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GOLUB CAPITAL BDC, Inc. - Quarter Report: 2021 March (Form 10-Q)


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

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

For the Quarterly Period Ended March 31, 2021

OR

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

For the transition period from _____ to _____

Commission File Number 814-00794

Golub Capital BDC, Inc.
(Exact name of registrant as specified in its charter)
Delaware27-2326940
(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 classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.001 per shareGBDC The Nasdaq Global Select Market

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

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer  þ
Accelerated filer o
Non-accelerated filer  o
Smaller reporting company o
Emerging growth company o

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

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

As of May 10, 2021, the Registrant had 168,231,707 shares of common stock, $0.001 par value, outstanding.



Part I. Financial Information  
Item 1. Financial Statements
Consolidated Statements of Financial Condition as of March 31, 2021 (unaudited) and September 30, 2020
Consolidated Statements of Operations for the three and six months ended March 31, 2021 (unaudited) and 2020 (unaudited)
Consolidated Statements of Changes in Net Assets for the three and six months ended March 31, 2021 (unaudited) and 2020 (unaudited)
Consolidated Statements of Cash Flows for the six months ended March 31, 2021 (unaudited) and 2020 (unaudited)
Consolidated Schedules of Investments as of March 31, 2021 (unaudited) and September 30, 2020
Notes to Consolidated Financial Statements (unaudited)
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures about Market Risk
Item 4.Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A.Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits

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

March 31, 2021September 30, 2020
(unaudited)
Assets    
Investments, at fair value    
Non-controlled/non-affiliate company investments$4,315,911 $4,177,474 
Non-controlled affiliate company investments61,650 42,000 
Controlled affiliate company investments17,700 18,736 
Total investments, at fair value (amortized cost of $4,444,401 and $4,398,900, respectively)4,395,261 4,238,210 
Cash and cash equivalents75,919 24,569 
Foreign currencies (cost of $1,184 and $567, respectively)1,185 567 
Restricted cash and cash equivalents
106,105 157,566 
Restricted foreign currencies (cost of $789 and $1,727, respectively)873 1,728 
Cash collateral held at broker for forward currency contracts 6,960 3,320 
Interest receivable18,386 17,263 
Receivable from investments sold— 259 
Other assets599 802 
Total Assets$4,605,288 $4,444,284 
Liabilities    
Debt$2,086,204 $2,023,698 
Less unamortized debt issuance costs18,437 5,896 
Debt less unamortized debt issuance costs2,067,767 2,017,802 
Unrealized depreciation on forward currency contracts 3,835 1,064 
Interest payable13,376 7,875 
Management and incentive fees payable15,998 17,347 
Accounts payable and other liabilities5,181 4,003 
Total Liabilities2,106,157 2,048,091 
Commitments and Contingencies (Note 8)    
Net Assets    
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2021 and September 30, 2020— — 
Common stock, par value $0.001 per share, 200,000,000 shares authorized, 168,231,707 and 167,259,511 shares issued and outstanding as of March 31, 2021 and September 30, 2020, respectively168 167 
Paid in capital in excess of par2,638,801 2,624,608 
Distributable earnings (losses)
(139,838)(228,582)
Total Net Assets2,499,131 2,396,193 
Total Liabilities and Total Net Assets$4,605,288 $4,444,284 
Number of common shares outstanding168,231,707 167,259,511 
Net asset value per common share$14.86 $14.33 


See Notes to Consolidated Financial Statements.
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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 March 31,Six months ended March 31,
  2021202020212020
Investment income    
From non-controlled/non-affiliate company investments:    
Interest income$74,076 $74,593 $145,598 $150,452 
Dividend income35 146 195 180 
Fee income1,153 157 2,060 372 
Total investment income from non-controlled/non-affiliate company investments75,264 74,896 147,853 151,004 
From non-controlled affiliate company investments:    
Interest income928 228 2,403 472 
Dividend income7 — 7 — 
Total investment income from non-controlled affiliate company investments935 228 2,410 472 
From controlled affiliate company investments:    
Interest income2 — (16)350 
Dividend income— — — 1,905 
Total investment income from controlled affiliate company investments2 — (16)2,255 
Total investment income76,201 75,124 150,247 153,731 
Expenses    
Interest and other debt financing expenses16,190 21,550 31,271 43,828 
Base management fee15,082 14,858 30,306 30,064 
Incentive fee942 3,847 2,946 9,751 
Professional fees1,201 1,045 2,038 1,984 
Administrative service fee2,000 1,446 3,602 2,848 
General and administrative expenses478 432 769 579 
Total expenses35,893 43,178 70,932 89,054 
Net investment income40,308 31,946 79,315 64,677 
Net gain (loss) on investment transactions     
Net realized gain (loss) from:    
Non-controlled/non-affiliate company investments1,171 235 5,296 2,891 
Non-controlled affiliate company investments— (8,038)(5,739)(8,038)
Controlled affiliate company investments— (4,036)— (4,036)
Foreign currency transactions(1,117)169 (1,895)14 
Net realized gain (loss) on investment transactions 54 (11,670)(2,338)(9,169)
Net change in unrealized appreciation (depreciation) from:    
Non-controlled/non-affiliate company investments46,499 (258,248)100,568 (240,776)
Non-controlled affiliate company investments3,002 549 12,073 122 
Controlled affiliate company investments(1,041)2,537 (1,091)1,708 
Translation of assets and liabilities in foreign currencies1,372 3,626 (2)476 
Forward currency contracts 1,121 2,296 (2,771)1,046 
Net change in unrealized appreciation (depreciation) on investment transactions 50,953 (249,240)108,777 (237,424)
Net gain (loss) on investment transactions 51,007 (260,910)106,439 (246,593)
Net increase (decrease) in net assets resulting from operations$91,315 $(228,964)$185,754 $(181,916)
Per Common Share Data    
Basic and diluted earnings (loss) per common share (Note 10)$0.55 $(1.66)$1.11 $(1.32)
Dividends and distributions declared per common share$0.29 $0.33 $0.58 $0.79 
Basic and diluted weighted average common shares outstanding (Note 10)167,281,115 138,150,198 167,270,194 137,566,569 

See Notes to Consolidated Financial Statements.
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TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Changes in Net Assets (unaudited)
(In thousands, except share data)

Common StockPaid in Capital in Excess of ParDistributable Earnings (Losses)Total Net Assets
SharesPar Amount
Balance at September 30, 2019132,658,200 $133 $2,310,610 $(87,889)$2,222,854 
Net increase (decrease) in net assets resulting from operations
Net investment income— — — 64,677 64,677 
Net realized gain (loss) on investments and foreign currency transactions— — — (9,169)(9,169)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward currency contracts— — — (237,424)(237,424)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan1,149,409 1 20,229 — 20,230 
Distributions from distributable earnings— — — (105,180)(105,180)
Total increase (decrease) for the six months ended March 31, 20201,149,409 1 20,229 (287,096)(266,866)
Balance at March 31, 2020133,807,609 $134 $2,330,839 $(374,985)$1,955,988 
Balance at December 31, 2019133,807,609 $134 $2,330,839 $(101,864)$2,229,109 
Net increase (decrease) in net assets resulting from operations:
Net investment income— — — 31,946 31,946 
Net realized gain (loss) on investments and foreign currency transactions— — — (11,670)(11,670)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward currency contracts— — — (249,240)(249,240)
Distributions to stockholders:
Distributions from distributable earnings— — — (44,157)(44,157)
Total increase (decrease) for the three months ended March 31, 2020— — — (273,121)(273,121)
Balance at March 31, 2020133,807,609 $134 $2,330,839 $(374,985)$1,955,988 
Balance at September 30, 2020167,259,511 $167 $2,624,608 $(228,582)$2,396,193 
Net increase in net assets resulting from operations
Net investment income— — — 79,315 79,315 
Net realized gain (loss) on investments and foreign currency transactions— — — (2,338)(2,338)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward currency contracts— — — 108,777 108,777 
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan972,196 1 14,193 — 14,194 
Distributions from distributable earnings— — — (97,010)(97,010)
Total increase for the six months ended March 31, 2021972,196 1 14,193 88,744 102,938 
Balance at March 31, 2021168,231,707 $168 $2,638,801 $(139,838)$2,499,131 
Balance at December 31, 2020167,259,511 $167 $2,624,608 $(182,648)$2,442,127 
Net increase in net assets resulting from operations:
Net investment income— — — 40,308 40,308 
Net realized gain (loss) on investments and foreign currency transactions— — — 54 54 
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward currency contracts— — — 50,953 50,953 
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan972,196 1 14,193 — 14,194 
Distributions from distributable earnings— — — (48,505)(48,505)
Total increase for the three months ended March 31, 2021972,196 1 14,193 42,810 57,004 
Balance at March 31, 2021168,231,707 $168 $2,638,801 $(139,838)$2,499,131 

See Notes to Consolidated Financial Statements.
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TABLE OF CONTENTS

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

Six months ended March 31,
  20212020
Cash flows from operating activities    
Net increase (decrease) in net assets resulting from operations$185,754 $(181,916)
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 costs3,340 1,304 
Accretion of discounts and amortization of premiums on investments7,826 15,896 
Accretion of discounts on issued debt securities959 630 
Net realized (gain) loss on investments443 9,183 
Net realized (gain) loss on foreign currency transactions1,895 (14)
Net change in unrealized (appreciation) depreciation on investments(111,550)238,946 
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies2 (476)
Net change in unrealized (appreciation) depreciation on forward currency contracts 2,771 (1,046)
Proceeds from (fundings of) revolving loans, net7,248 (31,054)
Fundings of investments(678,530)(498,841)
Proceeds from principal payments and sales of portfolio investments626,183 445,227 
PIK interest(8,671)(4,648)
Purchase of SLF and GCIC SLF minority interests, net of cash acquired (Note 1)(1)
— 4,944 
Changes in operating assets and liabilities:
Interest receivable(1,123)2,374 
Cash collateral held at broker for forward currency contracts(3,640)(1,100)
Receivable from investments sold259 — 
Other assets203 82 
Interest payable5,501 (554)
Management and incentive fees payable(1,349)5,616 
Accounts payable and other liabilities1,178 (23,423)
Accrued trustee fees— (207)
Net cash provided by (used in) operating activities38,699 (19,077)
Cash flows from financing activities    
Borrowings on debt2,284,027 694,931 
Repayments of debt(2,224,546)(553,438)
Capitalized debt issuance costs(15,881)(2,502)
Proceeds from other short-term borrowings— 64,769 
Repayments on other short-term borrowings— (65,017)
Distributions paid(68,156)(70,916)
Purchases of common stock under dividend reinvestment plan (14,659)(14,034)
Net cash (used in) provided by financing activities(39,215)53,793 
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies(516)34,716 
Effect of foreign currency exchange rates168 220 
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, beginning of period184,430 84,208 
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, end of period$184,082 $119,144 
See Notes to Consolidated Financial Statements.
6

TABLE OF CONTENTS

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

Six months ended March 31,
  20212020
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest$21,472 $39,162 
Distributions declared during the period97,010 105,180 
Supplemental disclosure of non-cash operating and financing activities:
Stock issued in connection with dividend reinvestment plan$14,194 $20,230 
Noncash assets acquired in consolidation of SLF and GCIC SLF (Note 1)— 185,101 
Noncash liabilities assumed in consolidation of SLF and GCIC SLF (Note 1) — (85,236)
Dissolution of existing SLF and GCIC SLF LLC equity interests— (119,077)
Proceeds from issuance of Class A-2-R GCIC 2018 Notes38,500 — 
Redemptions of Class A-2 GCIC 2018 Notes(38,500)— 
(1) Represents $17,011 paid in cash to RGA and Aurora (as defined in Note 1), net of cash acquired due to the consolidation of SLF and GCIC SLF of $21,955.
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 March 31,
20212020
Cash and cash equivalents$75,919 $23,705 
Foreign currencies (cost of $1,184 and $654, respectively)1,185 654 
Restricted cash and cash equivalents106,105 92,736 
Restricted foreign currencies (cost of $789 and $2,049, respectively)873 2,049 
Total cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows
$184,082 $119,144 
See Note 2. Significant Accounting Policies and Recent Accounting Updates for a description of cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies.



See Notes to Consolidated Financial Statements.
7
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Investments                 
Non-controlled/non-affiliate company investments               
Debt investments                 
Aerospace and Defense                 
NTS Technical Systems*#~^Senior loan L + 5.50%(c) 6.50% 06/2023 $40,375 $40,070 1.6%$40,375
NTS Technical Systems~Second lien L + 9.75%(b) 10.75% 12/2023 4,589 4,510 0.24,589
NTS Technical Systems+(5)Senior loan L + 5.50% N/A(6) 06/2023 — (38)——
NTS Technical Systems+(5)Senior loan L + 5.50% N/A(6) 06/2023 — (68)——
Tronair Parent, Inc.+Senior loan L + 4.75%(e) 5.75% 09/2023 714 709 —636
Tronair Parent, Inc.+Senior loan L + 4.50%(c) 4.70% 09/2021 160 159 —156
Whitcraft LLC*#+~One stop L + 6.00%(c) 7.00% 04/2023 63,576 63,888 2.561,031
Whitcraft LLC+(5)One stop L + 6.00% N/A(6) 04/2023 — (2)—(12)
109,414 109,228 4.3106,775
Airlines
Aurora Lux Finco S.A.R.L.+(8)(13)One stop L + 6.00%(c) 7.00% 12/2026 990 970 —921
Auto Components                 
Polk Acquisition Corp.*#+Senior loan L + 6.50%(a) 3.50% cash/4.00% PIK 12/2023 18,302 18,169 0.717,936
Polk Acquisition Corp.+Senior loan L + 6.50%(a) 3.50% cash/4.00% PIK 12/2023 108 106 —106
Polk Acquisition Corp.+Senior loan L + 6.50%(a)(c) 3.50% cash/4.00% PIK 12/2023 30 28 —26
Power Stop, LLC+~Senior loan L + 4.50%(a) 4.61% 10/2025 2,828 2,876 0.12,828
   21,268 21,179 0.820,896
Automobiles                 
JHCC Holdings LLCOne stop L + 5.50%(c) 6.50% 09/2025 15,551 15,321 0.615,551
JHCC Holdings LLC+One stop L + 5.50%(c)(f) 6.99% 09/2025 128 126 —128
JHCC Holdings LLC+One stop P + 4.50%(c)(f) 7.37% 09/2025 34 33 —34
MOP GM Holding, LLC*+~^One stop L + 5.75%(c) 6.75% 11/2026 24,343 24,057 1.024,343
MOP GM Holding, LLC+One stop L + 5.75%(c) 6.75% 11/2026 130 128 —130
MOP GM Holding, LLC+(5)One stop L + 5.75% N/A(6) 11/2026 — (53)——
Quick Quack Car Wash Holdings, LLC*#One stop L + 6.50%(c) 7.50% 10/2024 13,017 13,033 0.513,017
Quick Quack Car Wash Holdings, LLC#+One stop L + 6.50%(c) 7.50% 10/2024 2,348 2,325 0.12,348
Quick Quack Car Wash Holdings, LLC+One stop L + 6.50%(c) 7.50% 10/2024 2,199 2,113 0.12,199
Quick Quack Car Wash Holdings, LLC*+One stop L + 6.50%(c) 7.50% 10/2024 2,051 2,093 0.12,051
Quick Quack Car Wash Holdings, LLC*+One stop L + 6.50%(c) 7.50% 10/2024 1,371 1,399 0.11,371
Quick Quack Car Wash Holdings, LLC*+One stop L + 6.50%(c) 7.50% 10/2024 1,117 1,156 0.11,117
Quick Quack Car Wash Holdings, LLC+One stop L + 6.50%(c) 7.50% 10/2024 30 30 —30
TWAS Holdings, LLC+One stop L + 6.75%(c) 7.75% 12/2026 31,033 30,661 1.231,033
TWAS Holdings, LLC+One stop L + 6.75%(c) 7.75% 12/2026 383 296 —383
TWAS Holdings, LLC+(5)One stop L + 6.75% N/A(6) 12/2026 — (4)——
93,735 92,714 3.893,735

See Notes to Consolidated Financial Statements.
8
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Beverages
Abita Brewing Co., L.L.C.+One stop L + 7.25%(c) 8.25% 04/2024 $6,913 $6,905 0.3%$6,774 
Abita Brewing Co., L.L.C.+Second lien L + 8.00%(c) 9.00% 04/2024 3,247 3,234 0.12,435 
Abita Brewing Co., L.L.C.+One stop L + 7.25% N/A(6) 04/2024 — — —— 
Fintech Midco, LLC*#One stop L + 5.00%(c) 6.00% 08/2024 24,287 24,588 1.024,287 
Fintech Midco, LLC#+One stop L + 5.00%(c) 6.00% 08/2024 1,124 1,158 —1,124 
Fintech Midco, LLC+(5)One stop L + 5.00% N/A(6) 08/2024 — (1)—— 
35,571 35,884 1.434,620 
Biotechnology
BIO18 Borrower, LLC#One stop L + 4.75%(a)(c) 5.75% 11/2024 11,019 11,052 0.411,019 
BIO18 Borrower, LLC*#+One stop L + 4.75%(a) 5.75% 11/2024 3,943 3,913 0.23,943 
BIO18 Borrower, LLC+One stop L + 4.75%(a) 5.75% 11/2024 210 210 —210 
BIO18 Borrower, LLC+One stop L + 4.75% N/A(6) 11/2024 — — —— 
15,172 15,175 0.615,172 
Building Products
Jensen Hughes, Inc.+Senior loan L + 4.50%(c) 5.50% 03/2024 4,170 4,171 0.24,170 
Jensen Hughes, Inc.+Senior loan L + 4.50%(c)(f) 5.50% 03/2024 1,249 1,277 0.11,249 
Jensen Hughes, Inc.+Senior loan L + 4.50%(d)(f) 5.50% 03/2024 909 921 —909 
Jensen Hughes, Inc.+Senior loan L + 4.50%(c)(f) 5.50% 03/2024 436 448 —436 
Jensen Hughes, Inc.+Senior loan L + 4.50%(c)(f) 5.50% 03/2024 278 281 —278 
Jensen Hughes, Inc.+Senior loan L + 4.50%(c)(f) 5.51% 03/2024 217 217 —217 
Jensen Hughes, Inc.+Senior loan L + 4.50%(c)(f) 5.50% 03/2024 116 116 —116 
7,375 7,431 0.37,375 
Chemicals
Inhance Technologies Holdings LLC#+One stop L + 6.00%(c) 7.00% 07/2024 12,637 12,742 0.512,406 
Inhance Technologies Holdings LLC+One stop L + 6.00%(c) 7.00% 07/2024 1,920 1,910 0.11,885 
Inhance Technologies Holdings LLC+One stop L + 6.00%(c) 7.00% 07/2024 80 80 —76 
14,637 14,732 0.614,367 
Commercial Services & Supplies
Bazaarvoice, Inc.*#+~^One stop L + 5.75%(a) 6.75% 02/2024 47,885 48,410 1.947,885 
Bazaarvoice, Inc.+One stop L + 5.75%(c) 6.75% 02/2024 21,041 20,850 0.921,041 
Bazaarvoice, Inc.+(5)One stop L + 5.75% N/A(6) 02/2024 — (3)—— 
EGD Security Systems, LLC*#+^One stop L + 5.65%(c) 6.65% 06/2023 30,092 30,385 1.230,092 
EGD Security Systems, LLC*+One stop L + 5.65%(c) 6.65% 06/2023 1,258 1,257 0.11,258 
EGD Security Systems, LLC+One stop L + 5.65%(c) 6.65% 06/2023 843 837 —843 
EGD Security Systems, LLC+One stop L + 5.65%(c) 6.65% 06/2023 767 760 —767 
EGD Security Systems, LLC#+One stop L + 5.65%(c) 6.65% 06/2023 644 660 —644 
EGD Security Systems, LLC#+One stop L + 5.65%(c) 6.65% 06/2023 575 572 —575 
EGD Security Systems, LLC+One stop L + 5.65%(c) 6.65% 06/2023 140 139 —140 
EGD Security Systems, LLC+(5)One stop L + 5.65% N/A(6) 06/2023 — (18)—— 

See Notes to Consolidated Financial Statements.
9
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Commercial Services & Supplies - (continued)
Hydraulic Authority III Limited+~(8)(9)(10)One stop L + 6.00%(i) 7.00% 11/2025 $11,331 $11,518 0.5%$11,904 
Hydraulic Authority III Limited+(8)(9)(10)One stop N/A 11.00% PIK 11/2028 221 224 —241 
Hydraulic Authority III Limited+(5)(8)(9)(10)One stop L + 6.00% N/A(6) 11/2025 — — —(6)
PT Intermediate Holdings III, LLC+~^One stop L + 5.50%(c) 6.50% 10/2025 29,625 29,276 1.228,440 
Radwell International, LLC+Senior loan L + 4.75%(c) 5.75% 12/2026 2,100 2,059 0.12,058 
Radwell International, LLC+Senior loan L + 4.75%(c) 5.75% 12/2026 239 234 —229 
Radwell International, LLC+Senior loan L + 4.75%(c) 5.75% 12/2026 8 8 —8 
WRE Holding Corp.*#Senior loan L + 5.25%(b)(c) 6.25% 01/2023 2,264 2,293 0.12,264 
WRE Holding Corp.+^Senior loan L + 5.25%(b)(c) 6.25% 01/2023 934 957 —934 
WRE Holding Corp.+Senior loan L + 5.25%(b)(c) 6.25% 01/2023 686 686 —686 
WRE Holding Corp.+Senior loan L + 5.25%(b)(c) 6.25% 01/2023 406 406 —406 
WRE Holding Corp.+Senior loan L + 5.25%(b)(c) 6.25% 01/2023 23 23 —23 
WRE Holding Corp.+Senior loan L + 5.25%(c) 6.25% 01/2023 16 17 —16 
WRE Holding Corp.+Senior loan L + 5.25% N/A(6) 01/2023 — 7 —— 
151,098 151,557 6.0150,448 


See Notes to Consolidated Financial Statements.
10
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Construction & Engineering
Reladyne, Inc.*#+^Senior loan L + 5.00%(c) 6.00% 07/2022 $32,693 $32,852 1.3%$32,693 
Reladyne, Inc.+~Senior loan L + 5.00%(c) 6.00% 07/2022 3,465 3,507 0.13,465 
Reladyne, Inc.+Senior loan L + 5.00%(c) 6.00% 07/2022 3,386 3,359 0.13,386 
Reladyne, Inc.+Senior loan L + 5.00%(c) 6.00% 07/2022 2,743 2,776 0.12,743 
Reladyne, Inc.*#+Senior loan L + 5.00%(c) 6.00% 07/2022 1,875 1,898 0.11,875 
Reladyne, Inc.#+~Senior loan L + 5.00%(c) 6.00% 07/2022 1,617 1,636 0.11,617 
Reladyne, Inc.#+Senior loan L + 5.00%(c) 6.00% 07/2022 1,538 1,568 0.11,538 
Reladyne, Inc.#+~Senior loan L + 5.00%(c) 6.00% 07/2022 736 746 —736 
48,053 48,342 1.948,053 
Containers and Packaging
AmerCareRoyal LLC+Senior loan L + 5.00%(a) 6.00% 11/2025 818 811 —818 
AmerCareRoyal LLC+Senior loan L + 5.00%(a) 6.00% 11/2025 169 167 —169 
AmerCareRoyal LLC+Senior loan L + 5.00%(a) 6.00% 11/2025 152 150 —152 
AmerCareRoyal LLC+(5)Senior loan L + 5.00% N/A(6) 11/2025 — (2)—— 
Fortis Solutions Group LLC+Senior loan L + 5.00%(a) 6.00% 12/2023 2,418 2,375 0.12,370 
Fortis Solutions Group LLC+Senior loan L + 5.00%(a) 6.00% 12/2023 1,578 1,567 0.11,546 
Fortis Solutions Group LLC+Senior loan L + 5.00%(a) 6.00% 12/2023 628 623 —615 
Fortis Solutions Group LLC+Senior loan L + 5.00%(a) 6.00% 12/2023 604 600 —592 
Fortis Solutions Group LLC+(5)Senior loan L + 5.00% N/A(6) 12/2023 — — —(1)
Plano Molding Company, LLC+One stop L + 9.00%(c) 8.50% cash/1.50% PIK 05/2022 14,670 14,770 0.615,105 
Plano Molding Company, LLC+One stop L + 9.00%(c) 8.50% cash/1.50% PIK 05/2022 1,187 1,180 0.11,223 
 22,224 22,241 0.922,589 
Distributors
PetroChoice Holdings, Inc.#^Senior loan L + 5.00%(c) 6.00% 08/2022 3,258 3,264 0.13,137 
Diversified Consumer Services
Certus Pest, Inc.+One stop L + 5.25%(c) 6.25% 02/2026 1,102 1,091 0.11,091 
Certus Pest, Inc.+(5)One stop L + 5.25% N/A(6) 02/2026 — — —(1)
Certus Pest, Inc.+(5)One stop L + 5.25% N/A(6) 02/2026 — (59)—(61)
Certus Pest, Inc.+(5)One stop L + 5.25% N/A(6) 02/2026 — — —(61)
CHHJ Franchising, LLC+Senior loan L + 5.00%(c) 6.00% 01/2026 2,765 2,738 0.12,737 
CHHJ Franchising, LLC+Senior loan P + 4.00%(f) 7.25% 01/2026 5 5 —5 
EWC Growth Partners LLCOne stop L + 7.50%(c) 6.50% cash/2.00% PIK 03/2026 917 902 —834 
EWC Growth Partners LLC+One stop L + 7.50%(c) 6.50% cash/2.00% PIK 03/2026 30 29 —27 
EWC Growth Partners LLC+One stop L + 7.50%(c) 6.50% cash/2.00% PIK 03/2026 18 18 —16 
Excelligence Learning Corporation#+One stop L + 7.00%(c) 3.50% cash/4.50% PIK 04/2023 10,584 10,375 0.48,996 
Learn-it Systems, LLC+Senior loan L + 4.50%(c) 5.50% 03/2025 2,535 2,579 0.12,535 
Learn-it Systems, LLC+Senior loan L + 4.50%(c) 5.50% 03/2025 660 658 —660 
Learn-it Systems, LLC+Senior loan L + 4.50%(b) 5.50% 03/2025 20 20 —20 
Liminex, Inc.~One stop L + 7.25%(c) 8.25% 11/2026 25,399 24,945 1.025,399 
Liminex, Inc.+(5)One stop L + 7.25% N/A(6) 11/2026 — (2)—— 
Litera Bidco LLC+^One stop L + 5.75%(a) 6.75% 05/2026 3,731 3,749 0.23,644 
Litera Bidco LLC+One stop L + 6.00%(a) 7.00% 05/2026 2,965 2,928 0.12,928 
Litera Bidco LLC+One stop L + 5.50%(a) 6.50% 05/2026 699 722 —683 

See Notes to Consolidated Financial Statements.
11
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Diversified Consumer Services - (continued)
Litera Bidco LLC+One stop L + 5.50%(a) 6.50% 05/2026 $699 $722 —%$683 
Litera Bidco LLC+(5)One stop L + 5.75% N/A(6) 05/2025 — — —(2)
PADI Holdco, Inc.One stop L + 7.25%(c) 6.75% cash/1.50% PIK 04/2024 21,677 21,828 0.818,421 
PADI Holdco, Inc.+~(8)(9)One stop E + 5.75%(g) 4.25% cash/1.50% PIK 04/2024 20,656 20,884 0.717,672 
PADI Holdco, Inc.~One stop L + 7.25%(c) 6.75% cash/1.50% PIK 04/2024 806 800 —684 
PADI Holdco, Inc.+One stop L + 7.25%(c) 6.75% cash/1.50% PIK 04/2024 166 165 —141 
PADI Holdco, Inc.+One stop L + 7.25%(c) 6.75% cash/1.50% PIK 04/2023 60 60 —28 
95,494 95,157 3.587,079 
Diversified Financial Services
Higginbotham Insurance Agency, Inc.+One stop L + 5.75%(a) 6.50% 11/2026 3,614 3,563 0.13,614 
Higginbotham Insurance Agency, Inc.+(5)One stop L + 5.75% N/A(6) 11/2026 — (7)—— 
Sovos Compliance*+^One stop L + 4.75%(a) 5.75% 04/2024 19,614 20,081 0.819,614 
Sovos Compliance+Second lien N/A 12.00% PIK 04/2025 9,497 9,713 0.49,497 
Sovos Compliance+One stop L + 4.75%(a) 5.75% 04/2024 4,322 4,248 0.24,322 
Sovos Compliance+One stop L + 4.75%(c) 5.75% 04/2024 2,890 2,832 0.12,890 
Sovos Compliance+One stop N/A 12.00% PIK 04/2025 2,482 2,420 0.12,482 
Sovos Compliance+One stop L + 4.75%(c) 5.75% 04/2024 2,216 2,197 0.12,216 
Sovos Compliance*#One stop L + 4.75%(a) 5.75% 04/2024 1,903 1,949 0.11,903 
Sovos Compliance+Second lien N/A 12.00% PIK 04/2025 1,298 1,332 —1,298 
Sovos Compliance*#One stop L + 4.75%(a) 5.75% 04/2024 768 787 —768 
Sovos Compliance+One stop L + 4.75%(a) 5.75% 04/2024 85 84 —85 
Sovos Compliance+(5)One stop L + 4.75%(a) 5.75% 04/2024 — (1)—— 
48,689 49,198 1.948,689 


See Notes to Consolidated Financial Statements.
12
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Electric Utilities
Arcos, LLC#^One stop L + 5.00%(c) 6.00% 09/2021 $6,880 $6,880 0.3%$6,880 
Electronic Equipment, Instruments & Components
CST Buyer Company#+One stop L + 6.00%(d) 7.00% 10/2025 20,528 20,292 0.820,528 
CST Buyer Company+~One stop L + 6.00%(c) 7.00% 10/2025 10,189 10,090 0.410,189 
CST Buyer Company+One stop L + 6.00% N/A(6) 10/2025 — — —— 
ES Acquisition LLCSenior loan L + 5.00%(c) 6.00% 11/2025 658 648 0.1652 
ES Acquisition LLC+Senior loan L + 5.00%(c) 6.00% 11/2025 140 138 —138 
ES Acquisition LLC+Senior loan L + 5.00%(c) 6.00% 11/2025 95 95 —94 
ES Acquisition LLCSenior loan L + 5.50%(c) 6.50% 11/2025 89 86 —90 
ES Acquisition LLC+Senior loan L + 5.00%(c) 6.00% 11/2025 46 46 —46 
ES Acquisition LLC+Senior loan L + 5.00%(c)(f) 6.42% 11/2025 43 41 —41 
ES Acquisition LLC+Second lien L + 5.00%(c) 6.00% 11/2025 36 35 —35 
ES Acquisition LLC+(5)Senior loan L + 5.00% N/A(6) 11/2025 — (1)—(1)
Watchfire Enterprises, Inc.Second lien L + 8.00%(a) 9.00% 10/2021 9,435 9,418 0.49,435 
41,259 40,888 1.741,247 


See Notes to Consolidated Financial Statements.
13
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Food & Staples Retailing
Cafe Rio Holding, Inc.*#One stop L + 5.50%(c) 6.50% 09/2023 $18,514 $18,679 0.8%$18,514 
Cafe Rio Holding, Inc.+One stop L + 5.50%(c) 6.50% 09/2023 2,688 2,686 0.12,688 
Cafe Rio Holding, Inc.#+One stop L + 5.50%(c) 6.50% 09/2023 2,236 2,295 0.12,236 
Cafe Rio Holding, Inc.*#One stop L + 5.50%(c) 6.50% 09/2023 1,420 1,457 0.11,420 
Cafe Rio Holding, Inc.#+One stop L + 5.50%(c) 6.50% 09/2023 1,254 1,287 0.11,254 
Cafe Rio Holding, Inc.+One stop L + 5.50%(c) 6.50% 09/2023 180 180 —180 
Cafe Rio Holding, Inc.+One stop L + 5.50% N/A(6) 09/2023 — — —— 
Captain D's, LLC#+Senior loan L + 4.50%(b) 5.50% 12/2023 13,688 13,725 0.513,688 
Captain D's, LLC~Senior loan L + 4.50%(b) 5.50% 12/2023 2,160 2,129 0.12,160 
Captain D's, LLC+Senior loan L + 4.50% N/A(6) 12/2023 — — —— 
Feeders Supply Company, LLC#+One stop L + 6.00%(a) 7.00% 04/2023 9,074 9,007 0.49,074 
Feeders Supply Company, LLC+Subordinated debt N/A 12.50% cash/7.00% PIK 10/2023 158 158 —158 
Feeders Supply Company, LLC+One stop L + 6.00%(a) 7.00% 04/2023 10 10 —10 
FWR Holding Corporation#+One stop L + 7.00%(c) 6.50% cash/1.50% PIK 08/2023 10,411 10,397 0.49,578 
FWR Holding Corporation#+One stop L + 7.00%(c) 6.50% cash/1.50% PIK 08/2023 1,821 1,869 0.11,675 
FWR Holding Corporation#+One stop L + 7.00%(c) 6.50% cash/1.50% PIK 08/2023 1,151 1,181 0.11,059 
FWR Holding Corporation+One stop L + 7.00%(c) 6.50% cash/1.50% PIK 08/2023 364 373 —336 
FWR Holding Corporation+One stop L + 7.00%(c) 6.50% cash/1.50% PIK 08/2023 274 273 —252 
FWR Holding Corporation#+One stop L + 7.00%(c) 6.50% cash/1.50% PIK 08/2023 272 279 —250 
FWR Holding Corporation+One stop L + 7.00%(c) 6.50% cash/1.50% PIK 08/2023 131 131 —121 
FWR Holding Corporation+(5)One stop L + 7.00% N/A(6) 08/2023 — — —(10)
FWR Holding Corporation+One stop L + 5.50% N/A(6) 08/2023 — — —— 
Mendocino Farms, LLC+One stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 848 867 —848 
Mendocino Farms, LLC+One stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 667 682 —667 
Mendocino Farms, LLC+One stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 654 652 —654 
Mendocino Farms, LLC+One stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 322 321 —322 
Mendocino Farms, LLC+One stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 322 320 —322 
Mendocino Farms, LLC+One stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 159 159 —159 
Mendocino Farms, LLC+One stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 96 96 —96 
Mendocino Farms, LLC+(5)One stop L + 8.50% N/A(6) 06/2023 — (2)—— 
NBC Intermediate, LLC+~^Senior loan L + 6.00%(d) 7.00% 09/2023 18,490 18,326 0.718,490 
NBC Intermediate, LLC#+Senior loan L + 6.00%(a) 7.00% 09/2023 9,657 9,627 0.49,657 
NBC Intermediate, LLC*#+Senior loan L + 6.00%(a) 7.00% 09/2023 5,047 5,058 0.25,047 
NBC Intermediate, LLC#+Senior loan L + 6.00%(a) 7.00% 09/2023 4,301 4,337 0.24,301 
NBC Intermediate, LLC#(8)Senior loan L + 6.00%(a) 7.00% 09/2023 667 661 —667 
NBC Intermediate, LLC+Senior loan L + 6.00% N/A(6) 09/2023 — — —— 
Ruby Slipper Cafe LLC, The*+One stop L + 8.50%(c) 8.50% cash/1.00% PIK 01/2023 2,046 2,040 0.11,821 
Ruby Slipper Cafe LLC, The+One stop L + 8.50%(c) 8.50% cash/1.00% PIK 01/2023 414 424 —369 
Ruby Slipper Cafe LLC, The+One stop L + 8.50%(c) 8.50% cash/1.00% PIK 01/2023 30 30 —27 
Wetzel's Pretzels, LLC*#One stop L + 7.25%(c) 7.75% cash/0.50% PIK 09/2021 16,902 16,967 0.616,057 
Wetzel's Pretzels, LLC+One stop L + 7.25%(c) 7.75% cash/0.50% PIK 09/2021 100 101 —96 
Wood Fired Holding Corp.*#One stop L + 7.75%(c) 6.75% cash/2.00% PIK 12/2023 14,163 14,338 0.614,021 
Wood Fired Holding Corp.+One stop L + 7.75%(c) 6.75% cash/2.00% PIK 12/2023 701 701 —694 
Wood Fired Holding Corp.+One stop L + 7.75%(c) 6.75% cash/2.00% PIK 12/2023 202 201 —200 
141,594 142,022 5.6139,158 


See Notes to Consolidated Financial Statements.
14
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Food Products
FCID Merger Sub, Inc.*~One stop L + 6.00%(c) 7.00% 12/2026 $13,694 $13,500 0.5%$13,694 
FCID Merger Sub, Inc.+(5)One stop L + 6.00% N/A(6) 12/2026 — (1)—— 
FCID Merger Sub, Inc.+(5)One stop L + 6.00% N/A(6) 12/2026 — (41)—— 
Flavor Producers, LLC#~Senior loan L + 5.75%(c)(d) 5.75% cash/1.00% PIK 12/2023 5,006 4,916 0.24,605 
Flavor Producers, LLC+(5)Senior loan L + 5.75% N/A(6) 12/2022 — (3)—(2)
MAPF Holdings, Inc.*#+~^One stop L + 6.00%(c) 7.00% 12/2026 29,386 29,107 1.229,386 
MAPF Holdings, Inc.+(5)One stop L + 6.00% N/A(6) 12/2026 — (43)—— 
MAPF Holdings, Inc.+(5)One stop L + 6.00% N/A(6) 12/2026 — (3)—— 
Purfoods, LLC+One stop N/A 7.00% PIK 05/2026 76 80 —76 
48,162 47,512 1.947,759 


See Notes to Consolidated Financial Statements.
15
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Equipment & Supplies
Aspen Medical Products, LLC+~One stop L + 5.00%(c) 6.00% 06/2025 $4,115 $4,177 0.2%$4,115 
Aspen Medical Products, LLC+One stop L + 5.00%(c) 6.00% 06/2025 263 261 —263 
Aspen Medical Products, LLC+One stop L + 5.00% N/A(6) 06/2025 — — —— 
Belmont Instrument, LLC+^Senior loan L + 4.75%(c) 5.75% 12/2023 5,230 5,193 0.25,230 
Blades Buyer, Inc.+~^Senior loan L + 4.75%(c) 5.75% 08/2025 6,602 6,588 0.36,602 
Blades Buyer, Inc.+Senior loan L + 4.75% N/A(6) 08/2025 — — —— 
Blades Buyer, Inc.+(5)Senior loan L + 4.75% N/A(6) 08/2025 — (19)—— 
Blue River Pet Care, LLC#+One stop L + 5.00%(a) 5.11% 07/2026 27,551 27,600 1.127,551 
Blue River Pet Care, LLC+One stop L + 5.00%(a) 5.11% 07/2026 5,343 5,261 0.25,343 
Blue River Pet Care, LLC+One stop L + 5.00%(a) 5.11% 08/2025 114 112 —114 
CCSL Holdings, LLC*+One stop L + 5.75%(d) 6.75% 12/2026 15,634 15,446 0.615,634 
CCSL Holdings, LLC+(5)One stop L + 5.75% N/A(6) 12/2026 — (2)—— 
CCSL Holdings, LLC+(5)One stop L + 5.75% N/A(6) 12/2026 — (60)—— 
CMI Parent Inc.+^Senior loan L + 4.25%(c) 5.25% 08/2025 6,599 6,715 0.36,599 
CMI Parent Inc.+(5)Senior loan L + 4.25% N/A(6) 08/2025 — (2)—— 
Flexan, LLC+^One stop L + 5.25%(c) 6.25% 02/2022 8,405 8,378 0.38,405 
Flexan, LLC*#One stop L + 5.25%(c) 6.25% 02/2022 3,256 3,245 0.13,256 
Flexan, LLC+One stop L + 5.25%(c) 6.25% 02/2022 2,335 2,327 0.12,335 
Flexan, LLC#+One stop L + 5.25%(c) 6.25% 02/2022 1,532 1,527 0.11,532 
Flexan, LLC+(5)One stop L + 5.25% N/A(6) 02/2022 — (3)—— 
G & H Wire Company, Inc.#^One stop L + 7.75%(a) 8.00% cash/0.75% PIK 09/2023 11,145 11,105 0.410,923 
G & H Wire Company, Inc.+One stop L + 7.75%(a) 8.75% 09/2022 — — —— 
Joerns Healthcare, LLC*+One stop L + 6.00%(c) 7.00% 08/2024 1,872 1,831 0.11,834 
Joerns Healthcare, LLC*+One stop L + 6.00%(c) 7.00% 08/2024 1,800 1,775 0.11,764 
Katena Holdings, Inc.#+One stop L + 6.50%(c) 7.50% 06/2021 12,662 12,683 0.612,662 
Katena Holdings, Inc.#+One stop L + 6.50%(c) 7.50% 06/2021 1,237 1,239 0.11,237 
Katena Holdings, Inc.+One stop L + 6.50%(c) 7.50% 06/2021 925 924 —925 
Katena Holdings, Inc.#+One stop L + 6.50%(c) 7.50% 06/2021 847 848 —847 
Katena Holdings, Inc.+One stop L + 6.50%(c) 7.50% 06/2021 200 200 —200 
Lombart Brothers, Inc.*#+~One stop L + 8.25%(c) 8.25% cash/1.00% PIK 04/2023 28,862 29,060 1.127,707 
Lombart Brothers, Inc.#+(8)One stop L + 8.25%(c) 8.25% cash/1.00% PIK 04/2023 3,108 3,132 0.12,983 
Lombart Brothers, Inc.+One stop L + 8.25%(a) 8.25% cash/1.00% PIK 04/2023 280 280 —270 
Lombart Brothers, Inc.+One stop L + 8.25%(a) 8.25% cash/1.00% PIK 04/2023 50 49 —48 
Orthotics Holdings, Inc.*#One stop L + 6.00%(d) 7.00% 06/2021 7,698 7,697 0.37,544 
Orthotics Holdings, Inc.*#One stop L + 19.00%(c) 7.00% cash/13.00% PIK 06/2021 4,104 4,102 0.23,775 
Orthotics Holdings, Inc.*#One stop L + 6.00%(d) 7.00% 06/2021 1,262 1,261 —1,236 
Orthotics Holdings, Inc.*#One stop L + 19.00%(c) 7.00% cash/13.00% PIK 06/2021 672 672 —619 
Orthotics Holdings, Inc.+One stop L + 6.00% N/A(6) 06/2021 — — —— 
163,703 163,602 6.5161,553 


See Notes to Consolidated Financial Statements.
16
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Providers & Services
Active Day, Inc.#+One stop L + 6.00%(c) 7.00% 12/2021 $23,917 $24,056 0.9%$21,525 
Active Day, Inc.#+One stop L + 6.00%(c) 7.00% 12/2021 1,846 1,858 0.11,661 
Active Day, Inc.*#One stop L + 6.00%(c) 7.00% 12/2021 1,190 1,196 0.11,071 
Active Day, Inc.+One stop L + 6.00%(c) 7.00% 12/2021 947 960 —853 
Active Day, Inc.+One stop L + 6.00%(c) 7.00% 12/2021 836 834 —752 
Active Day, Inc.*#One stop L + 6.00%(c) 7.00% 12/2021 823 826 —739 
Active Day, Inc.+(5)One stop L + 6.00%(c) 7.00% 12/2021 2 2 —(8)
Active Day, Inc.+One stop L + 6.00%(c) 7.00% 12/2021 — — —— 
Acuity Eyecare Holdings, LLC+One stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 7,184 7,208 0.36,841 
Acuity Eyecare Holdings, LLC#+One stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 6,082 6,132 0.25,791 
Acuity Eyecare Holdings, LLC+~One stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 5,645 5,735 0.25,374 
Acuity Eyecare Holdings, LLC+~One stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 3,292 3,381 0.13,135 
Acuity Eyecare Holdings, LLC+One stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 796 814 —759 
Acuity Eyecare Holdings, LLC+One stop L + 13.00%(a)(c) 7.25% cash/6.75% PIK 03/2024 352 350 —377 
Acuity Eyecare Holdings, LLC+One stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 294 292 —280 
Acuity Eyecare Holdings, LLC+One stop L + 13.00%(c) 7.25% cash/6.75% PIK 03/2024 154 153 —165 
Acuity Eyecare Holdings, LLC+One stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 152 150 —144 
Acuity Eyecare Holdings, LLC+(5)One stop L + 6.25%(c) 7.25% 03/2024 1 (1)—16 
ADCS Clinics Intermediate Holdings, LLC*#+One stop L + 5.75%(c)(d) 6.75% 05/2022 41,655 41,943 1.741,655 
ADCS Clinics Intermediate Holdings, LLC*#One stop L + 5.75%(c) 6.75% 05/2022 208 211 —208 
ADCS Clinics Intermediate Holdings, LLC+One stop L + 5.75%(d) 6.75% 05/2022 190 190 —190 
ADCS Clinics Intermediate Holdings, LLC*+One stop L + 5.75%(c)(d) 6.75% 05/2022 162 163 —162 
ADCS Clinics Intermediate Holdings, LLC*#One stop L + 5.75%(c) 6.75% 05/2022 62 62 —62 
Advanced Pain Management Holdings, Inc.+(7)Senior loan L + 5.00%(c) 6.25% 07/2021 11,433 6,860 —199 
Advanced Pain Management Holdings, Inc.+(7)Senior loan L + 8.50%(c) 9.75% 07/2021 4,082 7 —— 
Advanced Pain Management Holdings, Inc.+(7)Senior loan L + 5.00%(c) 6.25% 07/2021 782 469 —14 
Advanced Pain Management Holdings, Inc.+(5)(7)Senior loan L + 5.00%(c) 6.25% 07/2021 347 (21)—4 
Agilitas USA, Inc.*#One stop L + 7.75%(c) 8.75% 04/2022 6,647 6,669 0.36,647 
Agilitas USA, Inc.+One stop L + 7.75%(c) 8.75% 04/2022 100 100 —100 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stop L + 6.00%(c) 7.00% 03/2027 3,996 3,936 0.23,936 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stop L + 10.50%(c) 11.50% 03/2028 1,586 1,562 0.11,562 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)One stop L + 6.00% N/A(6) 03/2027 — (2)—(1)
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)One stop L + 6.00% N/A(6) 03/2027 — (47)—(48)
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)One stop L + 10.50% N/A(6) 03/2028 — (6)—(6)
CRH Healthcare Purchaser, Inc.*~Senior loan L + 4.50%(c) 5.50% 12/2024 19,502 19,553 0.819,502 
CRH Healthcare Purchaser, Inc.+Senior loan L + 4.50%(c) 5.50% 12/2024 4,174 4,163 0.24,174 
CRH Healthcare Purchaser, Inc.+(5)Senior loan L + 4.50% N/A(6) 12/2024 — (1)—— 
Deca Dental Management LLC*#+One stop L + 7.50%(c) 7.00% cash/1.50% PIK 05/2022 11,323 11,400 0.511,323 
Deca Dental Management LLC#~One stop L + 7.50%(c) 7.00% cash/1.50% PIK 05/2022 1,379 1,389 0.11,379 
Deca Dental Management LLC+~One stop L + 7.50%(c) 7.00% cash/1.50% PIK 05/2022 994 1,001 0.1994 

