GBDC 10-Q Quarterly Report June 30, 2025

GOLUB CAPITAL BDC, INC.

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gbdc-20250630

_____________________________________________________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________________________________________________________________________________________________

FORM 10-Q

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

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2025

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

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 814-00794

Golub Capital BDC, Inc.

(Exact name of registrant as specified in its charter)


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

200 Park Avenue , 25th Floor

New York , NY 10166

(Address of principal executive offices)

( 212 ) 750-6060

(Registrant's telephone number, including area code)

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


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

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

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

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

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


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

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

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

As of August 4, 2025, the Registrant h ad 266,376,416 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 June 30, 2025 (unaudited) and September 30, 2024	3
	Consolidated Statements of Operations for the three and nine months ended June 30, 2025 (unaudited) and 2024 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and nine months ended June 30, 2025 (unaudited) and 2024 (unaudited)	5
	Consolidated Statements of Cash Flows for the nine months ended June 30, 2025 (unaudited) and 2024 (unaudited)	6
	Consolidated Schedules of Investments as of June 30, 2025 (unaudited) and September 30, 2024	8
	Notes to Consolidated Financial Statements (unaudited)	99
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	147
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	179
Item 4.	Controls and Procedures	181
Part II. Other Information
Item 1.	Legal Proceedings	182
Item 1A.	Risk Factors	182
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	182
Item 3.	Defaults Upon Senior Securities	182
Item 4.	Mine Safety Disclosures	182
Item 5.	Other Information	182
Item 6.	Exhibits	183

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)


	June 30, 2025		September 30, 2024
	(unaudited)
Assets
Investments, at fair value
Non-controlled/non-affiliate company investments	$	8,682,453	$	8,011,824
Non-controlled affiliate company investments	267,240		211,382
Controlled affiliate company investments	11,856		12,205
Total investments, at fair value (amortized cost of $ 8,967,518 and $ 8,302,913 , respectively)	8,961,549		8,235,411
Cash and cash equivalents	91,855		123,120
Foreign currencies (cost of $ 7,823 and $ 7,973 , respectively)	7,901		8,044
Restricted cash and cash equivalents	79,017		227,152
Restricted foreign currencies (cost of $ 0 and $ 1,219 , respectively)	—		1,236

Interest receivable	70,783		74,036
Receivable for investments	4,808		3,545
Net unrealized appreciation on derivatives	10,729		29,490

Other assets	9,871		1,722
Total Assets	$	9,236,513	$	8,703,756
Liabilities
Debt	$	5,154,001	$	4,624,791
Less unamortized debt issuance costs	( 26,853 )		( 25,361 )
Debt less unamortized debt issuance costs	5,127,148		4,599,430

Net unrealized depreciation on derivatives	11,714		—
Interest payable	51,446		45,701
Management and income incentive fees payable	40,613		33,619
Accrued trustee fees	521		178

Accounts payable and other liabilities	9,742		10,299
Total Liabilities	5,241,184		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 June 30, 2025 and September 30, 2024	—		—
Common stock, par value $ 0.001 per share, 500,000,000 shares authorized, 266,376,416 shares issued and outstanding as of June 30, 2025; 350,000,000 shares authorized, 264,277,128 shares issued and outstanding as of September 30, 2024	266		264
Paid in capital in excess of par	4,202,928		4,167,258
Distributable earnings (losses)	( 207,865 )		( 152,993 )
Total Net Assets	3,995,329		4,014,529
Total Liabilities and Total Net Assets	$	9,236,513	$	8,703,756
Number of common shares outstanding	266,376,416		264,277,128
Net asset value per common share	$	15.00	$	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 June 30,				Nine months ended June 30,
	2025		2024		2025		2024

Investment income
From non-controlled/non-affiliate company investments:
Interest income	$	193,964	$	153,899	$	580,342	$	447,809
Payment-in-kind interest income	12,671		9,036		36,409		30,096
Dividend income	8,224		5,705		24,588		14,445
Fee income	787		665		3,032		1,482
Total investment income from non-controlled/non-affiliate company investments	215,646		169,305		644,371		493,832
From non-controlled affiliate company investments:
Interest income	1,817		795		6,301		2,625
Payment-in-kind interest income	721		1,033		1,806		3,392

Fee income	32		26		81		92
Total investment income from non-controlled affiliate company investments	2,570		1,854		8,188		6,109
From controlled affiliate company investments:

Payment-in-kind interest income	124		108		362		317

Fee income	4		4		15		13
Total investment income from controlled affiliate company investments	128		112		377		330
Total investment income	218,344		171,271		652,936		500,271
Expenses
Interest and other debt financing expenses	70,698		60,116		220,253		145,801
Base management fee	22,082		14,362		65,376		41,980
Incentive fee	18,543		14,400		54,848		56,311
Professional fees	2,142		1,486		5,747		4,136
Administrative service fee	3,142		2,090		9,229		6,480
General and administrative expenses	475		370		1,444		1,135
Total expenses	117,082		92,824		356,897		255,843
Incentive fee waived (Note 3)	—		( 14,400 )		—		( 19,557 )

Net expenses	117,082		78,424		356,897		236,286
Net investment income - before tax	101,262		92,847		296,039		263,985
Excise and income tax	—		125		( 475 )		1,195

Net investment income - after tax	101,262		92,722		296,514		262,790
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Non-controlled/non-affiliate company investments	376		( 32,137 )		( 41,844 )		( 30,988 )
Non-controlled affiliate company investments	—		—		—		( 18,517 )

Foreign currency transactions	( 400 )		( 6,206 )		( 4,279 )		( 1,560 )
Forward currency contracts	—		624		7,203		624
Net realized gain (loss) on investment transactions	( 24 )		( 37,719 )		( 38,920 )		( 50,441 )
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliate company investments	( 12,613 )		( 53,214 )		26,131		( 34,523 )
Non-controlled affiliate company investments	( 232 )		396		457		25
Controlled affiliate company investments	( 184 )		196		( 711 )		( 1,111 )
Translation of assets and liabilities in foreign currencies	23,857		3,709		12,311		( 260 )
Forward currency contracts	( 22,219 )		2,972		( 15,787 )		1,589
Net change in unrealized appreciation (depreciation) on investment transactions	( 11,391 )		( 45,941 )		22,401		( 34,280 )

Net gain (loss) on investment transactions	( 11,415 )		( 83,660 )		( 16,519 )		( 84,721 )
Net realized gain (loss) on extinguishment of debt	—		—		( 48 )		—

(Provision) benefit for taxes on unrealized appreciation on investments	211		190		409		517
Net increase (decrease) in net assets resulting from operations	$	90,058	$	9,252	$	280,356	$	178,586
Per Common Share Data
Basic and diluted earnings per common share (Note 10)	$	0.34	$	0.05	$	1.05	$	0.99
Dividends and distributions declared per common share	$	0.39	$	0.50	$	1.26	$	1.40
Basic and diluted weighted average common shares outstanding (Note 10)	266,844,118		199,969,889		265,882,773		180,047,668

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
Issuance of common stock - GBDC 3 Merger	92,115,308	92		1,526,259		—		1,526,351
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		262,790		262,790
Net realized gain (loss) on investment transactions	—	—		—		( 50,441 )		( 50,441 )
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		( 34,280 )		( 34,280 )

(Provision) benefit for taxes on unrealized appreciation on investments	—	—		—		517		517
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	2,899,006	3		44,280		—		44,283
Distributions from distributable earnings	—	—		—		( 243,455 )		( 243,455 )



Total increase (decrease) for the nine months ended June 30, 2024	95,014,314	95		1,570,539		( 64,869 )		1,505,765
Balance at June 30, 2024	264,609,056	$	265	$	4,217,451	$	( 164,073 )	$	4,053,643
Balance at March 31, 2024	171,517,307	$	172	$	2,676,430	$	( 82,962 )	$	2,593,640
Issuance of common stock - GBDC 3 Merger	92,115,308	92		1,526,259		—		1,526,351
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		92,722		92,722
Net realized gain (loss) on investment transactions	—	—		—		( 37,719 )		( 37,719 )
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		( 45,941 )		( 45,941 )

(Provision) benefit for taxes on unrealized appreciation on investments	—	—		—		190		190
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	976,441	1		14,762		—		14,763
Distributions from distributable earnings	—	—		—		( 90,363 )		( 90,363 )



Total increase (decrease) for the three months ended June 30, 2024	93,091,749	93		1,541,021		( 81,111 )		1,460,003
Balance at June 30, 2024	264,609,056	$	265	$	4,217,451	$	( 164,073 )	$	4,053,643
Balance at September 30, 2024	264,277,128	$	264	$	4,167,258	$	( 152,993 )	$	4,014,529
Issuance of common stock	2,408,940	3		37,431		—		37,434
Repurchases of common stock, net of commission costs	( 2,532,475 )	( 3 )		( 35,463 )		—		( 35,466 )
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		296,514		296,514
Net realized gain (loss) on investment transactions	—	—		—		( 38,920 )		( 38,920 )
Net realized gain (loss) on extinguishment of debt	—	—		—		( 48 )		( 48 )
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		22,401		22,401

(Provision) benefit for taxes on unrealized appreciation on investments	—	—		—		409		409
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	2,222,823	2		33,702		—		33,704
Distributions from distributable earnings	—	—		—		( 335,228 )		( 335,228 )



Total increase (decrease) for the nine months ended June 30, 2025	2,099,288	2		35,670		( 54,872 )		( 19,200 )
Balance at June 30, 2025	266,376,416	$	266	$	4,202,928	$	( 207,865 )	$	3,995,329
Balance at March 31, 2025	268,831,114	$	269	$	4,237,261	$	( 194,032 )	$	4,043,498

Repurchases of common stock, net of commission costs	( 2,454,698 )	( 3 )		( 34,333 )		—		( 34,336 )
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		101,262		101,262
Net realized gain (loss) on investment transactions	—	—		—		( 24 )		( 24 )

Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		( 11,391 )		( 11,391 )

(Provision) benefit for taxes on unrealized appreciation on investments	—	—		—		211		211
Distributions to stockholders:


Distributions from distributable earnings	—	—		—		( 103,891 )		( 103,891 )



Total increase (decrease) for the three months ended June 30, 2025	( 2,454,698 )	( 3 )		( 34,333 )		( 13,833 )		( 48,169 )
Balance at June 30, 2025	266,376,416	$	266	$	4,202,928	$	( 207,865 )	$	3,995,329

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands)


	Nine months ended June 30,
	2025		2024
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	280,356	$	178,586
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Amortization of deferred debt issuance costs	7,537		6,869
Accretion of discounts and amortization of premiums on investments	( 5,524 )		1,267
Accretion of discounts and amortization of premiums on issued debt securities	2,507		( 10,996 )
Net realized (gain) loss on investments	41,844		49,505
Net realized (gain) loss on foreign currency transactions	4,279		1,560
Net realized (gain) loss on forward currency contracts	( 7,203 )		( 624 )
Net realized (gain) loss on extinguishment of debt	48		—
Net change in unrealized (appreciation) depreciation on investments	( 25,877 )		35,609
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	( 12,311 )		260
Net change in unrealized (appreciation) depreciation on interest rate swap	4,541		2,992
Net change in unrealized (appreciation) depreciation on forward currency contracts	15,787		( 1,589 )
Proceeds from (fundings of) revolving loans, net	( 7,592 )		( 4,658 )
Fundings of investments	( 1,781,515 )		( 554,521 )
Proceeds from principal payments and sales of portfolio investments	1,146,022		867,233
Proceeds from settlements of forward currency contracts	10,264		1,123
Payment-in-kind interest capitalized	( 40,439 )		( 36,551 )
Non-cash dividends capitalized	( 23,091 )		( 13,890 )
Proceeds from non-cash dividends	4,288		47
Cash acquired in GBDC 3 Merger	—		53,885
Changes in operating assets and liabilities:
Cash collateral held at broker for derivatives	( 8,410 )		( 11,670 )
Interest receivable	3,253		8,374
Receivable for investments	( 1,263 )		—
Other assets	261		( 20,191 )
Interest payable	5,745		23,750
Management and income incentive fees payable	6,994		( 29,853 )
Accrued trustee fees	343		155

Accounts payable and other liabilities (1)	( 557 )		( 2,730 )
Net cash provided by (used in) operating activities	( 379,713 )		543,942
Cash flows from financing activities
Borrowings on debt	3,517,912		1,966,609
Repayments of debt	( 3,008,603 )		( 1,971,861 )
Capitalized debt issuance costs	( 9,029 )		( 13,488 )



Net proceeds from issuance of common stock (Note 11)	37,434		—
Purchases of common stock (Note 11)	( 35,466 )		—
Distributions paid	( 280,970 )		( 199,173 )
Purchases of common stock for dividend reinvestment plan	( 20,554 )		—
Net cash provided by (used in) financing activities	200,724		( 217,913 )
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies	( 178,989 )		326,029
Effect of foreign currency exchange rates	( 1,790 )		( 1,521 )

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

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

(In thousands)


	Nine months ended June 30,
	2025		2024
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	$	178,773	$	464,714
Supplemental disclosure of cash flow information:
Cash paid during the period for interest (2)	$	199,922	$	110,623

Distributions declared for the period	335,228		243,455
Supplemental disclosure of non-cash financing activities:






Acquisition of subsidiaries (3)
Noncash assets acquired:
Investments, at cost	$	—	$	2,623,381
Interest receivable	—		32,204
Unrealized appreciation on forward currency contracts	—		6,334
Receivable for investments sold	—		8,922
Other assets	—		154
Total noncash assets purchased	—		2,670,995
Liabilities assumed:
Debt	—		1,211,174
Interest payable	—		12,671
Distributions payable	—		9,516
Management and income incentive fees payable	—		8,921
Accrued trustee fees	—		8
Accounts payable and other liabilities	—		4,040
Total liabilities assumed	—		1,246,330
Issuance of common stock	$	—	$	1,526,351
Merger costs capitalized into purchase price	$	—	$	3,867

(1) Includes payment of $ 9,516 distribution payable of GBDC 3 shareholders that was assumed in the GBDC 3 Merger (defined in Note 1).

(2) Includes cash paid or received for contractual interest rate swaps, which may have different contractual settlement dates among the (i) fixed interest leg, (ii) floating interest leg

and (iii) the debt instrument.

(3) Refer to Note 1 for more information related to our acquisition of GBDC 3.

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
	June 30, 2025		September 30, 2024
Cash and cash equivalents	$	91,855	$	123,120
Foreign currencies (cost of $ 7,823 and $ 7,973 , respectively)	7,901		8,044
Restricted cash and cash equivalents	79,017		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)	$	178,773	$	359,552

(1) See Note 2 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)

June 30, 2025

(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)	10.82 %				02/2029	$	34,115	$	33,907	0.8	%	$	34,456
PPW Aero Buyer, Inc.*	One stop	SF +	5.50 %	(i)	9.80 %				02/2029	7,834		7,787		0.2		7,873
PPW Aero Buyer, Inc.+(5)	One stop	SF +	5.50 %		N/A(6)				02/2029	—		( 73 )		—		—
PPW Aero Buyer, Inc.+	One stop	P +	5.50 %	(a)	13.00 %				02/2029	18		17		—		18
PPW Aero Buyer, Inc.+	One stop	SF +	5.00 %	(i)	9.30 %				02/2029	6,448		6,418		0.2		6,448
										48,415		48,056		1.2		48,795
Air Freight & Logistics
RJW Group Holdings, Inc.+	One stop	SF +	5.00 %	(i)	9.30 %				11/2031	46,415		45,548		1.2		46,415
RJW Group Holdings, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)				11/2031	—		( 32 )		—		—
										46,415		45,516		1.2		46,415

Airlines
Accelya Lux Finco S.A.R.L.+(8)(22)(26)	One stop	SF +	6.00 %	(i)	10.40 %				12/2026	9,085		8,946		0.2		9,085

Auto Components
Arnott, LLC+	One stop	SF +	4.75 %	(j)	8.97 %				11/2030	4,748		4,705		0.1		4,700
Arnott, LLC+	One stop	SF +	4.75 %	(j)	8.97 %				11/2030	134		127		—		126
Collision SP Subco, LLC+	One stop	SF +	4.75 %	(i)	9.03 %				01/2030	2,205		2,183		0.1		2,205
Collision SP Subco, LLC+	One stop	SF +	4.75 %	(i)(j)	9.02 %				01/2030	1,133		1,122		—		1,133
Collision SP Subco, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				01/2030	—		( 3 )		—		—
Collision SP Subco, LLC+	One stop	SF +	4.75 %	(i)	9.03 %				01/2030	245		243		—		245
Collision SP Subco, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				01/2030	—		( 29 )		—		—
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50 %	(i)	8.91 %				08/2027	6,774		6,725		0.2		5,893
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50 %	(i)	8.93 %				08/2027	1,371		1,352		—		1,193
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50 %	(i)	8.94 %				08/2027	186		183		—		162
North Haven Falcon Buyer, LLC+(7)(26)	One stop	SF +	8.00 %	(i)	7.33 %	cash/	5.00 %	PIK	05/2027	9,463		8,483		0.1		4,920
North Haven Falcon Buyer, LLC+(7)(26)	One stop	SF +	8.00 %	(i)	7.33 %	cash/	5.00 %	PIK	05/2027	1,580		1,422		—		822
OEConnection, LLC*	One stop	SF +	5.25 %	(h)	9.58 %				04/2031	10,211		10,171		0.3		10,211
OEConnection, LLC+(5)	One stop	SF +	5.25 %		N/A(6)				04/2031	—		( 31 )		—		—
OEConnection, LLC+	One stop	SF +	5.25 %	(h)	9.58 %				04/2031	1,782		1,766		—		1,782
OEConnection, LLC+(5)	One stop	SF +	5.25 %		N/A(6)				04/2031	—		( 7 )		—		—
										39,832		38,412		0.8		33,392
Automobiles
CAP-KSI Holdings, LLC*+	One stop	SF +	5.25 %	(i)	9.54 %				06/2030	11,230		11,094		0.3		11,230
CAP-KSI Holdings, LLC+	One stop	SF +	5.25 %	(i)	9.56 %				06/2030	825		813		—		825
CG Group Holdings, LLC*+(26)	One stop	SF +	8.75 %	(i)	11.05 %	cash/	2.00 %	PIK	07/2027	46,270		46,105		1.2		46,270
CG Group Holdings, LLC+(26)	One stop	SF +	8.75 %	(h)	11.08 %	cash/	2.00 %	PIK	07/2026	800		795		—		800
Denali Midco 2, LLC*	One stop	SF +	5.25 %	(h)	9.58 %				12/2028	38,258		38,045		1.0		38,258
Denali Midco 2, LLC+(26)	Second lien	N/A			13.00 %	PIK			12/2029	11,207		11,119		0.3		11,207
Denali Midco 2, LLC+	One stop	SF +	5.25 %	(h)	9.58 %				12/2028	8,917		9,047		0.2		8,917
Denali Midco 2, LLC+	One stop	SF +	5.25 %	(h)	9.58 %				12/2028	2,668		2,708		0.1		2,668
Denali Midco 2, LLC+	One stop	SF +	5.25 %	(h)	9.58 %				12/2028	1,621		1,645		0.1		1,621
Denali Midco 2, LLC+	One stop	SF +	5.25 %	(h)	9.58 %				12/2028	1,540		1,562		0.1		1,540
Denali Midco 2, LLC+	One stop	SF +	5.25 %	(h)	9.58 %				12/2028	1,344		1,364		—		1,344
Denali Midco 2, LLC+	One stop	SF +	5.25 %	(h)	9.58 %				12/2028	1,293		1,280		—		1,293
Denali Midco 2, LLC+	One stop	SF +	5.25 %	(h)	9.58 %				12/2028	1,108		1,105		—		1,108
Denali Midco 2, LLC+	One stop	SF +	5.25 %	(h)	9.58 %				12/2028	1,075		1,072		—		1,075
Denali Midco 2, LLC+	One stop	SF +	5.25 %	(h)	9.58 %				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)

June 30, 2025

(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)	9.58 %	12/2028	$	887	$	885	—	%	$	887
Denali Midco 2, LLC+	One stop	SF +	5.25 %	(h)	9.58 %	12/2028	1,212		1,210		—		1,212
Denali Midco 2, LLC+	One stop	SF +	5.25 %	(h)	9.58 %	12/2028	403		399		—		403
Denali Midco 2, LLC+	One stop	SF +	5.25 %	(h)	9.58 %	12/2028	348		345		—		348
Denali Midco 2, LLC+	One stop	SF +	5.25 %	(h)	9.58 %	12/2028	294		291		—		294
Denali Midco 2, LLC+(5)	One stop	SF +	5.25 %		N/A(6)	12/2028	—		( 9 )		—		—
Denali Midco 2, LLC+	One stop	SF +	5.25 %	(h)	9.58 %	12/2028	173		171		—		173
Denali Midco 2, LLC+	One stop	SF +	5.25 %	(h)	9.58 %	12/2028	87		85		—		87
Denali Midco 2, LLC+(5)	One stop	SF +	5.25 %		N/A(6)	12/2028	—		( 4 )		—		—
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25 %	(i)	9.55 %	12/2029	1,426		1,422		0.1		1,426
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25 %	(i)	9.55 %	12/2029	297		296		—		297
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25 %	(i)	9.55 %	12/2029	251		248		—		251
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25 %	(i)	9.55 %	12/2029	11		10		—		11
JHCC Holdings LLC*+	One stop	SF +	5.25 %	(i)	9.55 %	09/2027	17,754		17,714		0.5		17,754
JHCC Holdings LLC+	One stop	SF +	5.25 %	(i)	9.55 %	09/2027	6,904		6,891		0.2		6,904
JHCC Holdings LLC+	One stop	SF +	5.25 %	(i)	9.55 %	09/2027	5,140		5,202		0.1		5,140
JHCC Holdings LLC+	One stop	SF +	5.25 %	(i)	9.55 %	09/2027	4,913		4,920		0.1		4,913
JHCC Holdings LLC+	One stop	SF +	5.25 %	(i)	9.55 %	09/2027	2,771		2,788		0.1		2,771
JHCC Holdings LLC+	One stop	SF +	5.25 %	(i)	9.55 %	09/2027	1,646		1,639		—		1,646
JHCC Holdings LLC+	One stop	SF +	5.25 %	(i)	9.55 %	09/2027	728		726		—		728
JHCC Holdings LLC+	One stop	SF +	5.25 %	(i)	9.55 %	09/2027	690		688		—		690
JHCC Holdings LLC+	One stop	P +	4.25 %	(a)	11.75 %	09/2027	60		60		—		60
JHCC Holdings LLC+	One stop	SF +	5.25 %	(i)	9.55 %	09/2027	3,533		3,504		0.1		3,533
MOP GM Holding, LLC^*+	One stop	SF +	5.75 %	(i)	10.20 %	11/2026	32,633		32,600		0.8		32,305
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(i)	10.23 %	11/2026	3,836		3,827		0.1		3,798
MOP GM Holding, LLC*+	One stop	SF +	5.75 %	(i)	10.18 %	11/2026	3,589		3,575		0.1		3,553
MOP GM Holding, LLC^*	One stop	SF +	5.75 %	(i)	10.18 %	11/2026	3,509		3,492		0.1		3,474
MOP GM Holding, LLC^*	One stop	SF +	5.75 %	(i)	10.20 %	11/2026	2,600		2,588		0.1		2,575
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(i)	10.18 %	11/2026	2,144		2,134		0.1		2,123
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(i)	10.18 %	11/2026	1,977		1,964		0.1		1,958
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(i)	10.20 %	11/2026	720		716		—		712
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(i)	10.20 %	11/2026	530		526		—		524
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(i)	10.20 %	11/2026	400		397		—		396
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(i)	10.18 %	11/2026	265		264		—		263
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(i)	10.20 %	11/2026	202		200		—		199
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(i)	10.18 %	11/2026	88		88		—		88
MOP GM Holding, LLC+	One stop	SF +	5.75 %	(i)	10.20 %	11/2026	88		88		—		88
MOP GM Holding, LLC+(5)	One stop	SF +	5.75 %		N/A(6)	11/2026	—		( 22 )		—		—
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.00 %	(i)	9.30 %	07/2029	13,314		13,267		0.3		13,314
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.00 %	(j)	9.24 %	07/2029	1,449		1,428		—		1,449
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.00 %	(i)	9.30 %	07/2029	1,283		1,277		—		1,283
National Express Wash Parent Holdco, LLC+(5)	One stop	SF +	5.00 %		N/A(6)	07/2029	—		( 10 )		—		—
POY Holdings, LLC^*+	One stop	SF +	5.50 %	(i)	9.95 %	11/2027	28,269		28,480		0.7		27,986
POY Holdings, LLC*+	One stop	SF +	5.50 %	(i)	9.95 %	11/2027	3,675		3,722		0.1		3,639
POY Holdings, LLC*+	One stop	SF +	5.50 %	(i)	9.95 %	11/2027	1,301		1,300		—		1,288
POY Holdings, LLC+	One stop	SF +	5.50 %	(i)	9.93 %	11/2027	867		866		—		858
POY Holdings, LLC+	One stop	SF +	5.50 %	(i)	9.95 %	11/2027	646		646		—		640
POY Holdings, LLC+	One stop	SF +	5.50 %	(i)	9.95 %	11/2027	289		289		—		286
POY Holdings, LLC+(5)	One stop	SF +	5.50 %		N/A(6)	11/2027	—		( 2 )		—		( 4 )
POY Holdings, LLC+(5)	One stop	SF +	5.50 %		N/A(6)	11/2027	—		( 13 )		—		( 33 )
POY Holdings, LLC+	One stop	SF +	5.50 %	(i)	9.93 %	11/2027	2,267		2,258		0.1		2,244
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	4.75 %	(h)	9.08 %	06/2031	4,610		4,577		0.1		4,593
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	4.75 %	(h)	9.07 %	06/2031	359		355		—		358

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)		Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Quick Quack Car Wash Holdings, LLC+(5)	One stop	SF +	4.75 %		N/A(6)		06/2031	$	—	$	( 3 )	—	%	$	( 2 )
Quick Quack Car Wash Holdings, LLC+(5)	One stop	SF +	4.75 %		N/A(6)		06/2031	—		( 4 )		—		( 4 )
TWAS Holdings, LLC*+	One stop	SF +	6.00 %	(h)	10.43 %		12/2026	46,443		46,228		1.2		46,443
TWAS Holdings, LLC*+	One stop	SF +	6.00 %	(h)	10.43 %		12/2026	41,482		41,448		1.0		41,482
TWAS Holdings, LLC*+	One stop	SF +	6.00 %	(h)	10.43 %		12/2026	10,769		10,753		0.3		10,769
TWAS Holdings, LLC+	One stop	SF +	6.00 %	(h)	10.43 %		12/2026	8,224		8,244		0.2		8,224
TWAS Holdings, LLC+	One stop	SF +	6.00 %	(h)	10.43 %		12/2026	5,223		5,236		0.1		5,223
TWAS Holdings, LLC+(5)	One stop	SF +	6.00 %		N/A(6)		12/2026	—		( 5 )		—		—
Yorkshire Parent, Inc.+	One stop	SF +	5.00 %	(i)	9.28 %		12/2029	2,253		2,243		0.1		2,253
Yorkshire Parent, Inc.+	One stop	SF +	5.00 %	(i)	9.28 %		12/2029	72		46		—		72
Yorkshire Parent, Inc.+	One stop	SF +	5.50 %	(i)	9.80 %		12/2029	2,228		2,254		0.1		2,234
Yorkshire Parent, Inc.+	One stop	SF +	5.50 %	(i)	9.79 %		12/2029	617		615		—		619
Yorkshire Parent, Inc.+	One stop	SF +	5.50 %	(i)	9.80 %		12/2029	62		60		—		62
								407,042		406,299		10.2		406,091
Banks
Empyrean Solutions, LLC+	One stop	SF +	4.50 %	(i)	8.80 %		11/2031	9,283		9,240		0.2		9,283
Empyrean Solutions, LLC+(5)	One stop	SF +	4.75 %		N/A(6)		11/2031	—		( 6 )		—		—
Empyrean Solutions, LLC+(5)	One stop	SF +	4.75 %		N/A(6)		11/2031	—		( 17 )		—		—
OSP Hamilton Purchaser, LLC+	One stop	SF +	4.75 %	(i)	9.03 %		12/2029	1,731		1,753		0.1		1,723
OSP Hamilton Purchaser, LLC+	One stop	SF +	4.75 %	(i)	9.01 %		12/2029	768		763		—		760
OSP Hamilton Purchaser, LLC+	One stop	SF +	4.75 %	(i)	9.03 %		12/2029	50		50		—		50
OSP Hamilton Purchaser, LLC+(5)	One stop	SF +	4.75 %		N/A(6)		12/2029	—		( 5 )		—		( 5 )
								11,832		11,778		0.3		11,811
Beverages
Financial Information Technologies, LLC*+	One stop	SF +	5.25 %	(i)	9.55 %		06/2030	34,364		34,302		0.8		34,278
Financial Information Technologies, LLC+(26)	One stop	N/A			14.00 %	PIK	06/2031	22,081		21,961		0.6		22,744
Financial Information Technologies, LLC+	One stop	SF +	5.25 %		N/A(6)		06/2030	—		—		—		—
Financial Information Technologies, LLC+	One stop	SF +	5.25 %	(i)	9.55 %		06/2030	2,204		2,201		—		2,199
Financial Information Technologies, LLC+(5)	One stop	SF +	5.25 %		N/A(6)		06/2030	—		( 1 )		—		( 3 )
Spindrift Beverage Co. Inc.+	One stop	SF +	5.25 %	(i)	9.53 %		02/2032	7,653		7,562		0.2		7,653
Spindrift Beverage Co. Inc.+	One stop	SF +	5.25 %	(i)	9.53 %		02/2032	105		87		—		105
Spindrift Beverage Co. Inc.+(5)	One stop	SF +	5.25 %		N/A(6)		02/2032	—		( 5 )		—		—
Watermill Express, LLC^*	One stop	SF +	4.50 %	(i)	8.95 %		04/2031	3,047		3,018		0.1		3,027
Watermill Express, LLC+	One stop	SF +	4.50 %	(i)	8.80 %		04/2031	294		293		—		293
Watermill Express, LLC+	One stop	SF +	4.50 %	(i)	8.82 %		04/2031	83		77		—		79
Watermill Express, LLC+	One stop	SF +	4.50 %	(i)	8.95 %		04/2031	735		727		—		731
Watermill Express, LLC+	One stop	SF +	4.50 %	(i)	8.94 %		04/2031	369		366		—		366
Watermill Express, LLC+	One stop	SF +	4.50 %	(i)	8.91 %		04/2031	2,381		2,359		0.1		2,366
Watermill Express, LLC+	One stop	SF +	4.50 %	(i)	8.80 %		04/2031	2,771		2,755		0.1		2,754
Watermill Express, LLC+(5)	One stop	SF +	5.00 %		N/A(6)		04/2031	—		( 12 )		—		( 12 )
Winebow Holdings, Inc.*+	One stop	SF +	6.25 %	(h)	10.68 %		12/2027	9,252		9,065		0.2		8,049
								85,339		84,755		2.1		84,629


