______________________________________________________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________________________________________________________________________________________________ 

FORM 10-Q

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

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2022

OR

☐       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 o No   o

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

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

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

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

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

As of August 9, 2022, the Registrant had 170,895,670 shares of common stock, $0.001 par value, outstanding.

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Part I. Financial Information
Item 1.			Financial Statements			3
			Consolidated Statements of Financial Condition as of June 30, 2022 (unaudited) and September 30, 2021			3
			Consolidated Statements of Operations for the three and nine months ended June 30, 2022 (unaudited) and 2021 (unaudited)			4
			Consolidated Statements of Changes in Net Assets for the three and nine months ended June 30, 2022 (unaudited) and 2021 (unaudited)			5
			Consolidated Statements of Cash Flows for the nine months ended June 30, 2022 (unaudited) and 2021 (unaudited)			6
			Consolidated Schedules of Investments as of June 30, 2022 (unaudited) and September 30, 2021			10
			Notes to Consolidated Financial Statements (unaudited)			101
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			138
Item 3.			Quantitative and Qualitative Disclosures about Market Risk			165
Item 4.			Controls and Procedures			166
Part II. Other Information
Item 1.			Legal Proceedings			167
Item 1A.			Risk Factors			167
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			167
Item 3.			Defaults Upon Senior Securities			167
Item 4.			Mine Safety Disclosures			167
Item 5.			Other Information			167
Item 6.			Exhibits			168

2

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share data)

			June 30, 2022						September 30, 2021
			(unaudited)
Assets
Investments, at fair value
Non-controlled/non-affiliate company investments			$	5,533,287					$	4,815,270
Non-controlled affiliate company investments			64,451						61,379
Controlled affiliate company investments			15,812						18,237
Total investments, at fair value (amortized cost of $5,656,202 and $4,895,397, respectively)			5,613,550						4,894,886
Cash and cash equivalents			81,444						175,593
Foreign currencies (cost of $3,777 and $5,145, respectively)			3,755						5,497
Restricted cash and cash equivalents			34,891						61,824
Restricted foreign currencies (cost of $1,106 and $1,442, respectively)			1,090						1,429
Cash collateral held at broker for forward currency contracts			—						6,960
Interest receivable			20,569						18,261
Receivable from investments sold			—						97
Unrealized appreciation on forward currency contracts			14,149						90
Other assets			747						278
Total Assets			$	5,770,195					$	5,164,915
Liabilities
Debt			$	3,154,673					$	2,569,228
Less unamortized debt issuance costs			18,988						17,850
Debt less unamortized debt issuance costs			3,135,685						2,551,378
Interest payable			20,255						12,516
Management and incentive fees payable			19,743						12,247
Accounts payable and other liabilities			5,578						5,788
Payable for investments purchased			1,075						294
Accrued trustee fees			173						—
Total Liabilities			3,182,509						2,582,223
Commitments and Contingencies (Note 8)
Net Assets
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of June 30, 2022 and September 30, 2021			—						—
Common stock, par value $0.001 per share, 350,000,000 shares authorized, 170,895,670 shares issued and outstanding as of June 30, 2022; 200,000,000 shares authorized, 170,028,584 shares issued and outstanding as of September 30, 2021			171						170
Paid in capital in excess of par			2,677,424						2,664,251
Distributable earnings (losses)			(89,909)						(81,729)
Total Net Assets			2,587,686						2,582,692
Total Liabilities and Total Net Assets			$	5,770,195					$	5,164,915
Number of common shares outstanding			170,895,670						170,028,584
Net asset value per common share			$	15.14					$	15.19

See Notes to Consolidated Financial Statements.

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Operations (unaudited)

(In thousands, except share data)

			Three months ended June 30,												Nine months ended June 30,
			2022						2021						2022						2021
Investment income
From non-controlled/non-affiliate company investments:
Interest income			$	93,393					$	73,429					$	262,167					$	219,027
Dividend income			52						78						372						273
Fee income			1,042						1,433						2,270						3,493
Total investment income from non-controlled/non-affiliate company investments			94,487						74,940						264,809						222,793
From non-controlled affiliate company investments:
Interest income			1,105						827						3,288						3,230
Fee income			—						—						—						7
Total investment income from non-controlled affiliate company investments			1,105						827						3,288						3,237
From controlled affiliate company investments:
Interest income			34						2						57						(14)
Total investment income from controlled affiliate company investments			34						2						57						(14)
Total investment income			95,626						75,769						268,154						226,016
Expenses
Interest and other debt financing expenses			23,278						15,125						60,389						46,396
Base management fee			19,025						15,298						54,545						45,604
Incentive fee			(4,096)						—						3,647						2,946
Professional fees			1,039						1,034						2,667						3,072
Administrative service fee			1,980						1,856						5,438						5,458
General and administrative expenses			472						391						1,214						1,160
Total expenses			41,698						33,704						127,900						104,636
Base management fee waived (Note 3)			—						—						(1,904)						—
Net expenses			41,698						33,704						125,996						104,636
Net investment income			53,928						42,065						142,158						121,380
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Non-controlled/non-affiliate company investments			1,554						4,906						17,474						10,202
Non-controlled affiliate company investments			—						1,099						(1,026)						(4,640)
Foreign currency transactions			(123)						(398)						(97)						(2,293)
Forward currency contracts			1,080						—						1,080						—
Net realized gain (loss) on investment transactions			2,511						5,607						17,431						3,269
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliate company investments			(63,606)						34,934						(37,213)						135,502
Non-controlled affiliate company investments			(557)						1,566						(1,448)						13,639
Controlled affiliate company investments			371						160						(3,480)						(931)
Translation of assets and liabilities in foreign currencies			11,315						(893)						14,920						(895)
Forward currency contracts			11,922						(546)						14,059						(3,317)
Net change in unrealized appreciation (depreciation) on investment transactions			(40,555)						35,221						(13,162)						143,998
Net gain (loss) on investment transactions			(38,044)						40,828						4,269						147,267
Provision for taxes on unrealized appreciation on investments			(478)						—						(1,070)						—
Net increase (decrease) in net assets resulting from operations			$	15,406					$	82,893					$	145,357					$	268,647
Per Common Share Data
Basic and diluted earnings per common share (Note 10)			$	0.09					$	0.49					$	0.85					$	1.60
Dividends and distributions declared per common share			$	0.30					$	0.29					$	0.90					$	0.87
Basic and diluted weighted average common shares outstanding (Note 10)			170,895,670						168,251,930						170,600,061						167,597,440

See Notes to Consolidated Financial Statements.

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Changes in Net Assets (unaudited)

(In thousands, except share data)

						Common Stock												Paid in Capital in Excess of Par						Distributable Earnings (Losses)						Total Net Assets
						Shares						Par Amount
Balance at September 30, 2020						167,259,511						$	167					$	2,624,608					$	(228,582)					$	2,396,193
Net increase (decrease) in net assets resulting from operations
Net investment income						—						—						—						121,380						121,380
Net realized gain (loss) on investments and foreign currency transactions						—						—						—						3,269						3,269
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward currency contracts						—						—						—						143,998						143,998
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan						1,892,346						2						27,866						—						27,868
Distributions from distributable earnings						—						—						—						(145,797)						(145,797)
Total increase (decrease) for the nine months ended June 30, 2021						1,892,346						2						27,866						122,850						150,718
Balance at June 30, 2021						169,151,857						$	169					$	2,652,474					$	(105,732)					$	2,546,911
Balance at March 31, 2021						168,231,707						$	168					$	2,638,801					$	(139,838)					$	2,499,131
Net increase (decrease) in net assets resulting from operations
Net investment income						—						—						—						42,065						42,065
Net realized gain (loss) on investments and foreign currency transactions						—						—						—						5,607						5,607
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward currency contracts						—						—						—						35,221						35,221
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan						920,150						1						13,673						—						13,674
Distributions from distributable earnings						—						—						—						(48,787)						(48,787)
Total increase (decrease) for the three months ended June 30, 2021						920,150						1						13,673						34,106						47,780
Balance at June 30, 2021						169,151,857						$	169					$	2,652,474					$	(105,732)					$	2,546,911
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						—						—						—						142,158						142,158
Net realized gain (loss) on investments and foreign currency transactions						—						—						—						17,431						17,431
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward currency contracts						—						—						—						(13,162)						(13,162)
Provision for taxes on unrealized appreciation on investments						—						—						—						(1,070)						(1,070)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan						867,086						1						13,173						—						13,174
Distributions from distributable earnings						—						—						—						(153,537)						(153,537)
Total increase (decrease) for the nine months ended June 30, 2022						867,086						1						13,173						(8,180)						4,994
Balance at June 30, 2022						170,895,670						$	171					$	2,677,424					$	(89,909)					$	2,587,686
Balance at March 31, 2022						170,895,670						$	171					$	2,677,424					$	(54,046)					$	2,623,549
Net increase (decrease) in net assets resulting from operations:
Net investment income						—						—						—						53,928						53,928
Net realized gain (loss) on investments and foreign currency transactions						—						—						—						2,511						2,511
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward currency contracts						—						—						—						(40,555)						(40,555)
Provision for taxes on unrealized appreciation on investments						—						—						—						(478)						(478)
Distributions to stockholders:
Distributions from distributable earnings						—						—						—						(51,269)						(51,269)
Total increase (decrease) for the three months ended June 30, 2022						—						—						—						(35,863)						(35,863)
Balance at June 30, 2022						170,895,670						$	171					$	2,677,424					$	(89,909)					$	2,587,686

See Notes to Consolidated Financial Statements.

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands, except share data)

			Nine months ended June 30,
			2022						2021
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations			$	145,357					$	268,647
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			5,241						5,072
Accretion of discounts and amortization of premiums on investments			(3,534)						9,341
Accretion of discounts and amortization of premiums on issued debt securities			1,294						1,482
Net realized (gain) loss on investments			(16,448)						(5,562)
Net realized (gain) loss on forward currency contracts			(1,080)						—
Net realized (gain) loss on foreign currency transactions			97						2,293
Net change in unrealized (appreciation) depreciation on investments			42,141						(148,210)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies			(14,920)						895
Net change in unrealized (appreciation) depreciation on forward currency contracts			(14,059)						3,317
Proceeds from (fundings of) revolving loans, net			(2,865)						10,999
Fundings of investments			(1,678,450)						(1,265,089)
Proceeds from principal payments and sales of portfolio investments			955,184						1,209,841
Proceeds from settlements of forward currency contracts			1,080						—
PIK interest			(14,692)						(12,657)
Changes in operating assets and liabilities:
Interest receivable			(2,308)						64
Cash collateral held at broker for forward currency contracts			6,960						(3,640)
Receivable from investments sold			97						259
Other assets			(469)						744
Interest payable			7,739						4,258
Management and incentive fees payable			7,496						(2,216)
Payable for investments purchased			781						—
Accounts payable and other liabilities			(210)						815
Accrued trustee fees			173						—
Net cash provided by (used in) operating activities			(575,395)						80,653
Cash flows from financing activities
Borrowings on debt			1,194,187						2,396,547
Repayments of debt			(594,911)						(2,291,296)
Capitalized debt issuance costs			(6,379)						(17,331)
Distributions paid			(114,985)						(103,270)
Purchases of common stock under dividend reinvestment plan			(25,378)						(14,659)
Net cash provided by (used in) financing activities			452,534						(30,009)
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies			(122,861)						50,644
Effect of foreign currency exchange rates			(302)						(229)
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, beginning of period			244,343						184,430
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, end of period			$	121,180					$	234,845
Supplemental disclosure of cash flow information:
Cash paid during the period for interest			$	46,115					$	35,584
Distributions declared during the period			153,537						145,797
Supplemental disclosure of non-cash operating and financing activities:
Stock issued in connection with dividend reinvestment plan			$	13,174					$	27,868
Proceeds from issuance of Class A-2-R GCIC 2018 Notes			—						38,500
Redemptions of Class A-2 GCIC 2018 Notes			—						(38,500)

See Notes to Consolidated Financial Statements.

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

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

(In thousands, except share data)

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

			As of June 30,
			2022						2021
Cash and cash equivalents			$	81,444					$	154,323
Foreign currencies (cost of $3,777 and $2,525, respectively)			3,755						2,607
Restricted cash and cash equivalents			34,891						76,141
Restricted foreign currencies (cost of $1,106 and $1,779, respectively)			1,090						1,774
Total cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows			$	121,180					$	234,845

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.

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited)

June 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
			NTS Technical Systems*#+~			Senior loan						L + 5.50%			(b)						6.50%						06/2023						$	39,870					$	39,763					1.6			%			$	39,870
			NTS Technical Systems~			Second lien						L + 9.75%			(b)						10.75%						12/2023						4,589						4,546						0.2						4,589
			NTS Technical Systems+(5)			Senior loan						L + 5.50%									N/A(6)						06/2023						—						(13)						—						—
			NTS Technical Systems+			Senior loan						P + 4.50%			(d)						9.25%						06/2023						600						586						—						600
			NTS Technical Systems+			One stop						L + 5.50%			(c)						6.50%						06/2023						3,091						3,062						0.1						3,091
			Tronair Parent, Inc.+			Senior loan						L + 6.25%			(b)						7.15% cash/0.50% PIK						09/2023						674						672						—						600
			Tronair Parent, Inc.+			Senior loan						L + 6.25%			(b)						7.15% cash/0.50% PIK						06/2023						68						67						—						52
			Whitcraft LLC*#+~			One stop						L + 6.00%			(b)						8.25%						04/2023						62,768						62,893						2.3						59,630
			Whitcraft LLC+(5)			One stop						L + 6.00%									N/A(6)						04/2023						—						(1)						—						(15)
																																	111,660						111,575						4.2						108,417
			Airlines
			Aurora Lux Finco S.A.R.L.+(8)(13)			One stop						L + 6.00%			(a)						7.63%						12/2026						977						963						—						929
			Auto Components
			COP CollisionRight Holdings, Inc.#+			One stop						SF + 5.00%			(l)(m)						6.17%						04/2028						9,638						9,476						0.4						9,554
			COP CollisionRight Holdings, Inc.+			One stop						SF + 5.00%			(m)						7.11%						04/2028						27						26						—						26
			COP CollisionRight Holdings, Inc.+(5)			One stop						SF + 5.00%									N/A(6)						04/2028						—						(2)						—						(2)
			Covercraft Parent III, Inc.+			Senior loan						L + 4.50%			(b)						5.50%						08/2027						4,902						4,860						0.2						4,902
			Covercraft Parent III, Inc.+			Senior loan						L + 4.50%			(b)						6.75%						08/2027						994						972						—						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 + 6.00%			(c)						8.01%						05/2027						6,114						6,014						0.3						6,053
			North Haven Falcon Buyer, LLC+			One stop						L + 6.00%			(c)						8.17%						05/2027						1,024						1,008						—						1,004
			Polk Acquisition Corp.*#+			Senior loan						SF + 6.00%			(l)						7.53%						12/2024						18,058						17,961						0.7						17,976
			Polk Acquisition Corp.+			Senior loan						SF + 6.00%			(l)						7.53%						12/2024						106						109						—						106
			Polk Acquisition Corp.+			Senior loan						SF + 6.00%			(l)						7.53%						12/2024						106						106						—						106
			Polk Acquisition Corp.+			Senior loan						SF + 6.50%			(l)						8.03%						03/2023						695						692						—						695
																																	41,664						41,221						1.6						41,414
			Automobiles
			CG Group Holdings, LLC*#+			One stop						L + 7.25%			(b)						7.50% cash/2.00% PIK						07/2027						31,355						31,093						1.2						29,787
			CG Group Holdings, LLC+			One stop						L + 7.25%			(a)						6.92% cash/2.00% PIK						07/2026						337						333						—						320
			Cobblestone Intermediate Holdco, LLC+			One stop						L + 5.50%			(a)						7.17%						01/2026						5,579						5,531						0.2						5,579
			Cobblestone Intermediate Holdco, LLC+			One stop						L + 5.50%			(a)						7.11%						01/2026						3,826						3,788						0.1						3,826
			Denali Midco 2, LLC*#+			One stop						L + 5.50%			(a)						7.17%						12/2027						42,972						42,580						1.6						42,112
			Denali Midco 2, LLC+			One stop						L + 5.50%			(a)						7.17%						12/2027						274						269						—						264
			Denali Midco 2, LLC+			One stop						L + 5.50%			(a)						7.17%						12/2027						100						99						—						98
			Denali Midco 2, LLC+			One stop						L + 5.50%			(a)						7.17%						12/2027						80						79						—						78
			Denali Midco 2, LLC+			One stop						L + 5.50%			(a)						7.17%						12/2027						80						79						—						78
			Denali Midco 2, LLC+			One stop						L + 5.50%			(a)						7.17%						12/2027						66						65						—						65
			Denali Midco 2, LLC+(5)			One stop						L + 5.50%									N/A(6)						12/2027						—						(9)						—						(20)
			Denali Midco 2, LLC+			One stop						L + 5.50%			(a)						7.17%						12/2027						198						196						—						194
			JHCC Holdings LLC+			One stop						L + 5.75%			(b)						8.00%						09/2025						15,354						15,177						0.6						14,893
			JHCC Holdings LLC+			One stop						P + 4.75%			(d)						9.50%						09/2025						497						493						—						482
			JHCC Holdings LLC+			One stop						L + 5.75%			(b)(d)						8.47%						09/2025						296						294						—						287

See Notes to Consolidated Financial Statements.

8

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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)
			JHCC Holdings LLC+			One stop						L + 5.75%			(b)(d)						8.38%						09/2025						$	34					$	33					—			%			$	31
			JHCC Holdings LLC+(5)			One stop						L + 5.75%									N/A(6)						09/2025						—						(26)						—						—
			MOP GM Holding, LLC*#~			One stop						L + 5.75%			(c)						6.76%						11/2026						24,039						23,816						0.9						23,798
			MOP GM Holding, LLC+			One stop						L + 5.75%			(c)						7.09%						11/2026						2,636						2,614						0.1						2,609
			MOP GM Holding, LLC+			One stop						L + 5.75%			(c)						6.95%						11/2026						2,585						2,561						0.1						2,559
			MOP GM Holding, LLC+			One stop						SF + 5.75%			(n)						8.58%						11/2026						1,915						1,898						0.1						1,896
			MOP GM Holding, LLC+			One stop						L + 5.75%			(c)						6.75%						11/2026						1,575						1,562						0.1						1,559
			MOP GM Holding, LLC+			One stop						L + 5.75%			(c)						6.75%						11/2026						528						524						—						523
			MOP GM Holding, LLC+			One stop						L + 5.75%			(c)						6.75%						11/2026						148						147						—						146
			MOP GM Holding, LLC+			One stop						L + 5.75%			(c)						7.77%						11/2026						26						24						—						24
			MOP GM Holding, LLC+			One stop						SF + 5.75%			(n)						7.62%						11/2026						1,452						1,427						0.1						1,437
			MOP GM Holding, LLC+			One stop						SF + 5.75%			(n)						7.62%						11/2026						2,605						2,566						0.1						2,579
			MOP GM Holding, LLC+			One stop						SF + 5.75%			(n)						7.94%						11/2026						359						356						—						356
			MOP GM Holding, LLC+			One stop						SF + 5.75%			(n)						8.51%						11/2026						60						59						—						59
			MOP GM Holding, LLC+(5)			One stop						SF + 5.75%									N/A(6)						11/2026						—						(25)						—						(26)
			National Express Wash Parent JV, LLC#+			One stop						SF + 5.50%			(m)(n)						6.29%						02/2028						13,988						13,858						0.5						13,988
			National Express Wash Parent JV, LLC+(5)			One stop						SF + 5.50%									N/A(6)						02/2028						—						(1)						—						—
			National Express Wash Parent JV, LLC+(5)			One stop						SF + 5.50%									N/A(6)						02/2028						—						(4)						—						—
			POY Holdings, LLC#			One stop						L + 5.50%			(b)						7.75%						11/2027						9,567						9,395						0.4						9,567
			POY Holdings, LLC+			One stop						L + 5.50%			(b)						7.75%						11/2027						36						32						—						36
			POY Holdings, LLC+(5)			One stop						L + 5.50%									N/A(6)						11/2027						—						(2)						—						—
			Quick Quack Car Wash Holdings, LLC*#			One stop						L + 6.00%			(b)						7.24%						10/2024						12,849						12,856						0.5						12,849
			Quick Quack Car Wash Holdings, LLC+			One stop						L + 6.00%			(b)						7.24%						10/2024						9,798						9,764						0.4						9,798
			Quick Quack Car Wash Holdings, LLC#+			One stop						L + 6.00%			(b)						7.24%						10/2024						2,319						2,310						0.1						2,319
			Quick Quack Car Wash Holdings, LLC*+			One stop						L + 6.00%			(b)						7.24%						10/2024						2,025						2,049						0.1						2,025
			Quick Quack Car Wash Holdings, LLC*+			One stop						L + 6.00%			(b)						7.24%						10/2024						1,354						1,369						0.1						1,354
			Quick Quack Car Wash Holdings, LLC*+			One stop						L + 6.00%			(b)						7.24%						10/2024						1,103						1,118						—						1,103
			Quick Quack Car Wash Holdings, LLC+			One stop						L + 6.00%			(a)(b)						7.63%						10/2024						40						35						—						40
			Quick Quack Car Wash Holdings, LLC+			One stop						L + 6.00%			(b)						7.35%						10/2024						90						90						—						90
			Quick Quack Car Wash Holdings, LLC+			One stop						L + 6.00%			(b)						7.31%						10/2024						95						89						—						95
			TWAS Holdings, LLC#+			One stop						SF + 6.00%			(l)						7.63%						12/2026						40,561						40,199						1.6						40,561
			TWAS Holdings, LLC*+			One stop						SF + 6.00%			(l)						7.63%						12/2026						30,644						30,354						1.2						30,644
			TWAS Holdings, LLC+			One stop						SF + 6.00%			(l)						7.63%						12/2026						7,954						7,881						0.3						7,954
			TWAS Holdings, LLC+			One stop						SF + 6.00%			(l)						7.63%						12/2026						388						384						—						388
			TWAS Holdings, LLC+(5)			One stop						SF + 6.00%									N/A(6)						12/2026						—						(3)						—						—
			TWAS Holdings, LLC+			One stop						SF + 6.00%			(l)						7.63%						12/2026						611						605						—						611
																																	272,398						269,981						10.4						269,015
			Beverages
			Fintech Midco, LLC*#			One stop						L + 5.25%			(b)						6.49%						08/2024						23,863						24,031						0.9						23,624
			Fintech Midco, LLC+			One stop						L + 5.25%			(b)						6.49%						08/2024						15,149						15,040						0.6						14,998
			Fintech Midco, LLC#+			One stop						L + 5.25%			(b)						6.49%						08/2024						1,105						1,126						—						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)						7.75%						04/2027						2,250						2,232						0.1						2,227
			Watermill Express, LLC+			One stop						L + 5.50%			(a)						7.17%						04/2027						1						1						—						1
			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)						7.92%						07/2025						7,819						7,735						0.3						7,819
																																	50,187						50,164						1.9						49,759

See Notes to Consolidated Financial Statements.

9

---

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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)						7.75%						11/2028						$	7,557					$	7,488					0.3			%			$	7,405
			BECO Holding Company, Inc.+(5)			One stop						L + 5.50%									N/A(6)						11/2027						—						(4)						—						(7)
			BECO Holding Company, Inc.+(5)			One stop						L + 5.50%									N/A(6)						11/2028						—						(18)						—						(39)
			Jensen Hughes, Inc.+			Senior loan						L + 4.50%			(a)(b)						5.74%						03/2024						4,117						4,118						0.2						4,117
			Jensen Hughes, Inc.+			Senior loan						L + 4.50%			(a)(b)						5.74%						03/2024						1,393						1,408						0.1						1,393
			Jensen Hughes, Inc.+			Senior loan						L + 4.50%			(a)(b)						5.74%						03/2024						897						904						—						897
			Jensen Hughes, Inc.+			Senior loan						L + 4.50%			(a)(b)						5.74%						03/2024						846						840						—						846
			Jensen Hughes, Inc.+			Senior loan						L + 4.50%			(a)(b)						5.74%						03/2024						431						438						—						431
			Jensen Hughes, Inc.+			Senior loan						L + 4.50%			(a)(b)						5.74%						03/2024						274						276						—						274
			Jensen Hughes, Inc.+			Senior loan						L + 4.50%			(a)(b)						5.74%						03/2024						214						214						—						214
			Jensen Hughes, Inc.+			Senior loan						L + 4.50%			(a)(b)						5.74%						03/2024						114						114						—						114
			Jensen Hughes, Inc.+			Senior loan						L + 4.50%			(c)						6.00%						03/2024						268						258						—						268
																																	16,111						16,036						0.6						15,913
			Chemicals
			Inhance Technologies Holdings LLC#+			One stop						L + 5.25%			(b)						6.25%						07/2024						12,476						12,543						0.5						12,351
			Inhance Technologies Holdings LLC+			One stop						L + 5.25%			(b)						6.25%						07/2024						9,938						9,860						0.4						9,838
			Inhance Technologies Holdings LLC+			One stop						L + 5.25%			(b)						6.25%						07/2024						1,896						1,890						0.1						1,877
			Inhance Technologies Holdings LLC+			One stop						L + 5.25%			(b)						6.25%						07/2024						43						43						—						40
			PHM NL SP Bidco B.V.+(8)(9)(14)			One stop						E + 6.25%			(f)						6.25%						09/2028						33,198						36,113						1.2						32,202
			PHM NL SP Bidco B.V.+(8)(14)			One stop						L + 6.25%			(c)						6.75%						09/2028						13,766						13,550						0.5						13,353
			PHM NL SP Bidco B.V.+(8)(9)(14)			One stop						SN + 6.25%			(j)						7.44%						09/2028						7,317						7,912						0.3						7,098
			PHM NL SP Bidco B.V.+(8)(9)(14)			One stop						E + 6.25%			(f)						6.31%						09/2028						3,509						3,707						0.1						3,379
																																	82,143						85,618						3.1						80,138
			Commercial Services & Supplies
			CI (Quercus) Intermediate Holdings, LLC+			One stop						L + 5.50%			(b)						7.75%						10/2028						15,626						15,420						0.6						15,626
			CI (Quercus) Intermediate Holdings, LLC+(5)			One stop						L + 5.50%									N/A(6)						10/2028						—						(3)						—						—
			CI (Quercus) Intermediate Holdings, LLC+(5)			One stop						L + 5.50%									N/A(6)						10/2028						—						(24)						—						—
			EGD Security Systems, LLC *#+			One stop						L + 5.75%			(b)						8.00%						12/2028						52,537						52,054						2.0						52,012
			EGD Security Systems, LLC +			One stop						L + 5.75%			(b)						7.44%						12/2028						280						277						—						277
			EGD Security Systems, LLC +			One stop						L + 5.75%			(a)(b)						7.30%						12/2027						360						355						—						355
			EGD Security Systems, LLC +(5)			One stop						L + 5.75%									N/A(6)						12/2028						—						(3)						—						(3)
			Hydraulic Authority III Limited+~(8)(9)(10)			One stop						SN + 5.00%			(j)						6.22%						11/2025						10,575						11,076						0.4						10,575
			Hydraulic Authority III Limited+(8)(9)(10)			One stop						N/A									11.00% PIK						11/2028						237						251						—						237
			Hydraulic Authority III Limited+(8)(9)(10)			One stop						SN + 5.00%									N/A(6)						11/2025						—						—						—						—
			Hydraulic Authority III Limited+(8)(9)(10)			One stop						E + 5.00%			(e)						6.00%						11/2025						1,133						1,124						—						1,133
			North Haven Stack Buyer, LLC*+			One stop						L + 5.50%			(a)						7.17%						07/2027						8,789						8,640						0.4						8,701

See Notes to Consolidated Financial Statements.

10

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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+			One stop						L + 5.50%			(a)						6.98%						07/2027						$	2,392					$	2,336					0.1			%			$	2,325
			North Haven Stack Buyer, LLC+			One stop						L + 5.50%			(a)						7.17%						07/2027						38						36						—						36
			OVG Business Services, LLC+			One stop						L + 6.25%			(a)						7.25%						11/2028						1,804						1,767						0.1						1,714
			OVG Business Services, LLC+(5)			One stop						L + 5.50%									N/A(6)						11/2026						—						—						—						(2)
			Profile Products LLC+			One stop						L + 5.25%			(b)						6.66%						11/2027						4,982						4,893						0.2						4,982
			Profile Products LLC+(8)			One stop						L + 5.25%			(b)						6.66%						11/2027						1,292						1,269						0.1						1,292
			Profile Products LLC+			One stop						P + 4.25%			(d)						9.00%						11/2027						16						16						—						16
			Profile Products LLC+(5)			One stop						L + 5.25%									N/A(6)						11/2027						—						(12)						—						—
			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)						7.75%						11/2028						29,597						29,073						1.1						29,006
			PT Intermediate Holdings III, LLC+			One stop						L + 5.50%			(b)						7.75%						11/2028						20,926						20,725						0.8						20,507
			PT Intermediate Holdings III, LLC+			One stop						L + 5.50%			(b)						7.75%						11/2028						9,925						9,794						0.4						9,727
			Radwell Parent, LLC+			One stop						SF + 5.75%			(m)						7.90%						03/2029						19,168						18,869						0.7						18,881
			Radwell Parent, LLC+(5)			One stop						SF + 5.75%									N/A(6)						03/2028						—						(4)						—						(4)
			Radwell Parent, LLC+(5)			One stop						SF + 5.75%									N/A(6)						03/2029						—						(8)						—						(8)
			Trinity Air Consultants Holdings Corporation+			One stop						L + 5.25%			(c)						7.08%						06/2027						2,458						2,417						0.1						2,409
			Trinity Air Consultants Holdings Corporation+			One stop						L + 5.25%			(c)						6.85%						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)(m)						6.44%						01/2025						2,235						2,234						0.1						2,235
			WRE Holding Corp.+			Senior loan						SF + 5.25%			(l)(m)						6.44%						01/2025						923						925						—						923
			WRE Holding Corp.+			Senior loan						SF + 5.25%			(l)(m)						6.44%						01/2025						677						674						—						677
			WRE Holding Corp.+			Senior loan						SF + 5.25%			(l)(m)						6.44%						01/2025						400						399						—						400
			WRE Holding Corp.+			Senior loan						SF + 5.25%			(l)(m)						6.44%						01/2025						128						131						—						128
			WRE Holding Corp.+			Senior loan						SF + 5.25%			(l)(m)						6.44%						01/2025						22						21						—						22
			WRE Holding Corp.+			Senior loan						SF + 5.25%			(l)(m)						6.44%						01/2025						23						23						—						23
			WRE Holding Corp.+			Senior loan						SF + 5.25%			(l)(m)						6.80%						01/2025						10						8						—						10
																																	186,586						184,784						7.1						184,243
			Communications Equipment
			Lightning Finco Limited+(8)(10)			One stop						L + 5.75%			(b)						7.35%						09/2028						10,349						10,167						0.4						10,349
			Lightning Finco Limited+(8)(9)(10)			One stop						E + 5.75%			(e)						6.50%						09/2028						1,113						1,239						—						1,113
																																	11,462						11,406						0.4						11,462
			Containers and Packaging
			AmerCareRoyal LLC+			Senior loan						L + 6.50%			(a)						6.67% cash/1.50% PIK						11/2025						781						772						—						765
			AmerCareRoyal LLC+			Senior loan						L + 6.50%			(a)						6.67% cash/1.50% PIK						11/2025						167						165						—						163
			AmerCareRoyal LLC+			Senior loan						L + 6.50%			(a)						6.67% cash/1.50% PIK						11/2025						162						160						—						159
			AmerCareRoyal LLC+(8)			Senior loan						L + 6.50%			(a)						6.67% cash/1.50% PIK						11/2025						145						143						—						142
			Chase Intermediate+			One stop						L + 5.50%			(b)(c)						6.72%						10/2028						9,925						9,840						0.4						9,826
			Chase Intermediate+(5)			One stop						L + 5.50%									N/A(6)						10/2028						—						(3)						—						(4)
			Chase Intermediate+(5)			One stop						L + 5.50%									N/A(6)						10/2028						—						(12)						—						(12)
			Fortis Solutions Group LLC*#+			One stop						L + 5.50%			(b)						7.65%						10/2028						31,622						31,114						1.2						31,384
			Fortis Solutions Group LLC+			One stop						L + 5.50%			(b)						7.73%						10/2027						20						15						—						18
			Fortis Solutions Group LLC+(5)			One stop						L + 5.50%									N/A(6)						10/2028						—						(96)						—						(25)
			Fortis Solutions Group LLC+(5)			One stop						L + 5.50%									N/A(6)						10/2028						—						(42)						—						(42)
																																	42,822						42,056						1.6						42,374

See Notes to Consolidated Financial Statements.

11

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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%			(m)						5.50%						07/2027						$	1,237					$	1,223					—			%			$	1,215
			WSC Holdings Midco LLC+			Senior loan						SF + 4.50%			(l)(m)						5.69%						07/2027						1,797						1,782						0.1						1,765
			WSC Holdings Midco LLC+(5)			Senior loan						SF + 4.50%									N/A(6)						07/2027						—						(1)						—						(1)
			WSC Holdings Midco LLC+			Senior loan						SF + 4.50%			(m)						5.52%						07/2027						2,976						2,944						0.1						2,924
			WSC Holdings Midco LLC+(5)			Senior loan						SF + 4.50%									N/A(6)						07/2027						—						(1)						—						(1)
																																	6,010						5,947						0.2						5,902
			Diversified Consumer Services
			Certus Pest, Inc.#			One stop						SF + 5.75%			(n)						8.58%						02/2026						1,593						1,562						0.1						1,577
			Certus Pest, Inc.#			One stop						SF + 5.75%			(n)						8.58%						02/2026						1,527						1,480						0.1						1,512
			Certus Pest, Inc.#			One stop						SF + 5.75%			(n)						7.08%						02/2026						1,080						1,070						—						1,069
			Certus Pest, Inc.+			One stop						SF + 5.75%			(n)						8.58%						02/2026						755						739						—						747
			Certus Pest, Inc.#			One stop						SF + 5.75%			(n)						8.58%						02/2026						665						631						—						660
			Certus Pest, Inc.+			One stop						SF + 5.75%			(n)						7.00%						02/2026						649						644						—						642
			Certus Pest, Inc.+			One stop						SF + 5.75%			(n)						7.07%						02/2026						383						374						—						379
			Certus Pest, Inc.+			One stop						SF + 5.75%			(n)						8.58%						02/2026						240						224						—						238
			Certus Pest, Inc.+			One stop						SF + 5.75%			(n)						8.58%						02/2026						131						103						—						130
			Certus Pest, Inc.+			One stop						SF + 5.75%			(n)						7.07%						02/2026						55						49						—						54
			Certus Pest, Inc.+(5)			One stop						SF + 5.75%									N/A(6)						02/2026						—						—						—						(1)
			Certus Pest, Inc.+(5)			One stop						SF + 5.75%									N/A(6)						02/2026						—						(2)						—						—
			Certus Pest, Inc.+(5)			One stop						SF + 5.75%									N/A(6)						02/2026						—						(14)						—						(50)
			Certus Pest, Inc.+			One stop						SF + 5.75%			(n)						7.69%						02/2026						1,102						1,102						0.1						1,091
			CHHJ Midco, LLC#			Senior loan						L + 5.00%			(b)						7.25%						01/2026						2,730						2,710						0.1						2,730
			CHHJ Midco, LLC+			Senior loan						L + 5.00%									N/A(6)						01/2026						—						—						—						—
			COP Hometown Acquisitions, Inc.+			Senior loan						L + 4.50%			(c)						5.50%						07/2027						1,717						1,703						0.1						1,700
			COP Hometown Acquisitions, Inc.+			Senior loan						L + 4.50%			(b)						5.50%						07/2027						1,673						1,651						0.1						1,656
			COP Hometown Acquisitions, Inc.+			Senior loan						L + 4.50%			(b)(c)						5.50%						07/2027						1,096						1,084						0.1						1,085
			COP Hometown Acquisitions, Inc.+			Senior loan						L + 4.50%			(b)(c)						5.51%						07/2027						775						766						—						767
			COP Hometown Acquisitions, Inc.+			Senior loan						L + 4.50%			(b)						5.50%						07/2027						200						197						—						198
			COP Hometown Acquisitions, Inc.+			Senior loan						L + 4.50%									N/A(6)						07/2027						—						—						—						—
			COP Hometown Acquisitions, Inc.+			Senior loan						L + 4.75%			(b)						6.19%						07/2027						94						92						—						94
			EMS LINQ, LLC+			One stop						L + 6.25%			(a)						7.92%						12/2027						9,591						9,504						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 + 7.50%			(b)						7.75% cash/2.00% PIK						03/2026						929						918						—						910
			EWC Growth Partners LLC+			One stop						L + 7.50%			(b)						7.75% cash/2.00% PIK						03/2026						61						61						—						60
			EWC Growth Partners LLC+			One stop						L + 7.50%			(b)						7.75% cash/2.00% PIK						03/2026						19						19						—						18
			Excelligence Learning Corporation#+			One stop						L + 6.00%			(b)						8.25%						04/2023						10,802						10,724						0.4						10,802
			Flores & Associates, LLC+			One stop						L + 5.25%			(c)						8.13%						04/2027						3,750						3,681						0.2						3,750
			Flores & Associates, LLC+			One stop						L + 5.25%			(c)						8.13%						04/2027						1,580						1,562						0.1						1,580
			Flores & Associates, LLC+			One stop						L + 5.25%			(c)						8.13%						04/2027						836						828						—						836
			Flores & Associates, LLC+			One stop						L + 5.25%			(c)						8.13%						04/2027						771						764						—						771
			Flores & Associates, LLC+			One stop						L + 5.25%			(c)						8.12%						04/2027						5						4						—						5
			FPG Intermediate Holdco, LLC+			One stop						L + 6.00%			(a)						7.67%						03/2027						9,121						8,979						0.4						9,121
			FPG Intermediate Holdco, LLC+			One stop						L + 6.00%			(a)						7.61%						03/2027						287						275						—						287
			FPG Intermediate Holdco, LLC+			One stop						L + 6.00%			(a)(b)(d)						7.92%						03/2027						56						55						—						56
			FSS Buyer LLC+			One stop						L + 5.75%			(a)						7.42%						08/2028						5,505						5,408						0.2						5,395
			FSS Buyer LLC+(5)			One stop						L + 5.75%									N/A(6)						08/2027						—						(1)						—						(1)
			HS Spa Holdings, Inc.+			One stop						SF + 5.75%			(n)						7.56%						06/2029						7,802						7,648						0.3						7,646
			HS Spa Holdings, Inc.+(5)			One stop						SF + 5.75%									N/A(6)						06/2028						—						(2)						—						(2)

See Notes to Consolidated Financial Statements.

12

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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)
			Learn-it Systems, LLC+			Senior loan						L + 4.75%			(b)						6.32%						03/2025						$	2,503					$	2,530					0.1			%			$	2,403
			Learn-it Systems, LLC+			Senior loan						L + 4.75%			(b)						7.00%						03/2025						1,347						1,344						—						1,293
			Learn-it Systems, LLC+			Senior loan						L + 4.75%			(b)						6.58%						03/2025						607						597						—						583
			Learn-it Systems, LLC+			Senior loan						L + 4.75%			(b)						7.00%						03/2025						33						33						—						31
			Liminex, Inc.+~			One stop						SF + 7.25%			(m)						9.45%						11/2026						25,462						25,109						1.0						25,971
			Liminex, Inc.+			One stop						SF + 7.25%			(m)						9.45%						11/2026						800						794						—						816
			Liminex, Inc.+(5)			One stop						SF + 7.25%									N/A(6)						11/2026						—						(1)						—						—
			Liminex, Inc.+			One stop						SF + 6.25%			(m)						8.45%						11/2026						20,000						19,805						0.8						19,623
			Litera Bidco LLC+			One stop						L + 6.00%			(a)						7.67%						05/2026						5,733						5,676						0.2						5,733
			Litera Bidco LLC+			One stop						L + 5.75%			(a)						7.42%						05/2026						3,683						3,698						0.1						3,653
			Litera Bidco LLC+			One stop						L + 5.75%			(a)						7.42%						05/2026						690						707						—						685
			Litera Bidco LLC+			One stop						L + 5.75%			(a)						7.42%						05/2026						690						707						—						685
			Litera Bidco LLC+			One stop						L + 6.00%			(a)(b)						8.08%						05/2026						519						514						—						519
			Litera Bidco LLC+			One stop						L + 5.75%									N/A(6)						05/2025						—						—						—						—
			Mario Purchaser, LLC+			One stop						SF + 5.75%			(l)						7.38%						04/2029						7,654						7,504						0.3						7,501
			Mario Purchaser, LLC+			One stop						SF + 10.75%			(l)						11.63% PIK						04/2029						1,478						1,436						0.1						1,434
			Mario Purchaser, LLC+(5)			One stop						SF + 5.75%									N/A(6)						04/2028						—						(1)						—						(1)
			Mario Purchaser, LLC+(5)			One stop						SF + 5.75%									N/A(6)						04/2029						—						(4)						—						(4)
			Mathnasium, LLC#			One stop						L + 5.00%			(c)						5.75%						11/2027						9,284						9,201						0.4						9,098
			Mathnasium, LLC+			One stop						L + 5.00%			(c)						5.75%						11/2027						13						12						—						11
			NSG Buyer, Inc. +			One stop						P + 5.00%			(d)						9.75%						06/2029						7,894						7,815						0.3						7,815
			NSG Buyer, Inc. +			One stop						P + 5.00%			(d)						9.75%						06/2028						12						11						—						11
			NSG Buyer, Inc. +(5)			One stop						SF + 6.00%									N/A(6)						06/2029						—						(20)						—						(20)
			PADI Holdco, Inc.*#			One stop						L + 7.25%			(c)						6.75% cash/1.50% PIK						04/2024						21,560						21,555						0.8						20,910
			PADI Holdco, Inc.+~(8)(9)			One stop						E + 7.25%			(f)						5.75% cash/1.50% PIK						04/2024						19,013						20,832						0.7						18,440
			PADI Holdco, Inc.~			One stop						L + 7.25%			(b)						6.75% cash/1.50% PIK						04/2024						821						816						—						796
			PADI Holdco, Inc.+			One stop						L + 7.25%			(b)						6.75% cash/1.50% PIK						04/2024						169						168						—						164
			PADI Holdco, Inc.+(5)			One stop						L + 7.25%									N/A(6)						04/2023						—						(1)						—						(5)
			Provenance Buyer LLC#+			One stop						L + 5.00%			(a)						6.67%						06/2027						18,325						18,017						0.7						18,141
			Provenance Buyer LLC+(5)			One stop						L + 5.00%									N/A(6)						06/2027						—						(2)						—						(1)
			Provenance Buyer LLC+(5)			One stop						L + 5.00%									N/A(6)						06/2027						—						(3)						—						(3)
			Provenance Buyer LLC+			One stop						L + 5.00%			(a)						6.67%						06/2027						10,000						9,900						0.4						9,900
			RW AM Holdco LLC+			One stop						SF + 5.25%			(m)						7.45%						04/2028						17,729						17,557						0.7						17,551
			RW AM Holdco LLC+(5)			One stop						SF + 5.25%									N/A(6)						04/2028						—						(1)						—						(2)
																																	243,599						242,896						9.3						240,737
			Diversified Financial Services
			AxiomSL Group, Inc.+			One stop						L + 6.00%			(a)						7.67%						12/2027						4,026						3,957						0.1						3,986
			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						L + 5.25%			(c)						6.75%						07/2027						8,038						7,954						0.3						7,877
			Banker's Toolbox, Inc.+(5)			One stop						L + 5.25%									N/A(6)						07/2027						—						—						—						(2)
			Banker's Toolbox, Inc.+(5)			One stop						L + 5.25%									N/A(6)						07/2027						—						—						—						(68)
			Flash Topco, Inc. *			One stop						L + 5.75%			(b)						6.99%						10/2028						9,845						9,755						0.4						9,746
			Flash Topco, Inc. +(5)			One stop						L + 5.75%									N/A(6)						10/2028						—						(1)						—						(1)
			Higginbotham Insurance Agency, Inc.+			One stop						L + 5.50%			(a)						7.17%						11/2026						4,588						4,537						0.2						4,542
			Higginbotham Insurance Agency, Inc.+			One stop						L + 5.50%			(a)						7.17%						11/2026						26						25						—						24
																																	26,523						26,227						1.0						26,104

See Notes to Consolidated Financial Statements.

13

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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)						7.25%						12/2024						$	1,632					$	1,611					0.1			%			$	1,632
			Electronic Equipment, Instruments & Components
			CST Buyer Company#+			One stop						L + 5.50%			(a)						7.17%						10/2025						20,172						20,003						0.8						20,172
			CST Buyer Company#+~			One stop						L + 5.50%			(a)						7.17%						10/2025						10,140						10,069						0.4						10,140
			CST Buyer Company+			One stop						L + 5.50%									N/A(6)						10/2025						—						—						—						—
			Electrical Source Holdings, LLC*#+			One stop						L + 5.25%			(b)						6.82%						11/2025						76,174						75,867						2.9						76,174
			Electrical Source Holdings, LLC+			One stop						L + 5.25%			(b)						7.50%						11/2025						19,830						19,830						0.8						19,830
			Electrical Source Holdings, LLC+			Senior loan						L + 5.25%			(b)						7.50%						11/2025						650						643						—						650
			Electrical Source Holdings, LLC+			Senior loan						L + 5.25%			(b)						7.50%						11/2025						137						137						—						137
			Electrical Source Holdings, LLC+			Senior loan						L + 5.25%			(b)						7.03%						11/2025						54						52						—						54
			Electrical Source Holdings, LLC+			Senior loan						L + 5.25%			(b)						7.50%						11/2025						94						94						—						94
			Electrical Source Holdings, LLC+			Senior loan						L + 5.25%			(b)						7.50%						11/2025						89						88						—						89
			Electrical Source Holdings, LLC+			Senior loan						L + 5.25%			(b)						7.50%						11/2025						88						86						—						88
			Electrical Source Holdings, LLC+			Senior loan						L + 5.25%			(b)						7.50%						11/2025						46						45						—						46
			Electrical Source Holdings, LLC+			Senior loan						L + 5.25%			(b)						6.82%						11/2025						42						41						—						42
			Electrical Source Holdings, LLC+			Second lien						L + 5.25%			(b)						7.50%						11/2025						35						35						—						35
			Electrical Source Holdings, LLC+			Senior loan						L + 5.25%			(b)						7.50%						11/2025						17						17						—						17
			Electrical Source Holdings, LLC+(5)			One stop						L + 5.25%									N/A(6)						11/2025						—						(110)						—						—
			Electrical Source Holdings, LLC+			One stop						L + 5.25%			(b)						6.73%						11/2025						1,756						1,756						0.1						1,756
			Watchfire Enterprises, Inc.+			Second lien						L + 8.00%			(a)						9.67%						10/2024						9,435						9,395						0.3						9,435
			Watchfire Enterprises, Inc.+			Senior loan						L + 4.25%			(a)						5.92%						07/2024						1,725						1,714						0.1						1,725
																																	140,484						139,762						5.4						140,484

See Notes to Consolidated Financial Statements.

14

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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%			(m)						7.70%						09/2028						$	18,274					$	18,109					0.7			%			$	18,274
			Cafe Rio Holding, Inc.+			One stop						SF + 5.50%			(m)						7.70%						09/2028						3,285						3,240						0.2						3,285
			Cafe Rio Holding, Inc.#+			One stop						SF + 5.50%			(m)						7.70%						09/2028						2,208						2,207						0.1						2,208
			Cafe Rio Holding, Inc.*#			One stop						SF + 5.50%			(m)						7.70%						09/2028						1,402						1,401						0.1						1,402
			Cafe Rio Holding, Inc.#+			One stop						SF + 5.50%			(m)						7.70%						09/2028						1,238						1,237						—						1,238
			Cafe Rio Holding, Inc.+			One stop						SF + 5.50%			(m)						7.70%						09/2028						178						176						—						178
			Cafe Rio Holding, Inc.+			One stop						SF + 5.50%			(m)						7.68%						09/2028						211						208						—						211
			Cafe Rio Holding, Inc.+(5)			One stop						SF + 5.50%									N/A(6)						09/2028						—						(2)						—						—
			Mendocino Farms, LLC+			One stop						L + 8.50%			(a)						2.67% cash/7.50% PIK						06/2023						922						931						—						922
			Mendocino Farms, LLC+			One stop						L + 8.50%			(a)						2.67% cash/7.50% PIK						06/2023						725						732						—						725
			Mendocino Farms, LLC+			One stop						L + 8.50%			(a)						2.67% cash/7.50% PIK						06/2023						711						710						—						711
			Mendocino Farms, LLC+			One stop						L + 8.50%			(a)						2.67% cash/7.50% PIK						06/2023						350						350						—						350
			Mendocino Farms, LLC+			One stop						L + 8.50%			(a)						2.67% cash/7.50% PIK						06/2023						350						349						—						350
			Mendocino Farms, LLC+			One stop						L + 8.50%			(a)						2.67% cash/7.50% PIK						06/2023						173						173						—						173
			Mendocino Farms, LLC+			One stop						L + 8.50%			(a)						2.67% cash/7.50% PIK						06/2023						105						104						—						105
			Ruby Slipper Cafe LLC, The*+			One stop						SF + 7.50%			(m)						9.70%						06/2024						2,029						2,021						0.1						2,029
			Ruby Slipper Cafe LLC, The+			One stop						SF + 7.50%			(m)						9.70%						06/2024						411						413						—						411
			Ruby Slipper Cafe LLC, The+			One stop						SF + 7.50%			(m)						9.70%						06/2024						—						—						—						—
			Ruby Slipper Cafe LLC, The+			One stop						SF + 7.50%			(m)						8.87%						06/2024						292						290						—						292
			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)						8.75%						09/2023						14,815						14,701						0.6						14,815
			Wetzel's Pretzels, LLC+			One stop						L + 6.50%			(b)						8.75%						09/2023						—						—						—						—
			Wineshipping.com LLC+			One stop						L + 5.75%			(c)						7.58%						10/2027						6,811						6,750						0.3						6,811
			Wineshipping.com LLC+			One stop						L + 5.75%			(b)						6.87%						10/2027						13						13						—						13
			Wineshipping.com LLC+			One stop						L + 5.75%			(b)						6.76%						10/2027						186						177						—						186
			Wood Fired Holding Corp.*#			One stop						L + 6.25%			(b)						7.31%						12/2023						11,316						11,374						0.5						11,316
			Wood Fired Holding Corp.+(5)			One stop						L + 6.25%									N/A(6)						12/2023						—						(1)						—						—
																																	66,005						65,663						2.6						66,005

See Notes to Consolidated Financial Statements.

15

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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)						5.76% cash/3.00% PIK						06/2027						$	13,388					$	13,174					0.5			%			$	13,388
			Borrower R365 Holdings, LLC+			One stop						L + 6.50%			(b)						5.76% cash/3.00% PIK						06/2027						1,104						1,084						—						1,104
			Borrower R365 Holdings, LLC+(5)			One stop						L + 6.50%									N/A(6)						06/2027						—						(1)						—						—
			Borrower R365 Holdings, LLC+(5)			One stop						L + 3.50%									N/A(6)						06/2027						—						(1)						—						—
			Flavor Producers, LLC#~			Senior loan						L + 5.75%			(a)						6.40% cash/1.00% PIK						12/2023						5,005						4,957						0.2						4,854
			Flavor Producers, LLC+			Senior loan						L + 5.75%			(a)						6.40% cash/1.00% PIK						12/2022						18						18						—						18
			Kodiak Cakes, LLC*#+			Senior loan						L + 4.50%			(b)						6.75%						06/2027						12,369						12,240						0.5						12,122
			Kodiak Cakes, LLC+			Senior loan						L + 4.50%			(b)						6.74%						06/2026						100						98						—						97
			Louisiana Fish Fry Products, Ltd.*+			One stop						L + 5.75%			(a)						7.42%						07/2027						9,802						9,718						0.4						9,507
			Louisiana Fish Fry Products, Ltd.+			One stop						L + 5.75%			(b)(c)						8.32%						07/2027						73						71						—						68
			MAPF Holdings, Inc.*#+~			One stop						L + 6.00%			(b)						8.25%						12/2026						38,075						37,789						1.4						38,075
			MAPF Holdings, Inc.+			One stop						SF + 6.00%			(n)						7.01%						12/2026						70						68						—						70
			P&P Food Safety Holdings, Inc.*+~			One stop						L + 6.00%			(c)						8.88%						12/2026						17,767						17,585						0.7						17,412
			P&P Food Safety Holdings, Inc.+(5)			One stop						L + 6.00%									N/A(6)						12/2026						—						(1)						—						(2)
			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)						8.17%						08/2027						6,688						6,631						0.2						6,354
			Ultimate Baked Goods Midco LLC+			One stop						L + 6.50%			(a)						8.17%						08/2027						41						11						—						37
			Whitebridge Pet Brands, LLC+			One stop						L + 5.00%			(a)						6.67%						07/2027						23,061						22,728						0.9						23,061
			Whitebridge Pet Brands, LLC+(5)			One stop						L + 5.00%									N/A(6)						07/2027						—						(2)						—						—
			Wizard Bidco Limited+(8)(9)(10)			One stop						SN + 4.75%			(j)						5.94%						03/2029						6,615						7,058						0.3						6,533
			Wizard Bidco Limited+(5)(8)(9)(10)			One stop						SN + 4.75%									N/A(6)						09/2028						—						(1)						—						(1)
																																	134,242						133,288						5.1						132,763

See Notes to Consolidated Financial Statements.

16

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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%			(a)						6.16%						06/2025						$	4,115					$	4,159					0.2			%			$	4,074
			Aspen Medical Products, LLC+			One stop						L + 5.00%			(a)						6.16%						06/2025						263						261						—						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%			(k)						8.20%						08/2028						5,415						5,350						0.2						5,415
			Baduhenna Bidco Limited+(8)(9)(10)			One stop						E + 6.45%			(e)						6.45%						08/2028						3,036						3,388						0.2						3,036
			Baduhenna Bidco Limited+(8)(9)(10)			One stop						SN + 6.50%			(j)						7.81%						08/2028						861						938						—						861
			Baduhenna Bidco Limited+(8)(9)(10)			One stop						E + 6.45%			(e)						6.45%						08/2028						724						755						—						724
			Baduhenna Bidco Limited+(5)(8)(9)(10)			One stop						SN + 6.50%									N/A(6)						08/2028						—						(17)						—						—
			Belmont Instrument, LLC#+			Senior loan						SF + 4.75%			(m)						6.98%						12/2023						5,041						5,023						0.2						5,041
			Belmont Instrument, LLC+			Senior loan						SF + 4.75%			(m)						6.98%						12/2023						463						459						—						463
			Blades Buyer, Inc.#+~			Senior loan						SF + 4.75%			(m)(n)						7.43%						03/2028						10,071						9,960						0.4						9,869
			Blades Buyer, Inc.+(5)			Senior loan						SF + 4.75%									N/A(6)						03/2028						—						(1)						—						(3)
			Blades Buyer, Inc.+(5)			Senior loan						SF + 4.75%									N/A(6)						03/2028						—						(2)						—						(6)
			Blue River Pet Care, LLC*#+			One stop						L + 5.00%			(b)						6.24%						07/2026						51,094						50,766						2.0						50,583
			Blue River Pet Care, LLC+			One stop						L + 5.00%			(a)						6.61%						08/2025						172						170						—						170
			Blue River Pet Care, LLC+(5)			One stop						L + 5.00%									N/A(6)						07/2026						—						(6)						—						(2)
			Blue River Pet Care, LLC+(5)			One stop						L + 5.00%									N/A(6)						07/2026						—						(14)						—						(15)
			CCSL Holdings, LLC*+			One stop						L + 6.50%			(c)						8.00%						12/2026						15,437						15,292						0.6						15,283
			CCSL Holdings, LLC+(5)			One stop						L + 6.50%									N/A(6)						12/2026						—						(16)						—						(14)
			CCSL Holdings, LLC+			One stop						L + 6.50%			(a)						8.16%						12/2026						70						68						—						68
			CCSL Holdings, LLC+			One stop						L + 6.50%			(c)						8.00%						12/2026						4,166						4,131						0.2						4,125
			CCSL Holdings, LLC+(8)(9)			One stop						SN + 6.50%			(j)						7.79%						12/2026						2,378						2,433						0.1						2,354
			CCSL Holdings, LLC+(5)			One stop						SF + 6.25%									N/A(6)						12/2026						—						(25)						—						(26)
			CMI Parent Inc.#+			Senior loan						L + 4.25%			(b)						5.73%						08/2025						6,515						6,586						0.2						6,450
			CMI Parent Inc.+			Senior loan						L + 4.25%			(b)						6.50%						08/2025						3,228						3,202						0.1						3,196
			CMI Parent Inc.+(5)			Senior loan						L + 4.25%									N/A(6)						08/2025						—						(2)						—						(4)
			G & H Wire Company, Inc.#+			One stop						L + 7.00%			(c)						8.50%						09/2023						10,992						10,967						0.4						10,882
			G & H Wire Company, Inc.+			One stop						L + 7.00%			(a)(b)(c)						8.60%						09/2022						72						72						—						70
			Joerns Healthcare, LLC*+			One stop						L + 6.00%			(b)						8.10%						08/2024						1,992						1,958						0.1						1,236
			Joerns Healthcare, LLC*+(7)			One stop						L + 6.00%			(b)						8.10%						08/2024						1,917						1,889						—						383
			Joerns Healthcare, LLC+			One stop						N/A									15.00% PIK						11/2022						1,243						1,232						—						1,243
																																	129,265						128,976						4.9						125,716

See Notes to Consolidated Financial Statements.

17

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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)						7.14%						12/2027						$	8,350					$	8,274					0.3			%			$	8,350
			AAH TOPCO, LLC +			Subordinated debt						N/A									11.50% PIK						12/2031						1,049						1,030						—						1,028
			AAH TOPCO, LLC +(5)			One stop						L + 5.50%									N/A(6)						12/2027						—						(1)						—						—
			AAH TOPCO, LLC +(5)			One stop						L + 5.50%									N/A(6)						12/2027						—						(5)						—						—
			Active Day, Inc.#+			One stop						SF + 5.25%			(l)						6.88%						02/2025						17,791						17,592						0.7						17,791
			Active Day, Inc.#+			One stop						SF + 5.25%			(l)						6.88%						02/2025						1,373						1,358						0.1						1,373
			Active Day, Inc.*#			One stop						SF + 5.25%			(l)						6.88%						02/2025						885						876						—						885
			Active Day, Inc.+			One stop						SF + 5.25%			(l)						6.88%						02/2025						705						697						—						705
			Active Day, Inc.+			One stop						SF + 5.25%			(l)						6.88%						02/2025						622						615						—						622
			Active Day, Inc.*#			One stop						SF + 5.25%			(l)						6.88%						02/2025						612						605						—						612
			Active Day, Inc.+(5)			One stop						SF + 5.25%									N/A(6)						02/2025						—						(2)						—						—
			Active Day, Inc.+			One stop						SF + 5.25%			(l)						6.88%						02/2025						—						—						—						—
			Acuity Eyecare Holdings, LLC+			One stop						SF + 6.00%			(m)						7.34%						03/2025						2,052						2,021						0.1						2,040
			Acuity Eyecare Holdings, LLC+			One stop						SF + 6.25%			(m)						8.45%						03/2025						4,088						4,090						0.2						4,088
			Acuity Eyecare Holdings, LLC+			One stop						SF + 6.25%			(m)						8.27%						03/2025						3,641						3,617						0.1						3,641
			Acuity Eyecare Holdings, LLC#+			One stop						L + 6.25%			(b)						8.50%						03/2025						3,504						3,530						0.1						3,504
			Acuity Eyecare Holdings, LLC+~			One stop						SF + 6.25%			(m)						8.45%						03/2025						3,212						3,265						0.1						3,212
			Acuity Eyecare Holdings, LLC+~			One stop						SF + 6.25%			(m)						8.45%						03/2025						1,873						1,923						0.1						1,873
			Acuity Eyecare Holdings, LLC+			One stop						SF + 6.25%			(m)						8.45%						03/2025						453						459						—						453
			Acuity Eyecare Holdings, LLC+			One stop						SF + 13.00%			(m)						8.45% cash/6.75% PIK						03/2025						247						247						—						263
			Acuity Eyecare Holdings, LLC+			One stop						SF + 6.25%			(m)						8.43%						03/2025						—						—						—						—
			Acuity Eyecare Holdings, LLC+			One stop						SF + 6.25%			(m)						8.45%						03/2025						167						166						—						167
			Acuity Eyecare Holdings, LLC+			Senior loan						SF + 6.25%			(m)						7.57%						03/2025						110						110						—						110
			Acuity Eyecare Holdings, LLC+			One stop						SF + 13.00%			(m)						8.25% cash/6.75% PIK						03/2025						95						94						—						101
			Acuity Eyecare Holdings, LLC+			One stop						SF + 6.25%			(m)						8.45%						03/2025						1						1						—						1
			Acuity Eyecare Holdings, LLC+			One stop						SF + 6.00%			(m)						7.97%						03/2025						16,467						16,351						0.6						16,368
			Acuity Eyecare Holdings, LLC+			One stop						N/A									15.00%						06/2027						10,063						9,864						0.4						9,861
			Acuity Eyecare Holdings, LLC+			One stop						SF + 6.00%			(m)						7.60%						03/2025						125						113						—						117
			Advanced Pain Management Holdings, Inc.+(7)			Senior loan						P + 3.75%			(d)						8.50%						07/2021						17,062						6,855						—						—
			Advanced Pain Management Holdings, Inc.+(7)			Senior loan						L + 8.50%			(a)						10.17%						07/2021						6,720						6						—						—
			Advanced Pain Management Holdings, Inc.+(7)			Senior loan						P + 3.75%			(d)						8.50%						07/2021						1,164						469						—						—
			Advanced Pain Management Holdings, Inc.+(7)			Senior loan						P + 3.75%			(d)						8.50%						07/2021						869						545						—						—
			AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+			One stop						L + 6.00%			(b)						8.25%						03/2027						4,720						4,683						0.2						4,720
			AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+			One stop						L + 6.00%			(a)						7.67%						03/2027						3,946						3,899						0.2						3,946
			AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+			Subordinated debt						L + 10.50%			(b)						12.75%						03/2028						1,839						1,820						0.1						1,839
			AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+			Subordinated debt						L + 10.50%			(a)						12.17%						03/2028						703						698						—						703
			AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+			Subordinated debt						L + 10.50%			(a)(b)						12.20%						03/2028						107						104						—						107
			AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)			One stop						L + 6.00%									N/A(6)						03/2027						—						(1)						—						—
			AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+			One stop						L + 5.75%			(a)						7.41%						03/2027						68						66						—						66
			Community Care Partners, LLC+			One stop						SF + 5.75%			(l)						7.39%						06/2026						2,355						2,334						0.1						2,334
			Community Care Partners, LLC+(5)			One stop						SF + 5.75%									N/A(6)						06/2026						—						(3)						—						(3)

See Notes to Consolidated Financial Statements.

