GOLUB CAPITAL BDC, Inc. - Quarter Report: 2023 June (Form 10-Q)

______________________________________________________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________________________________________________________________________________________________

FORM 10-Q

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

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2023

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

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 814-00794

Golub Capital BDC, Inc.

(Exact name of registrant as specified in its charter)


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

200 Park Avenue, 25th Floor

New York, NY 10166

(Address of principal executive offices)

(212) 750-6060

(Registrant's telephone number, including area code)

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


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

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

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

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

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


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

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

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

As of August 7, 2023, the Registrant had 169,594,742 shares of common stock, $0.001 par value, outstanding.


Part I. Financial Information
Item 1.	Financial Statements	3
	Consolidated Statements of Financial Condition as of June 30, 2023 (unaudited) and September 30, 2022	3
	Consolidated Statements of Operations for the three and nine months ended June 30, 2023 (unaudited) and 2022 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and nine months ended June 30, 2023 (unaudited) and 2022 (unaudited)	5
	Consolidated Statements of Cash Flows for the nine months ended June 30, 2023 (unaudited) and 2022 (unaudited)	6
	Consolidated Schedules of Investments as of June 30, 2023 (unaudited) and September 30, 2022	8
	Notes to Consolidated Financial Statements (unaudited)	102
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	137
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	164
Item 4.	Controls and Procedures	165
Part II. Other Information
Item 1.	Legal Proceedings	166
Item 1A.	Risk Factors	166
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	166
Item 3.	Defaults Upon Senior Securities	167
Item 4.	Mine Safety Disclosures	167
Item 5.	Other Information	167
Item 6.	Exhibits	168

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)


	June 30, 2023		September 30, 2022
	(unaudited)
Assets
Investments, at fair value
Non-controlled/non-affiliate company investments	$	5,423,106	$	5,374,594
Non-controlled affiliate company investments	88,324		57,689
Controlled affiliate company investments	13,579		14,073
Total investments, at fair value (amortized cost of $5,605,521 and $5,569,604, respectively)	5,525,009		5,446,356
Cash and cash equivalents	85,096		117,290
Foreign currencies (cost of $6,679 and $7,021, respectively)	6,628		6,847
Restricted cash and cash equivalents	79,314		56,416


Interest receivable	29,933		20,794

Net unrealized appreciation on forward currency contracts	10,007		32,333
Other assets	848		1,188
Total Assets	$	5,736,835	$	5,681,224
Liabilities
Debt	$	3,168,906	$	3,093,603
Less unamortized debt issuance costs	(17,217)		(17,211)
Debt less unamortized debt issuance costs	3,151,689		3,076,392


Interest payable	26,175		20,384
Management and incentive fees payable	37,854		33,430
Accrued trustee fees	153		225
Payable for investments purchased	250		—
Accounts payable and other liabilities	4,796		6,293
Total Liabilities	3,220,917		3,136,724
Commitments and Contingencies (Note 8)
Net Assets
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of June 30, 2023 and September 30, 2022	—		—
Common stock, par value $0.001 per share, 350,000,000 shares authorized, 169,599,992 and 170,895,670 shares issued and outstanding as of June 30, 2023 and September 30, 2022, respectively.	170		171
Paid in capital in excess of par	2,659,884		2,676,674
Distributable earnings (losses)	(144,136)		(132,345)
Total Net Assets	2,515,918		2,544,500
Total Liabilities and Total Net Assets	$	5,736,835	$	5,681,224
Number of common shares outstanding	169,599,992		170,895,670
Net asset value per common share	$	14.83	$	14.89

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Operations (unaudited)

(In thousands, except share and per share data)


	Three months ended June 30,				Nine months ended June 30,
	2023		2022		2023		2022

Investment income
From non-controlled/non-affiliate company investments:
Interest income	$	140,169	$	88,530	$	396,237	$	248,934
Payment-in-kind interest income	9,248		4,863		24,654		13,233
Dividend income	4,058		52		12,097		372
Fee income	275		1,042		1,790		2,270
Total investment income from non-controlled/non-affiliate company investments	153,750		94,487		434,778		264,809
From non-controlled affiliate company investments:
Interest income	639		647		1,167		2,335
Payment-in-kind interest income	241		458		2,330		953

Fee income	16		—		59		—
Total investment income from non-controlled affiliate company investments	896		1,105		3,556		3,288
From controlled affiliate company investments:
Interest income(1)	(28)		(27)		(83)		(82)
Payment-in-kind interest income	98		61		286		139

Fee income	4		—		13		—
Total investment income from controlled affiliate company investments	74		34		216		57
Total investment income	154,720		95,626		438,550		268,154
Expenses
Interest and other debt financing expenses	39,487		23,278		109,988		60,389
Base management fee	18,997		19,025		56,747		54,545
Incentive fee	18,857		(4,096)		52,844		3,647
Professional fees	1,225		1,039		3,753		2,667
Administrative service fee	2,049		1,980		6,182		5,438
General and administrative expenses	327		472		957		1,214
Total expenses	80,942		41,698		230,471		127,900
Base management fee waived (Note 3)	—		—		—		(1,904)
Net expenses	80,942		41,698		230,471		125,996
Net investment income - before tax	73,778		53,928		208,079		142,158
Excise tax	—		—		2,432		—
Net investment income - after tax	73,778		53,928		205,647		142,158
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Non-controlled/non-affiliate company investments	(44,158)		1,596		(45,948)		16,798
Non-controlled affiliate company investments	—		—		320		(1,026)
Controlled affiliate company investments	(927)		—		(927)		—
Foreign currency transactions	1,141		(165)		(28)		579
Forward currency contracts	2,021		1,080		3,192		1,080
Net realized gain (loss) on investment transactions	(41,923)		2,511		(43,391)		17,431
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliate company investments	44,697		(38,809)		10,577		(3,351)
Non-controlled affiliate company investments	(2,457)		(557)		(15,929)		(1,448)
Controlled affiliate company investments	842		371		263		(3,480)
Translation of assets and liabilities in foreign currencies	3,399		(13,482)		21,857		(18,942)
Forward currency contracts	(5,431)		11,922		(22,326)		14,059
Net change in unrealized appreciation (depreciation) on investment transactions	41,050		(40,555)		(5,558)		(13,162)

Net gain (loss) on investment transactions	(873)		(38,044)		(48,949)		4,269
(Provision) benefit for taxes on realized gains on investments	—		—		(207)		—
(Provision) benefit for taxes on unrealized appreciation on investments	78		(478)		576		(1,070)
Net increase (decrease) in net assets resulting from operations	$	72,983	$	15,406	$	157,067	$	145,357
Per Common Share Data
Basic and diluted earnings per common share (Note 10)	$	0.43	$	0.09	$	0.92	$	0.85
Dividends and distributions declared per common share	$	0.33	$	0.30	$	0.99	$	0.90
Basic and diluted weighted average common shares outstanding (Note 10)	169,980,131		170,895,670		170,570,633		170,600,061

(1) Negative interest income amounts are due to amortization of the GCIC acquisition purchase premium. Refer to Note 2 for additional details on the GCIC acquisition purchase premium.

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Changes in Net Assets (unaudited)

(In thousands, except share data)


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













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

Net increase (decrease) in net assets resulting from operations
Net investment income	—	—		—		142,158		142,158
Net realized gain (loss) on investment transactions	—	—		—		17,431		17,431
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(13,162)		(13,162)
(Provision) benefit 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 investment transactions	—	—		—		2,511		2,511
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(40,555)		(40,555)
(Provision) benefit 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
Balance at September 30, 2022	170,895,670	171		2,676,674		(132,345)		2,544,500
Repurchases of common stock, net of commission costs	(1,295,678)	(1)		(16,790)		—		(16,791)
Net increase (decrease) in net assets resulting from operations:
Net investment income	—	—		—		205,647		205,647
Net realized gain (loss) on investment transactions	—	—		—		(43,391)		(43,391)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(5,558)		(5,558)
(Provision) benefit for taxes on realized gain on investments	—	—		—		(207)		(207)
(Provision) benefit for taxes on unrealized appreciation on investments	—	—		—		576		576
Distributions to stockholders:

Distributions from distributable earnings	—	—		—		(168,858)		(168,858)



Total increase (decrease) for the nine months ended June 30, 2023	(1,295,678)	(1)		(16,790)		(11,791)		(28,582)
Balance at June 30, 2023	169,599,992	$	170	$	2,659,884	$	(144,136)	$	2,515,918
Balance at March 31, 2023	170,144,126	$	170	$	2,667,028	$	(161,053)	$	2,506,145
Repurchases of common stock, net of commission costs	(544,134)	—		(7,144)		—		(7,144)
Net increase (decrease) in net assets resulting from operations:
Net investment income	—	—		—		73,778		73,778
Net realized gain (loss) on investment transactions	—	—		—		(41,923)		(41,923)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		41,050		41,050

(Provision) benefit for taxes on unrealized appreciation on investments	—	—		—		78		78
Distributions to stockholders:


Distributions from distributable earnings	—	—		—		(56,066)		(56,066)



Total increase (decrease) for the three months ended June 30, 2023	(544,134)	—		(7,144)		16,917		9,773
Balance at June 30, 2023	169,599,992	$	170	$	2,659,884	$	(144,136)	$	2,515,918

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands, except share data)


	Nine months ended June 30,
	2023		2022
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	157,067	$	145,357
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	5,362		5,241
Accretion of discounts and amortization of premiums on investments	454		(3,534)
Accretion of discounts and amortization of premiums on issued debt securities	(9,994)		1,294
Net realized (gain) loss on investments	46,555		(15,772)
Net realized (gain) loss on forward currency contracts	(3,192)		(1,080)
Net realized (gain) loss on foreign currency transactions	28		(579)
Net change in unrealized (appreciation) depreciation on investments	5,089		8,279
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	(21,857)		18,942
Net change in unrealized (appreciation) depreciation on forward currency contracts	22,326		(14,059)
Proceeds from (fundings of) revolving loans, net	(2,449)		(2,865)
Fundings of investments	(583,847)		(1,678,450)
Proceeds from principal payments and sales of portfolio investments	550,843		955,184
Proceeds from settlements of forward currency contracts	3,192		1,080
Payment-in-kind interest capitalized	(27,660)		(14,692)
Non-cash dividends	(10,767)		—

Changes in operating assets and liabilities:
Interest receivable	(9,139)		(2,308)
Cash collateral held at broker for forward currency contracts	—		6,960
Receivable from investments sold	—		97
Other assets	340		(469)
Interest payable	5,791		7,739
Management and incentive fees payable	4,424		7,496
Payable for investments purchased	250		781
Accrued trustee fees	(72)		173
Accounts payable and other liabilities	(1,497)		(210)
Net cash provided by (used in) operating activities	131,247		(575,395)
Cash flows from financing activities
Borrowings on debt	513,927		1,194,187
Repayments of debt	(463,765)		(594,911)
Capitalized debt issuance costs	(5,368)		(6,379)



Purchases of common stock (Note 12)	(16,791)		—
Distributions paid	(135,311)		(114,985)
Purchases of common stock for dividend reinvestment plan	(33,547)		(25,378)
Net cash provided by (used in) financing activities	(140,855)		452,534
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents	(9,608)		(122,861)
Effect of foreign currency exchange rates	93		(302)
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents, beginning of period	180,553		244,343
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents, end of period	$	171,038	$	121,180
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	98,381	$	46,115

Distributions declared for the period	168,858		153,537
Supplemental disclosure of non-cash financing activities:
Stock issued in connection with dividend reinvestment plan	$	—	$	13,174

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

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

(In thousands, except share data)

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


	As of
	June 30, 2023		September 30, 2022
Cash and cash equivalents	$	85,096	$	117,290
Foreign currencies (cost of $6,679 and $7,021, respectively)	6,628		6,847
Restricted cash and cash equivalents	79,314		56,416

Total cash and cash equivalents, foreign currencies and restricted cash and cash equivalents shown in the Consolidated Statements of Cash Flows	$	171,038	$	180,553

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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited)

June 30, 2023

(In 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
PPW Aero Buyer, Inc.+	One stop	SF +	7.00%	(m)	11.90%				02/2029	$	24,888	$	24,187	1.0	%	$	24,888
PPW Aero Buyer, Inc.+(5)	One stop	SF +	7.00%		N/A(6)				02/2029	—		(1)		—		—
										24,888		24,186		1.0		24,888
Airlines
Aurora Lux Finco S.A.R.L. +(8)(13)	One stop	L +	6.00%	(b)	11.27%				12/2026	967		957		—		919

Auto Components
COP CollisionRight Holdings, Inc.#+	One stop	SF +	5.25%	(o)	10.64%				04/2028	9,722		9,588		0.4		9,431
COP CollisionRight Holdings, Inc.+	One stop	SF +	5.25%	(o)	10.64%				04/2028	35		35		—		33
COP CollisionRight Holdings, Inc.+	One stop	SF +	5.25%	(o)	10.64%				04/2028	112		110		—		109
Covercraft Parent III, Inc.+	Senior secured	L +	4.50%	(b)	9.68%				08/2027	4,853		4,819		0.2		4,707
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50%	(p)	9.84%				08/2027	982		964		—		928
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50%	(p)	10.03%				08/2027	19		18		—		16
North Haven Falcon Buyer, LLC+(23)	One stop	L +	8.00%	(b)(c)	9.43%	cash/	3.75%	PIK	05/2027	6,199		6,091		0.2		5,455
North Haven Falcon Buyer, LLC+(23)	One stop	L +	4.25%	(b)(o)	9.71%				05/2027	1,038		1,027		0.1		913
Polk Acquisition Corp.*#+(23)	Senior secured	SF +	7.00%	(n)	10.45%	cash/	1.75%	PIK	12/2024	18,060		18,029		0.7		17,698
Polk Acquisition Corp.+(23)	Senior secured	SF +	7.00%	(n)	10.45%	cash/	1.75%	PIK	12/2024	30		31		—		27
Polk Acquisition Corp.+(23)	Senior secured	SF +	7.00%	(n)	10.45%	cash/	1.75%	PIK	12/2024	107		107		—		105
										41,157		40,819		1.6		39,422
Automobiles
CG Group Holdings, LLC*#+(23)	One stop	SF +	8.75%	(o)	11.99%	cash/	2.00%	PIK	07/2027	31,683		31,187		1.2		30,099
CG Group Holdings, LLC+(23)	One stop	SF +	8.75%	(n)	11.85%	cash/	2.00%	PIK	07/2026	343		338		—		328
Denali Midco 2, LLC*#+	One stop	SF +	6.25%	(n)	11.45%				12/2027	42,540		42,222		1.7		41,265
Denali Midco 2, LLC+(5)	One stop	SF +	6.25%		N/A(6)				12/2027	—		(4)		—		(15)
Denali Midco 2, LLC+	One stop	SF +	6.25%	(n)	11.45%				12/2027	196		195		—		190
Denali Midco 2, LLC+	One stop	SF +	6.25%	(n)	11.45%				12/2027	99		98		—		96
Denali Midco 2, LLC+	One stop	SF +	6.25%	(n)	11.45%				12/2027	79		78		—		77
Denali Midco 2, LLC+	One stop	SF +	6.25%	(n)	11.45%				12/2027	79		78		—		77
Denali Midco 2, LLC+	One stop	SF +	6.25%	(n)	11.45%				12/2027	65		65		—		63
Denali Midco 2, LLC+	One stop	SF +	6.50%	(n)	11.70%				12/2027	971		946		—		951
Denali Midco 2, LLC+	One stop	SF +	6.25%	(n)	11.45%				12/2027	655		650		—		635
Denali Midco 2, LLC+	One stop	SF +	6.25%	(n)	11.45%				12/2027	119		118		—		116
Denali Midco 2, LLC+	One stop	SF +	6.25%	(n)	11.45%				12/2027	113		112		—		110
Denali Midco 2, LLC+	One stop	SF +	6.25%	(n)	11.45%				12/2027	81		81		—		79
Denali Midco 2, LLC+(5)	One stop	SF +	6.50%		N/A(6)				12/2027	—		(14)		—		(11)
Denali Midco 2, LLC+	One stop	SF +	6.50%	(n)	11.70%				12/2027	130		126		—		127
Denali Midco 2, LLC+	One stop	SF +	6.50%	(n)	11.70%				12/2027	65		63		—		64
Denali Midco 2, LLC+	One stop	SF +	6.50%	(n)	11.70%				12/2027	221		215		—		217
JHCC Holdings LLC+	One stop	SF +	5.50%	(o)	10.89%				09/2025	15,196		15,048		0.6		14,512
JHCC Holdings LLC+	One stop	SF +	5.50%	(o)	10.89%				09/2025	492		488		—		470
JHCC Holdings LLC+	One stop	SF +	5.50%	(o)	10.89%				09/2025	293		291		—		279
JHCC Holdings LLC+(5)	One stop	SF +	5.50%		N/A(6)				09/2025	—		(1)		—		(5)
JHCC Holdings LLC+	One stop	SF +	5.50%	(o)	10.89%				09/2025	3,317		3,291		0.1		3,168

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In 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	SF +	6.75%	(o)	12.14%	09/2025	$	1,111	$	1,091	—	%	$	1,089
MOP GM Holding, LLC*#+	One stop	SF +	5.75%	(p)	10.86%	11/2026	23,795		23,623		0.9		22,604
MOP GM Holding, LLC+	One stop	SF +	5.75%	(p)	11.03%	11/2026	2,609		2,593		0.1		2,479
MOP GM Holding, LLC+	One stop	SF +	5.75%	(o)	11.16%	11/2026	2,579		2,549		0.1		2,450
MOP GM Holding, LLC+	One stop	SF +	5.75%	(p)	11.03%	11/2026	2,559		2,540		0.1		2,431
MOP GM Holding, LLC+	One stop	SF +	5.75%	(o)	11.14%	11/2026	1,896		1,882		0.1		1,801
MOP GM Holding, LLC+	One stop	SF +	5.75%	(p)	10.82%	11/2026	1,559		1,549		0.1		1,481
MOP GM Holding, LLC+	One stop	SF +	5.75%	(p)	11.03%	11/2026	1,437		1,418		0.1		1,365
MOP GM Holding, LLC+	One stop	SF +	5.75%	(p)	10.86%	11/2026	523		520		—		497
MOP GM Holding, LLC+	One stop	SF +	5.75%	(p)	10.86%	11/2026	356		353		—		338
MOP GM Holding, LLC+	One stop	SF +	5.75%	(p)	10.86%	11/2026	146		146		—		139
MOP GM Holding, LLC+	One stop	SF +	5.75%	(o)	11.14%	11/2026	59		59		—		56
MOP GM Holding, LLC+	One stop	SF +	5.75%	(o)(p)	10.96%	11/2026	186		185		—		176
MOP GM Holding, LLC+(5)	One stop	SF +	5.75%		N/A(6)	11/2026	—		(18)		—		—
MOP GM Holding, LLC+	One stop	SF +	5.75%	(p)	10.82%	11/2026	178		177		—		169
MOP GM Holding, LLC+	One stop	SF +	5.75%	(p)	10.82%	11/2026	59		59		—		56
POY Holdings, LLC#	One stop	SF +	5.50%	(o)	10.89%	11/2027	9,471		9,331		0.4		9,471
POY Holdings, LLC+(5)	One stop	SF +	5.50%		N/A(6)	11/2027	—		(3)		—		—
POY Holdings, LLC+(5)	One stop	SF +	5.50%		N/A(6)	11/2027	—		(1)		—		—
POY Holdings, LLC+	One stop	SF +	5.50%	(o)	10.89%	11/2027	81		80		—		81
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.50%	(o)(p)	10.89%	07/2029	4,997		4,954		0.2		4,797
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.50%	(n)	10.61%	07/2029	70		68		—		62
National Express Wash Parent Holdco, LLC+(5)	One stop	SF +	5.50%		N/A(6)	07/2029	—		(3)		—		(15)
Quick Quack Car Wash Holdings, LLC*#	One stop	SF +	6.50%	(o)	11.70%	10/2024	12,716		12,693		0.5		12,716
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50%	(o)	11.70%	10/2024	9,699		9,682		0.4		9,699
Quick Quack Car Wash Holdings, LLC#+	One stop	SF +	6.50%	(o)	11.70%	10/2024	2,295		2,291		0.1		2,295
Quick Quack Car Wash Holdings, LLC*+	One stop	SF +	6.50%	(o)	11.70%	10/2024	2,004		2,015		0.1		2,004
Quick Quack Car Wash Holdings, LLC*+	One stop	SF +	6.50%	(o)	11.70%	10/2024	1,340		1,346		0.1		1,340
Quick Quack Car Wash Holdings, LLC*+	One stop	SF +	6.50%	(o)	11.70%	10/2024	1,092		1,090		0.1		1,092
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50%	(o)	11.70%	10/2024	94		91		—		94
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50%		N/A(6)	10/2024	—		—		—		—
Quick Quack Car Wash Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)	10/2024	—		(1)		—		—
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50%	(o)	11.70%	10/2024	342		339		—		342
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50%	(o)	11.70%	10/2024	103		100		—		103
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50%	(o)	11.70%	10/2024	3,302		3,278		0.1		3,302
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	6.50%	(o)	11.70%	10/2024	95		93		—		95
Spotless Brands, LLC+	One stop	SF +	6.50%	(o)	11.72%	07/2028	8,306		8,166		0.3		8,140
Spotless Brands, LLC+	One stop	SF +	6.50%	(o)	11.72%	07/2028	903		895		—		885
Spotless Brands, LLC+(5)	One stop	SF +	6.50%		N/A(6)	07/2028	—		—		—		(1)
Spotless Brands, LLC+	One stop	SF +	6.50%	(o)	11.69%	07/2028	670		664		—		657
TWAS Holdings, LLC#+	One stop	SF +	6.25%	(n)	11.45%	12/2026	40,154		39,875		1.6		39,350
TWAS Holdings, LLC*+	One stop	SF +	6.25%	(n)	11.45%	12/2026	30,333		30,107		1.2		29,726
TWAS Holdings, LLC+	One stop	SF +	6.25%	(n)	11.45%	12/2026	7,874		7,817		0.3		7,716
TWAS Holdings, LLC+	One stop	SF +	6.25%	(n)	11.45%	12/2026	605		600		—		592
TWAS Holdings, LLC+	One stop	SF +	6.25%	(n)	11.45%	12/2026	384		381		—		376
TWAS Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)	12/2026	—		(3)		—		(7)
							272,719		270,342		10.5		264,935

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Beverages
Financial Information Technologies, LLC+	One stop	SF +	6.50%	(o)	11.74%		06/2030	$	22,622	$	22,396	0.9	%	$	22,396
Financial Information Technologies, LLC+(23)	One stop	N/A			14.00%	PIK	06/2031	10,800		10,476		0.4		10,476
Financial Information Technologies, LLC+(5)	One stop	SF +	6.50%		N/A(6)		06/2030	—		—		—		(1)
Watermill Express, LLC+	One stop	SF +	5.00%	(o)	10.39%		04/2027	2,227		2,213		0.1		2,227
Watermill Express, LLC+	One stop	SF +	5.00%	(n)(o)	10.23%		04/2027	12		11		—		12
Watermill Express, LLC+	One stop	SF +	5.00%	(o)	10.39%		04/2027	215		214		—		215
Winebow Holdings, Inc.+	One stop	SF +	6.25%	(n)	11.45%		07/2025	7,740		7,684		0.3		7,740
								43,616		42,994		1.7		43,065



