10-Q

_____________________________________________________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________________________________________________________________________________________________

FORM 10-Q

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

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended December 31, 2025

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

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _ to _

Commission File Number 814-00794

Golub Capital BDC, Inc.

(Exact name of registrant as specified in its charter)

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

200 Park Avenue, 25th Floor

New York, NY 10166

(Address of principal executive offices)

(212) 750-6060

(Registrant's telephone number, including area code)

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

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

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

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

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

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

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

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

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

As of February 4, 2026, the Registrant had 263,228,181 shares of common stock, $0.001 par value, outstanding.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)

	December 31, 2025		September 30, 2025
	(unaudited)
Assets
Investments, at fair value
Non-controlled/non-affiliate company investments	$	8,338,531	$	8,463,764
Non-controlled affiliate company investments	290,019		293,763
Controlled affiliate company investments	10,681		11,862
Total investments, at fair value (amortized cost of $8,653,728 and $8,759,938, respectively)	8,639,231		8,769,389
Cash	58,445		—
Cash equivalents	25,865		11,935
Foreign currencies (cost of $9,406 and $11,685, respectively)	9,659		11,681
Restricted cash	32,148		7,107
Restricted cash equivalents	34,425		81,720
Interest receivable	72,129		68,031
Receivable for investments	6,701		7,273
Net unrealized appreciation on derivatives	11,110		12,129
Other assets	4,252		9,034
Total Assets	$	8,893,965	$	8,978,299
Liabilities
Debt	$	4,903,076	$	4,926,778
Less unamortized debt issuance costs	(23,849)		(26,005)
Debt less unamortized debt issuance costs	4,879,227		4,900,773
Net unrealized depreciation on derivatives	5,230		5,023
Interest payable	49,092		38,254
Management and income incentive fees payable	39,637		40,884
Accrued trustee fees	605		1,039
Accounts payable and other liabilities	11,020		9,759
Total Liabilities	4,984,811		4,995,732
Commitments and Contingencies (Note 8)
Net Assets
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2025 and September 30, 2025	—		—
Common stock, par value $0.001 per share, 500,000,000 shares authorized, 263,384,785 and 266,008,083 shares issued and outstanding as of December 31, 2025 and September 30, 2025, respectively	263		266
Paid in capital in excess of par	3,995,213		4,031,117
Distributable earnings (losses)	(86,322)		(48,816)
Total Net Assets	3,909,154		3,982,567
Total Liabilities and Total Net Assets	$	8,893,965	$	8,978,299
Number of common shares outstanding	263,384,785		266,008,083
Net asset value per common share	$	14.84	$	14.97

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Operations (unaudited)

(In thousands, except share and per share data)


	2025		2024
Investment income
From non-controlled/non-affiliate company investments:
Interest income	$	181,681	$	198,361
Payment-in-kind interest income	13,114		10,565
Dividend income	7,619		8,487
Fee income	1,079		555
Total investment income from non-controlled/non-affiliate company investments	203,493		217,968
From non-controlled affiliate company investments:
Interest income	2,075		2,243
Payment-in-kind interest income	1,273		332
Fee income	30		31
Total investment income from non-controlled affiliate company investments	3,378		2,606
From controlled affiliate company investments:
Payment-in-kind interest income	132		119
Fee income	4		7
Total investment income from controlled affiliate company investments	136		126
Total investment income	207,007		220,700
Expenses
Interest and other debt financing expenses	66,314		79,643
Base management fee	22,115		21,581
Incentive fee	17,457		18,058
Professional fees	1,785		1,840
Administrative service fee	3,180		2,902
General and administrative expenses	398		561
Total expenses	111,249		124,585
Net investment income - before tax	95,758		96,115
Excise and income tax	—		(475)
Net investment income - after tax	95,758		96,590
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Non-controlled/non-affiliate company investments	(2,718)		(25,356)
Foreign currency transactions	(1,120)		(3,705)
Forward currency contracts	—		1,206
Net realized gain (loss) on investment transactions	(3,838)		(27,855)
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliate company investments	(18,276)		40,085
Non-controlled affiliate company investments	(9,424)		3,622
Controlled affiliate company investments	(1,314)		(86)
Translation of assets and liabilities in foreign currencies	2,048		(22,973)
Forward currency contracts	292		21,927
Net change in unrealized appreciation (depreciation) on investment transactions	(26,674)		42,575
Net gain (loss) on investment transactions	(30,512)		14,720
Net realized gain (loss) on extinguishment of debt	—		(48)
(Provision) benefit for taxes on unrealized appreciation on investments	—		52
Net increase (decrease) in net assets resulting from operations	$	65,246	$	111,314
Per Common Share Data
Basic and diluted earnings per common share (Note 10)	$	0.25	$	0.42
Dividends and distributions declared per common share	$	0.39	$	0.48
Basic and diluted weighted average common shares outstanding (Note 10)	263,678,730		264,343,512

See Notes to Consolidated Financial Statements.

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, 2024	264,277,128	$	264	$	4,167,258	$	(152,993)	$	4,014,529
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		96,590		96,590
Net realized gain (loss) on investment transactions	—	—		—		(27,855)		(27,855)
Net realized gain (loss) on extinguishment of debt	—	—		—		(48)		(48)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		42,575		42,575
(Provision) benefit for taxes on unrealized appreciation on investments	—	—		—		52		52
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	1,221,469	1		18,553		—		18,554
Distributions from distributable earnings	—	—		—		(126,853)		(126,853)
Total increase (decrease) for the three months ended December 31, 2024	1,221,469	1		18,553		(15,539)		3,015
Balance at December 31, 2024	265,498,597	$	265	$	4,185,811	$	(168,532)	$	4,017,544
Balance at September 30, 2025	266,008,083	$	266	$	4,031,117	$	(48,816)	$	3,982,567
Repurchases of common stock, net of commission costs	(2,623,298)	(3)		(35,904)		—		(35,907)
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		95,758		95,758
Net realized gain (loss) on investment transactions	—	—		—		(3,838)		(3,838)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(26,674)		(26,674)
Distributions to stockholders:
Distributions from distributable earnings	—	—		—		(102,752)		(102,752)
Total increase (decrease) for the three months ended December 31, 2025	(2,623,298)	(3)		(35,904)		(37,506)		(73,413)
Balance at December 31, 2025	263,384,785	$	263	$	3,995,213	$	(86,322)	$	3,909,154

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands)

	Three months ended December 31,
	2025		2024
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	65,246	$	111,314
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	2,607		2,645
Accretion of discounts and amortization of premiums on investments	(3,376)		(569)
Accretion of discounts and amortization of premiums on issued debt securities	(285)		863
Net realized (gain) loss on investments	2,718		25,356
Net realized (gain) loss on foreign currency transactions	1,120		3,705
Net realized (gain) loss on forward currency contracts	—		(1,206)
Net realized (gain) loss on extinguishment of debt	—		48
Net change in unrealized (appreciation) depreciation on investments	29,014		(43,621)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	(2,048)		22,973
Net change in unrealized (appreciation) depreciation on interest rate swap	13		4,662
Net change in unrealized (appreciation) depreciation on forward currency contracts	(292)		(21,927)
Proceeds from (fundings of) revolving loans, net	(3,437)		(2,169)
Fundings of investments	(172,701)		(909,514)
Proceeds from principal payments and sales of portfolio investments	302,945		450,173
Proceeds from settlements of forward currency contracts	—		4,100
Payment-in-kind interest capitalized	(14,157)		(13,211)
Non-cash dividends capitalized	(7,034)		(7,264)
Proceeds from non-cash dividends	—		1,824
Changes in operating assets and liabilities:
Interest receivable	(4,098)		740
Receivable for investments	572		—
Other assets	4,782		(11,632)
Interest payable	10,838		5,817
Management and income incentive fees payable	(1,247)		5,204
Accrued trustee fees	(434)		(55)
Accounts payable and other liabilities	1,261		(2,991)
Net cash provided by (used in) operating activities	212,007		(374,735)
Cash flows from financing activities
Borrowings on debt	165,277		3,390,158
Repayments of debt	(190,200)		(3,037,745)
Capitalized debt issuance costs	(451)		(5,978)
Purchases of common stock (Note 11)	(35,907)		—
Distributions paid	(84,480)		(108,299)
Purchases of common stock for dividend reinvestment plan	(18,272)		—
Net cash provided by (used in) financing activities	(164,033)		238,136
Net change in cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies	47,974		(136,599)
Effect of foreign currency exchange rates	125		(2,079)
Cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies, beginning of period	112,443		359,552
Cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies, end of period	$	160,542	$	220,874
Supplemental disclosure of cash flow information:
Cash paid during the period for interest(1)	$	53,140	$	69,118
Distributions declared for the period	102,752		126,853
Supplemental disclosure of non-cash financing activities:
Stock issued in connection with dividend reinvestment plan	$	—	$	18,554

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

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

(In thousands)

(1) Includes cash paid or received for contractual interest rate swaps, which may have different contractual settlement dates among the (i) fixed interest leg, (ii) floating interest leg and (iii) the debt instrument.

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

	As of
	December 31, 2025		September 30, 2025
Cash	$	58,445	$	—
Cash equivalents	25,865		11,935
Foreign currencies (cost of $9,406 and $11,685, respectively)	9,659		11,681
Restricted cash	32,148		7,107
Restricted cash equivalents	34,425		81,720
Total cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows(1)	$	160,542	$	112,443

(1) See Note 2 for a description of cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value(4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace & Defense
Jeppesen Holdings, LLC+	One stop	SF +	4.75%	(j)	8.59%				11/2032		$	1,894	0.1	%	$	1,887
Jeppesen Holdings, LLC+(5)	One stop				N/A(6)				11/2032	—	—		—		(1)
PPW Aero Buyer, Inc.*+	One stop	SF +	5.00%	(j)	8.67%				09/2031	33,940	33,596		0.9		33,940
PPW Aero Buyer, Inc.*	One stop	SF +	5.00%	(j)	8.67%				09/2031	11,771	11,655		0.3		11,771
PPW Aero Buyer, Inc.+(5)	One stop				N/A(6)				09/2031	—	(4)		—		—
PPW Aero Buyer, Inc.+(5)	One stop				N/A(6)				09/2031	—	(2)		—		—
PPW Aero Buyer, Inc.+	One stop	SF +	5.00%	(j)	8.67%				09/2031	6,416	6,359		0.2		6,416
PPW Aero Buyer, Inc.+	One stop	SF +	5.00%	(j)	8.67%				09/2031	186	186		—		186
PPW Aero Buyer, Inc.+(5)	One stop				N/A(6)				09/2031	—	(3)		—		—
Titan BW Borrower L.P.+(25)	One stop	SF +	5.38%	(j)	6.38%	cash/	2.88%	PIK	07/2032	1,610	1,595		—		1,610
Titan BW Borrower L.P.+(5)	One stop				N/A(6)				07/2032	—	(3)		—		—
Titan BW Borrower L.P.+(5)	One stop				N/A(6)				07/2032	—	(1)		—		—
										55,824	55,272		1.5		55,809
Air Freight & Logistics
RJW Group Holdings, Inc.+	One stop	SF +	5.00%	(j)	8.67%				11/2031	46,415	45,599		1.2		46,415
RJW Group Holdings, Inc.+	One stop	SF +	5.00%	(k)	8.73%				11/2031	2,931	2,874		0.1		2,931
RJW Group Holdings, Inc.+	One stop	SF +	5.00%	(j)	8.67%				11/2031	1,710	1,694		0.1		1,710
RJW Group Holdings, Inc.+(5)	One stop				N/A(6)				11/2031	—	(1)		—		—
										51,056	50,166		1.4		51,056
Auto Components
Arnott, LLC+	One stop	SF +	4.75%	(k)	8.62%				11/2030	4,724	4,686		0.1		4,582
Arnott, LLC+	One stop	SF +	4.75%	(k)	8.50%				11/2030	456	450		—		432
Collision SP Subco, LLC+	One stop	SF +	4.75%	(j)	8.59%				01/2030	2,194	2,175		0.1		2,194
Collision SP Subco, LLC+	One stop	SF +	4.75%	(j)(k)	8.45%				01/2030	1,281	1,271		—		1,281
Collision SP Subco, LLC+	One stop	SF +	4.75%	(j)	8.57%				01/2030	45	42		—		45
Collision SP Subco, LLC+	One stop	SF +	4.75%	(j)	8.59%				01/2030	244	242		—		244
Collision SP Subco, LLC+	One stop	SF +	4.75%	(j)(k)	8.48%				01/2030	560	534		—		560
Covercraft Parent III, Inc.+(25)	Senior secured	SF +	5.00%	(j)	8.55%	cash/	0.50%	PIK	08/2027	6,739	6,688		0.2		5,594
Covercraft Parent III, Inc.+(25)	Senior secured	SF +	5.00%	(j)	8.49%	cash/	0.50%	PIK	08/2027	1,364	1,346		—		1,131
Covercraft Parent III, Inc.+(25)	Senior secured	SF +	5.00%	(j)	8.41%	cash/	0.50%	PIK	08/2027	186	183		—		154
North Haven Falcon Buyer, LLC+(5)	One stop				N/A(6)				11/2029	—	(24)		—		(24)
North Haven Falcon Buyer, LLC+(5)	One stop				N/A(6)				11/2029	—	(24)		—		(24)
North Haven Falcon Buyer, LLC+(25)	One stop	SF +	7.50%	(j)	6.36%	cash/	5.00%	PIK	11/2029	4,160	3,453		0.1		3,453
OEConnection, LLC*+	One stop	SF +	4.50%	(i)	8.23%				12/2032	12,249	12,198		0.3		12,270
OEConnection, LLC+(5)	One stop				N/A(6)				12/2032	—	(6)		—		1
OEConnection, LLC+(5)	One stop				N/A(6)				12/2032	—	(28)		—		11
										34,202	33,186		0.8		31,904
Automobiles
CAP-KSI Holdings, LLC*+	One stop	SF +	5.25%	(j)	8.98%				06/2030	13,163	13,024		0.3		13,163
CAP-KSI Holdings, LLC+	One stop	SF +	5.25%	(a)(j)	9.48%				06/2030	396	385		—		396
CG Group Holdings, LLC*+(25)	One stop	SF +	8.75%	(j)	10.42%	cash/	2.00%	PIK	07/2027	46,520	46,385		1.2		46,520
CG Group Holdings, LLC+(25)	One stop	SF +	8.75%	(i)	10.47%	cash/	2.00%	PIK	07/2026	808	804		—		808
Denali Midco 2, LLC*	One stop	SF +	5.25%	(i)	8.97%				12/2028	38,258	38,076		1.0		38,258
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.97%				12/2028	8,917	9,025		0.2		8,917
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.97%				12/2028	2,668	2,702		0.1		2,668
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.97%				12/2028	1,621	1,640		—		1,621
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.97%				12/2028	1,540	1,558		—		1,540
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.97%				12/2028	1,344	1,359		—		1,344

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)		Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value(4)
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.97%		12/2028		$	1,282	—	%	$	1,293
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.97%		12/2028	1,108	1,106		—		1,108
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.97%		12/2028	1,075	1,074		—		1,075
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.97%		12/2028	1,075	1,074		—		1,075
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.97%		12/2028	887	886		—		887
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.97%		12/2028	403	400		—		403
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.97%		12/2028	348	346		—		348
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.97%		12/2028	1,208	1,207		—		1,208
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.97%		12/2028	294	292		—		294
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.97%		12/2028	173	171		—		173
Denali Midco 2, LLC+(5)	One stop				N/A(6)		12/2028	—	(3)		—		—
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.97%		12/2028	87	85		—		87
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.97%		12/2028	700	689		—		700
Denali Midco 2, LLC+(25)	Second lien	N/A			13.00%	PIK	12/2029	11,972	11,895		0.3		11,972
High Bar Brands Operating, LLC+(5)	Senior secured				N/A(6)		12/2029	—	(1)		—		—
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(j)	8.92%		12/2029	250	250		—		250
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(j)	8.92%		12/2029	1,419	1,415		—		1,419
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(j)	8.92%		12/2029	296	295		—		296
JHCC Holdings LLC*	One stop	SF +	5.25%	(j)	8.92%		09/2027	17,663	17,633		0.5		17,663
JHCC Holdings LLC+	One stop	SF +	5.25%	(j)	8.92%		09/2027	5,113	5,162		0.1		5,113
JHCC Holdings LLC*+	One stop	SF +	5.25%	(j)	8.92%		09/2027	4,888	4,896		0.1		4,888
JHCC Holdings LLC*+	One stop	SF +	5.25%	(j)	8.92%		09/2027	6,870	6,861		0.2		6,870
JHCC Holdings LLC+	One stop	SF +	5.25%	(j)	8.92%		09/2027	2,757	2,770		0.1		2,757
JHCC Holdings LLC*+	One stop	SF +	5.25%	(j)	8.92%		09/2027	1,638	1,635		0.1		1,638
JHCC Holdings LLC+	One stop	SF +	5.25%	(j)	8.92%		09/2027	725	723		—		725
JHCC Holdings LLC+	One stop	SF +	5.25%	(j)	8.92%		09/2027	686	685		—		686
JHCC Holdings LLC+	One stop	P +	4.25%	(a)	11.00%		09/2027	130	130		—		130
JHCC Holdings LLC+	One stop	SF +	5.25%	(j)	8.92%		09/2027	3,965	3,942		0.1		3,965
Lincoln Acq Buyer, LLC+	One stop	SF +	4.50%	(i)(j)	8.22%		11/2032	15	15		—		15
Lincoln Acq Buyer, LLC+	One stop	SF +	4.50%	(i)	8.22%		11/2032	281	280		—		280
Lincoln Acq Buyer, LLC+	One stop	SF +	4.50%	(j)	8.20%		11/2032	4	3		—		3
MOP GM Holding, LLC*+	One stop	SF +	5.75%	(j)	9.57%		11/2026	32,461	32,426		0.8		31,812
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	9.72%		11/2026	3,816	3,805		0.1		3,740
MOP GM Holding, LLC*+	One stop	SF +	5.75%	(j)	9.74%		11/2026	3,571	3,562		0.1		3,499
MOP GM Holding, LLC*+	One stop	SF +	5.75%	(j)	9.74%		11/2026	3,491	3,477		0.1		3,421
MOP GM Holding, LLC*+	One stop	SF +	5.75%	(j)	9.57%		11/2026	2,587	2,576		0.1		2,536
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	9.74%		11/2026	2,133	2,125		0.1		2,091
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	9.74%		11/2026	1,967	1,957		0.1		1,928
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	9.57%		11/2026	716	713		—		702
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	9.57%		11/2026	527	524		—		516
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	9.60%		11/2026	400	398		—		392
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	9.74%		11/2026	264	262		—		258
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	9.57%		11/2026	201	200		—		197
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	9.57%		11/2026	88	88		—		86
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	9.74%		11/2026	88	88		—		86
MOP GM Holding, LLC+(5)	One stop				N/A(6)		11/2026	—	(14)		—		—
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.00%	(k)	8.87%		07/2029	231	221		—		231
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.00%	(j)	8.67%		07/2029	13,247	13,207		0.3		13,247
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.00%	(k)	8.60%		07/2029	1,443	1,424		—		1,443
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.00%	(j)	8.67%		07/2029	1,277	1,271		—		1,277
POY Holdings, LLC*+	One stop	SF +	5.50%	(j)	9.32%		11/2027	28,123	28,290		0.7		26,997
POY Holdings, LLC*+	One stop	SF +	5.50%	(j)	9.32%		11/2027	3,656	3,693		0.1		3,510
POY Holdings, LLC*+	One stop	SF +	5.50%	(j)	9.32%		11/2027	1,294	1,294		—		1,243

