GBDC 10-Q Quarterly Report Dec. 31, 2023

GOLUB CAPITAL BDC, INC.

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gbdc-20231231

______________________________________________________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________________________________________________________________________________________________

FORM 10-Q

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

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended December 31, 2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 814-00794

Golub Capital BDC, Inc.

(Exact name of registrant as specified in its charter)


Delaware						27-2326940
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

200 Park Avenue , 25th Floor

New York , NY 10166

(Address of principal executive offices)

( 212 ) 750-6060

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $0.001 per share	GBDC	The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and

“emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

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

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

As of February 5, 2024, the Registrant h ad 170,585,795 share s of common stock, $0.001 par value, outstanding.


Part I. Financial Information
Item 1.	Financial Statements	3
	Consolidated Statements of Financial Condition as of December 31, 2023 (unaudited) and September 30, 2023	3
	Consolidated Statements of Operations for the three months ended December 31, 2023 (unaudited) and 2022 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2023 (unaudited) and 2022 (unaudited)	5
	Consolidated Statements of Cash Flows for the three months ended December 31, 2023 (unaudited) and 2022 (unaudited)	6
	Consolidated Schedules of Investments as of December 31, 2023 (unaudited) and September 30, 2023	8
	Notes to Consolidated Financial Statements (unaudited)	97
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	133
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	160
Item 4.	Controls and Procedures	161
Part II. Other Information
Item 1.	Legal Proceedings	162
Item 1A.	Risk Factors	162
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	165
Item 3.	Defaults Upon Senior Securities	165
Item 4.	Mine Safety Disclosures	165
Item 5.	Other Information	165
Item 6.	Exhibits	166

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)


	December 31, 2023		September 30, 2023
	(unaudited)
Assets
Investments, at fair value
Non-controlled/non-affiliate company investments	$	5,351,550	$	5,416,739
Non-controlled affiliate company investments	79,073		87,084
Controlled affiliate company investments	12,804		12,790
Total investments, at fair value (amortized cost of $ 5,510,452 and $ 5,593,836 , respectively)	5,443,427		5,516,613
Cash and cash equivalents	70,691		65,617
Foreign currencies (cost of $ 5,873 and $ 4,540 , respectively)	5,967		4,208
Restricted cash and cash equivalents	96,761		70,381


Interest receivable	54,494		58,054

Net unrealized appreciation on forward currency contracts	9,226		14,941
Other assets	19,314		3,658
Total Assets	$	5,699,880	$	5,733,472
Liabilities
Debt	$	3,084,102	$	3,133,332
Less unamortized debt issuance costs	( 18,818 )		( 15,613 )
Debt less unamortized debt issuance costs	3,065,284		3,117,719


Interest payable	26,583		24,749
Management and incentive fees payable	35,241		35,277
Accrued trustee fees	231		331

Accounts payable and other liabilities	8,623		7,518
Total Liabilities	3,135,962		3,185,594
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, 2023 and September 30, 2023	—		—
Common stock, par value $ 0.001 per share, 350,000,000 shares authorized, 170,585,795 and 169,594,742 shares issued and outstanding as of December 31, 2023 and September 30, 2023, respectively	171		170
Paid in capital in excess of par	2,661,797		2,646,912
Distributable earnings (losses)	( 98,050 )		( 99,204 )
Total Net Assets	2,563,918		2,547,878
Total Liabilities and Total Net Assets	$	5,699,880	$	5,733,472
Number of common shares outstanding	170,585,795		169,594,742
Net asset value per common share	$	15.03	$	15.02

See Notes to Consolidated Financial Statements.

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,
	2023		2022

Investment income
From non-controlled/non-affiliate company investments:
Interest income	$	147,532	$	123,678
Payment-in-kind interest income	10,909		7,083
Dividend income	4,375		4,133
Fee income	365		487
Total investment income from non-controlled/non-affiliate company investments	163,181		135,381
From non-controlled affiliate company investments:
Interest income	647		46
Payment-in-kind interest income	788		1,343

Fee income	48		38
Total investment income from non-controlled affiliate company investments	1,483		1,427
From controlled affiliate company investments:
Interest income (1)	—		( 28 )
Payment-in-kind interest income	102		93

Fee income	4		4
Total investment income from controlled affiliate company investments	106		69
Total investment income	164,770		136,877
Expenses
Interest and other debt financing expenses	41,560		34,245
Base management fee	13,956		19,062
Incentive fee	21,285		16,011
Professional fees	1,308		1,208
Administrative service fee	2,245		2,175
General and administrative expenses	381		313
Total expenses	80,735		73,014


Net investment income - before tax	84,035		63,863
Excise tax	500		2,200

Net investment income - after tax	83,535		61,663
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Non-controlled/non-affiliate company investments	909		3,697
Non-controlled affiliate company investments	—		320

Foreign currency transactions	187		( 1,186 )
Forward currency contracts	—		463
Net realized gain (loss) on investment transactions	1,096		3,294
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliate company investments	3,047		( 33,397 )
Non-controlled affiliate company investments	( 12,225 )		( 7,981 )
Controlled affiliate company investments	( 126 )		307
Translation of assets and liabilities in foreign currencies	6,187		15,897
Forward currency contracts	( 5,715 )		( 14,448 )
Net change in unrealized appreciation (depreciation) on investment transactions	( 8,832 )		( 39,622 )

Net gain (loss) on investment transactions	( 7,736 )		( 36,328 )
(Provision) benefit for taxes on realized gains on investments	—		( 207 )
(Provision) benefit for taxes on unrealized appreciation on investments	( 23 )		453
Net increase (decrease) in net assets resulting from operations	$	75,776	$	25,581
Per Common Share Data
Basic and diluted earnings per common share (Note 10)	$	0.45	$	0.15
Dividends and distributions declared per common share	$	0.44	$	0.33
Basic and diluted weighted average common shares outstanding (Note 10)	169,650,233		170,895,670

(1) Negative interest income amounts are due to amortization of the GCIC acquisition purchase premium. Refer to Note 2 for additional details on the GCIC acquisition purchase premium.

See Notes to Consolidated Financial Statements.

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, 2022	170,895,670	$	171	$	2,676,674	$	( 132,345 )	$	2,544,500

Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		61,663		61,663
Net realized gain (loss) on investment transactions	—	—		—		3,294		3,294
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		( 39,622 )		( 39,622 )
(Provision) benefit for taxes on realized gain on investments	—	—		—		( 207 )		( 207 )
(Provision) benefit for taxes on unrealized appreciation on investments	—	—		—		453		453
Distributions to stockholders:

Distributions from distributable earnings	—	—		—		( 56,396 )		( 56,396 )



Total increase (decrease) for the three months ended December 31, 2022	—	—		—		( 30,815 )		( 30,815 )
Balance at December 31, 2022	170,895,670	$	171	$	2,676,674	$	( 163,160 )	$	2,513,685
















Balance at September 30, 2023	169,594,742	$	170	$	2,646,912	$	( 99,204 )	$	2,547,878

Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		83,535		83,535
Net realized gain (loss) on investment transactions	—	—		—		1,096		1,096
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		( 8,832 )		( 8,832 )

(Provision) benefit for taxes on unrealized appreciation on investments	—	—		—		( 23 )		( 23 )
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	991,053	1		14,885		—		14,886

Distributions from distributable earnings	—	—		—		( 74,622 )		( 74,622 )



Total increase (decrease) for the three months ended December 31, 2023	991,053	1		14,885		1,154		16,040
Balance at December 31, 2023	170,585,795	$	171	$	2,661,797	$	( 98,050 )	$	2,563,918

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands)


	Three months ended December 31,
	2023		2022
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	75,776	$	25,581
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Amortization of deferred debt issuance costs	2,109		1,748
Accretion of discounts and amortization of premiums on investments	( 3,673 )		( 3,893 )
Accretion of discounts and amortization of premiums on issued debt securities	41		421
Net realized (gain) loss on investments	( 909 )		( 4,017 )
Net realized (gain) loss on foreign currency transactions	( 187 )		1,186
Net realized (gain) loss on forward currency contracts	—		( 463 )
Net change in unrealized (appreciation) depreciation on investments	9,304		41,071
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	( 6,187 )		( 15,897 )
Net change in unrealized (appreciation) depreciation on interest rate swap	( 301 )		—
Net change in unrealized (appreciation) depreciation on forward currency contracts	5,715		14,448
Proceeds from (fundings of) revolving loans, net	( 235 )		( 868 )
Fundings of investments	( 73,242 )		( 248,882 )
Proceeds from principal payments and sales of portfolio investments	179,411		253,833
Proceeds from settlements of forward currency contracts	—		463
Payment-in-kind interest capitalized	( 13,715 )		( 7,777 )
Non-cash dividends capitalized	( 4,251 )		( 3,449 )


Changes in operating assets and liabilities:
Interest receivable	3,560		( 7,540 )

Receivable from investments sold	—		( 463 )
Other assets	( 12,390 )		98
Interest payable	1,834		4,558
Management and incentive fees payable	( 36 )		1,651

Accrued trustee fees	( 100 )		( 199 )
Accounts payable and other liabilities	1,105		1,308
Net cash provided by (used in) operating activities	163,629		52,918
Cash flows from financing activities
Borrowings on debt	563,746		77,080
Repayments of debt	( 629,508 )		( 88,000 )
Capitalized debt issuance costs	( 5,314 )		( 178 )




Distributions paid	( 59,736 )		( 47,245 )
Purchases of common stock for dividend reinvestment plan	—		( 9,151 )
Net cash provided by (used in) financing activities	( 130,812 )		( 67,494 )
Net change in cash and cash equivalents, foreign currencies and restricted cash and cash equivalents	32,817		( 14,576 )
Effect of foreign currency exchange rates	396		56
Cash and cash equivalents, foreign currencies and restricted cash and cash equivalents, beginning of period	140,206		180,553
Cash and cash equivalents, foreign currencies and restricted cash and cash equivalents, end of period	$	173,419	$	166,033
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	37,576	$	27,518

Distributions declared for the period	74,622		56,396
Supplemental disclosure of non-cash financing activities:
Stock issued in connection with dividend reinvestment plan	$	14,886	$	—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

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

(In thousands)

The following table provides a reconciliation of cash and cash equivalents, foreign currencies and restricted cash and cash equivalents 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, 2023		September 30, 2023
Cash and cash equivalents	$	70,691	$	65,617
Foreign currencies (cost of $ 5,873 and $ 4,540 , respectively)	5,967		4,208
Restricted cash and cash equivalents	96,761		70,381

Total cash and cash equivalents, foreign currencies and restricted cash and cash equivalents shown in the Consolidated Statements of Cash Flows	$	173,419	$	140,206

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.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace and Defense
PPW Aero Buyer, Inc.+	One stop	SF +	7.00 %	(i)(j)	12.35 %				02/2029	$	24,763	$	24,127	1.0	%	$	24,763
PPW Aero Buyer, Inc.+	One stop	SF +	7.00 %	(j)	12.35 %				02/2029	3		2		—		3
										24,766		24,129		1.0		24,766
Airlines
Accelya Lux Finco S.A.R.L.+(8)(13)(23)	One stop	SF +	7.00 %	(j)	8.45 %	cash/	4.00 %	PIK	12/2026	977		968		—		928

Auto Components
COP CollisionRight Holdings, Inc.#+	One stop	SF +	5.00 %	(j)	10.50 %				04/2028	9,779		9,657		0.4		9,779
COP CollisionRight Holdings, Inc.+	One stop	SF +	5.00 %	(j)	10.50 %				04/2028	51		51		—		51
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50 %	(k)	10.10 %				08/2027	4,828		4,799		0.2		4,635
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50 %	(j)	10.00 %				08/2027	977		966		0.1		938
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50 %	(j)	10.03 %				08/2027	13		12		—		9
North Haven Falcon Buyer, LLC+(23)	One stop	SF +	8.00 %	(j)	9.77 %	cash/	3.75 %	PIK	05/2027	6,287		6,193		0.2		5,407
North Haven Falcon Buyer, LLC+(23)	One stop	SF +	8.00 %	(j)	9.78 %	cash/	3.75 %	PIK	05/2027	1,053		1,043		—		905
Polk Acquisition Corp.*#+(23)	Senior secured	SF +	7.50 %	(i)	10.71 %	cash/	2.25 %	PIK	12/2024	18,420		18,177		0.7		18,052
Polk Acquisition Corp.+(23)	Senior secured	SF +	7.50 %	(i)	10.71 %	cash/	2.25 %	PIK	12/2024	109		108		—		107
Polk Acquisition Corp.+(23)	Senior secured	SF +	7.50 %	(i)	10.71 %	cash/	2.25 %	PIK	12/2024	63		61		—		60
										41,580		41,067		1.6		39,943
Automobiles
CG Group Holdings, LLC*#+(23)	One stop	SF +	8.75 %	(j)	12.10 %	cash/	2.00 %	PIK	07/2027	31,845		31,414		1.2		31,210
CG Group Holdings, LLC+(23)	One stop	SF +	8.75 %	(i)	12.11 %	cash/	2.00 %	PIK	07/2026	347		342		—		342
Denali Midco 2, LLC*#+	One stop	SF +	6.25 %	(i)	11.71 %				12/2027	42,325		42,042		1.7		42,325
Denali Midco 2, LLC+	One stop	SF +	6.50 %	(i)	11.96 %				12/2027	966		944		—		968
Denali Midco 2, LLC+	One stop	SF +	6.25 %	(i)	11.71 %				12/2027	652		647		—		652
Denali Midco 2, LLC+	One stop	SF +	6.50 %	(i)	11.96 %				12/2027	260		254		—		261
Denali Midco 2, LLC+	One stop	SF +	6.50 %	(i)	11.96 %				12/2027	220		215		—		221
Denali Midco 2, LLC+	One stop	SF +	6.25 %	(i)	11.71 %				12/2027	195		194		—		195
Denali Midco 2, LLC+	One stop	SF +	6.50 %	(i)	11.96 %				12/2027	129		126		—		129
Denali Midco 2, LLC+	One stop	SF +	6.25 %	(i)	11.71 %				12/2027	119		118		—		119
Denali Midco 2, LLC+	One stop	SF +	6.25 %	(i)	11.71 %				12/2027	113		112		—		113
Denali Midco 2, LLC+	One stop	SF +	6.25 %	(i)	11.71 %				12/2027	98		98		—		98
Denali Midco 2, LLC+	One stop	SF +	6.25 %	(i)	11.71 %				12/2027	81		80		—		81
Denali Midco 2, LLC+	One stop	SF +	6.25 %	(i)	11.71 %				12/2027	79		78		—		79
Denali Midco 2, LLC+	One stop	SF +	6.25 %	(i)	11.71 %				12/2027	79		78		—		79
Denali Midco 2, LLC+	One stop	SF +	6.25 %	(i)	11.71 %				12/2027	65		64		—		65
Denali Midco 2, LLC+	One stop	SF +	6.50 %	(i)	11.96 %				12/2027	65		63		—		65
Denali Midco 2, LLC+(5)	One stop	SF +	6.25 %		N/A(6)				12/2027	—		( 3 )		—		—
Denali Midco 2, LLC+(5)	One stop	SF +	6.50 %		N/A(6)				12/2027	—		( 7 )		—		—
Denali Midco 2, LLC+	One stop	SF +	5.75 %	(i)	11.21 %				12/2027	7		2		—		2
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25 %	(k)	10.47 %				12/2029	273		268		—		268
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25 %	(k)	10.47 %				12/2029	57		56		—		56
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25 %	(k)	10.47 %				12/2029	3		2		—		2
High Bar Brands Operating, LLC+(5)	Senior secured	SF +	5.25 %		N/A(6)				12/2029	—		( 1 )		—		( 1 )

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)	Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
JHCC Holdings LLC+	One stop	SF +	5.25 %	(j)	10.75 %	09/2026	$	15,119	$	14,934	0.6	%	$	14,854
JHCC Holdings LLC+	One stop	SF +	5.25 %	(j)	10.75 %	09/2026	3,301		3,265		0.1		3,243
JHCC Holdings LLC+	One stop	SF +	6.75 %	(j)	12.25 %	09/2026	1,106		1,085		—		1,109
JHCC Holdings LLC+	One stop	SF +	5.25 %	(j)	10.75 %	09/2026	489		484		—		481
JHCC Holdings LLC+	One stop	SF +	5.25 %	(j)	10.75 %	09/2026	291		288		—		286
JHCC Holdings LLC+(5)	One stop	SF +	5.25 %		N/A(6)	09/2026	—		( 1 )		—		( 2 )
JHCC Holdings LLC+	One stop	SF +	5.75 %	(j)	11.10 %	09/2026	100		99		—		99
JHCC Holdings LLC+(5)	One stop	SF +	5.75 %		N/A(6)	09/2026	—		( 4 )		—		( 4 )
MOP GM Holding, LLC*#+	One stop	SF +	5.75 %	(k)	11.18 %	11/2026	23,672		23,526		0.9		22,962
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(j)	11.28 %	11/2026	2,596		2,582		0.1		2,518
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(j)	11.29 %	11/2026	2,566		2,541		0.1		2,489
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(j)	11.28 %	11/2026	2,545		2,530		0.1		2,469
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(k)	11.18 %	11/2026	1,886		1,875		0.1		1,830
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(j)	11.28 %	11/2026	1,551		1,543		0.1		1,505
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(j)	11.28 %	11/2026	1,430		1,413		0.1		1,387
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(k)	11.18 %	11/2026	520		518		—		505
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(k)	11.18 %	11/2026	354		352		—		343
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(j)(k)	11.20 %	11/2026	186		185		—		180
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(j)	11.28 %	11/2026	177		176		—		172
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(k)	11.18 %	11/2026	146		145		—		141
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(k)	11.18 %	11/2026	59		59		—		57
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(j)	11.28 %	11/2026	59		59		—		57
MOP GM Holding, LLC+(5)	One stop	SF +	5.75 %		N/A(6)	11/2026	—		( 15 )		—		—
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.50 %	(j)(k)	10.86 %	07/2029	5,340		5,298		0.2		5,180
National Express Wash Parent Holdco, LLC+(5)	One stop	SF +	5.50 %		N/A(6)	07/2029	—		( 2 )		—		( 6 )
National Express Wash Parent Holdco, LLC+(5)	One stop	SF +	6.00 %		N/A(6)	07/2029	—		( 5 )		—		( 5 )
POY Holdings, LLC#+	One stop	SF +	5.50 %	(j)	11.00 %	11/2027	9,533		9,408		0.4		9,437
POY Holdings, LLC+	One stop	SF +	5.50 %	(j)	11.00 %	11/2027	86		85		—		85
POY Holdings, LLC+	One stop	SF +	5.50 %	(j)	11.02 %	11/2027	69		66		—		66
POY Holdings, LLC+	One stop	SF +	5.50 %	(j)	11.00 %	11/2027	332		325		—		329
POY Holdings, LLC+(5)	One stop	SF +	5.50 %		N/A(6)	11/2027	—		( 1 )		—		( 1 )
Quick Quack Car Wash Holdings, LLC*#	One stop	SF +	6.50 %	(j)	12.03 %	10/2026	12,649		12,519		0.5		12,522
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50 %	(j)	12.03 %	10/2026	9,650		9,552		0.4		9,554
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50 %	(j)	12.03 %	10/2026	3,285		3,241		0.1		3,252
Quick Quack Car Wash Holdings, LLC#+	One stop	SF +	6.50 %	(j)	12.03 %	10/2026	2,283		2,260		0.1		2,260
Quick Quack Car Wash Holdings, LLC*+	One stop	SF +	6.50 %	(j)	12.03 %	10/2026	1,994		1,982		0.1		1,974
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50 %	(j)	12.03 %	10/2026	1,496		1,483		0.1		1,481
Quick Quack Car Wash Holdings, LLC*+	One stop	SF +	6.50 %	(j)	12.03 %	10/2026	1,333		1,325		0.1		1,319
Quick Quack Car Wash Holdings, LLC*+	One stop	SF +	6.50 %	(j)	12.03 %	10/2026	1,085		1,075		0.1		1,075
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50 %	(j)	12.03 %	10/2026	341		336		—		337
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50 %	(j)	12.03 %	10/2026	103		100		—		102
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50 %	(j)	12.03 %	10/2026	94		91		—		93
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50 %	(j)	12.03 %	10/2026	94		93		—		93
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50 %	(i)(j)	11.99 %	10/2026	111		109		—		110
Quick Quack Car Wash Holdings, LLC+(5)	One stop	SF +	6.50 %		N/A(6)	10/2026	—		( 2 )		—		( 2 )
Quick Quack Car Wash Holdings, LLC+(5)	One stop	SF +	6.50 %		N/A(6)	10/2026	—		( 32 )		—		( 35 )
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50 %	(i)	11.96 %	10/2026	119		118		—		118
Quick Quack Car Wash Holdings, LLC+(5)	One stop	SF +	6.50 %		N/A(6)	10/2026	—		—		—		( 4 )

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)		Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Spotless Brands, LLC+	One stop	SF +	6.50 %	(j)	12.03 %		07/2028	$	8,285	$	8,159	0.3	%	$	8,285
Spotless Brands, LLC+	One stop	SF +	6.50 %	(j)	12.03 %		07/2028	898		891		0.1		898
Spotless Brands, LLC+	One stop	SF +	6.50 %	(j)	12.04 %		07/2028	668		663		—		668
Spotless Brands, LLC+	One stop	SF +	6.50 %	(i)	11.96 %		07/2028	6		6		—		6
TWAS Holdings, LLC#+	One stop	SF +	6.75 %	(i)	12.21 %		12/2026	39,950		39,712		1.5		39,150
TWAS Holdings, LLC*+	One stop	SF +	6.75 %	(i)	12.21 %		12/2026	30,178		29,984		1.2		29,574
TWAS Holdings, LLC+	One stop	SF +	6.75 %	(i)	12.21 %		12/2026	7,834		7,785		0.3		7,677
TWAS Holdings, LLC+	One stop	SF +	6.75 %	(i)	12.21 %		12/2026	601		598		—		589
TWAS Holdings, LLC+	One stop	SF +	6.75 %	(i)	12.21 %		12/2026	382		380		—		374
TWAS Holdings, LLC+(5)	One stop	SF +	6.75 %		N/A(6)		12/2026	—		( 2 )		—		( 7 )
Yorkshire Parent, Inc.+	One stop	SF +	6.00 %	(j)	11.39 %		12/2029	287		284		—		284
Yorkshire Parent, Inc.+(5)	One stop	SF +	6.00 %		N/A(6)		12/2029	—		( 1 )		—		( 1 )
Yorkshire Parent, Inc.+	One stop	SF +	6.00 %	(i)	N/A		12/2029	—		—		—		—
								275,217		272,708		10.6		270,841
Banks
OSP Hamilton Purchaser, LLC+	One stop	SF +	5.50 %	(j)	10.87 %		12/2029	240		237		—		237
OSP Hamilton Purchaser, LLC+(5)	One stop	SF +	5.50 %		N/A(6)		12/2029	—		( 2 )		—		( 2 )
OSP Hamilton Purchaser, LLC+	One stop	SF +	5.50 %		N/A(6)		12/2029	—		—		—		—
								240		235		—		235
Beverages
Financial Information Technologies, LLC+	One stop	SF +	6.50 %	(j)	11.85 %		06/2030	22,566		22,251		0.9		23,130
Financial Information Technologies, LLC+(23)	One stop	N/A			14.00 %	PIK	06/2031	11,578		11,274		0.4		11,346
Financial Information Technologies, LLC+	One stop	SF +	6.50 %		N/A(6)		06/2030	—		—		—		—
Financial Information Technologies, LLC+	One stop	SF +	5.50 %	(j)	10.85 %		06/2030	157		156		—		156
Financial Information Technologies, LLC+(5)	One stop	SF +	5.50 %		N/A(6)		06/2030	—		( 3 )		—		( 3 )
Watermill Express, LLC+	One stop	SF +	5.00 %	(j)	10.50 %		04/2027	2,216		2,204		0.1		2,194
Watermill Express, LLC+	One stop	SF +	5.00 %	(j)	10.50 %		04/2027	214		213		—		212
Watermill Express, LLC+	One stop	SF +	5.00 %	(i)	10.46 %		04/2027	9		9		—		9
Winebow Holdings, Inc.+	One stop	SF +	6.25 %	(i)	11.71 %		07/2025	7,701		7,658		0.3		7,547
								44,441		43,762		1.7		44,591



Building Products
BECO Holding Company, Inc.#+	One stop	SF +	5.25 %	(j)	10.75 %	11/2028	7,745	7,691	0.3	7,590
BECO Holding Company, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)	11/2027	—	( 3 )	—	( 8 )
Jensen Hughes, Inc.+	Senior secured	SF +	5.75 %	(i)	11.20 %	03/2025	4,053	4,037	0.2	4,053
Jensen Hughes, Inc.+	Senior secured	SF +	5.75 %	(i)(k)	11.22 %	03/2025	1,447	1,440	0.1	1,447
Jensen Hughes, Inc.+	Senior secured	SF +	5.75 %	(i)	11.20 %	03/2025	1,371	1,368	0.1	1,371
Jensen Hughes, Inc.+	Senior secured	SF +	5.75 %	(i)	11.20 %	03/2025	883	881	—	883
Jensen Hughes, Inc.+	Senior secured	SF +	5.75 %	(i)	11.20 %	03/2025	833	829	—	833
Jensen Hughes, Inc.+	Senior secured	SF +	5.75 %	(i)	11.20 %	03/2025	424	423	—	424
Jensen Hughes, Inc.+	Senior secured	SF +	5.75 %	(i)	11.20 %	03/2025	270	269	—	270
Jensen Hughes, Inc.+	Senior secured	SF +	5.75 %	(i)	11.20 %	03/2025	211	210	—	211
Jensen Hughes, Inc.+	Senior secured	SF +	5.75 %	(i)	11.20 %	03/2025	113	112	—	113
							17,350	17,257	0.7	17,187
Chemicals
Inhance Technologies Holdings LLC#+	One stop	SF +	6.00 %	(j)	11.54 %	07/2024	12,282	12,301	0.4	10,317
Inhance Technologies Holdings LLC#	One stop	SF +	6.00 %	(j)	11.54 %	07/2024	9,788	9,768	0.3	8,222
Inhance Technologies Holdings LLC+	One stop	SF +	6.00 %	(j)	11.54 %	07/2024	1,867	1,865	0.1	1,568
Inhance Technologies Holdings LLC+	One stop	SF +	6.00 %	(j)	11.54 %	07/2024	199	199	—	165
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	E +	6.25 %	(d)	10.39 %	09/2028	34,962	36,250	1.2	30,766

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)	Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
PHM NL SP Bidco B.V.+(8)(14)	One stop	SF +	6.25 %	(h)	11.57 %	09/2028	$	13,766	$	13,602	0.5	%	$	12,114
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	SN +	6.25 %	(g)	11.44 %	09/2028	7,652		7,920		0.3		6,734
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	E +	6.25 %	(d)	10.21 %	09/2028	3,695		3,728		0.1		3,252
							84,211		85,633		2.9		73,138
Commercial Services & Supplies
BradyIFS Holdings, LLC+	One stop	SF +	6.00 %	(j)	11.38 %	10/2029	419		411		—		410
BradyIFS Holdings, LLC+	One stop	SF +	6.00 %	(j)	11.37 %	10/2029	11		11		—		10
BradyIFS Holdings, LLC+(5)	One stop	SF +	6.00 %		N/A(6)	10/2029	—		( 1 )		—		( 1 )
CI (Quercus) Intermediate Holdings, LLC*#+	One stop	SF +	5.25 %	(j)	10.75 %	10/2028	18,227		18,057		0.7		18,227
CI (Quercus) Intermediate Holdings, LLC+	One stop	SF +	5.25 %	(i)	10.71 %	10/2028	12		10		—		12
Encore Holdings, LLC+	One stop	SF +	5.00 %	(j)	10.45 %	11/2028	1,937		1,879		0.1		1,854
Encore Holdings, LLC+	One stop	SF +	5.00 %	(j)	10.45 %	11/2028	831		815		—		815
Kleinfelder Intermediate, LLC+	One stop	SF +	6.25 %	(j)	11.63 %	09/2030	3,744		3,673		0.2		3,669
Kleinfelder Intermediate, LLC+(5)	One stop	SF +	6.25 %		N/A( 6 )	09/2028	—		( 9 )		—		( 10 )
Kleinfelder Intermediate, LLC+(5)	One stop	SF +	6.25 %		N/A(6)	09/2030	—		( 7 )		—		( 8 )
North Haven Stack Buyer, LLC*#	Senior secured	SF +	5.50 %	(j)	11.03 %	07/2027	8,656		8,553		0.4		8,656

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
North Haven Stack Buyer, LLC#	Senior secured	SF +	5.50 %	(j)	11.03 %				07/2027	$	2,916	$	2,899	0.1	%	$	2,916
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.50 %	(j)	11.03 %				07/2027	966		960		0.1		966
North Haven Stack Buyer, LLC#	Senior secured	SF +	5.50 %	(j)	11.03 %				07/2027	962		956		—		962
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.50 %	(j)	11.03 %				07/2027	141		140		—		141
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.50 %	(j)	11.03 %				07/2027	70		70		—		70
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.50 %	(a)(j)	11.11 %				07/2027	78		77		—		78
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.50 %	(j)	11.00 %				07/2027	1,607		1,591		0.1		1,607
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.50 %	(j)	11.01 %				07/2027	1,040		983		0.1		1,040
North Haven Stack Buyer, LLC+(23)	Second lien	N/A			10.00 %	cash/	2.50 %	PIK	01/2028	1,448		1,415		0.1		1,448
Profile Products LLC+	One stop	SF +	5.50 %	(j)	10.99 %				11/2027	6,277		6,189		0.2		6,151
Profile Products LLC+(8)	One stop	SF +	5.50 %	(j)	10.99 %				11/2027	1,272		1,256		—		1,247
Profile Products LLC+(5)	One stop	SF +	5.50 %		N/A(6)				11/2027	—		( 1 )		—		( 1 )
Profile Products LLC+(5)	One stop	SF +	5.75 %		N/A(6)				11/2027	—		—		—		( 1 )
PT Intermediate Holdings III, LLC+	One stop	SF +	5.98 %	(j)	11.47 %				11/2028	29,151		28,800		1.1		29,151
PT Intermediate Holdings III, LLC+	One stop	SF +	5.98 %	(j)	11.47 %				11/2028	20,611		20,460		0.8		20,611
PT Intermediate Holdings III, LLC+	One stop	SF +	5.98 %	(j)	11.47 %				11/2028	9,775		9,677		0.4		9,775
PT Intermediate Holdings III, LLC+	One stop	SF +	6.50 %	(j)	11.85 %				11/2028	2,288		2,259		0.1		2,305
PT Intermediate Holdings III, LLC+(5)	One stop	SF +	6.50 %		N/A(6)				11/2028	—		( 7 )		—		—
Radwell Parent, LLC#+	One stop	SF +	6.75 %	(j)	12.10 %				03/2029	24,701		24,087		1.0		24,762
Radwell Parent, LLC+	One stop	SF +	6.53 %	(j)	11.97 %				03/2029	18,837		18,608		0.7		18,837
Radwell Parent, LLC+	One stop	SF +	6.75 %	(j)	12.10 %				03/2028	69		65		—		69
Radwell Parent, LLC+	One stop	SF +	6.53 %	(j)	11.91 %				03/2029	32		26		—		32
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.75 %	(k)	11.29 %				06/2027	2,458		2,429		0.1		2,458
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.75 %	(k)	11.20 %				06/2027	35		35		—		35
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.75 %		N/A(6)				06/2027	—		—		—		—
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.75 %	(k)	11.15 %				06/2027	142		139		—		142
WRE Holding Corp.*#	Senior secured	SF +	5.00 %	(i)	10.39 %				01/2025	2,199		2,196		0.1		2,199
WRE Holding Corp.+	Senior secured	SF +	5.00 %	(i)	10.39 %				01/2025	908		907		—		908
WRE Holding Corp.+	Senior secured	SF +	5.00 %	(i)(k)	10.39 %				01/2025	667		666		—		667
WRE Holding Corp.+	Senior secured	SF +	5.00 %	(i)(k)	10.39 %				01/2025	394		394		—		394
WRE Holding Corp.+	Senior secured	SF +	5.00 %	(i)	10.57 %				01/2025	353		346		—		353
WRE Holding Corp.+	Senior secured	SF +	5.00 %	(i)(k)	10.41 %				01/2025	149		149		—		149
WRE Holding Corp.+	Senior secured	SF +	5.00 %	(i)(k)	10.39 %				01/2025	127		127		—		127
WRE Holding Corp.+	Senior secured	SF +	5.00 %	(i)(k)	10.39 %				01/2025	23		23		—		23
WRE Holding Corp.+	Senior secured	SF +	5.25 %		N/A(6)				01/2025	—		—		—		—
										163,533		161,313		6.4		163,255
Communications Equipment
Lightning Finco Limited+(8)(10)	One stop	SF +	5.50 %	(h)	11.25 %				09/2028	10,349		10,211		0.4		10,349
Lightning Finco Limited+(8)(9)(10)	One stop	E +	5.50 %	(d)	9.39 %				09/2028	1,172		1,245		—		1,172
										11,521		11,456		0.4		11,521











Containers and Packaging
AmerCareRoyal LLC+(23)	Senior secured	SF +	7.00 %	(i)	11.98 %	cash/	0.50 %	PIK	11/2025	741		736		0.1		741
AmerCareRoyal LLC+(23)	Senior secured	SF +	7.00 %	(i)	11.98 %	cash/	0.50 %	PIK	11/2025	158		157		—		158
AmerCareRoyal LLC+(23)	Senior secured	SF +	7.00 %	(i)	11.98 %	cash/	0.50 %	PIK	11/2025	154		153		—		154
AmerCareRoyal LLC+(8)(23)	Senior secured	SF +	7.00 %	(i)	11.98 %	cash/	0.50 %	PIK	11/2025	134		133		—		134
Chase Intermediate#+	One stop	SF +	5.25 %	(i)(j)(k)	10.92 %				10/2028	10,976		10,905		0.4		10,867
Chase Intermediate+(5)	One stop	SF +	5.25 %		N/A(6)				10/2028	—		( 3 )		—		( 4 )
Chase Intermediate+(5)	One stop	SF +	5.50 %		N/A(6)				10/2028	—		( 5 )		—		( 5 )

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Fortis Solutions Group, LLC*#+	One stop	SF +	5.50 %	(j)	10.95 %				10/2028	$	34,672	$	34,267	1.3	%	$	33,632
Fortis Solutions Group, LLC+	One stop	SF +	5.50 %	(j)	10.96 %				10/2028	159		129		—		1
Fortis Solutions Group, LLC+	One stop	SF +	5.50 %	(j)	10.95 %				10/2028	98		21		—		95
Fortis Solutions Group, LLC+	One stop	SF +	5.50 %	(j)	10.95 %				10/2027	15		11		—		8
										47,107		46,504		1.8		45,781
Diversified Consumer Services
Apex Service Partners, LLC+(23)	One stop	SF +	7.00 %	(j)	10.40 %	cash/	2.00 %	PIK	10/2030	379		374		—		374
Apex Service Partners, LLC+(23)	One stop	SF +	7.00 %	(j)	10.38 %	cash/	2.00 %	PIK	10/2030	20		19		—		19
Apex Service Partners, LLC+	One stop	SF +	6.50 %	(a)(j)	12.76 %				10/2029	2		2		—		2
Certus Pest, Inc.#	One stop	SF +	7.50 %	(j)	13.00 %				02/2026	1,569		1,545		0.1		1,553
Certus Pest, Inc.#	One stop	SF +	7.50 %	(j)	13.00 %				02/2026	1,504		1,471		0.1		1,489
Certus Pest, Inc.+	One stop	SF +	7.50 %	(j)	13.00 %				02/2026	1,085		1,082		0.1		1,075
Certus Pest, Inc.#	One stop	SF +	7.50 %	(j)	13.00 %				02/2026	1,072		1,062		0.1		1,061
Certus Pest, Inc.+	One stop	SF +	7.50 %	(j)	13.00 %				02/2026	743		732		—		736
Certus Pest, Inc.#	One stop	SF +	7.50 %	(j)	13.00 %				02/2026	655		633		—		649
Certus Pest, Inc.+	One stop	SF +	7.50 %	(j)	13.00 %				02/2026	639		634		—		632
Certus Pest, Inc.+	One stop	SF +	7.50 %	(j)	13.00 %				02/2026	377		371		—		373
Certus Pest, Inc.+	One stop	SF +	7.50 %	(j)	13.00 %				02/2026	236		226		—		234
Certus Pest, Inc.+	One stop	SF +	7.50 %	(j)	13.00 %				02/2026	129		112		—		128
Certus Pest, Inc.+	One stop	SF +	7.50 %	(j)	13.00 %				02/2026	54		51		—		53
Certus Pest, Inc.+(5)	One stop	SF +	7.50 %		N/A(6)				02/2026	—		—		—		( 1 )
CHHJ Midco, LLC#	Senior secured	SF +	5.00 %	(i)	10.46 %				01/2026	2,688		2,677		0.1		2,688
CHHJ Midco, LLC+	Senior secured	SF +	5.00 %		N/A(6)				01/2026	—		—		—		—
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25 %	(j)	10.79 %				07/2027	1,691		1,681		0.1		1,645
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25 %	(j)	10.79 %				07/2027	1,648		1,633		0.1		1,602
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25 %	(j)	10.79 %				07/2027	1,080		1,071		—		1,050
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25 %	(j)	10.78 %				07/2027	763		757		—		742
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25 %	(j)	10.79 %				07/2027	196		195		—		191
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25 %	(j)	10.78 %				07/2027	118		117		—		115
COP Hometown Acquisitions, Inc.+(5)	Senior secured	SF +	5.25 %		N/A(6)				07/2027	—		( 2 )		—		( 4 )
COP Hometown Acquisitions, Inc.+	Senior secured	P +	4.50 %	(a)(j)	12.21 %				07/2027	122		119		—		118
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.50 %	(j)	10.97 %				07/2027	119		116		—		116
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.50 %	(a)(j)	11.62 %				07/2027	105		103		—		103
DP Flores Holdings, LLC#	One stop	SF +	6.25 %	(j)	11.60 %				09/2028	2,567		2,532		0.1		2,567
DP Flores Holdings, LLC+(5)	One stop	SF +	6.25 %		N/A(6)				09/2028	—		( 1 )		—		—
DP Flores Holdings, LLC+(5)	One stop	SF +	6.25 %		N/A(6)				09/2028	—		( 6 )		—		—
DP Flores Holdings, LLC+	One stop	SF +	6.25 %	(j)	11.60 %				09/2028	399		393		—		399
EMS LINQ, LLC+	One stop	SF +	6.25 %	(i)	11.71 %				12/2027	9,591		9,528		0.4		9,400
EMS LINQ, LLC+(5)	One stop	SF +	6.25 %		N/A(6)				12/2027	—		( 1 )		—		( 3 )
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50 %	(j)	11.00 %				07/2029	2,857		2,824		0.1		2,857
Entomo Brands Acquisitions, Inc.+(5)	Senior secured	SF +	5.50 %		N/A(6)				07/2029	—		( 1 )		—		—
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50 %	(i)	10.94 %				07/2029	238		212		—		238
EWC Growth Partners LLC+	One stop	SF +	6.00 %	(j)	11.50 %				03/2026	918		912		—		918
EWC Growth Partners LLC+	One stop	SF +	6.00 %	(j)	11.50 %				03/2026	73		73		—		73
EWC Growth Partners LLC+	One stop	SF +	6.00 %	(j)	11.50 %				03/2026	14		14		—		14
EWC Growth Partners LLC+	One stop	SF +	6.00 %	(j)	11.52 %				03/2026	7		7		—		7
Excelligence Learning Corporation#+	One stop	SF +	6.00 %	(j)	11.50 %				01/2024	10,176		10,173		0.4		10,176

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
FPG Intermediate Holdco, LLC+	One stop	SF +	6.00 %	(j)	11.54 %				03/2027	$	7,631	$	7,534	0.3	%	$	7,402
FPG Intermediate Holdco, LLC+	One stop	SF +	6.00 %	(j)	11.54 %				03/2027	481		474		—		467
FPG Intermediate Holdco, LLC+	One stop	SF +	6.00 %	(j)	11.53 %				03/2027	62		61		—		60
FPG Intermediate Holdco, LLC+(5)	One stop	SF +	6.50 %		N/A(6)				03/2027	—		( 11 )		—		—
FSS Buyer LLC+	One stop	SF +	5.75 %	(i)	11.21 %				08/2028	5,422		5,350		0.2		5,422
FSS Buyer LLC+	One stop	SF +	5.75 %		N/A(6)				08/2027	—		—		—		—
HS Spa Holdings, Inc.+	One stop	SF +	5.75 %	(j)	11.12 %				06/2029	7,685		7,566		0.3		7,608
HS Spa Holdings, Inc.+	One stop	SF +	5.75 %	(i)	11.11 %				06/2028	8		6		—		7
Learn-it Systems, LLC+(23)	Senior secured	SF +	5.25 %	(j)	8.00 %	cash/	2.75 %	PIK	09/2026	2,553		2,566		0.1		2,426
Learn-it Systems, LLC+(23)	Senior secured	SF +	5.25 %	(k)	7.93 %	cash/	2.75 %	PIK	09/2026	1,374		1,373		0.1		1,305
Learn-it Systems, LLC+(23)	Senior secured	SF +	5.25 %	(k)	7.93 %	cash/	2.75 %	PIK	09/2026	619		617		—		588
Learn-it Systems, LLC+(5)	Senior secured	SF +	5.25 %		N/A(6)				09/2026	—		—		—		( 3 )
Liminex, Inc.+	One stop	SF +	7.25 %	(j)	12.75 %				11/2026	25,462		25,153		1.0		25,462
Liminex, Inc.+	One stop	SF +	7.25 %	(j)	12.75 %				11/2026	20,000		19,811		0.8		20,000
Liminex, Inc.+	One stop	SF +	7.25 %	(j)	12.75 %				11/2026	15,837		15,580		0.6		15,837
Liminex, Inc.+	One stop	SF +	7.25 %	(j)	12.75 %				11/2026	800		793		—		800
Liminex, Inc.+(5)	One stop	SF +	7.25 %		N/A(6)				11/2026	—		( 2 )		—		—
Litera Bidco LLC+	One stop	SF +	6.00 %	(i)	11.46 %				05/2026	5,646		5,611		0.2		5,646
Litera Bidco LLC+	One stop	SF +	5.25 %	(i)	10.71 %				05/2026	3,627		3,636		0.1		3,627
Litera Bidco LLC+	One stop	SF +	5.25 %	(i)	10.71 %				05/2026	680		690		—		680
Litera Bidco LLC+	One stop	SF +	5.25 %	(i)	10.71 %				05/2026	680		691		—		680
Litera Bidco LLC+	One stop	SF +	6.00 %	(i)	11.46 %				05/2026	511		508		—		511
Litera Bidco LLC+	One stop	SF +	5.25 %		N/A(6)				05/2025	—		—		—		—
Mario Purchaser, LLC+	One stop	SF +	5.75 %	(i)	11.21 %				04/2029	7,558		7,443		0.3		7,256
Mario Purchaser, LLC+(23)	One stop	SF +	10.75 %	(j)	16.21 %	PIK			04/2032	1,857		1,825		0.1		1,783
Mario Purchaser, LLC+	One stop	SF +	5.75 %	(i)	11.21 %				04/2029	169		164		—		154
Mario Purchaser, LLC+	One stop	SF +	5.75 %	(i)	11.21 %				04/2028	22		21		—		20
Mathnasium, LLC#	One stop	SF +	5.00 %	(j)	10.53 %				11/2027	9,144		9,085		0.4		9,144
Mathnasium, LLC+	One stop	SF +	5.00 %	(j)	10.53 %				11/2027	18		17		—		18
NSG Buyer, Inc. *#+	One stop	SF +	6.50 %	(i)	11.96 %				11/2029	24,730		24,317		1.0		24,978
NSG Buyer, Inc. +(5)	One stop	SF +	5.75 %		N/A(6)				11/2029	—		( 4 )		—		( 4 )
NSG Buyer, Inc. +(5)	One stop	SF +	6.50 %		N/A(6)				11/2028	—		( 1 )		—		( 1 )
PADI Holdco, Inc.*#	One stop	SF +	6.25 %	(j)	11.79 %				01/2027	21,517		21,214		0.8		21,517
PADI Holdco, Inc.+(8)(9)	One stop	E +	6.25 %	(c)	10.21 %				01/2027	20,107		20,533		0.8		20,107
PADI Holdco, Inc.+	One stop	SF +	6.25 %	(i)(j)	11.71 %				01/2027	829		817		—		829
PADI Holdco, Inc.+	One stop	SF +	6.25 %	(j)	11.79 %				01/2027	171		169		—		171
PADI Holdco, Inc.+(5)	One stop	SF +	6.25 %		N/A(6)				01/2027	—		( 4 )		—		—
Provenance Buyer LLC*#+	One stop	SF +	5.00 %	(i)	10.46 %				06/2027	18,047		17,833		0.7		17,867
Provenance Buyer LLC#	One stop	SF +	5.00 %	(i)	10.46 %				06/2027	9,850		9,781		0.4		9,752
Provenance Buyer LLC+(5)	One stop	SF +	5.00 %		N/A(6)				06/2027	—		( 1 )		—		( 1 )
RW AM Holdco LLC#+	One stop	SF +	5.25 %	(k)	10.82 %				04/2028	17,506		17,381		0.7		16,807
RW AM Holdco LLC+(5)	One stop	SF +	5.25 %		N/A(6)				04/2028	—		( 1 )		—		( 6 )
Virginia Green Acquisition, LLC+	One stop	SF +	5.50 %	(k)	10.75 %				12/2030	321		317		—		317
Virginia Green Acquisition, LLC+	One stop	SF +	5.50 %	(k)	10.75 %				12/2029	6		6		—		6
Virginia Green Acquisition, LLC+(5)	One stop	SF +	5.50 %		N/A(6)				12/2030	—		( 1 )		—		( 1 )
										274,764		272,358		10.6		272,627

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)	Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Diversified Financial Services
Avalara, Inc.+	One stop	SF +	7.25 %	(j)	12.60 %	10/2028	$	11,941	$	11,702	0.5	%	$	11,941
Avalara, Inc.+(5)	One stop	SF +	7.25 %		N/A(6)	10/2028	—		( 2 )		—		—
Banker's Toolbox, Inc.+	One stop	SF +	5.25 %	(j)	10.73 %	07/2027	7,916		7,857		0.3		7,916
Banker's Toolbox, Inc.+	One stop	SF +	5.25 %	(j)	10.73 %	07/2027	1,474		1,474		0.1		1,474
Banker's Toolbox, Inc.+	One stop	SF +	5.25 %		N/A(6)	07/2027	—		—		—		—
Finastra USA, Inc.+	One stop	SF +	7.25 %	(k)	12.71 %	09/2029	4,950		4,856		0.2		4,851
Finastra USA, Inc.+	One stop	SF +	7.25 %	(i)	12.61 %	09/2029	13		12		—		12
Flash Topco, Inc.*	One stop	SF +	5.75 %	(k)	11.44 %	10/2028	9,696		9,628		0.3		9,211
Flash Topco, Inc.+	One stop	SF +	6.50 %	(k)	11.94 %	10/2028	45		44		—		42
Flash Topco, Inc.+	One stop	SF +	6.50 %	(k)	11.94 %	12/2024	25		25		—		25
Higginbotham Insurance Agency, Inc.+	One stop	SF +	5.50 %	(i)	10.96 %	11/2028	4,519		4,485		0.2		4,519
Higginbotham Insurance Agency, Inc.+	One stop	SF +	5.50 %	(i)	10.96 %	11/2028	183		182		—		183
Higginbotham Insurance Agency, Inc.+	One stop	SF +	5.50 %	(i)	10.96 %	11/2028	3,322		3,293		0.1		3,322

							44,084		43,556		1.7		43,496

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)	Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Diversified Telecommunication Services
NTI Connect, LLC+	Senior secured	SF +	5.50 %	(j)	11.00 %	02/2026	$	1,608	$	1,588	0.1	%	$	1,608

Electrical Equipment
Power Grid Holdings, Inc.+	One stop	SF +	4.75 %	(j)	10.14 %	12/2030	406		398		—		398
Power Grid Holdings, Inc.+	One stop	SF +	4.75 %	(j)	10.12 %	12/2030	5		3		—		3
							411		401		—		401

Electronic Equipment, Instruments & Components
CST Holding Company+	One stop	SF +	6.50 %	(i)	11.96 %	11/2028	24,472		23,880		1.0		24,472
CST Holding Company+	One stop	SF +	6.50 %	(i)	11.96 %	11/2028	5		4		—		5