Building Products
BECO Holding Company, Inc.#+	One stop	SF +	5.25%	(o)	10.64%	11/2028	7,481	7,424	0.3	7,331
BECO Holding Company, Inc.+	One stop	SF +	5.25%	(n)	10.46%	11/2027	55	52	—	47
BECO Holding Company, Inc.+(5)	One stop	SF +	5.25%		N/A(6)	11/2028	—	(15)	—	(39)
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)	9.77%	03/2024	4,074	4,074	0.2	4,074
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)	9.77%	03/2024	1,378	1,384	0.1	1,378
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)	9.77%	03/2024	888	891	0.1	888
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)	9.77%	03/2024	837	835	—	837
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)	9.77%	03/2024	426	429	—	426
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)	9.77%	03/2024	272	272	—	272
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)(c)	9.81%	03/2024	1,107	1,103	—	1,107
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)	9.77%	03/2024	212	212	—	212
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)	9.77%	03/2024	113	113	—	113
							16,843	16,774	0.7	16,646
Chemicals
Inhance Technologies Holdings LLC#+	One stop	L +	5.50%	(b)	10.68%	07/2024	12,323	12,358	0.5	11,831
Inhance Technologies Holdings LLC#	One stop	L +	5.50%	(b)	10.68%	07/2024	9,819	9,780	0.4	9,426
Inhance Technologies Holdings LLC+	One stop	L +	5.50%	(b)	10.68%	07/2024	1,872	1,869	0.1	1,798
Inhance Technologies Holdings LLC+	One stop	L +	5.50%	(a)(b)	10.65%	07/2024	153	152	—	144
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	E +	6.25%	(g)	9.54%	09/2028	34,562	36,197	1.2	31,106
PHM NL SP Bidco B.V.+(8)(14)	One stop	L +	6.25%	(c)	11.46%	09/2028	13,766	13,585	0.5	12,389
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	SN +	6.25%	(l)	11.18%	09/2028	7,632	7,917	0.3	6,868
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	E +	6.25%	(g)	10.01%	09/2028	3,653	3,717	0.1	3,293
							83,780	85,575	3.1	76,855
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC*#+	One stop	SF +	5.25%	(o)	10.64%	10/2028	17,045	16,865	0.7	16,875
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop	SF +	5.25%		N/A(6)	10/2028	—	(2)	—	(2)
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop	SF +	5.25%		N/A(6)	10/2028	—	(11)	—	(13)
North Haven Stack Buyer, LLC*#	One stop	SF +	5.50%	(o)	10.70%	07/2027	8,700	8,582	0.3	8,526

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
North Haven Stack Buyer, LLC+	One stop	SF +	5.50%	(n)	10.75%				07/2027	$	71	$	59	—	%	$	34
North Haven Stack Buyer, LLC+	One stop	SF +	5.50%	(o)	10.70%				07/2027	44		43		—		41
North Haven Stack Buyer, LLC#	One stop	SF +	5.50%	(o)	10.70%				07/2027	2,931		2,911		0.1		2,872
North Haven Stack Buyer, LLC#	One stop	SF +	5.50%	(o)	10.70%				07/2027	967		960		0.1		947
North Haven Stack Buyer, LLC+	One stop	SF +	5.50%	(n)(o)	10.72%				07/2027	971		964		—		951
Profile Products LLC+	One stop	SF +	5.75%	(o)	11.10%				11/2027	6,309		6,209		0.3		6,183
Profile Products LLC+(8)	One stop	SF +	5.75%	(o)	10.92%				11/2027	1,279		1,260		—		1,253
Profile Products LLC+	One stop	SF +	5.75%	(d)(n)	11.57%				11/2027	42		42		—		41
Profile Products LLC+(5)	One stop	SF +	5.75%		N/A(6)				11/2027	—		—		—		(1)
PT Intermediate Holdings III, LLC+	One stop	SF +	5.98%	(o)	11.37%				11/2028	29,300		28,891		1.1		28,494
PT Intermediate Holdings III, LLC+	One stop	SF +	5.98%	(o)	11.37%				11/2028	20,716		20,548		0.8		20,146
PT Intermediate Holdings III, LLC+	One stop	SF +	5.98%	(o)	11.37%				11/2028	9,825		9,716		0.4		9,555
PT Intermediate Holdings III, LLC+	One stop	SF +	6.50%	(o)	11.74%				11/2028	2,159		2,128		0.1		2,137
PT Intermediate Holdings III, LLC+(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(9)		—		(11)
Radwell Parent, LLC+	One stop	SF +	6.53%	(o)	11.87%				03/2029	18,933		18,681		0.8		18,933
Radwell Parent, LLC+	One stop	SF +	6.75%	(o)	11.99%				03/2028	69		64		—		69
Radwell Parent, LLC+(5)	One stop	SF +	6.53%		N/A(6)				03/2029	—		(7)		—		—
Radwell Parent, LLC#+	One stop	SF +	6.75%	(o)	11.99%				03/2029	24,826		24,149		1.0		24,888
Trinity Air Consultants Holdings Corporation+	One stop	L +	5.25%	(c)	10.62%				06/2027	2,458		2,425		0.1		2,433
Trinity Air Consultants Holdings Corporation+(5)	One stop	SF +	5.75%		N/A(6)				06/2027	—		(3)		—		(3)
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.75%		N/A(6)				06/2027	—		—		—		—
Trinity Air Consultants Holdings Corporation+	One stop	L +	5.75%	(a)(b)(c)	10.89%				06/2027	35		35		—		35
WRE Holding Corp.*#	Senior secured	SF +	5.00%	(n)(p)	10.33%				01/2025	2,204		2,199		0.1		2,204
WRE Holding Corp.+	Senior secured	SF +	5.00%	(n)	10.21%				01/2025	911		908		—		911
WRE Holding Corp.+	Senior secured	SF +	5.00%	(p)	10.19%				01/2025	668		667		—		668
WRE Holding Corp.+	Senior secured	SF +	5.00%	(p)	10.19%				01/2025	395		394		—		395
WRE Holding Corp.+	Senior secured	SF +	5.00%	(p)	10.19%				01/2025	127		127		—		127
WRE Holding Corp.+	Senior secured	SF +	5.00%	(p)	10.19%				01/2025	23		23		—		23
WRE Holding Corp.+	Senior secured	SF +	5.25%		N/A(6)				01/2025	—		—		—		—
WRE Holding Corp.+	Senior secured	SF +	5.00%	(o)(p)	10.22%				01/2025	129		128		—		129
										151,137		148,946		5.9		148,840
Communications Equipment
Lightning Finco Limited+(8)(10)	One stop	L +	5.75%	(b)	11.23%				09/2028	10,349		10,196		0.4		10,246
Lightning Finco Limited+(8)(9)(10)	One stop	E +	5.75%	(f)	9.23%				09/2028	1,159		1,243		—		1,147
										11,508		11,439		0.4		11,393











Containers and Packaging
AmerCareRoyal LLC+(23)	Senior secured	SF +	7.00%	(n)	11.69%	cash/	0.50%	PIK	11/2025	744		737		—		744
AmerCareRoyal LLC+(23)	Senior secured	SF +	7.00%	(n)(o)	11.73%	cash/	0.50%	PIK	11/2025	159		157		—		159
AmerCareRoyal LLC+(23)	Senior secured	SF +	7.00%	(n)	11.74%	cash/	0.50%	PIK	11/2025	154		153		—		154
AmerCareRoyal LLC+(8)(23)	Senior secured	SF +	7.00%	(n)	11.69%	cash/	0.50%	PIK	11/2025	135		134		—		135
Chase Intermediate#+	One stop	SF +	5.50%	(n)(o)(p)	10.84%				10/2028	10,741		10,664		0.4		10,527
Chase Intermediate+	One stop	SF +	5.50%	(p)	10.74%				10/2028	150		147		—		143
Chase Intermediate+(5)	One stop	SF +	5.50%		N/A(6)				10/2028	—		(2)		—		(6)
Fortis Solutions Group, LLC*#+	One stop	SF +	5.50%	(o)	10.84%				10/2028	34,490		34,042		1.4		33,456
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(o)	10.84%				10/2027	40		36		—		33
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(o)	10.84%				10/2028	99		14		—		96
Fortis Solutions Group, LLC+(5)	One stop	SF +	5.50%	(o)	10.84%				10/2028	33		(2)		—		(134)
										46,745		46,080		1.8		45,307

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In 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
Certus Pest, Inc.#	One stop	SF +	7.50%	(o)	12.89%				02/2026	$	1,577	$	1,548	0.1	%	$	1,561
Certus Pest, Inc.#	One stop	SF +	7.50%	(o)	12.89%				02/2026	1,512		1,471		0.1		1,497
Certus Pest, Inc.+	One stop	SF +	7.50%	(o)	12.89%				02/2026	1,091		1,087		—		1,080
Certus Pest, Inc.#	One stop	SF +	7.50%	(o)	12.89%				02/2026	1,077		1,065		0.1		1,066
Certus Pest, Inc.+	One stop	SF +	7.50%	(o)	12.89%				02/2026	747		733		—		740
Certus Pest, Inc.#	One stop	SF +	7.50%	(o)	12.89%				02/2026	659		631		—		652
Certus Pest, Inc.+	One stop	SF +	7.50%	(o)	12.89%				02/2026	642		636		—		636
Certus Pest, Inc.+	One stop	SF +	7.50%	(o)	12.89%				02/2026	379		371		—		375
Certus Pest, Inc.+	One stop	SF +	7.50%	(o)	12.89%				02/2026	238		225		—		235
Certus Pest, Inc.+	One stop	SF +	7.50%	(o)	12.89%				02/2026	130		109		—		128
Certus Pest, Inc.+	One stop	SF +	7.50%	(o)	12.89%				02/2026	54		50		—		54
Certus Pest, Inc.+(5)	One stop	SF +	7.50%		N/A(6)				02/2026	—		(1)		—		(1)
CHHJ Midco, LLC#	Senior secured	SF +	5.00%	(n)	10.20%				01/2026	2,702		2,688		0.1		2,702
CHHJ Midco, LLC+	Senior secured	SF +	5.00%		N/A(6)				01/2026	—		—		—		—
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.50%	(b)	9.68%				07/2027	1,700		1,688		0.1		1,700
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.50%	(b)	9.68%				07/2027	1,656		1,639		0.1		1,656
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.50%	(b)	9.70%				07/2027	1,085		1,076		—		1,085
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.50%	(b)	9.76%				07/2027	767		760		—		767
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.50%	(b)	9.68%				07/2027	198		195		—		198
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	4.75%	(b)(o)	10.13%				07/2027	119		117		—		119
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	4.50%		N/A(6)				07/2027	—		—		—		—
DP Flores Holdings, LLC#	One stop	SF +	6.25%	(p)	11.59%				09/2028	2,580		2,541		0.1		2,580
DP Flores Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)				09/2028	—		(2)		—		—
DP Flores Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)				09/2028	—		(13)		—		—
EMS LINQ, LLC+	One stop	SF +	6.25%	(n)	11.45%				12/2027	9,591		9,520		0.4		9,304
EMS LINQ, LLC+	One stop	SF +	6.25%	(n)	11.45%				12/2027	75		74		—		71
EWC Growth Partners LLC+	One stop	SF +	6.00%	(o)	11.39%				03/2026	923		915		0.1		923
EWC Growth Partners LLC+	One stop	SF +	6.00%		N/A(6)				03/2026	—		—		—		—
EWC Growth Partners LLC+	One stop	SF +	6.00%	(o)	11.39%				03/2026	14		14		—		14
EWC Growth Partners LLC+	One stop	SF +	6.00%	(o)	11.39%				03/2026	73		73		—		73
Excelligence Learning Corporation#+	One stop	SF +	6.00%	(o)	11.39%				01/2024	10,240		10,205		0.4		10,240
FPG Intermediate Holdco, LLC+	One stop	SF +	6.00%	(o)	11.41%				03/2027	7,721		7,626		0.3		7,644
FPG Intermediate Holdco, LLC+	One stop	SF +	6.00%	(o)	11.41%				03/2027	569		560		—		564
FPG Intermediate Holdco, LLC+	One stop	SF +	6.00%	(n)(o)	11.36%				03/2027	23		22		—		22
FPG Intermediate Holdco, LLC+(5)	One stop	SF +	6.50%		N/A(6)				03/2027	—		(11)		—		—
FSS Buyer LLC+	One stop	SF +	5.75%	(o)	10.95%				08/2028	5,450		5,369		0.2		5,450
FSS Buyer LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2027	—		(1)		—		—
HS Spa Holdings, Inc.+	One stop	SF +	5.75%	(p)	11.07%				06/2029	7,724		7,593		0.3		7,569
HS Spa Holdings, Inc.+	One stop	SF +	5.75%	(o)	10.80%				06/2028	15		14		—		14
Learn-it Systems, LLC+(23)	Senior secured	SF +	5.25%	(o)(p)	8.02%	cash/	2.75%	PIK	09/2026	2,518		2,535		0.1		2,266
Learn-it Systems, LLC+(23)	Senior secured	SF +	5.25%	(o)	8.09%	cash/	2.75%	PIK	09/2026	1,355		1,353		0.1		1,220
Learn-it Systems, LLC+(23)	Senior secured	SF +	5.25%	(o)	7.90%	cash/	2.75%	PIK	09/2026	610		608		—		549
Learn-it Systems, LLC+(5)(23)	Senior secured	L +	4.75%	(b)	10.29%				09/2026	—		—		—		(5)
Liminex, Inc.+	One stop	SF +	7.25%	(o)	12.64%				11/2026	25,462		25,099		1.0		25,080
Liminex, Inc.+	One stop	SF +	7.25%	(o)	12.64%				11/2026	20,000		19,778		0.8		19,700
Liminex, Inc.+	One stop	SF +	7.25%	(o)	12.64%				11/2026	800		792		—		788
Liminex, Inc.+	One stop	SF +	7.25%	(o)	12.65%				11/2026	125		123		—		122
Liminex, Inc.+	One stop	SF +	7.25%	(o)	12.64%				11/2026	15,837		15,535		0.6		15,599

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Litera Bidco LLC+	One stop	SF +	6.00%	(n)	11.20%				05/2026	$	5,675	$	5,633	0.2	%	$	5,675
Litera Bidco LLC+	One stop	SF +	5.25%	(n)	10.45%				05/2026	3,646		3,657		0.2		3,646
Litera Bidco LLC+	One stop	SF +	5.25%	(n)	10.45%				05/2026	683		696		—		683
Litera Bidco LLC+	One stop	SF +	5.25%	(n)	10.45%				05/2026	683		696		—		683
Litera Bidco LLC+	One stop	SF +	6.00%	(n)	11.20%				05/2026	513		510		—		513
Litera Bidco LLC+	One stop	SF +	5.25%		N/A(6)				05/2025	—		—		—		—
Mario Purchaser, LLC+	One stop	SF +	5.75%	(n)	10.95%				04/2029	7,596		7,470		0.3		7,368
Mario Purchaser, LLC+(23)	One stop	SF +	10.75%	(n)	15.95%	PIK			04/2032	1,713		1,677		0.1		1,696
Mario Purchaser, LLC+(5)	One stop	SF +	5.75%		N/A(6)				04/2028	—		(1)		—		(2)
Mario Purchaser, LLC+	One stop	SF +	5.75%	(n)	10.95%				04/2029	169		165		—		158
Mathnasium, LLC#	One stop	SF +	5.00%	(o)	10.24%				11/2027	9,191		9,124		0.4		9,191
Mathnasium, LLC+	One stop	SF +	5.00%	(o)	10.24%				11/2027	13		12		—		13
NSG Buyer, Inc. *#+	One stop	SF +	6.50%	(n)	11.70%				11/2029	20,787		20,372		0.8		20,579
NSG Buyer, Inc. +(5)	One stop	SF +	6.50%		N/A(6)				11/2029	—		(37)		—		(41)
NSG Buyer, Inc. +(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		—		—		(1)
PADI Holdco, Inc.*#(23)	One stop	SF +	6.50%	(o)	11.16%	cash/	0.75%	PIK	04/2024	21,595		21,551		0.9		21,379
PADI Holdco, Inc.+(8)(9)(23)	One stop	E +	6.50%	(f)	9.22%	cash/	0.75%	PIK	04/2024	19,969		20,935		0.8		19,769
PADI Holdco, Inc.+(23)	One stop	L +	6.50%	(b)	11.29%	cash/	0.75%	PIK	04/2024	833		831		—		825
PADI Holdco, Inc.+(23)	One stop	SF +	6.50%	(o)	11.15%	cash/	0.75%	PIK	04/2024	172		172		—		170
PADI Holdco, Inc.+(5)	One stop	L +	5.75%		N/A(6)				04/2024	—		—		—		(2)
Provenance Buyer LLC*#+	One stop	SF +	5.00%	(n)	10.20%				06/2027	18,140		17,894		0.7		18,140
Provenance Buyer LLC#	One stop	SF +	5.00%	(n)	10.20%				06/2027	9,900		9,821		0.4		9,900
Provenance Buyer LLC+(5)	One stop	SF +	5.00%		N/A(6)				06/2027	—		(2)		—		—
Provenance Buyer LLC+(5)	One stop	SF +	5.00%		N/A(6)				06/2027	—		(2)		—		—
RW AM Holdco LLC#+	One stop	SF +	5.25%	(p)	10.21%				04/2028	17,596		17,455		0.7		16,892
RW AM Holdco LLC+(5)	One stop	P +	4.25%		N/A(6)				04/2028	—		(1)		—		(6)
										266,912		265,038		10.5		263,265
Diversified Financial Services
Adenza Group, Inc. +	One stop	SF +	5.75%	(n)	10.97%				12/2027	3,985		3,930		0.1		3,985
Adenza Group, Inc. +	One stop	SF +	5.75%		N/A(6)				12/2027	—		—		—		—
Adenza Group, Inc. +	One stop	SF +	5.75%		N/A(6)				12/2025	—		—		—		—
Avalara, Inc.+	One stop	SF +	7.25%	(o)	12.49%				10/2028	11,941		11,677		0.5		11,941
Avalara, Inc.+(5)	One stop	SF +	7.25%		N/A(6)				10/2028	—		(3)		—		—
Banker's Toolbox, Inc.+	One stop	SF +	5.25%	(n)	10.45%				07/2027	7,956		7,889		0.3		7,877
Banker's Toolbox, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				07/2027	—		—		—		(1)
Banker's Toolbox, Inc.+	One stop	SF +	5.25%	(n)	10.45%				07/2027	1,482		1,478		0.1		1,448
Flash Topco, Inc.*	One stop	SF +	5.75%	(o)	10.93%				10/2028	9,746		9,670		0.4		9,161
Flash Topco, Inc.+	One stop	SF +	6.50%	(o)	11.58%				10/2028	35		35		—		32
Flash Topco, Inc.+	One stop	SF +	6.50%	(o)	11.58%				12/2024	17		16		—		16
Higginbotham Insurance Agency, Inc.+	One stop	SF +	5.25%	(o)	10.45%				11/2026	4,542		4,503		0.2		4,542
Higginbotham Insurance Agency, Inc.+	One stop	SF +	5.25%	(o)	10.45%				11/2026	184		183		—		184

										39,888		39,378		1.6		39,185

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Diversified Telecommunication Services
NTI Connect, LLC+	Senior secured	SF +	4.75%	(o)	10.14%	12/2024	$	1,616	$	1,603	0.1	%	$	1,616

Electronic Equipment, Instruments & Components
CST Holding Company+	One stop	SF +	6.75%	(n)	11.95%	11/2028	24,595		23,939		1.0		24,595
CST Holding Company+(5)	One stop	SF +	6.75%		N/A(6)	11/2028	—		(1)		—		—



							24,595		23,938		1.0		24,595



Food & Staples Retailing
Cafe Rio Holding, Inc.*#	One stop	SF +	5.50%	(o)	10.89%	09/2028	18,083	18,056	0.7	18,083
Cafe Rio Holding, Inc.#+	One stop	SF +	5.50%	(o)	10.89%	09/2028	3,251	3,231	0.1	3,251
Cafe Rio Holding, Inc.#+	One stop	SF +	5.50%	(o)	10.89%	09/2028	2,186	2,185	0.1	2,186
Cafe Rio Holding, Inc.*#	One stop	SF +	5.50%	(o)	10.89%	09/2028	1,387	1,387	0.1	1,387
Cafe Rio Holding, Inc.#+	One stop	SF +	5.50%	(o)	10.89%	09/2028	1,225	1,225	0.1	1,225
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(o)	10.89%	09/2028	202	201	—	202
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(o)	10.89%	09/2028	176	176	—	176
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%		N/A(6)	09/2028	—	—	—	—


Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(o)	10.89%	09/2028	79	79	—	79
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(o)	10.89%	09/2028	100	99	—	100
Mendocino Farms, LLC+	One stop	SF +	6.25%	(n)	11.45%	06/2025	926	919	0.1	926
Mendocino Farms, LLC+	One stop	SF +	6.25%	(n)	11.45%	06/2025	727	722	—	727
Mendocino Farms, LLC+	One stop	SF +	6.25%	(n)	11.45%	06/2025	713	709	—	713
Mendocino Farms, LLC+	One stop	SF +	6.25%	(n)	11.45%	06/2025	351	349	—	351
Mendocino Farms, LLC+	One stop	SF +	6.25%	(n)	11.45%	06/2025	351	348	—	351
Mendocino Farms, LLC+	One stop	SF +	6.25%	(n)	11.45%	06/2025	173	172	—	173
Mendocino Farms, LLC+	One stop	SF +	6.25%	(n)	11.45%	06/2025	105	104	—	105
Mendocino Farms, LLC+	One stop	SF +	6.25%	(n)	11.45%	06/2025	412	403	—	412
Mendocino Farms, LLC+	One stop	SF +	6.25%	(n)	11.45%	06/2025	308	306	—	308
Mendocino Farms, LLC+	One stop	SF +	6.25%	(n)	11.45%	06/2025	515	511	—	515
Ruby Slipper Cafe LLC, The*+	One stop	SF +	7.50%	(o)	12.89%	06/2024	2,008	2,008	0.1	2,008
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(o)	12.89%	06/2024	407	407	—	407
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(o)	12.89%	06/2024	289	288	—	289
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(o)	12.89%	06/2024	—	—	—	—
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(o)	12.89%	06/2024	21	21	—	21
Wineshipping.com LLC+	One stop	SF +	5.75%	(o)	11.16%	10/2027	6,742	6,693	0.3	6,472
Wineshipping.com LLC+	One stop	SF +	5.75%	(o)	10.86%	10/2027	184	177	—	177
Wineshipping.com LLC+	One stop	SF +	5.75%	(o)	10.99%	10/2027	37	36	—	33