Building Products
BECO Holding Company, Inc.*+	One stop	SF +	5.25 %	(i)	9.70 %	11/2028	40,683	41,199	1.0	40,479
BECO Holding Company, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)	11/2027	—	( 2 )	—	( 4 )
							40,683	41,197	1.0	40,475
Capital Markets
BlueMatrix Holdings, LLC+	One stop	SF +	5.25 %	(i)	9.55 %	01/2031	2,520	2,542	0.1	2,520
BlueMatrix Holdings, LLC+	One stop	SF +	5.25 %	(i)	9.55 %	01/2031	9,950	9,904	0.2	9,950

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
BlueMatrix Holdings, LLC+	One stop	SF +	5.25 %		N/A(6)				01/2031	$	—	$	—	—	%	$	—
BlueMatrix Holdings, LLC+	One stop	SF +	5.25 %	(i)	9.55 %				01/2031	275		269		—		275
										12,745		12,715		0.3		12,745
Chemicals
AP Adhesives Holdings, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				04/2032	—		( 9 )		—		( 10 )
AP Adhesives Holdings, LLC+	One stop	SF +	4.75 %	(h)	9.07 %				04/2031	39		34		—		34
AP Adhesives Holdings, LLC+	One stop	SF +	4.75 %	(i)	8.80 %				04/2032	5,800		5,772		0.1		5,771
Inhance Technologies Holdings, LLC+(26)	One stop	SF +	6.50 %	(i)	6.95 %	cash/	4.00 %	PIK	08/2025	15,594		14,137		0.3		12,943
Inhance Technologies Holdings, LLC+(26)	One stop	SF +	6.50 %	(i)	6.95 %	cash/	4.00 %	PIK	08/2025	14,160		13,638		0.3		11,753
Inhance Technologies Holdings, LLC+(26)	One stop	SF +	6.50 %	(i)	6.95 %	cash/	4.00 %	PIK	08/2025	2,754		2,647		0.1		2,287
Inhance Technologies Holdings, LLC+(26)	One stop	SF +	6.50 %	(i)	6.95 %	cash/	4.00 %	PIK	08/2025	323		306		—		265
Krayden Holdings, Inc.+	Senior secured	SF +	4.75 %	(h)	9.08 %				03/2029	9,766		9,686		0.2		9,766
Krayden Holdings, Inc.+	Senior secured	SF +	4.75 %	(h)	9.08 %				03/2029	48		20		—		48
Krayden Holdings, Inc.+	Senior secured	SF +	4.75 %	(h)	9.06 %				03/2029	1,954		1,905		0.1		1,954
PHM NL SP Bidco B.V.+(8)(9)(10)(26)	One stop	E +	6.75 %	(d)	6.13 %	cash/	3.00 %	PIK	09/2028	54,885		51,009		1.3		52,141
PHM NL SP Bidco B.V.+(8)(10)(26)	One stop	SF +	6.75 %	(g)	8.29 %	cash/	3.00 %	PIK	09/2028	20,296		19,559		0.5		19,281
PHM NL SP Bidco B.V.+(8)(9)(10)(26)	One stop	SN +	6.75 %	(f)	7.97 %	cash/	3.00 %	PIK	09/2028	12,160		11,215		0.3		11,552
PHM NL SP Bidco B.V.+(8)(9)(10)(26)	One stop	E +	6.75 %	(d)	5.80 %	cash/	3.00 %	PIK	09/2028	5,815		5,303		0.1		5,529
										143,594		135,222		3.3		133,314
Commercial Services & Supplies
BradyIFS Holdings, LLC^+	One stop	SF +	5.00 %	(i)	9.28 %				10/2029	5,183		5,245		0.1		5,183
BradyIFS Holdings, LLC+	One stop	SF +	5.00 %	(i)	9.32 %				10/2029	50		49		—		50
CI (Quercus) Intermediate Holdings, LLC*+	One stop	SF +	5.00 %	(i)	9.30 %				06/2031	30,480		30,177		0.8		30,327
CI (Quercus) Intermediate Holdings, LLC+	One stop	SF +	5.00 %	(i)	9.31 %				06/2031	78		62		—		75
CI (Quercus) Intermediate Holdings, LLC+	One stop	SF +	5.00 %	(i)	9.30 %				06/2031	701		669		—		683
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				06/2031	—		( 5 )		—		( 5 )
CHA Vision Holdings, Inc.+	One stop	SF +	5.00 %	(i)	9.27 %				01/2031	1,061		1,057		—		1,061
CHA Vision Holdings, Inc.+	One stop	SF +	5.00 %	(i)	9.29 %				01/2031	208		207		—		208
CHA Vision Holdings, Inc.+	One stop	SF +	5.00 %		N/A(6)				01/2030	—		—		—		—
Kleinfelder Intermediate, LLC+	One stop	SF +	5.00 %	(i)	9.28 %				09/2030	4,056		3,968		0.1		4,056
Kleinfelder Intermediate, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				09/2028	—		( 6 )		—		—
Kleinfelder Intermediate, LLC+	One stop	SF +	5.00 %	(i)	9.28 %				09/2030	440		436		—		440
North Haven Stack Buyer, LLC+(26)	Second lien	N/A			10.00 %	cash/	2.50 %	PIK	01/2028	1,529		1,519		0.1		1,529
North Haven Stack Buyer, LLC+	One stop	SF +	4.75 %	(i)	9.07 %				07/2027	157		156		—		157
North Haven Stack Buyer, LLC*+	One stop	SF +	4.75 %	(i)	9.07 %				07/2027	1,552		1,539		0.1		1,548
North Haven Stack Buyer, LLC+	One stop	SF +	4.75 %	(i)	9.07 %				07/2027	1,368		1,359		—		1,364
North Haven Stack Buyer, LLC+	One stop	SF +	4.75 %	(i)	9.07 %				07/2027	283		280		—		281
North Haven Stack Buyer, LLC+(5)	Second lien	N/A			N/A(6)				01/2028	—		( 10 )		—		( 7 )
North Haven Stack Buyer, LLC+	One stop	SF +	4.75 %	(i)	9.07 %				07/2027	12,191		12,163		0.3		12,160
North Haven Stack Buyer, LLC+(26)	Second lien	N/A			10.00 %	cash/	2.50 %	PIK	01/2028	2,322		2,305		0.1		2,322
North Haven Stack Buyer, LLC*+	One stop	SF +	4.75 %	(i)	9.07 %				07/2027	1,469		1,461		—		1,466
North Haven Stack Buyer, LLC+	One stop	SF +	4.75 %	(i)	9.07 %				07/2027	1,408		1,399		0.1		1,404


North Haven Stack Buyer, LLC*	One stop	SF +	4.75 %	(i)	9.07 %	07/2027	4,107	4,092	0.1	4,097
North Haven Stack Buyer, LLC+	One stop	SF +	4.75 %	(i)	9.07 %	07/2027	1,360	1,356	—	1,357
North Haven Stack Buyer, LLC*	One stop	SF +	4.75 %	(i)	9.07 %	07/2027	1,355	1,350	—	1,352
North Haven Stack Buyer, LLC+	One stop	SF +	4.75 %	(i)	9.07 %	07/2027	199	199	—	199
North Haven Stack Buyer, LLC+	One stop	SF +	4.75 %	(i)	9.07 %	07/2027	99	99	—	99
North Haven Stack Buyer, LLC+	One stop	SF +	4.75 %	(i)	9.07 %	07/2027	676	668	—	673
North Haven Stack Buyer, LLC*+	One stop	SF +	4.75 %	(i)	9.07 %	07/2027	2,264	2,251	0.1	2,258
North Haven Stack Buyer, LLC+	One stop	SF +	4.75 %	(i)	9.07 %	07/2027	481	477	—	479
North Haven Stack Buyer, LLC+	One stop	SF +	4.75 %	(i)	9.07 %	07/2027	903	897	—	901
North Haven Stack Buyer, LLC+	One stop	SF +	4.75 %	(i)	9.07 %	07/2027	684	679	—	682

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
North Haven Stack Buyer, LLC+	One stop	SF +	4.75 %	(i)	9.07 %				07/2027	$	758	$	753	—	%	$	756
North Haven Stack Buyer, LLC+(26)	One stop	N/A			9.75 %	cash/	2.50 %	PIK	01/2028	23		23		—		23
North Haven Stack Buyer, LLC+	One stop	SF +	4.75 %	(i)	9.07 %				07/2027	332		330		—		331
North Haven Stack Buyer, LLC+	One stop	SF +	4.75 %	(i)	9.07 %				07/2027	1,337		1,329		—		1,334
North Haven Stack Buyer, LLC+(26)	Second lien	N/A			9.75 %	cash/	2.50 %	PIK	01/2028	386		384		—		385
North Haven Stack Buyer, LLC+	One stop	SF +	4.75 %	(i)	9.07 %				07/2027	103		101		—		101
Profile Products LLC+	One stop	SF +	5.50 %	(i)	9.86 %				11/2027	8,982		8,924		0.2		8,892
Profile Products LLC+(8)	One stop	SF +	5.50 %	(i)	9.86 %				11/2027	1,821		1,803		0.1		1,802
Profile Products LLC+	One stop	P +	4.50 %	(a)	12.00 %				11/2027	68		66		—		66
Profile Products LLC+	One stop	SF +	5.50 %		N/A(6)				11/2027	—		—		—		—
PSC Parent, Inc.*+	One stop	SF +	5.25 %	(h)	9.56 %				04/2031	5,464		5,455		0.2		5,464
PSC Parent, Inc.+	One stop	SF +	5.25 %	(h)	9.57 %				04/2030	276		270		—		276
PSC Parent, Inc.+	One stop	SF +	5.25 %	(h)	9.56 %				04/2031	573		567		—		573
PSC Parent, Inc.+	One stop	SF +	5.25 %	(h)	9.58 %				04/2031	911		907		—		911
PT Intermediate Holdings III, LLC+(26)	One stop	SF +	5.00 %	(i)	7.55 %	cash/	1.75 %	PIK	04/2030	18,986		18,979		0.5		18,796
PT Intermediate Holdings III, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				04/2030	—		( 5 )		—		( 17 )
Radwell Parent, LLC^*	One stop	SF +	5.50 %	(i)	9.80 %				03/2029	34,027		33,761		0.9		34,027
Radwell Parent, LLC*+	One stop	SF +	5.50 %	(i)	9.80 %				03/2029	32,707		32,751		0.8		32,707
Radwell Parent, LLC+	One stop	SF +	5.50 %	(i)	9.80 %				03/2029	371		333		—		371
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.25 %	(j)	8.48 %				06/2029	2,632		2,616		0.1		2,632
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.25 %	(j)	8.43 %				06/2029	530		530		—		530
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.25 %		N/A(6)				06/2029	—		—		—		—
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.25 %	(j)	8.43 %				06/2029	494		493		—		494
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.25 %	(j)	8.41 %				06/2029	249		247		—		249
WRE Holding Corp.*	One stop	SF +	5.00 %	(j)	9.22 %				07/2031	16,390		16,249		0.4		16,390
WRE Holding Corp.+	One stop	SF +	5.00 %	(i)(j)	9.17 %				07/2031	295		292		—		295
WRE Holding Corp.+(5)	One stop	SF +	5.00 %		N/A(6)				07/2030	—		( 20 )		—		—
WRE Holding Corp.+	One stop	SF +	5.00 %	(j)	9.17 %				07/2031	1,799		1,791		0.1		1,799
WRE Holding Corp.+	One stop	SF +	5.00 %	(j)	9.13 %				07/2031	1,084		1,079		—		1,084
WRE Holding Corp.+	One stop	SF +	5.00 %	(j)	9.12 %				07/2031	843		840		—		843
										208,105		206,946		5.2		207,513
Communications Equipment
Lightning Finco Limited+(8)(15)	One stop	SF +	5.50 %	(g)	10.22 %				09/2028	14,802		14,780		0.4		14,802
Lightning Finco Limited+(8)(9)(15)	One stop	E +	5.50 %	(d)	7.54 %				09/2028	1,789		1,746		—		1,789
										16,591		16,526		0.4		16,591
Construction & Engineering
Consor Intermediate II, LLC*+	One stop	SF +	4.50 %	(i)	8.80 %				05/2031	4,742		4,749		0.1		4,742
Consor Intermediate II, LLC+(5)	One stop	SF +	4.50 %		N/A(6)				05/2031	—		( 13 )		—		—
Consor Intermediate II, LLC+	One stop	SF +	4.50 %	(i)	8.80 %				05/2031	534		532		—		534
DCCM, LLC+	One stop	SF +	4.75 %	(i)	9.07 %				06/2032	594		591		—		591
DCCM, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				06/2032	—		( 1 )		—		( 1 )
DCCM, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				06/2032	—		( 1 )		—		( 1 )
Royal Holdco Corporation+	One stop	SF +	4.50 %	(i)	8.81 %				12/2030	5,996		5,939		0.2		5,996
Royal Holdco Corporation+(5)	One stop	SF +	4.50 %		N/A(6)				12/2030	—		( 5 )		—		—
Royal Holdco Corporation+	One stop	SF +	4.50 %	(i)	8.83 %				12/2030	241		231		—		241
										12,107		12,022		0.3		12,102
Containers & Packaging
Chase Intermediate*+	One stop	SF +	4.75 %	(i)	9.03 %				10/2028	48,952		49,542		1.2		48,952
Chase Intermediate+	One stop	SF +	4.75 %	(i)	9.03 %				10/2028	80		78		—		80
Chase Intermediate+	One stop	SF +	4.75 %	(h)(i)	9.04 %				10/2028	2,289		2,285		0.1		2,289

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)		Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Chase Intermediate+	One stop	SF +	4.75 %	(h)	9.07 %		10/2028	$	599	$	558	—	%	$	599
Fortis Solutions Group, LLC^*+	One stop	SF +	5.50 %	(i)	9.90 %		10/2028	51,729		51,400		1.3		51,729
Fortis Solutions Group, LLC+	One stop	SF +	5.50 %	(i)	9.91 %		10/2028	1,700		1,683		0.1		1,700
Fortis Solutions Group, LLC+	One stop	SF +	5.50 %	(i)	9.90 %		10/2028	141		87		—		141
Fortis Solutions Group, LLC+	One stop	SF +	5.50 %	(i)	9.90 %		10/2027	152		144		—		152
Packaging Coordinators Midco, Inc.+	One stop	SF +	4.75 %	(i)	9.02 %		01/2032	5,272		5,259		0.1		5,272
Packaging Coordinators Midco, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)		01/2032	—		( 1 )		—		—
Packaging Coordinators Midco, Inc.+	One stop	SF +	4.75 %		N/A(6)		01/2032	—		—		—		—
Packaging Coordinators Midco, Inc.+	One stop	SF +	4.75 %		N/A(6)		01/2032	—		—		—		—
Packaging Coordinators Midco, Inc.+	One stop	SF +	4.75 %		N/A(6)		01/2032	—		—		—		—
								110,914		111,035		2.8		110,914
Diversified Consumer Services
Any Hour, LLC*	One stop	SF +	5.25 %	(i)	9.55 %		05/2030	8,998		8,942		0.2		8,458
Any Hour, LLC+(26)	One stop	N/A			13.00 %	PIK	05/2031	3,169		3,122		0.1		2,916
Any Hour, LLC+	One stop	SF +	5.25 %	(i)	9.54 %		05/2030	512		500		—		455
Any Hour, LLC+	One stop	SF +	5.25 %	(i)	9.55 %		05/2030	255		238		—		240
Apex Service Partners, LLC+	One stop	SF +	5.00 %	(i)	9.31 %		10/2030	13,877		13,815		0.4		13,877
Apex Service Partners, LLC+	One stop	SF +	5.00 %	(i)	9.33 %		10/2030	4,401		4,466		0.1		4,401
Apex Service Partners, LLC+	One stop	SF +	5.00 %	(i)	9.33 %		10/2030	1,048		1,035		—		1,048
Apex Service Partners, LLC+(5)	One stop	SF +	5.00 %		N/A(6)		10/2029	—		( 2 )		—		—
Apex Service Partners, LLC+	One stop	SF +	5.00 %	(i)	9.28 %		10/2030	2,203		2,182		0.1		2,203
Apex Service Partners, LLC+	One stop	SF +	5.00 %	(i)	9.31 %		10/2030	2,680		2,649		0.1		2,680
Certus Pest, Inc.*	One stop	SF +	5.00 %	(i)	9.45 %		08/2027	1,730		1,718		0.1		1,730
Certus Pest, Inc.*	One stop	SF +	5.00 %	(i)	9.45 %		08/2027	1,659		1,644		0.1		1,659
Certus Pest, Inc.*+	One stop	SF +	5.00 %	(i)	9.45 %		08/2027	1,197		1,194		—		1,197
Certus Pest, Inc.*	One stop	SF +	5.00 %	(i)	9.45 %		08/2027	1,182		1,176		—		1,182
Certus Pest, Inc.*+	One stop	SF +	5.00 %	(i)	9.45 %		08/2027	820		814		—		820
Certus Pest, Inc.*	One stop	SF +	5.00 %	(i)	9.45 %		08/2027	723		714		—		723
Certus Pest, Inc.+	One stop	SF +	5.00 %	(i)	9.45 %		08/2027	704		701		—		704
Certus Pest, Inc.*+	One stop	SF +	5.00 %	(i)	9.45 %		08/2027	416		413		—		416
Certus Pest, Inc.+	One stop	SF +	5.00 %	(i)	9.45 %		08/2027	394		393		—		394
Certus Pest, Inc.+	One stop	SF +	5.00 %	(i)	9.45 %		08/2027	260		257		—		260
Certus Pest, Inc.+	One stop	SF +	5.00 %	(i)	9.45 %		08/2027	142		138		—		142
Certus Pest, Inc.+	One stop	SF +	5.00 %	(i)	9.45 %		08/2027	60		59		—		60
Certus Pest, Inc.+	One stop	SF +	5.00 %		N/A(6)		08/2027	—		—		—		—
Certus Pest, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)		08/2027	—		( 32 )		—		—
Certus Pest, Inc.+	One stop	SF +	5.00 %	(i)	9.42 %		08/2027	2,336		2,326		0.1		2,336
Certus Pest, Inc.+	One stop	SF +	5.00 %	(i)	9.46 %		08/2027	1,456		1,450		0.1		1,456
CHHJ Midco, LLC*+	Senior secured	SF +	5.00 %	(i)	9.45 %		01/2028	3,702		3,699		0.1		3,702
CHHJ Midco, LLC+	Senior secured	SF +	5.00 %		N/A(6)		01/2028	—		—		—		—
CHVAC Services Investment, LLC*+	One stop	SF +	4.50 %	(i)	8.82 %		05/2030	6,367		6,283		0.2		6,367
CHVAC Services Investment, LLC+	One stop	SF +	4.50 %	(i)	8.80 %		05/2030	1,656		1,638		—		1,656
CHVAC Services Investment, LLC+(5)	One stop	SF +	4.50 %		N/A(6)		05/2030	—		( 3 )		—		—
CHVAC Services Investment, LLC+	One stop	SF +	4.50 %	(i)	8.80 %		05/2030	61		20		—		61
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25 %	(i)	9.53 %		07/2027	5,504		5,456		0.1		5,504
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25 %	(i)	9.55 %		07/2027	2,381		2,373		0.1		2,381
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25 %	(i)	9.55 %		07/2027	2,321		2,309		0.1		2,321
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25 %	(i)	9.54 %		07/2027	1,520		1,513		—		1,520
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25 %	(i)	9.55 %		07/2027	1,373		1,371		—		1,373
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25 %	(i)	9.55 %		07/2027	1,146		1,139		—		1,146
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25 %	(i)	9.54 %		07/2027	1,075		1,070		—		1,075
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25 %	(i)	9.57 %		07/2027	1,039		1,038		—		1,039
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25 %	(i)	9.56 %		07/2027	915		914		—		915

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25 %	(i)	9.53 %				07/2027	$	691	$	687	—	%	$	691
COP Hometown Acquisitions, Inc.+(5)	Senior secured	SF +	5.25 %		N/A(6)				07/2027	—		( 1 )		—		—
EMS LINQ, LLC^+	One stop	SF +	6.25 %	(i)	10.68 %				12/2027	13,835		13,861		0.4		13,835
EMS LINQ, LLC+	One stop	SF +	6.25 %	(i)	10.68 %				12/2027	146		145		—		146
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50 %	(i)	9.95 %				07/2029	4,355		4,358		0.1		4,355
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50 %	(i)	9.95 %				07/2029	1,263		1,244		—		1,263
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50 %	(i)	9.95 %				07/2029	30		29		—		30
EWC Growth Partners LLC+	One stop	SF +	6.00 %	(i)	10.45 %				03/2026	1,077		1,077		—		1,034
EWC Growth Partners LLC+	One stop	SF +	6.00 %	(i)	10.45 %				03/2026	918		916		—		881
EWC Growth Partners LLC+	One stop	SF +	6.00 %	(i)	10.45 %				03/2026	102		102		—		98
EWC Growth Partners LLC+	One stop	SF +	6.00 %	(i)	10.45 %				03/2026	38		38		—		36
FPG Intermediate Holdco, LLC+(7)(26)	One stop	SF +	6.75 %	(j)	5.47 %	cash/	5.75 %	PIK	03/2027	23,088		21,528		0.3		12,467
FPG Intermediate Holdco, LLC+(26)	One stop	SF +	6.75 %	(h)(i)(j)	5.42 %	cash/	5.75 %	PIK	03/2027	909		909		—		909
FPG Intermediate Holdco, LLC+(26)	One stop	SF +	6.75 %	(h)(i)(j)	5.46 %	cash/	5.75 %	PIK	03/2027	128		127		—		128
FSS Buyer LLC+	One stop	SF +	4.50 %	(i)	8.77 %				08/2031	6,898		6,857		0.2		6,898
FSS Buyer LLC+	One stop	SF +	4.50 %	(i)	8.77 %				08/2031	22		22		—		22
HS Spa Holdings, Inc.+	One stop	SF +	5.25 %	(i)	9.58 %				06/2029	11,462		11,445		0.3		11,462
HS Spa Holdings, Inc.+	One stop	SF +	5.25 %	(i)	9.55 %				06/2029	687		686		—		687
HS Spa Holdings, Inc.+	One stop	P +	4.25 %	(a)(h)	10.75 %				06/2028	44		43		—		44
Learn-it Systems, LLC+(26)	Senior secured	SF +	5.50 %	(i)	9.11 %	cash/	0.75 %	PIK	09/2026	3,386		3,379		0.1		3,386
Learn-it Systems, LLC+(26)	Senior secured	SF +	5.50 %	(j)	9.26 %	cash/	0.75 %	PIK	09/2026	1,995		1,989		0.1		1,995
Learn-it Systems, LLC+(26)	Senior secured	SF +	5.50 %	(j)	9.26 %	cash/	0.75 %	PIK	09/2026	849		846		—		849
Learn-it Systems, LLC+	Senior secured	SF +	5.50 %		N/A( 6 )				09/2026	—		—		—		—
Liminex, Inc.+	One stop	SF +	6.25 %	(i)	10.68 %				11/2026	35,471		35,448		0.9		35,471
Liminex, Inc.+	One stop	SF +	6.25 %	(i)	10.68 %				11/2026	23,399		23,352		0.6		23,399
Liminex, Inc.^+	One stop	SF +	6.25 %	(i)	10.68 %				11/2026	20,219		20,455		0.5		20,219
Liminex, Inc.+	One stop	SF +	6.25 %	(i)	10.68 %				11/2026	15,872		15,750		0.4		15,872
Litera Bidco, LLC*	One stop	SF +	5.00 %	(h)	9.33 %				05/2028	5,162		5,171		0.1		5,162
Litera Bidco, LLC+	One stop	SF +	5.00 %	(h)	9.33 %				05/2028	2,061		2,055		0.1		2,061
Litera Bidco, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				05/2028	—		( 1 )		—		—
Litera Bidco, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				05/2028	—		( 1 )		—		—
Mario Purchaser, LLC*+	One stop	SF +	5.75 %	(h)	10.18 %				04/2029	11,296		11,252		0.3		10,844
Mario Purchaser, LLC+	One stop	SF +	5.75 %	(h)	10.18 %				04/2029	5,201		5,225		0.1		4,993
Mario Purchaser, LLC+(26)	One stop	SF +	10.75 %	(h)	15.18 %	PIK			04/2032	4,970		4,987		0.1		4,871
Mario Purchaser, LLC+	One stop	SF +	5.75 %	(h)	10.18 %				04/2029	452		449		—		435
Mario Purchaser, LLC+	One stop	SF +	5.75 %	(h)	10.18 %				04/2028	24		24		—		20
NSG Buyer, Inc. *+	One stop	SF +	5.00 %	(i)	9.30 %				11/2029	37,055		36,825		0.9		37,055
NSG Buyer, Inc. +	One stop	SF +	5.00 %	(i)	9.30 %				11/2028	145		140		—		145
NSG Buyer, Inc. +(5)	One stop	SF +	5.00 %		N/A(6)				11/2029	—		( 3 )		—		—
NSG Buyer, Inc. +(5)	One stop	SF +	5.00 %		N/A(6)				11/2029	—		( 36 )		—		—
PADI Holdco, Inc.*	One stop	SF +	4.75 %	(i)	9.23 %				01/2029	21,189		20,947		0.5		21,189
PADI Holdco, Inc.+(8)(9)	One stop	E +	4.75 %	(c)	6.76 %				01/2029	21,132		20,241		0.5		21,132
PADI Holdco, Inc.+(8)(9)	One stop	A +	5.25 %	(e)	8.97 %				01/2029	7,479		7,099		0.2		7,479
PADI Holdco, Inc.+	One stop	SF +	4.75 %	(i)	9.18 %				01/2029	816		807		—		816
PADI Holdco, Inc.+	One stop	SF +	4.75 %	(i)	9.18 %				01/2029	1,000		994		—		1,000
PADI Holdco, Inc.+	One stop	SF +	4.75 %	(i)	9.21 %				01/2029	169		167		—		169
Provenance Buyer LLC*+	One stop	SF +	5.50 %	(i)	9.90 %				06/2027	20,635		20,506		0.5		19,810
Provenance Buyer LLC*+	One stop	SF +	5.50 %	(i)	9.90 %				06/2027	13,903		13,841		0.3		13,346
Provenance Buyer LLC+	One stop	SF +	5.50 %	(i)	9.90 %				06/2027	188		184		—		178
RW AM Holdco LLC+	One stop	SF +	5.25 %	(i)	9.65 %				04/2028	23,612		23,053		0.5		19,835
RW AM Holdco LLC+(5)	One stop	SF +	5.25 %		N/A(6)				04/2028	—		( 8 )		—		( 32 )
Severin Acquisition, LLC+(26)	One stop	SF +	5.00 %	(h)	7.08 %	cash/	2.25 %	PIK	10/2031	35,617		35,305		0.9		35,261
Severin Acquisition, LLC+	One stop	SF +	4.75 %	(h)	9.08 %				10/2031	1,926		1,887		0.1		1,882

