	5.50%	(k)	9.25%				01/2030	46,828		46,436		1.4		46,478
CG Group Holdings, LLC+(25)	One stop	SF +	7.50%	(i)	9.14%	cash/	2.00%	PIK	01/2030	168		155		—		162
CG Group Holdings, LLC+	One stop	SF +	5.50%	(k)	9.25%				01/2030	432		425		—		429
CG Group Holdings, LLC+(5)	One stop				N/A(6)				01/2030	—		(1)		—		(1)
Denali Midco 2, LLC*	One stop	SF +	5.50%	(i)	9.14%				12/2028	38,258		38,106		1.0		38,258
Denali Midco 2, LLC+	One stop	SF +	5.50%	(i)	9.14%				12/2028	8,917		9,004		0.3		8,917
Denali Midco 2, LLC+	One stop	SF +	5.50%	(i)	9.14%				12/2028	2,668		2,696		0.1		2,668
Denali Midco 2, LLC+	One stop	SF +	5.50%	(i)	9.14%				12/2028	1,621		1,635		0.1		1,621
Denali Midco 2, LLC+	One stop	SF +	5.50%	(i)	9.14%				12/2028	1,540		1,553		—		1,540
Denali Midco 2, LLC+	One stop	SF +	5.50%	(i)	9.14%				12/2028	1,344		1,355		—		1,344
Denali Midco 2, LLC+	One stop	SF +	5.50%	(i)	9.14%				12/2028	1,293		1,285		—		1,293
Denali Midco 2, LLC+	One stop	SF +	5.50%	(i)	9.14%				12/2028	1,108		1,107		—		1,108
Denali Midco 2, LLC+	One stop	SF +	5.50%	(i)	9.14%				12/2028	1,075		1,074		—		1,075
Denali Midco 2, LLC+	One stop	SF +	5.50%	(i)	9.14%				12/2028	1,075		1,074		—		1,075
Denali Midco 2, LLC+	One stop	SF +	5.50%	(i)	9.14%				12/2028	887		886		—		887
Denali Midco 2, LLC+	One stop	SF +	5.50%	(i)	9.14%				12/2028	403		400		—		403
Denali Midco 2, LLC+	One stop	SF +	5.50%	(i)	9.14%				12/2028	348		346		—		348
Denali Midco 2, LLC+	One stop	SF +	5.50%	(i)	9.14%				12/2028	2,886		2,877		0.1		2,886
Denali Midco 2, LLC+	One stop	SF +	5.50%	(i)	9.14%				12/2028	295		293		—		295
Denali Midco 2, LLC+	One stop	SF +	5.50%	(i)	9.14%				12/2028	173		172		—		173
Denali Midco 2, LLC+(5)	One stop				N/A(6)				12/2028	—		(2)		—		—
Denali Midco 2, LLC+	One stop	SF +	5.50%	(i)	9.14%				12/2028	86		86		—		86
Denali Midco 2, LLC+	One stop				N/A(6)				12/2028	—		—		—		—
Denali Midco 2, LLC+(25)	Second lien	N/A			13.00%	PIK			12/2029	12,776		12,708		0.4		12,649
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(j)	8.98%				12/2029	30		29		—		28
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(j)	8.98%				12/2029	249		249		—		246
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(j)	8.98%				12/2029	1,411		1,408		—		1,396
