GBDC 10-Q Quarterly Report Dec. 31, 2020 | Alphaminr
GOLUB CAPITAL BDC, Inc.
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GBDC 10-Q Quarter ended Dec. 31, 2020

Balance Sheet
Cash Flow
Income Statement
Debt
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10-Q 1 gbdcfy202110-qq1.htm 10-Q Document

______________________________________________________________________________________________________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
______________________________________________________________________________________________________
FORM 10-Q

þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended December 31, 2020

OR

o 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 o 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 þ
Accelerated filer o
Non-accelerated filer o
Smaller reporting company o
Emerging growth company o

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

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

As of February 8, 2021, the Registrant had 167,259,511 shares of common stock, $0.001 par value, outstanding.



Part I. Financial Information
Item 1. Financial Statements
Consolidated Statements of Financial Condition as of December 31, 2020 (unaudited) and September 30, 2020
Consolidated Statements of Operations for the three months ended December 31, 2020 (unaudited) and 2019 (unaudited)
Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2020 (unaudited) and 2019 (unaudited)
Consolidated Statements of Cash Flows for the three months ended December 31, 2020 (unaudited) and 2019 (unaudited)
Consolidated Schedules of Investments as of December 31, 2020 (Unaudited) and September 30, 2020
Notes to Consolidated Financial Statements (unaudited)
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures about Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits

2
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Financial Condition
(In thousands, except share and per share data)

December 31, 2020 September 30, 2020
(unaudited)
Assets
Investments, at fair value
Non-controlled/non-affiliate company investments $ 4,430,239 $ 4,177,474
Non-controlled affiliate company investments 58,211 42,000
Controlled affiliate company investments 18,768 18,736
Total investments, at fair value (amortized cost of $4,604,818 and $4,398,900, respectively) 4,507,218 4,238,210
Cash and cash equivalents 26,500 24,569
Foreign currencies (cost of $527 and $567, respectively) 527 567
Restricted cash and cash equivalents
242,783 157,566
Restricted foreign currencies (cost of $1,340 and $1,727, respectively) 1,355 1,728
Cash collateral held at broker for forward currency contracts 5,420 3,320
Interest receivable 18,628 17,263
Receivable from investments sold — 259
Other assets 137 802
Total Assets $ 4,802,568 $ 4,444,284
Liabilities
Debt $ 2,332,563 $ 2,023,698
Less unamortized debt issuance costs 10,822 5,896
Debt less unamortized debt issuance costs 2,321,741 2,017,802
Unrealized depreciation on forward currency contracts 4,956 1,064
Interest payable 12,551 7,875
Management and incentive fees payable 17,330 17,347
Accounts payable and other liabilities 3,863 4,003
Total Liabilities 2,360,441 2,048,091
Commitments and Contingencies (Note 8)
Net Assets
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2020 and September 30, 2020 — —
Common stock, par value $0.001 per share, 200,000,000 shares authorized, 167,259,511 and 167,259,511 shares issued and outstanding as of December 31, 2020 and September 30, 2020, respectively 167 167
Paid in capital in excess of par 2,624,608 2,624,608
Distributable earnings (losses)
(182,648) (228,582)
Total Net Assets 2,442,127 2,396,193
Total Liabilities and Total Net Assets $ 4,802,568 $ 4,444,284
Number of common shares outstanding 167,259,511 167,259,511
Net asset value per common share $ 14.60 $ 14.33

See Notes to Consolidated Financial Statements.
3
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
(In thousands, except share and per share data)

Three months ended December 31,
2020 2019
Investment income
From non-controlled/non-affiliate company investments:
Interest income $ 71,522 $ 75,859
Dividend income 160 34
Fee income 907 215
Total investment income from non-controlled/non-affiliate company investments 72,589 76,108
From non-controlled affiliate company investments:
Interest income 1,475 244
Total investment income from non-controlled affiliate company investments 1,475 244
From controlled affiliate company investments:
Interest income (18) 350
Dividend income — 1,905
Total investment income from controlled affiliate company investments (18) 2,255
Total investment income 74,046 78,607
Expenses
Interest and other debt financing expenses 15,081 22,278
Base management fee 15,224 15,206
Incentive fee 2,004 5,904
Professional fees 837 939
Administrative service fee 1,602 1,402
General and administrative expenses 291 147
Total expenses 35,039 45,876
Net investment income 39,007 32,731
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Non-controlled/non-affiliate company investments 4,125 2,656
Non-controlled affiliate company investments (5,739) —
Foreign currency transactions (778) (155)
Net realized gain (loss) on investment transactions (2,392) 2,501
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliate company investments 54,069 17,472
Non-controlled affiliate company investments 9,071 (427)
Controlled affiliate company investments (50) (829)
Translation of assets and liabilities in foreign currencies (1,374) (3,150)
Forward currency contracts (3,892) (1,250)
Net change in unrealized appreciation (depreciation) on investment transactions 57,824 11,816
Net gain on investment transactions 55,432 14,317
Net increase in net assets resulting from operations $ 94,439 $ 47,048
Per Common Share Data
Basic and diluted earnings per common share (Note 10) $ 0.56 $ 0.34
Dividends and distributions declared per common share $ 0.29 $ 0.46
Basic and diluted weighted average common shares outstanding (Note 10) 167,259,511 136,989,243




See Notes to Consolidated Financial Statements.
4
TABLE OF CONTENTS
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, 2019 132,658,200 $ 133 $ 2,310,610 $ (87,889) $ 2,222,854
Net increase in net assets resulting from operations:
Net investment income — — — 32,731 32,731
Net realized gain (loss) on investments and foreign currency transactions — — — 2,501 2,501
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward currency contracts — — — 11,816 11,816
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan 1,149,409 1 20,229 — 20,230
Distributions from distributable earnings — — — (61,023) (61,023)
Total increase (decrease) for the period ended December 31, 2019 1,149,409 1 20,229 (13,975) 6,255
Balance at December 31, 2019 133,807,609 $ 134 $ 2,330,839 $ (101,864) $ 2,229,109
Balance at September 30, 2020 167,259,511 $ 167 $ 2,624,608 $ (228,582) $ 2,396,193
Net increase in net assets resulting from operations:
Net investment income — — — 39,007 39,007
Net realized gain (loss) on investments and foreign currency transactions — — — (2,392) (2,392)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward currency contracts — — — 57,824 57,824
Distributions to stockholders:
Distributions from distributable earnings — — — (48,505) (48,505)
Total increase (decrease) for the period ended December 31, 2020 — — — 45,934 45,934
Balance at December 31, 2020 167,259,511 $ 167 $ 2,624,608 $ (182,648) $ 2,442,127

See Notes to Consolidated Financial Statements.
5
TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Cash Flows (unaudited)
(In thousands)

Three months ended December 31,
2020 2019
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations $ 94,439 $ 47,048
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 1,204 571
Accretion of discounts and amortization of premiums on investments 4,624 7,869
Accretion of discounts on issued debt securities 471 295
Net realized (gain) loss on investments 1,614 (2,656)
Net realized (gain) loss on foreign currency and other transactions 778 155
Net change in unrealized (appreciation) depreciation on investments (63,090) (16,216)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies 1,374 3,150
Net change in unrealized (appreciation) depreciation on forward currency contracts 3,892 1,250
Proceeds from (fundings of) revolving loans, net 3,911 (239)
Fundings of investments (490,007) (296,814)
Proceeds from principal payments and sales of portfolio investments 278,665 154,305
PIK interest (4,725) (1,633)
Changes in operating assets and liabilities:
Interest receivable (1,365) 2,283
Cash collateral held at broker for forward currency contracts (2,100) (600)
Receivable from investments sold 259 —
Other assets 665 83
Interest payable 4,676 3,944
Management and incentive fees payable (17) 8,012
Accounts payable and other liabilities (140) (22,409)
Accrued trustee fees — (192)
Net cash provided by (used in) operating activities (164,872) (111,794)
Cash flows from financing activities
Borrowings on debt 797,389 331,966
Repayments of debt (491,339) (193,946)
Capitalized debt issuance costs (6,130) (1,062)
Proceeds from other short-term borrowings — 64,769
Distributions paid (33,846) (40,793)
Purchases of common stock under reinvestment plan (14,659) —
Net cash (used in) provided by financing activities 251,415 160,934
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies 86,543 49,140
Effect of foreign currency exchange rates 192 (125)
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, beginning of period 184,430 84,208
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, end of period $ 271,165 $ 133,223
Supplemental disclosure of cash flow information:
Cash paid during the period for interest $ 8,731 $ 17,763
Distributions declared during the period 48,505 61,023
Supplemental disclosure of non-cash operating and financing activities:
Stock issued in connection with dividend reinvestment plan $ — $ 20,230
Proceeds from issuance of Class A-2-R GCIC 2018 Notes 38,500 —
Redemptions of Class A-2 GCIC 2018 Notes (38,500) —
See Notes to Consolidated Financial Statements.
6

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Cash Flows - (continued)
(In thousands)

The following table provides a reconciliation of cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies reported within the Consolidated Statements of Financial Condition that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:
As of December 31,
2020 2019
Cash and cash equivalents $ 26,500 $ 18,914
Foreign currencies (cost of $527 and $512, respectively) 527 512
Restricted cash and cash equivalents 242,783 112,353
Restricted foreign currencies (cost of $1,340 and $1,444, respectively) 1,355 1,444
Total cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows
$ 271,165 $ 133,223
See Note 2. Significant Accounting Policies and Recent Accounting Updates for a description of cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies.


See Notes to Consolidated Financial Statements.
7
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited)
December 31, 2020
(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 and Defense
NTS Technical Systems*#~^ Senior loan L + 5.50% (c) 6.50% 06/2023 $ 40,477 $ 40,070 1.6 % $ 39,870
NTS Technical Systems~ Second lien L + 9.75% (c) 10.75% 12/2023 4,589 4,502 0.2 4,497
NTS Technical Systems(5) Senior loan L + 5.50% N/A(6) 06/2023 — (48) — (61)
NTS Technical Systems(5) Senior loan L + 5.50% N/A(6) 06/2023 — (76) — (81)
Tronair Parent, Inc.+ Senior loan L + 4.75% (e) 5.75% 09/2023 716 710 — 638
Tronair Parent, Inc. Senior loan L + 4.50% (c) 4.71% 09/2021 160 159 — 154
Whitcraft LLC*#+~ One stop L + 6.00% (c) 7.00% 04/2023 63,735 64,087 2.5 59,912
Whitcraft LLC(5) One stop L + 6.00% N/A(6) 04/2023 — (2) — (18)
109,677 109,402 4.3 104,911
Airlines
Aurora Lux Finco S.A.R.L.(8)(13) One stop L + 5.75% (c) 6.75% 12/2026 993 971 — 893
Auto Components
Polk Acquisition Corp.*# Senior loan L + 6.50% (a) 3.50% cash/4.00% PIK 12/2023 18,167 18,011 0.7 17,077
Polk Acquisition Corp. Senior loan L + 6.50% (a) 3.50% cash/4.00% PIK 12/2023 108 106 — 100
Polk Acquisition Corp. Senior loan L + 6.50% (a) 3.50% cash/4.00% PIK 12/2023 18 16 — 4
Power Stop, LLC+~ Senior loan L + 4.50% (a) 4.65% 10/2025 2,835 2,886 0.1 2,835
21,128 21,019 0.8 20,016
Automobiles
JHCC Holdings LLC One stop L + 5.50% (c) 6.50% 09/2025 15,591 15,347 0.6 15,591
JHCC Holdings LLC One stop L + 5.50% (c) 6.50% 09/2025 78 76 — 78
JHCC Holdings LLC One stop L + 5.50% (c)(f) 7.10% 09/2025 55 54 — 55
MOP GM Holding, LLC+~ One stop L + 5.75% (c) 6.75% 11/2026 24,404 24,104 1.0 24,160
MOP GM Holding, LLC One stop L + 5.75% (c)(f) 6.85% 11/2026 130 128 — 128
MOP GM Holding, LLC(5) One stop L + 5.75% N/A(6) 11/2026 — (56) — (45)
Quick Quack Car Wash Holdings, LLC*# One stop L + 6.50% (a) 7.50% 10/2024 13,050 13,069 0.5 12,919
Quick Quack Car Wash Holdings, LLC# One stop L + 6.50% (a) 7.50% 04/2023 2,355 2,327 0.1 2,331
Quick Quack Car Wash Holdings, LLC One stop L + 6.50% (a) 7.50% 10/2024 2,199 2,103 0.1 2,101
Quick Quack Car Wash Holdings, LLC*+ One stop L + 6.50% (a) 7.50% 04/2023 2,057 2,103 0.1 2,036
Quick Quack Car Wash Holdings, LLC*+ One stop L + 6.50% (a) 7.50% 04/2023 1,375 1,405 0.1 1,361
Quick Quack Car Wash Holdings, LLC* One stop L + 6.50% (a) 7.50% 10/2024 1,120 1,163 — 1,108
Quick Quack Car Wash Holdings, LLC(5) One stop L + 6.50% N/A(6) 04/2023 — — — (2)
TWAS Holdings, LLC+ One stop L + 6.75% (a) 7.75% 12/2026 31,111 30,722 1.3 30,800
TWAS Holdings, LLC(5) One stop L + 6.75% N/A(6) 12/2026 — (4) — (4)
TWAS Holdings, LLC(5) One stop L + 6.75% N/A(6) 12/2026 — (90) — (80)
93,525 92,451 3.8 92,537

See Notes to Consolidated Financial Statements.
8
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(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)
Beverages
Abita Brewing Co., L.L.C.(7) One stop L + 7.25% (c) 8.25% 04/2021 $ 9,982 $ 9,969 0.4 % $ 8,485
Abita Brewing Co., L.L.C.(7) One stop L + 7.25% (c) 8.25% 04/2021 40 39 — 34
Fintech Midco, LLC*# One stop L + 5.00% (c) 6.00% 08/2024 24,349 24,671 1.0 24,349
Fintech Midco, LLC# One stop L + 5.00% (c) 6.00% 08/2024 1,128 1,163 — 1,128
Fintech Midco, LLC(5) One stop L + 5.00% N/A(6) 08/2024 — (1) — —
35,499 35,841 1.4 33,996
Biotechnology
BIO18 Borrower, LLC One stop L + 4.75% (a) 5.75% 11/2024 11,047 11,081 0.4 11,047
BIO18 Borrower, LLC*# One stop L + 4.75% (a) 5.75% 11/2024 3,953 3,921 0.2 3,953
BIO18 Borrower, LLC One stop L + 4.75% (a) 5.75% 11/2024 210 210 — 210
BIO18 Borrower, LLC(5) One stop L + 4.75% N/A(6) 11/2024 — (1) — —
15,210 15,211 0.6 15,210
Building Products
Jensen Hughes, Inc.+ Senior loan L + 4.50% (b)(c)(f) 5.50% 03/2024 4,181 4,181 0.2 4,097
Jensen Hughes, Inc. Senior loan L + 4.50% (a)(b)(c)(f) 5.50% 03/2024 1,252 1,283 0.1 1,223
Jensen Hughes, Inc.+ Senior loan L + 4.50% (b)(c)(d)(f) 5.50% 03/2024 911 924 — 893
Jensen Hughes, Inc. Senior loan L + 4.50% (c)(f) 5.50% 03/2024 438 450 — 429
Jensen Hughes, Inc.+ Senior loan L + 4.50% (b)(c)(f) 5.50% 03/2024 279 282 — 273
Jensen Hughes, Inc. Senior loan L + 4.50% (c)(f) 5.50% 03/2024 218 218 — 214
Jensen Hughes, Inc.+ Senior loan L + 4.50% (c)(f) 5.50% 03/2024 116 116 — 114
7,395 7,454 0.3 7,243
Chemicals
Inhance Technologies Holdings LLC# One stop L + 6.00% (c) 7.00% 07/2024 12,671 12,782 0.5 12,207
Inhance Technologies Holdings LLC One stop L + 6.00% (c) 7.00% 07/2024 1,925 1,913 0.1 1,854
Inhance Technologies Holdings LLC One stop L + 6.00% (c) 7.00% 07/2024 80 80 — 72
14,676 14,775 0.6 14,133
Commercial Services & Supplies
EGD Security Systems, LLC*#^ One stop L + 5.65% (c) 6.65% 06/2023 30,092 30,418 1.2 30,092
EGD Security Systems, LLC* One stop L + 5.65% (c) 6.65% 06/2023 1,258 1,257 0.1 1,258
EGD Security Systems, LLC One stop L + 5.65% (c) 6.65% 06/2023 767 760 — 767
EGD Security Systems, LLC# One stop L + 5.65% (c) 6.65% 06/2023 644 661 — 644
EGD Security Systems, LLC# One stop L + 5.65% (c) 6.65% 06/2023 575 572 — 575
EGD Security Systems, LLC One stop L + 5.65% (c) 6.65% 06/2023 40 39 — 40
EGD Security Systems, LLC(5) One stop L + 5.65% N/A(6) 06/2023 — (28) — —
Bazaarvoice, Inc.*#+~^ One stop L + 5.75% (c) 6.75% 02/2024 48,006 48,576 2.0 47,526
Bazaarvoice, Inc.+ One stop L + 5.75% (c) 6.75% 02/2024 21,094 20,886 0.9 20,883
Bazaarvoice, Inc.(5) One stop L + 5.75% N/A(6) 02/2024 — (3) — (4)
Hydraulic Authority III Limited~(8)(9)(10) One stop L + 6.00% (h) 7.00% 11/2025 11,709 11,907 0.5 12,198
See Notes to Consolidated Financial Statements.
9
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(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)
Commercial Services & Supplies - (continued)
Hydraulic Authority III Limited(8)(9)(10) One stop N/A 11.00% PIK 11/2028 $ 222 $ 225 — % $ 239
Hydraulic Authority III Limited(5)(8)(9)(10) One stop L + 6.00% N/A(6) 11/2025 — — — (6)
PT Intermediate Holdings III, LLC+~^ One stop L + 5.50% (c) 6.50% 10/2025 29,700 29,331 1.2 28,512
WRE Holding Corp.*# Senior loan L + 5.25% (b)(c) 6.25% 01/2023 2,270 2,302 0.1 2,270
WRE Holding Corp.^ Senior loan L + 5.25% (b)(c) 6.25% 01/2023 938 962 — 938
WRE Holding Corp. Senior loan L + 5.25% (c) 6.25% 01/2023 688 687 — 688
WRE Holding Corp. Senior loan L + 5.25% (b)(c) 6.25% 01/2023 407 407 — 407
WRE Holding Corp. Senior loan L + 5.25% (b)(c) 6.25% 01/2023 23 23 — 23
WRE Holding Corp. Senior loan L + 5.25% (a)(c) 6.25% 01/2023 16 17 — 16
WRE Holding Corp. Senior loan L + 5.25% N/A(6) 01/2023 — 8 — —
148,449 149,007 6.0 147,066

See Notes to Consolidated Financial Statements.
10
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(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)
Construction & Engineering
Reladyne, Inc.*#^ Senior loan L + 5.00% (d) 6.00% 07/2022 $ 32,778 $ 32,967 1.4 % $ 32,778
Reladyne, Inc.~ Senior loan L + 5.00% (d) 6.00% 07/2022 3,473 3,524 0.1 3,473
Reladyne, Inc.+ Senior loan L + 5.00% (a) 6.00% 07/2022 3,386 3,354 0.1 3,386
Reladyne, Inc. Senior loan L + 5.00% (c)(d) 6.00% 07/2022 2,750 2,789 0.1 2,750
Reladyne, Inc.*# Senior loan L + 5.00% (d) 6.00% 07/2022 1,880 1,908 0.1 1,880
Reladyne, Inc.#~ Senior loan L + 5.00% (d) 6.00% 07/2022 1,621 1,645 0.1 1,621
Reladyne, Inc.# Senior loan L + 5.00% (d) 6.00% 07/2022 1,541 1,578 0.1 1,541
Reladyne, Inc.#~ Senior loan L + 5.00% (d) 6.00% 07/2022 738 749 — 738
48,167 48,514 2.0 48,167
Containers and Packaging
AmerCareRoyal LLC+ Senior loan L + 5.00% (a) 6.00% 11/2025 820 813 — 820
AmerCareRoyal LLC+(8) Senior loan L + 5.00% (a) 6.00% 11/2025 152 151 — 152
Fortis Solutions Group LLC+ Senior loan L + 5.00% (a) 6.00% 12/2023 2,424 2,377 0.1 2,376
Fortis Solutions Group LLC+ Senior loan L + 5.00% (a) 6.00% 12/2023 1,582 1,570 0.1 1,550
Fortis Solutions Group LLC+ Senior loan L + 5.00% (a) 6.00% 12/2023 630 625 — 617
Fortis Solutions Group LLC+ Senior loan L + 5.00% (a) 6.00% 12/2023 605 600 — 594
Fortis Solutions Group LLC(5) Senior loan L + 5.00% N/A(6) 12/2023 — — — (1)
Plano Molding Company, LLC+ One stop L + 9.00% (c) 8.50% cash/1.50% PIK 05/2022 14,653 14,617 0.5 12,454
Plano Molding Company, LLC One stop L + 9.00% (c) 8.50% cash/1.50% PIK 05/2022 1,186 1,177 0.1 1,186
22,052 21,930 0.8 19,748
Distributors
PetroChoice Holdings, Inc.#^ Senior loan L + 5.00% (c) 6.00% 08/2022 3,267 3,273 0.1 3,104
Diversified Consumer Services
EWC Growth Partners LLC One stop L + 7.50% (c) 6.50% cash/2.00% PIK 03/2026 914 899 — 832
EWC Growth Partners LLC One stop L + 7.50% (c) 6.50% cash/2.00% PIK 03/2026 30 29 — 27
EWC Growth Partners LLC One stop L + 7.50% (c) 6.50% cash/2.00% PIK 03/2026 18 18 — 16
Excelligence Learning Corporation# One stop L + 7.00% (c) 8.00% 04/2023 10,466 10,233 0.3 8,373
Learn-it Systems, LLC Senior loan L + 5.00% (c) 5.00% cash/0.50% PIK 03/2025 2,542 2,588 0.1 2,542
Learn-it Systems, LLC Senior loan L + 5.00% (c) 5.50% 03/2025 608 607 — 608
Learn-it Systems, LLC Senior loan L + 4.50% N/A(6) 03/2025 — — — —
Liminex, Inc.~ One stop L + 7.25% (a) 8.25% 11/2026 25,462 24,988 1.0 25,207
Liminex, Inc.(5) One stop L + 7.25% N/A(6) 11/2026 — (2) — (2)
Litera Bidco LLC+^ One stop L + 5.25% (a) 6.25% 05/2026 3,740 3,760 0.2 3,568
Litera Bidco LLC+ One stop L + 6.00% (c) 7.00% 05/2026 1,307 1,291 0.1 1,291
Litera Bidco LLC One stop L + 5.25% (a) 5.40% 05/2026 701 725 — 669
Litera Bidco LLC One stop L + 5.25% (a) 6.25% 05/2026 701 725 — 669
Litera Bidco LLC(5) One stop L + 5.25% N/A(6) 05/2025 — — — (2)
PADI Holdco, Inc.*# One stop L + 8.75% (c) 8.25% cash/1.50% PIK 04/2024 21,686 21,859 0.8 18,429
PADI Holdco, Inc.+~(8)(9) One stop E + 5.75% (g) 4.25% cash/1.50% PIK 04/2024 20,634 20,892 0.8 18,343
PADI Holdco, Inc.~ One stop L + 7.25% (c) 6.75% cash/1.50% PIK 04/2024 803 797 — 682
PADI Holdco, Inc. One stop L + 7.25% (a) 6.75% cash/1.50% PIK 04/2023 180 179 — 146
PADI Holdco, Inc. One stop L + 8.75% (c) 8.25% cash/1.50% PIK 04/2024 166 165 — 141
89,958 89,753 3.3 81,539
See Notes to Consolidated Financial Statements.
11
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)
Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Diversified Financial Services
Higginbotham Insurance Agency, Inc.+ One stop L + 5.75% (c) 6.50% 11/2026 $ 3,614 $ 3,561 0.1 % $ 3,560
Higginbotham Insurance Agency, Inc.(5) One stop L + 5.75% N/A(6) 11/2026 — (8) — (8)
Institutional Shareholder Services* Senior loan L + 4.50% (c) 4.75% 03/2026 18,727 19,096 0.8 18,727
Institutional Shareholder Services Senior loan L + 4.50% (c) 4.74% 03/2024 190 187 — 190
Sovos Compliance*+^ One stop L + 4.75% (a) 5.75% 04/2024 19,614 20,117 0.8 19,614
Sovos Compliance Second lien N/A 12.00% PIK 04/2025 9,221 9,448 0.4 9,221
Sovos Compliance+ One stop L + 4.75% (a) 5.75% 04/2024 4,322 4,242 0.2 4,322
Sovos Compliance*# One stop L + 4.75% (a) 5.75% 04/2024 1,903 1,952 0.1 1,903
Sovos Compliance Second lien N/A 12.00% PIK 04/2025 1,260 1,296 — 1,260
Sovos Compliance*# One stop L + 4.75% (a) 5.75% 04/2024 768 789 — 768
Sovos Compliance One stop L + 4.75% (a) 5.75% 04/2024 96 95 — 96
Sovos Compliance One stop L + 4.75% (a) 5.75% 04/2024 85 84 — 85
Sovos Compliance(5) One stop L + 4.75% N/A(6) 04/2024 — (21) — —
59,800 60,838 2.4 59,738

See Notes to Consolidated Financial Statements.
12
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(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)
Electric Utilities
Arcos, LLC#^ One stop L + 5.00% (c) 6.00% 02/2021 $ 11,368 $ 11,395 0.5 % $ 11,368
Arcos, LLC One stop L + 5.00% N/A(6) 02/2021 — — — —
11,368 11,395 0.5 11,368
Electronic Equipment, Instruments & Components
CST Buyer Company+ One stop L + 6.00% (d) 7.00% 10/2025 20,580 20,331 0.8 20,374
CST Buyer Company+~ One stop L + 6.00% (a) 7.00% 10/2025 10,189 10,084 0.4 10,087
CST Buyer Company One stop L + 6.00% N/A(6) 10/2025 — — — —
ES Acquisition LLC Senior loan L + 5.00% (c) 6.00% 11/2025 660 649 — 659
ES Acquisition LLC Senior loan L + 5.00% (c) 6.00% 11/2025 140 138 — 139
ES Acquisition, LLC Senior loan L + 5.50% (c) 6.50% 11/2025 89 86 — 91
ES Acquisition, LLC Senior loan L + 5.00% (c) 6.00% 11/2025 46 46 — 46
ES Acquisition LLC Senior loan L + 5.00% (c) 6.00% 11/2025 45 44 — 45
ES Acquisition LLC Second lien L + 5.00% (c) 6.00% 11/2025 36 35 — 36
Pasternack Enterprises, Inc. and Fairview Microwave, Inc+~ Senior loan L + 4.00% (a) 4.15% 07/2025 23,578 23,790 1.0 23,342
Pasternack Enterprises, Inc. and Fairview Microwave, Inc Senior loan L + 4.00% N/A(6) 07/2023 — — — —
Inventus Power, Inc.*#+ One stop L + 5.50% (a) 6.50% 04/2021 14,303 14,099 0.6 14,303
Inventus Power, Inc.(5) One stop L + 5.50% N/A(6) 04/2021 — (9) — —
Watchfire Enterprises, Inc. Second lien L + 8.00% (a) 9.00% 10/2021 9,435 9,410 0.4 9,435
79,101 78,703 3.2 78,557

See Notes to Consolidated Financial Statements.
13
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)

Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Food & Staples Retailing
Cafe Rio Holding, Inc.*# One stop L + 5.50% (c) 6.50% 09/2023 $ 18,562 $ 18,743 0.8 % $ 18,562
Cafe Rio Holding, Inc. One stop L + 5.50% (c) 6.50% 09/2023 2,415 2,414 0.1 2,415
Cafe Rio Holding, Inc.# One stop L + 5.50% (c) 6.50% 09/2023 2,243 2,308 0.1 2,243
Cafe Rio Holding, Inc.*# One stop L + 5.50% (c) 6.50% 09/2023 1,423 1,465 0.1 1,423
Cafe Rio Holding, Inc.# One stop L + 5.50% (c) 6.50% 09/2023 1,257 1,293 — 1,257
Cafe Rio Holding, Inc. One stop L + 5.50% (c) 6.50% 09/2023 181 181 — 181
Cafe Rio Holding, Inc. One stop L + 5.50% N/A(6) 09/2023 — — — —
Captain D's, LLC# Senior loan L + 4.50% (c) 5.50% 12/2023 13,688 13,729 0.6 13,688
Captain D's, LLC Senior loan L + 4.50% (c) 5.50% 12/2023 120 121 — 120
Feeders Supply Company, LLC#+ One stop L + 6.00% (a) 7.00% 04/2023 9,101 9,049 0.4 9,101
Feeders Supply Company, LLC Subordinated debt N/A 12.50% cash/7.00% PIK 04/2021 155 155 — 155
Feeders Supply Company, LLC One stop L + 6.00% (a) 7.00% 04/2021 10 10 — 10
FWR Holding Corporation# One stop L + 7.00% (c) 6.50% cash/1.50% PIK 08/2023 10,398 10,382 0.4 9,566
FWR Holding Corporation# One stop L + 7.00% (c) 6.50% cash/1.50% PIK 08/2023 1,819 1,871 0.1 1,673
FWR Holding Corporation# One stop L + 7.00% (c) 6.50% cash/1.50% PIK 08/2023 1,149 1,183 — 1,058
FWR Holding Corporation# One stop L + 7.00% (c) 6.50% cash/1.50% PIK 08/2023 364 373 — 335
FWR Holding Corporation One stop L + 7.00% (c) 6.50% cash/1.50% PIK 08/2023 274 273 — 252
FWR Holding Corporation# One stop L + 7.00% (c) 6.50% cash/1.50% PIK 08/2023 272 279 — 250
FWR Holding Corporation One stop L + 7.00% (c) 6.50% cash/1.50% PIK 08/2023 131 130 — 121
FWR Holding Corporation(5) One stop L + 7.00% N/A(6) 08/2023 — — — (10)
FWR Holding Corporation One stop L + 7.00% N/A(6) 08/2023 — — — —
Mendocino Farms, LLC One stop L + 8.50% (a) 2.00% cash/7.50% PIK 06/2023 834 855 — 834
Mendocino Farms, LLC One stop L + 8.50% (a) 2.00% cash/7.50% PIK 06/2023 655 672 — 655
Mendocino Farms, LLC One stop L + 8.50% (a) 2.00% cash/7.50% PIK 06/2023 643 640 — 643
Mendocino Farms, LLC One stop L + 8.50% (a) 2.00% cash/7.50% PIK 06/2023 316 315 — 316
Mendocino Farms, LLC One stop L + 8.50% (a) 2.00% cash/7.50% PIK 06/2023 316 314 — 316
Mendocino Farms, LLC One stop L + 8.50% (a) 2.00% cash/7.50% PIK 06/2023 156 155 — 156
Mendocino Farms, LLC One stop L + 8.50% (a) 2.00% cash/7.50% PIK 06/2023 95 94 — 95
Mendocino Farms, LLC(5) One stop L + 8.50% N/A(6) 06/2023 — (2) — —
NBC Intermediate, LLC+~ Senior loan L + 6.00% (d) 7.00% 09/2023 18,536 18,356 0.8 18,350
NBC Intermediate, LLC#+~ Senior loan L + 6.00% (c) 7.00% 09/2023 9,657 9,624 0.4 9,561
NBC Intermediate, LLC*#+~ Senior loan L + 6.00% (c) 7.00% 09/2023 5,047 5,059 0.2 4,996
NBC Intermediate, LLC#+~ Senior loan L + 6.00% (a)(c) 7.00% 09/2023 4,301 4,341 0.2 4,257
NBC Intermediate, LLC# Senior loan L + 6.00% (a) 7.00% 09/2023 667 660 — 660
NBC Intermediate, LLC(5) Senior loan L + 6.00% N/A(6) 09/2023 — — — (1)
Ruby Slipper Cafe LLC, The* One stop L + 8.50% (c) 8.50% cash/1.00% PIK 01/2023 2,046 2,040 0.1 1,719
Ruby Slipper Cafe LLC, The One stop L + 8.50% (c) 8.50% cash/1.00% PIK 01/2023 414 426 — 348
Ruby Slipper Cafe LLC, The One stop L + 8.50% (c) 8.50% cash/1.00% PIK 01/2023 30 30 — 25
Wetzel's Pretzels, LLC*# One stop L + 7.25% (c) 7.75% cash/0.50% PIK 09/2021 16,929 17,030 0.7 16,082
Wetzel's Pretzels, LLC One stop L + 7.25% (c) 7.75% cash/0.50% PIK 09/2021 100 101 — 96
Wood Fired Holding Corp.*# One stop L + 7.75% (c) 6.75% cash/2.00% PIK 12/2023 14,163 14,354 0.6 13,739
Wood Fired Holding Corp. One stop L + 7.75% (c) 6.75% cash/2.00% PIK 12/2023 701 701 — 680
Wood Fired Holding Corp. One stop L + 7.75% (c) 6.75% cash/2.00% PIK 12/2023 202 201 — 196
139,370 139,925 5.6 136,123

See Notes to Consolidated Financial Statements.
14
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)

Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Food Products
FCID Merger Sub, Inc.+~ One stop L + 6.00% (c) 7.00% 12/2026 $ 13,694 $ 13,490 0.5 % $ 13,556
FCID Merger Sub, Inc.(5) One stop L + 6.00% N/A(6) 12/2026 — (1) — (1)
FCID Merger Sub, Inc.(5) One stop L + 6.00% N/A(6) 12/2026 — (42) — (43)
Flavor Producers, LLC#~ Senior loan L + 5.75% (c) 5.75% cash/1.00% PIK 12/2023 5,006 4,907 0.2 4,605
Flavor Producers, LLC(5) Senior loan L + 4.75% (c) N/A(6) 12/2022 — (4) — (2)
MAPF Holdings, Inc.+~ One stop L + 6.00% (c) 7.00% 12/2026 29,386 29,094 1.2 29,092
MAPF Holdings, Inc.(5) One stop L + 6.00% N/A(6) 12/2026 — (44) — (45)
MAPF Holdings, Inc.(5) One stop L + 6.00% N/A(6) 12/2026 — (3) — (3)
Purfoods, LLC One stop N/A 7.00% PIK 05/2026 76 80 — 76
48,162 47,477 1.9 47,235

See Notes to Consolidated Financial Statements.
15
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)

Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Health Care Equipment & Supplies
Aspen Medical Products, LLC+~ One stop L + 5.00% (c) 6.00% 06/2025 $ 4,249 $ 4,314 0.2 % $ 4,249
Aspen Medical Products, LLC+ One stop L + 5.00% (c) 6.00% 06/2025 271 269 — 271
Aspen Medical Products, LLC One stop L + 5.00% N/A(6) 06/2025 — — — —
Belmont Instrument, LLC+^ Senior loan L + 4.75% (c) 5.75% 12/2023 5,243 5,203 0.2 5,243
Blades Buyer, Inc.+~^ Senior loan L + 4.75% (c) 5.75% 08/2025 6,618 6,605 0.3 6,518
Blades Buyer, Inc.(5) Senior loan L + 4.75% N/A(6) 08/2025 — — — (2)
Blades Buyer, Inc.(5) Senior loan L + 4.75% N/A(6) 08/2025 — (20) — (21)
Blue River Pet Care, LLC One stop L + 5.00% (a) 5.15% 07/2026 27,621 27,671 1.1 27,621
Blue River Pet Care, LLC One stop L + 5.00% (a) 5.15% 07/2026 2,756 2,669 0.1 2,756
Blue River Pet Care, LLC One stop L + 5.00% (c) 5.24% 08/2025 400 396 — 398
CCSL Holdings, LLC+ One stop L + 5.75% (c) 6.75% 12/2026 15,672 15,476 0.6 15,516
CCSL Holdings, LLC(5) One stop L + 5.75% N/A(6) 12/2026 — (2) — (2)
CCSL Holdings, LLC(5) One stop L + 5.75% N/A(6) 12/2026 — (63) — (56)
CMI Parent Inc.#+^ Senior loan L + 4.25% (c) 5.25% 08/2025 6,616 6,738 0.3 6,484
CMI Parent Inc.(5) Senior loan L + 4.25% N/A(6) 08/2025 — (2) — (6)
Flexan, LLC+^ One stop L + 5.25% (c) 6.25% 02/2022 8,428 8,391 0.3 8,428
Flexan, LLC*# One stop L + 5.25% (c) 6.25% 02/2022 3,264 3,250 0.1 3,264
Flexan, LLC+ One stop L + 5.25% (c) 6.25% 02/2022 2,341 2,330 0.1 2,341
Flexan, LLC# One stop L + 5.25% (c) 6.25% 02/2022 1,536 1,529 0.1 1,536
Flexan, LLC(5) One stop L + 5.25% N/A(6) 02/2022 — (4) — —
G & H Wire Company, Inc.#^ One stop L + 7.75% (a) 8.00% cash/0.75% PIK 09/2023 11,153 11,107 0.5 10,930
G & H Wire Company, Inc. One stop L + 7.75% (a) N/A(6) 09/2022 — — — —
Joerns Healthcare, LLC* One stop L + 6.00% (c) 7.00% 08/2024 1,873 1,829 0.1 1,833
Joerns Healthcare, LLC One stop L + 6.00% (c) 7.00% 08/2024 1,800 1,774 0.1 1,764
Katena Holdings, Inc.# One stop L + 6.50% (c) 7.50% 06/2021 12,696 12,740 0.5 12,441
Katena Holdings, Inc.# One stop L + 6.50% (c) 7.50% 06/2021 1,240 1,245 0.1 1,215
Katena Holdings, Inc.+ One stop L + 6.50% (c) 7.50% 06/2021 927 924 — 909
Katena Holdings, Inc.# One stop L + 6.50% (c) 7.50% 06/2021 849 852 — 832
Katena Holdings, Inc. One stop L + 6.50% (c) 7.50% 06/2021 200 200 — 196
Lombart Brothers, Inc.*#~ One stop L + 8.25% (c) 8.25% cash/1.00% PIK 04/2023 28,940 29,159 1.1 26,625
Lombart Brothers, Inc.#(8) One stop L + 8.25% (c) 8.25% cash/1.00% PIK 04/2023 3,116 3,141 0.1 2,867
Lombart Brothers, Inc. One stop L + 9.25% (a)(c) 9.25% cash/1.00% PIK 04/2023 280 280 — 258
Lombart Brothers, Inc.(8) One stop L + 9.25% (a) 9.25% cash/1.00% PIK 04/2023 50 49 — 46
Orthotics Holdings, Inc.*# One stop L + 6.00% (c) 7.00% 06/2021 7,728 7,728 0.3 7,574
Orthotics Holdings, Inc.*# One stop L + 16.00% (c) 7.00% cash/10.00% PIK 06/2021 3,994 3,994 0.2 3,675
Orthotics Holdings, Inc.*#(8) One stop L + 6.00% (c) 7.00% 06/2021 1,267 1,267 0.1 1,242
Orthotics Holdings, Inc.*#(8) One stop L + 16.00% (c) 7.00% cash/10.00% PIK 06/2021 655 655 — 603
Orthotics Holdings, Inc. One stop L + 6.00% N/A(6) 06/2021 — — — —
161,783 161,694 6.5 % 157,548

See Notes to Consolidated Financial Statements.
16
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)

Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Health Care Providers & Services
Active Day, Inc.# One stop L + 6.50% (c) 7.50% 12/2021 $ 24,504 $ 24,654 0.9 % $ 20,829
Active Day, Inc.# One stop L + 6.50% (c) 7.50% 12/2021 1,891 1,904 0.1 1,607
Active Day, Inc.*# One stop L + 6.50% (c) 7.50% 12/2021 1,219 1,227 0.1 1,036
Active Day, Inc. One stop L + 6.50% (c) 7.50% 12/2021 971 988 — 825
Active Day, Inc. One stop L + 6.50% (c) 7.50% 12/2021 856 853 — 728
Active Day, Inc.*# One stop L + 6.50% (c) 7.50% 12/2021 842 848 — 716
Active Day, Inc. One stop L + 6.50% (c) 7.50% 12/2021 102 102 — 86
Active Day, Inc. One stop L + 6.50% (c) N/A(6) 12/2021 — — — —
Acuity Eyecare Holdings, LLC One stop L + 8.25% (c) 7.25% cash/2.00% PIK 03/2024 7,166 7,193 0.3 6,944
Acuity Eyecare Holdings, LLC# One stop L + 8.25% (c) 7.25% cash/2.00% PIK 03/2024 6,051 6,110 0.2 5,864
Acuity Eyecare Holdings, LLC~ One stop L + 8.25% (c) 7.25% cash/2.00% PIK 03/2024 5,630 5,730 0.2 5,456
Acuity Eyecare Holdings, LLC~ One stop L + 8.25% (c) 7.25% cash/2.00% PIK 03/2024 3,285 3,379 0.1 3,183
Acuity Eyecare Holdings, LLC One stop L + 8.25% (c) 7.25% cash/2.00% PIK 03/2024 795 814 — 769
Acuity Eyecare Holdings, LLC One stop L + 8.25% (c) 7.25% cash/2.00% PIK 03/2024 293 291 — 284
Acuity Eyecare Holdings, LLC One stop L + 13.00% (c) 7.25% cash/6.75% PIK 03/2024 248 246 — 273
Acuity Eyecare Holdings, LLC One stop L + 8.25% (c) 7.25% cash/2.00% PIK 03/2024 151 150 — 146
Acuity Eyecare Holdings, LLC One stop L + 13.00% (c) 7.25% cash/6.75% PIK 03/2024 151 150 — 166
Acuity Eyecare Holdings, LLC(5) One stop L + 6.25% (c) 7.25% 03/2024 1 (2) — 15
ADCS Clinics Intermediate Holdings, LLC*# One stop L + 5.75% (d) 6.75% 05/2022 41,764 42,115 1.7 41,764
ADCS Clinics Intermediate Holdings, LLC*# One stop L + 5.75% (d) 6.75% 05/2022 210 211 — 210
ADCS Clinics Intermediate Holdings, LLC One stop L + 5.75% (d) 6.75% 05/2022 190 189 — 190
ADCS Clinics Intermediate Holdings, LLC* One stop L + 5.75% (d) 6.75% 05/2022 162 164 — 162
ADCS Clinics Intermediate Holdings, LLC*# One stop L + 5.75% (d) 6.75% 05/2022 62 63 — 62
Advanced Pain Management Holdings, Inc.(7) Senior loan L + 5.00% (c) 6.25% 03/2021 11,433 6,860 — 259
Advanced Pain Management Holdings, Inc.(7) Senior loan L + 8.50% (c) 9.75% 03/2021 4,082 7 — —
Advanced Pain Management Holdings, Inc.(7) Senior loan L + 5.00% (c) 6.25% 03/2021 782 469 — 18
Advanced Pain Management Holdings, Inc.(5)(7) Senior loan L + 5.00% (c) 6.25% 03/2021 347 (21) — 8
Agilitas USA, Inc.*# One stop L + 5.50% (c) 6.50% 04/2022 9,227 9,257 0.4 9,042
Agilitas USA, Inc. One stop L + 5.50% (c) 6.50% 04/2022 100 100 — 98
CRH Healthcare Purchaser, Inc.+~ Senior loan L + 4.50% (c) 5.50% 12/2024 19,502 19,555 0.8 19,306
CRH Healthcare Purchaser, Inc. Senior loan L + 4.50% (c) 5.50% 12/2024 4,185 4,172 0.2 4,143
CRH Healthcare Purchaser, Inc.(5) Senior loan L + 4.50% N/A(6) 12/2024 — (1) — (4)
DCA Investment Holding, LLC*#+ One stop L + 5.25% (c) 6.25% 07/2021 31,324 31,460 1.3 31,324
DCA Investment Holding, LLC*#+~ One stop L + 5.25% (c) 6.25% 07/2021 27,140 27,306 1.1 27,140
DCA Investment Holding, LLC*# One stop L + 5.25% (c) 6.25% 07/2021 8,297 8,368 0.3 8,297
DCA Investment Holding, LLC~ One stop L + 5.25% (c) 6.25% 07/2021 4,023 4,072 0.2 4,023
DCA Investment Holding, LLC# One stop L + 5.25% (c) 6.25% 07/2021 3,659 3,705 0.2 3,659
DCA Investment Holding, LLC One stop L + 5.25% (c) 6.25% 07/2021 2,737 2,735 0.1 2,737
DCA Investment Holding, LLC*# One stop L + 5.25% (c) 6.25% 07/2021 2,505 2,536 0.1 2,505
DCA Investment Holding, LLC# One stop L + 5.25% (c) 6.25% 07/2021 1,246 1,255 0.1 1,246
See Notes to Consolidated Financial Statements.
17
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)
Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Health Care Providers & Services - (continued)
DCA Investment Holding, LLC*~ One stop L + 5.25% (c) 6.25% 07/2021 $ 296 $ 298 — % $ 296
DCA Investment Holding, LLC*~ One stop L + 5.25% (c) 6.25% 07/2021 92 93 — 92
Deca Dental Management LLC*# One stop L + 7.50% (c) 7.00% cash/1.50% PIK 12/2021 11,311 11,413 0.5 11,311
Deca Dental Management LLC#~ One stop L + 7.50% (c) 7.00% cash/1.50% PIK 12/2021 1,377 1,391 0.1 1,377
Deca Dental Management LLC+~ One stop L + 7.50% (c) 7.00% cash/1.50% PIK 12/2021 994 1,003 — 994
Deca Dental Management LLC One stop L + 7.50% (c) 7.00% cash/1.50% PIK 12/2021 737 747 — 737
Deca Dental Management LLC One stop L + 7.50% (c) 7.00% cash/1.50% PIK 12/2021 100 100 — 100
Deca Dental Management LLC(5) One stop L + 7.50% (c) 7.00% cash/1.50% PIK 12/2021 2 (1) — 2
Encorevet Group LLC One stop L + 5.25% (c) 6.25% 11/2024 709 699 — 700
Encorevet Group LLC Senior loan L + 5.25% (c) 6.25% 11/2024 249 247 — 246
Encorevet Group LLC Senior loan L + 5.25% (c) 6.25% 11/2024 112 112 — 111
Encorevet Group LLC Senior loan L + 5.25% (c) 6.25% 11/2024 69 68 — 69
Encorevet Group LLC Senior loan L + 5.25% (c) 6.25% 11/2024 58 57 — 57
Encorevet Group LLC Senior loan L + 5.25% (c) 6.25% 11/2024 10 10 — 10
Encorevet Group LLC(5) Senior loan L + 5.25% N/A(6) 11/2024 — — — (1)
ERG Buyer, LLC*# One stop L + 5.50% (c) 6.50% 05/2024 19,084 19,039 0.7 15,649
ERG Buyer, LLC One stop P + 4.50% (f) 7.75% 05/2024 300 296 — 246
Eyecare Services Partners Holdings LLC+ One stop L + 6.25% (c) 7.25% 05/2023 18,183 18,266 0.7 17,274
Eyecare Services Partners Holdings LLC* One stop L + 6.25% (c) 7.25% 05/2023 7,976 8,090 0.3 7,577
Eyecare Services Partners Holdings LLC*# One stop L + 6.25% (c) 7.25% 05/2023 6,985 7,092 0.3 6,636
Eyecare Services Partners Holdings LLC One stop L + 6.25% (c) 7.25% 05/2023 5,140 5,159 0.2 4,884
Eyecare Services Partners Holdings LLC*+ One stop L + 6.25% (c) 7.25% 05/2023 2,385 2,420 0.1 2,266
Eyecare Services Partners Holdings LLC* One stop L + 6.25% (c) 7.25% 05/2023 1,530 1,554 0.1 1,454
Eyecare Services Partners Holdings LLC*# One stop L + 6.25% (c) 7.25% 05/2023 1,131 1,149 0.1 1,075
Eyecare Services Partners Holdings LLC*# One stop L + 6.25% (c) 7.25% 05/2023 997 1,012 — 947
Eyecare Services Partners Holdings LLC*+ One stop L + 6.25% (c) 7.25% 05/2023 644 651 — 612
Eyecare Services Partners Holdings LLC One stop L + 6.25% (c) 7.25% 05/2023 400 399 — 380
FYI Optical Acquisitions, Inc. & FYI USA, Inc.~(8)(9)(12) One stop L + 5.00% (k) 5.51% 03/2027 11,802 11,698 0.5 12,035
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(8)(9)(12) One stop L + 5.00% (k) 5.51% 03/2027 96 93 — 99
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(8)(12) One stop L + 5.00% (c) 6.00% 03/2027 20 19 — 20
Krueger-Gilbert Health Physics, LLC~ Senior loan L + 5.25% (c) 6.25% 05/2025 2,353 2,342 0.1 2,353
Krueger-Gilbert Health Physics, LLC Senior loan L + 5.25% (c) 6.25% 05/2025 1,111 1,147 0.1 1,111
Krueger-Gilbert Health Physics, LLC Senior loan L + 5.25% (c) 6.25% 05/2025 918 916 — 918
Krueger-Gilbert Health Physics, LLC Senior loan L + 5.25% (c) 6.25% 05/2025 50 50 — 50
MD Now Holdings, Inc.+ One stop L + 5.00% (c) 6.00% 08/2024 14,506 14,652 0.6 14,506
MD Now Holdings, Inc. One stop L + 5.00% (c) 6.00% 08/2024 622 622 — 622
MD Now Holdings, Inc.(5) One stop L + 5.00% N/A(6) 08/2024 — (1) — —
Midwest Veterinary Partners, LLC One stop L + 5.75% (c) 6.75% 07/2025 11,360 11,205 0.5 11,247
Midwest Veterinary Partners, LLC One stop L + 5.75% (c) 6.75% 07/2025 6,565 6,428 0.3 6,452
Midwest Veterinary Partners, LLC^ One stop L + 5.75% (c) 6.75% 07/2025 4,263 4,202 0.2 4,220
Midwest Veterinary Partners, LLC One stop L + 5.75% (c) 6.75% 07/2025 4,120 4,088 0.2 4,079
Midwest Veterinary Partners, LLC# One stop L + 5.75% (c) 6.75% 07/2025 1,022 1,014 — 1,012
Midwest Veterinary Partners, LLC One stop L + 5.75% (c) 6.75% 07/2025 78 78 — 75
See Notes to Consolidated Financial Statements.
18
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)
Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Health Care Providers & Services - (continued)
MWD Management, LLC & MWD Services, Inc.#+ One stop L + 5.75% (c) 6.75% 06/2023 $ 9,358 $ 9,311 0.4 % $ 9,358
MWD Management, LLC & MWD Services, Inc.# One stop L + 5.75% (c) 6.75% 06/2023 4,506 4,567 0.2 4,506
MWD Management, LLC & MWD Services, Inc.(5) One stop L + 5.75% N/A(6) 06/2022 — (1) — —
NVA Holdings, Inc.~ Senior loan L + 3.50% (a) 3.69% 02/2026 2,877 2,852 0.1 2,877
Oliver Street Dermatology Holdings, LLC(7) One stop L + 6.25% (c) 7.25% 05/2022 19,295 17,639 0.5 12,770
Oliver Street Dermatology Holdings, LLC(7) One stop L + 6.25% (c) 7.25% 05/2022 2,239 1,906 0.1 1,482
Oliver Street Dermatology Holdings, LLC(7) One stop L + 6.25% (c) 1.00% 05/2022 2,122 1,929 0.1 1,404
Oliver Street Dermatology Holdings, LLC(7) One stop L + 6.25% (c) 7.25% 05/2022 1,606 1,367 0.1 1,063
Oliver Street Dermatology Holdings, LLC(7) One stop L + 6.25% (c) 7.25% 05/2022 1,419 1,208 — 939
Oliver Street Dermatology Holdings, LLC(7) One stop L + 6.25% (c) 7.25% 05/2022 1,235 1,052 — 818
Oliver Street Dermatology Holdings, LLC(7) One stop L + 6.25% (c) 7.25% 05/2022 962 819 — 637
Oliver Street Dermatology Holdings, LLC(7) One stop L + 6.25% (c) 7.25% 05/2022 834 710 — 552
Oliver Street Dermatology Holdings, LLC(7) One stop L + 6.25% (c) 7.25% 05/2022 514 438 — 340
Oliver Street Dermatology Holdings, LLC(7) One stop L + 6.25% (c)(f) 7.25% 05/2022 290 266 — 193
Oliver Street Dermatology Holdings, LLC(7) One stop L + 6.25% (c) 7.25% 05/2022 98 89 — 65
Oliver Street Dermatology Holdings, LLC(7) One stop L + 6.25% (c) 7.25% 5/1/2022 89 81 — 59
Oliver Street Dermatology Holdings, LLC(7) One stop L + 6.25% (c) 7.25% 5/1/2022 69 63 — 46
Oliver Street Dermatology Holdings, LLC(7) One stop L + 6.25% (c) 7.25% 05/2022 64 58 — 42
Pinnacle Treatment Centers, Inc.# One stop L + 6.25% (c) 7.25% 01/2023 19,080 19,170 0.8 19,080
Pinnacle Treatment Centers, Inc.* One stop L + 6.25% (c) 7.25% 01/2023 7,612 7,563 0.3 7,612
Pinnacle Treatment Centers, Inc.# One stop L + 6.25% (c) 7.25% 01/2023 1,566 1,570 0.1 1,566
Pinnacle Treatment Centers, Inc.^ One stop L + 6.25% (c) 7.25% 01/2023 707 713 — 707
Pinnacle Treatment Centers, Inc. One stop L + 6.25% (c) 7.25% 01/2023 186 188 — 186
Pinnacle Treatment Centers, Inc.^ One stop L + 6.25% (c) 7.25% 01/2023 106 107 — 106
Pinnacle Treatment Centers, Inc. One stop L + 6.25% (c) 7.25% 01/2023 38 37 — 38
Pinnacle Treatment Centers, Inc. One stop L + 6.25% N/A(6) 01/2023 — 1 — —
Pinnacle Treatment Centers, Inc. One stop L + 6.25% N/A(6) 01/2023 — — — —
PPT Management Holdings, LLC+ One stop L + 8.50% (c) 7.00% cash/2.50% PIK 12/2022 25,061 23,907 0.9 21,542
PPT Management Holdings, LLC One stop L + 8.50% (c) 7.00% cash/2.50% PIK 12/2022 304 292 — 262
PPT Management Holdings, LLC One stop L + 8.50% (c) 7.00% cash/2.50% PIK 12/2022 180 173 — 154
PPT Management Holdings, LLC One stop L + 8.50% (c) 7.00% cash/2.50% PIK 12/2022 88 71 — 76
PPT Management Holdings, LLC(5) One stop L + 8.50% (c) 7.00% cash/2.50% PIK 12/2022 18 (3) — (40)
Pyramid Healthcare, Inc.*+ One stop L + 6.50% (c) 7.50% 08/2022 14,942 14,821 0.6 14,942
Pyramid Healthcare, Inc. One stop L + 6.50% (c) 7.50% 8/1/2022 461 457 — 461
Pyramid Healthcare, Inc. One stop L + 6.50% (c) 7.50% 08/2022 333 329 — 333
Pyramid Healthcare, Inc. One stop L + 6.50% (c) 7.50% 08/2022 290 288 — 290
Pyramid Healthcare, Inc. One stop L + 6.50% (c) 7.50% 08/2022 112 110 — 112
Pyramid Healthcare, Inc. One stop L + 6.50% (c) 7.50% 08/2022 45 44 — 45
Pyramid Healthcare, Inc.(5) One stop L + 6.50% N/A(6) 08/2022 — (6) — —
Riverchase MSO, LLC*# Senior loan L + 6.75% (c) 6.75% cash/1.00% PIK 10/2022 9,624 9,710 0.4 9,431
Riverchase MSO, LLC Senior loan L + 6.75% (c) 6.75% cash/1.00% PIK 10/2022 130 130 — 128
RXH Buyer Corporation*# One stop L + 5.75% (c) 6.75% 09/2022 27,452 27,521 1.1 27,452
RXH Buyer Corporation*# One stop L + 5.75% (c) 6.75% 09/2022 3,107 3,115 0.1 3,107
See Notes to Consolidated Financial Statements.
19
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)
Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Health Care Providers & Services - (continued)
RXH Buyer Corporation One stop L + 5.75% N/A(6) 09/2022 $ — $ — — % $ —
Summit Behavioral Healthcare, LLC*#+ Senior loan L + 5.00% (c) 6.00% 10/2023 29,568 29,273 1.2 29,272
Summit Behavioral Healthcare, LLC Senior loan L + 5.00% (c) 6.00% 10/2023 100 96 — 98
Summit Behavioral Healthcare, LLC(5) Senior loan L + 5.00% N/A(6) 10/2023 — (30) — (31)
Veterinary Specialists of North America, LLC*# Senior loan L + 4.25% (a) 4.40% 04/2025 41,546 42,882 1.7 41,546
Veterinary Specialists of North America, LLC Senior loan L + 4.25% (a) 4.40% 04/2025 11,809 11,805 0.5 11,809
Veterinary Specialists of North America, LLC# Senior loan L + 4.25% (a) 4.40% 04/2025 2,864 2,845 0.1 2,864
Veterinary Specialists of North America, LLC* Senior loan L + 4.25% (a) 4.40% 04/2025 1,441 1,490 0.1 1,441
Veterinary Specialists of North America, LLC Senior loan L + 4.25% (a) 4.40% 04/2025 835 832 — 835
WHCG Management, LLC*# Senior loan L + 4.50% (c) 5.50% 03/2023 16,026 16,110 0.7 16,026
WHCG Management, LLC Senior loan L + 4.50% (c) 5.50% 03/2023 5,613 5,579 0.2 5,613
WHCG Management, LLC Senior loan L + 4.50% (c) 5.50% 03/2023 1,978 1,973 0.1 1,978
WHCG Management, LLC Senior loan L + 4.50% (c) 5.50% 03/2023 338 336 — 338
WHCG Management, LLC Senior loan L + 4.50% (d) 5.50% 3/1/2023 116 118 — 116
638,143 627,102 24.4 595,662
See Notes to Consolidated Financial Statements.
20
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)

Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Health Care Technology
Connexin Software, Inc.~ One stop L + 8.50% (a) 9.50% 02/2024 $ 7,550 $ 7,612 0.3 % $ 7,550
Connexin Software, Inc. One stop L + 8.50% N/A(6) 02/2024 — — — —
HealthcareSource HR, Inc.*# One stop L + 6.25% (c) 7.25% 05/2023 33,652 33,679 1.4 33,652
HealthcareSource HR, Inc.(5) One stop L + 6.25% N/A(6) 05/2023 — (1) — —
HealthEdge Software, Inc. One stop L + 6.25% (a) 7.25% 04/2026 2,000 1,960 0.1 1,955
HealthEdge Software, Inc. One stop L + 6.25% (a) 7.25% 04/2026 1,008 1,008 — 985
HealthEdge Software, Inc. One stop L + 6.25% (a) 7.25% 04/2026 225 223 — 220
HealthEdge Software, Inc.(5) One stop L + 6.25% N/A(6) 04/2026 — (1) — (1)
HSI Halo Acquisition, Inc.+~ One stop L + 5.75% (c) 6.75% 08/2026 6,297 6,260 0.3 6,234
HSI Halo Acquisition, Inc.+ One stop L + 5.75% (c) 6.75% 08/2026 1,977 1,957 0.1 1,957
HSI Halo Acquisition, Inc. One stop L + 5.75% (c) 6.75% 08/2026 647 641 — 640
HSI Halo Acquisition, Inc. One stop L + 5.75% (c) 6.75% 09/2025 18 17 — 17
HSI Halo Acquisition, Inc.(5) One stop L + 5.75% N/A(6) 08/2026 — (14) — (14)
Kareo, Inc. One stop L + 9.00% (a) 10.00% 06/2022 10,273 10,371 0.4 10,371
Kareo, Inc. One stop L + 9.00% (a) 10.00% 06/2022 941 953 — 950
Kareo, Inc. One stop L + 9.00% (a) 10.00% 06/2022 753 763 — 760
Kareo, Inc. One stop P + 8.00% (f) 11.25% 06/2022 80 80 — 80
Nextech Holdings, LLC^ One stop L + 5.50% (c) 5.71% 06/2025 4,002 4,065 0.2 3,841
Nextech Holdings, LLC One stop L + 5.50% (c) 5.72% 06/2025 1,951 1,938 0.1 1,873
Nextech Holdings, LLC(5) One stop L + 5.50% N/A(6) 06/2025 — (3) — (24)
Nextech Holdings, LLC(5) One stop L + 5.50% N/A(6) 06/2025 — (3) — (16)
Qgenda Intermediate Holdings, LLC^ One stop L + 5.50% (c) 6.50% 06/2025 15,238 15,238 0.6 15,086
Qgenda Intermediate Holdings, LLC+~ One stop L + 5.50% (c) 6.50% 06/2025 12,412 12,290 0.5 12,288
Qgenda Intermediate Holdings, LLC~ One stop L + 5.50% (c) 6.50% 06/2025 990 990 — 980
Qgenda Intermediate Holdings, LLC(5) One stop L + 5.50% N/A(6) 06/2025 — — — (2)
Transaction Data Systems, Inc.*#+~^ One stop L + 5.38% (c) 6.38% 06/2021 83,264 83,778 3.4 83,264
Transaction Data Systems, Inc. One stop L + 5.38% (c) 6.38% 06/2021 240 241 — 240
Verisys Corporation*# One stop L + 8.25% (c) 8.75% cash/0.50% PIK 01/2023 8,483 8,577 0.4 8,313
Verisys Corporation One stop L + 8.25% (c) 8.75% cash/0.50% PIK 01/2023 40 40 — 40
192,041 192,659 7.8 191,239

See Notes to Consolidated Financial Statements.
21
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)

Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Hotels, Restaurants & Leisure
BJH Holdings III Corp.+~ One stop L + 5.25% (c) 6.25% 08/2025 $ 45,068 $ 46,339 1.9 % $ 45,068
BJH Holdings III Corp.(5) One stop L + 5.25% N/A(6) 08/2025 — (6) — —
CR Fitness Holdings, LLC+~ Senior loan L + 4.25% (c) 5.25% 07/2025 1,993 2,005 0.1 1,854
CR Fitness Holdings, LLC Senior loan L + 4.25% (a) 5.25% 07/2025 268 262 — 208
CR Fitness Holdings, LLC Senior loan L + 4.25% (a)(c) 5.25% 07/2025 74 74 — 70
Davidson Hotel Company, LLC+ One stop L + 6.75% (a)(c) 6.25% cash/1.50% PIK 07/2024 7,007 6,954 0.2 4,905
Davidson Hotel Company, LLC One stop L + 6.75% (a)(c) 6.25% cash/1.50% PIK 07/2024 1,077 1,073 — 754
Davidson Hotel Company, LLC(5) One stop L + 6.75% N/A(6) 07/2024 — (2) — (30)
Davidson Hotel Company, LLC(5) One stop L + 6.75% N/A(6) 07/2024 — (18) — —
EOS Fitness Opco Holdings, LLC*# One stop L + 5.25% (c) 6.25% 01/2025 8,653 8,760 0.3 7,788
EOS Fitness Opco Holdings, LLC One stop L + 5.25% (c) 6.25% 01/2025 911 922 — 820
EOS Fitness Opco Holdings, LLC One stop L + 5.25% (c) 6.25% 01/2025 120 120 — 108
Planet Fit Indy 10 LLC+ One stop L + 5.25% (c) 6.25% 07/2025 17,342 17,141 0.6 14,914
Planet Fit Indy 10 LLC# One stop L + 5.25% (c) 6.25% 07/2025 2,313 2,360 0.1 1,990
Planet Fit Indy 10 LLC# One stop L + 5.25% (c) 6.25% 07/2025 1,256 1,239 0.1 1,080
Planet Fit Indy 10 LLC One stop L + 5.25% (c) 6.25% 07/2025 200 199 — 172
Self Esteem Brands, LLC*#^ Senior loan L + 4.25% (a) 5.25% 02/2022 45,724 46,017 1.8 44,811
Self Esteem Brands, LLC Senior loan P + 3.25% (f) 6.50% 02/2022 2,338 2,335 0.1 2,292
SSRG Holdings, LLC One stop L + 5.25% (c) 6.25% 11/2025 916 901 — 897
SSRG Holdings, LLC One stop L + 5.25% (c) 6.25% 11/2025 55 54 — 54
Sunshine Sub, LLC#~ One stop L + 4.75% (c) 5.75% 05/2024 12,891 12,984 0.5 12,117
Sunshine Sub, LLC# One stop L + 4.75% (c) 5.75% 05/2024 5,640 5,811 0.2 5,302
Sunshine Sub, LLC(5) One stop L + 4.75% N/A(6) 05/2024 — (1) — (12)
Tropical Smoothie Cafe Holdings, LLC+ Senior loan L + 5.50% (a)(b)(c) 6.50% 09/2026 16,978 16,817 0.7 16,978
Tropical Smoothie Cafe Holdings, LLC Senior loan L + 5.50% (a) 6.50% 09/2026 15 14 — 15
Velvet Taco Holdings, Inc.~ One stop L + 8.00% (b)(c)(e) 8.00% cash/1.00% PIK 03/2026 1,777 1,757 0.1 1,599
Velvet Taco Holdings, Inc. One stop L + 11.00% (c) 8.00% cash/4.00% PIK 03/2026 91 90 — 91
Velvet Taco Holdings, Inc. One stop L + 7.00% N/A(6) 03/2026 — — — —
172,707 174,201 6.7 163,845
Household Durables
Groundworks LLC^ Senior loan L + 6.25% (c) 7.25% 01/2026 4,697 4,637 0.2 4,627
Groundworks LLC Senior loan L + 6.25% (c) 7.25% 01/2026 325 309 — 309
Groundworks LLC Senior loan L + 6.25% (c) 7.25% 01/2026 84 83 — 83
Groundworks LLC(5) Senior loan L + 6.25% N/A(6) 01/2026 — — — (1)
5,106 5,029 0.2 5,018
See Notes to Consolidated Financial Statements.
22
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(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)
Household Products
WU Holdco, Inc. #^ One stop L + 5.25% (c) 6.25% 03/2026 $ 3,419 $ 3,491 0.2 % $ 3,419
WU Holdco, Inc. One stop L + 5.25% (c) 6.25% 03/2026 391 391 — 391
WU Holdco, Inc. One stop L + 5.25% (c) 5.50% 03/2025 10 9 — 8
3,820 3,891 0.2 3,818
Industrial Conglomerates
Arch Global CCT Holdings Corp.#^ Senior loan L + 4.75% (c) 5.00% 04/2026 4,183 4,216 0.2 4,099
Arch Global CCT Holdings Corp.(5) Senior loan L + 4.75% N/A(6) 04/2025 — — — (2)
Arch Global CCT Holdings Corp.(5) Senior loan L + 4.75% N/A(6) 04/2026 — — — (1)
Madison Safety & Flow LLC^ Senior loan L + 4.00% (a) 4.15% 03/2025 490 489 — 485
Madison Safety & Flow LLC Senior loan L + 4.00% N/A(6) 03/2025 — — — —
Specialty Measurement Bidco Limited(8)(9)(10) One stop L + 6.25% (c) 7.25% 11/2027 7,969 7,753 0.3 7,946
Specialty Measurement Bidco Limited(8)(10) One stop L + 6.25% (c) 7.25% 11/2027 7,961 7,745 0.3 7,742
Specialty Measurement Bidco Limited(5)(8)(9)(10) One stop L + 6.25% N/A(6) 11/2027 — (53) — (109)
20,603 20,150 0.8 20,160

See Notes to Consolidated Financial Statements.
23
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)

Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Insurance
Captive Resources Midco, LLC*#+~^ One stop L + 5.75% (c) 6.75% 05/2025 $ 52,723 $ 52,884 2.2 % $ 52,723
Captive Resources Midco, LLC# One stop L + 5.75% (c) 6.75% 05/2025 1,436 1,424 0.1 1,436
Captive Resources Midco, LLC(5) One stop L + 5.75% N/A(6) 05/2025 — (16) — —
High Street Insurance Partners, Inc.+ Senior loan L + 6.25% (c) 7.25% 12/2025 870 850 — 870
High Street Insurance Partners, Inc. Senior loan L + 6.25% (d) 7.25% 12/2025 202 195 — 202
Integrity Marketing Acquisition, LLC^ Senior loan L + 5.50% (c) 6.50% 08/2025 2,464 2,465 0.1 2,464
Integrity Marketing Acquisition, LLC Senior loan L + 5.50% (c)(d) 6.50% 08/2025 788 784 — 788
Integrity Marketing Acquisition, LLC Senior loan L + 5.50% (c)(d) 6.50% 08/2025 476 474 — 476
Integrity Marketing Acquisition, LLC Senior loan L + 5.50% (c) 6.50% 08/2025 249 247 — 249
Integrity Marketing Acquisition, LLC Senior loan L + 5.50% N/A(6) 08/2025 — — — —
J.S. Held Holdings, LLC#^ One stop L + 6.00% (c) 7.00% 07/2025 6,152 6,124 0.2 6,152
J.S. Held Holdings, LLC One stop P + 5.00% (f) 8.25% 07/2025 72 66 — 72
J.S. Held Holdings, LLC(5) One stop L + 6.00% N/A(6) 07/2025 — (4) — —
Majesco+ One stop L + 7.75% (c) 8.75% 09/2027 12,303 12,067 0.5 12,303
Majesco(5) One stop L + 7.75% N/A(6) 09/2026 — (3) — —
Orchid Underwriters Agency, LLC^ Senior loan L + 4.50% (c) 5.50% 12/2024 4,114 4,162 0.2 4,114
Orchid Underwriters Agency, LLC Senior loan L + 4.25% (d) 5.25% 12/2024 542 542 — 542
Orchid Underwriters Agency, LLC Senior loan L + 4.25% N/A(6) 12/2024 — — — —
RSC Acquisition, Inc.+~^ One stop L + 5.50% (c) 6.50% 10/2026 26,097 25,623 1.1 26,097
RSC Acquisition, Inc.+ One stop L + 5.50% (c) 6.50% 10/2026 1,303 1,253 0.1 1,303
RSC Acquisition, Inc. One stop L + 5.50% (c) 6.50% 10/2026 312 107 — 312
RSC Acquisition, Inc.(5) One stop L + 5.50% N/A(6) 10/2026 — (1) — —
Sunstar Insurance Group, LLC+ Senior loan L + 5.50% (c) 6.50% 10/2026 629 617 — 616
Sunstar Insurance Group, LLC Senior loan L + 5.50% N/A(6) 10/2026 — — — —
Sunstar Insurance Group, LLC(5) Senior loan L + 5.50% N/A(6) 10/2026 — (8) — (8)
110,732 109,852 4.5 110,711
Internet & Catalog Retail
AutoQuotes, LLC One stop L + 6.00% (c) 7.00% 11/2024 9,887 10,014 0.4 9,097
AutoQuotes, LLC(5) One stop L + 6.00% N/A(6) 11/2024 — — — (8)
9,887 10,014 0.4 9,089
See Notes to Consolidated Financial Statements.
24
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(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)
IT Services
Acquia, Inc.~ One stop L + 7.00% (c) 8.00% 10/2025 $ 7,118 $ 7,060 0.3 % $ 7,118
Acquia, Inc. One stop L + 7.00% N/A(6) 10/2025 — — — —
Appriss Holdings, Inc.+~^ One stop L + 5.25% (c) 5.50% 05/2026 24,906 25,580 1.0 24,792
Appriss Holdings, Inc.(5) One stop L + 5.25% N/A(6) 05/2025 — (3) — (2)
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc. One stop L + 7.50% (b) 8.50% cash/1.00% PIK 08/2025 4,630 4,461 0.2 4,721
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc. One stop L + 7.50% N/A(6) 08/2025 — — — —
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.(5) One stop L + 7.50% N/A(6) 08/2025 — (3) — —
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.(5) One stop L + 7.50% N/A(6) 08/2025 — (13) — —
Centrify Corporation*# One stop L + 8.25% (c) 9.25% 08/2024 23,179 23,218 1.0 23,179
Centrify Corporation One stop P + 7.25% (f) 10.50% 08/2024 200 202 — 200
E2open, LLC*#+~^ One stop L + 5.75% (c) 6.75% 11/2024 85,686 86,504 3.5 85,686
E2open, LLC One stop L + 5.75% (a)(d) 6.75% 11/2024 370 365 — 370
Episerver, Inc.~(8)(9) One stop L + 6.00% (c)(d) 6.00% 10/2024 20,489 20,779 0.9 21,951
Episerver, Inc.#^ One stop L + 5.75% (c)(d) 6.75% 10/2024 12,154 12,331 0.5 12,154
Episerver, Inc.(5) One stop L + 5.75% N/A(6) 10/2024 — (2) — —
Gamma Technologies, LLC*#^ One stop L + 5.00% (c) 6.00% 06/2024 47,092 47,390 1.9 47,092
Gamma Technologies, LLC(5) One stop L + 5.00% N/A(6) 06/2024 — (1) — —
Infinisource, Inc.~^ One stop L + 4.50% (c) 5.50% 10/2026 29,108 28,703 1.2 29,108
Infinisource, Inc. One stop L + 4.50% (c) 5.50% 10/2026 244 241 — 244
Infinisource, Inc. One stop L + 4.50% (c) 5.50% 10/2026 110 109 — 110
Infinisource, Inc.(5) One stop L + 4.50% N/A(6) 10/2026 — (1) — —
Maverick Bidco Inc.*#+~ One stop L + 6.25% (c) 7.25% 04/2023 48,427 48,539 2.0 47,942
Maverick Bidco Inc.+ One stop L + 6.25% (c) 7.25% 04/2023 3,638 3,553 0.2 3,602
Maverick Bidco Inc.*# One stop L + 6.25% (c) 7.25% 04/2023 3,174 3,224 0.1 3,143
Maverick Bidco Inc.+ One stop L + 6.25% (c) 7.25% 04/2023 2,814 2,751 0.1 2,786
Maverick Bidco Inc.^ One stop L + 6.25% (c) 7.25% 04/2023 1,689 1,631 0.1 1,672
Maverick Bidco Inc.(5) One stop L + 6.25% N/A(6) 04/2023 — (1) — (3)
Maverick Bidco Inc.(5) One stop L + 6.25% N/A(6) 04/2023 — (107) — (94)
PCS Intermediate II Holdings, LLC~ One stop L + 5.25% (c) 6.25% 01/2026 14,456 14,334 0.6 14,456
PCS Intermediate II Holdings, LLC(5) One stop L + 5.50% N/A(6) 01/2026 — (1) — —
Recordxtechnologies, LLC+ One stop L + 5.50% (c) 6.50% 12/2025 741 734 — 719
Recordxtechnologies, LLC One stop L + 5.50% (c) 6.50% 12/2025 116 114 — 111
Recordxtechnologies, LLC One stop L + 5.50% (c) 6.50% 12/2025 42 41 — 39
Red Dawn SEI Buyer, Inc.^ Senior loan L + 4.25% (c) 5.25% 11/2025 750 742 — 734
Red Dawn SEI Buyer, Inc.(5) Senior loan L + 4.25% N/A(6) 11/2025 — (1) — (2)
Red Dawn SEI Buyer, Inc.(5) Senior loan L + 4.25% N/A(6) 11/2025 — (1) — (3)
Red Dawn SEI Buyer, Inc.(5)(8)(9) Senior loan L + 4.50% N/A(6) 11/2025 — — — (236)
Red Dawn SEI Buyer, Inc.(5) Senior loan L + 4.50% N/A(6) 11/2025 — — — (56)
331,133 332,472 13.6 331,533

See Notes to Consolidated Financial Statements.
25
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)

Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Leisure Products
WBZ Investment LLC# One stop L + 7.50% (c) 6.50% cash/2.00% PIK 09/2024 $ 8,510 $ 8,565 0.3 % $ 7,659
WBZ Investment LLC One stop L + 7.50% (c) 6.50% cash/2.00% PIK 09/2024 1,219 1,212 0.1 1,097
WBZ Investment LLC One stop L + 7.50% (c) 6.50% cash/2.00% PIK 09/2024 848 874 — 763
WBZ Investment LLC One stop L + 7.50% (c) 6.50% cash/2.00% PIK 09/2024 433 448 — 390
WBZ Investment LLC One stop L + 7.50% (c) 6.50% cash/2.00% PIK 09/2024 80 80 — 70
11,090 11,179 0.4 9,979
Life Sciences Tools & Services
Pace Analytical Services, LLC*# One stop L + 5.75% (c) 6.75% 04/2024 29,562 29,619 1.2 29,562
Pace Analytical Services, LLC+ One stop L + 5.75% (c) 6.75% 04/2024 7,028 6,933 0.3 7,028
Pace Analytical Services, LLC One stop L + 5.75% (c) 6.75% 04/2024 3,523 3,415 0.1 3,523
Pace Analytical Services, LLC#^ One stop L + 5.75% (c) 6.75% 04/2024 2,749 2,757 0.1 2,749
Pace Analytical Services, LLC*# One stop L + 5.75% (c) 6.75% 04/2024 1,647 1,675 0.1 1,647
Pace Analytical Services, LLC*# One stop L + 5.75% (c) 6.75% 04/2024 1,515 1,523 0.1 1,515
Pace Analytical Services, LLC*# One stop L + 5.75% (c) 6.75% 04/2024 1,261 1,260 0.1 1,261
Pace Analytical Services, LLC#^ One stop L + 5.75% (c) 6.75% 04/2024 1,220 1,240 0.1 1,220
Pace Analytical Services, LLC One stop L + 5.75% (c) 6.75% 04/2024 990 971 — 990
Pace Analytical Services, LLC*# One stop L + 5.75% (c) 6.75% 04/2024 676 677 — 676
Pace Analytical Services, LLC*# One stop L + 5.75% (c) 6.75% 04/2024 558 567 — 558
Pace Analytical Services, LLC* One stop L + 5.75% (c) 6.75% 04/2024 187 190 — 187
Pace Analytical Services, LLC(5) One stop L + 5.75% N/A(6) 04/2024 — (3) — —
50,916 50,824 2.1 50,916
Machinery
Blackbird Purchaser, Inc. *+~^ Senior loan L + 4.50% (c)(f) 4.75% 04/2026 15,961 16,219 0.7 15,481
Blackbird Purchaser, Inc. Senior loan L + 4.50% (c) 4.74% 04/2024 28 28 — 24
Chase Industries, Inc.+~ Senior loan L + 7.00% (d) 6.50% cash/1.50% PIK 05/2025 12,059 12,173 0.4 9,787
Chase Industries, Inc. Senior loan L + 7.00% (d) 6.50% cash/1.50% PIK 05/2025 985 1,018 — 800
Chase Industries, Inc. Senior loan L + 7.00% (d) 6.50% cash/1.50% PIK 05/2023 174 177 — 130
29,207 29,615 1.1 26,222
Marine
Veson Nautical LLC+ One stop L + 5.50% (a) 6.50% 11/2025 10,594 10,492 0.4 10,488
Veson Nautical LLC(5) One stop L + 5.50% N/A(6) 11/2025 — (1) — (1)
10,594 10,491 0.4 10,487
See Notes to Consolidated Financial Statements.
26
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(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)
Multiline Retail
Mills Fleet Farm Group LLC*#~^ One stop L + 6.00% (d) 7.00% 10/2024 $ 46,488 $ 46,378 1.9 % $ 46,488
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.+~(8)(12) One stop L + 5.75% (c) 6.75% 05/2025 13,725 13,956 0.6 13,451
3ES Innovation, Inc.(5)(8)(12) One stop L + 5.75% N/A(6) 05/2025 — (1) — (4)
Drilling Info Holdings, Inc.*#+~ Senior loan L + 4.25% (a) 4.40% 07/2025 36,705 37,162 1.5 36,090
Drilling Info Holdings, Inc.~ Senior loan L + 4.50% (a) 4.65% 07/2025 17,298 16,893 0.7 17,184
Drilling Info Holdings, Inc. Senior loan L + 4.25% (a) 4.40% 07/2023 80 78 — 76
Drilling Info Holdings, Inc. Senior loan L + 4.50% (a) 4.65% 07/2023 34 32 — 34
Drilling Info Holdings, Inc.(5) Senior loan L + 4.25% N/A(6) 07/2025 — (5) — (17)
Project Power Buyer, LLC#+^ One stop L + 6.25% (c) 7.25% 05/2026 15,742 15,883 0.6 15,742
Project Power Buyer, LLC(5) One stop L + 6.25% N/A(6) 05/2025 — (1) — —
83,584 83,997 3.4 82,556
Paper & Forest Products
Messenger, LLC+~ One stop L + 6.50% (c)(f) 7.50% 08/2023 8,990 9,056 0.4 8,630
Messenger, LLC(5) One stop L + 6.50% N/A(6) 08/2023 — — — (2)
8,990 9,056 0.4 8,628
See Notes to Consolidated Financial Statements.
27
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(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)
Personal Products
IMPLUS Footwear, LLC+~ One stop L + 7.75% (c) 8.75% 04/2024 $ 30,897 $ 31,273 1.2 % $ 27,808
IMPLUS Footwear, LLC+~ One stop L + 7.75% (c) 8.75% 04/2024 5,277 5,341 0.2 4,749
IMPLUS Footwear, LLC* One stop L + 7.75% (c) 8.75% 04/2024 761 783 — 685
36,935 37,397 1.4 33,242
Pharmaceuticals
ACP Ulysses Buyer, Inc.+^ Senior loan L + 5.00% (a) 6.00% 02/2026 13,177 13,064 0.6 13,177
Apothecary Products, LLC+ Senior loan L + 4.25% (a) 5.25% 07/2023 2,904 3,000 0.1 2,904
Apothecary Products, LLC Senior loan L + 4.25% (d) 5.25% 07/2023 78 78 — 78
BIOVT, LLC*#^ One stop L + 5.75% (a) 6.75% 07/2022 32,726 32,493 1.3 32,726
BIOVT, LLC#^ One stop L + 5.75% (a) 6.75% 07/2022 1,988 1,974 0.1 1,988
BIOVT, LLC* One stop L + 5.75% (a) 6.75% 07/2022 1,866 1,853 0.1 1,866
BIOVT, LLC(5) One stop L + 5.75% N/A(6) 07/2022 — (2) — —
52,739 52,460 2.2 52,739
Professional Services
Brandmuscle, Inc.# Senior loan L + 4.75% (c) 5.75% 12/2021 7,665 7,680 0.3 7,663
Brandmuscle, Inc.# Senior loan L + 5.00% (c) 6.00% 12/2021 1,068 1,079 — 1,070
Brandmuscle, Inc. Senior loan L + 4.75% N/A(6) 12/2021 — — — —
DISA Holdings Acquisition Subsidiary Corp.+~ Senior loan L + 4.25% (c) 5.25% 06/2022 9,345 9,411 0.4 8,785
DISA Holdings Acquisition Subsidiary Corp.(5) Senior loan L + 4.25% N/A(6) 06/2022 — — — (87)
Net Health Acquisition Corp.*# One stop L + 5.50% (c) 6.50% 12/2023 8,532 8,605 0.3 8,447
Net Health Acquisition Corp.~^ One stop L + 5.50% (c) 6.50% 12/2023 6,827 6,921 0.3 6,759
Net Health Acquisition Corp.+ One stop L + 5.50% (c) 6.50% 12/2023 4,313 4,271 0.2 4,270
Net Health Acquisition Corp.*# One stop L + 5.50% (c) 6.50% 12/2023 1,192 1,202 0.1 1,180
Net Health Acquisition Corp.(5) One stop L + 5.50% N/A(6) 12/2023 — (2) — (2)
Nexus Brands Group, Inc.*# One stop L + 6.00% (c) 7.00% 11/2023 9,354 9,439 0.4 8,980
Nexus Brands Group, Inc.+~(8)(9) One stop L + 6.00% (h) 7.00% 11/2023 7,127 7,235 0.3 7,441
Nexus Brands Group, Inc.# One stop L + 6.00% (c) 7.00% 11/2023 1,981 2,040 0.1 1,902
Nexus Brands Group, Inc.#~ One stop L + 6.00% (c) 7.00% 11/2023 1,433 1,476 0.1 1,376
Nexus Brands Group, Inc.(8)(9) One stop L + 6.00% (c) 7.00% 11/2023 823 822 — 827
Nexus Brands Group, Inc.~ One stop L + 6.00% (c) 7.00% 11/2023 763 758 — 733
Nexus Brands Group, Inc. One stop L + 6.00% (c) 7.00% 11/2023 517 517 — 507
Nexus Brands Group, Inc. One stop L + 6.00% (c) 7.00% 11/2023 85 84 — 83
Nexus Brands Group, Inc. One stop L + 6.00% (c) 7.00% 11/2023 54 53 — 53
Nexus Brands Group, Inc. One stop L + 6.00% (c) 7.00% 11/2023 20 21 — 12
Nexus Brands Group, Inc.(5)(8)(9) One stop L + 6.00% N/A(6) 11/2023 — — — (4)
Nexus Brands Group, Inc. One stop L + 6.00% N/A(6) 11/2023 — — — —
PlanSource Holdings, Inc. ~ One stop L + 6.25% (d) 7.25% 04/2025 11,416 11,535 0.5 11,416
PlanSource Holdings, Inc. (5) One stop L + 6.25% N/A(6) 04/2025 — (1) — —
Teaching Company, The*# One stop L + 4.75% (c) 5.75% 07/2023 17,788 17,949 0.7 17,788
Teaching Company, The One stop L + 4.75% N/A(6) 07/2023 — — — —
90,303 91,095 3.7 89,199

See Notes to Consolidated Financial Statements.
28
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(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)
Real Estate Management & Development
Property Brands, Inc.# One stop L + 5.75% (d) 6.75% 01/2024 $ 19,794 $ 19,971 0.8 % $ 19,794
Property Brands, Inc.~^ One stop L + 5.75% (d) 6.75% 01/2024 13,632 13,427 0.6 13,632
Property Brands, Inc.*# One stop L + 5.75% (d) 6.75% 01/2024 6,636 6,736 0.3 6,636
Property Brands, Inc.~^ One stop L + 5.75% (d) 6.75% 01/2024 3,234 3,332 0.1 3,234
Property Brands, Inc. One stop L + 5.75% (d) 6.75% 01/2024 1,421 1,462 0.1 1,421
Property Brands, Inc.# One stop L + 5.75% (d) 6.75% 01/2024 1,202 1,237 0.1 1,202
Property Brands, Inc. One stop L + 5.75% (d) 6.75% 01/2024 1,185 1,221 — 1,185
Property Brands, Inc. One stop L + 5.75% (d) 6.75% 01/2024 948 943 — 948
Property Brands, Inc. One stop L + 5.75% (d) 6.75% 01/2024 500 515 — 500
Property Brands, Inc. One stop L + 5.75% (d) 6.75% 01/2024 200 199 — 200
Property Brands, Inc.(5) One stop L + 5.75% N/A(6) 01/2024 — (2) — —
MRI Software LLC~^ One stop L + 5.50% (c) 6.50% 02/2026 14,562 14,441 0.6 14,562
MRI Software LLC+ One stop L + 5.50% (c) 6.50% 02/2026 1,744 1,703 0.1 1,744
MRI Software LLC(5) One stop L + 5.50% N/A(6) 02/2026 — (2) — —
MRI Software LLC One stop L + 5.50% N/A(6) 02/2026 — — — —
MRI Software LLC(5) One stop L + 5.50% N/A(6) 02/2026 — (3) — —
65,058 65,180 2.7 65,058
Road & Rail
Internet Truckstop Group LLC*# One stop L + 5.50% (c) 6.50% 04/2025 22,530 23,076 0.9 22,530
Internet Truckstop Group LLC(5) One stop L + 5.50% N/A(6) 04/2025 — (2) — —
22,530 23,074 0.9 22,530

See Notes to Consolidated Financial Statements.
29
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)

Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Software
Accela, Inc.*# One stop L + 4.92% (a) 4.25% cash/1.67% PIK 09/2023 $ 4,498 $ 4,498 0.2 % $ 4,429
Accela, Inc.(5) One stop L + 7.00% N/A(6) 09/2023 — — — (2)
Apptio, Inc. One stop L + 7.25% (d) 8.25% 01/2025 57,009 57,680 2.3 57,009
Apptio, Inc. (5) One stop L + 7.25% N/A(6) 01/2025 — (1) — —
Astute Holdings, Inc. One stop L + 6.50% (c) 7.50% 04/2025 10,779 10,907 0.4 10,779
Astute Holdings, Inc. One stop L + 6.50% (c) 7.50% 04/2025 2,760 2,752 0.1 2,760
Astute Holdings, Inc. (5) One stop L + 6.50% N/A(6) 04/2025 — (1) — —
Axiom Merger Sub Inc.~^ One stop L + 5.25% (c)(d) 6.25% 04/2026 5,831 5,884 0.2 5,886
Axiom Merger Sub Inc.+~(8)(9) One stop E + 5.50% (g) 5.50% 04/2026 2,404 2,425 0.1 2,615
Axiom Merger Sub Inc. One stop L + 5.25% (d) 6.25% 04/2026 30 29 — 30
Bearcat Buyer, Inc.+~ Senior loan L + 4.25% (c) 5.25% 07/2026 2,921 2,942 0.1 2,828
Bearcat Buyer, Inc. Senior loan L + 4.25% (c) 5.25% 07/2026 522 521 — 505
Bearcat Buyer, Inc.~ Senior loan L + 4.25% (c) 5.25% 07/2026 308 306 — 299
Bearcat Buyer, Inc. Senior loan L + 4.25% (c)(f) 5.46% 07/2024 6 6 — 6
Bullhorn, Inc.*#+~^ One stop L + 5.75% (c) 6.75% 09/2026 67,133 66,027 2.8 67,677
Bullhorn, Inc.(8)(9) One stop L + 6.00% (h) 6.02% 09/2026 11,978 11,776 0.5 13,213
Bullhorn, Inc.(8)(9) One stop L + 5.75% (c) 5.75% 09/2026 4,810 4,728 0.2 5,273
Bullhorn, Inc. One stop L + 5.75% (c) 6.75% 09/2026 97 96 — 98
Bullhorn, Inc. One stop L + 5.75% (c) 6.75% 09/2026 78 76 — 78
Bullhorn, Inc.(5) One stop L + 5.75% N/A(6) 09/2026 — (4) — 2
Bullhorn, Inc.(5) One stop L + 5.75% N/A(6) 09/2026 — (4) — 2
Calabrio, Inc. ~ One stop L + 6.50% (c) 7.50% 06/2025 24,880 24,893 1.0 24,880
Calabrio, Inc. One stop L + 6.50% N/A(6) 06/2025 — 1 — —
Clearwater Analytics, LLC One stop L + 6.25% (c) 7.25% 10/2025 17,398 17,230 0.7 17,224
Clearwater Analytics, LLC*# One stop L + 6.25% (c) 7.25% 10/2025 14,242 14,190 0.6 14,101
Clearwater Analytics, LLC* One stop L + 6.25% (c) 7.25% 10/2025 6,025 6,025 0.2 5,965
Clearwater Analytics, LLC+ One stop L + 6.25% (c) 7.25% 10/2025 988 971 — 978
Clearwater Analytics, LLC(5) One stop L + 6.25% N/A(6) 10/2025 — (4) — (3)
Cloudbees, Inc. One stop L + 9.00% (c) 9.50% cash/0.50% PIK 05/2023 4,220 4,250 0.2 4,220
Cloudbees, Inc. One stop L + 9.00% (c) 9.50% cash/0.50% PIK 05/2023 2,778 2,703 0.1 2,778
Cloudbees, Inc. One stop L + 9.00% (c) 9.50% cash/0.50% PIK 05/2023 1,471 1,475 0.1 1,471
Cloudbees, Inc. One stop L + 9.00% N/A(6) 05/2023 — — — —
Confluence Technologies, Inc.+~^ One stop L + 5.75% (a) 6.75% 03/2024 44,890 44,673 1.8 44,890
Confluence Technologies, Inc. One stop L + 5.75% (a) 6.75% 03/2024 28 27 — 28
Convercent, Inc. One stop L + 9.00% (c) 8.25% cash/2.75% PIK 12/2024 2,815 2,748 0.1 2,860
Convercent, Inc. Subordinated debt N/A 4.00% 02/2021 138 138 — 185
Convercent, Inc. One stop L + 9.00% (c) N/A(6) 12/2024 — — — 1
Convercent, Inc. One stop L + 9.00% N/A(6) 12/2024 — — — —
Daxko Acquisition Corporation*#^ One stop L + 6.00% (c) 7.00% 09/2023 25,614 25,686 1.1 25,614
Daxko Acquisition Corporation One stop L + 6.00% N/A(6) 09/2023 — — — —
See Notes to Consolidated Financial Statements.
30
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)
Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Software - (continued)
Digital Guardian, Inc. One stop L + 9.50% (c) 7.50% cash/3.00% PIK 06/2023 8,798 9,054 0.4 % 9,329
Digital Guardian, Inc. Subordinated debt N/A 8.00% PIK 06/2023 9 7 — 9
Digital Guardian, Inc. One stop L + 8.00% N/A(6) 06/2023 — — — 2
Diligent Corporation*#+~^ One stop L + 6.25% (c) 7.25% 08/2025 87,836 88,279 3.6 87,836
Diligent Corporation One stop L + 6.25% N/A(6) 08/2025 — — — —
GS Acquisitionco, Inc.*#+~^ One stop L + 5.75% (c) 6.75% 05/2024 53,909 54,275 2.2 53,101
GS Acquisitionco, Inc.*# One stop L + 5.75% (c) 6.75% 05/2024 12,723 13,004 0.5 12,532
GS Acquisitionco, Inc.# One stop L + 5.75% (c) 6.75% 05/2024 3,278 3,351 0.1 3,229
GS Acquisitionco, Inc.+~ One stop L + 5.75% (c) 6.75% 05/2024 3,024 3,092 0.1 2,980
GS Acquisitionco, Inc.# One stop L + 5.75% (c) 6.75% 05/2024 1,895 1,937 0.1 1,866
GS Acquisitionco, Inc. One stop L + 5.75% (c) 6.75% 05/2024 75 75 — 74
GS Acquisitionco, Inc. One stop L + 5.75% (d) 6.75% 05/2024 37 37 — 36
GS Acquisitionco, Inc.(5) One stop L + 5.75% N/A(6) 05/2024 — (2) — (4)
ICIMS, Inc.~ One stop L + 6.50% (c) 7.50% 09/2024 14,355 14,535 0.6 14,355
ICIMS, Inc.~ One stop L + 6.50% (c) 7.50% 09/2024 4,501 4,571 0.2 4,501
ICIMS, Inc.~ One stop L + 6.50% (c) 7.50% 09/2024 2,706 2,680 0.1 2,706
ICIMS, Inc. One stop L + 6.50% (c) 7.50% 09/2024 88 88 — 88
Impartner, Inc. One stop L + 9.50% (c) 9.30% cash/2.00% PIK 08/2025 2,931 2,897 0.1 3,037
Impartner, Inc.(5) One stop L + 9.50% N/A(6) 08/2025 — (3) — 17
Impartner, Inc. One stop L + 9.50% N/A(6) 08/2025 — — — —
Infogix, Inc.*# One stop L + 6.00% (c) 7.00% 04/2024 7,160 7,282 0.3 7,160
Infogix, Inc.*^ One stop L + 6.00% (c) 7.00% 04/2024 1,105 1,120 0.1 1,105
Infogix, Inc. One stop L + 6.00% (c) 7.00% 04/2024 90 90 — 90
Instructure, Inc.~ Senior loan L + 7.00% (c) 8.00% 03/2026 17,285 16,683 0.7 17,285
Integral Ad Science, Inc.~ One stop L + 7.25% (c) 7.00% cash/1.25% PIK 07/2024 15,899 16,073 0.7 15,899
Integral Ad Science, Inc.(5) One stop L + 6.00% N/A(6) 07/2023 — (2) — (2)
Integration Appliance, Inc.*~ One stop L + 7.25% (c) 8.25% 08/2023 68,335 69,047 2.8 68,335
Integration Appliance, Inc. One stop L + 7.25% (d) 8.25% 08/2023 487 483 — 487
Invoice Cloud, Inc. One stop L + 6.50% (c) 4.25% cash/3.25% PIK 02/2024 6,575 6,611 0.3 6,575
Invoice Cloud, Inc. One stop L + 6.50% (c) 4.25% cash/3.25% PIK 02/2024 2,204 2,203 0.1 2,204
Invoice Cloud, Inc.(5) One stop L + 6.00% N/A(6) 02/2024 — — — (2)
Juvare, LLC+ One stop L + 6.25% (c) 7.25% 10/2026 7,526 7,435 0.3 7,432
Juvare, LLC One stop P + 5.25% (f) 8.50% 10/2026 954 932 — 932
Juvare, LLC(5) One stop L + 6.25% N/A(6) 04/2026 — (1) — (1)
Kaseya Traverse Inc~ One stop L + 7.00% (c) 5.00% cash/3.00% PIK 05/2025 37,203 38,061 1.5 37,203
Kaseya Traverse Inc One stop L + 7.00% (c) 5.00% cash/3.00% PIK 05/2025 3,852 3,863 0.2 3,852
Kaseya Traverse Inc One stop L + 6.50% (b) 7.50% 05/2025 89 88 — 87
Kaseya Traverse Inc(5) One stop L + 7.00% N/A(6) 05/2025 — (20) — —
Mindbody, Inc.~ One stop L + 8.50% (c) 8.00% cash/1.50% PIK 02/2025 48,777 49,519 2.0 47,802
Mindbody, Inc.(5) One stop L + 8.00% N/A(6) 02/2025 — (1) — (8)
Ministry Brands, LLC^ Senior loan L + 4.00% (b) 5.00% 12/2022 1,442 1,457 0.1 1,413
Ministry Brands, LLC^ Senior loan L + 4.00% (b) 5.00% 12/2022 824 834 — 809
Ministry Brands, LLC Senior loan L + 4.00% (b) 5.00% 12/2022 376 386 — 368
See Notes to Consolidated Financial Statements.
31
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)
Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Software - (continued)
mParticle, Inc. One stop L + 9.75% (c) 7.50% cash/3.25% PIK 09/2025 $ 3,184 $ 3,130 0.1 % $ 3,184
mParticle, Inc. One stop L + 9.75% N/A(6) 09/2025 — — — —
Namely, Inc.~ One stop L + 7.50% (c) 8.25% cash/1.25% PIK 06/2024 3,591 3,431 0.2 3,519
Namely, Inc. One stop L + 7.50% (c) 8.25% cash/1.25% PIK 06/2024 2,039 1,918 0.1 1,971
Namely, Inc. One stop L + 7.50% (a) 8.25% cash/1.25% PIK 06/2024 70 70 — 68
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH One stop L + 7.75% (c) 7.50% cash/1.75% PIK 10/2024 2,149 2,132 0.1 2,261
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH One stop L + 7.75% N/A(6) 10/2024 — — — 1
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH One stop L + 7.75% N/A(6) 10/2024 — — — 4
PDI TA Holdings, Inc. One stop L + 4.50% (a) 5.50% 10/2024 8,559 8,411 0.4 8,473
PDI TA Holdings, Inc. Second lien L + 8.50% (a) 9.50% 10/2025 3,424 3,347 0.1 3,372
Personify, Inc.*+^ One stop L + 5.75% (c) 6.75% 09/2024 15,216 15,459 0.6 15,064
Personify, Inc.+ One stop P + 4.75% (f) 8.00% 09/2024 9,032 8,943 0.4 8,942
Personify, Inc. One stop L + 5.75% (c) 6.75% 09/2024 60 61 — 58
RegEd Aquireco, LLC^ Senior loan L + 4.25% (a) 5.25% 12/2024 11,387 11,385 0.4 10,818
RegEd Aquireco, LLC Senior loan L + 4.25% (a)(f) 4.40% 12/2024 62 61 — 44
Saturn Borrower Inc.+~ One stop L + 6.50% (c) 7.50% 09/2026 16,284 15,816 0.7 16,284
Saturn Borrower Inc.(5) One stop L + 6.50% N/A(6) 09/2026 — (3) — —
SnapLogic, Inc. One stop L + 8.75% (c) 5.75% cash/5.50% PIK 09/2024 6,062 5,999 0.3 6,062
SnapLogic, Inc. One stop L + 8.75% (c) 5.75% cash/5.50% PIK 09/2024 62 61 — 62
SnapLogic, Inc. One stop L + 8.75% N/A(6) 09/2024 — — — —
Sontatype, Inc. One stop L + 6.75% (c) 7.75% 12/2025 851 843 — 851
Sontatype, Inc.(5) One stop L + 6.75% N/A(6) 12/2025 — (2) — —
Spartan Buyer Acquisition Co.+~ One stop L + 6.50% (c) 7.50% 12/2026 31,916 31,522 1.3 31,556
Spartan Buyer Acquisition Co.(5) One stop L + 6.50% N/A(6) 12/2026 — (3) — (3)
Telesoft Holdings LLC^ One stop L + 5.75% (b) 6.75% 12/2025 902 885 — 902
Telesoft Holdings LLC(5) One stop L + 5.75% N/A(6) 12/2025 — (2) — —
TI Intermediate Holdings, LLC^ Senior loan L + 4.50% (a) 4.65% 12/2024 3,508 3,563 0.1 3,333
TI Intermediate Holdings, LLC+ Senior loan L + 4.50% (a) 5.50% 12/2024 927 904 — 903
TI Intermediate Holdings, LLC(5) Senior loan L + 4.50% N/A(6) 12/2024 — — — (3)
TI Intermediate Holdings, LLC(5) Senior loan L + 4.50% N/A(6) 12/2024 — (11) — (11)
Togetherwork Holdings, LLC*# One stop L + 5.75% (a) 6.75% 03/2025 15,524 15,658 0.6 15,524
Togetherwork Holdings, LLC~^ One stop L + 5.75% (a) 6.75% 03/2025 1,799 1,857 0.1 1,799
Togetherwork Holdings, LLC One stop L + 5.75% (a) 6.75% 03/2025 1,746 1,800 0.1 1,746
Togetherwork Holdings, LLC*# One stop L + 5.75% (a) 6.75% 03/2025 1,702 1,757 0.1 1,702
Togetherwork Holdings, LLC~^ One stop L + 5.75% (a) 6.75% 03/2025 1,644 1,674 0.1 1,644
Togetherwork Holdings, LLC*^ One stop L + 5.75% (a) 6.75% 03/2025 1,584 1,636 0.1 1,584
Togetherwork Holdings, LLC One stop L + 5.75% (a) 6.75% 03/2025 1,477 1,522 0.1 1,477
Togetherwork Holdings, LLC*# One stop L + 5.75% (a) 6.75% 03/2025 1,210 1,227 0.1 1,210
Togetherwork Holdings, LLC One stop L + 5.75% (a) 6.75% 03/2025 666 687 — 666
Togetherwork Holdings, LLC+ One stop L + 5.75% (a) 6.75% 03/2025 461 456 — 461
Togetherwork Holdings, LLC^ One stop L + 5.75% (a) 6.75% 03/2025 446 442 — 446
Togetherwork Holdings, LLC One stop L + 5.75% (a) 6.75% 03/2024 300 299 — 300
Togetherwork Holdings, LLC One stop L + 5.75% (a) 6.75% 03/2025 64 66 — 64
See Notes to Consolidated Financial Statements.
32
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)
Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Software - (continued)
Togetherwork Holdings, LLC~ One stop L + 5.75% (a) 6.75% 03/2025 $ 59 $ 61 — % $ 59
Transact Holdings, Inc.+~ Senior loan L + 4.75% (a) 4.90% 04/2026 3,071 3,111 0.1 3,002
Trintech, Inc.*#^ One stop L + 6.00% (c) 7.00% 12/2023 22,343 22,654 0.9 22,343
Trintech, Inc.#^ One stop L + 6.00% (c) 7.00% 12/2023 9,263 9,434 0.4 9,263
Trintech, Inc. One stop L + 6.00% (c) 7.00% 12/2023 300 301 — 300
Vector CS Midco Limited & Cloudsense Ltd.~(8)(9)(10) One stop N/A 4.50% cash/3.55% PIK 05/2024 7,929 8,049 0.4 8,515
Vector CS Midco Limited & Cloudsense Ltd.(8)(9)(10) One stop L + 8.05% (h) 4.50% cash/3.55% PIK 05/2024 134 133 — 140
Vendavo, Inc.*~ One stop L + 6.50% (c) 7.50% 10/2022 35,278 35,246 1.5 35,278
Vendavo, Inc.(5) One stop L + 6.50% N/A(6) 10/2022 — (2) — —
Workforce Software, LLC~ One stop L + 6.50% (c) 7.50% 07/2025 27,266 27,929 1.1 27,266
Workforce Software, LLC(5) One stop L + 6.50% N/A(6) 07/2025 — (2) — —
986,550 989,584 40.4 985,902

See Notes to Consolidated Financial Statements.
33
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)

Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Specialty Retail
2nd Ave. LLC One stop L + 6.50% (d) 7.50% 09/2025 $ 5,900 $ 5,819 0.2 % $ 5,782
2nd Ave. LLC One stop L + 6.50% (d) 7.50% 09/2025 50 50 — 49
Batteries Plus Holding Corporation# One stop L + 6.75% (a) 7.75% 07/2022 21,921 22,072 0.9 21,921
Batteries Plus Holding Corporation(5) One stop L + 6.75% N/A(6) 07/2022 — (1) — —
Boot Barn, Inc.#+~ Senior loan L + 4.50% (c) 5.50% 06/2023 16,778 16,893 0.7 16,778
Cycle Gear, Inc.#+^ One stop L + 5.00% (c) 6.00% 01/2024 21,416 21,727 0.9 21,416
DTLR, Inc.*#+ One stop L + 7.00% (c) 7.50% cash/0.50% PIK 08/2022 41,487 41,823 1.7 41,487
Imperial Optical Midco Inc.~ One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 3,629 3,671 0.2 3,629
Imperial Optical Midco Inc.* One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 2,830 2,812 0.1 2,830
Imperial Optical Midco Inc.# One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 1,924 1,967 0.1 1,924
Imperial Optical Midco Inc.# One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 1,252 1,280 0.1 1,252
Imperial Optical Midco Inc.* One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 1,141 1,165 0.1 1,141
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 331 329 — 331
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 241 239 — 241
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 191 189 — 191
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 163 160 — 163
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 134 133 — 134
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 130 129 — 130
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 97 96 — 97
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 83 83 — 83
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 76 76 — 76
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 69 68 — 69
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 63 63 — 63
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 55 55 — 55
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 43 42 — 43
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 41 41 — 41
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 35 35 — 35
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 28 27 — 28
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 24 24 — 24
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 21 21 — 21
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 20 19 — 20
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 19 18 — 19
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 17 17 — 17
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 11 11 — 11
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 11 11 — 11
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 9 9 — 9
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 9 9 — 9
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 8 8 — 8
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 7 7 — 7
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 5 5 — 5
See Notes to Consolidated Financial Statements.
34
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)
Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Specialty Retail -. (continued)
Imperial Optical Midco Inc. One stop L + 6.25% N/A(6) 08/2023 $ — $ — — % $ —
Imperial Optical Midco Inc.(5) One stop L + 6.25% N/A(6) 08/2023 — (15) — —
Jet Equipment & Tools Ltd.+~(8)(9)(12) One stop L + 5.25% (a) 6.25% 11/2024 17,942 18,203 0.8 18,534
Jet Equipment & Tools Ltd.*#(8)(12) One stop L + 5.25% (a) 6.25% 11/2024 12,333 12,557 0.5 12,319
Jet Equipment & Tools Ltd.+(8)(9)(12) One stop L + 5.50% (c) 6.50% 11/2024 5,246 5,197 0.2 5,474
Jet Equipment & Tools Ltd.#(8)(12)^ One stop L + 5.25% (a) 6.25% 11/2024 4,295 4,362 0.2 4,291
Jet Equipment & Tools Ltd.(8)(12)^ One stop L + 5.25% (a) 6.25% 11/2024 1,577 1,565 0.1 1,576
Jet Equipment & Tools Ltd.(5)(8)(9)(12) One stop L + 5.25% N/A(6) 11/2024 — (1) — —
Pet Holdings ULC*#+(8)(12) One stop L + 5.50% (c) 6.50% 07/2022 46,518 47,211 1.9 46,518
Pet Holdings ULC*#+(8)(12) One stop L + 5.50% (c) 6.50% 07/2022 240 241 — 240
Pet Holdings ULC(5)(8)(12) One stop L + 5.50% N/A(6) 07/2022 — (1) — —
Pet Supplies Plus, LLC*+^ Senior loan L + 4.25% (c) 5.25% 12/2024 14,144 14,365 0.6 14,144
Pet Supplies Plus, LLC(5) Senior loan L + 4.25% N/A(6) 12/2023 — (1) — —
PetPeople Enterprises, LLC# One stop L + 5.75% (c) 6.75% 09/2023 5,338 5,383 0.2 5,232
PetPeople Enterprises, LLC# One stop L + 5.75% (c)(d) 6.75% 09/2023 1,813 1,837 0.1 1,777
PetPeople Enterprises, LLC One stop L + 5.75% (d) 6.75% 09/2023 40 41 — 38
PPV Intermediate Holdings II, LLC One stop L + 6.50% (d) 7.50% 05/2023 4,908 4,908 0.2 4,908
PPV Intermediate Holdings II, LLC One stop L + 6.50% (a) 7.50% 05/2023 1,164 1,106 0.1 1,164
PPV Intermediate Holdings II, LLC One stop L + 6.50% (a) 7.50% 05/2023 1,073 1,059 0.1 1,073
PPV Intermediate Holdings II, LLC One stop L + 6.50% (a) 7.50% 05/2023 1,034 1,021 — 1,034
PPV Intermediate Holdings II, LLC One stop L + 6.50% (a) 7.50% 05/2023 1,007 1,007 — 1,007
PPV Intermediate Holdings II, LLC One stop L + 6.50% (a) 7.50% 05/2023 931 919 — 931
PPV Intermediate Holdings II, LLC One stop L + 6.50% (a) 7.50% 05/2023 776 766 — 776
PPV Intermediate Holdings II, LLC One stop L + 6.50% (a) 7.50% 05/2023 737 728 — 737
PPV Intermediate Holdings II, LLC One stop L + 6.50% (a) 7.50% 05/2023 602 602 — 602
PPV Intermediate Holdings II, LLC One stop L + 6.50% (a) 7.50% 05/2023 530 523 — 530
PPV Intermediate Holdings II, LLC One stop L + 6.50% (a) 7.50% 05/2023 434 418 — 434
PPV Intermediate Holdings II, LLC One stop L + 6.50% (a) 7.50% 05/2023 129 127 — 129
PPV Intermediate Holdings II, LLC One stop N/A 7.90% PIK 05/2023 24 24 — 24
PPV Intermediate Holdings II, LLC One stop L + 6.50% N/A(6) 05/2023 — — — —
Sola Franchise, LLC and Sola Salon Studios, LLC# One stop L + 4.75% (c) 5.75% 10/2024 7,336 7,349 0.3 7,336
Sola Franchise, LLC and Sola Salon Studios, LLC# One stop L + 4.75% (c) 5.75% 10/2024 1,704 1,758 0.1 1,704
Sola Franchise, LLC and Sola Salon Studios, LLC One stop L + 4.75% (c)(f) 6.13% 10/2024 66 65 — 66
Titan Fitness, LLC*#+ One stop L + 4.75% (b)(c) 5.75% 02/2025 30,240 30,656 1.1 27,217
Titan Fitness, LLC One stop L + 4.75% (c) 5.75% 02/2025 1,889 1,876 0.1 1,700
Titan Fitness, LLC One stop L + 4.75% (c) 5.75% 02/2025 474 472 — 424
Titan Fitness, LLC(5) One stop L + 4.75% N/A(6) 02/2025 — (1) — —
Vermont Aus Pty Ltd~(8)(9)(11) One stop L + 4.75% (c) 4.81% 12/2024 2,199 2,218 0.1 2,452
Vermont Aus Pty Ltd(8)(9)(11) One stop L + 4.75% (c) 4.81% 12/2024 81 82 — 97
287,093 289,829 11.7 284,638

See Notes to Consolidated Financial Statements.
35
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(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)
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.*#^ One stop L + 6.00% (c) 7.00% 03/2023 $ 22,414 $ 22,524 0.9 % $ 21,966
Agility Recovery Solutions Inc. One stop L + 6.00% (c) 7.00% 03/2023 902 900 — 882
23,316 23,424 0.9 22,848
Textiles, Apparel & Luxury Goods
Elite Sportswear, L.P. Senior loan L + 6.25% (c) 2.00% cash/5.25% PIK 12/2021 9,571 9,455 0.3 6,700
Elite Sportswear, L.P. Senior loan L + 6.25% (c) 2.00% cash/5.25% PIK 12/2021 3,848 3,803 0.1 2,693
Elite Sportswear, L.P. Senior loan L + 6.25% (c) 2.00% cash/5.25% PIK 12/2021 1,980 1,957 0.1 1,386
Elite Sportswear, L.P. Senior loan L + 6.25% (c) 2.00% cash/5.25% PIK 12/2021 1,192 1,178 — 828
Elite Sportswear, L.P.* Senior loan L + 6.25% (c) 2.00% cash/5.25% PIK 12/2021 657 650 — 459
Elite Sportswear, L.P. Senior loan L + 6.25% (c) 2.00% cash/5.25% PIK 12/2021 301 297 — 211
Elite Sportswear, L.P.* Senior loan L + 6.25% (c) 2.00% cash/5.25% PIK 12/2021 287 285 — 201
Elite Sportswear, L.P. Senior loan L + 6.25% (c) 2.00% cash/5.25% PIK 12/2021 42 41 — 30
Georgica Pine Clothiers, LLC# One stop L + 5.50% (c)(d) 6.50% 11/2023 10,350 10,440 0.4 9,543
Georgica Pine Clothiers, LLC*# One stop L + 5.50% (c)(d) 6.50% 11/2023 6,504 6,565 0.3 5,997
Georgica Pine Clothiers, LLC+ One stop L + 5.50% (c)(d) 6.50% 11/2023 1,006 999 — 928
Georgica Pine Clothiers, LLC# One stop L + 5.50% (c)(d) 6.50% 11/2023 906 915 — 835
Georgica Pine Clothiers, LLC*# One stop L + 5.50% (c)(d) 6.50% 11/2023 635 643 — 586
Georgica Pine Clothiers, LLC One stop L + 5.50% (c)(d) 6.50% 11/2023 236 236 — 218
SHO Holding I Corporation~ Senior loan L + 5.25% (c) 4.00% cash/2.25% PIK 04/2024 4,035 4,019 0.2 3,631
SHO Holding I Corporation~ Senior loan L + 5.23% (c) 4.00% cash/2.23% PIK 04/2024 44 44 — 39
SHO Holding I Corporation Senior loan L + 4.00% (a)(c)(d) 5.00% 04/2024 35 34 — 35
SHO Holding I Corporation(5) Senior loan L + 5.00% N/A(6) 04/2024 — (1) — (8)
SHO Holding I Corporation Senior loan L + 5.00% (c)(d) N/A(6) 04/2024 — — — —
SHO Holding I Corporation Senior loan L + 5.23% (c)(d) N/A(6) 04/2024 — — — —
41,629 41,560 1.4 34,312
Total non-controlled/non-affiliate company debt investments $ 4,440,774 $ 4,440,146 177.7 $ 4,335,951