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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)
Severin Acquisition, LLC+(26)	One stop	SF +	5.00 %	(h)	7.08 %	cash/	2.25 %	PIK	10/2031	$	977	$	944	—	%	$	903
Stellar Brands, LLC+	Senior secured	SF +	4.50 %	(j)	8.72 %				02/2031	7,169		7,118		0.2		7,169
Stellar Brands, LLC+(5)	Senior secured	SF +	4.50 %		N/A(6)				02/2031	—		( 5 )		—		—
Virginia Green Acquisition, LLC*+	One stop	SF +	5.25 %	(j)	9.42 %				12/2030	2,398		2,433		0.1		2,398
Virginia Green Acquisition, LLC+	One stop	SF +	5.25 %	(j)	9.48 %				12/2030	672		666		—		672
Virginia Green Acquisition, LLC+	One stop	SF +	5.25 %		N/A(6)				12/2029	—		—		—		—
										471,414		466,290		11.3		453,387
Diversified Financial Services
Baker Tilly Advisory Group, LP+	One stop	SF +	4.75 %	(h)	9.08 %				06/2031	3,772		3,728		0.1		3,782
Baker Tilly Advisory Group, LP+(5)	One stop	SF +	4.50 %		N/A(6)				06/2030	—		( 12 )		—		( 14 )
Baker Tilly Advisory Group, LP+	One stop	SF +	4.50 %	(h)	8.83 %				06/2031	4,722		4,699		0.1		4,675
Baker Tilly Advisory Group, LP+(5)	One stop	SF +	4.50 %		N/A(6)				06/2031	—		( 10 )		—		( 20 )
Banker's Toolbox, Inc.*+	One stop	SF +	4.50 %	(i)	8.80 %				07/2027	20,411		20,375		0.5		20,411
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)	7.85 %				07/2031	17,547		15,975		0.4		17,547
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)(26)	Subordinated debt	E +	8.00 %	(d)	2.60 %	cash/	8.00 %	PIK	07/2032	2,171		1,974		0.1		2,171
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop	E +	5.25 %	(d)	7.51 %				07/2031	2,486		2,289		0.1		2,486
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)(26)	One stop	SF +	5.75 %	(i)	9.76 %	cash/	0.25 %	PIK	12/2030	3,674		3,674		0.1		3,674
Corsair Blade IV S.A R.L.+(8)(9)(13)(26)	One stop	SN +	5.75 %	(f)	9.72 %	cash/	0.25 %	PIK	12/2030	1,208		892		—		1,208
Equity Methods, LLC+	One stop	SF +	4.75 %	(i)	9.05 %				04/2032	19,829		19,733		0.5		19,730
Equity Methods, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				04/2032	—		( 18 )		—		( 18 )
Equity Methods, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				04/2032	—		( 22 )		—		( 23 )
Finastra USA, Inc.+(8)(10)	One stop	SF +	7.25 %	(j)	11.43 %				09/2029	5,332		5,264		0.1		5,332
Finastra USA, Inc.+(8)(10)	One stop	SF +	7.25 %	(i)	11.57 %				09/2029	20		19		—		20
Flash Topco, Inc.+	One stop	SF +	6.00 %	(i)	10.38 %				10/2028	16,963		16,741		0.4		16,793
Flash Topco, Inc.+	One stop	SF +	6.00 %	(i)	10.28 %				10/2028	3,386		3,372		0.1		3,352
Flash Topco, Inc.+	One stop	SF +	6.50 %	(i)	10.78 %				10/2028	118		116		—		118
Higginbotham Insurance Agency, Inc.+	One stop	SF +	4.50 %	(h)	8.83 %				11/2028	8,032		8,060		0.2		7,952
Higginbotham Insurance Agency, Inc.+	One stop	SF +	4.75 %	(h)	9.08 %				11/2028	642		639		—		639
Medlar Bidco Limited+(8)(9)(21)	One stop	SN +	5.00 %	(f)	9.22 %				05/2032	27,047		26,003		0.7		27,047
Medlar Bidco Limited+(8)(9)(21)	One stop	E +	5.00 %	(c)	7.14 %				05/2032	33,078		31,532		0.8		33,078
Medlar Bidco Limited+(5)(8)(9)(21)	One stop	SN +	5.00 %		N/A(6)				05/2032	—		( 59 )		—		—
Wealth Enhancement Group, LLC+	One stop	SF +	5.00 %	(i)	9.28 %				10/2028	3,967		3,962		0.1		3,967
Wealth Enhancement Group, LLC+	One stop	SF +	5.00 %	(i)	9.28 %				10/2028	2,860		2,857		0.1		2,860
Wealth Enhancement Group, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				10/2028	—		( 2 )		—		—
Wealth Enhancement Group, LLC+	One stop	SF +	5.00 %	(h)(i)	9.31 %				10/2028	906		888		—		906
										178,171		172,669		4.4		177,673

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Diversified Telecommunication Services
NTI Connect, LLC*+	Senior secured	SF +	4.75 %	(i)	9.20 %				07/2027	$	1,529	$	1,524	—	%	$	1,529

Electric Utilities
Smart Energy Systems, Inc.+(26)	One stop	SF +	7.50 %	(i)(j)	8.01 %	cash/	3.75 %	PIK	01/2030	6,362		6,231		0.2		6,235
Smart Energy Systems, Inc.+(26)	One stop	SF +	7.50 %		7.88 %				01/2030	702		692		—		674
										7,064		6,923		0.2		6,909
Electrical Equipment
Power Grid Holdings, Inc.+	One stop	SF +	4.75 %	(a)(i)	9.05 %				12/2030	1,418		1,403		—		1,418
Power Grid Holdings, Inc.+	One stop	SF +	4.75 %	(h)	9.06 %				12/2030	9		6		—		9
Wildcat TopCo, Inc.+	One stop	SF +	4.75 %	(i)	9.05 %				11/2031	23,361		23,148		0.6		23,361
Wildcat TopCo, Inc.+	One stop	P +	3.75 %	(a)	11.25 %				11/2031	335		297		—		335
Wildcat TopCo, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)				11/2031	—		( 19 )		—		—
										25,123		24,835		0.6		25,123
Electronic Equipment, Instruments & Components
CST Holding Company+	One stop	SF +	5.00 %	(h)	9.43 %				11/2028	33,802		33,034		0.9		33,802
CST Holding Company+(5)	One stop	SF +	5.00 %		N/A(6)				11/2028	—		( 3 )		—		—
										33,802		33,031		0.9		33,802


Food & Staples Retailing
Mendocino Farms, LLC+	One stop	SF +	5.75 %	(h)	10.08 %				03/2030	992	990	—	983
Mendocino Farms, LLC+	One stop	SF +	5.75 %		N/A(6)				03/2030	—	—	—	—
Mendocino Farms, LLC+(5)	One stop	SF +	5.75 %		N/A(6)				03/2030	—	—	—	( 2 )
Mendocino Farms, LLC+	One stop	SF +	5.75 %	(h)	10.08 %				03/2030	110	110	—	109
Mendocino Farms, LLC+	One stop	SF +	5.75 %	(h)	10.08 %				03/2030	112	111	—	110
Mendocino Farms, LLC+(5)	One stop	SF +	5.75 %		N/A(6)				03/2030	—	( 84 )	—	( 86 )
Mendocino Farms, LLC+	One stop	SF +	5.75 %	(h)	10.08 %				03/2030	56	56	—	56
Mendocino Farms, LLC+	One stop	SF +	5.75 %	(h)	10.08 %				03/2030	56	56	—	56
PDI TA Holdings, Inc.+	One stop	SF +	5.50 %	(i)	9.78 %				02/2031	11,464	11,409	0.3	11,464
PDI TA Holdings, Inc.+	One stop	SF +	5.50 %	(g)(i)	9.78 %				02/2031	35	35	—	35
PDI TA Holdings, Inc.+	One stop	SF +	5.50 %	(i)	9.78 %				02/2031	117	116	—	117
Wineshipping.com LLC+(5)	One stop	SF +	6.25 %		N/A(6)				12/2028	—	—	—	( 235 )
Wineshipping.com LLC+(26)	One stop	SF +	6.25 %	(i)	5.45 %	cash/	5.25 %	PIK	12/2028	10,346	10,213	0.2	8,277
Wineshipping.com LLC+(26)	One stop	SF +	6.25 %	(i)	5.45 %	cash/	5.25 %	PIK	12/2028	279	274	—	223
Wineshipping.com LLC+(26)	One stop	SF +	6.25 %	(i)	5.45 %	cash/	5.25 %	PIK	12/2028	181	175	—	138
										23,748	23,461	0.5	21,245

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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)	10.30 %				10/2030	$	4,867	$	4,814	0.1	%	$	4,867
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)	10.45 %				06/2027	18,823		18,814		0.5		18,823
Borrower R365 Holdings, LLC+	One stop	SF +	6.00 %	(i)	10.45 %				06/2027	1,556		1,548		—		1,556
Borrower R365 Holdings, LLC+	One stop	SF +	6.00 %	(i)	10.45 %				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)(j)	9.01 %				08/2030	12,912		12,802		0.3		12,912
Eagle Family Foods Group, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				08/2030	—		( 13 )		—		—
Kodiak Cakes, LLC^*+	Senior secured	SF +	5.25 %	(j)	9.38 %				06/2028	46,028		45,700		1.2		46,028
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)	10.70 %				07/2027	13,595		13,566		0.3		13,458
Louisiana Fish Fry Products, Ltd.+	One stop	SF +	6.25 %	(a)(i)	10.85 %				07/2027	196		193		—		192
MAPF Holdings, Inc.^+	One stop	SF +	6.50 %	(i)	10.80 %				12/2026	51,572		51,425		1.3		49,767
MAPF Holdings, Inc.+	One stop	SF +	6.50 %	(i)	10.80 %				12/2026	540		533		—		520
MAPF Holdings, Inc.+	One stop	SF +	6.50 %	(i)	10.80 %				12/2026	1,653		1,628		—		1,595
MAPF Holdings, Inc.+(26)	One stop	N/A			19.00 %	PIK			12/2026	2,168		2,150		0.1		1,990
P&P Food Safety Holdings, Inc.*+	One stop	SF +	5.25 %	(i)	9.55 %				05/2029	13,105		13,218		0.3		13,039
P&P Food Safety Holdings, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)				05/2029	—		( 8 )		—		( 8 )
P&P Food Safety Holdings, Inc.+(8)(9)	One stop	E +	5.50 %	(c)	7.48 %				05/2029	12,151		11,731		0.3		12,105
P&P Food Safety Holdings, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)				05/2029	—		( 30 )		—		( 31 )
Wizard Bidco Limited+(8)(10)	One stop	SF +	6.50 %	(i)	10.80 %				03/2029	22,740		22,654		0.6		22,740
Wizard Bidco Limited+(8)(9)(10)(26)	One stop	SN +	5.50 %	(f)	8.22 %	cash/	1.50 %	PIK	03/2029	11,396		10,725		0.3		11,396
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	6.50 %	(f)	10.72 %				03/2029	8,544		7,724		0.2		8,544
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	5.25 %	(f)	9.47 %				09/2028	178		159		—		178
Zullas, L.C.+(5)	One stop	SF +	4.75 %		N/A(6)				06/2031	—		( 1 )		—		( 1 )
Zullas, L.C.+	One stop	SF +	4.75 %	(i)	9.07 %				06/2031	440		438		—		438
Zullas, L.C.+(5)	One stop	SF +	4.75 %		N/A(6)				06/2031	—		( 2 )		—		( 2 )
										222,695		219,988		5.5		220,337


Healthcare Equipment & Supplies
Aspen Medical Products, LLC*+	One stop	SF +	4.75 %	(h)	9.08 %	06/2028	7,032	6,997	0.2	7,032
Aspen Medical Products, LLC+	One stop	SF +	4.75 %	(h)	9.08 %	06/2028	456	453	—	456
Aspen Medical Products, LLC+(5)	One stop	SF +	4.75 %		N/A(6)	06/2028	—	( 1 )	—	—
Aspen Medical Products, LLC+	One stop	SF +	4.75 %	(h)	9.08 %	06/2028	893	885	—	893
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	6.45 %	(g)	11.00 %	08/2028	7,745	7,749	0.2	7,745
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	6.45 %	(c)	8.57 %	08/2028	4,881	4,789	0.1	4,881
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	6.45 %	(g)	11.00 %	08/2028	1,912	1,912	0.1	1,912
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SN +	6.45 %	(f)	10.79 %	08/2028	1,389	1,348	—	1,389
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	6.45 %	(c)	8.44 %	08/2028	1,164	1,090	—	1,164
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SN +	6.45 %	(f)	10.79 %	08/2028	1,231	1,160	—	1,231
Belmont Instrument, LLC*+	One stop	SF +	5.25 %	(i)	9.55 %	08/2028	14,393	14,307	0.4	14,393
Belmont Instrument, LLC+(5)	One stop	SF +	5.25 %		N/A(6)	08/2028	—	( 2 )	—	—
Blades Buyer, Inc.*+	Senior secured	SF +	5.00 %	(i)	9.43 %	03/2028	12,191	12,160	0.3	12,191
Blades Buyer, Inc.*+	Senior secured	SF +	5.25 %	(i)	9.68 %	03/2028	1,729	1,718	—	1,729
Blades Buyer, Inc.+	Senior secured	SF +	5.00 %	(i)	9.43 %	03/2028	1,398	1,392	—	1,398
Blades Buyer, Inc.+(5)	Senior secured	SF +	4.75 %		N/A(6)	03/2028	—	( 1 )	—	—
Blades Buyer, Inc.+	Senior secured	SF +	5.00 %	(i)	9.42 %	03/2028	2,280	2,280	0.1	2,280
Blades Buyer, Inc.+	Senior secured	SF +	5.00 %	(i)	9.43 %	03/2028	1,726	1,718	—	1,726
Blue River Pet Care, LLC+	One stop	SF +	5.75 %	(h)	10.18 %	08/2029	12	12	—	12
Blue River Pet Care, LLC+	One stop	SF +	5.75 %		N/A(6)	08/2029	—	—	—	—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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 +	5.75 %	(h)	10.18 %				08/2029	$	62,451	$	62,297	1.6	%	$	62,451
Blue River Pet Care, LLC+	One stop	SF +	5.75 %	(h)	10.18 %				08/2029	12,366		12,450		0.3		12,366
Blue River Pet Care, LLC+	One stop	SF +	5.75 %	(h)	10.18 %				08/2029	2,883		2,903		0.1		2,883
Blue River Pet Care, LLC+	One stop	SF +	5.75 %	(h)	10.18 %				08/2029	2,771		2,790		0.1		2,771
Blue River Pet Care, LLC+	One stop	SF +	5.75 %	(h)	10.18 %				08/2029	2,745		2,763		0.1		2,745
Blue River Pet Care, LLC+	One stop	SF +	5.75 %	(h)	10.18 %				08/2029	2,109		2,123		0.1		2,109
Blue River Pet Care, LLC+	One stop	SF +	5.75 %	(h)	10.18 %				08/2029	1,249		1,244		—		1,249
Blue River Pet Care, LLC+	One stop	SF +	5.75 %	(h)	10.18 %				08/2029	414		412		—		414
Blue River Pet Care, LLC+	One stop	SF +	5.75 %	(h)	10.18 %				08/2029	150		147		—		150
Blue River Pet Care, LLC+	One stop	SF +	5.75 %	(h)	10.18 %				08/2029	293		292		—		293
Blue River Pet Care, LLC+	One stop	SF +	5.75 %	(h)	10.18 %				08/2029	298		296		—		298
Blue River Pet Care, LLC+	One stop	SF +	5.75 %	(h)	10.18 %				08/2029	257		255		—		257
Blue River Pet Care, LLC+	One stop	SF +	5.75 %	(h)	10.18 %				08/2029	226		225		—		226
Blue River Pet Care, LLC+	One stop	SF +	5.75 %	(h)	10.17 %				08/2029	1		1		—		1
CCSL Holdings, LLC*(8)	One stop	SF +	5.75 %	(h)	10.08 %				12/2028	20,897		20,857		0.5		20,897
CCSL Holdings, LLC*+(8)	One stop	SF +	5.75 %	(h)	10.08 %				12/2028	5,642		5,655		0.1		5,642
CCSL Holdings, LLC+(8)(9)	One stop	SN +	5.75 %	(f)	9.97 %				12/2028	3,646		3,334		0.1		3,646
CCSL Holdings, LLC+(8)	One stop	SF +	5.75 %	(h)	10.08 %				12/2028	3,472		3,446		0.1		3,472
CCSL Holdings, LLC*+(8)	One stop	SF +	5.75 %	(h)	10.08 %				12/2028	2,884		2,862		0.1		2,884
CCSL Holdings, LLC+(8)	One stop	SF +	5.75 %	(h)	10.08 %				12/2028	80		78		—		80
CCSL Holdings, LLC+(8)	One stop	SF +	5.75 %	(h)	10.08 %				12/2028	977		972		—		977
CCSL Holdings, LLC+(8)(9)	One stop	E +	5.75 %	(b)	7.68 %				12/2028	34,629		31,816		0.9		34,629
CCSL Holdings, LLC+(8)(9)	One stop	E +	5.75 %	(b)	7.68 %				12/2028	6,784		6,004		0.2		6,784
CCSL Holdings, LLC+(8)	One stop	SF +	5.75 %	(h)	10.08 %				12/2028	2,774		2,761		0.1		2,774
CCSL Holdings, LLC+(8)	One stop	SF +	5.75 %	(h)	10.08 %				12/2028	2,207		2,197		0.1		2,207
CMI Parent Inc.*	One stop	SF +	5.00 %	(h)	9.33 %				12/2026	22,412		22,342		0.6		22,412
CMI Parent Inc.^*	One stop	SF +	5.00 %	(h)	9.33 %				12/2026	19,732		19,800		0.5		19,732
CMI Parent Inc.^*	Senior secured	SF +	5.00 %	(h)	9.33 %				12/2026	9,460		9,456		0.2		9,460
CMI Parent Inc.*+	One stop	SF +	5.00 %	(h)	9.33 %				12/2026	8,875		8,870		0.2		8,875
CMI Parent Inc.+	One stop	SF +	5.00 %		N/A(6)				12/2026	—		—		—		—
HuFriedy Group Acquisition, LLC+	One stop	SF +	5.50 %	(i)	9.83 %				06/2031	7,871		7,805		0.2		7,871
HuFriedy Group Acquisition, LLC+	One stop	SF +	5.50 %	(i)	9.81 %				05/2030	52		45		—		52
HuFriedy Group Acquisition, LLC+	One stop	SF +	5.50 %	(i)	9.80 %				06/2031	1,523		1,497		—		1,523
JHC Investment Intermediate Holdings, LLC+(26)	One stop	SF +	8.75 %	(i)	7.13 %	cash/	6.00 %	PIK	03/2029	1,217		1,217		—		1,217
JHC Investment Intermediate Holdings, LLC+(26)	One stop	SF +	8.75 %	(i)	7.13 %	cash/	6.00 %	PIK	03/2029	908		720		—		908
TIDI Legacy Products, Inc.+	One stop	SF +	4.50 %	(h)	8.83 %				12/2029	3,493		3,550		0.1		3,493
TIDI Legacy Products, Inc.+	One stop	SF +	4.50 %		N/A(6)				12/2029	—		—		—		—
TIDI Legacy Products, Inc.+	One stop	SF +	5.00 %		N/A(6)				12/2029	—		—		—		—
YI, LLC+	One stop	SF +	5.75 %	(h)	10.06 %				12/2029	4,396		4,395		0.1		4,353
YI, LLC+(5)	One stop	SF +	5.75 %		N/A(6)				12/2029	—		( 1 )		—		( 2 )
										312,576		307,842		7.8		312,531


Healthcare Providers & Services
AAH TOPCO, LLC *+	One stop	SF +	5.25 %	(h)	9.68 %		12/2027	8,605	8,565	0.2	8,626
AAH TOPCO, LLC +	One stop	SF +	5.25 %	(h)	9.68 %		12/2027	8,090	8,123	0.2	8,110
AAH TOPCO, LLC +	One stop	SF +	5.25 %	(h)	9.67 %		12/2027	3,477	3,494	0.1	3,486
AAH TOPCO, LLC +(26)	Subordinated debt	N/A			11.50 %	PIK	12/2031	2,975	2,870	0.1	2,945
AAH TOPCO, LLC +(5)	One stop	SF +	5.25 %		N/A(6)		12/2027	—	( 1 )	—	—
AAH TOPCO, LLC +(5)	One stop	SF +	5.00 %		N/A(6)		12/2027	—	( 39 )	—	—
Active Day, Inc.*+	One stop	SF +	5.00 %	(h)	9.43 %		05/2026	17,254	17,215	0.4	17,254
Active Day, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)		05/2026	—	( 20 )	—	—
Active Day, Inc.+	One stop	SF +	5.00 %	(h)	9.43 %		05/2026	1,332	1,330	—	1,332

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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)
Active Day, Inc.+	One stop	SF +	5.00 %	(h)	9.43 %				05/2026	$	858	$	857	—	%	$	858
Active Day, Inc.+	One stop	SF +	5.00 %	(h)	9.43 %				05/2026	684		683		—		684
Active Day, Inc.+	One stop	SF +	5.00 %	(h)	9.43 %				05/2026	604		602		—		604
Active Day, Inc.+	One stop	SF +	5.00 %	(h)	9.43 %				05/2026	593		592		—		593
Active Day, Inc.+	One stop	SF +	5.25 %		N/A(6)				05/2026	—		—		—		—
Active Day, Inc.+	One stop	SF +	5.00 %	(h)	9.43 %				05/2026	—		—		—		—
Active Day, Inc.+	One stop	SF +	5.00 %	(h)	9.43 %				05/2026	6,611		6,582		0.2		6,611
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00 %	(i)	10.45 %				03/2027	16,053		16,003		0.4		16,053
Acuity Eyecare Holdings, LLC+(26)	One stop	N/A			16.50 %	PIK			06/2027	16,141		16,058		0.4		16,302
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(i)	10.70 %				03/2027	3,965		3,952		0.1		3,975
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(i)	10.71 %				03/2027	3,531		3,520		0.1		3,540
Acuity Eyecare Holdings, LLC*+	One stop	SF +	6.25 %	(i)	10.70 %				03/2027	3,504		3,491		0.1		3,512
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(i)	10.70 %				03/2027	3,115		3,104		0.1		3,122
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00 %	(i)	10.44 %				03/2027	1,991		1,984		0.1		1,991
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(i)	10.70 %				03/2027	1,814		1,809		0.1		1,818
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00 %	(i)	10.46 %				03/2027	1,015		1,012		—		1,015
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(i)	10.70 %				03/2027	440		439		—		441
Acuity Eyecare Holdings, LLC+(26)	One stop	SF +	13.00 %	(i)	10.70 %	cash/	6.75 %	PIK	03/2027	290		290		—		307
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00 %	(i)	10.43 %				03/2027	210		210		—		210
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(i)	10.70 %				03/2027	162		162		—		162
Acuity Eyecare Holdings, LLC+(26)	One stop	SF +	13.00 %	(i)	10.69 %	cash/	6.75 %	PIK	03/2027	113		113		—		120
Acuity Eyecare Holdings, LLC+	Senior secured	SF +	6.25 %	(i)	10.70 %				03/2027	107		106		—		107
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %	(i)	10.70 %				03/2027	1		1		—		1
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25 %		N/A(6)				03/2027	—		—		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)	Subordinated debt	N/A			13.75 %	PIK			03/2028	17,980		18,128		0.6		17,980
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC*+	One stop	SF +	6.00 %	(i)	10.43 %				03/2027	6,369		6,376		0.2		6,369
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC^+	One stop	SF +	6.00 %	(i)	10.43 %				03/2027	5,324		5,324		0.1		5,324
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)	Subordinated debt	N/A			13.75 %	PIK			03/2028	3,902		3,884		0.1		3,902
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)	Subordinated debt	N/A			13.75 %	PIK			03/2028	1,492		1,486		—		1,492
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00 %	(i)	10.38 %				03/2027	831		830		—		831
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00 %	(i)	10.38 %				03/2027	393		393		—		393
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)	9.53 %				09/2030	2,719		2,667		0.1		2,719
Bamboo US Bidco LLC+(8)(9)	One stop	E +	5.25 %	(c)	7.44 %				09/2030	1,993		1,749		0.1		1,993
Bamboo US Bidco LLC+	One stop	SF +	5.25 %	(i)	9.53 %				09/2030	416		415		—		416
Bamboo US Bidco LLC+	One stop	SF +	5.25 %	(i)	9.58 %				09/2030	128		121		—		128
Bamboo US Bidco LLC+	One stop	SF +	5.25 %		N/A(6)				09/2030	—		—		—		—
Bamboo US Bidco LLC+(5)	One stop	SF +	5.25 %		N/A(6)				10/2029	—		( 11 )		—		—
Benefit Plan Administrators of Eau Claire, LLC*	One stop	SF +	5.00 %	(i)	9.29 %				11/2030	13,005		12,933		0.3		13,005
Benefit Plan Administrators of Eau Claire, LLC+	One stop	SF +	5.00 %	(i)	9.29 %				11/2030	9,975		9,916		0.3		9,975
Benefit Plan Administrators of Eau Claire, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				11/2030	—		( 12 )		—		—
Benefit Plan Administrators of Eau Claire, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				11/2030	—		( 40 )		—		—
BHG Holdings, LLC+	One stop	SF +	5.50 %	(h)	9.83 %				04/2032	24,794		24,583		0.6		24,577
BHG Holdings, LLC+(5)	One stop	SF +	5.50 %		N/A(6)				04/2032	—		( 27 )		—		( 27 )
BHG Holdings, LLC+(5)	One stop	SF +	5.50 %		N/A(6)				04/2032	—		( 60 )		—		( 62 )
Community Care Partners, LLC+	One stop	SF +	6.00 %	(h)	10.44 %				06/2026	3,463		3,417		0.1		3,463

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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 +	5.50 %	(i)	9.95 %		06/2027	$	23,233	$	23,128	0.6	%	$	23,233
CRH Healthcare Purchaser, Inc.*+	Senior secured	SF +	5.50 %	(i)	9.95 %		06/2027	6,270		6,241		0.2		6,270
CRH Healthcare Purchaser, Inc.*+	Senior secured	SF +	5.50 %	(i)	9.95 %		06/2027	5,623		5,597		0.1		5,623
CRH Healthcare Purchaser, Inc.*+	Senior secured	SF +	5.50 %	(i)	9.95 %		06/2027	4,247		4,228		0.1		4,247
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	5.50 %	(i)	9.80 %		06/2027	105		102		—		105
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(10)	One stop	SF +	5.25 %	(j)	9.54 %		04/2031	771		759		—		771
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(9)(10)	One stop	SN +	5.25 %	(f)	9.47 %		04/2031	491		446		—		491
Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)	One stop	SF +	5.25 %		N/A(6)		04/2031	—		( 1 )		—		—
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(10)	One stop	SF +	5.25 %	(j)	9.54 %		10/2030	18		16		—		18
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(9)(10)	One stop	SN +	5.25 %	(f)	9.47 %		04/2031	4		4		—		4
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.23 %		02/2027	15,593		15,266		0.4		15,436
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.23 %		02/2027	8,137		7,969		0.2		8,056
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.23 %		02/2027	4,209		4,159		0.1		4,167
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.23 %		02/2027	2,140		2,096		0.1		2,119
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.23 %		02/2027	1,889		1,867		0.1		1,870
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.23 %		02/2027	1,176		1,148		—		1,165
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.23 %		02/2027	977		945		—		967
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.23 %		02/2027	962		939		—		952
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.23 %		02/2027	921		899		—		912
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.23 %		02/2027	834		814		—		825
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.23 %		02/2027	423		409		—		419
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.23 %		02/2027	358		349		—		354
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.23 %		02/2027	175		171		—		173
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.23 %		02/2027	168		163		—		167
Encorevet Group LLC+	One stop	SF +	8.75 %	(i)	13.23 %		02/2027	155		155		—		157
Encorevet Group LLC+(26)	One stop	N/A			13.00 %	PIK	05/2027	105		99		—		101
Encorevet Group LLC+	One stop	SF +	6.75 %	(i)	11.19 %		02/2027	94		92		—		94
ERC Topco Holdings, LLC+(26)	One stop	SF +	6.50 %	(i)	11.06 %	PIK	03/2030	7,403		6,824		0.2		6,810
ERC Topco Holdings, LLC+	One stop	SF +	5.50 %	(i)	10.06 %		03/2030	1,069		996		—		1,069
ERC Topco Holdings, LLC+(26)	One stop	SF +	5.50 %	(i)	10.06 %		03/2030	76		76		—		76
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75 %	(k)	8.82 %		03/2027	11,203		11,339		0.3		11,203
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75 %	(k)	8.82 %		03/2027	4,049		4,089		0.1		4,049
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75 %	(k)	8.82 %		03/2027	2,758		2,799		0.1		2,758
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75 %	(k)	8.82 %		03/2027	2,626		2,659		0.1		2,626
FYI Optical Acquisitions, Inc. & FYI USA, Inc.^+(8)(12)	One stop	SF +	5.75 %	(i)	10.18 %		03/2027	1,105		1,105		—		1,105
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)	One stop	SF +	5.75 %	(i)	10.18 %		03/2027	554		554		—		554
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75 %	(k)	8.82 %		03/2027	478		474		—		478
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75 %	(i)	9.11 %		06/2028	2,512		2,523		0.1		2,512
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75 %	(i)	9.11 %		06/2028	1,193		1,185		—		1,193
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75 %		N/A(6)		06/2028	—		—		—		—
Klick Inc.*+(8)(12)	Senior secured	SF +	4.50 %	(h)	8.83 %		03/2028	13,523		13,544		0.3		13,523
Klick Inc.+(8)(12)	Senior secured	SF +	4.50 %	(h)	8.83 %		03/2028	3,163		3,151		0.1		3,163
Klick Inc.+(5)(8)(12)	Senior secured	SF +	4.50 %		N/A(6)		03/2028	—		( 2 )		—		—
Krueger-Gilbert Health Physics, LLC*+	Senior secured	SF +	5.25 %	(i)	9.55 %		11/2026	2,579		2,570		0.1		2,579
Krueger-Gilbert Health Physics, LLC*+	Senior secured	SF +	5.25 %	(i)	9.55 %		11/2026	2,368		2,359		0.1		2,368
Krueger-Gilbert Health Physics, LLC*	Senior secured	SF +	5.25 %	(i)	9.55 %		11/2026	1,513		1,511		—		1,513