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(j)	8.98%				12/2029	294		294		—		291
Lincoln Acq Buyer, LLC+	One stop				N/A(6)				11/2032	—		—		—		—
Lincoln Acq Buyer, LLC+	One stop	SF +	4.50%	(j)	8.23%				11/2032	280		279		—		280
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)	8.17%				11/2032	11		11		—		11
Lincoln Acq Buyer, LLC+	One stop	SF +	4.50%	(j)	8.16%				11/2032	11		11		—		11
Lincoln Acq Buyer, LLC+	One stop	SF +	4.50%	(j)	8.18%				11/2032	7		7		—		7
Lincoln Acq Buyer, LLC+	One stop	SF +	4.50%	(j)	8.16%				11/2032	18		18		—		18
MOP GM Holding, LLC*+(25)	One stop	SF +	6.25%	(j)	6.38%	cash/	3.75%	PIK	11/2027	32,946		32,907		0.9		32,616
MOP GM Holding, LLC+(25)	One stop	SF +	6.25%	(j)	6.32%	cash/	3.75%	PIK	11/2027	3,874		3,862		0.1		3,835
MOP GM Holding, LLC*+(25)	One stop	SF +	6.25%	(j)	6.31%	cash/	3.75%	PIK	11/2027	3,591		3,587		0.1		3,554
MOP GM Holding, LLC*+(25)	One stop	SF +	6.25%	(j)	6.31%	cash/	3.75%	PIK	11/2027	3,510		3,498		0.1		3,475
MOP GM Holding, LLC*+(25)	One stop	SF +	6.25%	(j)	6.38%	cash/	3.75%	PIK	11/2027	2,625		2,617		0.1		2,600
MOP GM Holding, LLC+(25)	One stop	SF +	6.25%	(j)	6.31%	cash/	3.75%	PIK	11/2027	2,152		2,144		0.1		2,130
MOP GM Holding, LLC+(25)	One stop	SF +	6.25%	(j)	6.31%	cash/	3.75%	PIK	11/2027	1,977		1,970		0.1		1,958
MOP GM Holding, LLC+(25)	One stop	SF +	6.25%	(j)	6.38%	cash/	3.75%	PIK	11/2027	727		724		—		719
MOP GM Holding, LLC+(25)	One stop	SF +	6.25%	(j)	6.38%	cash/	3.75%	PIK	11/2027	534		532		—		529
MOP GM Holding, LLC+(25)	One stop	SF +	6.25%	(j)	6.37%	cash/	3.75%	PIK	11/2027	408		406		—		404
MOP GM Holding, LLC+(25)	One stop	SF +	6.25%	(j)	6.31%	cash/	3.75%	PIK	11/2027	265		264		—		263
MOP GM Holding, LLC+(25)	One stop	SF +	6.25%	(j)	6.38%	cash/	3.75%	PIK	11/2027	203		203		—		201
MOP GM Holding, LLC+(25)	One stop	SF +	6.25%	(j)	6.38%	cash/	3.75%	PIK	11/2027	89		89		—		88
MOP GM Holding, LLC+(25)	One stop	SF +	6.25%	(j)	6.31%	cash/	3.75%	PIK	11/2027	88		88		—		88
National Express Wash Parent Holdco, LLC+(5)	One stop				N/A(6)				07/2029	—		(10)		—		(7)
National Express Wash Parent Holdco, LLC+(25)	One stop	SF +	6.00%	(j)	6.48%	cash/	3.25%	PIK	07/2029	17,859		17,806		0.5		17,769
National Express Wash Parent Holdco, LLC+(25)	One stop	SF +	6.00%	(j)	6.48%	cash/	3.25%	PIK	07/2029	1,274		1,270		—		1,268

