GOLUB CAPITAL BDC, Inc. - Quarter Report: 2022 December (Form 10-Q)

______________________________________________________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________________________________________________________________________________________________

FORM 10-Q

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

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended December 31, 2022

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

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 814-00794

Golub Capital BDC, Inc.

(Exact name of registrant as specified in its charter)


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

200 Park Avenue, 25th Floor

New York, NY 10166

(Address of principal executive offices)

(212) 750-6060

(Registrant's telephone number, including area code)

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


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

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

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

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

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


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

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

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

As of February 8, 2023, the Registrant had 170,895,670 shares of common stock, $0.001 par value, outstanding.


Part I. Financial Information
Item 1.	Financial Statements	3
	Consolidated Statements of Financial Condition as of December 31, 2022 (unaudited) and September 30, 2022	3
	Consolidated Statements of Operations for the three months ended December 31, 2022 (unaudited) and 2021 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2022 (unaudited) and 2021 (unaudited)	5
	Consolidated Statements of Cash Flows for the three months ended December 31, 2022 (unaudited) and 2021 (unaudited)	6
	Consolidated Schedules of Investments as of December 31, 2022 (unaudited) and September 30, 2022	8
	Notes to Consolidated Financial Statements (unaudited)	108
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	142
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	168
Item 4.	Controls and Procedures	169
Part II. Other Information
Item 1.	Legal Proceedings	170
Item 1A.	Risk Factors	170
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	170
Item 3.	Defaults Upon Senior Securities	170
Item 4.	Mine Safety Disclosures	170
Item 5.	Other Information	170
Item 6.	Exhibits	171

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)


	December 31, 2022		September 30, 2022
	(unaudited)
Assets
Investments, at fair value
Non-controlled/non-affiliate company investments	$	5,389,908	$	5,374,594
Non-controlled affiliate company investments	47,556		57,689
Controlled affiliate company investments	14,482		14,073
Total investments, at fair value (amortized cost of $5,583,415 and $5,569,604, respectively)	5,451,946		5,446,356
Cash and cash equivalents	96,422		117,290
Foreign currencies (cost of $6,566 and $7,021, respectively)	6,785		6,847
Restricted cash and cash equivalents	62,826		56,416


Interest receivable	28,334		20,794
Receivable from investments sold	463		—
Net unrealized appreciation on forward currency contracts	17,885		32,333
Other assets	1,090		1,188
Total Assets	$	5,665,751	$	5,681,224
Liabilities
Debt	$	3,100,057	$	3,093,603
Less unamortized debt issuance costs	(15,641)		(17,211)
Debt less unamortized debt issuance costs	3,084,416		3,076,392


Interest payable	24,942		20,384
Management and incentive fees payable	35,081		33,430
Accounts payable and other liabilities	7,601		6,293

Accrued trustee fees	26		225
Total Liabilities	3,152,066		3,136,724
Commitments and Contingencies (Note 8)
Net Assets
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2022 and September 30, 2022	—		—
Common stock, par value $0.001 per share, 350,000,000 shares authorized, 170,895,670 shares issued and outstanding as of December 31, 2022 and September 30, 2022, respectively.	171		171
Paid in capital in excess of par	2,676,674		2,676,674
Distributable earnings (losses)	(163,160)		(132,345)
Total Net Assets	2,513,685		2,544,500
Total Liabilities and Total Net Assets	$	5,665,751	$	5,681,224
Number of common shares outstanding	170,895,670		170,895,670
Net asset value per common share	$	14.71	$	14.89

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Operations (unaudited)

(In thousands, except share and per share data)


	Three months ended December 31,
	2022		2021

Investment income
From non-controlled/non-affiliate company investments:
Interest income	$	130,761	$	84,222
Dividend income	4,133		317
Fee income	487		1,009
Total investment income from non-controlled/non-affiliate company investments	135,381		85,548
From non-controlled affiliate company investments:
Interest income	1,389		1,017

Fee income	38		—
Total investment income from non-controlled affiliate company investments	1,427		1,017
From controlled affiliate company investments:
Interest income	65		2

Fee income	4		—
Total investment income from controlled affiliate company investments	69		2
Total investment income	136,877		86,567
Expenses
Interest and other debt financing expenses	34,245		17,836
Base management fee	19,062		17,501
Incentive fee	16,011		3,381
Professional fees	1,208		899
Administrative service fee	2,175		1,818
General and administrative expenses	313		342
Total expenses	73,014		41,777


Net investment income - before tax	63,863		44,790
Excise tax	2,200		—
Net investment income - after tax	61,663		44,790
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Non-controlled/non-affiliate company investments	2,455		15,599
Non-controlled affiliate company investments	320		(1,026)

Foreign currency transactions	56		(25)
Forward currency contracts	463		—
Net realized gain (loss) on investment transactions	3,294		14,548
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliate company investments	(33,397)		6,538
Non-controlled affiliate company investments	(7,981)		907
Controlled affiliate company investments	307		(2,694)
Translation of assets and liabilities in foreign currencies	15,897		(797)
Forward currency contracts	(14,448)		281
Net change in unrealized appreciation (depreciation) on investment transactions	(39,622)		4,235

Net gain (loss) on investment transactions	(36,328)		18,783
(Provision) benefit for taxes on realized gains on investments	(207)		—
(Provision) benefit for taxes on unrealized appreciation on investments	453		(495)
Net increase (decrease) in net assets resulting from operations	$	25,581	$	63,078
Per Common Share Data
Basic and diluted earnings per common share (Note 10)	$	0.15	$	0.37
Dividends and distributions declared per common share	$	0.33	$	0.30
Basic and diluted weighted average common shares outstanding (Note 10)	170,895,670		170,046,783

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Changes in Net Assets (unaudited)

(In thousands, except share data)


	Common Stock			Paid in Capital in Excess of Par		Distributable Earnings (Losses)		Total Net Assets
	Shares	Par Amount




























Balance at September 30, 2021	170,028,584	$	170	$	2,664,251	$	(81,729)	$	2,582,692

Net increase (decrease) in net assets resulting from operations
Net investment income	—	—		—		44,790		44,790
Net realized gain (loss) on investment transactions	—	—		—		14,548		14,548
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		4,235		4,235
(Provision) benefit for taxes on unrealized appreciation on investments	—	—		—		(495)		(495)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	837,158	1		12,716		—		12,717
Distributions from distributable earnings	—	—		—		(51,008)		(51,008)



Total increase (decrease) for the three months ended December 31, 2021	837,158	1		12,716		12,070		24,787
Balance at December 31, 2021	170,865,742	$	171	$	2,676,967	$	(69,659)	$	2,607,479
















Balance at September 30, 2022	170,895,670	$	171	$	2,676,674	$	(132,345)	$	2,544,500

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


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



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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands, except share data)


	Three months ended December 31,
	2022		2021
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	25,581	$	63,078
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Amortization of deferred debt issuance costs	1,748		1,667
Accretion of discounts and amortization of premiums on investments	(3,893)		(640)
Accretion of discounts and amortization of premiums on issued debt securities	421		467
Net realized (gain) loss on investments	(2,775)		(14,573)
Net realized (gain) loss on forward currency contracts	(463)		—
Net realized (gain) loss on foreign currency transactions	(56)		25
Net change in unrealized (appreciation) depreciation on investments	41,071		(4,751)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	(15,897)		797
Net change in unrealized (appreciation) depreciation on forward currency contracts	14,448		(281)
Proceeds from (fundings of) revolving loans, net	(868)		(336)
Fundings of investments	(248,882)		(890,932)
Proceeds from principal payments and sales of portfolio investments	253,833		661,760
Proceeds from settlements of forward currency contracts	463		—
PIK interest	(7,777)		(3,473)
Non-cash dividends	(3,449)		—

Changes in operating assets and liabilities:
Interest receivable	(7,540)		(3,007)

Receivable from investments sold	(463)		(2,926)
Other assets	98		(294)
Interest payable	4,558		3,668
Management and incentive fees payable	1,651		8,552
Payable for investments purchased	—		(294)
Accounts payable and other liabilities	1,308		(241)
Accrued trustee fees	(199)		—
Net cash provided by (used in) operating activities	52,918		(181,734)
Cash flows from financing activities
Borrowings on debt	77,080		620,205
Repayments of debt	(88,000)		(336,800)
Capitalized debt issuance costs	(178)		(6,221)



Distributions paid	(47,245)		(38,291)
Purchases of common stock for dividend reinvestment plan	(9,151)		—
Net cash provided by (used in) financing activities	(67,494)		238,893
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents	(14,576)		57,159
Effect of foreign currency exchange rates	56		(25)
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents, beginning of period	180,553		244,343
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents, end of period	$	166,033	$	301,477
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	27,518	$	12,034

Distributions declared during the period	56,396		51,008
Supplemental disclosure of non-cash operating and financing activities:
Stock issued in connection with dividend reinvestment plan	$	—	$	12,717

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

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

(In thousands, except share data)

The following table provides a reconciliation of cash and cash equivalents, foreign currencies and restricted cash and cash equivalents reported within the Consolidated Statements of Financial Condition that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:


	As of
	December 31, 2022		September 30, 2022
Cash and cash equivalents	$	96,422	$	117,290
Foreign currencies (cost of $6,566 and $7,021, respectively)	6,785		6,847
Restricted cash and cash equivalents	62,826		56,416

Total cash and cash equivalents, foreign currencies and restricted cash and cash equivalents shown in the Consolidated Statements of Cash Flows	$	166,033	$	180,553

See Note 2. Significant Accounting Policies and Recent Accounting Updates for a description of cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies.

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace and Defense
Tronair Parent, Inc.+(22)	Senior loan	L +	6.25%	(b)	10.34%	cash/	0.50%	PIK	09/2023	$	668	$	667	—	%	$	614
Tronair Parent, Inc.+(22)	Senior loan	L +	6.25%	(b)	10.34%	cash/	0.50%	PIK	06/2023	120		120		—		108
Whitcraft LLC*#+	One stop	SF +	7.00%	(l)	11.73%				12/2023	68,383		68,395		2.8		68,383
Whitcraft LLC+	One stop	SF +	6.00%	(a)(d)(l)	10.84%				12/2023	240		238		—		240
										69,411		69,420		2.8		69,345
Airlines
Aurora Lux Finco S.A.R.L. +(8)(13)	One stop	L +	6.00%	(b)	10.32%				12/2026	973		960		—		924

Auto Components
COP CollisionRight Holdings, Inc.#+	One stop	SF +	4.75%	(l)	9.39%				04/2028	9,766		9,618		0.4		9,571
COP CollisionRight Holdings, Inc.+	One stop	SF +	4.75%	(l)	9.48%				04/2028	27		26		—		25
COP CollisionRight Holdings, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				04/2028	—		(2)		—		(2)
Covercraft Parent III, Inc.+	Senior loan	L +	4.50%	(b)	8.24%				08/2027	4,877		4,840		0.2		4,780
Covercraft Parent III, Inc.+	Senior loan	L +	4.50%	(b)	9.23%				08/2027	994		974		—		958
Covercraft Parent III, Inc.+	Senior loan	L +	4.50%	(b)	9.23%				08/2027	19		18		—		17
North Haven Falcon Buyer, LLC+	One stop	L +	6.50%	(b)	11.18%				05/2027	6,083		5,993		0.3		5,779
North Haven Falcon Buyer, LLC+	One stop	L +	6.50%	(b)	11.23%				05/2027	1,019		1,004		—		968
Polk Acquisition Corp.*#+(22)	Senior loan	SF +	6.25%	(k)	9.57%	cash/	1.00%	PIK	12/2024	18,022		17,958		0.7		17,660
Polk Acquisition Corp.+	Senior loan	SF +	6.50%	(k)	10.82%				03/2023	695		694		—		684
Polk Acquisition Corp.+(22)	Senior loan	SF +	6.25%	(k)	9.57%	cash/	1.00%	PIK	12/2024	50		52		—		47
Polk Acquisition Corp.+(22)	Senior loan	SF +	6.25%	(k)	9.57%	cash/	1.00%	PIK	12/2024	107		106		—		104
										41,659		41,281		1.6		40,591
Automobiles
CG Group Holdings, LLC*#+(22)	One stop	L +	7.25%	(b)	9.98%	cash/	2.00%	PIK	07/2027	31,520		31,183		1.2		28,999
CG Group Holdings, LLC+(22)	One stop	L +	7.25%	(a)	9.63%	cash/	2.00%	PIK	07/2026	340		336		—		316
Denali Midco 2, LLC*#+	One stop	SF +	6.25%	(k)	10.67%				12/2027	42,756		42,401		1.7		41,919
Denali Midco 2, LLC+(5)	One stop	SF +	6.25%		N/A(6)				12/2027	—		(4)		—		(10)
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	10.67%				12/2027	197		195		—		193
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	10.67%				12/2027	99		98		—		97
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	10.67%				12/2027	79		79		—		78
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	10.67%				12/2027	79		79		—		78
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	10.67%				12/2027	66		65		—		64
Denali Midco 2, LLC+	One stop	SF +	6.50%	(k)	10.92%				12/2027	976		948		—		966
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	10.67%				12/2027	658		653		—		645
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	10.67%				12/2027	120		119		—		117
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	10.67%				12/2027	114		113		—		111
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	10.67%				12/2027	82		81		—		80
Denali Midco 2, LLC+(5)	One stop	SF +	6.50%		N/A(6)				12/2027	—		(22)		—		(8)
Denali Midco 2, LLC+	One stop	SF +	6.50%	(k)	10.92%				12/2027	130		127		—		129
Denali Midco 2, LLC+	One stop	SF +	6.50%	(k)	10.92%				12/2027	65		63		—		65
JHCC Holdings LLC+	One stop	L +	5.75%	(b)	10.48%				09/2025	15,275		15,093		0.6		14,817
JHCC Holdings LLC+	One stop	P +	4.75%	(d)	12.25%				09/2025	494		490		—		480
JHCC Holdings LLC+	One stop	L +	5.75%	(b)(d)	11.03%				09/2025	294		292		—		285

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
JHCC Holdings LLC+	One stop	P +	4.75%	(b)(d)	11.52%	09/2025	$	61	$	61	—	%	$	58
JHCC Holdings LLC+	One stop	L +	5.75%	(b)	10.48%	09/2025	1,779		1,747		0.1		1,679
MOP GM Holding, LLC*#+	One stop	SF +	5.75%	(m)	9.98%	11/2026	23,916		23,719		0.9		22,721
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	10.45%	11/2026	2,622		2,603		0.1		2,491
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	10.70%	11/2026	2,592		2,558		0.1		2,463
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	10.45%	11/2026	2,572		2,551		0.1		2,443
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	10.79%	11/2026	1,906		1,890		0.1		1,810
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	8.98%	11/2026	1,567		1,555		0.1		1,488
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	10.62%	11/2026	1,444		1,422		0.1		1,372
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	9.98%	11/2026	526		522		—		499
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	9.50%	11/2026	358		354		—		340
MOP GM Holding, LLC+	One stop	SF +	5.75%	(l)	9.55%	11/2026	147		146		—		140
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	10.79%	11/2026	60		59		—		57
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	10.58%	11/2026	136		134		—		126
MOP GM Holding, LLC+(5)	One stop	SF +	5.75%		N/A(6)	11/2026	—		(20)		—		—
MOP GM Holding, LLC+	One stop	SF +	5.75%	(l)	8.99%	11/2026	179		178		—		170
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	8.94%	11/2026	60		59		—		57
POY Holdings, LLC#	One stop	L +	5.50%	(b)	10.23%	11/2027	9,519		9,363		0.4		9,519
POY Holdings, LLC+	One stop	L +	5.50%	(b)	10.23%	11/2027	36		32		—		36
POY Holdings, LLC+(5)	One stop	L +	5.50%		N/A(6)	11/2027	—		(1)		—		—
POY Holdings, LLC+	One stop	L +	5.50%	(b)	10.23%	11/2027	81		81		—		81
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.50%	(m)	10.29%	07/2029	3,150		3,121		0.1		3,024
National Express Wash Parent Holdco, LLC+(5)	One stop	SF +	5.50%		N/A(6)	07/2029	—		(2)		—		(8)
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.50%	(m)	10.22%	07/2029	1,493		1,472		0.1		1,403
Quick Quack Car Wash Holdings, LLC*#	One stop	L +	7.00%	(b)	11.41%	10/2024	12,783		12,753		0.5		12,655
Quick Quack Car Wash Holdings, LLC+	One stop	L +	7.00%	(b)	11.41%	10/2024	9,748		9,713		0.4		9,651
Quick Quack Car Wash Holdings, LLC#+	One stop	L +	7.00%	(b)	11.41%	10/2024	2,306		2,298		0.1		2,284
Quick Quack Car Wash Holdings, LLC*+	One stop	L +	7.00%	(b)	11.41%	10/2024	2,015		2,029		0.1		1,994
Quick Quack Car Wash Holdings, LLC*+	One stop	L +	7.00%	(b)	11.41%	10/2024	1,347		1,356		0.1		1,333
Quick Quack Car Wash Holdings, LLC*+	One stop	L +	7.00%	(b)	11.41%	10/2024	1,097		1,100		—		1,086
Quick Quack Car Wash Holdings, LLC+	One stop	L +	7.00%	(b)	11.41%	10/2024	95		90		—		94
Quick Quack Car Wash Holdings, LLC+(5)	One stop	SF +	7.00%		N/A(6)	10/2024	—		—		—		(2)
Quick Quack Car Wash Holdings, LLC+(5)	One stop	SF +	7.00%		N/A(6)	10/2024	—		(1)		—		(1)
Quick Quack Car Wash Holdings, LLC+	One stop	L +	7.00%	(b)	11.41%	10/2024	344		340		—		341
Quick Quack Car Wash Holdings, LLC+	One stop	L +	7.00%	(b)	11.41%	10/2024	104		99		—		103
Quick Quack Car Wash Holdings, LLC+	One stop	L +	7.00%	(c)	11.72%	10/2024	3,310		3,278		0.1		3,277
Quick Quack Car Wash Holdings, LLC+	One stop	L +	7.00%	(b)	11.41%	10/2024	95		93		—		94
Spotless Brands, LLC+	One stop	SF +	6.50%	(l)	10.71%	07/2028	8,369		8,214		0.4		8,285
Spotless Brands, LLC+	One stop	SF +	6.50%	(k)(l)	11.12%	07/2028	908		900		—		899
Spotless Brands, LLC+(5)	One stop	SF +	6.50%		N/A(6)	07/2028	—		(1)		—		—
Spotless Brands, LLC+	One stop	SF +	6.50%	(l)	10.71%	07/2028	673		667		—		667
TWAS Holdings, LLC#+	One stop	SF +	6.75%	(k)	11.17%	12/2026	40,357		40,038		1.6		39,954
TWAS Holdings, LLC*+	One stop	SF +	6.75%	(k)	11.17%	12/2026	30,488		30,231		1.2		30,184
TWAS Holdings, LLC+	One stop	SF +	6.75%	(k)	11.17%	12/2026	7,914		7,849		0.3		7,835
TWAS Holdings, LLC+	One stop	SF +	6.75%	(k)	11.17%	12/2026	608		603		—		602
TWAS Holdings, LLC+	One stop	SF +	6.75%	(k)	11.17%	12/2026	386		383		—		382
TWAS Holdings, LLC+(5)	One stop	SF +	6.75%		N/A(6)	12/2026	—		(3)		—		(4)
							270,495		268,022		10.5		263,103

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Beverages
Fintech Midco, LLC*#	One stop	L +	5.00%	(b)(c)	9.93%	08/2024	$	23,852	$	23,980	1.0	%	$	23,613
Fintech Midco, LLC+	One stop	L +	5.00%	(b)(c)	9.93%	08/2024	15,145		15,062		0.6		14,994
Fintech Midco, LLC#+	One stop	L +	5.00%	(b)(c)	9.93%	08/2024	1,105		1,120		—		1,093
Fintech Midco, LLC+(5)	One stop	L +	5.00%		N/A(6)	08/2024	—		—		—		(2)
Watermill Express, LLC+	One stop	L +	5.50%	(b)	10.23%	04/2027	2,239		2,222		0.1		2,239
Watermill Express, LLC+	One stop	L +	5.50%		N/A(6)	04/2027	—		—		—		—
Watermill Express, LLC+	One stop	L +	5.50%	(b)	10.23%	04/2027	134		133		—		134
Winebow Holdings, Inc.+	One stop	L +	6.25%	(a)	10.63%	07/2025	7,780		7,709		0.3		7,780
							50,255		50,226		2.0		49,851

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Building Products
BECO Holding Company, Inc.#+	One stop	L +	5.25%	(b)	9.98%		11/2028	$	7,519	$	7,456	0.3	%	$	7,293
BECO Holding Company, Inc.+(5)	One stop	L +	5.25%		N/A(6)		11/2027	—		(4)		—		(11)
BECO Holding Company, Inc.+(5)	One stop	L +	5.25%		N/A(6)		11/2028	—		(16)		—		(58)
Jensen Hughes, Inc.+	Senior loan	L +	4.50%	(b)(c)	9.43%		03/2024	4,095		4,096		0.2		4,095
Jensen Hughes, Inc.+	Senior loan	L +	4.50%	(b)(c)	9.43%		03/2024	1,385		1,397		0.1		1,385
Jensen Hughes, Inc.+	Senior loan	L +	4.50%	(b)(c)	9.43%		03/2024	893		897		0.1		893
Jensen Hughes, Inc.+	Senior loan	L +	4.50%	(b)(c)	9.43%		03/2024	842		838		—		842
Jensen Hughes, Inc.+	Senior loan	L +	4.50%	(b)(c)	9.43%		03/2024	428		434		—		428
Jensen Hughes, Inc.+	Senior loan	L +	4.50%	(b)(c)	9.43%		03/2024	273		274		—		273
Jensen Hughes, Inc.+	Senior loan	L +	4.50%	(b)(c)	9.50%		03/2024	884		877		—		884
Jensen Hughes, Inc.+	Senior loan	L +	4.50%	(b)(c)	9.43%		03/2024	213		213		—		213
Jensen Hughes, Inc.+	Senior loan	L +	4.50%	(b)(c)	9.43%		03/2024	114		114		—		114
								16,646		16,576		0.7		16,351
Chemicals
Inhance Technologies Holdings LLC#+	One stop	L +	5.25%	(b)	8.99%		07/2024	12,412		12,462		0.5		12,163
Inhance Technologies Holdings LLC+	One stop	L +	5.25%	(b)	8.99%		07/2024	9,888		9,829		0.4		9,690
Inhance Technologies Holdings LLC+	One stop	L +	5.25%	(b)	8.99%		07/2024	1,886		1,881		0.1		1,849
Inhance Technologies Holdings LLC+	One stop	L +	5.25%	(b)	8.99%		07/2024	21		22		—		17
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	E +	6.25%	(f)	8.11%		09/2028	33,905		36,159		1.3		32,209
PHM NL SP Bidco B.V.+(8)(14)	One stop	L +	6.25%	(c)	10.42%		09/2028	13,766		13,568		0.5		13,077
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	SN +	6.25%	(i)	9.68%		09/2028	7,271		7,915		0.3		6,907
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	E +	6.25%	(f)	8.72%		09/2028	3,584		3,713		0.1		3,363
								82,733		85,549		3.2		79,275
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC*#+	One stop	L +	5.25%	(b)	9.98%		10/2028	16,903		16,705		0.7		16,564
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop	L +	5.25%		N/A(6)		10/2028	—		(2)		—		(4)
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop	L +	5.25%		N/A(6)		10/2028	—		(14)		—		(30)
Hydraulic Authority III Limited+(8)(9)(10)	One stop	SN +	5.00%	(i)	8.46%		11/2025	10,453		11,000		0.4		10,453
Hydraulic Authority III Limited+(8)(9)(10)	One stop	E +	5.00%	(e)	7.20%		11/2025	1,152		1,120		0.1		1,152
Hydraulic Authority III Limited+(8)(9)(10)(22)	One stop	N/A			11.00%	PIK	11/2028	261		277		—		261
Hydraulic Authority III Limited+(8)(9)(10)	One stop	SN +	5.00%		N/A(6)		11/2025	—		—		—		—
North Haven Stack Buyer, LLC*+	One stop	SF +	5.50%	(k)	9.92%		07/2027	8,744		8,611		0.3		8,483

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
North Haven Stack Buyer, LLC+	One stop	SF +	5.50%	(k)	9.92%				07/2027	$	354	$	333	—	%	$	270
North Haven Stack Buyer, LLC+	One stop	SF +	5.50%	(k)	9.92%				07/2027	50		49		—		46
North Haven Stack Buyer, LLC+	One stop	SF +	5.50%	(k)	9.92%				07/2027	2,945		2,923		0.1		2,857
North Haven Stack Buyer, LLC+	One stop	SF +	5.50%	(k)	9.92%				07/2027	972		964		—		942
OVG Business Services, LLC+	One stop	L +	6.25%	(a)	10.64%				11/2028	1,795		1,761		0.1		1,759
OVG Business Services, LLC+(5)	One stop	L +	5.50%		N/A(6)				11/2026	—		—		—		(1)
Profile Products LLC+(8)	One stop	L +	5.50%	(b)	10.14%				11/2027	5,913		5,805		0.2		5,795
Profile Products LLC+(8)	One stop	L +	5.50%	(b)	10.14%				11/2027	1,285		1,264		0.1		1,259
Profile Products LLC+(8)	One stop	L +	5.50%	(a)(d)	10.67%				11/2027	32		31		—		31
Profile Products LLC+(5)(8)	One stop	L +	5.50%		N/A(6)				11/2027	—		(3)		—		(9)
Profile Products LLC+(5)(8)	One stop	L +	5.50%		N/A(6)				11/2027	—		(1)		—		(1)
PT Intermediate Holdings III, LLC+	One stop	L +	5.50%	(b)	10.23%				11/2028	29,448		28,984		1.2		29,154
PT Intermediate Holdings III, LLC+	One stop	L +	5.50%	(b)	10.23%				11/2028	20,821		20,637		0.8		20,613
PT Intermediate Holdings III, LLC+	One stop	L +	5.50%	(b)	10.23%				11/2028	9,875		9,755		0.4		9,776
Radwell Parent, LLC+	One stop	SF +	6.53%	(l)	11.21%				03/2029	19,028		18,753		0.7		18,351
Radwell Parent, LLC+(5)	One stop	SF +	6.75%		N/A(6)				03/2028	—		(5)		—		(10)
Radwell Parent, LLC+(5)	One stop	SF +	6.53%		N/A(6)				03/2029	—		(8)		—		(19)
Radwell Parent, LLC+	One stop	SF +	6.75%	(l)	11.33%				03/2029	24,950		24,212		1.0		24,202
Trinity Air Consultants Holdings Corporation+	One stop	L +	5.25%	(c)	10.18%				06/2027	2,458		2,421		0.1		2,409
Trinity Air Consultants Holdings Corporation+	One stop	L +	5.25%	(c)	9.40%				06/2027	33		32		—		31
Trinity Air Consultants Holdings Corporation+	One stop	L +	5.25%		N/A(6)				06/2027	—		—		—		—
WRE Holding Corp.*#	Senior loan	SF +	5.00%	(k)(l)	9.60%				01/2025	2,223		2,216		0.1		2,223
WRE Holding Corp.+	Senior loan	SF +	5.00%	(k)(l)	9.60%				01/2025	918		915		—		918
WRE Holding Corp.+	Senior loan	SF +	5.00%	(k)(l)	9.60%				01/2025	673		671		—		673
WRE Holding Corp.+	Senior loan	SF +	5.00%	(k)(m)	9.60%				01/2025	398		397		—		398
WRE Holding Corp.+	Senior loan	SF +	5.00%	(k)(l)	9.60%				01/2025	128		128		—		128
WRE Holding Corp.+	Senior loan	SF +	5.00%	(k)(m)	9.60%				01/2025	23		23		—		23
WRE Holding Corp.+	Senior loan	SF +	5.00%		N/A(6)				01/2025	—		—		—		—
WRE Holding Corp.+	Senior loan	SF +	5.00%	(k)(l)(m)	9.35%				01/2025	59		57		—		59
										161,894		160,011		6.3		158,756
Communications Equipment
Lightning Finco Limited+(8)(10)	One stop	L +	5.50%	(b)	10.23%				09/2028	10,349		10,182		0.4		10,039
Lightning Finco Limited+(8)(9)(10)	One stop	E +	5.50%	(e)	7.45%				09/2028	1,137		1,241		—		1,103
										11,486		11,423		0.4		11,142











Containers and Packaging
AmerCareRoyal LLC+(22)	Senior loan	SF +	5.50%	(l)	9.48%	cash/	0.50%	PIK	11/2025	746		738		—		739
AmerCareRoyal LLC+(22)	Senior loan	SF +	5.50%	(l)	9.48%	cash/	0.50%	PIK	11/2025	159		157		—		158
AmerCareRoyal LLC+(22)	Senior loan	SF +	5.50%	(l)	9.48%	cash/	0.50%	PIK	11/2025	155		153		—		153
AmerCareRoyal LLC+(8)(22)	Senior loan	SF +	5.50%	(l)	9.48%	cash/	0.50%	PIK	11/2025	134		132		—		133
Chase Intermediate+	One stop	L +	5.00%	(b)(c)	9.85%				10/2028	10,253		10,172		0.4		10,048
Chase Intermediate+(5)	One stop	SF +	5.00%		N/A(6)				10/2028	—		(3)		—		(7)
Chase Intermediate+(5)	One stop	SF +	5.00%		N/A(6)				10/2028	—		(7)		—		(16)
Fortis Solutions Group, LLC*#+	One stop	L +	5.50%	(b)	9.73%				10/2028	34,665		34,173		1.4		33,971
Fortis Solutions Group, LLC+	One stop	L +	5.50%	(c)(d)	10.83%				10/2027	40		35		—		34
Fortis Solutions Group, LLC+(5)	One stop	L +	5.50%		N/A(6)				10/2028	—		(93)		—		(2)
Fortis Solutions Group, LLC+(5)	One stop	L +	5.50%		N/A(6)				10/2028	—		(39)		—		(112)
										46,152		45,418		1.8		45,099

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


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

Distributors
WSC Holdings Midco LLC+	Senior loan	SF +	4.50%	(m)	9.15%	07/2027	$	1,238	$	1,226	—	%	$	1,238
WSC Holdings Midco LLC+	Senior loan	SF +	4.50%	(m)	9.28%	07/2027	1,788		1,774		0.1		1,788
WSC Holdings Midco LLC+	Senior loan	SF +	4.50%	(m)	9.20%	07/2027	2,954		2,925		0.1		2,954
WSC Holdings Midco LLC+(5)	Senior loan	SF +	4.50%		N/A(6)	07/2027	—		(1)		—		—
WSC Holdings Midco LLC+	Senior loan	SF +	4.50%	(m)	8.77%	07/2027	50		49		—		50
							6,030		5,973		0.2		6,030
Diversified Consumer Services
Certus Pest, Inc.#	One stop	SF +	7.50%	(l)	12.23%	02/2026	1,585		1,551		0.1		1,585
Certus Pest, Inc.#	One stop	SF +	7.50%	(l)	12.23%	02/2026	1,520		1,472		0.1		1,520
Certus Pest, Inc.+	One stop	SF +	7.50%	(l)	12.18%	02/2026	1,096		1,091		—		1,096
Certus Pest, Inc.#	One stop	SF +	7.50%	(l)	12.23%	02/2026	1,080		1,066		—		1,080
Certus Pest, Inc.+	One stop	SF +	7.50%	(l)	12.23%	02/2026	751		734		—		751
Certus Pest, Inc.#	One stop	SF +	7.50%	(l)	12.23%	02/2026	662		629		—		662
Certus Pest, Inc.+	One stop	SF +	7.50%	(l)	12.23%	02/2026	645		638		—		645
Certus Pest, Inc.+	One stop	SF +	7.50%	(l)	12.23%	02/2026	381		371		—		381
Certus Pest, Inc.+	One stop	SF +	7.50%	(l)	12.23%	02/2026	239		224		—		239
Certus Pest, Inc.+	One stop	SF +	7.50%	(l)	12.23%	02/2026	130		106		—		130
Certus Pest, Inc.+	One stop	SF +	7.50%	(l)	12.23%	02/2026	55		50		—		55
Certus Pest, Inc.+(5)	One stop	SF +	7.50%		N/A(6)	02/2026	—		(1)		—		—
CHHJ Midco, LLC#	Senior loan	L +	5.00%	(a)	9.38%	01/2026	2,716		2,699		0.1		2,716
CHHJ Midco, LLC+	Senior loan	L +	5.00%		N/A(6)	01/2026	—		—		—		—
COP Hometown Acquisitions, Inc.+	Senior loan	L +	4.50%	(b)	8.24%	07/2027	1,708		1,695		0.1		1,676
COP Hometown Acquisitions, Inc.+	Senior loan	L +	4.50%	(b)	8.24%	07/2027	1,665		1,645		0.1		1,633
COP Hometown Acquisitions, Inc.+	Senior loan	L +	4.50%	(b)	8.37%	07/2027	1,091		1,080		0.1		1,070
COP Hometown Acquisitions, Inc.+	Senior loan	L +	4.50%	(b)	8.70%	07/2027	771		763		—		756
COP Hometown Acquisitions, Inc.+	Senior loan	L +	4.50%	(b)	8.24%	07/2027	199		196		—		195
COP Hometown Acquisitions, Inc.+	Senior loan	L +	4.75%	(b)	9.42%	07/2027	120		118		—		119
COP Hometown Acquisitions, Inc.+(5)	Senior loan	L +	4.50%		N/A(6)	07/2027	—		—		—		(1)
DP Flores Holdings, LLC#	One stop	SF +	6.50%	(m)	11.23%	09/2028	2,593		2,550		0.1		2,593
DP Flores Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)	09/2028	—		(2)		—		—
DP Flores Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)	09/2028	—		(14)		—		—
EMS LINQ, LLC+	One stop	L +	6.25%	(a)	10.63%	12/2027	9,591		9,512		0.4		9,400
EMS LINQ, LLC+(5)	One stop	L +	6.25%		N/A(6)	12/2027	—		(1)		—		(3)
EWC Growth Partners LLC+	One stop	L +	6.00%	(b)	10.73%	03/2026	927		918		—		918
EWC Growth Partners LLC+	One stop	L +	6.00%		N/A(6)	03/2026	—		—		—		—
EWC Growth Partners LLC+	One stop	L +	6.00%	(b)	10.73%	03/2026	14		14		—		14
EWC Growth Partners LLC+	One stop	L +	6.00%	(b)	10.73%	03/2026	73		73		—		73
Excelligence Learning Corporation#+	One stop	SF +	6.00%	(l)	10.73%	01/2024	10,240		10,197		0.4		10,240
FPG Intermediate Holdco, LLC+	One stop	SF +	6.00%	(k)	10.42%	03/2027	9,075		8,948		0.4		8,744
FPG Intermediate Holdco, LLC+	One stop	SF +	6.00%	(k)	10.42%	03/2027	543		532		—		516
FPG Intermediate Holdco, LLC+	One stop	P +	5.00%	(d)(k)	12.31%	03/2027	32		31		—		29
FPG Intermediate Holdco, LLC+(5)	One stop	SF +	6.50%		N/A(6)	03/2027	—		(13)		—		(14)
FSS Buyer LLC+	One stop	L +	5.75%	(a)	10.13%	08/2028	5,477		5,389		0.2		5,423
FSS Buyer LLC+(5)	One stop	L +	5.75%		N/A(6)	08/2027	—		(1)		—		—
HS Spa Holdings, Inc.+	One stop	SF +	5.75%	(m)	10.45%	06/2029	7,763		7,620		0.3		7,608
HS Spa Holdings, Inc.+(5)	One stop	SF +	5.75%		N/A(6)	06/2028	—		(2)		—		(2)
Learn-it Systems, LLC+	Senior loan	L +	4.75%	(c)	8.92%	03/2025	2,491		2,512		0.1		2,291

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Learn-it Systems, LLC+	Senior loan	L +	4.75%	(c)	9.90%				03/2025	$	1,340	$	1,338	0.1	%	$	1,233
Learn-it Systems, LLC+	Senior loan	L +	4.75%	(c)	9.90%				03/2025	604		596		—		556
Learn-it Systems, LLC+	Senior loan	L +	4.75%	(c)	9.90%				03/2025	33		32		—		29
Liminex, Inc.+	One stop	SF +	7.25%	(l)	11.98%				11/2026	25,462		25,149		1.0		25,971
Liminex, Inc.+	One stop	SF +	6.25%	(l)	10.98%				11/2026	20,000		19,827		0.8		19,800
Liminex, Inc.+	One stop	SF +	7.25%	(l)	11.98%				11/2026	800		794		—		816
Liminex, Inc.+(5)	One stop	SF +	7.25%		N/A(6)				11/2026	—		(1)		—		—
Litera Bidco LLC+	One stop	SF +	6.00%	(k)	10.42%				05/2026	5,704		5,654		0.2		5,647
Litera Bidco LLC+	One stop	SF +	5.75%	(k)	10.17%				05/2026	3,664		3,678		0.2		3,602
Litera Bidco LLC+	One stop	SF +	5.75%	(k)	10.17%				05/2026	687		702		—		675
Litera Bidco LLC+	One stop	SF +	5.75%	(k)	10.17%				05/2026	687		702		—		675
Litera Bidco LLC+	One stop	SF +	6.00%	(k)	10.42%				05/2026	516		512		—		511
Litera Bidco LLC+	One stop	L +	5.75%	(b)	10.35%				05/2025	16		16		—		16
Mario Purchaser, LLC+	One stop	SF +	5.75%	(k)	10.17%				04/2029	7,634		7,497		0.3		7,482
Mario Purchaser, LLC+(22)	One stop	SF +	10.75%	(k)	15.17%	PIK			04/2032	1,584		1,545		0.1		1,584
Mario Purchaser, LLC+(5)	One stop	SF +	5.75%		N/A(6)				04/2028	—		(1)		—		(1)
Mario Purchaser, LLC+	One stop	SF +	5.75%	(k)	10.17%				04/2029	108		104		—		101
Mathnasium, LLC#	One stop	L +	5.00%	(c)	10.13%				11/2027	9,237		9,162		0.4		9,145
Mathnasium, LLC+	One stop	L +	5.00%	(c)	10.13%				11/2027	13		12		—		12
NSG Buyer, Inc. *#+	One stop	SF +	6.50%	(k)	10.92%				11/2029	20,152		19,711		0.8		19,950
NSG Buyer, Inc. +(5)	One stop	SF +	6.50%		N/A(6)				11/2029	—		(47)		—		(48)
NSG Buyer, Inc. +(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		—		—		(1)
PADI Holdco, Inc.*#(22)	One stop	L +	7.25%	(b)	10.49%	cash/	1.50%	PIK	04/2024	21,631		21,596		0.9		21,197
PADI Holdco, Inc.+(8)(9)(22)	One stop	E +	7.25%	(e)	7.71%	cash/	1.50%	PIK	04/2024	19,541		20,927		0.8		19,149
PADI Holdco, Inc.+(22)	One stop	L +	7.25%	(b)	9.96%	cash/	1.50%	PIK	04/2024	827		824		—		811
PADI Holdco, Inc.+(22)	One stop	L +	7.25%	(b)	10.49%	cash/	1.50%	PIK	04/2024	171		170		—		167
PADI Holdco, Inc.+(5)	One stop	L +	5.75%		N/A(6)				04/2023	—		—		—		(2)
Provenance Buyer LLC#+	One stop	L +	5.00%	(a)	9.38%				06/2027	18,232		17,956		0.7		18,232
Provenance Buyer LLC+	One stop	L +	5.00%	(a)	9.38%				06/2027	9,950		9,861		0.4		9,950
Provenance Buyer LLC+(5)	One stop	L +	5.00%		N/A(6)				06/2027	—		(2)		—		—
Provenance Buyer LLC+(5)	One stop	L +	5.00%		N/A(6)				06/2027	—		(2)		—		—
RW AM Holdco LLC#+	One stop	SF +	5.25%	(m)	9.33%				04/2028	17,685		17,528		0.7		16,800
RW AM Holdco LLC+(5)	One stop	P +	4.25%		N/A(6)				04/2028	—		(1)		—		(8)
										251,511		250,229		9.9		248,189
Diversified Financial Services
Adenza Group, Inc. +	One stop	L +	5.75%	(a)	10.13%				12/2027	4,006		3,944		0.1		3,885
Adenza Group, Inc. +(5)	One stop	L +	5.75%		N/A(6)				12/2027	—		—		—		(1)
Adenza Group, Inc. +	One stop	L +	5.75%		N/A(6)				12/2025	—		—		—		—
Avalara, Inc.+	One stop	SF +	7.25%	(l)	11.83%				10/2028	11,941		11,653		0.5		11,642
Avalara, Inc.+(5)	One stop	SF +	7.25%		N/A(6)				10/2028	—		(3)		—		(3)
Banker's Toolbox, Inc.+	One stop	SF +	5.25%	(m)	9.23%				07/2027	7,997		7,922		0.3		7,837
Banker's Toolbox, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				07/2027	—		—		—		(2)
Banker's Toolbox, Inc.+	One stop	SF +	5.25%	(k)	9.57%				07/2027	1,284		1,279		—		1,216
Flash Topco, Inc.*	One stop	L +	5.75%	(b)	10.16%				10/2028	9,795		9,713		0.4		9,305
Flash Topco, Inc.+	One stop	L +	5.75%	(b)	10.12%				10/2028	27		26		—		21
Higginbotham Insurance Agency, Inc.+	One stop	L +	5.25%	(a)	9.63%				11/2026	4,565		4,519		0.2		4,519
Higginbotham Insurance Agency, Inc.+	One stop	L +	5.25%	(a)	9.63%				11/2026	78		78		—		77

										39,693		39,131		1.5		38,496

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Diversified Telecommunication Services
NTI Connect, LLC+	Senior loan	SF +	4.75%	(l)	9.48%	12/2024	$	1,624	$	1,607	0.1	%	$	1,624

Electronic Equipment, Instruments & Components
CST Holding Company+	One stop	SF +	6.75%	(k)	10.97%	11/2028	24,719		23,998		1.0		23,977
CST Holding Company+	One stop	SF +	6.75%	(k)	10.97%	11/2028	5		4		—		4



							24,724		24,002		1.0		23,981

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food & Staples Retailing
Cafe Rio Holding, Inc.*#	One stop	SF +	5.50%	(l)	10.23%	09/2028	$	18,178	$	18,083	0.7	%	$	18,178
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(l)	10.23%	09/2028	3,269		3,242		0.2		3,269
Cafe Rio Holding, Inc.#+	One stop	SF +	5.50%	(l)	10.23%	09/2028	2,196		2,196		0.1		2,196
Cafe Rio Holding, Inc.*#	One stop	SF +	5.50%	(l)	10.23%	09/2028	1,394		1,394		0.1		1,394
Cafe Rio Holding, Inc.#+	One stop	SF +	5.50%	(l)	10.23%	09/2028	1,231		1,231		0.1		1,231
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(l)	10.23%	09/2028	229		227		—		229
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(l)	10.23%	09/2028	177		176		—		177
Cafe Rio Holding, Inc.+(5)	One stop	SF +	5.50%		N/A(6)	09/2028	—		(1)		—		—


Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(l)	10.23%	09/2028	80		79		—		80
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	10.67%	06/2025	929		925		—		929
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	10.67%	06/2025	730		727		—		730
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	10.67%	06/2025	716		710		—		716
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	10.67%	06/2025	353		349		—		353
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	10.67%	06/2025	352		349		—		352
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	10.67%	06/2025	174		172		—		174
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	10.67%	06/2025	105		104		—		105
Mendocino Farms, LLC+(5)	One stop	SF +	6.25%		N/A(6)	06/2025	—		(15)		—		—
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	10.67%	06/2025	310		307		—		310
Ruby Slipper Cafe LLC, The*+	One stop	SF +	7.50%	(l)	12.23%	06/2024	2,018		2,018		0.1		2,018
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(l)	12.23%	06/2024	409		409		—		409
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(l)	12.23%	06/2024	291		289		—		291
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(l)	12.23%	06/2024	—		—		—		—
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%		N/A(6)	06/2024	—		—		—		—
Wineshipping.com LLC+	One stop	L +	5.75%	(b)	10.16%	10/2027	6,776		6,722		0.3		6,505
Wineshipping.com LLC+	One stop	L +	5.75%	(b)	9.66%	10/2027	185		177		—		178
Wineshipping.com LLC+	One stop	L +	5.75%	(b)	10.24%	10/2027	20		19		—		17
Wood Fired Holding Corp.*#	One stop	L +	6.25%	(b)	10.98%	12/2023	8,006		8,047		0.3		8,006
Wood Fired Holding Corp.+	One stop	L +	6.25%		N/A(6)	12/2023	—		—		—		—