See Notes to Consolidated Financial Statements.
17
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Providers & Services - (continued)
Deca Dental Management LLC+One stop L + 7.50%(c) 7.00% cash/1.50% PIK 05/2022 $738 $745 —%$738 
Deca Dental Management LLC+One stop L + 7.50%(c) 7.00% cash/1.50% PIK 05/2022 102 101 —102 
Deca Dental Management LLC+One stop L + 7.50%(c) 7.00% cash/1.50% PIK 05/2022 2 — —2 
Emerge Intermediate, Inc.*#One stop L + 8.50%(c) 7.00% cash/2.50% PIK 05/2024 19,037 18,813 0.717,895 
Emerge Intermediate, Inc.+(5)One stop L + 8.50% N/A(6) 05/2024 — (2)—(18)
Encorevet Group LLC+One stop L + 5.25%(c) 6.25% 11/2024 708 699 —708 
Encorevet Group LLC+Senior loan L + 5.25%(c) 6.25% 11/2024 248 246 —248 
Encorevet Group LLC+Senior loan L + 5.25%(c) 6.25% 11/2024 111 111 —111 
Encorevet Group LLC+Senior loan L + 5.25%(c) 6.25% 11/2024 69 69 —69 
Encorevet Group LLC+Senior loan L + 5.25%(c) 6.25% 11/2024 58 57 —58 
Encorevet Group LLC+Senior loan L + 5.25%(c) 6.25% 11/2024 10 10 —10 
Encorevet Group LLC+Senior loan L + 5.25% N/A(6) 11/2024 — — —— 
Eyecare Services Partners Holdings LLC+One stop L + 6.25%(c) 7.25% 05/2023 18,137 18,216 0.716,323 
Eyecare Services Partners Holdings LLC*+One stop L + 6.25%(c) 7.25% 05/2023 7,956 8,060 0.37,160 
Eyecare Services Partners Holdings LLC*#One stop L + 6.25%(c) 7.25% 05/2023 6,968 7,062 0.36,270 
Eyecare Services Partners Holdings LLC+One stop L + 6.25%(c) 7.25% 05/2023 5,128 5,145 0.24,614 
Eyecare Services Partners Holdings LLC*+One stop L + 6.25%(c) 7.25% 05/2023 2,379 2,411 0.12,141 
Eyecare Services Partners Holdings LLC*+One stop L + 6.25%(c) 7.25% 05/2023 1,527 1,548 0.11,374 
Eyecare Services Partners Holdings LLC*#One stop L + 6.25%(c) 7.25% 05/2023 1,129 1,144 —1,016 
Eyecare Services Partners Holdings LLC*#One stop L + 6.25%(c) 7.25% 05/2023 994 1,008 —895 
Eyecare Services Partners Holdings LLC*+One stop L + 6.25%(c) 7.25% 05/2023 642 649 —578 
Eyecare Services Partners Holdings LLC+One stop L + 6.25%(c) 7.25% 05/2023 400 399 —360 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.~(8)(9)(12)One stop L + 4.50%(m) 4.98% 03/2027 11,772 11,673 0.512,527 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stop L + 4.50%(m) 4.94% 03/2027 133 131 —144 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)One stop L + 5.00%(c) 5.20% 03/2027 20 19 —21 
Klick Inc.+(8)(12)Senior loan L + 4.50%(c) 5.50% 03/2028 10,124 10,023 0.410,023 
Klick Inc.+(8)(12)Senior loan L + 4.50%(c) 5.50% 03/2026 27 25 —25 
Krueger-Gilbert Health Physics, LLC+~Senior loan L + 5.25%(c) 6.25% 05/2025 2,347 2,336 0.12,347 
Krueger-Gilbert Health Physics, LLC+Senior loan L + 5.25%(c) 6.25% 05/2025 1,173 1,172 —1,173 
Krueger-Gilbert Health Physics, LLC+Senior loan L + 5.25%(c) 6.25% 05/2025 1,108 1,142 —1,108 
Krueger-Gilbert Health Physics, LLC+Senior loan L + 5.25%(c) 6.25% 05/2025 50 50 —50 
MD Now Holdings, Inc.#+One stop L + 5.00%(c) 6.00% 08/2024 14,470 14,605 0.614,470 
MD Now Holdings, Inc.+One stop L + 5.00%(c) 6.00% 08/2024 622 622 —622 
MD Now Holdings, Inc.+(5)One stop L + 5.00% N/A(6) 08/2024 — (1)—— 
Midwest Veterinary Partners, LLC+One stop L + 5.75%(c) 6.75% 07/2025 11,360 11,213 0.511,360 
Midwest Veterinary Partners, LLC+One stop L + 5.75%(c) 6.75% 07/2025 9,757 9,627 0.49,757 
Midwest Veterinary Partners, LLC^One stop L + 5.75%(c) 6.75% 07/2025 4,252 4,195 0.24,252 
Midwest Veterinary Partners, LLC+One stop L + 5.75%(c) 6.75% 07/2025 4,120 4,090 0.24,120 
Midwest Veterinary Partners, LLC#+One stop L + 5.75%(c) 6.75% 07/2025 1,020 1,012 —1,020 
Midwest Veterinary Partners, LLC+One stop L + 5.75%(c) 6.75% 07/2025 150 150 —150 
MWD Management, LLC & MWD Services, Inc.#+One stop L + 5.50%(c) 6.50% 06/2023 9,333 9,292 0.49,333 
MWD Management, LLC & MWD Services, Inc.#One stop L + 5.50%(c) 6.50% 06/2023 4,494 4,549 0.24,494 
MWD Management, LLC & MWD Services, Inc.+(5)One stop L + 5.50% N/A(6) 06/2022 — (1)—— 

See Notes to Consolidated Financial Statements.
18
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Providers & Services - (continued)
NVA Holdings, Inc.~Senior loan L + 3.50%(a) 3.63% 02/2026 $2,840 $2,817 0.1%$2,840 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 19,249 17,574 0.512,741 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 2,234 1,897 0.11,479 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 2,116 1,922 0.11,401 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 1,602 1,361 —1,061 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 1,416 1,202 —937 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 1,232 1,047 —816 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 960 815 —635 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 832 706 —551 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 513 436 —340 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c)(f) 7.25% 05/2022 291 266 —193 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 97 89 —64 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 88 81 —58 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 69 63 —46 
Oliver Street Dermatology Holdings, LLC+(7)One stop L + 6.25%(c) 7.25% 05/2022 64 58 —42 
Pinnacle Treatment Centers, Inc.#One stop L + 5.75%(c) 6.75% 1/1/2023 19,030 19,083 0.819,030 
Pinnacle Treatment Centers, Inc.*One stop L + 5.75%(c) 6.75% 1/1/2023 7,612 7,569 0.37,612 
Pinnacle Treatment Centers, Inc.#+One stop L + 5.75%(c) 6.75% 01/2023 1,563 1,565 0.11,563 
Pinnacle Treatment Centers, Inc.^One stop L + 5.75%(c) 6.75% 01/2023 706 710 —706 
Pinnacle Treatment Centers, Inc.+One stop L + 5.75%(c) 6.75% 01/2023 186 187 —186 
Pinnacle Treatment Centers, Inc.+^One stop L + 5.75%(c) 6.75% 01/2023 106 107 —106 
Pinnacle Treatment Centers, Inc.+One stop L + 5.75%(c) 6.75% 01/2023 38 37 —38 
Pinnacle Treatment Centers, Inc.+One stop L + 5.75% N/A(6) 01/2023 — — —— 
Pinnacle Treatment Centers, Inc.+One stop L + 5.75% N/A(6) 01/2023 — — —— 
PPT Management Holdings, LLC+One stop L + 8.50%(c) 7.00% cash/2.50% PIK 12/2022 25,170 24,166 0.922,646 
PPT Management Holdings, LLC+One stop L + 8.50%(c) 7.00% cash/2.50% PIK 12/2022 306 295 —274 
PPT Management Holdings, LLC+One stop L + 8.50%(c) 7.00% cash/2.50% PIK 12/2022 180 175 —162 
PPT Management Holdings, LLC+One stop L + 8.50%(c) 7.00% cash/2.50% PIK 12/2022 88 74 —80 
PPT Management Holdings, LLC+(5)One stop L + 8.50%(c) 7.00% cash/2.50% PIK 12/2022 18 (1)—(24)
Pyramid Healthcare, Inc.*+One stop L + 6.50%(c) 7.50% 08/2022 13,743 13,638 0.513,743 
Pyramid Healthcare, Inc.+One stop L + 6.50%(c) 7.50% 08/2022 423 420 —423 
Pyramid Healthcare, Inc.+One stop L + 6.50%(c) 7.50% 08/2022 306 303 —306 
Pyramid Healthcare, Inc.+One stop L + 6.50%(c) 7.50% 08/2022 266 264 —266 
Pyramid Healthcare, Inc.+One stop L + 6.50%(c) 7.50% 8/1/2022 103 102 —103 
Pyramid Healthcare, Inc.+One stop L + 6.50%(c) 7.50% 08/2022 41 41 —41 
Pyramid Healthcare, Inc.+(5)One stop L + 6.50% N/A(6) 08/2022 — (5)—— 
Riverchase MSO, LLC*#Senior loan L + 6.75%(a) 6.75% cash/1.00% PIK 10/2022 9,623 9,697 0.49,623 
Riverchase MSO, LLC+Senior loan P + 5.75%(f) 8.00% cash/1.00% PIK 10/2022 130 130 —130 
RXH Buyer Corporation*#+One stop L + 5.75%(c) 6.75% 09/2022 27,380 27,411 1.127,380 
RXH Buyer Corporation*#One stop L + 5.75%(c) 6.75% 09/2022 3,099 3,103 0.13,099 
RXH Buyer Corporation+(5)One stop L + 5.75% N/A(6) 09/2022 — (1)—— 
Summit Behavioral Healthcare, LLC*#+Senior loan L + 5.00%(c) 6.00% 10/2023 29,492 29,226 1.229,492 
Summit Behavioral Healthcare, LLC+Senior loan L + 5.00%(c) 6.00% 10/2023 905 878 —905 

See Notes to Consolidated Financial Statements.
19
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Providers & Services - (continued)
Summit Behavioral Healthcare, LLC+Senior loan L + 5.00%(c) 6.00% 10/2023 $100 $97 —%$100 
Veterinary Specialists of North America, LLC*#+Senior loan L + 4.25%(a) 4.36% 04/2025 41,442 42,699 1.741,442 
Veterinary Specialists of North America, LLC+Senior loan L + 4.25%(a) 4.36% 04/2025 11,784 11,780 0.511,784 
Veterinary Specialists of North America, LLC#+Senior loan L + 4.25%(a) 4.36% 04/2025 2,857 2,839 0.12,857 
Veterinary Specialists of North America, LLC*+Senior loan L + 4.25%(a) 4.36% 04/2025 1,437 1,483 0.11,437 
Veterinary Specialists of North America, LLC+(5)Senior loan L + 4.25% N/A(6) 04/2025 — (2)—— 
WHCG Management, LLC*#+Senior loan L + 4.75%(d) 5.75% 03/2023 15,984 16,058 0.615,825 
WHCG Management, LLC+Senior loan L + 4.75%(d) 5.75% 03/2023 5,598 5,569 0.25,542 
WHCG Management, LLC+Senior loan L + 4.75%(d) 5.75% 03/2023 1,973 1,968 0.11,953 
WHCG Management, LLC+Senior loan L + 4.75%(d) 5.75% 03/2023 336 334 —333 
WHCG Management, LLC+Senior loan L + 4.75%(d) 5.75% 03/2023 196 197 —194 
WHCG Management, LLC+(5)Senior loan L + 4.75% N/A(6) 3/1/2023 — (73)—(74)
570,634 558,419 21.3531,668 

See Notes to Consolidated Financial Statements.
20
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Technology
Connexin Software, Inc.+~One stop L + 8.50%(a) 9.50% 02/2024 $7,550 $7,607 0.3%$7,550 
Connexin Software, Inc.+One stop L + 8.50% N/A(6) 02/2024 — — —— 
HealthcareSource HR, Inc.*#One stop L + 6.25%(c) 7.25% 05/2023 33,563 33,589 1.333,563 
HealthcareSource HR, Inc.+(5)One stop L + 6.25% N/A(6) 05/2023 — (1)—— 
HealthEdge Software, Inc.One stop L + 6.25%(c) 7.25% 04/2026 2,000 1,962 0.12,000 
HealthEdge Software, Inc.+One stop L + 6.25%(c) 7.25% 04/2026 1,008 1,008 0.11,008 
HealthEdge Software, Inc.+One stop L + 6.25%(c) 7.25% 04/2026 225 223 —225 
HealthEdge Software, Inc.+One stop L + 6.25%(c) 7.25% 04/2026 19 18 —19 
HSI Halo Acquisition, Inc.+~One stop L + 5.75%(c) 6.75% 08/2026 6,281 6,246 0.36,281 
HSI Halo Acquisition, Inc.+One stop L + 5.75%(c) 6.75% 08/2026 1,972 1,953 0.11,972 
HSI Halo Acquisition, Inc.+One stop L + 5.75%(c) 6.75% 08/2026 645 639 —645 
HSI Halo Acquisition, Inc.+One stop L + 5.75%(a) 6.75% 09/2025 13 12 —13 
HSI Halo Acquisition, Inc.+(5)One stop L + 5.75% N/A(6) 08/2026 — (13)—— 
Kareo, Inc.+One stop L + 9.00%(a) 10.00% 06/2022 10,273 10,354 0.410,375 
Kareo, Inc.One stop L + 9.00%(a) 10.00% 06/2022 1,506 1,450 0.11,521 
Kareo, Inc.+One stop L + 9.00%(a) 10.00% 06/2022 941 951 —951 
Kareo, Inc.+One stop L + 9.00%(a) 10.00% 06/2022 753 761 —761 
Kareo, Inc.+One stop L + 9.00%(a) 10.00% 06/2022 80 81 —80 
Nextech Holdings, LLC^One stop L + 5.50%(c) 5.71% 06/2025 3,991 4,052 0.23,912 
Nextech Holdings, LLC+One stop L + 5.50%(b) 5.65% 06/2025 1,947 1,933 0.11,908 
Nextech Holdings, LLC+(5)One stop L + 5.50% N/A(6) 06/2025 — (3)—(12)
Nextech Holdings, LLC+(5)One stop L + 5.50% N/A(6) 06/2025 — (3)—(8)
Qgenda Intermediate Holdings, LLC^One stop L + 5.50%(c) 6.50% 06/2025 15,199 15,199 0.615,199 
Qgenda Intermediate Holdings, LLC#+One stop L + 5.50%(c) 6.50% 06/2025 12,380 12,266 0.512,380 
Qgenda Intermediate Holdings, LLC#One stop L + 5.50%(c) 6.50% 06/2025 988 988 —988 
Qgenda Intermediate Holdings, LLC+One stop L + 5.50% N/A(6) 06/2025 — — —— 
Transaction Data Systems, Inc.*#+~^One stop L + 5.75%(c) 6.75% 02/2026 83,051 82,504 3.383,051 
Transaction Data Systems, Inc.+One stop L + 5.75%(a)(c) 6.75% 02/2026 108 105 —108 
Verisys Corporation*#One stop L + 8.25%(c) 8.75% cash/0.50% PIK 01/2023 8,471 8,554 0.38,302 
Verisys Corporation+One stop L + 8.25%(c) 8.75% cash/0.50% PIK 01/2023 40 40 —40 
193,004 192,475 7.7192,832 


See Notes to Consolidated Financial Statements.
21
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Hotels, Restaurants & Leisure
BJH Holdings III Corp.#+^One stop L + 5.25%(a) 6.25% 08/2025 $44,270 $45,476 1.8$44,270 
BJH Holdings III Corp.+(5)One stop L + 5.25% N/A(6) 08/2025 — (6)—— 
CR Fitness Holdings, LLC+~Senior loan L + 4.25%(a) 5.25% 07/2025 1,989 1,999 0.11,909 
CR Fitness Holdings, LLC+Senior loan L + 4.25%(a) 5.25% 07/2025 267 262 —233 
CR Fitness Holdings, LLC+Senior loan L + 4.25%(a)(c) 5.25% 07/2025 74 74 —72 
Davidson Hotel Company, LLC+One stop L + 6.75%(a)(c) 6.25% cash/1.50% PIK 07/2024 7,034 6,984 0.24,924 
Davidson Hotel Company, LLC+One stop L + 6.75%(a)(c) 6.25% cash/1.50% PIK 07/2024 1,080 1,077 —756 
Davidson Hotel Company, LLC+(5)One stop L + 6.75% N/A(6) 07/2024 — — —(30)
Davidson Hotel Company, LLC+(5)One stop L + 6.75% N/A(6) 07/2024 — (17)—— 
EOS Fitness Opco Holdings, LLC*#One stop L + 5.75%(c) 6.75% 01/2025 8,631 8,722 0.38,113 
EOS Fitness Opco Holdings, LLC+One stop L + 5.75%(c) 6.75% 01/2025 909 918 —854 
EOS Fitness Opco Holdings, LLC+One stop L + 5.75%(c) 6.75% 01/2025 120 120 —112 
Freddy's Frozen Custard LLC~One stop L + 6.00%(c) 7.00% 03/2027 9,694 9,598 0.49,597 
Freddy's Frozen Custard LLC+One stop L + 6.00%(c) 7.00% 03/2027 14 13 —13 
Self Esteem Brands, LLC*#+^Senior loan L + 4.25%(a) 5.25% 02/2022 45,608 45,841 1.845,608 
Self Esteem Brands, LLC+Senior loan P + 3.25%(f) 6.50% 02/2022 2,339 2,336 0.12,339 
SSRG Holdings, LLCOne stop L + 5.25%(c) 6.25% 11/2025 913 899 —913 
SSRG Holdings, LLC+One stop L + 5.25%(c) 6.25% 11/2025 55 54 —55 
Sunshine Sub, LLC#~One stop L + 5.25%(c) 6.25% 05/2024 12,833 12,919 0.512,447 
Sunshine Sub, LLC#+One stop L + 5.25%(c) 6.25% 05/2024 5,626 5,784 0.25,456 
Sunshine Sub, LLC+(5)One stop L + 5.25% N/A(6) 05/2024 — (1)—(6)
Tropical Smoothie Cafe Holdings, LLC*#Senior loan L + 5.25%(a)(c)(d) 6.25% 09/2026 16,791 16,638 0.716,791 
Tropical Smoothie Cafe Holdings, LLC+(5)Senior loan L + 5.25% N/A(6) 09/2026 — (1)—— 
Velvet Taco Holdings, Inc.~One stop L + 8.00%(c) 8.00% cash/1.00% PIK 03/2026 1,781 1,762 0.11,638 
Velvet Taco Holdings, Inc.+One stop L + 11.00%(c) 8.00% cash/4.00% PIK 03/2026 91 91 —91 
Velvet Taco Holdings, Inc.+One stop L + 7.00% N/A(6) 03/2026 — — —— 
160,119 161,542 6.2156,155 
Household Durables
Groundworks LLC^Senior loan L + 5.00%(c) 6.00% 01/2026 4,686 4,619 0.24,686 
Groundworks LLC+Senior loan L + 5.00%(c) 6.00% 01/2026 324 307 —324 
Groundworks LLC+Senior loan L + 5.00%(c) 6.00% 01/2026 84 82 —84 
Groundworks LLC+(5)Senior loan L + 5.00% N/A(6) 01/2026 — (1)—— 
Groundworks LLC+(5)(8)Senior loan L + 5.00% N/A(6) 01/2026 — (27)—— 
5,094 4,980 0.25,094 

See Notes to Consolidated Financial Statements.
22
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Household Products
WU Holdco, Inc. #^One stop L + 5.25%(c) 6.25% 03/2026 $3,411 $3,479 0.2%$3,411 
WU Holdco, Inc. +One stop L + 5.25%(c) 6.25% 03/2026 390 390 —390 
WU Holdco, Inc. +One stop L + 5.25%(c) 5.45% 03/2025 16 16 —14 
3,817 3,885 0.23,815 
Industrial Conglomerates
Arch Global CCT Holdings Corp.#+^Senior loan L + 4.75%(a) 4.86% 04/2026 4,177 4,210 0.24,177 
Arch Global CCT Holdings Corp.+Senior loan L + 4.75% N/A(6) 04/2025 — — —— 
Arch Global CCT Holdings Corp.+Senior loan L + 4.75% N/A(6) 04/2026 — — —— 
Madison Safety & Flow LLC^Senior loan L + 4.00%(a) 4.10% 03/2025 484 484 —484 
Madison Safety & Flow LLC+Senior loan L + 4.00% N/A(6) 03/2025 — — —— 
Specialty Measurement Bidco Limited~(8)(9)(10)One stop E+ 6.25%(g) 7.25% 11/2027 7,969 7,757 0.37,844 
Specialty Measurement Bidco Limited~(8)(10)One stop L + 6.25%(c) 7.25% 11/2027 7,961 7,753 0.37,961 
Specialty Measurement Bidco Limited+(5)(8)(9)(10)One stop L + 6.25% N/A(6) 11/2027 — (51)—— 
20,591 20,153 0.820,466 


See Notes to Consolidated Financial Statements.
23
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Insurance
Captive Resources Midco, LLC*#+~^One stop L + 5.75%(a) 6.75% 05/2025 $52,136 $52,305 2.1%$52,136 
Captive Resources Midco, LLC#One stop L + 5.75%(a) 6.75% 05/2025 1,432 1,421 0.11,432 
Captive Resources Midco, LLC+(5)One stop L + 5.75% N/A(6) 05/2025 — (15)—— 
High Street Insurance Partners, Inc.+Senior loan L + 6.50%(a)(c)(d) 7.50% 12/2025 1,129 1,104 0.11,112 
High Street Insurance Partners, Inc.+Senior loan L + 6.50%(a)(c) 7.50% 12/2025 109 95 —95 
Integrity Marketing Acquisition, LLC^Senior loan L + 5.75%(c) 6.75% 08/2025 2,458 2,459 0.12,421 
Integrity Marketing Acquisition, LLC+Senior loan L + 5.75%(c)(d) 6.75% 08/2025 786 782 —774 
Integrity Marketing Acquisition, LLC+Senior loan L + 5.75%(c)(d) 6.75% 08/2025 475 473 —468 
Integrity Marketing Acquisition, LLC+Senior loan L + 5.75%(c) 6.75% 08/2025 248 246 —244 
Integrity Marketing Acquisition, LLC+Senior loan L + 5.75% N/A(6) 08/2025 — — —— 
Integrity Marketing Acquisition, LLC+(5)Senior loan L + 5.75% N/A(6) 08/2025 — (22)—(23)
J.S. Held Holdings, LLC#+^One stop L + 6.00%(c) 7.00% 07/2025 6,442 6,411 0.36,379 
J.S. Held Holdings, LLC+One stop P + 5.00%(f) 8.25% 07/2025 160 155 —156 
J.S. Held Holdings, LLC+(5)One stop L + 6.00% N/A(6) 07/2025 — — —(1)
J.S. Held Holdings, LLC+(5)One stop L + 6.00% N/A(6) 07/2025 — (22)—(15)
Majesco+One stop L + 7.75%(c) 8.75% 09/2027 14,464 14,210 0.614,464 
Majesco+(5)One stop L + 7.75% N/A(6) 09/2026 — (3)—— 
Orchid Underwriters Agency, LLC^Senior loan L + 4.50%(c) 5.50% 12/2024 4,103 4,149 0.24,103 
Orchid Underwriters Agency, LLC+Senior loan L + 4.50%(c) 5.50% 12/2024 541 541 —541 
Orchid Underwriters Agency, LLC+Senior loan L + 4.25% N/A(6) 12/2024 — — —— 
People Corporation~(8)(9)(14)One stop L + 6.25%(m) 7.25% 02/2028 14,951 14,694 0.614,824 
People Corporation+(8)(9)(14)One stop L + 6.25%(m) 7.25% 02/2028 682 640 —591 
People Corporation+(5)(8)(9)(14)One stop L + 6.25% N/A(6) 02/2027 — (2)—(2)
RSC Acquisition, Inc.*#+^One stop L + 5.50%(c) 6.50% 10/2026 26,030 25,576 1.026,030 
RSC Acquisition, Inc.+One stop L + 5.50%(b)(c) 6.50% 10/2026 2,518 2,426 0.12,518 
RSC Acquisition, Inc.+(5)One stop L + 5.50% N/A(6) 10/2026 — (1)—— 
RSC Acquisition, Inc.+(5)One stop L + 5.50% N/A(6) 10/2026 — (151)—— 
Sunstar Insurance Group, LLC+Senior loan L + 5.75%(c) 6.75% 10/2026 627 616 —621 
Sunstar Insurance Group, LLC+Senior loan L + 5.75%(c) 6.75% 10/2026 307 299 —303 
Sunstar Insurance Group, LLC+Senior loan L + 5.50% N/A(6) 10/2026 — — —— 
129,598 128,386 5.2129,171 
Internet & Catalog Retail
AutoQuotes, LLC+One stop L + 6.00%(c) 7.00% 11/2024 9,863 9,983 0.49,863 
AutoQuotes, LLC+One stop L + 6.00% N/A(6) 11/2024 — — —— 
9,863 9,983 0.49,863 

See Notes to Consolidated Financial Statements.
24
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
IT Services
Acquia, Inc.+~One stop L + 7.00%(c) 8.00% 10/2025 $7,118 $7,063 0.3%$7,118 
Acquia, Inc.+One stop L + 7.00%(c) 8.00% 10/2025 4 4 —4 
Appriss Holdings, Inc.+~^One stop L + 5.50%(c) 5.70% 05/2026 24,842 25,488 1.024,842 
Appriss Holdings, Inc.+(5)One stop L + 5.50% N/A(6) 05/2025 — (3)—— 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+One stop L + 7.50%(c) 8.50% cash/1.00% PIK 08/2025 4,638 4,477 0.24,742 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+One stop L + 7.50% N/A(6) 08/2025 — — —1 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+(5)One stop L + 7.50% N/A(6) 08/2025 — (13)—— 
Centrify Corporation+One stop L + 6.00%(c) 7.00% 03/2028 16,833 16,583 0.616,623 
Centrify Corporation+(5)One stop L + 6.00% N/A(6) 03/2027 — (2)—(2)
Episerver, Inc.+~(8)(9)One stop E+ 6.00%(g) 6.00% 10/2024 20,436 20,709 0.921,319 
Episerver, Inc.#^One stop L + 5.75%(d) 6.75% 10/2024 12,124 12,289 0.512,263 
Episerver, Inc.+(5)One stop L + 5.75% N/A(6) 10/2024 — (2)—4 
Gamma Technologies, LLC*#+^One stop L + 4.75%(c) 5.75% 06/2024 47,092 47,368 1.947,092 
Gamma Technologies, LLC+One stop L + 4.75% N/A(6) 06/2024 — — —— 
Infinisource, Inc.~^One stop L + 4.50%(c) 5.50% 10/2026 29,034 28,647 1.229,034 
Infinisource, Inc.+(8)One stop L + 4.50%(c) 5.50% 10/2026 284 281 —284 
Infinisource, Inc.+One stop L + 4.50%(c) 5.50% 10/2026 110 109 —110 
Infinisource, Inc.+(5)One stop L + 4.50% N/A(6) 10/2026 — (1)—— 
Maverick Bidco Inc.*#+~One stop L + 6.25%(c) 7.25% 04/2023 48,301 48,402 1.948,301 
Maverick Bidco Inc.+One stop L + 6.25%(c) 7.25% 04/2023 3,629 3,553 0.13,629 
Maverick Bidco Inc.*#(8)One stop L + 6.25%(c) 7.25% 04/2023 3,167 3,210 0.13,167 
Maverick Bidco Inc.+One stop L + 6.25%(c) 7.25% 04/2023 2,807 2,751 0.12,807 
Maverick Bidco Inc.^One stop L + 6.25%(c) 7.25% 04/2023 1,684 1,633 0.11,684 
Maverick Bidco Inc.+(5)One stop L + 6.25% N/A(6) 04/2023 — (1)—— 
Maverick Bidco Inc.+(5)One stop L + 6.25% N/A(6) 04/2023 — (95)—— 
PCS Intermediate II Holdings, LLC~(8)One stop L + 5.25%(c) 6.25% 01/2026 14,420 14,304 0.614,420 
PCS Intermediate II Holdings, LLC+(5)One stop L + 5.25% N/A(6) 01/2026 — (1)—— 
Recordxtechnologies, LLC+One stop L + 5.50%(c) 6.50% 12/2025 740 732 —725 
Recordxtechnologies, LLC+One stop L + 5.50%(c) 6.50% 12/2025 115 114 —112 
Recordxtechnologies, LLC+One stop L + 5.50%(c) 6.50% 12/2025 42 41 —40 
Red Dawn SEI Buyer, Inc.+~(8)(9)Senior loan L + 4.50%(j) 5.50% 11/2025 24,008 23,777 1.024,284 
Red Dawn SEI Buyer, Inc.^Senior loan L + 4.25%(d) 5.25% 11/2025 748 741 —745 
Red Dawn SEI Buyer, Inc.+Senior loan L + 4.25%(d) 5.25% 11/2025 133 132 —132 
Red Dawn SEI Buyer, Inc.+Senior loan L + 4.25%(a) 5.25% 11/2025 13 12 —13 
Red Dawn SEI Buyer, Inc.+(5)Senior loan L + 4.50% N/A(6) 11/2025 — (54)—33 
262,322 262,248 10.5263,526 


See Notes to Consolidated Financial Statements.
25
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Leisure Products
WBZ Investment LLC#+One stop L + 7.50%(c) 6.50% cash/2.00% PIK 09/2024 $8,553 $8,604 0.3%$7,955 
WBZ Investment LLC+One stop L + 7.50%(c) 6.50% cash/2.00% PIK 09/2024 1,226 1,218 0.11,140 
WBZ Investment LLC+One stop L + 7.50%(c) 6.50% cash/2.00% PIK 09/2024 852 876 —792 
WBZ Investment LLC+One stop L + 7.50%(c) 6.50% cash/2.00% PIK 09/2024 435 449 —405 
WBZ Investment LLC+One stop L + 7.50%(c) 6.50% cash/2.00% PIK 09/2024 80 81 —76 
11,146 11,228 0.410,368 
Life Sciences Tools & Services
Pace Analytical Services, LLC*#+One stop L + 5.50%(c) 6.50% 04/2024 29,485 29,524 1.229,485 
Pace Analytical Services, LLC+One stop L + 5.75%(c) 6.75% 04/2024 7,010 6,923 0.37,010 
Pace Analytical Services, LLC+One stop L + 5.75%(c) 6.75% 04/2024 3,523 3,423 0.13,523 
Pace Analytical Services, LLC#^One stop L + 5.75%(c) 6.75% 04/2024 2,741 2,747 0.12,741 
Pace Analytical Services, LLC*#One stop L + 5.50%(c) 6.50% 04/2024 1,643 1,666 0.11,643 
Pace Analytical Services, LLC*#One stop L + 5.50%(c) 6.50% 04/2024 1,511 1,517 0.11,511 
Pace Analytical Services, LLC*#One stop L + 5.50%(c) 6.50% 04/2024 1,257 1,257 0.11,257 
Pace Analytical Services, LLC^One stop L + 5.75%(c) 6.75% 04/2024 1,216 1,233 —1,216 
Pace Analytical Services, LLCOne stop L + 5.75%(c) 6.75% 04/2024 988 971 —988 
Pace Analytical Services, LLC*#One stop L + 5.50%(c) 6.50% 04/2024 674 675 —674 
Pace Analytical Services, LLC*#One stop L + 5.50%(c) 6.50% 04/2024 557 564 —557 
Pace Analytical Services, LLC*One stop L + 5.50%(c) 6.50% 04/2024 187 189 —187 
Pace Analytical Services, LLC+(5)One stop L + 5.75% N/A(6) 04/2024 — (2)—— 
50,792 50,687 2.050,792 
Machinery
Bad Boy Mowers Acquisition, LLC+(8)Senior loan L + 4.50%(c) 5.25% 03/2028 2,039 2,034 0.12,034 
Blackbird Purchaser, Inc. *+~^Senior loan L + 4.50%(c)(f) 4.70% 04/2026 15,920 16,167 0.615,760 
Blackbird Purchaser, Inc. +Senior loan L + 4.50%(c) 4.70% 04/2024 28 28 —26 
Chase Industries, Inc.+~Senior loan L + 7.00%(d) 6.50% cash/1.50% PIK 05/2025 12,059 12,166 0.510,385 
Chase Industries, Inc.+Senior loan L + 7.00%(d) 6.50% cash/1.50% PIK 05/2025 985 1,016 —849 
Chase Industries, Inc.+Senior loan L + 7.00%(d) 6.50% cash/1.50% PIK 05/2023 238 240 —208 
Time Manufacturing Acquisition, LLC~Senior loan L + 5.00%(b)(c) 6.00% 02/2023 715 714 —718 
31,984 32,365 1.229,980 
Marine
Veson Nautical LLC#^One stop L + 5.00%(c) 6.00% 11/2025 9,668 9,579 0.49,668 
Veson Nautical LLC+(5)One stop L + 5.00% N/A(6) 11/2025 — (1)—— 
9,668 9,578 0.49,668 

See Notes to Consolidated Financial Statements.
26
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Multiline Retail
Mills Fleet Farm Group LLC*#+~^One stop L + 6.00%(c) 7.00% 10/2024 $46,488 $46,386 1.9%$46,488 
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.+~(8)(12)One stop L + 5.75%(c) 6.75% 05/2025 13,690 13,908 0.513,690 
3ES Innovation, Inc.+(5)(8)(12)One stop L + 5.75% N/A(6) 05/2025 — (1)—— 
Drilling Info Holdings, Inc.*#+~Senior loan L + 4.25%(a) 4.36% 07/2025 36,611 37,043 1.536,532 
Drilling Info Holdings, Inc.~Senior loan L + 4.50%(a) 4.61% 07/2025 17,254 16,871 0.717,385 
Drilling Info Holdings, Inc.+Senior loan L + 4.25%(a) 4.36% 07/2023 80 78 —78 
Drilling Info Holdings, Inc.+Senior loan L + 4.50%(a) 4.61% 07/2023 34 32 —34 
Drilling Info Holdings, Inc.+(5)Senior loan L + 4.25% N/A(6) 07/2025 — (5)—(2)
Project Power Buyer, LLC*#^One stop L + 6.25%(c) 7.25% 05/2026 15,703 15,837 0.615,703 
Project Power Buyer, LLC+(5)One stop L + 6.25% N/A(6) 05/2025 — (1)—— 
83,372 83,762 3.383,420 
Paper & Forest Products
Messenger, LLC+~One stop L + 6.00%(c)(f) 7.00% 08/2023 8,967 9,027 0.48,967 
Messenger, LLC+One stop L + 6.00% N/A(6) 08/2023 — — —— 
8,967 9,027 0.48,967 

See Notes to Consolidated Financial Statements.
27
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Personal Products
IMPLUS Footwear, LLC+~One stop L + 7.75%(c) 8.75% 04/2024 $30,820 $31,170 1.1%$27,737 
IMPLUS Footwear, LLC+~One stop L + 7.75%(c) 8.75% 04/2024 5,263 5,324 0.24,737 
IMPLUS Footwear, LLC*+One stop L + 7.75%(c) 8.75% 04/2024 759 779 —683 
36,842 37,273 1.333,157 
Pharmaceuticals
ACP Ulysses Buyer, Inc.+^Senior loan L + 5.00%(c) 6.00% 02/2026 13,144 13,036 0.513,144 
Amalthea Parent, Inc.+(8)(12)One stop L + 5.25%(b) 6.25% 03/2027 22,357 22,134 0.922,134 
Amalthea Parent, Inc.+(5)(8)(12)One stop L + 5.25% N/A(6) 03/2027 — (3)—(3)
Amalthea Parent, Inc.+(5)(8)(12)One stop L + 5.25% N/A(6) 03/2027 — (50)—(50)
Apothecary Products, LLC+Senior loan L + 4.25%(a) 5.25% 07/2023 2,904 2,990 0.12,904 
Apothecary Products, LLC+Senior loan L + 4.25%(d) 5.25% 07/2023 78 78 —78 
BIOVT, LLC*#^One stop L + 5.75%(a) 6.75% 07/2022 32,636 32,436 1.332,636 
BIOVT, LLC#^One stop L + 5.75%(a) 6.75% 07/2022 1,983 1,970 0.11,983 
BIOVT, LLC*One stop L + 5.75%(a) 6.75% 07/2022 1,862 1,850 0.11,862 
BIOVT, LLC+One stop L + 5.75%(c) 6.75% 07/2022 200 198 —200 
75,164 74,639 3.074,888 
Professional Services
Brandmuscle, Inc.#Senior loan L + 4.75%(c) 5.75% 12/2021 7,665 7,676 0.37,663 
Brandmuscle, Inc.#Senior loan L + 5.00%(c) 6.00% 12/2021 1,068 1,076 —1,069 
Brandmuscle, Inc.+Senior loan L + 4.75% N/A(6) 12/2021 — — —— 
DISA Holdings Acquisition Subsidiary Corp.+~Senior loan L + 4.25%(c) 5.25% 06/2022 9,161 9,221 0.48,978 
DISA Holdings Acquisition Subsidiary Corp.+(5)Senior loan L + 4.25% N/A(6) 06/2022 — — —(29)
Net Health Acquisition Corp.+One stop L + 5.75%(c) 6.75% 12/2025 13,437 13,305 0.513,303 
Net Health Acquisition Corp.*#One stop L + 5.75%(c) 6.75% 12/2025 8,510 8,536 0.38,425 
Net Health Acquisition Corp.~^One stop L + 5.75%(c) 6.75% 12/2025 6,810 6,862 0.36,742 
Net Health Acquisition Corp.+One stop L + 5.75%(c) 6.75% 12/2025 4,302 4,243 0.24,259 
Net Health Acquisition Corp.*#One stop L + 5.75%(c) 6.75% 12/2025 1,189 1,193 —1,177 
Net Health Acquisition Corp.+(5)One stop L + 5.75% N/A(6) 12/2025 — (3)—(3)
Nexus Brands Group, Inc.*#One stop L + 6.00%(c) 7.00% 11/2023 9,330 9,408 0.49,330 
Nexus Brands Group, Inc.+~(8)(9)One stop L + 6.00%(i) 7.00% 11/2023 7,109 7,208 0.37,797 
Nexus Brands Group, Inc.#+One stop L + 6.00%(c) 7.00% 11/2023 1,976 2,031 0.11,976 
Nexus Brands Group, Inc.#~One stop L + 6.00%(c) 7.00% 11/2023 1,429 1,469 0.11,429 
Nexus Brands Group, Inc.+(8)(9)One stop L + 6.00%(i) 7.00% 11/2023 822 821 —849 
Nexus Brands Group, Inc.~One stop L + 6.00%(c) 7.00% 11/2023 761 756 —761 
Nexus Brands Group, Inc.+One stop L + 6.00%(c) 7.00% 11/2023 516 516 —516 
Nexus Brands Group, Inc.+One stop L + 6.00%(c) 7.00% 11/2023 85 84 —85 
Nexus Brands Group, Inc.+One stop L + 6.00%(c) 7.00% 11/2023 54 53 —54 
Nexus Brands Group, Inc.+One stop L + 6.00%(a)(c) 7.00% 11/2023 40 41 —40 
Nexus Brands Group, Inc.+(8)(9)One stop L + 6.00%(h) 7.00% 11/2023 14 14 —14 
Nexus Brands Group, Inc.+One stop L + 6.00% N/A(6) 11/2023 — — —— 
PlanSource Holdings, Inc. +~One stop L + 6.25%(d) 7.25% 04/2025 11,416 11,528 0.511,416 
PlanSource Holdings, Inc. +(5)One stop L + 6.25% N/A(6) 04/2025 — (1)—— 
Teaching Company, The*#+One stop L + 4.75%(c)(d) 5.75% 07/2023 17,743 17,889 0.717,743 
Teaching Company, The+One stop L + 4.75% N/A(6) 07/2023 — — —— 
103,437 103,926 4.1103,594 


See Notes to Consolidated Financial Statements.
28
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Real Estate Management & Development
MRI Software LLC*+^One stop L + 5.50%(d) 6.50% 02/2026 $14,526 $14,409 0.6%$14,526 
MRI Software LLC+One stop L + 5.50%(d) 6.50% 02/2026 1,851 1,810 0.11,851 
MRI Software LLC+One stop L + 5.50%(c) 6.50% 02/2026 14 11 —14 
MRI Software LLC+One stop L + 5.50% N/A(6) 02/2026 — — —— 
MRI Software LLC+(5)One stop L + 5.50% N/A(6) 02/2026 — (2)—— 
MRI Software LLC+(5)One stop L + 5.50% N/A(6) 02/2026 — (7)—— 
Property Brands, Inc.#One stop L + 6.00%(d) 7.00% 01/2024 19,742 19,906 0.819,742 
Property Brands, Inc.~^One stop L + 6.00%(d) 7.00% 01/2024 13,598 13,410 0.613,598 
Property Brands, Inc.*#One stop L + 6.00%(d) 7.00% 01/2024 6,618 6,711 0.36,618 
Property Brands, Inc.~^One stop L + 6.00%(d) 7.00% 01/2024 3,226 3,315 0.13,226 
Property Brands, Inc.#+One stop L + 6.00%(d) 7.00% 01/2024 1,417 1,454 0.11,417 
Property Brands, Inc.#+One stop L + 6.00%(d) 7.00% 01/2024 1,200 1,231 —1,200 
Property Brands, Inc.#+One stop L + 6.00%(d) 7.00% 01/2024 1,182 1,215 —1,182 
Property Brands, Inc.+One stop L + 6.00%(d) 7.00% 01/2024 946 940 —946 
Property Brands, Inc.+One stop L + 6.00%(d) 7.00% 01/2024 499 512 —499 
Property Brands, Inc.+One stop L + 6.00%(d) 7.00% 01/2024 200 199 —200 
65,019 65,114 2.6 65,019 
Road & Rail
Internet Truckstop Group LLC*#One stop L + 5.75%(c) 6.75% 04/2025 22,473 22,930 0.922,192 
Internet Truckstop Group LLC+One stop L + 5.75%(c) 6.75% 04/2025 9,838 9,692 0.49,715 
Internet Truckstop Group LLC+(5)One stop L + 5.75% N/A(6) 03/2027 — (2)—(4)
32,311 32,620 1.331,903 


See Notes to Consolidated Financial Statements.
29
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Software
Accela, Inc.*#+One stop L + 4.93%(a) 4.25% cash/1.68% PIK 09/2023 $4,517 $4,516 0.2%$4,488 
Accela, Inc.+(5)One stop L + 7.00% N/A(6) 09/2023 — — —(1)
Appfire Technologies, LLC+One stop L + 5.00%(c) 6.00% 03/2027 14,609 14,464 0.614,463 
Appfire Technologies, LLC+(5)One stop L + 5.00% N/A(6) 03/2027 — (1)—(2)
Appfire Technologies, LLC+(5)One stop L + 5.00% N/A(6) 03/2027 — (107)—(108)
Apptio, Inc. +~One stop L + 7.25%(d) 8.25% 01/2025 57,010 57,639 2.357,010 
Apptio, Inc. +One stop L + 7.25%(d) 8.25% 01/2025 76 75 —76 
Astute Holdings, Inc. +One stop L + 6.50%(c) 7.50% 04/2025 10,772 10,892 0.510,772 
Astute Holdings, Inc. +One stop L + 6.50%(c) 7.50% 04/2025 2,754 2,746 0.12,754 
Astute Holdings, Inc. +(5)One stop L + 6.50% N/A(6) 04/2025 — (1)—— 
Axiom Merger Sub Inc.+~^One stop L + 5.25%(c)(d) 6.25% 04/2026 5,817 5,866 0.35,856 
Axiom Merger Sub Inc.+~(8)(9)One stop E + 5.50%(g) 5.50% 04/2026 2,398 2,417 0.12,513 
Axiom Merger Sub Inc.+One stop L + 5.25%(d) 6.25% 04/2026 30 29 —30 
Bearcat Buyer, Inc.+~Senior loan L + 4.25%(c) 5.25% 07/2026 2,914 2,934 0.12,839 
Bearcat Buyer, Inc.+Senior loan L + 4.25%(c) 5.25% 07/2026 520 519 —507 
Bearcat Buyer, Inc.~Senior loan L + 4.25%(c) 5.25% 07/2026 308 305 —300 
Bearcat Buyer, Inc.+Senior loan L + 4.25% N/A(6) 07/2024 — — —— 
Bullhorn, Inc.*#+~^One stop L + 5.75%(c) 6.75% 09/2026 66,963 65,914 2.767,282 
Bullhorn, Inc.+(8)(9)One stop L + 6.00%(i) 6.09% 09/2026 11,948 11,756 0.513,330 
Bullhorn, Inc.+(8)(9)One stop E + 5.75%(g) 5.75% 09/2026 4,798 4,720 0.25,067 
Bullhorn, Inc.+One stop L + 5.75%(c) 6.75% 09/2026 97 96 —98 
Bullhorn, Inc.+One stop L + 5.75%(c) 6.75% 09/2026 78 76 —78 
Bullhorn, Inc.+(5)One stop L + 5.75% N/A(6) 09/2026 — (4)—1 
Bullhorn, Inc.+(5)One stop L + 5.75% N/A(6) 09/2026 — (3)—1 
Calabrio, Inc. +~One stop L + 6.50%(c) 7.50% 06/2025 24,880 24,892 1.024,880 
Calabrio, Inc. +One stop L + 6.50% N/A(6) 06/2025 — 1 —— 
Clearwater Analytics, LLC+One stop L + 6.25%(c) 7.25% 10/2025 17,354 17,195 0.717,354 
Clearwater Analytics, LLC*#+One stop L + 6.25%(c) 7.25% 10/2025 14,242 14,197 0.614,242 
Clearwater Analytics, LLC*One stop L + 6.25%(c) 7.25% 10/2025 6,010 6,009 0.36,010 
Clearwater Analytics, LLC+One stop L + 6.25%(c) 7.25% 10/2025 985 971 —985 
Clearwater Analytics, LLC+(5)One stop L + 6.25% N/A(6) 10/2025 — (4)—— 
Cloudbees, Inc.+One stop L + 9.00%(a) 9.50% cash/0.50% PIK 05/2023 4,225 4,253 0.24,225 
Cloudbees, Inc.One stop L + 9.00%(a) 9.50% cash/0.50% PIK 05/2023 2,781 2,714 0.12,781 
Cloudbees, Inc.+One stop L + 9.00%(a) 9.50% cash/0.50% PIK 05/2023 1,473 1,472 0.11,473 
Cloudbees, Inc.+One stop L + 8.50% N/A(6) 05/2023 — — —— 
Confluence Technologies, Inc.*~^One stop L + 5.50%(a) 6.50% 03/2024 44,775 44,576 1.844,775 
Confluence Technologies, Inc.+(5)One stop L + 5.50% N/A(6) 03/2024 — (1)—— 
Convercent, Inc.One stop L + 9.00%(c) 8.25% cash/2.75% PIK 12/2024 2,835 2,773 0.12,947 
Convercent, Inc.+Subordinated debt N/A 4.00% 03/2021 138 138 —283 
Convercent, Inc.+One stop L + 9.00%(c) 8.25% cash/2.75% PIK 12/2024 20 20 —21 

See Notes to Consolidated Financial Statements.
30
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Software - (continued)
Convercent, Inc.+One stop L + 9.00%(c) 8.25% cash/2.75% PIK 12/2024 $20 $20 —%$21 
Convercent, Inc.+One stop L + 9.00% N/A(6) 12/2024 — — —— 
Daxko Acquisition Corporation*#^One stop L + 6.00%(c) 7.00% 09/2023 25,548 25,613 1.025,548 
Daxko Acquisition Corporation+One stop L + 6.00% N/A(6) 09/2023 — — —— 
Digital Guardian, Inc.+One stop L + 9.50%(c) 7.50% cash/3.00% PIK 06/2023 8,868 9,097 0.49,483 
Digital Guardian, Inc.+Subordinated debt N/A 8.00% PIK 06/2023 9 8 —9 
Digital Guardian, Inc.+One stop L + 8.00% N/A(6) 06/2023 — — —2 
Diligent Corporation*#+~^One stop L + 6.25%(c) 7.25% 08/2025 87,615 87,899 3.588,371 
Diligent Corporation+One stop L + 6.25% N/A(6) 08/2025 — — —3 
GS Acquisitionco, Inc.*#+~^One stop L + 5.75%(d) 6.75% 05/2024 53,774 54,112 2.253,774 
GS Acquisitionco, Inc.*#One stop L + 5.75%(d) 6.75% 05/2024 12,691 12,951 0.512,691 
GS Acquisitionco, Inc.#+One stop L + 5.75%(d) 6.75% 05/2024 3,270 3,338 0.13,270 
GS Acquisitionco, Inc.+~One stop L + 5.75%(d) 6.75% 05/2024 3,017 3,080 0.13,017 
GS Acquisitionco, Inc.#+One stop L + 5.75%(d) 6.75% 05/2024 1,889 1,928 0.11,889 
GS Acquisitionco, Inc.+One stop L + 5.75%(d) 6.75% 05/2024 118 116 —118 
GS Acquisitionco, Inc.+One stop L + 5.75%(d) 6.75% 05/2024 74 74 —74 
GS Acquisitionco, Inc.+One stop L + 5.75%(d) 6.75% 05/2024 37 37 —37 
ICIMS, Inc.+~One stop L + 6.50%(c) 7.50% 09/2024 14,355 14,603 0.614,355 
ICIMS, Inc.+~One stop L + 6.50%(c) 7.50% 09/2024 4,501 4,488 0.24,501 
ICIMS, Inc.~One stop L + 6.50%(c) 7.50% 09/2024 2,706 2,682 0.12,706 
ICIMS, Inc.+One stop L + 6.50%(c) 7.50% 09/2024 88 88 —88 
Impartner, Inc.One stop L + 9.50%(c) 9.30% cash/2.00% PIK 08/2025 2,946 2,914 0.13,055 
Impartner, Inc.+(5)One stop L + 9.50% N/A(6) 08/2025 — (3)—17 
Impartner, Inc.+One stop L + 9.50% N/A(6) 08/2025 — — —— 
Infogix, Inc.*#One stop L + 6.00%(c) 7.00% 04/2024 7,142 7,254 0.37,142 
Infogix, Inc.*^One stop L + 6.00%(c) 7.00% 04/2024 1,101 1,116 —1,101 
Infogix, Inc.+One stop L + 6.00%(c) 7.00% 04/2024 90 90 —90 
Instructure, Inc.~One stop L + 7.00%(c) 8.00% 03/2026 16,264 15,725 0.716,264 
Integral Ad Science, Inc.+~One stop L + 7.25%(c) 6.00% cash/1.25% PIK 07/2024 15,951 16,113 0.615,951 
Integral Ad Science, Inc.+(5)One stop L + 6.00% N/A(6) 07/2023 — (1)—(2)
Integration Appliance, Inc.*+~One stop L + 7.25%(c) 8.25% 08/2023 68,336 68,981 2.768,336 
Integration Appliance, Inc.+One stop L + 7.25%(c) 8.25% 08/2023 487 484 —487 
Invoice Cloud, Inc.+One stop L + 6.50%(c) 4.25% cash/3.25% PIK 02/2024 6,632 6,664 0.36,632 
Invoice Cloud, Inc.+One stop L + 6.50%(c) 4.25% cash/3.25% PIK 02/2024 2,222 2,222 0.12,222 
Invoice Cloud, Inc.+One stop L + 6.00% N/A(6) 02/2024 — — —— 
Juvare, LLC*One stop L + 5.75%(c) 6.75% 10/2026 7,526 7,439 0.37,526 
Juvare, LLC+One stop P + 4.75%(f) 8.00% 10/2026 954 933 —954 
Juvare, LLC+(5)One stop L + 5.75% N/A(6) 04/2026 — (1)—— 
Kaseya Traverse Inc+~One stop L + 7.00%(c) 5.00% cash/3.00% PIK 05/2025 37,498 38,306 1.537,498 
Kaseya Traverse Inc+One stop L + 7.00%(c) 5.00% cash/3.00% PIK 05/2025 3,868 3,878 0.23,868 
Kaseya Traverse Inc+One stop L + 7.00%(c) 5.00% cash/3.00% PIK 05/2025 647 629 —647 
Kaseya Traverse Inc+One stop L + 6.50%(b) 7.50% 05/2025 89 88 —87 
Mindbody, Inc.+~One stop L + 8.50%(c) 8.00% cash/1.50% PIK 02/2025 48,960 49,657 2.048,960 