See Notes to Consolidated Financial Statements.

9

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 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)
National Express Wash Parent Holdco, LLC+(25)	One stop	SF +	6.00%	(j)	6.48%	cash/	3.25%	PIK	07/2029	$	70	$	68	—	%	$	68
POY Holdings, LLC*+	One stop	SF +	5.50%	(j)	9.38%				05/2029	27,976		28,099		0.7		26,578
POY Holdings, LLC*+	One stop	SF +	5.50%	(j)	9.38%				05/2029	3,639		3,666		0.1		3,457
POY Holdings, LLC*+	One stop	SF +	5.50%	(j)	9.38%				05/2029	1,288		1,287		—		1,223
POY Holdings, LLC+	One stop	SF +	5.50%	(j)	9.38%				05/2029	858		858		—		815
POY Holdings, LLC+	One stop	SF +	5.50%	(j)	9.38%				05/2029	640		640		—		608
POY Holdings, LLC+	One stop	SF +	5.50%	(j)	9.38%				05/2029	286		286		—		272
POY Holdings, LLC+	One stop	SF +	5.50%	(j)	9.38%				05/2029	418		417		—		395
POY Holdings, LLC+(5)	One stop				N/A(6)				05/2029	—		(7)		—		—
POY Holdings, LLC*	One stop	SF +	5.50%	(j)	9.38%				05/2029	2,244		2,240		0.1		2,132
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	5.00%	(i)	8.64%				06/2031	4,772		4,743		0.1		4,772
Quick Quack Car Wash Holdings, LLC+(5)	One stop				N/A(6)				06/2031	—		(2)		—		—
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	5.00%	(i)	8.64%				06/2031	268		265		—		268
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	5.00%	(i)	8.65%				06/2031	176		174		—		176
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	5.00%	(i)	8.64%				06/2031	623		621		—		623
Strickland's Enterprises, LLC+	Senior secured	SF +	4.50%	(i)(j)	8.16%				01/2031	356		355		—		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)		—		—
TWAS Holdings, LLC*+	One stop	SF +	4.75%	(i)	8.39%				12/2029	111,263		110,195		3.0		110,707
TWAS Holdings, LLC+(5)	One stop				N/A(6)				12/2029	—		(3)		—		(4)
TWAS Holdings, LLC+(5)	One stop				N/A(6)				12/2029	—		(9)		—		(4)
Yorkshire Parent, Inc.+	Senior secured	SF +	4.50%	(j)	8.23%				12/2029	198		198		—		197
Yorkshire Parent, Inc.+	Senior secured	SF +	4.50%	(a)(j)	8.69%				12/2029	200		199		—		198
Yorkshire Parent, Inc.*+	Senior secured	SF +	4.50%	(j)	8.23%				12/2029	2,202		2,222		0.1		2,190
Yorkshire Parent, Inc.+	Senior secured	SF +	4.50%	(j)	8.16%				12/2029	610		608		—		607
Yorkshire Parent, Inc.+	Senior secured	SF +	4.50%	(j)	8.16%				12/2029	751		732		—		724
Yorkshire Parent, Inc.+	Senior secured	SF +	4.50%	(j)	8.16%				12/2029	2,227		2,219		0.1		2,216
										374,364		372,548		10.0		370,352
Banks
Empyrean Solutions, LLC+	One stop	SF +	4.50%	(j)	8.23%				11/2031	9,283		9,247		0.3		9,051
Empyrean Solutions, LLC+(5)	One stop				N/A(6)				11/2031	—		(5)		—		(35)
Empyrean Solutions, LLC+(5)	One stop				N/A(6)				11/2031	—		(14)		—		(93)
OSP Hamilton Purchaser, LLC+	One stop	SF +	4.75%	(j)	8.41%				12/2029	1,714		1,730		0.1		1,679
OSP Hamilton Purchaser, LLC+	One stop	SF +	4.25%	(j)	7.92%				12/2029	270		267		—		255
OSP Hamilton Purchaser, LLC+	One stop	SF +	4.25%	(j)	7.91%				12/2029	1,640		1,636		—		1,607
OSP Hamilton Purchaser, LLC+	One stop	SF +	4.25%	(j)	8.04%				12/2029	977		973		—		957
										13,884		13,834		0.4		13,421
Beverages
Financial Information Technologies, LLC*+	One stop	SF +	4.75%	(j)	8.48%				06/2030	34,018		33,941		0.9		33,678
Financial Information Technologies, LLC+(5)	One stop				N/A(6)				06/2030	—		(1)		—		(5)
Financial Information Technologies, LLC+	One stop	SF +	4.75%	(j)	8.48%				06/2030	2,182		2,178		0.1		2,160
Financial Information Technologies, LLC*	One stop	SF +	4.75%	(j)	8.48%				06/2030	1,675		1,671		—		1,658
Spindrift Beverage Co., Inc.+	One stop	SF +	5.00%	(j)	8.66%				02/2032	175		160		—		175
Spindrift Beverage Co., Inc.+(5)	One stop				N/A(6)				02/2032	—		(3)		—		—
Spindrift Beverage Co., Inc.+	One stop	SF +	5.00%	(i)(j)	8.67%				02/2032	7,892		7,811		0.2		7,892
Watermill Express, LLC*+	One stop	SF +	4.50%	(j)	8.23%				04/2031	3,038		3,015		0.1		3,038
Watermill Express, LLC+	One stop	SF +	4.50%	(j)	8.23%				04/2031	293		292		—		293
Watermill Express, LLC+(5)	One stop				N/A(6)				04/2031	—		(4)		—		—
Watermill Express, LLC+	One stop	SF +	4.50%	(j)	8.23%				04/2031	734		728		—		734
Watermill Express, LLC+	One stop	SF +	4.50%	(j)	8.22%				04/2031	368		365		—		368
Watermill Express, LLC*	One stop	SF +	4.50%	(j)	8.18%				04/2031	2,375		2,357		0.1		2,375
Watermill Express, LLC*	One stop	SF +	4.50%	(j)	8.23%				04/2031	2,764		2,751		0.1		2,764
Watermill Express, LLC+(5)	One stop				N/A(6)				04/2031	—		(10)		—		—

