GBDC 10-Q Quarterly Report Dec. 31, 2024

GOLUB CAPITAL BDC, INC.

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gbdc-20241231

______________________________________________________________________________________________________

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, 2024

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

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 814-00794

Golub Capital BDC, Inc.

(Exact name of registrant as specified in its charter)


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

200 Park Avenue , 25th Floor

New York , NY 10166

(Address of principal executive offices)

( 212 ) 750-6060

(Registrant's telephone number, including area code)

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


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

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

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

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

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


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

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

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

As of February 4, 2025, the Registrant h ad 265,498,597 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, 2024 (unaudited) and September 30, 2024	3
	Consolidated Statements of Operations for the three months ended December 31, 2024 (unaudited) and 2023 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2024 (unaudited) and 2023 (unaudited)	5
	Consolidated Statements of Cash Flows for the three months ended December 31, 2024 (unaudited) and 2023 (unaudited)	6
	Consolidated Schedules of Investments as of December 31, 2024 (unaudited) and September 30, 2024	53
	Notes to Consolidated Financial Statements (unaudited)	98
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	142
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	173
Item 4.	Controls and Procedures	175
Part II. Other Information
Item 1.	Legal Proceedings	176
Item 1A.	Risk Factors	176
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	176
Item 3.	Defaults Upon Senior Securities	176
Item 4.	Mine Safety Disclosures	176
Item 5.	Other Information	176
Item 6.	Exhibits	177

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)


	December 31, 2024		September 30, 2024
	(unaudited)
Assets
Investments, at fair value
Non-controlled/non-affiliate company investments	$	8,424,975	$	8,011,824
Non-controlled affiliate company investments	248,019		211,382
Controlled affiliate company investments	12,237		12,205
Total investments, at fair value (amortized cost of $ 8,755,566 and $ 8,302,913 , respectively)	8,685,231		8,235,411
Cash and cash equivalents	103,508		123,120
Foreign currencies (cost of $ 6,825 and $ 7,973 , respectively)	6,769		8,044
Restricted cash and cash equivalents	110,597		227,152
Restricted foreign currencies (cost of $ 0 and $ 1,219 , respectively)	—		1,236

Interest receivable	73,296		74,036

Net unrealized appreciation on derivatives	12,486		29,490

Other assets	16,899		5,267
Total Assets	$	9,008,786	$	8,703,756
Liabilities
Debt	$	4,919,258	$	4,624,791
Less unamortized debt issuance costs	( 28,694 )		( 25,361 )
Debt less unamortized debt issuance costs	4,890,564		4,599,430

Net unrealized depreciation on derivatives	2,906		—
Interest payable	51,518		45,701
Management and incentive fees payable	38,823		33,619
Accrued trustee fees	123		178

Accounts payable and other liabilities	7,308		10,299
Total Liabilities	4,991,242		4,689,227
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, 2024 and September 30, 2024	—		—
Common stock, par value $ 0.001 per share, 350,000,000 shares authorized, 265,498,597 and 264,277,128 shares issued and outstanding as of December 31, 2024 and September 30, 2024, respectively	265		264
Paid in capital in excess of par	4,185,811		4,167,258
Distributable earnings (losses)	( 168,532 )		( 152,993 )
Total Net Assets	4,017,544		4,014,529
Total Liabilities and Total Net Assets	$	9,008,786	$	8,703,756
Number of common shares outstanding	265,498,597		264,277,128
Net asset value per common share	$	15.13	$	15.19

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,
		2024		2023

Investment income
From non-controlled/non-affiliate company investments:
Interest income		$	198,361	$	147,532
Payment-in-kind interest income		10,565		10,909
Dividend income		8,487		4,375
Fee income		555		365
Total investment income from non-controlled/non-affiliate company investments		217,968		163,181
From non-controlled affiliate company investments:
Interest income		2,243		647
Payment-in-kind interest income		332		788

Fee income		31		48
Total investment income from non-controlled affiliate company investments		2,606		1,483
From controlled affiliate company investments:
Interest income		—		—
Payment-in-kind interest income		119		102

Fee income		7		4
Total investment income from controlled affiliate company investments		126		106
Total investment income		220,700		164,770
Expenses
Interest and other debt financing expenses		79,643		41,560
Base management fee		21,581		13,956
Incentive fee		18,058		21,285
Professional fees		1,840		1,308
Administrative service fee		2,902		2,245
General and administrative expenses		561		381
Total expenses		124,585		80,735



Net investment income - before tax		96,115		84,035
Excise and income tax		( 475 )		500

Net investment income - after tax		96,590		83,535
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Non-controlled/non-affiliate company investments		( 25,356 )		909


Foreign currency transactions		( 3,705 )		187
Forward currency contracts		1,206		—
Net realized gain (loss) on investment transactions		( 27,855 )		1,096
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliate company investments		40,085		3,047
Non-controlled affiliate company investments		3,622		( 12,225 )
Controlled affiliate company investments		( 86 )		( 126 )
Translation of assets and liabilities in foreign currencies		( 22,973 )		6,187
Forward currency contracts		21,927		( 5,715 )
Net change in unrealized appreciation (depreciation) on investment transactions		42,575		( 8,832 )

Net gain (loss) on investment transactions		14,720		( 7,736 )
Net realized gain (loss) on extinguishment of debt		( 48 )		—

(Provision) benefit for taxes on unrealized appreciation on investments		52		( 23 )
Net increase (decrease) in net assets resulting from operations		$	111,314	$	75,776
Per Common Share Data
Basic and diluted earnings per common share (Note 10)		$	0.42	$	0.45
Dividends and distributions declared per common share		$	0.48	$	0.44
Basic and diluted weighted average common shares outstanding (Note 10)		264,343,512		169,650,233

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, 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
















Balance at September 30, 2024	264,277,128	$	264	$	4,167,258	$	( 152,993 )	$	4,014,529


Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		96,590		96,590
Net realized gain (loss) on investment transactions	—	—		—		( 27,855 )		( 27,855 )
Net realized gain (loss) on extinguishment of debt	—	—		—		( 48 )		( 48 )
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		42,575		42,575

(Provision) benefit for taxes on unrealized appreciation on investments	—	—		—		52		52
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	1,221,469	1		18,553		—		18,554
Distributions from distributable earnings	—	—		—		( 126,853 )		( 126,853 )



Total increase (decrease) for the three months ended December 31, 2024	1,221,469	1		18,553		( 15,539 )		3,015
Balance at December 31, 2024	265,498,597	$	265	$	4,185,811	$	( 168,532 )	$	4,017,544

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,
	2024		2023
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	111,314	$	75,776
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	2,645		2,109
Accretion of discounts and amortization of premiums on investments	( 569 )		( 3,673 )
Accretion of discounts and amortization of premiums on issued debt securities	863		41
Net realized (gain) loss on investments	25,356		( 909 )
Net realized (gain) loss on foreign currency transactions	3,705		( 187 )
Net realized (gain) loss on forward currency contracts	( 1,206 )		—
Net realized (gain) loss on extinguishment of debt	48		—
Net change in unrealized (appreciation) depreciation on investments	( 43,621 )		9,304
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	22,973		( 6,187 )
Net change in unrealized (appreciation) depreciation on interest rate swap	4,662		( 301 )
Net change in unrealized (appreciation) depreciation on forward currency contracts	( 21,927 )		5,715
Proceeds from (fundings of) revolving loans, net	( 2,169 )		( 235 )
Fundings of investments	( 909,514 )		( 73,242 )
Proceeds from principal payments and sales of portfolio investments	450,173		179,411
Proceeds from settlements of forward currency contracts	4,100		—
Payment-in-kind interest capitalized	( 13,211 )		( 13,715 )
Non-cash dividends capitalized	( 7,264 )		( 4,251 )
Proceeds from non-cash dividends	1,824		—

Changes in operating assets and liabilities:

Interest receivable	740		3,560

Other assets	( 11,632 )		( 12,390 )
Interest payable	5,817		1,834
Management and incentive fees payable	5,204		( 36 )
Accrued trustee fees	( 55 )		( 100 )

Accounts payable and other liabilities	( 2,991 )		1,105
Net cash provided by (used in) operating activities	( 374,735 )		163,629
Cash flows from financing activities
Borrowings on debt	3,390,158		563,746
Repayments of debt	( 3,037,745 )		( 629,508 )
Capitalized debt issuance costs	( 5,978 )		( 5,314 )




Distributions paid	( 108,299 )		( 59,736 )

Net cash provided by (used in) financing activities	238,136		( 130,812 )
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies	( 136,599 )		32,817
Effect of foreign currency exchange rates	( 2,079 )		396
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, beginning of period	359,552		140,206
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, end of period	$	220,874	$	173,419
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	69,118	$	37,576

Distributions declared for the period	126,853		74,622
Supplemental disclosure of non-cash financing activities:
Stock issued in connection with dividend reinvestment plan	$	18,554	$	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, restricted cash and cash equivalents and restricted foreign currencies reported within the Consolidated Statements of Financial Condition that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:


	As of
	December 31, 2024		September 30, 2024
Cash and cash equivalents	$	103,508	$	123,120
Foreign currencies (cost of $ 6,825 and $ 7,973 , respectively)	6,769		8,044
Restricted cash and cash equivalents	110,597		227,152
Restricted foreign currencies (cost of $ 0 and $ 1,219 , respectively)	—		1,236
Total cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows (1)	$	220,874	$	359,552

(1) 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, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace & Defense
PPW Aero Buyer, Inc.*	One stop	SF +	6.50 %	(i)	10.93 %				02/2029	$	34,289	$	34,055	0.9	%	$	34,804
PPW Aero Buyer, Inc.+	One stop	SF +	5.50 %	(i)	9.83 %				02/2029	4,744		4,713		0.1		4,744
PPW Aero Buyer, Inc.+(5)	One stop	SF +	5.50 %		N/A(6)				02/2029	—		( 79 )		—		—
PPW Aero Buyer, Inc.+	One stop	SF +	6.50 %	(a)(h)(i)	11.85 %				02/2029	52		51		—		52
										39,085		38,740		1.0		39,600
Air Freight & Logistics
RJW Group Holdings, Inc.+	One stop	SF +	5.25 %	(i)	9.58 %				11/2031	46,415		45,496		1.1		45,486
RJW Group Holdings, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)				11/2031	—		( 34 )		—		( 34 )
										46,415		45,462		1.1		45,452

Airlines
Accelya Lux Finco S.A.R.L.+(8)(13)(26)	One stop	SF +	7.00 %	(i)	7.43 %	cash/	4.00 %	PIK	12/2026	8,903		8,795		0.2		8,725

Auto Components
Arnott, LLC+	One stop	SF +	4.75 %	(i)	9.08 %				11/2030	4,772		4,725		0.1		4,724
Arnott, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				11/2030	—		( 8 )		—		( 8 )
Collision SP Subco, LLC+	One stop	SF +	5.50 %	(i)	10.09 %				01/2030	884		874		—		884
Collision SP Subco, LLC+	One stop	SF +	5.50 %	(i)(j)	10.12 %				01/2030	259		254		—		259
Collision SP Subco, LLC+	One stop	SF +	5.50 %	(i)	10.09 %				01/2030	14		13		—		14
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50 %	(i)	9.22 %				08/2027	6,809		6,763		0.2		6,537
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50 %	(i)	9.24 %				08/2027	1,378		1,357		—		1,322
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50 %	(i)	9.08 %				08/2027	186		182		—		178
North Haven Falcon Buyer, LLC+(26)	One stop	SF +	8.00 %	(i)	7.51 %	cash/	5.00 %	PIK	05/2027	9,223		8,538		0.2		7,378
North Haven Falcon Buyer, LLC+(26)	One stop	SF +	8.00 %	(i)	7.49 %	cash/	5.00 %	PIK	05/2027	1,544		1,429		—		1,235
OEConnection, LLC*	One stop	SF +	5.00 %	(h)	9.36 %				04/2031	10,263		10,219		0.3		10,263
OEConnection, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				04/2031	—		( 34 )		—		—
OEConnection, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				04/2031	—		( 8 )		—		—
OEConnection, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				04/2031	—		( 8 )		—		—
Polk Acquisition Corp.+(26)	Senior secured	SF +	7.50 %	(h)	9.71 %	cash/	2.25 %	PIK	03/2025	18,658		18,514		0.5		18,658
Polk Acquisition Corp.+(26)	Senior secured	SF +	7.50 %	(h)	9.71 %	cash/	2.25 %	PIK	03/2025	110		110		—		110
Polk Acquisition Corp.+(26)	Senior secured	SF +	7.50 %	(h)	9.71 %	cash/	2.25 %	PIK	03/2025	140		140		—		140
										54,240		53,060		1.3		51,694
Automobiles
CAP-KSI Holdings, LLC+	One stop	SF +	5.25 %	(i)	9.58 %				06/2030	6,568		6,477		0.2		6,568
CAP-KSI Holdings, LLC+	One stop	SF +	5.25 %	(h)	9.61 %				06/2030	182		168		—		182
CG Group Holdings, LLC*+(26)	One stop	SF +	8.75 %	(i)	11.08 %	cash/	2.00 %	PIK	07/2027	46,033		45,834		1.2		46,033
CG Group Holdings, LLC+(26)	One stop	SF +	8.75 %	(h)	11.11 %	cash/	2.00 %	PIK	07/2026	708		702		—		708
Denali Midco 2, LLC*	One stop	SF +	5.25 %	(h)	9.61 %				12/2028	38,258		38,014		1.0		38,258
Denali Midco 2, LLC+(26)	Second lien	N/A			13.00 %	PIK			12/2029	10,501		10,404		0.3		10,501
Denali Midco 2, LLC+	One stop	SF +	5.25 %	(h)	9.61 %				12/2028	8,917		9,071		0.2		8,917
Denali Midco 2, LLC+	One stop	SF +	5.25 %	(h)	9.61 %				12/2027	2,668		2,715		0.1		2,668
Denali Midco 2, LLC+	One stop	SF +	5.25 %	(h)	9.61 %				12/2028	1,621		1,649		0.1		1,621
Denali Midco 2, LLC+	One stop	SF +	5.25 %	(h)	9.61 %				12/2028	1,540		1,567		0.1		1,540
Denali Midco 2, LLC+	One stop	SF +	5.25 %	(h)	9.61 %				12/2028	1,344		1,368		—		1,344
Denali Midco 2, LLC+	One stop	SF +	5.25 %	(h)	9.61 %				12/2028	1,293		1,277		—		1,293
Denali Midco 2, LLC+	One stop	SF +	5.25 %	(h)	9.61 %				12/2028	1,108		1,104		—		1,108
Denali Midco 2, LLC+	One stop	SF +	5.25 %	(h)	9.61 %				12/2028	1,075		1,072		—		1,075
Denali Midco 2, LLC+	One stop	SF +	5.25 %	(h)	9.61 %				12/2028	1,075		1,072		—		1,075

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)	Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Denali Midco 2, LLC+	One stop	SF +	5.25 %	(h)	9.61 %	12/2028	$	887	$	885	—	%	$	887
Denali Midco 2, LLC+	One stop	SF +	5.25 %	(h)	9.59 %	12/2028	572		570		—		572
Denali Midco 2, LLC+	One stop	SF +	5.25 %	(h)	9.61 %	12/2028	403		398		—		403
Denali Midco 2, LLC+	One stop	SF +	5.25 %	(h)	9.61 %	12/2028	348		344		—		348
Denali Midco 2, LLC+	One stop	SF +	5.25 %	(h)	9.61 %	12/2028	294		291		—		294
Denali Midco 2, LLC+	One stop	SF +	5.25 %	(h)	9.61 %	12/2028	292		282		—		292
Denali Midco 2, LLC+	One stop	SF +	5.25 %	(h)	9.61 %	12/2028	173		171		—		173
Denali Midco 2, LLC+	One stop	SF +	5.25 %	(h)	9.61 %	12/2028	87		85		—		87
Denali Midco 2, LLC+(5)	One stop	SF +	5.25 %		N/A(6)	12/2028	—		( 5 )		—		—
High Bar Brands Operating, LLC+	Senior secured	SF +	5.00 %	(i)	9.33 %	12/2029	1,433		1,429		0.1		1,433
High Bar Brands Operating, LLC+	Senior secured	SF +	5.00 %	(i)	9.33 %	12/2029	298		297		—		298
High Bar Brands Operating, LLC+	Senior secured	SF +	5.00 %	(i)	9.33 %	12/2029	254		250		—		254
High Bar Brands Operating, LLC+(5)	Senior secured	SF +	5.25 %		N/A(6)	12/2029	—		( 1 )		—		—
JHCC Holdings LLC*+	One stop	SF +	5.25 %	(i)	9.58 %	09/2027	17,844		17,769		0.5		17,844
JHCC Holdings LLC+	One stop	SF +	5.25 %	(i)	9.58 %	09/2027	6,336		6,316		0.2		6,336
JHCC Holdings LLC+	One stop	SF +	5.25 %	(i)	9.58 %	09/2027	5,166		5,242		0.1		5,166
JHCC Holdings LLC+	One stop	SF +	5.25 %	(i)	9.58 %	09/2027	4,938		4,940		0.1		4,938
JHCC Holdings LLC+	One stop	SF +	5.25 %	(i)	9.58 %	09/2027	2,785		2,804		0.1		2,785
JHCC Holdings LLC+	One stop	SF +	5.25 %	(i)	9.58 %	09/2027	1,655		1,642		—		1,655
JHCC Holdings LLC+	One stop	SF +	5.25 %	(i)	9.58 %	09/2027	732		728		—		732
JHCC Holdings LLC+	One stop	SF +	5.25 %	(i)	9.58 %	09/2027	693		691		—		693
JHCC Holdings LLC+	One stop	P +	4.25 %	(a)	11.75 %	09/2027	100		99		—		100
JHCC Holdings LLC+(5)	One stop	SF +	5.25 %		N/A(6)	09/2027	—		( 36 )		—		—
MOP GM Holding, LLC^*+	One stop	SF +	5.75 %	(i)	10.23 %	11/2026	32,803		32,774		0.8		32,803
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(j)	10.33 %	11/2026	3,855		3,848		0.1		3,855
MOP GM Holding, LLC*+	One stop	SF +	5.75 %	(j)	11.09 %	11/2026	3,608		3,589		0.1		3,608
MOP GM Holding, LLC^*	One stop	SF +	5.75 %	(j)	11.09 %	11/2026	3,527		3,507		0.1		3,527
MOP GM Holding, LLC^*	One stop	SF +	5.75 %	(i)	10.23 %	11/2026	2,614		2,600		0.1		2,614
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(j)	11.09 %	11/2026	2,156		2,144		0.1		2,156
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(j)	11.09 %	11/2026	1,987		1,971		—		1,987
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(i)	10.23 %	11/2026	723		719		—		723
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(i)	10.23 %	11/2026	531		529		—		531
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(i)(j)	10.35 %	11/2026	400		397		—		400
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(j)	11.09 %	11/2026	267		265		—		267
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(i)	10.23 %	11/2026	202		202		—		202
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(j)	11.09 %	11/2026	89		88		—		89
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(i)	10.23 %	11/2026	88		88		—		88
MOP GM Holding, LLC+(5)	One stop	SF +	5.75 %		N/A(6)	11/2026	—		( 30 )		—		—
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.50 %	(i)(j)	9.84 %	07/2029	7,924		7,879		0.2		7,924
National Express Wash Parent Holdco, LLC+	One stop	SF +	6.00 %	(j)	10.63 %	07/2029	1,671		1,657		—		1,679
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.50 %	(j)	9.86 %	07/2029	386		379		—		386
National Express Wash Parent Holdco, LLC+(5)	One stop	SF +	6.00 %		N/A(6)	07/2029	—		( 2 )		—		—
POY Holdings, LLC^*+	One stop	SF +	5.50 %	(i)	9.98 %	11/2027	28,416		28,670		0.7		28,416
POY Holdings, LLC+	One stop	SF +	5.50 %	(i)	9.98 %	11/2027	3,694		3,750		0.1		3,694
POY Holdings, LLC*+	One stop	SF +	5.50 %	(i)	9.98 %	11/2027	1,308		1,307		—		1,308
POY Holdings, LLC+	One stop	SF +	5.50 %	(i)	10.24 %	11/2027	871		870		—		871
POY Holdings, LLC+	One stop	SF +	5.50 %	(i)	9.98 %	11/2027	649		649		—		649
POY Holdings, LLC+	One stop	SF +	5.50 %	(i)	9.98 %	11/2027	290		290		—		290
POY Holdings, LLC+(5)	One stop	SF +	5.50 %		N/A(6)	11/2027	—		( 2 )		—		—
POY Holdings, LLC+(5)	One stop	SF +	5.50 %		N/A(6)	11/2027	—		( 26 )		—		—
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	4.75 %	(h)	9.11 %	06/2031	4,189		4,157		0.1		4,189
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	4.75 %	(h)	9.12 %	06/2031	93		86		—		93
Quick Quack Car Wash Holdings, LLC+(5)	One stop	SF +	4.75 %		N/A(6)	06/2031	—		( 3 )		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(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)
TWAS Holdings, LLC*	One stop	SF +	6.75 %	(h)	11.21 %		12/2026	$	46,683	$	46,515	1.2	%	$	46,683
TWAS Holdings, LLC*+	One stop	SF +	6.75 %	(h)	11.21 %		12/2026	41,699		41,657		1.0		41,699
TWAS Holdings, LLC*	One stop	SF +	6.75 %	(h)	11.21 %		12/2026	10,826		10,815		0.3		10,826
TWAS Holdings, LLC+	One stop	SF +	6.75 %	(h)	11.21 %		12/2026	8,267		8,317		0.2		8,267
TWAS Holdings, LLC+	One stop	SF +	6.75 %	(h)	11.21 %		12/2026	5,250		5,283		0.1		5,250
TWAS Holdings, LLC+(5)	One stop	SF +	6.75 %		N/A(6)		12/2026	—		( 5 )		—		—
Yorkshire Parent, Inc.+	One stop	SF +	6.00 %	(i)	10.33 %		12/2029	2,629		2,664		0.1		2,629
Yorkshire Parent, Inc.+	One stop	SF +	6.00 %	(i)	10.52 %		12/2029	214		213		—		214
Yorkshire Parent, Inc.+	One stop	SF +	6.00 %	(i)	10.33 %		12/2029	14		14		—		14
								386,104		385,510		9.6		386,112
Banks
Empyrean Solutions, LLC+	One stop	SF +	4.75 %	(i)	9.08 %		11/2031	9,283		9,237		0.2		9,236
Empyrean Solutions, LLC+(5)	One stop	SF +	4.75 %		N/A(6)		11/2031	—		( 7 )		—		( 7 )
Empyrean Solutions, LLC+(5)	One stop	SF +	4.75 %		N/A(6)		11/2031	—		( 18 )		—		( 19 )
OSP Hamilton Purchaser, LLC+	One stop	SF +	5.25 %	(i)	9.84 %		12/2029	1,740		1,764		0.1		1,740
OSP Hamilton Purchaser, LLC+	One stop	SF +	5.25 %	(i)	9.84 %		12/2029	330		325		—		330
OSP Hamilton Purchaser, LLC+	One stop	SF +	5.25 %	(i)	9.84 %		12/2029	34		33		—		34
								11,387		11,334		0.3		11,314
Beverages
Financial Information Technologies, LLC*	One stop	SF +	5.25 %	(i)	9.58 %		06/2030	34,539		34,471		0.9		34,539
Financial Information Technologies, LLC+(26)	One stop	N/A			14.00 %	PIK	06/2031	20,606		20,474		0.5		21,224
Financial Information Technologies, LLC+	One stop	SF +	5.25 %		N/A(6)		06/2030	—		—		—		—
Financial Information Technologies, LLC+	One stop	SF +	5.25 %	(i)	9.58 %		06/2030	2,215		2,212		0.1		2,215
Financial Information Technologies, LLC+(5)	One stop	SF +	5.25 %		N/A(6)		06/2030	—		( 1 )		—		—
Watermill Express, LLC^*	One stop	SF +	5.25 %	(i)	9.73 %		07/2029	3,055		3,039		0.1		3,071
Watermill Express, LLC+	One stop	SF +	5.25 %	(i)	9.73 %		07/2029	295		294		—		297
Watermill Express, LLC+	One stop	SF +	5.25 %	(h)(i)	9.81 %		07/2029	209		205		—		209
Watermill Express, LLC+	One stop	SF +	5.25 %	(i)	9.73 %		07/2029	737		732		—		742
Watermill Express, LLC+	One stop	SF +	5.25 %	(i)	9.77 %		07/2029	369		368		—		371
Watermill Express, LLC+	One stop	SF +	4.75 %	(i)	9.23 %		07/2029	580		568		—		580
Winebow Holdings, Inc.*	One stop	SF +	6.25 %	(h)	10.71 %		12/2027	9,327		9,188		0.2		8,488
								71,932		71,550		1.8		71,736


Building Products
BECO Holding Company, Inc.*+	One stop	SF +	5.25 %	(i)	9.73 %				11/2028	40,893	41,487	1.0	40,893
BECO Holding Company, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)				11/2027	—	( 2 )	—	—
										40,893	41,485	1.0	40,893
Capital Markets
BlueMatrix Holdings, LLC+	One stop	SF +	5.25 %	(i)	9.58 %				01/2031	2,533	2,556	0.1	2,533
BlueMatrix Holdings, LLC+	One stop	SF +	5.25 %		N/A(6)				01/2031	—	—	—	—
BlueMatrix Holdings, LLC+(5)	One stop	SF +	5.25 %		N/A(6)				01/2031	—	( 7 )	—	—
										2,533	2,549	0.1	2,533
Chemicals
Inhance Technologies Holdings, LLC+(26)	One stop	SF +	6.50 %	(i)	7.24 %	cash/	4.00 %	PIK	06/2025	15,285	13,800	0.3	12,534
Inhance Technologies Holdings, LLC+(26)	One stop	SF +	6.50 %	(i)	7.24 %	cash/	4.00 %	PIK	06/2025	13,880	13,348	0.3	11,382
Inhance Technologies Holdings, LLC+(26)	One stop	SF +	6.50 %	(i)	7.24 %	cash/	4.00 %	PIK	06/2025	2,700	2,591	0.1	2,213
Inhance Technologies Holdings, LLC+(26)	One stop	SF +	6.50 %	(i)	7.24 %	cash/	4.00 %	PIK	06/2025	317	300	—	257
Krayden Holdings, Inc.+	Senior secured	SF +	4.75 %	(h)	9.11 %				03/2029	9,815	9,724	0.2	9,815
Krayden Holdings, Inc.+(5)	Senior secured	SF +	4.75 %		N/A(6)				03/2029	—	( 31 )	—	—
Krayden Holdings, Inc.+(5)	Senior secured	SF +	4.75 %		N/A(6)				03/2029	—	( 45 )	—	—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(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)(9)(14)(26)	One stop	E +	6.75 %	(d)	6.91 %	cash/	3.00 %	PIK	09/2028	$	47,511	$	50,243	1.1	%	$	45,135
PHM NL SP Bidco B.V.+(8)(14)(26)	One stop	SF +	6.75 %	(g)	8.31 %	cash/	3.00 %	PIK	09/2028	19,993		19,252		0.5		18,993
PHM NL SP Bidco B.V.+(8)(9)(14)(26)	One stop	SN +	6.75 %	(f)	8.45 %	cash/	3.00 %	PIK	09/2028	10,918		11,042		0.3		10,372
PHM NL SP Bidco B.V.+(8)(9)(14)(26)	One stop	E +	6.75 %	(d)	6.40 %	cash/	3.00 %	PIK	09/2028	5,033		5,215		0.1		4,786
										125,452		125,439		2.9		115,487
Commercial Services & Supplies
BradyIFS Holdings, LLC^+	One stop	SF +	5.00 %	(i)	9.52 %				10/2029	5,209		5,278		0.1		5,209
BradyIFS Holdings, LLC+	One stop	SF +	5.00 %	(i)	9.40 %				10/2029	33		32		—		33
CI (Quercus) Intermediate Holdings, LLC*+	One stop	SF +	5.00 %	(i)	9.33 %				06/2031	28,778		28,463		0.7		28,778
CI (Quercus) Intermediate Holdings, LLC+	One stop	SF +	5.00 %	(h)	9.36 %				06/2031	53		35		—		53
CI (Quercus) Intermediate Holdings, LLC+	One stop	SF +	5.00 %	(i)	9.33 %				06/2031	669		621		—		669
Encore Holdings, LLC+	One stop	SF +	5.25 %	(i)	9.68 %				11/2028	4,552		4,493		0.1		4,564
Encore Holdings, LLC+	One stop	SF +	5.25 %	(i)	9.68 %				11/2028	905		893		—		907
Encore Holdings, LLC+	One stop	SF +	5.00 %	(i)	9.33 %				11/2028	1,498		1,491		—		1,498
Encore Holdings, LLC+	One stop	SF +	4.75 %	(i)	9.08 %				11/2028	5,975		5,917		0.2		5,914
Encore Holdings, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				11/2028	—		( 21 )		—		( 43 )
FR Vision Holdings, Inc.+	One stop	SF +	5.50 %	(h)(i)	10.12 %				01/2031	1,067		1,064		—		1,067
FR Vision Holdings, Inc.+	One stop	SF +	5.50 %	(i)	10.08 %				01/2031	145		144		—		145
FR Vision Holdings, Inc.+	One stop	SF +	5.50 %		N/A( 6 )				01/2030	—		—		—		—
Kleinfelder Intermediate, LLC+	One stop	SF +	5.00 %	(h)	9.36 %				09/2030	4,077		3,981		0.1		4,077
Kleinfelder Intermediate, LLC+	One stop	P +	4.00 %	(a)	11.50 %				09/2028	120		113		—		120
Kleinfelder Intermediate, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				09/2030	—		( 5 )		—		—
North Haven Stack Buyer, LLC+(26)	Second lien	N/A			10.00 %	cash/	2.50 %	PIK	01/2028	1,510		1,498		0.1		1,513
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.00 %	(i)	9.33 %				07/2027	158		157		—		158
North Haven Stack Buyer, LLC*+	Senior secured	SF +	5.25 %	(i)	9.76 %				07/2027	1,560		1,546		0.1		1,564
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.00 %	(i)	9.46 %				07/2027	518		494		—		518
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25 %	(i)	9.58 %				07/2027	284		281		—		284
North Haven Stack Buyer, LLC+(5)	Second lien	N/A			N/A(6)				01/2028	—		( 14 )		—		—
North Haven Stack Buyer, LLC*	Senior secured	SF +	5.25 %	(i)	9.84 %				07/2027	12,254		12,241		0.3		12,283
North Haven Stack Buyer, LLC+(26)	Second lien	N/A			10.00 %	cash/	2.50 %	PIK	01/2028	2,293		2,274		0.1		2,299
North Haven Stack Buyer, LLC*+	Senior secured	SF +	5.25 %	(i)	9.58 %				07/2027	1,477		1,469		0.1		1,481
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25 %	(i)	9.58 %				07/2027	1,415		1,407		0.1		1,418


North Haven Stack Buyer, LLC*	Senior secured	SF +	5.25 %	(i)	9.84 %				07/2027	4,128	4,116	0.1	4,138
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25 %	(i)	9.84 %				07/2027	1,367	1,363	—	1,371
North Haven Stack Buyer, LLC*	Senior secured	SF +	5.25 %	(i)	9.84 %				07/2027	1,362	1,358	—	1,365
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25 %	(i)	9.77 %				07/2027	200	199	—	200
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25 %	(i)	9.84 %				07/2027	100	99	—	100
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25 %	(i)	9.70 %				07/2027	443	435	—	443
North Haven Stack Buyer, LLC*+	Senior secured	SF +	5.25 %	(i)	9.58 %				07/2027	2,276	2,264	0.1	2,281
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25 %	(i)	9.58 %				07/2027	483	480	—	485
North Haven Stack Buyer, LLC+(5)(26)	Second lien	N/A			N/A(6)				01/2028	—	( 5 )	—	2
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.00 %	(i)	9.33 %				07/2027	908	902	—	908
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.00 %	(i)	9.33 %				07/2027	687	683	—	687
Profile Products LLC+	One stop	SF +	5.50 %	(j)	10.04 %				11/2027	9,029	8,957	0.2	8,848
Profile Products LLC+(8)	One stop	SF +	5.50 %	(j)	10.04 %				11/2027	1,830	1,808	—	1,793
Profile Products LLC+	One stop	P +	4.50 %	(a)	12.00 %				11/2027	26	24	—	24
Profile Products LLC+(5)	One stop	SF +	5.75 %		N/A(6)				11/2027	—	( 1 )	—	( 2 )
PSC Parent, Inc.*+	One stop	SF +	5.25 %	(h)	9.76 %				04/2031	5,492	5,482	0.2	5,492
PSC Parent, Inc.+	One stop	SF +	5.25 %	(a)(h)	9.97 %				04/2030	476	469	—	476
PSC Parent, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)				04/2031	—	( 6 )	—	—
PSC Parent, Inc.+	One stop	SF +	5.25 %	(h)	9.61 %				04/2031	915	911	—	915
PT Intermediate Holdings III, LLC+(26)	One stop	SF +	5.00 %	(i)	7.58 %	cash/	1.75 %	PIK	04/2030	12,289	12,315	0.3	12,289

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(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)
PT Intermediate Holdings III, LLC+(5)	One stop	SF +	4.75 %		N/A(6)		04/2030	$	—	$	( 1 )	—	%	$	—
Radwell Parent, LLC^*	One stop	SF +	5.50 %	(i)	9.83 %		03/2029	34,202		33,899		0.9		33,859
Radwell Parent, LLC*+	One stop	SF +	5.50 %	(i)	9.83 %		03/2029	32,874		32,923		0.8		32,546
Radwell Parent, LLC+	One stop	SF +	5.50 %	(i)	9.83 %		03/2029	248		202		—		235
Radwell Parent, LLC+(5)	One stop	SF +	5.50 %		N/A(6)		03/2029	—		( 1 )		—		( 7 )
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.25 %	(j)	9.76 %		06/2028	2,632		2,612		0.1		2,638
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.25 %	(j)	10.01 %		06/2028	530		530		—		531
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.25 %		N/A(6)		06/2028	—		—		—		—
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.25 %	(j)	9.78 %		06/2028	494		493		—		495
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.50 %		N/A(6)		06/2028	—		—		—		—
WRE Holding Corp.*	One stop	SF +	5.00 %	(j)	9.25 %		07/2031	16,473		16,320		0.4		16,473
WRE Holding Corp.+	One stop	SF +	5.00 %	(j)	9.52 %		07/2031	1,355		1,334		—		1,355
WRE Holding Corp.+(5)	One stop	SF +	5.00 %		N/A(6)		07/2030	—		( 22 )		—		—
								205,369		203,994		5.1		204,449
Communications Equipment
Lightning Finco Limited+(8)(10)	One stop	SF +	5.25 %	(g)	9.99 %		09/2028	14,802		14,778		0.4		14,802
Lightning Finco Limited+(8)(9)(10)	One stop	E +	5.25 %	(d)	7.83 %		09/2028	1,573		1,744		—		1,573
								16,375		16,522		0.4		16,375
Construction & Engineering
Consor Intermediate II, LLC*	One stop	SF +	4.50 %	(i)	8.83 %		05/2031	4,040		4,051		0.1		4,040
Consor Intermediate II, LLC+(5)	One stop	SF +	4.50 %		N/A(6)		05/2031	—		( 17 )		—		—
Consor Intermediate II, LLC+(5)	One stop	SF +	4.50 %		N/A(6)		05/2031	—		( 3 )		—		—
								4,040		4,031		0.1		4,040
Containers & Packaging
Chase Intermediate*+	One stop	SF +	4.75 %	(i)	9.34 %		10/2028	49,205		49,881		1.3		49,205
Chase Intermediate+(5)	One stop	SF +	4.75 %		N/A(6)		10/2028	—		( 2 )		—		—
Chase Intermediate+	One stop	SF +	4.75 %	(i)	9.22 %		10/2028	935		930		—		935
Fortis Solutions Group, LLC^*+	One stop	SF +	5.50 %	(i)	9.93 %		10/2028	51,400		51,049		1.3		51,400
Fortis Solutions Group, LLC+	One stop	SF +	5.50 %	(i)	9.93 %		10/2028	595		500		—		595
Fortis Solutions Group, LLC+	One stop	SF +	5.50 %	(i)	9.93 %		10/2028	141		79		—		141
Fortis Solutions Group, LLC+	One stop	SF +	5.50 %	(a)(i)	10.32 %		10/2027	212		204		—		212
								102,488		102,641		2.6		102,488
Diversified Consumer Services
Any Hour, LLC*	One stop	SF +	5.00 %	(i)	9.33 %		05/2030	9,043		8,982		0.2		8,862
Any Hour, LLC+(26)	One stop	N/A			13.00 %	PIK	05/2031	2,971		2,922		0.1		2,942
Any Hour, LLC+	One stop	SF +	5.00 %	(i)	9.45 %		05/2030	455		442		—		436
Any Hour, LLC+	One stop	SF +	5.00 %	(i)	9.33 %		05/2030	256		238		—		203
Apex Service Partners, LLC+	One stop	SF +	5.00 %	(i)	9.51 %		10/2030	4,423		4,494		0.1		4,423
Apex Service Partners, LLC+	One stop	SF +	5.00 %	(i)	9.50 %		10/2030	4,026		3,959		0.1		4,026
Apex Service Partners, LLC+	One stop	SF +	5.00 %	(i)	9.51 %		10/2030	1,052		1,039		—		1,052
Apex Service Partners, LLC+	One stop	SF +	5.00 %	(i)	9.51 %		10/2029	54		53		—		54
Certus Pest, Inc.*	One stop	SF +	5.25 %	(i)	9.73 %		08/2027	1,730		1,711		0.1		1,722
Certus Pest, Inc.*	One stop	SF +	5.25 %	(i)	9.73 %		08/2027	1,659		1,635		0.1		1,651
Certus Pest, Inc.*+	One stop	SF +	5.25 %	(i)	9.73 %		08/2027	1,197		1,193		—		1,191
Certus Pest, Inc.*	One stop	SF +	5.25 %	(i)	9.73 %		08/2027	1,182		1,172		—		1,176
Certus Pest, Inc.*+	One stop	SF +	5.25 %	(i)	9.73 %		08/2027	820		812		—		816
Certus Pest, Inc.*	One stop	SF +	5.25 %	(i)	9.73 %		08/2027	723		708		—		719
Certus Pest, Inc.+	One stop	SF +	5.25 %	(i)	9.73 %		08/2027	704		700		—		701
Certus Pest, Inc.*+	One stop	SF +	5.25 %	(i)	9.73 %		08/2027	416		412		—		413
Certus Pest, Inc.+	One stop	SF +	5.25 %	(i)	9.73 %		08/2027	260		255		—		259

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Certus Pest, Inc.+	One stop	SF +	5.25 %	(i)	9.73 %				08/2027	$	142	$	135	—	%	$	142
Certus Pest, Inc.+	One stop	SF +	5.25 %	(i)	9.73 %				08/2027	60		58		—		60
Certus Pest, Inc.+	One stop	SF +	5.25 %		N/A(6)				08/2027	—		—		—		—
Certus Pest, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)				08/2027	—		( 60 )		—		( 61 )
CHHJ Midco, LLC*+	Senior secured	SF +	5.00 %	(i)	9.48 %				01/2026	3,722		3,716		0.1		3,722
CHHJ Midco, LLC+	Senior secured	SF +	5.00 %		N/A(6)				01/2026	—		—		—		—
CHVAC Services Investment, LLC*+	One stop	SF +	5.00 %	(i)	9.33 %				05/2030	4,317		4,254		0.1		4,317
CHVAC Services Investment, LLC+	One stop	SF +	5.00 %	(i)	9.33 %				05/2030	718		690		—		718
CHVAC Services Investment, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				05/2030	—		( 3 )		—		—
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25 %	(i)	9.99 %				07/2027	2,394		2,383		0.1		2,394
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25 %	(i)	9.99 %				07/2027	2,333		2,317		0.1		2,333
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25 %	(i)	9.99 %				07/2027	1,529		1,520		0.1		1,529
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.50 %	(i)	10.17 %				07/2027	1,380		1,378		—		1,380
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25 %	(i)	9.99 %				07/2027	1,152		1,144		—		1,152
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25 %	(i)	9.98 %				07/2027	1,080		1,074		—		1,080
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.50 %	(i)	10.14 %				07/2027	1,045		1,043		—		1,045
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.50 %	(i)	10.15 %				07/2027	919		918		—		919
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25 %	(i)	9.99 %				07/2027	694		689		—		694
COP Hometown Acquisitions, Inc.+(5)	Senior secured	SF +	5.25 %		N/A(6)				07/2027	—		( 2 )		—		—
EMS LINQ, LLC^+	One stop	SF +	6.25 %	(i)	10.86 %				12/2027	13,835		13,866		0.4		13,835
EMS LINQ, LLC+	One stop	SF +	6.25 %	(i)	10.81 %				12/2027	120		119		—		120
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50 %	(i)	9.98 %				07/2029	4,378		4,381		0.1		4,378
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50 %	(i)	9.98 %				07/2029	1,263		1,242		—		1,263
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50 %	(i)	9.98 %				07/2029	30		29		—		30
EWC Growth Partners LLC+	One stop	SF +	6.00 %	(i)	10.48 %				03/2026	1,082		1,082		—		1,061
EWC Growth Partners LLC+	One stop	SF +	6.00 %	(i)	10.48 %				03/2026	922		920		—		904
EWC Growth Partners LLC+	One stop	SF +	6.00 %	(i)	10.48 %				03/2026	102		102		—		100
EWC Growth Partners LLC+	One stop	SF +	6.00 %	(i)	10.48 %				03/2026	38		38		—		36
FPG Intermediate Holdco, LLC+(26)	One stop	SF +	6.75 %	(i)(j)	5.69 %	cash/	5.75 %	PIK	03/2027	22,431		21,652		0.4		17,945
FPG Intermediate Holdco, LLC+(26)	One stop	SF +	6.75 %	(i)	5.70 %	cash/	5.75 %	PIK	03/2027	553		553		—		553
FPG Intermediate Holdco, LLC+(26)	One stop	SF +	6.75 %	(h)(i)(j)	5.46 %	cash/	5.75 %	PIK	03/2027	40		40		—		40
FSS Buyer LLC+	One stop	SF +	5.00 %	(h)	9.36 %				08/2028	7,647		7,633		0.2		7,647
FSS Buyer LLC+	One stop	SF +	5.00 %		N/A(6)				08/2027	—		—		—		—
HS Spa Holdings, Inc.+	One stop	SF +	5.25 %	(i)	9.76 %				06/2029	11,521		11,502		0.3		11,521
HS Spa Holdings, Inc.+	One stop	SF +	5.25 %	(i)	9.88 %				06/2029	338		336		—		338
HS Spa Holdings, Inc.+	One stop	SF +	5.25 %	(a)(h)	10.06 %				06/2028	42		40		—		42
Learn-it Systems, LLC+(26)	Senior secured	SF +	5.25 %	(i)	7.25 %	cash/	2.75 %	PIK	09/2026	3,372		3,366		0.1		3,372
Learn-it Systems, LLC+(26)	Senior secured	SF +	5.25 %	(i)	7.25 %	cash/	2.75 %	PIK	09/2026	1,986		1,980		—		1,986
Learn-it Systems, LLC+(26)	Senior secured	SF +	5.25 %	(i)	7.25 %	cash/	2.75 %	PIK	09/2026	846		842		—		846
Learn-it Systems, LLC+	Senior secured	SF +	5.25 %		N/A(6)				09/2026	—		—		—		—
Liminex, Inc.+	One stop	SF +	7.25 %	(h)	11.71 %				11/2026	35,650		35,618		0.9		35,650
Liminex, Inc.+	One stop	SF +	7.25 %	(h)	11.71 %				11/2026	23,516		23,452		0.6		23,516
Liminex, Inc.^+	One stop	SF +	7.25 %	(h)	11.71 %				11/2026	20,321		20,642		0.5		20,321
Liminex, Inc.+	One stop	SF +	7.25 %	(h)	11.71 %				11/2026	15,953		15,786		0.4		15,953
Litera Bidco, LLC*	One stop	SF +	5.00 %	(h)	9.36 %				05/2028	5,188		5,199		0.2		5,188
Litera Bidco, LLC+	One stop	SF +	5.00 %	(h)	9.36 %				05/2028	1,058		1,052		—		1,058
Litera Bidco, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				05/2028	—		( 2 )		—		—
Litera Bidco, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				05/2028	—		( 1 )		—		—
Mario Purchaser, LLC+	One stop	SF +	5.75 %	(h)	10.21 %				04/2029	11,354		11,302		0.3		11,014
Mario Purchaser, LLC+	One stop	SF +	5.75 %	(h)	10.21 %				04/2029	5,228		5,254		0.1		5,071
Mario Purchaser, LLC+(26)	One stop	SF +	10.75 %	(h)	15.21 %	PIK			04/2032	4,607		4,625		0.1		4,561
Mario Purchaser, LLC+	One stop	SF +	5.75 %	(h)	10.21 %				04/2029	455		416		—		318
Mario Purchaser, LLC+	One stop	SF +	5.75 %	(h)	10.21 %				04/2028	44		43		—		40

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(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)
NSG Buyer, Inc. *+	One stop	SF +	6.50 %	(h)	10.96 %				11/2029	$	34,243	$	34,182	0.9	%	$	34,501
NSG Buyer, Inc. +	One stop	SF +	5.75 %	(h)	10.11 %				11/2029	2,728		2,722		0.1		2,728
NSG Buyer, Inc. +(5)	One stop	SF +	6.50 %		N/A(6)				11/2028	—		( 1 )		—		—
NSG Buyer, Inc. +(5)	One stop	SF +	5.75 %		N/A(6)				11/2029	—		( 1 )		—		—
PADI Holdco, Inc.*	One stop	SF +	6.25 %	(i)	10.91 %				01/2027	21,298		21,105		0.6		21,191
PADI Holdco, Inc.+(8)(9)	One stop	E +	6.25 %	(c)	9.15 %				01/2027	18,667		20,385		0.5		18,573
PADI Holdco, Inc.+	One stop	SF +	6.25 %	(i)	11.00 %				01/2027	821		813		—		816
PADI Holdco, Inc.+	One stop	SF +	6.25 %	(i)	10.83 %				01/2027	170		168		—		169
PADI Holdco, Inc.+	One stop	SF +	6.25 %	(i)	11.01 %				01/2027	95		93		—		94
Provenance Buyer LLC*	One stop	SF +	5.50 %	(h)	9.96 %				06/2027	20,742		20,579		0.5		19,912
Provenance Buyer LLC*	One stop	SF +	5.50 %	(h)	9.96 %				06/2027	13,974		13,916		0.3		13,415
Provenance Buyer LLC+	One stop	SF +	5.50 %	(h)	9.95 %				06/2027	200		197		—		190
RW AM Holdco LLC+	One stop	SF +	5.25 %	(i)	9.68 %				04/2028	26,301		25,643		0.6		23,671
RW AM Holdco LLC+(5)	One stop	SF +	5.25 %		N/A(6)				04/2028	—		( 13 )		—		( 30 )
Severin Acquisition, LLC+(26)	One stop	SF +	5.00 %	(h)	7.11 %	cash/	2.25 %	PIK	10/2031	35,391		35,052		0.9		35,391
Severin Acquisition, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				10/2031	—		( 43 )		—		—
Severin Acquisition, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				10/2031	—		( 36 )		—		—
Virginia Green Acquisition, LLC+	One stop	SF +	5.25 %	(j)	9.53 %				12/2030	2,409		2,448		0.1		2,409
Virginia Green Acquisition, LLC+	One stop	SF +	5.25 %	(j)	9.56 %				12/2030	121		120		—		121
Virginia Green Acquisition, LLC+	One stop	SF +	5.25 %		N/A(6)				12/2029	—		—		—		—
										423,536		422,419		10.3		413,928
Diversified Financial Services
Avalara, Inc.+	One stop	SF +	6.25 %	(i)	10.58 %				10/2028	18,170		18,099		0.5		18,170
Avalara, Inc.+(5)	One stop	SF +	7.25 %		N/A(6)				10/2028	—		( 2 )		—		—
Baker Tilly Advisory Group, LP+	One stop	SF +	4.75 %	(h)	9.11 %				06/2031	3,292		3,248		0.1		3,292
Baker Tilly Advisory Group, LP+(5)	One stop	SF +	5.00 %		N/A(6)				06/2030	—		( 9 )		—		—
Baker Tilly Advisory Group, LP+(5)	One stop	SF +	5.00 %		N/A(6)				06/2031	—		( 3 )		—		—
Banker's Toolbox, Inc.*+	One stop	SF +	4.50 %	(i)	8.83 %				07/2027	20,517		20,473		0.5		20,517
Banker's Toolbox, Inc.+	One stop	SF +	4.50 %		N/A(6)				07/2027	—		—		—		—
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop	E +	5.25 %	(d)	8.84 %				07/2031	15,420		15,964		0.4		15,420
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)(26)	Subordinated debt	E +	8.00 %	(c)(d)	3.59 %	cash/	8.00 %	PIK	07/2032	1,852		1,917		—		1,852
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop	E +	5.25 %		N/A(6)				07/2031	—		—		—		—
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop	E +	5.25 %		N/A(6)				07/2031	—		—		—		—
Corsair Blade IV S.A R.L.+(8)(13)	One stop	SF +	5.50 %	(g)	9.81 %				12/2030	3,623		3,623		0.1		3,587
Corsair Blade IV S.A R.L.+(8)(9)(13)	One stop	SN +	5.50 %	(f)	10.20 %				12/2030	1,086		854		—		818
Finastra USA, Inc.+	One stop	SF +	7.25 %	(i)	11.65 %				09/2029	5,360		5,283		0.1		5,386
Finastra USA, Inc.+	One stop	SF +	7.25 %	(i)	11.65 %				09/2029	62		61		—		62
Flash Topco, Inc.+	One stop	SF +	6.00 %	(i)	10.69 %				10/2028	17,050		16,836		0.4		16,922
Flash Topco, Inc.+	One stop	SF +	6.00 %	(i)	10.40 %				10/2028	3,403		3,386		0.1		3,369
Flash Topco, Inc.+	One stop	SF +	6.50 %	(i)	10.83 %				10/2028	92		89		—		92
Higginbotham Insurance Agency, Inc.+	One stop	SF +	4.50 %	(h)	8.86 %				11/2028	8,073		8,106		0.2		8,073
Higginbotham Insurance Agency, Inc.+	One stop	SF +	4.75 %	(h)	9.11 %				11/2028	366		363		—		366
Medlar Bidco Limited+(8)(9)(21)	One stop	SN +	5.00 %		N/A(6)				01/2032	—		—		—		—
Medlar Bidco Limited+(8)(9)(21)	One stop	SN +	5.00 %		N/A(6)				01/2032	—		—		—		—
Medlar Bidco Limited+(5)(8)(9)(21)	One stop	SN +	5.00 %		N/A(6)				01/2032	—		—		—		( 59 )
Wealth Enhancement Group, LLC+	One stop	SF +	5.00 %	(i)	9.57 %				10/2028	3,988		3,982		0.1		3,968
Wealth Enhancement Group, LLC+	One stop	SF +	5.00 %	(i)	9.57 %				10/2028	2,876		2,871		0.1		2,861
Wealth Enhancement Group, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				10/2028	—		( 2 )		—		( 3 )
Wealth Enhancement Group, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				10/2028	—		( 21 )		—		( 21 )
										105,230		105,118		2.6		104,672

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(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 +	5.00 %	(i)	9.48 %	07/2027	$	1,529	$	1,523	—	%	$	1,529

Electrical Equipment
Power Grid Holdings, Inc.+	One stop	SF +	4.75 %	(i)	9.08 %	12/2030	1,421		1,405		—		1,421
Power Grid Holdings, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)	12/2030	—		( 2 )		—		—
Wildcat TopCo, Inc.+	One stop	SF +	5.00 %	(h)	9.36 %	11/2031	23,478		23,248		0.6		23,243
Wildcat TopCo, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)	11/2031	—		( 41 )		—		( 42 )
Wildcat TopCo, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)	11/2031	—		( 21 )		—		( 21 )
							24,899		24,589		0.6		24,601

Electronic Equipment, Instruments & Components
CST Holding Company	One stop	SF +	5.00 %	(h)	9.46 %	11/2028	33,976		33,094		0.8		33,976
CST Holding Company+(5)	One stop	SF +	5.00 %		N/A(6)	11/2028	—		( 3 )		—		—
							33,976		33,091		0.8		33,976


Food & Staples Retailing
Mendocino Farms, LLC+	One stop	SF +	5.50 %	(h)	9.86 %	03/2030	998	995	—	998
Mendocino Farms, LLC+	One stop	SF +	5.50 %	(h)	9.86 %	03/2030	56	55	—	56
Mendocino Farms, LLC+	One stop	SF +	5.50 %		N/A(6)	03/2030	—	—	—	—
Mendocino Farms, LLC+	One stop	SF +	5.50 %	(h)	9.86 %	03/2030	112	111	—	112
PDI TA Holdings, Inc.+	One stop	SF +	5.50 %	(i)	10.09 %	02/2031	1,141	1,137	0.1	1,141
PDI TA Holdings, Inc.+	One stop	SF +	5.50 %		N/A(6)	02/2031	—	—	—	—
PDI TA Holdings, Inc.+	One stop	SF +	5.50 %	(i)	10.00 %	02/2031	148	146	—	148
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50 %	(i)	11.98 %	07/2025	2,299	2,293	0.1	2,299
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50 %	(i)	11.98 %	07/2025	514	512	—	514
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50 %	(i)	11.98 %	07/2025	339	338	—	339
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50 %	(i)	11.98 %	07/2025	190	190	—	190
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50 %	(i)	11.98 %	07/2025	—	—	—	—
Wineshipping.com LLC+	One stop	SF +	5.75 %	(j)	10.74 %	10/2027	9,648	9,519	0.2	8,587
Wineshipping.com LLC+	One stop	SF +	5.75 %	(j)	10.45 %	10/2027	264	259	—	235
Wineshipping.com LLC+	One stop	SF +	5.75 %	(a)(i)(j)	10.59 %	10/2027	146	142	—	128
							15,855	15,697	0.4	14,747