							40,958	40,812	1.6	40,677

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In 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+(23)	One stop	SF +	6.50%	(o)	11.89%				06/2027	$	13,701	$	13,532	0.5	%	$	13,564
Borrower R365 Holdings, LLC+(23)	One stop	SF +	6.50%	(o)	11.89%				06/2027	1,130		1,114		—		1,118
Borrower R365 Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)				06/2027	—		(1)		—		(1)
Borrower R365 Holdings, LLC+(5)	One stop	SF +	9.50%		N/A(6)				06/2027	—		(1)		—		(1)
Borrower R365 Holdings, LLC+(23)	One stop	SF +	6.50%	(o)	11.89%				06/2027	43		43		—		43
Flavor Producers, LLC#+(23)	Senior secured	SF +	6.50%	(d)(o)	10.09%	cash/	1.75%	PIK	12/2024	5,024		5,010		0.2		4,773
Flavor Producers, LLC+(5)(23)	Senior secured	SF +	6.50%	(o)	10.09%	cash/	1.75%	PIK	09/2024	—		—		—		(2)
Kodiak Cakes, LLC*#+	Senior secured	SF +	8.75%	(o)	13.99%				06/2027	12,369		12,060		0.5		11,348
Kodiak Cakes, LLC+	Senior secured	SF +	8.75%	(o)	13.99%				06/2026	150		146		—		132
Louisiana Fish Fry Products, Ltd.*+	One stop	SF +	6.25%	(p)	11.36%				07/2027	9,703		9,635		0.4		9,121
Louisiana Fish Fry Products, Ltd.+	One stop	SF +	6.25%	(p)	11.36%				07/2027	44		43		—		35
MAPF Holdings, Inc.*#+	One stop	SF +	5.00%	(o)	10.39%				12/2026	37,690		37,469		1.5		37,690
MAPF Holdings, Inc.+	One stop	SF +	5.00%	(o)	10.37%				12/2026	130		128		—		130
P&P Food Safety Holdings, Inc.*+	One stop	SF +	6.00%	(n)(o)	11.39%				12/2026	17,624		17,484		0.7		17,095
P&P Food Safety Holdings, Inc.+(5)	One stop	SF +	6.00%		N/A(6)				12/2026	—		(1)		—		(3)
P&P Food Safety Holdings, Inc.+(5)	One stop	SF +	6.00%		N/A(6)				12/2026	—		(4)		—		(16)
Purfoods, LLC+(23)	One stop	N/A			7.00%	PIK			05/2026	66		68		—		66
Ultimate Baked Goods Midco LLC+	One stop	SF +	6.25%	(n)	11.45%				08/2027	6,621		6,565		0.3		6,621
Ultimate Baked Goods Midco LLC+(5)	One stop	SF +	6.25%		N/A(6)				08/2027	—		(24)		—		—
Whitebridge Pet Brands, LLC*#+	One stop	SF +	5.00%	(n)	10.20%				07/2027	21,306		21,041		0.8		21,092
Whitebridge Pet Brands, LLC+(5)	One stop	SF +	5.00%		N/A(6)				07/2027	—		(2)		—		(3)
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	5.67%	(l)	10.60%				03/2029	6,899		7,074		0.3		6,365
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	5.67%	(l)	10.60%				09/2028	38		35		—		31
Wizard Bidco Limited+(8)(10)	One stop	SF +	7.00%	(o)	12.23%				03/2029	16,243		15,942		0.6		16,080
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	7.00%	(l)	11.93%				03/2029	5,643		5,385		0.2		5,587
Wizard Bidco Limited+(5)(8)(9)(10)	One stop	SN +	7.00%		N/A(6)				03/2029	—		(55)		—		(40)
										154,424		152,686		6.0		150,825

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In 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	SF +	5.00%	(o)	10.24%				06/2025	$	4,115	$	4,144	0.2	%	$	4,115
Aspen Medical Products, LLC+	One stop	SF +	5.00%	(o)	10.24%				06/2025	263		262		—		263
Aspen Medical Products, LLC+	One stop	SF +	5.00%		N/A(6)				06/2025	—		—		—		—
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	5.95%	(m)	11.26%				08/2028	5,415		5,360		0.2		5,415
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	5.95%	(f)	9.26%				08/2028	3,160		3,394		0.1		3,160
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SN +	5.95%	(l)	11.00%				08/2028	898		946		0.1		898
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	5.95%	(f)	9.55%				08/2028	754		759		—		754
Baduhenna Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.95%		N/A(6)				08/2028	—		(15)		—		—
Belmont Instrument, LLC*#	One stop	SF +	6.25%	(o)	11.49%				08/2028	9,826		9,742		0.4		9,826
Belmont Instrument, LLC+	One stop	SF +	6.25%	(m)	11.30%				08/2028	33		32		—		33
Blades Buyer, Inc.#+	Senior secured	SF +	5.00%	(o)	9.89%				03/2028	9,983		9,899		0.4		9,882
Blades Buyer, Inc.+	Senior secured	P +	3.75%	(d)	12.00%				03/2028	27		25		—		23
Blades Buyer, Inc.+	Senior secured	SF +	5.00%	(p)	9.90%				03/2028	318		316		—		314
Blades Buyer, Inc.+	Senior secured	SF +	5.25%	(n)	9.89%				03/2028	1,304		1,285		0.1		1,304
Blue River Pet Care, LLC*#+	One stop	SF +	5.75%	(n)	10.95%				07/2026	50,805		50,559		2.0		50,298
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(n)	10.94%				08/2025	64		62		—		60
Blue River Pet Care, LLC+(5)	One stop	SF +	5.75%		N/A(6)				07/2026	—		(1)		—		(2)
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(n)	10.95%				07/2026	179		177		—		177
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(n)	10.95%				07/2026	172		171		—		170
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(n)	10.95%				07/2026	766		761		—		758
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(o)	11.10%				07/2026	170		169		—		168
CCSL Holdings, LLC*#(8)	One stop	SF +	5.75%	(n)	10.95%				12/2026	15,281		15,169		0.6		15,128
CCSL Holdings, LLC+(8)	One stop	SF +	5.75%	(n)	10.95%				12/2026	4,124		4,097		0.2		4,083
CCSL Holdings, LLC+(8)(9)	One stop	SN +	5.75%	(l)	10.78%				12/2026	2,455		2,414		0.1		2,430
CCSL Holdings, LLC+(8)	One stop	SF +	5.75%	(n)	10.95%				12/2026	150		149		—		148
CCSL Holdings, LLC+(5)(8)	One stop	SF +	5.75%		N/A(6)				12/2026	—		(20)		—		—
CMI Parent Inc.*#	Senior secured	SF +	4.75%	(n)	9.95%				08/2025	6,449		6,497		0.3		6,449
CMI Parent Inc.*	Senior secured	SF +	4.75%	(n)	9.95%				08/2025	3,196		3,178		0.1		3,196
CMI Parent Inc.+(5)	Senior secured	SF +	4.75%		N/A(6)				08/2025	—		(2)		—		—
CMI Parent Inc.*	Senior secured	SF +	4.75%	(n)	9.95%				08/2025	2,910		2,889		0.1		2,910
G & H Wire Company, Inc.+(23)	One stop	L +	9.00%	(b)	7.98%	cash/	6.50%	PIK	12/2024	11,653		11,540		0.4		9,322
G & H Wire Company, Inc.+(23)	One stop	L +	9.00%	(b)	7.98%	cash/	6.50%	PIK	12/2024	98		98		—		70
Joerns Healthcare, LLC+(7)(23)	One stop	SF +	18.00%	(o)	23.35%				01/2024	1,470		1,470		—		1,191
Joerns Healthcare, LLC+(23)	One stop	SF +	18.00%	(o)	23.35%				01/2024	293		293		—		293







										136,331		135,819		5.3		132,836

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In 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	SF +	5.50%	(n)	10.70%				12/2027	$	8,266	$	8,204	0.3	%	$	8,018
AAH TOPCO, LLC +(23)	Subordinated debt	N/A			11.50%	PIK			12/2031	1,177		1,160		—		1,059
AAH TOPCO, LLC +(5)	One stop	SF +	5.50%		N/A(6)				12/2027	—		—		—		(2)
AAH TOPCO, LLC +	One stop	SF +	5.50%	(n)	10.70%				12/2027	473		469		—		456
Active Day, Inc.#+	One stop	SF +	5.75%	(o)	11.14%				02/2025	17,611		17,488		0.7		17,259
Active Day, Inc.#+	One stop	SF +	5.75%	(o)	11.14%				02/2025	1,359		1,350		0.1		1,332
Active Day, Inc.*#	One stop	SF +	5.75%	(o)	11.14%				02/2025	876		870		—		859
Active Day, Inc.+	One stop	SF +	5.75%	(o)	11.14%				02/2025	698		694		—		684
Active Day, Inc.+	One stop	SF +	5.75%	(o)	11.14%				02/2025	616		611		—		604
Active Day, Inc.*#	One stop	SF +	5.75%	(o)	11.14%				02/2025	605		601		—		593
Active Day, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				02/2025	—		(2)		—		(4)
Active Day, Inc.+	One stop	SF +	5.75%	(o)	11.14%				02/2025	—		—		—		—
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(o)	11.38%				03/2026	16,384		16,220		0.6		15,770
Acuity Eyecare Holdings, LLC+(23)	One stop	N/A			16.50%				06/2027	11,684		11,515		0.5		11,333
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(o)	11.64%				03/2026	4,046		4,018		0.2		3,925
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(o)	11.65%				03/2026	3,605		3,574		0.1		3,497
Acuity Eyecare Holdings, LLC#+	One stop	SF +	6.25%	(o)	11.64%				03/2026	3,504		3,481		0.2		3,399
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(o)	11.64%				03/2026	3,179		3,195		0.1		3,084
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(o)	11.28%				03/2026	2,032		2,001		0.1		1,955
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(o)	11.64%				03/2026	1,853		1,874		0.1		1,798
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(o)	11.64%				03/2026	448		446		—		435
Acuity Eyecare Holdings, LLC+(23)	One stop	SF +	13.00%	(o)	11.64%	cash/	6.75%	PIK	03/2026	261		259		—		267
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(o)	11.64%				03/2026	165		164		—		160
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(o)	11.20%				03/2026	30		27		—		22
Acuity Eyecare Holdings, LLC+	Senior secured	SF +	6.25%	(o)	11.53%				03/2026	109		108		—		106
Acuity Eyecare Holdings, LLC+(23)	One stop	SF +	13.00%	(o)	11.60%	cash/	6.75%	PIK	03/2026	101		100		—		101
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(o)	11.64%				03/2026	1		1		—		1
Acuity Eyecare Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)				03/2026	—		(2)		—		(8)
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(o)	11.34%				03/2026	1,036		1,025		—		997
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.13%	(n)	11.33%				03/2027	4,672		4,634		0.2		4,649
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.13%	(n)	11.33%				03/2027	3,906		3,862		0.2		3,886
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(23)	Subordinated debt	SF +	10.50%	(n)	15.70%				03/2028	2,126		2,104		0.1		2,126
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(23)	Subordinated debt	SF +	10.50%	(n)	15.70%				03/2028	813		806		—		813
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(23)	Subordinated debt	SF +	10.50%	(n)	15.70%				03/2028	254		251		—		254
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.25%	(o)	11.61%				03/2027	153		152		—		153
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)	One stop	SF +	6.00%		N/A(6)				03/2027	—		(1)		—		(1)
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.25%	(n)(o)	11.48%				03/2027	73		72		—		73
Community Care Partners, LLC+	One stop	SF +	6.00%	(n)	11.22%				06/2026	2,331		2,316		0.1		2,168
Community Care Partners, LLC+(5)	One stop	SF +	6.00%		N/A(6)				06/2026	—		(2)		—		—
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	4.75%	(o)	10.14%				12/2024	19,501		19,500		0.8		19,209
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	4.75%	(o)	10.14%				12/2024	5,158		5,135		0.2		5,081
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	4.75%	(o)	10.14%				12/2024	4,079		4,071		0.2		4,019
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	4.75%	(o)	10.14%				12/2024	3,494		3,477		0.1		3,442
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	4.75%	(o)	10.14%				12/2024	120		119		—		116
Datix Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.50%	(l)	9.43%				04/2025	56,495		60,148		2.2		55,366

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Datix Bidco Limited+(8)(9)(10)	Second lien	SN +	7.75%	(l)	12.68%				04/2026	$	20,047	$	21,297	0.8	%	$	19,646
Emerge Intermediate, Inc.*#(23)	One stop	SF +	7.25%	(o)	11.39%	cash/	1.25%	PIK	05/2024	19,218		19,156		0.8		19,218
Emerge Intermediate, Inc.+(23)	One stop	SF +	7.25%	(o)	11.39%	cash/	1.25%	PIK	05/2024	1,739		1,734		0.1		1,739
Emerge Intermediate, Inc.+(23)	One stop	SF +	7.25%	(o)	11.13%	cash/	1.25%	PIK	05/2024	222		222		—		222
Encorevet Group LLC+	One stop	L +	6.75%	(b)	12.23%				11/2024	977		974		0.1		958
Encorevet Group LLC+	One stop	L +	6.75%	(b)	12.23%				11/2024	614		612		—		602
Encorevet Group LLC+	One stop	L +	6.75%	(b)	12.23%				11/2024	305		303		—		299
Encorevet Group LLC+	One stop	L +	6.75%	(b)	12.23%				11/2024	292		290		—		286
Encorevet Group LLC+	One stop	L +	6.75%	(b)	12.23%				11/2024	264		263		—		259
Encorevet Group LLC+	Senior secured	L +	6.75%	(b)	12.23%				11/2024	242		242		—		238
Encorevet Group LLC+	One stop	L +	6.75%	(b)	12.23%				11/2024	162		161		—		158
Encorevet Group LLC+	One stop	L +	6.75%	(b)	12.23%				11/2024	113		113		—		111
Encorevet Group LLC+	Senior secured	L +	6.75%	(b)	12.23%				11/2024	109		109		—		107
Encorevet Group LLC+	Senior secured	L +	6.75%	(b)	12.23%				11/2024	68		68		—		66
Encorevet Group LLC+	Senior secured	L +	6.75%	(b)	12.23%				11/2024	56		56		—		55
Encorevet Group LLC+	One stop	L +	6.75%	(b)	12.23%				11/2024	55		55		—		54
Encorevet Group LLC+	One stop	L +	6.75%	(b)	12.23%				11/2024	32		32		—		31
Encorevet Group LLC+	Senior secured	L +	6.75%	(b)	12.23%				11/2024	10		10		—		9
Encorevet Group LLC+	Senior secured	L +	6.75%	(b)	12.19%				11/2024	47		47		—		46
ERC Topco Holdings, LLC+	One stop	SF +	5.50%	(o)	11.00%				11/2028	9,140		9,082		0.3		8,043
ERC Topco Holdings, LLC+	One stop	SF +	5.50%	(d)(n)	11.11%				11/2027	42		41		—		27
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75%	(k)	10.79%				03/2027	10,778		10,586		0.5		10,778
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75%	(i)	11.00%				03/2027	84		80		—		84
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75%	(i)	11.00%				03/2027	482		498		—		482
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75%	(i)	11.00%				03/2027	171		169		—		171
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)	One stop	SF +	5.75%	(n)	10.95%				03/2027	70		69		—		70
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)	One stop	SF +	5.75%	(n)	10.95%				03/2027	94		93		—		94
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75%	(i)	11.00%				03/2027	707		714		—		707
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%	(n)	9.95%				12/2026	838		832		—		821
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%	(n)	9.95%				12/2026	162		161		—		158
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%		N/A(6)				12/2026	—		—		—		—
Klick Inc.+(8)(12)	Senior secured	SF +	4.50%	(o)	9.84%				03/2028	9,921		9,854		0.4		9,921
Klick Inc.+(5)(8)(12)	Senior secured	SF +	4.50%		N/A(6)				03/2026	—		(1)		—		—
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.25%	(o)	10.64%				05/2025	2,294		2,289		0.1		2,294
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.25%	(o)	10.64%				05/2025	1,844		1,835		0.1		1,844
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.25%	(o)	10.64%				05/2025	1,083		1,098		0.1		1,083
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.25%	(o)	10.64%				05/2025	60		60		—		60
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.25%	(o)	10.64%				05/2025	760		750		—		760

New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(k)	10.88%				05/2028	18,369		19,866		0.7		17,450
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#(8)(12)	One stop	SF +	5.50%	(o)	10.89%				05/2028	4,293		4,250		0.2		4,078
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#(8)(12)	One stop	SF +	5.50%	(o)	10.89%				05/2028	2,795		2,774		0.1		2,655
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(k)	10.88%				05/2028	1,120		1,180		—		1,064
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(k)	10.88%				05/2028	583		597		—		576
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(k)	10.87%				05/2026	165		163		—		159

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	SF +	5.50%	(o)	10.89%	05/2026	$	60	$	60	—	%	$	58
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	SF +	5.50%	(o)	10.89%	05/2028	18		18		—		17
Oliver Street Dermatology Holdings, LLC+(7)(23)	One stop	SF +	11.36%	(o)	16.75%	09/2023	25,646		16,786		0.8		20,260
Oliver Street Dermatology Holdings, LLC+(23)	One stop	SF +	6.25%	(o)	11.64%	09/2023	14,652		14,652		0.5		12,748
Oliver Street Dermatology Holdings, LLC+(23)	One stop	SF +	6.25%	(o)	11.64%	09/2023	377		377		—		328
Pinnacle Treatment Centers, Inc.*#	One stop	SF +	6.75%	(o)	12.16%	01/2026	18,582		18,221		0.8		18,582
Pinnacle Treatment Centers, Inc.*	One stop	SF +	6.75%	(o)	12.16%	01/2026	7,495		7,355		0.3		7,495
Pinnacle Treatment Centers, Inc.#+	One stop	SF +	6.75%	(o)	12.16%	01/2026	1,526		1,498		0.1		1,526
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.75%	(o)	12.16%	01/2026	689		676		—		689
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.75%	(o)	12.16%	01/2026	182		178		—		182
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.75%	(n)(o)	12.20%	01/2026	116		111		—		116
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.75%	(o)	12.16%	01/2026	104		102		—		104
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.75%	(o)	12.16%	01/2026	37		36		—		37
Pinnacle Treatment Centers, Inc.#	One stop	SF +	6.75%	(o)	12.16%	01/2026	2,187		2,146		0.1		2,187
Pinnacle Treatment Centers, Inc.#	One stop	SF +	6.75%	(o)	12.16%	01/2026	1,149		1,128		—		1,149
Suveto Buyer, LLC+	One stop	SF +	4.25%	(n)	9.45%	09/2027	19,216		19,030		0.7		18,152
Suveto Buyer, LLC+	One stop	SF +	4.25%	(n)	9.45%	09/2027	47		45		—		39

							385,804		381,298		14.7		370,206

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In 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 secured	SF +	8.25%	(p)	13.36%				09/2024	$	374	$	373	—	%	$	374
Coding Solutions Acquisition, Inc.+	One stop	SF +	5.50%	(n)	10.60%				05/2028	5,209		5,166		0.2		5,209
Coding Solutions Acquisition, Inc.+	One stop	SF +	5.50%	(n)	10.60%				05/2028	14		14		—		14
Coding Solutions Acquisition, Inc.+	One stop	SF +	5.50%	(o)	10.58%				05/2028	165		158		—		165
Color Intermediate, LLC+	One stop	SF +	5.50%	(n)	10.70%				10/2029	11,694		11,485		0.5		11,344
Connexin Software, Inc.+	One stop	SF +	8.50%	(o)	13.74%				02/2024	9,465		9,474		0.4		9,465
Connexin Software, Inc.+	One stop	SF +	8.50%		N/A(6)				02/2024	—		—		—		—
Crow River Buyer, Inc.+	One stop	SF +	7.75%	(o)	12.80%				01/2029	4,619		4,533		0.2		4,550
Crow River Buyer, Inc.+(5)	One stop	SF +	7.75%		N/A(6)				01/2029	—		(1)		—		(1)
ESO Solution, Inc.+	One stop	SF +	7.00%	(o)	12.25%				05/2027	7,549		7,502		0.3		7,474
ESO Solution, Inc.+	One stop	SF +	7.00%	(o)	12.33%				03/2027	43		42		—		42
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(p)	11.19%				08/2026	6,138		6,118		0.2		6,015
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(p)	11.19%				08/2026	2,927		2,902		0.1		2,868
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(p)	11.19%				08/2026	1,928		1,917		0.1		1,889
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(p)	11.19%				08/2026	1,345		1,329		0.1		1,318
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(p)	11.19%				08/2026	629		627		—		617
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(n)	10.95%				09/2025	64		63		—		63
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(p)	11.19%				08/2026	131		130		—		128
HSI Halo Acquisition, Inc.+(23)	One stop	N/A			10.00%				08/2026	15		15		—		23
Nextech Holdings, LLC+	One stop	SF +	5.00%	(o)	10.39%				06/2025	3,900		3,929		0.1		3,900
Nextech Holdings, LLC+	One stop	SF +	5.00%	(o)	10.39%				06/2025	1,903		1,896		0.1		1,903
Nextech Holdings, LLC+	One stop	SF +	5.00%	(o)	10.39%				06/2025	100		99		—		100
Plasma Buyer LLC+	One stop	SF +	5.75%	(o)	10.99%				05/2029	5,363		5,273		0.2		4,719
Plasma Buyer LLC+(5)	One stop	SF +	5.75%		N/A(6)				05/2028	—		(1)		—		(6)
Plasma Buyer LLC+(5)	One stop	SF +	5.75%		N/A(6)				05/2029	—		(12)		—		—
QF Holdings, Inc.+	One stop	SF +	6.25%	(n)	11.45%				12/2027	626		619		—		626
Qgenda Intermediate Holdings, LLC+	One stop	SF +	5.00%	(o)	10.34%				06/2025	14,852		14,852		0.6		14,555
Qgenda Intermediate Holdings, LLC#	One stop	SF +	5.00%	(o)	10.34%				06/2025	12,101		12,048		0.5		11,859
Qgenda Intermediate Holdings, LLC+	One stop	SF +	5.00%	(o)	10.34%				06/2025	1,444		1,440		0.1		1,415
Qgenda Intermediate Holdings, LLC#	One stop	SF +	5.00%	(o)	10.34%				06/2025	965		965		—		946
Qgenda Intermediate Holdings, LLC+	One stop	SF +	5.00%	(o)	10.34%				06/2025	200		200		—		196
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(n)	9.70%	cash/	3.50%	PIK	06/2025	10,665		10,582		0.4		10,692
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(n)	9.70%	cash/	3.50%	PIK	06/2025	10,382		10,021		0.4		10,408
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(n)	9.70%	cash/	3.50%	PIK	06/2025	6,840		6,786		0.3		6,857
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(n)	9.70%	cash/	3.50%	PIK	06/2025	1,759		1,745		0.1		1,763
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(n)	9.70%	cash/	3.50%	PIK	06/2025	1,563		1,551		0.1		1,567
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(n)	9.70%	cash/	3.50%	PIK	06/2025	1,173		1,163		—		1,175
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(n)	9.70%	cash/	3.50%	PIK	06/2025	977		970		—		979
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(n)	9.70%	cash/	3.50%	PIK	06/2025	782		776		—		784
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(n)	9.70%	cash/	3.50%	PIK	06/2025	156		155		—		156
Tebra Technologies, Inc.+(23)	One stop	SF +	8.00%	(n)	9.70%	cash/	3.50%	PIK	06/2025	84		82		—		84
Transaction Data Systems, Inc.*#+	One stop	SF +	4.50%	(o)	9.89%				02/2026	65,641		65,037		2.6		64,985
Transaction Data Systems, Inc.+(5)	One stop	SF +	4.50%		N/A(6)				02/2026	—		(2)		—		(2)
Veranex, Inc.+	Senior secured	SF +	5.25%	(p)	10.07%				04/2028	3,154		3,129		0.1		2,839
Veranex, Inc.+	Senior secured	SF +	5.25%	(p)	10.42%				04/2028	50		50		—		45
Veranex, Inc.+	Senior secured	SF +	5.25%	(p)	10.54%				04/2028	25		24		—		23
										197,014		195,224		7.7		194,125