18

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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)						6.75%						12/2024						$	19,502					$	19,499					0.8			%			$	19,502
			CRH Healthcare Purchaser, Inc.#			Senior loan						L + 4.50%			(b)						6.75%						12/2024						5,211						5,171						0.2						5,211
			CRH Healthcare Purchaser, Inc.#+			Senior loan						L + 4.50%			(b)						6.75%						12/2024						4,122						4,106						0.2						4,122
			CRH Healthcare Purchaser, Inc.+			Senior loan						L + 4.50%			(b)						6.75%						12/2024						3,529						3,500						0.1						3,529
			CRH Healthcare Purchaser, Inc.+(5)			Senior loan						L + 4.50%									N/A(6)						12/2024						—						(2)						—						—
			Datix Bidco Limited+(8)(9)(10)			Senior loan						SN + 4.50%			(j)						6.19%						04/2025						54,171						59,811						2.1						53,088
			Datix Bidco Limited+(8)(9)(10)			Second lien						SN + 7.75%			(j)						9.44%						04/2026						19,222						21,203						0.7						19,030
			Emerge Intermediate, Inc.*#			One stop						SF + 6.00%			(m)						8.20%						05/2024						19,316						19,184						0.7						19,316
			Emerge Intermediate, Inc.+(5)			One stop						SF + 6.00%									N/A(6)						05/2024						—						(2)						—						—
			Emerge Intermediate, Inc.+			One stop						SF + 6.00%			(m)						7.37%						05/2024						1,749						1,736						0.1						1,749
			Encorevet Group LLC+			One stop						L + 6.75%			(b)						9.00%						11/2024						987						981						—						967
			Encorevet Group LLC+			One stop						L + 6.75%			(b)						9.00%						11/2024						621						616						—						608
			Encorevet Group LLC+			One stop						L + 6.75%			(b)						9.04%						11/2024						308						305						—						302
			Encorevet Group LLC+			One stop						L + 6.75%			(b)						9.04%						11/2024						295						292						—						289
			Encorevet Group LLC+			One stop						L + 6.75%			(b)						9.04%						11/2024						267						265						—						261
			Encorevet Group LLC+			Senior loan						L + 6.75%			(b)						9.00%						11/2024						245						244						—						240
			Encorevet Group LLC+			One stop						L + 6.75%			(b)						9.04%						11/2024						163						162						—						160
			Encorevet Group LLC+			Senior loan						L + 6.75%			(b)						9.00%						11/2024						110						110						—						108
			Encorevet Group LLC+			Senior loan						L + 6.75%			(b)						9.00%						11/2024						68						68						—						67
			Encorevet Group LLC+			Senior loan						L + 6.75%			(b)						9.00%						11/2024						57						57						—						56
			Encorevet Group LLC+			One stop						L + 6.75%			(b)						9.04%						11/2024						56						55						—						55
			Encorevet Group LLC+(5)			Senior loan						L + 6.75%									N/A(6)						11/2024						—						—						—						(1)
			Encorevet Group LLC+			One stop						L + 6.75%			(b)						9.00%						11/2024						32						32						—						32
			Encorevet Group LLC+			Senior loan						L + 6.75%			(b)						9.00%						11/2024						10						10						—						10
			Encorevet Group LLC+(5)			One stop						L + 6.75%									N/A(6)						11/2024						—						(1)						—						—
			Encorevet Group LLC+			One stop						L + 6.75%			(b)						9.04%						11/2024						115						114						—						112
			ERC Topco Holdings, LLC+			One stop						L + 5.50%			(a)(b)						6.75%						11/2028						9,511						9,431						0.4						9,416
			ERC Topco Holdings, LLC+(5)			One stop						L + 5.50%									N/A(6)						11/2027						—						(1)						—						(1)
			ERC Topco Holdings, LLC+(5)			One stop						L + 5.50%									N/A(6)						11/2028						—						(3)						—						(3)
			Eyecare Services Partners Holdings LLC+			One stop						L + 9.25%			(b)						3.29% cash/8.25% PIK						05/2023						19,165						19,201						0.5						13,416
			Eyecare Services Partners Holdings LLC*+			One stop						L + 9.25%			(b)						3.29% cash/8.25% PIK						05/2023						8,407						8,450						0.3						5,885
			Eyecare Services Partners Holdings LLC*#			One stop						L + 9.25%			(b)						3.25% cash/8.25% PIK						05/2023						7,363						7,402						0.2						5,153
			Eyecare Services Partners Holdings LLC+			One stop						L + 9.25%			(b)						3.25% cash/8.25% PIK						05/2023						5,419						5,426						0.2						3,793
			Eyecare Services Partners Holdings LLC*+			One stop						L + 9.25%			(b)						3.25% cash/8.25% PIK						05/2023						2,514						2,528						0.1						1,760
			Eyecare Services Partners Holdings LLC*+			One stop						L + 9.25%			(b)						3.25% cash/8.25% PIK						05/2023						1,613						1,621						0.1						1,129
			Eyecare Services Partners Holdings LLC*#			One stop						L + 9.25%			(b)						3.25% cash/8.25% PIK						05/2023						1,193						1,199						—						835
			Eyecare Services Partners Holdings LLC*#			One stop						L + 9.25%			(b)						3.25% cash/8.25% PIK						05/2023						1,051						1,057						—						736
			Eyecare Services Partners Holdings LLC*+			One stop						L + 9.25%			(b)						3.29% cash/8.25% PIK						05/2023						678						681						—						475
			Eyecare Services Partners Holdings LLC+			One stop						L + 9.25%			(b)						3.29% cash/8.25% PIK						05/2023						420						419						—						294
			Eyecare Services Partners Holdings LLC+			One stop						L + 9.25%			(b)						3.29% cash/8.25% PIK						05/2023						726						713						—						255
			Eyecare Services Partners Holdings LLC+			One stop						L + 9.25%			(b)						3.29% cash/8.25% PIK						05/2023						8						1						—						8
			Eyecare Services Partners Holdings LLC+(5)			One stop						L + 9.25%			(b)						3.29% cash/8.25% PIK						05/2023						8						1						—						(239)
			FYI Optical Acquisitions, Inc. & FYI USA, Inc.~(8)(9)(12)			One stop						C + 4.50%			(i)						5.81%						03/2027						12,085						11,545						0.5						11,965

See Notes to Consolidated Financial Statements.

19

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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%			(i)						7.18%						03/2027						$	542					$	545					—			%			$	537
			FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)			One stop						C + 4.50%			(i)						7.18%						03/2027						191						184						—						189
			FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)			One stop						L + 4.50%			(b)						6.75%						03/2027						75						74						—						74
			FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)			One stop						C + 4.50%			(i)						7.18%						03/2027						583						579						—						574
			FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(5)(8)(12)			One stop						SF + 4.50%									N/A(6)						03/2027						—						(1)						—						(1)
			Heartland Veterinary Partners LLC+			Senior loan						L + 4.75%			(b)						5.75%						12/2026						846						839						—						838
			Heartland Veterinary Partners LLC+			Senior loan						L + 4.75%			(b)(c)						6.28%						12/2026						44						42						—						42
			Heartland Veterinary Partners LLC+			Senior loan						L + 4.75%									N/A(6)						12/2026						—						—						—						—
			Klick Inc.+(8)(12)			Senior loan						L + 4.50%			(b)						6.75%						03/2028						10,023						9,940						0.4						10,023
			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)						7.50%						05/2025						2,317						2,310						0.1						2,317
			Krueger-Gilbert Health Physics, LLC+			Senior loan						L + 5.25%									N/A(6)						05/2025						—						—						—						—
			Krueger-Gilbert Health Physics, LLC+			Senior loan						L + 5.25%			(b)						7.50%						05/2025						1,094						1,118						0.1						1,094
			Krueger-Gilbert Health Physics, LLC+			Senior loan						L + 5.25%			(b)						7.50%						05/2025						60						60						—						60
			Krueger-Gilbert Health Physics, LLC+(5)			Senior loan						L + 5.25%									N/A(6)						05/2025						—						(16)						—						—
			Krueger-Gilbert Health Physics, LLC+			Senior loan						L + 5.25%			(b)						7.50%						05/2025						1,863						1,849						0.1						1,863
			New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)			One stop						C + 5.50%			(i)						8.18%						05/2028						19,097						20,025						0.7						18,715
			New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)			One stop						L + 5.50%			(b)						7.75%						05/2028						4,337						4,284						0.2						4,250
			New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)			One stop						L + 5.50%			(b)						7.75%						05/2028						2,823						2,797						0.1						2,767
			New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)			One stop						C + 5.50%			(i)						8.18%						05/2028						577						557						—						530
			New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)			One stop						C + 5.50%			(i)						8.15%						05/2026						60						58						—						57
			New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)			One stop						L + 5.50%			(b)						7.75%						05/2026						60						60						—						60
			New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)			One stop						L + 5.50%			(b)						7.75%						05/2028						15						14						—						13
			New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)			One stop						C + 5.50%			(i)						8.18%						05/2028						1,164						1,190						—						1,141
			Oliver Street Dermatology Holdings, LLC+(7)			One stop						L + 6.25%			(a)						7.92%						07/2022						22,090						17,353						0.7						17,672
			Oliver Street Dermatology Holdings, LLC+(7)			One stop						L + 6.25%			(a)						7.92%						07/2022						2,564						1,858						0.1						2,051
			Oliver Street Dermatology Holdings, LLC+(7)			One stop						L + 6.25%			(a)						7.92%						07/2022						2,430						1,896						0.1						1,943
			Oliver Street Dermatology Holdings, LLC+(7)			One stop						L + 6.25%			(a)						7.92%						07/2022						1,839						1,332						0.1						1,471
			Oliver Street Dermatology Holdings, LLC+(7)			One stop						L + 6.25%			(a)						7.92%						07/2022						1,625						1,177						0.1						1,300
			Oliver Street Dermatology Holdings, LLC+(7)			One stop						L + 6.25%			(a)						7.92%						07/2022						1,414						1,025						0.1						1,132
			Oliver Street Dermatology Holdings, LLC+(7)			One stop						L + 6.25%			(a)						7.92%						07/2022						1,102						798						—						881
			Oliver Street Dermatology Holdings, LLC+(7)			One stop						L + 6.25%			(a)						7.92%						07/2022						955						692						—						764
			Oliver Street Dermatology Holdings, LLC+(7)			One stop						L + 6.25%			(a)						7.92%						07/2022						589						427						—						471
			Oliver Street Dermatology Holdings, LLC+(7)			One stop						L + 6.25%			(a)(d)						7.92%						07/2022						337						264						—						270
			Oliver Street Dermatology Holdings, LLC+(7)			One stop						L + 6.25%			(a)						7.92%						07/2022						112						88						—						89
			Oliver Street Dermatology Holdings, LLC+(7)			One stop						L + 6.25%			(a)						7.92%						07/2022						101						80						—						81
			Oliver Street Dermatology Holdings, LLC+(7)			One stop						L + 6.25%			(a)						7.92%						07/2022						79						62						—						63
			Oliver Street Dermatology Holdings, LLC+(7)			One stop						L + 6.25%			(a)						7.92%						07/2022						73						57						—						58
			Pinnacle Treatment Centers, Inc.#+			One stop						L + 5.75%			(b)						6.99%						01/2023						18,781						18,776						0.7						18,781
			Pinnacle Treatment Centers, Inc.*			One stop						L + 5.75%			(b)						6.99%						01/2023						7,573						7,561						0.3						7,573
			Pinnacle Treatment Centers, Inc.#+			One stop						L + 5.75%			(b)						6.99%						01/2023						1,543						1,543						0.1						1,543
			Pinnacle Treatment Centers, Inc.+			One stop						L + 5.75%			(b)						6.99%						01/2023						697						698						—						697

See Notes to Consolidated Financial Statements.

20

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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)
			Pinnacle Treatment Centers, Inc.+			One stop						L + 5.75%			(b)						6.99%						01/2023						$	184					$	184					—			%			$	184
			Pinnacle Treatment Centers, Inc.+			One stop						L + 5.75%			(b)						6.99%						01/2023						105						105						—						105
			Pinnacle Treatment Centers, Inc.+			One stop						L + 5.75%			(b)						6.99%						01/2023						37						37						—						37
			Pinnacle Treatment Centers, Inc.+			One stop						L + 5.75%			(a)(b)						7.51%						01/2023						127						127						—						127
			PPT Management Holdings, LLC+			One stop						L + 8.50%			(b)						7.00% cash/2.50% PIK						12/2022						25,588						25,324						0.8						21,750
			PPT Management Holdings, LLC+			One stop						L + 8.50%			(b)						7.00% cash/2.50% PIK						12/2022						310						308						—						264
			PPT Management Holdings, LLC+			One stop						L + 10.50%			(b)						7.00% cash/4.50% PIK						12/2022						282						276						—						218
			PPT Management Holdings, LLC+			One stop						L + 8.50%			(b)						7.00% cash/2.50% PIK						12/2022						184						182						—						156
			PPT Management Holdings, LLC+			One stop						L + 8.50%			(b)						7.00% cash/2.50% PIK						12/2022						90						87						—						76
			Suveto Buyer, LLC+			One stop						L + 5.00%			(b)						7.25%						09/2027						18,362						18,131						0.7						17,827
			Suveto Buyer, LLC+			One stop						P + 4.00%			(b)(d)						8.07%						09/2027						50						48						—						46
																																	472,349						452,555						16.1						417,340

See Notes to Consolidated Financial Statements.

21

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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					$	372					—			%			$	374
			Coding Solutions Acquisition, Inc.+			One stop						SF + 5.75%			(l)						6.99%						05/2028						5,248						5,197						0.2						5,143
			Coding Solutions Acquisition, Inc.+(5)			One stop						SF + 5.75%									N/A(6)						05/2028						—						—						—						(1)
			Coding Solutions Acquisition, Inc.+(5)			One stop						SF + 5.75%									N/A(6)						05/2028						—						(8)						—						(16)
			Connexin Software, Inc.+~			One stop						L + 8.50%			(b)						9.79%						02/2024						8,619						8,649						0.4						8,619
			Connexin Software, Inc.+			One stop						L + 8.50%									N/A(6)						02/2024						—						—						—						—
			ESO Solution, Inc.+			One stop						SF + 7.00%			(m)						9.05%						03/2027						7,549						7,489						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						L + 5.75%			(b)						8.00%						08/2026						6,202						6,175						0.2						6,140
			HSI Halo Acquisition, Inc.+			One stop						L + 5.75%			(b)						8.00%						08/2026						2,956						2,924						0.1						2,927
			HSI Halo Acquisition, Inc.+			One stop						L + 5.75%			(b)						8.00%						08/2026						1,947						1,933						0.1						1,928
			HSI Halo Acquisition, Inc.+			One stop						L + 5.75%			(b)						8.00%						08/2026						1,066						1,047						—						1,053
			HSI Halo Acquisition, Inc.+			One stop						L + 5.75%			(b)						8.00%						08/2026						636						632						—						630
			HSI Halo Acquisition, Inc.+			One stop						L + 5.75%			(b)						7.35%						09/2025						13						12						—						12
			HSI Halo Acquisition, Inc.+(5)			One stop						L + 5.75%									N/A(6)						08/2026						—						(1)						—						(1)
			Plasma Buyer LLC+			One stop						SF + 5.75%			(m)						7.80%						05/2029						5,403						5,297						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						—						(14)						—						(14)
			Tebra Technologies, Inc.+			One stop						SF + 8.00%			(l)						6.13% cash/3.50% PIK						06/2025						10,294						10,093						0.4						10,082
			Tebra Technologies, Inc.+			One stop						SF + 8.00%			(l)						6.13% cash/3.50% PIK						06/2025						6,602						6,275						0.2						6,466
			Tebra Technologies, Inc.+			One stop						SF + 8.00%			(l)						6.13% cash/3.50% PIK						06/2025						1,509						1,459						0.1						1,478
			Tebra Technologies, Inc.+			One stop						SF + 8.00%			(l)						6.13% cash/3.50% PIK						06/2025						943						926						—						924
			Tebra Technologies, Inc.+			One stop						SF + 8.00%			(l)						6.13% cash/3.50% PIK						06/2025						755						741						—						739
			Tebra Technologies, Inc.+			One stop						SF + 8.00%			(l)						6.13% cash/3.50% PIK						06/2025						150						148						—						147
			Tebra Technologies, Inc.+			One stop						SF + 8.00%			(l)						6.13% cash/3.50% PIK						06/2025						80						78						—						78
			Tebra Technologies, Inc.+			One stop						SF + 8.00%			(l)						6.13% cash/3.50% PIK						06/2025						1,698						1,667						0.1						1,663
			Tebra Technologies, Inc.+			One stop						SF + 8.00%			(l)						6.13% cash/3.50% PIK						06/2025						10,020						9,479						0.4						9,814
			Tebra Technologies, Inc.+			One stop						SF + 8.00%			(l)						6.13% cash/3.50% PIK						06/2025						1,132						1,111						—						1,108
			Nextech Holdings, LLC+			One stop						L + 5.50%			(b)						6.74%						06/2025						3,941						3,984						0.2						3,901
			Nextech Holdings, LLC+			One stop						L + 5.50%			(b)						6.74%						06/2025						1,923						1,912						0.1						1,903
			Nextech Holdings, LLC+(5)			One stop						L + 5.50%									N/A(6)						06/2025						—						(1)						—						(6)
			Qgenda Intermediate Holdings, LLC+			One stop						L + 5.00%			(b)						7.25%						06/2025						15,006						15,006						0.6						14,706
			Qgenda Intermediate Holdings, LLC#			One stop						L + 5.00%			(b)						7.25%						06/2025						12,225						12,144						0.5						11,981
			Qgenda Intermediate Holdings, LLC+			One stop						L + 5.00%			(b)						7.25%						06/2025						1,458						1,452						0.1						1,429
			Qgenda Intermediate Holdings, LLC#			One stop						L + 5.00%			(b)						7.25%						06/2025						975						975						—						955
			Qgenda Intermediate Holdings, LLC+(5)			One stop						L + 5.00%									N/A(6)						06/2025						—						—						—						(4)
			Transaction Data Systems, Inc.*#+~			One stop						L + 4.50%			(b)						6.75%						02/2026						66,494						65,659						2.5						65,830
			Transaction Data Systems, Inc.+(5)			One stop						L + 4.50%									N/A(6)						02/2026						—						(4)						—						(2)
			Veranex, Inc.+			Senior loan						SF + 4.75%			(m)						5.60%						04/2028						3,186						3,155						0.1						3,154
			Veranex, Inc.+(5)			Senior loan						SF + 4.75%									N/A(6)						04/2028						—						—						—						(1)
			Veranex, Inc.+(5)			Senior loan						SF + 4.75%									N/A(6)						04/2028						—						(1)						—						(1)
																																	178,404						175,960						6.8						175,981

See Notes to Consolidated Financial Statements.

22

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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
			BJH Holdings III Corp.*#+			One stop						L + 4.50%			(a)						6.13%						08/2025						$	50,699					$	51,509					1.9			%			$	49,684
			BJH Holdings III Corp.+			One stop						L + 4.50%			(a)						6.13%						08/2025						60						56						—						44
			CR Fitness Holdings, LLC#~			Senior loan						L + 4.00%			(a)						5.67%						07/2025						1,963						1,971						0.1						1,963
			CR Fitness Holdings, LLC+			Senior loan						L + 4.00%			(a)						5.64%						07/2025						830						827						—						830
			CR Fitness Holdings, LLC+			Senior loan						L + 4.00%			(a)						5.63%						07/2025						74						74						—						74
			Davidson Hotel Company, LLC+			One stop						L + 5.75%			(a)						6.92% cash/0.50% PIK						07/2024						7,114						7,092						0.3						7,043
			Davidson Hotel Company, LLC+			One stop						L + 5.75%			(a)						6.92% cash/0.50% PIK						07/2024						1,094						1,092						—						1,083
			Davidson Hotel Company, LLC+(5)			One stop						L + 5.75%									N/A(6)						07/2024						—						—						—						(2)
			EOS Fitness Opco Holdings, LLC*#+			One stop						SF + 4.75%			(n)						7.58%						01/2026						9,417						9,448						0.4						9,417
			EOS Fitness Opco Holdings, LLC+			One stop						SF + 4.75%			(c)(n)						7.58%						01/2026						898						902						—						898
			EOS Fitness Opco Holdings, LLC+			One stop						SF + 4.75%			(c)(n)						7.58%						01/2026						8						8						—						8
			EOS Fitness Opco Holdings, LLC+(5)			One stop						SF + 4.75%									N/A(6)						01/2026						—						(13)						—						—
			Freddy's Frozen Custard LLC~			One stop						L + 5.00%			(b)						6.83%						03/2027						9,185						9,113						0.4						9,185
			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)						7.40% cash/4.00% PIK						08/2026						796						706						—						792
			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)						—						7
			Health Buyer, LLC+			Senior loan						SF + 5.25%			(n)						7.98%						04/2029						2,604						2,572						0.1						2,571
			Health Buyer, LLC+			Senior loan						SF + 5.25%									N/A(6)						04/2028						—						—						—						—
			SSRG Holdings, LLC+			One stop						SF + 5.25%			(m)						7.45%						11/2025						1,003						992						—						1,003
			SSRG Holdings, LLC+			One stop						SF + 5.25%			(m)						7.45%						11/2025						50						50						—						50
			Tropical Smoothie Cafe Holdings, LLC*#			One stop						SF + 5.50%			(b)(l)(m)						7.01%						09/2026						13,695						13,544						0.6						13,558
			Tropical Smoothie Cafe Holdings, LLC#			One stop						L + 5.50%			(b)(l)						6.80%						09/2026						6,461						6,395						0.2						6,396
			Tropical Smoothie Cafe Holdings, LLC+			One stop						P + 4.50%			(d)(l)						8.16%						09/2026						31						30						—						30
			Tropical Smoothie Cafe Holdings, LLC+			One stop						SF + 5.50%			(m)						7.01%						09/2026						20,000						19,805						0.8						19,800
																																	125,982						126,166						4.8						124,434
			Household Durables
			Groundworks LLC+			Senior loan						L + 5.00%			(a)						6.67%						01/2026						4,626						4,578						0.2						4,626
			Groundworks LLC+			Senior loan						L + 5.00%			(a)						6.67%						01/2026						1,809						1,789						0.1						1,809
			Groundworks LLC+			Senior loan						L + 5.00%			(a)						6.67%						01/2026						1,206						1,195						—						1,206
			Groundworks LLC+			Senior loan						L + 5.00%			(a)						6.67%						01/2026						1,074						1,061						—						1,074
			Groundworks LLC+			Senior loan						L + 5.00%			(a)						6.67%						01/2026						83						82						—						83
			Groundworks LLC+			Senior loan						L + 5.00%									N/A(6)						01/2026						—						—						—						—
			Groundworks LLC+			Senior loan						L + 5.00%			(a)						6.67%						01/2026						16						12						—						16
																																	8,814						8,717						0.3						8,814
			Household Products
			WU Holdco, Inc. #+			One stop						L + 5.50%			(b)(c)						7.67%						03/2026						3,752						3,804						0.1						3,676
			WU Holdco, Inc. +			One stop						L + 5.50%			(b)						7.75%						03/2026						1,322						1,322						0.1						1,295
			WU Holdco, Inc. +			One stop						L + 5.50%			(b)						7.75%						03/2026						343						340						—						336
			WU Holdco, Inc. +			One stop						L + 5.50%			(b)(c)						7.40%						03/2025						26						26						—						26
																																	5,443						5,492						0.2						5,333
			Industrial Conglomerates
			Arch Global CCT Holdings Corp.#+			Senior loan						L + 4.75%			(b)						7.00%						04/2026						2,361						2,410						0.1						2,337
			Arch Global CCT Holdings Corp.+			Senior loan						L + 4.75%			(b)						7.00%						04/2026						135						135						—						134
			Arch Global CCT Holdings Corp.+			Senior loan						L + 4.75%			(b)						7.00%						04/2026						54						54						—						53
			Arch Global CCT Holdings Corp.+			Senior loan						L + 4.75%									N/A(6)						04/2025						—						—						—						—
			Essential Services Holdings Corporation+			One stop						L + 5.75%			(a)(b)						7.12%						11/2026						717						707						—						717
			Essential Services Holdings Corporation+(5)			One stop						L + 5.75%									N/A(6)						11/2025						—						(1)						—						—

See Notes to Consolidated Financial Statements.

23

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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)
			Madison Safety & Flow LLC+			Senior loan						SF + 3.60%			(l)						5.13%						03/2025						$	443					$	443					—			%			$	443
			Madison Safety & Flow LLC+			Senior loan						SF + 3.60%			(l)						5.13%						03/2025						3						3						—						3
			Specialty Measurement Bidco Limited~(8)(9)(10)			One stop						E + 5.75%			(e)						6.75%						11/2027						7,010						7,797						0.3						7,010
			Specialty Measurement Bidco Limited~(8)(10)			One stop						L + 5.75%			(b)						7.30%						11/2027						7,961						7,792						0.3						7,961
			Specialty Measurement Bidco Limited+(5)(8)(9)(10)			One stop						SN + 5.75%									N/A(6)						11/2027						—						(41)						—						—
																																	18,684						19,299						0.7						18,658

See Notes to Consolidated Financial Statements.

24

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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						L + 5.50%			(a)						7.17%						10/2028						$	25,434					$	25,207					1.0			%			$	25,434
			Alera Group, Inc.+			One stop						L + 5.50%			(a)						7.17%						10/2028						6,980						6,883						0.3						6,980
			Alera Group, Inc.+			One stop						L + 5.50%			(a)						7.17%						10/2028						170						166						—						170
			AMBA Buyer, Inc. +			One stop						SF + 5.75%			(n)						6.93%						07/2027						3,197						3,169						0.1						3,197
			AMBA Buyer, Inc. +			One stop						SF + 5.75%									N/A(6)						07/2027						—						—						—						—
			AMBA Buyer, Inc. +			One stop						SF + 5.75%			(n)						6.93%						07/2027						952						948						—						952
			AMBA Buyer, Inc. +			One stop						SF + 5.75%			(n)						6.93%						07/2027						792						784						—						792
			AMBA Buyer, Inc. +			One stop						SF + 5.75%									N/A(6)						07/2027						—						—						—						—
			Captive Resources Midco, LLC*#+~			One stop						L + 5.50%			(a)						7.17%						05/2027						52,638						52,645						2.0						52,638
			Captive Resources Midco, LLC+			One stop						L + 5.50%			(a)						7.17%						05/2027						6,745						6,684						0.3						6,745
			Captive Resources Midco, LLC+(5)			One stop						L + 5.50%									N/A(6)						05/2027						—						(10)						—						—
			Integrity Marketing Acquisition, LLC+			Senior loan						L + 5.50%			(c)						7.58%						08/2025						3,054						3,020						0.1						3,025
			Integrity Marketing Acquisition, LLC+			One stop						L + 5.75%			(c)						7.83%						08/2025						2,427						2,425						0.1						2,421
			Integrity Marketing Acquisition, LLC+			Senior loan						L + 5.75%			(c)						7.79%						08/2025						1,521						1,503						0.1						1,517
			Integrity Marketing Acquisition, LLC+			Senior loan						L + 5.75%			(c)						7.40%						08/2025						776						772						—						774
			Integrity Marketing Acquisition, LLC+			One stop						L + 5.75%			(c)						7.74%						08/2025						469						467						—						468
			Integrity Marketing Acquisition, LLC+			Senior loan						L + 5.75%			(c)						7.07%						08/2025						245						243						—						244
			Integrity Marketing Acquisition, LLC+			One stop						L + 5.75%									N/A(6)						08/2025						—						—						—						—
			Integrity Marketing Acquisition, LLC+			Senior loan						L + 5.50%			(b)(c)						7.66%						08/2025						169						167						—						167
			Integrity Marketing Acquisition, LLC+(5)			One stop						SF + 5.75%									N/A(6)						08/2025						—						(21)						—						(22)
			J.S. Held Holdings, LLC#+			One stop						L + 5.50%			(b)						7.75%						07/2025						6,438						6,417						0.2						6,373
			J.S. Held Holdings, LLC+			One stop						L + 5.50%			(b)						7.75%						07/2025						1,483						1,462						0.1						1,469
			J.S. Held Holdings, LLC+			One stop						SF + 5.50%			(m)						7.70%						07/2025						1,434						1,407						0.1						1,419
			J.S. Held Holdings, LLC+			One stop						P + 4.50%			(d)						9.25%						07/2025						34						31						—						30
			J.S. Held Holdings, LLC+			One stop						SF + 5.50%			(m)						7.70%						07/2025						41						36						—						36
			Keystone Agency Partners LLC+			Senior loan						SF + 6.00%			(m)						8.20%						05/2027						2,857						2,815						0.1						2,814
			Keystone Agency Partners LLC+			Senior loan						SF + 6.00%			(m)						8.20%						05/2027						183						180						—						180
			Keystone Agency Partners LLC+(5)			Senior loan						SF + 6.00%									N/A(6)						05/2027						—						(14)						—						(14)
			Long Term Care Group, Inc.+			One stop						L + 6.00%			(a)						7.25%						09/2027						2,992						2,940						0.1						2,992
			Majesco*#			One stop						L + 7.25%			(b)						9.51%						09/2027						18,799						18,558						0.7						18,799
			Majesco+(5)			One stop						L + 7.25%									N/A(6)						09/2026						—						(2)						—						—
			Norvax, LLC+			Senior loan						L + 6.50%			(b)						8.76%						09/2025						32,867						32,642						1.2						32,210
			Norvax, LLC+			Senior loan						L + 6.50%			(b)						8.76%						09/2025						9,950						9,802						0.4						9,751
			Pareto Health Intermediate Holdings, Inc. +			One stop						L + 4.25%			(c)						7.13%						08/2025						7,244						7,188						0.3						7,171
			Patriot Growth Insurance Services, LLC+			One stop						L + 5.25%			(b)						6.39%						10/2028						9,516						9,431						0.4						9,421
			Patriot Growth Insurance Services, LLC+(5)			One stop						L + 4.25%									N/A(6)						10/2028						—						(1)						—						(1)
			Patriot Growth Insurance Services, LLC+(5)			One stop						L + 5.25%									N/A(6)						10/2028						—						(21)						—						(16)
			People Corporation~(8)(9)(12)			One stop						C + 6.25%			(i)						8.23%						02/2028						14,538						14,556						0.5						14,538
			People Corporation+(8)(9)(12)			One stop						C + 6.25%			(i)						8.23%						02/2028						4,744						4,884						0.2						4,744
			People Corporation+(8)(9)(12)			One stop						C + 5.50%			(i)						7.68%						02/2028						2,958						2,912						0.1						2,564
			People Corporation+(8)(9)(12)			One stop						C + 6.25%			(i)						8.21%						02/2027						112						112						—						111
			RSC Acquisition, Inc.*#+			One stop						L + 5.50%			(b)(m)						6.83%						10/2026						25,701						25,351						1.0						25,444
			RSC Acquisition, Inc.+			One stop						L + 5.50%			(b)(m)						6.71%						10/2026						6,578						6,291						0.3						6,512
			RSC Acquisition, Inc.+			One stop						L + 5.50%			(b)(m)						7.20%						10/2026						1,323						1,311						0.1						1,310
			RSC Acquisition, Inc.+(5)			One stop						SF + 5.50%									N/A(6)						10/2026						—						(1)						—						(1)
			RSC Acquisition, Inc.+(5)			One stop						SF + 5.50%									N/A(6)						10/2026						—						(2)						—						(2)
			RSC Acquisition, Inc.+(5)			One stop						SF + 5.50%									N/A(6)						10/2026						—						(55)						—						(56)
			Sunstar Insurance Group, LLC+			Senior loan						L + 5.75%			(b)						8.00%						10/2026						773						763						—						773

See Notes to Consolidated Financial Statements.

25

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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						L + 5.75%			(b)						8.00%						10/2026						$	392					$	386					—			%			$	392
			Sunstar Insurance Group, LLC+			Senior loan						L + 5.75%			(b)						8.00%						10/2026						407						400						—						407
			Sunstar Insurance Group, LLC+			Senior loan						L + 5.75%									N/A(6)						10/2026						—						—						—						—
			TigerRisk, LLC*+			One stop						L + 4.75%			(b)						7.00%						06/2027						22,719						22,532						0.9						22,719
			TigerRisk, LLC+(5)			One stop						L + 4.75%									N/A(6)						06/2027						—						(1)						—						—
																																	279,652						277,362						10.7						277,591
			Internet & Catalog Retail
			Revalize, Inc.+			One stop						L + 5.75%			(b)						8.00%						04/2027						15,050						14,930						0.6						14,900
			Revalize, Inc.+			One stop						L + 5.75%			(b)						8.00%						04/2027						8,809						8,738						0.3						8,720
			Revalize, Inc.+			One stop						L + 5.75%			(b)						8.00%						04/2027						4,368						4,333						0.2						4,324
			Revalize, Inc.+			One stop						L + 5.75%			(b)						8.00%						04/2027						2,631						2,610						0.1						2,605
			Revalize, Inc.+			One stop						L + 5.75%			(b)						8.00%						04/2027						1,696						1,680						0.1						1,679
			Revalize, Inc.+			One stop						L + 5.75%			(b)						8.00%						04/2027						398						396						—						394
			Revalize, Inc.+			One stop						L + 5.75%			(b)						8.00%						04/2027						143						140						—						140
			Revalize, Inc.+(5)			One stop						L + 5.75%									N/A(6)						04/2027						—						(1)						—						(3)
																																	33,095						32,826						1.3						32,759
			IT Services
			Acquia, Inc.+~			One stop						L + 7.00%			(a)						8.12%						10/2025						9,578						9,504						0.4						9,578
			Acquia, Inc.+			One stop						L + 7.00%			(c)						9.08%						10/2025						7						6						—						7
			Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+			One stop						L + 7.50%			(b)						8.50% cash/1.00% PIK						08/2025						4,696						4,582						0.2						4,770
			Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+			One stop						L + 7.50%									N/A(6)						08/2025						—						—						—						—
			CivicPlus, LLC+			One stop						L + 6.00%			(b)						7.51%						08/2027						6,174						6,106						0.2						6,112
			CivicPlus, LLC+(5)			One stop						L + 6.00%									N/A(6)						08/2027						—						(1)						—						(1)
			CivicPlus, LLC+			One stop						L + 6.25%			(b)						7.94%						08/2027						2,894						2,862						0.1						2,865
			CivicPlus, LLC+			One stop						L + 6.25%			(b)						7.94%						08/2027						3,646						3,610						0.1						3,610
			CivicPlus, LLC+			One stop						SF + 11.75%			(l)						12.93%						06/2034						200						194						—						194
			Cordeagle US Finco, Inc.+			One stop						L + 6.75%			(b)						7.99%						07/2027						5,044						4,956						0.2						5,044
			Cordeagle US Finco, Inc.+(5)			One stop						L + 6.75%									N/A(6)						07/2027						—						(1)						—						—
			Critical Start, Inc.+			One stop						SF + 5.25%			(m)						6.52%						05/2028						3,242						3,210						0.1						3,210
			Critical Start, Inc.+(5)			One stop						SF + 5.25%									N/A(6)						05/2028						—						(1)						—						(1)
			Delinea Inc.+			One stop						L + 5.75%			(a)						7.42%						03/2028						16,623						16,421						0.6						16,456
			Delinea Inc.#			One stop						L + 5.75%			(a)						7.42%						03/2028						9,610						9,490						0.4						9,514
			Delinea Inc.+			One stop						L + 6.00%			(a)						7.67%						03/2027						118						116						—						117
			Episerver, Inc.+			One stop						L + 5.25%			(b)						7.50%						04/2026						21,549						21,299						0.8						21,333
			Episerver, Inc.+~(8)(9)			One stop						E + 5.50%			(e)						5.50%						04/2026						18,829						20,341						0.7						18,641
			Episerver, Inc.#+			One stop						L + 5.25%			(b)						7.50%						04/2026						11,968						12,050						0.5						11,849
			Episerver, Inc.+			One stop						L + 5.25%			(b)						7.50%						04/2026						6,618						6,531						0.3						6,552
			Episerver, Inc.+(5)			One stop						L + 5.25%									N/A(6)						04/2026						—						(3)						—						(5)
			Episerver, Inc.+(5)			One stop						L + 5.25%									N/A(6)						04/2026						—						(3)						—						(5)
			Infinisource, Inc.#+~			One stop						L + 5.25%			(c)						8.13%						10/2026						27,884						27,536						1.1						27,607
			Infinisource, Inc.+			One stop						L + 5.25%			(c)						8.13%						10/2026						8,424						8,351						0.3						8,340
			Infinisource, Inc.+			One stop						L + 5.25%			(c)						8.13%						10/2026						2,032						1,994						0.1						2,011
			Infinisource, Inc.+			One stop						L + 5.25%			(c)						8.13%						10/2026						304						302						—						301
			Infinisource, Inc.+			One stop						L + 5.25%			(c)						8.13%						10/2026						106						105						—						105
			Infinisource, Inc.+(5)			One stop						L + 5.25%									N/A(6)						10/2026						—						(1)						—						(2)
			Infinisource, Inc.+			One stop						L + 5.25%			(b)						6.88%						10/2026						86						75						—						73

See Notes to Consolidated Financial Statements.

26

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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)
			Infinisource, Inc.+			One stop						L + 5.25%			(b)						6.65%						10/2026						$	213					$	211					—			%			$	211
			Netwrix Corporation+			One stop						SF + 5.00%			(m)						6.50%						06/2029						3,158						3,126						0.1						3,127
			Netwrix Corporation+(5)			One stop						SF + 5.00%									N/A(6)						06/2029						—						(2)						—						(2)
			Netwrix Corporation+(5)			One stop						SF + 5.00%									N/A(6)						06/2029						—						(8)						—						(8)
			Netwrix Corporation+(5)			One stop						SF + 5.00%									N/A(6)						06/2029						—						—						—						(3)
			PCS Intermediate II Holdings, LLC~			One stop						L + 5.25%			(a)						6.92%						01/2026						14,238						14,153						0.6						14,238
			PCS Intermediate II Holdings, LLC+			One stop						L + 5.25%			(a)						6.92%						01/2026						2,055						2,039						0.1						2,055
			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)						7.75%						12/2025						730						725						—						715
			Recordxtechnologies, LLC+			One stop						L + 5.50%			(b)						7.75%						12/2025						54						54						—						53
			Recordxtechnologies, LLC+			One stop						L + 5.50%			(b)						7.75%						12/2025						114						113						—						112
			Red Dawn SEI Buyer, Inc.+~(8)(9)			Senior loan						SN + 4.50%			(j)						5.69%						11/2025						21,060						23,536						0.8						20,849
			Red Dawn SEI Buyer, Inc.+			Senior loan						L + 4.50%			(b)						6.75%						11/2025						5,556						5,516						0.2						5,500
			Red Dawn SEI Buyer, Inc.+			Senior loan						L + 4.25%			(b)						6.50%						11/2025						739						734						—						726
			Red Dawn SEI Buyer, Inc.+			Senior loan						L + 4.25%			(b)						6.50%						11/2025						131						131						—						129
			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%			(b)						6.75%						11/2025						30						26						—						26
			ReliaQuest Holdings, LLC+			One stop						SF + 10.75%			(m)						12.86%						10/2026						1,098						1,076						—						1,076
			ReliaQuest Holdings, LLC+			One stop						SF + 10.75%									N/A(6)						10/2026						—						—						—						—
			ReliaQuest Holdings, LLC+(5)			One stop						SF + 10.75%									N/A(6)						10/2026						—						(2)						—						(2)
			Saturn Borrower Inc.+~			One stop						L + 6.50%			(b)						8.75%						09/2026						20,028						19,596						0.8						19,227
			Saturn Borrower Inc.+			One stop						L + 6.50%			(b)						8.70%						09/2026						103						101						—						99
																																	228,939						230,754						8.7						226,401

See Notes to Consolidated Financial Statements.

27

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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 + 6.50%			(c)						8.38% cash/1.00% PIK						09/2024						$	8,649					$	8,682					0.4			%			$	8,649
			WBZ Investment LLC+			One stop						L + 6.50%			(c)						8.38% cash/1.00% PIK						09/2024						1,239						1,234						—						1,239
			WBZ Investment LLC+			One stop						L + 6.50%			(c)						8.38% cash/1.00% PIK						09/2024						861						877						—						861
			WBZ Investment LLC+			One stop						L + 6.50%			(c)						8.38% cash/1.00% PIK						09/2024						443						451						—						443
			WBZ Investment LLC+			One stop						L + 6.50%									N/A(6)						09/2024						—						—						—						—
																																	11,192						11,244						0.4						11,192
			Life Sciences Tools & Services
			Covaris Intermediate 3, LLC+			One stop						L + 5.25%			(b)						6.35%						01/2028						5,924						5,869						0.3						5,924
			Covaris Intermediate 3, LLC+(5)			One stop						L + 5.25%									N/A(6)						01/2028						—						(1)						—						—
			Covaris Intermediate 3, LLC+(5)			One stop						L + 5.25%									N/A(6)						01/2028						—						(3)						—						—
			PAS Parent Inc.*#+			One stop						L + 5.50%			(b)						7.75%						12/2028						33,624						32,995						1.3						32,617
			PAS Parent Inc.+			One stop						L + 5.50%			(b)						7.75%						12/2027						51						43						—						42
			PAS Parent Inc.+(5)			One stop						SF + 5.50%									N/A(6)						12/2028						—						(5)						—						(13)
			Reaction Biology Corporation+			One stop						SF + 5.25%			(m)						7.45%						03/2029						8,043						7,966						0.3						8,043
			Reaction Biology Corporation+(5)			One stop						SF + 5.25%									N/A(6)						03/2029						—						(1)						—						—
			Reaction Biology Corporation+			One stop						SF + 5.25%			(m)						7.45%						03/2029						60						55						—						60
			Unchained Labs, LLC+			Senior loan						L + 5.50%			(a)						7.17%						08/2027						846						831						—						846
			Unchained Labs, LLC+			Senior loan						L + 5.50%									N/A(6)						08/2027						—						—						—						—
			Unchained Labs, LLC+			Senior loan						L + 5.50%			(a)						7.17%						08/2027						1,001						973						—						1,001
																																	49,549						48,722						1.9						48,520
			Machinery
			Bad Boy Mowers Acquisition, LLC+			Senior loan						L + 4.25%			(b)						5.88%						03/2028						1,866						1,862						0.1						1,866
			Blackbird Purchaser, Inc. *+~			Senior loan						L + 4.50%			(a)						6.17%						04/2026						19,134						19,262						0.7						18,942
			Blackbird Purchaser, Inc. +			Senior loan						L + 4.50%			(a)						6.17%						10/2025						98						97						—						96
			Blackbird Purchaser, Inc. +(5)			Senior loan						L + 4.50%									N/A(6)						04/2026						—						(3)						—						(3)
			Chase Industries, Inc.+~(7)			Senior loan						L + 7.00%			(c)						9.88%						05/2025						12,059						12,128						0.3						7,839
			Chase Industries, Inc.+(7)			Senior loan						L + 7.00%			(b)						9.88%						05/2025						985						1,007						—						641
			Chase Industries, Inc.+(7)			Senior loan						L + 7.00%			(c)						9.44%						05/2025						350						350						—						224
																																	34,492						34,703						1.1						29,605
			Marine
			Project Nike Purchaser, LLC+			One stop						SF + 6.00%			(m)						6.85%						04/2029						19,000						18,815						0.7						18,810
			Project Nike Purchaser, LLC+(5)			One stop						SF + 6.00%									N/A(6)						04/2029						—						(2)						—						(3)
			Project Nike Purchaser, LLC+(5)			One stop						SF + 6.00%									N/A(6)						04/2029						—						(7)						—						(8)
																																	19,000						18,806						0.7						18,799
			Media
			Triple Lift, Inc.+			One stop						SF + 5.75%			(k)						7.44%						05/2028						5,357						5,267						0.2						5,303
			Triple Lift, Inc.+			One stop						SF + 5.75%			(k)						7.23%						05/2028						1,136						1,114						—						1,124
			Triple Lift, Inc.+			One stop						SF + 5.75%			(k)						7.44%						05/2028						27						26						—						27
																																	6,520						6,407						0.2						6,454
			Multiline Retail
			Mills Fleet Farm Group LLC*#+~			One stop						L + 6.25%			(a)						7.92%						10/2024						45,213						45,158						1.7						45,213
			Oil, Gas & Consumable Fuels
			3ES Innovation, Inc.*+~(8)(12)			One stop						L + 6.75%			(b)						8.20%						05/2025						20,471						20,561						0.8						20,471
			3ES Innovation, Inc.+(8)(12)			One stop						L + 6.75%			(b)						8.44%						05/2025						80						79						—						80
			Envernus, Inc.*#+~			Senior loan						L + 4.25%			(a)						5.92%						07/2025						37,161						37,469						1.4						36,161

See Notes to Consolidated Financial Statements.

28

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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)
			Envernus, Inc.~			Senior loan						L + 4.50%			(a)						6.17%						07/2025						$	17,037					$	16,761					0.6			%			$	16,696
			Envernus, Inc.+(5)			Senior loan						L + 4.25%									N/A(6)						09/2024						—						(2)						—						(6)
			Envernus, Inc.+(5)			Senior loan						L + 4.50%									N/A(6)						09/2024						—						(5)						—						(4)
			Project Power Buyer, LLC*#+			One stop						L + 6.00%			(b)						8.26%						05/2026						15,504						15,606						0.6						15,504
			Project Power Buyer, LLC+			One stop						L + 6.00%									N/A(6)						05/2025						—						—						—						—
																																	90,253						90,469						3.4						88,902
			Paper & Forest Products
			Messenger, LLC+			One stop						SF + 5.75%			(l)						7.38%						12/2027						10,202						10,107						0.4						10,202
			Messenger, LLC+			One stop						L + 5.75%			(b)						7.44%						12/2027						100						99						—						100
			Messenger, LLC+			One stop						P + 4.75%			(d)						9.50%						12/2027						16						15						—						16
			Messenger, LLC+			One stop						SF + 5.75%			(l)						7.38%						12/2027						50						50						—						50
																																	10,368						10,271						0.4						10,368
			Personal Products
			IMPLUS Footwear, LLC+~			One stop						L + 8.00%			(b)						10.00% cash/0.25% PIK						04/2024						30,521						30,739						1.1						28,384
			IMPLUS Footwear, LLC+~			One stop						L + 8.00%			(b)						10.00% cash/0.25% PIK						04/2024						5,212						5,250						0.2						4,848
			IMPLUS Footwear, LLC*+			One stop						L + 8.00%			(b)						10.00% cash/0.25% PIK						04/2024						751						764						—						699
																																	36,484						36,753						1.3						33,931

See Notes to Consolidated Financial Statements.

29

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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.*#+			Senior loan						L + 5.50%			(a)						7.17%						02/2026						$	25,553					$	25,334					1.0			%			$	25,296
			Amalthea Parent, Inc.*#+(8)(12)			One stop						L + 4.75%			(a)						6.42%						03/2027						57,391						56,847						2.2						57,391
			Amalthea Parent, Inc.+(5)(8)(12)			One stop						SF + 4.75%									N/A(6)						03/2027						—						(3)						—						—
			Amalthea Parent, Inc.+(5)(8)(12)			One stop						SF + 4.75%									N/A(6)						03/2027						—						(25)						—						—
			Amalthea Parent, Inc.+(5)(8)(12)			One stop						SF + 4.75%									N/A(6)						03/2027						—						(3)						—						—
			Apothecary Products, LLC+			Senior loan						SF + 5.00%			(m)						6.00%						07/2023						2,891						2,931						0.1						2,862
			Apothecary Products, LLC+			Senior loan						SF + 5.00%			(m)(n)						5.85%						07/2023						208						208						—						201
			Caerus Midco 3 S.A.R.L.+(8)(13)			One stop						SF + 5.50%			(n)						7.25%						05/2029						17,179						16,840						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)						—						(26)
			Cobalt Buyer Sub, Inc.+			One stop						L + 5.25%			(a)						6.92%						10/2028						10,654						10,464						0.4						10,654
			Cobalt Buyer Sub, Inc.+			One stop						L + 5.25%			(a)						6.89%						10/2027						36						34						—						36
			Cobalt Buyer Sub, Inc.+(5)			One stop						L + 5.25%									N/A(6)						10/2028						—						(32)						—						—
			Spark Bidco Limited+(8)(9)(10)			Senior loan						SN + 4.75%			(j)						5.94%						08/2028						23,866						26,616						0.9						23,866
			Spark Bidco Limited+(5)(8)(9)(10)			Senior loan						SN + 4.75%									N/A(6)						02/2028						—						(2)						—						—
			Spark Bidco Limited+(8)(9)(10)			Senior loan						SN + 4.75%			(j)						5.94%						08/2028						2,893						3,000						0.1						2,893
																																	140,671						142,179						5.4						140,003
			Professional Services
			Citrin Cooperman Advisors LLC+(5)			One stop						SF + 5.00%									N/A(6)						10/2027						—						(53)						—						(54)
			DISA Holdings Acquisition Subsidiary Corp.+~			Senior loan						L + 4.25%			(a)						5.31%						12/2022						8,201						8,193						0.3						8,201
			DISA Holdings Acquisition Subsidiary Corp.+(5)			Senior loan						L + 4.25%									N/A(6)						12/2022						—						(19)						—						—
			Eliassen Group, LLC+			One stop						SF + 5.75%			(m)						7.80%						04/2028						1,444						1,430						0.1						1,430
			Eliassen Group, LLC+			One stop						SF + 5.75%									N/A(6)						04/2028						—						—						—						—
			Filevine, Inc.+			One stop						SF + 6.50%			(n)						5.42% cash/2.50% PIK						04/2027						5,234						5,163						0.2						5,148
			Filevine, Inc.+			One stop						SF + 6.50%									N/A(6)						04/2027						—						—						—						—
			IG Investments Holdings, LLC+			One stop						L + 6.00%			(b)						8.25%						09/2028						7,111						6,989						0.3						7,111
			IG Investments Holdings, LLC+			One stop						P + 5.00%			(d)						9.75%						09/2027						12						11						—						12
			NBG Acquisition Corp. and NBG-P Acquisition Corp.+			One stop						L + 5.25%			(b)						6.49%						11/2028						7,501						7,450						0.3						7,445
			NBG Acquisition Corp. and NBG-P Acquisition Corp.+			One stop						L + 5.25%			(b)						6.62%						11/2028						42						40						—						40
			NBG Acquisition Corp. and NBG-P Acquisition Corp.+			One stop						L + 5.25%			(a)						6.90%						11/2028						111						95						—						94
			NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5)			One stop						L + 5.25%									N/A(6)						11/2028						—						(18)						—						(19)
			NBG Acquisition Corp. and NBG-P Acquisition Corp.+			One stop						L + 5.25%									N/A(6)						11/2028						—						—						—						—
			Net Health Acquisition Corp.+			One stop						L + 5.75%			(a)						7.42%						12/2025						13,269						13,173						0.5						13,269
			Net Health Acquisition Corp.*#			One stop						L + 5.75%			(a)						7.42%						12/2025						8,400						8,405						0.3						8,400
			Net Health Acquisition Corp.+~			One stop						L + 5.75%			(a)						7.42%						12/2025						6,724						6,760						0.3						6,724
			Net Health Acquisition Corp.#			One stop						L + 5.75%			(a)						7.42%						12/2025						4,248						4,206						0.2						4,248
			Net Health Acquisition Corp.*#			One stop						L + 5.75%			(a)						7.42%						12/2025						1,174						1,174						—						1,174
			Net Health Acquisition Corp.+(5)			One stop						L + 5.75%									N/A(6)						12/2025						—						(2)						—						—
			PlanSource Holdings, Inc. +~			One stop						L + 6.25%			(c)						7.25%						04/2025						11,416						11,470						0.4						11,416
			PlanSource Holdings, Inc. +			One stop						L + 6.25%			(c)						7.25%						04/2025						1,932						1,919						0.1						1,932
			PlanSource Holdings, Inc. +			One stop						L + 6.25%			(c)						7.25%						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)						4.75% cash/3.75% PIK						12/2027						3,910						3,875						0.1						3,832
			ProcessMAP Corporation+(5)			One stop						L + 6.00%									N/A(6)						12/2027						—						—						—						(1)
			Procure Acquireco, Inc.#+			One stop						L + 5.50%			(c)						8.25%						12/2028						17,678						17,514						0.7						17,678
			Procure Acquireco, Inc.+(5)			One stop						L + 5.50%									N/A(6)						12/2028						—						(1)						—						—

See Notes to Consolidated Financial Statements.

30

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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 + 5.50%									N/A(6)						12/2028						$	—					$	(3)					—			%			$	—
			Teaching Company, The*#+			One stop						L + 4.75%			(b)						6.16%						07/2023						17,507						17,572						0.7						17,334
			Teaching Company, The+(5)			One stop						L + 4.75%									N/A(6)						07/2023						—						—						—						(2)
																																	116,053						115,480						4.5						115,551

%

			Real Estate Management & Development
			Inhabit IQ Inc.+			One stop						L + 6.00%			(b)						7.57%						07/2025						21,806						21,635						0.8						21,806
			Inhabit IQ Inc.#+			One stop						L + 6.00%			(b)						7.57%						07/2025						19,487						19,540						0.8						19,487
			Inhabit IQ Inc.+~			One stop						L + 6.00%			(b)						7.57%						07/2025						13,426						13,296						0.5						13,426
			Inhabit IQ Inc.+			One stop						L + 6.00%			(b)						7.57%						07/2025						12,398						12,301						0.5						12,398
			Inhabit IQ Inc.*#			One stop						L + 6.00%			(b)						7.57%						07/2025						6,534						6,573						0.3						6,534
			Inhabit IQ Inc.+~			One stop						L + 6.00%			(b)						7.57%						07/2025						3,185						3,229						0.1						3,185
			Inhabit IQ Inc.#+			One stop						L + 6.00%			(b)						7.57%						07/2025						1,398						1,417						0.1						1,398
			Inhabit IQ Inc.#+			One stop						L + 6.00%			(b)						7.57%						07/2025						1,184						1,200						—						1,184
			Inhabit IQ Inc.#+			One stop						L + 6.00%			(b)						7.57%						07/2025						1,167						1,183						—						1,167
			Inhabit IQ Inc.+			One stop						L + 6.00%			(b)						7.57%						07/2025						934						929						—						934
			Inhabit IQ Inc.+			One stop						L + 6.00%			(b)						7.57%						07/2025						492						499						—						492
			Inhabit IQ Inc.+(5)			One stop						L + 6.00%									N/A(6)						07/2025						—						(1)						—						—
			MRI Software LLC*+			One stop						L + 5.50%			(b)						7.75%						02/2026						14,397						14,311						0.6						14,397
			MRI Software LLC+			One stop						L + 5.50%			(b)						7.75%						02/2026						4,751						4,701						0.2						4,751
			MRI Software LLC+(5)			One stop						L + 5.50%									N/A(6)						02/2026						—						(2)						—						—
			MRI Software LLC+(5)			One stop						L + 5.50%									N/A(6)						02/2026						—						(2)						—						—
			RPL Bidco Limited+(8)(9)(10)			One stop						SN + 5.75%			(j)						6.94%						08/2028						17,778						20,030						0.7						17,422
			RPL Bidco Limited+(8)(9)(10)			One stop						A + 5.75%			(g)						5.78%						08/2028						2,060						2,170						0.1						2,019
			RPL Bidco Limited+(5)(8)(9)(10)			One stop						SN + 5.75%									N/A(6)						02/2028						—						—						—						(1)
																																	120,997						123,009						4.7						120,599
			Road & Rail
			Channelside Acquisitona Co, Inc.+			One stop						L + 5.50%			(b)						7.75%						07/2028						4,252						4,161						0.2						4,209
			Channelside Acquisitona Co, Inc.+			One stop						L + 5.50%			(a)						7.04%						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)						7.76%						04/2025						21,875						22,184						0.8						21,657
			Internet Truckstop Group LLC+			One stop						L + 5.50%			(b)						7.76%						04/2025						9,579						9,481						0.4						9,483
			Internet Truckstop Group LLC+(5)			One stop						L + 5.50%									N/A(6)						04/2025						—						(2)						—						(2)
																																	35,711						35,828						1.4						35,352

See Notes to Consolidated Financial Statements.

31

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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)						4.92% cash/4.25% PIK						09/2024						$	4,655					$	4,638					0.2			%			$	4,655
			Accela, Inc.+			One stop						L + 7.50%			(a)						4.92% cash/4.25% PIK						09/2024						277						274						—						277
			Accela, Inc.+			One stop						L + 7.00%			(a)						8.67%						09/2024						40						40						—						40
			AgKnowledge Holdings Company, Inc.+			Senior loan						L + 4.75%			(c)						6.25%						07/2023						118						116						—						116
			Anaplan, Inc.+			One stop						SF + 6.50%			(l)						8.01%						06/2029						9,840						9,742						0.4						9,742
			Anaplan, Inc.+(5)			One stop						SF + 6.50%									N/A(6)						06/2028						—						(2)						—						(2)
			Appfire Technologies, LLC#+			One stop						SF + 5.50%			(m)						7.70%						03/2027						35,861						35,415						1.4						35,592
			Appfire Technologies, LLC+			One stop						SF + 5.50%			(m)						7.70%						03/2027						14						10						—						11
			Appfire Technologies, LLC+(5)			One stop						SF + 5.50%									N/A(6)						03/2027						—						(10)						—						(15)
			Appfire Technologies, LLC+(5)			One stop						SF + 5.50%									N/A(6)						03/2027						—						(41)						—						(41)
			Apptio, Inc. +~			One stop						L + 6.00%			(a)						7.25%						01/2025						57,010						57,431						2.2						57,010
			Apptio, Inc. +			One stop						L + 6.00%			(a)						7.25%						01/2025						76						76						—						76
			Aras Corporation+			One stop						L + 7.00%			(b)						4.27% cash/3.75% PIK						04/2027						14,027						13,916						0.5						14,027
			Aras Corporation+(5)			One stop						L + 6.50%									N/A(6)						04/2027						—						(1)						—						—
			Armstrong Bidco Limited+(8)(9)(10)			One stop						SN + 5.75%			(j)						6.94%						06/2029						3,487						3,491						0.1						3,400
			Armstrong Bidco Limited+(8)(9)(10)			One stop						SN + 5.75%									N/A(6)						06/2029						—						—						—						—
			Auvik Networks Inc.+(8)(12)			One stop						L + 5.75%			(b)						4.24% cash/2.75% PIK						07/2027						6,985						6,927						0.3						6,809
			Auvik Networks Inc.+(5)(8)(12)			One stop						L + 5.50%									N/A(6)						07/2027						—						(1)						—						(2)
			Auvik Networks Inc.+(8)(12)			One stop						SF + 6.25%			(m)						4.83% cash/3.25% PIK						07/2027						1,246						1,234						—						1,234
			Axiom Merger Sub Inc.+~			One stop						L + 5.50%			(b)(c)						7.06%						04/2026						5,744						5,770						0.2						5,744
			Axiom Merger Sub Inc.+~(8)(9)			One stop						E + 5.75%			(e)(f)						5.75%						04/2026						2,224						2,380						0.1						2,224
			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%			(c)						6.50%						04/2026						12						11						—						12
			Axiom Merger Sub Inc.+(5)			One stop						L + 5.50%									N/A(6)						10/2025						—						(1)						—						—
			Bayshore Intermediate #2, L.P.+			One stop						L + 7.75%			(a)						8.87%						10/2028						63,473						62,269						2.5						63,473
			Bayshore Intermediate #2, L.P.+(5)			One stop						L + 6.75%									N/A(6)						10/2027						—						(3)						—						—
			Bearcat Buyer, Inc.+~			Senior loan						L + 4.25%			(b)						6.50%						07/2026						2,876						2,892						0.1						2,876
			Bearcat Buyer, Inc.+			Senior loan						L + 4.25%			(b)						6.50%						07/2026						513						513						—						513
			Bearcat Buyer, Inc.~			Senior loan						L + 4.25%			(b)						6.50%						07/2026						304						302						—						304
			Bearcat Buyer, Inc.+			Senior loan						L + 4.25%									N/A(6)						07/2024						—						—						—						—
			Bottomline Technologies, Inc.+			One stop						SF + 5.50%			(l)						6.74%						05/2029						28,163						27,610						1.1						27,600
			Bottomline Technologies, Inc.+(5)			One stop						SF + 5.50%									N/A(6)						05/2028						—						(4)						—						(4)
			Bullhorn, Inc.*#+~			One stop						L + 5.75%			(b)						8.00%						09/2026						66,116						65,329						2.6						66,116
			Bullhorn, Inc.+(8)(9)			One stop						SN + 6.00%			(j)						7.19%						09/2026						11,675						11,656						0.5						11,675
			Bullhorn, Inc.+(8)(9)			One stop						E + 5.75%			(e)						5.75%						09/2026						4,541						4,680						0.2						4,541
			Bullhorn, Inc.+			One stop						L + 5.75%			(b)						8.00%						09/2026						214						212						—						214
			Bullhorn, Inc.+			One stop						L + 5.75%			(b)						8.00%						09/2026						96						95						—						96
			Bullhorn, Inc.+			One stop						L + 5.75%			(b)						8.00%						09/2026						77						76						—						77
			Bullhorn, Inc.+(5)			One stop						L + 5.75%									N/A(6)						09/2026						—						(3)						—						—
			Burning Glass Intermediate Holdings Company, Inc.#+			One stop						L + 5.00%			(a)						6.67%						06/2028						9,844						9,676						0.4						9,844
			Burning Glass Intermediate Holdings Company, Inc.+			One stop						L + 5.00%			(a)(b)						6.43%						06/2026						42						40						—						42
			Calabrio, Inc. +			One stop						L + 7.00%			(b)						9.25%						04/2027						53,683						53,039						2.1						53,683
			Calabrio, Inc. +(5)			One stop						L + 7.00%									N/A(6)						04/2027						—						(4)						—						—
			Community Brands Parentco LLC+			One stop						SF + 5.75%			(l)						7.38%						02/2028						14,230						13,962						0.5						14,088
			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)						—						(1)
			Bonterra LLC+			One stop						L + 6.50%			(b)						8.75%						09/2027						63,832						63,001						2.5						63,832
			Bonterra LLC+			One stop						L + 6.50%			(b)						8.75%						09/2027						122						119						—						122

See Notes to Consolidated Financial Statements.