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(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 %	(i)	10.33 %				10/2030	$	4,893	$	4,834	0.1	%	$	4,893
Blast Bidco Inc.+(5)	One stop	SF +	6.00 %		N/A(6)				10/2029	—		( 6 )		—		—
Borrower R365 Holdings, LLC^+	One stop	SF +	6.00 %	(i)	10.48 %				06/2027	18,823		18,812		0.5		18,823
Borrower R365 Holdings, LLC+	One stop	SF +	6.00 %	(i)	10.48 %				06/2027	1,556		1,546		0.1		1,556
Borrower R365 Holdings, LLC+	One stop	SF +	6.00 %	(i)	10.48 %				06/2027	231		231		—		231
Borrower R365 Holdings, LLC+(5)	One stop	SF +	6.00 %		N/A(6)				06/2027	—		( 1 )		—		—
Eagle Family Foods Group, LLC+	One stop	SF +	5.00 %	(i)	9.59 %				08/2030	13,063		12,941		0.3		13,063
Eagle Family Foods Group, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				08/2030	—		( 14 )		—		—
Kodiak Cakes, LLC^*+	Senior secured	SF +	5.25 %	(i)	9.84 %				06/2028	46,262		45,885		1.2		46,262
Kodiak Cakes, LLC+(5)	Senior secured	SF +	5.25 %		N/A(6)				06/2028	—		( 4 )		—		—
Louisiana Fish Fry Products, Ltd.*+	One stop	SF +	6.25 %	(i)	10.73 %				07/2027	13,665		13,635		0.4		13,529
Louisiana Fish Fry Products, Ltd.+	One stop	SF +	6.25 %	(h)(i)	10.59 %				07/2027	240		237		—		236
MAPF Holdings, Inc.^+	One stop	SF +	6.50 %	(i)	10.83 %				12/2026	51,840		51,684		1.2		47,695
MAPF Holdings, Inc.+	One stop	SF +	6.50 %	(i)	10.83 %				12/2026	600		593		—		552
MAPF Holdings, Inc.+	One stop	SF +	6.50 %	(i)	10.83 %				12/2026	1,661		1,636		—		1,529
MAPF Holdings, Inc.+(26)	One stop	N/A			19.00 %	PIK			12/2026	1,974		1,950		—		1,752
P&P Food Safety Holdings, Inc.*+	One stop	SF +	6.00 %	(i)	10.48 %				12/2026	24,747		24,715		0.6		24,501
P&P Food Safety Holdings, Inc.+	One stop	SF +	6.00 %	(i)	10.87 %				12/2026	38		36		—		36
Wizard Bidco Limited+(8)(10)	One stop	SF +	6.00 %	(i)	10.33 %				03/2029	22,740		22,643		0.6		22,740
Wizard Bidco Limited+(8)(9)(10)(26)	One stop	SN +	5.00 %	(f)	8.20 %	cash/	1.50 %	PIK	03/2029	10,307		10,629		0.2		9,870
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	6.00 %	(f)	10.70 %				03/2029	7,787		7,720		0.2		7,787
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	4.75 %	(f)	9.45 %				09/2028	188		183		—		180
Wizard Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.00 %		N/A(6)				03/2029	—		( 40 )		—		—
										220,615		219,845		5.4		215,235


Healthcare Equipment & Supplies
Aspen Medical Products, LLC*+	One stop	SF +	4.75 %	(h)	9.11 %	06/2028	7,069	7,024	0.2	7,069
Aspen Medical Products, LLC+	One stop	SF +	4.75 %	(h)	9.11 %	06/2028	459	455	—	459
Aspen Medical Products, LLC+(5)	One stop	SF +	4.75 %		N/A(6)	06/2028	—	( 1 )	—	—
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	5.95 %	(g)	10.52 %	08/2028	7,745	7,749	0.2	7,745
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	5.95 %	(c)	8.99 %	08/2028	4,289	4,788	0.1	4,289
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	5.95 %	(g)	10.52 %	08/2028	1,912	1,912	—	1,912
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SN +	5.95 %	(f)	10.77 %	08/2028	1,266	1,344	—	1,266
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	5.95 %	(c)	8.68 %	08/2028	1,024	1,088	—	1,024
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SN +	5.95 %	(f)	10.65 %	08/2028	535	521	—	535
Belmont Instrument, LLC*	One stop	SF +	6.25 %	(i)	10.58 %	08/2028	14,467	14,367	0.4	14,467
Belmont Instrument, LLC+	One stop	SF +	6.25 %	(i)	10.58 %	08/2028	22	20	—	22
Blades Buyer, Inc.*	Senior secured	SF +	5.00 %	(i)	9.60 %	03/2028	12,254	12,218	0.3	12,254
Blades Buyer, Inc.*	Senior secured	SF +	5.25 %	(i)	9.85 %	03/2028	1,738	1,726	0.1	1,738
Blades Buyer, Inc.+	Senior secured	SF +	5.00 %	(i)	9.60 %	03/2028	1,406	1,398	0.1	1,406
Blades Buyer, Inc.+	Senior secured	SF +	4.75 %	(i)	9.35 %	03/2028	60	58	—	58
Blue River Pet Care, LLC*+	One stop	SF +	5.00 %	(h)	9.46 %	07/2026	62,779	62,860	1.6	62,779
Blue River Pet Care, LLC+	One stop	SF +	5.00 %	(h)	9.46 %	07/2026	12,430	12,615	0.3	12,430
Blue River Pet Care, LLC+	One stop	SF +	5.00 %	(h)	9.46 %	07/2026	2,898	2,941	0.1	2,898
Blue River Pet Care, LLC+	One stop	SF +	5.00 %	(h)	9.46 %	07/2026	2,785	2,828	0.1	2,785
Blue River Pet Care, LLC+	One stop	SF +	5.00 %	(h)	9.46 %	07/2026	2,758	2,799	0.1	2,758
Blue River Pet Care, LLC+	One stop	SF +	5.00 %	(h)	9.46 %	07/2026	2,120	2,151	0.1	2,120
Blue River Pet Care, LLC+	One stop	SF +	5.00 %	(h)	9.46 %	07/2026	1,255	1,255	—	1,255
Blue River Pet Care, LLC+	One stop	SF +	5.00 %	(h)	9.46 %	07/2026	417	416	—	417
Blue River Pet Care, LLC+	One stop	SF +	5.00 %	(a)(h)	10.33 %	07/2026	210	208	—	210

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(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)
Blue River Pet Care, LLC+	One stop	SF +	5.00 %	(h)	9.46 %				07/2026	$	294	$	294	—	%	$	294
Blue River Pet Care, LLC+	One stop	SF +	5.00 %	(h)	9.46 %				07/2026	300		299		—		300
Blue River Pet Care, LLC+	One stop	SF +	5.00 %	(h)	9.48 %				07/2026	258		257		—		258
Blue River Pet Care, LLC+	One stop	SF +	5.00 %	(h)	9.46 %				07/2026	228		227		—		228
CCSL Holdings, LLC*(8)	One stop	SF +	5.50 %	(h)	9.86 %				12/2028	21,007		20,960		0.5		21,007
CCSL Holdings, LLC*(8)	One stop	SF +	5.50 %	(h)	9.86 %				12/2028	5,671		5,686		0.1		5,671
CCSL Holdings, LLC+(8)(9)	One stop	SN +	5.50 %	(f)	10.20 %				12/2028	3,341		3,346		0.1		3,341
CCSL Holdings, LLC+(8)	One stop	SF +	5.50 %	(h)	9.86 %				12/2028	3,489		3,460		0.1		3,489
CCSL Holdings, LLC*+(8)	One stop	SF +	5.50 %	(h)	9.86 %				12/2028	2,898		2,873		0.1		2,898
CCSL Holdings, LLC+(8)	One stop	SF +	5.50 %	(h)	9.86 %				12/2028	120		118		—		120
CCSL Holdings, LLC+(5)(8)	One stop	SF +	5.50 %		N/A(6)				12/2028	—		( 5 )		—		—
CCSL Holdings, LLC+(8)(9)	One stop	E +	5.50 %	(c)	8.18 %				12/2028	30,585		31,949		0.8		30,585
CCSL Holdings, LLC+(8)(9)	One stop	E +	5.50 %	(c)	8.18 %				12/2028	5,991		6,029		0.1		5,991
CMI Parent Inc.*	One stop	SF +	5.00 %	(h)	9.36 %				12/2026	22,525		22,432		0.6		22,525
CMI Parent Inc.^*	One stop	SF +	5.00 %	(h)	9.36 %				12/2026	19,836		19,949		0.5		19,836
CMI Parent Inc.^*	Senior secured	SF +	5.00 %	(h)	9.36 %				12/2026	9,508		9,544		0.2		9,508
CMI Parent Inc.*	One stop	SF +	5.00 %	(h)	9.36 %				12/2026	8,921		8,953		0.2		8,921
CMI Parent Inc.+(5)	One stop	SF +	5.00 %		N/A(6)				12/2026	—		( 1 )		—		—
HuFriedy Group Acquisition, LLC+	One stop	SF +	5.50 %	(i)	10.01 %				06/2031	7,911		7,838		0.2		7,911
HuFriedy Group Acquisition, LLC+(5)	One stop	SF +	5.50 %		N/A(6)				05/2030	—		( 8 )		—		—
HuFriedy Group Acquisition, LLC+	One stop	SF +	5.50 %	(i)	9.83 %				06/2031	1,296		1,268		—		1,296
JHC Investment Intermediate Holdings, LLC+(26)	One stop	SF +	8.75 %	(h)	7.21 %	cash/	6.00 %	PIK	03/2029	1,193		1,193		—		1,193
JHC Investment Intermediate Holdings, LLC+(7)(26)	One stop	SF +	8.75 %	(i)	13.18 %	PIK			03/2029	885		542		—		814
TIDI Legacy Products, Inc.+	One stop	SF +	5.25 %	(h)	9.61 %				12/2029	3,511		3,573		0.1		3,511
TIDI Legacy Products, Inc.+	One stop	SF +	5.50 %		N/A(6)				12/2029	—		—		—		—
TIDI Legacy Products, Inc.+	One stop	SF +	5.50 %		N/A(6)				12/2029	—		—		—		—
YI, LLC+	One stop	SF +	5.75 %	(i)	10.39 %				12/2029	4,419		4,417		0.1		4,419
YI, LLC+(5)	One stop	SF +	5.75 %		N/A(6)				12/2029	—		( 1 )		—		—
YI, LLC+(5)	One stop	SF +	5.75 %		N/A(6)				12/2029	—		( 9 )		—		—
										296,085		297,923		7.4		296,012

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(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)
Healthcare Providers & Services
AAH TOPCO, LLC +	One stop	SF +	5.25 %	(h)	9.71 %				12/2027	$	8,649	$	8,603	0.2	%	$	8,649
AAH TOPCO, LLC +	One stop	SF +	5.25 %	(h)	9.71 %				12/2027	8,131		8,171		0.2		8,131
AAH TOPCO, LLC +(26)	Subordinated debt	N/A			11.50 %	PIK			12/2031	2,810		2,697		0.1		2,726
AAH TOPCO, LLC +	One stop	SF +	5.25 %	(h)	9.71 %				12/2027	2,353		2,374		0.1		2,353
AAH TOPCO, LLC +(5)	One stop	SF +	5.25 %		N/A(6)				12/2027	—		( 1 )		—		—
Active Day, Inc.*+	One stop	SF +	5.00 %	(h)	9.46 %				05/2026	17,343		17,272		0.4		17,343
Active Day, Inc.+	One stop	SF +	5.00 %	(h)	9.46 %				05/2026	1,339		1,333		—		1,339
Active Day, Inc.+	One stop	SF +	5.00 %	(h)	9.46 %				05/2026	863		859		—		863
Active Day, Inc.+	One stop	SF +	5.00 %	(h)	9.46 %				05/2026	687		685		—		687
Active Day, Inc.+	One stop	SF +	5.00 %	(h)	9.46 %				05/2026	606		604		—		606
Active Day, Inc.+	One stop	SF +	5.00 %	(h)	9.46 %				05/2026	596		594		—		596
Active Day, Inc.+	One stop	SF +	5.25 %		N/A(6)				05/2026	—		—		—		—
Active Day, Inc.+	One stop	SF +	5.00 %	(h)	9.46 %				05/2026	—		—		—		—
Active Day, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)				05/2026	—		( 76 )		—		—
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00 %	(i)	10.54 %				03/2027	16,136		16,051		0.4		15,975
Acuity Eyecare Holdings, LLC+(26)	One stop	N/A			16.50 %	PIK			06/2027	14,897		14,793		0.4		15,344
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(i)	10.73 %				03/2027	3,985		3,966		0.1		3,965
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(i)	10.78 %				03/2027	3,550		3,533		0.1		3,532
Acuity Eyecare Holdings, LLC*+	One stop	SF +	6.25 %	(i)	10.73 %				03/2027	3,504		3,487		0.1		3,486
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(i)	10.73 %				03/2027	3,131		3,121		0.1		3,115
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00 %	(i)	10.67 %				03/2027	2,001		1,989		0.1		1,981
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(i)	10.73 %				03/2027	1,824		1,820		0.1		1,815
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00 %	(i)	10.64 %				03/2027	1,020		1,015		—		1,010
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(i)	10.73 %				03/2027	442		440		—		440
Acuity Eyecare Holdings, LLC+(26)	One stop	SF +	13.00 %	(i)	10.73 %	cash/	6.75 %	PIK	03/2027	283		282		—		319
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00 %	(i)	10.73 %				03/2027	211		210		—		209
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(i)	10.73 %				03/2027	163		162		—		162
Acuity Eyecare Holdings, LLC+(26)	One stop	SF +	13.00 %	(i)	10.77 %	cash/	6.75 %	PIK	03/2027	110		110		—		124
Acuity Eyecare Holdings, LLC+	Senior secured	SF +	6.25 %	(i)	10.96 %				03/2027	107		107		—		107
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(i)	10.73 %				03/2027	1		1		—		1
Acuity Eyecare Holdings, LLC+(5)	One stop	SF +	6.25 %		N/A(6)				03/2027	—		( 1 )		—		( 1 )
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)	Subordinated debt	N/A			13.75 %	PIK			03/2028	16,229		16,404		0.4		16,229
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC*+	One stop	SF +	6.00 %	(i)	10.61 %				03/2027	6,402		6,410		0.2		6,402
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC^+	One stop	SF +	6.00 %	(i)	10.61 %				03/2027	5,351		5,352		0.2		5,351
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)	Subordinated debt	N/A			13.75 %	PIK			03/2028	3,522		3,501		0.1		3,522
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)	Subordinated debt	N/A			13.75 %	PIK			03/2028	1,347		1,340		—		1,347
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00 %	(i)	10.69 %				03/2027	835		834		—		835
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00 %	(i)	10.69 %				03/2027	396		395		—		396
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 +	5.25 %	(i)	9.77 %				09/2030	2,733		2,675		0.1		2,705
Bamboo US Bidco LLC+(8)(9)	One stop	E +	5.25 %	(c)	8.25 %				09/2030	1,760		1,754		0.1		1,742
Bamboo US Bidco LLC+	One stop	SF +	5.25 %	(i)	9.77 %				09/2030	246		241		—		242
Bamboo US Bidco LLC+(5)	One stop	SF +	5.25 %		N/A(6)				09/2030	—		( 7 )		—		( 7 )
Bamboo US Bidco LLC+(5)	One stop	SF +	5.25 %		N/A(6)				09/2030	—		—		—		( 7 )
Bamboo US Bidco LLC+(5)	One stop	SF +	5.25 %		N/A(6)				10/2029	—		( 12 )		—		( 6 )
Community Care Partners, LLC+	One stop	SF +	6.00 %	(h)	10.47 %				06/2026	3,481		3,429		0.1		3,446
CRH Healthcare Purchaser, Inc.*	Senior secured	SF +	6.25 %	(i)	10.73 %				06/2027	23,330		23,292		0.6		23,330

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(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 %	(i)	10.73 %				06/2027	$	6,302	$	6,278	0.2	%	$	6,302
CRH Healthcare Purchaser, Inc.*+	Senior secured	SF +	6.25 %	(i)	10.73 %				06/2027	5,652		5,651		0.2		5,652
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	6.25 %	(i)	10.73 %				06/2027	4,269		4,255		0.1		4,269
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	6.25 %	(i)	10.63 %				06/2027	264		261		—		264
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(10)	One stop	SF +	5.50 %	(j)	9.93 %				04/2031	771		758		—		764
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(9)(10)	One stop	SN +	5.50 %	(f)	10.20 %				04/2031	447		445		—		442
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(10)	One stop	SF +	5.50 %	(h)	9.86 %				10/2030	6		4		—		4
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(9)(10)	One stop	SN +	5.50 %	(f)	10.20 %				10/2030	6		6		—		6
Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)	One stop	SF +	11.00 %		N/A(6)				04/2031	—		( 2 )		—		( 2 )
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.41 %				02/2027	15,593		15,322		0.4		15,203
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.41 %				02/2027	8,137		7,998		0.2		7,934
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.41 %				02/2027	4,209		4,144		0.1		4,103
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.41 %				02/2027	2,140		2,104		0.1		2,086
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.41 %				02/2027	1,889		1,860		—		1,842
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.41 %				02/2027	1,176		1,139		—		1,146
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.41 %				02/2027	977		945		—		952
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.41 %				02/2027	962		939		—		937
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.41 %				02/2027	921		899		—		897
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.41 %				02/2027	834		814		—		812
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.41 %				02/2027	423		409		—		412
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.41 %				02/2027	358		349		—		349
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.41 %				02/2027	175		171		—		170
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.41 %				02/2027	168		163		—		163
Encorevet Group LLC+	One stop	SF +	8.75 %	(i)	13.41 %				02/2027	155		155		—		156
Encorevet Group LLC+(26)	One stop	N/A			13.00 %	PIK			05/2027	98		92		—		94
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.32 %				02/2027	94		92		—		92
ERC Topco Holdings, LLC+(7)(26)	One stop	SF +	6.25 %	(i)	7.33 %	cash/	3.25 %	PIK	11/2028	26,514		22,575		0.4		14,584
ERC Topco Holdings, LLC+(7)(26)	One stop	SF +	6.25 %	(i)	4.60 %	cash/	6.25 %	PIK	11/2028	914		342		—		503
ERC Topco Holdings, LLC+(7)(26)	One stop	SF +	6.25 %	(i)	7.80 %	cash/	3.25 %	PIK	11/2027	213		191		—		86
ERC Topco Holdings, LLC+(7)(26)	One stop	SF +	6.25 %	(i)	4.33 %	cash/	6.25 %	PIK	11/2028	7		2		—		4
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75 %	(k)	9.39 %				03/2027	10,600		11,328		0.3		10,600
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75 %	(k)	9.39 %				03/2027	3,831		4,101		0.1		3,831
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75 %	(k)	9.39 %				03/2027	2,609		2,807		0.1		2,609
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75 %	(k)	9.39 %				03/2027	2,484		2,669		0.1		2,484
FYI Optical Acquisitions, Inc. & FYI USA, Inc.^+(8)(12)	One stop	SF +	5.75 %	(i)	10.49 %				03/2027	1,105		1,104		—		1,105
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)	One stop	SF +	5.75 %	(i)	10.49 %				03/2027	554		554		—		554
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75 %	(k)	9.39 %				03/2027	453		474		—		453
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75 %	(j)	9.47 %				12/2026	2,526		2,547		0.1		2,526
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75 %	(j)	9.47 %				12/2026	1,199		1,193		—		1,199
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75 %		N/A(6)				12/2026	—		—		—		—
Klick Inc.*(8)(12)	Senior secured	SF +	4.50 %	(h)	8.86 %				03/2028	13,593		13,619		0.3		13,593
Klick Inc.+(8)(12)	Senior secured	SF +	4.50 %	(h)	8.86 %				03/2028	3,179		3,164		0.1		3,179
Klick Inc.+(5)(8)(12)	Senior secured	SF +	4.50 %		N/A(6)				03/2028	—		( 2 )		—		—
Krueger-Gilbert Health Physics, LLC*+	Senior secured	SF +	5.75 %	(i)	10.08 %				05/2026	2,592		2,585		0.1		2,592
Krueger-Gilbert Health Physics, LLC*+	Senior secured	SF +	5.75 %	(i)	10.08 %				05/2026	2,381		2,373		0.1		2,381
Krueger-Gilbert Health Physics, LLC*	Senior secured	SF +	5.75 %	(i)	10.08 %				05/2026	1,521		1,522		—		1,521

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(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 %	(i)	10.08 %				05/2026	$	1,392	$	1,387	—	%	$	1,392
Krueger-Gilbert Health Physics, LLC+	One stop	SF +	5.75 %	(i)	10.08 %				05/2026	669		667		—		669
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.75 %	(i)	10.08 %				05/2026	613		612		—		613
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.75 %	(i)	10.08 %				05/2026	90		90		—		90
Krueger-Gilbert Health Physics, LLC+(5)	Senior secured	SF +	5.75 %		N/A(6)				05/2026	—		( 1 )		—		—
LOV Acquisition LLC+	Senior secured	SF +	4.50 %	(h)	8.86 %				11/2031	25,123		24,999		0.6		24,997
LOV Acquisition LLC+(5)	Senior secured	SF +	4.50 %		N/A(6)				11/2031	—		( 13 )		—		( 13 )
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)(26)	One stop	CA +	6.00 %	(l)	7.49 %	cash/	2.00 %	PIK	05/2028	24,716		27,910		0.6		24,469
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.*(8)(12)	One stop	SF +	5.50 %	(i)	9.98 %				05/2028	5,866		5,802		0.1		5,778
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.*+(8)(12)	One stop	SF +	5.50 %	(i)	9.98 %				05/2028	4,139		4,066		0.1		4,077
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	CA +	5.50 %	(l)	8.99 %				05/2028	1,540		1,692		—		1,524
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	CA +	5.50 %	(l)	8.99 %				05/2028	802		867		—		794
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	CA +	5.50 %	(l)	9.03 %				05/2026	185		169		—		182
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)(26)	One stop	SF +	6.00 %	(i)	8.48 %	cash/	2.00 %	PIK	05/2028	131		126		—		129
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(5)(8)(12)	One stop	SF +	5.50 %		N/A(6)				05/2026	—		( 2 )		—		( 2 )
Pinnacle Treatment Centers, Inc.*	One stop	SF +	5.50 %	(i)	10.01 %				01/2027	18,283		18,074		0.5		18,283
Pinnacle Treatment Centers, Inc.*+	One stop	SF +	5.50 %	(i)	10.01 %				01/2027	12,244		12,139		0.3		12,244
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50 %	(i)	10.01 %				01/2027	2,461		2,438		0.1		2,461
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50 %	(i)	10.01 %				01/2027	2,377		2,359		0.1		2,377
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50 %	(i)	10.01 %				01/2027	1,503		1,489		—		1,503
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50 %	(i)	10.01 %				01/2027	1,365		1,352		—		1,365
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50 %	(i)	10.01 %				01/2027	679		672		—		679
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50 %	(i)	10.01 %				01/2027	532		527		—		532
Pinnacle Treatment Centers, Inc.+	One stop	P +	4.25 %	(a)	11.75 %				01/2027	464		444		—		464
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50 %	(i)	10.01 %				01/2027	178		178		—		178
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50 %	(i)	10.01 %				01/2027	103		101		—		103
Premise Health Holding Corp.+	One stop	SF +	5.50 %	(i)	9.82 %				03/2031	1,388		1,382		—		1,388
Premise Health Holding Corp.+(5)	One stop	SF +	5.50 %		N/A(6)				03/2030	—		( 1 )		—		—
Pyramid Healthcare Acquisition Corp.*	One stop	SF +	4.75 %	(i)	9.49 %				05/2027	25,034		25,088		0.6		25,034
Pyramid Healthcare Acquisition Corp.*+	One stop	SF +	4.75 %	(i)	9.49 %				05/2027	2,588		2,573		0.1		2,588
Pyramid Healthcare Acquisition Corp.*	One stop	SF +	4.75 %	(i)	9.44 %				05/2027	2,164		2,157		0.1		2,164
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(i)	9.41 %				05/2027	1,189		1,186		—		1,189
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(i)	9.47 %				05/2027	1,089		1,086		—		1,089
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(i)	9.49 %				05/2027	735		733		—		735
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(i)	9.49 %				05/2027	244		244		—		244
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(i)	9.49 %				05/2027	215		215		—		215
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(i)	9.49 %				05/2027	201		201		—		201
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(i)	9.41 %				05/2027	201		201		—		201
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(i)	9.49 %				05/2027	79		79		—		79
Pyramid Healthcare Acquisition Corp.+(5)	One stop	SF +	4.75 %		N/A(6)				05/2027	—		( 1 )		—		—
Suveto Buyer, LLC*+	One stop	SF +	4.75 %	(h)	9.11 %				09/2027	27,672		27,665		0.7		27,568
Suveto Buyer, LLC+	One stop	SF +	4.75 %	(h)	9.11 %				09/2027	6,680		6,564		0.2		6,559
Suveto Buyer, LLC+	One stop	P +	3.75 %	(a)	11.25 %				09/2027	18		16		—		16
										467,627		465,739		11.3		453,415

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(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)
Healthcare Technology
Amberfield Acquisition Co.+	One stop	SF +	5.00 %	(i)	9.33 %				05/2030	$	7,138	$	7,107	0.2	%	$	7,138
Amberfield Acquisition Co.+	One stop	SF +	5.00 %	(i)	9.33 %				05/2030	176		167		—		176
Amberfield Acquisition Co.+(5)	One stop	SF +	5.00 %		N/A(6)				05/2030	—		( 2 )		—		—
Color Intermediate, LLC*	Senior secured	SF +	4.75 %	(i)	9.18 %				10/2029	17,521		17,481		0.5		17,521
Connexin Software, Inc.+	One stop	SF +	8.50 %	(i)	12.98 %				03/2027	11,759		11,735		0.3		11,759
Connexin Software, Inc.+	One stop	SF +	8.50 %		N/A(6)				03/2027	—		—		—		—
Crow River Buyer, Inc.+	One stop	SF +	7.75 %	(i)	12.34 %				01/2029	6,032		6,016		0.1		5,972
Crow River Buyer, Inc.+(5)	One stop	SF +	7.75 %		N/A(6)				01/2029	—		( 1 )		—		( 2 )
Crow River Buyer, Inc.+	One stop	SF +	6.00 %	(h)	10.36 %				01/2029	8,700		8,614		0.2		8,613
ESO Solution, Inc.^+	One stop	SF +	6.75 %	(i)	11.26 %				05/2027	11,360		11,384		0.3		11,360
ESO Solution, Inc.+	One stop	SF +	6.75 %	(i)	11.27 %				05/2027	3,803		3,741		0.1		3,803
ESO Solution, Inc.+	One stop	SF +	6.75 %	(i)	11.27 %				03/2027	100		100		—		100
GHX Ultimate Parent Corporation+	One stop	SF +	4.75 %	(i)	9.08 %				12/2031	59,672		59,077		1.5		59,075
GHX Ultimate Parent Corporation+(5)	One stop	SF +	4.75 %		N/A(6)				12/2031	—		( 53 )		—		( 53 )
HealthEdge Software, Inc.+	One stop	SF +	4.75 %	(h)	9.13 %				07/2031	19,364		19,183		0.5		19,364
HealthEdge Software, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				07/2031	—		( 24 )		—		—
HealthEdge Software, Inc.+	One stop	SF +	4.75 %	(h)	9.15 %				07/2031	8,543		8,460		0.2		8,543
Kona Buyer, LLC+	One stop	SF +	4.50 %	(i)	9.13 %				07/2031	15,832		15,684		0.4		15,832
Kona Buyer, LLC+(5)	One stop	SF +	7.00 %		N/A(6)				07/2031	—		( 17 )		—		—
Kona Buyer, LLC+	One stop	SF +	4.50 %	(i)	9.13 %				07/2031	929		929		—		929
Kona Buyer, LLC+(5)	One stop	SF +	7.00 %		N/A(6)				07/2031	—		( 22 )		—		—
Lacker Bidco Limited+(8)(9)(10)	One stop	SN +	5.25 %	(f)	9.95 %				02/2031	592		600		—		592
Lacker Bidco Limited+(8)(9)(10)	One stop	SN +	5.25 %	(f)	9.95 %				02/2031	274		278		—		274
Lacker Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.25 %		N/A(6)				08/2030	—		( 2 )		—		—
Neptune Holdings, Inc.*	One stop	SF +	4.75 %	(i)	9.08 %				09/2030	16,139		16,234		0.4		16,139
Neptune Holdings, Inc.+	One stop	SF +	4.75 %		N/A(6)				08/2029	—		—		—		—
Netsmart Technologies, Inc.+(26)	One stop	SF +	5.20 %	(h)	6.86 %	cash/	2.70 %	PIK	08/2031	51,680		51,194		1.3		51,680
Netsmart Technologies, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				08/2031	—		( 66 )		—		—
Netsmart Technologies, Inc.+(5)	One stop	SF +	5.20 %		N/A(6)				08/2031	—		( 32 )		—		—
Plasma Buyer LLC+	One stop	SF +	5.75 %	(i)	10.08 %				05/2029	8,016		7,857		0.2		7,936
Plasma Buyer LLC+	One stop	SF +	6.25 %	(i)	10.58 %				05/2029	241		237		—		238
Plasma Buyer LLC+	One stop	SF +	5.75 %	(i)	10.08 %				05/2028	62		59		—		62
QF Holdings, Inc.+	One stop	SF +	4.75 %	(i)	9.34 %				12/2027	931		926		—		931
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00 %	(i)	8.98 %	cash/	3.50 %	PIK	06/2025	11,249		11,229		0.3		11,362
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00 %	(i)	8.98 %	cash/	3.50 %	PIK	06/2025	10,950		10,863		0.3		11,060
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00 %	(i)	8.98 %	cash/	3.50 %	PIK	06/2025	7,215		7,201		0.2		7,287
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00 %	(i)	8.98 %	cash/	3.50 %	PIK	06/2025	1,855		1,852		—		1,874
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00 %	(i)	8.98 %	cash/	3.50 %	PIK	06/2025	1,649		1,646		—		1,666
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00 %	(i)	8.98 %	cash/	3.50 %	PIK	06/2025	1,237		1,235		—		1,249
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00 %	(i)	8.98 %	cash/	3.50 %	PIK	06/2025	1,031		1,029		—		1,041
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00 %	(i)	8.98 %	cash/	3.50 %	PIK	06/2025	825		823		—		833
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00 %	(i)	8.98 %	cash/	3.50 %	PIK	06/2025	164		164		—		166
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00 %	(i)	8.98 %	cash/	3.50 %	PIK	06/2025	88		88		—		88
Transaction Data Systems, Inc.^*+	One stop	SF +	4.50 %	(i)	8.98 %				02/2026	75,238		75,138		1.9		74,485
Transaction Data Systems, Inc.+(5)	One stop	SF +	4.50 %		N/A(6)				02/2026	—		( 2 )		—		( 3 )
Veranex, Inc.+(7)(26)	Senior secured	SF +	6.75 %	(j)	5.44 %	cash/	5.75 %	PIK	04/2028	3,385		3,320		0.1		2,471
Veranex, Inc.+(7)(26)	Senior secured	SF +	6.75 %	(j)	5.44 %	cash/	5.75 %	PIK	04/2028	399		305		—		291
Veranex, Inc.+(7)(26)	Senior secured	SF +	6.75 %	(i)(j)	5.44 %	cash/	5.75 %	PIK	04/2028	102		86		—		74
										364,251		361,821		9.0		361,926

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(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 %	(i)	10.67 %				08/2028	$	13,644	$	13,619	0.4	%	$	13,644
Barteca Restaurants, LLC+	One stop	SF +	6.00 %	(i)	10.74 %				08/2028	689		684		—		689
Barteca Restaurants, LLC+	One stop	SF +	6.00 %	(i)	10.48 %				08/2028	470		433		—		470
Barteca Restaurants, LLC+	One stop	SF +	6.00 %	(i)	10.62 %				08/2028	106		104		—		106
BJH Holdings III Corp.*	One stop	SF +	5.00 %	(i)	9.33 %				08/2027	70,109		70,000		1.8		70,109
BJH Holdings III Corp.+	One stop	SF +	5.00 %	(i)	9.33 %				08/2027	141		130		—		141
BJH Holdings III Corp.+	One stop	SF +	5.00 %	(i)	9.33 %				08/2027	5,589		5,512		0.2		5,589
Cafe Rio Holding, Inc.*+	One stop	SF +	5.75 %	(i)	10.49 %				09/2028	17,958		17,958		0.5		17,600
Cafe Rio Holding, Inc.*+	One stop	SF +	5.75 %	(i)	10.49 %				09/2028	3,201		3,187		0.1		3,137
Cafe Rio Holding, Inc.*+	One stop	SF +	5.75 %	(i)	10.49 %				09/2028	2,151		2,151		0.1		2,108
Cafe Rio Holding, Inc.*	One stop	SF +	5.75 %	(i)	10.49 %				09/2028	1,364		1,365		—		1,338
Cafe Rio Holding, Inc.*+	One stop	SF +	5.75 %	(i)	10.49 %				09/2028	1,205		1,206		—		1,182
Cafe Rio Holding, Inc.+	One stop	SF +	5.75 %	(i)	10.26 %				09/2028	191		191		—		185
Cafe Rio Holding, Inc.+	One stop	SF +	5.75 %	(i)	10.49 %				09/2028	173		173		—		169
Cafe Rio Holding, Inc.+	One stop	SF +	5.75 %	(i)	10.49 %				09/2028	124		123		—		121
Cafe Rio Holding, Inc.+	One stop	SF +	5.75 %	(i)	10.49 %				09/2028	98		98		—		96
Cafe Rio Holding, Inc.+	One stop	SF +	5.75 %	(i)	10.49 %				09/2028	97		96		—		95
Cafe Rio Holding, Inc.+	One stop	SF +	5.75 %	(i)	10.49 %				09/2028	78		78		—		77
Cafe Rio Holding, Inc.+	One stop	SF +	5.75 %	(i)	10.49 %				09/2028	49		49		—		48
Cafe Rio Holding, Inc.+(5)	One stop	SF +	5.75 %		N/A(6)				09/2028	—		( 1 )		—		—
EOS Fitness Opco Holdings, LLC*+	One stop	SF +	5.25 %	(i)	9.84 %				01/2028	11,038		11,023		0.3		11,038
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25 %	(h)	9.61 %				01/2028	2,823		2,804		0.1		2,823
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25 %	(i)	9.84 %				01/2028	1,797		1,784		0.1		1,797
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25 %	(i)	9.84 %				01/2028	1,770		1,759		0.1		1,770
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25 %	(i)	9.84 %				01/2028	1,482		1,473		0.1		1,482
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25 %	(i)	9.84 %				01/2028	1,232		1,227		—		1,232
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25 %	(i)	9.84 %				01/2028	1,090		1,088		—		1,090
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25 %	(i)	9.84 %				01/2028	1,067		1,060		—		1,067
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25 %	(i)	9.84 %				01/2028	601		597		—		601
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25 %		N/A(6)				01/2028	—		—		—		—
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25 %	(h)(i)	9.70 %				01/2028	4,387		4,290		0.1		4,387
ESN Venture Holdings, LLC*+	One stop	SF +	5.75 %	(i)	10.08 %				10/2028	5,395		5,340		0.1		5,395
ESN Venture Holdings, LLC+	One stop	SF +	5.75 %	(i)	10.08 %				10/2028	921		917		—		921
ESN Venture Holdings, LLC+	One stop	SF +	5.75 %	(i)	10.08 %				10/2028	815		807		—		815
ESN Venture Holdings, LLC+	One stop	SF +	5.75 %	(i)	10.08 %				10/2028	374		370		—		374
ESN Venture Holdings, LLC+	One stop	SF +	5.75 %	(i)	10.14 %				10/2028	182		181		—		182
ESN Venture Holdings, LLC+	One stop	SF +	5.75 %	(i)	10.08 %				10/2028	209		201		—		209
ESN Venture Holdings, LLC+	One stop	SF +	5.75 %	(i)	10.14 %				10/2028	306		242		—		306
ESN Venture Holdings, LLC+	One stop	SF +	5.75 %	(i)	10.18 %				10/2028	440		438		—		440
Freddy's Frozen Custard LLC+	One stop	SF +	5.00 %	(i)(j)	9.29 %				03/2027	1,394		1,391		—		1,394
Freddy's Frozen Custard LLC+	One stop	SF +	5.00 %		N/A(6)				03/2027	—		—		—		—
GFP Atlantic Holdco 2, LLC+	One stop	SF +	6.00 %	(i)	10.52 %				11/2027	1,076		1,073		—		1,076
GFP Atlantic Holdco 2, LLC+(5)	One stop	SF +	6.00 %		N/A( 6 )				11/2027	—		( 2 )		—		—
Harri US LLC^+(26)	One stop	SF +	10.00 %	(i)	10.66 %	cash/	4.00 %	PIK	08/2026	1,264		1,214		—		1,236
Harri US LLC+(26)	One stop	SF +	10.00 %	(i)	10.66 %	cash/	4.00 %	PIK	08/2026	855		845		—		838
Harri US LLC+(26)	One stop	SF +	10.00 %	(i)	10.66 %	cash/	4.00 %	PIK	08/2026	830		821		—		814
Harri US LLC+(5)	One stop	SF +	10.00 %		N/A(6)				08/2026	—		( 1 )		—		—
Harri US LLC+(5)	One stop	SF +	10.00 %		N/A(6)				08/2026	—		( 34 )		—		( 27 )
Health Buyer, LLC+	Senior secured	SF +	5.25 %	(i)	9.58 %				04/2029	3,893		3,882		0.1		3,893
Health Buyer, LLC+	Senior secured	SF +	5.50 %	(i)	9.83 %				04/2029	1,776		1,754		0.1		1,776
Health Buyer, LLC+	Senior secured	SF +	5.50 %	(i)	9.83 %				04/2029	893		882		—		893
Health Buyer, LLC+	Senior secured	SF +	5.25 %		N/A(6)				04/2028	—		—		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(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 Buyer, LLC+	Senior secured	SF +	5.50 %	(i)	9.83 %				04/2029	$	130	$	129	—	%	$	130
PB Group Holdings, LLC+(26)	One stop	SF +	5.50 %	(h)	7.11 %	cash/	2.75 %	PIK	08/2030	36,986		36,814		0.9		36,986
PB Group Holdings, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				08/2030	—		( 21 )		—		—
SDC Holdco, LLC*	One stop	SF +	5.00 %	(i)	9.33 %				06/2031	21,737		21,636		0.6		21,737
SDC Holdco, LLC+(26)	Second lien	SF +	8.50 %	(i)	12.83 %	PIK			06/2032	3,452		3,430		0.1		3,452
SDC Holdco, LLC+	One stop	SF +	5.00 %	(i)	9.33 %				06/2031	96		87		—		96
SSRG Holdings, LLC*	One stop	SF +	4.75 %	(i)	9.08 %				11/2027	12,502		12,447		0.3		12,502
SSRG Holdings, LLC*+	One stop	SF +	4.75 %	(i)	9.08 %				11/2027	7,763		7,837		0.2		7,763
SSRG Holdings, LLC+	One stop	SF +	4.75 %	(i)	9.08 %				11/2027	1,272		1,263		—		1,272
SSRG Holdings, LLC+	One stop	SF +	4.75 %	(i)	9.08 %				11/2027	612		610		—		612
Super REGO, LLC+(26)	Subordinated debt	N/A			15.00 %	PIK			03/2030	112		110		—		112
YE Brands Holding, LLC*	One stop	SF +	4.75 %	(i)	9.08 %				10/2027	17,588		17,767		0.4		17,588
YE Brands Holding, LLC+	One stop	SF +	4.75 %	(i)	9.08 %				10/2027	968		962		—		968
YE Brands Holding, LLC+	One stop	SF +	4.75 %	(i)	9.08 %				10/2027	68		68		—		68
										268,633		267,721		6.7		268,012
Household Products
WU Holdco, Inc.*+	One stop	SF +	5.00 %	(i)	9.33 %				03/2027	4,836		4,855		0.1		4,836
WU Holdco, Inc.+	One stop	SF +	5.00 %	(i)	9.33 %				03/2027	1,709		1,705		0.1		1,709
WU Holdco, Inc.+	One stop	SF +	5.00 %	(i)	9.33 %				03/2027	444		442		—		444
WU Holdco, Inc.+	One stop	SF +	5.00 %	(i)	9.33 %				03/2027	1,563		1,553		—		1,563
WU Holdco, Inc.+	One stop	SF +	5.00 %	(i)	9.33 %				03/2027	73		72		—		73
										8,625		8,627		0.2		8,625
Industrial Conglomerates
Arch Global CCT Holdings Corp.*+	Senior secured	SF +	4.75 %	(i)	9.18 %				04/2026	3,184		3,183		0.1		3,152
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75 %	(i)	9.18 %				04/2026	640		630		—		634
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75 %	(i)	9.18 %				04/2026	595		586		—		590
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75 %	(i)	9.18 %				04/2025	99		98		—		99
Dwyer Instruments, Inc.+(8)(9)	One stop	E +	5.00 %	(c)	8.00 %				07/2029	47,103		47,501		1.2		46,632
Dwyer Instruments, Inc.+	One stop	SF +	4.75 %	(i)	9.27 %				07/2029	1,496		1,482		0.1		1,481
Dwyer Instruments, Inc.+(5)(8)(9)	One stop	E +	5.00 %		N/A(6)				07/2029	—		( 47 )		—		( 47 )
Dwyer Instruments, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				07/2029	—		( 31 )		—		( 32 )
Dwyer Instruments, Inc.+	One stop	SF +	4.75 %	(i)	9.08 %				07/2029	5,812		5,794		0.2		5,754
Dwyer Instruments, Inc.+	One stop	P +	3.75 %	(a)	11.25 %				07/2029	434		404		—		403
Dwyer Instruments, Inc.+	One stop	SF +	4.75 %	(i)	9.08 %				07/2029	1,474		1,458		—		1,459
Dwyer Instruments, Inc.+	One stop	SF +	4.75 %	(i)	9.08 %				07/2029	471		467		—		466
Dwyer Instruments, Inc.+	One stop	SF +	4.75 %	(i)	9.27 %				07/2029	552		544		—		547
Essential Services Holdings Corporation+	One stop	SF +	5.00 %	(i)	9.65 %				06/2031	11,514		11,407		0.3		11,399
Essential Services Holdings Corporation+(5)	One stop	SF +	5.00 %		N/A(6)				06/2030	—		( 13 )		—		( 14 )
Essential Services Holdings Corporation+(5)	One stop	SF +	5.00 %		N/A(6)				06/2031	—		( 10 )		—		( 23 )
Excelitas Technologies Corp.+(5)	One stop	SF +	5.25 %		N/A(6)				08/2029	—		( 55 )		—		—
Excelitas Technologies Corp.+	One stop	SF +	5.25 %	(h)	9.61 %				08/2029	10,022		9,961		0.2		10,022
Excelitas Technologies Corp.+(8)(9)	One stop	E +	5.25 %	(b)	8.11 %				08/2029	1,780		1,787		—		1,780
Excelitas Technologies Corp.+(5)	One stop	SF +	5.25 %		N/A(6)				08/2028	—		( 2 )		—		—
Excelitas Technologies Corp.+(5)	One stop	SF +	5.25 %		N/A(6)				08/2029	—		( 3 )		—		—
										85,176		85,141		2.1		84,302

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(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 +	4.75 %	(i)	9.32 %				11/2029	$	36,973	$	36,978	0.9	%	$	36,973
Accession Risk Management Group, Inc.^*+	One stop	SF +	4.75 %	(i)	9.26 %				11/2029	9,475		9,384		0.3		9,475
Accession Risk Management Group, Inc.*+	One stop	SF +	4.75 %	(i)	9.21 %				11/2029	8,340		8,333		0.2		8,340
Accession Risk Management Group, Inc.*+	One stop	SF +	4.75 %	(i)	9.26 %				11/2029	7,832		7,831		0.2		7,832
Accession Risk Management Group, Inc.*	One stop	SF +	4.75 %	(i)	9.15 %				11/2029	5,236		5,292		0.1		5,236
Accession Risk Management Group, Inc.+	One stop	SF +	4.75 %	(i)	9.33 %				11/2029	3,358		3,343		0.1		3,358
Accession Risk Management Group, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				11/2029	—		( 15 )		—		—
Accession Risk Management Group, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				11/2029	—		( 112 )		—		—
Alera Group, Inc.^*	One stop	SF +	5.25 %	(h)	9.61 %				10/2028	35,325		35,380		0.9		35,325
Alera Group, Inc.+	One stop	SF +	5.25 %	(h)	9.61 %				10/2028	10,039		10,038		0.2		10,039
Alera Group, Inc.+	One stop	SF +	5.25 %	(h)	9.61 %				10/2028	4,007		4,069		0.1		4,007
Alera Group, Inc.+	One stop	SF +	5.75 %	(h)	10.09 %				10/2028	3,301		3,309		0.1		3,318
AMBA Buyer, Inc.+	One stop	SF +	5.25 %	(i)	9.68 %				07/2027	4,457		4,468		0.1		4,457
AMBA Buyer, Inc.+	One stop	SF +	5.25 %	(i)	9.68 %				07/2027	1,327		1,325		—		1,327
AMBA Buyer, Inc.+	One stop	SF +	5.25 %	(i)	9.68 %				07/2027	1,119		1,115		—		1,119
AMBA Buyer, Inc.+	One stop	SF +	5.25 %	(i)	9.68 %				07/2027	162		162		—		162
AMBA Buyer, Inc.+	One stop	SF +	5.25 %		N/A(6)				07/2027	—		—		—		—
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.50 %	(i)	10.09 %				03/2028	561		552		—		561
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.25 %	(i)	9.75 %				03/2028	378		378		—		378
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.50 %	(i)	10.09 %				03/2028	92		85		—		92
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.50 %	(i)	10.09 %				03/2028	60		59		—		60
Benefit Plan Administrators of Eau Claire, LLC*	One stop	SF +	4.75 %	(h)	9.30 %				11/2030	13,070		12,991		0.3		12,989
Benefit Plan Administrators of Eau Claire, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				11/2030	—		( 13 )		—		( 14 )
Benefit Plan Administrators of Eau Claire, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				11/2030	—		( 44 )		—		( 45 )
Captive Resources Midco, LLC+	One stop	SF +	4.75 %	(h)	9.11 %				07/2029	23,458		23,433		0.6		23,458
Captive Resources Midco, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				07/2028	—		( 2 )		—		—
Disco Parent, Inc.+	One stop	SF +	7.50 %	(i)	12.01 %				03/2029	9,240		9,154		0.2		9,240
Disco Parent, Inc.+(5)	One stop	SF +	7.50 %		N/A(6)				03/2029	—		( 1 )		—		—
Doxa Insurance Holdings LLC+	One stop	SF +	5.25 %	(i)	9.60 %				12/2030	1,730		1,765		—		1,735
Doxa Insurance Holdings LLC+	One stop	SF +	5.25 %	(i)	9.74 %				12/2030	1,590		1,595		—		1,594
Doxa Insurance Holdings LLC+	One stop	SF +	5.25 %		N/A(6)				12/2029	—		—		—		—
Doxa Insurance Holdings LLC+(5)	One stop	SF +	5.00 %		N/A(6)				12/2030	—		( 25 )		—		—
Gimlet Bidco GMBH+(8)(9)(19)	One stop	E +	5.75 %	(c)	8.80 %				04/2031	1,013		1,032		—		1,013
Gimlet Bidco GMBH+(8)(9)(19)	One stop	E +	5.75 %	(b)(c)	8.72 %				04/2031	164		160		—		164
Illumifin Corporation+(26)	One stop	SF +	7.00 %	(i)	8.15 %	cash/	3.73 %	PIK	09/2027	4,636		4,450		0.1		4,266
Integrated Specialty Coverages, LLC+	One stop	SF +	4.75 %	(h)(i)(j)	9.11 %				07/2030	6,044		5,994		0.1		5,983
Integrated Specialty Coverages, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				07/2029	—		( 1 )		—		—
Integrated Specialty Coverages, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				07/2030	—		( 9 )		—		( 2 )
Integrated Specialty Coverages, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				07/2030	—		( 12 )		—		( 12 )
Integrity Marketing Acquisition, LLC*+	One stop	SF +	5.00 %	(i)	9.51 %				08/2028	45,195		44,849		1.1		45,195
Integrity Marketing Acquisition, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				08/2028	—		( 3 )		—		—
Integrity Marketing Acquisition, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				08/2028	—		( 12 )		—		—
J.S. Held Holdings, LLC^*+	One stop	SF +	5.50 %	(i)	9.98 %				06/2028	38,123		37,754		0.9		38,123
J.S. Held Holdings, LLC+	One stop	SF +	5.50 %	(i)	9.94 %				06/2028	6,978		6,880		0.2		6,978
J.S. Held Holdings, LLC+(5)	One stop	SF +	5.50 %		N/A(6)				06/2028	—		( 9 )		—		—
Keystone Agency Partners LLC+	Senior secured	SF +	5.00 %	(i)	9.33 %				05/2027	3,549		3,527		0.1		3,549
Keystone Agency Partners LLC+	Senior secured	SF +	5.00 %	(i)	9.33 %				05/2027	2,867		2,914		0.1		2,867
Keystone Agency Partners LLC+	Senior secured	SF +	5.00 %	(i)	9.33 %				05/2027	2,597		2,574		0.1		2,597
Keystone Agency Partners LLC+	Senior secured	SF +	5.00 %	(i)	9.33 %				05/2027	2,034		2,026		0.1		2,034
Keystone Agency Partners LLC+	Senior secured	SF +	5.00 %	(i)	9.33 %				05/2027	616		615		—		616

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(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 +	4.75 %	(i)	9.08 %				09/2028	$	28,174	$	28,208	0.7	%	$	28,174
Majesco+(5)	One stop	SF +	4.75 %		N/A(6)				09/2027	—		( 1 )		—		—
MRH Trowe Germany GMBH+(8)(9)(19)	One stop	E +	6.25 %	(c)	9.17 %				02/2029	1,070		1,113		—		1,070
Oakbridge Insurance Agency LLC+	One stop	SF +	5.75 %	(h)	10.23 %				11/2029	2,275		2,312		0.1		2,275
Oakbridge Insurance Agency LLC+	One stop	SF +	5.75 %	(h)	10.22 %				11/2029	426		425		—		426
Oakbridge Insurance Agency LLC+	One stop	P +	4.75 %	(a)	12.25 %				11/2029	15		15		—		15
Pareto Health Intermediate Holdings, Inc.*+	One stop	SF +	5.00 %	(j)	9.28 %				05/2030	74,648		74,054		1.8		73,901
Pareto Health Intermediate Holdings, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)				06/2029	—		( 1 )		—		—
Pareto Health Intermediate Holdings, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)				05/2030	—		( 57 )		—		( 58 )
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.00 %	(i)	9.48 %				10/2028	15,405		15,404		0.4		15,405
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.00 %	(i)	9.48 %				10/2028	3,149		3,135		0.1		3,149
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.00 %	(i)	9.33 %				10/2028	2,402		2,393		0.1		2,402
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.00 %	(h)	9.46 %				10/2028	107		99		—		107
People Corporation+(8)(9)(12)	One stop	CA +	5.25 %	(l)	9.06 %				02/2028	23,156		25,312		0.6		23,156
People Corporation+(8)(9)(12)	One stop	CA +	5.25 %	(l)	9.06 %				02/2028	19,433		20,651		0.5		19,433
People Corporation+(8)(9)(12)	One stop	CA +	5.25 %	(l)	9.04 %				02/2028	7,656		7,993		0.2		7,656
People Corporation+(8)(9)(12)	One stop	CA +	5.25 %	(l)	9.06 %				02/2028	7,599		8,422		0.2		7,599
People Corporation+(8)(9)(12)	One stop	CA +	5.25 %	(l)	8.95 %				02/2027	202		209		—		202
People Corporation+(5)(8)(9)(12)	One stop	CA +	5.00 %		N/A(6)				02/2028	—		( 77 )		—		( 156 )
										480,663		483,165		11.8		479,143
Internet & Direct Marketing Retail
Revalize, Inc.^+	One stop	SF +	5.75 %	(i)	10.49 %				04/2027	20,456		20,149		0.5		18,411
Revalize, Inc.^+	One stop	SF +	5.75 %	(i)	10.49 %				04/2027	11,974		11,793		0.3		10,776
Revalize, Inc.^+	One stop	SF +	5.75 %	(i)	10.49 %				04/2027	5,936		5,847		0.1		5,343
Revalize, Inc.^+	One stop	SF +	5.75 %	(i)	10.49 %				04/2027	3,577		3,506		0.1		3,218
Revalize, Inc.+	One stop	SF +	5.75 %	(i)	10.49 %				04/2027	2,434		2,380		0.1		2,191
Revalize, Inc.+	One stop	SF +	5.75 %	(i)	10.49 %				04/2027	2,390		2,302		—		2,151
Revalize, Inc.+	One stop	SF +	5.75 %	(i)	10.49 %				04/2027	229		217		—		206
Revalize, Inc.+	One stop	SF +	5.75 %	(h)(i)	10.43 %				04/2027	332		316		—		286
										47,328		46,510		1.1		42,582
IT Services
Acquia, Inc.^*+	One stop	SF +	7.00 %	(i)	11.73 %				10/2025	12,020		12,028		0.3		12,020
Acquia, Inc.+	One stop	SF +	7.00 %	(i)	11.73 %				10/2025	1,083		1,081		—		1,083
Acquia, Inc.+	One stop	SF +	7.00 %	(i)	11.75 %				10/2025	62		62		—		62
CivicPlus, LLC^+	One stop	SF +	5.75 %	(i)	10.41 %				08/2027	9,153		9,167		0.2		9,153
CivicPlus, LLC+	One stop	SF +	5.75 %	(i)	10.41 %				08/2027	5,430		5,441		0.2		5,430
CivicPlus, LLC+	One stop	SF +	5.75 %	(i)	10.41 %				08/2027	4,301		4,307		0.1		4,301
CivicPlus, LLC+(26)	One stop	SF +	11.75 %	(i)	17.00 %	PIK			06/2034	552		548		—		564
CivicPlus, LLC+	One stop	SF +	8.50 %		N/A(6)				08/2027	—		—		—		—
Critical Start, Inc.+(26)	One stop	SF +	6.75 %	(i)	7.75 %	cash/	3.63 %	PIK	05/2028	5,303		5,300		0.1		5,250
Critical Start, Inc.+(26)	One stop	SF +	6.75 %	(i)	7.75 %	cash/	3.63 %	PIK	05/2028	2,434		2,407		0.1		2,410
Critical Start, Inc.+(5)	One stop	SF +	6.25 %		N/A(6)				05/2028	—		( 1 )		—		( 2 )
Delinea Inc.^*	One stop	SF +	5.75 %	(i)	10.23 %				03/2028	22,551		22,559		0.6		22,551
Delinea Inc.^*	One stop	SF +	5.75 %	(i)	10.23 %				03/2028	13,092		13,094		0.4		13,092
Delinea Inc.	One stop	SF +	5.75 %	(i)	10.23 %				03/2028	11,472		11,458		0.3		11,472
Delinea Inc.+(5)	One stop	SF +	5.75 %		N/A(6)				03/2027	—		( 1 )		—		—
Goldcup 31018 AB+(8)(9)(17)(26)	One stop	E +	6.50 %	(d)	10.18 %	PIK			07/2029	13,279		13,350		0.3		13,279
Goldcup 31018 AB+(8)(9)(17)(26)	One stop	E +	6.50 %	(d)	10.18 %	PIK			07/2029	1,239		1,270		—		1,239
Goldcup 31018 AB+(8)(9)(17)	One stop	E +	6.25 %	(c)(d)	9.00 %				01/2029	208		209		—		208
Kentik Technologies, Inc.+(26)	Second lien	SF +	12.25 %	(i)	16.61 %	PIK			11/2029	51		47		—		48
Kentik Technologies, Inc.+(5)	Second lien	SF +	12.25 %		N/A(6)				11/2029	—		( 1 )		—		( 2 )
Netwrix Corporation*+	One stop	SF +	4.75 %	(i)	9.26 %				06/2029	7,956		7,962		0.2		7,956