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In thousands)


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


Barteca Restaurants, LLC#	One stop	SF +	6.00%	(o)	11.43%				08/2028	$	7,621	$	7,556	0.3	%	$	7,621
Barteca Restaurants, LLC+(5)	One stop	SF +	6.00%		N/A(6)				08/2028	—		(1)		—		—
Barteca Restaurants, LLC+	One stop	SF +	6.00%	(o)	11.41%				08/2028	511		494		—		511
BJH Holdings III Corp.*#+	One stop	SF +	4.50%	(n)	9.74%				08/2025	50,318		50,872		2.0		49,312
BJH Holdings III Corp.+	One stop	SF +	4.50%	(n)	9.74%				08/2025	260		257		—		244
Davidson Hotel Company, LLC+	One stop	SF +	5.25%	(n)	10.45%				07/2024	7,032		7,029		0.3		7,032
Davidson Hotel Company, LLC+	One stop	SF +	5.25%	(n)	10.45%				07/2024	1,083		1,082		—		1,083
Davidson Hotel Company, LLC+	One stop	SF +	5.25%		N/A(6)				07/2024	—		—		—		—
EOS Fitness Opco Holdings, LLC*#+	One stop	SF +	4.75%	(p)	10.34%				01/2026	9,321		9,323		0.4		9,321
EOS Fitness Opco Holdings, LLC+	One stop	SF +	4.75%	(p)	10.34%				01/2026	890		889		0.1		890
EOS Fitness Opco Holdings, LLC+	One stop	SF +	4.75%	(p)	10.34%				01/2026	44		44		—		44
EOS Fitness Opco Holdings, LLC+	One stop	SF +	4.75%	(o)(p)	9.90%				01/2026	885		876		—		885
ESN Venture Holdings, LLC*	One stop	SF +	6.00%	(p)	10.86%				10/2028	3,634		3,589		0.2		3,634
ESN Venture Holdings, LLC+	One stop	SF +	6.00%	(p)	10.86%				10/2028	16		14		—		16
ESN Venture Holdings, LLC+	One stop	SF +	6.00%	(p)	11.02%				10/2028	59		31		—		59
Harri US LLC+(23)	One stop	SF +	10.00%	(p)	11.19%	cash/	4.00%	PIK	08/2026	829		761		—		834
Harri US LLC+	One stop	SF +	10.00%		N/A(6)				08/2026	—		—		—		—
Harri US LLC+(23)	One stop	SF +	6.00%	(p)	11.47%				08/2026	552		549		—		556
Harri US LLC+(23)	One stop	SF +	10.00%	(p)	11.38%	cash/	4.00%	PIK	08/2026	563		561		—		565
Health Buyer, LLC+	Senior secured	SF +	5.25%	(d)(n)(o)	10.51%				04/2029	2,584		2,552		0.1		2,532
Health Buyer, LLC+	Senior secured	SF +	5.25%	(n)	10.45%				04/2028	23		23		—		22
SSRG Holdings, LLC+	One stop	SF +	4.75%	(o)	10.14%				11/2025	993		985		—		993
SSRG Holdings, LLC+	One stop	SF +	4.75%	(o)	10.14%				11/2025	20		20		—		20
Tropical Smoothie Cafe Holdings, LLC+	One stop	SF +	4.75%	(o)	9.95%				09/2026	19,800		19,653		0.8		19,800
Tropical Smoothie Cafe Holdings, LLC*#	One stop	SF +	4.75%	(n)(o)	10.14%				09/2026	12,424		12,309		0.5		12,424
Tropical Smoothie Cafe Holdings, LLC#	One stop	SF +	4.75%	(o)	9.95%				09/2026	5,429		5,385		0.2		5,429
Tropical Smoothie Cafe Holdings, LLC+(5)	One stop	SF +	4.75%		N/A(6)				09/2026	—		(1)		—		—


										124,891		124,852		4.9		123,827
Household Durables
Groundworks LLC+	One stop	SF +	6.50%	(n)	11.65%				03/2030	6,559		6,371		0.3		6,559
Groundworks LLC+(5)	One stop	SF +	6.50%		N/A(6)				03/2030	—		(17)		—		—
Groundworks LLC+(5)	One stop	SF +	6.50%		N/A(6)				03/2029	—		(1)		—		—


										6,559		6,353		0.3		6,559
Household Products
WU Holdco, Inc.#+	One stop	SF +	5.50%	(o)	10.89%				03/2026	3,713		3,751		0.1		3,527
WU Holdco, Inc.+	One stop	SF +	5.50%	(o)	10.89%				03/2026	1,308		1,308		0.1		1,243
WU Holdco, Inc.+	One stop	SF +	5.50%	(o)	10.89%				03/2026	340		338		—		323
WU Holdco, Inc.+	One stop	SF +	5.50%	(o)	10.89%				03/2025	28		28		—		26
										5,389		5,425		0.2		5,119

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Industrial Conglomerates
Arch Global CCT Holdings Corp.#+	Senior secured	L +	4.75%	(b)	10.02%	04/2026	$	2,337	$	2,373	0.1	%	$	2,290
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75%	(o)	10.09%	04/2026	134		133		—		131
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75%	(b)(o)	10.07%	04/2026	149		148		—		146
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75%		N/A(6)	04/2025	—		—		—		—
Dwyer Instruments, Inc.+	One stop	SF +	5.75%	(o)	11.09%	07/2027	3,892		3,830		0.1		3,892
Dwyer Instruments, Inc.+	One stop	SF +	5.75%	(d)(o)	11.56%	07/2027	12		11		—		12
Dwyer Instruments, Inc.+(5)	One stop	SF +	6.00%		N/A(6)	07/2027	—		(8)		—		—
Essential Services Holdings Corporation+	One stop	L +	5.75%	(b)	10.93%	11/2026	1,488		1,479		0.1		1,459
Essential Services Holdings Corporation+	One stop	SF +	5.75%	(n)	10.95%	11/2025	40		39		—		39
Excelitas Technologies Corp.+	One stop	SF +	5.75%	(o)	10.94%	08/2029	7,574		7,444		0.3		7,499
Excelitas Technologies Corp.+(8)(9)	One stop	E +	5.75%	(f)	9.05%	08/2029	1,279		1,189		0.1		1,267
Excelitas Technologies Corp.+	One stop	SF +	5.75%	(o)	10.94%	08/2028	117		115		—		115
Excelitas Technologies Corp.+(5)	One stop	SF +	5.75%		N/A(6)	08/2029	—		(12)		—		(9)
Madison Safety & Flow LLC+	Senior secured	SF +	3.60%	(n)	8.74%	03/2025	426		425		—		426
Madison Safety & Flow LLC+	Senior secured	SF +	3.60%		N/A(6)	03/2025	—		—		—		—
Specialty Measurement Bidco Limited+(8)(10)	One stop	SF +	6.00%	(m)	11.31%	11/2027	7,961		7,823		0.3		7,961
Specialty Measurement Bidco Limited+(8)(9)(10)	One stop	E +	6.00%	(f)	9.48%	11/2027	7,298		7,853		0.3		7,298
Specialty Measurement Bidco Limited+(8)(9)(10)	One stop	E +	6.00%	(f)	9.46%	11/2027	3,590		3,440		0.1		3,590
Specialty Measurement Bidco Limited+(8)(10)	One stop	SF +	6.25%	(m)	11.55%	11/2027	2,510		2,463		0.1		2,522
Specialty Measurement Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.25%		N/A(6)	11/2027	—		(40)		—		—
							38,807		38,705		1.5		38,638

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Insurance
Alera Group, Inc.+	One stop	SF +	6.00%	(n)	11.20%				10/2028	$	25,178	$	24,989	1.0	%	$	24,422
Alera Group, Inc.+	One stop	SF +	6.00%	(n)	11.20%				10/2028	7,155		7,074		0.3		6,941
Alera Group, Inc.+	One stop	SF +	6.00%	(n)	11.20%				10/2028	609		605		—		591
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(p)	10.21%				07/2027	3,164		3,143		0.1		3,133
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(p)	10.21%				07/2027	942		939		—		933
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(p)	10.21%				07/2027	784		778		—		776
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(n)	10.46%				07/2027	5		5		—		5
AMBA Buyer, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				07/2027	—		—		—		(1)
Captive Resources Midco, LLC+(23)	One stop	SF +	5.25%	(n)	5.17%	cash/	5.68%	PIK	07/2029	10,010		9,842		0.4		10,010
Captive Resources Midco, LLC+(5)	One stop	SF +	5.25%		N/A(6)				07/2028	—		(3)		—		—
Disco Parent, Inc.+	One stop	SF +	7.50%	(o)	12.76%				03/2029	4,069		3,972		0.2		3,968
Disco Parent, Inc.+(5)	One stop	SF +	7.50%		N/A(6)				03/2029	—		(1)		—		(1)
Integrity Marketing Acquisition, LLC+	Senior secured	SF +	6.05%	(o)	11.31%				08/2025	3,023		2,995		0.1		2,970
Integrity Marketing Acquisition, LLC+	One stop	SF +	5.80%	(o)	11.16%				08/2025	2,402		2,397		0.1		2,348
Integrity Marketing Acquisition, LLC+	Senior secured	SF +	6.05%	(o)	11.41%				08/2025	1,506		1,491		0.1		1,479
Integrity Marketing Acquisition, LLC+	Senior secured	SF +	5.80%	(o)	11.16%				08/2025	767		764		—		750
Integrity Marketing Acquisition, LLC+	One stop	SF +	5.80%	(o)	11.16%				08/2025	465		462		—		454
Integrity Marketing Acquisition, LLC+	Senior secured	SF +	6.05%	(o)	11.41%				08/2025	242		241		—		238
Integrity Marketing Acquisition, LLC+	Senior secured	SF +	6.02%	(o)	11.38%				08/2025	183		182		—		180
Integrity Marketing Acquisition, LLC+	One stop	SF +	6.50%		N/A(6)				08/2025	—		—		—		—
Integrity Marketing Acquisition, LLC+	One stop	SF +	6.02%	(o)	11.28%				08/2025	2,115		2,084		0.1		2,072
J.S. Held Holdings, LLC#+	One stop	SF +	5.50%	(o)	10.89%				07/2025	6,372		6,358		0.3		6,308
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(o)	10.89%				07/2025	1,467		1,452		0.1		1,452
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(o)	10.89%				07/2025	1,419		1,402		0.1		1,405
J.S. Held Holdings, LLC+(5)	One stop	SF +	5.50%		N/A(6)				07/2025	—		(3)		—		(4)
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(o)	10.89%				07/2025	208		205		—		204
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(o)	10.89%				07/2025	162		161		—		160
Keystone Agency Partners LLC+	Senior secured	SF +	5.75%	(o)	11.14%				05/2027	2,828		2,795		0.1		2,800
Keystone Agency Partners LLC+	Senior secured	SF +	5.75%	(o)	11.14%				05/2027	181		179		—		179
Keystone Agency Partners LLC+	Senior secured	SF +	5.75%	(o)	11.14%				05/2027	525		514		—		516
Long Term Care Group, Inc.+	One stop	SF +	6.00%	(o)	11.29%				09/2027	2,962		2,920		0.1		2,725
Majesco*#	One stop	SF +	7.38%	(o)	12.62%				09/2027	18,608		18,414		0.7		18,608
Majesco+(5)	One stop	SF +	7.38%		N/A(6)				09/2026	—		(2)		—		—
Norvax, LLC+(8)	Senior secured	SF +	7.50%	(n)	12.70%				09/2025	31,733		31,523		1.2		31,099
Norvax, LLC+(8)	Senior secured	SF +	7.50%	(n)	12.70%				09/2025	9,607		9,490		0.4		9,415
Paisley Bidco Limited+(8)(9)(10)	One stop	E +	6.50%	(f)	9.74%				03/2028	1,448		1,392		—		1,448
Paisley Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.75%		N/A(6)				03/2028	—		(55)		—		—
Pareto Health Intermediate Holdings, Inc.+	One stop	SF +	6.50%	(o)	11.74%				05/2030	14,460		14,174		0.6		14,243
Pareto Health Intermediate Holdings, Inc.+	One stop	SF +	6.50%	(o)	11.74%				05/2030	4,820		4,725		0.2		4,748
Pareto Health Intermediate Holdings, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				06/2029	—		(1)		—		(1)
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.75%	(o)	11.14%				10/2028	10,979		10,896		0.4		10,759
Patriot Growth Insurance Services, LLC+(5)	One stop	SF +	5.50%		N/A(6)				10/2028	—		—		—		(1)
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.75%	(o)	11.07%				10/2028	1,170		1,151		—		1,126
People Corporation+(8)(9)(12)	One stop	C +	6.25%	(k)	11.28%				02/2028	13,983		14,453		0.6		13,983
People Corporation+(8)(9)(12)	One stop	C +	6.25%	(k)	11.28%				02/2028	4,564		4,844		0.2		4,564
People Corporation+(8)(9)(12)	One stop	C +	5.50%	(j)(k)	10.58%				02/2028	7,431		7,412		0.3		7,314
People Corporation+(8)(9)(12)	One stop	C +	6.25%	(k)	11.27%				02/2027	57		54		—		57

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
RSC Acquisition, Inc.*#+	One stop	SF +	5.50%	(o)	10.72%				10/2026	$	25,439	$	25,169	1.0	%	$	24,929
RSC Acquisition, Inc.+	One stop	SF +	5.50%	(o)	10.77%				10/2026	6,511		6,293		0.3		6,380
RSC Acquisition, Inc.+	One stop	SF +	5.50%	(o)	10.85%				10/2026	1,507		1,497		0.1		1,477
RSC Acquisition, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				10/2026	—		(1)		—		(2)
RSC Acquisition, Inc.+	One stop	SF +	5.50%	(o)	10.89%				10/2026	780		770		—		753
RSC Acquisition, Inc.+	One stop	SF +	5.50%	(o)	10.92%				10/2026	4,256		4,223		0.2		4,170
Sunstar Insurance Group, LLC+	Senior secured	SF +	5.75%	(o)	11.14%				10/2026	769		762		—		769
Sunstar Insurance Group, LLC+	Senior secured	SF +	5.75%	(o)	11.14%				10/2026	916		910		—		916
Sunstar Insurance Group, LLC+	Senior secured	SF +	5.75%	(o)	11.14%				10/2026	390		386		—		390
Sunstar Insurance Group, LLC+	Senior secured	P +	4.75%	(d)	13.00%				10/2026	4		4		—		4

										238,175		236,425		9.3		234,161
Internet & Catalog Retail
Revalize, Inc.+	One stop	SF +	5.75%	(n)	10.95%				04/2027	14,898		14,804		0.5		13,408
Revalize, Inc.+	One stop	SF +	5.75%	(n)	10.95%				04/2027	8,720		8,665		0.3		7,848
Revalize, Inc.+	One stop	SF +	5.75%	(n)	10.95%				04/2027	4,324		4,296		0.2		3,891
Revalize, Inc.+	One stop	SF +	5.75%	(n)	10.95%				04/2027	2,605		2,588		0.1		2,344
Revalize, Inc.+	One stop	SF +	5.75%	(n)	10.95%				04/2027	1,679		1,667		0.1		1,511
Revalize, Inc.+	One stop	SF +	5.75%	(n)	10.95%				04/2027	394		392		—		355
Revalize, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				04/2027	—		(1)		—		(23)
Revalize, Inc.+	One stop	SF +	5.75%	(n)	10.95%				04/2027	43		41		—		38
										32,663		32,452		1.2		29,372
IT Services
Acquia, Inc.+	One stop	L +	7.00%	(b)	12.34%				10/2025	9,578		9,527		0.4		9,578
Acquia, Inc.+	One stop	SF +	7.00%	(c)(o)(p)	12.34%				10/2025	44		43		—		44
CivicPlus, LLC+(23)	One stop	L +	6.50%	(b)	9.48%	cash/	2.50%	PIK	08/2027	6,278		6,224		0.2		6,216
CivicPlus, LLC+(23)	One stop	L +	6.50%	(b)	9.48%	cash/	2.50%	PIK	08/2027	3,708		3,679		0.1		3,671
CivicPlus, LLC+(23)	One stop	L +	6.50%	(b)	9.48%	cash/	2.50%	PIK	08/2027	2,943		2,917		0.1		2,914
CivicPlus, LLC+(23)	One stop	SF +	11.75%	(p)	16.58%				06/2034	216		211		—		214
CivicPlus, LLC+	One stop	L +	6.00%	(a)	11.15%				08/2027	14		14		—		14
Critical Start, Inc.+(23)	One stop	SF +	6.75%	(o)	8.17%	cash/	3.63%	PIK	05/2028	3,313		3,287		0.1		3,280
Critical Start, Inc.+(23)	One stop	SF +	6.75%	(o)	8.17%	cash/	3.63%	PIK	05/2028	1,511		1,483		0.1		1,496
Critical Start, Inc.+(5)	One stop	SF +	6.75%		N/A(6)				05/2028	—		(1)		—		(1)
Delinea Inc.+	One stop	SF +	5.75%	(o)	11.14%				03/2028	16,454		16,290		0.6		15,796
Delinea Inc.#	One stop	SF +	5.75%	(o)	11.14%				03/2028	9,513		9,414		0.4		9,132
Delinea Inc.+(5)	One stop	SF +	5.75%		N/A(6)				03/2027	—		(2)		—		(8)
Optimizely North America, Inc.#+	One stop	SF +	5.50%	(o)	10.89%				04/2026	21,331		21,149		0.8		20,477
Optimizely North America, Inc.+(8)(9)	One stop	E +	5.75%	(f)	9.30%				04/2026	19,399		20,053		0.8		18,624
Optimizely North America, Inc.*#	One stop	SF +	5.50%	(o)	10.89%				04/2026	11,845		11,881		0.5		11,370
Optimizely North America, Inc.*	One stop	SF +	5.50%	(o)	10.89%				04/2026	6,552		6,489		0.3		6,290
Optimizely North America, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				04/2026	—		(2)		—		(22)
Optimizely North America, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				04/2026	—		(2)		—		(20)
Goldcup 31018 AB+(8)(9)(17)(23)	One stop	E +	13.25%	(g)	9.32%	cash/	9.57%	PIK	07/2029	8,688		7,903		0.3		8,601
Goldcup 31018 AB+(5)(8)(9)(17)	One stop	E +	6.50%		N/A(6)				01/2029	—		(2)		—		(1)
Goldcup 31018 AB+(8)(9)(17)(23)	One stop	E +	16.46%	(f)	9.71%	cash/	9.96%	PIK	07/2029	824		786		—		810
Infinisource, Inc.*#	One stop	SF +	4.75%	(p)	10.34%				10/2026	27,590		27,326		1.1		27,039
Infinisource, Inc.+	One stop	SF +	4.75%	(p)	10.34%				10/2026	8,339		8,284		0.3		8,173
Infinisource, Inc.+	One stop	SF +	4.75%	(p)	10.34%				10/2026	2,011		1,982		0.1		1,971
Infinisource, Inc.+	One stop	SF +	4.75%	(p)	10.34%				10/2026	301		299		—		295
Infinisource, Inc.+	One stop	SF +	4.75%	(p)	10.34%				10/2026	213		212		—		209
Infinisource, Inc.+	One stop	SF +	4.75%	(p)	10.34%				10/2026	105		104		—		102

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In 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.+(5)	One stop	SF +	4.75%		N/A(6)				10/2026	$	—	$	(3)	—	%	$	(8)
Infinisource, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				10/2026	—		(1)		—		(3)
Infinisource, Inc.+	One stop	SF +	4.75%	(p)	10.34%				10/2026	85		77		—		84
Infinisource, Inc.+	One stop	SF +	4.75%	(p)	10.34%				10/2026	485		482		—		475
Infinisource, Inc.+	One stop	SF +	4.75%	(p)	10.34%				10/2026	286		278		—		280
Netwrix Corporation*+	One stop	SF +	5.00%	(p)	10.30%				06/2029	4,193		4,162		0.2		4,108
Netwrix Corporation+	One stop	SF +	5.00%	(o)	10.24%				06/2029	44		42		—		40
Netwrix Corporation+(5)	One stop	SF +	5.00%		N/A(6)				06/2029	—		(7)		—		(24)
PCS Intermediate II Holdings, LLC#	One stop	L +	5.25%	(b)	10.52%				01/2026	14,092		14,031		0.6		14,092
PCS Intermediate II Holdings, LLC#	One stop	L +	5.25%	(b)	10.52%				01/2026	2,034		2,023		0.1		2,034
PCS Intermediate II Holdings, LLC+	One stop	SF +	5.25%	(b)(o)	10.62%				01/2026	50		50		—		50
Recordxtechnologies, LLC#(23)	One stop	SF +	7.50%	(o)	11.74%	cash/	1.00%	PIK	12/2025	730		725		—		715
Recordxtechnologies, LLC+(23)	One stop	SF +	7.50%	(o)	11.74%	cash/	1.00%	PIK	12/2025	114		113		—		112
Recordxtechnologies, LLC+(23)	One stop	SF +	7.50%	(o)	11.74%	cash/	1.00%	PIK	12/2025	63		62		—		61
Red Dawn SEI Buyer, Inc.+(8)(9)	Senior secured	SN +	4.50%	(l)	9.43%				11/2025	21,741		23,351		0.9		21,523
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.50%	(o)	9.84%				11/2025	5,500		5,472		0.2		5,445
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.25%	(o)	9.59%				11/2025	731		727		—		720
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.25%	(o)	9.59%				11/2025	130		129		—		128
Red Dawn SEI Buyer, Inc.+(5)	Senior secured	SF +	4.50%		N/A(6)				11/2025	—		(1)		—		(1)
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.25%	(n)(o)	9.51%				11/2025	31		30		—		29
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.50%	(o)	9.84%				11/2025	317		315		—		314
ReliaQuest Holdings, LLC+	One stop	SF +	10.75%	(p)	15.57%				10/2026	1,098		1,081		—		1,098
ReliaQuest Holdings, LLC+	One stop	SF +	10.75%	(o)(p)	15.67%				10/2026	191		191		—		191
ReliaQuest Holdings, LLC+	One stop	SF +	10.75%	(o)	16.87%				10/2026	82		81		—		82
Saturn Borrower Inc.+(23)	One stop	SF +	7.25%	(o)	11.89%	cash/	0.75%	PIK	09/2026	19,930		19,603		0.8		18,735
Saturn Borrower Inc.+	One stop	SF +	6.50%	(o)	11.89%				09/2026	103		101		—		95
Zarya Holdco, Inc.+	Senior secured	SF +	6.50%	(o)	11.76%				07/2027	4,777		4,777		0.2		4,777
Zarya Holdco, Inc.+	Senior secured	SF +	6.50%	(o)	11.73%				07/2027	7		7		—		7