							48,128		47,936		1.9		47,847

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food Products
Borrower R365 Holdings, LLC+(22)	One stop	L +	6.50%	(b)	8.23%	cash/	3.00%	PIK	06/2027	$	13,560	$	13,369	0.6	%	$	13,560
Borrower R365 Holdings, LLC+(22)	One stop	L +	6.50%	(b)	8.23%	cash/	3.00%	PIK	06/2027	1,118		1,100		—		1,118
Borrower R365 Holdings, LLC+(5)	One stop	L +	6.50%		N/A(6)				06/2027	—		(1)		—		—
Borrower R365 Holdings, LLC+(5)	One stop	L +	6.50%		N/A(6)				06/2027	—		(1)		—		—
Flavor Producers, LLC#+(22)	Senior loan	SF +	6.50%	(d)(l)	9.43%	cash/	1.75%	PIK	12/2024	5,006		4,976		0.2		4,856
Flavor Producers, LLC+(22)	Senior loan	SF +	6.50%	(l)	11.13%				09/2024	—		—		—		—
Kodiak Cakes, LLC*#+	Senior loan	L +	6.00%	(b)	10.73%				06/2027	12,369		12,253		0.4		11,256
Kodiak Cakes, LLC+	Senior loan	L +	6.00%	(b)	10.73%				06/2026	150		149		—		139
Louisiana Fish Fry Products, Ltd.*+	One stop	SF +	6.25%	(l)	10.80%				07/2027	9,753		9,677		0.4		8,875
Louisiana Fish Fry Products, Ltd.+	One stop	SF +	6.25%	(l)	10.91%				07/2027	73		71		—		64
MAPF Holdings, Inc.*#+	One stop	SF +	5.50%	(l)	10.23%				12/2026	37,883		37,629		1.5		37,504
MAPF Holdings, Inc.+	One stop	SF +	5.50%	(b)(l)	10.08%				12/2026	120		118		—		117
P&P Food Safety Holdings, Inc.*+	One stop	SF +	6.00%	(l)	10.73%				12/2026	17,677		17,518		0.7		16,970
P&P Food Safety Holdings, Inc.+(5)	One stop	SF +	6.00%		N/A(6)				12/2026	—		(1)		—		(4)
P&P Food Safety Holdings, Inc.+(5)	One stop	SF +	6.00%		N/A(6)				12/2026	—		(5)		—		—
Purfoods, LLC+(22)	One stop	N/A			7.00%	PIK			05/2026	66		69		—		66
Ultimate Baked Goods Midco LLC+	One stop	L +	6.50%	(a)	10.88%				08/2027	6,654		6,591		0.3		6,322
Ultimate Baked Goods Midco LLC+(5)	One stop	L +	6.50%	(a)	10.88%				08/2027	18		(9)		—		14
Whitebridge Pet Brands, LLC*#+	One stop	L +	5.00%	(a)	9.38%				07/2027	22,945		22,645		0.9		22,486
Whitebridge Pet Brands, LLC+	One stop	L +	5.00%	(a)	9.36%				07/2027	100		98		—		95
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	4.50%	(i)	7.93%				03/2029	6,573		7,066		0.2		6,094
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	4.50%	(i)	7.93%				09/2028	91		88		—		85
										134,156		133,400		5.2		129,617

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Equipment & Supplies
Aspen Medical Products, LLC#+	One stop	L +	5.25%	(b)	9.08%				06/2025	$	4,115	$	4,152	0.2	%	$	4,074
Aspen Medical Products, LLC+	One stop	L +	5.25%	(b)	9.08%				06/2025	263		262		—		260
Aspen Medical Products, LLC+	One stop	L +	5.25%		N/A(6)				06/2025	—		—		—		—
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	5.95%	(j)	10.53%				08/2028	5,415		5,355		0.2		5,415
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	5.95%	(e)	7.93%				08/2028	3,100		3,391		0.1		3,065
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SN +	5.95%	(i)	9.50%				08/2028	856		942		—		851
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	5.95%	(e)	8.15%				08/2028	740		757		—		731
Baduhenna Bidco Limited+(5)(8)(9)(10)	One stop	SF +	5.95%		N/A(6)				08/2028	—		(16)		—		(7)
Belmont Instrument, LLC*#	One stop	SF +	6.25%	(l)	10.76%				08/2028	9,875		9,783		0.4		9,777
Belmont Instrument, LLC+	One stop	P +	5.25%	(d)	12.75%				08/2028	15		14		—		14
Blades Buyer, Inc.#+	Senior loan	SF +	5.00%	(l)(m)	8.66%				03/2028	10,026		9,929		0.4		9,773
Blades Buyer, Inc.+(5)	Senior loan	SF +	4.75%		N/A(6)				03/2028	—		(1)		—		(6)
Blades Buyer, Inc.+	Senior loan	SF +	5.00%	(k)	9.37%				03/2028	319		318		—		311
Blades Buyer, Inc.+	Senior loan	SF +	5.25%	(k)	9.37%				03/2028	1,311		1,290		0.1		1,291
Blue River Pet Care, LLC*#+	One stop	L +	5.00%	(a)	9.38%				07/2026	51,066		50,779		2.0		49,533
Blue River Pet Care, LLC+(5)	One stop	L +	5.00%		N/A(6)				08/2025	—		(2)		—		(8)
Blue River Pet Care, LLC+	One stop	L +	5.00%	(a)	9.37%				07/2026	770		761		—		736
Blue River Pet Care, LLC+	One stop	L +	5.00%	(a)	9.38%				07/2026	180		178		—		174
Blue River Pet Care, LLC+	One stop	L +	5.00%	(a)	9.38%				07/2026	173		171		—		167
CCSL Holdings, LLC*+	One stop	SF +	6.50%	(k)	10.92%				12/2026	15,359		15,230		0.6		15,206
CCSL Holdings, LLC+	One stop	SF +	6.50%	(k)	10.92%				12/2026	4,146		4,114		0.2		4,104
CCSL Holdings, LLC+(8)(9)	One stop	SN +	6.50%	(i)	10.03%				12/2026	2,351		2,423		0.1		2,327
CCSL Holdings, LLC+	One stop	SF +	6.50%	(k)	10.92%				12/2026	130		128		—		128
CCSL Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)				12/2026	—		(14)		—		(14)
CCSL Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)				12/2026	—		(23)		—		(26)
CMI Parent Inc.#+	Senior loan	SF +	4.75%	(k)	9.17%				08/2025	6,483		6,541		0.3		6,352
CMI Parent Inc.+	Senior loan	SF +	4.75%	(k)	9.17%				08/2025	3,212		3,190		0.1		3,148
CMI Parent Inc.+(5)	Senior loan	L +	4.75%		N/A(6)				08/2025	—		(2)		—		(6)
CMI Parent Inc.+	Senior loan	SF +	4.75%	(k)	9.17%				08/2025	2,925		2,898		0.1		2,866
G & H Wire Company, Inc.#+(22)	One stop	L +	9.00%	(c)	11.17%	cash/	2.00%	PIK	09/2023	11,471		11,278		0.5		11,356
G & H Wire Company, Inc.+(22)	One stop	L +	9.00%	(b)	11.73%	cash/	2.00%	PIK	06/2023	94		92		—		94
Joerns Healthcare, LLC+(7)(22)	One stop	SF +	16.00%	(l)	10.78%	cash/	10.00%	PIK	08/2024	2,187		1,974		—		—
Joerns Healthcare, LLC+(7)(22)	One stop	SF +	16.00%	(l)	10.78%	cash/	10.00%	PIK	08/2024	2,103		1,900		—		—
Joerns Healthcare, LLC+	One stop	SF +	18.00%	(l)	22.51%				01/2024	1,290		1,290		—		839
Joerns Healthcare, LLC+	One stop	SF +	18.00%	(l)	22.51%				01/2024	262		262		—		262







										140,237		139,344		5.3		132,787

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Providers & Services
AAH TOPCO, LLC +	One stop	L +	5.50%	(a)	9.89%				12/2027	$	8,308	$	8,239	0.3	%	$	8,059
AAH TOPCO, LLC +(22)	Subordinated debt	N/A			11.50%	PIK			12/2031	1,111		1,093		—		1,033
AAH TOPCO, LLC +(5)	One stop	L +	5.50%		N/A(6)				12/2027	—		(1)		—		(2)
AAH TOPCO, LLC +	One stop	L +	5.50%	(a)	9.82%				12/2027	280		275		—		262
Active Day, Inc.#+	One stop	SF +	5.75%	(l)	10.48%				02/2025	17,701		17,540		0.7		17,347
Active Day, Inc.#+	One stop	SF +	5.75%	(l)	10.48%				02/2025	1,366		1,354		0.1		1,339
Active Day, Inc.*#	One stop	SF +	5.75%	(l)	10.48%				02/2025	880		873		0.1		863
Active Day, Inc.+	One stop	SF +	5.75%	(l)	10.48%				02/2025	701		695		—		687
Active Day, Inc.+	One stop	SF +	5.75%	(l)	10.48%				02/2025	619		614		—		607
Active Day, Inc.*#	One stop	SF +	5.75%	(l)	10.48%				02/2025	608		603		—		597
Active Day, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				02/2025	—		(2)		—		(4)
Active Day, Inc.+	One stop	SF +	5.75%	(l)	10.48%				02/2025	—		—		—		—
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(l)	10.65%				03/2025	16,467		16,355		0.6		16,222
Acuity Eyecare Holdings, LLC+(22)	One stop	N/A			15.00%				06/2027	10,831		10,642		0.4		10,831
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	10.98%				03/2025	4,067		4,059		0.2		4,027
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	10.93%				03/2025	3,623		3,601		0.1		3,587
Acuity Eyecare Holdings, LLC#+	One stop	SF +	6.25%	(l)	10.98%				03/2025	3,504		3,505		0.2		3,469
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	10.98%				03/2025	3,195		3,234		0.1		3,163
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(l)	10.41%				03/2025	2,042		2,014		0.1		2,012
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	10.98%				03/2025	1,863		1,901		0.1		1,845
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	10.98%				03/2025	451		452		—		446
Acuity Eyecare Holdings, LLC+(22)	One stop	SF +	13.00%	(l)	10.98%	cash/	6.75%	PIK	03/2025	254		253		—		267
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	10.98%				03/2025	166		165		—		165
Acuity Eyecare Holdings, LLC+(5)	One stop	SF +	6.00%		N/A(6)				03/2025	—		(5)		—		(7)
Acuity Eyecare Holdings, LLC+	Senior loan	SF +	6.25%	(l)	10.60%				03/2025	110		109		—		108
Acuity Eyecare Holdings, LLC+(22)	One stop	SF +	13.00%	(l)	10.89%	cash/	6.75%	PIK	03/2025	98		97		—		103
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	10.98%				03/2025	1		1		—		1
Acuity Eyecare Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)				03/2025	—		—		—		(3)
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(l)	10.71%				03/2025	768		762		—		756
Advanced Pain Management Holdings, Inc.+(7)(22)	Senior loan	P +	3.75%	(d)	11.25%				07/2021	15,968		4,922		—		204
Advanced Pain Management Holdings, Inc.+(7)(22)	Senior loan	L +	8.50%	(a)	12.88%				07/2021	7,120		6		—		—
Advanced Pain Management Holdings, Inc.+(7)(22)	Senior loan	P +	3.75%	(d)	11.25%				07/2021	1,089		337		—		14
Advanced Pain Management Holdings, Inc.+(7)(22)	Senior loan	P +	3.75%	(d)	11.25%				07/2021	813		446		—		10
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	L +	6.13%	(b)	10.85%				03/2027	4,696		4,652		0.2		4,637
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	L +	6.13%	(b)	10.85%				03/2027	3,926		3,875		0.2		3,877
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(22)	Subordinated debt	L +	10.50%	(b)	15.23%				03/2028	1,945		1,920		0.1		1,945
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(22)	Subordinated debt	L +	10.50%	(b)	15.23%				03/2028	743		736		—		743
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(22)	Subordinated debt	L +	10.50%	(a)(b)	15.17%				03/2028	233		230		—		233
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	L +	6.25%	(b)	10.98%				03/2027	112		109		—		110
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)	One stop	L +	6.00%		N/A(6)				03/2027	—		(1)		—		(1)
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	L +	6.25%	(a)(b)	10.81%				03/2027	43		42		—		42
Community Care Partners, LLC+	One stop	SF +	6.00%	(k)	10.44%				06/2026	2,343		2,325		0.1		2,296

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Community Care Partners, LLC+(5)	One stop	SF +	6.00%		N/A(6)				06/2026	$	—	$	(3)	—	%	$	(7)
CRH Healthcare Purchaser, Inc.*+	Senior loan	L +	4.50%	(b)	9.23%				12/2024	19,502		19,499		0.8		19,111
CRH Healthcare Purchaser, Inc.#	Senior loan	L +	4.50%	(b)	9.23%				12/2024	5,184		5,153		0.2		5,081
CRH Healthcare Purchaser, Inc.#+	Senior loan	L +	4.50%	(b)	9.23%				12/2024	4,100		4,088		0.2		4,019
CRH Healthcare Purchaser, Inc.+	Senior loan	L +	4.50%	(b)	9.23%				12/2024	3,512		3,489		0.1		3,441
CRH Healthcare Purchaser, Inc.+(5)	Senior loan	L +	4.50%		N/A(6)				12/2024	—		(1)		—		(6)
Datix Bidco Limited+(8)(9)(10)	Senior loan	SN +	4.50%	(i)	7.93%				04/2025	53,824		59,981		2.1		52,209
Datix Bidco Limited+(8)(9)(10)	Second lien	SN +	7.75%	(i)	11.18%				04/2026	19,099		21,250		0.7		18,335
Emerge Intermediate, Inc.*#(22)	One stop	SF +	6.50%	(l)	10.73%	cash/	0.50%	PIK	05/2024	19,253		19,156		0.8		19,060
Emerge Intermediate, Inc.+(22)	One stop	SF +	6.50%	(l)	10.73%	cash/	0.50%	PIK	05/2024	1,743		1,734		0.1		1,725
Emerge Intermediate, Inc.+(22)	One stop	SF +	6.50%	(l)	10.52%	cash/	0.50%	PIK	05/2024	30		28		—		28
Encorevet Group LLC+	One stop	L +	6.75%	(b)	11.48%				11/2024	982		978		—		963
Encorevet Group LLC+	One stop	L +	6.75%	(b)	11.48%				11/2024	617		614		—		605
Encorevet Group LLC+	One stop	L +	6.75%	(b)	11.48%				11/2024	306		304		—		300
Encorevet Group LLC+	One stop	L +	6.75%	(b)	11.48%				11/2024	293		291		—		287
Encorevet Group LLC+	One stop	L +	6.75%	(b)	11.48%				11/2024	265		264		—		260
Encorevet Group LLC+	Senior loan	L +	6.75%	(b)	11.48%				11/2024	244		243		—		239
Encorevet Group LLC+	One stop	L +	6.75%	(b)	11.48%				11/2024	162		161		—		159
Encorevet Group LLC+	One stop	L +	6.75%	(b)	11.48%				11/2024	114		113		—		112
Encorevet Group LLC+	Senior loan	L +	6.75%	(b)	11.48%				11/2024	109		109		—		107
Encorevet Group LLC+	Senior loan	L +	6.75%	(b)	11.48%				11/2024	68		68		—		67
Encorevet Group LLC+	Senior loan	L +	6.75%	(b)	11.48%				11/2024	57		56		—		55
Encorevet Group LLC+	One stop	L +	6.75%	(b)	11.48%				11/2024	56		55		—		54
Encorevet Group LLC+	One stop	L +	6.75%	(b)	11.48%				11/2024	32		32		—		31
Encorevet Group LLC+	Senior loan	L +	6.75%	(b)	11.48%				11/2024	10		10		—		10
Encorevet Group LLC+	Senior loan	L +	6.75%	(b)	11.12%				11/2024	27		26		—		26
Encorevet Group LLC+(5)	One stop	L +	6.75%		N/A(6)				11/2024	—		(1)		—		—
ERC Topco Holdings, LLC+	One stop	L +	5.50%	(b)	10.23%				11/2028	9,188		9,119		0.4		8,821
ERC Topco Holdings, LLC+	One stop	P +	4.50%	(b)(d)	11.15%				11/2027	93		91		—		88
ERC Topco Holdings, LLC+(5)	One stop	L +	5.50%		N/A(6)				11/2028	—		(3)		—		(9)
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	5.41%	cash/	8.25%	PIK	05/2023	19,708		19,718		0.4		9,854
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	5.41%	cash/	8.25%	PIK	05/2023	8,646		8,661		0.2		4,323
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	5.41%	cash/	8.25%	PIK	05/2023	7,571		7,585		0.2		3,786
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	5.41%	cash/	8.25%	PIK	05/2023	5,573		5,574		0.1		2,786
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	5.41%	cash/	8.25%	PIK	05/2023	2,585		2,591		0.1		1,293
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	5.41%	cash/	8.25%	PIK	05/2023	1,660		1,663		—		830
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	5.41%	cash/	8.25%	PIK	05/2023	1,227		1,229		—		613
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	5.41%	cash/	8.25%	PIK	05/2023	1,081		1,083		—		540
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(a)(b)	5.41%	cash/	8.25%	PIK	05/2023	1,365		1,358		—		568
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	5.41%	cash/	8.25%	PIK	05/2023	698		699		—		349
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	5.41%	cash/	8.25%	PIK	05/2023	432		432		—		216
Eyecare Services Partners Holdings LLC+(22)	One stop	L +	9.25%	(b)	5.41%	cash/	8.25%	PIK	05/2023	843		840		—		829
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	5.41%	cash/	8.25%	PIK	05/2023	843		840		—		422
Eyecare Services Partners Holdings LLC+(22)	One stop	L +	9.25%	(b)	5.61%	cash/	8.25%	PIK	05/2023	1,630		1,630		0.1		1,630

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	4.50%	(h)	8.74%				03/2027	$	11,429	$	11,494	0.5	%	$	11,429
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.00%	(h)	9.88%				03/2027	89		86		—		89
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.00%	(h)	9.88%				03/2027	511		541		—		511
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.00%	(h)	9.88%				03/2027	181		183		—		181
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)	One stop	L +	5.00%	(b)	9.73%				03/2027	74		73		—		74
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)	One stop	SF +	5.00%	(l)	9.70%				03/2027	100		99		—		100
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.00%	(h)	9.88%				03/2027	750		775		—		750
Heartland Veterinary Partners LLC+	Senior loan	SF +	4.75%	(m)	9.56%				12/2026	842		835		—		825
Heartland Veterinary Partners LLC+	Senior loan	SF +	4.75%	(k)(l)(m)	9.25%				12/2026	114		113		—		111
Heartland Veterinary Partners LLC+	Senior loan	SF +	4.75%		N/A(6)				12/2026	—		—		—		—
Klick Inc.+(8)(12)	Senior loan	L +	4.50%	(b)	9.23%				03/2028	9,972		9,897		0.4		9,872
Klick Inc.+(5)(8)(12)	Senior loan	L +	4.50%		N/A(6)				03/2026	—		(1)		—		—
Krueger-Gilbert Health Physics, LLC+	Senior loan	L +	5.25%	(b)	9.98%				05/2025	2,305		2,299		0.1		2,259
Krueger-Gilbert Health Physics, LLC+	Senior loan	L +	5.25%	(b)	9.98%				05/2025	1,854		1,842		0.1		1,817
Krueger-Gilbert Health Physics, LLC+	Senior loan	L +	5.25%	(b)	9.98%				05/2025	1,088		1,108		0.1		1,066
Krueger-Gilbert Health Physics, LLC+	Senior loan	L +	5.25%	(b)	9.98%				05/2025	60		60		—		58
Krueger-Gilbert Health Physics, LLC+	Senior loan	L +	5.25%	(b)	9.98%				05/2025	764		751		—		723

New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(h)	10.38%				05/2028	18,060		19,945		0.7		17,157
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	L +	5.50%	(b)	10.23%				05/2028	4,315		4,267		0.2		4,099
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	L +	5.50%	(b)	10.23%				05/2028	2,809		2,785		0.1		2,668
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(h)	10.38%				05/2028	1,101		1,185		—		1,046
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(h)	10.38%				05/2028	574		585		—		462
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(h)	10.38%				05/2026	125		126		—		120
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	L +	5.50%	(b)	10.23%				05/2026	60		60		—		58
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	L +	5.50%	(b)	10.23%				05/2028	18		18		—		13
Oliver Street Dermatology Holdings, LLC+(7)(22)	One stop	SF +	11.40%	(l)	16.13%				03/2023	23,658		16,786		0.8		18,926
Oliver Street Dermatology Holdings, LLC+(22)	One stop	SF +	6.25%	(l)	10.98%				03/2023	13,860		13,912		0.5		12,890
Oliver Street Dermatology Holdings, LLC+(22)	One stop	SF +	6.25%	(l)	10.98%				03/2023	357		358		—		332
Pinnacle Treatment Centers, Inc.*#+	One stop	L +	6.50%	(a)	10.57%				01/2026	18,682		18,264		0.8		18,261
Pinnacle Treatment Centers, Inc.*	One stop	L +	6.50%	(a)	10.57%				01/2026	7,534		7,366		0.3		7,365
Pinnacle Treatment Centers, Inc.#+	One stop	L +	6.50%	(a)	10.57%				01/2026	1,535		1,501		0.1		1,500
Pinnacle Treatment Centers, Inc.+	One stop	L +	6.50%	(a)	10.57%				01/2026	693		678		—		677
Pinnacle Treatment Centers, Inc.+	One stop	L +	6.50%	(a)	10.57%				01/2026	182		178		—		178
Pinnacle Treatment Centers, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				01/2026	—		(5)		—		(5)
Pinnacle Treatment Centers, Inc.+	One stop	L +	6.50%	(a)	10.57%				01/2026	105		102		—		102
Pinnacle Treatment Centers, Inc.+	One stop	L +	6.50%	(a)	10.57%				01/2026	37		36		—		36
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.50%	(k)	10.92%				01/2026	2,198		2,149		0.1		2,148
Pinnacle Treatment Centers, Inc.+	One stop	L +	6.50%	(a)	10.57%				01/2026	1,155		1,129		—		1,129
PPT Management Holdings, LLC+(7)(22)	One stop	L +	8.50%	(a)	10.33%	cash/	2.50%	PIK	01/2023	27,082		25,482		0.8		20,311
PPT Management Holdings, LLC+(7)(22)	One stop	L +	8.50%	(a)	10.33%	cash/	2.50%	PIK	01/2023	328		310		—		246
PPT Management Holdings, LLC+(7)(22)	One stop	L +	10.50%	(a)	10.33%	cash/	4.50%	PIK	01/2023	302		282		—		226

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)	Amortized Cost	Percentage of Net Assets	Fair Value (4)
PPT Management Holdings, LLC+(7)(22)	One stop	L +	8.50%	(a)	10.33%	cash/	2.50%	PIK	01/2023	194	183	—	146
PPT Management Holdings, LLC+(7)(22)	One stop	L +	8.50%	(a)	10.33%	cash/	2.50%	PIK	01/2023	96	88	—	72
PPT Management Holdings, LLC+	One stop	L +	10.50%		N/A(6)				01/2023	—	—	—	—
Suveto Buyer, LLC+	One stop	L +	5.00%	(a)	9.38%				09/2027	18,298	18,089	0.7	16,962
Suveto Buyer, LLC+	One stop	L +	5.00%	(a)	9.38%				09/2027	113	112	—	104

										484,381	464,960	16.4	412,194

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Technology
Alegeus Technologies Holdings Corp.+	Senior loan	L +	8.25%	(b)	10.95%				09/2024	$	374	$	373	—	%	$	374
Coding Solutions Acquisition, Inc.+	One stop	SF +	5.50%	(k)	9.82%				05/2028	5,235		5,188		0.2		5,235
Coding Solutions Acquisition, Inc.+	One stop	SF +	5.50%	(k)	9.82%				05/2028	14		14		—		14
Coding Solutions Acquisition, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				05/2028	—		(7)		—		—
Color Intermediate, LLC+	One stop	SF +	5.50%	(l)	10.18%				10/2029	11,724		11,497		0.4		11,255
Connexin Software, Inc.+	One stop	L +	8.50%	(b)	13.23%				02/2024	9,465		9,481		0.4		9,465
Connexin Software, Inc.+	One stop	SF +	8.50%		N/A(6)				02/2024	—		—		—		—
ESO Solution, Inc.+	One stop	SF +	7.00%	(l)	11.59%				05/2027	7,549		7,495		0.3		7,549
ESO Solution, Inc.+(5)	One stop	SF +	7.00%		N/A(6)				03/2027	—		(1)		—		—
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(m)	9.83%				08/2026	6,170		6,147		0.2		6,046
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(m)	9.83%				08/2026	2,941		2,913		0.1		2,883
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(m)	9.83%				08/2026	1,938		1,925		0.1		1,899
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(m)	9.84%				08/2026	1,352		1,334		0.1		1,325
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(m)	9.83%				08/2026	633		629		—		620
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(l)(m)	10.26%				09/2025	64		63		—		63
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(m)	9.86%				08/2026	132		130		—		129
HSI Halo Acquisition, Inc.+(22)	One stop	N/A			10.00%				08/2026	18		18		—		26
Nextech Holdings, LLC+	One stop	L +	5.25%	(b)	9.66%				06/2025	3,921		3,957		0.2		3,881
Nextech Holdings, LLC+	One stop	L +	5.25%	(b)	9.66%				06/2025	1,912		1,904		0.1		1,893
Nextech Holdings, LLC+	One stop	L +	5.25%	(b)	9.99%				06/2025	100		99		—		94
Plasma Buyer LLC+	One stop	SF +	5.75%	(k)	10.07%				05/2029	5,390		5,292		0.2		5,228
Plasma Buyer LLC+(5)	One stop	SF +	5.75%		N/A(6)				05/2028	—		(1)		—		(1)
Plasma Buyer LLC+(5)	One stop	SF +	5.75%		N/A(6)				05/2029	—		(13)		—		(42)
Qgenda Intermediate Holdings, LLC+	One stop	L +	5.00%	(b)	9.73%				06/2025	14,929		14,929		0.6		14,630
Qgenda Intermediate Holdings, LLC#	One stop	L +	5.00%	(b)	9.73%				06/2025	12,163		12,096		0.5		11,920
Qgenda Intermediate Holdings, LLC+	One stop	L +	5.00%	(b)	9.73%				06/2025	1,451		1,446		0.1		1,422
Qgenda Intermediate Holdings, LLC#	One stop	L +	5.00%	(b)	9.73%				06/2025	970		970		—		951
Qgenda Intermediate Holdings, LLC+(5)	One stop	L +	5.00%		N/A(6)				06/2025	—		—		—		(4)
Tebra Technologies, Inc.+(22)	One stop	SF +	8.00%	(k)	8.92%	cash/	3.50%	PIK	06/2025	10,479		10,337		0.4		10,479
Tebra Technologies, Inc.+(22)	One stop	SF +	8.00%	(k)	8.92%	cash/	3.50%	PIK	06/2025	10,200		9,750		0.4		10,200
Tebra Technologies, Inc.+(22)	One stop	SF +	8.00%	(k)	8.92%	cash/	3.50%	PIK	06/2025	6,720		6,532		0.3		6,720
Tebra Technologies, Inc.+(22)	One stop	SF +	8.00%	(k)	8.92%	cash/	3.50%	PIK	06/2025	1,728		1,706		0.1		1,728
Tebra Technologies, Inc.+(22)	One stop	SF +	8.00%	(k)	8.92%	cash/	3.50%	PIK	06/2025	1,536		1,505		0.1		1,536
Tebra Technologies, Inc.+(22)	One stop	SF +	8.00%	(k)	8.92%	cash/	3.50%	PIK	06/2025	1,152		1,137		—		1,152
Tebra Technologies, Inc.+(22)	One stop	SF +	8.00%	(k)	8.92%	cash/	3.50%	PIK	06/2025	960		947		—		960
Tebra Technologies, Inc.+(22)	One stop	SF +	8.00%	(k)	8.92%	cash/	3.50%	PIK	06/2025	768		758		—		768
Tebra Technologies, Inc.+(22)	One stop	SF +	8.00%	(k)	8.92%	cash/	3.50%	PIK	06/2025	153		151		—		153
Tebra Technologies, Inc.+(22)	One stop	SF +	8.00%	(k)	8.92%	cash/	3.50%	PIK	06/2025	82		80		—		82
Transaction Data Systems, Inc.*#+	One stop	L +	4.50%	(b)	9.23%				02/2026	66,067		65,349		2.6		64,746
Transaction Data Systems, Inc.+(5)	One stop	L +	4.50%		N/A(6)				02/2026	—		(4)		—		(6)
Veranex, Inc.+	Senior loan	SF +	4.75%	(m)	7.52%				04/2028	3,170		3,142		0.1		3,011
Veranex, Inc.+(5)	Senior loan	P +	3.75%		N/A(6)				04/2028	—		—		—		(3)
Veranex, Inc.+	Senior loan	SF +	4.75%	(l)(m)	9.47%				04/2028	25		24		—		13
										191,485		189,292		7.5		188,394

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


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


Barteca Restaurants, LLC#	One stop	SF +	6.00%	(m)	9.19%				08/2028	$	7,659	$	7,588	0.3	%	$	7,659
Barteca Restaurants, LLC+(5)	One stop	SF +	6.00%		N/A(6)				08/2028	—		(1)		—		—
Barteca Restaurants, LLC+(5)	One stop	SF +	6.00%		N/A(6)				08/2028	—		(19)		—		—
BJH Holdings III Corp.*#+	One stop	L +	4.50%	(a)	8.46%				08/2025	50,571		51,252		2.0		49,055
BJH Holdings III Corp.+	One stop	L +	4.50%	(a)(b)	8.74%				08/2025	390		386		—		366
Davidson Hotel Company, LLC+	One stop	L +	5.25%	(a)	9.63%				07/2024	7,074		7,064		0.3		7,074
Davidson Hotel Company, LLC+	One stop	L +	5.25%	(a)	9.63%				07/2024	1,089		1,088		—		1,089
Davidson Hotel Company, LLC+	One stop	L +	5.25%		N/A(6)				07/2024	—		—		—		—
EOS Fitness Opco Holdings, LLC*#+	One stop	SF +	4.75%	(m)	9.79%				01/2026	9,368		9,376		0.4		9,368
EOS Fitness Opco Holdings, LLC+	One stop	SF +	4.75%	(m)	9.79%				01/2026	894		895		—		894
EOS Fitness Opco Holdings, LLC+	One stop	SF +	4.75%	(m)	9.73%				01/2026	32		32		—		32
EOS Fitness Opco Holdings, LLC+(5)	One stop	SF +	4.75%		N/A(6)				01/2026	—		(11)		—		—
ESN Venture Holdings, LLC+	One stop	SF +	6.50%	(l)	11.08%				10/2028	3,652		3,603		0.1		3,606
ESN Venture Holdings, LLC+	One stop	SF +	6.50%	(l)	11.06%				10/2028	16		14		—		15
ESN Venture Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)				10/2028	—		(30)		—		(23)
Freddy's Frozen Custard LLC+	One stop	L +	5.00%	(b)	9.73%				03/2027	9,136		9,073		0.4		9,136
Freddy's Frozen Custard LLC+	One stop	L +	5.00%		N/A(6)				03/2027	—		—		—		—
Harri US LLC+(22)	One stop	L +	10.00%	(b)	10.59%	cash/	4.00%	PIK	08/2026	812		733		—		815
Harri US LLC+	One stop	SF +	10.00%		N/A(6)				08/2026	—		—		—		—
Harri US LLC+(5)	One stop	SF +	10.00%		N/A(6)				08/2026	—		(3)		—		3
Harri US LLC+(22)	One stop	SF +	10.00%	(l)	10.64%	cash/	4.00%	PIK	08/2026	552		550		—		554
Health Buyer, LLC+	Senior loan	SF +	5.25%	(l)(m)	10.29%				04/2029	2,597		2,562		0.1		2,493
Health Buyer, LLC+	Senior loan	SF +	5.25%	(k)	9.66%				04/2028	17		17		—		16
SSRG Holdings, LLC+	One stop	SF +	4.75%	(l)	9.48%				11/2025	998		988		—		988
SSRG Holdings, LLC+	One stop	SF +	4.75%	(l)	9.48%				11/2025	20		20		—		19
Tropical Smoothie Cafe Holdings, LLC+	One stop	SF +	5.25%	(l)	9.49%				09/2026	19,900		19,729		0.8		19,701
Tropical Smoothie Cafe Holdings, LLC*#	One stop	SF +	5.25%	(k)(l)	9.74%				09/2026	13,695		13,562		0.6		13,558
Tropical Smoothie Cafe Holdings, LLC#	One stop	SF +	5.25%	(k)(l)	9.50%				09/2026	5,501		5,450		0.2		5,446
Tropical Smoothie Cafe Holdings, LLC+(5)	One stop	SF +	4.25%		N/A(6)				09/2026	—		(1)		—		(1)


										133,973		133,917		5.2		131,863
Household Durables
Groundworks LLC+	Senior loan	L +	4.75%	(b)	9.48%				01/2026	4,603		4,561		0.2		4,603
Groundworks LLC+	Senior loan	L +	4.75%	(b)	9.48%				01/2026	1,800		1,783		0.1		1,800
Groundworks LLC+	Senior loan	L +	4.75%	(b)	9.48%				01/2026	1,200		1,191		0.1		1,200
Groundworks LLC+	Senior loan	L +	4.75%	(b)	9.48%				01/2026	1,069		1,058		—		1,069
Groundworks LLC+	Senior loan	L +	4.75%	(b)	9.48%				01/2026	82		81		—		82
Groundworks LLC+	Senior loan	L +	4.75%	(b)	9.48%				01/2026	56		52		—		56
Groundworks LLC+	Senior loan	L +	4.75%		N/A(6)				01/2026	—		—		—		—


										8,810		8,726		0.4		8,810
Household Products
WU Holdco, Inc.#+	One stop	L +	5.50%	(b)	10.23%				03/2026	3,732		3,776		0.1		3,582
WU Holdco, Inc.+	One stop	L +	5.50%	(b)	10.23%				03/2026	1,315		1,315		0.1		1,262
WU Holdco, Inc.+	One stop	L +	5.50%	(b)	10.23%				03/2026	342		339		—		328
WU Holdco, Inc.+	One stop	L +	5.50%	(b)	10.20%				03/2025	26		25		—		24
										5,415		5,455		0.2		5,196

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Industrial Conglomerates
Arch Global CCT Holdings Corp.#+	Senior loan	L +	4.75%	(b)	9.16%	04/2026	$	2,349	$	2,391	0.1	%	$	2,324
Arch Global CCT Holdings Corp.+	Senior loan	L +	4.75%	(b)	9.48%	04/2026	135		134		—		133
Arch Global CCT Holdings Corp.+	Senior loan	L +	4.75%	(b)	9.46%	04/2026	100		100		—		98
Arch Global CCT Holdings Corp.+	Senior loan	L +	4.75%		N/A(6)	04/2025	—		—		—		—
Dwyer Instruments, Inc.+	One stop	L +	6.00%	(b)	10.73%	07/2027	3,912		3,842		0.2		3,912
Dwyer Instruments, Inc.+	One stop	L +	6.00%	(b)	10.73%	07/2027	7		6		—		7
Dwyer Instruments, Inc.+(5)	One stop	L +	6.00%		N/A(6)	07/2027	—		(9)		—		—
Essential Services Holdings Corporation+	One stop	L +	5.75%	(a)(b)	9.82%	11/2026	1,496		1,485		0.1		1,466
Essential Services Holdings Corporation+(5)	One stop	L +	5.75%		N/A(6)	11/2025	—		(1)		—		(1)
Excelitas Technologies Corp.+	One stop	SF +	5.75%	(l)	10.12%	08/2029	7,131		6,994		0.3		7,060
Excelitas Technologies Corp.+(8)(9)	One stop	E +	5.75%	(e)	7.55%	08/2029	1,261		1,194		—		1,249
Excelitas Technologies Corp.+	One stop	SF +	5.75%	(d)(l)	10.70%	08/2028	126		124		—		124
Excelitas Technologies Corp.+(5)	One stop	SF +	5.75%		N/A(6)	08/2029	—		(13)		—		(14)
Madison Safety & Flow LLC+	Senior loan	SF +	4.60%	(k)	8.86%	03/2025	439		439		—		439
Madison Safety & Flow LLC+	Senior loan	SF +	4.60%	(k)	8.92%	03/2025	1		1		—		1
Specialty Measurement Bidco Limited+(8)(10)	One stop	L +	5.50%	(b)	10.23%	11/2027	7,961		7,808		0.3		7,881
Specialty Measurement Bidco Limited+(8)(9)(10)	One stop	E +	5.50%	(e)	7.45%	11/2027	7,159		7,840		0.3		7,088
Specialty Measurement Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.50%		N/A(6)	11/2027	—		(79)		—		(35)
							32,077		32,256		1.3		31,732

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Insurance
Alera Group, Inc.+	One stop	SF +	6.00%	(k)	10.42%				10/2028	$	25,306	$	25,098	1.0	%	$	24,547
Alera Group, Inc.+	One stop	SF +	6.00%	(k)	10.42%				10/2028	7,192		7,102		0.3		6,976
Alera Group, Inc.+	One stop	SF +	6.00%	(k)	10.42%				10/2028	612		608		—		594
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(m)	9.33%				07/2027	3,180		3,156		0.1		3,117
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(m)	9.33%				07/2027	947		944		—		928
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(m)	9.33%				07/2027	788		781		—		772
AMBA Buyer, Inc.+	One stop	SF +	5.25%		N/A(6)				07/2027	—		—		—		—
AMBA Buyer, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				07/2027	—		—		—		(2)
Captive Resources Midco, LLC+(22)	One stop	SF +	5.75%	(k)	4.78%	cash/	5.29%	PIK	07/2029	9,788		9,606		0.4		9,592
Captive Resources Midco, LLC+(5)	One stop	SF +	5.75%		N/A(6)				07/2028	—		(3)		—		(4)
Integrity Marketing Acquisition, LLC+	Senior loan	L +	6.05%	(c)	11.28%				08/2025	3,039		3,003		0.1		2,976
Integrity Marketing Acquisition, LLC+	One stop	L +	5.80%	(b)	10.56%				08/2025	2,415		2,408		0.1		2,351
Integrity Marketing Acquisition, LLC+	Senior loan	L +	6.05%	(c)	11.23%				08/2025	1,513		1,495		0.1		1,482
Integrity Marketing Acquisition, LLC+	Senior loan	L +	5.80%	(b)(c)	10.27%				08/2025	772		767		—		751
Integrity Marketing Acquisition, LLC+	One stop	L +	5.80%	(c)	10.85%				08/2025	467		463		—		455
Integrity Marketing Acquisition, LLC+	Senior loan	L +	6.05%	(c)	10.08%				08/2025	244		242		—		239
Integrity Marketing Acquisition, LLC+	Senior loan	L +	6.02%	(c)	10.68%				08/2025	184		182		—		180
Integrity Marketing Acquisition, LLC+(5)	One stop	SF +	6.50%		N/A(6)				08/2025	—		—		—		(2)
Integrity Marketing Acquisition, LLC+	One stop	SF +	6.02%	(l)(m)	10.37%				08/2025	1,755		1,717		0.1		1,694
J.S. Held Holdings, LLC#+	One stop	L +	5.50%	(b)	10.23%				07/2025	6,405		6,387		0.3		6,341
J.S. Held Holdings, LLC+	One stop	L +	5.50%	(b)	10.23%				07/2025	1,474		1,456		0.1		1,459
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(l)	10.23%				07/2025	1,426		1,404		0.1		1,412
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(l)	10.23%				07/2025	118		114		—		113
J.S. Held Holdings, LLC+	One stop	L +	5.50%	(b)(d)	10.53%				07/2025	252		249		—		248
Keystone Agency Partners LLC+	Senior loan	SF +	6.25%	(l)	10.98%				05/2027	2,843		2,805		0.1		2,786
Keystone Agency Partners LLC+	Senior loan	SF +	6.25%	(l)	10.98%				05/2027	182		179		—		178
Keystone Agency Partners LLC+	Senior loan	SF +	6.25%	(l)	10.98%				05/2027	159		147		—		140
Long Term Care Group, Inc.+	One stop	L +	6.00%	(a)	10.34%				09/2027	2,977		2,930		0.1		2,977
Majesco*#	One stop	L +	7.25%	(b)	11.98%				09/2027	18,703		18,486		0.8		18,703
Majesco+(5)	One stop	L +	7.25%		N/A(6)				09/2026	—		(2)		—		—
Norvax, LLC+	Senior loan	L +	7.50%	(b)	12.23%				09/2025	32,701		32,440		1.2		31,066
Norvax, LLC+	Senior loan	L +	7.50%	(b)	12.23%				09/2025	9,900		9,754		0.4		9,405
Pareto Health Intermediate Holdings, Inc.+	One stop	L +	4.50%	(b)	9.23%				08/2025	7,207		7,160		0.3		7,207
Patriot Growth Insurance Services, LLC+(22)	One stop	L +	5.50%	(b)(c)	8.86%				10/2028	11,035		10,943		0.4		10,694
Patriot Growth Insurance Services, LLC+(5)	One stop	L +	5.50%		N/A(6)				10/2028	—		(1)		—		(2)
Patriot Growth Insurance Services, LLC+	One stop	L +	5.75%	(b)	10.47%				10/2028	161		140		—		116
People Corporation+(8)(9)(12)	One stop	C +	6.25%	(h)	10.91%				02/2028	13,748		14,509		0.5		13,611
People Corporation+(8)(9)(12)	One stop	C +	6.25%	(h)	10.91%				02/2028	4,487		4,864		0.2		4,442
People Corporation+(8)(9)(12)	One stop	C +	5.50%	(h)	10.17%				02/2028	4,099		4,215		0.1		3,644
People Corporation+(8)(9)(12)	One stop	C +	6.25%	(h)	10.99%				02/2027	39		36		—		37
RSC Acquisition, Inc.*#+	One stop	SF +	5.50%	(l)	9.79%				10/2026	25,570		25,260		1.0		25,058
RSC Acquisition, Inc.+	One stop	SF +	5.50%	(l)	9.91%				10/2026	6,544		6,293		0.3		6,413
RSC Acquisition, Inc.+	One stop	SF +	5.50%	(l)	10.11%				10/2026	1,515		1,503		0.1		1,485
RSC Acquisition, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				10/2026	—		(1)		—		(2)
RSC Acquisition, Inc.+	One stop	SF +	5.50%	(l)	10.23%				10/2026	165		129		—		83
RSC Acquisition, Inc.+	One stop	SF +	5.50%	(l)	10.07%				10/2026	1,473		1,460		0.1		1,443
Sunstar Insurance Group, LLC+	Senior loan	SF +	6.00%	(l)	10.73%				10/2026	773		764		—		766

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Sunstar Insurance Group, LLC+	Senior loan	SF +	6.00%	(l)	10.73%				10/2026	$	791	$	784	—	%	$	782
Sunstar Insurance Group, LLC+	Senior loan	SF +	6.00%	(l)	10.73%				10/2026	392		387		—		388
Sunstar Insurance Group, LLC+	Senior loan	SF +	6.00%		N/A(6)				10/2026	—		—		—		—
TigerRisk, LLC*+	One stop	L +	4.75%	(a)	9.13%				06/2027	22,604		22,437		0.9		22,604
TigerRisk, LLC+(5)	One stop	L +	4.75%		N/A(6)				06/2027	—		(1)		—		—

										235,945		234,799		9.2		230,243
Internet & Catalog Retail
Revalize, Inc.+	One stop	SF +	5.75%	(l)	10.48%				04/2027	14,974		14,867		0.5		13,477
Revalize, Inc.+	One stop	SF +	5.75%	(l)	10.48%				04/2027	8,764		8,702		0.3		7,888
Revalize, Inc.+	One stop	SF +	5.75%	(l)	10.48%				04/2027	4,346		4,315		0.2		3,911
Revalize, Inc.+	One stop	SF +	5.75%	(l)	10.48%				04/2027	2,618		2,599		0.1		2,356
Revalize, Inc.+	One stop	SF +	5.75%	(l)	10.48%				04/2027	1,687		1,674		0.1		1,518
Revalize, Inc.+	One stop	SF +	5.75%	(l)	10.48%				04/2027	396		394		—		357
Revalize, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				04/2027	—		(1)		—		(23)
Revalize, Inc.+	One stop	SF +	5.75%	(l)	10.46%				04/2027	43		41		—		38
										32,828		32,591		1.2		29,522
IT Services
Acquia, Inc.+	One stop	L +	7.00%	(b)	10.74%				10/2025	9,578		9,515		0.4		9,578
Acquia, Inc.+	One stop	L +	7.00%	(c)	12.16%				10/2025	33		32		—		33
CivicPlus, LLC+(22)	One stop	L +	6.75%	(b)	8.98%	cash/	2.50%	PIK	08/2027	6,200		6,138		0.2		6,076
CivicPlus, LLC+(22)	One stop	L +	6.75%	(b)	8.98%	cash/	2.50%	PIK	08/2027	3,662		3,629		0.1		3,589
CivicPlus, LLC+(22)	One stop	L +	6.75%	(b)	8.98%	cash/	2.50%	PIK	08/2027	2,906		2,877		0.1		2,848
CivicPlus, LLC+	One stop	SF +	11.75%	(m)	14.38%				06/2034	202		197		—		200
CivicPlus, LLC+(5)	One stop	L +	6.75%		N/A(6)				08/2027	—		(1)		—		(2)
Critical Start, Inc.+(22)	One stop	SF +	5.75%	(k)	6.94%	cash/	3.13%	PIK	05/2028	3,278		3,249		0.1		3,212
Critical Start, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				05/2028	—		(1)		—		(1)
Delinea Inc.+	One stop	L +	6.00%	(b)	10.73%				03/2028	16,538		16,355		0.6		15,381
Delinea Inc.#	One stop	L +	6.00%	(b)	10.73%				03/2028	9,561		9,452		0.4		8,892
Delinea Inc.+	One stop	L +	6.00%	(b)	10.73%				03/2027	237		234		—		223
Episerver, Inc.+	One stop	L +	5.25%	(b)	9.98%				04/2026	21,440		21,224		0.8		20,797
Episerver, Inc.+(8)(9)	One stop	E +	5.50%	(e)	7.63%				04/2026	19,130		20,201		0.8		18,557
Episerver, Inc.#+	One stop	L +	5.25%	(b)	9.98%				04/2026	11,907		11,965		0.5		11,549
Episerver, Inc.*	One stop	L +	5.25%	(b)	9.98%				04/2026	6,585		6,510		0.3		6,387
Episerver, Inc.+(5)	One stop	L +	5.25%		N/A(6)				04/2026	—		(2)		—		(16)
Episerver, Inc.+(5)	One stop	L +	5.50%		N/A(6)				04/2026	—		(3)		—		(15)
Goldcup 31018 AB+(8)(9)(17)(22)	One stop	E +	7.07%	(f)	3.57%	cash/	3.82%	PIK	07/2029	8,372		7,740		0.3		8,204
Goldcup 31018 AB+(5)(8)(9)(17)	One stop	E +	6.50%		N/A(6)				01/2029	—		(2)		—		(3)
Goldcup 31018 AB+(5)(8)(9)(17)	One stop	E +	6.50%		N/A(6)				07/2029	—		(15)		—		(28)
Infinisource, Inc.#+	One stop	L +	5.25%	(b)	9.98%				10/2026	27,737		27,431		1.1		26,905
Infinisource, Inc.+	One stop	L +	5.25%	(b)	9.98%				10/2026	8,382		8,317		0.3		8,130
Infinisource, Inc.+	One stop	L +	5.25%	(b)	9.98%				10/2026	2,021		1,988		0.1		1,961
Infinisource, Inc.+	One stop	L +	5.25%	(b)	9.98%				10/2026	303		301		—		294
Infinisource, Inc.+	One stop	L +	5.25%	(b)	9.98%				10/2026	213		212		—		207
Infinisource, Inc.+	One stop	L +	5.25%	(b)	9.98%				10/2026	105		104		—		102
Infinisource, Inc.+(5)	One stop	L +	5.25%		N/A(6)				10/2026	—		(3)		—		(13)
Infinisource, Inc.+(5)	One stop	L +	5.25%		N/A(6)				10/2026	—		(1)		—		(5)
Infinisource, Inc.+	One stop	L +	5.25%	(b)	9.98%				10/2026	86		76		—		83
Infinisource, Inc.+	One stop	L +	5.25%	(c)	10.47%				10/2026	486		483		—		472
Infinisource, Inc.+	One stop	L +	5.25%	(b)(c)	10.26%				10/2026	288		278		—		279
Netwrix Corporation*+	One stop	SF +	5.00%	(m)	9.70%				06/2029	3,924		3,892		0.2		3,885