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(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+	One stop	SF +	4.75 %	(i)	9.26 %				06/2029	$	386	$	386	—	%	$	386
Netwrix Corporation+	One stop	SF +	4.75 %	(i)	9.26 %				06/2029	56		53		—		56
Netwrix Corporation+(5)	One stop	SF +	4.75 %		N/A(6)				06/2029	—		( 1 )		—		—
Optimizely North America, Inc.+	One stop	SF +	5.00 %	(h)	9.36 %				10/2031	38,320		37,946		1.0		37,937
Optimizely North America, Inc.+(8)(9)	One stop	E +	5.25 %	(b)	8.11 %				10/2031	14,045		14,586		0.4		13,905
Optimizely North America, Inc.+(8)(9)	One stop	SN +	5.50 %	(f)	10.20 %				10/2031	5,592		5,738		0.1		5,536
Optimizely North America, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)				10/2031	—		( 97 )		—		( 61 )
PDQ Intermediate, Inc.+(26)	Subordinated debt	N/A			13.75 %	PIK			10/2031	118		117		—		118
Recordxtechnologies, LLC*	One stop	SF +	5.25 %	(i)	9.58 %				12/2027	18,825		19,000		0.5		18,825
Recordxtechnologies, LLC*	One stop	SF +	5.25 %	(i)	9.58 %				12/2027	12,521		12,416		0.3		12,521
Recordxtechnologies, LLC+	One stop	SF +	5.25 %	(i)	9.58 %				12/2027	1,764		1,780		—		1,764
Recordxtechnologies, LLC+	One stop	SF +	5.25 %	(i)	9.58 %				12/2027	892		884		—		892
Recordxtechnologies, LLC+	One stop	SF +	5.25 %	(i)	9.58 %				12/2027	2		—		—		2
ReliaQuest Holdings, LLC+(26)	One stop	SF +	6.75 %	(i)	7.71 %	cash/	3.63 %	PIK	04/2031	11,818		11,820		0.3		11,818
ReliaQuest Holdings, LLC+(5)	One stop	SF +	6.75 %		N/A(6)				04/2031	—		( 5 )		—		—
ReliaQuest Holdings, LLC+(5)	One stop	SF +	6.25 %		N/A(6)				04/2031	—		( 2 )		—		—
Saturn Borrower Inc.*+	One stop	SF +	6.50 %	(i)	10.98 %				09/2026	27,463		27,261		0.7		27,463
Saturn Borrower Inc.+	One stop	SF +	6.50 %	(h)(i)	10.98 %				09/2026	459		453		—		459
WPEngine, Inc.+	One stop	SF +	6.50 %	(h)	10.90 %				08/2029	5,438		5,420		0.1		5,438
WPEngine, Inc.+	One stop	SF +	6.50 %		N/A(6)				08/2029	—		—		—		—
Zarya Holdco, Inc.+	One stop	SF +	6.50 %	(i)	11.01 %				07/2027	7,229		7,273		0.2		7,229
Zarya Holdco, Inc.+	One stop	SF +	6.50 %	(i)	11.01 %				07/2027	1,409		1,402		—		1,409
Zarya Holdco, Inc.+	One stop	SF +	6.50 %		N/A(6)				07/2027	—		—		—		—
										256,523		256,717		6.4		255,811

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(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
Crunch Holdings, LLC*	One stop	SF +	4.75 %	(h)	9.11 %				09/2031	$	57,121	$	56,846	1.4	%	$	57,121
Crunch Holdings, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				09/2031	—		( 38 )		—		—
Movement Holdings, LLC+	One stop	SF +	5.25 %	(i)	9.58 %				03/2030	839		836		—		839
Movement Holdings, LLC+	One stop	SF +	5.25 %		N/A(6)				03/2030	—		—		—		—
Movement Holdings, LLC+(5)	One stop	SF +	5.25 %		N/A(6)				03/2030	—		( 2 )		—		—
WBZ Investment, LLC+	One stop	SF +	6.75 %	(i)	11.23 %				03/2027	7,778		7,778		0.2		7,778
WBZ Investment, LLC+	One stop	SF +	6.75 %	(i)	11.23 %				03/2027	1,713		1,713		0.1		1,713
WBZ Investment, LLC+	One stop	SF +	6.75 %	(i)	11.23 %				03/2027	1,191		1,191		—		1,191
WBZ Investment, LLC+	One stop	SF +	6.75 %	(i)	11.23 %				03/2027	628		628		—		628
WBZ Investment, LLC+	One stop	SF +	6.75 %		N/A(6)				03/2027	—		—		—		—
										69,270		68,952		1.7		69,270
Life Sciences Tools & Services
Celerion Buyer, Inc.*+	One stop	SF +	5.00 %	(i)	9.53 %				11/2029	31,102		30,787		0.8		30,790
Celerion Buyer, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)				11/2028	—		( 1 )		—		( 2 )
Celerion Buyer, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)				11/2029	—		( 76 )		—		( 48 )
Celerion Buyer, Inc.*	One stop	SF +	5.00 %	(i)	9.52 %				11/2029	22,067		21,851		0.6		21,846
Graphpad Software, LLC+	One stop	SF +	4.75 %	(i)	9.08 %				06/2031	8,847		8,806		0.2		8,847
Graphpad Software, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				06/2031	—		( 4 )		—		—
Graphpad Software, LLC+	One stop	SF +	4.75 %	(i)	9.08 %				06/2031	221		211		—		221
PAS Parent Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				12/2028	—		( 17 )		—		—
PAS Parent Inc.*+	One stop	SF +	4.75 %	(h)	9.11 %				12/2028	55,375		55,392		1.4		55,375
PAS Parent Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				12/2027	—		( 5 )		—		—
PAS Parent Inc.+	One stop	SF +	4.75 %	(h)	9.11 %				12/2028	2,862		2,881		0.1		2,862
Reaction Biology Corporation+(7)(26)	One stop	SF +	6.85 %	(h)	6.86 %	cash/	4.35 %	PIK	03/2029	8,697		8,338		0.1		4,870
Reaction Biology Corporation+(7)(26)	One stop	SF +	6.85 %	(h)	6.86 %	cash/	4.35 %	PIK	03/2029	2,894		2,479		—		1,620
Reaction Biology Corporation+(7)(26)	One stop	SF +	6.85 %	(h)	6.86 %	cash/	4.35 %	PIK	03/2029	1,924		1,649		—		1,078
Reaction Biology Corporation+(7)(26)	One stop	SF +	6.85 %	(h)(i)	6.86 %	cash/	4.35 %	PIK	03/2029	308		278		—		173
Reaction Biology Corporation+	One stop	SF +	6.85 %		N/A(6)				03/2029	—		—		—		—
Unchained Labs, LLC+	Senior secured	SF +	5.50 %	(h)	9.91 %				08/2027	1,396		1,384		—		1,382
Unchained Labs, LLC+	Senior secured	SF +	5.50 %	(h)	9.91 %				08/2027	1,179		1,165		—		1,167
Unchained Labs, LLC+(5)	Senior secured	SF +	5.50 %		N/A(6)				08/2027	—		( 1 )		—		—
										136,872		135,117		3.2		130,181
Machinery
AI Titan Parent, Inc.+	One stop	SF +	4.75 %	(h)	9.11 %				08/2031	10,508		10,408		0.3		10,508
AI Titan Parent, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				08/2031	—		( 10 )		—		—
AI Titan Parent, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				08/2031	—		( 12 )		—		—
Blackbird Purchaser, Inc.+	One stop	SF +	5.50 %	(i)	9.83 %				12/2030	4,466		4,544		0.1		4,466
Blackbird Purchaser, Inc.+	One stop	SF +	5.50 %	(i)	9.83 %				12/2030	315		315		—		315
Blackbird Purchaser, Inc.+	One stop	SF +	5.50 %	(i)	9.83 %				12/2029	25		25		—		25
Chase Industries, Inc.+(26)(27)	Senior secured	SF +	7.00 %	(i)	9.98 %	cash/	1.50 %	PIK	11/2026	13,837		13,703		0.3		13,145
Chase Industries, Inc.+(26)(27)	Senior secured	SF +	7.00 %	(i)	9.98 %	cash/	1.50 %	PIK	11/2026	1,308		1,290		—		1,242
Chase Industries, Inc.+(26)(27)	Senior secured	SF +	7.00 %	(i)	9.98 %	cash/	1.50 %	PIK	11/2026	228		218		—		201
										30,687		30,481		0.7		29,902
Marine
Project Nike Purchaser, LLC*+	One stop	SF +	5.25 %	(i)	9.58 %				04/2029	33,782		33,943		0.9		33,782
Project Nike Purchaser, LLC+	One stop	SF +	5.25 %	(i)	9.58 %				04/2029	748		745		—		748
Project Nike Purchaser, LLC+	One stop	SF +	5.25 %	(i)	9.58 %				04/2029	250		248		—		250
										34,780		34,936		0.9		34,780
Media
Lotus Topco, Inc.*	One stop	SF +	4.75 %	(j)	9.00 %				06/2030	5,151		5,116		0.1		5,151
Lotus Topco, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				06/2030	—		( 7 )		—		—
Lotus Topco, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				06/2030	—		( 18 )		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(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)
Triple Lift, Inc.^*	One stop	SF +	5.75 %	(i)	10.25 %				05/2028	$	7,280	$	7,186	0.2	%	$	6,990
Triple Lift, Inc.+	One stop	SF +	5.75 %	(i)	10.25 %				05/2028	1,553		1,523		—		1,491
Triple Lift, Inc.+(5)	One stop	SF +	5.75 %		N/A(6)				05/2028	—		( 4 )		—		( 6 )
										13,984		13,796		0.3		13,626
Oil, Gas & Consumable Fuels
Envernus, Inc.+	One stop	SF +	5.50 %	(h)	9.86 %				12/2029	5,118		5,205		0.1		5,118
Envernus, Inc.+	One stop	SF +	5.50 %	(h)	9.86 %				12/2029	2		2		—		2
Envernus, Inc.+	One stop	SF +	5.50 %		N/A(6)				12/2029	—		—		—		—
										5,120		5,207		0.1		5,120
Paper & Forest Products
Messenger, LLC*+	One stop	SF +	5.25 %	(i)	9.73 %				12/2027	14,397		14,416		0.4		14,397
Messenger, LLC+(8)(9)	One stop	SN +	5.25 %	(f)	10.05 %				12/2027	866		876		—		866
Messenger, LLC+	One stop	SF +	5.25 %	(i)	9.73 %				12/2027	520		519		—		520
Messenger, LLC+(8)(9)	One stop	SN +	5.25 %		N/A(6)				12/2027	—		—		—		—
Messenger, LLC*+	One stop	SF +	5.25 %	(h)	9.71 %				12/2027	1,508		1,534		—		1,508
Messenger, LLC+	One stop	SF +	5.25 %	(i)	9.73 %				12/2027	756		756		—		756
Messenger, LLC+	One stop	SF +	5.25 %		N/A(6)				12/2027	—		—		—		—
										18,047		18,101		0.4		18,047
Personal Products
IMPLUS Footcare, LLC+(26)	One stop	SF +	8.75 %	(i)	12.23 %	cash/	1.00 %	PIK	07/2025	30,542		30,542		0.6		24,739
IMPLUS Footcare, LLC+(26)	One stop	SF +	9.25 %	(i)	12.23 %	cash/	1.50 %	PIK	07/2025	5,216		5,216		0.1		4,225
IMPLUS Footcare, LLC*+(26)	One stop	SF +	9.25 %	(i)	12.23 %	cash/	1.50 %	PIK	07/2025	752		752		—		609
										36,510		36,510		0.7		29,573

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(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 %	(i)	10.09 %				02/2029	$	30,144	$	29,990	0.8	%	$	30,144
ACP Ulysses Buyer, Inc.*	One stop	SF +	5.50 %	(i)	10.09 %				02/2029	1,303		1,286		—		1,303
Amalthea Parent, Inc.^+(8)	One stop	SF +	5.00 %	(i)	9.78 %				03/2027	87,417		85,321		2.1		83,047
Amalthea Parent, Inc.+(8)	One stop	SF +	5.00 %	(h)	9.47 %				03/2027	360		338		—		334
Apothecary Products, LLC+	Senior secured	SF +	5.75 %	(j)	10.59 %				07/2025	2,256		2,248		0.1		2,256
Apothecary Products, LLC+(5)	Senior secured	SF +	5.75 %		N/A(6)				07/2025	—		( 2 )		—		—
Caerus Midco 3 S.A.R.L.*(8)(13)	One stop	SF +	5.00 %	(i)	9.33 %				05/2029	29,336		29,368		0.7		29,336
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.00 %	(i)	9.33 %				05/2029	4,863		4,867		0.1		4,863
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.00 %	(i)(j)	9.40 %				05/2029	4,488		4,442		0.1		4,488
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.00 %	(i)(j)	9.40 %				05/2029	712		708		—		712
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.00 %	(h)	9.34 %				05/2029	42		38		—		42
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.50 %	(h)	9.86 %				10/2028	14,798		14,754		0.4		14,798
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.50 %	(h)	9.86 %				10/2028	4,962		4,946		0.1		4,962
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.50 %	(h)	9.86 %				10/2028	3,748		3,679		0.1		3,748
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.50 %	(h)	9.86 %				10/2027	146		131		—		146
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.50 %	(h)	9.86 %				10/2028	6,381		6,308		0.2		6,381
Cobalt Buyer Sub, Inc.+(5)	One stop	SF +	5.50 %		N/A(6)				10/2028	—		( 73 )		—		—
Creek Parent, Inc.+	One stop	SF +	5.25 %	(i)	9.63 %				12/2031	56,829		55,840		1.4		55,834
Creek Parent, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)				12/2029	—		( 142 )		—		( 143 )
Spark Bidco Limited+(8)(9)(10)(26)	Senior secured	SN +	4.88 %	(f)	8.45 %	cash/	1.13 %	PIK	08/2028	35,384		37,551		0.8		34,057
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	6.00 %	(f)	10.70 %				08/2028	5,200		5,133		0.1		5,200
Spark Bidco Limited+(8)(9)(10)(26)	Senior secured	SN +	4.88 %	(f)	8.45 %	cash/	1.13 %	PIK	08/2028	4,289		3,975		0.1		4,128
Spark Bidco Limited+(8)(10)	Senior secured	SF +	6.00 %	(i)	10.33 %				08/2028	3,991		3,984		0.1		3,991
Spark Bidco Limited+(8)(9)(10)(26)	Senior secured	SN +	4.88 %	(f)	8.45 %	cash/	1.13 %	PIK	08/2028	3,753		3,636		0.1		3,613
Spark Bidco Limited+(5)(8)(9)(10)	Senior secured	SN +	4.88 %		N/A(6)				02/2028	—		( 5 )		—		( 6 )
										300,402		298,321		7.3		293,234
Professional Services
ALKU Intermediate Holdings, LLC+	One stop	SF +	6.25 %	(i)	10.50 %				5/1/2029	6,780		6,806		0.2		6,848
ALKU Intermediate Holdings, LLC+	One stop	SF +	5.50 %	(i)	9.75 %				5/1/2029	749		741		—		749
bswift, LLC+	One stop	SF +	6.38 %	(i)	11.05 %				11/1/2028	7,663		7,646		0.2		7,777
Citrin Cooperman Advisors LLC+	One stop	SF +	5.00 %	(j)	9.28 %				10/1/2027	8,037		8,054		0.2		8,037
Citrin Cooperman Advisors LLC+	One stop	SF +	5.00 %	(j)	9.28 %				10/1/2027	3,489		3,443		0.1		3,489
Citrin Cooperman Advisors LLC+	One stop	SF +	5.00 %	(j)	9.28 %				10/1/2027	1,036		1,027		—		1,036
Citrin Cooperman Advisors LLC+	One stop	SF +	5.25 %	(j)	9.66 %				10/1/2027	1,456		1,456		0.1		1,456
Citrin Cooperman Advisors LLC+	One stop	SF +	5.25 %	(j)	9.63 %				10/1/2027	253		252		—		253
DISA Holdings Corp.+	Senior secured	SF +	5.00 %	(i)	9.50 %				9/1/2028	5,228		5,196		0.1		5,228
DISA Holdings Corp.+	Senior secured	SF +	5.00 %	(i)	9.50 %				9/1/2028	806		796		—		806
DISA Holdings Corp.+	One stop	SF +	5.00 %	(i)	9.50 %				9/1/2028	689		681		—		689
DISA Holdings Corp.+	Senior secured	SF +	5.00 %	(i)	9.50 %				9/1/2028	610		603		—		610
DISA Holdings Corp.+(26)	Subordinated debt	SF +	8.50 %	(i)	10.99 %	cash/	2.00 %	PIK	3/1/2029	104		103		—		104
DISA Holdings Corp.+	Senior secured	SF +	5.00 %	(i)	9.40 %				9/1/2028	70		65		—		70
DISA Holdings Corp.+(5)	Senior secured	SF +	5.00 %		N/A(6)				9/1/2028	—		( 2 )		—		—
Eclipse Buyer, Inc.+	One stop	SF +	4.75 %	(h)	9.26 %				9/1/2031	14,283		14,146		0.4		14,283
Eclipse Buyer, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				9/1/2031	—		( 66 )		—		—
Eclipse Buyer, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				9/1/2031	—		( 12 )		—		—
Eliassen Group, LLC+	One stop	SF +	5.75 %	(i)	10.08 %				4/1/2028	2,143		2,128		0.1		2,100
Eliassen Group, LLC+	One stop	SF +	5.75 %	(i)	10.30 %				4/1/2028	145		144		—		141
Filevine, Inc.^+(26)	One stop	SF +	6.50 %	(i)	8.76 %	cash/	2.50 %	PIK	4/1/2027	8,293		8,328		0.2		8,397
Filevine, Inc.+	One stop	SF +	6.50 %		N/A(6)				4/1/2027	—		—		—		—
IG Investments Holdings, LLC+	One stop	SF +	5.00 %	(i)	9.57 %				9/1/2028	12,974		12,922		0.3		12,974
IG Investments Holdings, LLC+	One stop	SF +	5.00 %		N/A(6)				9/1/2028	—		—		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(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)
NBG Acquisition Corp. and NBG-P Acquisition Corp.^*	One stop	SF +	5.50 %	(i)	10.24 %				11/1/2028	$	33,937	$	33,614	0.8	%	$	32,919
NBG Acquisition Corp. and NBG-P Acquisition Corp.+	One stop	SF +	5.50 %	(i)	9.98 %				11/1/2028	789		784		—		765
NBG Acquisition Corp. and NBG-P Acquisition Corp.+	One stop	SF +	5.50 %	(i)	9.98 %				11/1/2028	346		338		—		332
PlanSource Holdings, Inc.*	One stop	SF +	5.50 %	(j)	10.64 %				12/1/2026	14,234		14,222		0.4		14,234
PlanSource Holdings, Inc.+	One stop	SF +	5.50 %	(j)	10.64 %				12/1/2026	2,416		2,406		0.1		2,416
PlanSource Holdings, Inc.+	One stop	SF +	5.50 %	(j)	10.64 %				12/1/2026	695		693		—		695
PlanSource Holdings, Inc.+	One stop	SF +	5.50 %		N/A(6)				12/1/2026	—		—		—		—
Procure Acquireco, Inc.*	One stop	SF +	4.75 %	(j)	9.49 %				12/1/2028	24,859		24,908		0.6		24,735
Procure Acquireco, Inc.+	One stop	SF +	4.75 %	(i)	9.08 %				12/1/2028	1,143		1,143		—		1,137
Procure Acquireco, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				12/1/2028	—		( 1 )		—		—
Procure Acquireco, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				12/1/2028	—		( 96 )		—		( 100 )
Teaching Company, The+	One stop	SF +	5.75 %	(j)	11.09 %				1/1/2026	13,568		13,568		0.3		13,568
Teaching Company, The+	One stop	SF +	5.75 %		N/A(6)				1/1/2026	—		—		—		—
Varicent Intermediate Holdings Corporation+(26)	One stop	SF +	6.00 %	(i)	7.08 %	cash/	3.25 %	PIK	8/1/2031	48,248		47,578		1.2		48,248
Varicent Intermediate Holdings Corporation+(5)	One stop	SF +	5.50 %		N/A(6)				8/1/2031	—		( 88 )		—		—
Varicent Intermediate Holdings Corporation+(5)	One stop	SF +	6.00 %		N/A(6)				8/1/2031	—		( 79 )		—		—
										215,043		213,447		5.3		213,996


Real Estate Management & Development
Inhabit IQ Inc.	One stop	SF +	5.50 %	(h)	9.96 %	07/2025	37,486	37,630	0.9	37,486
Inhabit IQ Inc.*+	One stop	SF +	5.50 %	(h)	9.96 %	07/2025	21,635	21,657	0.6	21,635
Inhabit IQ Inc.*	One stop	SF +	5.50 %	(h)	9.96 %	07/2025	15,566	15,583	0.4	15,566
Inhabit IQ Inc.^*	One stop	SF +	5.50 %	(h)	9.96 %	07/2025	21,311	21,392	0.5	21,311
Inhabit IQ Inc.*	One stop	SF +	5.50 %	(h)	9.96 %	07/2025	7,439	7,437	0.2	7,439
Inhabit IQ Inc.+	One stop	SF +	5.50 %	(h)	9.96 %	07/2025	3,977	3,985	0.1	3,977
Inhabit IQ Inc.*+	One stop	SF +	5.50 %	(h)	9.96 %	07/2025	1,741	1,740	0.1	1,741
Inhabit IQ Inc.*+	One stop	SF +	5.50 %	(h)	9.96 %	07/2025	1,473	1,473	0.1	1,473
Inhabit IQ Inc.*+	One stop	SF +	5.50 %	(h)	9.96 %	07/2025	1,458	1,457	—	1,458
Inhabit IQ Inc.+	One stop	SF +	5.50 %	(h)	9.96 %	07/2025	1,161	1,161	—	1,161
Inhabit IQ Inc.+	One stop	SF +	5.50 %	(h)	9.96 %	07/2025	613	613	—	613
Inhabit IQ Inc.+	One stop	SF +	5.50 %		N/A(6)	07/2025	—	—	—	—
Inhabit IQ Inc.	One stop	SF +	5.50 %	(h)	9.96 %	07/2025	678	678	—	678
MRI Software, LLC^*+	One stop	SF +	4.75 %	(i)	9.08 %	02/2027	32,993	33,181	0.8	32,993
MRI Software, LLC^*+	One stop	SF +	4.75 %	(i)	9.08 %	02/2027	13,120	13,217	0.3	13,120
MRI Software, LLC+	One stop	SF +	4.75 %	(i)	9.08 %	02/2027	176	155	—	176
MRI Software, LLC+	One stop	SF +	4.75 %	(i)	9.08 %	02/2027	942	868	—	942
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.50 %	(f)	10.20 %	08/2028	5,662	5,859	0.1	5,662
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.50 %	(f)	10.20 %	08/2028	26,133	28,282	0.7	26,133
RPL Bidco Limited+(8)(9)(10)	One stop	A +	5.50 %	(e)	9.98 %	08/2028	10,894	11,764	0.3	10,894
RPL Bidco Limited+(8)(9)(10)	One stop	A +	5.50 %	(e)	9.98 %	08/2028	2,645	3,037	0.1	2,645
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.50 %		N/A(6)	02/2028	—	—	—	—
							207,103	211,169	5.2	207,103
Road & Rail
Internet Truckstop Group, LLC*	One stop	SF +	6.00 %	(i)	10.48 %	04/2027	28,632	28,646	0.7	28,345
Internet Truckstop Group, LLC*	One stop	SF +	6.00 %	(i)	10.48 %	04/2027	12,552	12,511	0.3	12,427
Internet Truckstop Group, LLC+(5)	One stop	SF +	6.00 %		N/A(6)	04/2027	—	( 3 )	—	( 3 )
							41,184	41,154	1.0	40,769

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(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 +	5.25 %	(i)	9.58 %				06/2029	$	24,680	$	24,903	0.6	%	$	24,680
Anaplan, Inc.+	One stop	SF +	5.25 %	(i)	9.58 %				06/2029	13,000		12,971		0.3		13,000
Anaplan, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)				06/2028	—		( 1 )		—		—
Appfire Technologies, LLC^*+	One stop	SF +	5.00 %	(i)	9.33 %				03/2028	57,062		56,973		1.4		57,062
Appfire Technologies, LLC+	One stop	SF +	5.00 %	(i)	9.33 %				03/2028	34		30		—		34
Appfire Technologies, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				03/2028	—		( 29 )		—		—
Appfire Technologies, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				03/2028	—		( 115 )		—		—
Aras Corporation^+	One stop	SF +	5.25 %	(i)	9.58 %				04/2029	28,668		28,667		0.7		28,668
Aras Corporation+	One stop	SF +	5.25 %	(h)(i)	9.58 %				04/2029	2,000		1,980		0.1		2,000
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.25 %	(f)	9.95 %				06/2029	5,440		5,363		0.2		5,440
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.25 %	(f)	9.95 %				06/2029	2,838		2,730		0.1		2,838
Arrow Buyer, Inc.+	One stop	SF +	5.75 %	(i)	10.08 %				07/2030	25,040		24,879		0.6		25,040
Arrow Buyer, Inc.+	One stop	SF +	5.75 %	(i)	10.08 %				07/2030	1,642		1,636		0.1		1,642
Arrow Buyer, Inc.+(5)	One stop	SF +	5.75 %		N/A(6)				07/2030	—		( 24 )		—		—
Artifact Bidco, Inc.+	One stop	SF +	4.50 %	(i)	8.83 %				05/2031	1,489		1,475		0.1		1,489
Artifact Bidco, Inc.+(5)	One stop	SF +	4.50 %		N/A(6)				05/2031	—		( 2 )		—		—
Artifact Bidco, Inc.+(5)	One stop	SF +	4.50 %		N/A(6)				05/2030	—		( 1 )		—		—
Artifact Bidco, Inc.+(5)	One stop	SF +	4.50 %		N/A(6)				05/2030	—		( 1 )		—		—
Auvik Networks Inc.^+(8)(12)(26)	One stop	SF +	6.25 %	(i)	7.59 %	cash/	3.25 %	PIK	07/2027	10,751		10,779		0.3		10,751
Auvik Networks Inc.+(8)(12)(26)	One stop	SF +	6.25 %	(i)	7.59 %	cash/	3.25 %	PIK	07/2027	1,933		1,927		0.1		1,933
Auvik Networks Inc.+(8)(12)(26)	One stop	SF +	6.25 %	(i)	7.59 %	cash/	3.25 %	PIK	07/2027	984		981		—		984
Auvik Networks Inc.+(8)(12)	One stop	SF +	6.00 %		N/A(6)				07/2027	—		—		—		—
Axiom Merger Sub Inc.+	One stop	SF +	4.75 %	(j)	9.20 %				04/2026	6,698		6,682		0.2		6,698
Axiom Merger Sub Inc.+(8)(9)	One stop	E +	4.75 %	(c)(d)	7.79 %				04/2026	2,563		2,744		0.1		2,563
Axiom Merger Sub Inc.+	One stop	SF +	4.75 %	(j)	9.20 %				04/2026	1,214		1,210		—		1,214
Axiom Merger Sub Inc.+	One stop	SF +	4.75 %	(j)	9.17 %				04/2026	174		174		—		174
Axiom Merger Sub Inc.+	One stop	SF +	4.75 %		N/A(6)				10/2025	—		—		—		—
Axiom Merger Sub Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				04/2026	—		( 77 )		—		—
Azul Systems, Inc.*	Senior secured	SF +	4.50 %	(i)	8.98 %				04/2027	9,492		9,656		0.3		9,492
Azul Systems, Inc.+	Senior secured	SF +	4.50 %		N/A(6)				04/2026	—		—		—		—
Azurite Intermediate Holdings, Inc.+	One stop	SF +	6.50 %	(h)	10.86 %				03/2031	973		961		—		973
Azurite Intermediate Holdings, Inc.+	One stop	SF +	6.50 %	(h)	10.86 %				03/2031	428		422		—		428
Azurite Intermediate Holdings, Inc.+(5)	One stop	SF +	9.00 %		N/A(6)				03/2031	—		( 2 )		—		—
Baxter Planning Systems, LLC+(26)	One stop	SF +	6.25 %	(i)(j)	7.30 %	cash/	3.38 %	PIK	05/2031	4,095		4,095		0.1		4,095
Baxter Planning Systems, LLC+(5)	One stop	SF +	6.25 %		N/A(6)				05/2031	—		( 5 )		—		—
Baxter Planning Systems, LLC+(5)	One stop	SF +	5.75 %		N/A(6)				05/2031	—		( 4 )		—		—
Bayshore Intermediate #2, L.P.^+(26)	One stop	SF +	6.25 %	(i)	7.39 %	cash/	3.38 %	PIK	10/2028	120,651		120,581		3.0		119,445
Bayshore Intermediate #2, L.P.+(5)	One stop	SF +	5.75 %		N/A(6)				10/2027	—		( 2 )		—		( 4 )
BestPass, Inc.+	One stop	SF +	5.25 %	(h)	9.61 %				08/2031	52,735		52,487		1.3		52,735
BestPass, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)				08/2031	—		( 24 )		—		—
BestPass, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)				08/2031	—		( 33 )		—		—
Bloomerang, LLC+	One stop	SF +	6.00 %	(i)	10.33 %				12/2029	4,142		4,178		0.1		4,142
Bloomerang, LLC+	One stop	SF +	6.00 %	(i)	10.52 %				12/2029	9		7		—		9
Bloomerang, LLC+(5)	One stop	SF +	6.00 %		N/A(6)				12/2029	—		( 11 )		—		—
Bonterra LLC^+	One stop	SF +	7.00 %	(i)	11.33 %				09/2027	92,893		92,381		2.3		92,893
Bonterra LLC+	One stop	SF +	7.00 %	(i)	11.43 %				09/2027	7,599		7,497		0.2		7,599
Bonterra LLC+(26)	One stop	SF +	7.75 %	(i)	12.08 %	PIK			09/2027	3,957		3,917		0.1		3,957
Bonterra LLC+	One stop	SF +	7.00 %	(i)	11.33 %				09/2027	256		251		—		256
Bottomline Technologies, Inc.+	One stop	SF +	5.25 %	(h)	9.61 %				05/2029	40,957		40,754		1.0		40,957
Bottomline Technologies, Inc.+	One stop	SF +	5.75 %	(h)	10.11 %				05/2029	5,086		5,015		0.1		5,112
Bottomline Technologies, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)				05/2028	—		( 5 )		—		—
Bullhorn, Inc.*+	One stop	SF +	5.00 %	(h)	9.36 %				10/2029	77,997		77,775		1.9		77,997

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(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)
Bullhorn, Inc.*	One stop	SF +	5.00 %	(h)	9.36 %	10/2029	$	3,190	$	3,226	0.1	%	$	3,190
Bullhorn, Inc.+	One stop	SF +	5.00 %	(h)	9.36 %	10/2029	1,643		1,663		0.1		1,643
Bullhorn, Inc.+	One stop	SF +	5.00 %	(h)	9.36 %	10/2029	736		733		—		736
Bullhorn, Inc.+	One stop	SF +	5.00 %	(h)	9.36 %	10/2029	587		584		—		587
Bullhorn, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)	10/2029	—		( 2 )		—		—
Burning Glass Intermediate Holdings Company, Inc.*	One stop	SF +	5.00 %	(h)	9.46 %	06/2028	11,868		11,840		0.3		11,868
Burning Glass Intermediate Holdings Company, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)	06/2026	—		( 1 )		—		—
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	6.00 %	(i)	10.62 %	01/2029	8,332		8,273		0.2		8,332
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	6.00 %	(i)	10.62 %	01/2029	2,204		2,173		0.1		2,204
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	6.00 %		N/A(6)	01/2029	—		—		—		—
Bynder BidCo, Inc.& Bynder BidCo B.V.+(5)(8)(14)	One stop	SF +	6.00 %		N/A(6)	01/2029	—		( 1 )		—		—
Calabrio, Inc.^+	One stop	SF +	5.50 %	(i)	10.01 %	04/2027	74,482		74,546		1.9		74,482
Calabrio, Inc.+	One stop	SF +	5.50 %	(i)	10.01 %	04/2027	5,473		5,553		0.2		5,473
Calabrio, Inc.+	One stop	SF +	5.50 %	(i)	10.02 %	04/2027	202		200		—		202
Camelia Bidco Limited+(8)(9)(10)	One stop	SN +	5.25 %	(f)	9.95 %	08/2030	5,062		5,138		0.1		5,062
Camelia Bidco Limited+(8)(9)(10)	One stop	SN +	5.25 %	(f)	9.95 %	08/2030	717		708		—		717
Camelia Bidco Limited+(8)(9)(10)	One stop	A +	5.25 %	(e)	9.69 %	08/2030	310		324		—		310
Camelia Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.50 %		N/A(6)	08/2030	—		( 28 )		—		—
CB Buyer, Inc.+	One stop	SF +	5.25 %	(h)	9.61 %	07/2031	46,494		46,063		1.2		46,494
CB Buyer, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)	07/2031	—		( 49 )		—		—
CB Buyer, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)	07/2031	—		( 61 )		—		—
Coupa Holdings, LLC+	One stop	SF +	5.50 %	(i)	10.09 %	02/2030	31,879		31,585		0.8		31,879
Coupa Holdings, LLC+(5)	One stop	SF +	5.50 %		N/A(6)	02/2029	—		( 1 )		—		—
Coupa Holdings, LLC+(5)	One stop	SF +	5.50 %		N/A(6)	02/2030	—		( 19 )		—		—
Crewline Buyer, Inc.+	One stop	SF +	6.75 %	(h)	11.11 %	11/2030	10,857		10,823		0.3		10,857
Crewline Buyer, Inc.+(5)	One stop	SF +	6.75 %		N/A(6)	11/2030	—		( 1 )		—		—
Daxko Acquisition Corporation^*	One stop	SF +	5.00 %	(h)	9.36 %	10/2028	39,356		39,334		1.0		39,356
Daxko Acquisition Corporation*	One stop	SF +	5.00 %	(h)	9.36 %	10/2028	3,319		3,292		0.1		3,319
Daxko Acquisition Corporation+	One stop	SF +	5.00 %	(h)	9.36 %	10/2028	199		197		—		199
Daxko Acquisition Corporation+	One stop	SF +	5.00 %	(h)	9.37 %	10/2028	134		115		—		134
Daxko Acquisition Corporation+(5)	One stop	SF +	5.00 %		N/A(6)	10/2028	—		( 12 )		—		—
Denali Bidco Limited+(8)(9)(10)	One stop	SN +	5.75 %	(f)	10.45 %	08/2030	7,357		7,540		0.2		7,375
Denali Bidco Limited+(8)(9)(10)	One stop	E +	5.75 %	(c)	8.43 %	08/2030	2,470		2,582		0.1		2,477
Denali Bidco Limited+(8)(9)(10)	One stop	E +	5.75 %	(c)	8.43 %	08/2030	1,764		1,839		0.1		1,768
Denali Bidco Limited+(8)(9)(10)	One stop	E +	5.25 %	(c)	7.93 %	08/2030	689		713		—		689
Denali Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.25 %		N/A(6)	08/2030	—		( 2 )		—		—
Diligent Corporation+	One stop	SF +	5.00 %	(j)	10.09 %	08/2030	8,985		8,968		0.2		8,985
Diligent Corporation+	One stop	SF +	5.00 %	(j)	10.09 %	08/2030	1,541		1,530		—		1,541
Diligent Corporation+(5)	One stop	SF +	5.00 %		N/A(6)	08/2030	—		( 11 )		—		—
Diligent Corporation+(5)	One stop	SF +	5.00 %		N/A(6)	08/2030	—		( 6 )		—		—
Evergreen IX Borrower 2023, LLC+	One stop	SF +	4.75 %	(i)	9.08 %	09/2030	4,907		4,791		0.1		4,907
Evergreen IX Borrower 2023, LLC+	One stop	SF +	4.75 %	(i)	9.08 %	09/2030	4,472		4,430		0.1		4,472
Evergreen IX Borrower 2023, LLC+(5)	One stop	SF +	4.75 %		N/A(6)	10/2029	—		( 12 )		—		—
FirstUp, Inc.^+	One stop	SF +	6.75 %	(i)	11.08 %	07/2027	13,126		13,137		0.3		12,863
FirstUp, Inc.+	One stop	SF +	6.75 %	(i)	11.08 %	07/2027	1,251		1,243		—		1,226
FirstUp, Inc.+(5)	One stop	SF +	6.75 %		N/A(6)	07/2027	—		( 1 )		—		( 4 )
Gainsight, Inc.^+	One stop	SF +	6.00 %	(i)	10.66 %	07/2027	17,981		18,004		0.4		17,981
Gainsight, Inc.+	One stop	SF +	6.00 %	(i)	10.66 %	07/2027	128		127		—		128
GS Acquisitionco, Inc.^*+	One stop	SF +	5.25 %	(i)	9.58 %	05/2028	122,421		122,749		3.0		122,421

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(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)
GS Acquisitionco, Inc.+	One stop	SF +	5.25 %	(i)	9.58 %				05/2028	$	73	$	72	—	%	$	73
GS Acquisitionco, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)				05/2028	—		( 1 )		—		—
GTIV, LLC+	One stop	SF +	4.75 %	(i)	9.08 %				02/2029	72,541		72,116		1.8		71,815
GTIV, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				02/2029	—		( 1 )		—		( 3 )
GTY Technology Holdings, Inc.+(26)	One stop	SF +	6.88 %	(i)	6.90 %	cash/	4.30 %	PIK	07/2029	5,156		5,148		0.1		5,156
GTY Technology Holdings, Inc.+(26)	One stop	SF +	6.88 %	(i)	6.90 %	cash/	4.30 %	PIK	07/2029	3,370		3,340		0.1		3,370
GTY Technology Holdings, Inc.+(26)	One stop	SF +	6.88 %	(i)	6.90 %	cash/	4.30 %	PIK	07/2029	617		615		—		617
GTY Technology Holdings, Inc.+(26)	One stop	SF +	7.13 %	(i)	7.23 %	cash/	4.45 %	PIK	07/2029	429		429		—		430
GTY Technology Holdings, Inc.+(5)	One stop	SF +	6.25 %		N/A(6)				07/2029	—		( 1 )		—		—
GTY Technology Holdings, Inc.+(5)	One stop	SF +	7.13 %		N/A(6)				07/2029	—		( 3 )		—		3
Gurobi Optimization, LLC+	One stop	SF +	4.75 %	(h)(i)	9.05 %				09/2031	51,664		51,170		1.3		51,664
Gurobi Optimization, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				09/2031	—		( 42 )		—		—
Hornet Security Holding GMBH+(8)(9)(19)(26)	One stop	E +	7.00 %	(d)	5.91 %	cash/	4.50 %	PIK	02/2031	695		720		—		695
Hornet Security Holding GMBH+(8)(9)(19)(26)	One stop	E +	7.00 %	(c)(d)	5.91 %	cash/	4.50 %	PIK	02/2031	464		480		—		464
Hornet Security Holding GMBH+(5)(8)(9)(19)	One stop	E +	6.50 %		N/A(6)				08/2030	—		( 1 )		—		—
Hornet Security Holding GMBH+(5)(8)(9)(19)	One stop	E +	6.50 %		N/A(6)				02/2031	—		( 3 )		—		—
Hyland Software, Inc.*	One stop	SF +	6.00 %	(h)	10.36 %				09/2030	47,124		47,907		1.2		47,124
Hyland Software, Inc.+(5)	One stop	SF +	6.00 %		N/A(6)				09/2029	—		( 1 )		—		—
Icefall Parent, Inc.+	One stop	SF +	6.50 %	(h)	10.86 %				01/2030	1,407		1,399		—		1,407
Icefall Parent, Inc.+(5)	One stop	SF +	6.50 %		N/A(6)				01/2030	—		( 1 )		—		—
ICIMS, Inc.+(26)	One stop	SF +	5.75 %	(i)	10.38 %				08/2028	12,478		12,429		0.3		11,917
ICIMS, Inc.+	One stop	SF +	5.75 %	(i)	10.34 %				08/2028	64		61		—		50
IQN Holding Corp. *+	One stop	SF +	5.25 %	(i)	9.76 %				05/2029	22,829		22,884		0.6		22,829
IQN Holding Corp. +	One stop	SF +	5.25 %	(i)	9.77 %				05/2028	88		87		—		88
Island Bidco AB+(8)(9)(17)(26)	One stop	E +	7.25 %	(c)(d)	2.58 %	cash/	7.25 %	PIK	07/2028	10,193		10,483		0.3		10,193
Island Bidco AB+(8)(17)(26)	One stop	SF +	7.00 %	(i)(j)	7.78 %	cash/	3.50 %	PIK	07/2028	4,832		4,845		0.1		4,832
Island Bidco AB+(8)(17)(26)	One stop	SF +	7.00 %	(j)	7.78 %	cash/	3.50 %	PIK	07/2028	3,566		3,551		0.1		3,566
Island Bidco AB+(8)(9)(17)	One stop	E +	6.50 %		N/A(6)				07/2028	—		—		—		—
Island Bidco AB+(8)(17)	One stop	SF +	6.50 %		N/A(6)				07/2028	—		—		—		—
Juvare, LLC+	One stop	SF +	6.25 %	(i)	10.91 %				10/2026	10,538		10,531		0.3		10,327
Juvare, LLC+	One stop	SF +	6.25 %	(i)	10.91 %				10/2026	2,431		2,418		0.1		2,383
Juvare, LLC+	One stop	SF +	6.25 %	(i)	10.91 %				10/2026	769		762		—		754
Juvare, LLC+	One stop	SF +	6.25 %	(i)	10.91 %				04/2026	100		100		—		98
Kaseya Inc.^+	One stop	SF +	5.50 %	(i)	10.09 %				06/2029	23,448		23,634		0.6		23,448
Kaseya Inc.+	One stop	SF +	5.50 %	(i)	10.09 %				06/2029	271		267		—		271
Kaseya Inc.+	One stop	SF +	5.50 %	(i)	9.83 %				06/2029	136		134		—		136
Kaseya Inc.+	One stop	SF +	5.50 %	(i)	10.09 %				06/2029	86		83		—		86
LeadsOnline, LLC^+	One stop	SF +	4.75 %	(i)	9.34 %				02/2028	13,016		13,175		0.3		13,016
LeadsOnline, LLC+	One stop	SF +	4.75 %	(i)	9.34 %				02/2028	2,297		2,325		0.1		2,297
LeadsOnline, LLC+	One stop	SF +	4.75 %	(i)	9.08 %				02/2028	666		664		—		666
LeadsOnline, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				02/2028	—		( 1 )		—		—
Lighthouse Bidco GMBH+(8)(9)(19)	One stop	E +	5.00 %	(c)	7.83 %				12/2031	17,692		17,708		0.4		17,515
Lighthouse Bidco GMBH+(5)(8)(9)(19)	One stop	E +	5.00 %		N/A(6)				06/2031	—		—		—		( 27 )
Lighthouse Bidco GMBH+(5)(8)(9)(19)	One stop	E +	5.00 %		N/A(6)				12/2031	—		( 108 )		—		( 107 )
LogicMonitor, Inc.+	One stop	SF +	5.50 %	(i)	9.99 %				11/2031	53,749		53,419		1.3		53,413
LogicMonitor, Inc.+(5)	One stop	SF +	5.50 %		N/A(6)				11/2031	—		( 41 )		—		( 42 )
Matrix42 Holding GMBH+(8)(9)(13)	One stop	E +	6.25 %	(d)	9.92 %				01/2030	9,411		10,421		0.2		9,411
Matrix42 Holding GMBH+(8)(9)(13)	One stop	E +	6.25 %	(d)	9.92 %				12/2029	1,425		1,484		—		1,425
Matrix42 Holding GMBH+(8)(9)(13)	One stop	E +	6.25 %	(d)	9.92 %				01/2030	734		765		—		734
Matrix42 Holding GMBH+(5)(8)(9)(13)	One stop	E +	6.25 %		N/A(6)				01/2030	—		( 1 )		—		—
Matrix42 Holding GMBH+(8)(13)	One stop	SF +	6.25 %		N/A(6)				01/2028	—		—		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(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)
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)	One stop	E +	5.50 %	(c)	8.49 %				11/2031	$	15,231	$	15,315	0.4	%	$	15,003
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(16)	One stop	SF +	5.50 %	(i)	10.02 %				11/2031	11,017		10,854		0.3		10,852
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)	One stop	E +	5.50 %	(c)	8.49 %				11/2030	469		432		—		422
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)	One stop	E +	5.50 %	(c)	8.49 %				11/2031	123		89		—		87
Mindbody, Inc.+	One stop	SF +	7.00 %	(i)	11.74 %				09/2025	61,966		62,128		1.6		61,966
Mindbody, Inc.+	One stop	SF +	7.00 %	(i)	11.74 %				09/2025	2,134		2,134		0.1		2,134
Mindbody, Inc.+	One stop	SF +	7.00 %		N/A(6)				09/2025	—		—		—		—
Ministry Brands Holdings LLC+	One stop	SF +	5.50 %	(h)	9.96 %				12/2028	30,991		30,881		0.8		30,370
Ministry Brands Holdings LLC+	One stop	SF +	5.50 %	(h)	9.96 %				12/2028	2,915		2,918		0.1		2,858
Ministry Brands Holdings LLC+(5)	One stop	SF +	5.50 %		N/A(6)				12/2027	—		( 4 )		—		( 6 )
Navex TopCo, Inc.+	One stop	SF +	5.50 %	(h)	9.88 %				11/2030	5,369		5,460		0.1		5,369
Navex TopCo, Inc.+(5)	One stop	SF +	5.75 %		N/A(6)				11/2028	—		( 1 )		—		—
Naviga Inc.+(7)	Senior secured	SF +	7.00 %	(h)	11.57 %				04/2025	160		147		—		80
Orsay Bidco 1 B.V. and Sky Group Holding B.V.+(5)(8)(9)(14)	One stop	E +	5.75 %		N/A(6)				11/2029	—		( 25 )		—		—
Panzura, LLC+(26)	One stop	N/A			4.00 %	cash/	13.00 %	PIK	08/2027	122		111		—		108
Personify, Inc.+	One stop	SF +	4.75 %	(h)	9.11 %				09/2028	18,624		18,532		0.5		18,530
Personify, Inc.*+	One stop	SF +	4.75 %	(i)	9.08 %				09/2028	13,818		13,736		0.3		13,750
Personify, Inc.*	One stop	SF +	4.75 %	(i)	9.08 %				09/2028	9,783		9,723		0.2		9,734
Personify, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				09/2028	—		( 3 )		—		—
Pineapple German Bidco GMBH+(8)(19)	One stop	SF +	3.25 %	(i)	7.64 %				01/2031	14,999		14,850		0.4		14,699
Pineapple German Bidco GMBH+(8)(9)(19)	One stop	E +	5.50 %	(c)	8.34 %				01/2031	4,664		4,517		0.1		4,338
Pineapple German Bidco GMBH+(8)(9)(19)(26)	One stop	E +	7.00 %	(c)	10.51 %	PIK			01/2031	1,013		1,048		—		1,005
Pineapple German Bidco GMBH+(8)(9)(19)(26)	One stop	E +	7.00 %	(c)	10.51 %	PIK			01/2031	312		318		—		309
Pineapple German Bidco GMBH+(8)(19)	One stop	SF +	3.25 %	(i)	7.64 %				01/2031	76		75		—		76
Pineapple German Bidco GMBH+(8)(9)(19)(26)	One stop	E +	7.00 %	(c)	10.51 %	PIK			01/2031	69		71		—		69
PING Identity Holding Corp.+	One stop	SF +	4.75 %	(i)	9.08 %				10/2029	15,099		15,062		0.4		15,099
PING Identity Holding Corp.+(5)	One stop	SF +	4.75 %		N/A(6)				10/2028	—		( 1 )		—		—
Pluralsight, LLC+(26)	One stop	SF +	7.50 %	(i)	12.01 %	PIK			08/2029	6,156		5,934		0.2		6,032
Pluralsight, LLC+(26)	One stop	SF +	4.50 %	(i)	7.51 %	cash/	1.50 %	PIK	08/2029	3,989		3,878		0.1		3,909
Pluralsight, LLC+(26)	One stop	SF +	4.50 %	(i)	9.01 %	cash/	1.50 %	PIK	08/2029	1,995		1,995		—		1,955
Pluralsight, LLC+(5)	One stop	SF +	4.50 %		N/A(6)				08/2029	—		—		—		( 20 )
Pluralsight, LLC+(5)	One stop	SF +	4.50 %		N/A(6)				08/2029	—		—		—		( 50 )
ProcessUnity Holdings, LLC^+	One stop	SF +	6.50 %	(i)	11.01 %				09/2028	6,014		6,025		0.1		6,014
ProcessUnity Holdings, LLC+	One stop	SF +	6.75 %	(i)	11.10 %				09/2028	4,240		4,218		0.1		4,240
ProcessUnity Holdings, LLC+	One stop	SF +	6.50 %	(i)	11.01 %				09/2028	2,864		2,843		0.1		2,864
ProcessUnity Holdings, LLC+	One stop	SF +	6.50 %	(i)	11.01 %				09/2028	1,203		1,199		—		1,203
ProcessUnity Holdings, LLC+	One stop	SF +	6.50 %		N/A( 6 )				09/2028	—		—		—		—
QAD, Inc.+	One stop	SF +	4.75 %	(h)	9.11 %				11/2027	43,151		43,727		1.1		43,151
QAD, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				11/2027	—		( 2 )		—		—
Quant Buyer, Inc.*+	One stop	SF +	5.25 %	(i)	9.79 %				06/2029	7,388		7,324		0.2		7,388
Quant Buyer, Inc.*	One stop	SF +	5.25 %	(i)	9.76 %				06/2029	4,350		4,333		0.1		4,350
Quant Buyer, Inc.*+	One stop	SF +	5.25 %	(i)	9.76 %				06/2029	3,007		2,976		0.1		3,007
Quant Buyer, Inc.+	One stop	SF +	5.25 %	(i)	9.77 %				06/2029	60		56		—		60
Quant Buyer, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)				06/2029	—		( 49 )		—		—
Rainforest Bidco Limited+(8)(9)(10)(26)	One stop	SN +	6.30 %	(f)	8.20 %	cash/	2.80 %	PIK	07/2029	19,529		19,155		0.5		19,137
Rainforest Bidco Limited+(8)(10)(26)	One stop	SF +	6.30 %	(g)	7.81 %	cash/	2.80 %	PIK	07/2029	3,688		3,663		0.1		3,614
Rainforest Bidco Limited+(8)(9)(10)(26)	One stop	SN +	7.30 %	(f)	8.70 %	cash/	3.30 %	PIK	07/2029	2,036		1,991		0.1		2,036
Rainforest Bidco Limited+(8)(9)(10)(26)	One stop	SN +	6.30 %	(f)	8.20 %	cash/	2.80 %	PIK	07/2029	1,435		1,395		—		1,407