							24,477		23,884		1.0		24,477



Food & Staples Retailing
Cafe Rio Holding, Inc.*#	One stop	SF +	5.25 %	(i)	10.71 %	09/2028	17,986	17,986	0.7	17,986
Cafe Rio Holding, Inc.#+	One stop	SF +	5.25 %	(i)	10.71 %	09/2028	3,235	3,217	0.1	3,235
Cafe Rio Holding, Inc.#+	One stop	SF +	5.25 %	(i)	10.71 %	09/2028	2,174	2,174	0.1	2,174
Cafe Rio Holding, Inc.*#	One stop	SF +	5.25 %	(i)	10.71 %	09/2028	1,380	1,380	0.1	1,380
Cafe Rio Holding, Inc.#+	One stop	SF +	5.25 %	(i)	10.71 %	09/2028	1,219	1,219	0.1	1,219
Cafe Rio Holding, Inc.+	One stop	SF +	5.25 %	(i)	10.71 %	09/2028	175	175	—	175
Cafe Rio Holding, Inc.+	One stop	SF +	5.25 %	(i)	10.71 %	09/2028	187	187	—	187
Cafe Rio Holding, Inc.+	One stop	SF +	5.25 %	(i)	10.71 %	09/2028	99	99	—	99
Cafe Rio Holding, Inc.+	One stop	SF +	5.25 %	(i)	10.71 %	09/2028	79	78	—	79
Cafe Rio Holding, Inc.+	One stop	SF +	5.25 %	(i)	10.71 %	09/2028	50	50	—	50
Mendocino Farms, LLC+	One stop	SF +	6.25 %	(i)	11.71 %	06/2025	922	917	0.1	922
Mendocino Farms, LLC+	One stop	SF +	6.25 %	(i)	11.71 %	06/2025	413	411	—	413
Mendocino Farms, LLC+	One stop	SF +	6.25 %	(i)	11.71 %	06/2025	724	721	—	724
Mendocino Farms, LLC+	One stop	SF +	6.25 %	(i)	11.71 %	06/2025	711	707	—	711
Mendocino Farms, LLC+	One stop	SF +	6.25 %	(i)	11.71 %	06/2025	512	510	—	512
Mendocino Farms, LLC+	One stop	SF +	6.25 %	(i)	11.71 %	06/2025	350	347	—	350
Mendocino Farms, LLC+	One stop	SF +	6.25 %	(i)	11.71 %	06/2025	349	346	—	349
Mendocino Farms, LLC+	One stop	SF +	6.25 %	(i)	11.71 %	06/2025	307	305	—	307
Mendocino Farms, LLC+	One stop	SF +	6.25 %	(i)	11.71 %	06/2025	172	171	—	172
Mendocino Farms, LLC+	One stop	SF +	6.25 %	(i)	11.71 %	06/2025	105	104	—	105
Mendocino Farms, LLC+	One stop	SF +	6.25 %	(i)	11.71 %	06/2025	822	818	—	822
Ruby Slipper Cafe LLC, The*+	One stop	SF +	7.50 %	(j)	13.00 %	06/2024	1,998	1,998	0.1	1,998
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50 %	(j)	13.00 %	06/2024	405	405	—	405
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50 %	(j)	13.00 %	06/2024	288	287	—	288
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50 %	(j)	13.00 %	06/2024	41	41	—	41
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50 %	(j)	13.00 %	06/2024	—	—	—	—
Wineshipping.com LLC+	One stop	SF +	5.75 %	(j)	11.29 %	10/2027	6,708	6,665	0.3	6,171
Wineshipping.com LLC+	One stop	SF +	5.75 %	(j)	11.33 %	10/2027	183	182	—	169
Wineshipping.com LLC+	One stop	SF +	5.75 %	(a)(j)	11.46 %	10/2027	73	73	—	67













							41,667	41,573	1.6	41,110

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food Products
Blast Bidco Inc.+	One stop	SF +	6.00 %	(j)	11.35 %				10/2030	$	4,479	$	4,414	0.2	%	$	4,435
Blast Bidco Inc.+(5)	One stop	SF +	6.00 %		N/A(6)				10/2029	—		( 8 )		—		( 5 )
Borrower R365 Holdings, LLC+	One stop	SF +	6.50 %	(j)	12.00 %				06/2027	13,637		13,489		0.5		13,637
Borrower R365 Holdings, LLC+	One stop	SF +	6.50 %	(j)	12.00 %				06/2027	1,124		1,111		—		1,124
Borrower R365 Holdings, LLC+	One stop	SF +	6.50 %	(j)	12.00 %				06/2027	43		42		—		43
Borrower R365 Holdings, LLC+(5)	One stop	SF +	6.50 %		N/A(6)				06/2027	—		( 1 )		—		—
Borrower R365 Holdings, LLC+(5)	One stop	SF +	6.50 %		N/A(6)				06/2027	—		( 1 )		—		—
Flavor Producers, LLC#+(23)	Senior secured	SF +	6.50 %	(a)(j)	10.20 %	cash/	1.75 %	PIK	12/2024	5,044		5,044		0.2		4,843
Flavor Producers, LLC+(5)	Senior secured	SF +	6.50 %		N/A(6)				09/2024	—		—		—		( 2 )
Kodiak Cakes, LLC*#+	Senior secured	SF +	6.75 %	(i)	12.11 %				06/2027	12,308		12,036		0.5		12,308
Kodiak Cakes, LLC+	Senior secured	SF +	6.75 %	(i)	12.11 %				06/2026	125		122		—		125
Louisiana Fish Fry Products, Ltd.*+	One stop	SF +	6.25 %	(j)	11.75 %				07/2027	9,654		9,595		0.4		9,557
Louisiana Fish Fry Products, Ltd.+	One stop	SF +	6.25 %	(i)(j)	11.74 %				07/2027	105		104		—		104
MAPF Holdings, Inc.*#+	One stop	SF +	5.00 %	(j)	10.50 %				12/2026	37,499		37,309		1.5		37,499
MAPF Holdings, Inc.+	One stop	SF +	5.00 %	(j)	10.51 %				12/2026	300		299		—		300
MAPF Holdings, Inc.+	One stop	SF +	5.00 %	(j)	10.50 %				12/2026	500		496		—		500
P&P Food Safety Holdings, Inc.*+	One stop	SF +	6.00 %	(i)(j)	11.50 %				12/2026	17,597		17,478		0.7		17,069
P&P Food Safety Holdings, Inc.+(5)	One stop	SF +	6.00 %		N/A(6)				12/2026	—		( 1 )		—		( 3 )
P&P Food Safety Holdings, Inc.+(5)	One stop	SF +	6.00 %		N/A(6)				12/2026	—		( 3 )		—		( 14 )
Purfoods, LLC+(23)	One stop	N/A			7.00 %	PIK			05/2026	66		68		—		66
Ultimate Baked Goods Midco LLC+	One stop	SF +	6.25 %	(i)	11.71 %				08/2027	6,587		6,538		0.2		6,521
Ultimate Baked Goods Midco LLC+(5)	One stop	SF +	6.25 %		N/A(6)				08/2027	—		( 21 )		—		( 1 )
Whitebridge Pet Brands, LLC*#+	One stop	SF +	4.75 %	(i)	10.21 %				07/2027	20,777		20,546		0.8		20,777
Whitebridge Pet Brands, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				07/2027	—		( 2 )		—		—
Wizard Bidco Limited+(8)(10)	One stop	SF +	6.00 %	(j)	11.35 %				03/2029	16,243		15,968		0.6		16,283
Wizard Bidco Limited+(8)(9)(10)(23)	One stop	SN +	5.00 %	(g)	8.69 %	cash/	1.50 %	PIK	03/2029	6,943		7,107		0.3		6,666
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	6.50 %	(g)	11.69 %				03/2029	5,658		5,393		0.2		5,673
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	4.75 %	(g)	9.94 %				09/2028	95		91		—		92
Wizard Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.50 %		N/A(6)				03/2029	—		( 50 )		—		—
										158,784		157,163		6.1		157,597

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Equipment & Supplies
Aspen Medical Products, LLC#+	One stop	SF +	5.25 %	(j)	10.78 %				06/2025	$	4,115	$	4,137	0.2	%	$	4,115
Aspen Medical Products, LLC+	One stop	SF +	5.25 %	(j)	10.78 %				06/2025	263		262		—		263
Aspen Medical Products, LLC+	One stop	SF +	5.25 %		N/A(6)				06/2025	—		—		—		—
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	5.95 %	(h)	11.53 %				08/2028	5,415		5,366		0.2		5,415
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	5.95 %	(c)	9.92 %				08/2028	3,197		3,398		0.1		3,197
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SN +	5.95 %	(g)	11.26 %				08/2028	900		949		—		900
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	5.95 %	(c)	9.88 %				08/2028	763		762		—		763
Baduhenna Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.95 %		N/A(6)				08/2028	—		( 13 )		—		—
Belmont Instrument, LLC*#	One stop	SF +	6.25 %	(j)	11.60 %				08/2028	9,777		9,700		0.4		9,777
Belmont Instrument, LLC+	One stop	SF +	6.25 %	(j)	11.60 %				08/2028	33		32		—		33
Blades Buyer, Inc.#+	Senior secured	SF +	5.00 %	(j)(k)	10.45 %				03/2028	9,932		9,862		0.4		9,859
Blades Buyer, Inc.+	Senior secured	SF +	5.25 %	(i)	10.69 %				03/2028	1,297		1,281		0.1		1,297
Blades Buyer, Inc.+	Senior secured	SF +	5.00 %	(i)	10.44 %				03/2028	316		315		—		314
Blades Buyer, Inc.+	Senior secured	P +	3.75 %	(a)	12.25 %				03/2028	17		17		—		15
Blue River Pet Care, LLC*#+	One stop	SF +	5.75 %	(i)	11.21 %				07/2026	50,545		50,339		2.0		50,039
Blue River Pet Care, LLC+	One stop	SF +	5.75 %	(i)	11.21 %				07/2026	762		758		—		755
Blue River Pet Care, LLC+	One stop	SF +	5.75 %	(i)	11.21 %				07/2026	178		177		—		176
Blue River Pet Care, LLC+	One stop	SF +	5.75 %	(i)	11.21 %				07/2026	171		170		—		169
Blue River Pet Care, LLC+	One stop	SF +	5.75 %	(i)	11.21 %				07/2026	169		168		—		167
Blue River Pet Care, LLC+(5)	One stop	SF +	5.75 %		N/A(6)				08/2025	—		( 2 )		—		( 4 )
Blue River Pet Care, LLC+(5)	One stop	SF +	5.75 %		N/A(6)				07/2026	—		—		—		( 1 )
Blue River Pet Care, LLC+	One stop	SF +	5.75 %	(i)	11.21 %				07/2026	130		129		—		129
CCSL Holdings, LLC*#(8)	One stop	SF +	6.00 %	(i)	11.36 %				12/2028	15,202		14,966		0.6		15,202
CCSL Holdings, LLC+(8)	One stop	SF +	6.00 %	(i)	11.36 %				12/2028	4,104		4,043		0.2		4,104
CCSL Holdings, LLC+(8)(9)	One stop	SN +	6.00 %	(g)	11.19 %				12/2028	2,449		2,382		0.1		2,449
CCSL Holdings, LLC+(5)(8)	One stop	SF +	6.00 %		N/A(6)				12/2028	—		( 3 )		—		—
CCSL Holdings, LLC+(8)	One stop	SF +	6.00 %	(i)	11.36 %				12/2028	521		480		—		521
CCSL Holdings, LLC+(5)(8)	One stop	SF +	6.00 %		N/A(6)				12/2028	—		( 25 )		—		—
CMI Parent Inc.*#	Senior secured	SF +	4.75 %	(i)	10.21 %				08/2025	6,291		6,328		0.3		6,291
CMI Parent Inc.*	Senior secured	SF +	4.75 %	(i)	10.21 %				08/2025	3,086		3,074		0.1		3,086
CMI Parent Inc.*	Senior secured	SF +	4.75 %	(i)	10.21 %				08/2025	2,895		2,879		0.1		2,895
CMI Parent Inc.+(5)	Senior secured	SF +	4.75 %		N/A(6)				08/2025	—		( 2 )		—		—
G & H Wire Company, Inc.+(23)	One stop	SF +	9.00 %	(j)	8.04 %	cash/	6.50 %	PIK	12/2024	12,004		11,965		0.4		9,363
G & H Wire Company, Inc.+(23)	One stop	SF +	9.00 %	(j)	8.04 %	cash/	6.50 %	PIK	12/2024	102		100		—		70
Joerns Healthcare, LLC+(7)(23)	One stop	SF +	18.00 %	(j)	23.63 %	PIK			01/2024	1,654		1,470		—		298
Joerns Healthcare, LLC+(23)	One stop	SF +	18.00 %	(j)	23.63 %	PIK			01/2024	329		329		—		329
TIDI Legacy Products, Inc.+	One stop	SF +	5.50 %	(i)	10.86 %				12/2029	345		341		—		341
TIDI Legacy Products, Inc.+(5)	One stop	SF +	5.50 %		N/A(6)				12/2029	—		( 1 )		—		( 1 )
TIDI Legacy Products, Inc.+	One stop	SF +	5.50 %		N/A(6)				06/2025	—		—		—		—
YI, LLC+	One stop	SF +	5.75 %	(j)	11.09 %				12/2029	367		363		—		359
YI, LLC+(5)	One stop	SF +	5.75 %		N/A(6)				12/2029	—		( 1 )		—		( 1 )
YI, LLC+(5)	One stop	SF +	5.75 %		N/A(6)				12/2029	—		( 1 )		—		( 1 )
										137,329		136,494		5.2		132,683

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Providers & Services
AAH TOPCO, LLC +	One stop	SF +	5.50 %	(i)	10.96 %				12/2027	$	8,224	$	8,169	0.3	%	$	8,018
AAH TOPCO, LLC +(23)	Subordinated debt	N/A			11.50 %	PIK			12/2031	1,246		1,230		—		1,097
AAH TOPCO, LLC +	One stop	SF +	5.50 %	(i)	10.96 %				12/2027	519		516		—		506
AAH TOPCO, LLC +(5)	One stop	SF +	5.50 %		N/A(6)				12/2027	—		—		—		( 2 )
AAH TOPCO, LLC +(5)	One stop	SF +	6.00 %		N/A(6)				12/2027	—		( 5 )		—		( 5 )
Active Day, Inc.#+	One stop	SF +	5.25 %	(j)	10.75 %				02/2025	17,522		17,437		0.7		17,522
Active Day, Inc.#+	One stop	SF +	5.25 %	(j)	10.75 %				02/2025	1,352		1,346		0.1		1,352
Active Day, Inc.*#	One stop	SF +	5.25 %	(j)	10.75 %				02/2025	872		867		—		872
Active Day, Inc.+	One stop	SF +	5.25 %	(j)	10.75 %				02/2025	695		692		—		695
Active Day, Inc.+	One stop	SF +	5.25 %	(j)	10.75 %				02/2025	613		609		—		613
Active Day, Inc.*#	One stop	SF +	5.25 %	(j)	10.75 %				02/2025	602		599		—		602
Active Day, Inc.+	One stop	SF +	5.25 %		N/A(6)				02/2025	—		—		—		—
Active Day, Inc.+	One stop	SF +	5.25 %	(j)	10.75 %				02/2025	—		—		—		—
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00 %	(j)	11.51 %				03/2026	16,302		16,176		0.6		16,302
Acuity Eyecare Holdings, LLC+(23)	One stop	N/A			16.50 %				06/2027	12,665		12,518		0.5		12,728
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(j)	11.75 %				03/2026	4,026		4,005		0.2		4,026
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(j)	11.76 %				03/2026	3,586		3,566		0.2		3,586
Acuity Eyecare Holdings, LLC#+	One stop	SF +	6.25 %	(j)	11.75 %				03/2026	3,504		3,487		0.2		3,504
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(j)	11.75 %				03/2026	3,163		3,174		0.1		3,163
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00 %	(j)	11.53 %				03/2026	2,021		1,998		0.1		2,021
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(j)	11.75 %				03/2026	1,844		1,857		0.1		1,844
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00 %	(j)	11.53 %				03/2026	1,031		1,023		0.1		1,031
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(j)	11.75 %				03/2026	446		444		—		446
Acuity Eyecare Holdings, LLC+(23)	One stop	SF +	13.00 %	(j)	11.75 %	cash/	6.75 %	PIK	03/2026	268		267		—		268
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(j)	11.75 %				03/2026	165		164		—		165
Acuity Eyecare Holdings, LLC+	Senior secured	SF +	6.25 %	(j)	11.79 %				03/2026	108		108		—		108
Acuity Eyecare Holdings, LLC+(23)	One stop	SF +	13.00 %	(j)	11.75 %	cash/	6.75 %	PIK	03/2026	104		103		—		104
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00 %	(j)	11.53 %				03/2026	30		28		—		30
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(j)	11.75 %				03/2026	1		1		—		1
Acuity Eyecare Holdings, LLC+(5)	One stop	SF +	6.25 %		N/A(6)				03/2026	—		( 1 )		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00 %	(j)	11.49 %				03/2027	4,649		4,615		0.2		4,649
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00 %	(j)	11.49 %				03/2027	3,886		3,848		0.2		3,886
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(23)	Subordinated debt	N/A			13.75 %				03/2028	2,266		2,246		0.1		2,221
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(23)	Subordinated debt	N/A			13.75 %				03/2028	866		860		—		849
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(23)	Subordinated debt	N/A			13.75 %				03/2028	275		272		—		269
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00 %	(j)	11.48 %				03/2027	153		151		—		153
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00 %	(j)	11.48 %				03/2027	72		72		—		72
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)	One stop	SF +	6.00 %		N/A(6)				03/2027	—		( 1 )		—		—
Bamboo US Bidco LLC+	One stop	SF +	6.00 %	(j)	11.38 %				09/2030	2,424		2,354		0.1		2,352
Bamboo US Bidco LLC+(8)(9)	One stop	E +	6.00 %	(c)	9.95 %				09/2030	1,665		1,549		0.1		1,615
Bamboo US Bidco LLC+(5)	One stop	SF +	6.00 %		N/A(6)				09/2029	—		( 14 )		—		( 15 )
Bamboo US Bidco LLC+	One stop	SF +	6.00 %	(i)	11.36 %				09/2030	26		21		—		20
Community Care Partners, LLC+	One stop	SF +	6.00 %	(i)	11.47 %				06/2026	2,319		2,307		0.1		2,180
Community Care Partners, LLC+(5)	One stop	SF +	6.00 %		N/A(6)				06/2026	—		( 2 )		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	6.25 %	(j)	11.75 %				06/2025	$	19,501	$	19,438	0.8	%	$	19,501
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	6.25 %	(j)	11.75 %				06/2025	5,132		5,100		0.2		5,132
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	6.25 %	(j)	11.75 %				06/2025	4,059		4,040		0.2		4,059
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	6.25 %	(j)	11.75 %				06/2025	3,476		3,454		0.2		3,476
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	6.25 %	(j)	11.75 %				06/2025	100		98		—		100
Datix Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.50 %	(g)	9.69 %				04/2025	56,646		60,318		2.2		56,646
Datix Bidco Limited+(8)(9)(10)	Second lien	SN +	7.75 %	(g)	12.94 %				04/2026	20,100		21,344		0.8		20,100
Emerge Intermediate, Inc.*#(23)	One stop	SF +	6.50 %	(j)	11.50 %	cash/	0.50 %	PIK	05/2024	19,233		19,206		0.8		19,233
Emerge Intermediate, Inc.+(23)	One stop	SF +	6.50 %	(j)	11.50 %	cash/	0.50 %	PIK	05/2024	1,741		1,738		0.1		1,741
Emerge Intermediate, Inc.+(23)	One stop	SF +	6.50 %	(j)	11.50 %	cash/	0.50 %	PIK	05/2024	134		134		—		134
Encorevet Group LLC+(23)	One stop	SF +	6.75 %	(j)	12.29 %				02/2027	983		981		—		949
Encorevet Group LLC+(23)	One stop	SF +	6.75 %	(j)	12.29 %				02/2027	618		617		—		596
Encorevet Group LLC+(23)	One stop	SF +	6.75 %	(j)	12.29 %				02/2027	307		306		—		296
Encorevet Group LLC+(23)	One stop	SF +	6.75 %	(j)	12.29 %				02/2027	294		293		—		283
Encorevet Group LLC+(23)	One stop	SF +	6.75 %	(j)	12.29 %				02/2027	266		265		—		256
Encorevet Group LLC+(23)	One stop	SF +	6.75 %	(j)	12.29 %				02/2027	244		244		—		235
Encorevet Group LLC+(23)	One stop	SF +	6.75 %	(j)	12.29 %				02/2027	162		162		—		157
Encorevet Group LLC+(23)	One stop	SF +	6.75 %	(j)	12.29 %				02/2027	114		114		—		110
Encorevet Group LLC+(23)	One stop	SF +	6.75 %	(j)	12.29 %				02/2027	110		110		—		106
Encorevet Group LLC+(23)	One stop	SF +	6.75 %	(j)	12.29 %				02/2027	68		68		—		66
Encorevet Group LLC+(23)	One stop	SF +	6.75 %	(j)	12.29 %				02/2027	57		57		—		55
Encorevet Group LLC+(23)	One stop	SF +	6.75 %	(j)	12.29 %				02/2027	56		55		—		54
Encorevet Group LLC+(23)	One stop	SF +	6.75 %	(j)	12.26 %				02/2027	47		47		—		45
Encorevet Group LLC+(23)	One stop	SF +	6.75 %	(j)	12.29 %				02/2027	32		32		—		31
Encorevet Group LLC+(23)	One stop	SF +	6.75 %	(j)	12.29 %				02/2027	10		10		—		9
Encorevet Group LLC+(5)	One stop	SF +	8.75 %		N/A(6)				02/2027	—		—		—		( 3 )
ERC Topco Holdings, LLC+(23)	One stop	SF +	6.25 %	(j)	8.61 %	cash/	3.25 %	PIK	11/2028	9,116		9,069		0.3		7,111
ERC Topco Holdings, LLC+(23)	One stop	SF +	6.25 %	(j)	8.67 %	cash/	3.25 %	PIK	11/2027	65		64		—		37
ERC Topco Holdings, LLC+(23)	One stop	SF +	6.25 %	(j)	11.86 %	PIK			11/2028	73		73		—		57
ERC Topco Holdings, LLC+(23)	One stop	SF +	6.25 %	(j)	11.60 %	PIK			11/2028	1		1		—		—
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75 %	(f)	11.33 %				03/2027	10,777		10,597		0.4		10,777
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75 %	(f)	11.33 %				03/2027	707		715		—		707
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75 %	(f)	11.33 %				03/2027	482		499		—		482
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75 %	(f)	11.33 %				03/2027	171		170		—		171
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)	One stop	SF +	5.75 %	(j)	11.28 %				03/2027	94		93		—		94
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75 %	(f)	11.33 %				03/2027	84		80		—		84
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)	One stop	SF +	5.75 %	(j)	11.28 %				03/2027	70		69		—		70
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75 %	(i)	10.21 %				12/2026	834		829		—		825
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75 %	(i)	10.21 %				12/2026	161		160		—		159
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75 %		N/A(6)				12/2026	—		—		—		—
Klick Inc.+(8)(12)	Senior secured	SF +	4.50 %	(j)	9.95 %				03/2028	9,871		9,811		0.4		9,871
Klick Inc.+(5)(8)(12)	Senior secured	SF +	4.50 %		N/A(6)				03/2026	—		( 1 )		—		—
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.75 %	(j)	11.25 %				05/2026	2,281		2,267		0.1		2,281
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.75 %	(j)	11.25 %				05/2026	1,835		1,819		0.1		1,835
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.75 %	(j)	11.25 %				05/2026	1,084		1,071		—		1,084
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.75 %	(j)	11.25 %				05/2026	1,077		1,083		—		1,077
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.75 %	(j)	11.25 %				05/2026	60		60		—		60

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.75 %	(j)	11.25 %				05/2026	$	153	$	151	—	%	$	153
Krueger-Gilbert Health Physics, LLC+(5)	Senior secured	SF +	5.75 %		N/A(6)				05/2026	—		( 3 )		—		—
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)(23)	One stop	C +	6.00 %	(f)	9.43 %	cash/	2.00 %	PIK	05/2028	19,122		20,552		0.7		18,166
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#(8)(12)	One stop	SF +	5.50 %	(j)	11.00 %				05/2028	4,271		4,234		0.2		4,058
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#+(8)(12)	One stop	SF +	5.50 %	(j)	11.00 %				05/2028	2,997		2,964		0.1		2,848
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50 %	(f)	10.93 %				05/2028	1,215		1,265		—		1,154
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50 %	(f)	10.93 %				05/2028	633		644		—		601
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(5)(8)(9)(12)	One stop	C +	5.50 %		N/A(6)				05/2026	—		( 18 )		—		( 12 )
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(5)(8)(12)	One stop	SF +	5.50 %		N/A(6)				05/2026	—		( 1 )		—		( 2 )
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)(23)	One stop	SF +	6.00 %	(j)	9.50 %	cash/	2.00 %	PIK	05/2028	42		40		—		40
Oliver Street Dermatology Holdings, LLC+(7)(23)	One stop	SF +	11.31 %	(j)	16.81 %				01/2024	27,872		16,786		0.6		15,329
Oliver Street Dermatology Holdings, LLC+(23)	One stop	SF +	6.25 %	(j)	11.75 %				01/2024	15,533		15,533		0.6		15,533
Oliver Street Dermatology Holdings, LLC+(23)	One stop	SF +	6.25 %	(j)	11.75 %				01/2024	400		400		—		400
Pinnacle Treatment Centers, Inc.*#	One stop	SF +	6.50 %	(i)	11.95 %				01/2026	18,482		18,179		0.7		18,482
Pinnacle Treatment Centers, Inc.*	One stop	SF +	6.50 %	(i)	11.95 %				01/2026	7,457		7,344		0.3		7,457
Pinnacle Treatment Centers, Inc.#	One stop	SF +	6.50 %	(i)	11.95 %				01/2026	2,176		2,143		0.1		2,176
Pinnacle Treatment Centers, Inc.#+	One stop	SF +	6.50 %	(i)	11.95 %				01/2026	1,519		1,497		0.1		1,519
Pinnacle Treatment Centers, Inc.#	One stop	SF +	6.50 %	(i)	11.95 %				01/2026	1,144		1,127		—		1,144
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.50 %	(i)	11.95 %				01/2026	686		675		—		686
Pinnacle Treatment Centers, Inc.+	One stop	P +	5.25 %	(a)	13.75 %				01/2026	174		171		—		174
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.50 %	(i)	11.95 %				01/2026	180		178		—		180
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.50 %	(i)	11.95 %				01/2026	104		102		—		104
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.50 %	(i)	11.95 %				01/2026	36		36		—		36
Suveto Buyer, LLC+	One stop	SF +	4.25 %	(i)	9.71 %				09/2027	19,622		19,502		0.8		19,230
Suveto Buyer, LLC+	One stop	SF +	4.25 %	(i)	9.71 %				09/2027	51		50		—		48

										395,712		388,967		14.8		378,501

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Technology
Alegeus Technologies Holdings Corp.+	Senior secured	SF +	8.25 %	(k)	13.75 %				09/2024	$	374	$	373	—	%	$	374
Coding Solutions Acquisition, Inc.+	One stop	SF +	5.50 %	(i)	11.11 %				05/2028	5,182		5,144		0.2		5,144
Coding Solutions Acquisition, Inc.+	One stop	SF +	5.75 %	(i)	11.11 %				05/2028	1,570		1,558		0.1		1,559
Coding Solutions Acquisition, Inc.+	One stop	SF +	6.00 %	(i)	11.36 %				05/2028	630		615		—		630
Coding Solutions Acquisition, Inc.+	One stop	SF +	5.50 %	(i)	11.11 %				05/2028	24		24		—		24
Coding Solutions Acquisition, Inc.+(5)	One stop	SF +	5.75 %		N/A(6)				05/2028	—		( 27 )		—		—
Color Intermediate, LLC+	One stop	SF +	5.50 %	(j)	10.95 %				10/2029	11,636		11,444		0.5		11,636
Connexin Software, Inc.+	One stop	SF +	8.50 %	(j)	13.85 %				02/2024	9,465		9,466		0.4		9,465
Connexin Software, Inc.+	One stop	SF +	8.50 %	(j)	13.85 %				02/2024	20		20		—		20
Crow River Buyer, Inc.+	One stop	SF +	7.75 %	(j)	13.13 %				01/2029	4,631		4,552		0.2		4,631
Crow River Buyer, Inc.+(5)	One stop	SF +	7.75 %		N/A(6)				01/2029	—		( 1 )		—		—
ESO Solution, Inc.+	One stop	SF +	7.00 %	(i)	12.36 %				05/2027	7,549		7,500		0.3		7,549
ESO Solution, Inc.+	One stop	SF +	7.00 %	(i)	12.36 %				03/2027	43		42		—		43
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75 %	(j)	11.20 %				08/2026	6,106		6,089		0.2		6,106
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75 %	(j)	11.20 %				08/2026	2,912		2,891		0.1		2,912
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75 %	(j)	11.20 %				08/2026	1,918		1,909		0.1		1,918
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75 %	(j)	11.20 %				08/2026	1,338		1,325		0.1		1,338
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75 %	(j)	11.20 %				08/2026	627		624		—		627
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75 %	(j)	11.20 %				08/2026	130		129		—		130
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75 %	(a)(k)	11.59 %				09/2025	76		76		—		76
Neptune Holdings, Inc.+	One stop	SF +	6.00 %	(k)	11.50 %				09/2030	4,950		4,879		0.2		4,888
Neptune Holdings, Inc.+(5)	One stop	SF +	6.00 %		N/A(6)				08/2029	—		( 1 )		—		( 1 )
Plasma Buyer LLC+	One stop	SF +	5.75 %	(j)	11.10 %				05/2029	5,336		5,254		0.2		5,069
Plasma Buyer LLC+	One stop	SF +	5.75 %	(j)	11.10 %				05/2028	18		18		—		16
Plasma Buyer LLC+(5)	One stop	SF +	5.75 %		N/A(6)				05/2029	—		( 11 )		—		—
QF Holdings, Inc.+	One stop	SF +	6.25 %	(j)	11.73 %				12/2027	626		619		—		626
Qgenda Intermediate Holdings, LLC+	One stop	SF +	4.75 %	(j)	10.20 %				06/2025	14,774		14,774		0.6		14,626
Qgenda Intermediate Holdings, LLC#	One stop	SF +	4.75 %	(j)	10.20 %				06/2025	12,039		11,999		0.5		11,919
Qgenda Intermediate Holdings, LLC+	One stop	SF +	4.75 %	(j)	10.20 %				06/2025	1,436		1,433		0.1		1,422
Qgenda Intermediate Holdings, LLC#	One stop	SF +	4.75 %	(j)	10.20 %				06/2025	960		960		—		950
Qgenda Intermediate Holdings, LLC+	One stop	SF +	4.75 %	(j)	10.20 %				06/2025	150		150		—		148
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00 %	(i)	9.96 %	cash/	3.50 %	PIK	06/2025	10,855		10,793		0.4		10,910
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00 %	(i)	9.96 %	cash/	3.50 %	PIK	06/2025	10,567		10,298		0.4		10,620
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00 %	(i)	9.96 %	cash/	3.50 %	PIK	06/2025	6,962		6,922		0.3		6,997
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00 %	(i)	9.96 %	cash/	3.50 %	PIK	06/2025	1,790		1,780		0.1		1,799
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00 %	(i)	9.96 %	cash/	3.50 %	PIK	06/2025	1,591		1,582		0.1		1,599
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00 %	(i)	9.96 %	cash/	3.50 %	PIK	06/2025	1,193		1,187		—		1,199
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00 %	(i)	9.96 %	cash/	3.50 %	PIK	06/2025	995		988		—		999
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00 %	(i)	9.96 %	cash/	3.50 %	PIK	06/2025	796		791		—		800
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00 %	(i)	9.96 %	cash/	3.50 %	PIK	06/2025	159		158		—		159
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00 %	(i)	9.96 %	cash/	3.50 %	PIK	06/2025	84		84		—		84
Transaction Data Systems, Inc.*#+	One stop	SF +	4.25 %	(j)	9.75 %				02/2026	65,213		64,726		2.5		65,213
Transaction Data Systems, Inc.+	One stop	SF +	4.25 %	(i)	9.71 %				02/2026	180		178		—		180
Veranex, Inc.+(23)	Senior secured	SF +	6.25 %	(k)	10.64 %	cash/	1.00 %	PIK	04/2028	3,140		3,117		0.1		2,417
Veranex, Inc.+(23)	Senior secured	SF +	6.25 %	(k)	10.56 %	cash/	1.00 %	PIK	04/2028	50		50		—		39
Veranex, Inc.+(23)	Senior secured	SF +	6.25 %	(k)	10.59 %	cash/	1.00 %	PIK	04/2028	25		25		—		19
										198,120		196,506		7.7		196,879

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Hotels, Restaurants & Leisure


Barteca Restaurants, LLC#+	One stop	SF +	6.00 %	(j)	11.53 %				08/2028	$	8,500	$	8,435	0.3	%	$	8,500
Barteca Restaurants, LLC+	One stop	SF +	6.00 %	(j)	11.51 %				08/2028	665		657		—		665
Barteca Restaurants, LLC+(5)	One stop	SF +	6.00 %		N/A(6)				08/2028	—		( 1 )		—		—
BJH Holdings III Corp.*#+	One stop	SF +	4.50 %	(j)	10.05 %				08/2025	50,065		50,489		1.9		49,564
BJH Holdings III Corp.+	One stop	SF +	4.50 %	(i)(j)	10.03 %				08/2025	450		448		—		442
Davidson Hotel Company, LLC+	One stop	SF +	5.25 %	(i)	10.71 %				07/2025	5,447		5,514		0.2		5,447
Davidson Hotel Company, LLC+	One stop	SF +	5.25 %	(i)	10.71 %				07/2025	840		838		—		840
Davidson Hotel Company, LLC+	One stop	SF +	5.25 %		N/A(6)				07/2025	—		—		—		—
EOS Fitness Opco Holdings, LLC*#+	One stop	SF +	5.25 %	(j)	10.75 %				01/2027	9,272		9,250		0.4		9,109
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25 %	(j)	10.75 %				01/2027	884		883		—		869
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25 %	(j)	10.75 %				01/2027	880		871		—		865
EOS Fitness Opco Holdings, LLC+(5)	One stop	SF +	5.25 %		N/A(6)				01/2027	—		—		—		( 2 )
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.75 %	(j)	11.10 %				01/2027	1,348		1,339		0.1		1,338
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.75 %	(j)	11.10 %				01/2027	721		699		—		697
ESN Venture Holdings, LLC*	One stop	SF +	6.50 %	(j)	11.85 %				10/2028	3,616		3,575		0.2		3,616
ESN Venture Holdings, LLC+(5)	One stop	SF +	6.50 %		N/A(6)				10/2028	—		( 19 )		—		—
ESN Venture Holdings, LLC+	One stop	SF +	6.50 %	(j)	11.86 %				10/2028	32		31		—		32
ESN Venture Holdings, LLC+	One stop	SF +	6.50 %	(j)(k)	11.87 %				10/2028	547		542		—		547
GFP Atlantic Holdco 2, LLC+	One stop	SF +	6.00 %	(j)	11.62 %				11/2027	155		152		—		152
GFP Atlantic Holdco 2, LLC+(5)	One stop	SF +	6.00 %		N/A(6)				11/2027	—		( 3 )		—		( 7 )
Harri US LLC+(23)	One stop	SF +	10.00 %	(j)	11.54 %	cash/	4.00 %	PIK	08/2026	849		792		0.1		857
Harri US LLC+(23)	One stop	SF +	10.00 %	(j)	11.54 %	cash/	4.00 %	PIK	08/2026	574		573		—		581
Harri US LLC+(23)	One stop	SF +	10.00 %	(j)	11.54 %	cash/	4.00 %	PIK	08/2026	557		556		—		564
Harri US LLC+	One stop	SF +	10.00 %		N/A(6)				08/2026	—		—		—		—
Health Buyer, LLC+	Senior secured	SF +	5.25 %	(j)	10.75 %				04/2029	2,571		2,542		0.1		2,558
Health Buyer, LLC+	Senior secured	SF +	5.50 %	(j)	10.85 %				04/2029	1,168		1,141		0.1		1,168
Health Buyer, LLC+	Senior secured	SF +	5.25 %		N/A(6)				04/2028	—		—		—		—
Health Buyer, LLC+(5)	Senior secured	SF +	5.50 %		N/A(6)				04/2029	—		( 7 )		—		—
SSRG Holdings, LLC+	One stop	SF +	4.75 %	(j)	10.25 %				11/2025	988		981		0.1		988
SSRG Holdings, LLC+	One stop	SF +	4.75 %	(j)	10.25 %				11/2025	20		20		—		20
SSRG Holdings, LLC+	One stop	SF +	5.50 %	(j)	11.00 %				11/2025	118		117		—		118
Tropical Smoothie Cafe Holdings, LLC+	One stop	SF +	5.50 %	(j)	11.03 %				09/2026	19,299		19,178		0.7		19,106
Tropical Smoothie Cafe Holdings, LLC*#	One stop	SF +	5.50 %	(i)(j)	11.02 %				09/2026	12,110		12,013		0.5		11,988
Tropical Smoothie Cafe Holdings, LLC#	One stop	SF +	5.50 %	(j)	11.03 %				09/2026	5,292		5,256		0.2		5,239
Tropical Smoothie Cafe Holdings, LLC+(5)	One stop	SF +	5.50 %		N/A(6)				09/2026	—		( 1 )		—		( 1 )
Tropical Smoothie Cafe Holdings, LLC+	One stop	SF +	5.75 %	(j)	11.12 %				09/2026	500		495		—		495
YE Brands Holding, LLC+	One stop	SF +	5.75 %	(j)	11.20 %				10/2027	4,938		4,892		0.2		4,938
YE Brands Holding, LLC+	One stop	SF +	5.50 %	(i)	10.96 %				10/2027	26		26		—		26
										132,432		132,274		5.1		131,319

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)	Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Household Durables
Groundworks LLC+	One stop	SF +	6.50 %	(j)	11.90 %	03/2030	$	7,209	$	7,027	0.3	%	$	7,209
Groundworks LLC+	One stop	SF +	6.50 %	(i)(j)	11.86 %	03/2030	174		155		—		174
Groundworks LLC+(5)	One stop	SF +	6.50 %		N/A(6)	03/2029	—		( 1 )		—		—


							7,383		7,181		0.3		7,383
Household Products
WU Holdco, Inc.#+	One stop	SF +	5.50 %	(j)	11.00 %	03/2026	3,694		3,724		0.1		3,582
WU Holdco, Inc.+	One stop	SF +	5.50 %	(j)	11.00 %	03/2026	1,302		1,302		0.1		1,262
WU Holdco, Inc.+	One stop	SF +	5.50 %	(j)	11.00 %	03/2026	338		336		—		328
WU Holdco, Inc.+	One stop	SF +	5.50 %	(j)	11.00 %	03/2025	26		26		—		26
							5,360		5,388		0.2		5,198
Industrial Conglomerates
Arch Global CCT Holdings Corp.#+	Senior secured	SF +	4.75 %	(j)	10.24 %	04/2026	2,325		2,354		0.1		2,278
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75 %	(j)	10.22 %	04/2026	148		148		—		145
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75 %	(j)	10.20 %	04/2026	133		133		—		131
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75 %		N/A(6)	04/2025	—		—		—		—
Dwyer Instruments, Inc.+	One stop	SF +	5.75 %	(j)	11.20 %	07/2027	3,873		3,818		0.2		3,795
Dwyer Instruments, Inc.+(5)	One stop	SF +	5.75 %		N/A(6)	07/2027	—		( 1 )		—		( 1 )
Dwyer Instruments, Inc.+	One stop	SF +	5.75 %	(i)(j)	11.20 %	07/2027	982		966		—		962
Dwyer Instruments, Inc.+	One stop	SF +	5.75 %	(k)	11.09 %	07/2027	231		227		—		227
Dwyer Instruments, Inc.+(5)	One stop	SF +	5.75 %		N/A(6)	07/2027	—		( 3 )		—		( 3 )
Essential Services Holdings Corporation+	One stop	SF +	5.75 %	(j)	11.29 %	11/2026	1,481		1,473		0.1		1,451
Essential Services Holdings Corporation+	One stop	SF +	5.75 %	(j)	11.28 %	11/2025	40		40		—		39
Excelitas Technologies Corp.+	One stop	SF +	5.75 %	(j)	11.23 %	08/2029	7,536		7,417		0.3		7,461
Excelitas Technologies Corp.+(8)(9)	One stop	E +	5.75 %	(c)	9.75 %	08/2029	1,288		1,185		—		1,275
Excelitas Technologies Corp.+	One stop	SF +	5.75 %	(a)(j)	11.29 %	08/2028	136		134		—		134
Excelitas Technologies Corp.+	One stop	SF +	5.75 %	(j)	11.22 %	08/2029	665		647		—		656
Specialty Measurement Bidco Limited+(8)(10)	One stop	SF +	6.00 %	(h)	11.58 %	11/2027	7,961		7,839		0.3		7,961
Specialty Measurement Bidco Limited+(8)(9)(10)	One stop	E +	6.00 %	(c)	9.96 %	11/2027	7,383		7,866		0.3		7,383
Specialty Measurement Bidco Limited+(8)(9)(10)	One stop	E +	6.00 %	(c)	9.96 %	11/2027	3,631		3,444		0.2		3,631
Specialty Measurement Bidco Limited+(8)(10)	One stop	SF +	6.50 %	(h)	12.25 %	11/2027	500		490		—		503
Specialty Measurement Bidco Limited+(8)(10)	One stop	SF +	6.25 %	(h)	11.83 %	11/2027	2,510		2,468		0.1		2,516
Specialty Measurement Bidco Limited+(8)(9)(10)	One stop	E +	6.25 %	(c)	10.22 %	11/2027	3,000		2,921		0.1		3,007
							43,823		43,566		1.7		43,551

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Insurance
Accession Risk Management Group, Inc.*#+	One stop	SF +	5.50 %	(j)	11.03 %				11/2029	$	25,307	$	24,984	1.0	%	$	24,927
Accession Risk Management Group, Inc.+	One stop	SF +	5.50 %	(j)	11.02 %				11/2029	6,478		6,270		0.2		6,380
Accession Risk Management Group, Inc.+	One stop	SF +	5.50 %	(j)	11.02 %				11/2029	5,551		5,495		0.2		5,468
Accession Risk Management Group, Inc.+	One stop	SF +	5.50 %	(j)	11.01 %				11/2029	1,499		1,485		0.1		1,477
Accession Risk Management Group, Inc.+(5)	One stop	SF +	5.50 %		N/A(6)				11/2029	—		( 1 )		—		( 1 )
Accession Risk Management Group, Inc.+	One stop	SF +	6.00 %	(j)	11.35 %				11/2029	279		204		—		279
Accession Risk Management Group, Inc.+	One stop	SF +	6.00 %	(j)	11.41 %				11/2029	625		615		—		625
Alera Group, Inc.+	One stop	SF +	6.00 %	(i)	11.46 %				10/2028	25,050		24,880		1.0		25,050
Alera Group, Inc.+	One stop	SF +	6.00 %	(i)	11.46 %				10/2028	7,119		7,045		0.3		7,119
Alera Group, Inc.+	One stop	SF +	6.00 %	(i)	11.46 %				10/2028	606		602		—		606
Alera Group, Inc.+(5)	One stop	SF +	5.75 %		N/A(6)				10/2028	—		( 2 )		—		( 3 )
AMBA Buyer, Inc.+	One stop	SF +	5.25 %	(j)(k)	10.53 %				07/2027	3,148		3,129		0.1		3,117
AMBA Buyer, Inc.+	One stop	SF +	5.25 %	(j)(k)	10.53 %				07/2027	938		935		—		928
AMBA Buyer, Inc.+	One stop	SF +	5.25 %	(j)(k)	10.53 %				07/2027	780		775		—		772
AMBA Buyer, Inc.+	One stop	SF +	5.25 %	(j)	10.70 %				07/2027	10		10		—		10
AMBA Buyer, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)				07/2027	—		—		—		( 1 )
Captive Resources Midco, LLC+(23)	One stop	SF +	5.25 %	(i)	5.31 %	cash/	5.80 %	PIK	07/2029	10,252		10,099		0.4		10,252
Captive Resources Midco, LLC+(5)	One stop	SF +	5.25 %		N/A(6)				07/2028	—		( 3 )		—		—
Disco Parent, Inc.+	One stop	SF +	7.50 %	(j)	12.89 %				03/2029	4,069		3,980		0.2		4,069
Disco Parent, Inc.+(5)	One stop	SF +	7.50 %		N/A(6)				03/2029	—		( 1 )		—		—
Doxa Insurance Holdings LLC+	One stop	SF +	5.50 %	(j)	10.87 %				12/2030	231		229		—		229
Doxa Insurance Holdings LLC+	One stop	SF +	5.50 %		N/A(6)				12/2029	—		—		—		—
Doxa Insurance Holdings LLC+(5)	One stop	SF +	5.50 %		N/A(6)				12/2030	—		( 2 )		—		( 2 )
Illumifin Corporation+(23)	One stop	SF +	7.00 %	(j)	6.66 %	cash/	6.00 %	PIK	09/2027	3,068		3,032		0.1		2,608
Integrated Specialty Coverages, LLC+	One stop	SF +	6.00 %	(i)(j)(k)	11.40 %				07/2030	3,289		3,212		0.1		3,289
Integrated Specialty Coverages, LLC+(5)	One stop	SF +	6.00 %		N/A(6)				07/2029	—		( 1 )		—		—
Integrated Specialty Coverages, LLC+(5)	One stop	SF +	6.00 %		N/A(6)				07/2030	—		( 9 )		—		—
Integrity Marketing Acquisition, LLC+	Senior secured	SF +	6.05 %	(j)	11.54 %				08/2026	3,008		2,979		0.1		2,986
Integrity Marketing Acquisition, LLC+	One stop	SF +	5.80 %	(j)	11.29 %				08/2026	2,390		2,375		0.1		2,360
Integrity Marketing Acquisition, LLC+	One stop	SF +	6.02 %	(j)	11.41 %				08/2026	2,127		2,099		0.1		2,106
Integrity Marketing Acquisition, LLC+	Senior secured	SF +	6.05 %	(j)	11.54 %				08/2026	1,498		1,484		0.1		1,487
Integrity Marketing Acquisition, LLC+	Senior secured	SF +	5.80 %	(j)	11.29 %				08/2026	764		761		—		754
Integrity Marketing Acquisition, LLC+	One stop	SF +	5.80 %	(j)	11.29 %				08/2026	461		460		—		456
Integrity Marketing Acquisition, LLC+	Senior secured	SF +	6.05 %	(j)	11.54 %				08/2026	241		240		—		239
Integrity Marketing Acquisition, LLC+	Senior secured	SF +	6.02 %	(j)	11.51 %				08/2026	182		181		—		180
Integrity Marketing Acquisition, LLC+	One stop	SF +	6.50 %		N/A(6)				08/2026	—		—		—		—
Integrity Marketing Acquisition, LLC+	One stop	SF +	6.00 %	(j)	11.39 %				08/2026	348		326		—		298
J.S. Held Holdings, LLC#+	One stop	SF +	5.50 %	(j)	11.00 %				07/2025	6,339		6,328		0.2		6,276
J.S. Held Holdings, LLC+	One stop	SF +	5.50 %	(j)	11.00 %				07/2025	1,459		1,449		0.1		1,445
J.S. Held Holdings, LLC+	One stop	SF +	5.50 %	(j)	11.00 %				07/2025	1,412		1,399		0.1		1,398
J.S. Held Holdings, LLC+	One stop	SF +	5.50 %	(j)	11.00 %				07/2025	420		418		—		416
J.S. Held Holdings, LLC+	One stop	SF +	5.50 %	(j)	11.00 %				07/2025	96		93		—		95
J.S. Held Holdings, LLC+	One stop	SF +	5.50 %	(j)	11.00 %				07/2025	144		142		—		140
Keystone Agency Partners LLC+	Senior secured	SF +	5.50 %	(j)	11.00 %				05/2027	2,814		2,782		0.1		2,758
Keystone Agency Partners LLC+	Senior secured	SF +	5.50 %	(j)	11.00 %				05/2027	923		912		0.1		904
Keystone Agency Partners LLC+	Senior secured	SF +	5.50 %	(j)	11.00 %				05/2027	180		178		—		176
Keystone Agency Partners LLC+	Senior secured	SF +	5.50 %	(i)	10.96 %				05/2027	89		87		—		87
Keystone Agency Partners LLC+(5)	Senior secured	SF +	5.50 %		N/A(6)				05/2027	—		( 4 )		—		( 4 )

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Majesco*#	One stop	SF +	7.25 %	(j)	12.60 %				09/2027	$	18,512	$	18,342	0.7	%	$	18,512
Majesco+(5)	One stop	SF +	7.25 %		N/A(6)				09/2026	—		( 2 )		—		—
Norvax, LLC+(8)	Senior secured	SF +	7.50 %	(j)	13.03 %				09/2025	31,733		31,571		1.3		31,733
Norvax, LLC+(8)	Senior secured	SF +	7.50 %	(j)	13.03 %				09/2025	9,607		9,516		0.4		9,607
Oakbridge Insurance Agency LLC+	One stop	SF +	5.75 %	(i)	11.09 %				11/2029	307		304		—		304
Oakbridge Insurance Agency LLC+	One stop	SF +	5.75 %		N/A(6)				11/2029	—		—		—		—
Oakbridge Insurance Agency LLC+(5)	One stop	SF +	5.75 %		N/A(6)				11/2029	—		( 1 )		—		( 1 )
Paisley Bidco Limited+(8)(9)(10)	One stop	E +	6.75 %	(c)	10.70 %				03/2028	1,465		1,395		0.1		1,451
Paisley Bidco Limited+(5)(8)(9)(10)	One stop	SN +	7.00 %		N/A(6)				03/2028	—		( 33 )		—		( 29 )
Paisley Bidco Limited+(8)(9)(10)	One stop	E +	6.75 %	(c)	10.70 %				03/2028	1,385		1,309		0.1		1,371
Pareto Health Intermediate Holdings, Inc.+	One stop	SF +	6.50 %	(k)	11.97 %				05/2030	14,424		14,159		0.6		14,424
Pareto Health Intermediate Holdings, Inc.+	One stop	SF +	6.50 %	(k)	11.97 %				05/2030	4,808		4,720		0.2		4,808
Pareto Health Intermediate Holdings, Inc.+(5)	One stop	SF +	6.50 %		N/A(6)				06/2029	—		( 1 )		—		—
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.50 %	(i)(j)	11.00 %				10/2028	10,923		10,849		0.4		10,705
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.75 %	(j)	11.25 %				10/2028	2,228		2,211		0.1		2,206
Patriot Growth Insurance Services, LLC+(5)	One stop	SF +	5.75 %		N/A(6)				10/2028	—		( 1 )		—		( 2 )
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.75 %	(j)	11.10 %				10/2028	33		28		—		26
People Corporation+(8)(9)(12)	One stop	C +	6.25 %	(f)	11.75 %				02/2028	13,910		14,396		0.5		13,736
People Corporation+(8)(9)(12)	One stop	C +	5.75 %	(f)	11.25 %				02/2028	11,604		11,465		0.4		11,285
People Corporation+(8)(9)(12)	One stop	C +	6.25 %	(f)	11.75 %				02/2028	4,541		4,824		0.2		4,484
People Corporation+(8)(9)(12)	One stop	C +	6.00 %	(f)	11.50 %				02/2028	361		330		—		261
People Corporation+(8)(9)(12)	One stop	C +	6.25 %	(f)	11.74 %				02/2027	148		144		—		147
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00 %	(j)	11.50 %				10/2026	911		907		—		911
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00 %	(j)	11.50 %				10/2026	766		759		—		766
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00 %	(j)	11.50 %				10/2026	388		384		—		388
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00 %	(a)(i)	12.27 %				10/2026	4		4		—		4