32

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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)
			Bonterra LLC+(5)			One stop						L + 6.50%									N/A(6)						09/2027						$	—					$	(37)					—			%			$	—
			Daxko Acquisition Corporation+			One stop						L + 5.50%			(a)						7.17%						10/2028						27,780						27,530						1.1						27,224
			Daxko Acquisition Corporation+(5)			One stop						L + 5.50%									N/A(6)						10/2028						—						(10)						—						(22)
			Daxko Acquisition Corporation+(5)			One stop						L + 5.50%									N/A(6)						10/2027						—						(2)						—						(3)
			Daxko Acquisition Corporation+			One stop						L + 5.50%			(a)						7.17%						10/2028						2,343						2,312						0.1						2,296
			Diligent Corporation*#+~			One stop						L + 6.25%			(b)(c)						9.13%						08/2025						86,513						86,436						3.3						86,513
			Diligent Corporation+			One stop						L + 5.75%			(b)(c)						8.63%						08/2025						5,979						5,937						0.2						5,900
			Diligent Corporation+			One stop						L + 6.25%			(c)						8.49%						08/2025						162						161						—						162
			Dragon UK Bidco Limited+(8)(9)(10)			One stop						SN + 6.00%			(j)						7.19%						02/2029						14,105						15,058						0.5						13,965
			Dragon UK Bidco Limited+(5)(8)(9)(10)			One stop						SN + 6.00%									N/A(6)						02/2029						—						—						—						(1)
			Dragon UK Bidco Limited+(8)(9)(10)			One stop						C + 6.00%			(i)						6.00%						02/2029						297						297						—						295
			FirstUp, Inc+			One stop						L + 6.75%			(b)						5.50% cash/3.50% PIK						07/2027						8,837						8,765						0.3						8,837
			FirstUp, Inc+(5)			One stop						L + 6.25%									N/A(6)						07/2027						—						(1)						—						—
			Gainsight, Inc.+			One stop						L + 6.75%			(b)						7.99% PIK						07/2027						9,751						9,611						0.4						9,751
			Gainsight, Inc.+(5)			One stop						L + 6.75%									N/A(6)						07/2027						—						(2)						—						—
			GS Acquisitionco, Inc.*#+~			One stop						L + 5.75%			(b)(c)						7.26%						05/2026						83,928						84,187						3.2						83,088
			GS Acquisitionco, Inc.+			One stop						L + 5.75%			(c)						8.63%						05/2026						66						64						—						64
			GS Acquisitionco, Inc.+(5)			One stop						L + 5.75%									N/A(6)						05/2026						—						(6)						—						(26)
			GTIV, LLC+			One stop						SF + 5.50%			(n)						6.25%						02/2029						74,401						73,698						2.8						73,657
			GTIV, LLC+(5)			One stop						SF + 5.50%									N/A(6)						02/2029						—						(2)						—						(3)
			ICIMS, Inc.+~			One stop						L + 6.50%			(b)						7.72%						09/2024						14,355						14,512						0.6						14,355
			ICIMS, Inc.+~			One stop						L + 6.50%			(b)						7.72%						09/2024						4,501						4,493						0.2						4,501
			ICIMS, Inc.~			One stop						L + 6.50%			(b)						7.72%						09/2024						2,706						2,691						0.1						2,706
			ICIMS, Inc.+			One stop						L + 6.50%			(b)						7.72%						09/2024						88						88						—						88
			IQN Holding Corp. #+			One stop						SF + 5.50%			(m)						6.90%						05/2029						14,682						14,538						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						—						(32)						—						(1)
			Juvare, LLC*			One stop						L + 5.75%			(b)						8.00%						10/2026						7,526						7,459						0.3						7,526
			Juvare, LLC+			One stop						L + 5.75%			(b)						8.00%						10/2026						1,737						1,721						0.1						1,737
			Juvare, LLC+			One stop						L + 5.75%			(b)						7.98%						04/2026						35						34						—						35
			Juvare, LLC+			One stop						L + 5.75%			(b)						7.08%						10/2026						548						524						—						548
			Kaseya Inc.+			One stop						SF + 5.75%			(n)						8.29%						06/2029						9,178						9,039						0.4						9,086
			Kaseya Inc.+(5)			One stop						SF + 5.75%									N/A(6)						06/2029						—						(3)						—						(3)
			Kaseya Inc.+(5)			One stop						SF + 5.75%									N/A(6)						06/2029						—						(6)						—						(6)
			Mindbody, Inc.+~			One stop						L + 8.50%			(c)						8.38% cash/1.50% PIK						02/2025						49,900						50,373						1.9						49,900
			Mindbody, Inc.+			One stop						L + 8.50%			(c)						8.38% cash/1.50% PIK						02/2025						5,588						5,544						0.2						5,588
			Mindbody, Inc.+(5)			One stop						L + 8.50%									N/A(6)						02/2025						—						(1)						—						—
			Ministry Brands Holdings LLC+			One stop						L + 5.50%			(b)						7.75%						12/2028						22,036						21,832						0.8						21,595
			Ministry Brands Holdings LLC+(5)			One stop						L + 5.50%									N/A(6)						12/2027						—						(2)						—						(3)
			Ministry Brands Holdings LLC+(5)			One stop						L + 5.50%									N/A(6)						12/2028						—						(6)						—						(12)
			Namely, Inc.+~			One stop						L + 8.50%			(b)						8.25% cash/2.25% PIK						06/2024						3,694						3,603						0.2						3,694
			Namely, Inc.+			One stop						L + 8.50%			(b)						8.50% cash/2.25% PIK						06/2024						2,098						2,031						0.1						2,098
			Namely, Inc.+			One stop						L + 8.50%			(b)						8.25% cash/2.25% PIK						06/2024						72						72						—						72
			Neo Bidco GMBH+(8)(9)(13)			One stop						E + 6.00%			(e)						6.00%						07/2028						6,852						7,629						0.3						6,852
			Neo Bidco GMBH+(8)(9)(13)			One stop						E + 6.00%									N/A(6)						01/2028						—						—						—						—
			Neo Bidco GMBH+(8)(13)			One stop						L + 6.00%			(b)						8.23%						01/2028						30						30						—						30
			Newscycle Solutions, Inc.+			Senior loan						L + 7.00%			(b)						9.25%						12/2022						110						108						—						110
			PDI TA Holdings, Inc.+			One stop						L + 4.50%			(b)						5.54%						10/2024						8,430						8,341						0.3						8,262

See Notes to Consolidated Financial Statements.

33

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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.+			Second lien						L + 8.50%			(b)						9.57%						10/2025						$	3,424					$	3,371					0.1			%			$	3,355
			PDI TA Holdings, Inc.+			One stop						L + 4.50%			(b)(c)						5.54%						10/2024						1,121						1,117						—						1,099
			PDI TA Holdings, Inc.+			One stop						L + 4.50%			(b)						5.54%						10/2024						692						686						—						678
			PDI TA Holdings, Inc.+			Second lien						L + 8.50%			(c)						9.50%						10/2025						640						636						—						628
			PDI TA Holdings, Inc.+			Second lien						L + 8.50%			(b)(c)						9.54%						10/2025						377						375						—						369
			PDI TA Holdings, Inc.+(8)(9)			One stop						SN + 4.50%			(j)						5.69%						10/2024						84						93						—						83
			PDI TA Holdings, Inc.+			One stop						L + 4.50%			(b)						5.54%						10/2024						41						40						—						38
			Personify, Inc.*#+			One stop						L + 5.25%			(b)						7.50%						09/2024						13,762						13,907						0.5						13,762
			Personify, Inc.#			One stop						L + 5.25%			(b)						7.50%						09/2024						8,195						8,142						0.3						8,195
			Personify, Inc.+			One stop						L + 5.25%									N/A(6)						09/2024						—						—						—						—
			Pluralsight, LLC+			One stop						L + 8.00%			(c)						9.49%						03/2027						23,748						23,557						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)						8.25%						09/2028						4,221						4,183						0.2						4,221
			ProcessUnity Holdings, LLC+			One stop						L + 6.00%			(a)						7.63%						09/2028						14						13						—						14
			ProcessUnity Holdings, LLC+(5)			One stop						L + 6.00%									N/A(6)						09/2028						—						(8)						—						—
			Pyramid Healthcare Acquisition Corp.#+			One stop						L + 4.75%			(c)						5.75%						05/2027						18,418						18,269						0.7						18,418
			Pyramid Healthcare Acquisition Corp.+			One stop						L + 4.75%			(c)						5.75%						05/2027						875						868						—						875
			Pyramid Healthcare Acquisition Corp.+			One stop						L + 4.75%			(c)						5.75%						05/2027						541						536						—						541
			Pyramid Healthcare Acquisition Corp.+			One stop						L + 4.75%			(c)						5.75%						05/2027						180						178						—						180
			Pyramid Healthcare Acquisition Corp.+			One stop						L + 4.75%			(a)						6.42%						05/2027						158						157						—						158
			Pyramid Healthcare Acquisition Corp.+			One stop						L + 4.75%			(b)						7.00%						05/2027						148						147						—						148
			Pyramid Healthcare Acquisition Corp.+			One stop						L + 4.75%			(c)						5.75%						05/2027						148						147						—						148
			Pyramid Healthcare Acquisition Corp.+			One stop						L + 4.75%			(c)						6.25%						05/2027						101						66						—						101
			Pyramid Healthcare Acquisition Corp.+			One stop						L + 4.75%			(b)						5.99%						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)						7.67%						11/2027						9,512						9,427						0.4						9,512
			QAD, Inc.+(5)			One stop						L + 6.00%									N/A(6)						11/2027						—						(4)						—						—
			Quant Buyer, Inc.+			One stop						SF + 5.25%			(m)						6.68%						06/2029						2,491						2,467						0.1						2,466
			Quant Buyer, Inc.+			One stop						SF + 5.25%			(m)						6.72%						06/2029						498						469						—						469
			Quant Buyer, Inc.+(5)			One stop						SF + 5.25%									N/A(6)						06/2029						—						(1)						—						(2)
			RegEd Aquireco, LLC+			Senior loan						L + 4.25%			(a)						5.92%						12/2024						11,213						11,216						0.4						10,988
			RegEd Aquireco, LLC+			Senior loan						P + 3.25%			(a)(d)						7.09%						12/2024						210						209						—						204
			Riskonnect Parent, LLC*+			One stop						L + 5.50%			(c)						6.30%						12/2028						9,261						9,177						0.4						9,169
			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						—						(3)						—						(3)
			Rodeo Buyer Company & Absorb Software Inc.+			One stop						L + 6.25%			(a)						7.92%						05/2027						4,541						4,504						0.2						4,541
			Rodeo Buyer Company & Absorb Software Inc.+(5)			One stop						L + 6.25%									N/A(6)						05/2027						—						(1)						—						—
			Sapphire Bidco Oy+(8)(9)(10)			One stop						E + 6.00%									N/A(6)						04/2029						—						—						—						—
			Sapphire Bidco Oy+(8)(9)(10)			One stop						E + 6.00%									N/A(6)						04/2029						—						—						—						—
			Sonatype, Inc.+			One stop						SF + 6.75%			(n)						7.75%						12/2025						40,459						40,192						1.6						40,459
			Sonatype, Inc.+			One stop						SF + 6.75%			(n)						7.75%						12/2025						851						846						—						851
			Sonatype, Inc.+(5)			One stop						SF + 6.75%									N/A(6)						12/2025						—						(2)						—						—
			Spartan Buyer Acquisition Co.*#~			One stop						L + 6.25%			(a)						7.92%						12/2026						31,437						31,145						1.2						31,437
			Spartan Buyer Acquisition Co.+			One stop						L + 6.25%			(a)						7.92%						12/2026						1,998						1,964						0.1						1,998
			Spartan Buyer Acquisition Co.+(5)			One stop						L + 6.25%									N/A(6)						12/2026						—						(2)						—						—
			Tahoe Bidco B.V. +			One stop						L + 6.00%			(a)						7.12%						09/2028						12,058						11,951						0.5						12,058
			Tahoe Bidco B.V. +(5)			One stop						L + 6.00%									N/A(6)						10/2027						—						(1)						—						—

See Notes to Consolidated Financial Statements.

34

---

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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)
			Telesoft Holdings LLC+			One stop						L + 5.75%			(a)(c)						8.26%						12/2025						$	889					$	877					—			%			$	889
			Telesoft Holdings LLC+			One stop						L + 5.75%			(a)						7.42%						12/2025						5						4						—						5
			TI Intermediate Holdings, LLC+			Senior loan						L + 4.25%			(a)						5.92%						12/2024						3,454						3,483						0.1						3,435
			TI Intermediate Holdings, LLC+			Senior loan						L + 4.25%			(a)						5.92%						12/2024						913						898						—						908
			TI Intermediate Holdings, LLC+			Senior loan						L + 4.25%			(a)						5.92%						12/2024						429						423						—						427
			TI Intermediate Holdings, LLC+			Senior loan						L + 4.50%			(a)						6.17%						12/2024						158						156						—						158
			TI Intermediate Holdings, LLC+			Senior loan						L + 4.50%			(a)						6.17%						12/2024						234						227						—						234
			TI Intermediate Holdings, LLC+			Senior loan						L + 4.25%									N/A(6)						12/2024						—						—						—						—
			Togetherwork Holdings, LLC*#			One stop						L + 6.25%			(c)						9.13%						03/2025						15,285						15,345						0.6						15,285
			Togetherwork Holdings, LLC+			One stop						L + 6.25%			(c)						9.13%						03/2025						6,911						6,819						0.3						6,911
			Togetherwork Holdings, LLC+			One stop						L + 6.25%			(c)						9.13%						03/2025						4,192						4,158						0.2						4,192
			Togetherwork Holdings, LLC+~			One stop						L + 6.25%			(c)						9.13%						03/2025						1,772						1,807						0.1						1,772
			Togetherwork Holdings, LLC#+			One stop						L + 6.25%			(c)						9.13%						03/2025						1,719						1,752						0.1						1,719
			Togetherwork Holdings, LLC*#			One stop						L + 6.25%			(c)						9.13%						03/2025						1,675						1,708						0.1						1,675
			Togetherwork Holdings, LLC#+			One stop						L + 6.25%			(c)						9.13%						03/2025						1,619						1,636						0.1						1,619
			Togetherwork Holdings, LLC*+			One stop						L + 6.25%			(c)						9.13%						03/2025						1,560						1,591						0.1						1,560
			Togetherwork Holdings, LLC#+			One stop						L + 6.25%			(c)						9.13%						03/2025						1,455						1,481						0.1						1,455
			Togetherwork Holdings, LLC*#			One stop						L + 6.25%			(c)						9.13%						03/2025						1,191						1,200						—						1,191
			Togetherwork Holdings, LLC#+			One stop						L + 6.25%			(c)						9.13%						03/2025						656						669						—						656
			Togetherwork Holdings, LLC+			One stop						L + 6.25%			(c)						9.13%						03/2025						454						450						—						454
			Togetherwork Holdings, LLC+			One stop						L + 6.25%			(c)						9.13%						03/2025						439						436						—						439
			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)						—						—
			Trintech, Inc.*#+			One stop						L + 6.00%			(b)						7.24%						12/2024						22,086						22,202						0.9						22,086
			Trintech, Inc.#+			One stop						L + 6.00%			(b)						7.24%						12/2024						9,165						9,252						0.3						9,165
			Trintech, Inc.+			One stop						L + 6.00%			(b)						7.24%						12/2024						100						100						—						100
			Vector CS Midco Limited & Cloudsense Ltd.+~(8)(9)(10)			One stop						N/A									4.50% cash/3.99% PIK						05/2024						8,005						8,461						0.3						6,804
			Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)			One stop						N/A									4.50% cash/3.99% PIK						05/2024						130						140						—						111
			Vendavo, Inc.*#+			One stop						L + 5.75%			(b)						7.44%						09/2027						19,661						19,511						0.8						19,463
			Vendavo, Inc.+(5)			One stop						L + 5.75%									N/A(6)						09/2027						—						(1)						—						(2)
			WebPT, Inc.+			Senior loan						L + 6.75%			(b)						8.32%						01/2028						626						617						—						616
			Workforce Software, LLC+~			One stop						L + 7.25%			(b)						5.82% cash/3.00% PIK						07/2025						27,963						28,361						1.1						27,963
			Workforce Software, LLC+			One stop						L + 7.25%			(b)						5.82% cash/3.00% PIK						07/2025						4,948						4,913						0.2						4,948
			Workforce Software, LLC+			One stop						L + 7.25%			(b)						5.82% cash/3.00% PIK						07/2025						3,505						3,445						0.1						3,505
			Workforce Software, LLC+			One stop						L + 6.50%			(b)						7.89%						07/2025						176						175						—						176
			Workforce Software, LLC+(5)			One stop						L + 4.00%									N/A(6)						07/2025						—						(1)						—						—
																																	1,273,238						1,268,497						49.0						1,266,510

See Notes to Consolidated Financial Statements.

35

---

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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%			(m)						7.70%						02/2028						$	25,961					$	25,470					1.0			%			$	25,701
			Ave Holdings III, Corp+(5)			One stop						SF + 5.50%									N/A(6)						02/2028						—						(3)						—						(1)
			Ave Holdings III, Corp+(5)			One stop						SF + 5.50%									N/A(6)						02/2028						—						(11)						—						(12)
			Batteries Plus Holding Corporation*#			One stop						L + 6.75%			(a)						8.42%						06/2023						21,921						21,923						0.9						21,921
			Batteries Plus Holding Corporation+			One stop						L + 6.75%			(a)						8.42%						06/2023						1,424						1,420						0.1						1,424
			Batteries Plus Holding Corporation+			One stop						L + 6.75%			(a)(d)						9.25%						06/2023						151						151						—						151
			Consilio Midco Limited+(8)(10)			One stop						SF + 5.75%			(m)						7.95%						05/2028						11,567						11,371						0.5						11,452
			Consilio Midco Limited+(8)(9)(10)			One stop						E + 6.00%			(e)						6.00%						05/2028						8,942						9,586						0.4						8,852
			Consilio Midco Limited+(8)(10)			One stop						SF + 5.75%			(m)						7.95%						05/2028						2,164						2,127						0.1						2,142
			Consilio Midco Limited+(8)(10)			One stop						SF + 5.75%			(m)						7.95%						05/2028						736						717						—						728
			Consilio Midco Limited+(5)(8)(10)			One stop						SF + 5.75%									N/A(6)						05/2028						—						(2)						—						(1)
			Consilio Midco Limited+(5)(8)(9)(10)			One stop						E + 6.00%									N/A(6)						05/2028						—						(2)						—						(2)
			Consilio Midco Limited+(5)(8)(10)			One stop						SF + 5.75%									N/A(6)						05/2028						—						—						—						(1)
			Consilio Midco Limited+(8)(10)			One stop						SF + 5.75%			(m)						7.95%						05/2028						10,000						9,900						0.4						9,900
			Consilio Midco Limited+(8)(10)			One stop						SF + 5.75%			(m)						7.95%						05/2028						1,439						1,424						0.1						1,424
			Cycle Gear, Inc.*#+			One stop						SF + 5.50%			(m)						7.70%						01/2026						48,925						48,811						1.9						48,437
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						20,716						20,630						0.8						20,716
			Imperial Optical Midco Inc.#			One stop						L + 6.75%			(a)						8.42%						08/2023						4,779						4,752						0.2						4,779
			Imperial Optical Midco Inc.#			One stop						L + 6.75%			(a)						8.42%						08/2023						4,159						4,136						0.2						4,159
			Imperial Optical Midco Inc.+~			One stop						L + 6.75%			(a)						8.42%						08/2023						3,599						3,618						0.1						3,599
			Imperial Optical Midco Inc.*+			One stop						L + 6.75%			(a)						8.42%						08/2023						2,805						2,798						0.1						2,805
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						2,770						2,755						0.1						2,770
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						2,244						2,232						0.1						2,244
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						2,063						2,052						0.1						2,063
			Imperial Optical Midco Inc.#+			One stop						L + 6.75%			(a)						8.42%						08/2023						1,907						1,926						0.1						1,907
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						1,658						1,649						0.1						1,658
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						1,458						1,450						0.1						1,458
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						1,439						1,431						0.1						1,439
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						1,397						1,389						0.1						1,397
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						1,372						1,365						0.1						1,372
			Imperial Optical Midco Inc.#+			One stop						L + 6.75%			(a)						8.42%						08/2023						1,242						1,254						—						1,242
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						1,148						1,142						0.1						1,148
			Imperial Optical Midco Inc.*+			One stop						L + 6.75%			(a)						8.42%						08/2023						1,131						1,142						0.1						1,131
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						970						964						0.1						970
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						881						877						—						881
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						661						657						—						661
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						634						630						—						634
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						555						552						—						555
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						503						500						—						503
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						500						497						—						500
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						487						485						—						487
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						477						474						—						477
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						460						454						—						460
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						455						452						—						455
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						451						448						—						451
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						447						444						—						447
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						443						441						—						443

See Notes to Consolidated Financial Statements.

36

---

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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)						8.42%						08/2023						$	417					$	414					—			%			$	417
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						416						413						—						416
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						415						412						—						415
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						411						408						—						411
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						411						409						—						411
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						387						385						—						387
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						381						379						—						381
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						360						358						—						360
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						358						356						—						358
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						354						352						—						354
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						328						327						—						328
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						314						313						—						314
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						306						305						—						306
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						285						283						—						285
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						278						275						—						278
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						278						276						—						278
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						273						271						—						273
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						270						268						—						270
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						258						257						—						258
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						257						256						—						257
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						239						238						—						239
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						240						239						—						240
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						219						218						—						219
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						219						218						—						219
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						215						214						—						215
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						209						208						—						209
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						196						195						—						196
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						194						192						—						194
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						192						191						—						192
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						189						188						—						189
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						180						178						—						180
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						173						172						—						173
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						168						167						—						168
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						165						164						—						165
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						161						160						—						161
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						159						158						—						159
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						154						153						—						154
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						152						151						—						152
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						144						143						—						144
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						143						142						—						143
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						138						137						—						138
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						133						133						—						133
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						129						129						—						129
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						128						127						—						128
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						124						124						—						124
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						114						114						—						114
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						114						114						—						114
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						114						113						—						114
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						110						109						—						110

See Notes to Consolidated Financial Statements.

37

---

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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)						8.42%						08/2023						$	107					$	106					—			%			$	107
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						105						105						—						105
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						105						104						—						105
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						105						105						—						105
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						100						99						—						100
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						96						96						—						96
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						86						85						—						86
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						86						86						—						86
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						83						82						—						83
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						79						79						—						79
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						79						78						—						79
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						76						75						—						76
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						76						75						—						76
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						75						75						—						75
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						74						74						—						74
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						74						73						—						74
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						72						71						—						72
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						68						68						—						68
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						68						68						—						68
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						65						65						—						65
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						64						63						—						64
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						63						63						—						63
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						62						61						—						62
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						60						60						—						60
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						59						59						—						59
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						56						55						—						56
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						55						55						—						55
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						53						52						—						53
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						42						42						—						42
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						41						41						—						41
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						36						35						—						36
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						35						34						—						35
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						35						34						—						35
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						28						27						—						28
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						28						27						—						28
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						27						26						—						27
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						26						26						—						26
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						25						25						—						25
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						26						26						—						26
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						23						23						—						23
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						23						23						—						23
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						21						21						—						21
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						19						19						—						19
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						19						19						—						19
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						19						19						—						19
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						19						19						—						19
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						19						19						—						19
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						18						18						—						18
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						17						17						—						17

See Notes to Consolidated Financial Statements.

38

---

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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)						8.42%						08/2023						$	17					$	17					—			%			$	17
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						17						17						—						17
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						14						14						—						14
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						13						13						—						13
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						13						12						—						13
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						13						13						—						13
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						13						13						—						13
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						13						13						—						13
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						13						13						—						13
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						12						11						—						12
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						11						11						—						11
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						11						11						—						11
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						10						10						—						10
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						10						10						—						10
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						9						9						—						9
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						9						9						—						9
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						9						9						—						9
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						9						9						—						9
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						8						8						—						8
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						8						8						—						8
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						8						8						—						8
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						7						7						—						7
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						6						6						—						6
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						6						6						—						6
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						5						5						—						5
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						5						5						—						5
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						3						3						—						3
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						309						248						—						309
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						627						623						—						627
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						160						159						—						160
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						132						131						—						132
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						132						131						—						132
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						112						111						—						112
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						75						75						—						75
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						54						54						—						54
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						47						47						—						47
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						40						40						—						40
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						39						38						—						39
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						35						35						—						35
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						34						34						—						34
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						33						32						—						33
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						31						31						—						31
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						29						29						—						29
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						29						29						—						29
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						29						29						—						29
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						25						25						—						25
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						24						24						—						24
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						16						16						—						16
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						15						15						—						15

See Notes to Consolidated Financial Statements.

39

---

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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)						8.42%						08/2023						$	10					$	10					—			%			$	10
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						10						10						—						10
			Imperial Optical Midco Inc.+			One stop						L + 6.75%			(a)						8.42%						08/2023						8						8						—						8
			Jet Equipment & Tools Ltd.+~(8)(9)(12)			One stop						C + 6.25%			(h)						8.39%						11/2024						18,069						17,821						0.7						18,070
			Jet Equipment & Tools Ltd.*#(8)(12)			One stop						SF + 6.25%			(l)						7.88%						11/2024						12,145						12,268						0.5						12,145
			Jet Equipment & Tools Ltd.+(8)(12)			One stop						SF + 6.25%			(l)						7.88%						11/2024						5,321						5,273						0.3						5,321
			Jet Equipment & Tools Ltd.+(8)(9)(12)			One stop						C + 6.25%			(h)						8.39%						11/2024						5,294						5,129						0.2						5,294
			Jet Equipment & Tools Ltd.#+(8)(12)			One stop						SF + 6.25%			(l)						7.88%						11/2024						4,229						4,267						0.2						4,229
			Jet Equipment & Tools Ltd.+(8)(12)			One stop						SF + 6.25%			(l)						7.88%						11/2024						1,554						1,544						0.1						1,554
			Jet Equipment & Tools Ltd.+(8)(12)			One stop						SF + 6.25%			(d)(l)						8.37%						11/2024						225						225						—						225
			Jet Equipment & Tools Ltd.+(8)(9)(12)			One stop						C + 6.25%			(h)(o)						8.41%						11/2024						121						123						—						122
			PPV Intermediate Holdings II, LLC#+			One stop						L + 6.50%			(a)						8.17%						05/2023						4,834						4,834						0.2						4,834
			PPV Intermediate Holdings II, LLC+			One stop						L + 6.50%			(a)						8.17%						05/2023						2,464						2,453						0.1						2,464
			PPV Intermediate Holdings II, LLC*			One stop						L + 6.50%			(a)						8.17%						05/2023						1,146						1,141						—						1,146
			PPV Intermediate Holdings II, LLC#			One stop						L + 6.50%			(a)						8.17%						05/2023						1,057						1,052						0.1						1,057
			PPV Intermediate Holdings II, LLC#			One stop						L + 6.50%			(a)						8.17%						05/2023						1,019						1,014						0.1						1,019
			PPV Intermediate Holdings II, LLC#			One stop						L + 6.50%			(a)						8.17%						05/2023						992						992						0.1						992
			PPV Intermediate Holdings II, LLC*			One stop						L + 6.50%			(a)						8.17%						05/2023						917						913						—						917
			PPV Intermediate Holdings II, LLC+			One stop						L + 6.50%			(a)						8.17%						05/2023						768						765						—						768
			PPV Intermediate Holdings II, LLC*			One stop						L + 6.50%			(a)						8.17%						05/2023						764						761						—						764
			PPV Intermediate Holdings II, LLC*			One stop						L + 6.50%			(a)						8.17%						05/2023						726						723						—						726
			PPV Intermediate Holdings II, LLC#			One stop						L + 6.50%			(a)						8.17%						05/2023						593						593						—						593
			PPV Intermediate Holdings II, LLC*			One stop						L + 6.50%			(a)						8.17%						05/2023						522						520						—						522
			PPV Intermediate Holdings II, LLC*			One stop						L + 6.50%			(a)						8.17%						05/2023						427						421						—						427
			PPV Intermediate Holdings II, LLC+			One stop						L + 6.50%			(a)						8.17%						05/2023						253						252						—						253
			PPV Intermediate Holdings II, LLC+			One stop						L + 6.50%			(a)						8.17%						05/2023						223						222						—						223
			PPV Intermediate Holdings II, LLC+			One stop						L + 6.50%			(a)						8.17%						05/2023						221						220						—						221
			PPV Intermediate Holdings II, LLC+			One stop						L + 6.50%			(a)						8.17%						05/2023						164						163						—						164
			PPV Intermediate Holdings II, LLC+			One stop						L + 6.50%			(a)						8.17%						05/2023						164						163						—						164
			PPV Intermediate Holdings II, LLC+			One stop						L + 6.50%			(a)						8.17%						05/2023						149						149						—						149
			PPV Intermediate Holdings II, LLC+			One stop						L + 6.50%			(a)						8.17%						05/2023						144						143						—						144
			PPV Intermediate Holdings II, LLC+			One stop						L + 6.50%			(a)						8.17%						05/2023						141						141						—						141
			PPV Intermediate Holdings II, LLC+			One stop						L + 6.50%			(a)						8.17%						05/2023						139						139						—						139
			PPV Intermediate Holdings II, LLC+			One stop						L + 6.50%			(a)						8.17%						05/2023						137						137						—						137
			PPV Intermediate Holdings II, LLC#			One stop						L + 6.50%			(a)						8.17%						05/2023						127						126						—						127
			PPV Intermediate Holdings II, LLC+			One stop						L + 6.50%			(a)						8.17%						05/2023						116						115						—						116
			PPV Intermediate Holdings II, LLC+			One stop						L + 6.50%			(a)						8.17%						05/2023						102						101						—						102
			PPV Intermediate Holdings II, LLC+			One stop						L + 6.50%			(a)						8.17%						05/2023						98						97						—						98
			PPV Intermediate Holdings II, LLC+			One stop						P + 5.50%			(d)						10.25%						05/2023						75						74						—						75
			PPV Intermediate Holdings II, LLC+			One stop						L + 6.50%			(a)						8.17%						05/2023						80						79						—						80
			PPV Intermediate Holdings II, LLC+			One stop						L + 6.50%			(a)						8.17%						05/2023						69						69						—						69
			PPV Intermediate Holdings II, LLC+			One stop						L + 6.50%			(a)						8.17%						05/2023						40						40						—						40
			PPV Intermediate Holdings II, LLC+			One stop						L + 6.50%			(a)						8.17%						05/2023						29						29						—						29
			PPV Intermediate Holdings II, LLC+			One stop						N/A									7.90% PIK						05/2023						27						28						—						27
			PPV Intermediate Holdings II, LLC+			One stop						L + 6.50%			(a)						8.01%						05/2023						344						342						—						344
			PPV Intermediate Holdings II, LLC+			One stop						L + 6.50%			(a)						8.17%						05/2023						305						303						—						305
			PPV Intermediate Holdings II, LLC+			One stop						L + 6.50%			(a)						8.17%						05/2023						181						180						—						181

See Notes to Consolidated Financial Statements.

40

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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)
			PPV Intermediate Holdings II, LLC+			One stop						L + 6.50%			(a)						8.17%						05/2023						$	141					$	140					—			%			$	141
			Sola Franchise, LLC and Sola Salon Studios, LLC#+			One stop						SF + 4.75%			(m)						6.95%						10/2024						11,881						11,848						0.5						11,881
			Sola Franchise, LLC and Sola Salon Studios, LLC#+			One stop						SF + 4.75%			(m)						6.95%						10/2024						1,678						1,711						0.1						1,678
			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)						6.06% cash/2.00% PIK						02/2025						30,730						30,930						1.1						28,883
			Titan Fitness, LLC+			One stop						L + 6.75%			(b)						5.75% cash/2.00% PIK						02/2025						1,913						1,901						0.1						1,799
			Titan Fitness, LLC+			One stop						L + 6.75%			(b)						5.75% cash/2.00% PIK						02/2025						488						485						—						456
			Vermont Aus Pty Ltd+(8)(9)(11)			One stop						A + 5.75%			(g)						7.61%						03/2028						7,871						8,392						0.3						7,793
			Vermont Aus Pty Ltd+(8)(11)			One stop						SF + 5.50%			(m)						7.70%						03/2028						8,363						8,243						0.4						8,279
			VSG Acquisition Corp. and Sherrill, Inc.+			One stop						SF + 5.50%			(m)						7.82%						04/2028						8,329						8,209						0.4						8,204
			VSG Acquisition Corp. and Sherrill, Inc.+(5)			One stop						SF+ 5.50%									N/A(6)						04/2028						—						(1)						—						(2)
			VSG Acquisition Corp. and Sherrill, Inc.+(5)			One stop						SF + 5.50%									N/A(6)						04/2028						—						(5)						—						(5)
																																	351,546						350,912						13.5						348,146

See Notes to Consolidated Financial Statements.

41

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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)(c)						7.50% cash/0.75% PIK						06/2023						$	22,108					$	22,103					0.9			%			$	22,108
			Agility Recovery Solutions Inc.+			One stop						L + 6.75%			(c)(d)						8.11% cash/0.75% PIK						06/2023						686						683						—						686
																																	22,794						22,786						0.9						22,794
			Textiles, Apparel & Luxury Goods
			Dollfus Mieg Company, Inc.+(8)(10)			One stop						L + 6.00%			(c)						7.34%						03/2028						1,954						1,931						0.1						1,934
			Dollfus Mieg Company, Inc.+(8)(10)			One stop						L + 6.00%			(c)						7.34%						03/2028						974						962						—						964
			Dollfus Mieg Company, Inc.+(8)(10)			One stop						L + 6.00%			(c)						7.34%						03/2028						855						845						—						847
			Dollfus Mieg Company, Inc.+(5)(8)(9)(10)			One stop						E + 6.00%									N/A(6)						03/2028						—						(1)						—						—
			Elite Sportswear, L.P.+			Senior loan						L + 7.75%			(b)						8.50% cash/1.50% PIK						09/2025						9,952						9,825						0.3						7,961
			Elite Sportswear, L.P.+			Senior loan						L + 7.75%			(b)						8.50% cash/1.50% PIK						09/2025						4,000						3,949						0.1						3,200
			Elite Sportswear, L.P.+			Senior loan						L + 7.75%			(b)						8.50% cash/1.50% PIK						09/2025						2,059						2,033						0.1						1,647
			Elite Sportswear, L.P.*+			Senior loan						L + 7.75%			(b)						8.50% cash/1.50% PIK						09/2025						683						674						—						547
			Elite Sportswear, L.P.+			Senior loan						L + 7.75%			(b)						8.04% cash/1.50% PIK						09/2025						1,073						1,060						—						859
			Elite Sportswear, L.P.+			Senior loan						L + 7.75%			(b)						8.50% cash/1.50% PIK						09/2025						312						308						—						250
			Elite Sportswear, L.P.*+			Senior loan						L + 7.75%			(b)						8.50% cash/1.50% PIK						09/2025						298						295						—						239
			Elite Sportswear, L.P.+			Senior loan						L + 7.75%			(b)						8.04% cash/1.50% PIK						09/2025						37						36						—						30
			Georgica Pine Clothiers, LLC#+			One stop						L + 5.50%			(c)						7.00%						11/2023						9,583						9,525						0.4						9,606
			Georgica Pine Clothiers, LLC*#			One stop						L + 5.50%			(b)(c)						7.00%						11/2023						6,522						6,470						0.3						6,537
			Georgica Pine Clothiers, LLC+			One stop						L + 5.50%			(b)(c)						7.00%						11/2023						1,009						997						—						1,012
			Georgica Pine Clothiers, LLC#+			One stop						L + 5.50%			(b)(c)						7.00%						11/2023						908						901						0.1						909
			Georgica Pine Clothiers, LLC*#			One stop						L + 5.50%			(b)(c)						7.00%						11/2023						636						632						—						638
			Georgica Pine Clothiers, LLC+			One stop						L + 5.50%			(c)						7.00%						11/2023						2						2						—						2
			QF Holdings, Inc.+			Senior loan						L + 6.25%			(c)						7.54%						12/2027						626						617						—						616
			SHO Holding I Corporation+~			Senior loan						L + 5.25%			(b)						6.49%						04/2024						3,971						3,972						0.2						3,693
			SHO Holding I Corporation+~			Senior loan						L + 5.23%			(b)						6.47%						04/2024						67						67						—						62
			SHO Holding I Corporation+			Senior loan						L + 5.00%			(b)						6.68%						04/2024						66						66						—						62
			SHO Holding I Corporation+			Senior loan						L + 4.00%			(b)						5.55%						04/2024						28						27						—						28
			SHO Holding I Corporation+			Senior loan						L + 4.00%			(b)						5.61%						04/2024						—						—						—						—
			SHO Holding I Corporation+			Senior loan						L + 5.23%			(b)						6.54%						04/2024						—						—						—						—
																																	45,615						45,193						1.6						41,643
			Trading Companies and Distributors
			Marcone Yellowstone Buyer Inc.+			One stop						L + 5.50%			(b)						7.75%						06/2028						19,166						18,838						0.8						19,118
			Marcone Yellowstone Buyer Inc.+			One stop						L + 5.50%			(b)						7.75%						06/2028						15,285						15,001						0.7						15,247
			Marcone Yellowstone Buyer Inc.+			One stop						L + 5.50%			(b)						7.54%						06/2028						456						448						—						455
			Marcone Yellowstone Buyer Inc.+			One stop						L + 5.50%			(b)						7.74%						06/2028						120						115						—						118
																																	35,027						34,402						1.5						34,938
			Water Utilities
			S.J. Electro Systems, Inc.+			Senior loan						L + 4.50%			(b)						5.74%						06/2027						17,051						16,909						0.7						16,539
			S.J. Electro Systems, Inc.+			Senior loan						L + 4.50%			(b)						5.74%						06/2027						80						78						—						78
			S.J. Electro Systems, Inc.+			Senior loan						L + 4.50%			(b)						5.74%						06/2027						75						73						—						69
			Vessco Midco Holdings, LLC+			Senior loan						L + 4.50%			(b)(c)						6.62%						11/2026						391						359						—						339
			Vessco Midco Holdings, LLC+			Senior loan						L + 4.50%			(c)						6.00%						11/2026						208						206						0.1						204
			Vessco Midco Holdings, LLC+			Senior loan						P + 3.50%			(d)						8.25%						10/2026						3						3						—						3
																																	17,808						17,628						0.8						17,232
			Total non-controlled/non-affiliate company debt investments																														$	5,377,663					$	5,345,752					203.5			%			$	5,266,070

See Notes to Consolidated Financial Statements.

42

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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 (15)(16)
			Aerospace and Defense
			NTS Technical Systems+			Common Stock						N/A									N/A						N/A						2						$	1,506					0.1			%			$	710
			NTS Technical Systems+			Preferred stock						N/A									N/A						N/A						—						256						—						561
			NTS Technical Systems+			Preferred stock						N/A									N/A						N/A						—						128						—						329
			Tronair Parent, Inc.+			LLC units						N/A									N/A						N/A						—						40						—						26
			Whitcraft LLC+			Common Stock						N/A									N/A						N/A						11						2,285						0.1						2,728
																																							4,215						0.2						4,354
			Auto Components
			Polk Acquisition Corp.+			LP Interest						N/A									N/A						N/A						5						314						—						121
			Automobiles
			CG Group Holdings, LLC+			LP units						N/A									N/A						N/A						1						730						—						671
			Go Car Wash Parent, Corp.+			Preferred stock						N/A									N/A						N/A						—						47						—						48
			Go Car Wash Parent, Corp.+			Common Stock						N/A									N/A						N/A						—						14						—						17
			MOP GM Holding, LLC+			LP units						N/A									N/A						N/A						—						330						—						544
			POY Holdings, LLC+			LLC units						N/A									N/A						N/A						141						141						—						247
			Quick Quack Car Wash Holdings, LLC			LLC interest						N/A									N/A						N/A						—						508						0.1						1,108
																																							1,770						0.1						2,635
			Biotechnology
			Cobepa BlueSky Aggregator, SCSp+			LP Interest						N/A									N/A						N/A						177						1,769						0.1						1,334
			Building Products
			BECO Holding Company, Inc.+			Preferred stock						N/A									N/A						N/A						10						951						—						1,032
			BECO Holding Company, Inc.+			LP Interest						N/A									N/A						N/A						2						196						—						198
																																							1,147						—						1,230
			Chemicals
			Inhance Technologies Holdings LLC+			Preferred stock						N/A									N/A						N/A						2						1,960						0.1						2,134
			Inhance Technologies Holdings LLC+			LLC units						N/A									N/A						N/A						—						124						—						140
																																							2,084						0.1						2,274
			Commercial Services & Supplies
			CI (Quercus) Intermediate Holdings, LLC+			LP Interest						N/A									N/A						N/A						540						540						—						564
			EGD Security Systems, LLC +			Common Stock						N/A									N/A						N/A						855						855						0.1						760
			Hydraulic Authority III Limited+(8)(9)(10)			Preferred stock						N/A									N/A						N/A						284						384						—						503
			Hydraulic Authority III Limited+(8)(9)(10)			Common Stock						N/A									N/A						N/A						6						43						—						530
			North Haven Stack Buyer, LLC			LLC units						N/A									N/A						N/A						359						359						—						342
			PT Intermediate Holdings III, LLC+			LLC units						N/A									N/A						N/A						8						767						—						778
			Radwell Parent, LLC+			LP units						N/A									N/A						N/A						2						159						—						159
																																							3,107						0.1						3,636
			Containers and Packaging
			Chase Intermediate+			LP units						N/A									N/A						N/A						49						49						—						49
			Diversified Consumer Services
			CHHJ Midco, LLC+(17)			LLC units						N/A									N/A						N/A						19						193						—						223
			EMS LINQ, LLC+			LP Interest						N/A									N/A						N/A						525						525						—						416
			EWC Growth Partners LLC+			LLC interest						N/A									N/A						N/A						—						12						—						5

See Notes to Consolidated Financial Statements.

43

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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.+			Common Stock						N/A									N/A						N/A						479						$	479					—			%			$	479
			Liminex, Inc.+			Common Stock						N/A									N/A						N/A						12						435						0.1						827
			PADI Holdco, Inc.+			LLC interest						N/A									N/A						N/A						1						987						—						211
			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						—						36
																																							2,639						0.1						2,232
			Electronic Equipment, Instruments & Components
			Electrical Source Holdings, LLC+			LP Interest						N/A									N/A						N/A						—						—						—						30
			Inventus Power, Inc.+			Preferred stock						N/A									N/A						N/A						—						372						—						85
			Inventus Power, Inc.+			LLC units						N/A									N/A						N/A						—						88						—						172
			Inventus Power, Inc.+			LP Interest						N/A									N/A						N/A						—						20						—						48
			Inventus Power, Inc.+			Common Stock						N/A									N/A						N/A						—						—						—						—
																																							480						—						335

See Notes to Consolidated Financial Statements.

44

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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					—			%			$	702
			Cafe Rio Holding, Inc.+			Common Stock						N/A									N/A						N/A						5						603						0.1						770
			Feeders Supply Company, LLC+(17)			Preferred stock						N/A									N/A						N/A						4						400						—						578
			Feeders Supply Company, LLC+			Common Stock						N/A									N/A						N/A						—						—						—						200
			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						1,731
			Ruby Slipper Cafe LLC, The+			LLC interest						N/A									N/A						N/A						32						389						—						152
			Ruby Slipper Cafe LLC, The+			LLC interest						N/A									N/A						N/A						2						20						—						27
			Wetzel's Pretzels, LLC+			Common Stock						N/A									N/A						N/A						—						416						—						869
			Wood Fired Holding Corp.+			LLC units						N/A									N/A						N/A						437						444						—						580
			Wood Fired Holding Corp.+			Common Stock						N/A									N/A						N/A						437						—						0.1						1,455
																																							4,019						0.3						7,335
			Food Products
			Borrower R365 Holdings, LLC+			Preferred stock						N/A									N/A						N/A						77						102						—						102
			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						—						1
			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						—						198
			Kodiak Cakes, LLC+			Common Stock						N/A									N/A						N/A						—						281						—						195
			Kodiak Cakes, LLC+			LLC units						N/A									N/A						N/A						191						191						—						180
			Louisiana Fish Fry Products, Ltd.+			Common Stock						N/A									N/A						N/A						—						483						—						393
			P&P Food Safety Holdings, Inc.+			Common Stock						N/A									N/A						N/A						4						356						—						261
			Purfoods, LLC+			LLC interest						N/A									N/A						N/A						—						945						0.2						4,602
																																							2,442						0.2						5,939
			Health Care Equipment & Supplies
			Aspen Medical Products, LLC+			LP Interest						N/A									N/A						N/A						—						77						—						98
			Blue River Pet Care, LLC+			Common Stock						N/A									N/A						N/A						—						76						—						158
			CCSL Holdings, LLC+			LP Interest						N/A									N/A						N/A						—						336						—						247
			CMI Parent Inc.+(17)			Common Stock						N/A									N/A						N/A						—						132						—						168
			CMI Parent Inc.+			Common Stock						N/A									N/A						N/A						3						3						—						184
			G & H Wire Company, Inc.+			LLC interest						N/A									N/A						N/A						335						269						—						95
			Joerns Healthcare, LLC*+			Common Stock						N/A									N/A						N/A						432						4,329						—						—
																																							5,222						—						950

See Notes to Consolidated Financial Statements.

45

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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					—			%			$	421
			Acuity Eyecare Holdings, LLC+			LLC interest						N/A									N/A						N/A						1,632						2,235						0.2						4,222
			Acuity Eyecare Holdings, LLC+			LLC units						N/A									N/A						N/A						889						1,023						0.1						2,420
			ADCS Clinics Intermediate Holdings, LLC+			Preferred stock						N/A									N/A						N/A						2						1,119						0.1						1,388
			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						121						124						—						155
			CRH Healthcare Purchaser, Inc.+			LP Interest						N/A									N/A						N/A						429						327						0.1						1,090
			DCA Investment Holding, LLC			LLC interest						N/A									N/A						N/A						13,890						1,024						0.1						1,764
			DCA Investment Holding, LLC			LLC units						N/A									N/A						N/A						140						218						0.1						950
			Emerge Intermediate, Inc.+			LLC units						N/A									N/A						N/A						—						648						—						852
			Emerge Intermediate, Inc.+			LLC units						N/A									N/A						N/A						—						61						—						61
			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						—						20
			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						200						—						247
			Midwest Veterinary Partners, LLC+			LLC units						N/A									N/A						N/A						1						1,019						—						1,123
			Midwest Veterinary Partners, LLC+			Warrant						N/A									N/A						N/A						6						—						—						504
			Midwest Veterinary Partners, LLC+			Warrant						N/A									N/A						N/A						—						29						—						38
			MWD Management, LLC & MWD Services, Inc.+			LLC interest						N/A									N/A						N/A						412						335						—						518
			NDX Parent, LLC+			Common Stock						N/A									N/A						N/A						—						272						—						202
			New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)			Common Stock						N/A									N/A						N/A						—						304						—						322
			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						—						724
			Pinnacle Treatment Centers, Inc.+			LLC interest						N/A									N/A						N/A						4						74						—						758
			Radiology Partners, Inc.+			LLC units						N/A									N/A						N/A						11						68						—						65
			Radiology Partners, Inc.+			LLC interest						N/A									N/A						N/A						43						55						—						258
			Sage Dental Management, LLC+			LLC units						N/A									N/A						N/A						—						249						—						156
			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						—						162
			Suveto Buyer, LLC+			Common Stock						N/A									N/A						N/A						6						562						—						414
																																							12,473						0.7						18,847

See Notes to Consolidated Financial Statements.

46

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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					—			%			$	204
			HSI Halo Acquisition, Inc.+			LP Interest						N/A									N/A						N/A						—						288						—						380
			HSI Halo Acquisition, Inc.+			LP Interest						N/A									N/A						N/A						—						—						—						57
			Tebra Technologies, Inc.+			Warrant						N/A									N/A						N/A						169						871						—						709
			Tebra Technologies, Inc.+			Warrant						N/A									N/A						N/A						53						162						—						179
			Tebra Technologies, Inc.+			Preferred stock						N/A									N/A						N/A						1						8						—						11
			Symplr Software, Inc.+			Preferred stock						N/A									N/A						N/A						12						11,807						0.5						12,263
			Symplr Software, Inc.+			Preferred stock						N/A									N/A						N/A						2						2,734						0.2						3,888
			Symplr Software, Inc.+			Preferred stock						N/A									N/A						N/A						2						1,427						0.1						1,627
			Symplr Software, Inc.+			Preferred stock						N/A									N/A						N/A						1						880						—						952
			Symplr Software, Inc.+			LLC units						N/A									N/A						N/A						—						161						—						151
			Symplr Software, Inc.+			Common Stock						N/A									N/A						N/A						177						—						—						705
																																							18,531						0.8						21,126
			Hotels, Restaurants & Leisure
			Freddy's Frozen Custard LLC+			LP Interest						N/A									N/A						N/A						206						206						—						270
			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						—						495
			Harri US LLC+			Warrant						N/A									N/A						N/A						18						106						—						125
			LMP TR Holdings, LLC			LLC units						N/A									N/A						N/A						712						712						0.1						3,199
			SSRG Holdings, LLC+			LP Interest						N/A									N/A						N/A						6						61						—						82
			Tropical Smoothie Cafe Holdings, LLC+(17)			LP Interest						N/A									N/A						N/A						5						246						0.1						837
																																							2,444						0.2						5,666
			Household Durables
			Groundworks LLC+			LLC interest						N/A									N/A						N/A						—						155						—						431
			Insurance
			Captive Resources Midco, LLC+(17)			LLC units						N/A									N/A						N/A						425						—						0.1						1,163
			Majesco+			LP Interest						N/A									N/A						N/A						—						307						—						356
			Majesco+			LP Interest						N/A									N/A						N/A						69						—						—						51
			Orchid Underwriters Agency, LLC+(17)			LP Interest						N/A									N/A						N/A						96						—						—						7
																																							307						0.1						1,577
			Internet and Catalog Retail
			Revalize, Inc.+			Preferred stock						N/A									N/A						N/A						17						17,025						0.7						17,635
			Revalize, Inc.+			Preferred stock						N/A									N/A						N/A						10						10,219						0.4						10,584
			Revalize, Inc.+			Preferred stock						N/A									N/A						N/A						1						1,104						—						1,102
																																							28,348						1.1						29,321
			IT Services
			Appriss Health Intermediate Holdings, Inc+			Preferred stock						N/A									N/A						N/A						2						1,994						0.1						2,155
			Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+			Preferred stock						N/A									N/A						N/A						587						462						0.2						4,970
			Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+			Preferred stock						N/A									N/A						N/A						154						423						0.1						1,303
			Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+			Preferred stock						N/A									N/A						N/A						35						291						—						300
			Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+			Warrant						N/A									N/A						N/A						202						159						0.1						1,579
			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						—						989

See Notes to Consolidated Financial Statements.

47

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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)
			Kentik Technologies, Inc.+			Preferred stock						N/A									N/A						N/A						192						$	1,103					—			%			$	1,103
			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						—						460
			Red Dawn SEI Buyer, Inc.+			LP Interest						N/A									N/A						N/A						13						13						—						18
			Saturn Borrower Inc.+			LP units						N/A									N/A						N/A						346						346						—						129
																																							6,208						0.5						13,249
			Leisure Products
			Massage Envy, LLC+			LLC interest						N/A									N/A						N/A						749						210						0.1						1,706
			WBZ Investment LLC+			LLC interest						N/A									N/A						N/A						67						117						—						162
			WBZ Investment LLC+			LLC interest						N/A									N/A						N/A						46						80						—						111
			WBZ Investment LLC+			LLC interest						N/A									N/A						N/A						38						65						—						91
			WBZ Investment LLC+			LLC interest						N/A									N/A						N/A						33						58						—						80
			WBZ Investment LLC+			LLC interest						N/A									N/A						N/A						15						24						—						34
			WBZ Investment LLC+			LLC interest						N/A									N/A						N/A						2						2						—						4
																																							556						0.1						2,188
			Life Sciences Tools & Services
			PAS Parent Inc.+			LP Interest						N/A									N/A						N/A						9						933						—						749
			Reaction Biology Corporation+			LLC units						N/A									N/A						N/A						—						265						—						265
																																							1,198						—						1,014
			Oil, Gas and Consumable Fuels
			W3 Co.+			LLC interest						N/A									N/A						N/A						3						1,632						—						788
			W3 Co.+			Preferred stock						N/A									N/A						N/A						—						224						—						176
																																							1,856						—						964
			Paper and Forest Products
			Messenger, LLC+			LLC units						N/A									N/A						N/A						3						312						—						307
			Messenger, LLC+			LLC units						N/A									N/A						N/A						—						—						—						—
																																							312						—						307
			Pharmaceuticals
			Amalthea Parent, Inc.+(8)(12)			LP Interest						N/A									N/A						N/A						502						502						—						929
			Cobalt Buyer Sub, Inc.+			Preferred stock						N/A									N/A						N/A						8						7,679						0.4						8,578
			Cobalt Buyer Sub, Inc.+			Preferred stock						N/A									N/A						N/A						—						168						—						155
			Cobalt Buyer Sub, Inc.+			Common Stock						N/A									N/A						N/A						2						2						—						—
																																							8,351						0.4						9,662

See Notes to Consolidated Financial Statements.

48

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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					—			%			$	218
			DISA Holdings Acquisition Subsidiary Corp.+			Common Stock						N/A									N/A						N/A						—						154						—						507
			Enboarder, Inc.+(8)(11)			Preferred stock						N/A									N/A						N/A						56						573						—						573
			Filevine, Inc.+			Preferred stock						N/A									N/A						N/A						221						1,401						0.1						1,401
			Filevine, Inc.+			Warrant						N/A									N/A						N/A						33						49						—						49
			Net Health Acquisition Corp.+			LP Interest						N/A									N/A						N/A						13						1,510						0.1						1,721
			Procure Acquireco, Inc.+			LP Interest						N/A									N/A						N/A						—						486						—						486
																																							4,389						0.2						4,955
			Real Estate Management & Development
			Inhabit IQ Inc.+			Common Stock						N/A									N/A						N/A						62						434						—						512
			Road & Rail
			Internet Truckstop Group LLC+			LP Interest						N/A									N/A						N/A						408						448						—						520
			Software
			Accela, Inc.+			LLC interest						N/A									N/A						N/A						670						418						—						276
			Anaplan, Inc.+			LP Interest						N/A									N/A						N/A						385						385						0.1						385
			Aras Corporation+			Preferred stock						N/A									N/A						N/A						1						1,000						—						1,147
			Aras Corporation+			LP Interest						N/A									N/A						N/A						306						306						—						297
			Astute Holdings, Inc. +			LP Interest						N/A									N/A						N/A						—						304						—						792
			Auvik Networks Inc.+(8)(12)			Preferred stock						N/A									N/A						N/A						26						256						—						280
			Bayshore Intermediate #2, L.P.+			Common Stock						N/A									N/A						N/A						4,095						4,095						0.2						3,889
			Calabrio, Inc. +			LP Interest						N/A									N/A						N/A						1						769						—						852
			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						1,766
			Cloudbees, Inc.+			Warrant						N/A									N/A						N/A						131						247						—						1,222
			Cloudbees, Inc.+			Preferred stock						N/A									N/A						N/A						71						466						—						812
			Diligent Corporation+			Preferred stock						N/A									N/A						N/A						17						16,587						0.7						18,615
			Diligent Corporation+			Preferred stock						N/A									N/A						N/A						415						912						0.1						2,792
			Everbridge, Inc.+(8)(18)			Common Stock						N/A									N/A						N/A						4						444						—						94
			FirstUp, Inc+			Common Stock						N/A									N/A						N/A						221						541						—						391
			GS Acquisitionco, Inc.+			Preferred stock						N/A									N/A						N/A						26						25,344						1.1						27,465
			GS Acquisitionco, Inc.+			Preferred stock						N/A									N/A						N/A						2						1,532						0.1						1,607
			GS Acquisitionco, Inc.+			LP Interest						N/A									N/A						N/A						1						170						0.1						804
			Impartner, Inc.+			Preferred stock						N/A									N/A						N/A						28						226						—						240
			Kaseya Inc.+			Preferred stock						N/A									N/A						N/A						2						1,658						0.1						1,658
			Kaseya Inc.+			LP Interest						N/A									N/A						N/A						100						100						—						100
			MetricStream, Inc.+			Warrant						N/A									N/A						N/A						168						263						—						178
			Ministry Brands Holdings LLC+			LP Interest						N/A									N/A						N/A						438						438						—						283
			mParticle, Inc.+			Preferred stock						N/A									N/A						N/A						162						1,060						0.1						1,079
			mParticle, Inc.+			Warrant						N/A									N/A						N/A						69						16						—						376
			Namely, Inc.+			Warrant						N/A									N/A						N/A						47						314						—						261
			Namely, Inc.+			Warrant						N/A									N/A						N/A						17						28						—						0
			Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+			Warrant						N/A									N/A						N/A						4						9						—						18
			Personify, Inc.+			LP Interest						N/A									N/A						N/A						716						942						0.1						1,403
			Project Alpha Intermediate Holding, Inc.+			Common Stock						N/A									N/A						N/A						—						964						0.1						1,355
			Project Alpha Intermediate Holding, Inc.+			Common Stock						N/A									N/A						N/A						202						329						0.1						638

See Notes to Consolidated Financial Statements.

49

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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)
			Pyramid Healthcare Acquisition Corp.+			Common Stock						N/A									N/A						N/A						184						$	184					—			%			$	284
			QAD, Inc.+			Preferred stock						N/A									N/A						N/A						—						125						—						125
			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						—						210
			RegEd Aquireco, LLC+			LP Interest						N/A									N/A						N/A						3						21						—						0
			Riskonnect Parent, LLC+			LP Interest						N/A									N/A						N/A						857						858						—						733
			Riskonnect Parent, LLC+			Preferred stock						N/A									N/A						N/A						18						18,055						0.7						17,586
			SnapLogic, Inc.+			Preferred stock						N/A									N/A						N/A						278						695						0.1						1,321
			SnapLogic, Inc.+			Warrant						N/A									N/A						N/A						106						75						—						342
			Spartan Buyer Acquisition Co.+			Common Stock						N/A									N/A						N/A						1						623						—						720
			Telesoft Holdings LLC+			LP Interest						N/A									N/A						N/A						6						6						—						6
			Workforce Software, LLC+			Common Stock						N/A									N/A						N/A						—						973						—						566
			Workforce Software, LLC+			Common Stock						N/A									N/A						N/A						—						36						—						37
																																							83,768						3.8						93,005

See Notes to Consolidated Financial Statements.

50

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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					0.3			%			$	8,954
			Ave Holdings III, Corp+			LP units						N/A									N/A						N/A						1						934						—						934
			Batteries Plus Holding Corporation+			LP Interest						N/A									N/A						N/A						10						1,287						0.1						1,352
			Cycle Gear, Inc.+			LLC units						N/A									N/A						N/A						27						462						0.1						749
			Imperial Optical Midco Inc.+			Preferred stock						N/A									N/A						N/A						—						122						—						162
			Imperial Optical Midco Inc.+			Preferred stock						N/A									N/A						N/A						—						46						—						60
			Jet Equipment & Tools Ltd.+(8)(9)(12)			LLC interest						N/A									N/A						N/A						1						948						0.1						2,389
			Pet Holdings ULC+(8)(12)			LP Interest						N/A									N/A						N/A						677						450						0.1						1,533
			PPV Intermediate Holdings II, LLC+			LLC interest						N/A									N/A						N/A						325						315						0.1						949
			Sola Franchise, LLC and Sola Salon Studios, LLC+			LLC interest						N/A									N/A						N/A						6						682						0.1						1,654
			Sola Franchise, LLC and Sola Salon Studios, LLC+			LLC interest						N/A									N/A						N/A						1						139						—						377
			Southern Veterinary Partners, LLC+			Preferred stock						N/A									N/A						N/A						5						4,911						0.2						5,515
			Southern Veterinary Partners, LLC+			LLC units						N/A									N/A						N/A						—						717						—						1,097
			Southern Veterinary Partners, LLC+			LLC interest						N/A									N/A						N/A						148						188						0.2						4,237
			VSG Acquisition Corp. and Sherrill, Inc.+			LP units						N/A									N/A						N/A						—						37						—						37
																																							19,746						1.3						29,999
			Technology Hardware, Storage & Peripherals
			Agility Recovery Solutions Inc.+			LLC interest						N/A									N/A						N/A						97						604						—						445
			Textiles, Apparel & Luxury Goods
			Elite Sportswear, L.P.+			LLC interest						N/A									N/A						N/A						—						165						—						—
			Georgica Pine Clothiers, LLC+(17)			LLC interest						N/A									N/A						N/A						20						239						—						584
			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						—						202
																																							783						—						1,005
			Total non-controlled/non-affiliate company equity investments																																				$	220,168					10.4			%			$	267,217
			Total non-controlled/non-affiliate company investments																														$	5,377,663					$	5,565,920					213.9			%			$	5,533,287

See Notes to Consolidated Financial Statements.

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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(19)
			Debt investments
			Beverages
			Abita Brewing Co., L.L.C.+			One stop						L + 5.75%			(a)						7.42%						04/2024						$	5,786					$	5,793					0.2			%			$	5,786
			Abita Brewing Co., L.L.C.+			Second lien						L + 8.00%			(b)						10.25%						04/2024						3,635						3,627						0.1						2,907
			Abita Brewing Co., L.L.C.+			One stop						L + 5.75%									N/A(6)						04/2024						—						—						—						—
																																	9,421						9,420						0.3						8,693
			Consumer Finance
			Paradigm DKD Group, LLC+(7)			Senior loan						L + 6.25%			(b)						8.50%						08/2023						3,844						2,014						0.1						3,844
			Paradigm DKD Group, LLC+(5)(7)			Senior loan						L + 6.25%			(b)						8.50%						08/2023						7						(142)						—						7
																																	3,851						1,872						0.1						3,851
			Electronic Equipment, Instruments and Components
			Sloan Company, Inc., The+(7)			One stop						L + 8.50%			(b)						10.75%						07/2023						6,328						4,074						0.1						3,797
			Sloan Company, Inc., The+			One stop						L + 8.50%			(b)						10.75%						07/2023						1,543						1,543						0.1						1,543
			Sloan Company, Inc., The+(7)			One stop						L + 8.50%			(b)						10.75%						07/2023						420						271						—						252
																																	8,291						5,888						0.2						5,592
			Energy, Equipment & Services
			Benetech, Inc.+(7)			One stop						SF + 6.00%			(m)						8.20%						08/2024						3,642						3,623						0.1						1,456
			Benetech, Inc.+(7)			One stop						SF + 6.00%			(m)						8.20%						08/2024						1,020						1,014						—						289
																																	4,662						4,637						0.1						1,745
			Food and Staples Retailing
			Rubio's Restaurants, Inc.+			Senior loan						L + 8.00%			(b)						10.18%						12/2024						12,863						12,649						0.5						12,091
			Rubio's Restaurants, Inc.+(5)			Senior loan						L + 8.00%									N/A(6)						12/2024						—						(12)						—						(83)
																																	12,863						12,637						0.5						12,008
			Healthcare Providers and Services
			Elite Dental Partners LLC+			One stop						SF + 5.25%			(b)(m)						7.45% PIK						06/2023						11,550						11,589						0.5						11,088
			Elite Dental Partners LLC+			One stop						SF + 12.00%			(b)(m)						14.20% PIK						06/2023						2,769						2,769						0.1						2,769
			Elite Dental Partners LLC+			One stop						SF + 5.25%			(b)(m)						7.45% PIK						06/2023						1,245						1,245						—						1,245
																																	15,564						15,603						0.6						15,102
			Software
			Switchfly LLC+			One stop						L + 3.00%			(b)						4.00%						10/2023						6,454						6,382						0.2						4,970
			Switchfly LLC+			One stop						L + 3.00%			(b)						4.00%						10/2023						539						532						—						415
			Switchfly LLC+			One stop						L + 3.00%			(b)						4.00%						10/2023						40						40						—						32
			Switchfly LLC+(5)			One stop						L + 8.50%			(b)						9.50%						10/2023						2						2						—						(24)
																																	7,035						6,956						0.2						5,393
			Total non-controlled/affiliate debt investments																														$	61,687					$	57,013					2.0			%			$	52,384

See Notes to Consolidated Financial Statements.