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(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)
Riskonnect Parent, LLC*+	One stop	SF +	5.00 %	(i)	9.48 %				12/2028	$	45,519	$	45,985	1.1	%	$	44,494
Riskonnect Parent, LLC+	One stop	SF +	5.00 %	(i)	9.48 %				12/2028	2,136		2,153		0.1		2,087
Riskonnect Parent, LLC+	One stop	SF +	5.25 %	(i)	9.58 %				12/2028	821		814		—		804
Riskonnect Parent, LLC+	One stop	SF +	5.25 %	(i)	9.58 %				12/2028	578		569		—		566
Riskonnect Parent, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				12/2028	—		( 5 )		—		( 18 )
Riskonnect Parent, LLC+(5)	One stop	SF +	5.25 %		N/A(6)				12/2028	—		( 9 )		—		( 21 )
Rodeo Buyer Company & Absorb Software Inc.+	One stop	SF +	6.25 %	(h)	10.61 %				05/2027	13,056		12,960		0.3		12,959
Rodeo Buyer Company & Absorb Software Inc.^+	One stop	SF +	6.25 %	(h)	10.71 %				05/2027	7,616		7,605		0.2		7,578
Rodeo Buyer Company & Absorb Software Inc.+(5)	One stop	SF +	6.25 %		N/A(6)				05/2027	—		( 1 )		—		—
SailPoint Technologies Holdings, Inc.^+	One stop	SF +	6.00 %	(i)	10.52 %				08/2029	9,585		9,541		0.2		9,585
SailPoint Technologies Holdings, Inc.+(5)	One stop	SF +	6.00 %		N/A(6)				08/2028	—		( 2 )		—		—
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	5.50 %	(c)	8.68 %				07/2029	47,324		47,199		1.2		47,324
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	5.75 %	(c)	8.97 %				07/2029	3,867		3,981		0.1		3,877
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	5.75 %	(c)	9.00 %				07/2029	1,425		1,490		—		1,429
Sonatype, Inc.^+	One stop	SF +	5.50 %	(h)	10.01 %				01/2028	69,460		69,597		1.7		69,460
Sonatype, Inc.+	One stop	SF +	5.50 %		N/A(6)				01/2028	—		—		—		—
Spartan Buyer Acquisition Co.^*+(26)	One stop	SF +	7.50 %	(j)	11.24 %	cash/	1.00 %	PIK	06/2027	44,704		44,541		1.1		44,258
Spartan Buyer Acquisition Co.+(26)	One stop	SF +	7.50 %	(j)	11.24 %	cash/	1.00 %	PIK	06/2027	2,850		2,819		0.1		2,822
Spartan Buyer Acquisition Co.+(5)(26)	One stop	P +	6.50 %	(a)	13.00 %	cash/	1.00 %	PIK	06/2027	2		( 2 )		—		( 2 )
Telesoft Holdings LLC^*+	One stop	SF +	5.75 %	(h)	10.21 %				12/2026	21,130		21,370		0.5		21,130
Telesoft Holdings LLC+	One stop	SF +	6.25 %	(h)	10.71 %				12/2026	1,429		1,444		—		1,429
Telesoft Holdings LLC+	One stop	SF +	5.75 %	(h)	10.19 %				12/2026	79		78		—		79
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.00 %	(h)	10.46 %				07/2028	4,800		4,780		0.1		4,800
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.00 %		N/A(6)				07/2028	—		—		—		—
TI Intermediate Holdings, LLC*+(26)	Senior secured	SF +	5.50 %	(i)	8.93 %	cash/	1.00 %	PIK	06/2027	4,182		4,175		0.1		3,681
TI Intermediate Holdings, LLC+(26)	Senior secured	SF +	5.50 %	(i)	8.93 %	cash/	1.00 %	PIK	06/2027	1,105		1,105		—		972
TI Intermediate Holdings, LLC+(26)	Senior secured	SF +	5.50 %	(i)	8.93 %	cash/	1.00 %	PIK	06/2027	693		693		—		610
TI Intermediate Holdings, LLC+(26)	Senior secured	SF +	5.50 %	(i)	8.93 %	cash/	1.00 %	PIK	06/2027	520		520		—		458
TI Intermediate Holdings, LLC+(26)	Senior secured	SF +	5.50 %	(i)	8.93 %	cash/	1.00 %	PIK	06/2027	191		191		—		168
TI Intermediate Holdings, LLC+(26)	Senior secured	SF +	5.50 %	(i)	8.93 %	cash/	1.00 %	PIK	06/2027	43		43		—		32
Togetherwork Holdings, LLC*	One stop	SF +	5.00 %	(h)	9.36 %				05/2031	27,902		27,858		0.7		27,902
Togetherwork Holdings, LLC+	One stop	SF +	5.00 %	(h)	9.36 %				05/2031	699		666		—		699
Togetherwork Holdings, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				05/2031	—		( 16 )		—		—
Transform Bidco Limited+(8)(10)	One stop	SF +	7.00 %	(i)	11.58 %				01/2031	5,405		5,498		0.1		5,405
Transform Bidco Limited+(8)(9)(10)	One stop	A +	7.00 %	(e)	11.44 %				01/2031	3,771		3,937		0.1		3,771
Transform Bidco Limited+(8)(9)(10)	One stop	SN +	7.00 %	(f)	11.70 %				01/2031	595		602		—		595
Transform Bidco Limited+(8)(10)	One stop	SF +	7.00 %	(h)	11.52 %				06/2030	34		33		—		34
Transform Bidco Limited+(5)(8)(10)	One stop	SF +	7.00 %		N/A(6)				01/2031	—		( 83 )		—		—
Vantage Bidco GMBH+(8)(9)(19)(26)	One stop	E +	6.25 %	(c)	5.85 %	cash/	3.13 %	PIK	04/2031	8,138		8,388		0.2		8,057
Vantage Bidco GMBH+(5)(8)(9)(19)	One stop	E +	6.25 %		N/A(6)				10/2030	—		( 14 )		—		( 9 )
Varinem German Midco GMBH+(8)(9)(19)	One stop	E +	5.75 %	(d)	8.58 %				07/2031	6,855		7,154		0.2		6,855
Varinem German Midco GMBH+(8)(9)(19)	One stop	E +	5.75 %		N/A(6)				07/2031	—		—		—		—
Vendavo, Inc.+	One stop	SF +	5.75 %	(i)	10.29 %				09/2027	27,307		26,881		0.6		25,941
Vendavo, Inc.+	One stop	SF +	5.75 %	(i)(j)	10.17 %				09/2027	1,805		1,785		—		1,680
Vendavo, Inc.+	One stop	SF +	5.75 %	(i)	10.28 %				09/2027	995		991		—		946
Viper Bidco, Inc.+	One stop	SF +	5.00 %	(i)	9.52 %				11/2031	38,177		37,989		0.9		37,986
Viper Bidco, Inc.+(8)(9)	One stop	SN +	5.00 %	(f)	9.70 %				11/2031	17,492		17,512		0.4		17,405
Viper Bidco, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)				11/2031	—		( 19 )		—		( 19 )
Viper Bidco, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)				11/2031	—		( 24 )		—		( 24 )
WebPT, Inc.+	One stop	SF +	6.25 %	(i)	10.86 %				01/2028	931		923		—		912
Zendesk, Inc.^+	One stop	SF +	5.00 %	(i)	9.33 %				11/2028	28,577		28,475		0.7		28,577

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(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)
Zendesk, Inc.+(5)	One stop	SF +	5.00 %	N/A(6)	11/2028	$	—	$	( 1 )	—	%	$	—
Zendesk, Inc.+(5)	One stop	SF +	5.00 %	N/A(6)	11/2028	—		( 32 )		—		—
						2,187,832		2,186,147		54.2		2,176,686



Specialty Retail
Ave Holdings III, Corp*	One stop	SF +	5.25 %	(j)	9.75 %				02/2028	23,361	23,134	0.6	23,361
Ave Holdings III, Corp+	One stop	SF +	5.25 %	(j)	9.75 %				02/2028	6,093	6,197	0.2	6,093
Ave Holdings III, Corp+	One stop	SF +	5.25 %	(j)	9.75 %				02/2028	800	799	—	800
Ave Holdings III, Corp+(5)	One stop	SF +	5.25 %		N/A(6)				02/2028	—	( 2 )	—	—
Biscuit Parent, LLC*+	One stop	SF +	4.75 %	(i)	9.08 %				02/2031	20,155	19,971	0.5	19,954
Biscuit Parent, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				02/2031	—	( 1 )	—	( 2 )
Biscuit Parent, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				02/2031	—	( 46 )	—	( 47 )
Cavender Stores L.P.*	Senior secured	SF +	5.00 %	(i)	9.33 %				10/2029	5,445	5,405	0.2	5,445
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25 %	(c)	8.97 %				05/2028	35,408	37,937	0.9	35,408
Consilio Midco Limited*(8)(10)	One stop	SF +	5.75 %	(i)	10.23 %				05/2028	15,645	15,616	0.4	15,645
Consilio Midco Limited*(8)(10)	One stop	SF +	5.75 %	(i)	10.23 %				05/2028	15,547	15,602	0.4	15,547
Consilio Midco Limited*(8)(10)	One stop	SF +	5.75 %	(i)	10.23 %				05/2028	2,926	2,906	0.1	2,926
Consilio Midco Limited*(8)(10)	One stop	SF +	5.75 %	(i)	10.23 %				05/2028	1,946	1,938	0.1	1,946
Consilio Midco Limited*+(8)(10)	One stop	SF +	5.75 %	(i)	10.23 %				05/2028	995	985	—	995
Consilio Midco Limited+(8)(10)	One stop	SF +	5.50 %	(i)	9.83 %				05/2028	891	862	—	881
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25 %	(c)	8.97 %				05/2028	464	484	—	464
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25 %	(c)	8.97 %				05/2028	206	214	—	206
Consilio Midco Limited+(8)(10)	One stop	SF +	5.50 %	(i)	9.83 %				05/2028	187	184	—	185
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75 %	(i)	10.23 %				05/2028	136	135	—	136
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25 %	(c)	8.97 %				05/2028	121	127	—	121
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25 %	(c)	8.97 %				05/2028	118	123	—	118
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25 %	(c)	8.97 %				05/2028	106	111	—	106
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25 %	(c)	8.97 %				05/2028	83	86	—	83
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25 %	(c)	8.97 %				05/2028	55	57	—	55
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75 %		N/A(6)				05/2028	—	—	—	—
CVP Holdco, Inc.+	One stop	SF +	4.75 %	(h)	9.11 %				06/2031	13,529	13,404	0.4	13,529
CVP Holdco, Inc.+(5)	One stop	SF +	7.25 %		N/A(6)				06/2030	—	( 13 )	—	—
CVP Holdco, Inc.+(5)	One stop	SF +	7.25 %		N/A(6)				06/2031	—	( 17 )	—	—
Cycle Gear, Inc.+	One stop	SF +	6.75 %	(i)	11.41 %				01/2026	46,529	46,379	1.2	46,063
Metal Supermarkets US Buyer, LLC+(8)(12)	One stop	SF +	4.75 %	(i)	9.08 %				12/2030	11,685	11,627	0.3	11,626
Metal Supermarkets US Buyer, LLC+(8)(12)	One stop	SF +	4.75 %	(i)	9.08 %				12/2030	139	132	—	132
PetVet Care Centers LLC*+	One stop	SF +	6.00 %	(h)	10.36 %				11/2030	4,728	4,765	0.1	4,491
PetVet Care Centers LLC+(5)	One stop	SF +	6.00 %		N/A(6)				11/2029	—	( 2 )	—	( 4 )
PetVet Care Centers LLC+(5)	One stop	SF +	6.00 %		N/A(6)				11/2030	—	( 6 )	—	—
PPV Intermediate Holdings, LLC*+	One stop	SF +	5.75 %	(i)	10.26 %				08/2029	14,154	14,079	0.4	14,154
PPV Intermediate Holdings, LLC+(26)	One stop	N/A			14.75 %	PIK			08/2030	9,265	9,331	0.2	9,451
PPV Intermediate Holdings, LLC+(26)	One stop	N/A			13.75 %	PIK			08/2030	1,862	1,830	—	1,862
PPV Intermediate Holdings, LLC+(26)	One stop	N/A			13.75 %	PIK			08/2030	430	425	—	430
PPV Intermediate Holdings, LLC+(26)	One stop	N/A			13.75 %	PIK			08/2030	79	78	—	79
PPV Intermediate Holdings, LLC+(26)	One stop	N/A			13.75 %	PIK			08/2030	78	74	—	78
PPV Intermediate Holdings, LLC+(5)	One stop	SF +	5.75 %		N/A(6)				08/2029	—	( 8 )	—	—
PPV Intermediate Holdings, LLC+(5)	One stop	SF +	5.25 %		N/A(6)				08/2029	—	( 64 )	—	—
Radiance Borrower, LLC+(26)	One stop	SF +	5.75 %	(h)	7.36 %	cash/	2.75 %	PIK	06/2031	21,656	21,508	0.5	21,656
Radiance Borrower, LLC+	One stop	SF +	5.25 %	(h)	9.61 %				06/2031	410	394	—	410
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.08 %				08/2028	5,243	5,247	0.1	5,243
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00 %	(i)	13.33 %	PIK			09/2029	3,150	3,121	0.1	3,150
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00 %	(i)	13.33 %	PIK			09/2029	1,671	1,655	—	1,671
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00 %	(i)	13.33 %	PIK			09/2029	817	794	—	817

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(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+(26)	Second lien	SF +	9.00 %	(i)	13.33 %	PIK			09/2029	$	608	$	603	—	%	$	608
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.08 %				08/2028	539		537		—		539
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00 %	(i)	13.33 %	PIK			09/2029	423		386		—		423
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.08 %				08/2028	349		347		—		349
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.08 %				08/2028	342		341		—		342
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.08 %				08/2028	271		269		—		271
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.08 %				08/2028	169		168		—		169
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.08 %				08/2028	155		154		—		155
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00 %	(i)	13.33 %	PIK			09/2029	155		153		—		155
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.08 %				08/2028	113		113		—		113
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.08 %				08/2028	105		104		—		105
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.08 %				08/2028	86		86		—		86
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.08 %				08/2028	79		78		—		79
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.08 %				08/2028	40		38		—		40
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.08 %				08/2028	23		20		—		23
Salon Lofts Group, LLC+(5)	Senior secured	SF +	5.75 %		N/A( 6 )				08/2028	—		( 6 )		—		—
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.^+(8)	One stop	SF +	5.25 %	(i)	9.58 %				12/2029	29,435		29,171		0.7		29,435
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(8)(9)	One stop	CA +	5.25 %	(l)	8.42 %				12/2029	7,541		7,918		0.2		7,541
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(8)	One stop	SF +	5.25 %	(i)	9.58 %				12/2028	571		564		—		571
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(8)(9)	One stop	CA +	5.25 %	(l)	8.42 %				12/2028	30		30		—		30
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(5)(8)	One stop	SF +	5.25 %		N/A( 6 )				12/2029	—		( 56 )		—		—
Titan Fitness, LLC+(26)	One stop	SF +	7.25 %	(i)	9.49 %	cash/	2.50 %	PIK	10/2026	38,880		38,313		0.8		33,436
Titan Fitness, LLC+(26)	One stop	SF +	7.25 %	(i)	9.49 %	cash/	2.50 %	PIK	10/2026	2,820		2,751		0.1		2,425
Titan Fitness, LLC+(26)	One stop	SF +	7.25 %	(h)(i)	9.36 %	cash/	2.50 %	PIK	10/2026	357		334		—		243
Vermont Aus Pty Ltd+(8)(9)(11)	One stop	A +	5.75 %	(e)	10.22 %				03/2028	8,449		9,946		0.2		8,449
Vermont Aus Pty Ltd+(8)(9)(11)	One stop	A +	5.75 %	(e)	10.22 %				03/2028	8,266		9,237		0.2		8,266
VSG Acquisition Corp. and Sherrill, Inc.*	One stop	SF +	6.00 %	(h)	10.47 %				04/2028	12,082		11,888		0.3		11,840
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	6.00 %	(h)	10.47 %				04/2028	2,090		2,060		0.1		2,048
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	6.00 %	(h)	10.47 %				04/2028	1,613		1,564		—		1,581
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	6.00 %	(h)	10.47 %				04/2028	26		20		—		22
										381,730		384,688		9.3		374,608

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(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)
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.+(8)(10)	One stop	SF +	6.00 %	(j)	10.58 %				03/2028	$	2,347	$	2,326	0.1	%	$	2,183
Dollfus Mieg Company, Inc.+(8)(10)	One stop	SF +	6.00 %	(j)	10.58 %				03/2028	1,170		1,159		0.1		1,088
Dollfus Mieg Company, Inc.+(8)(10)	One stop	SF +	6.00 %	(j)	10.58 %				03/2028	1,027		1,019		—		956
Elite Sportswear, L.P.+(26)	Senior secured	SF +	7.25 %	(i)	10.84 %	cash/	1.00 %	PIK	09/2025	9,952		9,923		0.3		9,952
Elite Sportswear, L.P.+(26)	Senior secured	SF +	7.25 %	(i)	10.84 %	cash/	1.00 %	PIK	09/2025	3,999		3,987		0.1		3,999
Elite Sportswear, L.P.+(26)	Senior secured	SF +	7.25 %	(i)	10.84 %	cash/	1.00 %	PIK	09/2025	2,058		2,053		0.1		2,058
Elite Sportswear, L.P.+(26)	Senior secured	SF +	7.25 %	(i)	10.84 %	cash/	1.00 %	PIK	09/2025	683		681		—		683
Elite Sportswear, L.P.+(26)	Senior secured	SF +	7.25 %	(i)	10.84 %	cash/	1.00 %	PIK	09/2025	312		312		—		312
Elite Sportswear, L.P.+(26)	Senior secured	SF +	7.25 %	(i)	10.84 %	cash/	1.00 %	PIK	09/2025	299		298		—		299
Elite Sportswear, L.P.+(26)	Senior secured	SF +	7.25 %	(i)	10.84 %	cash/	1.00 %	PIK	09/2025	116		112		—		116
Elite Sportswear, L.P.+(26)	Senior secured	SF +	7.25 %	(i)	10.84 %	cash/	1.00 %	PIK	09/2025	4		4		—		4
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50 %	(i)	9.98 %				11/2026	9,185		9,123		0.2		9,207
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50 %	(i)	9.98 %				11/2026	6,359		6,315		0.2		6,374
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50 %	(i)	9.98 %				11/2026	984		978		—		987
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50 %	(i)	9.98 %				11/2026	884		878		—		886
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50 %	(i)	9.98 %				11/2026	620		616		—		622
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50 %	(i)	9.98 %				11/2026	2		—		—		2
Shoes For Crews Global, LLC+	Senior secured	SF +	6.50 %	(h)	11.17 %				07/2029	1,299		1,299		—		1,299
Shoes For Crews Global, LLC+(26)	Senior secured	SF +	7.00 %	(h)	6.67 %	cash/	5.00 %	PIK	07/2029	727		701		—		727
Shoes For Crews Global, LLC+	Senior secured	SF +	6.50 %	(h)	11.17 %				07/2029	420		420		—		420
Shoes For Crews Global, LLC+(5)	Senior secured	SF +	6.50 %		N/A(6)				07/2029	—		( 32 )		—		—
										42,447		42,172		1.1		42,174
Trading Companies & Distributors
Marcone Yellowstone Buyer Inc.+	One stop	SF +	7.00 %	(i)	11.74 %				06/2028	20,073		19,833		0.5		18,667
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25 %	(i)	10.99 %				06/2028	20,821		20,425		0.5		19,364
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.50 %	(i)	11.24 %				06/2028	6,181		6,037		0.1		5,809
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25 %	(i)	10.99 %				06/2028	2,548		2,461		0.1		2,370
Marcone Yellowstone Buyer Inc.+	One stop	SF +	7.00 %	(i)	11.74 %				06/2028	6,669		6,417		0.2		6,203
										56,292		55,173		1.4		52,413
Water Utilities
S.J. Electro Systems, LLC*	Senior secured	SF +	4.75 %	(i)	9.49 %				06/2027	24,409		24,245		0.6		24,409
S.J. Electro Systems, LLC*	Senior secured	SF +	4.75 %	(i)	9.49 %				06/2027	18,727		18,679		0.5		18,727
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75 %	(i)	9.49 %				06/2027	1,182		1,173		—		1,182
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75 %	(i)	9.26 %				06/2027	384		327		—		384
Vessco Midco Holdings, LLC*	One stop	SF +	4.75 %	(h)(j)	9.43 %				07/2031	22,500		22,289		0.6		22,500
Vessco Midco Holdings, LLC+	One stop	SF +	4.75 %	(j)	9.04 %				07/2031	1,975		1,940		—		1,975
Vessco Midco Holdings, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				07/2031	—		( 23 )		—		—
										69,177		68,630		1.7		69,177
Total non-controlled/non-affiliate company debt investments										8,062,247		8,050,759		198.1		7,960,073

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)	Interest Rate (2)		Acquisition Date	Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity investments (22)(23)
Aerospace & Defense
PPW Aero Buyer, Inc.+	LP units	N/A	N/A		02/2023	N/A	93	$	948	—	%	$	815
Tronair Parent, Inc.+	LLC units	N/A	N/A		07/2021	N/A	—	40		—		65
								988		—		880
Air Freight & Logistics
RJW Group Holdings, Inc.+	LP units	N/A	N/A		11/2024	N/A	4,370	4,370		0.1		4,370

Auto Components
Arnott, LLC+	LP units	N/A	N/A		12/2024	N/A	—	350		—		350
Polk Acquisition Corp.+	LP interest	N/A	N/A		06/2016	N/A	5	314		—		—
								664		—		350
Automobiles
CAP-KSI Holdings, LLC+	Preferred stock	N/A	N/A		06/2024	N/A	645	645		—		674
CAP-KSI Holdings, LLC+	LP units	N/A	N/A		06/2024	N/A	645	—		—		27
CG Group Holdings, LLC+	LP units	N/A	N/A		07/2021	N/A	1	983		—		804
Go Car Wash Parent, Corp.+(24)	Preferred stock	N/A	17.00 %	Non-Cash	04/2022	N/A	—	3,342		0.1		3,269
Go Car Wash Parent, Corp.+	Common stock	N/A	N/A		04/2022	N/A	—	553		—		—
MOP GM Holding, LLC+	LP units	N/A	N/A		11/2020	N/A	—	499		—		619
MOP GM Holding, LLC+	Preferred stock	N/A	N/A		06/2024	N/A	—	34		—		39
National Express Wash Parent Holdco, LLC+	LP units	N/A	N/A		07/2022	N/A	1	103		—		121
POY Holdings, LLC+	LLC units	N/A	N/A		11/2022	N/A	446	820		—		971
Quick Quack Car Wash Holdings, LLC+	LP units	N/A	N/A		06/2024	N/A	1,085	1,085		0.1		1,217
Quick Quack Car Wash Holdings, LLC+	LLC units	N/A	N/A		06/2024	N/A	215	215		—		236
Yorkshire Parent, Inc.+	LP units	N/A	N/A		12/2023	N/A	—	544		—		600
								8,823		0.2		8,577
Biotechnology
Cobepa BlueSky Aggregator, SCSp+	LP units	N/A	N/A		10/2023	N/A	4	40		—		42
Cobepa BlueSky Aggregator, SCSp+(24)	Preferred stock	N/A	15.00 %	Non-Cash	04/2024	N/A	5	54		—		53
Cobepa BlueSky Aggregator, SCSp+	LP interest	N/A	N/A		12/2021	N/A	219	1,899		—		575
								1,993		—		670
Building Products
BECO Holding Company, Inc.+(24)	Preferred stock	N/A	11.75 %	Non-Cash	11/2021	N/A	132	18,523		0.5		18,741
BECO Holding Company, Inc.+	LP interest	N/A	N/A		11/2021	N/A	10	1,218		—		971
								19,741		0.5		19,712
Chemicals
Inhance Technologies Holdings, LLC+	Preferred stock	N/A	N/A		12/2021	N/A	12	7,283		0.1		4,927
Inhance Technologies Holdings, LLC+	LLC units	N/A	N/A		07/2018	N/A	—	124		—		—
								7,407		0.1		4,927
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+	LP interest	N/A	N/A		10/2021	N/A	773	836		—		1,037
FR Vision Holdings, Inc.+	LP units	N/A	N/A		01/2024	N/A	—	461		—		568
Franchise Brands plc+(8)(9)(10)(25)	Common stock	N/A	N/A		04/2023	N/A	51	115		—		102
North Haven Stack Buyer, LLC	LLC units	N/A	N/A		07/2021	N/A	516	637		—		988

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)	Interest Rate (2)		Acquisition Date	Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
PT Intermediate Holdings III, LLC+	LLC units	N/A	N/A		12/2021	N/A	16	$	1,787	0.1	%	$	2,017
Radwell Parent, LLC+	LP units	N/A	N/A		03/2022	N/A	4	477		—		423
								4,313		0.1		5,135
Containers & Packaging
Chase Intermediate+	LP units	N/A	N/A		04/2022	N/A	217	209		—		365

Diversified Consumer Services
CHHJ Midco, LLC+(24)	LLC units	N/A	N/A		01/2021	N/A	27	311		—		452
CHVAC Services Investment, LLC+	Common stock	N/A	N/A		05/2024	N/A	105	267		—		429
DP Flores Holdings, LLC+	LLC units	N/A	N/A		09/2022	N/A	106	98		—		132
EMS LINQ, LLC+	LP interest	N/A	N/A		12/2021	N/A	761	758		—		758
EWC Growth Partners LLC+	LLC interest	N/A	N/A		03/2020	N/A	—	12		—		—
HS Spa Holdings, Inc.+	Common stock	N/A	N/A		05/2022	N/A	729	732		—		731
Liminex, Inc.+	Common stock	N/A	N/A		11/2020	N/A	17	633		—		737
NSG Buyer, Inc. +(8)	LP units	N/A	N/A		11/2022	N/A	3	2,992		0.1		4,064
PADI Holdco, Inc.+	LLC interest	N/A	N/A		07/2017	N/A	1	987		0.1		1,147
Project Alpha Intermediate Holdings, Inc.+(24)	Preferred stock	N/A	9.00 %	Non-Cash	08/2016	N/A	—	1,188		0.1		1,684
Project Alpha Intermediate Holdings, Inc.+	Common stock	N/A	N/A		08/2016	N/A	202	329		—		883
Virginia Green Acquisition, LLC+	LP units	N/A	N/A		12/2023	N/A	397	407		—		461
								8,714		0.3		11,478
Electrical Equipment
Wildcat TopCo, Inc.+	LP units	N/A	N/A		12/2024	N/A	503	503		—		503

Electronic Equipment, Instruments & Components
Inventus Power, Inc.+	Preferred stock	N/A	N/A		03/2014	N/A	—	372		—		2
Inventus Power, Inc.+	LLC units	N/A	N/A		04/2018	N/A	—	88		—		276
Inventus Power, Inc.+	LP interest	N/A	N/A		05/2019	N/A	—	20		—		61
Inventus Power, Inc.+	Common stock	N/A	N/A		03/2014	N/A	—	—		—		—
								480		—		339

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)	Interest Rate (2)	Acquisition Date	Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food & Staples Retailing
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	08/2015	N/A	44	$	217	—	%	$	271
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	02/2016	N/A	20	61		—		60
Mendocino Farms, LLC+	Common stock	N/A	N/A	06/2018	N/A	227	1,041		—		1,391
PDI TA Holdings, Inc.+	Preferred stock	N/A	N/A	02/2023	N/A	135	4,613		0.2		5,813
Ruby Slipper Cafe LLC, The+	LLC units	N/A	N/A	06/2024	N/A	3	47		—		49
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	01/2018	N/A	38	423		—		159
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	08/2020	N/A	2	28		—		48
							6,430		0.2		7,791
Food Products
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	06/2021	N/A	107	195		—		302
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	05/2023	N/A	6	14		—		16
Borrower R365 Holdings, LLC+	LLC units	N/A	N/A	01/2022	N/A	4	9		—		11
Borrower R365 Holdings, LLC+	Common stock	N/A	N/A	06/2022	N/A	1	3		—		4
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	06/2022	N/A	2	4		—		6
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	05/2023	N/A	1	3		—		4
Borrower R365 Holdings, LLC+	LP units	N/A	N/A	05/2023	N/A	—	1		—		1
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	04/2024	N/A	21	73		—		69
Kodiak Cakes, LLC+	Common stock	N/A	N/A	06/2021	N/A	—	557		—		875
Louisiana Fish Fry Products, Ltd.+	Common stock	N/A	N/A	07/2021	N/A	—	599		—		307
Louisiana Fish Fry Products, Ltd.+	Preferred stock	N/A	N/A	09/2022	N/A	—	24		—		36
P&P Food Safety Holdings, Inc.+	Preferred stock	N/A	N/A	03/2024	N/A	—	31		—		38
P&P Food Safety Holdings, Inc.+	Common stock	N/A	N/A	12/2020	N/A	5	434		—		274
Purfoods, LLC+	LLC interest	N/A	N/A	05/2016	N/A	—	945		0.2		5,758
							2,892		0.2		7,701
Healthcare Equipment & Supplies
Aspen Medical Products, LLC+	LP interest	N/A	N/A	06/2019	N/A	—	98		—		109
Blue River Pet Care, LLC+	Common stock	N/A	N/A	08/2019	N/A	—	734		—		814
CCSL Holdings, LLC+(8)	LP interest	N/A	N/A	12/2020	N/A	—	499		—		698
CMI Parent Inc.+	Common stock	N/A	N/A	08/2019	N/A	—	557		—		640
CMI Parent Inc.+	Common stock	N/A	N/A	08/2019	N/A	8	483		0.1		992
JHC Investment Intermediate Holdings, LLC+	LLC units	N/A	N/A	03/2024	N/A	5,293	—		—		562
							2,371		0.1		3,815

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)	Interest Rate (2)		Acquisition Date	Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Healthcare Providers & Services
Active Day, Inc.+	LLC interest	N/A	N/A		12/2015	N/A	2	$	1,099	0.1	%	$	1,472
Acuity Eyecare Holdings, LLC+	LLC interest	N/A	N/A		03/2017	N/A	1,632	2,235		0.1		4,733
Acuity Eyecare Holdings, LLC+	LLC units	N/A	N/A		05/2021	N/A	889	1,023		0.1		3,020
ADCS Clinics Intermediate Holdings, LLC+	Preferred stock	N/A	N/A		05/2016	N/A	2	1,120		0.1		1,299
ADCS Clinics Intermediate Holdings, LLC+	Common stock	N/A	N/A		05/2016	N/A	—	6		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	LLC units	N/A	N/A		03/2021	N/A	180	192		—		173
CRH Healthcare Purchaser, Inc.+	LP interest	N/A	N/A		12/2018	N/A	531	456		—		645
DCA Investment Holding, LLC(7)(24)	Preferred stock	N/A	8.00 %	Non-Cash	12/2022	N/A	1,142	659		—		714
DCA Investment Holding, LLC	Common stock	N/A	N/A		12/2022	N/A	12	5		—		—
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		02/2021	N/A	—	749		—		427
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		02/2021	N/A	—	79		—		113
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		02/2021	N/A	11	4		—		—
Encorevet Group LLC+	Preferred stock	N/A	N/A		05/2024	N/A	3	261		—		101
Krueger-Gilbert Health Physics, LLC+	Common stock	N/A	N/A		05/2019	N/A	239	324		—		640
MWD Management, LLC & MWD Services, Inc.+	LLC interest	N/A	N/A		06/2017	N/A	412	335		—		681
NDX Parent, LLC+	Common stock	N/A	N/A		06/2021	N/A	—	278		—		7
NDX Parent, LLC+	Preferred stock	N/A	N/A		01/2023	N/A	84	88		—		64
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	Common stock	N/A	N/A		05/2021	N/A	—	410		—		297
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A		08/2016	N/A	—	528		—		884
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A		08/2016	N/A	4	74		—		638
Pyramid Healthcare Acquisition Corp.+	Common stock	N/A	N/A		05/2021	N/A	257	310		—		399
Radiology Partners, Inc.+	LLC units	N/A	N/A		02/2018	N/A	11	68		—		85
Radiology Partners, Inc.+	LLC interest	N/A	N/A		09/2014	N/A	43	55		—		336
Sage Dental Management, LLC+	LLC units	N/A	N/A		10/2012	N/A	—	249		—		579
Sage Dental Management, LLC+	LLC units	N/A	N/A		10/2012	N/A	3	3		—		—
Suveto Buyer, LLC+	Common stock	N/A	N/A		11/2021	N/A	8	727		—		517
								11,337		0.4		17,824

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)		Acquisition Date	Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Healthcare Technology
Amberfield Acquisition Co.+	LLC units	N/A			N/A		05/2024	N/A	446	$	449	—	%	$	469
Connexin Software, Inc.+	LLC interest	N/A			N/A		02/2018	N/A	180	228		—		335
Connexin Software, Inc.+	LLC units	N/A			N/A		02/2024	N/A	12	16		—		27
HSI Halo Acquisition, Inc.+(24)	Preferred stock	N/A			10.00 %	Non-Cash	10/2019	N/A	—	109		—		239
HSI Halo Acquisition, Inc.+	LP interest	N/A			N/A		10/2019	N/A	—	14		—		27
Symplr Software, Inc.+(24)	Preferred stock	N/A			11.00 %	Non-Cash	10/2021	N/A	15	19,516		0.5		19,766
Symplr Software, Inc.+(24)	Preferred stock	SF +	10.50 %	(i)	14.83 %	Non-Cash	11/2018	N/A	3	5,774		0.2		6,953
Symplr Software, Inc.+(24)	Preferred stock	N/A			11.00 %	Non-Cash	12/2020	N/A	2	2,450		0.1		2,623
Symplr Software, Inc.+(24)	Preferred stock	N/A			11.00 %	Non-Cash	06/2021	N/A	1	1,478		—		1,534
Symplr Software, Inc.+	LLC units	N/A			N/A		09/2021	N/A	—	161		—		190
Symplr Software, Inc.+	Common stock	N/A			N/A		11/2018	N/A	219	237		—		1,090
Tebra Technologies, Inc.+	LLC interest	N/A			N/A		07/2022	N/A	348	2,824		0.1		3,477
Tebra Technologies, Inc.+	Warrant	N/A			N/A		03/2019	N/A	169	871		—		541
Tebra Technologies, Inc.+	Warrant	N/A			N/A		06/2017	N/A	53	162		—		18
Tebra Technologies, Inc.+	Preferred stock	N/A			N/A		09/2018	N/A	1	8		—		11
										34,297		0.9		37,300
Hotels, Restaurants & Leisure
Cafe Rio Holding, Inc.+	Common stock	N/A			N/A		09/2017	N/A	5	603		—		556
Freddy's Frozen Custard LLC+	LP interest	N/A			N/A		03/2021	N/A	287	384		—		787
Harri US LLC+	LLC units	N/A			N/A		02/2022	N/A	119	892		—		775
Harri US LLC+	Preferred stock	N/A			N/A		10/2021	N/A	102	649		—		642
Harri US LLC+	Warrant	N/A			N/A		10/2021	N/A	34	171		—		214
Harri US LLC+	Preferred stock	N/A			N/A		10/2023	N/A	96	1,141		0.1		1,426
Harri US LLC+	Warrant	N/A			N/A		03/2024	N/A	9	69		—		139
LMP TR Holdings, LLC	LLC units	N/A			N/A		05/2013	N/A	712	712		0.1		1,620
PB Group Holdings, LLC+	LP units	N/A			N/A		08/2024	N/A	383	886		—		983
SSRG Holdings, LLC+	LP interest	N/A			N/A		11/2019	N/A	46	604		—		580
										6,111		0.2		7,722
Insurance
Accession Risk Management Group, Inc.+(24)	Preferred stock	N/A			13.25 %	Non-Cash	08/2023	N/A	9	10,325		0.3		10,326
Majesco+(24)	Preferred stock	N/A			9.00 %	Non-Cash	09/2020	N/A	—	548		—		625
Majesco+	LP interest	N/A			N/A		09/2020	N/A	97	94		—		399
Oakbridge Insurance Agency LLC+	LP units	N/A			N/A		11/2023	N/A	20	404		—		407
										11,371		0.3		11,757
Internet & Direct Marketing Retail
Revalize, Inc.+	Preferred stock	N/A			N/A		12/2021	N/A	25	26,215		0.6		22,574
Revalize, Inc.+	Preferred stock	N/A			N/A		12/2021	N/A	15	15,735		0.3		13,550
Revalize, Inc.+	Preferred stock	N/A			N/A		12/2022	N/A	11	11,050		0.2		8,836
Revalize, Inc.+	Preferred stock	N/A			N/A		04/2022	N/A	4	4,285		0.1		3,365
										57,285		1.2		48,325
IT Services
Appriss Health Intermediate Holdings, Inc+(24)	Preferred stock	N/A			11.00 %	Non-Cash	05/2021	N/A	3	3,781		0.1		4,011
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A			N/A		02/2020	N/A	804	2,398		0.2		7,518
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A			N/A		10/2020	N/A	211	931		—		1,972
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A			N/A		07/2021	N/A	48	407		—		452

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)	Interest Rate (2)		Acquisition Date	Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Warrant	N/A	N/A		08/2020	N/A	277	$	779	0.1	%	$	2,412
Critical Start, Inc.+	Common stock	N/A	N/A		05/2022	N/A	343	379		—		187
Kentik Technologies, Inc.+	Preferred stock	N/A	N/A		09/2021	N/A	509	2,933		0.1		2,924
Kentik Technologies, Inc.+	Warrant	N/A	N/A		11/2024	N/A	—	3		—		3
Netwrix Corporation+	LLC units	N/A	N/A		06/2022	N/A	7	19		—		18
Optimizely North America, Inc.+	Common stock	N/A	N/A		10/2018	N/A	92	1,016		—		1,482
Saturn Borrower Inc.+	LP units	N/A	N/A		09/2020	N/A	485	418		—		331
								13,064		0.5		21,310
Leisure Products
Massage Envy, LLC+	LLC interest	N/A	N/A		09/2012	N/A	749	210		0.1		1,798
Movement Holdings, LLC+	LLC units	N/A	N/A		03/2024	N/A	—	152		—		124
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	82	141		—		100
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	56	96		—		69
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	47	78		—		55
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	41	70		—		49
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	18	29		—		21
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	2	2		—		2
								778		0.1		2,218
Life Sciences Tools & Services
Celerion Buyer, Inc.+(24)	LP units	N/A	N/A		11/2022	N/A	1,302	1,096		—		891
Celerion Buyer, Inc.+	LP units	N/A	N/A		11/2022	N/A	1,302	188		—		1,326
PAS Parent Inc.+	LP interest	N/A	N/A		12/2021	N/A	15	1,651		0.1		1,767
PAS Parent Inc.+	Preferred stock	N/A	N/A		03/2023	N/A	2	267		—		319
Reaction Biology Corporation+	LLC units	N/A	N/A		03/2022	N/A	—	321		—		—
								3,523		0.1		4,303
Oil, Gas & Consumable Fuels
W3 Co.+	LLC interest	N/A	N/A		03/2017	N/A	3	1,632		0.1		1,755
W3 Co.+	Preferred stock	N/A	N/A		01/2019	N/A	—	224		—		260
								1,856		0.1		2,015
Paper & Forest Products
Messenger, LLC+	LLC units	N/A	N/A		12/2021	N/A	8	667		—		689
Messenger, LLC+	LLC units	N/A	N/A		12/2021	N/A	1	—		—		—
								667		—		689
Pharmaceuticals
Amalthea Parent, Inc.+(8)	LP interest	N/A	N/A		03/2021	N/A	701	605		—		285
Cobalt Buyer Sub, Inc.+(24)	Preferred stock	N/A	13.75 %	Non-Cash	10/2021	N/A	11	16,523		0.4		17,647
Cobalt Buyer Sub, Inc.+	Preferred stock	N/A	N/A		10/2021	N/A	—	246		—		276
Cobalt Buyer Sub, Inc.+	Common stock	N/A	N/A		10/2021	N/A	3	2		—		—
Creek Parent, Inc.+	LP interest	N/A	N/A		12/2024	N/A	3,372	3,372		0.1		3,372
								20,748		0.5		21,580

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)		Acquisition Date	Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Professional Services
Eclipse Buyer, Inc.+(24)	Preferred stock	N/A			12.50 %	Non-Cash	09/2024	N/A	—	$	1,660	0.1	%	$	1,692
Enboarder, Inc.+(8)(11)	Preferred stock	N/A			N/A		01/2022	N/A	83	859		—		566
Filevine, Inc.+	Preferred stock	N/A			N/A		04/2022	N/A	362	2,867		0.1		4,377
Filevine, Inc.+	Warrant	N/A			N/A		04/2022	N/A	54	224		—		542
Filevine, Inc.+	Preferred stock	N/A			N/A		05/2024	N/A	21	176		—		256
Net Health Acquisition Corp.+	LP interest	N/A			N/A		12/2017	N/A	14	1,684		0.1		2,354
Procure Acquireco, Inc.+	LP interest	N/A			N/A		12/2021	N/A	—	901		—		1,189
										8,371		0.3		10,976
Real Estate Management & Development
Inhabit IQ Inc.+	Common stock	N/A			N/A		01/2018	N/A	73	595		—		1,332
SC Landco Parent, LLC+	Common stock	N/A			N/A		09/2022	N/A	2	274		—		260
										869		—		1,592
Road & Rail
Internet Truckstop Group, LLC+	LP interest	N/A			N/A		04/2019	N/A	554	587		—		357

Software
Anaplan, Inc.+	LP interest	N/A			N/A		06/2022	N/A	962	1,254		0.1		1,558
Aras Corporation+(24)	Preferred stock	N/A			12.00 %	Non-Cash	04/2021	N/A	1	2,003		0.1		2,205
Aras Corporation+	LP interest	N/A			N/A		04/2021	N/A	427	446		—		694
Astute Holdings, Inc.+	LP interest	N/A			N/A		04/2019	N/A	—	520		—		547
Auvik Networks Inc.+(8)(12)	Preferred stock	N/A			N/A		07/2021	N/A	37	405		—		558
Auvik Networks Inc.+(8)(12)	Preferred stock	N/A			N/A		02/2023	N/A	4	46		—		63
Bayshore Intermediate #2, L.P.+	Common stock	N/A			N/A		10/2021	N/A	5,841	5,890		0.2		7,336
Calabrio, Inc.+	LP interest	N/A			N/A		04/2021	N/A	1	1,157		0.1		1,222
Calabrio, Inc.+	LP interest	N/A			N/A		04/2021	N/A	134	0		—		0
CB Buyer, Inc.+	LP units	N/A			N/A		07/2024	N/A	258	258		—		332
Cloudbees, Inc.+	Preferred stock	N/A			N/A		11/2021	N/A	179	2,007		0.1		2,168
Cloudbees, Inc.+	Warrant	N/A			N/A		05/2018	N/A	158	445		0.1		1,360
Cloudbees, Inc.+	Preferred stock	N/A			N/A		06/2018	N/A	86	602		—		921
Cynet Security Ltd.+(8)(15)	Preferred stock	N/A			N/A		08/2022	N/A	220	855		—		1,051
Denali Bidco Limited+(8)(10)	LP interest	N/A			N/A		08/2023	N/A	431	610		—		844
Diligent Corporation+(24)	Preferred stock	N/A			10.50 %	Non-Cash	04/2021	N/A	24	31,027		0.8		32,529
Diligent Corporation+	Preferred stock	N/A			N/A		04/2016	N/A	415	912		0.1		2,434
FirstUp, Inc.+	Common stock	N/A			N/A		07/2021	N/A	305	661		—		334
GS Acquisitionco, Inc.+(24)	Preferred stock	N/A			11.00 %	Non-Cash	04/2021	N/A	35	46,278		1.2		48,310
GS Acquisitionco, Inc.+(24)	Preferred stock	N/A			11.00 %	Non-Cash	11/2021	N/A	5	5,911		0.1		6,003
GS Acquisitionco, Inc.+	LP interest	N/A			N/A		09/2021	N/A	1	363		0.1		1,255
GS Acquisitionco, Inc.+(24)	Preferred stock	SF +	10.50 %	(i)	14.83 %	Non-Cash	08/2023	N/A	—	124		—		126
GTY Technology Holdings, Inc.+	LP units	N/A			N/A		07/2022	N/A	73	91		—		161
Gurobi Optimization, LLC+	Common stock	N/A			N/A		09/2024	N/A	—	709		—		812
Impartner, Inc.+	Preferred stock	N/A			N/A		10/2021	N/A	39	307		—		200
Kaseya Inc.+(24)	Preferred stock	SF +	10.75 %	(i)	15.08 %	Non-Cash	06/2022	N/A	5	5,974		0.2		5,972
Kaseya Inc.+	LP interest	N/A			N/A		06/2022	N/A	250	252		—		287
LogicMonitor, Inc.+	LP interest	N/A			N/A		12/2024	N/A	250	250		—		250

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)		Acquisition Date	Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Ministry Brands Holdings LLC+	LP interest	N/A			N/A		12/2021	N/A	799	$	774	—	%	$	702
mParticle, Inc.+	Preferred stock	N/A			N/A		09/2021	N/A	227	1,429		—		1,110
mParticle, Inc.+	Warrant	N/A			N/A		08/2020	N/A	120	143		—		395
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+	Warrant	N/A			N/A		10/2019	N/A	6	17		—		17
Onit, Inc.+(24)	Preferred stock	N/A			15.00 %	Non-Cash	02/2023	N/A	—	123		—		134
Onit, Inc.+	Warrant	N/A			N/A		02/2023	N/A	—	14		—		18
Panzura, LLC+	LLC units	N/A			N/A		09/2023	N/A	2	6		—		2
Personify, Inc.+	LP interest	N/A			N/A		09/2018	N/A	879	1,396		0.1		2,243
Pluralsight, LLC+	LLC units	N/A			N/A		08/2024	N/A	1,988	3,663		0.1		4,294
QAD, Inc.+(24)	Preferred stock	N/A			9.00 %	Non-Cash	11/2021	N/A	1	1,272		—		1,228
QAD, Inc.+	Common stock	N/A			N/A		11/2021	N/A	68	134		—		0
RegEd Aquireco, LLC+	LP interest	N/A			N/A		12/2018	N/A	—	358		—		169
RegEd Aquireco, LLC+	Preferred stock	N/A			N/A		07/2023	N/A	—	27		—		32
RegEd Aquireco, LLC+	LP interest	N/A			N/A		12/2018	N/A	4	21		—		0
Riskonnect Parent, LLC+(24)	Preferred stock	N/A			11.00 %	Non-Cash	04/2022	N/A	26	33,331		0.8		33,024
Riskonnect Parent, LLC+	LP interest	N/A			N/A		11/2021	N/A	1,382	1,412		0.1		1,553
Riskonnect Parent, LLC+(24)	Preferred stock	SF +	10.50 %	(i)	14.83 %	Non-Cash	07/2022	N/A	—	955		—		966
Riskonnect Parent, LLC+(24)	Preferred stock	N/A			10.50 %	Non-Cash	06/2024	N/A	—	52		—		54
SnapLogic, Inc.+	Preferred stock	N/A			N/A		09/2019	N/A	344	1,028		0.1		2,047
SnapLogic, Inc.+	Warrant	N/A			N/A		09/2019	N/A	131	162		—		527
Spartan Buyer Acquisition Co.+	Common stock	N/A			N/A		12/2020	N/A	1	794		—		591
Spartan Buyer Acquisition Co.+	Preferred stock	N/A			N/A		12/2022	N/A	—	110		—		134
Telesoft Holdings LLC+	LP interest	N/A			N/A		12/2019	N/A	137	129		—		122
Templafy APS and Templafy, LLC+(8)(18)	Warrant	N/A			N/A		07/2022	N/A	—	82		—		106
Togetherwork Holdings, LLC+	Preferred stock	N/A			N/A		07/2024	N/A	307	1,342		—		1,405
Zendesk, Inc.+	LP units	N/A			N/A		11/2022	N/A	63	708		—		623
										158,839		4.4		171,028

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)	Interest Rate (2)		Acquisition Date	Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail
Ave Holdings III, Corp+(24)	Preferred stock	N/A	11.50 %	Non-Cash	02/2022	N/A	15	$	18,773	0.5	%	$	18,477
Ave Holdings III, Corp+	LP units	N/A	N/A		02/2022	N/A	2	1,737		—		592
Batteries Plus Holding Corporation+	LP interest	N/A	N/A		07/2016	N/A	10	1,287		0.1		1,399
Cycle Gear, Inc.+	LLC units	N/A	N/A		02/2016	N/A	2,002	481		—		257
Cycle Gear, Inc.+	Preferred stock	N/A	N/A		01/2023	N/A	75	75		—		150
Metal Supermarkets US Buyer, LLC+(8)(12)	Preferred stock	N/A	N/A		12/2024	N/A	3	347		—		347
Metal Supermarkets US Buyer, LLC+(8)(12)	LLC units	N/A	N/A		12/2024	N/A	1	—		—		—
Pet Holdings ULC+(8)(12)(24)	LP interest	N/A	N/A		04/2015	N/A	677	383		—		602
Salon Lofts Group, LLC+	LP units	N/A	N/A		08/2022	N/A	—	129		—		100
Southern Veterinary Partners, LLC+(24)	LLC units	N/A	10.00 %	Non-Cash	12/2024	N/A	5	995		0.2		4,912
Southern Veterinary Partners, LLC+(24)	LLC units	N/A	10.00 %	Non-Cash	12/2024	N/A	—	233		—		408
Southern Veterinary Partners, LLC+	LLC units	N/A	N/A		12/2024	N/A	51	81		—		259
Southern Veterinary Partners, LLC+	LLC units	N/A	N/A		12/2024	N/A	4	16		—		22
Southern Veterinary Partners, LLC+(24)	LLC units	N/A	10.00 %	Non-Cash	12/2024	N/A	—	10		—		48
Southern Veterinary Partners, LLC+(24)	LLC units	N/A	10.00 %	Non-Cash	12/2024	N/A	—	3		—		4
Southern Veterinary Partners, LLC+	LLC units	N/A	N/A		12/2024	N/A	—	—		—		2
Southern Veterinary Partners, LLC+	LLC units	N/A	N/A		12/2024	N/A	—	—		—		—
VSG Acquisition Corp. and Sherrill, Inc.+	LP units	N/A	N/A		04/2022	N/A	—	57		—		68
								24,607		0.8		27,647
Textiles, Apparel & Luxury Goods
Georgica Pine Clothiers, LLC+	LLC interest	N/A	N/A		11/2015	N/A	20	239		—		394
Georgica Pine Clothiers, LLC+	Common stock	N/A	N/A		08/2020	N/A	—	—		—		2
MakerSights, Inc.+	Preferred stock	N/A	N/A		06/2021	N/A	56	265		—		103
Shoes For Crews Global, LLC+	LLC units	N/A	N/A		06/2024	N/A	2	1,083		—		1,147
								1,587		—		1,646

Total non-controlled/non-affiliate company equity investments								425,795		11.6		464,902

Total non-controlled/non-affiliate company investments								8,476,554		209.7		8,424,975

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(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 (28)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+(7)(26)	One stop	SF +	1.00 %	(i)	5.33 %	PIK			06/2026	$	7,291	$	7,071	0.1	%	$	4,594
Abita Brewing Co., L.L.C.+(7)(26)	Second lien	SF +	8.00 %	(i)	12.33 %	PIK			06/2026	4,990		3,724		—		449
Abita Brewing Co., L.L.C.+(26)	One stop	SF +	1.00 %	(i)(j)	5.41 %	PIK			06/2026	1,509		1,508		0.1		1,267
										13,790		12,303		0.2		6,310
Energy, Equipment & Services
Benetech, Inc.+(7)(26)	One stop	SF +	6.00 %	(i)	10.48 %	PIK			08/2026	4,772		3,623		0.1		1,909
Benetech, Inc.+(7)(26)	One stop	SF +	6.00 %	(i)	10.48 %	PIK			08/2026	1,160		836		—		177
										5,932		4,459		0.1		2,086
Healthcare Equipment & Supplies
G & H Wire Company, Inc.+(26)	One stop	SF +	6.00 %	(i)	5.66 %	cash/	5.00 %	PIK	11/2029	2,741		2,741		0.1		2,741
G & H Wire Company, Inc.+	One stop	SF +	6.00 %		N/A(6)				11/2029	—		—		—		—
										2,741		2,741		0.1		2,741
Healthcare Providers & Services
Bayside Opco, LLC+	One stop	SF +	7.25 %	(i)	11.73 %				06/2026	12,815		12,762		0.3		12,815
Bayside Opco, LLC+(26)	Subordinated debt	SF +	10.00 %	(i)	14.48 %	PIK			06/2026	5,236		4,869		0.1		5,236
Bayside Opco, LLC+	One stop	SF +	7.25 %	(i)	11.73 %				06/2026	4,533		4,420		0.1		4,533
Bayside Opco, LLC+	One stop	SF +	7.00 %		N/A(6)				06/2026	—		—		—		—
Elite Dental Partners LLC+(7)(26)	One stop	SF +	5.25 %	(i)	9.73 %	PIK			09/2025	17,103		13,030		0.1		5,302
Elite Dental Partners LLC+(7)(26)	One stop	SF +	12.00 %	(i)	16.48 %	PIK			09/2025	10,176		7,225		0.1		4,274
Elite Dental Partners LLC+(26)	One stop	SF +	5.25 %	(i)	9.73 %	PIK			09/2025	1,844		1,844		0.1		1,844
Opening Day Borrower 111 LLC+	One stop	SF +	6.25 %	(i)	11.02 %				05/2027	723		723		—		723
SPF Borrower LLC+(26)	One stop	SF +	6.25 %	(i)	8.73 %	cash/	2.00 %	PIK	02/2028	16,191		16,191		0.4		16,191
SPF Borrower LLC+	One stop	SF +	9.50 %	(i)	13.98 %				02/2028	8,333		8,333		0.2		8,333
SPF Borrower LLC+	One stop	SF +	6.25 %		N/A(6)				02/2028	—		—		—		—
										76,954		69,397		1.4		59,251
Multiline Retail
Fleet Farm Group, LLC+	Senior secured	SF +	5.50 %		N/A(6)					—		—		—		—

Software
Switchfly LLC+(26)	One stop	N/A			1.00 %	PIK			10/2026	1,418		1,418		—		1,276

Specialty Retail
Imperial Optical Midco Inc.+	One stop	SF +	1.00 %	(i)	5.33 %				06/2029	45,064		41,019		1.0		41,458
Imperial Optical Midco Inc.+(5)	One stop	SF +	1.00 %		N/A(6)				06/2029	—		—		—		( 226 )
Imperial Optical Midco Inc.+(5)	One stop	SF +	1.00 %		N/A(6)				06/2029	—		—		—		( 1,202 )
										45,064		41,019		1.0		40,030

Total non-controlled/affiliate company debt investments										145,899		131,337		2.8		111,694

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)	Interest Rate (2)	Acquisition Date	Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity investments (22)(23)
Beverages
Abita Brewing Co., L.L.C.+	Warrant	N/A	N/A	02/2021	N/A	210	$	—	—	%	$	—

Healthcare Equipment & Supplies
G & H Wire Company, Inc.+	LLC units	N/A	N/A	11/2024	N/A	159	3,810		0.1		3,943

Healthcare Providers & Services
Bayside Opco, LLC+	LLC units	N/A	N/A	05/2023	N/A	6	2,592		0.2		8,812
Elite Dental Partners LLC	LLC interest	N/A	N/A	09/2020	N/A	—	2,902		—		—
Elite Dental Partners LLC	LLC interest	N/A	N/A	09/2020	N/A	—	1,250		—		—
Elite Dental Partners LLC	LLC units	N/A	N/A	09/2020	N/A	—	—		—		—
Opening Day Borrower 111 LLC+	Preferred stock	N/A	N/A	09/2024	N/A	181	21,172		0.6		21,813
Opening Day Borrower 111 LLC+	LLC units	N/A	N/A	04/2023	N/A	181	7,837		0.1		3,822
SPF Borrower LLC+	LLC units	N/A	N/A	02/2024	N/A	—	9,347		0.3		13,817
							45,100		1.2		48,264

Multiline Retail
Fleet Farm Group, LLC	LLC units	N/A	N/A	12/2024	N/A	129	23,874		0.6		24,070

Software
Switchfly LLC+	LLC interest	N/A	N/A	09/2018	N/A	98,370	2,321		—		815
Switchfly LLC+	Preferred stock	N/A	N/A	09/2024	N/A	7,275	5,375		0.2		5,692
Switchfly LLC+	LLC units	N/A	N/A	03/2022	N/A	950	950		—		585
							8,646		0.2		7,092
Specialty Retail
Imperial Optical Midco Inc.+	LLC units	N/A	N/A	06/2024	N/A	189	53,763		1.3		52,956

Total non-controlled/affiliate company equity investments							135,193		3.4		136,325

Total non-controlled/affiliate company investments							266,530		6.2		248,019

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)	Interest Rate (2)		Acquisition Date	Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Controlled affiliate company investments (29)
Debt investments
IT Services
MMan Acquisition Co.+(26)	One stop	N/A	8.00 %	PIK		03/2026	$	2,012	$	2,012	0.1	%	$	1,851
MMan Acquisition Co.+(26)	One stop	N/A	12.00 %	PIK		03/2026	1,106		1,106		—		1,106
MMan Acquisition Co.+(26)	One stop	N/A	12.00 %	PIK		03/2026	1,188		1,188		—		1,188
MMan Acquisition Co.+(26)	One stop	N/A	12.00 %	PIK		03/2026	344		344		—		344
Total controlled affiliate company debt investments							4,650		4,650		0.1		4,489

Equity investments (22)(23)
IT Services
MMan Acquisition Co.+	Preferred stock	N/A	N/A		09/2024	N/A	—		7,832		0.2		7,748

Total controlled affiliate equity investments									7,832		0.2		7,748

Total controlled affiliate company investments									12,482		0.3		12,237

Total investments									8,755,566		216.2		8,685,231

Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)			4.34 %	(30)					$	55,102	1.4	%	$	55,102
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582)			4.35 %	(30)					18		—		18
Morgan Stanley US Dollar Liquidity Fund Institutional Distributing Share Class (CUSIP L64887109)			4.54 %	(30)					37,116		0.9		37,116
Allspring Government Money Market Fund Select Share Class (CUSIP 949921126)			4.42 %	(30)					9,694		0.2		9,694
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio Institutional Share Class (CUSIP 61747C525)			4.31 %	(30)					51,284		1.3		51,284
Total money market funds									153,214		3.8		153,214
Total investments and money market funds									$	8,908,780	220.0	%	$	8,838,445

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)


^						Denotes that all or a portion of the loan secures the notes offered in the GBDC 3 2022 Debt Securitization (as defined in “Note 7. Borrowings”).
*						Denotes that all or a portion of the loan collateralizes the notes offered in the 2024 Debt Securitization (as defined in “Note 7. Borrowings”).
+						Denotes that all or a portion of the investment collateralizes the JPM Credit Facility (as defined in “Note 7. Borrowings”).