										251,252		249,230		9.7		248,852
Internet & Catalog Retail
Revalize, Inc.+	One stop	SF +	5.75 %	(i)	11.21 %				04/2027	14,822		14,741		0.6		14,229
Revalize, Inc.+	One stop	SF +	5.75 %	(i)	11.21 %				04/2027	8,675		8,628		0.3		8,328
Revalize, Inc.+	One stop	SF +	5.75 %	(i)	11.21 %				04/2027	4,301		4,278		0.1		4,129
Revalize, Inc.+	One stop	SF +	5.75 %	(i)	11.21 %				04/2027	2,591		2,577		0.1		2,488
Revalize, Inc.+	One stop	SF +	5.75 %	(i)	11.21 %				04/2027	1,670		1,660		0.1		1,603
Revalize, Inc.+	One stop	SF +	5.75 %	(i)	11.21 %				04/2027	392		391		—		377
Revalize, Inc.+	One stop	SF +	5.75 %	(j)	11.25 %				04/2027	43		41		—		41
Revalize, Inc.+	One stop	SF +	5.75 %	(j)	11.23 %				04/2027	57		56		—		48
										32,551		32,372		1.2		31,243
IT Services
Acquia, Inc.+	One stop	SF +	7.00 %	(k)	12.74 %				10/2025	9,578		9,537		0.4		9,482
Acquia, Inc.+	One stop	SF +	7.00 %	(k)	12.60 %				10/2025	27		27		—		27
Acquia, Inc.+(5)	One stop	SF +	7.00 %		N/A(6)				10/2025	—		—		—		( 5 )
CivicPlus, LLC+(23)	One stop	SF +	6.50 %	(j)	9.54 %	cash/	2.50 %	PIK	08/2027	6,359		6,310		0.2		6,295
CivicPlus, LLC+(23)	One stop	SF +	6.50 %	(j)	9.54 %	cash/	2.50 %	PIK	08/2027	3,746		3,721		0.1		3,709
CivicPlus, LLC+(23)	One stop	SF +	6.50 %	(j)	9.54 %	cash/	2.50 %	PIK	08/2027	2,981		2,958		0.1		2,951
CivicPlus, LLC+(23)	One stop	SF +	11.75 %	(k)	17.00 %	PIK			06/2034	254		249		—		249
CivicPlus, LLC+	One stop	SF +	6.00 %	(i)	11.46 %				08/2027	27		27		—		26
Critical Start, Inc.+(23)	One stop	SF +	6.75 %	(j)	8.54 %	cash/	3.63 %	PIK	05/2028	3,374		3,351		0.1		3,341
Critical Start, Inc.+(23)	One stop	SF +	6.75 %	(j)	8.54 %	cash/	3.63 %	PIK	05/2028	1,540		1,514		0.1		1,524
Critical Start, Inc.+	One stop	SF +	6.25 %	(h)	11.57 %				05/2028	27		26		—		26
Delinea Inc.+	One stop	SF +	5.75 %	(j)	11.25 %				03/2028	16,370		16,224		0.6		16,370

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)		Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Delinea Inc.#	One stop	SF +	5.75 %	(j)	11.25 %		03/2028	$	9,464	$	9,376	0.4	%	$	9,464
Delinea Inc.+(5)	One stop	SF +	5.75 %		N/A(6)		03/2027	—		( 2 )		—		—
Goldcup 31018 AB+(8)(9)(17)(23)	One stop	E +	6.50 %	(d)	10.43 %	PIK	07/2029	8,998		8,135		0.3		8,908
Goldcup 31018 AB+(8)(9)(17)(23)	One stop	E +	6.50 %	(d)	10.43 %	PIK	07/2029	839		793		—		825
Goldcup 31018 AB+(5)(8)(9)(17)	One stop	E +	6.25 %		N/A(6)		01/2029	—		( 1 )		—		( 1 )
Netwrix Corporation*+	One stop	SF +	5.00 %	(j)(k)	10.39 %		06/2029	4,212		4,185		0.2		4,128
Netwrix Corporation+(5)	One stop	SF +	5.00 %		N/A(6)		06/2029	—		( 1 )		—		( 4 )
Netwrix Corporation+(5)	One stop	SF +	5.00 %		N/A(6)		06/2029	—		( 6 )		—		( 23 )
Netwrix Corporation+(5)	One stop	SF +	5.25 %		N/A(6)		06/2029	—		( 4 )		—		( 4 )
Optimizely North America, Inc.#+	One stop	SF +	5.25 %	(j)	10.75 %		04/2026	21,221		21,075		0.8		21,009
Optimizely North America, Inc.+(8)(9)	One stop	E +	5.50 %	(c)	9.43 %		04/2026	19,521		19,902		0.8		19,326
Optimizely North America, Inc.*#	One stop	SF +	5.25 %	(j)	10.75 %		04/2026	11,783		11,797		0.5		11,665
Optimizely North America, Inc.*	One stop	SF +	5.25 %	(j)	10.75 %		04/2026	6,518		6,468		0.3		6,453
Optimizely North America, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)		04/2026	—		( 2 )		—		( 5 )
PCS Intermediate II Holdings, LLC#	One stop	SF +	5.25 %	(i)	10.71 %		01/2026	14,019		13,970		0.5		14,019
PCS Intermediate II Holdings, LLC#	One stop	SF +	5.25 %	(i)	10.71 %		01/2026	2,024		2,015		0.1		2,024
PCS Intermediate II Holdings, LLC+	One stop	SF +	5.25 %		N/A(6)		01/2026	—		—		—		—
PDQ Intermediate, Inc.+(23)	Subordinated debt	N/A			13.75 %	PIK	10/2031	50		49		—		49
Recordxtechnologies, LLC#	One stop	SF +	6.50 %	(j)	11.85 %		12/2025	727		723		—		727
Recordxtechnologies, LLC+	One stop	SF +	6.50 %	(j)	11.85 %		12/2025	114		113		—		114
Recordxtechnologies, LLC+	One stop	SF +	6.50 %	(j)	11.85 %		12/2025	61		60		—		61
Recordxtechnologies, LLC+	One stop	SF +	6.50 %	(j)	11.85 %		12/2025	40		39		—		40
Red Dawn SEI Buyer, Inc.+(8)(9)	Senior secured	SN +	4.50 %	(g)	9.69 %		11/2025	21,687		23,254		0.9		21,470
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.50 %	(j)	9.95 %		11/2025	5,472		5,450		0.2		5,417
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.25 %	(j)	9.70 %		11/2025	727		724		—		716
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.50 %	(j)	9.95 %		11/2025	334		332		—		330
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.25 %	(j)	9.70 %		11/2025	129		129		—		127
Red Dawn SEI Buyer, Inc.+(5)	Senior secured	SF +	4.25 %		N/A(6)		11/2025	—		—		—		( 2 )
Red Dawn SEI Buyer, Inc.+(5)	Senior secured	SF +	4.50 %		N/A(6)		11/2025	—		—		—		( 1 )
ReliaQuest Holdings, LLC+	One stop	SF +	10.75 %	(j)	16.13 %		10/2026	1,098		1,084		—		1,098
ReliaQuest Holdings, LLC+	One stop	SF +	10.75 %	(j)	16.13 %		10/2026	347		347		—		347
ReliaQuest Holdings, LLC+	One stop	SF +	10.75 %	(j)	16.13 %		10/2026	123		122		—		123
Saturn Borrower Inc.+	One stop	SF +	6.50 %	(j)	12.00 %		09/2026	19,846		19,571		0.8		19,250
Saturn Borrower Inc.+	One stop	SF +	6.50 %	(j)	12.00 %		09/2026	103		102		—		100
Transform Bidco Limited+(8)(10)	One stop	SF +	7.00 %		N/A(6)		06/2030	—		—		—		—
Transform Bidco Limited+(8)(10)	One stop	SF +	7.00 %		N/A(6)		12/2030	—		—		—		—
WPEngine, Inc.+	One stop	SF +	6.50 %	(k)	11.92 %		08/2029	3,522		3,456		0.2		3,522
WPEngine, Inc.+(5)	One stop	SF +	6.50 %		N/A(6)		08/2029	—		( 1 )		—		—
Zarya Holdco, Inc.+	One stop	SF +	6.50 %	(j)	11.89 %		07/2027	4,789		4,789		0.2		4,789
Zarya Holdco, Inc.+	One stop	SF +	6.50 %	(j)	11.87 %		07/2027	40		40		—		40


								202,091		202,027		7.8		200,096

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Leisure Products
WBZ Investment LLC#+(23)	One stop	SF +	6.50 %	(j)	11.00 %	cash/	1.00 %	PIK	09/2024	$	8,425	$	8,439	0.3	%	$	8,341
WBZ Investment LLC+(23)	One stop	SF +	6.50 %	(j)	11.00 %	cash/	1.00 %	PIK	09/2024	1,240		1,238		0.1		1,227
WBZ Investment LLC+(23)	One stop	SF +	6.50 %	(j)	11.00 %	cash/	1.00 %	PIK	09/2024	861		866		—		853
WBZ Investment LLC+(23)	One stop	SF +	6.50 %	(j)	11.00 %	cash/	1.00 %	PIK	09/2024	450		452		—		445
WBZ Investment LLC+(5)	One stop	SF +	6.50 %		N/A(6)				09/2024	—		—		—		( 2 )
										10,976		10,995		0.4		10,864
Life Sciences Tools & Services
Celerion Buyer, Inc.*#	One stop	SF +	6.50 %	(k)	11.93 %				11/2029	21,326		20,886		0.8		21,326
Celerion Buyer, Inc.+(5)	One stop	SF +	6.50 %		N/A(6)				11/2028	—		( 1 )		—		—
Celerion Buyer, Inc.+(5)	One stop	SF +	6.50 %		N/A(6)				11/2029	—		( 70 )		—		—
PAS Parent Inc.*#+	One stop	SF +	5.00 %	(i)	10.47 %				12/2028	33,484		33,003		1.3		32,648
PAS Parent Inc.+(5)	One stop	SF +	5.00 %		N/A(6)				12/2027	—		( 7 )		—		( 4 )
PAS Parent Inc.+	One stop	SF +	5.00 %	(i)	10.47 %				12/2028	79		75		—		77
PAS Parent Inc.+(5)	One stop	SF +	5.50 %		N/A(6)				12/2028	—		( 5 )		—		( 5 )
Reaction Biology Corporation#	One stop	SF +	5.25 %	(j)	10.75 %				03/2029	7,922		7,863		0.3		7,130
Reaction Biology Corporation+	One stop	SF +	5.25 %	(j)	10.75 %				03/2029	181		180		—		163
Reaction Biology Corporation+	One stop	SF +	5.25 %	(j)	10.75 %				03/2029	120		120		—		108
Reaction Biology Corporation+	One stop	SF +	5.25 %	(j)	10.75 %				03/2029	105		104		—		90
Reaction Biology Corporation+(5)	One stop	SF +	5.25 %		N/A(6)				03/2029	—		( 1 )		—		—
Unchained Labs, LLC+	Senior secured	SF +	5.50 %	(i)	10.91 %				08/2027	986		980		0.1		976
Unchained Labs, LLC+	Senior secured	SF +	5.50 %	(i)	10.91 %				08/2027	833		823		—		825
Unchained Labs, LLC+	Senior secured	SF +	5.50 %		N/A(6)				08/2027	—		—		—		—










										65,036		63,950		2.5		63,334
Machinery
Blackbird Purchaser, Inc.+	One stop	SF +	5.50 %	(j)	10.86 %				12/2030	376		373		—		373
Blackbird Purchaser, Inc.+(5)	One stop	SF +	5.50 %		N/A(6)				12/2030	—		( 1 )		—		( 1 )
Blackbird Purchaser, Inc.+	One stop	SF +	5.50 %		N/A(6)				12/2030	—		—		—		—
Chase Industries, Inc.+(23)(24)	Senior secured	SF +	7.00 %	(j)	11.00 %	cash/	1.50 %	PIK	05/2025	12,029		12,029		0.5		11,427
Chase Industries, Inc.+(23)(24)	Senior secured	SF +	7.00 %	(j)	11.00 %	cash/	1.50 %	PIK	05/2025	983		983		—		934
Chase Industries, Inc.+(23)(24)	Senior secured	SF +	7.00 %	(j)	11.00 %	cash/	1.50 %	PIK	05/2025	142		142		—		124

										13,530		13,526		0.5		12,857
Marine
Project Nike Purchaser, LLC+	One stop	SF +	6.00 %	(j)	11.35 %				04/2029	19,523		19,375		0.8		18,937
Project Nike Purchaser, LLC+	One stop	SF +	6.00 %	(j)	11.35 %				04/2029	430		426		—		417
Project Nike Purchaser, LLC+	One stop	SF +	6.00 %	(j)	11.35 %				04/2029	75		73		—		68
										20,028		19,874		0.8		19,422
Media
Triple Lift, Inc.+	One stop	SF +	5.75 %	(j)	11.27 %				05/2028	5,275		5,210		0.2		5,064
Triple Lift, Inc.+	One stop	SF +	5.75 %	(j)	11.27 %				05/2028	1,119		1,103		—		1,074
Triple Lift, Inc.+	One stop	SF +	5.75 %	(j)	11.31 %				05/2028	27		26		—		25
										6,421		6,339		0.2		6,163
Multiline Retail
Mills Fleet Farm Group LLC*#+	One stop	SF +	7.00 %	(j)	12.52 %				12/2026	43,652		43,353		1.7		43,652

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)

Oil, Gas & Consumable Fuels
3ES Innovation, Inc.*+(8)(12)	One stop	SF +	6.75 %	(j)	12.24 %				05/2025	$	20,157	$	20,201	0.8	%	$	20,157
3ES Innovation, Inc.+(8)(12)	One stop	SF +	6.75 %	(i)	12.21 %				05/2025	120		120		—		120
Envernus, Inc.+	One stop	SF +	5.50 %	(i)	10.86 %				12/2029	442		436		—		436
Envernus, Inc.+(5)	One stop	SF +	5.50 %		N/A(6)				12/2029	—		( 1 )		—		( 1 )
Envernus, Inc.+	One stop	SF +	5.50 %		N/A(6)				12/2029	—		—		—		—
Project Power Buyer, LLC*#+	One stop	SF +	7.00 %	(j)	12.35 %				05/2026	39,963		39,500		1.6		39,963
Project Power Buyer, LLC+(5)	One stop	SF +	7.00 %		N/A(6)				05/2025	—		( 1 )		—		—
										60,682		60,255		2.4		60,675
Paper & Forest Products
Messenger, LLC#+	One stop	SF +	5.75 %	(j)	11.25 %				12/2027	10,048		9,979		0.4		9,746
Messenger, LLC+	One stop	SF +	5.75 %	(j)	11.28 %				12/2027	98		98		—		95
Messenger, LLC+	One stop	SF +	5.75 %	(j)	11.25 %				12/2027	49		49		—		48
Messenger, LLC+	One stop	P +	4.75 %	(a)	13.25 %				12/2027	8		8		—		6
										10,203		10,134		0.4		9,895
Personal Products
IMPLUS Footcare, LLC+(23)	One stop	SF +	8.75 %	(j)	13.25 %	cash/	1.00 %	PIK	07/2024	30,496		30,542		1.2		29,469
IMPLUS Footcare, LLC+(23)	One stop	SF +	8.75 %	(j)	13.25 %	cash/	1.00 %	PIK	07/2024	5,208		5,216		0.2		5,033
IMPLUS Footcare, LLC*+(23)	One stop	SF +	8.75 %	(j)	13.25 %	cash/	1.00 %	PIK	07/2024	751		753		—		725
										36,455		36,511		1.4		35,227

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Pharmaceuticals
ACP Ulysses Buyer, Inc.*#	One stop	SF +	6.00 %	(j)	11.50 %				02/2029	$	21,462	$	21,035	0.8	%	$	21,033
ACP Ulysses Buyer, Inc.*	One stop	SF +	6.00 %	(j)	11.50 %				02/2029	928		904		0.1		910
Amalthea Parent, Inc.*#+(8)	One stop	SF +	5.00 %	(j)(k)	10.82 %				03/2027	58,543		58,167		2.1		52,690
Amalthea Parent, Inc.+(5)(8)	One stop	SF +	5.00 %		N/A(6)				03/2027	—		( 2 )		—		( 27 )
Apothecary Products, LLC+	Senior secured	SF +	6.25 %	(k)	11.85 %				07/2025	2,476		2,456		0.1		2,476
Apothecary Products, LLC+(5)	Senior secured	SF +	6.25 %		N/A(6)				07/2025	—		( 6 )		—		—
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.50 %	(j)	10.85 %				05/2029	16,964		16,702		0.7		16,455
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.75 %	(j)	11.10 %				05/2029	2,807		2,761		0.1		2,751
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.75 %	(k)	11.21 %				05/2029	1,145		1,116		—		1,094
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.75 %	(k)	11.21 %				05/2029	181		176		—		173
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.75 %	(i)	11.11 %				05/2029	210		206		—		204
Cobalt Buyer Sub, Inc.+	One stop	SF +	6.00 %	(i)	11.47 %				10/2028	10,493		10,351		0.4		10,283
Cobalt Buyer Sub, Inc.+	One stop	SF +	6.00 %	(i)	11.47 %				10/2028	3,518		3,469		0.1		3,448
Cobalt Buyer Sub, Inc.+	One stop	SF +	6.00 %	(i)	11.47 %				10/2028	2,651		2,568		0.1		2,598
Cobalt Buyer Sub, Inc.+	One stop	SF +	6.00 %	(i)	11.47 %				10/2027	38		37		—		37
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.75 %	(g)	9.94 %				08/2028	24,957		26,703		0.9		23,584
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	6.00 %	(g)	11.19 %				08/2028	3,464		3,260		0.1		3,429
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.75 %	(g)	9.94 %				08/2028	3,025		2,689		0.1		2,859
Spark Bidco Limited+(8)(10)	Senior secured	SF +	6.00 %	(j)	11.35 %				08/2028	2,613		2,571		0.1		2,587
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.75 %	(g)	9.94 %				08/2028	2,647		2,506		0.1		2,501
Spark Bidco Limited+(5)(8)(9)(10)	Senior secured	SN +	4.75 %		N/A(6)				02/2028	—		( 2 )		—		( 5 )
										158,122		157,667		5.8		149,080
Professional Services
ALKU Intermediate Holdings, LLC+	One stop	SF +	6.25 %	(i)	11.61 %				05/2029	4,433		4,373		0.2		4,433
bswift, LLC+	One stop	SF +	6.38 %	(j)	11.78 %				11/2028	5,087		4,958		0.2		5,087
Citrin Cooperman Advisors LLC+	One stop	SF +	5.75 %	(j)(k)	11.26 %				10/2027	5,357		5,316		0.2		5,344
Citrin Cooperman Advisors LLC+	One stop	SF +	6.25 %	(k)	11.82 %				10/2027	2,323		2,264		0.1		2,323
Citrin Cooperman Advisors LLC+	One stop	SF +	6.25 %	(k)	11.78 %				10/2027	527		515		—		527
Citrin Cooperman Advisors LLC+	One stop	SF +	5.25 %	(i)	10.68 %				10/2027	63		61		—		61
Citrin Cooperman Advisors LLC+(5)	One stop	SF +	5.25 %		N/A(6)				10/2027	—		( 4 )		—		( 4 )
DISA Holdings Corp.+	Senior secured	SF +	5.50 %	(i)	10.84 %				09/2028	3,468		3,413		0.1		3,468
DISA Holdings Corp.+	Senior secured	SF +	5.50 %	(i)	10.84 %				09/2028	250		245		—		250
DISA Holdings Corp.+	One stop	SF +	5.50 %	(i)	10.84 %				09/2028	201		196		—		201
DISA Holdings Corp.+(23)	Subordinated debt	SF +	10.00 %	(i)	13.36 %	cash/	2.00 %	PIK	03/2029	51		50		—		51
DISA Holdings Corp.+	Senior secured	SF +	5.50 %	(i)	10.85 %				09/2028	9		9		—		9
Eliassen Group, LLC+	One stop	SF +	5.50 %	(j)	10.85 %				04/2028	1,426		1,416		0.1		1,412
Eliassen Group, LLC+	One stop	SF +	5.50 %	(j)	10.87 %				04/2028	9		9		—		8
Filevine, Inc.+(23)	One stop	SF +	6.50 %	(j)(k)	9.71 %	cash/	2.50 %	PIK	04/2027	5,435		5,386		0.2		5,489
Filevine, Inc.+	One stop	SF +	6.50 %		N/A(6)				04/2027	—		—		—		—
IG Investments Holdings, LLC+	One stop	SF +	6.00 %	(j)	11.48 %				09/2028	6,452		6,368		0.3		6,452
IG Investments Holdings, LLC+	One stop	SF +	6.00 %	(j)	11.48 %				09/2028	552		544		—		552
IG Investments Holdings, LLC+(5)	One stop	SF +	6.00 %		N/A(6)				09/2027	—		( 1 )		—		—
NBG Acquisition Corp. and NBG-P Acquisition Corp.#	One stop	SF +	5.25 %	(j)	10.78 %				11/2028	7,498		7,460		0.3		7,198
NBG Acquisition Corp. and NBG-P Acquisition Corp.+	One stop	SF +	5.25 %	(i)(j)	10.77 %				11/2028	151		149		—		141
Net Health Acquisition Corp.+	One stop	SF +	5.75 %	(i)	11.21 %				12/2025	13,067		13,014		0.5		12,937
Net Health Acquisition Corp.*#	One stop	SF +	5.75 %	(i)	11.21 %				12/2025	8,268		8,250		0.3		8,185
Net Health Acquisition Corp.*	One stop	SF +	5.75 %	(i)	11.21 %				12/2025	6,620		6,642		0.3		6,554
Net Health Acquisition Corp.#	One stop	SF +	5.75 %	(i)	11.21 %				12/2025	4,183		4,159		0.2		4,141

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)	Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Net Health Acquisition Corp.*#	One stop	SF +	5.75 %	(i)	11.21 %	12/2025	$	1,155	$	1,153	—	%	$	1,144
Net Health Acquisition Corp.+	One stop	SF +	5.75 %	(i)	11.21 %	12/2025	153		153		—		150
PlanSource Holdings, Inc.+	One stop	SF +	6.25 %	(k)	11.90 %	04/2025	11,416		11,441		0.4		11,416
PlanSource Holdings, Inc.+	One stop	SF +	6.25 %	(k)	11.90 %	04/2025	1,932		1,926		0.1		1,932
PlanSource Holdings, Inc.+	One stop	SF +	6.25 %	(k)	11.90 %	04/2025	139		138		—		139
PlanSource Holdings, Inc.+	One stop	SF +	6.25 %		N/A(6)	04/2025	—		—		—		—
Procure Acquireco, Inc.#+	One stop	SF +	5.00 %	(j)	10.54 %	12/2028	17,411		17,288		0.7		17,411
Procure Acquireco, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)	12/2028	—		( 1 )		—		—
Procure Acquireco, Inc.+	One stop	SF +	5.00 %	(j)	10.50 %	12/2028	73		72		—		73
Teaching Company, The+	One stop	SF +	5.75 %	(j)	11.28 %	01/2026	13,747		13,747		0.5		13,747
Teaching Company, The+	One stop	SF +	5.75 %		N/A(6)	01/2026	—		—		—		—





							121,456		120,709		4.7		120,831


Real Estate Management & Development
Inhabit IQ Inc.+	One stop	SF +	5.50 %	(i)	10.96 %	07/2025	21,478	21,392	0.8	21,478
Inhabit IQ Inc.#+	One stop	SF +	5.50 %	(i)	10.96 %	07/2025	19,182	19,166	0.7	19,182
Inhabit IQ Inc.+	One stop	SF +	5.50 %	(i)	10.96 %	07/2025	13,219	13,190	0.5	13,219
Inhabit IQ Inc.*	One stop	SF +	5.50 %	(i)	10.96 %	07/2025	12,211	12,161	0.5	12,211
Inhabit IQ Inc.*#	One stop	SF +	5.50 %	(i)	10.96 %	07/2025	6,433	6,428	0.3	6,433
Inhabit IQ Inc.+	One stop	SF +	5.50 %	(i)	10.96 %	07/2025	3,135	3,155	0.1	3,135
Inhabit IQ Inc.#+	One stop	SF +	5.50 %	(i)	10.96 %	07/2025	1,377	1,377	0.1	1,377
Inhabit IQ Inc.#+	One stop	SF +	5.50 %	(i)	10.96 %	07/2025	1,165	1,165	0.1	1,165
Inhabit IQ Inc.#+	One stop	SF +	5.50 %	(i)	10.96 %	07/2025	1,149	1,149	0.1	1,149
Inhabit IQ Inc.+	One stop	SF +	5.50 %	(i)	10.96 %	07/2025	919	918	—	919
Inhabit IQ Inc.+	One stop	SF +	5.50 %	(i)	10.96 %	07/2025	485	485	—	485
Inhabit IQ Inc.+	One stop	SF +	5.50 %	(i)	10.96 %	07/2025	130	130	—	130
MRI Software LLC*+	One stop	SF +	5.50 %	(j)	10.95 %	02/2026	14,175	14,104	0.5	13,891
MRI Software LLC+	One stop	SF +	5.50 %	(j)	10.95 %	02/2026	5,336	5,298	0.2	5,230
MRI Software LLC+(5)	One stop	SF +	5.50 %		N/A(6)	02/2026	—	( 1 )	—	( 6 )
MRI Software LLC+(5)	One stop	SF +	5.75 %		N/A(6)	02/2026	—	( 2 )	—	( 9 )
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	6.00 %	(g)	11.19 %	08/2028	524	514	—	520
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.25 %	(g)	10.44 %	08/2028	18,590	20,084	0.7	18,451
RPL Bidco Limited+(8)(9)(10)	One stop	A +	6.75 %	(e)	11.12 %	08/2028	8,376	8,146	0.3	8,313
RPL Bidco Limited+(8)(9)(10)	One stop	A +	5.25 %	(e)	9.67 %	08/2028	2,033	2,178	0.1	2,018
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.50 %		N/A(6)	02/2028	—	—	—	—

							129,917	131,037	5.0	129,291
Road & Rail
Channelside Acquisitona Co, Inc.+	One stop	SF +	6.38 %	(i)	11.83 %	07/2028	4,218	4,151	0.2	4,218
Channelside Acquisitona Co, Inc.+	One stop	SF +	6.75 %	(i)	12.11 %	07/2028	3,980	3,883	0.2	4,069
Channelside Acquisitona Co, Inc.+(5)	One stop	SF +	6.75 %		N/A(6)	07/2026	—	( 1 )	—	—
Channelside Acquisitona Co, Inc.+(5)	One stop	SF +	6.75 %		N/A(6)	07/2028	—	( 1 )	—	—
Channelside Acquisitona Co, Inc.+(5)	One stop	SF +	5.50 %		N/A(6)	07/2028	—	( 2 )	—	—
Internet Truckstop Group LLC*#	One stop	SF +	5.00 %	(j)	10.50 %	04/2025	21,118	21,248	0.8	21,118
Internet Truckstop Group LLC+	One stop	SF +	5.00 %	(j)	10.50 %	04/2025	9,248	9,205	0.3	9,248
Internet Truckstop Group LLC+(5)	One stop	SF +	5.00 %		N/A(6)	04/2025	—	( 1 )	—	—
							38,564	38,482	1.5	38,653

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Software
Anaplan, Inc.+	One stop	SF +	6.50 %	(j)	11.85 %				06/2029	$	9,840	$	9,763	0.4	%	$	9,840
Anaplan, Inc.+(5)	One stop	SF +	6.50 %		N/A(6)				06/2028	—		( 1 )		—		—
Appfire Technologies, LLC#+	One stop	SF +	5.50 %	(i)(j)	11.02 %				03/2027	39,550		39,236		1.5		38,759
Appfire Technologies, LLC+	One stop	P +	4.50 %	(a)	13.00 %				03/2027	53		51		—		48
Appfire Technologies, LLC+(5)	One stop	SF +	5.50 %		N/A(6)				03/2027	—		( 27 )		—		( 64 )
Aras Corporation+(23)	One stop	SF +	6.75 %	(j)	9.04 %	cash/	3.25 %	PIK	04/2027	14,809		14,734		0.6		14,661
Aras Corporation+	One stop	SF +	6.50 %	(a)(j)	12.34 %				04/2027	79		79		—		78
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.25 %	(g)	10.44 %				06/2029	3,647		3,423		0.2		3,501
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.25 %	(g)	10.44 %				06/2029	1,903		1,736		0.1		1,826
Arrow Buyer, Inc.+	One stop	SF +	6.50 %	(j)	11.85 %				06/2030	16,360		15,959		0.6		16,360
Arrow Buyer, Inc.+(5)	One stop	SF +	6.50 %		N/A(6)				06/2030	—		( 22 )		—		—
Auvik Networks Inc.+(8)(12)(23)	One stop	SF +	5.75 %	(j)	8.53 %	cash/	2.75 %	PIK	07/2027	7,283		7,243		0.3		7,174
Auvik Networks Inc.+(8)(12)(23)	One stop	SF +	6.25 %	(j)	8.53 %	cash/	3.25 %	PIK	07/2027	1,303		1,294		0.1		1,303
Auvik Networks Inc.+(5)(8)(12)	One stop	SF +	3.00 %		N/A(6)				07/2027	—		—		—		( 1 )
Avetta, LLC+	One stop	SF +	5.75 %	(j)	11.15 %				10/2030	4,568		4,468		0.2		4,465
Avetta, LLC+(5)	One stop	SF +	5.75 %		N/A(6)				10/2029	—		( 9 )		—		( 10 )
Axiom Merger Sub Inc.+	One stop	SF +	5.25 %	(j)	10.79 %				04/2026	5,655		5,671		0.2		5,655
Axiom Merger Sub Inc.+(8)(9)	One stop	E +	5.50 %	(c)(d)	9.60 %				04/2026	2,307		2,339		0.1		2,307
Axiom Merger Sub Inc.+	One stop	SF +	5.25 %	(j)	10.79 %				04/2026	268		267		—		268
Axiom Merger Sub Inc.+	One stop	SF +	5.25 %	(k)	10.88 %				04/2026	39		38		—		39
Axiom Merger Sub Inc.+	One stop	SF +	5.25 %		N/A(6)				10/2025	—		—		—		—
Bayshore Intermediate #2, L.P.+(23)	One stop	SF +	7.50 %	(i)	12.96 %				10/2028	76,248		75,333		3.0		76,248
Bayshore Intermediate #2, L.P.+	One stop	SF +	6.50 %	(j)	12.01 %				10/2027	33		31		—		33
Bloomerang, LLC+	One stop	SF +	6.00 %	(k)	11.19 %				12/2029	334		330		—		330
Bloomerang, LLC+(5)	One stop	SF +	6.00 %		N/A(6)				12/2029	—		( 1 )		—		( 1 )
Bloomerang, LLC+(5)	One stop	SF +	6.00 %		N/A(6)				12/2029	—		( 1 )		—		( 1 )
Bonterra LLC+	One stop	SF +	7.25 %	(j)	12.60 %				09/2027	65,427		64,830		2.5		63,465
Bonterra LLC+(23)	One stop	SF +	8.00 %	(j)	13.35 %				09/2027	2,952		2,912		0.1		2,864
Bonterra LLC+	One stop	SF +	7.25 %	(j)	12.60 %				09/2027	60		58		—		54
Bottomline Technologies, Inc.+	One stop	SF +	5.25 %	(i)	10.61 %				05/2029	27,811		27,385		1.0		26,698
Bottomline Technologies, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)				05/2028	—		( 3 )		—		( 9 )
Bottomline Technologies, Inc.+	One stop	SF +	5.75 %	(i)	11.11 %				05/2029	4,624		4,536		0.2		4,532
Bullhorn, Inc.*#+	One stop	SF +	5.50 %	(i)	10.96 %				09/2026	65,099		64,616		2.6		65,099
Bullhorn, Inc.+(8)(9)	One stop	SN +	5.75 %	(g)	10.94 %				09/2026	12,021		11,536		0.5		12,021
Bullhorn, Inc.+(8)(9)	One stop	E +	5.50 %	(b)	9.34 %				09/2026	4,709		4,632		0.2		4,709
Bullhorn, Inc.+	One stop	SF +	5.50 %	(i)	10.96 %				09/2026	211		210		—		211
Bullhorn, Inc.+	One stop	SF +	5.50 %	(i)	10.96 %				09/2026	95		94		—		95
Bullhorn, Inc.+	One stop	SF +	5.50 %	(i)	10.96 %				09/2026	75		75		—		75
Bullhorn, Inc.+(5)	One stop	SF +	5.50 %		N/A(6)				09/2026	—		( 2 )		—		—
Burning Glass Intermediate Holdings Company, Inc.#+	One stop	SF +	5.00 %	(i)	10.46 %				06/2028	9,695		9,569		0.4		9,695
Burning Glass Intermediate Holdings Company, Inc.+	One stop	SF +	5.00 %	(i)	10.46 %				06/2026	21		20		—		21
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	7.25 %	(j)	12.63 %				01/2029	5,437		5,297		0.2		5,437
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	7.25 %	(j)	12.63 %				01/2029	1,438		1,401		0.1		1,438
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	7.25 %		N/A(6)				01/2029	—		—		—		—
Bynder BidCo, Inc.& Bynder BidCo B.V.+(5)(8)(14)	One stop	SF +	7.25 %		N/A(6)				01/2029	—		( 1 )		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Calabrio, Inc.+	One stop	SF +	7.13 %	(i)	12.48 %				04/2027	$	53,683	$	53,241	2.1	%	$	53,683
Calabrio, Inc.+	One stop	SF +	7.13 %	(i)	12.48 %				04/2027	135		132		—		135
Calabrio, Inc.+	One stop	SF +	7.13 %		N/A(6)				04/2027	—		—		—		—
Camelia Bidco Limited+(8)(9)(10)	One stop	SN +	6.25 %	(g)	11.44 %				08/2030	3,260		3,195		0.1		3,211
Camelia Bidco Limited+(8)(9)(10)	One stop	A +	6.25 %	(e)	10.57 %				08/2030	216		201		—		213
Camelia Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.25 %		N/A(6)				08/2030	—		( 20 )		—		( 21 )
Community Brands Parentco LLC+	One stop	SF +	5.50 %	(i)	10.96 %				02/2028	14,016		13,822		0.5		13,736
Community Brands Parentco LLC+(5)	One stop	SF +	5.50 %		N/A(6)				02/2028	—		( 1 )		—		( 1 )
Community Brands Parentco LLC+(5)	One stop	SF +	5.50 %		N/A(6)				02/2028	—		( 1 )		—		( 2 )
Coupa Holdings, LLC+	One stop	SF +	7.50 %	(i)	12.86 %				02/2030	22,905		22,403		0.9		22,676
Coupa Holdings, LLC+(5)	One stop	SF +	7.50 %		N/A(6)				02/2029	—		( 1 )		—		( 1 )
Coupa Holdings, LLC+(5)	One stop	SF +	7.50 %		N/A(6)				02/2030	—		( 22 )		—		( 20 )
Crewline Buyer, Inc.+	One stop	SF +	6.75 %	(j)	12.10 %				11/2030	453		446		—		447
Crewline Buyer, Inc.+(5)	One stop	SF +	6.75 %		N/A(6)				11/2030	—		( 1 )		—		( 1 )
Daxko Acquisition Corporation+	One stop	SF +	5.50 %	(i)	10.96 %				10/2028	27,361		27,174		1.0		26,540
Daxko Acquisition Corporation+	One stop	SF +	5.50 %	(i)	10.96 %				10/2028	2,307		2,284		0.1		2,238
Daxko Acquisition Corporation+	One stop	P +	4.50 %	(a)	13.00 %				10/2027	12		11		—		7
Daxko Acquisition Corporation+	One stop	SF +	5.50 %	(i)	10.96 %				10/2028	138		130		—		105
Denali Bidco Limited+(8)(9)(10)	One stop	SN +	6.00 %	(g)	11.19 %				08/2030	3,043		2,951		0.1		3,012
Denali Bidco Limited+(8)(9)(10)	One stop	E +	6.00 %	(b)	9.84 %				08/2030	764		736		—		757
Denali Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.00 %		N/A(6)				08/2030	—		( 12 )		—		( 11 )
Diligent Corporation*#+	One stop	SF +	6.25 %	(j)	11.78 %				08/2025	85,188		85,149		3.3		85,188
Diligent Corporation+	One stop	SF +	5.75 %	(j)	11.28 %				08/2025	5,889		5,867		0.2		5,844
Diligent Corporation+	One stop	SF +	6.25 %	(i)(j)	11.76 %				08/2025	175		174		—		175
Dragon UK Bidco Limited+(8)(9)(10)	One stop	SN +	5.75 %	(g)	10.94 %				02/2029	14,750		15,108		0.6		14,307
Dragon UK Bidco Limited+(8)(9)(10)	One stop	C +	5.75 %	(f)	11.19 %				02/2029	289		294		—		281
Dragon UK Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.75 %		N/A(6)				02/2029	—		—		—		( 3 )
Evergreen IX Borrower 2023, LLC+	One stop	SF +	6.00 %	(j)	11.35 %				09/2030	4,506		4,397		0.2		4,393
Evergreen IX Borrower 2023, LLC+(5)	One stop	SF +	6.00 %		N/A(6)				10/2029	—		( 12 )		—		( 12 )
FirstUp, Inc.+(23)	One stop	SF +	7.50 %	(j)	8.60 %	cash/	4.25 %	PIK	07/2027	9,334		9,264		0.4		9,334
FirstUp, Inc.+(23)	One stop	SF +	7.50 %	(j)	8.60 %	cash/	4.25 %	PIK	07/2027	885		874		—		885
FirstUp, Inc.+(5)	One stop	SF +	7.50 %		N/A(6)				07/2027	—		( 1 )		—		—
Gainsight, Inc.+(23)	One stop	SF +	6.75 %	(j)	12.28 %	PIK			07/2027	11,455		11,356		0.4		11,340
Gainsight, Inc.+(23)	One stop	SF +	6.75 %	(j)	12.28 %	PIK			07/2027	58		57		—		57
GS Acquisitionco, Inc.*#+	One stop	SF +	5.50 %	(j)	11.00 %				05/2026	83,542		83,550		3.3		83,542
GS Acquisitionco, Inc.+	One stop	SF +	5.50 %		N/A(6)				05/2026	—		—		—		—
GTIV, LLC+	One stop	SF +	5.25 %	(j)	10.70 %				02/2029	73,285		72,750		2.9		73,285
GTIV, LLC+(5)	One stop	SF +	5.25 %		N/A(6)				02/2029	—		( 2 )		—		—
GTY Technology Holdings, Inc.+(23)	One stop	SF +	6.88 %	(j)	7.92 %	cash/	4.30 %	PIK	07/2029	3,273		3,224		0.1		3,207
GTY Technology Holdings, Inc.+(23)	One stop	SF +	6.88 %	(j)	7.95 %	cash/	4.30 %	PIK	07/2029	2,137		2,101		0.1		2,094
GTY Technology Holdings, Inc.+(23)	One stop	SF +	6.88 %	(j)	7.92 %	cash/	4.30 %	PIK	07/2029	392		389		—		384
GTY Technology Holdings, Inc.+	One stop	P +	5.25 %	(a)	13.75 %				07/2029	11		9		—		9
GTY Technology Holdings, Inc.+(5)	One stop	SF +	7.13 %		N/A(6)				07/2029	—		( 5 )		—		( 5 )
Hyland Software, Inc.+	One stop	SF +	6.00 %	(i)	11.36 %				09/2030	4,950		4,879		0.2		4,876
Hyland Software, Inc.+(5)	One stop	SF +	6.00 %		N/A(6)				09/2029	—		( 1 )		—		( 1 )
ICIMS, Inc.+(23)	One stop	SF +	7.25 %	(j)	8.74 %	cash/	3.88 %	PIK	08/2028	8,088		7,984		0.3		7,927
ICIMS, Inc.+	One stop	SF +	6.75 %	(j)	12.10 %				08/2028	27		26		—		24
ICIMS, Inc.+(5)	One stop	SF +	7.25 %		N/A(6)				08/2028	—		—		—		( 33 )
IQN Holding Corp. #+	One stop	SF +	5.25 %	(j)	10.64 %				05/2029	14,577		14,466		0.6		14,285
IQN Holding Corp. +(5)	One stop	SF +	5.25 %		N/A(6)				05/2028	—		( 1 )		—		( 2 )

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
IQN Holding Corp. +(5)	One stop	SF +	5.25 %		N/A(6)				05/2029	$	—	$	( 24 )	—	%	$	( 3 )
Island Bidco AB+(8)(9)(17)(23)	One stop	E +	7.25 %	(d)	3.89 %	cash/	7.25 %	PIK	07/2028	6,668		6,270		0.3		6,668
Island Bidco AB+(8)(17)(23)	One stop	SF +	7.00 %	(k)	8.68 %	cash/	3.50 %	PIK	07/2028	3,078		3,056		0.1		3,078
Island Bidco AB+(5)(8)(9)(17)	One stop	E +	6.50 %		N/A(6)				07/2028	—		( 1 )		—		—
Island Bidco AB+(8)(17)	One stop	SF +	6.50 %	(k)	11.83 %				07/2028	30		30		—		30
Juvare, LLC*	One stop	SF +	5.75 %	(j)	11.29 %				10/2026	7,526		7,482		0.3		7,376
Juvare, LLC+	One stop	SF +	5.75 %	(j)	11.29 %				10/2026	1,737		1,727		0.1		1,702
Juvare, LLC+	One stop	SF +	5.75 %	(j)	11.29 %				10/2026	548		540		—		537
Juvare, LLC+	One stop	SF +	5.75 %	(a)(j)	11.48 %				04/2026	50		50		—		49
Kaseya Inc.+(23)	One stop	SF +	6.00 %	(j)	8.88 %	cash/	2.50 %	PIK	06/2029	9,256		9,147		0.4		9,164
Kaseya Inc.+(23)	One stop	SF +	5.50 %	(i)	10.86 %				06/2029	68		66		—		65
Kaseya Inc.+(23)	One stop	SF +	6.00 %	(j)	8.88 %	cash/	2.50 %	PIK	06/2029	34		30		—		29
LeadsOnline, LLC+	One stop	SF +	6.00 %	(j)	11.49 %				02/2028	4,197		4,100		0.2		4,197
LeadsOnline, LLC+	One stop	SF +	6.00 %	(j)	11.49 %				02/2028	741		724		—		741
LeadsOnline, LLC+	One stop	SF +	6.00 %	(i)	11.46 %				02/2028	8		7		—		8
Mindbody, Inc.+	One stop	SF +	7.00 %	(j)	12.53 %				02/2025	49,911		50,113		1.9		49,911
Mindbody, Inc.+	One stop	SF +	7.00 %	(j)	12.53 %				02/2025	3,929		3,910		0.2		3,929
Mindbody, Inc.+	One stop	SF +	7.00 %		N/A(6)				02/2025	—		—		—		—
Ministry Brands Holdings LLC+	One stop	SF +	5.50 %	(i)	10.96 %				12/2028	21,705		21,550		0.8		20,837
Ministry Brands Holdings LLC+	One stop	SF +	5.50 %	(i)	10.96 %				12/2028	186		182		—		162
Ministry Brands Holdings LLC+	One stop	SF +	5.50 %	(a)(i)	11.28 %				12/2027	96		95		—		90
Navex TopCo, Inc.+	One stop	SF +	5.75 %	(i)	11.11 %				11/2030	460		451		—		450
Navex TopCo, Inc.+(5)	One stop	SF +	5.75 %		N/A(6)				11/2028	—		( 1 )		—		( 1 )
Naviga Inc.+	Senior secured	SF +	7.00 %	(j)	12.45 %				02/2024	108		108		—		108
Neo Bidco GMBH+(8)(9)(13)	One stop	E +	6.00 %	(d)	9.95 %				07/2028	7,216		7,644		0.3		7,216
Neo Bidco GMBH+(8)(9)(13)	One stop	E +	6.00 %	(d)	9.92 %				01/2028	22		22		—		22
Neo Bidco GMBH+(8)(13)	One stop	SF +	6.00 %		N/A(6)				01/2028	—		—		—		—
Neo Bidco GMBH+(8)(9)(13)	One stop	E +	6.25 %	(c)	10.08 %				07/2028	520		510		—		522
Panzura, LLC+(23)	One stop	N/A			2.00 %	cash/	15.00 %	PIK	08/2027	52		47		—		47
PDI TA Holdings, Inc.+	One stop	SF +	4.50 %	(j)	10.07 %				10/2024	8,302		8,270		0.3		8,302
PDI TA Holdings, Inc.+	Second lien	SF +	8.50 %	(j)	14.02 %				10/2025	3,424		3,395		0.1		3,424
PDI TA Holdings, Inc.+	Second lien	SF +	8.50 %	(j)	14.02 %				10/2025	3,333		3,278		0.1		3,333
PDI TA Holdings, Inc.+	One stop	SF +	4.50 %	(j)	10.07 %				10/2024	1,105		1,103		—		1,105
PDI TA Holdings, Inc.+	One stop	SF +	4.50 %	(j)	10.07 %				10/2024	681		679		—		681
PDI TA Holdings, Inc.+	Second lien	SF +	8.71 %	(j)	14.23 %				10/2025	640		638		—		640
PDI TA Holdings, Inc.+	Second lien	SF +	8.53 %	(j)	14.05 %				10/2025	377		375		—		377
PDI TA Holdings, Inc.+	One stop	SF +	4.50 %	(j)	10.07 %				10/2024	148		147		—		148
PDI TA Holdings, Inc.+(8)(9)	One stop	SN +	4.50 %	(g)	9.81 %				10/2024	88		93		—		88
Personify, Inc.*#+	One stop	SF +	5.25 %	(j)	10.60 %				09/2024	13,045		13,089		0.5		13,045
Personify, Inc.#	One stop	SF +	5.25 %	(j)	10.60 %				09/2024	8,060		8,043		0.3		8,060
Personify, Inc.+	One stop	SF +	5.25 %		N/A(6)				09/2024	—		—		—		—
PING Identity Holding Corp.+	One stop	SF +	7.00 %	(i)	12.36 %				10/2029	9,953		9,829		0.4		9,953
PING Identity Holding Corp.+(5)	One stop	SF +	7.00 %		N/A(6)				10/2028	—		( 1 )		—		—
Pluralsight, LLC+	One stop	SF +	8.00 %	(j)	13.56 %				04/2027	23,748		23,594		0.9		23,511
Pluralsight, LLC+	One stop	SF +	8.00 %	(i)(j)	13.52 %				04/2027	78		77		—		77
ProcessUnity Holdings, LLC+	One stop	SF +	6.75 %	(i)	12.11 %				09/2028	4,221		4,192		0.2		4,221
ProcessUnity Holdings, LLC+	One stop	SF +	6.75 %	(j)	12.10 %				09/2028	1,996		1,969		0.1		1,996
ProcessUnity Holdings, LLC+	One stop	SF +	6.75 %	(j)	12.10 %				09/2028	844		838		—		844
ProcessUnity Holdings, LLC+(5)	One stop	SF +	6.75 %		N/A(6)				09/2028	—		( 1 )		—		—
Pyramid Healthcare Acquisition Corp.#+	One stop	SF +	4.75 %	(j)	10.28 %				05/2027	18,139		18,038		0.7		18,139
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(j)	10.28 %				05/2027	1,875		1,854		0.1		1,875