										237,584		237,446		9.2		231,423

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In 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#+(23)	One stop	SF +	6.50%	(o)	10.89%	cash/	1.00%	PIK	09/2024	$	8,425	$	8,448	0.3	%	$	8,425
WBZ Investment LLC+(23)	One stop	SF +	6.50%	(o)	10.89%	cash/	1.00%	PIK	09/2024	1,240		1,236		0.1		1,240
WBZ Investment LLC+(23)	One stop	SF +	6.50%	(o)	10.89%	cash/	1.00%	PIK	09/2024	861		870		—		861
WBZ Investment LLC+(23)	One stop	SF +	6.50%	(o)	10.89%	cash/	1.00%	PIK	09/2024	448		452		—		448
WBZ Investment LLC+	One stop	SF +	6.50%		N/A(6)				09/2024	—		—		—		—
										10,974		11,006		0.4		10,974
Life Sciences Tools & Services
Celerion Buyer, Inc.*#	One stop	SF +	6.50%	(o)	11.59%				11/2029	21,434		20,952		0.9		21,434
Celerion Buyer, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(1)		—		—
Celerion Buyer, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				11/2029	—		(77)		—		—
Covaris Intermediate 3, LLC+	One stop	SF +	5.25%	(o)	10.64%				01/2028	5,864		5,819		0.2		5,571
Covaris Intermediate 3, LLC+	One stop	SF +	5.25%	(o)	10.64%				01/2028	37		36		—		34
Covaris Intermediate 3, LLC+(5)	One stop	SF +	5.25%		N/A(6)				01/2028	—		(2)		—		—
PAS Parent Inc.*#+	One stop	SF +	5.25%	(n)	10.47%				12/2028	33,576		33,046		1.3		32,905
PAS Parent Inc.+	One stop	SF +	5.25%	(n)	10.47%				12/2027	96		89		—		90
PAS Parent Inc.+(5)	One stop	SF +	5.25%		N/A(6)				12/2028	—		(4)		—		(3)
Reaction Biology Corporation#	One stop	SF +	5.25%	(p)	10.36%				03/2029	7,963		7,897		0.3		7,724
Reaction Biology Corporation+(5)	One stop	SF +	5.25%		N/A(6)				03/2029	—		(2)		—		(6)
Reaction Biology Corporation+	One stop	SF +	5.25%	(o)(p)	10.63%				03/2029	50		49		—		46
Reaction Biology Corporation+	One stop	SF +	5.25%	(p)	10.36%				03/2029	182		181		—		177
Reaction Biology Corporation+	One stop	SF +	5.25%	(p)	10.36%				03/2029	121		120		—		117
Unchained Labs, LLC+	Senior secured	SF +	5.50%	(n)	10.65%				08/2027	991		969		0.1		906
Unchained Labs, LLC+	Senior secured	SF +	5.50%	(n)	10.65%				08/2027	837		826		—		804
Unchained Labs, LLC+(5)	Senior secured	SF +	5.50%		N/A(6)				08/2027	—		—		—		(1)










										71,151		69,898		2.8		69,798
Machinery
Bad Boy Mowers Acquisition, LLC+	Senior secured	L +	4.25%	(b)	9.69%				03/2028	1,866		1,862		0.1		1,866
Blackbird Purchaser, Inc.*+	Senior secured	SF +	4.25%	(n)	9.45%				04/2026	19,051		19,147		0.8		19,051
Blackbird Purchaser, Inc.+	Senior secured	SF +	4.25%	(n)	9.45%				10/2025	58		58		—		58
Blackbird Purchaser, Inc.+	Senior secured	SF +	4.25%	(o)	9.59%				04/2026	173		169		—		173
Chase Industries, Inc.+(7)(23)(24)	Senior secured	L +	7.00%	(b)	12.54%				05/2025	12,059		12,085		0.5		12,903
Chase Industries, Inc.+(7)(23)(24)	Senior secured	L +	7.00%	(b)	12.54%				05/2025	985		999		—		1,055
Chase Industries, Inc.+(7)(23)(24)	Senior secured	L +	7.00%	(b)	12.54%				05/2025	214		214		—		228

										34,406		34,534		1.4		35,334
Marine
Project Nike Purchaser, LLC+	One stop	SF +	6.00%	(o)	11.24%				04/2029	19,614		19,451		0.8		19,025
Project Nike Purchaser, LLC+	One stop	SF +	6.00%	(o)	11.24%				04/2029	75		73		—		68
										19,689		19,524		0.8		19,093
Media
Triple Lift, Inc.+	One stop	SF +	5.50%	(o)(p)	10.68%				05/2028	5,303		5,229		0.2		5,090
Triple Lift, Inc.+	One stop	SF +	5.50%	(p)	10.23%				05/2028	1,124		1,107		—		1,079
Triple Lift, Inc.+	One stop	SF +	5.50%	(o)	10.55%				05/2028	27		26		—		25
										6,454		6,362		0.2		6,194
Multiline Retail
Mills Fleet Farm Group LLC*#+	One stop	L +	6.50%	(b)	11.77%				10/2024	45,138		45,107		1.8		45,138

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.*+(8)(12)	One stop	SF +	6.50%	(o)	11.74%				05/2025	$	20,262	$	20,321	0.8	%	$	20,262
3ES Innovation, Inc.+(8)(12)	One stop	SF +	6.50%	(n)	11.70%				05/2025	80		79		—		80
Envernus, Inc.*#+	Senior secured	SF +	4.25%	(n)	9.45%				07/2025	37,820		37,987		1.5		37,631
Envernus, Inc.+	Senior secured	SF +	4.50%	(n)	9.70%				07/2025	17,004		16,811		0.7		17,004
Envernus, Inc.+	Senior secured	SF +	4.50%	(n)	9.70%				09/2026	68		63		—		68
Project Power Buyer, LLC*#+	One stop	SF +	7.00%	(o)	12.24%				05/2026	40,168		39,606		1.6		40,168
Project Power Buyer, LLC+(5)	One stop	SF +	7.00%		N/A(6)				05/2025	—		(1)		—		—
										115,402		114,866		4.6		115,213
Paper & Forest Products
Messenger, LLC#+	One stop	SF +	5.75%	(o)	11.14%				12/2027	10,100		10,022		0.4		9,695
Messenger, LLC+	One stop	SF +	5.75%	(o)	10.95%				12/2027	99		98		—		95
Messenger, LLC+	One stop	SF +	5.75%	(o)	11.14%				12/2027	50		49		—		48
Messenger, LLC+	One stop	P +	4.75%	(d)(n)	12.15%				12/2027	48		48		—		46
										10,297		10,217		0.4		9,884
Personal Products
IMPLUS Footcare, LLC+(23)	One stop	SF +	9.25%	(o)	14.65%	cash/	1.50%	PIK	07/2024	30,485		30,593		1.1		28,046
IMPLUS Footcare, LLC+(23)	One stop	SF +	9.25%	(o)	14.65%	cash/	1.50%	PIK	07/2024	5,206		5,225		0.2		4,790
IMPLUS Footcare, LLC*+(23)	One stop	SF +	9.25%	(o)	14.65%	cash/	1.50%	PIK	07/2024	751		756		—		690
										36,442		36,574		1.3		33,526

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Pharmaceuticals
ACP Ulysses Buyer, Inc.*#	One stop	SF +	5.50%	(o)	10.89%				02/2026	$	25,296	$	25,139	1.0	%	$	24,031
ACP Ulysses Buyer, Inc.*	One stop	SF +	5.50%	(o)	10.89%				02/2026	1,094		1,077		—		1,039
Amalthea Parent, Inc.*#+(8)(12)	One stop	SF +	5.00%	(n)	10.22%				03/2027	58,843		58,406		2.2		55,902
Amalthea Parent, Inc.+(5)(8)(12)	One stop	SF +	5.00%		N/A(6)				03/2027	—		(2)		—		(14)
Apothecary Products, LLC+	Senior secured	SF +	5.00%	(p)	10.23%				07/2023	2,710		2,712		0.1		2,710
Apothecary Products, LLC+	Senior secured	SF +	5.00%		N/A(6)				07/2023	—		—		—		—
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.50%	(o)	10.74%				05/2029	17,050		16,763		0.7		16,538
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.75%	(n)	10.85%				05/2029	168		163		—		162
Caerus Midco 3 S.A.R.L.+(5)(8)(13)	One stop	SF +	5.50%		N/A(6)				05/2029	—		(22)		—		(77)
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.75%	(o)	10.99%				05/2029	2,821		2,771		0.1		2,765
Caerus Midco 3 S.A.R.L.+(5)(8)(13)	One stop	SF +	5.75%		N/A(6)				05/2029	—		(4)		—		(8)
Cobalt Buyer Sub, Inc.+	One stop	SF +	6.00%	(n)	11.22%				10/2028	10,547		10,389		0.4		10,178
Cobalt Buyer Sub, Inc.+(5)	One stop	SF +	6.00%		N/A(6)				10/2027	—		(1)		—		(3)
Cobalt Buyer Sub, Inc.+	One stop	SF +	6.00%	(n)	11.22%				10/2028	3,536		3,481		0.2		3,412
Cobalt Buyer Sub, Inc.+	One stop	SF +	6.00%	(n)	11.19%				10/2028	2,664		2,572		0.1		2,571
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.75%	(l)	9.68%				08/2028	24,891		26,674		0.9		23,646
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.75%	(l)	9.68%				08/2028	2,640		2,503		0.1		2,508
Spark Bidco Limited+(5)(8)(9)(10)	Senior secured	SN +	4.75%		N/A(6)				02/2028	—		(2)		—		(5)
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	6.00%	(l)	10.93%				08/2028	3,455		3,254		0.1		3,455
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.75%	(l)	9.68%				08/2028	3,017		2,689		0.1		2,866
Spark Bidco Limited+(5)(8)(10)	Senior secured	SF +	6.00%		N/A(6)				08/2028	—		(34)		—		—
										158,732		158,528		6.0		151,676
Professional Services
ALKU Intermediate Holdings, LLC+	One stop	SF +	6.25%	(n)	11.33%				05/2029	4,444		4,379		0.2		4,389
bswift, LLC+	One stop	SF +	6.63%	(n)	11.76%				11/2028	5,113		4,970		0.2		5,113
Citrin Cooperman Advisors LLC+	One stop	SF +	5.75%	(o)(p)	10.84%				10/2027	4,213		4,168		0.2		4,213
Citrin Cooperman Advisors LLC+(5)	One stop	SF +	6.25%		N/A(6)				10/2027	—		(10)		—		—
Citrin Cooperman Advisors LLC+	One stop	SF +	6.25%	(p)	11.22%				10/2027	2,334		2,269		0.1		2,340
DISA Holdings Corp.+	Senior secured	SF +	5.50%	(n)	10.66%				09/2028	3,485		3,425		0.1		3,485
DISA Holdings Corp.+(5)	Senior secured	SF +	5.50%		N/A(6)				09/2028	—		(1)		—		—
DISA Holdings Corp.+	Senior secured	SF +	5.50%	(n)	10.66%				09/2028	220		215		—		220
DISA Holdings Corp.+	One stop	SF +	5.50%	(n)	10.65%				09/2028	151		145		—		151
DISA Holdings Corp.+(23)	Subordinated debt	SF +	10.00%	(n)	13.13%	cash/	2.00%	PIK	03/2029	50		49		—		50
Eliassen Group, LLC+	One stop	SF +	5.50%	(p)	10.84%				04/2028	1,434		1,422		0.1		1,434
Eliassen Group, LLC+	One stop	SF +	4.50%	(o)	9.73%				04/2028	4		4		—		4
Filevine, Inc.+(23)	One stop	SF +	6.50%	(o)(p)	9.12%	cash/	2.50%	PIK	04/2027	5,366		5,310		0.2		5,407
Filevine, Inc.+	One stop	SF +	6.50%		N/A(6)				04/2027	—		—		—		—
IG Investments Holdings, LLC+	One stop	SF +	6.00%	(n)(o)	11.17%				09/2028	6,485		6,391		0.3		6,485
IG Investments Holdings, LLC+(5)	One stop	SF +	5.00%		N/A(6)				09/2027	—		(1)		—		—
IG Investments Holdings, LLC+	One stop	SF +	6.00%	(o)	11.15%				09/2028	554		546		—		554
NBG Acquisition Corp. and NBG-P Acquisition Corp.#	One stop	SF +	5.25%	(o)	10.45%				11/2028	7,536		7,494		0.3		7,310
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5)	One stop	SF +	5.25%		N/A(6)				11/2028	—		(13)		—		—
NBG Acquisition Corp. and NBG-P Acquisition Corp.+	One stop	SF +	5.25%	(o)	10.61%				11/2028	131		129		—		124
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5)	One stop	SF +	5.25%		N/A(6)				11/2028	—		(16)		—		—
Net Health Acquisition Corp.+	One stop	SF +	5.75%	(n)	10.95%				12/2025	13,135		13,067		0.5		12,872
Net Health Acquisition Corp.*#	One stop	SF +	5.75%	(n)	10.95%				12/2025	8,312		8,302		0.3		8,146
Net Health Acquisition Corp.*	One stop	SF +	5.75%	(n)	10.95%				12/2025	6,654		6,682		0.3		6,521

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Net Health Acquisition Corp.#	One stop	SF +	5.75%	(n)	10.95%	12/2025	$	4,205	$	4,175	0.2	%	$	4,121
Net Health Acquisition Corp.*#	One stop	SF +	5.75%	(n)	10.95%	12/2025	1,161		1,160		—		1,138
Net Health Acquisition Corp.+	One stop	SF +	5.75%	(n)	10.95%	12/2025	91		90		—		85
PlanSource Holdings, Inc.+	One stop	L +	6.25%	(c)	11.36%	04/2025	11,416		11,451		0.4		11,416
PlanSource Holdings, Inc.+	One stop	L +	6.25%	(c)	11.36%	04/2025	1,932		1,924		0.1		1,932
PlanSource Holdings, Inc.+	One stop	L +	6.25%	(c)	11.36%	04/2025	139		138		—		139
PlanSource Holdings, Inc.+	One stop	SF +	6.25%		N/A(6)	04/2025	—		—		—		—
Procure Acquireco, Inc.#+	One stop	SF +	5.00%	(o)	10.41%	12/2028	17,500		17,364		0.7		17,500
Procure Acquireco, Inc.+(5)	One stop	SF +	5.00%		N/A(6)	12/2028	—		(1)		—		—
Procure Acquireco, Inc.+(5)	One stop	SF +	5.00%		N/A(6)	12/2028	—		(2)		—		—
Teaching Company, The+	One stop	L +	4.75%	(b)	10.01%	07/2023	17,331		17,333		0.7		17,331
Teaching Company, The+	One stop	L +	4.75%	(b)	9.97%	07/2023	60		60		—		60





							123,456		122,618		4.9		122,540


Real Estate Management & Development
Inhabit IQ Inc.+	One stop	SF +	5.50%	(n)	10.70%	07/2025	21,588	21,473	0.9	21,588
Inhabit IQ Inc.#+	One stop	SF +	5.50%	(n)	10.70%	07/2025	19,284	19,290	0.8	19,284
Inhabit IQ Inc.+	One stop	SF +	5.50%	(n)	10.70%	07/2025	13,288	13,226	0.5	13,288
Inhabit IQ Inc.*	One stop	SF +	5.50%	(n)	10.70%	07/2025	12,273	12,208	0.5	12,273
Inhabit IQ Inc.*#	One stop	SF +	5.50%	(n)	10.70%	07/2025	6,467	6,476	0.3	6,467
Inhabit IQ Inc.+	One stop	SF +	5.50%	(n)	10.70%	07/2025	3,151	3,178	0.1	3,151
Inhabit IQ Inc.#+	One stop	SF +	5.50%	(n)	10.70%	07/2025	1,384	1,391	0.1	1,384
Inhabit IQ Inc.#+	One stop	SF +	5.50%	(n)	10.70%	07/2025	1,172	1,177	—	1,172
Inhabit IQ Inc.#+	One stop	SF +	5.50%	(n)	10.70%	07/2025	1,155	1,160	—	1,155
Inhabit IQ Inc.+	One stop	SF +	5.50%	(n)	10.70%	07/2025	924	922	—	924
Inhabit IQ Inc.+	One stop	SF +	5.50%	(n)	10.70%	07/2025	488	490	—	488
Inhabit IQ Inc.+	One stop	L +	5.50%	(a)	10.65%	07/2025	130	130	—	130
MRI Software LLC*+	One stop	SF +	5.50%	(o)	10.84%	02/2026	14,249	14,187	0.6	13,963
MRI Software LLC+	One stop	SF +	5.50%	(o)	10.84%	02/2026	5,226	5,188	0.2	5,121
MRI Software LLC+(5)	One stop	SF +	5.50%		N/A(6)	02/2026	—	(1)	—	(5)

MRI Software LLC+(5)	One stop	SF +	5.50%		N/A(6)	02/2026	—	—	—	(3)
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.75%	(l)	10.68%	08/2028	18,541	20,066	0.7	17,799
RPL Bidco Limited+(8)(9)(10)	One stop	A +	5.75%	(h)	9.76%	08/2028	1,988	2,175	0.1	1,909
RPL Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.75%		N/A(6)	02/2028	—	—	—	(2)
RPL Bidco Limited+(8)(9)(10)	One stop	A +	6.75%	(h)	10.76%	08/2028	8,189	8,131	0.3	8,189

							129,497	130,867	5.1	128,275
Road & Rail
Channelside Acquisitona Co, Inc.+	One stop	SF +	6.38%	(n)	11.58%	07/2028	4,240	4,165	0.2	4,240
Channelside Acquisitona Co, Inc.+(5)	One stop	SF +	6.75%		N/A(6)	07/2026	—	(2)	—	—
Channelside Acquisitona Co, Inc.+	One stop	SF +	6.75%	(n)	11.92%	07/2028	3,639	3,536	0.1	3,666
Channelside Acquisitona Co, Inc.+(5)	One stop	SF +	6.75%		N/A(6)	07/2028	—	(7)	—	—
Internet Truckstop Group LLC*#	One stop	SF +	5.50%	(o)	10.89%	04/2025	21,118	21,308	0.8	20,907
Internet Truckstop Group LLC+	One stop	SF +	5.50%	(o)	10.89%	04/2025	9,248	9,187	0.4	9,155
Internet Truckstop Group LLC+(5)	One stop	SF +	5.50%		N/A(6)	04/2025	—	(1)	—	(2)
							38,245	38,186	1.5	37,966

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In 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.*#+(23)	One stop	SF +	7.50%	(n)	8.45%	cash/	4.25%	PIK	09/2024	$	4,817	$	4,804	0.2	%	$	4,817
Accela, Inc.+(23)	One stop	SF +	7.50%	(n)	8.45%	cash/	4.25%	PIK	09/2024	286		285		—		286
Accela, Inc.+	One stop	SF +	7.50%		N/A(6)				09/2024	—		—		—		—
Accela, Inc.+	One stop	SF +	7.50%	(n)	12.70%				09/2024	541		538		—		541
Anaplan, Inc.+	One stop	SF +	6.50%	(n)	11.60%				06/2029	9,840		9,756		0.4		9,742
Anaplan, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				06/2028	—		(1)		—		(1)
Appfire Technologies, LLC#+	One stop	SF +	5.50%	(o)	10.72%				03/2027	38,629		38,269		1.5		37,857
Appfire Technologies, LLC+(5)	One stop	SF +	5.50%		N/A(6)				03/2027	—		(2)		—		(5)
Appfire Technologies, LLC+(5)	One stop	SF +	5.50%		N/A(6)				03/2027	—		(30)		—		(86)
Apptio, Inc.+	One stop	L +	5.00%	(b)	10.20%				01/2025	57,010		57,265		2.3		57,010
Apptio, Inc.+	One stop	L +	5.00%	(b)	10.20%				01/2025	58		57		—		58
Aras Corporation+(23)	One stop	L +	6.75%	(b)	8.74%	cash/	3.25%	PIK	04/2027	14,567		14,480		0.6		14,276
Aras Corporation+	One stop	L +	6.50%	(b)(c)	11.71%				04/2027	61		60		—		59
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.25%	(l)	10.18%				06/2029	3,637		3,417		0.1		3,437
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.25%	(l)	10.18%				06/2029	1,667		1,510		0.1		1,562
Arrow Buyer, Inc.+	One stop	SF +	6.50%	(o)	11.74%				06/2030	16,360		15,928		0.6		16,155
Arrow Buyer, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				06/2030	—		(24)		—		(24)
Auvik Networks Inc.+(8)(12)(23)	One stop	SF +	5.75%	(o)	8.20%	cash/	2.75%	PIK	07/2027	7,181		7,134		0.3		6,983
Auvik Networks Inc.+(8)(12)(23)	One stop	SF +	6.25%	(o)	8.20%	cash/	3.25%	PIK	07/2027	1,282		1,272		0.1		1,269
Auvik Networks Inc.+(5)(8)(12)	One stop	SF +	3.00%		N/A(6)				07/2027	—		(1)		—		(2)
Axiom Merger Sub Inc.+	One stop	L +	5.25%	(c)	10.60%				04/2026	5,694		5,714		0.2		5,694
Axiom Merger Sub Inc.+(8)(9)	One stop	E +	5.50%	(f)(g)	8.87%				04/2026	2,291		2,353		0.1		2,291
Axiom Merger Sub Inc.+	One stop	L +	5.25%	(c)	10.60%				04/2026	270		268		—		270
Axiom Merger Sub Inc.+	One stop	SF +	5.25%	(c)(p)	10.59%				04/2026	39		38		—		39
Axiom Merger Sub Inc.+	One stop	SF +	5.25%		N/A(6)				10/2025	—		—		—		—
Bayshore Intermediate #2, L.P.+(23)	One stop	SF +	7.50%	(o)	12.82%				10/2028	71,481		70,470		2.8		70,766
Bayshore Intermediate #2, L.P.+	One stop	SF +	6.50%	(n)	11.77%				10/2027	33		31		—		32
Bonterra LLC+	One stop	L +	6.25%	(b)	11.79%				09/2027	65,388		64,709		2.5		62,118
Bonterra LLC+	One stop	L +	6.25%	(b)	11.72%				09/2027	197		195		—		187
Bonterra LLC+(5)	One stop	SF +	6.25%		N/A(6)				09/2027	—		(59)		—		(210)
Bottomline Technologies, Inc.+	One stop	SF +	5.25%	(n)	10.33%				05/2029	27,951		27,483		1.1		27,113
Bottomline Technologies, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				05/2028	—		(3)		—		(7)
Bullhorn, Inc.*#+	One stop	SF +	5.75%	(n)	10.95%				09/2026	65,438		64,855		2.6		64,784
Bullhorn, Inc.+(8)(9)	One stop	SN +	6.00%	(l)	10.93%				09/2026	12,051		11,576		0.5		11,931
Bullhorn, Inc.+(8)(9)	One stop	E +	5.75%	(e)	9.16%				09/2026	4,679		4,648		0.2		4,632
Bullhorn, Inc.+	One stop	SF +	5.75%	(n)	10.95%				09/2026	212		210		—		210
Bullhorn, Inc.+	One stop	SF +	5.75%	(n)	10.95%				09/2026	95		94		—		94
Bullhorn, Inc.+	One stop	SF +	5.75%	(n)	10.95%				09/2026	76		75		—		75
Bullhorn, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				09/2026	—		(2)		—		(2)
Burning Glass Intermediate Holdings Company, Inc.#+	One stop	SF +	5.00%	(n)	10.20%				06/2028	9,745		9,605		0.4		9,745
Burning Glass Intermediate Holdings Company, Inc.+	One stop	SF +	5.00%	(n)	10.20%				06/2026	35		34		—		35
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	7.25%	(p)	12.05%				01/2029	5,437		5,284		0.2		5,355
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	7.25%	(p)	12.05%				01/2029	1,438		1,397		0.1		1,416
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	7.25%		N/A(6)				01/2029	—		—		—		—
Bynder BidCo, Inc.& Bynder BidCo B.V.+(5)(8)(14)	One stop	SF +	7.25%		N/A(6)				01/2029	—		(1)		—		(1)
Calabrio, Inc.+	One stop	SF +	7.13%	(n)	12.23%				04/2027	53,683		53,174		2.1		53,683