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Netwrix Corporation+(5)	One stop	SF +	5.00%		N/A(6)				06/2029	$	—	$	(2)	—	%	$	(2)
Netwrix Corporation+	One stop	SF +	5.00%	(l)	9.53%				06/2029	234		225		—		219
PCS Intermediate II Holdings, LLC#+	One stop	L +	5.25%	(c)	8.62%				01/2026	14,165		14,092		0.6		14,165
PCS Intermediate II Holdings, LLC+	One stop	L +	5.25%	(c)	8.62%				01/2026	2,045		2,031		0.1		2,045
PCS Intermediate II Holdings, LLC+(5)	One stop	L +	5.25%		N/A(6)				01/2026	—		(1)		—		—
Recordxtechnologies, LLC#(22)	One stop	SF +	8.50%	(l)	11.08%	cash/	2.00%	PIK	12/2025	728		721		—		699
Recordxtechnologies, LLC+(22)	One stop	SF +	8.50%	(l)	11.08%	cash/	2.00%	PIK	12/2025	114		113		—		109
Recordxtechnologies, LLC+(22)	One stop	SF +	8.50%	(l)	11.08%	cash/	2.00%	PIK	12/2025	67		66		—		64
Red Dawn SEI Buyer, Inc.+(8)(9)	Senior loan	SN +	4.50%	(i)	7.93%				11/2025	20,819		23,448		0.8		20,611
Red Dawn SEI Buyer, Inc.+	Senior loan	L +	4.50%	(c)	8.67%				11/2025	5,528		5,494		0.2		5,472
Red Dawn SEI Buyer, Inc.+	Senior loan	L +	4.25%	(c)	8.42%				11/2025	735		731		—		723
Red Dawn SEI Buyer, Inc.+	Senior loan	L +	4.25%	(c)	8.42%				11/2025	131		130		—		129
Red Dawn SEI Buyer, Inc.+(5)	Senior loan	L +	4.50%		N/A(6)				11/2025	—		(2)		—		(2)
Red Dawn SEI Buyer, Inc.+(5)	Senior loan	L +	4.25%		N/A(6)				11/2025	—		(1)		—		(2)
Red Dawn SEI Buyer, Inc.+	Senior loan	L +	4.50%	(c)	8.67%				11/2025	169		167		—		167
ReliaQuest Holdings, LLC+	One stop	SF +	10.75%	(k)	15.07%				10/2026	1,098		1,079		—		1,098
ReliaQuest Holdings, LLC+	One stop	SF +	10.75%	(k)	15.07%				10/2026	106		106		—		106
ReliaQuest Holdings, LLC+(5)	One stop	SF +	10.75%		N/A(6)				10/2026	—		(1)		—		—
Saturn Borrower Inc.+(22)	One stop	L +	7.25%	(b)	11.23%	cash/	0.75%	PIK	09/2026	19,957		19,578		0.8		18,959
Saturn Borrower Inc.+	One stop	L +	6.50%	(b)	11.23%				09/2026	103		101		—		96
Zarya Holdco, Inc.+	Senior loan	SF +	6.50%	(l)	10.90%				07/2027	4,789		4,789		0.2		4,741
Zarya Holdco, Inc.+	Senior loan	SF +	6.50%		N/A(6)				07/2027	—		—		—		—


										233,962		235,236		9.0		227,158

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Leisure Products
WBZ Investment LLC#+(22)	One stop	L +	6.25%	(c)	10.40%	cash/	1.00%	PIK	09/2024	$	8,649	$	8,676	0.3	%	$	8,649
WBZ Investment LLC+(22)	One stop	L +	6.25%	(c)	10.40%	cash/	1.00%	PIK	09/2024	1,240		1,235		0.1		1,240
WBZ Investment LLC+(22)	One stop	L +	6.25%	(c)	10.40%	cash/	1.00%	PIK	09/2024	861		873		—		861
WBZ Investment LLC+(22)	One stop	L +	6.25%	(c)	10.40%	cash/	1.00%	PIK	09/2024	445		452		—		445
WBZ Investment LLC+	One stop	L +	6.25%		N/A(6)				09/2024	—		—		—		—
										11,195		11,236		0.4		11,195
Life Sciences Tools & Services
Celerion Buyer, Inc.*#+	One stop	SF +	6.50%	(l)	10.64%				11/2029	21,542		21,017		0.9		21,217
Celerion Buyer, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(1)		—		(1)
Celerion Buyer, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				11/2029	—		(83)		—		(51)
Covaris Intermediate 3, LLC+	One stop	L +	4.75%	(b)	9.16%				01/2028	5,894		5,844		0.3		5,776
Covaris Intermediate 3, LLC+	One stop	L +	5.25%	(b)	9.66%				01/2028	18		18		—		17
Covaris Intermediate 3, LLC+(5)	One stop	L +	4.75%		N/A(6)				01/2028	—		(2)		—		(6)
PAS Parent Inc.*#+	One stop	L +	5.50%	(a)	9.88%				12/2028	33,735		33,155		1.3		32,386
PAS Parent Inc.+	One stop	P +	4.50%	(a)(b)(d)	11.45%				12/2027	237		229		—		225
PAS Parent Inc.+	One stop	L +	5.50%	(a)	9.89%				12/2028	11		7		—		4
Reaction Biology Corporation#	One stop	SF +	5.00%	(m)	9.23%				03/2029	8,003		7,932		0.3		7,603
Reaction Biology Corporation+(5)	One stop	SF +	5.00%		N/A(6)				03/2029	—		(2)		—		(10)
Reaction Biology Corporation+(5)	One stop	SF +	5.00%		N/A(6)				03/2029	—		(1)		—		(8)
Reaction Biology Corporation+	One stop	SF +	5.00%	(m)	9.96%				03/2029	183		181		—		174
Reaction Biology Corporation+	One stop	SF +	5.00%	(m)	9.48%				03/2029	122		121		—		116
Unchained Labs, LLC+	Senior loan	SF +	5.50%	(k)	9.87%				08/2027	996		971		—		954
Unchained Labs, LLC+	Senior loan	SF +	5.50%	(k)	9.87%				08/2027	841		829		—		825
Unchained Labs, LLC+(5)	Senior loan	SF +	5.50%		N/A(6)				08/2027	—		—		—		(1)










										71,582		70,215		2.8		69,220
Machinery
Bad Boy Mowers Acquisition, LLC+	Senior loan	L +	4.25%	(b)	9.00%				03/2028	1,866		1,862		0.1		1,828
Blackbird Purchaser, Inc.*+	Senior loan	L +	4.50%	(a)	8.88%				04/2026	19,035		19,148		0.8		18,654
Blackbird Purchaser, Inc.+	Senior loan	L +	4.50%	(a)	8.83%				10/2025	86		87		—		84
Blackbird Purchaser, Inc.+(5)	Senior loan	L +	4.50%		N/A(6)				04/2026	—		(2)		—		(6)
Chase Industries, Inc.+(7)(22)	Senior loan	L +	7.00%	(b)	11.73%				05/2025	12,487		12,106		0.4		11,232
Chase Industries, Inc.+(7)(22)	Senior loan	L +	7.00%	(b)	11.73%				05/2025	1,021		1,003		—		918
Chase Industries, Inc.+(7)(22)	Senior loan	L +	7.00%	(b)(c)	11.52%				05/2025	316		305		—		278

										34,811		34,509		1.3		32,988
Marine
Project Nike Purchaser, LLC+	One stop	SF +	6.00%	(l)	10.58%				04/2029	18,953		18,782		0.7		18,194
Project Nike Purchaser, LLC+	One stop	SF +	6.00%	(l)	10.58%				04/2029	10		8		—		—
Project Nike Purchaser, LLC+(5)	One stop	P +	5.00%		N/A(6)				04/2029	—		(7)		—		(30)
										18,963		18,783		0.7		18,164
Media
Triple Lift, Inc.+	One stop	SF +	5.50%	(m)	10.12%				05/2028	5,330		5,248		0.2		5,170
Triple Lift, Inc.+	One stop	SF +	5.50%	(m)	9.61%				05/2028	1,130		1,110		—		1,096
Triple Lift, Inc.+	One stop	SF +	5.25%	(m)	9.58%				05/2028	27		26		—		25
										6,487		6,384		0.2		6,291
Multiline Retail
Mills Fleet Farm Group LLC*#+	One stop	L +	6.25%	(b)	10.66%				10/2024	45,138		45,095		1.8		45,138

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.*+(8)(12)	One stop	L +	6.50%	(b)	11.15%				05/2025	$	20,367	$	20,442	0.8	%	$	20,367
3ES Innovation, Inc.+(8)(12)	One stop	L +	6.50%	(b)	11.24%				05/2025	80		79		—		80
Envernus, Inc.*#+	Senior loan	L +	4.25%	(a)	8.63%				07/2025	36,969		37,227		1.4		36,392
Envernus, Inc.+	Senior loan	L +	4.50%	(a)	8.88%				07/2025	16,949		16,718		0.7		16,780
Envernus, Inc.+	Senior loan	L +	4.25%	(a)	8.63%				09/2024	86		86		—		84
Envernus, Inc.+	Senior loan	L +	4.50%	(a)	8.88%				09/2024	69		66		—		69
Project Power Buyer, LLC*#+	One stop	L +	6.00%	(a)	10.38%				05/2026	15,424		15,513		0.6		15,424
Project Power Buyer, LLC+	One stop	L +	6.00%		N/A(6)				05/2025	—		—		—		—
										89,944		90,131		3.5		89,196
Paper & Forest Products
Messenger, LLC#+	One stop	SF +	5.75%	(k)	10.17%				12/2027	10,150		10,064		0.4		9,947
Messenger, LLC+	One stop	SF +	5.75%	(k)	10.17%				12/2027	99		98		—		97
Messenger, LLC+	One stop	SF +	5.75%	(k)	10.17%				12/2027	50		49		—		49
Messenger, LLC+	One stop	SF +	5.75%	(d)(k)	10.99%				12/2027	33		33		—		32
										10,332		10,244		0.4		10,125
Personal Products
IMPLUS Footcare, LLC+(22)	One stop	L +	8.00%	(b)	12.48%	cash/	0.25%	PIK	04/2024	30,407		30,573		1.2		28,887
IMPLUS Footcare, LLC+(22)	One stop	L +	8.00%	(b)	12.48%	cash/	0.25%	PIK	04/2024	5,193		5,221		0.2		4,933
IMPLUS Footcare, LLC*+(22)	One stop	L +	8.00%	(b)	12.48%	cash/	0.25%	PIK	04/2024	749		758		—		711
										36,349		36,552		1.4		34,531

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Pharmaceuticals
ACP Ulysses Buyer, Inc.*#+	One stop	SF +	5.50%	(l)	10.23%				02/2026	$	25,424	$	25,237	1.0	%	$	24,661
ACP Ulysses Buyer, Inc.+	One stop	SF +	5.50%	(l)	10.23%				02/2026	1,099		1,080		0.1		1,066
Amalthea Parent, Inc.*#+(8)(12)	One stop	L +	4.75%	(a)	9.13%				03/2027	57,100		56,616		2.2		55,958
Amalthea Parent, Inc.+(5)(8)(12)	One stop	SF +	4.75%		N/A(6)				03/2027	—		(2)		—		(5)
Amalthea Parent, Inc.+(5)(8)(12)	One stop	SF +	4.75%		N/A(6)				03/2027	—		(22)		—		(35)
Amalthea Parent, Inc.+(5)(8)(12)	One stop	SF +	4.75%		N/A(6)				03/2027	—		(2)		—		(6)
Apothecary Products, LLC+	Senior loan	SF +	5.00%	(m)	8.36%				07/2023	2,891		2,912		0.1		2,862
Apothecary Products, LLC+	Senior loan	SF +	5.00%	(k)	9.42%				07/2023	52		52		—		44
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.50%	(l)	10.08%				05/2029	17,136		16,823		0.7		16,592
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.75%	(k)	10.07%				05/2029	70		65		—		64
Caerus Midco 3 S.A.R.L.+(5)(8)(13)	One stop	SF +	5.50%		N/A(6)				05/2029	—		(24)		—		(82)
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.75%	(l)	9.83%				05/2029	2,829		2,773		0.1		2,772
Caerus Midco 3 S.A.R.L.+(5)(8)(13)	One stop	SF +	5.75%		N/A(6)				05/2029	—		(4)		—		(8)
Cobalt Buyer Sub, Inc.+	One stop	L +	5.25%	(a)	9.63%				10/2028	10,600		10,426		0.4		10,176
Cobalt Buyer Sub, Inc.+	One stop	L +	5.25%	(a)	9.63%				10/2027	36		35		—		33
Cobalt Buyer Sub, Inc.+	One stop	L +	5.25%	(a)	9.63%				10/2028	3,232		3,172		0.1		3,090
Spark Bidco Limited+(8)(9)(10)	Senior loan	SN +	4.50%	(i)	7.93%				08/2028	23,714		26,646		0.9		22,125
Spark Bidco Limited+(8)(9)(10)	Senior loan	SN +	4.50%	(i)	7.93%				08/2028	2,515		2,501		0.1		2,347
Spark Bidco Limited+(5)(8)(9)(10)	Senior loan	SN +	4.50%		N/A(6)				02/2028	—		(2)		—		(5)
Spark Bidco Limited+(8)(9)(10)	Senior loan	SN +	6.00%	(i)	9.43%				08/2028	3,291		3,248		0.1		3,242
Spark Bidco Limited+(8)(9)(10)	Senior loan	SN +	4.50%	(i)	7.93%				08/2028	2,874		2,689		0.1		2,682
Spark Bidco Limited+(5)(8)(9)(10)	Senior loan	SN +	4.50%		N/A(6)				08/2028	—		(37)		—		(37)
										152,863		154,182		5.9		147,536
Professional Services
bswift, LLC+	One stop	SF +	6.63%	(l)	10.81%				11/2028	5,138		4,981		0.2		4,977
Citrin Cooperman Advisors LLC+	One stop	SF +	5.00%	(m)	9.06%				10/2027	3,119		3,070		0.1		2,858
Citrin Cooperman Advisors LLC+	One stop	SF +	5.00%		N/A(6)				10/2027	—		—		—		—
Citrin Cooperman Advisors LLC+	One stop	SF +	5.00%		N/A(6)				10/2027	—		—		—		—
DISA Holdings Corp.+	Senior loan	SF +	5.50%	(k)	9.79%				09/2028	3,503		3,436		0.1		3,450
DISA Holdings Corp.+	Senior loan	SF +	5.50%	(k)	9.82%				09/2028	1		—		—		1
DISA Holdings Corp.+	Senior loan	SF +	5.50%	(k)	9.67%				09/2028	210		204		—		203
DISA Holdings Corp.+	One stop	SF +	5.50%	(k)	9.73%				09/2028	133		126		—		126
DISA Holdings Corp.+	Subordinated debt	SF +	10.00%	(k)	14.22%				03/2029	50		49		—		49
Eliassen Group, LLC+	One stop	SF +	5.50%	(l)	10.08%				04/2028	1,441		1,428		0.1		1,441
Eliassen Group, LLC+	One stop	SF +	5.50%	(l)	9.93%				04/2028	4		4		—		4
Filevine, Inc.+(22)	One stop	SF +	6.50%	(l)(m)	8.22%	cash/	2.50%	PIK	04/2027	5,299		5,235		0.2		5,317
Filevine, Inc.+	One stop	SF +	6.50%		N/A(6)				04/2027	—		—		—		—
IG Investments Holdings, LLC+	One stop	L +	6.00%	(a)	10.38%				09/2028	7,075		6,964		0.3		7,075
IG Investments Holdings, LLC+	One stop	L +	6.00%	(a)	10.39%				09/2027	17		16		—		17
NBG Acquisition Corp. and NBG-P Acquisition Corp.+	One stop	L +	5.25%	(b)	9.66%				11/2028	7,574		7,527		0.3		7,347
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5)	One stop	L +	5.25%		N/A(6)				11/2028	—		(14)		—		(66)
NBG Acquisition Corp. and NBG-P Acquisition Corp.+	One stop	L +	5.25%	(a)(b)	9.64%				11/2028	117		116		—		110
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5)	One stop	L +	5.25%		N/A(6)				11/2028	—		(17)		—		(75)
Net Health Acquisition Corp.+	One stop	L +	5.75%	(a)	10.13%				12/2025	13,202		13,120		0.5		12,938
Net Health Acquisition Corp.*#	One stop	L +	5.75%	(a)	10.13%				12/2025	8,356		8,354		0.3		8,189
Net Health Acquisition Corp.+	One stop	L +	5.75%	(a)	10.13%				12/2025	6,689		6,721		0.3		6,555
Net Health Acquisition Corp.#	One stop	L +	5.75%	(a)	10.13%				12/2025	4,226		4,190		0.2		4,142

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Net Health Acquisition Corp.*#	One stop	L +	5.75%	(a)	10.13%	12/2025	$	1,168	$	1,168	—	%	$	1,145
Net Health Acquisition Corp.+(5)	One stop	L +	5.75%		N/A(6)	12/2025	—		(2)		—		(6)
PlanSource Holdings, Inc.+	One stop	L +	6.25%	(c)	9.55%	04/2025	11,416		11,460		0.4		11,301
PlanSource Holdings, Inc.+	One stop	L +	6.25%	(c)	9.55%	04/2025	1,932		1,922		0.1		1,912
PlanSource Holdings, Inc.+	One stop	L +	6.25%	(c)	9.55%	04/2025	139		138		—		138
PlanSource Holdings, Inc.+(5)	One stop	L +	6.25%		N/A(6)	04/2025	—		—		—		(2)

Procure Acquireco, Inc.#+	One stop	L +	5.00%	(a)	9.35%	12/2028	17,589		17,439		0.7		17,414
Procure Acquireco, Inc.+(5)	One stop	L +	5.00%		N/A(6)	12/2028	—		(1)		—		(1)
Procure Acquireco, Inc.+(5)	One stop	L +	5.00%		N/A(6)	12/2028	—		(3)		—		(3)
Teaching Company, The*#+	One stop	L +	4.75%	(b)	8.83%	07/2023	17,419		17,452		0.7		17,246
Teaching Company, The+(5)	One stop	L +	4.75%		N/A(6)	07/2023	—		—		—		(2)





							115,817		115,083		4.5		113,800


Real Estate Management & Development
Inhabit IQ Inc.+	One stop	L +	5.75%	(a)	10.13%	07/2025	21,697	21,555	0.9	21,697
Inhabit IQ Inc.#+	One stop	L +	5.75%	(a)	10.13%	07/2025	19,385	19,415	0.8	19,385
Inhabit IQ Inc.+	One stop	L +	5.75%	(a)	10.13%	07/2025	13,357	13,262	0.5	13,357
Inhabit IQ Inc.*	One stop	L +	5.75%	(a)	10.13%	07/2025	12,336	12,255	0.5	12,336
Inhabit IQ Inc.*#	One stop	L +	5.75%	(a)	10.13%	07/2025	6,500	6,525	0.3	6,500
Inhabit IQ Inc.+	One stop	L +	5.75%	(a)	10.13%	07/2025	3,168	3,201	0.1	3,168
Inhabit IQ Inc.#+	One stop	L +	5.75%	(a)	10.13%	07/2025	1,392	1,403	0.1	1,392
Inhabit IQ Inc.#+	One stop	L +	5.75%	(a)	10.13%	07/2025	1,178	1,188	—	1,178
Inhabit IQ Inc.#+	One stop	L +	5.75%	(a)	10.13%	07/2025	1,161	1,172	—	1,161
Inhabit IQ Inc.+	One stop	L +	5.75%	(a)	10.13%	07/2025	929	925	—	929
Inhabit IQ Inc.+	One stop	L +	5.75%	(a)	10.13%	07/2025	490	494	—	490
Inhabit IQ Inc.+	One stop	L +	5.75%		N/A(6)	07/2025	—	—	—	—
MRI Software LLC*+	One stop	L +	5.50%	(b)	10.23%	02/2026	14,322	14,249	0.6	14,037
MRI Software LLC+	One stop	L +	5.50%	(b)	10.23%	02/2026	5,042	4,998	0.2	4,940
MRI Software LLC+(5)	One stop	L +	5.50%		N/A(6)	02/2026	—	(1)	—	(5)

MRI Software LLC+(5)	One stop	L +	5.50%		N/A(6)	02/2026	—	(1)	—	(7)
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.75%	(i)	9.18%	08/2028	17,664	20,048	0.7	16,957
RPL Bidco Limited+(8)(9)(10)	One stop	A +	5.75%	(g)	8.91%	08/2028	2,035	2,173	0.1	1,954
RPL Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.75%		N/A(6)	02/2028	—	—	—	(2)


							120,656	122,861	4.8	119,467
Road & Rail
Channelside Acquisitona Co, Inc.+	One stop	L +	5.25%	(a)	9.63%	07/2028	4,233	4,150	0.2	4,233
Channelside Acquisitona Co, Inc.+(5)	One stop	L +	5.25%		N/A(6)	07/2026	—	(1)	—	—
Channelside Acquisitona Co, Inc.+	One stop	L +	5.25%		N/A(6)	07/2028	—	—	—	—
Internet Truckstop Group LLC*#	One stop	L +	5.50%	(b)	10.23%	04/2025	21,507	21,756	0.8	21,292
Internet Truckstop Group LLC+	One stop	L +	5.50%	(b)	10.23%	04/2025	9,418	9,339	0.4	9,324
Internet Truckstop Group LLC+(5)	One stop	L +	5.50%		N/A(6)	04/2025	—	(1)	—	(2)
							35,158	35,243	1.4	34,847

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Software
Accela, Inc.*#+(22)	One stop	SF +	7.50%	(k)	7.67%	cash/	4.25%	PIK	09/2024	$	4,735	$	4,721	0.2	%	$	4,698
Accela, Inc.+(22)	One stop	SF +	7.50%	(k)	7.67%	cash/	4.25%	PIK	09/2024	281		280		—		279
Accela, Inc.+	One stop	SF +	7.50%		N/A(6)				09/2024	—		—		—		—
Accela, Inc.+	One stop	SF +	7.50%	(k)	11.92%				09/2024	544		540		—		540
Anaplan, Inc.+	One stop	SF +	6.50%	(k)	10.82%				06/2029	9,840		9,749		0.4		9,643
Anaplan, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				06/2028	—		(1)		—		(2)
Appfire Technologies, LLC#+	One stop	SF +	5.50%	(k)(l)	9.45%				03/2027	38,214		37,808		1.5		37,450
Appfire Technologies, LLC+	One stop	SF +	5.50%	(k)	9.38%				03/2027	14		12		—		9
Appfire Technologies, LLC+(5)	One stop	SF +	5.50%		N/A(6)				03/2027	—		(35)		—		(98)
Apptio, Inc.+	One stop	L +	6.00%	(b)	9.94%				01/2025	57,010		57,348		2.3		57,010
Apptio, Inc.+	One stop	L +	6.00%	(b)	9.93%				01/2025	116		115		—		116
Aras Corporation+(22)	One stop	L +	7.00%	(b)	7.19%	cash/	3.75%	PIK	04/2027	14,296		14,196		0.6		14,152
Aras Corporation+	One stop	L +	6.50%	(c)	9.50%				04/2027	31		30		—		30
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.25%	(i)	8.68%				06/2029	3,465		3,411		0.1		3,361
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.25%	(i)	8.68%				06/2029	1,403		1,316		0.1		1,349
Auvik Networks Inc.+(8)(12)(22)	One stop	SF +	5.75%	(l)	7.24%	cash/	2.75%	PIK	07/2027	7,084		7,032		0.3		6,885
Auvik Networks Inc.+(8)(12)(22)	One stop	SF +	6.25%	(l)	7.24%	cash/	3.25%	PIK	07/2027	1,262		1,251		—		1,249
Auvik Networks Inc.+(5)(8)(12)	One stop	SF +	5.75%		N/A(6)				07/2027	—		(1)		—		(2)
Axiom Merger Sub Inc.+	One stop	L +	5.25%	(b)(c)	9.71%				04/2026	5,716		5,738		0.3		5,716
Axiom Merger Sub Inc.+(8)(9)	One stop	E +	5.50%	(e)(f)	7.51%				04/2026	2,260		2,368		0.1		2,260
Axiom Merger Sub Inc.+	One stop	L +	5.25%	(c)	9.70%				04/2026	271		269		—		271
Axiom Merger Sub Inc.+	One stop	L +	5.50%	(b)(c)	8.87%				04/2026	15		14		—		15
Axiom Merger Sub Inc.+	One stop	L +	5.25%		N/A(6)				10/2025	—		—		—		—
Bayshore Intermediate #2, L.P.+(22)	One stop	L +	7.75%	(a)	12.04%				10/2028	67,015		65,908		2.6		66,345
Bayshore Intermediate #2, L.P.+	One stop	L +	6.75%	(a)	10.89%				10/2027	56		53		—		54
Bonterra LLC+	One stop	L +	6.25%	(b)	10.98%				09/2027	64,822		64,065		2.6		64,173
Bonterra LLC+	One stop	L +	6.25%	(b)	10.98%				09/2027	74		72		—		72
Bonterra LLC+(5)	One stop	L +	6.25%		N/A(6)				09/2027	—		(64)		—		(48)
Bottomline Technologies, Inc.+	One stop	SF +	5.50%	(k)	9.82%				05/2029	28,092		27,582		1.1		27,250
Bottomline Technologies, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				05/2028	—		(4)		—		(5)
Bullhorn, Inc.*#+	One stop	L +	5.75%	(b)	10.48%				09/2026	65,777		65,093		2.6		65,777
Bullhorn, Inc.+(8)(9)	One stop	SN +	6.00%	(i)	9.43%				09/2026	11,541		11,616		0.5		11,541
Bullhorn, Inc.+(8)(9)	One stop	E +	5.75%	(e)	7.88%				09/2026	4,614		4,664		0.2		4,614
Bullhorn, Inc.+	One stop	L +	5.75%	(b)	10.48%				09/2026	213		211		—		213
Bullhorn, Inc.+	One stop	L +	5.75%	(b)	10.48%				09/2026	96		95		—		96
Bullhorn, Inc.+	One stop	L +	5.75%	(b)	10.48%				09/2026	76		75		—		76
Bullhorn, Inc.+	One stop	L +	5.75%	(b)	10.48%				09/2026	110		107		—		110
Burning Glass Intermediate Holdings Company, Inc.#+	One stop	L +	5.00%	(a)	9.38%				06/2028	9,795		9,641		0.4		9,795
Burning Glass Intermediate Holdings Company, Inc.+(5)	One stop	L +	5.00%		N/A(6)				06/2026	—		(1)		—		—
Calabrio, Inc.+	One stop	L +	7.00%	(b)	11.73%				04/2027	53,683		53,107		2.1		53,683
Calabrio, Inc.+	One stop	L +	7.00%	(b)	11.75%				04/2027	135		132		—		135
Community Brands Parentco LLC+	One stop	SF +	5.75%	(k)	10.17%				02/2028	14,159		13,916		0.5		13,734
Community Brands Parentco LLC+(5)	One stop	SF +	5.50%		N/A(6)				02/2028	—		(1)		—		(2)
Community Brands Parentco LLC+(5)	One stop	SF +	5.50%		N/A(6)				02/2028	—		(1)		—		(3)
Daxko Acquisition Corporation+	One stop	L +	5.50%	(a)	9.88%				10/2028	27,640		27,412		1.1		26,535
Daxko Acquisition Corporation+	One stop	L +	5.50%	(a)	9.88%				10/2028	2,331		2,302		0.1		2,238
Daxko Acquisition Corporation+	One stop	P +	4.50%	(d)	12.00%				10/2027	6		5		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Daxko Acquisition Corporation+(5)	One stop	L +	5.50%		N/A(6)				10/2028	$	—	$	(9)	—	%	$	(44)
Diligent Corporation*#+	One stop	L +	6.25%	(a)	10.63%				08/2025	86,070		86,007		3.4		85,211
Diligent Corporation+	One stop	L +	5.75%	(a)	10.13%				08/2025	5,949		5,914		0.2		5,824
Diligent Corporation+	One stop	L +	6.25%	(a)	10.63%				08/2025	98		96		—		94
Dragon UK Bidco Limited+(8)(9)(10)	One stop	SN +	5.75%	(i)	9.18%				02/2029	14,015		15,075		0.5		13,455
Dragon UK Bidco Limited+(8)(9)(10)	One stop	C +	5.75%	(h)	10.69%				02/2029	283		294		—		272
Dragon UK Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.00%		N/A(6)				02/2029	—		—		—		(4)
FirstUp, Inc.+(22)	One stop	L +	6.75%	(b)	7.98%	cash/	3.50%	PIK	07/2027	8,995		8,930		0.3		8,725
FirstUp, Inc.+(22)	One stop	L +	6.75%	(b)	7.98%	cash/	3.50%	PIK	07/2027	38		37		—		34
Gainsight, Inc.+(22)	One stop	L +	6.75%	(c)	9.56%	PIK			07/2027	10,196		10,070		0.4		10,094
Gainsight, Inc.+(5)	One stop	L +	6.75%		N/A(6)				07/2027	—		(2)		—		(1)
GS Acquisitionco, Inc.*#+	One stop	L +	5.75%	(b)(c)(l)	9.92%				05/2026	84,410		84,585		3.3		82,721
GS Acquisitionco, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				05/2026	—		(2)		—		(6)
GTIV, LLC+	One stop	SF +	5.25%	(m)	8.36%				02/2029	74,029		73,383		2.9		73,289
GTIV, LLC+(5)	One stop	SF +	5.25%		N/A(6)				02/2029	—		(2)		—		(3)
GTY Technology Holdings, Inc.+(22)	One stop	SF +	6.88%	(l)	7.16%	cash/	4.30%	PIK	07/2029	3,134		3,077		0.1		3,103
GTY Technology Holdings, Inc.+(5)	One stop	SF +	6.25%		N/A(6)				07/2029	—		(2)		—		(1)
GTY Technology Holdings, Inc.+(22)	One stop	SF +	6.88%	(l)	7.08%	cash/	4.30%	PIK	07/2029	2,046		2,003		0.1		2,026
GTY Technology Holdings, Inc.+(22)	One stop	SF +	6.88%	(l)	7.16%	cash/	4.30%	PIK	07/2029	375		372		—		371
ICIMS, Inc.+(22)	One stop	SF +	7.25%	(l)	7.64%	cash/	3.88%	PIK	08/2028	7,775		7,646		0.3		7,697
ICIMS, Inc.+(5)	One stop	SF +	7.25%		N/A(6)				08/2028	—		(1)		—		(2)
ICIMS, Inc.+(5)	One stop	SF +	7.25%		N/A(6)				08/2028	—		—		—		(21)

IQN Holding Corp. #+	One stop	SF +	5.25%	(l)	9.65%				05/2029	14,645		14,512		0.6		14,352
IQN Holding Corp. +(5)	One stop	SF +	5.25%		N/A(6)				05/2028	—		(1)		—		(2)
IQN Holding Corp. +(5)	One stop	SF +	5.50%	(l)	9.71%				05/2029	21		(9)		—		16
Island Bidco AB+(8)(9)(17)(22)	One stop	E +	7.25%	(f)	2.75%	cash/	7.25%	PIK	07/2028	6,022		5,810		0.2		5,962
Island Bidco AB+(8)(17)(22)	One stop	SF +	7.00%	(l)(m)	8.29%	cash/	3.50%	PIK	07/2028	2,973		2,947		0.1		2,943
Island Bidco AB+(8)(17)	One stop	SF +	6.50%		N/A(6)				07/2028	—		—		—		—
Island Bidco AB+(5)(8)(9)(17)	One stop	E +	6.50%		N/A(6)				07/2028	—		(1)		—		(1)
Juvare, LLC*	One stop	L +	6.25%	(a)	10.63%				10/2026	7,526		7,466		0.3		7,451
Juvare, LLC+	One stop	L +	6.25%	(a)	10.63%				10/2026	1,737		1,723		0.1		1,719
Juvare, LLC+	One stop	L +	6.25%	(a)	10.63%				10/2026	548		526		—		526
Juvare, LLC+	One stop	L +	6.25%	(a)	10.63%				04/2026	45		45		—		45
Kaseya Inc.+	One stop	SF +	5.75%	(l)	10.33%				06/2029	9,178		9,049		0.4		8,994
Kaseya Inc.+(5)	One stop	SF +	5.75%		N/A(6)				06/2029	—		(2)		—		(5)
Kaseya Inc.+(5)	One stop	SF +	5.75%		N/A(6)				06/2029	—		(5)		—		(11)
Mindbody, Inc.+(22)	One stop	L +	7.00%	(b)	11.73%				02/2025	49,911		50,294		2.0		49,911
Mindbody, Inc.+(22)	One stop	L +	7.00%	(b)	11.73%				02/2025	5,588		5,553		0.2		5,588
Mindbody, Inc.+	One stop	L +	7.00%		N/A(6)				02/2025	—		—		—		—
Ministry Brands Holdings LLC+	One stop	L +	5.50%	(a)	9.88%				12/2028	21,926		21,738		0.8		21,049
Ministry Brands Holdings LLC+	One stop	L +	5.50%	(b)(d)	10.53%				12/2027	90		89		—		84
Ministry Brands Holdings LLC+(5)	One stop	L +	5.50%		N/A(6)				12/2028	—		(5)		—		(24)
Neo Bidco GMBH+(8)(9)(13)(22)	One stop	E +	6.50%	(e)	4.70%	cash/	3.00%	PIK	07/2028	6,998		7,638		0.3		6,788
Neo Bidco GMBH+(8)(13)	One stop	L +	6.00%	(b)	10.69%				01/2028	59		59		—		58
Neo Bidco GMBH+(8)(9)(13)	One stop	E +	6.00%		N/A(6)				01/2028	—		—		—		—
Naviga Inc.+	Senior loan	SF +	7.00%	(l)	11.68%				12/2023	109		109		—		109

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
PDI TA Holdings, Inc.+	One stop	L +	4.50%	(b)	8.73%	10/2024	$	8,388	$	8,318	0.3	%	$	8,220
PDI TA Holdings, Inc.+	Second lien	L +	8.50%	(b)	13.18%	10/2025	3,424		3,379		0.1		3,424
PDI TA Holdings, Inc.+	One stop	L +	4.50%	(b)	8.39%	10/2024	1,116		1,112		—		1,093
PDI TA Holdings, Inc.+	One stop	L +	4.50%	(b)	8.73%	10/2024	688		684		—		675
PDI TA Holdings, Inc.+	Second lien	L +	8.50%	(b)	13.18%	10/2025	640		637		—		640
PDI TA Holdings, Inc.+	Second lien	L +	8.50%	(b)	13.18%	10/2025	377		375		—		377
PDI TA Holdings, Inc.+(8)(9)	One stop	SN +	4.50%	(i)	8.05%	10/2024	84		93		—		82
PDI TA Holdings, Inc.+	One stop	L +	4.50%	(b)	8.73%	10/2024	40		40		—		37
Personify, Inc.*#+	One stop	SF +	5.25%	(l)	9.83%	09/2024	13,684		13,795		0.6		13,684
Personify, Inc.#	One stop	SF +	5.25%	(l)	9.83%	09/2024	8,150		8,109		0.3		8,150
Personify, Inc.+	One stop	SF +	5.25%		N/A(6)	09/2024	—		—		—		—
PING Identity Holding Corp.+	One stop	SF +	7.00%	(k)	11.32%	10/2029	9,953		9,808		0.4		9,828
PING Identity Holding Corp.+(5)	One stop	SF +	7.00%		N/A(6)	10/2028	—		(1)		—		(1)
Pluralsight, LLC+	One stop	L +	8.00%	(b)	11.83%	03/2027	23,748		23,578		0.9		23,748
Pluralsight, LLC+	One stop	L +	8.00%	(b)	12.75%	03/2027	50		49		—		50
ProcessUnity Holdings, LLC+	One stop	L +	6.00%	(b)	10.73%	09/2028	4,221		4,186		0.2		4,178
ProcessUnity Holdings, LLC+	One stop	L +	6.00%	(a)	10.38%	09/2028	23		22		—		22
ProcessUnity Holdings, LLC+	One stop	L +	6.00%	(b)	9.74%	09/2028	211		204		—		203
Pyramid Healthcare Acquisition Corp.#+	One stop	L +	4.75%	(b)	9.17%	05/2027	18,325		18,192		0.7		18,142
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	9.48%	05/2027	870		864		—		862
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	9.48%	05/2027	538		534		—		533
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	9.16%	05/2027	179		178		—		177
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	9.16%	05/2027	157		156		—		156
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	9.48%	05/2027	147		146		—		146
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	9.48%	05/2027	147		146		—		146
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	9.43%	05/2027	1,583		1,539		0.1		1,541
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	9.16%	05/2027	58		58		—		57
Pyramid Healthcare Acquisition Corp.+(5)	One stop	L +	4.75%		N/A(6)	05/2027	—		(1)		—		(2)
QAD, Inc.+	One stop	L +	6.00%	(a)	10.38%	11/2027	9,464		9,388		0.4		9,370
QAD, Inc.+(5)	One stop	L +	6.00%		N/A(6)	11/2027	—		(4)		—		(5)
Quant Buyer, Inc.+	One stop	SF +	5.50%	(l)	9.90%	06/2029	2,485		2,462		0.1		2,402
Quant Buyer, Inc.+	One stop	SF +	5.50%	(l)	9.90%	06/2029	2,950		2,923		0.1		2,851
Quant Buyer, Inc.+(5)	One stop	SF +	5.50%		N/A(6)	06/2029	—		(1)		—		(5)
Quant Buyer, Inc.+	One stop	SF +	6.00%	(l)	10.40%	06/2029	2,022		2,003		0.1		2,001
Rainforest Bidco Limited+(8)(9)(10)(22)	One stop	SN +	5.75%	(i)	9.18%	07/2029	7,140		6,847		0.3		7,069
Rainforest Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.75%		N/A(6)	07/2029	—		(16)		—		(5)
Rainforest Bidco Limited+(8)(10)	One stop	SF +	5.75%	(l)	8.79%	07/2029	1,394		1,376		0.1		1,380
RegEd Aquireco, LLC+	Senior loan	L +	4.25%	(b)	8.66%	12/2024	11,154		11,159		0.4		10,374
RegEd Aquireco, LLC+	Senior loan	L +	4.25%	(b)(d)	9.59%	12/2024	236		236		—		220
Riskonnect Parent, LLC*+	One stop	SF +	5.50%	(l)	10.23%	12/2028	10,179		10,092		0.4		9,975
Riskonnect Parent, LLC+(5)	One stop	SF +	5.50%		N/A(6)	12/2028	—		(3)		—		(7)
Riskonnect Parent, LLC+(5)	One stop	SF +	5.50%		N/A(6)	12/2028	—		(6)		—		(13)
Rodeo Buyer Company & Absorb Software Inc.+	One stop	L +	6.25%	(a)	10.63%	05/2027	4,541		4,508		0.2		4,496
Rodeo Buyer Company & Absorb Software Inc.+	One stop	L +	6.25%	(a)	10.49%	05/2027	7		6		—		6
SailPoint Technologies Holdings, Inc.+	One stop	SF +	6.25%	(k)	10.58%	08/2029	9,827		9,640		0.4		9,434
SailPoint Technologies Holdings, Inc.+(5)	One stop	SF +	6.25%		N/A(6)	08/2028	—		(2)		—		(7)
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	6.00%	(e)	7.32%	04/2029	32,884		30,404		1.3		32,556

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Sonatype, Inc.+	One stop	SF +	6.75%	(l)	11.08%				12/2025	$	40,459	$	40,231	1.6	%	$	40,459
Sonatype, Inc.+	One stop	SF +	6.75%	(l)	11.08%				12/2025	851		846		—		851
Sonatype, Inc.+(5)	One stop	SF +	6.75%		N/A(6)				12/2025	—		(1)		—		—
Spartan Buyer Acquisition Co.*#+(22)	One stop	SF +	8.50%	(k)	10.82%	cash/	2.00%	PIK	12/2026	31,466		31,058		1.2		31,152
Spartan Buyer Acquisition Co.+(22)	One stop	SF +	8.50%	(k)	10.82%	cash/	2.00%	PIK	12/2026	2,000		1,960		0.1		1,980
Spartan Buyer Acquisition Co.+(5)(22)	One stop	P +	7.50%	(d)	13.00%	cash/	2.00%	PIK	12/2026	1		(1)		—		—
Tahoe Bidco B.V. +	One stop	L +	6.00%	(b)	10.75%				09/2028	12,058		11,959		0.5		11,817
Tahoe Bidco B.V. +(5)	One stop	L +	6.00%		N/A(6)				10/2027	—		(1)		—		(2)
Telesoft Holdings LLC+	One stop	L +	5.75%	(a)(c)	10.30%				12/2025	884		874		—		874
Telesoft Holdings LLC+	One stop	L +	5.75%	(a)	10.14%				12/2025	8		7		—		7
Telesoft Holdings LLC+	One stop	L +	6.25%	(c)	11.18%				08/2028	65		64		—		64
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.50%	(m)	9.64%				07/2028	3,171		3,092		0.1		3,171
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.50%		N/A(6)				07/2028	—		—		—		—
Templafy APS and Templafy, LLC+(5)(8)(18)	One stop	SF +	6.50%		N/A(6)				07/2028	—		(17)		—		—
TI Intermediate Holdings, LLC+	Senior loan	L +	4.25%	(b)(c)	9.18%				12/2024	3,436		3,459		0.2		3,421
TI Intermediate Holdings, LLC+	Senior loan	L +	4.25%	(b)(c)	9.18%				12/2024	908		897		—		904
TI Intermediate Holdings, LLC+	Senior loan	L +	4.25%	(b)(c)	9.18%				12/2024	427		422		—		425
TI Intermediate Holdings, LLC+	Senior loan	L +	4.50%	(b)(c)	9.42%				12/2024	386		381		—		386
TI Intermediate Holdings, LLC+	Senior loan	L +	4.50%	(b)(c)	9.43%				12/2024	157		155		—		157
TI Intermediate Holdings, LLC+	Senior loan	L +	4.25%		N/A(6)				12/2024	—		—		—		—
Togetherwork Holdings, LLC*#	One stop	L +	6.25%	(c)	11.40%				03/2025	15,205		15,254		0.6		15,205
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	11.40%				03/2025	6,876		6,801		0.3		6,876
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	11.40%				03/2025	4,171		4,143		0.2		4,171
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	11.40%				03/2025	1,762		1,791		0.1		1,762
Togetherwork Holdings, LLC#+	One stop	L +	6.25%	(c)	11.40%				03/2025	1,710		1,736		0.1		1,710
Togetherwork Holdings, LLC*#	One stop	L +	6.25%	(c)	11.40%				03/2025	1,667		1,693		0.1		1,667
Togetherwork Holdings, LLC#+	One stop	L +	6.25%	(c)	11.40%				03/2025	1,611		1,624		0.1		1,611
Togetherwork Holdings, LLC*+	One stop	L +	6.25%	(c)	11.40%				03/2025	1,552		1,577		0.1		1,552
Togetherwork Holdings, LLC#+	One stop	L +	6.25%	(c)	11.40%				03/2025	1,447		1,469		0.1		1,447
Togetherwork Holdings, LLC*#	One stop	L +	6.25%	(c)	11.40%				03/2025	1,185		1,193		—		1,185
Togetherwork Holdings, LLC#+	One stop	L +	6.25%	(c)	11.40%				03/2025	653		662		—		653
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	11.40%				03/2025	452		449		—		452
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	11.40%				03/2025	437		435		—		437
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	11.40%				03/2025	250		249		—		250
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	11.40%				03/2025	63		64		—		63
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	11.40%				03/2025	58		59		—		58
Togetherwork Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)				03/2025	—		(1)		—		—
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	11.40%				03/2025	1,336		1,325		0.1		1,336
Trintech, Inc.*#+	One stop	L +	6.00%	(a)	10.38%				12/2024	21,972		22,041		0.9		21,751
Trintech, Inc.#+	One stop	L +	6.00%	(a)	10.38%				12/2024	9,118		9,185		0.4		9,026
Trintech, Inc.+	One stop	L +	6.00%	(a)	10.38%				12/2024	100		99		—		98
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)(22)	One stop	N/A			4.50%	cash/	6.07%	PIK	05/2024	8,132		8,619		0.3		7,156
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)(22)	One stop	N/A			4.50%	cash/	6.07%	PIK	05/2024	134		144		—		118
Vendavo, Inc.*#+	One stop	L +	5.75%	(b)	10.49%				09/2027	19,562		19,426		0.7		18,388
Vendavo, Inc.+	One stop	P +	4.75%	(d)	12.25%				09/2027	40		39		—		31