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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 +	5.25 %	(i)	9.55 %				11/2026	$	1,387	$	1,382	—	%	$	1,387
Krueger-Gilbert Health Physics, LLC+	One stop	SF +	5.25 %	(i)	9.55 %				11/2026	666		664		—		666
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.25 %	(i)	9.55 %				11/2026	610		608		—		610
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.25 %	(i)	9.55 %				11/2026	90		90		—		90
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.25 %	(i)	9.52 %				11/2026	299		297		—		299
LOV Acquisition LLC+	Senior secured	SF +	4.25 %	(h)	8.58 %				11/2031	25,123		25,008		0.6		25,123
LOV Acquisition LLC+(5)	Senior secured	SF +	4.25 %		N/A(6)				11/2031	—		( 12 )		—		—
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)(26)	One stop	CA +	5.50 %	(l)	6.50 %	cash/	2.00 %	PIK	05/2028	26,128		27,911		0.7		26,128
New Look Corporation and New Look Vision Group Inc. *+(8)(12)	One stop	SF +	5.50 %	(i)	9.95 %				05/2028	5,836		5,773		0.2		5,836
New Look Corporation and New Look Vision Group Inc. *+(8)(12)	One stop	SF +	5.50 %	(i)	9.95 %				05/2028	4,118		4,050		0.1		4,118
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)	One stop	CA +	5.50 %	(l)	8.50 %				05/2028	1,619		1,685		—		1,619
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)	One stop	CA +	5.50 %	(l)	8.50 %				05/2028	843		864		—		843
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)	One stop	CA +	5.50 %	(l)	8.51 %				05/2026	174		161		—		174
New Look Corporation and New Look Vision Group Inc. +(8)(12)(26)	One stop	SF +	5.50 %	(i)	7.95 %	cash/	2.00 %	PIK	05/2028	131		126		—		131
New Look Corporation and New Look Vision Group Inc. +(5)(8)(12)	One stop	SF +	5.50 %		N/A(6)				05/2026	—		( 2 )		—		—
Pinnacle Treatment Centers, Inc.*	One stop	SF +	5.75 %	(i)	10.08 %				01/2027	18,183		18,026		0.5		18,183
Pinnacle Treatment Centers, Inc.*	One stop	SF +	5.75 %	(i)	10.08 %				01/2027	12,180		12,114		0.3		12,180
Pinnacle Treatment Centers, Inc.*+	One stop	SF +	5.75 %	(i)	10.08 %				01/2027	2,449		2,436		0.1		2,449
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75 %	(i)	10.08 %				01/2027	2,366		2,351		0.1		2,366
Pinnacle Treatment Centers, Inc.*+	One stop	SF +	5.75 %	(i)	10.08 %				01/2027	1,496		1,487		—		1,496
Pinnacle Treatment Centers, Inc.*+	One stop	SF +	5.75 %	(i)	10.08 %				01/2027	1,357		1,351		—		1,357
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75 %	(i)	10.08 %				01/2027	675		671		—		675
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75 %	(i)	10.08 %				01/2027	529		524		—		529
Pinnacle Treatment Centers, Inc.+	One stop	P +	4.50 %	(a)	12.00 %				01/2027	522		502		—		522
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75 %	(i)	10.08 %				01/2027	178		178		—		178
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75 %	(i)	10.08 %				01/2027	102		101		—		102
Premise Health Holding Corp.+	One stop	SF +	5.25 %	(i)	9.55 %				03/2031	1,381		1,375		—		1,381
PPV Intermediate Holdings, LLC*+	One stop	SF +	5.75 %	(i)	10.08 %				08/2029	14,082		14,017		0.4		14,082
PPV Intermediate Holdings, LLC+(26)	One stop	N/A			14.75 %	PIK			08/2030	9,965		10,025		0.3		10,140
PPV Intermediate Holdings, LLC+	One stop	SF +	5.25 %	(i)	9.58 %				08/2029	5,501		5,419		0.1		5,501
PPV Intermediate Holdings, LLC+(26)	One stop	N/A			13.75 %	PIK			08/2030	1,993		1,964		—		1,993
PPV Intermediate Holdings, LLC+(26)	One stop	N/A			13.75 %	PIK			08/2030	461		455		—		461
PPV Intermediate Holdings, LLC+(26)	One stop	N/A			13.75 %	PIK			08/2030	83		80		—		83
PPV Intermediate Holdings, LLC+(26)	One stop	N/A			13.75 %	PIK			08/2030	84		84		—		84
PPV Intermediate Holdings, LLC+(5)	One stop	SF +	5.75 %		N/A(6)				08/2029	—		( 8 )		—		—
Premise Health Holding Corp.+	One stop	SF +	5.25 %	(h)	9.57 %				03/2030	6		6		—		6
Pyramid Healthcare Acquisition Corp.*+	One stop	SF +	4.75 %	(i)	9.18 %				05/2027	24,904		24,947		0.6		24,904
Pyramid Healthcare Acquisition Corp.*+	One stop	SF +	4.75 %	(i)	9.18 %				05/2027	2,575		2,563		0.1		2,575
Pyramid Healthcare Acquisition Corp.*+	One stop	SF +	4.75 %	(i)	9.21 %				05/2027	2,153		2,148		0.1		2,153
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(i)	9.23 %				05/2027	1,184		1,181		—		1,184
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(i)	9.19 %				05/2027	1,083		1,080		—		1,083
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(i)	9.18 %				05/2027	732		730		—		732
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(i)	9.18 %				05/2027	243		243		—		243
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(i)	9.18 %				05/2027	214		214		—		214
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(i)	9.18 %				05/2027	201		200		—		201
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(i)	9.23 %				05/2027	201		200		—		201
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75 %	(i)	9.18 %				05/2027	79		78		—		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)	9.08 %				09/2027	27,530		27,524		0.7		27,530
Suveto Buyer, LLC+	One stop	SF +	4.75 %	(h)	9.08 %				09/2027	8,077		7,982		0.2		8,077
Suveto Buyer, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				09/2027	—		( 2 )		—		—
										543,362		541,844		13.6		542,500

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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 +	5.50 %	(i)	9.80 %				05/2030	$	7,138	$	7,109	0.2	%	$	7,138
Amberfield Acquisition Co.+	One stop	SF +	5.50 %	(i)	9.80 %				05/2030	176		167		—		176
Amberfield Acquisition Co.+(5)	One stop	SF +	5.50 %		N/A(6)				05/2030	—		( 2 )		—		—
Color Intermediate, LLC*+	Senior secured	SF +	4.75 %	(i)	9.15 %				10/2029	17,432		17,397		0.4		17,259
Connexin Software, Inc.+	One stop	SF +	8.50 %	(i)	12.95 %				03/2027	11,759		11,739		0.3		11,759
Connexin Software, Inc.+	One stop	SF +	8.50 %		N/A(6)				03/2027	—		—		—		—
Crow River Buyer, Inc.+	One stop	SF +	6.00 %	(i)	10.28 %				01/2029	6,032		6,018		0.2		6,032
Crow River Buyer, Inc.+(5)	One stop	SF +	6.00 %		N/A(6)				01/2029	—		( 1 )		—		—
Crow River Buyer, Inc.+	One stop	SF +	6.00 %	(h)	10.32 %				01/2029	8,700		8,624		0.2		8,700
ESO Solution, Inc.^+	One stop	SF +	6.75 %	(i)	11.09 %				05/2027	11,360		11,380		0.3		11,360
ESO Solution, Inc.+	One stop	SF +	6.75 %	(i)	11.09 %				05/2027	3,803		3,754		0.1		3,803
ESO Solution, Inc.+	One stop	SF +	6.75 %	(i)	11.09 %				03/2027	142		142		—		142
GHX Ultimate Parent Corporation+	One stop	SF +	4.75 %	(i)	9.05 %				12/2031	53,884		53,385		1.4		53,884
GHX Ultimate Parent Corporation+(5)	One stop	SF +	4.75 %		N/A(6)				12/2031	—		( 46 )		—		—
Kona Buyer, LLC+	One stop	SF +	4.50 %	(i)	8.78 %				07/2031	15,753		15,616		0.4		15,674
Kona Buyer, LLC+(5)	One stop	SF +	7.00 %		N/A(6)				07/2031	—		( 16 )		—		( 9 )
Kona Buyer, LLC+	One stop	SF +	4.50 %	(i)	8.78 %				07/2031	924		924		—		920
Kona Buyer, LLC+	One stop	SF +	4.50 %	(i)	8.80 %				07/2031	260		259		—		259
Kona Buyer, LLC+(5)	One stop	SF +	4.50 %		N/A(6)				07/2031	—		—		—		( 3 )
Kona Buyer, LLC+(5)	One stop	SF +	4.50 %		N/A(6)				07/2031	—		—		—		( 2 )
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	—		—		—		( 17 )
Lacker Bidco Limited+(8)(9)(10)	One stop	SN +	5.75 %	(f)	9.97 %				02/2031	650		600		—		644
Lacker Bidco Limited+(8)(9)(10)	One stop	SN +	5.75 %	(f)	9.97 %				02/2031	540		515		—		532
Lacker Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.25 %		N/A(6)				08/2030	—		( 2 )		—		( 1 )
Modernizing Medicine, Inc.+(26)	One stop	SF +	5.25 %	(i)	6.80 %	cash/	2.75 %	PIK	04/2032	32,159		31,847		0.8		31,838
Modernizing Medicine, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				04/2032	—		( 29 )		—		( 30 )
Neptune Holdings, Inc.*	One stop	SF +	4.50 %	(i)	8.80 %				09/2030	16,058		16,144		0.4		16,058
Neptune Holdings, Inc.+	One stop	SF +	4.50 %		N/A(6)				08/2029	—		—		—		—
Netsmart Technologies, Inc.+(26)	One stop	SF +	4.95 %	(h)	6.83 %	cash/	2.45 %	PIK	08/2031	52,341		51,892		1.3		52,341
Netsmart Technologies, Inc.+(5)	One stop	SF +	4.50 %		N/A(6)				08/2031	—		( 61 )		—		—
Netsmart Technologies, Inc.+(5)	One stop	SF +	6.95 %		N/A(6)				08/2031	—		( 30 )		—		—
Plasma Buyer LLC+	One stop	SF +	5.75 %	(i)	10.05 %				05/2029	7,975		7,819		0.2		7,655
Plasma Buyer LLC+	One stop	SF +	6.25 %	(i)	10.55 %				05/2029	301		296		—		289
Plasma Buyer LLC+	One stop	SF +	5.75 %	(i)	10.05 %				05/2028	110		108		—		108
QF Holdings, Inc.+	One stop	SF +	4.75 %	(i)	9.03 %				12/2027	927		923		—		927
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00 %	(i)	8.95 %	cash/	3.50 %	PIK	08/2025	11,445		11,445		0.3		11,559
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00 %	(i)	8.95 %	cash/	3.50 %	PIK	08/2025	11,141		11,141		0.3		11,252
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00 %	(i)	8.95 %	cash/	3.50 %	PIK	08/2025	7,340		7,340		0.2		7,413
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00 %	(i)	8.95 %	cash/	3.50 %	PIK	08/2025	1,887		1,887		0.1		1,906
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00 %	(i)	8.95 %	cash/	3.50 %	PIK	08/2025	1,678		1,678		—		1,694
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00 %	(i)	8.95 %	cash/	3.50 %	PIK	08/2025	1,258		1,258		—		1,271
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00 %	(i)	8.95 %	cash/	3.50 %	PIK	08/2025	1,049		1,049		—		1,059
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00 %	(i)	8.95 %	cash/	3.50 %	PIK	08/2025	839		839		—		847
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00 %	(i)	8.95 %	cash/	3.50 %	PIK	08/2025	167		167		—		169
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00 %	(i)	8.95 %	cash/	3.50 %	PIK	08/2025	90		90		—		90
Transaction Data Systems, Inc.^*+	One stop	SF +	4.25 %	(i)	8.70 %				08/2026	74,739		74,599		1.9		74,739
Transaction Data Systems, Inc.+(5)	One stop	SF +	4.25 %		N/A(6)				08/2026	—		( 2 )		—		—
Veranex, Inc.+(7)(26)	Senior secured	SF +	6.75 %	(j)	5.29 %	cash/	5.75 %	PIK	04/2028	3,515		3,200		0.1		2,531
Veranex, Inc.+(7)(26)	Senior secured	SF +	4.75 %	(j)	5.25 %	cash/	3.75 %	PIK	04/2028	427		299		—		307
Veranex, Inc.+(7)(26)	Senior secured	SF +	6.75 %	(h)(i)(j)	5.31 %	cash/	5.75 %	PIK	04/2028	106		84		—		76
										364,105		361,545		9.1		362,349

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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)(j)	10.47 %				08/2028	$	13,575	$	13,553	0.4	%	$	13,575
Barteca Restaurants, LLC+	One stop	SF +	6.00 %	(j)	10.38 %				08/2028	684		681		—		684
Barteca Restaurants, LLC+	One stop	SF +	6.00 %	(i)	10.45 %				08/2028	468		436		—		468
Barteca Restaurants, LLC+	One stop	SF +	6.00 %	(i)(j)	10.43 %				08/2028	200		198		—		200
BJH Holdings III Corp.*+	One stop	SF +	5.00 %	(i)	9.30 %				08/2027	69,929		69,736		1.8		69,929
BJH Holdings III Corp.+	One stop	SF +	5.00 %	(i)	9.30 %				08/2027	5,575		5,513		0.2		5,575
BJH Holdings III Corp.+	One stop	SF +	5.00 %	(i)	9.30 %				08/2027	351		341		—		351
Cafe Rio Holding, Inc.*+	One stop	SF +	5.75 %	(i)	10.18 %				09/2028	17,862		17,863		0.5		17,683
Cafe Rio Holding, Inc.*+	One stop	SF +	5.75 %	(i)	10.18 %				09/2028	3,184		3,172		0.1		3,153
Cafe Rio Holding, Inc.*+	One stop	SF +	5.75 %	(i)	10.18 %				09/2028	2,139		2,140		0.1		2,118
Cafe Rio Holding, Inc.*	One stop	SF +	5.75 %	(i)	10.18 %				09/2028	1,358		1,358		—		1,344
Cafe Rio Holding, Inc.*+	One stop	SF +	5.75 %	(i)	10.18 %				09/2028	1,199		1,200		—		1,187
Cafe Rio Holding, Inc.+	One stop	SF +	5.75 %	(h)(i)	10.19 %				09/2028	163		163		—		161
Cafe Rio Holding, Inc.+	One stop	SF +	5.75 %	(i)	10.18 %				09/2028	172		172		—		170
Cafe Rio Holding, Inc.+	One stop	SF +	5.75 %	(i)	10.18 %				09/2028	123		122		—		122
Cafe Rio Holding, Inc.+	One stop	SF +	5.75 %	(i)	10.18 %				09/2028	98		97		—		97
Cafe Rio Holding, Inc.+	One stop	SF +	5.75 %	(i)	10.18 %				09/2028	96		96		—		95
Cafe Rio Holding, Inc.+	One stop	SF +	5.75 %	(i)	10.18 %				09/2028	78		77		—		77
Cafe Rio Holding, Inc.+	One stop	SF +	5.75 %	(i)	10.18 %				09/2028	49		49		—		49
Cafe Rio Holding, Inc.+(5)	One stop	SF +	5.75 %		N/A(6)				09/2028	—		( 1 )		—		—
Crumbl Enterprises, LLC+	One stop	SF +	4.50 %	(i)	8.83 %				05/2032	32,407		32,249		0.8		32,245
Crumbl Enterprises, LLC+	One stop	SF +	4.50 %	(i)	8.83 %				05/2032	421		409		—		408
EOS Fitness Opco Holdings, LLC*+	One stop	SF +	5.25 %	(i)	9.53 %				01/2028	10,985		10,973		0.3		10,985
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25 %	(i)	9.53 %				01/2028	7,463		7,420		0.2		7,463
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25 %	(i)	9.53 %				01/2028	2,809		2,793		0.1		2,809
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25 %	(i)	9.53 %				01/2028	1,788		1,778		0.1		1,788
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25 %	(i)	9.53 %				01/2028	1,761		1,752		0.1		1,761
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25 %	(i)	9.53 %				01/2028	1,475		1,467		0.1		1,475
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25 %	(i)	9.53 %				01/2028	1,226		1,222		—		1,226
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25 %	(i)	9.53 %				01/2028	1,084		1,082		—		1,084
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25 %	(i)	9.53 %				01/2028	1,061		1,056		—		1,061
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25 %	(h)(i)	9.55 %				01/2028	1,698		1,660		0.1		1,698
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25 %	(i)	9.53 %				01/2028	601		598		—		601
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25 %		N/A(6)				01/2028	—		—		—		—
ESN Venture Holdings, LLC*+	One stop	SF +	5.75 %	(i)	10.05 %				10/2028	5,367		5,319		0.1		5,367
ESN Venture Holdings, LLC+	One stop	SF +	5.75 %	(i)	10.05 %				10/2028	1,589		1,580		—		1,589
ESN Venture Holdings, LLC+	One stop	SF +	5.75 %	(i)	10.04 %				10/2028	917		913		—		917
ESN Venture Holdings, LLC+	One stop	SF +	5.75 %	(i)	10.05 %				10/2028	811		804		—		811
ESN Venture Holdings, LLC+	One stop	SF +	5.75 %	(i)	10.05 %				10/2028	439		437		—		439
ESN Venture Holdings, LLC+	One stop	SF +	5.75 %	(i)	10.05 %				10/2028	546		500		—		546
ESN Venture Holdings, LLC+	One stop	SF +	5.75 %	(i)	10.05 %				10/2028	372		369		—		372
ESN Venture Holdings, LLC+	One stop	SF +	5.75 %	(i)	10.05 %				10/2028	209		204		—		209
ESN Venture Holdings, LLC+	One stop	SF +	5.75 %	(i)	10.05 %				10/2028	181		181		—		181
Freddy's Frozen Custard LLC+	One stop	SF +	5.00 %	(i)	9.32 %				03/2027	1,387		1,384		—		1,387
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)	10.32 %				11/2029	1,070		1,068		—		1,070
GFP Atlantic Holdco 2, LLC+(5)	One stop	SF +	6.00 %		N/A(6)				11/2029	—		( 2 )		—		—
Harri US LLC^+(26)	One stop	SF +	7.25 %	(i)	6.83 %	cash/	4.75 %	PIK	08/2028	1,290		1,255		—		1,216
Harri US LLC+(26)	One stop	SF +	7.25 %	(i)	6.83 %	cash/	4.75 %	PIK	08/2028	872		865		—		822
Harri US LLC+(26)	One stop	SF +	7.25 %	(i)	6.83 %	cash/	4.75 %	PIK	08/2028	847		841		—		798
Harri US LLC+(5)	One stop	SF +	7.25 %		N/A(6)				08/2028	—		( 1 )		—		( 2 )
Harri US LLC+(26)	One stop	SF +	7.25 %	(i)	6.82 %	cash/	4.75 %	PIK	08/2028	1,581		1,467		—		1,490

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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)
Harri US LLC+(5)	One stop	SF +	7.25 %		N/A(6)				08/2028	$	—	$	( 8 )	—	%	$	( 120 )
Health Buyer, LLC+	Senior secured	SF +	5.25 %	(i)	9.55 %				04/2029	3,873		3,863		0.1		3,873
Health Buyer, LLC+	Senior secured	SF +	5.50 %	(i)	9.80 %				04/2029	1,768		1,748		—		1,768
Health Buyer, LLC+	Senior secured	SF +	5.50 %	(i)	9.80 %				04/2029	888		878		—		888
Health Buyer, LLC+	Senior secured	SF +	5.50 %	(i)	9.80 %				04/2029	129		128		—		129
Health Buyer, LLC+	Senior secured	SF +	5.25 %		N/A(6)				04/2028	—		—		—		—
PB Group Holdings, LLC+(26)	One stop	SF +	5.50 %	(h)	7.08 %	cash/	2.75 %	PIK	08/2030	37,409		37,252		1.0		37,409
PB Group Holdings, LLC+	One stop	SF +	5.00 %	(h)	9.33 %				08/2030	513		494		—		513
QSR Acquisition Co.+	One stop	SF +	4.25 %	(i)	8.57 %				06/2032	1,525		1,520		—		1,520
QSR Acquisition Co.+(5)	One stop	SF +	4.25 %		N/A(6)				06/2032	—		( 1 )		—		( 1 )
QSR Acquisition Co.+(5)	One stop	SF +	4.25 %		N/A(6)				06/2032	—		( 1 )		—		( 1 )
Rooster BidCo Limited+(8)(9)(10)	One stop	SN +	5.00 %	(f)	9.22 %				03/2032	5,090		4,754		0.1		5,090
Rooster BidCo Limited+(8)(9)(10)	One stop	SN +	5.00 %		N/A(6)				03/2032	—		—		—		—
Rooster BidCo Limited+(5)(8)(9)(10)	One stop	SN +	5.00 %		N/A(6)				03/2032	—		( 25 )		—		—
SDC Holdco, LLC*	One stop	SF +	4.75 %	(i)	9.05 %				06/2031	21,737		21,643		0.6		21,737
SDC Holdco, LLC+(26)	Second lien	SF +	8.50 %	(i)	12.80 %	PIK			06/2032	3,678		3,657		0.1		3,678
SDC Holdco, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				06/2031	—		( 8 )		—		—
SSRG Holdings, LLC*	One stop	SF +	4.75 %	(i)	9.05 %				11/2027	12,439		12,394		0.3		12,439
SSRG Holdings, LLC*+	One stop	SF +	4.75 %	(i)	9.05 %				11/2027	7,722		7,770		0.2		7,722
SSRG Holdings, LLC+	One stop	SF +	4.75 %	(i)	9.05 %				11/2027	1,272		1,268		—		1,272
SSRG Holdings, LLC+	One stop	SF +	4.75 %	(i)	9.05 %				11/2027	610		608		—		610
Super REGO, LLC+(26)	Subordinated debt	N/A			15.00 %	PIK			03/2030	72		70		—		72
YE Brands Holding, LLC*+	One stop	SF +	4.75 %	(i)	9.05 %				10/2027	17,498		17,646		0.5		17,498
YE Brands Holding, LLC+	One stop	SF +	4.75 %	(i)	9.05 %				10/2027	1,101		1,096		—		1,101
YE Brands Holding, LLC+	One stop	SF +	4.75 %		N/A(6)				10/2027	—		—		—		—
										316,884		315,355		7.9		316,051
Household Products
WU Holdco, Inc.+	One stop	SF +	4.75 %	(i)	9.05 %				04/2032	9,564		9,517		0.2		9,516
WU Holdco, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				04/2032	—		( 4 )		—		( 4 )
WU Holdco, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				04/2032	—		( 6 )		—		( 12 )
										9,564		9,507		0.2		9,500
Industrial Conglomerates
Arch Global CCT Holdings Corp.*+	Senior secured	SF +	4.75 %	(i)	9.15 %				04/2026	3,168		3,161		0.1		3,137
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75 %	(i)	9.15 %				04/2026	637		627		—		630
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75 %	(i)	9.15 %				04/2026	592		583		—		586
Dwyer Instruments, Inc.+(8)(9)	One stop	E +	5.00 %	(c)	6.94 %				07/2029	53,333		47,314		1.3		53,333
Dwyer Instruments, Inc.+	One stop	SF +	4.75 %	(i)	9.05 %				07/2029	1,489		1,476		—		1,489
Dwyer Instruments, Inc.+(5)(8)(9)	One stop	E +	5.00 %		N/A(6)				07/2029	—		( 42 )		—		—
Dwyer Instruments, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				07/2029	—		( 28 )		—		—
Dwyer Instruments, Inc.+	One stop	SF +	4.75 %	(i)	9.05 %				07/2029	5,782		5,767		0.2		5,782
Dwyer Instruments, Inc.+	One stop	SF +	4.75 %	(a)(i)	9.42 %				07/2029	415		393		—		415
Dwyer Instruments, Inc.+	One stop	SF +	4.75 %	(i)	9.05 %				07/2029	1,466		1,454		—		1,466
Dwyer Instruments, Inc.+	One stop	SF +	4.75 %	(i)	9.05 %				07/2029	469		465		—		469
Dwyer Instruments, Inc.+	One stop	SF +	4.75 %	(i)	9.05 %				07/2029	549		542		—		549
Essential Services Holdings Corporation+	One stop	SF +	5.00 %	(i)	9.28 %				06/2031	11,514		11,416		0.3		11,399
Essential Services Holdings Corporation+	One stop	SF +	5.00 %	(i)	9.33 %				06/2030	169		158		—		159
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	—		( 49 )		—		—
Excelitas Technologies Corp.+	One stop	SF +	5.25 %	(h)	9.58 %				08/2029	10,022		9,967		0.3		10,022
Excelitas Technologies Corp.+(8)(9)	One stop	E +	5.25 %	(b)	7.18 %				08/2029	2,016		1,781		0.1		2,016
Excelitas Technologies Corp.+(5)	One stop	SF +	5.25 %		N/A(6)				08/2028	—		( 2 )		—		—
										91,621		84,973		2.3		91,429

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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)	9.03 %	11/2029	$	36,779	$	36,784	0.9	%	$	36,779
Accession Risk Management Group, Inc.^*+	One stop	SF +	4.75 %	(i)	9.04 %	11/2029	9,426		9,346		0.2		9,426
Accession Risk Management Group, Inc.*+	One stop	SF +	4.75 %	(i)	9.06 %	11/2029	8,299		8,292		0.2		8,299
Accession Risk Management Group, Inc.+	One stop	SF +	4.75 %	(i)	9.04 %	11/2029	9,269		9,230		0.2		9,269
Accession Risk Management Group, Inc.*+	One stop	SF +	4.75 %	(i)	9.06 %	11/2029	7,793		7,792		0.2		7,793
Accession Risk Management Group, Inc.*+	One stop	SF +	4.75 %	(i)	9.04 %	11/2029	5,209		5,259		0.1		5,209
Accession Risk Management Group, Inc.+	One stop	SF +	4.75 %	(i)	9.05 %	11/2029	1,316		1,240		—		1,316
Accession Risk Management Group, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)	11/2029	—		( 11 )		—		—
AMBA Buyer, Inc.+	One stop	SF +	5.25 %	(i)	9.65 %	07/2027	4,434		4,442		0.1		4,434
AMBA Buyer, Inc.+	One stop	SF +	5.25 %	(i)	9.65 %	07/2027	1,320		1,319		—		1,320
AMBA Buyer, Inc.+	One stop	SF +	5.25 %	(i)	9.65 %	07/2027	1,114		1,111		—		1,114
AMBA Buyer, Inc.+	One stop	SF +	5.25 %	(i)	9.65 %	07/2027	161		161		—		161
AMBA Buyer, Inc.+	One stop	SF +	5.25 %		N/A(6)	07/2027	—		—		—		—
Bellwether Buyer, LLC+(5)	One stop	SF +	4.50 %		N/A(6)	04/2032	—		( 5 )		—		( 3 )
Bellwether Buyer, LLC+	One stop	SF +	4.50 %	(h)	8.81 %	04/2032	5,031		5,007		0.1		5,019
Bellwether Buyer, LLC+(5)	One stop	SF +	4.50 %		N/A(6)	04/2032	—		( 6 )		—		( 7 )
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.50 %	(i)	9.78 %	03/2028	561		554		—		561
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.50 %	(i)	9.83 %	03/2028	378		378		—		378
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.50 %	(i)	9.82 %	03/2028	465		454		—		465
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.50 %	(i)	9.80 %	03/2028	97		96		—		97
Captive Resources Midco, LLC+	One stop	SF +	4.50 %	(h)	8.83 %	07/2029	23,157		23,136		0.6		23,157
Captive Resources Midco, LLC+(5)	One stop	SF +	4.50 %		N/A(6)	07/2028	—		( 2 )		—		—
Disco Parent, Inc.+	One stop	SF +	7.00 %	(i)	11.33 %	03/2029	9,240		9,164		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)	9.55 %	12/2030	1,722		1,754		—		1,722
Doxa Insurance Holdings LLC+	One stop	SF +	5.25 %	(i)	9.55 %	12/2030	1,622		1,626		—		1,622
Doxa Insurance Holdings LLC+	One stop	SF +	5.25 %	(i)	9.55 %	12/2029	12		12		—		12
Doxa Insurance Holdings LLC+(5)	One stop	SF +	5.00 %		N/A(6)	12/2030	—		( 23 )		—		—
Gimlet Bidco GMBH+(8)(9)(19)	One stop	E +	5.75 %	(c)	7.94 %	04/2031	1,152		1,035		—		1,152
Gimlet Bidco GMBH+(8)(9)(19)	One stop	E +	5.75 %	(b)(c)	7.90 %	04/2031	327		294		—		327
Illumifin Corporation+(26)	One stop	SF +	6.00 %	(i)	10.53 %	09/2027	4,659		4,478		0.1		4,426
Integrated Specialty Coverages, LLC+	One stop	SF +	4.75 %	(h)	9.08 %	07/2030	10,137		10,065		0.3		10,137
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	—		( 4 )		—		—
Integrity Marketing Acquisition, LLC*+	One stop	SF +	5.00 %	(i)	9.33 %	08/2028	48,037		47,732		1.2		48,037
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	—		( 6 )		—		—
J.S. Held Holdings, LLC^*+	One stop	SF +	5.50 %	(i)	9.95 %	06/2028	37,932		37,561		1.0		37,932
J.S. Held Holdings, LLC+	One stop	SF +	5.50 %	(i)	9.95 %	06/2028	8,167		8,084		0.2		8,167
J.S. Held Holdings, LLC+	One stop	SF +	5.50 %	(i)	9.95 %	06/2028	103		97		—		103
Keystone Agency Partners LLC+	One stop	SF +	4.75 %	(i)	9.05 %	05/2027	3,531		3,513		0.1		3,531
Keystone Agency Partners LLC+	One stop	SF +	4.75 %	(i)	9.05 %	05/2027	3,032		3,008		0.1		3,032
Keystone Agency Partners LLC+	One stop	SF +	4.75 %	(i)	9.05 %	05/2027	2,858		2,841		0.1		2,858
Keystone Agency Partners LLC+	One stop	SF +	4.75 %	(i)	9.05 %	05/2027	2,853		2,889		0.1		2,853
Keystone Agency Partners LLC+	One stop	SF +	4.75 %	(i)	9.05 %	05/2027	2,023		2,017		0.1		2,023
Keystone Agency Partners LLC+	One stop	SF +	4.75 %	(i)	9.05 %	05/2027	614		613		—		614
Keystone Agency Partners LLC+	One stop	SF +	4.75 %	(h)(i)	9.07 %	05/2027	2,543		2,519		0.1		2,543
Majesco^*	One stop	SF +	4.75 %	(i)	9.05 %	09/2028	28,027		28,056		0.7		28,027
Majesco+(5)	One stop	SF +	4.75 %		N/A(6)	09/2027	—		( 1 )		—		—
MRH Trowe Germany GMBH+(5)(8)(9)(19)	One stop	E +	5.00 %		N/A(6)	11/2031	—		( 3 )		—		( 3 )
MRH Trowe Germany GMBH+(8)(9)(19)	One stop	E +	5.00 %	(c)	7.14 %	08/2025	6,266		5,921		0.2		6,234
MRH Trowe Germany GMBH+(5)(8)(9)(19)	One stop	E +	5.00 %		N/A(6)	05/2032	—		—		—		( 10 )