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Calabrio, Inc.+	One stop	L +	7.00%	(a)	12.15%				04/2027	$	135	$	132	—	%	$	135
Community Brands Parentco LLC+	One stop	SF +	5.50%	(n)	10.70%				02/2028	14,087		13,869		0.5		13,806
Community Brands Parentco LLC+(5)	One stop	SF +	5.50%		N/A(6)				02/2028	—		(1)		—		(1)
Community Brands Parentco LLC+(5)	One stop	SF +	5.50%		N/A(6)				02/2028	—		(1)		—		(2)
Coupa Holdings, LLC+	One stop	SF +	7.50%	(n)	12.60%				02/2030	22,848		22,304		0.9		22,276
Coupa Holdings, LLC+(5)	One stop	SF +	7.50%		N/A(6)				02/2029	—		(1)		—		(1)
Coupa Holdings, LLC+(5)	One stop	SF +	7.50%		N/A(6)				02/2030	—		(24)		—		(51)
Daxko Acquisition Corporation+	One stop	SF +	5.50%	(n)	10.70%				10/2028	27,501		27,293		1.0		26,401
Daxko Acquisition Corporation+	One stop	SF +	5.50%	(n)	10.70%				10/2028	2,319		2,293		0.1		2,226
Daxko Acquisition Corporation+	One stop	P +	4.50%	(d)	12.75%				10/2027	21		20		—		15
Daxko Acquisition Corporation+(5)	One stop	SF +	5.50%		N/A(6)				10/2028	—		(8)		—		—
Diligent Corporation*#+	One stop	SF +	6.25%	(n)	11.45%				08/2025	85,629		85,578		3.4		84,774
Diligent Corporation+	One stop	SF +	5.75%	(n)	10.95%				08/2025	5,919		5,890		0.2		5,801
Diligent Corporation+	One stop	SF +	6.25%	(n)	11.45%				08/2025	156		155		—		153
Dragon UK Bidco Limited+(8)(9)(10)	One stop	SN +	6.00%	(l)	10.93%				02/2029	14,711		15,092		0.6		14,122
Dragon UK Bidco Limited+(8)(9)(10)	One stop	C +	6.00%	(k)	11.39%				02/2029	289		294		—		278
Dragon UK Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.00%		N/A(6)				02/2029	—		—		—		(5)
FirstUp, Inc.+(23)	One stop	SF +	6.75%	(o)	8.64%	cash/	3.50%	PIK	07/2027	9,155		9,097		0.4		9,040
FirstUp, Inc.+(23)	One stop	SF +	6.75%	(o)	8.64%	cash/	3.50%	PIK	07/2027	76		76		—		75
Gainsight, Inc.+(23)	One stop	L +	6.75%	(c)	11.58%	PIK			07/2027	10,780		10,668		0.4		10,673
Gainsight, Inc.+(23)	One stop	SF +	6.75%	(n)	11.94%	PIK			07/2027	81		80		—		80
GS Acquisitionco, Inc.*#+	One stop	SF +	5.75%	(o)	11.14%				05/2026	83,975		84,067		3.3		83,135
GS Acquisitionco, Inc.+	One stop	SF +	5.75%	(o)	11.14%				05/2026	88		88		—		86
GTIV, LLC+	One stop	SF +	5.25%	(p)	10.22%				02/2029	73,657		73,067		2.9		73,657
GTIV, LLC+(5)	One stop	SF +	5.25%		N/A(6)				02/2029	—		(2)		—		—
GTY Technology Holdings, Inc.+(23)	One stop	SF +	6.87%	(o)	7.82%	cash/	4.30%	PIK	07/2029	3,203		3,150		0.1		3,171
GTY Technology Holdings, Inc.+(5)	One stop	SF +	6.25%		N/A(6)				07/2029	—		(2)		—		(1)
GTY Technology Holdings, Inc.+(23)	One stop	SF +	6.88%	(o)	7.80%	cash/	4.30%	PIK	07/2029	2,091		2,051		0.1		2,070
GTY Technology Holdings, Inc.+(23)	One stop	SF +	6.88%	(o)	7.82%	cash/	4.30%	PIK	07/2029	383		380		—		379
ICIMS, Inc.+(23)	One stop	SF +	7.25%	(o)	8.50%	cash/	3.88%	PIK	08/2028	7,931		7,814		0.3		7,772
ICIMS, Inc.+	One stop	SF +	6.75%	(o)	11.99%				08/2028	27		26		—		24
ICIMS, Inc.+(5)	One stop	SF +	7.25%		N/A(6)				08/2028	—		—		—		(38)

IQN Holding Corp. #+	One stop	SF +	5.25%	(p)	10.38%				05/2029	14,594		14,472		0.6		14,301
IQN Holding Corp. +	One stop	SF +	5.25%	(n)	10.35%				05/2028	19		18		—		17
IQN Holding Corp. +(5)	One stop	SF +	5.25%		N/A(6)				05/2029	—		(27)		—		(4)
Island Bidco AB+(8)(9)(17)(23)	One stop	E +	7.25%	(g)	3.93%	cash/	7.25%	PIK	07/2028	6,361		6,037		0.3		6,361
Island Bidco AB+(8)(17)(23)	One stop	SF +	7.00%	(p)	8.84%	cash/	3.50%	PIK	07/2028	3,025		3,000		0.1		3,025
Island Bidco AB+(8)(17)	One stop	SF +	6.50%		N/A(6)				07/2028	—		—		—		—
Island Bidco AB+(5)(8)(9)(17)	One stop	E +	6.50%		N/A(6)				07/2028	—		(1)		—		—
Juvare, LLC*	One stop	L +	6.25%	(b)	11.73%				10/2026	7,526		7,474		0.3		7,150
Juvare, LLC+	One stop	L +	6.25%	(b)	11.73%				10/2026	1,737		1,725		0.1		1,650
Juvare, LLC+	One stop	L +	6.25%	(b)	11.73%				10/2026	548		529		—		520
Juvare, LLC+	One stop	L +	6.25%	(b)(d)	11.90%				04/2026	50		50		—		48
Kaseya Inc.+(23)	One stop	SF +	6.25%	(n)	8.85%	cash/	2.50%	PIK	06/2029	9,178		9,059		0.4		8,994
Kaseya Inc.+(23)	One stop	SF +	6.25%	(n)	8.86%	cash/	2.50%	PIK	06/2029	67		65		—		62
Kaseya Inc.+(23)	One stop	SF +	6.25%	(n)	8.86%	cash/	2.50%	PIK	06/2029	34		29		—		23
Mindbody, Inc.+	One stop	L +	7.00%	(a)	12.19%				02/2025	49,911		50,204		2.0		49,911
Mindbody, Inc.+	One stop	L +	7.00%	(a)	12.19%				02/2025	5,588		5,561		0.2		5,588
Mindbody, Inc.+	One stop	SF +	7.00%		N/A(6)				02/2025	—		—		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Ministry Brands Holdings LLC+	One stop	SF +	5.50%	(n)	10.70%				12/2028	$	21,815	$	21,644	0.8	%	$	20,943
Ministry Brands Holdings LLC+	One stop	SF +	5.50%	(n)	10.70%				12/2027	66		65		—		60
Ministry Brands Holdings LLC+	One stop	SF +	5.50%	(n)	10.70%				12/2028	76		71		—		52
Neo Bidco GMBH+(8)(9)(13)(23)	One stop	E +	3.50%	(f)	6.56%				07/2028	7,133		7,636		0.3		7,062
Neo Bidco GMBH+(8)(13)	One stop	L +	6.00%		N/A(6)				01/2028	—		—		—		—
Neo Bidco GMBH+(8)(9)(13)	One stop	E +	6.00%	(f)	9.59%				01/2028	44		44		—		43
Naviga Inc.+	Senior secured	SF +	7.00%	(o)	12.34%				12/2023	109		109		—		109
PDI TA Holdings, Inc.+	One stop	L +	4.50%	(b)	9.75%				10/2024	8,345		8,294		0.3		8,345
PDI TA Holdings, Inc.+	Second lien	L +	8.50%	(b)	13.88%				10/2025	3,424		3,387		0.1		3,424
PDI TA Holdings, Inc.+	One stop	L +	4.50%	(b)	9.75%				10/2024	1,110		1,108		—		1,110
PDI TA Holdings, Inc.+	One stop	L +	4.50%	(b)	9.75%				10/2024	685		682		—		685
PDI TA Holdings, Inc.+	Second lien	L +	8.50%	(b)	13.88%				10/2025	640		638		—		640
PDI TA Holdings, Inc.+	Second lien	L +	8.50%	(b)	13.88%				10/2025	377		375		—		377
PDI TA Holdings, Inc.+(8)(9)	One stop	SN +	4.50%	(l)	9.55%				10/2024	88		93		—		88
PDI TA Holdings, Inc.+	One stop	L +	4.50%	(b)	9.75%				10/2024	149		148		—		149
Personify, Inc.*#+	One stop	SF +	5.25%	(o)	10.49%				09/2024	13,605		13,683		0.6		13,605
Personify, Inc.#	One stop	SF +	5.25%	(o)	10.49%				09/2024	8,105		8,076		0.3		8,105
Personify, Inc.+	One stop	SF +	5.25%		N/A(6)				09/2024	—		—		—		—
PING Identity Holding Corp.+	One stop	SF +	7.00%	(n)	12.08%				10/2029	9,953		9,818		0.4		9,953
PING Identity Holding Corp.+(5)	One stop	SF +	7.00%		N/A(6)				10/2028	—		(1)		—		—
Pluralsight, LLC+	One stop	SF +	8.00%	(o)	13.04%				04/2027	23,748		23,570		0.9		23,748
Pluralsight, LLC+	One stop	SF +	8.00%	(o)	13.04%				04/2027	50		49		—		50
ProcessUnity Holdings, LLC+	One stop	SF +	6.75%	(n)	11.85%				09/2028	4,221		4,189		0.2		4,168
ProcessUnity Holdings, LLC+(5)	One stop	SF +	6.75%		N/A(6)				09/2028	—		(1)		—		(1)
ProcessUnity Holdings, LLC+	One stop	SF +	6.75%	(o)	11.99%				09/2028	844		838		—		833
ProcessUnity Holdings, LLC+	One stop	SF +	6.75%	(o)	11.99%				09/2028	1,996		1,966		0.1		1,971
Pyramid Healthcare Acquisition Corp.#+	One stop	SF +	4.75%	(o)	9.95%				05/2027	18,232		18,114		0.7		18,232
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(o)	10.16%				05/2027	866		861		—		866
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(o)	9.95%				05/2027	535		532		—		535
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(o)	9.95%				05/2027	178		177		—		178
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(o)	9.95%				05/2027	157		156		—		157
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(o)	9.95%				05/2027	147		146		—		147
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(o)	10.16%				05/2027	147		146		—		147
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(o)	9.94%				05/2027	1,884		1,860		0.1		1,884
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(o)	9.95%				05/2027	58		57		—		58
Pyramid Healthcare Acquisition Corp.+(5)	One stop	SF +	4.75%		N/A(6)				05/2027	—		(1)		—		—
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(o)	10.08%				05/2027	1,575		1,565		0.1		1,575
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(o)	10.01%				05/2027	793		788		—		793
QAD, Inc.+	One stop	SF +	5.38%	(n)	10.48%				11/2027	9,417		9,348		0.4		9,417
QAD, Inc.+(5)	One stop	SF +	5.38%		N/A(6)				11/2027	—		(3)		—		—
Quant Buyer, Inc.+	One stop	SF +	6.00%	(p)	11.30%				06/2029	2,473		2,452		0.1		2,380
Quant Buyer, Inc.+	One stop	SF +	6.00%	(p)	11.30%				06/2029	2,935		2,910		0.1		2,825
Quant Buyer, Inc.+(5)	One stop	SF +	6.00%		N/A(6)				06/2029	—		(1)		—		(6)
Quant Buyer, Inc.+	One stop	SF +	6.00%	(p)	11.30%				06/2029	2,011		1,994		0.1		1,936
Quant Buyer, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				06/2029	—		(78)		—		(81)
Rainforest Bidco Limited+(8)(9)(10)(23)	One stop	SN +	6.13%	(l)	8.42%	cash/	2.63%	PIK	07/2029	7,600		6,960		0.3		7,524
Rainforest Bidco Limited+(8)(9)(10)(23)	One stop	SN +	6.13%	(l)	8.42%	cash/	2.63%	PIK	07/2029	558		512		—		553
Rainforest Bidco Limited+(8)(10)(23)	One stop	SF +	6.13%	(m)	8.55%	cash/	2.63%	PIK	07/2029	1,414		1,397		0.1		1,400
RegEd Aquireco, LLC+	Senior secured	SF +	4.25%	(n)	9.45%				12/2024	11,096		11,100		0.4		10,431
RegEd Aquireco, LLC+	Senior secured	SF +	4.25%	(d)(n)	10.36%				12/2024	236		236		—		222

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Riskonnect Parent, LLC*+	One stop	SF +	5.50%	(o)	10.89%				12/2028	$	10,127	$	10,049	0.4	%	$	9,925
Riskonnect Parent, LLC+(5)	One stop	SF +	5.50%		N/A(6)				12/2028	—		(3)		—		(7)
Riskonnect Parent, LLC+(5)	One stop	SF +	5.50%		N/A(6)				12/2028	—		(6)		—		(13)
Rodeo Buyer Company & Absorb Software Inc.+	One stop	SF +	6.25%	(n)	11.45%				05/2027	4,541		4,512		0.2		4,541
Rodeo Buyer Company & Absorb Software Inc.+	One stop	SF +	6.25%	(n)	11.45%				05/2027	27		26		—		27
SailPoint Technologies Holdings, Inc.+	One stop	SF +	6.25%	(n)	11.35%				08/2029	9,827		9,654		0.4		9,729
SailPoint Technologies Holdings, Inc.+(5)	One stop	SF +	6.25%		N/A(6)				08/2028	—		(1)		—		(2)
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	6.00%	(f)	9.08%				04/2029	33,522		30,438		1.3		33,187
Sonatype, Inc.+	One stop	SF +	6.75%	(o)	11.97%				12/2025	40,459		40,269		1.6		40,459
Sonatype, Inc.+	One stop	SF +	6.75%	(o)	11.97%				12/2025	851		847		—		851
Sonatype, Inc.+(5)	One stop	SF +	6.75%		N/A(6)				12/2025	—		(1)		—		—
Spartan Buyer Acquisition Co.*#+(23)	One stop	SF +	8.50%	(n)	11.60%	cash/	2.00%	PIK	12/2026	31,625		31,269		1.2		30,676
Spartan Buyer Acquisition Co.+(23)	One stop	SF +	8.50%	(n)	11.60%	cash/	2.00%	PIK	12/2026	2,010		1,975		0.1		1,950
Spartan Buyer Acquisition Co.+(5)(23)	One stop	P +	7.50%	(d)	13.75%	cash/	2.00%	PIK	12/2026	1		(1)		—		(1)
Tahoe Bidco B.V. +(8)(14)	One stop	L +	6.00%	(a)	11.15%				09/2028	12,058		11,968		0.5		12,058
Tahoe Bidco B.V. +(5)(8)(14)	One stop	SF +	6.00%		N/A(6)				10/2027	—		(1)		—		—
Telesoft Holdings LLC+	One stop	SF +	5.75%	(n)	10.95%				12/2025	880		871		—		866
Telesoft Holdings LLC+	One stop	SF +	5.75%	(d)(n)	11.76%				12/2025	18		17		—		16
Telesoft Holdings LLC+	One stop	SF +	6.25%	(n)	11.45%				08/2028	65		64		—		64
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.50%	(p)	11.57%				07/2028	3,171		3,099		0.1		3,171
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.50%		N/A(6)				07/2028	—		—		—		—
Templafy APS and Templafy, LLC+(5)(8)(18)	One stop	SF +	6.50%		N/A(6)				07/2028	—		(15)		—		—
TI Intermediate Holdings, LLC+	Senior secured	L +	4.25%	(c)	9.62%				12/2024	3,418		3,435		0.1		3,376
TI Intermediate Holdings, LLC+	Senior secured	L +	4.25%	(c)	9.62%				12/2024	903		895		—		892
TI Intermediate Holdings, LLC+	Senior secured	L +	4.25%	(c)	9.62%				12/2024	425		421		—		420
TI Intermediate Holdings, LLC+	Senior secured	L +	4.50%	(c)	9.83%				12/2024	566		562		—		561
TI Intermediate Holdings, LLC+	Senior secured	L +	4.50%	(c)	9.87%				12/2024	156		155		—		154
TI Intermediate Holdings, LLC+	Senior secured	SF +	4.50%		N/A(6)				12/2024	—		—		—		—
Togetherwork Holdings, LLC*#	One stop	SF +	6.25%	(n)	11.45%				03/2025	15,125		15,163		0.6		14,936
Togetherwork Holdings, LLC+	One stop	SF +	6.25%	(n)	11.45%				03/2025	6,841		6,783		0.3		6,755
Togetherwork Holdings, LLC+	One stop	SF +	6.25%	(n)	11.45%				03/2025	4,149		4,129		0.2		4,098
Togetherwork Holdings, LLC+	One stop	SF +	6.25%	(n)	11.45%				03/2025	1,753		1,775		0.1		1,731
Togetherwork Holdings, LLC#+	One stop	SF +	6.25%	(n)	11.45%				03/2025	1,701		1,721		0.1		1,680
Togetherwork Holdings, LLC*#	One stop	SF +	6.25%	(n)	11.45%				03/2025	1,658		1,679		0.1		1,637
Togetherwork Holdings, LLC#+	One stop	SF +	6.25%	(n)	11.45%				03/2025	1,603		1,613		0.1		1,583
Togetherwork Holdings, LLC*+	One stop	SF +	6.25%	(n)	11.45%				03/2025	1,544		1,563		0.1		1,524
Togetherwork Holdings, LLC#+	One stop	SF +	6.25%	(n)	11.45%				03/2025	1,439		1,456		0.1		1,421
Togetherwork Holdings, LLC*#	One stop	SF +	6.25%	(n)	11.45%				03/2025	1,179		1,185		0.1		1,164
Togetherwork Holdings, LLC#+	One stop	SF +	6.25%	(n)	11.45%				03/2025	650		657		—		642
Togetherwork Holdings, LLC+	One stop	SF +	6.25%	(n)	11.45%				03/2025	449		447		—		444
Togetherwork Holdings, LLC+	One stop	SF +	6.25%	(n)	11.45%				03/2025	435		433		—		429
Togetherwork Holdings, LLC+	One stop	SF +	6.25%	(n)	11.45%				03/2025	250		249		—		247
Togetherwork Holdings, LLC+	One stop	SF +	6.25%	(n)	11.45%				03/2025	63		63		—		62
Togetherwork Holdings, LLC+	One stop	SF +	6.25%	(n)	11.45%				03/2025	57		58		—		57
Togetherwork Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)				03/2025	—		(2)		—		(4)
Togetherwork Holdings, LLC+	One stop	SF +	6.25%	(n)	11.45%				03/2025	1,329		1,321		0.1		1,312
Togetherwork Holdings, LLC+	One stop	SF +	6.25%	(n)	11.45%				03/2025	5,969		5,882		0.2		5,894
Trintech, Inc.*#+	One stop	SF +	6.00%	(n)	11.20%				12/2024	21,856		21,881		0.9		21,856
Trintech, Inc.#+	One stop	SF +	6.00%	(n)	11.20%				12/2024	9,069		9,119		0.4		9,069
Trintech, Inc.+	One stop	SF +	6.00%	(n)	11.20%				12/2024	100		100		—		100

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)(23)	One stop	N/A			4.50%	cash/	6.07%	PIK	05/2024	$	8,795	$	8,849	0.3	%	$	7,915
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)(23)	One stop	N/A			4.50%	cash/	6.07%	PIK	05/2024	144		148		—		130
Vendavo, Inc.*#+	One stop	SF +	5.75%	(o)	11.09%				09/2027	19,463		19,342		0.7		18,490
Vendavo, Inc.+	One stop	P +	4.75%	(d)	13.00%				09/2027	25		24		—		18
WebPT, Inc.+	One stop	SF +	6.75%	(o)	12.11%				01/2028	626		618		—		620
Workforce Software, LLC+(23)	One stop	SF +	7.25%	(o)	9.66%	cash/	3.00%	PIK	07/2025	28,823		29,092		1.1		28,247
Workforce Software, LLC+(23)	One stop	SF +	7.25%	(o)	9.66%	cash/	3.00%	PIK	07/2025	5,101		5,077		0.2		4,999
Workforce Software, LLC+(23)	One stop	SF +	7.25%	(o)	9.66%	cash/	3.00%	PIK	07/2025	3,613		3,572		0.1		3,540
Workforce Software, LLC+(5)	One stop	SF +	6.50%		N/A(6)				07/2025	—		(1)		—		(4)
Workforce Software, LLC+(23)	One stop	SF +	7.25%	(o)	9.66%	cash/	3.00%	PIK	07/2025	106		105		—		104
Zendesk, Inc.+(23)	One stop	SF +	7.00%	(o)	8.75%	cash/	3.50%	PIK	11/2028	20,135		19,776		0.8		20,135
Zendesk, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(1)		—		—
Zendesk, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(45)		—		—

										1,433,464		1,420,543		56.1		1,412,303

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In 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%	(o)	10.89%				02/2028	$	25,700	$	25,298	1.0	%	$	24,930
Ave Holdings III, Corp+(5)	One stop	SF +	5.50%		N/A(6)				02/2028	—		(2)		—		(4)
Ave Holdings III, Corp+	One stop	SF +	5.50%	(o)	10.88%				02/2028	162		153		—		136
Ave Holdings III, Corp+	One stop	SF +	5.50%	(o)	10.89%				02/2028	299		296		—		290
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(o)	11.14%				05/2028	11,451		11,289		0.5		11,336
Consilio Midco Limited#(8)(10)	One stop	SF +	5.75%	(o)	11.14%				05/2028	9,900		9,819		0.4		9,801
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(f)	9.81%				05/2028	9,215		9,432		0.4		9,123
Consilio Midco Limited#(8)(10)	One stop	SF +	5.75%	(o)	11.14%				05/2028	2,142		2,112		0.1		2,120
Consilio Midco Limited#(8)(10)	One stop	SF +	5.75%	(o)	11.14%				05/2028	1,424		1,412		0.1		1,410

Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(o)	11.14%				05/2028	728		713		—		721
Consilio Midco Limited+(5)(8)(10)	One stop	SF +	5.75%		N/A(6)				05/2028	—		(1)		—		(1)
Consilio Midco Limited+(5)(8)(9)(10)	One stop	E +	6.25%		N/A(6)				05/2028	—		1		—		(1)
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(o)	11.14%				05/2028	38		38		—		37
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(f)	9.81%				05/2028	7		7		—		7
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(f)	9.81%				05/2028	67		64		—		66
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(f)	9.81%				05/2028	15		15		—		15
Cycle Gear, Inc.*#+	One stop	SF +	5.50%	(p)	10.61%				01/2026	46,952		46,847		1.7		43,196
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(o)	6.20%	cash/	7.75%	PIK	05/2024	21,413		21,332		0.8		20,504
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(o)	6.20%	cash/	7.75%	PIK	05/2024	3,720		3,710		0.2		3,563
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(o)	6.20%	cash/	7.75%	PIK	05/2024	2,832		2,882		0.1		2,712
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(o)	6.20%	cash/	7.75%	PIK	05/2024	3,093		3,081		0.1		2,962
Imperial Optical Midco Inc.+(23)	One stop	SF +	13.00%	(o)	7.70%	cash/	10.50%	PIK	05/2024	2,595		2,519		0.1		2,479
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(o)	6.20%	cash/	7.75%	PIK	05/2024	5,482		5,576		0.2		5,249
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(o)	6.20%	cash/	7.75%	PIK	05/2024	36,858		36,910		1.4		35,293
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(o)	6.20%	cash/	7.75%	PIK	05/2024	4,978		4,958		0.2		4,767
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(o)	6.20%	cash/	7.75%	PIK	05/2024	131		130		—		126
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(o)	6.20%	cash/	7.75%	PIK	05/2024	78		78		—		75
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(o)	6.20%	cash/	7.75%	PIK	05/2024	2,488		2,478		0.1		2,383
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(o)	6.20%	cash/	7.75%	PIK	05/2024	41		40		—		39
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(o)	6.20%	cash/	7.75%	PIK	05/2024	514		512		—		492
Imperial Optical Midco Inc.+(23)	One stop	SF +	8.75%	(o)	6.20%	cash/	7.75%	PIK	05/2024	1,232		1,226		—		1,179





PPV Intermediate Holdings, LLC#+	One stop	SF +	5.75%	(o)	10.93%				08/2029	9,613		9,464		0.4		9,420
PPV Intermediate Holdings, LLC+(23)	One stop	N/A			13.00%				08/2030	1,012		991		—		951
PPV Intermediate Holdings, LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—		(7)		—		(8)
PPV Intermediate Holdings, LLC+(5)(23)	One stop	N/A			13.00%				08/2030	1		(2)		—		(1)
PPV Intermediate Holdings, LLC+(23)	One stop	N/A			13.00%				08/2030	234		231		—		220
PPV Intermediate Holdings, LLC+(23)	One stop	N/A			13.00%				08/2030	43		42		—		40
Salon Lofts Group, LLC+	One stop	SF +	6.25%	(o)(p)	11.58%				08/2028	3,549		3,518		0.1		3,549
Salon Lofts Group, LLC+	One stop	SF +	6.25%	(p)	11.58%				08/2028	60		58		—		60
Salon Lofts Group, LLC+(5)	One stop	SF +	6.25%		N/A(6)				08/2028	—		(11)		—		—
Salon Lofts Group, LLC+	One stop	SF +	6.25%	(p)	11.38%				08/2028	58		57		—		58
Salon Lofts Group, LLC+	One stop	SF +	6.25%	(o)(p)	11.59%				08/2028	232		230		—		232
Salon Lofts Group, LLC+	One stop	SF +	6.25%	(o)	11.31%				08/2028	184		182		—		184
Salon Lofts Group, LLC+	One stop	SF +	6.25%	(o)	11.46%				08/2028	76		76		—		76

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
SureWerx Purchaser III, Inc.+	One stop	SF +	6.75%	(o)	11.99%				12/2029	$	20,645	$	20,166	0.8	%	$	20,645
SureWerx Purchaser III, Inc.+	One stop	SF +	6.75%	(o)	11.99%				12/2028	9		8		—		9
SureWerx Purchaser III, Inc.+(5)	One stop	SF +	6.75%		N/A(6)				12/2029	—		(59)		—		—
Titan Fitness, LLC*#+(23)	One stop	L +	6.75%	(a)(c)	9.56%	cash/	2.00%	PIK	02/2025	31,049		31,174		1.2		28,565
Titan Fitness, LLC+(23)	One stop	L +	6.75%	(c)	10.00%	cash/	2.00%	PIK	02/2025	1,934		1,926		0.1		1,779
Titan Fitness, LLC+(23)	One stop	L +	6.75%	(c)	10.00%	cash/	2.00%	PIK	02/2025	498		496		—		456
Vermont Aus Pty Ltd+(8)(11)	One stop	SF +	5.50%	(o)	10.89%				03/2028	8,279		8,181		0.3		8,279
Vermont Aus Pty Ltd+(8)(9)(11)	One stop	A +	5.75%	(h)	10.15%				03/2028	7,519		8,328		0.3		7,519
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.50%	(p)	11.26%				04/2028	8,246		8,147		0.3		8,081
VSG Acquisition Corp. and Sherrill, Inc.+(5)	One stop	P +	4.50%	(d)	12.75%				04/2028	1		—		—		(1)
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.50%	(o)	10.90%				04/2028	106		102		—		105
										286,903		286,223		10.9		275,223

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In 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.+(23)	One stop	SF +	6.75%	(o)	11.39%	cash/	0.75%	PIK	12/2024	$	22,158	$	22,158	0.9	%	$	22,370
Agility Recovery Solutions Inc.+(23)	One stop	P +	5.50%	(d)(o)	12.23%	cash/	0.75%	PIK	12/2024	704		704		—		715
										22,862		22,862		0.9		23,085
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.+(8)(10)	One stop	L +	6.00%	(c)	11.01%				03/2028	1,954		1,935		0.1		1,837
Dollfus Mieg Company, Inc.+(8)(10)	One stop	L +	6.00%	(c)	11.01%				03/2028	974		964		—		915
Dollfus Mieg Company, Inc.+(8)(10)	One stop	L +	6.00%	(c)	11.01%				03/2028	855		847		—		804
Dollfus Mieg Company, Inc.+(8)(9)(10)	One stop	E +	6.00%		N/A(6)				03/2028	—		—		—		—
Elite Sportswear, L.P.+(23)	Senior secured	SF +	7.75%	(o)	11.75%	cash/	1.50%	PIK	09/2025	9,963		9,876		0.4		9,366
Elite Sportswear, L.P.+(23)	Senior secured	SF +	7.75%	(o)	11.75%	cash/	1.50%	PIK	09/2025	4,004		3,970		0.2		3,764
Elite Sportswear, L.P.+(23)	Senior secured	SF +	7.75%	(o)	11.75%	cash/	1.50%	PIK	09/2025	2,061		2,043		0.1		1,937
Elite Sportswear, L.P.+(23)	Senior secured	SF +	7.75%	(b)(o)	11.74%	cash/	1.50%	PIK	09/2025	764		755		—		700
Elite Sportswear, L.P.*+(23)	Senior secured	SF +	7.75%	(o)	11.75%	cash/	1.50%	PIK	09/2025	684		678		—		643
Elite Sportswear, L.P.+(23)	Senior secured	SF +	7.75%	(o)	11.75%	cash/	1.50%	PIK	09/2025	312		311		—		294
Elite Sportswear, L.P.*+(23)	Senior secured	SF +	7.75%	(o)	11.75%	cash/	1.50%	PIK	09/2025	299		297		—		281
Elite Sportswear, L.P.+(23)	Senior secured	SF +	7.75%	(b)(o)	11.74%	cash/	1.50%	PIK	09/2025	26		26		—		24
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(o)	10.89%				11/2023	9,558		9,536		0.4		9,584
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(o)	10.89%				11/2023	6,456		6,438		0.3		6,474
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(o)	10.89%				11/2023	999		996		—		1,002
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(o)	10.89%				11/2023	898		895		—		900
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(o)	10.89%				11/2023	630		628		—		632
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(o)	10.89%				11/2023	2		2		—		2
SHO Holding I Corporation+	Senior secured	L +	5.25%	(b)	10.52%				04/2024	3,929		3,930		0.2		3,654
SHO Holding I Corporation+	Senior secured	L +	5.23%	(b)	10.50%				04/2024	67		67		—		62
SHO Holding I Corporation+	Senior secured	L +	5.00%	(b)	10.34%				04/2024	84		84		—		78
SHO Holding I Corporation+	Senior secured	L +	4.00%	(b)	9.37%				04/2024	50		50		—		50
SHO Holding I Corporation+	Senior secured	L +	4.00%	(b)	9.47%				04/2024	—		—		—		—
SHO Holding I Corporation+	Senior secured	L +	5.23%	(b)	10.55%				04/2024	—		—		—		—
										44,569		44,328		1.7		43,003
Trading Companies and Distributors
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25%	(o)	11.64%				06/2028	18,973		18,702		0.7		18,024
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25%	(o)	11.64%				06/2028	15,131		14,897		0.6		14,375
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25%	(o)	11.62%				06/2028	452		445		—		429
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25%	(o)	11.63%				06/2028	454		448		—		431
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.50%	(o)	11.89%				06/2028	4,124		4,014		0.2		3,959
Marcone Yellowstone Buyer Inc.+(5)	One stop	SF +	6.50%		N/A(6)				06/2028	—		(38)		—		—
										39,134		38,468		1.5		37,218
Water Utilities
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75%	(o)	10.16%				06/2027	16,879		16,767		0.6		15,867
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75%	(o)	10.16%				06/2027	70		69		—		62
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75%	(o)	10.16%				06/2027	79		79		—		74
Vessco Midco Holdings, LLC+	Senior secured	L +	4.50%	(a)(b)(c)	9.70%				11/2026	1,320		1,295		0.1		1,293
Vessco Midco Holdings, LLC+	Senior secured	L +	4.50%	(a)	9.69%				11/2026	206		205		—		204
Vessco Midco Holdings, LLC+	Senior secured	L +	4.50%	(c)(d)	10.60%				10/2026	4		3		—		3
										18,558		18,418		0.7		17,503
Total non-controlled/non-affiliate company debt investments										$	5,270,343	$	5,234,695	204.8	%	$	5,152,645

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity Investments (19)(20)
Aerospace and Defense
PPW Aero Buyer, Inc.+	LP units	N/A	N/A		N/A	66	$	664	—	%	$	768
Tronair Parent, Inc.+	LLC units	N/A	N/A		N/A	—	40		—		38
							704		—		806
Auto Components
Polk Acquisition Corp.+	LP Interest	N/A	N/A		N/A	5	314		—		7

Automobiles
CG Group Holdings, LLC+	LP units	N/A	N/A		N/A	1	730		—		467
Go Car Wash Parent, Corp.+(21)	Preferred Stock	N/A	13.00%	Non-Cash	N/A	—	148		—		152
Go Car Wash Parent, Corp.+	Common Stock	N/A	N/A		N/A	—	29		—		27
MOP GM Holding, LLC+	LP units	N/A	N/A		N/A	—	330		—		315
National Express Wash Parent Holdco, LLC+	LP units	N/A	N/A		N/A	1	61		—		82
POY Holdings, LLC+	LLC units	N/A	N/A		N/A	141	141		—		334
Quick Quack Car Wash Holdings, LLC	LLC interest	N/A	N/A		N/A	—	508		0.1		774
							1,947		0.1		2,151
Biotechnology
Cobepa BlueSky Aggregator, SCSp+	LP Interest	N/A	N/A		N/A	177	1,769		0.1		1,319

Building Products
BECO Holding Company, Inc.+(21)	Preferred Stock	N/A	11.75%	Non-Cash	N/A	10	1,050		0.1		1,113
BECO Holding Company, Inc.+	LP Interest	N/A	N/A		N/A	2	196		—		190
							1,246		0.1		1,303
Chemicals
Inhance Technologies Holdings LLC+	Preferred Stock	N/A	N/A		N/A	2	1,960		0.1		2,140
Inhance Technologies Holdings LLC+	LLC units	N/A	N/A		N/A	—	124		—		7
							2,084		0.1		2,147
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+	LP Interest	N/A	N/A		N/A	540	540		—		597
EGD Security Systems, LLC +	Common Stock	N/A	N/A		N/A	855	578		0.1		1,179
Franchise Brands plc+(8)(9)(10)(22)	Common Stock	N/A	N/A		N/A	51	113		—		109
North Haven Stack Buyer, LLC	LLC units	N/A	N/A		N/A	359	359		—		393
PT Intermediate Holdings III, LLC+	LLC units	N/A	N/A		N/A	8	767		—		843
Radwell Parent, LLC+(21)	LP units	N/A	N/A		N/A	2	233		—		288
							2,590		0.1		3,409


Containers and Packaging
Chase Intermediate+	LP units	N/A	N/A		N/A	49	49		—		69

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In 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
CHHJ Midco, LLC+(21)	LLC units	N/A	N/A	N/A	19	$	193	—	%	$	281
DP Flores Holdings, LLC+	LLC units	N/A	N/A	N/A	70	70		—		74
EMS LINQ, LLC+	LP Interest	N/A	N/A	N/A	525	525		—		408
EWC Growth Partners LLC+	LLC interest	N/A	N/A	N/A	—	12		—		8
HS Spa Holdings, Inc.+	Common Stock	N/A	N/A	N/A	479	479		—		484
Liminex, Inc.+	Common Stock	N/A	N/A	N/A	12	434		0.1		698
NSG Buyer, Inc. +	LP units	N/A	N/A	N/A	2	1,860		0.1		1,829
PADI Holdco, Inc.+	LLC interest	N/A	N/A	N/A	1	987		—		655
						4,560		0.2		4,437
Electronic Equipment, Instruments & Components
Inventus Power, Inc.+	Preferred Stock	N/A	N/A	N/A	—	372		—		139
Inventus Power, Inc.+	LLC units	N/A	N/A	N/A	—	88		—		276
Inventus Power, Inc.+	LP Interest	N/A	N/A	N/A	—	20		—		61
Inventus Power, Inc.+	Common Stock	N/A	N/A	N/A	—	—		—		—
						480		—		476

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food & Staples Retailing
Benihana, Inc.+	LLC units	N/A	N/A	N/A	43	$	699	0.1	%	$	886
Cafe Rio Holding, Inc.+	Common Stock	N/A	N/A	N/A	5	603		—		869

Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	N/A	44	217		—		142
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	N/A	20	61		—		31
Mendocino Farms, LLC+	Common Stock	N/A	N/A	N/A	168	770		0.1		1,751
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	N/A	32	389		—		157
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	N/A	2	20		—		32

						2,759		0.2		3,868
Food Products
Borrower R365 Holdings, LLC+	Preferred Stock	N/A	N/A	N/A	77	102		—		173
Borrower R365 Holdings, LLC+	LLC units	N/A	N/A	N/A	3	5		—		7
Borrower R365 Holdings, LLC+	Common Stock	N/A	N/A	N/A	1	2		—		2
Borrower R365 Holdings, LLC+	Preferred Stock	N/A	N/A	N/A	1	2		—		3
Borrower R365 Holdings, LLC+	Preferred Stock	N/A	N/A	N/A	4	9		—		9
Borrower R365 Holdings, LLC+	Preferred Stock	N/A	N/A	N/A	1	2		—		2
Borrower R365 Holdings, LLC+	LP units	N/A	N/A	N/A	—	1		—		1
C. J. Foods, Inc.+	Preferred Stock	N/A	N/A	N/A	—	75		0.1		1,156
Kodiak Cakes, LLC+	Common Stock	N/A	N/A	N/A	—	281		—		145
Kodiak Cakes, LLC+	LLC units	N/A	N/A	N/A	191	191		—		100
Louisiana Fish Fry Products, Ltd.+	Common Stock	N/A	N/A	N/A	—	483		—		260
Louisiana Fish Fry Products, Ltd.+	Preferred Stock	N/A	N/A	N/A	—	13		—		25
P&P Food Safety Holdings, Inc.+	Common Stock	N/A	N/A	N/A	4	356		—		216
Purfoods, LLC+	LLC interest	N/A	N/A	N/A	—	945		0.2		4,509
						2,467		0.3		6,608
Health Care Equipment & Supplies
Aspen Medical Products, LLC+	LP Interest	N/A	N/A	N/A	—	77		—		85
Blue River Pet Care, LLC+	Common Stock	N/A	N/A	N/A	—	76		—		203
CCSL Holdings, LLC+(8)	LP Interest	N/A	N/A	N/A	—	336		—		311
CMI Parent Inc.+	Common Stock	N/A	N/A	N/A	—	132		—		182
CMI Parent Inc.+	Common Stock	N/A	N/A	N/A	3	3		—		315
G & H Wire Company, Inc.+	LLC interest	N/A	N/A	N/A	335	269		—		50


						893		—		1,146

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In 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	—	%	$	85
Acuity Eyecare Holdings, LLC+(21)	LLC interest	N/A	N/A		N/A	1,632	2,235		0.2		4,336
Acuity Eyecare Holdings, LLC+	LLC units	N/A	N/A		N/A	889	1,023		0.1		2,602
ADCS Clinics Intermediate Holdings, LLC+	Preferred Stock	N/A	N/A		N/A	2	1,119		0.1		1,433
ADCS Clinics Intermediate Holdings, LLC+	Common Stock	N/A	N/A		N/A	—	6		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	LLC units	N/A	N/A		N/A	129	132		—		194
CRH Healthcare Purchaser, Inc.+	LP Interest	N/A	N/A		N/A	429	327		0.1		781
DCA Investment Holding, LLC	Preferred Stock	N/A	N/A		N/A	1,142	533		0.1		1,164
DCA Investment Holding, LLC	Common Stock	N/A	N/A		N/A	12	5		—		—
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		N/A	—	648		—		505
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		N/A	—	61		—		73
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		—		16
Encorevet Group LLC+	LLC units	N/A	N/A		N/A	—	11		—		10
Krueger-Gilbert Health Physics, LLC+	Common Stock	N/A	N/A		N/A	185	212		—		265
Midwest Veterinary Partners, LLC+(21)	Preferred Stock	N/A	12.00%	Non-Cash	N/A	1	1,126		0.1		1,200
Midwest Veterinary Partners, LLC+	Warrant	N/A	N/A		N/A	6	—		—		346
Midwest Veterinary Partners, LLC+	Warrant	N/A	N/A		N/A	—	29		—		42
MWD Management, LLC & MWD Services, Inc.+	LLC interest	N/A	N/A		N/A	412	335		—		633
NDX Parent, LLC+	Common Stock	N/A	N/A		N/A	—	272		—		16
NDX Parent, LLC+	Preferred Stock	N/A	N/A		N/A	40	40		—		42
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	Common Stock	N/A	N/A		N/A	—	321		—		300
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		—		784
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A		N/A	4	74		—		387
Radiology Partners, Inc.+	LLC units	N/A	N/A		N/A	11	68		—		88
Radiology Partners, Inc.+	LLC interest	N/A	N/A		N/A	43	55		—		349
Sage Dental Management, LLC+	LLC units	N/A	N/A		N/A	—	249		—		360
Sage Dental Management, LLC+	LLC units	N/A	N/A		N/A	3	3		—		—
Suveto Buyer, LLC+	Common Stock	N/A	N/A		N/A	6	562		—		356



							11,650		0.7		16,367

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In 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	—	%	$	217
HSI Halo Acquisition, Inc.+	LP Interest	N/A	N/A		N/A	—	292		—		424
HSI Halo Acquisition, Inc.+	LP Interest	N/A	N/A		N/A	—	5		—		134
Symplr Software, Inc.+(21)	Preferred Stock	N/A	11.00%	Non-Cash	N/A	12	12,957		0.5		13,195
Symplr Software, Inc.+(21)	Preferred Stock	N/A	10.63%	Non-Cash	N/A	2	3,207		0.2		4,437
Symplr Software, Inc.+(21)	Preferred Stock	N/A	11.00%	Non-Cash	N/A	2	1,580		0.1		1,752
Symplr Software, Inc.+(21)	Preferred Stock	N/A	11.00%	Non-Cash	N/A	1	970		0.1		1,024
Symplr Software, Inc.+	LLC units	N/A	N/A		N/A	—	161		—		173
Symplr Software, Inc.+	Common Stock	N/A	N/A		N/A	177	—		—		803
Tebra Technologies, Inc.+	Warrant	N/A	N/A		N/A	169	871		—		765
Tebra Technologies, Inc.+	Warrant	N/A	N/A		N/A	53	162		—		214
Tebra Technologies, Inc.+	LLC interest	N/A	N/A		N/A	348	2,824		0.1		3,026
Tebra Technologies, Inc.+	Preferred Stock	N/A	N/A		N/A	1	8		—		12
							23,230		1.0		26,176
Hotels, Restaurants & Leisure
Freddy's Frozen Custard LLC+(21)	LP Interest	N/A	N/A		N/A	206	188		—		356
Harri US LLC+	LLC units	N/A	N/A		N/A	83	658		—		599
Harri US LLC+	Preferred Stock	N/A	N/A		N/A	71	455		—		504
Harri US LLC+	Warrant	N/A	N/A		N/A	24	106		—		140
LMP TR Holdings, LLC(21)	LLC units	N/A	N/A		N/A	712	712		0.1		2,494
SSRG Holdings, LLC+	LP Interest	N/A	N/A		N/A	6	61		—		83
Tropical Smoothie Cafe Holdings, LLC+	LP Interest	N/A	N/A		N/A	5	246		0.1		1,029
							2,426		0.2		5,205



Insurance
Majesco+	LP Interest	N/A	N/A		N/A	—	307		—		390
Majesco+	LP Interest	N/A	N/A		N/A	69	—		—		156
							307		—		546
Internet and Catalog Retail
Revalize, Inc.+	Preferred Stock	N/A	N/A		N/A	17	17,025		0.7		18,330
Revalize, Inc.+	Preferred Stock	N/A	N/A		N/A	10	10,219		0.5		11,002
Revalize, Inc.+	Preferred Stock	N/A	N/A		N/A	1	1,104		—		1,147
Revalize, Inc.+	Preferred Stock	N/A	N/A		N/A	7	7,034		0.3		6,805
							35,382		1.5		37,284
IT Services
Appriss Health Intermediate Holdings, Inc+(21)	Preferred Stock	N/A	11.00%	Non-Cash	N/A	2	2,198		0.1		2,224
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred Stock	N/A	N/A		N/A	587	462		0.2		4,266
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred Stock	N/A	N/A		N/A	154	423		—		1,119
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred Stock	N/A	N/A		N/A	35	291		—		257
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Warrant	N/A	N/A		N/A	202	159		0.2		1,358
Critical Start, Inc.+	Common Stock	N/A	N/A		N/A	225	225		—		249
Optimizely North America, Inc.+	Common Stock	N/A	N/A		N/A	75	807		—		599
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		—		19
PCS Intermediate II Holdings, LLC+	LLC interest	N/A	N/A		N/A	37	367		—		532
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		—		75