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
WebPT, Inc.+	One stop	L +	6.75%	(b)	11.48%				01/2028	$	626	$	618	—	%	$	620
Workforce Software, LLC+(22)	One stop	L +	7.25%	(c)	9.46%	cash/	3.00%	PIK	07/2025	28,391		28,724		1.1		27,824
Workforce Software, LLC+(22)	One stop	L +	7.25%	(c)	9.46%	cash/	3.00%	PIK	07/2025	5,024		4,994		0.2		4,923
Workforce Software, LLC+(22)	One stop	L +	7.25%	(c)	9.46%	cash/	3.00%	PIK	07/2025	3,558		3,508		0.1		3,487
Workforce Software, LLC+	One stop	L +	6.50%	(b)(c)	11.48%				07/2025	118		116		—		114
Workforce Software, LLC+(22)	One stop	L +	7.25%	(c)	9.46%	cash/	3.00%	PIK	07/2025	104		103		—		102
Zendesk, Inc.+	One stop	SF +	6.50%	(l)	11.04%				11/2028	19,960		19,568		0.8		19,561
Zendesk, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(1)		—		(1)
Zendesk, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(49)		—		(50)

										1,366,216		1,357,406		53.6		1,347,209

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail
Ave Holdings III, Corp*+	One stop	SF +	5.50%	(l)	10.23%	02/2028	$	25,831	$	25,385	1.0	%	$	25,315
Ave Holdings III, Corp+(5)	One stop	SF +	5.50%		N/A(6)	02/2028	—		(3)		—		(3)
Ave Holdings III, Corp+(5)	One stop	SF +	5.50%		N/A(6)	02/2028	—		(10)		—		(17)
Ave Holdings III, Corp+	One stop	SF +	5.50%	(l)	10.23%	02/2028	300		298		—		294
Batteries Plus Holding Corporation*#	One stop	L +	6.75%	(a)	11.13%	06/2023	21,921		21,921		0.9		21,921
Batteries Plus Holding Corporation+	One stop	L +	6.75%	(a)	11.13%	06/2023	1,416		1,414		0.1		1,416
Batteries Plus Holding Corporation+	One stop	L +	6.75%	(a)(d)	11.45%	06/2023	59		59		—		59
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(l)	10.48%	05/2028	11,509		11,330		0.5		11,164
Consilio Midco Limited#+(8)(10)	One stop	SF +	5.75%	(l)	10.48%	05/2028	9,950		9,859		0.4		9,651
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(e)	8.38%	05/2028	9,086		9,466		0.4		8,814
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(l)	10.48%	05/2028	2,153		2,119		0.1		2,088
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(l)	10.48%	05/2028	1,432		1,418		0.1		1,389

Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(l)	10.48%	05/2028	732		715		—		710
Consilio Midco Limited+(5)(8)(10)	One stop	SF +	5.75%		N/A(6)	05/2028	—		(2)		—		(3)
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(e)	8.38%	05/2028	38		34		—		32
Consilio Midco Limited+(5)(8)(10)	One stop	SF +	5.75%		N/A(6)	05/2028	—		—		—		(1)
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(e)	8.32%	05/2028	31		30		—		30
Cycle Gear, Inc.*#+	One stop	SF +	5.50%	(l)	10.23%	01/2026	48,727		48,617		1.9		48,241
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	20,612		20,564		0.8		19,472
Imperial Optical Midco Inc.#	One stop	L +	6.75%	(b)	11.16%	08/2023	4,755		4,740		0.2		4,492
Imperial Optical Midco Inc.#	One stop	L +	6.75%	(b)	11.16%	08/2023	4,138		4,125		0.2		3,910
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	3,581		3,592		0.2		3,383
Imperial Optical Midco Inc.*+	One stop	L +	6.75%	(b)	11.16%	08/2023	2,792		2,787		0.1		2,637
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	2,756		2,747		0.1		2,604
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	2,233		2,226		0.1		2,109
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	2,053		2,046		0.1		1,939
Imperial Optical Midco Inc.#+	One stop	L +	6.75%	(b)	11.16%	08/2023	1,898		1,909		0.1		1,793
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	1,650		1,645		0.1		1,558
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	1,451		1,446		0.1		1,370
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	1,432		1,427		0.1		1,352
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	1,386		1,382		0.1		1,310
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	1,365		1,361		0.1		1,290
Imperial Optical Midco Inc.#+	One stop	L +	6.75%	(b)	11.16%	08/2023	1,236		1,243		0.1		1,167
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	1,142		1,139		0.1		1,079
Imperial Optical Midco Inc.*+	One stop	L +	6.75%	(b)	11.16%	08/2023	1,125		1,131		0.1		1,062
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	965		962		—		911
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	877		874		—		828
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	658		656		—		622
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	632		630		—		597
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	624		622		—		589
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	553		551		—		522
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	500		499		—		473
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	498		496		—		470
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	485		483		—		458
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	476		474		—		450
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	458		455		—		433
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	453		451		—		428

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	$	449	$	447	—	%	$	424
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	445		443		—		420
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	441		439		—		416
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	415		413		—		392
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	413		412		—		391
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	413		411		—		390
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	409		407		—		386
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	409		408		—		387
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	379		378		—		358
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	357		356		—		338
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	357		356		—		338
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	352		351		—		332
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	326		326		—		308
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	313		312		—		296
Imperial Optical Midco Inc.+(5)	One stop	L +	6.75%		N/A(6)	08/2023	—		(33)		—		(528)
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	305		304		—		288
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	283		282		—		268
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	276		275		—		261
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	276		275		—		261
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	271		271		—		256
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	269		268		—		254
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	257		256		—		242
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	256		255		—		242
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	238		237		—		225
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	238		237		—		225
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	218		217		—		206
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	218		217		—		206
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	214		214		—		203
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	208		208		—		197
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	195		194		—		184
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	193		192		—		182
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	191		191		—		181
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	188		188		—		178
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	179		178		—		169
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	172		171		—		162
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	167		166		—		158
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	165		164		—		155
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	160		160		—		152
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	159		159		—		150
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	158		157		—		149
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	153		152		—		144
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	152		151		—		143
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	143		142		—		135
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	142		142		—		134
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	137		137		—		130
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	132		132		—		125
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	131		131		—		124
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	131		131		—		124

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	$	128	$	128	—	%	$	121
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	127		127		—		120
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	124		123		—		117
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	113		113		—		107
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	114		113		—		107
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	114		113		—		107
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	111		111		—		105
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	109		109		—		103
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	106		106		—		100
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	105		105		—		99
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	104		104		—		99
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	105		104		—		99
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	99		99		—		94
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	95		95		—		90
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	85		85		—		81
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	86		85		—		81
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	82		82		—		78
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	79		79		—		75
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	78		78		—		74
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	75		75		—		71
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	75		75		—		71
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	75		75		—		71
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	75		75		—		71
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	74		73		—		70
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	73		73		—		69
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	71		71		—		67
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	68		68		—		64
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	68		67		—		64
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	65		64		—		61
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	63		63		—		60
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	62		62		—		59
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	61		61		—		58
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	60		60		—		57
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	59		59		—		56
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	55		55		—		52
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	55		54		—		52
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	54		54		—		51
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	52		52		—		49
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	47		47		—		44
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	42		42		—		40
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	41		41		—		39
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	40		40		—		38
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	38		38		—		36
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	35		35		—		34
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	34		34		—		32
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	34		34		—		33
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	35		35		—		33
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	34		34		—		32
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	32		32		—		31

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	$	31	$	31	—	%	$	29

Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	29		29		—		27
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	29		29		—		27
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	29		29		—		27
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	27		27		—		26
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	27		27		—		26
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	26		26		—		25
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	26		26		—		24
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	26		26		—		25
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	25		25		—		24
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	25		25		—		24
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	24		24		—		22
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	23		23		—		22
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	23		23		—		22
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	21		21		—		19
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	19		19		—		18
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	19		19		—		18
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	19		19		—		18
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	19		19		—		18
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	19		19		—		18
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	18		18		—		17
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	17		17		—		16
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	17		17		—		16
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	17		17		—		16
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	16		16		—		15
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	15		15		—		14
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	14		14		—		14
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	12		12		—		12
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	13		13		—		12
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	13		13		—		12
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	13		13		—		13
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	13		13		—		12
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	13		13		—		12
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	11		11		—		11
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	11		11		—		10
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	11		11		—		11
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	10		10		—		10
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	10		10		—		10
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	10		10		—		9
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	10		10		—		9
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	9		9		—		9
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	9		9		—		9
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	9		9		—		8
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	9		9		—		9
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	8		8		—		7
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	8		8		—		7
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	8		8		—		8
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	8		8		—		8
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%	08/2023	7		7		—		6

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%				08/2023	$	6	$	6	—	%	$	5
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%				08/2023	6		6		—		6
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%				08/2023	5		5		—		5
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%				08/2023	5		5		—		5
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%				08/2023	3		3		—		3
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%				08/2023	385		384		—		364
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%				08/2023	170		169		—		160
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%				08/2023	57		57		—		54
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%				08/2023	38		38		—		36
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%				08/2023	26		26		—		25
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(b)	11.16%				08/2023	16		16		—		16





PPV Intermediate Holdings, LLC#	One stop	SF +	5.75%	(k)(l)	10.11%				08/2029	8,470		8,320		0.4		8,300
PPV Intermediate Holdings, LLC+(22)	One stop	N/A			13.00%				08/2030	949		927		—		920
PPV Intermediate Holdings, LLC+	One stop	SF +	5.75%	(k)	10.07%				08/2029	105		97		—		97
PPV Intermediate Holdings, LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—		(23)		—		(23)
PPV Intermediate Holdings, LLC+(5)(22)	One stop	N/A			13.00%				08/2030	1		(3)		—		(8)
Salon Lofts Group, LLC+	One stop	SF +	5.75%	(l)	10.33%				08/2028	3,567		3,533		0.2		3,531
Salon Lofts Group, LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2028	—		(2)		—		(2)
Salon Lofts Group, LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2028	—		(17)		—		(18)
Salon Lofts Group, LLC+	One stop	SF +	5.75%	(l)	10.22%				08/2028	58		58		—		58
SureWerx Purchaser III, Inc.+(8)(12)	One stop	SF +	6.75%	(l)	11.30%				12/2029	20,697		20,181		0.8		20,387
SureWerx Purchaser III, Inc.+(8)(12)	One stop	SF +	6.75%	(l)	11.30%				12/2028	6		5		—		6
SureWerx Purchaser III, Inc.+(5)(8)(12)	One stop	SF +	6.75%		N/A(6)				12/2029	—		(64)		—		(43)
Titan Fitness, LLC*#+(22)	One stop	L +	6.75%	(a)(b)	9.19%	cash/	2.00%	PIK	02/2025	30,890		31,052		1.1		28,414
Titan Fitness, LLC+(22)	One stop	L +	6.75%	(c)	8.94%	cash/	2.00%	PIK	02/2025	1,924		1,914		0.1		1,769
Titan Fitness, LLC+(22)	One stop	L +	6.75%	(c)	8.94%	cash/	2.00%	PIK	02/2025	492		491		—		450
Vermont Aus Pty Ltd+(8)(11)	One stop	SF +	5.50%	(l)	10.23%				03/2028	8,321		8,212		0.3		8,321
Vermont Aus Pty Ltd+(8)(9)(11)	One stop	A +	5.75%	(g)	9.06%				03/2028	7,736		8,360		0.3		7,736
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.50%	(l)	10.34%				04/2028	8,287		8,178		0.4		8,122
VSG Acquisition Corp. and Sherrill, Inc.+(5)	One stop	P +	4.50%	(d)	12.00%				04/2028	1		—		—		(1)
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.50%	(l)	10.31%				04/2028	70		66		—		63
										304,754		303,725		11.7		294,230

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.*#+(22)	One stop	L +	6.75%	(b)	10.73%	cash/	0.75%	PIK	06/2023	$	22,073	$	22,073	0.9	%	$	21,854
Agility Recovery Solutions Inc.+(22)	One stop	L +	6.75%	(b)(d)	11.42%	cash/	0.75%	PIK	06/2023	873		871		—		862
										22,946		22,944		0.9		22,716
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.+(8)(10)	One stop	L +	6.00%	(c)	10.12%				03/2028	1,954		1,933		0.1		1,817
Dollfus Mieg Company, Inc.+(8)(10)	One stop	L +	6.00%	(c)	10.12%				03/2028	974		963		—		906
Dollfus Mieg Company, Inc.+(8)(10)	One stop	L +	6.00%	(c)	10.12%				03/2028	855		846		—		796
Dollfus Mieg Company, Inc.+(5)(8)(9)(10)	One stop	E +	6.00%		N/A(6)				03/2028	—		(1)		—		(3)
Elite Sportswear, L.P.+(22)	Senior loan	L +	7.00%	(b)	10.98%	cash/	0.75%	PIK	09/2025	9,970		9,864		0.4		9,272
Elite Sportswear, L.P.+(22)	Senior loan	L +	7.00%	(b)	10.98%	cash/	0.75%	PIK	09/2025	4,007		3,964		0.2		3,727
Elite Sportswear, L.P.+(22)	Senior loan	L +	7.00%	(b)	10.98%	cash/	0.75%	PIK	09/2025	2,063		2,040		0.1		1,918
Elite Sportswear, L.P.+(22)	Senior loan	L +	7.00%	(b)	10.98%	cash/	0.75%	PIK	09/2025	230		218		—		154
Elite Sportswear, L.P.*+(22)	Senior loan	L +	7.00%	(b)	10.98%	cash/	0.75%	PIK	09/2025	684		677		—		636
Elite Sportswear, L.P.+(22)	Senior loan	L +	7.00%	(b)	10.98%	cash/	0.75%	PIK	09/2025	314		310		—		291
Elite Sportswear, L.P.*+(22)	Senior loan	L +	7.00%	(b)	10.98%	cash/	0.75%	PIK	09/2025	300		297		—		278
Elite Sportswear, L.P.+(22)	Senior loan	L +	7.00%	(b)	10.98%	cash/	0.75%	PIK	09/2025	8		8		—		5
Georgica Pine Clothiers, LLC#+	One stop	L +	5.50%	(c)	9.67%				11/2023	9,583		9,530		0.4		9,608
Georgica Pine Clothiers, LLC*#	One stop	L +	5.50%	(b)(c)	9.67%				11/2023	6,489		6,447		0.3		6,505
Georgica Pine Clothiers, LLC+	One stop	L +	5.50%	(b)(c)	9.67%				11/2023	1,004		997		—		1,007
Georgica Pine Clothiers, LLC#+	One stop	L +	5.50%	(b)(c)	9.67%				11/2023	902		897		—		904
Georgica Pine Clothiers, LLC*#	One stop	L +	5.50%	(b)(c)	9.67%				11/2023	633		629		—		635
Georgica Pine Clothiers, LLC+	One stop	L +	5.50%	(c)	9.67%				11/2023	2		2		—		2
QF Holdings, Inc.+	One stop	L +	6.25%	(c)	10.43%				12/2027	626		618		—		626
SHO Holding I Corporation+	Senior loan	L +	5.25%	(b)	9.66%				04/2024	3,950		3,952		0.1		3,674
SHO Holding I Corporation+	Senior loan	L +	5.23%	(b)	9.64%				04/2024	67		67		—		62
SHO Holding I Corporation+	Senior loan	L +	5.00%	(b)	9.57%				04/2024	66		66		—		62
SHO Holding I Corporation+	Senior loan	L +	4.00%	(b)	8.52%				04/2024	46		46		—		46
SHO Holding I Corporation+	Senior loan	L +	4.00%	(b)	8.72%				04/2024	—		—		—		—
SHO Holding I Corporation+	Senior loan	L +	5.23%	(b)	9.57%				04/2024	—		—		—		—
										44,727		44,370		1.6		42,928
Trading Companies and Distributors
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25%	(l)	10.98%				06/2028	19,069		18,771		0.7		18,304
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25%	(l)	10.98%				06/2028	15,208		14,950		0.6		14,597
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25%	(l)	10.91%				06/2028	454		447		—		436
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25%	(l)	10.94%				06/2028	458		451		—		439
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.50%	(l)	11.23%				06/2028	4,144		4,023		0.2		4,020
Marcone Yellowstone Buyer Inc.+(5)	One stop	SF +	6.50%		N/A(6)				06/2028	—		(42)		—		(43)
										39,333		38,600		1.5		37,753
Water Utilities
S.J. Electro Systems, LLC+	Senior loan	L +	4.50%	(b)	9.23%				06/2027	16,965		16,839		0.6		16,117
S.J. Electro Systems, LLC+(5)	Senior loan	L +	4.50%		N/A(6)				06/2027	—		(2)		—		—
S.J. Electro Systems, LLC+	Senior loan	L +	4.50%	(b)	9.23%				06/2027	151		150		—		141
S.J. Electro Systems, LLC+	Senior loan	L +	4.50%	(b)	9.23%				06/2027	80		79		—		76
Vessco Midco Holdings, LLC+	Senior loan	L +	4.50%	(b)(c)	9.44%				11/2026	647		619		—		595
Vessco Midco Holdings, LLC+	Senior loan	L +	4.50%	(a)	8.88%				11/2026	208		206		—		204
Vessco Midco Holdings, LLC+	Senior loan	P +	3.50%	(d)	11.00%				10/2026	6		6		—		6
										18,057		17,897		0.6		17,139
Total non-controlled/non-affiliate company debt investments										$	5,302,011	$	5,263,200	203.8	%	$	5,122,593

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity Investments (19)(20)
Aerospace and Defense
Tronair Parent, Inc.+	LLC units	N/A	N/A		N/A	—	$	40	—	%	$	19
Whitcraft LLC+	Common Stock	N/A	N/A		N/A	11	2,285		0.1		2,825
							2,325		0.1		2,844
Auto Components
Polk Acquisition Corp.+	LP Interest	N/A	N/A		N/A	5	314		—		14

Automobiles
CG Group Holdings, LLC+	LP units	N/A	N/A		N/A	1	730		—		403
Go Car Wash Parent, Corp.+(21)	Preferred Stock	N/A	13.00%	Non-Cash	N/A	—	136		—		140
Go Car Wash Parent, Corp.+	Common Stock	N/A	N/A		N/A	—	29		—		36
MOP GM Holding, LLC+	LP units	N/A	N/A		N/A	—	330		—		433
National Express Wash Parent Holdco, LLC+	LP units	N/A	N/A		N/A	1	61		—		65
POY Holdings, LLC+	LLC units	N/A	N/A		N/A	141	141		—		286
Quick Quack Car Wash Holdings, LLC	LLC interest	N/A	N/A		N/A	—	509		0.1		1,026
							1,936		0.1		2,389
Biotechnology
Cobepa BlueSky Aggregator, SCSp+	LP Interest	N/A	N/A		N/A	177	1,769		—		1,220

Building Products
BECO Holding Company, Inc.+(21)	Preferred Stock	N/A	11.75%	Non-Cash	N/A	10	983		0.1		1,082
BECO Holding Company, Inc.+	LP Interest	N/A	N/A		N/A	2	196		—		195
							1,179		0.1		1,277
Chemicals
Inhance Technologies Holdings LLC+	Preferred Stock	N/A	N/A		N/A	2	1,960		0.1		2,190
Inhance Technologies Holdings LLC+	LLC units	N/A	N/A		N/A	—	124		—		77
							2,084		0.1		2,267
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+	LP Interest	N/A	N/A		N/A	540	540		—		640
EGD Security Systems, LLC +	Common Stock	N/A	N/A		N/A	855	855		0.1		1,453
Hydraulic Authority III Limited+(8)(9)(10)	Preferred Stock	N/A	N/A		N/A	284	385		—		527
Hydraulic Authority III Limited+(8)(9)(10)	Common Stock	N/A	N/A		N/A	6	44		0.1		673
North Haven Stack Buyer, LLC	LLC units	N/A	N/A		N/A	359	359		—		434
PT Intermediate Holdings III, LLC+	LLC units	N/A	N/A		N/A	8	767		—		860
Radwell Parent, LLC+(21)	LP units	N/A	N/A		N/A	2	233		—		257
							3,183		0.2		4,844


Containers and Packaging
Chase Intermediate+	LP units	N/A	N/A		N/A	49	49		—		66

Diversified Consumer Services
CHHJ Midco, LLC+(21)	LLC units	N/A	N/A		N/A	19	193		—		266
DP Flores Holdings, LLC+	LLC units	N/A	N/A		N/A	70	70		—		70
EMS LINQ, LLC+	LP Interest	N/A	N/A		N/A	525	525		—		476
EWC Growth Partners LLC+	LLC interest	N/A	N/A		N/A	—	12		—		5

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
HS Spa Holdings, Inc.+	Common Stock	N/A	N/A	N/A	479	$	479	—	%	$	483
Liminex, Inc.+	Common Stock	N/A	N/A	N/A	12	434		0.1		908
NSG Buyer, Inc. +	LP units	N/A	N/A	N/A	2	1,860		0.1		1,860
PADI Holdco, Inc.+	LLC interest	N/A	N/A	N/A	1	987		—		434
						4,560		0.2		4,502
Electronic Equipment, Instruments & Components
Inventus Power, Inc.+	Preferred Stock	N/A	N/A	N/A	—	372		—		77
Inventus Power, Inc.+	LLC units	N/A	N/A	N/A	—	88		—		276
Inventus Power, Inc.+	LP Interest	N/A	N/A	N/A	—	20		—		61
Inventus Power, Inc.+	Common Stock	N/A	N/A	N/A	—	—		—		—
						480		—		414

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food & Staples Retailing
Benihana, Inc.+	LLC units	N/A	N/A	N/A	43	$	699	—	%	$	728
Cafe Rio Holding, Inc.+	Common Stock	N/A	N/A	N/A	5	603		0.1		795

Feeders Supply Company, LLC+	Preferred Stock	N/A	N/A	N/A	4	400		—		609
Feeders Supply Company, LLC+	Common Stock	N/A	N/A	N/A	—	—		—		212
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	N/A	44	217		—		211
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	N/A	20	61		—		60
Mendocino Farms, LLC+	Common Stock	N/A	N/A	N/A	168	770		0.1		1,753
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	N/A	32	389		—		151
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	N/A	2	20		—		30
Wood Fired Holding Corp.+	LLC units	N/A	N/A	N/A	437	444		—		604
Wood Fired Holding Corp.+	Common Stock	N/A	N/A	N/A	437	—		0.1		1,839

						3,603		0.3		6,992
Food Products
Borrower R365 Holdings, LLC+	Preferred Stock	N/A	N/A	N/A	77	102		—		115
Borrower R365 Holdings, LLC+	LLC units	N/A	N/A	N/A	3	5		—		5
Borrower R365 Holdings, LLC+	Common Stock	N/A	N/A	N/A	1	2		—		2
Borrower R365 Holdings, LLC+	Preferred Stock	N/A	N/A	N/A	1	2		—		2
C. J. Foods, Inc.+	Preferred Stock	N/A	N/A	N/A	—	75		—		484
Kodiak Cakes, LLC+	Common Stock	N/A	N/A	N/A	—	281		—		152
Kodiak Cakes, LLC+	LLC units	N/A	N/A	N/A	191	191		—		103
Louisiana Fish Fry Products, Ltd.+	Common Stock	N/A	N/A	N/A	—	483		—		269
Louisiana Fish Fry Products, Ltd.+	Preferred Stock	N/A	N/A	N/A	—	13		—		13
P&P Food Safety Holdings, Inc.+	Common Stock	N/A	N/A	N/A	4	356		—		209
Purfoods, LLC+	LLC interest	N/A	N/A	N/A	—	945		0.2		4,324
						2,455		0.2		5,678
Health Care Equipment & Supplies
Aspen Medical Products, LLC+	LP Interest	N/A	N/A	N/A	—	77		—		95
Blue River Pet Care, LLC+	Common Stock	N/A	N/A	N/A	—	76		—		190
CCSL Holdings, LLC+	LP Interest	N/A	N/A	N/A	—	336		—		269
CMI Parent Inc.+	Common Stock	N/A	N/A	N/A	—	132		—		175
CMI Parent Inc.+	Common Stock	N/A	N/A	N/A	3	3		—		265
G & H Wire Company, Inc.+	LLC interest	N/A	N/A	N/A	335	269		—		79
Joerns Healthcare, LLC*+	Common Stock	N/A	N/A	N/A	432	4,329		—		—


						5,222		—		1,073

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Providers & Services
Active Day, Inc.+	LLC interest	N/A	N/A		N/A	2	$	1,099	—	%	$	210
Acuity Eyecare Holdings, LLC+(21)	LLC interest	N/A	N/A		N/A	1,632	2,235		0.2		4,124
Acuity Eyecare Holdings, LLC+	LLC units	N/A	N/A		N/A	889	1,023		0.1		2,426
ADCS Clinics Intermediate Holdings, LLC+	Preferred Stock	N/A	N/A		N/A	2	1,119		0.1		1,424
ADCS Clinics Intermediate Holdings, LLC+	Common Stock	N/A	N/A		N/A	—	6		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	LLC units	N/A	N/A		N/A	129	132		—		172
CRH Healthcare Purchaser, Inc.+	LP Interest	N/A	N/A		N/A	429	327		0.1		1,039
DCA Investment Holding, LLC	Preferred Stock	N/A	N/A		N/A	1,142	533		0.1		1,142
DCA Investment Holding, LLC	Common Stock	N/A	N/A		N/A	12	5		—		12
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		N/A	—	648		—		627
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		N/A	—	61		—		66
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		N/A	9	4		—		—
Encore GC Acquisition, LLC+	LLC interest	N/A	N/A		N/A	26	272		—		—
Encore GC Acquisition, LLC+	LLC units	N/A	N/A		N/A	26	52		—		—
Encorevet Group LLC+	Common Stock	N/A	N/A		N/A	—	15		—		19
Encorevet Group LLC+	LLC units	N/A	N/A		N/A	—	11		—		12
Eyecare Services Partners Holdings LLC+	LLC units	N/A	N/A		N/A	—	262		—		—
Eyecare Services Partners Holdings LLC+	LLC units	N/A	N/A		N/A	—	1		—		—
Krueger-Gilbert Health Physics, LLC+	Common Stock	N/A	N/A		N/A	177	199		—		218
Midwest Veterinary Partners, LLC+(21)	Preferred Stock	N/A	12.00%	Non-Cash	N/A	1	1,054		0.1		1,132
Midwest Veterinary Partners, LLC+	Warrant	N/A	N/A		N/A	6	—		—		379
Midwest Veterinary Partners, LLC+	Warrant	N/A	N/A		N/A	—	29		—		40
MWD Management, LLC & MWD Services, Inc.+	LLC interest	N/A	N/A		N/A	412	335		—		527
NDX Parent, LLC+	Common Stock	N/A	N/A		N/A	—	272		—		15
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	Common Stock	N/A	N/A		N/A	—	321		—		264
Oliver Street Dermatology Holdings, LLC+	LLC interest	N/A	N/A		N/A	452	234		—		—
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A		N/A	—	528		—		754
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A		N/A	4	74		—		821
Radiology Partners, Inc.+	LLC units	N/A	N/A		N/A	11	68		—		66
Radiology Partners, Inc.+	LLC interest	N/A	N/A		N/A	43	55		—		261
Sage Dental Management, LLC+	LLC units	N/A	N/A		N/A	—	249		—		278
Sage Dental Management, LLC+	LLC units	N/A	N/A		N/A	3	3		—		—
SSH Corporation+	Common Stock	N/A	N/A		N/A	—	40		—		252
Suveto Buyer, LLC+	Common Stock	N/A	N/A		N/A	6	562		—		277



							11,828		0.7		16,557

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Technology
Connexin Software, Inc.+	LLC interest	N/A	N/A		N/A	154	$	193	—	%	$	213
HSI Halo Acquisition, Inc.+	LP Interest	N/A	N/A		N/A	—	292		—		408
HSI Halo Acquisition, Inc.+	LP Interest	N/A	N/A		N/A	—	5		—		104
Symplr Software, Inc.+(21)	Preferred Stock	N/A	11.00%	Non-Cash	N/A	12	12,185		0.5		12,313
Symplr Software, Inc.+(21)	Preferred Stock	N/A	10.63%	Non-Cash	N/A	2	2,880		0.2		4,132
Symplr Software, Inc.+(21)	Preferred Stock	N/A	11.00%	Non-Cash	N/A	2	1,477		0.1		1,635
Symplr Software, Inc.+(21)	Preferred Stock	N/A	11.00%	Non-Cash	N/A	1	910		0.1		955
Symplr Software, Inc.+	LLC units	N/A	N/A		N/A	—	161		—		119
Symplr Software, Inc.+	Common Stock	N/A	N/A		N/A	177	—		—		550
Tebra Technologies, Inc.+	Warrant	N/A	N/A		N/A	169	871		—		749
Tebra Technologies, Inc.+	Warrant	N/A	N/A		N/A	53	162		—		189
Tebra Technologies, Inc.+	LLC interest	N/A	N/A		N/A	348	2,824		0.1		2,863
Tebra Technologies, Inc.+	Preferred Stock	N/A	N/A		N/A	1	8		—		11
							21,968		1.0		24,241
Hotels, Restaurants & Leisure
Freddy's Frozen Custard LLC+	LP Interest	N/A	N/A		N/A	206	206		—		315
Harri US LLC+	LLC units	N/A	N/A		N/A	83	658		—		658
Harri US LLC+	Preferred Stock	N/A	N/A		N/A	71	455		—		519
Harri US LLC+	Warrant	N/A	N/A		N/A	21	106		—		152
LMP TR Holdings, LLC	LLC units	N/A	N/A		N/A	712	712		0.1		2,769
SSRG Holdings, LLC+	LP Interest	N/A	N/A		N/A	6	61		—		83
Tropical Smoothie Cafe Holdings, LLC+	LP Interest	N/A	N/A		N/A	5	246		0.1		934
							2,444		0.2		5,430
Household Durables
Groundworks LLC+(21)	LLC interest	N/A	N/A		N/A	—	155		—		731

Insurance
Majesco+	LP Interest	N/A	N/A		N/A	—	307		—		373
Majesco+	LP Interest	N/A	N/A		N/A	69	—		—		42
							307		—		415
Internet and Catalog Retail
Revalize, Inc.+	Preferred Stock	N/A	N/A		N/A	17	17,025		0.7		17,636
Revalize, Inc.+	Preferred Stock	N/A	N/A		N/A	10	10,219		0.4		10,585
Revalize, Inc.+	Preferred Stock	N/A	N/A		N/A	1	1,104		—		1,101
Revalize, Inc.+	Preferred Stock	N/A	N/A		N/A	7	7,034		0.3		6,540
							35,382		1.4		35,862
IT Services
Appriss Health Intermediate Holdings, Inc+(21)	Preferred Stock	N/A	11.00%	Non-Cash	N/A	2	2,061		0.1		2,148
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred Stock	N/A	N/A		N/A	587	462		0.2		4,524
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred Stock	N/A	N/A		N/A	154	423		0.1		1,186
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred Stock	N/A	N/A		N/A	35	291		—		277
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Warrant	N/A	N/A		N/A	202	159		0.1		1,432
Critical Start, Inc.+	Common Stock	N/A	N/A		N/A	225	225		—		244
Episerver, Inc.+	Common Stock	N/A	N/A		N/A	75	807		—		799
Kentik Technologies, Inc.+	Preferred Stock	N/A	N/A		N/A	192	1,103		—		1,143
Netwrix Corporation+	LLC units	N/A	N/A		N/A	9	18		—		18
PCS Intermediate II Holdings, LLC+	LLC interest	N/A	N/A		N/A	37	367		—		498

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Red Dawn SEI Buyer, Inc.+	LP Interest	N/A	N/A		N/A	13	$	13	—	%	$	20
Saturn Borrower Inc.+	LP units	N/A	N/A		N/A	346	346		—		164

							6,275		0.5		12,453
Leisure Products
Massage Envy, LLC+	LLC interest	N/A	N/A		N/A	749	210		0.1		1,733
WBZ Investment LLC+	LLC interest	N/A	N/A		N/A	67	117		—		185
WBZ Investment LLC+	LLC interest	N/A	N/A		N/A	46	80		—		125
WBZ Investment LLC+	LLC interest	N/A	N/A		N/A	38	65		—		103
WBZ Investment LLC+	LLC interest	N/A	N/A		N/A	33	58		—		91
WBZ Investment LLC+	LLC interest	N/A	N/A		N/A	15	24		—		39
WBZ Investment LLC+	LLC interest	N/A	N/A		N/A	2	2		—		4
							556		0.1		2,280
Life Sciences Tools & Services
Celerion Buyer, Inc.+	LP units	N/A	N/A		N/A	930	930		0.1		930
Celerion Buyer, Inc.+	LP units	N/A	N/A		N/A	930	—		—		—
PAS Parent Inc.+	LP Interest	N/A	N/A		N/A	9	933		—		814
Reaction Biology Corporation+	LLC units	N/A	N/A		N/A	—	265		—		321
							2,128		0.1		2,065
Oil, Gas and Consumable Fuels
W3 Co.+	LLC interest	N/A	N/A		N/A	3	1,632		0.1		1,147
W3 Co.+	Preferred Stock	N/A	N/A		N/A	—	223		—		196
							1,855		0.1		1,343
Paper and Forest Products
Messenger, LLC+	LLC units	N/A	N/A		N/A	3	312		—		238
Messenger, LLC+	LLC units	N/A	N/A		N/A	—	—		—		—
							312		—		238
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12)	LP Interest	N/A	N/A		N/A	502	502		—		869
Cobalt Buyer Sub, Inc.+(21)	Preferred Stock	N/A	10.00%	Non-Cash	N/A	8	7,982		0.4		9,143
Cobalt Buyer Sub, Inc.+	Preferred Stock	N/A	N/A		N/A	—	168		—		163
Cobalt Buyer Sub, Inc.+	Common Stock	N/A	N/A		N/A	2	2		—		—
							8,654		0.4		10,175

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Professional Services
Brandmuscle, Inc.+	LLC interest	N/A	N/A		N/A	—	$	216	—	%	$	141
Enboarder, Inc.+(8)(11)	Preferred Stock	N/A	N/A		N/A	56	573		—		601
Filevine, Inc.+	Preferred Stock	N/A	N/A		N/A	221	1,401		0.1		1,456
Filevine, Inc.+	Warrant	N/A	N/A		N/A	33	49		—		150
Net Health Acquisition Corp.+	LP Interest	N/A	N/A		N/A	13	1,509		0.1		1,584
Procure Acquireco, Inc.+	LP Interest	N/A	N/A		N/A	—	486		—		538

							4,234		0.2		4,470
Real Estate Management & Development
Inhabit IQ Inc.+	Common Stock	N/A	N/A		N/A	62	434		—		693
SC Landco Parent, LLC+(8)	Common Stock	N/A	N/A		N/A	2	274		—		254
							708		—		947
Road & Rail
Internet Truckstop Group LLC+	LP Interest	N/A	N/A		N/A	408	447		—		520

Software
Accela, Inc.+	LLC interest	N/A	N/A		N/A	670	418		—		310
Anaplan, Inc.+	LP Interest	N/A	N/A		N/A	385	385		—		385
Aras Corporation+(21)	Preferred Stock	N/A	12.00%	Non-Cash	N/A	1	1,015		0.1		1,166
Aras Corporation+	LP Interest	N/A	N/A		N/A	306	306		—		249
Astute Holdings, Inc.+	LP Interest	N/A	N/A		N/A	—	304		—		622
Auvik Networks Inc.+(8)(12)	Preferred Stock	N/A	N/A		N/A	26	256		—		270
Bayshore Intermediate #2, L.P.+	Common Stock	N/A	N/A		N/A	4,095	4,095		0.1		3,345
Calabrio, Inc.+	LP Interest	N/A	N/A		N/A	1	769		—		782
Calabrio, Inc.+	LP Interest	N/A	N/A		N/A	96	0		—		0
Cloudbees, Inc.+	Preferred Stock	N/A	N/A		N/A	149	1,663		0.1		1,853
Cloudbees, Inc.+	Warrant	N/A	N/A		N/A	131	247		0.2		1,296
Cloudbees, Inc.+	Preferred Stock	N/A	N/A		N/A	71	466		—		849
Cynet Security Ltd.+(8)(15)	Preferred Stock	N/A	N/A		N/A	143	508		—		529
Diligent Corporation+(21)	Preferred Stock	N/A	10.50%	Non-Cash	N/A	17	17,122		0.7		18,263
Diligent Corporation+	Preferred Stock	N/A	N/A		N/A	415	912		0.1		2,199
FirstUp, Inc.+	Common Stock	N/A	N/A		N/A	221	541		—		330
GS Acquisitionco, Inc.+(21)	Preferred Stock	N/A	11.00%	Non-Cash	N/A	26	26,138		1.0		24,937
GS Acquisitionco, Inc.+(21)	Preferred Stock	N/A	11.00%	Non-Cash	N/A	2	1,578		0.1		1,459
GS Acquisitionco, Inc.+	LP Interest	N/A	N/A		N/A	1	170		0.1		1,023
GTY Technology Holdings, Inc.+	LP units	N/A	N/A		N/A	46	46		—		49
Impartner, Inc.+	Preferred Stock	N/A	N/A		N/A	28	226		—		215
Kaseya Inc.+(21)	Preferred Stock	N/A	11.75%	Non-Cash	N/A	2	1,709		0.1		1,754
Kaseya Inc.+	LP Interest	N/A	N/A		N/A	100	100		—		106
MetricStream, Inc.+	Warrant	N/A	N/A		N/A	168	263		—		157
Ministry Brands Holdings LLC+	LP Interest	N/A	N/A		N/A	438	439		—		251
mParticle, Inc.+	Preferred Stock	N/A	N/A		N/A	162	1,060		—		987
mParticle, Inc.+	Warrant	N/A	N/A		N/A	75	16		—		373
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+	Warrant	N/A	N/A		N/A	4	9		—		17
Personify, Inc.+	LP Interest	N/A	N/A		N/A	716	942		0.1		1,579
Project Alpha Intermediate Holding, Inc.+	Common Stock	N/A	N/A		N/A	—	964		0.1		1,417

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Project Alpha Intermediate Holding, Inc.+	Common Stock	N/A			N/A		N/A	202	$	329	—	%	$	14
Pyramid Healthcare Acquisition Corp.+	Common Stock	N/A			N/A		N/A	184	184		—		285
QAD, Inc.+	Preferred Stock	N/A			N/A		N/A	—	125		—		112
QAD, Inc.+	Common Stock	N/A			N/A		N/A	9	0		—		0
RegEd Aquireco, LLC+	LP Interest	N/A			N/A		N/A	—	331		—		66
RegEd Aquireco, LLC+	LP Interest	N/A			N/A		N/A	3	21		—		0
Riskonnect Parent, LLC+(21)	Preferred Stock	N/A			11.00%	Non-Cash	N/A	18	18,570		0.7		17,878
Riskonnect Parent, LLC+	LP Interest	N/A			N/A		N/A	857	859		—		848
Riskonnect Parent, LLC+(21)	Preferred Stock	SF +	10.50%	(l)	15.08%	Non-Cash	N/A	—	335		—		349
SnapLogic, Inc.+	Preferred Stock	N/A			N/A		N/A	278	695		0.1		1,464
SnapLogic, Inc.+	Warrant	N/A			N/A		N/A	106	75		—		381
Spartan Buyer Acquisition Co.+	Common Stock	N/A			N/A		N/A	1	623		—		311
Spartan Buyer Acquisition Co.+	Preferred Stock	N/A			N/A		N/A	—	38		—		38
Telesoft Holdings LLC+	LP Interest	N/A			N/A		N/A	6	6		—		6
Templafy APS and Templafy, LLC+(8)(18)	Warrant	N/A			N/A		N/A	—	62		—		38
Workforce Software, LLC+	Common Stock	N/A			N/A		N/A	—	973		—		604
Workforce Software, LLC+	Common Stock	N/A			N/A		N/A	—	36		—		39
Zendesk, Inc.+	LP units	N/A			N/A		N/A	45	454		—		454

									86,383		3.6		89,659

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail
Ave Holdings III, Corp+(21)	Preferred Stock	N/A	11.50%	Non-Cash	N/A	9		$	8,777	0.4	%	$	8,774
Ave Holdings III, Corp+	LP units	N/A	N/A		N/A	1		1,129		—		1,140
Batteries Plus Holding Corporation+	LP Interest	N/A	N/A		N/A	10		1,287		0.1		1,450
Cycle Gear, Inc.+	LLC units	N/A	N/A		N/A	27		462		—		587
Imperial Optical Midco Inc.+	Preferred Stock	N/A	N/A		N/A	—		122		—		131
Imperial Optical Midco Inc.+	Preferred Stock	N/A	N/A		N/A	—		46		—		48
Pet Holdings ULC+(8)(12)(21)	LP Interest	N/A	N/A		N/A	677		450		0.1		1,750
Salon Lofts Group, LLC+	LP units	N/A	N/A		N/A	—		87		—		79
Southern Veterinary Partners, LLC+(21)	Preferred Stock	N/A	12.00%	Non-Cash	N/A	5		5,083		0.2		5,559
Southern Veterinary Partners, LLC+	LLC units	N/A	N/A		N/A	—		717		—		1,150
Southern Veterinary Partners, LLC+	LLC interest	N/A	N/A		N/A	148		188		0.2		4,287
VSG Acquisition Corp. and Sherrill, Inc.+	LP units	N/A	N/A		N/A	—		37		—		35
								18,385		1.0		24,990
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.+	LLC interest	N/A	N/A		N/A	97		604		—		385

Textiles, Apparel & Luxury Goods
Georgica Pine Clothiers, LLC+	LLC interest	N/A	N/A		N/A	20		239		—		498
Georgica Pine Clothiers, LLC+	Common Stock	N/A	N/A		N/A	—		—		—		1
MakerSights, Inc.+	Preferred Stock	N/A	N/A		N/A	40		218		—		218
R.G. Barry Corporation+	Preferred Stock	N/A	N/A		N/A	—		161		—		257
								618		—		974

Total non-controlled/non-affiliate company equity investments								$	232,402	10.6	%	$	267,315

Total non-controlled/non-affiliate company investments						$	5,302,011	$	5,495,602	214.4	%	$	5,389,908

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)				Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Non-controlled/affiliate company investments(23)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+(22)	One stop	SF +	8.00%		(m)	12.45%				04/2024	$	5,832	$	5,802	0.2	%	$	4,957
Abita Brewing Co., L.L.C.+(7)(22)	Second lien	SF +	8.00%		(l)	12.58%				04/2024	3,840		3,723		0.1		1,344
Abita Brewing Co., L.L.C.+	One stop	SF +	8.00	%	(m)	12.58%				04/2024	210		210		—		210


											9,882		9,735		0.3		6,511









Energy, Equipment & Services
Benetech, Inc.+(7)(22)	One stop	SF +	6.00%		(l)	10.73%				08/2024	3,810		3,623		0.1		1,524
Benetech, Inc.+(7)(22)	One stop	SF +	6.00%		(k)(l)	10.50%				08/2024	1,200		1,139		—		328
											5,010		4,762		0.1		1,852
Food and Staples Retailing
Rubio's Restaurants, Inc.+(22)	Senior loan	SF +	8.00%		(l)	12.68%				12/2024	13,206		13,036		0.4		10,565
Rubio's Restaurants, Inc.+(22)	Senior loan	SF +	8.00	%	(k)	12.42%				12/2024	1,253		1,244		—		975
											14,459		14,280		0.4		11,540
Healthcare Providers and Services
Elite Dental Partners LLC+(22)	One stop	SF +	5.25%		(l)	9.98%	PIK			06/2023	12,032		12,052		0.4		9,987
Elite Dental Partners LLC+(22)	One stop	SF +	12.00%		(l)	16.73%	PIK			06/2023	4,481		4,481		0.2		4,302
Elite Dental Partners LLC+(22)	One stop	SF +	5.25%		(l)	9.98%	PIK			06/2023	1,297		1,297		—		1,297
											17,810		17,830		0.6		15,586
Software
Switchfly LLC+(22)	One stop	L +	4.00%		(b)	6.74%	cash/	1.00%	PIK	10/2024	6,543		6,499		0.2		4,711
Switchfly LLC+(22)	One stop	L +	4.00%		(b)	6.74%	cash/	1.00%	PIK	10/2024	547		543		—		393
Switchfly LLC+(22)	One stop	L +	4.00%		(b)	6.74%	cash/	1.00%	PIK	10/2024	42		42		—		30
Switchfly LLC+(5)	One stop	L +	8.50%		(b)	12.25%				10/2024	2		2		—		(16)
											7,134		7,086		0.2		5,118

Total non-controlled/affiliate debt investments											$	54,295	$	53,693	1.6	%	$	40,607


Equity investments(19)(20)
Beverages


Abita Brewing Co., L.L.C.+	Warrant	N/A				N/A				N/A	210		$	—	—	%	$	27









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.+	Preferred Stock	N/A				N/A				N/A	2,779		2,276		0.1		759
Rubio's Restaurants, Inc.+	Common Stock	N/A				N/A				N/A	886		182		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A				N/A				N/A	536		110		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A				N/A				N/A	89		6		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A				N/A				N/A	52		3		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A				N/A				N/A	21		—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A				N/A				N/A	21		—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A				N/A				N/A	42		—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A				N/A				N/A	18		—		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A		N/A	18		$	—	—	%	$	—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A		N/A	89		—		—		—
								2,577		0.1		759
Healthcare Providers and Services
Elite Dental Partners LLC	LLC interest	N/A	N/A		N/A	—		2,902		0.1		3,054
Elite Dental Partners LLC	LLC interest	N/A	N/A		N/A	—		1,250		—		388
Elite Dental Partners LLC	LLC units	N/A	N/A		N/A	—		—		—		—
								4,152		0.1		3,442
Software
Switchfly LLC+	LLC interest	N/A	N/A		N/A	98,370		2,321		0.1		2,274
Switchfly LLC+	LLC units	N/A	N/A		N/A	950		950		—		447
								3,271		0.1		2,721

Total non-controlled/affiliate equity investments								$	10,000	0.3	%	$	6,949

Total non-controlled/affiliate investments						$	54,295	$	63,693	1.9	%	$	47,556


Controlled affiliate company investments(24)
Debt Investments
IT Services
MMan Acquisition Co.+(7)(22)	One stop	N/A	10.00%	PIK	08/2023	$	31,043	$	19,524	0.5	%	$	10,865
MMan Acquisition Co.+(22)	One stop	N/A	8.00%	PIK	08/2023	1,716		1,716		0.1		1,664
MMan Acquisition Co.+(22)	One stop	N/A	12.00%	PIK	08/2023	849		849		—		849
MMan Acquisition Co.+(22)	One stop	N/A	12.00%	PIK	08/2023	255		255		—		255
MMan Acquisition Co.+(22)	One stop	N/A	12.00%	PIK	08/2023	849		849		—		849
Total controlled affiliate debt investments						$	34,712	$	23,193	0.6	%	$	14,482

Equity Investments (19)(20)
IT Services
MMan Acquisition Co.+	Common Stock	N/A	N/A		N/A	—		$	927	—	%	$	—

Total controlled affiliate equity investments								$	927	—	%	$	—

Total controlled affiliate investments						$	34,712	$	24,120	0.6	%	$	14,482

Total investments						$	5,391,018	$	5,583,415	216.9	%	$	5,451,946

Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)			4.0%	(25)				$	42,768	1.7	%	$	42,768
Allspring Treasury Plus Money Market Fund (CUSIP 94975H296)			4.1%	(25)				8,745		0.3		8,745
Total money market funds								$	51,513	2.0	%	$	51,513
Total Investments and Money Market Funds								$	5,634,928	218.9	%	$	5,503,459

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)


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

(1)The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime (“P”), Sterling Overnight Index Average ("SONIA" or “SN”), Australian Interbank Rate (”AUD” or ”A”), Canadian Bankers Acceptance Rate (”CDOR” or "C”) or London Interbank Offered Rate (“LIBOR” or “L”) denominated in U.S. dollars which reset daily, monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of December 31, 2022. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of December 31, 2022, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of December 31, 2022, as the loan may have priced or repriced based on an index rate prior to December 31, 2022.