See Notes to Consolidated Financial Statements.
31
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Software - (continued)
Mindbody, Inc.+(5)One stop L + 8.00% N/A(6) 02/2025 $— $(1)—%$(4)
Ministry Brands, LLC+^Senior loan L + 4.00%(a) 5.00% 12/2022 1,438 1,451 0.11,438 
Ministry Brands, LLC+^Senior loan L + 4.00%(a) 5.00% 12/2022 823 830 —823 
Ministry Brands, LLC+Senior loan L + 4.00%(a) 5.00% 12/2022 375 384 —375 
mParticle, Inc.One stop L + 9.75%(c) 7.50% cash/3.25% PIK 09/2025 3,209 3,159 0.13,209 
mParticle, Inc.+One stop L + 9.75%(c) 7.50% cash/3.25% PIK 09/2025 30 30 —30 
Namely, Inc.+~One stop L + 7.50%(c) 8.25% cash/1.25% PIK 06/2024 3,602 3,454 0.13,602 
Namely, Inc.+One stop L + 7.50%(c) 8.25% cash/1.25% PIK 06/2024 2,046 1,934 0.12,046 
Namely, Inc.+One stop L + 7.50%(a) 8.25% cash/1.25% PIK 06/2024 70 70 —70 
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+One stop L + 7.75%(c) 7.50% cash/1.75% PIK 10/2024 2,158 2,143 0.12,274 
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+One stop L + 7.75% N/A(6) 10/2024 — — —1 
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+One stop L + 7.75% N/A(6) 10/2024 — — —4 
PDI TA Holdings, Inc.One stop L + 4.50%(c) 5.50% 10/2024 8,559 8,420 0.38,559 
PDI TA Holdings, Inc.Second lien L + 8.50%(c) 9.50% 10/2025 3,424 3,351 0.13,424 
Personify, Inc.*+^One stop L + 5.75%(c) 6.75% 09/2024 15,177 15,403 0.615,177 
Personify, Inc.+One stop L + 5.75%(c) 6.75% 09/2024 9,010 8,926 0.49,010 
Personify, Inc.+One stop L + 5.75%(c) 6.75% 09/2024 60 61 —60 
RegEd Aquireco, LLC^Senior loan L + 4.25%(a) 5.25% 12/2024 11,358 11,357 0.410,790 
RegEd Aquireco, LLC+Senior loan P + 3.25%(a)(f) 5.95% 12/2024 152 151 —136 
Saturn Borrower Inc.+~One stop L + 6.50%(c) 7.50% 09/2026 20,282 19,717 0.819,675 
Saturn Borrower Inc.+(5)One stop L + 6.50% N/A(6) 09/2026 — (3)—(3)
SnapLogic, Inc.One stop L + 8.75%(c) 5.75% cash/5.50% PIK 09/2024 6,150 6,091 0.26,150 
SnapLogic, Inc.+One stop L + 8.75%(c) 5.75% cash/5.50% PIK 09/2024 62 62 —62 
SnapLogic, Inc.+One stop L + 8.75% N/A(6) 09/2024 — — —— 
Sontatype, Inc.+One stop L + 6.75%(c) 7.75% 12/2025 851 844 —851 
Sontatype, Inc.+(5)One stop L + 6.75% N/A(6) 12/2025 — (2)—— 
Spartan Buyer Acquisition Co.+~One stop L + 6.50%(c) 7.50% 12/2026 31,836 31,460 1.331,836 
Spartan Buyer Acquisition Co.+(5)One stop L + 6.50% N/A(6) 12/2026 — (3)—— 
Telesoft Holdings LLC^One stop L + 5.75%(b) 6.75% 12/2025 900 884 —900 
Telesoft Holdings LLC+(5)One stop L + 5.75% N/A(6) 12/2025 — (2)—— 
TI Intermediate Holdings, LLC+^Senior loan L + 4.50%(a) 4.61% 12/2024 3,499 3,551 0.13,495 
TI Intermediate Holdings, LLC+Senior loan L + 4.50%(a) 5.50% 12/2024 924 903 —944 
TI Intermediate Holdings, LLC+Senior loan L + 4.50%(a) 4.61% 12/2024 7 6 —7 
TI Intermediate Holdings, LLC+(5)Senior loan L + 4.50% N/A(6) 12/2024 — (10)—9 
Togetherwork Holdings, LLC*#One stop L + 6.25%(a) 7.25% 03/2025 15,484 15,573 0.615,330 
Togetherwork Holdings, LLCOne stop L + 6.25%(a) 7.25% 03/2025 6,999 6,864 0.36,929 
Togetherwork Holdings, LLC~^One stop L + 6.25%(a) 7.25% 03/2025 1,794 1,846 0.11,776 
Togetherwork Holdings, LLC#+One stop L + 6.25%(a) 7.25% 03/2025 1,741 1,788 0.11,725 
Togetherwork Holdings, LLC*#One stop L + 6.25%(a) 7.25% 03/2025 1,697 1,745 0.11,681 
Togetherwork Holdings, LLC#^One stop L + 6.25%(a) 7.25% 03/2025 1,639 1,664 0.11,623 
Togetherwork Holdings, LLC*^One stop L + 6.25%(a) 7.25% 03/2025 1,580 1,626 0.11,564 
Togetherwork Holdings, LLC#+One stop L + 6.25%(a) 7.25% 03/2025 1,474 1,513 0.11,459 
Togetherwork Holdings, LLC*#One stop L + 6.25%(a) 7.25% 03/2025 1,206 1,220 0.11,195 

See Notes to Consolidated Financial Statements.
32
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Software - (continued)
Togetherwork Holdings, LLC#+One stop L + 6.25%(a) 7.25% 03/2025 $665 $682 —%$658 
Togetherwork Holdings, LLC+One stop L + 6.25%(a) 7.25% 03/2025 460 454 —455 
Togetherwork Holdings, LLC^One stop L + 6.25%(a) 7.25% 03/2025 445 440 —440 
Togetherwork Holdings, LLC+One stop L + 6.25%(a) 7.25% 03/2024 140 138 —138 
Togetherwork Holdings, LLC+One stop L + 6.25%(a) 7.25% 03/2025 64 66 —63 
Togetherwork Holdings, LLC+~One stop L + 6.25%(a) 7.25% 03/2025 59 61 —58 
Transact Holdings, Inc.+~Senior loan L + 4.75%(a) 4.86% 04/2026 3,064 3,103 0.13,040 
Trintech, Inc.*#^One stop L + 6.00%(c) 7.00% 12/2023 22,285 22,571 0.922,285 
Trintech, Inc.#+^One stop L + 6.00%(c) 7.00% 12/2023 9,239 9,396 0.49,239 
Trintech, Inc.+One stop L + 6.00%(c) 7.00% 12/2023 300 301 —300 
Vector CS Midco Limited & Cloudsense Ltd.+~(8)(9)(10)One stop N/A 3.70% cash/3.55% PIK 05/2024 8,005 8,106 0.38,492 
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)One stop L + 8.05%(i) 4.50% cash/3.55% PIK 05/2024 134 133 —138 
Vendavo, Inc.*#+~One stop L + 6.50%(b)(c) 7.50% 10/2022 35,188 35,160 1.435,188 
Vendavo, Inc.+(5)One stop L + 6.50% N/A(6) 10/2022 — (2)—— 
Workforce Software, LLC+~One stop L + 6.50%(c) 7.50% 07/2025 27,333 27,961 1.127,333 
Workforce Software, LLC+(5)One stop L + 6.50% N/A(6) 07/2025 — (2)—— 
1,011,617 1,013,704 40.61,014,181 


See Notes to Consolidated Financial Statements.
33
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Specialty Retail
2nd Ave. LLCOne stop L + 6.50%(d) 7.50% 09/2025 $5,885 $5,808 0.2%$5,885 
2nd Ave. LLC+One stop L + 6.50%(d) 7.50% 09/2025 50 50 —50 
Batteries Plus Holding Corporation#+One stop L + 6.75%(a) 7.75% 07/2022 21,921 22,048 0.921,921 
Batteries Plus Holding Corporation+One stop P + 5.75%(f) 9.00% 07/2022 34 32 —34 
Boot Barn, Inc.#+~Senior loan L + 4.50%(c) 5.50% 06/2023 16,778 16,882 0.716,778 
Cycle Gear, Inc.#+^One stop L + 5.00%(c) 6.00% 01/2024 21,416 21,708 0.921,416 
Imperial Optical Midco Inc.+~One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 3,638 3,676 0.23,638 
Imperial Optical Midco Inc.*+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 2,837 2,820 0.12,837 
Imperial Optical Midco Inc.#+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 1,929 1,967 0.11,929 
Imperial Optical Midco Inc.#+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 1,256 1,281 0.11,256 
Imperial Optical Midco Inc.*+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 1,143 1,166 0.11,143 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 332 330 —332 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 273 269 —273 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 242 240 —242 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 191 190 —191 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 170 168 —170 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 167 165 —167 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 163 161 —163 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 140 138 —140 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 135 134 —135 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 130 130 —130 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 129 127 —129 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 108 106 —108 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 107 105 —107 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 101 99 —101 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 97 96 —97 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 83 83 —83 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 80 79 —80 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 76 76 —76 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 69 68 —69 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 69 68 —69 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 66 65 —66 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 64 64 —64 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 63 63 —63 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 62 62 —62 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 61 60 —61 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 60 59 —60 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 55 55 —55 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 43 42 —43 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 41 41 —41 

See Notes to Consolidated Financial Statements.
34
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Specialty Retail -. (continued)
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 $36 $36 —%$36 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 35 35 —35 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 28 28 —28 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 28 27 —28 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 27 27 —27 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 26 25 —26 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 24 24 —24 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 23 23 —23 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 21 21 —21 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 20 19 —20 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 19 19 —19 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 19 19 —19 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 19 19 —19 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 17 17 —17 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 13 13 —13 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 13 13 —13 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 11 11 —11 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 11 11 —11 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 10 10 —10 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 9 9 —9 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 9 9 —9 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 8 8 —8 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 7 7 —7 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 6 6 —6 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 5 5 —5 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 5 5 —5 
Imperial Optical Midco Inc.+One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 3 3 —3 
Imperial Optical Midco Inc.+One stop L + 6.25% N/A(6) 08/2023 — — —— 
Imperial Optical Midco Inc.+(5)One stop L + 6.25% N/A(6) 08/2023 — (22)—— 
Jet Equipment & Tools Ltd.+~(8)(9)(12)One stop L + 5.25%(l)(m) 6.25% 11/2024 17,897 18,141 0.818,740 
Jet Equipment & Tools Ltd.*#(8)(12)One stop L + 5.25%(a) 6.25% 11/2024 12,301 12,512 0.512,289 
Jet Equipment & Tools Ltd.+(8)(9)(12)One stop L + 5.50%(l) 6.50% 11/2024 5,233 5,187 0.25,533 
Jet Equipment & Tools Ltd.#(8)(12)^One stop L + 5.25%(a) 6.25% 11/2024 4,284 4,347 0.24,279 
Jet Equipment & Tools Ltd.(8)(12)^One stop L + 5.25%(a) 6.25% 11/2024 1,573 1,562 0.11,572 
Jet Equipment & Tools Ltd.+(5)(8)(9)(12)One stop L + 5.25% N/A(6) 11/2024 — (1)—— 
Pet Holdings ULC*#+(8)(12)One stop L + 5.50%(c) 6.50% 07/2022 46,852 47,425 1.946,852 
Pet Holdings ULC*#+(8)(12)One stop L + 5.50%(c) 6.50% 07/2022 239 240 —239 

See Notes to Consolidated Financial Statements.
35
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Specialty Retail -. (continued)
Pet Holdings ULC+(5)(8)(12)One stop L + 5.50% N/A(6) 07/2022 $— $(1)—%$— 
PetPeople Enterprises, LLC#+One stop L + 5.75%(d) 6.75% 09/2023 5,325 5,365 0.25,325 
PetPeople Enterprises, LLC#+One stop L + 5.75%(d) 6.75% 09/2023 1,808 1,829 0.11,808 
PetPeople Enterprises, LLC+One stop L + 5.75%(d) 6.75% 09/2023 20 21 —20 
PPV Intermediate Holdings II, LLC+One stop L + 7.00%(a) 8.00% 05/2023 4,896 4,896 0.24,896 
PPV Intermediate Holdings II, LLC+One stop L + 7.00%(a) 8.00% 05/2023 1,161 1,148 0.11,161 
PPV Intermediate Holdings II, LLC+One stop L + 7.00%(a) 8.00% 05/2023 1,070 1,058 —1,070 
PPV Intermediate Holdings II, LLC+One stop L + 7.00%(a) 8.00% 05/2023 1,032 1,020 —1,032 
PPV Intermediate Holdings II, LLC+One stop L + 7.00%(a) 8.00% 05/2023 1,005 1,005 —1,005 
PPV Intermediate Holdings II, LLC+One stop L + 7.00%(a) 8.00% 05/2023 929 918 —929 
PPV Intermediate Holdings II, LLC+One stop L + 7.00%(a) 8.00% 05/2023 774 765 —774 
PPV Intermediate Holdings II, LLC+One stop L + 7.00%(a) 8.00% 05/2023 735 727 —735 
PPV Intermediate Holdings II, LLC+One stop L + 7.00%(a) 8.00% 05/2023 600 600 —600 
PPV Intermediate Holdings II, LLC+One stop L + 7.00%(a) 8.00% 05/2023 529 523 —529 
PPV Intermediate Holdings II, LLC+One stop L + 7.00%(a) 8.00% 05/2023 433 418 —433 
PPV Intermediate Holdings II, LLC+One stop L + 7.00%(a) 8.00% 05/2023 129 127 —129 
PPV Intermediate Holdings II, LLC+One stop N/A 7.90% PIK 05/2023 24 24 —24 
PPV Intermediate Holdings II, LLC+One stop L + 7.00% N/A(6) 05/2023 — — —— 
PPV Intermediate Holdings II, LLC+(5)One stop L + 7.00% N/A(6) 05/2023 — (38)—— 
Sola Franchise, LLC and Sola Salon Studios, LLC#One stop L + 5.50%(c) 6.50% 10/2024 7,248 7,260 0.37,248 
Sola Franchise, LLC and Sola Salon Studios, LLC#+One stop L + 5.50%(c) 6.50% 10/2024 1,700 1,750 0.11,700 
Sola Franchise, LLC and Sola Salon Studios, LLC+One stop L + 5.50% N/A(6) 10/2024 — — —— 
Titan Fitness, LLC*#+One stop L + 6.75%(b)(c) 5.75% cash/2.00% PIK 02/2025 30,293 30,586 1.127,253 
Titan Fitness, LLC+One stop L + 6.75%(b)(c) 5.75% cash/2.00% PIK 02/2025 1,890 1,873 0.11,700 
Titan Fitness, LLC+One stop L + 6.75%(b)(c) 5.75% cash/2.00% PIK 02/2025 476 472 —426 
Vermont Aus Pty Ltd+~(8)(9)(11)One stop L + 4.75%(k) 4.84% 12/2024 2,199 2,216 0.12,421 
Vermont Aus Pty Ltd+(8)(9)(11)One stop L + 4.75%(k) 4.84% 12/2024 81 82 —96 
233,452 235,265 9.3231,534 


See Notes to Consolidated Financial Statements.
36
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.*#^One stop L + 6.00%(c) 7.00% 03/2023 $22,356 $22,453 0.9%$22,356 
Agility Recovery Solutions Inc.+One stop L + 6.00%(c) 7.00% 03/2023 902 900 —902 
23,258 23,353 0.923,258 
Textiles, Apparel & Luxury Goods
Elite Sportswear, L.P.+Senior loan L + 6.25%(c) 2.00% cash/5.25% PIK 12/2021 9,699 9,612 0.36,304 
Elite Sportswear, L.P.+Senior loan L + 6.25%(c) 2.00% cash/5.25% PIK 12/2021 3,899 3,865 0.12,534 
Elite Sportswear, L.P.+Senior loan L + 6.25%(c) 2.00% cash/5.25% PIK 12/2021 2,006 1,989 0.11,304 
Elite Sportswear, L.P.+Senior loan L + 5.25%(c) 1.00% cash/5.25% PIK 12/2021 1,208 1,198 —777 
Elite Sportswear, L.P.*+Senior loan L + 6.25%(c) 2.00% cash/5.25% PIK 12/2021 665 661 —433 
Elite Sportswear, L.P.+Senior loan L + 6.25%(c) 2.00% cash/5.25% PIK 12/2021 305 302 —198 
Elite Sportswear, L.P.*+Senior loan L + 6.25%(c) 2.00% cash/5.25% PIK 12/2021 291 290 —190 
Elite Sportswear, L.P.+Senior loan L + 6.25%(c) 2.00% cash/5.25% PIK 12/2021 42 42 —28 
Georgica Pine Clothiers, LLC#+One stop L + 5.50%(d) 6.50% 11/2023 10,346 10,423 0.49,540 
Georgica Pine Clothiers, LLC*#One stop L + 5.50%(d) 6.50% 11/2023 6,488 6,540 0.25,982 
Georgica Pine Clothiers, LLC+One stop L + 5.50%(d) 6.50% 11/2023 1,004 997 —926 
Georgica Pine Clothiers, LLC#+One stop L + 5.50%(d) 6.50% 11/2023 902 911 —832 
Georgica Pine Clothiers, LLC*#One stop L + 5.50%(d) 6.50% 11/2023 633 640 —584 
Georgica Pine Clothiers, LLC+One stop L + 5.50%(d) 6.50% 11/2023 230 230 —212 
SHO Holding I Corporation+~Senior loan L + 5.25%(c) 6.25% 04/2024 4,024 4,010 0.23,622 
SHO Holding I Corporation+~Senior loan L + 5.23%(c) 6.23% 04/2024 67 67 —60 
SHO Holding I Corporation+Senior loan L + 4.00%(c) 5.00% 04/2024 21 20 —21 
SHO Holding I Corporation+(5)Senior loan L + 5.00% N/A(6) 04/2024 — (1)—(8)
SHO Holding I Corporation+Senior loan L + 4.00%(c) 5.00% 04/2024 — — —— 
SHO Holding I Corporation+Senior loan L + 5.23%(c) 6.23% 04/2024 — — —— 
41,830 41,796 1.333,539 
Total non-controlled/non-affiliate company debt investments$4,288,965 $4,280,770 168.6%$4,213,799 


See Notes to Consolidated Financial Statements.
37
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Equity Investments (15)(16)
Aerospace and Defense
NTS Technical Systems+Common Stock N/A N/A N/A 2 $1,506 0.1%$946 
NTS Technical Systems+Common Stock N/A N/A N/A — 256 —466 
NTS Technical Systems+LLC units N/A N/A N/A — 128 —267 
Whitcraft LLC+LLC units N/A N/A N/A 11 2,285 0.12,815 
4,175 0.24,494 
Auto Components
Polk Acquisition Corp.+LLC units N/A N/A N/A 5 314 —261 
Automobiles
MOP GM Holding, LLC+LP units N/A N/A N/A — 323 —352 
Quick Quack Car Wash Holdings, LLCPreferred stock N/A N/A N/A — 508 —499 
831 —851 
Beverages
Abita Brewing Co., L.L.C.+Common Stock N/A N/A N/A 210 — —138 
Biotechnology
BIO18 Borrower, LLC+(17)Preferred stock N/A N/A N/A 591 1,190 0.11,965 
Building Products
Brooks Equipment Company, LLC+Preferred stock N/A N/A N/A 10 1,021 0.12,265 
Chemicals
Inhance Technologies Holdings LLC+LLC units N/A N/A N/A — 124 —95 
Commercial Services & Supplies
Hydraulic Authority III Limited+(8)(9)(10)LLC units N/A N/A N/A 284 384 —394 
Hydraulic Authority III Limited+(8)(9)(10)LLC units N/A N/A N/A 6 43 —— 
427 —394 
Construction & Engineering
Reladyne, Inc.+LP interest N/A N/A N/A — 931 0.11,022 
Diversified Consumer Services
CHHJ Franchising, LLC+Common Stock N/A N/A N/A 19 193 —193 
EWC Growth Partners LLCLP interest N/A N/A N/A — 12 —1 
Liminex, Inc.+LP units N/A N/A N/A 14 496 —535 
PADI Holdco, Inc.+LLC interest N/A N/A N/A 1 969 —155 
Spear Education, LLC+Common Stock N/A N/A N/A — 7 —22 
Spear Education, LLC+LLC units N/A N/A N/A 1 1 —— 
1,678 —906 
Electronic Equipment, Instruments & Components
ES Acquisition LLC+Preferred stock N/A N/A N/A — 15 —30 
Inventus Power, Inc.+Common Stock N/A N/A N/A — 372 —258 
Inventus Power, Inc.+LLC units N/A N/A N/A — 88 —160 
Inventus Power, Inc.+LP interest N/A N/A N/A — 20 —40 
Inventus Power, Inc.+Preferred stock N/A N/A N/A — — —— 
495 —488 


See Notes to Consolidated Financial Statements.
38
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Food & Staples Retailing
Benihana, Inc.+LLC units N/A N/A N/A 43 $699 —%$115 
Cafe Rio Holding, Inc.+LLC units N/A N/A N/A 5 603 —880 
Captain D's, LLC+LLC interest N/A N/A N/A 158 156 —509 
Feeders Supply Company, LLC+Common Stock N/A N/A N/A 4 400 —346 
Feeders Supply Company, LLC+Preferred stock N/A N/A N/A — — —— 
Hopdoddy Holdings, LLC+LLC units N/A N/A N/A 44 217 —80 
Hopdoddy Holdings, LLC+LLC units N/A N/A N/A 20 61 —23 
Mendocino Farms, LLC+LLC interest N/A N/A N/A 168 770 0.11,134 
Ruby Slipper Cafe LLC, The+LP interest N/A N/A N/A 31 373 —70 
Ruby Slipper Cafe LLC, The+LP interest N/A N/A N/A 2 20 —17 
Wetzel's Pretzels, LLC+Common Stock N/A N/A N/A — 416 —185 
Wood Fired Holding Corp.+LLC units N/A N/A N/A 437 444 —350 
Wood Fired Holding Corp.+Preferred stock N/A N/A N/A 437 — —— 
4,159 0.13,709 
Food Products
C. J. Foods, Inc.+Preferred stock N/A N/A N/A — 75 —599 
FCID Merger Sub, Inc.+LLC units N/A N/A N/A 3 325 —325 
Purfoods, LLC+Preferred stock N/A N/A N/A — 926 0.35,867 
1,326 0.36,791 
Health Care Equipment & Supplies
Aspen Medical Products, LLC+LP interest N/A N/A N/A — 77 —118 
Blue River Pet Care, LLC+Common Stock N/A N/A N/A — 76 —109 
CCSL Holdings, LLC+Preferred stock N/A N/A N/A — 312 —312 
CMI Parent Inc.+Common Stock N/A N/A N/A — 240 —262 
CMI Parent Inc.+Warrant N/A N/A N/A 3 3 —— 
Flexan, LLC+LLC units N/A N/A N/A — 137 —231 
Flexan, LLC+LLC units N/A N/A N/A 1 — —35 
G & H Wire Company, Inc.+Common Stock N/A N/A N/A 335 269 —86 
Joerns Healthcare, LLC*+LLC units N/A N/A N/A 432 4,329 0.12,569 
Katena Holdings, Inc.+LLC units N/A N/A N/A — 573 0.1339 
Lombart Brothers, Inc.+LLC units N/A N/A N/A 1 440 —182 
6,456 0.24,243 


See Notes to Consolidated Financial Statements.
39
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Providers & Services
Active Day, Inc.+LLC interest N/A N/A N/A 2 $1,098 —%$268 
Acuity Eyecare Holdings, LLC+LLC interest N/A N/A N/A 1,158 1,334 0.12,219 
ADCS Clinics Intermediate Holdings, LLC+LLC interest N/A N/A N/A 2 1,119 0.11,071 
ADCS Clinics Intermediate Holdings, LLC+Preferred stock N/A N/A N/A — 6 —— 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+Common Stock N/A N/A N/A 104 104 —104 
CRH Healthcare Purchaser, Inc.+(17)LLC units N/A N/A N/A 429 326 0.1901 
DCA Investment Holding, LLCLLC interest N/A N/A N/A 13,890 1,619 0.12,141 
DCA Investment Holding, LLCLLC units N/A N/A N/A 140 218 —209 
Deca Dental Management LLC+LLC units N/A N/A N/A 1,008 1,278 0.11,322 
Emerge Intermediate, Inc.+Common Stock N/A N/A N/A — 648 —46 
Emerge Intermediate, Inc.+Common Stock N/A N/A N/A — 61 —42 
Emerge Intermediate, Inc.+Common Stock N/A N/A N/A 9 4 —— 
Encore GC Acquisition, LLC+Common Stock N/A N/A N/A 26 272 —278 
Encore GC Acquisition, LLC+LLC units N/A N/A N/A 26 52 —— 
Encorevet Group LLC+Common Stock N/A N/A N/A — 15 —21 
Encorevet Group LLC+LLC units N/A N/A N/A — 6 —8 
Eyecare Services Partners Holdings LLC+LLC units N/A N/A N/A — 262 —3 
Eyecare Services Partners Holdings LLC+LLC units N/A N/A N/A — 1 —— 
Krueger-Gilbert Health Physics, LLC+Common Stock N/A N/A N/A 168 187 —191 
MD Now Holdings, Inc.+Common Stock N/A N/A N/A 15 153 —195 
Midwest Veterinary Partners, LLC+Warrant N/A N/A N/A — 29 —33 
Midwest Veterinary Partners, LLC+Warrant N/A N/A N/A 6 — —68 
MWD Management, LLC & MWD Services, Inc.+Warrant N/A N/A N/A 412 335 —409 
Oliver Street Dermatology Holdings, LLC+Common Stock N/A N/A N/A 452 234 —— 
Pentec Acquisition Sub, Inc.+Preferred stock N/A N/A N/A 1 116 —193 
Pinnacle Treatment Centers, Inc.+LP units N/A N/A N/A — 528 —656 
Pinnacle Treatment Centers, Inc.+Preferred stock N/A N/A N/A 4 74 —649 
Radiology Partners, Inc.+LLC units N/A N/A N/A 11 68 —63 
Radiology Partners, Inc.+Common Stock N/A N/A N/A 43 55 —250 
RXH Buyer Corporation+LLC units N/A N/A N/A 11 973 0.11,357 
Sage Dental Management, LLC+LLC units N/A N/A N/A — 249 —— 
Sage Dental Management, LLC+LLC units N/A N/A N/A 3 3 —— 
SSH Corporation+LP interest N/A N/A N/A — 40 —114 
Summit Behavioral Healthcare, LLC+LLC units N/A N/A N/A 2 98 —203 
Summit Behavioral Healthcare, LLC+LLC units N/A N/A N/A 2 — —14 
WHCG Management, LLC+LLC interest N/A N/A N/A — 414 —582 
11,979 0.613,610 


See Notes to Consolidated Financial Statements.
40
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Technology
Caliper Software, Inc.+LLC units N/A N/A N/A 2 $2,734 0.2%$3,405 
Caliper Software, Inc.+Common Stock N/A N/A N/A 2 1,427 0.11,516 
Caliper Software, Inc.+LLC units N/A N/A N/A 221 283 0.11,093 
Caliper Software, Inc.+Preferred stock N/A N/A N/A — 64 —68 
Caliper Software, Inc.+LP interest N/A N/A N/A — 37 —49 
Connexin Software, Inc.+LLC interest N/A N/A N/A 153 192 —297 
HealthcareSource HR, Inc.+LLC units N/A N/A N/A — 621 —727 
HSI Halo Acquisition, Inc.+LLC units N/A N/A N/A — 288 —250 
HSI Halo Acquisition, Inc.+LLC units N/A N/A N/A — — —— 
Kareo, Inc.+LLC units N/A N/A N/A 52 162 —2 
Kareo, Inc.+LLC units N/A N/A N/A 13 49 —65 
Kareo, Inc.+LLC interest N/A N/A N/A 2 8 —16 
Verisys Corporation+Preferred stock N/A N/A N/A 579 712 —296 
6,577 0.47,784 
Hotels, Restaurants & Leisure
Freddy's Frozen Custard LLC+Common Stock N/A N/A N/A 206 205 —206 
LMP TR Holdings, LLCLLC units N/A N/A N/A 712 712 —405 
SSRG Holdings, LLCLP interest N/A N/A N/A 6 61 —58 
Tropical Smoothie Cafe Holdings, LLC+(17)LLC interest N/A N/A N/A 5 550 0.1699 
1,528 0.11,368 
Household Durables
Groundworks LLC+Common Stock N/A N/A N/A — 155 —338 
Insurance
Captive Resources Midco, LLC+LLC units N/A N/A N/A 425 — —471 
Majesco+Common Stock N/A N/A N/A — 264 —276 
Majesco+Common Stock N/A N/A N/A 59 — —110 
Orchid Underwriters Agency, LLC+(17)Common Stock N/A N/A N/A 92 103 —82 
367 —939 

See Notes to Consolidated Financial Statements.
41
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
IT Services
Appriss Holdings, Inc.+Preferred stock N/A N/A N/A — $174 —%$194 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+LLC units N/A N/A N/A 587 462 0.11,624 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Preferred stock N/A N/A N/A 154 423 —426 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Warrant N/A N/A N/A 202 159 —470 
Episerver, Inc.+LLC interest N/A N/A N/A 75 807 —682 
Maverick Bidco Inc.+Preferred stock N/A N/A N/A 2 723 0.12,309 
PCS Intermediate II Holdings, LLC+Preferred stock N/A N/A N/A 37 367 —470 
Red Dawn SEI Buyer, Inc.+Warrant N/A N/A N/A 13 13 —16 
3,128 0.26,191 
Leisure Products
Massage Envy, LLC+LLC interest N/A N/A N/A 749 210 —869 
WBZ Investment LLC+LP interest N/A N/A N/A 67 117 —65 
WBZ Investment LLC+Preferred stock N/A N/A N/A 46 80 —45 
WBZ Investment LLC+Warrant N/A N/A N/A 38 65 —36 
WBZ Investment LLC+LLC units N/A N/A N/A 33 58 —32 
WBZ Investment LLC+LLC units N/A N/A N/A 15 24 —13 
WBZ Investment LLC+Preferred stock N/A N/A N/A 2 2 —2 
556 —1,062 
Life Sciences Tools & Services
Pace Analytical Services, LLC+LP interest N/A N/A N/A 6 700 0.11,056 
Oil, Gas and Consumable Fuels
W3 Co.+LLC interest N/A N/A N/A 3 1,633 0.12,394 
W3 Co.+LLC units N/A N/A N/A — 224 —266 
1,857 0.12,660 
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12)Common Stock N/A N/A N/A 502 502 —502 
BIOVT, LLC+LLC interest N/A N/A N/A — 1,223 0.12,223 
1,725 0.12,725 


See Notes to Consolidated Financial Statements.
42
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)


Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Professional Services
Brandmuscle, Inc.+LLC interest N/A N/A N/A — $335 —%$337 
DISA Holdings Acquisition Subsidiary Corp.+Preferred stock N/A N/A N/A — 154 —320 
Net Health Acquisition Corp.+LLC units N/A N/A N/A 13 1,509 0.11,687 
Nexus Brands Group, Inc.+LLC interest N/A N/A N/A — 547 —786 
Vitalyst, LLC+Preferred stock N/A N/A N/A — 61 —61 
Vitalyst, LLC+Common Stock N/A N/A N/A 1 7 —— 
2,613 0.13,191 
Real Estate Management & Development
Property Brands, Inc.+Preferred stock N/A N/A N/A 62 434 —531 
Road & Rail
Internet Truckstop Group LLC+LP interest N/A N/A N/A 408 447 —418 

See Notes to Consolidated Financial Statements.
43
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Software
Accela, Inc.+Preferred stock N/A N/A N/A 670 $418 —%$130 
Astute Holdings, Inc. +LP interest N/A N/A N/A — 294—570
Calabrio, Inc. +Preferred stock N/A N/A N/A 26 205—388
Cloudbees, Inc.+LP interest N/A N/A N/A 72 466—452
Cloudbees, Inc.+LLC interest N/A N/A N/A 131 247—530
Confluence Technologies, Inc.+LLC interest N/A N/A N/A 3 412—539
Convercent, Inc.Warrant N/A N/A N/A 325 63—214
Digital Guardian, Inc.+LP interest N/A N/A N/A 356 434—478
Digital Guardian, Inc.+Preferred stock N/A N/A N/A 122 225—360
Digital Guardian, Inc.+LLC units N/A N/A N/A 74 142—218
Digital Guardian, Inc.+Preferred stock N/A N/A N/A 67 123—201
Digital Guardian, Inc.+Warrant N/A N/A N/A 124 33—92
Diligent Corporation+LLC units N/A N/A N/A 415 9120.12,496 
GS Acquisitionco, Inc.+LLC interest N/A N/A N/A 2 2910.1944
MetricStream, Inc.+Warrant N/A N/A N/A 168 263—201
mParticle, Inc.LLC units N/A N/A N/A 26 10—134
Namely, Inc.+LP units N/A N/A N/A 47 314—309
Namely, Inc.+Preferred stock N/A N/A N/A 17 28—24
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+LLC units N/A N/A N/A 4 9—19
Personify, Inc.+LP interest N/A N/A N/A 716 9420.11,109 
Pride Midco, Inc.+(17)LLC units N/A N/A N/A 2 2,594 0.13,047 
Project Alpha Intermediate Holding, Inc.+Warrant N/A N/A N/A — 9640.11,217 
Project Alpha Intermediate Holding, Inc.+Common Stock N/A N/A N/A 202 3290.11,008 
RegEd Aquireco, LLC+Preferred stock N/A N/A N/A — 331—168
RegEd Aquireco, LLC+Common Stock N/A N/A N/A 3 21—0
Saturn Borrower Inc.+LP units N/A N/A N/A 328 328—327
SnapLogic, Inc.LLC units N/A N/A N/A 278 6950.11,518 
SnapLogic, Inc.LLC units N/A N/A N/A 69 27—263 
Spartan Buyer Acquisition Co.+LLC units N/A N/A N/A 1 535—535
Telesoft Holdings LLC+Common Stock N/A N/A N/A 6 6—5
Vendavo, Inc.+LLC units N/A N/A N/A 1,017 10170.12,178 
Workforce Software, LLC+LLC units N/A N/A N/A — 973 0.1900 
Xmatters, Inc. and Alarmpoint, Inc.+LP interest N/A N/A N/A 474 494—712
Xmatters, Inc. and Alarmpoint, Inc.+LLC units N/A N/A N/A 84 64—41
Xmatters, Inc. and Alarmpoint, Inc.+LLC units N/A N/A N/A 20 26—29
14,235 0.921,356 


See Notes to Consolidated Financial Statements.
44
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Specialty Retail
2nd Ave. LLC+LLC units N/A N/A N/A 653 $653 —%$658 
Batteries Plus Holding Corporation+LP interest N/A N/A N/A 10 1,287 0.11,374 
Cycle Gear, Inc.+LLC units N/A N/A N/A 27 462 0.11,582 
Imperial Optical Midco Inc.+Preferred stock N/A N/A N/A — 122 —133 
Imperial Optical Midco Inc.+LP units N/A N/A N/A — 46 —49 
Jet Equipment & Tools Ltd.+(8)(9)(12)LLC interest N/A N/A N/A 1 948 0.12,649 
Pet Holdings ULC+(8)(12)Common Stock N/A N/A N/A 677 483 —273 
PPV Intermediate Holdings II, LLC+LLC units N/A N/A N/A 325 315 —506 
Sola Franchise, LLC and Sola Salon Studios, LLC+LLC interest N/A N/A N/A 6 682 —673 
Sola Franchise, LLC and Sola Salon Studios, LLC+LLC interest N/A N/A N/A 2 138 —135 
Southern Veterinary Partners, LLC+LLC units N/A N/A N/A — 717 —975 
Southern Veterinary Partners, LLC+LLC interest N/A N/A N/A 148 188 0.11,499 
6,041 0.410,506 
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.+LLC interest N/A N/A N/A 97604—509
Textiles, Apparel & Luxury Goods
Elite Sportswear, L.P.+LLC units N/A N/A N/A — 165 —— 
Georgica Pine Clothiers, LLC+Common Stock N/A N/A N/A 20 239 —110 
Georgica Pine Clothiers, LLC+LLC units N/A N/A N/A — — —— 
R.G. Barry Corporation+LLC units N/A N/A N/A — 161 —136 
565 —246 
Total non-controlled/non-affiliate company equity investments$76,638 4.1%$102,112 
Total non-controlled/non-affiliate company investments$4,288,965 $4,357,408 172.7%$4,315,911 


See Notes to Consolidated Financial Statements.
45
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Non-controlled/affiliate company investments(18)
Debt investments
Beverages
Uinta Brewing Company+(7)One stop L + 4.00%(a) 5.00% 08/2021 $962 $923 —%$54 
Uinta Brewing Company+(7)One stop L + 4.00%(a) 5.00% 08/2021 523 518 —350 
1,485 1,441 —404 
Consumer Finance
Paradigm DKD Group, LLC+(7)Senior loan L + 6.25%(c) 7.50% 05/2022 3,212 2,093 0.12,532 
Paradigm DKD Group, LLC+(5)(7)Senior loan L + 6.25%(c) 7.50% 05/2022 — (142)—4 
3,212 1,951 0.12,536 
Electronic Equipment, Instruments and Components
Sloan Company, Inc., The+(7)One stop L + 8.50%(c) 9.50% 04/2023 4,708 4,074 0.23,652 
Sloan Company, Inc., The+One stop L + 8.50%(c) 9.50% 04/2023 684 684 —684 
Sloan Company, Inc., The+(7)One stop L + 8.50%(c) 9.50% 04/2023 312 272 —242 
5,704 5,030 0.24,578 
Energy, Equipment & Services
Benetech, Inc.+One stop L + 6.00%(a) 7.25% 08/2023 3,903 3,903 0.12,342 
Benetech, Inc.+One stop L + 6.00%(a) 7.25% 08/2023 626 626 —142 
4,529 4,529 0.12,484 
Food and Staples Retailing
Rubio's Restaurants, Inc.+Senior loan L + 8.00%(c) 9.25% 12/2024 13,026 12,701 0.512,635 
Rubio's Restaurants, Inc.+(5)Senior loan L + 8.00% N/A(6) 12/2024 — (18)—(42)
13,026 12,683 0.512,593 
Healthcare Providers and Services
Dental Holdings Corporation*#+One stop L + 6.00%(b) 7.00% 03/2023 11,453 11,467 0.511,453 
Dental Holdings Corporation+One stop P + 4.75%(b)(c)(f) 7.57% 03/2023 277 277 —277 
Elite Dental Partners LLC+One stop L + 5.25%(c) 6.25% 06/2023 11,281 11,345 0.410,942 
Elite Dental Partners LLC+One stop L + 5.25% N/A(6) 06/2023 — — —— 
23,011 23,089 0.922,672 
Software
Switchfly LLC+One stop L + 5.00%(c) 6.00% 10/2023 5,990 5,850 0.24,971 
Switchfly LLC+One stop L + 5.00%(c) 6.00% 10/2023 500 489 —415 
Switchfly LLC+One stop L + 5.00%(c) 6.00% 10/2023 38 37 —32 
Switchfly LLC+(5)One stop L + 8.50%(c) 9.50% 10/2023 2 2 —(9)
6,530 6,378 0.25,409 
Total non-controlled/affiliate debt investments$57,497 $55,101 2.0 %$50,676 
Equity investments(15)(16)
Beverages
Uinta Brewing CompanyLLC units N/A N/A N/A 153$16 —%$— 
Consumer Finance
Paradigm DKD Group, LLCLLC interest N/A N/A N/A 354 115 —7 
Paradigm DKD Group, LLCPreferred stock N/A N/A N/A 71 — —— 
Paradigm DKD Group, LLCPreferred stock N/A N/A N/A 2,004 — —— 
115 — 7 

See Notes to Consolidated Financial Statements.
46
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Electronic Equipment, Instruments and Components
Sloan Company, Inc., The+LLC units N/A N/A N/A — $152 —%$— 
Sloan Company, Inc., The+LLC interest N/A N/A N/A 3 14 —— 
Sloan Company, Inc., The+Preferred stock N/A N/A N/A — 41 —— 
207 —— 
Energy, Equipment & Services
Benetech, Inc.+LLC interest N/A N/A N/A 58 — —— 
Benetech, Inc.+LLC interest N/A N/A N/A 58 — —— 
— —— 
Food and Staples Retailing
Rubio's Restaurants, Inc.+Warrant N/A N/A N/A 2,779 2,276 0.12,275 
Rubio's Restaurants, Inc.+Preferred stock N/A N/A N/A 886 182 —240 
Rubio's Restaurants, Inc.+LP units N/A N/A N/A 536 110 —145 
Rubio's Restaurants, Inc.+Common Stock N/A N/A N/A 89 6 —7 
Rubio's Restaurants, Inc.+LP units N/A N/A N/A 52 3 —4 
Rubio's Restaurants, Inc.+Common Stock N/A N/A N/A 21 — —— 
Rubio's Restaurants, Inc.+LLC units N/A N/A N/A 21 — —— 
Rubio's Restaurants, Inc.+Preferred stock N/A N/A N/A 42 — —— 
Rubio's Restaurants, Inc.+Preferred stock N/A N/A N/A 18 — —— 
Rubio's Restaurants, Inc.+Common Stock N/A N/A N/A 18 — —— 
Rubio's Restaurants, Inc.+Common Stock N/A N/A N/A 89 — —— 
2,577 0.12,671 
Healthcare Providers and Services
Dental Holdings Corporation*#+LP interest N/A N/A N/A — 390 0.11,489 
Elite Dental Partners LLCWarrant N/A N/A N/A — 2,902 0.13,134 
Elite Dental Partners LLCWarrant N/A N/A N/A — 1,251 —1,395 
Elite Dental Partners LLCLLC units N/A N/A N/A — — —125 
4,543 0.26,143 
Software
Switchfly LLC+LLC interest N/A N/A N/A 3,419 2,320 0.12,153 
Total non-controlled/affiliate equity investments$9,778 0.4%$10,974 
Total non-controlled/affiliate investments$57,497 $64,879 2.4%$61,650 

See Notes to Consolidated Financial Statements.
47
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Controlled affiliate company investments(19)
Debt Investments
IT Services
MMan Acquisition Co.*+(7)One stop L + 10.00%(c) 10.00% PIK 08/2023 $22,527 $19,718 0.6%$15,892 
MMan Acquisition Co.+One stop L + 8.00%(e) 8.00% PIK 08/2023 1,468 1,468 0.11,468 
23,995 21,186 0.717,360 
Total controlled affiliate debt investments$23,995 $21,186 0.7%$17,360 
Equity Investments (15)(16)
IT Services
MMan Acquisition Co.*+Common Stock N/A N/A N/A — $928 —%$340 
928 —340 
Total controlled affiliate equity investments$928 —%$340 
Total controlled affiliate investments$23,995 $22,114 0.7%$17,700 
Total investments$4,370,457 $4,444,401 175.8%$4,395,261 
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)0.02%(20)61,002 2.4%61,002 
Total money market funds$61,002 2.4%$61,002 
Total Investments and Money Market Funds$4,505,403 178.2%$4,456,263 


See Notes to Consolidated Financial Statements.
48
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

*
Denotes that all or a portion of the loan secures the notes offered in the 2018 Debt Securitization (as defined in Note 7).
#
Denotes that all or a portion of the loan secures the notes offered in the GCIC 2018 Debt Securitization (as defined in Note 7).
^
Denotes that all or a portion of the loan secures the notes offered in the 2020 Debt Securitization (as defined in Note 7).
+
Denotes that all or a portion of the investment collateralizes the JPM Credit Facility (as defined in Note 7).
~
Denotes that all or a portion of the loan collateralizes the MS Credit Facility II (as defined in Note 7).
(1)The majority of the investments bear interest at a rate that is permitted to be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”) denominated in U.S. dollars or U.K. pound sterling (“GBP”), Euro Interbank Offered Rate (“EURIBOR” or “E”) or Prime (“P”) and which reset daily, monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over LIBOR, EURIBOR or Prime and the weighted average current interest rate in effect as of March 31, 2021. Certain investments are subject to a LIBOR, EURIBOR or Prime interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. Listed below are the index rates as of March 31, 2021, which was the last business day of the period on which LIBOR or EURIBOR was determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of March 31, 2021, as the loan may have priced or repriced based on an index rate prior to March 31, 2021.
(a) Denotes that all or a portion of the loan was indexed to the 30-day LIBOR, which was 0.11% as of March 31, 2021.
(b) Denotes that all or a portion of the loan was indexed to the 60-day LIBOR, which was 0.13% as of March 31, 2021.
(c) Denotes that all or a portion of the loan was indexed to the 90-day LIBOR, which was 0.19% as of March 31, 2021.
(d) Denotes that all or a portion of the loan was indexed to the 180-day LIBOR, which was 0.21% as of March 31, 2021.
(e) Denotes that all or a portion of the loan was indexed to the 360-day LIBOR, which was 0.28% as of March 31, 2021.
(f) Denotes that all or a portion of the loan was indexed to the Prime rate, which was 3.25% as of March 31, 2021.
(g) Denotes that all or a portion of the loan was indexed to the 90-day EURIBOR, which was -0.55% as of March 31, 2021.
(h) Denotes that all or a portion of the loan was indexed to the 30-day GBP LIBOR, which was 0.05% as of March 31, 2021.
(i) Denotes that all or a portion of the loan was indexed to the 90-day GBP LIBOR, which was 0.09% as of March 31, 2021.
(j) Denotes that all or a portion of the loan was indexed to the 180-day GBP LIBOR, which was 0.11% as of March 31, 2021.
(k) Denotes that all or a portion of the loan was indexed to the Australia Three Month Interbank Rate, which was 0.09%, as of March 31, 2021.
(l) Denotes that all or a portion of the loan was indexed to the 30-day Canadian Bankers' Acceptance Rate, which was 0.41%, as of March 31, 2021.
(m) Denotes that all or a portion of the loan was indexed to the 90-day Canadian Bankers' Acceptance Rate, which was 0.44%, as of March 31, 2021.
(2)For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of March 31, 2021.
(3)The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.
(4)The fair value of the investment was valued using significant unobservable inputs. See Note 6. Fair Value Measurements.
(5)The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
(6)The entire commitment was unfunded as of March 31, 2021. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.
(7)Loan was on non-accrual status as of March 31, 2021, meaning that the Company has ceased recognizing interest income on the loan.
(8)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company can not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of March 31, 2021, total non-qualifying assets at fair value represented 7.1% of the Company's total assets calculated in accordance with the 1940 Act.
(9)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date or the date of the transaction. See Note 2. Significant Accounting Policies and Recent Accounting Updates - Foreign Currency Transactions.
(10)The headquarters of this portfolio company is located in the United Kingdom.
(11)The headquarters of this portfolio company is located in Australia.
(12)The headquarters of this portfolio company is located in Canada.
(13)The headquarters of this portfolio company is located in Luxembourg.
(14) The headquarters of this portfolio company is located in Andorra.
(15) Equity investments are non-income producing securities unless otherwise noted.
(16) Ownership of certain equity investments occurs through a holding company or partnership.
(17) The Company holds an equity investment that entitles it to receive preferential dividends.

See Notes to Consolidated Financial Statements.
49
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
(18)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns five percent or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the six months ended March 31, 2021 were as follows:
Portfolio Company
Fair value as of September 30, 2020
Gross Additions(a)
Gross Reductions(b)
Net change in unrealized gain (loss)Net realized gain (loss)Fair value as of March 31, 2021Interest, dividend and fee income
Benetech, Inc.
$2,672 $157 $(402)$57 $— $2,484 $174 
Dental Holdings Corporation
9,320 1,021 — 2,878 — 13,219 475 
Elite Dental Partners LLC15,368 33 (64)259 — 15,596 387 
Paradigm DKD Group, LLC2,460 1,055 (1,065)93 — 2,543 7 
Rubio's Restaurants, Inc(c)
— 28,757 (16,450)8,696 (5,739)15,264 1,109 
Sloan Company, Inc., The
4,365 310 (277)180 — 4,578 33 
Switchfly LLC
7,229 229 104 — 7,562 226 
Uinta Brewing Company
586 177 (165)(194)— 404 (1)
Total Non-Controlled Affiliates
$42,000 $31,739 $(18,423)$12,073 $(5,739)$61,650 $2,410 

(a)
Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind (“PIK”) interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(b)
Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.
(c)
During the three months ended December 31, 2020, the Company's ownership increased to over five percent of the portfolio company's voting securities.
(19)As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” of and “control” this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement) (“controlled affiliate”). Transactions related to investments in controlled affiliates for the six months ended March 31, 2021 were as follows:
Portfolio Company
Fair value as of September 30, 2020
Gross Additions(a)
Gross Reductions(b)
Net change in unrealized gain (loss)Net realized gain (loss)Fair value as of March 31, 2021Interest, dividend and fee income
MMan Acquisition Co.$18,736 $3,635 $(3,580)$(1,091)$— $17,700 $(16)
Total Controlled Affiliates
$18,736 $3,635 $(3,580)$(1,091)$— $17,700 $(16)

(a)
Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(b)
Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.
(20)The rate shown is the annualized seven-day yield as of March 31, 2021.