(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 Overnight Repo Rate Average (“CORRA” or “CA”) 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, 2024. 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, 2024, 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 could not be the applicable index rate outstanding as of December 31, 2024, as the loan could have priced or repriced based on an index rate prior to December 31, 2024.

(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 7.50% as of December 31, 2024.

(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 2.85% as of December 31, 2024.

(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 2.71% as of December 31, 2024.

(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 2.57% as of December 31, 2024.

(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 4.42% as of December 31, 2024.

(f) Denotes that all or a portion of the contract was indexed to SONIA, which was 4.70% as of December 31, 2024.

(g) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 4.49% as of December 31, 2024.

(h) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 4.33% as of December 31, 2024.

(i) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 4.31% as of December 31, 2024.

(j) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 4.25% as of December 31, 2024.

(k) Denotes that all or a portion of the contract was indexed to Daily CORRA, which was 3.31% as of December 31, 2024.

(l) Denotes that all or a portion of the contract was indexed to the 90-day Term CORRA, which was 3.15% as of December 31, 2024.

(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, 2024.

(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, 2024. As such, no interest is being earned on this investment. The investment could be subject to an unused facility fee.

(7) Investment was on non-accrual status as of December 31, 2024, meaning that the Company has ceased recognizing interest or non-cash dividend income on the investment.

(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, 2024, total non-qualifying assets at fair value represented 12.9% of the Company's total assets calculated in accordance with the 1940 Act.

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

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

(20) The headquarters of this portfolio company is located in France.

(21) The headquarters of this portfolio company is located in Jersey.

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)

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

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

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

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

(26) 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, 2024.

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

(28) 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, 2024 were as follows:


Portfolio Company	Fair value as of September 30, 2024		Gross additions (a)		Gross reductions (b)		Net change in unrealized appreciation (depreciation)		Net realized gain (loss)		Fair value as of December 31, 2024		Interest, dividend and fee income
Abita Brewing Co. LLC	$	6,000	$	2,169	$	( 1,442 )	$	( 417 )	$	—	$	6,310	$	19
Bayside Opco, LLC	29,127		285		( 40 )		2,024		—		31,396		826
Benetech, Inc.	1,793		161		( 245 )		377		—		2,086		8
Elite Dental Partners LLC	11,696		880		( 834 )		( 322 )		—		11,420		48
Fleet Farm Group LLC	—		23,874		—		196		—		24,070		9
G & H Wire Company, Inc	—		6,551		—		133		—		6,684		29
Imperial Optical Midco Inc.	93,864		226		—		( 1,104 )		—		92,986		879
Opening Day Borrower 111 LLC	24,936		722		—		700		—		26,358		16
SPF Borrower LLC	36,653		83		( 83 )		1,688		—		38,341		763
Switchfly LLC	7,313		708		—		347		—		8,368		9
Total Non-Controlled Affiliates	$	211,382	$	35,659	$	( 2,644 )	$	3,622	$	—	$	248,019	$	2,606


(a)						Gross additions could 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 could 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.

(29) 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, 2024 were as follows:


Portfolio Company	Fair value as of September 30, 2024		Gross additions (a)		Gross reductions (b)		Net change in unrealized appreciation (depreciation)		Net realized gain (loss)		Fair value as of December 31, 2024		Interest, dividend and fee income
MMan Acquisition Co.	$	12,205	$	118	$	—	$	( 86 )	$	—	$	12,237	$	126
Total Controlled Affiliates	$	12,205	$	118	$	—	$	( 86 )	$	—	$	12,237	$	126


(a)						Gross additions could 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 could 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.

(30) The rate shown is the annualized seven-day yield as of December 31, 2024.

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace & Defense
PPW Aero Buyer, Inc.~+	One stop	SF +	6.50 %	(h)(i)	11.24 %				02/2029	$	34,377	$	34,130	0.9	%	$	34,892
PPW Aero Buyer, Inc.+	One stop	SF +	5.50 %	(i)	10.10 %				02/2029	4,292		4,262		0.1		4,292
PPW Aero Buyer, Inc.+(5)	One stop	SF +	5.50 %		N/A(6)				02/2029	—		( 87 )		—		—
PPW Aero Buyer, Inc.+	One stop	SF +	6.50 %	(a)(h)(i)	12.20 %				02/2029	52		51		—		52
										38,721		38,356		1.0		39,236
Airlines
Accelya Lux Finco S.A.R.L.<+(8)(13)(25)	One stop	SF +	7.00 %	(i)	7.70 %	cash/	4.00 %	PIK	12/2026	8,903		8,808		0.2		8,547

Auto Components
Collision SP Subco, LLC<+	One stop	SF +	5.50 %	(i)	10.75 %				01/2030	886		875		—		886
Collision SP Subco, LLC+	One stop	SF +	5.50 %	(h)(j)	10.36 %				01/2030	162		157		—		162
Collision SP Subco, LLC+	One stop	SF +	5.50 %	(i)	10.75 %				01/2030	14		13		—		14
Covercraft Parent III, Inc.&+	Senior secured	SF +	4.50 %	(i)	9.97 %				08/2027	6,826		6,781		0.2		6,621
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50 %	(h)	9.45 %				08/2027	1,381		1,360		—		1,339
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50 %	(h)	9.62 %				08/2027	60		56		—		54
North Haven Falcon Buyer, LLC<+(25)	One stop	SF +	8.00 %	(i)	8.12 %	cash/	5.00 %	PIK	05/2027	9,106		8,415		0.2		7,285
North Haven Falcon Buyer, LLC+(25)	One stop	SF +	8.00 %	(i)	8.00 %	cash/	5.00 %	PIK	05/2027	1,525		1,408		—		1,220
OEConnection, LLC~+	One stop	SF +	5.25 %	(h)	10.10 %				04/2031	10,288		10,243		0.3		10,288
OEConnection, LLC+(5)	One stop	SF +	5.25 %		N/A(6)				04/2031	—		( 8 )		—		—
OEConnection, LLC+(5)	One stop	SF +	5.25 %		N/A(6)				04/2031	—		( 8 )		—		—
Polk Acquisition Corp.*#+(25)	Senior secured	SF +	7.50 %	(h)	10.20 %	cash/	2.25 %	PIK	12/2024	18,598		18,542		0.4		17,297
Polk Acquisition Corp.+(25)	Senior secured	SF +	7.50 %	(h)	10.20 %	cash/	2.25 %	PIK	12/2024	110		110		—		102
Polk Acquisition Corp.+(25)	Senior secured	SF +	7.50 %	(h)	10.20 %	cash/	2.25 %	PIK	12/2024	119		119		—		108
										49,075		48,063		1.1		45,376
Automobiles
CAP-KSI Holdings, LLC+	One stop	SF +	5.25 %	(i)	9.85 %				06/2030	6,584		6,490		0.2		6,584
CAP-KSI Holdings, LLC+	One stop	SF +	5.25 %	(h)	10.10 %				06/2030	182		167		—		182
CG Group Holdings, LLC*#~<+(25)	One stop	SF +	8.75 %	(i)	11.35 %	cash/	2.00 %	PIK	07/2027	45,910		45,698		1.1		45,452
CG Group Holdings, LLC+(25)	One stop	SF +	8.75 %	(h)	11.60 %	cash/	2.00 %	PIK	07/2026	704		698		—		698
Denali Midco 2, LLC~+	One stop	SF +	6.00 %	(h)	10.95 %				12/2027	44,627		44,451		1.1		44,627
Denali Midco 2, LLC&<+	One stop	SF +	6.00 %	(h)	10.95 %				12/2027	10,401		10,591		0.3		10,401
Denali Midco 2, LLC&+	One stop	SF +	6.00 %	(h)	10.95 %				12/2027	3,113		3,170		0.1		3,113
Denali Midco 2, LLC<+	One stop	SF +	6.00 %	(h)	10.95 %				12/2027	1,891		1,926		0.1		1,891
Denali Midco 2, LLC<+	One stop	SF +	6.00 %	(h)	10.95 %				12/2027	1,797		1,829		0.1		1,797
Denali Midco 2, LLC<+	One stop	SF +	6.00 %	(h)	10.95 %				12/2027	1,568		1,597		0.1		1,568
Denali Midco 2, LLC<+	One stop	SF +	6.50 %	(h)	11.45 %				12/2027	1,508		1,492		0.1		1,508
Denali Midco 2, LLC<+	One stop	SF +	6.00 %	(h)	10.95 %				12/2027	1,292		1,292		—		1,292
Denali Midco 2, LLC<+	One stop	SF +	6.00 %	(h)	10.95 %				12/2027	1,254		1,254		—		1,254
Denali Midco 2, LLC<+	One stop	SF +	6.00 %	(h)	10.95 %				12/2027	1,254		1,254		—		1,254
Denali Midco 2, LLC<+	One stop	SF +	6.00 %	(h)	10.95 %				12/2027	1,034		1,034		—		1,034
Denali Midco 2, LLC+	One stop	SF +	6.50 %	(h)	11.45 %				12/2027	469		465		—		469
Denali Midco 2, LLC+	One stop	SF +	6.50 %	(h)	11.45 %				12/2027	406		401		—		406
Denali Midco 2, LLC+	One stop	SF +	5.75 %	(h)	10.70 %				12/2027	394		394		—		394
Denali Midco 2, LLC+	One stop	SF +	6.50 %	(h)	11.45 %				12/2027	343		340		—		343

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)	Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Denali Midco 2, LLC+	One stop	SF +	6.50 %	(h)	11.45 %	12/2027	$	201	$	200	—	%	$	201
Denali Midco 2, LLC+	One stop	SF +	6.00 %	(h)	10.95 %	12/2027	200		197		—		200
Denali Midco 2, LLC+	One stop	SF +	6.50 %	(h)	11.45 %	12/2027	101		100		—		101
Denali Midco 2, LLC+(5)	One stop	SF +	5.75 %		N/A(6)	12/2027	—		( 4 )		—		—
High Bar Brands Operating, LLC<+	Senior secured	SF +	5.00 %	(i)	9.60 %	12/2029	1,435		1,430		0.1		1,435
High Bar Brands Operating, LLC<+	Senior secured	SF +	5.00 %	(i)	9.60 %	12/2029	299		298		—		299
High Bar Brands Operating, LLC+	Senior secured	SF +	5.00 %	(i)	9.60 %	12/2029	254		250		—		254
High Bar Brands Operating, LLC+(5)	Senior secured	SF +	5.25 %		N/A(6)	12/2029	—		( 1 )		—		—
JHCC Holdings LLC~+	One stop	SF +	5.25 %	(i)	9.85 %	09/2027	17,889		17,792		0.5		17,889
JHCC Holdings LLC<+	One stop	SF +	5.25 %	(i)	9.85 %	09/2027	5,179		5,262		0.1		5,179
JHCC Holdings LLC+	One stop	SF +	5.25 %	(i)	9.85 %	09/2027	4,951		4,950		0.1		4,951
JHCC Holdings LLC+	One stop	SF +	5.25 %	(i)	9.87 %	09/2027	3,714		3,691		0.1		3,714
JHCC Holdings LLC+	One stop	SF +	5.25 %	(i)	9.92 %	09/2027	2,797		2,819		0.1		2,797
JHCC Holdings LLC<+	One stop	SF +	5.25 %	(i)	9.85 %	09/2027	1,659		1,642		—		1,659
JHCC Holdings LLC<+	One stop	SF +	5.25 %	(i)	9.85 %	09/2027	732		727		—		732
JHCC Holdings LLC<+	One stop	SF +	5.25 %	(i)	9.85 %	09/2027	695		693		—		695
JHCC Holdings LLC+	One stop	P +	4.25 %	(a)	12.25 %	09/2027	66		64		—		66
MOP GM Holding, LLC*#~^+	One stop	SF +	5.75 %	(i)	10.50 %	11/2026	32,888		32,862		0.8		32,559
MOP GM Holding, LLC&+	One stop	SF +	5.75 %	(j)	11.33 %	11/2026	3,866		3,858		0.1		3,827
MOP GM Holding, LLC~+	One stop	SF +	5.75 %	(j)	11.09 %	11/2026	3,617		3,597		0.1		3,581
MOP GM Holding, LLC^+	One stop	SF +	5.75 %	(j)	11.09 %	11/2026	3,537		3,516		0.1		3,502
MOP GM Holding, LLC^+	One stop	SF +	5.75 %	(i)	10.50 %	11/2026	2,621		2,604		0.1		2,594
MOP GM Holding, LLC&+	One stop	SF +	5.75 %	(j)	11.09 %	11/2026	2,161		2,149		0.1		2,140
MOP GM Holding, LLC&+	One stop	SF +	5.75 %	(j)	11.09 %	11/2026	1,993		1,975		—		1,973
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(i)	10.50 %	11/2026	726		721		—		718
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(i)	10.50 %	11/2026	533		530		—		528
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(i)(j)	10.62 %	11/2026	400		397		—		396
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(j)	11.09 %	11/2026	267		265		—		264
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(i)	10.50 %	11/2026	203		202		—		201
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(i)	10.50 %	11/2026	89		88		—		88
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(j)	11.09 %	11/2026	89		88		—		88
MOP GM Holding, LLC+(5)	One stop	SF +	5.75 %		N/A(6)	11/2026	—		( 34 )		—		—
National Express Wash Parent Holdco, LLC&+	One stop	SF +	5.50 %	(i)	10.74 %	07/2029	9,620		9,560		0.2		9,428
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.50 %	(j)	9.75 %	07/2029	140		135		—		132
National Express Wash Parent Holdco, LLC+(5)	One stop	SF +	6.00 %		N/A(6)	07/2029	—		( 2 )		—		—
POY Holdings, LLC#^&<+	One stop	SF +	5.50 %	(i)	10.25 %	11/2027	28,489		28,766		0.7		28,489
POY Holdings, LLC<+	One stop	SF +	5.50 %	(i)	10.25 %	11/2027	3,703		3,764		0.1		3,703
POY Holdings, LLC~+	One stop	SF +	5.50 %	(i)	10.25 %	11/2027	1,311		1,311		—		1,311
POY Holdings, LLC+	One stop	SF +	5.50 %	(i)	10.89 %	11/2027	873		873		—		873
POY Holdings, LLC+	One stop	SF +	5.50 %	(i)	10.25 %	11/2027	651		651		—		651
POY Holdings, LLC+	One stop	SF +	5.50 %	(i)	10.29 %	11/2027	291		291		—		291
POY Holdings, LLC+	One stop	SF +	5.50 %	(i)	10.29 %	11/2027	31		29		—		31
POY Holdings, LLC+(5)	One stop	SF +	5.50 %		N/A(6)	11/2027	—		( 28 )		—		—
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	4.75 %	(h)	9.60 %	06/2031	3,608		3,578		0.1		3,608
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	4.75 %	(h)	9.60 %	06/2031	140		129		—		140
Quick Quack Car Wash Holdings, LLC+(5)	One stop	SF +	4.75 %		N/A(6)	06/2031	—		( 3 )		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(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)
TWAS Holdings, LLC#&<	One stop	SF +	6.75 %	(h)	11.70 %		12/2026	$	46,804	$	46,658	1.2	%	$	46,804
TWAS Holdings, LLC*~&+	One stop	SF +	6.75 %	(h)	11.70 %		12/2026	41,809		41,768		1.0		41,809
TWAS Holdings, LLC<+	One stop	SF +	6.75 %	(h)	11.70 %		12/2026	10,854		10,845		0.3		10,854
TWAS Holdings, LLC<+	One stop	SF +	6.75 %	(h)	11.70 %		12/2026	8,288		8,354		0.2		8,288
TWAS Holdings, LLC<+	One stop	SF +	6.75 %	(h)	11.70 %		12/2026	5,264		5,306		0.1		5,264
TWAS Holdings, LLC+(5)	One stop	SF +	6.75 %		N/A(6)		12/2026	—		( 6 )		—		—
Yorkshire Parent, Inc.<+	One stop	SF +	6.00 %	(i)	10.60 %		12/2029	2,634		2,672		0.1		2,634
Yorkshire Parent, Inc.+(5)	One stop	SF +	6.00 %		N/A(6)		12/2029	—		( 1 )		—		—
Yorkshire Parent, Inc.+(5)	One stop	SF +	6.00 %		N/A(6)		12/2029	—		( 1 )		—		—
								382,403		382,120		9.5		381,208
Banks
OSP Hamilton Purchaser, LLC<+	One stop	SF +	5.00 %	(i)	10.25 %		12/2029	1,745		1,769		0.1		1,745
OSP Hamilton Purchaser, LLC+	One stop	SF +	5.00 %	(i)	10.26 %		12/2029	331		325		—		331
OSP Hamilton Purchaser, LLC+	One stop	SF +	5.00 %		N/A(6)		12/2029	—		—		—		—
								2,076		2,094		0.1		2,076
Beverages
Financial Information Technologies, LLC~&<+	One stop	SF +	5.25 %	(i)	9.85 %		06/2030	34,626		34,555		0.9		34,626
Financial Information Technologies, LLC+(25)	One stop	N/A			14.00 %	PIK	06/2031	19,894		19,758		0.5		19,894
Financial Information Technologies, LLC+(5)	One stop	SF +	5.25 %		N/A(6)		06/2030	—		( 1 )		—		—
Financial Information Technologies, LLC<+	One stop	SF +	5.25 %	(i)	9.85 %		06/2030	2,221		2,218		0.1		2,221
Financial Information Technologies, LLC+(5)	One stop	SF +	5.25 %		N/A(6)		06/2030	—		( 1 )		—		—
Watermill Express, LLC^+	One stop	SF +	5.75 %	(i)	10.50 %		07/2029	3,064		3,046		0.1		3,072
Watermill Express, LLC+	One stop	SF +	5.75 %	(i)	10.50 %		07/2029	296		296		—		297
Watermill Express, LLC+	One stop	SF +	5.75 %	(i)	10.96 %		07/2029	111		108		—		111
Watermill Express, LLC<+	One stop	SF +	5.75 %	(i)	10.50 %		07/2029	739		735		—		742
Watermill Express, LLC+	One stop	SF +	5.75 %	(i)	10.60 %		07/2029	371		369		—		371
Watermill Express, LLC+	One stop	SF +	5.00 %	(i)	9.75 %		07/2029	582		569		—		564
Winebow Holdings, Inc.~<	One stop	SF +	6.25 %	(h)	11.20 %		12/2027	9,354		9,247		0.2		8,887
								71,258		70,899		1.8		70,785



Building Products
BECO Holding Company, Inc.#~&<+	One stop	SF +	5.25 %	(i)	10.00 %				11/2028	40,999	41,632	1.0	40,999
BECO Holding Company, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)				11/2027	—	( 2 )	—	—
										40,999	41,630	1.0	40,999
Capital Markets
BlueMatrix Holdings, LLC~+	One stop	SF +	5.25 %	(i)	9.85 %				01/2031	2,540	2,564	0.1	2,540
BlueMatrix Holdings, LLC+	One stop	SF +	5.25 %		N/A(6)				01/2031	—	—	—	—
BlueMatrix Holdings, LLC+(5)	One stop	SF +	5.25 %		N/A(6)				01/2031	—	( 7 )	—	—
										2,540	2,557	0.1	2,540
Chemicals
Inhance Technologies Holdings, LLC#<+(25)	One stop	SF +	6.50 %	(i)	7.98 %	cash/	4.00 %	PIK	12/2024	15,132	14,768	0.3	12,257
Inhance Technologies Holdings, LLC#&(25)	One stop	SF +	6.50 %	(i)	7.98 %	cash/	4.00 %	PIK	12/2024	13,742	13,204	0.3	11,130
Inhance Technologies Holdings, LLC<+(25)	One stop	SF +	6.50 %	(i)	7.98 %	cash/	4.00 %	PIK	12/2024	2,673	2,563	0.1	2,165
Inhance Technologies Holdings, LLC+(25)	One stop	SF +	6.50 %	(i)	7.98 %	cash/	4.00 %	PIK	12/2024	314	297	—	251
Krayden Holdings, Inc.+	Senior secured	SF +	4.75 %	(h)	9.60 %				03/2029	9,840	9,743	0.3	9,741
Krayden Holdings, Inc.+(5)	Senior secured	SF +	4.75 %		N/A(6)				03/2029	—	( 33 )	—	( 34 )
Krayden Holdings, Inc.+(5)	Senior secured	SF +	4.75 %		N/A(6)				03/2029	—	( 48 )	—	( 49 )

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(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)(9)(14)(25)	One stop	E +	9.25 %	(d)	9.41 %	cash/	3.00 %	PIK	09/2028	$	51,136	$	50,266	1.1	%	$	46,023
PHM NL SP Bidco B.V.+(8)(14)(25)	One stop	SF +	9.25 %	(g)	11.33 %	cash/	3.00 %	PIK	09/2028	19,993		19,250		0.4		17,994
PHM NL SP Bidco B.V.+(8)(9)(14)(25)	One stop	SN +	6.75 %	(f)	8.70 %	cash/	3.00 %	PIK	09/2028	11,497		10,881		0.3		10,348
PHM NL SP Bidco B.V.+(8)(9)(14)(25)	One stop	E +	6.75 %	(d)	7.50 %	cash/	3.00 %	PIK	09/2028	5,332		5,138		0.1		4,807
										129,659		126,029		2.9		114,633
Commercial Services & Supplies
BradyIFS Holdings, LLC^+	One stop	SF +	6.00 %	(i)	11.25 %				10/2029	4,842		4,926		0.1		4,842
BradyIFS Holdings, LLC+	One stop	SF +	6.00 %	(h)(i)	11.18 %				10/2029	382		381		—		382
CI (Quercus) Intermediate Holdings, LLC~<+	One stop	SF +	5.00 %	(i)	9.63 %				06/2031	27,427		27,109		0.7		27,427
CI (Quercus) Intermediate Holdings, LLC+	One stop	SF +	5.00 %	(i)	10.05 %				06/2031	53		34		—		53
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				06/2031	—		( 50 )		—		—
Encore Holdings, LLC+	One stop	SF +	5.50 %	(i)	10.25 %				11/2028	4,564		4,501		0.1		4,575
Encore Holdings, LLC<+	One stop	SF +	5.50 %	(i)	10.20 %				11/2028	907		895		—		910
Encore Holdings, LLC+	One stop	SF +	5.25 %	(i)	10.11 %				11/2028	1,170		1,163		—		1,170
FR Vision Holdings, Inc.<+	One stop	SF +	5.50 %	(i)	10.78 %				01/2031	1,070		1,066		—		1,070
FR Vision Holdings, Inc.+	One stop	SF +	5.50 %	(i)	10.78 %				01/2031	90		89		—		90
FR Vision Holdings, Inc.+	One stop	SF +	5.50 %		N/A(6)				01/2030	—		—		—		—
Kleinfelder Intermediate, LLC<+	One stop	SF +	6.25 %	(i)	11.31 %				09/2030	4,087		3,987		0.1		4,087
Kleinfelder Intermediate, LLC+	One stop	P +	4.00 %	(a)	12.00 %				09/2028	120		112		—		120
Kleinfelder Intermediate, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				09/2030	—		( 5 )		—		—
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25 %	(i)	10.31 %				07/2027	1,564		1,549		0.1		1,568
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.00 %	(i)	9.60 %				07/2027	158		132		—		158
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25 %	(i)	10.53 %				07/2027	284		281		—		285
North Haven Stack Buyer, LLC+(5)	Second lien	N/A			N/A(6)				01/2028	—		( 15 )		—		—
North Haven Stack Buyer, LLC*#~<	Senior secured	SF +	5.25 %	(i)	10.50 %				07/2027	12,284		12,271		0.3		12,315
North Haven Stack Buyer, LLC+(25)	Second lien	N/A			10.00 %	cash/	2.50 %	PIK	01/2028	2,277		2,257		0.1		2,290
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25 %	(i)	9.85 %				07/2027	1,481		1,472		0.1		1,485
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25 %	(i)	10.53 %				07/2027	1,418		1,410		0.1		1,422


North Haven Stack Buyer, LLC#~	Senior secured	SF +	5.25 %	(i)	10.50 %				07/2027	4,139	4,126	0.1	4,149
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25 %	(i)	10.50 %				07/2027	1,371	1,366	—	1,374
North Haven Stack Buyer, LLC#~	Senior secured	SF +	5.25 %	(i)	10.50 %				07/2027	1,366	1,361	—	1,369
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25 %	(i)	10.37 %				07/2027	200	200	—	201
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25 %	(i)	10.50 %				07/2027	100	100	—	100
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25 %	(i)	10.34 %				07/2027	166	157	—	166
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25 %	(i)	9.85 %				07/2027	2,281	2,268	0.1	2,287
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25 %	(i)	9.85 %				07/2027	485	481	—	485
North Haven Stack Buyer, LLC+(25)	Second lien	N/A			10.00 %	cash/	2.50 %	PIK	01/2028	1,501	1,481	0.1	1,511
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.00 %	(i)	9.59 %				07/2027	910	904	—	910
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.00 %	(i)	9.67 %				07/2027	689	684	—	689
Profile Products LLC<+	One stop	SF +	5.50 %	(h)	10.70 %				11/2027	9,052	8,974	0.2	8,600
Profile Products LLC<+(8)	One stop	SF +	5.50 %	(h)	10.70 %				11/2027	1,835	1,811	—	1,743
Profile Products LLC+	One stop	P +	4.50 %	(a)	12.50 %				11/2027	72	71	—	68
Profile Products LLC+(5)	One stop	SF +	5.75 %		N/A(6)				11/2027	—	( 1 )	—	( 4 )
PSC Parent, Inc.~+	One stop	SF +	5.25 %	(h)	10.42 %				04/2031	5,505	5,495	0.2	5,505
PSC Parent, Inc.+	One stop	SF +	5.25 %	(a)(h)	10.36 %				04/2030	377	372	—	377
PSC Parent, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)				04/2031	—	( 6 )	—	—
PSC Parent, Inc.+	One stop	SF +	5.25 %	(h)	10.10 %				04/2031	917	913	—	917
PT Intermediate Holdings III, LLC<+(25)	One stop	SF +	5.00 %	(i)	7.85 %	cash/	1.75 %	PIK	04/2030	12,234	12,262	0.3	12,234
PT Intermediate Holdings III, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				04/2030	—	( 1 )	—	—
Radwell Parent, LLC#^+	One stop	SF +	5.50 %	(i)	10.10 %				03/2029	34,289	33,967	0.8	33,947
Radwell Parent, LLC&<+	One stop	SF +	5.50 %	(i)	10.10 %				03/2029	32,407	32,458	0.8	32,083
Radwell Parent, LLC+	One stop	SF +	5.50 %	(i)	10.10 %				03/2029	248	199	—	235

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)		Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Radwell Parent, LLC+	One stop	SF +	5.50 %	(i)	10.10 %		03/2029	$	553	$	551	—	%	$	540
Trinity Air Consultants Holdings Corporation<+	One stop	SF +	5.25 %	(i)	10.61 %		06/2028	2,632		2,610		0.1		2,632
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.25 %	(j)	10.40 %		06/2028	530		530		—		530
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.25 %		N/A(6)		06/2028	—		—		—		—
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.25 %	(j)	10.45 %		06/2028	494		492		—		494
WRE Holding Corp.+	One stop	SF +	5.00 %	(j)	9.25 %		07/2031	16,514		16,355		0.4		16,514
WRE Holding Corp.+	One stop	SF +	5.00 %	(j)	9.81 %		07/2031	241		219		—		241
WRE Holding Corp.+(5)	One stop	SF +	5.00 %		N/A(6)		07/2030	—		( 23 )		—		—
								195,286		193,941		4.8		194,146
Communications Equipment
Lightning Finco Limited+(8)(10)	One stop	SF +	5.50 %	(g)	10.76 %		09/2028	14,802		14,775		0.4		14,802
Lightning Finco Limited+(8)(9)(10)	One stop	E +	5.50 %	(d)	9.17 %		09/2028	1,692		1,744		—		1,692
								16,494		16,519		0.4		16,494
Construction & Engineering
Consor Intermediate II, LLC~+	One stop	SF +	4.75 %	(i)	9.35 %		05/2031	4,050		4,062		0.1		4,050
Consor Intermediate II, LLC+(5)	One stop	SF +	4.75 %		N/A(6)		05/2031	—		( 17 )		—		—
Consor Intermediate II, LLC+(5)	One stop	SF +	4.75 %		N/A(6)		05/2031	—		( 3 )		—		—
								4,050		4,042		0.1		4,050
Containers & Packaging
Chase Intermediate#~&<+	One stop	SF +	4.75 %	(i)	10.00 %		10/2028	49,331		50,053		1.2		49,331
Chase Intermediate+(5)	One stop	SF +	4.75 %		N/A(6)		10/2028	—		( 2 )		—		—
Chase Intermediate+	One stop	SF +	4.75 %	(i)	9.90 %		10/2028	938		932		—		938
Fortis Solutions Group, LLC*#~^&+	One stop	SF +	5.50 %	(i)	10.20 %		10/2028	51,533		51,172		1.3		50,501
Fortis Solutions Group, LLC+	One stop	SF +	5.50 %	(i)	10.20 %		10/2028	199		101		—		70
Fortis Solutions Group, LLC+	One stop	SF +	5.50 %	(i)	10.20 %		10/2028	141		76		—		138
Fortis Solutions Group, LLC+	One stop	SF +	5.50 %	(a)(i)	10.78 %		10/2027	162		153		—		152
								102,304		102,485		2.5		101,130
Diversified Consumer Services
Any Hour, LLC~+	One stop	SF +	5.00 %	(i)	9.60 %		05/2030	9,066		9,001		0.2		8,975
Any Hour, LLC+(25)	One stop	N/A			13.00 %	PIK	05/2031	2,876		2,824		0.1		2,847
Any Hour, LLC+	One stop	SF +	5.00 %	(i)	9.90 %		05/2030	303		290		—		294
Any Hour, LLC+	One stop	SF +	5.00 %	(i)	10.28 %		05/2030	257		238		—		230
Apex Service Partners, LLC<+	One stop	SF +	5.00 %	(h)	9.86 %		10/2030	4,434		4,508		0.1		4,390
Apex Service Partners, LLC+	One stop	SF +	5.00 %	(h)	9.86 %		10/2030	1,545		1,476		0.1		1,406
Apex Service Partners, LLC+	One stop	SF +	5.00 %	(h)	9.86 %		10/2030	1,055		1,041		—		1,045
Apex Service Partners, LLC+	One stop	SF +	5.00 %	(h)	9.86 %		10/2029	38		36		—		38
Certus Pest, Inc.#~	One stop	SF +	5.75 %	(i)	10.50 %		02/2026	1,730		1,715		0.1		1,730
Certus Pest, Inc.#~	One stop	SF +	5.75 %	(i)	10.50 %		02/2026	1,659		1,638		0.1		1,659
Certus Pest, Inc.+	One stop	SF +	5.75 %	(i)	10.50 %		02/2026	1,197		1,197		—		1,197
Certus Pest, Inc.#~	One stop	SF +	5.75 %	(i)	10.50 %		02/2026	1,182		1,176		—		1,182
Certus Pest, Inc.~+	One stop	SF +	5.75 %	(i)	10.50 %		02/2026	820		814		—		820
Certus Pest, Inc.#~	One stop	SF +	5.75 %	(i)	10.50 %		02/2026	723		709		—		723
Certus Pest, Inc.+	One stop	SF +	5.75 %	(i)	10.50 %		02/2026	704		701		—		704
Certus Pest, Inc.~+	One stop	SF +	5.75 %	(i)	10.50 %		02/2026	416		412		—		416
Certus Pest, Inc.+	One stop	SF +	5.75 %	(i)	10.50 %		02/2026	260		255		—		260
Certus Pest, Inc.+	One stop	SF +	5.75 %	(i)	10.50 %		02/2026	142		133		—		142
Certus Pest, Inc.+	One stop	SF +	5.75 %	(i)	10.50 %		02/2026	60		58		—		60
Certus Pest, Inc.+	One stop	SF +	5.75 %		N/A(6)		02/2026	—		—		—		—
CHHJ Midco, LLC#~	Senior secured	SF +	5.00 %	(j)	10.51 %		01/2026	3,732		3,724		0.1		3,732
CHHJ Midco, LLC+	Senior secured	SF +	5.00 %		N/A(6)		01/2026	—		—		—		—
CHVAC Services Investment, LLC~+	One stop	SF +	5.00 %	(i)	9.60 %		05/2030	2,945		2,922		0.1		2,945

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(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)
CHVAC Services Investment, LLC+	One stop	SF +	5.00 %	(i)	9.60 %				05/2030	$	1,371	$	1,329	—	%	$	1,371
CHVAC Services Investment, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				05/2030	—		( 3 )		—		—
COP Hometown Acquisitions, Inc.<+	Senior secured	SF +	5.25 %	(i)	10.73 %				07/2027	2,400		2,387		0.1		2,400
COP Hometown Acquisitions, Inc.<+	Senior secured	SF +	5.25 %	(i)	10.73 %				07/2027	2,339		2,322		0.1		2,339
COP Hometown Acquisitions, Inc.<+	Senior secured	SF +	5.25 %	(i)	10.72 %				07/2027	1,533		1,523		0.1		1,533
COP Hometown Acquisitions, Inc.<+	Senior secured	SF +	5.25 %	(i)	10.68 %				07/2027	1,083		1,076		—		1,083
COP Hometown Acquisitions, Inc.<+	Senior secured	SF +	5.25 %	(i)	10.73 %				07/2027	1,154		1,147		—		1,154
COP Hometown Acquisitions, Inc.<+	Senior secured	SF +	5.25 %	(i)	10.65 %				07/2027	696		690		—		696
COP Hometown Acquisitions, Inc.+(5)	Senior secured	SF +	5.25 %		N/A(6)				07/2027	—		( 2 )		—		—
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.50 %	(g)(i)	10.83 %				07/2027	1,383		1,381		—		1,383
COP Hometown Acquisitions, Inc.<+	Senior secured	SF +	5.50 %	(i)	10.75 %				07/2027	1,045		1,043		—		1,045
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.50 %	(i)	10.74 %				07/2027	922		920		—		922
EMS LINQ, LLC^+	One stop	SF +	6.25 %	(i)	11.41 %				12/2027	13,835		13,868		0.4		13,835
EMS LINQ, LLC+	One stop	SF +	6.25 %	(i)	11.41 %				12/2027	96		95		—		96
Entomo Brands Acquisitions, Inc.<+	Senior secured	SF +	5.50 %	(i)	10.25 %				07/2029	4,389		4,392		0.1		4,389
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50 %	(i)	10.25 %				07/2029	30		29		—		30
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50 %	(i)	10.25 %				07/2029	1,263		1,240		—		1,263
EWC Growth Partners LLC<+	One stop	SF +	6.00 %	(i)	10.75 %				03/2026	959		956		—		939
EWC Growth Partners LLC&+	One stop	SF +	6.00 %	(i)	10.75 %				03/2026	1,125		1,125		—		1,103
EWC Growth Partners LLC+	One stop	SF +	6.00 %	(i)	10.75 %				03/2026	38		38		—		36
EWC Growth Partners LLC+	One stop	SF +	6.00 %	(i)	10.75 %				03/2026	107		107		—		105
FPG Intermediate Holdco, LLC+(25)	One stop	SF +	6.75 %	(j)	7.25 %	cash/	4.00 %	PIK	03/2027	14,093		13,790		0.3		10,992
FPG Intermediate Holdco, LLC+(25)	One stop	SF +	6.75 %	(j)	7.25 %	cash/	4.00 %	PIK	03/2027	7,800		7,491		0.2		6,084
FPG Intermediate Holdco, LLC+(25)	One stop	SF +	6.75 %	(h)(j)	7.81 %	cash/	4.00 %	PIK	03/2027	126		125		—		126
FSS Buyer LLC&+	One stop	SF +	5.00 %	(h)	9.85 %				08/2028	7,666		7,652		0.2		7,666
FSS Buyer LLC+	One stop	SF +	5.00 %		N/A(6)				08/2027	—		—		—		—
HS Spa Holdings, Inc.<+	One stop	SF +	5.25 %	(i)	10.31 %				06/2029	11,550		11,530		0.3		11,550
HS Spa Holdings, Inc.+	One stop	SF +	5.25 %	(a)(h)	11.15 %				06/2028	64		62		—		64
HS Spa Holdings, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)				06/2029	—		( 2 )		—		—
Learn-it Systems, LLC<+(25)	Senior secured	SF +	5.25 %	(i)	7.25 %	cash/	2.75 %	PIK	09/2026	3,381		3,377		0.1		3,381
Learn-it Systems, LLC+(25)	Senior secured	SF +	5.25 %	(i)	7.25 %	cash/	2.75 %	PIK	09/2026	1,991		1,985		0.1		1,991
Learn-it Systems, LLC+(25)	Senior secured	SF +	5.25 %	(i)	7.25 %	cash/	2.75 %	PIK	09/2026	847		844		—		847
Learn-it Systems, LLC+	Senior secured	SF +	5.25 %		N/A(6)				09/2026	—		—		—		—
Liminex, Inc.<+	One stop	SF +	7.25 %	(i)	12.46 %				11/2026	35,650		35,614		0.9		35,650
Liminex, Inc.<+	One stop	SF +	7.25 %	(i)	12.46 %				11/2026	23,516		23,443		0.6		23,516
Liminex, Inc.<+	One stop	SF +	7.25 %	(i)	12.46 %				11/2026	15,953		15,763		0.4		15,953
Liminex, Inc.^<+	One stop	SF +	7.25 %	(i)	12.46 %				11/2026	20,321		20,685		0.5		20,321
Litera Bidco, LLC~+	One stop	SF +	5.00 %	(h)	9.85 %				05/2028	5,201		5,213		0.1		5,201
Litera Bidco, LLC+	One stop	SF +	5.00 %	(h)	9.85 %				05/2028	1,060		1,053		—		1,060
Litera Bidco, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				05/2028	—		( 2 )		—		—
Litera Bidco, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				05/2028	—		( 1 )		—		—
Mario Purchaser, LLC+	One stop	SF +	5.75 %	(h)	10.70 %				04/2029	456		414		—		410
Mario Purchaser, LLC<+	One stop	SF +	5.75 %	(h)	10.70 %				04/2029	11,384		11,329		0.3		11,270
Mario Purchaser, LLC+(25)	One stop	SF +	10.75 %	(h)	15.70 %	PIK			04/2032	4,428		4,447		0.1		4,384
Mario Purchaser, LLC+	One stop	SF +	5.75 %	(h)	10.70 %				04/2029	5,241		5,268		0.1		5,188
Mario Purchaser, LLC+	One stop	SF +	5.75 %	(h)	10.70 %				04/2028	14		14		—		14
NSG Buyer, Inc. *#&+	One stop	SF +	6.25 %	(h)	11.20 %				11/2029	34,332		34,267		0.9		34,589
NSG Buyer, Inc. +(5)	One stop	SF +	5.50 %		N/A(6)				11/2029	—		( 2 )		—		—
NSG Buyer, Inc. +(5)	One stop	SF +	6.25 %		N/A(6)				11/2028	—		( 1 )		—		—
NSG Buyer, Inc. +	One stop	SF +	5.50 %	(h)	10.35 %				11/2029	1,785		1,779		0.1		1,785
PADI Holdco, Inc.*#	One stop	SF +	6.25 %	(i)	11.46 %				01/2027	21,353		21,136		0.5		21,353
PADI Holdco, Inc.+(8)(9)	One stop	E +	6.25 %	(c)	9.76 %				01/2027	20,130		20,416		0.5		20,130
PADI Holdco, Inc.+	One stop	SF +	6.25 %	(i)	11.66 %				01/2027	823		814		—		823

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(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)
PADI Holdco, Inc.+	One stop	SF +	6.25 %	(i)	11.35 %				01/2027	$	170	$	168	—	%	$	170
PADI Holdco, Inc.+	One stop	SF +	6.25 %	(i)	11.67 %				01/2027	214		212		—		214
Provenance Buyer LLC*#~<+	One stop	SF +	5.50 %	(h)	10.45 %				06/2027	20,797		20,617		0.5		19,756
Provenance Buyer LLC#&	One stop	SF +	5.50 %	(h)	10.45 %				06/2027	14,010		13,953		0.3		13,309
Provenance Buyer LLC+	One stop	SF +	5.50 %	(h)	10.45 %				06/2027	125		121		—		112
RW AM Holdco LLC#&+	One stop	SF +	5.25 %	(i)	9.95 %				04/2028	26,368		25,712		0.6		24,523
RW AM Holdco LLC+(5)	One stop	SF +	5.25 %		N/A(6)				04/2028	—		( 13 )		—		( 22 )
Virginia Green Acquisition, LLC<+	One stop	SF +	5.25 %	(j)	9.50 %				12/2030	2,416		2,456		0.1		2,416
Virginia Green Acquisition, LLC+	One stop	SF +	5.25 %		N/A(6)				12/2029	—		—		—		—
Virginia Green Acquisition, LLC+	One stop	SF +	5.25 %	(j)	9.50 %				12/2030	99		98		—		99
										384,276		382,358		9.4		375,442
Diversified Financial Services
Avalara, Inc.<+	One stop	SF +	6.25 %	(i)	10.85 %				10/2028	18,170		18,095		0.5		18,170
Avalara, Inc.+(5)	One stop	SF +	7.25 %		N/A(6)				10/2028	—		( 2 )		—		—
Baker Tilly Advisory Group, LP+	One stop	SF +	5.00 %	(h)	9.85 %				06/2031	3,301		3,255		0.1		3,301
Baker Tilly Advisory Group, LP+(5)	One stop	SF +	5.00 %		N/A(6)				06/2030	—		( 10 )		—		—
Baker Tilly Advisory Group, LP+(5)	One stop	SF +	5.00 %		N/A(6)				06/2031	—		( 4 )		—		—
Banker's Toolbox, Inc.&+	One stop	SF +	4.50 %	(i)	9.10 %				07/2027	20,569		20,521		0.5		20,569
Banker's Toolbox, Inc.+	One stop	SF +	4.50 %		N/A(6)				07/2027	—		—		—		—
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop	E +	5.25 %	(d)	8.84 %				07/2031	16,585		15,959		0.4		16,430
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)(25)	Subordinated debt	E +	8.00 %	(d)	3.59 %	cash/	8.00 %	PIK	07/2032	1,935		1,861		0.1		1,916
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop	E +	5.25 %		N/A(6)				07/2031	—		—		—		—
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop	E +	5.25 %		N/A(6)				07/2031	—		—		—		—
Finastra USA, Inc.<+	One stop	SF +	7.25 %	(i)	12.18 %				09/2029	5,373		5,292		0.1		5,393
Finastra USA, Inc.+	One stop	SF +	7.25 %	(i)	12.18 %				09/2029	46		45		—		46
Flash Topco, Inc.*&	One stop	SF +	5.75 %	(i)	11.10 %				10/2028	17,094		16,883		0.4		16,240
Flash Topco, Inc.+	One stop	SF +	6.50 %	(i)	11.71 %				10/2028	143		141		—		136
Flash Topco, Inc.+	One stop	SF +	6.50 %	(i)	11.72 %				12/2024	75		74		—		74
Higginbotham Insurance Agency, Inc.<+	One stop	SF +	4.50 %	(h)	9.35 %				11/2028	8,093		8,128		0.2		8,093
Higginbotham Insurance Agency, Inc.+	One stop	SF +	4.75 %	(h)	9.60 %				11/2028	220		218		—		220
										91,604		90,456		2.3		90,588

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(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 +	5.00 %	(i)	9.75 %	07/2027	$	1,529	$	1,521	—	%	$	1,529

Electrical Equipment
Power Grid Holdings, Inc.<+	One stop	SF +	4.75 %	(i)	10.00 %	12/2030	1,425		1,408		—		1,425
Power Grid Holdings, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)	12/2030	—		( 2 )		—		—
							1,425		1,406		—		1,425

Electronic Equipment, Instruments & Components
CST Holding Company&<	One stop	SF +	5.00 %	(h)	9.95 %	11/2028	34,063		33,123		0.8		34,063
CST Holding Company+(5)	One stop	SF +	5.00 %		N/A(6)	11/2028	—		( 3 )		—		—
							34,063		33,120		0.8		34,063



Food & Staples Retailing
Mendocino Farms, LLC<+	One stop	SF +	5.50 %	(h)	10.35 %	03/2030	1,001	998	—	1,001
Mendocino Farms, LLC+(5)	One stop	SF +	5.50 %		N/A(6)	03/2030	—	( 1 )	—	—
Mendocino Farms, LLC+	One stop	SF +	5.50 %		N/A(6)	03/2030	—	—	—	—
Mendocino Farms, LLC+	One stop	SF +	5.50 %	(h)	10.35 %	03/2030	112	111	—	112
PDI TA Holdings, Inc.<+	One stop	SF +	5.25 %	(h)(i)	10.47 %	02/2031	1,143	1,138	—	1,143
PDI TA Holdings, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)	02/2031	—	( 1 )	—	—
PDI TA Holdings, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)	02/2031	—	( 1 )	—	—
Ruby Slipper Cafe LLC, The*+	One stop	SF +	7.50 %	(i)	12.25 %	07/2025	2,304	2,295	0.1	2,304
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50 %	(i)	12.25 %	07/2025	515	513	—	515
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50 %	(i)	12.25 %	07/2025	340	339	—	340
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50 %	(i)	12.25 %	07/2025	190	190	—	190
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50 %	(i)	12.25 %	07/2025	—	—	—	—
Wineshipping.com LLC&+	One stop	SF +	5.75 %	(j)	10.74 %	10/2027	9,674	9,545	0.3	9,190
Wineshipping.com LLC+	One stop	SF +	5.75 %	(i)	11.20 %	10/2027	265	259	—	251
Wineshipping.com LLC+	One stop	SF +	5.75 %	(a)(i)	11.20 %	10/2027	146	142	—	138
							15,690	15,527	0.4	15,184

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(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 %	(i)	10.60 %				10/2030	$	4,905	$	4,843	0.1	%	$	4,905
Blast Bidco Inc.+(5)	One stop	SF +	6.00 %		N/A(6)				10/2029	—		( 7 )		—		—
Borrower R365 Holdings, LLC^+	One stop	SF +	6.00 %	(i)	10.75 %				06/2027	18,823		18,811		0.5		18,823
Borrower R365 Holdings, LLC<+	One stop	SF +	6.00 %	(i)	10.75 %				06/2027	1,556		1,545		—		1,556
Borrower R365 Holdings, LLC+	One stop	SF +	6.00 %	(i)	10.75 %				06/2027	231		231		—		231
Borrower R365 Holdings, LLC+(5)	One stop	SF +	6.00 %		N/A(6)				06/2027	—		( 1 )		—		—
Eagle Family Foods Group, LLC+	One stop	SF +	5.00 %	(i)	10.33 %				08/2030	13,432		13,301		0.3		13,298
Eagle Family Foods Group, LLC+	One stop	SF +	5.00 %	(i)	10.33 %				08/2030	201		187		—		186
Kodiak Cakes, LLC^+	Senior secured	SF +	5.25 %	(i)	10.50 %				06/2028	46,378		45,974		1.2		46,378
Kodiak Cakes, LLC+(5)	Senior secured	SF +	5.25 %		N/A(6)				06/2028	—		( 5 )		—		—
Louisiana Fish Fry Products, Ltd.*~<+	One stop	SF +	6.25 %	(i)	11.00 %				07/2027	13,700		13,669		0.4		13,564
Louisiana Fish Fry Products, Ltd.+	One stop	SF +	6.25 %	(i)	11.00 %				07/2027	196		193		—		192
MAPF Holdings, Inc.*#~^&+	One stop	SF +	6.50 %	(i)	11.25 %				12/2026	51,975		51,816		1.2		46,258
MAPF Holdings, Inc.+	One stop	SF +	6.50 %	(i)	11.25 %				12/2026	600		593		—		534
MAPF Holdings, Inc.<+	One stop	SF +	6.50 %	(i)	11.25 %				12/2026	1,666		1,640		—		1,482
MAPF Holdings, Inc.+	One stop	N/A			19.00 %				12/2026	1,214		1,187		—		1,076
P&P Food Safety Holdings, Inc.*~&+	One stop	SF +	6.00 %	(i)	10.75 %				12/2026	24,812		24,779		0.6		24,068
P&P Food Safety Holdings, Inc.+(5)	One stop	SF +	6.00 %		N/A(6)				12/2026	—		( 2 )		—		( 6 )
Ultimate Baked Goods Midco LLC<+	One stop	SF +	6.25 %	(i)	11.41 %				08/2027	9,314		9,329		0.2		9,314
Ultimate Baked Goods Midco LLC+	One stop	SF +	6.25 %	(i)	11.40 %				08/2027	48		31		—		48
Ultimate Baked Goods Midco LLC+	One stop	SF +	5.50 %	(i)	10.66 %				08/2027	1,926		1,917		—		1,926
Whitebridge Pet Brands, LLC*#&+	One stop	SF +	4.75 %	(h)	9.70 %				07/2027	26,358		26,339		0.7		26,358
Whitebridge Pet Brands, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				07/2027	—		( 1 )		—		—
Wizard Bidco Limited<+(8)(10)	One stop	SF +	6.00 %	(i)	10.60 %				03/2029	22,740		22,637		0.6		22,740
Wizard Bidco Limited<+(8)(9)(10)(25)	One stop	SN +	5.00 %	(f)	8.45 %	cash/	1.50 %	PIK	03/2029	10,977		10,583		0.3		10,483
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	6.00 %	(f)	10.95 %				03/2029	8,322		7,718		0.2		8,322
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	4.75 %	(f)	9.70 %				09/2028	200		183		—		192
Wizard Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.00 %		N/A(6)				03/2029	—		( 43 )		—		—
										259,574		257,447		6.3		251,928