							6,412		0.5		11,822

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In 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
Massage Envy, LLC+	LLC interest	N/A	N/A		N/A	749	$	210	0.1	%	$	1,780
WBZ Investment LLC+	LLC interest	N/A	N/A		N/A	67	117		—		169
WBZ Investment LLC+	LLC interest	N/A	N/A		N/A	46	80		—		116
WBZ Investment LLC+	LLC interest	N/A	N/A		N/A	38	65		—		95
WBZ Investment LLC+	LLC interest	N/A	N/A		N/A	33	58		—		83
WBZ Investment LLC+	LLC interest	N/A	N/A		N/A	15	24		—		35
WBZ Investment LLC+	LLC interest	N/A	N/A		N/A	2	2		—		4
							556		0.1		2,282
Life Sciences Tools & Services
Celerion Buyer, Inc.+	LP units	N/A	N/A		N/A	930	930		0.1		930
Celerion Buyer, Inc.+	LP units	N/A	N/A		N/A	930	—		—		156
PAS Parent Inc.+	LP Interest	N/A	N/A		N/A	9	933		—		816
PAS Parent Inc.+	Preferred Stock	N/A	N/A		N/A	1	139		—		155
Reaction Biology Corporation+	LLC units	N/A	N/A		N/A	—	265		—		280
							2,267		0.1		2,337
Oil, Gas and Consumable Fuels
W3 Co.+	LLC interest	N/A	N/A		N/A	3	1,633		0.1		1,796
W3 Co.+	Preferred Stock	N/A	N/A		N/A	—	224		—		239
							1,857		0.1		2,035
Paper and Forest Products
Messenger, LLC+	LLC units	N/A	N/A		N/A	3	312		—		166
Messenger, LLC+	LLC units	N/A	N/A		N/A	—	—		—		—
							312		—		166
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12)	LP Interest	N/A	N/A		N/A	502	502		—		606
Cobalt Buyer Sub, Inc.+(21)	Preferred Stock	N/A	10.00%	Non-Cash	N/A	8	8,679		0.4		9,571
Cobalt Buyer Sub, Inc.+	Preferred Stock	N/A	N/A		N/A	—	168		—		169
Cobalt Buyer Sub, Inc.+	Common Stock	N/A	N/A		N/A	2	2		—		—
							9,351		0.4		10,346

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In 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	—	%	$	265
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		1,673
Filevine, Inc.+	Warrant	N/A	N/A		N/A	33	49		—		182
Net Health Acquisition Corp.+	LP Interest	N/A	N/A		N/A	13	1,509		0.1		1,622
Procure Acquireco, Inc.+	LP Interest	N/A	N/A		N/A	—	486		—		577

							4,234		0.2		4,892
Real Estate Management & Development
Inhabit IQ Inc.+	Common Stock	N/A	N/A		N/A	62	434		—		965
SC Landco Parent, LLC+	Common Stock	N/A	N/A		N/A	2	274		—		260
							708		—		1,225
Road & Rail
Internet Truckstop Group LLC+	LP Interest	N/A	N/A		N/A	408	447		—		442

Software
Accela, Inc.+	LLC interest	N/A	N/A		N/A	670	418		—		405
Anaplan, Inc.+	LP Interest	N/A	N/A		N/A	385	385		—		456
Aras Corporation+(21)	Preferred Stock	N/A	12.00%	Non-Cash	N/A	1	1,114		0.1		1,219
Aras Corporation+	LP Interest	N/A	N/A		N/A	306	306		—		345
Astute Holdings, Inc.+	LP Interest	N/A	N/A		N/A	—	304		—		733
Auvik Networks Inc.+(8)(12)	Preferred Stock	N/A	N/A		N/A	26	256		—		286
Auvik Networks Inc.+(8)(12)	Preferred Stock	N/A	N/A		N/A	3	29		—		32
Bayshore Intermediate #2, L.P.+	Common Stock	N/A	N/A		N/A	4,095	4,095		0.1		3,158
Calabrio, Inc.+	LP Interest	N/A	N/A		N/A	1	769		—		704
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		1,590
Cloudbees, Inc.+	Warrant	N/A	N/A		N/A	131	247		0.1		931
Cloudbees, Inc.+	Preferred Stock	N/A	N/A		N/A	71	466		—		657
Cynet Security Ltd.+(8)(15)	Preferred Stock	N/A	N/A		N/A	145	508		—		563
Diligent Corporation+(21)	Preferred Stock	N/A	10.50%	Non-Cash	N/A	17	18,198		0.8		18,645
Diligent Corporation+	Preferred Stock	N/A	N/A		N/A	415	912		0.1		1,958
FirstUp, Inc.+	Common Stock	N/A	N/A		N/A	221	541		—		303
GS Acquisitionco, Inc.+(21)	Preferred Stock	N/A	11.00%	Non-Cash	N/A	26	27,795		1.0		26,288
GS Acquisitionco, Inc.+(21)	Preferred Stock	N/A	11.00%	Non-Cash	N/A	2	1,675		0.1		1,538
GS Acquisitionco, Inc.+	LP Interest	N/A	N/A		N/A	1	170		—		821
GTY Technology Holdings, Inc.+	LP units	N/A	N/A		N/A	48	48		—		54
Impartner, Inc.+	Preferred Stock	N/A	N/A		N/A	28	226		—		215
Kaseya Inc.+(21)	Preferred Stock	N/A	11.75%	Non-Cash	N/A	2	1,819		0.1		1,821
Kaseya Inc.+	LP Interest	N/A	N/A		N/A	100	100		—		96
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	439		—		324
mParticle, Inc.+	Preferred Stock	N/A	N/A		N/A	162	1,060		—		867
mParticle, Inc.+	Warrant	N/A	N/A		N/A	75	16		—		269
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+	Warrant	N/A	N/A		N/A	4	9		—		19
PDI TA Holdings, Inc.+	Preferred Stock	N/A	N/A		N/A	92	2,846		0.1		3,103

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Personify, Inc.+	LP Interest	N/A			N/A		N/A	716	$	942	0.1	%	$	1,726
Project Alpha Intermediate Holding, Inc.+	Common Stock	N/A			N/A		N/A	—	964		0.1		1,482
Project Alpha Intermediate Holding, Inc.+	Common Stock	N/A			N/A		N/A	202	329		—		231
Pyramid Healthcare Acquisition Corp.+	Common Stock	N/A			N/A		N/A	184	184		—		314
QAD, Inc.+	Preferred Stock	N/A			N/A		N/A	—	222		—		238
QAD, Inc.+	Common Stock	N/A			N/A		N/A	15	0		—		0
Onit, Inc.+(21)	Preferred Stock	N/A			15.00%	Non-Cash	N/A	—	44		—		46
Onit, Inc.+	Warrant	N/A			N/A		N/A	—	6		—		7
RegEd Aquireco, LLC+	LP Interest	N/A			N/A		N/A	—	331		—		49
RegEd Aquireco, LLC+	LP Interest	N/A			N/A		N/A	3	21		—		0
Riskonnect Parent, LLC+(21)	Preferred Stock	N/A			11.00%	Non-Cash	N/A	18	19,659		0.8		19,000
Riskonnect Parent, LLC+	LP Interest	N/A			N/A		N/A	857	859		0.1		958
Riskonnect Parent, LLC+(21)	Preferred Stock	SF +	10.50%	(o)	15.74%	Non-Cash	N/A	—	363		—		378
SnapLogic, Inc.+	Preferred Stock	N/A			N/A		N/A	278	695		0.1		1,399
SnapLogic, Inc.+	Warrant	N/A			N/A		N/A	106	75		—		373
Spartan Buyer Acquisition Co.+	Common Stock	N/A			N/A		N/A	1	623		—		261
Spartan Buyer Acquisition Co.+	Preferred Stock	N/A			N/A		N/A	—	38		—		41
Telesoft Holdings LLC+	LP Interest	N/A			N/A		N/A	6	6		—		6
Templafy APS and Templafy, LLC+(8)(18)	Warrant	N/A			N/A		N/A	—	62		—		42
Workforce Software, LLC+	Common Stock	N/A			N/A		N/A	—	974		—		435
Workforce Software, LLC+	Common Stock	N/A			N/A		N/A	—	36		—		40
Zendesk, Inc.+	LP units	N/A			N/A		N/A	45	454		—		517

									93,564		3.8		95,121

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail
Ave Holdings III, Corp+(21)	Preferred Stock	N/A	11.50%	Non-Cash	N/A	9	$	9,336	0.4	%	$	9,241
Ave Holdings III, Corp+	LP units	N/A	N/A		N/A	1	1,129		—		1,050
Batteries Plus Holding Corporation+	LP Interest	N/A	N/A		N/A	10	1,287		0.1		1,399
Cycle Gear, Inc.+	LLC units	N/A	N/A		N/A	2,002	482		—		35
Cycle Gear, Inc.+	Preferred Stock	N/A	N/A		N/A	50	50		—		100
Imperial Optical Midco Inc.+	Preferred Stock	N/A	N/A		N/A	—	122		—		46
Imperial Optical Midco Inc.+	Preferred Stock	N/A	N/A		N/A	—	46		—		17
Imperial Optical Midco Inc.+	Common Stock	N/A	N/A		N/A	—	—		—		41
Pet Holdings ULC+(8)(12)(21)	LP Interest	N/A	N/A		N/A	677	450		0.1		1,276
Salon Lofts Group, LLC+	LP units	N/A	N/A		N/A	—	87		—		84
Southern Veterinary Partners, LLC+(21)	Preferred Stock	N/A	12.00%	Non-Cash	N/A	5	5,437		0.2		5,895
Southern Veterinary Partners, LLC+	LLC units	N/A	N/A		N/A	—	717		—		1,208
Southern Veterinary Partners, LLC+	LLC interest	N/A	N/A		N/A	148	189		0.2		4,790
VSG Acquisition Corp. and Sherrill, Inc.+	LP units	N/A	N/A		N/A	—	37		—		33
							19,369		1.0		25,215
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.+	LLC interest	N/A	N/A		N/A	97	604		—		269

Textiles, Apparel & Luxury Goods
Georgica Pine Clothiers, LLC+(21)	LLC interest	N/A	N/A		N/A	20	239		—		485
Georgica Pine Clothiers, LLC+	Common Stock	N/A	N/A		N/A	—	—		—		2
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		—		280
							618		—		985

Total non-controlled/non-affiliate company equity investments							$	235,156	10.8	%	$	270,461

Total non-controlled/non-affiliate company investments							$	5,469,851	215.6	%	$	5,423,106

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In 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(25)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+(23)	One stop	SF +	8.00%	(p)	13.03%				04/2024	$	6,198	$	6,180	0.2	%	$	4,959
Abita Brewing Co., L.L.C.+(7)(23)	Second lien	SF +	8.00%	(p)	13.34%				04/2024	4,091		3,725		0.1		1,350
Abita Brewing Co., L.L.C.+	One stop	SF +	8.00%		N/A(6)				04/2024	—		—		—		—


										10,289		9,905		0.3		6,309









Energy, Equipment & Services
Benetech, Inc.+(7)(23)	One stop	SF +	6.00%	(o)	11.39%				08/2024	4,022		3,623		—		1,207
Benetech, Inc.+(7)(23)	One stop	SF +	6.00%	(o)	11.39%				08/2024	1,269		1,140		—		204
										5,291		4,763		—		1,411
Food and Staples Retailing
Rubio's Restaurants, Inc.+(23)	Senior secured	SF +	8.00%	(o)	13.38%				12/2024	13,141		13,014		0.4		11,170
Rubio's Restaurants, Inc.+(23)	Senior secured	SF +	14.00%	(o)	19.44%				12/2024	1,553		1,553		—		1,165
Rubio's Restaurants, Inc.+(23)	Senior secured	SF +	8.00%	(n)	13.20%				12/2024	282		274		—		73
										14,976		14,841		0.4		12,408
Healthcare Providers and Services
Bayside Opco, LLC+(23)	One stop	SF +	7.25%	(o)	12.64%				06/2026	11,734		11,621		0.5		11,616
Bayside Opco, LLC+(7)(23)	Subordinated debt	SF +	10.00%	(o)	15.39%				06/2026	4,160		3,328		0.1		3,370
Bayside Opco, LLC+(23)	One stop	SF +	7.25%	(o)	12.64%				06/2026	4,151		3,911		0.2		3,902
Bayside Opco, LLC+(23)	One stop	SF +	7.00%	(o)	6.39%	cash/	6.00%	PIK	06/2026	737		737		—		737
Elite Dental Partners LLC+(7)(23)	One stop	SF +	5.25%	(o)	10.49%	PIK			09/2024	12,652		12,337		0.3		7,971
Elite Dental Partners LLC+(7)(23)	One stop	SF +	12.00%	(o)	17.24%	PIK			09/2024	5,702		5,483		0.2		4,105
Elite Dental Partners LLC+(23)	One stop	SF +	5.25%	(o)	10.49%	PIK			09/2024	1,364		1,364		0.1		1,364
Opening Day Borrower 111 LLC+(7)(23)	One stop	SF +	6.25%	(o)	11.64%				05/2027	13,105		12,217		0.5		12,187
Opening Day Borrower 111 LLC+(7)(23)	One stop	SF +	6.25%	(o)	11.64%				05/2027	5,009		4,782		0.2		4,658
Opening Day Borrower 111 LLC+(5)(7)	One stop	SF +	6.25%		N/A(6)				05/2027	—		—		—		(114)
										58,614		55,780		2.1		49,796
Software
Switchfly LLC+(23)	One stop	N/A			1.00%	PIK			10/2024	6,577		6,559		0.2		4,339
Switchfly LLC+(23)	One stop	N/A			1.00%	PIK			10/2024	549		547		—		363
Switchfly LLC+(23)	One stop	N/A			1.00%	PIK			10/2024	42		42		—		28
Switchfly LLC+(5)	One stop	L +	8.50%	(b)	13.72%				10/2024	2		2		—		(32)
										7,170		7,150		0.2		4,698

Total non-controlled/affiliate company debt investments										$	96,340	$	92,439	3.0	%	$	74,622


Equity investments(19)(20)
Beverages


Abita Brewing Co., L.L.C.+	Warrant	N/A			N/A				N/A	210		$	—	—	%	$	6













Food and Staples Retailing
Rubio's Restaurants, Inc.+	Preferred Stock	N/A			N/A				N/A	2,779		2,276		—		553
Rubio's Restaurants, Inc.+	Common Stock	N/A			N/A				N/A	27,241		278		—		15
Rubio's Restaurants, Inc.+	Common Stock	N/A			N/A				N/A	6,321		131		—		3
Rubio's Restaurants, Inc.+	Common Stock	N/A			N/A				N/A	1,056		9		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A			N/A				N/A	1,829		10		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A			N/A				N/A	246		1		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A			N/A				N/A	246		1		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A			N/A				N/A	492		2		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A		N/A	568		$	2	—	%	$	—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A		N/A	543		2		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A		N/A	1,490		5		—		—
								2,717		—		571
Healthcare Providers and Services
Bayside Opco, LLC+	LLC units	N/A	N/A		N/A	6		2,592		0.1		2,584
Elite Dental Partners LLC	LLC interest	N/A	N/A		N/A	—		2,902		—		—
Elite Dental Partners LLC	LLC interest	N/A	N/A		N/A	—		1,250		—		—
Elite Dental Partners LLC	LLC units	N/A	N/A		N/A	—		—		—		—
Opening Day Borrower 111 LLC+	LLC units	N/A	N/A		N/A	163		7,238		0.3		7,762
								13,982		0.4		10,346
Software
Switchfly LLC+	LLC interest	N/A	N/A		N/A	98,370		2,321		0.1		2,292
Switchfly LLC+	LLC units	N/A	N/A		N/A	950		950		—		487
								3,271		0.1		2,779

Total non-controlled/affiliate equity company investments								$	19,970	0.5	%	$	13,702

Total non-controlled/affiliate company investments								$	112,409	3.5	%	$	88,324


Controlled affiliate company investments(26)
Debt Investments
IT Services
MMan Acquisition Co.+(7)(23)	One stop	N/A	10.00%	PIK	08/2023	$	32,624	$	19,469	0.4	%	$	9,787
MMan Acquisition Co.+(23)	One stop	N/A	8.00%	PIK	08/2023	1,716		1,716		0.1		1,716
MMan Acquisition Co.+(23)	One stop	N/A	12.00%	PIK	08/2023	952		952		—		952
MMan Acquisition Co.+(23)	One stop	N/A	12.00%	PIK	08/2023	275		275		—		275
MMan Acquisition Co.+(23)	One stop	N/A	12.00%	PIK	08/2023	849		849		—		849
Total controlled affiliate company debt investments						$	36,416	$	23,261	0.5	%	$	13,579






Total controlled affiliate company investments								$	23,261	0.5	%	$	13,579

Total investments								$	5,605,521	219.6	%	$	5,525,009

Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)			5.0%	(27)				$	24,571	1.0	%	$	24,571
Allspring Treasury Plus Money Market Fund (CUSIP 94975H296)			5.0%	(27)				10,925		0.4		10,925
Morgan Stanley Institutional Liquidity Funds Treasury Securities Portfolio (CUSIP 61747C525)			5.0%	(27)				28,433		1.1		28,433
Total money market funds								$	63,929	2.5	%	$	63,929
Total Investments and Money Market Funds								$	5,669,450	222.1	%	$	5,588,938

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In thousands)


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

(1)The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime (“P”), Sterling Overnight Index Average ("SONIA" or “SN”), Australian Interbank Rate (”AUD” or ”A”), Canadian Bankers Acceptance Rate (”CDOR” or "C”) or London Interbank Offered Rate (“LIBOR” or “L”) denominated in U.S. dollars which reset daily, monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of June 30, 2023. 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, 2023, 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, 2023, as the loan may have priced or repriced based on an index rate prior to June 30, 2023.

(a) Denotes that all or a portion of the contract was indexed to the 30-day LIBOR, which was 5.22% as of June 30, 2023.

(b) Denotes that all or a portion of the contract was indexed to the 90-day LIBOR, which was 5.55% as of June 30, 2023.

(d) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 8.25% as of June 30, 2023.

(e) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 3.40% as of June 30, 2023.

(f) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 3.58% as of June 30, 2023.

(g) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 3.90% as of June 30, 2023.

(h) Denotes that all or a portion of the contract was indexed to the Three Month AUD, which was 4.40% as of June 30, 2023.

(i) Denotes that all or a portion of the contract was indexed to the 30-day CDOR, which was 5.27% as of June 30, 2023.

(j) Denotes that all or a portion of the contract was indexed to the 60-day CDOR, which was 5.33% as of June 30, 2023.

(k) Denotes that all or a portion of the contract was indexed to the 90-day CDOR, which was 5.40% as of June 30, 2023.

(l) Denotes that all or a portion of the contract was indexed to SONIA, which was 4.93% as of June 30, 2023.

(m) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 5.09% as of June 30, 2023.

(n) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 5.14% as of June 30, 2023.

(o) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 5.27% as of June 30, 2023.

(p) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 5.39% as of June 30, 2023.

(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, 2023.

(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, 2023. 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, 2023, 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, 2023, total non-qualifying assets at fair value represented 14.5% of the Company's total assets calculated in accordance with the 1940 Act.

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

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

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

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

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

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

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

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

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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2023

(In thousands)

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

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

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

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

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

(23)All or a portion of the loan interest was capitalized into the outstanding principal balance of the loan in accordance with the terms of the credit agreement during the nine months ended June 30, 2023.

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

(25)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, 2023 were as follows:


Portfolio Company	Fair value as of September 30, 2022		Gross Additions(a)		Gross Reductions(b)		Net change in unrealized gain (loss)		Net realized gain (loss)		Fair value as of June 30, 2023		Interest, dividend and fee income
Abita Brewing Co. LLC	$	8,071	$	985	$	(596)	$	(2,145)	$	—	$	6,315	$	583
Bayside Opco, LLC	—		22,240		(52)		21		—		22,209		180
Benetech, Inc.	1,740		467		(403)		(393)		—		1,411		9
Elite Dental Partners LLC	20,689		3,688		(563)		(10,374)		—		13,440		965
Opening Day Borrower 111 LLC	—		24,854		(615)		254				24,493		(84)
Rubio's Restaurants, Inc	13,174		3,463		(1,109)		(2,549)		—		12,979		1,452
Sloan Company, Inc.	6,318		38		(6,329)		(347)		320		—		344
Switchfly LLC	7,697		176		—		(396)		—		7,477		107

Total Non-Controlled Affiliates	$	57,689	$	55,911	$	(9,667)	$	(15,929)	$	320	$	88,324	$	3,556


(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.

(26)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, 2023 were as follows:


Portfolio Company	Fair value as of September 30, 2022		Gross Additions(a)		Gross Reductions(b)		Net change in unrealized gain (loss)		Net realized gain (loss)		Fair value as of June 30, 2023		Interest, dividend and fee income
MMan Acquisition Co.	$	14,073	$	2,598	$	(2,428)	$	263	$	(927)	$	13,579	$	216
Total Controlled Affiliates	$	14,073	$	2,598	$	(2,428)	$	263	$	(927)	$	13,579	$	216


(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.

(27)The rate shown is the annualized seven-day yield as of June 30, 2023.

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 2022

(In thousands)


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

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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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











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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

							27,446		27,160		1.1		26,928

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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


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













							64,243		63,910		2.5		63,977

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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








										136,705		136,703		5.1		130,975

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

							470,089		459,629		16.0		405,913

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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


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


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


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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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


							228,998		234,117		8.7		222,614

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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










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

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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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





							113,005		112,416		4.4		111,986


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

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


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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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





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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

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

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


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

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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

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

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


						5,222		—		987

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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



						12,481		0.7		18,134

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

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

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

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

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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

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

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

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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

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

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

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

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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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


									9,516		9,514		0.3		7,837




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

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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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


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






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

Energy, Equipment & Services
Benetech, Inc.+	LLC interest	N/A	N/A	N/A	58	—		—		—
Benetech, Inc.+	LLC interest	N/A	N/A	N/A	58	—		—		—
						—		—		—
Food and Staples Retailing
Rubio's Restaurants, Inc.+	Preferred stock	N/A	N/A	N/A	2,779	2,276		0.1		2,059
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	886	182		—		250
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	536	110		—		151
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	89	6		—		11
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	52	3		—		6
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	21	—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	21	—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	42	—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	18	—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	18	—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	89	—		—		—
						2,577		0.1		2,477

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

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

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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

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

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

Total controlled affiliate company equity investments								$	927	—	%	$	—

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

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

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

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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(6)The entire commitment was unfunded as of September 30, 2022. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.

(7)Loan was on non-accrual status as of September 30, 2022, meaning that the Company has ceased recognizing interest income on the loan.

(8)The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2022, total non-qualifying assets at fair value represented 11.6% of the Company's total assets calculated in accordance with the 1940 Act.