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)	Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value(4)
POY Holdings, LLC+	One stop	SF +	5.50%	(j)	9.32%	11/2027		$	862	—	%	$	828
POY Holdings, LLC+	One stop	SF +	5.50%	(j)	9.32%	11/2027	643	643		—		617
POY Holdings, LLC+	One stop	SF +	5.50%	(j)	9.32%	11/2027	287	287		—		276
POY Holdings, LLC+	One stop	SF +	5.50%	(j)	9.33%	11/2027	344	342		—		325
POY Holdings, LLC+(5)	One stop				N/A(6)	11/2027	—	(10)		—		—
POY Holdings, LLC*	One stop	SF +	5.50%	(j)	9.31%	11/2027	2,256	2,249		0.1		2,165
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	4.75%	(i)	8.47%	06/2031	4,796	4,764		0.1		4,796
Quick Quack Car Wash Holdings, LLC+(5)	One stop				N/A(6)	06/2031	—	(3)		—		—
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	4.75%	(i)	8.47%	06/2031	269	266		—		269
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	4.75%	(i)	8.47%	06/2031	140	138		—		140
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	4.75%	(i)	8.47%	06/2031	329	328		—		329
TWAS Holdings, LLC*+	One stop	SF +	4.75%	(i)	8.47%	12/2029	111,822	110,699		2.9		111,264
TWAS Holdings, LLC+(5)	One stop				N/A(6)	12/2029	—	(4)		—		(4)
TWAS Holdings, LLC+(5)	One stop				N/A(6)	12/2029	—	(9)		—		(4)
Yorkshire Parent, Inc.+	One stop	SF +	5.50%	(j)	9.17%	12/2029	62	61		—		62
Yorkshire Parent, Inc.*+	One stop	SF +	5.50%	(j)	9.17%	12/2029	2,203	2,225		0.1		2,203
Yorkshire Parent, Inc.+	One stop	SF +	5.50%	(j)	9.34%	12/2029	610	608		—		610
Yorkshire Parent, Inc.+	One stop	SF +	5.00%	(j)	8.84%	12/2029	751	728		—		751
Yorkshire Parent, Inc.+	One stop	SF +	5.00%	(j)	8.84%	12/2029	2,227	2,218		0.1		2,227
							411,740	410,135		10.1		408,622
Banks
Empyrean Solutions, LLC+	One stop	SF +	4.50%	(j)	8.17%	11/2031	9,283	9,244		0.2		9,283
Empyrean Solutions, LLC+(5)	One stop				N/A(6)	11/2031	—	(6)		—		—
Empyrean Solutions, LLC+(5)	One stop				N/A(6)	11/2031	—	(16)		—		—
OSP Hamilton Purchaser, LLC+	One stop	SF +	4.75%	(j)	8.59%	12/2029	1,723	1,742		0.1		1,723
OSP Hamilton Purchaser, LLC+	One stop	SF +	4.75%	(j)	8.59%	12/2029	270	267		—		270
OSP Hamilton Purchaser, LLC+	One stop	SF +	4.75%	(j)	8.64%	12/2029	1,648	1,643		0.1		1,648
OSP Hamilton Purchaser, LLC+	One stop	SF +	4.75%	(j)	8.61%	12/2029	93	89		—		93
							13,017	12,963		0.4		13,017
Beverages
Financial Information Technologies, LLC*+	One stop	SF +	4.75%	(j)	8.42%	06/2030	34,192	34,106		0.9		34,192
Financial Information Technologies, LLC+(5)	One stop				N/A(6)	06/2030	—	(1)		—		—
Financial Information Technologies, LLC+	One stop	SF +	4.75%	(j)	8.42%	06/2030	2,192	2,189		0.1		2,192
Financial Information Technologies, LLC+	One stop	SF +	4.75%	(j)	8.42%	06/2030	1,683	1,679		0.1		1,683
Spindrift Beverage Co. Inc.+(5)	One stop				N/A(6)	02/2032	—	(16)		—		—
Spindrift Beverage Co. Inc.+(5)	One stop				N/A(6)	02/2032	—	(5)		—		—
Spindrift Beverage Co. Inc.+	One stop	SF +	5.00%	(j)	8.94%	02/2032	7,653	7,569		0.2		7,653
Watermill Express, LLC*+	One stop	SF +	4.75%	(j)	8.42%	04/2031	3,047	3,021		0.1		3,047
Watermill Express, LLC+	One stop	SF +	4.75%	(j)	8.42%	04/2031	294	293		—		294
Watermill Express, LLC+(5)	One stop				N/A(6)	04/2031	—	(5)		—		—
Watermill Express, LLC+	One stop	SF +	4.75%	(j)	8.42%	04/2031	735	728		—		735
Watermill Express, LLC+	One stop	SF +	4.75%	(j)	8.45%	04/2031	369	366		—		369
Watermill Express, LLC*	One stop	SF +	4.75%	(j)	8.56%	04/2031	2,381	2,361		0.1		2,381
Watermill Express, LLC+	One stop	SF +	4.75%	(j)	8.42%	04/2031	2,771	2,756		0.1		2,771
Watermill Express, LLC+(5)	One stop				N/A(6)	04/2031	—	(11)		—		—
Winebow Holdings, Inc.*+	One stop	SF +	6.25%	(i)	10.07%	12/2027	9,210	8,955		0.2		7,737
							64,527	63,985		1.8		63,054

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value(4)
Building Products
BECO Holding Company, Inc.+(5)	One stop				N/A(6)				11/2027		$	(1)	—	%	$	—
BECO Holding Company, Inc.*+	One stop	SF +	5.25%	(j)	9.07%				11/2028	40,472	40,911		1.0		40,472
BECO Holding Company, Inc.+	One stop	SF +	5.25%	(j)	9.07%				11/2028	312	310		—		312
BECO Holding Company, Inc.+(5)	One stop				N/A(6)				11/2028	—	(3)		—		—
										40,784	41,217		1.0		40,784
Capital Markets
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(j)	8.42%				01/2031	159	157		—		159
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(j)	8.42%				01/2031	2,507	2,522		0.1		2,507
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(j)	8.42%				01/2031	844	837		—		844
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(j)	8.42%				01/2031	9,899	9,835		0.3		9,899
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(j)	8.42%				01/2031	760	758		—		760
										14,169	14,109		0.4		14,169
Chemicals
AP Adhesives Holdings, LLC+(5)	One stop				N/A(6)				04/2032	—	(9)		—		—
AP Adhesives Holdings, LLC+(5)	One stop				N/A(6)				04/2031	—	(4)		—		—
AP Adhesives Holdings, LLC+	One stop	SF +	4.75%	(j)	8.66%				04/2032	5,786	5,760		0.2		5,786
Inhance Parent, Inc.+(25)	One stop	SF +	7.00%	(j)	6.32%	cash/	4.50%	PIK	06/2029	841	841		—		841
Inhance Parent, Inc.+(25)	One stop	SF +	7.00%	(j)	6.32%	cash/	4.50%	PIK	06/2029	23,059	20,307		0.6		21,674
Inhance Parent, Inc.+(7)(25)	One stop	N/A			20.00%	PIK			06/2029	11,102	4,446		0.1		5,218
JSG II, Inc. and Checkers USA, Inc.+	One stop	SF +	4.50%	(i)	8.23%				09/2032	1,433	1,426		—		1,433
JSG II, Inc. and Checkers USA, Inc.+(5)	One stop				N/A(6)				09/2032	—	(1)		—		—
JSG II, Inc. and Checkers USA, Inc.+(5)	One stop				N/A(6)				09/2032	—	(1)		—		—
Krayden Holdings, Inc.*	Senior secured	SF +	4.75%	(i)	8.42%				03/2029	9,717	9,648		0.3		9,717
Krayden Holdings, Inc.+	Senior secured	SF +	4.75%	(i)(j)	8.46%				03/2029	1,099	1,075		—		1,099
Krayden Holdings, Inc.+	Senior secured	SF +	4.75%	(i)	8.42%				03/2029	3,028	2,980		0.1		3,028
PHM NL SP Bidco B.V.+(8)(9)(10)(25)	One stop	E +	6.75%	(d)	5.87%	cash/	3.00%	PIK	09/2028	55,695	51,996		1.3		51,796
PHM NL SP Bidco B.V.+(8)(10)(25)	One stop	SF +	6.75%	(h)	7.66%	cash/	3.00%	PIK	09/2028	20,606	19,873		0.5		19,164
PHM NL SP Bidco B.V.+(8)(9)(10)(25)	One stop	SN +	6.75%	(g)	7.47%	cash/	3.00%	PIK	09/2028	12,114	11,390		0.3		11,266
PHM NL SP Bidco B.V.+(8)(9)(10)(25)	One stop	E +	6.75%	(d)	5.92%	cash/	3.00%	PIK	09/2028	5,887	5,431		0.2		5,475
										150,367	135,158		3.6		136,497
Commercial Services & Supplies
CHA Vision Holdings, Inc.+	One stop				N/A(6)				01/2030	—	—		—		—
CHA Vision Holdings, Inc.+	One stop	SF +	5.00%	(j)	8.87%				01/2031	1,056	1,052		—		1,056
CHA Vision Holdings, Inc.+	One stop	SF +	5.00%	(j)	8.87%				01/2031	344	342		—		344
CHA Vision Holdings, Inc.+	One stop	SF +	5.00%	(j)	8.87%				01/2031	304	303		—		304
CHA Vision Holdings, Inc.+	One stop	SF +	5.00%	(j)	8.82%				01/2031	38	35		—		38
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop				N/A(6)				06/2031	—	(16)		—		—
CI (Quercus) Intermediate Holdings, LLC*+	One stop	SF +	5.00%	(j)	8.69%				06/2031	32,288	31,998		0.8		32,288
CI (Quercus) Intermediate Holdings, LLC+	One stop	SF +	5.00%	(j)	8.67%				06/2031	984	959		—		984
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop				N/A(6)				06/2031	—	(5)		—		—
Dispatch Acquisition Holdings, LLC+	One stop	SF +	4.75%	(j)	8.42%				11/2032	423	421		—		421
Dispatch Acquisition Holdings, LLC+	One stop	SF +	4.75%	(a)(j)	8.59%				11/2032	28	27		—		27
Kleinfelder Intermediate, LLC+	One stop	SF +	5.00%	(j)	8.84%				09/2030	4,036	3,956		0.1		4,036
Kleinfelder Intermediate, LLC+(5)	One stop				N/A(6)				09/2028	—	(5)		—		—
Kleinfelder Intermediate, LLC+	One stop	SF +	5.00%	(j)	8.84%				09/2030	438	433		—		438
Pearl Acquisition Buyer, Inc.+	One stop	SF +	4.50%	(j)	8.17%				12/2032	3	3		—		3
Pearl Acquisition Buyer, Inc.+	One stop	SF +	4.50%	(j)	8.17%				12/2032	343	342		—		342
Pearl Acquisition Buyer, Inc.+	One stop				N/A(6)				12/2032	—	—		—		—
Profile Products LLC+	One stop	SF +	5.50%	(j)	9.49%				11/2027	8,936	8,891		0.2		8,936
Profile Products LLC+	One stop	SF +	5.50%	(j)	9.49%				11/2027	1,811	1,798		0.1		1,811
Profile Products LLC+	One stop	P +	4.50%	(a)	11.25%				11/2027	60	60		—		60
Profile Products LLC+	One stop				N/A(6)				11/2027	—	—		—		—

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value(4)
PSC Parent, Inc.*+	One stop	SF +	5.25%	(i)	8.99%				04/2031		$	5,429	0.1	%	$	5,436
PSC Parent, Inc.+	One stop	SF +	5.25%	(i)	8.97%				04/2030	284	280		—		284
PSC Parent, Inc.+	One stop	SF +	5.25%	(i)	9.00%				04/2031	683	678		—		683
PSC Parent, Inc.+	One stop	SF +	5.25%	(i)	8.97%				04/2031	906	903		—		906
PT Intermediate Holdings III, LLC+(25)	One stop	SF +	5.00%	(j)	6.92%	cash/	1.75%	PIK	04/2030	21,420	21,406		0.6		21,420
PT Intermediate Holdings III, LLC+(5)	One stop				N/A(6)				04/2030	—	(4)		—		—
Radwell Parent, LLC*+	One stop	SF +	5.50%	(j)	9.17%				03/2029	33,854	33,623		0.9		33,854
Radwell Parent, LLC*+	One stop	SF +	5.50%	(j)	9.17%				03/2029	32,538	32,577		0.8		32,538
Radwell Parent, LLC+	One stop	SF +	5.50%	(j)	9.17%				03/2029	207	175		—		207
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.50%	(j)	8.50%				06/2029	247	247		—		245
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.50%	(i)(j)	8.44%				06/2029	2,967	2,954		0.1		2,937
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.50%	(j)	8.50%				06/2029	527	527		—		521
Trinity Air Consultants Holdings Corporation+(5)	One stop				N/A(6)				06/2029	—	(1)		—		(1)
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.50%	(j)	8.50%				06/2029	609	607		—		603
Trinity Air Consultants Holdings Corporation+(5)	One stop				N/A(6)				06/2029	—	(2)		—		(3)
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.50%	(j)	8.48%				06/2029	1,573	1,558		—		1,557
WRE Holding Corp.+(5)	One stop				N/A(6)				07/2031	—	(4)		—		—
WRE Holding Corp.+	One stop	SF +	5.00%	(k)	8.71%				07/2031	75	75		—		75
WRE Holding Corp.+(5)	One stop				N/A(6)				07/2030	—	(18)		—		—
WRE Holding Corp.*	One stop	SF +	5.00%	(k)	8.87%				07/2031	16,308	16,178		0.4		16,308
WRE Holding Corp.*	One stop	SF +	5.00%	(k)	8.62%				07/2031	1,790	1,783		0.1		1,790
WRE Holding Corp.*	One stop	SF +	5.00%	(k)	8.60%				07/2031	1,079	1,074		—		1,079
WRE Holding Corp.+	One stop	SF +	5.00%	(k)	8.60%				07/2031	839	836		—		839
WRE Holding Corp.+	One stop	SF +	5.00%	(k)	8.60%				07/2031	294	292		—		294
WRE Holding Corp.+	One stop	SF +	5.00%	(k)	8.60%				07/2031	300	299		—		300
WRE Holding Corp.+	One stop	SF +	5.00%	(k)	8.60%				07/2031	186	186		—		186
										173,214	172,252		4.2		173,146
Communications Equipment
Lightning Finco Limited+(8)(15)	One stop	SF +	5.50%	(h)	9.59%				09/2028	14,802	14,784		0.4		14,802
Lightning Finco Limited+(8)(9)(15)	One stop	E +	5.50%	(d)	7.62%				09/2028	1,784	1,748		0.1		1,785
										16,586	16,532		0.5		16,587
Construction & Engineering
Consor Intermediate II, LLC*+	One stop	SF +	4.50%	(j)	8.17%				05/2031	5,498	5,501		0.2		5,498
Consor Intermediate II, LLC+(5)	One stop				N/A(6)				05/2031	—	(8)		—		—
Consor Intermediate II, LLC+	One stop	SF +	4.50%	(j)	8.17%				05/2031	134	131		—		134
DCCM, LLC+	One stop	SF +	4.75%	(i)	8.47%				06/2032	591	588		—		591
DCCM, LLC+(5)	One stop				N/A(6)				06/2032	—	(1)		—		—
DCCM, LLC+(5)	One stop				N/A(6)				06/2032	—	(1)		—		—
Royal Holdco Corporation+	One stop	SF +	4.50%	(j)	8.29%				12/2030	429	421		—		429
Royal Holdco Corporation+	One stop	SF +	4.50%	(j)	8.20%				12/2030	371	367		—		371
Royal Holdco Corporation+	One stop	SF +	4.50%	(j)	8.24%				12/2030	5,966	5,915		0.2		5,966
										12,989	12,913		0.4		12,989