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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(15)(16)
			Beverages
			Abita Brewing Co., L.L.C.+			Warrant						N/A									N/A						N/A						210						$	—					—			%			$	366
			Consumer Finance
			Paradigm DKD Group, LLC			LLC interest						N/A									N/A						N/A						354						115						—						448
			Paradigm DKD Group, LLC			Preferred stock						N/A									N/A						N/A						71						—						—						—
			Paradigm DKD Group, LLC			Preferred stock						N/A									N/A						N/A						2,004						—						—						540
																																							115						—						988
			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						2,463
			Rubio's Restaurants, Inc.+			Common Stock						N/A									N/A						N/A						886						182						—						362
			Rubio's Restaurants, Inc.+			Common Stock						N/A									N/A						N/A						536						110						—						219
			Rubio's Restaurants, Inc.+			Common Stock						N/A									N/A						N/A						89						6						—						23
			Rubio's Restaurants, Inc.+			Common Stock						N/A									N/A						N/A						52						3						—						13
			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						3,080
			Healthcare Providers and Services
			Elite Dental Partners LLC			LLC interest						N/A									N/A						N/A						—						2,902						0.1						3,950
			Elite Dental Partners LLC			LLC interest						N/A									N/A						N/A						—						1,250						0.1						1,323
			Elite Dental Partners LLC			LLC units						N/A									N/A						N/A						—						—						—						—
																																							4,152						0.2						5,273
			Software
			Switchfly LLC+			LLC interest						N/A									N/A						N/A						98,370						2,321						0.1						1,941
			Switchfly LLC+			LLC units						N/A									N/A						N/A						950						950						—						419
																																							3,271						0.1						2,360
			Total non-controlled/affiliate equity investments																																				$	10,156					0.4			%			$	12,067
			Total non-controlled/affiliate investments																														$	61,687					$	67,169					2.4			%			$	64,451

See Notes to Consolidated Financial Statements.

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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(20)
			Debt Investments
			IT Services
			MMan Acquisition Co.*+(7)			One stop						N/A									10.00% PIK						08/2023						$	29,523					$	19,579					0.5			%			$	13,285
			MMan Acquisition Co.+			One stop						N/A									8.00% PIK						08/2023						1,588						1,588						0.1						1,508
			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						170						170						—						170
			Total controlled affiliate debt investments																														$	32,130					$	22,186					0.6			%			$	15,812
			Equity Investments (15)(16)
			IT Services
			MMan Acquisition Co.+			Common Stock						N/A									N/A						N/A						—						$	927					—			%			$	—
			Total controlled affiliate equity investments																																				$	927					—			%			$	—
			Total controlled affiliate investments																														$	32,130					$	23,113					0.6			%			$	15,812
			Total investments																														$	5,471,480					$	5,656,202					216.9			%			$	5,613,550
			Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
			BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)																		1.34%(21)																		$	10,805					0.4			%			$	10,805
			Total money market funds																																				$	10,805					0.4			%			$	10,805
			Total Investments and Money Market Funds																																				$	5,667,007					217.3			%			$	5,624,355

See Notes to Consolidated Financial Statements.

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 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).
~						Denotes that all or a portion of the loan collateralizes the MS Credit Facility II (as defined in Note 7).

(1)The majority of the investments bear interest at a rate that is permitted to be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”) denominated in U.S. dollars, 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 Secured Overnight Financing Rate (“SOFR” or “SF”) which reset daily, monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of June 30, 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 June 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 June 30, 2022, as the loan may have priced or repriced based on an index rate prior to June 30, 2022.

(a) Denotes that all or a portion of the loan was indexed to the 30-day LIBOR, which was 1.79% as of June 30, 2022.

(b) Denotes that all or a portion of the loan was indexed to the 90-day LIBOR, which was 2.29% as of June 30, 2022.

(c) Denotes that all or a portion of the loan was indexed to the 180-day LIBOR, which was 2.94% as of June 30, 2022.

(d) Denotes that all or a portion of the loan was indexed to the Prime rate, which was 4.75% as of June 30, 2022.

(e) Denotes that all or a portion of the loan was indexed to the 90-day EURIBOR, which was -0.20% as of June 30, 2022.

(f) Denotes that all or a portion of the loan was indexed to the 180-day EURIBOR, which was 0.26% as of June 30, 2022.

(g) Denotes that all or a portion of the loan was indexed to the Australia Three Month Interbank Rate, which was 1.86% as of June 30, 2022.

(h) Denotes that all or a portion of the loan was indexed to the 30-day CDOR, which was 2.23% as of June 30, 2022.

(i) Denotes that all or a portion of the loan was indexed to the 90-day CDOR, which was 2.76% as of June 30, 2022.

(j) Denotes that all or a portion of the loan was indexed to SONIA, which was 1.19% as of June 30, 2022.

(k) Denotes that all or a portion of the loan was indexed to Daily SOFR, which was 1.50% as of June 30, 2022.

(l) Denotes that all or a portion of the loan was indexed to the 30-day Term SOFR Rate which was 1.69% as of June 30, 2022.

(m) Denotes that all or a portion of the loan was indexed to the 90-day Term SOFR Rate which was 2.12% as of June 30, 2022.

(n) Denotes that all or a portion of the loan was indexed to the 180-day Term SOFR Rate which was 2.63% as of June 30, 2022.

(o) Denotes that all or a portion of the loan was indexed to the Canadian Prime Rate, which was 3.70% as of June 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 June 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.

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

(6)The entire commitment was unfunded as of June 30, 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 June 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 Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of June 30, 2022, total non-qualifying assets at fair value represented 10.9% of the Company's total assets calculated in accordance with the 1940 Act.

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

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

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

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

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

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

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

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

(17) The Company holds an equity investment that entitles it to receive preferential dividends.

See Notes to Consolidated Financial Statements.

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Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2022

(In thousands)

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

(19)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns five percent or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the nine months ended June 30, 2022 were as follows:

Portfolio Company						Fair value as of September 30, 2021						Gross Additions(a)						Gross Reductions(b)												Net change in unrealized gain (loss)						Net realized gain (loss)									Fair value as of June 30, 2022						Interest, dividend and fee income
Abita Brewing Co. LLC						$	10,050					$	316					$	(210)											$	(1,097)					$	—								$	9,059					$	583
Benetech, Inc.						2,399						467						(221)												(900)						—									1,745						227
Elite Dental Partners LLC						16,952						3,684						(51)												(210)						—									20,375						876
Paradigm DKD Group, LLC						2,627						217						(286)												2,281						—									4,839						47
Rubio's Restaurants, Inc						17,559						4						(33)												(2,442)						—									15,088						1,005
Sloan Company, Inc.						5,162						1,293						(463)												(400)						—									5,592						87
Switchfly LLC						6,168						1,305						—												280						—									7,753						456
Uinta Brewing Company						462						22						(498)												1,040						(1,026)									—						7
Total Non-Controlled Affiliates						$	61,379					$	7,308					$	(1,762)											$	(1,448)					$	(1,026)								$	64,451					$	3,288

(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.

(20)As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” of and “control” this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement) (“controlled affiliate”). Transactions related to investments in controlled affiliates for the nine months ended June 30, 2022 were as follows:

Portfolio Company						Fair value as of September 30, 2021						Gross Additions(a)						Gross Reductions(b)												Net change in unrealized gain (loss)						Net realized gain (loss)						Fair value as of June 30, 2022						Interest, dividend and fee income
MMan Acquisition Co.						$	18,237					$	3,268					$	(2,213)											$	(3,480)					$	—					$	15,812					$	57
Total Controlled Affiliates						$	18,237					$	3,268					$	(2,213)											$	(3,480)					$	—					$	15,812					$	57

(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.

(21)The rate shown is the annualized seven-day yield as of June 30, 2022.

See Notes to Consolidated Financial Statements.

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 2021

(In 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
			NTS Technical Systems*#+~			Senior loan						L + 5.50%			(c)						6.50%						06/2023						$	40,173					$	39,983					1.6			%			$	40,173
			NTS Technical Systems~			Second lien						L + 9.75%			(c)						10.75%						12/2023						4,589						4,524						0.2						4,589
			NTS Technical Systems+			Senior loan						L + 5.50%			(c)						6.50%						06/2023						1,247						1,195						—						1,247
			NTS Technical Systems+(5)			Senior loan						L + 5.50%									N/A(6)						06/2023						—						(26)						—						—
			Tronair Parent, Inc.+			Senior loan						L + 6.25%			(c)(e)						6.75% cash/0.50% PIK						09/2023						680						676						—						606
			Tronair Parent, Inc.+			Senior loan						L + 6.25%			(c)						6.75% cash/0.50% PIK						06/2023						20						17						—						4
			Whitcraft LLC*#+~			One stop						L + 6.00%			(c)						7.00%						04/2023						63,253						63,492						2.4						61,355
			Whitcraft LLC+(5)			One stop						L + 6.00%									N/A(6)						04/2023						—						(1)						—						(9)
																																	109,962						109,860						4.2						107,965
			Airlines
			Aurora Lux Finco S.A.R.L.+(8)(13)			One stop						L + 6.00%			(c)						7.00%						12/2026						985						967						—						936
			Auto Components
			Covercraft Parent III, Inc.+			Senior loan						L + 4.50%			(c)						5.50%						08/2027						4,927						4,878						0.2						4,877
			Covercraft Parent III, Inc.+(5)			Senior loan						L + 4.50%									N/A(6)						08/2027						—						(1)						—						(1)
			Covercraft Parent III, Inc.+(5)			Senior loan						L + 4.50%									N/A(6)						08/2027						—						(18)						—						(18)
			North Haven Falcon Buyer, LLC			One stop						L + 6.00%			(a)						7.00%						05/2027						6,160						6,045						0.2						6,160
			North Haven Falcon Buyer, LLC+(5)			One stop						L + 6.00%									N/A(6)						05/2027						—						(19)						—						—
			Polk Acquisition Corp.*#+			Senior loan						L + 6.00%			(a)						7.00%						12/2023						18,106						17,991						0.7						18,106
			Polk Acquisition Corp.+			Senior loan						L + 6.00%			(a)						7.00%						12/2023						181						182						—						181
			Polk Acquisition Corp.+			Senior loan						L + 6.00%			(a)						7.00%						12/2023						107						106						—						107
			Power Stop, LLC+~			Senior loan						L + 4.50%			(a)						4.58%						10/2025						2,813						2,856						0.1						2,813
																																	32,294						32,020						1.2						32,225
			Automobiles
			CG Group Holdings, LLC+			One stop						L + 5.25%			(c)						6.25%						07/2027						31,463						31,159						1.2						31,148
			CG Group Holdings, LLC+			One stop						L + 5.25%			(a)(c)						6.25%						07/2026						168						164						—						164
			JHCC Holdings LLC			One stop						L + 5.50%			(c)						6.50%						09/2025						15,472						15,253						0.6						15,318
			JHCC Holdings LLC+			One stop						P + 4.50%			(f)						7.75%						08/2027						501						496						—						496
			JHCC Holdings LLC+			One stop						L + 5.50%			(c)(f)						6.89%						09/2025						298						296						—						295
			JHCC Holdings LLC+			One stop						P + 4.50%			(f)						7.53%						09/2025						7						6						—						6
			JHCC Holdings LLC+(5)			One stop						L + 5.50%									N/A(6)						08/2027						—						(33)						—						(33)
			MOP GM Holding, LLC*#+~			One stop						L + 5.75%			(c)						6.75%						11/2026						24,221						23,961						1.0						23,980
			MOP GM Holding, LLC+			One stop						L + 5.75%			(d)						6.75%						11/2026						2,604						2,576						0.1						2,578
			MOP GM Holding, LLC+			One stop						L + 5.75%			(c)						6.75%						11/2026						1,930						1,909						0.1						1,910
			MOP GM Holding, LLC+(5)			One stop						L + 5.75%									N/A(6)						11/2026						—						(2)						—						(2)
			MOP GM Holding, LLC+(5)			One stop						L + 5.75%									N/A(6)						11/2026						—						(76)						—						(64)

See Notes to Consolidated Financial Statements.

57

---

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)

						Investment Type						Spread Above Index(1)									Interest Rate(2)						Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Automobiles - (continued)
			Quick Quack Car Wash Holdings, LLC*#			One stop						L + 5.50%			(c)						6.50%						10/2024						$	12,950					$	12,963					0.5			%			$	12,950
			Quick Quack Car Wash Holdings, LLC+			One stop						L + 5.50%			(b)(c)						6.50%						10/2024						3,953						3,888						0.2						3,953
			Quick Quack Car Wash Holdings, LLC#+			One stop						L + 5.50%			(c)						6.50%						10/2024						2,337						2,318						0.1						2,337
			Quick Quack Car Wash Holdings, LLC*+			One stop						L + 5.50%			(c)						6.50%						10/2024						2,042						2,072						0.1						2,042
			Quick Quack Car Wash Holdings, LLC*+			One stop						L + 5.50%			(c)						6.50%						10/2024						1,364						1,386						0.1						1,364
			Quick Quack Car Wash Holdings, LLC*+			One stop						L + 5.50%			(c)						6.50%						10/2024						1,111						1,141						—						1,111
			Quick Quack Car Wash Holdings, LLC+			One stop						L + 5.50%									N/A(6)						10/2024						—						—						—						—
			TWAS Holdings, LLC*+			One stop						L + 6.00%			(c)						7.00%						12/2026						30,878						30,539						1.2						30,878
			TWAS Holdings, LLC+			One stop						L + 6.00%			(c)						7.00%						12/2026						8,014						7,928						0.3						8,014
			TWAS Holdings, LLC+(5)			One stop						L + 6.00%									N/A(6)						12/2026						—						(4)						—						—
																																	139,313						137,940						5.5						138,445
			Beverages
			Fintech Midco, LLC*#			One stop						L + 5.75%			(c)						6.50%						08/2024						24,163						24,389						0.9						23,921
			Fintech Midco, LLC+			One stop						L + 5.75%			(b)						6.50%						08/2024						15,337						15,188						0.6						15,184
			Fintech Midco, LLC#+			One stop						L + 5.75%			(c)						6.50%						08/2024						1,119						1,146						—						1,108
			Fintech Midco, LLC+(5)			One stop						L + 5.75%									N/A(6)						08/2024						—						(1)						—						(2)
			Watermill Express, LLC+			One stop						L + 5.25%			(c)						6.25%						04/2027						2,267						2,246						0.1						2,267
			Watermill Express, LLC+			One stop						L + 5.25%									N/A(6)						04/2027						—						—						—						—
			Watermill Express, LLC+(5)			One stop						L + 5.25%									N/A(6)						04/2027						—						(1)						—						—
			Winebow Holdings, Inc.			One stop						L + 6.25%			(a)						7.25%						07/2025						7,878						7,773						0.3						7,878
																																	50,764						50,740						1.9						50,356
			Biotechnology
			BIO18 Borrower, LLC#+			One stop						L + 4.75%			(a)(c)						5.75%						11/2024						10,962						10,990						0.4						10,880
			BIO18 Borrower, LLC+			One stop						L + 4.75%			(a)						5.75%						11/2024						7,948						7,891						0.3						7,888
			BIO18 Borrower, LLC*#+			One stop						L + 4.75%			(a)						5.75%						11/2024						3,922						3,898						0.2						3,894
			BIO18 Borrower, LLC+(5)			One stop						L + 4.75%									N/A(6)						11/2024						—						(1)						—						(2)
																																	22,832						22,778						0.9						22,660

See Notes to Consolidated Financial Statements.

58

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In 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
			Jensen Hughes, Inc.+			Senior loan						L + 4.50%			(c)(f)						5.50%						03/2024						$	4,149					$	4,150					0.2			%			$	4,107
			Jensen Hughes, Inc.+			Senior loan						L + 4.50%			(b)(c)(f)						5.50%						03/2024						1,403						1,426						0.1						1,389
			Jensen Hughes, Inc.+			Senior loan						L + 4.50%			(c)(f)						5.50%						03/2024						904						914						—						895
			Jensen Hughes, Inc.+			Senior loan						L + 4.50%			(c)(f)						5.50%						03/2024						852						844						—						844
			Jensen Hughes, Inc.+			Senior loan						L + 4.50%			(c)(f)						5.50%						03/2024						434						444						—						430
			Jensen Hughes, Inc.+			Senior loan						L + 4.50%			(c)(f)						5.50%						03/2024						277						279						—						274
			Jensen Hughes, Inc.+			Senior loan						L + 4.50%			(c)(f)						5.50%						03/2024						216						216						—						214
			Jensen Hughes, Inc.+			Senior loan						L + 4.50%			(c)(f)						5.50%						03/2024						115						115						—						114
			Jensen Hughes, Inc.+(5)			Senior loan						L + 4.50%									N/A(6)						03/2024						—						(14)						—						(15)
																																	8,350						8,374						0.3						8,252
			Chemicals
			Inhance Technologies Holdings LLC#+			One stop						L + 6.00%			(c)						7.00%						07/2024						12,573						12,663						0.5						12,573
			Inhance Technologies Holdings LLC+			One stop						L + 6.00%			(c)						7.00%						07/2024						1,910						1,901						0.1						1,910
			Inhance Technologies Holdings LLC+			One stop						L + 6.00%			(c)						7.00%						07/2024						96						95						—						96
			PHM NL SP Bidco B.V.(8)(9)(14)			One stop						E + 6.25%			(g)						6.25%						10/2028						36,686						36,182						1.4						36,182
			PHM NL SP Bidco B.V.+(8)(14)			One stop						L + 6.25%			(d)						6.75%						10/2028						13,766						13,576						0.5						13,576
			PHM NL SP Bidco B.V.(5)(8)(9)(14)			One stop						E + 6.25%									N/A(6)						10/2028						—						(178)						—						(178)
																																	65,031						64,239						2.5						64,159
			Commercial Services & Supplies
			EGD Security Systems, LLC*#+			One stop						L + 5.65%			(c)						6.65%						06/2023						30,092						30,317						1.2						30,092
			EGD Security Systems, LLC+			One stop						L + 5.65%			(c)						6.65%						06/2023						1,687						1,676						0.1						1,687
			EGD Security Systems, LLC*+			One stop						L + 5.65%			(c)						6.65%						06/2023						1,258						1,257						—						1,258
			EGD Security Systems, LLC+			One stop						L + 5.65%			(c)						6.65%						06/2023						843						838						—						843
			EGD Security Systems, LLC+			One stop						L + 5.65%			(c)						6.65%						06/2023						767						762						—						767
			EGD Security Systems, LLC#+			One stop						L + 5.65%			(c)						6.65%						06/2023						644						656						—						644
			EGD Security Systems, LLC#+			One stop						L + 5.65%			(c)						6.65%						06/2023						575						573						—						575
			EGD Security Systems, LLC+			One stop						L + 5.65%			(c)						6.65%						06/2023						537						533						—						537
			EGD Security Systems, LLC+			One stop						L + 5.65%			(c)						6.65%						06/2023						200						199						—						200
			Hydraulic Authority III Limited+~(8)(9)(10)			One stop						L + 5.75%			(i)						6.75%						11/2025						11,024						11,191						0.5						11,795
			Hydraulic Authority III Limited+(8)(9)(10)			One stop						N/A									11.00% PIK						11/2028						222						225						—						236

See Notes to Consolidated Financial Statements.

59

---

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)

						Investment Type						Spread Above Index(1)									Interest Rate(2)						Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Commercial Services & Supplies - (continued)
			Hydraulic Authority III Limited+(8)(9)(10)			One stop						L + 5.75%									N/A(6)						11/2025						$	—					$	—					—			%			$	—
			North Haven Stack Buyer, LLC			One stop						L + 5.50%			(c)						6.50%						07/2027						8,855						8,684						0.4						8,767
			North Haven Stack Buyer, LLC+			One stop						L + 5.50%			(c)						6.50%						07/2027						262						197						—						195
			North Haven Stack Buyer, LLC+			One stop						L + 5.50%			(c)						6.50%						07/2027						11						10						—						10
			PT Intermediate Holdings III, LLC+~			One stop						L + 5.50%			(c)						6.50%						10/2025						29,746						29,432						1.2						29,746
			PT Intermediate Holdings III, LLC+(5)			One stop						L + 5.50%									N/A(6)						10/2025						—						(3)						—						—
			Radwell International, LLC+			One stop						L + 5.50%			(c)						6.25%						07/2027						3,919						3,905						0.2						3,905
			Radwell International, LLC+			One stop						L + 5.50%			(c)						6.25%						07/2027						268						268						—						268
			Radwell International, LLC+			One stop						L + 5.50%			(c)						6.25%						07/2027						128						128						—						128
			Trinity Air Consultants Holdings Corporation+			One stop						L + 5.25%			(a)						6.00%						06/2027						2,458						2,411						0.1						2,458
			Trinity Air Consultants Holdings Corporation+			One stop						L + 5.25%									N/A(6)						06/2027						—						—						—						—
			Trinity Air Consultants Holdings Corporation+(5)			One stop						L + 5.25%									N/A(6)						06/2027						—						(1)						—						—
			WRE Holding Corp.*#			Senior loan						L + 5.50%			(b)(c)						6.50%						01/2023						2,252						2,273						0.1						2,252
			WRE Holding Corp.+			Senior loan						L + 5.50%			(b)(c)						6.50%						01/2023						930						946						—						930
			WRE Holding Corp.+			Senior loan						L + 5.50%			(c)						6.50%						01/2023						682						681						—						682
			WRE Holding Corp.+			Senior loan						L + 5.50%			(b)(c)						6.50%						01/2023						404						404						—						404
			WRE Holding Corp.+			Senior loan						L + 5.50%			(c)						6.50%						01/2023						129						134						—						129
			WRE Holding Corp.+			Senior loan						L + 5.50%			(a)(c)(f)						6.50%						01/2023						24						24						—						24
			WRE Holding Corp.+			Senior loan						L + 5.50%			(b)(c)						6.50%						01/2023						23						23						—						23
																																	97,940						97,743						3.8						98,555
			Communications Equipment
			Lightning Finco Limited+(8)(10)			One stop						L + 5.75%			(c)						6.50%						09/2028						10,349						10,145						0.4						10,142
			Lightning Finco Limited(8)(9)(10)			One stop						E + 5.75%			(g)						6.50%						09/2028						1,262						1,237						—						1,205
																																	11,611						11,382						0.4						11,347
			Construction & Engineering
			Reladyne, Inc.*#+			Senior loan						L + 5.00%			(c)						6.00%						07/2024						32,522						32,513						1.3						32,522
			Reladyne, Inc.+~			Senior loan						L + 5.00%			(c)						6.00%						07/2024						3,447						3,461						0.1						3,447
			Reladyne, Inc.+			Senior loan						L + 5.00%			(c)						6.00%						07/2024						3,369						3,341						0.1						3,369
			Reladyne, Inc.+			Senior loan						L + 5.00%			(c)						6.00%						07/2024						2,729						2,740						0.1						2,729
			Reladyne, Inc.*#+			Senior loan						L + 5.00%			(c)						6.00%						07/2024						1,866						1,874						0.1						1,866
			Reladyne, Inc.#+~			Senior loan						L + 5.00%			(c)						6.00%						07/2024						1,609						1,615						0.1						1,609
			Reladyne, Inc.#+			Senior loan						L + 5.00%			(c)						6.00%						07/2024						1,529						1,543						0.1						1,529
			Reladyne, Inc.#+~			Senior loan						L + 5.00%			(c)						6.00%						07/2024						733						736						—						733
			Reladyne, Inc.+			Senior loan						L + 5.00%			(c)						6.00%						07/2024						207						205						—						207
																																	48,011						48,028						1.9						48,011
			Containers and Packaging
			AmerCareRoyal LLC+			Senior loan						L + 5.00%			(a)						6.00%						11/2025						813						808						—						813
			AmerCareRoyal LLC+			Senior loan						L + 5.00%			(a)						6.00%						11/2025						168						166						—						168
			AmerCareRoyal LLC+			Senior loan						L + 5.00%			(a)						6.00%						11/2025						163						161						—						163
			AmerCareRoyal LLC+(8)			Senior loan						L + 5.00%			(a)						6.00%						11/2025						151						150						—						151
			Fortis Solutions Group LLC+			Senior loan						L + 4.50%			(c)						5.50%						12/2023						4,049						3,983						0.2						4,049
			Fortis Solutions Group LLC+			Senior loan						L + 4.50%			(c)						5.50%						12/2023						2,406						2,366						0.1						2,406
			Fortis Solutions Group LLC+			Senior loan						L + 4.50%			(c)						5.50%						12/2023						1,570						1,558						0.1						1,570
			Fortis Solutions Group LLC+			Senior loan						L + 4.50%			(c)						5.50%						12/2023						624						619						—						624
			Fortis Solutions Group LLC+			Senior loan						L + 4.50%			(c)						5.50%						12/2023						601						596						—						601
			Fortis Solutions Group LLC+			Senior loan						L + 4.50%									N/A(6)						12/2023						—						—						—						—
																																	10,545						10,407						—						10,545

See Notes to Consolidated Financial Statements.

60

---

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In 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
			PetroChoice Holdings, Inc.#+			Senior loan						L + 5.00%			(c)						6.00%						08/2022						$	3,241					$	3,245					0.1			%			$	3,147
			WSC Holdings Midco LLC+			Senior loan						L + 4.50%			(c)						5.50%						07/2027						2,991						2,962						0.1						2,961
			WSC Holdings Midco LLC+(5)			Senior loan						L + 4.50%									N/A(6)						07/2027						—						(1)						—						(1)
			WSC Holdings Midco LLC+(5)			Senior loan						L + 4.50%									N/A(6)						07/2027						—						(17)						—						(18)
																																	6,232						6,189						0.2						6,089
			Diversified Consumer Services
			Certus Pest, Inc.+			One stop						L + 5.25%			(c)						6.25%						02/2026						1,609						1,576						0.1						1,609
			Certus Pest, Inc.+			One stop						L + 5.25%			(c)						6.25%						02/2026						1,527						1,475						0.1						1,527
			Certus Pest, Inc.+			One stop						L + 5.25%			(c)						6.25%						02/2026						1,080						1,070						—						1,080
			Certus Pest, Inc.+			One stop						L + 5.25%			(c)						6.25%						02/2026						760						744						—						760
			Certus Pest, Inc.+			One stop						L + 5.25%			(c)						6.25%						02/2026						672						633						—						672
			Certus Pest, Inc.+			One stop						L + 5.25%			(c)						5.37%						02/2026						386						376						—						386
			Certus Pest, Inc.+			One stop						L + 5.25%			(c)						6.25%						02/2026						242						224						—						242
			Certus Pest, Inc.+			One stop						L + 5.25%			(c)						6.25%						02/2026						132						98						—						132
			Certus Pest, Inc.+			One stop						L + 5.25%									N/A(6)						02/2026						—						—						—						—
			Certus Pest, Inc.+(5)			One stop						L + 5.25%									N/A(6)						02/2026						—						(6)						—						—
			Certus Pest, Inc.+			One stop						L + 5.25%									N/A(6)						02/2026						—						—						—						—
			CHHJ Franchising, LLC#			Senior loan						L + 5.00%			(c)						6.00%						01/2026						2,751						2,727						0.1						2,751
			CHHJ Franchising, LLC+			Senior loan						L + 5.00%			(c)						6.00%						01/2026						5						4						—						5
			COP Hometown Acquisitions, Inc.+			Senior loan						L + 4.50%			(c)						5.50%						07/2027						1,721						1,705						0.1						1,704
			COP Hometown Acquisitions, Inc.+			Senior loan						L + 4.50%			(c)						5.50%						07/2027						1,677						1,652						0.1						1,652
			COP Hometown Acquisitions, Inc.+			Senior loan						L + 4.50%			(c)						5.50%						07/2027						596						585						—						579
			COP Hometown Acquisitions, Inc.+			Senior loan						L + 4.50%									N/A(6)						07/2027						—						—						—						—
			COP Hometown Acquisitions, Inc.+			Senior loan						L + 4.50%									N/A(6)						07/2027						—						—						—						—

See Notes to Consolidated Financial Statements.

61

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)

						Investment Type						Spread Above Index(1)									Interest Rate(2)						Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Diversified Consumer Services - (continued)
			EWC Growth Partners LLC			One stop						L + 7.50%			(c)						6.50% cash/2.00% PIK						03/2026						$	922					$	908					—			%			$	875
			EWC Growth Partners LLC+			One stop						L + 7.50%			(c)						6.50% cash/2.00% PIK						03/2026						30						29						—						29
			EWC Growth Partners LLC+			One stop						L + 7.50%			(c)						6.50% cash/2.00% PIK						03/2026						18						18						—						17
			Excelligence Learning Corporation#+			One stop						L + 6.50%			(c)						5.50% cash/2.00% PIK						04/2023						10,766						10,612						0.4						10,335
			Flores & Associates, LLC			One stop						L + 4.75%			(c)						5.75%						04/2027						3,778						3,699						0.2						3,778
			Flores & Associates, LLC+			One stop						L + 4.75%			(b)(c)						5.75%						04/2027						843						833						—						843
			Flores & Associates, LLC+			One stop						L + 4.75%			(c)						5.75%						04/2027						777						768						—						777
			Flores & Associates, LLC+(5)			One stop						L + 4.75%									N/A(6)						04/2027						—						(1)						—						—
			FSS Buyer LLC+			One stop						L + 5.75%			(c)						6.50%						08/2028						5,547						5,437						0.2						5,436
			FSS Buyer LLC+			One stop						L + 5.75%			(c)						6.50%						08/2027						17						16						—						16
			Learn-it Systems, LLC+			Senior loan						L + 4.50%			(c)						5.50%						03/2025						2,523						2,557						0.1						2,518
			Learn-it Systems, LLC+			Senior loan						L + 4.50%			(c)						5.50%						03/2025						1,357						1,354						0.1						1,355
			Learn-it Systems, LLC+			Senior loan						L + 4.50%			(b)						5.50%						03/2025						8						9						—						8
			Learn-it Systems, LLC+(5)			Senior loan						L + 4.75%									N/A(6)						03/2025						—						(12)						—						8
			Liminex, Inc.~			One stop						L + 7.25%			(c)						8.25%						11/2026						25,462						25,049						1.0						25,462
			Liminex, Inc.+			One stop						L + 7.25%			(c)						8.25%						11/2026						800						792						—						800
			Liminex, Inc.+(5)			One stop						L + 7.25%									N/A(6)						11/2026						—						(1)						—						—
			Litera Bidco LLC+			One stop						L + 6.00%			(a)						7.00%						05/2026						4,629						4,577						0.2						4,653
			Litera Bidco LLC+			One stop						L + 5.75%			(a)						6.75%						05/2026						3,711						3,729						0.1						3,694
			Litera Bidco LLC+			One stop						L + 5.75%			(a)						6.75%						05/2026						696						716						—						693
			Litera Bidco LLC+			One stop						L + 5.75%			(a)						6.75%						05/2026						696						717						—						693
			Litera Bidco LLC+			One stop						L + 6.00%			(a)						7.00%						05/2026						145						140						—						148
			Litera Bidco LLC+			One stop						L + 5.75%									N/A(6)						05/2025						—						—						—						—
			PADI Holdco, Inc.*#			One stop						L + 7.25%			(d)						6.75% cash/1.50% PIK						04/2024						21,666						21,774						0.8						19,499
			PADI Holdco, Inc.+~(8)(9)			One stop						E + 7.25%			(g)						5.75% cash/1.50% PIK						04/2024						20,757						20,973						0.8						18,759
			PADI Holdco, Inc.~			One stop						L + 7.25%			(c)						6.75% cash/1.50% PIK						04/2024						812						807						—						731
			PADI Holdco, Inc.+			One stop						L + 7.25%			(c)						6.75% cash/1.50% PIK						04/2024						168						167						—						151
			PADI Holdco, Inc.+			One stop						L + 7.25%			(c)						6.75% cash/1.50% PIK						04/2023						108						108						—						89
			Provenance Buyer LLC+			One stop						L + 5.50%			(c)						6.25%						06/2027						18,464						18,109						0.7						18,464
			Provenance Buyer LLC+(5)			One stop						L + 5.50%									N/A(6)						06/2027						—						(2)						—						—
			Provenance Buyer LLC+(5)			Senior loan						L + 5.50%									N/A(6)						06/2027						—						(3)						—						—
																																	137,858						136,742						5.1						132,930
			Diversified Financial Services
			AxiomSL Group, Inc.+			One stop						L + 6.00%			(c)						7.00%						12/2027						4,056						3,978						0.2						3,975
			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						L + 5.50%			(c)						6.25%						07/2027						8,098						8,002						0.3						8,098
			Banker's Toolbox, Inc.+			One stop						L + 5.50%									N/A(6)						07/2027						—						—						—						—
			Banker's Toolbox, Inc.+			One stop						L + 5.50%									N/A(6)						07/2027						—						—						—						—
			Higginbotham Insurance Agency, Inc.+			One stop						L + 5.50%			(a)						6.25%						11/2026						3,596						3,550						0.1						3,596
			Higginbotham Insurance Agency, Inc.+			One stop						L + 5.50%			(a)						6.25%						11/2026						828						815						—						828
																																	16,578						16,345						0.6						16,497

See Notes to Consolidated Financial Statements.

62

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In 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%			(c)						6.00%						12/2024						$	1,645					$	1,616					0.1			%			$	1,645
			Electronic Equipment, Instruments & Components
			CST Buyer Company#+			One stop						L + 6.00%			(c)						7.00%						10/2025						20,425						20,216						0.8						20,425
			CST Buyer Company#+~			One stop						L + 6.00%			(c)						7.00%						10/2025						10,189						10,100						0.4						10,189
			CST Buyer Company+			One stop						L + 6.00%									N/A(6)						10/2025						—						—						—						—
			ES Acquisition LLC+			One stop						L + 5.50%			(c)						6.25%						11/2025						76,750						76,374						3.0						76,366
			ES Acquisition LLC			Senior loan						L + 5.50%			(c)						6.50%						11/2025						655						646						—						652
			ES Acquisition LLC+			Senior loan						L + 5.50%			(c)						6.50%						11/2025						138						138						—						138
			ES Acquisition LLC+			Senior loan						L + 5.50%			(c)						6.50%						11/2025						95						95						—						94
			ES Acquisition LLC			Senior loan						L + 5.50%			(c)						6.50%						11/2025						89						86						—						88
			ES Acquisition LLC+			Senior loan						L + 5.50%			(c)						6.50%						11/2025						84						82						—						82
			ES Acquisition LLC+			Senior loan						L + 5.50%			(c)						6.50%						11/2025						46						46						—						46
			ES Acquisition LLC+			Senior loan						L + 5.50%			(c)						6.50%						11/2025						42						41						—						41
			ES Acquisition LLC+			Second lien						L + 5.50%			(c)						6.50%						11/2025						35						35						—						35
			ES Acquisition LLC+			One stop						L + 5.50%									N/A(6)						11/2025						—						—						—						—
			Watchfire Enterprises, Inc.+			Second lien						L + 8.25%			(c)						9.25%						10/2024						9,435						9,382						0.3						9,435
			Watchfire Enterprises, Inc.+			Senior loan						L + 4.50%			(c)						5.50%						07/2024						2,192						2,173						0.1						2,192
																																	120,175						119,414						4.6						119,783

See Notes to Consolidated Financial Statements.

63

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In 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						L + 5.25%			(c)						6.25%						09/2023						$	18,418					$	18,549					0.7			%			$	18,418
			Cafe Rio Holding, Inc.+			One stop						L + 5.25%			(c)						6.25%						09/2023						3,311						3,309						0.1						3,311
			Cafe Rio Holding, Inc.#+			One stop						L + 5.25%			(c)						6.25%						09/2023						2,225						2,272						0.1						2,225
			Cafe Rio Holding, Inc.*#			One stop						L + 5.25%			(c)						6.25%						09/2023						1,412						1,443						0.1						1,412
			Cafe Rio Holding, Inc.#+			One stop						L + 5.25%			(c)						6.25%						09/2023						1,247						1,274						—						1,247
			Cafe Rio Holding, Inc.+			One stop						L + 5.25%			(c)						6.25%						09/2023						179						179						—						179
			Cafe Rio Holding, Inc.+			One stop						L + 5.25%									N/A(6)						09/2023						—						—						—						—
			Captain D's, LLC#			Senior loan						L + 4.50%			(c)						5.50%						12/2023						13,688						13,718						0.6						13,688
			Captain D's, LLC~			Senior loan						L + 4.50%			(c)						5.50%						12/2023						2,149						2,124						0.1						2,149
			Captain D's, LLC+			Senior loan						L + 4.50%									N/A(6)						12/2023						—						—						—						—
			Feeders Supply Company, LLC#+			One stop						L + 5.00%			(a)						6.00%						04/2023						8,844						8,791						0.4						8,844
			Feeders Supply Company, LLC+			Subordinated debt						N/A									12.50% cash/7.00% PIK						10/2023						163						163						—						163
			Feeders Supply Company, LLC+			One stop						L + 5.00%									N/A(6)						04/2023						—						—						—						—
			FWR Holding Corporation#+			One stop						L + 5.75%			(a)						6.50% cash/0.25% PIK						08/2023						10,428						10,420						0.4						10,428
			FWR Holding Corporation#+			One stop						L + 5.75%			(a)						6.50% cash/0.25% PIK						08/2023						1,824						1,862						0.1						1,824
			FWR Holding Corporation#+			One stop						L + 5.75%			(a)						6.50% cash/0.25% PIK						08/2023						1,153						1,177						—						1,153
			FWR Holding Corporation#+			One stop						L + 5.75%			(a)						6.50% cash/0.25% PIK						08/2023						365						372						—						365
			FWR Holding Corporation+			One stop						L + 5.75%			(a)						6.50% cash/0.25% PIK						08/2023						275						275						—						275
			FWR Holding Corporation#+			One stop						L + 5.75%			(a)						6.50% cash/0.25% PIK						08/2023						273						278						—						273
			FWR Holding Corporation+			One stop						L + 5.75%			(a)						6.50% cash/0.25% PIK						08/2023						132						131						—						132
			FWR Holding Corporation+			One stop						L + 5.50%									N/A(6)						08/2023						—						—						—						—
			FWR Holding Corporation+			One stop						L + 5.50%									N/A(6)						08/2023						—						—						—						—
			Mendocino Farms, LLC+			One stop						L + 8.50%			(a)						2.00% cash/7.50% PIK						06/2023						877						892						—						877
			Mendocino Farms, LLC+			One stop						L + 8.50%			(a)						2.00% cash/7.50% PIK						06/2023						690						701						—						690
			Mendocino Farms, LLC+			One stop						L + 8.50%			(a)						2.00% cash/7.50% PIK						06/2023						677						675						—						677
			Mendocino Farms, LLC+			One stop						L + 8.50%			(a)						2.00% cash/7.50% PIK						06/2023						332						331						—						332
			Mendocino Farms, LLC+			One stop						L + 8.50%			(a)						2.00% cash/7.50% PIK						06/2023						332						331						—						332
			Mendocino Farms, LLC+			One stop						L + 8.50%			(a)						2.00% cash/7.50% PIK						06/2023						164						164						—						164
			Mendocino Farms, LLC+			One stop						L + 8.50%			(a)						2.00% cash/7.50% PIK						06/2023						100						99						—						100
			Mendocino Farms, LLC+(5)			One stop						L + 7.50%									N/A(6)						06/2023						—						(1)						—						—
			Ruby Slipper Cafe LLC, The*+			One stop						L + 7.50%			(c)						8.50%						01/2023						2,041						2,037						0.1						2,000
			Ruby Slipper Cafe LLC, The+			One stop						L + 7.50%			(c)						8.50%						01/2023						413						421						—						405
			Ruby Slipper Cafe LLC, The+			One stop						L + 7.50%			(c)						8.50%						01/2023						30						30						—						30
			Wetzel's Pretzels, LLC*#+			One stop						L + 6.75%			(c)						7.75%						09/2023						16,278						16,067						0.7						16,278
			Wetzel's Pretzels, LLC+			One stop						L + 6.75%			(c)						7.75%						09/2023						—						—						—						—
			Wood Fired Holding Corp.*#			One stop						L + 7.25%			(c)						7.25% cash/1.00% PIK						12/2023						14,225						14,307						0.6						14,225
			Wood Fired Holding Corp.+			One stop						L + 7.25%			(c)						7.25% cash/1.00% PIK						12/2023						705						701						—						705
			Wood Fired Holding Corp.+(5)			One stop						L + 6.25%									N/A(6)						12/2023						—						(1)						—						—
			Zenput Inc.+			One stop						L + 9.00%			(c)						7.00% cash/3.00% PIK						06/2026						1,098						1,093						—						1,123
			Zenput Inc.+			One stop						L + 9.00%			(c)						7.00% cash/3.00% PIK						06/2026						10						10						—						10
																																	104,058						104,194						4.0						104,034

See Notes to Consolidated Financial Statements.

64

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In 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%			(c)						4.50% cash/3.00% PIK						06/2027						$	13,066					$	12,820					0.5			%			$	13,066
			Borrower R365 Holdings, LLC+			One stop						L + 6.50%			(c)						7.50%						06/2027						43						41						—						43
			Flavor Producers, LLC#~			Senior loan						L + 5.75%			(c)						5.75% cash/1.00% PIK						12/2023						5,005						4,933						0.2						4,906
			Flavor Producers, LLC+(5)			Senior loan						L + 4.75%									N/A(6)						12/2022						—						(2)						—						—
			Kodiak Cakes, LLC+			Senior loan						L + 4.50%			(a)						5.50%						06/2027						12,369						12,101						0.5						12,378
			Kodiak Cakes, LLC+			Senior loan						L + 4.50%			(a)						5.50%						06/2026						50						48						—						49
			Louisiana Fish Fry Products, Ltd.+			One stop						L + 5.75%			(c)						6.75%						07/2027						9,876						9,780						0.4						9,777
			Louisiana Fish Fry Products, Ltd.+			One stop						L + 5.75%			(c)						6.75%						07/2027						36						35						—						35
			MAPF Holdings, Inc.*#+~			One stop						L + 5.50%			(c)						6.50%						12/2026						33,863						33,563						1.3						33,863
			MAPF Holdings, Inc.+(5)			One stop						L + 5.50%									N/A(6)						12/2026						—						(39)						—						—
			MAPF Holdings, Inc.+(5)			One stop						L + 5.50%									N/A(6)						12/2026						—						(3)						—						—
			FCID Merger Sub, Inc.*+~			One stop						L + 6.00%			(c)						7.00%						12/2026						15,654						15,458						0.6						15,654
			FCID Merger Sub, Inc.+(5)			One stop						L + 6.00%									N/A(6)						12/2026						—						(1)						—						—
			FCID Merger Sub, Inc.+(5)			One stop						L + 6.00%									N/A(6)						12/2026						—						(29)						—						—
			Purfoods, LLC+			One stop						N/A									7.00% PIK						05/2026						79						83						—						79
			Ultimate Baked Goods Midco LLC+			One stop						L + 6.25%			(a)						7.25%						08/2027						6,722						6,656						0.2						6,654
			Ultimate Baked Goods Midco LLC+(5)			One stop						L + 6.25%			(c)						7.25%						08/2027						11						(23)						—						10
			Whitebridge Pet Brands, LLC			One stop						L + 5.00%			(a)						6.00%						07/2027						15,256						14,960						0.6						15,103
			Whitebridge Pet Brands, LLC+			One stop						L + 5.00%			(a)						6.00%						07/2027						10						9						—						9
																																	112,040						110,390						4.3						111,626

See Notes to Consolidated Financial Statements.

65

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In 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 + 4.75%			(c)						5.75%						06/2025						$	4,115					$	4,170					0.2			%			$	4,115
			Aspen Medical Products, LLC+			One stop						L + 4.75%			(c)						5.75%						06/2025						263						261						—						263
			Aspen Medical Products, LLC+			One stop						L + 4.75%									N/A(6)						06/2025						—						—						—						—
			Baduhenna Bidco Limited+(8)(10)			One stop						SF + 6.50%			(o)						6.55%						08/2028						5,415						5,342						0.2						5,341
			Baduhenna Bidco Limited(8)(9)(10)			One stop						E + 6.50%			(h)						6.50%						08/2028						3,427						3,381						0.1						3,307
			Baduhenna Bidco Limited+(8)(9)(10)			One stop						SN + 6.50%			(n)						6.55%						08/2028						983						934						—						941
			Baduhenna Bidco Limited+(5)(8)(9)(10)			One stop						SN + 6.75%									N/A(6)						08/2028						—						(30)						—						(30)
			Belmont Instrument, LLC#+			Senior loan						L + 4.75%			(c)						5.75%						12/2023						5,203						5,173						0.2						5,203
			Blades Buyer, Inc.#+~			Senior loan						L + 4.50%			(c)						5.50%						08/2025						8,712						8,681						0.3						8,712
			Blades Buyer, Inc.+			Senior loan						L + 4.50%									N/A(6)						08/2025						—						—						—						—
			Blades Buyer, Inc.+(5)			Senior loan						L + 4.50%									N/A(6)						08/2025						—						(17)						—						—
			Blue River Pet Care, LLC*#+			One stop						L + 5.00%			(a)						5.08%						07/2026						34,829						34,787						1.3						34,479
			Blue River Pet Care, LLC+			One stop						L + 5.00%			(a)(c)						5.10%						07/2026						3,195						3,142						0.1						3,164
			Blue River Pet Care, LLC+			One stop						L + 5.00%			(c)						5.13%						07/2026						451						320						—						315
			Blue River Pet Care, LLC+(5)			One stop						L + 5.00%									N/A(6)						08/2025						—						(2)						—						(4)
			CCSL Holdings, LLC*+			One stop						L + 5.75%			(c)						6.75%						12/2026						15,555						15,384						0.6						15,555
			CCSL Holdings, LLC+			One stop						L + 5.75%			(c)						6.75%						12/2026						4,198						4,138						0.2						4,198
			CCSL Holdings, LLC+			One stop						P + 4.75%			(f)						8.00%						12/2026						10						8						—						10
			CMI Parent Inc.#+			Senior loan						L + 4.00%			(c)						5.00%						08/2025						6,566						6,669						0.3						6,501
			CMI Parent Inc.+(5)			Senior loan						L + 4.00%									N/A(6)						08/2025						—						(2)						—						(4)
			G & H Wire Company, Inc.#+			One stop						L + 6.25%			(c)						7.25%						09/2023						11,099						11,056						0.5						11,099
			G & H Wire Company, Inc.+			One stop						L + 6.25%			(c)						7.25%						09/2022						—						—						—						—
			Joerns Healthcare, LLC*+			One stop						L + 6.00%			(c)						7.00%						08/2024						1,984						1,939						0.1						1,746
			Joerns Healthcare, LLC*+			One stop						L + 6.00%			(c)						7.00%						08/2024						1,908						1,876						0.1						1,679
			Katena Holdings, Inc.#+			One stop						L + 6.00%			(c)						7.00%						06/2024						12,595						12,487						0.5						12,595
			Katena Holdings, Inc.#+			One stop						L + 6.00%			(c)						7.00%						06/2024						1,230						1,220						—						1,230
			Katena Holdings, Inc.+			One stop						L + 6.00%			(c)						7.00%						06/2024						985						977						—						985
			Katena Holdings, Inc.+			One stop						L + 6.00%			(c)						7.00%						06/2024						920						912						—						920
			Katena Holdings, Inc.#+			One stop						L + 6.00%			(c)						7.00%						06/2024						843						835						—						843
			Katena Holdings, Inc.+			One stop						L + 6.00%			(c)						7.00%						06/2024						70						68						—						70
			Lombart Brothers, Inc.*#+~			One stop						L + 6.25%			(c)						7.25%						04/2023						28,948						28,920						1.2						28,948
			Lombart Brothers, Inc.#+(8)			One stop						L + 6.25%			(c)						7.25%						04/2023						3,100						3,099						0.1						3,100
			Lombart Brothers, Inc.+			One stop						L + 6.25%			(a)						7.25%						04/2023						116						115						—						116
			Lombart Brothers, Inc.+(8)			One stop						L + 6.25%			(a)						7.25%						04/2023						50						49						—						50
																																	156,770						155,892						6.0						155,447

See Notes to Consolidated Financial Statements.

66

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In 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.#+			One stop						L + 6.00%			(c)						7.00%						12/2021						$	23,143					$	23,194					0.8			%			$	20,828
			Active Day, Inc.#+			One stop						L + 6.00%			(c)						7.00%						12/2021						1,786						1,790						0.1						1,607
			Active Day, Inc.*#			One stop						L + 6.00%			(c)						7.00%						12/2021						1,151						1,153						—						1,036
			Active Day, Inc.+			One stop						L + 6.00%			(c)						7.00%						12/2021						917						921						—						825
			Active Day, Inc.+			One stop						L + 6.00%			(c)						7.00%						12/2021						809						809						—						728
			Active Day, Inc.*#			One stop						L + 6.00%			(c)						7.00%						12/2021						796						796						—						716
			Active Day, Inc.+(5)			One stop						L + 6.00%			(c)						7.00%						12/2021						2						2						—						(18)
			Active Day, Inc.+			One stop						L + 6.00%			(c)						7.00%						12/2021						—						—						—						—
			Acuity Eyecare Holdings, LLC+			One stop						L + 5.00%			(c)						6.00%						03/2025						6,275						6,087						0.2						6,275
			Acuity Eyecare Holdings, LLC+			One stop						L + 6.25%			(c)						7.25%						03/2025						4,119						4,130						0.2						4,191
			Acuity Eyecare Holdings, LLC+			One stop						L + 6.25%			(c)						7.25%						03/2025						3,669						3,634						0.1						3,734
			Acuity Eyecare Holdings, LLC#+			One stop						L + 6.25%			(c)						7.25%						03/2025						3,504						3,561						0.2						3,567
			Acuity Eyecare Holdings, LLC+~			One stop						L + 6.25%			(c)						7.25%						03/2025						3,235						3,312						0.1						3,293
			Acuity Eyecare Holdings, LLC+~			One stop						L + 6.25%			(c)						7.25%						03/2025						1,888						1,959						0.1						1,921
			Acuity Eyecare Holdings, LLC+			One stop						L + 6.25%			(c)						7.25%						03/2025						457						469						—						464
			Acuity Eyecare Holdings, LLC+			One stop						L + 13.00%			(c)						7.25% cash/6.75% PIK						03/2025						238						237						—						253
			Acuity Eyecare Holdings, LLC+			One stop						L + 6.25%			(c)(f)						7.29%						03/2025						195						194						—						199
			Acuity Eyecare Holdings, LLC+			One stop						L + 6.25%			(c)						7.25%						03/2025						168						167						—						171
			Acuity Eyecare Holdings, LLC+			Senior loan						L + 6.25%			(c)						7.25%						03/2025						111						110						—						113
			Acuity Eyecare Holdings, LLC+			One stop						L + 13.00%			(c)						7.25% cash/6.75% PIK						03/2025						91						90						—						96
			Acuity Eyecare Holdings, LLC+			One stop						L + 6.25%			(c)						7.25%						03/2025						1						1						—						1
			Advanced Pain Management Holdings, Inc.+(7)			Senior loan						P + 3.75%			(f)						7.00%						07/2021						11,412						6,855						—						197
			Advanced Pain Management Holdings, Inc.+(7)			Senior loan						L + 8.50%			(a)						9.75%						07/2021						4,082						7						—						—
			Advanced Pain Management Holdings, Inc.+(7)			Senior loan						P + 3.75%			(f)						7.00%						07/2021						781						469						—						13
			Advanced Pain Management Holdings, Inc.+(7)			Senior loan						P + 3.75%			(f)						7.00%						07/2021						576						540						—						10
			AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+			One stop						L + 6.00%			(c)						7.00%						03/2027						3,976						3,922						0.2						3,976
			AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+			One stop						L + 10.50%			(c)						11.50%						03/2028						1,680						1,658						0.1						1,680
			AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+			One stop						L + 6.00%			(c)						7.00%						03/2027						1,666						1,623						0.1						1,666
			AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+			One stop						L + 10.50%			(c)						11.50%						03/2028						472						466						—						472
			AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)			One stop						L + 6.00%									N/A(6)						03/2027						—						(2)						—						—
			CRH Healthcare Purchaser, Inc.*~			Senior loan						L + 4.50%			(c)						5.50%						12/2024						19,502						19,498						0.7						19,306
			CRH Healthcare Purchaser, Inc.+			Senior loan						L + 4.50%			(c)						5.50%						12/2024						5,250						5,199						0.2						5,197
			CRH Healthcare Purchaser, Inc.+			Senior loan						L + 4.50%			(c)						5.50%						12/2024						4,153						4,133						0.2						4,112
			CRH Healthcare Purchaser, Inc.+(5)			Senior loan						L + 4.50%									N/A(6)						12/2024						—						(2)						—						(4)
			Datix Bidco Limited+(8)(9)(10)			Senior loan						L + 4.50%			(i)						4.55%						04/2025						60,764						59,559						2.3						58,750
			Datix Bidco Limited+(8)(9)(10)			Second lien						L + 7.75%			(i)						7.80%						04/2026						21,561						21,133						0.8						20,847
			Emerge Intermediate, Inc.*#			One stop						L + 8.50%			(c)						7.00% cash/2.50% PIK						05/2024						19,256						19,069						0.7						19,256
			Emerge Intermediate, Inc.+(5)			One stop						L + 6.00%									N/A(6)						05/2024						—						(2)						—						—
			Encorevet Group LLC+			One stop						L + 5.25%			(c)						6.25%						11/2024						995						987						—						985
			Encorevet Group LLC+			Senior loan						L + 5.25%			(c)						6.25%						11/2024						247						245						—						244

See Notes to Consolidated Financial Statements.

67

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In 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 - (continued)
			Encorevet Group LLC+			One stop						L + 5.25%			(c)						6.25%						11/2024						$	164					$	163					—			%			$	163
			Encorevet Group LLC+			Senior loan						L + 5.25%			(c)						6.25%						11/2024						111						111						—						110
			Encorevet Group LLC+			One stop						L + 5.25%			(c)						6.25%						11/2024						99						93						—						92
			Encorevet Group LLC+			Senior loan						L + 5.25%			(c)						6.25%						11/2024						69						69						—						68
			Encorevet Group LLC+			Senior loan						L + 5.25%			(c)						6.25%						11/2024						57						57						—						57
			Encorevet Group LLC+			One stop						L + 5.25%			(b)						6.25%						11/2024						32						32						—						32
			Encorevet Group LLC+			Senior loan						L + 5.25%			(c)						6.25%						11/2024						10						10						—						10
			Encorevet Group LLC+(5)			Senior loan						L + 5.25%									N/A(6)						11/2024						—						—						—						(1)
			ERC Finance, LLC+			One stop						L + 6.00%			(a)(c)						7.00%						04/2024						6,999						6,879						0.3						6,999
			ERC Finance, LLC+			One stop						L + 6.00%			(a)						7.00%						04/2024						7						6						—						7
			ERC Finance, LLC+(5)			One stop						L + 6.00%									N/A(6)						04/2024						—						(3)						—						—
			Eyecare Services Partners Holdings LLC+			One stop						L + 6.25%			(c)						2.00% cash/5.25% PIK						05/2023						18,333						18,397						0.6						15,583
			Eyecare Services Partners Holdings LLC*+			One stop						L + 6.25%			(c)						2.00% cash/5.25% PIK						05/2023						8,042						8,121						0.3						6,836
			Eyecare Services Partners Holdings LLC*#			One stop						L + 6.25%			(c)						2.00% cash/5.25% PIK						05/2023						7,043						7,116						0.2						5,986
			Eyecare Services Partners Holdings LLC+			One stop						L + 6.25%			(c)						2.00% cash/5.25% PIK						05/2023						5,183						5,197						0.2						4,406
			Eyecare Services Partners Holdings LLC*+			One stop						L + 6.25%			(c)						2.00% cash/5.25% PIK						05/2023						2,405						2,430						0.1						2,044
			Eyecare Services Partners Holdings LLC*+			One stop						L + 6.25%			(c)						2.00% cash/5.25% PIK						05/2023						1,543						1,559						0.1						1,312
			Eyecare Services Partners Holdings LLC*#			One stop						L + 6.25%			(c)						2.00% cash/5.25% PIK						05/2023						1,141						1,152						—						970
			Eyecare Services Partners Holdings LLC*#			One stop						L + 6.25%			(c)						2.00% cash/5.25% PIK						05/2023						1,006						1,016						—						854
			Eyecare Services Partners Holdings LLC*+			One stop						L + 6.25%			(c)						2.00% cash/5.25% PIK						05/2023						649						654						—						552
			Eyecare Services Partners Holdings LLC+			One stop						L + 6.25%			(c)						2.00% cash/5.25% PIK						05/2023						400						399						—						340
			FYI Optical Acquisitions, Inc. & FYI USA, Inc.~(8)(9)(12)			One stop						C + 4.50%			(m)						5.50%						03/2027						11,713						11,622						0.5						12,364
			FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)			One stop						C + 4.50%			(m)						5.50%						03/2027						187						185						—						196
			FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)			One stop						C + 4.50%			(m)						5.50%						03/2027						110						105						—						110
			FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)			One stop						L + 4.50%			(c)						5.50%						03/2027						20						19						—						20
			Klick Inc.+(8)(12)			Senior loan						L + 4.50%			(c)						5.50%						03/2028						10,098						10,005						0.4						10,115
			Klick Inc.+(5)(8)(12)			Senior loan						L + 4.50%									N/A(6)						03/2026						—						(1)						—						(1)
			Krueger-Gilbert Health Physics, LLC+~			Senior loan						L + 5.25%			(c)						6.25%						05/2025						2,335						2,326						0.1						2,335
			Krueger-Gilbert Health Physics, LLC+			Senior loan						L + 5.25%			(c)						6.25%						05/2025						1,874						1,873						0.1						1,874
			Krueger-Gilbert Health Physics, LLC+			Senior loan						L + 5.25%			(c)						6.25%						05/2025						1,102						1,132						—						1,102
			Krueger-Gilbert Health Physics, LLC+			Senior loan						L + 5.25%			(c)						6.25%						05/2025						60						60						—						60
			Krueger-Gilbert Health Physics, LLC+(5)			Senior loan						L + 5.25%									N/A(6)						05/2025						—						(20)						—						—
			MD Now Holdings, Inc.#+			One stop						L + 5.00%			(c)						6.00%						08/2025						22,373						22,415						0.9						22,373
			MD Now Holdings, Inc.+			One stop						L + 5.00%			(c)						6.00%						08/2025						619						619						—						619
			MD Now Holdings, Inc.+(5)			One stop						L + 5.00%									N/A(6)						08/2025						—						(1)						—						—
			MWD Management, LLC & MWD Services, Inc.#+			One stop						L + 5.50%			(c)						6.50%						06/2023						9,286						9,253						0.4						9,286
			MWD Management, LLC & MWD Services, Inc.#			One stop						L + 5.50%			(c)						6.50%						06/2023						4,471						4,514						0.2						4,471
			MWD Management, LLC & MWD Services, Inc.+(5)			One stop						L + 5.50%									N/A(6)						06/2022						—						(1)						—						—
			New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)			One stop						C + 5.50%			(m)						6.50%						05/2028						20,435						20,144						0.8						19,553
			New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)			One stop						C + 5.50%			(m)						6.50%						05/2028						1,111						1,075						—						1,094
			New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)			One stop						L + 5.50%			(c)						6.50%						05/2028						501						460						—						506
			New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)			One stop						L + 5.50%			(c)						6.50%						05/2026						41						40						—						41
			New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)			One stop						C + 5.50%			(m)						6.50%						05/2026						20						17						—						18

See Notes to Consolidated Financial Statements.

68

---

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In 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 - (continued)
			NVA Holdings, Inc.~			Senior loan						L + 3.50%			(a)						3.63%						02/2026						$	2,766					$	2,746					0.1			%			$	2,766
			Oliver Street Dermatology Holdings, LLC+(7)			One stop						L + 6.25%			(c)						7.25%						05/2022						19,156						17,460						0.6						13,743
			Oliver Street Dermatology Holdings, LLC+(7)			One stop						L + 6.25%			(c)						7.25%						05/2022						2,223						1,878						0.1						1,595
			Oliver Street Dermatology Holdings, LLC+(7)			One stop						L + 6.25%			(c)						7.25%						05/2022						2,107						1,909						0.1						1,511
			Oliver Street Dermatology Holdings, LLC+(7)			One stop						L + 6.25%			(c)						7.25%						05/2022						1,595						1,347						—						1,144
			Oliver Street Dermatology Holdings, LLC+(7)			One stop						L + 6.25%			(c)						7.25%						05/2022						1,409						1,190						—						1,011
			Oliver Street Dermatology Holdings, LLC+(7)			One stop						L + 6.25%			(c)						7.25%						05/2022						1,227						1,036						—						880
			Oliver Street Dermatology Holdings, LLC+(7)			One stop						L + 6.25%			(c)						7.25%						05/2022						955						807						—						685
			Oliver Street Dermatology Holdings, LLC+(7)			One stop						L + 6.25%			(c)						7.25%						05/2022						828						699						—						594
			Oliver Street Dermatology Holdings, LLC+(7)			One stop						L + 6.25%			(c)						7.25%						05/2022						511						431						—						366
			Oliver Street Dermatology Holdings, LLC+(7)			One stop						L + 6.25%			(c)(f)						7.25%						05/2022						291						265						—						209
			Oliver Street Dermatology Holdings, LLC+(7)			One stop						L + 6.25%			(c)						7.25%						05/2022						97						88						—						69
			Oliver Street Dermatology Holdings, LLC+(7)			One stop						L + 6.25%			(c)						7.25%						05/2022						88						80						—						63
			Oliver Street Dermatology Holdings, LLC+(7)			One stop						L + 6.25%			(c)						7.25%						05/2022						69						63						—						49
			Oliver Street Dermatology Holdings, LLC+(7)			One stop						L + 6.25%			(c)						7.25%						05/2022						63						58						—						45
			Pinnacle Treatment Centers, Inc.#+			One stop						L + 5.75%			(c)						6.75%						1/1/2023						18,931						18,919						0.8						18,931
			Pinnacle Treatment Centers, Inc.*			One stop						L + 5.75%			(a)(c)						6.75%						1/1/2023						7,612						7,581						0.3						7,612
			Pinnacle Treatment Centers, Inc.#+			One stop						L + 5.75%			(c)						6.75%						01/2023						1,555						1,555						0.1						1,555
			Pinnacle Treatment Centers, Inc.+			One stop						L + 5.75%			(c)						6.75%						01/2023						702						705						—						702
			Pinnacle Treatment Centers, Inc.+			One stop						L + 5.75%			(c)						6.75%						01/2023						186						186						—						186
			Pinnacle Treatment Centers, Inc.+			One stop						L + 5.75%			(c)						6.75%						01/2023						106						106						—						106
			Pinnacle Treatment Centers, Inc.+			One stop						L + 5.75%			(c)						6.75%						01/2023						37						37						—						37
			Pinnacle Treatment Centers, Inc.+			One stop						L + 5.75%									N/A(6)						01/2023						—						—						—						—
			Pinnacle Treatment Centers, Inc.+			One stop						L + 5.75%									N/A(6)						01/2023						—						—						—						—
			PPT Management Holdings, LLC+			One stop						L + 8.00%			(c)						7.00% cash/2.00% PIK						12/2022						25,353						24,648						0.9						23,324
			PPT Management Holdings, LLC+			One stop						L + 8.00%			(c)						7.00% cash/2.00% PIK						12/2022						308						301						—						283
			PPT Management Holdings, LLC+			One stop						L + 8.00%			(c)						7.00% cash/2.00% PIK						12/2022						182						178						—						168
			PPT Management Holdings, LLC+			One stop						L + 8.00%			(c)						7.00% cash/2.00% PIK						12/2022						90						79						—						82
			PPT Management Holdings, LLC+(5)			One stop						L + 8.00%			(c)						7.00% cash/2.00% PIK						12/2022						20						5						—						(14)
			Summit Behavioral Healthcare, LLC*#+			Senior loan						L + 5.00%			(c)						6.00%						10/2023						29,343						29,128						1.2						29,343
			Summit Behavioral Healthcare, LLC+			Senior loan						L + 5.00%			(c)						6.00%						10/2023						901						879						—						901
			Summit Behavioral Healthcare, LLC+(5)			Senior loan						L + 5.00%									N/A(6)						10/2023						—						(2)						—						—
			Suveto Buyer, LLC+			One stop						L + 4.25%			(c)						5.00%						09/2027						4,335						4,069						0.2						4,067
			Suveto Buyer, LLC+(5)			One stop						L + 4.25%									N/A(6)						9/1/2027						—						(2)						—						(2)
			Veterinary Specialists of North America, LLC*#+			Senior loan						L + 4.00%			(a)						4.08%						04/2025						41,231						42,331						1.6						41,231
			Veterinary Specialists of North America, LLC+			Senior loan						L + 4.00%			(a)						4.08%						04/2025						11,724						11,720						0.5						11,724
			Veterinary Specialists of North America, LLC#+			Senior loan						L + 4.00%			(a)						4.08%						04/2025						2,843						2,828						0.1						2,843
			Veterinary Specialists of North America, LLC*+			Senior loan						L + 4.00%			(a)						4.08%						04/2025						1,431						1,470						0.1						1,431
			Veterinary Specialists of North America, LLC+			Senior loan						L + 4.00%			(a)						4.08%						04/2025						835						833						—						835
			Water's Edge Management, LLC+			One stop						L + 7.50%			(c)						8.50%						04/2026						9,033						8,827						0.3						9,033
			Water's Edge Management, LLC+			One stop						P + 6.50%			(c)(f)						9.75%						04/2026						11						9						—						11
																																	538,731						523,719						19.3						498,382

See Notes to Consolidated Financial Statements.