See Notes to Consolidated Financial Statements.
50
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Investments                 
Non-controlled/non-affiliate company investments               
Debt investments                 
Aerospace and Defense                 
NTS Technical Systems*#~^One stop L + 6.00%
(c)
 7.00% 06/2021 $25,330 $25,312 1.0%$25,330
NTS Technical Systems~^One stop L + 6.00%
(c)
 7.00% 06/2021 4,150 4,147 0.24,150
NTS Technical Systems(5)One stop L + 6.00% 
N/A(6)
 06/2021 — (17)——
Tronair Parent, Inc.+Senior loan L + 4.75%
(c)
 5.75% 09/2023 718 711 —638
Tronair Parent, Inc.Senior loan L + 4.50%
(c)(f)
 4.73% 09/2021 160 159 —152
Whitcraft LLC*#+~One stop L + 6.00%
(c)
 7.00% 04/2023 63,896 64,289 2.558,785
Whitcraft LLCOne stop L + 6.00%
(c)
 7.00% 04/2023 120 118 —96
94,374 94,719 3.789,151
Airlines
Aurora Lux Finco S.A.R.L.!(8)(13)
One stop L + 6.00%
(c)
 7.00% 12/2026 995 973 —896
Auto Components                 
Polk Acquisition Corp.*#Senior loan L + 6.50%
(a)
 3.50% cash/4.00% PIK 12/2023 18,042 17,859 0.716,599
Polk Acquisition Corp.Senior loan L + 6.50%
(a)
 3.50% cash/4.00% PIK 12/2023 106 104 —98
Polk Acquisition Corp.Senior loan L + 6.50%
(a)
 3.50% cash/4.00% PIK 12/2023 22 21 —10
Power Stop, LLC+~Senior loan L + 4.50%
(a)
 4.65% 10/2025 2,842 2,896 0.12,785
   21,012 20,880 0.819,492
Automobiles                 
Grease Monkey International, LLC*#+Senior loan L + 5.00%
(c)
 6.00% 11/2022 8,672 8,733 0.48,672
Grease Monkey International, LLC!~Senior loan L + 5.00%
(c)
 6.00% 11/2022 2,370 2,437 0.12,370
Grease Monkey International, LLC#~Senior loan L + 5.00%
(c)
 6.00% 11/2022 1,203 1,238 0.11,203
Grease Monkey International, LLC+~Senior loan L + 5.00%
(c)
 6.00% 11/2022 1,089 1,119 —1,089
Grease Monkey International, LLCSenior loan L + 5.00%
(c)
 6.00% 11/2022 995 997 —995
Grease Monkey International, LLCSenior loan L + 5.00% 
N/A(6)
 11/2022 — 1 ——
Grease Monkey International, LLCSenior loan L + 5.00% 
N/A(6)
 11/2022 — — ——
JHCC Holdings LLCOne stop L + 5.50%
(c)
 6.50% 09/2025 15,630 15,373 0.715,630
JHCC Holdings LLCOne stop L + 5.50%
(c)
 6.50% 09/2025 79 76 —79
JHCC Holdings LLCOne stop P + 4.50%
(c)(f)
 7.55% 09/2025 31 30 —31
Quick Quack Car Wash Holdings, LLC*#One stop L + 6.50%
(d)
 7.50% 04/2023 13,084 13,176 0.513,084
Quick Quack Car Wash Holdings, LLC#One stop L + 6.50%
(c)(d)
 7.50% 04/2023 2,360 2,343 0.12,360
Quick Quack Car Wash Holdings, LLC*+One stop L + 6.50%
(d)
 7.50% 04/2023 2,062 2,124 0.12,062
Quick Quack Car Wash Holdings, LLC*+One stop L + 6.50%
(d)
 7.50% 04/2023 1,378 1,420 0.11,378
Quick Quack Car Wash Holdings, LLC*One stop L + 6.50%
(d)
 7.50% 04/2023 1,122 1,176 —1,122
Quick Quack Car Wash Holdings, LLCOne stop L + 6.50% 
N/A(6)
 04/2023 — 1 ——
50,075 50,244 2.150,075


See Notes to Consolidated Financial Statements.
51
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Beverages
Abita Brewing Co., L.L.C.+(7)One stop L + 8.00%(c) 9.00% 04/2021 $9,983 $9,992 0.4%$8,485 
Abita Brewing Co., L.L.C.(7)One stop L + 8.00%(c) 9.00% 04/2021 40 40 —34 
Fintech Midco, LLC*#!One stop L + 5.00%(a) 6.00% 08/2024 24,411 24,756 1.023,679 
Fintech Midco, LLC#One stop L + 5.00%(a) 6.00% 08/2024 1,131 1,168 —1,096 
Fintech Midco, LLC(5)One stop L + 5.00% N/A(6) 08/2024 — (1)—(6)
35,565 35,955 1.433,288 
Biotechnology
BIO18 Borrower, LLC!One stop L + 5.25%(c) 6.25% 11/2024 11,075 11,111 0.411,075 
BIO18 Borrower, LLC*#One stop L + 5.25%(c) 6.25% 11/2024 3,963 3,928 0.23,963 
BIO18 Borrower, LLCOne stop L + 5.25%(c) 6.25% 11/2024 210 210 —210 
BIO18 Borrower, LLC(5)One stop L + 5.25% N/A(6) 11/2024 — (1)—— 
15,248 15,248 0.615,248 
Building Products
Brooks Equipment Company, LLC*#^One stop L + 5.00%(c) 6.00% 05/2021 23,722 23,640 1.023,722 
Brooks Equipment Company, LLC(5)One stop L + 5.00% N/A(6) 05/2021 — (9)—— 
Jensen Hughes, Inc.+Senior loan L + 4.50%(c)(f) 5.50% 03/2024 4,191 4,191 0.24,066 
Jensen Hughes, Inc.Senior loan L + 4.50%(c)(f) 5.50% 03/2024 1,065 1,098 —1,021 
Jensen Hughes, Inc.+Senior loan L + 4.50%(c)(f) 5.50% 03/2024 913 927 0.1886 
Jensen Hughes, Inc.Senior loan L + 4.50%(c)(f) 5.50% 03/2024 439 453 —426 
Jensen Hughes, Inc.+Senior loan L + 4.50%(c)(f) 5.50% 03/2024 279 283 —271 
Jensen Hughes, Inc.Senior loan L + 4.50%(c)(f) 5.50% 03/2024 218 218 —212 
Jensen Hughes, Inc.+Senior loan L + 4.50%(c)(f) 5.50% 03/2024 117 117 —113 
30,944 30,918 1.330,717 
Chemicals
Inhance Technologies Holdings LLC#One stop L + 6.00%(c) 7.00% 07/2024 12,703 12,822 0.512,005 
Inhance Technologies Holdings LLCOne stop L + 6.00%(c) 7.00% 07/2024 1,929 1,917 0.11,824 
Inhance Technologies Holdings LLCOne stop L + 6.00%(c) 7.00% 07/2024 80 80 —68 
14,712 14,819 0.613,897 
Commercial Services & Supplies
Bazaarvoice, Inc.*#+~^One stopL + 5.75%(a)(c)6.75%02/202448,127 48,873 2.048,127 
Bazaarvoice, Inc.One stopL + 5.75%(c)6.75%02/2024300 297 —300 
EGD Security Systems, LLC*#^One stop L + 5.65%(c) 6.65% 06/2023 30,092 30,453 1.330,092 
EGD Security Systems, LLC*One stop L + 5.65%(c) 6.65% 06/2023 1,258 1,257 0.11,258 
EGD Security Systems, LLC#One stop L + 5.65%(c) 6.65% 06/2023 644 663 —644 
EGD Security Systems, LLC#One stop L + 5.65%(c) 6.65% 06/2023 575 571 —575 
EGD Security Systems, LLCOne stop L + 5.65%(c) 6.65% 06/2023 70 69 —70 
EGD Security Systems, LLC(5)One stop L + 5.65% N/A(6) 06/2023 — (38)—— 
Hydraulic Authority III Limited~(8)(9)(10)One stop L + 6.00%(h)(i) 7.00% 11/2025 12,277 12,484 0.512,344 
Hydraulic Authority III Limited(8)(9)(10)One stop N/A 11.00% PIK 11/2028 199 203 —204 
Hydraulic Authority III Limited(8)(9)(10)One stop L + 6.00%(d) 7.00% 11/2025 33 32 —36 

See Notes to Consolidated Financial Statements.
52
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Commercial Services & Supplies - (continued)
MSHC, Inc.+Senior loan L + 4.25%(c)(f) 5.25% 12/2024 $343 $340 —%$343 
MSHC, Inc.Senior loan L + 4.25%(a)(f) 5.25% 12/2024 9 9 —9 
PT Intermediate Holdings III, LLC+~^One stop L + 5.50%(c) 6.50% 10/2025 29,776 29,385 1.227,988 
WRE Holding Corp.*#Senior loan L + 5.25%(b)(c) 6.25% 01/2023 2,276 2,312 0.12,276 
WRE Holding Corp.^Senior loan L + 5.25%(b)(c) 6.25% 01/2023 940 967 0.1940 
WRE Holding Corp.Senior loan L + 5.25%(c) 6.25% 01/2023 688 687 —688 
WRE Holding Corp.Senior loan L + 5.25%(c) 6.25% 01/2023 408 408 —408 
WRE Holding Corp.Senior loan L + 5.25%(c) 6.25% 01/2023 23 23 —23 
WRE Holding Corp.Senior loan L + 5.25%(c) 6.25% 01/2023 14 13 —14 
WRE Holding Corp.Senior loan L + 5.25% N/A(6) 01/2023 — 9 —— 
128,052 129,017 5.3126,339 


See Notes to Consolidated Financial Statements.
53
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Construction & Engineering
Reladyne, Inc.*#^Senior loan L + 5.00%(c) 6.09% 07/2022 $32,863 $33,081 1.3%$32,206 
Reladyne, Inc.~Senior loan L + 5.00%(c) 6.09% 07/2022 3,482 3,541 0.13,412 
Reladyne, Inc.Senior loan L + 5.00%(c) 6.06% 07/2022 2,754 2,800 0.12,699 
Reladyne, Inc.#Senior loan L + 5.00%(c) 6.09% 07/2022 1,885 1,916 0.11,847 
Reladyne, Inc.#~Senior loan L + 5.00%(c) 6.09% 07/2022 1,624 1,652 0.11,592 
Reladyne, Inc.#Senior loan L + 5.00%(c) 6.09% 07/2022 1,545 1,587 0.11,514 
Reladyne, Inc.#~Senior loan L + 5.00%(c) 6.09% 07/2022 742 753 —726 
44,895 45,330 1.843,996 
Containers & Packaging
AmerCareRoyal LLC+Senior loan L + 5.00%(a) 6.00% 11/2025 822 815 0.1806 
AmerCareRoyal LLC+(8)Senior loan L + 5.00%(a) 6.00% 11/2025 152 151 —149 
Fortis Solutions Group LLC+Senior loan L + 5.00%(a) 6.00% 12/2023 1,586 1,573 0.11,586 
Fortis Solutions Group LLC+Senior loan L + 5.00%(a) 6.00% 12/2023 632 626 —632 
Fortis Solutions Group LLC+Senior loan L + 5.00%(a) 6.00% 12/2023 607 602 —607 
Fortis Solutions Group LLCSenior loan L + 5.00% N/A(6) 12/2023 — — —— 
Plano Molding Company, LLC+One stop L + 9.00%(c) 8.50% cash/1.50% PIK 05/2022 14,634 14,585 0.511,707 
Plano Molding Company, LLCOne stop L + 9.00%(c) 8.50% cash/1.50% PIK 05/2022 1,182 1,171 —1,182 
19,615 19,523 0.716,669 
Distributors
PetroChoice Holdings, Inc.#^Senior loan L + 5.00%(c) 6.00% 08/2022 3,276 3,282 0.13,046 
Diversified Consumer Services
EWC Growth Partners LLCOne stop L + 5.50%(c) 6.50% 03/2026 914 897 0.1795 
EWC Growth Partners LLCOne stop L + 5.50%(c) 6.50% 03/2026 30 29 —26 
EWC Growth Partners LLCOne stop L + 5.50%(c) 6.50% 03/2026 18 18 —15 
Excelligence Learning Corporation#One stop L + 7.00%(c) 8.00% 04/2023 10,347 10,088 0.37,760 
Learn-it Systems, LLC!Senior loan L + 5.00%(c) 5.00% cash/0.50% PIK 03/2025 2,545 2,594 0.12,494 
Learn-it Systems, LLCSenior loan L + 5.00%(c) 5.00% cash/0.50% PIK 03/2025 345 344 —338 

See Notes to Consolidated Financial Statements.
54
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Diversified Consumer Services - (continued)
Learn-it Systems, LLCSenior loan L + 5.00%(c) N/A(6) 03/2025 $— $— —%$— 
Litera Bidco LLC+^One stop L + 5.25%(a) 6.25% 05/2026 3,749 3,771 0.23,749 
Litera Bidco LLCOne stop L + 5.25%(a) 6.25% 05/2026 702728—702
Litera Bidco LLCOne stop L + 5.25%(a) 6.25% 05/2026 702 728 —702 
Litera Bidco LLCOne stop L + 5.25%(a) 6.25% 05/2025 16 15 —16 
PADI Holdco, Inc.*#One stop L + 5.75%(c) 6.75% 04/2024 21,763 21,958 0.818,498 
PADI Holdco, Inc.+~(8)(9)One stop E + 5.75%(g) 5.75% 04/2024 20,675 20,964 0.717,608 
PADI Holdco, Inc.~One stop L + 5.75%(c) 6.75% 04/2024 801 795 —681 
PADI Holdco, Inc.One stop L + 5.75%(c) 6.75% 04/2023 298 298 —254 
PADI Holdco, Inc.One stop L + 5.75%(c) 6.75% 04/2024 166 164 —141 
63,071 63,391 2.253,779 
Diversified Financial Services
Institutional Shareholder Services*!Senior loan L + 4.50%(c) 4.72% 03/2026 18,775 19,161 0.818,775 
Institutional Shareholder ServicesSenior loan L + 4.50%(c) 4.72% 03/2024 150 147 —150 
Sovos Compliance*+^One stop L + 4.75%(a) 5.75% 04/2024 19,614 20,156 0.819,221 
Sovos Compliance!Second lien N/A 12.00% PIK 04/2025 8,947 9,187 0.48,947 
Sovos ComplianceOne stop L + 4.75%(a) 5.75% 04/2024 4,322 4,236 0.24,235 
Sovos Compliance*#One stop L + 4.75%(a) 5.75% 04/2024 1,903 1,956 0.11,864 
Sovos ComplianceSecond lien N/A 12.00% PIK 04/2025 1,222 1,261 —1,222 
Sovos Compliance*#One stop L + 4.75%(a) 5.75% 04/2024 768 789 —752 
Sovos ComplianceOne stop L + 4.75%(a) 5.75% 04/2024 85 83 —83 
Sovos Compliance(5)One stop L + 4.75% N/A(6) 04/2024 — (1)—(4)
Sovos Compliance(5)One stop L + 4.75% N/A(6) 04/2024 — (22)—(22)
55,786 56,953 2.355,223 


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

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Electric Utilities
Arcos, LLC#^One stop L + 5.00%(c) 6.00% 02/2021 $13,228 $13,311 0.6%$13,228 
Arcos, LLCOne stop L + 5.00% N/A(6) 02/2021 — — —— 
13,228 13,311 0.613,228 
Electronic Equipment, Instruments & Components
CST Buyer Company+~One stop L + 5.25%(a) 6.25% 10/2025 10,189 10,106 0.410,189 
CST Buyer CompanyOne stop L + 5.25% N/A(6) 10/2025 — — —— 
ES Acquisition LLCSenior loan L + 5.00%(c) 6.00% 11/2025 662 650 —660 
ES Acquisition, LLCSenior loan L + 5.50%(c) 6.50% 11/2025 89 87 —91 
ES Acquisition, LLCSenior loan L + 5.00%(d) 6.22% 11/2025 47 46 —47 
ES Acquisition LLCSenior loan L + 5.00%(c) 6.00% 11/2025 45 44 —45 
ES Acquisition LLCSecond lien L + 5.00%(c) 6.00% 11/2025 36 36 —36 
ES Acquisition LLC(5)Senior loan L + 5.00% N/A(6) 11/2025 — (1)—— 
Inventus Power, Inc.*+One stop L + 5.50%(a) 6.50% 04/2021 14,352 13,988 0.614,352 
Inventus Power, Inc.(5)One stop L + 5.50% N/A(6) 04/2021 — (16)—— 
Pasternack Enterprises, Inc. and Fairview Microwave, Inc+~Senior loan L + 4.00%(a) 4.15% 07/2025 23,638 23,862 1.023,165 
Pasternack Enterprises, Inc. and Fairview Microwave, Inc(5)Senior loan L + 4.00% N/A(6) 07/2023 — — —(2)
Watchfire Enterprises, Inc.Second lien L + 8.00%(a) 9.00% 10/2021 9,435 9,402 0.49,435 
58,493 58,204 2.458,018 


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

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Food & Staples Retailing
Cafe Rio Holding, Inc.#One stop L + 5.50%(c) 6.50% 09/2023 $18,610 $18,806 0.8%$18,237 
Cafe Rio Holding, Inc.One stop L + 5.50%(c) 6.50% 09/2023 2,420 2,419 0.12,354 
Cafe Rio Holding, Inc.#One stop L + 5.50%(c) 6.50% 09/2023 2,248 2,320 0.12,203 
Cafe Rio Holding, Inc.*#One stop L + 5.50%(c) 6.50% 09/2023 1,427 1,472 0.11,399 
Cafe Rio Holding, Inc.#One stop L + 5.50%(c) 6.50% 09/2023 1,260 1,300 0.11,235 
Cafe Rio Holding, Inc.One stop L + 5.50%(c) 6.50% 09/2023 181 181 —178 
Cafe Rio Holding, Inc.(5)One stop L + 5.50% N/A(6) 09/2023 — — —(6)
Captain D's, LLC#Senior loan L + 4.50%(c) 5.50% 12/2023 13,962 14,006 0.613,962 
Captain D's, LLCSenior loan L + 4.50%(c) 5.50% 12/2023 120 121 —120 
Feeders Supply Company, LLC#One stop L + 5.75%(a) 6.75% 04/2021 8,564 8,619 0.48,564 
Feeders Supply Company, LLCSubordinated debt N/A 12.50% cash/7.00% PIK 04/2021 153 154 —153 
Feeders Supply Company, LLCOne stop L + 5.75% N/A(6) 04/2021 — — —— 
FWR Holding Corporation#One stop L + 7.00%(c) 6.50% cash/1.50% PIK 08/2023 10,385 10,368 0.49,867 
FWR Holding Corporation#One stop L + 7.00%(c) 6.50% cash/1.50% PIK 08/2023 1,816 1,874 0.11,726 
FWR Holding Corporation#One stop L + 7.00%(c) 6.50% cash/1.50% PIK 08/2023 1,148 1,185 0.11,091 
FWR Holding Corporation#One stop L + 7.00%(c) 6.50% cash/1.50% PIK 08/2023 364 373 —346 
FWR Holding CorporationOne stop L + 7.00%(c) 6.50% cash/1.50% PIK 08/2023 274 273 —260 
FWR Holding Corporation#One stop L + 7.00%(c) 6.50% cash/1.50% PIK 08/2023 272 279 —259 
FWR Holding CorporationOne stop L + 7.00%(c)(d) 6.50% cash/1.50% PIK 08/2023 131 130 —125 
FWR Holding Corporation(5)One stop L + 5.50% N/A(6) 08/2023 — — —(6)
FWR Holding CorporationOne stop L + 5.50% N/A(6) 08/2023 — — —— 
Mendocino Farms, LLCOne stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 820 843 —820 
Mendocino Farms, LLCOne stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 645 663 —645 
Mendocino Farms, LLCOne stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 633 630 —633 
Mendocino Farms, LLCOne stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 311 310 —311 
Mendocino Farms, LLCOne stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 311 309 —311 
Mendocino Farms, LLCOne stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 153 153 —153 
Mendocino Farms, LLCOne stop L + 8.50%(a) 2.00% cash/7.50% PIK 06/2023 93 93 —93 
Mendocino Farms, LLC(5)One stop L + 8.50% N/A(6) 06/2023 — (2)—— 
NBC Intermediate, LLCSenior loan L + 4.25%(c) 5.25% 09/2023 4,589 4,579 0.24,589 
NBC Intermediate, LLC*#Senior loan L + 4.25%(c) 5.25% 09/2023 2,309 2,337 0.12,309 
NBC Intermediate, LLC#Senior loan L + 4.25%(a)(c) 5.25% 09/2023 1,963 2,019 0.11,963 
NBC Intermediate, LLC#Senior loan L + 4.25%(a) 5.25% 09/2023 667 662 —667 
NBC Intermediate, LLCSenior loan L + 4.25% N/A(6) 09/2023 — — —— 
Rubio's Restaurants, Inc.(7)Senior loan L + 11.50%(c) 8.75% cash/4.00% PIK 04/2021 17,898 17,678 0.410,004 
Rubio's Restaurants, Inc.(5)(7)Senior loan L + 11.50%(a)(c) 8.75% cash/4.00% PIK 04/2021 71 68 —(5)
Ruby Slipper Cafe LLC, The*One stop L + 8.50%(c) 8.50% cash/1.00% PIK 01/2023 2,046 2,039 0.11,801 
Ruby Slipper Cafe LLC, TheOne stop L + 8.50%(c) 8.50% cash/1.00% PIK 01/2023 414 427 —365 
Ruby Slipper Cafe LLC, TheOne stop L + 8.50%(c) 8.50% cash/1.00% PIK 01/2023 30 30 —27 
Wetzel's Pretzels, LLC*#One stop L + 7.25%(c) 7.75% cash/0.50% PIK 09/2021 16,955 17,094 0.716,107 
Wetzel's Pretzels, LLCOne stop L + 7.25%(c) 7.75% cash/0.50% PIK 09/2021 100 101 —96 
Wood Fired Holding Corp.*#One stop L + 7.75%(c) 6.75% cash/2.00% PIK 12/2023 14,103 14,310 0.512,970 
Wood Fired Holding Corp.One stop L + 7.75%(c) 6.75% cash/2.00% PIK 12/2023 698 698 —642 
Wood Fired Holding Corp.One stop L + 7.75%(c) 6.75% cash/2.00% PIK 12/2023 200 199 —184 
128,344 129,120 4.9116,752 


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



Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Food Products
Flavor Producers, LLC#~Senior loan L + 5.75%(c) 5.75% cash/1.00% PIK 12/2023 $5,006 $4,898 0.2%$4,605 
Flavor Producers, LLC(5)Senior loan L + 5.75%(c) 5.75% cash/1.00% PIK 12/2022 4 (1)—— 
Global ID Corporation*#+^One stop L + 6.50%(c) 6.72% 11/2025 19,197 18,995 0.818,910 
Global ID Corporation(5)One stop L + 6.50% N/A(6) 11/2025 — (2)—(1)
Global ID Corporation(5)One stop L + 6.50% N/A(6) 11/2025 — (4)—(5)
Mid-America Pet Food, L.L.C.*#^One stop L + 5.50%(b) 6.50% 12/2021 22,120 22,385 0.922,120 
Mid-America Pet Food, L.L.C.One stop L + 5.50% N/A(6) 12/2021 — — —— 
Purfoods, LLCOne stop N/A 7.00% PIK 05/2026 76 80 —76 
Teasdale Quality Foods, Inc.Senior loan L + 5.25%(a) 6.25% 04/2021 3,798 3,769 0.23,722 
Teasdale Quality Foods, Inc.Senior loan L + 5.25%(a) 6.25% 04/2021 3,071 3,048 0.13,010 
Teasdale Quality Foods, Inc.Senior loan L + 5.25%(a) 6.25% 04/2021 494 491 —485 
Teasdale Quality Foods, Inc.Senior loan L + 5.25%(a) 6.25% 04/2021 370 366 —362 
Teasdale Quality Foods, Inc.+Senior loan L + 5.25%(a) 6.25% 04/2021 251 251 —246 
Teasdale Quality Foods, Inc.Senior loan L + 5.25%(a) 6.25% 04/2021 184 182 —180 
54,571 54,458 2.253,710 


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

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Technology
Caliper Software, Inc.#!~^One stopL + 5.50%(c)5.72%11/2025$27,934 $28,374 1.1%$26,785 
Caliper Software, Inc.One stopL + 6.00%(c)6.23%11/20251,503 1,473 0.11,474 
Caliper Software, Inc.(5)One stopL + 5.50%N/A(6)11/2023— 1 —(10)
Connexin Software, Inc.!~One stop L + 8.50%(a) 9.50% 02/2024 7,550 7,617 0.37,550 
Connexin Software, Inc.One stop L + 8.50% N/A(6) 02/2024 — — —— 
HealthcareSource HR, Inc.*#One stop L + 6.25%(c) 7.25% 05/2023 33,662 33,692 1.433,662 
HealthcareSource HR, Inc.(5)One stop L + 6.25% N/A(6) 05/2023 — (1)—— 
HealthEdge Software, Inc.One stop L + 6.25%(a) 7.25% 04/2026 2,000 1,959 0.12,000 
HealthEdge Software, Inc.One stop L + 6.25%(a) 7.25% 04/2026 151 148 —151 
HealthEdge Software, Inc.(5)One stop L + 6.25% N/A(6) 04/2026 — (1)—— 
HSI Halo Acquisition, Inc.+~One stop L + 5.75%(c) 6.75% 08/2026 6,330 6,289 0.36,266 
HSI Halo Acquisition, Inc.One stop L + 5.75%(c) 6.75% 08/2026 648 642 —641 
HSI Halo Acquisition, Inc.One stop P + 4.75%(f) 8.00% 09/2025 35 34 —35 
Imprivata, Inc.*#^Senior loan L + 4.00%(c) 5.00% 10/2023 9,163 9,345 0.49,163 
Imprivata, Inc.(5)Senior loan L + 4.00% N/A(6) 10/2023 — (1)—— 
Kareo, Inc.One stop L + 9.00%(a) 10.00% 06/2022 10,273 10,387 0.410,360 
Kareo, Inc.!One stop L + 9.00%(a) 10.00% 06/2022 941 955 —949 
Kareo, Inc.One stop L + 9.00%(a) 10.00% 06/2022 753 765 —759 
Kareo, Inc.One stop P + 8.00%(f) 11.25% 06/2022 80 80 —80 
Netsmart Technologies, Inc.(5)Senior loan L + 4.75% N/A(6) 04/2021 — (1)—(2)
Nextech Holdings, LLC^One stop L + 5.50%(c) 5.76% 06/2025 4,012 4,078 0.23,851 
Nextech Holdings, LLCOne stop L + 5.50%(c) 5.76% 06/2025 1,957 1,941 0.11,878 
Nextech Holdings, LLCOne stop L + 5.50%(c) 5.76% 06/2025 500 497 —476 
Nextech Holdings, LLC(5)One stop L + 5.50% N/A(6) 06/2025 — (3)—(16)
Qgenda Intermediate Holdings, LLC^One stop L + 4.75%(c) 5.75% 06/2025 15,277 15,296 0.615,277 
Qgenda Intermediate Holdings, LLC~One stop L + 4.75%(c) 5.75% 06/2025 993 984 —993 
Qgenda Intermediate Holdings, LLC(5)One stop L + 4.75% N/A(6) 06/2025 — (2)—— 
Transaction Data Systems, Inc.*#+!~^One stop L + 5.25%(c) 6.25% 06/2021 83,477 84,279 3.582,644 
Transaction Data Systems, Inc.One stop L + 5.25%(c) 6.25% 06/2021 300 301 —296 
Verisys Corporation*#One stop L + 8.25%(c) 8.75% cash/0.50% PIK 01/2023 8,494 8,599 0.48,324 
Verisys CorporationOne stop L + 8.25%(c) 8.75% cash/0.50% PIK 01/2023 40 40 —40 
216,073 217,767 8.9213,626 


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

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Healthcare Equipment & Supplies
Aspen Medical Products, LLC+~One stop L + 5.25%(c) 6.45% 06/2025 $4,532 $4,600 0.2%$4,487 
Aspen Medical Products, LLCOne stop L + 5.25% N/A(6) 06/2025 — — —— 
Belmont Instrument, LLC+^Senior loan L + 4.75%(c) 4.97% 12/2023 5,257 5,212 0.25,257 
Blades Buyer, Inc.~^Senior loan L + 4.50%(c) 5.50% 08/2025 3,820 3,838 0.23,820 
Blades Buyer, Inc.Senior loan L + 4.50%(d) 5.50% 08/2025 976 970 —976 
Blades Buyer, Inc.Senior loan L + 4.50% N/A(6) 08/2025 — — —— 
Blue River Pet Care, LLC#+One stop L + 5.00%(a) 5.15% 07/2026 27,690 27,744 1.227,690 
Blue River Pet Care, LLCOne stop L + 5.00%(a) 5.15% 07/2026 2,756 2,666 0.12,756 
Blue River Pet Care, LLC(5)One stop L + 5.00% N/A(6) 08/2025 — (4)—— 
CMI Parent Inc.#+^Senior loan L + 4.25%(c) 5.25% 08/2025 6,634 6,760 0.36,434 
CMI Parent Inc.(5)Senior loan L + 4.25% N/A(6) 08/2025 — (2)—(10)
Flexan, LLC+^One stop L + 5.25%(c) 6.25% 02/2022 8,450 8,401 0.48,450 
Flexan, LLC*#One stop L + 5.25%(c) 6.25% 02/2022 3,273 3,254 0.13,273 
Flexan, LLC+One stop L + 5.25%(c) 6.25% 02/2022 2,347 2,334 0.12,347 
Flexan, LLC#One stop L + 5.25%(c) 6.25% 02/2022 1,540 1,531 0.11,540 
Flexan, LLC(5)One stop L + 5.25% N/A(6) 02/2022 — (6)—— 
G & H Wire Company, Inc.#One stop L + 5.75%(a) 6.75% 09/2023 11,149 11,149 0.410,481 
G & H Wire Company, Inc.One stop L + 5.75%(a) 6.75% 09/2022 140 140 —132 
Joerns Healthcare, LLC*One stop L + 6.00%(c) 7.00% 08/2024 1,873 1,827 0.11,833 
Joerns Healthcare, LLC*One stop L + 6.00%(c) 7.00% 08/2024 1,800 1,771 0.11,764 
Katena Holdings, Inc.#One stop L + 6.50%(c) 7.50% 06/2021 12,728 12,797 0.512,474 
Katena Holdings, Inc.#One stop L + 6.50%(c) 7.50% 06/2021 1,244 1,250 0.11,218 
Katena Holdings, Inc.+One stop L + 6.50%(c) 7.50% 06/2021 930 925 —911 
Katena Holdings, Inc.#One stop L + 6.50%(c) 7.50% 06/2021 851 855 —834 
Katena Holdings, Inc.One stop L + 6.50%(c) 7.50% 06/2021 200 201 —196 
Lombart Brothers, Inc.*#~One stop L + 6.25%(c) 7.25% 04/2023 28,950 29,267 1.127,503 
Lombart Brothers, Inc.#(8)One stop L + 6.25%(c) 7.25% 04/2023 3,117 3,153 0.12,961 
Lombart Brothers, Inc.One stop L + 6.25%(a) 7.25% 04/2023 280 280 —266 
Lombart Brothers, Inc.(8)One stop L + 6.25%(a) 7.25% 04/2023 50 49 —46 
ONsite Mammography, LLC~One stop L + 7.00%(c) 8.00% 11/2023 7,650 7,687 0.37,496 
ONsite Mammography, LLCOne stop L + 7.00%(c) 8.00% 11/2023 100 102 —98 
ONsite Mammography, LLCOne stop L + 7.00%(c) 8.00% 11/2023 29 28 —28 
Orthotics Holdings, Inc.*#One stop L + 6.00%(e) 7.00% 06/2021 7,760 7,760 0.37,604 
Orthotics Holdings, Inc.*#One stop L + 16.00%(c) 7.00% cash/10.00% PIK 06/2021 3,894 3,894 0.23,621 
Orthotics Holdings, Inc.*#(8)One stop L + 6.00%(c) 7.00% 06/2021 1,272 1,272 0.11,246 
Orthotics Holdings, Inc.*#(8)One stop L + 16.00%(c) 7.00% cash/10.00% PIK 06/2021 638 639 —593 
Orthotics Holdings, Inc.One stop L + 6.00% N/A(6) 06/2021 — — —— 
SLMP, LLC#^One stop L + 6.00%(c) 7.00% 05/2023 11,764 11,841 0.511,764 
SLMP, LLC#^One stop L + 6.00%(c) 7.00% 05/2023 5,664 5,844 0.25,664 
SLMP, LLCOne stop L + 6.00%(c) 7.00% 05/2023 1,473 1,473 0.11,473 
SLMP, LLCSubordinated debt N/A 7.50% PIK 05/2027 237 242 —237 
SLMP, LLC(5)One stop L + 6.00% N/A(6) 05/2023 — (1)—— 
171,068 171,743 7.0167,463 


See Notes to Consolidated Financial Statements.
60
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Healthcare Providers & Services
Active Day, Inc.#One stop L + 6.50%(c) 7.50% 12/2021 $24,567 $24,757 0.9%$20,883 
Active Day, Inc.#One stop L + 6.50%(c) 7.50% 12/2021 1,896 1,912 0.11,611 
Active Day, Inc.*#One stop L + 6.50%(c) 7.50% 12/2021 1,222 1,233 0.11,038 
Active Day, Inc.One stop L + 6.50%(c) 7.50% 12/2021 973 995 —827 
Active Day, Inc.One stop L + 6.50%(c) 7.50% 12/2021 859 854 —730 
Active Day, Inc.*#One stop L + 6.50%(c) 7.50% 12/2021 843 851 —717 
Active Day, Inc.One stop L + 6.50%(c) 7.50% 12/2021 102 102 —86 
Active Day, Inc.One stop L + 6.50%(c) N/A(6) 12/2021 — — —— 
Acuity Eyecare Holdings, LLCOne stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 7,148 7,178 0.37,112 
Acuity Eyecare Holdings, LLC#One stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 6,021 6,087 0.35,991 
Acuity Eyecare Holdings, LLC~One stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 5,616 5,722 0.25,588 
Acuity Eyecare Holdings, LLC~One stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 3,260 3,362 0.13,243 
Acuity Eyecare Holdings, LLCOne stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 793 814 —789 
Acuity Eyecare Holdings, LLCOne stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 258 256 —257 
Acuity Eyecare Holdings, LLCOne stop L + 8.25%(c) 7.25% cash/2.00% PIK 03/2024 150 149 —150 
Acuity Eyecare Holdings, LLCOne stop L + 11.00%(c) 7.25% cash/4.75% PIK 03/2024 42 42 —45 
Acuity Eyecare Holdings, LLC(5)One stop L + 8.25%(c) 7.25% 03/2024 1 (5)—(3)
ADCS Clinics Intermediate Holdings, LLC*#!One stop L + 5.75%(c)(d)(f) 6.75% 05/2022 41,873 42,287 1.740,618 
ADCS Clinics Intermediate Holdings, LLC*#One stop L + 5.75%(c)(d) 6.75% 05/2022 210 212 —204 
ADCS Clinics Intermediate Holdings, LLCOne stop L + 5.75%(d) 6.75% 05/2022 200 199 —194 
ADCS Clinics Intermediate Holdings, LLC*One stop L + 5.75%(c)(d) 6.75% 05/2022 162 165 —158 
ADCS Clinics Intermediate Holdings, LLC*#One stop L + 5.75%(c)(d) 6.75% 05/2022 61 62 —59 
Advanced Pain Management Holdings, Inc.(7)Senior loan L + 5.00%(b) 6.25% 11/2020 11,433 6,860 —261 
Advanced Pain Management Holdings, Inc.(7)Senior loan L + 8.50%(b) 9.75% 11/2020 4,082 7 —— 
Advanced Pain Management Holdings, Inc.(7)Senior loan L + 5.00%(b) 6.25% 11/2020 782 469 —18 
Advanced Pain Management Holdings, Inc.(5)(7)Senior loan L + 5.00%(b) 6.25% 11/2020 355 (17)—12 
Agilitas USA, Inc.*#One stop L + 6.25%(c) 7.25% 04/2022 9,252 9,287 0.48,790 
Agilitas USA, Inc.One stop L + 6.25%(c) 7.25% 04/2022 100 100 —96 
CRH Healthcare Purchaser, Inc.+~Senior loan L + 4.50%(c) 4.72% 12/2024 13,046 13,206 0.613,046 
CRH Healthcare Purchaser, Inc.(5)Senior loan L + 4.50% N/A(6) 12/2024 — (1)—— 
CRH Healthcare Purchaser, Inc.(5)Senior loan L + 4.50% N/A(6) 12/2024 — (2)—— 
DCA Investment Holding, LLC*#+One stop L + 5.25%(c) 6.25% 07/2021 31,405 31,611 1.330,778 
DCA Investment Holding, LLC*#+!~One stop L + 5.25%(c) 6.25% 07/2021 27,210 27,463 1.126,668 
DCA Investment Holding, LLC*#One stop L + 5.25%(c) 6.25% 07/2021 8,318 8,425 0.38,152 
DCA Investment Holding, LLC~One stop L + 5.25%(c) 6.25% 07/2021 4,034 4,106 0.23,953 
DCA Investment Holding, LLC#One stop L + 5.25%(c) 6.25% 07/2021 3,669 3,736 0.23,595 
DCA Investment Holding, LLCOne stop L + 5.25%(c) 6.25% 07/2021 2,737 2,734 0.12,681 
DCA Investment Holding, LLC*#One stop L + 5.25%(c) 6.25% 07/2021 2,512 2,558 0.12,462 
DCA Investment Holding, LLC#One stop L + 5.25%(c) 6.25% 07/2021 1,249 1,262 0.11,225 
DCA Investment Holding, LLC*~One stop L + 5.25%(c) 6.25% 07/2021 296 299 —290 

See Notes to Consolidated Financial Statements.
61
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Providers & Services - (continued)
DCA Investment Holding, LLC*~One stop L + 5.25%(c) 6.25% 07/2021 $92 $93 —%$90 
Deca Dental Management LLC*#One stop L + 7.50%(c) 7.00% cash/1.50% PIK 12/2021 11,269 11,395 0.511,269 
Deca Dental Management LLC#~One stop L + 7.50%(c) 7.00% cash/1.50% PIK 12/2021 1,376 1,392 0.11,376 
Deca Dental Management LLC+~One stop L + 7.50%(c) 7.00% cash/1.50% PIK 12/2021 992 1,004 0.1992 
Deca Dental Management LLCOne stop L + 7.50%(c) 7.00% cash/1.50% PIK 12/2021 736 749 —736 
Deca Dental Management LLCOne stop L + 7.50%(c) 7.00% cash/1.50% PIK 12/2021 100 100 —100 
Deca Dental Management LLC(5)One stop L + 7.50%(c) 7.00% cash/1.50% PIK 12/2021 2 (2)—2 
Encorevet Group LLCSenior loan L + 5.00%(c) 6.00% 11/2024 249 247 —249 
Encorevet Group LLCSenior loan L + 5.00%(c) 6.00% 11/2024 112 112 —112 
Encorevet Group LLCSenior loan L + 5.00%(c) 6.00% 11/2024 58 57 —58 
Encorevet Group LLCSenior loan L + 5.00%(c) 6.00% 11/2024 10 10 —10 
Encorevet Group LLCSenior loan L + 5.00% N/A(6) 11/2024 — — —— 
Encorevet Group LLC(5)Senior loan L + 5.00% N/A(6) 11/2024 — (1)—— 
ERG Buyer, LLC*#One stop L + 5.50%(c) 6.50% 05/2024 19,133 19,084 0.615,307 
ERG Buyer, LLCOne stop P + 4.50%(f) 7.75% 05/2024 300 296 —240 
Eyecare Services Partners Holdings LLC+One stop L + 6.25%(c) 7.25% 05/2023 18,229 18,320 0.717,318 
Eyecare Services Partners Holdings LLC*One stop L + 6.25%(c) 7.25% 05/2023 7,996 8,123 0.37,596 
Eyecare Services Partners Holdings LLC*#One stop L + 6.25%(c) 7.25% 05/2023 7,003 7,120 0.36,653 
Eyecare Services Partners Holdings LLCOne stop L + 6.25%(c) 7.25% 05/2023 5,153 5,175 0.24,896 
Eyecare Services Partners Holdings LLC*+One stop L + 6.25%(c) 7.25% 05/2023 2,391 2,431 0.12,272 
Eyecare Services Partners Holdings LLC*One stop L + 6.25%(c) 7.25% 05/2023 1,535 1,560 0.11,458 
Eyecare Services Partners Holdings LLC*#One stop L + 6.25%(c) 7.25% 05/2023 1,134 1,154 0.11,077 
Eyecare Services Partners Holdings LLC*#One stop L + 6.25%(c) 7.25% 05/2023 999 1,016 —950 
Eyecare Services Partners Holdings LLC*+One stop L + 6.25%(c) 7.25% 05/2023 646 654 —613 
Eyecare Services Partners Holdings LLCOne stop L + 6.25%(c) 7.25% 05/2023 400 398 —380 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.~(8)(9)(14)One stop L + 5.50%(k) 6.06% 03/2027 11,832 11,723 0.511,296 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(8)(9)(14)One stop L + 5.50%(k) 6.01% 03/2027 96 93 —91 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(8)(14)One stop L + 5.50%(c) 6.50% 03/2027 20 19 —18 
Krueger-Gilbert Health Physics, LLC!~Senior loan L + 5.25%(a) 6.25% 05/2025 2,359 2,347 0.12,359 
Krueger-Gilbert Health Physics, LLC!Senior loan L + 5.25%(a) 6.25% 05/2025 1,113 1,151 0.11,113 
Krueger-Gilbert Health Physics, LLCSenior loan L + 5.25%(a) 6.25% 05/2025 920 918 —920 
Krueger-Gilbert Health Physics, LLCSenior loan L + 5.25%(a) 6.25% 05/2025 50 50 —50 
MD Now Holdings, Inc.+!One stop L + 5.25%(c) 6.25% 08/2024 14,544 14,699 0.614,252 
MD Now Holdings, Inc.One stop L + 5.25%(c) 6.25% 08/2024 622 622 —610 
MD Now Holdings, Inc.(5)One stop L + 5.25% N/A(6) 08/2024 — (1)—(6)
Midwest Veterinary Partners, LLC^One stop L + 5.75%(c) 6.75% 07/2025 4,274 4,209 0.24,220 
Midwest Veterinary Partners, LLCOne stop L + 5.75%(c)(d) 6.75% 07/2025 4,120 4,086 0.24,069 
Midwest Veterinary Partners, LLCOne stop L + 6.50%(c) 7.50% 07/2025 2,510 2,347 0.12,369 
Midwest Veterinary Partners, LLC#One stop L + 5.75%(c) 6.75% 07/2025 1,025 1,017 0.11,012 

See Notes to Consolidated Financial Statements.
62
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Providers & Services - (continued)
Midwest Veterinary Partners, LLCOne stop P + 4.75%(c)(f) 8.00% 07/2025 $200 $200 —%$198 
MWD Management, LLC & MWD Services, Inc.#+One stop L + 5.25%(c) 6.25% 06/2023 7,016 7,005 0.36,945 
MWD Management, LLC & MWD Services, Inc.#One stop L + 5.25%(c) 6.25% 06/2023 4,517 4,596 0.24,472 
MWD Management, LLC & MWD Services, Inc.(5)One stop L + 5.25% N/A(6) 06/2022 — (1)—(2)
NVA Holdings, Inc.~Senior loan L + 3.50%(a) 3.69% 02/2026 2,914 2,887 0.12,914 
Oliver Street Dermatology Holdings, LLC#(7)One stop L + 6.25%(c) 7.25% 05/2022 19,296 17,670 0.410,448 
Oliver Street Dermatology Holdings, LLC*#(7)One stop L + 6.25%(c) 7.25% 05/2022 2,239 1,913 0.11,213 
Oliver Street Dermatology Holdings, LLC(7)One stop L + 6.25%(c) 7.25% 05/2022 2,122 1,933 0.11,149 
Oliver Street Dermatology Holdings, LLC(7)One stop L + 6.25%(c) 7.25% 05/2022 1,606 1,372 —869 
Oliver Street Dermatology Holdings, LLC*(7)One stop L + 6.25%(c) 7.25% 05/2022 1,419 1,212 —768 
Oliver Street Dermatology Holdings, LLC*(7)One stop L + 6.25%(c) 7.25% 05/2022 1,235 1,055 —669 
Oliver Street Dermatology Holdings, LLC(7)One stop L + 6.25%(c) 7.25% 05/2022 962 822 —521 
Oliver Street Dermatology Holdings, LLC*(7)One stop L + 6.25%(c) 7.25% 05/2022 834 712 —451 
Oliver Street Dermatology Holdings, LLC(7)One stop L + 6.25%(c) 7.25% 05/2022 514 439 —278 
Oliver Street Dermatology Holdings, LLC(7)One stop L + 6.25%(c)(f) 7.25% 05/2022 291 267 —158 
Oliver Street Dermatology Holdings, LLC#(7)One stop L + 6.25%(c) 7.25% 05/2022 98 89 —52 
Oliver Street Dermatology Holdings, LLC*#(7)One stop L + 6.25%(c) 7.25% 05/2022 88 81 —48 
Oliver Street Dermatology Holdings, LLC#(7)One stop L + 6.25%(c) 7.25% 05/2022 70 63 —38 
Oliver Street Dermatology Holdings, LLC#(7)One stop L + 6.25%(c) 7.25% 05/2022 64 59 —34 
Pinnacle Treatment Centers, Inc.#One stop L + 6.25%(c) 7.25% 1/1/2023 19,130 19,257 0.819,130 
Pinnacle Treatment Centers, Inc.*One stop L + 6.25%(c) 7.25% 1/1/2023 7,793 7,735 0.37,793 
Pinnacle Treatment Centers, Inc.#One stop L + 6.25%(c) 7.25% 01/2023 1,571 1,575 0.11,571 
Pinnacle Treatment Centers, Inc.^One stop L + 6.25%(c) 7.25% 01/2023 709 715 —709 
Pinnacle Treatment Centers, Inc.One stop L + 6.25%(c) 7.25% 01/2023 186 188 —186 
Pinnacle Treatment Centers, Inc.^One stop L + 6.25%(c) 7.25% 01/2023 108 108 —108 
Pinnacle Treatment Centers, Inc.One stop L + 6.25%(c) 7.25% 01/2023 38 37 —38 
Pinnacle Treatment Centers, Inc.One stop L + 6.25% N/A(6) 01/2023 — — —— 
Pinnacle Treatment Centers, Inc.One stop L + 6.25% N/A(6) 01/2023 — — —— 
PPT Management Holdings, LLC+One stop L + 8.50%(c)(d) 7.08% cash/2.50% PIK 12/2022 25,002 23,695 0.920,993 
PPT Management Holdings, LLCOne stop L + 8.50%(c)(d) 7.08% cash/2.50% PIK 12/2022 304 291 —254 
PPT Management Holdings, LLCOne stop L + 8.50%(c)(d) 7.08% cash/2.50% PIK 12/2022 180 172 —150 
PPT Management Holdings, LLCOne stop L + 8.50%(c)(d) 7.08% cash/2.50% PIK 12/2022 88 77 —74 
PPT Management Holdings, LLC(5)One stop L + 8.50%(b) 7.00% cash/2.50% PIK 12/2022 18 (6)—(48)
Pyramid Healthcare, Inc.*+One stop L + 6.50%(c) 7.50% 08/2022 14,982 14,840 0.614,982 
Pyramid Healthcare, Inc.One stop L + 6.50%(c) 7.50% 08/2022 461 457 —461 
Pyramid Healthcare, Inc.One stop L + 6.50%(c) 7.50% 08/2022 333 330 —333 
Pyramid Healthcare, Inc.One stop L + 6.50%(c) 7.50% 08/2022 290 288 —290 
Pyramid Healthcare, Inc.One stop L + 6.50%(c) 7.50% 08/2022 112 111 —112 
Pyramid Healthcare, Inc.One stop L + 6.50%(c) 7.50% 08/2022 45 44 —45 
Pyramid Healthcare, Inc.(5)One stop L + 6.50% N/A(6) 08/2022 — (8)—— 
Riverchase MSO, LLC*#Senior loan L + 6.75%(c) 6.75% cash/1.00% PIK 10/2022 9,624 9,722 0.49,432 
Riverchase MSO, LLCSenior loan L + 6.75%(c) 6.75% cash/1.00% PIK 10/2022 130 130 —128 

See Notes to Consolidated Financial Statements.
63
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Providers & Services - (continued)
RXH Buyer Corporation*#!One stop L + 5.75%(c) 6.75% 09/2021 $27,525 $27,705 1.2%$27,525 
RXH Buyer Corporation*#One stop L + 5.75%(c) 6.75% 09/2021 3,116 3,136 0.13,116 
RXH Buyer CorporationOne stop L + 5.75% N/A(6) 09/2021 — 1 —— 
Summit Behavioral Healthcare, LLC#Senior loan L + 4.75%(c) 5.75% 10/2023 20,597 20,372 0.920,597 
Summit Behavioral Healthcare, LLCSenior loan L + 4.75%(c) 5.75% 10/2023 430 431 —430 
Summit Behavioral Healthcare, LLCSenior loan L + 4.75%(c) 5.75% 10/2023 160 156 —160 
Veterinary Specialists of North America, LLC*#!Senior loan L + 4.50%(a) 4.65% 04/2025 41,653 43,066 1.741,653 
Veterinary Specialists of North America, LLCSenior loan L + 4.50%(a) 4.65% 04/2025 10,262 10,258 0.410,262 
Veterinary Specialists of North America, LLC#Senior loan L + 4.50%(a) 4.65% 04/2025 2,871 2,851 0.12,871 
Veterinary Specialists of North America, LLC*Senior loan L + 4.50%(a) 4.65% 04/2025 1,445 1,496 0.11,445 
Veterinary Specialists of North America, LLCSenior loan L + 4.50%(a) 4.65% 04/2025 835 832 —835 
WHCG Management, LLC*#Senior loan L + 4.50%(d) 5.50% 03/2023 16,067 16,161 0.716,067 
WHCG Management, LLCSenior loan L + 4.50%(d) 5.50% 03/2023 5,627 5,590 0.25,627 
WHCG Management, LLCSenior loan L + 4.50%(d) 5.50% 03/2023 1,983 1,978 0.11,983 
WHCG Management, LLCSenior loan L + 4.50%(d) 5.50% 03/2023 338 336 —338 
WHCG Management, LLCSenior loan L + 4.50%(d) 5.50% 03/2023 116 118 —116 
599,751 589,723 22.9549,440 