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(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)
Healthcare Equipment & Supplies
Aspen Medical Products, LLC#~+	One stop	SF +	4.75 %	(h)	9.81 %				06/2025	$	5,013	$	5,023	0.1	%	$	5,013
Aspen Medical Products, LLC<+	One stop	SF +	4.75 %	(h)	9.81 %				06/2025	321		320		—		321
Aspen Medical Products, LLC+	One stop	SF +	4.75 %		N/A(6)				06/2025	—		—		—		—
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	6.20 %	(g)	11.29 %				08/2028	7,744		7,750		0.2		7,638
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	6.20 %	(c)	9.76 %				08/2028	4,614		4,789		0.1		4,550
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	6.20 %	(g)	11.29 %				08/2028	1,912		1,912		0.1		1,886
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SN +	6.20 %	(f)	11.27 %				08/2028	1,353		1,342		—		1,334
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	6.20 %	(c)	9.55 %				08/2028	1,101		1,087		—		1,086
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SN +	6.25 %	(f)	11.20 %				08/2028	572		518		—		537
Belmont Instrument, LLC*#&	One stop	SF +	6.25 %	(i)	10.85 %				08/2028	14,504		14,397		0.4		14,504
Belmont Instrument, LLC+	One stop	SF +	6.25 %	(i)	10.85 %				08/2028	66		63		—		66
Blades Buyer, Inc.#~<+	Senior secured	SF +	5.00 %	(h)	10.30 %				03/2028	12,285		12,244		0.3		12,285
Blades Buyer, Inc.<+	Senior secured	SF +	5.25 %	(h)	10.55 %				03/2028	1,743		1,729		—		1,743
Blades Buyer, Inc.<+	Senior secured	SF +	5.00 %	(h)	10.30 %				03/2028	1,409		1,401		—		1,409
Blades Buyer, Inc.+	Senior secured	SF +	4.75 %	(h)	10.05 %				03/2028	60		57		—		58
Blue River Pet Care, LLC*#~&+	One stop	SF +	5.00 %	(h)	9.95 %				07/2026	62,942		63,036		1.6		62,942
Blue River Pet Care, LLC<+	One stop	SF +	5.00 %	(h)	9.95 %				07/2026	12,462		12,676		0.3		12,462
Blue River Pet Care, LLC<+	One stop	SF +	5.00 %	(h)	9.95 %				07/2026	2,905		2,956		0.1		2,905
Blue River Pet Care, LLC<+	One stop	SF +	5.00 %	(h)	9.95 %				07/2026	2,793		2,841		0.1		2,793
Blue River Pet Care, LLC+	One stop	SF +	5.00 %	(h)	9.95 %				07/2026	2,765		2,813		0.1		2,765
Blue River Pet Care, LLC+	One stop	SF +	5.00 %	(h)	9.95 %				07/2026	2,125		2,161		0.1		2,125
Blue River Pet Care, LLC+	One stop	SF +	5.00 %	(h)	9.95 %				07/2026	1,258		1,258		—		1,258
Blue River Pet Care, LLC+	One stop	SF +	5.00 %	(h)	9.95 %				07/2026	417		416		—		417
Blue River Pet Care, LLC+	One stop	P +	4.00 %	(a)(h)	11.19 %				07/2026	150		148		—		150
Blue River Pet Care, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				07/2026	—		( 3 )		—		—
CCSL Holdings, LLC*#~(8)	One stop	SF +	5.75 %	(h)	10.60 %				12/2028	21,060		21,007		0.5		20,903
CCSL Holdings, LLC<+(8)	One stop	SF +	5.75 %	(h)	10.60 %				12/2028	5,685		5,701		0.1		5,642
CCSL Holdings, LLC<+(8)(9)	One stop	SN +	5.75 %	(f)	10.70 %				12/2028	3,579		3,350		0.1		3,552
CCSL Holdings, LLC+(8)	One stop	SF +	5.75 %	(h)	10.60 %				12/2028	3,497		3,467		0.1		3,472
CCSL Holdings, LLC+(8)	One stop	SF +	5.75 %	(h)	10.60 %				12/2028	2,906		2,878		0.1		2,884
CCSL Holdings, LLC+(8)	One stop	SF +	5.75 %	(h)	10.60 %				12/2028	120		118		—		116
CCSL Holdings, LLC+(5)(8)	One stop	SF +	5.75 %		N/A(6)				12/2028	—		( 6 )		—		( 7 )
CCSL Holdings, LLC+(5)(8)(9)	One stop	E +	5.75 %		N/A(6)				12/2028	—		—		—		( 247 )
CCSL Holdings, LLC+(5)(8)(9)	One stop	E +	5.75 %		N/A(6)				12/2028	—		( 46 )		—		( 48 )
CMI Parent Inc.+	One stop	SF +	5.00 %	(h)	9.85 %				12/2026	22,581		22,476		0.6		22,468
CMI Parent Inc.~^+	One stop	SF +	5.00 %	(h)	9.85 %				12/2026	19,888		20,037		0.5		19,789
CMI Parent Inc.^+	Senior secured	SF +	5.00 %	(h)	9.85 %				12/2026	9,533		9,588		0.2		9,485
CMI Parent Inc.<+	One stop	SF +	5.00 %	(h)	9.85 %				12/2026	8,943		8,993		0.2		8,899
CMI Parent Inc.+(5)	One stop	SF +	5.00 %		N/A(6)				12/2026	—		( 1 )		—		( 3 )
G & H Wire Company, Inc.+(7)(25)	One stop	SF +	9.00 %	(i)	6.21 %	cash/	8.00 %	PIK	12/2025	12,622		11,929		0.2		6,564
G & H Wire Company, Inc.+(7)(25)	One stop	SF +	9.00 %	(i)	6.21 %	cash/	8.00 %	PIK	12/2025	106		100		—		34
HuFriedy Group Acquisition, LLC+	One stop	SF +	5.50 %	(i)	10.56 %				06/2031	7,931		7,855		0.2		7,851
HuFriedy Group Acquisition, LLC+(5)	One stop	SF +	5.50 %		N/A(6)				05/2030	—		( 8 )		—		( 9 )
HuFriedy Group Acquisition, LLC+(5)	One stop	SF +	5.50 %		N/A(6)				06/2031	—		( 16 )		—		( 17 )
JHC Investment Intermediate Holdings, LLC+(25)	One stop	SF +	8.75 %	(i)	7.45 %	cash/	6.00 %	PIK	03/2029	1,351		1,351		—		1,351
JHC Investment Intermediate Holdings, LLC+(7)(25)	One stop	SF +	8.75 %	(i)	13.45 %	PIK			03/2029	856		542		—		684
TIDI Legacy Products, Inc.<+	One stop	SF +	5.50 %	(h)	10.35 %				12/2029	3,520		3,584		0.1		3,520
TIDI Legacy Products, Inc.+	One stop	SF +	5.50 %		N/A(6)				12/2029	—		—		—		—
TIDI Legacy Products, Inc.+	One stop	SF +	5.50 %		N/A(6)				12/2029	—		—		—		—
YI, LLC<+	One stop	SF +	5.75 %	(h)	10.87 %				12/2029	4,430		4,428		0.1		4,430
YI, LLC+(5)	One stop	SF +	5.75 %		N/A(6)				12/2029	—		( 1 )		—		—
YI, LLC+(5)	One stop	SF +	5.75 %		N/A(6)				12/2029	—		( 9 )		—		—
										269,122		268,251		6.5		261,560

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(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)
Healthcare Providers & Services
AAH TOPCO, LLC <+	One stop	SF +	5.25 %	(h)	10.20 %				12/2027	$	8,672	$	8,621	0.2	%	$	8,672
AAH TOPCO, LLC +	One stop	SF +	5.25 %	(h)	10.22 %				12/2027	8,152		8,194		0.2		8,152
AAH TOPCO, LLC +(25)	Subordinated debt	N/A			11.50 %	PIK			12/2031	2,730		2,614		0.1		2,566
AAH TOPCO, LLC +	One stop	SF +	5.25 %	(h)	10.22 %				12/2027	1,483		1,504		0.1		1,483
AAH TOPCO, LLC +(5)	One stop	SF +	5.50 %		N/A(6)				12/2027	—		( 1 )		—		—
Active Day, Inc.#+	One stop	SF +	5.00 %	(h)	9.95 %				08/2025	17,388		17,342		0.4		17,388
Active Day, Inc.#+	One stop	SF +	5.00 %	(h)	9.95 %				08/2025	1,343		1,339		—		1,343
Active Day, Inc.*#	One stop	SF +	5.00 %	(h)	9.95 %				08/2025	865		863		—		865
Active Day, Inc.+	One stop	SF +	5.00 %	(h)	9.95 %				08/2025	689		687		—		689
Active Day, Inc.+	One stop	SF +	5.00 %	(h)	9.95 %				08/2025	608		606		—		608
Active Day, Inc.*#	One stop	SF +	5.00 %	(h)	9.95 %				08/2025	597		596		—		597
Active Day, Inc.+	One stop	SF +	5.25 %		N/A(6)				08/2025	—		—		—		—
Active Day, Inc.+	One stop	SF +	5.00 %	(h)	9.95 %				08/2025	—		—		—		—
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00 %	(i)	10.92 %				03/2026	16,177		16,111		0.4		16,177
Acuity Eyecare Holdings, LLC+(25)	One stop	N/A			16.50 %	PIK			06/2027	14,304		14,189		0.4		14,733
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(i)	11.00 %				03/2026	3,996		3,983		0.1		3,996
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(i)	11.14 %				03/2026	3,559		3,548		0.1		3,559
Acuity Eyecare Holdings, LLC#+	One stop	SF +	6.25 %	(i)	11.00 %				03/2026	3,504		3,493		0.1		3,504
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(i)	11.00 %				03/2026	3,138		3,140		0.1		3,138
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00 %	(i)	11.22 %				03/2026	2,006		1,995		—		2,006
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(i)	11.00 %				03/2026	1,829		1,833		—		1,829
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00 %	(i)	11.15 %				03/2026	1,023		1,019		—		1,023
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(i)	11.00 %				03/2026	443		442		—		443
Acuity Eyecare Holdings, LLC+(25)	One stop	SF +	13.00 %	(i)	11.00 %	cash/	6.75 %	PIK	03/2026	279		278		—		279
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00 %	(i)	11.39 %				03/2026	212		211		—		212
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(i)	11.00 %				03/2026	163		163		—		163
Acuity Eyecare Holdings, LLC+	Senior secured	SF +	6.25 %	(i)	11.58 %				03/2026	108		107		—		108
Acuity Eyecare Holdings, LLC+(25)	One stop	SF +	13.00 %	(i)	11.12 %	cash/	6.75 %	PIK	03/2026	109		108		—		109
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(i)	11.00 %				03/2026	1		1		—		1
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %		N/A(6)				03/2026	—		—		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(25)	Subordinated debt	N/A			13.75 %	PIK			03/2028	15,672		15,862		0.4		15,672
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC~+	One stop	SF +	6.00 %	(i)	11.16 %				03/2027	6,419		6,429		0.2		6,419
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC^+	One stop	SF +	6.00 %	(i)	11.16 %				03/2027	5,365		5,366		0.1		5,365
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(25)	Subordinated debt	N/A			13.75 %	PIK			03/2028	3,400		3,378		0.1		3,400
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(25)	Subordinated debt	N/A			13.75 %	PIK			03/2028	1,300		1,293		—		1,300
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00 %	(i)	11.35 %				03/2027	837		836		—		837
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00 %	(i)	11.35 %				03/2027	397		397		—		397
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)	One stop	SF +	6.00 %		N/A(6)				03/2027	—		( 1 )		—		—
Bamboo US Bidco LLC<+(25)	One stop	SF +	6.75 %	(i)	8.62 %	cash/	3.38 %	PIK	09/2030	2,716		2,655		0.1		2,689
Bamboo US Bidco LLC<+(8)(9)(25)	One stop	E +	6.75 %	(c)	7.01 %	cash/	3.38 %	PIK	09/2030	1,882		1,752		0.1		1,863
Bamboo US Bidco LLC+(25)	One stop	SF +	6.75 %	(i)	8.56 %	cash/	3.38 %	PIK	09/2030	201		196		—		197
Bamboo US Bidco LLC+(5)	One stop	SF +	6.00 %		N/A(6)				09/2029	—		( 13 )		—		( 4 )
Community Care Partners, LLC<+	One stop	SF +	6.00 %	(h)	10.96 %				06/2026	3,490		3,445		0.1		3,385
CRH Healthcare Purchaser, Inc.<+	Senior secured	SF +	6.25 %	(i)	11.00 %				06/2025	23,379		23,408		0.6		23,379
CRH Healthcare Purchaser, Inc.~<	Senior secured	SF +	6.25 %	(i)	11.00 %				06/2025	6,318		6,305		0.2		6,318
CRH Healthcare Purchaser, Inc.~+	Senior secured	SF +	6.25 %	(i)	11.00 %				06/2025	5,667		5,684		0.2		5,667
CRH Healthcare Purchaser, Inc.<+	Senior secured	SF +	6.25 %	(i)	11.00 %				06/2025	4,281		4,273		0.1		4,281

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(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 %	(i)	10.98 %				06/2025	$	240	$	240	—	%	$	240
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(10)	One stop	SF +	5.50 %	(j)	10.81 %				04/2031	771		757		—		764
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(9)(10)	One stop	SN +	5.50 %	(f)	10.45 %				04/2031	478		445		—		473
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(10)	Senior secured	SF +	5.50 %		N/A(6)				10/2024	—		—		—		—
Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)	One stop	SF +	5.50 %		N/A(6)				04/2031	—		( 2 )		—		( 2 )
Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)	One stop	SF +	5.50 %		N/A(6)				10/2030	—		( 2 )		—		( 1 )
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.96 %				02/2027	15,592		15,351		0.4		15,047
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.96 %				02/2027	8,137		8,013		0.2		7,852
Encorevet Group LLC~+	One stop	SF +	6.75 %	(i)	11.96 %				02/2027	4,209		4,143		0.1		4,061
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.96 %				02/2027	2,140		2,108		0.1		2,065
Encorevet Group LLC~+	One stop	SF +	6.75 %	(i)	11.96 %				02/2027	1,888		1,859		0.1		1,823
Encorevet Group LLC~+	One stop	SF +	6.75 %	(i)	11.96 %				02/2027	1,176		1,137		—		1,135
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.96 %				02/2027	977		945		—		943
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.96 %				02/2027	962		939		—		928
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.96 %				02/2027	921		898		—		888
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.96 %				02/2027	833		814		—		804
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.96 %				02/2027	422		409		—		408
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.96 %				02/2027	358		349		—		345
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.96 %				02/2027	175		171		—		169
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.96 %				02/2027	168		163		—		162
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.73 %				02/2027	94		92		—		90
Encorevet Group LLC+(25)	One stop	N/A			13.00 %	PIK			05/2027	95		89		—		89
Encorevet Group LLC+	One stop	SF +	8.75 %	(i)	13.50 %				02/2027	5		5		—		5
ERC Topco Holdings, LLC&<+(7)(25)	One stop	SF +	6.25 %	(i)	7.60 %	cash/	3.25 %	PIK	11/2028	26,963		22,760		0.4		16,178
ERC Topco Holdings, LLC+(7)(25)	One stop	SF +	6.25 %	(i)	8.38 %	cash/	3.25 %	PIK	11/2027	232		195		—		112
ERC Topco Holdings, LLC&<+(7)(25)	One stop	SF +	6.25 %	(i)	4.60 %	cash/	6.25 %	PIK	11/2028	459		376		—		275
ERC Topco Holdings, LLC+(7)(25)	One stop	SF +	6.25 %	(i)	4.60 %	cash/	6.25 %	PIK	11/2028	2		2		—		2
FYI Optical Acquisitions, Inc. & FYI USA, Inc.<+(8)(9)(12)	One stop	CA +	5.75 %	(k)	10.36 %				03/2027	11,272		11,322		0.3		11,272
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75 %	(k)	10.36 %				03/2027	4,074		4,107		0.1		4,074
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75 %	(k)	10.36 %				03/2027	2,775		2,811		0.1		2,774
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75 %	(k)	10.36 %				03/2027	2,642		2,673		0.1		2,642
FYI Optical Acquisitions, Inc. & FYI USA, Inc.^+(8)(12)	One stop	SF +	5.75 %	(i)	11.15 %				03/2027	1,105		1,104		—		1,105
FYI Optical Acquisitions, Inc. & FYI USA, Inc.<+(8)(12)	One stop	SF +	5.75 %	(i)	11.15 %				03/2027	554		554		—		554
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75 %	(k)	10.36 %				03/2027	481		473		—		481
Heartland Veterinary Partners LLC<+	Senior secured	SF +	4.75 %	(h)	9.70 %				12/2026	2,533		2,556		0.1		2,507
Heartland Veterinary Partners LLC<+	Senior secured	SF +	4.75 %	(h)	9.70 %				12/2026	1,202		1,196		—		1,190
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75 %		N/A(6)				12/2026	—		—		—		—
Klick Inc.&+(8)(12)	Senior secured	SF +	4.50 %	(i)	9.20 %				03/2028	13,629		13,657		0.4		13,629
Klick Inc.+(5)(8)(12)	Senior secured	SF +	4.50 %		N/A(6)				03/2028	—		( 2 )		—		—
Klick Inc.+(8)(12)	Senior secured	SF +	4.50 %	(i)	9.10 %				03/2028	3,179		3,163		0.1		3,179

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(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 %	(i)	10.50 %				05/2026	$	2,599	$	2,589	0.1	%	$	2,599
Krueger-Gilbert Health Physics, LLC~+	Senior secured	SF +	5.75 %	(i)	10.50 %				05/2026	2,386		2,377		0.1		2,386
Krueger-Gilbert Health Physics, LLC~+	Senior secured	SF +	5.75 %	(i)	10.50 %				05/2026	1,526		1,527		0.1		1,526
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.75 %	(i)	10.50 %				05/2026	1,395		1,388		—		1,395
Krueger-Gilbert Health Physics, LLC<+	Senior secured	SF +	5.75 %	(i)	10.50 %				05/2026	615		614		—		615
Krueger-Gilbert Health Physics, LLC+(5)	Senior secured	SF +	5.75 %		N/A(6)				05/2026	—		( 1 )		—		—
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.75 %	(i)	10.50 %				05/2026	90		90		—		90
Krueger-Gilbert Health Physics, LLC+	One stop	SF +	5.75 %	(i)	10.50 %				05/2026	671		668		—		671
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.<+(8)(9)(12)(25)	One stop	CA +	6.00 %	(l)	8.25 %	cash/	2.00 %	PIK	05/2028	26,214		27,849		0.6		25,165
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#<(8)(12)	One stop	SF +	5.50 %	(i)	10.25 %				05/2028	5,882		5,818		0.1		5,646
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#<+(8)(12)	One stop	SF +	5.50 %	(i)	10.25 %				05/2028	4,150		4,075		0.1		3,984
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	CA +	5.50 %	(l)	9.75 %				05/2028	1,641		1,695		—		1,576
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	CA +	5.50 %	(l)	9.75 %				05/2028	855		868		—		821
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)(25)	One stop	SF +	6.00 %	(i)	8.75 %	cash/	2.00 %	PIK	05/2028	130		125		—		125
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	CA +	5.50 %	(l)	9.80 %				05/2026	76		58		—		65
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(5)(8)(12)	One stop	SF +	5.50 %		N/A(6)				05/2026	—		( 2 )		—		( 4 )
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50 %	(i)	10.56 %				01/2027	18,333		18,088		0.5		18,333
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50 %	(i)	10.56 %				01/2027	12,277		12,148		0.3		12,277
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50 %	(i)	10.56 %				01/2027	2,467		2,440		0.1		2,467
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50 %	(i)	10.56 %				01/2027	2,383		2,362		0.1		2,383
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50 %	(i)	10.56 %				01/2027	1,508		1,489		—		1,508
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50 %	(i)	10.56 %				01/2027	1,368		1,353		—		1,368
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50 %	(i)	10.56 %				01/2027	680		672		—		680
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50 %	(i)	10.56 %				01/2027	533		528		—		533
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50 %	(i)	10.56 %				01/2027	180		178		—		180
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50 %	(i)	10.56 %				01/2027	103		101		—		103
Pinnacle Treatment Centers, Inc.+	One stop	P +	4.25 %	(a)	12.25 %				01/2027	290		269		—		290
Premise Health Holding Corp.<+	One stop	SF +	5.50 %	(j)	10.76 %				03/2031	1,391		1,385		—		1,391
Premise Health Holding Corp.+(5)	One stop	SF +	5.50 %		N/A(6)				03/2030	—		( 1 )		—		—
Pyramid Healthcare Acquisition Corp.#&+	One stop	SF +	4.75 %	(i)	10.15 %				05/2027	25,098		25,160		0.6		25,098
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(i)	10.15 %				05/2027	2,595		2,579		0.1		2,595
Pyramid Healthcare Acquisition Corp.<+	One stop	SF +	4.75 %	(i)	10.03 %				05/2027	2,170		2,163		0.1		2,170
Pyramid Healthcare Acquisition Corp.<+	One stop	SF +	4.75 %	(i)	9.96 %				05/2027	1,192		1,188		—		1,192
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(i)	10.10 %				05/2027	1,092		1,088		—		1,092
Pyramid Healthcare Acquisition Corp.<+	One stop	SF +	4.75 %	(i)	10.15 %				05/2027	738		735		—		738
Pyramid Healthcare Acquisition Corp.<+	One stop	SF +	4.75 %	(i)	10.15 %				05/2027	245		244		—		245
Pyramid Healthcare Acquisition Corp.<+	One stop	SF +	4.75 %	(i)	10.15 %				05/2027	216		215		—		216
Pyramid Healthcare Acquisition Corp.<+	One stop	SF +	4.75 %	(i)	10.15 %				05/2027	202		201		—		202
Pyramid Healthcare Acquisition Corp.<+	One stop	SF +	4.75 %	(i)	9.96 %				05/2027	202		201		—		202
Pyramid Healthcare Acquisition Corp.<+	One stop	SF +	4.75 %	(i)	10.15 %				05/2027	79		79		—		79
Pyramid Healthcare Acquisition Corp.+(5)	One stop	SF +	4.75 %		N/A(6)				05/2027	—		( 1 )		—		—
Suveto Buyer, LLC+	One stop	SF +	4.25 %	(h)	9.20 %				09/2027	27,743		27,736		0.7		27,639
Suveto Buyer, LLC+	One stop	SF +	4.25 %	(a)(h)	9.58 %				09/2027	196		193		—		194
										436,956		432,652		10.5		422,905

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(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)


Healthcare Technology
Alegeus Technologies Holdings Corp.+	Senior secured	SF +	8.25 %	(i)	13.46 %				09/2026	$	535	$	532	—	%	$	535
Amberfield Acquisition Co.&<+	One stop	SF +	5.00 %	(i)	9.60 %				05/2030	4,866		4,856		0.1		4,866
Amberfield Acquisition Co.+(5)	One stop	SF +	5.00 %		N/A(6)				05/2030	—		( 31 )		—		—
Amberfield Acquisition Co.+(5)	One stop	SF +	5.00 %		N/A(6)				05/2030	—		( 2 )		—		—
Color Intermediate, LLC<+	Senior secured	SF +	4.75 %	(i)	9.45 %				10/2029	17,565		17,523		0.4		17,565
Connexin Software, Inc.<+	One stop	SF +	8.50 %	(i)	13.25 %				03/2027	11,759		11,732		0.3		11,759
Connexin Software, Inc.+	One stop	SF +	8.50 %		N/A(6)				03/2027	—		—		—		—
Crow River Buyer, Inc.<+	One stop	SF +	7.75 %	(h)(i)	13.00 %				01/2029	6,032		6,016		0.2		6,032
Crow River Buyer, Inc.+	One stop	SF +	7.75 %	(i)	12.85 %				01/2029	26		25		—		26
ESO Solution, Inc.^<+	One stop	SF +	7.00 %	(i)	12.06 %				05/2027	11,360		11,387		0.3		11,360
ESO Solution, Inc.+	One stop	SF +	7.00 %	(i)	12.06 %				05/2027	3,803		3,734		0.1		3,803
ESO Solution, Inc.+	One stop	SF +	7.00 %	(i)(j)	11.96 %				03/2027	78		77		—		78
HealthEdge Software, Inc.+	One stop	SF +	4.75 %	(h)	9.85 %				07/2031	19,412		19,224		0.5		19,218
HealthEdge Software, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				07/2031	—		( 25 )		—		( 26 )
HealthEdge Software, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				07/2031	—		( 42 )		—		( 43 )
Kona Buyer, LLC+	One stop	SF +	4.50 %	(i)	9.78 %				07/2031	15,832		15,678		0.4		15,674
Kona Buyer, LLC+(5)	One stop	SF +	4.50 %		N/A(6)				07/2031	—		( 18 )		—		( 19 )
Kona Buyer, LLC+	One stop	SF +	4.50 %		N/A(6)				07/2031	—		—		—		—
Kona Buyer, LLC+(5)	One stop	SF +	4.50 %		N/A(6)				07/2031	—		( 23 )		—		( 23 )
Lacker Bidco Limited<+(8)(9)(10)	One stop	SN +	5.25 %	(f)	10.20 %				02/2031	634		599		—		634
Lacker Bidco Limited+(8)(9)(10)	One stop	SN +	5.25 %	(f)	10.20 %				02/2031	142		133		—		142
Lacker Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.25 %		N/A(6)				08/2030	—		( 2 )		—		—
Neptune Holdings, Inc.~+	One stop	SF +	5.75 %	(i)	10.35 %				09/2030	16,180		16,362		0.4		16,180
Neptune Holdings, Inc.+(5)	One stop	SF +	5.75 %		N/A(6)				08/2029	—		( 1 )		—		—
Netsmart Technologies, Inc.+(25)	One stop	SF +	5.20 %	(h)	7.35 %	cash/	2.70 %	PIK	08/2031	51,325		50,821		1.3		50,812
Netsmart Technologies, Inc.+(5)	One stop	SF +	5.20 %		N/A(6)				08/2031	—		( 69 )		—		( 70 )
Netsmart Technologies, Inc.+(5)	One stop	SF +	5.20 %		N/A(6)				08/2031	—		( 34 )		—		( 34 )
Plasma Buyer LLC<+	One stop	SF +	5.75 %	(i)	10.35 %				05/2029	8,036		7,876		0.2		7,795
Plasma Buyer LLC+	One stop	SF +	6.25 %	(i)	10.88 %				05/2029	182		177		—		173
Plasma Buyer LLC+	One stop	SF +	5.75 %	(i)	10.35 %				05/2028	62		59		—		60
QF Holdings, Inc.+	One stop	SF +	5.00 %	(i)	10.35 %				12/2027	931		926		—		931
Tebra Technologies, Inc.+(25)	One stop	SF +	8.00 %	(i)	9.25 %	cash/	3.50 %	PIK	06/2025	11,150		11,119		0.3		11,261
Tebra Technologies, Inc.+(25)	One stop	SF +	8.00 %	(i)	9.25 %	cash/	3.50 %	PIK	06/2025	10,853		10,720		0.3		10,962
Tebra Technologies, Inc.+(25)	One stop	SF +	8.00 %	(i)	9.25 %	cash/	3.50 %	PIK	06/2025	7,151		7,131		0.2		7,222
Tebra Technologies, Inc.+(25)	One stop	SF +	8.00 %	(i)	9.25 %	cash/	3.50 %	PIK	06/2025	1,839		1,834		—		1,857
Tebra Technologies, Inc.+(25)	One stop	SF +	8.00 %	(i)	9.25 %	cash/	3.50 %	PIK	06/2025	1,634		1,630		—		1,651
Tebra Technologies, Inc.+(25)	One stop	SF +	8.00 %	(i)	9.25 %	cash/	3.50 %	PIK	06/2025	1,226		1,222		—		1,238
Tebra Technologies, Inc.+(25)	One stop	SF +	8.00 %	(i)	9.25 %	cash/	3.50 %	PIK	06/2025	1,022		1,019		—		1,031
Tebra Technologies, Inc.+(25)	One stop	SF +	8.00 %	(i)	9.25 %	cash/	3.50 %	PIK	06/2025	817		815		—		825
Tebra Technologies, Inc.+(25)	One stop	SF +	8.00 %	(i)	9.25 %	cash/	3.50 %	PIK	06/2025	163		162		—		164
Tebra Technologies, Inc.+(25)	One stop	SF +	8.00 %	(i)	9.25 %	cash/	3.50 %	PIK	06/2025	86		86		—		88
Transaction Data Systems, Inc.*#~^+	One stop	SF +	4.50 %	(i)	9.25 %				02/2026	75,488		75,367		1.9		75,488
Transaction Data Systems, Inc.+(5)	One stop	SF +	4.50 %		N/A(6)				02/2026	—		( 2 )		—		—
Veranex, Inc.<+(7)(25)	Senior secured	SF +	6.75 %	(j)	7.65 %	cash/	4.25 %	PIK	04/2028	3,385		3,320		0.1		2,403
Veranex, Inc.+(7)(25)	Senior secured	SF +	6.75 %	(j)	7.81 %	cash/	4.25 %	PIK	04/2028	399		305		—		284
Veranex, Inc.+(7)(25)	Senior secured	SF +	6.75 %	(j)	7.57 %	cash/	4.25 %	PIK	04/2028	102		88		—		72
										284,075		282,306		7.0		281,974

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(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 %	(i)	11.21 %				08/2028	$	13,680	$	13,652	0.4	%	$	13,680
Barteca Restaurants, LLC+	One stop	SF +	6.00 %	(i)	11.40 %				08/2028	690		685		—		690
Barteca Restaurants, LLC+	One stop	SF +	6.00 %	(i)	10.75 %				08/2028	471		432		—		471
Barteca Restaurants, LLC+	One stop	SF +	6.00 %	(i)	10.85 %				08/2028	40		38		—		40
BJH Holdings III Corp.~&<+	One stop	SF +	4.50 %	(i)	9.97 %				08/2027	70,467		70,805		1.8		69,940
BJH Holdings III Corp.+	One stop	SF +	4.50 %	(h)(i)	9.88 %				08/2027	675		670		—		666
Cafe Rio Holding, Inc.*#+	One stop	SF +	5.50 %	(h)	10.45 %				09/2028	18,006		18,005		0.4		17,827
Cafe Rio Holding, Inc.#+	One stop	SF +	5.50 %	(h)	10.45 %				09/2028	3,210		3,195		0.2		3,178
Cafe Rio Holding, Inc.#+	One stop	SF +	5.50 %	(h)	10.45 %				09/2028	2,157		2,157		0.1		2,135
Cafe Rio Holding, Inc.*#	One stop	SF +	5.50 %	(h)	10.45 %				09/2028	1,369		1,369		—		1,355
Cafe Rio Holding, Inc.#+	One stop	SF +	5.50 %	(h)	10.45 %				09/2028	1,208		1,208		—		1,196
Cafe Rio Holding, Inc.+	One stop	SF +	5.50 %	(h)	10.45 %				09/2028	187		187		—		185
Cafe Rio Holding, Inc.+	One stop	SF +	5.50 %	(h)	10.45 %				09/2028	173		173		—		171
Cafe Rio Holding, Inc.+	One stop	SF +	5.50 %	(h)	10.45 %				09/2028	124		123		—		123
Cafe Rio Holding, Inc.+	One stop	SF +	5.50 %	(h)	10.45 %				09/2028	99		98		—		98
Cafe Rio Holding, Inc.+	One stop	SF +	5.50 %	(h)	10.45 %				09/2028	97		96		—		96
Cafe Rio Holding, Inc.+	One stop	SF +	5.50 %	(h)	10.45 %				09/2028	78		78		—		78
Cafe Rio Holding, Inc.+	One stop	SF +	5.50 %	(h)	10.45 %				09/2028	50		50		—		49
Cafe Rio Holding, Inc.+(5)	One stop	SF +	5.50 %		N/A(6)				09/2028	—		( 1 )		—		( 1 )
Davidson Hotel Company, LLC&+	One stop	SF +	5.25 %	(h)	10.20 %				07/2025	6,716		6,731		0.2		6,716
Davidson Hotel Company, LLC+	One stop	SF +	5.25 %	(h)	10.20 %				07/2025	1,160		1,159		—		1,160
Davidson Hotel Company, LLC+	One stop	SF +	5.25 %		N/A(6)				07/2025	—		—		—		—
EOS Fitness Opco Holdings, LLC#~+	One stop	SF +	5.25 %	(h)	10.10 %				01/2028	11,063		11,051		0.3		10,981
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25 %	(i)	9.92 %				01/2028	2,830		2,809		0.1		2,809
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25 %	(h)(i)	10.19 %				01/2028	1,802		1,786		0.1		1,788
EOS Fitness Opco Holdings, LLC<+	One stop	SF +	5.25 %	(h)	10.10 %				01/2028	1,773		1,762		0.1		1,761
EOS Fitness Opco Holdings, LLC<+	One stop	SF +	5.25 %	(h)	10.10 %				01/2028	1,486		1,475		0.1		1,475
EOS Fitness Opco Holdings, LLC<+	One stop	SF +	5.25 %	(h)	10.10 %				01/2028	1,235		1,230		—		1,226
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25 %	(h)	10.10 %				01/2028	1,093		1,090		—		1,084
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25 %	(h)	10.10 %				01/2028	1,069		1,061		—		1,061
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25 %	(h)(i)	10.10 %				01/2028	450		446		—		446
EOS Fitness Opco Holdings, LLC+(5)	One stop	SF +	5.25 %		N/A(6)				01/2028	—		—		—		( 1 )
EOS Fitness Opco Holdings, LLC+(5)	One stop	SF +	5.25 %		N/A(6)				01/2028	—		( 106 )		—		( 106 )
ESN Venture Holdings, LLC*~&	One stop	SF +	5.75 %	(i)	10.35 %				10/2028	5,409		5,348		0.1		5,409
ESN Venture Holdings, LLC+	One stop	SF +	5.75 %	(i)	10.93 %				10/2028	924		919		—		924
ESN Venture Holdings, LLC+	One stop	SF +	5.75 %	(i)	10.35 %				10/2028	817		809		—		817
ESN Venture Holdings, LLC+	One stop	SF +	5.75 %	(i)	10.35 %				10/2028	375		372		—		375
ESN Venture Holdings, LLC+	One stop	SF +	5.75 %	(i)	10.85 %				10/2028	265		261		—		265
ESN Venture Holdings, LLC+	One stop	SF +	5.75 %	(i)	10.35 %				10/2028	209		201		—		209
ESN Venture Holdings, LLC+(5)	One stop	SF +	5.75 %		N/A(6)				10/2028	—		( 69 )		—		—
Freddy's Frozen Custard LLC<+	One stop	SF +	5.00 %	(h)	10.20 %				03/2027	1,397		1,393		—		1,397
Freddy's Frozen Custard LLC+	One stop	SF +	5.00 %	(h)	10.20 %				03/2027	10		9		—		10
GFP Atlantic Holdco 2, LLC<+	One stop	SF +	6.00 %	(i)	11.13 %				11/2027	1,078		1,076		—		1,078
GFP Atlantic Holdco 2, LLC+(5)	One stop	SF +	6.00 %		N/A(6)				11/2027	—		( 3 )		—		—
Harri US LLC^+(25)	One stop	SF +	10.00 %	(i)	11.21 %	cash/	4.00 %	PIK	08/2026	1,251		1,193		—		1,211
Harri US LLC+(25)	One stop	SF +	10.00 %	(i)	11.21 %	cash/	4.00 %	PIK	08/2026	847		835		—		821
Harri US LLC+(25)	One stop	SF +	10.00 %	(i)	11.21 %	cash/	4.00 %	PIK	08/2026	822		811		—		797
Harri US LLC+(5)	One stop	SF +	10.00 %		N/A(6)				08/2026	—		( 1 )		—		( 2 )
Harri US LLC+(5)	One stop	SF +	10.00 %		N/A(6)				08/2026	—		( 39 )		—		( 41 )
Health Buyer, LLC<+	Senior secured	SF +	5.25 %	(i)	9.85 %				04/2029	3,893		3,881		0.1		3,853
Health Buyer, LLC<+	Senior secured	SF +	5.50 %	(i)	10.10 %				04/2029	1,776		1,753		0.1		1,776
Health Buyer, LLC+	Senior secured	SF +	5.50 %	(i)	10.10 %				04/2029	714		703		—		714

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(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 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	—		( 1 )		—		—
PB Group Holdings, LLC+(25)	One stop	SF +	5.50 %	(h)	7.60 %	cash/	2.75 %	PIK	08/2030	36,728		36,547		0.9		36,544
PB Group Holdings, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				08/2030	—		( 22 )		—		( 22 )
SDC Holdco, LLC+	One stop	SF +	5.00 %	(i)	9.60 %				06/2031	21,737		21,632		0.6		21,737
SDC Holdco, LLC+(25)	Second lien	SF +	8.50 %	(i)	13.10 %	PIK			06/2032	3,340		3,317		0.1		3,340
SDC Holdco, LLC+	One stop	SF +	5.00 %	(i)	9.66 %				06/2031	192		183		—		192
SSRG Holdings, LLC+	One stop	SF +	5.00 %	(i)	10.25 %				11/2027	12,533		12,473		0.3		12,470
SSRG Holdings, LLC~&+	One stop	SF +	5.00 %	(i)	9.60 %				11/2027	7,784		7,878		0.2		7,744
SSRG Holdings, LLC+	One stop	SF +	5.00 %	(i)	9.60 %				11/2027	817		806		—		804
SSRG Holdings, LLC<+	One stop	SF +	5.00 %	(i)	9.60 %				11/2027	613		611		—		611
Super REGO, LLC+(25)	Subordinated debt	N/A			15.00 %	PIK			03/2030	108		106		—		108
YE Brands Holding, LLC~<+	One stop	SF +	4.75 %	(i)	9.35 %				10/2027	17,632		17,828		0.4		17,632
YE Brands Holding, LLC+	One stop	SF +	4.75 %	(i)	9.40 %				10/2027	933		927		—		933
YE Brands Holding, LLC+	One stop	SF +	4.75 %	(i)	9.47 %				10/2027	54		54		—		54
										265,716		265,305		6.6		264,137
Household Products
WU Holdco, Inc.~+	One stop	SF +	5.00 %	(i)	9.60 %				03/2027	4,849		4,867		0.1		4,849
WU Holdco, Inc.<+	One stop	SF +	5.00 %	(i)	9.60 %				03/2027	1,713		1,709		0.1		1,713
WU Holdco, Inc.+	One stop	SF +	5.00 %	(i)	9.60 %				03/2027	446		443		—		446
WU Holdco, Inc.+	One stop	SF +	5.00 %	(i)	9.60 %				03/2027	1,567		1,557		—		1,567
WU Holdco, Inc.+	One stop	SF +	5.00 %	(i)	9.73 %				03/2027	61		60		—		61
										8,636		8,636		0.2		8,636
Industrial Conglomerates
Arch Global CCT Holdings Corp.#<+	Senior secured	SF +	4.75 %	(i)	9.44 %				04/2026	3,193		3,194		0.1		3,128
Arch Global CCT Holdings Corp.<+	Senior secured	SF +	4.75 %	(i)	9.45 %				04/2026	642		632		—		629
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75 %	(i)	9.44 %				04/2026	596		587		—		585
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75 %	(a)(i)	9.58 %				04/2025	93		93		—		93
Dwyer Instruments, Inc.<+	One stop	SF +	5.75 %	(i)	10.45 %				07/2027	5,827		5,824		0.2		5,827
Dwyer Instruments, Inc.+(5)	One stop	SF +	5.75 %		N/A(6)				07/2027	—		( 1 )		—		—
Dwyer Instruments, Inc.+	One stop	SF +	5.75 %	(i)	10.45 %				07/2027	1,477		1,465		—		1,477
Dwyer Instruments, Inc.<+	One stop	SF +	5.75 %	(i)	10.45 %				07/2027	472		468		—		472
Dwyer Instruments, Inc.+(5)	One stop	SF +	5.75 %		N/A(6)				07/2027	—		( 2 )		—		—
Essential Services Holdings Corporation+	One stop	SF +	5.00 %	(i)	10.29 %				06/2031	11,514		11,403		0.3		11,399
Essential Services Holdings Corporation+(5)	One stop	SF +	5.00 %		N/A(6)				06/2030	—		( 13 )		—		( 14 )
Essential Services Holdings Corporation+(5)	One stop	SF +	5.00 %		N/A(6)				06/2031	—		( 11 )		—		( 23 )
Excelitas Technologies Corp.+(5)	One stop	SF +	5.25 %		N/A(6)				08/2029	—		( 58 )		—		( 84 )
Excelitas Technologies Corp.<+	One stop	SF +	5.25 %	(i)	9.85 %				08/2029	10,022		9,958		0.2		9,920
Excelitas Technologies Corp.<+(8)(9)	One stop	E +	5.25 %	(c)	8.60 %				08/2029	1,919		1,792		—		1,901
Excelitas Technologies Corp.+(5)	One stop	SF +	5.25 %		N/A(6)				08/2028	—		( 3 )		—		( 4 )
Excelitas Technologies Corp.+(5)	One stop	SF +	5.25 %		N/A(6)				08/2029	—		( 3 )		—		( 3 )
Specialty Measurement Bidco Limited<+(8)(10)	One stop	SF +	6.25 %	(g)	11.34 %				11/2027	11,146		11,110		0.3		11,146
Specialty Measurement Bidco Limited<+(8)(9)(10)	One stop	E +	6.25 %	(c)	9.76 %				11/2027	10,428		10,847		0.3		10,428
Specialty Measurement Bidco Limited+(8)(9)(10)	One stop	E +	6.25 %	(c)	9.76 %				11/2027	5,129		4,905		0.1		5,129
Specialty Measurement Bidco Limited<+(8)(10)	One stop	SF +	6.50 %	(g)	11.59 %				11/2027	2,020		2,045		0.1		2,040
Specialty Measurement Bidco Limited<+(8)(10)	One stop	SF +	6.50 %	(g)	11.59 %				11/2027	3,767		3,736		0.1		3,805
Specialty Measurement Bidco Limited+(8)(9)(10)	One stop	E +	6.50 %	(c)	10.01 %				11/2027	4,543		4,431		0.1		4,588
										72,788		72,399		1.8		72,439

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(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 +	4.75 %	(i)	9.96 %				11/2029	$	37,070	$	37,068	0.9	%	$	36,885
Accession Risk Management Group, Inc.~^+	One stop	SF +	4.75 %	(i)	9.81 %				11/2029	9,499		9,399		0.2		9,453
Accession Risk Management Group, Inc.&+	One stop	SF +	4.75 %	(i)	9.69 %				11/2029	8,361		8,353		0.2		8,319
Accession Risk Management Group, Inc.&<+	One stop	SF +	4.75 %	(i)	9.53 %				11/2029	5,249		5,307		0.1		5,223
Accession Risk Management Group, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				11/2029	—		( 17 )		—		( 13 )
Accession Risk Management Group, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				11/2029	—		( 4 )		—		( 3 )
Accession Risk Management Group, Inc.+	One stop	SF +	4.75 %	(i)	9.79 %				11/2029	7,243		7,242		0.2		7,207
Accession Risk Management Group, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				11/2029	—		( 134 )		—		( 111 )
Alera Group, Inc.^<+	One stop	SF +	5.25 %	(h)	10.10 %				10/2028	35,416		35,476		0.9		35,416
Alera Group, Inc.&+	One stop	SF +	5.25 %	(h)	10.10 %				10/2028	10,065		10,064		0.3		10,065
Alera Group, Inc.&+	One stop	SF +	5.25 %	(h)	10.10 %				10/2028	4,018		4,083		0.1		4,018
Alera Group, Inc.+	One stop	SF +	5.75 %	(h)	10.60 %				10/2028	1,063		1,082		—		1,080
AMBA Buyer, Inc.&+	One stop	SF +	5.25 %	(i)	9.95 %				07/2027	4,468		4,479		0.1		4,468
AMBA Buyer, Inc.+	One stop	SF +	5.25 %	(i)	9.95 %				07/2027	1,330		1,328		—		1,330
AMBA Buyer, Inc.<+	One stop	SF +	5.25 %	(i)	9.95 %				07/2027	1,122		1,118		—		1,122
AMBA Buyer, Inc.+	One stop	SF +	5.25 %		N/A(6)				07/2027	—		—		—		—
AMBA Buyer, Inc.+	One stop	SF +	5.25 %	(i)	9.95 %				07/2027	162		162		—		162
Ben Nevis Midco Limited<+(8)(10)	One stop	SF +	5.50 %	(h)	10.35 %				03/2028	561		551		—		561
Ben Nevis Midco Limited<+(8)(10)	One stop	SF +	5.50 %	(i)	10.56 %				03/2028	378		378		—		378
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.50 %	(h)	10.34 %				03/2028	60		59		—		60
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.50 %	(h)	10.36 %				03/2028	92		85		—		92
Captive Resources Midco, LLC<+(25)	One stop	SF +	5.25 %	(h)	10.10 %				07/2029	15,470		15,443		0.4		15,470
Captive Resources Midco, LLC+(5)	One stop	SF +	5.25 %		N/A(6)				07/2028	—		( 2 )		—		—
Disco Parent, Inc.<+	One stop	SF +	7.50 %	(i)	12.56 %				03/2029	6,246		6,215		0.2		6,246
Disco Parent, Inc.+(5)	One stop	SF +	7.50 %		N/A(6)				03/2029	—		( 1 )		—		—
Doxa Insurance Holdings LLC<+	One stop	SF +	5.25 %	(i)	10.06 %				12/2030	1,735		1,772		—		1,739
Doxa Insurance Holdings LLC+	One stop	SF +	5.50 %		N/A(6)				12/2029	—		—		—		—
Doxa Insurance Holdings LLC+	One stop	SF +	5.25 %	(i)	10.22 %				12/2030	1,434		1,439		—		1,438
Doxa Insurance Holdings LLC+(5)	One stop	SF +	5.00 %		N/A(6)				12/2030	—		( 27 )		—		—
Gimlet Bidco GMBH+(8)(9)(19)	One stop	E +	5.75 %	(c)	9.39 %				04/2031	1,089		1,032		—		1,079
Gimlet Bidco GMBH+(8)(9)(19)	One stop	E +	5.75 %	(c)	9.39 %				04/2031	81		69		—		76
Illumifin Corporation<+(25)	One stop	SF +	7.00 %	(i)	6.54 %	cash/	6.00 %	PIK	09/2027	4,565		4,376		0.1		4,018
Integrated Specialty Coverages, LLC<+	One stop	SF +	6.00 %	(h)(i)(j)	10.98 %				07/2030	5,051		5,021		0.1		5,051
Integrated Specialty Coverages, LLC+(5)	One stop	SF +	6.00 %		N/A(6)				07/2029	—		( 1 )		—		—
Integrated Specialty Coverages, LLC+	One stop	SF +	6.00 %	(h)(i)(j)	10.88 %				07/2030	1,008		987		—		1,008
Integrity Marketing Acquisition, LLC~&+	One stop	SF +	5.00 %	(i)	10.07 %				08/2028	44,556		44,205		1.1		44,110
Integrity Marketing Acquisition, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				08/2028	—		( 4 )		—		( 4 )
Integrity Marketing Acquisition, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				08/2028	—		( 14 )		—		( 39 )
J.S. Held Holdings, LLC~^<+	One stop	SF +	5.50 %	(i)	10.25 %				12/2026	22,378		22,364		0.6		22,154
J.S. Held Holdings, LLC&+	One stop	SF +	5.50 %	(i)	10.25 %				12/2026	5,400		5,384		0.1		5,346
J.S. Held Holdings, LLC<+	One stop	SF +	5.50 %	(i)	10.25 %				12/2026	5,223		5,207		0.1		5,171
J.S. Held Holdings, LLC<+	One stop	SF +	5.50 %	(i)	10.25 %				12/2026	5,055		5,046		0.1		5,005
J.S. Held Holdings, LLC+	One stop	SF +	5.50 %	(i)	10.25 %				12/2026	160		158		—		159
J.S. Held Holdings, LLC+(5)	One stop	SF +	5.50 %		N/A(6)				12/2026	—		( 6 )		—		( 6 )
Keystone Agency Partners LLC<+	Senior secured	SF +	5.00 %	(i)	9.60 %				05/2027	3,558		3,534		0.1		3,558
Keystone Agency Partners LLC+	Senior secured	SF +	5.00 %	(i)	9.60 %				05/2027	2,039		2,031		0.1		2,039
Keystone Agency Partners LLC&+	Senior secured	SF +	5.00 %	(i)	9.60 %				05/2027	2,875		2,926		0.1		2,875
Keystone Agency Partners LLC<+	Senior secured	SF +	5.00 %	(i)	9.60 %				05/2027	618		617		—		618

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(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)
Keystone Agency Partners LLC+	Senior secured	SF +	5.00 %	(i)	9.60 %				05/2027	$	2,108	$	2,086	0.1	%	$	2,108
Majesco~^<	One stop	SF +	4.75 %	(i)	9.35 %				09/2028	28,248		28,283		0.7		28,248
Majesco+(5)	One stop	SF +	4.75 %		N/A(6)				09/2027	—		( 1 )		—		—
MRH Trowe Germany GMBH+(8)(9)(19)	One stop	E +	6.00 %	(c)	9.49 %				02/2029	789		768		—		789
Norvax, LLC^<+(8)	Senior secured	SF +	8.00 %	(h)	12.95 %				09/2025	39,654		38,981		1.0		38,860
Norvax, LLC<+(8)	Senior secured	SF +	8.00 %	(h)	12.95 %				09/2025	12,271		12,048		0.3		12,026
Oakbridge Insurance Agency LLC<+	One stop	SF +	5.50 %	(h)	10.66 %				11/2029	2,281		2,320		0.1		2,281
Oakbridge Insurance Agency LLC+	One stop	P +	4.50 %	(a)(h)	12.07 %				11/2029	30		30		—		30
Oakbridge Insurance Agency LLC+	One stop	SF +	5.50 %	(h)	10.66 %				11/2029	91		90		—		91
Pareto Health Intermediate Holdings, Inc.&+	One stop	SF +	6.25 %	(i)	10.85 %				05/2030	22,115		22,045		0.6		22,115
Pareto Health Intermediate Holdings, Inc.+	One stop	SF +	6.25 %	(i)	10.85 %				05/2030	7,372		7,348		0.2		7,372
Pareto Health Intermediate Holdings, Inc.+(5)	One stop	SF +	6.25 %		N/A(6)				06/2029	—		( 1 )		—		—
Patriot Growth Insurance Services, LLC&<+	One stop	SF +	5.00 %	(i)	9.75 %				10/2028	15,445		15,443		0.4		15,368
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.00 %	(i)	9.75 %				10/2028	3,156		3,142		0.1		3,141
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.00 %	(h)	9.95 %				10/2028	35		27		—		35
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.75 %	(i)	10.35 %				10/2028	1,481		1,476		—		1,447
People Corporation<+(8)(9)(12)	One stop	CA +	5.25 %	(l)	9.83 %				02/2028	24,688		25,371		0.6		24,688
People Corporation+(8)(9)(12)	One stop	CA +	5.25 %	(l)	9.83 %				02/2028	20,716		20,701		0.5		20,716
People Corporation+(8)(9)(12)	One stop	CA +	5.25 %	(l)	9.83 %				02/2028	8,101		8,442		0.2		8,101
People Corporation+(8)(9)(12)	One stop	CA +	5.25 %	(l)	9.59 %				02/2028	6,802		6,703		0.2		6,802
People Corporation+(8)(9)(12)	One stop	CA +	5.25 %	(l)	7.37 %				02/2027	71		71		—		71
										450,152		449,223		11.1		447,112
Internet & Direct Marketing Retail
Revalize, Inc.~^+	One stop	SF +	5.75 %	(i)	11.15 %				04/2027	20,510		20,188		0.5		19,279
Revalize, Inc.^+	One stop	SF +	5.75 %	(i)	11.15 %				04/2027	12,005		11,826		0.3		11,284
Revalize, Inc.^+	One stop	SF +	5.75 %	(i)	11.15 %				04/2027	5,952		5,863		0.1		5,595
Revalize, Inc.^+	One stop	SF +	5.75 %	(i)	11.15 %				04/2027	3,585		3,513		0.1		3,370
Revalize, Inc.<+	One stop	SF +	5.75 %	(i)	11.15 %				04/2027	2,440		2,385		0.1		2,294
Revalize, Inc.<+	One stop	SF +	5.75 %	(i)	11.15 %				04/2027	2,396		2,312		—		2,253
Revalize, Inc.+	One stop	SF +	5.75 %	(i)	11.15 %				04/2027	234		221		—		219
Revalize, Inc.+	One stop	SF +	5.75 %	(i)	10.80 %				04/2027	252		236		—		224
										47,374		46,544		1.1		44,518
IT Services
Acquia, Inc.^+	One stop	SF +	7.00 %	(i)	12.46 %				10/2025	12,020		12,030		0.3		12,020
Acquia, Inc.+	One stop	SF +	7.00 %	(i)	12.47 %				10/2025	44		44		—		44
Acquia, Inc.+	One stop	SF +	7.00 %	(i)	12.46 %				10/2025	1,083		1,080		—		1,083
CivicPlus, LLC^+(25)	One stop	SF +	5.75 %	(i)	10.96 %				08/2027	9,175		9,190		0.2		9,175
CivicPlus, LLC<+(25)	One stop	SF +	5.75 %	(i)	10.96 %				08/2027	5,430		5,442		0.2		5,430
CivicPlus, LLC<+(25)	One stop	SF +	5.75 %	(i)	10.96 %				08/2027	4,301		4,308		0.1		4,301
CivicPlus, LLC+(25)	One stop	SF +	11.75 %	(i)(j)	17.00 %	PIK			06/2034	552		548		—		552
CivicPlus, LLC+	One stop	SF +	8.50 %		N/A(6)				08/2027	—		—		—		—
Critical Start, Inc.<+(25)	One stop	SF +	6.75 %	(i)	8.40 %	cash/	3.63 %	PIK	05/2028	5,254		5,252		0.1		5,201
Critical Start, Inc.<+(25)	One stop	SF +	6.75 %	(i)	8.40 %	cash/	3.63 %	PIK	05/2028	2,413		2,384		0.1		2,388
Critical Start, Inc.+(5)	One stop	SF +	6.25 %		N/A(6)				05/2028	—		( 1 )		—		( 2 )
Delinea Inc.^+	One stop	SF +	5.75 %	(i)	10.50 %				03/2028	22,609		22,618		0.6		22,609
Delinea Inc.#^	One stop	SF +	5.75 %	(i)	10.50 %				03/2028	13,127		13,128		0.3		13,127
Delinea Inc.+(5)	One stop	SF +	5.75 %		N/A(6)				03/2027	—		( 1 )		—		—
Delinea Inc.<	One stop	SF +	6.00 %	(i)	10.75 %				03/2028	11,500		11,486		0.3		11,500
Goldcup 31018 AB<+(8)(9)(17)(25)	One stop	E +	6.50 %	(d)	10.18 %	PIK			07/2029	14,282		13,351		0.4		14,283
Goldcup 31018 AB+(8)(9)(17)(25)	One stop	E +	6.50 %	(d)	10.18 %	PIK			07/2029	1,332		1,269		—		1,332

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(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)
Goldcup 31018 AB+(5)(8)(9)(17)	One stop	E +	6.50 %		N/A(6)				01/2029	$	—	$	( 1 )	—	%	$	—
Netwrix Corporation*&+	One stop	SF +	5.50 %	(i)	10.56 %				06/2029	7,975		7,980		0.2		7,975
Netwrix Corporation+(5)	One stop	SF +	5.50 %		N/A(6)				06/2029	—		( 1 )		—		—
Netwrix Corporation+	One stop	SF +	5.50 %	(i)	10.56 %				06/2029	386		384		—		422
Optimizely North America, Inc.#^<	One stop	SF +	5.25 %	(i)	10.00 %				04/2026	25,860		25,849		0.6		25,860
Optimizely North America, Inc.+(8)(9)	One stop	E +	5.50 %	(c)	8.85 %				04/2026	23,933		24,037		0.6		23,933
Optimizely North America, Inc.*#^	One stop	SF +	5.25 %	(i)	10.00 %				04/2026	14,317		14,346		0.4		14,317
Optimizely North America, Inc.*<	One stop	SF +	5.25 %	(i)	10.00 %				04/2026	7,956		7,951		0.2		7,956
Optimizely North America, Inc.+	One stop	SF +	5.25 %		N/A(6)				04/2026	—		—		—		—
PDQ Intermediate, Inc.+(25)	Subordinated debt	N/A			13.75 %	PIK			10/2031	114		113		—		114
Recordxtechnologies, LLC#~<	One stop	SF +	5.25 %	(i)	9.85 %				12/2027	18,874		19,063		0.5		18,874
Recordxtechnologies, LLC+	One stop	SF +	5.25 %	(i)	9.85 %				12/2027	1,769		1,786		—		1,769
Recordxtechnologies, LLC+	One stop	SF +	5.25 %	(i)	9.85 %				12/2027	2		—		—		2
Recordxtechnologies, LLC<+	One stop	SF +	5.25 %	(i)	9.85 %				12/2027	894		886		—		894
Recordxtechnologies, LLC+	One stop	SF +	5.25 %	(i)	9.85 %				12/2027	12,553		12,439		0.3		12,553
ReliaQuest Holdings, LLC<+(25)	One stop	SF +	6.75 %	(i)	8.37 %	cash/	3.63 %	PIK	04/2031	11,710		11,711		0.3		11,710
ReliaQuest Holdings, LLC+(5)	One stop	SF +	6.75 %		N/A(6)				04/2031	—		( 5 )		—		—
ReliaQuest Holdings, LLC+(5)	One stop	SF +	6.25 %		N/A(6)				04/2031	—		( 2 )		—		—
Saturn Borrower Inc.~<+	One stop	SF +	6.50 %	(i)	11.25 %				09/2026	27,535		27,313		0.7		26,983
Saturn Borrower Inc.+	One stop	SF +	6.50 %	(h)(i)	11.28 %				09/2026	444		437		—		434
WPEngine, Inc.<+	One stop	SF +	6.50 %	(i)	11.62 %				08/2029	5,438		5,419		0.1		5,438
WPEngine, Inc.+	One stop	SF +	6.50 %		N/A(6)				08/2029	—		—		—		—
Zarya Holdco, Inc.<+	One stop	SF +	6.50 %	(i)	11.56 %				07/2027	1,413		1,406		—		1,385
Zarya Holdco, Inc.<+	One stop	SF +	6.50 %	(i)	11.56 %				07/2027	7,247		7,296		0.2		7,102
Zarya Holdco, Inc.+(5)	One stop	SF +	6.50 %		N/A(6)				07/2027	—		—		—		( 2 )
										271,542		270,535		6.7		270,762