See Notes to Consolidated Financial Statements.
36
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(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)
Equity Investments (14)(15)
NTS Technical Systems Common Stock N/A N/A N/A 2 $ 1,506 0.1 % $ 776
NTS Technical Systems Preferred stock N/A N/A N/A — 256 — 448
NTS Technical Systems Preferred stock N/A N/A N/A — 128 — 256
Whitcraft LLC Common Stock N/A N/A N/A 11 2,285 0.1 2,766
4,175 0.2 4,246
Auto Components
Polk Acquisition Corp. LP interest N/A N/A N/A 5 314 — 137
Automobiles
MOP GM Holding, LLC LLC units N/A N/A N/A — 323 — 323
Quick Quack Car Wash Holdings, LLC LLC units N/A N/A N/A — 508 — 480
831 — 803
Biotechnology
BIO18 Borrower, LLC(16) LLC units N/A N/A N/A 591 1,190 0.1 1,814
Building Products
Brooks Equipment Company, LLC Common Stock N/A N/A N/A 10 $ 1,020 0.1 $ 2,180
Chemicals
Inhance Technologies Holdings LLC LLC units N/A N/A N/A — 124 — 73
Commercial Services & Supplies
Hydraulic Authority III Limited(8)(9)(10) Preferred stock N/A N/A N/A 284 384 — 377
Hydraulic Authority III Limited(8)(9)(10) Common Stock N/A N/A N/A 6 43 — —
427 — 377
Construction & Engineering
Reladyne, Inc. LP units N/A N/A N/A 1 931 0.1 1,001
Diversified Consumer Services
EWC Growth Partners LLC LLC interest N/A N/A N/A — 12 — 4
Liminex, Inc. Common Stock N/A N/A N/A 14 496 — 496
PADI Holdco, Inc. LLC units N/A N/A N/A 1 969 — 138
Spear Education, LLC LLC units N/A N/A N/A — 7 — 20
Spear Education, LLC LLC units N/A N/A N/A 1 1 — —
1,485 — 658
Electronic Equipment, Instruments & Components
ES Acquisition LLC LP interest N/A N/A N/A — 15 — 28
Inventus Power, Inc. Preferred stock N/A N/A N/A 1 372 — 131
Inventus Power, Inc. LLC units N/A N/A N/A — 88 — 167
Inventus Power, Inc. Preferred stock N/A N/A N/A — 20 — 42
Inventus Power, Inc. Common Stock N/A N/A N/A 1 — — —
495 — 368

See Notes to Consolidated Financial Statements.
37
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)

Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Food & Staples Retailing
Benihana, Inc. LLC unit N/A N/A N/A 43 $ 699 — % $ 39
Cafe Rio Holding, Inc. Common Stock N/A N/A N/A 5 603 — 838
Captain D's, LLC LLC interest N/A N/A N/A 158 156 — 422
Feeders Supply Company, LLC Preferred stock N/A N/A N/A 4 400 — 284
Feeders Supply Company, LLC LLC units N/A N/A N/A — — — —
Hopdoddy Holdings, LLC LLC units N/A N/A N/A 44 217 — 44
Hopdoddy Holdings, LLC LLC units N/A N/A N/A 20 61 — 13
Mendocino Farms, LLC Common Stock N/A N/A N/A 169 770 0.1 946
Ruby Slipper Cafe LLC, The LLC units N/A N/A N/A 31 373 — 65
Ruby Slipper Cafe LLC, The LP units N/A N/A N/A 2 20 — 8
Wetzel's Pretzels, LLC Common Stock N/A N/A N/A — 416 — 170
Wood Fired Holding Corp. LLC units N/A N/A N/A 437 444 — 356
Wood Fired Holding Corp. LLC units N/A N/A N/A 437 — — —
4,159 0.1 3,185
Food Products
C. J. Foods, Inc. Preferred stock N/A N/A N/A — 75 0.1 558
FCID Merger Sub, Inc. Common Stock N/A N/A N/A 3 325 — 325
Purfoods, LLC LLC interest N/A N/A N/A — 926 0.2 5,325
1,326 0.3 6,208
Health Care Equipment & Supplies
Aspen Medical Products, LLC Common Stock N/A N/A N/A — 77 — 103
Blue River Pet Care, LLC LLC units N/A N/A N/A — 76 — 105
CCSL Holdings, LLC LP units N/A N/A N/A — 312 — 312
CMI Parent Inc. LLC units N/A N/A N/A — 240 — 234
CMI Parent Inc. LLC units N/A N/A N/A 2 3 — —
Flexan, LLC LLC units N/A N/A N/A — 137 — 227
Flexan, LLC LLC interest N/A N/A N/A 1 — — 30
G & H Wire Company, Inc. LLC interest N/A N/A N/A 336 269 — 77
Joerns Healthcare, LLC* Common Stock N/A N/A N/A 432 4,330 0.2 2,569
Katena Holdings, Inc. LLC units N/A N/A N/A 1 572 — 330
Lombart Brothers, Inc. Common Stock N/A N/A N/A 1 440 — —
6,456 0.2 3,987

See Notes to Consolidated Financial Statements.
38
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)

Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Health Care Providers & Services
Active Day, Inc. LLC interest N/A N/A N/A 1 $ 1,099 — % $ 372
Acuity Eyecare Holdings, LLC LLC interest N/A N/A N/A 1,158 1,334 0.1 1,563
ADCS Clinics Intermediate Holdings, LLC Preferred stock N/A N/A N/A 1 1,119 0.1 944
ADCS Clinics Intermediate Holdings, LLC Common Stock N/A N/A N/A — 6 — —
CRH Healthcare Purchaser, Inc.(16) LP interest N/A N/A N/A 429 326 0.1 926
DCA Investment Holding, LLC LLC units N/A N/A N/A 13,890 1,619 0.1 2,088
DCA Investment Holding, LLC LLC units N/A N/A N/A 140 218 — —
Deca Dental Management LLC LLC units N/A N/A N/A 1,008 1,278 — 858
Encore GC Acquisition, LLC LLC units N/A N/A N/A 26 272 — 305
Encore GC Acquisition, LLC LLC units N/A N/A N/A 26 52 — 61
Encorevet Group LLC Preferred stock N/A N/A N/A — 15 — 19
Encorevet Group LLC LLC units N/A N/A N/A — 6 — 7
ERG Buyer, LLC LLC units N/A N/A N/A 1 661 — 26
ERG Buyer, LLC LLC units N/A N/A N/A 8 4 — —
Eyecare Services Partners Holdings LLC LLC units N/A N/A N/A — 262 — —
Eyecare Services Partners Holdings LLC LLC units N/A N/A N/A — 1 — —
Krueger-Gilbert Health Physics, LLC LLC interest N/A N/A N/A 168 187 — 193
MD Now Holdings, Inc. LLC units N/A N/A N/A 15 153 — 189
Midwest Veterinary Partners, LLC LLC units N/A N/A N/A — 29 — 33
Midwest Veterinary Partners, LLC LLC units N/A N/A N/A 6 — — 62
MWD Management, LLC & MWD Services, Inc. LLC interest N/A N/A N/A 412 335 — 304
Oliver Street Dermatology Holdings, LLC LLC units N/A N/A N/A 452 234 — —
Pentec Acquisition Sub, Inc. Preferred stock N/A N/A N/A 1 116 — 185
Pinnacle Treatment Centers, Inc. Preferred stock N/A N/A N/A — 528 — 643
Pinnacle Treatment Centers, Inc. LLC units N/A N/A N/A 5 74 — 577
Radiology Partners, Inc. LLC units N/A N/A N/A 11 68 — 63
Radiology Partners, Inc. LLC units N/A N/A N/A 43 55 — 250
RXH Buyer Corporation LP interest N/A N/A N/A 11 973 0.1 1,437
Sage Dental Management, LLC LLC units N/A N/A N/A — 249 — —
Sage Dental Management, LLC LLC units N/A N/A N/A 3 3 — —
SSH Corporation Common Stock N/A N/A N/A — 40 — 115
Summit Behavioral Healthcare, LLC LLC interest N/A N/A N/A 2 98 — 199
Summit Behavioral Healthcare, LLC LLC interest N/A N/A N/A 2 — — —
WHCG Management, LLC LLC interest N/A N/A N/A 1 414 — 583
11,828 0.5 12,002

See Notes to Consolidated Financial Statements.
39
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)

Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Health Care Technology
Connexin Software, Inc. LLC interest N/A N/A N/A 154 $ 192 — % 265
HealthcareSource HR, Inc. LLC interest N/A N/A N/A — 621 — 724
HSI Halo Acquisition, Inc. Preferred stock N/A N/A N/A — 288 — 256
HSI Halo Acquisition, Inc. Common Stock N/A N/A N/A — — — —
Kareo, Inc. Warrant N/A N/A N/A 53 162 — 11
Kareo, Inc. Preferred stock N/A N/A N/A 1 8 — 13
Kareo, Inc. Warrant N/A N/A N/A 5 6 — 20
Caliper Software, Inc. Preferred stock N/A N/A N/A 3 2,734 0.2 3,211
Caliper Software, Inc. Preferred stock N/A N/A N/A — 1,427 0.1 1,427
Caliper Software, Inc. Common Stock N/A N/A N/A 221 283 — 816
Caliper Software, Inc. Preferred stock N/A N/A N/A — 64 — 64
Caliper Software, Inc. Preferred stock N/A N/A N/A — 37 — 47
Verisys Corporation LLC interest N/A N/A N/A 579 712 — 354
6,534 0.3 7,208
Hotels, Restaurants & Leisure
LMP TR Holdings, LLC LLC units N/A N/A N/A 712 712 — 328
SSRG Holdings, LLC LLC units N/A N/A N/A 6 61 — 41
Tropical Smoothie Cafe Holdings, LLC(16) LP units N/A N/A N/A 5 550 — 640
1,323 — 1,009
Household Durables
Groundworks LLC LLC units N/A N/A N/A — 155 — 311
Insurance
Captive Resources Midco, LLC LLC units N/A N/A N/A 425 — — 445
Majesco LP units N/A N/A N/A — 264 — 270
Majesco LP units N/A N/A N/A 59 — — 113
Orchid Underwriters Agency, LLC LP interest N/A N/A N/A 92 103 — 79
367 — 907
See Notes to Consolidated Financial Statements.
40
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(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)
IT Services
Appriss Holdings, Inc. Preferred stock N/A N/A N/A — $ 174 — % 185
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc. Preferred stock N/A N/A N/A 587 462 0.1 1,481
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc. Preferred stock N/A N/A N/A 154 423 — 427
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc. Warrant N/A N/A N/A 202 159 — 434
Centrify Corporation LP interest N/A N/A N/A 1 691 — 458
Centrify Corporation LP interest N/A N/A N/A 263 — — —
Episerver, Inc. LLC units N/A N/A N/A 76 807 — 565
Maverick Bidco Inc. LLC units N/A N/A N/A 2 723 0.1 966
PCS Intermediate II Holdings, LLC LLC units N/A N/A N/A 37 367 — 424
Red Dawn SEI Buyer, Inc. LP interest N/A N/A N/A 13 13 — 15
3,819 0.2 4,955
Leisure Products
Massage Envy, LLC LLC interest N/A N/A N/A 749 210 — 941
WBZ Investment LLC LLC interest N/A N/A N/A 68 117 — 59
WBZ Investment LLC LLC interest N/A N/A N/A 46 80 — 41
WBZ Investment LLC LLC interest N/A N/A N/A 38 65 — 33
WBZ Investment LLC LLC interest N/A N/A N/A 33 58 — 29
WBZ Investment LLC LLC interest N/A N/A N/A 14 24 — 13
WBZ Investment LLC LLC interest N/A N/A N/A 1 2 — 2
556 — 1,118
Life Sciences Tools & Services
Pace Analytical Services, LLC LLC units N/A N/A N/A 6 700 0.1 1,054
Oil, Gas and Consumable Fuels
W3 Co. LLC units N/A N/A N/A 3 1,632 0.1 2,394
W3 Co. Preferred stock N/A N/A N/A — 224 — 266
1,856 0.1 2,660
Pharmaceuticals
BIOVT, LLC LLC units N/A N/A N/A — 1,223 0.1 2,191

See Notes to Consolidated Financial Statements.
41
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(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)
Professional Services
Brandmuscle, Inc. LLC interest N/A N/A N/A — $ 335 — % $ 251
DISA Holdings Acquisition Subsidiary Corp. Common Stock N/A N/A N/A — 154 — 272
Net Health Acquisition Corp. LP interest N/A N/A N/A 13 1,440 0.1 1,473
Nexus Brands Group, Inc. LP interest N/A N/A N/A — 547 — 686
Vitalyst, LLC Preferred stock N/A N/A N/A — 61 — 53
Vitalyst, LLC Common Stock N/A N/A N/A 1 7 — —
2,544 0.1 2,735
Real Estate Management & Development
Property Brands, Inc. LLC units N/A N/A N/A 63 434 — 593
Road & Rail
Internet Truckstop Group LLC LP interest N/A N/A N/A 408 447 — 325
See Notes to Consolidated Financial Statements.
42
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)
Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Software
Accela, Inc. LLC units N/A N/A N/A 670 $ 418 — % $ 81
Astute Holdings, Inc. LP interest N/A N/A N/A — 294 — 570
Calabrio, Inc. Common Stock N/A N/A N/A 26 205 — 404
Cloudbees, Inc. Preferred stock N/A N/A N/A 71 466 — 353
Cloudbees, Inc. Warrant N/A N/A N/A 131 247 — 323
Confluence Technologies, Inc. LLC interest N/A N/A N/A 3 412 — 541
Convercent, Inc. Warrant N/A N/A N/A 325 63 — 148
Digital Guardian, Inc. Preferred stock N/A N/A N/A 356 434 — 375
Digital Guardian, Inc. Warrant N/A N/A N/A 122 225 — 290
Digital Guardian, Inc. Preferred stock N/A N/A N/A 74 142 — 177
Digital Guardian, Inc. Preferred stock N/A N/A N/A 67 123 — 174
Digital Guardian, Inc. Warrant N/A N/A N/A 124 33 — 70
Diligent Corporation Preferred stock N/A N/A N/A 414 912 0.1 2,162
GS Acquisitionco, Inc. LP interest N/A N/A N/A 2 290 0.1 872
MetricStream, Inc. Warrant N/A N/A N/A 168 263 — 188
mParticle, Inc. Warrant N/A N/A N/A 26 10 — 113
Namely, Inc. Warrants N/A N/A N/A 47 314 — 303
Namely, Inc. Warrant N/A N/A N/A 17 28 — 25
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH Warrant N/A N/A N/A 4 9 — 25
Personify, Inc. LLC units N/A N/A N/A 716 942 0.1 1,043
Pride Midco, Inc.(16) Preferred stock N/A N/A N/A 2 2,594 0.1 3,009
Project Alpha Intermediate Holding, Inc. Common Stock N/A N/A N/A 1 964 0.1 1,190
Project Alpha Intermediate Holding, Inc. Common Stock N/A N/A N/A 202 329 0.1 1,012
Project Silverback Holdings Corp. Preferred stock N/A N/A N/A 3 6 — 665
RegEd Aquireco, LLC LP interest N/A N/A N/A — 316 — 175
RegEd Aquireco, LLC LP interest N/A N/A N/A 3 21 — 0
Saturn Borrower Inc. LP units N/A N/A N/A 328 328 — 328
SnapLogic, Inc. Preferred stock N/A N/A N/A 278 695 0.1 1,090
SnapLogic, Inc. Warrant N/A N/A N/A 69 27 — 191
Spartan Buyer Acquisition Co. Common Stock N/A N/A N/A — 535 — 535
Telesoft Holdings LLC LP interest N/A N/A N/A 6 6 — 6
Vendavo, Inc. Preferred stock N/A N/A N/A 1,017 1,017 0.1 1,833
Workforce Software, LLC Common Stock N/A N/A N/A — 973 — 558
Xmatters, Inc. and Alarmpoint, Inc. Preferred stock N/A N/A N/A 474 494 — 673
Xmatters, Inc. and Alarmpoint, Inc. Warrant N/A N/A N/A 84 64 — 31
Xmatters, Inc. and Alarmpoint, Inc. Preferred stock N/A N/A N/A 20 26 — 27
14,225 0.8 19,560

See Notes to Consolidated Financial Statements.
43
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)
Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Specialty Retail
2nd Ave. LLC LP interest N/A N/A N/A 653 $ 653 — % $ 606
Batteries Plus Holding Corporation LP interest N/A N/A N/A 10 1,287 0.1 1,231
Cycle Gear, Inc. LLC units N/A N/A N/A 27 462 0.1 1,176
DTLR, Inc. LLC interest N/A N/A N/A 4 411 0.1 969
Imperial Optical Midco Inc. Preferred stock N/A N/A N/A — 122 — 131
Imperial Optical Midco Inc. Preferred stock N/A N/A N/A — 46 — 47
Jet Equipment & Tools Ltd.(8)(9)(12) LLC units N/A N/A N/A 1 948 0.1 3,048
Paper Source, Inc. Common Stock N/A N/A N/A 8 1,387 — —
Pet Holdings ULC(8)(12) LP interest N/A N/A N/A 677 483 — 309
Pet Supplies Plus, LLC LLC units N/A N/A N/A 144 181 — 482
PPV Intermediate Holdings II, LLC LLC interest N/A N/A N/A 281 271 — 473
Sola Franchise, LLC and Sola Salon Studios, LLC LLC units N/A N/A N/A 6 682 — 645
Sola Franchise, LLC and Sola Salon Studios, LLC LLC units N/A N/A N/A 1 138 — 129
Southern Veterinary Partners, LLC LLC units N/A N/A N/A 1 717 0.1 952
Southern Veterinary Partners, LLC LLC units N/A N/A N/A 148 188 0.1 1,523
7,976 0.6 11,721
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc. LLC units N/A N/A N/A 97 604 — 688
Textiles, Apparel & Luxury Goods
Elite Sportswear, L.P. LLC interest N/A N/A N/A — 165 — —
Georgica Pine Clothiers, LLC LLC interest N/A N/A N/A 20 239 — 80
Georgica Pine Clothiers, LLC LLC units N/A N/A N/A — — — —
R.G. Barry Corporation Preferred stock N/A N/A N/A — 161 — 134
565 — 214
Total non-controlled/non-affiliate company equity investments $ 78,089 3.9 % $ 94,288
Total non-controlled/non-affiliate company investments $ 4,440,774 $ 4,518,235 181.6 $ 4,430,239

See Notes to Consolidated Financial Statements.
44
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)

Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Non-controlled/affiliate company investments (17)
Debt investments
Beverages
Uinta Brewing Company(7) One stop L + 4.00% (a) 5.00% 08/2021 $ 962 $ 923 — % $ 212
Uinta Brewing Company(7) One stop L + 4.00% (a) 5.00% 08/2021 508 503 — 361
1,470 1,426 — 573
Consumer Finance
Paradigm DKD Group, LLC(7) Senior loan L + 6.25% (c) 7.50% 05/2022 3,220 2,099 0.1 2,491
Paradigm DKD Group, LLC(5)(7) Senior loan L + 6.25% (c) N/A(6) 05/2022 — (142) — 3
3,220 1,957 0.1 2,494
Electronic Equipment, Instruments and Components
Sloan Company, Inc., The(7) One stop L + 8.50% (c) 9.50% 04/2023 4,708 4,074 0.2 3,567
Sloan Company, Inc., The One stop L + 8.50% (c) 9.50% 04/2023 667 667 — 667
Sloan Company, Inc., The(7) One stop L + 8.50% (c) 9.50% 04/2023 312 271 — 237
5,687 5,012 0.2 4,471
Energy, Equipment & Services
Benetech, Inc.+ One stop L + 6.00% (a) 7.25% 08/2023 3,973 3,973 0.1 2,384
Benetech, Inc. One stop L + 6.00% (a) 7.25% 08/2023 574 574 — 90
4,547 4,547 0.1 2,474
Food and Staples Retailing
Rubio's Restaurants, Inc. Senior loan L + 8.00% (a) 9.25% 12/2024 13,059 12,712 0.5 12,667
Rubio's Restaurants, Inc.(5) Senior loan L + 8.00% N/A(6) 12/2024 — (19) — (42)
13,059 12,693 0.5 12,625
Healthcare Providers and Services
Dental Holdings Corporation*# One stop L + 6.00% (c) 7.00% 03/2023 11,262 11,276 0.4 9,571
Dental Holdings Corporation One stop L + 6.00% (c) 7.00% 03/2023 116 116 — 116
Elite Dental Partners LLC One stop L + 5.25% (c) 6.25% 06/2023 11,309 11,373 0.4 10,970
Elite Dental Partners LLC One stop L + 5.25% N/A(6) 06/2023 — — — —
22,687 22,765 0.8 20,657
Software
Switchfly LLC One stop L + 5.00% (c) 6.00% 10/1/2023 5,896 5,743 0.2 4,953
Switchfly LLC One stop L + 5.00% (c) 6.00% 10/1/2023 492 481 — 413
Switchfly LLC One stop L + 5.00% (b)(c) 6.00% 10/1/2023 38 37 — 32
Switchfly LLC(5) One stop L + 8.50% (c) 9.50% 10/1/2023 2 2 — (12)
6,428 6,263 0.2 5,386
Total non-controlled/affiliate debt investments $ 57,098 $ 54,663 1.9 % $ 48,680
Equity investments (14)(15)
Beverages
Uinta Brewing Company Common Stock N/A N/A N/A 153 $ 17 — % $ —
Consumer Finance
Paradigm DKD Group, LLC+ LLC units N/A N/A N/A 354 116 — 3
Paradigm DKD Group, LLC+ LLC units N/A N/A N/A 71 — — —
Paradigm DKD Group, LLC+ LLC units N/A N/A N/A 2,004 — — —
116 — 3
See Notes to Consolidated Financial Statements.
45
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(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)
Electronic Equipment, Instruments and Components
Sloan Company, Inc., The LLC units N/A N/A N/A — $ 152 — % $ —
Sloan Company, Inc., The LLC units N/A N/A N/A 2 14 — —
Sloan Company, Inc., The Common Stock N/A N/A N/A — 41 — —
207 — —
Energy, Equipment & Services
Benetech, Inc. (8)
LLC interest N/A
N/A (6)
N/A 59 — — —
Benetech, Inc. (8)
LLC interest N/A
N/A (6)
N/A 59 — — —
— — —
Food and Staples Retailing
Rubio's Restaurants, Inc. Preferred stock N/A N/A N/A — 2,276 0.1 2,276
Rubio's Restaurants, Inc. Common Stock N/A N/A N/A — 182 — 182
Rubio's Restaurants, Inc. Common Stock N/A N/A N/A — 111 — 111
Rubio's Restaurants, Inc. Common Stock N/A N/A N/A — 5 — 5
Rubio's Restaurants, Inc. Common Stock N/A N/A N/A — 3 — 3
Rubio's Restaurants, Inc. Common Stock N/A N/A N/A — — — —
Rubio's Restaurants, Inc. Common Stock N/A N/A N/A — — — —
Rubio's Restaurants, Inc. Common Stock N/A N/A N/A — — — —
Rubio's Restaurants, Inc. Common Stock N/A N/A N/A — — — —
Rubio's Restaurants, Inc. Common Stock N/A N/A N/A — — — —
Rubio's Restaurants, Inc. Common Stock N/A N/A N/A — — — —
2,577 0.1 2,577
Healthcare Providers and Services
Dental Holdings Corporation*# Common Stock N/A N/A N/A — 390 — 406
Elite Dental Partners LLC LLC units N/A N/A N/A — 2,902 0.1 3,103
Elite Dental Partners LLC LLC units N/A N/A N/A — 1,250 0.1 1,074
Elite Dental Partners LLC LLC units N/A N/A N/A — — — 195
4,542 0.2 4,778
Software
Switchfly LLC LLC units N/A N/A N/A 3,418 2,320 0.1 2,173
Total non-controlled/affiliate equity investments $ 9,779 0.4 % $ 9,531
Total non-controlled/affiliate investments $ 57,098 $ 64,442 2.3 % $ 58,211
See Notes to Consolidated Financial Statements.
46
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(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)
Controlled affiliate company investments (18)
Debt Investments
IT Services
MMan Acquisition Co.*(7) One stop L + 10.00% (c) 10.00% PIK 08/2023 $ 22,528 $ 19,746 0.7 % $ 16,775
MMan Acquisition Co. One stop L + 8.00% (e) 8.00% PIK 08/2023 1,468 1,468 — 1,468
23,996 21,214 0.7 18,243
Total controlled affiliate debt investments $ 23,996 $ 21,214 0.7 % $ 18,243
Equity Investments (14)(15)
IT Services
MMan Acquisition Co.*+ Common Stock N/A N/A N/A — $ 927 — % $ 525
927 — 525
Total controlled affiliate equity investments $ 927 — % $ 525
Total controlled affiliate investments $ 23,996 $ 22,141 0.7 % $ 18,768
Total investments $ 4,521,868 $ 4,604,818 184.6 % $ 4,507,218
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)
0.01% (19)
42,776 1.8 % 42,776
Total money market funds $ 42,776 1.8 % $ 42,776
Total Investments and Money Market Funds $ 4,647,594 186.4 % $ 4,549,994

See Notes to Consolidated Financial Statements.
47
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)

*
Denotes that all or a portion of the loan secures the notes offered in the 2018 Debt Securitization (as defined in Note 7).
#
Denotes that all or a portion of the loan secures the notes offered in the GCIC 2018 Debt Securitization (as defined in Note 7).
^
Denotes that all or a portion of the loan secures the notes offered in the 2020 Debt Securitization (as defined in Note 7).
+
Denotes that all or a portion of the loan collateralizes the WF Credit Facility (as defined in Note 7).
~
Denotes that all or a portion of the loan collateralizes the MS Credit Facility II (as defined in Note 7).
(1) The majority of the investments bear interest at a rate that is permitted to be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”) denominated in U.S. dollars or U.K. pound sterling (“GBP”), Euro Interbank Offered Rate (“EURIBOR” or “E”) or Prime (“P”) and which reset daily, monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over LIBOR, EURIBOR or Prime and the weighted average current interest rate in effect as of December 31, 2020. Certain investments are subject to a LIBOR, EURIBOR or Prime interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. Listed below are the index rates as of December 31, 2020, which was the last business day of the period on which LIBOR or EURIBOR was determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of December 31, 2020, as the loan may have priced or repriced based on an index rate prior to December 31, 2020.
(a) Denotes that all or a portion of the loan was indexed to the 30-day LIBOR, which was 0.14% as of December 31, 2020.
(b) Denotes that all or a portion of the loan was indexed to the 60-day LIBOR, which was 0.19% as of December 31, 2020.
(c) Denotes that all or a portion of the loan was indexed to the 90-day LIBOR, which was 0.24% as of December 31, 2020.
(d) Denotes that all or a portion of the loan was indexed to the 180-day LIBOR, which was 0.26% as of December 31, 2020.
(e) Denotes that all or a portion of the loan was indexed to the 360-day LIBOR, which was 0.34% as of December 31, 2020.
(f) Denotes that all or a portion of the loan was indexed to the Prime rate, which was 3.25% as of December 31, 2020.
(g) Denotes that all or a portion of the loan was indexed to the 90-day EURIBOR, which was -0.55% as of December 31, 2020.
(h) Denotes that all or a portion of the loan was indexed to the 90-day GBP LIBOR, which was 0.03% as of December 31, 2020.
(i) Denotes that all or a portion of the loan was indexed to the 180-day GBP LIBOR, which was 0.03% as of December 31, 2020.
(j) Denotes that all or a portion of the loan was indexed to the Australia Three Month Interbank Rate, which was 0.06%, as of December 31, 2020.
(k) Denotes that all or a portion of the loan was indexed to the 90-day Canadian Bankers Acceptances Rate, which was 0.48%, as of December 31, 2020.
(2) For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of December 31, 2020.
(3) The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.
(4) The fair value of the investment was valued using significant unobservable inputs. See Note 6. Fair Value Measurements.
(5) The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
(6) The entire commitment was unfunded as of December 31, 2020. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.
(7) Loan was on non-accrual status as of December 31, 2020, meaning that the Company has ceased recognizing interest income on the loan.
(8) The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company can not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2020, total non-qualifying assets at fair value represented 4.9% of the Company's total assets calculated in accordance with the 1940 Act.
(9) Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date or the date of the transaction. See Note 2. Significant Accounting Policies and Recent Accounting Updates - Foreign Currency Transactions.
(10) The headquarters of this portfolio company is located in the United Kingdom.
(11) The headquarters of this portfolio company is located in Australia.
(12) The headquarters of this portfolio company is located in Canada.
(13) The headquarters of this portfolio company is located in Luxembourg.
(14) Equity investments are non-income producing securities unless otherwise noted.
(15) Ownership of certain equity investments occurs through a holding company or partnership.
(16) The Company holds an equity investment that entitles it to receive preferential dividends.
See Notes to Consolidated Financial Statements.
48
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)
(17) As defined in the 1940 Act, the Company is deemed to be an “affiliated person"” of the portfolio company as the Company owns five percent or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the three months ended December 31, 2020 were as follows:
Portfolio Company
Fair value as of September 30, 2020
Gross Additions (l)
Gross Reductions (m)
Net change in unrealized gain (loss) Net realized gain (loss) Fair value as of December 31, 2020 Interest, dividend and fee income
Benetech, Inc.
$ 2,672 $ 53 $ (280) $ 29 $ — $ 2,474 $ 90
Dental Holdings Corporation
9,320 669 — 104 — 10,093 264
Elite Dental Partners LLC 15,368 58 (60) (24) — 15,342 208
Paradigm DKD Group, LLC 2,460 533 (538) 42 — 2,497 3
Rubio's Restaurants, Inc (n)
— 25,455 (13,137) 8,623 (5,739) 15,202 781
Sloan Company, Inc., The
4,365 155 (140) 91 — 4,471 16
Switchfly LLC
7,229 113 — 217 — 7,559 114
Uinta Brewing Company
586 18 (20) (11) — 573 (1)
Total Non-Controlled Affiliates
$ 42,000 $ 27,054 $ (14,175) $ 9,071 $ (5,739) $ 58,211 $ 1,475

(l)
Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind (“PIK”) interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(m)
Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.
(n)
During the three months ended December 31, 2020, the Company's ownership increased to over five percent of the portfolio company's voting securities.
(18) As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” of and “control” this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement) (“controlled affiliate”). Transactions related to investments in controlled affiliates for the three months ended December 31, 2020 were as follows:
Portfolio Company
Fair value as of September 30, 2020
Gross Additions (o)
Gross Reductions (p)
Net change in unrealized gain (loss) Net realized gain (loss) Fair value as of December 31, 2020 Interest, dividend and fee income
MMan Acquisition Co. $ 18,736 $ 715 $ (633) $ (50) $ — $ 18,768 $ (18)
Total Controlled Affiliates
$ 18,736 $ 715 $ (633) $ (50) $ — $ 18,768 $ (18)

(o)
Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(p)
Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.
(19) The rate shown is the annualized seven-day yield as of December 31, 2020.

See Notes to Consolidated Financial Statements.
49
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments
September 30, 2020
(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 and Defense
NTS Technical Systems*#~^ One stop L + 6.00%
(c)
7.00% 06/2021 $ 25,330 $ 25,312 1.0 % $ 25,330
NTS Technical Systems~^ One stop L + 6.00%
(c)
7.00% 06/2021 4,150 4,147 0.2 4,150
NTS Technical Systems(5) One stop L + 6.00%
N/A(6)
06/2021 — (17) — —
Tronair Parent, Inc.+ Senior loan L + 4.75%
(c)
5.75% 09/2023 718 711 — 638
Tronair Parent, Inc. Senior loan L + 4.50%
(c)(f)
4.73% 09/2021 160 159 — 152
Whitcraft LLC*#+~ One stop L + 6.00%
(c)
7.00% 04/2023 63,896 64,289 2.5 58,785
Whitcraft LLC One stop L + 6.00%
(c)
7.00% 04/2023 120 118 — 96
94,374 94,719 3.7 89,151
Airlines
Aurora Lux Finco S.A.R.L.!(8)(13)
One stop L + 6.00%
(c)
7.00% 12/2026 995 973 — 896
Auto Components
Polk Acquisition Corp.*# Senior loan L + 6.50%
(a)
3.50% cash/4.00% PIK 12/2023 18,042 17,859 0.7 16,599
Polk Acquisition Corp. Senior loan L + 6.50%
(a)
3.50% cash/4.00% PIK 12/2023 106 104 — 98
Polk Acquisition Corp. Senior loan L + 6.50%
(a)
3.50% cash/4.00% PIK 12/2023 22 21 — 10
Power Stop, LLC+~ Senior loan L + 4.50%
(a)
4.65% 10/2025 2,842 2,896 0.1 2,785
21,012 20,880 0.8 19,492
Automobiles
Grease Monkey International, LLC*#+ Senior loan L + 5.00%
(c)
6.00% 11/2022 8,672 8,733 0.4 8,672
Grease Monkey International, LLC!~ Senior loan L + 5.00%
(c)
6.00% 11/2022 2,370 2,437 0.1 2,370
Grease Monkey International, LLC#~ Senior loan L + 5.00%
(c)
6.00% 11/2022 1,203 1,238 0.1 1,203
Grease Monkey International, LLC+~ Senior loan L + 5.00%
(c)
6.00% 11/2022 1,089 1,119 — 1,089
Grease Monkey International, LLC Senior loan L + 5.00%
(c)
6.00% 11/2022 995 997 — 995
Grease Monkey International, LLC Senior loan L + 5.00%
N/A(6)
11/2022 — 1 — —
Grease Monkey International, LLC Senior loan L + 5.00%
N/A(6)
11/2022 — — — —
JHCC Holdings LLC One stop L + 5.50%
(c)
6.50% 09/2025 15,630 15,373 0.7 15,630
JHCC Holdings LLC One stop L + 5.50%
(c)
6.50% 09/2025 79 76 — 79
JHCC Holdings LLC One stop P + 4.50%
(c)(f)
7.55% 09/2025 31 30 — 31
Quick Quack Car Wash Holdings, LLC*# One stop L + 6.50%
(d)
7.50% 04/2023 13,084 13,176 0.5 13,084
Quick Quack Car Wash Holdings, LLC# One stop L + 6.50%
(c)(d)
7.50% 04/2023 2,360 2,343 0.1 2,360
Quick Quack Car Wash Holdings, LLC*+ One stop L + 6.50%
(d)
7.50% 04/2023 2,062 2,124 0.1 2,062
Quick Quack Car Wash Holdings, LLC*+ One stop L + 6.50%
(d)
7.50% 04/2023 1,378 1,420 0.1 1,378
Quick Quack Car Wash Holdings, LLC* One stop L + 6.50%
(d)
7.50% 04/2023 1,122 1,176 — 1,122
Quick Quack Car Wash Holdings, LLC One stop L + 6.50%
N/A(6)
04/2023 — 1 — —
50,075 50,244 2.1 50,075

See Notes to Consolidated Financial Statements.
50
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(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)
Beverages
Abita Brewing Co., L.L.C.+(7) One stop L + 8.00% (c) 9.00% 04/2021 $ 9,983 $ 9,992 0.4 % $ 8,485
Abita Brewing Co., L.L.C.(7) One stop L + 8.00% (c) 9.00% 04/2021 40 40 — 34
Fintech Midco, LLC*#! One stop L + 5.00% (a) 6.00% 08/2024 24,411 24,756 1.0 23,679
Fintech Midco, LLC# One stop L + 5.00% (a) 6.00% 08/2024 1,131 1,168 — 1,096
Fintech Midco, LLC(5) One stop L + 5.00% N/A(6) 08/2024 — (1) — (6)
35,565 35,955 1.4 33,288
Biotechnology
BIO18 Borrower, LLC! One stop L + 5.25% (c) 6.25% 11/2024 11,075 11,111 0.4 11,075
BIO18 Borrower, LLC*# One stop L + 5.25% (c) 6.25% 11/2024 3,963 3,928 0.2 3,963
BIO18 Borrower, LLC One stop L + 5.25% (c) 6.25% 11/2024 210 210 — 210
BIO18 Borrower, LLC(5) One stop L + 5.25% N/A(6) 11/2024 — (1) — —
15,248 15,248 0.6 15,248
Building Products
Brooks Equipment Company, LLC*#^ One stop L + 5.00% (c) 6.00% 05/2021 23,722 23,640 1.0 23,722
Brooks Equipment Company, LLC(5) One stop L + 5.00% N/A(6) 05/2021 — (9) — —
Jensen Hughes, Inc.+ Senior loan L + 4.50% (c)(f) 5.50% 03/2024 4,191 4,191 0.2 4,066
Jensen Hughes, Inc. Senior loan L + 4.50% (c)(f) 5.50% 03/2024 1,065 1,098 — 1,021
Jensen Hughes, Inc.+ Senior loan L + 4.50% (c)(f) 5.50% 03/2024 913 927 0.1 886
Jensen Hughes, Inc. Senior loan L + 4.50% (c)(f) 5.50% 03/2024 439 453 — 426
Jensen Hughes, Inc.+ Senior loan L + 4.50% (c)(f) 5.50% 03/2024 279 283 — 271
Jensen Hughes, Inc. Senior loan L + 4.50% (c)(f) 5.50% 03/2024 218 218 — 212
Jensen Hughes, Inc.+ Senior loan L + 4.50% (c)(f) 5.50% 03/2024 117 117 — 113
30,944 30,918 1.3 30,717
Chemicals
Inhance Technologies Holdings LLC# One stop L + 6.00% (c) 7.00% 07/2024 12,703 12,822 0.5 12,005
Inhance Technologies Holdings LLC One stop L + 6.00% (c) 7.00% 07/2024 1,929 1,917 0.1 1,824
Inhance Technologies Holdings LLC One stop L + 6.00% (c) 7.00% 07/2024 80 80 — 68
14,712 14,819 0.6 13,897
Commercial Services & Supplies
Bazaarvoice, Inc.*#+~^ One stop L + 5.75% (a)(c) 6.75% 02/2024 48,127 48,873 2.0 48,127
Bazaarvoice, Inc. One stop L + 5.75% (c) 6.75% 02/2024 300 297 — 300
EGD Security Systems, LLC*#^ One stop L + 5.65% (c) 6.65% 06/2023 30,092 30,453 1.3 30,092
EGD Security Systems, LLC* One stop L + 5.65% (c) 6.65% 06/2023 1,258 1,257 0.1 1,258
EGD Security Systems, LLC# One stop L + 5.65% (c) 6.65% 06/2023 644 663 — 644
EGD Security Systems, LLC# One stop L + 5.65% (c) 6.65% 06/2023 575 571 — 575
EGD Security Systems, LLC One stop L + 5.65% (c) 6.65% 06/2023 70 69 — 70
EGD Security Systems, LLC(5) One stop L + 5.65% N/A(6) 06/2023 — (38) — —
Hydraulic Authority III Limited~(8)(9)(10) One stop L + 6.00% (h)(i) 7.00% 11/2025 12,277 12,484 0.5 12,344
Hydraulic Authority III Limited(8)(9)(10) One stop N/A 11.00% PIK 11/2028 199 203 — 204
Hydraulic Authority III Limited(8)(9)(10) One stop L + 6.00% (d) 7.00% 11/2025 33 32 — 36
See Notes to Consolidated Financial Statements.
51
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(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)
Commercial Services & Supplies - (continued)
MSHC, Inc.+ Senior loan L + 4.25% (c)(f) 5.25% 12/2024 $ 343 $ 340 — % $ 343
MSHC, Inc. Senior loan L + 4.25% (a)(f) 5.25% 12/2024 9 9 — 9
PT Intermediate Holdings III, LLC+~^ One stop L + 5.50% (c) 6.50% 10/2025 29,776 29,385 1.2 27,988
WRE Holding Corp.*# Senior loan L + 5.25% (b)(c) 6.25% 01/2023 2,276 2,312 0.1 2,276
WRE Holding Corp.^ Senior loan L + 5.25% (b)(c) 6.25% 01/2023 940 967 0.1 940
WRE Holding Corp. Senior loan L + 5.25% (c) 6.25% 01/2023 688 687 — 688
WRE Holding Corp. Senior loan L + 5.25% (c) 6.25% 01/2023 408 408 — 408
WRE Holding Corp. Senior loan L + 5.25% (c) 6.25% 01/2023 23 23 — 23
WRE Holding Corp. Senior loan L + 5.25% (c) 6.25% 01/2023 14 13 — 14
WRE Holding Corp. Senior loan L + 5.25% N/A(6) 01/2023 — 9 — —
128,052 129,017 5.3 126,339

See Notes to Consolidated Financial Statements.
52
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(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)
Construction & Engineering
Reladyne, Inc.*#^ Senior loan L + 5.00% (c) 6.09% 07/2022 $ 32,863 $ 33,081 1.3 % $ 32,206
Reladyne, Inc.~ Senior loan L + 5.00% (c) 6.09% 07/2022 3,482 3,541 0.1 3,412
Reladyne, Inc. Senior loan L + 5.00% (c) 6.06% 07/2022 2,754 2,800 0.1 2,699
Reladyne, Inc.# Senior loan L + 5.00% (c) 6.09% 07/2022 1,885 1,916 0.1 1,847
Reladyne, Inc.#~ Senior loan L + 5.00% (c) 6.09% 07/2022 1,624 1,652 0.1 1,592
Reladyne, Inc.# Senior loan L + 5.00% (c) 6.09% 07/2022 1,545 1,587 0.1 1,514
Reladyne, Inc.#~ Senior loan L + 5.00% (c) 6.09% 07/2022 742 753 — 726
44,895 45,330 1.8 43,996
Containers & Packaging
AmerCareRoyal LLC+ Senior loan L + 5.00% (a) 6.00% 11/2025 822 815 0.1 806
AmerCareRoyal LLC+(8) Senior loan L + 5.00% (a) 6.00% 11/2025 152 151 — 149
Fortis Solutions Group LLC+ Senior loan L + 5.00% (a) 6.00% 12/2023 1,586 1,573 0.1 1,586
Fortis Solutions Group LLC+ Senior loan L + 5.00% (a) 6.00% 12/2023 632 626 — 632
Fortis Solutions Group LLC+ Senior loan L + 5.00% (a) 6.00% 12/2023 607 602 — 607
Fortis Solutions Group LLC Senior loan L + 5.00% N/A(6) 12/2023 — — — —
Plano Molding Company, LLC+ One stop L + 9.00% (c) 8.50% cash/1.50% PIK 05/2022 14,634 14,585 0.5 11,707
Plano Molding Company, LLC One stop L + 9.00% (c) 8.50% cash/1.50% PIK 05/2022 1,182 1,171 — 1,182
19,615 19,523 0.7 16,669
Distributors
PetroChoice Holdings, Inc.#^ Senior loan L + 5.00% (c) 6.00% 08/2022 3,276 3,282 0.1 3,046
Diversified Consumer Services
EWC Growth Partners LLC One stop L + 5.50% (c) 6.50% 03/2026 914 897 0.1 795
EWC Growth Partners LLC One stop L + 5.50% (c) 6.50% 03/2026 30 29 — 26
EWC Growth Partners LLC One stop L + 5.50% (c) 6.50% 03/2026 18 18 — 15
Excelligence Learning Corporation# One stop L + 7.00% (c) 8.00% 04/2023 10,347 10,088 0.3 7,760
Learn-it Systems, LLC! Senior loan L + 5.00% (c) 5.00% cash/0.50% PIK 03/2025 2,545 2,594 0.1 2,494
Learn-it Systems, LLC Senior loan L + 5.00% (c) 5.00% cash/0.50% PIK 03/2025 345 344 — 338
See Notes to Consolidated Financial Statements.
53
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Diversified Consumer Services - (continued)
Learn-it Systems, LLC Senior loan L + 5.00% (c) N/A(6) 03/2025 $ — $ — — % $ —
Litera Bidco LLC+^ One stop L + 5.25% (a) 6.25% 05/2026 3,749 3,771 0.2 3,749
Litera Bidco LLC One stop L + 5.25% (a) 6.25% 05/2026 702 728 — 702
Litera Bidco LLC One stop L + 5.25% (a) 6.25% 05/2026 702 728 — 702
Litera Bidco LLC One stop L + 5.25% (a) 6.25% 05/2025 16 15 — 16
PADI Holdco, Inc.*# One stop L + 5.75% (c) 6.75% 04/2024 21,763 21,958 0.8 18,498
PADI Holdco, Inc.+~(8)(9) One stop E + 5.75% (g) 5.75% 04/2024 20,675 20,964 0.7 17,608
PADI Holdco, Inc.~ One stop L + 5.75% (c) 6.75% 04/2024 801 795 — 681
PADI Holdco, Inc. One stop L + 5.75% (c) 6.75% 04/2023 298 298 — 254
PADI Holdco, Inc. One stop L + 5.75% (c) 6.75% 04/2024 166 164 — 141
63,071 63,391 2.2 53,779
Diversified Financial Services
Institutional Shareholder Services*! Senior loan L + 4.50% (c) 4.72% 03/2026 18,775 19,161 0.8 18,775
Institutional Shareholder Services Senior loan L + 4.50% (c) 4.72% 03/2024 150 147 — 150
Sovos Compliance*+^ One stop L + 4.75% (a) 5.75% 04/2024 19,614 20,156 0.8 19,221
Sovos Compliance! Second lien N/A 12.00% PIK 04/2025 8,947 9,187 0.4 8,947
Sovos Compliance One stop L + 4.75% (a) 5.75% 04/2024 4,322 4,236 0.2 4,235
Sovos Compliance*# One stop L + 4.75% (a) 5.75% 04/2024 1,903 1,956 0.1 1,864
Sovos Compliance Second lien N/A 12.00% PIK 04/2025 1,222 1,261 — 1,222
Sovos Compliance*# One stop L + 4.75% (a) 5.75% 04/2024 768 789 — 752
Sovos Compliance One stop L + 4.75% (a) 5.75% 04/2024 85 83 — 83
Sovos Compliance(5) One stop L + 4.75% N/A(6) 04/2024 — (1) — (4)
Sovos Compliance(5) One stop L + 4.75% N/A(6) 04/2024 — (22) — (22)
55,786 56,953 2.3 55,223

See Notes to Consolidated Financial Statements.
54
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(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)
Electric Utilities
Arcos, LLC#^ One stop L + 5.00% (c) 6.00% 02/2021 $ 13,228 $ 13,311 0.6 % $ 13,228
Arcos, LLC One stop L + 5.00% N/A(6) 02/2021 — — — —
13,228 13,311 0.6 13,228
Electronic Equipment, Instruments & Components
CST Buyer Company+~ One stop L + 5.25% (a) 6.25% 10/2025 10,189 10,106 0.4 10,189
CST Buyer Company One stop L + 5.25% N/A(6) 10/2025 — — — —
ES Acquisition LLC Senior loan L + 5.00% (c) 6.00% 11/2025 662 650 — 660
ES Acquisition, LLC Senior loan L + 5.50% (c) 6.50% 11/2025 89 87 — 91
ES Acquisition, LLC Senior loan L + 5.00% (d) 6.22% 11/2025 47 46 — 47
ES Acquisition LLC Senior loan L + 5.00% (c) 6.00% 11/2025 45 44 — 45
ES Acquisition LLC Second lien L + 5.00% (c) 6.00% 11/2025 36 36 — 36
ES Acquisition LLC(5) Senior loan L + 5.00% N/A(6) 11/2025 — (1) — —
Inventus Power, Inc.*+ One stop L + 5.50% (a) 6.50% 04/2021 14,352 13,988 0.6 14,352
Inventus Power, Inc.(5) One stop L + 5.50% N/A(6) 04/2021 — (16) — —
Pasternack Enterprises, Inc. and Fairview Microwave, Inc+~ Senior loan L + 4.00% (a) 4.15% 07/2025 23,638 23,862 1.0 23,165
Pasternack Enterprises, Inc. and Fairview Microwave, Inc(5) Senior loan L + 4.00% N/A(6) 07/2023 — — — (2)
Watchfire Enterprises, Inc. Second lien L + 8.00% (a) 9.00% 10/2021 9,435 9,402 0.4 9,435
58,493 58,204 2.4 58,018

See Notes to Consolidated Financial Statements.
55
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Food & Staples Retailing
Cafe Rio Holding, Inc.# One stop L + 5.50% (c) 6.50% 09/2023 $ 18,610 $ 18,806 0.8 % $ 18,237
Cafe Rio Holding, Inc. One stop L + 5.50% (c) 6.50% 09/2023 2,420 2,419 0.1 2,354
Cafe Rio Holding, Inc.# One stop L + 5.50% (c) 6.50% 09/2023 2,248 2,320 0.1 2,203
Cafe Rio Holding, Inc.*# One stop L + 5.50% (c) 6.50% 09/2023 1,427 1,472 0.1 1,399
Cafe Rio Holding, Inc.# One stop L + 5.50% (c) 6.50% 09/2023 1,260 1,300 0.1 1,235
Cafe Rio Holding, Inc. One stop L + 5.50% (c) 6.50% 09/2023 181 181 — 178
Cafe Rio Holding, Inc.(5) One stop L + 5.50% N/A(6) 09/2023 — — — (6)
Captain D's, LLC# Senior loan L + 4.50% (c) 5.50% 12/2023 13,962 14,006 0.6 13,962
Captain D's, LLC Senior loan L + 4.50% (c) 5.50% 12/2023 120 121 — 120
Feeders Supply Company, LLC# One stop L + 5.75% (a) 6.75% 04/2021 8,564 8,619 0.4 8,564
Feeders Supply Company, LLC Subordinated debt N/A 12.50% cash/7.00% PIK 04/2021 153 154 — 153
Feeders Supply Company, LLC One stop L + 5.75% N/A(6) 04/2021 — — — —
FWR Holding Corporation# One stop L + 7.00% (c) 6.50% cash/1.50% PIK 08/2023 10,385 10,368 0.4 9,867
FWR Holding Corporation# One stop L + 7.00% (c) 6.50% cash/1.50% PIK 08/2023 1,816 1,874 0.1 1,726
FWR Holding Corporation# One stop L + 7.00% (c) 6.50% cash/1.50% PIK 08/2023 1,148 1,185 0.1 1,091
FWR Holding Corporation# One stop L + 7.00% (c) 6.50% cash/1.50% PIK 08/2023 364 373 — 346
FWR Holding Corporation One stop L + 7.00% (c) 6.50% cash/1.50% PIK 08/2023 274 273 — 260
FWR Holding Corporation# One stop L + 7.00% (c) 6.50% cash/1.50% PIK 08/2023 272 279 — 259
FWR Holding Corporation One stop L + 7.00% (c)(d) 6.50% cash/1.50% PIK 08/2023 131 130 — 125
FWR Holding Corporation(5) One stop L + 5.50% N/A(6) 08/2023 — — — (6)
FWR Holding Corporation One stop L + 5.50% N/A(6) 08/2023 — — — —
Mendocino Farms, LLC One stop L + 8.50% (a) 2.00% cash/7.50% PIK 06/2023 820 843 — 820
Mendocino Farms, LLC One stop L + 8.50% (a) 2.00% cash/7.50% PIK 06/2023 645 663 — 645
Mendocino Farms, LLC One stop L + 8.50% (a) 2.00% cash/7.50% PIK 06/2023 633 630 — 633
Mendocino Farms, LLC One stop L + 8.50% (a) 2.00% cash/7.50% PIK 06/2023 311 310 — 311
Mendocino Farms, LLC One stop L + 8.50% (a) 2.00% cash/7.50% PIK 06/2023 311 309 — 311
Mendocino Farms, LLC One stop L + 8.50% (a) 2.00% cash/7.50% PIK 06/2023 153 153 — 153
Mendocino Farms, LLC One stop L + 8.50% (a) 2.00% cash/7.50% PIK 06/2023 93 93 — 93
Mendocino Farms, LLC(5) One stop L + 8.50% N/A(6) 06/2023 — (2) — —
NBC Intermediate, LLC Senior loan L + 4.25% (c) 5.25% 09/2023 4,589 4,579 0.2 4,589
NBC Intermediate, LLC*# Senior loan L + 4.25% (c) 5.25% 09/2023 2,309 2,337 0.1 2,309
NBC Intermediate, LLC# Senior loan L + 4.25% (a)(c) 5.25% 09/2023 1,963 2,019 0.1 1,963
NBC Intermediate, LLC# Senior loan L + 4.25% (a) 5.25% 09/2023 667 662 — 667
NBC Intermediate, LLC Senior loan L + 4.25% N/A(6) 09/2023 — — — —
Rubio's Restaurants, Inc.(7) Senior loan L + 11.50% (c) 8.75% cash/4.00% PIK 04/2021 17,898 17,678 0.4 10,004
Rubio's Restaurants, Inc.(5)(7) Senior loan L + 11.50% (a)(c) 8.75% cash/4.00% PIK 04/2021 71 68 — (5)
Ruby Slipper Cafe LLC, The* One stop L + 8.50% (c) 8.50% cash/1.00% PIK 01/2023 2,046 2,039 0.1 1,801
Ruby Slipper Cafe LLC, The One stop L + 8.50% (c) 8.50% cash/1.00% PIK 01/2023 414 427 — 365
Ruby Slipper Cafe LLC, The One stop L + 8.50% (c) 8.50% cash/1.00% PIK 01/2023 30 30 — 27
Wetzel's Pretzels, LLC*# One stop L + 7.25% (c) 7.75% cash/0.50% PIK 09/2021 16,955 17,094 0.7 16,107
Wetzel's Pretzels, LLC One stop L + 7.25% (c) 7.75% cash/0.50% PIK 09/2021 100 101 — 96
Wood Fired Holding Corp.*# One stop L + 7.75% (c) 6.75% cash/2.00% PIK 12/2023 14,103 14,310 0.5 12,970
Wood Fired Holding Corp. One stop L + 7.75% (c) 6.75% cash/2.00% PIK 12/2023 698 698 — 642
Wood Fired Holding Corp. One stop L + 7.75% (c) 6.75% cash/2.00% PIK 12/2023 200 199 — 184
128,344 129,120 4.9 116,752

See Notes to Consolidated Financial Statements.
56
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)



Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Food Products
Flavor Producers, LLC#~ Senior loan L + 5.75% (c) 5.75% cash/1.00% PIK 12/2023 $ 5,006 $ 4,898 0.2 % $ 4,605
Flavor Producers, LLC(5) Senior loan L + 5.75% (c) 5.75% cash/1.00% PIK 12/2022 4 (1) — —
Global ID Corporation*#+^ One stop L + 6.50% (c) 6.72% 11/2025 19,197 18,995 0.8 18,910
Global ID Corporation(5) One stop L + 6.50% N/A(6) 11/2025 — (2) — (1)
Global ID Corporation(5) One stop L + 6.50% N/A(6) 11/2025 — (4) — (5)
Mid-America Pet Food, L.L.C.*#^ One stop L + 5.50% (b) 6.50% 12/2021 22,120 22,385 0.9 22,120
Mid-America Pet Food, L.L.C. One stop L + 5.50% N/A(6) 12/2021 — — — —
Purfoods, LLC One stop N/A 7.00% PIK 05/2026 76 80 — 76
Teasdale Quality Foods, Inc. Senior loan L + 5.25% (a) 6.25% 04/2021 3,798 3,769 0.2 3,722
Teasdale Quality Foods, Inc. Senior loan L + 5.25% (a) 6.25% 04/2021 3,071 3,048 0.1 3,010
Teasdale Quality Foods, Inc. Senior loan L + 5.25% (a) 6.25% 04/2021 494 491 — 485
Teasdale Quality Foods, Inc. Senior loan L + 5.25% (a) 6.25% 04/2021 370 366 — 362
Teasdale Quality Foods, Inc.+ Senior loan L + 5.25% (a) 6.25% 04/2021 251 251 — 246
Teasdale Quality Foods, Inc. Senior loan L + 5.25% (a) 6.25% 04/2021 184 182 — 180
54,571 54,458 2.2 53,710