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)		Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value(4)
Containers & Packaging
Chase Intermediate*+	One stop	SF +	4.75%	(j)	8.59%		10/2028		$	49,200	1.3	%	$	48,700
Chase Intermediate+	One stop	SF +	4.75%	(j)	8.42%		10/2028	272	271		—		272
Chase Intermediate+	One stop	SF +	4.75%	(j)	8.59%		10/2028	2,278	2,274		0.1		2,278
Chase Intermediate+	One stop	SF +	4.75%	(j)	8.59%		10/2028	596	562		—		596
Fortis Solutions Group, LLC*+	One stop	SF +	5.50%	(j)	9.27%		10/2028	51,461	51,169		1.3		50,946
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(j)	9.27%		10/2028	1,691	1,675		0.1		1,674
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(j)	9.27%		10/2028	140	94		—		138
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(a)(j)	9.67%		10/2027	176	170		—		170
Packaging Coordinators Midco, Inc.+	One stop	SF +	4.50%	(j)	8.34%		07/2032	6,314	6,216		0.2		6,314
Packaging Coordinators Midco, Inc.+(5)	One stop				N/A(6)		07/2032	—	(8)		—		—
Packaging Coordinators Midco, Inc.+	One stop				N/A(6)		07/2032	—	—		—		—
Packaging Coordinators Midco, Inc.+(9)	One stop	SN +	4.50%	(g)	8.22%		07/2032	12,583	12,269		0.3		12,583
Packaging Coordinators Midco, Inc.+	One stop	SF +	4.50%	(j)	8.34%		07/2032	36	36		—		36
Packaging Coordinators Midco, Inc.+(5)	One stop				N/A(6)		07/2032	—	(3)		—		—
Packaging Coordinators Midco, Inc.+	One stop				N/A(6)		07/2032	—	—		—		—
								124,247	123,925		3.3		123,707
Diversified Consumer Services
ABC Legal Holdings, LLC+	One stop	SF +	4.50%	(j)	8.34%		08/2032	1,333	1,327		—		1,333
ABC Legal Holdings, LLC+(5)	One stop				N/A(6)		08/2032	—	(1)		—		—
ABC Legal Holdings, LLC+(5)	One stop				N/A(6)		08/2032	—	(2)		—		—
Action Termite Control, LLC+	Senior secured				N/A(6)		12/2032	—	—		—		—
Action Termite Control, LLC+	Senior secured	SF +	4.25%	(j)	7.96%		12/2032	107	107		—		107
Action Termite Control, LLC+(5)	Senior secured				N/A(6)		12/2032	—	(2)		—		(2)
Any Hour, LLC*	One stop	SF +	5.25%	(j)	8.92%		05/2030	8,952	8,903		0.2		8,415
Any Hour, LLC+(25)	One stop	N/A			13.00%	PIK	05/2031	3,383	3,341		0.1		2,910
Any Hour, LLC+	One stop	SF +	5.25%	(i)(j)	8.96%		05/2030	797	786		—		740
Any Hour, LLC+	One stop	SF +	5.25%	(j)	8.92%		05/2030	253	239		—		240
Apex Service Partners, LLC+	One stop	SF +	5.00%	(j)	8.82%		10/2030	4,379	4,437		0.1		4,390
Apex Service Partners, LLC+	One stop	SF +	5.00%	(j)	8.78%		10/2030	13,820	13,763		0.4		13,854
Apex Service Partners, LLC+	One stop	SF +	5.00%	(j)	8.82%		10/2030	1,042	1,031		—		1,045
Apex Service Partners, LLC+	One stop	SF +	5.00%	(j)	8.71%		10/2029	21	20		—		21
Apex Service Partners, LLC+	One stop	SF +	5.00%	(j)	8.84%		10/2030	2,192	2,173		0.1		2,198
Apex Service Partners, LLC+	One stop	SF +	5.00%	(j)	8.81%		10/2030	4,456	4,427		0.1		4,472
Aptive Environmental, LLC+	One stop	SF +	4.75%	(i)	8.47%		10/2032	1,767	1,750		0.1		1,750
Aptive Environmental, LLC+(5)	One stop				N/A(6)		10/2032	—	(2)		—		(2)
Aptive Environmental, LLC+(5)	One stop				N/A(6)		10/2032	—	—		—		(1)
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.07%		08/2027	455	454		—		455
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.07%		08/2027	2,761	2,752		0.1		2,761
Certus Pest, Inc.*	One stop	SF +	5.25%	(j)	9.07%		08/2027	1,730	1,725		0.1		1,730
Certus Pest, Inc.*	One stop	SF +	5.25%	(j)	9.07%		08/2027	1,659	1,653		0.1		1,659
Certus Pest, Inc.*+	One stop	SF +	5.25%	(j)	9.07%		08/2027	1,197	1,194		—		1,197
Certus Pest, Inc.*	One stop	SF +	5.25%	(j)	9.07%		08/2027	1,182	1,179		—		1,182
Certus Pest, Inc.*+	One stop	SF +	5.25%	(j)	9.07%		08/2027	820	817		—		820
Certus Pest, Inc.*	One stop	SF +	5.25%	(j)	9.07%		08/2027	723	720		—		723
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.07%		08/2027	704	703		—		704
Certus Pest, Inc.*+	One stop	SF +	5.25%	(j)	9.07%		08/2027	416	415		—		416
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.07%		08/2027	260	259		—		260
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.07%		08/2027	142	141		—		142
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.07%		08/2027	60	60		—		60
Certus Pest, Inc.+	One stop				N/A(6)		08/2027	—	—		—		—
Certus Pest, Inc.+(5)	One stop				N/A(6)		08/2027	—	(10)		—		—
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.07%		08/2027	391	390		—		391

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)		Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value(4)
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.07%		08/2027		$	2,317	0.1	%	$	2,324
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.07%		08/2027	1,449	1,444		—		1,449
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.07%		08/2027	696	694		—		696
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.07%		08/2027	696	694		—		696
CHHJ Midco, LLC*+	Senior secured	SF +	5.00%	(j)	8.82%		01/2028	3,683	3,675		0.1		3,683
CHHJ Midco, LLC+	Senior secured	SF +	5.00%	(j)	8.84%		01/2028	30	30		—		30
CHVAC Services Investment, LLC*+	One stop	SF +	4.50%	(j)	8.17%		05/2030	6,367	6,293		0.2		6,367
CHVAC Services Investment, LLC*+	One stop	SF +	4.50%	(j)	8.17%		05/2030	1,656	1,639		0.1		1,656
CHVAC Services Investment, LLC+	One stop	SF +	4.50%	(i)	8.23%		05/2030	94	91		—		94
CHVAC Services Investment, LLC+	One stop	SF +	4.50%	(j)	8.17%		05/2030	61	24		—		61
COP Hometown Acquisitions, Inc.*+	Senior secured	SF +	5.25%	(j)	9.24%		07/2027	2,370	2,362		0.1		2,370
COP Hometown Acquisitions, Inc.*+	Senior secured	SF +	5.25%	(j)	9.24%		07/2027	2,309	2,300		0.1		2,309
COP Hometown Acquisitions, Inc.*+	Senior secured	SF +	5.25%	(j)	9.09%		07/2027	1,513	1,507		—		1,513
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	9.14%		07/2027	1,070	1,065		—		1,070
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	9.24%		07/2027	1,140	1,135		—		1,140
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	9.09%		07/2027	687	684		—		687
COP Hometown Acquisitions, Inc.+(5)	Senior secured				N/A(6)		07/2027	—	(1)		—		—
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	9.13%		07/2027	1,366	1,365		—		1,366
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	9.12%		07/2027	1,034	1,034		—		1,034
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	9.08%		07/2027	909	909		—		909
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	9.19%		07/2027	5,476	5,441		0.2		5,476
EMS LINQ, LLC+	One stop	SF +	6.25%	(i)	10.07%		12/2027	13,835	13,855		0.4		13,697
EMS LINQ, LLC+	One stop	SF +	6.25%	(i)	10.07%		12/2027	84	83		—		80
Entomo Brands Acquisitions, Inc.*+	Senior secured	SF +	5.50%	(j)	9.32%		07/2029	4,333	4,336		0.1		4,333
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50%	(j)	9.32%		07/2029	14	14		—		14
Entomo Brands Acquisitions, Inc.*+	Senior secured	SF +	5.50%	(j)	9.32%		07/2029	1,260	1,249		—		1,260
EWC Growth Partners LLC+	One stop	SF +	6.00%	(j)	9.82%		03/2026	913	913		—		748
EWC Growth Partners LLC+	One stop	SF +	6.00%	(j)	9.82%		03/2026	1,072	1,072		—		879
EWC Growth Partners LLC+	One stop	SF +	6.00%	(j)	9.82%		03/2026	38	38		—		30
EWC Growth Partners LLC+	One stop	SF +	6.00%	(j)	9.82%		03/2026	101	101		—		83
FPG Intermediate Holdco, LLC+(25)	One stop	SF +	5.00%	(k)	8.70%	PIK	06/2029	130	130		—		130
FPG Intermediate Holdco, LLC+(25)	One stop	SF +	5.00%	(k)	8.70%	PIK	06/2029	943	943		—		943
FPG Intermediate Holdco, LLC+(25)	One stop	SF +	5.00%	(j)(k)	8.70%	PIK	06/2029	1,395	1,395		—		1,395
FPG Intermediate Holdco, LLC+(25)	Senior secured	SF +	5.00%	(k)	8.70%	PIK	06/2029	4,860	4,607		0.1		4,423
FPG Intermediate Holdco, LLC+(7)(25)	One stop	SF +	5.00%	(k)	8.70%	PIK	06/2029	1,944	1,630		0.1		1,633
FSS Buyer LLC+	One stop				N/A(6)		08/2030	—	—		—		—
FSS Buyer LLC*+	One stop	SF +	4.50%	(i)	8.22%		08/2031	6,863	6,826		0.2		6,863
HS Spa Holdings, Inc.+	One stop	SF +	5.25%	(j)	9.07%		06/2029	11,403	11,388		0.3		11,403
HS Spa Holdings, Inc.+	One stop	SF +	5.25%	(a)(i)	8.97%		06/2028	46	45		—		46
HS Spa Holdings, Inc.+	One stop	SF +	5.25%	(j)	9.09%		06/2029	684	683		—		684
Kodiak Buyer, LLC+	One stop	SF +	4.50%	(j)	8.17%		07/2032	614	611		—		614
Kodiak Buyer, LLC+(5)	One stop				N/A(6)		07/2032	—	(1)		—		—
Kodiak Buyer, LLC+(5)	One stop				N/A(6)		07/2032	—	(1)		—		—
Liminex, Inc.+	One stop	SF +	6.00%	(j)	9.99%		11/2026	35,293	35,279		0.9		35,293
Liminex, Inc.+	One stop	SF +	6.00%	(j)	9.99%		11/2026	23,281	23,251		0.6		23,281
Liminex, Inc.+	One stop	SF +	6.00%	(j)	9.99%		11/2026	15,793	15,716		0.4		15,793
Liminex, Inc.+	One stop	SF +	6.00%	(j)	9.99%		11/2026	20,117	20,267		0.5		20,117
Litera Bidco, LLC*	One stop	SF +	5.00%	(i)	8.72%		05/2028	5,136	5,144		0.1		5,136
Litera Bidco, LLC+	One stop	SF +	5.00%	(i)	8.72%		05/2028	2,051	2,046		0.1		2,051
Litera Bidco, LLC+(5)	One stop				N/A(6)		05/2028	—	(1)		—		—
Litera Bidco, LLC+(5)	One stop				N/A(6)		05/2028	—	(1)		—		—
Mario Purchaser, LLC+	One stop	SF +	5.75%	(j)	9.84%		04/2029	450	447		—		432
Mario Purchaser, LLC*+	One stop	SF +	5.75%	(j)	9.84%		04/2029	11,239	11,201		0.3		10,789

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value(4)
Mario Purchaser, LLC+(25)	One stop	N/A			14.84%	PIK			04/2032		$	5,202	0.1	%	$	5,080
Mario Purchaser, LLC+	One stop	SF +	5.75%	(j)	9.84%				04/2029	5,174	5,195		0.1		4,968
Mario Purchaser, LLC+	One stop	SF +	5.75%	(j)	9.74%				04/2028	136	134		—		130
NSG Buyer, Inc. *+	One stop	SF +	5.00%	(j)	8.67%				11/2029	38,404	38,194		1.0		38,404
NSG Buyer, Inc. +	One stop	SF +	5.00%	(j)	8.67%				11/2028	145	141		—		145
NSG Buyer, Inc. +(5)	One stop				N/A(6)				11/2029	—	(27)		—		—
PADI Holdco, Inc.+	One stop	SF +	5.00%	(j)	9.08%				01/2029	541	537		—		541
PADI Holdco, Inc.*	One stop	SF +	5.00%	(j)	8.97%				01/2029	21,079	20,898		0.5		21,079
PADI Holdco, Inc.+(9)	One stop	E +	5.00%	(c)	7.07%				01/2029	20,958	20,192		0.5		20,958
PADI Holdco, Inc.+	One stop	SF +	5.00%	(j)	8.99%				01/2029	812	805		—		812
PADI Holdco, Inc.+	One stop	SF +	5.00%	(j)	8.89%				01/2029	168	166		—		168
PADI Holdco, Inc.+(9)	One stop	A +	5.50%	(e)	9.20%				01/2029	7,547	7,068		0.2		7,547
Provenance Buyer LLC*+	One stop	SF +	5.00%	(j)	8.77%				06/2027	20,527	20,432		0.5		20,323
Provenance Buyer LLC*+	One stop	SF +	5.00%	(j)	8.77%				06/2027	13,831	13,766		0.4		13,692
Provenance Buyer LLC+	One stop	SF +	5.00%	(j)	8.78%				06/2027	188	184		—		186
RW AM Holdco LLC+(7)	One stop	SF +	5.25%	(j)	9.02%				04/2028	23,613	23,037		0.3		12,987
RW AM Holdco LLC+(5)(7)	One stop				N/A(6)				04/2028	—	(8)		—		(90)
Salisbury House, LLC+	One stop	SF +	5.00%	(i)	8.72%				08/2032	30	29		—		30
Salisbury House, LLC+	One stop	SF +	5.00%	(k)	8.73%				08/2032	1,498	1,491		—		1,498
Salisbury House, LLC+(5)	One stop				N/A(6)				08/2032	—	(1)		—		—
SCP CDH Buyer, Inc.+	One stop	SF +	4.50%	(j)	8.17%				12/2032	354	352		—		351
SCP CDH Buyer, Inc.+(5)	One stop				N/A(6)				12/2032	—	(1)		—		(1)
SCP CDH Buyer, Inc.+	One stop				N/A(6)				12/2032	—	—		—		—
Severin Acquisition, LLC+(25)	One stop	SF +	4.75%	(i)	6.22%	cash/	2.25%	PIK	10/2031	35,852	35,567		0.9		35,494
Severin Acquisition, LLC+(5)	One stop				N/A(6)				10/2031	—	(37)		—		(44)
Severin Acquisition, LLC+(25)	One stop	SF +	4.75%	(i)	6.22%	cash/	2.25%	PIK	10/2031	1,561	1,530		—		1,487
Stellar Brands, LLC+	Senior secured	SF +	4.50%	(j)	8.17%				02/2031	7,133	7,087		0.2		7,133
Stellar Brands, LLC+(5)	Senior secured				N/A(6)				02/2031	—	(4)		—		—
Virginia Green Acquisition, LLC+(5)	One stop				N/A(6)				12/2030	—	(5)		—		(5)
Virginia Green Acquisition, LLC*+	One stop	SF +	5.25%	(k)	8.86%				12/2030	3,157	3,189		0.1		3,141
Virginia Green Acquisition, LLC+	One stop				N/A(6)				12/2029	—	—		—		—
Virginia Green Acquisition, LLC+(5)	One stop				N/A(6)				12/2030	—	—		—		(1)
										461,717	457,830		11.2		447,063
Diversified Financial Services
Baker Tilly Advisory Group, LP+(5)	One stop				N/A(6)				06/2030	—	(11)		—		—
Baker Tilly Advisory Group, LP+	One stop	SF +	4.75%	(i)	8.47%				06/2031	3,753	3,713		0.1		3,763
Baker Tilly Advisory Group, LP+	One stop	SF +	4.25%	(i)	7.97%				06/2031	5,031	5,008		0.1		5,031
Baker Tilly Advisory Group, LP+(5)	One stop				N/A(6)				06/2031	—	(8)		—		—
Banker's Toolbox, Inc.*+	One stop	SF +	4.50%	(j)	8.17%				07/2029	20,803	20,676		0.5		20,803
Banker's Toolbox, Inc.+(5)	One stop				N/A(6)				07/2029	—	(2)		—		—
Banker's Toolbox, Inc.+(5)	One stop				N/A(6)				07/2029	—	(2)		—		—
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop	E +	4.75%	(d)	6.83%				07/2031	17,494	15,986		0.5		17,494
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)(25)	Subordinated debt	E +	8.00%	(d)	10.08%	PIK			07/2032	2,278	2,086		0.1		2,278
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop	E +	4.75%	(d)	6.85%				07/2031	2,478	2,223		0.1		2,478
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop				N/A(6)				07/2031	—	—		—		—
Corsair Blade IV S.A R.L.+(8)(9)(13)(25)	One stop	SN +	5.75%	(g)	9.22%	cash/	0.25%	PIK	12/2030	1,201	931		—		1,201
Corsair Blade IV S.A R.L.+(8)(13)(25)	One stop	SF +	5.75%	(j)	9.76%	cash/	0.25%	PIK	12/2030	3,725	3,725		0.1		3,725
Deerfield Dakota Holding, LLC+(5)	One stop				N/A(6)				09/2032	—	(2)		—		—
Deerfield Dakota Holding, LLC+(25)	One stop	SF +	5.75%	(j)	6.67%	cash/	2.75%	PIK	09/2032	1,844	1,826		0.1		1,844
Equity Methods, LLC+	One stop	SF +	4.75%	(j)	8.42%				04/2032	19,829	19,740		0.5		19,829
Equity Methods, LLC+(5)	One stop				N/A(6)				04/2032	—	(16)		—		—
Equity Methods, LLC+(5)	One stop				N/A(6)				04/2032	—	(20)		—		—