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(j)	10.29 %				05/2027	$	1,567	$	1,559	0.1	%	$	1,567
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(j)	10.29 %				05/2027	862		857		—		862
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(j)	10.28 %				05/2027	789		784		—		789
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(j)	10.28 %				05/2027	533		530		—		533
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(j)	10.28 %				05/2027	177		176		—		177
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(j)	10.28 %				05/2027	156		155		—		156
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(j)	10.28 %				05/2027	146		145		—		146
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(j)	10.29 %				05/2027	146		145		—		146
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(j)	10.28 %				05/2027	57		57		—		57
Pyramid Healthcare Acquisition Corp.+(5)	One stop	SF +	4.75 %		N/A(6)				05/2027	—		( 1 )		—		—
QAD, Inc.+	One stop	SF +	5.38 %	(i)	10.73 %				11/2027	9,369		9,309		0.4		9,369
QAD, Inc.+(5)	One stop	SF +	5.38 %		N/A(6)				11/2027	—		( 3 )		—		—
Quant Buyer, Inc.+	One stop	SF +	6.00 %	(k)	11.39 %				06/2029	2,920		2,898		0.1		2,833
Quant Buyer, Inc.+	One stop	SF +	6.00 %	(k)	11.39 %				06/2029	2,460		2,441		0.1		2,386
Quant Buyer, Inc.+	One stop	SF +	6.00 %	(k)	11.39 %				06/2029	2,001		1,986		0.1		1,941
Quant Buyer, Inc.+(5)	One stop	SF +	6.00 %		N/A(6)				06/2029	—		( 1 )		—		( 5 )
Quant Buyer, Inc.+(5)	One stop	SF +	6.50 %		N/A(6)				06/2029	—		( 71 )		—		—
Rainforest Bidco Limited+(8)(9)(10)(23)	One stop	SN +	5.43 %	(g)	8.68 %	cash/	1.93 %	PIK	07/2029	7,708		7,057		0.3		7,439
Rainforest Bidco Limited+(8)(10)(23)	One stop	SF +	5.43 %	(h)	8.82 %	cash/	1.93 %	PIK	07/2029	1,430		1,415		0.1		1,380
Rainforest Bidco Limited+(8)(9)(10)(23)	One stop	SN +	5.43 %	(g)	8.68 %	cash/	1.93 %	PIK	07/2029	566		520		—		547
Rainforest Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.50 %		N/A(6)				07/2029	—		( 61 )		—		—
RegEd Aquireco, LLC+	Senior secured	SF +	4.25 %	(i)(j)(k)	9.79 %				12/2024	11,038		11,042		0.4		10,707
RegEd Aquireco, LLC+	Senior secured	SF +	4.25 %	(j)(k)	9.94 %				12/2024	210		210		—		202
Riskonnect Parent, LLC*+	One stop	SF +	5.50 %	(j)	11.00 %				12/2028	10,076		10,005		0.4		9,875
Riskonnect Parent, LLC+	One stop	SF +	5.50 %	(j)	11.00 %				12/2028	201		198		—		194
Riskonnect Parent, LLC+(5)	One stop	SF +	5.50 %		N/A(6)				12/2028	—		( 5 )		—		( 13 )
Rodeo Buyer Company & Absorb Software Inc.+	One stop	SF +	6.25 %	(i)	11.71 %				05/2027	5,041		4,994		0.2		4,991
Rodeo Buyer Company & Absorb Software Inc.+(5)	One stop	SF +	6.25 %		N/A(6)				05/2027	—		( 1 )		—		( 1 )
SailPoint Technologies Holdings, Inc.+	One stop	SF +	6.00 %	(i)	11.36 %				08/2029	9,827		9,668		0.4		9,729
SailPoint Technologies Holdings, Inc.+(5)	One stop	SF +	6.00 %		N/A(6)				08/2028	—		( 1 )		—		( 2 )
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	5.50 %	(c)	9.49 %				07/2029	33,910		30,472		1.3		33,910
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	5.50 %	(c)	9.49 %				07/2029	2,771		2,617		0.1		2,771
Sonatype, Inc.+	One stop	SF +	6.75 %	(i)	12.21 %				12/2025	40,459		40,308		1.6		40,459
Sonatype, Inc.+	One stop	SF +	6.75 %	(i)	12.21 %				12/2025	851		848		—		851
Sonatype, Inc.+(5)	One stop	SF +	6.75 %		N/A(6)				12/2025	—		( 1 )		—		—
Spartan Buyer Acquisition Co.*#+(23)	One stop	SF +	8.50 %	(i)	11.86 %	cash/	2.00 %	PIK	12/2026	31,785		31,482		1.2		30,832
Spartan Buyer Acquisition Co.+(23)	One stop	SF +	8.50 %	(i)	11.86 %	cash/	2.00 %	PIK	12/2026	2,020		1,991		0.1		1,960
Spartan Buyer Acquisition Co.+(5)(23)	One stop	P +	7.50 %	(a)	14.00 %	cash/	2.00 %	PIK	12/2026	1		( 1 )		—		( 1 )
Telesoft Holdings LLC+	One stop	SF +	5.75 %	(i)	11.21 %				12/2025	875		869		—		864
Telesoft Holdings LLC+	One stop	SF +	6.25 %	(i)	11.71 %				08/2028	64		64		—		64
Telesoft Holdings LLC+	One stop	SF +	5.75 %	(i)	11.14 %				12/2025	13		12		—		12
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.00 %	(k)	11.68 %				07/2028	3,171		3,106		0.1		3,171
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.00 %		N/A(6)				07/2028	—		—		—		—
Templafy APS and Templafy, LLC+(5)(8)(18)	One stop	SF +	6.00 %		N/A(6)				07/2028	—		( 14 )		—		—
TI Intermediate Holdings, LLC+	Senior secured	SF +	4.50 %	(j)	9.98 %				12/2024	3,409		3,420		0.1		3,273
TI Intermediate Holdings, LLC+	Senior secured	SF +	4.50 %	(j)	9.98 %				12/2024	901		896		—		865
TI Intermediate Holdings, LLC+	Senior secured	SF +	4.50 %	(j)(k)	9.99 %				12/2024	565		562		—		542
TI Intermediate Holdings, LLC+	Senior secured	SF +	4.50 %	(j)	9.98 %				12/2024	424		421		—		407
TI Intermediate Holdings, LLC+	Senior secured	SF +	4.50 %	(j)	9.98 %				12/2024	156		155		—		149

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
TI Intermediate Holdings, LLC+	Senior secured	SF +	4.50 %	(k)	10.00 %				12/2024	$	57	$	57	—	%	$	54
Togetherwork Holdings, LLC*#	One stop	SF +	6.00 %	(i)	11.46 %				03/2025	15,045		15,072		0.6		15,045
Togetherwork Holdings, LLC+	One stop	SF +	6.00 %	(i)	11.46 %				03/2025	6,806		6,765		0.3		6,806
Togetherwork Holdings, LLC+	One stop	SF +	6.00 %	(i)	11.46 %				03/2025	5,939		5,878		0.2		5,939
Togetherwork Holdings, LLC+	One stop	SF +	6.00 %	(i)	11.46 %				03/2025	4,128		4,114		0.2		4,128
Togetherwork Holdings, LLC+	One stop	SF +	6.00 %	(i)	11.46 %				03/2025	1,744		1,759		0.1		1,744
Togetherwork Holdings, LLC#+	One stop	SF +	6.00 %	(i)	11.46 %				03/2025	1,693		1,707		0.1		1,693
Togetherwork Holdings, LLC*#	One stop	SF +	6.00 %	(i)	11.46 %				03/2025	1,650		1,664		0.1		1,650
Togetherwork Holdings, LLC#+	One stop	SF +	6.00 %	(i)	11.46 %				03/2025	1,594		1,601		0.1		1,594
Togetherwork Holdings, LLC*+	One stop	SF +	6.00 %	(i)	11.46 %				03/2025	1,535		1,550		0.1		1,535
Togetherwork Holdings, LLC#+	One stop	SF +	6.00 %	(i)	11.46 %				03/2025	1,432		1,444		0.1		1,432
Togetherwork Holdings, LLC+	One stop	SF +	6.00 %	(i)	11.46 %				03/2025	1,322		1,316		0.1		1,322
Togetherwork Holdings, LLC*#	One stop	SF +	6.00 %	(i)	11.46 %				03/2025	1,173		1,177		—		1,173
Togetherwork Holdings, LLC#+	One stop	SF +	6.00 %	(i)	11.46 %				03/2025	646		651		—		646
Togetherwork Holdings, LLC+	One stop	SF +	6.00 %	(i)	11.46 %				03/2025	447		445		—		447
Togetherwork Holdings, LLC+	One stop	SF +	6.00 %	(i)	11.46 %				03/2025	432		431		—		432
Togetherwork Holdings, LLC+	One stop	SF +	6.00 %	(i)	11.46 %				03/2025	250		249		—		250
Togetherwork Holdings, LLC+	One stop	SF +	6.00 %	(i)	11.46 %				03/2025	62		63		—		62
Togetherwork Holdings, LLC+	One stop	SF +	6.00 %	(i)	11.46 %				03/2025	57		58		—		57
Togetherwork Holdings, LLC+(5)	One stop	SF +	6.00 %		N/A(6)				03/2025	—		( 2 )		—		—
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)(23)	One stop	N/A			4.50 %	cash/	8.12 %	PIK	05/2024	9,150		9,154		0.3		8,235
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)(23)	One stop	N/A			4.50 %	cash/	8.12 %	PIK	05/2024	150		154		—		134
Vendavo, Inc.*#+	One stop	SF +	5.75 %	(j)	11.23 %				09/2027	19,363		19,256		0.7		18,201
Vendavo, Inc.+	One stop	P +	4.75 %	(a)	13.25 %				09/2027	104		103		—		95
WebPT, Inc.+	One stop	SF +	6.75 %	(j)	12.24 %				01/2028	626		619		—		620
Workforce Software, LLC+(23)	One stop	SF +	7.25 %	(j)	9.79 %	cash/	3.00 %	PIK	07/2025	29,265		29,469		1.1		28,972
Workforce Software, LLC+(23)	One stop	SF +	7.25 %	(j)	9.79 %	cash/	3.00 %	PIK	07/2025	5,179		5,160		0.2		5,127
Workforce Software, LLC+(23)	One stop	SF +	7.25 %	(j)	9.79 %	cash/	3.00 %	PIK	07/2025	3,668		3,637		0.1		3,631
Workforce Software, LLC+(23)	One stop	SF +	7.25 %	(j)	9.79 %	cash/	3.00 %	PIK	07/2025	108		107		—		107
Workforce Software, LLC+(5)	One stop	SF +	6.50 %		N/A(6)				07/2025	—		( 1 )		—		( 2 )
Zendesk, Inc.+(23)	One stop	SF +	6.75 %	(j)	8.86 %	cash/	3.25 %	PIK	11/2028	20,480		20,154		0.8		20,480
Zendesk, Inc.+(5)	One stop	SF +	6.50 %		N/A(6)				11/2028	—		( 1 )		—		—
Zendesk, Inc.+(5)	One stop	SF +	6.50 %		N/A(6)				11/2028	—		( 41 )		—		—

										1,376,021		1,361,980		53.1		1,361,803

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail
Ave Holdings III, Corp*+	One stop	SF +	5.50 %	(j)	11.00 %				02/2028	$	22,171	$	21,837	0.9	%	$	22,171
Ave Holdings III, Corp+	One stop	SF +	5.50 %	(j)	11.00 %				02/2028	398		395		—		398
Ave Holdings III, Corp+	One stop	SF +	5.50 %	(j)	11.00 %				02/2028	52		52		—		52
Ave Holdings III, Corp+(5)	One stop	SF +	5.50 %		N/A(6)				02/2028	—		( 2 )		—		—
Cavender Stores L.P.+	Senior secured	SF +	5.00 %	(j)	10.35 %				10/2029	5,000		4,952		0.2		4,950
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75 %	(j)	11.25 %				05/2028	11,392		11,247		0.4		11,278
Consilio Midco Limited#(8)(10)	One stop	SF +	5.75 %	(j)	11.25 %				05/2028	9,850		9,779		0.4		9,752
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25 %	(c)	10.19 %				05/2028	9,275		9,399		0.4		9,182
Consilio Midco Limited#(8)(10)	One stop	SF +	5.75 %	(j)	11.25 %				05/2028	2,131		2,104		0.1		2,110
Consilio Midco Limited#(8)(10)	One stop	SF +	5.75 %	(j)	11.25 %				05/2028	1,417		1,406		0.1		1,403
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75 %	(j)	11.25 %				05/2028	724		711		—		717
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75 %	(j)	11.25 %				05/2028	45		44		—		44
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25 %	(c)	10.19 %				05/2028	67		64		—		66
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25 %	(c)	10.19 %				05/2028	30		28		—		29
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25 %	(c)	10.19 %				05/2028	17		18		—		17
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25 %	(c)	10.19 %				05/2028	15		15		—		15
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75 %	(j)	11.25 %				05/2028	11		11		—		11
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25 %	(c)	10.19 %				05/2028	32		32		—		32
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25 %	(c)	10.19 %				05/2028	4		3		—		4
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25 %	(c)	10.19 %				05/2028	17		16		—		17
Cycle Gear, Inc.*#+	One stop	SF +	6.75 %	(j)	12.25 %				01/2026	46,953		46,848		1.8		45,074
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75 %	(j)	6.53 %	cash/	7.75 %	PIK	05/2024	38,349		38,431		1.3		33,938
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75 %	(j)	6.53 %	cash/	7.75 %	PIK	05/2024	22,279		22,249		0.8		19,717
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75 %	(j)	6.53 %	cash/	7.75 %	PIK	05/2024	5,704		5,768		0.2		5,048
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75 %	(j)	6.53 %	cash/	7.75 %	PIK	05/2024	5,180		5,173		0.2		4,584
Imperial Optical Midco Inc.+(23)	One stop	SF +	13.00 %	(j)	8.03 %	cash/	10.50 %	PIK	05/2024	3,954		3,921		0.1		3,598
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75 %	(j)	6.53 %	cash/	7.75 %	PIK	05/2024	3,870		3,866		0.1		3,425
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75 %	(j)	6.53 %	cash/	7.75 %	PIK	05/2024	3,219		3,214		0.1		2,848
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75 %	(j)	6.53 %	cash/	7.75 %	PIK	05/2024	2,946		2,983		0.1		2,607
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75 %	(j)	6.53 %	cash/	7.75 %	PIK	05/2024	2,589		2,585		0.1		2,291
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75 %	(j)	6.53 %	cash/	7.75 %	PIK	05/2024	1,281		1,280		—		1,134
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75 %	(j)	6.53 %	cash/	7.75 %	PIK	05/2024	535		534		—		473
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75 %	(j)	6.53 %	cash/	7.75 %	PIK	05/2024	137		136		—		121
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75 %	(j)	6.53 %	cash/	7.75 %	PIK	05/2024	81		81		—		72
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75 %	(j)	6.53 %	cash/	7.75 %	PIK	05/2024	43		42		—		38
Imperial Optical Midco Inc.+(23)	One stop	SF +	13.00 %	(j)	8.03 %	cash/	10.50 %	PIK	05/2024	1,575		1,575		0.1		1,700
Imperial Optical Midco Inc.+(23)	One stop	SF +	13.00 %	(i)	7.96 %	cash/	10.50 %	PIK	05/2024	984		984		0.1		1,293
PetVet Care Centers LLC+	One stop	SF +	6.00 %	(i)	11.36 %				11/2030	397		389		—		389
PetVet Care Centers LLC+(5)	One stop	SF +	6.00 %		N/A(6)				11/2029	—		( 1 )		—		( 1 )
PetVet Care Centers LLC+(5)	One stop	SF +	6.00 %		N/A(6)				11/2030	—		( 1 )		—		( 1 )
PPV Intermediate Holdings, LLC#+	One stop	SF +	5.75 %	(j)	11.14 %				08/2029	9,613		9,475		0.4		9,420
PPV Intermediate Holdings, LLC+(23)	One stop	N/A			14.75 %	PIK			08/2030	2,844		2,767		0.1		2,758
PPV Intermediate Holdings, LLC+(23)	One stop	N/A			13.75 %	PIK			08/2030	1,082		1,063		—		1,006
PPV Intermediate Holdings, LLC+(23)	One stop	N/A			13.75 %	PIK			08/2030	250		248		—		233
PPV Intermediate Holdings, LLC+(23)	One stop	N/A			13.75 %	PIK			08/2030	45		41		—		42
PPV Intermediate Holdings, LLC+(23)	One stop	N/A			13.75 %	PIK			08/2030	46		45		—		43

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
PPV Intermediate Holdings, LLC+(5)	One stop	SF +	5.75 %		N/A(6)				08/2029	$	—	$	( 6 )	—	%	$	( 8 )
Salon Lofts Group, LLC+	Senior secured	SF +	6.25 %	(j)	11.60 %				08/2028	3,531		3,504		0.1		3,496
Salon Lofts Group, LLC+(5)	Second lien	SF +	17.00 %		N/A(6)				09/2029	—		( 44 )		—		( 38 )
Salon Lofts Group, LLC+	Senior secured	SF +	6.25 %	(j)	11.60 %				08/2028	233		231		—		230
Salon Lofts Group, LLC+	Senior secured	SF +	6.25 %	(j)	11.60 %				08/2028	231		229		—		228
Salon Lofts Group, LLC+	Senior secured	SF +	6.25 %	(j)	11.60 %				08/2028	183		181		—		181
Salon Lofts Group, LLC+	Senior secured	SF +	6.25 %	(j)	11.60 %				08/2028	76		76		—		75
Salon Lofts Group, LLC+	Senior secured	SF +	6.25 %	(j)	11.60 %				08/2028	75		73		—		73
Salon Lofts Group, LLC+	Senior secured	SF +	6.25 %	(j)	11.60 %				08/2028	58		57		—		57
Salon Lofts Group, LLC+	Senior secured	SF +	6.25 %	(j)	11.60 %				08/2028	53		53		—		53
Salon Lofts Group, LLC+(5)	Senior secured	SF +	6.25 %		N/A(6)				08/2028	—		( 8 )		—		( 10 )
Salon Lofts Group, LLC+(5)	Senior secured	SF +	6.25 %		N/A(6)				08/2028	—		( 5 )		—		( 6 )
Salon Lofts Group, LLC+(23)	Second lien	SF +	9.00 %	(j)	14.43 %				09/2029	1,758		1,734		0.1		1,723
SureWerx Purchaser III, Inc.+(8)	One stop	SF +	6.75 %	(j)	12.10 %				12/2029	20,542		20,101		0.8		20,542
SureWerx Purchaser III, Inc.+(8)	One stop	SF +	6.75 %	(i)	12.11 %				12/2028	27		26		—		27
SureWerx Purchaser III, Inc.+(5)(8)	One stop	SF +	6.75 %		N/A(6)				12/2029	—		( 55 )		—		—
Titan Fitness, LLC*#+(23)	One stop	SF +	7.25 %	(i)(k)	10.45 %	cash/	2.50 %	PIK	10/2026	31,523		31,302		1.2		29,632
Titan Fitness, LLC+(23)	One stop	SF +	7.25 %	(k)	10.47 %	cash/	2.50 %	PIK	10/2026	1,963		1,939		0.1		1,845
Titan Fitness, LLC+(23)	One stop	SF +	7.25 %	(k)	10.47 %	cash/	2.50 %	PIK	10/2026	508		502		—		476
Vermont Aus Pty Ltd+(8)(11)	One stop	SF +	5.65 %	(j)	11.00 %				03/2028	8,237		8,150		0.3		8,237
Vermont Aus Pty Ltd+(8)(9)(11)	One stop	A +	5.75 %	(e)	10.16 %				03/2028	7,651		8,296		0.3		7,651
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.50 %	(k)	11.11 %				04/2028	8,204		8,116		0.3		7,876
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.50 %	(j)(k)	11.11 %				04/2028	105		102		—		101
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.50 %	(j)	11.11 %				04/2028	15		14		—		11
										301,577		300,375		11.2		286,550

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.+(23)	One stop	SF +	6.75 %	(k)	11.43 %	cash/	0.75 %	PIK	12/2024	$	5,428	$	5,428	0.2	%	$	5,570
Agility Recovery Solutions Inc.+(23)	One stop	SF +	6.75 %	(k)	11.43 %	cash/	0.75 %	PIK	12/2024	744		744		—		773
										6,172		6,172		0.2		6,343
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.+(8)(10)	One stop	SF +	6.00 %	(k)	11.47 %				03/2028	1,954		1,937		0.1		1,856
Dollfus Mieg Company, Inc.+(8)(10)	One stop	SF +	6.00 %	(k)	11.47 %				03/2028	974		965		0.1		925
Dollfus Mieg Company, Inc.+(8)(10)	One stop	SF +	6.00 %	(k)	11.47 %				03/2028	855		848		—		813
Dollfus Mieg Company, Inc.+(8)(9)(10)	One stop	E +	6.00 %		N/A(6)				03/2028	—		—		—		—
Elite Sportswear, L.P.+(23)	Senior secured	SF +	7.00 %	(j)	11.86 %	cash/	0.75 %	PIK	09/2025	9,982		9,914		0.4		9,783
Elite Sportswear, L.P.+(23)	Senior secured	SF +	7.00 %	(j)	11.86 %	cash/	0.75 %	PIK	09/2025	4,012		3,984		0.2		3,932
Elite Sportswear, L.P.+(23)	Senior secured	SF +	7.00 %	(j)	11.86 %	cash/	0.75 %	PIK	09/2025	2,065		2,051		0.1		2,024
Elite Sportswear, L.P.*+(23)	Senior secured	SF +	7.00 %	(j)	11.86 %	cash/	0.75 %	PIK	09/2025	686		680		—		671
Elite Sportswear, L.P.+(23)	Senior secured	SF +	7.00 %	(j)	11.86 %	cash/	0.75 %	PIK	09/2025	314		311		—		308
Elite Sportswear, L.P.*+(23)	Senior secured	SF +	7.00 %	(j)	11.86 %	cash/	0.75 %	PIK	09/2025	300		298		—		294
Elite Sportswear, L.P.+(23)	Senior secured	SF +	7.00 %	(j)	11.86 %	cash/	0.75 %	PIK	09/2025	113		106		—		92
Elite Sportswear, L.P.+(23)	Senior secured	SF +	7.00 %	(j)	11.86 %	cash/	0.75 %	PIK	09/2025	4		4		—		3
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50 %	(j)	11.02 %				05/2024	9,484		9,468		0.4		9,510
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50 %	(j)	11.02 %				05/2024	6,424		6,413		0.3		6,441
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50 %	(j)	11.02 %				05/2024	994		993		—		997
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50 %	(j)	11.02 %				05/2024	893		891		—		895
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50 %	(j)	11.02 %				05/2024	627		626		—		628
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50 %	(j)	11.02 %				05/2024	2		2		—		2
SHO Holding I Corporation+(23)	Senior secured	SF +	5.25 %	(j)	10.89 %				04/2024	3,917		3,910		0.1		3,604
SHO Holding I Corporation+(23)	Senior secured	SF +	5.00 %	(j)	10.64 %				04/2024	98		96		—		90
SHO Holding I Corporation+(23)	Senior secured	SF +	5.23 %	(j)	10.87 %				04/2024	67		67		—		61
SHO Holding I Corporation+(23)	Senior secured	SF +	4.00 %	(j)	9.64 %				04/2024	50		50		—		50
SHO Holding I Corporation+(23)	Senior secured	SF +	4.00 %	(j)	9.61 %				04/2024	—		—		—		—
SHO Holding I Corporation+(23)	Senior secured	SF +	5.23 %	(j)	10.87 %				04/2024	—		—		—		—
										43,815		43,614		1.7		42,979
Trading Companies and Distributors
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25 %	(j)	11.75 %				06/2028	18,876		18,634		0.7		17,790
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25 %	(j)	11.75 %				06/2028	15,054		14,845		0.6		14,189
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.50 %	(j)	12.00 %				06/2028	4,103		4,005		0.1		3,898
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25 %	(j)	11.76 %				06/2028	452		446		—		426
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25 %	(j)	11.75 %				06/2028	450		443		—		424
Marcone Yellowstone Buyer Inc.+(5)	One stop	SF +	6.50 %		N/A(6)				06/2028	—		( 34 )		—		—
										38,935		38,339		1.4		36,727
Water Utilities
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75 %	(j)	10.28 %				06/2027	16,794		16,697		0.6		16,290
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75 %	(j)	10.28 %				06/2027	79		79		—		76
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75 %	(i)(j)	10.21 %				06/2027	48		47		—		42
Vessco Midco Holdings, LLC+	Senior secured	SF +	4.50 %	(k)	10.07 %				11/2026	2,098		2,080		0.1		2,030
Vessco Midco Holdings, LLC+	Senior secured	SF +	4.50 %	(i)	9.96 %				11/2026	206		204		—		199
Vessco Midco Holdings, LLC+	Senior secured	SF +	5.25 %	(k)	10.73 %				11/2026	8		—		—		—
Vessco Midco Holdings, LLC+	Senior secured	P +	3.50 %	(a)	12.00 %				10/2026	1		1		—		—
Vessco Midco Holdings, LLC+	Senior secured	SF +	5.00 %	(k)	10.40 %				11/2026	122		116		—		111
										19,356		19,224		0.7		18,748
Total non-controlled/non-affiliate company debt investments										5,163,709		5,122,096		197.5		5,062,301

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)	Interest Rate (2)		Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity investments (19)(20)
Aerospace and Defense
PPW Aero Buyer, Inc.+	LP units	N/A	N/A		N/A	66	$	664	—	%	$	704
Tronair Parent, Inc.+	LLC units	N/A	N/A		N/A	—	40		—		42
							704		—		746
Auto Components
Polk Acquisition Corp.+	LP Interest	N/A	N/A		N/A	5	314		—		—

Automobiles
CG Group Holdings, LLC+	LP units	N/A	N/A		N/A	1	730		—		503
Go Car Wash Parent, Corp.+(21)	Preferred stock	N/A	17.00 %	Non-Cash	N/A	—	92		—		94
Go Car Wash Parent, Corp.+	Common stock	N/A	N/A		N/A	—	50		—		17
MOP GM Holding, LLC+	LP units	N/A	N/A		N/A	—	330		—		324
National Express Wash Parent Holdco, LLC+	LP units	N/A	N/A		N/A	1	61		—		82
POY Holdings, LLC+	LLC units	N/A	N/A		N/A	141	69		—		294
Quick Quack Car Wash Holdings, LLC	LLC interest	N/A	N/A		N/A	—	508		0.1		866
Yorkshire Parent, Inc.+	LP units	N/A	N/A		N/A	—	345		—		345
							2,185		0.1		2,525
Biotechnology
Cobepa BlueSky Aggregator, SCSp+	LP units	N/A	N/A		N/A	3	32		—		31
Cobepa BlueSky Aggregator, SCSp+	LP Interest	N/A	N/A		N/A	177	1,769		—		925
							1,801		—		956
Building Products
BECO Holding Company, Inc.+(21)	Preferred stock	N/A	11.75 %	Non-Cash	N/A	10	1,123		0.1		1,180
BECO Holding Company, Inc.+	LP Interest	N/A	N/A		N/A	2	196		—		232
							1,319		0.1		1,412
Chemicals
Inhance Technologies Holdings LLC+	Preferred stock	N/A	N/A		N/A	2	1,960		—		1,015
Inhance Technologies Holdings LLC+	LLC units	N/A	N/A		N/A	—	124		—		—
							2,084		—		1,015
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+	LP Interest	N/A	N/A		N/A	540	540		—		650
EGD Security Systems, LLC +	Common stock	N/A	N/A		N/A	855	405		0.1		1,260
Franchise Brands plc+(8)(9)(10)(21)(22)	Common stock	N/A	N/A		N/A	51	114		—		105
North Haven Stack Buyer, LLC	LLC units	N/A	N/A		N/A	359	359		—		532
PT Intermediate Holdings III, LLC+	LLC units	N/A	N/A		N/A	8	767		—		914
Radwell Parent, LLC+	LP units	N/A	N/A		N/A	2	233		—		312
							2,418		0.1		3,773

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)	Interest Rate (2)		Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Containers and Packaging
Chase Intermediate+	LP units	N/A	N/A		N/A	49	$	25	—	%	$	54

Diversified Consumer Services
CHHJ Midco, LLC+	LLC units	N/A	N/A		N/A	19	193		—		301
DP Flores Holdings, LLC+	LLC units	N/A	N/A		N/A	70	70		—		86
EMS LINQ, LLC+	LP Interest	N/A	N/A		N/A	525	525		—		419
EWC Growth Partners LLC+	LLC interest	N/A	N/A		N/A	—	12		—		2
HS Spa Holdings, Inc.+	Common stock	N/A	N/A		N/A	479	479		—		484
Liminex, Inc.+	Common stock	N/A	N/A		N/A	12	434		—		616
NSG Buyer, Inc. +(8)	LP units	N/A	N/A		N/A	2	1,985		0.1		2,074
PADI Holdco, Inc.+	LLC interest	N/A	N/A		N/A	1	987		0.1		795
Project Alpha Intermediate Holdings, Inc.+(21)	Preferred stock	N/A	9.00 %	Non-Cash	N/A	—	1,035		0.1		1,562
Project Alpha Intermediate Holdings, Inc.+	Common stock	N/A	N/A		N/A	202	329		—		752
Virginia Green Acquisition, LLC+	LP units	N/A	N/A		N/A	257	257		—		257
							6,306		0.3		7,348
Electronic Equipment, Instruments & Components
Inventus Power, Inc.+	Preferred stock	N/A	N/A		N/A	—	372		—		33
Inventus Power, Inc.+	LLC units	N/A	N/A		N/A	—	88		—		276
Inventus Power, Inc.+	LP Interest	N/A	N/A		N/A	—	20		—		61
Inventus Power, Inc.+	Common stock	N/A	N/A		N/A	—	—		—		—
							480		—		370

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)	Interest Rate (2)	Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food & Staples Retailing
Benihana, Inc.+	LLC units	N/A	N/A	N/A	43	$	699	—	%	$	897
Cafe Rio Holding, Inc.+	Common stock	N/A	N/A	N/A	5	604		0.1		1,010
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	N/A	44	217		—		1
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	N/A	20	61		—		—
Mendocino Farms, LLC+	Common stock	N/A	N/A	N/A	168	770		—		1,147
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	N/A	32	389		—		160
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	N/A	2	20		—		35

						2,760		0.1		3,250
Food Products
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	N/A	77	102		—		157
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	N/A	4	9		—		9
Borrower R365 Holdings, LLC+	LLC units	N/A	N/A	N/A	3	5		—		6
Borrower R365 Holdings, LLC+	Common stock	N/A	N/A	N/A	1	2		—		2
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	N/A	1	2		—		3
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	N/A	1	2		—		2
Borrower R365 Holdings, LLC+	LP units	N/A	N/A	N/A	—	1		—		1
Kodiak Cakes, LLC+	Common stock	N/A	N/A	N/A	—	472		—		319
Louisiana Fish Fry Products, Ltd.+	Common stock	N/A	N/A	N/A	—	483		—		366
Louisiana Fish Fry Products, Ltd.+	Preferred stock	N/A	N/A	N/A	—	13		—		25
P&P Food Safety Holdings, Inc.+	Common stock	N/A	N/A	N/A	4	356		—		192
Purfoods, LLC+	LLC interest	N/A	N/A	N/A	—	945		0.2		4,285
						2,392		0.2		5,367
Health Care Equipment & Supplies
Aspen Medical Products, LLC+	LP Interest	N/A	N/A	N/A	—	77		—		92
Blue River Pet Care, LLC+	Common stock	N/A	N/A	N/A	—	76		—		210
CCSL Holdings, LLC+(8)	LP Interest	N/A	N/A	N/A	—	337		—		341
CMI Parent Inc.+	Common stock	N/A	N/A	N/A	—	132		—		189
CMI Parent Inc.+	Common stock	N/A	N/A	N/A	3	3		—		233
G & H Wire Company, Inc.+	LLC interest	N/A	N/A	N/A	335	269		—		7


						894		—		1,072

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)	Interest Rate (2)		Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Providers & Services
Active Day, Inc.+	LLC interest	N/A	N/A		N/A	2	$	1,099	—	%	$	342
Acuity Eyecare Holdings, LLC+	LLC interest	N/A	N/A		N/A	1,632	2,235		0.2		4,868
Acuity Eyecare Holdings, LLC+	LLC units	N/A	N/A		N/A	889	1,023		0.1		2,956
ADCS Clinics Intermediate Holdings, LLC+	Preferred stock	N/A	N/A		N/A	2	1,119		0.1		1,530
ADCS Clinics Intermediate Holdings, LLC+	Common stock	N/A	N/A		N/A	—	6		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	LLC units	N/A	N/A		N/A	129	132		—		202
CRH Healthcare Purchaser, Inc.+	LP Interest	N/A	N/A		N/A	429	327		—		504
DCA Investment Holding, LLC(21)	Preferred stock	N/A	8.00 %	Non-Cash	N/A	1,142	582		0.1		1,238
DCA Investment Holding, LLC	Common stock	N/A	N/A		N/A	12	5		—		80
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		N/A	—	648		—		591
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		N/A	—	61		—		79
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		N/A	9	4		—		—
Encorevet Group LLC+	Common stock	N/A	N/A		N/A	—	15		—		—
Encorevet Group LLC+	LLC units	N/A	N/A		N/A	—	11		—		—
Krueger-Gilbert Health Physics, LLC+	Common stock	N/A	N/A		N/A	185	212		—		338
Midwest Veterinary Partners, LLC+(21)	Preferred stock	N/A	12.00 %	Non-Cash	N/A	1	1,205		0.1		1,241
Midwest Veterinary Partners, LLC+	Warrant	N/A	N/A		N/A	6	—		—		351
Midwest Veterinary Partners, LLC+(21)	Preferred stock	N/A	10.00 %	Non-Cash	N/A	—	31		—		44
MWD Management, LLC & MWD Services, Inc.+	LLC interest	N/A	N/A		N/A	412	335		—		552
NDX Parent, LLC+	Common stock	N/A	N/A		N/A	—	272		—		40
NDX Parent, LLC+	Preferred stock	N/A	N/A		N/A	40	40		—		47
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	Common stock	N/A	N/A		N/A	—	321		—		269
Oliver Street Dermatology Holdings, LLC+	LLC interest	N/A	N/A		N/A	452	234		—		—
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A		N/A	—	528		0.1		816
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A		N/A	4	74		0.1		736
Radiology Partners, Inc.+	LLC units	N/A	N/A		N/A	11	68		—		81
Radiology Partners, Inc.+	LLC interest	N/A	N/A		N/A	43	55		—		319
Sage Dental Management, LLC+	LLC units	N/A	N/A		N/A	—	249		—		483
Sage Dental Management, LLC+	LLC units	N/A	N/A		N/A	3	3		—		—
Suveto Buyer, LLC+	Common stock	N/A	N/A		N/A	6	562		—		370



							11,456		0.8		18,077

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)		Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Technology
Connexin Software, Inc.+	LLC interest	N/A			N/A		N/A	154	$	193	—	%	$	185
HSI Halo Acquisition, Inc.+(21)	Preferred stock	N/A			10.00 %	Non-Cash	N/A	—	40		—		171
HSI Halo Acquisition, Inc.+	LP Interest	N/A			N/A		N/A	—	5		—		136
Symplr Software, Inc.+(21)	Preferred stock	N/A			11.00 %	Non-Cash	N/A	12	13,796		0.6		13,545
Symplr Software, Inc.+(21)	Preferred stock	SF +	10.50 %	(j)	15.85 %	Non-Cash	N/A	2	3,580		0.2		4,784
Symplr Software, Inc.+(21)	Preferred stock	N/A			11.00 %	Non-Cash	N/A	2	1,691		0.1		1,798
Symplr Software, Inc.+(21)	Preferred stock	N/A			11.00 %	Non-Cash	N/A	1	1,034		—		1,051
Symplr Software, Inc.+	LLC units	N/A			N/A		N/A	—	161		—		181
Symplr Software, Inc.+	Common stock	N/A			N/A		N/A	177	—		—		841
Tebra Technologies, Inc.+	LLC interest	N/A			N/A		N/A	348	2,824		0.1		3,157
Tebra Technologies, Inc.+	Warrant	N/A			N/A		N/A	169	871		—		626
Tebra Technologies, Inc.+	Warrant	N/A			N/A		N/A	53	162		—		130
Tebra Technologies, Inc.+	Preferred stock	N/A			N/A		N/A	1	8		—		11
									24,365		1.0		26,616
Hotels, Restaurants & Leisure
Freddy's Frozen Custard LLC+	LP Interest	N/A			N/A		N/A	206	188		—		373
Harri US LLC+	LLC units	N/A			N/A		N/A	83	658		—		582
Harri US LLC+	Preferred stock	N/A			N/A		N/A	71	456		—		489
Harri US LLC+	Warrant	N/A			N/A		N/A	24	106		—		155
Harri US LLC+	Preferred stock	N/A			N/A		N/A	67	759		—		763
LMP TR Holdings, LLC	LLC units	N/A			N/A		N/A	712	712		0.1		2,451
SSRG Holdings, LLC+	LP Interest	N/A			N/A		N/A	6	61		—		88
Tropical Smoothie Cafe Holdings, LLC+	LP Interest	N/A			N/A		N/A	5	69		0.1		986
									3,009		0.2		5,887



Insurance
Accession Risk Management Group, Inc.+(21)	Preferred stock	N/A			13.25 %	Non-Cash	N/A	3	2,760		0.1		2,773
Majesco+(21)	Preferred stock	N/A			9.00 %	Non-Cash	N/A	—	325		—		407
Majesco+	LP Interest	N/A			N/A		N/A	69	—		—		198
Oakbridge Insurance Agency LLC+	LP units	N/A			N/A		N/A	13	259		—		259
									3,344		0.1		3,637
Internet and Catalog Retail
Revalize, Inc.+	Preferred stock	N/A			N/A		N/A	17	17,025		0.8		20,179
Revalize, Inc.+	Preferred stock	N/A			N/A		N/A	10	10,219		0.5		12,112
Revalize, Inc.+	Preferred stock	N/A			N/A		N/A	7	7,034		0.3		7,491
Revalize, Inc.+	Preferred stock	N/A			N/A		N/A	1	1,104		—		1,262
									35,382		1.6		41,044
IT Services
Appriss Health Intermediate Holdings, Inc+(21)	Preferred stock	N/A			11.00 %	Non-Cash	N/A	2	2,347		0.1		2,348
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A			N/A		N/A	587	462		0.2		4,589
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A			N/A		N/A	154	423		0.1		1,203
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A			N/A		N/A	35	291		—		276
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Warrant	N/A			N/A		N/A	202	159		0.1		1,468
Critical Start, Inc.+	Common stock	N/A			N/A		N/A	225	225		—		256
Kentik Technologies, Inc.+	Preferred stock	N/A			N/A		N/A	192	1,103		—		1,103

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)		Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Netwrix Corporation+	LLC units	N/A			N/A		N/A	5	$	10	—	%	$	16
Optimizely North America, Inc.+	Common stock	N/A			N/A		N/A	75	807		—		871
PCS Intermediate II Holdings, LLC+	LLC interest	N/A			N/A		N/A	37	367		—		793
Red Dawn SEI Buyer, Inc.+	LP Interest	N/A			N/A		N/A	13	13		—		24
Saturn Borrower Inc.+	LP units	N/A			N/A		N/A	346	346		—		110

									6,553		0.5		13,057
Leisure Products
Massage Envy, LLC+	LLC interest	N/A			N/A		N/A	749	210		0.1		1,784
WBZ Investment LLC+	LLC interest	N/A			N/A		N/A	67	117		—		124
WBZ Investment LLC+	LLC interest	N/A			N/A		N/A	46	80		—		85
WBZ Investment LLC+	LLC interest	N/A			N/A		N/A	38	65		—		69
WBZ Investment LLC+	LLC interest	N/A			N/A		N/A	33	58		—		61
WBZ Investment LLC+	LLC interest	N/A			N/A		N/A	15	24		—		26
WBZ Investment LLC+	LLC interest	N/A			N/A		N/A	2	2		—		2
									556		0.1		2,151
Life Sciences Tools & Services
Celerion Buyer, Inc.+	LP units	N/A			N/A		N/A	930	930		—		930
Celerion Buyer, Inc.+	LP units	N/A			N/A		N/A	930	—		—		328
PAS Parent Inc.+	LP Interest	N/A			N/A		N/A	9	933		0.1		921
PAS Parent Inc.+	Preferred stock	N/A			N/A		N/A	1	139		—		174
Reaction Biology Corporation+	LLC units	N/A			N/A		N/A	—	265		—		197
									2,267		0.1		2,550
Oil, Gas and Consumable Fuels
W3 Co.+	LLC interest	N/A			N/A		N/A	3	1,632		0.1		2,046
W3 Co.+	Preferred stock	N/A			N/A		N/A	—	224		—		260
									1,856		0.1		2,306
Paper and Forest Products
Messenger, LLC+	LLC units	N/A			N/A		N/A	3	312		—		177
Messenger, LLC+	LLC units	N/A			N/A		N/A	—	—		—		—
									312		—		177
Pharmaceuticals
Amalthea Parent, Inc.+(8)	LP Interest	N/A			N/A		N/A	502	502		—		255
Cobalt Buyer Sub, Inc.+(21)	Preferred stock	SF +	10.00 %	(j)	15.35 %	Non-Cash	N/A	8	9,465		0.4		10,489
Cobalt Buyer Sub, Inc.+	Preferred stock	N/A			N/A		N/A	—	168		—		139
Cobalt Buyer Sub, Inc.+	Common stock	N/A			N/A		N/A	2	2		—		—
									10,137		0.4		10,883

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)		Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Professional Services
Brandmuscle, Inc.+	LLC interest	N/A			N/A		N/A	—	$	216	—	%	$	244
Enboarder, Inc.+(8)(11)	Preferred stock	N/A			N/A		N/A	56	573		—		573
Filevine, Inc.+	Preferred stock	N/A			N/A		N/A	221	1,401		0.1		1,794
Filevine, Inc.+	Warrant	N/A			N/A		N/A	90	90		—		103
Filevine, Inc.+	Warrant	N/A			N/A		N/A	33	49		—		200
Net Health Acquisition Corp.+	LP Interest	N/A			N/A		N/A	13	1,509		0.1		1,613
Procure Acquireco, Inc.+	LP Interest	N/A			N/A		N/A	—	486		—		633

									4,324		0.2		5,160
Real Estate Management & Development
Inhabit IQ Inc.+	Common stock	N/A			N/A		N/A	62	434		—		872
SC Landco Parent, LLC+	Common stock	N/A			N/A		N/A	2	274		—		260
									708		—		1,132
Road & Rail
Internet Truckstop Group LLC+	LP Interest	N/A			N/A		N/A	408	447		—		425

Software
Anaplan, Inc.+	LP Interest	N/A			N/A		N/A	385	385		—		570
Aras Corporation+(21)	Preferred stock	N/A			12.00 %	Non-Cash	N/A	1	1,197		0.1		1,323
Aras Corporation+	LP Interest	N/A			N/A		N/A	306	306		—		410
Astute Holdings, Inc.+	LP Interest	N/A			N/A		N/A	—	304		—		712
Auvik Networks Inc.+(8)(12)	Preferred stock	N/A			N/A		N/A	26	256		—		300
Auvik Networks Inc.+(8)(12)	Preferred stock	N/A			N/A		N/A	3	29		—		34
Bayshore Intermediate #2, L.P.+	Common stock	N/A			N/A		N/A	4,095	4,095		0.2		3,747
Calabrio, Inc.+	LP Interest	N/A			N/A		N/A	1	769		—		741
Calabrio, Inc.+	LP Interest	N/A			N/A		N/A	96	0		—		0
Cloudbees, Inc.+	Preferred stock	N/A			N/A		N/A	149	1,663		0.1		1,743
Cloudbees, Inc.+	Warrant	N/A			N/A		N/A	131	247		—		1,042
Cloudbees, Inc.+	Preferred stock	N/A			N/A		N/A	71	466		—		720
Cynet Security Ltd.+(8)(15)	Preferred stock	N/A			N/A		N/A	145	508		—		627
Denali Bidco Limited+(8)(10)	LP Interest	N/A			N/A		N/A	258	335		—		381
Diligent Corporation+(21)	Preferred stock	N/A			10.50 %	Non-Cash	N/A	17	19,377		0.8		20,573
Diligent Corporation+	Preferred stock	N/A			N/A		N/A	415	912		0.1		2,320
FirstUp, Inc.+	Common stock	N/A			N/A		N/A	221	541		—		312
GS Acquisitionco, Inc.+(21)	Preferred stock	N/A			11.00 %	Non-Cash	N/A	26	29,592		1.2		29,669
GS Acquisitionco, Inc.+(21)	Preferred stock	N/A			11.00 %	Non-Cash	N/A	2	1,780		0.1		1,736
GS Acquisitionco, Inc.+	LP Interest	N/A			N/A		N/A	1	170		0.1		975
GS Acquisitionco, Inc.+(21)	Preferred stock	SF +	10.50 %	(j)	15.85 %	Non-Cash	N/A	—	52		—		53
GTY Technology Holdings, Inc.+	LP units	N/A			N/A		N/A	48	48		—		69
Impartner, Inc.+	Preferred stock	N/A			N/A		N/A	28	226		—		215
Kaseya Inc.+(21)	Preferred stock	SF +	11.75 %	(j)	17.10 %	Non-Cash	N/A	2	1,936		0.1		2,028
Kaseya Inc.+	LP Interest	N/A			N/A		N/A	100	100		—		102
MetricStream, Inc.+	Warrant	N/A			N/A		N/A	168	263		—		158
Ministry Brands Holdings LLC+	LP Interest	N/A			N/A		N/A	438	439		—		431
mParticle, Inc.+	Preferred stock	N/A			N/A		N/A	162	1,060		0.1		966
mParticle, Inc.+	Warrant	N/A			N/A		N/A	80	16		—		330

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)		Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+	Warrant	N/A			N/A		N/A	4	$	9	—	%	$	10
Onit, Inc.+(21)	Preferred stock	N/A			15.00 %	Non-Cash	N/A	—	48		—		53
Onit, Inc.+	Warrant	N/A			N/A		N/A	—	6		—		7
Panzura, LLC+	LLC units	N/A			N/A		N/A	1	4		—		3
PDI TA Holdings, Inc.+	Preferred stock	N/A			N/A		N/A	92	2,846		0.1		3,393
Personify, Inc.+	LP Interest	N/A			N/A		N/A	716	942		0.1		1,777
Pyramid Healthcare Acquisition Corp.+	Common stock	N/A			N/A		N/A	184	184		—		368
QAD, Inc.+(21)	Preferred stock	N/A			9.00 %	Non-Cash	N/A	—	233		—		256
QAD, Inc.+	Common stock	N/A			N/A		N/A	15	0		—		34
RegEd Aquireco, LLC+	LP Interest	N/A			N/A		N/A	—	331		—		71
RegEd Aquireco, LLC+	LP Interest	N/A			N/A		N/A	3	21		—		0
RegEd Aquireco, LLC+	Preferred stock	N/A			N/A		N/A	—	20		—		24
Riskonnect Parent, LLC+(21)	Preferred stock	N/A			11.00 %	Non-Cash	N/A	18	20,858		0.8		19,489
Riskonnect Parent, LLC+	LP Interest	N/A			N/A		N/A	857	859		0.1		973
Riskonnect Parent, LLC+(21)	Preferred stock	SF +	10.50 %	(j)	15.85 %	Non-Cash	N/A	—	394		—		409
SnapLogic, Inc.+	Preferred stock	N/A			N/A		N/A	278	695		0.1		1,426
SnapLogic, Inc.+	Warrant	N/A			N/A		N/A	106	75		—		365
Spartan Buyer Acquisition Co.+	Common stock	N/A			N/A		N/A	1	623		—		339
Spartan Buyer Acquisition Co.+	Preferred stock	N/A			N/A		N/A	—	38		—		47
Telesoft Holdings LLC+	LP Interest	N/A			N/A		N/A	6	6		—		5
Templafy APS and Templafy, LLC+(8)(18)	Warrant	N/A			N/A		N/A	—	45		—		58
Workforce Software, LLC+(21)	Common stock	N/A			N/A		N/A	—	973		—		489
Workforce Software, LLC+	Common stock	N/A			N/A		N/A	—	36		—		42
Zendesk, Inc.+	LP units	N/A			N/A		N/A	45	454		—		629

									96,772		4.1		102,554

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)	Interest Rate (2)		Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail
Ave Holdings III, Corp+(21)	Preferred stock	N/A	11.50 %	Non-Cash	N/A	9	$	9,948	0.3	%	$	8,263
Ave Holdings III, Corp+	LP units	N/A	N/A		N/A	1	1,129		0.1		1,060
Batteries Plus Holding Corporation+	LP Interest	N/A	N/A		N/A	10	1,287		0.1		1,209
Cycle Gear, Inc.+	LLC units	N/A	N/A		N/A	2,002	482		—		54
Cycle Gear, Inc.+	Preferred stock	N/A	N/A		N/A	50	50		—		101
Imperial Optical Midco Inc.+	Preferred stock	N/A	N/A		N/A	—	122		—		—
Imperial Optical Midco Inc.+	Preferred stock	N/A	N/A		N/A	—	46		—		—
Imperial Optical Midco Inc.+	Common stock	N/A	N/A		N/A	—	—		—		—
Pet Holdings ULC+(8)(12)	LP Interest	N/A	N/A		N/A	677	450		0.1		1,092
Salon Lofts Group, LLC+	LP units	N/A	N/A		N/A	—	87		—		77
Southern Veterinary Partners, LLC+(21)	Preferred stock	N/A	12.00 %	Non-Cash	N/A	5	5,826		0.3		6,096
Southern Veterinary Partners, LLC+(21)	Preferred stock	N/A	10.00 %	Non-Cash	N/A	—	786		—		1,265
Southern Veterinary Partners, LLC+	LLC interest	N/A	N/A		N/A	148	188		0.2		5,364
VSG Acquisition Corp. and Sherrill, Inc.+	LP units	N/A	N/A		N/A	—	37		—		22
							20,438		1.1		24,603
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.+	LLC interest	N/A	N/A		N/A	97	604		—		179

Textiles, Apparel & Luxury Goods
Georgica Pine Clothiers, LLC+(21)	LLC interest	N/A	N/A		N/A	20	239		—		478
Georgica Pine Clothiers, LLC+	Common stock	N/A	N/A		N/A	—	—		—		2
MakerSights, Inc.+	Preferred stock	N/A	N/A		N/A	40	218		—		138
R.G. Barry Corporation+	Preferred stock	N/A	N/A		N/A	—	161		—		305
							618		—		923