See Notes to Consolidated Financial Statements.

10

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 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)
Winebow Holdings, Inc.*+	One stop	SF +	6.25%	(i)	9.99%	12/2027	$	9,124	$	8,899	0.2	%	$	7,618
							64,638		64,150		1.7		62,748

Building Products
BECO Holding Company, Inc.+	One stop	SF +	5.25%	(i)	9.00%				11/2027	249	248	—	247
BECO Holding Company, Inc.*+	One stop	SF +	5.25%	(j)	9.13%				11/2028	40,262	40,624	1.1	40,165
BECO Holding Company, Inc.+	One stop	SF +	5.25%	(j)	9.13%				11/2028	310	309	—	309
BECO Holding Company, Inc.+(5)	One stop				N/A(6)				11/2028	—	(2)	—	(2)
										40,821	41,179	1.1	40,719
Capital Markets
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(j)	8.48%				01/2031	273	272	—	267
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(j)	8.48%				01/2031	2,495	2,507	0.1	2,458
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(j)	8.48%				01/2031	839	833	—	827
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(j)	8.48%				01/2031	9,849	9,791	0.3	9,702
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(j)	8.48%				01/2031	757	754	—	745
										14,213	14,157	0.4	13,999
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	5,757	5,733	0.2	5,707
Inhance Parent, Inc.+(25)	One stop	SF +	7.00%	(j)	6.38%	cash/	4.50%	PIK	06/2029	862	862	—	862
Inhance Parent, Inc.+(25)	One stop	SF +	7.00%	(j)	6.38%	cash/	4.50%	PIK	06/2029	23,582	20,918	0.6	22,168
Inhance Parent, Inc.+(7)(25)	One stop	N/A			20.00%	PIK			06/2029	12,246	4,446	0.1	5,511
JSG II, Inc. and Checkers USA, Inc.+	One stop	SF +	4.50%	(i)	8.14%				09/2032	1,426	1,420	—	1,419
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%	(j)	8.48%				03/2029	9,667	9,610	0.3	9,606
Krayden Holdings, Inc.+	Senior secured	SF +	4.75%	(j)(k)	8.53%				03/2029	1,439	1,419	—	1,417
Krayden Holdings, Inc.+	Senior secured	SF +	4.75%	(j)	8.48%				03/2029	3,012	2,972	0.1	2,950
PHM NL SP Bidco B.V.+(8)(9)(10)(25)	One stop	E +	6.75%	(c)	4.79%	cash/	4.25%	PIK	09/2028	57,199	55,076	1.5	53,767
PHM NL SP Bidco B.V.+(8)(10)(25)	One stop	SF +	6.75%	(h)	6.27%	cash/	4.25%	PIK	09/2028	21,974	21,244	0.6	20,655
PHM NL SP Bidco B.V.+(8)(9)(10)(25)	One stop	SN +	6.75%	(g)	7.48%	cash/	3.00%	PIK	09/2028	12,547	12,018	0.3	11,794
PHM NL SP Bidco B.V.+(8)(9)(10)(25)	One stop	E +	6.75%	(c)	6.15%	cash/	3.00%	PIK	09/2028	5,983	5,695	0.1	5,624
										155,694	141,399	3.8	141,452
Commercial Services & Supplies
CHA Vision Holdings, Inc.+	One stop	SF +	5.00%	(j)	8.67%				01/2030	8	8	—	8
CHA Vision Holdings, Inc.+	One stop	SF +	5.00%	(j)	8.67%				01/2031	1,050	1,047	—	1,046
CHA Vision Holdings, Inc.+	One stop	SF +	5.00%	(j)	8.67%				01/2031	342	341	—	341
CHA Vision Holdings, Inc.+	One stop	SF +	5.00%	(j)	8.67%				01/2031	303	302	—	302
CHA Vision Holdings, Inc.+	One stop	SF +	5.00%	(j)	8.67%				01/2031	87	84	—	84
CI (Quercus) Intermediate Holdings, LLC+	One stop	SF +	5.00%	(j)	8.73%				06/2031	63	49	—	57
CI (Quercus) Intermediate Holdings, LLC*+	One stop	SF +	5.00%	(j)	8.73%				06/2031	33,880	33,608	0.9	33,590
CI (Quercus) Intermediate Holdings, LLC+	One stop	SF +	5.00%	(j)	8.66%				06/2031	32	31	—	31
CI (Quercus) Intermediate Holdings, LLC+	One stop	SF +	5.00%	(j)	8.74%				06/2031	33	29	—	25
Dispatch Acquisition Holdings, LLC+	One stop	SF +	4.75%	(j)	8.48%				11/2032	673	670	—	670
Dispatch Acquisition Holdings, LLC+	One stop	SF +	4.75%	(j)	8.48%				11/2032	31	31	—	31
Dispatch Acquisition Holdings, LLC+(5)	One stop				N/A(6)				11/2032	—	—	—	(1)
Kleinfelder Intermediate, LLC+	One stop	SF +	4.50%	(j)	8.16%				09/2030	4,015	3,944	0.1	4,006
Kleinfelder Intermediate, LLC+	One stop	P +	3.50%	(a)	10.25%				09/2028	39	34	—	37
Kleinfelder Intermediate, LLC+	One stop	SF +	4.50%	(j)	8.16%				09/2030	436	434	—	436
Kleinfelder Intermediate, LLC+(5)	One stop				N/A(6)				09/2030	—	(1)	—	(1)
Pearl Acquisition Buyer, Inc.+	One stop	SF +	4.50%	(j)	8.24%				12/2032	12	12	—	12

See Notes to Consolidated Financial Statements.