(a) Denotes that all or a portion of the contract was indexed to the 30-day LIBOR, which was 4.39% as of December 31, 2022.

(b) Denotes that all or a portion of the contract was indexed to the 90-day LIBOR, which was 4.77% as of December 31, 2022.

(c) Denotes that all or a portion of the contract was indexed to the 180-day LIBOR, which was 5.14% as of December 31, 2022.

(d) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 7.50% as of December 31, 2022.

(e) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 2.13% as of December 31, 2022.

(f) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 2.69% as of December 31, 2022.

(g) Denotes that all or a portion of the contract was indexed to the Three Month AUD, which was 3.26% as of December 31, 2022.

(h) Denotes that all or a portion of the contract was indexed to the 90-day CDOR, which was 4.94% as of December 31, 2022.

(i) Denotes that all or a portion of the contract was indexed to SONIA, which was 3.43% as of December 31, 2022.

(j) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 4.30% as of December 31, 2022.

(k) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 4.36% as of December 31, 2022.

(l) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 4.59% as of December 31, 2022.

(m) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 4.78% as of December 31, 2022.

(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of December 31, 2022.

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

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

(5)The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.

(6)The entire commitment was unfunded as of December 31, 2022. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.

(7)Loan was on non-accrual status as of December 31, 2022, meaning that the Company has ceased recognizing interest income on the loan.

(8)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2022, total non-qualifying assets at fair value represented 12.8% of the Company's total assets calculated in accordance with the 1940 Act.

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

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

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

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

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

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

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

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

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

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

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

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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2022

(In thousands)

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

(22)All or a portion of the loan interest was capitalized into the outstanding principal balance of the loan in accordance with the terms of the credit agreement during the three months ended December 31, 2022.

(23)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns five percent or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the three months ended December 31, 2022 were as follows:


Portfolio Company	Fair value as of September 30, 2022		Gross Additions(a)		Gross Reductions(b)		Net change in unrealized gain (loss)		Net realized gain (loss)		Fair value as of December 31, 2022		Interest, dividend and fee income
Abita Brewing Co. LLC	$	8,071	$	365	$	(145)	$	(1,753)	$	—	$	6,538	$	178
Benetech, Inc.	1,740		184		(120)		48		—		1,852		9
Elite Dental Partners LLC	20,689		1,780		(9)		(3,432)		—		19,028		422

Rubio's Restaurants, Inc	13,174		1,653		—		(2,528)		—		12,299		439
Sloan Company, Inc.	6,318		38		(6,329)		(347)		320		—		344
Switchfly LLC	7,697		111		—		31		—		7,839		35

Total Non-Controlled Affiliates	$	57,689	$	4,131	$	(6,603)	$	(7,981)	$	320	$	47,556	$	1,427


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

(24)As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” of and “control” this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement) (“controlled affiliate”). Transactions related to investments in controlled affiliates for the three months ended December 31, 2022 were as follows:


Portfolio Company	Fair value as of September 30, 2022		Gross Additions(a)		Gross Reductions(b)		Net change in unrealized gain (loss)		Net realized gain (loss)		Fair value as of December 31, 2022		Interest, dividend and fee income
MMan Acquisition Co.	$	14,073	$	895	$	(793)	$	307	$	—	$	14,482	$	69
Total Controlled Affiliates	$	14,073	$	895	$	(793)	$	307	$	—	$	14,482	$	69


(a)						Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(b)						Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.

(25)The rate shown is the annualized seven-day yield as of December 31, 2022.

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace and Defense
Tronair Parent, Inc.+	Senior loan	L +	6.25%	(b)	8.67%	cash/	0.50%	PIK	09/2023	$	672	$	670	—	%	$	618
Tronair Parent, Inc.+	Senior loan	L +	6.25%	(b)	8.67%	cash/	0.50%	PIK	06/2023	100		99		—		88
Whitcraft LLC*#+	One stop	L +	6.00%	(b)	9.67%				04/2023	62,608		62,693		2.4		60,729
Whitcraft LLC+	One stop	P +	5.00%	(d)	11.25%				04/2023	42		38		—		33
										63,422		63,500		2.4		61,468
Airlines
Aurora Lux Finco S.A.R.L. +(8)(13)	One stop	L +	6.00%	(b)	8.78%				12/2026	975		961		—		926

Auto Components
COP CollisionRight Holdings, Inc.#+	One stop	SF +	4.75%	(l)	7.26%				04/2028	9,638		9,483		0.4		9,542
COP CollisionRight Holdings, Inc.+	One stop	SF +	4.75%	(l)	8.45%				04/2028	27		26		—		26
COP CollisionRight Holdings, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				04/2028	—		(2)		—		(3)
Covercraft Parent III, Inc.+	Senior loan	L +	4.50%	(b)	6.78%				08/2027	4,890		4,850		0.2		4,890
Covercraft Parent III, Inc.+	Senior loan	L +	4.50%	(b)	8.17%				08/2027	994		973		—		994
Covercraft Parent III, Inc.+(5)	Senior loan	L +	4.50%		N/A(6)				08/2027	—		(1)		—		—
North Haven Falcon Buyer, LLC+	One stop	L +	6.50%	(c)	8.51%				05/2027	6,099		6,004		0.3		5,855
North Haven Falcon Buyer, LLC+	One stop	L +	6.50%	(c)	8.67%				05/2027	1,021		1,006		—		981
Polk Acquisition Corp.*#+	Senior loan	SF +	6.00%	(k)	9.03%				12/2024	18,007		17,927		0.7		17,777
Polk Acquisition Corp.+	Senior loan	SF +	6.50%	(k)	9.53%				03/2023	695		693		—		695
Polk Acquisition Corp.+	Senior loan	SF +	6.00%	(k)	9.03%				12/2024	106		108		—		104
Polk Acquisition Corp.+	Senior loan	SF +	6.00%	(k)	9.03%				12/2024	106		106		—		105
										41,583		41,173		1.6		40,966
Automobiles
CG Group Holdings, LLC*#+	One stop	L +	7.25%	(b)	8.92%	cash/	2.00%	PIK	07/2027	31,441		31,084		1.1		28,925
CG Group Holdings, LLC+	One stop	L +	7.25%	(a)	8.37%	cash/	2.00%	PIK	07/2026	338		334		—		311
Denali Midco 2, LLC*#+	One stop	SF +	6.25%	(k)	9.38%				12/2027	42,864		42,490		1.7		41,579
Denali Midco 2, LLC+(5)	One stop	SF +	5.25%		N/A(6)				12/2027	—		(4)		—		(15)
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.38%				12/2027	198		196		—		192
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.38%				12/2027	100		99		—		97
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.38%				12/2027	80		79		—		77
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.38%				12/2027	80		79		—		77
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.28%				12/2027	66		65		—		64
Denali Midco 2, LLC+	One stop	SF +	6.50%	(k)	9.45%				12/2027	978		949		—		949
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.38%				12/2027	660		654		—		640
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.38%				12/2027	120		119		—		116
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.38%				12/2027	114		113		—		111
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.38%				12/2027	82		81		—		80
Denali Midco 2, LLC+(5)	One stop	SF +	6.50%		N/A(6)				12/2027	—		(29)		—		(29)
JHCC Holdings LLC+	One stop	L +	5.75%	(b)	9.42%				09/2025	15,314		15,116		0.6		14,855
JHCC Holdings LLC+	One stop	P +	4.75%	(d)	11.00%				09/2025	496		491		—		481
JHCC Holdings LLC+	One stop	L +	5.75%	(b)(d)	9.91%				09/2025	295		292		—		286
JHCC Holdings LLC+	One stop	P +	4.75%	(b)(d)	10.30%				09/2025	57		56		—		54
JHCC Holdings LLC+	One stop	L +	5.75%	(b)	9.42%				09/2025	302		267		—		269

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
MOP GM Holding, LLC*#+	One stop	SF +	5.75%	(m)	9.98%	11/2026	$	23,977	$	23,768	1.0	%	$	23,498
MOP GM Holding, LLC+	One stop	L +	5.75%	(c)	7.09%	11/2026	2,629		2,609		0.1		2,576
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	7.62%	11/2026	2,599		2,562		0.1		2,547
MOP GM Holding, LLC+	One stop	L +	5.75%	(c)	6.95%	11/2026	2,578		2,556		0.1		2,527
MOP GM Holding, LLC+	One stop	SF +	5.75%	(l)	8.58%	11/2026	1,910		1,894		0.1		1,872
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	8.98%	11/2026	1,571		1,559		0.1		1,539
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	7.62%	11/2026	1,448		1,424		0.1		1,419
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	9.98%	11/2026	527		523		—		517
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	9.50%	11/2026	358		355		—		351
MOP GM Holding, LLC+	One stop	SF +	5.75%	(l)	9.55%	11/2026	148		146		—		145
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	8.51%	11/2026	60		59		—		59
MOP GM Holding, LLC+	One stop	SF +	5.75%	(c)(l)(m)	8.91%	11/2026	86		84		—		82
MOP GM Holding, LLC+(5)	One stop	SF +	5.75%		N/A(6)	11/2026	—		(21)		—		(47)
MOP GM Holding, LLC+	One stop	SF +	5.75%	(l)	8.99%	11/2026	180		178		—		176
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	8.94%	11/2026	60		59		—		59
POY Holdings, LLC#	One stop	L +	5.50%	(b)	9.17%	11/2027	9,543		9,379		0.4		9,543
POY Holdings, LLC+	One stop	L +	5.50%	(b)	9.17%	11/2027	36		32		—		36
POY Holdings, LLC+	One stop	L +	5.50%	(b)	9.14%	11/2027	82		79		—		82
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.50%	(m)	8.27%	07/2029	3,150		3,120		0.1		3,119
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.50%	(m)	8.39%	07/2029	70		68		—		68
National Express Wash Parent Holdco, LLC+(5)	One stop	SF +	5.50%		N/A(6)	07/2029	—		(22)		—		(22)
Quick Quack Car Wash Holdings, LLC*#	One stop	L +	6.50%	(b)	9.31%	10/2024	12,815		12,820		0.5		12,815
Quick Quack Car Wash Holdings, LLC+	One stop	L +	6.50%	(b)	9.31%	10/2024	9,773		9,750		0.4		9,773
Quick Quack Car Wash Holdings, LLC#+	One stop	L +	6.50%	(b)	9.31%	10/2024	2,313		2,306		0.1		2,313
Quick Quack Car Wash Holdings, LLC*+	One stop	L +	6.50%	(b)	9.31%	10/2024	2,020		2,042		0.1		2,020
Quick Quack Car Wash Holdings, LLC*+	One stop	L +	6.50%	(b)	9.31%	10/2024	1,350		1,364		0.1		1,350
Quick Quack Car Wash Holdings, LLC*+	One stop	L +	6.50%	(b)	9.31%	10/2024	1,099		1,110		—		1,099
Quick Quack Car Wash Holdings, LLC+	One stop	L +	6.50%	(b)	9.31%	10/2024	95		89		—		95
Quick Quack Car Wash Holdings, LLC+	One stop	L +	6.50%	(b)	9.32%	10/2024	120		120		—		120
Quick Quack Car Wash Holdings, LLC+	One stop	L +	6.50%	(a)(b)	9.51%	10/2024	95		93		—		95
Quick Quack Car Wash Holdings, LLC+	One stop	L +	6.50%	(a)	9.62%	10/2024	345		341		—		345
Quick Quack Car Wash Holdings, LLC+	One stop	L +	6.50%	(a)(b)	9.50%	10/2024	104		99		—		104
Spotless Brands, LLC+	One stop	SF +	6.50%	(l)	9.19%	07/2028	8,369		8,207		0.3		8,202
Spotless Brands, LLC+	One stop	SF +	6.50%	(k)	9.44%	07/2028	428		419		—		418
Spotless Brands, LLC+	One stop	SF +	6.50%	(d)(k)	9.92%	07/2028	20		20		—		20
Spotless Brands, LLC+(5)	One stop	SF +	6.50%		N/A(6)	07/2028	—		(7)		—		(7)
TWAS Holdings, LLC#+	One stop	SF +	6.25%	(k)	9.38%	12/2026	40,460		40,118		1.6		40,460
TWAS Holdings, LLC*+	One stop	SF +	6.25%	(k)	9.38%	12/2026	30,566		30,292		1.2		30,566
TWAS Holdings, LLC+	One stop	SF +	6.25%	(k)	9.38%	12/2026	7,934		7,865		0.3		7,934
TWAS Holdings, LLC+	One stop	SF +	6.25%	(k)	9.38%	12/2026	609		604		—		609
TWAS Holdings, LLC+	One stop	SF +	6.25%	(k)	9.38%	12/2026	387		384		—		387
TWAS Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)	12/2026	—		(3)		—		—
							263,499		260,975		10.1		257,983
Beverages
Fintech Midco, LLC*#	One stop	L +	5.25%	(b)	8.06%	08/2024	23,863		24,012		0.9		23,624
Fintech Midco, LLC+	One stop	L +	5.25%	(b)	8.06%	08/2024	15,149		15,053		0.6		14,998
Fintech Midco, LLC#+	One stop	L +	5.25%	(b)	8.06%	08/2024	1,105		1,123		0.1		1,094
Fintech Midco, LLC+(5)	One stop	L +	5.25%		N/A(6)	08/2024	—		—		—		(2)
Watermill Express, LLC+	One stop	L +	5.50%	(b)	9.17%	04/2027	2,244		2,227		0.1		2,222

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Watermill Express, LLC+	One stop	L +	5.50%		N/A(6)	04/2027	$	—	$	—	—	%	$	—
Watermill Express, LLC+(5)	One stop	L +	5.50%		N/A(6)	04/2027	—		(1)		—		(2)
Winebow Holdings, Inc.+	One stop	L +	6.25%	(a)	9.37%	07/2025	7,799		7,722		0.3		7,799
							50,160		50,136		2.0		49,733

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Building Products
BECO Holding Company, Inc.#+	One stop	L +	5.50%	(b)	9.17%		11/2028	$	7,538	$	7,472	0.3	%	$	7,387
BECO Holding Company, Inc.+(5)	One stop	L +	5.50%		N/A(6)		11/2027	—		(4)		—		(9)
BECO Holding Company, Inc.+(5)	One stop	L +	5.50%		N/A(6)		11/2028	—		(17)		—		(39)
Jensen Hughes, Inc.+	Senior loan	L +	4.50%	(a)(b)	7.31%		03/2024	4,106		4,107		0.2		4,106
Jensen Hughes, Inc.+	Senior loan	L +	4.50%	(a)(b)	7.31%		03/2024	1,388		1,403		0.1		1,388
Jensen Hughes, Inc.+	Senior loan	L +	4.50%	(a)(b)	7.31%		03/2024	895		901		—		895
Jensen Hughes, Inc.+	Senior loan	L +	4.50%	(a)(b)	7.31%		03/2024	844		839		—		844
Jensen Hughes, Inc.+	Senior loan	L +	4.50%	(a)(b)	7.31%		03/2024	429		436		—		429
Jensen Hughes, Inc.+	Senior loan	L +	4.50%	(a)(b)	7.31%		03/2024	274		275		—		274
Jensen Hughes, Inc.+	Senior loan	L +	4.50%	(b)(c)	7.13%		03/2024	886		877		—		886
Jensen Hughes, Inc.+	Senior loan	L +	4.50%	(a)(b)	7.31%		03/2024	214		214		—		214
Jensen Hughes, Inc.+	Senior loan	L +	4.50%	(a)(b)	7.31%		03/2024	114		114		—		114
								16,688		16,617		0.6		16,489
Chemicals
Inhance Technologies Holdings LLC#+	One stop	L +	5.25%	(b)	7.53%		07/2024	12,444		12,502		0.5		12,319
Inhance Technologies Holdings LLC+	One stop	L +	5.25%	(b)	7.53%		07/2024	9,913		9,845		0.4		9,813
Inhance Technologies Holdings LLC+	One stop	L +	5.25%	(b)	7.53%		07/2024	1,891		1,885		0.1		1,872
Inhance Technologies Holdings LLC+	One stop	L +	5.25%	(b)	7.53%		07/2024	21		22		—		19
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	E +	6.25%	(f)	8.11%		09/2028	31,048		36,136		1.2		30,116
PHM NL SP Bidco B.V.+(8)(14)	One stop	L +	6.25%	(c)	10.42%		09/2028	13,766		13,559		0.5		13,353
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	SN +	6.25%	(i)	8.44%		09/2028	6,711		7,914		0.2		6,510
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	E +	6.25%	(f)	6.31%		09/2028	3,282		3,710		0.1		3,161
								79,076		85,573		3.0		77,163
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC*+	One stop	L +	5.25%	(b)	8.92%		10/2028	16,063		15,862		0.6		15,741
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop	L +	5.25%		N/A(6)		10/2028	—		(3)		—		(4)
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop	L +	5.25%		N/A(6)		10/2028	—		(20)		—		(48)
Hydraulic Authority III Limited+(8)(9)(10)	One stop	SN +	5.00%	(i)	7.22%		11/2025	9,675		11,066		0.4		9,675
Hydraulic Authority III Limited+(8)(9)(10)	One stop	E +	5.00%	(e)	6.19%		11/2025	1,057		1,122		—		1,057
Hydraulic Authority III Limited+(8)(9)(10)	One stop	N/A			11.00%	PIK	11/2028	217		251		—		217
Hydraulic Authority III Limited+(8)(9)(10)	One stop	SN +	5.00%		N/A(6)		11/2025	—		—		—		—
North Haven Stack Buyer, LLC*+	One stop	SF +	5.50%	(k)	8.63%		07/2027	8,767		8,626		0.4		8,591

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
North Haven Stack Buyer, LLC+(5)	One stop	SF +	5.50%		N/A(6)				07/2027	$	—	$	(22)	—	%	$	(56)
North Haven Stack Buyer, LLC+	One stop	SF +	5.50%	(k)	8.63%				07/2027	38		37		—		35
North Haven Stack Buyer, LLC+	One stop	SF +	5.50%	(k)	8.63%				07/2027	2,953		2,929		0.1		2,894
North Haven Stack Buyer, LLC+	One stop	SF +	5.50%	(k)	8.63%				07/2027	974		966		—		955
OVG Business Services, LLC+	One stop	L +	6.25%	(a)	9.34%				11/2028	1,800		1,764		0.1		1,764
OVG Business Services, LLC+	One stop	L +	5.50%	(a)	8.14%				11/2026	9		9		—		8
Profile Products LLC+	One stop	L +	5.50%	(b)	8.43%				11/2027	5,466		5,359		0.2		5,466
Profile Products LLC+(8)	One stop	L +	5.50%	(b)	8.42%				11/2027	1,288		1,266		0.1		1,288
Profile Products LLC+	One stop	L +	5.50%	(a)(d)	8.60%				11/2027	18		17		—		18
Profile Products LLC+(5)	One stop	L +	5.50%		N/A(6)				11/2027	—		(8)		—		—
Profile Products LLC+(5)	One stop	L +	5.25%		N/A(6)				11/2027	—		(1)		—		—
PT Intermediate Holdings III, LLC+	One stop	L +	5.50%	(b)	9.17%				11/2028	29,523		29,029		1.2		28,932
PT Intermediate Holdings III, LLC+	One stop	L +	5.50%	(b)	9.17%				11/2028	20,873		20,681		0.8		20,456
PT Intermediate Holdings III, LLC+	One stop	L +	5.50%	(b)	9.17%				11/2028	9,900		9,775		0.4		9,702
Radwell Parent, LLC+	One stop	SF +	5.75%	(l)	9.40%				03/2029	19,076		18,789		0.7		18,313
Radwell Parent, LLC+(5)	One stop	SF +	5.75%		N/A(6)				03/2028	—		(4)		—		(9)
Radwell Parent, LLC+(5)	One stop	SF +	5.75%		N/A(6)				03/2029	—		(8)		—		(22)
Trinity Air Consultants Holdings Corporation+	One stop	L +	5.25%	(c)	7.08%				06/2027	2,458		2,419		0.1		2,409
Trinity Air Consultants Holdings Corporation+	One stop	L +	5.25%	(c)	8.60%				06/2027	33		32		—		31
Trinity Air Consultants Holdings Corporation+	One stop	L +	5.25%		N/A(6)				06/2027	—		—		—		—
WRE Holding Corp.*#	Senior loan	SF +	5.25%	(l)	7.95%				01/2025	2,229		2,225		0.1		2,229
WRE Holding Corp.+	Senior loan	SF +	5.25%	(l)	7.95%				01/2025	920		920		—		920
WRE Holding Corp.+	Senior loan	SF +	5.25%	(l)	7.95%				01/2025	675		673		—		675
WRE Holding Corp.+	Senior loan	SF +	5.25%	(l)	7.95%				01/2025	399		398		—		399
WRE Holding Corp.+	Senior loan	SF +	5.25%	(l)	7.95%				01/2025	128		129		—		128
WRE Holding Corp.+	Senior loan	SF +	5.25%	(l)	7.95%				01/2025	23		23		—		23
WRE Holding Corp.+	Senior loan	SF +	5.25%	(l)	7.95%				01/2025	14		13		—		14
WRE Holding Corp.+	Senior loan	SF +	5.25%	(l)	7.99%				01/2025	16		14		—		16
										134,592		134,328		5.2		131,817
Communications Equipment
Lightning Finco Limited+(8)(10)	One stop	L +	5.50%	(b)	8.57%				09/2028	10,349		10,174		0.4		10,142
Lightning Finco Limited+(8)(9)(10)	One stop	E +	5.50%	(e)	6.25%				09/2028	1,041		1,240		—		1,020
										11,390		11,414		0.4		11,162











Containers and Packaging
AmerCareRoyal LLC+	Senior loan	L +	5.50%	(a)	8.12%	cash/	0.50%	PIK	11/2025	748		739		—		733
AmerCareRoyal LLC+	Senior loan	L +	5.50%	(a)	8.12%	cash/	0.50%	PIK	11/2025	160		158		—		156
AmerCareRoyal LLC+	Senior loan	L +	5.50%	(a)	8.12%	cash/	0.50%	PIK	11/2025	155		153		—		152
AmerCareRoyal LLC+(8)	Senior loan	L +	5.50%	(a)	8.12%	cash/	0.50%	PIK	11/2025	134		133		—		132
Chase Intermediate+	One stop	L +	5.00%	(b)(c)	8.00%				10/2028	9,900		9,819		0.4		9,702
Chase Intermediate+(5)	One stop	L +	5.00%		N/A(6)				10/2028	—		(3)		—		(7)
Chase Intermediate+(5)	One stop	L +	5.00%		N/A(6)				10/2028	—		(11)		—		(24)
Fortis Solutions Group, LLC*#+	One stop	L +	5.50%	(b)(c)	9.59%				10/2028	33,683		33,177		1.3		33,346
Fortis Solutions Group, LLC+	One stop	L +	5.50%	(c)	9.67%				10/2027	20		15		—		17
Fortis Solutions Group, LLC+(5)	One stop	L +	5.50%		N/A(6)				10/2028	—		(95)		—		(12)
Fortis Solutions Group, LLC+(5)	One stop	L +	5.50%		N/A(6)				10/2028	—		(40)		—		(56)
										44,800		44,045		1.7		44,139

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Distributors
WSC Holdings Midco LLC+	Senior loan	SF +	4.50%	(l)	7.13%	07/2027	$	1,244	$	1,231	—	%	$	1,232
WSC Holdings Midco LLC+	Senior loan	SF +	4.50%	(l)	7.30%	07/2027	1,797		1,782		0.1		1,779
WSC Holdings Midco LLC+	Senior loan	SF +	4.50%	(l)	7.13%	07/2027	2,961		2,931		0.1		2,932
WSC Holdings Midco LLC+(5)	Senior loan	SF +	4.50%		N/A(6)	07/2027	—		(1)		—		(1)
WSC Holdings Midco LLC+(5)	Senior loan	SF +	4.50%		N/A(6)	07/2027	—		(1)		—		(1)
							6,002		5,942		0.2		5,941
Diversified Consumer Services
Certus Pest, Inc.#	One stop	SF +	6.25%	(m)	9.08%	02/2026	1,589		1,560		0.1		1,557
Certus Pest, Inc.#	One stop	SF +	6.25%	(m)	9.08%	02/2026	1,524		1,479		0.1		1,493
Certus Pest, Inc.+	One stop	SF +	6.25%	(m)	8.19%	02/2026	1,099		1,099		0.1		1,077
Certus Pest, Inc.#	One stop	SF +	6.25%	(l)(m)	10.04%	02/2026	1,080		1,070		0.1		1,058
Certus Pest, Inc.+	One stop	SF +	6.25%	(m)	9.08%	02/2026	753		739		—		738
Certus Pest, Inc.#	One stop	SF +	6.25%	(m)	9.08%	02/2026	664		632		—		651
Certus Pest, Inc.+	One stop	SF +	6.25%	(l)	9.95%	02/2026	647		643		—		634
Certus Pest, Inc.+	One stop	SF +	6.25%	(l)	9.95%	02/2026	382		374		—		374
Certus Pest, Inc.+	One stop	SF +	6.25%	(m)	9.08%	02/2026	239		225		—		235
Certus Pest, Inc.+	One stop	SF +	6.25%	(m)	9.08%	02/2026	131		105		—		128
Certus Pest, Inc.+	One stop	SF +	6.25%	(l)	9.95%	02/2026	55		50		—		54
Certus Pest, Inc.+(5)	One stop	SF +	6.25%		N/A(6)	02/2026	—		—		—		(1)
Certus Pest, Inc.+(5)	One stop	SF +	6.25%		N/A(6)	02/2026	—		(2)		—		—
Certus Pest, Inc.+(5)	One stop	SF +	6.25%		N/A(6)	02/2026	—		(13)		—		(99)
CHHJ Midco, LLC#	Senior loan	L +	5.00%	(a)	8.12%	01/2026	2,723		2,705		0.1		2,723
CHHJ Midco, LLC+	Senior loan	L +	5.00%		N/A(6)	01/2026	—		—		—		—
COP Hometown Acquisitions, Inc.+	Senior loan	L +	4.50%	(b)	7.24%	07/2027	1,713		1,699		0.1		1,696
COP Hometown Acquisitions, Inc.+	Senior loan	L +	4.50%	(b)	6.78%	07/2027	1,669		1,648		0.1		1,652
COP Hometown Acquisitions, Inc.+	Senior loan	L +	4.50%	(b)	6.87%	07/2027	1,094		1,082		0.1		1,083
COP Hometown Acquisitions, Inc.+	Senior loan	L +	4.50%	(b)	7.19%	07/2027	773		764		—		765
COP Hometown Acquisitions, Inc.+	Senior loan	L +	4.50%	(b)	6.78%	07/2027	199		196		—		197
COP Hometown Acquisitions, Inc.+	Senior loan	L +	4.75%	(b)	7.75%	07/2027	120		118		—		120
COP Hometown Acquisitions, Inc.+	Senior loan	L +	4.50%		N/A(6)	07/2027	—		—		—		—
DP Flores Holdings, LLC+	One stop	SF +	6.50%	(l)	10.00%	09/2028	2,593		2,548		0.1		2,548
DP Flores Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)	09/2028	—		(2)		—		(2)
DP Flores Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)	09/2028	—		(15)		—		(15)
DP Flores Holdings, LLC+	One stop	SF +	6.50%		N/A(6)	09/2028	—		—		—		—
DP Flores Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)	09/2028	—		(25)		—		—
EMS LINQ, LLC+	One stop	L +	6.25%	(a)	9.37%	12/2027	9,591		9,508		0.4		9,495
EMS LINQ, LLC+(5)	One stop	L +	6.25%		N/A(6)	12/2027	—		(1)		—		(1)
EWC Growth Partners LLC+	One stop	L +	6.00%	(b)	9.67%	03/2026	930		920		0.1		920
EWC Growth Partners LLC+	One stop	L +	6.00%	(b)	9.67%	03/2026	74		73		—		73
EWC Growth Partners LLC+	One stop	L +	6.00%	(b)	9.67%	03/2026	14		14		—		14
Excelligence Learning Corporation#+	One stop	L +	6.00%	(b)	9.67%	04/2023	10,240		10,204		0.4		10,240
FPG Intermediate Holdco, LLC+	One stop	SF +	6.00%	(k)	9.13%	03/2027	9,098		8,964		0.3		8,756
FPG Intermediate Holdco, LLC+	One stop	SF +	6.00%	(k)	9.13%	03/2027	314		303		—		287
FPG Intermediate Holdco, LLC+(5)	One stop	SF +	6.00%		N/A(6)	03/2027	—		(1)		—		(3)
FPG Intermediate Holdco, LLC+(5)	One stop	SF +	6.50%		N/A(6)	03/2027	—		(13)		—		(14)
FSS Buyer LLC+	One stop	L +	5.75%	(a)	8.87%	08/2028	5,491		5,399		0.2		5,272
FSS Buyer LLC+(5)	One stop	L +	5.75%		N/A(6)	08/2027	—		(1)		—		(2)
HS Spa Holdings, Inc.+	One stop	SF +	5.75%	(m)	7.51%	06/2029	7,782		7,634		0.3		7,627

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
HS Spa Holdings, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				06/2028	$	—	$	(2)	—	%	$	(2)
Learn-it Systems, LLC+	Senior loan	L +	4.75%	(c)	8.92%				03/2025	2,497		2,521		0.1		2,297
Learn-it Systems, LLC+	Senior loan	L +	4.75%	(b)	8.42%				03/2025	1,344		1,341		—		1,236
Learn-it Systems, LLC+	Senior loan	L +	4.75%	(b)(c)	8.30%				03/2025	606		598		—		558
Learn-it Systems, LLC+	Senior loan	L +	4.75%	(b)	7.63%				03/2025	33		32		—		29
Liminex, Inc.+	One stop	SF +	7.25%	(l)	10.95%				11/2026	25,462		25,129		1.0		25,971
Liminex, Inc.+	One stop	SF +	6.25%	(l)	9.95%				11/2026	20,000		19,816		0.8		19,800
Liminex, Inc.+	One stop	SF +	7.25%	(l)	10.95%				11/2026	800		794		—		816
Liminex, Inc.+(5)	One stop	SF +	7.25%		N/A(6)				11/2026	—		(1)		—		—
Litera Bidco LLC+	One stop	L +	6.00%	(a)	9.12%				05/2026	5,718		5,666		0.2		5,662
Litera Bidco LLC+	One stop	L +	5.75%	(a)	8.87%				05/2026	3,674		3,688		0.1		3,609
Litera Bidco LLC+	One stop	L +	5.75%	(a)	8.87%				05/2026	688		705		—		676
Litera Bidco LLC+	One stop	L +	5.75%	(a)	8.87%				05/2026	688		705		—		676
Litera Bidco LLC+	One stop	L +	6.00%	(a)	9.12%				05/2026	517		513		—		512
Litera Bidco LLC+	One stop	L +	5.75%		N/A(6)				05/2025	—		—		—		—
Mario Purchaser, LLC+	One stop	SF +	5.75%	(k)	8.88%				04/2029	7,654		7,510		0.3		7,347
Mario Purchaser, LLC+	One stop	SF +	10.75%	(k)	13.88%	PIK			04/2032	1,527		1,487		0.1		1,497
Mario Purchaser, LLC+(5)	One stop	P +	4.75%		N/A(6)				04/2028	—		(1)		—		(3)
Mario Purchaser, LLC+	One stop	SF +	5.75%	(k)	8.88%				04/2029	109		104		—		94
Mathnasium, LLC#	One stop	L +	5.00%	(b)	7.91%				11/2027	9,261		9,182		0.4		9,168
Mathnasium, LLC+	One stop	L +	5.00%	(b)	7.91%				11/2027	13		12		—		12
NSG Buyer, Inc. +	One stop	SF +	6.00%	(k)	9.13%				06/2029	7,874		7,798		0.3		7,874
NSG Buyer, Inc. +	One stop	SF +	6.00%	(k)	9.13%				06/2029	242		239		—		242
NSG Buyer, Inc. +	One stop	SF +	6.00%	(k)	9.13%				06/2029	141		140		—		141
NSG Buyer, Inc. +	One stop	SF +	6.00%	(k)	9.13%				06/2029	133		117		—		133
NSG Buyer, Inc. +	One stop	SF +	6.00%	(k)	9.13%				06/2028	12		11		—		12
PADI Holdco, Inc.*#	One stop	L +	7.25%	(b)	8.82%	cash/	1.50%	PIK	04/2024	21,638		21,619		0.8		20,771
PADI Holdco, Inc.+(8)(9)	One stop	E +	7.25%	(e)	6.33%	cash/	1.50%	PIK	04/2024	17,873		20,923		0.7		17,156
PADI Holdco, Inc.+	One stop	L +	7.25%	(b)	9.38%	cash/	1.50%	PIK	04/2024	824		820		—		791
PADI Holdco, Inc.+	One stop	L +	7.25%	(b)	8.90%	cash/	1.50%	PIK	04/2024	170		170		—		163
PADI Holdco, Inc.+(5)	One stop	L +	5.75%		N/A(6)				04/2023	—		(1)		—		(4)
Provenance Buyer LLC#+	One stop	L +	5.00%	(a)	8.12%				06/2027	18,279		17,987		0.7		18,279
Provenance Buyer LLC+	One stop	L +	5.00%	(a)	8.12%				06/2027	9,975		9,881		0.4		9,975
Provenance Buyer LLC+(5)	One stop	L +	5.00%		N/A(6)				06/2027	—		(2)		—		—
Provenance Buyer LLC+(5)	One stop	L +	5.00%		N/A(6)				06/2027	—		(2)		—		—
RW AM Holdco LLC#+	One stop	SF +	5.25%	(m)	9.48%				04/2028	17,729		17,565		0.7		17,551
RW AM Holdco LLC+(5)	One stop	SF +	5.25%		N/A(6)				04/2028	—		(1)		—		(2)
										238,062		238,745		9.2		234,367

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Diversified Financial Services
AxiomSL Group, Inc.+	One stop	L +	6.00%	(a)	9.12%	12/2027	$	4,016	$	3,951	0.2	%	$	3,976
AxiomSL Group, Inc.+	One stop	L +	6.00%		N/A(6)	12/2027	—		—		—		—
AxiomSL Group, Inc.+	One stop	L +	6.00%		N/A(6)	12/2025	—		—		—		—
Banker's Toolbox, Inc.+	One stop	SF +	5.25%	(m)	9.23%	07/2027	8,017		7,938		0.3		7,857
Banker's Toolbox, Inc.+(5)	One stop	L +	5.25%		N/A(6)	07/2027	—		—		—		(2)
Banker's Toolbox, Inc.+	One stop	L +	5.25%	(c)	8.74%	07/2027	990		985		—		921
Flash Topco, Inc.*	One stop	L +	5.75%	(b)	8.56%	10/2028	9,820		9,734		0.4		9,623
Flash Topco, Inc.+(5)	One stop	L +	5.75%		N/A(6)	10/2028	—		(1)		—		(2)
Higginbotham Insurance Agency, Inc.+	One stop	L +	5.25%	(a)	8.37%	11/2026	4,577		4,528		0.2		4,531
Higginbotham Insurance Agency, Inc.+	One stop	L +	5.25%	(a)	8.37%	11/2026	26		25		—		24

							27,446		27,160		1.1		26,928

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Diversified Telecommunication Services
NTI Connect, LLC+	Senior loan	L +	5.00%	(b)	8.67%	12/2024	$	1,628	$	1,609	0.1	%	$	1,628

Electronic Equipment, Instruments & Components
CST Buyer Company#+	One stop	L +	5.50%	(a)	8.62%	10/2025	20,121		19,964		0.8		20,121
CST Buyer Company#+	One stop	L +	5.50%	(a)	8.62%	10/2025	10,140		10,074		0.4		10,140
CST Buyer Company+	One stop	L +	5.50%		N/A(6)	10/2025	—		—		—		—
Electrical Source Holdings, LLC*#+	One stop	L +	5.00%	(b)	8.07%	11/2025	75,982		75,698		3.0		75,982
Electrical Source Holdings, LLC+	One stop	L +	5.00%	(b)	8.67%	11/2025	19,780		19,780		0.8		19,780
Electrical Source Holdings, LLC+	One stop	L +	5.00%	(b)	8.07%	11/2025	1,752		1,752		0.1		1,752
Electrical Source Holdings, LLC+	Senior loan	L +	5.00%	(b)	8.67%	11/2025	648		642		—		648
Electrical Source Holdings, LLC+	Senior loan	L +	5.00%	(b)	8.67%	11/2025	137		136		—		137
Electrical Source Holdings, LLC+	Senior loan	L +	5.00%	(b)	8.67%	11/2025	94		94		—		94
Electrical Source Holdings, LLC+	Senior loan	L +	5.00%	(b)	8.67%	11/2025	89		88		—		89
Electrical Source Holdings, LLC+	Senior loan	L +	5.00%	(b)	8.67%	11/2025	88		86		—		88
Electrical Source Holdings, LLC+(5)	Senior loan	L +	5.00%		N/A(6)	11/2025	—		(2)		—		—
Electrical Source Holdings, LLC+	Senior loan	L +	5.00%	(b)	8.67%	11/2025	46		45		—		46
Electrical Source Holdings, LLC+	Senior loan	L +	5.00%	(b)	8.07%	11/2025	41		41		—		41
Electrical Source Holdings, LLC+	Senior loan	L +	5.00%	(b)	8.67%	11/2025	35		35		—		35
Electrical Source Holdings, LLC+	Senior loan	L +	5.00%	(b)	8.67%	11/2025	17		17		—		17
Electrical Source Holdings, LLC+(5)	One stop	L +	5.00%		N/A(6)	11/2025	—		(119)		—		—
Electrical Source Holdings, LLC+	One stop	L +	5.00%	(b)	7.77%	11/2025	2,305		2,305		0.1		2,305
							131,275		130,636		5.2		131,275

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food & Staples Retailing
Cafe Rio Holding, Inc.*#	One stop	SF +	5.50%	(l)	9.20%	09/2028	$	18,226	$	18,096	0.7	%	$	18,226
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(l)	9.20%	09/2028	3,277		3,241		0.1		3,277
Cafe Rio Holding, Inc.#+	One stop	SF +	5.50%	(l)	9.20%	09/2028	2,203		2,202		0.1		2,203
Cafe Rio Holding, Inc.*#	One stop	SF +	5.50%	(l)	9.20%	09/2028	1,398		1,397		0.1		1,398
Cafe Rio Holding, Inc.#+	One stop	SF +	5.50%	(l)	9.20%	09/2028	1,235		1,234		0.1		1,235
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(l)	9.20%	09/2028	110		107		—		110
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(l)	9.20%	09/2028	178		176		—		178
Cafe Rio Holding, Inc.+(5)	One stop	SF +	5.50%		N/A(6)	09/2028	—		(1)		—		—


Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(l)	9.20%	09/2028	80		79		—		80
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	9.38%	06/2025	931		928		—		922
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	9.38%	06/2025	731		730		—		724
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	9.38%	06/2025	718		710		—		711
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	9.38%	06/2025	353		350		—		350
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	9.38%	06/2025	353		349		—		349
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	9.38%	06/2025	174		172		—		172
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	9.38%	06/2025	106		104		—		105
Mendocino Farms, LLC+(5)	One stop	SF +	6.25%		N/A(6)	06/2025	—		(20)		—		(21)
Ruby Slipper Cafe LLC, The*+	One stop	SF +	7.50%	(l)	11.20%	06/2024	2,025		2,019		0.1		2,025
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(l)	11.20%	06/2024	410		411		—		410
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(l)	11.20%	06/2024	292		289		—		292
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(l)	11.20%	06/2024	—		—		—		—
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%		N/A(6)	06/2024	—		—		—		—
Wetzel's Pretzels, LLC*#+	One stop	L +	6.50%	(b)	10.17%	09/2023	14,768		14,679		0.6		14,768
Wetzel's Pretzels, LLC+	One stop	L +	6.50%	(b)	10.17%	09/2023	—		—		—		—
Wineshipping.com LLC+	One stop	L +	5.75%	(c)	7.58%	10/2027	6,793		6,736		0.3		6,590
Wineshipping.com LLC+	One stop	L +	5.75%	(b)	8.17%	10/2027	186		178		—		180
Wineshipping.com LLC+	One stop	L +	5.75%	(b)	8.83%	10/2027	17		16		—		14
Wood Fired Holding Corp.*#	One stop	L +	6.25%	(b)	8.67%	12/2023	9,679		9,728		0.4		9,679
Wood Fired Holding Corp.+	One stop	L +	6.25%		N/A(6)	12/2023	—		—		—		—













							64,243		63,910		2.5		63,977

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food Products
Borrower R365 Holdings, LLC+	One stop	L +	6.50%	(b)	7.18%	cash/	3.00%	PIK	06/2027	$	13,490	$	13,288	0.5	%	$	13,490
Borrower R365 Holdings, LLC+	One stop	L +	6.50%	(b)	7.18%	cash/	3.00%	PIK	06/2027	1,112		1,094		0.1		1,112
Borrower R365 Holdings, LLC+(5)	One stop	L +	6.50%		N/A(6)				06/2027	—		(1)		—		—
Borrower R365 Holdings, LLC+(5)	One stop	L +	6.50%		N/A(6)				06/2027	—		(1)		—		—
Flavor Producers, LLC#+	Senior loan	L +	5.75%	(b)	7.82%	cash/	1.00%	PIK	12/2023	5,001		4,962		0.2		4,851
Flavor Producers, LLC+	Senior loan	L +	5.75%	(b)	7.82%	cash/	1.00%	PIK	12/2022	2		2		—		2
Kodiak Cakes, LLC*#+	Senior loan	L +	6.00%	(b)	9.67%				06/2027	12,369		12,246		0.4		11,379
Kodiak Cakes, LLC+	Senior loan	L +	6.00%	(b)	9.67%				06/2026	100		99		—		87
Louisiana Fish Fry Products, Ltd.*+	One stop	SF +	6.25%	(k)	9.38%				07/2027	9,777		9,698		0.4		8,994
Louisiana Fish Fry Products, Ltd.+	One stop	L +	6.25%	(c)(k)	9.24%				07/2027	73		71		—		65
MAPF Holdings, Inc.*#+	One stop	L +	5.50%	(b)	9.17%				12/2026	37,979		37,709		1.5		37,979
MAPF Holdings, Inc.+	One stop	L +	5.50%	(b)	9.17%				12/2026	70		68		—		70
P&P Food Safety Holdings, Inc.*+	One stop	L +	6.00%	(c)	8.88%				12/2026	17,722		17,551		0.7		17,367
P&P Food Safety Holdings, Inc.+	One stop	L +	6.00%	(b)	9.67%				12/2026	38		37		—		36
P&P Food Safety Holdings, Inc.+(5)	One stop	L +	6.00%		N/A(6)				12/2026	—		(5)		—		—
Purfoods, LLC+	One stop	N/A			7.00%	PIK			05/2026	66		69		—		66
Ultimate Baked Goods Midco LLC+	One stop	L +	6.50%	(a)	9.62%				08/2027	6,671		6,604		0.2		6,004
Ultimate Baked Goods Midco LLC+	One stop	L +	6.50%	(a)(d)	9.92%				08/2027	47		19		—		41
Whitebridge Pet Brands, LLC*#+	One stop	L +	5.00%	(a)	8.12%				07/2027	23,003		22,686		0.9		23,003
Whitebridge Pet Brands, LLC+	One stop	L +	5.00%	(a)	7.98%				07/2027	130		128		—		130
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	4.75%	(i)	6.94%				03/2029	6,067		7,062		0.2		6,067
Wizard Bidco Limited+(5)(8)(9)(10)	One stop	SN +	4.75%		N/A(6)				09/2028	—		(1)		—		—
										133,717		133,385		5.1		130,743