Total non-controlled/non-affiliate company equity investments							246,830		11.2		289,249

Total non-controlled/non-affiliate company investments							5,368,926		208.7		5,351,550

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)		Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Non-controlled/affiliate company investments (25)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+(23)	One stop	SF +	8.00 %	(j)	13.35 %		04/2024	$	6,769	$	6,761	0.2	%	$	5,279
Abita Brewing Co., L.L.C.+(7)(23)	Second lien	SF +	8.00 %	(j)	13.35 %		04/2024	4,372		3,724		0.1		1,442
Abita Brewing Co., L.L.C.+	One stop	SF +	8.00 %	(j)	13.37 %		04/2024	315		315		—		315


								11,456		10,800		0.3		7,036









Energy, Equipment & Services
Benetech, Inc.+(7)(23)	One stop	SF +	6.00 %	(j)	11.50 %		08/2024	4,259		3,623		0.1		1,278
Benetech, Inc.+(7)(23)	One stop	SF +	6.00 %	(j)	11.50 %		08/2024	1,076		878		—		16
								5,335		4,501		0.1		1,294
Food and Staples Retailing
Rubio's Restaurants, Inc.+(23)	Senior secured	SF +	10.00 %	(j)	15.50 %		12/2024	14,071		13,987		0.3		5,628
Rubio's Restaurants, Inc.+	Senior secured	SF +	10.00 %	(i)	15.46 %		12/2024	834		834		—		834
Rubio's Restaurants, Inc.+(7)(23)	Senior secured	SF +	16.00 %	(j)	21.53 %		12/2024	2,406		2,248		—		—
Rubio's Restaurants, Inc.+(23)	Senior secured	SF +	10.00 %	(i)	15.46 %		12/2024	1,378		1,373		—		518
								18,689		18,442		0.3		6,980
Healthcare Providers and Services
Bayside Opco, LLC+(23)	One stop	SF +	7.25 %	(j)	12.75 %		06/2026	12,500		12,406		0.5		12,375
Bayside Opco, LLC+(7)(23)	Subordinated debt	SF +	10.00 %	(j)	15.50 %		06/2026	4,492		3,328		0.1		3,908
Bayside Opco, LLC+(23)	One stop	SF +	7.25 %	(j)	12.75 %		06/2026	4,421		4,224		0.1		4,201
Bayside Opco, LLC+	One stop	SF +	7.00 %		N/A( 6 )		06/2026	—		—		—		—
Elite Dental Partners LLC+(7)(23)	One stop	SF +	5.25 %	(j)	10.70 %	PIK	09/2024	13,342		12,337		0.2		4,937
Elite Dental Partners LLC+(7)(23)	One stop	SF +	12.00 %	(j)	17.45 %	PIK	09/2024	7,047		6,288		0.1		3,242
Elite Dental Partners LLC+(23)	One stop	SF +	5.25 %	(j)	10.70 %	PIK	09/2024	1,438		1,438		—		1,438
Opening Day Borrower 111 LLC+(7)(23)	One stop	SF +	6.25 %	(j)	11.75 %		05/2027	13,894		12,284		0.5		12,504
Opening Day Borrower 111 LLC+(7)(23)	One stop	SF +	6.25 %	(j)	11.75 %		05/2027	5,309		4,808		0.2		4,778
Opening Day Borrower 111 LLC+(5)(7)	One stop	SF +	6.25 %		N/A(6)		05/2027	—		—		—		( 163 )
								62,443		57,113		1.7		47,220
Software
Switchfly LLC+(23)	One stop	N/A			1.00 %	PIK	10/2024	6,610		6,610		0.2		4,363
Switchfly LLC+(23)	One stop	N/A			1.00 %	PIK	10/2024	552		552		—		364
Switchfly LLC+(23)	One stop	N/A			1.00 %	PIK	10/2024	42		42		—		28
Switchfly LLC+(5)	One stop	SF +	8.50 %	(j)	14.18 %		10/2024	2		2		—		( 24 )
								7,206		7,206		0.2		4,731

Total non-controlled/affiliate company debt investments								105,129		98,062		2.6		67,261


Equity investments (19)(20)
Beverages


Abita Brewing Co., L.L.C.+	Warrant	N/A			N/A		N/A	210		$	—	—	%	$	—













Food and Staples Retailing
Rubio's Restaurants, Inc.+	Preferred stock	N/A			N/A		N/A	2,779		2,276		—		—
Rubio's Restaurants, Inc.+	Common stock	N/A			N/A		N/A	27,241		278		—		—
Rubio's Restaurants, Inc.+	Common stock	N/A			N/A		N/A	6,321		131		—		—
Rubio's Restaurants, Inc.+	Common stock	N/A			N/A		N/A	1,829		10		—		—
Rubio's Restaurants, Inc.+	Common stock	N/A			N/A		N/A	1,056		9		—		—
Rubio's Restaurants, Inc.+	Common stock	N/A			N/A		N/A	1,490		5		—		—
Rubio's Restaurants, Inc.+	Common stock	N/A			N/A		N/A	492		2		—		—
Rubio's Restaurants, Inc.+	Common stock	N/A			N/A		N/A	568		2		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)	Interest Rate (2)		Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Rubio's Restaurants, Inc.+	Common stock	N/A	N/A		N/A	543		$	2	—	%	$	—
Rubio's Restaurants, Inc.+	Common stock	N/A	N/A		N/A	246		1		—		—
Rubio's Restaurants, Inc.+	Common stock	N/A	N/A		N/A	246		1		—		—
								2,717		—		—
Healthcare Providers and Services
Bayside Opco, LLC+	LLC units	N/A	N/A		N/A	6		2,592		0.1		2,832
Elite Dental Partners LLC	LLC interest	N/A	N/A		N/A	—		2,902		—		—
Elite Dental Partners LLC	LLC interest	N/A	N/A		N/A	—		1,250		—		—
Elite Dental Partners LLC	LLC units	N/A	N/A		N/A	—		—		—		—
Opening Day Borrower 111 LLC+	LLC units	N/A	N/A		N/A	163		7,238		0.3		7,126
								13,982		0.4		9,958
Software
Switchfly LLC+	LLC interest	N/A	N/A		N/A	98,370		2,321		0.1		1,344
Switchfly LLC+	LLC units	N/A	N/A		N/A	950		950		—		510
								3,271		0.1		1,854

Total non-controlled/affiliate company equity investments								19,970		0.5		11,812

Total non-controlled/affiliate company investments								118,032		3.1		79,073


Controlled affiliate company investments (26)
Debt investments
IT Services
MMan Acquisition Co.+(7)(23)	One stop	N/A	10.00 %	PIK	08/2024	$	34,294	$	19,457	0.4	%	$	8,916
MMan Acquisition Co.+(23)	One stop	N/A	8.00 %	PIK	08/2024	1,857		1,857		0.1		1,708
MMan Acquisition Co.+(23)	One stop	N/A	12.00 %	PIK	08/2024	952		953		—		953
MMan Acquisition Co.+(23)	One stop	N/A	12.00 %	PIK	08/2024	952		952		—		952
MMan Acquisition Co.+(23)	One stop	N/A	12.00 %	PIK	08/2024	275		275		—		275
Total controlled affiliate company debt investments						38,330		23,494		0.5		12,804






Total controlled affiliate company investments								23,494		0.5		12,804

Total investments								5,510,452		212.3		5,443,427

Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)			5.25 %	(27)				$	50,823	2.0	%	$	50,823
Allspring Treasury Plus Money Market Fund (CUSIP 94975H296)			5.23 %	(27)				26,124		1.0		26,124
Morgan Stanley Institutional Liquidity Funds Treasury Securities Portfolio (CUSIP 61747C525)			5.21 %	(27)				43,036		1.7		43,036
Total money market funds								119,983		4.7		119,983
Total investments and money market funds								$	5,630,435	217.0	%	$	5,563,410

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


*						Denotes that all or a portion of the loan secures the notes offered in the 2018 Debt Securitization (as defined in Note 7).
#						Denotes that all or a portion of the loan secures the notes offered in the GCIC 2018 Debt Securitization (as defined in Note 7).
+						Denotes that all or a portion of the investment collateralizes the JPM Credit Facility (as defined in Note 7).

(1) The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime (“P”), Sterling Overnight Index Average ("SONIA" or “SN”), Australian Interbank Rate (”AUD” or ”A”) or Canadian Bankers Acceptance Rate (”CDOR” or "C”) which reset daily, monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of December 31, 2023. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of December 31, 2023, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of December 31, 2023, as the loan may have priced or repriced based on an index rate prior to December 31, 2023.

(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 8.50% as of December 31, 2023.

(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 3.85% as of December 31, 2023.

(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 3.91% as of December 31, 2023.

(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 3.86% as of December 31, 2023.

(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 4.36% as of December 31, 2023.

(f) Denotes that all or a portion of the contract was indexed to the 90-day CDOR, which was 5.45% as of December 31, 2023.

(g) Denotes that all or a portion of the contract was indexed to SONIA, which was 5.19% as of December 31, 2023.

(h) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 5.38% as of December 31, 2023.

(i) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 5.35% as of December 31, 2023.

(j) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 5.33% as of December 31, 2023.

(k) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 5.16% as of December 31, 2023.

(2) For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of December 31, 2023.

(3) The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.

(4) The fair values of investments were valued using significant unobservable inputs, unless noted otherwise. See “Note 6. 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, 2023. 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, 2023, meaning that the Company has ceased recognizing interest income on the loan.

(8) The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2023, total non-qualifying assets at fair value represented 16.4 % of the Company's total assets calculated in accordance with the 1940 Act.

(9) Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date or the date of the transaction. See “Note 2. Significant Accounting Policies and Recent Accounting Updates - Foreign Currency Translation”.

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

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

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

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

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

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

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

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

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

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

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

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

(22) The fair value of this investment was valued using Level 1 inputs. See “Note 6. Fair Value Measurements”.

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)

(23) All or a portion of the loan interest was capitalized into the outstanding principal balance of the loan in accordance with the terms of the credit agreement during the three months ended December 31, 2023.

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

(25) 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, 2023 were as follows:


Portfolio Company	Fair value as of September 30, 2023		Gross Additions (a)		Gross Reductions (b)		Net change in unrealized appreciation (depreciation)		Net realized gain (loss)		Fair value as of December 31, 2023		Interest, dividend and fee income
Abita Brewing Co. LLC	$	6,536	$	821	$	( 143 )	$	( 178 )	$	—	$	7,036	$	233
Bayside Opco, LLC	22,044		736		( 524 )		1,060		—		23,316		583
Benetech, Inc.	1,353		154		( 259 )		46		—		1,294		9
Elite Dental Partners LLC	13,396		1,489		( 646 )		( 4,622 )		—		9,617		42
Opening Day Borrower 111 LLC	24,438		555		( 463 )		( 285 )		—		24,245		4
Rubio's Restaurants, Inc.	12,063		2,553		( 82 )		( 7,554 )		—		6,980		572

Switchfly LLC	7,254		23		—		( 692 )		—		6,585		40
Total Non-Controlled Affiliates	$	87,084	$	6,331	$	( 2,117 )	$	( 12,225 )	$	—	$	79,073	$	1,483


(a)						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.
(b)						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, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.

(26) 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, 2023 were as follows:


Portfolio Company	Fair value as of September 30, 2023		Gross Additions (a)		Gross Reductions (b)		Net change in unrealized appreciation (depreciation)		Net realized gain (loss)		Fair value as of December 31, 2023		Interest, dividend and fee income
MMan Acquisition Co.	$	12,790	$	986	$	( 846 )	$	( 126 )	$	—	$	12,804	$	106
Total Controlled Affiliates	$	12,790	$	986	$	( 846 )	$	( 126 )	$	—	$	12,804	$	106


(a)						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.
(b)						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, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.

(27) The rate shown is the annualized seven-day yield as of December 31, 2023.

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace and Defense
PPW Aero Buyer, Inc.+	One stop	SF +	7.00 %	(k)(m)	12.33 %				02/2029	$	24,825	$	24,157	1.0	%	$	24,825
PPW Aero Buyer, Inc.+(5)	One stop	SF +	7.00 %		N/A(6)				02/2029	—		( 1 )		—		—
										24,825		24,156		1.0		24,825
Airlines
Accelya Lux Finco S.A.R.L.+(8)(13)	One stop	SF +	6.00 %	(l)	11.49 %				12/2026	965		955		—		917

Auto Components
COP CollisionRight Holdings, Inc.#+	One stop	SF +	5.25 %	(l)	10.79 %				04/2028	9,810		9,680		0.4		9,711
COP CollisionRight Holdings, Inc.+	One stop	SF +	5.25 %	(l)	10.79 %				04/2028	36		35		—		35
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50 %	(l)(m)	10.10 %				08/2027	4,840		4,809		0.2		4,647
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50 %	(m)	10.09 %				08/2027	977		960		—		938
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50 %	(m)	10.03 %				08/2027	13		12		—		9
North Haven Falcon Buyer, LLC+(23)	One stop	SF +	8.00 %	(l)	9.78 %	cash/	3.75 %	PIK	05/2027	6,243		6,141		0.2		5,493
North Haven Falcon Buyer, LLC+(23)	One stop	SF +	8.00 %	(l)	9.82 %	cash/	3.75 %	PIK	05/2027	1,048		1,037		0.1		922
Polk Acquisition Corp.*#+(23)	Senior secured	SF +	7.00 %	(k)	10.67 %	cash/	1.75 %	PIK	12/2024	18,092		18,078		0.7		17,731
Polk Acquisition Corp.+(23)	Senior secured	SF +	7.00 %	(k)	10.67 %	cash/	1.75 %	PIK	12/2024	60		61		—		57
Polk Acquisition Corp.+(23)	Senior secured	SF +	7.00 %	(k)	10.67 %	cash/	1.75 %	PIK	12/2024	107		107		—		105
										41,226		40,920		1.6		39,648
Automobiles
CG Group Holdings, LLC*#+(23)	One stop	SF +	8.75 %	(l)	12.14 %	cash/	2.00 %	PIK	07/2027	31,764		31,300		1.2		30,493
CG Group Holdings, LLC+(23)	One stop	SF +	8.75 %	(k)	12.07 %	cash/	2.00 %	PIK	07/2026	345		340		—		333
Denali Midco 2, LLC*#+	One stop	SF +	6.25 %	(k)	11.67 %				12/2027	42,433		42,132		1.6		41,583
Denali Midco 2, LLC+(5)	One stop	SF +	6.25 %		N/A(6)				12/2027	—		( 4 )		—		( 10 )
Denali Midco 2, LLC+	One stop	SF +	6.25 %	(k)	11.67 %				12/2027	196		194		—		192
Denali Midco 2, LLC+	One stop	SF +	6.25 %	(k)	11.67 %				12/2027	99		98		—		97
Denali Midco 2, LLC+	One stop	SF +	6.25 %	(k)	11.67 %				12/2027	79		78		—		77
Denali Midco 2, LLC+	One stop	SF +	6.25 %	(k)	11.67 %				12/2027	79		78		—		77
Denali Midco 2, LLC+	One stop	SF +	6.25 %	(k)	11.67 %				12/2027	65		65		—		64
Denali Midco 2, LLC+	One stop	SF +	6.50 %	(k)	11.92 %				12/2027	968		945		—		959
Denali Midco 2, LLC+	One stop	SF +	6.25 %	(k)	11.67 %				12/2027	653		649		—		640
Denali Midco 2, LLC+	One stop	SF +	6.25 %	(k)	11.67 %				12/2027	119		118		—		116
Denali Midco 2, LLC+	One stop	SF +	6.25 %	(k)	11.67 %				12/2027	113		112		—		111
Denali Midco 2, LLC+	One stop	SF +	6.25 %	(k)	11.67 %				12/2027	81		81		—		80
Denali Midco 2, LLC+(5)	One stop	SF +	6.50 %		N/A(6)				12/2027	—		( 7 )		—		( 3 )
Denali Midco 2, LLC+	One stop	SF +	6.50 %	(k)	11.92 %				12/2027	129		126		—		128
Denali Midco 2, LLC+	One stop	SF +	6.50 %	(k)	11.92 %				12/2027	65		63		—		64
Denali Midco 2, LLC+	One stop	SF +	6.50 %	(k)	11.92 %				12/2027	221		215		—		218
Denali Midco 2, LLC+	One stop	SF +	6.50 %	(k)	11.92 %				12/2027	261		255		—		258
JHCC Holdings LLC+	One stop	SF +	5.25 %	(l)	10.79 %				09/2025	15,156		15,026		0.6		14,929
JHCC Holdings LLC+	One stop	SF +	5.25 %	(l)	10.79 %				09/2025	491		487		—		483
JHCC Holdings LLC+	One stop	SF +	5.25 %	(l)	10.79 %				09/2025	292		290		—		287
JHCC Holdings LLC+(5)	One stop	SF +	5.25 %		N/A(6)				09/2025	—		( 1 )		—		( 2 )
JHCC Holdings LLC+	One stop	SF +	5.25 %	(l)	10.79 %				09/2025	3,309		3,286		0.1		3,259

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)	Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
JHCC Holdings LLC+	One stop	SF +	6.75 %	(l)	12.29 %	09/2025	$	1,109	$	1,090	—	%	$	1,114
MOP GM Holding, LLC*#+	One stop	SF +	5.75 %	(l)	11.29 %	11/2026	23,733		23,574		0.9		22,785
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(m)	11.03 %	11/2026	2,602		2,587		0.1		2,498
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(l)	11.32 %	11/2026	2,573		2,545		0.1		2,470
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(m)	11.03 %	11/2026	2,552		2,535		0.1		2,450
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(l)	11.29 %	11/2026	1,891		1,879		0.1		1,815
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(l)	11.27 %	11/2026	1,555		1,546		0.1		1,493
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(m)	11.03 %	11/2026	1,433		1,416		0.1		1,376
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(l)	11.29 %	11/2026	522		519		—		501
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(l)	11.29 %	11/2026	355		352		—		341
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(l)	11.29 %	11/2026	146		145		—		140
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(l)	11.29 %	11/2026	59		59		—		57
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(l)(m)	11.34 %	11/2026	186		185		—		178
MOP GM Holding, LLC+(5)	One stop	SF +	5.75 %		N/A(6)	11/2026	—		( 16 )		—		( 93 )
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(l)	11.27 %	11/2026	178		177		—		171
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(l)	11.27 %	11/2026	59		59		—		57
POY Holdings, LLC#	One stop	SF +	5.50 %	(l)	11.04 %	11/2027	9,447		9,316		0.4		9,447
POY Holdings, LLC+(5)	One stop	SF +	5.50 %		N/A(6)	11/2027	—		( 3 )		—		—
POY Holdings, LLC+(5)	One stop	SF +	5.50 %		N/A(6)	11/2027	—		( 1 )		—		—
POY Holdings, LLC+	One stop	SF +	5.50 %	(l)	11.04 %	11/2027	81		80		—		81
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.50 %	(l)(m)	10.89 %	07/2029	4,980		4,939		0.2		4,781
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.50 %	(m)	10.96 %	07/2029	105		103		—		97
National Express Wash Parent Holdco, LLC+(5)	One stop	SF +	5.50 %		N/A(6)	07/2029	—		( 3 )		—		( 15 )
Quick Quack Car Wash Holdings, LLC*#	One stop	SF +	6.50 %	(l)	12.02 %	10/2026	12,682		12,538		0.5		12,555
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50 %	(l)	12.02 %	10/2026	9,675		9,565		0.4		9,578
Quick Quack Car Wash Holdings, LLC#+	One stop	SF +	6.50 %	(l)	12.02 %	10/2026	2,289		2,263		0.1		2,266
Quick Quack Car Wash Holdings, LLC*+	One stop	SF +	6.50 %	(l)	12.02 %	10/2026	1,998		1,988		0.1		1,979
Quick Quack Car Wash Holdings, LLC*+	One stop	SF +	6.50 %	(l)	12.02 %	10/2026	1,336		1,328		0.1		1,323
Quick Quack Car Wash Holdings, LLC*+	One stop	SF +	6.50 %	(l)	12.02 %	10/2026	1,089		1,076		—		1,078
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50 %	(l)	12.02 %	10/2026	94		90		—		93
Quick Quack Car Wash Holdings, LLC+(5)	One stop	SF +	6.50 %		N/A(6)	10/2026	—		( 2 )		—		( 2 )
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50 %	(l)	12.02 %	10/2026	50		48		—		49
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50 %	(l)	12.02 %	10/2026	342		336		—		338
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50 %	(l)	12.02 %	10/2026	103		99		—		102
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50 %	(l)	12.02 %	10/2026	3,293		3,242		0.1		3,260
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50 %	(l)	12.02 %	10/2026	94		92		—		93
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50 %	(k)	11.92 %	10/2026	1,500		1,485		0.1		1,485
Quick Quack Car Wash Holdings, LLC+(5)	One stop	SF +	6.50 %		N/A(6)	10/2026	—		( 35 )		—		( 35 )
Spotless Brands, LLC+	One stop	SF +	6.50 %	(l)	12.00 %	07/2028	8,306		8,173		0.3		8,223
Spotless Brands, LLC+	One stop	SF +	6.50 %	(l)	12.02 %	07/2028	903		896		0.1		894
Spotless Brands, LLC+	One stop	SF +	6.50 %		N/A(6)	07/2028	—		—		—		—
Spotless Brands, LLC+	One stop	SF +	6.50 %	(l)	11.99 %	07/2028	670		665		—		663
TWAS Holdings, LLC#+	One stop	SF +	6.75 %	(k)	12.17 %	12/2026	40,051		39,793		1.6		39,651
TWAS Holdings, LLC*+	One stop	SF +	6.75 %	(k)	12.17 %	12/2026	30,255		30,045		1.2		29,953
TWAS Holdings, LLC+	One stop	SF +	6.75 %	(k)	12.17 %	12/2026	7,854		7,801		0.3		7,775
TWAS Holdings, LLC+	One stop	SF +	6.75 %	(k)	12.17 %	12/2026	603		599		—		597
TWAS Holdings, LLC+	One stop	SF +	6.75 %	(k)	12.17 %	12/2026	383		381		—		379
TWAS Holdings, LLC+(5)	One stop	SF +	6.75 %		N/A(6)	12/2026	—		( 2 )		—		( 4 )
							274,054		271,473		10.5		268,470

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)		Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Beverages
Financial Information Technologies, LLC+	One stop	SF +	6.50 %	(l)	11.89 %		06/2030	$	22,623	$	22,295	0.9	%	$	22,396
Financial Information Technologies, LLC+(23)	One stop	N/A			14.00 %	PIK	06/2031	11,182		10,869		0.4		10,847
Financial Information Technologies, LLC+(5)	One stop	SF +	6.50 %		N/A(6)		06/2030	—		—		—		( 1 )
Watermill Express, LLC+	One stop	SF +	5.00 %	(l)	10.54 %		04/2027	2,221		2,208		0.1		2,221
Watermill Express, LLC+	One stop	SF +	5.00 %	(k)	10.42 %		04/2027	8		7		—		8
Watermill Express, LLC+	One stop	SF +	5.00 %	(l)	10.54 %		04/2027	214		214		—		214
Winebow Holdings, Inc.+	One stop	SF +	6.25 %	(k)	11.67 %		07/2025	7,720		7,671		0.3		7,566
								43,968		43,264		1.7		43,251



Building Products
BECO Holding Company, Inc.#+	One stop	SF +	5.25 %	(l)	10.79 %	11/2028	7,462	7,407	0.3	7,313
BECO Holding Company, Inc.+	One stop	SF +	5.25 %	(k)	10.67 %	11/2027	20	17	—	12
BECO Holding Company, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)	11/2028	—	( 14 )	—	( 39 )
Jensen Hughes, Inc.+	Senior secured	SF +	5.75 %	(k)(l)	11.22 %	03/2025	4,063	4,045	0.2	4,063
Jensen Hughes, Inc.+	Senior secured	SF +	5.75 %	(k)(l)	11.22 %	03/2025	1,374	1,373	0.1	1,374
Jensen Hughes, Inc.+	Senior secured	SF +	5.75 %	(k)(l)	11.22 %	03/2025	886	883	—	886
Jensen Hughes, Inc.+	Senior secured	SF +	5.75 %	(k)(l)	11.22 %	03/2025	835	830	—	835
Jensen Hughes, Inc.+	Senior secured	SF +	5.75 %	(k)(l)	11.22 %	03/2025	425	425	—	425
Jensen Hughes, Inc.+	Senior secured	SF +	5.75 %	(k)(l)	11.22 %	03/2025	271	270	—	271
Jensen Hughes, Inc.+	Senior secured	SF +	5.75 %	(k)(l)(m)	11.23 %	03/2025	1,450	1,441	0.1	1,450
Jensen Hughes, Inc.+	Senior secured	SF +	5.75 %	(k)(l)	11.22 %	03/2025	211	211	—	211
Jensen Hughes, Inc.+	Senior secured	SF +	5.75 %	(k)(l)	11.22 %	03/2025	113	112	—	113
							17,110	17,000	0.7	16,914
Chemicals
Inhance Technologies Holdings LLC#+	One stop	SF +	6.00 %	(l)	11.40 %	07/2024	12,314	12,341	0.5	11,637
Inhance Technologies Holdings LLC#	One stop	SF +	6.00 %	(l)	11.40 %	07/2024	9,813	9,783	0.3	9,273
Inhance Technologies Holdings LLC+	One stop	SF +	6.00 %	(l)	11.40 %	07/2024	1,871	1,869	0.1	1,768
Inhance Technologies Holdings LLC+	One stop	SF +	6.00 %	(k)(l)	11.42 %	07/2024	199	200	—	187
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	E +	6.25 %	(e)	10.39 %	09/2028	33,496	36,220	1.2	29,476
PHM NL SP Bidco B.V.+(8)(14)	One stop	SF +	6.25 %	(j)	11.55 %	09/2028	13,766	13,593	0.5	12,114
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	SN +	6.25 %	(i)	11.44 %	09/2028	7,335	7,919	0.2	6,455
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	E +	6.25 %	(e)	10.01 %	09/2028	3,540	3,720	0.1	3,116
							82,334	85,645	2.9	74,026
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC*#+	One stop	SF +	5.25 %	(k)(l)	10.79 %	10/2028	17,792	17,614	0.7	17,792
CI (Quercus) Intermediate Holdings, LLC+	One stop	SF +	5.25 %	(k)	10.67 %	10/2028	10	8	—	10
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop	SF +	5.25 %		N/A(6)	10/2028	—	( 3 )	—	—
Kleinfelder Intermediate, LLC+	One stop	SF +	6.25 %	(l)	11.66 %	09/2030	3,754	3,679	0.2	3,679
Kleinfelder Intermediate, LLC+	One stop	SF +	6.25 %	(l)	11.66 %	09/2028	59	50	—	50
Kleinfelder Intermediate, LLC+(5)	One stop	SF +	6.25 %		N/A(6)	09/2030	—	( 7 )	—	( 8 )
North Haven Stack Buyer, LLC*#	Senior secured	SF +	5.50 %	(l)	11.02 %	07/2027	8,678	8,568	0.3	8,569

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
North Haven Stack Buyer, LLC+(5)	Senior secured	SF +	5.50 %		N/A(6)				07/2027	$	—	$	( 18 )	—	%	$	( 20 )
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.50 %	(b)(l)	11.40 %				07/2027	66		65		—		64
North Haven Stack Buyer, LLC#	Senior secured	SF +	5.50 %	(l)	11.02 %				07/2027	2,923		2,905		0.1		2,887
North Haven Stack Buyer, LLC#	Senior secured	SF +	5.50 %	(l)	11.02 %				07/2027	964		958		0.1		952
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.50 %	(l)	11.02 %				07/2027	968		962		0.1		956
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.50 %	(l)	11.02 %				07/2027	142		141		—		140
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.50 %	(l)	11.02 %				07/2027	71		70		—		70
North Haven Stack Buyer, LLC+(5)	Senior secured	SF +	5.50 %		N/A(6)				07/2027	—		( 61 )		—		( 46 )
North Haven Stack Buyer, LLC+(5)	Second lien	N/A			N/A(6)				01/2028	—		( 35 )		—		( 35 )
Profile Products LLC+	One stop	SF +	5.75 %	(l)	11.22 %				11/2027	6,293		6,199		0.3		6,167
Profile Products LLC+(8)	One stop	SF +	5.75 %	(l)	11.22 %				11/2027	1,275		1,258		—		1,250
Profile Products LLC+	One stop	SF +	5.75 %	(b)(k)	11.42 %				11/2027	42		41		—		41
Profile Products LLC+	One stop	P +	4.75 %	(b)	13.25 %				11/2027	8		8		—		8
PT Intermediate Holdings III, LLC+	One stop	SF +	5.98 %	(l)	11.52 %				11/2028	29,225		28,846		1.1		29,225
PT Intermediate Holdings III, LLC+	One stop	SF +	5.98 %	(l)	11.52 %				11/2028	20,664		20,504		0.8		20,664
PT Intermediate Holdings III, LLC+	One stop	SF +	5.98 %	(l)	11.52 %				11/2028	9,800		9,696		0.4		9,800
PT Intermediate Holdings III, LLC+	One stop	SF +	6.50 %	(l)	11.89 %				11/2028	2,243		2,214		0.1		2,260
PT Intermediate Holdings III, LLC+(5)	One stop	SF +	6.50 %		N/A(6)				11/2028	—		( 8 )		—		—
Radwell Parent, LLC+	One stop	SF +	6.53 %	(l)	12.02 %				03/2029	18,885		18,644		0.7		18,885
Radwell Parent, LLC+	One stop	SF +	6.75 %	(l)	12.14 %				03/2028	69		64		—		69
Radwell Parent, LLC+(5)	One stop	SF +	6.53 %		N/A(6)				03/2029	—		( 7 )		—		—
Radwell Parent, LLC#+	One stop	SF +	6.75 %	(l)	12.14 %				03/2029	24,763		24,118		1.0		24,824
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.75 %	(l)	11.10 %				06/2027	2,458		2,427		0.1		2,458
Trinity Air Consultants Holdings Corporation+(5)	One stop	SF +	5.75 %		N/A(6)				06/2027	—		( 3 )		—		—
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.75 %		N/A(6)				06/2027	—		—		—		—
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.75 %	(m)	11.27 %				06/2027	35		35		—		35
WRE Holding Corp.*#	Senior secured	SF +	5.00 %	(k)(m)	10.50 %				01/2025	2,204		2,200		0.1		2,204
WRE Holding Corp.+	Senior secured	SF +	5.00 %	(k)	10.43 %				01/2025	911		908		—		911
WRE Holding Corp.+	Senior secured	SF +	5.00 %	(m)	10.19 %				01/2025	668		667		—		668
WRE Holding Corp.+	Senior secured	SF +	5.00 %	(m)	10.19 %				01/2025	395		394		—		395
WRE Holding Corp.+	Senior secured	SF +	5.00 %	(m)	10.19 %				01/2025	127		127		—		127
WRE Holding Corp.+	Senior secured	SF +	5.00 %	(m)	10.19 %				01/2025	23		23		—		23
WRE Holding Corp.+	Senior secured	SF +	5.00 %	(k)	10.57 %				01/2025	353		345		—		353
WRE Holding Corp.+	Senior secured	SF +	5.25 %		N/A(6)				01/2025	—		—		—		—
WRE Holding Corp.+	Senior secured	SF +	5.00 %	(k)(l)(m)	10.38 %				01/2025	150		149		—		150
										156,018		153,745		6.1		155,577
Communications Equipment
Lightning Finco Limited+(8)(10)	One stop	SF +	5.75 %	(l)	11.13 %				09/2028	10,349		10,204		0.4		10,246
Lightning Finco Limited+(8)(9)(10)	One stop	E +	5.75 %	(d)	9.53 %				09/2028	1,123		1,244		—		1,112
										11,472		11,448		0.4		11,358











Containers and Packaging
AmerCareRoyal LLC+(23)	Senior secured	SF +	7.00 %	(k)	11.98 %	cash/	0.50 %	PIK	11/2025	743		737		0.1		743
AmerCareRoyal LLC+(23)	Senior secured	SF +	7.00 %	(k)	11.98 %	cash/	0.50 %	PIK	11/2025	159		157		—		159
AmerCareRoyal LLC+(23)	Senior secured	SF +	7.00 %	(k)	11.98 %	cash/	0.50 %	PIK	11/2025	154		153		—		154
AmerCareRoyal LLC+(8)(23)	Senior secured	SF +	7.00 %	(k)(l)	11.98 %	cash/	0.50 %	PIK	11/2025	133		132		—		133
Chase Intermediate#+	One stop	SF +	5.25 %	(k)(l)(m)	10.95 %				10/2028	10,818		10,743		0.4		10,601
Chase Intermediate+	One stop	SF +	5.25 %	(m)	11.00 %				10/2028	120		117		—		113
Chase Intermediate+(5)	One stop	SF +	5.25 %		N/A(6)				10/2028	—		( 1 )		—		( 4 )

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)	Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Chase Intermediate+(5)	One stop	SF +	5.75 %		N/A(6)	10/2028	$	—	$	( 5 )	—	%	$	( 5 )
Fortis Solutions Group, LLC*#+	One stop	SF +	5.50 %	(l)	10.99 %	10/2028	34,402		33,976		1.3		33,370
Fortis Solutions Group, LLC+(5)	One stop	SF +	5.50 %		N/A(6)	10/2027	—		( 4 )		—		( 8 )
Fortis Solutions Group, LLC+	One stop	SF +	5.50 %	(l)	10.99 %	10/2028	98		17		—		95
Fortis Solutions Group, LLC+	One stop	SF +	5.50 %	(l)	10.99 %	10/2028	358		325		—		190
							46,985		46,347		1.8		45,541
Diversified Consumer Services
Certus Pest, Inc.#	One stop	SF +	7.50 %	(l)	13.04 %	02/2026	1,573		1,547		0.1		1,557
Certus Pest, Inc.#	One stop	SF +	7.50 %	(l)	13.04 %	02/2026	1,508		1,471		0.1		1,493
Certus Pest, Inc.+	One stop	SF +	7.50 %	(l)	13.04 %	02/2026	1,088		1,084		0.1		1,077
Certus Pest, Inc.#	One stop	SF +	7.50 %	(l)	13.04 %	02/2026	1,074		1,064		0.1		1,064
Certus Pest, Inc.+	One stop	SF +	7.50 %	(l)	13.04 %	02/2026	745		732		—		738
Certus Pest, Inc.#	One stop	SF +	7.50 %	(l)	13.04 %	02/2026	657		632		—		650
Certus Pest, Inc.+	One stop	SF +	7.50 %	(l)	13.04 %	02/2026	640		635		—		634
Certus Pest, Inc.+	One stop	SF +	7.50 %	(l)	13.04 %	02/2026	378		371		—		374
Certus Pest, Inc.+	One stop	SF +	7.50 %	(l)	13.04 %	02/2026	237		226		—		235
Certus Pest, Inc.+	One stop	SF +	7.50 %	(l)	13.04 %	02/2026	129		111		—		128
Certus Pest, Inc.+	One stop	SF +	7.50 %	(l)	13.04 %	02/2026	54		50		—		54
Certus Pest, Inc.+(5)	One stop	SF +	7.50 %		N/A(6)	02/2026	—		( 1 )		—		( 1 )
CHHJ Midco, LLC#	Senior secured	SF +	5.00 %	(k)	10.42 %	01/2026	2,695		2,682		0.1		2,695
CHHJ Midco, LLC+	Senior secured	SF +	5.00 %		N/A(6)	01/2026	—		—		—		—
COP Exterminators Acquisitions, Inc.+	Senior secured	SF +	5.50 %	(l)	11.02 %	07/2029	2,864		2,830		0.1		2,829
COP Exterminators Acquisitions, Inc.+(5)	Senior secured	SF +	5.50 %		N/A(6)	07/2029	—		( 1 )		—		( 1 )
COP Exterminators Acquisitions, Inc.+(5)	Senior secured	SF +	5.50 %		N/A(6)	07/2029	—		( 26 )		—		( 20 )
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	4.50 %	(l)	9.90 %	07/2027	1,695		1,685		0.1		1,695
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	4.50 %	(l)	9.90 %	07/2027	1,652		1,636		0.1		1,652
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	4.50 %	(l)	9.92 %	07/2027	1,083		1,073		0.1		1,083
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	4.50 %	(l)	9.98 %	07/2027	765		758		—		765
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	4.50 %	(l)	9.90 %	07/2027	197		195		—		197
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	4.75 %	(l)	10.31 %	07/2027	119		117		—		119
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	4.50 %		N/A(6)	07/2027	—		—		—		—
DP Flores Holdings, LLC#	One stop	SF +	6.25 %	(m)	11.59 %	09/2028	2,574		2,536		0.1		2,574
DP Flores Holdings, LLC+(5)	One stop	SF +	6.25 %		N/A(6)	09/2028	—		( 1 )		—		—
DP Flores Holdings, LLC+(5)	One stop	SF +	6.25 %		N/A(6)	09/2028	—		( 12 )		—		—
EMS LINQ, LLC+	One stop	SF +	6.25 %	(k)	11.67 %	12/2027	9,591		9,524		0.4		9,304
EMS LINQ, LLC+(5)	One stop	SF +	6.25 %		N/A(6)	12/2027	—		( 1 )		—		( 4 )
EWC Growth Partners LLC+	One stop	SF +	6.00 %	(l)	11.54 %	03/2026	920		914		0.1		920
EWC Growth Partners LLC+	One stop	SF +	6.00 %		N/A( 6 )	03/2026	—		—		—		—
EWC Growth Partners LLC+	One stop	SF +	6.00 %	(l)	11.54 %	03/2026	14		14		—		14
EWC Growth Partners LLC+	One stop	SF +	6.00 %	(l)	11.54 %	03/2026	73		73		—		73
Excelligence Learning Corporation#+	One stop	SF +	6.00 %	(l)	11.54 %	01/2024	10,176		10,157		0.4		10,176
FPG Intermediate Holdco, LLC+	One stop	SF +	6.00 %	(l)	11.57 %	03/2027	7,668		7,563		0.3		7,592
FPG Intermediate Holdco, LLC+	One stop	SF +	6.00 %	(l)	11.57 %	03/2027	484		474		—		479
FPG Intermediate Holdco, LLC+	One stop	SF +	6.00 %	(b)(l)	12.16 %	03/2027	33		32		—		32
FPG Intermediate Holdco, LLC+(5)	One stop	SF +	6.50 %		N/A(6)	03/2027	—		( 12 )		—		—
FSS Buyer LLC+	One stop	SF +	5.75 %	(l)	11.24 %	08/2028	5,436		5,360		0.2		5,436
FSS Buyer LLC+(5)	One stop	SF +	5.75 %		N/A(6)	08/2027	—		( 1 )		—		—
HS Spa Holdings, Inc.+	One stop	SF +	5.75 %	(m)	11.07 %	06/2029	7,704		7,579		0.3		7,627
HS Spa Holdings, Inc.+	One stop	SF +	5.75 %	(k)(l)	11.07 %	06/2028	13		11		—		12

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Learn-it Systems, LLC+(23)	Senior secured	SF +	5.25 %	(l)	8.04 %	cash/	2.75 %	PIK	09/2026	$	2,536	$	2,550	0.1	%	$	2,333
Learn-it Systems, LLC+(23)	Senior secured	SF +	5.25 %	(l)	8.04 %	cash/	2.75 %	PIK	09/2026	1,364		1,363		—		1,256
Learn-it Systems, LLC+(23)	Senior secured	SF +	5.25 %	(l)	8.04 %	cash/	2.75 %	PIK	09/2026	615		612		—		565
Learn-it Systems, LLC+(5)(23)	Senior secured	L +	4.75 %	(a)	10.40 %				09/2026	—		—		—		( 3 )
Liminex, Inc.+	One stop	SF +	7.25 %	(l)	12.79 %				11/2026	25,462		25,126		1.0		25,462
Liminex, Inc.+	One stop	SF +	7.25 %	(l)	12.79 %				11/2026	20,000		19,795		0.8		20,000
Liminex, Inc.+	One stop	SF +	7.25 %	(l)	12.79 %				11/2026	800		793		—		800
Liminex, Inc.+(5)	One stop	SF +	7.25 %		N/A(6)				11/2026	—		( 2 )		—		—
Liminex, Inc.+	One stop	SF +	7.25 %	(l)	12.79 %				11/2026	15,837		15,558		0.6		15,837
Litera Bidco LLC+	One stop	SF +	6.00 %	(k)	11.42 %				05/2026	5,660		5,622		0.2		5,660
Litera Bidco LLC+	One stop	SF +	5.25 %	(k)	10.67 %				05/2026	3,636		3,647		0.1		3,636
Litera Bidco LLC+	One stop	SF +	5.25 %	(k)	10.67 %				05/2026	682		694		—		682
Litera Bidco LLC+	One stop	SF +	5.25 %	(k)	10.67 %				05/2026	682		694		—		682
Litera Bidco LLC+	One stop	SF +	6.00 %	(k)	11.42 %				05/2026	512		509		—		512
Litera Bidco LLC+	One stop	SF +	5.25 %		N/A(6)				05/2025	—		—		—		—
Mario Purchaser, LLC+	One stop	SF +	5.75 %	(k)	11.17 %				04/2029	7,577		7,457		0.3		7,274
Mario Purchaser, LLC+(23)	One stop	SF +	10.75 %	(k)	16.17 %	PIK			04/2032	1,784		1,749		0.1		1,748
Mario Purchaser, LLC+(5)	One stop	SF +	5.75 %		N/A(6)				04/2028	—		( 1 )		—		( 3 )
Mario Purchaser, LLC+	One stop	SF +	5.75 %	(k)	11.17 %				04/2029	169		165		—		154
Mathnasium, LLC#	One stop	SF +	5.00 %	(l)	10.51 %				11/2027	9,168		9,105		0.4		9,168
Mathnasium, LLC+	One stop	SF +	5.00 %	(l)	10.52 %				11/2027	11		11		—		11
NSG Buyer, Inc. *#+	One stop	SF +	6.50 %	(k)	11.92 %				11/2029	20,821		20,423		0.8		20,821
NSG Buyer, Inc. +(5)	One stop	SF +	6.50 %		N/A(6)				11/2029	—		( 35 )		—		—
NSG Buyer, Inc. +	One stop	SF +	6.50 %		N/A(6)				11/2028	—		—		—		—
PADI Holdco, Inc.*#(23)	One stop	SF +	6.25 %	(l)	11.82 %				01/2027	21,582		21,242		0.8		21,582
PADI Holdco, Inc.+(8)(9)(23)	One stop	E +	6.25 %	(d)	10.03 %				01/2027	19,322		20,594		0.8		19,322
PADI Holdco, Inc.+(23)	One stop	SF +	6.25 %	(l)	11.79 %				01/2027	832		819		—		832
PADI Holdco, Inc.+(23)	One stop	SF +	6.25 %	(l)	11.79 %				01/2027	172		169		—		172
PADI Holdco, Inc.+	One stop	SF +	6.25 %	(l)	11.77 %				01/2027	54		50		—		54
Provenance Buyer LLC*#+	One stop	SF +	5.00 %	(k)	10.42 %				06/2027	18,094		17,864		0.7		18,094
Provenance Buyer LLC#	One stop	SF +	5.00 %	(k)	10.42 %				06/2027	9,875		9,801		0.4		9,875
Provenance Buyer LLC+(5)	One stop	SF +	5.00 %		N/A(6)				06/2027	—		( 2 )		—		—
RW AM Holdco LLC#+	One stop	SF +	5.25 %	(m)	10.82 %				04/2028	17,551		17,418		0.7		17,025
RW AM Holdco LLC+(5)	One stop	SF +	5.25 %		N/A(6)				04/2028	—		( 1 )		—		( 5 )
										268,637		266,870		10.5		266,798

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)	Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Diversified Financial Services
Adenza Group, Inc. +	One stop	SF +	5.75 %	(k)	11.18 %	12/2027	$	3,975	$	3,923	0.1	%	$	3,975
Adenza Group, Inc. +	One stop	SF +	5.75 %		N/A(6)	12/2025	—		—		—		—
Avalara, Inc.+	One stop	SF +	7.25 %	(l)	12.64 %	10/2028	11,941		11,690		0.5		11,941
Avalara, Inc.+(5)	One stop	SF +	7.25 %		N/A(6)	10/2028	—		( 3 )		—		—
Banker's Toolbox, Inc.+	One stop	SF +	5.25 %	(l)	10.72 %	07/2027	7,936		7,873		0.3		7,936
Banker's Toolbox, Inc.+	One stop	SF +	5.25 %		N/A(6)	07/2027	—		—		—		—
Banker's Toolbox, Inc.+	One stop	SF +	5.25 %	(l)	10.72 %	07/2027	1,478		1,478		—		1,478
Finastra USA, Inc.+(8)	One stop	SF +	7.25 %	(m)	12.71 %	09/2029	4,950		4,852		0.2		4,851
Finastra USA, Inc.+(8)	One stop	SF +	7.25 %	(k)	12.58 %	09/2029	11		10		—		10
Flash Topco, Inc.*	One stop	SF +	5.75 %	(l)	11.22 %	10/2028	9,721		9,649		0.4		9,235
Flash Topco, Inc.+	One stop	SF +	6.50 %	(l)	11.87 %	10/2028	41		40		—		38
Flash Topco, Inc.+	One stop	SF +	6.50 %	(l)	11.87 %	12/2024	19		19		—		19
Higginbotham Insurance Agency, Inc.+	One stop	SF +	5.50 %	(k)	10.92 %	11/2028	4,530		4,494		0.2		4,507
Higginbotham Insurance Agency, Inc.+(5)	One stop	SF +	5.50 %		N/A(6)	11/2028	—		( 25 )		—		( 25 )
Higginbotham Insurance Agency, Inc.+	One stop	SF +	5.50 %	(k)	10.92 %	11/2028	183		183		—		182

							44,785		44,183		1.7		44,147

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)	Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Diversified Telecommunication Services
NTI Connect, LLC+	Senior secured	SF +	4.75 %	(l)	10.29 %	12/2024	$	1,612	$	1,601	0.1	%	$	1,612

Electronic Equipment, Instruments & Components
CST Holding Company+	One stop	SF +	6.50 %	(k)	11.92 %	11/2028	24,533		23,910		1.0		24,533
CST Holding Company+(5)	One stop	SF +	6.50 %		N/A(6)	11/2028	—		( 1 )		—		—



							24,533		23,909		1.0		24,533



Food & Staples Retailing
Cafe Rio Holding, Inc.*#	One stop	SF +	5.25 %	(k)	10.67 %	09/2028	18,034	18,034	0.7	18,034
Cafe Rio Holding, Inc.#+	One stop	SF +	5.25 %	(k)	10.67 %	09/2028	3,244	3,224	0.1	3,244
Cafe Rio Holding, Inc.#+	One stop	SF +	5.25 %	(k)	10.67 %	09/2028	2,179	2,179	0.1	2,179
Cafe Rio Holding, Inc.*#	One stop	SF +	5.25 %	(k)	10.67 %	09/2028	1,383	1,383	0.1	1,383
Cafe Rio Holding, Inc.#+	One stop	SF +	5.25 %	(k)	10.67 %	09/2028	1,222	1,222	0.1	1,222
Cafe Rio Holding, Inc.+	One stop	SF +	5.25 %	(k)	10.67 %	09/2028	101	101	—	101
Cafe Rio Holding, Inc.+	One stop	SF +	5.25 %	(k)	10.67 %	09/2028	176	176	—	176
Cafe Rio Holding, Inc.+	One stop	SF +	5.25 %	(k)	10.67 %	09/2028	50	50	—	50


Cafe Rio Holding, Inc.+	One stop	SF +	5.25 %	(k)	10.67 %	09/2028	79	79	—	79
Cafe Rio Holding, Inc.+	One stop	SF +	5.25 %	(k)	10.67 %	09/2028	100	99	—	100
Mendocino Farms, LLC+	One stop	SF +	6.25 %	(k)	11.67 %	06/2025	923	918	0.1	923
Mendocino Farms, LLC+	One stop	SF +	6.25 %	(k)	11.67 %	06/2025	726	722	—	726
Mendocino Farms, LLC+	One stop	SF +	6.25 %	(k)	11.67 %	06/2025	712	708	—	712
Mendocino Farms, LLC+	One stop	SF +	6.25 %	(k)	11.67 %	06/2025	351	349	—	351
Mendocino Farms, LLC+	One stop	SF +	6.25 %	(k)	11.67 %	06/2025	350	347	—	350
Mendocino Farms, LLC+	One stop	SF +	6.25 %	(k)	11.67 %	06/2025	173	172	—	173
Mendocino Farms, LLC+	One stop	SF +	6.25 %	(k)	11.67 %	06/2025	105	104	—	105
Mendocino Farms, LLC+	One stop	SF +	6.25 %	(k)	11.67 %	06/2025	824	817	—	824
Mendocino Farms, LLC+	One stop	SF +	6.25 %	(k)	11.67 %	06/2025	307	306	—	307
Mendocino Farms, LLC+	One stop	SF +	6.25 %	(k)	11.67 %	06/2025	514	511	—	514
Ruby Slipper Cafe LLC, The*+	One stop	SF +	7.50 %	(l)	13.04 %	06/2024	2,003	2,003	0.1	2,003
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50 %	(l)	13.04 %	06/2024	406	406	—	406
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50 %	(l)	13.04 %	06/2024	289	288	—	289
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50 %	(l)	13.04 %	06/2024	—	—	—	—
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50 %	(l)	13.04 %	06/2024	28	28	—	28
Wineshipping.com LLC+	One stop	SF +	5.75 %	(l)	11.32 %	10/2027	6,725	6,679	0.3	6,456
Wineshipping.com LLC+	One stop	SF +	5.75 %	(l)	11.20 %	10/2027	184	177	—	177
Wineshipping.com LLC+	One stop	SF +	5.75 %	(b)(l)	11.47 %	10/2027	63	63	—	60