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(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
Crunch Holdings, LLC+	One stop	SF +	4.75 %	(h)	9.61 %				09/2031	$	57,121	$	56,836	1.4	%	$	56,836
Crunch Holdings, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				09/2031	—		( 39 )		—		( 39 )
Movement Holdings, LLC<+	One stop	SF +	5.25 %	(h)	10.10 %				03/2030	841		839		—		841
Movement Holdings, LLC+	One stop	SF +	5.25 %		N/A(6)				03/2030	—		—		—		—
Movement Holdings, LLC+(5)	One stop	SF +	5.25 %		N/A(6)				03/2030	—		( 2 )		—		—
WBZ Investment, LLC#&+(25)	One stop	SF +	6.75 %	(i)	11.50 %				03/2027	7,804		7,804		0.2		7,804
WBZ Investment, LLC&+(25)	One stop	SF +	6.75 %	(i)	11.50 %				03/2027	1,717		1,717		0.1		1,717
WBZ Investment, LLC&+(25)	One stop	SF +	6.75 %	(i)	11.50 %				03/2027	1,194		1,194		—		1,194
WBZ Investment, LLC&+(25)	One stop	SF +	6.75 %	(i)	11.50 %				03/2027	628		628		—		628
WBZ Investment, LLC+	One stop	SF +	6.75 %		N/A(6)				03/2027	—		—		—		—
										69,305		68,977		1.7		68,981
Life Sciences Tools & Services
Celerion Buyer, Inc.*#~	One stop	SF +	5.50 %	(i)	10.73 %				11/2029	29,605		29,352		0.7		29,605
Celerion Buyer, Inc.+(5)	One stop	SF +	5.50 %		N/A(6)				11/2028	—		( 1 )		—		—
Celerion Buyer, Inc.+(5)	One stop	SF +	5.50 %		N/A(6)				11/2029	—		( 68 )		—		—
Graphpad Software, LLC+	One stop	SF +	4.75 %	(i)	9.35 %				06/2031	8,869		8,826		0.2		8,869
Graphpad Software, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				06/2031	—		( 4 )		—		—
Graphpad Software, LLC+	One stop	SF +	4.75 %	(i)	9.35 %				06/2031	222		211		—		222
PAS Parent Inc.+(5)	One stop	SF +	5.00 %		N/A(6)				12/2028	—		( 18 )		—		( 39 )
PAS Parent Inc.*#~&<+	One stop	SF +	5.00 %	(h)	9.85 %				12/2028	55,514		55,532		1.4		54,960
PAS Parent Inc.+	One stop	SF +	5.00 %	(h)	9.85 %				12/2027	130		124		—		124
PAS Parent Inc.+	One stop	SF +	5.00 %	(h)	9.85 %				12/2028	2,643		2,664		0.1		2,608
Reaction Biology Corporation#+(7)(25)	One stop	SF +	6.90 %	(i)	7.10 %	cash/	4.40 %	PIK	03/2029	8,600		8,374		0.2		6,622
Reaction Biology Corporation+(7)(25)	One stop	SF +	6.90 %	(i)	7.10 %	cash/	4.40 %	PIK	03/2029	2,861		2,482		0.1		2,203
Reaction Biology Corporation+(7)(25)	One stop	SF +	6.90 %	(i)	7.10 %	cash/	4.40 %	PIK	03/2029	1,903		1,650		—		1,465
Reaction Biology Corporation+(7)(25)	One stop	SF +	6.90 %	(i)	7.10 %	cash/	4.40 %	PIK	03/2029	306		278		—		236
Unchained Labs, LLC+	Senior secured	SF +	5.50 %	(h)	10.40 %				08/2027	1,400		1,387		—		1,372
Unchained Labs, LLC<+	Senior secured	SF +	5.50 %	(h)	10.40 %				08/2027	1,182		1,167		—		1,158
Unchained Labs, LLC+(5)	Senior secured	SF +	5.50 %		N/A(6)				08/2027	—		( 1 )		—		( 2 )
										113,235		111,955		2.7		109,403
Machinery
AI Titan Parent, Inc.+	One stop	SF +	4.75 %	(i)	9.81 %				08/2031	10,508		10,405		0.3		10,403
AI Titan Parent, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				08/2031	—		( 10 )		—		( 11 )
AI Titan Parent, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				08/2031	—		( 13 )		—		( 13 )
Blackbird Purchaser, Inc.<+	One stop	SF +	5.50 %	(i)	10.10 %				12/2030	4,476		4,559		0.1		4,476
Blackbird Purchaser, Inc.+	One stop	SF +	5.50 %	(i)	10.10 %				12/2030	265		264		—		265
Blackbird Purchaser, Inc.+	One stop	SF +	5.50 %	(i)	10.10 %				12/2029	15		15		—		15
Chase Industries, Inc.+(25)(26)	Senior secured	SF +	7.00 %	(i)	10.25 %	cash/	1.50 %	PIK	05/2025	13,837		13,816		0.3		13,145
Chase Industries, Inc.+(25)(26)	Senior secured	SF +	7.00 %	(i)	10.25 %	cash/	1.50 %	PIK	05/2025	1,308		1,300		—		1,242
Chase Industries, Inc.+(25)(26)	Senior secured	SF +	7.00 %	(i)	10.25 %	cash/	1.50 %	PIK	05/2025	255		250		—		228
										30,664		30,586		0.7		29,750
Marine
Project Nike Purchaser, LLC&+	One stop	SF +	5.25 %	(i)	9.85 %				04/2029	33,867		34,038		0.9		33,529
Project Nike Purchaser, LLC<+	One stop	SF +	5.25 %	(i)	9.85 %				04/2029	750		747		—		742
Project Nike Purchaser, LLC+	One stop	SF +	5.25 %	(i)	9.85 %				04/2029	250		248		—		246
										34,867		35,033		0.9		34,517
Media
Lotus Topco, Inc.+	One stop	SF +	4.75 %	(j)	9.00 %				06/2030	5,164		5,127		0.1		5,164
Lotus Topco, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				06/2030	—		( 7 )		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(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)
Lotus Topco, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				06/2030	$	—	$	( 18 )	$	—	%	$	—
Triple Lift, Inc.^+	One stop	SF +	5.75 %	(i)	10.71 %				05/2028	7,300		7,203		0.2			7,008
Triple Lift, Inc.<+	One stop	SF +	5.75 %	(i)	10.71 %				05/2028	1,557		1,526		—			1,495
Triple Lift, Inc.+	One stop	SF +	5.75 %	(i)	11.20 %				05/2028	54		52		—			50
										14,075		13,883		0.3			13,717
Multiline Retail
Fleet Farm Group, LLC*#+(7)	One stop	SF +	7.00 %	(j)	12.56 %				12/2026	43,652		43,416		0.8			31,866

Oil, Gas & Consumable Fuels
3ES Innovation, Inc.*+(8)(12)	One stop	SF +	6.50 %	(h)	11.45 %				05/2025	25,451		25,549		0.7			25,451
3ES Innovation, Inc.+(8)(12)	One stop	SF +	6.50 %		N/A(6)				05/2025	—		—		—			—
Envernus, Inc.<+	One stop	SF +	5.50 %	(h)	10.35 %				12/2029	5,131		5,222		0.1			5,131
Envernus, Inc.+	One stop	SF +	5.50 %	(h)	10.35 %				12/2029	5		5		—			5
Envernus, Inc.+	One stop	SF +	5.50 %		N/A(6)				12/2029	—		—		—			—
Project Power Buyer, LLC*#~<+	One stop	SF +	6.75 %	(i)	11.35 %				05/2026	53,171		53,103		1.3			53,171
Project Power Buyer, LLC+	One stop	SF +	6.75 %		N/A(6)				05/2025	—		—		—			—
										83,758		83,879		2.1			83,758
Paper & Forest Products
Messenger, LLC#~<+	One stop	SF +	5.75 %	(i)	10.50 %				12/2027	14,397		14,417		0.4			14,397
Messenger, LLC+(8)(9)	One stop	SN +	5.75 %	(f)	10.80 %				12/2027	926		875		—			926
Messenger, LLC+	One stop	SF +	5.75 %	(i)	10.50 %				12/2027	520		519		—			520
Messenger, LLC+(8)(9)	One stop	SN +	5.75 %		N/A(6)				12/2027	—		—		—			—
Messenger, LLC~+	One stop	SF +	5.75 %	(i)	11.15 %				12/2027	1,508		1,537		0.1			1,508
Messenger, LLC<+	One stop	SF +	5.75 %	(i)	10.50 %				12/2027	756		756		—			756
Messenger, LLC+	One stop	SF +	5.75 %		N/A(6)				12/2027	—		—		—			—
										18,107		18,104		0.5			18,107
Personal Products
IMPLUS Footcare, LLC+(25)	One stop	SF +	8.75 %	(i)	12.51 %	cash/	1.00 %	PIK	07/2025	30,500		30,500		0.7			27,450
IMPLUS Footcare, LLC+(25)	One stop	SF +	8.75 %	(i)	12.51 %	cash/	1.00 %	PIK	07/2025	5,209		5,209		0.1			4,688
IMPLUS Footcare, LLC*+(25)	One stop	SF +	8.75 %	(i)	12.51 %	cash/	1.00 %	PIK	07/2025	751		751		—			675
										36,460		36,460		0.8			32,813

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(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 %	(i)	10.75 %				02/2029	$	30,144	$	29,977	0.8	%	$	30,144
ACP Ulysses Buyer, Inc.*<	One stop	SF +	5.50 %	(i)	10.75 %				02/2029	1,303		1,285		—		1,303
Amalthea Parent, Inc.*#~^&<+(8)	One stop	SF +	5.00 %	(j)	10.75 %				03/2027	87,644		85,520		2.1		82,385
Amalthea Parent, Inc.+(8)	One stop	SF +	5.00 %	(h)	9.96 %				03/2027	360		338		—		328
Apothecary Products, LLC+	Senior secured	SF +	5.75 %	(j)	10.59 %				07/2025	2,321		2,310		0.1		2,321
Apothecary Products, LLC+(5)	Senior secured	SF +	5.75 %		N/A(6)				07/2025	—		( 3 )		—		—
Caerus Midco 3 S.A.R.L.<+(8)(13)	One stop	SF +	5.00 %	(i)	9.60 %				05/2029	29,411		29,445		0.7		29,117
Caerus Midco 3 S.A.R.L.<+(8)(13)	One stop	SF +	5.00 %	(i)	9.60 %				05/2029	4,876		4,879		0.1		4,827
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.00 %	(i)	9.60 %				05/2029	1,986		1,962		—		1,941
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.00 %	(i)	9.60 %				05/2029	315		311		—		308
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.00 %	(h)	9.87 %				05/2029	262		259		—		256
Cobalt Buyer Sub, Inc.&+	One stop	SF +	5.50 %	(h)	10.35 %				10/2028	14,836		14,789		0.4		14,651
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.50 %	(h)	10.35 %				10/2028	4,975		4,957		0.1		4,913
Cobalt Buyer Sub, Inc.<+	One stop	SF +	5.50 %	(h)	10.35 %				10/2028	3,758		3,684		0.1		3,711
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.50 %	(h)	10.35 %				10/2027	146		130		—		128
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.50 %	(h)	10.35 %				10/2028	6,397		6,319		0.2		6,317
Cobalt Buyer Sub, Inc.+(5)	One stop	SF +	5.50 %		N/A(6)				10/2028	—		( 78 )		—		( 80 )
Spark Bidco Limited<+(8)(9)(10)(25)	Senior secured	SN +	4.88 %	(f)	8.70 %	cash/	1.13 %	PIK	08/2028	37,712		37,449		0.9		36,204
Spark Bidco Limited<+(8)(9)(10)	Senior secured	SN +	6.00 %	(f)	10.95 %				08/2028	5,558		5,133		0.1		5,558
Spark Bidco Limited+(8)(9)(10)(25)	Senior secured	SN +	4.88 %	(f)	8.70 %	cash/	1.13 %	PIK	08/2028	4,571		3,962		0.1		4,388
Spark Bidco Limited+(8)(10)	Senior secured	SF +	6.00 %	(i)	10.60 %				08/2028	3,991		3,984		0.1		3,991
Spark Bidco Limited+(8)(9)(10)(25)	Senior secured	SN +	4.88 %	(f)	8.70 %	cash/	1.13 %	PIK	08/2028	3,999		3,624		0.1		3,840
Spark Bidco Limited+(5)(8)(9)(10)	Senior secured	SN +	4.88 %		N/A(6)				02/2028	—		( 5 )		—		( 8 )
										244,565		240,231		5.9		236,543
Professional Services
ALKU Intermediate Holdings, LLC<+	One stop	SF +	6.25 %	(j)	10.50 %				5/1/2029	6,797		6,824		0.2		6,882
ALKU Intermediate Holdings, LLC<+	One stop	SF +	5.50 %	(j)	9.75 %				5/1/2029	751		743		—		751
bswift, LLC<+	One stop	SF +	6.38 %	(i)	11.68 %				11/1/2028	7,681		7,664		0.2		7,817
Citrin Cooperman Advisors LLC+	One stop	SF +	5.00 %	(i)	10.32 %				10/1/2027	8,058		8,077		0.2		8,058
Citrin Cooperman Advisors LLC&+	One stop	SF +	5.00 %	(i)	10.32 %				10/1/2027	3,498		3,449		0.1		3,498
Citrin Cooperman Advisors LLC+	One stop	SF +	5.00 %	(i)	10.42 %				10/1/2027	1,038		1,029		—		1,038
Citrin Cooperman Advisors LLC+	One stop	SF +	5.25 %	(i)	10.67 %				10/1/2027	664		663		—		664
Citrin Cooperman Advisors LLC<+	One stop	SF +	5.25 %	(i)	10.67 %				10/1/2027	253		253		—		253
DISA Holdings Corp.<+	Senior secured	SF +	5.00 %	(i)	10.02 %				9/1/2028	5,242		5,207		0.1		5,242
DISA Holdings Corp.<+	Senior secured	SF +	5.00 %	(i)	10.02 %				9/1/2028	808		796		—		808
DISA Holdings Corp.+	One stop	SF +	5.00 %	(i)	10.02 %				9/1/2028	691		682		—		691
DISA Holdings Corp.+	Senior secured	SF +	5.00 %	(i)	10.02 %				9/1/2028	611		604		—		611
DISA Holdings Corp.+(25)	Subordinated debt	SF +	8.50 %	(h)	11.51 %	cash/	2.00 %	PIK	3/1/2029	104		103		—		104
DISA Holdings Corp.+	Senior secured	SF +	5.00 %	(i)	10.11 %				9/1/2028	70		65		—		70
DISA Holdings Corp.+(5)	Senior secured	SF +	5.00 %		N/A(6)				9/1/2028	—		( 2 )		—		—
Eclipse Buyer, Inc.+	One stop	SF +	4.75 %	(i)	9.74 %				9/1/2031	14,283		14,141		0.4		14,140
Eclipse Buyer, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				9/1/2031	—		( 69 )		—		( 18 )
Eclipse Buyer, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				9/1/2031	—		( 12 )		—		( 12 )
Eliassen Group, LLC<+	One stop	SF +	5.75 %	(i)	10.35 %				4/1/2028	2,149		2,132		0.1		2,084
Eliassen Group, LLC+	One stop	SF +	5.75 %	(i)	10.88 %				4/1/2028	145		144		—		140
Filevine, Inc.^+(25)	One stop	SF +	6.50 %	(i)	9.47 %	cash/	2.50 %	PIK	4/1/2027	8,241		8,279		0.2		8,344
Filevine, Inc.+	One stop	SF +	6.50 %		N/A(6)				4/1/2027	—		—		—		—
IG Investments Holdings, LLC&+	One stop	SF +	6.00 %	(i)	11.35 %				9/1/2028	9,122		9,107		0.2		9,122
IG Investments Holdings, LLC&+	One stop	SF +	6.00 %	(i)	11.35 %				9/1/2028	782		776		—		782
IG Investments Holdings, LLC+	One stop	SF +	6.00 %		N/A(6)				9/1/2027	—		—		—		—
NBG Acquisition Corp. and NBG-P Acquisition Corp.#~^&<	One stop	SF +	5.25 %	(i)	10.65 %				11/1/2028	34,023		33,720		0.8		33,004

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(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)
NBG Acquisition Corp. and NBG-P Acquisition Corp.+	One stop	SF +	5.25 %	(i)	10.72 %				11/1/2028	$	791	$	785	—	%	$	767
NBG Acquisition Corp. and NBG-P Acquisition Corp.+	One stop	SF +	5.25 %	(i)	10.65 %				11/1/2028	306		298		—		292
PlanSource Holdings, Inc.<+	One stop	SF +	6.25 %	(j)	11.64 %				6/1/2025	14,234		14,287		0.4		14,091
PlanSource Holdings, Inc.<+	One stop	SF +	6.25 %	(j)	11.64 %				6/1/2025	2,416		2,413		0.1		2,391
PlanSource Holdings, Inc.+	One stop	SF +	6.25 %	(j)	11.64 %				6/1/2025	695		695		—		689
PlanSource Holdings, Inc.+(5)	One stop	SF +	6.25 %		N/A(6)				6/1/2025	—		—		—		( 3 )
Procure Acquireco, Inc.#~&+	One stop	SF +	5.00 %	(j)	9.99 %				12/1/2028	24,925		24,975		0.6		24,925
Procure Acquireco, Inc.+	One stop	SF +	5.00 %	(i)	9.75 %				12/1/2028	1,145		1,145		—		1,145
Procure Acquireco, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)				12/1/2028	—		( 1 )		—		—
Teaching Company, The+	One stop	SF +	5.75 %	(j)	11.09 %				1/1/2026	13,614		13,614		0.4		13,614
Teaching Company, The+	One stop	SF +	5.75 %		N/A(6)				1/1/2026	—		—		—		—
Varicent Intermediate Holdings Corporation+(25)	One stop	SF +	6.00 %	(i)	7.35 %	cash/	3.25 %	PIK	8/1/2031	46,971		46,283		1.2		46,267
Varicent Intermediate Holdings Corporation+(5)	One stop	SF +	6.00 %		N/A(6)				8/1/2031	—		( 91 )		—		( 93 )
Varicent Intermediate Holdings Corporation+(5)	One stop	SF +	6.00 %		N/A(6)				8/1/2031	—		( 89 )		—		( 90 )
										210,108		208,689		5.2		208,068


Real Estate Management & Development
Inhabit IQ Inc.&<	One stop	SF +	5.50 %	(h)	10.45 %	07/2025	37,583	37,792	1.0	37,583
Inhabit IQ Inc.#~+	One stop	SF +	5.50 %	(h)	10.45 %	07/2025	21,694	21,725	0.6	21,694
Inhabit IQ Inc.~+	One stop	SF +	5.50 %	(h)	10.45 %	07/2025	15,607	15,632	0.4	15,607
Inhabit IQ Inc.*^	One stop	SF +	5.50 %	(h)	10.45 %	07/2025	21,366	21,484	0.5	21,366
Inhabit IQ Inc.*#~	One stop	SF +	5.50 %	(h)	10.45 %	07/2025	7,460	7,456	0.2	7,460
Inhabit IQ Inc.<+	One stop	SF +	5.50 %	(h)	10.45 %	07/2025	3,988	3,998	0.1	3,988
Inhabit IQ Inc.#<+	One stop	SF +	5.50 %	(h)	10.45 %	07/2025	1,745	1,744	—	1,745
Inhabit IQ Inc.#<+	One stop	SF +	5.50 %	(h)	10.45 %	07/2025	1,478	1,477	—	1,478
Inhabit IQ Inc.#<+	One stop	SF +	5.50 %	(h)	10.45 %	07/2025	1,461	1,461	—	1,461
Inhabit IQ Inc.<+	One stop	SF +	5.50 %	(h)	10.45 %	07/2025	1,166	1,165	—	1,166
Inhabit IQ Inc.<+	One stop	SF +	5.50 %	(h)	10.45 %	07/2025	614	614	—	614
Inhabit IQ Inc.+	One stop	SF +	5.50 %		N/A( 6 )	07/2025	—	—	—	—
Inhabit IQ Inc.<	One stop	SF +	5.50 %	(h)	10.45 %	07/2025	680	680	—	680
MRI Software, LLC*~^+	One stop	SF +	4.75 %	(i)	9.35 %	02/2027	28,915	29,128	0.7	28,625
MRI Software, LLC~^&+	One stop	SF +	4.75 %	(i)	9.35 %	02/2027	13,155	13,261	0.3	13,023
MRI Software, LLC+(5)	One stop	SF +	4.75 %		N/A(6)	02/2027	—	( 25 )	—	( 31 )
MRI Software, LLC+	One stop	SF +	4.75 %	(i)	9.35 %	02/2027	947	942	—	938
MRI Software, LLC+	One stop	SF +	4.75 %	(i)	9.35 %	02/2027	3,217	3,134	0.1	3,086
RPL Bidco Limited<+(8)(9)(10)	One stop	SN +	5.50 %	(f)	10.45 %	08/2028	6,052	5,865	0.2	6,052
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.50 %	(f)	10.45 %	08/2028	27,932	28,284	0.7	27,932
RPL Bidco Limited<+(8)(9)(10)	One stop	A +	5.50 %	(e)	9.85 %	08/2028	12,173	11,762	0.3	12,173
RPL Bidco Limited<+(8)(9)(10)	One stop	A +	5.50 %	(e)	9.87 %	08/2028	2,955	3,036	0.1	2,955
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.50 %		N/A(6)	02/2028	—	—	—	—
							210,188	210,615	5.2	209,595
Road & Rail
Internet Truckstop Group, LLC~+	One stop	SF +	5.50 %	(i)	10.25 %	04/2027	28,632	28,669	0.7	28,346
Internet Truckstop Group, LLC&+	One stop	SF +	5.50 %	(i)	10.25 %	04/2027	12,553	12,523	0.3	12,427
Internet Truckstop Group, LLC+(5)	One stop	SF +	5.50 %		N/A(6)	04/2027	—	( 3 )	—	( 3 )
							41,185	41,189	1.0	40,770

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(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 +	5.25 %	(i)	9.85 %				06/2029	$	24,680	$	24,917	0.6	%	$	24,680
Anaplan, Inc.+	One stop	SF +	5.25 %	(i)	9.85 %				06/2029	13,000		12,969		0.3		13,000
Anaplan, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)				06/2028	—		( 1 )		—		—
Appfire Technologies, LLC~^+	One stop	SF +	4.75 %	(i)	9.35 %				03/2028	55,159		55,072		1.4		55,159
Appfire Technologies, LLC+	One stop	SF +	4.75 %	(i)	9.35 %				03/2028	1,603		1,562		0.1		1,603
Appfire Technologies, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				03/2028	—		( 3 )		—		—
Appfire Technologies, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				03/2028	—		( 124 )		—		—
Aras Corporation^<+(25)	One stop	SF +	5.50 %	(i)	10.10 %				04/2029	28,740		28,732		0.7		28,740
Aras Corporation+	One stop	SF +	5.50 %	(i)	10.10 %				04/2029	1,217		1,195		—		1,217
Armstrong Bidco Limited<+(8)(9)(10)	One stop	SN +	5.25 %	(f)	10.20 %				06/2029	5,815		5,361		0.2		5,815
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.25 %	(f)	10.20 %				06/2029	3,034		2,728		0.1		3,034
Arrow Buyer, Inc.<+	One stop	SF +	5.75 %	(i)	10.35 %				07/2030	25,104		24,934		0.6		25,104
Arrow Buyer, Inc.+	One stop	SF +	5.75 %	(i)	10.35 %				07/2030	1,645		1,640		0.1		1,645
Arrow Buyer, Inc.+(5)	One stop	SF +	5.75 %		N/A(6)				07/2030	—		( 25 )		—		—
Artifact Bidco, Inc.+	One stop	SF +	4.50 %	(i)	9.10 %				05/2031	1,489		1,475		0.1		1,474
Artifact Bidco, Inc.+(5)	One stop	SF +	4.50 %		N/A(6)				05/2031	—		( 2 )		—		( 2 )
Artifact Bidco, Inc.+(5)	One stop	SF +	4.50 %		N/A(6)				05/2030	—		( 1 )		—		( 1 )
Artifact Bidco, Inc.+(5)	One stop	SF +	4.50 %		N/A(6)				05/2030	—		( 1 )		—		( 1 )
Auvik Networks Inc.^+(8)(12)(25)	One stop	SF +	6.25 %	(i)	8.25 %	cash/	3.25 %	PIK	07/2027	10,663		10,693		0.3		10,663
Auvik Networks Inc.<+(8)(12)(25)	One stop	SF +	6.25 %	(i)	8.25 %	cash/	3.25 %	PIK	07/2027	1,918		1,911		0.1		1,918
Auvik Networks Inc.<+(8)(12)(25)	One stop	SF +	6.25 %	(i)	8.25 %	cash/	3.25 %	PIK	07/2027	976		972		—		976
Auvik Networks Inc.+(8)(12)	One stop	SF +	6.00 %		N/A(6)				07/2027	—		—		—		—
Axiom Merger Sub Inc.<+	One stop	SF +	4.75 %	(j)	10.31 %				04/2026	6,717		6,695		0.2		6,666
Axiom Merger Sub Inc.+(8)(9)	One stop	E +	4.75 %	(c)(d)	8.58 %				04/2026	2,764		2,749		0.1		2,743
Axiom Merger Sub Inc.<+	One stop	SF +	4.75 %	(j)	10.31 %				04/2026	1,218		1,211		—		1,209
Axiom Merger Sub Inc.+	One stop	SF +	4.75 %	(j)	9.96 %				04/2026	175		174		—		174
Axiom Merger Sub Inc.+	One stop	SF +	4.75 %		N/A(6)				10/2025	—		—		—		—
Axiom Merger Sub Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				04/2026	—		( 92 )		—		( 98 )
Azul Systems, Inc.~	Senior secured	SF +	4.50 %	(i)	9.25 %				04/2027	9,492		9,675		0.3		9,492
Azul Systems, Inc.+	Senior secured	SF +	4.50 %		N/A(6)				04/2026	—		—		—		—
Azurite Intermediate Holdings, Inc.+	One stop	SF +	6.50 %	(h)	11.35 %				03/2031	622		614		—		622
Azurite Intermediate Holdings, Inc.<+	One stop	SF +	6.50 %	(h)	11.35 %				03/2031	428		422		—		428
Azurite Intermediate Holdings, Inc.+(5)	One stop	SF +	6.50 %		N/A(6)				03/2031	—		( 2 )		—		—
Baxter Planning Systems, LLC<+(25)	One stop	SF +	6.25 %	(i)	8.12 %	cash/	3.38 %	PIK	05/2031	4,060		4,059		0.1		4,060
Baxter Planning Systems, LLC+(5)	One stop	SF +	6.25 %		N/A(6)				05/2031	—		( 5 )		—		—
Baxter Planning Systems, LLC+(5)	One stop	SF +	5.75 %		N/A(6)				05/2031	—		( 4 )		—		—
Bayshore Intermediate #2, L.P.^+(25)	One stop	SF +	7.75 %	(i)	13.13 %	PIK			10/2028	117,557		117,481		2.9		117,557
Bayshore Intermediate #2, L.P.+(5)	One stop	SF +	6.75 %		N/A(6)				10/2027	—		( 2 )		—		—
BestPass, Inc.+	One stop	SF +	5.25 %	(h)	10.10 %				08/2031	52,867		52,609		1.3		52,602
BestPass, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)				08/2031	—		( 25 )		—		( 26 )
BestPass, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)				08/2031	—		( 34 )		—		( 35 )
Bloomerang, LLC<+	One stop	SF +	6.00 %	(h)	10.85 %				12/2029	4,142		4,180		0.1		4,142
Bloomerang, LLC+(5)	One stop	SF +	6.00 %		N/A(6)				12/2029	—		( 1 )		—		—
Bloomerang, LLC+(5)	One stop	SF +	6.00 %		N/A(6)				12/2029	—		( 12 )		—		—
Bonterra LLC^<+	One stop	SF +	7.00 %	(i)	11.60 %				09/2027	92,893		92,384		2.3		91,501
Bonterra LLC+	One stop	SF +	7.00 %	(i)	11.94 %				09/2027	7,599		7,487		0.2		7,485
Bonterra LLC+(25)	One stop	SF +	7.75 %	(i)	12.35 %	PIK			09/2027	3,836		3,793		0.1		3,778
Bonterra LLC+	One stop	SF +	7.00 %	(i)	11.64 %				09/2027	232		227		—		226
Bottomline Technologies, Inc.<+	One stop	SF +	5.25 %	(h)	10.10 %				05/2029	41,062		40,846		1.0		40,652
Bottomline Technologies, Inc.<+	One stop	SF +	5.75 %	(h)	10.60 %				05/2029	5,098		5,024		0.1		5,112
Bottomline Technologies, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)				05/2028	—		( 5 )		—		( 6 )
Bullhorn, Inc.~&+	One stop	SF +	5.00 %	(h)	9.85 %				10/2029	77,997		77,728		2.0		77,997

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(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)
Bullhorn, Inc.~<	One stop	SF +	5.00 %	(h)	9.85 %	10/2029	$	3,190	$	3,228	0.1	%	$	3,190
Bullhorn, Inc.&+	One stop	SF +	5.00 %	(h)	9.85 %	10/2029	1,643		1,664		0.1		1,643
Bullhorn, Inc.<+	One stop	SF +	5.00 %	(h)	9.85 %	10/2029	736		733		—		736
Bullhorn, Inc.<+	One stop	SF +	5.00 %	(h)	9.85 %	10/2029	587		584		—		587
Bullhorn, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)	10/2029	—		( 2 )		—		—
Burning Glass Intermediate Holdings Company, Inc.#~+	One stop	SF +	5.00 %	(h)	9.95 %	06/2028	12,431		12,402		0.3		12,431
Burning Glass Intermediate Holdings Company, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)	06/2026	—		( 1 )		—		—
Bynder BidCo, Inc.& Bynder BidCo B.V.<+(8)(14)	One stop	SF +	7.25 %	(i)	12.53 %	01/2029	8,332		8,270		0.2		8,332
Bynder BidCo, Inc.& Bynder BidCo B.V.<+(8)(14)	One stop	SF +	7.25 %	(i)	12.53 %	01/2029	2,204		2,172		0.1		2,204
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 +	5.50 %	(i)	10.56 %	04/2027	74,669		74,739		1.9		74,669
Calabrio, Inc.<+	One stop	SF +	5.50 %	(i)	10.56 %	04/2027	5,487		5,575		0.2		5,487
Calabrio, Inc.+(5)	One stop	SF +	5.50 %		N/A(6)	04/2027	—		( 2 )		—		—
Camelia Bidco Limited<+(8)(9)(10)	One stop	SN +	5.50 %	(f)	10.45 %	08/2030	5,411		5,138		0.1		5,411
Camelia Bidco Limited+(8)(9)(10)	One stop	SN +	5.50 %	(f)	10.45 %	08/2030	766		707		—		766
Camelia Bidco Limited+(8)(9)(10)	One stop	A +	5.50 %	(e)	9.93 %	08/2030	346		324		—		346
Camelia Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.50 %		N/A(6)	08/2030	—		( 29 )		—		—
CB Buyer, Inc.+	One stop	SF +	5.25 %	(i)	9.85 %	07/2031	46,611		46,161		1.2		46,611
CB Buyer, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)	07/2031	—		( 51 )		—		—
CB Buyer, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)	07/2031	—		( 63 )		—		—
Coupa Holdings, LLC<+	One stop	SF +	5.50 %	(i)	10.75 %	02/2030	31,960		31,650		0.8		31,960
Coupa Holdings, LLC+(5)	One stop	SF +	5.50 %		N/A(6)	02/2029	—		( 1 )		—		—
Coupa Holdings, LLC+(5)	One stop	SF +	5.50 %		N/A(6)	02/2030	—		( 20 )		—		—
Crewline Buyer, Inc.<+	One stop	SF +	6.75 %	(i)	11.35 %	11/2030	5,403		5,452		0.1		5,403
Crewline Buyer, Inc.+(5)	One stop	SF +	6.75 %		N/A(6)	11/2030	—		( 1 )		—		—
Daxko Acquisition Corporation~^+	One stop	SF +	5.00 %	(h)	9.85 %	10/2028	39,458		39,434		1.0		39,458
Daxko Acquisition Corporation&+	One stop	SF +	5.00 %	(h)	9.85 %	10/2028	3,328		3,298		0.1		3,328
Daxko Acquisition Corporation+	One stop	SF +	5.00 %	(h)	9.85 %	10/2028	199		197		—		199
Daxko Acquisition Corporation+	One stop	P +	4.00 %	(a)	12.00 %	10/2028	64		52		—		64
Daxko Acquisition Corporation+(5)	One stop	SF +	5.00 %		N/A(6)	10/2028	—		( 20 )		—		—
Denali Bidco Limited<+(8)(9)(10)	One stop	SN +	6.00 %	(f)	10.95 %	08/2030	7,864		7,541		0.2		7,903
Denali Bidco Limited+(8)(9)(10)	One stop	E +	6.00 %	(c)	9.35 %	08/2030	2,657		2,583		0.1		2,669
Denali Bidco Limited<+(8)(9)(10)	One stop	E +	6.00 %	(c)	9.35 %	08/2030	1,897		1,839		0.1		1,906
Denali Bidco Limited<+(8)(9)(10)	One stop	E +	5.50 %	(c)	8.85 %	08/2030	741		713		—		741
Denali Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.50 %		N/A(6)	08/2030	—		( 2 )		—		—
Diligent Corporation<+	One stop	SF +	5.00 %	(j)	10.09 %	08/2030	8,985		8,967		0.2		8,985
Diligent Corporation+	One stop	SF +	5.00 %	(j)	10.09 %	08/2030	1,541		1,530		0.1		1,541
Diligent Corporation+(5)	One stop	SF +	5.00 %		N/A(6)	08/2030	—		( 11 )		—		—
Diligent Corporation+(5)	One stop	SF +	5.00 %		N/A(6)	08/2030	—		( 6 )		—		—
Dragon UK Bidco Limited<+(8)(9)(10)	One stop	SN +	5.75 %	(f)	10.70 %	02/2029	23,038		22,316		0.6		22,807
Dragon UK Bidco Limited+(8)(9)(10)	One stop	CA +	5.75 %	(k)	9.67 %	02/2029	4,493		4,440		0.1		4,447
Dragon UK Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.75 %		N/A(6)	02/2029	—		( 34 )		—		( 19 )
Evergreen IX Borrower 2023, LLC<+	One stop	SF +	4.75 %	(i)	9.35 %	09/2030	4,919		4,798		0.1		4,869
Evergreen IX Borrower 2023, LLC+	One stop	SF +	4.75 %	(i)	9.35 %	09/2030	4,483		4,439		0.1		4,438
Evergreen IX Borrower 2023, LLC+(5)	One stop	SF +	4.75 %		N/A(6)	10/2029	—		( 13 )		—		( 4 )
FirstUp, Inc.^+(25)	One stop	SF +	6.75 %	(i)	11.35 %	07/2027	13,126		13,138		0.3		12,863
FirstUp, Inc.<+(25)	One stop	SF +	6.75 %	(i)	11.35 %	07/2027	1,251		1,242		—		1,226
FirstUp, Inc.+(5)	One stop	SF +	6.75 %		N/A(6)	07/2027	—		( 1 )		—		( 4 )

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(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)
Gainsight, Inc.^+(25)	One stop	SF +	6.00 %	(i)	11.40 %	PIK			07/2027	$	17,981	$	18,006	0.4	%	$	17,981
Gainsight, Inc.+(25)	One stop	SF +	6.00 %	(i)	11.40 %	PIK			07/2027	128		127		—		128
GS Acquisitionco, Inc.~^&<+	One stop	SF +	5.25 %	(i)	9.85 %				05/2028	122,743		123,093		3.0		121,514
GS Acquisitionco, Inc.+	One stop	SF +	5.25 %	(i)	9.85 %				05/2028	70		68		—		65
GS Acquisitionco, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)				05/2028	—		( 1 )		—		( 3 )
GTIV, LLC+	One stop	SF +	4.75 %	(j)	10.01 %				02/2029	72,727		72,274		1.8		72,000
GTIV, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				02/2029	—		( 2 )		—		( 3 )
GTY Technology Holdings, Inc.<+(25)	One stop	SF +	6.88 %	(i)	7.18 %	cash/	4.30 %	PIK	07/2029	5,100		5,092		0.1		5,049
GTY Technology Holdings, Inc.<+(25)	One stop	SF +	6.88 %	(h)	7.54 %	cash/	4.30 %	PIK	07/2029	3,330		3,298		0.1		3,296
GTY Technology Holdings, Inc.+(25)	One stop	SF +	6.88 %	(i)	7.18 %	cash/	4.30 %	PIK	07/2029	611		608		—		605
GTY Technology Holdings, Inc.+(25)	One stop	SF +	7.13 %	(i)	7.92 %	cash/	4.45 %	PIK	07/2029	424		424		—		424
GTY Technology Holdings, Inc.+(5)	One stop	SF +	6.25 %		N/A(6)				07/2029	—		( 2 )		—		( 2 )
GTY Technology Holdings, Inc.+(5)	One stop	SF +	7.13 %		N/A(6)				07/2029	—		( 2 )		—		—
Gurobi Optimization, LLC+	One stop	SF +	4.75 %	(h)(i)	9.47 %				09/2031	52,763		52,240		1.3		52,235
Gurobi Optimization, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				09/2031	—		( 44 )		—		( 44 )
Hornet Security Holding GMBH<+(8)(9)(19)(25)	One stop	E +	7.00 %	(d)	5.91 %	cash/	4.50 %	PIK	02/2031	748		719		—		748
Hornet Security Holding GMBH<+(8)(9)(19)(25)	One stop	E +	7.00 %	(c)(d)	5.91 %	cash/	4.50 %	PIK	02/2031	498		480		—		498
Hornet Security Holding GMBH+(5)(8)(9)(19)	One stop	E +	6.50 %		N/A(6)				08/2030	—		( 1 )		—		—
Hornet Security Holding GMBH+(5)(8)(9)(19)	One stop	E +	6.50 %		N/A(6)				02/2031	—		( 3 )		—		—
Hyland Software, Inc.~&<+	One stop	SF +	6.00 %	(h)	10.85 %				09/2030	47,242		48,060		1.2		47,242
Hyland Software, Inc.+(5)	One stop	SF +	6.00 %		N/A(6)				09/2029	—		( 1 )		—		—
Icefall Parent, Inc.<+	One stop	SF +	6.50 %	(h)	11.35 %				01/2030	1,407		1,399		—		1,407
Icefall Parent, Inc.+(5)	One stop	SF +	6.50 %		N/A(6)				01/2030	—		( 1 )		—		—
ICIMS, Inc.<+(25)	One stop	SF +	5.75 %	(h)(i)	10.67 %				08/2028	12,469		12,419		0.3		11,845
ICIMS, Inc.+	One stop	SF +	5.75 %	(h)	10.62 %				08/2028	96		93		—		80
ICIMS, Inc.+(5)	One stop	SF +	5.75 %		N/A(6)				08/2028	—		( 7 )		—		( 103 )
IQN Holding Corp. #&+	One stop	SF +	5.25 %	(i)	10.31 %				05/2029	22,887		22,944		0.6		22,887
IQN Holding Corp. +	One stop	SF +	5.25 %	(i)	10.31 %				05/2028	52		52		—		52
Island Bidco AB<+(8)(9)(17)(25)	One stop	E +	7.25 %	(b)(d)	3.65 %	cash/	7.25 %	PIK	07/2028	10,768		10,302		0.3		10,768
Island Bidco AB<+(8)(17)(25)	One stop	SF +	7.00 %	(j)	8.76 %	cash/	3.50 %	PIK	07/2028	4,791		4,804		0.1		4,791
Island Bidco AB+(8)(17)(25)	One stop	SF +	7.00 %	(i)(j)	8.76 %	cash/	3.50 %	PIK	07/2028	3,535		3,519		0.1		3,535
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 %		N/A(6)				07/2028	—		—		—		—
Juvare, LLC*~	One stop	SF +	6.25 %	(i)	11.46 %				10/2026	10,537		10,531		0.3		10,221
Juvare, LLC&+	One stop	SF +	6.25 %	(i)	11.46 %				10/2026	2,432		2,417		0.1		2,359
Juvare, LLC+	One stop	SF +	6.25 %	(i)	11.46 %				10/2026	769		761		—		745
Juvare, LLC+	One stop	SF +	6.25 %	(i)	11.46 %				04/2026	100		100		—		98
Kaseya Inc.^<+(25)	One stop	SF +	5.50 %	(i)	10.75 %				06/2029	23,506		23,702		0.6		23,506
Kaseya Inc.+	One stop	SF +	5.50 %	(i)	10.78 %				06/2029	271		266		—		271
Kaseya Inc.+(25)	One stop	SF +	5.50 %	(i)	10.10 %				06/2029	136		134		—		136
Kaseya Inc.+	One stop	SF +	5.50 %	(i)	10.75 %				06/2029	86		83		—		86
LeadsOnline, LLC^+	One stop	SF +	4.75 %	(i)	10.17 %				02/2028	13,049		13,221		0.3		13,049
LeadsOnline, LLC<+	One stop	SF +	4.75 %	(i)	10.17 %				02/2028	2,303		2,332		0.1		2,303
LeadsOnline, LLC<+	One stop	SF +	4.75 %	(i)	9.45 %				02/2028	667		665		—		667
LeadsOnline, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				02/2028	—		( 1 )		—		—
Matrix42 Holding GMBH<+(8)(9)(13)	One stop	E +	6.25 %	(d)	9.92 %				01/2030	10,121		10,417		0.3		10,121
Matrix42 Holding GMBH<+(8)(9)(13)	One stop	E +	6.25 %	(d)	9.92 %				12/2029	1,533		1,483		—		1,533
Matrix42 Holding GMBH<+(8)(9)(13)	One stop	E +	6.25 %	(d)	9.92 %				01/2030	789		765		—		789
Matrix42 Holding GMBH+(5)(8)(9)(13)	One stop	E +	6.25 %		N/A(6)				01/2030	—		( 1 )		—		—
Matrix42 Holding GMBH+(8)(13)	One stop	SF +	6.25 %		N/A(6)				01/2028	—		—		—		—
Mindbody, Inc.<+	One stop	SF +	7.00 %	(i)	12.40 %				09/2025	61,966		62,207		1.5		61,966
Mindbody, Inc.<+	One stop	SF +	7.00 %	(i)	12.40 %				09/2025	2,134		2,133		0.1		2,134

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(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)
Mindbody, Inc.+	One stop	SF +	7.00 %		N/A(6)				09/2025	$	—	$	—	—	%	$	—
Ministry Brands Holdings LLC<+	One stop	SF +	5.50 %	(h)	10.45 %				12/2028	31,070		30,952		0.8		30,448
Ministry Brands Holdings LLC+	One stop	SF +	5.50 %	(h)	10.45 %				12/2028	2,923		2,926		0.1		2,864
Ministry Brands Holdings LLC+(5)	One stop	SF +	5.50 %		N/A(6)				12/2027	—		( 4 )		—		( 6 )
Navex TopCo, Inc.<+	One stop	SF +	5.50 %	(h)	10.60 %				11/2030	5,382		5,477		0.1		5,382
Navex TopCo, Inc.+(5)	One stop	SF +	5.75 %		N/A(6)				11/2028	—		( 1 )		—		—
Naviga Inc.+(7)	Senior secured	SF +	7.00 %	(h)	12.25 %				12/2024	160		147		—		48
Orsay Bidco 1 B.V. and Sky Group Holding B.V.+(5)(8)(9)(14)	One stop	E +	5.75 %		N/A(6)				11/2029	—		( 26 )		—		—
Panzura, LLC+(25)	One stop	N/A			4.00 %	cash/	15.00 %	PIK	08/2027	118		106		—		98
Personify, Inc.*#~+	One stop	SF +	5.25 %	(i)	10.00 %				09/2025	13,866		13,895		0.3		13,866
Personify, Inc.#&	One stop	SF +	5.25 %	(i)	10.00 %				09/2025	9,810		9,828		0.2		9,810
Personify, Inc.+	One stop	SF +	5.25 %		N/A(6)				09/2025	—		—		—		—
Pineapple German Bidco GMBH+(8)(9)(19)(25)	One stop	E +	7.00 %	(c)	10.51 %	PIK			01/2031	1,052		1,012		—		1,042
Pineapple German Bidco GMBH+(8)(9)(19)(25)	One stop	E +	7.00 %	(c)	10.51 %	PIK			01/2031	250		237		—		247
Pineapple German Bidco GMBH+(8)(9)(19)(25)	One stop	E +	7.00 %	(c)	10.51 %	PIK			01/2031	72		69		—		72
PING Identity Holding Corp.<+	One stop	SF +	4.75 %	(i)	9.35 %				10/2029	15,145		15,105		0.4		15,145
PING Identity Holding Corp.+(5)	One stop	SF +	4.75 %		N/A(6)				10/2028	—		( 1 )		—		—
Pluralsight, LLC+(25)	One stop	SF +	7.50 %	(i)	12.57 %	PIK			08/2029	5,963		5,730		0.1		5,725
Pluralsight, LLC+(25)	One stop	SF +	4.50 %	(i)	8.12 %	cash/	1.50 %	PIK	08/2029	3,975		3,859		0.1		3,856
Pluralsight, LLC+(25)	One stop	SF +	4.50 %	(i)	9.62 %	cash/	1.50 %	PIK	08/2029	1,988		1,988		—		1,928
Pluralsight, LLC+(5)	One stop	SF +	4.50 %		N/A(6)				08/2029	—		—		—		( 30 )
Pluralsight, LLC+(5)	One stop	SF +	4.50 %		N/A(6)				08/2029	—		—		—		( 75 )
ProcessUnity Holdings, LLC^+	One stop	SF +	6.50 %	(h)	11.35 %				09/2028	6,014		6,025		0.1		6,014
ProcessUnity Holdings, LLC<+	One stop	SF +	6.50 %	(h)	11.35 %				09/2028	2,864		2,841		0.1		2,864
ProcessUnity Holdings, LLC+	One stop	SF +	6.50 %	(h)	11.35 %				09/2028	1,203		1,198		—		1,203
ProcessUnity Holdings, LLC+	One stop	SF +	6.50 %	(h)	11.35 %				09/2028	90		89		—		90
QAD, Inc.&<+	One stop	SF +	4.75 %	(h)	9.60 %				11/2027	43,261		43,887		1.1		43,261
QAD, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				11/2027	—		( 2 )		—		—
Quant Buyer, Inc.<+	One stop	SF +	5.25 %	(i)	10.39 %				06/2029	7,406		7,339		0.2		7,406
Quant Buyer, Inc.<+	One stop	SF +	5.25 %	(i)	10.31 %				06/2029	4,360		4,343		0.1		4,360
Quant Buyer, Inc.~+	One stop	SF +	5.25 %	(i)	10.31 %				06/2029	3,015		2,982		0.1		3,015
Quant Buyer, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)				06/2029	—		( 4 )		—		—
Quant Buyer, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)				06/2029	—		( 51 )		—		—
Rainforest Bidco Limited+(8)(9)(10)(25)	One stop	SN +	6.05 %	(f)	8.45 %	cash/	2.55 %	PIK	07/2029	20,740		19,016		0.5		19,962
Rainforest Bidco Limited+(8)(10)(25)	One stop	SF +	6.05 %	(g)	8.34 %	cash/	2.55 %	PIK	07/2029	3,664		3,638		0.1		3,526
Rainforest Bidco Limited+(8)(9)(10)(25)	One stop	SN +	6.55 %	(f)	8.95 %	cash/	2.55 %	PIK	07/2029	2,159		1,971		0.1		2,159
Rainforest Bidco Limited+(8)(9)(10)(25)	One stop	SN +	6.05 %	(f)	8.45 %	cash/	2.55 %	PIK	07/2029	1,524		1,383		—		1,467
Riskonnect Parent, LLC*<+	One stop	SF +	5.50 %	(i)	10.25 %				12/2028	45,635		46,131		1.1		45,407
Riskonnect Parent, LLC+	One stop	SF +	5.50 %	(i)	10.25 %				12/2028	2,141		2,161		0.1		2,131
Riskonnect Parent, LLC<+	One stop	SF +	5.50 %	(i)	10.10 %				12/2028	823		816		—		815
Riskonnect Parent, LLC+	One stop	SF +	5.50 %	(i)	10.10 %				12/2028	579		570		—		573
Riskonnect Parent, LLC+(5)	One stop	SF +	5.50 %		N/A(6)				12/2028	—		( 5 )		—		( 4 )
Riskonnect Parent, LLC+(5)	One stop	SF +	5.50 %		N/A(6)				12/2028	—		( 9 )		—		( 10 )
Rodeo Buyer Company & Absorb Software Inc.^<+	One stop	SF +	6.25 %	(h)	11.20 %				05/2027	7,616		7,613		0.2		7,616
Rodeo Buyer Company & Absorb Software Inc.+	One stop	SF +	6.25 %		N/A(6)				05/2027	—		—		—		—
SailPoint Technologies Holdings, Inc.^+	One stop	SF +	6.00 %	(i)	11.10 %				08/2029	14,654		14,569		0.4		14,654
SailPoint Technologies Holdings, Inc.+(5)	One stop	SF +	6.00 %		N/A(6)				08/2028	—		( 2 )		—		—
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	5.50 %	(c)	9.20 %				07/2029	50,901		47,198		1.3		50,901
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	5.75 %	(c)	9.41 %				07/2029	4,160		3,981		0.1		4,170

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(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)
Sapphire Bidco Oy<+(8)(9)(16)	One stop	E +	5.75 %	(c)	9.46 %				07/2029	$	1,533	$	1,491	—	%	$	1,537
Sonatype, Inc.<+	One stop	SF +	6.75 %	(h)	12.01 %				12/2025	55,697		55,865		1.4		55,697
Sonatype, Inc.^+	One stop	SF +	6.75 %	(h)	12.01 %				12/2025	13,763		13,983		0.3		13,763
Sonatype, Inc.+(5)	One stop	SF +	6.75 %		N/A(6)				12/2025	—		( 1 )		—		—
Spartan Buyer Acquisition Co.*#^<+(25)	One stop	SF +	7.50 %	(i)(j)	11.24 %	cash/	1.00 %	PIK	06/2027	44,700		44,526		1.1		44,251
Spartan Buyer Acquisition Co.<+(25)	One stop	SF +	7.50 %	(i)(j)	11.24 %	cash/	1.00 %	PIK	06/2027	2,849		2,814		0.1		2,820
Spartan Buyer Acquisition Co.+(5)(25)	One stop	P +	6.50 %	(a)	13.50 %	cash/	1.00 %	PIK	06/2027	2		( 2 )		—		( 2 )
Telesoft Holdings LLC~^&+	One stop	SF +	5.75 %	(h)	10.70 %				12/2026	21,186		21,485		0.5		21,186
Telesoft Holdings LLC<+	One stop	SF +	6.25 %	(h)	11.20 %				12/2026	1,432		1,452		—		1,432
Telesoft Holdings LLC+	One stop	SF +	5.75 %	(h)	10.70 %				12/2026	74		73		—		74
Templafy APS and Templafy, LLC<+(8)(18)	One stop	SF +	6.00 %	(i)	11.40 %				07/2028	4,800		4,778		0.1		4,800
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.00 %		N/A(6)				07/2028	—		—		—		—
TI Intermediate Holdings, LLC~+(25)	Senior secured	SF +	5.50 %	(i)	9.20 %	cash/	1.00 %	PIK	06/2027	4,168		4,152		0.1		3,668
TI Intermediate Holdings, LLC<+(25)	Senior secured	SF +	5.50 %	(i)	9.20 %	cash/	1.00 %	PIK	06/2027	1,105		1,099		—		972
TI Intermediate Holdings, LLC+(25)	Senior secured	SF +	5.50 %	(i)	9.20 %	cash/	1.00 %	PIK	06/2027	693		690		—		610
TI Intermediate Holdings, LLC+(25)	Senior secured	SF +	5.50 %	(i)	9.20 %	cash/	1.00 %	PIK	06/2027	520		517		—		458
TI Intermediate Holdings, LLC<+(25)	Senior secured	SF +	5.50 %	(i)	9.20 %	cash/	1.00 %	PIK	06/2027	191		190		—		168
TI Intermediate Holdings, LLC+(25)	Senior secured	SF +	5.50 %	(i)	9.20 %	cash/	1.00 %	PIK	06/2027	43		43		—		31
Togetherwork Holdings, LLC&+	One stop	SF +	5.25 %	(h)	10.10 %				05/2031	27,973		27,926		0.7		27,973
Togetherwork Holdings, LLC+(5)	One stop	SF +	5.25 %		N/A(6)				05/2031	—		( 33 )		—		—
Togetherwork Holdings, LLC+(5)	One stop	SF +	5.25 %		N/A(6)				05/2031	—		( 16 )		—		—
Transform Bidco Limited<+(8)(10)	One stop	SF +	7.00 %	(i)	12.31 %				01/2031	5,405		5,502		0.1		5,337
Transform Bidco Limited+(5)(8)(10)	One stop	SF +	7.00 %		N/A(6)				06/2030	—		( 1 )		—		( 2 )
Transform Bidco Limited+(5)(8)(10)	One stop	SF +	7.00 %		N/A(6)				01/2031	—		( 143 )		—		( 145 )
Vantage Bidco GMBH<+(8)(9)(19)(25)	One stop	E +	6.25 %	(c)	6.47 %	cash/	3.13 %	PIK	04/2031	8,742		8,377		0.2		8,654
Vantage Bidco GMBH+(5)(8)(9)(19)	One stop	E +	6.25 %		N/A(6)				10/2030	—		( 14 )		—		( 11 )
Varinem German Midco GMBH+(8)(9)(19)	One stop	E +	6.00 %	(d)	9.67 %				07/2031	7,373		7,151		0.2		7,299
Varinem German Midco GMBH+(8)(9)(19)	One stop	E +	6.00 %		N/A(6)				07/2031	—		—		—		—
Vector CS Midco Limited & Cloudsense Ltd.+(7)(8)(9)(10)(25)	One stop	N/A			4.50 %	cash/	8.21 %	PIK	11/2024	12,736		10,407		0.2		7,004
Vector CS Midco Limited & Cloudsense Ltd.+(7)(8)(9)(10)(25)	One stop	N/A			4.50 %	cash/	8.21 %	PIK	11/2024	252		195		—		138
Vendavo, Inc.*#&+	One stop	SF +	5.75 %	(i)	10.84 %				09/2027	27,377		26,955		0.6		25,460
Vendavo, Inc.+	One stop	SF +	5.75 %	(i)(j)	10.69 %				09/2027	1,303		1,283		—		1,129
Vendavo, Inc.+	One stop	SF +	5.75 %	(i)	10.84 %				09/2027	998		993		—		928
WebPT, Inc.+	One stop	SF +	6.75 %	(i)	11.91 %				01/2028	931		922		—		903
Workforce Software, LLC^+(25)	One stop	SF +	7.25 %	(i)	9.46 %	cash/	3.00 %	PIK	07/2025	41,999		42,205		1.0		41,999
Workforce Software, LLC^+(25)	One stop	SF +	7.25 %	(i)	9.46 %	cash/	3.00 %	PIK	07/2025	7,436		7,443		0.2		7,436
Workforce Software, LLC<+(25)	One stop	SF +	7.25 %	(i)	9.46 %	cash/	3.00 %	PIK	07/2025	5,266		5,262		0.1		5,266
Workforce Software, LLC<+(25)	One stop	SF +	7.25 %	(i)	9.46 %	cash/	3.00 %	PIK	07/2025	1,580		1,592		—		1,580
Workforce Software, LLC+(5)	One stop	SF +	6.50 %		N/A(6)				07/2025	—		( 1 )		—		—
Zendesk, Inc.^+	One stop	SF +	5.00 %	(i)	9.69 %				11/2028	28,647		28,538		0.7		28,647
Zendesk, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)				11/2028	—		( 1 )		—		—
Zendesk, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)				11/2028	—		( 34 )		—		—
										2,077,748		2,064,059		51.3		2,058,537