See Notes to Consolidated Financial Statements.
57
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Health Care Technology
Caliper Software, Inc.#!~^ One stop L + 5.50% (c) 5.72% 11/2025 $ 27,934 $ 28,374 1.1 % $ 26,785
Caliper Software, Inc. One stop L + 6.00% (c) 6.23% 11/2025 1,503 1,473 0.1 1,474
Caliper Software, Inc.(5) One stop L + 5.50% N/A(6) 11/2023 — 1 — (10)
Connexin Software, Inc.!~ One stop L + 8.50% (a) 9.50% 02/2024 7,550 7,617 0.3 7,550
Connexin Software, Inc. One stop L + 8.50% N/A(6) 02/2024 — — — —
HealthcareSource HR, Inc.*# One stop L + 6.25% (c) 7.25% 05/2023 33,662 33,692 1.4 33,662
HealthcareSource HR, Inc.(5) One stop L + 6.25% N/A(6) 05/2023 — (1) — —
HealthEdge Software, Inc. One stop L + 6.25% (a) 7.25% 04/2026 2,000 1,959 0.1 2,000
HealthEdge Software, Inc. One stop L + 6.25% (a) 7.25% 04/2026 151 148 — 151
HealthEdge Software, Inc.(5) One stop L + 6.25% N/A(6) 04/2026 — (1) — —
HSI Halo Acquisition, Inc.+~ One stop L + 5.75% (c) 6.75% 08/2026 6,330 6,289 0.3 6,266
HSI Halo Acquisition, Inc. One stop L + 5.75% (c) 6.75% 08/2026 648 642 — 641
HSI Halo Acquisition, Inc. One stop P + 4.75% (f) 8.00% 09/2025 35 34 — 35
Imprivata, Inc.*#^ Senior loan L + 4.00% (c) 5.00% 10/2023 9,163 9,345 0.4 9,163
Imprivata, Inc.(5) Senior loan L + 4.00% N/A(6) 10/2023 — (1) — —
Kareo, Inc. One stop L + 9.00% (a) 10.00% 06/2022 10,273 10,387 0.4 10,360
Kareo, Inc.! One stop L + 9.00% (a) 10.00% 06/2022 941 955 — 949
Kareo, Inc. One stop L + 9.00% (a) 10.00% 06/2022 753 765 — 759
Kareo, Inc. One stop P + 8.00% (f) 11.25% 06/2022 80 80 — 80
Netsmart Technologies, Inc.(5) Senior loan L + 4.75% N/A(6) 04/2021 — (1) — (2)
Nextech Holdings, LLC^ One stop L + 5.50% (c) 5.76% 06/2025 4,012 4,078 0.2 3,851
Nextech Holdings, LLC One stop L + 5.50% (c) 5.76% 06/2025 1,957 1,941 0.1 1,878
Nextech Holdings, LLC One stop L + 5.50% (c) 5.76% 06/2025 500 497 — 476
Nextech Holdings, LLC(5) One stop L + 5.50% N/A(6) 06/2025 — (3) — (16)
Qgenda Intermediate Holdings, LLC^ One stop L + 4.75% (c) 5.75% 06/2025 15,277 15,296 0.6 15,277
Qgenda Intermediate Holdings, LLC~ One stop L + 4.75% (c) 5.75% 06/2025 993 984 — 993
Qgenda Intermediate Holdings, LLC(5) One stop L + 4.75% N/A(6) 06/2025 — (2) — —
Transaction Data Systems, Inc.*#+!~^ One stop L + 5.25% (c) 6.25% 06/2021 83,477 84,279 3.5 82,644
Transaction Data Systems, Inc. One stop L + 5.25% (c) 6.25% 06/2021 300 301 — 296
Verisys Corporation*# One stop L + 8.25% (c) 8.75% cash/0.50% PIK 01/2023 8,494 8,599 0.4 8,324
Verisys Corporation One stop L + 8.25% (c) 8.75% cash/0.50% PIK 01/2023 40 40 — 40
216,073 217,767 8.9 213,626

See Notes to Consolidated Financial Statements.
58
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Healthcare Equipment & Supplies
Aspen Medical Products, LLC+~ One stop L + 5.25% (c) 6.45% 06/2025 $ 4,532 $ 4,600 0.2 % $ 4,487
Aspen Medical Products, LLC One stop L + 5.25% N/A(6) 06/2025 — — — —
Belmont Instrument, LLC+^ Senior loan L + 4.75% (c) 4.97% 12/2023 5,257 5,212 0.2 5,257
Blades Buyer, Inc.~^ Senior loan L + 4.50% (c) 5.50% 08/2025 3,820 3,838 0.2 3,820
Blades Buyer, Inc. Senior loan L + 4.50% (d) 5.50% 08/2025 976 970 — 976
Blades Buyer, Inc. Senior loan L + 4.50% N/A(6) 08/2025 — — — —
Blue River Pet Care, LLC#+ One stop L + 5.00% (a) 5.15% 07/2026 27,690 27,744 1.2 27,690
Blue River Pet Care, LLC One stop L + 5.00% (a) 5.15% 07/2026 2,756 2,666 0.1 2,756
Blue River Pet Care, LLC(5) One stop L + 5.00% N/A(6) 08/2025 — (4) — —
CMI Parent Inc.#+^ Senior loan L + 4.25% (c) 5.25% 08/2025 6,634 6,760 0.3 6,434
CMI Parent Inc.(5) Senior loan L + 4.25% N/A(6) 08/2025 — (2) — (10)
Flexan, LLC+^ One stop L + 5.25% (c) 6.25% 02/2022 8,450 8,401 0.4 8,450
Flexan, LLC*# One stop L + 5.25% (c) 6.25% 02/2022 3,273 3,254 0.1 3,273
Flexan, LLC+ One stop L + 5.25% (c) 6.25% 02/2022 2,347 2,334 0.1 2,347
Flexan, LLC# One stop L + 5.25% (c) 6.25% 02/2022 1,540 1,531 0.1 1,540
Flexan, LLC(5) One stop L + 5.25% N/A(6) 02/2022 — (6) — —
G & H Wire Company, Inc.# One stop L + 5.75% (a) 6.75% 09/2023 11,149 11,149 0.4 10,481
G & H Wire Company, Inc. One stop L + 5.75% (a) 6.75% 09/2022 140 140 — 132
Joerns Healthcare, LLC* One stop L + 6.00% (c) 7.00% 08/2024 1,873 1,827 0.1 1,833
Joerns Healthcare, LLC* One stop L + 6.00% (c) 7.00% 08/2024 1,800 1,771 0.1 1,764
Katena Holdings, Inc.# One stop L + 6.50% (c) 7.50% 06/2021 12,728 12,797 0.5 12,474
Katena Holdings, Inc.# One stop L + 6.50% (c) 7.50% 06/2021 1,244 1,250 0.1 1,218
Katena Holdings, Inc.+ One stop L + 6.50% (c) 7.50% 06/2021 930 925 — 911
Katena Holdings, Inc.# One stop L + 6.50% (c) 7.50% 06/2021 851 855 — 834
Katena Holdings, Inc. One stop L + 6.50% (c) 7.50% 06/2021 200 201 — 196
Lombart Brothers, Inc.*#~ One stop L + 6.25% (c) 7.25% 04/2023 28,950 29,267 1.1 27,503
Lombart Brothers, Inc.#(8) One stop L + 6.25% (c) 7.25% 04/2023 3,117 3,153 0.1 2,961
Lombart Brothers, Inc. One stop L + 6.25% (a) 7.25% 04/2023 280 280 — 266
Lombart Brothers, Inc.(8) One stop L + 6.25% (a) 7.25% 04/2023 50 49 — 46
ONsite Mammography, LLC~ One stop L + 7.00% (c) 8.00% 11/2023 7,650 7,687 0.3 7,496
ONsite Mammography, LLC One stop L + 7.00% (c) 8.00% 11/2023 100 102 — 98
ONsite Mammography, LLC One stop L + 7.00% (c) 8.00% 11/2023 29 28 — 28
Orthotics Holdings, Inc.*# One stop L + 6.00% (e) 7.00% 06/2021 7,760 7,760 0.3 7,604
Orthotics Holdings, Inc.*# One stop L + 16.00% (c) 7.00% cash/10.00% PIK 06/2021 3,894 3,894 0.2 3,621
Orthotics Holdings, Inc.*#(8) One stop L + 6.00% (c) 7.00% 06/2021 1,272 1,272 0.1 1,246
Orthotics Holdings, Inc.*#(8) One stop L + 16.00% (c) 7.00% cash/10.00% PIK 06/2021 638 639 — 593
Orthotics Holdings, Inc. One stop L + 6.00% N/A(6) 06/2021 — — — —
SLMP, LLC#^ One stop L + 6.00% (c) 7.00% 05/2023 11,764 11,841 0.5 11,764
SLMP, LLC#^ One stop L + 6.00% (c) 7.00% 05/2023 5,664 5,844 0.2 5,664
SLMP, LLC One stop L + 6.00% (c) 7.00% 05/2023 1,473 1,473 0.1 1,473
SLMP, LLC Subordinated debt N/A 7.50% PIK 05/2027 237 242 — 237
SLMP, LLC(5) One stop L + 6.00% N/A(6) 05/2023 — (1) — —
171,068 171,743 7.0 167,463

See Notes to Consolidated Financial Statements.
59
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Healthcare Providers & Services
Active Day, Inc.# One stop L + 6.50% (c) 7.50% 12/2021 $ 24,567 $ 24,757 0.9 % $ 20,883
Active Day, Inc.# One stop L + 6.50% (c) 7.50% 12/2021 1,896 1,912 0.1 1,611
Active Day, Inc.*# One stop L + 6.50% (c) 7.50% 12/2021 1,222 1,233 0.1 1,038
Active Day, Inc. One stop L + 6.50% (c) 7.50% 12/2021 973 995 — 827
Active Day, Inc. One stop L + 6.50% (c) 7.50% 12/2021 859 854 — 730
Active Day, Inc.*# One stop L + 6.50% (c) 7.50% 12/2021 843 851 — 717
Active Day, Inc. One stop L + 6.50% (c) 7.50% 12/2021 102 102 — 86
Active Day, Inc. One stop L + 6.50% (c) N/A(6) 12/2021 — — — —
Acuity Eyecare Holdings, LLC One stop L + 8.25% (c) 7.25% cash/2.00% PIK 03/2024 7,148 7,178 0.3 7,112
Acuity Eyecare Holdings, LLC# One stop L + 8.25% (c) 7.25% cash/2.00% PIK 03/2024 6,021 6,087 0.3 5,991
Acuity Eyecare Holdings, LLC~ One stop L + 8.25% (c) 7.25% cash/2.00% PIK 03/2024 5,616 5,722 0.2 5,588
Acuity Eyecare Holdings, LLC~ One stop L + 8.25% (c) 7.25% cash/2.00% PIK 03/2024 3,260 3,362 0.1 3,243
Acuity Eyecare Holdings, LLC One stop L + 8.25% (c) 7.25% cash/2.00% PIK 03/2024 793 814 — 789
Acuity Eyecare Holdings, LLC One stop L + 8.25% (c) 7.25% cash/2.00% PIK 03/2024 258 256 — 257
Acuity Eyecare Holdings, LLC One stop L + 8.25% (c) 7.25% cash/2.00% PIK 03/2024 150 149 — 150
Acuity Eyecare Holdings, LLC One stop L + 11.00% (c) 7.25% cash/4.75% PIK 03/2024 42 42 — 45
Acuity Eyecare Holdings, LLC(5) One stop L + 8.25% (c) 7.25% 03/2024 1 (5) — (3)
ADCS Clinics Intermediate Holdings, LLC*#! One stop L + 5.75% (c)(d)(f) 6.75% 05/2022 41,873 42,287 1.7 40,618
ADCS Clinics Intermediate Holdings, LLC*# One stop L + 5.75% (c)(d) 6.75% 05/2022 210 212 — 204
ADCS Clinics Intermediate Holdings, LLC One stop L + 5.75% (d) 6.75% 05/2022 200 199 — 194
ADCS Clinics Intermediate Holdings, LLC* One stop L + 5.75% (c)(d) 6.75% 05/2022 162 165 — 158
ADCS Clinics Intermediate Holdings, LLC*# One stop L + 5.75% (c)(d) 6.75% 05/2022 61 62 — 59
Advanced Pain Management Holdings, Inc.(7) Senior loan L + 5.00% (b) 6.25% 11/2020 11,433 6,860 — 261
Advanced Pain Management Holdings, Inc.(7) Senior loan L + 8.50% (b) 9.75% 11/2020 4,082 7 — —
Advanced Pain Management Holdings, Inc.(7) Senior loan L + 5.00% (b) 6.25% 11/2020 782 469 — 18
Advanced Pain Management Holdings, Inc.(5)(7) Senior loan L + 5.00% (b) 6.25% 11/2020 355 (17) — 12
Agilitas USA, Inc.*# One stop L + 6.25% (c) 7.25% 04/2022 9,252 9,287 0.4 8,790
Agilitas USA, Inc. One stop L + 6.25% (c) 7.25% 04/2022 100 100 — 96
CRH Healthcare Purchaser, Inc.+~ Senior loan L + 4.50% (c) 4.72% 12/2024 13,046 13,206 0.6 13,046
CRH Healthcare Purchaser, Inc.(5) Senior loan L + 4.50% N/A(6) 12/2024 — (1) — —
CRH Healthcare Purchaser, Inc.(5) Senior loan L + 4.50% N/A(6) 12/2024 — (2) — —
DCA Investment Holding, LLC*#+ One stop L + 5.25% (c) 6.25% 07/2021 31,405 31,611 1.3 30,778
DCA Investment Holding, LLC*#+!~ One stop L + 5.25% (c) 6.25% 07/2021 27,210 27,463 1.1 26,668
DCA Investment Holding, LLC*# One stop L + 5.25% (c) 6.25% 07/2021 8,318 8,425 0.3 8,152
DCA Investment Holding, LLC~ One stop L + 5.25% (c) 6.25% 07/2021 4,034 4,106 0.2 3,953
DCA Investment Holding, LLC# One stop L + 5.25% (c) 6.25% 07/2021 3,669 3,736 0.2 3,595
DCA Investment Holding, LLC One stop L + 5.25% (c) 6.25% 07/2021 2,737 2,734 0.1 2,681
DCA Investment Holding, LLC*# One stop L + 5.25% (c) 6.25% 07/2021 2,512 2,558 0.1 2,462
DCA Investment Holding, LLC# One stop L + 5.25% (c) 6.25% 07/2021 1,249 1,262 0.1 1,225
DCA Investment Holding, LLC*~ One stop L + 5.25% (c) 6.25% 07/2021 296 299 — 290
See Notes to Consolidated Financial Statements.
60
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Health Care Providers & Services - (continued)
DCA Investment Holding, LLC*~ One stop L + 5.25% (c) 6.25% 07/2021 $ 92 $ 93 — % $ 90
Deca Dental Management LLC*# One stop L + 7.50% (c) 7.00% cash/1.50% PIK 12/2021 11,269 11,395 0.5 11,269
Deca Dental Management LLC#~ One stop L + 7.50% (c) 7.00% cash/1.50% PIK 12/2021 1,376 1,392 0.1 1,376
Deca Dental Management LLC+~ One stop L + 7.50% (c) 7.00% cash/1.50% PIK 12/2021 992 1,004 0.1 992
Deca Dental Management LLC One stop L + 7.50% (c) 7.00% cash/1.50% PIK 12/2021 736 749 — 736
Deca Dental Management LLC One stop L + 7.50% (c) 7.00% cash/1.50% PIK 12/2021 100 100 — 100
Deca Dental Management LLC(5) One stop L + 7.50% (c) 7.00% cash/1.50% PIK 12/2021 2 (2) — 2
Encorevet Group LLC Senior loan L + 5.00% (c) 6.00% 11/2024 249 247 — 249
Encorevet Group LLC Senior loan L + 5.00% (c) 6.00% 11/2024 112 112 — 112
Encorevet Group LLC Senior loan L + 5.00% (c) 6.00% 11/2024 58 57 — 58
Encorevet Group LLC Senior loan L + 5.00% (c) 6.00% 11/2024 10 10 — 10
Encorevet Group LLC Senior loan L + 5.00% N/A(6) 11/2024 — — — —
Encorevet Group LLC(5) Senior loan L + 5.00% N/A(6) 11/2024 — (1) — —
ERG Buyer, LLC*# One stop L + 5.50% (c) 6.50% 05/2024 19,133 19,084 0.6 15,307
ERG Buyer, LLC One stop P + 4.50% (f) 7.75% 05/2024 300 296 — 240
Eyecare Services Partners Holdings LLC+ One stop L + 6.25% (c) 7.25% 05/2023 18,229 18,320 0.7 17,318
Eyecare Services Partners Holdings LLC* One stop L + 6.25% (c) 7.25% 05/2023 7,996 8,123 0.3 7,596
Eyecare Services Partners Holdings LLC*# One stop L + 6.25% (c) 7.25% 05/2023 7,003 7,120 0.3 6,653
Eyecare Services Partners Holdings LLC One stop L + 6.25% (c) 7.25% 05/2023 5,153 5,175 0.2 4,896
Eyecare Services Partners Holdings LLC*+ One stop L + 6.25% (c) 7.25% 05/2023 2,391 2,431 0.1 2,272
Eyecare Services Partners Holdings LLC* One stop L + 6.25% (c) 7.25% 05/2023 1,535 1,560 0.1 1,458
Eyecare Services Partners Holdings LLC*# One stop L + 6.25% (c) 7.25% 05/2023 1,134 1,154 0.1 1,077
Eyecare Services Partners Holdings LLC*# One stop L + 6.25% (c) 7.25% 05/2023 999 1,016 — 950
Eyecare Services Partners Holdings LLC*+ One stop L + 6.25% (c) 7.25% 05/2023 646 654 — 613
Eyecare Services Partners Holdings LLC One stop L + 6.25% (c) 7.25% 05/2023 400 398 — 380
FYI Optical Acquisitions, Inc. & FYI USA, Inc.~(8)(9)(14) One stop L + 5.50% (k) 6.06% 03/2027 11,832 11,723 0.5 11,296
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(8)(9)(14) One stop L + 5.50% (k) 6.01% 03/2027 96 93 — 91
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(8)(14) One stop L + 5.50% (c) 6.50% 03/2027 20 19 — 18
Krueger-Gilbert Health Physics, LLC!~ Senior loan L + 5.25% (a) 6.25% 05/2025 2,359 2,347 0.1 2,359
Krueger-Gilbert Health Physics, LLC! Senior loan L + 5.25% (a) 6.25% 05/2025 1,113 1,151 0.1 1,113
Krueger-Gilbert Health Physics, LLC Senior loan L + 5.25% (a) 6.25% 05/2025 920 918 — 920
Krueger-Gilbert Health Physics, LLC Senior loan L + 5.25% (a) 6.25% 05/2025 50 50 — 50
MD Now Holdings, Inc.+! One stop L + 5.25% (c) 6.25% 08/2024 14,544 14,699 0.6 14,252
MD Now Holdings, Inc. One stop L + 5.25% (c) 6.25% 08/2024 622 622 — 610
MD Now Holdings, Inc.(5) One stop L + 5.25% N/A(6) 08/2024 — (1) — (6)
Midwest Veterinary Partners, LLC^ One stop L + 5.75% (c) 6.75% 07/2025 4,274 4,209 0.2 4,220
Midwest Veterinary Partners, LLC One stop L + 5.75% (c)(d) 6.75% 07/2025 4,120 4,086 0.2 4,069
Midwest Veterinary Partners, LLC One stop L + 6.50% (c) 7.50% 07/2025 2,510 2,347 0.1 2,369
Midwest Veterinary Partners, LLC# One stop L + 5.75% (c) 6.75% 07/2025 1,025 1,017 0.1 1,012
See Notes to Consolidated Financial Statements.
61
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Health Care Providers & Services - (continued)
Midwest Veterinary Partners, LLC One stop P + 4.75% (c)(f) 8.00% 07/2025 $ 200 $ 200 — % $ 198
MWD Management, LLC & MWD Services, Inc.#+ One stop L + 5.25% (c) 6.25% 06/2023 7,016 7,005 0.3 6,945
MWD Management, LLC & MWD Services, Inc.# One stop L + 5.25% (c) 6.25% 06/2023 4,517 4,596 0.2 4,472
MWD Management, LLC & MWD Services, Inc.(5) One stop L + 5.25% N/A(6) 06/2022 — (1) — (2)
NVA Holdings, Inc.~ Senior loan L + 3.50% (a) 3.69% 02/2026 2,914 2,887 0.1 2,914
Oliver Street Dermatology Holdings, LLC#(7) One stop L + 6.25% (c) 7.25% 05/2022 19,296 17,670 0.4 10,448
Oliver Street Dermatology Holdings, LLC*#(7) One stop L + 6.25% (c) 7.25% 05/2022 2,239 1,913 0.1 1,213
Oliver Street Dermatology Holdings, LLC(7) One stop L + 6.25% (c) 7.25% 05/2022 2,122 1,933 0.1 1,149
Oliver Street Dermatology Holdings, LLC(7) One stop L + 6.25% (c) 7.25% 05/2022 1,606 1,372 — 869
Oliver Street Dermatology Holdings, LLC*(7) One stop L + 6.25% (c) 7.25% 05/2022 1,419 1,212 — 768
Oliver Street Dermatology Holdings, LLC*(7) One stop L + 6.25% (c) 7.25% 05/2022 1,235 1,055 — 669
Oliver Street Dermatology Holdings, LLC(7) One stop L + 6.25% (c) 7.25% 05/2022 962 822 — 521
Oliver Street Dermatology Holdings, LLC*(7) One stop L + 6.25% (c) 7.25% 05/2022 834 712 — 451
Oliver Street Dermatology Holdings, LLC(7) One stop L + 6.25% (c) 7.25% 05/2022 514 439 — 278
Oliver Street Dermatology Holdings, LLC(7) One stop L + 6.25% (c)(f) 7.25% 05/2022 291 267 — 158
Oliver Street Dermatology Holdings, LLC#(7) One stop L + 6.25% (c) 7.25% 05/2022 98 89 — 52
Oliver Street Dermatology Holdings, LLC*#(7) One stop L + 6.25% (c) 7.25% 05/2022 88 81 — 48
Oliver Street Dermatology Holdings, LLC#(7) One stop L + 6.25% (c) 7.25% 05/2022 70 63 — 38
Oliver Street Dermatology Holdings, LLC#(7) One stop L + 6.25% (c) 7.25% 05/2022 64 59 — 34
Pinnacle Treatment Centers, Inc.# One stop L + 6.25% (c) 7.25% 1/1/2023 19,130 19,257 0.8 19,130
Pinnacle Treatment Centers, Inc.* One stop L + 6.25% (c) 7.25% 1/1/2023 7,793 7,735 0.3 7,793
Pinnacle Treatment Centers, Inc.# One stop L + 6.25% (c) 7.25% 01/2023 1,571 1,575 0.1 1,571
Pinnacle Treatment Centers, Inc.^ One stop L + 6.25% (c) 7.25% 01/2023 709 715 — 709
Pinnacle Treatment Centers, Inc. One stop L + 6.25% (c) 7.25% 01/2023 186 188 — 186
Pinnacle Treatment Centers, Inc.^ One stop L + 6.25% (c) 7.25% 01/2023 108 108 — 108
Pinnacle Treatment Centers, Inc. One stop L + 6.25% (c) 7.25% 01/2023 38 37 — 38
Pinnacle Treatment Centers, Inc. One stop L + 6.25% N/A(6) 01/2023 — — — —
Pinnacle Treatment Centers, Inc. One stop L + 6.25% N/A(6) 01/2023 — — — —
PPT Management Holdings, LLC+ One stop L + 8.50% (c)(d) 7.08% cash/2.50% PIK 12/2022 25,002 23,695 0.9 20,993
PPT Management Holdings, LLC One stop L + 8.50% (c)(d) 7.08% cash/2.50% PIK 12/2022 304 291 — 254
PPT Management Holdings, LLC One stop L + 8.50% (c)(d) 7.08% cash/2.50% PIK 12/2022 180 172 — 150
PPT Management Holdings, LLC One stop L + 8.50% (c)(d) 7.08% cash/2.50% PIK 12/2022 88 77 — 74
PPT Management Holdings, LLC(5) One stop L + 8.50% (b) 7.00% cash/2.50% PIK 12/2022 18 (6) — (48)
Pyramid Healthcare, Inc.*+ One stop L + 6.50% (c) 7.50% 08/2022 14,982 14,840 0.6 14,982
Pyramid Healthcare, Inc. One stop L + 6.50% (c) 7.50% 08/2022 461 457 — 461
Pyramid Healthcare, Inc. One stop L + 6.50% (c) 7.50% 08/2022 333 330 — 333
Pyramid Healthcare, Inc. One stop L + 6.50% (c) 7.50% 08/2022 290 288 — 290
Pyramid Healthcare, Inc. One stop L + 6.50% (c) 7.50% 08/2022 112 111 — 112
Pyramid Healthcare, Inc. One stop L + 6.50% (c) 7.50% 08/2022 45 44 — 45
Pyramid Healthcare, Inc.(5) One stop L + 6.50% N/A(6) 08/2022 — (8) — —
Riverchase MSO, LLC*# Senior loan L + 6.75% (c) 6.75% cash/1.00% PIK 10/2022 9,624 9,722 0.4 9,432
Riverchase MSO, LLC Senior loan L + 6.75% (c) 6.75% cash/1.00% PIK 10/2022 130 130 — 128
See Notes to Consolidated Financial Statements.
62
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Health Care Providers & Services - (continued)
RXH Buyer Corporation*#! One stop L + 5.75% (c) 6.75% 09/2021 $ 27,525 $ 27,705 1.2 % $ 27,525
RXH Buyer Corporation*# One stop L + 5.75% (c) 6.75% 09/2021 3,116 3,136 0.1 3,116
RXH Buyer Corporation One stop L + 5.75% N/A(6) 09/2021 — 1 — —
Summit Behavioral Healthcare, LLC# Senior loan L + 4.75% (c) 5.75% 10/2023 20,597 20,372 0.9 20,597
Summit Behavioral Healthcare, LLC Senior loan L + 4.75% (c) 5.75% 10/2023 430 431 — 430
Summit Behavioral Healthcare, LLC Senior loan L + 4.75% (c) 5.75% 10/2023 160 156 — 160
Veterinary Specialists of North America, LLC*#! Senior loan L + 4.50% (a) 4.65% 04/2025 41,653 43,066 1.7 41,653
Veterinary Specialists of North America, LLC Senior loan L + 4.50% (a) 4.65% 04/2025 10,262 10,258 0.4 10,262
Veterinary Specialists of North America, LLC# Senior loan L + 4.50% (a) 4.65% 04/2025 2,871 2,851 0.1 2,871
Veterinary Specialists of North America, LLC* Senior loan L + 4.50% (a) 4.65% 04/2025 1,445 1,496 0.1 1,445
Veterinary Specialists of North America, LLC Senior loan L + 4.50% (a) 4.65% 04/2025 835 832 — 835
WHCG Management, LLC*# Senior loan L + 4.50% (d) 5.50% 03/2023 16,067 16,161 0.7 16,067
WHCG Management, LLC Senior loan L + 4.50% (d) 5.50% 03/2023 5,627 5,590 0.2 5,627
WHCG Management, LLC Senior loan L + 4.50% (d) 5.50% 03/2023 1,983 1,978 0.1 1,983
WHCG Management, LLC Senior loan L + 4.50% (d) 5.50% 03/2023 338 336 — 338
WHCG Management, LLC Senior loan L + 4.50% (d) 5.50% 03/2023 116 118 — 116
599,751 589,723 22.9 549,440

See Notes to Consolidated Financial Statements.
63
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Hotels, Restaurants & Leisure
BJH Holdings III Corp.+~ One stop L + 5.50% (c) 6.50% 08/2025 $ 45,936 $ 47,269 1.9 $ 45,936
BJH Holdings III Corp.(5) One stop L + 5.50% N/A(6) 08/2025 — (7) — 0
CR Fitness Holdings, LLC+~ Senior loan L + 4.25% (a) 5.25% 07/2025 1,999 2,011 0.1 1,839
CR Fitness Holdings, LLC Senior loan L + 4.25% (a) 5.25% 07/2025 268 263 — 201
CR Fitness Holdings, LLC Senior loan L + 4.25% (a)(c) 5.25% 07/2025 74 74 — 68
Davidson Hotel Company, LLC+ One stop L + 6.75% (a)(c) 6.25% cash/1.50% PIK 07/2024 6,981 6,923 0.2 4,887
Davidson Hotel Company, LLC One stop L + 6.75% (a)(c) 6.25% cash/1.50% PIK 07/2024 1,073 1,068 — 751
Davidson Hotel Company, LLC(5) One stop L + 6.75% N/A(6) 07/2024 — (2) — (30)
Davidson Hotel Company, LLC(5) One stop L + 6.75% N/A(6) 07/2024 — (19) — —
EOS Fitness Opco Holdings, LLC*# One stop L + 5.25% (c) 6.25% 01/2025 8,675 8,789 0.3 7,981
EOS Fitness Opco Holdings, LLC One stop L + 5.25% (c) 6.25% 01/2025 914 925 — 840
EOS Fitness Opco Holdings, LLC One stop L + 5.25% (c) 6.25% 01/2025 120 120 — 110
Planet Fit Indy 10 LLC+ One stop L + 5.25% (c) 6.25% 07/2025 17,386 17,173 0.7 15,647
Planet Fit Indy 10 LLC# One stop L + 5.25% (c) 6.25% 07/2025 2,319 2,369 0.1 2,088
Planet Fit Indy 10 LLC# One stop L + 5.25% (c) 6.25% 07/2025 1,259 1,242 0.1 1,133
Planet Fit Indy 10 LLC One stop L + 5.25% (c) 6.25% 07/2025 200 199 — 180
Self Esteem Brands, LLC*# Senior loan L + 4.25% (c) 5.25% 02/2022 45,841 46,193 1.8 44,007
Self Esteem Brands, LLC Senior loan P + 3.25% (f) 6.50% 02/2022 2,338 2,335 0.1 2,245
SSRG Holdings, LLC One stop L + 5.25% (a) 6.25% 11/2025 918 902 0.1 891
SSRG Holdings, LLC One stop L + 5.25% (a)(c) 6.25% 11/2025 75 74 — 73
Sunshine Sub, LLC#~ One stop L + 5.25% (a) 6.25% 05/2024 12,925 13,024 0.5 12,149
Sunshine Sub, LLC# One stop L + 5.25% (a) 6.25% 05/2024 5,654 5,838 0.2 5,315
Sunshine Sub, LLC One stop L + 5.25% (a) 6.25% 05/2024 20 19 — 8
Tropical Smoothie Cafe Holdings, LLC Senior loan L + 5.50% (a)(c) 6.50% 09/2026 17,374 17,202 0.7 17,200
Tropical Smoothie Cafe Holdings, LLC(5) Senior loan L + 5.50% N/A(6) 09/2026 — (1) — (1)
Velvet Taco Holdings, Inc.~ One stop L + 7.00% (e) 8.00% 03/2026 1,769 1,753 0.1 1,522
Velvet Taco Holdings, Inc. One stop L + 7.00% N/A(6) 03/2026 — — — —
Velvet Taco Holdings, Inc.(5) One stop L + 7.00% N/A(6) 03/2026 — (1) — —
174,118 175,735 6.9 165,040
Household Durables
Groundworks LLC^ Senior loan L + 7.00% (a) 8.00% 01/2026 4,709 4,657 0.2 4,709
Groundworks LLC Senior loan L + 7.00% (a) 8.00% 01/2026 84 83 — 84
Groundworks LLC Senior loan L + 7.00% N/A(6) 01/2026 — — — —
4,793 4,740 0.2 4,793
Household Products
WU Holdco, Inc. #^ One stop L + 5.25% (c) 6.25% 03/2026 3,427 3,504 0.2 3,427
WU Holdco, Inc. One stop L + 5.25% (c) 6.25% 03/2026 392 392 — 392
WU Holdco, Inc. (5) One stop L + 5.25% N/A(6) 03/2025 — — — (2)
3,819 3,896 0.2 3,817

See Notes to Consolidated Financial Statements.
64
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(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)
Industrial Conglomerates
Arch Global CCT Holdings Corp.#^ Senior loan L + 4.75% (c) 4.97% 04/2026 $ 4,162 $ 4,197 0.2 % $ 4,080
Arch Global CCT Holdings Corp.(5) Senior loan L + 4.75% N/A(6) 04/2025 — — — (2)
Arch Global CCT Holdings Corp.(5) Senior loan L + 4.75% N/A(6) 04/2026 — — — (1)
Madison Safety & Flow LLC^ Senior loan L + 4.50% (a) 4.66% 03/2025 495 494 — 490
Madison Safety & Flow LLC Senior loan L + 4.50% N/A(6) 03/2025 — — — —
4,657 4,691 0.2 4,567
Insurance
Captive Resources Midco, LLC*#+~^ One stop L + 6.00% (a) 7.00% 05/2025 55,016 55,162 2.3 55,016
Captive Resources Midco, LLC# One stop L + 6.00% (a) 7.00% 05/2025 1,440 1,427 0.1 1,440
Captive Resources Midco, LLC(5) One stop L + 6.00% N/A(6) 05/2025 — (18) — —
High Street Insurance Partners, Inc.+ Senior loan L + 6.25% (c) 7.25% 12/2025 873 851 — 851
High Street Insurance Partners, Inc.(5) Senior loan L + 6.25% N/A(6) 12/2025 — (7) — (7)
Integrity Marketing Acquisition, LLC^ Senior loan L + 5.50% (c) 6.50% 08/2025 2,471 2,471 0.1 2,421
Integrity Marketing Acquisition, LLC Senior loan L + 5.50% (c)(d) 6.64% 08/2025 789 786 — 774
Integrity Marketing Acquisition, LLC Senior loan L + 5.50% (c) 6.50% 08/2025 478 475 — 468
Integrity Marketing Acquisition, LLC Senior loan L + 5.50% (c)(d) 6.50% 08/2025 243 242 — 238
Integrity Marketing Acquisition, LLC Senior loan L + 5.75% N/A(6) 08/2025 — — — —
J.S. Held Holdings, LLC#^ One stop L + 6.00% (c) 7.00% 07/2025 4,780 4,768 0.2 4,780
J.S. Held Holdings, LLC One stop P + 5.00% (f) 8.25% 07/2025 52 46 — 52
J.S. Held Holdings, LLC(5) One stop L + 6.00% N/A(6) 07/2025 — (15) — —
Majesco One stop L + 7.75% (c) 8.75% 09/2027 12,334 12,089 0.5 12,149
Majesco(5) Senior loan L + 7.75% N/A(6) 09/2026 — (3) — (2)
Orchid Underwriters Agency, LLC^ Senior loan L + 4.25% (c) 5.25% 12/2024 4,124 4,176 0.2 4,124
Orchid Underwriters Agency, LLC Senior loan L + 4.25% N/A(6) 12/2024 — — — —
Orchid Underwriters Agency, LLC(5) Senior loan L + 4.25% N/A(6) 12/2024 — (1) — —
RSC Acquisition, Inc.+~^ One stop L + 5.50% (b)(c) 6.50% 10/2026 26,056 25,564 1.1 25,275
RSC Acquisition, Inc. One stop L + 5.50% (c) 6.50% 10/2026 998 958 — 968
RSC Acquisition, Inc.(5) One stop L + 5.50% N/A(6) 10/2026 — (1) — (2)
RSC Acquisition, Inc.(5) One stop L + 5.50% N/A(6) 10/2026 — (2) — (3)
RSC Acquisition, Inc.(5) One stop L + 5.50% N/A(6) 10/2026 — (226) — (170)
109,654 108,742 4.5 108,372
Internet and Catalog Retail
AutoQuotes, LLC! One stop L + 6.00% (c) 7.00% 11/2024 9,888 10,023 0.4 9,393
AutoQuotes, LLC One stop L + 6.00% (c) 7.00% 11/2024 100 100 — 96
9,988 10,123 0.4 9,489

See Notes to Consolidated Financial Statements.
65
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(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)
IT Services
Acquia, Inc.!~ One stop L + 7.00% (c) 8.00% 10/2025 $ 7,118 $ 7,057 0.3 % $ 7,118
Acquia, Inc. One stop L + 7.00% N/A(6) 10/2025 — — — —
Appriss Holdings, Inc.#+~^ One stop L + 5.50% (a)(c)(d) 5.75% 06/2026 24,968 25,674 1.0 24,470
Appriss Holdings, Inc. One stop L + 5.50% (a) 5.65% 06/2025 202 198 — 194
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc. One stop L + 7.50% (a) 8.50% cash/1.00% PIK 08/2025 4,622 4,444 0.2 4,529
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc. One stop L + 7.50% N/A(6) 08/2025 — — — —
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.(5) One stop L + 7.50% N/A(6) 08/2025 — (3) — (3)
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.(5) One stop L + 7.50% N/A(6) 08/2025 — (14) — (14)
Centrify Corporation*# One stop L + 8.25% (c) 9.25% 08/2024 23,239 23,279 1.0 22,774
Centrify Corporation One stop P + 7.25% (f) 10.50% 08/2024 200 202 — 196
E2open, LLC*#+!~^ One stop L + 5.75% (c) 6.75% 11/2024 85,904 86,773 3.5 84,184
E2open, LLC(5) One stop L + 5.75% N/A(6) 11/2024 — (5) — (10)
Episerver, Inc.!~(8)(9) One stop L + 6.00% (d) 6.00% 10/2024 20,541 20,852 0.9 20,471
Episerver, Inc.#^ One stop L + 5.75% (c)(d) 6.75% 10/2024 12,186 12,374 0.5 11,820
Episerver, Inc.(5) One stop L + 5.75% N/A(6) 10/2024 — (2) — (12)
Gamma Technologies, LLC*#!^ One stop L + 5.00% (c) 6.00% 06/2024 47,091 47,412 1.9 46,620
Gamma Technologies, LLC(5) One stop L + 5.00% N/A(6) 06/2024 — (1) — (2)
Infinisource, Inc.~^ One stop L + 4.50% (c) 5.50% 10/2026 29,180 28,757 1.2 29,180
Infinisource, Inc. One stop L + 4.50% (c) 5.50% 10/2026 154 151 — 154
Infinisource, Inc. One stop L + 4.50% (c) 5.50% 10/2026 111 110 — 111
Infinisource, Inc.(5) One stop L + 4.50% N/A(6) 10/2026 — (1) — —
Maverick Bidco Inc.*#!~ One stop L + 6.25% (c) 7.25% 04/2023 39,462 39,684 1.7 39,462
Maverick Bidco Inc.*# One stop L + 6.25% (c) 7.25% 04/2023 3,183 3,237 0.1 3,183
Maverick Bidco Inc. One stop L + 6.25% (c) 7.25% 04/2023 2,821 2,751 0.1 2,821
Maverick Bidco Inc.^ One stop L + 6.25% (c) 7.25% 04/2023 1,693 1,629 0.1 1,693
Maverick Bidco Inc. One stop L + 6.25% (c) 7.25% 04/2023 202 199 — 202
PCS Intermediate II Holdings, LLC~ One stop L + 5.25% (c) 6.25% 01/2026 14,493 14,364 0.6 14,493
PCS Intermediate II Holdings, LLC(5) One stop L + 5.50% N/A(6) 01/2026 — (1) — —
Recordxtechnologies, LLC+ One stop L + 5.50% (c) 6.50% 12/2025 743 735 — 714
Recordxtechnologies, LLC One stop L + 5.50% (c) 6.50% 12/2025 42 41 — 39
Recordxtechnologies, LLC(5) One stop L + 5.50% N/A(6) 12/2025 — (1) — (7)
Red Dawn SEI Buyer, Inc.^ Senior loan L + 4.25% (c) 5.25% 11/2025 752 744 — 752
Red Dawn SEI Buyer, Inc.(5) Senior loan L + 4.25% N/A(6) 11/2025 — (1) — —
Red Dawn SEI Buyer, Inc.(5) Senior loan L + 4.25% N/A(6) 11/2025 — (1) — —
Velocity Technology Solutions, Inc.*# One stop L + 6.00% (c) 7.00% 12/2023 18,276 18,556 0.8 18,276
Velocity Technology Solutions, Inc. One stop L + 6.00% (c) 7.00% 12/2023 50 49 — 50
337,233 339,242 13.9 333,458
Leisure Products
WBZ Investment LLC# One stop L + 7.50% (c) 6.50% cash/2.00% PIK 09/2024 8,467 8,525 0.3 7,620
WBZ Investment LLC One stop L + 7.50% (c) 6.50% cash/2.00% PIK 09/2024 1,213 1,205 0.1 1,091
WBZ Investment LLC One stop L + 7.50% (c) 6.50% cash/2.00% PIK 09/2024 843 871 — 758
WBZ Investment LLC One stop L + 7.50% (c) 6.50% cash/2.00% PIK 09/2024 431 445 — 388
WBZ Investment LLC One stop L + 7.50% (c) 6.50% cash/2.00% PIK 09/2024 80 80 — 70
11,034 11,126 0.4 9,927

See Notes to Consolidated Financial Statements.
66
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(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)
Life Sciences Tools & Services
Pace Analytical Services, LLC*#! One stop L + 5.75% (c) 6.75% 04/2024 $ 29,639 $ 29,717 1.2 $ 29,343
Pace Analytical Services, LLC One stop L + 5.75% (c) 6.75% 04/2024 7,046 6,943 0.3 6,975
Pace Analytical Services, LLC#^ One stop L + 5.75% (c) 6.75% 04/2024 2,756 2,768 0.1 2,729
Pace Analytical Services, LLC*# One stop L + 5.75% (c) 6.75% 04/2024 1,652 1,685 0.1 1,635
Pace Analytical Services, LLC*# One stop L + 5.75% (c) 6.75% 04/2024 1,518 1,529 0.1 1,504
Pace Analytical Services, LLC*# One stop L + 5.75% (c) 6.75% 04/2024 1,264 1,264 0.1 1,252
Pace Analytical Services, LLC#^ One stop L + 5.75% (c) 6.75% 04/2024 1,222 1,246 0.1 1,210
Pace Analytical Services, LLC One stop L + 5.75% (c) 6.75% 04/2024 993 971 — 983
Pace Analytical Services, LLC*# One stop L + 5.75% (c) 6.75% 04/2024 678 680 — 670
Pace Analytical Services, LLC*# One stop L + 5.75% (c) 6.75% 04/2024 559 570 — 554
Pace Analytical Services, LLC* One stop L + 5.75% (c) 6.75% 04/2024 188 191 — 186
Pace Analytical Services, LLC(5) One stop L + 5.75% N/A(6) 04/2024 — (3) — (4)
Pace Analytical Services, LLC(5) One stop L + 5.75% N/A(6) 04/2024 — (116) — (80)
47,515 47,445 2.0 46,957
Machinery
Blackbird Purchaser, Inc. *+~^ Senior loan L + 4.25% (c)(f) 4.47% 04/2026 15,524 15,796 0.6 15,059
Blackbird Purchaser, Inc. (5) Senior loan L + 4.25% N/A(6) 04/2024 — (1) — (6)
Blackbird Purchaser, Inc. (5) Senior loan L + 4.25% N/A(6) 04/2026 — 20 — (14)
Chase Industries, Inc.+~ Senior loan L + 5.50% (d) 6.50% 05/2025 12,059 12,180 0.4 9,620
Chase Industries, Inc. Senior loan L + 7.00% (d) 6.50% cash/1.50% PIK 05/2025 985 1,020 0.1 786
Chase Industries, Inc. Senior loan L + 7.00% (d) 6.50% cash/1.50% PIK 05/2023 354 358 — 282
28,922 29,373 1.1 25,727
Multiline Retail
Mills Fleet Farm Group LLC*#+!~^ One stop L + 6.25% (d) 7.25% 10/2024 46,488 46,372 1.9 46,488
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.+~(8)(12) One stop L + 5.75% (c) 6.75% 05/2025 13,761 14,004 0.5 13,072
3ES Innovation, Inc.(5)(8)(12) One stop L + 5.75% N/A(6) 05/2025 — (2) — (10)
Drilling Info Holdings, Inc.*#+~ Senior loan L + 4.25% (a) 4.40% 07/2025 36,577 37,062 1.5 35,030
Drilling Info Holdings, Inc.~ Senior loan L + 4.50% (a) 4.65% 07/2025 17,342 16,915 0.7 16,790
Drilling Info Holdings, Inc. Senior loan L + 4.25% (a) 4.40% 07/2023 120 118 — 112
Drilling Info Holdings, Inc. Senior loan L + 4.50% (a) 4.65% 07/2023 52 49 — 49
Drilling Info Holdings, Inc.(5) Senior loan L + 4.25% N/A(6) 07/2025 — (6) — (43)
Project Power Buyer, LLC#+^ One stop L + 6.25% (c) 7.25% 05/2026 15,782 15,929 0.7 15,625
Project Power Buyer, LLC(5) One stop L + 6.25% N/A(6) 05/2025 — (1) — (2)
83,634 84,068 3.4 80,623
Paper & Forest Products
Messenger, LLC+~ One stop L + 6.50% (c)(f) 7.50% 08/2023 9,053 9,126 0.4 8,601
Messenger, LLC(5) One stop L + 6.50% N/A(6) 08/2023 — — — (4)
9,053 9,126 0.4 8,597

See Notes to Consolidated Financial Statements.
67
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(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)
Personal Products
IMPLUS Footwear, LLC+~ One stop L + 7.75% (c) 8.75% 04/2024 $ 30,973 $ 31,376 1.2 % $ 27,876
IMPLUS Footwear, LLC+~ One stop L + 7.75% (c) 8.75% 04/2024 5,290 5,358 0.2 4,761
IMPLUS Footwear, LLC* One stop L + 7.75% (c) 8.75% 04/2024 763 786 — 686
37,026 37,520 1.4 33,323
Pharmaceuticals
ACP Ulysses Buyer, Inc.+!^ Senior loan L + 5.00% (c) 6.00% 02/2026 13,210 13,091 0.6 13,210
Apothecary Products, LLC+ Senior loan L + 4.50% (c) 5.50% 07/2023 2,904 3,009 0.1 2,846
Apothecary Products, LLC(5) Senior loan L + 4.50% N/A(6) 07/2023 — — — (16)
BIOVT, LLC*#^ One stop L + 5.75% (a) 6.75% 01/2021 34,128 34,262 1.4 34,128
BIOVT, LLC#^ One stop L + 5.75% (a) 6.75% 01/2021 2,073 2,091 0.1 2,073
BIOVT, LLC* One stop L + 5.75% (a) 6.75% 01/2021 1,946 1,963 0.1 1,946
BIOVT, LLC One stop L + 5.75% N/A(6) 01/2021 — — — —
BIOVT, LLC One stop L + 5.75% N/A(6) 01/2021 — — — —
54,261 54,416 2.3 54,187
Professional Services
Brandmuscle, Inc. Senior loan L + 4.75% (c) 5.75% 12/2021 8,115 8,111 0.3 7,708
Brandmuscle, Inc.# Senior loan L + 5.00% (c) 6.00% 12/2021 1,126 1,140 — 1,073
Brandmuscle, Inc.(5) Senior loan L + 4.75% N/A(6) 12/2021 — — — (4)
DISA Holdings Acquisition Subsidiary Corp.+~ Senior loan L + 4.25% (c) 5.34% 06/2022 9,814 9,891 0.4 8,930
DISA Holdings Acquisition Subsidiary Corp. Senior loan L + 4.25% (a) 5.25% 06/2022 1,448 1,448 0.1 1,319
DISA Holdings Acquisition Subsidiary Corp. Senior loan L + 4.25% N/A(6) 06/2022 — 3 — —
Net Health Acquisition Corp.*# One stop L + 5.50% (c) 6.50% 12/2023 8,554 8,656 0.3 8,554
Net Health Acquisition Corp.~^ One stop L + 5.50% (c) 6.50% 12/2023 6,845 6,964 0.3 6,845
Net Health Acquisition Corp.*# One stop L + 5.50% (c) 6.50% 12/2023 1,195 1,210 — 1,195
Net Health Acquisition Corp.(5) One stop L + 5.50% N/A(6) 12/2023 — (2) — —
Nexus Brands Group, Inc.*# One stop L + 6.00% (c) 7.00% 11/2023 9,378 9,471 0.4 8,909
Nexus Brands Group, Inc.+~(8)(9) One stop L + 6.00% (h) 7.00% 11/2023 7,145 7,263 0.3 6,980
Nexus Brands Group, Inc.# One stop L + 6.00% (c) 7.00% 11/2023 1,987 2,050 0.1 1,887
Nexus Brands Group, Inc.#~ One stop L + 6.00% (c) 7.00% 11/2023 1,437 1,483 0.1 1,365
Nexus Brands Group, Inc.~ One stop L + 6.00% (c) 7.00% 11/2023 765 759 — 727
Nexus Brands Group, Inc. One stop L + 6.00% (c) 7.00% 11/2023 20 21 — 10
Nexus Brands Group, Inc.(5)(8)(9) One stop L + 6.00% N/A(6) 11/2023 — — — (4)
Nexus Brands Group, Inc.(5)(8)(9) One stop L + 6.00% N/A(6) 11/2023 — (1) — —
Nexus Brands Group, Inc.(5) One stop L + 6.00% N/A(6) 11/2023 — (1) — —
PlanSource Holdings, Inc. !~ One stop L + 6.25% (b) 7.25% 04/2025 11,416 11,542 0.5 11,416
PlanSource Holdings, Inc. (5) One stop L + 6.25% N/A(6) 04/2025 — (1) — —
Teaching Company, The*# One stop L + 4.75% (c)(d) 5.75% 07/2023 17,832 18,009 0.7 17,832
Teaching Company, The One stop L + 4.75% (d) 5.75% 07/2023 30 30 — 30
87,107 88,046 3.5 84,772

See Notes to Consolidated Financial Statements.
68
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(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)
Real Estate Management & Development
Property Brands, Inc.# One stop L + 5.75% (c) 6.75% 01/2024 $ 19,845 $ 20,037 0.8 % $ 18,852
Property Brands, Inc.~^ One stop L + 5.75% (c) 6.75% 01/2024 13,666 13,551 0.5 12,984
Property Brands, Inc.*# One stop L + 5.75% (c) 6.75% 01/2024 6,653 6,761 0.3 6,319
Property Brands, Inc.~^ One stop L + 5.75% (c) 6.75% 01/2024 3,243 3,348 0.1 3,081
Property Brands, Inc. One stop L + 5.75% (c) 6.75% 01/2024 1,424 1,469 0.1 1,353
Property Brands, Inc.# One stop L + 5.75% (c) 6.75% 01/2024 1,205 1,243 0.1 1,145
Property Brands, Inc. One stop L + 5.75% (c) 6.75% 01/2024 1,189 1,227 — 1,129
Property Brands, Inc. One stop L + 5.75% (c) 6.75% 01/2024 950 944 — 903
Property Brands, Inc. One stop L + 5.75% (c) 6.75% 01/2024 501 517 — 477
Property Brands, Inc. One stop L + 5.75% (c) 6.75% 01/2024 200 199 — 190
Property Brands, Inc.(5) One stop L + 5.75% N/A(6) 01/2024 — (2) — (175)
MRI Software LLC~^ One stop L + 5.50% (c) 6.50% 02/2026 14,579 14,450 0.6 14,215
MRI Software LLC One stop L + 5.50% (c) 6.50% 02/2026 1,710 1,667 0.1 1,667
MRI Software LLC(5) One stop L + 5.50% N/A(6) 02/2026 — (2) — (7)
MRI Software LLC(5) One stop L + 5.50% N/A(6) 02/2026 — — — (2)
MRI Software LLC(5) One stop L + 5.50% N/A(6) 02/2026 — (3) — (9)
65,165 65,406 2.6 62,122
Road & Rail
Internet Truckstop Group LLC*#! One stop L + 5.50% (c) 6.50% 04/2025 22,587 23,165 0.9 22,587
Internet Truckstop Group LLC(5) One stop L + 5.50% N/A(6) 04/2025 — (2) — —
22,587 23,163 0.9 22,587