69

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In 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.+~			One stop						L + 8.50%			(a)						9.50%						02/2024						$	7,550					$	7,597					0.3			%			$	7,550
			Connexin Software, Inc.+			One stop						L + 8.50%									N/A(6)						02/2024						—						—						—						—
			ESO Solution, Inc.+			One stop						L + 7.00%			(c)						8.00%						03/2027						6,681						6,621						0.3						6,681
			ESO Solution, Inc.+(5)			One stop						L + 7.00%									N/A(6)						03/2027						—						(1)						—						—
			HealthEdge Software, Inc.			One stop						L + 6.25%			(c)						7.25%						04/2026						2,000						1,966						0.1						2,000
			HealthEdge Software, Inc.+			One stop						L + 6.25%			(c)						7.25%						04/2026						1,008						1,008						—						1,008
			HealthEdge Software, Inc.+			One stop						L + 6.25%			(c)						7.25%						04/2026						225						223						—						225
			HealthEdge Software, Inc.+			One stop						L + 6.25%			(c)						7.25%						04/2026						19						18						—						19
			HSI Halo Acquisition, Inc.+~			One stop						L + 5.75%			(c)						6.75%						08/2026						6,250						6,218						0.2						6,250
			HSI Halo Acquisition, Inc.+			One stop						L + 5.75%			(c)						6.75%						08/2026						1,962						1,945						0.1						1,962
			HSI Halo Acquisition, Inc.+			One stop						L + 5.75%			(c)						6.75%						08/2026						1,075						1,051						—						1,075
			HSI Halo Acquisition, Inc.+			One stop						L + 5.75%			(c)						6.75%						08/2026						641						637						—						641
			HSI Halo Acquisition, Inc.+			One stop						L + 5.75%			(a)						6.75%						09/2025						13						12						—						13
			Kareo, Inc.+			One stop						L + 9.00%			(a)						10.00%						06/2022						10,273						10,322						0.4						10,375
			Kareo, Inc.			One stop						L + 9.00%			(a)						10.00%						06/2022						1,506						1,473						0.1						1,521
			Kareo, Inc.+			One stop						L + 9.00%			(a)						10.00%						06/2022						941						947						—						951
			Kareo, Inc.+			One stop						L + 9.00%			(a)						10.00%						06/2022						753						758						—						761
			Kareo, Inc.+			One stop						L + 9.00%			(a)						10.00%						06/2022						80						81						—						80
			Nextech Holdings, LLC+			One stop						L + 5.50%			(c)						5.63%						06/2025						3,971						4,025						0.2						3,971
			Nextech Holdings, LLC+			One stop						L + 5.50%			(c)						5.63%						06/2025						1,937						1,925						0.1						1,937
			Nextech Holdings, LLC+(5)			One stop						L + 5.50%									N/A(6)						06/2025						—						(3)						—						—
			Qgenda Intermediate Holdings, LLC+			One stop						L + 5.25%			(c)						6.25%						06/2025						15,122						15,122						0.6						15,122
			Qgenda Intermediate Holdings, LLC#			One stop						L + 5.25%			(c)						6.25%						06/2025						12,318						12,217						0.5						12,318
			Qgenda Intermediate Holdings, LLC#			One stop						L + 5.25%			(c)						6.25%						06/2025						983						983						—						983
			Qgenda Intermediate Holdings, LLC+			One stop						L + 5.25%			(c)						6.25%						06/2025						100						100						—						100
			Transaction Data Systems, Inc.*#+~			One stop						L + 4.50%			(c)						5.50%						02/2026						67,135						66,127						2.6						67,135
			Transaction Data Systems, Inc.+(5)			One stop						L + 4.50%									N/A(6)						02/2026						—						(4)						—						—
																																	142,543						141,368						5.5						142,678

See Notes to Consolidated Financial Statements.

70

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In 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
			BJH Holdings III Corp.*#+			One stop						L + 4.50%			(c)						5.50%						08/2025						$	51,179					$	52,182					2.0			%			$	51,179
			BJH Holdings III Corp.+			One stop						L + 4.50%			(b)						5.50%						08/2025						60						55						—						60
			CR Fitness Holdings, LLC#~			Senior loan						L + 4.00%			(a)						5.00%						07/2025						1,979						1,988						0.1						1,979
			CR Fitness Holdings, LLC+			Senior loan						L + 4.00%			(a)						5.00%						07/2025						837						834						—						837
			CR Fitness Holdings, LLC+			Senior loan						L + 4.00%			(a)						5.00%						07/2025						74						74						—						74
			Davidson Hotel Company, LLC+			One stop						L + 6.75%			(a)(c)						6.25% cash/1.50% PIK						07/2024						7,088						7,046						0.2						5,670
			Davidson Hotel Company, LLC+			One stop						L + 6.75%			(a)(c)						6.25% cash/1.50% PIK						07/2024						1,089						1,086						—						871
			Davidson Hotel Company, LLC+(5)			One stop						L + 5.25%									N/A(6)						07/2024						—						—						—						(20)
			EOS Fitness Opco Holdings, LLC*#			One stop						L + 5.25%			(c)						6.25%						01/2025						8,596						8,643						0.3						8,596
			EOS Fitness Opco Holdings, LLC+			One stop						L + 5.25%			(c)						6.25%						01/2025						906						909						—						906
			EOS Fitness Opco Holdings, LLC+			One stop						L + 5.25%			(c)						6.25%						01/2025						120						119						—						120
			Freddy's Frozen Custard LLC~			One stop						L + 6.00%			(c)						7.00%						03/2027						9,257						9,174						0.4						9,257
			Freddy's Frozen Custard LLC+(5)			One stop						L + 6.00%									N/A(6)						03/2027						—						(1)						—						—
			Harri US LLC+			One stop						L + 10.00%			(c)						7.00% cash/4.00% PIK						08/2026						772						666						—						709
			Harri US LLC+			One stop						L + 6.00%									N/A(6)						08/2026						—						—						—						—
			Harri US LLC+(5)			One stop						L + 6.00%									N/A(6)						08/2026						—						(7)						—						(43)
			Self Esteem Brands, LLC*#+			Senior loan						L + 4.25%			(a)						5.25%						02/2023						47,780						47,887						1.9						47,780
			Self Esteem Brands, LLC+(5)			Senior loan						L + 4.25%									N/A(6)						02/2023						—						(2)						—						—
			SSRG Holdings, LLC			One stop						L + 4.75%			(c)						5.75%						11/2025						909						896						—						909
			SSRG Holdings, LLC+			One stop						L + 4.75%			(c)						5.75%						11/2025						45						44						—						45
			Sunshine Sub, LLC#~			One stop						L + 4.75%			(a)						5.75%						05/2024						12,792						12,864						0.5						12,792
			Sunshine Sub, LLC#+			One stop						L + 4.75%			(a)						5.75%						05/2024						5,596						5,730						0.2						5,596
			Sunshine Sub, LLC+(5)			One stop						L + 4.75%									N/A(6)						05/2024						—						(1)						—						—
			Tropical Smoothie Cafe Holdings, LLC*#			Senior loan						L + 5.25%			(a)(b)(c)						6.25%						09/2026						14,745						14,606						0.6						14,745
			Tropical Smoothie Cafe Holdings, LLC#			Senior loan						L + 5.25%			(a)(c)						6.25%						09/2026						6,510						6,450						0.3						6,510
			Tropical Smoothie Cafe Holdings, LLC+(5)			Senior loan						L + 5.25%									N/A(6)						09/2026						—						(1)						—						—
			Velvet Taco Holdings, Inc.~			One stop						L + 7.50%			(c)						8.00% cash/0.50% PIK						03/2026						1,788						1,772						0.1						1,788
			Velvet Taco Holdings, Inc.+			One stop						L + 9.00%			(c)						8.00% cash/2.00% PIK						03/2026						93						92						—						93
			Velvet Taco Holdings, Inc.+			One stop						L + 7.00%									N/A(6)						03/2026						—						—						—						—
																																	172,215						173,105						6.6						170,453
			Household Durables
			Groundworks LLC+			Senior loan						L + 4.75%			(c)						5.75%						01/2026						4,662						4,602						0.2						4,662
			Groundworks LLC+			Senior loan						L + 4.75%			(c)						5.75%						01/2026						539						523						—						539
			Groundworks LLC+			Senior loan						L + 4.75%			(c)						5.75%						01/2026						83						82						—						83
			Groundworks LLC+			Senior loan						L + 4.75%									N/A(6)						01/2026						—						—						—						—
			Groundworks LLC+(5)			Senior loan						L + 4.75%									N/A(6)						01/2026						—						(24)						—						—
																																	5,284						5,183						0.2						5,284

See Notes to Consolidated Financial Statements.

71

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)

						Investment Type						Spread Above Index(1)									Interest Rate(2)						Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Household Products
			WU Holdco, Inc. #+			One stop						L + 5.50%			(c)						6.50%						03/2026						$	3,780					$	3,844					0.1			%			$	3,785
			WU Holdco, Inc. +			One stop						L + 5.50%			(c)						6.50%						03/2026						1,335						1,335						0.1						1,337
			WU Holdco, Inc. +			One stop						L + 5.50%			(c)						5.63%						03/2025						20						20						—						18
			WU Holdco, Inc. +			One stop						L + 5.50%									N/A(6)						03/2026						—						—						—						—
																																	5,135						5,199						0.2						5,140
			Industrial Conglomerates
			Arch Global CCT Holdings Corp.#+			Senior loan						L + 4.25%			(c)						4.38%						04/2026						2,379						2,438						0.1						2,381
			Arch Global CCT Holdings Corp.+			Senior loan						L + 4.25%									N/A(6)						04/2025						—						—						—						—
			Arch Global CCT Holdings Corp.+			Senior loan						L + 4.25%									N/A(6)						04/2026						—						—						—						—
			Madison Safety & Flow LLC+			Senior loan						L + 4.00%			(a)						4.08%						03/2025						468						468						—						468
			Madison Safety & Flow LLC+			Senior loan						L + 4.00%			(a)						4.08%						03/2025						3						3						—						3
			Specialty Measurement Bidco Limited~(8)(9)(10)			One stop						E + 6.00%			(g)						7.00%						11/2027						7,969						7,773						0.3						7,747
			Specialty Measurement Bidco Limited~(8)(10)			One stop						L + 6.00%			(c)						7.00%						11/2027						7,961						7,768						0.3						7,961
			Specialty Measurement Bidco Limited+(5)(8)(9)(10)			One stop						L + 6.00%									N/A(6)						11/2027						—						(47)						—						—
																																	18,780						18,403						0.7						18,560

See Notes to Consolidated Financial Statements.

72

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In 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						L + 5.50%			(a)						6.25%						10/2028						$	25,626					$	25,370					1.0			%			$	25,370
			Alera Group, Inc.+(5)			One stop						L + 5.50%									N/A(6)						10/2028						—						(36)						—						(73)
			AMBA Buyer, Inc. +			One stop						L + 5.75%			(c)						6.50%						07/2027						3,221						3,189						0.1						3,188
			AMBA Buyer, Inc. +			One stop						L + 5.75%									N/A(6)						07/2027						—						—						—						—
			AMBA Buyer, Inc. +(5)			One stop						L + 5.75%									N/A(6)						07/2027						—						(5)						—						(5)
			Captive Resources Midco, LLC*#+~			One stop						L + 5.75%			(a)						6.75%						05/2025						51,213						51,402						2.0						51,213
			Captive Resources Midco, LLC#			One stop						L + 5.75%			(a)						6.75%						05/2025						1,425						1,415						0.1						1,425
			Captive Resources Midco, LLC+(5)			One stop						L + 5.75%									N/A(6)						05/2025						—						(12)						—						—
			Integrity Marketing Acquisition, LLC+			Senior loan						L + 5.50%			(c)						6.50%						08/2025						2,446						2,447						0.1						2,446
			Integrity Marketing Acquisition, LLC+			Senior loan						L + 5.75%			(c)(d)						6.75%						08/2025						1,532						1,513						0.1						1,545
			Integrity Marketing Acquisition, LLC+			Senior loan						L + 5.50%			(c)						6.50%						08/2025						781						778						—						781
			Integrity Marketing Acquisition, LLC+			Senior loan						L + 5.50%			(c)						6.50%						08/2025						472						471						—						472
			Integrity Marketing Acquisition, LLC+			Senior loan						L + 5.50%			(c)						6.25%						08/2025						443						421						—						431
			Integrity Marketing Acquisition, LLC+			Senior loan						L + 5.50%			(c)						6.50%						08/2025						247						245						—						247
			Integrity Marketing Acquisition, LLC+			Senior loan						L + 5.75%									N/A(6)						08/2025						—						—						—						—
			J.S. Held Holdings, LLC#+			One stop						L + 5.50%			(c)						6.50%						07/2025						6,487						6,460						0.2						6,487
			J.S. Held Holdings, LLC+			One stop						L + 5.50%			(c)						6.50%						07/2025						379						360						—						379
			J.S. Held Holdings, LLC+(5)			One stop						L + 5.50%									N/A(6)						07/2025						—						(4)						—						—
			Long Term Care Group, Inc.+			One stop						L + 6.00%			(c)						6.75%						09/2027						3,015						2,955						0.1						2,954
			Majesco*#			One stop						L + 7.25%			(c)						8.25%						09/2027						18,942						18,665						0.7						18,947
			Majesco+(5)			One stop						L + 7.25%									N/A(6)						09/2026						—						(3)						—						—
			Norvax, LLC+			Senior loan						L + 4.00%			(d)						5.00%						09/2025						33,116						32,962						1.3						33,116
			Orchid Underwriters Agency, LLC+			Senior loan						L + 4.50%			(c)						4.63%						12/2024						4,082						4,121						0.2						4,082
			Orchid Underwriters Agency, LLC+			Senior loan						L + 4.50%			(c)						5.50%						12/2024						497						496						—						497
			Orchid Underwriters Agency, LLC+			Senior loan						L + 4.50%									N/A(6)						12/2024						—						—						—						—
			Pareto Health Intermediate Holdings, Inc. +			One stop						L + 5.75%			(d)						6.75%						08/2025						7,299						7,229						0.3						7,226
			People Corporation~(8)(9)(12)			One stop						C + 6.25%			(m)						7.25%						02/2028						14,876						14,639						0.6						15,169
			People Corporation+(8)(9)(12)			One stop						C + 6.25%			(m)						7.25%						02/2028						4,090						4,046						0.2						4,091
			People Corporation+(8)(9)(12)			One stop						C + 6.25%			(m)						7.25%						02/2027						35						32						—						33
			People Corporation+(5)(8)(9)(12)			One stop						C + 5.50%									N/A(6)						02/2028						—						(67)						—						(153)
			RSC Acquisition, Inc.*#+			One stop						L + 5.50%			(c)						6.50%						10/2026						25,899						25,487						1.0						25,899
			RSC Acquisition, Inc.+			One stop						L + 5.50%			(b)(c)						6.50%						10/2026						3,281						3,055						0.1						3,281
			RSC Acquisition, Inc.+			One stop						L + 5.50%			(c)						6.50%						10/2026						175						63						—						175
			RSC Acquisition, Inc.+(5)			One stop						L + 5.50%									N/A(6)						10/2026						—						(1)						—						—
			Sunstar Insurance Group, LLC+			Senior loan						L + 5.75%			(c)						6.75%						10/2026						783						772						—						783
			Sunstar Insurance Group, LLC+			Senior loan						L + 5.75%			(c)						6.75%						10/2026						397						390						—						397
			Sunstar Insurance Group, LLC+			Senior loan						L + 5.75%			(c)						6.75%						10/2026						205						196						—						205
			Sunstar Insurance Group, LLC+			Senior loan						L + 5.75%									N/A(6)						10/2026						—						—						—						—
			TigerRisk, LLC*+			One stop						L + 5.25%			(c)						6.25%						06/2027						22,892						22,675						0.9						22,892
			TigerRisk, LLC+(5)			One stop						L + 5.25%									N/A(6)						06/2027						—						(1)						—						—
																																	233,856						231,725						9.0						233,500
			Internet & Catalog Retail
			AQ Holdco Inc. +			One stop						L + 5.25%			(c)						6.25%						04/2027						15,164						15,024						0.6						15,164
			AQ Holdco Inc. +			One stop						L + 5.25%			(c)						6.25%						04/2027						8,875						8,793						0.3						8,875
			AQ Holdco Inc. +			One stop						L + 5.25%			(c)						6.25%						04/2027						4,401						4,360						0.2						4,401
			AQ Holdco Inc. +			One stop						L + 5.25%			(c)						6.25%						04/2027						2,651						2,627						0.1						2,651
			AQ Holdco Inc. +			One stop						L + 5.25%			(c)						6.25%						04/2027						36						34						—						36
			AQ Holdco Inc. +(5)			One stop						L + 5.25%									N/A(6)						04/2027						—						(2)						—						—
																																	31,127						30,836						1.2						31,127

See Notes to Consolidated Financial Statements.

73

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)

						Investment Type						Spread Above Index(1)									Interest Rate(2)						Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			IT Services
			Acquia, Inc.+~			One stop						L + 7.00%			(c)						8.00%						10/2025						$	9,578					$	9,488					0.4			%			$	9,483
			Acquia, Inc.+			One stop						L + 7.00%			(c)						8.00%						10/2025						4						4						—						4
			Appriss Holdings, Inc.*#+~			One stop						L + 6.00%			(c)						7.00%						05/2026						24,780						25,247						1.0						24,780
			Appriss Holdings, Inc.+			One stop						P + 5.00%			(f)						8.25%						05/2025						100						96						—						100
			Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+			One stop						L + 7.50%			(c)						8.50% cash/1.00% PIK						08/2025						4,661						4,519						0.2						4,771
			Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+			One stop						L + 6.50%									N/A(6)						08/2025						—						—						—						1
			Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+(5)			One stop						L + 6.50%									N/A(6)						08/2025						—						(11)						—						—
			Centrify Corporation+			One stop						L + 5.75%			(c)						6.75%						03/2028						16,749						16,518						0.6						16,756
			Centrify Corporation+			One stop						L + 6.00%			(c)						7.00%						03/2028						9,682						9,547						0.4						9,687
			Centrify Corporation+(5)			One stop						L + 5.75%									N/A(6)						03/2027						—						(3)						—						(1)
			CivicPlus, LLC+			One stop						L + 6.25%			(c)						7.00%						08/2027						6,174						6,113						0.2						6,112
			CivicPlus, LLC+			One stop						L + 6.25%									N/A(6)						08/2027						—						—						—						—
			CivicPlus, LLC+(5)			One stop						L + 6.25%									N/A(6)						08/2027						—						(28)						—						(29)
			Cordeagle US Finco, Inc.+			One stop						L + 6.75%			(c)						7.75%						07/2027						3,347						3,282						0.1						3,280
			Cordeagle US Finco, Inc.+(5)			One stop						L + 6.75%									N/A(6)						07/2027						—						(1)						—						(1)
			Episerver, Inc.+			One stop						L + 5.50%			(c)						6.50%						04/2026						21,713						21,410						0.8						21,689
			Episerver, Inc.+~(8)(9)			One stop						E + 5.75%			(g)						5.75%						04/2026						20,332						20,558						0.8						20,951
			Episerver, Inc.#+			One stop						L + 5.50%			(c)						6.50%						04/2026						12,062						12,175						0.5						12,048
			Episerver, Inc.+(5)			One stop						L + 5.50%									N/A(6)						04/2026						—						(4)						—						—
			Gamma Technologies, LLC*#+			One stop						L + 4.75%			(c)						5.75%						06/2024						46,861						47,097						1.8						46,861
			Gamma Technologies, LLC+			One stop						L + 4.75%									N/A(6)						06/2024						—						—						—						—
			Infinisource, Inc.+~			One stop						L + 4.50%			(c)						5.50%						10/2026						28,106						27,767						1.1						28,106
			Infinisource, Inc.			One stop						L + 4.50%			(c)						5.50%						10/2026						2,047						2,008						0.1						2,047
			Infinisource, Inc.+			One stop						L + 4.50%			(c)						5.50%						10/2026						306						304						—						306
			Infinisource, Inc.+			One stop						L + 4.50%			(c)						5.50%						10/2026						118						117						—						118
			Infinisource, Inc.+			One stop						L + 4.50%			(c)						5.50%						10/2026						107						106						—						107
			PCS Intermediate II Holdings, LLC~			One stop						L + 5.25%			(c)						6.25%						01/2026						14,347						14,243						0.6						14,347
			PCS Intermediate II Holdings, LLC+			One stop						L + 5.25%			(c)						6.25%						01/2026						2,071						2,052						0.1						2,071
			PCS Intermediate II Holdings, LLC+(5)			One stop						L + 5.25%									N/A(6)						01/2026						—						(1)						—						—
			Recordxtechnologies, LLC#			One stop						L + 5.50%			(c)						6.50%						12/2025						736						729						—						721
			Recordxtechnologies, LLC+			One stop						L + 5.50%			(c)						6.50%						12/2025						115						114						—						113
			Recordxtechnologies, LLC+			One stop						L + 5.50%			(c)						6.50%						12/2025						42						41						—						40
			Red Dawn SEI Buyer, Inc.+~(8)(9)			Senior loan						L + 4.50%			(j)						5.50%						11/2025						23,887						23,680						0.9						23,610
			Red Dawn SEI Buyer, Inc.+			Senior loan						L + 4.50%			(d)						5.50%						11/2025						2,490						2,442						0.1						2,520
			Red Dawn SEI Buyer, Inc.+			Senior loan						L + 4.25%			(d)						5.25%						11/2025						744						738						—						741
			Red Dawn SEI Buyer, Inc.+			Senior loan						L + 4.25%			(d)						5.25%						11/2025						132						131						—						132
			Red Dawn SEI Buyer, Inc.+(5)			Senior loan						L + 4.25%									N/A(6)						11/2025						—						(1)						—						—
			Saturn Borrower Inc.+~			One stop						L + 6.50%			(c)						7.50%						09/2026						20,181						19,670						0.8						20,181
			Saturn Borrower Inc.+			One stop						L + 6.50%			(c)						7.50%						09/2026						41						39						—						41
																																	271,513						270,186						10.5						271,693

See Notes to Consolidated Financial Statements.

74

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In 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 + 6.50%			(c)						6.50% cash/1.00% PIK						09/2024						$	8,626					$	8,670					0.4			%			$	8,626
			WBZ Investment LLC+			One stop						L + 6.50%			(c)						6.50% cash/1.00% PIK						09/2024						1,235						1,230						—						1,235
			WBZ Investment LLC+			One stop						L + 6.50%			(c)						6.50% cash/1.00% PIK						09/2024						859						880						—						859
			WBZ Investment LLC+			One stop						L + 6.50%			(c)						6.50% cash/1.00% PIK						09/2024						439						451						—						439
			WBZ Investment LLC+			One stop						L + 6.50%			(c)						6.50% cash/1.00% PIK						09/2024						82						82						—						82
																																	11,241						11,313						0.4						11,241
			Life Sciences Tools & Services
			Pace Analytical Services, LLC*#+			One stop						L + 5.50%			(c)						6.50%						04/2024						29,330						29,341						1.2						29,330
			Pace Analytical Services, LLC+			One stop						L + 5.50%			(c)						6.50%						04/2024						7,090						6,923						0.3						7,090
			Pace Analytical Services, LLC+			One stop						L + 5.50%			(c)						6.50%						04/2024						6,975						6,902						0.3						6,975
			Pace Analytical Services, LLC#+			One stop						L + 5.50%			(c)						6.50%						04/2024						2,727						2,727						0.2						2,727
			Pace Analytical Services, LLC*#			One stop						L + 5.50%			(c)						6.50%						04/2024						1,635						1,649						0.1						1,635
			Pace Analytical Services, LLC*#			One stop						L + 5.50%			(c)						6.50%						04/2024						1,503						1,506						0.1						1,503
			Pace Analytical Services, LLC*#			One stop						L + 5.50%			(c)						6.50%						04/2024						1,252						1,250						—						1,252
			Pace Analytical Services, LLC#+			One stop						L + 5.50%			(c)						6.50%						04/2024						1,210						1,220						—						1,210
			Pace Analytical Services, LLC+			One stop						L + 5.50%			(c)						6.50%						04/2024						983						969						—						983
			Pace Analytical Services, LLC+			One stop						L + 5.50%			(c)						6.50%						04/2024						881						872						—						881
			Pace Analytical Services, LLC*#			One stop						L + 5.50%			(c)						6.50%						04/2024						670						670						—						670
			Pace Analytical Services, LLC*#			One stop						L + 5.50%			(c)						6.50%						04/2024						554						558						—						554
			Pace Analytical Services, LLC*			One stop						L + 5.50%			(c)						6.50%						04/2024						186						187						—						186
			Pace Analytical Services, LLC+(5)			One stop						L + 5.50%									N/A(6)						04/2024						—						(2)						—						—
			Unchained Labs, LLC+			Senior loan						L + 5.50%			(a)						6.50%						08/2027						852						835						—						835
			Unchained Labs, LLC+(5)			Senior loan						L + 5.50%									N/A(6)						08/2027						—						(1)						—						(1)
			Unchained Labs, LLC+(5)			Senior loan						L + 5.50%									N/A(6)						08/2027						—						(21)						—						(21)
																																	55,848						55,585						2.2						55,809
			Machinery
			Bad Boy Mowers Acquisition, LLC+			Senior loan						L + 4.25%			(a)						5.00%						03/2028						2,029						2,024						0.1						2,029
			Blackbird Purchaser, Inc. *+~			Senior loan						L + 4.50%			(c)(f)						4.63%						04/2026						15,839						16,063						0.6						15,864
			Blackbird Purchaser, Inc. +			Senior loan						L + 4.50%			(c)						4.63%						04/2024						128						126						—						126
			Chase Industries, Inc.+~			Senior loan						L + 7.00%			(c)						6.50% cash/1.50% PIK						05/2025						12,059						12,154						0.4						9,647
			Chase Industries, Inc.+			Senior loan						L + 7.00%			(d)						6.50% cash/1.50% PIK						05/2025						985						1,012						—						788
			Chase Industries, Inc.+			Senior loan						L + 7.00%			(c)						6.50% cash/1.50% PIK						05/2023						292						293						—						220
			Time Manufacturing Acquisition, LLC~			Senior loan						L + 5.00%			(c)						6.00%						02/2023						703						702						—						703
																																	32,035						32,374						1.1						29,377
			Marine
			Veson Nautical LLC#+			One stop						L + 5.25%			(c)						6.25%						11/2025						9,668						9,589						0.4						9,668
			Veson Nautical LLC+			One stop						L + 5.25%			(c)						6.25%						11/2025						7,209						7,141						0.3						7,209
			Veson Nautical LLC+(5)			One stop						L + 5.25%									N/A(6)						11/2025						—						(1)						—						—
																																	16,877						16,729						0.7						16,877

See Notes to Consolidated Financial Statements.

75

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)

						Investment Type						Spread Above Index(1)									Interest Rate(2)						Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Media
			Triple Lift, Inc.+			One stop						L + 5.75%			(c)						6.50%						05/2028						$	5,397					$	5,296					0.2			%			$	5,397
			Triple Lift, Inc.+(5)			One stop						L + 5.75%									N/A(6)						05/2028						—						(1)						—						—
																																	5,397						5,295						0.2						5,397
			Multiline Retail
			Mills Fleet Farm Group LLC*#+~			One stop						L + 6.25%			(a)						7.25%						10/2024						46,470						46,382						1.8						46,470
			Oil, Gas & Consumable Fuels
			3ES Innovation, Inc.*+~(8)(12)			One stop						L + 6.75%			(c)						7.75%						05/2025						20,629						20,741						0.8						20,629
			3ES Innovation, Inc.+(5)(8)(12)			One stop						L + 6.75%									N/A(6)						05/2025						—						(1)						—						—
			Drilling Info Holdings, Inc.*#+~			Senior loan						L + 4.25%			(a)						4.33%						07/2025						37,452						37,830						1.4						37,381
			Drilling Info Holdings, Inc.~			Senior loan						L + 4.50%			(a)						4.58%						07/2025						17,167						16,827						0.7						17,283
			Drilling Info Holdings, Inc.+(5)			Senior loan						L + 4.25%									N/A(6)						07/2023						—						(1)						—						(2)
			Drilling Info Holdings, Inc.+(5)			Senior loan						L + 4.50%									N/A(6)						07/2023						—						(2)						—						(1)
			Project Power Buyer, LLC*#+			One stop						L + 6.00%			(c)						7.00%						05/2026						15,622						15,744						0.6						15,622
			Project Power Buyer, LLC+(5)			One stop						L + 6.00%									N/A(6)						05/2025						—						(1)						—						—
																																	90,870						91,137						3.5						90,912
			Paper & Forest Products
			Messenger, LLC#~			One stop						L + 5.50%			(a)(f)						6.50%						08/2023						8,921						8,970						0.3						8,921
			Messenger, LLC+			One stop						L + 5.50%									N/A(6)						08/2023						—						—						—						—
																																	8,921						8,970						0.3						8,921
			Personal Products
			IMPLUS Footwear, LLC+~			One stop						L + 7.75%			(c)						8.75%						04/2024						30,667						30,960						1.1						28,213
			IMPLUS Footwear, LLC+~			One stop						L + 7.75%			(c)						8.75%						04/2024						5,238						5,287						0.2						4,819
			IMPLUS Footwear, LLC*+			One stop						L + 7.75%			(c)						8.75%						04/2024						755						772						—						695
																																	36,660						37,019						1.3						33,727

See Notes to Consolidated Financial Statements.

76

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In 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.*#+			Senior loan						L + 5.00%			(a)						6.00%						02/2026						$	13,077					$	12,980					0.5			%			$	13,077
			Amalthea Parent, Inc.*#+(8)(12)			One stop						L + 5.00%			(a)						6.00%						03/2027						25,964						25,726						1.0						25,964
			Amalthea Parent, Inc.+(5)(8)(12)			One stop						L + 5.00%									N/A(6)						03/2027						—						(2)						—						—
			Amalthea Parent, Inc.+(5)(8)(12)			One stop						L + 5.00%									N/A(6)						03/2027						—						(45)						—						—
			Apothecary Products, LLC+			Senior loan						L + 4.25%			(a)						5.25%						07/2023						2,891						2,959						0.1						2,891
			Apothecary Products, LLC+			Senior loan						L + 4.25%			(a)(b)(c)(d)						5.25%						07/2023						313						313						—						313
			BIOVT, LLC*#+			One stop						L + 5.75%			(a)						6.75%						07/2022						32,910						32,785						1.3						32,910
			BIOVT, LLC#+			One stop						L + 5.75%			(a)						6.75%						07/2022						1,978						1,970						0.1						1,978
			BIOVT, LLC*			One stop						L + 5.75%			(a)						6.75%						07/2022						1,857						1,849						0.1						1,857
			BIOVT, LLC+			One stop						L + 5.75%			(a)						6.75%						07/2022						102						102						—						102
			Spark Bidco Limited+(8)(9)(10)			Senior loan						SN + 4.75%			(n)						4.80%						08/2028						26,972						26,573						1.0						26,082
			Spark Bidco Limited+(8)(9)(10)			Senior loan						SN + 4.75%									N/A(6)						02/2028						—						—						—						—
			Spark Bidco Limited+(5)(8)(9)(10)			Senior loan						SN + 4.75%									N/A(6)						08/2028						—						(76)						—						(75)
																																	106,064						105,134						4.1						105,099
			Professional Services
			DISA Holdings Acquisition Subsidiary Corp.+~			Senior loan						L + 4.25%			(a)						5.25%						06/2022						8,846						8,889						0.4						8,846
			DISA Holdings Acquisition Subsidiary Corp.+			Senior loan						L + 4.25%									N/A(6)						06/2022						—						—						—						—
			IG Investments Holdings, LLC+			One stop						L + 6.00%			(c)						6.75%						09/2028						6,600						6,469						0.3						6,468
			IG Investments Holdings, LLC+(5)			One stop						L + 6.00%									N/A(6)						09/2027						—						(1)						—						(1)
			Net Health Acquisition Corp.+			One stop						L + 5.75%			(c)						6.75%						12/2025						13,370						13,252						0.5						13,370
			Net Health Acquisition Corp.*#			One stop						L + 5.75%			(c)						6.75%						12/2025						8,465						8,483						0.4						8,465
			Net Health Acquisition Corp.+~			One stop						L + 5.75%			(c)						6.75%						12/2025						6,776						6,817						0.3						6,776
			Net Health Acquisition Corp.#			One stop						L + 5.75%			(c)						6.75%						12/2025						4,280						4,229						0.2						4,280
			Net Health Acquisition Corp.*#			One stop						L + 5.75%			(c)						6.75%						12/2025						1,183						1,186						—						1,183
			Net Health Acquisition Corp.+(5)			One stop						L + 5.75%									N/A(6)						12/2025						—						(3)						—						—
			Nexus Brands Group, Inc.*#			One stop						L + 5.75%			(c)						6.75%						11/2023						9,282						9,345						0.4						9,282
			Nexus Brands Group, Inc.+~(8)(9)			One stop						SN + 6.03%			(n)						7.03%						11/2023						7,072						7,163						0.3						7,584
			Nexus Brands Group, Inc.#+			One stop						L + 5.75%			(c)						6.75%						11/2023						1,966						2,010						0.1						1,966
			Nexus Brands Group, Inc.#~			One stop						L + 5.75%			(c)						6.75%						11/2023						1,423						1,454						0.1						1,423
			Nexus Brands Group, Inc.+(8)(9)			One stop						SN + 6.03%			(n)						7.03%						11/2023						817						817						—						826
			Nexus Brands Group, Inc.~			One stop						L + 5.75%			(c)						6.75%						11/2023						757						753						—						757
			Nexus Brands Group, Inc.+			One stop						L + 5.75%			(b)						6.75%						11/2023						561						557						—						561
			Nexus Brands Group, Inc.+			One stop						L + 5.75%			(c)						6.75%						11/2023						513						513						—						513
			Nexus Brands Group, Inc.+			One stop						L + 5.75%			(c)						6.75%						11/2023						486						481						—						486
			Nexus Brands Group, Inc.+			One stop						L + 5.75%			(a)						6.75%						11/2023						160						162						—						160
			Nexus Brands Group, Inc.+			One stop						L + 5.75%			(c)						6.75%						11/2023						84						84						—						84
			Nexus Brands Group, Inc.+			One stop						L + 5.75%			(c)						6.75%						11/2023						53						53						—						53
			Nexus Brands Group, Inc.+(8)(9)			One stop						SN + 6.03%			(n)						7.03%						11/2023						28						28						—						26
			Nexus Brands Group, Inc.+			One stop						L + 5.75%			(c)						6.75%						11/2023						11						11						—						11
			Nexus Brands Group, Inc.+(5)			One stop						L + 5.75%									N/A(6)						11/2023						—						(36)						—						—
			PlanSource Holdings, Inc. +~			One stop						L + 6.25%			(c)						7.25%						04/2025						11,416						11,514						0.4						11,416
			PlanSource Holdings, Inc. +			One stop						L + 6.25%			(c)						7.25%						04/2025						82						82						—						82
			Teaching Company, The*#+			One stop						L + 4.75%			(c)						5.75%						07/2023						17,508						17,621						0.7						17,508
			Teaching Company, The+			One stop						L + 4.75%									N/A(6)						07/2023						—						—						—						—
																																	101,739						101,933						4.1						102,125

See Notes to Consolidated Financial Statements.

77

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)

						Investment Type						Spread Above Index(1)									Interest Rate(2)						Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Real Estate Management & Development
			Property Brands, Inc.#+			One stop						L + 5.75%			(c)						6.75%						07/2025						$	19,640					$	19,727					0.7			%			$	19,444
			Property Brands, Inc.+~			One stop						L + 5.75%			(c)						6.75%						07/2025						13,528						13,342						0.5						13,394
			Property Brands, Inc.+			One stop						L + 5.75%			(c)						6.75%						07/2025						12,492						12,370						0.5						12,367
			Property Brands, Inc.*#			One stop						L + 5.75%			(c)						6.75%						07/2025						6,585						6,645						0.3						6,519
			Property Brands, Inc.+~			One stop						L + 5.75%			(c)(d)						6.75%						07/2025						3,209						3,275						0.1						3,177
			Property Brands, Inc.#+			One stop						L + 5.75%			(d)						6.75%						07/2025						1,409						1,437						0.1						1,396
			Property Brands, Inc.#+			One stop						L + 5.75%			(d)						6.75%						07/2025						1,193						1,216						—						1,181
			Property Brands, Inc.#+			One stop						L + 5.75%			(c)						6.75%						07/2025						1,176						1,200						—						1,164
			Property Brands, Inc.+			One stop						L + 5.75%			(c)						6.75%						07/2025						940						934						—						931
			Property Brands, Inc.+			One stop						L + 5.75%			(d)						6.75%						07/2025						497						506						—						491
			Property Brands, Inc.+(5)			One stop						L + 5.75%									N/A(6)						07/2025						—						(1)						—						(2)
			Property Brands, Inc.+(5)			One stop						L + 5.75%									N/A(6)						07/2025						—						(213)						—						(219)
			MRI Software LLC*+			One stop						L + 5.50%			(d)						6.50%						02/2026						14,474						14,370						0.6						14,474
			MRI Software LLC+			One stop						L + 5.50%			(d)						6.50%						02/2026						2,009						1,968						0.1						2,009
			MRI Software LLC+(5)			One stop						L + 5.50%									N/A(6)						02/2026						—						(2)						—						—
			MRI Software LLC+			One stop						L + 5.50%									N/A(6)						02/2026						—						—						—						—
			MRI Software LLC+			One stop						L + 5.50%									N/A(6)						02/2026						—						—						—						—
			MRI Software LLC+(5)			One stop						L + 5.50%									N/A(6)						02/2026						—						(6)						—						—
			RPL Bidco Limited+(8)(9)(10)			One stop						SN + 5.75%			(n)						5.80%						08/2028						20,251						20,003						0.8						19,428
			RPL Bidco Limited+(8)(9)(10)			One stop						SN + 5.75%									N/A(6)						02/2028						—						—						—						—
																																	97,403						96,771						3.7						95,754
			Road & Rail
			Gruden Acquisition, Inc+			One stop						L + 5.50%			(c)						6.50%						07/2028						4,254						4,151						0.1						4,148
			Gruden Acquisition, Inc+(5)			One stop						L + 5.50%									N/A(6)						07/2026						—						(1)						—						(1)
			Gruden Acquisition, Inc+(5)			One stop						L + 5.50%									N/A(6)						07/2028						—						(1)						—						(1)
			Internet Truckstop Group LLC*#			One stop						L + 5.75%			(c)						6.75%						04/2025						22,358						22,756						0.9						22,358
			Internet Truckstop Group LLC+			One stop						L + 5.75%			(c)						6.75%						04/2025						9,789						9,662						0.4						9,789
			Internet Truckstop Group LLC+(5)			One stop						L + 5.75%									N/A(6)						04/2025						—						(2)						—						—
																																	36,401						36,565						1.4						36,293

See Notes to Consolidated Financial Statements.

78

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In 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 + 4.95%			(a)						4.25% cash/1.70% PIK						09/2023						$	4,556					$	4,556					0.2			%			$	4,556
			Accela, Inc.+			One stop						L + 7.00%									N/A(6)						09/2023						—						—						—						—
			Appfire Technologies, LLC#+			One stop						L + 5.50%			(c)						6.50%						03/2027						33,935						33,481						1.3						33,935
			Appfire Technologies, LLC+			One stop						L + 5.50%			(c)						6.50%						03/2027						20						19						—						20
			Appfire Technologies, LLC+			One stop						L + 5.50%									N/A(6)						03/2027						—						—						—						—
			Appfire Technologies, LLC+(5)			One stop						L + 5.50%									N/A(6)						03/2027						—						(15)						—						—
			Apptio, Inc. +~			One stop						L + 7.25%			(c)						8.25%						01/2025						57,010						57,555						2.2						57,010
			Apptio, Inc. +			One stop						L + 7.25%			(c)						8.25%						01/2025						76						75						—						76
			Aras Corporation+			One stop						L + 7.00%			(c)						4.25% cash/3.75% PIK						04/2027						10,179						10,086						0.4						10,198
			Aras Corporation+(5)			One stop						L + 6.50%									N/A(6)						04/2027						—						(1)						—						(2)
			Aras Corporation+(5)			One stop						L + 3.25%									N/A(6)						04/2027						—						(12)						—						2
			Auvik Networks Inc.+(8)(12)			One stop						L + 5.75%			(c)						4.00% cash/2.75% PIK						07/2027						6,841						6,775						0.3						6,773
			Auvik Networks Inc.+(5)(8)(12)			One stop						L + 5.50%									N/A(6)						07/2027						—						(1)						—						(1)
			Axiom Merger Sub Inc.+~			One stop						L + 6.00%			(c)(d)						7.00%						04/2026						5,788						5,819						0.2						5,788
			Axiom Merger Sub Inc.+~(8)(9)			One stop						E + 6.25%			(g)						6.25%						04/2026						2,386						2,401						0.1						2,477
			Axiom Merger Sub Inc.+			One stop						L + 6.00%			(c)						7.00%						04/2026						274						272						—						274
			Axiom Merger Sub Inc.+(5)			One stop						L + 6.00%									N/A(6)						04/2026						—						(1)						—						—
			Axiom Merger Sub Inc.+(5)			One stop						L + 6.00%									N/A(6)						04/2026						—						(1)						—						—
			Bearcat Buyer, Inc.+~			Senior loan						L + 4.25%			(c)						5.25%						07/2026						2,899						2,917						0.1						2,882
			Bearcat Buyer, Inc.+			Senior loan						L + 4.25%			(c)						5.25%						07/2026						516						517						—						513
			Bearcat Buyer, Inc.~			Senior loan						L + 4.25%			(c)						5.25%						07/2026						306						304						—						304
			Bearcat Buyer, Inc.+			Senior loan						L + 4.25%									N/A(6)						07/2024						—						—						—						—
			Beqom North America, Inc.+			One stop						L + 7.50%			(c)(d)						7.00% cash/1.50% PIK						06/2026						923						919						—						970
			Beqom North America, Inc.+			One stop						L + 6.00%									N/A(6)						06/2026						—						—						—						1
			Bullhorn, Inc.*#+~			One stop						L + 5.75%			(c)						6.75%						09/2026						66,625						65,684						2.6						66,642
			Bullhorn, Inc.+(8)(9)			One stop						L + 6.00%			(i)						6.08%						09/2026						11,888						11,716						0.5						13,040
			Bullhorn, Inc.+(8)(9)			One stop						E + 5.75%			(g)						5.75%						09/2026						4,774						4,704						0.2						5,011
			Bullhorn, Inc.+			One stop						L + 5.75%			(c)						6.75%						09/2026						216						213						—						216
			Bullhorn, Inc.+			One stop						L + 5.75%			(c)						6.75%						09/2026						97						95						—						97
			Bullhorn, Inc.+			One stop						L + 5.75%			(c)						6.75%						09/2026						77						76						—						77
			Bullhorn, Inc.+(5)			One stop						L + 5.75%									N/A(6)						09/2026						—						(3)						—						—
			Burning Glass Intermediate Holdings Company, Inc.+			One stop						L + 5.00%			(a)						6.00%						06/2028						9,919						9,729						0.4						9,930
			Burning Glass Intermediate Holdings Company, Inc.+(5)			One stop						L + 5.00%									N/A(6)						06/2026						—						(2)						—						(1)
			Calabrio, Inc. +			One stop						L + 7.00%			(c)						8.00%						04/2027						53,683						52,939						2.1						53,683
			Calabrio, Inc. +(5)			One stop						L + 7.00%									N/A(6)						04/2027						—						(4)						—						—
			Cloudbees, Inc.+			One stop						L + 9.00%			(a)						9.50% cash/0.50% PIK						05/2023						4,236						4,257						0.2						4,236
			Cloudbees, Inc.			One stop						L + 9.00%			(a)						9.50% cash/0.50% PIK						05/2023						2,788						2,737						0.1						2,788
			Cloudbees, Inc.+			One stop						L + 9.00%			(a)						9.50% cash/0.50% PIK						05/2023						1,476						1,466						0.1						1,476
			Cloudbees, Inc.+			One stop						L + 8.50%									N/A(6)						05/2023						—						—						—						—
			Cybergrants Holdings, LLC+			One stop						L + 6.50%			(c)						7.25%						09/2027						58,423						57,556						2.2						57,839

See Notes to Consolidated Financial Statements.

79

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In 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 - (continued)
			Cybergrants Holdings, LLC+(5)			One stop						L + 6.50%									N/A(6)						09/2027						$	—					$	(3)					—			%			$	(2)
			Cybergrants Holdings, LLC+(5)			One stop						L + 5.75%									N/A(6)						09/2027						—						(42)						—						(43)
			Daxko Acquisition Corporation*#+			One stop						L + 6.00%			(c)						7.00%						09/2023						25,416						25,467						1.0						25,416
			Daxko Acquisition Corporation+			One stop						L + 6.00%									N/A(6)						09/2023						—						—						—						—
			Digital Guardian, Inc.+			One stop						L + 9.50%			(c)						7.50% cash/3.00% PIK						06/2023						9,000						9,178						0.4						9,615
			Digital Guardian, Inc.+			Subordinated debt						N/A									8.00% PIK						06/2023						9						8						—						9
			Digital Guardian, Inc.+			One stop						L + 5.00%									N/A(6)						06/2023						—						—						—						2
			Diligent Corporation*#+~			One stop						L + 6.25%			(c)						7.25%						08/2025						87,175						87,282						3.4						87,693
			Diligent Corporation+			One stop						L + 5.75%			(c)						6.75%						08/2025						6,025						5,971						0.2						5,960
			Diligent Corporation+			One stop						L + 6.25%									N/A(6)						08/2025						—						—						—						2
			FirstUp, Inc+			One stop						L + 6.75%			(c)						4.25% cash/3.50% PIK						07/2027						8,606						8,524						0.3						8,520
			FirstUp, Inc+(5)			One stop						L + 6.25%									N/A(6)						07/2027						—						(1)						—						(1)
			Gainsight, Inc.+			One stop						L + 6.25%			(c)						7.00%						07/2027						7,172						7,050						0.3						7,046
			Gainsight, Inc.+(5)			One stop						L + 6.25%									N/A(6)						07/2027						—						(2)						—						(2)
			GS Acquisitionco, Inc.*#+~			One stop						L + 5.75%			(d)						6.75%						05/2026						53,499						53,611						2.1						53,499
			GS Acquisitionco, Inc.*#			One stop						L + 5.75%			(d)						6.75%						05/2026						12,625						12,804						0.5						12,625
			GS Acquisitionco, Inc.#+			One stop						L + 5.75%			(d)						6.75%						05/2026						3,253						3,299						0.2						3,253
			GS Acquisitionco, Inc.+~			One stop						L + 5.75%			(d)						6.75%						05/2026						3,001						3,044						0.1						3,001
			GS Acquisitionco, Inc.+			One stop						L + 5.75%			(d)						6.75%						05/2026						2,768						2,754						0.1						2,768
			GS Acquisitionco, Inc.#+			One stop						L + 5.75%			(d)						6.75%						05/2026						1,880						1,907						0.1						1,880
			GS Acquisitionco, Inc.+			One stop						L + 5.75%			(d)						6.75%						05/2026						74						74						—						74
			GS Acquisitionco, Inc.+			One stop						L + 5.75%			(c)(d)						6.75%						05/2026						36						36						—						36
			GS Acquisitionco, Inc.+(5)			One stop						L + 5.75%									N/A(6)						05/2026						—						(2)						—						—
			ICIMS, Inc.+~			One stop						L + 6.50%			(c)						7.50%						09/2024						14,355						14,566						0.6						14,355
			ICIMS, Inc.+~			One stop						L + 6.50%			(c)						7.50%						09/2024						4,501						4,490						0.2						4,501
			ICIMS, Inc.~			One stop						L + 6.50%			(c)						7.50%						09/2024						2,706						2,685						0.1						2,706
			ICIMS, Inc.+			One stop						L + 6.50%			(c)						7.50%						09/2024						88						88						—						88
			Impartner, Inc.			One stop						L + 9.50%			(c)						9.30% cash/2.00% PIK						08/2025						2,976						2,947						0.1						3,091
			Impartner, Inc.+			One stop						L + 9.50%			(c)						9.30% cash/2.00% PIK						08/2025						234						233						—						245
			Impartner, Inc.+(5)			One stop						L + 7.50%									N/A(6)						08/2025						—						(1)						—						9
			Impartner, Inc.+			One stop						L + 7.50%									N/A(6)						08/2025						—						—						—						—
			Instructure, Inc.~			One stop						L + 5.50%			(a)						6.50%						03/2026						10,944						10,617						0.4						10,944
			Juvare, LLC*			One stop						L + 5.75%			(c)						6.75%						10/2026						7,526						7,447						0.3						7,432
			Juvare, LLC+			One stop						P + 4.75%			(f)						6.75%						10/2026						1,737						1,718						0.1						1,715
			Juvare, LLC+(5)			One stop						L + 5.75%									N/A(6)						04/2026						—						(1)						—						(1)
			Juvare, LLC+(5)			One stop						L + 5.75%									N/A(6)						10/2026						—						(27)						—						(27)
			Kaseya Traverse Inc+~			One stop						L + 7.00%			(c)						5.00% cash/3.00% PIK						05/2025						38,053						38,761						1.4						37,387
			Kaseya Traverse Inc+			One stop						L + 7.00%			(c)						5.00% cash/3.00% PIK						05/2025						13,986						13,848						0.5						13,741
			Kaseya Traverse Inc+			One stop						L + 7.00%			(c)						5.00% cash/3.00% PIK						05/2025						3,925						3,935						0.2						3,857
			Kaseya Traverse Inc+			One stop						L + 7.00%			(c)						5.00% cash/3.00% PIK						05/2025						1,625						1,602						0.1						1,597
			Kaseya Traverse Inc+(5)			One stop						L + 6.50%									N/A(6)						05/2025						—						(1)						—						(6)
			Kaseya Traverse Inc+(5)			One stop						L + 4.00%									N/A(6)						05/2025						—						(217)						—						(115)
			Mindbody, Inc.+~			One stop						L + 8.50%			(c)(d)						8.00% cash/1.50% PIK						02/2025						49,337						49,944						1.9						49,401

See Notes to Consolidated Financial Statements.

80

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In 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 - (continued)
			Mindbody, Inc.+(5)			One stop						L + 8.00%									N/A(6)						02/2025						$	—					$	(1)					—			%			$	(4)
			Mindbody, Inc.+			One stop						L + 7.00%									N/A(6)						02/2025						—						—						—						7
			Ministry Brands, LLC+			Senior loan						L + 4.00%			(a)						5.00%						12/2022						2,711						2,692						0.1						2,711
			Ministry Brands, LLC+			Senior loan						L + 4.00%			(a)						5.00%						12/2022						1,430						1,430						0.1						1,430
			Ministry Brands, LLC+			Senior loan						L + 4.00%			(a)						5.00%						12/2022						1,276						1,266						—						1,276
			Ministry Brands, LLC+			Senior loan						L + 4.00%			(a)						5.00%						12/2022						819						824						—						819
			Ministry Brands, LLC+			Senior loan						L + 4.00%			(a)						5.00%						12/2022						373						389						—						373
			mParticle, Inc.+			One stop						L + 10.25%			(c)						7.50% cash/3.75% PIK						09/2025						4,889						4,825						0.2						4,889
			mParticle, Inc.+			One stop						L + 10.25%			(c)						11.25%						09/2025						—						—						—						—
			Namely, Inc.+~			One stop						L + 8.50%			(c)						8.25% cash/2.25% PIK						06/2024						3,631						3,505						0.1						3,631
			Namely, Inc.+			One stop						L + 8.50%			(c)						8.25% cash/2.25% PIK						06/2024						2,062						1,970						0.1						2,062
			Namely, Inc.+			One stop						L + 7.50%			(a)						8.25% cash/1.25% PIK						06/2024						72						70						—						72
			Neo Bidco GMBH(8)(9)(13)			One stop						E + 6.00%			(h)						6.00%						07/2028						7,729						7,617						0.3						7,572
			Neo Bidco GMBH(8)(9)(13)			One stop						E + 6.00%									N/A(6)						01/2028						—						—						—						—
			PDI TA Holdings, Inc.			One stop						L + 4.50%			(c)						5.50%						10/2024						8,495						8,376						0.3						8,495
			PDI TA Holdings, Inc.			Second lien						L + 8.50%			(c)						9.50%						10/2025						3,424						3,359						0.1						3,424
			PDI TA Holdings, Inc.			One stop						L + 4.50%			(d)						5.50%						10/2024						697						689						—						697
			PDI TA Holdings, Inc.+			One stop						L + 4.50%			(c)						5.50%						10/2024						385						379						—						385
			PDI TA Holdings, Inc.+			Second lien						L + 8.50%			(c)						9.50%						10/2025						206						203						—						206
			Personify, Inc.*#+			One stop						L + 5.25%			(c)						6.25%						09/2024						14,469						14,664						0.6						14,469
			Personify, Inc.#			One stop						L + 5.25%			(c)						6.25%						09/2024						8,614						8,543						0.3						8,614
			Personify, Inc.+			One stop						L + 5.25%									N/A(6)						09/2024						—						1						—						—
			Pluralsight, LLC+			One stop						L + 8.00%			(c)						9.00%						03/2027						23,748						23,526						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%			(d)						6.75%						09/2028						4,221						4,178						0.2						4,178
			ProcessUnity Holdings, LLC+(5)			One stop						L + 6.00%									N/A(6)						09/2028						—						(1)						—						(1)
			ProcessUnity Holdings, LLC+(5)			One stop						L + 6.00%									N/A(6)						09/2028						—						(8)						—						(8)
			Pyramid Healthcare Acquisition Corp.#+			One stop						L + 4.75%			(c)						5.75%						05/2027						18,558						18,384						0.7						18,558
			Pyramid Healthcare Acquisition Corp.+			One stop						L + 4.75%			(c)						5.75%						05/2027						159						100						—						159
			Pyramid Healthcare Acquisition Corp.+(5)			One stop						L + 4.75%									N/A(6)						05/2027						—						(2)						—						—
			RegEd Aquireco, LLC+			Senior loan						L + 4.25%			(a)						5.25%						12/2024						11,300						11,301						0.4						10,735
			RegEd Aquireco, LLC+			Senior loan						P + 3.25%			(f)						4.27%						12/2024						144						143						—						130
			Rodeo Buyer Company & Absorb Software Inc.+			One stop						L + 6.25%			(c)						7.25%						05/2027						4,541						4,499						0.2						4,541
			Rodeo Buyer Company & Absorb Software Inc.+(5)			One stop						L + 6.25%									N/A(6)						05/2027						—						(1)						—						—
			SnapLogic, Inc.			One stop						L + 8.75%			(c)						5.75% cash/5.50% PIK						09/2024						6,319						6,268						0.2						6,195
			SnapLogic, Inc.			One stop						L + 3.25%			(b)						5.75%						09/2024						2,110						2,045						0.1						2,069
			SnapLogic, Inc.+			One stop						L + 8.75%			(c)						5.75% cash/5.50% PIK						09/2024						64						64						—						63
			SnapLogic, Inc.+			One stop						L + 3.25%									N/A(6)						09/2024						—						—						—						—
			SnapLogic, Inc.+(5)			One stop						L + 3.25%									N/A(6)						09/2024						—						(10)						—						(41)
			Sontatype, Inc.+			One stop						L + 6.75%			(c)						7.75%						12/2025						851						845						—						851
			Sontatype, Inc.+(5)			One stop						L + 6.75%									N/A(6)						12/2025						—						(2)						—						—
			Spartan Buyer Acquisition Co.*#~			One stop						L + 6.25%			(c)						7.25%						12/2026						31,676						31,334						1.2						31,359
			Spartan Buyer Acquisition Co.+			One stop						L + 6.25%			(c)						7.25%						12/2026						2,013						1,973						0.1						1,993

See Notes to Consolidated Financial Statements.

81

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In 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 - (continued)
			Spartan Buyer Acquisition Co.+(5)			One stop						L + 6.25%									N/A(6)						12/2026						$	—					$	(3)					—			%			$	(2)
			Telesoft Holdings LLC+			One stop						L + 5.75%			(c)						6.75%						12/2025						895						881						—						895
			Telesoft Holdings LLC+(5)			One stop						L + 5.75%									N/A(6)						12/2025						—						(1)						—						—
			TI Intermediate Holdings, LLC+			Senior loan						L + 4.50%			(a)						4.58%						12/2024						3,481						3,526						0.1						3,474
			TI Intermediate Holdings, LLC+			Senior loan						L + 4.50%			(a)						5.50%						12/2024						920						901						—						927
			TI Intermediate Holdings, LLC+			Senior loan						L + 4.50%			(a)						5.50%						12/2024						432						424						—						436
			TI Intermediate Holdings, LLC+			Senior loan						L + 4.50%			(a)						4.58%						12/2024						14						13						—						14
			Togetherwork Holdings, LLC*#			One stop						L + 6.25%			(a)						7.25%						03/2025						15,404						15,482						0.6						15,408
			Togetherwork Holdings, LLC			One stop						L + 6.25%			(a)						7.25%						03/2025						6,964						6,847						0.3						6,965
			Togetherwork Holdings, LLC+~			One stop						L + 6.25%			(a)						7.25%						03/2025						1,785						1,830						0.1						1,786
			Togetherwork Holdings, LLC#+			One stop						L + 6.25%			(a)						7.25%						03/2025						1,733						1,774						0.1						1,734
			Togetherwork Holdings, LLC*#			One stop						L + 6.25%			(a)						7.25%						03/2025						1,688						1,730						0.1						1,689
			Togetherwork Holdings, LLC#+			One stop						L + 6.25%			(a)						7.25%						03/2025						1,631						1,653						0.1						1,631
			Togetherwork Holdings, LLC*+			One stop						L + 6.25%			(a)						7.25%						03/2025						1,572						1,611						0.1						1,573
			Togetherwork Holdings, LLC#+			One stop						L + 6.25%			(a)						7.25%						03/2025						1,466						1,500						0.1						1,466
			Togetherwork Holdings, LLC*#			One stop						L + 6.25%			(a)						7.25%						03/2025						1,200						1,212						—						1,201
			Togetherwork Holdings, LLC#+			One stop						L + 6.25%			(a)						7.25%						03/2025						661						677						—						662
			Togetherwork Holdings, LLC+			One stop						L + 6.25%			(a)						7.25%						03/2025						457						453						—						457
			Togetherwork Holdings, LLC+			One stop						L + 6.25%			(a)						7.25%						03/2025						443						439						—						443
			Togetherwork Holdings, LLC+			One stop						L + 6.25%			(a)						7.25%						03/2025						104						102						—						104
			Togetherwork Holdings, LLC+			One stop						L + 6.25%			(a)						7.25%						03/2024						70						69						—						70
			Togetherwork Holdings, LLC+			One stop						L + 6.25%			(a)						7.25%						03/2025						64						65						—						64
			Togetherwork Holdings, LLC+~			One stop						L + 6.25%			(a)						7.25%						03/2025						59						60						—						59
			Transact Holdings, Inc.+~			Senior loan						L + 4.75%			(a)						4.83%						04/2026						3,047						3,083						0.1						3,025
			Trintech, Inc.*#+			One stop						L + 6.00%			(c)						7.00%						12/2024						22,171						22,355						0.9						22,171
			Trintech, Inc.#+			One stop						L + 6.00%			(c)						7.00%						12/2024						9,192						9,306						0.4						9,192
			Trintech, Inc.+			One stop						L + 6.00%			(c)						7.00%						12/2024						100						100						—						100
			Vector CS Midco Limited & Cloudsense Ltd.+~(8)(9)(10)			One stop						L + 8.05%			(i)						5.30% cash/3.55% PIK						05/2024						8,162						8,258						0.3						7,330
			Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)			One stop						L + 8.05%			(i)						5.30% cash/3.55% PIK						05/2024						136						136						—						120
			Vendavo, Inc.+			One stop						L + 5.75%			(c)						6.50%						09/2027						19,809						19,637						0.8						19,636
			Vendavo, Inc.+(5)			One stop						L + 5.75%									N/A(6)						09/2027						—						(1)						—						(1)
			Workforce Software, LLC+~			One stop						L + 6.50%			(c)						7.50%						07/2025						27,474						27,967						1.1						27,474
			Workforce Software, LLC+			One stop						L + 6.50%			(c)						6.50% cash/1.00% PIK						07/2025						4,862						4,818						0.2						4,862
			Workforce Software, LLC+			One stop						L + 6.50%			(c)						7.50%						07/2025						94						92						—						94
																																	1,015,519						1,012,853						39.4						1,013,797

See Notes to Consolidated Financial Statements.