							41,251	41,145	1.6	40,972

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food Products
Borrower R365 Holdings, LLC+(23)	One stop	SF +	6.50 %	(l)	12.04 %				06/2027	$	13,669	$	13,510	0.5	%	$	13,669
Borrower R365 Holdings, LLC+(23)	One stop	SF +	6.50 %	(l)	12.04 %				06/2027	1,127		1,112		—		1,127
Borrower R365 Holdings, LLC+(5)	One stop	SF +	6.50 %		N/A(6)				06/2027	—		( 1 )		—		—
Borrower R365 Holdings, LLC+(5)	One stop	SF +	6.50 %		N/A(6)				06/2027	—		( 1 )		—		—
Borrower R365 Holdings, LLC+(23)	One stop	SF +	6.50 %	(l)	12.04 %				06/2027	43		43		—		43
Flavor Producers, LLC#+(23)	Senior secured	SF +	6.50 %	(b)(l)	10.24 %	cash/	1.75 %	PIK	12/2024	5,035		5,028		0.2		4,682
Flavor Producers, LLC+(5)	Senior secured	SF +	6.50 %		N/A(6)				09/2024	—		—		—		( 2 )
Kodiak Cakes, LLC*#+	Senior secured	SF +	8.75 %	(l)	14.14 %				06/2027	12,338		12,048		0.5		11,998
Kodiak Cakes, LLC+	Senior secured	SF +	8.75 %	(l)	14.14 %				06/2026	150		146		—		146
Louisiana Fish Fry Products, Ltd.*+	One stop	SF +	6.25 %	(l)	11.79 %				07/2027	9,678		9,616		0.4		9,387
Louisiana Fish Fry Products, Ltd.+	One stop	SF +	6.25 %	(b)(k)(l)	12.06 %				07/2027	76		75		—		72
MAPF Holdings, Inc.*#+	One stop	SF +	5.00 %	(l)	10.54 %				12/2026	37,594		37,388		1.5		37,594
MAPF Holdings, Inc.+	One stop	SF +	5.00 %	(l)	10.54 %				12/2026	120		118		—		120
P&P Food Safety Holdings, Inc.*+	One stop	SF +	6.00 %	(l)	11.54 %				12/2026	17,579		17,449		0.7		17,052
P&P Food Safety Holdings, Inc.+	One stop	SF +	6.00 %	(l)	11.55 %				12/2026	19		18		—		16
P&P Food Safety Holdings, Inc.+(5)	One stop	SF +	6.00 %		N/A(6)				12/2026	—		( 4 )		—		( 16 )
Purfoods, LLC+(23)	One stop	N/A			7.00 %	PIK			05/2026	66		68		—		66
Ultimate Baked Goods Midco LLC+	One stop	SF +	6.25 %	(k)	11.67 %				08/2027	6,604		6,551		0.3		6,604
Ultimate Baked Goods Midco LLC+(5)	One stop	SF +	6.25 %		N/A(6)				08/2027	—		( 22 )		—		—
Whitebridge Pet Brands, LLC*#+	One stop	SF +	4.75 %	(k)	10.17 %				07/2027	20,777		20,530		0.8		20,777
Whitebridge Pet Brands, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				07/2027	—		( 2 )		—		—
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	5.25 %	(i)	10.44 %				03/2029	6,631		7,077		0.2		6,366
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	5.25 %	(i)	10.44 %				09/2028	91		90		—		88
Wizard Bidco Limited+(8)(10)	One stop	SF +	6.50 %	(l)	11.89 %				03/2029	16,243		15,955		0.6		16,283
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	6.50 %	(i)	11.69 %				03/2029	5,424		5,389		0.2		5,438
Wizard Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.50 %		N/A(6)				03/2029	—		( 52 )		—		—
										153,264		152,129		5.9		151,510

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Equipment & Supplies
Aspen Medical Products, LLC#+	One stop	SF +	5.25 %	(l)	10.76 %				06/2025	$	4,115	$	4,141	0.2	%	$	4,115
Aspen Medical Products, LLC+	One stop	SF +	5.25 %	(l)	10.76 %				06/2025	263		262		—		263
Aspen Medical Products, LLC+	One stop	SF +	5.25 %		N/A(6)				06/2025	—		—		—		—
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	5.95 %	(j)	11.51 %				08/2028	5,415		5,363		0.2		5,415
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	5.95 %	(d)	9.72 %				08/2028	3,063		3,396		0.1		3,063
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SN +	5.95 %	(i)	11.26 %				08/2028	863		947		—		863
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	5.95 %	(d)	9.92 %				08/2028	731		760		—		731
Baduhenna Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.95 %		N/A(6)				08/2028	—		( 14 )		—		—
Belmont Instrument, LLC*#	One stop	SF +	6.25 %	(l)	11.64 %				08/2028	9,801		9,722		0.4		9,801
Belmont Instrument, LLC+	One stop	SF +	6.25 %	(l)	11.64 %				08/2028	33		32		—		33
Blades Buyer, Inc.#+	Senior secured	SF +	5.00 %	(l)(m)	10.45 %				03/2028	9,958		9,880		0.4		9,859
Blades Buyer, Inc.+(5)	Senior secured	SF +	4.75 %		N/A(6)				03/2028	—		( 1 )		—		( 3 )
Blades Buyer, Inc.+	Senior secured	SF +	5.00 %	(k)	10.33 %				03/2028	317		316		—		314
Blades Buyer, Inc.+	Senior secured	SF +	5.25 %	(k)	10.68 %				03/2028	1,301		1,283		0.1		1,301
Blue River Pet Care, LLC*#+	One stop	SF +	5.75 %	(l)	11.27 %				07/2026	50,675		50,449		2.0		50,167
Blue River Pet Care, LLC+	One stop	SF +	5.75 %	(k)(l)	11.24 %				08/2025	124		122		—		120
Blue River Pet Care, LLC+(5)	One stop	SF +	5.75 %		N/A(6)				07/2026	—		( 1 )		—		( 2 )
Blue River Pet Care, LLC+	One stop	SF +	5.75 %	(l)	11.27 %				07/2026	178		177		—		176
Blue River Pet Care, LLC+	One stop	SF +	5.75 %	(l)	11.27 %				07/2026	171		170		—		170
Blue River Pet Care, LLC+	One stop	SF +	5.75 %	(l)	11.27 %				07/2026	764		759		—		757
Blue River Pet Care, LLC+	One stop	SF +	5.75 %	(l)	11.27 %				07/2026	170		169		—		168
CCSL Holdings, LLC*#(8)	One stop	SF +	6.00 %	(k)	11.42 %				12/2026	15,241		14,986		0.6		15,089
CCSL Holdings, LLC+(8)	One stop	SF +	6.00 %	(k)	11.42 %				12/2026	4,114		4,048		0.2		4,073
CCSL Holdings, LLC+(8)(9)	One stop	SN +	6.00 %	(i)	11.29 %				12/2026	2,354		2,385		0.1		2,330
CCSL Holdings, LLC+(5)(8)	One stop	SF +	6.00 %		N/A(6)				12/2026	—		( 3 )		—		( 3 )
CCSL Holdings, LLC+(5)(8)	One stop	SF +	6.00 %		N/A(6)				12/2026	—		( 44 )		—		( 26 )
CCSL Holdings, LLC+(5)(8)	One stop	SF +	6.00 %		N/A(6)				12/2028	—		( 27 )		—		( 27 )
CMI Parent Inc.*#	Senior secured	SF +	4.75 %	(k)	10.17 %				08/2025	6,432		6,474		0.3		6,432
CMI Parent Inc.*	Senior secured	SF +	4.75 %	(k)	10.17 %				08/2025	3,094		3,080		0.1		3,094
CMI Parent Inc.+(5)	Senior secured	SF +	4.75 %		N/A(6)				08/2025	—		( 2 )		—		—
CMI Parent Inc.*	Senior secured	SF +	4.75 %	(k)	10.17 %				08/2025	2,903		2,884		0.1		2,903
G & H Wire Company, Inc.+(23)	One stop	SF +	9.00 %	(l)	8.07 %	cash/	6.50 %	PIK	12/2024	11,846		11,798		0.4		9,477
G & H Wire Company, Inc.+(23)	One stop	SF +	9.00 %	(l)	8.07 %	cash/	6.50 %	PIK	12/2024	100		98		—		70
Joerns Healthcare, LLC+(7)(23)	One stop	SF +	18.00 %	(l)	23.64 %	PIK			01/2024	1,560		1,470		—		515
Joerns Healthcare, LLC+(23)	One stop	SF +	18.00 %	(l)	23.64 %	PIK			01/2024	310		310		—		310







										135,896		135,389		5.2		131,548

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Providers & Services
AAH TOPCO, LLC +	One stop	SF +	5.50 %	(k)	10.92 %				12/2027	$	8,245	$	8,187	0.3	%	$	7,997
AAH TOPCO, LLC +(23)	Subordinated debt	N/A			11.50 %	PIK			12/2031	1,211		1,195		0.1		1,114
AAH TOPCO, LLC +(5)	One stop	SF +	5.50 %		N/A(6)				12/2027	—		—		—		( 2 )
AAH TOPCO, LLC +	One stop	SF +	5.50 %	(k)	10.92 %				12/2027	472		468		—		454
Active Day, Inc.#+	One stop	SF +	5.75 %	(l)	11.29 %				02/2025	17,566		17,462		0.7		17,216
Active Day, Inc.#+	One stop	SF +	5.75 %	(l)	11.29 %				02/2025	1,356		1,348		0.1		1,328
Active Day, Inc.*#	One stop	SF +	5.75 %	(l)	11.29 %				02/2025	874		869		—		856
Active Day, Inc.+	One stop	SF +	5.75 %	(l)	11.29 %				02/2025	696		692		—		682
Active Day, Inc.+	One stop	SF +	5.75 %	(l)	11.29 %				02/2025	615		610		—		602
Active Day, Inc.*#	One stop	SF +	5.75 %	(l)	11.29 %				02/2025	604		600		—		592
Active Day, Inc.+(5)	One stop	SF +	5.75 %		N/A(6)				02/2025	—		( 2 )		—		( 4 )
Active Day, Inc.+	One stop	SF +	5.75 %	(l)	11.29 %				02/2025	—		—		—		—
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00 %	(l)	11.55 %				03/2026	16,343		16,198		0.6		16,343
Acuity Eyecare Holdings, LLC+(23)	One stop	N/A			16.50 %				06/2027	12,165		12,007		0.5		12,165
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(l)	11.79 %				03/2026	4,036		4,012		0.2		4,036
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(l)	11.80 %				03/2026	3,596		3,570		0.2		3,596
Acuity Eyecare Holdings, LLC#+	One stop	SF +	6.25 %	(l)	11.79 %				03/2026	3,504		3,484		0.2		3,504
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(l)	11.79 %				03/2026	3,171		3,185		0.1		3,171
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00 %	(l)	11.53 %				03/2026	2,027		1,999		0.1		2,027
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(l)	11.79 %				03/2026	1,849		1,866		0.1		1,849
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(l)	11.79 %				03/2026	447		445		—		447
Acuity Eyecare Holdings, LLC+(23)	One stop	SF +	13.00 %	(l)	11.79 %	cash/	6.75 %	PIK	03/2026	264		263		—		268
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(l)	11.79 %				03/2026	165		164		—		165
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00 %	(l)	11.52 %				03/2026	30		27		—		30
Acuity Eyecare Holdings, LLC+	Senior secured	SF +	6.25 %	(l)	11.79 %				03/2026	109		108		—		109
Acuity Eyecare Holdings, LLC+(23)	One stop	SF +	13.00 %	(l)	11.79 %	cash/	6.75 %	PIK	03/2026	102		102		—		102
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(l)	11.79 %				03/2026	1		1		—		1
Acuity Eyecare Holdings, LLC+(5)	One stop	SF +	6.25 %		N/A(6)				03/2026	—		( 2 )		—		—
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00 %	(l)	11.55 %				03/2026	1,033		1,024		0.1		1,033
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.13 %	(l)	11.65 %				03/2027	4,661		4,625		0.2		4,661
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.13 %	(l)	11.65 %				03/2027	3,896		3,855		0.2		3,896
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(23)	Subordinated debt	SF +	10.50 %	(k)	15.92 %				03/2028	2,213		2,192		0.1		2,213
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(23)	Subordinated debt	SF +	10.50 %	(k)	15.92 %				03/2028	846		840		—		846
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(23)	Subordinated debt	SF +	10.50 %	(k)	15.92 %				03/2028	264		262		—		264
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.25 %	(k)	11.67 %				03/2027	153		151		—		153
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)	One stop	SF +	6.00 %		N/A(6)				03/2027	—		( 1 )		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.25 %	(k)(l)	11.68 %				03/2027	72		72		—		72
Bamboo US Bidco LLC+	One stop	SF +	6.00 %	(k)	11.32 %				09/2030	2,424		2,352		0.1		2,352
Bamboo US Bidco LLC+(8)(9)	One stop	E +	6.00 %	(c)	9.86 %				09/2030	1,595		1,547		0.1		1,547
Bamboo US Bidco LLC+(5)	One stop	SF +	6.00 %		N/A(6)				09/2029	—		( 15 )		—		( 15 )
Bamboo US Bidco LLC+(5)	One stop	SF +	6.00 %		N/A(6)				09/2030	—		( 6 )		—		( 6 )
Community Care Partners, LLC+	One stop	SF +	6.00 %	(k)	11.43 %				06/2026	2,325		2,311		0.1		2,186
Community Care Partners, LLC+(5)	One stop	SF +	6.00 %		N/A(6)				06/2026	—		( 2 )		—		—
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	4.75 %	(l)	10.29 %				12/2024	19,501		19,500		0.8		19,209
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	4.75 %	(l)	10.29 %				12/2024	5,145		5,126		0.2		5,068

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	4.75 %	(l)	10.29 %				12/2024	$	4,070	$	4,063	0.2	%	$	4,008
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	4.75 %	(l)	10.29 %				12/2024	3,485		3,471		0.1		3,433
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	4.75 %	(l)	10.29 %				12/2024	200		199		—		196
Datix Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.50 %	(i)	9.69 %				04/2025	54,300		60,233		2.1		53,757
Datix Bidco Limited+(8)(9)(10)	Second lien	SN +	7.75 %	(i)	12.94 %				04/2026	19,268		21,320		0.8		19,171
Emerge Intermediate, Inc.*#(23)	One stop	SF +	7.25 %	(k)	11.42 %	cash/	1.25 %	PIK	05/2024	19,231		19,186		0.8		19,231
Emerge Intermediate, Inc.+(23)	One stop	SF +	7.25 %	(k)	11.42 %	cash/	1.25 %	PIK	05/2024	1,741		1,736		0.1		1,741
Emerge Intermediate, Inc.+(23)	One stop	SF +	7.25 %	(k)	11.43 %	cash/	1.25 %	PIK	05/2024	134		132		—		134
Encorevet Group LLC+	One stop	SF +	6.75 %	(l)	12.32 %				11/2024	975		972		—		945
Encorevet Group LLC+	One stop	SF +	6.75 %	(l)	12.32 %				11/2024	613		611		—		594
Encorevet Group LLC+	One stop	SF +	6.75 %	(l)	12.32 %				11/2024	304		303		—		295
Encorevet Group LLC+	One stop	SF +	6.75 %	(l)	12.32 %				11/2024	291		290		—		282
Encorevet Group LLC+	One stop	SF +	6.75 %	(l)	12.32 %				11/2024	263		262		—		256
Encorevet Group LLC+	Senior secured	SF +	6.75 %	(l)	12.32 %				11/2024	242		241		—		235
Encorevet Group LLC+	One stop	SF +	6.75 %	(l)	12.32 %				11/2024	161		161		—		156
Encorevet Group LLC+	One stop	SF +	6.75 %	(l)	12.32 %				11/2024	113		113		—		110
Encorevet Group LLC+	Senior secured	SF +	6.75 %	(l)	12.32 %				11/2024	109		109		—		105
Encorevet Group LLC+	Senior secured	SF +	6.75 %	(l)	12.32 %				11/2024	68		67		—		66
Encorevet Group LLC+	Senior secured	SF +	6.75 %	(l)	12.32 %				11/2024	56		56		—		54
Encorevet Group LLC+	One stop	SF +	6.75 %	(l)	12.32 %				11/2024	55		55		—		54
Encorevet Group LLC+	One stop	SF +	6.75 %	(l)	12.32 %				11/2024	32		32		—		31
Encorevet Group LLC+	Senior secured	SF +	6.75 %	(l)	12.32 %				11/2024	10		10		—		9
Encorevet Group LLC+	Senior secured	SF +	6.75 %	(l)	12.28 %				11/2024	47		47		—		45
ERC Topco Holdings, LLC+	One stop	SF +	5.50 %	(l)	11.15 %				11/2028	9,116		9,063		0.3		7,566
ERC Topco Holdings, LLC+	One stop	SF +	5.50 %	(l)	11.10 %				11/2027	60		59		—		37
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75 %	(h)	11.25 %				03/2027	10,516		10,592		0.4		10,516
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75 %	(h)	11.25 %				03/2027	82		80		—		82
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75 %	(h)	11.25 %				03/2027	471		499		—		471
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75 %	(h)	11.25 %				03/2027	166		170		—		166
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)	One stop	SF +	5.75 %	(l)	11.27 %				03/2027	70		69		—		70
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)	One stop	SF +	5.75 %	(l)	11.27 %				03/2027	94		93		—		94
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75 %	(h)	11.25 %				03/2027	690		715		—		690
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75 %	(k)	10.17 %				12/2026	836		830		—		819
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75 %	(k)	10.17 %				12/2026	161		160		—		158
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75 %		N/A(6)				12/2026	—		—		—		—
Klick Inc.+(8)(12)	Senior secured	SF +	4.50 %	(l)	9.99 %				03/2028	9,896		9,832		0.4		9,896
Klick Inc.+(5)(8)(12)	Senior secured	SF +	4.50 %		N/A(6)				03/2026	—		( 1 )		—		—
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.25 %	(l)	10.79 %				05/2025	2,287		2,283		0.1		2,287
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.25 %	(l)	10.79 %				05/2025	1,840		1,832		0.1		1,840
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.25 %	(l)	10.79 %				05/2025	1,080		1,093		—		1,080
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.25 %	(l)	10.79 %				05/2025	60		60		—		60
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.25 %	(l)	10.79 %				05/2025	1,086		1,077		—		1,086

New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50 %	(h)	11.01 %				05/2028	17,876		19,826		0.7		16,983
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#(8)(12)	One stop	SF +	5.50 %	(l)	11.04 %				05/2028	4,282		4,242		0.2		4,068
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#(8)(12)	One stop	SF +	5.50 %	(l)	11.04 %				05/2028	2,787		2,768		0.1		2,648

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)	Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50 %	(h)	11.01 %	05/2028	$	1,090	$	1,181	—	%	$	1,035
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50 %	(h)	11.01 %	05/2028	568		595		—		539
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50 %	(h)	11.01 %	05/2026	182		184		—		177
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	SF +	5.50 %	(l)	11.04 %	05/2026	80		79		—		77
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	SF +	5.50 %	(l)	11.04 %	05/2028	18		17		—		17
Oliver Street Dermatology Holdings, LLC+(7)(23)	One stop	SF +	11.33 %	(l)	16.87 %	11/2023	26,731		16,786		0.7		18,178
Oliver Street Dermatology Holdings, LLC+(23)	One stop	SF +	6.25 %	(l)	11.79 %	11/2023	15,083		15,083		0.6		15,083
Oliver Street Dermatology Holdings, LLC+(23)	One stop	SF +	6.25 %	(l)	11.79 %	11/2023	388		388		—		388
Pinnacle Treatment Centers, Inc.*#	One stop	SF +	6.75 %	(l)	12.32 %	01/2026	18,532		18,201		0.7		18,532
Pinnacle Treatment Centers, Inc.*	One stop	SF +	6.75 %	(l)	12.32 %	01/2026	7,476		7,349		0.3		7,476
Pinnacle Treatment Centers, Inc.#+	One stop	SF +	6.75 %	(l)	12.32 %	01/2026	1,523		1,497		0.1		1,523
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.75 %	(l)	12.32 %	01/2026	688		676		—		688
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.75 %	(l)	12.32 %	01/2026	182		178		—		182
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.75 %	(l)	12.32 %	01/2026	197		193		—		197
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.75 %	(l)	12.32 %	01/2026	104		102		—		104
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.75 %	(l)	12.32 %	01/2026	37		36		—		37
Pinnacle Treatment Centers, Inc.#	One stop	SF +	6.75 %	(l)	12.32 %	01/2026	2,181		2,144		0.1		2,181
Pinnacle Treatment Centers, Inc.#	One stop	SF +	6.75 %	(l)	12.32 %	01/2026	1,147		1,127		—		1,147
Suveto Buyer, LLC+	One stop	SF +	4.25 %	(k)	9.67 %	09/2027	19,672		19,543		0.7		19,082
Suveto Buyer, LLC+	One stop	SF +	4.25 %	(k)	9.67 %	09/2027	24		23		—		19

							388,703		387,084		14.7		374,314

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Technology
Alegeus Technologies Holdings Corp.+	Senior secured	SF +	8.25 %	(m)	13.36 %				09/2024	$	374	$	373	—	%	$	374
Coding Solutions Acquisition, Inc.+	One stop	SF +	5.50 %	(k)	10.82 %				05/2028	5,196		5,155		0.2		5,014
Coding Solutions Acquisition, Inc.+	One stop	SF +	5.50 %	(k)	10.82 %				05/2028	14		14		—		12
Coding Solutions Acquisition, Inc.+	One stop	SF +	5.50 %	(k)	11.57 %				05/2028	1,571		1,558		0.1		1,516
Coding Solutions Acquisition, Inc.+	One stop	SF +	6.00 %	(l)	11.32 %				05/2028	632		616		—		616
Coding Solutions Acquisition, Inc.+(5)	One stop	SF +	6.00 %		N/A(6)				05/2028	—		( 28 )		—		( 28 )
Color Intermediate, LLC+	One stop	SF +	5.50 %	(l)	10.99 %				10/2029	11,665		11,465		0.4		11,315
Connexin Software, Inc.+	One stop	SF +	8.50 %	(l)	13.89 %				02/2024	9,465		9,470		0.4		9,465
Connexin Software, Inc.+	One stop	SF +	8.50 %	(l)	13.89 %				02/2024	20		20		—		20
Crow River Buyer, Inc.+	One stop	SF +	7.75 %	(l)	13.12 %				01/2029	4,631		4,548		0.2		4,631
Crow River Buyer, Inc.+(5)	One stop	SF +	7.75 %		N/A(6)				01/2029	—		( 1 )		—		—
ESO Solution, Inc.+	One stop	SF +	7.00 %	(l)	12.40 %				05/2027	7,549		7,495		0.3		7,474
ESO Solution, Inc.+	One stop	SF +	7.00 %	(l)	12.33 %				03/2027	43		42		—		42
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75 %	(m)	11.19 %				08/2026	6,122		6,104		0.2		6,046
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75 %	(m)	11.19 %				08/2026	2,919		2,897		0.1		2,883
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75 %	(m)	11.32 %				08/2026	1,923		1,913		0.1		1,899
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75 %	(m)	11.19 %				08/2026	1,341		1,327		0.1		1,325
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75 %	(m)	11.19 %				08/2026	628		626		—		620
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75 %	(b)(m)	11.59 %				09/2025	76		76		—		76
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75 %	(m)	11.19 %				08/2026	131		130		—		129
HSI Halo Acquisition, Inc.+	One stop	SF +	6.25 %	(m)	11.82 %				08/2026	485		480		—		485
Neptune Holdings, Inc.+	One stop	SF +	6.00 %	(m)	11.50 %				09/2030	4,950		4,877		0.2		4,888
Neptune Holdings, Inc.+(5)	One stop	SF +	6.00 %		N/A(6)				08/2029	—		( 1 )		—		( 1 )
Plasma Buyer LLC+	One stop	SF +	5.75 %	(l)	11.14 %				05/2029	5,349		5,263		0.2		4,921
Plasma Buyer LLC+	One stop	SF +	5.75 %	(l)	11.14 %				05/2028	11		10		—		7
Plasma Buyer LLC+(5)	One stop	SF +	5.75 %		N/A(6)				05/2029	—		( 11 )		—		—
QF Holdings, Inc.+	One stop	SF +	6.25 %	(l)	11.72 %				12/2027	626		619		—		626
Qgenda Intermediate Holdings, LLC+	One stop	SF +	5.00 %	(l)	10.49 %				06/2025	14,813		14,813		0.6		14,517
Qgenda Intermediate Holdings, LLC#	One stop	SF +	5.00 %	(l)	10.49 %				06/2025	12,070		12,023		0.5		11,829
Qgenda Intermediate Holdings, LLC+	One stop	SF +	5.00 %	(l)	10.49 %				06/2025	1,440		1,436		0.1		1,411
Qgenda Intermediate Holdings, LLC#	One stop	SF +	5.00 %	(l)	10.49 %				06/2025	962		963		—		943
Qgenda Intermediate Holdings, LLC+	One stop	SF +	5.00 %	(l)	10.49 %				06/2025	200		200		—		196
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00 %	(k)	9.92 %	cash/	3.50 %	PIK	06/2025	10,760		10,687		0.4		10,814
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00 %	(k)	9.92 %	cash/	3.50 %	PIK	06/2025	10,474		10,159		0.4		10,526
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00 %	(k)	9.92 %	cash/	3.50 %	PIK	06/2025	6,901		6,854		0.3		6,935
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00 %	(k)	9.92 %	cash/	3.50 %	PIK	06/2025	1,774		1,762		0.1		1,783
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00 %	(k)	9.92 %	cash/	3.50 %	PIK	06/2025	1,577		1,567		0.1		1,585
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00 %	(k)	9.92 %	cash/	3.50 %	PIK	06/2025	1,183		1,175		—		1,189
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00 %	(k)	9.92 %	cash/	3.50 %	PIK	06/2025	986		979		—		990
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00 %	(k)	9.92 %	cash/	3.50 %	PIK	06/2025	789		783		—		793
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00 %	(k)	9.92 %	cash/	3.50 %	PIK	06/2025	157		156		—		158
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00 %	(k)	9.92 %	cash/	3.50 %	PIK	06/2025	84		84		—		84
Transaction Data Systems, Inc.*#+	One stop	SF +	4.50 %	(l)	10.04 %				02/2026	65,427		64,881		2.6		65,427
Transaction Data Systems, Inc.+	One stop	SF +	4.50 %	(k)	9.93 %				02/2026	180		178		—		180
Veranex, Inc.+	Senior secured	SF +	5.25 %	(m)	10.64 %				04/2028	3,146		3,122		0.1		2,674
Veranex, Inc.+	Senior secured	SF +	5.25 %	(m)	10.63 %				04/2028	50		50		—		43
Veranex, Inc.+	Senior secured	SF +	5.25 %	(m)	10.54 %				04/2028	25		25		—		21
										198,719		196,934		7.7		196,453

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Hotels, Restaurants & Leisure


Barteca Restaurants, LLC#	One stop	SF +	6.00 %	(l)	11.57 %				08/2028	$	7,602	$	7,540	0.3	%	$	7,602
Barteca Restaurants, LLC+(5)	One stop	SF +	6.00 %		N/A(6)				08/2028	—		( 1 )		—		—
Barteca Restaurants, LLC+	One stop	SF +	6.00 %	(l)	11.57 %				08/2028	510		493		—		510
BJH Holdings III Corp.*#+	One stop	SF +	4.50 %	(l)	9.90 %				08/2025	50,191		50,681		2.0		49,690
BJH Holdings III Corp.+	One stop	SF +	4.50 %	(k)(l)	9.92 %				08/2025	280		277		—		272
Davidson Hotel Company, LLC+	One stop	SF +	5.25 %	(k)	10.67 %				07/2025	5,468		5,568		0.2		5,468
Davidson Hotel Company, LLC+	One stop	SF +	5.25 %	(k)	10.67 %				07/2025	844		840		—		844
Davidson Hotel Company, LLC+	One stop	SF +	5.25 %		N/A(6)				07/2025	—		—		—		—
EOS Fitness Opco Holdings, LLC*#+	One stop	SF +	4.75 %	(m)	10.34 %				01/2026	9,295		9,298		0.4		9,156
EOS Fitness Opco Holdings, LLC+	One stop	SF +	4.75 %	(m)	10.34 %				01/2026	887		887		—		874
EOS Fitness Opco Holdings, LLC+	One stop	SF +	4.75 %	(b)(l)(m)	11.00 %				01/2026	104		104		—		104
EOS Fitness Opco Holdings, LLC+	One stop	SF +	4.75 %	(l)	10.29 %				01/2026	883		875		—		869
ESN Venture Holdings, LLC*	One stop	SF +	6.00 %	(l)	11.39 %				10/2028	3,625		3,582		0.2		3,625
ESN Venture Holdings, LLC+	One stop	SF +	6.00 %	(l)	11.39 %				10/2028	16		14		—		16
ESN Venture Holdings, LLC+	One stop	SF +	6.00 %	(l)(m)	11.27 %				10/2028	168		142		—		168
Harri US LLC+(23)	One stop	SF +	10.00 %	(l)	11.57 %	cash/	4.00 %	PIK	08/2026	840		778		—		845
Harri US LLC+	One stop	SF +	10.00 %		N/A(6)				08/2026	—		—		—		—
Harri US LLC+(23)	One stop	SF +	10.00 %	(l)	11.57 %	cash/	4.00 %	PIK	08/2026	552		549		—		558
Harri US LLC+(23)	One stop	SF +	10.00 %	(l)	11.57 %	cash/	4.00 %	PIK	08/2026	568		567		—		573
Health Buyer, LLC+	Senior secured	SF +	5.25 %	(b)(l)	10.80 %				04/2029	2,578		2,547		0.1		2,487
Health Buyer, LLC+(5)	Senior secured	SF +	5.25 %		N/A(6)				04/2028	—		—		—		( 1 )
Health Buyer, LLC+	Senior secured	SF +	5.50 %	(l)	10.89 %				04/2029	1,171		1,143		0.1		1,142
Health Buyer, LLC+(5)	Senior secured	SF +	5.50 %		N/A(6)				04/2029	—		( 7 )		—		( 7 )
SSRG Holdings, LLC+	One stop	SF +	4.75 %	(l)	10.29 %				11/2025	990		983		—		990
SSRG Holdings, LLC+	One stop	SF +	4.75 %	(l)	10.29 %				11/2025	20		20		—		20
Tropical Smoothie Cafe Holdings, LLC+	One stop	SF +	4.75 %	(l)	10.27 %				09/2026	19,466		19,333		0.8		19,466
Tropical Smoothie Cafe Holdings, LLC*#	One stop	SF +	4.75 %	(k)(l)	10.30 %				09/2026	12,214		12,109		0.5		12,214
Tropical Smoothie Cafe Holdings, LLC#	One stop	SF +	4.75 %	(l)	10.27 %				09/2026	5,338		5,298		0.2		5,338
Tropical Smoothie Cafe Holdings, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				09/2026	—		( 1 )		—		—
YE Brands Holding, LLC+	One stop	SF +	5.75 %	(k)	11.18 %				10/2027	4,950		4,901		0.2		4,901
YE Brands Holding, LLC+(5)	One stop	SF +	5.50 %		N/A(6)				10/2027	—		—		—		( 1 )
										128,560		128,520		5.0		127,723
Household Durables
Groundworks LLC+	One stop	SF +	6.50 %	(l)	11.81 %				03/2030	6,891		6,706		0.3		6,891
Groundworks LLC+(5)	One stop	SF +	6.50 %		N/A(6)				03/2030	—		( 17 )		—		—
Groundworks LLC+(5)	One stop	SF +	6.50 %		N/A(6)				03/2029	—		( 1 )		—		—


										6,891		6,688		0.3		6,891
Household Products
WU Holdco, Inc.#+	One stop	SF +	5.50 %	(l)	11.04 %				03/2026	3,703		3,738		0.1		3,592
WU Holdco, Inc.+	One stop	SF +	5.50 %	(l)	11.04 %				03/2026	1,305		1,305		0.1		1,266
WU Holdco, Inc.+	One stop	SF +	5.50 %	(l)	11.04 %				03/2026	339		337		—		329
WU Holdco, Inc.+	One stop	SF +	5.50 %	(l)	11.04 %				03/2025	30		30		—		30
										5,377		5,410		0.2		5,217

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)	Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Industrial Conglomerates
Arch Global CCT Holdings Corp.#+	Senior secured	SF +	4.75 %	(l)	10.22 %	04/2026	$	2,331	$	2,364	0.1	%	$	2,284
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75 %	(l)	10.24 %	04/2026	134		133		—		131
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75 %	(l)	10.23 %	04/2026	148		148		—		145
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75 %		N/A(6)	04/2025	—		—		—		—
Dwyer Instruments, Inc.+	One stop	SF +	5.75 %	(b)(l)	11.25 %	07/2027	3,883		3,824		0.1		3,883
Dwyer Instruments, Inc.+	One stop	SF +	5.75 %	(k)(l)	11.23 %	07/2027	12		11		—		12
Dwyer Instruments, Inc.+(5)	One stop	SF +	5.75 %		N/A(6)	07/2027	—		( 7 )		—		—
Essential Services Holdings Corporation+	One stop	SF +	5.75 %	(l)	11.15 %	11/2026	1,485		1,476		0.1		1,455
Essential Services Holdings Corporation+(5)	One stop	SF +	5.75 %		N/A(6)	11/2025	—		( 1 )		—		( 2 )
Excelitas Technologies Corp.+	One stop	SF +	5.75 %	(l)	11.21 %	08/2029	7,555		7,431		0.3		7,480
Excelitas Technologies Corp.+(8)(9)	One stop	E +	5.75 %	(d)	9.54 %	08/2029	1,237		1,187		—		1,224
Excelitas Technologies Corp.+	One stop	SF +	5.75 %	(l)	11.27 %	08/2028	132		130		—		130
Excelitas Technologies Corp.+(5)	One stop	SF +	5.75 %		N/A(6)	08/2029	—		( 12 )		—		( 9 )
Specialty Measurement Bidco Limited+(8)(10)	One stop	SF +	6.00 %	(j)	11.57 %	11/2027	7,961		7,831		0.3		7,961
Specialty Measurement Bidco Limited+(8)(9)(10)	One stop	E +	6.00 %	(d)	9.78 %	11/2027	7,073		7,859		0.3		7,073
Specialty Measurement Bidco Limited+(8)(9)(10)	One stop	E +	6.00 %	(d)	9.78 %	11/2027	3,479		3,442		0.1		3,479
Specialty Measurement Bidco Limited+(8)(10)	One stop	SF +	6.25 %	(j)	11.81 %	11/2027	2,510		2,466		0.1		2,516
Specialty Measurement Bidco Limited+(8)(9)(10)	One stop	E +	6.25 %	(d)	10.03 %	11/2027	1,291		1,324		0.1		1,294
Specialty Measurement Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.25 %		N/A(6)	11/2027	—		( 36 )		—		—
							39,231		39,570		1.5		39,056

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Insurance
Accession Risk Management Group, Inc.+(5)	One stop	SF +	6.00 %		N/A(6)				10/2026	$	—	$	( 72 )	—	%	$	( 75 )
Accession Risk Management Group, Inc.*#+	One stop	SF +	5.50 %	(l)	11.02 %				10/2026	25,373		25,125		1.0		24,738
Accession Risk Management Group, Inc.+	One stop	SF +	5.50 %	(l)	11.03 %				10/2026	6,494		6,293		0.3		6,332
Accession Risk Management Group, Inc.+	One stop	SF +	5.50 %	(l)	11.04 %				10/2026	1,503		1,494		0.1		1,465
Accession Risk Management Group, Inc.+(5)	One stop	SF +	5.50 %		N/A(6)				10/2026	—		( 1 )		—		( 2 )
Accession Risk Management Group, Inc.+	One stop	SF +	5.50 %	(l)	11.07 %				10/2026	5,565		5,526		0.2		5,426
Alera Group, Inc.+	One stop	SF +	6.00 %	(k)	11.42 %				10/2028	25,114		24,934		1.0		24,863
Alera Group, Inc.+	One stop	SF +	6.00 %	(k)	11.42 %				10/2028	7,137		7,059		0.3		7,066
Alera Group, Inc.+	One stop	SF +	6.00 %	(k)	11.42 %				10/2028	608		604		—		602
AMBA Buyer, Inc.+	One stop	SF +	5.25 %	(l)	10.74 %				07/2027	3,156		3,136		0.1		3,125
AMBA Buyer, Inc.+	One stop	SF +	5.25 %	(l)	10.74 %				07/2027	940		937		—		930
AMBA Buyer, Inc.+	One stop	SF +	5.25 %	(l)	10.74 %				07/2027	782		776		—		774
AMBA Buyer, Inc.+	One stop	SF +	5.25 %	(k)	10.67 %				07/2027	4		4		—		4
AMBA Buyer, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)				07/2027	—		—		—		( 1 )
Captive Resources Midco, LLC+(23)	One stop	SF +	5.25 %	(k)	5.29 %	cash/	5.78 %	PIK	07/2029	10,130		9,969		0.4		10,130
Captive Resources Midco, LLC+(5)	One stop	SF +	5.25 %		N/A(6)				07/2028	—		( 3 )		—		—
Disco Parent, Inc.+	One stop	SF +	7.50 %	(l)	12.92 %				03/2029	4,069		3,976		0.2		3,968
Disco Parent, Inc.+(5)	One stop	SF +	7.50 %		N/A(6)				03/2029	—		( 1 )		—		( 1 )
Integrated Specialty Coverages, LLC+	One stop	SF +	6.00 %	(k)(l)(m)	11.38 %				07/2030	3,289		3,209		0.1		3,207
Integrated Specialty Coverages, LLC+(5)	One stop	SF +	6.00 %		N/A(6)				07/2029	—		( 1 )		—		( 1 )
Integrated Specialty Coverages, LLC+(5)	One stop	SF +	6.00 %		N/A(6)				07/2030	—		( 9 )		—		( 9 )
Integrity Marketing Acquisition, LLC+	Senior secured	SF +	6.05 %	(l)	11.57 %				08/2026	3,016		2,983		0.1		3,001
Integrity Marketing Acquisition, LLC+	One stop	SF +	5.80 %	(l)	11.32 %				08/2026	2,396		2,379		0.1		2,366
Integrity Marketing Acquisition, LLC+	Senior secured	SF +	6.05 %	(l)	11.57 %				08/2026	1,502		1,485		0.1		1,494
Integrity Marketing Acquisition, LLC+	Senior secured	SF +	5.80 %	(l)	11.32 %				08/2026	765		762		—		756
Integrity Marketing Acquisition, LLC+	One stop	SF +	5.80 %	(l)	11.32 %				08/2026	463		461		—		457
Integrity Marketing Acquisition, LLC+	Senior secured	SF +	6.05 %	(l)	11.57 %				08/2026	242		240		—		240
Integrity Marketing Acquisition, LLC+	Senior secured	SF +	6.02 %	(l)	11.54 %				08/2026	182		181		—		181
Integrity Marketing Acquisition, LLC+	One stop	SF +	6.50 %		N/A(6)				08/2026	—		—		—		—
Integrity Marketing Acquisition, LLC+	One stop	SF +	6.02 %	(l)	11.53 %				08/2026	2,133		2,100		0.1		2,111
Integrity Marketing Acquisition, LLC+(5)	One stop	SF +	6.00 %		N/A(6)				08/2026	—		( 24 )		—		( 50 )
J.S. Held Holdings, LLC#+	One stop	SF +	5.50 %	(l)	11.04 %				07/2025	6,355		6,343		0.2		6,292
J.S. Held Holdings, LLC+	One stop	SF +	5.50 %	(l)	11.04 %				07/2025	1,463		1,451		0.1		1,448
J.S. Held Holdings, LLC+	One stop	SF +	5.50 %	(l)	11.04 %				07/2025	1,416		1,400		0.1		1,401
J.S. Held Holdings, LLC+	One stop	SF +	5.50 %	(l)	11.04 %				07/2025	146		144		—		143
J.S. Held Holdings, LLC+	One stop	SF +	5.50 %	(l)	11.04 %				07/2025	96		94		—		92
J.S. Held Holdings, LLC+	One stop	SF +	5.50 %	(l)	11.04 %				07/2025	271		270		—		269
Keystone Agency Partners LLC+	Senior secured	SF +	5.50 %	(l)	11.04 %				05/2027	2,821		2,790		0.1		2,821
Keystone Agency Partners LLC+	Senior secured	SF +	5.50 %	(l)	11.04 %				05/2027	181		179		—		181
Keystone Agency Partners LLC+	Senior secured	SF +	5.50 %	(l)	11.04 %				05/2027	742		732		—		742
Illumifin Corporation+(23)	One stop	SF +	7.00 %	(l)	6.58 %	cash/	6.00 %	PIK	09/2027	3,022		2,983		0.1		2,599
Majesco*#	One stop	SF +	7.38 %	(l)	12.77 %				09/2027	18,560		18,379		0.7		18,560
Majesco+(5)	One stop	SF +	7.38 %		N/A(6)				09/2026	—		( 2 )		—		—
Norvax, LLC+(8)	Senior secured	SF +	7.50 %	(k)	12.92 %				09/2025	31,733		31,547		1.2		31,733
Norvax, LLC+(8)	Senior secured	SF +	7.50 %	(k)	12.92 %				09/2025	9,607		9,503		0.4		9,607
Paisley Bidco Limited+(8)(9)(10)	One stop	E +	6.50 %	(d)	10.21 %				03/2028	1,404		1,393		0.1		1,404
Paisley Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.75 %		N/A(6)				03/2028	—		( 52 )		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Pareto Health Intermediate Holdings, Inc.+	One stop	SF +	6.50 %	(m)	11.97 %				05/2030	$	14,460	$	14,184	0.6	%	$	14,460
Pareto Health Intermediate Holdings, Inc.+	One stop	SF +	6.50 %	(m)	11.97 %				05/2030	4,820		4,728		0.2		4,820
Pareto Health Intermediate Holdings, Inc.+(5)	One stop	SF +	6.50 %		N/A(6)				06/2029	—		( 1 )		—		—
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.75 %	(l)	11.28 %				10/2028	10,951		10,872		0.4		10,732
Patriot Growth Insurance Services, LLC+(5)	One stop	SF +	5.75 %		N/A(6)				10/2028	—		—		—		( 1 )
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.75 %	(b)(l)	11.29 %				10/2028	1,449		1,431		0.1		1,404
People Corporation+(8)(9)(12)	One stop	C +	6.25 %	(h)	11.75 %				02/2028	13,608		14,424		0.5		13,608
People Corporation+(8)(9)(12)	One stop	C +	6.25 %	(h)	11.75 %				02/2028	4,442		4,834		0.2		4,442
People Corporation+(8)(9)(12)	One stop	C +	5.75 %	(h)	11.21 %				02/2028	11,352		11,485		0.4		11,152
People Corporation+(5)(8)(9)(12)	One stop	C +	6.25 %		N/A(6)				02/2027	—		( 1 )		—		( 3 )
People Corporation+(8)(9)(12)	One stop	C +	6.00 %	(g)	11.44 %				02/2028	178		154		—		129
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00 %	(l)	11.54 %				10/2026	767		760		—		767
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00 %	(l)	11.54 %				10/2026	914		909		—		914
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00 %	(l)	11.54 %				10/2026	389		385		—		389
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00 %	(k)	11.42 %				10/2026	2		2		—		2

										246,012		244,842		9.5		243,204
Internet & Catalog Retail
Revalize, Inc.+	One stop	SF +	5.75 %	(l)	11.29 %				04/2027	14,860		14,773		0.5		13,969
Revalize, Inc.+	One stop	SF +	5.75 %	(l)	11.29 %				04/2027	8,698		8,646		0.3		8,176
Revalize, Inc.+	One stop	SF +	5.75 %	(l)	11.29 %				04/2027	4,313		4,287		0.2		4,054
Revalize, Inc.+	One stop	SF +	5.75 %	(l)	11.29 %				04/2027	2,598		2,583		0.1		2,442
Revalize, Inc.+	One stop	SF +	5.75 %	(l)	11.29 %				04/2027	1,674		1,663		0.1		1,574
Revalize, Inc.+	One stop	SF +	5.75 %	(l)	11.29 %				04/2027	393		391		—		370
Revalize, Inc.+	One stop	SF +	5.75 %	(l)	11.30 %				04/2027	29		27		—		15
Revalize, Inc.+	One stop	SF +	5.75 %	(l)	11.24 %				04/2027	43		41		—		40
										32,608		32,411		1.2		30,640
IT Services
Acquia, Inc.+	One stop	L +	7.00 %	(a)	12.34 %				10/2025	9,578		9,532		0.4		9,578
Acquia, Inc.+	One stop	SF +	7.00 %	(l)(m)	12.67 %				10/2025	27		27		—		27
CivicPlus, LLC+(23)	One stop	SF +	6.50 %	(l)	9.57 %	cash/	2.50 %	PIK	08/2027	6,319		6,267		0.3		6,256
CivicPlus, LLC+(23)	One stop	SF +	6.50 %	(l)	9.57 %	cash/	2.50 %	PIK	08/2027	3,732		3,705		0.2		3,695
CivicPlus, LLC+(23)	One stop	SF +	6.50 %	(l)	9.57 %	cash/	2.50 %	PIK	08/2027	2,962		2,938		0.1		2,932
CivicPlus, LLC+(23)	One stop	SF +	11.75 %	(m)	17.00 %	PIK			06/2034	234		229		—		232
CivicPlus, LLC+	One stop	SF +	6.00 %	(k)	11.42 %				08/2027	6		6		—		6
Critical Start, Inc.+(23)	One stop	SF +	6.75 %	(l)	8.46 %	cash/	3.63 %	PIK	05/2028	3,343		3,318		0.1		3,310
Critical Start, Inc.+(23)	One stop	SF +	6.75 %	(l)	8.46 %	cash/	3.63 %	PIK	05/2028	1,525		1,498		0.1		1,510
Critical Start, Inc.+(5)	One stop	SF +	6.75 %		N/A(6)				05/2028	—		( 1 )		—		( 1 )
Delinea Inc.+	One stop	SF +	5.75 %	(l)	11.29 %				03/2028	16,412		16,257		0.6		16,084
Delinea Inc.#	One stop	SF +	5.75 %	(l)	11.29 %				03/2028	9,488		9,395		0.4		9,299
Delinea Inc.+(5)	One stop	SF +	5.75 %		N/A(6)				03/2027	—		( 2 )		—		( 4 )
Optimizely North America, Inc.#+	One stop	SF +	5.50 %	(l)	11.04 %				04/2026	21,277		21,112		0.8		20,850
Optimizely North America, Inc.+(8)(9)	One stop	E +	5.75 %	(d)	9.69 %				04/2026	18,752		19,978		0.7		18,377
Optimizely North America, Inc.*#	One stop	SF +	5.50 %	(l)	11.04 %				04/2026	11,813		11,839		0.5		11,577
Optimizely North America, Inc.*	One stop	SF +	5.50 %	(l)	11.04 %				04/2026	6,535		6,479		0.3		6,404
Optimizely North America, Inc.+(5)	One stop	SF +	5.50 %		N/A(6)				04/2026	—		( 2 )		—		( 11 )
Optimizely North America, Inc.+(5)	One stop	SF +	5.50 %		N/A(6)				04/2026	—		( 2 )		—		( 10 )
Goldcup 31018 AB+(8)(9)(17)(23)	One stop	E +	6.50 %	(e)	10.43 %	PIK			07/2029	8,621		8,132		0.3		8,535
Goldcup 31018 AB+(5)(8)(9)(17)	One stop	E +	6.25 %		N/A(6)				01/2029	—		( 2 )		—		( 1 )
Goldcup 31018 AB+(8)(9)(17)(23)	One stop	E +	6.50 %	(e)	10.43 %	PIK			07/2029	804		793		—		790
Infinisource, Inc.*#	One stop	SF +	4.50 %	(m)	10.09 %				10/2026	27,517		27,273		1.1		27,517