See Notes to Consolidated Financial Statements.
69
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Software
Accela, Inc.*# One stop L + 4.91% (a) 4.25% cash/1.66% PIK 09/2023 $ 4,479 $ 4,479 0.2 % $ 4,411
Accela, Inc.(5) One stop L + 7.00% N/A(6) 09/2023 — — — (2)
Apptio, Inc. !~ One stop L + 7.25% (d) 8.25% 01/2025 57,009 57,722 2.4 57,009
Apptio, Inc. (5) One stop L + 7.25% N/A(6) 01/2025 — (1) — —
Astute Holdings, Inc. ! One stop L + 6.50% (c) 7.50% 04/2025 10,816 10,951 0.5 10,816
Astute Holdings, Inc. One stop L + 6.50% (c) 7.50% 04/2025 2,768 2,759 0.1 2,768
Astute Holdings, Inc. (5) One stop L + 6.50% N/A(6) 04/2025 — (1) — —
Axiom Merger Sub Inc.!~^ One stop L + 5.25% (c) 6.47% 04/2026 5,847 5,900 0.3 5,847
Axiom Merger Sub Inc.+~(8)(9) One stop E + 5.50% (g) 5.50% 04/2026 2,411 2,432 0.1 2,492
Axiom Merger Sub Inc. One stop L + 5.25% (d) 6.25% 04/2026 30 29 — 30
Bearcat Buyer, Inc.+~ Senior loan L + 4.25% (c) 5.25% 07/2026 2,928 2,950 0.1 2,928
Bearcat Buyer, Inc.~ Senior loan L + 4.25% (c) 5.25% 07/2026 309 307 — 309
Bearcat Buyer, Inc. Senior loan L + 4.25% (c) 5.25% 07/2026 165 166 — 165
Bearcat Buyer, Inc. Senior loan L + 4.25% N/A(6) 07/2024 — — — —
Bullhorn, Inc.*#+~^ One stop L + 5.75% (c) 6.75% 09/2026 67,302 66,135 2.8 66,294
Bullhorn, Inc.(8)(9) One stop L + 6.00% (h) 6.06% 09/2026 12,008 11,796 0.5 12,230
Bullhorn, Inc.(8)(9) One stop L + 5.75% (c) 5.75% 09/2026 4,822 4,736 0.2 4,951
Bullhorn, Inc. One stop L + 5.75% (c)(f) 6.75% 09/2026 98 96 — 96
Bullhorn, Inc. One stop L + 5.75% (c) 6.75% 09/2026 78 77 — 77
Bullhorn, Inc.(5) One stop L + 5.75% N/A(6) 09/2026 — (4) — (4)
Bullhorn, Inc.(5) One stop L + 5.75% N/A(6) 09/2026 — (4) — (3)
Calabrio, Inc. !~ One stop L + 6.50% (c) 7.50% 06/2025 24,880 24,894 1.0 24,880
Calabrio, Inc. One stop L + 6.50% (a) 7.50% 06/2025 72 72 — 72
Clearwater Analytics, LLC*# One stop L + 5.50% (c) 6.50% 09/2022 14,242 14,256 0.6 14,242
Clearwater Analytics, LLC* One stop L + 5.50% (c) 6.50% 09/2022 6,040 6,071 0.3 6,040
Clearwater Analytics, LLC+ One stop L + 5.50% (c) 6.50% 09/2022 990 976 — 990
Clearwater Analytics, LLC(5) One stop L + 5.50% N/A(6) 09/2022 — (3) — —
Cloudbees, Inc. One stop L + 9.00% (a) 9.50% cash/0.50% PIK 05/2023 4,215 4,248 0.2 4,215
Cloudbees, Inc. One stop L + 9.00% (a) 9.50% cash/0.50% PIK 05/2023 2,774 2,692 0.1 2,774
Cloudbees, Inc. One stop L + 9.00% (a) 9.50% cash/0.50% PIK 05/2023 1,469 1,480 0.1 1,469
Cloudbees, Inc. One stop L + 8.50% N/A(6) 05/2023 — — — —
Confluence Technologies, Inc.+~^ One stop L + 5.75% (a) 6.75% 03/2024 45,004 44,768 1.9 44,554
Confluence Technologies, Inc. One stop L + 5.75% (a) 6.75% 03/2024 28 27 — 25
Convercent, Inc. One stop L + 9.00% (c) 8.25% cash/2.75% PIK 12/2024 2,795 2,725 0.1 2,831
Convercent, Inc. Subordinated debt N/A 4.00% 11/2020 138 138 — 176
Convercent, Inc. One stop L + 9.00% (c) N/A(6) 12/2024 — — — —
Convercent, Inc. One stop L + 9.00% N/A(6) 12/2024 — — — —
Daxko Acquisition Corporation*#^ One stop L + 6.00% (c) 7.00% 09/2023 25,681 25,759 1.1 25,681
Daxko Acquisition Corporation One stop L + 6.00% N/A(6) 09/2023 — — — —
Digital Guardian, Inc.! One stop L + 9.50% (c) 7.50% cash/3.00% PIK 06/2023 8,731 9,013 0.4 9,040
See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Software - (continued)
Digital Guardian, Inc. Subordinated debt N/A 8.00% PIK 06/2023 $ 9 $ 7 — % $ 9
Digital Guardian, Inc. One stop L + 5.00% N/A(6) 06/2023 — — — 2
Diligent Corporation*#+!~^ One stop L + 6.25% (c) 7.25% 08/2025 88,058 88,673 3.6 85,856
Diligent Corporation(5) One stop L + 6.25% N/A(6) 08/2025 — 1 — (8)
GS Acquisitionco, Inc.*#+!~^ One stop L + 5.75% (d) 6.75% 05/2024 54,048 54,440 2.3 54,048
GS Acquisitionco, Inc.*# One stop L + 5.75% (c) 6.75% 05/2024 12,756 13,056 0.5 12,756
GS Acquisitionco, Inc.# One stop L + 5.75% (d) 6.75% 05/2024 3,286 3,364 0.1 3,286
GS Acquisitionco, Inc.+~ One stop L + 5.75% (c) 6.75% 05/2024 3,033 3,104 0.1 3,033
GS Acquisitionco, Inc.# One stop L + 5.75% (c) 6.75% 05/2024 1,899 1,944 0.1 1,899
GS Acquisitionco, Inc. One stop L + 5.75% (c)(d) 6.75% 05/2024 186 183 — 186
GS Acquisitionco, Inc. One stop L + 5.75% (d) 6.75% 05/2024 75 75 — 75
GS Acquisitionco, Inc. One stop L + 5.75% (d) 6.75% 05/2024 37 37 — 37
ICIMS, Inc.!~ One stop L + 6.50% (c) 7.50% 09/2024 14,355 14,548 0.6 14,355
ICIMS, Inc.!~ One stop L + 6.50% (c) 7.50% 09/2024 4,501 4,576 0.2 4,501
ICIMS, Inc.(5) One stop L + 6.50% N/A(6) 09/2024 — (1) — —
Impartner, Inc. Senior loan L + 9.50% (c) 9.30% cash/2.00% PIK 08/2025 2,916 2,880 0.1 3,001
Impartner, Inc.(5) Senior loan L + 9.50% N/A(6) 08/2025 — (3) — 14
Impartner, Inc. Senior loan L + 9.50% N/A(6) 08/2025 — — — —
Infogix, Inc.*# One stop L + 7.00% (c) 8.00% 04/2024 7,178 7,309 0.3 7,178
Infogix, Inc.*^ One stop L + 7.00% (c) 8.00% 04/2024 1,107 1,124 — 1,107
Infogix, Inc. One stop L + 7.00% (c) 8.00% 04/2024 90 90 — 90
Integral Ad Science, Inc.!~ One stop L + 7.25% (c) 7.00% cash/1.25% PIK 07/2024 15,882 16,069 0.7 15,882
Integral Ad Science, Inc.(5) One stop L + 6.00% N/A(6) 07/2023 — (3) — (4)
Integration Appliance, Inc.*!~ One stop L + 7.25% (d) 8.25% 08/2023 68,335 69,117 2.9 68,335
Integration Appliance, Inc. One stop L + 7.25% (d) 8.25% 08/2023 487 483 — 487
Invoice Cloud, Inc.! One stop L + 6.50% (c) 4.25% cash/3.25% PIK 02/2024 6,520 6,559 0.3 6,390
Invoice Cloud, Inc. One stop L + 6.50% (c) 4.25% cash/3.25% PIK 02/2024 2,187 2,186 0.1 2,138
Invoice Cloud, Inc.(5) One stop L + 6.00% N/A(6) 02/2024 — — — (2)
Kaseya Traverse Inc!~ One stop L + 7.00% (c) 5.09% cash/3.00% PIK 05/2025 36,070 37,033 1.5 36,070
Kaseya Traverse Inc One stop L + 7.00% (c)(d) 5.06% cash/3.00% PIK 05/2025 738 755 — 738
Kaseya Traverse Inc One stop L + 6.50% (c) 7.50% 05/2025 89 88 — 86
Kaseya Traverse Inc(5) One stop L + 7.00% N/A(6) 05/2025 — (1) — —
Mindbody, Inc.!~ One stop L + 8.50% (c) 8.00% cash/1.50% PIK 02/2025 48,593 49,379 1.9 45,678
Mindbody, Inc.(5) One stop L + 8.00% N/A(6) 02/2025 — (1) — (18)
Ministry Brands, LLC^ Senior loan L + 4.00% (b) 5.00% 12/2022 1,446 1,462 0.1 1,359
Ministry Brands, LLC^ Senior loan L + 4.00% (b) 5.00% 12/2022 827 837 — 777
Ministry Brands, LLC Senior loan L + 4.00% (b) 5.00% 12/2022 377 388 — 354
mParticle, Inc. One stop L + 9.75% (c) 7.50% cash/3.25% PIK 09/2025 3,157 3,101 0.1 3,115
mParticle, Inc. One stop L + 9.75% N/A(6) 09/2025 — — — —
Namely, Inc.!~ One stop L + 7.50% (c) 8.25% cash/1.25% PIK 06/2024 3,580 3,614 0.1 3,507
Namely, Inc. One stop L + 7.50% (c) 8.25% cash/1.25% PIK 06/2024 2,033 2,019 0.1 1,992
Namely, Inc. One stop L + 7.50% (a) 8.25% cash/1.25% PIK 06/2024 70 70 — 68
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH! One stop P + 6.75% (f) 8.25% cash/1.75% PIK 10/2024 2,139 2,121 0.1 2,249
See Notes to Consolidated Financial Statements.
71
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Software - (continued)
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH One stop L + 7.75% N/A(6) 10/2024 $ — $ — — % $ 1
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH One stop L + 7.75% N/A(6) 10/2024 — — — 4
Personify, Inc.*+^ One stop L + 5.25% (c) 6.25% 09/2024 15,457 15,712 0.6 15,457
Personify, Inc. One stop L + 5.25% (c) 6.25% 09/2024 60 61 — 60
RegEd Aquireco, LLC^ Senior loan L + 4.25% (a) 5.25% 12/2024 11,416 11,413 0.4 10,731
RegEd Aquireco, LLC Senior loan L + 4.25% (a)(f) 5.08% 12/2024 132 131 — 112
RegEd Aquireco, LLC(5) Senior loan L + 4.25% N/A(6) 12/2024 — (4) — —
Saturn Borrower Inc. Senior loan L + 6.50% (c) 7.50% 09/2026 16,324 15,836 0.7 15,834
Saturn Borrower Inc.(5) Senior loan L + 6.50% N/A(6) 09/2026 — (3) — (3)
SnapLogic, Inc. One stop L + 8.75% (c) 5.75% cash/5.50% PIK 09/2024 5,978 5,911 0.3 5,978
SnapLogic, Inc. One stop L + 8.75% (c) 5.75% cash/5.50% PIK 09/2024 61 61 — 61
SnapLogic, Inc. One stop L + 8.75% N/A(6) 09/2024 — — — —
Sontatype, Inc.! One stop L + 6.75% (d) 7.75% 12/2025 851 843 — 851
Sontatype, Inc.(5) One stop L + 6.75% N/A(6) 12/2025 — (2) — —
Telesoft Holdings LLC^ One stop L + 5.75% (a) 6.75% 12/2025 905 887 — 905
Telesoft Holdings LLC(5) One stop L + 5.75% N/A(6) 12/2025 — (2) — —
TI Intermediate Holdings, LLC^ Senior loan L + 4.50% (a) 4.65% 12/2024 3,517 3,575 0.1 3,517
TI Intermediate Holdings, LLC Senior loan L + 4.50% (a) 4.65% 12/2024 42 42 — 42
Togetherwork Holdings, LLC*# One stop L + 5.75% (a) 6.75% 03/2025 15,564 15,706 0.6 15,408
Togetherwork Holdings, LLC~^ One stop L + 5.75% (a) 6.75% 03/2025 1,803 1,865 0.1 1,786
Togetherwork Holdings, LLC One stop L + 5.75% (a) 6.75% 03/2025 1,750 1,807 0.1 1,733
Togetherwork Holdings, LLC*# One stop L + 5.75% (a) 6.75% 03/2025 1,706 1,764 0.1 1,689
Togetherwork Holdings, LLC~^ One stop L + 5.75% (a) 6.75% 03/2025 1,648 1,680 0.1 1,631
Togetherwork Holdings, LLC*^ One stop L + 5.75% (a) 6.75% 03/2025 1,588 1,643 0.1 1,573
Togetherwork Holdings, LLC One stop L + 5.75% (a) 6.75% 03/2025 1,481 1,530 0.1 1,466
Togetherwork Holdings, LLC*# One stop L + 5.75% (a) 6.75% 03/2025 1,213 1,231 0.1 1,201
Togetherwork Holdings, LLC One stop L + 5.75% (a) 6.75% 03/2025 668 690 — 662
Togetherwork Holdings, LLC^ One stop L + 5.75% (a) 6.75% 03/2025 447 443 — 443
Togetherwork Holdings, LLC One stop L + 5.75% (a) 6.75% 03/2024 300 298 — 298
Togetherwork Holdings, LLC One stop L + 5.75% (a) 6.75% 03/2025 64 66 — 64
Togetherwork Holdings, LLC~ One stop L + 5.75% (a) 6.75% 03/2025 59 61 — 59
Transact Holdings, Inc.+~ Senior loan L + 4.75% (a) 4.90% 04/2026 3,079 3,121 0.1 2,912
Trintech, Inc.*#^ One stop L + 6.00% (c) 7.00% 12/2023 22,400 22,738 0.9 22,400
Trintech, Inc.#!^ One stop L + 6.00% (c) 7.00% 12/2023 9,287 9,473 0.4 9,287
Trintech, Inc. One stop L + 6.00% (c) 7.00% 12/2023 300 301 — 300
True Commerce, Inc.*#^ One stop L + 5.75% (c) 6.75% 11/2023 14,598 14,861 0.6 14,598
True Commerce, Inc.+(8)(9) One stop L + 5.75% (c) 6.75% 11/2023 2,575 2,665 0.1 2,677
True Commerce, Inc.#(8) One stop L + 5.75% (c) 6.75% 11/2023 909 941 — 909
True Commerce, Inc. One stop L + 5.75% N/A(6) 11/2023 — — — —
Upserve, Inc.!~ One stop L + 8.00% (e) 9.00% 07/2023 6,141 6,193 0.3 6,018
Upserve, Inc. One stop L + 8.00% (e) 9.00% 07/2023 1,451 1,496 0.1 1,422
Upserve, Inc.(5) One stop L + 8.00% N/A(6) 07/2023 — — — (2)
Vector CS Midco Limited & Cloudsense Ltd.!~(8)(9)(10) One stop N/A 4.50% cash/3.55% PIK 05/2024 7,859 7,986 0.3 7,980
See Notes to Consolidated Financial Statements.
72
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Software - (continued)
Vector CS Midco Limited & Cloudsense Ltd.(8)(9)(10) One stop L + 7.25% (h) 5.30% cash/2.75% PIK 05/2024 $ 132 $ 132 — % $ 130
Vendavo, Inc.*!~ One stop L + 6.50% (c) 7.50% 10/2022 35,368 35,329 1.5 35,368
Vendavo, Inc. One stop P + 5.25% (f) 8.50% 10/2022 631 629 — 631
Workforce Software, LLC!~ One stop L + 6.50% (c) 7.50% 07/2025 27,195 27,895 1.1 27,195
Workforce Software, LLC(5) One stop L + 6.50% N/A(6) 07/2025 — (2) — —
909,152 915,327 37.6 901,417

See Notes to Consolidated Financial Statements.
73
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Specialty Retail
2nd Ave. LLC One stop L + 5.50% (d) 6.50% 09/2025 $ 5,915 $ 5,829 0.2 % $ 5,560
2nd Ave. LLC One stop L + 5.50% (d) 6.56% 09/2025 50 50 — 47
Batteries Plus Holding Corporation# One stop L + 6.75% (a) 7.75% 07/2022 21,921 22,098 0.9 21,921
Batteries Plus Holding Corporation(5) One stop L + 6.75% N/A(6) 07/2022 — (1) — —
Boot Barn, Inc.#+~ Senior loan L + 4.50% (c) 5.50% 06/2023 16,777 16,904 0.7 16,777
Cycle Gear, Inc.#+^ One stop L + 5.00% (c) 6.00% 01/2024 23,834 24,042 1.0 23,834
DTLR, Inc.*#+ One stop L + 8.50% (b)(c) 7.50% cash/2.00% PIK 08/2022 41,457 41,896 1.7 41,457
Imperial Optical Midco Inc.~ One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 3,620 3,666 0.2 3,620
Imperial Optical Midco Inc.* One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 2,822 2,803 0.1 2,822
Imperial Optical Midco Inc.# One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 1,918 1,965 0.1 1,918
Imperial Optical Midco Inc.# One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 1,249 1,279 0.1 1,249
Imperial Optical Midco Inc.* One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 1,137 1,165 0.1 1,137
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 330 328 — 330
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 240 238 — 240
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 190 189 — 190
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 134 133 — 134
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 130 129 — 130
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 96 96 — 96
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 83 82 — 83
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 42 42 — 42
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 41 41 — 41
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 24 23 — 24
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 21 21 — 21
Imperial Optical Midco Inc. One stop L + 8.25% (a) 7.25% cash/2.00% PIK 08/2023 11 11 — 11
Imperial Optical Midco Inc. One stop L + 6.25% N/A(6) 08/2023 — — — —
Imperial Optical Midco Inc.(5) One stop L + 8.25% N/A(6) 08/2023 — (3) — —
Jet Equipment & Tools Ltd.+~(8)(9)(12) One stop L + 5.25% (a) 6.25% 11/2024 17,988 18,266 0.8 17,781
Jet Equipment & Tools Ltd.*#(8)(12) One stop L + 5.25% (a) 6.25% 11/2024 12,364 12,604 0.5 12,364
Jet Equipment & Tools Ltd.#(8)(12)^ One stop L + 5.25% (a) 6.25% 11/2024 4,306 4,377 0.2 4,306
Jet Equipment & Tools Ltd.(8)(12)^ One stop L + 5.25% (a) 6.25% 11/2024 1,581 1,569 0.1 1,581
Jet Equipment & Tools Ltd.(5)(8)(9)(12) One stop L + 5.25% N/A(6) 11/2024 — (1) — —
Pet Holdings ULC*#+!(8)(12) One stop L + 5.50% (c) 6.50% 07/2022 46,638 47,449 2.0 46,638
Pet Holdings ULC*#+(8)(12) One stop L + 5.50% (c) 6.50% 07/2022 240 242 — 240
Pet Holdings ULC(5)(8)(12) One stop L + 5.50% N/A(6) 07/2022 — (1) — —
Pet Supplies Plus, LLC*+^ Senior loan L + 4.50% (c) 5.50% 12/2024 14,181 14,415 0.6 14,181
Pet Supplies Plus, LLC(5) Senior loan L + 4.50% N/A(6) 12/2023 — (1) — —
PetPeople Enterprises, LLC# One stop L + 5.75% (c) 6.75% 09/2023 5,352 5,401 0.2 5,191
PetPeople Enterprises, LLC# One stop L + 5.75% (c)(d) 6.84% 09/2023 1,817 1,843 0.1 1,763
PetPeople Enterprises, LLC One stop L + 5.75% (c)(d) 6.92% 09/2023 40 41 — 38
PPV Intermediate Holdings II, LLC One stop L + 6.00% (a)(c)(d) 7.46% 05/2023 4,921 4,921 0.2 4,859
See Notes to Consolidated Financial Statements.
74
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Specialty Retail - (continued)
PPV Intermediate Holdings II, LLC One stop L + 6.00% (a) 7.00% 05/2023 $ 1,010 $ 1,010 — % $ 997
PPV Intermediate Holdings II, LLC One stop L + 6.00% (a) 7.00% 05/2023 603 603 — 596
PPV Intermediate Holdings II, LLC One stop L + 6.00% (a) 7.00% 05/2023 435 417 — 429
PPV Intermediate Holdings II, LLC One stop L + 6.00% (a) 7.00% 05/2023 129 127 — 128
PPV Intermediate Holdings II, LLC One stop L + 6.00% (d)(f) 7.69% 05/2023 94 94 — 92
PPV Intermediate Holdings II, LLC One stop N/A 7.90% PIK 05/2023 24 24 — 24
PPV Intermediate Holdings II, LLC(5) One stop L + 6.00% N/A(6) 05/2023 — (135) — (120)
Sola Franchise, LLC and Sola Salon Studios, LLC# One stop L + 5.50% (c) 6.50% 10/2024 6,963 6,979 0.3 6,824
Sola Franchise, LLC and Sola Salon Studios, LLC# One stop L + 5.50% (c) 6.50% 10/2024 1,708 1,765 0.1 1,674
Sola Franchise, LLC and Sola Salon Studios, LLC One stop L + 5.50% (c)(f) 7.09% 10/2024 86 85 — 84
Sola Franchise, LLC and Sola Salon Studios, LLC(5) One stop L + 5.50% N/A(6) 10/2024 — (1) — —
Southern Veterinary Partners, LLC*#^ One stop L + 6.00% (a) 7.00% 05/2025 26,592 27,499 1.1 27,123
Southern Veterinary Partners, LLC One stop L + 6.00% (a) 7.00% 05/2025 210 208 — 214
Southern Veterinary Partners, LLC One stop L + 6.00% (a) 7.00% 05/2025 191 189 — 195
Southern Veterinary Partners, LLC One stop L + 6.00% (c) 7.00% 05/2025 181 179 — 184
Southern Veterinary Partners, LLC One stop L + 6.00% (c)(d) 7.00% 05/2023 170 169 — 170
Southern Veterinary Partners, LLC One stop L + 6.00% (c) 7.00% 05/2025 163 161 — 166
Southern Veterinary Partners, LLC One stop L + 6.00% (c) 7.00% 05/2025 142 140 — 144
Southern Veterinary Partners, LLC One stop L + 6.00% (d) 7.00% 05/2025 140 138 — 143
Southern Veterinary Partners, LLC One stop L + 6.00% (d) 7.00% 05/2025 128 127 — 131
Southern Veterinary Partners, LLC One stop L + 6.00% (a) 7.00% 05/2025 125 124 — 128
Southern Veterinary Partners, LLC# One stop L + 6.00% (a) 7.00% 05/2025 120 119 — 123
Southern Veterinary Partners, LLC# One stop L + 6.00% (a) 7.00% 05/2025 119 118 — 121
Southern Veterinary Partners, LLC One stop L + 6.00% (d) 7.00% 05/2025 118 117 — 120
Southern Veterinary Partners, LLC# One stop L + 6.00% (a) 7.00% 05/2025 113 112 — 115
Southern Veterinary Partners, LLC# One stop L + 6.00% (a) 7.00% 05/2025 111 110 — 113
Southern Veterinary Partners, LLC One stop L + 6.00% (d) 7.00% 05/2025 4 2 — 4
Southern Veterinary Partners, LLC(5) One stop L + 6.00% N/A(6) 05/2025 — (12) — 23
Titan Fitness, LLC*#+ One stop L + 4.75% (b)(c) 5.75% 02/2025 30,317 30,759 1.1 26,679
Titan Fitness, LLC One stop L + 4.75% (c) 5.75% 02/2025 1,894 1,881 0.1 1,667
Titan Fitness, LLC One stop L + 4.75% (c) 5.75% 02/2025 474 472 — 414
Titan Fitness, LLC(5) One stop L + 4.75% N/A(6) 02/2025 — (1) — —
Vermont Aus Pty Ltd!~(8)(9)(11) One stop L + 4.75% (j) 4.89% 12/2024 2,199 2,219 0.1 2,282
Vermont Aus Pty Ltd(8)(9)(11) One stop L + 4.75% (j) 4.89% 12/2024 81 82 — 91
306,114 310,031 12.6 301,704

See Notes to Consolidated Financial Statements.
75
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(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)
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.*#^ One stop L + 6.00% (c) 7.00% 03/2023 $ 22,442 $ 22,566 0.9 % $ 21,994
Agility Recovery Solutions Inc. One stop L + 6.00% (c) 7.00% 03/2023 902 899 0.1 882
23,344 23,465 1.0 22,876
Textiles, Apparel & Luxury Goods
Elite Sportswear, L.P. Senior loan L + 6.25% (c) 2.00% cash/5.25% PIK 12/2021 9,446 9,298 0.3 8,029
Elite Sportswear, L.P. Senior loan L + 6.25% (c) 2.00% cash/5.25% PIK 12/2021 3,798 3,740 0.1 3,228
Elite Sportswear, L.P. Senior loan L + 6.25% (c) 2.00% cash/5.25% PIK 12/2021 1,954 1,924 0.1 1,661
Elite Sportswear, L.P. Senior loan L + 6.25% (b)(c) 7.25% 12/2021 1,167 1,149 0.1 988
Elite Sportswear, L.P.* Senior loan L + 6.25% (c) 2.00% cash/5.25% PIK 12/2021 648 640 — 551
Elite Sportswear, L.P. Senior loan L + 6.25% (c) 2.00% cash/5.25% PIK 12/2021 297 292 — 252
Elite Sportswear, L.P.* Senior loan L + 6.25% (c) 2.00% cash/5.25% PIK 12/2021 283 279 — 241
Elite Sportswear, L.P. Senior loan L + 6.25% (b)(c) 2.00% cash/5.25% PIK 12/2021 40 40 — 34
Georgica Pine Clothiers, LLC# One stop L + 5.50% (c)(d) 6.50% 11/2023 10,324 10,427 0.4 9,497
Georgica Pine Clothiers, LLC*# One stop L + 5.50% (d) 6.50% 11/2023 6,504 6,574 0.3 5,983
Georgica Pine Clothiers, LLC+ One stop L + 5.50% (d) 6.50% 11/2023 1,006 998 — 926
Georgica Pine Clothiers, LLC# One stop L + 5.50% (d) 6.50% 11/2023 906 915 — 833
Georgica Pine Clothiers, LLC*# One stop L + 5.50% (d) 6.50% 11/2023 635 644 — 584
Georgica Pine Clothiers, LLC One stop L + 5.50% (c)(d) 6.50% 11/2023 236 235 — 216
Protective Industrial Products, Inc.+ Senior loan L + 4.50% (c) 5.50% 01/2024 993 984 0.1 993
SHO Holding I Corporation!~ Senior loan L + 5.25% (c) 4.00% cash/2.25% PIK 04/2024 4,035 4,015 0.2 3,631
SHO Holding I Corporation Senior loan L + 4.00% (a)(c)(d) 5.00% 04/2024 50 49 — 50
SHO Holding I Corporation Senior loan L + 5.23% (c) 4.00% cash/2.23% PIK 04/2024 20 20 — 19
SHO Holding I Corporation(5) Senior loan L + 5.00% N/A(6) 04/2024 — (1) — (10)
SHO Holding I Corporation Senior loan L + 4.50% (c)(d) N/A(6) 04/2024 — — — —
SHO Holding I Corporation Senior loan L + 5.23% (b)(c) N/A(6) 04/2024 — — — —
42,342 42,222 1.6 37,706
Total non-controlled/non-affiliate company debt investments $ 4,237,154 $ 4,249,853 170.8 % $ 4,092,602

See Notes to Consolidated Financial Statements.
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Consolidated Schedule of Investments - (continued)
September 30, 2020
(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)
Equity Investments (15)(16)
Aerospace & Defense
NTS Technical Systems Common Stock N/A N/A N/A 2 $ 1,506 0.1 % $ 637
NTS Technical Systems Preferred stock N/A N/A N/A — 256 — 430
NTS Technical Systems Preferred stock N/A N/A N/A — 128 — 245
Whitcraft LLC Common Stock N/A N/A N/A 11 2,285 0.1 2,598
4,175 0.2 3,910
Auto Components
Polk Acquisition Corp. LP interest N/A N/A N/A 5 314 — 26
Automobiles
Grease Monkey International, LLC LLC units N/A N/A N/A 803 1,304 0.1 2,457
Quick Quack Car Wash Holdings, LLC LLC units N/A N/A N/A — 508 — 440
1,812 0.1 2,897
Biotechnology
BIO18 Borrower, LLC(17) LLC units N/A N/A N/A 591 1,190 0.1 1,654
Building Products
Brooks Equipment Company, LLC Common Stock N/A N/A N/A 10 1,021 0.1 2,107
Chemicals
Inhance Technologies Holdings LLC LLC units N/A N/A N/A — 124 — 51
Commercial Services & Supplies
Hydraulic Authority III Limited(8)(9)(10) Preferred stock N/A N/A N/A 284 384 — 341
Hydraulic Authority III Limited(8)(9)(10) Common Stock N/A N/A N/A 6 43 — —
427 — 341
Construction & Engineering
Reladyne, Inc. LP units N/A N/A N/A 1 931 — 896
Diversified Consumer Services
EWC Growth Partners LLC LLC interest N/A N/A N/A — 12 — 1
PADI Holdco, Inc.(17) LLC units N/A N/A N/A 1 969 — 231
Spear Education, LLC LLC units N/A N/A N/A — 7 — 30
Spear Education, LLC LLC units N/A N/A N/A 1 1 — 25
989 — 287
Electronic Equipment, Instruments & Components
ES Acquisition LLC LP interest N/A N/A N/A — 15 — 26
Inventus Power, Inc. Preferred stock N/A N/A N/A 1 372 — 119
Inventus Power, Inc. LLC units N/A N/A N/A — 88 — 153
Inventus Power, Inc. Preferred stock N/A N/A N/A — 20 — 42
Inventus Power, Inc. Common Stock N/A N/A N/A 1 — — —
495 — 340

See Notes to Consolidated Financial Statements.
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Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Food & Staples Retailing
Benihana, Inc. LLC unit N/A N/A N/A 43 $ 699 — % $ 55
Cafe Rio Holding, Inc. Common Stock N/A N/A N/A 5 603 — 765
Captain D's, LLC LLC interest N/A N/A N/A 158 156 — 355
Feeders Supply Company, LLC Preferred stock N/A N/A N/A 4 400 — 349
Feeders Supply Company, LLC LLC units N/A N/A N/A — — — —
Hopdoddy Holdings, LLC LLC units N/A N/A N/A 44 217 — 82
Hopdoddy Holdings, LLC LLC units N/A N/A N/A 20 61 — 23
Mendocino Farms, LLC Common Stock N/A N/A N/A 169 770 0.1 817
Rubio's Restaurants, Inc. Preferred stock N/A N/A N/A 2 945 — —
Ruby Slipper Cafe LLC, The LLC units N/A N/A N/A 31 373 — 72
Ruby Slipper Cafe LLC, The LP units N/A N/A N/A 2 20 — 12
Wetzel's Pretzels, LLC Common Stock N/A N/A N/A — 416 — 185
Wood Fired Holding Corp. LLC units N/A N/A N/A 437 444 — 147
Wood Fired Holding Corp. LLC units N/A N/A N/A 437 — — —
5,104 0.1 2,862
Food Products
C. J. Foods, Inc. Preferred stock N/A N/A N/A — 75 — 563
Global ID Corporation LLC interest N/A N/A N/A 5 603 0.1 801
Purfoods, LLC LLC interest N/A N/A N/A 379 926 0.2 5,346
1,604 0.3 6,710
Health Care Technology
Connexin Software, Inc. LLC interest N/A N/A N/A 154 192 — 206
Caliper Software, Inc. Preferred stock N/A N/A N/A 3 2,734 0.1 2,954
Caliper Software, Inc. Common Stock N/A N/A N/A 221 283 — 594
Caliper Software, Inc. Preferred stock N/A N/A N/A — 37 — 47
HealthcareSource HR, Inc. LLC interest N/A N/A N/A — 621 0.1 680
HSI Halo Acquisition, Inc. Preferred stock N/A N/A N/A — 288 — 253
HSI Halo Acquisition, Inc. Common Stock N/A N/A N/A — — — —
Kareo, Inc. Warrant N/A N/A N/A 53 162 — 9
Kareo, Inc. Preferred stock N/A N/A N/A 1 8 — 12
Kareo, Inc. Warrant N/A N/A N/A 5 6 — 18
Surgical Information Systems, LLC Common Stock N/A N/A N/A 4 414 — 413
Verisys Corporation LLC interest N/A N/A N/A 579 712 — 354
5,457 0.2 5,540














See Notes to Consolidated Financial Statements.
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Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Healthcare Equipment and Supplies
Aspen Medical Products, LLC Common Stock N/A N/A N/A — $ 77 — % $ 68
Blue River Pet Care, LLC LLC units N/A N/A N/A — 76 — 88
CMI Parent Inc. LLC units N/A N/A N/A — 240 — 245
CMI Parent Inc. LLC units N/A N/A N/A 2 3 — —
Flexan, LLC LLC units N/A N/A N/A — 137 — 198
Flexan, LLC LLC interest N/A N/A N/A 1 — — —
G & H Wire Company, Inc. LLC interest N/A N/A N/A 336 269 — 91
Joerns Healthcare, LLC* Common Stock N/A N/A N/A 432 4,329 0.1 2,501
Katena Holdings, Inc. LLC units N/A N/A N/A 1 573 — 324
Lombart Brothers, Inc. Common Stock N/A N/A N/A 1 440 — —
SLMP, LLC LLC interest N/A N/A N/A 668 789 0.1 1,296
6,933 0.2 4,811

See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Healthcare Providers and Services
Active Day, Inc. LLC interest N/A N/A N/A 1 $ 1,099 — % $ 372
Acuity Eyecare Holdings, LLC LLC interest N/A N/A N/A 1,158 1,334 0.1 1,358
ADCS Clinics Intermediate Holdings, LLC Preferred stock N/A N/A N/A 1 1,119 — 589
ADCS Clinics Intermediate Holdings, LLC Common Stock N/A N/A N/A 0 6 — —
CRH Healthcare Purchaser, Inc. LP interest N/A N/A N/A 429 469 — 715
DCA Investment Holding, LLC LLC units N/A N/A N/A 13,890 1,619 0.1 1,886
DCA Investment Holding, LLC LLC units N/A N/A N/A 140 218 — —
Deca Dental Management LLC LLC units N/A N/A N/A 1,008 1,278 — 393
Encore GC Acquisition, LLC LLC units N/A N/A N/A 26 272 — 300
Encore GC Acquisition, LLC LLC units N/A N/A N/A 26 52 — 77
Encorevet Group LLC Preferred stock N/A N/A N/A — 15 — 13
ERG Buyer, LLC LLC units N/A N/A N/A 1 661 — 31
ERG Buyer, LLC LLC units N/A N/A N/A 8 4 — —
Eyecare Services Partners Holdings LLC LLC units N/A N/A N/A — 262 — —
Eyecare Services Partners Holdings LLC LLC units N/A N/A N/A — 1 — —
IntegraMed America, Inc. LLC interest N/A N/A N/A — 417 — —
Krueger-Gilbert Health Physics, LLC LLC interest N/A N/A N/A 155 172 — 168
MD Now Holdings, Inc. LLC units N/A N/A N/A 15 153 — 169
Midwest Veterinary Partners, LLC LLC units N/A N/A N/A — 29 — 32
Midwest Veterinary Partners, LLC LLC units N/A N/A N/A 6 — — 17
MWD Management, LLC & MWD Services, Inc. LLC interest N/A N/A N/A 412 335 — 300
Oliver Street Dermatology Holdings, LLC LLC units N/A N/A N/A 452 234 — —
Pentec Acquisition Sub, Inc. Preferred stock N/A N/A N/A 1 116 — 159
Pinnacle Treatment Centers, Inc. Preferred stock N/A N/A N/A — 528 0.1 631
Pinnacle Treatment Centers, Inc. LLC units N/A N/A N/A 5 74 — 390
Radiology Partners, Inc. LLC units N/A N/A N/A 11 68 — 59
Radiology Partners, Inc. LLC units N/A N/A N/A 43 55 — 233
RXH Buyer Corporation LP interest N/A N/A N/A 11 973 0.1 1,117
Sage Dental Management, LLC LLC units N/A N/A N/A — 249 — —
Sage Dental Management, LLC LLC units N/A N/A N/A 3 3 — —
SSH Corporation Common Stock N/A N/A N/A — 40 — 118
Summit Behavioral Healthcare, LLC(17) LLC interest N/A N/A N/A 2 98 — 156
Summit Behavioral Healthcare, LLC(17) LLC interest N/A N/A N/A 2 — — —
WHCG Management, LLC LLC interest N/A N/A N/A 1 414 — 515
12,367 0.4 9,798
Hotels, Restaurants & Leisure
LMP TR Holdings, LLC LLC units N/A N/A N/A 712 712 — 97
SSRG Holdings, LLC LLC units N/A N/A N/A 6 61 — 35
Tropical Smoothie Cafe Holdings, LLC(17) LP units N/A N/A N/A 5 550 — 550
1,323 — 682
See Notes to Consolidated Financial Statements.
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Consolidated Schedule of Investments - (continued)
September 30, 2020
(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)
Household Durables
Groundworks LLC LLC units N/A N/A N/A — $ 155 — % $ 206
Insurance
Captive Resources Midco, LLC(17) LLC units N/A N/A N/A 425 — — 432
Majesco LP units N/A N/A N/A — 264 — 264
Majesco LP units N/A N/A N/A 59 — — —
Orchid Underwriters Agency, LLC LP interest N/A N/A N/A 92 103 — 88
367 — 784
IT Services
Appriss Holdings, Inc. Preferred stock N/A N/A N/A — 174 — 179
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc. Preferred stock N/A N/A N/A 587 462 0.1 1,652
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc. Warrant N/A N/A N/A 202 159 — 410
Centrify Corporation LP interest N/A N/A N/A 1 691 — 372
Centrify Corporation LP interest N/A N/A N/A 263 — — —
Episerver, Inc. LLC units N/A N/A N/A 76 807 — 488
Maverick Bidco Inc. LLC units N/A N/A N/A 2 723 0.1 804
PCS Intermediate II Holdings, LLC LLC units N/A N/A N/A 37 367 — 388
Red Dawn SEI Buyer, Inc. LP interest N/A N/A N/A 13 13 — 13
3,396 0.2 4,306
Leisure Products
Massage Envy, LLC LLC interest N/A N/A N/A 749 210 0.1 1,236
WBZ Investment LLC LLC interest N/A N/A N/A 68 117 — 76
WBZ Investment LLC LLC interest N/A N/A N/A 46 80 — 52
WBZ Investment LLC LLC interest N/A N/A N/A 38 65 — 43
WBZ Investment LLC LLC interest N/A N/A N/A 33 58 — 37
WBZ Investment LLC LLC interest N/A N/A N/A 14 24 — 16
WBZ Investment LLC LLC interest N/A N/A N/A 1 2 — 2
556 0.1 1,462
Life Sciences Tools & Services
Pace Analytical Services, LLC LLC units N/A N/A N/A 6 700 — 914
Oil, Gas and Consumable Fuels
W3 Co. LLC units N/A N/A N/A 3 1,632 0.1 1,946
W3 Co. Preferred stock N/A N/A N/A — 224 — 242
1,856 0.1 2,188
Pharmaceuticals
BIOVT, LLC LLC units N/A N/A N/A — 1,223 0.1 1,863

See Notes to Consolidated Financial Statements.
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Consolidated Schedule of Investments - (continued)
September 30, 2020
(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)
Professional Services
Brandmuscle, Inc. LLC interest N/A N/A N/A — $ 335 — % $ 217
DISA Holdings Acquisition Subsidiary Corp. Common Stock N/A N/A N/A — 154 — 290
Net Health Acquisition Corp. LP interest N/A N/A N/A 13 1,440 0.1 1,333
Nexus Brands Group, Inc. LP interest N/A N/A N/A — 547 — 459
Vitalyst, LLC Preferred stock N/A N/A N/A — 61 — 45
Vitalyst, LLC Common Stock N/A N/A N/A 1 7 — —
2,544 0.1 2,344
Real Estate Management & Development
Property Brands, Inc. LLC units N/A N/A N/A 63 766 — 989
Road & Rail
Internet Truckstop Group LLC LP interest N/A N/A N/A 408 447 — 364
Software
Accela, Inc. LLC units N/A N/A N/A 670 418 — 73
Astute Holdings, Inc. LP interest N/A N/A N/A — 294 — 531
Calabrio, Inc. Common Stock N/A N/A N/A 26 205 — 344
Cloudbees, Inc. Preferred stock N/A N/A N/A 71 466 — 378
Cloudbees, Inc. Warrant N/A N/A N/A 131 247 — 307
Confluence Technologies, Inc. LLC interest N/A N/A N/A 3 412 — 561
Convercent, Inc. Warrant N/A N/A N/A 325 63 — 140
Digital Guardian, Inc. Preferred stock N/A N/A N/A 356 434 — 309
Digital Guardian, Inc. Warrant N/A N/A N/A 122 225 — 211
Digital Guardian, Inc. Preferred stock N/A N/A N/A 74 142 — 128
Digital Guardian, Inc. Preferred stock N/A N/A N/A 67 123 — 139
Digital Guardian, Inc. Warrant N/A N/A N/A 12 33 — 50
Diligent Corporation(17) Preferred stock N/A N/A N/A 414 912 0.1 1,811
GS Acquisitionco, Inc. LP interest N/A N/A N/A 2 291 — 604
MetricStream, Inc. Warrant N/A N/A N/A 168 263 — 179
mParticle, Inc. Warrant N/A N/A N/A 26 10 92
Namely, Inc. Warrant N/A N/A N/A 17 28 — 27
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH Warrant N/A N/A N/A 4 9 — 24
Personify, Inc. LLC units N/A N/A N/A 639 828 0.1 960
Pride Midco, Inc. Preferred stock N/A N/A N/A 2 2,594 0.1 2,907
Project Alpha Intermediate Holding, Inc. Common Stock N/A N/A N/A 1 964 0.1 1,165
Project Alpha Intermediate Holding, Inc. Common Stock N/A N/A N/A 202 329 — 1,009
Project Silverback Holdings Corp. Preferred stock N/A N/A N/A 3 6 — —
RegEd Aquireco, LLC LP interest N/A N/A N/A — 316 — 154
RegEd Aquireco, LLC LP interest N/A N/A N/A 3 21 — —
Saturn Borrower Inc. LP units N/A N/A N/A 328 328 — 328
SnapLogic, Inc. Preferred stock N/A N/A N/A 278 695 0.1 1,030
SnapLogic, Inc. Warrant N/A N/A N/A 69 27 — 180
Telesoft Holdings LLC LP interest N/A N/A N/A 6 6 — 6
See Notes to Consolidated Financial Statements.
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Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Software - (continued)
Vendavo, Inc. Preferred stock N/A N/A N/A 1,017 $ 1,017 0.1 % $ 1,528
Workforce Software, LLC Common Stock N/A N/A N/A — 973 — 306
Xmatters, Inc. and Alarmpoint, Inc. Preferred stock N/A N/A N/A 474 494 0.1 643
Xmatters, Inc. and Alarmpoint, Inc. Warrant N/A N/A N/A 84 64 — 29
Xmatters, Inc. and Alarmpoint, Inc. Preferred stock N/A N/A N/A 20 26 — 26
13,263 0.7 16,179

See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Specialty Retail
2nd Ave. LLC LP interest N/A N/A N/A 653 $ 653 — % $ 561
Batteries Plus Holding Corporation LP interest N/A N/A N/A 10 1,287 0.1 1,245
Cycle Gear, Inc. LLC units N/A N/A N/A 27 462 — 775
DTLR, Inc. LLC interest N/A N/A N/A 4 411 0.1 1,233
Imperial Optical Midco Inc. Preferred stock N/A N/A N/A — 122 — 123
Jet Equipment & Tools Ltd.(8)(9)(12) LLC units N/A N/A N/A 1 947 0.1 1,919
Paper Source, Inc. Common Stock N/A N/A N/A 8 1,387 — —
Pet Holdings ULC(8)(12) LP interest N/A N/A N/A 677 483 — 221
Pet Supplies Plus, LLC(17) LLC units N/A N/A N/A 144 181 — 424
PPV Intermediate Holdings II, LLC LLC interest N/A N/A N/A 241 231 — 332
Sola Franchise, LLC and Sola Salon Studios, LLC LLC units N/A N/A N/A 4 496 — 465
Sola Franchise, LLC and Sola Salon Studios, LLC LLC units N/A N/A N/A 1 101 — 88
Southern Veterinary Partners, LLC LLC units N/A N/A N/A 1 717 — 930
Southern Veterinary Partners, LLC LLC units N/A N/A N/A 148 188 0.1 1,097
7,666 0.4 9,413
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc. LLC units N/A N/A N/A 97 604 — 721
Textiles, Apparel & Luxury Goods
Elite Sportswear, L.P. LLC interest N/A N/A N/A — 165 — —
Georgica Pine Clothiers, LLC(17) LLC interest N/A N/A N/A 20 239 — 118
Georgica Pine Clothiers, LLC(17) LLC units N/A N/A N/A — — — —
R.G. Barry Corporation Preferred stock N/A N/A N/A — 161 — 109
565 — 227
Total non-controlled/non-affiliate company equity investments $ 78,374 3.4 % $ 84,872
Total non-controlled/non-affiliate company investments $ 4,237,154 $ 4,328,227 174.2 % $ 4,177,474


















See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index (1)
Interest
Rate (2)
Maturity
Date
Principal ($) /
Shares (3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Non-controlled/affiliate company investments (18)
Debt investments
Beverages
Uinta Brewing Company(7) One stop L + 4.00% (a) 5.00% 08/2021 $ 962 $ 925 — % $ 210
Uinta Brewing Company(7) One stop L + 4.00% (a) 5.00% 08/2021 508 503 — 376
1,470 1,428 — 586
Consumer Finance
Paradigm DKD Group, LLC(7) Senior loan L + 6.25% (c) 7.50% 05/2022 3,228 2,103 0.1 2,449
Paradigm DKD Group, LLC(5)(7) Senior loan L + 6.25% (c) N/A(6) 05/2022 — (142) — 3
3,228 1,961 0.1 2,452
Electronic Equipment, Instruments and Components
Sloan Company, Inc., The(7) One stop L + 8.50% (c) 9.50% 04/2023 4,708 4,074 0.2 3,483
Sloan Company, Inc., The One stop L + 8.50% (c) 9.50% 04/2023 651 651 — 651
Sloan Company, Inc., The(7) One stop L + 8.50% (c) 9.50% 04/2023 312 272 — 231
5,671 4,997 0.2 4,365
Energy, Equipment & Services
Benetech, Inc.+ One stop L + 6.00% (a) 7.25% 08/2023 4,044 4,044 0.1 2,426
Benetech, Inc. One stop L + 6.00% (a)(f) 7.36% 08/2023 730 730 — 246
4,774 4,774 0.1 2,672
Healthcare Providers and Services
Dental Holdings Corporation*#(7) One stop L + 6.00% (c) 7.00% 03/2023 10,661 10,614 0.3 8,847
Dental Holdings Corporation One stop L + 6.00% (a)(c) 7.00% 03/2023 112 112 — 112
Elite Dental Partners LLC One stop L + 5.25% (c) 2.00% cash/4.25% PIK 06/2023 11,338 11,376 0.5 10,997
Elite Dental Partners LLC One stop L + 5.25% N/A(6) 06/2023 — — — —
22,111 22,102 0.8 19,956
Software
Switchfly LLC One stop L + 5.00% (c) 6.00% 10/1/2023 5,807 5,641 0.2 4,762
Switchfly LLC One stop L + 5.00% (c) 6.00% 10/1/2023 485 471 — 398
Switchfly LLC One stop L + 5.00% (b)(c) 6.00% 10/1/2023 36 36 — 30
Switchfly LLC(5) One stop L + 8.50% (c) 9.50% 10/1/2023 2 2 — (21)
6,330 6,150 0.2 5,169
Total non-controlled/affiliate debt investments $ 43,584 $ 41,412 1.4 % $ 35,200
Equity Investments (15)(16)
Beverages
Uinta Brewing Company Common Stock N/A N/A N/A 153 $ 17 — % $ —
Consumer Finance
Paradigm DKD Group, LLC+ LLC units N/A N/A N/A 354 115 — 8
Paradigm DKD Group, LLC+ LLC units N/A N/A N/A 71 — — —
Paradigm DKD Group, LLC+ LLC units N/A N/A N/A 2,004 — — —
115 — 8
See Notes to Consolidated Financial Statements.
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Consolidated Schedule of Investments - (continued)
September 30, 2020
(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)
Electronic Equipment, Instruments and Components
Sloan Company, Inc., The LLC units N/A N/A N/A — $ 152 — % $ —
Sloan Company, Inc., The LLC units N/A N/A N/A 2 14 — —
Sloan Company, Inc., The LLC units N/A N/A N/A — 40 — —
206 — —
Energy, Equipment & Services
Benetech, Inc. LLC interest N/A N/A N/A 59 — — —
Benetech, Inc. LLC interest N/A N/A N/A 59 — — —
— — —
Healthcare Providers and Services
Dental Holdings Corporation*# Common Stock N/A N/A N/A — 390 — 361
Elite Dental Partners LLC Preferred stock N/A N/A N/A — 2,902 0.1 2,902
Elite Dental Partners LLC LLC units N/A N/A N/A — 1,250 0.1 1,250
Elite Dental Partners LLC LLC units N/A N/A N/A — — — 219
4,542 0.2 4,732
Software
Switchfly LLC LLC units N/A N/A N/A 3,418 2,320 0.1 2,060
Total non-controlled/affiliate equity investments $ 7,200 0.3 % $ 6,800
Total non-controlled/affiliate investments $ 43,584 $ 48,612 1.7 % $ 42,000
Controlled affiliate company investments (19)
Debt Investments
IT Services
MMan Acquisition Co.*(7) One stop N/A 10.00% PIK 08/2023 $ 22,527 $ 19,774 0.7 % $ 16,853
MMan Acquisition Co.(7) One stop L + 8.00% 8.00% PIK 08/2023 1,358 1,358 0.1 1,358
23,885 21,132 0.8 18,211
Total controlled affiliate debt investments $ 23,885 $ 21,132 0.8 % $ 18,211
Equity Investments (15)(16)
IT Services
MMan Acquisition Co.*+ Common stocks N/A N/A N/A — $ 929 — % $ 525
Total controlled affiliate investments $ 23,885 $ 22,061 0.8 % $ 18,736
Total investments $ 4,304,623 $ 4,398,900 176.7 % $ 4,238,210
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)
0.03% (20)
37,205 1.6 % 37,205
Total money market funds $ 37,205 1.6 % $ 37,205
Total Investments and Money Market Funds $ 4,436,105 178.3 % $ 4,275,415

See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

*
Denotes that all or a portion of the loan secures the notes offered in the 2018 Debt Securitization (as defined in Note 7).
#
Denotes that all or a portion of the loan secures the notes offered in the GCIC 2018 Debt Securitization (as defined in Note 7).
^
Denotes that all or a portion of the loan secures the notes offered in the 2020 Debt Securitization (as defined in Note 7).
+
Denotes that all or a portion of the loan collateralizes the WF Credit Facility (as defined in Note 7).
!
Denotes that all or a portion of the loan collateralizes the DB Credit Facility (as defined in Note 7).
~
Denotes that all or a portion of the loan collateralizes the MS Credit Facility II (as defined in Note 7).
(1) The majority of the investments bear interest at a rate that is permitted to be determined by reference to LIBOR denominated in U.S. dollars or GBP, EURIBOR, or Prime which reset daily, monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over LIBOR, EURIBOR or Prime and the weighted average current interest rate in effect as of September 30, 2020. Certain investments are subject to a LIBOR, EURIBOR or Prime interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. Listed below are the index rates as of September 30, 2020, which was the last business day of the period on which LIBOR or EURIBOR was determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of September 30, 2020 , as the loan may have priced or repriced based on an index rate prior to September 30, 2020.
(a) Denotes that all or a portion of the loan was indexed to the 30-day LIBOR, which was 0.15% as of September 30, 2020.
(b) Denotes that all or a portion of the loan was indexed to the 60-day LIBOR, which was 0.19% as of September 30, 2020.
(c) Denotes that all or a portion of the loan was indexed to the 90-day LIBOR, which was 0.23% as of September 30, 2020.
(d) Denotes that all or a portion of the loan was indexed to the 180-day LIBOR, which was 0.26% as of September 30, 2020.
(e) Denotes that all or a portion of the loan was indexed to the 360-day LIBOR, which was 0.36% as of September 30, 2020.
(f) Denotes that all or a portion of the loan was indexed to the Prime rate, which was 3.25% as of September 30, 2020.
(g) Denotes that all or a portion of the loan was indexed to the 90-day EURIBOR, which was -0.50% as of September 30, 2020.
(h) Denotes that all or a portion of the loan was indexed to the 90-day GBP LIBOR, which was 0.06% as of September 30, 2020.
(i) Denotes that all or a portion of the loan was indexed to the 180-day GBP LIBOR, which was 0.09% as of September 30, 2020.
(j) Denotes that all or a portion of the loan was indexed to the Australia Three Month Interbank Rate, which was 0.14%, as of September 30, 2020.
(k) Denotes that all or a portion of the loan was indexed to the 90-day Canadian Bankers Acceptances Rate, which was 0.51%, as of September 30, 2020.
(2) For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of September 30, 2020.
(3) The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.
(4) The fair value of the investment was valued using significant unobservable inputs. See Note 6. Fair Value Measurements.
(5) The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
(6) The entire commitment was unfunded as of September 30, 2020. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.
(7) Loan was on non-accrual status as of September 30, 2020, meaning that the Company has ceased recognizing interest income on the loan.
(8) The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company can not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2020, total non-qualifying assets at fair value represented 4.7% of the Company's total assets calculated in accordance with the 1940 Act.
(9) Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date or the date of the transaction. See Note 2. Significant Accounting Policies and Recent Accounting Updates - Foreign Currency Transactions.
(10) The headquarters of this portfolio company is located in the United Kingdom.
(11) The headquarters of this portfolio company is located in Australia.
(12) The headquarters of this portfolio company is located in Canada.
(13) The headquarters of this portfolio company is located in Luxembourg.
(14) The headquarters of this portfolio company is located in Andorra.
(15) Equity investments are non-income producing securities unless otherwise noted.
(16) Ownership of certain equity investments occurs through a holding company or partnership.
(17) The Company holds an equity investment that entitles it to receive preferential dividends.
See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
(18) As defined in the 1940 Act, the Company is deemed to be an “affiliated person"” of the portfolio company as the Company owns five percent or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the year ended September 30, 2020 were as follows:
Portfolio Company
Fair value as of September 30, 2019
Gross Additions (l)
Gross Reductions (m)
Net change in unrealized gain (loss) Net realized gain (loss) Fair value as of September 30, 2020 Interest, dividend and fee income
Benetech, Inc.
$ 3,747 $ 1,049 $ (1,066) $ (1,058) $ — $ 2,672 $ 639
Dental Holdings Corporation (n)
— 17,771 (4,257) (946) (3,248) 9,320 292
Elite Dental Partners LLC (p)
— 51,406 (30,254) 770 (6,554) 15,368 1,307
Paradigm DKD Group, LLC (o)
— 3,371 (1,323) 412 — 2,460 (40)
Sloan Company, Inc., The (n)
— 18,483 (11,395) 2,067 (4,790) 4,365 (11)
Switchfly LLC
7,783 639 (95) (1,098) — 7,229 387
Uinta Brewing Company
1,045 2,072 (1,762) (769) — 586 2
Total Non-Controlled Affiliates
$ 12,575 $ 94,791 $ (50,152) $ (622) $ (14,592) $ 42,000 $ 2,576

(l)
Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(m)
Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.
(n)
During the three months ended March 31, 2020, the Company's ownership increased to over five percent of the portfolio company's voting securities.
(o)
During the three months ended June 30, 2020, the Company's ownership increased to over five percent of the portfolio company's voting securities.
(p)
During the three months ended September 30, 2020, the Company's ownership increased to over five percent of the portfolio company's voting securities.
(19) As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” of and “control” this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement) (“controlled affiliate”). Transactions related to investments in controlled affiliates for the year ended September 30, 2020 were as follows:
Portfolio Company
Fair value as of September 30, 2019
Gross Additions (q)
Gross Reductions (r)
Net change in unrealized gain (loss) Net realized gain (loss) Fair value as of September 30, 2020 Interest, dividend and fee income
MMan Acquisition Co. (s)
$ — $ 31,433 $ (11,842) $ (855) $ — $ 18,736 $ (86)
Senior Loan Fund LLC (t)
74,386 — (74,838) 496 (44) — —
GCIC Senior Loan Fund LLC (u)
49,258 — (48,613) 3,347 (3,992) — 1,905
Total Controlled Affiliates
$ 123,644 $ 31,433 $ (135,293) $ 2,988 $ (4,036) $ 18,736 $ 1,819

(q)
Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(r)
Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reductions in cost basis due to the Purchase Agreement (defined in Note 1), the amortization of premiums and the exchange of one or more existing securities for one or more new.
(s)
During the three months ended December 31, 2019, the Company's ownership increased to over twenty-five percent of the portfolio company's voting securities.
(t)
Prior to the closing of the transactions contemplated by the Purchase Agreement (defined in Note 1) on January 1, 2020, together with RGA Reinsurance Company (“RGA”), the Company co-invested through Senior Loan Fund (“SLF”). SLF was capitalized as transactions were completed and all portfolio and investment decisions in respect to SLF were approved by the SLF investment committee consisting of two representatives of the Company and RGA (with unanimous approval required from (i) one representative of each of the Company and RGA or (ii) both representatives of each of the Company and RGA). Therefore, although the Company owned more than 25% of the voting securities of SLF, the Company did not have sole control over significant actions of SLF for purposes of the 1940 Act or otherwise.
(u)
Prior to the closing of the transactions contemplated by the Purchase Agreement (defined in Note 1) on January 1, 2020, together with Aurora National Life Assurance Company (“Aurora”), the Company co-invested through GCIC Senior Loan Fund (“GCIC SLF”), following the acquisition of GCIC SLF in the merger with GCIC (described in Note 1). GCIC SLF was capitalized as transactions were completed and all portfolio and investment decisions in respect to GCIC SLF were approved by the GCIC SLF investment committee consisting of two representatives of the Company and Aurora (with unanimous approval required from (i) one representative of each of the Company and Aurora or (ii) both representatives of each of the Company and Aurora). Therefore, although the Company owned more than 25% of the voting securities of GCIC SLF, the Company did not have sole control over significant actions of GCIC SLF for purposes of the 1940 Act or otherwise.
(20) The rate shown is the annualized seven-day yield as of September 30, 2020.

See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 1. Organization

Golub Capital BDC, Inc. (“GBDC” and, collectively with its subsidiaries, the “Company”) is an externally managed, closed-end, non-diversified management investment company. GBDC has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, GBDC has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company’s investment strategy is to invest primarily in one stop (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by other middle-market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies. The Company also selectively invests in second lien and subordinated (a loan that ranks senior only to a borrower’s equity securities and ranks junior to all of such borrower’s other indebtedness in priority of payment) loans of, and warrants and minority equity securities in, U.S. middle-market companies. The Company has entered into the Investment Advisory Agreement (defined below) with GC Advisors LLC (the “Investment Adviser”), under which the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company. Under an administration agreement (the “Administration Agreement”) the Company is provided with certain services by an administrator (the “Administrator”), which is currently Golub Capital LLC.

On September 16, 2019, the Company completed its acquisition of Golub Capital Investment Corporation (“GCIC”), a Maryland corporation, pursuant to that certain Agreement and Plan of Merger (as amended, the “Merger Agreement”), dated as of November 27, 2018, by and among the Company, GCIC, Fifth Ave Subsidiary Inc., a Maryland corporation and wholly owned subsidiary of the Company (“Merger Sub”), the Investment Adviser, and, for certain limited purposes, the Administrator. Pursuant to the Merger Agreement, Merger Sub was first merged with and into GCIC, with GCIC as the surviving company (the “Initial Merger”), and, immediately following the Initial Merger, GCIC was then merged with and into the Company, with the Company as the surviving company (the Initial Merger and the subsequent merger, collectively, the “Merger”). Upon consummation of the Merger, the Company entered into the Third Amended and Restated Investment Advisory Agreement dated as of September 16, 2019 with the Investment Adviser (the “Investment Advisory Agreement”). The Investment Advisory Agreement replaced the Second Amended and Restated Investment Advisory Agreement by and between the Company and the Investment Adviser dated as of August 4, 2014 (the “Prior Investment Advisory Agreement”). Refer to Note 3 for more information on the Investment Advisory Agreement and the Prior Investment Advisory Agreement.

On January 1, 2020 the Company entered into a purchase agreement (the “Purchase Agreement”) with RGA Reinsurance Company (“RGA”), Aurora National Life Assurance Company (“Aurora”), Senior Loan Fund (“SLF”), and GCIC Senior Loan Fund LLC (“GCIC SLF”). Pursuant to the Purchase Agreement, RGA and Aurora (together the “Transferors”) agreed to sell their limited liability company (“LLC”) equity interests in SLF and GCIC SLF, respectively, to the Company, effective as of January 1, 2020. As a result of the Purchase Agreement, on January 1, 2020, SLF and GCIC SLF became wholly-owned subsidiaries of the Company and the capital commitments of the Transferors to SLF and GCIC SLF were terminated.