See Notes to Consolidated Financial Statements.
64
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Hotels, Restaurants & Leisure
BJH Holdings III Corp.+~One stop L + 5.50%(c) 6.50% 08/2025 $45,936 $47,269 1.9$45,936 
BJH Holdings III Corp.(5)One stop L + 5.50% N/A(6) 08/2025 — (7)—0
CR Fitness Holdings, LLC+~Senior loan L + 4.25%(a) 5.25% 07/2025 1,999 2,011 0.11,839 
CR Fitness Holdings, LLCSenior loan L + 4.25%(a) 5.25% 07/2025 268 263 —201 
CR Fitness Holdings, LLCSenior loan L + 4.25%(a)(c) 5.25% 07/2025 74 74 —68 
Davidson Hotel Company, LLC+One stop L + 6.75%(a)(c) 6.25% cash/1.50% PIK 07/2024 6,981 6,923 0.24,887 
Davidson Hotel Company, LLCOne stop L + 6.75%(a)(c) 6.25% cash/1.50% PIK 07/2024 1,073 1,068 —751 
Davidson Hotel Company, LLC(5)One stop L + 6.75% N/A(6) 07/2024 — (2)—(30)
Davidson Hotel Company, LLC(5)One stop L + 6.75% N/A(6) 07/2024 — (19)—— 
EOS Fitness Opco Holdings, LLC*#One stop L + 5.25%(c) 6.25% 01/2025 8,675 8,789 0.37,981 
EOS Fitness Opco Holdings, LLCOne stop L + 5.25%(c) 6.25% 01/2025 914 925 —840 
EOS Fitness Opco Holdings, LLCOne stop L + 5.25%(c) 6.25% 01/2025 120 120 —110 
Planet Fit Indy 10 LLC+One stop L + 5.25%(c) 6.25% 07/2025 17,386 17,173 0.715,647 
Planet Fit Indy 10 LLC#One stop L + 5.25%(c) 6.25% 07/2025 2,319 2,369 0.12,088 
Planet Fit Indy 10 LLC#One stop L + 5.25%(c) 6.25% 07/2025 1,259 1,242 0.11,133 
Planet Fit Indy 10 LLCOne stop L + 5.25%(c) 6.25% 07/2025 200 199 —180 
Self Esteem Brands, LLC*#Senior loan L + 4.25%(c) 5.25% 02/2022 45,841 46,193 1.844,007 
Self Esteem Brands, LLCSenior loan P + 3.25%(f) 6.50% 02/2022 2,338 2,335 0.12,245 
SSRG Holdings, LLCOne stop L + 5.25%(a) 6.25% 11/2025 918 902 0.1891 
SSRG Holdings, LLCOne stop L + 5.25%(a)(c) 6.25% 11/2025 75 74 —73 
Sunshine Sub, LLC#~One stop L + 5.25%(a) 6.25% 05/2024 12,925 13,024 0.512,149 
Sunshine Sub, LLC#One stop L + 5.25%(a) 6.25% 05/2024 5,654 5,838 0.25,315 
Sunshine Sub, LLCOne stop L + 5.25%(a) 6.25% 05/2024 20 19 —8 
Tropical Smoothie Cafe Holdings, LLCSenior loan L + 5.50%(a)(c) 6.50% 09/2026 17,374 17,202 0.717,200 
Tropical Smoothie Cafe Holdings, LLC(5)Senior loan L + 5.50% N/A(6) 09/2026 — (1)—(1)
Velvet Taco Holdings, Inc.~One stop L + 7.00%(e) 8.00% 03/2026 1,769 1,753 0.11,522 
Velvet Taco Holdings, Inc.One stop L + 7.00% N/A(6) 03/2026 — — —— 
Velvet Taco Holdings, Inc.(5)One stop L + 7.00% N/A(6) 03/2026 — (1)—— 
174,118 175,735 6.9165,040 
Household Durables
Groundworks LLC^Senior loan L + 7.00%(a) 8.00% 01/2026 4,709 4,657 0.24,709 
Groundworks LLCSenior loan L + 7.00%(a) 8.00% 01/2026 84 83 —84 
Groundworks LLCSenior loan L + 7.00% N/A(6) 01/2026 — — —— 
4,793 4,740 0.24,793 
Household Products
WU Holdco, Inc. #^One stop L + 5.25%(c) 6.25% 03/2026 3,427 3,504 0.23,427 
WU Holdco, Inc. One stop L + 5.25%(c) 6.25% 03/2026 392 392 —392 
WU Holdco, Inc. (5)One stop L + 5.25% N/A(6) 03/2025 — — —(2)
3,819 3,896 0.23,817 


See Notes to Consolidated Financial Statements.
65
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Industrial Conglomerates
Arch Global CCT Holdings Corp.#^Senior loan L + 4.75%(c) 4.97% 04/2026 $4,162 $4,197 0.2%$4,080 
Arch Global CCT Holdings Corp.(5)Senior loan L + 4.75% N/A(6) 04/2025 — — —(2)
Arch Global CCT Holdings Corp.(5)Senior loan L + 4.75% N/A(6) 04/2026 — — —(1)
Madison Safety & Flow LLC^Senior loan L + 4.50%(a) 4.66% 03/2025 495 494 —490 
Madison Safety & Flow LLCSenior loan L + 4.50% N/A(6) 03/2025 — — —— 
4,657 4,691 0.24,567 
Insurance
Captive Resources Midco, LLC*#+~^One stop L + 6.00%(a) 7.00% 05/2025 55,016 55,162 2.355,016 
Captive Resources Midco, LLC#One stop L + 6.00%(a) 7.00% 05/2025 1,440 1,427 0.11,440 
Captive Resources Midco, LLC(5)One stop L + 6.00% N/A(6) 05/2025 — (18)—— 
High Street Insurance Partners, Inc.+Senior loan L + 6.25%(c) 7.25% 12/2025 873 851 —851 
High Street Insurance Partners, Inc.(5)Senior loan L + 6.25% N/A(6) 12/2025 — (7)—(7)
Integrity Marketing Acquisition, LLC^Senior loan L + 5.50%(c) 6.50% 08/2025 2,471 2,471 0.12,421 
Integrity Marketing Acquisition, LLCSenior loan L + 5.50%(c)(d) 6.64% 08/2025 789 786 —774 
Integrity Marketing Acquisition, LLCSenior loan L + 5.50%(c) 6.50% 08/2025 478 475 —468 
Integrity Marketing Acquisition, LLCSenior loan L + 5.50%(c)(d) 6.50% 08/2025 243 242 —238 
Integrity Marketing Acquisition, LLCSenior loan L + 5.75% N/A(6) 08/2025 — — —— 
J.S. Held Holdings, LLC#^One stop L + 6.00%(c) 7.00% 07/2025 4,780 4,768 0.24,780 
J.S. Held Holdings, LLCOne stop P + 5.00%(f) 8.25% 07/2025 52 46 —52 
J.S. Held Holdings, LLC(5)One stop L + 6.00% N/A(6) 07/2025 — (15)—— 
MajescoOne stop L + 7.75%(c) 8.75% 09/2027 12,334 12,089 0.512,149 
Majesco(5)Senior loan L + 7.75% N/A(6) 09/2026 — (3)—(2)
Orchid Underwriters Agency, LLC^Senior loan L + 4.25%(c) 5.25% 12/2024 4,124 4,176 0.24,124 
Orchid Underwriters Agency, LLCSenior loan L + 4.25% N/A(6) 12/2024 — — —— 
Orchid Underwriters Agency, LLC(5)Senior loan L + 4.25% N/A(6) 12/2024 — (1)—— 
RSC Acquisition, Inc.+~^One stop L + 5.50%(b)(c) 6.50% 10/2026 26,056 25,564 1.125,275 
RSC Acquisition, Inc.One stop L + 5.50%(c) 6.50% 10/2026 998 958 —968 
RSC Acquisition, Inc.(5)One stop L + 5.50% N/A(6) 10/2026 — (1)—(2)
RSC Acquisition, Inc.(5)One stop L + 5.50% N/A(6) 10/2026 — (2)—(3)
RSC Acquisition, Inc.(5)One stop L + 5.50% N/A(6) 10/2026 — (226)—(170)
109,654 108,742 4.5108,372 
Internet and Catalog Retail
AutoQuotes, LLC!One stop L + 6.00%(c) 7.00% 11/2024 9,888 10,023 0.49,393 
AutoQuotes, LLCOne stop L + 6.00%(c) 7.00% 11/2024 100 100 —96 
9,988 10,123 0.49,489 


See Notes to Consolidated Financial Statements.
66
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
IT Services
Acquia, Inc.!~One stop L + 7.00%(c) 8.00% 10/2025 $7,118 $7,057 0.3%$7,118 
Acquia, Inc.One stop L + 7.00% N/A(6) 10/2025 — — —— 
Appriss Holdings, Inc.#+~^One stop L + 5.50%(a)(c)(d) 5.75% 06/2026 24,968 25,674 1.024,470 
Appriss Holdings, Inc.One stop L + 5.50%(a) 5.65% 06/2025 202 198 —194 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.One stop L + 7.50%(a) 8.50% cash/1.00% PIK 08/2025 4,622 4,444 0.24,529 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.One stop L + 7.50% N/A(6) 08/2025 — — —— 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.(5)One stop L + 7.50% N/A(6) 08/2025 — (3)—(3)
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.(5)One stop L + 7.50% N/A(6) 08/2025 — (14)—(14)
Centrify Corporation*#One stop L + 8.25%(c) 9.25% 08/2024 23,239 23,279 1.022,774 
Centrify CorporationOne stop P + 7.25%(f) 10.50% 08/2024 200 202 —196 
E2open, LLC*#+!~^One stop L + 5.75%(c) 6.75% 11/2024 85,904 86,773 3.584,184 
E2open, LLC(5)One stop L + 5.75% N/A(6) 11/2024 — (5)—(10)
Episerver, Inc.!~(8)(9)One stop L + 6.00%(d) 6.00% 10/2024 20,541 20,852 0.920,471 
Episerver, Inc.#^One stop L + 5.75%(c)(d) 6.75% 10/2024 12,186 12,374 0.511,820 
Episerver, Inc.(5)One stop L + 5.75% N/A(6) 10/2024 — (2)—(12)
Gamma Technologies, LLC*#!^One stop L + 5.00%(c) 6.00% 06/2024 47,091 47,412 1.946,620 
Gamma Technologies, LLC(5)One stop L + 5.00% N/A(6) 06/2024 — (1)—(2)
Infinisource, Inc.~^One stop L + 4.50%(c) 5.50% 10/2026 29,180 28,757 1.229,180 
Infinisource, Inc.One stop L + 4.50%(c) 5.50% 10/2026 154 151 —154 
Infinisource, Inc.One stop L + 4.50%(c) 5.50% 10/2026 111 110 —111 
Infinisource, Inc.(5)One stop L + 4.50% N/A(6) 10/2026 — (1)—— 
Maverick Bidco Inc.*#!~One stop L + 6.25%(c) 7.25% 04/2023 39,462 39,684 1.739,462 
Maverick Bidco Inc.*#One stop L + 6.25%(c) 7.25% 04/2023 3,183 3,237 0.13,183 
Maverick Bidco Inc.One stop L + 6.25%(c) 7.25% 04/2023 2,821 2,751 0.12,821 
Maverick Bidco Inc.^One stop L + 6.25%(c) 7.25% 04/2023 1,693 1,629 0.11,693 
Maverick Bidco Inc.One stop L + 6.25%(c) 7.25% 04/2023 202 199 —202 
PCS Intermediate II Holdings, LLC~One stop L + 5.25%(c) 6.25% 01/2026 14,493 14,364 0.614,493 
PCS Intermediate II Holdings, LLC(5)One stop L + 5.50% N/A(6) 01/2026 — (1)—— 
Recordxtechnologies, LLC+One stop L + 5.50%(c) 6.50% 12/2025 743 735 —714 
Recordxtechnologies, LLCOne stop L + 5.50%(c) 6.50% 12/2025 42 41 —39 
Recordxtechnologies, LLC(5)One stop L + 5.50% N/A(6) 12/2025 — (1)—(7)
Red Dawn SEI Buyer, Inc.^Senior loan L + 4.25%(c) 5.25% 11/2025 752 744 —752 
Red Dawn SEI Buyer, Inc.(5)Senior loan L + 4.25% N/A(6) 11/2025 — (1)—— 
Red Dawn SEI Buyer, Inc.(5)Senior loan L + 4.25% N/A(6) 11/2025 — (1)—— 
Velocity Technology Solutions, Inc.*#One stop L + 6.00%(c) 7.00% 12/2023 18,276 18,556 0.818,276 
Velocity Technology Solutions, Inc.One stop L + 6.00%(c) 7.00% 12/2023 50 49 —50 
337,233 339,242 13.9333,458 
Leisure Products
WBZ Investment LLC#One stop L + 7.50%(c) 6.50% cash/2.00% PIK 09/2024 8,467 8,525 0.37,620 
WBZ Investment LLCOne stop L + 7.50%(c) 6.50% cash/2.00% PIK 09/2024 1,213 1,205 0.11,091 
WBZ Investment LLCOne stop L + 7.50%(c) 6.50% cash/2.00% PIK 09/2024 843 871 —758 
WBZ Investment LLCOne stop L + 7.50%(c) 6.50% cash/2.00% PIK 09/2024 431 445 —388 
WBZ Investment LLCOne stop L + 7.50%(c) 6.50% cash/2.00% PIK 09/2024 80 80 —70 
11,034 11,126 0.49,927 


See Notes to Consolidated Financial Statements.
67
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Life Sciences Tools & Services
Pace Analytical Services, LLC*#!One stop L + 5.75%(c) 6.75% 04/2024 $29,639 $29,717 1.2$29,343 
Pace Analytical Services, LLCOne stop L + 5.75%(c) 6.75% 04/2024 7,046 6,943 0.36,975 
Pace Analytical Services, LLC#^One stop L + 5.75%(c) 6.75% 04/2024 2,756 2,768 0.12,729 
Pace Analytical Services, LLC*#One stop L + 5.75%(c) 6.75% 04/2024 1,652 1,685 0.11,635 
Pace Analytical Services, LLC*#One stop L + 5.75%(c) 6.75% 04/2024 1,518 1,529 0.11,504 
Pace Analytical Services, LLC*#One stop L + 5.75%(c) 6.75% 04/2024 1,264 1,264 0.11,252 
Pace Analytical Services, LLC#^One stop L + 5.75%(c) 6.75% 04/2024 1,222 1,246 0.11,210 
Pace Analytical Services, LLCOne stop L + 5.75%(c) 6.75% 04/2024 993 971 —983 
Pace Analytical Services, LLC*#One stop L + 5.75%(c) 6.75% 04/2024 678 680 —670 
Pace Analytical Services, LLC*#One stop L + 5.75%(c) 6.75% 04/2024 559 570 —554 
Pace Analytical Services, LLC*One stop L + 5.75%(c) 6.75% 04/2024 188 191 —186 
Pace Analytical Services, LLC(5)One stop L + 5.75% N/A(6) 04/2024 — (3)—(4)
Pace Analytical Services, LLC(5)One stop L + 5.75% N/A(6) 04/2024 — (116)—(80)
47,515 47,445 2.046,957 
Machinery
Blackbird Purchaser, Inc. *+~^Senior loan L + 4.25%(c)(f) 4.47% 04/2026 15,524 15,796 0.615,059 
Blackbird Purchaser, Inc. (5)Senior loan L + 4.25% N/A(6) 04/2024 — (1)—(6)
Blackbird Purchaser, Inc. (5)Senior loan L + 4.25% N/A(6) 04/2026 — 20 —(14)
Chase Industries, Inc.+~Senior loan L + 5.50%(d) 6.50% 05/2025 12,059 12,180 0.49,620 
Chase Industries, Inc.Senior loan L + 7.00%(d) 6.50% cash/1.50% PIK 05/2025 985 1,020 0.1786 
Chase Industries, Inc.Senior loan L + 7.00%(d) 6.50% cash/1.50% PIK 05/2023 354 358 —282 
28,922 29,373 1.125,727 
Multiline Retail
Mills Fleet Farm Group LLC*#+!~^One stop L + 6.25%(d) 7.25% 10/2024 46,488 46,372 1.946,488 
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.+~(8)(12)One stop L + 5.75%(c) 6.75% 05/2025 13,761 14,004 0.513,072 
3ES Innovation, Inc.(5)(8)(12)One stop L + 5.75% N/A(6) 05/2025 — (2)—(10)
Drilling Info Holdings, Inc.*#+~Senior loan L + 4.25%(a) 4.40% 07/2025 36,577 37,062 1.535,030 
Drilling Info Holdings, Inc.~Senior loan L + 4.50%(a) 4.65% 07/2025 17,342 16,915 0.716,790 
Drilling Info Holdings, Inc.Senior loan L + 4.25%(a) 4.40% 07/2023 120 118 —112 
Drilling Info Holdings, Inc.Senior loan L + 4.50%(a) 4.65% 07/2023 52 49 —49 
Drilling Info Holdings, Inc.(5)Senior loan L + 4.25% N/A(6) 07/2025 — (6)—(43)
Project Power Buyer, LLC#+^One stop L + 6.25%(c) 7.25% 05/2026 15,782 15,929 0.715,625 
Project Power Buyer, LLC(5)One stop L + 6.25% N/A(6) 05/2025 — (1)—(2)
83,634 84,068 3.480,623 
Paper & Forest Products
Messenger, LLC+~One stop L + 6.50%(c)(f) 7.50% 08/2023 9,053 9,126 0.48,601 
Messenger, LLC(5)One stop L + 6.50% N/A(6) 08/2023 — — —(4)
9,053 9,126 0.48,597 


See Notes to Consolidated Financial Statements.
68
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Personal Products
IMPLUS Footwear, LLC+~One stop L + 7.75%(c) 8.75% 04/2024 $30,973 $31,376 1.2%$27,876 
IMPLUS Footwear, LLC+~One stop L + 7.75%(c) 8.75% 04/2024 5,290 5,358 0.24,761 
IMPLUS Footwear, LLC*One stop L + 7.75%(c) 8.75% 04/2024 763 786 —686 
37,026 37,520 1.433,323 
Pharmaceuticals
ACP Ulysses Buyer, Inc.+!^Senior loan L + 5.00%(c) 6.00% 02/2026 13,210 13,091 0.613,210 
Apothecary Products, LLC+Senior loan L + 4.50%(c) 5.50% 07/2023 2,904 3,009 0.12,846 
Apothecary Products, LLC(5)Senior loan L + 4.50% N/A(6) 07/2023 — — —(16)
BIOVT, LLC*#^One stop L + 5.75%(a) 6.75% 01/2021 34,128 34,262 1.434,128 
BIOVT, LLC#^One stop L + 5.75%(a) 6.75% 01/2021 2,073 2,091 0.12,073 
BIOVT, LLC*One stop L + 5.75%(a) 6.75% 01/2021 1,946 1,963 0.11,946 
BIOVT, LLCOne stop L + 5.75% N/A(6) 01/2021 — — —— 
BIOVT, LLCOne stop L + 5.75% N/A(6) 01/2021 — — —— 
54,261 54,416 2.354,187 
Professional Services
Brandmuscle, Inc.Senior loan L + 4.75%(c) 5.75% 12/2021 8,115 8,111 0.37,708 
Brandmuscle, Inc.#Senior loan L + 5.00%(c) 6.00% 12/2021 1,126 1,140 —1,073 
Brandmuscle, Inc.(5)Senior loan L + 4.75% N/A(6) 12/2021 — — —(4)
DISA Holdings Acquisition Subsidiary Corp.+~Senior loan L + 4.25%(c) 5.34% 06/2022 9,814 9,891 0.48,930 
DISA Holdings Acquisition Subsidiary Corp.Senior loan L + 4.25%(a) 5.25% 06/2022 1,448 1,448 0.11,319 
DISA Holdings Acquisition Subsidiary Corp.Senior loan L + 4.25% N/A(6) 06/2022 — 3 —— 
Net Health Acquisition Corp.*#One stop L + 5.50%(c) 6.50% 12/2023 8,554 8,656 0.38,554 
Net Health Acquisition Corp.~^One stop L + 5.50%(c) 6.50% 12/2023 6,845 6,964 0.36,845 
Net Health Acquisition Corp.*#One stop L + 5.50%(c) 6.50% 12/2023 1,195 1,210 —1,195 
Net Health Acquisition Corp.(5)One stop L + 5.50% N/A(6) 12/2023 — (2)—— 
Nexus Brands Group, Inc.*#One stop L + 6.00%(c) 7.00% 11/2023 9,378 9,471 0.48,909 
Nexus Brands Group, Inc.+~(8)(9)One stop L + 6.00%(h) 7.00% 11/2023 7,145 7,263 0.36,980 
Nexus Brands Group, Inc.#One stop L + 6.00%(c) 7.00% 11/2023 1,987 2,050 0.11,887 
Nexus Brands Group, Inc.#~One stop L + 6.00%(c) 7.00% 11/2023 1,437 1,483 0.11,365 
Nexus Brands Group, Inc.~One stop L + 6.00%(c) 7.00% 11/2023 765 759 —727 
Nexus Brands Group, Inc.One stop L + 6.00%(c) 7.00% 11/2023 20 21 —10 
Nexus Brands Group, Inc.(5)(8)(9)One stop L + 6.00% N/A(6) 11/2023 — — —(4)
Nexus Brands Group, Inc.(5)(8)(9)One stop L + 6.00% N/A(6) 11/2023 — (1)—— 
Nexus Brands Group, Inc.(5)One stop L + 6.00% N/A(6) 11/2023 — (1)—— 
PlanSource Holdings, Inc. !~One stop L + 6.25%(b) 7.25% 04/2025 11,416 11,542 0.511,416 
PlanSource Holdings, Inc. (5)One stop L + 6.25% N/A(6) 04/2025 — (1)—— 
Teaching Company, The*#One stop L + 4.75%(c)(d) 5.75% 07/2023 17,832 18,009 0.717,832 
Teaching Company, TheOne stop L + 4.75%(d) 5.75% 07/2023 30 30 —30 
87,107 88,046 3.584,772 


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

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Real Estate Management & Development
Property Brands, Inc.#One stop L + 5.75%(c) 6.75% 01/2024 $19,845 $20,037 0.8%$18,852 
Property Brands, Inc.~^One stop L + 5.75%(c) 6.75% 01/2024 13,666 13,551 0.512,984 
Property Brands, Inc.*#One stop L + 5.75%(c) 6.75% 01/2024 6,653 6,761 0.36,319 
Property Brands, Inc.~^One stop L + 5.75%(c) 6.75% 01/2024 3,243 3,348 0.13,081 
Property Brands, Inc.One stop L + 5.75%(c) 6.75% 01/2024 1,424 1,469 0.11,353 
Property Brands, Inc.#One stop L + 5.75%(c) 6.75% 01/2024 1,205 1,243 0.11,145 
Property Brands, Inc.One stop L + 5.75%(c) 6.75% 01/2024 1,189 1,227 —1,129 
Property Brands, Inc.One stop L + 5.75%(c) 6.75% 01/2024 950 944 —903 
Property Brands, Inc.One stop L + 5.75%(c) 6.75% 01/2024 501 517 —477 
Property Brands, Inc.One stop L + 5.75%(c) 6.75% 01/2024 200199—190
Property Brands, Inc.(5)One stop L + 5.75% N/A(6) 01/2024 — (2)—(175)
MRI Software LLC~^One stop L + 5.50%(c) 6.50% 02/2026 14,579 14,450 0.614,215 
MRI Software LLCOne stop L + 5.50%(c) 6.50% 02/2026 1,710 1,667 0.11,667 
MRI Software LLC(5)One stop L + 5.50% N/A(6) 02/2026 — (2)—(7)
MRI Software LLC(5)One stop L + 5.50% N/A(6) 02/2026 — — —(2)
MRI Software LLC(5)One stop L + 5.50% N/A(6) 02/2026 — (3)—(9)
65,165 65,406 2.662,122 
Road & Rail
Internet Truckstop Group LLC*#!One stop L + 5.50%(c) 6.50% 04/2025 22,587 23,165 0.922,587 
Internet Truckstop Group LLC(5)One stop L + 5.50% N/A(6) 04/2025 — (2)—— 
22,587 23,163 0.922,587 


See Notes to Consolidated Financial Statements.
70
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Software
Accela, Inc.*#One stop L + 4.91%(a) 4.25% cash/1.66% PIK 09/2023 $4,479 $4,479 0.2%$4,411 
Accela, Inc.(5)One stop L + 7.00% N/A(6) 09/2023 — — —(2)
Apptio, Inc. !~One stop L + 7.25%(d) 8.25% 01/2025 57,009 57,722 2.457,009 
Apptio, Inc. (5)One stop L + 7.25% N/A(6) 01/2025 — (1)—— 
Astute Holdings, Inc. !One stop L + 6.50%(c) 7.50% 04/2025 10,816 10,951 0.510,816 
Astute Holdings, Inc. One stop L + 6.50%(c) 7.50% 04/2025 2,768 2,759 0.12,768 
Astute Holdings, Inc. (5)One stop L + 6.50% N/A(6) 04/2025 — (1)—— 
Axiom Merger Sub Inc.!~^One stop L + 5.25%(c) 6.47% 04/2026 5,847 5,900 0.35,847 
Axiom Merger Sub Inc.+~(8)(9)One stop E + 5.50%(g) 5.50% 04/2026 2,411 2,432 0.12,492 
Axiom Merger Sub Inc.One stop L + 5.25%(d) 6.25% 04/2026 30 29 —30 
Bearcat Buyer, Inc.+~Senior loan L + 4.25%(c) 5.25% 07/2026 2,928 2,950 0.12,928 
Bearcat Buyer, Inc.~Senior loan L + 4.25%(c) 5.25% 07/2026 309 307 —309 
Bearcat Buyer, Inc.Senior loan L + 4.25%(c) 5.25% 07/2026 165 166 —165 
Bearcat Buyer, Inc.Senior loan L + 4.25% N/A(6) 07/2024 — — —— 
Bullhorn, Inc.*#+~^One stop L + 5.75%(c) 6.75% 09/2026 67,302 66,135 2.866,294 
Bullhorn, Inc.(8)(9)One stop L + 6.00%(h) 6.06% 09/2026 12,008 11,796 0.512,230 
Bullhorn, Inc.(8)(9)One stop L + 5.75%(c) 5.75% 09/2026 4,822 4,736 0.24,951 
Bullhorn, Inc. One stop L + 5.75%(c)(f) 6.75% 09/2026 98 96 —96 
Bullhorn, Inc.One stop L + 5.75%(c) 6.75% 09/2026 78 77 —77 
Bullhorn, Inc.(5)One stop L + 5.75% N/A(6) 09/2026 — (4)—(4)
Bullhorn, Inc.(5)One stop L + 5.75% N/A(6) 09/2026 — (4)—(3)
Calabrio, Inc. !~One stop L + 6.50%(c) 7.50% 06/2025 24,880 24,894 1.024,880 
Calabrio, Inc. One stop L + 6.50%(a) 7.50% 06/2025 72 72 —72 
Clearwater Analytics, LLC*#One stop L + 5.50%(c) 6.50% 09/2022 14,242 14,256 0.614,242 
Clearwater Analytics, LLC*One stop L + 5.50%(c) 6.50% 09/2022 6,040 6,071 0.36,040 
Clearwater Analytics, LLC+One stop L + 5.50%(c) 6.50% 09/2022 990 976 —990 
Clearwater Analytics, LLC(5)One stop L + 5.50% N/A(6) 09/2022 — (3)—— 
Cloudbees, Inc.One stop L + 9.00%(a) 9.50% cash/0.50% PIK 05/2023 4,215 4,248 0.24,215 
Cloudbees, Inc.One stop L + 9.00%(a) 9.50% cash/0.50% PIK 05/2023 2,774 2,692 0.12,774 
Cloudbees, Inc.One stop L + 9.00%(a) 9.50% cash/0.50% PIK 05/2023 1,469 1,480 0.11,469 
Cloudbees, Inc.One stop L + 8.50% N/A(6) 05/2023 — — —— 
Confluence Technologies, Inc.+~^One stop L + 5.75%(a) 6.75% 03/2024 45,004 44,768 1.944,554 
Confluence Technologies, Inc.One stop L + 5.75%(a) 6.75% 03/2024 28 27 —25 
Convercent, Inc.One stop L + 9.00%(c) 8.25% cash/2.75% PIK 12/2024 2,795 2,725 0.12,831 
Convercent, Inc.Subordinated debt N/A 4.00% 11/2020 138 138 —176 
Convercent, Inc.One stop L + 9.00%(c) N/A(6) 12/2024 — — —— 
Convercent, Inc.One stop L + 9.00% N/A(6) 12/2024 — — —— 
Daxko Acquisition Corporation*#^One stop L + 6.00%(c) 7.00% 09/2023 25,681 25,759 1.125,681 
Daxko Acquisition CorporationOne stop L + 6.00% N/A(6) 09/2023 — — —— 
Digital Guardian, Inc.!One stop L + 9.50%(c) 7.50% cash/3.00% PIK 06/2023 8,731 9,013 0.49,040 

See Notes to Consolidated Financial Statements.
71
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Software - (continued)
Digital Guardian, Inc.Subordinated debt N/A 8.00% PIK 06/2023 $9 $7 —%$9 
Digital Guardian, Inc.One stop L + 5.00% N/A(6) 06/2023 — — —2 
Diligent Corporation*#+!~^One stop L + 6.25%(c) 7.25% 08/2025 88,058 88,673 3.685,856 
Diligent Corporation(5)One stop L + 6.25% N/A(6) 08/2025 — 1 —(8)
GS Acquisitionco, Inc.*#+!~^One stop L + 5.75%(d) 6.75% 05/2024 54,048 54,440 2.354,048 
GS Acquisitionco, Inc.*#One stop L + 5.75%(c) 6.75% 05/2024 12,756 13,056 0.512,756 
GS Acquisitionco, Inc.#One stop L + 5.75%(d) 6.75% 05/2024 3,286 3,364 0.13,286 
GS Acquisitionco, Inc.+~One stop L + 5.75%(c) 6.75% 05/2024 3,033 3,104 0.13,033 
GS Acquisitionco, Inc.#One stop L + 5.75%(c) 6.75% 05/2024 1,899 1,944 0.11,899 
GS Acquisitionco, Inc.One stop L + 5.75%(c)(d) 6.75% 05/2024 186 183 —186 
GS Acquisitionco, Inc.One stop L + 5.75%(d) 6.75% 05/2024 75 75 —75 
GS Acquisitionco, Inc.One stop L + 5.75%(d) 6.75% 05/2024 37 37 —37 
ICIMS, Inc.!~One stop L + 6.50%(c) 7.50% 09/2024 14,355 14,548 0.614,355 
ICIMS, Inc.!~One stop L + 6.50%(c) 7.50% 09/2024 4,501 4,576 0.24,501 
ICIMS, Inc.(5)One stop L + 6.50% N/A(6) 09/2024 — (1)—— 
Impartner, Inc.Senior loan L + 9.50%(c) 9.30% cash/2.00% PIK 08/2025 2,916 2,880 0.13,001 
Impartner, Inc.(5)Senior loan L + 9.50% N/A(6) 08/2025 — (3)—14 
Impartner, Inc.Senior loan L + 9.50% N/A(6) 08/2025 — — —— 
Infogix, Inc.*#One stop L + 7.00%(c) 8.00% 04/2024 7,178 7,309 0.37,178 
Infogix, Inc.*^One stop L + 7.00%(c) 8.00% 04/2024 1,107 1,124 —1,107 
Infogix, Inc.One stop L + 7.00%(c) 8.00% 04/2024 90 90 —90 
Integral Ad Science, Inc.!~One stop L + 7.25%(c) 7.00% cash/1.25% PIK 07/2024 15,882 16,069 0.715,882 
Integral Ad Science, Inc.(5)One stop L + 6.00% N/A(6) 07/2023 — (3)—(4)
Integration Appliance, Inc.*!~One stop L + 7.25%(d) 8.25% 08/2023 68,335 69,117 2.968,335 
Integration Appliance, Inc.One stop L + 7.25%(d) 8.25% 08/2023 487 483 —487 
Invoice Cloud, Inc.!One stop L + 6.50%(c) 4.25% cash/3.25% PIK 02/2024 6,520 6,559 0.36,390 
Invoice Cloud, Inc.One stop L + 6.50%(c) 4.25% cash/3.25% PIK 02/2024 2,187 2,186 0.12,138 
Invoice Cloud, Inc.(5)One stop L + 6.00% N/A(6) 02/2024 — — —(2)
Kaseya Traverse Inc!~One stop L + 7.00%(c) 5.09% cash/3.00% PIK 05/2025 36,070 37,033 1.536,070 
Kaseya Traverse IncOne stop L + 7.00%(c)(d) 5.06% cash/3.00% PIK 05/2025 738 755 —738 
Kaseya Traverse IncOne stop L + 6.50%(c) 7.50% 05/2025 89 88 —86 
Kaseya Traverse Inc(5)One stop L + 7.00% N/A(6) 05/2025 — (1)—— 
Mindbody, Inc.!~One stop L + 8.50%(c) 8.00% cash/1.50% PIK 02/2025 48,593 49,379 1.945,678 
Mindbody, Inc.(5)One stop L + 8.00% N/A(6) 02/2025 — (1)—(18)
Ministry Brands, LLC^Senior loan L + 4.00%(b) 5.00% 12/2022 1,446 1,462 0.11,359 
Ministry Brands, LLC^Senior loan L + 4.00%(b) 5.00% 12/2022 827 837 —777 
Ministry Brands, LLCSenior loan L + 4.00%(b) 5.00% 12/2022 377 388 —354 
mParticle, Inc.One stop L + 9.75%(c) 7.50% cash/3.25% PIK 09/2025 3,157 3,101 0.13,115 
mParticle, Inc.One stop L + 9.75% N/A(6) 09/2025 — — —— 
Namely, Inc.!~One stop L + 7.50%(c) 8.25% cash/1.25% PIK 06/2024 3,580 3,614 0.13,507 
Namely, Inc.One stop L + 7.50%(c) 8.25% cash/1.25% PIK 06/2024 2,033 2,019 0.11,992 
Namely, Inc.One stop L + 7.50%(a) 8.25% cash/1.25% PIK 06/2024 70 70 —68 
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH!One stop P + 6.75%(f) 8.25% cash/1.75% PIK 10/2024 2,139 2,121 0.12,249 

See Notes to Consolidated Financial Statements.
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TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Software - (continued)
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBHOne stop L + 7.75% N/A(6) 10/2024 $— $— —%$1 
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBHOne stop L + 7.75% N/A(6) 10/2024 — — —4 
Personify, Inc.*+^One stop L + 5.25%(c) 6.25% 09/2024 15,457 15,712 0.615,457 
Personify, Inc.One stop L + 5.25%(c) 6.25% 09/2024 60 61 —60 
RegEd Aquireco, LLC^Senior loan L + 4.25%(a) 5.25% 12/2024 11,416 11,413 0.410,731 
RegEd Aquireco, LLCSenior loan L + 4.25%(a)(f) 5.08% 12/2024 132 131 —112 
RegEd Aquireco, LLC(5)Senior loan L + 4.25% N/A(6) 12/2024 — (4)—— 
Saturn Borrower Inc.Senior loan L + 6.50%(c) 7.50% 09/2026 16,324 15,836 0.715,834 
Saturn Borrower Inc.(5)Senior loan L + 6.50% N/A(6) 09/2026 — (3)—(3)
SnapLogic, Inc.One stop L + 8.75%(c) 5.75% cash/5.50% PIK 09/2024 5,978 5,911 0.35,978 
SnapLogic, Inc.One stop L + 8.75%(c) 5.75% cash/5.50% PIK 09/2024 61 61 —61 
SnapLogic, Inc.One stop L + 8.75% N/A(6) 09/2024 — — —— 
Sontatype, Inc.!One stop L + 6.75%(d) 7.75% 12/2025 851 843 —851 
Sontatype, Inc.(5)One stop L + 6.75% N/A(6) 12/2025 — (2)—— 
Telesoft Holdings LLC^One stop L + 5.75%(a) 6.75% 12/2025 905 887 —905 
Telesoft Holdings LLC(5)One stop L + 5.75% N/A(6) 12/2025 — (2)—— 
TI Intermediate Holdings, LLC^Senior loan L + 4.50%(a) 4.65% 12/2024 3,517 3,575 0.13,517 
TI Intermediate Holdings, LLCSenior loan L + 4.50%(a) 4.65% 12/2024 42 42 —42 
Togetherwork Holdings, LLC*#One stop L + 5.75%(a) 6.75% 03/2025 15,564 15,706 0.615,408 
Togetherwork Holdings, LLC~^One stop L + 5.75%(a) 6.75% 03/2025 1,803 1,865 0.11,786 
Togetherwork Holdings, LLCOne stop L + 5.75%(a) 6.75% 03/2025 1,750 1,807 0.11,733 
Togetherwork Holdings, LLC*#One stop L + 5.75%(a) 6.75% 03/2025 1,706 1,764 0.11,689 
Togetherwork Holdings, LLC~^One stop L + 5.75%(a) 6.75% 03/2025 1,648 1,680 0.11,631 
Togetherwork Holdings, LLC*^One stop L + 5.75%(a) 6.75% 03/2025 1,588 1,643 0.11,573 
Togetherwork Holdings, LLCOne stop L + 5.75%(a) 6.75% 03/2025 1,481 1,530 0.11,466 
Togetherwork Holdings, LLC*#One stop L + 5.75%(a) 6.75% 03/2025 1,213 1,231 0.11,201 
Togetherwork Holdings, LLCOne stop L + 5.75%(a) 6.75% 03/2025 668 690 —662 
Togetherwork Holdings, LLC^One stop L + 5.75%(a) 6.75% 03/2025 447 443 —443 
Togetherwork Holdings, LLCOne stop L + 5.75%(a) 6.75% 03/2024 300 298 —298 
Togetherwork Holdings, LLCOne stop L + 5.75%(a) 6.75% 03/2025 64 66 —64 
Togetherwork Holdings, LLC~One stop L + 5.75%(a) 6.75% 03/2025 59 61 —59 
Transact Holdings, Inc.+~Senior loan L + 4.75%(a) 4.90% 04/2026 3,079 3,121 0.12,912 
Trintech, Inc.*#^One stop L + 6.00%(c) 7.00% 12/2023 22,400 22,738 0.922,400 
Trintech, Inc.#!^One stop L + 6.00%(c) 7.00% 12/2023 9,287 9,473 0.49,287 
Trintech, Inc.One stop L + 6.00%(c) 7.00% 12/2023 300 301 —300 
True Commerce, Inc.*#^One stop L + 5.75%(c) 6.75% 11/2023 14,598 14,861 0.614,598 
True Commerce, Inc.+(8)(9)One stop L + 5.75%(c) 6.75% 11/2023 2,575 2,665 0.12,677 
True Commerce, Inc.#(8)One stop L + 5.75%(c) 6.75% 11/2023 909 941 —909 
True Commerce, Inc.One stop L + 5.75% N/A(6) 11/2023 — — —— 
Upserve, Inc.!~One stop L + 8.00%(e) 9.00% 07/2023 6,141 6,193 0.36,018 
Upserve, Inc.One stop L + 8.00%(e) 9.00% 07/2023 1,451 1,496 0.11,422 
Upserve, Inc.(5)One stop L + 8.00% N/A(6) 07/2023 — — —(2)
Vector CS Midco Limited & Cloudsense Ltd.!~(8)(9)(10)One stop N/A 4.50% cash/3.55% PIK 05/2024 7,859 7,986 0.37,980 

See Notes to Consolidated Financial Statements.
73
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Software - (continued)
Vector CS Midco Limited & Cloudsense Ltd.(8)(9)(10)One stop L + 7.25%(h) 5.30% cash/2.75% PIK 05/2024 $132 $132 —%$130 
Vendavo, Inc.*!~One stop L + 6.50%(c) 7.50% 10/2022 35,368 35,329 1.535,368 
Vendavo, Inc.One stop P + 5.25%(f) 8.50% 10/2022 631 629 —631 
Workforce Software, LLC!~One stop L + 6.50%(c) 7.50% 07/2025 27,195 27,895 1.127,195 
Workforce Software, LLC(5)One stop L + 6.50% N/A(6) 07/2025 — (2)—— 
909,152 915,327 37.6901,417 


See Notes to Consolidated Financial Statements.
74
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Specialty Retail
2nd Ave. LLCOne stop L + 5.50%(d) 6.50% 09/2025 $5,915 $5,829 0.2%$5,560 
2nd Ave. LLCOne stop L + 5.50%(d) 6.56% 09/2025 50 50 —47 
Batteries Plus Holding Corporation#One stop L + 6.75%(a) 7.75% 07/2022 21,921 22,098 0.921,921 
Batteries Plus Holding Corporation(5)One stop L + 6.75% N/A(6) 07/2022 — (1)—— 
Boot Barn, Inc.#+~Senior loan L + 4.50%(c) 5.50% 06/2023 16,777 16,904 0.716,777 
Cycle Gear, Inc.#+^One stop L + 5.00%(c) 6.00% 01/2024 23,834 24,042 1.023,834 
DTLR, Inc.*#+One stop L + 8.50%(b)(c) 7.50% cash/2.00% PIK 08/2022 41,457 41,896 1.741,457 
Imperial Optical Midco Inc.~One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 3,620 3,666 0.23,620 
Imperial Optical Midco Inc.*One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 2,822 2,803 0.12,822 
Imperial Optical Midco Inc.#One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 1,918 1,965 0.11,918 
Imperial Optical Midco Inc.#One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 1,249 1,279 0.11,249 
Imperial Optical Midco Inc.*One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 1,137 1,165 0.11,137 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 330 328 —330 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 240 238 —240 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 190 189 —190 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 134 133 —134 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 130 129 —130 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 96 96 —96 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 83 82 —83 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 42 42 —42 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 41 41 —41 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 24 23 —24 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 21 21 —21 
Imperial Optical Midco Inc.One stop L + 8.25%(a) 7.25% cash/2.00% PIK 08/2023 11 11 —11 
Imperial Optical Midco Inc.One stop L + 6.25% N/A(6) 08/2023 — — —— 
Imperial Optical Midco Inc.(5)One stop L + 8.25% N/A(6) 08/2023 — (3)—— 
Jet Equipment & Tools Ltd.+~(8)(9)(12)One stop L + 5.25%(a) 6.25% 11/2024 17,988 18,266 0.817,781 
Jet Equipment & Tools Ltd.*#(8)(12)One stop L + 5.25%(a) 6.25% 11/2024 12,364 12,604 0.512,364 
Jet Equipment & Tools Ltd.#(8)(12)^One stop L + 5.25%(a) 6.25% 11/2024 4,306 4,377 0.24,306 
Jet Equipment & Tools Ltd.(8)(12)^One stop L + 5.25%(a) 6.25% 11/2024 1,581 1,569 0.11,581 
Jet Equipment & Tools Ltd.(5)(8)(9)(12)One stop L + 5.25% N/A(6) 11/2024 — (1)—— 
Pet Holdings ULC*#+!(8)(12)One stop L + 5.50%(c) 6.50% 07/2022 46,638 47,449 2.046,638 
Pet Holdings ULC*#+(8)(12)One stop L + 5.50%(c) 6.50% 07/2022 240 242 —240 
Pet Holdings ULC(5)(8)(12)One stop L + 5.50% N/A(6) 07/2022 — (1)—— 
Pet Supplies Plus, LLC*+^Senior loan L + 4.50%(c) 5.50% 12/2024 14,181 14,415 0.614,181 
Pet Supplies Plus, LLC(5)Senior loan L + 4.50% N/A(6) 12/2023 — (1)—— 
PetPeople Enterprises, LLC#One stop L + 5.75%(c) 6.75% 09/2023 5,352 5,401 0.25,191 
PetPeople Enterprises, LLC#One stop L + 5.75%(c)(d) 6.84% 09/2023 1,817 1,843 0.11,763 
PetPeople Enterprises, LLCOne stop L + 5.75%(c)(d) 6.92% 09/2023 40 41 —38 
PPV Intermediate Holdings II, LLCOne stop L + 6.00%(a)(c)(d) 7.46% 05/2023 4,921 4,921 0.24,859 

See Notes to Consolidated Financial Statements.
75
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Specialty Retail - (continued)
PPV Intermediate Holdings II, LLCOne stop L + 6.00%(a) 7.00% 05/2023 $1,010 $1,010 —%$997 
PPV Intermediate Holdings II, LLCOne stop L + 6.00%(a) 7.00% 05/2023 603 603 —596 
PPV Intermediate Holdings II, LLCOne stop L + 6.00%(a) 7.00% 05/2023 435 417 —429 
PPV Intermediate Holdings II, LLCOne stop L + 6.00%(a) 7.00% 05/2023 129 127 —128 
PPV Intermediate Holdings II, LLCOne stop L + 6.00%(d)(f) 7.69% 05/2023 94 94 —92 
PPV Intermediate Holdings II, LLCOne stop N/A 7.90% PIK 05/2023 24 24 —24 
PPV Intermediate Holdings II, LLC(5)One stop L + 6.00% N/A(6) 05/2023 — (135)—(120)
Sola Franchise, LLC and Sola Salon Studios, LLC#One stop L + 5.50%(c) 6.50% 10/2024 6,963 6,979 0.36,824 
Sola Franchise, LLC and Sola Salon Studios, LLC#One stop L + 5.50%(c) 6.50% 10/2024 1,708 1,765 0.11,674 
Sola Franchise, LLC and Sola Salon Studios, LLCOne stop L + 5.50%(c)(f) 7.09% 10/2024 86 85 —84 
Sola Franchise, LLC and Sola Salon Studios, LLC(5)One stop L + 5.50% N/A(6) 10/2024 — (1)—— 
Southern Veterinary Partners, LLC*#^One stop L + 6.00%(a) 7.00% 05/2025 26,592 27,499 1.127,123 
Southern Veterinary Partners, LLCOne stop L + 6.00%(a) 7.00% 05/2025 210 208 —214 
Southern Veterinary Partners, LLCOne stop L + 6.00%(a) 7.00% 05/2025 191 189 —195 
Southern Veterinary Partners, LLCOne stop L + 6.00%(c) 7.00% 05/2025 181 179 —184 
Southern Veterinary Partners, LLCOne stop L + 6.00%(c)(d) 7.00% 05/2023 170 169 —170 
Southern Veterinary Partners, LLCOne stop L + 6.00%(c) 7.00% 05/2025 163 161 —166 
Southern Veterinary Partners, LLCOne stop L + 6.00%(c) 7.00% 05/2025 142 140 —144 
Southern Veterinary Partners, LLCOne stop L + 6.00%(d) 7.00% 05/2025 140 138 —143 
Southern Veterinary Partners, LLCOne stop L + 6.00%(d) 7.00% 05/2025 128 127 —131 
Southern Veterinary Partners, LLCOne stop L + 6.00%(a) 7.00% 05/2025 125 124 —128 
Southern Veterinary Partners, LLC#One stop L + 6.00%(a) 7.00% 05/2025 120 119 —123 
Southern Veterinary Partners, LLC#One stop L + 6.00%(a) 7.00% 05/2025 119 118 —121 
Southern Veterinary Partners, LLCOne stop L + 6.00%(d) 7.00% 05/2025 118 117 —120 
Southern Veterinary Partners, LLC#One stop L + 6.00%(a) 7.00% 05/2025 113 112 —115 
Southern Veterinary Partners, LLC#One stop L + 6.00%(a) 7.00% 05/2025 111 110 —113 
Southern Veterinary Partners, LLCOne stop L + 6.00%(d) 7.00% 05/2025 4 2 —4 
Southern Veterinary Partners, LLC(5)One stop L + 6.00% N/A(6) 05/2025 — (12)—23 
Titan Fitness, LLC*#+One stop L + 4.75%(b)(c) 5.75% 02/2025 30,317 30,759 1.126,679 
Titan Fitness, LLCOne stop L + 4.75%(c) 5.75% 02/2025 1,894 1,881 0.11,667 
Titan Fitness, LLCOne stop L + 4.75%(c) 5.75% 02/2025 474 472 —414 
Titan Fitness, LLC(5)One stop L + 4.75% N/A(6) 02/2025 — (1)—— 
Vermont Aus Pty Ltd!~(8)(9)(11)One stop L + 4.75%(j) 4.89% 12/2024 2,199 2,219 0.12,282 
Vermont Aus Pty Ltd(8)(9)(11)One stop L + 4.75%(j) 4.89% 12/2024 81 82 —91 
306,114 310,031 12.6301,704 