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Equipment & Supplies
Aspen Medical Products, LLC#+	One stop	L +	5.00%	(b)	7.39%				06/2025	$	4,115	$	4,155	0.2	%	$	4,074
Aspen Medical Products, LLC+	One stop	L +	5.00%	(b)	7.39%				06/2025	263		262		—		260
Aspen Medical Products, LLC+	One stop	L +	5.00%		N/A(6)				06/2025	—		—		—		—
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	6.50%	(j)	9.61%				08/2028	5,415		5,353		0.2		5,415
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	6.45%	(e)	6.70%				08/2028	2,839		3,389		0.1		2,806
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SF +	6.50%	(i)	8.76%				08/2028	790		940		—		784
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	6.45%	(e)	7.64%				08/2028	677		756		—		669
Baduhenna Bidco Limited+(5)(8)(9)(10)	One stop	SF +	6.50%		N/A(6)				08/2028	—		(17)		—		(8)
Belmont Instrument, LLC+	One stop	SF +	6.25%	(l)	9.69%				08/2028	9,900		9,803		0.4		9,801
Belmont Instrument, LLC+(5)	One stop	SF +	6.25%		N/A(6)				08/2028	—		(1)		—		(1)
Blades Buyer, Inc.#+	Senior loan	SF +	4.75%	(l)(m)	7.43%				03/2028	10,045		9,940		0.4		9,786
Blades Buyer, Inc.+	Senior loan	SF +	4.75%	(k)	7.47%				03/2028	33		31		—		27
Blades Buyer, Inc.+(5)	Senior loan	SF +	4.75%		N/A(6)				03/2028	—		(1)		—		(8)
Blades Buyer, Inc.+	Senior loan	SF +	4.75%		N/A(6)				03/2028	—		—		—		—
Blue River Pet Care, LLC*#+	One stop	L +	5.00%	(a)	8.12%				07/2026	51,197		50,889		2.0		50,686
Blue River Pet Care, LLC+(5)	One stop	L +	5.00%		N/A(6)				08/2025	—		(2)		—		(4)
Blue River Pet Care, LLC+(5)	One stop	L +	5.00%		N/A(6)				07/2026	—		(10)		—		(11)
Blue River Pet Care, LLC+	One stop	L +	5.00%	(a)	7.94%				07/2026	180		178		—		178
Blue River Pet Care, LLC+	One stop	L +	5.00%	(a)	8.12%				07/2026	173		172		—		171
CCSL Holdings, LLC*+	One stop	SF +	6.50%	(k)	9.63%				12/2026	15,399		15,261		0.6		15,244
CCSL Holdings, LLC+	One stop	SF +	6.50%	(k)	9.63%				12/2026	4,156		4,123		0.2		4,114
CCSL Holdings, LLC+(8)(9)	One stop	SN +	6.50%	(i)	8.79%				12/2026	2,175		2,428		0.1		2,154
CCSL Holdings, LLC+	One stop	SF +	6.50%	(d)(k)	9.73%				12/2026	115		113		—		113
CCSL Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)				12/2026	—		(15)		—		(14)
CCSL Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)				12/2026	—		(24)		—		(26)
CMI Parent Inc.#+	Senior loan	L +	4.25%	(b)	7.26%				08/2025	6,499		6,563		0.3		6,434
CMI Parent Inc.+	Senior loan	L +	4.25%	(b)	7.92%				08/2025	3,220		3,196		0.1		3,188
CMI Parent Inc.+(5)	Senior loan	L +	4.25%		N/A(6)				08/2025	—		(2)		—		(4)
CMI Parent Inc.+	Senior loan	SF +	4.75%	(l)	8.30%				08/2025	2,932		2,903		0.1		2,903
G & H Wire Company, Inc.#+	One stop	L +	8.00%	(c)	11.17%	cash/	1.00%	PIK	09/2023	11,133		11,109		0.4		10,911
G & H Wire Company, Inc.+	One stop	L +	8.00%	(b)	10.24%	cash/	1.00%	PIK	10/2022	72		72		—		68
Joerns Healthcare, LLC*+(7)	One stop	SF +	16.00%	(l)	9.75%	cash/	10.00%	PIK	08/2024	2,084		1,963		—		104
Joerns Healthcare, LLC*+(7)	One stop	SF +	16.00%	(l)	9.75%	cash/	10.00%	PIK	08/2024	2,003		1,889		—		—
Joerns Healthcare, LLC+	One stop	N/A			15.00%	PIK			11/2022	1,290		1,287		—		1,161








										136,705		136,703		5.1		130,975

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Providers & Services
AAH TOPCO, LLC +	One stop	L +	5.50%	(a)	8.58%				12/2027	$	8,329	$	8,256	0.3	%	$	8,079
AAH TOPCO, LLC +	Subordinated debt	N/A			11.50%	PIK			12/2031	1,080		1,062		—		1,026
AAH TOPCO, LLC +(5)	One stop	L +	5.50%		N/A(6)				12/2027	—		(1)		—		(2)
AAH TOPCO, LLC +	One stop	L +	5.50%	(a)	8.36%				12/2027	193		187		—		175
Active Day, Inc.#+	One stop	SF +	5.25%	(k)	8.38%				02/2025	17,746		17,566		0.7		17,389
Active Day, Inc.#+	One stop	SF +	5.25%	(k)	8.38%				02/2025	1,369		1,356		0.1		1,343
Active Day, Inc.*#	One stop	SF +	5.25%	(k)	8.38%				02/2025	883		874		0.1		865
Active Day, Inc.+	One stop	SF +	5.25%	(k)	8.38%				02/2025	704		696		0.1		689
Active Day, Inc.+	One stop	SF +	5.25%	(k)	8.38%				02/2025	620		615		—		608
Active Day, Inc.*#	One stop	SF +	5.25%	(k)	8.38%				02/2025	610		604		—		597
Active Day, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				02/2025	—		(2)		—		(4)
Active Day, Inc.+	One stop	SF +	5.25%	(k)	8.38%				02/2025	—		—		—		—
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(l)	9.47%				03/2025	16,467		16,342		0.6		16,213
Acuity Eyecare Holdings, LLC+	One stop	N/A			15.00%				06/2027	10,440		10,239		0.4		10,440
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	9.95%				03/2025	4,077		4,071		0.2		4,036
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	9.77%				03/2025	3,632		3,607		0.2		3,596
Acuity Eyecare Holdings, LLC#+	One stop	SF +	6.25%	(l)	9.95%				03/2025	3,504		3,516		0.2		3,469
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	9.95%				03/2025	3,203		3,246		0.1		3,172
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(l)	9.02%				03/2025	2,047		2,016		0.1		2,016
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	9.95%				03/2025	1,868		1,909		0.1		1,849
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	9.95%				03/2025	452		455		—		447
Acuity Eyecare Holdings, LLC+	One stop	SF +	13.00%	(l)	9.95%	cash/	6.75%	PIK	03/2025	251		250		—		266
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	9.95%				03/2025	167		166		—		165
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(l)	9.71%				03/2025	61		51		—		45
Acuity Eyecare Holdings, LLC+	Senior loan	SF +	6.25%	(l)	9.04%				03/2025	110		109		—		109
Acuity Eyecare Holdings, LLC+	One stop	SF +	13.00%	(l)	9.76%	cash/	6.75%	PIK	03/2025	96		96		—		102
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	9.95%				03/2025	1		1		—		1
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(l)	9.94%				03/2025	145		145		—		143
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(l)	9.06%				03/2025	208		206		—		205
Advanced Pain Management Holdings, Inc.+(7)	Senior loan	P +	3.75%	(d)	10.00%				07/2021	17,456		6,855		—		—
Advanced Pain Management Holdings, Inc.+(7)	Senior loan	L +	8.50%	(a)	11.62%				07/2021	6,906		6		—		—
Advanced Pain Management Holdings, Inc.+(7)	Senior loan	P +	3.75%	(d)	10.00%				07/2021	1,190		469		—		—
Advanced Pain Management Holdings, Inc.+(7)	Senior loan	P +	3.75%	(d)	10.00%				07/2021	888		544		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	L +	6.13%	(b)	9.80%				03/2027	4,708		4,661		0.2		4,505
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	L +	6.13%	(b)	9.80%				03/2027	3,936		3,882		0.2		3,766
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	Subordinated debt	L +	10.50%	(a)	13.62%				03/2028	1,900		1,874		0.1		1,900
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	Subordinated debt	L +	10.50%	(a)	13.62%				03/2028	726		719		—		726
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	Subordinated debt	L +	10.50%	(a)	13.62%				03/2028	163		159		—		163
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	L +	6.25%	(a)	9.37%				03/2027	97		95		—		89
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)	One stop	L +	6.00%		N/A(6)				03/2027	—		(1)		—		(3)
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)	One stop	L +	6.25%		N/A(6)				03/2027	—		(1)		—		(3)
Community Care Partners, LLC+	One stop	SF +	5.75%	(k)	8.89%				06/2026	2,349		2,330		0.1		2,325
Community Care Partners, LLC+(5)	One stop	SF +	5.75%		N/A(6)				06/2026	—		(3)		—		(3)
CRH Healthcare Purchaser, Inc.*+	Senior loan	L +	4.50%	(b)	8.17%				12/2024	19,502		19,499		0.8		19,502

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
CRH Healthcare Purchaser, Inc.#	Senior loan	L +	4.50%	(b)	8.17%				12/2024	$	5,197	$	5,162	0.2	%	$	5,197
CRH Healthcare Purchaser, Inc.#+	Senior loan	L +	4.50%	(b)	8.17%				12/2024	4,112		4,098		0.2		4,112
CRH Healthcare Purchaser, Inc.+	Senior loan	L +	4.50%	(b)	8.17%				12/2024	3,521		3,495		0.2		3,521
CRH Healthcare Purchaser, Inc.+	Senior loan	L +	4.50%	(b)	8.10%				12/2024	50		49		—		50
Datix Bidco Limited+(8)(9)(10)	Senior loan	SN +	4.50%	(i)	6.69%				04/2025	49,685		59,896		1.9		47,200
Datix Bidco Limited+(8)(9)(10)	Second lien	SN +	7.75%	(i)	9.94%				04/2026	17,630		21,227		0.7		16,748
Emerge Intermediate, Inc.*#	One stop	SF +	6.50%	(l)	9.70%	cash/	0.50%	PIK	05/2024	19,277		19,162		0.8		19,277
Emerge Intermediate, Inc.+	One stop	SF +	6.50%	(l)	9.70%	cash/	0.50%	PIK	05/2024	1,745		1,734		0.1		1,745
Emerge Intermediate, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				05/2024	—		(2)		—		—
Encorevet Group LLC+	One stop	L +	6.75%	(a)	9.87%				11/2024	985		979		—		965
Encorevet Group LLC+	One stop	L +	6.75%	(a)	9.87%				11/2024	619		615		—		607
Encorevet Group LLC+	One stop	L +	6.75%	(a)	9.87%				11/2024	307		305		—		301
Encorevet Group LLC+	One stop	L +	6.75%	(a)	9.87%				11/2024	294		292		—		288
Encorevet Group LLC+	One stop	L +	6.75%	(a)	9.87%				11/2024	266		264		—		261
Encorevet Group LLC+	Senior loan	L +	6.75%	(a)	9.87%				11/2024	244		243		—		239
Encorevet Group LLC+	One stop	L +	6.75%	(a)	9.87%				11/2024	163		162		—		160
Encorevet Group LLC+	One stop	L +	6.75%	(a)	9.87%				11/2024	114		113		—		112
Encorevet Group LLC+	Senior loan	L +	6.75%	(a)	9.87%				11/2024	110		110		—		107
Encorevet Group LLC+	Senior loan	L +	6.75%	(a)	9.87%				11/2024	68		68		—		67
Encorevet Group LLC+	Senior loan	L +	6.75%	(a)	9.87%				11/2024	57		56		—		56
Encorevet Group LLC+	One stop	L +	6.75%	(a)	9.87%				11/2024	56		55		—		55
Encorevet Group LLC+	One stop	L +	6.75%	(a)	9.87%				11/2024	32		32		—		32
Encorevet Group LLC+	Senior loan	L +	6.75%	(a)	9.87%				11/2024	10		10		—		10
Encorevet Group LLC+(5)	Senior loan	L +	6.75%		N/A(6)				11/2024	—		—		—		(1)
Encorevet Group LLC+(5)	One stop	L +	6.75%		N/A(6)				11/2024	—		(1)		—		—
ERC Topco Holdings, LLC+	One stop	L +	5.50%	(b)	9.17%				11/2028	9,546		9,471		0.4		9,259
ERC Topco Holdings, LLC+(5)	One stop	L +	5.50%		N/A(6)				11/2027	—		(1)		—		(5)
ERC Topco Holdings, LLC+(5)	One stop	L +	5.50%		N/A(6)				11/2028	—		(3)		—		(7)
Eyecare Services Partners Holdings LLC+	One stop	L +	9.25%	(a)	4.13%	cash/	8.25%	PIK	05/2023	19,569		19,596		0.5		12,720
Eyecare Services Partners Holdings LLC*+	One stop	L +	9.25%	(a)	4.13%	cash/	8.25%	PIK	05/2023	8,584		8,615		0.2		5,580
Eyecare Services Partners Holdings LLC*#	One stop	L +	9.25%	(a)	4.12%	cash/	8.25%	PIK	05/2023	7,518		7,546		0.2		4,887
Eyecare Services Partners Holdings LLC+	One stop	L +	9.25%	(a)	4.12%	cash/	8.25%	PIK	05/2023	5,533		5,538		0.1		3,596
Eyecare Services Partners Holdings LLC*+	One stop	L +	9.25%	(a)	4.12%	cash/	8.25%	PIK	05/2023	2,567		2,577		0.1		1,669
Eyecare Services Partners Holdings LLC*+	One stop	L +	9.25%	(a)	4.12%	cash/	8.25%	PIK	05/2023	1,648		1,654		—		1,070
Eyecare Services Partners Holdings LLC*#	One stop	L +	9.25%	(a)	4.12%	cash/	8.25%	PIK	05/2023	1,218		1,222		—		792
Eyecare Services Partners Holdings LLC*#	One stop	L +	9.25%	(a)	4.12%	cash/	8.25%	PIK	05/2023	1,073		1,077		—		697
Eyecare Services Partners Holdings LLC+	One stop	L +	9.25%	(a)	4.14%	cash/	8.25%	PIK	05/2023	1,168		1,159		—		613
Eyecare Services Partners Holdings LLC*+	One stop	L +	9.25%	(a)	4.13%	cash/	8.25%	PIK	05/2023	693		695		—		451
Eyecare Services Partners Holdings LLC+	One stop	L +	9.25%	(a)	4.14%	cash/	8.25%	PIK	05/2023	428		428		—		278
Eyecare Services Partners Holdings LLC+	One stop	L +	9.25%	(a)	4.14%	cash/	8.25%	PIK	05/2023	837		832		—		837
Eyecare Services Partners Holdings LLC+	One stop	L +	9.25%	(a)	4.14%	cash/	8.25%	PIK	05/2023	837		832		—		544

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	4.50%	(h)	7.26%				03/2027	$	11,224	$	11,520	0.4	%	$	11,224
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(5)(8)(9)(12)	One stop	C +	4.50%		N/A(6)				03/2027	—		(2)		—		—
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	4.50%	(h)	8.67%				03/2027	502		542		—		502
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	4.50%	(h)	8.67%				03/2027	178		183		—		178
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)	One stop	L +	4.50%	(b)	8.17%				03/2027	74		74		—		74
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(5)(8)(12)	One stop	SF +	4.50%		N/A(6)				03/2027	—		(1)		—		—
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	4.50%	(h)	8.67%				03/2027	736		777		—		736
Heartland Veterinary Partners LLC+	Senior loan	SF +	4.75%	(l)	7.63%				12/2026	844		837		—		827
Heartland Veterinary Partners LLC+	Senior loan	SF +	4.75%	(l)	7.63%				12/2026	62		61		—		59
Heartland Veterinary Partners LLC+	Senior loan	SF +	4.75%		N/A(6)				12/2026	—		—		—		—
Klick Inc.+(8)(12)	Senior loan	L +	4.50%	(b)	8.17%				03/2028	9,997		9,919		0.4		9,997
Klick Inc.+(5)(8)(12)	Senior loan	L +	4.50%		N/A(6)				03/2026	—		(1)		—		—
Krueger-Gilbert Health Physics, LLC+	Senior loan	L +	5.25%	(b)	8.92%				05/2025	2,311		2,305		0.1		2,311
Krueger-Gilbert Health Physics, LLC+	Senior loan	L +	5.25%	(b)	8.92%				05/2025	1,858		1,846		0.1		1,858
Krueger-Gilbert Health Physics, LLC+	Senior loan	L +	5.25%	(b)	8.92%				05/2025	1,091		1,113		—		1,091
Krueger-Gilbert Health Physics, LLC+	Senior loan	L +	5.25%	(b)	8.92%				05/2025	60		60		—		60
Krueger-Gilbert Health Physics, LLC+(5)	Senior loan	L +	5.25%		N/A(6)				05/2025	—		(14)		—		—

New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(h)	9.67%				05/2028	17,736		19,985		0.7		17,381
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	L +	5.50%	(b)	9.17%				05/2028	4,326		4,275		0.2		4,239
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	L +	5.50%	(b)	9.17%				05/2028	2,816		2,791		0.1		2,760
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(h)	9.67%				05/2028	1,081		1,188		—		1,060
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(h)	9.67%				05/2028	563		586		—		519
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(h)	9.65%				05/2026	103		106		—		100
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	L +	5.50%	(b)	9.17%				05/2026	60		60		—		59
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	L +	5.50%	(b)	9.17%				05/2028	18		18		—		16
Oliver Street Dermatology Holdings, LLC+(7)	One stop	SF +	11.43%	(l)	15.13%				01/2023	22,787		16,786		0.7		17,090
Oliver Street Dermatology Holdings, LLC+	One stop	SF +	6.25%	(l)	9.95%				01/2023	13,521		12,666		0.5		12,845
Oliver Street Dermatology Holdings, LLC+	One stop	SF +	6.25%	(l)	9.95%				01/2023	348		329		—		331
Pinnacle Treatment Centers, Inc.#+	One stop	L +	5.75%	(b)	8.56%				01/2023	18,732		18,730		0.7		18,732
Pinnacle Treatment Centers, Inc.*	One stop	L +	5.75%	(b)	8.56%				01/2023	7,553		7,548		0.3		7,553
Pinnacle Treatment Centers, Inc.#+	One stop	L +	5.75%	(b)	8.56%				01/2023	1,539		1,539		0.1		1,539
Pinnacle Treatment Centers, Inc.+	One stop	L +	5.75%	(b)	8.56%				01/2023	695		695		—		695
Pinnacle Treatment Centers, Inc.+	One stop	L +	5.75%	(b)	8.56%				01/2023	184		184		—		184
Pinnacle Treatment Centers, Inc.+	One stop	L +	5.75%	(a)	8.81%				01/2023	145		145		—		145
Pinnacle Treatment Centers, Inc.+	One stop	L +	5.75%	(b)	8.56%				01/2023	105		105		—		105
Pinnacle Treatment Centers, Inc.+	One stop	L +	5.75%	(b)	8.56%				01/2023	37		37		—		37
PPT Management Holdings, LLC+(7)	One stop	L +	8.50%	(b)	8.28%	cash/	2.50%	PIK	12/2022	25,694		25,514		0.8		19,270
PPT Management Holdings, LLC+(7)	One stop	L +	8.50%	(b)	8.28%	cash/	2.50%	PIK	12/2022	312		310		—		234
PPT Management Holdings, LLC+(7)	One stop	L +	10.50%	(b)	8.28%	cash/	4.50%	PIK	12/2022	284		282		—		214
PPT Management Holdings, LLC+(7)	One stop	L +	8.50%	(b)	8.28%	cash/	2.50%	PIK	12/2022	184		183		—		138
PPT Management Holdings, LLC+(7)	One stop	L +	8.50%	(b)	8.28%	cash/	2.50%	PIK	12/2022	90		88		—		68
PPT Management Holdings, LLC+	One stop	L +	10.50%		N/A(6)				12/2022	—		—		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Suveto Buyer, LLC+	One stop	L +	5.00%	(b)	8.67%	09/2027	$	18,330	$	18,110	0.7	%	$	17,528
Suveto Buyer, LLC+	One stop	L +	5.00%	(b)	8.66%	09/2027	64		62		—		58

							470,089		459,629		16.0		405,913

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Technology
Alegeus Technologies Holdings Corp.+	Senior loan	L +	8.25%	(b)	10.95%				09/2024	$	374	$	373	—	%	$	370
Coding Solutions Acquisition, Inc.+	One stop	SF +	5.75%	(k)	8.78%				05/2028	5,248		5,199		0.2		5,143
Coding Solutions Acquisition, Inc.+	One stop	SF +	5.75%	(k)	8.78%				05/2028	10		10		—		9
Coding Solutions Acquisition, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				05/2028	—		(8)		—		(31)
Connexin Software, Inc.+	One stop	L +	8.50%	(b)	11.31%				02/2024	8,619		8,644		0.3		8,619
Connexin Software, Inc.+	One stop	L +	8.50%		N/A(6)				02/2024	—		—		—		—
ESO Solution, Inc.+	One stop	SF +	7.00%	(l)	10.56%				03/2027	7,549		7,493		0.3		7,549
ESO Solution, Inc.+(5)	One stop	SF +	7.00%		N/A(6)				03/2027	—		(1)		—		—
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(m)	9.83%				08/2026	6,186		6,161		0.2		6,025
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(m)	9.83%				08/2026	2,949		2,919		0.1		2,872
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(m)	9.83%				08/2026	1,943		1,929		0.1		1,892
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(m)	9.84%				08/2026	1,355		1,336		0.1		1,320
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(m)	9.83%				08/2026	635		631		—		618
HSI Halo Acquisition, Inc.+	One stop	L +	5.75%	(a)	8.31%				09/2025	13		12		—		11
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(m)	9.86%				08/2026	132		130		—		128
Nextech Holdings, LLC+	One stop	L +	5.50%	(a)(b)	8.31%				06/2025	3,931		3,970		0.2		3,891
Nextech Holdings, LLC+	One stop	L +	5.50%	(a)(b)	8.31%				06/2025	1,917		1,909		0.1		1,899
Nextech Holdings, LLC+(5)	One stop	L +	5.50%		N/A(6)				06/2025	—		(1)		—		(6)
Plasma Buyer LLC+	One stop	SF +	5.75%	(l)	9.30%				05/2029	5,403		5,301		0.2		5,295
Plasma Buyer LLC+(5)	One stop	SF +	5.75%		N/A(6)				05/2028	—		(1)		—		(1)
Plasma Buyer LLC+(5)	One stop	SF +	5.75%		N/A(6)				05/2029	—		(13)		—		(28)
Qgenda Intermediate Holdings, LLC+	One stop	L +	5.00%	(b)	8.67%				06/2025	14,968		14,968		0.6		14,668
Qgenda Intermediate Holdings, LLC#	One stop	L +	5.00%	(b)	8.67%				06/2025	12,194		12,120		0.5		11,950
Qgenda Intermediate Holdings, LLC+	One stop	L +	5.00%	(b)	8.67%				06/2025	1,455		1,449		—		1,425
Qgenda Intermediate Holdings, LLC#	One stop	L +	5.00%	(b)	8.67%				06/2025	973		973		—		953
Qgenda Intermediate Holdings, LLC+(5)	One stop	L +	5.00%		N/A(6)				06/2025	—		—		—		(4)
Tebra Technologies, Inc.+	One stop	SF +	8.00%	(k)	7.63%	cash/	3.50%	PIK	06/2025	10,386		10,215		0.4		10,386
Tebra Technologies, Inc.+	One stop	SF +	8.00%	(k)	7.63%	cash/	3.50%	PIK	06/2025	10,110		9,614		0.4		10,110
Tebra Technologies, Inc.+	One stop	SF +	8.00%	(k)	7.63%	cash/	3.50%	PIK	06/2025	6,661		6,404		0.3		6,661
Tebra Technologies, Inc.+	One stop	SF +	8.00%	(k)	7.63%	cash/	3.50%	PIK	06/2025	1,713		1,686		0.1		1,713
Tebra Technologies, Inc.+	One stop	SF +	8.00%	(k)	7.63%	cash/	3.50%	PIK	06/2025	1,523		1,482		0.1		1,523
Tebra Technologies, Inc.+	One stop	SF +	8.00%	(k)	7.63%	cash/	3.50%	PIK	06/2025	1,142		1,124		—		1,142
Tebra Technologies, Inc.+	One stop	SF +	8.00%	(k)	7.63%	cash/	3.50%	PIK	06/2025	952		937		—		952
Tebra Technologies, Inc.+	One stop	SF +	8.00%	(k)	7.63%	cash/	3.50%	PIK	06/2025	761		749		—		761
Tebra Technologies, Inc.+	One stop	SF +	8.00%	(k)	7.63%	cash/	3.50%	PIK	06/2025	152		149		—		152
Tebra Technologies, Inc.+	One stop	SF +	8.00%	(k)	7.63%	cash/	3.50%	PIK	06/2025	80		80		—		80
Transaction Data Systems, Inc.*#+	One stop	L +	4.50%	(b)	8.17%				02/2026	66,280		65,504		2.6		64,955
Transaction Data Systems, Inc.+(5)	One stop	L +	4.50%		N/A(6)				02/2026	—		(4)		—		(6)
Veranex, Inc.+	Senior loan	SF +	4.75%	(m)	7.52%				04/2028	3,178		3,149		0.1		3,146
Veranex, Inc.+(5)	Senior loan	P +	3.75%		N/A(6)				04/2028	—		—		—		(1)
Veranex, Inc.+(5)	Senior loan	SF +	4.75%		N/A(6)				04/2028	—		(1)		—		(3)
										178,792		176,591		6.9		176,138

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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


Barteca Restaurants, LLC#	One stop	SF +	6.00%	(m)	9.19%				08/2028	$	7,679	$	7,604	0.3	%	$	7,602
Barteca Restaurants, LLC+(5)	One stop	SF +	6.00%		N/A(6)				08/2028	—		(1)		—		(1)
Barteca Restaurants, LLC+(5)	One stop	SF +	6.00%		N/A(6)				08/2028	—		(20)		—		(20)
BJH Holdings III Corp.*#+	One stop	L +	4.50%	(a)	7.58%				08/2025	50,571		51,317		2.0		49,561
BJH Holdings III Corp.+	One stop	L +	4.50%	(a)	7.59%				08/2025	70		66		—		54
Davidson Hotel Company, LLC+	One stop	L +	5.25%	(a)	8.37%				07/2024	7,096		7,080		0.3		7,096
Davidson Hotel Company, LLC+	One stop	L +	5.25%	(a)	8.37%				07/2024	1,092		1,090		—		1,092
Davidson Hotel Company, LLC+	One stop	L +	5.25%		N/A(6)				07/2024	—		—		—		—
EOS Fitness Opco Holdings, LLC*#+	One stop	SF +	4.75%	(m)	7.58%				01/2026	9,393		9,401		0.4		9,393
EOS Fitness Opco Holdings, LLC+	One stop	SF +	4.75%	(c)(m)	7.58%				01/2026	896		897		—		896
EOS Fitness Opco Holdings, LLC+	One stop	SF +	4.75%	(c)(m)	7.58%				01/2026	8		8		—		8
EOS Fitness Opco Holdings, LLC+(5)	One stop	SF +	4.75%		N/A(6)				01/2026	—		(12)		—		—
Freddy's Frozen Custard LLC+	One stop	L +	5.00%	(b)	8.16%				03/2027	9,160		9,093		0.4		9,160
Freddy's Frozen Custard LLC+(5)	One stop	L +	5.00%		N/A(6)				03/2027	—		(1)		—		—
Harri US LLC+	One stop	L +	10.00%	(b)	8.91%	cash/	4.00%	PIK	08/2026	804		720		—		806
Harri US LLC+	One stop	L +	10.00%		N/A(6)				08/2026	—		—		—		—
Harri US LLC+(5)	One stop	L +	10.00%		N/A(6)				08/2026	—		(6)		—		4
Health Buyer, LLC+	Senior loan	SF +	5.25%	(m)	7.98%				04/2029	2,604		2,567		0.1		2,447
Health Buyer, LLC+	Senior loan	SF +	5.25%	(k)	8.03%				04/2028	2		2		—		1
SSRG Holdings, LLC+	One stop	SF +	4.75%	(l)	8.45%				11/2025	1,000		990		—		1,000
SSRG Holdings, LLC+	One stop	SF +	4.75%	(l)	8.45%				11/2025	20		20		—		20
Tropical Smoothie Cafe Holdings, LLC+	One stop	SF +	5.25%	(l)	7.98%				09/2026	19,950		19,767		0.8		19,950
Tropical Smoothie Cafe Holdings, LLC*#	One stop	SF +	5.25%	(k)(l)	8.26%				09/2026	13,695		13,553		0.6		13,695
Tropical Smoothie Cafe Holdings, LLC#	One stop	SF +	5.25%	(k)(l)	8.01%				09/2026	5,830		5,773		0.2		5,830
Tropical Smoothie Cafe Holdings, LLC+(5)	One stop	SF +	4.25%		N/A(6)				09/2026	—		(1)		—		—


										129,870		129,907		5.1		128,594
Household Durables
Groundworks LLC+	Senior loan	L +	5.00%	(b)	7.81%				01/2026	4,615		4,569		0.2		4,615
Groundworks LLC+	Senior loan	L +	5.00%	(b)	7.81%				01/2026	1,805		1,786		0.1		1,805
Groundworks LLC+	Senior loan	L +	5.00%	(b)	7.81%				01/2026	1,203		1,193		—		1,203
Groundworks LLC+	Senior loan	L +	5.00%	(b)	7.81%				01/2026	1,072		1,060		—		1,072
Groundworks LLC+	Senior loan	L +	5.00%	(b)	7.08%				01/2026	82		82		—		82
Groundworks LLC+	Senior loan	L +	5.00%	(b)	7.81%				01/2026	56		52		—		56
Groundworks LLC+	Senior loan	L +	5.00%		N/A(6)				01/2026	—		—		—		—


										8,833		8,742		0.3		8,833
Household Products
WU Holdco, Inc.#+	One stop	L +	5.50%	(b)	9.17%				03/2026	3,743		3,790		0.1		3,630
WU Holdco, Inc.+	One stop	L +	5.50%	(b)	9.17%				03/2026	1,318		1,318		0.1		1,279
WU Holdco, Inc.+	One stop	L +	5.50%	(b)	9.17%				03/2026	342		340		—		332
WU Holdco, Inc.+	One stop	L +	5.50%	(b)(c)	8.11%				03/2025	26		25		—		24
										5,429		5,473		0.2		5,265
Industrial Conglomerates
Arch Global CCT Holdings Corp.#+	Senior loan	L +	4.75%	(a)	7.87%				04/2026	2,355		2,401		0.1		2,331
Arch Global CCT Holdings Corp.+	Senior loan	L +	4.75%	(b)	8.42%				04/2026	135		134		—		134
Arch Global CCT Holdings Corp.+	Senior loan	L +	4.75%	(b)	8.42%				04/2026	76		75		—		74
Arch Global CCT Holdings Corp.+	Senior loan	L +	4.75%		N/A(6)				04/2025	—		—		—		—
Dwyer Instruments, Inc.+	One stop	L +	6.00%	(b)	9.67%				07/2027	3,922		3,847		0.2		3,844
Dwyer Instruments, Inc.+	One stop	L +	5.50%	(c)	8.38%				07/2027	7		6		—		6

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Dwyer Instruments, Inc.+(5)	One stop	L +	6.00%		N/A(6)	07/2027	$	—	$	(9)	—	%	$	(10)
Essential Services Holdings Corporation+	One stop	L +	5.75%	(a)(b)	8.07%	11/2026	819		810		—		789
Essential Services Holdings Corporation+(5)	One stop	L +	5.75%		N/A(6)	11/2025	—		(1)		—		(2)
Excelitas Technologies Corp.+	One stop	SF +	5.75%	(l)	8.59%	08/2029	7,131		6,989		0.3		7,060
Excelitas Technologies Corp.+(8)(9)	One stop	E +	5.75%	(e)	6.08%	08/2029	1,155		1,193		—		1,144
Excelitas Technologies Corp.+	One stop	SF +	5.75%	(l)	8.59%	08/2028	92		89		—		89
Excelitas Technologies Corp.+(5)	One stop	SF +	5.75%		N/A(6)	08/2029	—		(13)		—		(14)
Madison Safety & Flow LLC+	Senior loan	SF +	3.60%	(k)	6.63%	03/2025	443		443		—		443
Madison Safety & Flow LLC+	Senior loan	SF +	3.60%	(k)(l)	6.64%	03/2025	2		2		—		2
Specialty Measurement Bidco Limited+(8)(10)	One stop	L +	5.75%	(b)	8.82%	11/2027	7,961		7,800		0.3		7,961
Specialty Measurement Bidco Limited+(8)(9)(10)	One stop	E +	5.75%	(e)	6.75%	11/2027	6,556		7,833		0.3		6,556
Specialty Measurement Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.75%		N/A(6)	11/2027	—		(39)		—		—
							30,654		31,560		1.2		30,407

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Insurance
Alera Group, Inc.+	One stop	SF +	6.00%	(l)	9.06%	10/2028	$	25,370	$	25,153	1.0	%	$	24,297
Alera Group, Inc.+	One stop	SF +	6.00%	(k)(l)	9.06%	10/2028	7,210		7,117		0.3		6,905
Alera Group, Inc.+	One stop	SF +	6.00%	(k)(l)	9.07%	10/2028	463		458		—		437
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(l)(m)	9.33%	07/2027	3,188		3,163		0.1		3,157
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(m)	6.43%	07/2027	950		946		—		940
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(l)(m)	9.33%	07/2027	790		783		—		782
AMBA Buyer, Inc.+	One stop	SF +	5.25%		N/A(6)	07/2027	—		—		—		—
AMBA Buyer, Inc.+(5)	One stop	SF +	5.25%		N/A(6)	07/2027	—		—		—		(1)
Captive Resources Midco, LLC+	One stop	SF +	5.50%	(k)	8.53%	07/2029	9,813		9,624		0.4		9,616
Captive Resources Midco, LLC+(5)	One stop	SF +	5.50%		N/A(6)	07/2028	—		(4)		—		(4)
Integrity Marketing Acquisition, LLC+	Senior loan	L +	5.50%	(c)	7.58%	08/2025	3,046		3,007		0.1		3,020
Integrity Marketing Acquisition, LLC+	One stop	L +	5.75%	(c)	7.83%	08/2025	2,421		2,414		0.1		2,415
Integrity Marketing Acquisition, LLC+	Senior loan	L +	5.75%	(c)	7.87%	08/2025	1,517		1,497		0.1		1,513
Integrity Marketing Acquisition, LLC+	Senior loan	L +	5.75%	(c)	7.40%	08/2025	774		768		—		772
Integrity Marketing Acquisition, LLC+	One stop	L +	5.75%	(c)	7.74%	08/2025	468		465		—		467
Integrity Marketing Acquisition, LLC+	Senior loan	L +	5.75%	(c)	8.85%	08/2025	244		242		—		244
Integrity Marketing Acquisition, LLC+	Senior loan	L +	5.50%	(b)(c)	8.67%	08/2025	184		183		—		182
Integrity Marketing Acquisition, LLC+	One stop	L +	5.75%		N/A(6)	08/2025	—		—		—		—
Integrity Marketing Acquisition, LLC+	One stop	SF +	5.75%	(l)	8.56%	08/2025	1,117		1,082		—		1,096
J.S. Held Holdings, LLC#+	One stop	L +	5.50%	(b)	9.17%	07/2025	6,422		6,402		0.3		6,380
J.S. Held Holdings, LLC+	One stop	L +	5.50%	(b)	9.17%	07/2025	1,478		1,458		0.1		1,468
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(l)	9.20%	07/2025	1,430		1,406		0.1		1,416
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(l)	9.20%	07/2025	77		72		—		71
J.S. Held Holdings, LLC+	One stop	P +	4.50%	(d)	10.75%	07/2025	48		45		—		46
Keystone Agency Partners LLC+	Senior loan	SF +	6.00%	(l)	9.70%	05/2027	2,850		2,810		0.1		2,793
Keystone Agency Partners LLC+	Senior loan	SF +	6.00%	(l)	9.70%	05/2027	182		180		—		179
Keystone Agency Partners LLC+	Senior loan	SF +	6.00%	(l)	9.35%	05/2027	160		146		—		141
Long Term Care Group, Inc.+	One stop	L +	6.00%	(a)	8.82%	09/2027	2,984		2,935		0.1		2,984
Majesco*#	One stop	L +	7.25%	(b)	10.93%	09/2027	18,751		18,522		0.7		18,751
Majesco+(5)	One stop	L +	7.25%		N/A(6)	09/2026	—		(2)		—		—
Norvax, LLC+	Senior loan	L +	7.50%	(b)	11.18%	09/2025	32,784		32,498		1.2		30,161
Norvax, LLC+	Senior loan	L +	7.50%	(b)	11.18%	09/2025	9,925		9,765		0.4		9,131
Pareto Health Intermediate Holdings, Inc.+	One stop	L +	4.75%	(c)	7.63%	08/2025	7,225		7,174		0.3		7,081
Patriot Growth Insurance Services, LLC+	One stop	L +	5.50%	(b)	8.65%	10/2028	9,491		9,409		0.4		9,287
Patriot Growth Insurance Services, LLC+(5)	One stop	L +	5.50%		N/A(6)	10/2028	—		(1)		—		(1)
Patriot Growth Insurance Services, LLC+	One stop	L +	5.50%	(c)	9.31%	10/2028	617		591		—		584
Patriot Growth Insurance Services, LLC+(5)	One stop	L +	5.75%		N/A(6)	10/2028	—		(22)		—		(22)
People Corporation+(8)(9)(12)	One stop	C +	6.25%	(h)	9.87%	02/2028	13,502		14,537		0.5		13,502
People Corporation+(8)(9)(12)	One stop	C +	6.25%	(h)	9.87%	02/2028	4,406		4,874		0.2		4,406
People Corporation+(8)(9)(12)	One stop	C +	5.50%	(h)	9.13%	02/2028	3,166		3,354		0.1		2,819
People Corporation+(8)(9)(12)	One stop	C +	6.25%	(h)	9.92%	02/2027	147		158		—		147
RSC Acquisition, Inc.*#+	One stop	SF +	5.50%	(l)	8.31%	10/2026	25,637		25,306		1.0		25,122
RSC Acquisition, Inc.+	One stop	SF +	5.50%	(l)	8.54%	10/2026	6,561		6,293		0.3		6,430
RSC Acquisition, Inc.+	One stop	SF +	5.50%	(l)	9.05%	10/2026	1,519		1,506		0.1		1,488
RSC Acquisition, Inc.+(5)	One stop	SF +	5.50%		N/A(6)	10/2026	—		(1)		—		(2)
RSC Acquisition, Inc.+(5)	One stop	SF +	5.50%	(l)	9.20%	10/2026	90		47		—		(2)
RSC Acquisition, Inc.+	One stop	SF +	5.50%	(l)	8.55%	10/2026	995		986		—		975
Sunstar Insurance Group, LLC+	Senior loan	SF +	6.00%	(l)	9.69%	10/2026	773		764		—		758

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Sunstar Insurance Group, LLC+	Senior loan	SF +	6.00%	(l)	9.69%				10/2026	$	791	$	784	—	%	$	772
Sunstar Insurance Group, LLC+	Senior loan	SF +	6.00%	(l)	9.69%				10/2026	392		387		—		384
Sunstar Insurance Group, LLC+	Senior loan	SF +	6.00%	(l)	9.65%				10/2026	2		2		—		2
TigerRisk, LLC*+	One stop	L +	4.75%	(a)	7.87%				06/2027	22,662		22,485		0.9		22,662
TigerRisk, LLC+(5)	One stop	L +	4.75%		N/A(6)				06/2027	—		(1)		—		—

										232,622		231,767		8.9		225,751
Internet & Catalog Retail
Revalize, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2027	15,012		14,899		0.6		14,562
Revalize, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2027	8,786		8,720		0.3		8,523
Revalize, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2027	4,357		4,324		0.2		4,226
Revalize, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2027	2,624		2,605		0.1		2,546
Revalize, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2027	1,691		1,677		0.1		1,641
Revalize, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2027	397		395		—		385
Revalize, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2027	228		226		—		222
Revalize, Inc.+(5)	One stop	L +	5.75%		N/A(6)				04/2027	—		(1)		—		(8)
										33,095		32,845		1.3		32,097
IT Services
Acquia, Inc.+	One stop	L +	7.00%	(a)	9.63%				10/2025	9,578		9,509		0.4		9,578
Acquia, Inc.+	One stop	L +	7.00%	(b)(c)	10.18%				10/2025	23		22		—		23
CivicPlus, LLC+	One stop	L +	6.00%	(a)	9.12%				08/2027	6,174		6,109		0.3		6,112
CivicPlus, LLC+	One stop	L +	6.00%	(a)	9.12%				08/2027	3,646		3,612		0.2		3,610
CivicPlus, LLC+	One stop	L +	6.00%	(b)	9.67%				08/2027	2,894		2,863		0.1		2,865
CivicPlus, LLC+	One stop	SF +	11.75%	(m)	14.38%				06/2034	202		197		—		200
CivicPlus, LLC+(5)	One stop	L +	6.00%		N/A(6)				08/2027	—		(1)		—		(1)
Critical Start, Inc.+	One stop	SF +	5.75%	(k)	5.65%	cash/	3.13%	PIK	05/2028	3,251		3,221		0.1		3,219
Critical Start, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				05/2028	—		(1)		—		(1)
Delinea Inc.+	One stop	L +	6.00%	(a)	9.12%				03/2028	16,581		16,388		0.6		15,420
Delinea Inc.#	One stop	L +	6.00%	(a)	9.12%				03/2028	9,586		9,471		0.4		8,915
Delinea Inc.+	One stop	L +	6.00%	(a)	9.12%				03/2027	118		116		—		104
Episerver, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2026	21,494		21,261		0.8		20,635
Episerver, Inc.+(8)(9)	One stop	E +	6.00%	(e)	7.19%				04/2026	17,564		20,276		0.7		16,976
Episerver, Inc.#+	One stop	L +	5.75%	(b)	9.42%				04/2026	11,937		12,007		0.5		11,460
Episerver, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2026	6,601		6,520		0.2		6,337
Episerver, Inc.+(5)	One stop	L +	5.75%		N/A(6)				04/2026	—		(3)		—		(22)
Episerver, Inc.+(5)	One stop	L +	5.75%		N/A(6)				04/2026	—		(3)		—		(20)
Goldcup 31018 AB+(8)(9)(17)	One stop	E +	7.07%	(f)	3.57%	cash/	3.82%	PIK	07/2029	7,666		7,736		0.3		7,571
Goldcup 31018 AB+(5)(8)(9)(17)	One stop	E +	6.50%		N/A(6)				01/2029	—		(2)		—		(2)
Goldcup 31018 AB+(5)(8)(9)(17)	One stop	E +	6.50%		N/A(6)				07/2029	—		(16)		—		(16)
Infinisource, Inc.#+	One stop	L +	5.25%	(c)	8.13%				10/2026	27,812		27,484		1.1		27,534
Infinisource, Inc.+	One stop	L +	5.25%	(c)	8.13%				10/2026	8,403		8,334		0.3		8,319
Infinisource, Inc.+	One stop	L +	5.25%	(c)	8.13%				10/2026	2,026		1,991		0.1		2,006
Infinisource, Inc.+	One stop	L +	5.25%	(c)	8.13%				10/2026	303		301		—		300
Infinisource, Inc.+	One stop	L +	5.25%	(b)	8.92%				10/2026	213		212		—		211
Infinisource, Inc.+	One stop	L +	5.25%	(c)	8.13%				10/2026	105		105		—		104
Infinisource, Inc.+	One stop	L +	5.25%	(b)	8.92%				10/2026	57		47		—		45
Infinisource, Inc.+(5)	One stop	L +	5.25%		N/A(6)				10/2026	—		(1)		—		(2)
Infinisource, Inc.+	One stop	L +	5.25%	(b)	8.92%				10/2026	86		75		—		85
Netwrix Corporation+	One stop	SF +	5.00%	(l)	7.90%				06/2029	3,534		3,503		0.1		3,499
Netwrix Corporation+(5)	One stop	SF +	5.00%		N/A(6)				06/2029	—		(2)		—		(2)
Netwrix Corporation+	One stop	SF +	5.00%	(l)	8.44%				06/2029	129		121		—		110