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value(4)
Finastra USA, Inc.+(8)(10)	One stop	SF +	7.25%	(j)	10.97%				09/2029		$	1,460	—	%	$	1,476
Flash Topco, Inc.+	One stop	SF +	6.00%	(k)	9.95%				10/2028	16,874	16,645		0.4		16,537
Flash Topco, Inc.+	One stop	SF +	6.50%	(k)	10.20%				10/2028	156	153		—		154
Flash Topco, Inc.+	One stop	SF +	6.00%	(k)	9.70%				10/2028	3,369	3,357		0.1		3,302
Higginbotham Insurance Agency, Inc.+(5)	One stop				N/A(6)				06/2031	—	—		—		(1)
Higginbotham Insurance Agency, Inc.+(5)	One stop				N/A(6)				06/2031	—	(1)		—		(1)
Higginbotham Insurance Agency, Inc.*+	One stop	SF +	4.50%	(i)(j)	8.22%				06/2031	8,908	8,931		0.2		8,886
Medlar Bidco Limited+(8)(9)(21)	One stop	SN +	5.00%	(g)	8.72%				05/2032	26,540	26,017		0.7		26,540
Medlar Bidco Limited+(5)(8)(9)(21)	One stop				N/A(6)				05/2032	—	(54)		—		—
Medlar Bidco Limited+(8)(9)(21)	One stop	E +	5.00%	(c)	6.99%				05/2032	32,978	31,549		0.9		32,978
Wealth Enhancement Group, LLC+	One stop	SF +	4.50%	(j)	8.49%				10/2028	409	408		—		409
Wealth Enhancement Group, LLC+	One stop	SF +	4.50%	(j)	8.49%				10/2028	91	91		—		91
Wealth Enhancement Group, LLC+(5)	One stop				N/A(6)				10/2028	—	(1)		—		—
Wealth Enhancement Group, LLC+	One stop	SF +	4.50%	(j)	8.49%				10/2028	2,845	2,842		0.1		2,845
Wealth Enhancement Group, LLC+	One stop	SF +	4.50%	(j)	8.49%				10/2028	3,946	3,942		0.1		3,946
Wealth Enhancement Group, LLC+	One stop	SF +	4.50%	(j)	8.36%				10/2028	3,383	3,368		0.1		3,383
Wealth Enhancement Group, LLC+(5)	One stop				N/A(6)				10/2028	—	(2)		—		—
										179,411	174,558		4.7		178,991
Diversified Telecommunication Services
NTI Connect, LLC*+	Senior secured	SF +	4.75%	(j)	8.57%				07/2027	1,529	1,525		—		1,529
Electric Utilities
Smart Energy Systems, Inc.+(25)	One stop	SF +	7.50%	(j)	7.74%	cash/	3.75%	PIK	01/2030	6,484	6,368		0.2		6,354
Smart Energy Systems, Inc.+(25)	One stop	SF +	7.50%	(j)	7.74%	cash/	3.75%	PIK	01/2030	714	706		—		700
										7,198	7,074		0.2		7,054
Electrical Equipment
Power Grid Holdings, Inc.+	One stop	P +	3.75%	(a)	10.50%				12/2030	14	12		—		12
Power Grid Holdings, Inc.+	One stop	SF +	4.75%	(j)	8.42%				12/2030	1,040	1,029		—		1,028
Wildcat TopCo, Inc.+	One stop	SF +	4.50%	(j)	8.32%				11/2031	19,828	19,662		0.5		19,828
Wildcat TopCo, Inc.+(5)	One stop				N/A(6)				11/2031	—	(35)		—		—
Wildcat TopCo, Inc.+(5)	One stop				N/A(6)				11/2031	—	(18)		—		—
										20,882	20,650		0.5		20,868
Electronic Equipment, Instruments & Components
CST Holding Company+	One stop	SF +	5.00%	(i)	8.82%				11/2028	33,629	32,977		0.9		33,629
CST Holding Company+(5)	One stop				N/A(6)				11/2028	—	(2)		—		—
										33,629	32,975		0.9		33,629
Food & Staples Retailing
GMF Parent, Inc.+	One stop				N/A(6)				12/2032	—	—		—		—
GMF Parent, Inc.+	One stop	SF +	4.50%	(j)	8.20%				12/2032	296	294		—		294
GMF Parent, Inc.+	One stop				N/A(6)				12/2032	—	—		—		—
GMF Parent, Inc.+	One stop				N/A(6)				12/2032	—	—		—		—
Mendocino Farms, LLC+	One stop	SF +	5.50%	(i)	9.22%				03/2030	1,075	1,066		—		1,075
Mendocino Farms, LLC+	One stop	SF +	5.50%	(i)	9.22%				03/2030	1,075	1,066		—		1,075
Mendocino Farms, LLC+	One stop	SF +	5.50%	(i)	9.22%				03/2030	988	986		—		988
Mendocino Farms, LLC+	One stop	SF +	5.50%	(i)	9.22%				03/2030	56	56		—		56
Mendocino Farms, LLC+	One stop				N/A(6)				03/2030	—	—		—		—
Mendocino Farms, LLC+	One stop	SF +	5.50%	(i)	9.22%				03/2030	110	110		—		110
Mendocino Farms, LLC+	One stop	SF +	5.50%	(i)	9.22%				03/2030	110	110		—		110
Mendocino Farms, LLC+	One stop	SF +	5.50%	(i)	9.22%				03/2030	56	56		—		56
Mendocino Farms, LLC+(5)	One stop				N/A(6)				03/2030	—	(56)		—		—
Mendocino Farms, LLC+	One stop	SF +	5.50%	(i)	9.22%				03/2030	56	56		—		56
PDI TA Holdings, Inc.+	One stop	SF +	5.50%	(j)	9.34%				02/2031	11,522	11,472		0.3		11,522
PDI TA Holdings, Inc.+	One stop	SF +	5.50%	(j)	9.34%				02/2031	65	64		—		65

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value(4)
Wineshipping.com LLC+(25)	One stop	SF +	6.25%	(j)	4.82%	cash/	5.25%	PIK	12/2028		$	217	—	%	$	172
Wineshipping.com LLC+(25)	One stop	SF +	6.25%	(j)	4.82%	cash/	5.25%	PIK	12/2028	10,881	10,742		0.2		8,704
Wineshipping.com LLC+(25)	One stop	SF +	6.25%	(j)	4.82%	cash/	5.25%	PIK	12/2028	293	288		—		235
Wineshipping.com LLC+(5)	One stop				N/A(6)				12/2028	—	—		—		(176)
										26,804	26,527		0.5		24,342
Food Products
Blast Bidco Inc.*+	One stop	SF +	6.00%	(j)	9.67%				10/2030	4,843	4,795		0.1		4,843
Blast Bidco Inc.+(5)	One stop				N/A(6)				10/2029	—	(5)		—		—
Borrower R365 Holdings, LLC+	One stop	SF +	6.00%	(j)	9.82%				06/2027	18,823	18,817		0.5		18,823
Borrower R365 Holdings, LLC+	One stop	SF +	6.00%	(j)	9.82%				06/2027	1,556	1,550		—		1,556
Borrower R365 Holdings, LLC+	One stop	SF +	6.00%	(j)	9.82%				06/2027	231	231		—		231
Borrower R365 Holdings, LLC+	One stop				N/A(6)				06/2027	—	—		—		—
Eagle Family Foods Group, LLC+	One stop	SF +	5.00%	(k)	8.79%				08/2030	12,089	11,996		0.3		12,089
Eagle Family Foods Group, LLC+(5)	One stop				N/A(6)				08/2030	—	(12)		—		—
Kodiak Cakes, LLC*+	Senior secured	SF +	5.25%	(k)	8.98%				06/2028	45,795	45,520		1.2		45,795
Kodiak Cakes, LLC+(5)	Senior secured				N/A(6)				06/2028	—	(3)		—		—
Louisiana Fish Fry Products, Ltd.*+	One stop	SF +	6.25%	(j)	10.07%				07/2027	13,523	13,494		0.4		13,523
Louisiana Fish Fry Products, Ltd.+	One stop	SF +	6.25%	(i)(j)	10.07%				07/2027	254	251		—		254
MAPF Holdings, Inc.+	One stop	SF +	6.50%	(j)	10.17%				12/2026	51,303	51,129		1.3		49,764
MAPF Holdings, Inc.+	One stop	SF +	6.50%	(j)	10.17%				12/2026	600	594		—		582
MAPF Holdings, Inc.+	One stop	SF +	6.50%	(j)	10.17%				12/2026	1,644	1,620		—		1,596
MAPF Holdings, Inc.+(25)	One stop	N/A			19.00%	PIK			12/2026	2,661	2,658		0.1		2,434
P&P Food Safety Holdings, Inc.*+	One stop	SF +	5.25%	(j)	8.92%				05/2029	13,105	13,168		0.3		13,105
P&P Food Safety Holdings, Inc.+(5)	One stop				N/A(6)				05/2029	—	(6)		—		—
P&P Food Safety Holdings, Inc.+(9)	One stop	E +	5.50%	(c)	7.52%				05/2029	12,114	11,737		0.3		12,114
P&P Food Safety Holdings, Inc.+(5)	One stop				N/A(6)				05/2029	—	(26)		—		—
Sphynx UK Bidco, Ltd.+(8)(9)(10)	One stop	A +	4.50%	(e)	8.23%				09/2032	313	303		—		313
Sphynx UK Bidco, Ltd.+(8)(9)(10)	One stop	E +	4.50%	(c)	6.52%				09/2032	304	300		—		304
Sphynx UK Bidco, Ltd.+(8)(9)(10)	One stop	SN +	4.50%	(g)	8.22%				09/2032	1,410	1,393		—		1,410
Wizard Bidco Limited+(8)(10)	One stop	SF +	6.00%	(j)	9.67%				03/2029	22,740	22,665		0.6		22,740
Wizard Bidco Limited+(8)(9)(10)(25)	One stop	SN +	6.25%	(g)	8.47%	cash/	1.50%	PIK	03/2029	11,267	10,822		0.3		11,267
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	6.00%	(g)	9.72%				03/2029	8,383	7,727		0.2		8,383
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	4.75%	(g)	8.47%				09/2028	202	185		—		202
Zullas, L.C.+(5)	One stop				N/A(6)				06/2031	—	(1)		—		—
Zullas, L.C.+	One stop	SF +	4.75%	(i)	8.47%				06/2031	438	436		—		438
Zullas, L.C.+	One stop	SF +	4.75%	(i)	8.47%				06/2031	72	70		—		72
										223,670	221,408		5.6		221,838

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)	Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Healthcare Equipment & Supplies
Aspen Medical Products, LLC*+	One stop	SF +	4.75%	(i)	8.47%	06/2028		$	6,966	0.2	%	$	6,994
Aspen Medical Products, LLC+	One stop	SF +	4.75%	(i)	8.47%	06/2028	454	452		—		454
Aspen Medical Products, LLC+(5)	One stop				N/A(6)	06/2028	—	(1)		—		—
Aspen Medical Products, LLC+	One stop	SF +	4.75%	(i)	8.47%	06/2028	888	881		—		888
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	6.45%	(h)	10.37%	08/2028	7,745	7,748		0.2		7,589
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	6.45%	(c)	8.48%	08/2028	4,866	4,788		0.1		4,768
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	6.45%	(h)	10.37%	08/2028	1,912	1,912		0.1		1,874
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SN +	6.45%	(g)	10.29%	08/2028	1,363	1,351		—		1,336
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	6.45%	(c)	8.47%	08/2028	1,161	1,093		—		1,137
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SN +	6.45%	(g)	10.29%	08/2028	1,208	1,165		—		1,156
Belmont Instrument, LLC*+	One stop	SF +	5.25%	(j)	8.92%	08/2028	14,319	14,247		0.4		14,319
Belmont Instrument, LLC+(5)	One stop				N/A(6)	08/2028	—	(2)		—		—
Blades Buyer, Inc.*+	Senior secured	SF +	4.75%	(i)	8.62%	03/2028	12,128	12,103		0.3		12,037
Blades Buyer, Inc.*+	Senior secured	SF +	4.75%	(i)	8.62%	03/2028	1,720	1,711		0.1		1,708
Blades Buyer, Inc.+	Senior secured	SF +	4.75%	(i)	8.62%	03/2028	1,391	1,386		—		1,380
Blades Buyer, Inc.+(5)	Senior secured				N/A(6)	03/2028	—	(1)		—		(3)
Blades Buyer, Inc.+	Senior secured	SF +	4.75%	(i)	8.62%	03/2028	1,717	1,710		0.1		1,704
Blades Buyer, Inc.+	Senior secured	SF +	4.75%	(i)	8.62%	03/2028	6,880	6,861		0.2		6,828
Blades Buyer, Inc.+(5)	Senior secured				N/A(6)	03/2028	—	(2)		—		(3)
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(i)	9.57%	08/2029	3	3		—		3
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(i)	9.57%	08/2029	5	5		—		5
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(j)	9.62%	08/2029	2	2		—		2
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(j)	9.59%	08/2029	2	2		—		2
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(i)	9.57%	08/2029	4	4		—		4
Blue River Pet Care, LLC*+	One stop	SF +	5.75%	(i)	9.57%	08/2029	62,124	62,002		1.6		62,124
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(i)	9.57%	08/2029	12,303	12,334		0.3		12,303
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(i)	9.57%	08/2029	2,868	2,875		0.1		2,868
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(i)	9.57%	08/2029	2,757	2,764		0.1		2,757
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(i)	9.57%	08/2029	2,730	2,737		0.1		2,730
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(i)	9.57%	08/2029	2,098	2,104		0.1		2,098
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(i)	9.57%	08/2029	1,242	1,239		—		1,242
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(i)	9.57%	08/2029	412	411		—		412
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(i)	9.57%	08/2029	180	177		—		180
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(i)	9.57%	08/2029	291	291		—		291
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(i)	9.57%	08/2029	297	295		—		297
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(i)	9.57%	08/2029	225	225		—		225
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(i)	9.57%	08/2029	255	255		—		255
Blue River Pet Care, LLC+	One stop				N/A(6)	08/2029	—	—		—		—
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(i)	9.57%	08/2029	12	12		—		12
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(i)	9.57%	08/2029	1	1		—		1
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(i)	9.57%	08/2029	4	4		—		4
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(i)	9.57%	08/2029	1	1		—		1
CCSL Holdings, LLC*	One stop	SF +	5.75%	(i)	9.47%	12/2028	20,788	20,754		0.5		20,788
CCSL Holdings, LLC*+	One stop	SF +	5.75%	(i)	9.47%	12/2028	5,613	5,624		0.2		5,613
CCSL Holdings, LLC+(9)	One stop	SN +	5.75%	(g)	9.47%	12/2028	3,559	3,323		0.1		3,559
CCSL Holdings, LLC+	One stop	SF +	5.75%	(i)	9.47%	12/2028	3,454	3,431		0.1		3,454
CCSL Holdings, LLC*+	One stop	SF +	5.75%	(i)	9.47%	12/2028	2,870	2,851		0.1		2,870
CCSL Holdings, LLC+	One stop	SF +	5.75%	(i)	9.47%	12/2028	543	540		—		543
CCSL Holdings, LLC+	One stop	SF +	5.75%	(i)	9.47%	12/2028	972	968		—		972
CCSL Holdings, LLC+(9)	One stop	E +	5.75%	(b)	7.65%	12/2028	34,351	31,683		0.9		34,351
CCSL Holdings, LLC+(9)	One stop	E +	5.75%	(b)	7.65%	12/2028	6,729	5,979		0.2		6,729
CCSL Holdings, LLC+	One stop	SF +	5.75%	(i)	9.47%	12/2028	2,760	2,749		0.1		2,760

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
CCSL Holdings, LLC+	One stop	SF +	5.75%	(i)	9.47%				12/2028		$	2,187	0.1	%	$	2,196
Centegix Intermediate II, LLC+(25)	One stop	SF +	6.00%	(j)	6.63%	cash/	3.25%	PIK	08/2032	1,371	1,365		—		1,371
Centegix Intermediate II, LLC+	One stop	SF +	5.50%	(j)	9.31%				08/2032	136	135		—		136
Centegix Intermediate II, LLC+(5)	One stop				N/A(6)				08/2032	—	(2)		—		—
CMI Parent Inc.*	One stop	SF +	5.00%	(i)	8.72%				12/2026	22,299	22,253		0.6		22,299
CMI Parent Inc.*+	One stop	SF +	5.00%	(i)	8.72%				12/2026	19,627	19,669		0.5		19,627
CMI Parent Inc.*+	Senior secured	SF +	5.00%	(i)	8.72%				12/2026	9,410	9,403		0.3		9,410
CMI Parent Inc.*+	One stop	SF +	5.00%	(i)	8.72%				12/2026	8,830	8,822		0.2		8,830
CMI Parent Inc.+	One stop				N/A(6)				12/2026	—	—		—		—
HuFriedy Group Acquisition, LLC+	One stop	SF +	5.50%	(j)	9.32%				06/2031	7,831	7,771		0.2		7,831
HuFriedy Group Acquisition, LLC+(5)	One stop				N/A(6)				05/2030	—	(6)		—		—
HuFriedy Group Acquisition, LLC+	One stop	SF +	5.50%	(j)(k)	9.18%				06/2031	1,714	1,690		0.1		1,714
HuFriedy Group Acquisition, LLC+	One stop	SF +	5.50%	(j)	9.26%				06/2031	295	290		—		295
Isto Group, Inc.+	One stop				N/A(6)				09/2032	—	—		—		—
Isto Group, Inc.+	One stop	SF +	4.75%	(j)	8.46%				09/2032	588	585		—		588
Isto Group, Inc.+(5)	One stop				N/A(6)				09/2032	—	(2)		—		—
JHC Investment Intermediate Holdings, LLC+	One stop	SF +	8.00%	(j)	11.94%				03/2029	1,235	1,235		—		1,235
JHC Investment Intermediate Holdings, LLC+	One stop	SF +	8.00%	(j)	11.94%				03/2029	922	761		—		922
RTI Surgical, Inc.+(5)	One stop				N/A(6)				09/2032	—	(2)		—		—
RTI Surgical, Inc.+	One stop	SF +	4.75%	(i)	8.47%				09/2032	1,667	1,659		0.1		1,667
TIDI Legacy Products, Inc.+	One stop	SF +	4.50%	(i)	8.22%				12/2029	3,476	3,526		0.1		3,476
TIDI Legacy Products, Inc.+	One stop				N/A(6)				12/2029	—	—		—		—
TIDI Legacy Products, Inc.+	One stop	SF +	4.50%	(i)	8.22%				12/2029	931	922		—		931
YI, LLC+	One stop	SF +	5.75%	(i)	9.49%				12/2029	4,374	4,374		0.1		4,374
YI, LLC+(5)	One stop				N/A(6)				12/2029	—	(1)		—		—
ZimVie, Inc.+	One stop	SF +	4.75%	(j)	8.42%				10/2032	1,500	1,493		—		1,493
ZimVie, Inc.+(5)	One stop				N/A(6)				10/2032	—	(1)		—		(1)
ZimVie, Inc.+	One stop	SF +	4.75%	(j)	8.42%				10/2032	80	79		—		79
										322,683	318,218		8.5		322,094