82

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In 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
			2nd Ave. LLC			One stop						L + 6.50%			(a)						7.50%						09/2025						$	5,855					$	5,787					0.3			%			$	5,855
			2nd Ave. LLC+			One stop						L + 6.50%									N/A(6)						09/2025						—						—						—						—
			Batteries Plus Holding Corporation*#			One stop						L + 6.75%			(a)						7.75%						06/2023						21,921						21,998						0.9						21,921
			Batteries Plus Holding Corporation+			One stop						L + 6.75%			(a)						7.75%						06/2023						1,434						1,427						0.1						1,434
			Batteries Plus Holding Corporation+			One stop						L + 6.75%			(f)						8.36%						06/2023						102						102						—						102
			Boot Barn, Inc.#+~			Senior loan						L + 4.50%			(c)						5.50%						06/2023						7,523						7,607						0.3						7,523
			Consilio Midco Limited+(8)(12)			One stop						L + 5.75%			(d)						6.75%						05/2028						11,684						11,462						0.5						11,567
			Consilio Midco Limited+(5)(8)(12)			One stop						L + 5.75%									N/A(6)						05/2028						—						(2)						—						(1)
			Consilio Midco Limited+(5)(8)(12)			One stop						L + 5.75%									N/A(6)						05/2028						—						(41)						—						(44)
			Cycle Gear, Inc.#+			One stop						L + 5.00%			(c)						6.00%						01/2026						49,145						49,023						1.9						48,654
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						20,873						20,728						0.8						20,716
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						4,815						4,771						0.2						4,779
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						4,191						4,152						0.2						4,159
			Imperial Optical Midco Inc.+~			One stop						L + 5.75%			(a)						6.75%						08/2023						3,627						3,656						0.2						3,599
			Imperial Optical Midco Inc.*+			One stop						L + 5.75%			(a)						6.75%						08/2023						2,828						2,814						0.1						2,806
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						2,791						2,765						0.2						2,770
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						2,261						2,240						0.1						2,244
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						2,079						2,060						0.1						2,063
			Imperial Optical Midco Inc.#+			One stop						L + 5.75%			(a)						6.75%						08/2023						1,922						1,953						0.1						1,907
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						1,671						1,655						0.1						1,658
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						1,469						1,455						0.1						1,458
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						1,450						1,436						0.1						1,439
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(c)						6.75%						08/2023						1,383						1,370						0.1						1,372
			Imperial Optical Midco Inc.#+			One stop						L + 5.75%			(a)						6.75%						08/2023						1,251						1,272						—						1,242
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						1,157						1,146						—						1,148
			Imperial Optical Midco Inc.*+			One stop						L + 5.75%			(a)						6.75%						08/2023						1,139						1,157						—						1,131
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						888						880						—						881
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						666						660						—						661
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						638						633						—						634
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						504						499						—						500
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						464						454						—						460
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						454						450						—						451
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						450						446						—						447
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						446						442						—						443
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						418						414						—						415
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						414						410						—						411
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						390						386						—						387
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						384						381						—						381
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						356						353						—						354
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						331						329						—						328
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						317						314						—						314
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						287						284						—						285
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						280						274						—						278
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						275						272						—						273
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						272						269						—						270
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						259						257						—						257
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						241						239						—						239

See Notes to Consolidated Financial Statements.

83

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In 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 - (continued)
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						$	221					$	219					—			%			$	219
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						197						195						—						196
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						195						193						—						194
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						194						192						—						192
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						190						189						—						189
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						181						179						—						180
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						169						167						—						168
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						167						165						—						165
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						162						161						—						161
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						161						159						—						159
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						155						153						—						154
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						153						152						—						152
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						144						143						—						143
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						139						138						—						138
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						134						133						—						133
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						130						129						—						129
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						129						127						—						128
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						115						114						—						114
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						115						114						—						114
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						115						114						—						114
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						110						109						—						110
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						107						106						—						107
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						106						105						—						105
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						106						105						—						105
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						100						99						—						100
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						97						96						—						96
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						87						86						—						86
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						83						83						—						83
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						80						79						—						79
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						76						76						—						76
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						76						75						—						76
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						75						74						—						74
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						74						74						—						74
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						69						68						—						68
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						68						68						—						68
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						65						65						—						65
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						64						64						—						64
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						63						63						—						63
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						62						62						—						62
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						61						60						—						60
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						60						59						—						59
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						56						55						—						56
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						55						55						—						55
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						43						42						—						42
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						41						41						—						41
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						36						36						—						36
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						35						35						—						35
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						35						35						—						35

See Notes to Consolidated Financial Statements.

84

---

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In 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 - (continued)
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						$	28					$	28					—			%			$	28
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						28						27						—						28
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						27						27						—						27
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						27						26						—						26
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						26						25						—						25
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						26						26						—						26
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						24						24						—						23
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						23						23						—						23
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						21						21						—						21
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						20						19						—						19
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						19						18						—						18
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						19						19						—						19
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						19						19						—						19
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						17						17						—						17
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						17						17						—						17
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						17						17						—						17
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						15						14						—						14
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						14						13						—						14
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						13						13						—						13
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						13						13						—						13
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						13						13						—						13
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						13						13						—						13
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						13						13						—						13
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						12						12						—						12
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						11						11						—						11
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						11						11						—						11
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						10						10						—						10
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						10						10						—						10
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						9						9						—						9
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						9						9						—						9
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						9						9						—						9
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						9						9						—						9
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						8						8						—						8
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						8						8						—						8
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						8						8						—						8
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						7						7						—						7
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						6						6						—						6
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						6						6						—						6
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						5						5						—						5
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						5						5						—						5
			Imperial Optical Midco Inc.+			One stop						L + 5.75%			(a)						6.75%						08/2023						3						3						—						3
			Imperial Optical Midco Inc.+			One stop						L + 5.75%									N/A(6)						08/2023						—						—						—						—
			Imperial Optical Midco Inc.+(5)			One stop						L + 5.75%									N/A(6)						08/2023						—						(78)						—						(64)
			Jet Equipment & Tools Ltd.+~(8)(9)(12)			One stop						C + 5.25%			(l)						6.25%						11/2024						17,804						18,035						0.8						18,471
			Jet Equipment & Tools Ltd.*#(8)(12)			One stop						L + 5.25%			(a)						6.25%						11/2024						12,239						12,419						0.5						12,228
			Jet Equipment & Tools Ltd.+(8)(9)(12)			One stop						C + 5.50%			(l)						6.50%						11/2024						5,207						5,164						0.3						5,449
			Jet Equipment & Tools Ltd.#+(8)(12)			One stop						L + 5.25%			(a)						6.25%						11/2024						4,262						4,317						0.2						4,259
			Jet Equipment & Tools Ltd.+(8)(12)			One stop						L + 5.25%			(a)						6.25%						11/2024						1,566						1,556						0.1						1,564

See Notes to Consolidated Financial Statements.

85

---

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In 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 - (continued)
			Jet Equipment & Tools Ltd.+(8)(12)			One stop						L + 5.25%			(a)						6.25%						11/2024						$	118					$	118					—			%			$	118
			Jet Equipment & Tools Ltd.+(8)(9)(12)			One stop						C + 5.25%			(l)(m)						6.25%						11/2024						101						99						—						99
			PetPeople Enterprises, LLC#			One stop						L + 5.50%			(c)						6.50%						09/2023						5,227						5,259						0.2						5,227
			PetPeople Enterprises, LLC#+			One stop						L + 5.50%			(c)(d)						6.50%						09/2023						1,774						1,793						0.1						1,774
			PetPeople Enterprises, LLC+			One stop						L + 5.50%			(c)						6.50%						09/2023						20						21						—						20
			PPV Intermediate Holdings II, LLC#+			One stop						L + 5.50%			(a)						6.50%						05/2023						4,871						4,871						0.2						4,871
			PPV Intermediate Holdings II, LLC+			One stop						L + 5.50%			(a)						6.50%						05/2023						2,483						2,461						0.1						2,483
			PPV Intermediate Holdings II, LLC*			One stop						L + 5.50%			(a)						6.50%						05/2023						1,155						1,145						—						1,155
			PPV Intermediate Holdings II, LLC#			One stop						L + 5.50%			(a)						6.50%						05/2023						1,065						1,056						—						1,065
			PPV Intermediate Holdings II, LLC#			One stop						L + 5.50%			(a)						6.50%						05/2023						1,027						1,018						—						1,027
			PPV Intermediate Holdings II, LLC#			One stop						L + 5.50%			(a)						6.50%						05/2023						1,000						1,000						—						1,000
			PPV Intermediate Holdings II, LLC*			One stop						L + 5.50%			(a)						6.50%						05/2023						924						916						—						924
			PPV Intermediate Holdings II, LLC+			One stop						L + 5.50%			(a)						6.50%						05/2023						774						767						—						774
			PPV Intermediate Holdings II, LLC*			One stop						L + 5.50%			(a)						6.50%						05/2023						770						763						—						770
			PPV Intermediate Holdings II, LLC*			One stop						L + 5.50%			(a)						6.50%						05/2023						731						725						—						731
			PPV Intermediate Holdings II, LLC#			One stop						L + 5.50%			(a)						6.50%						05/2023						597						597						—						597
			PPV Intermediate Holdings II, LLC*			One stop						L + 5.50%			(a)						6.50%						05/2023						526						522						—						526
			PPV Intermediate Holdings II, LLC*			One stop						L + 5.50%			(a)						6.50%						05/2023						431						420						—						431
			PPV Intermediate Holdings II, LLC+			One stop						L + 5.50%			(a)						6.50%						05/2023						223						221						—						223
			PPV Intermediate Holdings II, LLC+			One stop						P + 4.50%			(f)						7.75%						05/2023						193						192						—						193
			PPV Intermediate Holdings II, LLC+			One stop						L + 5.50%			(a)						6.50%						05/2023						165						164						—						165
			PPV Intermediate Holdings II, LLC#			One stop						L + 5.50%			(a)						6.50%						05/2023						128						127						—						128
			PPV Intermediate Holdings II, LLC+			One stop						N/A									7.90% PIK						05/2023						26						26						—						26
			PPV Intermediate Holdings II, LLC+(5)			One stop						L + 5.50%									N/A(6)						05/2023						—						(12)						—						—
			Sola Franchise, LLC and Sola Salon Studios, LLC#			One stop						L + 4.75%			(c)						5.75%						10/2024						7,222						7,231						0.3						7,222
			Sola Franchise, LLC and Sola Salon Studios, LLC#+			One stop						L + 4.75%			(c)						5.75%						10/2024						1,691						1,734						0.1						1,691
			Sola Franchise, LLC and Sola Salon Studios, LLC+			One stop						L + 4.75%			(c)						5.75%						10/2024						80						80						—						80
			Titan Fitness, LLC*#+			One stop						L + 6.75%			(b)(c)						5.75% cash/2.00% PIK						02/2025						30,446						30,702						1.1						27,390
			Titan Fitness, LLC+			One stop						L + 6.75%			(c)						5.75% cash/2.00% PIK						02/2025						1,899						1,883						0.1						1,708
			Titan Fitness, LLC+			One stop						L + 6.75%			(c)						5.75% cash/2.00% PIK						02/2025						480						477						—						430
			Vermont Aus Pty Ltd+~(8)(9)(11)			Senior loan						A + 4.75%			(k)						4.82%						02/2025						2,199						2,216						0.1						2,318
			Vermont Aus Pty Ltd+(8)(9)(11)			Senior loan						A + 4.00%			(k)						4.07%						02/2025						1,010						994						—						921
			Vermont Aus Pty Ltd+(8)(9)(11)			Senior loan						A + 4.75%			(k)						4.82%						02/2025						81						81						—						94
																																	277,574						277,421						10.6						273,973

See Notes to Consolidated Financial Statements.

86

---

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In 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 + 6.00%			(c)						7.00%						03/2023						$	22,238					$	22,311					0.9			%			$	22,238
			Agility Recovery Solutions Inc.+			One stop						L + 6.00%			(c)						7.00%						03/2023						902						900						—						902
																																	23,140						23,211						0.9						23,140
			Textiles, Apparel & Luxury Goods
			Dollfus Mieg Company, Inc.+(8)(10)			One stop						L + 6.00%			(c)						6.50%						03/2028						1,954						1,928						0.1						1,954
			Dollfus Mieg Company, Inc.+(8)(10)			One stop						L + 6.00%			(c)						6.50%						03/2028						974						961						—						974
			Dollfus Mieg Company, Inc.+(8)(10)			One stop						L + 6.00%			(c)						6.50%						03/2028						855						844						—						855
			Dollfus Mieg Company, Inc.(5)(8)(9)(10)			One stop						E + 6.00%									N/A(6)						03/2028						—						(1)						—						—
			Elite Sportswear, L.P.+			Senior loan						L + 6.25%			(c)						7.25%						12/2021						9,802						9,787						0.3						6,371
			Elite Sportswear, L.P.+			Senior loan						L + 6.25%			(c)						7.25%						12/2021						3,941						3,935						0.1						2,562
			Elite Sportswear, L.P.+			Senior loan						L + 6.25%			(c)						7.25%						12/2021						2,028						2,026						0.1						1,318
			Elite Sportswear, L.P.*+			Senior loan						L + 6.25%			(c)						7.25%						12/2021						673						672						—						437
			Elite Sportswear, L.P.+			Senior loan						L + 6.25%			(c)						7.25%						12/2021						308						308						—						200
			Elite Sportswear, L.P.*+			Senior loan						L + 6.25%			(c)						7.25%						12/2021						294						294						—						191
			Elite Sportswear, L.P.+(5)			Senior loan						L + 6.25%			(c)						7.25%						12/2021						86						83						—						(351)
			Elite Sportswear, L.P.+(5)			Senior loan						L + 6.25%			(c)						7.25%						12/2021						3						3						—						(12)
			Georgica Pine Clothiers, LLC#+			One stop						L + 7.50%			(d)						6.50% cash/2.00% PIK						11/2023						10,459						10,365						0.4						10,483
			Georgica Pine Clothiers, LLC*#			One stop						L + 7.50%			(d)						6.50% cash/2.00% PIK						11/2023						6,559						6,503						0.3						6,574
			Georgica Pine Clothiers, LLC+			One stop						L + 7.50%			(c)(d)						6.50% cash/2.00% PIK						11/2023						1,015						996						—						1,017
			Georgica Pine Clothiers, LLC#+			One stop						L + 7.50%			(d)						6.50% cash/2.00% PIK						11/2023						913						906						—						915
			Georgica Pine Clothiers, LLC*#			One stop						L + 7.50%			(d)						6.50% cash/2.00% PIK						11/2023						640						636						—						642
			Georgica Pine Clothiers, LLC+			One stop						L + 7.50%			(d)						6.50% cash/2.00% PIK						11/2023						2						2						—						2
			SHO Holding I Corporation+~			Senior loan						L + 5.25%			(c)						6.25%						04/2024						4,003						3,995						0.2						3,803
			SHO Holding I Corporation+~			Senior loan						L + 5.23%			(c)						6.23%						04/2024						67						67						—						63
			SHO Holding I Corporation+(5)			Senior loan						L + 5.00%									N/A(6)						04/2024						—						—						—						(4)
			SHO Holding I Corporation+(5)			Senior loan						L + 4.00%									N/A(6)						04/2024						—						(1)						—						—
			SHO Holding I Corporation+			Senior loan						L + 4.00%			(c)						5.00%						04/2024						—						—						—						—
			SHO Holding I Corporation+			Senior loan						L + 5.23%			(c)						6.23%						04/2024						—						—						—						—
																																	44,576						44,309						1.5						37,994
			Trading Companies and Distributors
			Marcone Yellowstone Buyer Inc.+			One stop						L + 5.50%			(c)						6.25%						06/2028						19,311						18,940						0.7						19,311
			Marcone Yellowstone Buyer Inc.+(5)			One stop						L + 5.50%									N/A(6)						06/2028						—						(4)						—						—
																																	19,311						18,936						0.7						19,311
			Water Utilities
			S.J. Electro Systems, Inc.+			Senior loan						L + 4.50%			(c)						5.50%						06/2027						17,136						16,973						0.7						17,136
			S.J. Electro Systems, Inc.+(5)			Senior loan						L + 4.50%									N/A(6)						06/2027						—						(2)						—						—
			S.J. Electro Systems, Inc.+(5)			Senior loan						L + 4.50%									N/A(6)						06/2027						—						(2)						—						—
			Vessco Midco Holdings, LLC+			Senior loan						L + 4.50%			(c)						5.50%						11/2026						339						313						—						313
			Vessco Midco Holdings, LLC+			Senior loan						L + 4.50%			(c)						5.50%						11/2026						210						208						—						208
			Vessco Midco Holdings, LLC+			Senior loan						L + 4.50%									N/A(6)						10/2026						—						—						—						—
																																	17,685						17,490						0.7						17,657
			Total non-controlled/non-affiliate company debt investments																														$	4,715,909					$	4,684,411					179.7			%			$	4,642,198

See Notes to Consolidated Financial Statements.

87

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In 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 (15)(16)
			Aerospace and Defense
			NTS Technical Systems+			Common Stock						N/A									N/A						N/A						2						$	1,506					—			%			$	1,016
			NTS Technical Systems+			Preferred stock						N/A									N/A						N/A						—						256						—						502
			NTS Technical Systems+			Preferred stock						N/A									N/A						N/A						—						128						—						291
			Tronair Parent, Inc.+			LLC units						N/A									N/A						N/A						—						40						—						40
			Whitcraft LLC+			Common Stock						N/A									N/A						N/A						11						2,285						0.2						2,822
																																							4,215						0.2						4,671
			Auto Components
			Polk Acquisition Corp.+			LP interest						N/A									N/A						N/A						5						314						—						341
			Automobiles
			CG Group Holdings, LLC+			LP units						N/A									N/A						N/A						1						730						—						730
			MOP GM Holding, LLC+			LP units						N/A									N/A						N/A						—						323						—						537
			Quick Quack Car Wash Holdings, LLC			LLC interest						N/A									N/A						N/A						—						508						0.1						787
																																							1,561						0.1						2,054
			Biotechnology
			BIO18 Borrower, LLC+(17)			Preferred stock						N/A									N/A						N/A						591						1,190						0.1						2,779
			Building Products
			Brooks Equipment Company, LLC+			Common Stock						N/A									N/A						N/A						10						1,021						0.1						2,991
			Chemicals
			Inhance Technologies Holdings LLC+			LLC units						N/A									N/A						N/A						—						124						—						103
			Commercial Services & Supplies
			Hydraulic Authority III Limited+(8)(9)(10)			Preferred stock						N/A									N/A						N/A						284						384						—						516
			Hydraulic Authority III Limited+(8)(9)(10)			Common Stock						N/A									N/A						N/A						6						43						—						165
			North Haven Stack Buyer, LLC			LLC units						N/A									N/A						N/A						359						359						—						359
																																							786						—						1,040
			Construction & Engineering
			Reladyne, Inc.+			LP interest						N/A									N/A						N/A						—						1,032						—						1,155
			Diversified Consumer Services
			CHHJ Franchising, LLC+(17)			LLC units						N/A									N/A						N/A						19						193						0.1						239
			EWC Growth Partners LLC			LLC interest						N/A									N/A						N/A						—						12						—						1
			Liminex, Inc.+			Common Stock						N/A									N/A						N/A						12						434						0.1						757
			PADI Holdco, Inc.+			LLC interest						N/A									N/A						N/A						1						969						—						198
			Spear Education, LLC+			LLC interest						N/A									N/A						N/A						—						7						—						33
			Spear Education, LLC+			LLC units						N/A									N/A						N/A						1						1						—						74
																																							1,616						0.2						1,302
			Electronic Equipment, Instruments & Components
			ES Acquisition LLC+			LP interest						N/A									N/A						N/A						—						—						—						21
			Inventus Power, Inc.+			Preferred stock						N/A									N/A						N/A						—						372						—						315
			Inventus Power, Inc.+			LLC units						N/A									N/A						N/A						—						88						—						160
			Inventus Power, Inc.+			LP interest						N/A									N/A						N/A						—						20						—						40
			Inventus Power, Inc.+			Common Stock						N/A									N/A						N/A						—						—						—						—
																																							480						—						536

See Notes to Consolidated Financial Statements.

88

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In 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					—			%			$	378
			Cafe Rio Holding, Inc.+			Common Stock						N/A									N/A						N/A						5						603						0.1						1,037
			Captain D's, LLC+			LLC interest						N/A									N/A						N/A						158						156						0.1						784
			Feeders Supply Company, LLC+			Preferred stock						N/A									N/A						N/A						4						400						—						525
			Feeders Supply Company, LLC+			Common Stock						N/A									N/A						N/A						—						—						—						—
			Hopdoddy Holdings, LLC+			LLC units						N/A									N/A						N/A						44						216						—						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						1,682
			Ruby Slipper Cafe LLC, The+			LLC interest						N/A									N/A						N/A						31						373						—						122
			Ruby Slipper Cafe LLC, The+			LLC interest						N/A									N/A						N/A						2						20						—						38
			Wetzel's Pretzels, LLC+			Common Stock						N/A									N/A						N/A						—						416						—						462
			Wood Fired Holding Corp.+			LLC units						N/A									N/A						N/A						437						444						—						548
			Wood Fired Holding Corp.+			Common Stock						N/A									N/A						N/A						437						—						—						708
			Zenput Inc.+			Preferred stock						N/A									N/A						N/A						146						409						—						426
																																							4,567						0.3						6,981
			Food Products
			Borrower R365 Holdings, LLC+			Preferred stock						N/A									N/A						N/A						77						102						—						115
			C. J. Foods, Inc.+			Preferred stock						N/A									N/A						N/A						—						75						—						588
			Kodiak Cakes, LLC+			Common Stock						N/A									N/A						N/A						—						281						—						281
			Kodiak Cakes, LLC+			LLC units						N/A									N/A						N/A						191						191						—						191
			Louisiana Fish Fry Products, Ltd.+			Common Stock						N/A									N/A						N/A						—						483						—						483
			FCID Merger Sub, Inc.+			Common Stock						N/A									N/A						N/A						3						325						—						352
			Purfoods, LLC+			LLC interest						N/A									N/A						N/A						—						926						0.3						5,932
																																							2,383						0.3						7,942
			Health Care Equipment & Supplies
			Aspen Medical Products, LLC+			LP interest						N/A									N/A						N/A						—						77						—						139
			Blue River Pet Care, LLC+			Common Stock						N/A									N/A						N/A						—						76						—						151
			CCSL Holdings, LLC+			LP interest						N/A									N/A						N/A						—						312						—						319
			CMI Parent Inc.+			Common Stock						N/A									N/A						N/A						—						240						—						276
			CMI Parent Inc.+			Common Stock						N/A									N/A						N/A						3						3						—						62
			G & H Wire Company, Inc.+			LLC interest						N/A									N/A						N/A						335						269						—						177
			Joerns Healthcare, LLC*+			Common Stock						N/A									N/A						N/A						432						4,329						—						455
			Katena Holdings, Inc.+			LLC units						N/A									N/A						N/A						—						573						0.1						718
			Lombart Brothers, Inc.+			Common Stock						N/A									N/A						N/A						1						440						—						215
																																							6,319						0.1						2,512

See Notes to Consolidated Financial Statements.

89

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In 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					—			%			$	320
			Acuity Eyecare Holdings, LLC+			LLC interest						N/A									N/A						N/A						1,632						2,235						0.2						3,718
			Acuity Eyecare Holdings, LLC+			LLC units						N/A									N/A						N/A						889						1,023						0.1						2,065
			ADCS Clinics Intermediate Holdings, LLC+			Preferred stock						N/A									N/A						N/A						2						1,119						0.1						1,434
			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						104						104						—						135
			CRH Healthcare Purchaser, Inc.+(17)			LP interest						N/A									N/A						N/A						429						327						0.1						771
			DCA Investment Holding, LLC			LLC interest						N/A									N/A						N/A						13,890						1,618						0.1						2,239
			DCA Investment Holding, LLC			LLC units						N/A									N/A						N/A						140						218						—						276
			Emerge Intermediate, Inc.+			LLC units						N/A									N/A						N/A						—						648						—						817
			Emerge Intermediate, Inc.+			LLC units						N/A									N/A						N/A						—						61						—						57
			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						—						45
			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						—						25
			Encorevet Group LLC+			LLC units						N/A									N/A						N/A						—						8						—						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						—						248
			MD Now Holdings, Inc.+(17)			LLC interest						N/A									N/A						N/A						15						110						—						241
			Midwest Veterinary Partners, LLC+			LLC units						N/A									N/A						N/A						1						567						—						567
			Midwest Veterinary Partners, LLC+			Warrant						N/A									N/A						N/A						6						—						—						185
			Midwest Veterinary Partners, LLC+			Warrant						N/A									N/A						N/A						—						29						—						35
			MWD Management, LLC & MWD Services, Inc.+			LLC interest						N/A									N/A						N/A						412						335						—						442
			NDX Parent, LLC+			Common Stock						N/A									N/A						N/A						—						272						—						272
			New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)			Common Stock						N/A									N/A						N/A						—						296						—						323
			Oliver Street Dermatology Holdings, LLC+			LLC interest						N/A									N/A						N/A						452						234						—						—
			Pentec Acquisition Sub, Inc.+			Preferred stock						N/A									N/A						N/A						1						116						—						166
			Pinnacle Treatment Centers, Inc.+			LLC interest						N/A									N/A						N/A						—						528						—						682
			Pinnacle Treatment Centers, Inc.+			LLC interest						N/A									N/A						N/A						4						74						0.1						734
			Radiology Partners, Inc.+			LLC units						N/A									N/A						N/A						11						68						—						92
			Radiology Partners, Inc.+			LLC interest						N/A									N/A						N/A						43						55						—						365
			Sage Dental Management, LLC+			LLC units						N/A									N/A						N/A						—						249						—						116
			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						—						108
			Summit Behavioral Healthcare, LLC+(17)			LLC interest						N/A									N/A						N/A						2						115						—						229
			Summit Behavioral Healthcare, LLC+			LLC interest						N/A									N/A						N/A						2						—						—						409
																																							12,362						0.7						17,129

See Notes to Consolidated Financial Statements.

90

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In 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						153						$	192					—			%			$	312
			HSI Halo Acquisition, Inc.+			LP interest						N/A									N/A						N/A						—						288						—						271
			HSI Halo Acquisition, Inc.+			LP interest						N/A									N/A						N/A						—						—						—						—
			Kareo, Inc.+			Warrant						N/A									N/A						N/A						52						162						—						88
			Kareo, Inc.+			Warrant						N/A									N/A						N/A						13						49						—						69
			Kareo, Inc.+			Preferred stock						N/A									N/A						N/A						2						8						—						18
			Caliper Software, Inc.+			Preferred stock						N/A									N/A						N/A						2						2,734						0.2						3,588
			Caliper Software, Inc.+			Preferred stock						N/A									N/A						N/A						2						1,427						0.1						1,601
			Caliper Software, Inc.+			Preferred stock						N/A									N/A						N/A						1						880						—						936
			Caliper Software, Inc.+			LLC units						N/A									N/A						N/A						—						161						—						178
			Caliper Software, Inc.+			Common Stock						N/A									N/A						N/A						177						—						—						826
																																							5,901						0.3						7,887
			Hotels, Restaurants & Leisure
			Freddy's Frozen Custard LLC+			LP interest						N/A									N/A						N/A						206						206						—						295
			Harri US LLC+			Warrant						N/A									N/A						N/A						18						106						—						106
			LMP TR Holdings, LLC			LLC units						N/A									N/A						N/A						712						712						—						487
			SSRG Holdings, LLC			LP interest						N/A									N/A						N/A						6						61						—						75
			Tropical Smoothie Cafe Holdings, LLC+(17)			LP interest						N/A									N/A						N/A						5						477						0.1						869
																																							1,562						0.1						1,832
			Household Durables
			Groundworks LLC+(17)			LLC interest						N/A									N/A						N/A						—						155						—						410
			Insurance
			Captive Resources Midco, LLC+(17)			LLC units						N/A									N/A						N/A						425						—						—						431
			Majesco+			LP interest						N/A									N/A						N/A						—						307						—						333
			Majesco+			LP interest						N/A									N/A						N/A						69						—						—						167
			Orchid Underwriters Agency, LLC+(17)			LP interest						N/A									N/A						N/A						93						105						—						98
																																							412						—						1,029

See Notes to Consolidated Financial Statements.

91

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)

						Investment Type						Spread Above Index(1)									Interest Rate(2)						Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			IT Services
			Appriss Health Intermediate Holdings, Inc+			Preferred stock						N/A									N/A						N/A						2						$	1,994					0.1			%			$	2,147
			Appriss Holdings, Inc.+			Preferred stock						N/A									N/A						N/A						—						174						—						204
			Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+			Preferred stock						N/A									N/A						N/A						587						462						0.2						4,500
			Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+			Preferred stock						N/A									N/A						N/A						154						423						0.1						1,180
			Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+			Preferred stock						N/A									N/A						N/A						35						291						—						301
			Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+			Warrant						N/A									N/A						N/A						202						159						0.1						1,439
			Episerver, Inc.+			Common Stock						N/A									N/A						N/A						75						807						—						939
			Kentik Technologies, Inc.+			Preferred stock						N/A									N/A						N/A						192						1,103						—						1,103
			PCS Intermediate II Holdings, LLC+			LLC interest						N/A									N/A						N/A						37						367						—						464
			Red Dawn SEI Buyer, Inc.+			LP interest						N/A									N/A						N/A						13						13						—						21
			Saturn Borrower Inc.+			LP units						N/A									N/A						N/A						346						346						—						259
																																							6,139						0.5						12,557
			Leisure Products
			Massage Envy, LLC+			LLC interest						N/A									N/A						N/A						749						210						0.1						1,059
			WBZ Investment LLC+			LLC interest						N/A									N/A						N/A						67						117						—						93
			WBZ Investment LLC+			LLC interest						N/A									N/A						N/A						46						80						—						64
			WBZ Investment LLC+			LLC interest						N/A									N/A						N/A						38						65						—						52
			WBZ Investment LLC+			LLC interest						N/A									N/A						N/A						33						58						—						45
			WBZ Investment LLC+			LLC interest						N/A									N/A						N/A						15						24						—						19
			WBZ Investment LLC+			LLC interest						N/A									N/A						N/A						2						2						—						2
																																							556						0.1						1,334
			Life Sciences Tools & Services
			Pace Analytical Services, LLC+			LLC interest						N/A									N/A						N/A						6						700						—						1,195
			Oil, Gas and Consumable Fuels
			W3 Co.+			LLC interest						N/A									N/A						N/A						3						1,632						0.1						1,587
			W3 Co.+			Preferred stock						N/A									N/A						N/A						—						224						—						221
																																							1,856						0.1						1,808
			Pharmaceuticals
			Amalthea Parent, Inc.+(8)(12)			LP interest						N/A									N/A						N/A						502						502						—						899
			BIOVT, LLC+			LLC interest						N/A									N/A						N/A						—						1,223						0.1						2,460
																																							1,725						0.1						3,359

See Notes to Consolidated Financial Statements.

92

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In 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.+(17)			LLC interest						N/A									N/A						N/A						—						$	216					—			%			$	359
			DISA Holdings Acquisition Subsidiary Corp.+			Common Stock						N/A									N/A						N/A						—						154						—						453
			Net Health Acquisition Corp.+			LP interest						N/A									N/A						N/A						13						1,509						0.1						2,047
			Nexus Brands Group, Inc.+			LP interest						N/A									N/A						N/A						—						547						0.1						1,818
			Vitalyst, LLC+			Preferred stock						N/A									N/A						N/A						—						61						—						96
			Vitalyst, LLC+			Common Stock						N/A									N/A						N/A						1						7						—						—
																																							2,494						0.2						4,773
			Real Estate Management & Development
			Property Brands, Inc.+			Common Stock						N/A									N/A						N/A						62						434						—						312
			Road & Rail
			Internet Truckstop Group LLC+			LP interest						N/A									N/A						N/A						408						447						—						458

See Notes to Consolidated Financial Statements.

93

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In 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.+			LLC interest						N/A									N/A						N/A						670						$	418					—			%			$	202
			Aras Corporation+			Preferred stock						N/A									N/A						N/A						1						1,001						—						1,079
			Aras Corporation+			LP interest						N/A									N/A						N/A						306						306						—						334
			Astute Holdings, Inc. +			LP interest						N/A									N/A						N/A						—						293						—						517
			Auvik Networks Inc.+(8)(12)			Preferred stock						N/A									N/A						N/A						26						256						—						256
			Calabrio, Inc. +			LP interest						N/A									N/A						N/A						1						770						—						769
			Calabrio, Inc. +			LP interest						N/A									N/A						N/A						96						0						—						—
			Cloudbees, Inc.+			Preferred stock						N/A									N/A						N/A						72						466						—						667
			Cloudbees, Inc.+			Warrant						N/A									N/A						N/A						131						247						0.1						906
			Digital Guardian, Inc.+			Preferred stock						N/A									N/A						N/A						356						434						—						519
			Digital Guardian, Inc.+			Warrant						N/A									N/A						N/A						122						225						—						257
			Digital Guardian, Inc.+			Preferred stock						N/A									N/A						N/A						74						142						—						157
			Digital Guardian, Inc.+			Preferred stock						N/A									N/A						N/A						67						123						—						145
			Digital Guardian, Inc.+			Warrant						N/A									N/A						N/A						124						33						—						—
			Diligent Corporation+			Preferred stock						N/A									N/A						N/A						17						16,587						0.7						17,983
			Diligent Corporation+			Preferred stock						N/A									N/A						N/A						415						912						0.2						2,828
			Everbridge, Inc.+(8)			Common Stock						N/A									N/A						N/A						4						444						—						508
			FirstUp, Inc+			Common Stock						N/A									N/A						N/A						221						541						—						541
			GS Acquisitionco, Inc.+			Preferred stock						N/A									N/A						N/A						26						25,344						1.0						25,901
			GS Acquisitionco, Inc.+			LP interest						N/A									N/A						N/A						1						170						—						1,041
			MetricStream, Inc.+			Warrant						N/A									N/A						N/A						168						263						—						196
			mParticle, Inc.+			Preferred stock						N/A									N/A						N/A						162						1,060						—						1,060
			mParticle, Inc.+			Warrant						N/A									N/A						N/A						69						16						—						383
			Namely, Inc.+			Warrant						N/A									N/A						N/A						47						314						—						322
			Namely, Inc.+			Warrant						N/A									N/A						N/A						17						28						—						20
			Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+			Warrant						N/A									N/A						N/A						4						9						—						22
			Personify, Inc.+			LP interest						N/A									N/A						N/A						716						942						0.1						1,262
			Project Alpha Intermediate Holding, Inc.+			Common Stock						N/A									N/A						N/A						—						964						0.1						1,270
			Project Alpha Intermediate Holding, Inc.+			Common Stock						N/A									N/A						N/A						202						329						0.1						1,290
			Pyramid Healthcare Acquisition Corp.+			Common Stock						N/A									N/A						N/A						184						184						—						218
			RegEd Aquireco, LLC+			LP interest						N/A									N/A						N/A						—						331						—						158
			RegEd Aquireco, LLC+			LP interest						N/A									N/A						N/A						3						21						—						—
			SnapLogic, Inc.			Preferred stock						N/A									N/A						N/A						278						695						0.1						1,590
			SnapLogic, Inc.			Warrant						N/A									N/A						N/A						106						75						—						417
			Spartan Buyer Acquisition Co.+			Common Stock						N/A									N/A						N/A						1						623						—						714
			Telesoft Holdings LLC+			LP interest						N/A									N/A						N/A						6						6						—						6
			Workforce Software, LLC+			Common Stock						N/A									N/A						N/A						—						973						0.1						1,361
																																							55,545						2.5						64,899

See Notes to Consolidated Financial Statements.

94

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In 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
			2nd Ave. LLC+			LP interest						N/A									N/A						N/A						653						$	653					0.1			%			$	1,616
			Batteries Plus Holding Corporation+			LP interest						N/A									N/A						N/A						10						1,287						0.1						1,483
			Cycle Gear, Inc.+(17)			LLC units						N/A									N/A						N/A						27						462						—						1,056
			Imperial Optical Midco Inc.+			Preferred stock						N/A									N/A						N/A						—						122						—						144
			Imperial Optical Midco Inc.+			Preferred stock						N/A									N/A						N/A						—						46						—						53
			Jet Equipment & Tools Ltd.+(8)(9)(12)			LLC interest						N/A									N/A						N/A						1						948						0.1						2,777
			Pet Holdings ULC+(8)(12)			LP interest						N/A									N/A						N/A						677						483						0.1						1,483
			PPV Intermediate Holdings II, LLC+			LLC interest						N/A									N/A						N/A						325						315						—						745
			Sola Franchise, LLC and Sola Salon Studios, LLC+			LLC interest						N/A									N/A						N/A						6						682						—						1,188
			Sola Franchise, LLC and Sola Salon Studios, LLC+			LLC interest						N/A									N/A						N/A						2						138						—						255
			Southern Veterinary Partners, LLC+			Preferred stock						N/A									N/A						N/A						3						2,955						0.1						3,374
			Southern Veterinary Partners, LLC+			LLC units						N/A									N/A						N/A						—						717						—						1,023
			Southern Veterinary Partners, LLC+			LLC interest						N/A									N/A						N/A						148						188						0.2						3,276
																																							8,996						0.7						18,473
			Technology Hardware, Storage & Peripherals
			Agility Recovery Solutions Inc.+			LLC interest						N/A									N/A						N/A						97						604						—						577
			Textiles, Apparel & Luxury Goods
			Elite Sportswear, L.P.+			LLC interest						N/A									N/A						N/A						—						165						—						—
			Georgica Pine Clothiers, LLC+			LLC interest						N/A									N/A						N/A						20						239						—						243
			Georgica Pine Clothiers, LLC+			LLC units						N/A									N/A						N/A						—						—						—						—
			MakerSights, Inc. +			Preferred stock						N/A									N/A						N/A						40						218						—						232
			R.G. Barry Corporation+			Preferred stock						N/A									N/A						N/A						—						161						—						158
																																							783						—						633
			Total non-controlled/non-affiliate company equity investments																																				$	126,279					6.7			%			$	173,072
			Total non-controlled/non-affiliate company investments																														$	4,715,909					$	4,810,690					186.4			%			$	4,815,270

See Notes to Consolidated Financial Statements.

95

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In 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(19)
			Debt investments
			Beverages
			Abita Brewing Co., L.L.C.+			One stop						L + 5.75%			(a)						6.75%						04/2024						$	5,996					$	6,004					0.2			%			$	5,996
			Abita Brewing Co., L.L.C.+			Second lien						L + 8.00%			(d)						9.00%						04/2024						3,321						3,310						0.1						3,321
			Abita Brewing Co., L.L.C.+			One stop						L + 5.75%									N/A(6)						04/2024						—						—						—						—
			Uinta Brewing Company+(7)			One stop						L + 4.00%			(a)						5.00%						11/2021						962						921						—						55
			Uinta Brewing Company+(7)			One stop						L + 4.00%			(a)						5.00%						11/2021						571						565						—						407
																																	10,850						10,800						0.3						9,779
			Consumer Finance
			Paradigm DKD Group, LLC+(7)			Senior loan						L + 6.25%			(c)						7.50%						05/2022						3,196						2,084						0.1						2,618
			Paradigm DKD Group, LLC+(5)(7)			Senior loan						L + 6.25%			(c)						7.50%						05/2022						—						(142)						—						5
																																	3,196						1,942						0.1						2,623
			Electronic Equipment, Instruments and Components
			Sloan Company, Inc., The+(7)			One stop						L + 8.50%			(c)						9.50%						04/2023						4,708						4,074						0.2						4,125
			Sloan Company, Inc., The+			One stop						L + 8.50%			(c)						9.50%						04/2023						714						714						—						714
			Sloan Company, Inc., The+(7)			One stop						L + 8.50%			(c)						9.50%						04/2023						312						272						—						274
																																	5,734						5,060						0.2						5,113
			Energy, Equipment & Services
			Benetech, Inc.+			One stop						L + 6.00%			(a)						7.25%						08/2023						3,761						3,762						0.1						2,257
			Benetech, Inc.+			One stop						L + 6.00%			(a)						7.25%						08/2023						626						626						—						142
																																	4,387						4,388						0.1						2,399
			Food and Staples Retailing
			Rubio's Restaurants, Inc.+			Senior loan						L + 8.00%			(c)						9.25%						12/2024						12,961						12,681						0.5						12,702
			Rubio's Restaurants, Inc.+(5)			Senior loan						L + 8.00%									N/A(6)						12/2024						—						(16)						—						(28)
																																	12,961						12,665						0.5						12,674
			Healthcare Providers and Services
			Elite Dental Partners LLC+			One stop						L + 5.25%			(c)						6.25%						06/2023						11,224						11,285						0.5						10,887
			Elite Dental Partners LLC+			One stop						L + 5.25%			(c)						6.25%						06/2023						684						684						—						684
																																	11,908						11,969						0.5						11,571
			Software
			Switchfly LLC+			One stop						L + 5.00%			(c)						6.00%						10/2023						6,168						6,056						0.2						4,504
			Switchfly LLC+			One stop						L + 5.00%			(c)						6.00%						10/2023						515						506						—						376
			Switchfly LLC+			One stop						L + 5.00%			(c)						6.00%						10/2023						40						38						—						28
			Switchfly LLC+(5)			One stop						L + 8.50%			(c)						9.50%						10/2023						2						2						—						(21)
																																	6,725						6,602						0.2						4,887
			Total non-controlled/affiliate debt investments																														$	55,761					$	53,426					1.9			%			$	49,046

See Notes to Consolidated Financial Statements.

96

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In 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(15)(16)
			Beverages
			Abita Brewing Co., L.L.C.+			Warrant						N/A									N/A						N/A						210						$	—					—			%			$	733
			Uinta Brewing Company			Common Stock						N/A									N/A						N/A						153						17						—						—
																																							17						—						733
			Consumer Finance
			Paradigm DKD Group, LLC			LLC interest						N/A									N/A						N/A						354						115						—						4
			Paradigm DKD Group, LLC			Preferred stock						N/A									N/A						N/A						71						—						—						—
			Paradigm DKD Group, LLC			Preferred stock						N/A									N/A						N/A						2,004						—						—						—
																																							115						—						4
			Electronic Equipment, Instruments and Components
			Sloan Company, Inc., The+			Common Stock						N/A									N/A						N/A						—						41						—						49
			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						2,844
			Rubio's Restaurants, Inc.+			Common Stock						N/A									N/A						N/A						886						182						0.1						1,199
			Rubio's Restaurants, Inc.+			Common Stock						N/A									N/A						N/A						536						110						0.1						725
			Rubio's Restaurants, Inc.+			Common Stock						N/A									N/A						N/A						89						6						—						72
			Rubio's Restaurants, Inc.+			Common Stock						N/A									N/A						N/A						52						3						—						42
			Rubio's Restaurants, Inc.+			Common Stock						N/A									N/A						N/A						21						—						—						2
			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						—						—						1
			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						0.3						4,885
			Healthcare Providers and Services
			Elite Dental Partners LLC			LLC interest						N/A									N/A						N/A						—						2,902						0.1						3,568
			Elite Dental Partners LLC			LLC interest						N/A									N/A						N/A						—						1,250						0.1						1,794
			Elite Dental Partners LLC			LLC units						N/A									N/A						N/A						—						—						—						19
																																							4,152						0.2						5,381
			Software
			Switchfly LLC+			LLC interest						N/A									N/A						N/A						3,419						2,321						—						1,281
			Total non-controlled/affiliate equity investments																																				$	9,223					0.5			%			$	12,333
			Total non-controlled/affiliate investments																														$	55,761					$	62,649					2.4			%			$	61,379

See Notes to Consolidated Financial Statements.

97

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In 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(19)
			Debt Investments
			IT Services
			MMan Acquisition Co.*+(7)			One stop						L + 10.00%			(c)						10.00% PIK						08/2023						$	22,527					$	19,663					0.6			%			$	16,436
			MMan Acquisition Co.+			One stop						L + 8.00%			(e)						8.00% PIK						08/2023						1,468						1,468						0.1						1,468
																																	23,995						21,131						0.7						17,904
			Total controlled affiliate debt investments																														$	23,995					$	21,131					0.7			%			$	17,904
			Equity Investments (15)(16)
			IT Services
			MMan Acquisition Co.+			Common Stock						N/A									N/A						N/A						—						$	927					—			%			$	333
																																							927						—						333
			Total controlled affiliate equity investments																																				$	927					—			%			$	333
			Total controlled affiliate investments																														$	23,995					$	22,058					0.7			%			$	18,237
			Total investments																														$	4,795,665					$	4,895,397					189.5			%			$	4,894,886
			Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
			BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)																		0.00%(20)																		$	38,317					1.5			%			$	38,317
			Total money market funds																																				$	38,317					1.5			%			$	38,317
			Total Investments and Money Market Funds																																				$	4,933,714					191.0			%			$	4,933,203

See Notes to Consolidated Financial Statements.

98

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)

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

(1)The majority of the investments bear interest at a rate that is permitted to be determined by reference to LIBOR denominated in U.S. dollars or U.K. pound sterling (“GBP”), EURIBOR, Prime, SONIA, AUD, CDOR, or SOFR, 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, 2021. 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, 2021, 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, 2021, as the loan may have priced or repriced based on an index rate prior to September 30, 2021.

(a) Denotes that all or a portion of the loan was indexed to the 30-day LIBOR, which was 0.08% as of September 30, 2021.

(b) Denotes that all or a portion of the loan was indexed to the 60-day LIBOR, which was 0.11% as of September 30, 2021.

(c) Denotes that all or a portion of the loan was indexed to the 90-day LIBOR, which was 0.13% as of September 30, 2021.

(d) Denotes that all or a portion of the loan was indexed to the 180-day LIBOR, which was 0.16% as of September 30, 2021.

(e) Denotes that all or a portion of the loan was indexed to the 360-day LIBOR, which was 0.24% as of September 30, 2021.

(f) Denotes that all or a portion of the loan was indexed to the Prime rate, which was 3.25% as of September 30, 2021.

(g) Denotes that all or a portion of the loan was indexed to the 90-day EURIBOR, which was -0.56% as of September 30, 2021.

(h) Denotes that all or a portion of the loan was indexed to the 180-day EURIBOR, which was -0.53% as of September 30, 2021.

(i) Denotes that all or a portion of the loan was indexed to the 90-day GBP LIBOR, which was 0.08% as of September 30, 2021.

(j) Denotes that all or a portion of the loan was indexed to the 180-day GBP LIBOR, which was 0.17% as of September 30, 2021.

(k) Denotes that all or a portion of the loan was indexed to the Australia Three Month Interbank Rate, which was 0.07% as of September 30, 2021.

(l) Denotes that all or a portion of the loan was indexed to the 30-day Canadian Bankers’ Acceptance Rate, which was 0.43% as of September 30, 2021.

(m) Denotes that all or a portion of the loan was indexed to the 90-day Canadian Bankers’ Acceptance Rate, which was 0.45% as of September 30, 2021.

(n) Denotes that all or a portion of the loan was indexed to the Sterling Overnight Index Average, which was 0.05% as of September 30, 2021.

(o) Denotes that all or a portion of the loan was indexed to the Secured Overnight Financing Rate, which was 0.05% as of September 30, 2021.

(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, 2021.

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

(4)The fair values of substantially all investments were valued using significant unobservable inputs. See Note 6. Fair Value Measurements.

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

(6)The entire commitment was unfunded as of September 30, 2021. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.

(7)Loan was on non-accrual status as of September 30, 2021, meaning that the Company has ceased recognizing interest income on the loan.

(8)The investment is treated as a non-qualifying asset under Section 55(a) of the 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, 2021, total non-qualifying assets at fair value represented 10.1% of the Company’s total assets calculated in accordance with the 1940 Act.

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

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

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

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

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

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

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

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

(17)The Company holds an equity investment that entitles it to receive preferential dividends.

See Notes to Consolidated Financial Statements.

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Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)

(18)Transactions related to investments in non-controlled affiliates for the year ended September 30, 2021 were as follows:

Portfolio Company						Fair value as of September 30, 2020						Gross Additions(l)						Gross Reductions(m)												Net change in unrealized gain (loss)						Net realized gain (loss)									Fair value as of September 30, 2021						Interest, dividend and fee income
Abita Brewing Co. LLC(c)						$	—					$	27,863					$	(20,062)											$	2,249					$	—								$	10,050					$	931
Benetech, Inc.						2,672						410						(795)												112						—									2,399						349
Dental Holdings Corporation						9,320						561						(13,657)												1,792						1,984									—						462
Elite Dental Partners LLC						15,368						668						(75)												991						—									16,952						955
Paradigm DKD Group, LLC						2,460						1,196						(1,215)												186						—									2,627						19
Rubio's Restaurants, Inc(d)						—						28,760						(16,470)												11,008						(5,739)									17,559						1,792
Sloan Company, Inc., The						4,365						637						(574)												900						(166)									5,162						67
Switchfly LLC						7,229						453						—												(1,514)						—									6,168						469
Uinta Brewing Company						586						266						(209)												(181)						—									462						(3)
Total Non-Controlled Affiliates						$	42,000					$	60,814					$	(53,057)											$	15,543					$	(3,921)								$	61,379					$	5,041

(a)						Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(b)						Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.
(c)						During the three months ended September 31, 2021, the Company’s ownership increased to over five percent of the portfolio company's voting securities.
(d)						During the three months ended December 31, 2020, the Company’s ownership increased to over five percent of the portfolio company's voting securities.

(19) Transactions related to investments in controlled affiliates for the year ended September 30, 2021 were as follows:

Portfolio Company						Fair value as of September 30, 2020						Gross Additions(q)						Gross Reductions(r)												Net change in unrealized gain (loss)						Net realized gain (loss)						Fair value as of September 30, 2021						Interest, dividend and fee income
MMan Acquisition Co.(s)						$	18,736					$	5,023					$	(5,023)											$	(499)					$	—					$	18,237					$	(12)
Total Controlled Affiliates						$	18,736					$	5,023					$	(5,023)											$	(499)					$	—					$	18,237					$	(12)

(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.

(20)The rate shown is the annualized seven-day yield as of September 30, 2021.

See Notes to Consolidated Financial Statements.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 1. Organization

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

The Company’s investment strategy is to invest primarily in one stop (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by other middle-market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies. The Company also selectively invests in second lien and subordinated (a loan that ranks senior only to a borrower’s equity securities and ranks junior to all of such borrower’s other indebtedness in priority of payment) loans of, and warrants and minority equity securities in, U.S. middle-market companies. The Company has entered into the Investment Advisory Agreement (defined below in Note 3) with GC Advisors LLC (the “Investment Adviser”), under which the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company. Under an administration agreement (the “Administration Agreement”) the Company is provided with certain services by an administrator (the “Administrator”), which is currently Golub Capital LLC.

Note 2. Significant Accounting Policies and Recent Accounting Updates

Basis of presentation:  The Company is an investment company as defined in the accounting and reporting guidance under Accounting Standards Codification (“ASC”) Topic 946 — Financial Services — Investment Companies (“ASC Topic 946”).

The accompanying interim consolidated financial statements of the Company and related financial information have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for the interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of financial results as of and for the periods presented. All intercompany balances and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. The unaudited interim consolidated financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto in the Company’s Form 10-K for the year ended September 30, 2021, as filed with the U.S. Securities and Exchange Commission (the “SEC”).

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

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

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

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

Consolidation:  As provided under Regulation S-X and ASC Topic 946, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries Golub Capital BDC CLO III Depositor LLC (“2018 CLO Depositor”), Golub Capital BDC CLO III LLC (“2018 Issuer”), Golub Capital BDC Funding LLC (“Funding”), Golub Capital BDC Funding II LLC (“Funding II”), Golub Capital BDC Holdings, LLC (“BDC Holdings”), GC SBIC VI, L.P. (“SBIC VI”), GCIC Holdings LLC (“GCIC Holdings”), GCIC Funding LLC (“GCIC Funding”), GCIC CLO II Depositor LLC (“GCIC 2018 CLO Depositor”), GCIC CLO II LLC (“GCIC 2018 Issuer”), GCIC Funding II LLC (“GCIC Funding II”), prior to its dissolution on August 26, 2021, Golub Capital BDC CLO 4 LLC (“2020 Issuer”), prior to May 10, 2021, the date of each of the following entity’s dissolution, GC SBIC IV, L.P. (“SBIC IV”), GCIC Senior Loan Fund LLC and GCIC Senior Loan Fund II LLC and prior to March 23, 2022, the date of each of the following entity’s dissolution, Golub Capital BDC CLO 4 Depositor LLC (“2020 CLO Depositor”), GC SBIC V, L.P. (“SBIC V”), Senior Loan Fund LLC and Senior Loan Fund II LLC.

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

Cash, cash equivalents and foreign currencies: Cash, cash equivalents and foreign currencies are highly liquid investments with an original maturity of three months or less at the date of acquisition. The Company deposits its cash in financial institutions and, at times, such balances exceed the Federal Deposit Insurance Corporation insurance limits.

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

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

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

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

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

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

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

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

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

Revenue recognition:

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

Loan origination fees, original issue discount and market discount or premium are capitalized, and the Company accretes or amortizes such amounts over the life of the loan as interest income. For the three and nine months ended June 30, 2022, interest income included $4,822 and $16,605, respectively, of accretion of discounts. For the three and nine months ended June 30, 2021, interest income included $5,921 and $16,047, respectively, of accretion of discounts. For the three and nine months ended June 30, 2022, the Company received loan origination fees of $6,857 and $22,958, respectively. For the three and nine months ended June 30, 2021, the Company received loan origination fees of $9,020 and $22,075, respectively.

For investments with contractual PIK interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, the Company will not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not collectible. For the three and nine months ended June 30, 2022, the Company capitalized PIK interest of $6,095 and $14,692, respectively, into the principal balance of certain debt investments. For the three and nine months ended June 30, 2021, the Company capitalized PIK interest of $3,986 and $12,657, respectively, into the principal balance of certain debt investments.

In addition, the Company generates revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, consulting fees, administrative agent fees, and prepayment premiums on loans. The Company records these fees as fee income when earned. All other income is recorded into income when earned.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

For the three and nine months ended June 30, 2022, fee income included $721 and $1,516, respectively, of prepayment premiums, which fees are non-recurring. For the three and nine months ended June 30, 2021, fee income included $632 and $2,048, respectively, of prepayment premiums, which fees are non-recurring.

For the three and nine months ended June 30, 2022, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of $90,876 and $252,899, respectively. For the three and nine months ended June 30, 2021, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of $75,140 and $225,623, respectively.

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

For the three and nine months ended June 30, 2022, the Company recorded dividend income of $52 and $372, respectively, and return of capital distributions of $420 and $1,146, respectively. For the three and nine months ended June 30, 2021, the Company recorded dividend income of $78 and $273, respectively, and return of capital distributions of $0 and $0, respectively.

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

Non-accrual loans: A loan can be left on accrual status during the period the Company is pursuing repayment of the loan. Management reviews all loans that become 90 days or more past due on principal and interest, or when there is reasonable doubt that principal or interest will be collected, for possible placement on non-accrual status. When a loan is placed on non-accrual status, unpaid interest credited to income is reversed. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans are recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, payments are likely to remain current. The total fair value of non-accrual loans was $60,263 and $46,104 as of June 30, 2022 and September 30, 2021, respectively.

Purchase accounting: On September 16, 2019, the Company completed its acquisition of Golub Capital Investment Corporation (“GCIC”), a Maryland corporation, pursuant to that certain Agreement and Plan of Merger (as amended, the “Merger Agreement”), dated as of November 27, 2018, by and among the Company, GCIC, Fifth Ave Subsidiary Inc., a Maryland corporation and wholly owned subsidiary of the Company (“Merger Sub”), the Investment Adviser, and, for certain limited purposes, the Administrator. Pursuant to the Merger Agreement, Merger Sub was first merged with and into GCIC, with GCIC as the surviving company (the “Initial Merger”), and, immediately following the Initial Merger, GCIC was then merged with and into the Company, with the Company as the surviving company (the Initial Merger and the subsequent merger, collectively, the “Merger”). The Merger was accounted for under the asset acquisition method of accounting in accordance with ASC 805 — Business Combinations — Related Issues (“ASC Topic 805”), also referred to as “purchase accounting.” Under asset acquisition accounting, acquiring assets in groups not only requires ascertaining the cost of the asset (or net assets), but also allocating that cost to the individual assets (or individual assets and liabilities) that make up the group. Per ASC Topic 805, assets are recognized based on their cost to the acquiring entity, which generally includes transaction costs of the asset acquisition, and no gain or loss is recognized unless the fair value of noncash assets given as consideration differs from the assets carrying amounts on the acquiring entity’s books.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The cost of the group of assets acquired in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on the relative fair values of net identifiable assets acquired other than “non-qualifying” assets (for example cash) and does not give rise to goodwill. To the extent that the consideration paid to GCIC’s stockholders exceeded the relative fair values of the net identifiable assets of GCIC acquired other than “non-qualifying” assets, any such premium paid by the Company was further allocated to the cost of the GCIC assets acquired by the Company pro-rata to their relative fair value, other than “non-qualifying” assets. As GCIC did not have any “qualifying” assets at the time of acquisition, the premium was allocated to “non-qualifying” assets, which are GCIC’s investments in loans and equity securities, including its investment in GCIC SLF. Immediately following the acquisition of GCIC, the Company recorded its assets at their respective fair values and, as a result, the purchase premium allocated to the cost basis of the GCIC assets acquired was immediately recognized as unrealized depreciation on the Company's Consolidated Statement of Operations. The purchase premium allocated to investments in loan securities will amortize over the life of the loans through interest income, with a corresponding reversal of the unrealized depreciation on the loans acquired from GCIC through their ultimate disposition. Amortization expense of purchase premium for the three and nine months ended June 30, 2022 was $3,036 and $13,071, respectively. Amortization expense of purchase premium for the three and nine months ended June 30, 2021 was $7,436 and $25,388, respectively. The purchase premium allocated to investments in equity securities will not amortize over the life of the equity securities through interest income and, assuming no subsequent change to the fair value of the equity securities acquired from GCIC and disposition of such equity securities at fair value, the Company will recognize a realized loss with a corresponding reversal of the unrealized depreciation upon disposition of the equity securities acquired from GCIC.

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

Depending on the level of taxable income earned in a tax year, the Company can determine to retain taxable income in excess of current year dividend distributions and distribute such taxable income in the next tax year. The Company may then be required to incur a 4% excise tax on such income. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. No U.S. federal excise tax was accrued or paid for the nine months ended June 30, 2022 and 2021.

The Company accounts for income taxes in conformity with ASC Topic 740 — Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense or tax benefit in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized tax benefits or unrecognized tax liabilities related to uncertain income tax positions through June 30, 2022. The Company's tax returns for the 2019 through 2021 tax years remain subject to examination by U.S. federal and most state tax authorities.

Certain of the Company's consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. Income tax expense, if any, is included under the income category for which it applies in the Consolidated Statements of Operations.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

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

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

Share repurchase plan: The Company has a share repurchase program (the “Program”) which allows the Company to repurchase the Company’s outstanding common stock on the open market at prices below the Company’s NAV as reported in its most recently published consolidated financial statements. The Board most recently reapproved the Program in August 2022 and the Program is implemented at the discretion of management. Shares can be purchased from time to time at prevailing market prices, through open market transactions, including block transactions. The Program permits repurchases up to $150,000 of the Company's common stock. The Company did not make any repurchases of its common stock during each of the three and nine months ended June 30, 2022 and June 30, 2021.

Equity Distribution Agreement: On May 28, 2021, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”), by and among the Company, the Investment Adviser, Golub Capital LLC and SMBC Nikko Securities America, Inc. (the “Placement Agent”), in connection with the sale by the Company of shares of its common stock, having an aggregate offering price of up to $250,000, in an “at the market offering,” in amounts and at times to be determined by the Company. Actual sales, if any, will depend on a variety of factors to be determined by the Company from time to time, including, among others, market conditions and the market price of the Company’s common stock. The Equity Distribution Agreement provides that the Company may offer and sell shares from time to time through the Placement Agent, or to it. Sales of the shares, if any, may be made in negotiated transactions or transactions that are deemed to be “at the market,” as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on The Nasdaq Global Select Market or any similar securities exchange or sales made to or through a market maker other than on a securities exchange, at prices related to the prevailing market prices or at negotiated prices. Pursuant to the terms of the Equity Distribution Agreement, the Placement Agent will receive a commission from the Company of up to 1.25% of the gross sales price of any shares sold through the Placement Agent under the Equity Distribution Agreement. Offering costs for the Equity Distribution Agreement are charged against the proceeds from equity offerings when proceeds are received. During the nine months ended June 30, 2022, the Company did not issue any shares of common stock under the Equity Distribution Agreement.

Deferred debt issuance costs: Deferred debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of June 30, 2022 and September 30, 2021, the Company had deferred debt issuance costs of $18,988 and $17,850, respectively. These amounts are amortized and included in interest expense in the Consolidated Statements of Operations over the estimated average life of the borrowings. Amortization expense for deferred debt issuance costs for the three and nine months ended June 30, 2022 was $1,798 and $5,241, respectively. Amortization expense for deferred debt issuance costs for the three and nine months ended June 30, 2021 was $1,732 and $5,072, respectively.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Deferred offering costs: Deferred offering costs consist of fees paid in relation to legal, accounting, regulatory and printing work completed in preparation of equity offerings. Deferred offering costs are charged against the proceeds from equity offerings when received. These amounts are included in other assets on the Consolidated Statements of Financial Condition.

Note 3. Related Party Transactions

Investment Advisory Agreement: Under the Investment Advisory Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, GBDC. The Board most recently reapproved the Investment Advisory Agreement in May 2022. The Investment Adviser is a registered investment adviser with the U.S. Securities and Exchange Commission (the “SEC”). The Investment Adviser receives fees for providing services, consisting of two components, a base management fee and an Incentive Fee (as defined below).

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

The Investment Adviser served as collateral manager under the 2020 Collateral Management Agreement (as defined in Note 7) and serves as collateral manager under the 2018 Collateral Management Agreement (as defined in Note 7) and the GCIC 2018 Collateral Management Agreement (as defined in Note 7). Fees payable to the Investment Adviser for providing these services are offset against the base management fee payable by the Company under the Investment Advisory Agreement.

During the three months ended March 31, 2022, the Investment Adviser irrevocably waived $1,904 of base management fees. After taking into account the waiver by the Investment Adviser, the base management fee

incurred was $52,641 rather than $54,545 for the nine months ended June 30, 2022.

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

The Company accomplishes this limitation by subjecting each quarterly Incentive Fee payable under the Income and Capital Gain Incentive Fee Calculation (as defined below) to a cap (the “Incentive Fee Cap”). Under the Investment Advisory Agreement, the Incentive Fee Cap in any quarter is equal to the difference between (a) 20.0% of Cumulative Pre-Incentive Fee Net Income Per Share (as defined below) and (b) Cumulative Incentive Fees Paid Per Share (as defined below). To the extent the Incentive Fee Cap is zero or a negative value in any quarter, no Incentive Fee would be payable in that quarter. If, for any relevant period, the Incentive Fee Cap calculation results in the Company paying less than the amount of the Incentive Fee calculated above, then the difference between the Incentive Fee and the Incentive Fee Cap will not be paid by GBDC and will not be received by the Investment Adviser as an Incentive Fee either at the end of such relevant period or at the end of any future period.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

“Cumulative Pre-Incentive Fee Net Income Per Share” equals the sum of “Pre-Incentive Fee Net Income Per Share” (as defined below) for each quarterly period since April 13, 2010. “Pre-Incentive Fee Net Income Per Share” equals the sum of (i) Pre-Incentive Fee Net Investment Income (as defined below) and (ii) Adjusted Capital Returns for the applicable period, divided by (b) the weighted average number of shares of GBDC common stock outstanding during such period. “Adjusted Capital Returns” for any period is the sum of the realized aggregate capital gains, realized aggregate capital losses, aggregate unrealized capital depreciation and aggregate unrealized capital appreciation for such period; provided that the calculation of realized aggregate capital gains, realized aggregate capital losses, aggregate unrealized capital depreciation and aggregate unrealized capital appreciation shall not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation resulting solely from the purchase accounting for any premium or discount paid for the acquisition of assets in a merger. “Cumulative Incentive Fees Paid Per Share” is equal to the sum of Incentive Fees Paid Per Share since April 13, 2010. “Incentive Fees Paid Per Share” for any period is equal to the Incentive Fees accrued and/or payable to the Company for such period, divided by the weighted average number of shares of common stock of GBDC during such period.