Note 2. Significant Accounting Policies and Recent Accounting Updates

Basis of presentation: The Company is an investment company as defined in the accounting and reporting guidance under Accounting Standards Codification (“ASC”) Topic 946 — Financial Services — Investment Companies (“ASC Topic 946”).
The accompanying interim consolidated financial statements of the Company and related financial information have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for the interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of financial results as of and for the periods presented. All intercompany balances and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. The unaudited interim consolidated financial statements and notes thereto should be read in conjunction with the
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
financial statements and notes thereto in the Company’s Form 10-K for the year ended September 30, 2020, as filed with the U.S. Securities and Exchange Commission (the “SEC”).

Fair value of financial instruments: The Company applies fair value to all of its financial instruments in accordance with ASC Topic 820 — Fair Value Measurement (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC Topic 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date.

The availability of observable inputs can vary depending on the financial instrument and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is traded on an active exchange or in the secondary market and the current market conditions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for financial instruments classified as Level 3.

Any changes to the valuation methodology are reviewed by management and the Company’s board of directors (the “Board”) to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Company will continue to refine its valuation methodologies. See further description of fair value methodology in Note 6. Fair Value Measurements.

Use of estimates: The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Consolidation: As provided under Regulation S-X and ASC Topic 946, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries Golub Capital BDC CLO 2014 LLC (“2014 Issuer”), Golub Capital BDC CLO III Depositor LLC (“2018 CLO Depositor”), Golub Capital BDC CLO III LLC (“2018 Issuer”), Golub Capital BDC Funding LLC (“Funding”), Golub Capital BDC Funding II LLC (“Funding II”), Golub Capital BDC Holdings, LLC (“BDC Holdings”), GC SBIC IV, L.P. (“SBIC IV”), GC SBIC V, L.P. (“SBIC V”), GC SBIC VI, L.P. (“SBIC VI”), GCIC Holdings LLC (“GCIC Holdings”), GCIC Funding LLC (“GCIC Funding”), GCIC CLO II Depositor LLC (“GCIC 2018 CLO Depositor”), GCIC CLO II LLC (“GCIC 2018 Issuer”), Golub Capital BDC CLO 4 LLC (“2020 Issuer”), Golub Capital BDC CLO 4 Depositor LLC (“2020 CLO Depositor”), GCIC Funding II LLC (“GCIC Funding II”), SLF, Senior Loan Fund II LLC (“SLF II”), GCIC SLF and GCIC Senior Loan Fund II LLC (“GCIC SLF II”). Prior to January 1, 2020, the Company did not consolidate its non-controlling interests in SLF, SLF II, GCIC SLF and GCIC SLF II (collectively, the “Senior Loan Funds” or “SLFs”). See further description of the Company’s previous investments in the SLFs in Note 4. Investments.

Assets related to transactions that do not meet ASC Topic 860 requirements for accounting sale treatment are reflected in the Company’s Consolidated Statements of Financial Condition as investments. Those assets are owned by special purpose entities, including BDC Holdings, 2014 Issuer, 2018 Issuer, 2020 Issuer, Funding, Funding II, GCIC Funding, GCIC Holdings, GCIC 2018 Issuer and GCIC Funding II that are consolidated in the Company’s consolidated financial statements. The creditors of the special purpose entities have received security interests in such assets and such assets are not intended to be available to the creditors of GBDC (or any affiliate of GBDC).

Cash, cash equivalents and foreign currencies: Cash, cash equivalents and foreign currencies are highly liquid investments with an original maturity of three months or less at the date of acquisition. The Company deposits its cash in financial institutions and, at times, such balances exceed the Federal Deposit Insurance Corporation insurance limits.
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

Restricted cash and cash equivalents and restricted foreign currencies: Restricted cash and cash equivalents and restricted foreign currencies include amounts that are collected and are held by trustees who have been appointed as custodians of the assets securing certain of the Company’s financing transactions. Restricted cash and cash equivalents and restricted foreign currencies are held by the trustees for payment of interest expense and principal on the outstanding borrowings or reinvestment into new assets. In addition, restricted cash and cash equivalents and restricted foreign currencies include amounts held within the Company’s small business investment company (“SBIC”) subsidiaries. The amounts held within the SBICs are generally restricted to the originations of new loans by the SBICs and the payment of U.S. Small Business Administration (“SBA”) debentures and related interest expense.

Foreign currency translation: The Company’s books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1) cash and cash equivalents, restricted cash and cash equivalents, fair value of investments, interest receivable, and other assets and liabilities—at the spot exchange rate on the last business day of the period; and

(2) purchases and sales of investments, income and expenses—at the exchange rates prevailing on the respective dates of such transactions.

Although net assets and fair values are presented based on the applicable foreign exchange rates described above, the Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in fair values of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Fluctuations arising from the translation of assets other than investments and liabilities are included with the net change in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations.

Foreign security and currency transactions involve certain considerations and risks not typically associated with investing in U.S. companies. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

Forward currency contracts: A forward currency contract is an obligation between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Company utilized forward currency contracts to economically hedge the currency exposure associated with certain foreign-denominated investments. The use of forward currency contracts does not eliminate fluctuations in the price of the underlying securities the Company owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the exchange rates on the contract date and reporting date and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized gains (losses) and unrealized appreciation (depreciation) on the contracts are included in the Consolidated Statements of Operations. Unrealized appreciation (depreciation) on forward currency contracts is recorded on the Consolidated Statements of Financial Condition by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable.

The primary risks associated with forward currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks can exceed the amounts reflected in the Consolidated Statements of Financial Condition.

Refer to Note 5 for more information regarding the forward currency contracts.

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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Revenue recognition:

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

Loan origination fees, original issue discount and market discount or premium are capitalized, and the Company accretes or amortizes such amounts over the life of the loan as interest income. For the three months ended December 31, 2020 and 2019, interest income included $4,606 and $3,968, respectively, of accretion of discounts. For the three months ended December 31, 2020 and 2019, the Company received loan origination fees of $8,665 and $4,295, respectively.

For investments with contractual PIK interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, the Company will not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not collectible. For the three months ended December 31, 2020 and 2019, the Company capitalized PIK interest of $4,725 and $1,633, respectively, into the principal balance of certain debt investments.

In addition, the Company generates revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, consulting fees and prepayment premiums on loans. The Company records these fees as fee income when earned. All other income is recorded into income when earned. For the three months ended December 31, 2020 and 2019, fee income included $721 and $63, respectively, of prepayment premiums, which fees are non-recurring.

For the three months ended December 31, 2020 and 2019, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of $73,973 and $85,623, respectively.

Dividend income on preferred equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Each distribution received from LLC and limited partnership (“LP”) investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.

For the three months ended December 31, 2020 and 2019, excluding the Company's investment in LLC equity interests in the SLFs, the Company recorded dividend income of $160 and $34, respectively, and return of capital distributions, excluding the Company's investment in LLC equity interests in the SLFs, of $0 and $0, respectively. For the three months ended December 31, 2020 and 2019, the Company recorded dividend income of $0 and $1,905, respectively, and return of capital distributions of $0 and $4,375, respectively, from the Company's investment in LLC equity interests in the SLFs.

Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the amortized cost basis of investment, without regard to unrealized gains or losses previously recognized. The Company reports current period changes in fair value of investments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investments and foreign currency translation in the Consolidated Statements of Operations.

Non-accrual loans: A loan can be left on accrual status during the period the Company is pursuing repayment of the loan. Management reviews all loans that become 90 days or more past due on principal and interest, or when there is reasonable doubt that principal or interest will be collected, for possible placement on non-accrual status. When a loan is placed on non-accrual status, unpaid interest credited to income is reversed. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans are recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
and interest is paid and, in management’s judgment, payments are likely to remain current. The total fair value of non-accrual loans was $52,860 and $69,315 as of December 31, 2020 and September 30, 2020, respectively.

Purchase accounting: The Merger was accounted for under the asset acquisition method of accounting in accordance with ASC 805 — Business Combinations — Related Issues ( “ASC Topic 805”), also referred to as “purchase accounting.” Under asset acquisition accounting, acquiring assets in groups not only requires ascertaining the cost of the asset (or net assets), but also allocating that cost to the individual assets (or individual assets and liabilities) that make up the group. Per ASC Topic 805, assets are recognized based on their cost to the acquiring entity, which generally includes transaction costs of the asset acquisition, and no gain or loss is recognized unless the fair value of noncash assets given as consideration differs from the assets carrying amounts on the acquiring entity’s books.

The cost of the group of assets acquired in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on the relative fair values of net identifiable assets acquired other than “non-qualifying” assets (for example cash) and does not give rise to goodwill. To the extent that the consideration paid to GCIC’s stockholders exceeded the relative fair values of the net identifiable assets of GCIC acquired other than “non-qualifying” assets, any such premium paid by the Company was further allocated to the cost of the GCIC assets acquired by the Company pro-rata to their relative fair value, other than “non-qualifying” assets. As GCIC did not have any “qualifying” assets at the time of acquisition, the premium was allocated to “non-qualifying” assets, which are GCIC’s investments in loans and equity securities, including its investment in GCIC SLF. Immediately following the acquisition of GCIC, the Company recorded its assets at their respective fair values and, as a result, the purchase premium allocated to the cost basis of the GCIC assets acquired was immediately recognized as unrealized depreciation on the Company's Consolidated Statement of Operations. The purchase premium allocated to investments in loan securities will amortize over the life of the loans through interest income, with a corresponding reversal of the unrealized depreciation on the loans acquired from GCIC through their ultimate disposition. Amortization expense of purchase premium for the three months ended December 31, 2020 and 2019, was $9,230 and $11,837 respectively. The purchase premium allocated to investments in equity securities will not amortize over the life of the equity securities through interest income and, assuming no subsequent change to the fair value of the equity securities acquired from GCIC and disposition of such equity securities at fair value, the Company will recognize a realized loss with a corresponding reversal of the unrealized depreciation upon disposition of the equity securities acquired from GCIC.

The Company's purchase of the equity interests in the Senior Loan Funds was accounted for under the asset acquisition method of accounting in accordance with ASC Topic 805. As of January 1, 2020, the Company allocated the cost to acquire the net assets of the Senior Loans Funds to the assets acquired and liabilities assumed based on the relative fair values of identifiable assets and liabilities. The total consideration transferred by the Company to acquire the Senior Loans Funds was $140,124, which was comprised of $17,011 paid to RGA and Aurora for their minority interests in the Senior Loan Funds and the derecognition of the Company's existing carrying cost of the investments in the Senior Loans Funds, as of January 1, 2020, of $123,113. As of January 1, 2020, the fair value of the net assets of the Senior Loan Funds was $136,088, which resulted in a $4,036 purchase premium that the Company recognized as realized loss in the Consolidated Statements of Operations for the three months ended March 31, 2020.

Income taxes: The Company has elected to be treated as a RIC under Subchapter M of the Code and operates in a manner so as to qualify for the tax treatment applicable to RICs. In order to qualify and be subject to tax as a RIC, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute dividends for U.S. federal income tax purposes to its stockholders of an amount generally at least equal to 90% of investment company taxable income, as defined by the Code and determined without regard to any deduction for dividends paid, for each tax year. The Company has made, and intends to continue to make, the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal income taxes with respect to all income distributed to its stockholders.

Depending on the level of taxable income earned in a tax year, the Company can determine to retain taxable income in excess of current year dividend distributions and distribute such taxable income in the next tax year. The Company may then be required to incur a 4% excise tax on such income. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. No U.S. deferral excise tax was incurred for each of the three months ended December 31, 2020 and 2019.

The Company accounts for income taxes in conformity with ASC Topic 740 — Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense or tax benefit in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized tax benefits or unrecognized tax liabilities related to uncertain income tax positions through December 31, 2020. The Company's tax returns for the 2017 through 2019 tax years remain subject to examination by U.S. federal and most state tax authorities.

Dividends and distributions: Dividends and distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend or distribution is determined by the Board each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are distributed at least annually, although the Company can retain such capital gains for investment in its discretion.

The Company has adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of any distributions the Company declares in cash on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, if the Board authorizes and the Company declares a cash distribution, then stockholders who participate in the DRIP will have their cash distribution reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. The Company expects to use newly issued shares under the guidelines of the DRIP if the Company’s shares are trading at a premium to net asset value. The Company can purchase shares in the open market in connection with the obligations under the plan, and in particular, if the Company’s shares are trading at a significant discount to net asset value (“NAV”) and the Company is otherwise permitted under applicable law to purchase such shares, the Company intends to purchase shares in the open market in connection with any obligations under the DRIP.

In the event the market price per share of the Company’s common stock on the date of a distribution exceeds the most recently computed NAV per share of the common stock, the Company will issue shares of common stock to participants in the DRIP at the greater of the most recently computed NAV per share of common stock or 95% of the current market price per share of common stock (or such lesser discount to the current market price per share that still exceeds the most recently computed NAV per share of common stock).

Share repurchase plan: The Company has a share repurchase program (the “Program”) which allows the Company to repurchase the Company’s outstanding common stock on the open market at prices below the Company’s NAV as reported in its most recently published consolidated financial statements. The Board most recently reapproved the Program in August 2020 and the Program is implemented at the discretion of management. Shares can be purchased from time to time at prevailing market prices, through open market transactions, including block transactions. The Program permits repurchases up to $150,000 of the Company's common stock. Prior to August 6, 2019, the Program permitted up to $75,000 in repurchases. The Company did not make any repurchases of its common stock during each of the three months ended December 31, 2020 and 2019.

Deferred debt issuance costs: Deferred debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of December 31, 2020 and September 30, 2020, the Company had deferred debt issuance costs of $10,822 and $5,896, respectively. These amounts are amortized and included in interest expense in the Consolidated Statements of Operations over the estimated average life of the borrowings. Amortization expense for deferred debt issuance costs for the three months ended December 31, 2020 and 2019, was $1,204 and $571, respectively.


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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 3. Related Party Transactions

Investment Advisory Agreement: Under the Investment Advisory Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, GBDC. The Board approved the Investment Advisory Agreement on July 11, 2019. The Board noted that the terms of the Investment Advisory Agreement did not change the calculation of the Capital Gain Incentive Fee or the management or incentive fee rates and that the changes, as compared to the Prior Investment Advisory Agreement, consisted of revisions to (i) exclude the impact of purchase accounting resulting from a merger, including the Merger, from the calculation of income subject to the income incentive fee payable and the calculation of the cumulative incentive fee cap under the Investment Advisory Agreement and (ii) convert the cumulative incentive fee cap into a per share calculation. At a meeting of the Company's stockholders held on September 4, 2019, the Company's stockholders voted to the approve the Investment Advisory Agreement, which was entered into and effective as of September 16, 2019, the closing of the Merger, and will continue for an initial two-year term. The Investment Adviser is a registered investment adviser with the SEC. The Investment Adviser receives fees for providing services, consisting of two components, a base management fee and an Incentive Fee (as defined below).

The base management fee is calculated at an annual rate equal to 1.375% of average adjusted gross assets at the end of the two most recently completed calendar quarters (including assets purchased with borrowed funds and securitization-related assets, leverage, unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit with custodian but adjusted to exclude cash and cash equivalents so that investors do not pay the base management fee on such assets) and is payable quarterly in arrears. Additionally, the Investment Adviser voluntarily excludes any assets funded with secured borrowing proceeds from the base management fee calculation. The base management fee is adjusted, based on the actual number of days elapsed relative to the total number of days in such calendar quarter, for any share issuances or repurchases during such calendar quarter. For purposes of the Investment Advisory Agreement, cash equivalents mean U.S. government securities and commercial paper instruments maturing within 270 days of purchase (which is different than the GAAP definition, which defines cash equivalents as U.S. government securities and commercial paper instruments maturing within 90 days of purchase). To the extent that the Investment Adviser or any of its affiliates provides investment advisory, collateral management or other similar services to a subsidiary of the Company, the base management fee will be reduced by an amount equal to the product of (1) the total fees paid to the Investment Adviser by such subsidiary for such services and (2) the percentage of such subsidiary’s total equity, including membership interests and any class of notes not exclusively held by one or more third parties, that is owned, directly or indirectly, by the Company.

The Company has structured the calculation of the Incentive Fee to include a fee limitation such that an Incentive Fee for any quarter can only be paid to the Investment Adviser if, after such payment, the cumulative Incentive Fees paid to the Investment Adviser, calculated on a per share basis, since April 13, 2010, the effective date of the Company’s election to become a BDC, would be less than or equal to 20.0% of the Company’s Cumulative Pre-Incentive Fee Net Income (as defined below).

The Company accomplishes this limitation by subjecting each quarterly Incentive Fee payable under the Income and Capital Gain Incentive Fee Calculation (as defined below) to a cap (the “Incentive Fee Cap”). The Investment Advisory Agreement, as compared to the Prior Investment Advisory Agreement, converts the cumulative incentive fee cap from an aggregate basis calculation to a per share calculation. Under the Prior Investment Advisory Agreement, the Incentive Fee would not be paid at any time if, after such payment, the cumulative incentive fees paid to date would be greater than 20.0% of the Company's Cumulative Pre-Incentive Fee Net Income since April 13, 2010. Under the Investment Advisory Agreement, the Incentive Fee Cap in any quarter is equal to the difference between (a) 20.0% of Cumulative Pre-Incentive Fee Net Income Per Share (as defined below) and (b) Cumulative Incentive Fees Paid Per Share (as defined below). To the extent the Incentive Fee Cap is zero or a negative value in any quarter, no Incentive Fee would be payable in that quarter. If, for any relevant period, the Incentive Fee Cap calculation results in the Company paying less than the amount of the Incentive Fee calculated above, then the difference between the Incentive Fee and the Incentive Fee Cap will not be paid by GBDC and will not be received by the Investment Adviser as an Incentive Fee either at the end of such relevant period or at the end of any future period. “Cumulative Pre-Incentive Fee Net Income Per Share” equals the sum of “Pre-Incentive Fee Net Income Per Share” (as defined below) for each quarterly period since April 13, 2010. “Pre-Incentive Fee Net Income Per Share” equals the sum of (i) Pre-Incentive Fee Net Investment Income (as defined below) and (ii) Adjusted Capital Returns for the applicable period, divided by (b) the weighted average number of shares of GBDC common stock
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
outstanding during such period. “Adjusted Capital Returns” for any period is the sum of the realized aggregate capital gains, realized aggregate capital losses, aggregate unrealized capital depreciation and aggregate unrealized capital appreciation for such period; provided that the calculation of realized aggregate capital gains, realized aggregate capital losses, aggregate unrealized capital depreciation and aggregate unrealized capital appreciation shall not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation resulting solely from the purchase accounting for any premium or discount paid for the acquisition of assets in a merger. “Cumulative Incentive Fees Paid Per Share” is equal to the sum of Incentive Fees Paid Per Share since April 13, 2010. “Incentive Fees Paid Per Share” for any period is equal to the Incentive Fees accrued and/or payable to the Company for such period, divided by the weighted average number of shares of common stock of GBDC during such period.

“Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the calendar quarter (including the base management fee, taxes, any expenses payable under the Investment Advisory Agreement and the Administration Agreement, any expenses of securitizations and any interest expense and dividends paid on any outstanding preferred stock, but excluding the Incentive Fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities, accrued income that the Company has not yet received in cash.

Incentive Fees are calculated and payable quarterly in arrears (or, upon termination of the Investment Advisory Agreement, as of the termination date).

The income and capital gains incentive fee calculation (the “Income and Capital Gain Incentive Fee Calculation”) has two parts, the income component (the “Income Incentive Fee”) and the capital gains component (the “Capital Gain Incentive Fee” and, together with the Income Incentive Fee, the “Incentive Fee”). The Income Incentive Fee is calculated quarterly in arrears based on the Company’s Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter.

For the three months ended December 31, 2020 and 2019, the Income Incentive Fee incurred was $2,004 and $5,904, respectively.

The Investment Advisory Agreement, as compared to the Prior Investment Advisory Agreement, excludes the impact of purchase accounting resulting from a merger, including the Merger, from the calculation of income subject to the Income Incentive Fee and the calculation of the Incentive Fee Cap. As a result, under the Investment Advisory Agreement, Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation or any amortization or accretion of any purchase premium or discount to interest income solely from the purchase accounting for any premium or discount paid for the acquisition of assets in a merger, such as the premium to net asset value paid for the shares of GCIC common stock in the Merger. Because of the structure of the Income Incentive Fee, it is possible that an Incentive Fee is calculated under this formula with respect to a period in which the Company has incurred a loss. For example, if the Company receives Pre-Incentive Fee Net Investment Income in excess of the hurdle rate (as defined below) for a calendar quarter, the Income Incentive Fee will result in a positive value and an Incentive Fee will be paid even if the Company has incurred a loss in such period due to realized and/or unrealized capital losses unless the payment of such Incentive Fee would cause the Company to pay Incentive Fees on a cumulative basis that exceed the Incentive Fee Cap.
Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company’s net assets (defined as total assets less indebtedness and before taking into account any Incentive Fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed “hurdle rate” of 2.0% quarterly. If market interest rates rise, it is possible that the Company will be able to invest funds in debt instruments that provide for a higher return, which would increase Pre-Incentive Fee Net Investment Income and make it easier for the Investment Adviser to surpass the fixed hurdle rate and receive an Incentive Fee based on such net investment income.
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The Company’s Pre-Incentive Fee Net Investment Income used to calculate this part of the Incentive Fee is also included in the amount of its total assets (excluding cash and cash equivalents but including assets purchased with borrowed funds and securitization-related assets, unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit with custodian) used to calculate the 1.375% base management fee annual rate.

The Company calculates the Income Incentive Fee with respect to its Pre-Incentive Fee Net Investment Income quarterly, in arrears, as follows:

• Zero in any calendar quarter in which the Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate;
• 100% of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.5% in any calendar quarter. This portion of the Company’s Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than 2.5%) is referred to as the “catch-up” provision. The catch-up is meant to provide the Investment Adviser with 20.0% of the Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply if the Company’s Pre-Incentive Fee Net Investment Income exceeds 2.5% in any calendar quarter; and
• 20.0% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.5% in any calendar quarter.

The Capital Gain Incentive Fee equals (a) 20.0% of the Company’s Capital Gain Incentive Fee Base (as defined below), if any, calculated in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date), which commenced with the calendar year ending December 31, 2010, less (b) the aggregate amount of any previously paid Capital Gain Incentive Fees. The Capital Gain Incentive Fee is calculated in the same manner under the Investment Advisory Agreement as under the Prior Investment Advisory Agreement. The Company’s “Capital Gain Incentive Fee Base” equals (1) the sum of (i) realized capital gains, if any, on a cumulative positive basis from the date the Company elected to become a BDC through the end of each calendar year, (ii) all realized capital losses on a cumulative basis and (iii) all unrealized capital depreciation on a cumulative basis less (2) all unamortized deferred debt issuance costs, if and to the extent such costs exceed all unrealized capital appreciation on a cumulative basis.

• The cumulative aggregate realized capital losses are calculated as the sum of the amounts by which (a) the net sales price of each investment in the Company’s portfolio when sold is less than (b) the accreted or amortized cost basis of such investment.
• The cumulative aggregate realized capital gains are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in the Company’s portfolio when sold and (b) the accreted or amortized cost basis of such investment.
• The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable Capital Gain Incentive Fee calculation date and (b) the accreted or amortized cost basis of such investment.

In accordance with GAAP, the Company also is required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee on a quarterly basis as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under either the Prior Investment Advisory Agreement or Investment Advisory Agreement, as applicable. If the Capital Gain Incentive Fee Base, adjusted as required by GAAP to include unrealized capital appreciation, is positive at the end of a period, then GAAP requires the Company to accrue a capital gain incentive fee equal to 20% of such amount, less the aggregate amount of the actual Capital Gain Incentive Fees paid and capital gain incentive fees accrued under GAAP in all prior periods. If such amount is negative, then there is no accrual for such period. The resulting accrual under GAAP in a given period results in additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. There can be no assurance that such unrealized capital appreciation will be realized in the future. For three months ended December 31, 2020 and 2019, the Company did not accrue a capital gain incentive fee. Changes in the accrual for the capital gain incentive fee are included in incentive fee in the Consolidated Statements of Operations. As of December 31, 2020 and September
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
30, 2020, there was no cumulative accrual of capital gain incentive fees under GAAP included in management and incentive fees payable on the Consolidated Statements of Financial Condition.

As of December 31, 2020 and September 30, 2020, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement as described above. Any payment due under the terms of the Investment Advisory Agreement or the Prior Investment Advisory Agreement, as applicable, is calculated in arrears at the end of each calendar year.

Administration Agreement: Under the Administration Agreement, the Administrator furnishes the Company with office facilities and equipment, provides the Company with clerical, bookkeeping and record keeping services at such facilities and provides the Company with other administrative services as the Administrator, subject to review by the Board, determines necessary to conduct the Company’s day-to-day operations. The Company reimburses the Administrator the allocable portion of overhead and other expenses incurred by it in performing its obligations under the Administration Agreement, including rent, fees and expenses associated with performing compliance functions and the Company's allocable portion of the cost of its chief financial officer and chief compliance officer and their respective staffs. The Board reviews such expenses to determine that these expenses, including any allocation of expenses among the Company and other entities for which the Administrator provides similar services, are reasonable and comparable to administrative services charged by unaffiliated third party asset managers. Under the Administration Agreement, the Administrator also provides, on the Company’s behalf, managerial assistance to those portfolio companies to which the Company is required to provide such assistance and will be paid an additional amount based on the cost of the services provided, which amount shall not exceed the amount the Company receives from such portfolio companies.

Included in accounts payable and other liabilities is $1,602 and $1,576 as of December 31, 2020 and September 30, 2020, respectively, for accrued allocated shared services under the Administration Agreement.

Other related party transactions: The Administrator pays for certain unaffiliated third-party expenses incurred by the Company. Such expenses include postage, printing, office supplies, rating agency fees and professional fees. These expenses are not marked-up and represent the same amount the Company would have paid had the Company paid the expenses directly. These expenses are subsequently reimbursed in cash.

Total expenses reimbursed to the Administrator during the three months ended December 31, 2020 and 2019, were $1,627 and $1,685, respectively.

As of December 31, 2020 and September 30, 2020, included in accounts payable and other liabilities were $1,475 and $1,627, respectively, for expenses paid on behalf of the Company by the Administrator.

The Company is party to an unsecured revolving credit facility with the Investment Adviser (as amended, the “Adviser Revolver”) which, as of December 31, 2020 and September 30, 2020 permits the Company to borrow a maximum of $100,000 and expires on June 21, 2022. Refer to Note 7. Borrowings for discussion of the Adviser Revolver.

As of December 31, 2020, an affiliate of the Investment Adviser held $25,000 of the Company's 2024 Unsecured Notes (discussed in Note 7).

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)











Note 4. Investments

Investments as of December 31, 2020 and September 30, 2020 consisted of the following:
As of December 31, 2020 As of September 30, 2020
Principal Amortized
Cost 		Fair
Value 		Principal Amortized
Cost 		Fair
Value
Senior secured $ 741,761 $ 732,386 $ 706,935 $ 683,735 $ 676,285 $ 640,213
One stop 3,751,840 3,755,299 3,667,769 3,600,711 3,615,685 3,485,585
Second lien 27,965 28,038 27,821 19,640 19,886 19,640
Subordinated debt 302 300 349 537 541 575
Equity N/A 88,795 104,344 N/A 86,503 92,197
Total $ 4,521,868 $ 4,604,818 $ 4,507,218 $ 4,304,623 $ 4,398,900 $ 4,238,210


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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The following tables show the portfolio composition by geographic region at amortized cost and fair value as a percentage of total investments in portfolio companies. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which is not always indicative of the primary source of the portfolio company’s business.
As of December 31, 2020 As of September 30, 2020
Amortized Cost:
United States
Mid-Atlantic $ 915,626 19.9 % $ 887,138 20.2 %
Midwest 842,674 18.3 805,618 18.3
West 787,046 17.1 709,961 16.1
Southeast 1,065,375 23.1 1,052,544 23.9
Southwest 514,942 11.2 478,702 10.9
Northeast 323,168 7.0 328,627 7.5
Canada 116,530 2.5 99,937 2.3
United Kingdom 36,186 0.8 21,264 0.5
Australia 2,300 0.1 2,301 0.0 *
Luxembourg 971 0.0 * 973 0.0 *
Andorra — 0.0 11,835 0.3
Total $ 4,604,818 100.0 % $ 4,398,900 100.0 %
Fair Value:
United States
Mid-Atlantic $ 897,760 19.9 % $ 861,772 20.3 %
Midwest 822,697 18.3 779,271 18.4
West 771,372 17.1 677,712 16.0
Southeast 1,039,467 23.1 1,014,912 23.9
Southwest 501,817 11.1 456,111 10.8
Northeast 315,711 7.0 314,611 7.4
Canada 117,910 2.6 98,112 2.3
United Kingdom 37,042 0.8 21,035 0.5
Australia 2,549 0.1 2,373 0.1
Luxembourg 893 0.0 * 896 0.0 *
Andorra — 0.0 11,405 0.3
Total $ 4,507,218 100.0 % $ 4,238,210 100.0 %
* Represents an amount less than 0.1%.

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The industry compositions of the portfolio at amortized cost and fair value as of December 31, 2020 and September 30, 2020 were as follows:
As of December 31, 2020 As of September 30, 2020
Amortized Cost:
Aerospace and Defense $ 113,577 2.5 % $ 98,894 2.2 %
Airlines 971 0.0 * 973 0.0 *
Auto Components 21,333 0.5 21,194 0.5
Automobiles 93,282 2.0 52,056 1.2
Beverages 37,284 0.8 37,400 0.9
Biotechnology 16,401 0.4 16,438 0.4
Building Products 8,474 0.2 31,939 0.7
Chemicals 14,899 0.3 14,943 0.3
Commercial Services and Supplies 149,434 3.2 129,444 2.9
Construction & Engineering 49,445 1.1 46,261 1.1
Consumer Finance 2,073 0.0 * 2,076 0.0 *
Containers and Packaging 21,930 0.5 19,523 0.4
Distributors 3,273 0.1 3,282 0.1
Diversified Consumer Services 91,238 2.0 64,380 1.5
Diversified Financial Services 60,838 1.3 56,953 1.3
Electric Utilities 11,395 0.2 13,311 0.3
Electronic Equipment, Instruments and Components 84,417 1.8 63,902 1.5
Energy Equipment and Services 4,547 0.1 4,774 0.1
Food and Staples Retailing 159,354 3.5 134,224 3.1
Food Products 48,803 1.1 56,062 1.3
Health Care Technology 199,193 4.3 223,224 5.1
Healthcare Equipment and Supplies 168,150 3.7 178,676 4.1
Healthcare Providers and Services 666,237 14.5 628,734 14.3
Hotels, Restaurants and Leisure 175,524 3.8 177,058 4.0
Household Durables 5,184 0.1 4,895 0.1
Household Products 3,891 0.1 3,896 0.1
Industrial Conglomerates 20,150 0.4 4,691 0.1
Insurance 110,219 2.4 109,109 2.5
Internet and Catalog Retail 10,014 0.2 10,123 0.2
IT Services 358,432 7.8 364,699 8.3
Leisure Products 11,735 0.3 11,682 0.3
Life Sciences Tools & Services 51,524 1.1 48,145 1.1
Machinery 29,615 0.6 29,373 0.6
Marine 10,491 0.2 — 0.0
Multiline Retail 46,378 1.0 46,372 1.1
Oil, Gas and Consumable Fuels 85,853 1.9 85,924 2.0
Paper and Forest Products 9,056 0.2 9,126 0.2
Personal Products 37,397 0.8 37,520 0.8
Pharmaceuticals 53,683 1.2 55,639 1.3
Professional Services 93,639 2.0 90,590 2.0
Real Estate Management and Development 65,614 1.4 66,172 1.5
Road and Rail 23,521 0.5 23,610 0.5
Software 1,012,392 22.0 937,060 21.3
Specialty Retail 297,805 6.5 317,697 7.2
Technology Hardware, Storage and Peripherals 24,028 0.5 24,069 0.5
Textiles, Apparel and Luxury Goods 42,125 0.9 42,787 1.0
Total $ 4,604,818 100.0 % $ 4,398,900 100.0 %
* Represents an amount less than 0.1%.
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

As of December 31, 2020 As of September 30, 2020
Fair Value:
Aerospace and Defense $ 109,157 2.4 % $ 93,061 2.2 %
Airlines 893 0.0 * 896 0.0 *
Auto Components 20,153 0.4 19,518 0.5
Automobiles 93,340 2.1 52,972 1.2
Beverages 34,569 0.8 33,874 0.9
Biotechnology 17,024 0.4 16,902 0.4
Building Products 9,423 0.2 32,824 0.7
Chemicals 14,206 0.3 13,948 0.3
Commercial Services and Supplies 147,443 3.3 126,680 2.9
Construction & Engineering 49,168 1.1 44,892 1.1
Consumer Finance 2,497 0.1 2,460 0.0 *
Containers and Packaging 19,748 0.4 16,669 0.4
Distributors 3,104 0.1 3,046 0.1
Diversified Consumer Services 82,197 1.8 54,066 1.5
Diversified Financial Services 59,738 1.3 55,223 1.3
Electric Utilities 11,368 0.2 13,228 0.3
Electronic Equipment, Instruments and Components 83,396 1.9 62,723 1.5
Energy Equipment and Services 2,474 0.1 2,672 0.1
Food and Staples Retailing 154,510 3.4 119,614 3.1
Food Products 53,443 1.2 60,420 1.3
Health Care Technology 198,447 4.4 219,166 5.1
Healthcare Equipment and Supplies 161,535 3.6 172,274 4.1
Healthcare Providers and Services 633,099 14.0 583,926 14.3
Hotels, Restaurants and Leisure 164,854 3.7 165,722 4.0
Household Durables 5,329 0.1 4,999 0.1
Household Products 3,818 0.1 3,817 0.1
Industrial Conglomerates 20,160 0.4 4,567 0.1
Insurance 111,618 2.5 109,156 2.5
Internet and Catalog Retail 9,089 0.2 9,489 0.2
IT Services 355,256 7.9 356,500 8.3
Leisure Products 11,097 0.2 11,389 0.3
Life Sciences Tools & Services 51,970 1.2 47,871 1.1
Machinery 26,222 0.6 25,727 0.6
Marine 10,487 0.2 — 0.0
Multiline Retail 46,488 1.0 46,488 1.1
Oil, Gas and Consumable Fuels 85,216 1.9 82,811 2.0
Paper and Forest Products 8,628 0.2 8,597 0.2
Personal Products 33,242 0.7 33,323 0.8
Pharmaceuticals 54,930 1.2 56,050 1.3
Professional Services 91,934 2.0 87,116 2.0
Real Estate Management and Development 65,651 1.5 63,111 1.5
Road and Rail 22,855 0.5 22,951 0.5
Software 1,013,021 22.5 924,825 21.3
Specialty Retail 296,359 6.6 311,117 7.2
Technology Hardware, Storage and Peripherals 23,536 0.5 23,597 0.5
Textiles, Apparel and Luxury Goods 34,526 0.8 37,933 1.0
Total $ 4,507,218 100.0 % $ 4,238,210 100.0 %
* Represents an amount less than 0.1%.



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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

Senior Loan Fund LLC:

Effective January 1, 2020, the Company purchased the remaining equity interests in SLF from RGA and consolidated SLF's assets and liabilities into the Company's financial statements and notes. Prior to January 1, 2020, the Company co-invested with RGA in senior secured loans through SLF, an unconsolidated Delaware LLC. SLF was capitalized as transactions were completed and all portfolio and investment decisions in respect of SLF were approved by the SLF investment committee consisting of two representatives of each of the Company and RGA (with unanimous approval required from (i) one representative of each of the Company and RGA or (ii) both representatives of each of the Company and RGA). SLF could have ceased making new investments upon notification of either member but operations would have continued until all investments were sold or paid-off in the normal course of business. Investments held by SLF were measured at fair value using the same valuation methodologies as described in Note 6.

For the three months ended December 31, 2019, the Company did not receive dividend income from the LLC equity interests in SLF.
See below for certain summarized financial information for SLF for the three months ended December 31, 2019:
Selected Statement of Operations Information:
Interest income $ 2,800
Total investment income 2,800
Interest and other debt financing expense 634
Administrative service fee 61
Other expenses (15)
Total expenses 680
Net investment income 2,120
Net change in unrealized appreciation (depreciation) on investments (1,603)
Net increase in members' equity $ 517

GCIC Senior Loan Fund LLC:

Effective January 1, 2020, the Company purchased the remaining equity interests in GCIC SLF from Aurora and consolidated GCIC SLF's assets and liabilities into the Company's financial statements and notes. Following the acquisition of GCIC SLF in the Merger, the Company co-invested with Aurora, a wholly-owned subsidiary of RGA Reinsurance Company, in senior secured loans through GCIC SLF, an unconsolidated Delaware LLC. The Company acquired the investment in GCIC SLF through its acquisition of GCIC on September 16, 2019. GCIC SLF was capitalized as transactions were completed and all portfolio and investment decisions in respect of GCIC SLF were approved by the GCIC SLF investment committee consisting of two representatives of each of the Company and Aurora (with unanimous approval required from (i) one representative of each of the Company and Aurora or (ii) both representatives of each of the Company and Aurora). GCIC SLF could have ceased making new investments upon notification of either member but operations would have continued until all investments were sold or paid-off in the normal course of business. Investments held by GCIC SLF were measured at fair value by GCIC SLF using the same valuation methodologies as described in Note 6.

For the three months ended December 31, 2019, the Company earned $1,905 of dividend income from the LLC equity interest in GCIC SLF.

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
See below for certain summarized financial information for GCIC SLF for the three months ended December 31, 2019:
Selected Statement of Operations Information:
Interest income $ 2,081
Total investment income 2,081
Interest and other debt financing expenses 512
Administrative service fee 45
Other expenses (24)
Total expenses 533
Net investment income 1,548
Net change in unrealized appreciation (depreciation) on investments
(108)
Net increase in members' equity $ 1,440




Note 5. Forward Currency Contracts

The Company enters into forward currency contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company's investments denominated in foreign currencies.

The outstanding forward currency contracts as of December 31, 2020 and September 30, 2020 were as follows:
As of December 31, 2020
Counterparty Currency to be sold Currency to be purchased Settlement date Unrealized appreciation ($) Unrealized depreciation ($)
Macquarie Bank Limited £ 8,925 GBP $ 11,219 USD 2/28/2023 $ — $ (1,028)
Macquarie Bank Limited £ 3,780 GBP $ 4,804 USD 3/27/2023 — (383)
Macquarie Bank Limited € 6,760 EUR $ 8,044 USD 4/28/2023 — (625)
Macquarie Bank Limited € 9,300 EUR $ 10,861 USD 4/29/2022 — (378)
Macquarie Bank Limited £ 10,058 GBP $ 12,706 USD 7/17/2023 — (1,108)
Macquarie Bank Limited £ 2,228 GBP $ 2,903 USD 4/28/2023 — (155)
Macquarie Bank Limited $ 18,425 CAD $ 13,783 USD 10/30/2023 — (622)
Macquarie Bank Limited € 13,960 EUR $ 16,735 USD 4/28/2023 — (657)
$ — $ (4,956)

As of September 30, 2020
Counterparty Currency to be sold Currency to be purchased Settlement date Unrealized appreciation ($) Unrealized depreciation ($)
Macquarie Bank Limited £ 8,925 GBP $ 11,219 USD 2/28/2023 $ — $ (361)
Macquarie Bank Limited £ 3,780 GBP $ 4,804 USD 3/27/2023 — (101)
Macquarie Bank Limited € 6,760 EUR $ 8,044 USD 4/28/2023 — (187)
Macquarie Bank Limited € 9,300 EUR $ 10,861 USD 4/29/2022 — (60)
Macquarie Bank Limited £ 10,058 GBP $ 12,706 USD 7/17/2023 — (355)
$ — $ (1,064)

In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) with its derivative counterparty, Macquarie Bank Limited (“Macquarie”). The ISDA Master Agreement is a bilateral agreement between the Company and Macquarie that governs over the
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
counter (“OTC”) derivatives, including forward currency contracts, and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Company and cash collateral received from Macquarie, if any, is included in the Consolidated Statements of Financial Condition as cash collateral held at broker for forward currency contracts or cash collateral received from broker for forward currency contracts. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties.

The following table is intended to provide additional information about the effect of the forward currency contracts on the financial statements of the Company including: the fair value of derivatives by risk category, the location of those fair values on the Consolidated Statements of Financial Condition, and the Company’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Company as of December 31, 2020 and September 30, 2020.
As of December 31, 2020
Counterparty Risk exposure category Unrealized appreciation on forward currency contracts Unrealized depreciation on forward currency contracts Net amounts presented in the Consolidated Statement of Financial Condition
Collateral (Received) Pledged (1)
Net Amount (2)
Macquarie Bank Limited Foreign exchange $ — $ (4,956) $ (4,956) $ 4,956 $ —

As of September 30, 2020
Counterparty Risk exposure category Unrealized appreciation on forward currency contracts Unrealized depreciation on forward currency contracts Net amounts presented in the Consolidated Statement of Financial Condition
Collateral (Received) Pledged (1)
Net Amount (2)
Macquarie Bank Limited Foreign exchange $ — $ (1,064) $ (1,064) $ 1,064 $ —

(1) The actual collateral pledged may be more than the amount shown due to over collateralization.
(2) Represents the net amount due from/(to) counterparties in the event of default.
The impact of derivative transactions for the three months ended December 31, 2020 and 2019 on the Consolidated Statements of Operations, including realized and unrealized gains (losses) is summarized in the table below:
Realized gain (loss) on forward currency contracts recognized in income
Risk exposure category Three months ended December 31,
2020 2019
Foreign exchange $ — $ —
Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income
Risk exposure category Three months ended December 31,
2020 2019
Foreign exchange $ (3,892) $ (1,250)

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The following table is a summary of the average outstanding daily volume for forward currency contracts for the three months ended December 31, 2020 and 2019:

Average U.S. Dollar notional outstanding Three months ended December 31,
2020 2019
Forward currency contracts $ 71,247 $ 29,997

Exclusion of the Investment Adviser from Commodity Pool Operator Definition

Engaging in commodity interest transactions such as swap transactions or futures contracts for the Company may cause the Investment Adviser to fall within the definition of “commodity pool operator” under the Commodity Exchange Act (the “CEA”) and related Commodity Futures Trading Commission (the “CFTC”) regulations. On February 6, 2020, the Investment Adviser claimed an exclusion from the definition of the term “commodity pool operator” under the CEA and the CFTC regulations in connection with its management of the Company and, therefore, is not subject to CFTC registration or regulation under the CEA as a commodity pool operator with respect to its management of the Company.


Note 6. Fair Value Measurements

The Company follows ASC Topic 820 for measuring fair value. Fair value is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the assets or liabilities or market and the assets’ or liabilities’ complexity. The Company’s fair value analysis includes an analysis of the value of any unfunded loan commitments. Assets and liabilities are categorized for disclosure purposes based upon the level of judgment associated with the inputs used to measure their value. The valuation hierarchical levels are based upon the transparency of the inputs to the valuation of the asset or liability as of the measurement date. The three levels are defined as follows:

Level 1: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2: Inputs include quoted prices for similar assets or liabilities in active markets and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the assets or liabilities.

Level 3: Inputs include significant unobservable inputs for the assets or liabilities and include situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value are based upon the best information available and require significant management judgment or estimation.

In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the three months ended December 31, 2020 and 2019. The following section describes the valuation techniques used by the Company to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Board, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of the Board to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with approximately 25% (based on the number of portfolio companies) of the Company’s valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. All investments as of December 31, 2020 and September 30, 2020, with the exception of money market funds included in cash, cash equivalents and restricted cash and cash equivalents (Level 1 investments) and forward currency contracts (Level 2 investments), were valued using Level 3 inputs.

When determining fair value of Level 3 debt and equity investments, the Company takes into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that affect the price at which similar investments are made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”). A portfolio company’s EBITDA can include pro forma adjustments for items such as acquisitions, divestitures, or expense reductions. The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Company will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Company uses a market interest rate yield analysis to determine fair value.

In addition, for certain debt investments, the Company bases its valuation on indicative bid and ask prices provided by an independent third party pricing service. Bid prices reflect the highest price that the Company and others may be willing to pay. Ask prices represent the lowest price that the Company and others may be willing to accept. The Company generally uses the midpoint of the bid/ask range as its best estimate of fair value of such investment.

Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that are ultimately received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company could realize significantly less than the value at which such investment had previously been recorded. The Company’s investments are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded.

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The following tables present fair value measurements of the Company’s investments and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of December 31, 2020 and September 30, 2020:
As of December 31, 2020 Fair Value Measurements Using
Description Level 1 Level 2 Level 3 Total
Assets, at fair value:
Debt investments (1)
$ — $ — $ 4,402,874 $ 4,402,874
Equity investments (1)
— — 104,344 104,344
Money market funds (1)(2)
42,776 — — 42,776
Total assets, at fair value: $ 42,776 $ — $ 4,507,218 $ 4,549,994
Liabilities at fair value:
Forward currency contracts $ — $ (4,956) $ — $ (4,956)
Total liabilities, at fair value: $ — $ (4,956) $ — $ (4,956)

As of September 30, 2020 Fair Value Measurements Using
Description Level 1 Level 2 Level 3 Total
Assets, at fair value:
Debt investments (1)
$ — $ — $ 4,146,013 $ 4,146,013
Equity investments (1)
— — 92,197 92,197
Money market funds (1)(2)
37,205 — — 37,205
Total assets, at fair value: $ 37,205 $ — $ 4,238,210 $ 4,275,415
Liabilities at fair value:
Forward currency contracts $ — $ (1,064) $ — $ (1,064)
Total liabilities, at fair value: $ — $ (1,064) $ — $ (1,064)

(1) Refer to the Consolidated Schedules of Investments for further details.
(2) Included in cash and cash equivalents, restricted cash and cash equivalents, foreign currencies and restricted foreign currencies on the Consolidated Statements of Financial Condition.

The net change in unrealized appreciation (depreciation) for the three months ended December 31, 2020 and 2019, reported within the net change in unrealized appreciation (depreciation) on investments in the Company's Consolidated Statements of Operations attributable to the Company's Level 3 assets held as of December 31, 2020 and 2019 was $46,683 and $10,027, respectively.

The following tables present the changes in investments measured at fair value using Level 3 inputs for the three months ended December 31, 2020 and 2019:
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

For the three months ended December 31, 2020
Debt
Investments 		Equity
Investments 		Total
Investments
Fair value, beginning of period $ 4,146,013 $ 92,197 $ 4,238,210
Net change in unrealized appreciation (depreciation) on investments 53,236 9,854 63,090
Realized gain (loss) on investments (5,412) 3,798 (1,614)
Funding of (proceeds from) revolving loans, net (3,911) — (3,911)
Fundings of investments 481,021 8,986 490,007
PIK interest 4,725 — 4,725
Proceeds from principal payments and sales of portfolio investments (268,174) (10,491) (278,665)
Accretion of discounts and amortization of premiums (4,624) — (4,624)
Fair value, end of period $ 4,402,874 $ 104,344 $ 4,507,218

For the three months ended December 31, 2019
Debt
Investments 		Equity
Investments 		Total
Investments
Fair value, beginning of period $ 4,083,298 $ 85,990 $ 4,169,288
Net change in unrealized appreciation (depreciation) on investments 14,691 1,716 16,407
Realized gain (loss) on investments 59 2,597 2,656
Funding of (proceeds from) revolving loans, net 239 — 239
Fundings of investments 294,799 2,015 296,814
PIK interest 1,633 — 1,633
Proceeds from principal payments and sales of portfolio investments (144,594) (5,356) (149,950)
Accretion of discounts and amortization of premiums (7,869) — (7,869)
Fair value, end of period $ 4,242,256 $ 86,962 $ 4,329,218


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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of December 31, 2020 and September 30, 2020.
Quantitative information about Level 3 Fair Value Measurements
Fair value as of December 31, 2020 Valuation Techniques Unobservable Input
Range (Weighted Average) (1)
Assets:
Senior secured loans (2)
$ 703,648 Market rate approach Market interest rate 3.7% - 14.0% (6.3%)
Market comparable companies EBITDA multiples 6.0x - 20.0x (12.4x)
3,002 Market comparable Broker/dealer bids or quotes N/A
285 Collateral analysis Recovery rate 2.1%
One stop loans (3)(4)
$ 3,667,769 Market rate approach Market interest rate 4.8% - 29.5% (8.0%)
Market comparable companies EBITDA multiples 4.5x - 27.0x (14.8x)
Revenue multiples 1.5x - 13.9x (6.7x)
Subordinated debt and second lien loans (5)
$ 28,170 Market rate approach Market interest rate 6.0% - 19.5% (10.7%)
Market comparable companies EBITDA multiples 8.0x - 21.0x (15.0x)
Revenue multiples 4.0x -8.8x (8.5x)
Equity (6)
$ 104,344 Market comparable companies EBITDA multiples 4.5x - 30.1x (14.3x)
Revenue multiples 1.5x - 13.9x (6.2x)

(1) Unobservable inputs were weighted by the relative fair value of the instruments.
(2) $14,999 of loans at fair value were valued using the market comparable companies approach only.
(3) $45,840 of loans at fair value were valued using the market comparable companies approach only.
(4) The Company valued $3,204,793 and $462,976 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.
(5) The Company valued $27,976 and $194 of subordinated debt and second lien loans using EBITDA and revenue multiples, respectively. All subordinated debt and second lien loans were also valued using the market rate approach.
(6) The Company valued $89,871 and $14,473 of equity investments using EBITDA and revenue multiples, respectively.

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Quantitative information about Level 3 Fair Value Measurements
Fair value as of September 30, 2020 Valuation Techniques Unobservable Input
Range
(Weighted Average) (1)
Assets:
Senior secured loans (2)
$ 637,012 Market rate approach Market interest rate 3.7% - 21.5% (6.9%)
Market comparable companies EBITDA multiples 4.4x - 20.0x (12.4x)
2,910 Market comparable Broker/dealer bids or quotes N/A
291 Collateral analysis Recovery rate 2.2%
One stop loans (3)(4)
$ 3,485,585 Market rate approach Market interest rate 1.0% - 27.8% (8.2%)
Market comparable companies EBITDA multiples 4.5x - 27.0x (13.7x)
Revenue multiples 1.5x - 16.2x (5.8x)
Subordinated debt and second lien loans (5)
$ 20,215 Market rate approach Market interest rate 6.0% - 19.5% (10.6%)
Market comparable companies EBITDA multiples 8.5x - 21.3x (15.3x)
Revenue multiples 4.0x -8.5x (8.3x)
Equity (6)
$ 92,197 Market comparable companies EBITDA multiples 4.5x - 24.5x (14.1x)
Revenue multiples 1.5x - 16.2x (6.7x)

(1) Unobservable inputs were weighted by the relative fair value of the instruments.
(2) $12,488 of loans at fair value were valued using the market comparable companies approach only.
(3) $39,207 of loans at fair value were valued using the market comparable companies approach only.
(4) The Company valued $3,055,404 and $430,181 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.
(5) The Company valued $20,030 and $185 of second lien and subordinated debt loans using EBITDA and revenue multiples, respectively. All second lien and subordinated debt loans were also valued using the market rate approach.
(6) The Company valued $79,783 and $12,414 of equity investments using EBITDA and revenue multiples, respectively.

The above tables are not intended to be all-inclusive but rather to provide information on significant unobservable inputs and valuation techniques used by the Company.

The significant unobservable inputs used in the fair value measurement of the Company’s debt and equity investments are EBITDA multiples, revenue multiples and market interest rates. The Company uses EBITDA multiples and, to a lesser extent, revenue multiples on its debt and equity investments to determine any credit gains or losses. Increases or decreases in either of these inputs in isolation would have resulted in a significantly lower or higher fair value measurement. The Company uses market interest rates for loans to determine if the effective yield on a loan is commensurate with the market yields for that type of loan. If a loan’s effective yield was significantly less than the market yield for a similar loan with a similar credit profile, then the resulting fair value of the loan may have been lower.

Other Financial Assets and Liabilities

ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. As a result, with the exception of the line item titled “debt” which is reported at cost, all assets and liabilities approximate fair value on the Consolidated Statements of Financial Condition due to their short maturity. Fair value of the Company’s debt is estimated using Level 3 inputs by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date, if available.

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The following are the carrying values and fair values of the Company’s debt as of December 31, 2020 and September 30, 2020.

As of December 31, 2020 As of September 30, 2020
Carrying Value Fair Value Carrying Value Fair Value
Debt $ 2,332,563 $ 2,355,976 $ 2,023,698 $ 2,032,457

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 7. Borrowings

In accordance with the 1940 Act, with certain limited exceptions, prior to February 6, 2019, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing. On February 5, 2019, the Company’s stockholders voted to approve the asset coverage requirement decrease to 150% from 200% in accordance with Section 61(a)(2) of the 1940 Act. Effective February 6, 2019, the reduced asset coverage requirement permits the Company to have a ratio of total consolidated assets to outstanding indebtedness of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement.  The Company currently intends to target a GAAP debt-to-equity ratio between 0.85 to 1.15x. On September 13, 2011, the Company received exemptive relief from the SEC allowing it to modify the asset coverage requirement to exclude the SBA debentures from its asset coverage calculation. As such, the Company’s ratio of total consolidated assets to outstanding indebtedness could be less than the applicable asset coverage requirement under the 1940 Act. This provides the Company with increased investment flexibility but also increases its risks related to leverage. As of December 31, 2020, the Company’s asset coverage for borrowed amounts was 216.0% (excluding the SBA debentures).

Debt Securitizations:

On June 5, 2014, the Company completed a $402,569 term debt securitization (“2014 Debt Securitization”). The notes (“2014 Notes”) offered in the 2014 Debt Securitization were issued by the 2014 Issuer and are secured by a diversified portfolio of senior secured and second lien loans held by the 2014 Issuer. The 2014 Debt Securitization initially consisted of $191,000 of Aaa/AAA Class A-1 2014 Notes, $20,000 of Aaa/AAA Class A-2 2014 Notes and $35,000 of Aa2/AA Class B 2014 Notes. In partial consideration for the loans transferred to the 2014 Issuer as part of the 2014 Debt Securitization, the Company received and retained $37,500 of Class C 2014 Notes and $119,069 of LLC equity interests in the 2014 Issuer. On March 23, 2018, the Company and the 2014 Issuer amended the 2014 Debt Securitization to, among other things, (a) refinance the issued Class A-1 2014 Notes by redeeming in full the $191,000 of Class A-1 2014 Notes and issuing new Class A-1-R 2014 Notes in an aggregate principal amount of $191,000 that bear interest at a rate of three-month LIBOR plus 0.95%, which is a decrease from the rate of three-month LIBOR plus 1.75% of the previously outstanding Class A-1 2014 Notes, (b) refinance the Class A-2 2014 Notes by redeeming in full the $20,000 of Class A-2 2014 Notes and issuing new Class A-2-R 2014 Notes in an aggregate principal amount of $20,000 that bear interest at a rate of three-month LIBOR plus 0.95%, which is a decrease from the rate of three-month LIBOR plus 1.95% of the previously outstanding Class A-2 2014 Notes, (c) refinance the Class B 2014 Notes by redeeming in full the $35,000 of Class B 2014 Notes and issuing new Class B-R 2014 Notes in an aggregate principal amount of $35,000 that bear interest at a rate of three-month LIBOR plus 1.40%, which is a decrease from the rate of three-month LIBOR plus 2.50% of the previously outstanding Class B 2014 Notes, (d) refinance the Class C 2014 Notes by redeeming in full the $37,500 of Class C 2014 Notes and issuing new Class C-R 2014 Notes in an aggregate principal amount of $37,500 that bear interest at a rate of three-month LIBOR plus 1.55%, which is a decrease from the rate of three-month LIBOR plus 3.50% of the previously outstanding Class C 2014 Notes. The Class C-R 2014 Notes were retained by the Company.

Through April 28, 2018, all principal collections received on the underlying collateral could have been used by the 2014 Issuer to purchase new collateral under the direction of the Investment Adviser in its capacity as collateral manager of the 2014 Issuer and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the 2014 Debt Securitization.

On August 26, 2020, in connection with a new term debt securitization, the 2014 Issuer redeemed the outstanding 2014 Notes pursuant to the terms of the indenture governing such 2014 Notes. Following such redemption, the agreements governed the 2014 Debt Securitization were terminated. The 2014 Notes would have otherwise matured on April 25, 2026.

The pool of loans in the 2014 Debt Securitization were required to meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements. For the three months ended December 31, 2019, the Company had repayments on the 2014 Notes of $6,546.