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Healthcare Providers & Services
AAH TOPCO, LLC *+	One stop	SF +	5.25%	(i)	9.07%				12/2027		$	8,529	0.2	%	$	8,581
AAH TOPCO, LLC +	One stop	SF +	5.25%	(i)	9.07%				12/2027	8,048	8,075		0.2		8,068
AAH TOPCO, LLC +(25)	Subordinated debt	N/A			11.50%	PIK			12/2031	3,153	3,056		0.1		3,121
AAH TOPCO, LLC +	One stop	SF +	5.25%	(i)	9.07%				12/2027	3,460	3,473		0.1		3,468
AAH TOPCO, LLC +(5)	One stop				N/A(6)				12/2027	—	(1)		—		—
AAH TOPCO, LLC +	One stop	SF +	5.00%	(i)	8.82%				12/2027	2,487	2,456		0.1		2,487
Active Day, Inc.*+	One stop	SF +	5.00%	(i)	8.72%				05/2027	17,164	17,129		0.4		17,079
Active Day, Inc.+	One stop	SF +	5.00%	(i)	8.72%				05/2027	1,325	1,322		—		1,319
Active Day, Inc.+	One stop	SF +	5.00%	(i)	8.72%				05/2027	854	852		—		850
Active Day, Inc.+	One stop	SF +	5.00%	(i)	8.72%				05/2027	681	679		—		676
Active Day, Inc.+	One stop	SF +	5.00%	(i)	8.72%				05/2027	601	599		—		597
Active Day, Inc.+	One stop	SF +	5.00%	(i)	8.72%				05/2027	590	589		—		587
Active Day, Inc.+(5)	One stop				N/A(6)				05/2027	—	—		—		(2)
Active Day, Inc.+	One stop				N/A(6)				05/2027	—	—		—		—
Active Day, Inc.+	One stop	SF +	5.00%	(i)	8.72%				05/2027	4,568	4,554		0.1		4,545
Active Day, Inc.+	One stop	SF +	5.00%	(i)	8.72%				05/2027	6,578	6,558		0.2		6,545
Active Day, Inc.+	One stop	SF +	5.00%	(i)	8.72%				05/2027	276	275		—		275
Active Day, Inc.+(5)	One stop				N/A(6)				05/2027	—	(1)		—		(1)
Active Day, Inc.+	One stop	SF +	5.00%	(i)	8.72%				05/2027	94	94		—		94
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(j)	9.87%				03/2027	15,970	15,943		0.4		15,970
Acuity Eyecare Holdings, LLC+(25)	One stop	N/A			16.50%	PIK			06/2027	17,512	17,450		0.5		17,687
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(j)	10.07%				03/2027	3,945	3,937		0.1		3,954
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(j)	10.12%				03/2027	3,513	3,507		0.1		3,522
Acuity Eyecare Holdings, LLC*+	One stop	SF +	6.25%	(j)	10.07%				03/2027	3,504	3,496		0.1		3,513
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(j)	10.07%				03/2027	3,098	3,093		0.1		3,106
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(j)	9.95%				03/2027	1,980	1,977		0.1		1,980
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(j)	10.07%				03/2027	1,805	1,802		0.1		1,809
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(j)	9.94%				03/2027	1,010	1,008		—		1,010
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(j)	10.07%				03/2027	437	436		—		439
Acuity Eyecare Holdings, LLC+(25)	One stop	SF +	13.00%	(j)	10.07%	cash/	6.75%	PIK	03/2027	299	298		—		306
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(j)	9.99%				03/2027	209	209		—		209
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(j)	10.07%				03/2027	161	161		—		162
Acuity Eyecare Holdings, LLC+	Senior secured	SF +	6.25%	(j)	10.23%				03/2027	106	106		—		107
Acuity Eyecare Holdings, LLC+(25)	One stop	SF +	13.00%	(j)	10.10%	cash/	6.75%	PIK	03/2027	117	117		—		120
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(j)	10.07%				03/2027	1	1		—		1
Acuity Eyecare Holdings, LLC+	One stop				N/A(6)				03/2027	—	—		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(25)	Subordinated debt	N/A			13.75%	PIK			03/2028	18,612	18,732		0.5		18,612
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC*+	One stop	SF +	6.00%	(j)	9.92%				03/2027	6,336	6,341		0.2		6,336
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00%	(j)	9.92%				03/2027	5,296	5,296		0.1		5,296
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(25)	Subordinated debt	N/A			13.75%	PIK			03/2028	4,039	4,025		0.1		4,039
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(25)	Subordinated debt	N/A			13.75%	PIK			03/2028	1,545	1,540		—		1,545
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00%	(j)	9.94%				03/2027	826	826		—		826
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00%	(j)	9.94%				03/2027	392	392		—		392
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop				N/A(6)				03/2027	—	—		—		—
Bamboo US Bidco LLC+	One stop	SF +	5.00%	(i)(j)	8.83%				09/2030	1,360	1,354		—		1,360
Bamboo US Bidco LLC+	One stop	SF +	5.00%	(i)	8.79%				09/2030	1,134	1,134		—		1,134
Bamboo US Bidco LLC*+	One stop	SF +	5.25%	(j)	9.09%				09/2030	2,706	2,659		0.1		2,706

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Bamboo US Bidco LLC+	One stop	SF +	5.25%	(j)	9.09%				09/2030		$	413	—	%	$	414
Bamboo US Bidco LLC+(5)	One stop				N/A(6)				10/2029	—	(10)		—		—
Bamboo US Bidco LLC+(9)	One stop	E +	5.00%	(c)	7.07%				09/2030	1,978	1,745		0.1		1,978
Bayou Intermediate II, LLC+(5)	One stop				N/A(6)				09/2032	—	(1)		—		—
Bayou Intermediate II, LLC+	One stop	SF +	4.75%	(j)	8.42%				09/2032	1,410	1,403		—		1,410
Bayou Intermediate II, LLC+	One stop	SF +	4.75%	(i)(j)	8.43%				09/2032	153	151		—		153
Benefit Plan Administrators of Eau Claire, LLC+(5)	One stop				N/A(6)				11/2030	—	(11)		—		—
Benefit Plan Administrators of Eau Claire, LLC*	One stop	SF +	4.75%	(j)	8.57%				11/2030	12,940	12,875		0.3		12,940
Benefit Plan Administrators of Eau Claire, LLC+(5)	One stop				N/A(6)				11/2030	—	(37)		—		—
Benefit Plan Administrators of Eau Claire, LLC+	One stop	SF +	4.75%	(j)	8.57%				11/2030	9,925	9,872		0.3		9,925
BHG Holdings, LLC+	One stop	SF +	5.50%	(j)	9.34%				04/2032	24,732	24,537		0.6		24,732
BHG Holdings, LLC+(5)	One stop				N/A(6)				04/2032	—	(25)		—		—
BHG Holdings, LLC+(5)	One stop				N/A(6)				04/2032	—	(56)		—		—
Community Care Partners, LLC+	One stop	SF +	6.00%	(i)	9.83%				06/2026	3,445	3,405		0.1		3,445
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(10)	One stop	SF +	5.00%	(k)	8.73%				04/2031	771	760		—		771
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(9)(10)	One stop	SN +	5.00%	(g)	8.72%				04/2031	482	446		—		482
Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)	One stop				N/A(6)				04/2031	—	(1)		—		—
Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)	One stop				N/A(6)				10/2030	—	(2)		—		—
Encorevet Group LLC+	One stop	SF +	6.75%	(j)	10.72%				02/2027	15,593	15,208		0.4		15,593
Encorevet Group LLC+	One stop	SF +	6.75%	(j)	10.72%				02/2027	8,137	7,939		0.2		8,137
Encorevet Group LLC+	One stop	SF +	6.75%	(j)	10.72%				02/2027	4,209	4,175		0.1		4,209
Encorevet Group LLC+	One stop	SF +	6.75%	(j)	10.72%				02/2027	2,140	2,088		0.1		2,140
Encorevet Group LLC+	One stop	SF +	6.75%	(j)	10.72%				02/2027	1,889	1,874		0.1		1,889
Encorevet Group LLC+	One stop	SF +	6.75%	(j)	10.72%				02/2027	1,176	1,157		—		1,176
Encorevet Group LLC+	One stop	SF +	6.75%	(j)	10.72%				02/2027	977	945		—		977
Encorevet Group LLC+	One stop	SF +	6.75%	(j)	10.72%				02/2027	962	939		—		962
Encorevet Group LLC+	One stop	SF +	6.75%	(j)	10.72%				02/2027	921	899		—		921
Encorevet Group LLC+	One stop	SF +	6.75%	(j)	10.72%				02/2027	834	814		—		834
Encorevet Group LLC+	One stop	SF +	6.75%	(j)	10.72%				02/2027	423	409		—		423
Encorevet Group LLC+	One stop	SF +	6.75%	(j)	10.72%				02/2027	358	349		—		358
Encorevet Group LLC+	One stop	SF +	6.75%	(j)	10.72%				02/2027	175	171		—		175
Encorevet Group LLC+	One stop	SF +	6.75%	(j)	10.72%				02/2027	168	163		—		168
Encorevet Group LLC+	One stop	SF +	6.75%	(j)(k)	10.80%				02/2027	94	92		—		94
Encorevet Group LLC+(25)	One stop	N/A			13.00%	PIK			05/2027	112	106		—		110
Encorevet Group LLC+	One stop	SF +	8.75%	(j)	12.70%				02/2027	184	184		—		187
ERC Topco Holdings, LLC+	One stop	SF +	5.50%	(j)	9.46%				03/2030	1,374	1,309		—		1,374
ERC Topco Holdings, LLC+(25)	One stop	SF +	6.76%	(j)	1.00%	cash/	9.76%	PIK	03/2030	7,872	7,294		0.2		6,455
ERC Topco Holdings, LLC+	One stop	SF +	5.50%	(j)	9.43%				03/2030	76	76		—		76
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.00%	(l)	7.30%				09/2029	11,108	11,285		0.3		11,108
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.00%	(l)	7.30%				09/2029	4,015	4,052		0.1		4,015
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.00%	(l)	7.30%				09/2029	2,735	2,774		0.1		2,735
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.00%	(l)	7.30%				09/2029	2,604	2,634		0.1		2,604
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)	One stop	SF +	5.00%	(j)	8.84%				09/2029	1,105	1,097		—		1,105
FYI Optical Acquisitions, Inc. & FYI USA, Inc.*+(8)(12)	One stop	SF +	5.00%	(j)	8.84%				09/2029	554	550		—		554
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.00%	(l)	7.30%				09/2029	475	471		—		475

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)		Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.00%	(l)	7.30%		09/2029		$	280	—	%	$	288
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.00%	(l)	7.30%		09/2029	106	103		—		106
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%	(k)	8.80%		06/2028	2,500	2,506		0.1		2,500
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%	(k)	8.80%		06/2028	1,187	1,182		—		1,187
Heartland Veterinary Partners LLC+	Senior secured				N/A(6)		06/2028	—	—		—		—
HP TLE Buyer, Inc.+	One stop	SF +	4.75%	(j)	8.42%		07/2032	1,639	1,632		0.1		1,639
HP TLE Buyer, Inc.+(5)	One stop				N/A(6)		07/2032	—	(2)		—		—
Krueger-Gilbert Health Physics, LLC*+	Senior secured	SF +	5.00%	(j)	8.67%		11/2026	2,565	2,560		0.1		2,565
Krueger-Gilbert Health Physics, LLC*+	Senior secured	SF +	5.00%	(j)	8.67%		11/2026	2,065	2,059		0.1		2,065
Krueger-Gilbert Health Physics, LLC*	Senior secured	SF +	5.00%	(j)	8.67%		11/2026	1,505	1,504		—		1,505
Krueger-Gilbert Health Physics, LLC*+	Senior secured	SF +	5.00%	(j)	8.67%		11/2026	1,383	1,380		—		1,383
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.00%	(j)	8.67%		11/2026	607	605		—		607
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.00%	(j)	8.73%		11/2026	284	283		—		284
Krueger-Gilbert Health Physics, LLC+	Senior secured				N/A(6)		11/2026	—	—		—		—
Krueger-Gilbert Health Physics, LLC+	One stop	SF +	5.00%	(j)	8.67%		11/2026	663	661		—		663
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.00%	(j)	8.67%		11/2026	296	296		—		296
LOV Acquisition LLC*+	Senior secured	SF +	4.25%	(i)	7.97%		11/2031	25,123	25,017		0.7		25,123
LOV Acquisition LLC+(5)	Senior secured				N/A(6)		11/2031	—	(11)		—		—
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)	One stop	CA +	5.25%	(m)	7.51%		05/2028	25,776	27,780		0.7		25,777
New Look Corporation and New Look Vision Group Inc. *+(8)(12)	One stop	SF +	5.25%	(j)	8.92%		05/2028	5,806	5,744		0.2		5,806
New Look Corporation and New Look Vision Group Inc. *+(8)(12)	One stop	SF +	5.25%	(j)	8.92%		05/2028	4,097	4,032		0.1		4,097
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)	One stop	CA +	5.25%	(m)	7.51%		05/2028	1,596	1,678		—		1,596
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)	One stop	CA +	5.25%	(m)	7.51%		05/2028	831	859		—		831
New Look Corporation and New Look Vision Group Inc. +(8)(12)	One stop	SF +	5.25%	(j)	8.92%		05/2028	130	125		—		130
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)	One stop	CA +	5.25%	(m)	7.51%		05/2028	198	190		—		198
New Look Corporation and New Look Vision Group Inc. +(5)(8)(12)	One stop				N/A(6)		05/2028	—	(2)		—		—
Pinnacle Treatment Centers, Inc.*	One stop	SF +	5.75%	(j)	9.57%		01/2027	18,084	17,979		0.5		17,903
Pinnacle Treatment Centers, Inc.*	One stop	SF +	5.75%	(j)	9.57%		01/2027	12,115	12,071		0.3		11,994
Pinnacle Treatment Centers, Inc.*+	One stop	SF +	5.75%	(j)	9.57%		01/2027	2,436	2,428		0.1		2,411
Pinnacle Treatment Centers, Inc.*	One stop	SF +	5.75%	(j)	9.57%		01/2027	2,353	2,344		0.1		2,330
Pinnacle Treatment Centers, Inc.*+	One stop	SF +	5.75%	(j)	9.57%		01/2027	1,488	1,482		—		1,472
Pinnacle Treatment Centers, Inc.*+	One stop	SF +	5.75%	(j)	9.57%		01/2027	1,350	1,346		—		1,337
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75%	(j)	9.57%		01/2027	671	671		—		665
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75%	(j)	9.57%		01/2027	526	521		—		521
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75%	(j)	9.57%		01/2027	178	176		—		176
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75%	(j)	9.57%		01/2027	101	101		—		100
Pinnacle Treatment Centers, Inc.+	One stop	P +	4.50%	(a)(i)	10.81%		01/2027	695	677		—		675
PPV Intermediate Holdings, LLC+	One stop	SF +	5.75%	(j)	9.63%		08/2029	96	90		—		90
PPV Intermediate Holdings, LLC*+	One stop	SF +	5.75%	(j)	9.57%		08/2029	14,012	13,953		0.4		13,871
PPV Intermediate Holdings, LLC+(25)	One stop	N/A			13.75%	PIK	08/2030	2,136	2,109		0.1		2,066
PPV Intermediate Holdings, LLC+(25)	One stop	N/A			13.75%	PIK	08/2030	89	86		—		86
PPV Intermediate Holdings, LLC+(25)	One stop	N/A			13.75%	PIK	08/2030	493	489		—		477
PPV Intermediate Holdings, LLC+(25)	One stop	N/A			13.75%	PIK	08/2030	90	90		—		87
PPV Intermediate Holdings, LLC+(25)	One stop	N/A			14.75%	PIK	08/2030	10,731	10,784		0.3		10,731
PPV Intermediate Holdings, LLC+	One stop	SF +	5.25%	(j)	9.07%		08/2029	5,474	5,401		0.1		5,334
Premise Health Holding Corp.+	One stop	SF +	4.50%	(j)	8.17%		11/2032	1,373	1,365		—		1,360
Premise Health Holding Corp.+(5)	One stop				N/A(6)		11/2031	—	(2)		—		(3)