See Notes to Consolidated Financial Statements.
76
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.*#^One stop L + 6.00%(c) 7.00% 03/2023 $22,442 $22,566 0.9%$21,994 
Agility Recovery Solutions Inc.One stop L + 6.00%(c) 7.00% 03/2023 902 899 0.1882 
23,344 23,465 1.022,876 
Textiles, Apparel & Luxury Goods
Elite Sportswear, L.P.Senior loan L + 6.25%(c) 2.00% cash/5.25% PIK 12/2021 9,446 9,298 0.38,029 
Elite Sportswear, L.P.Senior loan L + 6.25%(c) 2.00% cash/5.25% PIK 12/2021 3,798 3,740 0.13,228 
Elite Sportswear, L.P.Senior loan L + 6.25%(c) 2.00% cash/5.25% PIK 12/2021 1,954 1,924 0.11,661 
Elite Sportswear, L.P.Senior loan L + 6.25%(b)(c) 7.25% 12/2021 1,167 1,149 0.1988 
Elite Sportswear, L.P.*Senior loan L + 6.25%(c) 2.00% cash/5.25% PIK 12/2021 648 640 —551 
Elite Sportswear, L.P.Senior loan L + 6.25%(c) 2.00% cash/5.25% PIK 12/2021 297 292 —252 
Elite Sportswear, L.P.*Senior loan L + 6.25%(c) 2.00% cash/5.25% PIK 12/2021 283 279 —241 
Elite Sportswear, L.P.Senior loan L + 6.25%(b)(c) 2.00% cash/5.25% PIK 12/2021 40 40 —34 
Georgica Pine Clothiers, LLC#One stop L + 5.50%(c)(d) 6.50% 11/2023 10,324 10,427 0.49,497 
Georgica Pine Clothiers, LLC*#One stop L + 5.50%(d) 6.50% 11/2023 6,504 6,574 0.35,983 
Georgica Pine Clothiers, LLC+One stop L + 5.50%(d) 6.50% 11/2023 1,006 998 —926 
Georgica Pine Clothiers, LLC#One stop L + 5.50%(d) 6.50% 11/2023 906 915 —833 
Georgica Pine Clothiers, LLC*#One stop L + 5.50%(d) 6.50% 11/2023 635 644 —584 
Georgica Pine Clothiers, LLCOne stop L + 5.50%(c)(d) 6.50% 11/2023 236 235 —216 
Protective Industrial Products, Inc.+Senior loan L + 4.50%(c) 5.50% 01/2024 993 984 0.1993 
SHO Holding I Corporation!~Senior loan L + 5.25%(c) 4.00% cash/2.25% PIK 04/2024 4,035 4,015 0.23,631 
SHO Holding I CorporationSenior loan L + 4.00%(a)(c)(d) 5.00% 04/2024 50 49 —50 
SHO Holding I CorporationSenior loan L + 5.23%(c) 4.00% cash/2.23% PIK 04/2024 20 20 —19 
SHO Holding I Corporation(5)Senior loan L + 5.00% N/A(6) 04/2024 — (1)—(10)
SHO Holding I CorporationSenior loan L + 4.50%(c)(d) N/A(6) 04/2024 — — —— 
SHO Holding I CorporationSenior loan L + 5.23%(b)(c) N/A(6) 04/2024 — — —— 
42,342 42,222 1.637,706 
Total non-controlled/non-affiliate company debt investments$4,237,154 $4,249,853 170.8 %$4,092,602 


See Notes to Consolidated Financial Statements.
77
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Equity Investments (15)(16)
Aerospace & Defense
NTS Technical SystemsCommon Stock N/A N/A N/A 2 $1,506 0.1%$637 
NTS Technical SystemsPreferred stock N/A N/A N/A — 256 —430 
NTS Technical SystemsPreferred stock N/A N/A N/A — 128 —245 
Whitcraft LLCCommon Stock N/A N/A N/A 11 2,285 0.12,598 
4,175 0.23,910 
Auto Components
Polk Acquisition Corp.LP interest N/A N/A N/A 5 314 —26 
Automobiles
Grease Monkey International, LLCLLC units N/A N/A N/A 803 1,304 0.12,457 
Quick Quack Car Wash Holdings, LLCLLC units N/A N/A N/A — 508 —440 
1,812 0.12,897 
Biotechnology
BIO18 Borrower, LLC(17)LLC units N/A N/A N/A 591 1,190 0.11,654 
Building Products
Brooks Equipment Company, LLCCommon Stock N/A N/A N/A 10 1,021 0.12,107 
Chemicals
Inhance Technologies Holdings LLCLLC units N/A N/A N/A — 124 —51 
Commercial Services & Supplies
Hydraulic Authority III Limited(8)(9)(10)Preferred stock N/A N/A N/A 284 384 —341 
Hydraulic Authority III Limited(8)(9)(10)Common Stock N/A N/A N/A 6 43 —— 
427 —341 
Construction & Engineering
Reladyne, Inc.LP units N/A N/A N/A 1 931 —896 
Diversified Consumer Services
EWC Growth Partners LLCLLC interest N/A N/A N/A — 12 —1 
PADI Holdco, Inc.(17)LLC units N/A N/A N/A 1 969 —231 
Spear Education, LLCLLC units N/A N/A N/A — 7 —30 
Spear Education, LLCLLC units N/A N/A N/A 1 1 —25 
989 —287 
Electronic Equipment, Instruments & Components
ES Acquisition LLCLP interest N/A N/A N/A — 15 —26 
Inventus Power, Inc.Preferred stock N/A N/A N/A 1 372 —119 
Inventus Power, Inc.LLC units N/A N/A N/A — 88 —153 
Inventus Power, Inc.Preferred stock N/A N/A N/A — 20 —42 
Inventus Power, Inc.Common Stock N/A N/A N/A 1 — —— 
495 —340 


See Notes to Consolidated Financial Statements.
78
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Food & Staples Retailing
Benihana, Inc.LLC unit N/A N/A N/A 43 $699 —%$55 
Cafe Rio Holding, Inc.Common Stock N/A N/A N/A 5 603 —765 
Captain D's, LLCLLC interest N/A N/A N/A 158 156 —355 
Feeders Supply Company, LLCPreferred stock N/A N/A N/A 4 400 —349 
Feeders Supply Company, LLCLLC units N/A N/A N/A — — —— 
Hopdoddy Holdings, LLCLLC units N/A N/A N/A 44 217 —82 
Hopdoddy Holdings, LLCLLC units N/A N/A N/A 20 61 —23 
Mendocino Farms, LLCCommon Stock N/A N/A N/A 169 770 0.1817 
Rubio's Restaurants, Inc.Preferred stock N/A N/A N/A 2 945 —— 
Ruby Slipper Cafe LLC, TheLLC units N/A N/A N/A 31 373 —72 
Ruby Slipper Cafe LLC, TheLP units N/A N/A N/A 2 20 —12 
Wetzel's Pretzels, LLCCommon Stock N/A N/A N/A — 416 —185 
Wood Fired Holding Corp.LLC units N/A N/A N/A 437 444 —147 
Wood Fired Holding Corp.LLC units N/A N/A N/A 437 — —— 
5,104 0.12,862 
Food Products
C. J. Foods, Inc.Preferred stock N/A N/A N/A — 75 —563 
Global ID CorporationLLC interest N/A N/A N/A 5 603 0.1801 
Purfoods, LLCLLC interest N/A N/A N/A 379 926 0.25,346 
1,604 0.36,710 
Health Care Technology
Connexin Software, Inc.LLC interest N/A N/A N/A 154 192 —206 
Caliper Software, Inc.Preferred stockN/AN/AN/A3 2,734 0.12,954 
Caliper Software, Inc.Common StockN/AN/AN/A221 283 —594 
Caliper Software, Inc.Preferred stockN/AN/AN/A— 37 —47 
HealthcareSource HR, Inc.LLC interest N/A N/A N/A — 621 0.1680 
HSI Halo Acquisition, Inc.Preferred stock N/A N/A N/A — 288 —253 
HSI Halo Acquisition, Inc.Common Stock N/A N/A N/A — — —— 
Kareo, Inc.Warrant N/A N/A N/A 53 162 —9 
Kareo, Inc.Preferred stock N/A N/A N/A 1 8 —12 
Kareo, Inc.Warrant N/A N/A N/A 5 6 —18 
Surgical Information Systems, LLCCommon Stock N/A N/A N/A 4 414 —413 
Verisys CorporationLLC interest N/A N/A N/A 579 712 —354 
5,457 0.25,540 















See Notes to Consolidated Financial Statements.
79
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Healthcare Equipment and Supplies
Aspen Medical Products, LLCCommon Stock N/A N/A N/A — $77 —%$68 
Blue River Pet Care, LLCLLC units N/A N/A N/A — 76 —88 
CMI Parent Inc.LLC units N/A N/A N/A — 240 —245 
CMI Parent Inc.LLC units N/A N/A N/A 2 3 —— 
Flexan, LLCLLC units N/A N/A N/A — 137 —198 
Flexan, LLCLLC interest N/A N/A N/A 1 — —— 
G & H Wire Company, Inc.LLC interest N/A N/A N/A 336 269 —91 
Joerns Healthcare, LLC*Common Stock N/A N/A N/A 432 4,329 0.12,501 
Katena Holdings, Inc.LLC units N/A N/A N/A 1 573 —324 
Lombart Brothers, Inc.Common Stock N/A N/A N/A 1 440 —— 
SLMP, LLCLLC interest N/A N/A N/A 668 789 0.11,296 
6,933 0.24,811 


See Notes to Consolidated Financial Statements.
80
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Healthcare Providers and Services
Active Day, Inc.LLC interest N/A N/A N/A 1 $1,099 —%$372 
Acuity Eyecare Holdings, LLCLLC interest N/A N/A N/A 1,158 1,334 0.11,358 
ADCS Clinics Intermediate Holdings, LLCPreferred stock N/A N/A N/A 1 1,119 —589 
ADCS Clinics Intermediate Holdings, LLCCommon Stock N/A N/A N/A 06 —— 
CRH Healthcare Purchaser, Inc.LP interest N/A N/A N/A 429 469 —715 
DCA Investment Holding, LLCLLC units N/A N/A N/A 13,890 1,619 0.11,886 
DCA Investment Holding, LLCLLC units N/A N/A N/A 140 218 —— 
Deca Dental Management LLCLLC units N/A N/A N/A 1,008 1,278 —393 
Encore GC Acquisition, LLCLLC units N/A N/A N/A 26 272 —300 
Encore GC Acquisition, LLCLLC units N/A N/A N/A 26 52 —77 
Encorevet Group LLCPreferred stock N/A N/A N/A — 15 —13 
ERG Buyer, LLCLLC units N/A N/A N/A 1 661 —31 
ERG Buyer, LLCLLC units N/A N/A N/A 8 4 —— 
Eyecare Services Partners Holdings LLCLLC units N/A N/A N/A — 262 —— 
Eyecare Services Partners Holdings LLCLLC units N/A N/A N/A — 1 —— 
IntegraMed America, Inc.LLC interest N/A N/A N/A — 417 —— 
Krueger-Gilbert Health Physics, LLCLLC interest N/A N/A N/A 155 172 —168 
MD Now Holdings, Inc.LLC units N/A N/A N/A 15 153 —169 
Midwest Veterinary Partners, LLCLLC units N/A N/A N/A — 29 —32 
Midwest Veterinary Partners, LLCLLC units N/A N/A N/A 6 — —17 
MWD Management, LLC & MWD Services, Inc.LLC interest N/A N/A N/A 412 335 —300 
Oliver Street Dermatology Holdings, LLCLLC units N/A N/A N/A 452 234 —— 
Pentec Acquisition Sub, Inc.Preferred stock N/A N/A N/A 1 116 —159 
Pinnacle Treatment Centers, Inc.Preferred stock N/A N/A N/A — 528 0.1631 
Pinnacle Treatment Centers, Inc.LLC units N/A N/A N/A 5 74 —390 
Radiology Partners, Inc.LLC units N/A N/A N/A 11 68 —59 
Radiology Partners, Inc.LLC units N/A N/A N/A 43 55 —233 
RXH Buyer CorporationLP interest N/A N/A N/A 11 973 0.11,117 
Sage Dental Management, LLCLLC units N/A N/A N/A — 249 —— 
Sage Dental Management, LLCLLC units N/A N/A N/A 3 3 —— 
SSH CorporationCommon Stock N/A N/A N/A — 40 —118 
Summit Behavioral Healthcare, LLC(17)LLC interest N/A N/A N/A 2 98 —156 
Summit Behavioral Healthcare, LLC(17)LLC interest N/A N/A N/A 2 — —— 
WHCG Management, LLCLLC interest N/A N/A N/A 1 414 —515 
12,367 0.49,798 
Hotels, Restaurants & Leisure
LMP TR Holdings, LLCLLC units N/A N/A N/A 712 712 —97 
SSRG Holdings, LLCLLC units N/A N/A N/A 6 61 —35 
Tropical Smoothie Cafe Holdings, LLC(17)LP units N/A N/A N/A 5 550 —550 
1,323 —682 

See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Household Durables
Groundworks LLCLLC units N/A N/A N/A — $155 —%$206 
Insurance
Captive Resources Midco, LLC(17)LLC units N/A N/A N/A 425 — —432 
MajescoLP units N/A N/A N/A — 264 —264 
MajescoLP units N/A N/A N/A 59 — —— 
Orchid Underwriters Agency, LLCLP interest N/A N/A N/A 92 103 —88 
367 —784 
IT Services
Appriss Holdings, Inc.Preferred stock N/A N/A N/A — 174 —179 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.Preferred stock N/A N/A N/A 587 462 0.11,652 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.Warrant N/A N/A N/A 202 159 —410 
Centrify CorporationLP interest N/A N/A N/A 1 691 —372 
Centrify CorporationLP interest N/A N/A N/A 263 — —— 
Episerver, Inc.LLC units N/A N/A N/A 76 807 —488 
Maverick Bidco Inc.LLC units N/A N/A N/A 2 723 0.1804 
PCS Intermediate II Holdings, LLCLLC units N/A N/A N/A 37 367 —388 
Red Dawn SEI Buyer, Inc.LP interest N/A N/A N/A 13 13 —13 
3,396 0.24,306 
Leisure Products
Massage Envy, LLCLLC interest N/A N/A N/A 749 210 0.11,236 
WBZ Investment LLCLLC interest N/A N/A N/A 68 117 —76 
WBZ Investment LLCLLC interest N/A N/A N/A 46 80 —52 
WBZ Investment LLCLLC interest N/A N/A N/A 38 65 —43 
WBZ Investment LLCLLC interest N/A N/A N/A 33 58 —37 
WBZ Investment LLCLLC interest N/A N/A N/A 14 24 —16 
WBZ Investment LLCLLC interest N/A N/A N/A 1 2 —2 
556 0.11,462 
Life Sciences Tools & Services
Pace Analytical Services, LLCLLC units N/A N/A N/A 6 700 —914 
Oil, Gas and Consumable Fuels
W3 Co.LLC units N/A N/A N/A 3 1,632 0.11,946 
W3 Co.Preferred stock N/A N/A N/A — 224 —242 
1,856 0.12,188 
Pharmaceuticals
BIOVT, LLCLLC units N/A N/A N/A — 1,223 0.11,863 


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

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Professional Services
Brandmuscle, Inc.LLC interest N/A N/A N/A — $335 —%$217 
DISA Holdings Acquisition Subsidiary Corp.Common Stock N/A N/A N/A — 154 —290 
Net Health Acquisition Corp.LP interest N/A N/A N/A 13 1,440 0.11,333 
Nexus Brands Group, Inc.LP interest N/A N/A N/A — 547 —459 
Vitalyst, LLCPreferred stock N/A N/A N/A — 61 —45 
Vitalyst, LLCCommon Stock N/A N/A N/A 1 7 —— 
2,544 0.12,344 
Real Estate Management & Development
Property Brands, Inc.LLC units N/A N/A N/A 63 766 —989 
Road & Rail
Internet Truckstop Group LLCLP interest N/A N/A N/A 408 447 —364 
Software
Accela, Inc.LLC units N/A N/A N/A 670418—73
Astute Holdings, Inc. LP interest N/A N/A N/A — 294—531
Calabrio, Inc. Common Stock N/A N/A N/A 26205—344
Cloudbees, Inc.Preferred stock N/A N/A N/A 71466—378
Cloudbees, Inc.Warrant N/A N/A N/A 131247—307
Confluence Technologies, Inc.LLC interest N/A N/A N/A 3412—561
Convercent, Inc.Warrant N/A N/A N/A 32563—140
Digital Guardian, Inc.Preferred stock N/A N/A N/A 356 434 —309
Digital Guardian, Inc.Warrant N/A N/A N/A 122225—211
Digital Guardian, Inc.Preferred stock N/A N/A N/A 74142—128
Digital Guardian, Inc.Preferred stock N/A N/A N/A 67 123 —139
Digital Guardian, Inc.Warrant N/A N/A N/A 1233—50
Diligent Corporation(17)Preferred stock N/A N/A N/A 414 912 0.11,811 
GS Acquisitionco, Inc.LP interest N/A N/A N/A 2291—604
MetricStream, Inc.Warrant N/A N/A N/A 168263—179
mParticle, Inc.Warrant N/A N/A N/A 26 10 92
Namely, Inc.Warrant N/A N/A N/A 1728—27
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBHWarrant N/A N/A N/A 49—24
Personify, Inc.LLC units N/A N/A N/A 6398280.1960
Pride Midco, Inc.Preferred stock N/A N/A N/A 2 2,594 0.12,907 
Project Alpha Intermediate Holding, Inc.Common Stock N/A N/A N/A 1 964 0.11,165 
Project Alpha Intermediate Holding, Inc.Common Stock N/A N/A N/A 202 329 —1,009 
Project Silverback Holdings Corp.Preferred stock N/A N/A N/A 3 6 —— 
RegEd Aquireco, LLCLP interest N/A N/A N/A — 316—154
RegEd Aquireco, LLCLP interest N/A N/A N/A 3 21 —— 
Saturn Borrower Inc.LP units N/A N/A N/A 328 328 —328
SnapLogic, Inc.Preferred stock N/A N/A N/A 278 695 0.11,030 
SnapLogic, Inc.Warrant N/A N/A N/A 69 27 —180
Telesoft Holdings LLCLP interest N/A N/A N/A 6 6 —6

See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Software - (continued)
Vendavo, Inc.Preferred stock N/A N/A N/A 1,017 $1,017 0.1%$1,528 
Workforce Software, LLCCommon Stock N/A N/A N/A — 973—306
Xmatters, Inc. and Alarmpoint, Inc.Preferred stock N/A N/A N/A 4744940.1643
Xmatters, Inc. and Alarmpoint, Inc.Warrant N/A N/A N/A 8464—29
Xmatters, Inc. and Alarmpoint, Inc.Preferred stock N/A N/A N/A 2026—26
13,263 0.716,179 


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

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Specialty Retail
2nd Ave. LLCLP interest N/A N/A N/A 653 $653 —%$561 
Batteries Plus Holding CorporationLP interest N/A N/A N/A 10 1,287 0.11,245 
Cycle Gear, Inc.LLC units N/A N/A N/A 27 462—775
DTLR, Inc.LLC interest N/A N/A N/A 44110.11,233 
Imperial Optical Midco Inc.Preferred stock N/A N/A N/A — 122 —123 
Jet Equipment & Tools Ltd.(8)(9)(12)LLC units N/A N/A N/A 1 947 0.11,919 
Paper Source, Inc.Common Stock N/A N/A N/A 8 1,387 —— 
Pet Holdings ULC(8)(12)LP interest N/A N/A N/A 677 483 —221 
Pet Supplies Plus, LLC(17)LLC units N/A N/A N/A 144181—424
PPV Intermediate Holdings II, LLCLLC interest N/A N/A N/A 241 231 —332 
Sola Franchise, LLC and Sola Salon Studios, LLCLLC units N/A N/A N/A 4496—465
Sola Franchise, LLC and Sola Salon Studios, LLCLLC units N/A N/A N/A 1101—88
Southern Veterinary Partners, LLCLLC units N/A N/A N/A 1717—930
Southern Veterinary Partners, LLCLLC units N/A N/A N/A 1481880.11,097 
7,666 0.49,413 
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.LLC units N/A N/A N/A 97604—721
Textiles, Apparel & Luxury Goods
Elite Sportswear, L.P.LLC interest N/A N/A N/A — 165 —— 
Georgica Pine Clothiers, LLC(17)LLC interest N/A N/A N/A 20239—118
Georgica Pine Clothiers, LLC(17)LLC units N/A N/A N/A — — —— 
R.G. Barry CorporationPreferred stock N/A N/A N/A — 161—109
565 —227 
Total non-controlled/non-affiliate company equity investments$78,374 3.4%$84,872 
Total non-controlled/non-affiliate company investments$4,237,154 $4,328,227 174.2%$4,177,474 



















See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Non-controlled/affiliate company investments(18)
Debt investments
Beverages
Uinta Brewing Company(7)One stop L + 4.00%(a) 5.00% 08/2021 $962 $925 —%$210 
Uinta Brewing Company(7)One stop L + 4.00%(a) 5.00% 08/2021 508 503 —376 
1,470 1,428 —586 
Consumer Finance
Paradigm DKD Group, LLC(7)Senior loan L + 6.25%(c) 7.50% 05/2022 3,228 2,103 0.12,449 
Paradigm DKD Group, LLC(5)(7)Senior loan L + 6.25%(c) N/A(6) 05/2022 — (142)—3 
3,228 1,961 0.12,452 
Electronic Equipment, Instruments and Components
Sloan Company, Inc., The(7)One stop L + 8.50%(c) 9.50% 04/2023 4,708 4,074 0.23,483 
Sloan Company, Inc., TheOne stop L + 8.50%(c) 9.50% 04/2023 651 651 —651 
Sloan Company, Inc., The(7)One stop L + 8.50%(c) 9.50% 04/2023 312 272 —231 
5,671 4,997 0.24,365 
Energy, Equipment & Services
Benetech, Inc.+One stop L + 6.00%(a) 7.25% 08/2023 4,044 4,044 0.12,426 
Benetech, Inc.One stop L + 6.00%(a)(f) 7.36% 08/2023 730 730 —246 
4,774 4,774 0.12,672 
Healthcare Providers and Services
Dental Holdings Corporation*#(7)One stop L + 6.00%(c) 7.00% 03/2023 10,661 10,614 0.38,847 
Dental Holdings CorporationOne stop L + 6.00%(a)(c) 7.00% 03/2023 112 112 —112 
Elite Dental Partners LLCOne stop L + 5.25%(c) 2.00% cash/4.25% PIK 06/2023 11,338 11,376 0.510,997 
Elite Dental Partners LLCOne stop L + 5.25% N/A(6) 06/2023 — — —— 
22,111 22,102 0.819,956 
Software
Switchfly LLCOne stop L + 5.00%(c) 6.00% 10/1/2023 5,807 5,641 0.24,762 
Switchfly LLCOne stop L + 5.00%(c) 6.00% 10/1/2023 485 471 —398 
Switchfly LLCOne stop L + 5.00%(b)(c) 6.00% 10/1/2023 3636—30
Switchfly LLC(5)One stop L + 8.50%(c) 9.50% 10/1/2023 2 2 —(21)
6,330 6,150 0.25,169 
Total non-controlled/affiliate debt investments$43,584 $41,412 1.4%$35,200 
Equity Investments(15)(16)
Beverages
Uinta Brewing CompanyCommon Stock N/A N/A N/A 153$17 —%$— 
Consumer Finance
Paradigm DKD Group, LLC+LLC units N/A N/A N/A 354 115 —8 
Paradigm DKD Group, LLC+LLC units N/A N/A N/A 71 — —— 
Paradigm DKD Group, LLC+LLC units N/A N/A N/A 2,004 — —— 
115—8

See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Electronic Equipment, Instruments and Components
Sloan Company, Inc., TheLLC units N/A N/A N/A — $152 —%$— 
Sloan Company, Inc., TheLLC units N/A N/A N/A 2 14 —— 
Sloan Company, Inc., TheLLC units N/A N/A N/A — 40 —— 
206 —— 
Energy, Equipment & Services
Benetech, Inc.LLC interest N/A N/A N/A 59 — —— 
Benetech, Inc.LLC interest N/A N/A N/A 59 — —— 
— —— 
Healthcare Providers and Services
Dental Holdings Corporation*#Common Stock N/A N/A N/A — 390 —361 
Elite Dental Partners LLCPreferred stock N/A N/A N/A — 2,902 0.12,902 
Elite Dental Partners LLCLLC units N/A N/A N/A — 1,250 0.11,250 
Elite Dental Partners LLCLLC units N/A N/A N/A — — —219 
4,542 0.24,732 
Software
Switchfly LLCLLC units N/A N/A N/A 3,418 2,320 0.12,060 
Total non-controlled/affiliate equity investments$7,200 0.3%$6,800 
Total non-controlled/affiliate investments$43,584 $48,612 1.7%$42,000 
Controlled affiliate company investments(19)
Debt Investments
IT Services
MMan Acquisition Co.*(7)One stop N/A 10.00% PIK 08/2023 $22,527 $19,774 0.7%$16,853 
MMan Acquisition Co.(7)One stop L + 8.00% 8.00% PIK 08/2023 1,358 1,358 0.11,358 
23,885 21,132 0.818,211 
Total controlled affiliate debt investments$23,885 $21,132 0.8%$18,211 
Equity Investments(15)(16)
IT Services
MMan Acquisition Co.*+Common stocks N/A N/A N/A — $929 —%$525 
Total controlled affiliate investments$23,885 $22,061 0.8%$18,736 
Total investments$4,304,623 $4,398,900 176.7%$4,238,210 
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)
0.03%(20)
37,205 1.6%37,205 
Total money market funds$37,205 1.6%$37,205 
Total Investments and Money Market Funds$4,436,105 178.3%$4,275,415 


See Notes to Consolidated Financial Statements.
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*
Denotes that all or a portion of the loan secures the notes offered in the 2018 Debt Securitization (as defined in Note 7).
#
Denotes that all or a portion of the loan secures the notes offered in the GCIC 2018 Debt Securitization (as defined in Note 7).
^
Denotes that all or a portion of the loan secures the notes offered in the 2020 Debt Securitization (as defined in Note 7).
+
Denotes that all or a portion of the loan collateralizes the WF Credit Facility (as defined in Note 7).
!
Denotes that all or a portion of the loan collateralizes the DB Credit Facility (as defined in Note 7).
~
Denotes that all or a portion of the loan collateralizes the MS Credit Facility II (as defined in Note 7).
(1)The majority of the investments bear interest at a rate that is permitted to be determined by reference to LIBOR denominated in U.S. dollars or GBP, EURIBOR, or Prime which reset daily, monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over LIBOR, EURIBOR or Prime and the weighted average current interest rate in effect as of September 30, 2020. Certain investments are subject to a LIBOR, EURIBOR or Prime interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. Listed below are the index rates as of September 30, 2020, which was the last business day of the period on which LIBOR or EURIBOR was determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of September 30, 2020 , as the loan may have priced or repriced based on an index rate prior to September 30, 2020.
(a) Denotes that all or a portion of the loan was indexed to the 30-day LIBOR, which was 0.15% as of September 30, 2020.
(b) Denotes that all or a portion of the loan was indexed to the 60-day LIBOR, which was 0.19% as of September 30, 2020.
(c) Denotes that all or a portion of the loan was indexed to the 90-day LIBOR, which was 0.23% as of September 30, 2020.
(d) Denotes that all or a portion of the loan was indexed to the 180-day LIBOR, which was 0.26% as of September 30, 2020.
(e) Denotes that all or a portion of the loan was indexed to the 360-day LIBOR, which was 0.36% as of September 30, 2020.
(f) Denotes that all or a portion of the loan was indexed to the Prime rate, which was 3.25% as of September 30, 2020.
(g) Denotes that all or a portion of the loan was indexed to the 90-day EURIBOR, which was -0.50% as of September 30, 2020.
(h) Denotes that all or a portion of the loan was indexed to the 90-day GBP LIBOR, which was 0.06% as of September 30, 2020.
(i) Denotes that all or a portion of the loan was indexed to the 180-day GBP LIBOR, which was 0.09% as of September 30, 2020.
(j) Denotes that all or a portion of the loan was indexed to the Australia Three Month Interbank Rate, which was 0.14%, as of September 30, 2020.
(k) Denotes that all or a portion of the loan was indexed to the 90-day Canadian Bankers Acceptances Rate, which was 0.51%, as of September 30, 2020.
(2)For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of September 30, 2020.
(3)The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.
(4)The fair value of the investment was valued using significant unobservable inputs. See Note 6. Fair Value Measurements.
(5)The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
(6)The entire commitment was unfunded as of September 30, 2020. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.
(7)Loan was on non-accrual status as of September 30, 2020, meaning that the Company has ceased recognizing interest income on the loan.
(8)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company can not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2020, total non-qualifying assets at fair value represented 4.7% of the Company's total assets calculated in accordance with the 1940 Act.
(9)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date or the date of the transaction. See Note 2. Significant Accounting Policies and Recent Accounting Updates - Foreign Currency Transactions.
(10)The headquarters of this portfolio company is located in the United Kingdom.
(11)The headquarters of this portfolio company is located in Australia.
(12)The headquarters of this portfolio company is located in Canada.
(13)The headquarters of this portfolio company is located in Luxembourg.
(14)The headquarters of this portfolio company is located in Andorra.
(15) Equity investments are non-income producing securities unless otherwise noted.
(16) Ownership of certain equity investments occurs through a holding company or partnership.
(17) The Company holds an equity investment that entitles it to receive preferential dividends.

See Notes to Consolidated Financial Statements.
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(18)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns five percent or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the year ended September 30, 2020 were as follows:
Portfolio Company
Fair value as of September 30, 2019
Gross Additions(l)
Gross Reductions(m)
Net change in unrealized gain (loss)Net realized gain (loss)Fair value as of September 30, 2020Interest, dividend and fee income
Benetech, Inc.
$3,747 $1,049 $(1,066)$(1,058)$— $2,672 $639 
Dental Holdings Corporation (n)
— 17,771 (4,257)(946)(3,248)9,320 292 
Elite Dental Partners LLC (p)
— 51,406 (30,254)770 (6,554)15,368 1,307 
Paradigm DKD Group, LLC(o)
— 3,371 (1,323)412 — 2,460 (40)
Sloan Company, Inc., The (n)
— 18,483 (11,395)2,067 (4,790)4,365 (11)
Switchfly LLC
7,783 639 (95)(1,098)— 7,229 387 
Uinta Brewing Company
1,045 2,072 (1,762)(769)— 586 2 
Total Non-Controlled Affiliates
$12,575 $94,791 $(50,152)$(622)$(14,592)$42,000 $2,576 

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

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


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

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

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

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

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

Note 2. Significant Accounting Policies and Recent Accounting Updates

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Loan origination fees, original issue discount and market discount or premium are capitalized, and the Company accretes or amortizes such amounts over the life of the loan as interest income. For the three and six months ended March 31, 2021, interest income included $5,520 and $10,126, respectively, of accretion of discounts. For the three and six months ended March 31, 2020, interest income included $4,573 and $8,541, respectively, of accretion of discounts. For the three and six months ended March 31, 2021, the Company received loan origination fees of $4,390 and $13,055, respectively. For the three and six months ended March 31, 2020, the Company received loan origination fees of $2,530 and $6,825, respectively.

For investments with contractual PIK interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, the Company will not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not collectible. For the three and six months ended March 31, 2021, the Company capitalized PIK interest of $3,946 and $8,671, respectively, into the principal balance of certain debt investments. For the three and six months ended March 31, 2020, the Company capitalized PIK interest of $3,015 and $4,648, respectively, into the principal balance of certain debt investments.

In addition, the Company generates revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, consulting fees and prepayment premiums on loans. The Company records these fees as fee income when earned. All other income is recorded into income when earned. For the three and six months ended March 31, 2021, fee income included $695 and $1,416, respectively, of prepayment premiums, which fees are non-recurring. For the three and six months ended March 31, 2020, fee income included $0 and $63, respectively, of prepayment premiums, which fees are non-recurring.

For the three and six months ended March 31, 2021, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of $76,510 and $150,483, respectively. For the three and six months ended March 31, 2020, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of $83,599 and $169,222, respectively.

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

For the three and six months ended March 31, 2021, the Company recorded dividend income of $42 and $202, respectively, and return of capital distributions of $0 and $0, respectively. For the three and six months ended March 31, 2020, excluding the Company's investment in LLC equity interests in the SLFs, the Company recorded dividend income of $146 and $180, respectively, and return of capital distributions, excluding the Company's investment in LLC equity interests in the SLFs, of $0 and $0, respectively. For the three and six months ended March 31, 2020, the Company recorded dividend income of $0 and $1,905, respectively, and return of capital distributions of $0 and $4,375, respectively, from the Company's investment in LLC equity interests in the SLFs.

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

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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Non-accrual loans: A loan can be left on accrual status during the period the Company is pursuing repayment of the loan. Management reviews all loans that become 90 days or more past due on principal and interest, or when there is reasonable doubt that principal or interest will be collected, for possible placement on non-accrual status. When a loan is placed on non-accrual status, unpaid interest credited to income is reversed. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans are recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, payments are likely to remain current. The total fair value of non-accrual loans was $43,307 and $69,315 as of March 31, 2021 and September 30, 2020, respectively.

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

The cost of the group of assets acquired in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on the relative fair values of net identifiable assets acquired other than “non-qualifying” assets (for example cash) and does not give rise to goodwill. To the extent that the consideration paid to GCIC’s stockholders exceeded the relative fair values of the net identifiable assets of GCIC acquired other than “non-qualifying” assets, any such premium paid by the Company was further allocated to the cost of the GCIC assets acquired by the Company pro-rata to their relative fair value, other than “non-qualifying” assets. As GCIC did not have any “qualifying” assets at the time of acquisition, the premium was allocated to “non-qualifying” assets, which are GCIC’s investments in loans and equity securities, including its investment in GCIC SLF. Immediately following the acquisition of GCIC, the Company recorded its assets at their respective fair values and, as a result, the purchase premium allocated to the cost basis of the GCIC assets acquired was immediately recognized as unrealized depreciation on the Company's Consolidated Statement of Operations. The purchase premium allocated to investments in loan securities will amortize over the life of the loans through interest income, with a corresponding reversal of the unrealized depreciation on the loans acquired from GCIC through their ultimate disposition. Amortization expense of purchase premium for the three and six months ended March 31, 2021, was $8,722 and $17,952, respectively. Amortization expense of purchase premium for the three and six months ended March 31, 2020, was $12,600 and $24,437, respectively. The purchase premium allocated to investments in equity securities will not amortize over the life of the equity securities through interest income and, assuming no subsequent change to the fair value of the equity securities acquired from GCIC and disposition of such equity securities at fair value, the Company will recognize a realized loss with a corresponding reversal of the unrealized depreciation upon disposition of the equity securities acquired from GCIC.

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

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

Depending on the level of taxable income earned in a tax year, the Company can determine to retain taxable income in excess of current year dividend distributions and distribute such taxable income in the next tax year. The Company may then be required to incur a 4% excise tax on such income. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. No U.S. deferral excise tax was incurred for each of the six months ended March 31, 2021 and 2020.

The Company accounts for income taxes in conformity with ASC Topic 740 — Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense or tax benefit in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized tax benefits or unrecognized tax liabilities related to uncertain income tax positions through March 31, 2021. The Company's tax returns for the 2017 through 2019 tax years remain subject to examination by U.S. federal and most state tax authorities.

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

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

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

Share repurchase plan: The Company has a share repurchase program (the “Program”) which allows the Company to repurchase the Company’s outstanding common stock on the open market at prices below the Company’s NAV as reported in its most recently published consolidated financial statements. The Board most recently reapproved the Program in August 2020 and the Program is implemented at the discretion of management. Shares can be purchased from time to time at prevailing market prices, through open market transactions, including block transactions. The Program permits repurchases up to $150,000 of the Company's common stock. Prior to August 6, 2019, the Program permitted up to $75,000 in repurchases. The Company did not make any repurchases of its common stock during each of the three and six months ended March 31, 2021 and March 31, 2020.

Deferred debt issuance costs: Deferred debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of March 31, 2021 and September 30, 2020, the
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Company had deferred debt issuance costs of $18,437 and $5,896, respectively. These amounts are amortized and included in interest expense in the Consolidated Statements of Operations over the estimated average life of the borrowings. Amortization expense for deferred debt issuance costs for the three and six months ended March 31, 2021, was $2,136 and $3,340, respectively. Amortization expense for deferred debt issuance costs for the three and six months ended March 31, 2020, was $733 and $1,304, respectively.

Note 3. Related Party Transactions

Investment Advisory Agreement: Under the Investment Advisory Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, GBDC. The Board approved the Investment Advisory Agreement on July 11, 2019. The Board noted that the terms of the Investment Advisory Agreement did not change the calculation of the Capital Gain Incentive Fee or the management or incentive fee rates and that the changes, as compared to the Prior Investment Advisory Agreement, consisted of revisions to (i) exclude the impact of purchase accounting resulting from a merger, including the Merger, from the calculation of income subject to the income incentive fee payable and the calculation of the cumulative incentive fee cap under the Investment Advisory Agreement and (ii) convert the cumulative incentive fee cap into a per share calculation. At a meeting of the Company's stockholders held on September 4, 2019, the Company's stockholders voted to the approve the Investment Advisory Agreement, which was entered into and effective as of September 16, 2019, the closing of the Merger. The Board most recently reapproved the Investment Advisory Agreement in May 2021. The Investment Adviser is a registered investment adviser with the SEC. The Investment Adviser receives fees for providing services, consisting of two components, a base management fee and an Incentive Fee (as defined below).

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

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

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

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

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

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

For the three and six months ended March 31, 2021, the Income Incentive Fee incurred was $942 and $2,946, respectively. For the three and six months ended March 31, 2020, the Income Incentive Fee incurred was $3,847 and $9,751, respectively.

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

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

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

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

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

In accordance with GAAP, the Company also is required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee on a quarterly basis as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under either the Prior Investment Advisory Agreement or Investment Advisory Agreement, as applicable. If the Capital Gain Incentive Fee Base, adjusted as required by GAAP to include unrealized capital appreciation, is positive at the end of a period, then GAAP requires the Company to accrue a capital gain incentive fee equal to 20% of such amount, less the aggregate amount of the actual Capital Gain
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Incentive Fees paid and capital gain incentive fees accrued under GAAP in all prior periods. If such amount is negative, then there is no accrual for such period. The resulting accrual under GAAP in a given period results in additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. There can be no assurance that such unrealized capital appreciation will be realized in the future. For the three and six months ended March 31, 2021 and 2020, the Company did not accrue a capital gain incentive fee. Changes in the accrual for the capital gain incentive fee are included in incentive fee in the Consolidated Statements of Operations. As of March 31, 2021 and September 30, 2020, there was no cumulative accrual of capital gain incentive fees under GAAP included in management and incentive fees payable on the Consolidated Statements of Financial Condition.

As of March 31, 2021 and September 30, 2020, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement as described above. Any payment due under the terms of the Investment Advisory Agreement or the Prior Investment Advisory Agreement, as applicable, is calculated in arrears at the end of each calendar year.

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

Included in accounts payable and other liabilities is $2,000 and $1,576 as of March 31, 2021 and September 30, 2020, respectively, for accrued allocated shared services under the Administration Agreement.

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

Total expenses reimbursed to the Administrator during the three and six months ended March 31, 2021, were $1,475 and $3,102, respectively. Total expenses reimbursed to the Administrator during the three and six months ended March 31, 2020, were $1,605 and $3,290, respectively.

As of March 31, 2021 and September 30, 2020, included in accounts payable and other liabilities were $2,123 and $1,627, respectively, for expenses paid on behalf of the Company by the Administrator.

The Company is party to an unsecured revolving credit facility with the Investment Adviser (as amended, the “Adviser Revolver”) which, as of March 31, 2021 and September 30, 2020 permits the Company to borrow a maximum of $100,000 and expires on June 21, 2022. Refer to Note 7. Borrowings for discussion of the Adviser Revolver.

As of March 31, 2021, an affiliate of the Investment Adviser held $25,000 of the Company's 2024 Unsecured Notes (discussed in Note 7).

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 4. Investments

Investments as of March 31, 2021 and September 30, 2020 consisted of the following:
As of March 31, 2021As of September 30, 2020
  PrincipalAmortized
Cost		Fair
Value		PrincipalAmortized
Cost		Fair
Value
Senior secured$712,207 $701,990 $683,532 $683,735 $676,285 $640,213 
One stop3,626,419 3,623,170 3,567,140 3,600,711 3,615,685 3,485,585 
Second lien31,526 31,593 30,713 19,640 19,886 19,640 
Subordinated debt305 304 450 537 541 575 
EquityN/A87,344 113,426 N/A86,503 92,197 
Total$4,370,457 $4,444,401 $4,395,261 $4,304,623 $4,398,900 $4,238,210 


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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The following tables show the portfolio composition by geographic region at amortized cost and fair value as a percentage of total investments in portfolio companies. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which is not always indicative of the primary source of the portfolio company’s business.
As of March 31, 2021As of September 30, 2020
Amortized Cost:        
United States        
Mid-Atlantic$881,751 19.8 %$887,138 20.2 %
Midwest830,321 18.7 805,618 18.3 
West783,033 17.6 709,961 16.1 
Southeast991,918 22.3 1,052,544 23.9 
Southwest429,810 9.7 478,702 10.9 
Northeast323,897 7.3 328,627 7.5 
Canada149,204 3.4 99,937 2.3 
United Kingdom35,867 0.8 21,264 0.5 
Australia2,298 0.1 2,301 0.0 *
Luxembourg970 0.0 *973 0.0 *
Andorra 15,332 0.3 11,835 0.3 
Total$4,444,401 100.0 %$4,398,900 100.0 %
Fair Value:        
United States        
Mid-Atlantic$863,719 19.7 %$861,772 20.3 %
Midwest825,977 18.8 779,271 18.4 
West774,544 17.6 677,712 16.0 
Southeast977,857 22.2 1,014,912 23.9 
Southwest424,802 9.7 456,111 10.8 
Northeast321,104 7.3 314,611 7.4 
Canada151,439 3.4 98,112 2.3 
United Kingdom36,968 0.8 21,035 0.5 
Australia2,517 0.1 2,373 0.1 
Luxembourg921 0.0 *896 0.0 *
Andorra15,413 0.4 11,405 0.3 
Total$4,395,261 100.0 %$4,238,210 100.0 %
* Represents an amount less than 0.1%.

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The industry compositions of the portfolio at amortized cost and fair value as of March 31, 2021 and September 30, 2020 were as follows:
As of March 31, 2021As of September 30, 2020
Amortized Cost:        
Aerospace and Defense$113,403 2.6 %$98,894 2.2 %
Airlines970 0.0 *973 0.0 *
Auto Components21,493 0.5 21,194 0.5 
Automobiles93,545 2.1 52,056 1.2 
Beverages37,341 0.8 37,400 0.9 
Biotechnology16,365 0.4 16,438 0.4 
Building Products8,452 0.2 31,939 0.7 
Chemicals14,856 0.3 14,943 0.3 
Commercial Services and Supplies151,984 3.4 129,444 2.9 
Construction & Engineering49,273 1.1 46,261 1.1 
Consumer Finance2,066 0.1 2,076 0.0 *
Containers and Packaging22,241 0.5 19,523 0.4 
Distributors3,264 0.1 3,282 0.1 
Diversified Consumer Services96,835 2.2 64,380 1.5 
Diversified Financial Services49,198 1.1 56,953 1.3 
Electric Utilities6,880 0.2 13,311 0.3 
Electronic Equipment, Instruments and Components46,620 1.0 63,902 1.5 
Energy Equipment and Services4,529 0.1 4,774 0.1 
Food and Staples Retailing161,441 3.6 134,224 3.1 
Food Products48,838 1.1 56,062 1.3 
Healthcare Equipment and Supplies170,058 3.8 178,676 4.1 
Healthcare Providers and Services598,030 13.5 628,734 14.3 
Health Care Technology199,052 4.5 223,224 5.1 
Hotels, Restaurants and Leisure163,070 3.7 177,058 4.0 
Household Durables5,135 0.1 4,895 0.1 
Household Products3,885 0.1 3,896 0.1 
Industrial Conglomerates20,153 0.5 4,691 0.1 
Insurance128,753 2.9 109,109 2.5 
Internet and Catalog Retail9,983 0.2 10,123 0.2 
IT Services287,490 6.5 364,699 8.3 
Leisure Products11,784 0.3 11,682 0.3 
Life Sciences Tools & Services51,387 1.2 48,145 1.1 
Machinery32,365 0.7 29,373 0.6 
Marine9,578 0.2 — 0.0 
Multiline Retail46,386 1.0 46,372 1.1 
Oil, Gas and Consumable Fuels85,619 1.9 85,924 2.0 
Paper and Forest Products9,027 0.2 9,126 0.2 
Personal Products37,273 0.8 37,520 0.8 
Pharmaceuticals76,364 1.7 55,639 1.3 
Professional Services106,539 2.4 90,590 2.0 
Real Estate Management and Development65,548 1.5 66,172 1.5 
Road and Rail33,067 0.7 23,610 0.5 
Software1,036,637 23.3 937,060 21.3 
Specialty Retail241,306 5.4 317,697 7.2 
Technology Hardware, Storage and Peripherals23,957 0.5 24,069 0.5 
Textiles, Apparel and Luxury Goods42,361 1.0 42,787 1.0 
Total$4,444,401 100.0 %$4,398,900 100.0 %
* Represents an amount less than 0.1%.
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

As of March 31, 2021As of September 30, 2020
Fair Value:        
Aerospace and Defense$111,269 2.5 %$93,061 2.2 %
Airlines921 0.0 *896 0.0 *
Auto Components21,157 0.5 19,518 0.5 
Automobiles94,586 2.1 52,972 1.2 
Beverages35,162 0.8 33,874 0.9 
Biotechnology17,137 0.4 16,902 0.4 
Building Products9,640 0.2 32,824 0.7 
Chemicals14,462 0.3 13,948 0.3 
Commercial Services and Supplies150,842 3.4 126,680 2.9 
Construction & Engineering49,075 1.1 44,892 1.1 
Consumer Finance2,543 0.1 2,460 0.0 *
Containers and Packaging22,589 0.5 16,669 0.4 
Distributors3,137 0.1 3,046 0.1 
Diversified Consumer Services87,985 2.0 54,066 1.5 
Diversified Financial Services48,689 1.1 55,223 1.3 
Electric Utilities6,880 0.2 13,228 0.3 
Electronic Equipment, Instruments and Components46,313 1.0 62,723 1.5 
Energy Equipment and Services2,484 0.1 2,672 0.1 
Food and Staples Retailing158,131 3.6 119,614 3.1 
Food Products54,550 1.2 60,420 1.3 
Healthcare Equipment and Supplies165,796 3.8 172,274 4.1 
Healthcare Providers and Services574,093 13.1 583,926 14.3 
Health Care Technology200,616 4.6 219,166 5.1 
Hotels, Restaurants and Leisure157,523 3.6 165,722 4.0 
Household Durables5,432 0.1 4,999 0.1 
Household Products3,815 0.1 3,817 0.1 
Industrial Conglomerates20,466 0.5 4,567 0.1 
Insurance130,110 3.0 109,156 2.5 
Internet and Catalog Retail9,863 0.2 9,489 0.2 
IT Services287,417 6.5 356,500 8.3 
Leisure Products11,430 0.3 11,389 0.3 
Life Sciences Tools & Services51,848 1.2 47,871 1.1 
Machinery29,980 0.7 25,727 0.6 
Marine9,668 0.2 — 0.0 
Multiline Retail46,488 1.1 46,488 1.1 
Oil, Gas and Consumable Fuels86,080 2.0 82,811 2.0 
Paper and Forest Products8,967 0.2 8,597 0.2 
Personal Products33,157 0.7 33,323 0.8 
Pharmaceuticals77,613 1.8 56,050 1.3 
Professional Services106,785 2.4 87,116 2.0 
Real Estate Management and Development65,550 1.5 63,111 1.5 
Road and Rail32,321 0.7 22,951 0.5 
Software1,043,099 23.7 924,825 21.3 
Specialty Retail242,040 5.5 311,117 7.2 
Technology Hardware, Storage and Peripherals23,767 0.5 23,597 0.5 
Textiles, Apparel and Luxury Goods33,785 0.8 37,933 1.0 
Total$4,395,261 100.0 %$4,238,210 100.0 %
* Represents an amount less than 0.1%.