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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)
Oakbridge Insurance Agency LLC+	One stop	SF +	5.75 %	(h)	10.06 %				11/2029	$	2,264	$	2,297	0.1	%	$	2,270
Oakbridge Insurance Agency LLC+	One stop	SF +	5.75 %	(h)	10.06 %				11/2029	942		941		—		944
Oakbridge Insurance Agency LLC+	One stop	SF +	5.75 %	(h)	10.06 %				11/2029	7		7		—		7
Oakbridge Insurance Agency LLC+(5)	One stop	SF +	5.00 %		N/A(6)				11/2029	—		( 5 )		—		( 10 )
Pareto Health Intermediate Holdings, Inc.*+	One stop	SF +	4.75 %	(i)	9.05 %				05/2030	74,275		73,738		1.9		74,275
Pareto Health Intermediate Holdings, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				06/2029	—		( 1 )		—		—
Pareto Health Intermediate Holdings, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				05/2030	—		( 52 )		—		—
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.00 %	(i)	9.45 %				10/2028	72,212		71,447		1.8		72,212
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.00 %	(i)	9.45 %				10/2028	9,847		9,675		0.3		9,847
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.00 %	(i)	9.30 %				10/2028	2,866		2,857		0.1		2,849
Patriot Growth Insurance Services, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				10/2028	—		( 45 )		—		—
People Corporation+(8)(9)(12)	One stop	CA +	5.25 %	(l)	8.19 %				02/2028	24,345		25,192		0.6		24,407
People Corporation+(8)(9)(12)	One stop	CA +	5.25 %	(l)	8.19 %				02/2028	20,435		20,550		0.5		20,486
People Corporation+(8)(9)(12)	One stop	CA +	5.25 %	(l)	8.19 %				02/2028	9,995		9,813		0.3		10,020
People Corporation+(8)(9)(12)	One stop	CA +	5.25 %	(l)	8.19 %				02/2028	7,991		8,380		0.2		8,011
People Corporation+(8)(9)(12)	One stop	CA +	5.25 %	(l)	8.22 %				02/2027	220		214		—		220
People Corporation+(8)(9)(12)	One stop	CA +	5.00 %	(l)	8.01 %				02/2028	4,319		4,197		0.1		4,319
Wasabi Lower Holdco, LLC+(5)	Senior secured	SF +	4.50 %		N/A(6)				06/2032	—		( 9 )		—		( 9 )
Wasabi Lower Holdco, LLC+	Senior secured	SF +	4.50 %	(i)	8.80 %				06/2032	2,610		2,576		0.1		2,575
World Insurance Associates, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				04/2030	—		( 19 )		—		—
World Insurance Associates, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				04/2030	—		( 2 )		—		—
										521,994		519,565		13.1		521,789
Internet & Direct Marketing Retail
Revalize, Inc.^+	One stop	SF +	5.75 %	(i)	10.20 %				04/2027	20,350		20,099		0.4		17,705
Revalize, Inc.^+	One stop	SF +	5.75 %	(i)	10.20 %				04/2027	11,911		11,728		0.3		10,363
Revalize, Inc.^+	One stop	SF +	5.75 %	(i)	10.20 %				04/2027	5,906		5,815		0.1		5,138
Revalize, Inc.^+	One stop	SF +	5.75 %	(i)	10.20 %				04/2027	3,557		3,490		0.1		3,096
Revalize, Inc.+	One stop	SF +	5.75 %	(i)	10.20 %				04/2027	2,422		2,369		0.1		2,107
Revalize, Inc.+	One stop	SF +	5.75 %	(i)	10.20 %				04/2027	2,378		2,283		—		2,069
Revalize, Inc.+	One stop	SF +	5.75 %	(i)	10.20 %				04/2027	227		216		—		198
Revalize, Inc.+	One stop	SF +	5.75 %	(i)	10.20 %				04/2027	366		351		—		306
										47,117		46,351		1.0		40,982
IT Services
Acquia, Inc.^*+	One stop	SF +	7.00 %	(i)	11.41 %				10/2026	12,020		11,998		0.3		12,020
Acquia, Inc.+	One stop	SF +	7.00 %	(i)	11.41 %				10/2026	1,083		1,079		—		1,083
Acquia, Inc.+	One stop	SF +	7.00 %	(i)	11.43 %				10/2026	112		112		—		112
CivicPlus, LLC^+	One stop	SF +	5.50 %	(i)	9.83 %				08/2030	23,558		23,497		0.6		23,440
CivicPlus, LLC+(5)	One stop	SF +	5.50 %		N/A(6)				08/2030	—		( 18 )		—		( 19 )
CivicPlus, LLC+(26)	One stop	SF +	11.75 %	(i)(j)	16.04 %	PIK			06/2034	362		359		—		366
CivicPlus, LLC+(5)	One stop	SF +	6.00 %		N/A(6)				08/2030	—		( 2 )		—		( 1 )
Critical Start, Inc.+(26)	One stop	SF +	6.75 %	(i)	7.40 %	cash/	3.63 %	PIK	05/2028	5,401		5,395		0.1		5,347
Critical Start, Inc.+(26)	One stop	SF +	6.75 %	(i)	7.40 %	cash/	3.63 %	PIK	05/2028	2,480		2,455		0.1		2,455
Critical Start, Inc.+	One stop	SF +	6.25 %	(a)(i)	11.41 %				05/2028	66		66		—		66
Delinea Inc.^*	One stop	SF +	5.75 %	(i)	10.20 %				03/2028	22,434		22,440		0.6		22,434
Delinea Inc.^*	One stop	SF +	5.75 %	(i)	10.20 %				03/2028	13,025		13,026		0.3		13,025
Delinea Inc.+	One stop	SF +	5.75 %	(i)	10.20 %				03/2028	11,414		11,403		0.3		11,414
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)	9.03 %	PIK			07/2029	15,507		13,692		0.4		14,732
Goldcup 31018 AB+(8)(9)(17)(26)	One stop	E +	6.50 %	(d)	9.03 %	PIK			07/2029	1,447		1,305		—		1,324
Goldcup 31018 AB+(8)(9)(17)	One stop	E +	6.25 %	(d)	8.58 %				01/2029	236		209		—		220
Kentik Technologies, Inc.+(26)	Second lien	SF +	12.25 %	(i)	16.56 %	PIK			11/2029	55		52		—		55
Kentik Technologies, Inc.+(5)	Second lien	SF +	12.25 %		N/A(6)				11/2029	—		( 1 )		—		( 1 )

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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)	9.08 %				06/2029	$	7,915	$	7,919	0.2	%	$	7,915
Netwrix Corporation+	One stop	SF +	4.75 %	(i)	9.08 %				06/2029	384		383		—		384
Netwrix Corporation+	One stop	SF +	4.75 %	(i)	9.08 %				06/2029	90		87		—		90
Netwrix Corporation+(5)	One stop	SF +	4.75 %		N/A(6)				06/2029	—		( 1 )		—		—
Optimizely North America, Inc.+	One stop	SF +	5.00 %	(h)	9.33 %				10/2031	38,224		37,879		1.0		38,224
Optimizely North America, Inc.+(8)(9)	One stop	E +	5.25 %	(b)	7.23 %				10/2031	15,943		14,560		0.4		15,943
Optimizely North America, Inc.+(8)(9)	One stop	SN +	5.50 %	(f)	9.72 %				10/2031	6,121		5,727		0.2		6,121
Optimizely North America, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)				10/2031	—		( 90 )		—		—
PDQ Intermediate, Inc.+(26)	Subordinated debt	N/A			13.75 %	PIK			10/2031	126		125		—		126
Recordxtechnologies, LLC*+	One stop	SF +	5.25 %	(h)	9.58 %				12/2027	18,727		18,874		0.5		18,727
Recordxtechnologies, LLC*	One stop	SF +	5.25 %	(h)	9.58 %				12/2027	12,458		12,371		0.3		12,458
Recordxtechnologies, LLC+	One stop	SF +	5.25 %	(h)	9.58 %				12/2027	1,755		1,769		—		1,755
Recordxtechnologies, LLC+	One stop	SF +	5.25 %	(h)	9.58 %				12/2027	887		881		—		887
Recordxtechnologies, LLC+	One stop	SF +	5.25 %	(h)	9.58 %				12/2027	2		—		—		2
ReliaQuest Holdings, LLC+(26)	One stop	SF +	6.00 %	(i)	7.03 %	cash/	3.25 %	PIK	04/2031	12,033		12,005		0.3		11,972
ReliaQuest Holdings, LLC+(5)	One stop	SF +	6.00 %		N/A(6)				04/2031	—		( 7 )		—		( 5 )
ReliaQuest Holdings, LLC+(5)	One stop	SF +	5.50 %		N/A(6)				04/2031	—		( 23 )		—		( 23 )
ReliaQuest Holdings, LLC+(26)	One stop	SF +	6.00 %	(i)	7.03 %	cash/	3.25 %	PIK	04/2031	28,657		28,519		0.7		28,514
Saturn Borrower Inc.*+	One stop	SF +	6.00 %	(i)	10.30 %				11/2028	27,395		27,100		0.7		27,395
Saturn Borrower Inc.+	One stop	SF +	6.00 %	(h)	10.32 %				11/2028	49		42		—		49
WPEngine, Inc.+	One stop	SF +	5.75 %	(i)	10.07 %				08/2029	5,438		5,422		0.1		5,438
WPEngine, Inc.+	One stop	SF +	5.75 %		N/A(6)				08/2029	—		—		—		—
Zarya Holdco, Inc.+	One stop	SF +	6.50 %	(i)	10.83 %				07/2027	7,193		7,228		0.2		7,193
Zarya Holdco, Inc.+	One stop	SF +	6.50 %	(i)	10.83 %				07/2027	1,403		1,397		—		1,403
Zarya Holdco, Inc.+	One stop	SF +	6.50 %		N/A(6)				07/2027	—		—		—		—
										294,000		289,233		7.3		292,640

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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)	9.06 %				09/2031	$	1,765	$	1,760	0.1	%	$	1,760
Crunch Holdings, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				09/2031	—		( 1 )		—		( 1 )
Movement Holdings, LLC+(8)(10)	One stop	SF +	5.25 %	(h)	9.58 %				03/2030	834		832		—		834
Movement Holdings, LLC+(8)(10)	One stop	SF +	5.25 %		N/A(6)				03/2030	—		—		—		—
Movement Holdings, LLC+(5)(8)(10)	One stop	SF +	5.25 %		N/A(6)				03/2030	—		( 1 )		—		—
WBZ Investment, LLC+	One stop	SF +	6.75 %	(j)	11.17 %				03/2027	7,728		7,728		0.2		7,728
WBZ Investment, LLC+	One stop	SF +	6.75 %	(j)	11.17 %				03/2027	1,706		1,706		—		1,706
WBZ Investment, LLC+	One stop	SF +	6.75 %	(j)	11.17 %				03/2027	1,185		1,185		—		1,185
WBZ Investment, LLC+	One stop	SF +	6.75 %	(j)	11.17 %				03/2027	628		628		—		628
WBZ Investment, LLC+	One stop	SF +	6.75 %		N/A(6)				03/2027	—		—		—		—
										13,846		13,837		0.3		13,840
Life Sciences Tools & Services
Celerion Buyer, Inc.*+	One stop	SF +	5.00 %	(i)	9.26 %				11/2029	30,943		30,661		0.8		30,943
Celerion Buyer, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)				11/2028	—		( 1 )		—		—
Celerion Buyer, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)				11/2029	—		( 68 )		—		—
Celerion Buyer, Inc.*	One stop	SF +	5.00 %	(i)	9.26 %				11/2029	21,957		21,764		0.6		21,957
Graphpad Software, LLC+	One stop	P +	3.75 %	(a)	11.25 %				06/2031	8,803		8,765		0.2		8,803
Graphpad Software, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				06/2031	—		( 4 )		—		—
Graphpad Software, LLC+	One stop	P +	3.75 %	(a)	11.25 %				06/2031	220		211		—		220
PAS Parent Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				12/2028	—		( 15 )		—		—
PAS Parent Inc.*+	One stop	SF +	4.75 %	(h)	9.08 %				12/2028	55,096		55,113		1.4		55,096
PAS Parent Inc.+	One stop	SF +	4.75 %	(h)	9.08 %				12/2027	55		50		—		55
PAS Parent Inc.+	One stop	SF +	4.75 %	(h)	9.08 %				12/2028	2,986		3,004		0.1		2,986
Unchained Labs, LLC+	Senior secured	SF +	5.50 %	(h)	9.88 %				08/2027	1,389		1,377		—		1,347
Unchained Labs, LLC+	Senior secured	SF +	5.50 %	(h)	9.88 %				08/2027	1,173		1,160		—		1,137
Unchained Labs, LLC+(5)	Senior secured	SF +	5.50 %		N/A(6)				08/2027	—		( 1 )		—		( 2 )
										122,622		122,016		3.1		122,542
Machinery
AI Titan Parent, Inc.+	One stop	SF +	4.50 %	(h)	8.83 %				08/2031	10,508		10,416		0.3		10,508
AI Titan Parent, Inc.+(5)	One stop	SF +	4.50 %		N/A(6)				08/2031	—		( 9 )		—		—
AI Titan Parent, Inc.+(5)	One stop	SF +	4.50 %		N/A(6)				08/2031	—		( 12 )		—		—
Blackbird Purchaser, Inc.+	One stop	SF +	5.50 %	(i)	9.80 %				12/2030	4,443		4,515		0.1		4,443
Blackbird Purchaser, Inc.+	One stop	SF +	5.50 %	(i)	9.80 %				12/2030	492		491		—		492
Blackbird Purchaser, Inc.+	One stop	SF +	5.50 %	(h)(i)	9.80 %				12/2029	50		49		—		50
Chase Industries, Inc.+(26)(27)	Senior secured	SF +	7.00 %	(i)	9.95 %	cash/	1.50 %	PIK	11/2026	13,730		13,608		0.4		13,318
Chase Industries, Inc.+(26)(27)	Senior secured	SF +	7.00 %	(i)	9.95 %	cash/	1.50 %	PIK	11/2026	1,298		1,283		—		1,259
Chase Industries, Inc.+(26)(27)	Senior secured	SF +	7.00 %	(i)	9.95 %	cash/	1.50 %	PIK	11/2026	267		260		—		252
Thermogenics, Inc.+(8)(9)(12)	One stop	CA +	4.25 %	(l)	6.93 %				06/2032	142		141		—		142
Thermogenics, Inc.+(5)(8)(12)	One stop	SF +	4.25 %		N/A(6)				06/2032	—		( 1 )		—		( 1 )
Thermogenics, Inc.+(8)(12)	One stop	SF +	4.25 %	(i)	8.55 %				06/2032	181		180		—		180
Thermogenics, Inc.+(5)(8)(12)	One stop	SF +	4.25 %		N/A(6)				06/2032	—		( 3 )		—		( 3 )
										31,111		30,918		0.8		30,640
Marine
Project Nike Purchaser, LLC*+	One stop	SF +	5.25 %	(i)	9.55 %				04/2029	33,608		33,752		0.9		33,608
Project Nike Purchaser, LLC+	One stop	SF +	5.25 %	(i)	9.55 %				04/2029	744		741		—		744
Project Nike Purchaser, LLC+	One stop	SF +	5.25 %	(i)	9.55 %				04/2029	236		234		—		236
										34,588		34,727		0.9		34,588
Media
Lotus Topco, Inc.*	One stop	SF +	4.75 %	(i)	9.05 %				06/2030	5,125		5,093		0.1		5,125
Lotus Topco, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				06/2030	—		( 6 )		—		—
Lotus Topco, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				06/2030	—		( 16 )		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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)
Shout! Factory, LLC+	One stop	SF +	5.25 %	(i)	9.55 %				06/2031	$	1,790	$	1,776	0.1	%	$	1,763
Shout! Factory, LLC+(5)	One stop	SF +	5.25 %		N/A(6)				06/2031	—		( 2 )		—		( 3 )
Triple Lift, Inc.^*	One stop	SF +	5.75 %	(i)	10.22 %				05/2028	7,243		7,151		0.2		6,953
Triple Lift, Inc.*+	One stop	SF +	5.75 %	(i)	10.22 %				05/2028	1,545		1,516		—		1,482
Triple Lift, Inc.+(5)	One stop	SF +	5.75 %		N/A(6)				05/2028	—		( 4 )		—		( 6 )
										15,703		15,508		0.4		15,314
Oil, Gas & Consumable Fuels
Envernus, Inc.+	One stop	SF +	5.50 %	(h)	9.83 %				12/2029	5,251		5,330		0.1		5,251
Envernus, Inc.+	One stop	SF +	5.50 %	(h)	9.82 %				12/2029	7		6		—		7
Envernus, Inc.+	One stop	SF +	5.50 %		N/A(6)				12/2029	—		—		—		—
										5,258		5,336		0.1		5,258
Paper & Forest Products
Messenger, LLC*+	One stop	SF +	5.00 %	(i)	9.30 %				12/2027	14,397		14,396		0.4		14,397
Messenger, LLC+(8)(9)	One stop	SN +	5.00 %	(f)	9.22 %				12/2027	950		875		—		950
Messenger, LLC+	One stop	SF +	5.00 %	(i)	9.30 %				12/2027	520		518		—		520
Messenger, LLC+(8)(9)	One stop	SN +	5.00 %		N/A(6)				12/2027	—		—		—		—
Messenger, LLC*+	One stop	SF +	5.00 %	(h)	9.33 %				12/2027	1,508		1,528		0.1		1,508
Messenger, LLC+	One stop	SF +	5.00 %	(i)	9.30 %				12/2027	756		755		—		756
Messenger, LLC+	One stop	SF +	5.00 %		N/A(6)				12/2027	—		—		—		—
										18,131		18,072		0.5		18,131
Personal Products
IMPLUS Footcare, LLC+(7)(26)	One stop	SF +	9.25 %	(i)	12.20 %	cash/	1.50 %	PIK	08/2025	30,580		30,464		0.4		16,207
IMPLUS Footcare, LLC+(7)(26)	One stop	SF +	9.25 %	(i)	12.20 %	cash/	1.50 %	PIK	08/2025	5,223		5,203		0.1		2,768
IMPLUS Footcare, LLC+(7)(26)	One stop	SF +	9.25 %	(i)	12.20 %	cash/	1.50 %	PIK	08/2025	753		739		—		399
IMPLUS Footcare, LLC+(26)	One stop	SF +	6.00 %	(i)	6.45 %	cash/	4.00 %	PIK	08/2025	1,661		1,661		—		1,536
										38,217		38,067		0.5		20,910

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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)	9.80 %				02/2029	$	30,144	$	30,009	0.8	%	$	30,144
ACP Ulysses Buyer, Inc.*+	One stop	SF +	5.50 %	(i)	9.80 %				02/2029	1,303		1,288		—		1,303
Amalthea Parent, Inc.^*+(8)(12)	One stop	SF +	5.00 %	(i)	9.59 %				03/2027	86,966		84,988		2.1		83,486
Amalthea Parent, Inc.+(8)(12)	One stop	SF +	5.00 %	(h)	9.44 %				03/2027	540		518		—		520
Apothecary Products, LLC+	Senior secured	SF +	5.00 %	(j)	9.25 %				07/2026	2,243		2,238		0.1		2,243
Apothecary Products, LLC+	Senior secured	SF +	5.00 %	(i)	9.33 %				07/2026	39		37		—		39
Caerus Midco 3 S.A.R.L.*+(8)	One stop	SF +	5.00 %	(i)	9.30 %				05/2029	29,185		29,216		0.7		29,185
Caerus Midco 3 S.A.R.L.+(8)	One stop	SF +	5.00 %	(i)	9.30 %				05/2029	4,839		4,842		0.1		4,839
Caerus Midco 3 S.A.R.L.+(8)	One stop	SF +	5.00 %	(i)	9.30 %				05/2029	4,465		4,425		0.1		4,465
Caerus Midco 3 S.A.R.L.+(8)	One stop	SF +	5.00 %	(i)	9.30 %				05/2029	708		704		—		708
Caerus Midco 3 S.A.R.L.+(8)	One stop	SF +	5.00 %	(h)	9.32 %				05/2029	108		105		—		108
Cobalt Buyer Sub, Inc.*+	One stop	SF +	5.50 %	(i)	9.83 %				10/2028	14,722		14,684		0.4		14,722
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.50 %	(i)	9.83 %				10/2028	4,937		4,923		0.1		4,937
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.50 %	(i)	9.83 %				10/2028	3,730		3,669		0.1		3,730
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.50 %	(i)	9.83 %				10/2027	439		426		—		439
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.50 %	(i)	9.83 %				10/2028	6,349		6,286		0.2		6,349
Cobalt Buyer Sub, Inc.+(5)	One stop	SF +	5.50 %		N/A(6)				10/2028	—		( 63 )		—		—
Creek Parent, Inc.+	One stop	SF +	5.25 %	(h)	9.57 %				12/2031	56,687		55,770		1.4		56,687
Creek Parent, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)				12/2031	—		( 128 )		—		—
Spark Bidco Limited+(8)(9)(10)(26)	Senior secured	SN +	4.88 %	(f)	7.97 %	cash/	1.13 %	PIK	08/2028	39,048		37,767		1.0		37,778
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	6.00 %	(f)	10.22 %				08/2028	5,706		5,135		0.1		5,706
Spark Bidco Limited+(8)(9)(10)(26)	Senior secured	SN +	4.88 %	(f)	7.97 %	cash/	1.13 %	PIK	08/2028	4,733		4,001		0.1		4,579
Spark Bidco Limited+(8)(10)	Senior secured	SF +	6.00 %	(i)	10.30 %				08/2028	3,991		3,984		0.1		3,991
Spark Bidco Limited+(8)(9)(10)(26)	Senior secured	SN +	4.88 %	(f)	7.97 %	cash/	1.13 %	PIK	08/2028	4,142		3,661		0.1		4,007
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	3.75 %	(f)	7.97 %				02/2028	124		118		—		118
										305,148		298,603		7.5		300,083
Professional Services
ALKU Intermediate Holdings, LLC+	One stop	SF +	6.25 %	(i)	10.55 %				5/1/2029	6,746		6,768		0.2		6,746
ALKU Intermediate Holdings, LLC+	One stop	SF +	5.50 %	(i)	9.80 %				5/1/2029	746		739		—		731
bswift, LLC+	One stop	SF +	4.75 %	(h)	9.06 %				11/1/2028	7,623		7,609		0.2		7,623
bswift, LLC+	One stop	SF +	4.75 %	(h)	9.07 %				11/1/2028	9,975		9,928		0.3		9,975
DISA Holdings Corp.+	Senior secured	SF +	5.00 %	(i)	9.33 %				9/1/2028	5,201		5,174		0.1		5,201
DISA Holdings Corp.+	Senior secured	SF +	5.00 %	(i)	9.33 %				9/1/2028	802		793		—		802
DISA Holdings Corp.+	One stop	SF +	5.00 %	(i)	9.33 %				9/1/2028	686		679		—		686
DISA Holdings Corp.+	Senior secured	SF +	5.00 %	(i)	9.33 %				9/1/2028	607		600		—		607
DISA Holdings Corp.+(26)	Subordinated debt	SF +	8.50 %	(i)	10.82 %	cash/	2.00 %	PIK	3/1/2029	104		103		—		104
DISA Holdings Corp.+	Senior secured	SF +	5.00 %	(i)	9.30 %				9/1/2028	589		582		—		589
DISA Holdings Corp.+	Senior secured	SF +	5.00 %	(i)	9.33 %				9/1/2028	34		32		—		34
Eclipse Buyer, Inc.+	One stop	SF +	4.75 %	(h)	9.06 %				9/1/2031	14,283		14,156		0.4		14,283
Eclipse Buyer, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				9/1/2031	—		( 61 )		—		—
Eclipse Buyer, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				9/1/2031	—		( 11 )		—		—
Eliassen Group, LLC+	One stop	SF +	5.75 %	(i)	10.05 %				4/1/2028	2,132		2,118		0.1		2,090
Eliassen Group, LLC+	One stop	SF +	5.75 %	(h)	10.08 %				4/1/2028	144		143		—		141
Filevine, Inc.^+(26)	One stop	SF +	6.50 %	(i)	8.43 %	cash/	2.50 %	PIK	4/1/2027	8,399		8,425		0.2		8,525
Filevine, Inc.+	One stop	SF +	6.50 %		N/A(6)				4/1/2027	—		—		—		—
IG Investments Holdings, LLC*+	One stop	SF +	5.00 %	(i)	9.28 %				9/1/2028	12,908		12,864		0.3		12,908
IG Investments Holdings, LLC+	One stop	SF +	5.00 %		N/A(6)				9/1/2028	—		—		—		—
NBG Acquisition Corp. and NBG-P Acquisition Corp.^*+	One stop	SF +	5.50 %	(i)	9.93 %				11/1/2028	33,763		33,421		0.8		31,737
NBG Acquisition Corp. and NBG-P Acquisition Corp.+	One stop	SF +	5.50 %	(i)	9.95 %				11/1/2028	785		780		—		738
NBG Acquisition Corp. and NBG-P Acquisition Corp.+	One stop	SF +	5.50 %	(i)	9.94 %				11/1/2028	466		458		—		438

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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)
PlanSource Holdings, Inc.*+	One stop	SF +	5.50 %	(i)	9.83 %				12/1/2026	$	14,234	$	14,204	0.4	%	$	14,234
PlanSource Holdings, Inc.+	One stop	SF +	5.50 %	(i)	9.83 %				12/1/2026	2,416		2,410		0.1		2,416
PlanSource Holdings, Inc.+	One stop	SF +	5.50 %	(i)	9.83 %				12/1/2026	695		694		—		695
PlanSource Holdings, Inc.+	One stop	SF +	5.50 %		N/A(6)				12/1/2026	—		—		—		—
Procure Acquireco, Inc.*+	One stop	SF +	4.75 %	(i)	9.05 %				12/1/2028	24,732		24,775		0.6		24,732
Procure Acquireco, Inc.+	One stop	SF +	4.75 %	(i)	9.05 %				12/1/2028	1,137		1,137		—		1,137
Procure Acquireco, Inc.+	One stop	SF +	4.75 %		N/A(6)				12/1/2028	—		—		—		—
Procure Acquireco, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				12/1/2028	—		( 70 )		—		—
Procure Acquireco, Inc.+	One stop	SF +	4.75 %	(i)	9.05 %				12/1/2028	3,470		3,456		0.1		3,470
Teaching Company, The+	One stop	SF +	5.75 %	(i)	10.18 %				1/1/2026	12,290		12,290		0.3		12,167
Teaching Company, The+	One stop	P +	4.75 %	(a)	12.25 %				1/1/2026	40		40		—		38
Varicent Intermediate Holdings Corporation+(8)(12)(26)	One stop	SF +	5.75 %	(i)	6.93 %	cash/	3.13 %	PIK	8/1/2031	50,798		50,167		1.3		50,798
Varicent Intermediate Holdings Corporation+(5)(8)(12)	One stop	SF +	5.25 %		N/A(6)				8/1/2031	—		( 82 )		—		—
Varicent Intermediate Holdings Corporation+(5)(8)(12)	One stop	SF +	5.75 %		N/A(6)				8/1/2031	—		( 62 )		—		—
										215,805		214,259		5.4		213,645