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The interest charged under the 2014 Debt Securitization was based on three-month LIBOR. For the three months ended December 31, 2020 and 2019, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the 2014 Debt Securitization were as follows:
Three months ended December 31,
2020 2019
Stated interest expense $ — $ 966
Cash paid for interest expense $ — $ 1,082
Annualized average stated interest rate N/A 3.2 %
Average outstanding balance $ — $ 121,496

On November 16, 2018, the Company completed a $602.4 million term debt securitization (the “2018 Debt Securitization”). The notes offered in the 2018 Debt Securitization (the “2018 Notes”) were issued by the 2018 Issuer, a subsidiary of 2018 CLO Depositor, and are backed by a diversified portfolio of senior secured and second lien loans. The transaction was executed through a private placement of approximately $327.0 million of AAA/AAA Class A 2018 Notes, which bear interest at the three-month LIBOR plus 1.48%; $61.2 million of AA Class B 2018 Notes, which bear interest at the three-month LIBOR plus 2.10%; $20.0 million of A Class C-1 2018 Notes, which bear interest at the three-month LIBOR plus 2.80%; $38.8 million of A Class C-2 2018 Notes, which bear interest at the three-month LIBOR plus 2.65%; $42.0 million of BBB- Class D 2018 Notes, which bear interest at the three-month LIBOR plus 2.95%; and $113.4 million of Subordinated 2018 Notes which do not bear interest. The Company indirectly retained all of the Class C-2, Class D and Subordinated 2018 Notes. Through January 20, 2023, the 2018 Issuer is permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the 2018 Issuer and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the 2018 Debt Securitization. The 2018 Notes are scheduled to mature on January 20, 2031. The Class A, Class B and Class C-1 2018 Notes are included in the December 31, 2020 and September 30, 2020 Consolidated Statements of Financial Condition as debt of the Company. As of December 31, 2020 and September 30, 2020, the Class C-2, Class D and Subordinated 2018 Notes were eliminated in consolidation.

As of December 31, 2020 and September 30, 2020, there were 81 and 89 portfolio companies, respectively, with a total fair value of $556,939 and $557,484, respectively, securing the 2018 Notes. The pool of loans in the 2018 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

The interest charged under the 2018 Debt Securitization is based on three-month LIBOR. The three-month LIBOR in effect as of December 31, 2020 based on the last interest rate reset was 0.2%. For the three months ended December 31, 2020 and 2019, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the 2018 Debt Securitization were as follows:
Three months ended December 31,
2020 2019
Stated interest expense $ 1,948 $ 3,830
Amortization of debt issuance costs 106 106
Total interest and other debt financing expenses $ 2,054 $ 3,936
Cash paid for interest expense $ 1,992 $ 4,040
Annualized average stated interest rate 1.9 % 3.7 %
Average outstanding balance $ 408,200 $ 408,200

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
As of December 31, 2020, the classes, amounts, ratings and interest rates (expressed as a spread to three-month LIBOR) of the Class A, B and C-1 2018 Notes are as follows:
Description Class A 2018 Notes Class B 2018 Notes Class C-1 2018 Notes
Type Senior Secured Floating Rate Senior Secured Floating Rate Senior Secured Floating Rate
Amount Outstanding $327,000 $61,200 $20,000
Fitch Rating "AAA" "NR" "NR"
S&P Rating "AAA" "AA" "A"
Interest Rate LIBOR + 1.48% LIBOR + 2.10% LIBOR + 2.80%

Effective September 16, 2019, the Company assumed, as a result of the Merger, a $908,195 term debt securitization (the “GCIC 2018 Debt Securitization”). The GCIC 2018 Debt Securitization was originally completed on December 13, 2018. The notes offered in the GCIC 2018 Debt Securitization (the “GCIC 2018 Notes”) were issued by the GCIC 2018 Issuer, a subsidiary of GCIC 2018 CLO Depositor, and are secured by a diversified portfolio of senior secured and second lien loans. The GCIC 2018 Debt Securitization consists of $490,000 of AAA/AAA Class A-1 GCIC 2018 Notes, $38,500 of AAA Class A-2 GCIC 2018 Notes, and $18,000 of AA Class B-1 GCIC 2018 Notes. In partial consideration for the loans transferred to the GCIC 2018 Issuer as part of the GCIC 2018 Debt Securitization, the GCIC 2018 CLO Depositor received and retained $27,000 of Class B-2 GCIC 2018 Notes, $95,000 of Class C GCIC 2018 Notes and $60,000 of Class D GCIC 2018 Notes and $179,695 of Subordinated GCIC 2018 Notes. On December 21, 2020, the Company and the GCIC 2018 Issuer amended the GCIC 2018 Debt Securitization to, among other things, (a) refinance the issued Class A-2 GCIC 2018 Notes issued by the GCIC 2018 Issuer by redeeming in full the $38,500 of Class A-2 GCIC 2018 Notes and issuing new Class A-2-R GCIC 2018 Notes in an aggregate principal amount of $38,500 that bear interest at a rate of 2.498%, which is a decrease from the rate of 4.665% of the Class A-2 GCIC 2018 Notes and (b) provide for a non-called period, during which the Class A-2-R GCIC 2018 Notes cannot be redeemed, from December 21, 2020 to but excluding June 21, 2021. The Class A-1, Class A-2-R and Class B-1 GCIC 2018 Notes are included in the December 31, 2020 and September 30, 2020 Consolidated Statements of Financial Condition as debt of the Company. As of December 31, 2020 and September 30, 2020, the Class B-2, Class C and Class D GCIC 2018 Notes and the Subordinated GCIC 2018 Notes were eliminated in consolidation.

Through January 20, 2023, the GCIC 2018 Issuer is permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of the Investment Adviser in its capacity as collateral manager of the GCIC 2018 Issuer and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the GCIC 2018 Debt Securitization. The GCIC 2018 Notes are scheduled to mature on January 20, 2031, and the Subordinated GCIC 2018 Notes are scheduled to mature on December 13, 2118.

Two loan sale agreements govern the GCIC 2018 Debt Securitization. One of the loan sale agreements provided for the sale of assets upon the closing of the GCIC 2018 Debt Securitization to satisfy risk retention requirements. Under the terms of the other loan sale agreement governing the GCIC 2018 Debt Securitization, the Company agreed to directly or indirectly through the GCIC 2018 CLO Depositor sell or contribute certain senior secured and second lien loans (or participation interests therein) to the GCIC 2018 Issuer.

As of December 31, 2020 and September 30, 2020, there were 98 and 109 portfolio companies, respectively, with a total fair value of $807,328 and $859,600, respectively, securing the GCIC 2018 Notes. The pool of loans in the GCIC 2018 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The interest charged under the GCIC 2018 Debt Securitization is based on three-month LIBOR. The three-month LIBOR in effect as of December 31, 2020 based on the last interest rate reset was 0.2%. For the three months ended December 31, 2020 and 2019, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the GCIC 2018 Debt Securitization were as follows:

Three months ended December 31,
2020 2019
Stated interest expense $ 2,633 $ 4,883
Accretion of discounts on notes issued 448 295
Total interest and other debt financing expenses $ 3,081 $ 5,178
Cash paid for interest expense 3,063 5,431
Annualized average stated interest rate 1.9 % 3.5 %
Average outstanding balance $ 546,500 $ 546,500

As of December 31, 2020, the classes, amounts, ratings and interest rates (expressed as a spread to three-month LIBOR, as applicable) of the Class A-1 GCIC 2018 Notes, Class A-2 GCIC 2018 Notes, and Class B-1 GCIC 2018 Notes were as follows:
Description Class A-1 GCIC 2018 Notes Class A-2-R GCIC 2018 Notes Class B-1 GCIC 2018 Notes
Type Senior Secured Floating Rate Senior Secured Fixed Rate Senior Secured Floating Rate
Amount Outstanding $490,000 $38,500 $18,000
Fitch’s Rating "AAA" "NR" "NR"
S&P Rating "AAA" "AAA" "AA"
Interest Rate LIBOR + 1.48% 2.50% LIBOR + 2.25%

On August 26, 2020, the Company completed a $330,355 term debt securitization, of which $297,355 was funded at closing (the “2020 Debt Securitization”). The notes offered in the 2020 Debt Securitization (the “2020 Notes”) were issued by the 2020 Issuer, a subsidiary of 2020 CLO Depositor, and are backed by a diversified portfolio of senior secured and second lien loans. The 2020 Notes consist of approximately $137,500 of AAA Class A-1 2020 Notes, which bear interest at the three-month LIBOR plus 2.35%; $10,500 of AAA Class A-2 2020 Notes, which bear interest at the three-month LIBOR plus 2.75%; $21,000 of AA Class B 2020 Notes which bear interest at the three-month LIBOR plus 3.20%; up to $33,000 A Class C 2020 Notes, which remained unfunded upon closing of the transactions and, if funded, will bear interest at the three-month LIBOR plus a spread set in connection with the funding date but which in no event will be greater than 3.65%; and approximately $108,355 of Subordinated 2020 Notes, which do not bear interest. The Company is permitted, subject to certain conditions, to request a one-time funding of the Class C 2020 Notes, which will not be deemed an additional issuance of notes, but would cause the Class C 2020 Notes to be additional debt of the Company. As a part of the 2020 Debt Securitization, the Company also entered into a credit agreement (the “Credit Agreement”) upon closing of the transactions pursuant to which various financial institutions and other persons which are, or may become, parties thereto as lenders (the “Lenders”) committed to make $20,000 of AAA Class A-1-L loans to the Company (the “2020 Loans”). The 2020 Loans bear interest at the three-month LIBOR plus 2.35% and were fully drawn upon closing of the transactions. Any Lender may elect to convert all or a portion of the Class A-1-L Loans held by such Lender into Class A-1 2020 Notes upon written notice to the Company in accordance to the Credit Agreement. The Class A-1 2020 Notes, the Class A-2 2020 Notes and the Class B 2020 Notes were issued through a private placement. The Class C 2020 Notes and the Subordinated 2020 Notes were retained by the Company and the Company remains the sole owner of the equity of the 2020 Issuer. The Class A-1, Class A-2 and Class B 2020 Notes are included in the December 31, 2020 and September 30, 2020 Consolidated Statements of Financial Condition as debt of the Company. As of December 31, 2020 and September 30, 2020, the Subordinated 2020 Notes were eliminated in consolidation.

Through November 5, 2022, all principal collections received on the underlying collateral may be used by the 2020 Issuer to purchase new collateral under the direction of GC Advisors, in its capacity as collateral manager of the 2020 Issuer and in accordance with the Company's investment strategy, allowing the Company to maintain the initial
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
leverage in the 2020 Debt Securitization. The 2020 Notes, other than the Subordinated 2020 Notes, are due November 5, 2032. The 2020 Loans are scheduled to mature and, unless earlier repaid, the entire unpaid principal balance thereof is due and payable on November 5, 2032. The Subordinated 2020 Notes are due in 2120.

Two loan sale agreements govern the 2020 Debt Securitization. One of the loan sale agreements provided for the sale of assets upon the closing of the 2020 Debt Securitization to satisfy risk retention requirements. Under the terms of the other loan sale agreement governing the 2020 Debt Securitization, the Company agreed to directly or indirectly through the 2020 CLO Depositor sell or contribute certain senior secured and second lien loans (or participation interests therein) to the 2020 Issuer.

As of December 31, 2020 and September 30, 2020, there were 64 and 70 portfolio companies with a total fair value of $264,821 and $286,744, respectively, securing the 2020 Notes. The pool of loans in the 2020 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

The interest charged under the 2020 Debt Securitization is based on three-month LIBOR. The three-month LIBOR in effect as of December 31, 2020 based on the last interest rate reset was 0.2%. For the three months ended December 31, 2020 and 2019, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the 2020 Debt Securitization were as follows:
Three months ended December 31,
2020 2019
Stated interest expense $ 1,296 $ —
Amortization of debt issuance costs 190 —
Total interest and other debt financing expenses $ 1,486 $ —
Cash paid for interest expense — —
Annualized average stated interest rate 2.7 % N/A
Average outstanding balance $ 189,000 $ —

As of December 31, 2020, the classes, amounts, ratings and interest rates (expressed as a spread to three-month LIBOR, as applicable) of the Class A-1 2020 Notes, Class A-2 2020 Notes, Class B 2020 Notes and the Class A-1-L Loans were as follows:

Description Class A-1 2020 Notes Class A-2 2020 Notes Class B 2020 Notes Class A-1-L Loans
Type Senior Secured Floating Rate Senior Secured Floating Rate Senior Secured Floating Rate Senior Secured Floating Rate
Amount Outstanding $137,500 $10,500 $21,000 $20,000
Fitch’s Rating "AAA" "NR" "NR" "NR"
S&P Rating "AAA" "AAA" "AA" "AAA"
Interest Rate LIBOR + 2.35% LIBOR + 2.75% LIBOR + 3.20% LIBOR + 2.35%


The Investment Adviser served as collateral manager to the 2014 Issuer and serves as the collateral manager to the 2018 Issuer, GCIC 2018 Issuer and 2020 Issuer under separate collateral management agreements and receives a fee for providing these services. The total fees payable by the Company under the Investment Advisory Agreement and Prior Investment Advisory Agreement, as applicable, are reduced by an amount equal to the total aggregate fees paid to the Investment Adviser by the 2014 Issuer, the 2018 Issuer, the GCIC 2018 Issuer and the 2020 Issuer for rendering such collateral management services.

As part of each of the 2014 Debt Securitization, the 2018 Debt Securitization, GCIC 2018 Debt Securitization and the 2020 Debt Securitization, GBDC entered into, or assumed in the Merger, master loan sale agreements under which GBDC agreed to directly or indirectly sell or contribute certain senior secured and second lien loans (or participation
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
interests therein) to the 2014 Issuer, the 2018 Issuer, the GCIC 2018 Issuer or the 2020 Issuer, as applicable, and to purchase or otherwise acquire the Subordinated 2010 Notes, the LLC equity interests in the 2014 Issuer, the Subordinated 2018 Notes, the GCIC Subordinated 2018 Notes and the Subordinated 2020 Notes, as applicable. As of December 31, 2020, the 2018 Notes, the GCIC 2018 Notes and the 2020 Notes (other than the Subordinated 2018 Notes, the GCIC Subordinated 2018 Notes and the Subordinated 2020 Notes) were the secured obligations of the 2018 Issuer, GCIC 2018 Issuer and the 2020 Issuer, respectively, and indentures governing each of the 2018 Notes, GCIC 2018 Notes and the 2020 Notes include customary covenants and events of default.

SBA Debentures : On August 24, 2010, SBIC IV received approval for a license from the SBA to operate as an SBIC. On December 5, 2012, SBIC V received a license from the SBA to operate as an SBIC. On January 10, 2017, SBIC VI received a license from the SBA to operate as an SBIC. SBICs are subject to a variety of regulations and oversight by the SBA concerning the size and nature of the companies in which they invest as well as the structures of those investments.

The licenses allow the SBICs to obtain leverage by issuing SBA-guaranteed debentures, subject to issuance of a capital commitment by the SBA and customary procedures. These debentures are non-recourse to the Company, have interest payable semiannually and a ten-year maturity. The interest rate is fixed at the time of issuance at a market-driven spread over U.S. Treasury Notes with ten-year maturities.

Under present SBIC regulations, the maximum amount of SBA-guaranteed debentures issued by multiple licensees under common management is $350,000 and the maximum amount issued by a single SBIC licensee is $175,000. As of December 31, 2020, SBIC IV, SBIC V and SBIC VI had $0, $151,750 and $86,000, respectively, of outstanding SBA-guaranteed debentures that mature between March 2024 and March 2031. As of September 30, 2020, SBIC IV, SBIC V and SBIC VI had $0, $151,750 and $66,000, respectively, of outstanding SBA-guaranteed debentures that mature between March 2024 and March 2030. The original amount of debentures committed to SBIC IV and SBIC V by the SBA were $150,000 and $175,000, respectively. Through December 31, 2020, SBIC IV and SBIC V have repaid $150,000 and $23,250 of outstanding debentures, respectively, and these commitments have effectively been terminated. As of December 31, 2020 and September 30, 2020, SBIC VI had $55,450 and $29,000, respectively, of undrawn debenture commitments, of which $9,000 and $29,000, respectively, were available to be drawn, subject to SBA regulatory requirements.

The interest rate on the outstanding debentures as of December 31, 2020 is fixed at an average annualized interest rate of 2.9%. For the three months ended December 31, 2020 and 2019, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the SBA debentures were as follows:
Three months ended December 31,
2020 2019
Stated interest expense $ 1,679 $ 2,443
Amortization of debt issuance costs 331 281
Total interest and other debt financing expenses $ 2,010 $ 2,724
Cash paid for interest expense $ — $ —
Annualized average stated interest rate 3.0 % 3.2 %
Average outstanding balance $ 220,793 $ 301,870

Revolving Credit Facilities:
On February 1, 2019, Funding II entered into a credit facility as amended, (the “MS Credit Facility II”) with Morgan Stanley, as the administrative agent, each of the lenders from time to time party thereto, each of the securitization subsidiaries from time to time party thereto, and Wells Fargo Bank, N.A., as collateral agent, account bank and collateral custodian. On September 6, 2019, the Company entered into an amendment to the MS Credit Facility II to increase borrowing capacity to $300,000. On October 11, 2019, the Company entered into an amendment to increase the borrowing capacity under the MS Credit Facility II from $300,000 to $500,000 until the earlier of (i) the closing date of a debt securitization transaction mutually agreed to by the Company and Morgan Stanley or (ii) March 31, 2020 after which the borrowing capacity under the MS Credit Facility II will revert to $200,000. On March 20, 2020, the Company entered into an amendment that changed the date under which the borrowing capacity reverts from
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(In thousands, except shares and per share data)
$500,000 to $200,000 to June 30, 2020 from March 31, 2020. On June 18, 2020, the Company entered into an amendment that increased the borrowing capacity through the full term of the MS Credit Facility II from $200,000 to $400,000. On October 23, 2020, the Company delivered a notice to the lenders under the MS Credit Facility II to permanently decrease the borrowing capacity under the MS Credit Facility II by $75,000, resulting in total borrowing capacity of $325,000. As of December 31, 2020, the MS Credit Facility II allows Funding II to borrow up to $325,000 at any one time outstanding, subject to leverage and borrowing base restrictions.
The period from February 1, 2019 until February 1, 2021 is referred to as the revolving period and during such revolving period, Funding II may request drawdowns under the MS Credit Facility II. Prior to June 18, 2020, borrowings under the MS Credit Facility II bore interest at the applicable base rate plus 2.05%. Effective June 18, 2020, during the Revolving Period, the MS Credit Facility II bears interest at the applicable base rate plus 2.45%. Following expiration of the revolving period, the interest rate on borrowings under the MS Credit Facility II will reset to the applicable base rate plus 2.95% for the remaining term of the MS Credit Facility II. The revolving period will continue through February 1, 2021 unless there is an earlier termination or event of default. The base rate under the MS Credit Facility II is (i) the one-month LIBOR with respect to any advances denominated in U.S. dollars or U.K. pound sterling, (ii) the one-month EURIBOR with respect to any advances denominated in euros, and (iii) the one-month Canadian Dollar Offered Rate with respect to any advances denominated in Canadian dollars. The scheduled maturity date of the MS Credit Facility II is February 1, 2024.
The MS Credit Facility II is secured by all of the assets held by Funding II. Both the Company and Funding II have made customary representations and warranties and are required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. The borrowings under the MS Credit Facility II will be subject to the leverage restrictions contained in the 1940 Act.
As of December 31, 2020 and September 30, 2020, the Company had outstanding debt under the MS Credit Facility II of $279,528 and $313,292, respectively. For the three months ended December 31, 2020 and 2019, the Company had borrowings on the MS Credit Facility II of $105,500 and $131,400, respectively, and repayments on the MS Credit Facility II of $140,827 and $7,200, respectively.

For the three months ended December 31, 2020 and 2019, the components of interest expense, cash paid for interest and facility fees, average interest rates and average outstanding balances for the MS Credit Facility II were as follows:
Three months ended December 31,
2020 2019
Stated interest expense $ 1,543 $ 3,315
Facility fees 144 172
Amortization of debt issuance costs 197 185
Total interest and other debt financing expenses $ 1,884 $ 3,672
Cash paid for interest expense and facility fees $ 2,095 $ 2,161
Annualized average stated interest rate 2.7 % 3.8 %
Average outstanding balance $ 230,165 $ 344,794

Effective September 16, 2019, the Company assumed, as a result of the Merger, a senior secured revolving credit facility (as amended, the “WF Credit Facility”) with GCIC Funding as the borrower and with Wells Fargo Bank, N.A. as the swingline lender, collateral agent, account bank, collateral custodian and administrative agent which, as of December 31, 2020, allowed GCIC Funding to borrow up to $300,000 at any one time outstanding, subject to leverage and borrowing base restrictions.  The WF Credit Facility bears interest at one-month LIBOR plus 2.00%.  The reinvestment period of the WF Credit Facility expires on March 20, 2021 and the WF Credit Facility matures on March 21, 2024. The Company is required to pay a non-usage fee rate between 0.50% and 1.75% per annum depending on the size of the unused portion of the WF Credit Facility.

The WF Credit Facility is collateralized by all of the assets held by GCIC Funding, and GBDC has pledged its interests in GCIC Funding as collateral to Wells Fargo Bank, N.A., as the collateral agent, to secure the obligations of GBDC as the transferor and servicer under the WF Credit Facility. Both GBDC and GCIC Funding have made customary representations and warranties and are required to comply with various covenants, reporting requirements and other
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
customary requirements for similar credit facilities. Borrowing under the WF Credit Facility is subject to the asset coverage requirements contained in the 1940 Act.

The Company may transfer certain loans and debt securities it originated or acquired from time to time to GCIC Funding through a purchase and sale agreement and caused GCIC Funding to originate or acquire loans, consistent with the Company’s investment objectives.

As of December 31, 2020 and September 30, 2020, the Company had outstanding debt under the WF Credit Facility of $275,556 and $199,554, respectively. For the three months ended December 31, 2020 and 2019, the Company had borrowings on the WF Credit Facility of $272,209 and $107,331, respectively, and repayments on the WF Credit Facility of $196,876 and $87,700, respectively.

For the three months ended December 31, 2020 and 2019, the components of interest expense, cash paid for interest and facility fees, annualized average interest rates and average outstanding balances for the WF Credit Facility were as follows:
Three months ended December 31,
2020 2019
Stated interest expense $ 460 $ 2,382
Facility fees 278 66
Total interest and other debt financing expenses $ 738 $ 2,448
Cash paid for interest expense $ 740 $ 2,379
Annualized average stated interest rate 2.2 % 3.8 %
Average outstanding balance $ 82,540 $ 248,653

Effective September 16, 2019, the Company assumed as a result of the Merger a senior secured revolving credit facility (as amended, the “DB Credit Facility”) with GCIC Funding II as the borrower and with Deutsche Bank AG, New York branch, as facility agent, the other agents parties thereto, each of the entities from time to time party thereto as securitization subsidiaries and Wells Fargo Bank, National Association, as collateral agent and as collateral custodian. On October 9, 2020, all outstanding borrowings under the DB Credit Facility were repaid following which the DB Credit Facility was terminated. Prior to its termination, the DB Credit Facility allowed GCIC Funding II to borrow up to $250,000 at any one time outstanding, subject to leverage and borrowing base restrictions.

The DB Credit Facility bore interest at the applicable base rate plus 1.90% per annum. The base rate under the DB Credit Facility was (i) the three-month Canadian Dollar Offered Rate with respect to any advances denominated in Canadian dollars, (ii) the three-month EURIBOR Interbank Offered Rate with respect to any advances denominated in Euros, (iii) the three-month Bank Bill Swap Rate with respect to any advances denominated in Australian dollars and (iv) the three-month LIBOR with respect to any other advances. A non-usage fee of 0.25% per annum was payable on the undrawn amount under the DB Credit Facility, and an additional fee based on unfunded commitments of the lenders was payable if borrowings under the DB Credit Facility did not exceed a minimum utilization percentage threshold. In addition, a syndication/agent fee was payable to the facility agent each quarter and was calculated based on the aggregate commitments outstanding each day during the preceding collection period at a rate of 1/360 of 0.25% of the aggregate commitments on each day. The reinvestment period of the DB Credit Facility would have expired on December 31, 2021 and the DB Credit Facility would have matured on December 31, 2024.

The DB Credit Facility was secured by all of the assets held by GCIC Funding II. GCIC Funding II made customary representations and warranties and was required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. The borrowings of the Company, including under the DB Credit Facility, were subject to the leverage restrictions contained in the 1940 Act.

The Company transferred certain loans and debt securities it originated or acquired from time to time to GCIC Funding II through a purchase and sale agreement and caused GCIC Funding II to originate or acquire loans, consistent with the Company’s investment objectives.

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
As of September 30, 2020, the Company had outstanding debt under the DB Credit Facility of $153,524. For the three months ended December 31, 2020 and 2019, the Company had borrowings on the DB Credit Facility of $0 and $18,000 respectively, and repayments on the DB Credit Facility of $153,635 and $35,000 respectively.

For the three months ended December 31, 2020 and 2019, the components of interest expense, cash paid for interest and facility fees, annualized average interest rates and average outstanding balances for the DB Credit Facility were as follows:

Three months ended December 31,
2020 2019
Stated interest expense $ 73 $ 2,528
Facility fees 14 —
Total interest and other debt financing expenses $ 87 $ 2,528
Cash paid for interest expense $ 840 $ 2,652
Annualized average stated interest rate 2.2 % 4.1 %
Average outstanding balance $ 13,248 $ 246,297

2024 Unsecured Notes: On October 2, 2020, the Company issued $400,000 in aggregate principal amount of unsecured notes (the “2024 Unsecured Notes”). The 2024 Unsecured Notes bear interest at a rate of 3.375% per year payable semiannually in arrears on April 15 and October 15 of each year, commencing on April 15, 2021. The 2024 Unsecured Notes mature on April 15, 2024.

The 2024 Unsecured Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2024 Unsecured Notes; equal in right of payment to the Company’s existing and future indebtedness or other obligations that are not so subordinated or junior; effectively junior to any of the Company’s secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

At any time or from time to time, the Company may redeem some or all of the 2024 Unsecured Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2024 Unsecured Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2024 Unsecured Notes to be redeemed through March 15, 2024 (the date falling one month prior to the maturity date of the 2024 Unsecured Notes), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points, plus, in each case, accrued and unpaid interest, if any, to, but excluding, the redemption date; provided, however, that if the Company redeems any 2024 Unsecured Notes on or after March 15, 2024 (the date falling one month prior to the maturity date of the 2024 Unsecured Notes), the redemption price for the Notes will be equal to 100% of the principal amount of the 2024 Unsecured Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2024 Unsecured Notes.

For the three months ended December 31, 2020 and 2019, the components of interest expense, cash paid for interest and facility fees, average interest rates and average outstanding balances for the 2024 Unsecured Notes were as follows:
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Three months ended December 31,
2020 2019
Stated interest expense $ 3,338 $ —
Accretion of discounts on notes issued 23 —
Amortization of debt issuance costs 381 —
Total interest and other debt financing expenses $ 3,742 $ —
Cash paid for interest expense — —
Annualized average stated interest rate 3.4 % N/A
Average outstanding balance $ 395,652 $ —

Revolver: On June 22, 2016, the Company entered into the Adviser Revolver with the Investment Adviser with a maximum credit limit of $20,000 and expiration date of June 22, 2019. On June 21, 2019, the Company and the Investment Adviser amended the Adviser Revolver to and among other things, (a) increase the maximum credit limit to $40,000, and (b) change the expiration date to June 21, 2022. On October 28, 2019, the Company entered into an amendment to the Adviser Revolver to increase the borrowing capacity under the Adviser Revolver from $40,000 to $100,000, and simultaneously terminated the Adviser Revolver II, which had been assumed by the Company as a result of the Merger on September 16, 2019. The Adviser Revolver bears an interest rate equal to the short-term Applicable Federal Rate, which was 0.2% as of December 31, 2020. As of December 31, 2020 and September 30, 2020, the Company had no outstanding debt under the Adviser Revolver. For the three months ended December 31, 2020 and 2019, the Company had $0 and $57,500 in borrowings and $0 and $57,500 in repayments, respectively, on the Adviser Revolver. For the three months ended December 31, 2020 and 2019, the Company incurred interest expense of $0 and $9, respectively, on the Adviser Revolver. For the three months ended December 31, 2020 and 2019, $0 and $18, respectively, was paid in cash for interest on the Adviser Revolver. For the three months ended December 31, 2019, the Company incurred no interest expense and paid no cash on the Adviser Revolver II.

Other Short-Term Borrowings: Borrowings with original maturities of less than one year are classified as short-term.  The Company’s short-term borrowings are the result of investments that were sold under repurchase agreements.  Investments sold under repurchase agreements are accounted for as collateralized borrowings as the sale of the investment does not qualify for sale accounting under ASC Topic 860 and remains as an investment on the Consolidated Statements of Financial Condition.

As of December 31, 2020 and September 30, 2020, the Company had no short-term borrowings. For the three months ended December 31, 2019, the annualized effective interest rate on short-term borrowings was 5.0% and interest expense was $818. The net change in unrealized appreciation (depreciation) for the three months ended December 31, 2019, reported within the net change in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies was $(1,064).

For the three months ended December 31, 2020, the average total debt outstanding (including the debt under the 2018 Debt Securitization, the GCIC 2018 Debt Securitization, the 2020 Debt Securitization, the SBA Debentures, the MS Credit Facility II, the WF Credit Facility, the DB Credit Facility, the 2024 Unsecured Notes and the Adviser Revolver) was $2,086,099. For the three months ended December 31, 2019, the average total debt outstanding (including the debt under the 2014 Debt Securitization, the 2018 Debt Securitization, the GCIC 2018 Debt Securitization, the SBA Debentures, the MS Credit Facility II, WF Credit Facility, DB Credit Facility, Adviser Revolver, Adviser
Revolver II and Other Short-Term Borrowings) was $2,284,590.

For the three months ended December 31, 2020 and 2019, the effective annualized average interest rate, which includes amortization of debt financing costs, amortization of discounts on notes issued and non-usage facility fees, on the Company's total debt was 2.9% and 3.9%, respectively.

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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
A summary of the Company’s maturity requirements for borrowings as of December 31, 2020 is as follows:
Payments Due by Period
Total Less Than
1 Year 		1 – 3 Years 3 – 5 Years More Than
5 Years
2018 Debt Securitization $ 408,200 $ — $ — $ — $ 408,200
2018 GCIC Debt Securitization (1)
542,826 — — — 542,826
2020 Debt Securitization 189,000 — — — 189,000
SBA Debentures 237,750 — — 51,750 186,000
WF Credit Facility 275,556 — — 275,556 —
MS Credit Facility II 279,528 — — 279,528 —
2024 Unsecured Notes (2)
399,703 — — 399,703 —
Total borrowings $ 2,332,563 $ — $ — $ 1,006,537 $ 1,326,026

(1) Includes $3,674 of discount recognized on the assumption of the 2018 GCIC Debt Securitization in the Merger.
(2) Includes $297 of original issue discount as a result of the issuance of the 2024 Unsecured Notes.

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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

Note 8. Commitments and Contingencies

Commitments: As of December 31, 2020, the Company had outstanding commitments to fund investments totaling $169,706, including $43,465 of commitments on undrawn revolvers. As of September 30, 2020, the Company had outstanding commitments to fund investments totaling $141,795, including $41,644 of commitments on undrawn revolvers.

Indemnifications: In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide general indemnifications. The Company’s maximum exposure under these arrangements is unknown, as these involve future claims against the Company that have not occurred. The Company expects the risk of any future obligations under these indemnifications to be remote.
Off-balance sheet risk: Off-balance sheet risk refers to an unrecorded potential liability that may result in a future obligation or loss, even though it does not appear on the Consolidated Statements of Financial Condition. The Company has entered and, in the future, may again enter into derivative instruments that contain elements of off-balance sheet market and credit risk. Refer to Note 5 for outstanding forward currency contracts as of December 31, 2020 and September 30, 2020. Derivative instruments can be affected by market conditions, such as interest rate volatility, which could impact the fair value of the derivative instruments. If market conditions move against the Company, it may not achieve the anticipated benefits of the derivative instruments and may realize a loss. The Company minimizes market risk through monitoring its investments and borrowings.

Concentration of credit and counterparty risk: Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of the contract. The Company has engaged and, in the future, may engage again in derivative transactions with counterparties. In the event that the counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparties or issuers of the instruments. The Company’s maximum loss that it could incur related to counterparty risk on its derivative instruments is the value of the collateral for that respective derivative instrument. It is the Company’s policy to review, as necessary, the credit standing of each counterparty.

Legal proceedings: In the normal course of business, the Company is subject to legal and regulatory proceedings that are generally incidental to its ongoing operations. While there can be no assurance of the ultimate disposition of any such proceedings, the Company does not believe any disposition will have a material adverse effect on the Company’s consolidated financial statements.

Note 9. Financial Highlights

The financial highlights for the Company are as follows:
Three months ended December 31,
Per share data: (1)
2020 2019
Net asset value at beginning of period $ 14.33 $ 16.76
Net increase in net assets as a result of issuance of DRIP shares (2)
— 0.01
Distributions declared:
From net investment income (0.29) (0.38)
From capital gains — (0.08)
Net investment income 0.23 0.24
Net realized gain (loss) on investment transactions (0.01) 0.02
Net change in unrealized appreciation (depreciation) on investment transactions (3)
0.34 0.09
Net asset value at end of period $ 14.60 $ 16.66
Per share market value at end of period $ 14.14 $ 18.45
Total return based on market value (4)
9.00 % 0.49 %
Number of common shares outstanding 167,259,511 133,805,764

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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Three months ended December 31,
Listed below are supplemental data and ratios to the financial highlights: 2020 2019
Ratio of net investment income to average net assets *
6.42 % 5.85 %
Ratio of total expenses to average net assets (5)*
5.51 % 7.41 %
Ratio of incentive fees to average net assets 0.08 % 0.27 %
Ratio of expenses (without incentive fees) to average net assets *
5.43 % 7.14 %
Total return based on average net asset value (6)*
15.53 % 8.41 %
Net assets at end of period $ 2,442,127 $ 2,229,109
Average debt outstanding $ 2,086,099 $ 2,284,590
Average debt outstanding per share $ 12.47 $ 17.07
Portfolio turnover *
25.38 % 13.89 %
Asset coverage ratio (7)
216.01 % 208.67 %
Asset coverage ratio per unit (8)
$ 2,160 $ 2,087
Average market value per unit: (9)
2024 Unsecured Notes $ 1,008 N/A
2014 Debt Securitization N/A N/A
2018 Debt Securitization N/A N/A
2018 GCIC Debt Securitization N/A N/A
2020 Debt Securitization N/A N/A
SBA Debentures N/A N/A
MS Credit Facility N/A N/A
MS Credit Facility II N/A N/A
WF Credit Facility N/A N/A
DB Credit Facility N/A N/A
Adviser Revolver N/A N/A
Adviser Revolver II N/A N/A

* Annualized for periods less than one year.
(1) Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate.
(2) Net increase in net assets as a result of issuance of shares related to shares issued through the DRIP.
(3) Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on the shares outstanding as of the dividend record date.
(4) Total return based on market value assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load.
(5) Expenses, other than incentive fees, are annualized for a period less than one year.
(6) Total return based on average net asset value is calculated as (a) the net increase/(decrease) in net assets resulting from operations divided by (b) the daily average of total net assets. Total return does not include sales load.
(7) Effective February 6, 2019, in accordance with Section 61(a)(2) of the 1940 Act, with certain limited exceptions, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 ACT, is at least 150% after such borrowing (excluding the Company's SBA debentures pursuant to exemptive relief received by the Company from the SEC). Prior to February 6, 2019, in accordance with the 1940 Act, with certain limited exceptions, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing (excluding the Company's SBA debentures pursuant to exemptive relief received by the Company from the SEC).
(8) Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. These amounts exclude the SBA debentures pursuant to exemptive relief the Company received from the SEC on September 13, 2011.
(9) Not applicable because such senior securities are not registered for public trading, with the exception of the 2024 Unsecured Notes. The average market value per unit calculated for the 2024 Unsecured Notes is based on the average monthly prices of such notes and is expressed per $1,000 of indebtedness.
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

Note 10. Earnings Per Share

The following information sets forth the computation of the net increase/(decrease) in net assets per share resulting from operations for the three months ended December 31, 2020 and 2019:
Three months ended December 31,
2020 2019
Earnings available to stockholders $ 94,439 $ 47,048
Basic and diluted weighted average shares outstanding (1)
167,259,511 136,989,243
Basic and diluted earnings per share $ 0.56 $ 0.34


(1) The weighted average shares of the Company's common stock outstanding used in computing basic and diluted earnings (loss) per share for the three months ended December 31, 2019 has been adjusted retroactively by a factor of approximately 1.03% to recognize the bonus element associated with rights to acquire shares of the Company's common stock that were issued to stockholders of record as of April 8, 2020.

Note 11. Dividends and Distributions

The Company’s dividends and distributions are recorded on the ex-dividend date. The following table summarizes the Company’s dividend declarations and distributions during the three months ended December 31, 2020 and 2019:

Date Declared Record Date Payment Date Amount
Per Share 		Cash
Distribution 		DRIP Shares
Issued 		DRIP Shares
Value
For the three months ended December 31, 2020
11/20/2020 12/11/2020 12/30/2020 $ 0.29 $ 33,846 — $ 14,659
(1)
For the three months ended December 31, 2019
11/22/2019 12/12/2019 12/30/2019 $ 0.46
(2)
$ 40,793 1,149,409 $ 20,230

(1) In accordance with the Company's DRIP, 1,034,149 shares of the Company's stock were purchased in the open market at an average price of $14.18 and were issued to stockholders of the Company participating in DRIP.
(2) Includes a special distribution of $0.13 per share.


Note 12. Subsequent Events

In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date of issuance. There are no subsequent events to disclose except for the following:

On January 29, 2021, the Company entered into an amendment to the MS Credit Facility II that extended the reinvestment period to May 3, 2021 from February 1, 2021, extended the maturity date to May 1, 2024 from February 1, 2024 and reduced borrowing capacity to $250,000 from $325,000.

On February 5, 2021, the Company's board of directors declared a quarterly distributi on of $0.29 per share, which is payable on March 30, 2021 to holders of record as of March 5, 2021.


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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The information contained in this section should be read in conjunction with our consolidated financial statements and related notes thereto appearing elsewhere in this quarterly report on Form 10-Q. In this report, “we,” “us,” “our” and “Golub Capital BDC” refer to Golub Capital BDC, Inc. and its consolidated subsidiaries.

Forward-Looking Statements

Some of the statements in this quarterly report on Form 10-Q constitute forward-looking statements, which relate to future events or our future performance or financial condition. The forward-looking statements contained in this quarterly report on Form 10-Q involve risks and uncertainties, including statements as to:

• our future operating results;
• our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives as a result of the coronavirus (“COVID-19”) pandemic;
• the effect of investments that we expect to make and the competition for those investments;
• our contractual arrangements and relationships with third parties;
• actual and potential conflicts of interest with GC Advisors LLC, or GC Advisors, and other affiliates of Golub Capital LLC, or collectively, Golub Capital;
• the dependence of our future success on the general economy and its effect on the industries in which we invest;
• the ability of our portfolio companies to achieve their objectives;
• the use of borrowed money to finance a portion of our investments and the effect of the COVID-19 pandemic on the availability of equity and debt capital and our use of borrowed funds to finance a portion of our investments;
• the adequacy of our financing sources and working capital;
• the timing of cash flows, if any, from the operations of our portfolio companies;
• general economic and political trends and other external factors, including the COVID-19 pandemic;
• changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets that could result in changes to the value of our assets, including changes from the impact of the COVID-19 pandemic;
• the ability of GC Advisors to locate suitable investments for us and to monitor and administer our investments;
• the ability of GC Advisors or its affiliates to attract and retain highly talented professionals;
• the ability of GC Advisors to continue to effectively manage our business due to the disruptions caused by the COVID-19 pandemic;
• our ability to qualify and maintain our qualification as a regulated investment company, or RIC, and as a business development company;
• general price and volume fluctuations in the stock markets;
• the impact on our business of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or Dodd-Frank, and the rules and regulations issued thereunder and any actions toward repeal thereof; and
• the effect of changes to tax legislation and our tax position.

Such forward-looking statements may include statements preceded by, followed by or that otherwise include the words “may,” “might,” “will,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “estimate,” “anticipate,” “predict,” “potential,” “plan” or similar words. The forward looking statements contained in this quarterly report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth as “Risk Factors” in our annual report on Form 10-K for the year ended September 30, 2020.

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We have based the forward-looking statements included in this report on information available to us on the date of this report. Actual results could differ materially from those anticipated in our forward-looking statements and future results could differ materially from historical performance. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the Securities and Exchange Commission, or the SEC, including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K. This quarterly report on Form 10-Q contains statistics and other data that have been obtained from or compiled from information made available by third-party service providers. We have not independently verified such statistics or data.

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Overview

We are an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended, or the 1940 Act. In addition, for U.S. federal income tax purposes, we have elected to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code. As a business development company and a RIC, we are also subject to certain constraints, including limitations imposed by the 1940 Act and the Code.

Our shares are currently listed on The Nasdaq Global Select Market under the symbol “GBDC”.

Our investment objective is to generate current income and capital appreciation by investing primarily in one stop (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by other middle-market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies. We also selectively invest in second lien and subordinated loans of, and warrants and minority equity securities in U.S. middle-market companies. We intend to achieve our investment objective by (1) accessing the established loan origination channels developed by Golub Capital, a leading lender to U.S. middle-market companies with over $35.0 billion in capital under management as of December 31, 2020, (2) selecting investments within our core middle-market company focus, (3) partnering with experienced private equity firms, or sponsors, in many cases with whom Golub Capital has invested alongside in the past, (4) implementing the disciplined underwriting standards of Golub Capital and (5) drawing upon the aggregate experience and resources of Golub Capital.

Our investment activities are managed by GC Advisors and supervised by our board of directors of which a majority of the members are independent of us, GC Advisors and its affiliates.

Under an investment advisory agreement, or the Investment Advisory Agreement, we have agreed to pay GC Advisors an annual base management fee based on our average adjusted gross assets as well as an incentive fee based on our investment performance. The Investment Advisory Agreement was approved by our board of directors in July 2019 and by our stockholders in September 2019. The Investment Advisory Agreement was entered into effective as of September 16, 2019 and will continue for an initial two-year term. Under an administration agreement, or the Administration Agreement, we are provided with certain administrative services by an administrator, or the Administrator, which is currently Golub Capital LLC. Under the Administration Agreement, we have agreed to reimburse the Administrator for our allocable portion (subject to the review and approval of our independent directors) of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement.

We seek to create a portfolio that includes primarily one stop and other senior secured loans by primarily investing approximately $10.0 million to $75.0 million of capital, on average, in the securities of U.S. middle-market companies. We also selectively invest more than $75.0 million in some of our portfolio companies and generally expect that the size of our individual investments will vary proportionately with the size of our capital base.

We generally invest in securities that have been rated below investment grade by independent rating agencies or that would be rated below investment grade if they were rated. These securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. In addition, many of our debt investments have floating interest rates that reset on a periodic basis and typically do not fully pay down principal prior to maturity, which may increase our risk of losing part or all of our investment.

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As of December 31, 2020 and September 30, 2020, our portfolio at fair value was comprised of the following:
As of December 31, 2020 As of September 30, 2020
Investment Type Investments at
Fair Value
(In thousands) 		Percentage of
Total
Investments 		Investments at
Fair Value
(In thousands) 		Percentage of
Total
Investments
Senior secured $ 706,935 15.7 % $ 640,213 15.1 %
One stop 3,667,769 81.4 3,485,585 82.2
Second lien 27,821 0.6 19,640 0.5
Subordinated debt 349 0.0 * 575 0.0 *
Equity 104,344 2.3 92,197 2.2
Total $ 4,507,218 100.0 % $ 4,238,210 100.0 %


* Represents an amount less than 0.1%.
One stop loans include loans to technology companies undergoing strong growth due to new services, increased adoption and/or entry into new markets. We refer to loans to these companies as late stage lending loans or recurring revenue loans. Other targeted characteristics of late stage lending businesses include strong customer revenue retention rates, a diversified customer base and backing from growth equity or venture capital firms. In some cases, the borrower’s high revenue growth is supported by a high level of discretionary spending. As part of the underwriting of such loans and consistent with industry practice, we adjust our characterization of the earnings of such borrowers for a reduction or elimination of such discretionary expenses, if appropriate. As of December 31, 2020 and September 30, 2020, one stop loans included $463.0 million and $430.2 million, respectively, of late stage lending loans at fair value.

As of December 31, 2020 and September 30, 2020, we had debt and equity investments in 253 and 254 portfolio companies, respectively.

The following table shows the weighted average income yield and weighted average investment income yield of our earning portfolio company investments, which represented nearly 100% of our debt investments, as well as the total return based on our average net asset value, and the total return based on the change in the quoted market price of our stock and assuming distributions were reinvested in accordance with our dividend reinvestment plan, or DRIP, in each case for the three months ended December 31, 2020 and 2019:
For the three months ended
December 31, 2020 December 31, 2019
Weighted average income yield (1)*
7.4% 8.0%
Weighted average investment income yield (2)*
7.9% 8.4%
Total return based on average net asset value (3)*
15.5% 8.4%
Total return based on market value (4)
9.0% 0.5%


* Annualized for periods of less than one year.
(1) Represents income from interest and fees, excluding amortization of capitalized fees, discounts and purchase premium (as described in Note 2 of the consolidated financial statements), divided by the average fair value of earning portfolio company investments, and does not represent a return to any investor in us.
(2) Represents income from interest, fees and amortization of capitalized fees and discounts, excluding amortization of purchase premium (as described in Note 2 of the consolidated financial statements), divided by the average fair value of earning portfolio investments, and does not represent a return to any investor in us.
(3) Total return based on average net asset value is calculated as (a) the net increase/(decrease) in net assets resulting from operations divided by (b) the daily average of total net assets. Total return does not include sales load.
(4) Total return based on market value assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load.
Revenues: We generate revenue in the form of interest and fee income on debt investments and capital gains and distributions, if any, on portfolio company investments that we originate or acquire. Our debt investments, whether
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in the form of senior secured, one stop, second lien or subordinated loans, typically have a term of three to seven years and bear interest at a fixed or floating rate. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. In some cases, our investments provide for deferred interest payments or payment-in-kind, or PIK, interest. The principal amount of loans and any accrued but unpaid interest generally become due at the maturity date. In addition, we generate revenue in the form of commitment, origination, amendment, structuring or due diligence fees, fees for providing managerial assistance and consulting fees. Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums on loans as fee income. For additional details on revenues, see “Critical Accounting Policies—Revenue Recognition.”

We recognize realized gains or losses on investments based on the difference between the net proceeds from the disposition and the amortized cost basis of the investment or derivative instrument, without regard to unrealized gains or losses previously recognized. We record current period changes in fair value of investments and derivative instruments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investment transactions in the Consolidated Statements of Operations.

Expenses: Our primary operating expenses include the payment of fees to GC Advisors under the Investment Advisory Agreement and interest expense on our outstanding debt. We bear all other out-of-pocket costs and expenses of our operations and transactions, including:

• calculating our net asset value, or NAV (including the cost and expenses of any independent valuation firm);
• fees and expenses incurred by GC Advisors payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for us and in monitoring our investments and performing due diligence on our prospective portfolio companies or otherwise relating to, or associated with, evaluating and making investments , which fees and expenses include, among other items, due diligence reports, appraisal reports, any studies commissioned by GC Advisors and travel and lodging expenses;
• expenses related to unsuccessful portfolio acquisition efforts;
• offerings of our common stock and other securities;
• administration fees and expenses, if any, payable under the Administration Agreement (including payments based upon our allocable portion of the Administrator’s overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of our chief compliance officer, chief financial officer and their respective staffs);
• fees payable to third parties, including agents, consultants or other advisors, relating to, or associated with, evaluating and making investments in portfolio companies, including costs associated with meeting financial sponsors;
• transfer agent, dividend agent and custodial fees and expenses;
• U.S. federal and state registration and franchise fees;
• all costs of registration and listing our shares on any securities exchange;
• U.S. federal, state and local taxes;
• independent directors’ fees and expenses;
• costs of preparing and filing reports or other documents required by the SEC or other regulators;
• costs of any reports, proxy statements or other notices to stockholders, including printing costs;
• costs associated with individual or group stockholders;
• costs associated with compliance under the Sarbanes-Oxley Act of 2002, as amended, or the Sarbanes-Oxley Act;
• our allocable portion of any fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;
• direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs;
• proxy voting expenses; and
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• all other expenses incurred by us or the Administrator in connection with administering our business.

We expect our general and administrative expenses to be relatively stable or decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.

Prior to the redemption of the 2014 Notes (as defined in Note 7 of our consolidated financial statements) and termination of the documents governing the 2014 Debt Securitization (as defined in Note 7 of our consolidated financial statements) on August 26, 2020, GC Advisors, served as collateral manager for Golub Capital BDC 2014-LLC, or the 2014 Issuer, our wholly-owned subsidiary, under a collateral management agreement, or the 2014 Collateral Management Agreement, and was entitled to receive an annual fee in an amount equal to 0.25% of the principal balance of the portfolio loans held by the 2014 Issuer at the beginning of the collection period relating to each payment date, which was payable in arrears on each payment date. Under the 2014 Collateral Management Agreement, the term ‘‘collection period’’ referred to a quarterly period running from the day after the end of the prior collection period to the tenth business day prior to the payment date.

GC Advisors, as collateral manager for Golub Capital BDC CLO III LLC, or the 2018 Issuer, under a collateral management agreement, or the 2018 Collateral Management Agreement, is entitled to receive an annual fee in an amount equal to 0.25% of the principal balance of the portfolio loans held by the 2018 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the 2018 Collateral Management Agreement, the term "collection period" refers to the period commencing on the third business day prior to the preceding payment date and ending on (but excluding) the third business day prior to such payment date.

GC Advisors, as collateral manager for Golub Capital Investment Corporation CLO II LLC, or the GCIC 2018 Issuer, under a collateral management agreement, or the GCIC 2018 Collateral Management Agreement, is entitled to receive an annual fee in an amount equal to 0.35% of the principal balance of the portfolio loans held by the GCIC 2018 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the 2018 GCIC Collateral Management Agreement, the term “collection period” generally refers to a quarterly period commencing on the day after the end of the prior collection period to the tenth business day prior to the payment date.

GC Advisors, as collateral manager for Golub Capital BDC CLO 4 LLC, or the 2020 Issuer, under a collateral management agreement, or the 2020 Collateral Management Agreement, is entitled to receive an annual fee in an amount equal to 0.35% of the principal balance of the portfolio loans held by the 2020 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the 2020 Collateral Management Agreement, the term “collection period” generally refers to a quarterly period commencing on the day after the end of the prior collection period to the tenth business day prior to the payment date.

Collateral management fees were paid directly by the 2014 Issuer and are paid directly by the 2018 Issuer, GCIC 2018 Issuer and 2020 Issuer to GC Advisors and are offset against the management fees payable under the Investment Advisory Agreement. In addition, the 2014 Issuer paid Wells Fargo Securities, LLC structuring and placement fees for its services in connection with the initial structuring and subsequent amendments to the initial structuring of the 2014 Debt Securitization. The 2018 Issuer paid Morgan Stanley & Co. LLC structuring and placement fees for its services in connection with the structuring of the 2018 Debt Securitization (as defined in Note 7 of our consolidated financial statements). Before we acquired the GCIC 2018 Issuer as part of our acquisition of GCIC, as defined in the “GCIC Acquisition” section below, the GCIC 2018 Issuer paid Wells Fargo Securities, LLC structuring and placement fees for its services in connection with the initial structuring of the GCIC 2018 Debt Securitization (as defined in Note 7 of our consolidated financial statements). The 2020 Issuer paid Wells Fargo Securities, LLC structuring and placement fees for its services in connection with the structuring of the 2020 Debt Securitization (as defined in Note 7 of our consolidated financial statements). Term debt securitizations are also known as collateralized loan obligations, or CLOs, and are a form of secured financing incurred by us, which are consolidated by us and subject to our overall asset coverage requirement. The 2018 Issuer, GCIC 2018 Issuer and 2020 Issuer also agreed to pay ongoing administrative expenses to the trustee, collateral manager, independent accountants, legal counsel, rating agencies and independent managers in connection with developing and maintaining reports, and providing required services in connection with the administration of the 2018 Debt Securitization, GCIC 2018 Debt Securitization and 2020 Debt Securitization, and collectively the Debt Securitizations, as applicable.

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We believe that these administrative expenses approximate the amount of ongoing fees and expenses that we would be required to pay in connection with a traditional secured credit facility. Our common stockholders indirectly bear all of these expenses.

GCIC Acquisition

On September 16, 2019, we completed our acquisition of Golub Capital Investment Corporation, or GCIC, pursuant to that certain Agreement and Plan of Merger, as amended, or the Merger Agreement, dated November 27, 2018, by and among us, GCIC, Fifth Ave Subsidiary Inc., our wholly owned subsidiary, or Merger Sub, GC Advisors, and, for certain limited purposes, the Administrator. Pursuant to the Merger Agreement, Merger Sub was first merged with and into GCIC, or the Initial Merger, with GCIC as the surviving company and immediately following the Initial Merger, GCIC was then merged with and into us, the Initial Merger and subsequent merger referred to as the Merger, with us as the surviving company.

In accordance with the terms of the Merger Agreement, at the effective time of the Merger, each outstanding share of GCIC’s common stock was converted into the right to receive 0.865 shares of our common stock (with GCIC’s stockholders receiving cash in lieu of fractional shares of our common stock). As a result of the Merger, we issued an aggregate of 71,779,964 shares of our common stock to former stockholders of GCIC.

SLF and GCIC SLF Purchase Agreement

On January 1, 2020, we entered into a purchase agreement, or the Purchase Agreement, with RGA Reinsurance Company, or RGA, Aurora National Life Assurance Company, a wholly-owned subsidiary of RGA, or Aurora and, together with RGA, the Transferors, Senior Loan Fund LLC, or SLF, and GCIC Senior Loan Fund LLC, or GCIC SLF. Prior to entering into the Purchase Agreement, the Transferors owned 12.5% of the LLC equity interests in each Senior Loan Fund, while we owned the remaining 87.5% of the LLC equity interests in each Senior Loan Fund. Pursuant to the Purchase Agreement, RGA and Aurora agreed to sell their LLC equity interests in each Senior Loan Fund to us, effective as of January 1, 2020. As consideration for the purchase of the LLC equity interests, we paid each Transferor an amount, in cash, equal to the net asset value of such Transferor's Senior Loan Fund LLC equity interests as of December 31, 2019, or the Net Asset Value, along with interest on such Net Asset Value accrued from the date of the Purchase Agreement through, but excluding, the payment date at a rate equal to the short-term applicable federal rate. In February 2020, we paid an aggregate of $17.0 million to the Transferors to acquire their respective LLC interests in the Senior Loan Funds.

As a result of the Purchase Agreement, on January 1, 2020, SLF and GCIC SLF became our wholly-owned subsidiaries. In addition, our capital commitments and those of the Transferors were terminated. As wholly-owned subsidiaries, the assets, liabilities, income and expenses of the Senior Loan Funds were consolidated into our financial statements and notes thereto for periods ending on or after January 1, 2020, and are included for purposes of determining our asset coverage ratio.

Rights Offering

On May 15, 2020, we completed a transferable rights offering. We issued to stockholders of record on April 8, 2020 one transferable right for each four shares of our common stock held on the record date. Each holder of rights was entitled to subscribe for one share of common stock for every right held at a subscription price of $9.17 per share. On May 15, 2020, we issued a total of 33,451,902 shares. Net proceeds after deducting the dealer manager fees and other offering expenses were approximately $300.4 million. 3,191,448 shares were purchased in the rights offering by affiliates of GC Advisors.

COVID-19 Pandemic

The rapid spread of COVID-19, which has been identified as a global pandemic by the World Health Organization, resulted in governmental authorities imposing restrictions on travel and the temporary closure of many corporate offices, retail stores, restaurants, healthcare facilities, fitness clubs and manufacturing facilities and factories in affected jurisdictions. The pandemic and the resulting economic dislocations have had adverse consequences for the business operations of some of our portfolio companies and has adversely affected, and threatens to continue to adversely affect, our operations and the operations of GC Advisors (including those relating to us). GC Advisors has been monitoring the COVID-19 pandemic and its impact on our business and the business of our portfolio
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companies and has been focused on proactively engaging with our portfolio companies in order to collaborate with the management teams of certain portfolio companies to assess and evaluate the steps each portfolio company can take in response to the impacts of COVID-19.

We cannot predict the full impact of the coronavirus, including the duration of the closures and restrictions described above. While several countries, as well as certain states in the United States, lifted or reduced certain travel restrictions, business closures and other quarantine measures, recurring COVID-19 outbreaks have led to the re-introduction of such restrictions in certain states in the United States and globally and could continue to lead to the re-introduction of such restrictions elsewhere. As a result, we are unable to predict the duration of business and supply-chain disruptions, the extent to which COVID-19 will negatively affect our portfolio companies’ operating results or the impact that such disruptions may have on our results of operations and financial condition. Depending on the duration and extent of the disruption to the business operations of our portfolio companies, we expect some portfolio companies, particularly those in vulnerable industries such as retail and travel, to experience financial distress and possibly to default on their financial obligations to us and their other capital providers. In addition, if such portfolio companies are subjected to prolonged and severe financial distress, we expect some of them to substantially curtail their operations, defer capital expenditures and lay off workers. These developments would be likely to permanently impair their businesses and result in a reduction in the value of our investments in them.