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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Senior Loan Fund LLC:

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

For the three months ended December 31, 2019, the Company did not receive dividend income from the LLC equity interests in SLF.
See below for certain summarized financial information for SLF for the three months ended December 31, 2019:
Three months ended December 31,
  2019
Selected Statement of Operations Information:  
Interest income$2,800 
Total investment income2,800 
Interest and other debt financing expense634 
Administrative service fee61 
Other expenses(15)
Total expenses680 
Net investment income2,120 
Net realized gain (loss) on investments— 
Net change in unrealized appreciation (depreciation) on investments(1,603)
Net increase in members' equity$517 

GCIC Senior Loan Fund LLC:

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

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

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
See below for certain summarized financial information for GCIC SLF for the three months ended December 31, 2019:
Selected Statement of Operations Information:
Interest income$2,081 
Total investment income2,081 
Interest and other debt financing expenses512 
Administrative service fee45 
Other expenses(24)
Total expenses533 
Net investment income1,548 
Net change in unrealized appreciation (depreciation) on investments
(108)
Net increase in members' equity$1,440 

Note 5. Forward Currency Contracts

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

The outstanding forward currency contracts as of March 31, 2021 and September 30, 2020 were as follows:
As of March 31, 2021
CounterpartyCurrency to be soldCurrency to be purchasedSettlement dateUnrealized appreciation ($)Unrealized depreciation ($)
Macquarie Bank Limited£8,925 GBP$11,219 USD2/28/2023$— $(1,104)
Macquarie Bank Limited£3,780 GBP$4,804 USD3/27/2023— (415)
Macquarie Bank Limited€6,760 EUR$8,044 USD4/28/2023— (146)
Macquarie Bank Limited€9,300 EUR$10,861 USD4/29/2022— (38)
Macquarie Bank Limited£10,058 GBP$12,706 USD7/17/2023— (1,191)
Macquarie Bank Limited£2,228 GBP$2,903 USD4/28/202345 — 
Macquarie Bank Limited$18,425 CAD$13,783 USD10/30/2023— (812)
Macquarie Bank Limited€13,960 EUR$16,735 USD4/28/2023— (174)
$45 $(3,880)

As of September 30, 2020
CounterpartyCurrency to be soldCurrency to be purchasedSettlement dateUnrealized appreciation ($)Unrealized depreciation ($)
Macquarie Bank Limited£8,925 GBP$11,219 USD2/28/2023$— $(361)
Macquarie Bank Limited£3,780 GBP$4,804 USD3/27/2023— (101)
Macquarie Bank Limited€6,760 EUR$8,044 USD4/28/2023— (187)
Macquarie Bank Limited€9,300 EUR$10,861 USD4/29/2022— (60)
Macquarie Bank Limited£10,058 GBP$12,706 USD7/17/2023— (355)
$— $(1,064)

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

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

The following table is intended to provide additional information about the effect of the forward currency contracts on the financial statements of the Company including: the fair value of derivatives by risk category, the location of those fair values on the Consolidated Statements of Financial Condition, and the Company’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Company as of March 31, 2021 and September 30, 2020.
As of March 31, 2021
CounterpartyRisk exposure categoryUnrealized appreciation on forward currency contracts Unrealized depreciation on forward currency contracts Net amounts presented in the Consolidated Statement of Financial Condition
Collateral (Received) Pledged (1)
Net Amount (2)
Macquarie Bank LimitedForeign exchange$45 $(3,880)$(3,835)$3,835 $— 

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

(1) The actual collateral pledged may be more than the amount shown due to over collateralization.
(2)Represents the net amount due from/(to) counterparties in the event of default.
The impact of derivative transactions for the three and six months ended March 31, 2021 on the Consolidated Statements of Operations, including realized and unrealized gains (losses) is summarized in the table below:
Realized gain (loss) on forward currency contracts recognized in income
Risk exposure categoryThree months ended March 31,Six months ended March 31,
2021202020212020
Foreign exchange $— $— $— $— 
Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income
Risk exposure categoryThree months ended March 31,Six months ended March 31,
2021202020212020
Foreign exchange $1,121 $2,296 $(2,771)$1,046 

The following table is a summary of the average outstanding daily volume for forward currency contracts for the three and six months ended March 31, 2021:
Average U.S. Dollar notional outstandingThree months ended March 31,Six months ended March 31,
2021202020212020
Forward currency contracts$81,055 $34,928 $76,097 $32,449 

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Exclusion of the Investment Adviser from Commodity Pool Operator Definition

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

Note 6. Fair Value Measurements

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

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

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

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

In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the three and six months ended March 31, 2021 and 2020. The following section describes the valuation techniques used by the Company to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Board, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of the Board to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with approximately 25% (based on the number of portfolio companies) of the Company’s valuations of debt and equity investments without readily available
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
market quotations subject to review by an independent valuation firm. All investments as of March 31, 2021 and September 30, 2020, with the exception of money market funds included in cash, cash equivalents and restricted cash and cash equivalents (Level 1 investments) and forward currency contracts (Level 2 investments), were valued using Level 3 inputs.

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

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

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

The following tables present fair value measurements of the Company’s investments and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of March 31, 2021 and September 30, 2020:
As of March 31, 2021Fair Value Measurements Using
DescriptionLevel 1Level 2Level 3Total
Assets, at fair value:        
Debt investments(1)
$— $— $4,281,835 $4,281,835 
Equity investments(1)
— — 113,426 113,426 
Money market funds(1)(2)
61,002 — — 61,002 
Forward currency contracts— 45 — 45 
Total assets, at fair value:$61,002 $45 $4,395,261 $4,456,308 
Liabilities at fair value:
Forward currency contracts $— $(3,880)$— $(3,880)
Total liabilities, at fair value:$— $(3,880)$— $(3,880)

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
As of September 30, 2020Fair Value Measurements Using
DescriptionLevel 1Level 2Level 3Total
Assets, at fair value:        
Debt investments(1)
$— $— $4,146,013 $4,146,013 
Equity investments(1)
— — 92,197 92,197 
Money market funds(1)(2)
37,205 — — 37,205 
Total assets, at fair value:$37,205 $— $4,238,210 $4,275,415 
Liabilities at fair value:
Forward currency contracts $— $(1,064)$— $(1,064)
Total liabilities, at fair value:$— $(1,064)$— $(1,064)

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

The net change in unrealized appreciation (depreciation) for the three and six months ended March 31, 2021, reported within the net change in unrealized appreciation (depreciation) on investments in the Company's Consolidated Statements of Operations attributable to the Company's Level 3 assets held as of March 31, 2021 was $15,376 and $52,312, respectively. The net change in unrealized appreciation (depreciation) for the three and six months ended March 31, 2020, reported within the net change in unrealized appreciation (depreciation) on investments in the Company's Consolidated Statements of Operations attributable to the Company's Level 3 assets held as of March 31, 2020 was $(271,617) and $(261,076), respectively.

The following tables present the changes in investments measured at fair value using Level 3 inputs for the six months ended March 31, 2021 and 2020:

For the six months ended March 31, 2021
  Debt
Investments		Equity
Investments		Total
Investments
Fair value, beginning of period$4,146,013 $92,197 $4,238,210 
Net change in unrealized appreciation (depreciation) on investments91,161 20,389 111,550 
Realized gain (loss) on investments(5,391)4,948 (443)
Funding of (proceeds from) revolving loans, net(7,248)— (7,248)
Fundings of investments668,320 10,210 678,530 
PIK interest8,671 — 8,671 
Proceeds from principal payments and sales of portfolio investments(611,865)(14,318)(626,183)
Accretion of discounts and amortization of premiums(7,826)— (7,826)
Fair value, end of period$4,281,835 $113,426 $4,395,261 

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
For the six months ended March 31, 2020
  Debt
Investments		Equity
Investments		Total
Investments
Fair value, beginning of period$4,083,298 $85,990 $4,169,288 
Net change in unrealized appreciation (depreciation) on investments(226,168)(16,622)(242,790)
Realized gain (loss) on investments(7,069)1,922 (5,147)
Funding of (proceeds from) revolving loans, net31,054 — 31,054 
Fundings of investments493,587 5,254 498,841 
PIK interest4,648 — 4,648 
Proceeds from principal payments and sales of portfolio investments(433,041)(7,811)(440,852)
Accretion of discounts and amortization of premiums(15,896)— (15,896)
Transfers in (1)
207,691 3,378 211,069 
Fair value, end of period$4,138,104 $72,111 $4,210,215 

(1) Transfers in represent debt and equity investments acquired in the Purchase Agreement.

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of March 31, 2021 and September 30, 2020.
    
Quantitative information about Level 3 Fair Value Measurements
Fair value as of March 31, 2021Valuation TechniquesUnobservable Input
Range (Weighted Average) (1)
Assets:        
Senior secured loans(2)
$676,420 Market rate approachMarket interest rate3.6% - 12.5% (6.0%)
    Market comparable companiesEBITDA multiples6.0x - 20.0x (13.1x)
6,895 Market comparableBroker/dealer bids or quotesN/A
217 Collateral analysisRecovery rate1.6%
One stop loans(3)(4)
$3,567,140 Market rate approachMarket interest rate4.8% - 23.3% (7.8%)
  Market comparable companiesEBITDA multiples4.5x - 30.0x (15.2x)
      Revenue multiples2.0x - 14.0x (6.9x)
Subordinated debt and second lien loans(5)(6)
$31,163 Market rate approachMarket interest rate6.3% - 19.5% (10.5%)
    Market comparable companiesEBITDA multiples6.5x - 21.0x (14.5x)
      Revenue multiples4.3x -12.0x (11.8x)
Equity(7)
$113,426 Market comparable companiesEBITDA multiples4.5x - 26.2x (14.8x)
      Revenue multiples2.0x - 14.0x (6.9x)

(1)Unobservable inputs were weighted by the relative fair value of the instruments.
(2)$14,300 of loans at fair value were valued using the market comparable companies approach only.
(3)$53,082 of loans at fair value were valued using the market comparable companies approach only.
(4)The Company valued $3,083,865 and $483,275 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.
(5) $2,435 of loans at fair value were valued using the market comparable companies approach only
(6)The Company valued $30,871 and $292 of subordinated debt and second lien loans using EBITDA and revenue multiples, respectively. All subordinated debt and second lien loans were also valued using the market rate approach.
(7)The Company valued $97,238 and $16,188 of equity investments using EBITDA and revenue multiples, respectively.

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Quantitative information about Level 3 Fair Value Measurements
Fair value as of September 30, 2020Valuation TechniquesUnobservable Input
Range
(Weighted Average)(1)
Assets:        
Senior secured loans(2)
$637,012 Market rate approachMarket interest rate3.7% - 21.5% (6.9%)
    Market comparable companiesEBITDA multiples4.4x - 20.0x (12.4x)
2,910 Market comparableBroker/dealer bids or quotesN/A
291 Collateral analysisRecovery rate2.2%
One stop loans(3)(4)
$3,485,585 Market rate approachMarket interest rate1.0% - 27.8% (8.2%)
  Market comparable companiesEBITDA multiples4.5x - 27.0x (13.7x)
      Revenue multiples1.5x - 16.2x (5.8x)
Subordinated debt and second lien loans(5)
$20,215 Market rate approachMarket interest rate6.0% - 19.5% (10.6%)
    Market comparable companiesEBITDA multiples8.5x - 21.3x (15.3x)
Revenue multiples4.0x -8.5x (8.3x)
Equity(6)
$92,197 Market comparable companiesEBITDA multiples4.5x - 24.5x (14.1x)
      Revenue multiples1.5x - 16.2x (6.7x)

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

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

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

Other Financial Assets and Liabilities

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

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The following are the carrying values and fair values of the Company’s debt as of March 31, 2021 and September 30, 2020.

As of March 31, 2021As of September 30, 2020
  Carrying ValueFair ValueCarrying ValueFair Value
Debt$2,086,204 $2,097,280 $2,023,698 $2,032,457 

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

In accordance with the 1940 Act, with certain limited exceptions, prior to February 6, 2019, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing. On February 5, 2019, the Company’s stockholders voted to approve the asset coverage requirement decrease to 150% from 200% in accordance with Section 61(a)(2) of the 1940 Act. Effective February 6, 2019, the reduced asset coverage requirement permits the Company to have a ratio of total consolidated assets to outstanding indebtedness of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement.  The Company currently intends to target a GAAP debt-to-equity ratio between 0.85 to 1.15x. On September 13, 2011, the Company received exemptive relief from the SEC allowing it to modify the asset coverage requirement to exclude the SBA debentures from its asset coverage calculation. As such, the Company’s ratio of total consolidated assets to outstanding indebtedness could be less than the applicable asset coverage requirement under the 1940 Act. This provides the Company with increased investment flexibility but also increases its risks related to leverage. As of March 31, 2021, the Company’s asset coverage for borrowed amounts was 224.8% (excluding the SBA debentures).

Debt Securitizations:

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

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

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

The pool of loans in the 2014 Debt Securitization were required to meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The interest charged under the 2014 Debt Securitization was based on three-month LIBOR. For the three and six months ended March 31, 2021 and 2020, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the 2014 Debt Securitization were as follows:
Three months ended March 31,Six months ended March 31,
  2021202020212020
Stated interest expense$— $797 $— $1,763 
Cash paid for interest expense$— $945 $— $2,027 
Annualized average stated interest rateN/A3.0 %N/A3.1 %
Average outstanding balance$— $107,402 $— $114,487 

On November 16, 2018, the Company completed a $602,400 term debt securitization (the “2018 Debt Securitization”). The notes offered in the 2018 Debt Securitization (the “2018 Notes”) were issued by the 2018 Issuer, a subsidiary of 2018 CLO Depositor, and are backed by a diversified portfolio of senior secured and second lien loans. The transaction was executed through a private placement of approximately $327,000 of AAA/AAA Class A 2018 Notes, which bear interest at the three-month LIBOR plus 1.48%; $61,200 of AA Class B 2018 Notes, which bear interest at the three-month LIBOR plus 2.10%; $20,000 of A Class C-1 2018 Notes, which bear interest at the three-month LIBOR plus 2.80%; $38,800 of A Class C-2 2018 Notes, which bear interest at the three-month LIBOR plus 2.65%; $42,000 of BBB- Class D 2018 Notes, which bear interest at the three-month LIBOR plus 2.95%; and $113,400 of Subordinated 2018 Notes which do not bear interest. The Company indirectly retained all of the Class C-2, Class D and Subordinated 2018 Notes. Through January 20, 2023, the 2018 Issuer is permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the 2018 Issuer and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the 2018 Debt Securitization. The 2018 Notes are scheduled to mature on January 20, 2031. The Class A, Class B and Class C-1 2018 Notes are included in the March 31, 2021 and September 30, 2020 Consolidated Statements of Financial Condition as debt of the Company. As of March 31, 2021 and September 30, 2020, the Class C-2, Class D and Subordinated 2018 Notes were eliminated in consolidation.

As of March 31, 2021 and September 30, 2020, there were 85 and 89 portfolio companies, respectively, with a total fair value of $571,394 and $557,484, respectively, securing the 2018 Notes. The pool of loans in the 2018 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

The interest charged under the 2018 Debt Securitization is based on three-month LIBOR. The three-month LIBOR in effect as of March 31, 2021 based on the last interest rate reset was 0.2%. For the three and six months ended March 31, 2021 and 2020, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the 2018 Debt Securitization were as follows:
Three months ended March 31,Six months ended March 31,
  2021202020212020
Stated interest expense$1,898 $3,600 $3,846 $7,430 
Amortization of debt issuance costs104 105 210 211 
Total interest and other debt financing expenses$2,002 $3,705 $4,056 $7,641 
Cash paid for interest expense$1,936 $3,759 $3,928 $7,799 
Annualized average stated interest rate1.9 %3.5 %1.9 %3.6 %
Average outstanding balance$408,200 $408,200 $408,200 $408,200 

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
As of March 31, 2021, the classes, amounts, ratings and interest rates (expressed as a spread to three-month LIBOR) of the Class A, B and C-1 2018 Notes are as follows:
DescriptionClass A 2018 NotesClass B 2018 NotesClass C-1 2018 Notes
TypeSenior Secured Floating RateSenior Secured Floating RateSenior Secured Floating Rate
Amount Outstanding$327,000$61,200$20,000
Fitch Rating"AAA""NR""NR"
S&P Rating"AAA""AA""A"
Interest RateLIBOR + 1.48%LIBOR + 2.10%LIBOR + 2.80%

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

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

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

As of March 31, 2021 and September 30, 2020, there were 101 and 109 portfolio companies, respectively, with a total fair value of $872,904 and $859,600, respectively, securing the GCIC 2018 Notes. The pool of loans in the GCIC 2018 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The interest charged under the GCIC 2018 Debt Securitization is based on three-month LIBOR. The three-month LIBOR in effect as of March 31, 2021 based on the last interest rate reset was 0.2%. For the three and six months ended March 31, 2021 and 2020, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the GCIC 2018 Debt Securitization were as follows:

Three months ended March 31,Six months ended March 31,
  2021202020212020
Stated interest expense$2,435 $4,767 $5,068 $9,650 
Accretion of discounts on notes issued444 335 892 630 
Amortization of debt issuance costs13 — 13 — 
Total interest and other debt financing expenses$2,892 $5,102 $5,973 $10,280 
Cash paid for interest expense2,318 $5,224 5,381 10,655 
Annualized average stated interest rate1.8 %3.5 %1.9 %3.5 %
Average outstanding balance$546,500 $546,500 $546,500 $546,500 

As of March 31, 2021, the classes, amounts, ratings and interest rates (expressed as a spread to three-month LIBOR, as applicable) of the Class A-1 GCIC 2018 Notes, Class A-2 GCIC 2018 Notes, and Class B-1 GCIC 2018 Notes were as follows:
DescriptionClass A-1 GCIC 2018 NotesClass A-2-R GCIC 2018 NotesClass B-1 GCIC 2018 Notes
TypeSenior Secured Floating RateSenior Secured Fixed RateSenior Secured Floating Rate
Amount Outstanding$490,000$38,500$18,000
Fitch’s Rating"AAA""NR""NR"
S&P Rating"AAA""AAA""AA"
Interest RateLIBOR + 1.48%2.50%LIBOR + 2.25%

On August 26, 2020, the Company completed a $330,355 term debt securitization, of which $297,355 was funded at closing (the “2020 Debt Securitization”). The notes offered in the 2020 Debt Securitization (the “2020 Notes”) were issued by the 2020 Issuer, a subsidiary of 2020 CLO Depositor, and are backed by a diversified portfolio of senior secured and second lien loans. The 2020 Notes consist of approximately $137,500 of AAA Class A-1 2020 Notes, which bear interest at the three-month LIBOR plus 2.35%; $10,500 of AAA Class A-2 2020 Notes, which bear interest at the three-month LIBOR plus 2.75%; $21,000 of AA Class B 2020 Notes which bear interest at the three-month LIBOR plus 3.20%; up to $33,000 A Class C 2020 Notes, which remained unfunded upon closing of the transactions and, if funded, will bear interest at the three-month LIBOR plus a spread set in connection with the funding date but which in no event will be greater than 3.65%; and approximately $108,355 of Subordinated 2020 Notes, which do not bear interest. The Company is permitted, subject to certain conditions, to request a one-time funding of the Class C 2020 Notes, which will not be deemed an additional issuance of notes, but would cause the Class C 2020 Notes to be additional debt of the Company. As a part of the 2020 Debt Securitization, the Company also entered into a credit agreement (the “Credit Agreement”) upon closing of the transactions pursuant to which various financial institutions and other persons which are, or may become, parties thereto as lenders (the “Lenders”) committed to make $20,000 of AAA Class A-1-L loans to the Company (the “2020 Loans”). The 2020 Loans bear interest at the three-month LIBOR plus 2.35% and were fully drawn upon closing of the transactions. Any Lender may elect to convert all or a portion of the Class A-1-L Loans held by such Lender into Class A-1 2020 Notes upon written notice to the Company in accordance to the Credit Agreement. The Class A-1 2020 Notes, the Class A-2 2020 Notes and the Class B 2020 Notes were issued through a private placement. The Class C 2020 Notes and the Subordinated 2020 Notes were retained by the Company and the Company remains the sole owner of the equity of the 2020 Issuer. The Class A-1, Class A-2 and Class B 2020 Notes are included in the March 31, 2021 and September 30, 2020 Consolidated Statements of Financial Condition as debt of the Company. As of March 31, 2021 and September 30, 2020, the Subordinated 2020 Notes were eliminated in consolidation.
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

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

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

As of March 31, 2021 and September 30, 2020, there were 67 and 70 portfolio companies with a total fair value of $293,026 and $286,744, respectively, securing the 2020 Notes. The pool of loans in the 2020 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

The interest charged under the 2020 Debt Securitization is based on three-month LIBOR. The three-month LIBOR in effect as of March 31, 2021 based on the last interest rate reset was 0.2%. For the three and six months ended March 31, 2021 and 2020, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the 2020 Debt Securitization were as follows:
Three months ended March 31,Six months ended March 31,
2021202020212020
Stated interest expense$1,263 $— $2,559 $— 
Amortization of debt issuance costs186 — 376 — 
Total interest and other debt financing expenses$1,449 $— $2,935 $— 
Cash paid for interest expense2,295 — 2,295 — 
Annualized average stated interest rate2.7 %N/A2.7 %N/A
Average outstanding balance$189,000 $— $189,000 $— 

As of March 31, 2021, the classes, amounts, ratings and interest rates (expressed as a spread to three-month LIBOR, as applicable) of the Class A-1 2020 Notes, Class A-2 2020 Notes, Class B 2020 Notes and the Class A-1-L Loans were as follows:

DescriptionClass A-1 2020 NotesClass A-2 2020 NotesClass B 2020 NotesClass A-1-L Loans
TypeSenior Secured Floating RateSenior Secured Floating RateSenior Secured Floating RateSenior Secured Floating Rate
Amount Outstanding$137,500$10,500$21,000$20,000
Fitch’s Rating"AAA""NR""NR""NR"
S&P Rating"AAA""AAA""AA""AAA"
Interest RateLIBOR + 2.35%LIBOR + 2.75%LIBOR + 3.20%LIBOR + 2.35%


The Investment Adviser served as collateral manager to the 2014 Issuer and serves as the collateral manager to the 2018 Issuer, GCIC 2018 Issuer and 2020 Issuer under separate collateral management agreements and receives a fee for providing these services. The total fees payable by the Company under the Investment Advisory Agreement and Prior Investment Advisory Agreement, as applicable, are reduced by an amount equal to the total aggregate fees paid
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
to the Investment Adviser by the 2014 Issuer, the 2018 Issuer, the GCIC 2018 Issuer and the 2020 Issuer for rendering such collateral management services.

As part of each of the 2014 Debt Securitization, the 2018 Debt Securitization, GCIC 2018 Debt Securitization and the 2020 Debt Securitization, GBDC entered into, or assumed in the Merger, master loan sale agreements under which GBDC agreed to directly or indirectly sell or contribute certain senior secured and second lien loans (or participation interests therein) to the 2014 Issuer, the 2018 Issuer, the GCIC 2018 Issuer or the 2020 Issuer, as applicable, and to purchase or otherwise acquire the Subordinated 2010 Notes, the LLC equity interests in the 2014 Issuer, the Subordinated 2018 Notes, the GCIC Subordinated 2018 Notes and the Subordinated 2020 Notes, as applicable. As of March 31, 2021, the 2018 Notes, the GCIC 2018 Notes and the 2020 Notes (other than the Subordinated 2018 Notes, the GCIC Subordinated 2018 Notes and the Subordinated 2020 Notes) were the secured obligations of the 2018 Issuer, GCIC 2018 Issuer and the 2020 Issuer, respectively, and indentures governing each of the 2018 Notes, GCIC 2018 Notes and the 2020 Notes include customary covenants and events of default.

SBA Debentures: On August 24, 2010, SBIC IV received approval for a license from the SBA to operate as an SBIC. On December 5, 2012, SBIC V received a license from the SBA to operate as an SBIC. On January 10, 2017, SBIC VI received a license from the SBA to operate as an SBIC. On November 4, 2020, SBIC IV surrendered its license to operate as a SBIC. SBICs are subject to a variety of regulations and oversight by the SBA concerning the size and nature of the companies in which they invest as well as the structures of those investments.

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

Under present SBIC regulations, the maximum amount of SBA-guaranteed debentures issued by multiple licensees under common management is $350,000 and the maximum amount issued by a single SBIC licensee is $175,000. As of March 31, 2021, SBIC IV, SBIC V and SBIC VI had $0, $0 and $97,000, respectively, of outstanding SBA-guaranteed debentures that mature between September 2027 and March 2031. As of September 30, 2020, SBIC IV, SBIC V and SBIC VI had $0, $151,750 and $66,000, respectively, of outstanding SBA-guaranteed debentures that mature between March 2024 and March 2030. The original amount of debentures committed to SBIC IV and SBIC V by the SBA were $150,000 and $175,000, respectively. Through March 31, 2021, SBIC IV and SBIC V have repaid $150,000 and $175,000 of outstanding debentures, respectively, and these commitments have effectively been terminated. As of March 31, 2021 and September 30, 2020, SBIC VI had $65,000 and $29,000, respectively, of undrawn debenture commitments, of which $33,000 and $29,000, respectively, were available to be drawn, subject to SBA regulatory requirements.

The interest rate on the outstanding debentures as of March 31, 2021 is fixed at an average annualized interest rate of 2.3% . For the three and six months ended March 31, 2021 and 2020, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the SBA debentures were as follows:
Three months ended March 31,Six months ended March 31,
  2021202020212020
Stated interest expense$1,254 $2,375 $2,933 $4,818 
Amortization of debt issuance costs1,139 310 1,469 591 
Total interest and other debt financing expenses$2,393 $2,685 $4,402 $5,409 
Cash paid for interest expense$3,347 $4,826 $3,347 $4,826 
Annualized average stated interest rate2.7 %3.2 %2.9 %3.2 %
Average outstanding balance$190,069 $302,098 $205,600 $301,983 

Revolving Credit Facilities:
On February 1, 2019, Funding II entered into a credit facility as amended, (the “MS Credit Facility II”) with Morgan Stanley, as the administrative agent, each of the lenders from time to time party thereto, each of the securitization
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
subsidiaries from time to time party thereto, and Wells Fargo Bank, N.A., as collateral agent, account bank and collateral custodian. On September 6, 2019, the Company entered into an amendment to the MS Credit Facility II to increase borrowing capacity to $300,000. On October 11, 2019, the Company entered into an amendment to increase the borrowing capacity under the MS Credit Facility II from $300,000 to $500,000 until the earlier of (i) the closing date of a debt securitization transaction mutually agreed to by the Company and Morgan Stanley or (ii) March 31, 2020 after which the borrowing capacity under the MS Credit Facility II will revert to $200,000. On March 20, 2020, the Company entered into an amendment that changed the date under which the borrowing capacity reverts from $500,000 to $200,000 to June 30, 2020 from March 31, 2020. On June 18, 2020, the Company entered into an amendment that increased the borrowing capacity through the full term of the MS Credit Facility II from $200,000 to $400,000. On October 23, 2020, the Company delivered a notice to the lenders under the MS Credit Facility II to permanently decrease the borrowing capacity under the MS Credit Facility II by $75,000, resulting in total borrowing capacity of $325,000. On January 29, 2021, the Company entered into an amendment to the MS Credit Facility II that extended the reinvestment period to May 3, 2021 from February 1, 2021, extended the maturity date to May 1, 2024 from February 1, 2024 and reduced borrowing capacity to $250,000 from $325,000. On February 23, 2021, the Company delivered a notice to the lenders under the MS Credit Facility II to permanently decrease the borrowing capacity under the MS Credit Facility II by $175,000 to $75,000. As of March 31, 2021, the MS Credit Facility II allows Funding II to borrow up to $75,000 at any one time outstanding, subject to leverage and borrowing base restrictions.
The period from February 1, 2019 until May 3, 2021 is referred to as the revolving period and during such revolving period, Funding II may request drawdowns under the MS Credit Facility II. Prior to June 18, 2020, borrowings under the MS Credit Facility II bore interest at the applicable base rate plus 2.05%. Effective June 18, 2020, during the Revolving Period, the MS Credit Facility II bears interest at the applicable base rate plus 2.45%. Following expiration of the revolving period, the interest rate on borrowings under the MS Credit Facility II will reset to the applicable base rate plus 2.95% for the remaining term of the MS Credit Facility II. The revolving period will continue through May 3, 2021 unless there is an earlier termination or event of default. The base rate under the MS Credit Facility II is (i) the one-month LIBOR with respect to any advances denominated in U.S. dollars or U.K. pound sterling, (ii) the one-month EURIBOR with respect to any advances denominated in euros, and (iii) the one-month Canadian Dollar Offered Rate with respect to any advances denominated in Canadian dollars. The scheduled maturity date of the MS Credit Facility II is May 1, 2024. The MS Credit Facility II is subject to a non-usage fee of 0.50% per annum subsequent to a ramp-up period as defined in the credit agreement.
The MS Credit Facility II is secured by all of the assets held by Funding II. Both the Company and Funding II have made customary representations and warranties and are required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. The borrowings under the MS Credit Facility II will be subject to the leverage restrictions contained in the 1940 Act.
As of March 31, 2021 and September 30, 2020, the Company had outstanding debt under the MS Credit Facility II of $50,192 and $313,292, respectively.

For the three and six months ended March 31, 2021 and 2020, the components of interest expense, cash paid for interest and facility fees, average interest rates and average outstanding balances for the MS Credit Facility II were as follows:
Three months ended March 31,Six months ended March 31,
  2021202020212020
Stated interest expense$1,176 $3,420 $2,719 $6,735 
Facility fees113 90 257 262 
Amortization of debt issuance costs67 318 264 503 
Total interest and other debt financing expenses$1,356 $3,828 $3,240 $7,500 
Cash paid for interest expense and facility fees$1,721 $3,543 $3,816 $5,704 
Annualized average stated interest rate3.2 %3.4 %2.9 %3.6 %
Average outstanding balance$149,877 $398,793 $189,689 $371,123 
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

Effective September 16, 2019, the Company assumed, as a result of the Merger, a senior secured revolving credit facility (as amended, the “WF Credit Facility”) with GCIC Funding as the borrower and with Wells Fargo Bank, N.A. as the swingline lender, collateral agent, account bank, collateral custodian and administrative agent. On February 12, 2021, all outstanding borrowings under the WF Credit Facility were repaid following which the WF Credit Facility was terminated. Prior to its termination, the WF Credit Facility allowed GCIC Funding to borrow up to $300,000 at any one time outstanding, subject to leverage and borrowing base restrictions. The stated maturity on the WF Credit Facility was March 21, 2024, with a reinvestment period that would have expired on March 20, 2021. The WF Credit Facility bore interest at one-month LIBOR plus 2.00%. A non-usage fee rate between 0.50% and 1.75% per annum was payable depending on the size of the unused portion of the WF Credit Facility.

The WF Credit Facility was collateralized by all of the assets held by GCIC Funding, and GBDC pledged its interests in GCIC Funding as collateral to Wells Fargo Bank, N.A., as the collateral agent, to secure the obligations of GBDC as the transferor and servicer under the WF Credit Facility. Both GBDC and GCIC Funding made customary representations and warranties and were required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. Borrowings under the WF Credit Facility were subject to the asset coverage requirements contained in the 1940 Act.

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

As of September 30, 2020, the Company had outstanding debt under the WF Credit Facility of $199,554.

For the three and six months ended March 31, 2021 and 2020, the components of interest expense, cash paid for interest and facility fees, annualized average interest rates and average outstanding balances for the WF Credit Facility were as follows:
Three months ended March 31,Six months ended March 31,
  2021202020212020
Stated interest expense$536 $1,940 $996 $4,322 
Facility fees45 96 323 162 
Total interest and other debt financing expenses$581 $2,036 $1,319 $4,484 
Cash paid for interest expense$874 $2,207 $1,614 $4,586 
Annualized average stated interest rate2.2 %3.4 %2.2 %3.6 %
Average outstanding balance$100,517 $229,150 $91,099 $238,698 

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

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

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

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

As of September 30, 2020, the Company had outstanding debt under the DB Credit Facility of $153,524.

For the three and six months ended March 31, 2021 and 2020, the components of interest expense, cash paid for interest and facility fees, annualized average interest rates and average outstanding balances for the DB Credit Facility were as follows:

Three months ended March 31,Six months ended March 31,
  2021202020212020
Stated interest expense$— $1,915 $73 $4,443 
Facility fees— 173 14 173 
Total interest and other debt financing expenses$— $2,088 $87 $4,616 
Cash paid for interest expense$— $2,156 $840 $4,808 
Annualized average stated interest rateN/A3.4 %2.2 %3.8 %
Average outstanding balance$— $226,221 $6,642 $236,089 

On February 11, 2021, the Company entered into a senior secured revolving credit facility (the “JPM Credit Facility”) with the Company, as borrower, JPMorgan Chase Bank N.A., as administrative agent and as collateral agent, and the lenders party thereto. Under the JPM Credit Facility, the lenders have agreed to extend credit to the Company in an initial aggregate amount of up to $475,000 in U.S. dollars and certain agreed upon foreign currencies with an option for the Company to request, at one or more times, that existing and/or new lenders, at their election, provide up to $237,500 of additional commitments. The JPM Credit Facility provides for the issuance of letters of credit in an initial aggregate face amount of up to $23,750, subject to increase or reduction from time to time pursuant to the terms of the JPM Credit Facility. The JPM Credit Facility is secured by a first priority security interest in substantially all of the assets of the Company and certain of the Company’s subsidiaries thereunder.

Borrowings under the JPM Credit Facility are subject to compliance with a borrowing base test. Interest under the JPM Credit Facility for (i) loans for which the Company elects the base rate option, (A) if the value of the gross borrowing base is equal to or greater than 1.60 times the aggregate amount of certain outstanding indebtedness of the Company, or (the “Combined Debt Amount,”) is payable at the greater of (a) the prime rate as last quoted by The Wall Street Journal, (b) the sum of (x) the greater of (I) the federal funds effective rate and (II) the overnight bank funding rate plus (y) 0.5%, and (c) one month LIBOR plus 1% per annum or (the “alternate base rate”) plus 0.75% and, (B) if the value of the gross borrowing base is less than 1.60 times the Combined Debt Amount, the alternate base rate plus 0.875%; and (ii) loans for which the Company elects the Eurocurrency option (A) if the value of the gross borrowing base is equal to or greater than 1.60 times the Combined Debt Amount, is payable at a rate equal to LIBOR plus 1.75% and (B) if the value of the gross borrowing base is less than 1.60 times the Combined Debt Amount, is payable at a rate equal to LIBOR plus 1.875%. The Company will pay a commitment fee of 0.375% per annum on the daily unused portion of commitments under the JPM Credit Facility. The Company also will be required to pay letter of credit participation fees and a fronting fee on the daily amount of any lender’s exposure with respect to any letters of credit issued at the request of the Company under the JPM Credit Facility. The JPM Credit Facility will mature on February 11, 2026, and require mandatory prepayment of interest and principal upon certain events during the term-out period.
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

As of March 31, 2021, the Company did not have any outstanding debt or letters of credit under the JPM Credit Facility.

For the three and six months ended March 31, 2021 and 2020, the components of interest expense, cash paid for interest and facility fees, annualized average interest rates and average outstanding balances for the JPM Credit Facility were as follows:
Three months ended March 31,Six months ended March 31,
  2021202020212020
Stated interest expense$251 $— $251 $— 
Facility fees192 — 192 — 
Amortization of debt issuance costs150 — 150 — 
Total interest and other debt financing expenses$593 $— $593 $— 
Cash paid for interest expense$251 $— $251 $— 
Annualized average stated interest rate1.9 %N/A1.9 %N/A
Average outstanding balance$53,811 $— $26,610 $— 

Effective January 1, 2020, the Company assumed, as a result of the Purchase Agreement, a senior secured revolving credit facility (as amended, the “SLF Credit Facility”) with Wells Fargo Bank, N.A. On June 29, 2020, the SLF Credit Facility was repaid in full and subsequently terminated. Prior to the facility's termination, the reinvestment period of the SLF Credit Facility expired on August 29, 2018 and the maximum commitment was equal to advances outstanding due to leverage and borrowing base restrictions. The stated maturity date of the SLF Credit Facility was August 30, 2022.

The SLF Credit Facility bore interest at one-month LIBOR plus 2.05%, depending on the composition of the collateral asset portfolio, per annum.

The SLF Credit Facility was collateralized by all of the assets held by SLF II, and SLF had committed to provide a minimum of $12,500 of unencumbered liquidity. SLF had made customary representations and warranties and was required to comply with various covenants and reporting requirements.

There was no outstanding balance under the SLF Credit Facility as of March 31, 2021 and September 30, 2020.

For the three and six months ended March 31, 2021 and 2020, the components of interest expense, cash paid for interest and facility fees, average interest rates and average outstanding balances for the SLF Credit Facility were as follows:

Three months ended March 31,Six months ended March 31,
2021202020212020
Stated interest expense$— $286 $— $286 
Cash paid for interest expense— 226 $— 226 
Annualized average stated interest rateN/A3.5 %N/A3.5 %
Average outstanding balance$— $32,448 $— $16,136 

Effective January 1, 2020, the Company assumed, as a result of the Purchase Agreement, a senior secured revolving credit facility (as amended, the “GCIC SLF Credit Facility”) with Wells Fargo Bank, N.A. On June 29, 2020, the GCIC SLF Credit Facility was repaid in full and subsequently terminated. Prior to the facility's termination, the reinvestment period of the GCIC SLF Credit Facility expired on September 27, 2018 and the maximum commitment
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
was equal to advances outstanding due to leverage and borrowing base restrictions. The stated maturity date of the GCIC SLF Credit Facility was September 28, 2022.

The GCIC SLF Credit Facility bore interest at one-month LIBOR plus 2.05% per annum, depending on the composition of the collateral asset portfolio. The GCIC SLF Credit Facility was collateralized by all of the assets held by GCIC SLF II and GCIC SLF had committed to provide a minimum of $7,500 of unencumbered liquidity. GCIC SLF had made customary representations and warranties and was required to comply with various covenants and reporting requirements.

There was no outstanding balance under the GCIC SLF Credit Facility as of March 31, 2021 and September 30, 2020.

For the three and six months ended March 31, 2021 and 2020, the components of interest expense, cash paid for interest and facility fees, average interest rates and average outstanding balances for the GCIC SLF Credit Facility were as follows:
Three months ended March 31,Six months ended March 31,
  2021202020212020
Stated interest expense$— $295 $— $295 
Cash paid for interest expense— 237 — 237 
Annualized average stated interest rateN/A3.5 %N/A3.5 %
Average outstanding balance$— $33,571 $— $16,694 

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

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

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

For the three and six months ended March 31, 2021 and 2020, the components of interest expense, cash paid for interest and facility fees, average interest rates and average outstanding balances for the 2024 Unsecured Notes were as follows:
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Three months ended March 31,Six months ended March 31,
  2021202020212020
Stated interest expense$3,375 $— $6,713 $— 
Accretion of discounts on notes issued22 — 45 — 
Amortization of debt issuance costs389 — 770 — 
Total interest and other debt financing expenses$3,786 $— $7,528 $— 
Cash paid for interest expense— — — — 
Annualized average stated interest rate3.4 %N/A3.4 %N/A
Average outstanding balance$400,000 $— $397,802 $— 

2026 Unsecured Notes: On February 24, 2021, the Company issued $400,000 in aggregate principal amount of unsecured notes (the “2026 Unsecured Notes”). The 2026 Unsecured Notes bear interest at a rate of 2.500% per year payable semiannually in arrears on February 24 and August 24 of each year, commencing on August 24, 2021. The 2026 Unsecured Notes mature on August 24, 2026.

The 2026 Unsecured Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2026 Unsecured Notes; equal in right of payment to the Company’s existing and future indebtedness or other obligations that are not so subordinated or junior; effectively junior to any of the Company’s secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

At any time or from time to time, the Company may redeem some or all of the 2026 Unsecured Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2026 Unsecured Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2026 Unsecured Notes to be redeemed through July 24, 2026 (the date falling one month prior to the maturity date of the Notes), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 30 basis points, plus, in each case, accrued and unpaid interest, if any, to, but excluding, the redemption date; provided, however, that if the Company redeems any 2026 Unsecured Notes on or after July 24, 2026 (the date falling one month prior to the maturity date of the Notes), the redemption price for the 2026 Unsecured Notes will be equal to 100% of the principal amount of the 2026 Unsecured Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2026 Unsecured Notes.

For the three and six months ended March 31, 2021 and 2020, the components of interest expense, cash paid for interest and facility fees, average interest rates and average outstanding balances for the 2026 Unsecured Notes were as follows:
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Three months ended March 31,Six months ended March 31,
  2021202020212020
Stated interest expense$1,028 $— $1,028 $— 
Accretion of discounts on notes issued22 — 22 — 
Amortization of debt issuance costs88 — 88 — 
Total interest and other debt financing expenses$1,138 $— $1,138 $— 
Cash paid for interest expense— — — — 
Annualized average stated interest rate2.6 %N/A2.6 %N/A
Average outstanding balance$160,000 $— $79,121 $— 

Revolver: On June 21, 2019, the Company and the Investment Adviser amended the Adviser Revolver to and among other things, (a) increase the maximum credit limit to $40,000, and (b) change the expiration date to June 21, 2022. On October 28, 2019, the Company entered into an amendment to the Adviser Revolver to increase the borrowing capacity under the Adviser Revolver from $40,000 to $100,000. The Adviser Revolver bears an interest rate equal to the short-term Applicable Federal Rate, which was 0.1% as of March 31, 2021. As of March 31, 2021 and September 30, 2020, the Company had no outstanding debt under the Adviser Revolver.

For the three and six months ended March 31, 2021 and 2020, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the Adviser Revolver were as follows:

Three months ended March 31,Six months ended March 31,
  2021202020212020
Stated interest expense$— $13 $— $22 
Cash paid for interest expense$— $— $— $18 
Annualized average stated interest rateN/A1.5 %N/A1.6 %
Average outstanding balance$— $3,461 $— $2,732 

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

As of March 31, 2021 and September 30, 2020, the Company had no short-term borrowings. For the three and six months ended March 31, 2021 and 2020, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for short term borrowings were as follows:

Three months ended March 31,Six months ended March 31,
  2021202020212020
Stated interest expense$— $715 $— $1,533 
Cash paid for interest expense$— $1,533 $— $1,533 
Annualized average stated interest rateN/A4.8 %N/A4.9 %
Average outstanding balance$— $59,876 $— $61,807 

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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The net change in unrealized appreciation (depreciation) for the three and six months ended March 31, 2020, reported within the net change in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies was $1,064 and $0, respectively.

For the three and six months ended March 31, 2021, the average total debt outstanding (including the debt under the 2018 Debt Securitization, the GCIC 2018 Debt Securitization, the 2020 Debt Securitization, the SBA Debentures, the MS Credit Facility II, the WF Credit Facility, the DB Credit Facility, the JPM Credit Facility, the 2024 Unsecured Notes, the 2026 Unsecured Notes and the Adviser Revolver) was $2,197,975 and $2,140,263, respectively. For the three and six months ended March 31, 2020, the average total debt outstanding (including the debt under the 2014 Debt Securitization, the 2018 Debt Securitization, the GCIC 2018 Debt Securitization, the SBA Debentures, the MS Credit Facility II, WF Credit Facility, DB Credit Facility, SLF Credit Facility, GCIC SLF Credit Facility, Adviser Revolver and Other Short-Term Borrowings) was $2,347,720 and $2,314,448, respectively.

For the three and six months ended March 31, 2021, the effective annualized average interest rate, which includes amortization of debt financing costs, amortization of discounts on notes issued and non-usage facility fees, on the Company's total debt was 3.0% and 2.9%, respectively. For the three and six months ended March 31, 2020, the effective annualized average interest rate, which includes amortization of debt financing costs, amortization of discounts on notes issued and non-usage facility fees, on the Company's total debt was 3.7% and 3.6%, respectively.

A summary of the Company’s maturity requirements for borrowings as of March 31, 2021 is as follows:
Payments Due by Period
  TotalLess Than
1 Year		1 – 3 Years3 – 5 YearsMore Than
5 Years
2018 Debt Securitization$408,200 $— $— $— $408,200 
2018 GCIC Debt Securitization(1)
543,270 — — — 543,270 
2020 Debt Securitization189,000 — — — 189,000 
SBA Debentures97,000 — — — 97,000 
MS Credit Facility II50,192 — — 50,192 — 
2024 Unsecured Notes(2)
399,725 — — 399,725 — 
2026 Unsecured Notes(2)
398,817 — — — 398,817 
Total borrowings$2,086,204 $— $— $449,917 $1,636,287 

(1) Represents principal outstanding less unaccreted discount recognized on the assumption of the 2018 GCIC Debt Securitization in the Merger.
(2) Represents principal outstanding less unaccreted original issue discount.

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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 8. Commitments and Contingencies

Commitments: As of March 31, 2021, the Company had outstanding commitments to fund investments totaling $205,334, including $44,698 of commitments on undrawn revolvers. As of September 30, 2020, the Company had outstanding commitments to fund investments totaling $141,795, including $41,644 of commitments on undrawn revolvers.

Indemnifications:  In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide general indemnifications. The Company’s maximum exposure under these arrangements is unknown, as these involve future claims against the Company that have not occurred. The Company expects the risk of any future obligations under these indemnifications to be remote.
Off-balance sheet risk: Off-balance sheet risk refers to an unrecorded potential liability that may result in a future obligation or loss, even though it does not appear on the Consolidated Statements of Financial Condition. The Company has entered and, in the future, may again enter into derivative instruments that contain elements of off-balance sheet market and credit risk. Refer to Note 5 for outstanding forward currency contracts as of March 31, 2021 and September 30, 2020. Derivative instruments can be affected by market conditions, such as interest rate volatility, which could impact the fair value of the derivative instruments. If market conditions move against the Company, it may not achieve the anticipated benefits of the derivative instruments and may realize a loss. The Company minimizes market risk through monitoring its investments and borrowings.

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

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

Note 9. Financial Highlights

The financial highlights for the Company are as follows:
Six months ended March 31,
Per share data:(1)
20212020
Net asset value at beginning of period$14.33 $16.76 
Net increase in net assets as a result of issuance of DRIP shares(2)
— ^0.01 
Distributions declared:
From net investment income(0.58)(0.71)
From capital gains— (0.08)
Net investment income0.47 0.48 
Net realized gain (loss) on investment transactions(0.01)(0.07)
Net change in unrealized appreciation (depreciation) on investment transactions(3)
0.65 (1.77)
Net asset value at end of period$14.86 $14.62 
Per share market value at end of period$14.62 $12.56 
Total return based on market value(4)
14.90 %(29.80)%
Number of common shares outstanding168,231,707 133,807,609 

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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Six months ended March 31,
Listed below are supplemental data and ratios to the financial highlights:20212020
Ratio of net investment income to average net assets*
6.54 %5.81 %
Ratio of total expenses to average net assets(5)*
5.73 %7.57 %
Ratio of incentive fees to average net assets0.12 %0.44 %
Ratio of expenses (without incentive fees) to average net assets*
5.61 %7.13 %
Total return based on average net asset value(6)*
15.32 %(16.35)%
Net assets at end of period$2,499,131 $1,955,988 
Average debt outstanding$2,140,263 $2,314,448 
Average debt outstanding per share$12.72 $17.30 
Portfolio turnover*
28.50 %25.59 %
Asset coverage ratio(7)
224.80 %193.69 %
Asset coverage ratio per unit(8)
$2,248 $1,937 
Average market value per unit:(9)
2026 Unsecured Notes$987 N/A
2024 Unsecured Notes1,022 N/A
2014 Debt SecuritizationN/AN/A
2018 Debt SecuritizationN/AN/A
2018 GCIC Debt SecuritizationN/AN/A
2020 Debt SecuritizationN/AN/A
SBA DebenturesN/AN/A
MS Credit Facility IIN/AN/A
WF Credit Facility N/AN/A
DB Credit Facility N/AN/A
JPM Credit FacilityN/AN/A
Adviser RevolverN/AN/A

* Annualized for periods less than one year.
^ Represents an amount less than $0.01    
(1)Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate.
(2)Net increase in net assets as a result of issuance of shares related to shares issued through the DRIP.
(3)Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on the shares outstanding as of the dividend record date.
(4)Total return based on market value assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load.
(5)Expenses, other than incentive fees, are annualized for a period less than one year.
(6)Total return based on average net asset value is calculated as (a) the net increase/(decrease) in net assets resulting from operations divided by (b) the daily average of total net assets. Total return does not include sales load.
(7)Effective February 6, 2019, in accordance with Section 61(a)(2) of the 1940 Act, with certain limited exceptions, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing (excluding the Company's SBA debentures pursuant to exemptive relief received by the Company from the SEC). Prior to February 6, 2019, in accordance with the 1940 Act, with certain limited exceptions, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing (excluding the Company's SBA debentures pursuant to exemptive relief received by the Company from the SEC).
(8)Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. These amounts exclude the SBA debentures pursuant to exemptive relief the Company received from the SEC on September 13, 2011.
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
(9)Not applicable since such senior securities are not registered for public trading, with the exception of the 2026 Unsecured Notes and the 2024 Unsecured Notes. The average market value per unit calculated for the 2026 Unsecured Notes and the 2024 Unsecured Notes is based on the average monthly prices of such notes and is expressed per $1,000 of indebtedness.

Note 10. Earnings (Loss) Per Share

The following information sets forth the computation of the net increase/(decrease) in net assets per share resulting from operations for the three and six months ended March 31, 2021 and 2020:
Three months ended March 31,Six months ended March 31,
  2021202020212020
Earnings (loss) available to stockholders$91,315 $(228,964)$185,754 $(181,916)
Basic and diluted weighted average shares outstanding(1)
167,281,115 138,150,198 167,270,194 137,566,569 
Basic and diluted earnings (loss) per share$0.55 $(1.66)$1.11 $(1.32)


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

Note 11. Dividends and Distributions

The Company’s dividends and distributions are recorded on the ex-dividend date. The following table summarizes the Company’s dividend declarations and distributions during the six months ended March 31, 2021 and 2020:

Date DeclaredRecord DatePayment DateAmount
Per Share		Cash
Distribution		DRIP Shares
Issued		DRIP Shares
Value
For the six months ended March 31, 2021
11/20/202012/11/202012/30/2020$0.29 $33,846 — $14,659 
(1)
02/05/202103/05/202103/30/2021$0.29 $34,311 972,196 $14,194 
For the six months ended March 31, 2020        
11/22/201912/12/201912/30/2019$0.46 
(2)
$40,793 1,149,409 $20,230 
02/04/202003/06/202003/27/2020$0.33 $30,123 — $14,034 
(3)

(1)In accordance with the Company's DRIP, 1,034,149 shares of the Company's stock were purchased in the open market at an average price of $14.18 and were issued to stockholders of the Company participating in DRIP.
(2)Includes a special distribution of $0.13 per share.
(3)In accordance with the Company's DRIP, 1,125,098 shares of the Company's stock were purchased in the open market at an average price of $12.47 and were issued to stockholders of the Company participating in DRIP.

Note 12. Subsequent Events

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

On April 13, 2021, the Company entered into an amendment on MS Credit Facility II to, among other things, reduce the interest rate for borrowings under the facility to the applicable base rate plus 2.05% during the revolving period and to the applicable base rate plus 2.55% thereafter, extend the revolving period from May 3, 2021 to April 12, 2024 and to extend the maturity date from May 1, 2024 to April 12, 2026.