Real Estate Management & Development
Inhabit IQ Inc.+	One stop	SF +	4.50 %	(h)	8.83 %	01/2032	6,890	6,874	0.2	6,890
Inhabit IQ Inc.+(5)	One stop	SF +	4.50 %		N/A(6)	01/2032	—	( 3 )	—	—
Inhabit IQ Inc.+(5)	One stop	SF +	4.50 %		N/A(6)	01/2032	—	( 4 )	—	—
MRI Software, LLC^*+	One stop	SF +	4.75 %	(i)	9.05 %	02/2027	32,820	32,964	0.8	32,820
MRI Software, LLC^*+	One stop	SF +	4.75 %	(i)	9.05 %	02/2027	13,053	13,127	0.3	13,053
MRI Software, LLC+	One stop	SF +	4.75 %	(i)	9.05 %	02/2027	176	164	—	176
MRI Software, LLC+	One stop	SF +	4.75 %	(i)	9.05 %	02/2027	7,993	7,913	0.2	7,993
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.50 %	(f)	9.72 %	08/2028	6,213	5,845	0.2	6,213
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.50 %	(f)	9.72 %	08/2028	28,676	28,280	0.7	28,676
RPL Bidco Limited+(8)(9)(10)	One stop	A +	5.50 %	(e)	9.28 %	08/2028	11,586	11,770	0.3	11,586
RPL Bidco Limited+(8)(9)(10)	One stop	A +	5.50 %	(e)	9.28 %	08/2028	2,812	3,040	0.1	2,812
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.50 %		N/A(6)	02/2028	—	—	—	—
							110,219	109,970	2.8	110,219
Road & Rail
Internet Truckstop Group, LLC*	One stop	SF +	5.25 %	(i)	9.70 %	04/2027	28,632	28,643	0.7	28,345
Internet Truckstop Group, LLC*+	One stop	SF +	5.25 %	(i)	9.70 %	04/2027	12,553	12,503	0.3	12,427
Internet Truckstop Group, LLC+(5)	One stop	SF +	5.25 %		N/A(6)	04/2027	—	—	—	( 3 )
							41,185	41,146	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)

June 30, 2025

(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 +	4.50 %	(i)	8.83 %				06/2029	$	58,468	$	58,642	1.5	%	$	58,468
Anaplan, Inc.+	One stop	SF +	4.50 %		N/A(6)				06/2028	—		—		—		—
Appfire Technologies, LLC^*+	One stop	SF +	5.00 %	(i)	9.30 %				03/2028	57,373		57,294		1.4		56,800
Appfire Technologies, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				03/2028	—		( 2 )		—		( 5 )
Appfire Technologies, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				03/2028	—		( 27 )		—		( 19 )
Appfire Technologies, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				03/2028	—		( 97 )		—		( 266 )
Aras Corporation^+	One stop	SF +	5.50 %	(i)	9.80 %				04/2029	28,523		28,536		0.7		28,523
Aras Corporation+	One stop	SF +	5.50 %	(i)	9.80 %				04/2029	2,000		1,985		0.1		2,000
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.00 %	(f)	9.22 %				06/2029	5,970		5,365		0.1		5,970
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.00 %	(f)	9.22 %				06/2029	3,115		2,733		0.1		3,115
Arrow Buyer, Inc.+	One stop	SF +	5.00 %	(i)	9.30 %				07/2030	24,914		24,767		0.6		24,914
Arrow Buyer, Inc.+	One stop	SF +	5.00 %	(i)	9.30 %				07/2030	1,633		1,629		—		1,633
Arrow Buyer, Inc.+	One stop	SF +	5.00 %	(i)	9.30 %				07/2030	1,580		1,576		—		1,580
Artifact Bidco, Inc.+	One stop	SF +	4.25 %	(i)	8.55 %				05/2031	1,489		1,476		—		1,489
Artifact Bidco, Inc.+(5)	One stop	SF +	4.25 %		N/A(6)				05/2031	—		( 2 )		—		—
Artifact Bidco, Inc.+	One stop	SF +	4.25 %		N/A(6)				05/2030	—		—		—		—
Artifact Bidco, Inc.+(5)	One stop	SF +	4.25 %		N/A(6)				05/2030	—		( 1 )		—		—
Auvik Networks Inc.^+(8)(12)(26)	One stop	SF +	6.25 %	(i)	7.28 %	cash/	3.25 %	PIK	07/2027	10,928		10,950		0.3		10,928
Auvik Networks Inc.+(8)(12)(26)	One stop	SF +	6.25 %	(i)	7.28 %	cash/	3.25 %	PIK	07/2027	1,965		1,960		0.1		1,965
Auvik Networks Inc.+(8)(12)(26)	One stop	SF +	6.25 %	(i)	7.28 %	cash/	3.25 %	PIK	07/2027	1,001		998		—		1,001
Auvik Networks Inc.+(8)(12)	One stop	SF +	6.00 %		N/A(6)				07/2027	—		—		—		—
Azul Systems, Inc.*	Senior secured	SF +	4.50 %	(i)	8.95 %				04/2027	9,492		9,620		0.3		9,492
Azul Systems, Inc.+	Senior secured	SF +	4.50 %		N/A(6)				04/2026	—		—		—		—
Azurite Intermediate Holdings, Inc.+	One stop	SF +	6.00 %	(h)	10.33 %				03/2031	973		963		—		973
Azurite Intermediate Holdings, Inc.+	One stop	SF +	6.00 %	(h)	10.33 %				03/2031	428		423		—		428
Azurite Intermediate Holdings, Inc.+(5)	One stop	SF +	6.00 %		N/A(6)				03/2031	—		( 2 )		—		—
Baxter Planning Systems, LLC+(26)	One stop	SF +	6.25 %	(i)	7.16 %	cash/	3.38 %	PIK	05/2031	4,164		4,164		0.1		4,164
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	—		( 3 )		—		—
Bayshore Intermediate #2, L.P.^+(26)	One stop	SF +	6.25 %	(i)	7.18 %	cash/	3.38 %	PIK	10/2028	122,707		122,645		3.1		122,707
Bayshore Intermediate #2, L.P.+	One stop	SF +	5.75 %	(i)	10.06 %				10/2027	46		45		—		46
BestPass, Inc.*+	One stop	SF +	4.75 %	(h)	9.08 %				08/2031	52,470		52,242		1.3		52,470
BestPass, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				08/2031	—		( 23 )		—		—
BestPass, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				08/2031	—		( 30 )		—		—
Bloomerang, LLC+	One stop	SF +	6.00 %	(i)	10.30 %				12/2029	4,142		4,174		0.1		4,142
Bloomerang, LLC+	One stop	SF +	6.00 %	(i)	10.30 %				12/2029	414		405		—		414
Bloomerang, LLC+	One stop	SF +	6.00 %	(i)	10.32 %				12/2029	30		28		—		30
Blue Bidco Limited+(8)(9)(10)	One stop	E +	5.00 %	(d)	7.04 %				06/2032	5,360		5,129		0.1		5,307
Blue Bidco Limited+(8)(9)(10)	One stop	SN +	5.00 %	(f)	9.22 %				06/2032	9,465		9,202		0.2		9,370
Blue Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.00 %		N/A(6)				06/2032	—		( 23 )		—		( 46 )
Blue Bidco Limited+(8)(10)	One stop	SF +	5.00 %	(j)	9.26 %				06/2032	1,338		1,332		—		1,325
Bottomline Technologies, Inc.+(5)	One stop	SF +	4.50 %		N/A(6)				05/2028	—		( 4 )		—		—
Bottomline Technologies, Inc.+	One stop	SF +	4.50 %	(i)	8.80 %				05/2029	45,811		45,570		1.2		45,811
Bullhorn, Inc.*+	One stop	SF +	5.00 %	(h)	9.33 %				10/2029	77,997		77,852		1.9		77,217
Bullhorn, Inc.*+	One stop	SF +	5.00 %	(h)	9.33 %				10/2029	3,190		3,222		0.1		3,158
Bullhorn, Inc.+	One stop	SF +	5.00 %	(h)	9.33 %				10/2029	1,643		1,662		—		1,627
Bullhorn, Inc.+	One stop	SF +	5.00 %	(h)	9.33 %				10/2029	736		733		—		729
Bullhorn, Inc.+	One stop	SF +	5.00 %	(h)	9.33 %				10/2029	587		585		—		581
Bullhorn, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)				10/2029	—		( 2 )		—		( 5 )
Burning Glass Intermediate Holdings Company, Inc.*	One stop	SF +	5.00 %	(i)	9.45 %				06/2028	11,232		11,209		0.3		11,232
Burning Glass Intermediate Holdings Company, Inc.+	One stop	SF +	5.00 %	(j)	9.43 %				06/2026	154		154		—		154

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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)
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	6.00 %	(j)	10.14 %				01/2029	$	8,332	$	8,279	0.2	%	$	8,332
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	6.00 %	(j)	10.14 %				01/2029	2,204		2,177		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)	9.83 %				04/2027	74,108		74,159		1.9		74,108
Calabrio, Inc.+	One stop	SF +	5.50 %	(i)	9.83 %				04/2027	5,445		5,508		0.1		5,445
Calabrio, Inc.+	One stop	SF +	5.50 %	(i)	9.83 %				04/2027	202		201		—		202
Camelia Bidco Limited+(8)(9)(10)	One stop	SN +	5.50 %	(f)	9.72 %				08/2030	5,555		5,140		0.1		5,555
Camelia Bidco Limited+(8)(9)(10)	One stop	SN +	5.50 %	(f)	9.72 %				08/2030	787		709		—		787
Camelia Bidco Limited+(8)(9)(10)	One stop	A +	5.50 %	(e)	9.16 %				08/2030	330		324		—		330
Camelia Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.50 %		N/A(6)				08/2030	—		( 26 )		—		—
CB Buyer, Inc.+	One stop	SF +	5.25 %	(i)	9.55 %				07/2031	50,076		49,662		1.3		50,076
CB Buyer, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)				07/2031	—		( 45 )		—		—
CB Buyer, Inc.+	One stop	SF +	5.25 %	(i)	9.55 %				07/2031	1,520		1,454		—		1,520
Coupa Holdings, LLC+	One stop	SF +	5.25 %	(i)	9.53 %				02/2030	31,719		31,455		0.8		31,719
Coupa Holdings, LLC+(5)	One stop	SF +	5.25 %		N/A(6)				02/2029	—		( 1 )		—		—
Coupa Holdings, LLC+(5)	One stop	SF +	5.25 %		N/A(6)				02/2030	—		( 17 )		—		—
Crewline Buyer, Inc.+	One stop	SF +	6.75 %	(h)	11.08 %				11/2030	10,857		10,827		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 +	4.75 %	(h)	9.08 %				10/2028	39,153		39,135		1.0		39,153
Daxko Acquisition Corporation*+	One stop	SF +	4.75 %	(h)	9.08 %				10/2028	3,302		3,278		0.1		3,302
Daxko Acquisition Corporation+	One stop	SF +	4.75 %	(h)	9.08 %				10/2028	198		196		—		198
Daxko Acquisition Corporation+	One stop	SF +	4.75 %	(h)	9.08 %				10/2028	133		117		—		133
Daxko Acquisition Corporation+(5)	One stop	SF +	4.75 %		N/A(6)				10/2028	—		( 9 )		—		—
Denali Bidco Limited+(8)(9)(10)	One stop	SN +	5.00 %	(f)	9.22 %				08/2030	8,073		7,535		0.2		8,073
Denali Bidco Limited+(8)(9)(10)	One stop	E +	5.00 %	(c)	6.98 %				08/2030	2,811		2,581		0.1		2,811
Denali Bidco Limited+(8)(9)(10)	One stop	E +	5.00 %	(c)	6.98 %				08/2030	2,007		1,840		0.1		2,007
Denali Bidco Limited+(8)(9)(10)	One stop	E +	5.00 %	(c)	6.98 %				08/2030	784		714		—		784
Denali Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.00 %		N/A(6)				08/2030	—		( 2 )		—		—
Diligent Corporation+	One stop	SF +	5.00 %	(i)	9.33 %				08/2030	8,985		8,970		0.2		8,985
Diligent Corporation+	One stop	SF +	5.00 %	(i)	9.33 %				08/2030	1,541		1,531		—		1,541
Diligent Corporation+(5)	One stop	SF +	5.00 %		N/A(6)				08/2030	—		( 9 )		—		—
Diligent Corporation+	One stop	SF +	5.00 %	(i)	9.33 %				08/2030	70		64		—		70
Einstein Parent, Inc.+	One stop	SF +	6.50 %	(i)	10.77 %				01/2031	9,062		8,894		0.2		8,972
Einstein Parent, Inc.+(5)	One stop	SF +	6.50 %		N/A(6)				01/2031	—		( 17 )		—		( 9 )
Espresso Bidco, Inc.+(26)	One stop	SF +	5.75 %	(i)	7.17 %	cash/	2.88 %	PIK	03/2032	18,251		17,990		0.5		18,251
Espresso Bidco, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)				03/2032	—		( 36 )		—		—
Espresso Bidco, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)				03/2032	—		( 32 )		—		—
Evergreen IX Borrower 2023, LLC+	One stop	SF +	4.75 %	(i)	9.05 %				09/2030	4,881		4,777		0.1		4,881
Evergreen IX Borrower 2023, LLC+	One stop	SF +	4.75 %	(i)	9.05 %				09/2030	4,449		4,411		0.1		4,449
Evergreen IX Borrower 2023, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				10/2029	—		( 11 )		—		—
FirstUp, Inc.^+	One stop	SF +	6.75 %	(i)	11.05 %				07/2027	13,126		13,107		0.3		12,994
FirstUp, Inc.+	One stop	SF +	6.75 %	(i)	11.05 %				07/2027	1,251		1,243		—		1,239
FirstUp, Inc.+(5)	One stop	SF +	6.75 %		N/A(6)				07/2027	—		( 1 )		—		( 2 )
Gainsight, Inc.^+	One stop	SF +	5.75 %	(i)	10.23 %				07/2027	14,171		14,202		0.4		14,171
Gainsight, Inc.+(5)	One stop	SF +	5.75 %		N/A(6)				07/2027	—		( 1 )		—		—
GS Acquisitionco, Inc.^*+	One stop	SF +	5.25 %	(i)	9.55 %				05/2028	121,779		122,061		3.1		121,779
GS Acquisitionco, Inc.+	One stop	SF +	5.25 %	(i)	9.55 %				05/2028	123		122		—		123
GS Acquisitionco, Inc.+	One stop	SF +	5.25 %	(i)	9.55 %				05/2028	41		38		—		41
GTIV, LLC*+	One stop	SF +	4.75 %	(h)	9.08 %				02/2029	72,169		71,798		1.8		71,446
GTIV, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				02/2029	—		( 1 )		—		( 3 )

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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)
GTY Technology Holdings, Inc.+(26)	One stop	SF +	6.63 %	(i)	6.82 %	cash/	4.13 %	PIK	07/2029	$	8,970	$	8,847	0.2	%	$	8,970
GTY Technology Holdings, Inc.+(26)	One stop	SF +	6.63 %	(i)	6.80 %	cash/	4.13 %	PIK	07/2029	5,264		5,258		0.1		5,264
GTY Technology Holdings, Inc.+(26)	One stop	SF +	6.63 %	(i)	6.80 %	cash/	4.13 %	PIK	07/2029	3,441		3,415		0.1		3,441
GTY Technology Holdings, Inc.+(26)	One stop	SF +	6.63 %	(i)	6.82 %	cash/	4.13 %	PIK	07/2029	1,026		1,015		—		1,026
GTY Technology Holdings, Inc.+(26)	One stop	SF +	6.63 %	(i)	6.80 %	cash/	4.13 %	PIK	07/2029	630		628		—		630
GTY Technology Holdings, Inc.+(26)	One stop	SF +	6.63 %	(i)	6.76 %	cash/	4.13 %	PIK	07/2029	438		438		—		438
GTY Technology Holdings, Inc.+	One stop	SF +	6.00 %	(a)(i)	10.96 %				07/2029	539		523		—		539
Gurobi Optimization, LLC+	One stop	SF +	4.50 %	(i)	8.80 %				09/2031	50,565		50,117		1.3		50,565
Gurobi Optimization, LLC+(5)	One stop	SF +	4.50 %		N/A(6)				09/2031	—		( 39 )		—		—
Hornet Security Holding GMBH+(8)(9)(19)	One stop	E +	4.75 %	(d)	7.21 %				02/2031	791		719		—		799
Hornet Security Holding GMBH+(8)(9)(19)	One stop	E +	4.75 %	(d)	7.21 %				02/2031	527		479		—		533
Hornet Security Holding GMBH+(8)(9)(19)	One stop	E +	4.75 %	(b)	6.64 %				08/2030	15		12		—		15
Hornet Security Holding GMBH+(8)(9)(19)	One stop	E +	4.75 %	(d)	6.80 %				02/2031	110		105		—		112
Hyland Software, Inc.*+	One stop	SF +	5.00 %	(h)	9.33 %				09/2030	46,886		47,601		1.2		46,886
Hyland Software, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)				09/2029	—		( 1 )		—		—
Icefall Parent, Inc.+	One stop	SF +	5.75 %	(i)	10.03 %				01/2030	1,407		1,400		—		1,407
Icefall Parent, Inc.+(5)	One stop	SF +	5.75 %		N/A(6)				01/2030	—		( 1 )		—		—
ICIMS, Inc.*+(26)	One stop	SF +	5.75 %	(i)	10.03 %				08/2028	12,478		12,430		0.3		11,854
ICIMS, Inc.+	One stop	SF +	5.75 %	(i)	10.03 %				08/2028	48		45		—		32
IQN Holding Corp. *+(26)	One stop	SF +	5.75 %	(i)	6.96 %	cash/	3.13 %	PIK	05/2029	22,712		22,760		0.6		22,598
IQN Holding Corp. +	One stop	SF +	5.25 %	(i)	9.58 %				05/2028	164		164		—		164
IQN Holding Corp. +(26)	One stop	SF +	5.75 %	(i)	6.93 %	cash/	3.13 %	PIK	05/2029	4,014		3,974		0.1		3,994
IQN Holding Corp. +(5)	One stop	SF +	5.75 %		N/A(6)				05/2029	—		—		—		( 6 )
Island Bidco AB+(8)(9)(17)(26)	One stop	E +	7.25 %	(d)	2.04 %	cash/	7.25 %	PIK	07/2028	12,020		10,882		0.3		12,020
Island Bidco AB+(8)(17)(26)	One stop	SF +	7.00 %	(j)	7.67 %	cash/	3.50 %	PIK	07/2028	4,917		4,928		0.1		4,917
Island Bidco AB+(8)(17)(26)	One stop	SF +	7.00 %	(j)	7.67 %	cash/	3.50 %	PIK	07/2028	3,628		3,615		0.1		3,628
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 %	(j)	10.77 %				07/2028	50		50		—		50
LeadsOnline, LLC^+	One stop	SF +	4.50 %	(i)	8.79 %				02/2028	12,950		13,084		0.3		12,950
LeadsOnline, LLC+	One stop	SF +	4.50 %	(i)	8.79 %				02/2028	2,286		2,308		0.1		2,286
LeadsOnline, LLC+	One stop	SF +	4.50 %	(i)	8.80 %				02/2028	663		661		—		663
LeadsOnline, LLC+(5)	One stop	SF +	4.50 %		N/A(6)				02/2028	—		( 1 )		—		—
Lighthouse Bidco GMBH+(8)(9)(19)	One stop	E +	5.00 %	(c)	6.98 %				12/2031	20,133		17,721		0.5		20,133
Lighthouse Bidco GMBH+(5)(8)(9)(19)	One stop	E +	5.00 %		N/A(6)				06/2031	—		( 30 )		—		—
Lighthouse Bidco GMBH+(5)(8)(9)(19)	One stop	E +	5.00 %		N/A(6)				12/2031	—		( 100 )		—		—
LogicMonitor, Inc.+	One stop	SF +	5.50 %	(i)	9.78 %				11/2031	53,749		53,443		1.4		53,749
LogicMonitor, Inc.+(5)	One stop	SF +	5.50 %		N/A(6)				11/2031	—		( 38 )		—		—
Matrix42 Holding GMBH+(8)(9)(19)	One stop	E +	6.25 %	(d)	8.90 %				12/2029	10,709		10,431		0.3		10,709
Matrix42 Holding GMBH+(8)(9)(19)	One stop	E +	6.25 %	(d)	8.90 %				12/2029	1,622		1,485		—		1,622
Matrix42 Holding GMBH+(8)(9)(19)	One stop	E +	6.25 %	(d)	8.90 %				12/2029	835		767		—		835
Matrix42 Holding GMBH+(5)(8)(9)(19)	One stop	E +	6.25 %		N/A(6)				06/2029	—		( 1 )		—		—
Matrix42 Holding GMBH+(8)(19)	One stop	SF +	6.25 %		N/A(6)				06/2029	—		—		—		—
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)	One stop	E +	5.25 %	(c)	7.26 %				11/2031	17,332		15,331		0.4		17,332
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(16)	One stop	SF +	5.25 %	(i)	9.58 %				11/2031	11,017		10,866		0.3		11,017
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)	One stop	E +	5.25 %	(c)	7.26 %				11/2031	140		91		—		140
Metatiedot Bidco Oy & Metatiedot US, LLC+(5)(8)(9)(16)	One stop	E +	5.25 %		N/A(6)				11/2030	—		( 43 )		—		—
Mindbody, Inc.+	One stop	SF +	6.00 %	(i)	10.43 %				09/2027	61,966		61,872		1.6		61,966
Mindbody, Inc.+	One stop	SF +	6.00 %	(i)	10.43 %				09/2027	2,134		2,129		0.1		2,134
Mindbody, Inc.+	One stop	SF +	7.00 %		N/A(6)				09/2027	—		—		—		—
Ministry Brands Holdings LLC+	One stop	SF +	5.50 %	(h)	9.93 %				12/2028	30,831		30,737		0.8		30,214
Ministry Brands Holdings LLC+	One stop	SF +	5.50 %	(h)	9.93 %				12/2028	2,900		2,904		0.1		2,843

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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)
Ministry Brands Holdings LLC+	One stop	P +	4.50 %	(a)	12.00 %				12/2027	$	30	$	27	—	%	$	24
MYOB Invest Co Pty Ltd+(8)(9)(11)	One stop	A +	5.50 %	(e)	9.21 %				06/2030	35,932		35,104		0.9		35,572
Navex TopCo, Inc.+	One stop	SF +	5.25 %	(h)	9.57 %				11/2030	5,342		5,425		0.1		5,342
Navex TopCo, Inc.+(5)	One stop	SF +	5.75 %		N/A(6)				11/2028	—		( 1 )		—		—
Naviga Inc.+(7)(26)	Senior secured	SF +	1.00 %	(i)	5.40 %	PIK			09/2026	185		121		—		67
Onit, Inc.+	One stop	SF +	4.75 %	(i)	9.03 %				01/2032	5,415		5,365		0.1		5,415
Onit, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				01/2032	—		( 7 )		—		—
Onit, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				01/2032	—		( 11 )		—		—
Orsay Bidco 1 B.V. and Sky Group Holding B.V.+(8)(9)(14)	One stop	E +	5.75 %	(c)	7.73 %				11/2029	2,324		2,084		0.1		2,342
Orsay Bidco 1 B.V. and Sky Group Holding B.V.+(8)(9)(14)	One stop	E +	5.00 %	(c)	6.98 %				11/2029	348		285		—		348
Panzura, LLC+(26)	One stop	N/A			4.00 %	cash/	11.00 %	PIK	08/2027	128		119		—		116
Personify, Inc.+	One stop	SF +	4.75 %	(i)	9.05 %				09/2028	18,530		18,452		0.5		18,530
Personify, Inc.*	One stop	SF +	4.75 %	(i)	9.05 %				09/2028	13,722		13,650		0.3		13,722
Personify, Inc.*+	One stop	SF +	4.75 %	(i)	9.05 %				09/2028	9,727		9,672		0.2		9,727
Personify, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				09/2028	—		( 2 )		—		—
Pineapple German Bidco GMBH+(8)(19)(26)	One stop	SF +	5.25 %	(i)	9.54 %				01/2031	15,046		14,909		0.4		14,858
Pineapple German Bidco GMBH+(8)(9)(19)(26)	One stop	E +	5.50 %	(c)	7.44 %				01/2031	5,321		4,545		0.1		5,088
Pineapple German Bidco GMBH+(8)(9)(19)(26)	One stop	E +	5.25 %	(c)	7.19 %				01/2031	1,143		1,039		—		1,129
Pineapple German Bidco GMBH+(8)(9)(19)(26)	One stop	E +	5.50 %	(c)	7.44 %				01/2031	354		318		—		350
Pineapple German Bidco GMBH+(8)(19)(26)	One stop	SF +	5.25 %	(i)	9.54 %				01/2031	77		75		—		76
Pineapple German Bidco GMBH+(8)(9)(19)(26)	One stop	E +	5.25 %	(c)	7.19 %				01/2031	78		71		—		78
Pineapple German Bidco GMBH+(5)(8)(9)(19)	One stop	E +	5.25 %		N/A(6)				01/2031	—		( 58 )		—		( 125 )
PING Identity Holding Corp.+	One stop	SF +	4.75 %	(i)	9.05 %				10/2029	15,031		14,999		0.4		15,031
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)	11.83 %	PIK			08/2029	6,541		6,343		0.2		6,475
Pluralsight, LLC+(26)	One stop	SF +	4.50 %	(i)	7.33 %	cash/	1.50 %	PIK	08/2029	4,019		3,921		0.1		3,979
Pluralsight, LLC+(26)	One stop	SF +	4.50 %	(i)	7.33 %	cash/	1.50 %	PIK	08/2029	2,010		2,010		0.1		1,990
Pluralsight, LLC+(5)	One stop	SF +	4.50 %		N/A(6)				08/2029	—		—		—		( 10 )
Pluralsight, LLC+(5)	One stop	SF +	4.50 %		N/A(6)				08/2029	—		—		—		( 25 )
ProcessUnity Holdings, LLC^+	One stop	SF +	6.50 %	(i)	10.80 %				09/2028	6,014		6,023		0.2		6,014
ProcessUnity Holdings, LLC+	One stop	SF +	6.75 %	(i)	11.05 %				09/2028	4,240		4,221		0.1		4,240
ProcessUnity Holdings, LLC+	One stop	SF +	6.50 %	(i)	10.80 %				09/2028	2,864		2,846		0.1		2,864
ProcessUnity Holdings, LLC+	One stop	SF +	6.50 %	(i)	10.80 %				09/2028	1,203		1,199		—		1,203
ProcessUnity Holdings, LLC+	One stop	SF +	6.50 %	(i)	10.80 %				09/2028	64		63		—		64
QAD, Inc.*+	One stop	SF +	4.75 %	(h)	9.08 %				11/2027	42,929		43,404		1.1		42,929
QAD, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				11/2027	—		( 2 )		—		—
Quant Buyer, Inc.*+	One stop	SF +	5.25 %	(i)	9.56 %				06/2029	7,350		7,294		0.2		7,350
Quant Buyer, Inc.*+	One stop	SF +	5.25 %	(i)	9.58 %				06/2029	4,439		4,403		0.1		4,439
Quant Buyer, Inc.*+	One stop	SF +	5.25 %	(i)	9.58 %				06/2029	4,327		4,313		0.1		4,327
Quant Buyer, Inc.+	One stop	SF +	5.25 %	(i)	9.58 %				06/2029	170		167		—		170
Quant Buyer, Inc.+(5)	One stop	SF +	5.25 %		N/A(6)				06/2029	—		( 45 )		—		—
Rainforest Bidco Limited+(8)(9)(10)(26)	One stop	SN +	6.05 %	(f)	7.72 %	cash/	2.55 %	PIK	07/2029	21,718		19,446		0.6		21,610
Rainforest Bidco Limited+(8)(10)(26)	One stop	SF +	6.05 %	(g)	7.79 %	cash/	2.55 %	PIK	07/2029	3,739		3,717		0.1		3,720
Rainforest Bidco Limited+(8)(9)(10)(26)	One stop	SN +	6.80 %	(f)	8.22 %	cash/	2.80 %	PIK	07/2029	2,269		1,993		0.1		2,269
Rainforest Bidco Limited+(8)(9)(10)(26)	One stop	SN +	6.05 %	(f)	7.72 %	cash/	2.55 %	PIK	07/2029	1,596		1,419		—		1,588
Rainforest Bidco Limited+(8)(10)	One stop	SF +	4.00 %	(g)	8.29 %				07/2029	999		999		—		999
Riskonnect Parent, LLC*+	One stop	SF +	5.00 %	(j)	9.22 %				12/2028	45,285		45,695		1.1		44,832
Riskonnect Parent, LLC+	One stop	SF +	5.00 %	(j)	9.22 %				12/2028	2,125		2,140		0.1		2,103
Riskonnect Parent, LLC+	One stop	SF +	5.00 %	(j)	9.22 %				12/2028	817		810		—		809