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(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 +	5.25 %	(j)	9.75 %				02/2028	$	23,420	$	23,176	0.6	%	$	23,420
Ave Holdings III, Corp&+	One stop	SF +	5.25 %	(j)	9.75 %				02/2028	6,108		6,219		0.2		6,108
Ave Holdings III, Corp+	One stop	SF +	5.25 %	(j)	9.75 %				02/2028	802		802		—		802
Ave Holdings III, Corp+(5)	One stop	SF +	5.25 %		N/A(6)				02/2028	—		( 2 )		—		—
Biscuit Parent, LLC<+	One stop	SF +	4.75 %	(i)	9.35 %				02/2031	1,332		1,329		—		1,332
Biscuit Parent, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				02/2031	—		( 1 )		—		—
Cavender Stores L.P.~	Senior secured	SF +	5.00 %	(i)	9.60 %				10/2029	5,459		5,417		0.2		5,459
Consilio Midco Limited<+(8)(9)(10)	One stop	E +	6.25 %	(c)	9.61 %				05/2028	38,182		38,065		1.0		38,182
Consilio Midco Limited<+(8)(10)	One stop	SF +	5.75 %	(i)	10.50 %				05/2028	15,686		15,654		0.4		15,686
Consilio Midco Limited#&(8)(10)	One stop	SF +	5.75 %	(i)	10.50 %				05/2028	15,587		15,646		0.4		15,587
Consilio Midco Limited#~(8)(10)	One stop	SF +	5.75 %	(i)	10.50 %				05/2028	2,935		2,913		0.1		2,935
Consilio Midco Limited#~(8)(10)	One stop	SF +	5.75 %	(i)	10.50 %				05/2028	1,951		1,943		0.1		1,951
Consilio Midco Limited~+(8)(10)	One stop	SF +	5.75 %	(i)	10.50 %				05/2028	998		987		—		998
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25 %	(c)	9.61 %				05/2028	500		485		—		500
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25 %	(c)	9.61 %				05/2028	222		215		—		222
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75 %	(i)	10.50 %				05/2028	168		167		—		168
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25 %	(c)	9.61 %				05/2028	130		127		—		130
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25 %	(c)	9.61 %				05/2028	127		123		—		127
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25 %	(c)	9.61 %				05/2028	95		92		—		95
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25 %	(c)	9.61 %				05/2028	114		111		—		114
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25 %	(c)	9.61 %				05/2028	60		58		—		60
Consilio Midco Limited+(8)(10)	One stop	SF +	5.50 %	(i)	10.10 %				05/2028	143		139		—		140
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75 %		N/A(6)				05/2028	—		—		—		—
Consilio Midco Limited+(8)(10)	One stop	SF +	5.50 %	(i)	10.10 %				05/2028	74		62		—		58
CVP Holdco, Inc.+	One stop	SF +	5.00 %	(h)	9.85 %				06/2031	13,529		13,399		0.4		13,529
CVP Holdco, Inc.+(5)	One stop	SF +	7.50 %		N/A(6)				06/2030	—		( 14 )		—		—
CVP Holdco, Inc.+(5)	One stop	SF +	7.50 %		N/A(6)				06/2031	—		( 17 )		—		—
Cycle Gear, Inc.*#+	One stop	SF +	6.75 %	(i)	12.15 %				01/2026	46,529		46,463		1.1		45,133
PetVet Care Centers LLC~+	One stop	SF +	6.00 %	(h)	10.85 %				11/2030	4,740		4,779		0.1		4,503
PetVet Care Centers LLC+(5)	One stop	SF +	6.00 %		N/A(6)				11/2029	—		( 2 )		—		( 4 )
PetVet Care Centers LLC+(5)	One stop	SF +	6.00 %		N/A(6)				11/2030	—		( 6 )		—		—
PPV Intermediate Holdings, LLC#~<+	One stop	SF +	5.75 %	(i)	10.81 %				08/2029	14,189		14,110		0.4		14,189
PPV Intermediate Holdings, LLC+(25)	One stop	N/A			14.75 %	PIK			08/2030	8,929		8,997		0.2		9,108
PPV Intermediate Holdings, LLC+(25)	One stop	N/A			13.75 %	PIK			08/2030	1,799		1,766		0.1		1,799
PPV Intermediate Holdings, LLC+(25)	One stop	N/A			13.75 %	PIK			08/2030	416		410		—		416
PPV Intermediate Holdings, LLC+(25)	One stop	N/A			13.75 %	PIK			08/2030	76		75		—		76
PPV Intermediate Holdings, LLC+(25)	One stop	N/A			13.75 %	PIK			08/2030	75		71		—		75
PPV Intermediate Holdings, LLC+(5)	One stop	SF +	5.75 %		N/A(6)				08/2029	—		( 9 )		—		—
PPV Intermediate Holdings, LLC+(5)	One stop	SF +	5.25 %		N/A(6)				08/2029	—		( 68 )		—		( 70 )
Radiance Borrower, LLC+(25)	One stop	SF +	5.75 %	(h)	7.85 %	cash/	2.75 %	PIK	06/2031	21,558		21,403		0.5		21,558
Radiance Borrower, LLC+	One stop	SF +	5.25 %	(h)	10.10 %				06/2031	410		393		—		410
Salon Lofts Group, LLC<+	Senior secured	SF +	5.75 %	(i)	10.35 %				08/2028	5,256		5,261		0.1		5,256
Salon Lofts Group, LLC+(25)	Second lien	SF +	9.00 %	(i)	13.60 %	PIK			09/2029	3,045		3,014		0.1		3,045
Salon Lofts Group, LLC+(25)	Second lien	SF +	9.00 %	(i)	13.60 %	PIK			09/2029	1,615		1,598		—		1,615
Salon Lofts Group, LLC+(25)	Second lien	SF +	9.00 %	(i)(j)	14.30 %	PIK			09/2029	578		572		—		578
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.35 %				09/2029	540		538		—		540
Salon Lofts Group, LLC+(25)	Second lien	SF +	9.00 %	(i)(j)	14.11 %	PIK			09/2029	786		762		—		786
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.35 %				08/2028	349		347		—		349
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.35 %				08/2028	344		342		—		344
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.35 %				08/2028	272		271		—		272
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.35 %				08/2028	156		155		—		156

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(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+(25)	Second lien	SF +	9.00 %	(i)	13.60 %	PIK			09/2029	$	150	$	148	—	%	$	150
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.35 %				08/2028	114		113		—		114
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.35 %				08/2028	105		104		—		105
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.35 %				08/2028	86		86		—		86
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.35 %				08/2028	80		80		—		80
Salon Lofts Group, LLC+(5)	Senior secured	SF +	5.75 %		N/A(6)				08/2028	—		( 4 )		—		—
Salon Lofts Group, LLC+(5)	Senior secured	SF +	5.75 %		N/A(6)				08/2028	—		( 2 )		—		—
Salon Lofts Group, LLC+(5)	Senior secured	SF +	5.75 %		N/A(6)				08/2028	—		( 6 )		—		—
Salon Lofts Group, LLC+(25)	Second lien	SF +	9.00 %	(i)	13.60 %	PIK			09/2029	304		266		—		304
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.35 %				08/2028	170		169		—		170
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.~^&<+(8)	One stop	SF +	5.25 %	(i)	9.85 %				12/2029	29,510		29,234		0.7		29,510
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.<+(8)(9)	One stop	CA +	5.25 %	(l)	9.18 %				12/2029	8,039		7,938		0.2		8,039
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(8)	One stop	SF +	5.25 %	(i)	9.85 %				12/2028	501		495		—		501
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(5)(8)	One stop	SF +	5.25 %		N/A(6)				12/2029	—		( 60 )		—		—
Titan Fitness, LLC*#<+(25)	One stop	SF +	7.25 %	(h)	10.05 %	cash/	2.50 %	PIK	10/2026	38,898		38,338		0.8		33,063
Titan Fitness, LLC+(25)	One stop	SF +	7.25 %	(h)	10.05 %	cash/	2.50 %	PIK	10/2026	2,822		2,749		0.1		2,398
Titan Fitness, LLC+(25)	One stop	SF +	7.25 %	(h)	9.92 %	cash/	2.50 %	PIK	10/2026	423		400		—		300
Vermont Aus Pty Ltd+(8)(9)(11)	One stop	A +	5.75 %	(e)	10.23 %				03/2028	9,465		9,969		0.2		9,465
Vermont Aus Pty Ltd+(8)(9)(11)	One stop	A +	5.75 %	(e)	10.23 %				03/2028	10,081		10,081		0.3		10,081
VSG Acquisition Corp. and Sherrill, Inc.&+	One stop	SF +	5.50 %	(i)	11.01 %				04/2028	12,113		11,918		0.3		11,749
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.50 %	(i)	11.01 %				04/2028	1,617		1,571		—		1,569
VSG Acquisition Corp. and Sherrill, Inc.+(5)	One stop	SF +	5.50 %		N/A(6)				04/2028	—		( 6 )		—		( 6 )
										353,762		351,918		8.6		345,415

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(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)
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.<+(8)(10)	One stop	SF +	6.00 %	(j)	10.58 %				03/2028	$	2,347	$	2,325	0.1	%	$	2,112
Dollfus Mieg Company, Inc.<+(8)(10)	One stop	SF +	6.00 %	(j)	10.58 %				03/2028	1,170		1,159		—		1,052
Dollfus Mieg Company, Inc.<+(8)(10)	One stop	SF +	6.00 %	(j)	10.58 %				03/2028	1,027		1,018		—		925
Elite Sportswear, L.P.+(25)	Senior secured	SF +	7.25 %	(i)	11.12 %	cash/	1.00 %	PIK	09/2025	9,951		9,913		0.3		9,951
Elite Sportswear, L.P.+(25)	Senior secured	SF +	7.25 %	(i)	11.12 %	cash/	1.00 %	PIK	09/2025	3,999		3,983		0.1		3,999
Elite Sportswear, L.P.+(25)	Senior secured	SF +	7.25 %	(i)	11.12 %	cash/	1.00 %	PIK	09/2025	2,058		2,050		0.1		2,058
Elite Sportswear, L.P.*+(25)	Senior secured	SF +	7.25 %	(i)	11.12 %	cash/	1.00 %	PIK	09/2025	683		680		—		683
Elite Sportswear, L.P.+(25)	Senior secured	SF +	7.25 %	(i)	11.12 %	cash/	1.00 %	PIK	09/2025	312		311		—		312
Elite Sportswear, L.P.*+(25)	Senior secured	SF +	7.25 %	(i)	11.12 %	cash/	1.00 %	PIK	09/2025	298		298		—		298
Elite Sportswear, L.P.+(25)	Senior secured	SF +	7.25 %	(i)	11.12 %	cash/	1.00 %	PIK	09/2025	115		111		—		115
Elite Sportswear, L.P.+(25)	Senior secured	SF +	7.25 %	(i)	11.12 %	cash/	1.00 %	PIK	09/2025	4		4		—		4
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50 %	(i)	10.25 %				11/2024	9,211		9,207		0.2		9,235
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50 %	(i)	10.25 %				11/2024	6,375		6,371		0.2		6,391
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50 %	(i)	10.25 %				11/2024	987		986		—		989
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50 %	(i)	10.25 %				11/2024	886		886		—		889
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50 %	(i)	10.25 %				11/2024	622		622		—		623
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50 %	(i)	10.25 %				11/2024	2		2		—		2
Shoes For Crews Global, LLC+	Senior secured	SF +	6.50 %	(h)	11.82 %				07/2029	1,302		1,302		—		1,302
Shoes For Crews Global, LLC+(25)	Senior secured	SF +	7.00 %	(h)	7.32 %	cash/	5.00 %	PIK	07/2029	718		690		—		688
Shoes For Crews Global, LLC+	Senior secured	SF +	6.50 %	(h)	11.82 %				07/2029	421		421		—		421
Shoes For Crews Global, LLC+(5)	Senior secured	SF +	6.50 %		N/A(6)				07/2029	—		( 34 )		—		—
										42,488		42,305		1.0		42,049
Trading Companies & Distributors
Marcone Yellowstone Buyer Inc.<+	One stop	SF +	6.25 %	(i)	11.73 %				06/2028	20,073		19,822		0.5		17,915
Marcone Yellowstone Buyer Inc.&<+	One stop	SF +	6.25 %	(i)	11.73 %				06/2028	20,821		20,421		0.5		18,583
Marcone Yellowstone Buyer Inc.<+	One stop	SF +	6.50 %	(i)	11.98 %				06/2028	6,181		6,035		0.2		5,563
Marcone Yellowstone Buyer Inc.<+	One stop	SF +	6.25 %	(i)	11.72 %				06/2028	2,548		2,463		0.1		2,274
Marcone Yellowstone Buyer Inc.&+	One stop	SF +	6.25 %	(i)	11.73 %				06/2028	6,670		6,425		0.1		5,953
										56,293		55,166		1.4		50,288
Water Utilities
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75 %	(i)	9.85 %				06/2027	24,409		24,228		0.6		24,226
S.J. Electro Systems, LLC~&<	Senior secured	SF +	4.75 %	(i)	10.15 %				06/2027	18,775		18,722		0.5		18,635
S.J. Electro Systems, LLC<+	Senior secured	SF +	4.75 %	(i)	10.15 %				06/2027	1,184		1,175		—		1,176
S.J. Electro Systems, LLC+(5)	Senior secured	SF +	4.75 %		N/A(6)				06/2027	—		( 63 )		—		( 63 )
Vessco Midco Holdings, LLC+	One stop	SF +	5.25 %	(h)(j)	10.22 %				07/2031	22,500		22,281		0.6		22,275
Vessco Midco Holdings, LLC+	One stop	SF +	5.25 %	(j)	9.54 %				07/2031	1,100		1,064		—		1,025
Vessco Midco Holdings, LLC+(5)	One stop	SF +	5.25 %		N/A(6)				07/2031	—		( 24 )		—		( 25 )
										67,968		67,383		1.7		67,249
Total non-controlled/non-affiliate company debt investments										7,686,718		7,639,077		188.0		7,546,848

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)	Interest Rate (2)		Acquisition Date	Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity investments (21)(22)
Aerospace & Defense
PPW Aero Buyer, Inc.+	LP units	N/A	N/A		02/2023	N/A	93	$	948	—	%	$	771
Tronair Parent, Inc.+	LLC units	N/A	N/A		07/2021	N/A	—	40		—		66
								988		—		837
Auto Components
Polk Acquisition Corp.+	LP interest	N/A	N/A		06/2016	N/A	5	314		—		—

Automobiles
CAP-KSI Holdings, LLC+	Preferred stock	N/A	N/A		06/2024	N/A	645	645		—		645
CAP-KSI Holdings, LLC+	LP units	N/A	N/A		06/2024	N/A	645	—		—		—
CG Group Holdings, LLC+	LP units	N/A	N/A		07/2021	N/A	1	983		—		645
Go Car Wash Parent, Corp.+(23)	Preferred stock	N/A	17.00 %	Non-Cash	04/2022	N/A	—	3,202		0.1		3,136
Go Car Wash Parent, Corp.+	Common stock	N/A	N/A		04/2022	N/A	—	554		—		19
MOP GM Holding, LLC+	LP units	N/A	N/A		11/2020	N/A	—	499		—		546
MOP GM Holding, LLC+	Preferred stock	N/A	N/A		06/2024	N/A	—	34		—		36
National Express Wash Parent Holdco, LLC+	LP units	N/A	N/A		07/2022	N/A	1	103		—		134
POY Holdings, LLC+	LLC units	N/A	N/A		11/2022	N/A	446	820		—		966
Quick Quack Car Wash Holdings, LLC+	LP units	N/A	N/A		06/2024	N/A	1,085	1,085		0.1		1,143
Quick Quack Car Wash Holdings, LLC+	LLC units	N/A	N/A		06/2024	N/A	215	215		—		226
Yorkshire Parent, Inc.+	LP units	N/A	N/A		12/2023	N/A	—	544		—		577
								8,684		0.2		8,073
Biotechnology
Cobepa BlueSky Aggregator, SCSp+	LP units	N/A	N/A		10/2023	N/A	4	40		—		41
Cobepa BlueSky Aggregator, SCSp+(23)	Preferred stock	N/A	15.00 %	Non-Cash	04/2024	N/A	5	54		—		53
Cobepa BlueSky Aggregator, SCSp+	LP interest	N/A	N/A		12/2021	N/A	219	1,899		—		670
								1,993		—		764
Building Products
BECO Holding Company, Inc.+(23)	Preferred stock	N/A	11.75 %	Non-Cash	11/2021	N/A	132	17,967		0.5		17,976
BECO Holding Company, Inc.+	LP interest	N/A	N/A		11/2021	N/A	10	1,218		—		987
								19,185		0.5		18,963
Chemicals
Inhance Technologies Holdings, LLC+	Preferred stock	N/A	N/A		12/2021	N/A	12	7,283		0.1		4,902
Inhance Technologies Holdings, LLC+	LLC units	N/A	N/A		07/2018	N/A	—	124		—		—
								7,407		0.1		4,902
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+	LP interest	N/A	N/A		10/2021	N/A	773	836		—		996
FR Vision Holdings, Inc.+	LP units	N/A	N/A		01/2024	N/A	—	461		—		471
Franchise Brands plc+(8)(9)(10)(23)(24)	Common stock	N/A	N/A		04/2023	N/A	51	113		—		118
North Haven Stack Buyer, LLC	LLC units	N/A	N/A		07/2021	N/A	516	637		—		846
PT Intermediate Holdings III, LLC+	LLC units	N/A	N/A		12/2021	N/A	16	1,787		0.1		1,879
Radwell Parent, LLC+	LP units	N/A	N/A		03/2022	N/A	4	477		—		465
								4,311		0.1		4,775

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)	Interest Rate (2)		Acquisition Date	Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Containers & Packaging
Chase Intermediate+	LP units	N/A	N/A		04/2022	N/A	217	$	209	—	%	$	337

Diversified Consumer Services
CHHJ Midco, LLC+(23)	LLC units	N/A	N/A		01/2021	N/A	27	311		—		419
CHVAC Services Investment, LLC+	Common stock	N/A	N/A		05/2024	N/A	105	267		—		301
DP Flores Holdings, LLC+	LLC units	N/A	N/A		09/2022	N/A	106	119		—		137
EMS LINQ, LLC+	LP interest	N/A	N/A		12/2021	N/A	761	758		—		748
EWC Growth Partners LLC+	LLC interest	N/A	N/A		03/2020	N/A	—	12		—		—
HS Spa Holdings, Inc.+	Common stock	N/A	N/A		05/2022	N/A	729	732		—		730
Liminex, Inc.+	Common stock	N/A	N/A		11/2020	N/A	17	634		—		681
NSG Buyer, Inc. +(8)	LP units	N/A	N/A		11/2022	N/A	3	2,992		0.1		3,616
PADI Holdco, Inc.+	LLC interest	N/A	N/A		07/2017	N/A	1	987		0.1		868
Project Alpha Intermediate Holdings, Inc.+(23)	Preferred stock	N/A	9.00 %	Non-Cash	08/2016	N/A	—	1,148		0.1		1,646
Project Alpha Intermediate Holdings, Inc.+	Common stock	N/A	N/A		08/2016	N/A	202	329		—		755
Virginia Green Acquisition, LLC+	LP units	N/A	N/A		12/2023	N/A	397	407		—		454
								8,696		0.3		10,355
Electronic Equipment, Instruments & Components
Inventus Power, Inc.+	Preferred stock	N/A	N/A		03/2014	N/A	—	372		—		20
Inventus Power, Inc.+	LLC units	N/A	N/A		04/2018	N/A	—	88		—		276
Inventus Power, Inc.+	LP interest	N/A	N/A		05/2019	N/A	—	20		—		61
Inventus Power, Inc.+	Common stock	N/A	N/A		03/2014	N/A	—	—		—		—
								480		—		357

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)	Interest Rate (2)	Acquisition Date	Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food & Staples Retailing
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	08/2015	N/A	44	$	217	—	%	$	217
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	02/2016	N/A	20	61		—		48
Mendocino Farms, LLC+(23)	Common stock	N/A	N/A	06/2018	N/A	227	1,041		—		1,433
PDI TA Holdings, Inc.+	Preferred stock	N/A	N/A	02/2023	N/A	135	4,613		0.2		5,660
Ruby Slipper Cafe LLC, The+	LLC units	N/A	N/A	06/2024	N/A	3	47		—		49
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	01/2018	N/A	38	423		—		174
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	08/2020	N/A	2	28		—		46
							6,430		0.2		7,627
Food Products
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	06/2021	N/A	107	195		—		302
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	05/2023	N/A	6	14		—		15
Borrower R365 Holdings, LLC+	LLC units	N/A	N/A	01/2022	N/A	4	9		—		11
Borrower R365 Holdings, LLC+	Common stock	N/A	N/A	06/2022	N/A	1	3		—		4
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	06/2022	N/A	2	4		—		6
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	05/2023	N/A	1	3		—		4
Borrower R365 Holdings, LLC+	LP units	N/A	N/A	05/2023	N/A	—	1		—		1
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	04/2024	N/A	21	73		—		68
Kodiak Cakes, LLC+(23)	Common stock	N/A	N/A	06/2021	N/A	—	557		—		842
Louisiana Fish Fry Products, Ltd.+	Common stock	N/A	N/A	07/2021	N/A	—	599		—		331
Louisiana Fish Fry Products, Ltd.+	Preferred stock	N/A	N/A	09/2022	N/A	—	24		—		36
P&P Food Safety Holdings, Inc.+	Preferred stock	N/A	N/A	03/2024	N/A	—	32		—		35
P&P Food Safety Holdings, Inc.+	Common stock	N/A	N/A	12/2020	N/A	5	434		—		238
Purfoods, LLC+	LLC interest	N/A	N/A	05/2016	N/A	—	945		0.2		4,991
							2,893		0.2		6,884
Healthcare Equipment & Supplies
Aspen Medical Products, LLC+	LP interest	N/A	N/A	06/2019	N/A	—	98		—		111
Blue River Pet Care, LLC+	Common stock	N/A	N/A	08/2019	N/A	—	734		0.1		856
CCSL Holdings, LLC+(8)	LP interest	N/A	N/A	12/2020	N/A	—	499		—		680
CMI Parent Inc.+	Common stock	N/A	N/A	08/2019	N/A	—	557		—		626
CMI Parent Inc.+	Common stock	N/A	N/A	08/2019	N/A	8	483		—		716
G & H Wire Company, Inc.+	LLC interest	N/A	N/A	09/2017	N/A	335	269		—		—
JHC Investment Intermediate Holdings, LLC+	LLC units	N/A	N/A	03/2024	N/A	5,293	—		—		188
							2,640		0.1		3,177

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)	Interest Rate (2)		Acquisition Date	Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Healthcare Providers & Services
Active Day, Inc.+	LLC interest	N/A	N/A		12/2015	N/A	2	$	1,099	0.1	%	$	1,217
Acuity Eyecare Holdings, LLC+	LLC interest	N/A	N/A		03/2017	N/A	1,632	2,235		0.1		4,614
Acuity Eyecare Holdings, LLC+	LLC units	N/A	N/A		05/2021	N/A	889	1,023		0.1		2,919
ADCS Clinics Intermediate Holdings, LLC+	Preferred stock	N/A	N/A		05/2016	N/A	2	1,119		0.1		1,300
ADCS Clinics Intermediate Holdings, LLC+	Common stock	N/A	N/A		05/2016	N/A	—	6		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	LLC units	N/A	N/A		03/2021	N/A	180	192		—		184
CRH Healthcare Purchaser, Inc.+	LP interest	N/A	N/A		12/2018	N/A	531	456		—		625
DCA Investment Holding, LLC(23)	Preferred stock	N/A	8.00 %	Non-Cash	12/2022	N/A	1,142	659		—		783
DCA Investment Holding, LLC	Common stock	N/A	N/A		12/2022	N/A	12	5		—		—
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		02/2021	N/A	—	749		—		435
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		02/2021	N/A	—	79		—		108
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		02/2021	N/A	11	4		—		—
Encorevet Group LLC+	Preferred stock	N/A	N/A		05/2024	N/A	3	261		—		203
Krueger-Gilbert Health Physics, LLC+	Common stock	N/A	N/A		05/2019	N/A	239	324		—		621
Midwest Veterinary Partners, LLC+(23)	Preferred stock	N/A	12.00 %	Non-Cash	08/2021	N/A	1	1,984		0.1		2,123
Midwest Veterinary Partners, LLC+	Warrant	N/A	N/A		07/2019	N/A	9	152		—		482
Midwest Veterinary Partners, LLC+(23)	Preferred stock	N/A	10.00 %	Non-Cash	07/2019	N/A	—	57		—		68
MWD Management, LLC & MWD Services, Inc.+	LLC interest	N/A	N/A		06/2017	N/A	412	335		—		660
NDX Parent, LLC+	Common stock	N/A	N/A		06/2021	N/A	—	278		—		11
NDX Parent, LLC+	Preferred stock	N/A	N/A		01/2023	N/A	84	88		—		82
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	Common stock	N/A	N/A		05/2021	N/A	—	407		—		311
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A		08/2016	N/A	—	528		—		866
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A		08/2016	N/A	4	74		—		1,036
Pyramid Healthcare Acquisition Corp.+	Common stock	N/A	N/A		05/2021	N/A	257	310		—		385
Radiology Partners, Inc.+	LLC units	N/A	N/A		02/2018	N/A	11	68		—		86
Radiology Partners, Inc.+	LLC interest	N/A	N/A		09/2014	N/A	43	55		—		340
Sage Dental Management, LLC+	LLC units	N/A	N/A		10/2012	N/A	—	249		—		617
Sage Dental Management, LLC+	LLC units	N/A	N/A		10/2012	N/A	3	3		—		—
Suveto Buyer, LLC+	Common stock	N/A	N/A		11/2021	N/A	8	727		—		534
								13,526		0.5		20,610

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)		Acquisition Date	Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Healthcare Technology
Amberfield Acquisition Co.+	LLC units	N/A			N/A		05/2024	N/A	446	$	449	—	%	$	447
Connexin Software, Inc.+	LLC interest	N/A			N/A		02/2018	N/A	180	228		—		301
Connexin Software, Inc.+	LLC units	N/A			N/A		02/2024	N/A	12	16		—		23
HSI Halo Acquisition, Inc.+(23)	Preferred stock	N/A			10.00 %	Non-Cash	10/2019	N/A	—	102		—		233
HSI Halo Acquisition, Inc.+	LP interest	N/A			N/A		10/2019	N/A	—	14		—		58
Symplr Software, Inc.+(23)	Preferred stock	N/A			11.00 %	Non-Cash	10/2021	N/A	15	18,931		0.5		19,043
Symplr Software, Inc.+(23)	Preferred stock	SF +	10.50 %	(i)	15.10 %	Non-Cash	11/2018	N/A	3	5,513		0.2		6,675
Symplr Software, Inc.+(23)	Preferred stock	N/A			11.00 %	Non-Cash	12/2020	N/A	2	2,373		0.1		2,527
Symplr Software, Inc.+(23)	Preferred stock	N/A			11.00 %	Non-Cash	06/2021	N/A	1	1,433		—		1,478
Symplr Software, Inc.+	LLC units	N/A			N/A		09/2021	N/A	—	161		—		185
Symplr Software, Inc.+	Common stock	N/A			N/A		11/2018	N/A	219	237		—		1,064
Tebra Technologies, Inc.+	LLC interest	N/A			N/A		07/2022	N/A	348	2,824		0.1		2,972
Tebra Technologies, Inc.+	Warrant	N/A			N/A		03/2019	N/A	169	871		—		547
Tebra Technologies, Inc.+	Warrant	N/A			N/A		06/2017	N/A	53	162		—		56
Tebra Technologies, Inc.+	Preferred stock	N/A			N/A		09/2018	N/A	1	8		—		11
										33,322		0.9		35,620
Hotels, Restaurants & Leisure
Cafe Rio Holding, Inc.+	Common stock	N/A			N/A		09/2017	N/A	5	603		—		760
Freddy's Frozen Custard LLC+	LP interest	N/A			N/A		03/2021	N/A	287	384		—		648
Harri US LLC+	LLC units	N/A			N/A		02/2022	N/A	119	892		—		711
Harri US LLC+	Preferred stock	N/A			N/A		10/2021	N/A	102	649		—		587
Harri US LLC+	Warrant	N/A			N/A		10/2021	N/A	34	171		—		196
Harri US LLC+	Preferred stock	N/A			N/A		10/2023	N/A	96	1,141		0.1		1,342
Harri US LLC+	Warrant	N/A			N/A		03/2024	N/A	9	69		—		132
LMP TR Holdings, LLC	LLC units	N/A			N/A		05/2013	N/A	712	712		0.1		1,691
PB Group Holdings, LLC+	LP units	N/A			N/A		08/2024	N/A	383	886		—		886
SSRG Holdings, LLC+(23)	LP interest	N/A			N/A		11/2019	N/A	46	604		—		566
										6,111		0.2		7,519
Insurance
Accession Risk Management Group, Inc.+(23)	Preferred stock	N/A			13.25 %	Non-Cash	08/2023	N/A	9	9,987		0.3		9,988
Majesco+(23)	Preferred stock	N/A			9.00 %	Non-Cash	09/2020	N/A	—	534		—		611
Majesco+	LP interest	N/A			N/A		09/2020	N/A	97	94		—		324
Oakbridge Insurance Agency LLC+	LP units	N/A			N/A		11/2023	N/A	20	404		—		412
										11,019		0.3		11,335
Internet & Direct Marketing Retail
Revalize, Inc.+	Preferred stock	N/A			N/A		12/2021	N/A	25	26,215		0.8		30,067
Revalize, Inc.+	Preferred stock	N/A			N/A		12/2021	N/A	15	15,735		0.4		18,046
Revalize, Inc.+	Preferred stock	N/A			N/A		12/2022	N/A	11	11,050		0.3		11,768
Revalize, Inc.+	Preferred stock	N/A			N/A		04/2022	N/A	4	4,285		0.1		4,481
										57,285		1.6		64,362
IT Services
Appriss Health Intermediate Holdings, Inc+(23)	Preferred stock	N/A			11.00 %	Non-Cash	05/2021	N/A	3	3,664		0.1		3,777
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A			N/A		02/2020	N/A	804	2,398		0.2		7,470
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A			N/A		10/2020	N/A	211	931		0.1		1,959
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A			N/A		07/2021	N/A	48	407		—		449

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)	Interest Rate (2)		Acquisition Date	Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Warrant	N/A	N/A		08/2020	N/A	277	$	779	0.1	%	$	2,393
Critical Start, Inc.+	Common stock	N/A	N/A		05/2022	N/A	343	379		—		175
Kentik Technologies, Inc.+	Preferred stock	N/A	N/A		09/2021	N/A	275	1,587		—		1,578
Netwrix Corporation+	LLC units	N/A	N/A		06/2022	N/A	7	19		—		18
Optimizely North America, Inc.+	Common stock	N/A	N/A		10/2018	N/A	92	1,089		—		1,528
Saturn Borrower Inc.+	LP units	N/A	N/A		09/2020	N/A	485	418		—		267
								11,671		0.5		19,614
Leisure Products
Massage Envy, LLC+	LLC interest	N/A	N/A		09/2012	N/A	749	210		0.1		1,682
Movement Holdings, LLC+	LLC units	N/A	N/A		03/2024	N/A	—	152		—		136
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	82	141		—		119
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	56	96		—		82
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	47	78		—		66
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	41	70		—		59
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	18	29		—		25
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	2	2		—		2
								778		0.1		2,171
Life Sciences Tools & Services
Celerion Buyer, Inc.+	LP units	N/A	N/A		11/2022	N/A	1,302	1,309		—		1,302
Celerion Buyer, Inc.+	LP units	N/A	N/A		11/2022	N/A	1,302	188		—		982
PAS Parent Inc.+	LP interest	N/A	N/A		12/2021	N/A	15	1,651		0.1		1,618
PAS Parent Inc.+	Preferred stock	N/A	N/A		03/2023	N/A	2	267		—		299
Reaction Biology Corporation+	LLC units	N/A	N/A		03/2022	N/A	—	321		—		4
								3,736		0.1		4,205
Oil, Gas & Consumable Fuels
W3 Co.+	LLC interest	N/A	N/A		03/2017	N/A	3	1,633		—		1,679
W3 Co.+	Preferred stock	N/A	N/A		01/2019	N/A	—	224		—		252
								1,857		—		1,931
Paper & Forest Products
Messenger, LLC+	LLC units	N/A	N/A		12/2021	N/A	8	667		—		620
Messenger, LLC+	LLC units	N/A	N/A		12/2021	N/A	1	—		—		—
								667		—		620
Pharmaceuticals
Amalthea Parent, Inc.+(8)	LP interest	N/A	N/A		03/2021	N/A	701	606		—		390
Cobalt Buyer Sub, Inc.+(23)	Preferred stock	N/A	13.75 %	Non-Cash	10/2021	N/A	11	15,926		0.4		17,048
Cobalt Buyer Sub, Inc.+	Preferred stock	N/A	N/A		10/2021	N/A	—	246		—		306
Cobalt Buyer Sub, Inc.+	Common stock	N/A	N/A		10/2021	N/A	3	2		—		27
								16,780		0.4		17,771

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)		Acquisition Date	Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Professional Services
Eclipse Buyer, Inc.+(23)	Preferred stock	N/A			12.50 %	Non-Cash	09/2024	N/A	—	$	1,609	0.1	%	$	1,595
Enboarder, Inc.+(8)(11)	Preferred stock	N/A			N/A		01/2022	N/A	83	859		—		567
Filevine, Inc.+	Preferred stock	N/A			N/A		04/2022	N/A	362	2,867		0.1		3,992
Filevine, Inc.+	Warrant	N/A			N/A		04/2022	N/A	54	224		—		485
Filevine, Inc.+	Preferred stock	N/A			N/A		05/2024	N/A	21	176		—		234
Net Health Acquisition Corp.+	LP interest	N/A			N/A		12/2017	N/A	14	1,684		0.1		2,311
Procure Acquireco, Inc.+	LP interest	N/A			N/A		12/2021	N/A	—	901		—		1,150
										8,320		0.3		10,334
Real Estate Management & Development
Inhabit IQ Inc.+	Common stock	N/A			N/A		01/2018	N/A	73	595		—		1,488
SC Landco Parent, LLC+	Common stock	N/A			N/A		09/2022	N/A	2	274		—		260
										869		—		1,748
Road & Rail
Internet Truckstop Group, LLC+	LP interest	N/A			N/A		04/2019	N/A	554	587		—		402

Software
Anaplan, Inc.+	LP interest	N/A			N/A		06/2022	N/A	962	1,254		0.1		1,492
Aras Corporation+(23)	Preferred stock	N/A			12.00 %	Non-Cash	04/2021	N/A	1	1,937		0.2		2,108
Aras Corporation+	LP interest	N/A			N/A		04/2021	N/A	427	446		—		531
Astute Holdings, Inc.+	LP interest	N/A			N/A		04/2019	N/A	—	520		—		547
Auvik Networks Inc.+(8)(12)	Preferred stock	N/A			N/A		07/2021	N/A	37	405		—		504
Auvik Networks Inc.+(8)(12)	Preferred stock	N/A			N/A		02/2023	N/A	4	46		—		57
Bayshore Intermediate #2, L.P.+	Common stock	N/A			N/A		10/2021	N/A	5,841	5,890		0.2		6,231
Calabrio, Inc.+	LP interest	N/A			N/A		04/2021	N/A	1	1,157		—		1,135
Calabrio, Inc.+	LP interest	N/A			N/A		04/2021	N/A	134	0		—		0
CB Buyer, Inc.+	LP units	N/A			N/A		07/2024	N/A	258	258		—		258
Cloudbees, Inc.+	Preferred stock	N/A			N/A		11/2021	N/A	179	2,008		0.1		2,021
Cloudbees, Inc.+	Warrant	N/A			N/A		05/2018	N/A	158	445		—		1,157
Cloudbees, Inc.+	Preferred stock	N/A			N/A		06/2018	N/A	86	602		—		797
Cynet Security Ltd.+(8)(15)	Preferred stock	N/A			N/A		08/2022	N/A	220	855		—		1,008
Denali Bidco Limited+(8)(10)	LP interest	N/A			N/A		08/2023	N/A	431	610		—		824
Diligent Corporation+(23)	Preferred stock	N/A			10.50 %	Non-Cash	04/2021	N/A	24	30,108		0.8		31,231
Diligent Corporation+	Preferred stock	N/A			N/A		04/2016	N/A	415	912		0.1		2,543
FirstUp, Inc.+	Common stock	N/A			N/A		07/2021	N/A	305	661		—		346
GS Acquisitionco, Inc.+(23)	Preferred stock	N/A			11.00 %	Non-Cash	04/2021	N/A	35	44,899		1.2		46,202
GS Acquisitionco, Inc.+(23)	Preferred stock	N/A			11.00 %	Non-Cash	11/2021	N/A	5	5,740		0.1		5,741
GS Acquisitionco, Inc.+	LP interest	N/A			N/A		09/2021	N/A	1	363		—		952
GS Acquisitionco, Inc.+(23)	Preferred stock	SF +	10.50 %	(i)	15.10 %	Non-Cash	08/2023	N/A	—	120		—		120
GTY Technology Holdings, Inc.+	LP units	N/A			N/A		07/2022	N/A	73	91		—		140
Gurobi Optimization, LLC+	Common stock	N/A			N/A		09/2024	N/A	—	709		—		709
Impartner, Inc.+	Preferred stock	N/A			N/A		10/2021	N/A	39	307		—		217
Kaseya Inc.+(23)	Preferred stock	SF +	10.75 %	(i)	15.35 %	Non-Cash	06/2022	N/A	5	5,750		0.2		5,787
Kaseya Inc.+	LP interest	N/A			N/A		06/2022	N/A	250	252		—		267
Ministry Brands Holdings LLC+	LP interest	N/A			N/A		12/2021	N/A	799	773		—		704

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)		Acquisition Date	Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
mParticle, Inc.+	Preferred stock	N/A			N/A		09/2021	N/A	227	$	1,429	—	%	$	1,120
mParticle, Inc.+	Warrant	N/A			N/A		08/2020	N/A	115	143		—		382
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+	Warrant	N/A			N/A		10/2019	N/A	6	17		—		20
Onit, Inc.+(23)	Preferred stock	N/A			15.00 %	Non-Cash	02/2023	N/A	—	117		—		128
Onit, Inc.+	Warrant	N/A			N/A		02/2023	N/A	—	14		—		20
Panzura, LLC+	LLC units	N/A			N/A		09/2023	N/A	2	6		—		—
Personify, Inc.+	LP interest	N/A			N/A		09/2018	N/A	879	1,396		0.1		2,303
Pluralsight, LLC+	LLC units	N/A			N/A		08/2024	N/A	1,988	3,663		0.1		3,663
QAD, Inc.+(23)	Preferred stock	N/A			9.00 %	Non-Cash	11/2021	N/A	1	1,243		—		1,147
QAD, Inc.+	Common stock	N/A			N/A		11/2021	N/A	68	134		—		0
RegEd Aquireco, LLC+	LP interest	N/A			N/A		12/2018	N/A	—	358		—		163
RegEd Aquireco, LLC+	Preferred stock	N/A			N/A		07/2023	N/A	—	27		—		32
RegEd Aquireco, LLC+	LP interest	N/A			N/A		12/2018	N/A	4	21		—		0
Riskonnect Parent, LLC+(23)	Preferred stock	N/A			11.00 %	Non-Cash	04/2022	N/A	26	32,359		0.8		31,936
Riskonnect Parent, LLC+	LP interest	N/A			N/A		11/2021	N/A	1,382	1,412		—		1,513
Riskonnect Parent, LLC+(23)	Preferred stock	SF +	10.50 %	(i)	15.10 %	Non-Cash	07/2022	N/A	—	920		—		934
Riskonnect Parent, LLC+(23)	Preferred stock	N/A			10.50 %	Non-Cash	06/2024	N/A	—	51		—		52
SnapLogic, Inc.+	Preferred stock	N/A			N/A		09/2019	N/A	344	1,028		—		1,707
SnapLogic, Inc.+	Warrant	N/A			N/A		09/2019	N/A	131	162		—		439
Spartan Buyer Acquisition Co.+	Common stock	N/A			N/A		12/2020	N/A	1	794		—		584
Spartan Buyer Acquisition Co.+	Preferred stock	N/A			N/A		12/2022	N/A	—	110		—		132
Telesoft Holdings LLC+	LP interest	N/A			N/A		12/2019	N/A	137	129		—		123
Templafy APS and Templafy, LLC+(8)(18)	Warrant	N/A			N/A		07/2022	N/A	—	82		—		96
Togetherwork Holdings, LLC+	Preferred stock	N/A			N/A		07/2024	N/A	307	1,342		—		1,355
Workforce Software, LLC+(23)	Common stock	N/A			N/A		07/2019	N/A	—	973		0.1		1,524
Workforce Software, LLC+	Common stock	N/A			N/A		01/2022	N/A	—	36		—		48
Zendesk, Inc.+	LP units	N/A			N/A		11/2022	N/A	63	708		—		602
										155,792		4.1		163,652

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)	Interest Rate (2)		Acquisition Date	Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail
Ave Holdings III, Corp+(23)	Preferred stock	N/A	11.50 %	Non-Cash	02/2022	N/A	15	$	18,188	0.5	%	$	17,541
Ave Holdings III, Corp+	LP units	N/A	N/A		02/2022	N/A	2	1,737		—		936
Batteries Plus Holding Corporation+	LP interest	N/A	N/A		07/2016	N/A	10	1,287		—		1,239
Cycle Gear, Inc.+	LLC units	N/A	N/A		02/2016	N/A	2,002	481		—		183
Cycle Gear, Inc.+	Preferred stock	N/A	N/A		01/2023	N/A	75	75		—		150
Pet Holdings ULC+(8)(12)(23)	LP interest	N/A	N/A		04/2015	N/A	677	383		—		657
Salon Lofts Group, LLC+	LP units	N/A	N/A		08/2022	N/A	—	129		—		112
Southern Veterinary Partners, LLC+(23)	Preferred stock	N/A	12.00 %	Non-Cash	06/2021	N/A	5	6,397		0.2		7,200
Southern Veterinary Partners, LLC+(23)	Preferred stock	N/A	10.00 %	Non-Cash	05/2018	N/A	—	899		—		1,360
Southern Veterinary Partners, LLC+	LLC interest	N/A	N/A		05/2018	N/A	148	188		0.2		5,022
VSG Acquisition Corp. and Sherrill, Inc.+	LP units	N/A	N/A		04/2022	N/A	—	57		—		47
								29,821		0.9		34,447
Textiles, Apparel & Luxury Goods
Georgica Pine Clothiers, LLC+(23)	LLC interest	N/A	N/A		11/2015	N/A	20	239		—		369
Georgica Pine Clothiers, LLC+	Common stock	N/A	N/A		08/2020	N/A	—	—		—		2
MakerSights, Inc.+	Preferred stock	N/A	N/A		06/2021	N/A	56	265		—		104
Shoes For Crews Global, LLC+	LLC units	N/A	N/A		06/2024	N/A	2	1,083		—		1,109
								1,587		—		1,584

Total non-controlled/non-affiliate company equity investments								417,958		11.6		464,976

Total non-controlled/non-affiliate company investments								8,057,035		199.6		8,011,824

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(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 (27)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+(7)(25)	One stop	SF +	1.00 %	(i)	5.60 %	PIK			06/2026	$	7,188	$	7,071	0.1	%	$	4,888
Abita Brewing Co., L.L.C.+(7)(25)	Second lien	SF +	8.00 %	(i)	12.60 %	PIK			06/2026	4,834		3,725		—		435
Abita Brewing Co., L.L.C.+(25)	One stop	SF +	1.00 %	(i)(j)	5.81 %	PIK			06/2026	783		783		—		677
										12,805		11,579		0.1		6,000
Energy, Equipment & Services
Benetech, Inc.+(7)(25)	One stop	SF +	6.00 %	(i)	10.75 %	PIK			08/2026	4,645		3,623		0.1		1,626
Benetech, Inc.+(7)(25)	One stop	SF +	6.00 %	(i)	10.75 %	PIK			08/2026	1,210		920		—		167
										5,855		4,543		0.1		1,793
Healthcare Providers & Services
Bayside Opco, LLC+(25)	One stop	SF +	7.25 %	(i)	12.00 %				06/2026	12,845		12,782		0.3		12,845
Bayside Opco, LLC+(25)	Subordinated debt	SF +	10.00 %	(i)	14.75 %	PIK			06/2026	5,047		4,613		0.1		4,995
Bayside Opco, LLC+(25)	One stop	SF +	7.25 %	(i)	12.00 %				06/2026	4,543		4,410		0.1		4,499
Bayside Opco, LLC+	One stop	SF +	7.00 %		N/A(6)				06/2026	—		—		—		—
Elite Dental Partners LLC+(7)(25)	One stop	SF +	5.25 %	(i)	9.85 %	PIK			09/2025	16,683		13,029		0.2		5,505
Elite Dental Partners LLC+(7)(25)	One stop	SF +	12.00 %	(i)	16.60 %	PIK			09/2025	9,762		7,226		0.1		4,393
Elite Dental Partners LLC+(25)	One stop	SF +	5.25 %	(i)	9.85 %	PIK			09/2025	1,798		1,798		—		1,798
Opening Day Borrower 111 LLC+	One stop	SF +	6.25 %		N/A(6)				05/2027	—		—		—		—
Opening Day Borrower 111 LLC+	One stop	SF +	6.25 %		N/A(6)				05/2027	—		—		—		—
SPF Borrower LLC+(25)	One stop	SF +	6.25 %	(i)	9.00 %	cash/	2.00 %	PIK	02/2028	16,191		16,191		0.4		16,191
SPF Borrower LLC+(25)	One stop	SF +	9.50 %	(i)	4.75 %	cash/	9.50 %	PIK	02/2028	8,333		8,333		0.2		8,333
SPF Borrower LLC+	One stop	SF +	6.25 %		N/A(6)				02/2028	—		—		—		—
										75,202		68,382		1.4		58,559
Software
Switchfly LLC+(25)	One stop	N/A			1.00 %	PIK			10/2026	710		709		—		526

Specialty Retail
Imperial Optical Midco Inc.+	One stop	SF +	1.00 %	(i)	5.60 %				06/2029	45,065		40,793		1.0		40,558
Imperial Optical Midco Inc.+(5)	One stop	SF +	1.00 %		N/A(6)				06/2029	—		—		—		( 282 )
Imperial Optical Midco Inc.+(5)	One stop	SF +	1.00 %		N/A(6)				06/2029	—		—		—		( 1,502 )
										45,065		40,793		1.0		38,774

Total non-controlled/affiliate company debt investments										139,637		126,006		2.6		105,652

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)	Interest Rate (2)	Acquisition Date	Maturity Date	Principal ($) / Shares (3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity investments (21)(22)
Beverages
Abita Brewing Co., L.L.C.+	Warrant	N/A	N/A	02/2021	N/A	210	$	—	—	%	$	—

Healthcare Providers & Services
Bayside Opco, LLC+	LLC units	N/A	N/A	05/2023	N/A	6	2,592		0.2		6,788
Elite Dental Partners LLC	LLC interest	N/A	N/A	09/2020	N/A	—	2,902		—		—
Elite Dental Partners LLC	LLC interest	N/A	N/A	09/2020	N/A	—	1,250		—		—
Elite Dental Partners LLC	LLC units	N/A	N/A	09/2020	N/A	—	—		—		—
Opening Day Borrower 111 LLC+	Preferred stock	N/A	N/A	09/2024	N/A	181	21,172		0.5		21,172
Opening Day Borrower 111 LLC+	LLC units	N/A	N/A	04/2023	N/A	181	7,836		0.1		3,764
SPF Borrower LLC+	LLC units	N/A	N/A	02/2024	N/A	—	9,347		0.3		12,129
							45,099		1.1		43,853
Software
Switchfly LLC+	LLC interest	N/A	N/A	09/2018	N/A	98,370	2,321		—		860
Switchfly LLC+	Preferred stock	N/A	N/A	09/2024	N/A	7,275	5,375		0.1		5,375
Switchfly LLC+	LLC units	N/A	N/A	03/2022	N/A	950	950		—		552
							8,646		0.1		6,787
Specialty Retail
Imperial Optical Midco Inc.+	LLC units	N/A	N/A	06/2024	N/A	189	53,764		1.4		55,090

Total non-controlled/affiliate company equity investments							107,509		2.6		105,730

Total non-controlled/affiliate company investments							233,515		5.2		211,382

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)	Interest Rate (2)		Acquisition Date	Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Controlled affiliate company investments (28)
Debt investments
IT Services
MMan Acquisition Co.+(25)	One stop	N/A	8.00 %	PIK		03/2026	$	1,971	$	1,971	0.1	%	$	1,813
MMan Acquisition Co.+(25)	One stop	N/A	12.00 %	PIK		03/2026	1,073		1,073		—		1,073
MMan Acquisition Co.+(25)	One stop	N/A	12.00 %	PIK		03/2026	1,153		1,153		—		1,153
MMan Acquisition Co.+(25)	One stop	N/A	12.00 %	PIK		03/2026	334		334		—		334
Total controlled affiliate company debt investments							4,531		4,531		0.1		4,373

Equity investments (21)(22)
IT Services
MMan Acquisition Co.+	Preferred stock	N/A	N/A		09/2024	N/A	—		7,832		0.2		7,832

Total controlled affiliate equity investments									7,832		0.2		7,832

Total controlled affiliate company investments									12,363		0.3		12,205

Total investments									8,302,913		205.1		8,235,411

Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)			4.83 %	(29)					$	103,410	2.6	%	$	103,410
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582)			4.78 %	(29)					1,599		—		1,599
Morgan Stanley Institutional Liquidity Funds - Government Portfolio Institutional Share Class (CUSIP 61747C707)			4.85 %	(29)					7,465		0.2		7,465
Morgan Stanley US Dollar Liquidity Fund Institutional Distributing Share Class (CUSIP L64887109)			4.98 %	(29)					10,658		0.3		10,658
Allspring Government Money Market Fund Select Share Class (CUSIP 949921126)			4.86 %	(29)					2,616		0.1		2,616
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio Institutional Share Class (CUSIP 61747C525)			4.88 %	(29)					87,353		2.2		87,353
Total money market funds									213,101		5.4		213,101
Total investments and money market funds									$	8,516,014	210.5	%	$	8,448,512

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(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. Borrowings”).
#						Denotes that all or a portion of the loan secures the notes offered in the GCIC 2018 Debt Securitization (as defined in “Note 7. Borrowings”).
~						Denotes that all or a portion of the loan secures the notes offered in the GBDC 3 2021 Debt Securitization (as defined in “Note 7. Borrowings”).
^						Denotes that all or a portion of the loan secures the notes offered in the GBDC 3 2022 Debt Securitization (as defined in “Note 7. Borrowings”).
&						Denotes that all or a portion of the loan secures the notes offered in the GBDC 3 2022-2 Debt Securitization (as defined in “Note 7. Borrowings”).
<						Denotes that all or a portion of the loan collateralizes the GBDC 3 DB Credit Facility (as defined in “Note 7. Borrowings”).
+						Denotes that all or a portion of the investment collateralizes the JPM Credit Facility (as defined in “Note 7. Borrowings”).

(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 Overnight Repo Rate Average (“CORRA” or “CA”) 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, 2024. 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, 2024, 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 could not be the applicable index rate outstanding as of September 30, 2024, as the loan could have priced or repriced based on an index rate prior to September 30, 2024.

(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 8.00% as of September 30, 2024.

(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 3.35% as of September 30, 2024.

(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 3.28% as of September 30, 2024.

(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 3.11% as of September 30, 2024.

(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 4.43% as of September 30, 2024.

(f) Denotes that all or a portion of the contract was indexed to SONIA, which was 4.95% as of September 30, 2024.

(g) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 4.96% as of September 30, 2024.

(h) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 4.85% as of September 30, 2024.

(i) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 4.59% as of September 30, 2024.

(j) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 4.25% as of September 30, 2024.

(k) Denotes that all or a portion of the contract was indexed to Daily CORRA, which was 4.30% as of September 30, 2024.

(l) Denotes that all or a portion of the contract was indexed to the 90-day Term CORRA, which was 3.92% as of September 30, 2024.

(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, 2024.

(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, 2024. As such, no interest is being earned on this investment. The investment could be subject to an unused facility fee.

(7) Loan was on non-accrual status as of September 30, 2024, 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, 2024, total non-qualifying assets at fair value represented 13.3 % of the Company's total assets calculated in accordance with the 1940 Act.