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)	Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Infinisource, Inc.+	One stop	SF +	4.50 %	(m)	10.09 %	10/2026	$	8,318	$	8,267	0.3	%	$	8,318
Infinisource, Inc.+	One stop	SF +	4.50 %	(m)	10.09 %	10/2026	2,006		1,979		0.1		2,006
Infinisource, Inc.+	One stop	SF +	4.50 %	(m)	10.09 %	10/2026	301		299		—		301
Infinisource, Inc.+	One stop	SF +	4.50 %	(m)	10.09 %	10/2026	213		212		—		213
Infinisource, Inc.+	One stop	SF +	4.50 %	(m)	10.09 %	10/2026	104		104		—		104
Infinisource, Inc.+	One stop	SF +	4.50 %	(l)	10.06 %	10/2026	32		29		—		32
Infinisource, Inc.+(5)	One stop	SF +	4.50 %		N/A(6)	10/2026	—		( 1 )		—		—
Infinisource, Inc.+	One stop	SF +	4.50 %	(m)	10.09 %	10/2026	85		77		—		85
Infinisource, Inc.+	One stop	SF +	4.50 %	(m)	10.09 %	10/2026	484		481		—		484
Infinisource, Inc.+	One stop	SF +	4.50 %	(m)	10.09 %	10/2026	285		278		—		285
Netwrix Corporation*+	One stop	SF +	5.00 %	(l)(m)	10.37 %	06/2029	4,196		4,168		0.2		4,112
Netwrix Corporation+	One stop	SF +	5.00 %	(m)	10.47 %	06/2029	44		42		—		40
Netwrix Corporation+(5)	One stop	SF +	5.00 %		N/A(6)	06/2029	—		( 6 )		—		( 24 )
PCS Intermediate II Holdings, LLC#	One stop	SF +	5.25 %	(l)	10.77 %	01/2026	14,056		14,001		0.6		14,056
PCS Intermediate II Holdings, LLC#	One stop	SF +	5.25 %	(l)	10.77 %	01/2026	2,029		2,019		0.1		2,029
PCS Intermediate II Holdings, LLC+	One stop	SF +	5.25 %		N/A( 6 )	01/2026	—		—		—		—
Recordxtechnologies, LLC#(23)	One stop	SF +	6.50 %	(l)	11.89 %	12/2025	729		724		—		714
Recordxtechnologies, LLC+(23)	One stop	SF +	6.50 %	(l)	11.89 %	12/2025	114		113		—		112
Recordxtechnologies, LLC+(23)	One stop	SF +	6.50 %	(l)	11.89 %	12/2025	62		61		—		60
Red Dawn SEI Buyer, Inc.+(8)(9)	Senior secured	SN +	4.50 %	(i)	9.69 %	11/2025	20,842		23,302		0.8		20,634
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.50 %	(l)	9.99 %	11/2025	5,486		5,461		0.2		5,431
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.25 %	(l)	9.74 %	11/2025	729		726		—		718
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.25 %	(l)	9.74 %	11/2025	130		129		—		128
Red Dawn SEI Buyer, Inc.+(5)	Senior secured	SF +	4.50 %		N/A(6)	11/2025	—		—		—		( 1 )
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.25 %	(l)	9.74 %	11/2025	13		13		—		12
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.50 %	(l)	9.99 %	11/2025	318		317		—		315
ReliaQuest Holdings, LLC+	One stop	SF +	10.75 %	(l)	16.12 %	10/2026	1,098		1,083		0.1		1,098
ReliaQuest Holdings, LLC+	One stop	SF +	10.75 %	(l)	16.12 %	10/2026	266		266		—		266
ReliaQuest Holdings, LLC+	One stop	SF +	10.75 %	(l)	16.12 %	10/2026	82		81		—		82
Saturn Borrower Inc.+(23)	One stop	SF +	6.50 %	(l)	12.04 %	09/2026	19,897		19,596		0.7		19,101
Saturn Borrower Inc.+	One stop	SF +	6.50 %	(l)	12.04 %	09/2026	103		101		—		99
WPEngine, Inc.+	One stop	SF +	6.50 %	(m)	11.92 %	08/2029	3,522		3,453		0.1		3,469
WPEngine, Inc.+(5)	One stop	SF +	6.50 %		N/A(6)	08/2029	—		( 1 )		—		( 1 )
Zarya Holdco, Inc.+	One stop	SF +	6.50 %	(l)	11.92 %	07/2027	4,777		4,777		0.2		4,777
Zarya Holdco, Inc.+	One stop	SF +	6.50 %	(l)	11.91 %	07/2027	20		20		—		20


							239,286		240,940		9.3		236,027

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Leisure Products
WBZ Investment LLC#+(23)	One stop	SF +	6.50 %	(l)	11.04 %	cash/	1.00 %	PIK	09/2024	$	8,425	$	8,444	0.3	%	$	8,425
WBZ Investment LLC+(23)	One stop	SF +	6.50 %	(l)	11.04 %	cash/	1.00 %	PIK	09/2024	1,240		1,237		0.1		1,240
WBZ Investment LLC+(23)	One stop	SF +	6.50 %	(l)	11.04 %	cash/	1.00 %	PIK	09/2024	861		868		—		861
WBZ Investment LLC+(23)	One stop	SF +	6.50 %	(l)	11.04 %	cash/	1.00 %	PIK	09/2024	449		452		—		449
WBZ Investment LLC+	One stop	SF +	6.50 %		N/A(6)				09/2024	—		—		—		—
										10,975		11,001		0.4		10,975
Life Sciences Tools & Services
Celerion Buyer, Inc.*#	One stop	SF +	6.50 %	(m)	11.93 %				11/2029	21,380		20,918		0.9		21,380
Celerion Buyer, Inc.+(5)	One stop	SF +	6.50 %		N/A(6)				11/2028	—		( 1 )		—		—
Celerion Buyer, Inc.+(5)	One stop	SF +	6.50 %		N/A(6)				11/2029	—		( 73 )		—		—
Covaris Intermediate 3, LLC+	One stop	SF +	5.25 %	(l)	10.79 %				01/2028	5,850		5,807		0.2		5,557
Covaris Intermediate 3, LLC+(5)	One stop	SF +	5.25 %		N/A(6)				01/2028	—		—		—		( 3 )
Covaris Intermediate 3, LLC+	One stop	SF +	5.25 %	(l)	10.79 %				01/2028	39		37		—		25
PAS Parent Inc.*#+	One stop	SF +	5.25 %	(k)	10.68 %				12/2028	33,571		33,063		1.3		32,898
PAS Parent Inc.+(5)	One stop	SF +	5.25 %		N/A(6)				12/2027	—		( 7 )		—		( 7 )
PAS Parent Inc.+(5)	One stop	SF +	5.25 %		N/A(6)				12/2028	—		( 4 )		—		( 2 )
Reaction Biology Corporation#	One stop	SF +	5.25 %	(l)	10.79 %				03/2029	7,943		7,880		0.3		7,546
Reaction Biology Corporation+(5)	One stop	SF +	5.25 %		N/A(6)				03/2029	—		( 2 )		—		( 10 )
Reaction Biology Corporation+	One stop	SF +	5.25 %	(l)	10.79 %				03/2029	75		74		—		68
Reaction Biology Corporation+	One stop	SF +	5.25 %	(m)	10.87 %				03/2029	182		180		—		173
Reaction Biology Corporation+	One stop	SF +	5.25 %	(l)	10.79 %				03/2029	121		120		—		115
Unchained Labs, LLC+	Senior secured	SF +	5.50 %	(k)	10.87 %				08/2027	989		982		—		979
Unchained Labs, LLC+	Senior secured	SF +	5.50 %	(k)	10.87 %				08/2027	835		824		—		827
Unchained Labs, LLC+	Senior secured	SF +	5.50 %		N/A(6)				08/2027	—		—		—		—










										70,985		69,798		2.7		69,546
Machinery
Bad Boy Mowers Acquisition, LLC+	Senior secured	SF +	4.25 %	(k)	9.68 %				03/2028	1,866		1,863		0.1		1,866
Blackbird Purchaser, Inc.*+	Senior secured	SF +	4.25 %	(k)	9.67 %				04/2026	19,174		19,259		0.8		19,174
Blackbird Purchaser, Inc.+	Senior secured	SF +	4.25 %		N/A(6)				10/2025	—		—		—		—
Chase Industries, Inc.+(23)(24)	Senior secured	SF +	7.00 %	(l)	11.04 %	cash/	1.50 %	PIK	05/2025	12,059		12,059		0.4		11,004
Chase Industries, Inc.+(23)(24)	Senior secured	SF +	7.00 %	(l)	11.04 %	cash/	1.50 %	PIK	05/2025	985		985		—		900
Chase Industries, Inc.+(23)(24)	Senior secured	SF +	7.00 %	(l)	11.04 %	cash/	1.50 %	PIK	05/2025	170		170		—		138

										34,254		34,336		1.3		33,082
Marine
Project Nike Purchaser, LLC+	One stop	SF +	6.00 %	(l)	11.39 %				04/2029	19,572		19,417		0.7		18,985
Project Nike Purchaser, LLC+	One stop	SF +	6.00 %	(l)	11.39 %				04/2029	75		73		—		68
										19,647		19,490		0.7		19,053
Media
Triple Lift, Inc.+	One stop	SF +	5.75 %	(l)	11.30 %				05/2028	5,289		5,220		0.2		5,077
Triple Lift, Inc.+	One stop	SF +	5.75 %	(l)	11.30 %				05/2028	1,122		1,105		—		1,077
Triple Lift, Inc.+	One stop	SF +	5.75 %	(l)	11.20 %				05/2028	27		26		—		25
										6,438		6,351		0.2		6,179
Multiline Retail
Mills Fleet Farm Group LLC*#+	One stop	SF +	6.50 %	(l)	12.02 %				10/2024	45,138		45,113		1.8		45,138

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.*+(8)(12)	One stop	SF +	6.50 %	(k)	11.92 %				05/2025	$	20,210	$	20,261	0.8	%	$	20,210
3ES Innovation, Inc.+(8)(12)	One stop	SF +	6.50 %	(k)	11.92 %				05/2025	80		79		—		80
Envernus, Inc.*#+	Senior secured	SF +	4.25 %	(k)	9.67 %				07/2025	38,453		38,575		1.5		38,259
Envernus, Inc.+	Senior secured	SF +	4.50 %	(k)	9.92 %				07/2025	16,960		16,791		0.7		16,960
Envernus, Inc.+	Senior secured	SF +	4.50 %	(k)	9.92 %				09/2026	66		61		—		66
Project Power Buyer, LLC*#+	One stop	SF +	7.00 %	(l)	12.39 %				05/2026	40,066		39,553		1.5		40,066
Project Power Buyer, LLC+(5)	One stop	SF +	7.00 %		N/A(6)				05/2025	—		( 1 )		—		—
										115,835		115,319		4.5		115,641
Paper & Forest Products
Messenger, LLC#+	One stop	SF +	5.75 %	(l)	11.29 %				12/2027	10,074		10,001		0.4		9,670
Messenger, LLC+	One stop	SF +	5.75 %	(l)	11.27 %				12/2027	99		98		—		95
Messenger, LLC+	One stop	SF +	5.75 %	(l)	11.29 %				12/2027	49		49		—		47
Messenger, LLC+	One stop	P +	4.75 %	(b)	13.25 %				12/2027	21		21		—		19
										10,243		10,169		0.4		9,831
Personal Products
IMPLUS Footcare, LLC+(23)	One stop	SF +	8.75 %	(l)	13.30 %	cash/	1.00 %	PIK	07/2024	30,496		30,574		1.2		28,852
IMPLUS Footcare, LLC+(23)	One stop	SF +	8.75 %	(l)	13.30 %	cash/	1.00 %	PIK	07/2024	5,208		5,222		0.2		4,927
IMPLUS Footcare, LLC*+(23)	One stop	SF +	8.75 %	(l)	13.30 %	cash/	1.00 %	PIK	07/2024	751		755		—		710
										36,455		36,551		1.4		34,489

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Pharmaceuticals
ACP Ulysses Buyer, Inc.*#	One stop	SF +	5.50 %	(l)	11.04 %				02/2026	$	25,232	$	25,089	1.0	%	$	23,970
ACP Ulysses Buyer, Inc.*	One stop	SF +	5.50 %	(l)	11.04 %				02/2026	1,091		1,076		—		1,036
Amalthea Parent, Inc.*#+(8)(12)	One stop	SF +	5.00 %	(k)	10.43 %				03/2027	58,695		58,287		2.1		53,997
Amalthea Parent, Inc.+(5)(8)(12)	One stop	SF +	5.00 %		N/A(6)				03/2027	—		( 2 )		—		( 22 )
Apothecary Products, LLC+	Senior secured	SF +	6.50 %	(m)	12.10 %				07/2025	2,632		2,608		0.1		2,632
Apothecary Products, LLC+(5)	Senior secured	SF +	6.50 %		N/A(6)				07/2025	—		( 7 )		—		—
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.50 %	(l)	10.89 %				05/2029	17,007		16,733		0.7		16,497
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.75 %	(k)	11.07 %				05/2029	74		69		—		68
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.75 %	(m)	11.21 %				05/2029	1,148		1,117		—		1,096
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.75 %	(l)	11.14 %				05/2029	2,814		2,766		0.1		2,758
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.75 %	(m)	11.21 %				05/2029	182		177		—		174
Cobalt Buyer Sub, Inc.+	One stop	SF +	6.00 %	(k)	11.43 %				10/2028	10,520		10,370		0.4		10,310
Cobalt Buyer Sub, Inc.+	One stop	SF +	6.00 %	(k)	11.43 %				10/2027	12		11		—		10
Cobalt Buyer Sub, Inc.+	One stop	SF +	6.00 %	(k)	11.43 %				10/2028	3,527		3,475		0.1		3,457
Cobalt Buyer Sub, Inc.+	One stop	SF +	6.00 %	(k)	11.43 %				10/2028	2,658		2,570		0.1		2,604
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.75 %	(i)	9.94 %				08/2028	23,923		26,689		0.9		22,129
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.75 %	(i)	9.94 %				08/2028	2,537		2,505		0.1		2,347
Spark Bidco Limited+(5)(8)(9)(10)	Senior secured	SN +	4.75 %		N/A(6)				02/2028	—		( 2 )		—		( 6 )
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	6.00 %	(i)	11.19 %				08/2028	3,320		3,257		0.1		3,221
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.75 %	(i)	9.94 %				08/2028	2,900		2,689		0.1		2,682
Spark Bidco Limited+(8)(10)	Senior secured	SF +	6.00 %	(l)	11.39 %				08/2028	2,613		2,568		0.1		2,535
										160,885		162,045		5.9		151,495
Professional Services
ALKU Intermediate Holdings, LLC+	One stop	SF +	6.25 %	(k)	11.57 %				05/2029	4,444		4,382		0.2		4,389
bswift, LLC+	One stop	SF +	6.63 %	(l)	11.91 %				11/2028	5,100		4,964		0.2		5,100
Citrin Cooperman Advisors LLC+	One stop	SF +	5.75 %	(l)	11.14 %				10/2027	4,203		4,160		0.2		4,203
Citrin Cooperman Advisors LLC+(5)	One stop	SF +	6.25 %		N/A(6)				10/2027	—		( 9 )		—		—
Citrin Cooperman Advisors LLC+	One stop	SF +	6.25 %	(m)	11.70 %				10/2027	2,329		2,267		0.1		2,334
DISA Holdings Corp.+	Senior secured	SF +	5.50 %	(k)	10.83 %				09/2028	3,477		3,419		0.1		3,477
DISA Holdings Corp.+	Senior secured	SF +	5.50 %	(k)	10.83 %				09/2028	7		6		—		7
DISA Holdings Corp.+	Senior secured	SF +	5.50 %	(k)	10.83 %				09/2028	220		215		—		220
DISA Holdings Corp.+	One stop	SF +	5.50 %	(k)	10.83 %				09/2028	151		145		—		151
DISA Holdings Corp.+(23)	Subordinated debt	SF +	10.00 %	(k)	13.33 %	cash/	2.00 %	PIK	03/2029	51		49		—		51
Eliassen Group, LLC+	One stop	SF +	5.50 %	(m)	10.84 %				04/2028	1,430		1,419		0.1		1,430
Eliassen Group, LLC+	One stop	SF +	5.50 %	(k)(l)	10.86 %				04/2028	9		9		—		9
Filevine, Inc.+(23)	One stop	SF +	6.50 %	(l)(m)	9.13 %	cash/	2.50 %	PIK	04/2027	5,400		5,347		0.2		5,454
Filevine, Inc.+	One stop	SF +	6.50 %		N/A(6)				04/2027	—		—		—		—
IG Investments Holdings, LLC+	One stop	SF +	6.00 %	(k)(l)	11.45 %				09/2028	6,468		6,380		0.3		6,468
IG Investments Holdings, LLC+(5)	One stop	SF +	6.00 %		N/A(6)				09/2027	—		( 1 )		—		—
IG Investments Holdings, LLC+	One stop	SF +	6.00 %	(l)	11.47 %				09/2028	553		545		—		553
NBG Acquisition Corp. and NBG-P Acquisition Corp.#	One stop	SF +	5.25 %	(l)	10.77 %				11/2028	7,517		7,477		0.3		7,291
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5)	One stop	SF +	5.25 %		N/A(6)				11/2028	—		( 12 )		—		—
NBG Acquisition Corp. and NBG-P Acquisition Corp.+	One stop	SF +	5.25 %	(l)	10.78 %				11/2028	157		156		—		150
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5)	One stop	SF +	5.25 %		N/A(6)				11/2028	—		( 15 )		—		—
Net Health Acquisition Corp.+	One stop	SF +	5.75 %	(k)	11.17 %				12/2025	13,101		13,041		0.5		12,839
Net Health Acquisition Corp.*#	One stop	SF +	5.75 %	(k)	11.17 %				12/2025	8,290		8,275		0.3		8,124
Net Health Acquisition Corp.*	One stop	SF +	5.75 %	(k)	11.17 %				12/2025	6,637		6,662		0.3		6,504

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)	Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Net Health Acquisition Corp.#	One stop	SF +	5.75 %	(k)	11.17 %	12/2025	$	4,194	$	4,167	0.2	%	$	4,110
Net Health Acquisition Corp.*#	One stop	SF +	5.75 %	(k)	11.17 %	12/2025	1,159		1,156		—		1,135
Net Health Acquisition Corp.+	One stop	SF +	5.75 %	(k)	11.17 %	12/2025	86		86		—		80
PlanSource Holdings, Inc.+	One stop	SF +	6.25 %	(m)	11.90 %	04/2025	11,416		11,446		0.4		11,416
PlanSource Holdings, Inc.+	One stop	SF +	6.25 %	(m)	11.90 %	04/2025	1,932		1,925		0.1		1,932
PlanSource Holdings, Inc.+	One stop	SF +	6.25 %	(m)	11.90 %	04/2025	139		138		—		139
PlanSource Holdings, Inc.+	One stop	SF +	6.25 %		N/A(6)	04/2025	—		—		—		—
Procure Acquireco, Inc.#+	One stop	SF +	5.00 %	(l)	10.57 %	12/2028	17,456		17,326		0.7		17,456
Procure Acquireco, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)	12/2028	—		( 1 )		—		—
Procure Acquireco, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)	12/2028	—		( 2 )		—		—
Teaching Company, The+	One stop	SF +	5.75 %	(l)	11.27 %	01/2026	13,791		13,791		0.5		13,791
Teaching Company, The+	One stop	SF +	5.75 %	(b)(l)	11.76 %	01/2026	80		80		—		80





							119,797		118,993		4.7		118,893


Real Estate Management & Development
Inhabit IQ Inc.+	One stop	SF +	5.50 %	(k)	10.92 %	07/2025	21,533	21,433	0.8	21,533
Inhabit IQ Inc.#+	One stop	SF +	5.50 %	(k)	10.92 %	07/2025	19,232	19,227	0.8	19,232
Inhabit IQ Inc.+	One stop	SF +	5.50 %	(k)	10.92 %	07/2025	13,254	13,208	0.5	13,254
Inhabit IQ Inc.*	One stop	SF +	5.50 %	(k)	10.92 %	07/2025	12,242	12,185	0.5	12,242
Inhabit IQ Inc.*#	One stop	SF +	5.50 %	(k)	10.92 %	07/2025	6,450	6,453	0.3	6,450
Inhabit IQ Inc.+	One stop	SF +	5.50 %	(k)	10.92 %	07/2025	3,143	3,167	0.1	3,143
Inhabit IQ Inc.#+	One stop	SF +	5.50 %	(k)	10.92 %	07/2025	1,381	1,383	0.1	1,381
Inhabit IQ Inc.#+	One stop	SF +	5.50 %	(k)	10.92 %	07/2025	1,169	1,171	0.1	1,169
Inhabit IQ Inc.#+	One stop	SF +	5.50 %	(k)	10.92 %	07/2025	1,152	1,154	—	1,152
Inhabit IQ Inc.+	One stop	SF +	5.50 %	(k)	10.92 %	07/2025	922	920	—	922
Inhabit IQ Inc.+	One stop	SF +	5.50 %	(k)	10.92 %	07/2025	486	487	—	486
Inhabit IQ Inc.+	One stop	SF +	5.50 %	(k)	10.92 %	07/2025	130	130	—	130
MRI Software LLC*+	One stop	SF +	5.50 %	(l)	10.99 %	02/2026	14,211	14,156	0.5	13,927
MRI Software LLC+	One stop	SF +	5.50 %	(l)	10.99 %	02/2026	5,350	5,317	0.2	5,243
MRI Software LLC+(5)	One stop	SF +	5.50 %		N/A(6)	02/2026	—	( 1 )	—	( 5 )

RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.50 %	(i)	10.69 %	08/2028	17,820	20,075	0.7	17,152
RPL Bidco Limited+(8)(9)(10)	One stop	A +	5.50 %	(f)	9.63 %	08/2028	1,920	2,177	0.1	1,848
RPL Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.50 %		N/A(6)	02/2028	—	—	—	( 2 )
RPL Bidco Limited+(8)(9)(10)	One stop	A +	6.75 %	(f)	10.93 %	08/2028	7,910	8,138	0.3	7,949

							128,305	130,780	5.0	127,206
Road & Rail
Channelside Acquisitona Co, Inc.+	One stop	SF +	6.38 %	(k)	11.79 %	07/2028	4,229	4,158	0.2	4,229
Channelside Acquisitona Co, Inc.+(5)	One stop	SF +	6.75 %		N/A(6)	07/2026	—	( 2 )	—	—
Channelside Acquisitona Co, Inc.+	One stop	SF +	6.75 %	(k)	12.08 %	07/2028	3,948	3,847	0.2	3,968
Channelside Acquisitona Co, Inc.+(5)	One stop	SF +	6.75 %		N/A(6)	07/2028	—	( 2 )	—	—
Internet Truckstop Group LLC*#	One stop	SF +	5.00 %	(l)	10.54 %	04/2025	21,118	21,278	0.8	21,118
Internet Truckstop Group LLC+	One stop	SF +	5.00 %	(l)	10.54 %	04/2025	9,248	9,196	0.3	9,248
Internet Truckstop Group LLC+(5)	One stop	SF +	5.00 %		N/A(6)	04/2025	—	( 1 )	—	—
							38,543	38,474	1.5	38,563

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Software
Anaplan, Inc.+	One stop	SF +	6.50 %	(k)	11.82 %				06/2029	$	9,840	$	9,760	0.4	%	$	9,840
Anaplan, Inc.+(5)	One stop	SF +	6.50 %		N/A(6)				06/2028	—		( 1 )		—		—
Appfire Technologies, LLC#+	One stop	SF +	5.50 %	(l)	11.06 %				03/2027	39,442		39,102		1.5		38,653
Appfire Technologies, LLC+(5)	One stop	SF +	5.50 %		N/A(6)				03/2027	—		( 2 )		—		( 5 )
Appfire Technologies, LLC+(5)	One stop	SF +	5.50 %		N/A(6)				03/2027	—		( 30 )		—		( 68 )
Aras Corporation+(23)	One stop	SF +	6.75 %	(l)	8.95 %	cash/	3.25 %	PIK	04/2027	14,687		14,605		0.6		14,541
Aras Corporation+	One stop	SF +	6.50 %	(b)(l)	12.14 %				04/2027	67		67		—		66
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.00 %	(i)	10.19 %				06/2029	3,496		3,420		0.1		3,321
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.00 %	(i)	10.19 %				06/2029	1,824		1,734		0.1		1,733
Arrow Buyer, Inc.+	One stop	SF +	6.50 %	(l)	11.89 %				06/2030	16,360		15,943		0.6		16,155
Arrow Buyer, Inc.+(5)	One stop	SF +	6.50 %		N/A(6)				06/2030	—		( 23 )		—		( 47 )
Auvik Networks Inc.+(8)(12)(23)	One stop	SF +	5.75 %	(l)	8.52 %	cash/	2.75 %	PIK	07/2027	7,232		7,189		0.3		7,124
Auvik Networks Inc.+(8)(12)(23)	One stop	SF +	6.25 %	(l)	8.52 %	cash/	3.25 %	PIK	07/2027	1,293		1,283		0.1		1,293
Auvik Networks Inc.+(5)(8)(12)	One stop	SF +	3.00 %		N/A(6)				07/2027	—		—		—		( 1 )
Axiom Merger Sub Inc.+	One stop	L +	5.25 %	(a)	10.60 %				04/2026	5,677		5,695		0.2		5,677
Axiom Merger Sub Inc.+(8)(9)	One stop	E +	5.50 %	(d)(e)	8.90 %				04/2026	2,215		2,347		0.1		2,215
Axiom Merger Sub Inc.+	One stop	L +	5.25 %	(a)	10.60 %				04/2026	269		267		—		269
Axiom Merger Sub Inc.+	One stop	SF +	5.25 %	(m)	10.86 %				04/2026	39		38		—		39
Axiom Merger Sub Inc.+	One stop	SF +	5.25 %		N/A(6)				10/2025	—		—		—		—
Bayshore Intermediate #2, L.P.+(23)	One stop	SF +	7.50 %	(l)	13.00 %				10/2028	73,822		72,859		2.9		73,822
Bayshore Intermediate #2, L.P.+	One stop	SF +	6.50 %	(l)	11.87 %				10/2027	33		31		—		33
Bonterra LLC+	One stop	SF +	7.25 %	(l)	12.64 %				09/2027	65,427		64,789		2.5		63,465
Bonterra LLC+(5)	One stop	SF +	7.25 %		N/A(6)				09/2027	—		( 2 )		—		( 6 )
Bonterra LLC+	One stop	SF +	8.00 %	(l)	13.39 %				09/2027	2,855		2,812		0.1		2,769
Bottomline Technologies, Inc.+	One stop	SF +	5.25 %	(k)	10.57 %				05/2029	27,881		27,434		1.1		26,696
Bottomline Technologies, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)				05/2028	—		( 3 )		—		( 7 )
Bullhorn, Inc.*#+	One stop	SF +	5.75 %	(l)	11.24 %				09/2026	65,269		64,735		2.5		64,616
Bullhorn, Inc.+(8)(9)	One stop	SN +	6.00 %	(i)	11.19 %				09/2026	11,553		11,556		0.4		11,438
Bullhorn, Inc.+(8)(9)	One stop	E +	5.75 %	(d)	9.69 %				09/2026	4,523		4,640		0.2		4,478
Bullhorn, Inc.+	One stop	SF +	5.75 %	(l)	11.24 %				09/2026	212		210		—		209
Bullhorn, Inc.+	One stop	SF +	5.75 %	(l)	11.24 %				09/2026	95		94		—		94
Bullhorn, Inc.+	One stop	SF +	5.75 %	(l)	11.24 %				09/2026	76		75		—		75
Bullhorn, Inc.+(5)	One stop	SF +	5.75 %		N/A(6)				09/2026	—		( 2 )		—		( 2 )
Burning Glass Intermediate Holdings Company, Inc.#+	One stop	SF +	5.00 %	(k)	10.42 %				06/2028	9,720		9,588		0.4		9,720
Burning Glass Intermediate Holdings Company, Inc.+	One stop	SF +	5.00 %	(k)	10.42 %				06/2026	21		20		—		21
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	7.25 %	(l)	12.60 %				01/2029	5,437		5,291		0.2		5,437
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	7.25 %	(l)	12.60 %				01/2029	1,438		1,399		0.1		1,438
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	7.25 %		N/A(6)				01/2029	—		—		—		—
Bynder BidCo, Inc.& Bynder BidCo B.V.+(5)(8)(14)	One stop	SF +	7.25 %		N/A(6)				01/2029	—		( 1 )		—		—
Calabrio, Inc.+	One stop	SF +	7.13 %	(k)	12.44 %				04/2027	53,683		53,207		2.1		53,683
Calabrio, Inc.+	One stop	SF +	7.13 %	(k)	12.45 %				04/2027	135		132		—		135
Camelia Bidco Limited+(8)(9)(10)	One stop	SN +	6.25 %	(i)	11.44 %				08/2030	3,125		3,193		0.1		3,078
Camelia Bidco Limited+(8)(9)(10)	One stop	A +	6.25 %	(f)	10.39 %				08/2030	204		201		—		201
Camelia Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.25 %		N/A(6)				08/2030	—		( 20 )		—		( 20 )
Community Brands Parentco LLC+	One stop	SF +	5.50 %	(l)	11.02 %				02/2028	14,052		13,846		0.6		13,771
Community Brands Parentco LLC+(5)	One stop	SF +	5.50 %		N/A(6)				02/2028	—		( 1 )		—		( 1 )

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Community Brands Parentco LLC+(5)	One stop	SF +	5.50 %		N/A(6)				02/2028	$	—	$	( 1 )	—	%	$	( 2 )
Coupa Holdings, LLC+	One stop	SF +	7.50 %	(k)	12.82 %				02/2030	22,905		22,382		0.9		22,332
Coupa Holdings, LLC+(5)	One stop	SF +	7.50 %		N/A(6)				02/2029	—		( 1 )		—		( 1 )
Coupa Holdings, LLC+(5)	One stop	SF +	7.50 %		N/A(6)				02/2030	—		( 23 )		—		( 51 )
Daxko Acquisition Corporation+	One stop	SF +	5.50 %	(k)	10.92 %				10/2028	27,431		27,233		1.0		26,334
Daxko Acquisition Corporation+	One stop	SF +	5.50 %	(k)	10.92 %				10/2028	2,313		2,289		0.1		2,221
Daxko Acquisition Corporation+	One stop	P +	4.50 %	(b)	13.00 %				10/2027	22		21		—		17
Daxko Acquisition Corporation+(5)	One stop	SF +	5.50 %		N/A(6)				10/2028	—		( 8 )		—		( 44 )
Denali Bidco Limited+(8)(9)(10)	One stop	SN +	6.00 %	(i)	11.19 %				08/2030	2,917		2,948		0.1		2,844
Denali Bidco Limited+(8)(9)(10)	One stop	E +	6.00 %	(c)	9.86 %				08/2030	732		735		—		714
Denali Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.00 %		N/A(6)				08/2030	—		( 13 )		—		( 13 )
Diligent Corporation*#+	One stop	SF +	6.25 %	(l)	11.77 %				08/2025	85,408		85,363		3.3		84,553
Diligent Corporation+	One stop	SF +	5.75 %	(l)	11.27 %				08/2025	5,904		5,879		0.2		5,800
Diligent Corporation+	One stop	SF +	6.25 %	(l)	11.77 %				08/2025	133		133		—		130
Dragon UK Bidco Limited+(8)(9)(10)	One stop	SN +	5.75 %	(i)	10.94 %				02/2029	14,139		15,100		0.6		13,715
Dragon UK Bidco Limited+(8)(9)(10)	One stop	C +	5.75 %	(h)	11.26 %				02/2029	282		294		—		274
Dragon UK Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.75 %		N/A(6)				02/2029	—		—		—		( 3 )
Evergreen IX Borrower 2023, LLC+	One stop	SF +	6.00 %	(l)	11.39 %				09/2030	4,506		4,393		0.2		4,393
Evergreen IX Borrower 2023, LLC+(5)	One stop	SF +	6.00 %		N/A(6)				10/2029	—		( 12 )		—		( 12 )
FirstUp, Inc.+(23)	One stop	SF +	6.75 %	(l)	8.64 %	cash/	3.50 %	PIK	07/2027	9,236		9,160		0.4		9,120
FirstUp, Inc.+(5)(23)	One stop	SF +	7.50 %		N/A(6)				07/2027	—		( 1 )		—		( 1 )
FirstUp, Inc.+(23)	One stop	SF +	7.50 %	(l)	8.64 %	cash/	4.25 %	PIK	07/2027	876		863		—		865
Gainsight, Inc.+(23)	One stop	SF +	6.75 %	(l)	12.27 %	PIK			07/2027	11,106		11,001		0.4		10,995
Gainsight, Inc.+(23)	One stop	SF +	6.75 %	(l)	12.27 %	PIK			07/2027	56		55		—		55
GS Acquisitionco, Inc.*#+	One stop	SF +	5.75 %	(l)	11.29 %				05/2026	83,759		83,809		3.3		82,920
GS Acquisitionco, Inc.+(5)	One stop	SF +	5.75 %		N/A(6)				05/2026	—		—		—		( 2 )
GTIV, LLC+	One stop	SF +	5.25 %	(k)	10.67 %				02/2029	73,471		72,908		2.9		73,471
GTIV, LLC+(5)	One stop	SF +	5.25 %		N/A(6)				02/2029	—		( 2 )		—		—
GTY Technology Holdings, Inc.+(23)	One stop	SF +	6.87 %	(l)	7.97 %	cash/	4.30 %	PIK	07/2029	3,237		3,187		0.1		3,205
GTY Technology Holdings, Inc.+(5)	One stop	SF +	6.25 %		N/A(6)				07/2029	—		( 2 )		—		( 1 )
GTY Technology Holdings, Inc.+(23)	One stop	SF +	6.88 %	(l)	7.97 %	cash/	4.30 %	PIK	07/2029	2,114		2,076		0.1		2,093
GTY Technology Holdings, Inc.+(23)	One stop	SF +	6.88 %	(l)	7.97 %	cash/	4.30 %	PIK	07/2029	387		384		—		384
Hyland Software, Inc.+	One stop	SF +	6.00 %	(k)	11.32 %				09/2030	4,950		4,876		0.2		4,876
Hyland Software, Inc.+(5)	One stop	SF +	6.00 %		N/A(6)				09/2029	—		( 1 )		—		( 1 )
ICIMS, Inc.+(23)	One stop	SF +	7.25 %	(l)	8.76 %	cash/	3.88 %	PIK	08/2028	8,009		7,899		0.3		7,849
ICIMS, Inc.+	One stop	SF +	6.75 %	(l)	12.14 %				08/2028	27		26		—		24
ICIMS, Inc.+(5)	One stop	SF +	7.25 %		N/A(6)				08/2028	—		—		—		( 37 )

IQN Holding Corp. #+	One stop	SF +	5.25 %	(l)	10.67 %				05/2029	14,613		14,497		0.6		14,321
IQN Holding Corp. +(5)	One stop	SF +	5.25 %		N/A(6)				05/2028	—		( 1 )		—		( 2 )
IQN Holding Corp. +(5)	One stop	SF +	5.25 %		N/A(6)				05/2029	—		( 25 )		—		( 3 )
Island Bidco AB+(8)(9)(17)(23)	One stop	E +	7.25 %	(e)	3.93 %	cash/	7.25 %	PIK	07/2028	6,275		6,149		0.2		6,275
Island Bidco AB+(8)(17)(23)	One stop	SF +	7.00 %	(m)	8.84 %	cash/	3.50 %	PIK	07/2028	3,051		3,028		0.1		3,051
Island Bidco AB+(8)(17)	One stop	SF +	6.50 %		N/A(6)				07/2028	—		—		—		—
Island Bidco AB+(5)(8)(9)(17)	One stop	E +	6.50 %		N/A(6)				07/2028	—		( 1 )		—		—
Juvare, LLC*	One stop	SF +	6.25 %	(l)	11.82 %				10/2026	7,526		7,478		0.3		7,150
Juvare, LLC+	One stop	SF +	6.25 %	(l)	11.82 %				10/2026	1,737		1,726		0.1		1,650
Juvare, LLC+	One stop	SF +	6.25 %	(l)	11.82 %				10/2026	548		540		—		541
Juvare, LLC+	One stop	SF +	6.25 %	(b)(l)	12.01 %				04/2026	50		50		—		48
Kaseya Inc.+(23)	One stop	SF +	6.25 %	(l)	9.12 %	cash/	2.50 %	PIK	06/2029	9,197		9,084		0.4		9,105

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Kaseya Inc.+(23)	One stop	SF +	6.25 %	(k)	9.07 %	cash/	2.50 %	PIK	06/2029	$	68	$	65	—	%	$	65
Kaseya Inc.+(23)	One stop	SF +	6.25 %	(l)	9.12 %	cash/	2.50 %	PIK	06/2029	34		29		—		28
LeadsOnline, LLC+	One stop	SF +	6.25 %	(k)	11.58 %				02/2028	4,208		4,104		0.2		4,102
LeadsOnline, LLC+	One stop	SF +	6.25 %	(k)	11.58 %				02/2028	743		724		—		724
LeadsOnline, LLC+(5)	One stop	SF +	6.25 %		N/A(6)				02/2028	—		( 1 )		—		( 1 )
Mindbody, Inc.+	One stop	SF +	7.00 %	(l)	12.52 %				02/2025	49,911		50,159		2.0		49,911
Mindbody, Inc.+	One stop	SF +	7.00 %	(l)	12.52 %				02/2025	3,929		3,906		0.2		3,929
Mindbody, Inc.+	One stop	SF +	7.00 %		N/A(6)				02/2025	—		—		—		—
Ministry Brands Holdings LLC+	One stop	SF +	5.50 %	(k)	10.92 %				12/2028	21,760		21,597		0.8		20,890
Ministry Brands Holdings LLC+	One stop	SF +	5.50 %	(k)	10.92 %				12/2027	81		80		—		75
Ministry Brands Holdings LLC+	One stop	SF +	5.50 %	(k)(l)	10.99 %				12/2028	96		91		—		72
Neo Bidco GMBH+(8)(9)(13)(23)	One stop	E +	6.00 %	(e)	9.95 %				07/2028	6,913		7,640		0.3		6,913
Neo Bidco GMBH+(8)(13)	One stop	SF +	6.00 %		N/A(6)				01/2028	—		—		—		—
Neo Bidco GMBH+(8)(9)(13)	One stop	E +	6.00 %	(d)(e)	9.95 %				01/2028	63		66		—		63
Naviga Inc.+	Senior secured	SF +	7.00 %	(l)	12.49 %				12/2023	109		108		—		109
Panzura, LLC+(23)	One stop	N/A			2.00 %	cash/	13.00 %	PIK	08/2027	50		44		—		44
PDI TA Holdings, Inc.+	One stop	SF +	4.50 %	(l)	9.98 %				10/2024	8,323		8,282		0.3		8,323
PDI TA Holdings, Inc.+	Second lien	SF +	8.50 %	(l)	14.03 %				10/2025	3,424		3,391		0.1		3,424
PDI TA Holdings, Inc.+	One stop	SF +	4.50 %	(l)	9.98 %				10/2024	1,107		1,105		—		1,107
PDI TA Holdings, Inc.+	One stop	SF +	4.50 %	(l)	9.98 %				10/2024	683		680		—		683
PDI TA Holdings, Inc.+	Second lien	SF +	8.71 %	(l)	14.24 %				10/2025	640		638		—		640
PDI TA Holdings, Inc.+	Second lien	SF +	8.53 %	(l)	14.06 %				10/2025	377		375		—		377
PDI TA Holdings, Inc.+(8)(9)	One stop	SN +	4.50 %	(i)	9.81 %				10/2024	84		93		—		84
PDI TA Holdings, Inc.+	One stop	SF +	4.50 %	(l)	9.98 %				10/2024	148		148		—		148
PDI TA Holdings, Inc.+	Second lien	SF +	8.50 %	(l)	14.03 %				10/2025	3,333		3,270		0.1		3,333
Personify, Inc.*#+	One stop	SF +	5.25 %	(l)	10.64 %				09/2024	13,084		13,146		0.5		13,084
Personify, Inc.#	One stop	SF +	5.25 %	(l)	10.64 %				09/2024	8,083		8,060		0.3		8,083
Personify, Inc.+	One stop	SF +	5.25 %		N/A(6)				09/2024	—		—		—		—
PING Identity Holding Corp.+	One stop	SF +	7.00 %	(k)	12.32 %				10/2029	9,953		9,824		0.4		9,953
PING Identity Holding Corp.+(5)	One stop	SF +	7.00 %		N/A(6)				10/2028	—		( 1 )		—		—
Pluralsight, LLC+	One stop	SF +	8.00 %	(l)	13.45 %				04/2027	23,748		23,582		0.9		23,511
Pluralsight, LLC+	One stop	SF +	8.00 %	(l)	13.47 %				04/2027	63		62		—		62
ProcessUnity Holdings, LLC+	One stop	SF +	6.75 %	(k)	12.07 %				09/2028	4,221		4,190		0.2		4,221
ProcessUnity Holdings, LLC+(5)	One stop	SF +	6.75 %		N/A(6)				09/2028	—		( 1 )		—		—
ProcessUnity Holdings, LLC+	One stop	SF +	6.75 %	(l)	12.14 %				09/2028	844		838		—		844
ProcessUnity Holdings, LLC+	One stop	SF +	6.75 %	(l)	12.14 %				09/2028	1,996		1,968		0.1		1,996
Pyramid Healthcare Acquisition Corp.#+	One stop	SF +	4.75 %	(l)	10.27 %				05/2027	18,186		18,077		0.7		18,186
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(l)	10.32 %				05/2027	864		859		—		864
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(l)	10.27 %				05/2027	534		531		—		534
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(l)	10.27 %				05/2027	178		176		—		178
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(l)	10.27 %				05/2027	156		155		—		156
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(l)	10.27 %				05/2027	146		145		—		146
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(l)	10.32 %				05/2027	146		145		—		146
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(l)	10.27 %				05/2027	1,880		1,857		0.1		1,880
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(l)	10.27 %				05/2027	58		57		—		58
Pyramid Healthcare Acquisition Corp.+(5)	One stop	SF +	4.75 %		N/A(6)				05/2027	—		( 1 )		—		—
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(l)	10.30 %				05/2027	1,571		1,562		0.1		1,571
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(l)	10.28 %				05/2027	791		786		—		791
QAD, Inc.+	One stop	SF +	5.38 %	(k)	10.69 %				11/2027	9,393		9,329		0.4		9,393
QAD, Inc.+(5)	One stop	SF +	5.38 %		N/A(6)				11/2027	—		( 3 )		—		—
Quant Buyer, Inc.+	One stop	SF +	6.00 %	(m)	11.30 %				06/2029	2,466		2,446		0.1		2,411

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Quant Buyer, Inc.+	One stop	SF +	6.00 %	(m)	11.30 %				06/2029	$	2,928	$	2,904	0.1	%	$	2,862
Quant Buyer, Inc.+(5)	One stop	SF +	6.00 %		N/A(6)				06/2029	—		( 1 )		—		( 3 )
Quant Buyer, Inc.+	One stop	SF +	6.00 %	(m)	11.30 %				06/2029	2,006		1,990		0.1		1,961
Quant Buyer, Inc.+(5)	One stop	SF +	6.50 %		N/A(6)				06/2029	—		( 74 )		—		—
Rainforest Bidco Limited+(8)(9)(10)(23)	One stop	SN +	5.50 %	(i)	8.69 %	cash/	2.00 %	PIK	07/2029	7,352		7,015		0.3		7,022
Rainforest Bidco Limited+(8)(9)(10)(23)	One stop	SN +	5.50 %	(i)	8.69 %	cash/	2.00 %	PIK	07/2029	540		516		—		516
Rainforest Bidco Limited+(8)(10)(23)	One stop	SF +	5.50 %	(j)	8.80 %	cash/	2.00 %	PIK	07/2029	1,423		1,407		0.1		1,356
Rainforest Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.50 %		N/A(6)				07/2029	—		( 64 )		—		( 64 )
RegEd Aquireco, LLC+	Senior secured	SF +	4.25 %	(k)(m)	9.86 %				12/2024	11,067		11,071		0.4		10,514
RegEd Aquireco, LLC+	Senior secured	SF +	4.25 %	(l)(m)	9.94 %				12/2024	236		236		—		224
Riskonnect Parent, LLC*+	One stop	SF +	5.50 %	(l)	11.04 %				12/2028	10,102		10,027		0.4		9,900
Riskonnect Parent, LLC+	One stop	SF +	5.50 %	(l)	11.04 %				12/2028	140		138		—		133
Riskonnect Parent, LLC+(5)	One stop	SF +	5.50 %		N/A(6)				12/2028	—		( 5 )		—		( 13 )
Rodeo Buyer Company & Absorb Software Inc.+	One stop	SF +	6.25 %	(k)	11.67 %				05/2027	4,541		4,514		0.2		4,541
Rodeo Buyer Company & Absorb Software Inc.+	One stop	SF +	6.25 %	(k)	11.67 %				05/2027	27		26		—		27
SailPoint Technologies Holdings, Inc.+	One stop	SF +	6.25 %	(k)	11.58 %				08/2029	9,827		9,661		0.4		9,729
SailPoint Technologies Holdings, Inc.+(5)	One stop	SF +	6.25 %		N/A(6)				08/2028	—		( 1 )		—		( 2 )
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	5.75 %	(d)	9.41 %				07/2029	32,488		30,455		1.3		32,488
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	5.75 %		N/A(6)				07/2029	—		—		—		—
Sonatype, Inc.+	One stop	SF +	6.75 %	(k)	12.18 %				12/2025	40,459		40,288		1.6		40,459
Sonatype, Inc.+	One stop	SF +	6.75 %	(k)	12.18 %				12/2025	851		847		—		851
Sonatype, Inc.+(5)	One stop	SF +	6.75 %		N/A(6)				12/2025	—		( 1 )		—		—
Spartan Buyer Acquisition Co.*#+(23)	One stop	SF +	8.50 %	(k)	11.82 %	cash/	2.00 %	PIK	12/2026	31,705		31,376		1.2		30,754
Spartan Buyer Acquisition Co.+(23)	One stop	SF +	8.50 %	(k)	11.82 %	cash/	2.00 %	PIK	12/2026	2,015		1,983		0.1		1,955
Spartan Buyer Acquisition Co.+(5)(23)	One stop	P +	7.50 %	(b)	14.00 %	cash/	2.00 %	PIK	12/2026	1		( 1 )		—		( 1 )
Tahoe Bidco B.V. +(8)(14)	One stop	SF +	6.00 %	(k)	11.42 %				09/2028	12,058		11,972		0.5		11,696
Tahoe Bidco B.V. +(5)(8)(14)	One stop	SF +	6.00 %		N/A(6)				10/2027	—		( 1 )		—		( 2 )
Telesoft Holdings LLC+	One stop	SF +	5.75 %	(k)	11.17 %				12/2025	877		870		—		864
Telesoft Holdings LLC+	One stop	SF +	5.75 %	(k)	11.17 %				12/2025	8		8		—		7
Telesoft Holdings LLC+	One stop	SF +	6.25 %	(k)	11.67 %				08/2028	64		64		—		64
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.00 %	(m)	11.68 %				07/2028	3,171		3,103		0.1		3,171
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.00 %		N/A(6)				07/2028	—		—		—		—
Templafy APS and Templafy, LLC+(5)(8)(18)	One stop	SF +	6.00 %		N/A(6)				07/2028	—		( 14 )		—		—
TI Intermediate Holdings, LLC+	Senior secured	L +	4.50 %	(a)	9.87 %				12/2024	3,409		3,423		0.1		3,341
TI Intermediate Holdings, LLC+	Senior secured	L +	4.25 %	(a)	9.62 %				12/2024	901		894		—		883
TI Intermediate Holdings, LLC+	Senior secured	L +	4.25 %	(a)(b)	9.63 %				12/2024	425		422		—		416
TI Intermediate Holdings, LLC+	Senior secured	L +	4.50 %	(a)(m)	9.91 %				12/2024	565		562		—		554
TI Intermediate Holdings, LLC+	Senior secured	L +	4.50 %	(a)	9.87 %				12/2024	156		155		—		153
TI Intermediate Holdings, LLC+(5)	Senior secured	SF +	4.50 %		N/A(6)				12/2024	—		—		—		( 2 )
Togetherwork Holdings, LLC*#	One stop	SF +	6.00 %	(k)	11.42 %				03/2025	15,085		15,118		0.6		15,085
Togetherwork Holdings, LLC+	One stop	SF +	6.00 %	(k)	11.42 %				03/2025	6,823		6,774		0.3		6,823
Togetherwork Holdings, LLC+	One stop	SF +	6.00 %	(k)	11.42 %				03/2025	4,139		4,121		0.2		4,139
Togetherwork Holdings, LLC+	One stop	SF +	6.00 %	(k)	11.42 %				03/2025	1,748		1,767		0.1		1,748
Togetherwork Holdings, LLC#+	One stop	SF +	6.00 %	(k)	11.42 %				03/2025	1,697		1,714		0.1		1,697
Togetherwork Holdings, LLC*#	One stop	SF +	6.00 %	(k)	11.42 %				03/2025	1,654		1,671		0.1		1,654
Togetherwork Holdings, LLC#+	One stop	SF +	6.00 %	(k)	11.42 %				03/2025	1,598		1,608		0.1		1,598
Togetherwork Holdings, LLC*+	One stop	SF +	6.00 %	(k)	11.42 %				03/2025	1,539		1,556		0.1		1,539
Togetherwork Holdings, LLC#+	One stop	SF +	6.00 %	(k)	11.42 %				03/2025	1,436		1,450		0.1		1,436
Togetherwork Holdings, LLC*#	One stop	SF +	6.00 %	(k)	11.42 %				03/2025	1,175		1,181		—		1,175
Togetherwork Holdings, LLC#+	One stop	SF +	6.00 %	(k)	11.42 %				03/2025	647		654		—		647