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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 %	(j)	9.22 %				12/2028	$	575	$	567	—	%	$	569
Riskonnect Parent, LLC+	One stop	SF +	5.00 %	(i)	9.32 %				12/2028	77		73		—		68
Riskonnect Parent, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				12/2028	—		( 8 )		—		( 10 )
Rodeo Buyer Company & Absorb Software Inc.+(8)(12)	One stop	SF +	6.25 %	(i)	10.55 %				05/2027	13,056		12,980		0.3		13,056
Rodeo Buyer Company & Absorb Software Inc.^+(8)(12)	One stop	SF +	6.25 %	(i)	10.70 %				05/2027	7,616		7,607		0.2		7,616
Rodeo Buyer Company & Absorb Software Inc.+(8)(12)	One stop	SF +	6.25 %		N/A(6)				05/2027	—		—		—		—
Rodeo Buyer Company & Absorb Software Inc.+(8)(12)	One stop	SF +	6.25 %	(i)	10.55 %				05/2027	2,000		1,990		0.1		2,000
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	5.25 %	(c)	7.53 %				07/2029	53,853		47,198		1.4		53,853
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	5.50 %	(c)	7.76 %				07/2029	4,401		3,981		0.1		4,401
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	5.50 %	(c)	7.82 %				07/2029	1,622		1,491		—		1,626
Sonatype, Inc.^+	One stop	SF +	5.50 %	(h)	9.81 %				01/2028	69,460		69,570		1.8		69,460
Sonatype, Inc.+	One stop	SF +	5.50 %		N/A(6)				01/2028	—		—		—		—
Spartan Buyer Acquisition Co.^*+(26)	One stop	SF +	7.50 %	(i)	10.83 %	cash/	1.00 %	PIK	06/2027	44,819		44,671		1.1		44,370
Spartan Buyer Acquisition Co.+(26)	One stop	SF +	7.50 %	(i)	10.83 %	cash/	1.00 %	PIK	06/2027	2,851		2,825		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		( 1 )		—		( 2 )
Telesoft Holdings LLC^*+	One stop	SF +	5.75 %	(h)	10.18 %				12/2026	21,019		21,168		0.5		21,019
Telesoft Holdings LLC+	One stop	SF +	6.25 %	(h)	10.68 %				12/2026	1,421		1,428		—		1,421
Telesoft Holdings LLC+	One stop	SF +	5.75 %	(h)	10.18 %				12/2026	74		73		—		74
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.00 %	(h)	10.43 %				07/2028	4,800		4,783		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 %	(h)	8.90 %	cash/	1.00 %	PIK	06/2027	4,213		4,208		0.1		3,244
TI Intermediate Holdings, LLC+(26)	Senior secured	SF +	5.50 %	(h)	8.90 %	cash/	1.00 %	PIK	06/2027	1,117		1,117		—		861
TI Intermediate Holdings, LLC+(26)	Senior secured	SF +	5.50 %	(h)	8.90 %	cash/	1.00 %	PIK	06/2027	701		701		—		540
TI Intermediate Holdings, LLC+(26)	Senior secured	SF +	5.50 %	(h)	8.90 %	cash/	1.00 %	PIK	06/2027	526		526		—		405
TI Intermediate Holdings, LLC+(26)	Senior secured	SF +	5.50 %	(i)	8.90 %	cash/	1.00 %	PIK	06/2027	193		193		—		149
TI Intermediate Holdings, LLC+(26)	Senior secured	SF +	5.50 %	(i)	8.90 %	cash/	1.00 %	PIK	06/2027	91		91		—		69
Togetherwork Holdings, LLC*+	One stop	SF +	5.00 %	(h)	9.33 %				05/2031	27,763		27,721		0.7		27,485
Togetherwork Holdings, LLC+	One stop	SF +	5.00 %	(h)	9.33 %				05/2031	696		666		—		649
Togetherwork Holdings, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				05/2031	—		( 15 )		—		( 24 )
Transform Bidco Limited+(8)(10)	One stop	SF +	6.50 %	(i)	10.76 %				01/2031	5,405		5,478		0.1		5,405
Transform Bidco Limited+(8)(10)	One stop	SF +	6.50 %	(i)	10.76 %				01/2031	4,308		4,227		0.1		4,308
Transform Bidco Limited+(8)(9)(10)	One stop	A +	6.25 %	(e)	10.01 %				01/2031	4,010		3,938		0.1		4,010
Transform Bidco Limited+(8)(9)(10)	One stop	SN +	6.25 %	(f)	10.47 %				01/2031	653		602		—		653
Transform Bidco Limited+(5)(8)(10)	One stop	SF +	7.00 %		N/A(6)				06/2030	—		( 2 )		—		—
Transform Bidco Limited+(5)(8)(10)	One stop	SF +	7.00 %		N/A(6)				01/2031	—		( 76 )		—		—
Transform Bidco Limited+(5)(8)(10)	One stop	SF +	6.50 %		N/A(6)				01/2031	—		( 35 )		—		—
Tricentis Operations Holdings, Inc.+(26)	One stop	SF +	6.25 %	(i)	5.68 %	cash/	4.88 %	PIK	02/2032	7,646		7,610		0.2		7,646
Tricentis Operations Holdings, Inc.+(5)	One stop	SF +	5.50 %		N/A(6)				02/2032	—		( 4 )		—		—
Tricentis Operations Holdings, Inc.+(5)	One stop	SF +	5.50 %		N/A(6)				02/2032	—		( 7 )		—		—
Vantage Bidco GMBH+(8)(9)(19)(26)	One stop	E +	6.25 %	(c)	8.23 %				04/2031	9,261		8,392		0.2		9,261
Vantage Bidco GMBH+(5)(8)(9)(19)	One stop	E +	6.25 %		N/A(6)				10/2030	—		( 12 )		—		—
Varinem German Midco GMBH+(8)(9)(19)	One stop	E +	5.25 %	(d)	7.84 %				07/2031	7,800		7,159		0.2		7,820
Varinem German Midco GMBH+(8)(9)(19)	One stop	E +	5.00 %	(c)	7.35 %				07/2031	4,159		3,834		0.1		4,159
Vendavo, Inc.+	One stop	SF +	5.75 %	(i)	10.17 %				09/2027	27,165		26,736		0.6		24,720
Vendavo, Inc.+	One stop	SF +	5.75 %	(a)(i)	10.29 %				09/2027	2,055		2,038		0.1		1,831
Vendavo, Inc.+	One stop	SF +	5.75 %	(i)	10.17 %				09/2027	990		987		—		901
Viper Bidco, Inc.+	One stop	SF +	5.00 %	(i)	9.30 %				11/2031	37,986		37,812		1.0		37,986
Viper Bidco, Inc.+(8)(9)	One stop	SN +	5.00 %	(f)	9.22 %				11/2031	19,099		17,431		0.5		19,099
Viper Bidco, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)				11/2031	—		( 18 )		—		—
Viper Bidco, Inc.+(5)	One stop	SF +	5.00 %		N/A(6)				11/2031	—		( 22 )		—		—
WebPT, Inc.+	One stop	SF +	6.25 %	(i)	10.68 %				01/2028	929		921		—		873

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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.^+	One stop	SF +	5.00 %	(i)	9.32 %	11/2028	$	28,438	$	28,349	0.7	%	$	28,438
Zendesk, Inc.+	One stop	SF +	5.00 %	(i)	9.32 %	11/2028	2,185		2,168		0.1		2,185
Zendesk, Inc.+	One stop	SF +	5.00 %		N/A(6)	11/2028	—		—		—		—
							2,197,226		2,167,988		54.8		2,185,860



Specialty Retail
Ave Holdings III, Corp*+	One stop	SF +	5.50 %	(j)	9.97 %				02/2028	23,240	23,050	0.6	22,775
Ave Holdings III, Corp+	One stop	SF +	5.50 %	(j)	9.97 %				02/2028	6,061	6,149	0.2	5,940
Ave Holdings III, Corp+	One stop	SF +	5.50 %	(j)	9.97 %				02/2028	796	796	—	780
Ave Holdings III, Corp+(5)	One stop	SF +	5.50 %		N/A(6)				02/2028	—	( 1 )	—	( 6 )
Biscuit Parent, LLC*+	One stop	SF +	4.75 %	(i)	9.05 %				02/2031	20,055	19,887	0.5	20,055
Biscuit Parent, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				02/2031	—	( 1 )	—	—
Biscuit Parent, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				02/2031	—	( 42 )	—	—
Cavender Stores L.P.*	Senior secured	SF +	5.00 %	(i)	9.30 %				10/2029	5,418	5,382	0.2	5,418
Consilio Midco Limited+(8)(9)(10)	Senior secured	E +	4.75 %	(c)	6.73 %				04/2032	13,180	12,657	0.3	13,114
Consilio Midco Limited+(8)(10)	Senior secured	SF +	4.75 %	(i)	9.05 %				04/2032	10,689	10,637	0.3	10,636
Consilio Midco Limited+(8)(10)	Senior secured	SF +	4.75 %	(i)	9.05 %				04/2032	6,589	6,557	0.2	6,555
Consilio Midco Limited+(5)(8)(10)	Senior secured	SF +	4.75 %		N/A(6)				04/2032	—	—	—	( 19 )
Consilio Midco Limited+(5)(8)(10)	Senior secured	SF +	4.75 %		N/A(6)				04/2032	—	—	—	( 12 )
Consilio Midco Limited+(8)(9)(10)	Subordinated debt	E +	7.50 %	(d)	9.71 %				04/2033	1,350	1,294	—	1,340
Consilio Midco Limited+(8)(10)	Subordinated debt	SF +	7.50 %	(j)	11.64 %				04/2033	1,681	1,669	—	1,669
Consilio Midco Limited+(5)(8)(10)	Subordinated debt	SF +	4.75 %		N/A(6)				04/2033	—	—	—	( 6 )
CVP Holdco, Inc.+	One stop	SF +	4.75 %	(h)	9.08 %				06/2031	13,529	13,413	0.3	13,529
CVP Holdco, Inc.+	One stop	SF +	4.75 %	(h)	9.07 %				06/2031	736	721	—	736
CVP Holdco, Inc.+(5)	One stop	SF +	4.75 %		N/A(6)				06/2030	—	( 12 )	—	—
Cycle Gear, Inc.+	One stop	SF +	6.75 %	(h)	11.18 %				04/2026	46,304	45,825	1.2	46,304
Metal Supermarkets US Buyer, LLC+(8)(12)	One stop	SF +	4.75 %	(j)	8.97 %				12/2030	11,544	11,492	0.3	11,544
Metal Supermarkets US Buyer, LLC+(5)(8)(12)	One stop	SF +	4.75 %		N/A(6)				12/2030	—	( 6 )	—	—
PetVet Care Centers LLC*+	One stop	SF +	6.00 %	(h)	10.33 %				11/2030	4,704	4,739	0.1	4,421
PetVet Care Centers LLC+(5)	One stop	SF +	6.00 %		N/A(6)				11/2029	—	( 2 )	—	( 6 )
PetVet Care Centers LLC+(5)	One stop	SF +	6.00 %		N/A(6)				11/2030	—	( 6 )	—	—
Radiance Borrower, LLC+(26)	One stop	SF +	5.75 %	(h)	7.33 %	cash/	2.75 %	PIK	06/2031	21,850	21,713	0.6	21,850
Radiance Borrower, LLC+	One stop	SF +	5.25 %	(h)	9.58 %				06/2031	205	190	—	205
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.05 %				08/2028	5,216	5,221	0.1	5,242
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00 %	(i)	13.30 %	PIK			09/2029	3,364	3,338	0.1	3,390
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00 %	(i)	13.30 %	PIK			09/2029	1,785	1,771	0.1	1,799
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00 %	(i)	13.30 %	PIK			09/2029	1,492	1,481	—	1,511
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00 %	(i)	13.30 %	PIK			09/2029	872	852	—	879
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00 %	(i)	13.30 %	PIK			09/2029	650	644	—	655
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.05 %				08/2028	536	534	—	539
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.05 %				08/2028	498	494	—	500
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.05 %				08/2028	349	347	—	351
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.05 %				08/2028	341	340	—	342
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.05 %				08/2028	383	377	—	383
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.05 %				08/2028	270	269	—	271
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.05 %				08/2028	249	248	—	249
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.05 %				08/2028	168	168	—	169
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00 %	(i)	13.30 %	PIK			09/2029	165	164	—	167
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.05 %				08/2028	154	153	—	155
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.05 %				08/2028	112	111	—	113

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index (1)			Interest Rate (2)				Maturity Date	Principal ($) / Shares (3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.05 %				08/2028	$	104	$	104	—	%	$	105
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.05 %				08/2028	85		84		—		86
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.05 %				08/2028	79		78		—		79
Salon Lofts Group, LLC+	Senior secured	SF +	5.75 %	(i)	10.05 %				08/2028	636		632		—		639
Salon Lofts Group, LLC+(5)(26)	Second lien	SF +	9.00 %		N/A(6)				09/2029	—		( 17 )		—		26
Salon Lofts Group, LLC+(5)	Senior secured	SF +	5.25 %		N/A(6)				08/2028	—		( 23 )		—		—
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00 %	(i)	13.30 %	PIK			09/2029	663		658		—		670
Salon Lofts Group, LLC+	Senior secured	SF +	5.25 %	(i)	9.55 %				08/2028	2,233		2,224		0.1		2,233
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.^*+(8)(12)	One stop	SF +	5.25 %	(i)	9.55 %				12/2029	30,918		30,679		0.8		30,610
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(8)(9)(12)	One stop	CA +	5.25 %	(l)	7.93 %				12/2029	7,930		7,878		0.2		7,851
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(8)(12)	One stop	SF +	5.25 %	(i)	9.55 %				12/2029	1,231		1,158		—		1,186
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(8)(12)	One stop	SF +	5.25 %	(i)	9.55 %				12/2028	331		326		—		325
Titan Fitness, LLC+(26)	One stop	SF +	7.25 %	(i)	5.45 %	cash/	6.25 %	PIK	10/2026	40,880		40,172		0.8		31,477
Titan Fitness, LLC+(26)	One stop	SF +	7.25 %	(i)	5.45 %	cash/	6.25 %	PIK	10/2026	2,965		2,887		0.1		2,283
Titan Fitness, LLC+(26)	One stop	SF +	7.25 %	(i)	5.45 %	cash/	6.25 %	PIK	10/2026	510		486		—		318
Titan Fitness, LLC+(26)	One stop	SF +	2.50 %	(i)	6.95 %				10/2026	12		2		—		12
Vermont Aus Pty Ltd+(8)(9)(11)	One stop	A +	5.75 %	(e)	9.40 %				03/2028	8,939		9,901		0.2		8,939
Vermont Aus Pty Ltd+(8)(9)(11)	One stop	A +	5.75 %	(e)	9.41 %				03/2028	8,746		9,190		0.2		8,746
VSG Acquisition Corp. and Sherrill, Inc.*+	One stop	SF +	5.50 %	(i)	10.09 %				04/2028	12,020		11,827		0.3		12,020
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.50 %	(i)	10.09 %				04/2028	2,079		2,054		0.1		2,079
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.50 %	(i)	10.09 %				04/2028	1,606		1,552		—		1,606
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.50 %	(i)	10.09 %				04/2028	38		32		—		38
										326,540		324,497		7.9		314,865

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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)	10.45 %				03/2028	$	2,347	$	2,328	0.1	%	$	2,112
Dollfus Mieg Company, Inc.+(8)(10)	One stop	SF +	6.00 %	(j)	10.45 %				03/2028	1,170		1,160		—		1,052
Dollfus Mieg Company, Inc.+(8)(10)	One stop	SF +	6.00 %	(j)	10.45 %				03/2028	1,027		1,020		—		925
Elite Sportswear, L.P.+(26)	Senior secured	SF +	7.50 %	(i)	10.81 %	cash/	1.25 %	PIK	09/2025	9,943		9,935		0.3		9,943
Elite Sportswear, L.P.+(26)	Senior secured	SF +	7.50 %	(i)	10.81 %	cash/	1.25 %	PIK	09/2025	3,996		3,991		0.1		3,996
Elite Sportswear, L.P.+(26)	Senior secured	SF +	7.50 %	(i)	10.81 %	cash/	1.25 %	PIK	09/2025	2,057		2,054		0.1		2,057
Elite Sportswear, L.P.+(26)	Senior secured	SF +	7.50 %	(i)	10.81 %	cash/	1.25 %	PIK	09/2025	683		682		—		683
Elite Sportswear, L.P.+(26)	Senior secured	SF +	7.50 %	(i)	10.81 %	cash/	1.25 %	PIK	09/2025	312		312		—		312
Elite Sportswear, L.P.+(26)	Senior secured	SF +	7.50 %	(i)	10.81 %	cash/	1.25 %	PIK	09/2025	299		298		—		299
Elite Sportswear, L.P.+(26)	Senior secured	SF +	7.50 %	(i)	10.82 %	cash/	1.25 %	PIK	09/2025	1,086		1,085		—		1,086
Elite Sportswear, L.P.+(26)	Senior secured	SF +	7.50 %	(i)	10.82 %	cash/	1.25 %	PIK	09/2025	37		37		—		37
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50 %	(i)	9.95 %				11/2026	9,131		9,086		0.2		9,154
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50 %	(i)	9.95 %				11/2026	6,326		6,294		0.2		6,342
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50 %	(i)	9.95 %				11/2026	979		974		—		982
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50 %	(i)	9.95 %				11/2026	880		875		—		882
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50 %	(i)	9.95 %				11/2026	617		614		—		619
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50 %	(i)	9.95 %				11/2026	2		—		—		2
Shoes For Crews Global, LLC+	Senior secured	SF +	6.50 %	(h)	10.94 %				07/2029	1,292		1,292		—		1,292
Shoes For Crews Global, LLC+(26)	Senior secured	SF +	7.00 %	(h)	6.44 %	cash/	5.00 %	PIK	07/2029	747		725		—		747
Shoes For Crews Global, LLC+	Senior secured	SF +	6.50 %	(h)	10.94 %				07/2029	418		418		—		418
Shoes For Crews Global, LLC+(5)	Senior secured	SF +	6.50 %		N/A(6)				07/2029	—		( 29 )		—		—
										43,349		43,151		1.0		42,940
Trading Companies & Distributors
Marcone Yellowstone Buyer Inc.+(26)	One stop	SF +	7.00 %	(i)	8.19 %	cash/	3.25 %	PIK	06/2028	20,406		20,190		0.5		18,672
Marcone Yellowstone Buyer Inc.+(26)	One stop	SF +	7.00 %	(i)	8.19 %	cash/	3.25 %	PIK	06/2028	21,167		20,780		0.5		19,367
Marcone Yellowstone Buyer Inc.+(26)	One stop	SF +	7.25 %	(i)	8.44 %	cash/	3.25 %	PIK	06/2028	6,283		6,146		0.2		5,780
Marcone Yellowstone Buyer Inc.+(26)	One stop	SF +	7.00 %	(i)	8.19 %	cash/	3.25 %	PIK	06/2028	2,590		2,497		—		2,370
Marcone Yellowstone Buyer Inc.+(26)	One stop	SF +	7.00 %	(i)	8.19 %	cash/	3.25 %	PIK	06/2028	6,780		6,513		0.2		6,204
										57,226		56,126		1.4		52,393
Transportation Infrastructure
LDS Intermediate Holdings, LLC+	One stop	SF +	5.00 %	(h)	9.33 %				02/2032	7,427		7,383		0.2		7,427
LDS Intermediate Holdings, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				02/2032	—		( 7 )		—		—
LDS Intermediate Holdings, LLC+(5)	One stop	SF +	5.00 %		N/A(6)				02/2032	—		( 9 )		—		—
										7,427		7,367		0.2		7,427
Water Utilities
S.J. Electro Systems, LLC*	Senior secured	SF +	4.75 %	(i)	9.18 %				06/2027	24,287		24,157		0.6		24,165
S.J. Electro Systems, LLC*+	Senior secured	SF +	4.75 %	(i)	9.18 %				06/2027	18,630		18,593		0.4		18,538
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75 %	(i)	9.18 %				06/2027	1,176		1,168		—		1,169
S.J. Electro Systems, LLC+(5)	Senior secured	SF +	4.75 %		N/A(6)				06/2027	—		( 45 )		—		( 43 )
S.J. Electro Systems, LLC+(5)	Senior secured	SF +	4.75 %		N/A(6)				06/2027	—		( 5 )		—		( 5 )
Vessco Midco Holdings, LLC*	One stop	SF +	4.75 %	(h)(j)	9.05 %				07/2031	22,500		22,305		0.6		22,500
Vessco Midco Holdings, LLC+	One stop	SF +	4.75 %	(h)(j)	9.04 %				07/2031	2,925		2,893		0.1		2,925
Vessco Midco Holdings, LLC+(5)	One stop	SF +	4.75 %		N/A(6)				07/2031	—		( 22 )		—		—
										69,518		69,044		1.7		69,249
Total non-controlled/non-affiliate company debt investments										8,310,587		8,214,993		205.3		8,202,321

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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 (23)(24)
Aerospace & Defense
PPW Aero Buyer, Inc.+	LP units	N/A	N/A		02/2023	N/A	93	$	948	—	%	$	606
Tronair Parent, Inc.+	LLC units	N/A	N/A		07/2021	N/A	—	40		—		84
								988		—		690
Air Freight & Logistics
RJW Group Holdings, Inc.+	LP units	N/A	N/A		11/2024	N/A	4,370	4,370		0.1		4,716

Auto Components
Arnott, LLC+	LP units	N/A	N/A		12/2024	N/A	—	350		—		355
Polk Acquisition Corp.+	LP interest	N/A	N/A		06/2016	N/A	5	314		—		25
								664		—		380
Automobiles
CAP-KSI Holdings, LLC+	Preferred stock	N/A	N/A		06/2024	N/A	645	645		—		702
CAP-KSI Holdings, LLC+	LP units	N/A	N/A		06/2024	N/A	645	—		—		125
CG Group Holdings, LLC+	LP units	N/A	N/A		07/2021	N/A	1	983		—		883
Go Car Wash Parent, Corp.+(25)	Preferred stock	N/A	17.00 %	Non-Cash	04/2022	N/A	—	3,634		0.1		3,534
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		—		339
MOP GM Holding, LLC+	Preferred stock	N/A	N/A		06/2024	N/A	—	51		—		60
National Express Wash Parent Holdco, LLC+	LP units	N/A	N/A		07/2022	N/A	1	103		—		176
POY Holdings, LLC+	LLC units	N/A	N/A		11/2022	N/A	446	820		—		635
Quick Quack Car Wash Holdings, LLC+	LP units	N/A	N/A		06/2024	N/A	1,085	1,085		0.1		1,363
Quick Quack Car Wash Holdings, LLC+	LLC units	N/A	N/A		06/2024	N/A	215	215		—		259
Yorkshire Parent, Inc.+	LP units	N/A	N/A		12/2023	N/A	—	544		—		577
								9,132		0.2		8,653
Beverages
Spindrift Beverage Co. Inc.+	LP units	N/A	N/A		02/2025	N/A	2	2,039		0.1		2,231

Biotechnology
Cobepa BlueSky Aggregator, SCSp+(25)	LP units	N/A	N/A		10/2023	N/A	4	40		—		43
Cobepa BlueSky Aggregator, SCSp+(25)	Preferred stock	N/A	15.00 %	Non-Cash	04/2024	N/A	5	59		—		57
Cobepa BlueSky Aggregator, SCSp+	LP interest	N/A	N/A		12/2021	N/A	219	1,899		—		67
								1,998		—		167
Building Products
BECO Holding Company, Inc.+(25)	Preferred stock	N/A	11.75 %	Non-Cash	11/2021	N/A	132	19,666		0.5		20,001
BECO Holding Company, Inc.+	LP interest	N/A	N/A		11/2021	N/A	10	1,218		—		928
								20,884		0.5		20,929
Chemicals
Inhance Technologies Holdings, LLC+	Preferred stock	N/A	N/A		12/2021	N/A	12	7,284		—		195

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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)
Inhance Technologies Holdings, LLC+	LLC units	N/A	N/A	07/2018	N/A	—	$	124	—	%	$	—
							7,408		—		195
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+	LP interest	N/A	N/A	10/2021	N/A	773	836		—		962
CHA Vision Holdings, Inc.+	LP units	N/A	N/A	01/2024	N/A	—	461		—		544
North Haven Stack Buyer, LLC	LLC units	N/A	N/A	07/2021	N/A	516	637		—		1,232
PT Intermediate Holdings III, LLC+	LLC units	N/A	N/A	12/2021	N/A	16	1,787		0.1		1,841
Radwell Parent, LLC+	LP units	N/A	N/A	03/2022	N/A	4	477		—		415
							4,198		0.1		4,994
Containers & Packaging
Chase Intermediate+	LP units	N/A	N/A	04/2022	N/A	217	209		—		401

Diversified Consumer Services
CHHJ Midco, LLC+(25)	LLC units	N/A	N/A	01/2021	N/A	27	311		—		456
CHVAC Services Investment, LLC+	Common stock	N/A	N/A	05/2024	N/A	105	267		—		439
DP Flores Holdings, LLC+	LLC units	N/A	N/A	09/2022	N/A	106	98		—		169
EMS LINQ, LLC+	LP interest	N/A	N/A	12/2021	N/A	761	758		—		394
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		—		634
Liminex, Inc.+	Common stock	N/A	N/A	11/2020	N/A	17	633		—		486
NSG Buyer, Inc. +(8)	LP units	N/A	N/A	11/2022	N/A	3	2,992		0.1		3,892
PADI Holdco, Inc.+(25)	LLC interest	N/A	N/A	07/2017	N/A	1	945		0.1		1,398
Project Alpha Intermediate Holdings, Inc.+	LP units	N/A	N/A	05/2025	N/A	327	1,359		—		1,359
Virginia Green Acquisition, LLC+	LP units	N/A	N/A	12/2023	N/A	397	407		—		446
							8,514		0.2		9,673
Electric Utilities
Smart Energy Systems, Inc.+	Warrant	N/A	N/A	01/2025	N/A	18	96		—		375

Electrical Equipment
Wildcat TopCo, Inc.+	LP units	N/A	N/A	12/2024	N/A	503	503		—		563

Electronic Equipment, Instruments & Components
Inventus Power, Inc.+	Preferred stock	N/A	N/A	03/2014	N/A	—	372		—		56
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		—		393

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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		—		1,370
PDI TA Holdings, Inc.+	Preferred stock	N/A	N/A	02/2023	N/A	135	4,613		0.2		6,305
Ruby Slipper Cafe LLC, The+	LLC units	N/A	N/A	06/2024	N/A	3	47		—		52
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	01/2018	N/A	38	423		—		112
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	08/2020	N/A	2	28		—		52
							6,430		0.2		8,222
Food Products
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	06/2021	N/A	107	195		—		288
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		—		5
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		—		64
Kodiak Cakes, LLC+	Common stock	N/A	N/A	06/2021	N/A	—	557		0.1		1,806
Louisiana Fish Fry Products, Ltd.+	Common stock	N/A	N/A	07/2021	N/A	—	599		—		253
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		—		41
P&P Food Safety Holdings, Inc.+	Common stock	N/A	N/A	12/2020	N/A	5	434		—		342
Purfoods, LLC+	LLC interest	N/A	N/A	05/2016	N/A	—	945		0.1		5,513
Zullas, L.C.+	LP units	N/A	N/A	06/2025	N/A	—	250		—		250
							3,142		0.2		8,633
Healthcare Equipment & Supplies
Aspen Medical Products, LLC+	LP interest	N/A	N/A	06/2019	N/A	—	98		—		96
Blue River Pet Care, LLC+	Common stock	N/A	N/A	08/2019	N/A	—	734		—		778
CCSL Holdings, LLC+(8)	LP interest	N/A	N/A	12/2020	N/A	—	499		—		577
CMI Parent Inc.+	Common stock	N/A	N/A	08/2019	N/A	—	557		—		664
CMI Parent Inc.+	Common stock	N/A	N/A	08/2019	N/A	8	483		—		909
JHC Investment Intermediate Holdings, LLC+	LLC units	N/A	N/A	03/2024	N/A	5,293	—		0.1		1,516
							2,371		0.1		4,540