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
PCS Intermediate II Holdings, LLC+	One stop	L +	5.25%	(c)	8.62%	01/2026	$	14,201	$	14,122	0.6	%	$	14,201
PCS Intermediate II Holdings, LLC+	One stop	L +	5.25%	(c)	8.62%	01/2026	2,050		2,035		0.1		2,050
PCS Intermediate II Holdings, LLC+(5)	One stop	L +	5.25%		N/A(6)	01/2026	—		(1)		—		—
Recordxtechnologies, LLC#	One stop	L +	5.50%	(b)	9.17%	12/2025	728		724		—		699
Recordxtechnologies, LLC+	One stop	L +	5.50%	(b)	9.17%	12/2025	114		113		—		109
Recordxtechnologies, LLC+	One stop	L +	5.50%	(b)	9.17%	12/2025	59		58		—		55
Red Dawn SEI Buyer, Inc.+(8)(9)	Senior loan	SN +	4.50%	(i)	6.69%	11/2025	19,267		23,496		0.7		18,882
Red Dawn SEI Buyer, Inc.+	Senior loan	L +	4.50%	(c)	8.67%	11/2025	5,542		5,505		0.2		5,431
Red Dawn SEI Buyer, Inc.+	Senior loan	L +	4.25%	(c)	8.42%	11/2025	737		732		—		717
Red Dawn SEI Buyer, Inc.+	Senior loan	L +	4.25%	(c)	8.42%	11/2025	131		130		—		127
Red Dawn SEI Buyer, Inc.+(5)	Senior loan	L +	4.50%		N/A(6)	11/2025	—		(2)		—		(5)
Red Dawn SEI Buyer, Inc.+(5)	Senior loan	L +	4.25%		N/A(6)	11/2025	—		(1)		—		(3)
Red Dawn SEI Buyer, Inc.+	Senior loan	L +	4.50%	(b)(c)	8.67%	11/2025	169		167		—		166
ReliaQuest Holdings, LLC+	One stop	SF +	10.75%	(l)	14.30%	10/2026	1,098		1,077		—		1,098
ReliaQuest Holdings, LLC+	One stop	SF +	10.75%	(l)	14.30%	10/2026	50		50		—		50
ReliaQuest Holdings, LLC+(5)	One stop	SF +	10.75%		N/A(6)	10/2026	—		(2)		—		—
Saturn Borrower Inc.+	One stop	L +	6.50%	(b)	10.17%	09/2026	19,977		19,572		0.7		18,978
Saturn Borrower Inc.+	One stop	L +	6.50%	(b)	10.17%	09/2026	103		101		—		98
Zarya Holdco, Inc.+	Senior loan	SF +	6.50%	(k)	9.63%	07/2027	4,789		4,789		0.2		4,789
Zarya Holdco, Inc.+	Senior loan	SF +	6.50%		N/A(6)	07/2027	—		—		—		—


							228,998		234,117		8.7		222,614

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Leisure Products
WBZ Investment LLC#+	One stop	L +	6.25%	(b)(c)	8.13%	cash/	1.00%	PIK	09/2024	$	8,649	$	8,679	0.3	%	$	8,649
WBZ Investment LLC+	One stop	L +	6.25%	(b)(c)	8.13%	cash/	1.00%	PIK	09/2024	1,239		1,235		0.1		1,239
WBZ Investment LLC+	One stop	L +	6.25%	(b)(c)	8.13%	cash/	1.00%	PIK	09/2024	861		875		—		861
WBZ Investment LLC+	One stop	L +	6.25%	(c)	8.13%	cash/	1.00%	PIK	09/2024	444		452		—		444
WBZ Investment LLC+	One stop	L +	6.25%		N/A(6)				09/2024	—		—		—		—
										11,193		11,241		0.4		11,193
Life Sciences Tools & Services
Covaris Intermediate 3, LLC+	One stop	L +	4.75%	(b)	7.56%				01/2028	5,909		5,856		0.2		5,909
Covaris Intermediate 3, LLC+	One stop	L +	5.25%	(a)	8.37%				01/2028	18		18		—		18
Covaris Intermediate 3, LLC+(5)	One stop	L +	4.75%		N/A(6)				01/2028	—		(2)		—		—
PAS Parent Inc.*#+	One stop	L +	5.50%	(a)(b)	8.62%				12/2028	33,706		33,102		1.3		32,694
PAS Parent Inc.+	One stop	P +	4.50%	(a)(d)	10.07%				12/2027	161		153		—		151
PAS Parent Inc.+(5)	One stop	L +	5.50%		N/A(6)				12/2028	—		(5)		—		(8)
Reaction Biology Corporation#	One stop	SF +	5.25%	(m)	9.48%				03/2029	8,023		7,949		0.3		7,783
Reaction Biology Corporation+	One stop	SF +	5.25%	(m)	9.48%				03/2029	60		55		—		45
Reaction Biology Corporation+(5)	One stop	P +	4.25%		N/A(6)				03/2029	—		(1)		—		(5)
Unchained Labs, LLC+	Senior loan	L +	5.50%	(a)	8.62%				08/2027	999		972		0.1		999
Unchained Labs, LLC+	Senior loan	L +	5.50%	(a)	8.62%				08/2027	844		830		—		844
Unchained Labs, LLC+	Senior loan	L +	5.50%		N/A(6)				08/2027	—		—		—		—










										49,720		48,927		1.9		48,430
Machinery
Bad Boy Mowers Acquisition, LLC+	Senior loan	L +	4.25%	(b)	7.38%				03/2028	1,866		1,862		0.1		1,866
Blackbird Purchaser, Inc.*+	Senior loan	L +	4.50%	(a)	7.62%				04/2026	19,084		19,205		0.7		18,893
Blackbird Purchaser, Inc.+	Senior loan	L +	4.50%	(a)	7.62%				10/2025	58		57		—		56
Blackbird Purchaser, Inc.+(5)	Senior loan	L +	4.50%		N/A(6)				04/2026	—		(2)		—		(3)
Chase Industries, Inc.+(7)	Senior loan	L +	7.00%	(c)	9.88%				05/2025	12,059		12,117		0.4		9,853
Chase Industries, Inc.+(7)	Senior loan	L +	7.00%	(b)	10.67%				05/2025	985		1,005		—		805
Chase Industries, Inc.+(7)	Senior loan	L +	7.00%	(c)	9.80%				05/2025	350		350		—		280

										34,402		34,594		1.2		31,750
Marine
Project Nike Purchaser, LLC+	One stop	SF +	6.00%	(l)	9.55%				04/2029	19,000		18,822		0.7		18,430
Project Nike Purchaser, LLC+(5)	One stop	P +	5.00%		N/A(6)				04/2029	—		(2)		—		(8)
Project Nike Purchaser, LLC+(5)	One stop	P +	5.00%		N/A(6)				04/2029	—		(7)		—		(23)
										19,000		18,813		0.7		18,399
Media
Triple Lift, Inc.+	One stop	SF +	5.50%	(l)(m)	9.36%				05/2028	5,343		5,258		0.3		5,343
Triple Lift, Inc.+	One stop	SF +	5.50%	(m)	9.61%				05/2028	1,133		1,112		0.1		1,133
Triple Lift, Inc.+	One stop	SF +	5.75%	(j)	8.74%				05/2028	27		26		—		27
										6,503		6,396		0.4		6,503
Multiline Retail
Mills Fleet Farm Group LLC*#+	One stop	L +	6.25%	(b)	9.06%				10/2024	45,138		45,090		1.8		45,138

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.*+(8)(12)	One stop	L +	6.75%	(b)	9.70%				05/2025	$	20,419	$	20,502	0.8	%	$	20,419
3ES Innovation, Inc.+(8)(12)	One stop	L +	6.75%	(b)	9.92%				05/2025	80		79		—		80
Envernus, Inc.*#+	Senior loan	L +	4.25%	(a)	7.37%				07/2025	37,066		37,349		1.4		36,097
Envernus, Inc.+	Senior loan	L +	4.50%	(a)	7.62%				07/2025	16,993		16,739		0.7		16,653
Envernus, Inc.+	Senior loan	L +	4.25%	(a)	7.37%				09/2024	86		85		—		82
Envernus, Inc.+	Senior loan	L +	4.50%	(a)	7.62%				09/2024	69		65		—		67
Project Power Buyer, LLC*#+	One stop	L +	6.00%	(b)	9.68%				05/2026	15,464		15,559		0.6		15,464
Project Power Buyer, LLC+	One stop	L +	6.00%		N/A(6)				05/2025	—		—		—		—
										90,177		90,378		3.5		88,862
Paper & Forest Products
Messenger, LLC#+	One stop	SF +	5.75%	(k)	8.88%				12/2027	10,176		10,086		0.4		10,176
Messenger, LLC+	One stop	SF +	5.75%	(k)	8.50%				12/2027	100		99		—		100
Messenger, LLC+	One stop	SF +	5.75%	(k)	8.88%				12/2027	50		49		—		50
Messenger, LLC+	One stop	P +	4.75%	(d)	11.00%				12/2027	34		33		—		34
										10,360		10,267		0.4		10,360
Personal Products
IMPLUS Footcare, LLC+	One stop	L +	8.00%	(b)	11.42%	cash/	0.25%	PIK	04/2024	30,464		30,657		1.1		28,332
IMPLUS Footcare, LLC+	One stop	L +	8.00%	(b)	11.42%	cash/	0.25%	PIK	04/2024	5,203		5,236		0.2		4,839
IMPLUS Footcare, LLC*+	One stop	L +	8.00%	(b)	11.42%	cash/	0.25%	PIK	04/2024	750		761		—		698
										36,417		36,654		1.3		33,869

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Pharmaceuticals
ACP Ulysses Buyer, Inc.*#+	One stop	SF +	5.25%	(l)	8.95%				02/2026	$	25,488	$	25,285	1.0	%	$	25,106
ACP Ulysses Buyer, Inc.+	One stop	SF +	5.25%	(l)	8.95%				02/2026	1,102		1,081		—		1,086
Amalthea Parent, Inc.*#+(8)(12)	One stop	L +	4.75%	(a)	7.87%				03/2027	57,245		56,732		2.2		56,673
Amalthea Parent, Inc.+(5)(8)(12)	One stop	SF +	4.75%		N/A(6)				03/2027	—		(3)		—		(3)
Amalthea Parent, Inc.+(5)(8)(12)	One stop	SF +	4.75%		N/A(6)				03/2027	—		(24)		—		(17)
Amalthea Parent, Inc.+(5)(8)(12)	One stop	SF +	4.75%		N/A(6)				03/2027	—		(3)		—		(3)
Apothecary Products, LLC+	Senior loan	SF +	5.00%	(m)	8.36%				07/2023	2,891		2,921		0.1		2,833
Apothecary Products, LLC+	Senior loan	SF +	5.00%	(l)	8.58%				07/2023	156		156		—		140
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.50%	(m)	9.48%				05/2029	17,179		16,853		0.7		16,835
Caerus Midco 3 S.A.R.L.+(5)(8)(13)	One stop	SF +	5.50%		N/A(6)				05/2029	—		(5)		—		(5)
Caerus Midco 3 S.A.R.L.+(5)(8)(13)	One stop	SF +	5.50%		N/A(6)				05/2029	—		(25)		—		(52)
Cobalt Buyer Sub, Inc.+	One stop	L +	5.25%	(a)	8.37%				10/2028	10,627		10,445		0.4		10,096
Cobalt Buyer Sub, Inc.+	One stop	L +	5.25%	(a)	8.37%				10/2027	36		34		—		32
Cobalt Buyer Sub, Inc.+	One stop	L +	5.25%	(a)	8.37%				10/2028	3,240		3,177		0.1		3,062
Spark Bidco Limited+(8)(9)(10)	Senior loan	SN +	4.50%	(i)	6.69%				08/2028	21,890		26,631		0.9		21,890
Spark Bidco Limited+(8)(9)(10)	Senior loan	SN +	4.50%	(i)	6.69%				08/2028	2,653		3,004		0.1		2,653
Spark Bidco Limited+(5)(8)(9)(10)	Senior loan	SN +	4.50%		N/A(6)				02/2028	—		(2)		—		—
										142,507		146,257		5.5		140,326
Professional Services
Citrin Cooperman Advisors LLC+	One stop	SF +	5.00%	(k)(l)	7.80%				10/2027	2,996		2,945		0.1		2,996
DISA Holdings Corp.+	Senior loan	SF +	5.50%	(k)	8.18%				09/2028	2,273		2,228		0.1		2,227
DISA Holdings Corp.+	Senior loan	SF +	5.50%	(k)	8.18%				09/2028	2		2		—		2
DISA Holdings Corp.+(5)	Senior loan	SF +	5.50%		N/A(6)				09/2028	—		(6)		—		(6)
Eliassen Group, LLC+	One stop	SF +	5.75%	(l)	9.30%				04/2028	1,444		1,431		—		1,444
Eliassen Group, LLC+	One stop	SF +	5.75%	(l)	9.13%				04/2028	4		4		—		4
Filevine, Inc.+	One stop	SF +	6.50%	(l)(m)	5.43%	cash/	2.50%	PIK	04/2027	5,265		5,197		0.2		5,270
Filevine, Inc.+	One stop	SF +	6.50%		N/A(6)				04/2027	—		—		—		—
IG Investments Holdings, LLC+	One stop	L +	6.00%	(a)(b)	9.47%				09/2028	7,093		6,976		0.3		7,093
IG Investments Holdings, LLC+(5)	One stop	L +	6.00%		N/A(6)				09/2027	—		(1)		—		—
NBG Acquisition Corp. and NBG-P Acquisition Corp.+	One stop	L +	5.25%	(a)(b)	8.06%				11/2028	7,593		7,543		0.3		7,365
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5)	One stop	L +	5.25%		N/A(6)				11/2028	—		(14)		—		(66)
NBG Acquisition Corp. and NBG-P Acquisition Corp.+	One stop	L +	5.25%	(b)	8.10%				11/2028	75		74		—		68
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5)	One stop	L +	5.25%		N/A(6)				11/2028	—		(18)		—		(75)
Net Health Acquisition Corp.+	One stop	L +	5.75%	(a)	8.87%				12/2025	13,235		13,147		0.5		13,103
Net Health Acquisition Corp.*#	One stop	L +	5.75%	(a)	8.87%				12/2025	8,378		8,380		0.3		8,295
Net Health Acquisition Corp.+	One stop	L +	5.75%	(a)	8.87%				12/2025	6,706		6,741		0.3		6,639
Net Health Acquisition Corp.#	One stop	L +	5.75%	(a)	8.88%				12/2025	4,237		4,198		0.2		4,195
Net Health Acquisition Corp.*#	One stop	L +	5.75%	(a)	8.87%				12/2025	1,171		1,172		—		1,159
Net Health Acquisition Corp.+(5)	One stop	L +	5.75%		N/A(6)				12/2025	—		(2)		—		(3)
PlanSource Holdings, Inc.+	One stop	L +	6.25%	(c)	9.55%				04/2025	11,416		11,465		0.4		11,416
PlanSource Holdings, Inc.+	One stop	L +	6.25%	(c)	9.55%				04/2025	1,932		1,920		0.1		1,932
PlanSource Holdings, Inc.+	One stop	L +	6.25%	(c)	9.55%				04/2025	139		138		—		139
PlanSource Holdings, Inc.+(5)	One stop	L +	6.25%		N/A(6)				04/2025	—		(1)		—		—

ProcessMAP Corporation+	One stop	L +	6.25%	(b)	6.17%	cash/	3.75%	PIK	12/2027	3,948		3,914		0.2		3,869
ProcessMAP Corporation+(5)	One stop	L +	6.00%		N/A(6)				12/2027	—		—		—		(1)
Procure Acquireco, Inc.#+	One stop	L +	5.25%	(c)	8.00%				12/2028	17,634		17,477		0.7		17,634
Procure Acquireco, Inc.+(5)	One stop	L +	5.25%		N/A(6)				12/2028	—		(1)		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Procure Acquireco, Inc.+(5)	One stop	L +	5.25%		N/A(6)	12/2028	$	—	$	(3)	—	%	$	—
Teaching Company, The*#+	One stop	L +	4.75%	(a)	7.69%	07/2023	17,464		17,510		0.7		17,289
Teaching Company, The+(5)	One stop	L +	4.75%		N/A(6)	07/2023	—		—		—		(2)





							113,005		112,416		4.4		111,986


Real Estate Management & Development
Inhabit IQ Inc.+	One stop	L +	5.75%	(a)	8.87%	07/2025	21,751	21,595	0.9	21,751
Inhabit IQ Inc.#+	One stop	L +	5.75%	(a)	8.87%	07/2025	19,437	19,478	0.8	19,437
Inhabit IQ Inc.+	One stop	L +	5.75%	(a)	8.87%	07/2025	13,391	13,280	0.5	13,391
Inhabit IQ Inc.*	One stop	L +	5.75%	(a)	8.87%	07/2025	12,367	12,278	0.5	12,367
Inhabit IQ Inc.*#	One stop	L +	5.75%	(a)	8.87%	07/2025	6,518	6,548	0.3	6,518
Inhabit IQ Inc.+	One stop	L +	5.75%	(a)	8.87%	07/2025	3,176	3,213	0.1	3,176
Inhabit IQ Inc.#+	One stop	L +	5.75%	(a)	8.87%	07/2025	1,395	1,410	0.1	1,395
Inhabit IQ Inc.#+	One stop	L +	5.75%	(a)	8.87%	07/2025	1,181	1,193	—	1,181
Inhabit IQ Inc.#+	One stop	L +	5.75%	(a)	8.87%	07/2025	1,164	1,178	—	1,164
Inhabit IQ Inc.+	One stop	L +	5.75%	(a)	8.87%	07/2025	931	927	—	931
Inhabit IQ Inc.+	One stop	L +	5.75%	(a)	8.87%	07/2025	491	497	—	491
Inhabit IQ Inc.+	One stop	L +	5.75%		N/A(6)	07/2025	—	—	—	—
MRI Software LLC*+	One stop	L +	5.50%	(b)	9.17%	02/2026	14,360	14,279	0.6	14,216
MRI Software LLC+	One stop	L +	5.50%	(b)	9.17%	02/2026	4,952	4,905	0.2	4,903
MRI Software LLC+(5)	One stop	L +	5.50%		N/A(6)	02/2026	—	(2)	—	(3)

MRI Software LLC+(5)	One stop	L +	5.50%		N/A(6)	02/2026	—	(1)	—	(5)
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.75%	(i)	7.94%	08/2028	16,305	20,039	0.6	15,653
RPL Bidco Limited+(8)(9)(10)	One stop	A +	5.75%	(g)	8.21%	08/2028	1,912	2,172	0.1	1,836
RPL Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.75%		N/A(6)	02/2028	—	—	—	(2)


							119,331	122,989	4.7	118,400
Road & Rail
Channelside Acquisitona Co, Inc.+	One stop	L +	5.25%	(b)	8.92%	07/2028	4,241	4,154	0.2	4,199
Channelside Acquisitona Co, Inc.+	One stop	L +	5.25%	(a)	8.34%	07/2026	5	4	—	5
Channelside Acquisitona Co, Inc.+	One stop	L +	5.25%		N/A(6)	07/2028	—	—	—	—
Internet Truckstop Group LLC*#	One stop	L +	5.50%	(b)	9.18%	04/2025	21,564	21,843	0.8	21,564
Internet Truckstop Group LLC+	One stop	L +	5.50%	(b)	9.18%	04/2025	9,442	9,355	0.4	9,442
Internet Truckstop Group LLC+(5)	One stop	L +	5.50%		N/A(6)	04/2025	—	(2)	—	—
							35,252	35,354	1.4	35,210

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Software
Accela, Inc.*#+	One stop	L +	7.50%	(a)	6.37%	cash/	4.25%	PIK	09/2024	$	4,695	$	4,678	0.2	%	$	4,695
Accela, Inc.+	One stop	L +	7.50%	(a)	6.37%	cash/	4.25%	PIK	09/2024	279		277		—		279
Accela, Inc.+	One stop	L +	7.00%	(a)	10.12%				09/2024	20		20		—		20
Anaplan, Inc.+	One stop	SF +	6.50%	(k)	9.53%				06/2029	9,840		9,745		0.4		9,643
Anaplan, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				06/2028	—		(2)		—		(3)
Appfire Technologies, LLC#+	One stop	SF +	5.50%	(k)	8.63%				03/2027	36,575		36,151		1.4		36,209
Appfire Technologies, LLC+	One stop	SF +	5.50%	(k)	8.63%				03/2027	19		16		—		17
Appfire Technologies, LLC+(5)	One stop	SF +	5.50%		N/A(6)				03/2027	—		(7)		—		(11)
Appfire Technologies, LLC+(5)	One stop	SF +	5.00%		N/A(6)				03/2027	—		(39)		—		(55)
Apptio, Inc.+	One stop	L +	6.00%	(b)	8.46%				01/2025	57,010		57,389		2.2		56,440
Apptio, Inc.+	One stop	L +	6.00%	(b)	8.46%				01/2025	76		76		—		76
Aras Corporation+	One stop	L +	7.00%	(b)	5.71%	cash/	3.75%	PIK	04/2027	14,159		14,055		0.6		14,159
Aras Corporation+	One stop	L +	6.50%	(c)	9.50%				04/2027	31		30		—		31
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.75%	(i)	7.94%				06/2029	3,199		3,407		0.1		3,103
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.75%	(i)	7.94%				06/2029	550		539		—		500
Auvik Networks Inc.+(8)(12)	One stop	SF +	5.75%	(l)	5.73%	cash/	2.75%	PIK	07/2027	7,033		6,978		0.3		6,829
Auvik Networks Inc.+(8)(12)	One stop	SF +	6.25%	(l)	5.73%	cash/	3.25%	PIK	07/2027	1,251		1,239		—		1,239
Auvik Networks Inc.+(5)(8)(12)	One stop	SF +	5.75%		N/A(6)				07/2027	—		(1)		—		(2)
Axiom Merger Sub Inc.+	One stop	L +	5.50%	(b)(c)	7.07%				04/2026	5,728		5,753		0.2		5,728
Axiom Merger Sub Inc.+(8)(9)	One stop	E +	5.75%	(e)(f)	5.85%				04/2026	2,075		2,375		0.1		2,075
Axiom Merger Sub Inc.+	One stop	L +	5.50%	(c)	7.05%				04/2026	272		270		—		272
Axiom Merger Sub Inc.+	One stop	L +	5.50%	(b)(c)	8.87%				04/2026	15		14		—		15
Axiom Merger Sub Inc.+	One stop	L +	5.50%		N/A(6)				10/2025	—		—		—		—
Bayshore Intermediate #2, L.P.+	One stop	L +	7.75%	(a)	10.43%				10/2028	65,064		63,909		2.6		65,064
Bayshore Intermediate #2, L.P.+(5)	One stop	L +	6.75%		N/A(6)				10/2027	—		(3)		—		—
Bonterra LLC+	One stop	L +	6.25%	(b)	9.92%				09/2027	63,832		63,041		2.5		63,194
Bonterra LLC+	One stop	L +	6.25%	(b)	9.92%				09/2027	122		120		—		120
Bonterra LLC+(5)	One stop	L +	6.25%		N/A(6)				09/2027	—		(36)		—		(58)
Bottomline Technologies, Inc.+	One stop	SF +	5.50%	(k)	8.35%				05/2029	28,163		27,631		1.1		27,318
Bottomline Technologies, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				05/2028	—		(4)		—		(6)
Bullhorn, Inc.*#+	One stop	L +	5.75%	(b)	9.42%				09/2026	65,946		65,212		2.6		65,946
Bullhorn, Inc.+(8)(9)	One stop	SN +	6.00%	(i)	8.19%				09/2026	10,681		11,636		0.4		10,681
Bullhorn, Inc.+(8)(9)	One stop	E +	5.75%	(e)	6.94%				09/2026	4,236		4,672		0.2		4,236
Bullhorn, Inc.+	One stop	L +	5.75%	(b)	9.42%				09/2026	214		211		—		214
Bullhorn, Inc.+	One stop	L +	5.75%	(b)	9.42%				09/2026	96		95		—		96
Bullhorn, Inc.+	One stop	L +	5.75%	(b)	9.42%				09/2026	76		76		—		76
Bullhorn, Inc.+	One stop	L +	5.75%	(b)	9.42%				09/2026	110		107		—		110
Burning Glass Intermediate Holdings Company, Inc.#+	One stop	L +	5.00%	(a)	8.12%				06/2028	9,819		9,658		0.4		9,819
Burning Glass Intermediate Holdings Company, Inc.+	One stop	L +	5.00%	(a)	8.12%				06/2026	28		26		—		28
Calabrio, Inc.+	One stop	L +	7.00%	(b)	10.67%				04/2027	53,683		53,073		2.1		53,683
Calabrio, Inc.+(5)	One stop	L +	7.00%		N/A(6)				04/2027	—		(3)		—		—
Community Brands Parentco LLC+	One stop	SF +	5.75%	(k)	8.88%				02/2028	14,194		13,939		0.5		13,911
Community Brands Parentco LLC+(5)	One stop	SF +	5.50%		N/A(6)				02/2028	—		(1)		—		(1)
Community Brands Parentco LLC+(5)	One stop	SF +	5.50%		N/A(6)				02/2028	—		(1)		—		(2)
Daxko Acquisition Corporation+	One stop	L +	5.50%	(a)	8.62%				10/2028	27,710		27,471		1.1		26,879
Daxko Acquisition Corporation+	One stop	L +	5.50%	(a)	8.62%				10/2028	2,337		2,307		0.1		2,267
Daxko Acquisition Corporation+(5)	One stop	L +	5.50%		N/A(6)				10/2027	—		(2)		—		(5)

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Daxko Acquisition Corporation+(5)	One stop	L +	5.50%		N/A(6)				10/2028	$	—	$	(10)	—	%	$	(33)
Diligent Corporation*#+	One stop	L +	6.25%	(c)	9.13%				08/2025	86,292		86,221		3.4		85,426
Diligent Corporation+	One stop	L +	5.75%	(c)	8.63%				08/2025	5,964		5,925		0.2		5,832
Diligent Corporation+	One stop	L +	6.25%	(c)	8.49%				08/2025	162		161		—		158
Dragon UK Bidco Limited+(8)(9)(10)	One stop	SN +	6.00%	(i)	8.19%				02/2029	12,937		15,067		0.5		12,161
Dragon UK Bidco Limited+(8)(9)(10)	One stop	C +	6.00%	(h)	10.20%				02/2029	277		293		—		261
Dragon UK Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.00%		N/A(6)				02/2029	—		—		—		(6)
FirstUp, Inc.+	One stop	L +	6.75%	(b)	6.92%	cash/	3.50%	PIK	07/2027	8,916		8,848		0.4		8,916
FirstUp, Inc.+(5)	One stop	L +	9.75%		N/A(6)				07/2027	—		(1)		—		—
Gainsight, Inc.+	One stop	L +	6.75%	(b)	9.56%	PIK			07/2027	9,948		9,815		0.4		9,847
Gainsight, Inc.+(5)	One stop	L +	6.75%		N/A(6)				07/2027	—		(2)		—		(1)
GS Acquisitionco, Inc.*#+	One stop	L +	5.75%	(b)(c)	9.85%				05/2026	84,289		84,506		3.2		82,603
GS Acquisitionco, Inc.+	One stop	L +	5.75%	(c)	9.46%				05/2026	186		184		—		180
GS Acquisitionco, Inc.+(5)	One stop	L +	5.75%		N/A(6)				05/2026	—		(4)		—		(40)
GTIV, LLC+	One stop	SF +	5.25%	(m)	8.36%				02/2029	74,215		73,541		2.9		72,731
GTIV, LLC+(5)	One stop	SF +	5.25%		N/A(6)				02/2029	—		(2)		—		(5)
GTY Technology Holdings, Inc.+	One stop	SF +	6.88%	(l)	9.81%	cash/	0.63%	PIK	07/2029	3,100		3,041		0.1		3,069
GTY Technology Holdings, Inc.+(5)	One stop	SF +	6.88%		N/A(6)				07/2029	—		(2)		—		(1)
GTY Technology Holdings, Inc.+(5)	One stop	SF +	6.88%		N/A(6)				07/2029	—		(23)		—		(24)
ICIMS, Inc.+	One stop	SF +	6.75%	(l)	9.49%				08/2028	7,775		7,640		0.3		7,707
ICIMS, Inc.+(5)	One stop	SF +	6.75%		N/A(6)				08/2028	—		(1)		—		(1)
ICIMS, Inc.+	One stop	SF +	6.75%		N/A(6)				08/2028	—		—		—		—

IQN Holding Corp. #+	One stop	SF +	5.50%	(l)	8.41%				05/2029	14,682		14,544		0.6		14,535
IQN Holding Corp. +(5)	One stop	SF +	5.50%		N/A(6)				05/2028	—		(1)		—		(1)
IQN Holding Corp. +(5)	One stop	SF +	5.50%		N/A(6)				05/2029	—		(31)		—		(3)
Island Bidco AB+(8)(9)(17)	One stop	E +	7.25%	(f)	0.23%	cash/	7.25%	PIK	07/2028	5,318		5,603		0.2		5,265
Island Bidco AB+(8)(17)	One stop	SF +	7.00%	(m)	6.09%	cash/	3.50%	PIK	07/2028	2,921		2,893		0.1		2,892
Island Bidco AB+(8)(17)	One stop	SF +	6.50%		N/A(6)				07/2028	—		—		—		—
Island Bidco AB+(5)(8)(9)(17)	One stop	E +	6.50%		N/A(6)				07/2028	—		(1)		—		(1)
Juvare, LLC*	One stop	L +	6.25%	(b)	9.92%				10/2026	7,526		7,462		0.3		7,451
Juvare, LLC+	One stop	L +	6.25%	(b)	9.92%				10/2026	1,737		1,722		0.1		1,719
Juvare, LLC+	One stop	L +	6.25%	(b)	9.92%				10/2026	548		525		—		526
Juvare, LLC+	One stop	L +	6.25%	(b)	9.92%				04/2026	45		45		—		45
Kaseya Inc.+	One stop	SF +	5.75%	(m)	8.29%				06/2029	9,178		9,044		0.4		8,994
Kaseya Inc.+(5)	One stop	SF +	5.75%		N/A(6)				06/2029	—		(3)		—		(5)
Kaseya Inc.+(5)	One stop	SF +	5.75%		N/A(6)				06/2029	—		(5)		—		(11)
Mindbody, Inc.+	One stop	L +	8.50%	(b)	10.64%	cash/	1.50%	PIK	02/2025	50,096		50,522		2.0		50,096
Mindbody, Inc.+	One stop	L +	8.50%	(b)	10.64%	cash/	1.50%	PIK	02/2025	5,610		5,570		0.2		5,610
Mindbody, Inc.+	One stop	L +	8.00%		N/A(6)				02/2025	—		—		—		—
Ministry Brands Holdings LLC+	One stop	L +	5.50%	(b)	9.17%				12/2028	21,981		21,785		0.8		21,322
Ministry Brands Holdings LLC+(5)	One stop	L +	5.50%		N/A(6)				12/2027	—		(2)		—		(5)
Ministry Brands Holdings LLC+(5)	One stop	L +	5.50%		N/A(6)				12/2028	—		(5)		—		(18)
Neo Bidco GMBH+(8)(9)(13)	One stop	E +	6.00%	(e)	6.00%				07/2028	6,408		7,633		0.2		6,216
Neo Bidco GMBH+(8)(13)	One stop	L +	6.00%	(b)	9.29%				01/2028	59		59		—		58
Neo Bidco GMBH+(8)(9)(13)	One stop	E +	6.00%		N/A(6)				01/2028	—		—		—		—
Newscycle Solutions, Inc.+	Senior loan	L +	7.00%	(b)	10.67%				12/2022	109		109		—		109

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
PDI TA Holdings, Inc.+	One stop	L +	4.50%	(b)	7.16%	10/2024	$	8,409	$	8,329	0.3	%	$	8,241
PDI TA Holdings, Inc.+	Second lien	L +	8.50%	(b)	11.49%	10/2025	3,424		3,375		0.1		3,424
PDI TA Holdings, Inc.+	One stop	L +	4.50%	(b)(c)	6.98%	10/2024	1,119		1,114		—		1,096
PDI TA Holdings, Inc.+	One stop	L +	4.50%	(b)	7.16%	10/2024	690		685		—		676
PDI TA Holdings, Inc.+	Second lien	L +	8.50%	(b)	11.49%	10/2025	640		637		—		640
PDI TA Holdings, Inc.+	Second lien	L +	8.50%	(b)	11.49%	10/2025	377		375		—		377
PDI TA Holdings, Inc.+(8)(9)	One stop	SN +	4.50%	(i)	6.81%	10/2024	78		94		—		76
PDI TA Holdings, Inc.+	One stop	L +	4.50%	(b)	7.16%	10/2024	40		40		—		37
Personify, Inc.*#+	One stop	L +	5.25%	(b)	8.92%	09/2024	13,723		13,851		0.5		13,723
Personify, Inc.#	One stop	L +	5.25%	(b)	8.92%	09/2024	8,173		8,126		0.3		8,173
Personify, Inc.+	One stop	L +	5.25%		N/A(6)	09/2024	—		—		—		—
Pluralsight, LLC+	One stop	L +	8.00%	(a)	10.68%	03/2027	23,748		23,567		0.9		23,748
Pluralsight, LLC+(5)	One stop	L +	8.00%		N/A(6)	03/2027	—		(1)		—		—
ProcessUnity Holdings, LLC+	One stop	L +	6.00%	(b)	9.67%	09/2028	4,221		4,184		0.2		4,221
ProcessUnity Holdings, LLC+	One stop	L +	6.00%	(a)	9.11%	09/2028	23		22		—		23
ProcessUnity Holdings, LLC+(5)	One stop	L +	6.00%		N/A(6)	09/2028	—		(7)		—		—
Pyramid Healthcare Acquisition Corp.#+	One stop	L +	4.75%	(b)(c)	7.56%	05/2027	18,372		18,230		0.7		18,372
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	7.91%	05/2027	873		866		—		873
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(a)	7.30%	05/2027	539		535		—		539
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	7.56%	05/2027	179		178		—		179
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	7.56%	05/2027	158		157		—		158
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	8.42%	05/2027	148		147		—		148
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	7.82%	05/2027	148		147		—		148
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(a)	7.87%	05/2027	100		68		—		100
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	7.56%	05/2027	58		58		—		58
Pyramid Healthcare Acquisition Corp.+(5)	One stop	L +	4.75%		N/A(6)	05/2027	—		(2)		—		—
QAD, Inc.+	One stop	L +	6.00%	(a)	9.12%	11/2027	9,488		9,407		0.4		9,298
QAD, Inc.+(5)	One stop	L +	6.00%		N/A(6)	11/2027	—		(4)		—		(9)
Quant Buyer, Inc.+	One stop	SF +	5.50%	(l)	8.47%	06/2029	2,491		2,468		0.1		2,405
Quant Buyer, Inc.+	One stop	SF +	5.50%	(l)	8.47%	06/2029	2,957		2,929		0.1		2,855
Quant Buyer, Inc.+(5)	One stop	SF +	5.50%		N/A(6)	06/2029	—		(1)		—		(5)
Quant Buyer, Inc.+	One stop	SF +	6.00%	(l)	8.97%	06/2029	2,027		2,007		0.1		2,006
Quant Buyer, Inc.+	One stop	SF +	6.00%		N/A(6)	06/2029	—		—		—		—
Rainforest Bidco Limited+(8)(9)(10)	One stop	SN +	5.75%	(i)	7.94%	07/2029	6,546		6,795		0.3		6,456
Rainforest Bidco Limited+(8)(9)(10)	One stop	SN +	5.75%		N/A(6)	01/2029	—		—		—		—
Rainforest Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.75%		N/A(6)	07/2029	—		(26)		—		(26)
RegEd Aquireco, LLC+	Senior loan	L +	4.25%	(b)	7.06%	12/2024	11,183		11,188		0.4		10,401
RegEd Aquireco, LLC+	Senior loan	L +	4.25%	(b)(d)	7.87%	12/2024	236		235		—		220
Riskonnect Parent, LLC*+	One stop	SF +	5.50%	(m)	9.73%	12/2028	10,109		10,020		0.4		10,008
Riskonnect Parent, LLC+(5)	One stop	SF +	5.50%		N/A(6)	12/2028	—		(3)		—		(4)
Riskonnect Parent, LLC+(5)	One stop	SF +	5.50%		N/A(6)	12/2028	—		(7)		—		(8)
Rodeo Buyer Company & Absorb Software Inc.+	One stop	L +	6.25%	(a)	9.37%	05/2027	4,541		4,506		0.2		4,541
Rodeo Buyer Company & Absorb Software Inc.+(5)	One stop	L +	6.25%		N/A(6)	05/2027	—		(1)		—		—
SailPoint Technologies Holdings, Inc.+	One stop	SF +	6.25%	(k)	9.10%	08/2029	9,827		9,633		0.4		9,729
SailPoint Technologies Holdings, Inc.+(5)	One stop	SF +	6.25%		N/A(6)	08/2028	—		(2)		—		(2)
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	6.00%	(e)	6.00%	04/2029	30,114		30,386		1.2		29,813
Sonatype, Inc.+	One stop	SF +	6.75%	(k)	9.47%	12/2025	40,459		40,211		1.6		40,459

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Sonatype, Inc.+	One stop	SF +	6.75%	(k)	9.47%				12/2025	$	851	$	846	—	%	$	851
Sonatype, Inc.+(5)	One stop	SF +	6.75%		N/A(6)				12/2025	—		(1)		—		—
Spartan Buyer Acquisition Co.*#+	One stop	L +	6.25%	(a)	9.37%				12/2026	31,358		31,083		1.2		30,730
Spartan Buyer Acquisition Co.+	One stop	L +	6.25%	(a)	9.37%				12/2026	1,993		1,961		0.1		1,953
Spartan Buyer Acquisition Co.+	One stop	P +	5.25%	(d)	11.50%				12/2026	48		46		—		43
Tahoe Bidco B.V. +	One stop	L +	6.00%	(a)	8.68%				09/2028	12,058		11,955		0.5		12,058
Tahoe Bidco B.V. +(5)	One stop	L +	6.00%		N/A(6)				10/2027	—		(1)		—		—
Telesoft Holdings LLC+	One stop	L +	5.75%	(b)(c)	8.61%				12/2025	886		876		—		871
Telesoft Holdings LLC+(5)	One stop	L +	5.75%		N/A(6)				12/2025	—		(1)		—		(2)
Telesoft Holdings LLC+	One stop	L +	6.25%	(b)	9.03%				08/2028	65		64		—		64
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.50%	(m)	9.64%				07/2028	3,171		3,088		0.1		3,082
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.50%		N/A(6)				07/2028	—		—		—		—
Templafy APS and Templafy, LLC+(5)(8)(18)	One stop	SF +	6.50%		N/A(6)				07/2028	—		(17)		—		(18)
TI Intermediate Holdings, LLC+	Senior loan	L +	4.25%	(a)	7.37%				12/2024	3,445		3,470		0.1		3,427
TI Intermediate Holdings, LLC+	Senior loan	L +	4.25%	(a)	7.37%				12/2024	910		898		—		906
TI Intermediate Holdings, LLC+	Senior loan	L +	4.25%	(a)	7.37%				12/2024	428		422		—		426
TI Intermediate Holdings, LLC+	Senior loan	L +	4.50%	(a)	7.62%				12/2024	233		227		—		233
TI Intermediate Holdings, LLC+	Senior loan	L +	4.50%	(a)	7.62%				12/2024	157		156		—		157
TI Intermediate Holdings, LLC+	Senior loan	L +	4.25%	(a)	7.37%				12/2024	17		17		—		17
Togetherwork Holdings, LLC*#	One stop	L +	6.25%	(c)	9.13%				03/2025	15,245		15,300		0.6		15,245
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	9.13%				03/2025	6,893		6,810		0.3		6,893
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	9.13%				03/2025	4,181		4,151		0.2		4,181
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	9.13%				03/2025	1,767		1,799		0.1		1,767
Togetherwork Holdings, LLC#+	One stop	L +	6.25%	(c)	9.13%				03/2025	1,715		1,743		0.1		1,715
Togetherwork Holdings, LLC*#	One stop	L +	6.25%	(c)	9.13%				03/2025	1,671		1,701		0.1		1,671
Togetherwork Holdings, LLC#+	One stop	L +	6.25%	(c)	9.13%				03/2025	1,614		1,630		0.1		1,614
Togetherwork Holdings, LLC*+	One stop	L +	6.25%	(c)	9.13%				03/2025	1,555		1,584		0.1		1,555
Togetherwork Holdings, LLC#+	One stop	L +	6.25%	(c)	9.13%				03/2025	1,450		1,475		0.1		1,450
Togetherwork Holdings, LLC*#	One stop	L +	6.25%	(c)	9.13%				03/2025	1,188		1,196		—		1,188
Togetherwork Holdings, LLC#+	One stop	L +	6.25%	(c)	9.13%				03/2025	654		666		—		654
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	9.13%				03/2025	453		449		—		453
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	9.13%				03/2025	438		435		—		438
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	9.13%				03/2025	250		248		—		250
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	9.13%				03/2025	63		64		—		63
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	9.13%				03/2025	58		59		—		58
Togetherwork Holdings, LLC+(5)	One stop	L +	6.25%		N/A(6)				03/2024	—		(1)		—		—
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	9.55%				03/2025	1,339		1,327		0.1		1,339
Trintech, Inc.*#+	One stop	L +	6.00%	(a)	9.12%				12/2024	22,029		22,121		0.9		21,809
Trintech, Inc.#+	One stop	L +	6.00%	(a)	9.12%				12/2024	9,140		9,218		0.4		9,050
Trintech, Inc.+	One stop	L +	6.00%	(a)	9.12%				12/2024	100		100		—		98
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)	One stop	N/A			4.50%	cash/	4.70%	PIK	05/2024	7,416		8,529		0.3		6,525
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)	One stop	N/A			4.50%	cash/	4.70%	PIK	05/2024	122		142		—		106
Vendavo, Inc.*#+	One stop	L +	5.75%	(b)	8.99%				09/2027	19,611		19,468		0.7		18,826
Vendavo, Inc.+	One stop	P +	4.75%	(d)	11.00%				09/2027	40		39		—		34
WebPT, Inc.+	One stop	L +	6.75%	(b)	9.82%				01/2028	626		617		—		620

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Workforce Software, LLC+	One stop	L +	7.25%	(b)	7.32%	cash/	3.00%	PIK	07/2025	$	28,178	$	28,542	1.1	%	$	28,178
Workforce Software, LLC+	One stop	L +	7.25%	(b)	7.32%	cash/	3.00%	PIK	07/2025	4,986		4,954		0.2		4,986
Workforce Software, LLC+	One stop	L +	7.25%	(b)	7.32%	cash/	3.00%	PIK	07/2025	3,532		3,477		0.1		3,532
Workforce Software, LLC+	One stop	L +	6.50%	(b)	9.57%				07/2025	118		116		—		118
Workforce Software, LLC+	One stop	L +	7.25%	(b)	7.32%	cash/	3.00%	PIK	07/2025	69		68		—		69

										1,316,756		1,316,394		51.1		1,300,853

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail
Ave Holdings III, Corp*+	One stop	SF +	5.50%	(l)	9.20%	02/2028	$	25,896	$	25,427	1.0	%	$	25,119
Ave Holdings III, Corp+	One stop	P +	4.50%	(d)	10.75%	02/2028	14		12		—		10
Ave Holdings III, Corp+	One stop	SF +	5.50%	(l)	8.71%	02/2028	103		91		—		67
Batteries Plus Holding Corporation*#	One stop	L +	6.75%	(a)	9.87%	06/2023	21,921		21,921		0.9		21,921
Batteries Plus Holding Corporation+	One stop	L +	6.75%	(a)	9.87%	06/2023	1,420		1,417		0.1		1,420
Batteries Plus Holding Corporation+	One stop	L +	6.75%	(a)(d)	9.93%	06/2023	145		145		—		145
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(l)	9.45%	05/2028	11,538		11,351		0.5		11,192
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(l)	9.45%	05/2028	9,975		9,880		0.4		9,676
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(e)	7.48%	05/2028	8,342		9,483		0.4		8,271
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(l)	9.45%	05/2028	2,158		2,123		0.1		2,093
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(l)	9.45%	05/2028	1,435		1,421		0.1		1,392

Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(l)	9.45%	05/2028	734		716		0.1		712
Consilio Midco Limited+(5)(8)(10)	One stop	SF +	5.75%		N/A(6)	05/2028	—		(2)		—		(3)
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(e)	7.48%	05/2028	35		34		—		33
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%		N/A(6)	05/2028	—		—		—		—
Cycle Gear, Inc.*#+	One stop	SF +	5.50%	(l)	9.20%	01/2026	48,851		48,738		1.9		47,874
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	20,664		20,597		0.8		20,664
Imperial Optical Midco Inc.#	One stop	L +	6.75%	(a)	9.87%	08/2023	4,767		4,746		0.2		4,767
Imperial Optical Midco Inc.#	One stop	L +	6.75%	(a)	9.87%	08/2023	4,149		4,131		0.2		4,149
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	3,590		3,604		0.2		3,590
Imperial Optical Midco Inc.*+	One stop	L +	6.75%	(a)	9.87%	08/2023	2,798		2,792		0.1		2,798
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	2,763		2,751		0.1		2,763
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	2,238		2,229		0.1		2,238
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	2,058		2,049		0.1		2,058
Imperial Optical Midco Inc.#+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,903		1,918		0.1		1,903
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,654		1,647		0.1		1,654
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,454		1,448		0.1		1,454
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,435		1,429		0.1		1,435
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,390		1,384		0.1		1,390
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,369		1,363		0.1		1,369
Imperial Optical Midco Inc.#+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,238		1,248		—		1,238
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,145		1,140		0.1		1,145
Imperial Optical Midco Inc.*+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,128		1,137		0.1		1,128
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	967		963		0.1		967
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	879		875		—		879
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	660		657		—		660
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	632		629		—		632
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	625		622		—		625
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	554		552		—		554
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	502		499		—		502
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	499		497		—		499
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	486		484		—		486
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	477		475		—		477
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	459		454		—		459
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	454		452		—		454
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	450		448		—		450
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	446		444		—		446