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

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

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

For the three and nine months ended June 30, 2022, the Income Incentive Fee incurred was $718 and $3,647, respectively. For the three and nine months ended June 30, 2021, the Income Incentive Fee incurred was $0 and $2,946, respectively.

The Investment Advisory Agreement excludes the impact of purchase accounting resulting from a merger, including the Merger, from the calculation of income subject to the Income Incentive Fee and the calculation of the Incentive Fee Cap. As a result, under the Investment Advisory Agreement, Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation or any amortization or accretion of any purchase premium or discount to interest income solely from the purchase accounting for any premium or discount paid for the acquisition of assets in a merger, such as the premium to net asset value paid for the shares of GCIC common stock in the Merger. Because of the structure of the Income Incentive Fee, it is possible that an Incentive Fee is calculated under this formula with respect to a period in which the Company has incurred a loss. For example, if the Company receives Pre-Incentive Fee Net Investment Income in excess of the hurdle rate (as defined below) for a calendar quarter, the Income Incentive Fee will result in a positive value and an Incentive Fee will be paid even if the Company has incurred a loss in such period due to realized and/or unrealized capital losses unless the payment of such Incentive Fee would cause the Company to pay Incentive Fees on a cumulative basis that exceed the Incentive Fee Cap.

Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company’s net assets (defined as total assets less indebtedness and before taking into account any Incentive Fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed “hurdle rate” of 2.0% quarterly.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

If market interest rates rise, it is possible that the Company will be able to invest funds in debt instruments that provide for a higher return, which would increase Pre-Incentive Fee Net Investment Income and make it easier for the Investment Adviser to surpass the fixed hurdle rate and receive an Incentive Fee based on such net investment income.

The Company’s Pre-Incentive Fee Net Investment Income used to calculate this part of the Incentive Fee is also included in the amount of its total assets (excluding cash and cash equivalents but including assets purchased with borrowed funds and securitization-related assets, unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit with custodian) used to calculate the 1.375% base management fee annual rate.

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

•Zero in any calendar quarter in which the Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate;

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

•20.0% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.5% in any calendar quarter.

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

•The cumulative aggregate realized capital losses are calculated as the sum of the amounts by which (a) the net sales price of each investment in the Company’s portfolio when sold is less than (b) the accreted or amortized cost basis of such investment.

•The cumulative aggregate realized capital gains are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in the Company’s portfolio when sold and (b) the accreted or amortized cost basis of such investment.

•The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable Capital Gain Incentive Fee calculation date and (b) the accreted or amortized cost basis of such investment.

In accordance with GAAP, the Company also is required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee on a quarterly basis as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement. If the Capital Gain Incentive Fee Base, adjusted as required by GAAP to include unrealized capital appreciation, is positive at the end of a period, then GAAP requires the Company to accrue a capital gain incentive fee equal to 20% of such amount, less the aggregate amount of the actual Capital Gain Incentive Fees paid and capital gain incentive fees accrued under GAAP in all prior periods. If such amount is negative, then there is no accrual for such period. The resulting accrual under GAAP in a given period results in additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. There can be no assurance that such unrealized capital appreciation will be realized in the future.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

For the three months ended June 30, 2022, the Company had a reversal of the capital gain incentive fee accrual of $4,814 and no capital gain incentive fee accrual for the nine months ended June 30, 2022. For the three and nine months ended June 30, 2021, the Company did not accrue a capital gain incentive fee. Changes in the accrual for the capital gain incentive fee are included in incentive fee in the Consolidated Statements of Operations. As of both June 30, 2022 and September 30, 2021, there was no cumulative accrual of capital gain incentive fees under GAAP included in management and incentive fees payable on the Consolidated Statements of Financial Condition.

As of June 30, 2022 and September 30, 2021, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement as described above. Any payment due under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year.

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

Included in accounts payable and other liabilities is $1,980 and $1,769 as of June 30, 2022 and September 30, 2021, respectively, for accrued allocated shared services under the Administration Agreement.

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

Total expenses reimbursed to the Administrator during the three and nine months ended June 30, 2022 were $857 and $5,245, respectively. Total expenses reimbursed to the Administrator during the three and nine months ended June 30, 2021 were $2,123 and $5,225, respectively.

As of June 30, 2022 and September 30, 2021, included in accounts payable and other liabilities were $994 and $2,523, respectively, for expenses paid on behalf of the Company by the Administrator.

The Company is party to an unsecured revolving credit facility with the Investment Adviser (as amended, the “Adviser Revolver”) which, as of June 30, 2022 and September 30, 2021 permits the Company to borrow a maximum of $100,000 and expires on June 15, 2025. Refer to Note 7. Borrowings for discussion of the Adviser Revolver.

On October 2, 2020, an affiliate of the Investment Adviser (the “Affiliate”) purchased $40,000 principal of the Company’s 2024 Unsecured Notes (defined in Note 7) and on October 9, 2020, the Affiliate sold $15,000 principal of its position to an unaffiliated party. On May 21, 2021, the Affiliate sold the remaining $25,000 principal of the Company’s 2024 Unsecured Notes to an unaffiliated party.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 4. Investments

Investments as of June 30, 2022 and September 30, 2021 consisted of the following:

			As of June 30, 2022																		As of September 30, 2021
			Principal						Amortized Cost						Fair Value						Principal						Amortized Cost						Fair Value
Senior secured			$	610,218					$	598,989					$	568,502					$	816,316					$	803,520					$	784,805
One stop			4,816,207						4,779,122						4,721,739						3,936,606						3,913,331						3,882,314
Second lien			41,357						43,188						40,348						42,571						41,946						41,857
Subordinated debt			3,698						3,652						3,677						172						171						172
Equity			N/A						231,251						279,284						N/A						136,429						185,738
Total			$	5,471,480					$	5,656,202					$	5,613,550					$	4,795,665					$	4,895,397					$	4,894,886

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following tables show the portfolio composition by geographic region at amortized cost and fair value as a percentage of total investments in portfolio companies. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which is not always indicative of the primary source of the portfolio company’s business.

			As of June 30, 2022												As of September 30, 2021
Amortized Cost:
United States
Mid-Atlantic			$	880,675					15.6		%				$	836,031					17.1		%
Midwest			1,084,251						19.2						963,963						19.7
West			1,052,698						18.6						914,227						18.7
Southeast			1,144,447						20.2						1,054,070						21.5
Southwest			463,388						8.2						319,831						6.5
Northeast			461,345						8.2						387,030						7.9
Canada			209,040						3.7						171,126						3.5
United Kingdom			256,436						4.5						187,664						3.8
Australia			17,208						0.3						3,291						0.1
Luxembourg			25,432						0.4						8,584						0.2
Netherlands			61,282						1.1						49,580						1.0
Total			$	5,656,202					100.0		%				$	4,895,397					100.0		%
Fair Value:
United States
Mid-Atlantic			$	864,752					15.4		%				$	824,447					16.8		%
Midwest			1,074,951						19.2						964,658						19.7
West			1,058,589						18.9						922,289						18.8
Southeast			1,147,368						20.4						1,054,839						21.6
Southwest			468,405						8.3						318,892						6.5
Northeast			453,837						8.1						386,780						7.9
Canada			211,247						3.8						175,969						3.6
United Kingdom			237,109						4.2						185,591						3.8
Australia			16,645						0.3						3,333						0.1
Luxembourg			24,615						0.4						8,508						0.2
Netherlands			56,032						1.0						49,580						1.0
Total			$	5,613,550					100.0		%				$	4,894,886					100.0		%

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The industry compositions of the portfolio at amortized cost and fair value as of June 30, 2022 and September 30, 2021 were as follows:

			As of June 30, 2022												As of September 30, 2021
Amortized Cost:
Aerospace and Defense			$	115,790					2.0		%				$	114,075					2.3		%
Airlines			963						0.0		*				967						0.0		*
Auto Components			41,535						0.7						32,334						0.7
Automobiles			271,751						4.8						139,501						2.9
Beverages			59,584						1.1						61,557						1.3
Biotechnology			1,769						0.0		*				23,968						0.5
Building Products			17,183						0.3						9,395						0.2
Chemicals			87,702						1.6						64,363						1.3
Commercial Services and Supplies			187,891						3.3						98,529						2.0
Communications Equipment			11,406						0.2						11,382						0.2
Construction & Engineering			—						—						49,060						1.0
Consumer Finance			1,987						0.0		*				2,057						0.0		*
Containers and Packaging			42,105						0.7						10,407						0.2
Distributors			5,947						0.1						6,189						0.1
Diversified Consumer Services			245,535						4.3						138,358						2.8
Diversified Financial Services			26,227						0.5						16,345						0.3
Diversified Telecommunication Services			1,611						0.0		*				1,616						0.0		*
Electronic Equipment, Instruments and Components			146,171						2.6						124,995						2.6
Energy Equipment and Services			4,637						0.1						4,388						0.1
Food and Staples Retailing			84,896						1.5						124,003						2.5
Food Products			135,730						2.4						112,773						2.3
Healthcare Equipment and Supplies			134,198						2.4						162,211						3.3
Healthcare Providers and Services			484,783						8.6						552,202						11.3
Health Care Technology			194,491						3.4						147,269						3.0
Hotels, Restaurants and Leisure			128,610						2.3						174,667						3.6
Household Durables			8,872						0.2						5,338						0.1
Household Products			5,492						0.1						5,199						0.1
Industrial Conglomerates			19,299						0.3						18,403						0.4
Insurance			277,669						4.9						232,137						4.7
Internet and Catalog Retail			61,174						1.1						30,836						0.6
IT Services			260,075						4.6						298,383						6.1
Leisure Products			11,800						0.2						11,869						0.2
Life Sciences Tools & Services			49,920						0.9						56,285						1.1
Machinery			34,703						0.6						32,374						0.7
Marine			18,806						0.3						16,729						0.3
Media			6,407						0.1						5,295						0.1
Multiline Retail			45,158						0.8						46,382						1.0
Oil, Gas and Consumable Fuels			92,325						1.6						92,993						1.9
Paper and Forest Products			10,583						0.2						8,970						0.2
Personal Products			36,753						0.7						37,019						0.8
Pharmaceuticals			150,530						2.7						106,859						2.2
Professional Services			119,869						2.1						104,427						2.1
Real Estate Management and Development			123,443						2.2						97,205						2.0
Road and Rail			36,276						0.7						37,012						0.8
Software			1,362,492						24.1						1,077,321						22.0
Specialty Retail			370,658						6.6						286,417						5.9
Technology Hardware, Storage and Peripherals			23,390						0.4						23,815						0.5
Textiles, Apparel and Luxury Goods			45,976						0.8						45,092						0.9
Trading Companies and Distributors			34,402						0.6						18,936						0.4
Water Utilities			17,628						0.3						17,490						0.4
Total			$	5,656,202					100.0		%				$	4,895,397					100.0		%

* Represents an amount less than 0.1%.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

			As of June 30, 2022												As of September 30, 2021
Fair Value:
Aerospace and Defense			$	112,771					2.0		%				$	112,636					2.3		%
Airlines			929						0.0		*				936						0.0		*
Auto Components			41,535						0.7						32,566						0.7
Automobiles			271,650						4.8						140,499						2.9
Beverages			58,818						1.0						60,868						1.2
Biotechnology			1,334						0.0		*				25,439						0.5
Building Products			17,143						0.3						11,243						0.2
Chemicals			82,412						1.5						64,262						1.3
Commercial Services and Supplies			187,879						3.4						99,595						2.0
Communications Equipment			11,462						0.2						11,347						0.2
Construction & Engineering			—						—						49,166						1.0
Consumer Finance			4,839						0.1						2,627						0.1
Containers and Packaging			42,423						0.8						10,545						0.2
Distributors			5,902						0.1						6,089						0.1
Diversified Consumer Services			242,969						4.3						134,232						2.7
Diversified Financial Services			26,104						0.5						16,497						0.3
Diversified Telecommunications Services			1,632						0.0		*				1,645						0.0		*
Electronic Equipment, Instruments and Components			146,411						2.6						125,481						2.6
Energy Equipment and Services			1,745						0.0		*				2,399						0.0		*
Food and Staples Retailing			88,428						1.6						128,574						2.6
Food Products			138,702						2.5						119,568						2.4
Healthcare Equipment and Supplies			126,666						2.3						157,959						3.2
Healthcare Providers and Services			456,562						8.1						532,463						10.9
Health Care Technology			197,107						3.5						150,565						3.1
Hotels, Restaurants and Leisure			130,100						2.3						172,285						3.5
Household Durables			9,245						0.2						5,694						0.1
Household Products			5,333						0.1						5,140						0.1
Industrial Conglomerates			18,658						0.3						18,560						0.4
Insurance			279,168						5.0						234,529						4.8
Internet and Catalog Retail			62,080						1.1						31,127						0.6
IT Services			255,462						4.6						302,487						6.2
Leisure Products			13,380						0.2						12,575						0.3
Life Sciences Tools & Services			49,534						0.9						57,004						1.2
Machinery			29,605						0.5						29,377						0.6
Marine			18,799						0.3						16,877						0.3
Media			6,454						0.1						5,397						0.1
Multiline Retail			45,213						0.8						46,470						1.0
Oil, Gas and Consumable Fuels			89,866						1.6						92,720						1.9
Paper and Forest Products			10,675						0.2						8,921						0.2
Personal Products			33,931						0.6						33,727						0.7
Pharmaceuticals			149,665						2.7						108,458						2.2
Professional Services			120,506						2.1						106,898						2.2
Real Estate Management and Development			121,111						2.2						96,066						2.0
Road and Rail			35,872						0.6						36,751						0.8
Software			1,367,268						24.4						1,084,864						22.2
Specialty Retail			378,145						6.8						292,446						6.0
Technology Hardware, Storage and Peripherals			23,239						0.4						23,717						0.5
Textiles, Apparel and Luxury Goods			42,648						0.8						38,627						0.8
Trading Companies and Distributors			34,938						0.6						19,311						0.4
Water Utilities			17,232						0.3						17,657						0.4
Total			$	5,613,550					100.0		%				$	4,894,886					100.0		%

* Represents an amount less than 0.1%.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 5. Forward Currency Contracts

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

The outstanding forward currency contracts as of June 30, 2022 and September 30, 2021 were as follows:

As of June 30, 2022
Counterparty						Currency to be sold									Currency to be purchased									Settlement date						Unrealized appreciation ($)						Unrealized depreciation ($)
Macquarie Bank Limited						£	3,780		GBP						$	4,804		USD						3/27/2023						$	172					$	—
Macquarie Bank Limited						€	6,760		EUR						$	8,044		USD						4/28/2023						776						—
Macquarie Bank Limited						£	10,058		GBP						$	12,706		USD						7/17/2023						355						—
Macquarie Bank Limited						£	8,925		GBP						$	11,219		USD						2/28/2023						289						—
Macquarie Bank Limited						$	18,425		CAD						$	13,783		USD						10/30/2023						—						(526)
Macquarie Bank Limited						€	13,960		EUR						$	16,735		USD						4/28/2023						1,723						—
Macquarie Bank Limited						£	2,228		GBP						$	2,903		USD						4/28/2023						169						—
Macquarie Bank Limited						£	25,000		GBP						$	34,298		USD						8/27/2024						3,271						—
Macquarie Bank Limited						€	26,000		EUR						$	31,803		USD						2/27/2025						2,838						—
Macquarie Bank Limited						$	25,000		CAD						$	19,609		USD						8/27/2024						204						—
Macquarie Bank Limited						$	30,000		CAD						$	23,399		USD						8/27/2024						120						—
Macquarie Bank Limited						£	20,550		GBP						$	28,297		USD						9/3/2024						2,784						—
Macquarie Bank Limited						$	22,600		CAD						$	17,739		USD						8/30/2024						196						—
Macquarie Bank Limited						£	13,945		GBP						$	19,149		USD						3/31/2025						1,778						—
																														$	14,675					$	(526)

As of September 30, 2021
Counterparty						Currency to be sold									Currency to be purchased									Settlement date						Unrealized appreciation ($)						Unrealized depreciation ($)
Macquarie Bank Limited						£	3,780		GBP						$	4,804		USD						3/27/2023						$	—					$	(272)
Macquarie Bank Limited						€	9,300		EUR						$	10,861		USD						4/29/2022						106						—
Macquarie Bank Limited						€	6,760		EUR						$	8,044		USD						4/28/2023						40						—
Macquarie Bank Limited						£	10,058		GBP						$	12,706		USD						7/17/2023						—						(796)
Macquarie Bank Limited						£	8,925		GBP						$	11,219		USD						2/28/2023						—						(769)
Macquarie Bank Limited						$	18,425		CAD						$	13,783		USD						10/30/2023						—						(660)
Macquarie Bank Limited						€	13,960		EUR						$	16,735		USD						4/28/2023						343						—
Macquarie Bank Limited						£	2,228		GBP						$	2,903		USD						4/28/2023						—						(88)
Macquarie Bank Limited						£	25,000		GBP						$	34,298		USD						8/27/2024						663						—
Macquarie Bank Limited						€	26,000		EUR						$	31,803		USD						2/27/2025						426						—
Macquarie Bank Limited						$	25,000		CAD						$	19,609		USD						8/27/2024						75						—
Macquarie Bank Limited						$	30,000		CAD						$	23,399		USD						8/27/2024						—						(41)
Macquarie Bank Limited						£	20,550		GBP						$	28,297		USD						9/3/2024						647						—
Macquarie Bank Limited						$	22,600		CAD						$	17,739		USD						8/30/2024						81						—
Macquarie Bank Limited						£	13,945		GBP						$	19,149		USD						3/31/2025						335						—
																														$	2,716					$	(2,626)

In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company has entered into an International Swaps and Derivatives Association, Inc. Master

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Agreement (“ISDA Master Agreement”) with its derivative counterparty, Macquarie Bank Limited (“Macquarie”). The ISDA Master Agreement is a bilateral agreement between the Company and Macquarie that governs over the counter (“OTC”) derivatives, including forward currency contracts, and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

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

The following table is intended to provide additional information about the effect of the forward currency contracts on the financial statements of the Company including: the fair value of derivatives by risk category, the location of those fair values on the Consolidated Statements of Financial Condition, and the Company’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Company as of June 30, 2022 and September 30, 2021.

As of June 30, 2022
Counterparty						Risk exposure category						Unrealized appreciation on forward currency contracts						Unrealized depreciation on forward currency contracts						Net amounts presented in the Consolidated Statement of Financial Condition						Collateral (Received) Pledged (1)						Net Amount (2)
Macquarie Bank Limited						Foreign exchange						$	14,675					$	(526)					$	14,149					$	—					$	14,149

As of September 30, 2021
Counterparty						Risk exposure category						Unrealized appreciation on forward currency contracts						Unrealized depreciation on forward currency contracts						Net amounts presented in the Consolidated Statement of Financial Condition						Collateral (Received) Pledged (1)						Net Amount (2)
Macquarie Bank Limited						Foreign exchange						$	2,716					$	(2,626)					$	90					$	—					$	90

(1) The actual collateral pledged may be more than the amount shown due to over collateralization.

(2)Represents the net amount due from/(to) counterparties in the event of default.

The impact of derivative transactions for the three and nine months ended June 30, 2022 and 2021 on the Consolidated Statements of Operations, including realized and unrealized gains (losses) is summarized in the table below:

Realized gain (loss) on forward currency contracts recognized in income
Risk exposure category			Three months ended June 30,												Nine months ended June 30,
			2022						2021						2022						2021
Foreign exchange			$	1,080					$	—					$	1,080					$	—
Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income
Risk exposure category			Three months ended June 30,												Nine months ended June 30,
			2022						2021						2022						2021
Foreign exchange			$	11,922					$	(546)					$	14,059					$	(3,317)

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following table is a summary of the average outstanding daily volume for forward currency contracts for the three and nine months ended June 30, 2022, and 2021:

Average U.S. Dollar notional outstanding			Three months ended June 30,												Nine months ended June 30,
			2022						2021						2022						2021
Forward currency contracts			$	247,950					$	81,055					$	252,884					$	77,750

Exclusion of the Investment Adviser from Commodity Pool Operator Definition

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

Note 6. Fair Value Measurements

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

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

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

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

In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the three and nine months ended June 30, 2022 and 2021. The following section describes the valuation techniques used by the Company to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Board, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of the Board to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with approximately 25% (based on the number of portfolio companies) of the Company’s valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. All investments as of June 30, 2022 and September 30, 2021, with the exception of money market funds included in cash, cash equivalents and restricted cash and cash equivalents and one portfolio company equity investment (Level 1 investments) and forward currency contracts (Level 2 investments), were valued using Level 3 inputs.

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

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

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

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following tables present fair value measurements of the Company’s investments and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of June 30, 2022 and September 30, 2021:

As of June 30, 2022						Fair Value Measurements Using
Description						Level 1						Level 2						Level 3						Total
Assets, at fair value:
Debt investments(1)						$	—					$	—					$	5,334,266					$	5,334,266
Equity investments(1)						94						—						279,190						279,284
Money market funds(1)(2)						10,805						—						—						10,805
Forward currency contracts						—						14,675						—						14,675
Total assets, at fair value:						$	10,899					$	14,675					$	5,613,456					$	5,639,030
Liabilities at fair value:
Forward currency contracts						$	—					$	(526)					$	—					$	(526)
Total liabilities, at fair value:						$	—					$	(526)					$	—					$	(526)

As of September 30, 2021						Fair Value Measurements Using
Description						Level 1						Level 2						Level 3						Total
Assets, at fair value:
Debt investments(1)						$	—					$	—					$	4,709,148					$	4,709,148
Equity investments(1)						508						—						185,230						185,738
Money market funds(1)(2)						38,317						—						—						38,317
Forward currency contracts						—						2,716						—						2,716
Total assets, at fair value:						$	38,825					$	2,716					$	4,894,378					$	4,935,919
Liabilities at fair value:
Forward currency contracts						$	—					$	(2,626)					$	—					$	(2,626)
Total liabilities, at fair value:						$	—					$	(2,626)					$	—					$	(2,626)

(1)Refer to the Consolidated Schedules of Investments for further details.

(2)Included in cash and cash equivalents, restricted cash and cash equivalents, foreign currencies and restricted foreign currencies on the Consolidated Statements of Financial Condition.

The net change in unrealized appreciation (depreciation) for the three and nine months ended June 30, 2022, reported within the net change in unrealized appreciation (depreciation) on investments in the Company's Consolidated Statements of Operations attributable to the Company's Level 3 assets held as of June 30, 2022 was $(63,019) and $(35,920), respectively. The net change in unrealized appreciation (depreciation) for the three and nine months ended June 30, 2021, reported within the net change in unrealized appreciation (depreciation) on investments in the Company's Consolidated Statements of Operations attributable to the Company's Level 3 assets held as of June 30, 2021 was $26,900 and $65,350, respectively.

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following tables present the changes in investments measured at fair value using Level 3 inputs for the nine months ended June 30, 2022 and 2021:

			For the nine months ended June 30, 2022
			Debt Investments						Equity Investments						Total Investments
Fair value, beginning of period			$	4,709,148					$	185,230					$	4,894,378
Net change in unrealized appreciation (depreciation) on investments			(40,865)						(862)						(41,727)
Realized gain (loss) on investments			(177)						16,625						16,448
Funding of (proceeds from) revolving loans, net			2,865						—						2,865
Fundings of investments			1,567,934						110,516						1,678,450
PIK interest			14,692						—						14,692
Proceeds from principal payments and sales of portfolio investments			(922,865)						(32,319)						(955,184)
Accretion of discounts and amortization of premiums			3,534						—						3,534
Fair value, end of period			$	5,334,266					$	279,190					$	5,613,456

			For the nine months ended June 30, 2021
			Debt Investments						Equity Investments						Total Investments
Fair value, beginning of period			$	4,146,013					$	92,197					$	4,238,210
Net change in unrealized appreciation (depreciation) on investments			113,557						34,639						148,196
Realized gain (loss) on investments			(5,227)						10,789						5,562
Funding of (proceeds from) revolving loans, net			(10,999)						—						(10,999)
Fundings of investments			1,222,770						41,875						1,264,645
PIK interest			12,657						—						12,657
Proceeds from principal payments and sales of portfolio investments			(1,184,296)						(25,545)						(1,209,841)
Accretion of discounts and amortization of premiums			(9,341)						—						(9,341)
Fair value, end of period			$	4,285,134					$	153,955					$	4,439,089

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of June 30, 2022 and September 30, 2021.

    

Quantitative information about Level 3 Fair Value Measurements

Fair value as of June 30, 2022

Valuation Techniques

Unobservable Input

Range (Weighted Average) (1)

Assets:

Senior secured loans(2)

$

568,386

Market rate approach

Market interest rate

4.0% - 21.8% (8.0%)

Market comparable companies

EBITDA multiples

6.0x - 25.5x (14.1x)

116

Market comparable

Broker/dealer bids or quotes

N/A

—

Collateral analysis

Recovery rate

N/A

One stop loans(3)(4)

$

4,685,089

Market rate approach

Market interest rate

3.5% - 23.5% (8.4%)

Market comparable companies

EBITDA multiples

4.5x - 36.8x (16.3x)

Revenue multiples

2.0x - 29.0x (9.8x)

36,650

Market comparable

Broker/dealer bids or quotes

N/A

Subordinated debt and second lien loans

$

44,025

Market rate approach

Market interest rate

7.5% - 24.5% (11.4%)

Market comparable companies

EBITDA multiples

6.5x - 24.0x (17.4x)

Equity(5)

$

279,190

Market comparable companies

EBITDA multiples

4.5x - 40.0x (17.7x)

Revenue multiples

2.0x - 29.0x (14.7x)

(1)Unobservable inputs were weighted by the relative fair value of the instruments.

(2)$8,704 of loans at fair value were valued using the market comparable companies approach only.

(3)$110,317 of loans at fair value were valued using the market comparable companies approach only.

(4)The Company valued $3,984,820 and $700,269 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.

(5)The Company valued $240,935 and $38,255 of equity investments using EBITDA and revenue multiples, respectively.

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Quantitative information about Level 3 Fair Value Measurements

Fair value as of September 30, 2021

Valuation Techniques

Unobservable Input

Range (Weighted Average)(1)

Assets:

Senior secured loans(2)

$

778,413

Market rate approach

Market interest rate

2.5% - 14.8% (5.6%)

Market comparable companies

EBITDA multiples

6.0x - 24.2x (15.1x)

6,172

Market comparable

Broker/dealer bids or quotes

N/A

220

Collateral analysis

Recovery rate

1.6%

One stop loans(3)(4)

$

3,882,314

Market rate approach

Market interest rate

1.0% - 18.0% (7.5%)

Market comparable companies

EBITDA multiples

4.5x - 35.0x (15.5x)

Revenue multiples

2.0x - 18.5x (8.0x)

Subordinated debt and second lien loans(5)

$

42,029

Market rate approach

Market interest rate

6.8% - 19.5% (9.5%)

Market comparable companies

EBITDA multiples

6.0x - 23.6x (17.2x)

Revenue multiples

3.4x

Equity(6)

$

185,230

Market comparable companies

EBITDA multiples

4.5x - 26.0x (17.4x)

Revenue multiples

2.0x - 25.0x (12.3x)

(1)Unobservable inputs were weighted by the relative fair value of the instruments.

(2)$23,989 of loans at fair value were valued using the market comparable companies approach only.

(3)$76,290 of loans at fair value were valued using the market comparable companies approach only.

(4)The Company valued $3,354,556 and $527,758 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.

(5)The Company valued $42,020 and $9 of subordinated debt loans and second lien loans using EBITDA and revenue multiples, respectively. All second lien and subordinated debt loans were also valued using the market rate approach.

(6)The Company valued $159,620 and $25,610 of equity investments using EBITDA and revenue multiples, respectively.

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

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

Other Financial Assets and Liabilities

ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. As a result, with the exception of the line item titled “debt” which is reported at cost, all assets and liabilities approximate fair value on the Consolidated Statements of Financial Condition due to their short maturity. The fair value of the Company's 2024 Notes, 2026 Notes and 2027 Notes (as defined in Note 7. Borrowings) is based on vendor pricing received by the Company, which is considered a Level 2 input. The fair value of the Company’s remaining debt is estimated using Level 3 inputs by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date, if available.

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following are the carrying values and fair values of the Company’s debt as of June 30, 2022 and September 30, 2021.

			As of June 30, 2022												As of September 30, 2021
			Carrying Value						Fair Value						Carrying Value						Fair Value
Debt			$	3,154,673					$	2,977,171					$	2,569,228					$	2,594,368

Note 7. Borrowings

In accordance with the 1940 Act, with certain limited exceptions, prior to February 6, 2019, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing. On February 5, 2019, the Company’s stockholders voted to approve the asset coverage requirement decrease to 150% from 200% in accordance with Section 61(a)(2) of the 1940 Act. Effective February 6, 2019, the reduced asset coverage requirement permits the Company to have a ratio of total consolidated assets to outstanding indebtedness of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement. As of June 30, 2022, the Company’s asset coverage for borrowed amounts was 181.5%.

Debt Securitizations: On November 16, 2018, the Company completed a $602,400 term debt securitization (the “2018 Debt Securitization”). The notes offered in the 2018 Debt Securitization (the “2018 Notes”) were issued by the 2018 Issuer, a subsidiary of 2018 CLO Depositor, and are backed by a diversified portfolio of senior secured and second lien loans. The transaction was executed through a private placement of approximately $327,000 of AAA/AAA Class A 2018 Notes, which bear interest at three-month LIBOR plus 1.48%; $61,200 of AA Class B 2018 Notes, which bear interest at three-month LIBOR plus 2.10%; $20,000 of A Class C-1 2018 Notes, which bear interest at three-month LIBOR plus 2.80%; $38,800 of A Class C-2 2018 Notes, which bear interest at three-month LIBOR plus 2.65%; $42,000 of BBB- Class D 2018 Notes, which bear interest at three-month LIBOR plus 2.95%; and $113,400 of Subordinated 2018 Notes which do not bear interest. The Company indirectly retained all of the Class C-2, Class D and Subordinated 2018 Notes. Through January 20, 2023, the 2018 Issuer is permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the 2018 Issuer and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the 2018 Debt Securitization. The 2018 Notes are scheduled to mature on January 20, 2031. The Class A, Class B and Class C-1 2018 Notes are included in the June 30, 2022 and September 30, 2021 Consolidated Statements of Financial Condition as debt of the Company. As of June 30, 2022 and September 30, 2021, the Class C-2, Class D and Subordinated 2018 Notes were eliminated in consolidation.

As of June 30, 2022 and September 30, 2021, there were 76 and 75 portfolio companies, respectively, with a total fair value of $587,439 and $579,075, respectively, securing the 2018 Notes. The pool of loans in the 2018 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

The interest charged under the 2018 Debt Securitization is based on three-month LIBOR. The three-month LIBOR in effect as of June 30, 2022 based on the last interest rate reset was 1.1%. For the three and nine months ended June 30, 2022 and 2021 the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the 2018 Debt Securitization were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2022						2021						2022						2021
Stated interest expense			$	2,612					$	1,892					$	6,362					$	5,738
Amortization of debt issuance costs			105						105						315						315
Total interest and other debt financing expenses			$	2,717					$	1,997					$	6,677					$	6,053
Cash paid for interest expense			$	1,930					$	1,900					$	5,624					$	5,828
Annualized average stated interest rate			2.6		%				1.9		%				2.1		%				1.9		%
Average outstanding balance			$	408,200					$	408,200					$	408,200					$	408,200

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As of June 30, 2022, the classes, amounts, ratings and interest rates (expressed as a spread to three-month LIBOR) of the Class A, B and C-1 2018 Notes are as follows:

Description

Class A 2018 Notes

Class B 2018 Notes

Class C-1 2018 Notes

Type

Senior Secured Floating Rate

Senior Secured Floating Rate

Senior Secured Floating Rate

Amount Outstanding

$327,000

$61,200

$20,000

Fitch Rating

“AAA”

“NR”

“NR”

S&P Rating

“AAA”

“AA”

“A”

Interest Rate

LIBOR + 1.48%

LIBOR + 2.10%

LIBOR + 2.80%

Effective September 16, 2019, the Company assumed, as a result of the Merger, a $908,195 term debt securitization (the “GCIC 2018 Debt Securitization”). The GCIC 2018 Debt Securitization was originally completed on December 13, 2018. The notes offered in the GCIC 2018 Debt Securitization (the “GCIC 2018 Notes”) were issued by the GCIC 2018 Issuer, a subsidiary of GCIC 2018 CLO Depositor, and are secured by a diversified portfolio of senior secured and second lien loans. The GCIC 2018 Debt Securitization consists of $490,000 of AAA/AAA Class A-1 GCIC 2018 Notes, $38,500 of AAA Class A-2 GCIC 2018 Notes, and $18,000 of AA Class B-1 GCIC 2018 Notes. In partial consideration for the loans transferred to the GCIC 2018 Issuer as part of the GCIC 2018 Debt Securitization, the GCIC 2018 CLO Depositor received and retained $27,000 of Class B-2 GCIC 2018 Notes, $95,000 of Class C GCIC 2018 Notes and $60,000 of Class D GCIC 2018 Notes and $179,695 of Subordinated GCIC 2018 Notes. On December 21, 2020, the Company and the GCIC 2018 Issuer amended the GCIC 2018 Debt Securitization to, among other things, (a) refinance the issued Class A-2 GCIC 2018 Notes issued by the GCIC 2018 Issuer by redeeming in full the $38,500 of Class A-2 GCIC 2018 Notes and issuing new Class A-2-R GCIC 2018 Notes in an aggregate principal amount of $38,500 that bear interest at a rate of 2.498%, which is a decrease from the rate of 4.665% of the Class A-2 GCIC 2018 Notes and (b) provide for a non-called period, during which the Class A-2-R GCIC 2018 Notes cannot be redeemed, from December 21, 2020 to but excluding June 21, 2021. The Class A-1, Class A-2-R and Class B-1 GCIC 2018 Notes are included in the June 30, 2022 and September 30, 2021 Consolidated Statements of Financial Condition as debt of the Company. As of June 30, 2022 and September 30, 2021, the Class B-2, Class C and Class D GCIC 2018 Notes and the Subordinated GCIC 2018 Notes were eliminated in consolidation.

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

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

As of June 30, 2022 and September 30, 2021, there were 93 and 96 portfolio companies, respectively, with a total fair value of $896,303 and $889,326, respectively, securing the GCIC 2018 Notes. The pool of loans in the GCIC 2018 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

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The interest charged under the GCIC 2018 Debt Securitization is based on three-month LIBOR. The three-month LIBOR in effect as of June 30, 2022 based on the last interest rate reset was 1.1%. For the three and nine months ended June 30, 2022 and 2021, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the GCIC 2018 Debt Securitization were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2022						2021						2022						2021
Stated interest expense			$	3,326					$	2,430					$	8,144					$	7,498
Accretion of discounts on notes issued			446						446						1,338						1,338
Amortization of debt issuance costs			17						17						51						30
Total interest and other debt financing expenses			$	3,789					$	2,893					$	9,533					$	8,866
Cash paid for interest expense			$	2,477					$	2,439					7,216						7,820
Annualized average stated interest rate			2.4		%				1.8		%				2.0		%				1.8		%
Average outstanding balance			$	546,500					$	546,500					$	546,500					$	546,500

As of June 30, 2022, the classes, amounts, ratings and interest rates (expressed as a spread to three-month LIBOR, as applicable) of the Class A-1 GCIC 2018 Notes, Class A-2 GCIC 2018 Notes, and Class B-1 GCIC 2018 Notes were as follows:

Description

Class A-1 GCIC 2018 Notes

Class A-2-R GCIC 2018 Notes

Class B-1 GCIC 2018 Notes

Type

Senior Secured Floating Rate

Senior Secured Fixed Rate

Senior Secured Floating Rate

Amount Outstanding

$490,000

$38,500

$18,000

Fitch’s Rating

"AAA"

"NR"

"NR"

S&P Rating

"AAA"

"AAA"

"AA"

Interest Rate

LIBOR + 1.48%

2.50%

LIBOR + 2.25%

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

Through November 5, 2022, all principal collections received on the underlying collateral could have been used by the 2020 Issuer to purchase new collateral under the direction of GC Advisors, in its capacity as collateral manager of the 2020 Issuer and in accordance with the Company's investment strategy, allowing the Company to maintain the initial leverage in the 2020 Debt Securitization.

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On August 26, 2021, the 2020 Issuer redeemed the outstanding 2020 Notes pursuant to the terms of the indenture governing such 2020 Notes. Following such redemption, the agreements that governed the 2020 Debt Securitization were terminated. The 2020 Notes would have otherwise matured on November 5, 2032.

The pool of loans in the 2020 Debt Securitization must have met certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

The interest charged under the 2020 Debt Securitization was based on three-month LIBOR. For the three and nine months ended June 30, 2022 and 2021, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the 2020 Debt Securitization were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2022						2021						2022						2021
Stated interest expense			$	—					$	1,266					$	—					$	3,825
Amortization of debt issuance costs			—						188						—						564
Total interest and other debt financing expenses			$	—					$	1,454					$	—					$	4,389
Cash paid for interest expense			—						1,244						—						3,539
Annualized average stated interest rate			N/A						2.7		%				N/A						2.7		%
Average outstanding balance			$	—					$	189,000					$	—					$	189,000

The Investment Adviser served as collateral manager to the 2020 Issuer and serves as the collateral manager to the 2018 Issuer and GCIC 2018 Issuer under separate collateral management agreements and receives a fee for providing these services. The total fees payable by the Company under the Investment Advisory Agreement are reduced by an amount equal to the total aggregate fees paid to the Investment Adviser by the 2018 Issuer, the GCIC 2018 Issuer and the 2020 Issuer for rendering such collateral management services.

As part of each of the 2018 Debt Securitization, GCIC 2018 Debt Securitization and the 2020 Debt Securitization, GBDC entered into, or assumed in the Merger, master loan sale agreements under which GBDC agreed to directly or indirectly sell or contribute certain senior secured and second lien loans (or participation interests therein) to the 2018 Issuer, the GCIC 2018 Issuer or the 2020 Issuer, as applicable, and to purchase or otherwise acquire the LLC equity interests in the Subordinated 2018 Notes, the GCIC Subordinated 2018 Notes and the Subordinated 2020 Notes, as applicable. As of June 30, 2022, the 2018 Notes and the GCIC 2018 Notes (other than the Subordinated 2018 Notes and the GCIC Subordinated 2018 Notes) were the secured obligations of the 2018 Issuer and the GCIC 2018 Issuer, respectively, and indentures governing each of the 2018 Notes and the GCIC 2018 Notes include customary covenants and events of default.

SBA Debentures: On November 4, 2020, May 4, 2021 and September 21, 2021, SBIC IV, SBIC V, and SBIC VI, respectively, surrendered their licenses to operate as a SBIC. The SBICs were subject to a variety of regulations and oversight by the SBA concerning the size and nature of the companies in which they invested as well as the structures of those investments. The licenses allowed the SBICs to obtain leverage by issuing SBA-guaranteed debentures, subject to issuance of a capital commitment by the SBA and customary procedures. These debentures were non-recourse to the Company, had interest payable semiannually and a ten-year maturity. The interest rate was fixed at the time of issuance at a market-driven spread over U.S. Treasury Notes with ten-year maturities.

As of June 30, 2022 and September 30, 2021, each of SBIC IV, SBIC V and SBIC VI had no outstanding SBA-guaranteed debentures. The original amount of debentures committed to SBIC IV, SBIC V and SBIC VI by the SBA were $150,000, $175,000 and $175,000, respectively. Through September 30, 2021, SBIC IV, SBIC V and SBIC VI repaid all outstanding debentures and the corresponding debenture commitments were terminated.

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For the three and nine months ended June 30, 2022 and 2021, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the SBA debentures were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2022						2021						2022						2021
Stated interest expense			$	—					$	546					$	—					$	3,479
Amortization of debt issuance costs			—						341						—						1,810
Total interest and other debt financing expenses			$	—					$	887					$	—					$	5,289
Cash paid for interest expense			$	—					$	—					$	—					$	3,347
Annualized average stated interest rate			N/A						2.3		%				N/A						2.7		%
Average outstanding balance			$	—					$	97,000					$	—					$	169,400

Revolving Credit Facilities: On February 1, 2019, Funding II entered into a credit facility, as amended, (the “MS Credit Facility II”) with Morgan Stanley, as the administrative agent, each of the lenders from time to time party thereto, each of the securitization subsidiaries from time to time party thereto, and Wells Fargo Bank, N.A., as collateral agent, account bank and collateral custodian. On October 23, 2020, the Company delivered a notice to the lenders under the MS Credit Facility II to permanently decrease the borrowing capacity under the MS Credit Facility II by $75,000, resulting in total borrowing capacity of $325,000. On January 29, 2021, the Company entered into an amendment to the MS Credit Facility II that extended the reinvestment period to May 3, 2021 from February 1, 2021, extended the maturity date to May 1, 2024 from February 1, 2024 and reduced borrowing capacity to $250,000 from $325,000. On February 23, 2021, the Company delivered a notice to the lenders under the MS Credit Facility II to permanently decrease the borrowing capacity under the MS Credit Facility II by $175,000 to $75,000. On April 13, 2021, the Company entered into an amendment to the MS Credit Facility II to, among other things, reduce the interest rate for borrowings under the facility to the applicable base rate plus 2.05% during the revolving period and to the applicable base rate plus 2.55% thereafter, extend the revolving period from May 3, 2021 to April 12, 2024 and to extend the maturity date from May 1, 2024 to April 12, 2026. On July 30, 2021, the Company entered into an amendment to the MS Credit Facility II to, among other things, amend general concentration limits and institute an unused fee holiday until November 30, 2021. As of June 30, 2022, the MS Credit Facility II allows Funding II to borrow up to $75,000 at any one time outstanding, subject to leverage and borrowing base restrictions.

The period from February 1, 2019 until April 12, 2024 is referred to as the revolving period and during such revolving period, Funding II may request drawdowns under the MS Credit Facility II. Prior to June 18, 2020, borrowings under the MS Credit Facility II bore interest at the applicable base rate plus 2.05%. Effective June 18, 2020 to April 13, 2021, the MS Credit Facility II bore interest at the applicable base rate plus 2.45%. Effective April 13, 2021, the MS Credit Facility II bears interest at the applicable base rate plus 2.05%. Following expiration of the revolving period, the interest rate on borrowings under the MS Credit Facility II will reset to the applicable base rate plus 2.55% for the remaining term of the MS Credit Facility II. The revolving period will continue through April 12, 2024 unless there is an earlier termination or event of default. The base rate under the MS Credit Facility II is (i) one-month LIBOR with respect to any advances denominated in U.S. dollars or U.K. pound sterling, (ii) one-month EURIBOR with respect to any advances denominated in euros, and (iii) one-month Canadian Dollar Offered Rate with respect to any advances denominated in Canadian dollars. The scheduled maturity date of the MS Credit Facility II is April 12, 2026. The MS Credit Facility II is subject to a non-usage fee of 0.50% per annum subsequent to a ramp-up period as defined in the credit agreement.

The MS Credit Facility II is secured by all of the assets held by Funding II. Both the Company and Funding II have made customary representations and warranties and are required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. The borrowings under the MS Credit Facility II will be subject to the leverage restrictions contained in the 1940 Act.

As of June 30, 2022, the Company had outstanding debt of $49,000 under the MS Credit Facility II. As of September 30, 2021, the Company did not have any outstanding debt under the MS Credit Facility II.

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For the three and nine months ended June 30, 2022 and 2021, the components of interest expense, cash paid for interest and facility fees, average interest rates and average outstanding balances for the MS Credit Facility II were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2022						2021						2022						2021
Stated interest expense			$	232					$	195					$	236					$	2,914
Facility fees			256						(19)						444						238
Amortization of debt issuance costs			53						177						159						441
Total interest and other debt financing expenses			$	541					$	353					$	839					$	3,593
Cash paid for interest expense and facility fees			$	295					$	909					$	591					$	4,724
Annualized average stated interest rate			3.3		%				1.6		%				3.3		%				2.7		%
Average outstanding balance			$	28,539					$	50,192					$	9,513					$	142,787

* Represents an amount less than $1.

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

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

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

As of June 30, 2022 and September 30, 2021, the Company had no outstanding debt or commitments under the WF Credit Facility.

For the three and nine months ended June 30, 2022 and 2021, the components of interest expense, cash paid for interest and facility fees, annualized average interest rates and average outstanding balances for the WF Credit Facility were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2022						2021						2022						2021
Stated interest expense			$	—					$	—					$	—					$	996
Facility fees			—						—						—						323
Total interest and other debt financing expenses			$	—					$	—					$	—					$	1,319
Cash paid for interest expense and facility fees			$	—					$	—					$	—					$	1,614
Annualized average stated interest rate			N/A						N/A						N/A						2.2		%
Average outstanding balance			$	—					$	—					$	—					$	60,484

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

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

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

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

As of June 30, 2022 and September 30, 2021, the Company had no outstanding debt or commitments under the DB Credit Facility.

For the three and nine months ended June 30, 2022 and 2021, the components of interest expense, cash paid for interest and facility fees, annualized average interest rates and average outstanding balances for the DB Credit Facility were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2022						2021						2022						2021
Stated interest expense			$	—					$	—					$	—					$	73
Facility fees			—						—						—						14
Total interest and other debt financing expenses			$	—					$	—					$	—					$	87
Cash paid for interest expense and facility fees			$	—					$	—					$	—					$	840
Annualized average stated interest rate			N/A						N/A						N/A						2.2		%
Average outstanding balance			$	—					$	—					$	—					$	4,391

On February 11, 2021, the Company entered into a senior secured revolving credit facility, as amended, (the “JPM Credit Facility”) with the Company, as borrower, JPMorgan Chase Bank N.A., as administrative agent and as collateral agent, and the lenders party thereto. On October 14, 2021, the Company entered into an agreement with Signature Bank, Wells Fargo Bank, National Association and Regions Bank, pursuant to which, through the accordion feature in the JPM Credit Facility, the aggregate commitments under the JPM Credit Facility increased to $687,500 from $475,000 and the accordion feature allowed the Company, under certain circumstances, to increase the total size of the facility to a maximum of $712,500. On November 19, 2021, the Company entered into an

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amendment to the JPM Credit Facility to amend the JPM Credit Facility to, among other things, increase the accordion feature to allow the Company, under certain circumstances, to increase the total size of the facility to $1,500,000. On November 23, 2021, the Company entered into an agreement with First National Bank of Pennsylvania, JPMorgan Chase Bank, N.A., MUFG Union Bank, N.A., CIBC Bank USA, and Sumitomo Mitsui Banking Corporation, pursuant to which, through the accordion feature in the JPM Credit Facility, the aggregate commitments under the JPM Credit Facility increased from $687,500 to $1,037,500. On December 17, 2021, the Company entered into an agreement with Comerica Bank, Capital One, National Association and JPMorgan Chase Bank, N.A., pursuant to which, through the JPM Credit Facility’s accordion feature, the aggregate commitments under the JPM Credit Facility increased to $1,187,500. Under the JPM Credit Facility, as of June 30, 2022, the lenders agreed to extend credit to the Company in an aggregate amount of up to $1,187,500 in U.S. dollars and certain agreed upon foreign currencies with an option for the Company to request, at one or more times, that existing and/or new lenders, at their election, provide up to $312,500 of additional commitments.

The JPM Credit Facility provides for the issuance of letters of credit in an initial aggregate face amount of up to $23,750, subject to increase or reduction from time to time pursuant to the terms of the JPM Credit Facility. The JPM Credit Facility is secured by a first priority security interest in substantially all of the assets of the Company and certain of the Company’s subsidiaries thereunder.

Borrowings under the JPM Credit Facility are subject to compliance with a borrowing base test. Interest under the JPM Credit Facility for (i) loans for which the Company elects the base rate option, (A) if the value of the gross borrowing base is equal to or greater than 1.60 times the aggregate amount of certain outstanding indebtedness of the Company, or (the “Combined Debt Amount,”) is payable at the greater of (a) the prime rate as last quoted by The Wall Street Journal, (b) the sum of (x) the greater of (I) the federal funds effective rate and (II) the overnight bank funding rate plus (y) 0.5%, and (c) one month LIBOR plus 1% per annum or (the “alternate base rate”) plus 0.75% and, (B) if the value of the gross borrowing base is less than 1.60 times the Combined Debt Amount, the alternate base rate plus 0.875%; and (ii) loans for which the Company elects the Eurocurrency option (A) if the value of the gross borrowing base is equal to or greater than 1.60 times the Combined Debt Amount, is payable at a rate equal to LIBOR plus 1.75% and (B) if the value of the gross borrowing base is less than 1.60 times the Combined Debt Amount, is payable at a rate equal to LIBOR plus 1.875%. Effective November 19, 2021, interest under the JPM Facility for loans denominated in Pounds Sterling and Swiss Francs (A) if the value of the gross borrowing base is equal to or greater than 1.60 times the Combined Debt Amounts, is payable at a rate equal to one month SONIA plus 1.7826% per annum or one month Swiss Average Overnight Rate (“SARON”) plus 1.6929% per annum, respectively and, (B) if the value of the gross borrowing base is less than 1.60 times the Combined Debt Amount, is payable at a rate equal to one month SONIA plus 1.9076% per annum or one month SARON plus 1.8179% per annum, respectively.

The Company pays a commitment fee of 0.375% per annum on the daily unused portion of commitments under the JPM Credit Facility. The Company is also required to pay letter of credit participation fees and a fronting fee on the daily amount of any lender’s exposure with respect to any letters of credit issued at the request of the Company under the JPM Credit Facility. The JPM Credit Facility matures on February 11, 2026, and requires mandatory prepayment of interest and principal upon certain events during the term-out period.

As of June 30, 2022 and September 30, 2021, the Company had outstanding debt of $705,083 and $472,102, respectively, and no letters of credit outstanding under the JPM Credit Facility.

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For the three and nine months ended June 30, 2022 and 2021, the components of interest expense, cash paid for interest and facility fees, annualized average interest rates and average outstanding balances for the JPM Credit Facility were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2022						2021						2022						2021
Stated interest expense			$	4,347					$	240					$	7,822					$	491
Facility fees			529						445						1,855						637
Amortization of debt issuance costs			492						278						1,366						428
Total interest and other debt financing expenses			$	5,368					$	963					$	11,043					$	1,556
Cash paid for interest expense and facility fees			$	3,311					$	383					$	6,850					$	634
Annualized average stated interest rate			2.6		%				2.0		%				2.3		%				2.0		%
Average outstanding balance			$	663,088					$	47,207					$	460,080					$	33,476

2024 Notes: On October 2, 2020, the Company issued $400,000 in aggregate principal amount of unsecured notes (the “2024 Notes”), and on October 15, 2021, the Company issued an additional $100,000 in aggregate principal amount of 2024 Notes under the same terms of the original issuance. As of June 30, 2022, the outstanding aggregate principal amount of the 2024 Notes is $500,000. The 2024 Notes bear interest at a rate of 3.375% per year payable semiannually in arrears on April 15 and October 15 of each year, commencing on April 15, 2021. The 2024 Notes mature on April 15, 2024.

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

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

For the three and nine months ended June 30, 2022 and 2021, the components of interest expense, cash paid for interest and facility fees, average interest rates and average outstanding balances for the 2024 Notes were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2022						2021						2022						2021
Stated interest expense			$	4,219					$	3,375					$	12,526					$	10,088
Accretion of discounts and amortization of premiums on notes issued			(345)						22						(978)						67
Amortization of debt issuance costs			486						395						1,437						1,165
Total interest and other debt financing expenses			$	4,360					$	3,792					$	12,985					$	11,320
Cash paid for interest expense			$	8,438					$	7,238					$	15,188					$	7,238
Annualized average stated interest rate			3.4		%				3.4		%				3.4		%				3.4		%
Average outstanding balance			$	500,000					$	400,000					$	494,872					$	398,535

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2026 Notes: On February 24, 2021, the Company issued $400,000 in aggregate principal amount of unsecured notes (the “2026 Notes”) and on October 13, 2021, the Company issued an additional $200,000 aggregate principal amount of 2026 Notes under the same terms as the original issuance. As of June 30, 2022, outstanding aggregate principal amount of the 2026 Notes is $600,000. The 2026 Notes bear interest at a rate of 2.500% per year payable semiannually in arrears on February 24 and August 24 of each year, commencing on August 24, 2021. The 2026 Notes mature on August 24, 2026.

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

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

For the three and nine months ended June 30, 2022 and 2021, the components of interest expense, cash paid for interest and facility fees, average interest rates and average outstanding balances for the 2026 Notes were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2022						2021						2022						2021
Stated interest expense			$	3,750					$	2,500					$	11,083					$	3,528
Accretion of discounts on notes issued			132						55						386						77
Amortization of debt issuance costs			408						231						1,202						319
Total interest and other debt financing expenses			$	4,290					$	2,786					$	12,671					$	3,924
Cash paid for interest expense			$	—					$	—					$	6,819					$	—
Annualized average stated interest rate			2.5		%				2.5		%				2.5		%				2.5		%
Average outstanding balance			$	600,000					$	400,000					$	591,209					$	186,081

2027 Notes: On August 3, 2021, the Company issued $350,000 in aggregate principal amount of unsecured notes (the “2027 Notes”). The 2027 Notes bear interest at a rate of 2.050% per year payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2022. The 2027 Notes mature on February 15, 2027.

The 2027 Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2027 Notes; equal in right of payment to the Company’s existing and future indebtedness or other obligations that are not so subordinated or junior; effectively junior to any of the Company’s secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

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At any time or from time to time, the Company may redeem some or all of the 2027 Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2027 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2027 Notes to be redeemed through January 15, 2027 (the date falling one month prior to the maturity date of the Notes), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 25 basis points, plus, in each case, accrued and unpaid interest, if any, to, but excluding, the redemption date; provided, however, that if the Company redeems any 2027 Notes on or after January 15, 2027 (the date falling one month prior to the maturity date of the Notes), the redemption price for the 2027 Notes will be equal to 100% of the principal amount of the 2027 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the Notes.

For the three and nine months ended June 30, 2022 and 2021, the components of interest expense, cash paid for interest and facility fees, average interest rates and average outstanding balances for the 2027 Notes were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2022						2021						2022						2021
Stated interest expense			$	1,794					$	—					$	5,382					$	—
Accretion of discounts on notes issued			182						—						548						—
Amortization of debt issuance costs			237						—						711						—
Total interest and other debt financing expenses			$	2,213					$	—					$	6,641					$	—
Cash paid for interest expense			$	—					$	—					$	3,827					$	—
Average stated interest rate			2.1		%				N/A						2.1		%				N/A
Average outstanding balance			$	350,000					$	—					$	350,000					$	—

Revolver: The Company has entered into the Adviser Revolver with the Investment Adviser pursuant to which, as of each of June 30, 2022 and September 30, 2021, the Company was permitted to borrow up to $100,000 and which had a maturity date of June 21, 2022. The Adviser Revolver bears an interest rate equal to the short-term Applicable Federal Rate, which was 2.2% as of June 30, 2022. On June 15, 2022, the Company amended the revolving loan agreement to extend the maturity date to June 15, 2025. As of June 30, 2022 and September 30, 2021, the Company had no outstanding debt under the Adviser Revolver.

For the three and nine months ended June 30, 2022 and 2021, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the Adviser Revolver were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2022						2021						2022						2021
Stated interest expense			$	—					$	—					$	—					$	—
Cash paid for interest expense			—						—						—						—
Annualized average stated interest rate			N/A						N/A						N/A						N/A
Average outstanding balance			$	—					$	—					$	—					$	—

For the three and nine months ended June 30, 2022, the average total debt outstanding was $3,096,327 and $2,860,373, respectively. For the three and nine months ended June 30, 2021, the average total debt outstanding was $2,138,100 and $2,138,853, respectively.

For the three months ended June 30, 2022 and 2021 the effective annualized average interest rate, which includes accretion and amortization of debt financing costs on notes issued and non-usage facility fees, on the Company's total debt was 3.0% and 2.8%, respectively. For the nine months ended June 30, 2022 and 2021 the effective annualized average interest rate, which includes accretion and amortization of debt financing costs on notes issued and non-usage facility fees, on the Company's total debt was 2.8% and 2.9%, respectively.

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A summary of the Company’s maturity requirements for borrowings as of June 30, 2022 is as follows:

			Payments Due by Period
			Total						Less Than 1 Year						1 – 3 Years						3 – 5 Years						More Than 5 Years
2018 Debt Securitization			$	408,200					$	—					$	—					$	—					$	408,200
2018 GCIC Debt Securitization(1)			545,505						—						—						—						545,505
MS Credit Facility II			49,000						—						—						49,000						—
JPM Credit Facility			705,083						—						—						705,083						—
2024 Notes(2)			502,480						—						502,480						—						—
2026 Notes(2)			597,796						—						—						597,796						—
2027 Notes(2)			346,609						—						—						346,609						—
Total borrowings			$	3,154,673					$	—					$	502,480					$	1,698,488					$	953,705

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

(2) Represents principal outstanding plus unamortized premium and / or unaccreted original issue discount.

Note 8. Commitments and Contingencies

Commitments: As of June 30, 2022, the Company had outstanding commitments to fund investments totaling $268,605, including $42,874 of commitments on undrawn revolvers. As of September 30, 2021, the Company had outstanding commitments to fund investments totaling $340,702, including $42,216 of commitments on undrawn revolvers.

Indemnifications:  In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide general indemnifications. The Company’s maximum exposure under these arrangements is unknown, as these involve future claims against the Company that have not occurred. The Company expects the risk of any future obligations under these indemnifications to be remote.

Off-balance sheet risk: Off-balance sheet risk refers to an unrecorded potential liability that may result in a future obligation or loss, even though it does not appear on the Consolidated Statements of Financial Condition. The Company has entered and, in the future, may again enter into derivative instruments that contain elements of off-balance sheet market and credit risk. Refer to Note 5 for outstanding forward currency contracts as of June 30, 2022 and September 30, 2021. Derivative instruments can be affected by market conditions, such as interest rate and foreign currency volatility, which could impact the fair value of the derivative instruments. If market conditions move against the Company, it may not achieve the anticipated benefits of the derivative instruments and may realize a loss. The Company minimizes market risk through monitoring its investments and borrowings.

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

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

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Note 9. Financial Highlights

The financial highlights for the Company are as follows:

			Nine months ended June 30,
Per share data:(1)			2022						2021
Net asset value at beginning of period			$	15.19					$	14.33
Net increase in net assets as a result of issuance of DRIP shares			0.00			(2)			0.00			(2)
Distributions declared:
From net investment income			(0.90)						(0.87)
Net investment income			0.83						0.72
Net realized gain (loss) on investment transactions			0.10						0.02
Net change in unrealized appreciation (depreciation) on investment transactions(3)			(0.08)						0.86
Net asset value at end of period			$	15.14					$	15.06
Per share market value at end of period			$	13.77					$	15.42
Total return based on market value(4)			(12.90)		%				14.90		%
Number of common shares outstanding			170,895,670						169,151,857

			Nine months ended June 30,
Listed below are supplemental data and ratios to the financial highlights:			2022						2021
Ratio of net investment income to average net assets*			7.28%						6.60%
Ratio of total expenses (without waiver) to average net assets*			6.51%						5.65%
Ratio of management fee waiver to average net assets			(0.07)%						—%
Ratio of incentive fees to average net assets			0.14%						0.12%
Ratio of net expenses (without incentive fees) to average net assets*(5)			6.30%						5.53%
Total return based on average net asset value*(6)			7.45%						14.61%
Net assets at end of period			$2,587,686						$2,546,911
Average debt outstanding			$2,860,373						$2,138,853
Average debt outstanding per share			$16.74						$12.64
Portfolio turnover*			24.15%						36.68%
Asset coverage ratio(7)			181.50%						224.37%
Asset coverage ratio per unit(8)			$1,815						$2,244
Average market value per unit:(9)
2018 Debt Securitization			N/A						N/A
GCIC 2018 Debt Securitization			N/A						N/A
2020 Debt Securitization			N/A						N/A
SBA Debentures			N/A						N/A
MS Credit Facility II			N/A						N/A
WF Credit Facility			N/A						N/A
DB Credit Facility			N/A						N/A
JPM Credit Facility			N/A						N/A
2024 Notes			$1,004						$1,029
2026 Notes			$936						$996
2027 Notes			$910						N/A
Adviser Revolver			N/A						N/A

*Annualized for periods less than one year.

(1)Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate.

(2)Represents an amount less than $0.01

(3)Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on the shares outstanding as of the dividend record date.

(4)Total return based on market value assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load.

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(5)For the nine months ended June 30, 2022, base management fee waiver is not annualized in the calculation.

(6)Total return based on average net asset value is calculated as (a) the net increase (decrease) in net assets resulting from operations divided by (b) the daily average of total net assets. Total return does not include sales load.

(7)Effective February 6, 2019, in accordance with Section 61(a)(2) of the 1940 Act, with certain limited exceptions, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing (excluding the Company's SBA debentures pursuant to exemptive relief received by the Company from the SEC). Prior to February 6, 2019, in accordance with the 1940 Act, with certain limited exceptions, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing (excluding the Company's SBA debentures pursuant to exemptive relief received by the Company from the SEC).

(8)Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. These amounts exclude the SBA debentures pursuant to exemptive relief the Company received from the SEC on September 13, 2011.

(9)Not applicable since such senior securities are not registered for public trading, with the exception of the 2024 Notes, 2026 Notes and the 2027 Notes. The average market value per unit calculated for the 2024 Notes, 2026 Notes, and the 2027 Notes is based on the average monthly prices of such notes and is expressed per $1,000 of indebtedness.

Note 10. Earnings Per Share

The following information sets forth the computation of the net increase in net assets per share resulting from operations for the three and nine months ended June 30, 2022 and 2021:

			Three months ended June 30,												Nine months ended June 30,
			2022						2021						2022						2021
Earnings available to stockholders			$	15,406					$	82,893					$	145,357					$	268,647
Basic and diluted weighted average shares outstanding			170,895,670						168,251,930						170,600,061						167,597,440
Basic and diluted earnings per share			$	0.09					$	0.49					$	0.85					$	1.60

Note 11. Dividends and Distributions

The Company’s dividends and distributions are recorded on the ex-dividend date. The following table summarizes the Company’s dividend declarations and distributions during the nine months ended June 30, 2022 and 2021:

Date Declared									Record Date						Payment Date						Amount Per Share						Cash Distribution						DRIP Shares Issued						DRIP Shares Value
For the nine months ended June 30, 2022
			11/19/2021						12/10/2021						12/30/2021						$	0.30					$	38,291					837,158						$	12,717
			02/04/2022						03/04/2022						03/29/2022						$	0.30					$	37,358					29,928						$	13,902		(1)(2)
			05/06/2022						06/03/2022						06/29/2022						$	0.30					$	39,336					—						$	11,933		(3)
For the nine months ended June 30, 2021
			11/20/2020						12/11/2020						12/30/2020						$	0.29					$	33,846					—						$	14,659		(4)
			02/05/2021						03/05/2021						03/30/2021						$	0.29					$	34,311					972,196						$	14,194
			05/07/2021						06/11/2021						06/29/2021						$	0.29					$	35,113					920,150						$	13,674

(1)In accordance with the Company's DRIP, 882,358 shares of the Company's stock were purchased in the open market at an average price of $15.24 and were issued to stockholders of the Company participating in DRIP.