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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
On May 7, 2021, the Company's board of directors declared a quarterly distribution of $0.29 per share, which is payable on June 29, 2021 to holders of record as of June 11, 2021.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

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

Forward-Looking Statements

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

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

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

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

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Overview

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

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

Our investment objective is to generate current income and capital appreciation by investing primarily in one stop (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by other middle-market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies. We also selectively invest in second lien and subordinated loans of, and warrants and minority equity securities in U.S. middle-market companies. We intend to achieve our investment objective by (1) accessing the established loan origination channels developed by Golub Capital, a leading lender to U.S. middle-market companies with over $35.0 billion in capital under management as of March 31, 2021, (2) selecting investments within our core middle-market company focus, (3) partnering with experienced private equity firms, or sponsors, in many cases with whom Golub Capital has invested alongside in the past, (4) implementing the disciplined underwriting standards of Golub Capital and (5) drawing upon the aggregate experience and resources of Golub Capital.

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

Under an investment advisory agreement, or the Investment Advisory Agreement, we have agreed to pay GC Advisors an annual base management fee based on our average adjusted gross assets as well as an incentive fee based on our investment performance. The Investment Advisory Agreement was approved by our board of directors in May 2021. Under an administration agreement, or the Administration Agreement, we are provided with certain administrative services by an administrator, or the Administrator, which is currently Golub Capital LLC. Under the Administration Agreement, we have agreed to reimburse the Administrator for our allocable portion (subject to the review and approval of our independent directors) of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement.

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

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

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As of March 31, 2021 and September 30, 2020, our portfolio at fair value was comprised of the following:
As of March 31, 2021As of September 30, 2020
Investment TypeInvestments at
 Fair Value
(In thousands)		Percentage of
Total
Investments		Investments at
 Fair Value
(In thousands)		Percentage of
Total
Investments
Senior secured$683,532 15.5 %$640,213 15.1 %
One stop3,567,140 81.2 3,485,585 82.2 
Second lien30,713 0.7 19,640 0.5 
Subordinated debt450 0.0 *575 0.0 *
Equity113,426 2.6 92,197 2.2 
Total$4,395,261 100.0 %$4,238,210 100.0 %


*Represents an amount less than 0.1%.
One stop loans include loans to technology companies undergoing strong growth due to new services, increased adoption and/or entry into new markets. We refer to loans to these companies as late stage lending loans or recurring revenue loans. Other targeted characteristics of late stage lending businesses include strong customer revenue retention rates, a diversified customer base and backing from growth equity or venture capital firms. In some cases, the borrower’s high revenue growth is supported by a high level of discretionary spending. As part of the underwriting of such loans and consistent with industry practice, we adjust our characterization of the earnings of such borrowers for a reduction or elimination of such discretionary expenses, if appropriate. As of March 31, 2021 and September 30, 2020, one stop loans included $483.3 million and $430.2 million, respectively, of late stage lending loans at fair value.

As of March 31, 2021 and September 30, 2020, we had debt and equity investments in 256 and 254 portfolio companies, respectively.

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The following table shows the weighted average income yield and weighted average investment income yield of our earning portfolio company investments, which represented nearly 100% of our debt investments, as well as the total return based on our average net asset value, and the total return based on the change in the quoted market price of our stock and assuming distributions were reinvested in accordance with our dividend reinvestment plan, or DRIP, in each case for the three months ended March 31, 2021, the three months ended December 31, 2020, the three months ended March 31, 2020 and the six months ended March 31, 2021 and 2020:
For the three months endedFor the six months ended
  March 31, 2021December 31, 2020March 31, 2020March 31, 2021March 31, 2020
Weighted average income yield (1)*
7.5%7.4%7.8%7.5%7.9%
Weighted average investment income yield (2)*
8.0%7.9%8.2%8.0%8.3%
Total return based on average net asset value (3)*
15.1%15.5%(31.2)%15.3%(16.3)%
Total return based on market value (4)
7.6%9.0%(30.1)%9.0%(29.8)%


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

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

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

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

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

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

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

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

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

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

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

GCIC Acquisition

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

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

SLF and GCIC SLF Purchase Agreement

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

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

Rights Offering

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

COVID-19 Pandemic

The rapid spread of COVID-19, which was identified as a global pandemic by the World Health Organization in 2020, resulted in governmental authorities imposing restrictions on travel and the temporary closure of many corporate offices, retail stores, restaurants, healthcare facilities, fitness clubs and manufacturing facilities and factories in affected jurisdictions. While several countries, as well as certain states in the United States, have lifted or reduced certain travel restrictions, business closures and other quarantine measures and recurring COVID-19 outbreaks have led to the re-introduction of such restrictions in certain states in the United States and globally and could continue to lead to the re-introduction of such restrictions elsewhere. In early 2021, COVID-19 vaccines started to be administered to high-risk adults and essential workers across the United States and eligibility to receive the vaccine has since expanded to all adults in most states. Although we believe the growing number of vaccinated adults is promising for continued reductions of travel restrictions and other quarantine measures, we are unable to predict the duration of business and supply chain disruptions, the extent to which COVID-19 will continue to affect our portfolio companies’ operating results or the impact COVID-19 may have on our results of operations and financial condition.

We continue to experience reversal of the unrealized depreciation recognized during the three months ended March 31, 2020 as portfolio companies generally performed better than expected, especially those in COVID-impacted sub-sectors, and private equity sponsors have generally stepped up to support their portfolio companies. We and GC Advisors continue to monitor the rapidly evolving situation relating to the COVID-19 pandemic and guidance from U.S. and international authorities, including federal, state and local public health authorities and future recommendations from such authorities may further impact our business operations and financial results. Due to the resurgence of COVID-19 and the threat of new variants of COVID-19, we remain cautious and concerned about the on-going impacts to the U.S. economy from COVID-19, but the positive trends identified above contributed to strong financial results for the three months ended March 31, 2021.

Recent Developments

On April 13, 2021, we entered into an amendment on MS Credit Facility II (as defined in Note 7 of our consolidated financial statements) to, among other things, reduce the interest rate for borrowings under the facility to the applicable base rate plus 2.05% during the revolving period and to the applicable base rate plus 2.55% thereafter, extend the revolving period from May 3, 2021 to April 12, 2024 and to extend the maturity date from May 1, 2024 to April 12, 2026.

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On May 7, 2021, our board of directors declared a quarterly distribution of $0.29 per share, which is payable on June 29, 2021 to holders of record as of June 11, 2021.

Consolidated Results of Operations

In accordance with SEC Release No. 33-10890 permitting early adoption of certain amendments to Item 303 of Regulation S-K, we have elected the option to present our financial results for the quarter ended March 31, 2021 compared to the quarter ended December 31, 2020. We believe this comparison will provide a more meaningful analysis of our business as our results are largely driven by market changes, not seasonal business activity. For this interim report, we have also presented our analysis for the quarter ended March 31, 2021 compared to the quarter ended March 31, 2020 as has been our normal course of reporting. For future reports, we intend to present our analysis for the reporting quarter compared to the immediately preceding quarter. Our Quarterly Report on Form 10-Q for the period ended December 31, 2020, includes our financial results for the three months ended December 31, 2020.

Consolidated operating results for the three months ended March 31, 2021, the three months ended December 31, 2020, the three months ended March 31, 2020 and the six months ended March 31, 2021 and 2020 are as follows:

Three months ended,VariancesVariancesSix months ended,Variances
  March 31, 2021December 31, 2020March 31, 2020March 31, 2021
 vs.
December 31, 2020		March 31, 2021
vs.
 March 31, 2020		March 31, 2021March 31, 20202021 vs. 2020
  (In thousands)(In thousands)
Interest income$78,208 $77,603 $82,848 $605 $(4,640)$155,811 $167,170 $(11,359)
Accretion of discounts and amortization of premiums5,520 4,606 4,573 914 947 10,126 8,541 1,585 
GCIC acquisition purchase premium amortization(8,722)(9,230)(12,600)508 3,878 (17,952)(24,437)6,485 
Dividend income from LLC equity interests in SLF and GCIC SLF(1)
— — — — — — 1,905 (1,905)
Dividend income42 160 146 (118)(104)202 180 22 
Fee income1,153 907 157 246 996 2,060 372 1,688 
Total investment income76,201 74,046 75,124 2,155 1,077 150,247 153,731 (3,484)
Total expenses35,893 35,039 43,178 854 (7,285)70,932 89,054 (18,122)
Net investment income (loss)40,308 39,007 31,946 1,301 8,362 79,315 64,677 14,638 
Net realized gain (loss) on investment transactions 74 (2,313)(9,360)2,387 9,434 (2,239)(6,819)4,580 
Net realized gain (loss) on investment transactions due to purchase premium(20)(79)(2,310)59 2,290 (99)(2,350)2,251 
Net change in unrealized appreciation (depreciation) on investment transactions excluding purchase premium42,211 48,515 (264,150)(6,304)306,361 90,726 (264,211)354,937 
Net change in unrealized appreciation on investment transactions due to purchase premium 8,742 9,309 14,910 (567)(6,168)18,051 26,787 (8,736)
Net gain (loss) on investment transactions 51,007 55,432 (260,910)(4,425)311,917 106,439 (246,593)353,032 
Net increase (decrease) in net assets resulting from operations$91,315 $94,439 $(228,964)$(3,124)$320,279 $185,754 $(181,916)$367,670 
Average earning debt investments, at fair value(2)
$4,309,836 $4,182,748 $4,308,834 $127,088 $1,002 $4,231,369 $4,234,014 $(2,645)

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

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

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

As a supplement to our GAAP financial measures, we have provided the following non-GAAP financial measures that we believe are useful for the reasons described below:
•“Adjusted Net Investment Income” - excludes the amortization of the purchase price premium and the accrual for the capital gain incentive fee (including the portion of such accrual that is not payable under the Investment Advisory Agreement) from net investment income calculated in accordance with GAAP;
•“Adjusted Net Realized and Unrealized Gain/(Loss)” - excludes the unrealized loss resulting from the purchase premium write-down and the corresponding reversal of the unrealized loss resulting from the amortization of the premium on loans or from the sale of equity investments from the determination of realized and unrealized gain/(loss) determined in accordance with GAAP; and
•“Adjusted Net Income/(Loss)” – calculates net income and earnings per share based on Adjusted Net Investment Income and Adjusted Net Realized and Unrealized Gain/(Loss).
Three months ended,Six months ended,
March 31, 2021December 31, 2020March 31, 2020March 31, 2021March 31, 2020
  (In thousands)(In thousands)
Net investment income $40,308 $39,007 $31,946 $79,315 $64,677 
Add: GCIC acquisition purchase premium amortization8,722 9,230 12,600 17,952 24,437 
Adjusted net investment income $49,030 $48,237 $44,546 $97,267 $89,114 
Net gain (loss) on investment transactions $51,007 $55,432 $(260,910)$106,439 $(246,593)
Add: Realized loss on investment transactions due to purchase premium20 79 2,310 99 2,350 
Less: Net change in unrealized appreciation on investment transactions due to purchase premium (8,742)(9,309)(14,910)(18,051)(26,787)
Adjusted net realized and unrealized gain/(loss)$42,285 $46,202 $(273,510)$88,487 $(271,030)
Net increase (decrease) in net assets resulting from operations$91,315 $94,439 $(228,964)$185,754 $(181,916)
Add: GCIC acquisition purchase premium amortization8,722 9,230 12,600 17,952 24,437 
Add: Realized loss on investment transactions due to purchase premium20 79 2,310 99 2,350 
Less: Net change in unrealized appreciation on investment transactions due to purchase premium (8,742)(9,309)(14,910)(18,051)(26,787)
Adjusted net income/(loss)$91,315 $94,439 $(228,964)$185,754 $(181,916)

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

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

Investment income increased from the three months ended December 31, 2020 to the three months ended March 31, 2021 by $2.2 million, primarily due to an increase in the average earning debt investments balance of $127.1 million and the acceleration of accretion of discounts as a result of investment payoffs during the quarter.

Investment income increased from the three months ended March 31, 2020 to the three months ended March 31, 2021 by $1.1 million primarily due to a reduction of GCIC acquisition purchase price premium amortization, an increase in accretion of discounts due to investment payoffs and an increase in fee income, partially offset by a reduction of interest income due to a decrease in LIBOR. Investment income decreased from the six months ended March 31, 2020 to the six months ended March 31, 2021 by $3.5 million primarily due to a decrease in LIBOR and the slight decrease in the average earning debt investments balance, partially offset by a reduction of GCIC acquisition purchase price premium amortization. As of March 31, 2020, 3-month LIBOR was 1.5% compared to 0.2% as of March 31, 2021.

The annualized income yield by debt security type for the three months ended March 31, 2021, the three months ended December 31, 2020, the three months ended March 31, 2020 and the six months ended March 31, 2021 and 2020 was as follows:
Three months ended,Six months ended,
  March 31, 2021December 31, 2020March 31, 2020March 31, 2021March 31, 2020
Senior secured6.0%6.5%6.6%6.3%6.8%
One stop7.7%7.6%7.9%7.7%8.0%
Second lien10.6%10.9%11.3%10.9%11.3%
Subordinated debt10.6%10.7%16.9%10.6%13.8%

Income yields on senior secured loans decreased for the three months ended March 31, 2021 as compared to the three months ended December 31, 2020 primarily due to a portfolio company returning to accrual status resulting in the recognition of accrued interest in interest income during the three months ended December 31, 2020. Income yields on one stop loans slightly increased for the three months ended March 31, 2021 as compared to the three months ended December 31, 2020 primarily due to an increase in amendment and restructuring fees.

Income yields on one stop and senior secured loans decreased for the three and six months ended March 31, 2021 as compared to the three and six months ended March 31, 2020 primarily due to a decrease in the average LIBOR for the three and six months ended March 31, 2021 compared to the three and six months ended March 31, 2020. Our loan portfolio is insulated from a drop in LIBOR below approximately 1.0% as over 90.0% of the loan portfolio at fair value is subject to a LIBOR floor. As of March 31, 2021, the weighted average LIBOR floor of our loans at fair value was 1.01%.

As of March 31, 2021, we have seven second lien investments and three subordinated debt investments as shown in the Consolidated Schedule of Investments. Due to the limited number of second lien and subordinated debt investments, income yields on second lien and subordinated debt investments can be significantly impacted by the addition, subtraction or refinancing of one investment.

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

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Expenses

The following table summarizes our expenses for the three months ended March 31, 2021, the three months ended December 31, 2020, the three months ended March 31, 2020 and the six months ended March 31, 2021 and 2020:

Three months ended,VariancesVariancesSix months ended,Variances
  March 31, 2021December 31, 2020March 31, 2020March 31, 2021
 vs.
December 31, 2020		March 31, 2021
vs.
 March 31, 2020		March 31, 2021March 31, 20202021 vs. 2020
  (In thousands)(In thousands)
Interest and other debt financing expenses$14,054 $13,877 $20,817 $177 $(6,763)$27,931 $42,524 $(14,593)
Amortization of debt issuance costs2,136 1,204 733 932 1,403 3,340 1,304 2,036 
Base management fee15,082 15,224 14,858 (142)224 30,306 30,064 242 
Income incentive fee942 2,004 3,847 (1,062)(2,905)2,946 9,751 (6,805)
Capital gain incentive fee— — — — — — — — 
Professional fees1,201 837 1,045 364 156 2,038 1,984 54 
Administrative service fee2,000 1,602 1,446 398 554 3,602 2,848 754 
General and administrative expenses478 291 432 187 46 769 579 190 
Total expenses$35,893 $35,039 $43,178 $854 $(7,285)$70,932 $89,054 $(18,122)
Average debt outstanding$2,197,975 $2,086,099 $2,347,720 $111,876 $(149,745)$2,140,263 $2,314,448 $(174,185)

Interest Expense

Interest and other debt financing expenses, including amortization of debt issuance costs, increased by $1.1 million from the three months ended December 31, 2020 to the three months ended March 31, 2021 primarily due to the acceleration of amortization of deferred issuance costs related to the early redemption of U.S. Small Business Administration, or SBA, debentures at GC SBIC V, L.P., or SBIC V, and GC SBIC VI, L.P., or SBIC VI.

Interest and other debt financing expenses, including amortization of debt issuance costs, decreased for the three and six months ended March 31, 2021 compared to the three and six months ended March 31, 2020 by $5.4 million and $12.6 million, respectively, primarily due to a decrease in LIBOR on our floating rate facilities and a decrease in average debt outstanding, partially offset by the acceleration of amortization of deferred issuance costs for the three and six months ended March 31, 2021 compared to the three and six months ended March 31, 2020. For more information about our outstanding borrowings for the three and six months ended March 31, 2021 and 2020, including the terms thereof, see Note 7. Borrowings in the notes to our consolidated financial statements and the “Liquidity and Capital Resources” section below.

For the three and six months ended March 31, 2021, the effective annualized average interest rate, which includes amortization of debt financing costs, amortization of discounts on notes issued and non-usage facility fees, on our total debt was 3.0% and 2.9%, respectively. For the three and six months ended March 31, 2020, the effective annualized average interest rate, which includes amortization of debt financing costs, amortization of discounts on notes issued and non-usage facility fees, on our total debt was 3.7% and 3.6%, respectively. For the three months ended December 31, 2020, the effective average annualized interest rate on our total debt was 2.9%.

The decrease for the three and six months ended March 31, 2021 compared to the three and six months ended March 31, 2020 was primarily due to a lower average LIBOR, partially offset by the issuance of the 2024 Unsecured Notes (as defined in Note 7 of our consolidated financial statements) and the 2026 Unsecured Notes (as defined in Note 7 of our consolidated financial statements) that bear interest at a fixed rate of 3.375% and 2.500%, respectively.

The increase from the three months ended December 31, 2020 to the three months ended March 31, 2021 was primarily due to the acceleration of deferred issuance costs related to the early redemption of SBA Debentures at SBIC V and SBIC VI.

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Management Fee

The base management fee slightly decreased from the three months ended December 31, 2020 to the three months ended March 31, 2021 as a result of a slight decrease in average adjusted gross assets.

The base management fee slightly increased from the three and six months ended March 31, 2020 to the three and six months ended March 31, 2021 as a result of a slight increase in average adjusted gross assets from 2020 to 2021.

Incentive Fees

The incentive fee payable under the Investment Advisory Agreement consists of two parts: (1) the income component, or the Income Incentive Fee, and (2) the capital gains component, or the Capital Gain Incentive Fee.

The Income Incentive Fee decreased by $1.1 million from the three months ended December 31, 2020 to the three months ended March 31, 2021 primarily due to a lower rate of return on the value of our net assets driven by an increase in our net asset value due to continued reversal of unrealized depreciation recognized due to the immediate impacts of COVID during the three months ended March 31, 2020. The Income Incentive Fee decreased by $2.9 million from the three months ended March 31, 2020 to the three months ended March 31, 2021 and by $6.8 million from the six months ended March 31, 2020 to the six months ended March 31, 2021 primarily due to an increase in our average net asset value as a result of the Rights Offering, partially offset by an increase in Pre-Incentive Fee Net Investment Income (as defined in Note 3 of our consolidated financial statements). As we remain in the “catch-up” provision of the calculation of the Income Incentive Fee, an increase in net investment income causes a corresponding increase in the Income Incentive Fee until we are fully through the catch-up. For the three and six months ended March 31, 2021, while still not fully through the “catch-up” provision of the Income Incentive Fee calculation, the Income Incentive Fee as a percentage of the Pre-Incentive Fee Net Investment Income decreased to 2.3% and 3.6%, respectively, compared to 10.7% and 13.1%, respectively, for the three and six months ended March 31, 2020. For the three months ended December 31, 2020, the Income Incentive Fee as a percentage of Pre-Incentive Fee Net Investment Income was 4.9%.

For each of the six months ended March 31, 2021 and 2020, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement. In accordance with GAAP, we are required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement. There was no capital gain incentive fee accrual calculated in accordance with GAAP as of March 31, 2021 and September 30, 2020. Any payment due under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year. No Capital Gain Incentive Fees as calculated under the Investment Advisory Agreement or any prior investment advisory agreements, as applicable, have been payable since December 31, 2018.

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

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

In total, professional fees, the administrative service fee, and general and administrative expenses increased from the three months ended December 31, 2020 to the three months ended March 31, 2021 primarily due to an increase in the administrative service fee due to higher compensation costs at the Investment Adviser that were allocated to us pursuant to the Administration Agreement. In total, professional fees, the administrative service fee, and general and administrative expenses increased from the three and six months ended March 31, 2020 to the three and six months ended March 31, 2021 primarily due to an increase in the administrative service fee driven by higher compensation costs.

The Administrator pays for certain expenses incurred by us. These expenses are subsequently reimbursed in cash. Total expenses reimbursed to the Administrator during the three and six months ended March 31, 2021, were $1.5 million and $3.1 million, respectively. Total expenses reimbursed to the Administrator during the three and six months ended March 31, 2020, were $1.6 million and $3.3 million, respectively. For the three months ended December 31, 2020, $1.6 million of expenses were reimbursed to the Administrator.

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As of March 31, 2021 and September 30, 2020, included in accounts payable and other liabilities were $2.1 million and $1.6 million, respectively, for expenses paid on behalf of us by the Administrator.

Net Realized and Unrealized Gains and Losses

The following table summarizes our net realized and unrealized gains (losses) for the three months ended March 31, 2021, the three months ended December 31, 2020, the three months ended March 31, 2020 and the six months ended March 31, 2021 and 2020:
Three months ended,VariancesVariancesSix months ended,Variances
  March 31, 2021December 31, 2020March 31, 2020March 31, 2021
 vs.
December 31, 2020		March 31, 2021
vs.
 March 31, 2020		March 31, 2021March 31, 20202021 vs. 2020
  (In thousands)(In thousands)
Net realized gain (loss) on investments$1,171 $(1,614)$(11,839)$2,785 $13,010 $(443)$(9,183)$8,740 
Foreign currency transactions(1,117)(778)169 (339)(1,286)(1,895)14 (1,909)
Net realized gain (loss) on investment transactions $54 $(2,392)$(11,670)$2,446 $11,724 $(2,338)$(9,169)$6,831 
Unrealized appreciation on investments59,081 74,714 7,828 (15,633)51,253 124,403 14,612 109,791 
Unrealized (depreciation) on investments(10,621)(11,624)(267,026)1,003 256,405 (12,853)(257,401)244,548 
Unrealized appreciation (depreciation) on investments in SLF and GCIC SLF(1)
— — 4,036 — (4,036)— 3,843 (3,843)
Unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies1,372 (1,374)3,626 2,746 (2,254)(2)476 (478)
Unrealized appreciation (depreciation) on forward currency contracts1,121 (3,892)2,296 5,013 (1,175)(2,771)1,046 (3,817)
Net change in unrealized appreciation (depreciation) on investment transactions $50,953 $57,824 $(249,240)$(6,871)$300,193 $108,777 $(237,424)$346,201 

(1)Unrealized appreciation (depreciation) on investments in SLF and GCIC SLF includes our investments in LLC equity interests in SLF and GCIC SLF. The investment in GCIC SLF was acquired by us in the Merger. On January 1, 2020, SLF and GCIC SLF became our wholly-owned subsidiaries and the assets and liabilities of the Senior Loan Funds were consolidated into us.
During the three months ended March 31, 2021, we had a net realized gain of $0.1 million, primarily attributable to recognized realized gains on the sale of equity investments in multiple portfolio companies, offset by the write-off of a portfolio company and net realized losses from foreign currency transactions primarily related to repayment of non-U.S. dollar dominated debt. During the three months ended December 31, 2020, we had a net realized loss of $2.4 million primarily due to recognized realized losses on the restructure, sale, or write-off on multiple portfolio companies, partially offset by net realized gains from the sale of equity investments in multiple portfolio companies. During the six months ended March 31, 2021, we had a net realized loss of $2.3 million, primarily attributable to recognized realized losses on the restructure, sale, or write-off on multiple portfolio companies and losses recognized due to the repayment of non-U.S. dollar dominated debt, partially offset by net realized gains from the sale of equity investments in multiple portfolio companies.

For the three months ended March 31, 2020, we had a net realized loss on investments and foreign currency transactions of $11.7 million primarily due to a $4.0 million realized loss recognized as a result of the consolidation of SLF and GCIC SLF with the remaining net loss of $7.7 million primarily attributable to legal debt forgiveness on two loans that were restructured in March 2020. The $4.0 million realized loss that resulted from the consolidation of SLF and GCIC SLF was offset with a corresponding reversal of the unrealized depreciation on our investments in the LLC equity interests of SLF and GCIC SLF. For the six months ended March 31, 2020, we had a net realized loss of $9.2 million primarily attributable to the net realized losses incurred during the three months ended March 31, 2020, partially offset by net realized gains from the sale of equity investments in multiple portfolio companies.

For the three months ended March 31, 2021, we had $59.1 million in unrealized appreciation on 209 portfolio company investments, which was offset by $10.6 million in unrealized depreciation on 71 portfolio company investments. For the six months ended March 31, 2021, we had $124.4 million in unrealized appreciation on 222 portfolio company investments, which was offset by $12.9 million in unrealized depreciation on 58 portfolio company investments. Unrealized appreciation for the three and six months ended March 31, 2021 primarily
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resulted from better than expected performance of our portfolio companies and continued reversal of depreciation recognized during the three months ended March 31, 2020 due to the COVID-19 pandemic. Unrealized depreciation for the three and six months ended March 31, 2021 primarily resulted from the amortization of discounts, negative credit related adjustments that caused a reduction in fair value and the reversal of the net unrealized appreciation associated with the sale of portfolio company investments during the three and six months ended March 31, 2021.

For the three months ended December 31, 2020, we had $74.7 million in unrealized appreciation on 193 portfolio company investments, which was offset by $11.6 million in unrealized depreciation on 75 portfolio company investments.

For the three months ended March 31, 2020, we had $7.8 million in unrealized appreciation on 29 portfolio company investments, which was offset by $267.0 million in unrealized depreciation on 240 portfolio company investments. For the six months ended March 31, 2020 we had $14.6 million in unrealized appreciation on 35 portfolio company investments, which was offset by $257.4 million in unrealized depreciation on 236 portfolio company investments. Unrealized depreciation for the three and six months ended March 31, 2020 primarily resulted from decreases in the fair value in the majority of our portfolio company investments due to the immediate adverse economic effects of the COVID-19 pandemic, the uncertainty surrounding its long-term impact and increases in the spread between the yields realized on risk-free and higher risk securities.

Liquidity and Capital Resources

For the six months ended March 31, 2021, we experienced a net decrease in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $0.5 million. During the period, cash provided by operating activities was $38.7 million, primarily as a result of the proceeds from principal payments and sales of portfolio investments of $626.2 million and net investment income of $79.3 million, offset by fundings of portfolio investments of $678.5 million. Lastly, cash used in financing activities was $39.2 million, primarily driven by repayments of debt of $2,224.5 million, distributions paid of $68.2 million, and purchases of common stock under the DRIP of $14.7 million, partially offset by borrowings on debt of $2,284.0 million.

For the six months ended March 31, 2020, we experienced a net increase in cash, cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $34.7 million. During the period, cash used in operating activities was $19.1 million, primarily as a result of fundings of portfolio investments of $498.8 million, partially offset by the proceeds from principal payments and sales of portfolio investments of $445.2 million and net investment income of $64.7 million. Lastly, cash provided by financing activities was $53.8 million, primarily driven by borrowings on debt of $694.9 million that were partially offset by repayments of debt of $553.4 million, distributions paid of $70.9 million, and purchases of common stock under the DRIP of $14.0 million.

As of March 31, 2021 and September 30, 2020, we had cash and cash equivalents of $75.9 million and $24.6 million, respectively. In addition, we had foreign currencies of $1.2 million and $0.6 million as of March 31, 2021 and September 30, 2020, respectively, restricted cash and cash equivalents of $106.1 million and $157.6 million as of March 31, 2021 and September 30, 2020, respectively, and restricted foreign currencies of $0.9 million and $1.7 million as of March 31, 2021 and September 30, 2020, respectively. Cash and cash equivalents and foreign currencies are available to fund new investments, pay operating expenses and pay distributions. Restricted cash and cash equivalents and restricted foreign currencies can be used to pay principal and interest on borrowings and to fund new investments that meet the guidelines under our debt securitizations or credit facilities, as applicable.

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

Revolving Debt Facilities

MS Credit Facility II - As of March 31, 2021 and September 30, 2020, we had $50.2 million and $313.3 million outstanding under the MS Credit Facility II (as defined in Note 7 of our consolidated financial statements), respectively. As of March 31, 2021, the MS Credit Facility II allowed Golub Capital BDC Funding II LLC, or Funding II, as amended, to borrow up to $75.0 million at any one time outstanding, subject to leverage and borrowing base restrictions. As of March 31, 2021 and September 30, 2020, subject to leverage and borrowing base
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restrictions, we had approximately $24.8 million and $86.7 million of remaining commitments, respectively, and $24.8 million and $8.0 million of availability, respectively, on the MS Credit Facility II.

WF Credit Facility - On February 12, 2021, we repaid all outstanding borrowings under the WF Credit Facility (as defined in Note 7 of our consolidated financial statements), following which the WF Credit Facility was terminated. As of September 30, 2020, we had outstanding debt under the WF Credit Facility of $199.6 million. Prior to termination, the WF Credit Facility allowed GCIC Funding LLC, or GCIC Funding, to borrow up to $300.0 million at any one time outstanding, subject to leverage and borrowing base restrictions.

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

JPM Credit Facility - On February 11, 2021, we entered into the JPM Credit Facility (as defined in Note 7 of our consolidated financial statements), which allowed us to borrow up to $475.0 million at any one time outstanding, subject to leverage and borrowing base restrictions. As of March 31, 2021, we had no outstanding debt under the JPM Credit Facility. As of March 31, 2021, subject to leverage and borrowing base restrictions, we had $475.0 million of remaining commitments and $475.0 million of availability on the JPM Credit Facility.

Adviser Revolver - On June 22, 2016, we entered into the Adviser Revolver (as defined in Note 7 of our consolidated financial statements), which, as amended, permitted us to borrow up to $100.0 million at any one time outstanding as of March 31, 2021. We entered into the Adviser Revolver in order to have the ability to borrow funds on a short-term basis and have in the past repaid, and generally intend in the future to repay, borrowings under the Adviser Revolver within 30 to 45 days from which they are drawn. As of each of March 31, 2021 and September 30, 2020, we had no amounts outstanding on the Adviser Revolver.

Debt Securitizations

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

2018 Debt Securitization - On November 16, 2018, we completed the 2018 Debt Securitization. The Class A, Class B and Class C-1 2018 Notes are included in the March 31, 2021 and September 30, 2020 Consolidated Statements of Financial Condition as our debt and the Class C-2, Class D and Subordinated 2018 Notes were eliminated in consolidation. As of March 31, 2021 and September 30, 2020, we had outstanding debt under the 2018 Debt Securitization of $408.2 million and $408.2 million, respectively.

GCIC 2018 Debt Securitization - Effective September 16, 2019, we assumed as a result of the Merger, the GCIC 2018 Debt Securitization. The Class A-1, Class A-2 (Class A-2-R GCIC 2018 Notes after refinancing on December 21, 2020) and Class B-1 GCIC 2018 Notes are included in the March 31, 2021 and September 30, 2020 Consolidated Statements of Financial Condition as our debt. As of March 31, 2021 and September 30, 2020 the Class B-2, Class C and Class D GCIC 2018 Notes and the Subordinated GCIC 2018 Notes were eliminated in consolidation. As of March 31, 2021 and September 30, 2020, we had outstanding debt under the GCIC 2018 Debt Securitization of $543.3 million and $542.4 million, respectively.

2020 Debt Securitization - On August 26, 2020, we completed the 2020 Debt Securitization. The Class A-1, Class A-2, and Class B Notes are included in the March 31, 2021 and September 30, 2020 Consolidated Statements of Financial Condition as our debt. As of March 31, 2021 and September 30, 2020, the Class C 2020 Notes and the Subordinated 2020 Notes were eliminated in consolidation. As of March 31, 2021 and September 30, 2020, we had outstanding debt under the 2020 Debt Securitization of $189.0 million and $189.0 million, respectively.

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

Under present small business investment company, or SBIC, regulations, the maximum amount of debentures guaranteed by the SBA, issued by multiple licensees under common management is $350.0 million and the maximum amount issued by a single SBIC licensee is $175.0 million. As of March 31, 2021, GC SBIC IV, L.P., or SBIC IV, SBIC V and SBIC VI, had $0, $0, and $97.0 million, respectively, of outstanding SBA-guaranteed debentures that mature between September 2027 and March 2031. As of September 30, 2020, SBIC IV, SBIC V and SBIC VI, had $0.0, $151.8 million and $66.0 million, respectively, of outstanding SBA-guaranteed debentures that mature between March 2024 and March 2030. The original amount of debentures committed to SBIC IV and SBIC V by the SBA were $150.0 million and $175.0 million, respectively. Through March 31, 2021, SBIC IV and SBIC V have repaid $150.0 million and $175.0 million of outstanding debentures, respectively, and these commitments have effectively been terminated. In November 2020, upon approval by the SBA, we surrendered and terminated our license to operate SBIC IV as an SBIC. As of March 31, 2021, a request is pending with SBA to surrender and terminate our license to operate SBIC V as an SBIC. As of March 31, 2021 and September 30, 2020, SBIC VI had $65.0 million and $29.0 million, respectively, of undrawn debenture commitments, of which $33.0 million and $29.0 million, respectively, were available to be drawn, subject to SBA regulatory requirements.

2024 Unsecured Notes

On October 2, 2020, we issued $400.0 million in aggregate principal amount of the 2024 Unsecured Notes, all of which remained outstanding as our debt as of March 31, 2021.

2026 Unsecured Notes

On February 24, 2021, we issued $400.0 million in aggregate principal amount of the 2026 Unsecured Notes, all of which remained outstanding as our debt as of March 31, 2021.

As of March 31, 2021, in accordance with the 1940 Act, with certain limited exceptions, we were allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. Prior to February 6, 2019, in accordance with the 1940 Act, with certain limited exceptions, we were allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing. We currently intend to continue to target a GAAP debt-to-equity ratio between 0.85x to 1.15x.

On September 13, 2011, we received exemptive relief from the SEC allowing us to modify the asset coverage requirement to exclude the SBA debentures from our asset coverage calculation. As such, our ratio of total consolidated assets to outstanding indebtedness may be less than 150%. This provides us with increased investment flexibility but also increases our risks related to leverage. As of March 31, 2021, our asset coverage for borrowed amounts was 224.8% (excluding the SBA debentures).

In August 2020, our board of directors reapproved a share repurchase program, or the Program, which allows us
to repurchase up to $150.0 million of our outstanding common stock on the open market at prices below the NAV per share as reported in our then most recently published consolidated financial statements. The Program is implemented at the discretion of management with shares to be purchased from time to time at prevailing market
prices, through open market transactions, including block transactions. We did not make any repurchases of our common stock during the six months ended March 31, 2021 and 2020.

As of March 31, 2021 and September 30, 2020, we had outstanding commitments to fund investments totaling $205.3 million and $141.8 million, respectively. As of March 31, 2021, total commitments of $205.3 million included $44.7 million of unfunded commitments on revolvers. There is no guarantee that these amounts will be funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers, subject to the terms of each loan’s respective credit agreement. As of March 31, 2021, we believe that we had sufficient assets and liquidity to adequately cover future obligations under our unfunded commitments based on historical rates of drawings upon unfunded commitments, cash and restricted cash balances that we maintain, availability under our Adviser Revolver and ongoing principal repayments on debt investments. In addition, we generally hold some syndicated loans in larger portfolio companies that are saleable over a relatively short period to generate cash.

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

Portfolio Composition, Investment Activity and Yield

As of March 31, 2021 and September 30, 2020, we had investments in 256 and 254 portfolio companies, respectively, with a total fair value of $4.4 billion and $4.2 billion, respectively.

The following table shows the asset mix of our new investment commitments for the three months ended March 31, 2021, the three months ended December 31, 2020, the three months ended March 31, 2020 and the six months ended March 31, 2021 and 2020:


Three months ended,Six months ended,
  March 31, 2021December 31, 2020March 31, 2020March 31, 2021March 31, 2020
  (In thousands)Percentage(In thousands)Percentage(In thousands)Percentage(In thousands)Percentage(In thousands)Percentage
Senior secured$57,002 24.3 %$116,773 22.2 %$55,848 33.4%$173,775 22.8%$67,458 15.4%
One stop176,477 75.2 396,147 75.2 108,886 65.2572,624 75.2366,215 83.6
Second lien— — 8,013 1.5 — —8,013 1.1— —
Subordinated debt— — — — ——— —138 0.0 *
Equity1,224 0.5 5,907 1.1 2,291 1.47,131 0.94,306 1.0
Total new investment commitments$234,703 100.0 %$526,840 100.0 %$167,025 100.0 %$761,543 100.0 %$438,117 100.0 %


For the six months ended March 31, 2021, we had approximately $626.2 million in proceeds from principal payments and sales of portfolio investments.

For the six months ended March 31, 2020, we had approximately $445.2 million in proceeds from principal payments and sales of portfolio investments.

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

As of March 31, 2021(1)
As of September 30, 2020(2)
  PrincipalAmortized
Cost		Fair
Value		PrincipalAmortized
Cost		Fair
Value
  (In thousands)(In thousands)
Senior secured:            
Performing$692,351 $692,724 $680,779 $645,886 $649,259 $627,471 
Non-accrual(3)
19,856 9,266 2,753 37,849 27,026 12,742 
One stop:            
Performing3,566,624 3,570,148 3,526,586 3,518,814 3,540,446 3,429,012 
Non-accrual(3)
59,795 53,022 40,554 81,897 75,239 56,573 
Second lien:            
Performing31,526 31,593 30,713 19,640 19,886 19,640 
Non-accrual(3)
— — — — — — 
Subordinated debt:            
Performing305 304 450 537 541 575 
Non-accrual(3)
— — — — — — 
EquityN/A87,344 113,426 N/A86,503 92,197 
Total$4,370,457 $4,444,401 $4,395,261 $4,304,623 $4,398,900 $4,238,210 

(1)As of March 31, 2021, $606.0 million and $569.5 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of the interest due on such loan to be PIK interest.
(2)As of September 30, 2020, $488.1 million and $454.9 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of the interest due on such loan to be PIK interest.
(3)We refer to a loan as non-accrual when we cease recognizing interest income on the loan because we have stopped pursuing repayment of the loan or, in certain circumstances, it is past due 90 days or more on principal and interest or our management has reasonable doubt that principal or interest will be collected. See “— Critical Accounting Policies — Revenue Recognition.”
As of March 31, 2021, we had loans in six portfolio companies on non-accrual status, and non-accrual
investments as a percentage of total debt investments at cost and fair value were 1.4% and 1.0%, respectively. 
As of September 30, 2020, we had loans in nine portfolio companies on non-accrual status, and non-accrual investments as a percentage of total investments at cost and fair value were 2.4% and 1.7%, respectively. As of March 31, 2021 and September 30, 2020, the fair value of our debt investments as a percentage of the outstanding principal value was 98.0% and 96.3%, respectively.

The following table shows the weighted average rate, spread over LIBOR of floating rate and fees of investments originated and the weighted average rate of sales and payoffs of portfolio companies during the three months ended March 31, 2021, the three months ended December 31, 2020, the three months ended March 31, 2020 and the six months ended March 31, 2021 and 2020:
For the three months endedFor the six months ended
  March 31, 2021December 31, 2020March 31, 2020March 31, 2021March 31, 2020
Weighted average rate of new investment fundings6.6%7.1%7.1%7.0%7.3%
Weighted average spread over LIBOR of new floating rate investment fundings5.5%6.1%5.2%5.9%5.4%
Weighted average fees of new investment fundings1.2%1.3%1.1%1.3%1.3%
Weighted average rate of sales and payoffs of portfolio investments6.5%7.1%7.7%6.8%7.7%


As of March 31, 2021, 94.0% and 94.1% of our debt portfolio at fair value and at amortized cost, respectively, had interest rate floors that limit the minimum applicable interest rates on such loans. As of September 30, 2020, 91.2%
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and 91.3% of our debt portfolio at fair value and at amortized cost, respectively, had interest rate floors that limit the minimum applicable interest rates on such loans.
As of March 31, 2021 and September 30, 2020, the portfolio median earnings before interest, taxes, depreciation and amortization, or EBITDA, for our portfolio companies was $35.2 million and $31.4 million, respectively. The portfolio median EBITDA is based on the most recently reported trailing twelve-month EBITDA received from the portfolio company.

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

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

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

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

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The following table shows the distribution of our investments on the 1 to 5 internal performance rating scale at fair value as of March 31, 2021 and September 30, 2020:
As of March 31, 2021As of September 30, 2020
Internal
Performance
Rating		Investments
at Fair Value
(In thousands)		Percentage of
Total
Investments		Investments
at Fair Value
(In thousands)		Percentage of
Total
Investments
5$666,953 15.2%$257,409 6.1%
43,151,460 71.73,085,610 72.8
3528,272 12.0836,560 19.7
247,955 1.157,754 1.4
1621 0.0*877 0.0*
Total$4,395,261 100.0%$4,238,210 100.0%


*Represents an amount less than 0.1%.

Distributions

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

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

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

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

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

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Related Party Transactions

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

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

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

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

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

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

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

•During the first calendar quarter of 2021, the Golub Capital Employee Grant Program Rabbi Trust, or the Trust, did not make any purchases of our common stock for the purpose of awarding incentive compensation to employees of Golub Capital. During calendar year 2020, the Trust, purchased approximately $54.7 million, or 4,103,225 shares of our common stock for the purpose of awarding incentive compensation to employees of Golub Capital.

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

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

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

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

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

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

Critical Accounting Policies

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

Fair Value Measurements

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

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

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

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

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

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

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

Level 1: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2: Inputs include quoted prices for similar assets or liabilities in active markets and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the assets or liabilities.
Level 3: Inputs include significant unobservable inputs for the assets or liabilities and include situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value are based upon the best information available and may require significant management judgment or estimation.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and we consider factors specific to the asset or liability. We assess the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the three and six months ended March 31, 2021 and 2020. The following section describes the valuation techniques used by us to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

Valuation of Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by our board of directors, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of our board of directors to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with approximately 25% (based on the number of portfolio companies) of our valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. As of March 31, 2021 and September 30, 2020, with the exception of money market funds included in cash and cash equivalents and restricted cash and cash equivalents (Level 1 investments) and forward currency contracts (Level 2 investments), all investments were valued using Level 3 inputs of the fair value hierarchy.

When determining fair value of Level 3 debt and equity investments, we may take into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s EBITDA. A portfolio company’s EBITDA may include pro-forma adjustments for items such as acquisitions, divestitures, or expense reductions. The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, we will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, we use a market interest rate yield analysis to determine fair value.
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In addition, for certain debt investments, we may base our valuation on indicative bid and ask prices provided by an independent third party pricing service. Bid prices reflect the highest price that we and others may be willing to pay. Ask prices represent the lowest price that we and others may be willing to accept. We generally use the midpoint of the bid/ask range as our best estimate of fair value of such investment.

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

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

Valuation of Other Financial Assets and Liabilities

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

Revenue Recognition:

Our revenue recognition policies are as follows:

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

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

Non-accrual: Loans may be left on accrual status during the period we are pursuing repayment of the loan. Management reviews all loans that become past due 90 days or more on principal and interest or when there is reasonable doubt that principal or interest will be collected for possible placement on non-accrual status. We generally reverse accrued interest when a loan is placed on non-accrual. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. We restore non-accrual loans to accrual status when past due principal and interest is
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paid and, in our management’s judgment, are likely to remain current. The total fair value of our non-accrual loans was $43.3 million and $69.3 million as of March 31, 2021 and September 30, 2020, respectively.

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

Depending on the level of taxable income earned in a tax year, we may choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. We may then be required to incur a 4% excise tax on such income. To the extent that we determine that our estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, we accrue excise tax, if any, on estimated excess taxable income as taxable income is earned. For each of the three and six months ended March 31, 2021 and 2020, we did not incur any U.S federal excise tax.

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

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are subject to financial market risks, including changes in interest rates. Many of the loans in our portfolio have floating interest rates, and we expect that our loans in the future may also have floating interest rates. These loans are usually based on a floating LIBOR and typically have interest rate reset provisions that adjust applicable interest rates under such loans to current market rates on a quarterly basis. The loans that are subject to the floating LIBOR are also typically subject to a minimum base rate, or floor, that we charge on our loans if the current market rates are below the respective floors. As of March 31, 2021 and September 30, 2020, the weighted average LIBOR floor on the loans subject to floating interest rates was 1.01%. The Class A, B and C-1 2018 Notes issued in connection with the 2018 Debt Securitization have floating rate interest provisions based on three-month LIBOR that reset quarterly, as do the Class A-1 and B-1 GCIC 2018 Notes as issued as part of the GCIC 2018 Debt Securitization and the Class A-1, A-1-L, A-2 and B 2020 Notes as issued as part of the 2020 Debt Securitization. The MS Credit Facility II has a floating interest rate provision primarily based on one-month LIBOR plus 2.45%. Finally, the JPM Credit Facility has a floating interest rate provision primarily based on one-month LIBOR plus a spread that ranges from 1.75% to 1.875%. We expect that other credit facilities into which we enter in the future may have floating interest rate provisions.

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

Assuming that the interim and unaudited Consolidated Statement of Financial Condition as of March 31, 2021 were to remain constant and that we took no actions to alter interest rate sensitivity as of such date, the following table shows the annualized impact of hypothetical base rate changes in interest rates.
Change in interest ratesIncrease (decrease) in
interest income		Increase (decrease) in
interest expense		Net increase
(decrease) in
 investment income
(In thousands)
Down 25 basis points$(608)$(2,880)$2,272 
Up 50 basis points1,215 5,761 (4,546)
Up 100 basis points10,040 11,522 (1,482)
Up 150 basis points30,976 17,282 13,694 
Up 200 basis points52,021 23,043 28,978 

Although we believe that this analysis is indicative of our sensitivity to interest rate changes as of March 31, 2021, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments, including borrowings under the Debt Securitizations, the MS Credit Facility II, the JPM Credit Facility, Adviser Revolver, or other borrowings, that could affect net increase in net assets resulting from operations, or net income. Accordingly, we can offer no assurances that actual results would not differ materially from the analysis above.

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


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Item 4. Controls and Procedures.

As of March 31, 2021 (the end of the period covered by this report), management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, or the Exchange Act). Based on that evaluation, our management, including the chief executive officer and chief financial officer, concluded that, at the end of such period, our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in the Company’s periodic reports. There has not been any change in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

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Part II - Other Information

Item 1: Legal Proceedings.

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

Item 1A: Risk Factors.

There have been no material changes during the six months ended March 31, 2021 to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended September 30, 2020.


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

None.

Item 3: Defaults Upon Senior Securities.

None.

Item 4: Mine Safety Disclosures

None.

Item 5: Other Information.

None.
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Item 6: Exhibits.

EXHIBIT INDEX
   
Number Description
Underwriting Agreement, dated as of February 17, 2021, by and between Golub Capital BDC, Inc., and GC Advisors LLC and Golub Capital LLC, as Administrator, and SMBC Nikko Securities America, Inc., and J.P. Morgan Securities LLC, as Representatives, and U.S. Bank National Association, as trustee. (Incorporated by reference to the Registrant's Current Report on Form 8-K (File No. 814-00794), filed on February 18, 2021).
Indenture, dated as of October 2, 2020, by and between Golub Capital BDC, Inc. and U.S. Bank National Association, as trustee (Incorporated by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K (File No. 814-00794), filed on October 5, 2020).
First Supplemental Indenture, dated as of October 2, 2020, relating to the 3.375% Notes due 2024, by and between Golub Capital BDC, Inc. and U.S. Bank National Association, as trustee. (Incorporated by reference to Exhibit 4.2 to the Registrant's Current Report on Form 8-K (File No. 814-00794), filed on October 5, 2020).
Form of 3.375% Notes due 2024. (Incorporated by reference to Exhibit 4.2 to the Registrant's Current Report on Form 8-K (File No. 814-00794), filed on October 5, 2020).
Second Supplemental Indenture, dated as of February 24, 2021, related to the 2.500% Notes due 2026, by and between Golub Capital BDC, Inc. and U.S. Bank National Association, as trustee. (Incorporated by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K (File No. 814-00794), filed on February 24, 2021).
Senior Secured Revolving Credit Agreement, dated as of February 11, 2021, by and among Golub Capital BDC, Inc., as borrower, JPMorgan Chase Bank, N.A., as administrative agent and as collateral agent, and the lenders, syndication agents, joint bookrunners, and joint lead arrangers party thereto. (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 814-00794), filed on February 12, 2021).
Sixth Amendment to Loan and Servicing Agreement, dated as of January 15, 2021, among Golub Capital BDC Funding II LLC, as borrower, Golub Capital BDC, Inc., as servicer, and as the originator, Morgan Stanley Senior Funding, Inc., as administrative agent, and Morgan Stanley Bank, N.A., as lender. (Incorporated by reference to Exhibit 10.2 to the Registrant's Quarterly Report on Form 10-Q (File No. 814-00794), filed on February 8, 2021).
Seventh Amendment to Loan and Servicing Agreement, dated as of January 29, 2021, among Golub Capital BDC Funding II LLC, as borrower, Golub Capital BDC, Inc., as servicer and as the originator, Morgan Stanley Senior Funding, Inc., as administrative agent, and Morgan Stanley Bank, N.A., as lender. (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 814-00794), filed on February 3, 2021).
Eight Amendment to Loan and Servicing Agreement, dated as of April 13, 2021, among Golub Capital BDC Funding II LLC, as borrower, Golub Capital BDC, Inc., as servicer and as the originator, Morgan Stanley Senior Funding, Inc., as administrative agent, and Morgan Stanley Bank, N.A., as lender. (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 814-00794), filed on April 19, 2021).
 Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
  Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

_________________
* Filed herewith
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SIGNATURES

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


Golub Capital BDC, Inc.
Dated: May 10, 2021By/s/ David B. Golub
David B. Golub
Chief Executive Officer
(Principal Executive Officer)
Dated: May 10, 2021By/s/ Ross A. Teune
Ross A. Teune
Chief Financial Officer
(Principal Accounting and Financial Officer)

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