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	$	442	$	440	—	%	$	442
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	416		414		—		416
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	415		413		—		415
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	414		412		—		414
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	410		408		—		410
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	410		408		—		410
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	380		379		—		380
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	358		357		—		358
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	357		356		—		357
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	353		351		—		353
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	327		327		—		327
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	314		312		—		314
Imperial Optical Midco Inc.+(5)	One stop	L +	6.75%		N/A(6)	08/2023	—		(46)		—		—
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	306		304		—		306
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	284		283		—		284
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	277		275		—		277
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	277		276		—		277
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	272		271		—		272
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	269		268		—		269
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	257		256		—		257
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	257		256		—		257
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	239		238		—		239
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	238		238		—		238
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	219		218		—		219
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	218		217		—		218
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	215		214		—		215
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	209		208		—		209
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	195		194		—		195
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	193		192		—		193
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	192		191		—		192
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	188		188		—		188
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	179		178		—		179
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	172		171		—		172
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	167		167		—		167
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	165		164		—		165
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	161		160		—		161
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	160		159		—		160
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	158		158		—		158
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	153		152		—		153
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	152		151		—		152
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	143		143		—		143
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	143		142		—		143
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	138		137		—		138
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	133		132		—		133
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	131		131		—		131
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	131		131		—		131
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	129		128		—		129
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	127		127		—		127

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	$	124	$	124	—	%	$	124
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	114		113		—		114
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	114		114		—		114
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	114		114		—		114
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	112		111		—		112
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	109		109		—		109
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	106		106		—		106
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	105		105		—		105
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	105		104		—		105
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	105		104		—		105
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	99		99		—		99
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	96		95		—		96
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	86		85		—		86
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	86		85		—		86
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	82		82		—		82
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	79		79		—		79
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	79		78		—		79
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	75		75		—		75
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	75		75		—		75
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	75		75		—		75
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	75		75		—		75
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	74		74		—		74
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	74		73		—		74
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	71		71		—		71
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	68		68		—		68
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	68		68		—		68
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	65		65		—		65
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	64		63		—		64
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	63		62		—		63
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	62		61		—		62
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	60		60		—		60
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	59		59		—		59
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	56		55		—		56
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	55		55		—		55
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	54		54		—		54
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	52		52		—		52
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	47		47		—		47
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	42		42		—		42
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	41		41		—		41
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	40		40		—		40
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	39		38		—		39
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	36		35		—		36
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	34		34		—		34
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	35		34		—		35
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	35		35		—		35
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	34		34		—		34
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	33		32		—		33
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	31		31		—		31

Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	29		29		—		29

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	$	29	$	29	—	%	$	29
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	29		29		—		29
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	28		27		—		28
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	27		27		—		27
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	27		26		—		27
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	26		26		—		26
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	26		26		—		26
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	25		25		—		25
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	25		25		—		25
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	24		24		—		24
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	23		23		—		23
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	23		23		—		23
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	21		21		—		21
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	19		19		—		19
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	19		19		—		19
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	19		19		—		19
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	19		19		—		19
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	19		19		—		19
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	18		18		—		18
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	17		17		—		17
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	17		17		—		17
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	17		17		—		17
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	16		16		—		16
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	15		15		—		15
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	14		14		—		14
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	13		12		—		13
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	13		13		—		13
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	13		13		—		13
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	13		13		—		13
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	13		13		—		13
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	13		13		—		13
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	12		11		—		12
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	11		11		—		11
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	11		11		—		11
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	10		10		—		10
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	10		10		—		10
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	10		10		—		10
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	10		10		—		10
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	9		9		—		9
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	9		9		—		9
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	9		9		—		9
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	9		9		—		9
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	8		8		—		8
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	8		8		—		8
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	8		8		—		8
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	8		8		—		8
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	7		7		—		7
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	6		6		—		6
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	6		6		—		6

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	$	5	$	5	—	%	$	5
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	5		5		—		5
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	3		3		—		3
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	386		384		—		386
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	170		169		—		170
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	58		57		—		58
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	38		38		—		38
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	26		26		—		26
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	17		16		—		17





Jet Equipment & Tools Ltd.+(8)(9)(12)	One stop	C +	5.75%	(h)	9.92%				11/2024	16,781		17,761		0.6		16,381
Jet Equipment & Tools Ltd.*#(8)(12)	One stop	SF +	5.75%	(l)	9.45%				11/2024	12,113		12,223		0.5		11,824
Jet Equipment & Tools Ltd.+(8)(12)	One stop	SF +	6.00%	(l)	9.70%				11/2024	5,307		5,265		0.2		5,205
Jet Equipment & Tools Ltd.+(8)(9)(12)	One stop	C +	6.00%	(h)	10.17%				11/2024	4,917		5,120		0.2		4,822
Jet Equipment & Tools Ltd.#+(8)(12)	One stop	SF +	5.75%	(l)	9.45%				11/2024	4,219		4,252		0.2		4,118
Jet Equipment & Tools Ltd.+(8)(12)	One stop	SF +	5.75%	(l)	9.45%				11/2024	1,550		1,542		0.1		1,513
Jet Equipment & Tools Ltd.+(8)(12)	One stop	SF +	5.75%	(d)(k)	9.82%				11/2024	310		310		—		302
Jet Equipment & Tools Ltd.+(8)(9)(12)	One stop	CP +	4.75%	(n)	10.20%				11/2024	39		43		—		38
Jet Equipment & Tools Ltd.+(8)(9)(12)	One stop	C +	6.00%	(h)	10.17%				11/2024	2,121		2,269		0.1		2,080
Jet Equipment & Tools Ltd.+(8)(12)	One stop	SF +	6.50%	(l)	10.20%				11/2024	1,035		1,014		0.1		1,025
PPV Intermediate Holdings, LLC+	One stop	SF +	5.75%	(l)(m)	9.29%				08/2029	7,738		7,590		0.3		7,583
PPV Intermediate Holdings, LLC+	One stop	N/A			13.00%				08/2030	918		896		—		895
PPV Intermediate Holdings, LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—		(8)		—		(8)
PPV Intermediate Holdings, LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—		(23)		—		(19)
PPV Intermediate Holdings, LLC+(5)	One stop	N/A			13.00%				08/2030	—		(3)		—		(4)
Salon Lofts Group, LLC+	One stop	SF +	5.75%	(l)	9.30%				08/2028	3,576		3,541		0.1		3,540
Salon Lofts Group, LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2028	—		(2)		—		(2)
Salon Lofts Group, LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2028	—		(18)		—		(18)
Sola Franchise, LLC and Sola Salon Studios, LLC#+	One stop	SF +	4.75%	(l)	8.45%				10/2024	11,850		11,821		0.5		11,850
Sola Franchise, LLC and Sola Salon Studios, LLC#+	One stop	SF +	4.75%	(l)	8.45%				10/2024	1,674		1,702		0.1		1,674
Sola Franchise, LLC and Sola Salon Studios, LLC+	One stop	SF +	4.75%		N/A(6)				10/2024	—		—		—		—
Titan Fitness, LLC*#+	One stop	L +	6.75%	(a)(b)	7.56%	cash/	2.00%	PIK	02/2025	30,810		30,991		1.1		28,958
Titan Fitness, LLC+	One stop	L +	6.75%	(b)	7.00%	cash/	2.00%	PIK	02/2025	1,918		1,908		0.1		1,803
Titan Fitness, LLC+	One stop	L +	6.75%	(b)	7.00%	cash/	2.00%	PIK	02/2025	490		487		—		458
Vermont Aus Pty Ltd+(8)(11)	One stop	SF +	5.50%	(l)	9.20%				03/2028	8,342		8,228		0.3		8,342
Vermont Aus Pty Ltd+(8)(9)(11)	One stop	A +	5.75%	(g)	8.86%				03/2028	7,286		8,376		0.3		7,286
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.50%	(l)	9.31%				04/2028	8,308		8,193		0.3		8,225
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	P +	4.50%	(d)	10.75%				04/2028	69		67		—		68
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	L +	5.50%	(b)	9.31%				04/2028	7		2		—		4
										344,146		346,216		13.3		338,066

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.*#+	One stop	L +	6.75%	(b)	9.67%	cash/	0.75%	PIK	06/2023	$	22,091	$	22,086	0.9	%	$	21,870
Agility Recovery Solutions Inc.+	One stop	L +	6.75%	(b)(d)	9.91%	cash/	0.75%	PIK	06/2023	581		579		—		571
										22,672		22,665		0.9		22,441
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.+(8)(10)	One stop	L +	6.00%	(c)	10.12%				03/2028	1,954		1,932		0.1		1,817
Dollfus Mieg Company, Inc.+(8)(10)	One stop	L +	6.00%	(c)	10.12%				03/2028	974		963		0.1		906
Dollfus Mieg Company, Inc.+(8)(10)	One stop	L +	6.00%	(c)	10.12%				03/2028	855		846		—		796
Dollfus Mieg Company, Inc.+(5)(8)(9)(10)	One stop	E +	6.00%		N/A(6)				03/2028	—		(1)		—		(3)
Elite Sportswear, L.P.+	Senior loan	L +	7.75%	(b)	9.92%	cash/	1.50%	PIK	09/2025	9,963		9,847		0.4		8,470
Elite Sportswear, L.P.+	Senior loan	L +	7.75%	(b)	9.92%	cash/	1.50%	PIK	09/2025	4,005		3,958		0.2		3,404
Elite Sportswear, L.P.+	Senior loan	L +	7.75%	(b)	9.92%	cash/	1.50%	PIK	09/2025	2,061		2,037		0.1		1,751
Elite Sportswear, L.P.+(5)	Senior loan	L +	7.75%	(b)	9.66%	cash/	1.50%	PIK	09/2025	157		144		—		(5)
Elite Sportswear, L.P.*+	Senior loan	L +	7.75%	(b)	9.92%	cash/	1.50%	PIK	09/2025	684		676		—		582
Elite Sportswear, L.P.+	Senior loan	L +	7.75%	(b)	9.92%	cash/	1.50%	PIK	09/2025	313		309		—		266
Elite Sportswear, L.P.*+	Senior loan	L +	7.75%	(b)	9.92%	cash/	1.50%	PIK	09/2025	300		295		—		255
Elite Sportswear, L.P.+	Senior loan	L +	7.75%	(b)	9.66%	cash/	1.50%	PIK	09/2025	5		5		—		—
Georgica Pine Clothiers, LLC#+	One stop	L +	5.50%	(c)	9.67%				11/2023	9,583		9,522		0.4		9,606
Georgica Pine Clothiers, LLC*#	One stop	L +	5.50%	(c)	9.67%				11/2023	6,505		6,456		0.3		6,522
Georgica Pine Clothiers, LLC+	One stop	L +	5.50%	(c)	9.67%				11/2023	1,007		997		—		1,009
Georgica Pine Clothiers, LLC#+	One stop	L +	5.50%	(c)	9.67%				11/2023	904		898		—		908
Georgica Pine Clothiers, LLC*#	One stop	L +	5.50%	(c)	9.67%				11/2023	635		631		—		636
Georgica Pine Clothiers, LLC+	One stop	L +	5.50%	(c)	9.67%				11/2023	2		2		—		2
QF Holdings, Inc.+	One stop	L +	6.25%	(c)	10.43%				12/2027	626		617		—		626
SHO Holding I Corporation+	Senior loan	L +	5.25%	(b)	8.06%				04/2024	3,960		3,962		0.1		3,682
SHO Holding I Corporation+	Senior loan	L +	5.23%	(b)	8.04%				04/2024	67		67		—		62
SHO Holding I Corporation+	Senior loan	L +	5.00%	(b)	8.14%				04/2024	66		66		—		62
SHO Holding I Corporation+	Senior loan	L +	4.00%	(b)	7.06%				04/2024	35		35		—		35
SHO Holding I Corporation+	Senior loan	L +	4.00%	(b)	7.09%				04/2024	—		—		—		—
SHO Holding I Corporation+	Senior loan	L +	5.23%	(b)	7.95%				04/2024	—		—		—		—
										44,661		44,264		1.7		41,389
Trading Companies and Distributors
Marcone Yellowstone Buyer Inc.+	One stop	L +	5.50%	(b)	9.17%				06/2028	19,118		18,804		0.7		18,353
Marcone Yellowstone Buyer Inc.+	One stop	L +	5.50%	(b)	9.17%				06/2028	15,246		14,975		0.6		14,637
Marcone Yellowstone Buyer Inc.+	One stop	L +	5.50%	(b)	9.01%				06/2028	455		447		—		437
Marcone Yellowstone Buyer Inc.+	One stop	L +	5.50%	(b)	8.92%				06/2028	188		184		—		170
										35,007		34,410		1.3		33,597
Water Utilities
S.J. Electro Systems, LLC+	Senior loan	L +	4.50%	(a)	7.62%				06/2027	17,008		16,874		0.7		16,498
S.J. Electro Systems, LLC+	Senior loan	L +	4.50%	(a)	7.62%				06/2027	80		78		—		77
S.J. Electro Systems, LLC+	Senior loan	L +	4.50%	(a)	7.62%				06/2027	110		108		—		104
Vessco Midco Holdings, LLC+	Senior loan	L +	4.50%	(b)	7.77%				11/2026	584		554		—		532
Vessco Midco Holdings, LLC+	Senior loan	L +	4.50%	(a)	7.62%				11/2026	208		206		—		204
Vessco Midco Holdings, LLC+	Senior loan	P +	3.50%	(d)	9.75%				10/2026	2		2		—		2
										17,992		17,822		0.7		17,417
Total non-controlled/non-affiliate company debt investments										$	5,257,884	$	5,258,590	200.7	%	$	5,107,481

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity Investments (19)(20)
Aerospace and Defense
Tronair Parent, Inc.+	LLC units	N/A	N/A	N/A	—	$	40	—	%	$	27
Whitcraft LLC+	Common Stock	N/A	N/A	N/A	11	2,285		0.1		2,870
						2,325		0.1		2,897
Auto Components
Polk Acquisition Corp.+	LP interest	N/A	N/A	N/A	5	314		—		60

Automobiles
CG Group Holdings, LLC+	LP units	N/A	N/A	N/A	1	730		—		597
Go Car Wash Parent, Corp.+	Preferred stock	N/A	N/A	N/A	—	47		—		50
Go Car Wash Parent, Corp.+	Common Stock	N/A	N/A	N/A	—	29		—		36
MOP GM Holding, LLC+	LP units	N/A	N/A	N/A	—	330		—		481
National Express Wash Parent Holdco, LLC+	LP units	N/A	N/A	N/A	1	61		—		61
POY Holdings, LLC+	LLC units	N/A	N/A	N/A	141	141		—		278
Quick Quack Car Wash Holdings, LLC	LLC interest	N/A	N/A	N/A	—	508		0.1		1,020
						1,846		0.1		2,523
Biotechnology
Cobepa BlueSky Aggregator, SCSp+	LP interest	N/A	N/A	N/A	177	1,769		0.1		1,536

Building Products
BECO Holding Company, Inc.+	Preferred stock	N/A	N/A	N/A	10	951		0.1		1,065
BECO Holding Company, Inc.+	LP interest	N/A	N/A	N/A	2	196		—		216
						1,147		0.1		1,281
Chemicals
Inhance Technologies Holdings LLC+	Preferred stock	N/A	N/A	N/A	2	1,960		0.1		2,196
Inhance Technologies Holdings LLC+	LLC units	N/A	N/A	N/A	—	124		—		102
						2,084		0.1		2,298
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+	LP interest	N/A	N/A	N/A	540	540		—		579
EGD Security Systems, LLC +	Common Stock	N/A	N/A	N/A	855	855		0.1		803
Hydraulic Authority III Limited+(8)(9)(10)	Preferred stock	N/A	N/A	N/A	284	384		—		474
Hydraulic Authority III Limited+(8)(9)(10)	Common Stock	N/A	N/A	N/A	6	43		—		533
North Haven Stack Buyer, LLC	LLC units	N/A	N/A	N/A	359	359		—		374
PT Intermediate Holdings III, LLC+(21)	LLC units	N/A	N/A	N/A	8	767		—		822
Radwell Parent, LLC+	LP units	N/A	N/A	N/A	2	159		—		182
						3,107		0.1		3,767


Containers and Packaging
Chase Intermediate+	LP units	N/A	N/A	N/A	49	49		—		59

Diversified Consumer Services
CHHJ Midco, LLC+(21)	LLC units	N/A	N/A	N/A	19	193		—		249
DP Flores Holdings, LLC+	LLC units	N/A	N/A	N/A	70	70		—		70
EMS LINQ, LLC+	LP interest	N/A	N/A	N/A	525	525		—		483
EWC Growth Partners LLC+	LLC interest	N/A	N/A	N/A	—	12		—		5
HS Spa Holdings, Inc.+	Common Stock	N/A	N/A	N/A	479	479		—		460
Liminex, Inc.+	Common Stock	N/A	N/A	N/A	12	434		0.1		885
PADI Holdco, Inc.+	LLC interest	N/A	N/A	N/A	1	987		—		305

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Spear Education, LLC+	LLC interest	N/A	N/A	N/A	—	$	7	—	%	$	35
Spear Education, LLC+	LLC units	N/A	N/A	N/A	1	1		—		37
						2,708		0.1		2,529
Electronic Equipment, Instruments & Components
Electrical Source Holdings, LLC+	LP interest	N/A	N/A	N/A	—	—		—		77
Inventus Power, Inc.+	Preferred stock	N/A	N/A	N/A	—	372		—		106
Inventus Power, Inc.+	LLC units	N/A	N/A	N/A	—	88		—		185
Inventus Power, Inc.+	LP interest	N/A	N/A	N/A	—	20		—		50
Inventus Power, Inc.+	Common Stock	N/A	N/A	N/A	—	—		—		—
						480		—		418

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food & Staples Retailing
Benihana, Inc.+	LLC units	N/A	N/A	N/A	43	$	699	0.1	%	$	718
Cafe Rio Holding, Inc.+	Common Stock	N/A	N/A	N/A	5	603		—		758

Feeders Supply Company, LLC+(21)	Preferred stock	N/A	N/A	N/A	4	401		—		592
Feeders Supply Company, LLC+	Common Stock	N/A	N/A	N/A	—	—		—		181
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	N/A	44	217		—		211
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	N/A	20	61		—		60
Mendocino Farms, LLC+	Common Stock	N/A	N/A	N/A	168	770		0.1		1,738
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	N/A	32	389		—		155
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	N/A	2	20		—		28
Wetzel's Pretzels, LLC+	Common Stock	N/A	N/A	N/A	—	416		—		884
Wood Fired Holding Corp.+	LLC units	N/A	N/A	N/A	437	444		—		593
Wood Fired Holding Corp.+	Common Stock	N/A	N/A	N/A	437	—		0.1		1,675

						4,020		0.3		7,593
Food Products
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	N/A	77	102		—		114
Borrower R365 Holdings, LLC+	LLC units	N/A	N/A	N/A	3	5		—		5
Borrower R365 Holdings, LLC+	Common Stock	N/A	N/A	N/A	1	2		—		2
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	N/A	1	2		—		2
C. J. Foods, Inc.+	Preferred stock	N/A	N/A	N/A	—	75		—		484
Kodiak Cakes, LLC+	Common Stock	N/A	N/A	N/A	—	281		—		148
Kodiak Cakes, LLC+	LLC units	N/A	N/A	N/A	191	191		—		175
Louisiana Fish Fry Products, Ltd.+	Common Stock	N/A	N/A	N/A	—	483		—		251
Louisiana Fish Fry Products, Ltd.+	Preferred stock	N/A	N/A	N/A	—	13		—		13
P&P Food Safety Holdings, Inc.+	Common Stock	N/A	N/A	N/A	4	356		—		208
Purfoods, LLC+	LLC interest	N/A	N/A	N/A	—	946		0.2		4,657
						2,456		0.2		6,059
Health Care Equipment & Supplies
Aspen Medical Products, LLC+	LP interest	N/A	N/A	N/A	—	77		—		101
Blue River Pet Care, LLC+	Common Stock	N/A	N/A	N/A	—	76		—		165
CCSL Holdings, LLC+	LP interest	N/A	N/A	N/A	—	336		—		254
CMI Parent Inc.+(21)	Common Stock	N/A	N/A	N/A	—	132		—		172
CMI Parent Inc.+	Common Stock	N/A	N/A	N/A	3	3		—		279
G & H Wire Company, Inc.+	LLC interest	N/A	N/A	N/A	335	269		—		16
Joerns Healthcare, LLC*+	Common Stock	N/A	N/A	N/A	432	4,329		—		—


						5,222		—		987

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Providers & Services
Active Day, Inc.+	LLC interest	N/A	N/A	N/A	2	$	1,099	—	%	$	386
Acuity Eyecare Holdings, LLC+	LLC interest	N/A	N/A	N/A	1,632	2,235		0.2		3,719
Acuity Eyecare Holdings, LLC+	LLC units	N/A	N/A	N/A	889	1,023		0.1		2,176
ADCS Clinics Intermediate Holdings, LLC+	Preferred stock	N/A	N/A	N/A	2	1,119		0.1		1,402
ADCS Clinics Intermediate Holdings, LLC+	Common Stock	N/A	N/A	N/A	—	6		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	LLC units	N/A	N/A	N/A	129	132		—		154
CRH Healthcare Purchaser, Inc.+	LP interest	N/A	N/A	N/A	429	327		0.1		1,252
DCA Investment Holding, LLC	LLC interest	N/A	N/A	N/A	13,890	1,025		0.1		1,809
DCA Investment Holding, LLC	LLC units	N/A	N/A	N/A	140	218		0.1		905
Emerge Intermediate, Inc.+	LLC units	N/A	N/A	N/A	—	648		—		841
Emerge Intermediate, Inc.+	LLC units	N/A	N/A	N/A	—	61		—		64
Emerge Intermediate, Inc.+	LLC units	N/A	N/A	N/A	9	4		—		—
Encore GC Acquisition, LLC+	LLC interest	N/A	N/A	N/A	26	272		—		—
Encore GC Acquisition, LLC+	LLC units	N/A	N/A	N/A	26	52		—		—
Encorevet Group LLC+	Common Stock	N/A	N/A	N/A	—	15		—		21
Encorevet Group LLC+	LLC units	N/A	N/A	N/A	—	11		—		13
Eyecare Services Partners Holdings LLC+	LLC units	N/A	N/A	N/A	—	262		—		—
Eyecare Services Partners Holdings LLC+	LLC units	N/A	N/A	N/A	—	1		—		—
Krueger-Gilbert Health Physics, LLC+	Common Stock	N/A	N/A	N/A	177	199		—		241
Midwest Veterinary Partners, LLC+	LLC units	N/A	N/A	N/A	1	1,019		—		1,156
Midwest Veterinary Partners, LLC+	Warrant	N/A	N/A	N/A	6	—		—		459
Midwest Veterinary Partners, LLC+	Warrant	N/A	N/A	N/A	—	29		—		39
MWD Management, LLC & MWD Services, Inc.+	LLC interest	N/A	N/A	N/A	412	335		—		526
NDX Parent, LLC+	Common Stock	N/A	N/A	N/A	—	272		—		91
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	Common Stock	N/A	N/A	N/A	—	304		—		265
Oliver Street Dermatology Holdings, LLC+	LLC interest	N/A	N/A	N/A	452	234		—		—
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A	N/A	—	528		—		739
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A	N/A	4	74		—		781
Radiology Partners, Inc.+	LLC units	N/A	N/A	N/A	11	68		—		67
Radiology Partners, Inc.+	LLC interest	N/A	N/A	N/A	43	55		—		266
Sage Dental Management, LLC+	LLC units	N/A	N/A	N/A	—	249		—		222
Sage Dental Management, LLC+	LLC units	N/A	N/A	N/A	3	3		—		—
SSH Corporation+	Common Stock	N/A	N/A	N/A	—	40		—		213
Suveto Buyer, LLC+	Common Stock	N/A	N/A	N/A	6	562		—		327



						12,481		0.7		18,134

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Technology
Connexin Software, Inc.+	LLC interest	N/A	N/A	N/A	154	$	193	—	%	$	208
HSI Halo Acquisition, Inc.+	LP interest	N/A	N/A	N/A	—	288		—		389
HSI Halo Acquisition, Inc.+	LP interest	N/A	N/A	N/A	—	—		—		45
Symplr Software, Inc.+	Preferred stock	N/A	N/A	N/A	12	11,807		0.5		12,515
Symplr Software, Inc.+	Preferred stock	N/A	N/A	N/A	2	2,734		0.2		4,015
Symplr Software, Inc.+	Preferred stock	N/A	N/A	N/A	2	1,427		0.1		1,661
Symplr Software, Inc.+	Preferred stock	N/A	N/A	N/A	1	880		0.1		971
Symplr Software, Inc.+	LLC units	N/A	N/A	N/A	—	161		—		159
Symplr Software, Inc.+	Common Stock	N/A	N/A	N/A	177	—		—		739
Tebra Technologies, Inc.+	Warrant	N/A	N/A	N/A	169	871		—		686
Tebra Technologies, Inc.+	Warrant	N/A	N/A	N/A	53	162		—		162
Tebra Technologies, Inc.+	LLC interest	N/A	N/A	N/A	348	2,824		0.1		2,958
Tebra Technologies, Inc.+	Preferred stock	N/A	N/A	N/A	1	8		—		12
						21,355		1.0		24,520
Hotels, Restaurants & Leisure
Freddy's Frozen Custard LLC+	LP interest	N/A	N/A	N/A	206	206		—		285
Harri US LLC+	LLC units	N/A	N/A	N/A	83	658		—		658
Harri US LLC+	Preferred stock	N/A	N/A	N/A	71	455		—		512
Harri US LLC+	Warrant	N/A	N/A	N/A	18	106		—		129
LMP TR Holdings, LLC(21)	LLC units	N/A	N/A	N/A	712	712		0.1		2,956
SSRG Holdings, LLC+	LP interest	N/A	N/A	N/A	6	61		—		80
Tropical Smoothie Cafe Holdings, LLC+(21)	LP interest	N/A	N/A	N/A	5	246		0.1		945
						2,444		0.2		5,565

Household Durables
Groundworks LLC+	LLC interest	N/A	N/A	N/A	—	155		—		442

Insurance
Majesco+	LP interest	N/A	N/A	N/A	—	307		—		364
Majesco+	LP interest	N/A	N/A	N/A	69	—		—		43
						307		—		407

Internet and Catalog Retail
Revalize, Inc.+	Preferred stock	N/A	N/A	N/A	17	17,025		0.7		17,564
Revalize, Inc.+	Preferred stock	N/A	N/A	N/A	10	10,219		0.4		10,542
Revalize, Inc.+	Preferred stock	N/A	N/A	N/A	1	1,104		—		1,096
						28,348		1.1		29,202

IT Services
Appriss Health Intermediate Holdings, Inc+	Preferred stock	N/A	N/A	N/A	2	1,994		0.1		2,172
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A	N/A	N/A	587	462		0.2		4,684
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A	N/A	N/A	154	423		0.1		1,228
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A	N/A	N/A	35	291		—		285
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Warrant	N/A	N/A	N/A	202	159		0.1		1,481
Critical Start, Inc.+	Common Stock	N/A	N/A	N/A	225	225		—		225
Episerver, Inc.+	Common Stock	N/A	N/A	N/A	75	807		—		655
Kentik Technologies, Inc.+	Preferred stock	N/A	N/A	N/A	192	1,103		—		1,171

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Netwrix Corporation+	LLC units	N/A	N/A	N/A	9	$	18	—	%	$	20
PCS Intermediate II Holdings, LLC+	LLC interest	N/A	N/A	N/A	37	367		—		504
Red Dawn SEI Buyer, Inc.+	LP interest	N/A	N/A	N/A	13	13		—		19
Saturn Borrower Inc.+	LP units	N/A	N/A	N/A	346	346		—		109

						6,208		0.5		12,553
Leisure Products
Massage Envy, LLC+	LLC interest	N/A	N/A	N/A	749	210		0.1		1,715
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	67	117		—		192
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	46	80		—		131
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	38	65		—		108
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	33	58		—		95
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	15	24		—		40
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	2	2		—		4
						556		0.1		2,285
Life Sciences Tools & Services
PAS Parent Inc.+	LP interest	N/A	N/A	N/A	9	933		—		781
Reaction Biology Corporation+	LLC units	N/A	N/A	N/A	—	265		—		267
						1,198		—		1,048
Oil, Gas and Consumable Fuels
W3 Co.+	LLC interest	N/A	N/A	N/A	3	1,632		—		1,004
W3 Co.+	Preferred stock	N/A	N/A	N/A	—	224		—		188
						1,856		—		1,192
Paper and Forest Products
Messenger, LLC+	LLC units	N/A	N/A	N/A	3	312		—		280
Messenger, LLC+	LLC units	N/A	N/A	N/A	—	—		—		—
						312		—		280
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12)	LP interest	N/A	N/A	N/A	502	502		0.1		943
Cobalt Buyer Sub, Inc.+	Preferred stock	N/A	N/A	N/A	8	7,679		0.4		8,840
Cobalt Buyer Sub, Inc.+	Preferred stock	N/A	N/A	N/A	—	168		—		154
Cobalt Buyer Sub, Inc.+	Common Stock	N/A	N/A	N/A	2	2		—		—
						8,351		0.5		9,937

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Professional Services
Brandmuscle, Inc.+	LLC interest	N/A	N/A	N/A	—	$	216	—	%	$	149
Enboarder, Inc.+(8)(11)	Preferred stock	N/A	N/A	N/A	56	573		—		620
Filevine, Inc.+	Preferred stock	N/A	N/A	N/A	221	1,401		0.1		1,479
Filevine, Inc.+	Warrant	N/A	N/A	N/A	33	49		—		153
Net Health Acquisition Corp.+	LP interest	N/A	N/A	N/A	13	1,509		0.1		1,719
Procure Acquireco, Inc.+	LP interest	N/A	N/A	N/A	—	486		—		516

						4,234		0.2		4,636
Real Estate Management & Development
Inhabit IQ Inc.+	Common Stock	N/A	N/A	N/A	62	434		—		472
SC Landco Parent, LLC+(8)	Common Stock	N/A	N/A	N/A	2	274		—		248
						708		—		720

Road & Rail
Internet Truckstop Group LLC+	LP interest	N/A	N/A	N/A	408	447		—		532

Software
Accela, Inc.+	LLC interest	N/A	N/A	N/A	670	418		—		330
Anaplan, Inc.+	LP interest	N/A	N/A	N/A	385	385		—		385
Aras Corporation+	Preferred stock	N/A	N/A	N/A	1	1,000		0.1		1,165
Aras Corporation+	LP interest	N/A	N/A	N/A	306	306		—		247
Astute Holdings, Inc.+	LP interest	N/A	N/A	N/A	—	304		—		754
Auvik Networks Inc.+(8)(12)	Preferred stock	N/A	N/A	N/A	26	256		—		278
Bayshore Intermediate #2, L.P.+	Common Stock	N/A	N/A	N/A	4,095	4,095		0.2		3,834
Calabrio, Inc.+	LP interest	N/A	N/A	N/A	1	769		—		875
Calabrio, Inc.+	LP interest	N/A	N/A	N/A	96	0		—		0
Cloudbees, Inc.+	Preferred stock	N/A	N/A	N/A	149	1,663		0.1		1,905
Cloudbees, Inc.+	Warrant	N/A	N/A	N/A	131	247		0.1		1,342
Cloudbees, Inc.+	Preferred stock	N/A	N/A	N/A	71	466		0.1		877
Cynet Security Ltd.+(8)(15)	Preferred stock	N/A	N/A	N/A	143	508		—		508
Diligent Corporation+	Preferred stock	N/A	N/A	N/A	17	16,587		0.7		18,299
Diligent Corporation+	Preferred stock	N/A	N/A	N/A	415	913		0.1		2,088
FirstUp, Inc.+	Common Stock	N/A	N/A	N/A	221	541		—		361
GS Acquisitionco, Inc.+	Preferred stock	N/A	N/A	N/A	26	25,344		1.1		27,141
GS Acquisitionco, Inc.+	Preferred stock	N/A	N/A	N/A	2	1,532		0.1		1,588
GS Acquisitionco, Inc.+	LP interest	N/A	N/A	N/A	1	170		—		1,038
GTY Technology Holdings, Inc.+	LP units	N/A	N/A	N/A	46	46		—		46
Impartner, Inc.+	Preferred stock	N/A	N/A	N/A	28	226		—		249
Kaseya Inc.+	Preferred stock	N/A	N/A	N/A	2	1,658		0.1		1,756
Kaseya Inc.+	LP interest	N/A	N/A	N/A	100	100		—		100
MetricStream, Inc.+	Warrant	N/A	N/A	N/A	168	263		—		147
Ministry Brands Holdings LLC+	LP interest	N/A	N/A	N/A	438	439		—		251
mParticle, Inc.+	Preferred stock	N/A	N/A	N/A	162	1,060		—		1,141
mParticle, Inc.+	Warrant	N/A	N/A	N/A	73	16		—		419
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+	Warrant	N/A	N/A	N/A	4	9		—		19
Personify, Inc.+	LP interest	N/A	N/A	N/A	716	942		0.1		1,565
Project Alpha Intermediate Holding, Inc.+	Common Stock	N/A	N/A	N/A	—	964		0.1		1,386

See Notes to Consolidated Financial Statements.

100

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Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Project Alpha Intermediate Holding, Inc.+	Common Stock	N/A	N/A	N/A	202	$	329	—	%	$	188
Pyramid Healthcare Acquisition Corp.+	Common Stock	N/A	N/A	N/A	184	184		—		267
QAD, Inc.+	Preferred stock	N/A	N/A	N/A	—	125		—		120
QAD, Inc.+	Common Stock	N/A	N/A	N/A	9	0		—		0
RegEd Aquireco, LLC+	LP interest	N/A	N/A	N/A	—	331		—		66
RegEd Aquireco, LLC+	LP interest	N/A	N/A	N/A	3	21		—		0
Riskonnect Parent, LLC+	Preferred stock	N/A	N/A	N/A	18	18,055		0.7		17,791
Riskonnect Parent, LLC+	LP interest	N/A	N/A	N/A	857	859		—		825
Riskonnect Parent, LLC+	Preferred stock	N/A	N/A	N/A	—	323		—		340
SnapLogic, Inc.+	Preferred stock	N/A	N/A	N/A	278	695		0.1		1,392
SnapLogic, Inc.+	Warrant	N/A	N/A	N/A	106	75		—		361
Spartan Buyer Acquisition Co.+	Common Stock	N/A	N/A	N/A	1	623		—		747
Telesoft Holdings LLC+	LP interest	N/A	N/A	N/A	6	6		—		6
Templafy APS and Templafy, LLC+(8)(18)	Warrant	N/A	N/A	N/A	—	62		—		62
Workforce Software, LLC+	Common Stock	N/A	N/A	N/A	—	973		—		577
Workforce Software, LLC+	Common Stock	N/A	N/A	N/A	—	36		—		38
						83,924		3.7		92,874

See Notes to Consolidated Financial Statements.

101

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Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail
Ave Holdings III, Corp+	Preferred stock	N/A	N/A	N/A	9		$	8,508	0.4	%	$	9,086
Ave Holdings III, Corp+	LP units	N/A	N/A	N/A	1		934		0.1		888
Batteries Plus Holding Corporation+	LP interest	N/A	N/A	N/A	10		1,287		0.1		1,386
Cycle Gear, Inc.+	LLC units	N/A	N/A	N/A	27		462		—		602
Imperial Optical Midco Inc.+	Preferred stock	N/A	N/A	N/A	—		122		—		169
Imperial Optical Midco Inc.+	Preferred stock	N/A	N/A	N/A	—		46		—		62
Jet Equipment & Tools Ltd.+(8)(9)(12)	LLC interest	N/A	N/A	N/A	1		948		0.1		2,077
Pet Holdings ULC+(8)(12)	LP interest	N/A	N/A	N/A	677		450		0.1		1,732
Salon Lofts Group, LLC+	LP units	N/A	N/A	N/A	—		87		—		87
Sola Franchise, LLC and Sola Salon Studios, LLC+	LLC interest	N/A	N/A	N/A	6		682		0.1		1,848
Sola Franchise, LLC and Sola Salon Studios, LLC+	LLC interest	N/A	N/A	N/A	1		139		—		433
Southern Veterinary Partners, LLC+	Preferred stock	N/A	N/A	N/A	5		4,911		0.2		5,682
Southern Veterinary Partners, LLC+	LLC units	N/A	N/A	N/A	—		717		0.1		1,124
Southern Veterinary Partners, LLC+	LLC interest	N/A	N/A	N/A	148		188		0.2		4,240
VSG Acquisition Corp. and Sherrill, Inc.+	LP units	N/A	N/A	N/A	—		37		—		39
							19,518		1.4		29,455

Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.+	LLC interest	N/A	N/A	N/A	97		604		—		411

Textiles, Apparel & Luxury Goods
Georgica Pine Clothiers, LLC+(21)	LLC interest	N/A	N/A	N/A	20		239		—		511
Georgica Pine Clothiers, LLC+	Common Stock	N/A	N/A	N/A	—		—		—		1
MakerSights, Inc.+	Preferred stock	N/A	N/A	N/A	40		218		—		218
R.G. Barry Corporation+	Preferred stock	N/A	N/A	N/A	—		161		—		183
							618		—		913

Total non-controlled/non-affiliate company equity investments							$	221,151	10.1	%	$	267,113

Total non-controlled/non-affiliate company investments					$	5,257,884	$	5,479,741	211.3	%	$	5,374,594

See Notes to Consolidated Financial Statements.

102

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Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)				Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Non-controlled/affiliate company investments(22)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+	One stop	L +	6.25%		(a)	9.37%		04/2024	$	5,786	$	5,791	0.2	%	$	5,786
Abita Brewing Co., L.L.C.+	Second lien	L +	8.00%		(b)	11.67%		04/2024	3,730		3,723		0.1		2,051
Abita Brewing Co., L.L.C.+	One stop	L +	6.25	%		N/A(6)		04/2024	—		—		—		—


									9,516		9,514		0.3		7,837




Electronic Equipment, Instruments and Components
Sloan Company, Inc., The+(7)	One stop	L +	8.50%		(b)	12.17%		07/2023	6,502		4,074		0.2		4,733
Sloan Company, Inc., The+	One stop	L +	8.50%		(b)	12.17%		07/2023	1,585		1,585		0.1		1,585
Sloan Company, Inc., The+(7)	One stop	L +	8.50%		(b)	12.17%		07/2023	431		271		—		—
									8,518		5,930		0.3		6,318
Energy, Equipment & Services
Benetech, Inc.+(7)	One stop	SF +	6.00%		(l)	9.70%		08/2024	3,720		3,623		0.1		1,487
Benetech, Inc.+(7)	One stop	SF +	6.00%		(l)	9.70%		08/2024	1,107		1,077		—		253
									4,827		4,700		0.1		1,740
Food and Staples Retailing
Rubio's Restaurants, Inc.+	Senior loan	L +	8.00%		(b)	11.60%		12/2024	12,830		12,638		0.4		10,905
Rubio's Restaurants, Inc.+(5)	Senior loan	L +	8.00	%		N/A(6)		12/2024	—		(11)		—		(208)
									12,830		12,627		0.4		10,697
Healthcare Providers and Services
Elite Dental Partners LLC+	One stop	SF +	5.25%		(b)(l)	8.80%	PIK	06/2023	11,770		11,799		0.4		11,182
Elite Dental Partners LLC+	One stop	SF +	12.00%		(l)	15.55%	PIK	06/2023	2,991		2,991		0.1		2,961
Elite Dental Partners LLC+	One stop	SF +	5.25%		(b)(l)	8.80%	PIK	06/2023	1,269		1,269		—		1,269
									16,030		16,059		0.5		15,412
Software
Switchfly LLC+	One stop	L +	3.00%		(b)	5.28%		10/2024	6,454		6,397		0.2		4,583
Switchfly LLC+	One stop	L +	3.00%		(b)	5.28%		10/2024	539		535		—		382
Switchfly LLC+	One stop	L +	3.00%		(b)	5.28%		10/2024	40		40		—		30
Switchfly LLC+(5)	One stop	L +	8.50%		(b)	10.79%		10/2024	2		2		—		(16)
									7,035		6,974		0.2		4,979

Total non-controlled/affiliate debt investments									$	58,756	$	55,804	1.8	%	$	46,983

See Notes to Consolidated Financial Statements.

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Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity investments(19)(20)
Beverages


Abita Brewing Co., L.L.C.+	Warrant	N/A	N/A	N/A	210		$	—	—	%	$	234






Electronic Equipment, Instruments and Components
Sloan Company, Inc., The+	Common Stock	N/A	N/A	N/A	—		41		—		—

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.+	Preferred stock	N/A	N/A	N/A	2,779		2,276		0.1		2,059
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	886		182		—		250
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	536		110		—		151
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	89		6		—		11
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	52		3		—		6
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	21		—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	21		—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	42		—		—		—
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	18		—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	89		—		—		—
							2,577		0.1		2,477

Healthcare Providers and Services
Elite Dental Partners LLC	LLC interest	N/A	N/A	N/A	—		2,902		0.2		4,042
Elite Dental Partners LLC	LLC interest	N/A	N/A	N/A	—		1,250		—		1,235
Elite Dental Partners LLC	LLC units	N/A	N/A	N/A	—		—		—		—
							4,152		0.2		5,277
Software
Switchfly LLC+	LLC interest	N/A	N/A	N/A	98,370		2,321		0.1		2,231
Switchfly LLC+	LLC units	N/A	N/A	N/A	950		950		—		487
							3,271		0.1		2,718

Total non-controlled/affiliate equity investments							$	10,041	0.4	%	$	10,706

Total non-controlled/affiliate investments					$	58,756	$	65,845	2.2	%	$	57,689

See Notes to Consolidated Financial Statements.

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Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

Controlled affiliate company investments(23)
Debt Investments
IT Services
MMan Acquisition Co.*+(7)	One stop	N/A	10.00%	PIK	08/2023	$	30,277	$	19,550	0.4	%	$	10,596
MMan Acquisition Co.+	One stop	N/A	8.00%	PIK	08/2023	1,588		1,588		0.1		1,524
MMan Acquisition Co.+	One stop	N/A	12.00%	PIK	08/2023	849		849		—		849
MMan Acquisition Co.+	One stop	N/A	12.00%	PIK	08/2023	255		255		—		255
MMan Acquisition Co.+	One stop	N/A	12.00%	PIK	08/2023	849		849		—		849
Total controlled affiliate debt investments						$	33,818	$	23,091	0.5	%	$	14,073

Equity Investments (19)(20)
IT Services
MMan Acquisition Co.+	Common Stock	N/A	N/A		N/A	—		$	927	—	%	$	—

Total controlled affiliate equity investments								$	927	—	%	$	—

Total controlled affiliate investments						$	33,818	$	24,018	0.5	%	$	14,073

Total investments						$	5,350,458	$	5,569,604	214.0	%	$	5,446,356

Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)			2.8%	(24)				$	37,208	1.5	%	$	37,208

Total money market funds								$	37,208	1.5	%	$	37,208
Total Investments and Money Market Funds								$	5,606,812	215.5	%	$	5,483,564

See Notes to Consolidated Financial Statements.

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Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

(1)The majority of the investments bear interest at a rate that is permitted to be determined by reference to SOFR, EURIBOR, Prime, Canadian Prime (“CP”), SONIA, AUD, CDOR or LIBOR denominated in U.S. dollars which reset daily, monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of September 30, 2022. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of September 30, 2022, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of September 30, 2022, as the loan may have priced or repriced based on an index rate prior to September 30, 2022.

(a) Denotes that all or a portion of the loan was indexed to the 30-day LIBOR, which was 3.14% as of September 30, 2022.

(b) Denotes that all or a portion of the loan was indexed to the 90-day LIBOR, which was 3.75% as of September 30, 2022.

(c) Denotes that all or a portion of the loan was indexed to the 180-day LIBOR, which was 4.23% as of September 30, 2022.

(d) Denotes that all or a portion of the loan was indexed to the Prime rate, which was 6.25% as of September 30, 2022.

(e) Denotes that all or a portion of the loan was indexed to the 90-day EURIBOR, which was 1.17% as of September 30, 2022.

(f) Denotes that all or a portion of the loan was indexed to the 180-day EURIBOR, which was 1.81% as of September 30, 2022.

(g) Denotes that all or a portion of the loan was indexed to the Three Month AUD, which was 3.11% as of September 30, 2022.

(h) Denotes that all or a portion of the loan was indexed to the 90-day CDOR, which was 4.20% as of September 30, 2022.

(i) Denotes that all or a portion of the loan was indexed to SONIA, which was 2.19% as of September 30, 2022.

(j) Denotes that all or a portion of the loan was indexed to Daily SOFR, which was 2.98% as of September 30, 2022.

(k) Denotes that all or a portion of the loan was indexed to the 30-day Term SOFR which was 3.04% as of September 30, 2022.

(l) Denotes that all or a portion of the loan was indexed to the 90-day Term SOFR which was 3.59% as of September 30, 2022.

(m) Denotes that all or a portion of the loan was indexed to the 180-day Term SOFR which was 3.99% as of September 30, 2022.

(n) Denotes that all or a portion of the loan was indexed to the Canadian Prime, which was 5.45% as of September 30, 2022.

(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of September 30, 2022.

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

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

(6)The entire commitment was unfunded as of September 30, 2022. 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, 2022, 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 1940 Act. Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2022, total non-qualifying assets at fair value represented 11.6% of the Company's total assets calculated in accordance with the 1940 Act.