11

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 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)
Pearl Acquisition Buyer, Inc.+	One stop	SF +	4.50%	(j)	8.23%	12/2032	$	355	$	354	—	%	$	354
Pearl Acquisition Buyer, Inc.+	One stop				N/A(6)	12/2032	—		—		—		—
Profile Products, LLC+	One stop	SF +	5.50%	(j)	9.28%	11/2027	8,890		8,856		0.3		8,844
Profile Products, LLC+	One stop	SF +	5.50%	(j)	9.28%	11/2027	1,802		1,791		0.1		1,793
Profile Products, LLC+	One stop	SF +	5.50%	(j)	9.28%	11/2027	30		30		—		30
Profile Products, LLC+	One stop	P +	4.50%	(a)	11.25%	11/2027	24		24		—		24
PSC Parent, Inc.*+	One stop	SF +	5.25%	(i)	8.89%	04/2031	5,408		5,402		0.2		5,368
PSC Parent, Inc.+	One stop	SF +	5.25%	(i)	8.89%	04/2030	320		316		—		316
PSC Parent, Inc.+	One stop	SF +	5.25%	(i)	8.88%	04/2031	1,298		1,294		—		1,289
PSC Parent, Inc.+	One stop	SF +	5.25%	(i)	8.89%	04/2031	901		898		—		895
PT Intermediate Holdings III, LLC+(25)	One stop	SF +	4.75%	(j)	8.48%	04/2030	21,514		21,502		0.6		21,476
Radwell Parent, LLC+	One stop	SF +	4.75%	(j)	8.48%	04/2030	20		20		—		20
Radwell Parent, LLC+	One stop	SF +	4.75%	(j)	8.48%	04/2030	7		5		—		4
Radwell Parent, LLC*+	One stop	SF +	4.75%	(j)	8.48%	04/2030	33,766		33,491		0.9		33,349
Radwell Parent, LLC*+	One stop	SF +	4.75%	(j)	8.48%	04/2030	32,528		32,488		0.9		32,128
Radwell Parent, LLC+	One stop	SF +	4.75%	(j)	8.48%	04/2030	331		303		—		316
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.25%	(j)	8.01%	06/2029	2,951		2,943		0.1		2,927
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	1,375		1,374		—		1,364
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)	8.03%	06/2029	1,565		1,552		0.1		1,552
WRE Holding Corp.+(5)	One stop				N/A(6)	07/2031	—		(4)		—		(12)
WRE Holding Corp.+	One stop	SF +	5.00%	(k)	8.83%	07/2031	75		75		—		74
WRE Holding Corp.+	One stop	SF +	5.00%	(k)	8.79%	07/2030	1,183		1,167		—		1,156
WRE Holding Corp.*	One stop	SF +	5.00%	(k)	8.74%	07/2031	16,225		16,107		0.4		16,017
WRE Holding Corp.*	One stop	SF +	5.00%	(k)	8.84%	07/2031	1,781		1,775		0.1		1,758
WRE Holding Corp.*	One stop	SF +	5.00%	(k)	8.85%	07/2031	1,073		1,069		—		1,060
WRE Holding Corp.+	One stop	SF +	5.00%	(k)	8.85%	07/2031	835		832		—		824
WRE Holding Corp.+	One stop	SF +	5.00%	(k)	8.85%	07/2031	292		291		—		288
WRE Holding Corp.+	One stop	SF +	5.00%	(k)	8.85%	07/2031	299		298		—		295
WRE Holding Corp.+	One stop	SF +	5.00%	(k)	8.85%	07/2031	185		185		—		183
							176,037		175,059		4.7		174,362
Communications Equipment
Lightning Finco Limited*+(8)(15)	One stop	SF +	5.75%	(h)	9.80%	09/2028	14,802		14,787		0.4		14,580
Lightning Finco Limited+(8)(9)(15)	One stop	E +	5.75%	(d)	8.35%	09/2028	1,735		1,750		—		1,709
							16,537		16,537		0.4		16,289
Construction & Engineering
Consor Intermediate II, LLC*+	One stop	SF +	4.50%	(j)	8.23%	05/2031	5,642		5,644		0.2		5,598
Consor Intermediate II, LLC+(5)	One stop				N/A(6)	05/2031	—		(6)		—		(15)
Consor Intermediate II, LLC+	One stop	SF +	4.50%	(j)	8.23%	05/2031	167		165		—		162
DCCM, LLC+	One stop	SF +	4.75%	(i)	8.39%	06/2032	588		586		—		588
DCCM, LLC+	One stop				N/A(6)	06/2032	—		—		—		—
DCCM, LLC+	One stop	SF +	4.75%	(i)	8.39%	06/2032	9		7		—		9
Royal Holdco Corporation+	One stop	SF +	4.50%	(j)	8.18%	12/2030	1,532		1,524		—		1,515
Royal Holdco Corporation+	One stop	SF +	4.50%	(j)	8.20%	12/2030	442		438		—		437
Royal Holdco Corporation+	One stop	SF +	4.50%	(j)	8.15%	12/2030	5,936		5,890		0.2		5,887
							14,316		14,248		0.4		14,181

Containers & Packaging
Chase Intermediate*+	One stop	SF +	4.75%	(j)	8.41%	10/2028	48,447	48,862	1.3	47,479
Chase Intermediate+	One stop	SF +	4.75%	(j)	8.45%	10/2028	272	271	—	258

See Notes to Consolidated Financial Statements.