Business disruption and financial distress experienced by our portfolio companies is likely to reduce, over time, the amount of interest and dividend income that we receive from our investments and has in the past and may in the future require us to contribute additional capital to such companies in the form of follow on investments. Any restructuring of the capitalization of our portfolio companies required by any business disruption or financial distress could result in reduced interest payments or permanent impairments on our investments. Any such decrease in our net investment income would increase the percentage of our cash flows dedicated to debt service and distribution payments to stockholders. If these amounts become unsustainable, we may be required to reduce the amount of our future distributions to stockholders. In the first half of calendar year 2020 when the COVID-19 pandemic began to the impact the U.S. economy, we proactively and aggressively commenced on a number of actions to support and evaluate our portfolio companies, including gathering full information from a variety of sources including third-party experts, management teams of our borrowers, the private equity sponsor owners of our borrowers and other sources and immediate outreach to our private equity sponsor partners to establish candid, two-way, real-time communications. We believe these actions have led and will lead to increased and better solutions for our borrowers and believe our long-term relationships with these sponsors will create appropriate incentives for them to collaborate with us to address such portfolio company needs.

We have experienced a meaningful reversal of some of the unrealized depreciation recognized during the three months ended March 31, 2020 as the U.S. economy began reopening sooner than expected, portfolio companies generally performed better than expected, especially those in COVID-impacted sub-sectors, and private equity sponsors have generally stepped up to support their portfolio companies. Due to the resurgence of COVID-19 in some parts of the country, we remain cautious and concerned about the on-going impacts to the U.S. economy from COVID-19, but the positive trends identified above contributed to strong financial results for the three months ended December 31, 2020.

As of December 31, 2020, subject to certain limited exceptions, we were allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. Our revolving credit facilities, described in Note 7 in the notes to our consolidated financial statements, include customary covenants and events of default. Any failure on our part to make required payments under such facilities or to comply with such covenants could result in a default under the applicable credit facility or debt instrument. If we are unable to cure such default or obtain a waiver from the applicable lender or holder, we would experience an event of default, and the applicable lender or holder could accelerate the repayment of such indebtedness, which would negatively affect our business, financial condition, results of operations and cash flows.

We are also subject to financial risks, including changes in market interest rates. Many of the loans in our portfolio have floating interest rates, and we expect that our loans in the future will also have floating interest rates. The interest rates of such loans are based upon a floating interest rate index, typically LIBOR, together with a spread, or margin. They generally also feature interest rate reset provisions that adjust the interest rates under such loans to current market rates on a quarterly basis. As of December 31, 2020, over 90% of our floating rate loans at fair value were subject to a minimum base rate, or floor, that we charge on our loans if the applicable interest rate index falls below such floor. Certain of the notes issued in each of the 2018 Debt Securitization, the GCIC 2018 Debt Securitization and the 2020 Debt Securitization have floating rate interest provisions. In addition, our revolving credit facilities also have floating rate interest provisions. As a result of the COVID-19 pandemic and the related decision of the U.S. Federal Reserve to reduce certain interest rates, LIBOR decreased beginning in March 2020. A
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prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income if such decreases in LIBOR are not offset by a corresponding increase in the spread over LIBOR that we earn on such loans, a decrease in the income incentive fee as a result of our 8% hurdle rate or a decrease in the interest rate of our floating interest rate liabilities tied to LIBOR. See “Item 3. Quantitative and Qualitative Disclosures About Market Risk” for an analysis of the impact of hypothetical base rate changes in interest rates.

We and GC Advisors continue to monitor the rapidly evolving situation relating to the COVID-19 pandemic and guidance from U.S. and international authorities, including federal, state and local public health authorities and future recommendations from such authorities may further impact our business operations and financial results. In such circumstances, there may be developments outside our control requiring us to adjust our plan of operation. As such, given the dynamic nature of this situation, we cannot reasonably estimate the impacts of the COVID-19 pandemic on our financial condition, results of operations or cash flows in future periods.

Recent Developments

On January 29, 2021, we entered into an amendment to the MS Credit Facility II (as defined in Note 7 of our consolidated financial statements) that extended the reinvestment period to May 3, 2021 from February 1, 2021, extended the maturity date to May 1, 2024 from February 1, 2024 and reduced borrowing capacity to $250.0 million from $325.0 million.

On February 5, 2021, our board of directors declared a quarterly distribution of $0.29 per share, which is payable on March 30, 2021 to holders of record as of March 5, 2021.

Consolidated Results of Operations

Consolidated operating results for the three months ended December 31, 2020 and 2019 are as follows:

Three months ended December 31,
2020 2019 Variances
(In thousands)
Interest income $ 77,603 $ 84,322 $ (6,719)
Accretion of discounts and amortization of premiums 4,606 3,968 638
GCIC acquisition purchase premium amortization (9,230) (11,837) 2,607
Dividend income from LLC equity interests in SLF and GCIC SLF (1)
— 1,905 (1,905)
Dividend income 160 34 126
Fee income 907 215 692
Total investment income 74,046 78,607 (4,561)
Total expenses 35,039 45,876 (10,837)
Net investment income (loss) 39,007 32,731 6,276
Net realized gain (loss) on investment transactions (2,313) 2,541 (4,854)
Net realized gain (loss) on investment transactions due to purchase premium (79) (40) (39)
Net change in unrealized appreciation (depreciation) on investment transactions excluding purchase premium 48,515 (61) 48,576
Net change in unrealized depreciation on investment transactions due to purchase premium 9,309 11,877 (2,568)
Net gain (loss) on investment transactions 55,432 14,317 41,115
Net increase (decrease) in net assets resulting from operations $ 94,439 $ 47,048 $ 47,391
Average earning debt investments, at fair value (2)
$ 4,182,748 $ 4,190,808 $ (8,060)

(1) For periods ending on or after January 1, 2020, the assets and liabilities of SLF and GCIC SLF are consolidated into our financial statements and notes thereto.
(2) Does not include our investments in LLC equity interests in SLF and GCIC SLF.

Net income can vary substantially from period to period for various reasons, including the recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, annual comparisons of net income may not be meaningful.

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On September 16, 2019, we completed our acquisition of GCIC. The acquisition was accounted for under the asset acquisition method of accounting in accordance with Accounting Standards Codification, or ASC, 805-50, Business Combinations — Related Issues . Under asset acquisition accounting, where the consideration paid to GCIC’s stockholders exceeded the relative fair values of the assets acquired and liabilities assumed, the premium paid by us was allocated to the cost of the GCIC assets acquired by us pro-rata based on their relative fair value. Immediately following the acquisition of GCIC, we recorded its assets at their respective fair values and, as a result, the purchase premium allocated to the cost basis of the GCIC assets acquired was immediately recognized as unrealized depreciation on our Consolidated Statement of Operations. The purchase premium allocated to investments in loan securities will amortize over the life of the loans through interest income with a corresponding reversal of the unrealized depreciation on such loans acquired through their ultimate disposition. The purchase premium allocated to investments in equity securities will not amortize over the life of the equity securities through interest income and, assuming no subsequent change to the fair value of the equity securities acquired from GCIC and disposition of such equity securities at fair value, we will recognize a realized loss with a corresponding reversal of the unrealized depreciation upon disposition of the equity securities acquired.

As a supplement to our GAAP financial measures, we have provided the following non-GAAP financial measures that we believe are useful for the reasons described below:
• “Adjusted Net Investment Income” - excludes the amortization of the purchase price premium and the accrual for the capital gain incentive fee (including the portion of such accrual that is not payable under the Investment Advisory Agreement) from net investment income calculated in accordance with GAAP;
• “Adjusted Net Realized and Unrealized Gain/(Loss)” - excludes the unrealized loss resulting from the purchase premium write-down and the corresponding reversal of the unrealized loss resulting from the amortization of the premium on loans or from the sale of equity investments from the determination of realized and unrealized gain/(loss) determined in accordance with GAAP; and
• “Adjusted Net Income/(Loss)” – calculates net income and earnings per share based on Adjusted Net Investment Income and Adjusted Net Realized and Unrealized Gain/(Loss).
Three months ended
December 31, 2020 December 31, 2019
(In thousands)
Net investment income $ 39,007 $ 32,731
Add: GCIC acquisition purchase premium amortization 9,230 11,837
Adjusted net investment income $ 48,237 $ 44,568
Net gain (loss) on investment transactions $ 55,432 $ 14,317
Add: Realized loss on investment transactions due to purchase premium 79 40
Less: Net change in unrealized appreciation on investment transactions due to purchase premium (9,309) (11,877)
Adjusted net realized and unrealized gain/(loss) $ 46,202 $ 2,480
Net increase (decrease) in net assets resulting from operations $ 94,439 $ 47,048
Add: GCIC acquisition purchase premium amortization 9,230 11,837
Add: Realized loss on investment transactions due to purchase premium 79 40
Less: Net change in unrealized appreciation on investment transactions due to purchase premium (9,309) (11,877)
Adjusted net income/(loss) $ 94,439 $ 47,048

We believe that excluding the financial impact of the purchase premium in the above non-GAAP financial measures is useful for investors as this is a non-cash expense/loss and is one method we use to measure our results of operations.

Although these non-GAAP financial measures are intended to enhance investors’ understanding of our business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP.
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Investment Income

Investment income decreased from the three months ended December 31, 2019 to the three months ended December 31, 2020 by $4.6 million primarily due to a decrease in LIBOR and the slight decrease in the average earning debt investments balance, partially offset by a reduction of GCIC acquisition purchase price premium amortization of $2.6 million. As of December 31, 2019, 3-month LIBOR was 1.9% compared to 0.2% as of December 31, 2020. Due to

The annualized income yield by debt security type for the three months ended December 31, 2020 and 2019 was as follows:
Three months ended
December 31, 2020 December 31, 2019
Senior secured 6.5% 6.9%
One stop 7.6% 8.1%
Second lien 10.9% 11.3%
Subordinated debt 10.7% 10.4%

Income yields on one stop and senior secured loans decreased for the three months ended December 31, 2020 as compared to the three months ended December 31, 2019 primarily due to a decrease in the average LIBOR for the three months ended December 31, 2020 compared to the three months ended December 31, 2019, which was partially offset due to over 90% of our loans at fair value have a weighted average LIBOR floor of 1.01%. As of December 31, 2020, we have six second lien investments and three subordinated debt investments as shown in the Consolidated Schedule of Investments. Due to the limited number of second lien and subordinated debt investments, income yields on second lien and subordinated debt investments can be significantly impacted by the addition, subtraction or refinancing of one investment.

For additional details on investment yields and asset mix, refer to the “ Liquidity and Capital Resources - Portfolio Composition, Investment Activity and Yield” section below.

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Expenses

The following table summarizes our expenses for the three months ended December 31, 2020 and 2019:

Three months ended December 31,
2020 2019 Variances
(In thousands)
Interest and other debt financing expenses $ 13,877 $ 21,707 $ (7,830)
Amortization of debt issuance costs 1,204 571 633
Base management fee 15,224 15,206 18
Income incentive fee 2,004 5,904 (3,900)
Capital gain incentive fee — — —
Professional fees 837 939 (102)
Administrative service fee 1,602 1,402 200
General and administrative expenses 291 147 144
Total expenses $ 35,039 $ 45,876 $ (10,837)
Average debt outstanding $ 2,086,099 $ 2,284,590 $ (198,491)

Interest Expense

Interest and other debt financing expenses decreased by $7.8 million from the three months ended December 31, 2019 to the three months ended December 31, 2020 primarily due to a decrease in LIBOR on our floating rate facilities for the three months ended December 31, 2020 from the three months ended December 31, 2019. For more information about our outstanding borrowings for the three months ended December 31, 2020 and 2019, including the terms thereof, see Note 7. Borrowings in the notes to our consolidated financial statements and the “ Liquidity and Capital Resources” section below.

For the three months ended December 31, 2020 and 2019, the effective annualized average interest rate, which includes amortization of debt financing costs, amortization of discounts on notes issued and non-usage facility fees, on our total debt was 2.9% and 3.9%, respectively. The decrease was primarily due to a lower average LIBOR, partially offset by the issuance of the 2024 Unsecured Notes (as defined in Note 7 of our consolidated financial statements) that bear interest at a fixed rate of 3.375%.

Management Fee

The base management fee slightly increased from the three months ended December 31, 2019 to the three months ended December 31, 2020 as a result of a slight increase in average adjusted gross assets from 2019 to 2020.

Incentive Fees

The incentive fee payable under the Investment Advisory Agreement consists of two parts: (1) the income component, or the Income Incentive Fee, and (2) the capital gains component, or the Capital Gain Incentive Fee. The Income Incentive Fee decreased by $3.9 million from the three months ended December 31, 2019 to the three months ended December 31, 2020 primarily due to a lower rate of return on the value of our net assets driven by a decrease in LIBOR, partially offset by an increase in Pre-Incentive Fee Net Investment Income (as defined in Note 3 of our consolidated financial statements). As we remain in the “catch-up ” provision of the calculation of the Income Incentive Fee, an increase in net investment income causes a corresponding increase in the Income Incentive Fee until we are fully through the catch-up. For the three months ended December 31, 2020, while still not fully through the “catch-up ” provision of the Income Incentive Fee calculation, the Income Incentive Fee as a percentage of the Pre-Incentive Fee Net Investment Income decreased to 4.9% compared to 15.3% for the three months ended December 31, 2019.

For each of the three months ended December 31, 2020 and 2019, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement. In accordance with GAAP, we are required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement. There was no capital gain incentive fee accrual calculated in accordance with GAAP as of December 31, 2020 and
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September 30, 2020. Any payment due under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year. No Capital Gain Incentive Fees as calculated under the Investment Advisory Agreement or any prior investment advisory agreements, as applicable, have been payable since December 31, 2018.

For additional details on unrealized appreciation and depreciation of investments, refer to the “ Net Realized and Unrealized Gains and Losses” section below.

Professional Fees, Administrative Service Fee, and General and Administrative Expenses

In total, professional fees, the administrative service fee, and general and administrative expenses increased slightly from the three months ended December 31, 2019 to the three months ended December 31, 2020. In general, we expect certain of our operating expenses, including professional fees, the administrative service fee, and other general and administrative expenses to decline as a percentage of our total assets during periods of growth other than as a result of a merger or other large acquisition and increase as a percentage of our total assets during periods of asset declines.

The Administrator pays for certain expenses incurred by us. These expenses are subsequently reimbursed in cash. Total expenses reimbursed to the Administrator during the three months ended December 31, 2020 and 2019, were $1.6 million and $1.7 million, respectively.

As of December 31, 2020 and September 30, 2020, included in accounts payable and other liabilities were $1.5 million and $1.6 million, respectively, for expenses paid on behalf of us by the Administrator.

Net Realized and Unrealized Gains and Losses

The following table summarizes our net realized and unrealized gains (losses) for the periods presented:
Three months ended December 31,
2020 2019 Variances
(In thousands)
Net realized gain (loss) on investments $ (1,614) $ 2,656 $ (4,270)
Foreign currency transactions (778) (155) (623)
Net realized gain (loss) on investment transactions
$ (2,392) $ 2,501 $ (4,893)
Unrealized appreciation on investments 74,714 38,067 36,647
Unrealized (depreciation) on investments (11,624) (21,659) 10,035
Unrealized appreciation (depreciation) on investments in SLF and GCIC SLF (1)
— (192) 192
Unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies
(1,374) (3,150) 1,776
Unrealized appreciation (depreciation) on forward currency contracts
(3,892) (1,250) (2,642)
Net change in unrealized appreciation (depreciation) on investment transactions
$ 57,824 $ 11,816 $ 46,008

(1) Unrealized appreciation (depreciation) on investments in SLF and GCIC SLF includes our investments in LLC equity interests in SLF and GCIC SLF. The investment in GCIC SLF was acquired by us in the Merger. On January 1, 2020, SLF and GCIC SLF became our wholly-owned subsidiaries and the assets and liabilities of the Senior Loan Funds were consolidated into us.
During the three months ended December 31, 2020, we had a net realized loss of $2.4 million primarily attributable to recognized realized losses on the restructure, sale, or write-off on multiple portfolio companies, partially offset by net realized gains from the sale of equity investments in multiple portfolio companies.

For the three months ended December 31, 2019, we had a net realized gain of $2.5 million primarily due to sale of equity investments in multiple portfolio companies.

For the three months ended December 31, 2020, we had $74.7 million in unrealized appreciation on 193 portfolio company investments, which was offset by $11.6 million in unrealized depreciation on 75 portfolio company investments. Unrealized appreciation for the three months ended December 31, 2020 primarily resulted from better than expected performance of our portfolio companies and credit market conditions beginning to recover. Unrealized depreciation for the three months ended December 31, 2020 primarily resulted from decreases in the fair value in many of our portfolio company investments due to the adverse economic effects of the COVID-19 pandemic, the continuing uncertainty surrounding its long-term impact and increases in the spread between the yields realized on risk-free and higher risk securities.
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For the three months ended December 31, 2019, we had $38.1 million in unrealized appreciation on 222 portfolio company investments, which was offset by $21.7 million in unrealized depreciation on 218 portfolio company investments. Unrealized appreciation during the three months ended December 31, 2019 resulted from an increase in fair value primarily due to the rise in market prices of portfolio company investments and the reversal of the net unrealized depreciation associated with the sale or restructure of a few portfolio company investments. Besides the unrealized depreciation recognized due to the purchase premium write-down, unrealized depreciation resulted from the amortization of discounts, negative credit related adjustments that caused a reduction in fair value and the reversal of the net unrealized appreciation associated with the sale of portfolio company investments during the three months ended December 31, 2019.

For the three months ended December 31, 2019, we had $0.2 million in unrealized depreciation on our investments
in SLF and GCIC SLF LLC equity interests. The unrealized appreciation on our investment in SLF of $0.5 million
was primarily driven by net investment income earned by SLF netted against negative credit adjustments at SLF.
The unrealized depreciation on our investment in GCIC SLF of $0.7 million was primarily driven by net investment
income earned by GCIC SLF netted against dividends GCIC SLF paid to us of $1.9 million during the three months
ended December 31, 2019. We did not receive any dividends from SLF during the three months ended December
31, 2019.

Liquidity and Capital Resources

For the three months ended December 31, 2020, we experienced a net increase in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $86.5 million. During the period, cash used in operating activities was $164.9 million, primarily as a result of fundings of portfolio investments of $490.0 million, partially offset by the proceeds from principal payments and sales of portfolio investments of $278.7 million and net investment income of $39.0 million. Lastly, cash provided by financing activities was $251.4 million, primarily driven by borrowings on debt of $797.4 million, partially offset by repayments of debt of $491.3 million, distributions paid of $33.8 million, and repurchases of common stock under the DRIP of $14.7 million.

For the three months ended December 31, 2019, we experienced a net increase in cash, cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $49.1 million. During the period, cash used in operating activities was $111.8 million, primarily as a result of fundings of portfolio investments of $296.8 million, partially offset by the proceeds from principal payments and sales of portfolio investments of $154.3 million and net investment income of $32.7 million. Lastly, cash provided by financing activities was $160.9 million, primarily driven by borrowings on debt of $332.0 million and proceeds from short-term borrowings of $64.8 million that were partially offset by repayments of debt of $193.9 million and distributions paid of $40.8 million.

As of December 31, 2020 and September 30, 2020, we had cash and cash equivalents of $26.5 million and $24.6 million, respectively. In addition, we had foreign currencies of $0.5 million and $0.6 million as of December 31, 2020 and September 30, 2020, respectively, restricted cash and cash equivalents of $242.8 million and $157.6 million as of December 31, 2020 and September 30, 2020, respectively, and restricted foreign currencies of $1.4 million and $1.7 million as of December 31, 2020 and September 30, 2020, respectively. Cash and cash equivalents and foreign currencies are available to fund new investments, pay operating expenses and pay distributions. Restricted cash and cash equivalents and restricted foreign currencies can be used to pay principal and interest on borrowings and to fund new investments that meet the guidelines under our debt securitizations or credit facilities, as applicable.

This “ Liquidity and Capital Resources” section should be read in conjunction with the “ COVID-19 Developments " section above.

Revolving Debt Facilities

MS Credit Facility II - As of December 31, 2020 and September 30, 2020, we had $279.5 million and $313.3 million outstanding under the MS Credit Facility II (as defined in Note 7 of our consolidated financial statements), respectively. As of December 31, 2020, the MS Credit Facility II allowed Golub Capital BDC Funding II LLC, or Funding II, to borrow up to $325.0 million at any one time outstanding, subject to leverage and borrowing base restrictions. As of December 31, 2020 and September 30, 2020, subject to leverage and borrowing base restrictions,
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we had approximately $45.5 million and $86.7 million of remaining commitments, respectively, and $45.5 million and $8.0 million of availability, respectively, on the MS Credit Facility II. On January 29, 2021, we entered into an amendment for the MS Credit Facility II that extended the reinvestment period to May 3, 2021 from February 1, 2021, extended the maturity date to May 1, 2024 from February 1, 2024 and reduced borrowing capacity to $250.0 million from $325.0 million.

WF Credit Facility - As of December 31, 2020 and September 30, 2020, we had outstanding debt under the WF Credit Facility (as defined in Note 7 of our consolidated financial statements) of $275.6 million and $199.6 million, respectively. As of December 31, 2020, the WF Credit Facility allowed GCIC Funding LLC, or GCIC Funding, to borrow up to $300.0 million at any one time outstanding, subject to leverage and borrowing base restrictions. As of December 31, 2020 and September 30, 2020, subject to leverage and borrowing base restrictions, we had approximately $24.4 million and $100.4 million of remaining commitments, respectively, and $24.4 million and $15.3 million of availability, respectively, on the WF Credit Facility.

DB Credit Facility - As of September 30, 2020, we had outstanding debt under the DB Credit Facility (as defined in Note 7 of our consolidated financial statements) of $153.5 million. On October 9, 2020, all outstanding borrowings under the DB Credit Facility were repaid following which the DB Credit Facility was terminated. As of September 30, 2020, subject to leverage and borrowing base restrictions, we had approximately $96.5 million of remaining commitments and $82.7 million of availability on the DB Credit Facility.

Adviser Revolver - On June 22, 2016, we entered into the Adviser Revolver (as defined in Note 7 of our consolidated financial statements), which, as amended, permitted us to borrow up to $100.0 million at any one time outstanding as of December 31, 2020. We entered into the Adviser Revolver in order to have the ability to borrow funds on a short-term basis and have in the past repaid, and generally intend in the future to repay, borrowings under the Adviser Revolver within 30 to 45 days from which they are drawn. As of each of December 31, 2020 and September 30, 2020, we had no amounts outstanding on the Adviser Revolver.

Debt Securitizations

2014 Debt Securitization - On August 26, 2020, in conjunction with the 2020 Debt Securitization, the 2014 Notes were redeemed and following such redemption, the agreements governing the 2014 Debt Securitization were terminated.

2018 Debt Securitization - On November 16, 2018, we completed the 2018 Debt Securitization. The Class A, Class B and Class C-1 2018 Notes are included in the December 31, 2020 and September 30, 2020 Consolidated Statements of Financial Condition as our debt and the Class C-2, Class D and Subordinated 2018 Notes were eliminated in consolidation. As of December 31, 2020 and September 30, 2020, we had outstanding debt under the 2018 Debt Securitization of $408.2 million and $408.2 million, respectively.

GCIC 2018 Debt Securitization - Effective September 16, 2019, we assumed as a result of the Merger, the GCIC 2018 Debt Securitization. The Class A-1, Class A-2 (Class A-2-R GCIC 2018 Notes after refinancing on December 21, 2020) and Class B-1 GCIC 2018 Notes are included in the December 31, 2020 and September 30, 2020 Consolidated Statements of Financial Condition as our debt. As of December 31, 2020 and September 30, 2020 the Class B-2, Class C and Class D GCIC 2018 Notes and the Subordinated GCIC 2018 Notes were eliminated in consolidation. As of December 31, 2020 and September 30, 2020, we had outstanding debt under the GCIC 2018 Debt Securitization of $542.8 million and $542.4 million, respectively.

2020 Debt Securitization - On August 26, 2020, we completed the 2020 Debt Securitization. The Class A-1, Class A-2, and Class B Notes are included in the December 31, 2020 and September 30, 2020 Consolidated Statements of Financial Condition as our debt. As of December 31, 2020 and September 30, 2020, the Class C 2020 Notes and the Subordinated 2020 Notes were eliminated in consolidation. As of December 31, 2020 and September 30, 2020, we had outstanding debt under the 2020 Debt Securitization of $189.0 million and $189.0 million, respectively.

Due to the interplay of the 1940 Act restrictions on principal and joint transactions and the U.S. risk retention rules adopted pursuant to Section 941 of Dodd-Frank, as a business development company, we sought and received no action relief from the SEC to ensure we could engage in CLO financings in which assets are transferred through GC Advisors.

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SBA Debentures

Under present small business investment company, or SBIC, regulations, the maximum amount of debentures guaranteed by the U.S. Small Business Administration, or SBA, issued by multiple licensees under common management is $350.0 million and the maximum amount issued by a single SBIC licensee is $175.0 million. As of December 31, 2020, GC SBIC IV, L.P., or SBIC IV, GC SBIC V, L.P., or SBIC V, and GC SBIC VI, L.P., or SBIC VI, had $0, $151.8 million, and $86.0 million, respectively, of outstanding SBA-guaranteed debentures that mature between March 2024 and March 2031. As of September 30, 2020, SBIC IV, SBIC V and SBIC VI, had $0, $151.8 million and $66.0 million, respectively, of outstanding SBA-guaranteed debentures that mature between March 2024 and March 2030. The original amount of debentures committed to SBIC IV and SBIC V by the SBA were $150.0 million and $175.0 million, respectively. Through December 31, 2020, SBIC IV and SBIC V have repaid $150.0 million and $23.3 million of outstanding debentures, respectively, and these commitments have effectively been terminated. As of December 31, 2020 and September 30, 2020, SBIC VI had $55.5 million and $29.0 million, respectively, of undrawn debenture commitments, of which $9.0 million and $29.0 million, respectively, were available to be drawn, subject to SBA regulatory requirements.

2024 Unsecured Notes

On October 2, 2020, we issued $400.0 million in aggregate principal amount of the 2024 Unsecured Notes, all of which remained outstanding as our debt as of December 31, 2020.

As of December 31, 2020, in accordance with the 1940 Act, with certain limited exceptions, we were allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. Prior to February 6, 2019, in accordance with the 1940 Act, with certain limited exceptions, we were allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing. We currently intend to continue to target a GAAP debt-to-equity ratio between 0.85x to 1.15x.

On September 13, 2011, we received exemptive relief from the SEC allowing us to modify the asset coverage requirement to exclude the SBA debentures from our asset coverage calculation. As such, our ratio of total consolidated assets to outstanding indebtedness may be less than 150%. This provides us with increased investment flexibility but also increases our risks related to leverage. As of December 31, 2020, our asset coverage for borrowed amounts was 216.0% (excluding the SBA debentures).

In August 2020, our board of directors reapproved a share repurchase program, or the Program, which allows us
to repurchase up to $150.0 million of our outstanding common stock on the open market at prices below the NAV per share as reported in our then most recently published consolidated financial statements. The Program is implemented at the discretion of management with shares to be purchased from time to time at prevailing market
prices, through open market transactions, including block transactions. We did not make any repurchases of our common stock during the three months ended December 31, 2020 and 2019.

As of December 31, 2020 and September 30, 2020, we had outstanding commitments to fund investments totaling $169.7 million and $141.8 million, respectively. As of December 31, 2020, total commitments of $169.7 million included $43.5 million of unfunded commitments on revolvers. There is no guarantee that these amounts will be funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers, subject to the terms of each loan’s respective credit agreement. As of December 31, 2020, we believe that we had sufficient assets and liquidity to adequately cover future obligations under our unfunded commitments based on historical rates of drawings upon unfunded commitments, cash and restricted cash balances that we maintain, availability under our Adviser Revolver and ongoing principal repayments on debt investments. In addition, we generally hold some syndicated loans in larger portfolio companies that are saleable over a relatively short period to generate cash.

Although we expect to fund the growth of our investment portfolio through the net proceeds from future securities offerings and future borrowings, to the extent permitted by the 1940 Act, we cannot assure you that our efforts to raise capital will be successful. In addition, from time to time, we can amend or refinance our leverage facilities and securitization financings, to the extent permitted by applicable law. In addition to capital not being available, it also may not be available on favorable terms. To the extent we are not able to raise capital on what we believe are favorable terms, we will focus on optimizing returns by investing capital generated from repayments into new investments we believe are attractive from a risk/reward perspective. Furthermore, to the extent we are not able to
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raise capital and are at or near our targeted leverage ratios, we expect to receive smaller allocations, if any, on new investment opportunities under GC Advisors’ allocation policy and have, in the past, received such smaller allocations under similar circumstances.

Portfolio Composition, Investment Activity and Yield

As of December 31, 2020 and September 30, 2020, we had investments in 253 and 254 portfolio companies, respectively, with a total fair value of $4.5 billion and $4.2 billion, respectively.

The following table shows the asset mix of our new investment commitments for the three months ended December 31, 2020 and 2019:

Three months ended December 31,
2020 2019
(In thousands) Percentage of
Commitments 		(In thousands) Percentage of
Commitments
Senior secured $ 116,773 22.2% $ 11,610 4.3%
One stop 396,147 75.2 257,329 94.9
Second lien 8,013 1.5 — —
Subordinated debt — — 138 0.1
Equity 5,907 1.1 2,015 0.7
Total new investment commitments $ 526,840 100.0 % $ 271,092 100.0 %


For the three months ended December 31, 2020 and 2019 , we had approximately $278.7 million and $154.3 million, respectively, in proceeds from principal payments and sales of portfolio investments.

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The following table shows the principal, amortized cost and fair value of our portfolio of investments by asset class:

As of December 31, 2020 (1)
As of September 30, 2020 (2)
Principal Amortized
Cost 		Fair
Value 		Principal Amortized
Cost 		Fair
Value
(In thousands) (In thousands)
Senior secured:
Performing $ 721,897 $ 723,114 $ 704,156 $ 645,886 $ 649,259 $ 627,471
Non-accrual (3)
19,864 9,272 2,779 37,849 27,026 12,742
One stop:
Performing 3,681,964 3,692,149 3,617,688 3,518,814 3,540,446 3,429,012
Non-accrual (3)
69,876 63,150 50,081 81,897 75,239 56,573
Second lien:
Performing 27,965 28,038 27,821 19,640 19,886 19,640
Non-accrual (3)
— — — — — —
Subordinated debt:
Performing 302 300 349 537 541 575
Non-accrual (3)
— — — — — —
Equity N/A 88,795 104,344 N/A 86,503 92,197
Total $ 4,521,868 $ 4,604,818 $ 4,507,218 $ 4,304,623 $ 4,398,900 $ 4,238,210

(1) As of December 31, 2020, $585.3 million and $548.1 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of the interest due on such loan to be PIK interest.
(2) As of September 30, 2020, $488.1 million and $454.9 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of the interest due on such loan to be PIK interest.
(3) We refer to a loan as non-accrual when we cease recognizing interest income on the loan because we have stopped pursuing repayment of the loan or, in certain circumstances, it is past due 90 days or more on principal and interest or our management has reasonable doubt that principal or interest will be collected. See “— Critical Accounting Policies — Revenue Recognition.”
As of December 31, 2020, we had loans in seven portfolio companies on non-accrual status, and non-accrual
investments as a percentage of total debt investments at cost and fair value were 1.6% and 1.2%, respectively.
As of September 30, 2020, we had loans in nine portfolio companies on non-accrual status, and non-accrual investments as a percentage of total investments at cost and fair value were 2.4% and 1.7%, respectively. As of December 31, 2020 and September 30, 2020, the fair value of our debt investments as a percentage of the outstanding principal value was 97.4% and 96.3%, respectively.

The following table shows the weighted average rate, spread over LIBOR of floating rate and fees of investments originated and the weighted average rate of sales and payoffs of portfolio companies during the three months ended December 31, 2020 and 2019:
For the three months ended
December 31, 2020 December 31, 2019
Weighted average rate of new investment fundings 7.1% 7.4%
Weighted average spread over LIBOR of new floating rate investment fundings 6.1% 5.7%
Weighted average fees of new investment fundings 1.3% 1.4%
Weighted average rate of sales and payoffs of portfolio investments 7.1% 7.8%


As of December 31, 2020, 93.5% and 93.4% of our debt portfolio at fair value and at amortized cost, respectively, had interest rate floors that limit the minimum applicable interest rates on such loans. As of September 30, 2020, 91.2% and 91.3% of our debt portfolio at fair value and at amortized cost, respectively, had interest rate floors that limit the minimum applicable interest rates on such loans.
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As of December 31, 2020 and September 30, 2020, the portfolio median earnings before interest, taxes, depreciation and amortization, or EBITDA, for our portfolio companies was $32.8 million and $31.4 million, respectively. The portfolio median EBITDA is based on the most recently reported trailing twelve-month EBITDA received from the portfolio company.

As part of the monitoring process, GC Advisors regularly assesses the risk profile of each of our investments and rates each of them based on an internal system developed by Golub Capital and its affiliates. This system is not generally accepted in our industry or used by our competitors. It is based on the following categories, which we refer to as GC Advisors’ internal performance ratings:
Internal Performance Ratings
Rating Definition
5 Involves the least amount of risk in our portfolio. The borrower is performing above expectations, and the trends and risk factors are generally favorable.
4 Involves an acceptable level of risk that is similar to the risk at the time of origination. The borrower is generally performing as expected, and the risk factors are neutral to favorable.
3 Involves a borrower performing below expectations and indicates that the loan’s risk has increased somewhat since origination. The borrower could be out of compliance with debt covenants; however, loan payments are generally not past due.
2 Involves a borrower performing materially below expectations and indicates that the loan’s risk has increased materially since origination. In addition to the borrower being generally out of compliance with debt covenants, loan payments could be past due (but generally not more than 180 days past due).
1 Involves a borrower performing substantially below expectations and indicates that the loan’s risk has substantially increased since origination. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 1 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered.

Our internal performance ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments.

For any investment rated 1, 2 or 3, GC Advisors will increase its monitoring intensity and prepare regular updates for the investment committee, summarizing current operating results and material impending events and suggesting recommended actions.

GC Advisors monitors and, when appropriate, changes the internal performance ratings assigned to each investment in our portfolio. In connection with our valuation process, GC Advisors and our board of directors review these internal performance ratings on a quarterly basis.

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The following table shows the distribution of our investments on the 1 to 5 internal performance rating scale at fair value as of December 31, 2020 and September 30, 2020:
As of December 31, 2020 As of September 30, 2020
Internal
Performance
Rating 		Investments
at Fair Value
(In thousands) 		Percentage of
Total
Investments 		Investments
at Fair Value
(In thousands) 		Percentage of
Total
Investments
5 $ 313,341 7.0% $ 257,409 6.1%
4 3,334,609 74.0 3,085,610 72.8
3 808,152 17.9 836,560 19.7
2 50,258 1.1 57,754 1.4
1 858 0.0* 877 0.0*
Total $ 4,507,218 100.0% $ 4,238,210 100.0%


* Represents an amount less than 0.1%.

Contractual Obligations and Off-Balance Sheet Arrangements

A summary of our significant contractual payment obligations as of December 31, 2020 is as follows:
Payments Due by Period (In thousands)
Total Less Than
1 Year 		1 – 3 Years 3 – 5 Years More Than
5 Years
2018 Debt Securitization $ 408,200 $ — $ — $ — $ 408,200
2018 GCIC Debt Securitization 542,826 — — — 542,826
2020 Debt Securitization 189,000 — — — 189,000
SBA debentures 237,750 — — 51,750 186,000
WF Credit Facility 275,556 — — 275,556 —
MS Credit Facility II 279,528 — — 279,528 —
Adviser Revolver — — — — —
2024 Unsecured Notes 399,703 — — 399,703 —
Unfunded commitments (1)
169,706 169,706 — — —
Total contractual obligations $ 2,502,269 $ 169,706 $ — $ 1,006,537 $ 1,326,026

(1) Unfunded commitments represent unfunded commitments to fund investments as of December 31, 2020 and includes $43.5 million of commitments on undrawn revolvers. These amounts may or may not be funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but we are showing this amount in the less than one year category as this entire amount was eligible for funding to the borrowers as of December 31, 2020, subject to the terms of each loan’s respective credit agreement.
We may become a party to financial instruments with off-balance sheet risk in the normal course of our business to meet the financial needs of our portfolio companies. These instruments include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. As of December 31, 2020, we had outstanding commitments to fund investments totaling $169.7 million.

We have certain contracts under which we have material future commitments. We have entered into the Investment Advisory Agreement with GC Advisors in accordance with the 1940 Act. Under the Investment Advisory Agreement, GC Advisors provides us with investment advisory and management services.

Under the Administration Agreement, the Administrator furnishes us with office facilities and equipment, provides us with clerical, bookkeeping and record keeping services at such facilities and provides us with other administrative services necessary to conduct our day-to-day operations. The Administrator also provides on our behalf managerial assistance to those portfolio companies to which we are required to offer to provide such assistance.

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If any of the contractual obligations discussed above are terminated, our costs under any new agreements that we enter into may increase. In addition, we would likely incur significant time and expense in locating alternative parties to provide the services we receive under our Investment Advisory Agreement and our Administration Agreement. Any new investment advisory agreement would also be subject to approval by our stockholders.

Distributions

We intend to make quarterly distributions to our stockholders as determined by our board of directors. For additional details on distributions, see “Income taxes” in Note 2 to our consolidated financial statements.

We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of our distributions from time to time. In addition, the asset coverage requirements applicable to us as a business development company under the 1940 Act could limit our ability to make distributions. If we do not distribute a certain percentage of our income annually, we will suffer adverse U.S. federal income tax consequences, including the possible loss of our ability to be subject to tax as a RIC. We cannot assure stockholders that they will receive any distributions.

Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations can differ from net investment income and realized gains recognized for financial reporting purposes. Differences are permanent or temporary. Permanent differences are reclassified within capital accounts in the financial statements to reflect their tax character. For example, permanent differences in classification result from the treatment of distributions paid from short-term gains as ordinary income dividends for tax purposes. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.

To the extent our taxable earnings fall below the total amount of our distributions for any tax year, a portion of those distributions could be deemed a return of capital to our stockholders for U.S. federal income tax purposes. Thus, the source of a distribution to our stockholders could be the original capital invested by the stockholder rather than our income or gains. Stockholders should read any written disclosure accompanying a distribution payment carefully and should not assume that the source of any distribution is our ordinary income or gains.

We have adopted an “opt out” dividend reinvestment plan for our common stockholders. As a result, if we declare a distribution, our stockholders’ cash distributions will be automatically reinvested in additional shares of our common stock unless a stockholder specifically “opts out” of our dividend reinvestment plan. If a stockholder opts out, that stockholder will receive cash distributions. Although distributions paid in the form of additional shares of our common stock will generally be subject to U.S. federal, state and local taxes in the same manner as cash distributions, stockholders participating in our dividend reinvestment plan will not receive any corresponding cash distributions with which to pay any such applicable taxes.

Related Party Transactions

We have entered into a number of business relationships with affiliated or related parties, including the following:

• We entered into the Investment Advisory Agreement with GC Advisors. Mr. Lawrence Golub, our chairman, is a manager of GC Advisors, and Mr. David Golub, our chief executive officer, is a manager of GC Advisors, and each of Messrs. Lawrence Golub and David Golub owns an indirect pecuniary interest in GC Advisors.

• Golub Capital LLC provides, and other affiliates of Golub Capital have historically provided, us with the office facilities and administrative services necessary to conduct day-to-day operations pursuant to our Administration Agreement.

• We have entered into a license agreement with Golub Capital LLC, pursuant to which Golub Capital LLC has granted us a non-exclusive, royalty-free license to use the name “Golub Capital.”

• Under a staffing agreement, or the Staffing Agreement, Golub Capital LLC has agreed to provide GC Advisors with the resources necessary to fulfill its obligations under the Investment Advisory Agreement. The Staffing Agreement provides that Golub Capital LLC will make available to GC Advisors experienced investment professionals and provide access to the senior investment personnel of Golub Capital LLC for
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purposes of evaluating, negotiating, structuring, closing and monitoring our investments. The Staffing Agreement also includes a commitment that the members of GC Advisors’ investment committee will serve in such capacity. Services under the Staffing Agreement are provided on a direct cost reimbursement basis. We are not a party to the Staffing Agreement.

• GC Advisors served as collateral manager to the 2014 Issuer under the 2014 Collateral Management Agreement and serves as collateral manager to the 2018 Issuer, the GCIC 2018 Issuer and the 2020 Issuer under the 2018 Collateral Management Agreement, the GCIC 2018 Collateral Management Agreement, and the 2020 Collateral Management Agreement, respectively. Fees payable to GC Advisors for providing these services offset against the base management fee payable by us under the Investment Advisory Agreement.

• We have entered into the Adviser Revolver with GC Advisors in order to have the ability to borrow funds on a short-term basis.

• During calendar years 2020 and 2019, the Golub Capital Employee Grant Program Rabbi Trust, or the Trust, purchased approximately $54.7 million, or 4,103,225 shares, and $47.4 million, or 2,609,558 shares, of our common stock, respectively, for the purpose of awarding incentive compensation to employees of Golub Capital.

• On September 16, 2019, we completed our acquisition of GCIC pursuant to the Merger Agreement.

• On January 1, 2020, we purchased the equity interests held by RGA and Aurora in the Senior Loans Funds pursuant to the Purchase Agreement.

• In the transferable rights offering completed on May 15, 2020, 3,191,448 shares of our common stock were purchased by affiliates of GC Advisors.

• On October 2, 2020, an affiliate of GC Advisors purchased $40.0 million of the 2024 Unsecured Notes. On October 8, 2020, the affiliate sold $15.0 million of the 2024 Unsecured Notes to an unaffiliated party.

GC Advisors also sponsors or manages, and expects in the future to sponsor or manage, other investment funds, accounts or investment vehicles (together referred to as “accounts”) that have investment mandates that are similar, in whole and in part, with ours. For example, GC Advisors presently serves as the investment adviser to Golub Capital BDC 3, Inc., an unlisted business development company that primarily focuses on investing in one stop and other senior secured loans. In addition, our officers and directors serve in similar capacity for Golub Capital BDC 3, Inc. If GC Advisors and its affiliates determine that an investment is appropriate for us and for Golub Capital BDC 3, Inc., and other accounts, depending on the availability of such investment and other appropriate factors, and pursuant to GC Advisors’ allocation policy, GC Advisors or its affiliates could determine that we should invest side-by-side with one or more other accounts. We do not intend to make any investments if they are not permitted by applicable law and interpretive positions of the SEC and its staff, or if they are inconsistent with GC Advisors’ allocation procedures.

In addition, we have adopted a formal code of ethics that governs the conduct of our and GC Advisors’ officers, directors and employees. Our officers and directors also remain subject to the duties imposed by both the 1940 Act and the General Corporation Law of the State of Delaware.

Critical Accounting Policies

The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the periods reported. Actual results could materially differ from those estimates. We have identified the following items as critical accounting policies.

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Fair Value Measurements

We value investments for which market quotations are readily available at their market quotations. However, a readily available market value is not expected to exist for many of the investments in our portfolio, and we value these portfolio investments at fair value as determined in good faith by our board of directors under our valuation policy and process.

Valuation methods include comparisons of the portfolio companies to peer companies that are public, determination of the enterprise value of a portfolio company, discounted cash flow analysis and a market interest rate approach. The factors that are taken into account in fair value pricing investments include: available current market data, including relevant and applicable market trading and transaction comparables; applicable market yields and multiples; security covenants; call protection provisions; information rights; the nature and realizable value of any collateral; the portfolio company’s ability to make payments, its earnings and discounted cash flows and the markets in which it does business; comparisons of financial ratios of peer companies that are public; comparable merger and acquisition transactions; and the principal market and enterprise values. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we will consider the pricing indicated by the external event to corroborate the private equity valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the investments can differ significantly from the values that would have been used had a readily available market value existed for such investments and differ materially from values that are ultimately received or settled.

Our board of directors is ultimately and solely responsible for determining, in good faith, the fair value of investments that are not publicly traded, whose market prices are not readily available on a quarterly basis or any other situation where portfolio investments require a fair value determination.

With respect to investments for which market quotations are not readily available, our board of directors undertakes a multi-step valuation process each quarter, as described below:

Our quarterly valuation process begins with each portfolio company investment being initially valued by the investment professionals of GC Advisors responsible for credit monitoring. Preliminary valuation conclusions are then documented and discussed with our senior management and GC Advisors. The audit committee of our board of directors reviews these preliminary valuations. At least once annually the valuation for each portfolio investment, subject to a de minimis threshold, is reviewed by an independent valuation firm. The board of directors discusses valuations and determines the fair value of each investment in our portfolio in good faith.

Determination of fair values involves subjective judgments and estimates. Under current accounting standards, the notes to our consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on our consolidated financial statements.

We follow ASC Topic 820 for measuring fair value. Fair value is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the assets or liabilities or market and the assets’ or liabilities’ complexity. Our fair value analysis includes an analysis of the value of any unfunded loan commitments. Assets and liabilities are categorized for disclosure purposes based upon the level of judgment associated with the inputs used to measure their value. The valuation hierarchical levels are based upon the transparency of the inputs to the valuation of the asset or liability as of the measurement date. The three levels are defined as follows:

Level 1: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2: Inputs include quoted prices for similar assets or liabilities in active markets and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the assets or liabilities.
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Level 3: Inputs include significant unobservable inputs for the assets or liabilities and include situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value are based upon the best information available and may require significant management judgment or estimation.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and we consider factors specific to the asset or liability. We assess the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the three months ended December 31, 2020 and 2019. The following section describes the valuation techniques used by us to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

Valuation of Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by our board of directors, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of our board of directors to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with approximately 25% (based on the number of portfolio companies) of our valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. As of December 31, 2020 and September 30, 2020, with the exception of money market funds included in cash and cash equivalents and restricted cash and cash equivalents (Level 1 investments) and forward currency contracts (Level 2 investments), all investments were valued using Level 3 inputs of the fair value hierarchy.

When determining fair value of Level 3 debt and equity investments, we may take into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s EBITDA. A portfolio company’s EBITDA may include pro-forma adjustments for items such as acquisitions, divestitures, or expense reductions. The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, we will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, we use a market interest rate yield analysis to determine fair value.

In addition, for certain debt investments, we may base our valuation on indicative bid and ask prices provided by an independent third party pricing service. Bid prices reflect the highest price that we and others may be willing to pay. Ask prices represent the lowest price that we and others may be willing to accept. We generally use the midpoint of the bid/ask range as our best estimate of fair value of such investment.

Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a market existed for such investments and may differ materially from the values that may ultimately be received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize significantly less than the value at which such investment had previously been recorded.

Our investments are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded.
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Valuation of Other Financial Assets and Liabilities

Fair value of our debt is estimated using Level 3 inputs by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date, if available.

Revenue Recognition:

Our revenue recognition policies are as follows:

Investments and Related Investment Income: Interest income is accrued based upon the outstanding principal amount and contractual interest terms of debt investments. Premiums, discounts, and origination fees are amortized or accreted into interest income over the life of the respective debt investment. For investments with contractual PIK interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, we do not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not likely to be collectible. In addition, we may generate revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, consulting fees and prepayment premiums on loans and record these fees as fee income when received. Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums on loans as fee income. Dividend income on preferred equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Distributions received from LLC and limited partnership, or LP, investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, we will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.

We account for investment transactions on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the cost basis of investment, without regard to unrealized gains or losses previously recognized. We report changes in fair value of investments from the prior period that is measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investments in our Consolidated Statements of Operations.

Non-accrual: Loans may be left on accrual status during the period we are pursuing repayment of the loan. Management reviews all loans that become past due 90 days or more on principal and interest or when there is reasonable doubt that principal or interest will be collected for possible placement on non-accrual status. We generally reverse accrued interest when a loan is placed on non-accrual. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. We restore non-accrual loans to accrual status when past due principal and interest is paid and, in our management’s judgment, are likely to remain current. The total fair value of our non-accrual loans was $52.9 million and $69.3 million as of December 31, 2020 and September 30, 2020, respectively.

Income taxes: We have elected to be treated as a RIC under Subchapter M of the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. In order to be subject to tax as a RIC, we are required to meet certain source of income and asset diversification requirements, as well as timely distribute to our stockholders dividends for U.S. federal income tax purposes of an amount generally at least equal to 90% of investment company taxable income, as defined by the Code and determined without regard to any deduction for dividends paid, for each tax year. We have made and intend to continue to make the requisite distributions to our stockholders, which will generally relieve us from U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, we may choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. We may then be required to incur a 4% excise tax on such income. To the extent that we determine that our estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, we accrue excise tax, if any, on estimated excess taxable income as taxable income is earned. For each of the three months ended December 31, 2020 and 2019, we did not incur any U.S federal excise tax.
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Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified within capital accounts in the financial statements to reflect their tax character. For example, permanent differences in classification may result from the treatment of distributions paid from short-term gains as ordinary income dividends for tax purposes. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are subject to financial market risks, including changes in interest rates. Many of the loans in our portfolio have floating interest rates, and we expect that our loans in the future may also have floating interest rates. These loans are usually based on a floating LIBOR and typically have interest rate reset provisions that adjust applicable interest rates under such loans to current market rates on a quarterly basis. The loans that are subject to the floating LIBOR are also subject to a minimum base rate, or floor, that we charge on our loans if the current market rates are below the respective floors. As of December 31, 2020 and September 30, 2020, the weighted average LIBOR floor on the loans subject to floating interest rates was 1.01%. The Class A, B and C-1 2018 Notes issued in connection with the 2018 Debt Securitization have floating rate interest provisions based on three-month LIBOR that resets quarterly, as do the Class A-1 and B-1 GCIC 2018 Notes as issued as part of the GCIC 2018 Debt Securitization and the Class A-1, A-1-L, A-2 and B 2020 Notes as issued as part of the 2020 Debt Securitization. Finally, the MS Credit Facility II and the WF Credit Facility each have a floating interest rate provision primarily based on one-month LIBOR plus 2.45% and one-month LIBOR plus 2.15%, respectively. We expect that other credit facilities into which we enter in the future may have floating interest rate provisions.

In connection with the COVID-19 pandemic, the U.S. Federal Reserve and other central banks have reduced certain interest rates and LIBOR has decreased. A prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income if such decreases in LIBOR are not offset by a corresponding increase in the spread over LIBOR that we earn on any portfolio investments, a decrease in in our operating expenses, including with respect to our income incentive fee, or a decrease in the interest rate of our floating interest rate liabilities tied to LIBOR.

Assuming that the Consolidated Statement of Financial Condition as of December 31, 2020 were to remain constant and that we took no actions to alter interest rate sensitivity as of such date, the following table shows the annualized impact of hypothetical base rate changes in interest rates.
Change in interest rates Increase (decrease) in
interest income 		Increase (decrease) in
interest expense 		Net increase
(decrease) in
investment income
(In thousands)
Down 25 basis points $ (697) $ (4,142) $ 3,445
Up 50 basis points 1,395 8,283 (6,888)
Up 100 basis points 12,464 16,566 (4,102)
Up 150 basis points 34,320 24,849 9,471
Up 200 basis points 56,284 33,132 23,152

Although we believe that this analysis is indicative of our sensitivity to interest rate changes as of December 31, 2020, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments, including borrowings under the Debt Securitizations, the MS Credit Facility II, the WF Credit Facility, Adviser Revolver, or other borrowings, that could affect net increase in net assets resulting from operations, or net income. Accordingly, we can offer no assurances that actual results would not differ materially from the analysis above.

We may in the future hedge against interest rate fluctuations by using standard hedging instruments such as interest rate swaps, futures, options and forward contracts to the limited extent permitted under the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to the investments in our portfolio with fixed interest rates.


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Item 4. Controls and Procedures.

As of December 31, 2020 (the end of the period covered by this report), management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, or the Exchange Act). Based on that evaluation, our management, including the chief executive officer and chief financial officer, concluded that, at the end of such period, our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in the Company’s periodic reports. There has not been any change in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

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Part II - Other Information

Item 1: Legal Proceedings.

We, GC Advisors and Golub Capital LLC may, from time to time, be involved in legal and regulatory proceedings arising out of our respective operations in the normal course of business or otherwise. While there can be no assurance of the ultimate disposition of any such proceedings, each of us, GC Advisors and Golub Capital LLC do not believe it is currently subject to any material legal proceedings.

Item 1A: Risk Factors.

There have been no material changes during the three months ended December 31, 2020 to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended September 30, 2020.


Item 2: Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3: Defaults Upon Senior Securities.

None.

Item 4: Mine Safety Disclosures

None.

Item 5: Other Information.

None.
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Item 6: Exhibits.

EXHIBIT INDEX
Number Description
Indenture, dated as of October 2, 2020, by and between Golub Capital BDC, Inc. and U.S. Bank National Association, as trustee (Incorporated by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K (File No. 814-00794), filed on October 5, 2020).
First Supplemental Indenture, dated as of October 2, 2020, relating to the 3.375% Notes due 2024, by and between Golub Capital BDC, Inc. and U.S. Bank National Association, as trustee. (Incorporated by reference to Exhibit 4.2 to the Registrant's Current Report on Form 8-K (File No. 814-00794), filed on October 5, 2020).
Form of 3.375% Notes due 2024. (Incorporated by reference to Exhibit 4.2 to the Registrant's Current Report on Form 8-K (File No. 814-00794), filed on October 5, 2020).
First Supplemental Indenture, dated as of December 21, 2020, by and between GCIC CLO II LLC, as Issuer, and The Bank of New York Mellon Trust Company, National Association, as Trustee to the Indenture, dated as of December 13, 2018, among the Issuer and Trustee.*
Sixth Amendment to Loan and Servicing Agreement, dated as of January 15, 2021, among Golub Capital BDC Funding II LLC, as borrower, Golub Capital BDC, Inc., as servicer, and as the originator, Morgan Stanley Senior Funding, Inc., as administrative agent, and Morgan Stanley Bank, N.A., as lender.*
Seventh Amendment to Loan and Servicing Agreement, dated as of January 29, 2021, among Golub Capital BDC Funding II LLC, as borrower, Golub Capital BDC, Inc., as servicer and as the originator, Morgan Stanley Senior Funding, Inc., as administrative agent, and Morgan Stanley Bank, N.A., as lender. (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 814-00794), filed on February 3, 2021).

Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

_________________
* Filed herewith
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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


Golub Capital BDC, Inc.
Dated: February 8, 2021 By /s/ David B. Golub
David B. Golub
Chief Executive Officer
(Principal Executive Officer)
Dated: February 8, 2021 By /s/ Ross A. Teune
Ross A. Teune
Chief Financial Officer
(Principal Accounting and Financial Officer)

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TABLE OF CONTENTS
Note 1. OrganizationNote 2. Significant Accounting Policies and Recent Accounting UpdatesNote 3. Related Party TransactionsNote 4. InvestmentsNote 5. Forward Currency ContractsNote 6. Fair Value MeasurementsNote 7. BorrowingsNote 8. Commitments and ContingenciesNote 9. Financial HighlightsNote 10. Earnings Per ShareNote 11. Dividends and DistributionsNote 12. Subsequent EventsItem 2. Management S Discussion and Analysis Of Financial Condition and Results Of OperationsItem 3. Quantitative and Qualitative Disclosures About Market RiskItem 4. Controls and ProceduresPart II - Other InformationItem 1: Legal ProceedingsItem 1A: Risk FactorsItem 2: Unregistered Sales Of Equity Securities and Use Of ProceedsItem 3: Defaults Upon Senior SecuritiesItem 4: Mine Safety DisclosuresItem 5: Other InformationItem 6: Exhibits

Exhibits

4.1 Indenture, dated as of October 2, 2020, by and between Golub Capital BDC, Inc. and U.S. Bank National Association, as trustee (Incorporated by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K (File No. 814-00794), filed on October 5, 2020). 4.2 First Supplemental Indenture, dated as of October 2, 2020, relating to the 3.375% Notes due 2024, by and between Golub Capital BDC, Inc. and U.S. Bank National Association, as trustee. (Incorporated by reference to Exhibit 4.2 to the Registrant's Current Report on Form 8-K (File No. 814-00794), filed on October 5, 2020). 4.3 Form of 3.375% Notes due 2024. (Incorporated by reference to Exhibit 4.2 to the Registrant's Current Report on Form 8-K (File No. 814-00794), filed on October 5, 2020). 10.1 First Supplemental Indenture, dated as of December 21, 2020, by and between GCIC CLO II LLC, as Issuer, and The Bank of New York Mellon Trust Company, National Association, as Trustee to the Indenture, dated as of December 13, 2018, among the Issuer and Trustee.* 10.2 Sixth Amendment to Loan and Servicing Agreement, dated as of January 15, 2021, among Golub Capital BDC Funding II LLC, as borrower, Golub Capital BDC, Inc., as servicer, and as the originator, Morgan Stanley Senior Funding, Inc., as administrative agent, and Morgan Stanley Bank, N.A., as lender.* 10.3 Seventh Amendment to Loan and Servicing Agreement, dated as of January 29, 2021, among Golub Capital BDC Funding II LLC, as borrower, Golub Capital BDC, Inc., as servicer and as the originator, Morgan Stanley Senior Funding, Inc., as administrative agent, and Morgan Stanley Bank, N.A., as lender. (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 814-00794), filed on February 3, 2021). 31.1 Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.* 31.2 Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.* 32.1 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*