(2)In accordance with the Company’s DRIP, the Company issued 29,928 shares for proceeds totaling $457.

(3)In accordance with the Company's DRIP, 917,845 shares of the Company's stock were purchased in the open market at an average price of $13.00 and were issued to stockholders of the Company participating in DRIP.

(4)In accordance with the Company's DRIP, 1,034,149 shares of the Company's stock were purchased in the open market at an average price of $14.18 and were issued to stockholders of the Company participating in DRIP.

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Note 12. Subsequent Events

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

On August 5, 2022, the Company’s board of directors declared a quarterly distribution of $0.30 per share, which is payable on September 29, 2022 to holders of record as of September 2, 2022.

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TABLE OF CONTENTS

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

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

Forward-Looking Statements

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

•our future operating results;

•our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives as a result of the coronavirus, or COVID-19, pandemic;

•the effect of investments that we expect to make and the competition for those investments;

•our contractual arrangements and relationships with third parties;

•actual and potential conflicts of interest with GC Advisors LLC, or GC Advisors, and other affiliates of Golub Capital LLC, or collectively, Golub Capital;

•the dependence of our future success on the general economy and its effect on the industries in which we invest;

•the ability of our portfolio companies to achieve their objectives;

•the use of borrowed money to finance a portion of our investments;

•the adequacy of our financing sources and working capital;

•the timing of cash flows, if any, from the operations of our portfolio companies;

•general economic and political trends and other external factors, including the COVID-19 pandemic;

•changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets that could result in changes to the value of our assets;

•elevating levels of inflation, and its impact on us, on our portfolio companies and on the industries in which we invest;

•the ability of GC Advisors to locate suitable investments for us and to monitor and administer our investments;

•the ability of GC Advisors or its affiliates to attract and retain highly talented professionals;

•the ability of GC Advisors to continue to effectively manage our business due to the disruptions caused by the COVID-19 pandemic;

•turmoil in Ukraine and Russia, including sanctions related to such turmoil, and the potential for volatility in energy prices and other supply chain issues and any impact on the industries in which we invest;

•our ability to qualify and maintain our qualification as a regulated investment company, or RIC, and as a business development company;

•general price and volume fluctuations in the stock markets;

•the impact on our business of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or Dodd-Frank, and the rules and regulations issued thereunder and any actions toward repeal thereof; and

•the effect of changes to tax legislation and our tax position.

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

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Factors” in our annual report on Form 10-K for the year ended September 30, 2021 and in our quarterly report on Form 10-Q for the quarter ended March 31, 2022.

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

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Overview

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

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

Our investment objective is to generate current income and capital appreciation by investing primarily in one stop (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by other middle-market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies. We also selectively invest in second lien and subordinated loans of, and warrants and minority equity securities in U.S. middle-market companies. We intend to achieve our investment objective by (1) accessing the established loan origination channels developed by Golub Capital, a leading lender to U.S. middle-market companies with over $50.0 billion in capital under management as of April 1, 2022, (2) selecting investments within our core middle-market company focus, (3) partnering with experienced private equity firms, or sponsors, in many cases with whom Golub Capital has invested alongside in the past, (4) implementing the disciplined underwriting standards of Golub Capital and (5) drawing upon the aggregate experience and resources of Golub Capital.

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

Under an investment advisory agreement, or the Investment Advisory Agreement, we have agreed to pay GC Advisors an annual base management fee based on our average adjusted gross assets as well as an incentive fee based on our investment performance. The Investment Advisory Agreement was most recently approved by our board of directors in May 2022. Under an administration agreement, or the Administration Agreement, we are provided with certain administrative services by the Administrator, which is currently Golub Capital LLC. Under the Administration Agreement, we have agreed to reimburse the Administrator for our allocable portion (subject to the review and approval of our independent directors) of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement.

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

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

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As of June 30, 2022 and September 30, 2021, our portfolio at fair value was comprised of the following:

						As of June 30, 2022												As of September 30, 2021
Investment Type						Investments at  Fair Value (In thousands)						Percentage of Total Investments						Investments at  Fair Value (In thousands)						Percentage of Total Investments
Senior secured						$	568,502					10.1		%				$	784,805					16.0		%
One stop						4,721,739						84.1						3,882,314						79.3
Second lien						40,348						0.7						41,857						0.9
Subordinated debt						3,677						0.1						172						0.0		*
Equity						279,284						5.0						185,738						3.8
Total						$	5,613,550					100.0		%				$	4,894,886					100.0		%

*			Represents an amount less than 0.1%.

One stop loans include loans to technology companies undergoing strong growth due to new services, increased adoption and/or entry into new markets. We refer to loans to these companies as late stage lending loans or recurring revenue loans. Other targeted characteristics of late stage lending businesses include strong customer revenue retention rates, a diversified customer base and backing from growth equity or venture capital firms. In some cases, the borrower’s high revenue growth is supported by a high level of discretionary spending. As part of the underwriting of such loans and consistent with industry practice, we adjust our characterization of the earnings of such borrowers for a reduction or elimination of such discretionary expenses, if appropriate. As of June 30, 2022 and September 30, 2021, one stop loans included $700.3 million and $527.8 million, respectively, of late stage lending loans at fair value.

Equity investments include investments in preferred equity of portfolio companies structured to have all or a majority of their expected return from contractual rates of return payable based on the original investment. We refer to these investments as yield oriented preferred equity investments. As of June 30, 2022, we had yield oriented preferred equity investments with a total cost basis of $142.2 million with a weighted average contractual rate of approximately 11%, or the Yield Oriented Preferred Return. The Yield Oriented Preferred Return is included in net change in unrealized appreciation (depreciation) on investments in the Consolidated Statements of Operations.

As of June 30, 2022 and September 30, 2021, we had debt and equity investments in 328 and 296 portfolio companies, respectively.

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The following table shows the weighted average income yield and weighted average investment income yield of our earning portfolio company investments, which represented nearly 100% of our debt investments, as well as the total return based on our average net asset value, and the total return based on the change in the quoted market price of our stock and assuming distributions were reinvested in accordance with our dividend reinvestment plan, or DRIP, in each case for the three months ended June 30, 2022 and March 31, 2022 and the nine months ended June 30, 2022 and June 30, 2021:        

			For the three months ended												For the nine months ended
			June 30, 2022						March 31, 2022												June 30, 2022						June 30, 2021
Weighted average income yield (1)*			7.1%						6.9%												7.1%						7.5%
Weighted average investment income yield (2)*			7.5%						7.3%												7.5%						8.0%
Total return based on average net asset value (3)*			2.4%						10.4%												7.5%						14.6%
Total return based on market value (4)			(9.5)%						0.4%												(12.9)%						14.9%

*Annualized for periods of less than one year.

(1)Represents income from interest and fees, excluding amortization of capitalized fees, discounts and purchase premium (as described in Note 2 of the consolidated financial statements), divided by the average fair value of earning portfolio company investments, and does not represent a return to any investor in us.

(2)Represents income from interest, fees and amortization of capitalized fees and discounts, excluding amortization of purchase premium (as described in Note 2 of the consolidated financial statements), divided by the average fair value of earning portfolio investments, and does not represent a return to any investor in us.

(3)Total return based on average net asset value is calculated as (a) the net increase/(decrease) in net assets resulting from operations divided by (b) the daily average of total net assets. Total return does not include sales load.

(4)Total return based on market value assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load.

Revenues: We generate revenue in the form of interest and fee income on debt investments and capital gains and distributions, if any, on portfolio company investments that we originate or acquire. Our debt investments, whether in the form of senior secured, one stop, second lien or subordinated loans, typically have a term of three to seven years and bear interest at a fixed or floating rate. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. In some cases, our investments provide for deferred interest payments or payment-in-kind, or PIK, interest. The principal amount of loans and any accrued but unpaid interest generally become due at the maturity date. In addition, we generate revenue in the form of commitment, origination, amendment, structuring or due diligence fees, fees for providing managerial assistance, administrative agent fees and consulting fees. Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums on loans as fee income. For additional details on revenues, see “Critical Accounting Policies—Revenue Recognition.”

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

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

•calculating our net asset value, or NAV (including the cost and expenses of any independent valuation firm);

•fees and expenses incurred by GC Advisors payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for us and in monitoring our investments and performing due diligence on our prospective portfolio companies or otherwise relating to, or associated with,

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evaluating and making investments, which fees and expenses include, among other items, due diligence reports, appraisal reports, any studies commissioned by GC Advisors and travel and lodging expenses;

•expenses related to unsuccessful portfolio acquisition efforts;

•offerings of our common stock and other securities;

•administration fees and expenses, if any, payable under the Administration Agreement (including payments based upon our allocable portion of the Administrator’s overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of our chief compliance officer, chief financial officer and their respective staffs);

•fees payable to third parties, including agents, consultants or other advisors, relating to, or associated with, evaluating and making investments in portfolio companies, including costs associated with meeting financial sponsors;

•transfer agent, dividend agent and custodial fees and expenses;

•U.S. federal and state registration and franchise fees;

•all costs of registration and listing our shares on any securities exchange;

•U.S. federal, state and local taxes;

•independent directors’ fees and expenses;

•costs of preparing and filing reports or other documents required by the SEC or other regulators;

•costs of any reports, proxy statements or other notices to stockholders, including printing costs;

•costs associated with individual or group stockholders;

•costs associated with compliance under the Sarbanes-Oxley Act of 2002, as amended, or the Sarbanes-Oxley Act;

•our allocable portion of any fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;

•direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs;

•proxy voting expenses; and

•all other expenses incurred by us or the Administrator in connection with administering our business.

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

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

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

Prior to the redemption of the 2020 Notes and the termination of the documents governing the 2020 Debt Securitization (as defined in Note 7 of our consolidated financial statements) on August 26, 2021, GC Advisors served as collateral manager for Golub Capital BDC CLO 4 LLC, or the 2020 Issuer, under a collateral management agreement, or the 2020 Collateral Management Agreement, and was entitled to receive an annual fee in an amount equal to 0.35% of the principal balance of the portfolio loans held by the 2020 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the 2020 Collateral Management Agreement, the term “collection period” generally referred to a quarterly period

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commencing on the day after the end of the prior collection period to the tenth business day prior to the payment date.

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

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

GCIC Acquisition

On September 16, 2019, we completed our acquisition of Golub Capital Investment Corporation, or GCIC, pursuant to that certain Agreement and Plan of Merger, as amended, or the Merger Agreement, dated November 27, 2018, by and among us, GCIC, Fifth Ave Subsidiary Inc., our wholly owned subsidiary, GC Advisors, and, for certain limited purposes, the Administrator. In accordance with the terms of the Merger Agreement, at the effective time of the Merger, each outstanding share of GCIC’s common stock was converted into the right to receive 0.865 shares of our common stock (with GCIC’s stockholders receiving cash in lieu of fractional shares of our common stock). As a result of the Merger, we issued an aggregate of 71,779,964 shares of our common stock to former stockholders of GCIC.

COVID-19 Pandemic

The spread of COVID-19, which was identified as a global pandemic by the World Health Organization in 2020, resulted in governmental authorities imposing restrictions on travel and the temporary closure of many corporate offices, retail stores, restaurants, healthcare facilities, fitness clubs and manufacturing facilities and factories in affected jurisdictions. While restrictions, business closures and other quarantine measures have been lifted in certain states in the United States and other countries, COVID-19 outbreaks have led and could lead to the re-introduction of such restrictions. As a result, we are unable to predict the duration of business and supply chain disruptions, the extent to which COVID-19 will continue to affect our portfolio companies’ operating results or the impact COVID-19 may have on our results of operations and financial condition.

We and GC Advisors continue to monitor the COVID-19 pandemic and guidance from U.S. and international authorities, including federal, state and local public health authorities, and future recommendations from such authorities may further impact our business operations and financial results. Due to certain resurgences of COVID-19 and the threat of new variants of COVID-19, we remain cautious and concerned about the on-going impacts to the U.S. economy from COVID-19.

LIBOR Transition

In July 2017, the Financial Conduct Authority, or the FCA, announced its intention to cease sustaining the London Inter-Bank Offered Rate, or LIBOR, by the end of 2021.

At the end of January 2021, LIBOR’s administrator, the ICE Benchmark Administration Limited, or the IBA, concluded a consultation on its intention to cease the publication of the one-week and two-month U.S. dollar LIBOR

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settings immediately following the LIBOR publication on December 31, 2021, and the remaining U.S. dollar LIBOR settings, including one-month LIBOR, immediately following the LIBOR publication on June 30, 2023. On March 5, 2021, the FCA released an announcement confirming that such LIBOR settings would cease to be provided by any administrator or no longer be representative as of the dates specified in the IBA proposal, and confirmed that the FCA does not expect any LIBOR settings will become unrepresentative before such dates. Concurrent with the IBA’s proposal, the Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation released a statement that (i) encouraged banks to cease entering into new contracts that use U.S. dollar LIBOR as a reference rate as soon as practicable and in any event by December 31, 2021, (ii) indicated that new contracts entered into before December 31, 2021 should either utilize a reference rate other than U.S. dollar LIBOR or have robust fallback language that includes a clearly defined alternative reference rate after U.S. dollar LIBOR’s discontinuation and (iii) explained that extending the publication of certain U.S. dollar LIBOR tenors until June 30, 2023 would allow most legacy U.S. dollar LIBOR contracts to mature before LIBOR experiences disruptions. On March 8, 2021, the Alternative Reference Rates Committee confirmed that in its opinion the March 5, 2021 announcements by the IBA and the FCA on the future cessation and loss of the representativeness of the LIBOR benchmark rates constitutes a “benchmark transition event” with respect to all U.S. dollar LIBOR settings. A “benchmark transition event” may cause, or allow for, certain contracts to replace LIBOR with an alternative reference rate and such replacement could have a material and adverse impact on the debt financing securitization (CLO) market, the leveraged loan market and/or us.

In April 2018, the New York Federal Reserve Bank began publishing its alternative rate, the Secured Overnight Financing Rate, or SOFR. The Bank of England followed suit in April 2018 by publishing its proposed alternative rate, the Sterling Overnight Index Average, or SONIA.

Each of SOFR and SONIA significantly differ from LIBOR, both in the actual rate and how it is calculated, and therefore it is unclear whether and when markets will adopt either of these rates as a widely accepted replacement for LIBOR.

As such, when LIBOR is discontinued, if a replacement rate is not widely agreed upon or if a replacement rate is significantly different from LIBOR, it could cause a disruption in the credit markets generally. Such a disruption could also negatively impact the market value and/or transferability of our portfolio company investments. Furthermore, disruptions related to loans and/or other debt financing securitizations (CLOs) in the marketplace could have a material adverse effect on the ability of GC Advisors or its affiliates to enter into loans in the future in accordance with our investment strategy and have a material adverse effect on us. We could also be materially and adversely impacted to the extent GC Advisors or its affiliates are unable to successfully implement an acceptable replacement rate in leverage utilized by us or if there is a prolonged period of mismatch on the interest rates payable on our leverage and our portfolio investments as a result of the discontinued publication of LIBOR results in a decrease in our net investment income and distributions we are able to pay to our stockholders.

As of January 1, 2022, USD LIBOR is available in five settings (overnight, one-month, three-month, six-month and 12-month). The IBA has stated that it will cease to publish all remaining USD LIBOR settings immediately following their publication on June 30, 2023. As of January 1, 2022, all non-USD LIBOR reference rates in all settings ceased to be published. As of December 31, 2021, Golub Capital amended all credit agreements to effectuate the transition to alternate reference rates for portfolio company debt investments priced via reference to non-USD LIBOR. In addition, Golub Capital is amending credit agreements to include fallback language to transition the reference rate of portfolio company debt investments priced via reference to USD LIBOR to an alternate reference rate, such as forward-looking term SOFR, based on prevailing market practices.

In anticipation of the discontinuation of LIBOR, we have assessed our current debt facilities for our exposure to LIBOR. The JPM Credit Facility (as defined in Note 7 of our consolidated financial statements) and MS Credit Facility II (as defined in Note 7 of our consolidated financial statements) have been amended to include fall-back language to incorporate SOFR as an alternative reference rate, as well as foreign alternative reference rates for foreign borrowings. The notes offered in the 2018 Debt Securitization and GCIC 2018 Debt Securitization (as defined in Note 7 of our consolidated financial statements) currently utilize a reference rate to three-month USD LIBOR. We may seek to amend or refinance the Debt Securitizations prior to June 30, 2023, the cessation date for three-month USD LIBOR. The 2024 Notes, 2026 Notes and 2027 Notes (as defined in Note 7 of our consolidated financial statements) accrue fixed-rate interest and will not be affected by any discontinuation of LIBOR. We expect any new debt facilities will reference a benchmark interest rate other than LIBOR, such as SOFR.

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Recent Developments

On August 5, 2022, our board of directors declared a quarterly distribution of $0.30 per share, which is payable on September 29, 2022 to holders of record as of September 2, 2022.

Consolidated Results of Operations

In addition to our analysis of the year-to-date reporting period compared to the year-to-date prior period, we are presenting our analysis for the reporting quarter compared to the immediately preceding quarter as we believe this comparison will provide a more meaningful analysis of our business as our results are largely driven by market changes, not seasonal business activity.

Consolidated operating results for the three months ended June 30, 2022 and March 31, 2022 and the nine months ended June 30, 2022 and June 30, 2021 are as follows:

			Three months ended																		Variances												Nine months ended												Variances
			June 30, 2022						March 31, 2022												June 30, 2022 vs March 31, 2022												June 30, 2022						June 30, 2021						2022 vs. 2021
			(In thousands)
Interest income			$	92,746					$	84,631											$	8,115											$	261,978					$	231,584					$	30,394
Accretion of discounts and amortization of premiums			4,822						4,048												774												16,605						16,047						558
GCIC acquisition purchase premium amortization			(3,036)						(2,940)												(96)												(13,071)						(25,388)						12,317
Dividend income			52						3												49												372						273						99
Fee income			1,042						219												823												2,270						3,500						(1,230)
Total investment income			95,626						85,961												9,665												268,154						226,016						42,138
Total net expenses			41,698						42,521												(823)												125,996						104,636						21,360
Net investment income			53,928						43,440												10,488												142,158						121,380						20,778
Net realized gain (loss) on investment transactions excluding purchase premium			2,538						372												2,166												17,686						3,340						14,346
Net realized gain (loss) on investment transactions due to purchase premium			(27)						—												(27)												(255)						(71)						(184)
Net change in unrealized appreciation (depreciation) on investment transactions excluding purchase premium			(43,618)						20,218												(63,836)												(26,488)						118,539						(145,027)
Net change in unrealized appreciation (depreciation) on investment transactions due to purchase premium			3,063						2,940												123												13,326						25,459						(12,133)
Net gain (loss) on investment transactions			(38,044)						23,530												(61,574)												4,269						147,267						(142,998)
(Provision) benefit for taxes on unrealized appreciation on investments			(478)						(97)												(381)												(1,070)						—						(1,070)
Net increase (decrease) in net assets resulting from operations			$	15,406					$	66,873											$	(51,467)											$	145,357					$	268,647					$	(123,290)
Average earning debt investments, at fair value			$	5,265,083					$	4,970,924											$	294,159											$	5,001,376					$	4,205,394					$	795,982

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

On September 16, 2019, we completed our acquisition of GCIC. The acquisition was accounted for under the asset acquisition method of accounting in accordance with Accounting Standards Codification, or ASC, 805-50, Business Combinations — Related Issues. Under asset acquisition accounting, where the consideration paid to GCIC’s stockholders exceeded the relative fair values of the assets acquired and liabilities assumed, the premium paid by us was allocated to the cost of the GCIC assets acquired by us pro-rata based on their relative fair value. Immediately following the acquisition of GCIC, we recorded its assets at their respective fair values and, as a result, the purchase premium allocated to the cost basis of the GCIC assets acquired was immediately recognized as unrealized depreciation on our Consolidated Statement of Operations. The purchase premium allocated to investments in loan

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securities will amortize over the life of the loans through interest income with a corresponding reversal of the unrealized depreciation on such loans acquired through their ultimate disposition. The purchase premium allocated to investments in equity securities will not amortize over the life of the equity securities through interest income and, assuming no subsequent change to the fair value of the equity securities acquired from GCIC and disposition of such equity securities at fair value, we will recognize a realized loss with a corresponding reversal of the unrealized depreciation upon disposition of the equity securities acquired.

As a supplement to our GAAP financial measures, we have provided the following non-GAAP financial measures that we believe are useful for the reasons described below:

•“Adjusted Net Investment Income” - excludes the amortization of the purchase price premium from net investment income calculated in accordance with GAAP;

•“Adjusted Net Investment Income Before Accrual for Capital Gain Incentive Fee” - Adjusted Net Investment Income excluding the accrual or reversal for the capital gain incentive fee under GAAP;

•“Adjusted Net Realized and Unrealized Gain/(Loss)” - excludes the unrealized loss resulting from the purchase premium write-down and the corresponding reversal of the unrealized loss resulting from the amortization of the premium on loans or from the sale of equity investments from the determination of realized and unrealized gain/(loss) determined in accordance with GAAP; and

•“Adjusted Net Income/(Loss)” – calculates net income and earnings per share based on Adjusted Net Investment Income and Adjusted Net Realized and Unrealized Gain/(Loss).

We believe that excluding the financial impact of the purchase premium in the above non-GAAP financial measures is useful for investors as this is a non-cash expense/loss and is one method we use to measure our results of operations. In addition, we believe that providing the Adjusted Net Investment Income Before Accrual for Capital Gain Incentive Fee is a useful non-GAAP financial measure as such accrual is not contractually payable under the terms of the Investment Advisory Agreement.

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

						Three months ended												Nine months ended
						June 30, 2022						March 31, 2022												June 30, 2022						June 30, 2021
						(In thousands)
Net investment income						$	53,928					$	43,440											$	142,158					$	121,380
Add: GCIC acquisition purchase premium amortization						3,036						2,940												13,071						25,388
Adjusted Net Investment Income						$	56,964					$	46,380											$	155,229					$	146,768
Add: Accrual (reversal) for capital gain incentive fee under GAAP						(4,814)						4,362												—						—
Adjusted Net Investment Income Before Accrual for Capital Gain Incentive Fee						$	52,150					$	50,742											$	155,229					$	146,768
Net gain (loss) on investment transactions						$	(38,044)					$	23,530											$	4,269					$	147,267
Add: Realized loss on investment transactions due to purchase premium						27						—												255						71
Less: Net change in unrealized appreciation on investment transactions due to purchase premium						(3,063)						(2,940)												(13,326)						(25,459)
Adjusted Net Realized and Unrealized Gain						$	(41,080)					$	20,590											$	(8,802)					$	121,879
Net increase (decrease) in net assets resulting from operations						$	15,406					$	66,873											$	145,357					$	268,647
Add: GCIC acquisition purchase premium amortization						3,036						2,940												13,071						25,388
Add: Realized loss on investment transactions due to purchase premium						27						—												255						71
Less: Net change in unrealized appreciation on investment transactions due to purchase premium						(3,063)						(2,940)												(13,326)						(25,459)
Adjusted Net Income						$	15,406					$	66,873											$	145,357					$	268,647

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Investment Income

Investment income increased from the three months ended March 31, 2022 to the three months ended June 30, 2022 by $9.7 million primarily due to an increase in interest income due to an increase in the average earning debt investments balance of $294.2 million and rising floating base rates. Additionally, investment income increased due to an increase in fee and accretion income resulting from increased payoffs of portfolio company investments compared to the March 31, 2022 quarter.

Investment income increased from the nine months ended June 30, 2021 to the nine months ended June 30, 2022 by $42.1 million primarily due to an increase in the average earning debt investments balance of $796.0 million and a decrease of the GCIC acquisition purchase price premium amortization.

The annualized income yield by debt security type for the three months ended June 30, 2022 and March 31, 2022 and the nine months ended June 30, 2022 and June 30, 2021 are as follows:

			Three months ended												Nine months ended
			June 30, 2022						March 31, 2022												June 30, 2022						June 30, 2021
Senior secured			6.3%						5.4%												5.9%						6.1%
One stop			7.2%						7.1%												7.2%						7.7%
Second lien			8.8%						8.8%												8.9%						10.6%
Subordinated debt			12.3%						11.6%												12.0%						11.4%

Income yields on one stop and senior secured loans increased for the three months ended June 30, 2022 as compared to the three months ended March 31, 2022 primarily due to an increase in fee income, and to a lesser extent, rising LIBOR and SOFR rates during the three months ended June 30, 2022. Income yields on one stop and senior secured loans decreased for the nine months ended June 30, 2022 as compared to the nine months ended June 30, 2021, primarily due to the general trend of interest rate compression on new investments. Our loan portfolio is partially insulated from a drop in floating interest rates, as over 98.0% of the loan portfolio at fair value is subject to an interest rate floor. As of June 30, 2022 and September 30, 2021, the weighted average base rate floor of our loans was 0.85% and 0.90%, respectively. The decrease in our portfolio’s weighted average base rate floor is primarily due to the majority of our new portfolio company investments originating with base rate floors ranging between 0.00% and 0.75%.

As of June 30, 2022, we have second lien investments in six portfolio companies and subordinated debt investments in two portfolio companies as shown in the Consolidated Schedule of Investments. Due to the limited number of second lien and subordinated debt investments, income yields on second lien and subordinated debt investments can be significantly impacted by the addition, subtraction or refinancing of one investment.

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

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Expenses

The following table summarizes our expenses for the three months ended June 30, 2022 and March 31, 2022 and the nine months ended June 30, 2022 and June 30, 2021:

						Three months ended												Variances												Nine months ended												Variances
						June 30, 2022						March 31, 2022												June 30, 2022 vs March 31, 2022												June 30, 2022						June 30, 2021						2022 vs. 2021
						(In thousands)
Interest and other debt financing expenses						$	21,480					$	17,499											$	3,981											$	55,148					$	41,324					$	13,824
Amortization of debt issuance costs						1,798						1,776												22												5,241						5,072						169
Base management fee, net of waiver						19,025						16,115												2,910												52,641						45,604						7,037
Income incentive fee						718						—												718												3,647						2,946						701
Capital gain incentive fee						(4,814)						4,362												(9,176)												—						—						—
Professional fees						1,039						729												310												2,667						3,072						(405)
Administrative service fee						1,980						1,640												340												5,438						5,458						(20)
General and administrative expenses						472						400												72												1,214						1,160						54
Net expenses						$	41,698					$	42,521											$	(823)											$	125,996					$	104,636					$	21,360
Average debt outstanding						$	3,096,327					$	2,825,135											$	271,192											$	2,860,373					$	2,138,853					$	721,520

Interest Expense

Interest and other debt financing expenses, including amortization of debt issuance costs, increased by $4.0 million from the three months ended March 31, 2022 to the three months ended June 30, 2022 primarily due to an increase in the average debt outstanding of $271.2 million, as well as rising LIBOR and SOFR rates on borrowings from our floating rate debt facilities. Interest and other debt financing expenses, including amortization of debt issuance costs, increased from the nine months ended June 30, 2021 to the nine months ended June 30, 2022 by $14.0 million, primarily due to an increase in average debt outstanding of $721.5 million. For more information about our outstanding borrowings for the three and nine months ended June 30, 2022, and 2021, including the terms thereof, see Note 7. Borrowings in the notes to our consolidated financial statements and the “Liquidity and Capital Resources” section below.

For the three months ended June 30, 2022 and March 31, 2022, the effective annualized average interest rate, which includes amortization of debt financing costs, amortization of discounts on notes issued and non-usage facility fees, on our total debt was 3.0% and 2.8%, respectively. For the nine months ended June 30, 2022 and 2021, the effective annualized average interest rate, which includes amortization of debt financing costs, amortization of discounts on notes issued and non-usage facility fees, on our total debt was 2.8% and 2.9%, respectively.

The increase in the effective annualized average interest rate from the three months ended March 31, 2022 to the three months ended June 30, 2022 was primarily due to rising LIBOR rates on our borrowings from the JPM Credit Facility (as defined in Note 7 of our consolidated financial statements), the 2018 Debt Securitization (as defined in Note 7 of our consolidated financial statements) and the GCIC 2018 Debt Securitization (as defined in Note 7 of our consolidated financial statements).

The decrease in the effective annualized average interest rate in the nine months ended June 30, 2022 compared to the nine months ended June 30, 2021 was primarily due to the issuance of the 2027 Notes (as defined in Note 7 of our consolidated financial statements) in August 2021 that bear interest at a fixed rate of 2.050%, as well as the issuance of the additional 2026 Notes (as defined in Note 7 of our consolidated financial statements) and the additional 2024 Notes (as defined in Note 7 of our consolidated financial statements) in October 2021 at a price resulting in a yield to maturity of 2.667% and 1.809%, respectively.

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Management Fee

The base management fee, net of waiver, increased from the three months ended March 31, 2022 to the three months ended June 30, 2022 primarily due to the base management fee waiver executed during the three months ended March 31, 2022 described below.

The base management fee, net of waiver, increased from the nine months ended June 30, 2021 to the nine months ended June 30, 2022 due to an increase in average adjusted gross assets from 2021 to 2022, partially offset by the management fee waiver described below.

Effective April 1, 2022, GC Advisors changed its practice of retaining administrative agent fees earned in respect of co-investment transactions in which we participate. In connection with this change, for the three months ended March 31, 2022, GC Advisors voluntarily and irrevocably waived $1.9 million* of base management fees related to certain administrative agent fees received by GC Advisors prior to this change. The waiver had the net economic effect of providing us an amount equal to our pro rata portion of administrative agent fees earned by GC Advisors from our borrowers.

Incentive Fees

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

The Income Incentive Fee increased by $0.7 million from the three months ended March 31, 2022 to the three months ended June 30, 2022, primarily as a result of an increase in Pre-Incentive Fee Net Investment Income (as defined in Note 3 of our consolidated financial statements) and a greater rate of return on the value of our net assets driven by net funds growth. For the three months ended March 31, 2022, no Income Incentive Fee was incurred due to our returns on equity not exceeding the quarterly hurdle rate. The Income Incentive Fee increased by $0.7 million from the nine months ended June 30, 2021 to the nine months ended June 30, 2022 primarily as a result of an increase in Pre-Incentive Fee Net Investment Income (as defined in Note 3 of our consolidated financial statements) and a greater rate of return on the value of our net assets driven by net funds growth. As we remained in the “catch-up” provision of the calculation of the Income Incentive Fee for the relevant periods, an increase in Pre-Incentive Fee Net Investment Income causes a corresponding increase in the Income Incentive fee until we are fully through the catch up.

The Income Incentive Fee as a percentage of Pre-Incentive Fee Net Investment Income was 1.4% for the three months ended June 30, 2022. The Income Incentive Fee as a percentage of Pre-Incentive Fee Net Investment Income was 2.5% and 2.4% for the nine months ended June 30, 2022 and the nine months ended June 30, 2021, respectively.

As of both June 30, 2022 and September 30, 2021, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement. In accordance with GAAP, we are required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement. As of June 30, 2022, there was no capital gain incentive fee accrual calculated in accordance with GAAP. We recorded a reversal of capital gain incentive fee under GAAP of $4.8 million for the three months ended June 30, 2022, and no capital gain incentive fee accrual under GAAP for the nine months ended June 30, 2022. The reversal of capital gain incentive fee during the three months ended June 30, 2022 was primarily the result of unrealized depreciation on portfolio company investments during the three months ended June 30, 2022. As of September 30, 2021, there was no capital gain incentive fee accrual calculated in accordance with GAAP. Any payment due under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year. No Capital Gain Incentive Fees as calculated under the Investment Advisory Agreement or any prior investment advisory agreements, as applicable, have been payable since December 31, 2018.

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

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*The net economic effect represents $6.5 million of GBDC’s pro rata portion of administrative agent fees retained by GC Advisors since the exemptive relief issued to GBDC and its affiliates on February 27, 2017, reduced by $4.6 million of the additional incentive fees GC Advisors would have earned on the pro rata portion of administrative agent fees.

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

In total, professional fees, the administrative service fee, and general and administrative expenses increased by $0.7 million from the three months ended March 31, 2022 to the three months ended June 30, 2022 primarily due to higher professional fees and administrative expenses. In total, professional fees, the administrative service fee, and general and administrative expenses decreased by $0.4 million from the nine months ended June 30, 2021 to the nine months ended June 30, 2022 primarily due to a decrease in professional fees.

The Administrator pays for certain expenses incurred by us. These expenses are subsequently reimbursed in cash.

Total expenses reimbursed to the Administrator during the three months ended June 30, 2022 and March 31, 2022 were $0.9 million and $1.9 million, respectively. Total expenses reimbursed to the Administrator during the nine months ended June 30, 2022 and 2021 were $5.2 million and $5.2 million, respectively.

As of June 30, 2022 and September 30, 2021, included in accounts payable and other liabilities were $1.0 million and $2.5 million, respectively, of expenses paid on behalf of us by the Administrator.

Net Realized and Unrealized Gains and Losses

The following table summarizes our net realized and unrealized gains (losses) for the three months ended June 30, 2022 and March 31, 2022 and the nine months ended June 30, 2022 and June 30, 2021:

			Three months ended												Variances												Nine months ended												Variances
			June 30, 2022						March 31, 2022												June 30, 2022 vs March 31, 2022												June 30, 2022						June 30, 2021						2022 vs. 2021
			(In thousands)																		(In thousands)
Net realized gain (loss) on investments			$	1,554					$	321											$	1,233											$	16,448					$	5,562					$	10,886
Foreign currency transactions			(123)						51												(174)												(97)						(2,293)						2,196
Forward currency contracts			1,080						—												1,080												1,080						—						1,080
Net realized gain (loss) on investment transactions			$	2,511					$	372											$	2,139											$	17,431					$	3,269					$	14,162
Unrealized appreciation on investments			11,177						40,626												(29,449)												55,836						160,527						(104,691)
Unrealized (depreciation) on investments			(74,969)						(22,661)												(52,308)												(97,977)						(12,317)						(85,660)
Unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies			11,315						3,337												7,978												14,920						(895)						15,815
Unrealized appreciation (depreciation) on forward currency contracts			11,922						1,856												10,066												14,059						(3,317)						17,376
Net change in unrealized appreciation (depreciation) on investment transactions			$	(40,555)					$	23,158											$	(63,713)											$	(13,162)					$	143,998					$	(157,160)

During the three months ended June 30, 2022, we had a net realized gain of $2.5 million primarily attributable to $1.1 million of realized gain on the settlement of a forward currency contract during the quarter, as well as recognized realized gains on the sale of equity investments in multiple portfolio companies. During the three months ended March 31, 2022, we had a net realized gain of $0.4 million, primarily attributable to recognized realized gains on the sale of equity investments in multiple portfolio companies.

During the nine months ended June 30, 2022, we had a net realized gain of $17.4 million primarily attributable to recognized realized gains on the sale of equity investments in multiple portfolio companies and the gain on the settlement of a forward currency contract. During the nine months ended June 30, 2021, we had a net realized gain of $3.3 million, primarily attributable to recognized realized gains from the sale of equity investments in multiple portfolio companies, partially offset by recognized realized losses on the restructure, sale, or write-off on multiple portfolio companies and net realized losses recognized due to the repayment of non-U.S. dollar dominated debt.

For the three months ended June 30, 2022, we had $11.2 million in unrealized appreciation on 116 portfolio company investments, which was offset by $75.0 million in unrealized depreciation on 258 portfolio company investments. For the three months March 31, 2022, we had $40.6 million in unrealized appreciation on 199 portfolio

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company investments, which was offset by $22.7 million in unrealized depreciation on 147 portfolio company investments. Unrealized appreciation for both the three months ended June 30, 2022 and the three months ended March 31, 2022 primarily resulted from better than expected performance of our portfolio companies. Unrealized depreciation for the three months ended June 30, 2022 primarily resulted from decreases in the fair value in the majority of our portfolio company investments due to wider credit spreads in the market. Unrealized depreciation for the three months ended March 31, 2022 primarily resulted from amortization of discounts, negative credit related adjustments that caused a reduction in fair value and the reversal of the net unrealized appreciation associated with the sale of portfolio company investments.

For the nine months ended June 30, 2022, we had $55.8 million in unrealized appreciation on 156 portfolio company investments, which was offset by $98.0 million in unrealized depreciation on 218 portfolio company investments. For the nine months ended June 30, 2021, we had $160.5 million in unrealized appreciation on 252 portfolio company investments, which was offset by $12.3 million in unrealized depreciation on 63 portfolio company investments. Unrealized appreciation for the nine months ended June 30, 2022 primarily resulted from better than expected performance of our portfolio companies. Unrealized appreciation for the nine months ended June 30, 2021 primarily resulted from credit market conditions beginning to recover from the COVID-19 pandemic. Unrealized depreciation for the nine months ended June 30, 2022 primarily resulted from amortization of discounts, negative credit related adjustments that caused a reduction in fair value and the reversal of the net unrealized appreciation associated with the sale of portfolio company investments, as well as decreases in the fair value in the majority of our portfolio company investments due to the adverse economic effects of continued market uncertainty related to broader economic and political factors. Unrealized depreciation for the nine months ended June 30, 2021 primarily resulted from the amortization of discounts, negative credit related adjustments that caused a reduction in fair value and the reversal of the net unrealized appreciation associated with the sale of portfolio company investments during the nine months ended June 30, 2021.

Liquidity and Capital Resources

For the nine months ended June 30, 2022, we experienced a net decrease in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $122.9 million. During the period, cash used in operating activities was $575.4 million, primarily driven by fundings of portfolio investments of $1,678.5 million, offset by proceeds from principal payments and sales of portfolio investments of $955.2 million and net investment income of $142.2 million. Lastly, cash provided by financing activities was $452.5 million, primarily driven by borrowings on debt of $1,194.2 million, offset by repayments of debt of $594.9 million and distributions paid of $115.0 million and purchases of common stock under the DRIP of $25.4 million.

For the nine months ended June 30, 2021, we experienced a net increase in cash, cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $50.6 million. During the period, cash provided by operating activities was $80.7 million, primarily as a result of proceeds from principal payments and sales of portfolio investments of $1,209.8 million and net investment income of $121.4 million, offset by fundings of portfolio investments of $1,265.1 million. Lastly, cash used in financing activities was $30.0 million, primarily driven by repayments of debt of $2,291.3 million, distributions paid of $103.3 million, and purchases of common stock under the DRIP of $14.7 million, partially offset by borrowings on debt of $2,396.5 million.

As of June 30, 2022 and September 30, 2021, we had cash and cash equivalents of $81.4 million and $175.6 million, respectively. In addition, we had foreign currencies of $3.8 million and $5.5 million as of June 30, 2022 and September 30, 2021, respectively, restricted cash and cash equivalents of $34.9 million and $61.8 million as of June 30, 2022 and September 30, 2021, respectively, and restricted foreign currencies of $1.1 million and $1.4 million as of June 30, 2022 and September 30, 2021, respectively. Cash and cash equivalents and foreign currencies are available to fund new investments, pay operating expenses and pay distributions. Restricted cash and cash equivalents and restricted foreign currencies can be used to pay principal and interest on borrowings and to fund new investments that meet the guidelines under our debt securitizations or credit facilities, as applicable.

Revolving Debt Facilities

MS Credit Facility II - As of June 30, 2022, we had outstanding debt under the MS Credit Facility II (as defined in Note 7 of our consolidated financial statements) of $49.0 million. As of September 30, 2021, we did not have any outstanding debt under the MS Credit Facility II. As of June 30, 2022, the MS Credit Facility II allowed Golub Capital BDC Funding II LLC, or Funding II, as amended, to borrow up to $75.0 million at any one time outstanding,

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subject to leverage and borrowing base restrictions. As of June 30, 2022 and September 30, 2021, subject to leverage and borrowing base restrictions, we had approximately $26.0 million and $75.0 million, respectively, of remaining commitments and $26.0 million and $75.0 million, respectively, of availability on the MS Credit Facility II.

JPM Credit Facility - On February 11, 2021, we entered into the JPM Credit Facility (as defined in Note 7 of our consolidated financial statements), which, as of June 30, 2022, allowed us to borrow up to $1,187.5 million at any one time outstanding, subject to leverage and borrowing base restrictions. As of June 30, 2022 and September 30, 2021, we had outstanding debt under the JPM Credit Facility of $705.1 million and $472.1 million, respectively. As of June 30, 2022 and September 30, 2021, subject to leverage and borrowing base restrictions, we had $482.4 million and $2.9 million, respectively, of remaining commitments and $482.4 million and $2.9 million of availability, respectively, on the JPM Credit Facility.

Adviser Revolver - On June 22, 2016, we entered into the Adviser Revolver (as defined in Note 7 of our consolidated financial statements), which, as amended, permitted us to borrow up to $100.0 million at any one time outstanding as of June 30, 2022. We entered into the Adviser Revolver in order to have the ability to borrow funds on a short-term basis and have in the past repaid, and generally intend in the future to repay, borrowings under the Adviser Revolver within 30 to 45 days from which they are drawn. As of both June 30, 2022 and September 30, 2021, we had no amounts outstanding on the Adviser Revolver.

Debt Securitizations

2018 Debt Securitization - On November 16, 2018, we completed the 2018 Debt Securitization. The Class A, Class B and Class C-1 2018 Notes are included in the June 30, 2022 and September 30, 2021 Consolidated Statements of Financial Condition as our debt, and the Class C-2, Class D and Subordinated 2018 Notes were eliminated in consolidation. As of both June 30, 2022 and September 30, 2021, we had outstanding debt under the 2018 Debt Securitization of $408.2 million.

GCIC 2018 Debt Securitization - Effective September 16, 2019, we assumed as a result of the Merger, the GCIC 2018 Debt Securitization. The Class A-1, Class A-2 (Class A-2-R GCIC 2018 Notes after refinancing on December 21, 2020) and Class B-1 GCIC 2018 Notes are included in the June 30, 2022 and September 30, 2021 Consolidated Statements of Financial Condition as our debt, and the Class B-2, Class C and Class D GCIC 2018 Notes and the Subordinated GCIC 2018 Notes were eliminated in consolidation. As of both June 30, 2022 and September 30, 2021, we had outstanding debt under the GCIC 2018 Debt Securitization of $546.5 million.

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

2024 Notes

On October 2, 2020, we issued $400.0 million in aggregate principal amount of the 2024 Notes. On October 15, 2021, we issued an additional $100.0 million in aggregate principal of the 2024 Notes. As of June 30, 2022, we had $500.0 million of outstanding aggregate principal amount of the 2024 Notes.

2026 Notes

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On February 24, 2021, we issued $400.0 million in aggregate principal amount of the 2026 Notes. On October 13, 2021, we issued an additional $200.0 million in aggregate principal of the 2026 Notes. As of June 30, 2022, we had $600.0 million of outstanding aggregate principal amount of the 2026 Notes.

2027 Notes

On July 27, 2021, we issued $350.0 million in aggregate principal amount of the 2027 Notes, all of which remained outstanding as our debt as of June 30, 2022.

Equity Distribution Agreement

On May 28, 2021, we entered into an equity distribution agreement, or the Equity Distribution Agreement, in connection with the launch of an at the market program to sell up to $250.0 million of shares of our common stock. An at the market offering is a registered offering by a publicly traded issuer of its listed equity securities that allows the issuer to sell shares directly into the market at market prices. As of June 30, 2022, there have been no common stock issuances under the Equity Distribution Agreement.

Asset Coverage, Contractual Obligations, Off-Balance Sheet Arrangements and Other Liquidity Considerations

As of June 30, 2022, in accordance with the 1940 Act, with certain limited exceptions, we were allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. Prior to February 6, 2019, in accordance with the 1940 Act, with certain limited exceptions, we were allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing. We currently intend to continue to target a GAAP debt-to-equity ratio between 0.85x to 1.25x. As of June 30, 2022, our asset coverage for borrowed amounts and GAAP debt-to-equity ratio was 181.5% and 1.23x, respectively.

In August 2022, our board of directors reapproved a share repurchase program, or the Program, which allows us

to repurchase up to $150.0 million of our outstanding common stock on the open market at prices below the NAV per share as reported in our then most recently published consolidated financial statements. The Program is implemented at the discretion of management with shares to be purchased from time to time at prevailing market

prices, through open market transactions, including block transactions. We did not make any repurchases of our common stock during the nine months ended June 30, 2022 and 2021.

As of June 30, 2022 and September 30, 2021, we had outstanding commitments to fund investments totaling $268.6 million and $340.7 million, respectively. As of June 30, 2022, total commitments of $268.6 million included $42.9 million of unfunded commitments on revolvers. There is no guarantee that these amounts will be funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers, subject to the terms of each loan’s respective credit agreement. A summary of maturity requirements for our principal borrowings as of June 30, 2022 is included in Note 7 of our consolidated financial statements. We did not have any other material contractual payment obligations as of June 30, 2022. As of June 30, 2022, we believe that we had sufficient assets and liquidity to adequately cover future obligations under our unfunded commitments based on historical rates of drawings upon unfunded commitments, cash and restricted cash balances that we maintain, availability under the Adviser Revolver, JPM Credit Facility and MS Credit Facility II, as well as ongoing principal repayments on debt investments. In addition, we generally hold some syndicated loans in larger portfolio companies that are saleable over a relatively short period to generate cash.

In addition, we have entered and, in the future, may again enter into derivative instruments that contain elements of off-balance sheet market and credit risk. Refer to Note 5 of our consolidated financial statements for outstanding forward currency contracts as of June 30, 2022 and September 30, 2021. Derivative instruments can be affected by market conditions, such as interest rate volatility, which could impact the fair value of the derivative instruments. If market conditions move against us, we may not achieve the anticipated benefits of the derivative instruments and may realize a loss. We minimize market risk through monitoring its investments and borrowings.

Although we expect to fund the growth of our investment portfolio through the net proceeds from future securities offerings and future borrowings, to the extent permitted by the 1940 Act, we cannot assure you that our efforts to raise capital will be successful. In addition, from time to time, we can amend or refinance our leverage facilities and securitization financings, to the extent permitted by applicable law. In addition to capital not being available, it also may not be available on favorable terms. To the extent we are not able to raise capital on what we believe are favorable terms, we will focus on optimizing returns by investing capital generated from repayments into new

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investments we believe are attractive from a risk/reward perspective. Furthermore, to the extent we are not able to raise capital and are at or near our targeted leverage ratios, we expect to receive smaller allocations, if any, on new investment opportunities under GC Advisors’ allocation policy and have, in the past, received such smaller allocations under similar circumstances.

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Portfolio Composition, Investment Activity and Yield

As of June 30, 2022 and September 30, 2021, we had investments in 328 and 296 portfolio companies, respectively, with a total fair value of $5.6 billion and $4.9 billion, respectively.

The following table shows the asset mix of our new investment commitments for the three months ended June 30, 2022 and March 31, 2022 and the nine months ended June 30, 2022 and June 30, 2021:

			Three months ended																								Nine months ended
			June 30, 2022												March 31, 2022																		June 30, 2022												June 30, 2021
			(In thousands)						Percentage						(In thousands)						Percentage																		(In thousands)						Percentage						(In thousands)						Percentage
Senior secured			$	9,877					2.2		%				$	5,940					1.8		%																$	52,856					3.2		%				$	264,522					19.2		%
One stop			415,535						92.5						304,844						94.4																		1,481,821						90.3						1,064,525						77.4
Second lien			—						—						—						—																		640						0.0		*				8,013						0.6
Subordinated debt			—						—						—						—																		988						0.1						377						0.0		*
Equity			24,169						5.3						12,399						3.8																		104,181						6.4						38,795						2.8
Total new investment commitments			$	449,581					100.0		%				$	323,183					100.0		%																$	1,640,486					100.0		%				$	1,376,232					100.0		%

* Represents an amount less than 0.1%.

For the nine months ended June 30, 2022, we had approximately $955.2 million in proceeds from principal payments and sales of portfolio investments.

For the nine months ended June 30, 2021, we had approximately $1,209.8 million in proceeds from principal payments and sales of portfolio investments.

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

			As of June 30, 2022(1)																		As of September 30, 2021(2)
			Principal						Amortized Cost						Fair Value						Principal						Amortized Cost						Fair Value
			(In thousands)																		(In thousands)
Senior secured:
Performing			$	567,158					$	575,757					$	555,947					$	796,269					$	793,707					$	781,962
Non-accrual(3)			43,060						23,232						12,555						20,047						9,813						2,843
One stop:
Performing			4,738,047						4,721,563						4,674,031						3,876,907						3,860,525						3,839,053
Non-accrual(3)			78,160						57,559						47,708						59,699						52,806						43,261
Second lien:
Performing			41,357						43,188						40,348						42,571						41,946						41,857
Non-accrual(3)			—						—						—						—						—						—
Subordinated debt:
Performing			3,698						3,652						3,677						172						171						172
Non-accrual(3)			—						—						—						—						—						—
Equity			N/A						231,251						279,284						N/A						136,429						185,738
Total			$	5,471,480					$	5,656,202					$	5,613,550					$	4,795,665					$	4,895,397					$	4,894,886

(1)As of June 30, 2022, $546.5 million and $506.5 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of the interest due on such loan to be PIK interest.

(2)As of September 30, 2021, $502.1 million and $476.1 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of the interest due on such loan to be PIK interest.

(3)We refer to a loan as non-accrual when we cease recognizing interest income on the loan because we have stopped pursuing repayment of the loan or, in certain circumstances, it is past due 90 days or more on principal and interest or our management has reasonable doubt that principal or interest will be collected. See “— Critical Accounting Policies — Revenue Recognition.”

As of June 30, 2022, we had loans in eight portfolio companies on non-accrual status, and non-accrual

investments as a percentage of total debt investments at cost and fair value were 1.5% and 1.1%, respectively. As of September 30, 2021, we had loans in six portfolio companies on non-accrual status, and non-accrual investments as a percentage of total investments at cost and fair value were 1.3% and 1.0%, respectively.

As of June 30, 2022 and September 30, 2021, the fair value of our debt investments as a percentage of the outstanding principal value was 97.5% and 98.2%, respectively.

The following table shows the weighted average rate, spread over the applicable base rate of floating rate and fees of investments originated and the weighted average rate of sales and payoffs of portfolio companies during the three months ended June 30, 2022 and March 31, 2022 and the nine months ended June 30, 2022 and June 30, 2021:

			For the three months ended												For the nine months ended
			June 30, 2022						March 31, 2022												June 30, 2022						June 30, 2021
Weighted average rate of new investment fundings			7.8%						6.7%												7.0%						6.9%
Weighted average spread over the applicable base rate of new floating rate investment fundings			5.8%						5.8%												5.8%						5.8%
Weighted average fees of new investment fundings			1.1%						1.1%												1.1%						1.2%
Weighted average rate of sales and payoffs of portfolio investments			6.9%						6.0%												6.3%						6.8%

As of June 30, 2022, 98.1% and 98.3% of our debt portfolio at amortized cost and at fair value, respectively, had interest rate floors that limit the minimum applicable interest rates on such loans. As of September 30, 2021, 92.4% and 92.4% of our debt portfolio at amortized cost and at fair value, respectively, had interest rate floors that limit the minimum applicable interest rates on such loans.

As of June 30, 2022 and September 30, 2021, the portfolio median earnings before interest, taxes, depreciation and amortization, or EBITDA, for our portfolio companies was $44.4 million and $41.1 million, respectively. The

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portfolio median EBITDA is based on the most recently reported trailing twelve-month EBITDA received from the portfolio company.

As part of the monitoring process, GC Advisors regularly assesses the risk profile of each of our investments and rates each of them based on an internal system developed by Golub Capital and its affiliates. This system is not generally accepted in our industry or used by our competitors. It is based on the following categories, which we refer to as GC Advisors’ internal performance ratings:

Internal Performance Ratings
Rating						Definition
5						Involves the least amount of risk in our portfolio. The borrower is performing above expectations, and the trends and risk factors are generally favorable.
4						Involves an acceptable level of risk that is similar to the risk at the time of origination. The borrower is generally performing as expected, and the risk factors are neutral to favorable.
3						Involves a borrower performing below expectations and indicates that the loan’s risk has increased somewhat since origination. The borrower could be out of compliance with debt covenants; however, loan payments are generally not past due.
2						Involves a borrower performing materially below expectations and indicates that the loan’s risk has increased materially since origination. In addition to the borrower being generally out of compliance with debt covenants, loan payments could be past due (but generally not more than 180 days past due).
1						Involves a borrower performing substantially below expectations and indicates that the loan’s risk has substantially increased since origination. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 1 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered.

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

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

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

The following table shows the distribution of our investments on the 1 to 5 internal performance rating scale at fair value as of June 30, 2022 and September 30, 2021:

						As of June 30, 2022												As of September 30, 2021
Internal Performance Rating						Investments at Fair Value (In thousands)						Percentage of Total Investments						Investments at Fair Value (In thousands)						Percentage of Total Investments
5						$	330,123					5.9%						$	499,241					10.2%
4						4,815,603						85.7						3,951,870						80.7
3						413,477						7.4						395,208						8.1
2						53,359						1.0						47,836						1.0
1						988						0.0*						731						0.0*
Total						$	5,613,550					100.0%						$	4,894,886					100.0%

*			Represents an amount less than 0.1%.

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Distributions

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

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

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

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

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

Related Party Transactions

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

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

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

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

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

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

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

•During the second calendar quarter of 2022, the Golub Capital Employee Grant Program Rabbi Trust, or the Trust, purchased approximately $11.5 million, or 837,105 shares of our common stock, for the purpose of awarding incentive compensation to employees of Golub Capital. Through the first two calendar quarters of 2022, the Trust purchased approximately $23.2 million, or 1,626,305 shares of our common stock, for the purpose of awarding incentive compensation to employees of Golub Capital. During calendar year 2021, the Trust purchased approximately $14.3 million, or 925,040 shares of our common stock, for the purpose of awarding incentive compensation to employees of Golub Capital.

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

•On October 2, 2020, an affiliate of GC Advisors purchased $40.0 million of the 2024 Unsecured Notes. On October 8, 2020, the affiliate sold $15.0 million of the 2024 Unsecured Notes to an unaffiliated party. On May 21, 2021, the affiliate sold $25.0 million of the 2024 Unsecured Notes to an unaffiliated party which closed its position.

GC Advisors also sponsors or manages, and expects in the future to sponsor or manage, other investment funds, accounts or investment vehicles (together referred to as “accounts”) that have investment mandates that are similar, in whole and in part, with ours. For example, GC Advisors presently serves as the investment adviser to Golub Capital BDC 3, Inc., Golub Capital Direct Lending Corporation, Golub Capital Direct Lending Unlevered Corporation and Golub Capital BDC 4, Inc., all of which are unlisted business development companies that primarily focus on investing in one stop and other senior secured loans. In addition, our officers and directors serve in similar capacity for Golub Capital BDC 3, Inc., Golub Capital Direct Lending Corporation, Golub Capital Direct Lending Unlevered Corporation and Golub Capital BDC 4 Inc. If GC Advisors and its affiliates determine that an investment is appropriate for us, Golub Capital BDC 3, Inc., Golub Capital Direct Lending Corporation, Golub Capital Direct Lending Unlevered Corporation and Golub Capital BDC 4, Inc. and other accounts, depending on the availability of such investment and other appropriate factors, and pursuant to GC Advisors’ allocation policy, GC Advisors or its affiliates could determine that we should invest side-by-side with one or more other accounts. We do not intend to make any investments if they are not permitted by applicable law and interpretive positions of the SEC and its staff, or if they are inconsistent with GC Advisors’ allocation procedures.

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

Critical Accounting Policies

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

Fair Value Measurements

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

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

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

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

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

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

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

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

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

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

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and we consider factors specific to the asset or liability. We assess the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among

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Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the three and nine months ended June 30, 2022 and 2021. The following section describes the valuation techniques used by us to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

Valuation of Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by our board of directors, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of our board of directors to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with approximately 25% (based on the number of portfolio companies) of our valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. All investments as of June 30, 2022 and September 30, 2021, with the exception of money market funds included in cash, cash equivalents and restricted cash and cash equivalents, one portfolio company equity investment (Level 1 investments) and forward currency contracts (Level 2 investments), were valued using Level 3 inputs.

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

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

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

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

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Valuation of Other Financial Assets and Liabilities

The fair value of the 2024 Notes, 2026 Notes and 2027 Notes is based on vendor pricing received by the Company, which is considered a Level 2 input. The fair value of our remaining debt is estimated using Level 3 inputs by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date, if available.

Revenue Recognition:

Our revenue recognition policies are as follows:

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

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

Non-accrual: Loans may be left on accrual status during the period we are pursuing repayment of the loan. Management reviews all loans that become past due 90 days or more on principal and interest or when there is reasonable doubt that principal or interest will be collected for possible placement on non-accrual status. We generally reverse accrued interest when a loan is placed on non-accrual. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. We restore non-accrual loans to accrual status when past due principal and interest is paid and, in our management’s judgment, are likely to remain current. The total fair value of our non-accrual loans was $60.3 million and $46.1 million as of June 30, 2022 and September 30, 2021, respectively.

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

Depending on the level of taxable income earned in a tax year, we may choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. We may then be required to incur a 4% excise tax on such income. To the extent that we determine that our estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend

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distributions, we accrue excise tax, if any, on estimated excess taxable income as taxable income is earned. For each of the three and nine months ended June 30, 2022 and 2021, we did not incur any U.S federal excise tax.

We have consolidated subsidiaries that are subject to U.S. federal and state corporate-level income taxes. For the nine months ended June 30, 2022, we recorded a net tax expense of $1.1 million for taxable subsidiaries. For the nine months ended June 30, 2021, we did not record a net tax expense for taxable subsidiaries. As of June 30, 2022, we recorded a net deferred tax liability, reported within accounts payable and other liabilities on the Consolidated Statement of Financial Condition, of $1.6 million for taxable subsidiaries, primarily due to unrealized appreciation on the investments held at the taxable subsidiaries. As of September 30, 2021, we recorded a net deferred tax liability, reported within accounts payable and other liabilities on the Consolidated Statement of Financial Condition, of $0.5 million for taxable subsidiaries, primarily due to unrealized appreciation on the investments held at the taxable subsidiaries.

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

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are subject to financial market risks, including changes in interest rates. Many of the loans in our portfolio have floating interest rates, and we expect that our loans in the future may also have floating interest rates. These loans are usually based on floating LIBOR, SOFR or another base rate and typically have interest rate reset provisions that adjust applicable interest rates under such loans to current market rates on a daily, monthly, quarterly, semi-annual, or annual basis. The loans that are subject to floating LIBOR, SOFR or another base rate are also typically subject to a minimum base rate, or floor, that we charge on our loans if the current market rates are below the respective floors. As of June 30, 2022 and September 30, 2021, the weighted average floor on loans subject to floating interest rates was 0.85% and 0.90%, respectively. The Class A, B and C-1 2018 Notes issued in connection with the 2018 Debt Securitization have floating rate interest provisions based on three-month LIBOR that reset quarterly, as do the Class A-1 and B-1 GCIC 2018 Notes as issued as part of the GCIC 2018 Debt Securitization. The MS Credit Facility II has a floating interest rate provision primarily based on one-month LIBOR plus 2.05%. Finally, the JPM Credit Facility has a floating interest rate provision primarily based on one-month LIBOR plus a spread that ranges from 1.75% to 1.875%. We expect that other credit facilities into which we enter in the future may have floating interest rate provisions.

Assuming that the interim and unaudited Consolidated Statement of Financial Condition as of June 30, 2022 were to remain constant and that we took no actions to alter interest rate sensitivity as of such date, the following table shows the annualized impact of hypothetical base rate changes in interest rates.

Change in interest rates						Increase (decrease) in interest income(1)						Increase (decrease) in interest expense						Net increase (decrease) in  investment income
						(In thousands)
Down 25 basis points						$	(13,258)					$	(4,173)					$	(9,085)
Up 50 basis points						26,852						8,346						18,506
Up 100 basis points						53,898						16,693						37,205
Up 150 basis points						80,975						25,039						55,936
Up 200 basis points						108,067						33,386						74,681

(1) Assumes applicable three-month base rate as of June 30, 2022, with the exception of SONIA and Prime that utilize the June 30, 2022 rate.

Although we believe that this analysis is indicative of our sensitivity to interest rate changes as of June 30, 2022, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments, including borrowings under the Debt Securitizations, the MS Credit Facility II, the JPM Credit Facility, Adviser Revolver, or other borrowings, that could affect net increase in net assets resulting from operations, or net income. Accordingly, we can offer no assurances that actual results would not differ materially from the analysis above.

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

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Item 4. Controls and Procedures.

As of June 30, 2022 (the end of the period covered by this report), management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, or the Exchange Act). Based on that evaluation, our management, including the chief executive officer and chief financial officer, concluded that, at the end of such period, our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in the Company’s periodic reports. There has not been any change in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

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Part II - Other Information

Item 1: Legal Proceedings.

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

Item 1A: Risk Factors.

You should carefully consider the risk factors set forth below and those described in Part I, Item 1A. Risk Factors in our annual report on Form 10-K for the year ended September 30, 2021 and in our quarterly report on Form 10-Q for the quarter ended March 31, 2022, together with all of the other information included in this report. The risks set out below, in our annual report on Form 10-K for the fiscal year ended September 30, 2021 and in our quarterly report on Form 10-Q for the quarter ended March 31, 2022 are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us could also impair our operations and performance. If any of these events occur, our business, financial condition, results of operations and cash flows could be materially and adversely affected. In such case, our net asset value and the trading price of our common stock could decline, and you could lose all or part of your investment. The risk factors described below and in our annual report on Form 10-K for the fiscal year ended September 30, 2021 and in our quarterly report on Form 10-Q for the quarter ended March 31, 2022 are the principal risk factors associated with an investment in us as well as those factors generally associated with an investment company with investment objectives, investment policies, capital structure or trading markets similar to ours.

Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.

Certain of our portfolio companies are in industries that may be impacted by inflation. If such portfolio companies are unable to pass any increases in their costs of operations along to their customers, it could adversely affect their operating results and impact their ability to pay interest and principal on our loans, particularly if interest rates rise in response to inflation. In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future realized or unrealized losses and therefore reduce our net assets resulting from operations.

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

None.

Item 3: Defaults Upon Senior Securities.

None.

Item 4: Mine Safety Disclosures

None.

Item 5: Other Information.

None.

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Item 6: Exhibits.

EXHIBIT INDEX

Number						Description
10.1						Second Amendment to Amended and Restated Revolving Loan Agreement, dated as of June 15, 2022, by and among Golub Capital BDC, Inc., as the borrower, and GC Advisors LLC, as the lender. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current report on Form 8-K (File No. 814-00794), filed on June 16, 2022).
31.1						Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.			*
31.2						Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.			*
32.1						Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.			*
101.INS						Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.			*
101.SCH						Inline XBRL Taxonomy Extension Schema Document.			*
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.			*
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document.			*
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.			*
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)			*

_________________

* Filed herewith

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SIGNATURES

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

			Golub Capital BDC, Inc.
Dated: August 9, 2022			By			/s/ David B. Golub
						David B. Golub
						Chief Executive Officer
						(Principal Executive Officer)
Dated: August 9, 2022			By			/s/ Christopher C. Ericson
						Christopher C. Ericson
						Chief Financial Officer
						(Principal Accounting and Financial Officer)

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