12

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 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)
Chase Intermediate+	One stop	SF +	4.75%	(j)	8.41%				10/2028	$	2,267	$	2,264	0.1	%	$	2,221
Chase Intermediate+	One stop	SF +	4.75%	(j)	8.41%				10/2028	1,836		1,808		—		1,662
Fortis Solutions Group, LLC*+	One stop	SF +	5.50%	(j)	9.33%				10/2028	51,193		50,941		1.4		50,872
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(j)	9.33%				10/2028	1,683		1,668		—		1,672
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(j)	9.33%				10/2028	139		101		—		138
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(j)	9.33%				10/2028	333		325		—		329
Packaging Coordinators Midco, Inc.+	One stop	SF +	5.00%	(j)	8.66%				07/2032	6,283		6,192		0.2		6,163
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	—		—		—		(19)
Packaging Coordinators Midco, Inc.+(9)	One stop	SN +	5.00%	(g)	8.73%				07/2032	12,290		12,189		0.3		12,056
Packaging Coordinators Midco, Inc.+	One stop	SF +	5.00%	(j)	8.66%				07/2032	119		119		—		116
Packaging Coordinators Midco, Inc.+(5)	One stop				N/A(6)				07/2032	—		(3)		—		(6)
Packaging Coordinators Midco, Inc.+(5)	One stop				N/A(6)				07/2032	—		—		—		(6)
										124,862		124,730		3.3		122,921
Diversified Consumer Services
ABC Legal Holdings, LLC+	One stop	SF +	4.25%	(j)	7.91%				08/2032	1,330		1,324		—		1,303
ABC Legal Holdings, LLC+(5)	One stop				N/A(6)				08/2032	—		(1)		—		(5)
ABC Legal Holdings, LLC+(5)	One stop				N/A(6)				08/2032	—		(2)		—		(8)
Action Termite Control, LLC+	Senior secured	SF +	4.25%	(j)	7.98%				12/2032	3		3		—		3
Action Termite Control, LLC+	Senior secured	SF +	4.25%	(j)	7.98%				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)	6.23%	cash/	3.25%	PIK	05/2030	9,088		9,044		0.2		8,543
Any Hour, LLC+(25)	One stop	N/A			13.00%	PIK			05/2031	3,608		3,570		0.1		2,670
Any Hour, LLC+(25)	One stop	SF +	5.75%	(j)	6.22%	cash/	3.25%	PIK	05/2030	877		868		—		819
Any Hour, LLC+(25)	One stop	SF +	5.75%	(j)	6.23%	cash/	3.25%	PIK	05/2030	258		256		—		241
Apex Service Partners, LLC+	One stop	SF +	5.00%	(j)	8.73%				10/2030	4,357		4,409		0.1		4,304
Apex Service Partners, LLC+	One stop	SF +	5.00%	(j)	8.73%				10/2030	13,750		13,699		0.4		13,587
Apex Service Partners, LLC+	One stop	SF +	5.00%	(j)	8.73%				10/2030	1,037		1,026		—		1,025
Apex Service Partners, LLC+	One stop	SF +	5.00%	(j)	8.73%				10/2029	37		36		—		36
Apex Service Partners, LLC+	One stop	SF +	5.00%	(j)	8.73%				10/2030	2,181		2,164		0.1		2,155
Apex Service Partners, LLC+	One stop	SF +	5.00%	(j)	8.73%				10/2030	6,464		6,439		0.2		6,387
Aptive Environmental, LLC*	One stop	SF +	4.75%	(i)	8.39%				10/2032	1,763		1,747		0.1		1,763
Aptive Environmental, LLC+	One stop	SF +	4.75%	(i)	8.39%				10/2032	25		23		—		25
Aptive Environmental, LLC+	One stop				N/A(6)				10/2032	—		—		—		—
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.13%				08/2027	453		452		—		448
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.13%				08/2027	2,747		2,741		0.1		2,719
Certus Pest, Inc.*	One stop	SF +	5.25%	(j)	9.13%				08/2027	1,730		1,727		0.1		1,713
Certus Pest, Inc.*	One stop	SF +	5.25%	(j)	9.13%				08/2027	1,659		1,656		—		1,643
Certus Pest, Inc.*+	One stop	SF +	5.25%	(j)	9.13%				08/2027	1,197		1,196		—		1,186
Certus Pest, Inc.*	One stop	SF +	5.25%	(j)	9.13%				08/2027	1,182		1,180		—		1,170
Certus Pest, Inc.*+	One stop	SF +	5.25%	(j)	9.13%				08/2027	820		818		—		812
Certus Pest, Inc.*	One stop	SF +	5.25%	(j)	9.13%				08/2027	723		722		—		716
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.13%				08/2027	704		703		—		697
Certus Pest, Inc.*+	One stop	SF +	5.25%	(j)	9.13%				08/2027	416		415		—		412
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.13%				08/2027	260		260		—		258
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.13%				08/2027	142		142		—		141
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.13%				08/2027	60		60		—		59
Certus Pest, Inc.+(5)	One stop				N/A(6)				08/2027	—		—		—		(2)
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.08%				08/2027	849		842		—		816
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.13%				08/2027	389		389		—		386
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.13%				08/2027	2,313		2,308		0.1		2,289
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.13%				08/2027	1,442		1,438		—		1,427
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.13%				08/2027	693		691		—		686

See Notes to Consolidated Financial Statements.