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Togetherwork Holdings, LLC+	One stop	SF +	6.00 %	(k)	11.42 %				03/2025	$	448	$	446	—	%	$	448
Togetherwork Holdings, LLC+	One stop	SF +	6.00 %	(k)	11.42 %				03/2025	434		432		—		434
Togetherwork Holdings, LLC+	One stop	SF +	6.00 %	(k)	11.42 %				03/2025	250		249		—		250
Togetherwork Holdings, LLC+	One stop	SF +	6.00 %	(k)	11.42 %				03/2025	62		63		—		62
Togetherwork Holdings, LLC+	One stop	SF +	6.00 %	(k)	11.42 %				03/2025	57		58		—		57
Togetherwork Holdings, LLC+(5)	One stop	SF +	6.00 %		N/A(6)				03/2025	—		( 2 )		—		—
Togetherwork Holdings, LLC+	One stop	SF +	6.00 %	(k)	11.42 %				03/2025	1,326		1,318		0.1		1,326
Togetherwork Holdings, LLC+	One stop	SF +	6.00 %	(k)	11.42 %				03/2025	5,954		5,880		0.2		5,954
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)(23)	One stop	N/A			4.50 %	cash/	8.38 %	PIK	05/2024	8,587		8,980		0.3		7,986
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)(23)	One stop	N/A			4.50 %	cash/	8.38 %	PIK	05/2024	140		150		—		130
Vendavo, Inc.*#+	One stop	SF +	5.75 %	(l)	11.25 %				09/2027	19,413		19,300		0.7		18,442
Vendavo, Inc.+	One stop	P +	4.75 %	(b)	13.25 %				09/2027	85		84		—		78
WebPT, Inc.+	One stop	SF +	6.75 %	(l)	12.27 %				01/2028	626		619		—		620
Workforce Software, LLC+(23)	One stop	SF +	7.25 %	(l)	9.82 %	cash/	3.00 %	PIK	07/2025	29,044		29,280		1.1		28,754
Workforce Software, LLC+(23)	One stop	SF +	7.25 %	(l)	9.82 %	cash/	3.00 %	PIK	07/2025	5,140		5,119		0.2		5,088
Workforce Software, LLC+(23)	One stop	SF +	7.25 %	(l)	9.82 %	cash/	3.00 %	PIK	07/2025	3,640		3,605		0.1		3,604
Workforce Software, LLC+(5)	One stop	SF +	6.50 %		N/A(6)				07/2025	—		( 1 )		—		( 2 )
Workforce Software, LLC+(23)	One stop	SF +	7.25 %	(l)	9.82 %	cash/	3.00 %	PIK	07/2025	107		106		—		106
Zendesk, Inc.+(23)	One stop	SF +	6.75 %	(l)	8.90 %	cash/	3.25 %	PIK	11/2028	20,311		19,969		0.8		20,311
Zendesk, Inc.+(5)	One stop	SF +	6.50 %		N/A(6)				11/2028	—		( 1 )		—		—
Zendesk, Inc.+(5)	One stop	SF +	6.50 %		N/A(6)				11/2028	—		( 43 )		—		—

										1,365,871		1,356,325		52.9		1,347,754

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail
Ave Holdings III, Corp*+	One stop	SF +	5.50 %	(l)	11.04 %				02/2028	$	25,635	$	25,256	1.0	%	$	24,866
Ave Holdings III, Corp+(5)	One stop	SF +	5.50 %		N/A(6)				02/2028	—		( 2 )		—		( 4 )
Ave Holdings III, Corp+	One stop	SF +	5.50 %	(l)	11.04 %				02/2028	57		49		—		36
Ave Holdings III, Corp+	One stop	SF +	5.50 %	(l)	11.04 %				02/2028	460		456		—		446
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75 %	(l)	11.29 %				05/2028	11,421		11,268		0.5		11,307
Consilio Midco Limited#(8)(10)	One stop	SF +	5.75 %	(l)	11.29 %				05/2028	9,875		9,799		0.4		9,776
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25 %	(d)	10.20 %				05/2028	8,908		9,416		0.3		8,819
Consilio Midco Limited#(8)(10)	One stop	SF +	5.75 %	(l)	11.29 %				05/2028	2,136		2,108		0.1		2,115
Consilio Midco Limited#(8)(10)	One stop	SF +	5.75 %	(l)	11.29 %				05/2028	1,421		1,409		0.1		1,406

Consilio Midco Limited+(8)(10)	One stop	SF +	5.75 %	(l)	11.29 %				05/2028	726		712		—		719
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75 %	(l)	11.29 %				05/2028	100		99		—		99
Consilio Midco Limited+(5)(8)(9)(10)	One stop	E +	6.25 %		N/A(6)				05/2028	—		( 2 )		—		( 1 )
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75 %	(l)	11.29 %				05/2028	8		8		—		8
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25 %	(d)	10.20 %				05/2028	7		7		—		7
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25 %	(d)	10.20 %				05/2028	64		64		—		64
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25 %	(d)	10.20 %				05/2028	15		15		—		15
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25 %	(d)	10.20 %				05/2028	28		28		—		28
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25 %	(d)	10.20 %				05/2028	17		18		—		17
Cycle Gear, Inc.*#+	One stop	SF +	5.50 %	(l)	11.04 %				01/2026	46,953		46,848		1.7		44,135
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75 %	(l)	6.52 %	cash/	7.75 %	PIK	05/2024	21,847		21,796		0.8		20,827
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75 %	(l)	6.52 %	cash/	7.75 %	PIK	05/2024	3,796		3,786		0.2		3,618
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75 %	(l)	6.52 %	cash/	7.75 %	PIK	05/2024	2,889		2,950		0.1		2,754
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75 %	(l)	6.52 %	cash/	7.75 %	PIK	05/2024	3,156		3,149		0.1		3,009
Imperial Optical Midco Inc.+(23)	One stop	SF +	13.00 %	(l)	8.02 %	cash/	10.50 %	PIK	05/2024	3,851		3,796		0.2		3,845
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75 %	(l)	6.52 %	cash/	7.75 %	PIK	05/2024	5,593		5,699		0.2		5,332
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75 %	(l)	6.52 %	cash/	7.75 %	PIK	05/2024	37,604		37,739		1.4		35,849
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75 %	(l)	6.52 %	cash/	7.75 %	PIK	05/2024	5,079		5,067		0.2		4,842
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75 %	(l)	6.52 %	cash/	7.75 %	PIK	05/2024	134		133		—		128
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75 %	(l)	6.52 %	cash/	7.75 %	PIK	05/2024	79		79		—		76
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75 %	(l)	6.52 %	cash/	7.75 %	PIK	05/2024	2,539		2,533		0.1		2,420
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75 %	(l)	6.52 %	cash/	7.75 %	PIK	05/2024	42		41		—		40
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75 %	(l)	6.52 %	cash/	7.75 %	PIK	05/2024	524		523		—		500
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75 %	(l)	6.52 %	cash/	7.75 %	PIK	05/2024	1,256		1,253		0.1		1,198
Imperial Optical Midco Inc.+	One stop	SF +	13.00 %		N/A(6)				05/2024	—		—		—		231
PPV Intermediate Holdings, LLC#+	One stop	SF +	5.75 %	(l)	11.17 %				08/2029	9,613		9,470		0.4		9,469
PPV Intermediate Holdings, LLC+(23)	One stop	N/A			13.50 %	PIK			08/2030	1,046		1,026		—		983
PPV Intermediate Holdings, LLC+(5)	One stop	SF +	5.75 %		N/A(6)				08/2029	—		( 7 )		—		( 6 )
PPV Intermediate Holdings, LLC+(23)	One stop	N/A			13.50 %	PIK			08/2030	44		40		—		41
PPV Intermediate Holdings, LLC+(23)	One stop	N/A			13.50 %	PIK			08/2030	242		239		—		227
PPV Intermediate Holdings, LLC+(23)	One stop	N/A			13.50 %	PIK			08/2030	44		44		—		42
PPV Intermediate Holdings, LLC+(23)	One stop	N/A			14.25 %	PIK			08/2030	2,743		2,663		0.1		2,660
Salon Lofts Group, LLC+	Senior secured	SF +	6.25 %	(m)	11.59 %				08/2028	3,540		3,511		0.2		3,505
Salon Lofts Group, LLC+	Senior secured	SF +	6.25 %	(m)	11.60 %				08/2028	75		73		—		73
Salon Lofts Group, LLC+(5)	Senior secured	SF +	6.25 %		N/A(6)				08/2028	—		( 8 )		—		( 10 )
Salon Lofts Group, LLC+	Senior secured	SF +	6.25 %	(l)	11.64 %				08/2028	58		57		—		57
Salon Lofts Group, LLC+	Senior secured	SF +	6.25 %	(m)	11.59 %				08/2028	231		229		—		229

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Salon Lofts Group, LLC+	Senior secured	SF +	6.25 %	(l)	11.64 %				08/2028	$	183	$	182	—	%	$	181
Salon Lofts Group, LLC+	Senior secured	SF +	6.25 %	(l)	11.64 %				08/2028	76		76		—		76
Salon Lofts Group, LLC+	Second lien	SF +	9.00 %	(m)	14.45 %				09/2029	902		830		—		848
Salon Lofts Group, LLC+	Senior secured	SF +	6.25 %	(m)	11.68 %				08/2028	239		237		—		236
Salon Lofts Group, LLC+	Senior secured	SF +	6.25 %	(m)	11.63 %				08/2028	54		53		—		53
Salon Lofts Group, LLC+(5)	Senior secured	SF +	6.25 %		N/A( 6 )				08/2028	—		( 6 )		—		( 6 )
SureWerx Purchaser III, Inc.+(8)	One stop	SF +	6.75 %	(l)	12.14 %				12/2029	20,594		20,134		0.8		20,594
SureWerx Purchaser III, Inc.+(8)	One stop	SF +	6.75 %	(k)(l)	12.07 %				12/2028	29		28		—		29
SureWerx Purchaser III, Inc.+(5)(8)	One stop	SF +	6.75 %		N/A(6)				12/2029	—		( 57 )		—		—
Titan Fitness, LLC*#+(23)	One stop	SF +	6.75 %	(k)(l)(m)	10.45 %	cash/	2.00 %	PIK	02/2025	31,131		31,236		1.1		28,639
Titan Fitness, LLC+(23)	One stop	L +	6.75 %	(a)	10.00 %	cash/	2.00 %	PIK	02/2025	1,939		1,932		0.1		1,784
Titan Fitness, LLC+(23)	One stop	L +	6.75 %	(a)	10.00 %	cash/	2.00 %	PIK	02/2025	500		499		—		458
Vermont Aus Pty Ltd+(8)(11)	One stop	SF +	5.50 %	(l)	11.04 %				03/2028	8,258		8,165		0.3		8,258
Vermont Aus Pty Ltd+(8)(9)(11)	One stop	A +	5.75 %	(f)	9.94 %				03/2028	7,244		8,312		0.3		7,244
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.50 %	(m)	11.40 %				04/2028	8,225		8,132		0.3		7,896
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.50 %	(b)(l)	11.34 %				04/2028	10		9		—		6
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.50 %	(m)	11.31 %				04/2028	106		102		—		101
										293,346		293,301		11.1		282,194

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.+(23)	One stop	SF +	6.75 %	(l)	11.54 %	cash/	0.75 %	PIK	12/2024	$	22,200	$	22,200	0.9	%	$	22,375
Agility Recovery Solutions Inc.+(23)	One stop	P +	5.50 %	(b)(l)	12.47 %	cash/	0.75 %	PIK	12/2024	742		742		—		752
										22,942		22,942		0.9		23,127
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.+(8)(10)	One stop	L +	6.00 %	(a)	11.90 %				03/2028	1,954		1,936		0.1		1,856
Dollfus Mieg Company, Inc.+(8)(10)	One stop	L +	6.00 %	(a)	11.90 %				03/2028	974		965		—		925
Dollfus Mieg Company, Inc.+(8)(10)	One stop	L +	6.00 %	(a)	11.90 %				03/2028	855		848		—		813
Dollfus Mieg Company, Inc.+(8)(9)(10)	One stop	E +	6.00 %		N/A(6)				03/2028	—		—		—		—
Elite Sportswear, L.P.+(23)	Senior secured	SF +	7.75 %	(l)	11.90 %	cash/	1.50 %	PIK	09/2025	9,976		9,898		0.4		9,577
Elite Sportswear, L.P.+(23)	Senior secured	SF +	7.75 %	(l)	11.90 %	cash/	1.50 %	PIK	09/2025	4,009		3,978		0.2		3,848
Elite Sportswear, L.P.+(23)	Senior secured	SF +	7.75 %	(l)	11.90 %	cash/	1.50 %	PIK	09/2025	2,063		2,047		0.1		1,981
Elite Sportswear, L.P.+(23)	Senior secured	SF +	7.75 %	(l)	11.90 %	cash/	1.50 %	PIK	09/2025	113		105		—		70
Elite Sportswear, L.P.*+(23)	Senior secured	SF +	7.75 %	(l)	11.90 %	cash/	1.50 %	PIK	09/2025	684		680		—		657
Elite Sportswear, L.P.+(23)	Senior secured	SF +	7.75 %	(l)	11.90 %	cash/	1.50 %	PIK	09/2025	314		311		—		301
Elite Sportswear, L.P.*+(23)	Senior secured	SF +	7.75 %	(l)	11.90 %	cash/	1.50 %	PIK	09/2025	300		297		—		288
Elite Sportswear, L.P.+(23)	Senior secured	SF +	7.75 %	(l)	11.90 %	cash/	1.50 %	PIK	09/2025	4		4		—		2
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50 %	(l)	11.04 %				11/2023	9,512		9,504		0.4		9,538
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50 %	(l)	11.04 %				11/2023	6,440		6,434		0.3		6,458
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50 %	(l)	11.04 %				11/2023	997		996		—		999
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50 %	(l)	11.04 %				11/2023	895		895		—		898
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50 %	(l)	11.04 %				11/2023	628		628		—		630
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50 %	(l)	11.04 %				11/2023	2		2		—		2
SHO Holding I Corporation+	Senior secured	SF +	5.25 %	(l)	10.88 %				04/2024	3,918		3,920		0.2		3,644
SHO Holding I Corporation+	Senior secured	SF +	5.23 %	(l)	10.86 %				04/2024	56		56		—		52
SHO Holding I Corporation+	Senior secured	SF +	5.00 %	(l)	10.61 %				04/2024	84		84		—		78
SHO Holding I Corporation+	Senior secured	SF +	4.00 %	(l)	9.63 %				04/2024	50		50		—		50
SHO Holding I Corporation+	Senior secured	SF +	4.00 %	(l)	9.65 %				04/2024	—		—		—		—
SHO Holding I Corporation+	Senior secured	SF +	5.23 %	(l)	10.83 %				04/2024	—		—		—		—
										43,828		43,638		1.7		42,667
Trading Companies and Distributors
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25 %	(l)	11.79 %				06/2028	18,924		18,668		0.7		17,789
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25 %	(l)	11.79 %				06/2028	15,093		14,871		0.6		14,187
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25 %	(l)	11.81 %				06/2028	451		444		—		424
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25 %	(l)	11.79 %				06/2028	453		447		—		426
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.50 %	(l)	12.04 %				06/2028	4,113		4,009		0.2		3,908
Marcone Yellowstone Buyer Inc.+(5)	One stop	SF +	6.50 %		N/A(6)				06/2028	—		( 36 )		—		—
										39,034		38,403		1.5		36,734
Water Utilities
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75 %	(l)	10.27 %				06/2027	16,836		16,732		0.6		15,995
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75 %	(l)	10.27 %				06/2027	58		57		—		51
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75 %	(l)	10.27 %				06/2027	79		79		—		75
Vessco Midco Holdings, LLC+	Senior secured	SF +	4.50 %	(a)(m)	10.04 %				11/2026	2,101		2,082		0.1		2,101
Vessco Midco Holdings, LLC+(5)	Senior secured	SF +	4.00 %		N/A(6)				11/2026	—		( 6 )		—		—
Vessco Midco Holdings, LLC+	Senior secured	SF +	4.50 %	(k)	9.92 %				11/2026	206		204		—		206
Vessco Midco Holdings, LLC+	Senior secured	SF +	4.50 %		N/A( 6 )				10/2026	—		—		—		—
										19,280		19,148		0.7		18,428
Total non-controlled/non-affiliate company debt investments										5,236,123		5,214,755		201.4		5,132,167

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)	Interest Rate (2)		Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity investments (19)(20)
Aerospace and Defense
PPW Aero Buyer, Inc.+	LP units	N/A	N/A		N/A	66	$	664	—	%	$	694
Tronair Parent, Inc.+	LLC units	N/A	N/A		N/A	—	40		—		38
							704		—		732
Auto Components
Polk Acquisition Corp.+	LP interest	N/A	N/A		N/A	5	314		—		—

Automobiles
CG Group Holdings, LLC+	LP units	N/A	N/A		N/A	1	730		—		487
Go Car Wash Parent, Corp.+(21)	Preferred stock	N/A	17.00 %	Non-Cash	N/A	—	88		—		92
Go Car Wash Parent, Corp.+	Common stock	N/A	N/A		N/A	—	50		—		40
MOP GM Holding, LLC+	LP units	N/A	N/A		N/A	—	330		—		357
National Express Wash Parent Holdco, LLC+	LP units	N/A	N/A		N/A	1	61		—		70
POY Holdings, LLC+	LLC units	N/A	N/A		N/A	141	141		—		354
Quick Quack Car Wash Holdings, LLC	LLC interest	N/A	N/A		N/A	—	508		0.1		728
							1,908		0.1		2,128
Biotechnology
Cobepa BlueSky Aggregator, SCSp+	LP interest	N/A	N/A		N/A	177	1,769		0.1		1,315

Building Products
BECO Holding Company, Inc.+(21)	Preferred stock	N/A	11.75 %	Non-Cash	N/A	10	1,086		0.1		1,163
BECO Holding Company, Inc.+	LP interest	N/A	N/A		N/A	2	196		—		201
							1,282		0.1		1,364
Chemicals
Inhance Technologies Holdings LLC+	Preferred stock	N/A	N/A		N/A	2	1,960		0.1		1,785
Inhance Technologies Holdings LLC+	LLC units	N/A	N/A		N/A	—	124		—		40
							2,084		0.1		1,825
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+	LP interest	N/A	N/A		N/A	540	540		—		625
EGD Security Systems, LLC +	Common stock	N/A	N/A		N/A	855	578		0.1		1,224
Franchise Brands plc+(8)(9)(10)(22)	Common stock	N/A	N/A		N/A	51	113		—		100
North Haven Stack Buyer, LLC	LLC units	N/A	N/A		N/A	359	360		—		515
PT Intermediate Holdings III, LLC+(21)	LLC units	N/A	N/A		N/A	8	767		—		898
Radwell Parent, LLC+(21)	LP units	N/A	N/A		N/A	2	233		—		293
							2,591		0.1		3,655


Containers and Packaging
Chase Intermediate+	LP units	N/A	N/A		N/A	49	25		—		56

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)	Interest Rate (2)	Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Diversified Consumer Services
CHHJ Midco, LLC+(21)	LLC units	N/A	N/A	N/A	19	$	193	—	%	$	302
DP Flores Holdings, LLC+	LLC units	N/A	N/A	N/A	70	70		—		79
EMS LINQ, LLC+	LP interest	N/A	N/A	N/A	525	525		—		408
EWC Growth Partners LLC+	LLC interest	N/A	N/A	N/A	—	12		—		2
HS Spa Holdings, Inc.+	Common stock	N/A	N/A	N/A	479	479		—		496
Liminex, Inc.+	Common stock	N/A	N/A	N/A	12	434		0.1		699
NSG Buyer, Inc. +(8)	LP units	N/A	N/A	N/A	2	1,860		0.1		1,812
PADI Holdco, Inc.+	LLC interest	N/A	N/A	N/A	1	987		—		755
						4,560		0.2		4,553
Electronic Equipment, Instruments & Components
Inventus Power, Inc.+	Preferred stock	N/A	N/A	N/A	—	372		—		97
Inventus Power, Inc.+	LLC units	N/A	N/A	N/A	—	88		—		276
Inventus Power, Inc.+	LP interest	N/A	N/A	N/A	—	20		—		61
Inventus Power, Inc.+	Common stock	N/A	N/A	N/A	—	—		—		—
						480		—		434

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)	Interest Rate (2)	Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food & Staples Retailing
Benihana, Inc.+	LLC units	N/A	N/A	N/A	43	$	699	—	%	$	896
Cafe Rio Holding, Inc.+	Common stock	N/A	N/A	N/A	5	604		—		987

Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	N/A	44	217		—		5
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	N/A	20	61		—		1
Mendocino Farms, LLC+	Common stock	N/A	N/A	N/A	168	770		0.1		1,535
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	N/A	32	389		—		183
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	N/A	2	20		—		33

						2,760		0.1		3,640
Food Products
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	N/A	77	102		—		173
Borrower R365 Holdings, LLC+	LLC units	N/A	N/A	N/A	3	5		—		7
Borrower R365 Holdings, LLC+	Common stock	N/A	N/A	N/A	1	2		—		2
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	N/A	1	2		—		3
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	N/A	4	9		—		9
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	N/A	1	2		—		2
Borrower R365 Holdings, LLC+	LP units	N/A	N/A	N/A	—	1		—		1
C. J. Foods, Inc.+	Preferred stock	N/A	N/A	N/A	—	75		0.1		1,285
Kodiak Cakes, LLC+	Common stock	N/A	N/A	N/A	—	472		—		299
Louisiana Fish Fry Products, Ltd.+	Common stock	N/A	N/A	N/A	—	483		—		346
Louisiana Fish Fry Products, Ltd.+	Preferred stock	N/A	N/A	N/A	—	13		—		25
P&P Food Safety Holdings, Inc.+	Common stock	N/A	N/A	N/A	4	356		—		220
Purfoods, LLC+	LLC interest	N/A	N/A	N/A	—	945		0.2		4,430
						2,467		0.3		6,802
Health Care Equipment & Supplies
Aspen Medical Products, LLC+	LP interest	N/A	N/A	N/A	—	77		—		88
Blue River Pet Care, LLC+	Common stock	N/A	N/A	N/A	—	76		—		211
CCSL Holdings, LLC+(8)	LP interest	N/A	N/A	N/A	—	337		—		315
CMI Parent Inc.+	Common stock	N/A	N/A	N/A	—	132		—		186
CMI Parent Inc.+	Common stock	N/A	N/A	N/A	3	3		—		275
G & H Wire Company, Inc.+	LLC interest	N/A	N/A	N/A	335	269		—		54


						894		—		1,129

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)	Interest Rate (2)		Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Providers & Services
Active Day, Inc.+	LLC interest	N/A	N/A		N/A	2	$	1,099	—	%	$	156
Acuity Eyecare Holdings, LLC+(21)	LLC interest	N/A	N/A		N/A	1,632	2,235		0.2		4,917
Acuity Eyecare Holdings, LLC+	LLC units	N/A	N/A		N/A	889	1,023		0.1		2,950
ADCS Clinics Intermediate Holdings, LLC+	Preferred stock	N/A	N/A		N/A	2	1,119		0.1		1,562
ADCS Clinics Intermediate Holdings, LLC+	Common stock	N/A	N/A		N/A	—	6		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	LLC units	N/A	N/A		N/A	129	132		—		202
CRH Healthcare Purchaser, Inc.+	LP interest	N/A	N/A		N/A	429	327		—		631
DCA Investment Holding, LLC(21)	Preferred stock	N/A	8.00 %	Non-Cash	N/A	1,142	558		0.1		1,214
DCA Investment Holding, LLC	Common stock	N/A	N/A		N/A	12	5		—		22
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		N/A	—	648		—		507
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		N/A	—	61		—		76
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		N/A	9	4		—		—
Encore GC Acquisition, LLC+	LLC interest	N/A	N/A		N/A	26	272		—		—
Encore GC Acquisition, LLC+	LLC units	N/A	N/A		N/A	26	52		—		—
Encorevet Group LLC+	Common stock	N/A	N/A		N/A	—	15		—		16
Encorevet Group LLC+	LLC units	N/A	N/A		N/A	—	11		—		9
Krueger-Gilbert Health Physics, LLC+	Common stock	N/A	N/A		N/A	185	212		—		267
Midwest Veterinary Partners, LLC+(21)	Preferred stock	N/A	12.00 %	Non-Cash	N/A	1	1,165		0.1		1,222
Midwest Veterinary Partners, LLC+	Warrant	N/A	N/A		N/A	6	—		—		342
Midwest Veterinary Partners, LLC+(21)	Preferred stock	N/A	10.00 %	Non-Cash	N/A	—	30		—		43
MWD Management, LLC & MWD Services, Inc.+	LLC interest	N/A	N/A		N/A	412	335		—		617
NDX Parent, LLC+	Common stock	N/A	N/A		N/A	—	272		—		39
NDX Parent, LLC+	Preferred stock	N/A	N/A		N/A	40	40		—		45
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	Common stock	N/A	N/A		N/A	—	321		—		311
Oliver Street Dermatology Holdings, LLC+	LLC interest	N/A	N/A		N/A	452	234		—		—
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A		N/A	—	528		0.1		799
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A		N/A	4	74		—		407
Radiology Partners, Inc.+	LLC units	N/A	N/A		N/A	11	68		—		85
Radiology Partners, Inc.+	LLC interest	N/A	N/A		N/A	43	55		—		338
Sage Dental Management, LLC+	LLC units	N/A	N/A		N/A	—	249		—		448
Sage Dental Management, LLC+	LLC units	N/A	N/A		N/A	3	3		—		—
Suveto Buyer, LLC+	Common stock	N/A	N/A		N/A	6	562		—		378



							11,715		0.7		17,603

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)		Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Technology
Connexin Software, Inc.+	LLC interest	N/A			N/A		N/A	154	$	193	—	%	$	222
HSI Halo Acquisition, Inc.+(21)	Preferred stock	N/A			10.00 %	Non-Cash	N/A	—	303		—		435
HSI Halo Acquisition, Inc.+	LP interest	N/A			N/A		N/A	—	5		—		130
Symplr Software, Inc.+(21)	Preferred stock	N/A			11.00 %	Non-Cash	N/A	12	13,373		0.5		13,369
Symplr Software, Inc.+(21)	Preferred stock	SF +	10.50 %	(l)	15.74 %	Non-Cash	N/A	2	3,391		0.2		4,605
Symplr Software, Inc.+(21)	Preferred stock	N/A			11.00 %	Non-Cash	N/A	2	1,635		0.1		1,774
Symplr Software, Inc.+(21)	Preferred stock	N/A			11.00 %	Non-Cash	N/A	1	1,002		0.1		1,037
Symplr Software, Inc.+	LLC units	N/A			N/A		N/A	—	161		—		173
Symplr Software, Inc.+	Common stock	N/A			N/A		N/A	177	—		—		801
Tebra Technologies, Inc.+	Warrant	N/A			N/A		N/A	169	871		—		681
Tebra Technologies, Inc.+	Warrant	N/A			N/A		N/A	53	162		—		179
Tebra Technologies, Inc.+	LLC interest	N/A			N/A		N/A	348	2,824		0.1		3,113
Tebra Technologies, Inc.+	Preferred stock	N/A			N/A		N/A	1	8		—		12
									23,928		1.0		26,531
Hotels, Restaurants & Leisure
Freddy's Frozen Custard LLC+(21)	LP interest	N/A			N/A		N/A	206	188		—		369
Harri US LLC+	LLC units	N/A			N/A		N/A	83	658		—		609
Harri US LLC+	Preferred stock	N/A			N/A		N/A	71	455		—		512
Harri US LLC+	Warrant	N/A			N/A		N/A	24	106		—		162
LMP TR Holdings, LLC(21)	LLC units	N/A			N/A		N/A	712	712		0.1		2,437
SSRG Holdings, LLC+	LP interest	N/A			N/A		N/A	6	61		—		86
Tropical Smoothie Cafe Holdings, LLC+	LP interest	N/A			N/A		N/A	5	246		0.1		1,074
									2,426		0.2		5,249



Insurance
Accession Risk Management Group, Inc.+(21)	Preferred stock	N/A			13.25 %	Non-Cash	N/A	3	2,667		0.1		2,619
Majesco+(21)	Preferred stock	N/A			9.00 %	Non-Cash	N/A	—	316		—		398
Majesco+	LP interest	N/A			N/A		N/A	69	—		—		203
									2,983		0.1		3,220
Internet and Catalog Retail
Revalize, Inc.+	Preferred stock	N/A			N/A		N/A	17	17,025		0.8		19,463
Revalize, Inc.+	Preferred stock	N/A			N/A		N/A	10	10,219		0.5		11,682
Revalize, Inc.+	Preferred stock	N/A			N/A		N/A	1	1,104		—		1,218
Revalize, Inc.+	Preferred stock	N/A			N/A		N/A	7	7,034		0.3		7,225
									35,382		1.6		39,588
IT Services
Appriss Health Intermediate Holdings, Inc+(21)	Preferred stock	N/A			11.00 %	Non-Cash	N/A	2	2,272		0.1		2,285
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A			N/A		N/A	587	462		0.2		4,260
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A			N/A		N/A	154	423		0.1		1,117
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A			N/A		N/A	35	291		—		256
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Warrant	N/A			N/A		N/A	202	159		0.1		1,361
Critical Start, Inc.+	Common stock	N/A			N/A		N/A	225	225		—		269
Optimizely North America, Inc.+	Common stock	N/A			N/A		N/A	75	807		—		683
Kentik Technologies, Inc.+	Preferred stock	N/A			N/A		N/A	192	1,103		—		1,103
Netwrix Corporation+(21)	LLC units	N/A			N/A		N/A	5	10		—		16

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)		Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
PCS Intermediate II Holdings, LLC+	LLC interest	N/A			N/A		N/A	37	$	367	—	%	$	574
Red Dawn SEI Buyer, Inc.+	LP interest	N/A			N/A		N/A	13	13		—		22
Saturn Borrower Inc.+	LP units	N/A			N/A		N/A	346	346		—		114

									6,478		0.5		12,060
Leisure Products
Massage Envy, LLC+	LLC interest	N/A			N/A		N/A	749	210		0.1		1,783
WBZ Investment LLC+	LLC interest	N/A			N/A		N/A	67	117		—		137
WBZ Investment LLC+	LLC interest	N/A			N/A		N/A	46	80		—		93
WBZ Investment LLC+	LLC interest	N/A			N/A		N/A	38	65		—		77
WBZ Investment LLC+	LLC interest	N/A			N/A		N/A	33	58		—		67
WBZ Investment LLC+	LLC interest	N/A			N/A		N/A	15	24		—		28
WBZ Investment LLC+	LLC interest	N/A			N/A		N/A	2	2		—		2
									556		0.1		2,187
Life Sciences Tools & Services
Celerion Buyer, Inc.+	LP units	N/A			N/A		N/A	930	930		0.1		930
Celerion Buyer, Inc.+	LP units	N/A			N/A		N/A	930	—		—		287
PAS Parent Inc.+	LP interest	N/A			N/A		N/A	9	933		—		879
PAS Parent Inc.+	Preferred stock	N/A			N/A		N/A	1	139		—		162
Reaction Biology Corporation+	LLC units	N/A			N/A		N/A	—	265		—		273
									2,267		0.1		2,531
Oil, Gas and Consumable Fuels
W3 Co.+	LLC interest	N/A			N/A		N/A	3	1,633		0.1		2,002
W3 Co.+	Preferred stock	N/A			N/A		N/A	—	224		—		254
									1,857		0.1		2,256
Paper and Forest Products
Messenger, LLC+	LLC units	N/A			N/A		N/A	3	312		—		160
Messenger, LLC+	LLC units	N/A			N/A		N/A	—	—		—		—
									312		—		160
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12)	LP interest	N/A			N/A		N/A	502	502		—		432
Cobalt Buyer Sub, Inc.+(21)	Preferred stock	SF +	10.00 %	(l)	15.24 %	Non-Cash	N/A	8	9,066		0.4		10,241
Cobalt Buyer Sub, Inc.+	Preferred stock	N/A			N/A		N/A	—	168		—		167
Cobalt Buyer Sub, Inc.+	Common stock	N/A			N/A		N/A	2	2		—		—
									9,738		0.4		10,840

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)		Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Professional Services
Brandmuscle, Inc.+	LLC interest	N/A			N/A		N/A	—	$	216	—	%	$	233
Enboarder, Inc.+(8)(11)	Preferred stock	N/A			N/A		N/A	56	573		—		573
Filevine, Inc.+	Preferred stock	N/A			N/A		N/A	221	1,402		0.1		1,598
Filevine, Inc.+	Warrant	N/A			N/A		N/A	33	49		—		171
Filevine, Inc.+	Warrant	N/A			N/A		N/A	90	90		—		92
Net Health Acquisition Corp.+	LP interest	N/A			N/A		N/A	13	1,509		0.1		1,636
Procure Acquireco, Inc.+	LP interest	N/A			N/A		N/A	—	486		—		611

									4,325		0.2		4,914
Real Estate Management & Development
Inhabit IQ Inc.+	Common stock	N/A			N/A		N/A	62	434		0.1		1,023
SC Landco Parent, LLC+	Common stock	N/A			N/A		N/A	2	274		—		254
									708		0.1		1,277
Road & Rail
Internet Truckstop Group LLC+	LP interest	N/A			N/A		N/A	408	447		—		484

Software
Anaplan, Inc.+	LP interest	N/A			N/A		N/A	385	385		—		547
Aras Corporation+(21)	Preferred stock	N/A			12.00 %	Non-Cash	N/A	1	1,155		0.1		1,238
Aras Corporation+	LP interest	N/A			N/A		N/A	306	306		—		409
Astute Holdings, Inc.+	LP interest	N/A			N/A		N/A	—	304		—		731
Auvik Networks Inc.+(8)(12)	Preferred stock	N/A			N/A		N/A	26	256		—		316
Auvik Networks Inc.+(8)(12)	Preferred stock	N/A			N/A		N/A	3	29		—		36
Bayshore Intermediate #2, L.P.+	Common stock	N/A			N/A		N/A	4,095	4,095		0.2		3,596
Calabrio, Inc.+	LP interest	N/A			N/A		N/A	1	769		—		711
Calabrio, Inc.+	LP interest	N/A			N/A		N/A	96	0		—		0
Cloudbees, Inc.+	Preferred stock	N/A			N/A		N/A	149	1,663		0.1		1,665
Cloudbees, Inc.+	Warrant	N/A			N/A		N/A	131	247		0.1		986
Cloudbees, Inc.+	Preferred stock	N/A			N/A		N/A	71	466		—		688
Cynet Security Ltd.+(8)(15)	Preferred stock	N/A			N/A		N/A	145	508		—		612
Denali Bidco Limited+(8)(10)	LP interest	N/A			N/A		N/A	258	335		—		335
Diligent Corporation+(21)	Preferred stock	N/A			10.50 %	Non-Cash	N/A	17	18,782		0.8		19,404
Diligent Corporation+	Preferred stock	N/A			N/A		N/A	415	912		0.1		2,024
FirstUp, Inc.+	Common stock	N/A			N/A		N/A	221	541		—		317
GS Acquisitionco, Inc.+(21)	Preferred stock	N/A			11.00 %	Non-Cash	N/A	26	28,686		1.1		28,365
GS Acquisitionco, Inc.+(21)	Preferred stock	N/A			11.00 %	Non-Cash	N/A	2	1,727		0.1		1,660
GS Acquisitionco, Inc.+	LP interest	N/A			N/A		N/A	1	170		0.1		1,044
GS Acquisitionco, Inc.+(21)	Preferred stock	SF +	10.50 %	(l)	15.88 %	Non-Cash	N/A	—	49		—		49
GTY Technology Holdings, Inc.+	LP units	N/A			N/A		N/A	48	48		—		62
Impartner, Inc.+	Preferred stock	N/A			N/A		N/A	28	226		—		215
Kaseya Inc.+(21)	Preferred stock	N/A			11.75 %	Non-Cash	N/A	2	1,877		0.1		1,912
Kaseya Inc.+	LP interest	N/A			N/A		N/A	100	100		—		110
MetricStream, Inc.+	Warrant	N/A			N/A		N/A	168	263		—		163
Ministry Brands Holdings LLC+	LP interest	N/A			N/A		N/A	438	439		—		386
mParticle, Inc.+	Preferred stock	N/A			N/A		N/A	162	1,060		—		911
mParticle, Inc.+	Warrant	N/A			N/A		N/A	75	16		—		286

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)		Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+	Warrant	N/A			N/A		N/A	4	$	9	—	%	$	20
Panzura, LLC+	LLC units	N/A			N/A		N/A	1	4		—		4
PDI TA Holdings, Inc.+	Preferred stock	N/A			N/A		N/A	92	2,846		0.1		3,224
Personify, Inc.+	LP interest	N/A			N/A		N/A	716	942		0.1		1,779
Project Alpha Intermediate Holding, Inc.+(21)	Preferred stock	N/A			9.00 %	Non-Cash	N/A	—	999		0.1		1,515
Project Alpha Intermediate Holding, Inc.+	Common stock	N/A			N/A		N/A	202	329		—		396
Pyramid Healthcare Acquisition Corp.+	Common stock	N/A			N/A		N/A	184	184		—		315
QAD, Inc.+(21)	Preferred stock	N/A			9.00 %	Non-Cash	N/A	—	227		—		251
QAD, Inc.+	Common stock	N/A			N/A		N/A	15	0		—		20
Onit, Inc.+(21)	Preferred stock	N/A			15.00 %	Non-Cash	N/A	—	46		—		50
Onit, Inc.+	Warrant	N/A			N/A		N/A	—	6		—		7
RegEd Aquireco, LLC+	LP interest	N/A			N/A		N/A	—	331		—		58
RegEd Aquireco, LLC+	LP interest	N/A			N/A		N/A	3	21		—		0
RegEd Aquireco, LLC+	Preferred stock	N/A			N/A		N/A	—	20		—		21
Riskonnect Parent, LLC+(21)	Preferred stock	N/A			11.00 %	Non-Cash	N/A	18	20,254		0.8		19,444
Riskonnect Parent, LLC+	LP interest	N/A			N/A		N/A	857	859		—		1,125
Riskonnect Parent, LLC+(21)	Preferred stock	SF +	10.50 %	(l)	15.92 %	Non-Cash	N/A	—	378		—		394
SnapLogic, Inc.+	Preferred stock	N/A			N/A		N/A	278	695		0.1		1,349
SnapLogic, Inc.+	Warrant	N/A			N/A		N/A	106	75		—		345
Spartan Buyer Acquisition Co.+	Common stock	N/A			N/A		N/A	1	623		—		328
Spartan Buyer Acquisition Co.+	Preferred stock	N/A			N/A		N/A	—	38		—		44
Telesoft Holdings LLC+	LP interest	N/A			N/A		N/A	6	6		—		5
Templafy APS and Templafy, LLC+(8)(18)	Warrant	N/A			N/A		N/A	—	62		—		45
Workforce Software, LLC+	Common stock	N/A			N/A		N/A	—	973		—		668
Workforce Software, LLC+	Common stock	N/A			N/A		N/A	—	36		—		41
Zendesk, Inc.+	LP units	N/A			N/A		N/A	45	454		—		629

									95,831		4.0		100,855

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)	Interest Rate (2)		Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail
Ave Holdings III, Corp+(21)	Preferred stock	N/A	11.50 %	Non-Cash	N/A	9	$	9,639	0.4	%	$	9,288
Ave Holdings III, Corp+	LP units	N/A	N/A		N/A	1	1,129		—		1,077
Batteries Plus Holding Corporation+	LP interest	N/A	N/A		N/A	10	1,287		0.1		1,415
Cycle Gear, Inc.+	LLC units	N/A	N/A		N/A	2,002	481		—		—
Cycle Gear, Inc.+	Preferred stock	N/A	N/A		N/A	50	50		—		79
Imperial Optical Midco Inc.+	Preferred stock	N/A	N/A		N/A	—	122		—		50
Imperial Optical Midco Inc.+	Preferred stock	N/A	N/A		N/A	—	46		—		18
Imperial Optical Midco Inc.+	Common stock	N/A	N/A		N/A	—	—		—		80
Pet Holdings ULC+(8)(12)(21)	LP interest	N/A	N/A		N/A	677	450		—		1,035
Salon Lofts Group, LLC+	LP units	N/A	N/A		N/A	—	87		—		69
Southern Veterinary Partners, LLC+(21)	Preferred stock	N/A	12.00 %	Non-Cash	N/A	5	5,629		0.2		6,002
Southern Veterinary Partners, LLC+(21)	Preferred stock	N/A	10.00 %	Non-Cash	N/A	—	751		0.1		1,237
Southern Veterinary Partners, LLC+	LLC interest	N/A	N/A		N/A	148	188		0.2		5,558
VSG Acquisition Corp. and Sherrill, Inc.+	LP units	N/A	N/A		N/A	—	37		—		24
							19,896		1.0		25,932
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.+	LLC interest	N/A	N/A		N/A	97	604		—		223

Textiles, Apparel & Luxury Goods
Georgica Pine Clothiers, LLC+(21)	LLC interest	N/A	N/A		N/A	20	239		—		525
Georgica Pine Clothiers, LLC+	Common stock	N/A	N/A		N/A	—	—		—		2
MakerSights, Inc.+	Preferred stock	N/A	N/A		N/A	40	218		—		218
R.G. Barry Corporation+	Preferred stock	N/A	N/A		N/A	—	161		—		284
							618		—		1,029

Total non-controlled/non-affiliate company equity investments							241,909		11.2		284,572

Total non-controlled/non-affiliate company investments							5,456,664		212.6		5,416,739

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Non-controlled/affiliate company investments (25)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+(23)	One stop	SF +	8.00 %	(m)	13.03 %				04/2024	$	6,410	$	6,397	0.2	%	$	5,128
Abita Brewing Co., L.L.C.+(7)(23)	Second lien	SF +	8.00 %	(m)	13.37 %				04/2024	4,229		3,725		0.1		1,396
Abita Brewing Co., L.L.C.+	One stop	SF +	8.00 %		N/A(6)				04/2024	—		—		—		—


										10,639		10,122		0.3		6,524









Energy, Equipment & Services
Benetech, Inc.+(7)(23)	One stop	SF +	6.00 %	(l)	11.54 %				08/2024	4,138		3,623		—		1,242
Benetech, Inc.+(7)(23)	One stop	SF +	6.00 %	(l)	11.54 %				08/2024	1,147		982		—		111
										5,285		4,605		—		1,353
Food and Staples Retailing
Rubio's Restaurants, Inc.+(23)	Senior secured	SF +	8.00 %	(l)	13.55 %				12/2024	13,600		13,494		0.5		10,880
Rubio's Restaurants, Inc.+(7)(23)	Senior secured	SF +	14.00 %	(l)	19.56 %				12/2024	1,630		1,553		—		391
Rubio's Restaurants, Inc.+(23)	Senior secured	SF +	8.00 %	(k)	13.42 %				12/2024	930		923		—		649
										16,160		15,970		0.5		11,920
Healthcare Providers and Services
Bayside Opco, LLC+(23)	One stop	SF +	7.25 %	(l)	12.79 %				06/2026	12,108		12,005		0.5		11,866
Bayside Opco, LLC+(7)(23)	Subordinated debt	SF +	10.00 %	(l)	15.54 %				06/2026	4,322		3,328		0.1		3,457
Bayside Opco, LLC+(23)	One stop	SF +	7.25 %	(l)	12.79 %				06/2026	4,283		4,064		0.2		4,026
Bayside Opco, LLC+(23)	One stop	SF +	7.00 %	(l)	6.54 %	cash/	6.00 %	PIK	06/2026	350		350		—		350
Elite Dental Partners LLC+(7)(23)	One stop	SF +	5.25 %	(l)	10.79 %	PIK			09/2024	12,988		12,337		0.3		7,533
Elite Dental Partners LLC+(7)(23)	One stop	SF +	12.00 %	(l)	17.54 %	PIK			09/2024	5,950		5,483		0.2		4,463
Elite Dental Partners LLC+(23)	One stop	SF +	5.25 %	(l)	10.79 %	PIK			09/2024	1,400		1,400		—		1,400
Opening Day Borrower 111 LLC+(7)(23)	One stop	SF +	6.25 %	(l)	11.79 %				05/2027	13,492		12,217		0.5		12,143
Opening Day Borrower 111 LLC+(7)(23)	One stop	SF +	6.25 %	(l)	11.79 %				05/2027	5,156		4,783		0.2		4,640
Opening Day Borrower 111 LLC+(5)(7)	One stop	SF +	6.25 %		N/A(6)				05/2027	—		—		—		( 163 )
										60,049		55,967		2.0		49,715
Software
Switchfly LLC+(23)	One stop	N/A			1.00 %	PIK			10/2024	6,593		6,590		0.1		4,351
Switchfly LLC+(23)	One stop	N/A			1.00 %	PIK			10/2024	550		550		—		363
Switchfly LLC+(23)	One stop	N/A			1.00 %	PIK			10/2024	42		42		—		28
Switchfly LLC+(5)	One stop	L +	8.50 %	(a)	14.05 %				10/2024	2		2		—		( 28 )
										7,187		7,184		0.1		4,714

Total non-controlled/affiliate company debt investments										99,320		93,848		2.9		74,226


Equity investments (19)(20)
Beverages


Abita Brewing Co., L.L.C.+	Warrant	N/A			N/A				N/A	210		$	—	—	%	$	12













Food and Staples Retailing
Rubio's Restaurants, Inc.+	Preferred stock	N/A			N/A				N/A	2,779		2,276		—		143
Rubio's Restaurants, Inc.+	Common stock	N/A			N/A				N/A	27,241		278		—		—
Rubio's Restaurants, Inc.+	Common stock	N/A			N/A				N/A	6,321		131		—		—
Rubio's Restaurants, Inc.+	Common stock	N/A			N/A				N/A	1,056		9		—		—
Rubio's Restaurants, Inc.+	Common stock	N/A			N/A				N/A	1,829		10		—		—
Rubio's Restaurants, Inc.+	Common stock	N/A			N/A				N/A	246		1		—		—
Rubio's Restaurants, Inc.+	Common stock	N/A			N/A				N/A	246		1		—		—
Rubio's Restaurants, Inc.+	Common stock	N/A			N/A				N/A	492		2		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)	Interest Rate (2)		Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Rubio's Restaurants, Inc.+	Common stock	N/A	N/A		N/A	568		$	2	—	%	$	—
Rubio's Restaurants, Inc.+	Common stock	N/A	N/A		N/A	543		2		—		—
Rubio's Restaurants, Inc.+	Common stock	N/A	N/A		N/A	1,490		5		—		—
								2,717		—		143
Healthcare Providers and Services
Bayside Opco, LLC+	LLC units	N/A	N/A		N/A	6		2,592		0.1		2,345
Elite Dental Partners LLC	LLC interest	N/A	N/A		N/A	—		2,902		—		—
Elite Dental Partners LLC	LLC interest	N/A	N/A		N/A	—		1,250		—		—
Elite Dental Partners LLC	LLC units	N/A	N/A		N/A	—		—		—		—
Opening Day Borrower 111 LLC+	LLC units	N/A	N/A		N/A	163		7,238		0.3		7,818
								13,982		0.4		10,163
Software
Switchfly LLC+	LLC interest	N/A	N/A		N/A	98,370		2,321		0.1		2,088
Switchfly LLC+	LLC units	N/A	N/A		N/A	950		950		—		452
								3,271		0.1		2,540

Total non-controlled/affiliate company equity investments								19,970		0.5		12,858

Total non-controlled/affiliate company investments								113,818		3.4		87,084


Controlled affiliate company investments (26)
Debt investments
IT Services
MMan Acquisition Co.+(7)(23)	One stop	N/A	10.00 %	PIK	08/2024	$	33,449	$	19,458	0.4	%	$	9,031
MMan Acquisition Co.+(23)	One stop	N/A	8.00 %	PIK	08/2024	1,716		1,716		0.1		1,579
MMan Acquisition Co.+(23)	One stop	N/A	12.00 %	PIK	08/2024	952		952		—		952
MMan Acquisition Co.+(23)	One stop	N/A	12.00 %	PIK	08/2024	275		275		—		275
MMan Acquisition Co.+(23)	One stop	N/A	12.00 %	PIK	08/2024	953		953		—		953
Total controlled affiliate company debt investments						37,345		23,354		0.5		12,790






Total controlled affiliate company investments								23,354		0.5		12,790

Total investments								5,593,836		216.5		5,516,613

Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)			5.23 %	(27)				$	28,774	1.1	%	$	28,774
Allspring Treasury Plus Money Market Fund (CUSIP 94975H296)			5.22 %	(27)				6,670		0.3		6,670
Morgan Stanley Institutional Liquidity Funds Treasury Securities Portfolio (CUSIP 61747C525)			5.21 %	(27)				37,378		1.5		37,378
Total money market funds								72,822		2.9		72,822
Total investments and money market funds								$	5,666,658	219.4	%	$	5,589,435

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


*						Denotes that all or a portion of the loan secures the notes offered in the 2018 Debt Securitization (as defined in Note 7).
#						Denotes that all or a portion of the loan secures the notes offered in the GCIC 2018 Debt Securitization (as defined in Note 7).
+						Denotes that all or a portion of the investment collateralizes the JPM Credit Facility (as defined in Note 7).

(1) The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime (“P”), Sterling Overnight Index Average ("SONIA" or “SN”), Australian Interbank Rate (”AUD” or ”A”), Canadian Bankers Acceptance Rate (”CDOR” or "C”) or London Interbank Offered Rate (“LIBOR” or “L”) denominated in U.S. dollars which reset daily, monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of September 30, 2023. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of September 30, 2023, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of September 30, 2023, as the loan may have priced or repriced based on an index rate prior to September 30, 2023.

(a) Denotes that all or a portion of the contract was indexed to the 180-day LIBOR, which was last quoted on June 30, 2023 at 5.76%.

(b) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 8.50% as of September 30, 2023.

(c) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 3.85% as of September 30, 2023.

(d) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 3.95% as of September 30, 2023.

(e) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 4.13% as of September 30, 2023.

(f) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 4.14% as of September 30, 2023.

(g) Denotes that all or a portion of the contract was indexed to the 60-day CDOR, which was 5.45% as of September 30, 2023.

(h) Denotes that all or a portion of the contract was indexed to the 90-day CDOR, which was 5.51% as of September 30, 2023.

(i) Denotes that all or a portion of the contract was indexed to SONIA, which was 5.19% as of September 30, 2023.

(j) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 5.31% as of September 30, 2023.

(k) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 5.32% as of September 30, 2023.

(l) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 5.40% as of September 30, 2023.

(m) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 5.47% as of September 30, 2023.

(2) For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of September 30, 2023.

(3) The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.

(4) The fair values of investments were valued using significant unobservable inputs, unless noted otherwise. See “Note 6. Fair Value Measurements”.

(6) The entire commitment was unfunded as of September 30, 2023. 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, 2023, meaning that the Company has ceased recognizing interest income on the loan.

(8) The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2023, total non-qualifying assets at fair value represented 15.2 % of the Company's total assets calculated in accordance with the 1940 Act.