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Premise Health Holding Corp.+	One stop	SF +	4.50%	(j)	8.17%				11/2032		$	650	—	%	$	650
Premise Health Holding Corp.+(5)	One stop				N/A(6)				11/2032	—	(1)		—		(3)
Pyramid Healthcare Acquisition Corp.*+	One stop	SF +	4.75%	(j)	8.74%				05/2027	24,775	24,806		0.6		24,775
Pyramid Healthcare Acquisition Corp.*+	One stop	SF +	4.75%	(j)	8.74%				05/2027	2,562	2,554		0.1		2,562
Pyramid Healthcare Acquisition Corp.*+	One stop	SF +	4.75%	(j)	8.73%				05/2027	2,142	2,138		0.1		2,142
Pyramid Healthcare Acquisition Corp.*+	One stop	SF +	4.75%	(j)	8.72%				05/2027	1,177	1,175		—		1,177
Pyramid Healthcare Acquisition Corp.*+	One stop	SF +	4.75%	(j)	8.74%				05/2027	1,078	1,076		—		1,078
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(j)	8.74%				05/2027	728	727		—		728
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(j)	8.74%				05/2027	241	241		—		241
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(j)	8.74%				05/2027	213	212		—		213
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(j)	8.74%				05/2027	199	199		—		199
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(j)	8.72%				05/2027	199	199		—		199
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(j)	8.74%				05/2027	78	78		—		78
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(j)	8.66%				05/2027	80	80		—		80
Suveto Buyer, LLC+	One stop	P +	3.50%	(a)	10.25%				09/2027	18	17		—		18
Suveto Buyer, LLC*+	One stop	SF +	4.50%	(i)	8.22%				09/2027	27,387	27,384		0.7		27,387
Suveto Buyer, LLC+	One stop	SF +	4.50%	(i)	8.22%				09/2027	11,145	11,072		0.3		11,145
										506,687	505,825		12.8		504,532
Healthcare Technology
Amberfield Acquisition Co.*+	One stop	SF +	5.50%	(j)	9.17%				05/2030	7,138	7,113		0.2		7,138
Amberfield Acquisition Co.+	One stop	SF +	5.50%	(j)	9.17%				05/2030	176	169		—		176
Amberfield Acquisition Co.+	One stop	SF +	5.50%	(j)	9.17%				05/2030	164	162		—		164
Color Intermediate, LLC*+	Senior secured	SF +	4.75%	(j)	8.52%				10/2029	17,345	17,313		0.5		17,345
Connexin Software, Inc.+	One stop	SF +	6.00%	(j)	9.67%				03/2027	11,730	11,713		0.3		11,730
Connexin Software, Inc.+	One stop				N/A(6)				03/2027	—	—		—		—
Crow River Buyer, Inc.+	One stop	SF +	6.00%	(j)	9.84%				01/2029	6,032	6,020		0.2		6,032
Crow River Buyer, Inc.+(5)	One stop				N/A(6)				01/2029	—	(1)		—		—
Crow River Buyer, Inc.+	One stop	SF +	6.00%	(i)	9.72%				01/2029	8,700	8,635		0.2		8,700
ESO Solution, Inc.+	One stop	SF +	6.75%	(j)	10.58%				05/2027	11,359	11,374		0.3		11,359
ESO Solution, Inc.+	One stop	SF +	6.75%	(j)	10.58%				05/2027	3,803	3,767		0.1		3,803
ESO Solution, Inc.+	One stop	SF +	6.75%	(j)(k)	10.55%				03/2027	128	128		—		128
GHX Ultimate Parent Corporation+	One stop	SF +	4.75%	(j)	8.42%				12/2031	53,614	53,156		1.4		53,614
GHX Ultimate Parent Corporation+(5)	One stop				N/A(6)				12/2031	—	(43)		—		—
Healthmark Holdings, L.P.+(5)	One stop				N/A(6)				07/2032	—	(1)		—		—
Healthmark Holdings, L.P.+	One stop	SF +	4.50%	(j)	8.32%				07/2032	1,499	1,492		—		1,499
Healthmark Holdings, L.P.+(5)	One stop				N/A(6)				07/2032	—	(1)		—		—
Kona Buyer, LLC+	One stop	SF +	4.50%	(j)	8.36%				07/2031	15,674	15,549		0.4		15,674
Kona Buyer, LLC+(5)	One stop				N/A(6)				07/2031	—	(15)		—		—
Kona Buyer, LLC+	One stop	SF +	4.50%	(j)	8.36%				07/2031	920	920		—		920
Kona Buyer, LLC+	One stop	SF +	4.50%	(j)	8.36%				07/2031	259	258		—		259
Kona Buyer, LLC+	One stop				N/A(6)				07/2031	—	—		—		—
Kona Buyer, LLC+	One stop				N/A(6)				07/2031	—	—		—		—
Kona Buyer, LLC+	One stop				N/A(6)				07/2031	—	—		—		—
Kona Buyer, LLC+	One stop				N/A(6)				07/2031	—	—		—		—
Lacker Bidco Limited+(8)(9)(10)	One stop	SN +	5.75%	(g)	9.47%				02/2031	638	600		—		638
Lacker Bidco Limited+(8)(9)(10)	One stop	SN +	5.75%	(g)	9.47%				02/2031	851	837		—		851
Lacker Bidco Limited+(5)(8)(9)(10)	One stop				N/A(6)				08/2030	—	(2)		—		—
Lacker Bidco Limited+(8)(9)(10)	One stop	SN +	5.50%	(g)	9.22%				02/2031	30	30		—		25
Modernizing Medicine, Inc.+(25)	One stop	SF +	4.75%	(j)	6.17%	cash/	2.25%	PIK	04/2032	32,565	32,276		0.8		32,565
Modernizing Medicine, Inc.+(5)	One stop				N/A(6)				04/2032	—	(27)		—		—
Neptune Holdings, Inc.*	One stop	SF +	4.50%	(j)	8.17%				09/2030	15,976	16,054		0.4		15,976
Neptune Holdings, Inc.+	One stop				N/A(6)				08/2029	—	—		—		—
Netsmart Technologies, Inc.+(25)	One stop	SF +	5.20%	(i)	6.22%	cash/	2.70%	PIK	08/2031	53,460	53,022		1.4		53,460

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Netsmart Technologies, Inc.+(5)	One stop				N/A(6)				08/2031		$	(56)	—	%	$	—
Netsmart Technologies, Inc.+(5)	One stop				N/A(6)				08/2031	—	(28)		—		—
Netsmart Technologies, Inc.+(25)	One stop	SF +	5.20%	(i)	6.22%	cash/	2.70%	PIK	08/2031	502	500		—		502
Plasma Buyer LLC+(7)(25)	One stop	SF +	5.75%	(j)	9.42%	PIK			05/2029	8,378	7,820		0.2		6,870
Plasma Buyer LLC+(7)(25)	One stop	SF +	5.75%	(j)	9.42%	PIK			05/2029	317	296		—		260
Plasma Buyer LLC+(7)(25)	One stop	SF +	5.75%	(j)	9.42%	PIK			05/2028	116	108		—		96
QF Holdings, Inc.+	One stop				N/A(6)				12/2032	—	—		—		—
QF Holdings, Inc.+	One stop	SF +	4.50%	(j)	8.19%				12/2032	372	372		—		370
QF Holdings, Inc.+	One stop				N/A(6)				12/2032	—	—		—		—
Signant Finance One Limited+(5)	One stop				N/A(6)				10/2031	—	(1)		—		(1)
Signant Finance One Limited+(25)	One stop	SF +	4.75%	(j)	8.42%	PIK			10/2031	1,507	1,493		—		1,492
Signant Finance One Limited+(5)	One stop				N/A(6)				10/2031	—	(2)		—		(3)
Transaction Data Systems, Inc.*+	One stop	SF +	4.25%	(j)	8.07%				08/2026	74,241	74,189		1.9		74,241
Transaction Data Systems, Inc.+	One stop				N/A(6)				08/2026	—	—		—		—
										327,494	325,189		8.3		325,883
Hotels, Restaurants & Leisure
Barteca Restaurants, LLC*+	One stop	SF +	6.00%	(j)(k)	9.82%				08/2028	13,506	13,487		0.4		13,506
Barteca Restaurants, LLC+	One stop	SF +	6.00%	(k)	9.95%				08/2028	681	678		—		681
Barteca Restaurants, LLC+	One stop	SF +	6.00%	(j)	9.82%				08/2028	465	439		—		465
Barteca Restaurants, LLC+	One stop	SF +	6.00%	(j)(k)	9.94%				08/2028	200	199		—		200
BJH Holdings III Corp.*+	One stop	SF +	5.00%	(j)	8.69%				08/2027	69,390	69,197		1.8		69,390
BJH Holdings III Corp.+	One stop	SF +	5.00%	(j)	8.69%				08/2027	651	644		—		651
BJH Holdings III Corp.+	One stop	SF +	5.00%	(j)	8.69%				08/2027	5,533	5,486		0.2		5,533
Cafe Rio Holding, Inc.*+	One stop	SF +	5.75%	(j)	9.74%				09/2028	17,766	17,767		0.5		17,589
Cafe Rio Holding, Inc.*+	One stop	SF +	5.75%	(j)	9.74%				09/2028	3,168	3,158		0.1		3,136
Cafe Rio Holding, Inc.*+	One stop	SF +	5.75%	(j)	9.74%				09/2028	2,128	2,128		0.1		2,106
Cafe Rio Holding, Inc.*	One stop	SF +	5.75%	(j)	9.74%				09/2028	1,350	1,350		—		1,337
Cafe Rio Holding, Inc.*+	One stop	SF +	5.75%	(j)	9.74%				09/2028	1,192	1,193		—		1,181
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(i)(j)	9.67%				09/2028	247	247		—		245
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(j)	9.74%				09/2028	171	171		—		169
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(j)	9.74%				09/2028	123	122		—		121
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(j)	9.74%				09/2028	97	97		—		96
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(j)	9.74%				09/2028	96	95		—		95
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(j)	9.74%				09/2028	77	77		—		77
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(j)	9.74%				09/2028	49	49		—		48
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(j)	9.74%				09/2028	55	55		—		55
CB Sports Holdings Bidco, LLC+	One stop				N/A(6)				12/2032	—	—		—		—
CB Sports Holdings Bidco, LLC+	One stop	SF +	4.50%	(j)	8.20%				12/2032	185	184		—		184
CB Sports Holdings Bidco, LLC+(5)	One stop				N/A(6)				12/2032	—	(1)		—		(1)
CB Sports Holdings Bidco, LLC+	One stop				N/A(6)				12/2032	—	—		—		—
CR Fitness Holdings, LLC+	Senior secured	SF +	4.25%	(j)	7.92%				10/2031	32	31		—		31
CR Fitness Holdings, LLC+	Senior secured	SF +	4.25%	(j)	7.92%				10/2032	1,500	1,496		—		1,496
CR Fitness Holdings, LLC+(5)	Senior secured				N/A(6)				10/2032	—	(1)		—		(1)
Crumbl Enterprises, LLC+(5)	One stop				N/A(6)				05/2032	—	(12)		—		—
Crumbl Enterprises, LLC*+	One stop	SF +	4.50%	(j)	8.17%				05/2032	32,245	32,100		0.8		32,245
ESN Venture Holdings, LLC*+(25)	One stop	SF +	6.26%	(j)	6.55%	cash/	3.38%	PIK	10/2029	5,377	5,324		0.1		5,377
ESN Venture Holdings, LLC+(25)	One stop	SF +	6.26%	(j)	6.54%	cash/	3.38%	PIK	10/2029	921	915		—		921
ESN Venture Holdings, LLC+(25)	One stop	SF +	6.26%	(j)	6.55%	cash/	3.38%	PIK	10/2029	814	806		—		814
ESN Venture Holdings, LLC+(25)	One stop	SF +	6.26%	(j)	6.55%	cash/	3.38%	PIK	10/2029	374	370		—		374
ESN Venture Holdings, LLC+(25)	One stop	SF +	6.26%	(j)	6.55%	cash/	3.38%	PIK	10/2029	182	181		—		182
ESN Venture Holdings, LLC+(5)	One stop				N/A(6)				10/2029	—	(8)		—		—
ESN Venture Holdings, LLC+(5)(25)	One stop	SF +	6.26%	(j)	6.54%	cash/	3.38%	PIK	10/2029	3	(18)		—		3
ESN Venture Holdings, LLC+(25)	One stop	SF +	6.26%	(j)	6.55%	cash/	3.38%	PIK	10/2029	440	438		—		440

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
ESN Venture Holdings, LLC+(25)	One stop	SF +	6.26%	(j)	6.55%	cash/	3.38%	PIK	10/2029		$	1,584	—	%	$	1,595
ESN Venture Holdings, LLC+(25)	One stop	SF +	6.25%	(j)	6.69%	cash/	3.38%	PIK	10/2029	4,007	3,988		0.1		4,007
GFP Atlantic Holdco 2, LLC+	One stop	SF +	6.00%	(j)	9.87%				11/2027	1,064	1,063		—		1,064
GFP Atlantic Holdco 2, LLC+	One stop	SF +	6.00%	(j)	9.85%				11/2027	796	787		—		796
Harri US LLC+(25)	One stop	SF +	7.25%	(j)	6.32%	cash/	4.75%	PIK	08/2028	1,320	1,299		—		1,267
Harri US LLC+(25)	One stop	SF +	7.25%	(j)	6.32%	cash/	4.75%	PIK	08/2028	893	889		—		857
Harri US LLC+(25)	One stop	SF +	7.25%	(j)	6.32%	cash/	4.75%	PIK	08/2028	867	863		—		832
Harri US LLC+(5)	One stop				N/A(6)				08/2028	—	—		—		(2)
Harri US LLC+(25)	One stop	SF +	7.25%	(j)	6.32%	cash/	4.75%	PIK	08/2028	1,613	1,518		—		1,549
Harri US LLC+	One stop	N/A			14.00%				08/2028	2,077	2,051		0.1		2,077
Health Buyer, LLC*+	Senior secured	SF +	4.75%	(j)	8.42%				04/2030	6,623	6,575		0.2		6,623
Health Buyer, LLC+	Senior secured	SF +	4.75%	(i)	8.48%				04/2030	38	38		—		38
Health Buyer, LLC+(5)	Senior secured				N/A(6)				04/2030	—	(3)		—		—
Olo Parent, Inc.+	One stop	SF +	4.50%	(j)	8.32%				09/2032	2,326	2,320		0.1		2,326
Olo Parent, Inc.+	One stop				N/A(6)				09/2032	—	—		—		—
Patriot Acquireco, LLC+	One stop	SF +	4.50%	(j)	8.18%				09/2032	36	35		—		36
Patriot Acquireco, LLC+	One stop	SF +	4.50%	(j)	8.17%				09/2032	1,814	1,805		0.1		1,814
PB Group Holdings, LLC+(25)	One stop	SF +	5.50%	(i)	6.47%	cash/	2.75%	PIK	08/2030	37,754	37,613		1.0		37,754
PB Group Holdings, LLC+	One stop	SF +	5.00%	(i)	8.72%				08/2030	1,832	1,815		0.1		1,832
QSR Acquisition Co.+	One stop	SF +	4.25%	(i)	7.97%				06/2032	1,522	1,516		—		1,522
QSR Acquisition Co.+	One stop				N/A(6)				06/2032	—	—		—		—
QSR Acquisition Co.+(5)	One stop				N/A(6)				06/2032	—	(1)		—		—
Rooster BidCo Limited+(8)(9)(10)	One stop	SN +	5.00%	(g)	8.72%				03/2032	119	112		—		119
Rooster BidCo Limited+(8)(9)(10)	One stop	SN +	5.00%	(g)	8.72%				03/2032	4,995	4,757		0.1		4,995
Rooster BidCo Limited+(5)(8)(9)(10)	One stop				N/A(6)				03/2032	—	(23)		—		—
Saguaro Buyer, LLC+	One stop				N/A(6)				07/2032	—	—		—		—
Saguaro Buyer, LLC+	One stop	SF +	4.50%	(j)	8.17%				07/2032	399	397		—		399
Saguaro Buyer, LLC+	One stop	SF +	4.50%	(j)	8.34%				07/2032	217	216		—		217
Saguaro Buyer, LLC+	One stop	SF +	4.50%	(j)	8.17%				07/2032	54	52		—		54
SDC Holdco, LLC+(5)	One stop				N/A(6)				07/2032	—	(1)		—		—
SDC Holdco, LLC+	One stop	SF +	4.38%	(i)	8.10%				07/2032	1,788	1,780		0.1		1,788
SSRG Holdings, LLC*	One stop	SF +	4.75%	(j)	8.42%				11/2029	12,376	12,284		0.3		12,376
SSRG Holdings, LLC*+	One stop	SF +	4.75%	(j)	8.42%				11/2029	7,682	7,685		0.2		7,682
SSRG Holdings, LLC+	One stop	SF +	4.75%	(j)	8.42%				11/2029	636	623		—		636
SSRG Holdings, LLC+	One stop	SF +	4.75%	(j)	8.42%				11/2029	606	602		—		606
SSRG Holdings, LLC+(5)	One stop				N/A(6)				11/2029	—	(1)		—		—
SSRG Holdings, LLC+	One stop	SF +	4.75%	(j)	8.42%				11/2029	676	673		—		676
YE Brands Holding, LLC*+	One stop	SF +	4.75%	(j)	8.42%				10/2027	17,410	17,524		0.5		17,410
YE Brands Holding, LLC+	One stop	SF +	4.75%	(j)	8.42%				10/2027	1,176	1,172		—		1,176
YE Brands Holding, LLC+	One stop	SF +	4.75%	(j)	8.42%				10/2027	24	24		—		24
										273,353	272,075		6.9		272,891
Household Durables
TLB Holdings I, LLC+(5)	One stop				N/A(6)				10/2031	—	(1)		—		(1)
TLB Holdings I, LLC+	One stop	SF +	4.75%	(j)	8.62%				10/2031	556	553		—		553
TLB Holdings I, LLC+(5)	One stop				N/A(6)				10/2031	—	(1)		—		(1)
										556	551		—		551
Household Products
WU Holdco, Inc.+	One stop	SF +	4.75%	(j)	8.42%				04/2032	9,540	9,497		0.3		9,540
WU Holdco, Inc.+	One stop	SF +	4.75%	(j)	8.44%				04/2032	62	59		—		62
WU Holdco, Inc.+(5)	One stop				N/A(6)				04/2032	—	(5)		—		—
										9,602	9,551		0.3		9,602