13

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 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)
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.13%				08/2027	$	693	$	691	—	%	$	686
CHHJ Midco, LLC*+	Senior secured	SF +	5.00%	(k)	8.92%				01/2028	3,663		3,658		0.1		3,663
CHHJ Midco, LLC+	Senior secured	SF +	5.00%	(k)	8.92%				01/2028	30		30		—		30
CHVAC Services Investment, LLC*+	One stop	SF +	4.75%	(j)	8.48%				05/2030	6,367		6,301		0.2		6,241
CHVAC Services Investment, LLC*+	One stop	SF +	4.75%	(j)	8.48%				05/2030	1,656		1,642		—		1,624
CHVAC Services Investment, LLC+	One stop	SF +	4.75%	(i)(j)	8.41%				05/2030	169		166		—		162
CHVAC Services Investment, LLC+	One stop	SF +	4.75%	(j)	8.48%				05/2030	714		681		—		541
COP Hometown Acquisitions, Inc.*+	Senior secured	SF +	5.25%	(j)	8.94%				07/2027	2,357		2,352		0.1		2,334
COP Hometown Acquisitions, Inc.*+	Senior secured	SF +	5.25%	(j)	8.94%				07/2027	2,297		2,290		0.1		2,274
COP Hometown Acquisitions, Inc.*+	Senior secured	SF +	5.25%	(j)	8.94%				07/2027	1,505		1,502		—		1,490
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	8.92%				07/2027	1,064		1,061		—		1,054
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	8.94%				07/2027	1,134		1,130		—		1,123
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	8.91%				07/2027	681		680		—		675
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	8.91%				07/2027	101		99		—		98
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	8.92%				07/2027	1,358		1,358		—		1,346
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	8.89%				07/2027	1,029		1,028		—		1,019
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	8.92%				07/2027	905		904		—		897
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	8.93%				07/2027	5,449		5,425		0.2		5,396
EMS LINQ, LLC+	One stop	SF +	6.25%	(j)	10.01%				12/2027	13,835		13,851		0.4		13,559
EMS LINQ, LLC+	One stop	SF +	6.25%	(j)	10.01%				12/2027	136		136		—		132
Entomo Brands Acquisitions, Inc.*+	Senior secured	SF +	5.25%	(j)	8.98%				07/2029	4,521		4,513		0.1		4,500
Entomo Brands Acquisitions, Inc.+	Senior secured				N/A(6)				07/2029	—		—		—		—
Entomo Brands Acquisitions, Inc.*+	Senior secured	SF +	5.25%	(j)	8.98%				07/2029	1,254		1,240		—		1,247
Entomo Brands Acquisitions, Inc.+(5)	One stop				N/A(6)				07/2029	—		(1)		—		(1)
EWC Growth Partners, LLC+	One stop	SF +	6.00%	(j)	9.88%				03/2027	908		897		—		781
EWC Growth Partners, LLC+	One stop	SF +	6.00%	(j)	9.88%				03/2027	1,066		1,033		—		917
EWC Growth Partners, LLC+	One stop	SF +	6.00%	(j)	9.88%				03/2027	38		36		—		32
EWC Growth Partners, LLC+	One stop	SF +	6.00%	(j)	9.88%				03/2027	101		99		—		86
FPG Intermediate Holdco, LLC+(25)	One stop	SF +	5.00%	(i)(k)	8.67%	PIK			06/2029	138		138		—		138
FPG Intermediate Holdco, LLC+(25)	One stop	SF +	5.00%	(k)	8.67%	PIK			06/2029	984		984		—		984
FPG Intermediate Holdco, LLC+(25)	One stop	SF +	5.00%	(i)(j)(k)	8.65%	PIK			06/2029	1,685		1,685		0.1		1,685
FPG Intermediate Holdco, LLC+(25)	Senior secured	SF +	5.00%	(k)	8.67%	PIK			06/2029	5,075		4,859		0.1		4,365
FPG Intermediate Holdco, LLC+(7)(25)	One stop	SF +	5.00%	(k)	8.67%	PIK			06/2029	2,030		1,630		—		1,644
FSS Buyer, LLC+(5)	One stop				N/A(6)				08/2030	—		—		—		(2)
FSS Buyer, LLC*+	One stop	SF +	4.50%	(i)	8.14%				08/2031	6,829		6,794		0.2		6,590
HS Spa Holdings, Inc.+	One stop	SF +	5.25%	(j)	8.92%				06/2029	11,344		11,332		0.3		11,344
HS Spa Holdings, Inc.+	One stop	SF +	5.25%	(a)(i)	9.41%				06/2028	60		60		—		60
HS Spa Holdings, Inc.+	One stop	SF +	5.25%	(j)	8.91%				06/2029	681		680		—		681
Kodiak Buyer, LLC+	One stop	SF +	4.25%	(j)	7.98%				07/2032	614		611		—		614
Kodiak Buyer, LLC+(5)	One stop				N/A(6)				07/2032	—		(1)		—		—
Kodiak Buyer, LLC+	One stop	SF +	4.25%	(j)	7.90%				07/2032	19		18		—		19
Liminex, Inc.+	One stop	SF +	6.25%	(j)	10.06%				05/2027	35,115		34,788		1.0		34,939
Liminex, Inc.*+	One stop	SF +	6.25%	(j)	10.06%				05/2027	23,163		22,939		0.6		23,048
Liminex, Inc.+	One stop	SF +	6.25%	(j)	10.06%				05/2027	15,713		15,536		0.4		15,635
Liminex, Inc.+	One stop	SF +	6.25%	(j)	10.06%				05/2027	20,016		19,898		0.6		19,916
Litera Bidco, LLC*	One stop	SF +	5.00%	(i)	8.64%				05/2028	5,110		5,116		0.2		5,033
Litera Bidco, LLC+	One stop	SF +	5.00%	(i)	8.64%				05/2028	2,040		2,036		0.1		2,007
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+(25)	One stop	SF +	6.00%	(j)	7.83%	cash/	2.00%	PIK	10/2029	453		450		—		422
Mario Purchaser, LLC*+(25)	One stop	SF +	6.00%	(j)	7.83%	cash/	2.00%	PIK	10/2029	11,322		11,264		0.3		10,530
Mario Purchaser, LLC+(25)	One stop	N/A			14.58%	PIK			04/2032	5,577		5,594		0.1		4,294
Mario Purchaser, LLC+(25)	One stop	SF +	6.00%	(j)	7.83%	cash/	2.00%	PIK	10/2029	5,214		5,219		0.1		4,849

See Notes to Consolidated Financial Statements.