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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	%	$	2,049
Acuity Eyecare Holdings, LLC+	LLC interest	N/A	N/A		03/2017	N/A	1,632	2,235		0.2		5,335
Acuity Eyecare Holdings, LLC+	LLC units	N/A	N/A		05/2021	N/A	889	1,023		0.1		3,421
ADCS Clinics Intermediate Holdings, LLC+	Preferred stock	N/A	N/A		05/2016	N/A	2	1,119		0.1		1,170
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		—		134
CRH Healthcare Purchaser, Inc.+	LP interest	N/A	N/A		12/2018	N/A	531	456		—		853
DCA Investment Holding, LLC(7)(25)	Preferred stock	N/A	8.00 %	Non-Cash	12/2022	N/A	1,142	659		—		100
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		—		—
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		02/2021	N/A	—	79		—		—
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		—		85
ERC Topco Holdings, LLC+	LLC units	N/A	N/A		03/2025	N/A	3	4,841		0.1		4,650
Krueger-Gilbert Health Physics, LLC+	Common stock	N/A	N/A		05/2019	N/A	239	324		—		636
MWD Management, LLC & MWD Services, Inc.+	LLC interest	N/A	N/A		06/2017	N/A	412	335		—		624
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)	Common stock	N/A	N/A		05/2021	N/A	—	409		—		446
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A		08/2016	N/A	—	528		—		859
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A		08/2016	N/A	4	74		—		—
Pyramid Healthcare Acquisition Corp.+	Common stock	N/A	N/A		05/2021	N/A	257	310		—		392
Radiology Partners, Inc.+	LLC units	N/A	N/A		02/2018	N/A	11	68		—		91
Radiology Partners, Inc.+	LLC interest	N/A	N/A		09/2014	N/A	43	55		—		360
Sage Dental Management, LLC+	LLC units	N/A	N/A		10/2012	N/A	—	249		—		486
Sage Dental Management, LLC+	LLC units	N/A	N/A		10/2012	N/A	3	3		—		—
Southern Veterinary Partners, LLC+(25)	Preferred stock	N/A	10.00 %	Non-Cash	12/2024	N/A	5	1,247		0.1		5,194
Southern Veterinary Partners, LLC+(25)	Preferred stock	N/A	10.00 %	Non-Cash	12/2024	N/A	—	254		—		432
Southern Veterinary Partners, LLC+	LLC units	N/A	N/A		12/2024	N/A	52	81		—		268
Southern Veterinary Partners, LLC+	LLC units	N/A	N/A		12/2024	N/A	4	15		—		22
Southern Veterinary Partners, LLC+(25)	Preferred stock	N/A	10.00 %	Non-Cash	12/2024	N/A	—	12		—		51
Southern Veterinary Partners, LLC+(25)	Preferred stock	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	1	—		—		3
Southern Veterinary Partners, LLC+	LLC units	N/A	N/A		12/2024	N/A	—	—		—		—
Suveto Buyer, LLC+	Common stock	N/A	N/A		11/2021	N/A	8	727		—		523
								17,422		0.7		28,188

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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	—	%	$	452
Connexin Software, Inc.+	LLC interest	N/A			N/A		02/2018	N/A	180	228		—		325
Connexin Software, Inc.+	LLC units	N/A			N/A		02/2024	N/A	12	16		—		26
HSI Halo Acquisition, Inc.+(25)	Preferred stock	N/A			10.00 %	Non-Cash	10/2019	N/A	—	121		—		251
HSI Halo Acquisition, Inc.+	LP interest	N/A			N/A		10/2019	N/A	—	14		—		98
Modernizing Medicine, Inc.+(25)	Preferred stock	N/A			13.00 %	Non-Cash	04/2025	N/A	5	4,534		0.1		4,432
Symplr Software, Inc.+(25)	Preferred stock	N/A			11.00 %	Non-Cash	10/2021	N/A	15	20,715		0.5		20,457
Symplr Software, Inc.+(25)	Preferred stock	SF +	10.50 %	(i)	14.80 %	Non-Cash	11/2018	N/A	3	6,309		0.2		7,365
Symplr Software, Inc.+(25)	Preferred stock	N/A			11.00 %	Non-Cash	12/2020	N/A	2	2,609		0.1		2,715
Symplr Software, Inc.+(25)	Preferred stock	N/A			11.00 %	Non-Cash	06/2021	N/A	1	1,571		0.1		1,588
Symplr Software, Inc.+	LLC units	N/A			N/A		09/2021	N/A	—	161		—		138
Symplr Software, Inc.+	Common stock	N/A			N/A		11/2018	N/A	219	237		—		789
Tebra Technologies, Inc.+	LLC interest	N/A			N/A		07/2022	N/A	348	2,824		0.1		4,631
Tebra Technologies, Inc.+	Warrant	N/A			N/A		03/2019	N/A	169	871		—		675
Tebra Technologies, Inc.+	Warrant	N/A			N/A		06/2017	N/A	53	162		—		6
Tebra Technologies, Inc.+	Preferred stock	N/A			N/A		09/2018	N/A	1	8		—		13
										40,829		1.1		43,961
Hotels, Restaurants & Leisure
Cafe Rio Holding, Inc.+	Common stock	N/A			N/A		09/2017	N/A	5	603		—		602
Freddy's Frozen Custard LLC+	LP interest	N/A			N/A		03/2021	N/A	287	384		—		838
Harri US LLC+	LLC units	N/A			N/A		02/2022	N/A	119	892		—		702
Harri US LLC+	Preferred stock	N/A			N/A		10/2021	N/A	102	649		—		586
Harri US LLC+	Warrant	N/A			N/A		10/2021	N/A	34	171		—		195
Harri US LLC+	Preferred stock	N/A			N/A		10/2023	N/A	96	1,141		0.1		1,407
Harri US LLC+	Warrant	N/A			N/A		03/2024	N/A	9	69		—		137
Harri US LLC+	Warrant	N/A			N/A		02/2025	N/A	10	—		—		—
Harri US LLC+	Warrant	N/A			N/A		06/2025	N/A	9	107		—		120
LMP TR Holdings, LLC	LLC units	N/A			N/A		05/2013	N/A	712	712		—		622
PB Group Holdings, LLC+	LP units	N/A			N/A		08/2024	N/A	383	886		0.1		1,054
Rooster BidCo Limited+(8)(10)	Preferred stock	N/A			N/A		03/2025	N/A	1,258	1,301		—		1,301
SSRG Holdings, LLC+	LP interest	N/A			N/A		11/2019	N/A	46	604		—		650
										7,519		0.2		8,214
Insurance
Accession Risk Management Group, Inc.+(25)	Preferred stock	N/A			13.25 %	Non-Cash	08/2023	N/A	9	11,025		0.3		11,026
Majesco+(25)	Preferred stock	N/A			9.00 %	Non-Cash	09/2020	N/A	—	576		—		653
Majesco+	LP interest	N/A			N/A		09/2020	N/A	97	94		—		390
Oakbridge Insurance Agency LLC+	LP units	N/A			N/A		11/2023	N/A	20	404		—		517
										12,099		0.3		12,586
Internet & Direct Marketing Retail
Revalize, Inc.+	Preferred stock	N/A			N/A		12/2021	N/A	25	26,216		0.5		20,134
Revalize, Inc.+	Preferred stock	N/A			N/A		12/2021	N/A	15	15,735		0.3		12,085
Revalize, Inc.+	Preferred stock	N/A			N/A		12/2022	N/A	11	11,050		0.2		7,885
Revalize, Inc.+	Preferred stock	N/A			N/A		04/2022	N/A	4	4,285		0.1		3,001
										57,286		1.1		43,105

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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)
IT Services
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	%	$	8,619
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A	N/A		10/2020	N/A	211	931		0.1		2,260
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A	N/A		07/2021	N/A	48	408		—		519
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Warrant	N/A	N/A		08/2020	N/A	277	779		0.1		2,815
Critical Start, Inc.+	Common stock	N/A	N/A		05/2022	N/A	343	379		—		156
Kentik Technologies, Inc.+	Preferred stock	N/A	N/A		09/2021	N/A	509	2,933		0.1		2,954
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		—		20
Optimizely North America, Inc.+	Common stock	N/A	N/A		10/2018	N/A	92	1,016		0.1		1,667
Saturn Borrower Inc.+	LP units	N/A	N/A		09/2020	N/A	520	470		—		698
								9,336		0.6		19,711
Leisure Products
Massage Envy, LLC+	LLC interest	N/A	N/A		09/2012	N/A	749	210		0.1		1,947
Movement Holdings, LLC+(8)(10)	LLC units	N/A	N/A		03/2024	N/A	—	152		—		108
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	82	141		—		93
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	56	96		—		64
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	47	78		—		53
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	41	70		—		45
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	18	29		—		20
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	2	2		—		2
								778		0.1		2,332
Life Sciences Tools & Services
Celerion Buyer, Inc.+(25)	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		0.1		3,108
PAS Parent Inc.+	LP interest	N/A	N/A		12/2021	N/A	15	1,651		0.1		1,875
PAS Parent Inc.+	Preferred stock	N/A	N/A		03/2023	N/A	2	267		—		339
								3,202		0.2		6,213
Oil, Gas & Consumable Fuels
W3 Co.+	LLC interest	N/A	N/A		03/2017	N/A	3	1,632		—		1,277
W3 Co.+	Preferred stock	N/A	N/A		01/2019	N/A	—	224		—		241
								1,856		—		1,518
Paper & Forest Products
Messenger, LLC+	LLC units	N/A	N/A		12/2021	N/A	8	667		—		816
Messenger, LLC+	LLC units	N/A	N/A		12/2021	N/A	1	—		—		—
								667		—		816
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12)	LP interest	N/A	N/A		03/2021	N/A	701	605		—		408
Cobalt Buyer Sub, Inc.+(25)	Preferred stock	N/A	13.75 %	Non-Cash	10/2021	N/A	11	17,759		0.5		18,783
Cobalt Buyer Sub, Inc.+	Preferred stock	N/A	N/A		10/2021	N/A	—	246		—		134
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		3,651
								21,984		0.6		22,976

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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.+(25)	Preferred stock	N/A			12.50 %	Non-Cash	09/2024	N/A	—	$	1,767	0.1	%	$	1,797
Enboarder, Inc.+(8)	Preferred stock	N/A			N/A		01/2022	N/A	83	859		—		550
Filevine, Inc.+	Preferred stock	N/A			N/A		04/2022	N/A	362	2,867		0.1		4,987
Filevine, Inc.+	Warrant	N/A			N/A		04/2022	N/A	54	224		—		633
Filevine, Inc.+	Preferred stock	N/A			N/A		05/2024	N/A	21	176		—		291
Net Health Acquisition Corp.+	LP interest	N/A			N/A		12/2017	N/A	14	1,684		0.1		2,392
Procure Acquireco, Inc.+	LP interest	N/A			N/A		12/2021	N/A	—	901		—		1,216
										8,478		0.3		11,866
Real Estate Management & Development
Inhabit IQ Inc.+	Common stock	N/A			N/A		01/2018	N/A	2	528		—		663
SC Landco Parent, LLC+	Common stock	N/A			N/A		09/2022	N/A	2	274		—		259
										802		—		922
Road & Rail
Internet Truckstop Group, LLC+	LP interest	N/A			N/A		04/2019	N/A	554	587		—		410

Software
Anaplan, Inc.+	LP interest	N/A			N/A		06/2022	N/A	962	1,254		0.1		1,498
Aras Corporation+(25)	Preferred stock	N/A			12.00 %	Non-Cash	04/2021	N/A	1	2,140		0.1		2,346
Aras Corporation+	LP interest	N/A			N/A		04/2021	N/A	427	446		—		696
Astute Holdings, Inc.+	LP interest	N/A			N/A		04/2019	N/A	—	520		—		204
Auvik Networks Inc.+(8)(12)	Preferred stock	N/A			N/A		07/2021	N/A	37	405		—		595
Auvik Networks Inc.+(8)(12)	Preferred stock	N/A			N/A		02/2023	N/A	4	46		—		67
Bayshore Intermediate #2, L.P.+	Common stock	N/A			N/A		10/2021	N/A	5,841	5,890		0.2		7,322
Calabrio, Inc.+	LP interest	N/A			N/A		04/2021	N/A	1	1,157		—		1,168
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		—		176
Cloudbees, Inc.+	Preferred stock	N/A			N/A		11/2021	N/A	179	2,007		0.1		2,113
Cloudbees, Inc.+	Warrant	N/A			N/A		05/2018	N/A	158	445		—		1,103
Cloudbees, Inc.+	Preferred stock	N/A			N/A		06/2018	N/A	86	602		—		807
Cynet Security Ltd.+(8)(15)	Preferred stock	N/A			N/A		08/2022	N/A	220	855		—		1,074
Denali Bidco Limited+(8)(10)	LP interest	N/A			N/A		08/2023	N/A	431	610		—		1,033
Diligent Corporation+(25)	Preferred stock	N/A			10.50 %	Non-Cash	04/2021	N/A	24	32,908		0.9		34,382
Diligent Corporation+	Preferred stock	N/A			N/A		04/2016	N/A	415	912		0.1		1,762
Energy Worldnet, LLC+(25)	LLC units	N/A			N/A		02/2025	N/A	50	52		—		52
FirstUp, Inc.+	Common stock	N/A			N/A		07/2021	N/A	305	661		—		228
FirstUp, Inc.+	Preferred stock	N/A			N/A		03/2025	N/A	14	27		—		29
GS Acquisitionco, Inc.+(25)	Preferred stock	N/A			11.00 %	Non-Cash	04/2021	N/A	35	49,102		1.3		51,707
GS Acquisitionco, Inc.+(25)	Preferred stock	N/A			11.00 %	Non-Cash	11/2021	N/A	5	6,262		0.2		6,425
GS Acquisitionco, Inc.+	LP interest	N/A			N/A		09/2021	N/A	1	363		—		846
GS Acquisitionco, Inc.+(25)	Preferred stock	SF +	10.50 %	(i)	14.80 %	Non-Cash	08/2023	N/A	—	134		—		134
GTY Technology Holdings, Inc.+	LP units	N/A			N/A		07/2022	N/A	73	91		—		168
Gurobi Optimization, LLC+	Common stock	N/A			N/A		09/2024	N/A	—	709		—		777
Impartner, Inc.+	Preferred stock	N/A			N/A		10/2021	N/A	39	307		—		200
Kaseya Inc.+(25)	Preferred stock	SF +	10.75 %	(i)	14.92 %	Non-Cash	06/2022	N/A	3	4,072		0.1		4,030
Kaseya Inc.+	LP interest	N/A			N/A		06/2022	N/A	250	252		—		285

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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)
LogicMonitor, Inc.+	LP interest	N/A			N/A		12/2024	N/A	250	$	250	—	%	$	266
Menlo Ridgeview Co-Invest, LLC+	LLC interest	N/A			N/A		05/2025	N/A	931	946		—		946
Ministry Brands Holdings LLC+	LP interest	N/A			N/A		12/2021	N/A	799	774		—		620
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+	Warrant	N/A			N/A		10/2019	N/A	6	17		—		16
Onit, Inc.+	Warrant	N/A			N/A		02/2023	N/A	—	14		—		16
Panzura, LLC+	LLC units	N/A			N/A		03/2025	N/A	2	6		—		—
Personify, Inc.+	LP interest	N/A			N/A		09/2018	N/A	879	1,396		0.1		2,132
Pluralsight, LLC+	LLC units	N/A			N/A		08/2024	N/A	1,988	3,663		0.1		4,648
QAD, Inc.+(25)	Preferred stock	N/A			9.00 %	Non-Cash	11/2021	N/A	1	1,330		—		1,326
QAD, Inc.+	Common stock	N/A			N/A		11/2021	N/A	68	134		—		40
RegEd Aquireco, LLC+	LP interest	N/A			N/A		12/2018	N/A	—	358		—		168
RegEd Aquireco, LLC+	Preferred stock	N/A			N/A		07/2023	N/A	—	29		—		37
RegEd Aquireco, LLC+	LP interest	N/A			N/A		12/2018	N/A	4	21		—		0
Riskonnect Parent, LLC+(25)	Preferred stock	N/A			11.00 %	Non-Cash	04/2022	N/A	26	35,325		0.9		35,515
Riskonnect Parent, LLC+	LP interest	N/A			N/A		11/2021	N/A	1,382	1,414		0.1		1,429
Riskonnect Parent, LLC+(25)	Preferred stock	SF +	10.50 %	(i)	14.70 %	Non-Cash	07/2022	N/A	—	1,028		—		1,034
Riskonnect Parent, LLC+(25)	Preferred stock	N/A			10.50 %	Non-Cash	06/2024	N/A	—	55		—		58
Rokt Inc.+	Common stock	N/A			N/A		01/2025	N/A	20	683		—		718
SnapLogic, Inc.+	Preferred stock	N/A			N/A		09/2019	N/A	344	1,029		0.1		2,007
SnapLogic, Inc.+	Warrant	N/A			N/A		09/2019	N/A	131	162		—		517
Spartan Buyer Acquisition Co.+	Common stock	N/A			N/A		12/2020	N/A	1	794		—		414
Spartan Buyer Acquisition Co.+	Preferred stock	N/A			N/A		12/2022	N/A	—	110		—		131
StrongDM, Inc.+	Preferred stock	N/A			N/A		05/2025	N/A	424	2,257		0.1		2,257
Telesoft Holdings LLC+	LP interest	N/A			N/A		12/2019	N/A	137	129		—		133
Templafy APS and Templafy, LLC+(8)(18)	Warrant	N/A			N/A		07/2022	N/A	—	82		—		43
Togetherwork Holdings, LLC+	Preferred stock	N/A			N/A		07/2024	N/A	307	1,342		—		1,303
Transform Bidco Limited+(8)(10)	LP interest	N/A			N/A		04/2025	N/A	2,349	2,349		0.1		2,349
Tricentis Operations Holdings, Inc.+	LP interest	N/A			N/A		02/2025	N/A	40	40		—		42
Zendesk, Inc.+	LP units	N/A			N/A		11/2022	N/A	63	708		—		627
										168,932		4.6		180,019

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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+(25)	Preferred stock	N/A	11.50 %	Non-Cash	02/2022	N/A	15	$	19,975	0.5	%	$	17,377
Ave Holdings III, Corp+	LP units	N/A	N/A		02/2022	N/A	2	1,736		—		159
Batteries Plus Holding Corporation+	LP interest	N/A	N/A		07/2016	N/A	10	1,287		—		1,386
Cycle Gear, Inc.+	LLC units	N/A	N/A		02/2016	N/A	2,002	481		—		258
Cycle Gear, Inc.+	Preferred stock	N/A	N/A		01/2023	N/A	75	75		—		156
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	—		—		—
Salon Lofts Group, LLC+	LP units	N/A	N/A		08/2022	N/A	—	137		—		106
VSG Acquisition Corp. and Sherrill, Inc.+	LP units	N/A	N/A		04/2022	N/A	—	57		—		83
								24,095		0.5		19,872
Textiles, Apparel & Luxury Goods
Georgica Pine Clothiers, LLC+(25)	LLC interest	N/A	N/A		11/2015	N/A	20	238		—		337
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		—		96
Shoes For Crews Global, LLC+	LLC units	N/A	N/A		06/2024	N/A	2	1,083		—		1,233
								1,586		—		1,668

Total non-controlled/non-affiliate company equity investments								450,884		12.0		480,132

Total non-controlled/non-affiliate company investments								8,665,877		217.3		8,682,453

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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)	5.30 %	PIK			06/2027	$	7,486	$	7,071	0.1	%	$	4,193
Abita Brewing Co., L.L.C.+(7)(26)	Second lien	SF +	1.00 %	(i)	5.30 %	PIK			06/2027	5,154		3,724		—		360
Abita Brewing Co., L.L.C.+(26)	One stop	SF +	1.00 %	(i)	5.31 %	PIK			06/2027	2,295		2,295		0.1		1,904
										14,935		13,090		0.2		6,457
Energy, Equipment & Services
Benetech, Inc.+(7)(26)	One stop	SF +	1.00 %	(i)	5.30 %	PIK			08/2027	4,926		3,623		0.1		2,019
Benetech, Inc.+(7)(26)	One stop	SF +	1.00 %	(i)	5.30 %	PIK			08/2027	1,090		732		—		102
										6,016		4,355		0.1		2,121
Healthcare Equipment & Supplies
G & H Wire Company, Inc.+(26)	One stop	SF +	6.00 %	(i)	5.48 %	cash/	5.00 %	PIK	11/2029	2,812		2,812		0.1		2,812
G & H Wire Company, Inc.+	One stop	SF +	6.00 %		N/A(6)				11/2029	—		—		—		—
										2,812		2,812		0.1		2,812
Healthcare Providers & Services
Bayside Opco, LLC+	One stop	SF +	7.25 %	(i)	11.70 %				06/2026	12,758		12,723		0.3		12,758
Bayside Opco, LLC+(26)	Subordinated debt	SF +	10.00 %	(i)	14.45 %	PIK			06/2026	5,624		5,385		0.1		5,624
Bayside Opco, LLC+	One stop	SF +	7.25 %	(i)	11.70 %				06/2026	4,513		4,440		0.1		4,513
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)	9.70 %	PIK			09/2026	17,949		13,029		0.1		5,205
Elite Dental Partners LLC+(7)(26)	One stop	SF +	12.00 %	(i)	16.45 %	PIK			09/2026	11,035		7,225		0.1		3,752
Elite Dental Partners LLC+(26)	One stop	SF +	5.25 %	(i)	9.70 %	PIK			09/2026	1,935		1,935		0.1		1,935
Elite Dental Partners LLC+(26)	One stop	SF +	5.25 %	(i)	9.70 %	PIK			09/2026	567		567		—		567
Opening Day Borrower 111 LLC+(26)	One stop	SF +	6.25 %	(i)	10.68 %	PIK			05/2027	3,847		3,847		0.1		3,847
SPF Borrower LLC+(26)	One stop	SF +	6.25 %	(i)	8.70 %	cash/	2.00 %	PIK	02/2028	16,191		16,191		0.4		16,191
SPF Borrower LLC+(26)	One stop	SF +	9.50 %	(i)	13.95 %				02/2028	8,625		8,625		0.2		8,625
SPF Borrower LLC+	One stop	SF +	6.25 %		N/A(6)				02/2028	—		—		—		—
										83,044		73,967		1.5		63,017
Life Sciences Tools & Services
Reaction Biology Corporation+(26)	One stop	SF +	4.75 %	(i)	4.30 %	cash/	4.75 %	PIK	03/2029	2,857		2,857		0.1		2,743
Reaction Biology Corporation+(26)	One stop	SF +	4.75 %	(i)	4.30 %	cash/	4.75 %	PIK	03/2029	683		683		—		683
										3,540		3,540		0.1		3,426

Multiline Retail
Fleet Farm Group, LLC+(26)	Senior secured	SF +	5.50 %	(i)	9.78 %	PIK			12/2026	5,273		5,273		0.1		5,167
Fleet Farm Group, LLC+	One stop	SF +	5.50 %		N/A(6)				12/2026	—		—		—		—
										5,273		5,273		0.1		5,167

Software
Switchfly LLC+(26)	One stop	N/A			1.00 %	PIK			10/2026	1,423		1,423		—		1,281

Specialty Retail
Chestnut Optical Midco, Inc.+	One stop	SF +	1.00 %	(i)	5.30 %				06/2029	45,064		41,466		1.0		39,657
Chestnut Optical Midco, Inc.+(5)	One stop	SF +	1.00 %		N/A(6)				06/2029	—		—		—		( 338 )
Chestnut Optical Midco, Inc.+	One stop	SF +	1.00 %	(i)	5.30 %				06/2029	2,817		2,817		—		1,014
										47,881		44,283		1.0		40,333

Total non-controlled/affiliate company debt investments										164,924		148,743		3.1		124,614

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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 (23)(24)
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		4,209

Healthcare Providers & Services
Bayside Opco, LLC+	LLC units	N/A	N/A	05/2023	N/A	6	2,592		0.3		9,321
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		19,733
Opening Day Borrower 111 LLC+	LLC units	N/A	N/A	04/2023	N/A	181	7,836		—		245
SPF Borrower LLC+	LLC units	N/A	N/A	02/2024	N/A	—	9,347		0.3		12,522
							45,099		1.1		41,821
Life Sciences Tools & Services
Reaction Biology Corporation+	LLC units	N/A	N/A	03/2025	N/A	139	4,980		0.1		4,137

Multiline Retail
Fleet Farm Group, LLC	LLC units	N/A	N/A	12/2024	N/A	129	23,874		0.6		24,503

Software
Switchfly LLC+	LLC interest	N/A	N/A	09/2018	N/A	98,370	2,321		—		811
Switchfly LLC+	Preferred stock	N/A	N/A	09/2024	N/A	7,275	5,375		0.2		5,723
Switchfly LLC+	LLC units	N/A	N/A	03/2022	N/A	950	950		—		587
							8,646		0.2		7,121
Specialty Retail
Chestnut Optical Midco, Inc.+	LLC units	N/A	N/A	06/2024	N/A	189	53,764		1.5		60,835

Total non-controlled/affiliate company equity investments							140,173		3.6		142,626

Total non-controlled/affiliate company investments							288,916		6.7		267,240

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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	$	2,094	$	2,094	0.1	%	$	1,968
MMan Acquisition Co.+(26)	One stop	N/A	12.00 %	PIK		03/2026	1,173		1,173		—		1,173
MMan Acquisition Co.+(26)	One stop	N/A	12.00 %	PIK		03/2026	1,261		1,261		—		1,261
MMan Acquisition Co.+(26)	One stop	N/A	12.00 %	PIK		03/2026	365		365		—		365
Total controlled affiliate company debt investments							4,893		4,893		0.1		4,767

Equity investments (23)(24)
IT Services
MMan Acquisition Co.+	Preferred stock	N/A	N/A		09/2024	N/A	—		7,832		0.2		7,089

Total controlled affiliate equity investments									7,832		0.2		7,089

Total controlled affiliate company investments									12,725		0.3		11,856

Total investments									8,967,518		224.3		8,961,549

Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)			4.21 %	(30)					$	40,862	1.0	%	$	40,862
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582)			4.18 %	(30)					591		—		591
Morgan Stanley US Dollar Liquidity Fund Institutional Distributing Share Class (CUSIP L64887109)			4.32 %	(30)					14,126		0.4		14,126
Allspring Government Money Market Fund Select Share Class (CUSIP 949921126)			4.26 %	(30)					6,412		0.2		6,412
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio Institutional Share Class (CUSIP 61747C525)			4.09 %	(30)					46,878		1.2		46,878
Total money market funds									108,869		2.8		108,869
Total investments and money market funds									$	9,076,387	227.1	%	$	9,070,418

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(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).
*						Denotes that all or a portion of the loan collateralizes the notes offered in the 2024 Debt Securitization (as defined in Note 7).
+						Denotes that all or a portion of the investment collateralizes the JPM Credit Facility (as defined in Note 7).

(1) The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime (“P”), Sterling Overnight Index Average ("SONIA" or “SN”), Australian Interbank Rate (”AUD” or ”A”) or Canadian 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 June 30, 2025. 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 June 30, 2025, 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 June 30, 2025, as the loan could have priced or repriced based on an index rate prior to June 30, 2025.

(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 7.50% as of June 30, 2025.

(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 1.93% as of June 30, 2025.

(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 1.94% as of June 30, 2025.

(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 2.04% as of June 30, 2025.

(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 3.60% as of June 30, 2025.

(f) Denotes that all or a portion of the contract was indexed to SONIA, which was 4.22% as of June 30, 2025.

(g) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 4.45% as of June 30, 2025.

(h) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 4.32% as of June 30, 2025.

(i) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 4.29% as of June 30, 2025.

(j) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 4.15% as of June 30, 2025.

(k) Denotes that all or a portion of the contract was indexed to Daily CORRA, which was 2.75% as of June 30, 2025.

(l) Denotes that all or a portion of the contract was indexed to the 90-day Term CORRA, which was 2.68% as of June 30, 2025.

(2) For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of June 30, 2025.

(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.

(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 June 30, 2025. 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 June 30, 2025, 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 June 30, 2025, total non-qualifying assets at fair value represented 15.7 % of the Company's total assets calculated in accordance with the 1940 Act.

(9) Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date or the date of the transaction. See Note 2.

(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.

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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

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

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

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

(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 nine months ended June 30, 2025.

(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 nine months ended June 30, 2025 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 June 30, 2025		Interest, dividend and fee income
Abita Brewing Co. LLC	$	6,000	$	9,247	$	( 7,735 )	$	( 1,055 )	$	—	$	6,457	$	78
Bayside Opco, LLC	29,127		863		( 119 )		2,345		—		32,216		2,437
Benetech, Inc.	1,793		347		( 538 )		519		—		2,121		8
Chestnut Optical Midco, Inc. (c)	93,864		3,490		—		3,814		—		101,168		2,557
Elite Dental Partners LLC	11,696		3,244		( 2,540 )		( 941 )		—		11,459		156
Fleet Farm Group LLC	—		29,147		—		523		—		29,670		239
G & H Wire Company, Inc.	—		6,623		—		398		—		7,021		176
Opening Day Borrower 111 LLC	24,936		12,072		( 8,225 )		( 4,958 )		—		23,825		182
Reaction Biology Corporation	—		10,227		( 1,707 )		( 957 )		—		7,563		94
SPF Borrower LLC	36,653		538		( 246 )		393		—		37,338		2,239
Switchfly LLC	7,313		713		—		376		—		8,402		22
Total Non-Controlled Affiliates	$	211,382	$	76,511	$	( 21,110 )	$	457	$	—	$	267,240	$	8,188


(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.
(c)						Formerly known as Imperial Optical Midco Inc.

(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 nine months ended June 30, 2025 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 June 30, 2025		Interest, dividend and fee income
MMan Acquisition Co.	$	12,205	$	362	$	—	$	( 711 )	$	—	$	11,856	$	377
Total Controlled Affiliates	$	12,205	$	362	$	—	$	( 711 )	$	—	$	11,856	$	377


(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 June 30, 2025.

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

(1) The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime (“P”), Sterling Overnight Index Average ("SONIA" or “SN”), Australian Interbank Rate (”AUD” or ”A”) or Canadian 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.

(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.