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)	Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Industrial Conglomerates
Arch Global CCT Holdings Corp.*+	Senior secured	SF +	4.75%	(j)	8.52%	04/2026		$	3,137	0.1	%	$	2,993
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75%	(j)	8.52%	04/2026	634	624		—		602
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75%	(j)	8.52%	04/2026	589	580		—		560
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(j)	8.42%	07/2029	5,752	5,740		0.2		5,752
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(j)	8.69%	07/2029	1,077	1,060		—		1,077
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(j)	8.42%	07/2029	1,459	1,450		—		1,459
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(j)	8.42%	07/2029	466	464		—		466
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(j)	8.42%	07/2029	547	540		—		547
Dwyer Instruments, Inc.+(5)(9)	One stop				N/A(6)	07/2029	—	(28)		—		—
Dwyer Instruments, Inc.+(9)	One stop	E +	5.00%	(c)	7.02%	07/2029	52,904	47,127		1.4		52,904
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(j)	8.42%	07/2029	6,418	6,362		0.2		6,418
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(j)	8.42%	07/2029	1,481	1,470		—		1,481
Essential Services Holdings Corporation+	One stop	SF +	5.00%	(j)	8.88%	06/2031	11,514	11,424		0.3		11,399
Essential Services Holdings Corporation+	One stop	SF +	5.00%	(j)	8.88%	06/2030	564	554		—		554
Essential Services Holdings Corporation+(5)	One stop				N/A(6)	06/2031	—	(9)		—		(23)
Excelitas Technologies Corp.+(5)	One stop				N/A(6)	08/2029	—	(43)		—		—
Excelitas Technologies Corp.*+	One stop	SF +	5.25%	(i)	8.97%	08/2029	10,022	9,974		0.3		10,022
Excelitas Technologies Corp.+(9)	One stop	E +	5.25%	(b)	7.15%	08/2029	1,999	1,774		0.1		1,999
Excelitas Technologies Corp.+(5)	One stop				N/A(6)	08/2028	—	(2)		—		—
							98,577	92,198		2.6		98,210
Insurance
AMBA Buyer, Inc.*+	One stop	SF +	5.25%	(j)	9.02%	07/2027	4,411	4,418		0.1		4,411
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(j)	9.02%	07/2027	1,313	1,312		—		1,313
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(j)	9.02%	07/2027	1,108	1,106		—		1,108
AMBA Buyer, Inc.+	One stop				N/A(6)	07/2027	—	—		—		—
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(j)	9.02%	07/2027	160	160		—		160
Bellwether Buyer, LLC+(5)	One stop				N/A(6)	04/2032	—	(5)		—		—
Bellwether Buyer, LLC+	One stop	SF +	4.50%	(i)	8.23%	04/2032	5,031	5,009		0.1		5,031
Bellwether Buyer, LLC+(5)	One stop				N/A(6)	04/2032	—	(6)		—		—
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.50%	(j)	9.34%	03/2028	561	555		—		561
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.50%	(j)	9.29%	03/2028	378	378		—		378
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.50%	(j)	9.34%	03/2028	97	96		—		97
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.50%	(j)	9.34%	03/2028	465	457		—		465
Captive Resources Midco, LLC+	One stop	SF +	4.50%	(i)	8.22%	07/2029	22,958	22,939		0.6		22,958
Captive Resources Midco, LLC+(5)	One stop				N/A(6)	07/2028	—	(2)		—		—
Doxa Insurance Holdings LLC+	One stop	SF +	4.50%	(j)	8.17%	12/2030	1,866	1,875		0.1		1,866
Doxa Insurance Holdings LLC+	One stop	SF +	4.50%	(j)	8.17%	12/2029	16	16		—		16
Doxa Insurance Holdings LLC+	One stop	SF +	4.50%	(j)	8.17%	12/2030	1,776	1,775		0.1		1,776
Doxa Insurance Holdings LLC+	One stop	SF +	4.50%	(j)	8.34%	12/2030	973	952		—		973
Gimlet Bidco GMBH+(8)(9)(19)	One stop	E +	5.75%	(c)	7.82%	04/2031	1,149	1,036		—		1,149
Gimlet Bidco GMBH+(8)(9)(19)	One stop	E +	5.75%	(b)(c)	7.82%	04/2031	448	417		—		448
Gimlet Bidco GMBH+(5)(8)(9)(19)	One stop				N/A(6)	04/2031	—	(5)		—		—
Huskies Parent, Inc.+	One stop	SF +	6.00%	(i)	9.82%	11/2029	1,995	1,976		0.1		1,955
Illumifin Corporation+	One stop	SF +	6.00%	(j)	10.13%	09/2027	4,638	4,462		0.1		4,452
Integrity Marketing Acquisition, LLC*+	One stop	SF +	5.00%	(j)	8.82%	08/2028	48,588	48,330		1.3		48,588
Integrity Marketing Acquisition, LLC+(5)	One stop				N/A(6)	08/2028	—	(2)		—		—
Integrity Marketing Acquisition, LLC+(5)	One stop				N/A(6)	08/2028	—	(4)		—		—
J.S. Held Holdings, LLC+(5)	One stop				N/A(6)	06/2028	—	(7)		—		—
J.S. Held Holdings, LLC+	One stop	SF +	4.75%	(j)	8.57%	06/2028	12,043	11,914		0.3		12,043
J.S. Held Holdings, LLC*+	One stop	SF +	4.75%	(j)	8.57%	06/2028	37,740	37,297		1.0		37,740
Koala Investment Holdings, Inc.+	One stop	SF +	4.50%	(j)	8.17%	08/2032	1,564	1,557		—		1,564
Koala Investment Holdings, Inc.+(5)	One stop				N/A(6)	08/2032	—	(1)		—		—

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Koala Investment Holdings, Inc.+(5)	One stop				N/A(6)				08/2032		$	(1)	—	%	$	—
Majesco*+	One stop	SF +	4.75%	(j)	8.47%				09/2028	27,881	27,906		0.7		27,881
Majesco+	One stop				N/A(6)				09/2027	—	—		—		—
MRH Trowe Germany GMBH+(5)(8)(9)(19)	One stop				N/A(6)				11/2031	—	(2)		—		—
MRH Trowe Germany GMBH+(8)(9)(19)	One stop	E +	5.00%	(d)	7.11%				05/2032	6,247	5,950		0.2		6,247
MRH Trowe Germany GMBH+(8)(9)(19)	One stop	E +	5.00%	(c)	7.03%				05/2032	970	962		—		970
Oakbridge Insurance Agency LLC+	One stop	SF +	4.75%	(i)	8.47%				11/2029	2,252	2,276		0.1		2,230
Oakbridge Insurance Agency LLC+	One stop	SF +	4.75%	(i)	8.48%				11/2029	32	32		—		32
Oakbridge Insurance Agency LLC+	One stop	SF +	4.75%	(i)	8.47%				11/2029	1,088	1,084		—		1,077
Oakbridge Insurance Agency LLC+	One stop	SF +	5.00%	(i)	8.72%				11/2029	371	364		—		368
Oakbridge Insurance Agency LLC+(5)	One stop				N/A(6)				11/2029	—	(2)		—		(5)
Pareto Health Intermediate Holdings, Inc.+(5)	One stop				N/A(6)				06/2029	—	(1)		—		—
Pareto Health Intermediate Holdings, Inc.*+	One stop	SF +	4.75%	(k)	8.35%				06/2030	73,901	73,421		1.9		73,901
Pareto Health Intermediate Holdings, Inc.+(5)	One stop				N/A(6)				06/2030	—	(47)		—		—
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.00%	(j)	8.82%				10/2028	71,842	71,197		1.8		71,842
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.00%	(j)	8.82%				10/2028	9,797	9,651		0.3		9,797
Patriot Growth Insurance Services, LLC+(5)	One stop				N/A(6)				10/2028	—	(38)		—		—
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.00%	(j)	8.67%				10/2028	3,391	3,382		0.1		3,391
People Corporation+(8)(9)(12)	One stop	CA +	5.25%	(m)	7.83%				02/2028	24,013	25,071		0.6		24,073
People Corporation+(8)(9)(12)	One stop	CA +	5.25%	(m)	7.83%				02/2028	20,160	20,450		0.5		20,211
People Corporation+(8)(9)(12)	One stop	CA +	5.25%	(m)	7.83%				02/2028	7,884	8,339		0.2		7,904
People Corporation+(8)(9)(12)	One stop	CA +	5.25%	(m)	7.83%				02/2028	9,861	9,767		0.3		9,886
People Corporation+(8)(9)(12)	One stop	CA +	5.25%	(m)	7.82%				02/2027	240	239		—		240
People Corporation+(8)(9)(12)	One stop	CA +	5.00%	(m)	7.57%				02/2028	19,753	19,448		0.5		19,753
Wasabi Lower Holdco, LLC+(5)	Senior secured				N/A(6)				06/2032	—	(8)		—		—
Wasabi Lower Holdco, LLC+	Senior secured	SF +	4.50%	(i)	8.22%				06/2032	2,610	2,578		0.1		2,610
World Insurance Associates, LLC+(5)	One stop				N/A(6)				04/2030	—	(2)		—		—
World Insurance Associates, LLC+	One stop	SF +	5.00%	(j)	8.68%				04/2030	4,534	4,517		0.1		4,534
										436,105	434,538		11.2		435,994
Internet & Direct Marketing Retail
Revalize, Inc.+(25)	One stop	SF +	6.50%	(j)	8.57%	cash/	1.75%	PIK	04/2029	20,502	20,298		0.5		18,042
Revalize, Inc.+(25)	One stop	SF +	6.50%	(j)	8.57%	cash/	1.75%	PIK	04/2029	12,000	11,793		0.3		10,560
Revalize, Inc.+(25)	One stop	SF +	6.50%	(j)	8.57%	cash/	1.75%	PIK	04/2029	5,950	5,847		0.1		5,236
Revalize, Inc.+(25)	One stop	SF +	6.50%	(j)	8.57%	cash/	1.75%	PIK	04/2029	3,584	3,511		0.1		3,154
Revalize, Inc.+(25)	One stop	SF +	6.50%	(j)	8.57%	cash/	1.75%	PIK	04/2029	2,440	2,389		0.1		2,147
Revalize, Inc.+(25)	One stop	SF +	6.50%	(j)	8.57%	cash/	1.75%	PIK	04/2029	2,396	2,294		0.1		2,108
Revalize, Inc.+(25)	One stop	SF +	6.50%	(j)	8.57%	cash/	1.75%	PIK	04/2029	229	217		—		202
Revalize, Inc.+(25)	One stop	SF +	6.25%	(j)	9.57%	cash/	0.50%	PIK	04/2029	320	306		—		266
										47,421	46,655		1.2		41,715
IT Services
Acquia, Inc.*+	One stop	SF +	5.50%	(j)	9.59%				10/2026	12,020	12,009		0.3		12,020
Acquia, Inc.+	One stop	SF +	5.50%	(j)	9.61%				10/2026	112	112		—		112
Acquia, Inc.+	One stop	SF +	5.50%	(j)	9.59%				10/2026	1,083	1,081		—		1,083
CivicPlus, LLC+(5)	One stop				N/A(6)				08/2030	—	(2)		—		—
CivicPlus, LLC+(25)	One stop	SF +	11.75%	(j)	15.42%	PIK			06/2034	370	368		—		370
CivicPlus, LLC+(25)	One stop	SF +	6.00%	(j)	7.07%	cash/	2.75%	PIK	08/2030	23,558	23,504		0.6		23,558
CivicPlus, LLC+	One stop	SF +	5.50%	(j)	9.20%				08/2030	2,216	2,200		0.1		2,216
CivicPlus, LLC+(5)	One stop				N/A(6)				08/2030	—	(2)		—		—
ContractPod Technologies, Ltd.+(8)(10)(25)	One stop	SF +	6.50%	(j)	6.92%	cash/	3.25%	PIK	07/2030	508	506		—		508
ContractPod Technologies, Ltd.+(8)(10)(25)	One stop	SF +	6.50%	(j)	7.09%	cash/	3.25%	PIK	07/2030	125	124		—		125
ContractPod Technologies, Ltd.+(5)(8)(10)	One stop				N/A(6)				07/2030	—	(1)		—		—
Critical Start, Inc.+(25)	One stop	SF +	6.76%	(j)	6.99%	cash/	3.63%	PIK	05/2028	5,501	5,493		0.1		5,445

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Critical Start, Inc.+(25)	One stop	SF +	6.76%	(j)	6.99%	cash/	3.63%	PIK	05/2028		$	2,503	0.1	%	$	2,500
Critical Start, Inc.+	One stop	P +	5.25%	(a)	12.00%				05/2028	26	26		—		26
Delinea Inc.*+	One stop	SF +	5.75%	(j)	9.57%				03/2028	22,316	22,321		0.6		22,316
Delinea Inc.*+	One stop	SF +	5.75%	(j)	9.57%				03/2028	12,956	12,958		0.3		12,956
Delinea Inc.+(5)	One stop				N/A(6)				03/2027	—	(1)		—		—
Delinea Inc.+	One stop	SF +	5.75%	(j)	9.57%				03/2028	11,356	11,347		0.3		11,356
Goldcup 31018 AB+(8)(9)(17)(25)	One stop	E +	6.50%	(d)	8.61%	PIK			07/2029	15,817	14,046		0.4		15,145
Goldcup 31018 AB+(8)(9)(17)(25)	One stop	E +	6.50%	(d)	8.61%	PIK			07/2029	1,475	1,331		—		1,413
Goldcup 31018 AB+(8)(9)(17)	One stop	E +	6.25%	(d)	8.36%				01/2029	94	83		—		82
Kentik Technologies, Inc.+(25)	One stop	SF +	8.00%	(j)	7.70%	cash/	4.00%	PIK	11/2029	51	50		—		49
Kentik Technologies, Inc.+(25)	One stop	SF +	8.00%	(j)	7.70%	cash/	4.00%	PIK	11/2029	57	54		—		55
Kentik Technologies, Inc.+(25)	One stop	SF +	8.00%	(j)	7.70%	cash/	4.00%	PIK	11/2029	20	17		—		19
Kentik Technologies, Inc.+(25)	One stop	SF +	8.00%	(i)	7.73%	cash/	4.00%	PIK	11/2029	8	7		—		6
Netwrix Corporation+(5)	One stop				N/A(6)				06/2029	—	(1)		—		—
Netwrix Corporation*+	One stop	SF +	4.50%	(j)	8.32%				06/2029	9,517	9,519		0.3		9,517
Netwrix Corporation+	One stop	SF +	4.50%	(j)	8.32%				06/2029	382	381		—		382
Netwrix Corporation+	One stop	SF +	4.50%	(j)	8.32%				06/2029	185	182		—		185
Optimizely North America, Inc.+	One stop	SF +	5.00%	(i)	8.72%				10/2031	38,033	37,716		1.0		38,033
Optimizely North America, Inc.+(9)	One stop	E +	5.25%	(b)	7.15%				10/2031	15,815	14,497		0.4		15,815
Optimizely North America, Inc.+(9)	One stop	SN +	5.50%	(g)	9.22%				10/2031	5,976	5,703		0.2		5,976
Optimizely North America, Inc.+(5)	One stop				N/A(6)				10/2031	—	(83)		—		—
PDQ.com Corporation+	One stop				N/A(6)				10/2032	—	—		—		—
PDQ.com Corporation+	One stop	SF +	4.75%	(j)	8.42%				10/2032	633	631		—		629
PDQ.com Corporation+(5)	One stop				N/A(6)				10/2032	—	(1)		—		(1)
ReliaQuest Holdings, LLC+(25)	One stop	SF +	6.00%	(j)	6.59%	cash/	3.25%	PIK	04/2031	12,233	12,208		0.3		12,233
ReliaQuest Holdings, LLC+(5)	One stop				N/A(6)				04/2031	—	(21)		—		—
ReliaQuest Holdings, LLC+(5)	One stop				N/A(6)				04/2031	—	(6)		—		—
ReliaQuest Holdings, LLC+(25)	One stop	SF +	6.00%	(j)	6.59%	cash/	3.25%	PIK	04/2031	29,135	29,009		0.8		29,135
Saturn Borrower Inc.*+	One stop	SF +	6.00%	(j)	9.67%				11/2028	27,257	27,009		0.7		27,257
Saturn Borrower Inc.+	One stop	SF +	6.00%	(j)	9.68%				11/2028	116	110		—		116
WPEngine, Inc.+	One stop	SF +	5.75%	(j)	9.45%				08/2029	5,438	5,424		0.1		5,438
WPEngine, Inc.+	One stop				N/A(6)				08/2029	—	—		—		—
Zarya Holdco, Inc.+	One stop	SF +	6.50%	(j)	10.32%				07/2027	1,395	1,391		—		1,395
Zarya Holdco, Inc.+	One stop	SF +	6.50%	(j)	10.32%				07/2027	7,156	7,183		0.2		7,156
Zarya Holdco, Inc.+	One stop				N/A(6)				07/2027	—	—		—		—
										265,466	260,985		6.8		264,626
Leisure Products
Crunch Holdings, LLC+	One stop	SF +	4.50%	(i)	8.22%				09/2031	1,760	1,756		0.1		1,760
Crunch Holdings, LLC+(5)	One stop				N/A(6)				09/2031	—	(1)		—		—
Movement Holdings, LLC+(8)(10)	One stop	SF +	5.50%	(j)	9.32%				03/2030	830	828		—		830
Movement Holdings, LLC+(8)(10)	One stop	SF +	5.50%	(j)	9.32%				03/2030	19	19		—		19
Movement Holdings, LLC+(5)(8)(10)	One stop				N/A(6)				03/2030	—	(1)		—		—
WBZ Investment, LLC+	One stop	SF +	6.75%	(j)	10.57%				03/2027	7,677	7,627		0.2		7,677
WBZ Investment, LLC+	One stop	SF +	6.75%	(i)	10.57%				03/2027	1,697	1,686		0.1		1,697
WBZ Investment, LLC+	One stop	SF +	6.75%	(i)	10.57%				03/2027	1,179	1,171		—		1,179
WBZ Investment, LLC+	One stop	SF +	6.75%	(j)	10.57%				03/2027	628	624		—		628
WBZ Investment, LLC+	One stop				N/A(6)				03/2027	—	—		—		—
										13,790	13,709		0.4		13,790
Life Sciences Tools & Services
Celerion Buyer, Inc.+(5)	One stop				N/A(6)				11/2028	—	(1)		—		—
Celerion Buyer, Inc.*+	One stop	SF +	5.00%	(j)	8.89%				11/2029	30,784	30,534		0.8		30,630
Celerion Buyer, Inc.+	One stop	SF +	5.00%	(j)	8.69%				11/2029	500	498		—		498
Celerion Buyer, Inc.*	One stop	SF +	5.00%	(j)	8.89%				11/2029	21,846	21,677		0.6		21,737