14

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 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)
Mario Purchaser, LLC+	One stop	SF +	5.75%	(j)	9.58%				10/2029	$	58	$	58	—	%	$	48
NSG Buyer, Inc. *+	One stop	SF +	5.00%	(j)	8.73%				11/2029	41,544		41,350		1.1		41,233
NSG Buyer, Inc. +	One stop	SF +	5.00%	(j)	8.73%				11/2028	145		142		—		140
NSG Buyer, Inc. +(5)	One stop				N/A(6)				11/2029	—		(12)		—		(25)
PADI Holdco, Inc.+	One stop	SF +	5.00%	(j)	8.82%				01/2029	980		976		—		980
PADI Holdco, Inc.*	One stop	SF +	5.00%	(j)	8.82%				01/2029	20,970		20,848		0.6		20,970
PADI Holdco, Inc.+(9)	One stop	E +	5.00%	(c)	7.23%				01/2029	20,274		20,142		0.6		20,274
PADI Holdco, Inc.+	One stop	SF +	5.00%	(j)	8.82%				01/2029	808		803		—		808
PADI Holdco, Inc.+	One stop	SF +	5.00%	(j)	8.81%				01/2029	167		166		—		167
PADI Holdco, Inc.+(9)	One stop	A +	5.50%	(e)	10.00%				01/2029	7,785		7,037		0.2		7,785
Provenance Buyer, LLC*+	One stop	SF +	5.00%	(j)	8.83%				06/2027	20,420		20,356		0.6		20,420
Provenance Buyer, LLC*+	One stop	SF +	5.00%	(j)	8.83%				06/2027	13,759		13,690		0.4		13,759
Provenance Buyer, LLC+(5)	One stop				N/A(6)				06/2027	—		(3)		—		—
Salisbury House, LLC+(5)	One stop				N/A(6)				08/2032	—		(1)		—		(2)
Salisbury House, LLC*	One stop	SF +	4.75%	(i)	8.39%				08/2032	1,491		1,484		—		1,477
Salisbury House, LLC+	One stop	SF +	4.75%	(i)	8.39%				08/2032	72		71		—		70
SCP CDH Buyer, Inc.+	One stop	SF +	4.50%	(j)	8.23%				12/2032	354		353		—		353
SCP CDH Buyer, Inc.+	One stop	SF +	4.50%	(j)	8.14%				12/2032	71		70		—		70
SCP CDH Buyer, Inc.+	One stop				N/A(6)				12/2032	—		—		—		—
Severin Acquisition, LLC+(25)	One stop	SF +	5.00%	(i)	6.39%	cash/	2.25%	PIK	10/2031	36,083		35,824		1.0		35,001
Severin Acquisition, LLC+	One stop	SF +	4.75%	(i)	8.39%				10/2031	2,223		2,189		0.1		2,089
Severin Acquisition, LLC+(25)	One stop	SF +	5.00%	(i)	6.39%	cash/	2.25%	PIK	10/2031	1,913		1,885		0.1		1,690
Stellar Brands, LLC+	Senior secured	SF +	4.50%	(i)	8.14%				02/2031	7,097		7,056		0.2		7,097
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)		—		(4)
Virginia Green Acquisition, LLC*+	One stop	SF +	5.25%	(k)	9.08%				12/2030	3,335		3,364		0.1		3,320
Virginia Green Acquisition, LLC+	One stop				N/A(6)				12/2029	—		—		—		—
										448,426		444,718		11.8		438,937
Diversified Financial Services
Baker Tilly Advisory Group, LP+(5)	One stop				N/A(6)				06/2030	—		(10)		—		(6)
Baker Tilly Advisory Group, LP+	One stop	SF +	4.75%	(i)	8.39%				06/2031	3,734		3,698		0.1		3,772
Baker Tilly Advisory Group, LP+	One stop	SF +	4.25%	(i)	7.89%				06/2031	5,732		5,708		0.2		5,711
Baker Tilly Advisory Group, LP+	One stop	SF +	4.25%	(i)	7.90%				06/2031	1,003		999		—		999
Banker's Toolbox, Inc.*+	One stop	SF +	4.50%	(k)	8.35%				07/2029	20,944		20,840		0.6		20,839
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)		—		(1)
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop	E +	4.75%	(d)	6.90%				07/2031	17,012		15,996		0.4		16,757
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop	E +	5.25%	(c)	7.54%				07/2031	7,532		7,684		0.2		7,419
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)(25)	Subordinated debt	E +	8.00%	(d)	10.15%	PIK			07/2032	2,324		2,200		0.1		2,231
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop	E +	4.75%	(d)	7.21%				07/2031	2,410		2,312		0.1		2,374
Ceres Groupe SAS & Ceres PikCo+(5)(8)(9)(20)	One stop				N/A(6)				07/2031	—		—		—		(35)
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	1,199		969		—		602
Corsair Blade IV S.A R.L.+(8)(13)(25)	One stop	SF +	5.75%	(j)	9.15%	cash/	0.25%	PIK	12/2030	3,777		3,777		0.1		3,701
Deerfield Dakota Holding, LLC+	One stop	SF +	5.25%	(i)	8.90%				09/2032	63		61		—		61
Deerfield Dakota Holding, LLC+(25)	One stop	SF +	5.75%	(j)	6.73%	cash/	2.75%	PIK	09/2032	1,860		1,844		—		1,839
Equity Methods, LLC*	One stop	SF +	4.50%	(j)	8.23%				04/2032	19,829		19,747		0.5		19,548
Equity Methods, LLC+(5)	One stop				N/A(6)				04/2032	—		(15)		—		(51)
Equity Methods, LLC+(5)	One stop				N/A(6)				04/2032	—		(19)		—		(64)
Flash Topco, Inc.+	One stop	SF +	5.25%	(j)	9.01%				10/2028	16,787		16,563		0.4		16,451
Flash Topco, Inc.+	One stop	SF +	6.50%	(j)	10.16%				10/2028	145		142		—		145
Flash Topco, Inc.+	One stop	SF +	5.25%	(j)	8.91%				10/2028	3,352		3,342		0.1		3,277

See Notes to Consolidated Financial Statements.

15

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 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)
Higginbotham Insurance Agency, Inc.+	Senior secured	SF +	4.50%	(i)	8.14%	06/2031	$	337