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Diamondback Acquisition, Inc.+	One stop	SF +	4.50%	(i)	8.22%				09/2032		$	1,489	—	%	$	1,489
Diamondback Acquisition, Inc.+(5)	One stop				N/A(6)				09/2032	—	(1)		—		(1)
Diamondback Acquisition, Inc.+	One stop	SF +	4.50%	(i)	8.22%				09/2032	39	38		—		38
PAS Parent Inc.+(5)	One stop				N/A(6)				08/2031	—	(6)		—		—
PAS Parent Inc.*+	One stop	SF +	4.50%	(i)	8.22%				08/2032	58,102	57,832		1.5		58,102
PAS Parent Inc.+(5)	One stop				N/A(6)				08/2032	—	(2)		—		—
Unchained Labs, LLC*+	Senior secured	SF +	5.50%	(i)	9.27%				08/2027	1,382	1,371		—		1,354
Unchained Labs, LLC+	Senior secured	SF +	5.50%	(i)	9.27%				08/2027	1,167	1,155		—		1,143
Unchained Labs, LLC+(5)	Senior secured				N/A(6)				08/2027	—	(1)		—		(2)
										115,312	114,583		2.9		114,988
Machinery
AI Titan Parent, Inc.+	One stop	SF +	4.50%	(i)	8.22%				08/2031	10,508	10,423		0.3		10,403
AI Titan Parent, Inc.+	One stop	SF +	4.50%	(i)	8.32%				08/2031	473	464		—		452
AI Titan Parent, Inc.+(5)	One stop				N/A(6)				08/2031	—	(11)		—		(13)
Blackbird Purchaser, Inc.+	One stop	SF +	5.75%	(j)	9.42%				12/2030	4,939	5,005		0.1		4,939
Blackbird Purchaser, Inc.+	One stop				N/A(6)				12/2030	—	—		—		—
Blackbird Purchaser, Inc.+	One stop	SF +	5.75%	(i)(j)	9.43%				12/2029	70	69		—		70
Chase Industries, Inc.+(25)(26)	Senior secured	SF +	7.00%	(j)	9.32%	cash/	1.50%	PIK	11/2026	13,658	13,564		0.4		13,522
Chase Industries, Inc.+(25)(26)	Senior secured	SF +	7.00%	(j)	9.32%	cash/	1.50%	PIK	11/2026	1,291	1,279		—		1,278
Chase Industries, Inc.+(25)(26)	Senior secured	SF +	7.00%	(j)	9.32%	cash/	1.50%	PIK	11/2026	78	72		—		72
Thermogenics, Inc.+(8)(12)	One stop	SF +	4.25%	(j)	7.92%				06/2032	106	105		—		106
Thermogenics, Inc.+(5)(8)(12)	One stop				N/A(6)				06/2032	—	(1)		—		—
Thermogenics, Inc.+(8)(12)	One stop	SF +	4.25%	(j)	7.92%				06/2032	180	179		—		180
Thermogenics, Inc.+(5)(8)(12)	One stop				N/A(6)				06/2032	—	(2)		—		—
Thermogenics, Inc.+(8)(9)(12)	One stop	CA +	4.25%	(m)	6.51%				06/2032	140	140		—		140
Thermogenics, Inc.+(8)(9)(12)	One stop	CA +	4.25%	(m)	6.51%				06/2032	14	14		—		14
										31,457	31,300		0.8		31,163
Marine
Project Nike Purchaser, LLC*+	One stop	SF +	5.25%	(j)	8.92%				04/2029	33,436	33,562		0.9		33,102
Project Nike Purchaser, LLC+	One stop	SF +	5.25%	(j)	8.92%				04/2029	741	738		—		733
Project Nike Purchaser, LLC+(5)	One stop				N/A(6)				04/2029	—	(1)		—		(6)
										34,177	34,299		0.9		33,829
Media
Lotus Topco, Inc.*	One stop	SF +	4.75%	(j)	8.42%				06/2030	5,099	5,070		0.1		5,099
Lotus Topco, Inc.+(5)	One stop				N/A(6)				06/2030	—	(6)		—		—
Lotus Topco, Inc.+	One stop	SF +	4.75%	(j)	8.42%				06/2030	645	631		—		645
Lotus Topco, Inc.+	One stop	SF +	4.75%	(j)	8.42%				06/2030	1,995	1,981		0.1		1,995
Shout! Factory, LLC+	One stop	SF +	5.25%	(j)	8.92%				06/2031	1,767	1,755		0.1		1,767
Shout! Factory, LLC+	One stop	SF +	5.25%	(j)	8.93%				06/2031	26	25		—		26
Triple Lift, Inc.*+	One stop	SF +	5.75%	(j)	9.59%				05/2028	7,205	7,116		0.2		6,647
Triple Lift, Inc.*+	One stop	SF +	5.75%	(j)	9.59%				05/2028	1,537	1,511		—		1,418
Triple Lift, Inc.+(5)	One stop				N/A(6)				05/2028	—	(3)		—		(12)
										18,274	18,080		0.5		17,585
Oil, Gas & Consumable Fuels
Edition Holdings, Inc.+	One stop	SF +	4.50%	(j)	8.20%				12/2032	315	313		—		313
Edition Holdings, Inc.+	One stop				N/A(6)				12/2032	—	—		—		—
Edition Holdings, Inc.+	One stop				N/A(6)				12/2032	—	—		—		—
Edition Holdings, Inc.+	One stop				N/A(6)				12/2032	—	—		—		—
										315	313		—		313

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Paper & Forest Products
Messenger, LLC*+	One stop	SF +	5.00%	(j)	8.82%				12/2027		$	13,681	0.4	%	$	13,683
Messenger, LLC+(9)	One stop	SN +	5.00%	(g)	8.72%				12/2027	886	832		—		886
Messenger, LLC+	One stop	SF +	5.00%	(j)	8.82%				12/2027	495	493		—		495
Messenger, LLC+(9)	One stop				N/A(6)				12/2027	—	—		—		—
Messenger, LLC*+	One stop	SF +	5.00%	(j)	8.82%				12/2027	1,434	1,449		—		1,434
Messenger, LLC+	One stop	SF +	5.00%	(j)	8.82%				12/2027	718	717		—		718
Messenger, LLC+	One stop				N/A(6)				12/2027	—	—		—		—
										17,216	17,172		0.4		17,216
Pharmaceuticals
ACP Ulysses Buyer, Inc.*+	One stop	SF +	4.75%	(j)	8.42%				02/2029	30,144	30,028		0.8		30,144
ACP Ulysses Buyer, Inc.*+	One stop	SF +	4.75%	(j)	8.42%				02/2029	1,303	1,290		—		1,303
ACP Ulysses Buyer, Inc.+	One stop	SF +	4.75%	(j)	8.42%				02/2030	499	479		—		499
Amalthea Parent, Inc.*+(8)(12)	One stop	SF +	5.00%	(j)	9.08%				03/2027	86,513	84,719		2.2		84,784
Amalthea Parent, Inc.+(8)(12)	One stop	SF +	5.00%	(i)	8.83%				03/2027	540	519		—		530
Apothecary Products, LLC*	Senior secured	SF +	5.00%	(j)	8.82%				07/2026	2,191	2,189		0.1		2,191
Apothecary Products, LLC+	Senior secured	SF +	5.00%	(j)(k)	8.77%				07/2026	91	90		—		91
Caerus Midco 3 S.A.R.L.*+(8)	One stop	SF +	5.00%	(j)	8.67%				05/2029	29,035	29,063		0.8		29,035
Caerus Midco 3 S.A.R.L.+(8)	One stop	SF +	5.00%	(j)	8.67%				05/2029	4,814	4,816		0.1		4,814
Caerus Midco 3 S.A.R.L.+(8)	One stop	SF +	5.00%	(j)	8.67%				05/2029	4,443	4,409		0.1		4,443
Caerus Midco 3 S.A.R.L.+(8)	One stop	SF +	5.00%	(j)	8.67%				05/2029	705	702		—		705
Caerus Midco 3 S.A.R.L.+(8)	One stop	SF +	5.00%	(i)	8.73%				05/2029	442	439		—		442
Cobalt Buyer Sub, Inc.*+	One stop	SF +	5.75%	(j)	9.57%				10/2028	14,646	14,613		0.4		14,060
Cobalt Buyer Sub, Inc.*+	One stop	SF +	5.75%	(j)	9.57%				10/2028	4,911	4,900		0.1		4,715
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.75%	(j)	9.57%				10/2028	3,711	3,660		0.1		3,562
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.75%	(j)	9.59%				10/2027	914	905		—		874
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.75%	(j)	9.57%				10/2028	6,317	6,264		0.2		6,064
Cobalt Buyer Sub, Inc.+(5)	One stop				N/A(6)				10/2028	—	(53)		—		—
Creek Parent, Inc.+	One stop	SF +	5.00%	(i)	8.73%				12/2031	56,402	55,562		1.5		56,402
Creek Parent, Inc.+(5)	One stop				N/A(6)				12/2031	—	(113)		—		—
Spark Bidco Limited+(8)(9)(10)(25)	Senior secured	SN +	4.88%	(g)	7.47%	cash/	1.13%	PIK	08/2028	38,536	37,991		0.9		36,321
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	6.00%	(g)	9.72%				08/2028	5,599	5,136		0.1		5,431
Spark Bidco Limited+(8)(9)(10)(25)	Senior secured	SN +	4.88%	(g)	7.47%	cash/	1.13%	PIK	08/2028	4,671	4,027		0.1		4,402
Spark Bidco Limited+(8)(10)	Senior secured	SF +	6.00%	(j)	9.67%				08/2028	3,991	3,986		0.1		3,872
Spark Bidco Limited+(8)(9)(10)(25)	Senior secured	SN +	4.88%	(g)	7.47%	cash/	1.13%	PIK	08/2028	4,087	3,687		0.1		3,852
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	3.75%	(g)	7.47%				02/2028	202	199		—		192
										304,707	299,507		7.7		298,728
Professional Services
ALKU Intermediate Holdings, LLC+	One stop	SF +	6.25%	(j)	9.92%				5/1/2029	6,711	6,731		0.2		6,577
ALKU Intermediate Holdings, LLC+	One stop	SF +	5.50%	(j)	9.17%				5/1/2029	742	736		—		712
bswift, LLC*+	One stop	SF +	4.75%	(j)	8.66%				11/1/2028	7,584	7,573		0.2		7,543
bswift, LLC+	One stop	SF +	4.75%	(j)	8.69%				11/1/2028	9,925	9,885		0.3		9,871
bswift, LLC+	One stop	SF +	4.75%	(i)	8.57%				11/1/2028	499	496		—		496
Denali Intermediate Holdings, Inc.+(5)	One stop				N/A(6)				8/1/2032	—	(2)		—		—
Denali Intermediate Holdings, Inc.+	One stop	SF +	5.50%	(i)	9.23%				8/1/2032	1,818	1,801		0.1		1,818
DISA Holdings Corp.*+	Senior secured	SF +	5.00%	(j)	8.99%				9/1/2028	5,175	5,152		0.1		5,175
DISA Holdings Corp.+	Senior secured	SF +	5.00%	(j)	8.99%				9/1/2028	798	790		—		798
DISA Holdings Corp.+	One stop	SF +	5.00%	(j)	8.99%				9/1/2028	682	676		—		682
DISA Holdings Corp.+	Senior secured	SF +	5.00%	(j)	8.99%				9/1/2028	604	599		—		604
DISA Holdings Corp.+(25)	Subordinated debt	SF +	8.50%	(j)	10.38%	cash/	2.00%	PIK	3/1/2029	106	105		—		106
DISA Holdings Corp.+	Senior secured	SF +	5.00%	(j)	8.98%				9/1/2028	586	580		—		586
DISA Holdings Corp.+	Senior secured	SF +	5.00%	(j)	8.98%				9/1/2028	45	44		—		45

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Eclipse Buyer, Inc.+	One stop	SF +	4.50%	(i)	8.25%				9/1/2031		$	14,167	0.4	%	$	14,283
Eclipse Buyer, Inc.+(5)	One stop				N/A(6)				9/1/2031	—	(56)		—		—
Eclipse Buyer, Inc.+(5)	One stop				N/A(6)				9/1/2031	—	(10)		—		—
Eliassen Group, LLC+	One stop	SF +	5.75%	(j)	9.42%				4/1/2028	2,120	2,108		0.1		2,047
Eliassen Group, LLC+	One stop	SF +	5.75%	(j)	9.42%				4/1/2028	144	142		—		138
IG Investments Holdings, LLC*+	One stop	SF +	5.00%	(j)	8.84%				9/1/2028	12,844	12,806		0.3		12,844
IG Investments Holdings, LLC+	One stop				N/A(6)				9/1/2028	—	—		—		—
NBG Acquisition Corp. and NBG-P Acquisition Corp.*+(25)	One stop	SF +	6.00%	(j)	6.34%	cash/	3.50%	PIK	11/1/2030	34,195	33,828		0.8		31,460
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(25)	One stop	SF +	6.00%	(j)	6.17%	cash/	3.50%	PIK	11/1/2030	795	791		—		732
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(25)	One stop	SF +	6.00%	(j)	6.18%	cash/	3.50%	PIK	11/1/2030	322	315		—		284
PlanSource Holdings, Inc.*+	One stop	SF +	5.50%	(j)	9.32%				12/1/2026	14,234	14,214		0.4		14,092
PlanSource Holdings, Inc.*+	One stop	SF +	5.50%	(j)	9.32%				12/1/2026	2,416	2,411		0.1		2,391
PlanSource Holdings, Inc.+	One stop	SF +	5.50%	(j)	9.32%				12/1/2026	695	694		—		689
PlanSource Holdings, Inc.+(5)	One stop				N/A(6)				12/1/2026	—	—		—		(3)
Procure Acquireco, Inc.*+	One stop	SF +	4.75%	(j)	8.42%				12/1/2028	24,603	24,641		0.6		24,603
Procure Acquireco, Inc.+	One stop	SF +	4.75%	(j)	8.42%				12/1/2028	1,132	1,131		—		1,132
Procure Acquireco, Inc.+	One stop				N/A(6)				12/1/2028	—	—		—		—
Procure Acquireco, Inc.+(5)	One stop				N/A(6)				12/1/2028	—	(60)		—		—
Procure Acquireco, Inc.+	One stop	SF +	4.75%	(j)	8.42%				12/1/2028	3,453	3,441		0.1		3,453
Teaching Company, The+	One stop	SF +	5.75%	(j)	9.74%				2/1/2026	12,290	12,290		0.3		12,290
Teaching Company, The+	One stop				N/A(6)				2/1/2026	—	—		—		—
Varicent Intermediate Holdings Corporation+(8)(12)(25)	One stop	SF +	6.26%	(j)	6.54%	cash/	3.38%	PIK	8/1/2031	52,527	51,942		1.3		52,264
Varicent Intermediate Holdings Corporation+(5)(8)(12)	One stop				N/A(6)				8/1/2031	—	(76)		—		(32)
Varicent Intermediate Holdings Corporation+(5)(8)(12)	One stop				N/A(6)				8/1/2031	—	(44)		—		(36)
Varicent Intermediate Holdings Corporation+(8)(12)(25)	One stop	SF +	6.26%	(j)	6.55%	cash/	3.38%	PIK	8/1/2031	2,607	2,593		0.1		2,594
Varicent Intermediate Holdings Corporation+(5)(8)(12)	One stop				N/A(6)				8/1/2031	—	(2)		—		(2)
										213,935	212,432		5.4		210,236
Real Estate Management & Development
Inhabit IQ Inc.+(5)	One stop				N/A(6)				01/2032	—	(3)		—		—
Inhabit IQ Inc.*	One stop	SF +	4.50%	(i)	8.22%				01/2032	6,855	6,841		0.2		6,855
Inhabit IQ Inc.+(5)	One stop				N/A(6)				01/2032	—	(4)		—		—
MRI Software, LLC*+	One stop	SF +	4.75%	(j)	8.42%				02/2028	32,647	32,717		0.8		32,647
MRI Software, LLC*+	One stop	SF +	4.75%	(j)	8.42%				02/2028	12,985	13,026		0.3		12,985
MRI Software, LLC+	One stop	SF +	4.75%	(j)	8.44%				02/2028	630	626		—		630
MRI Software, LLC+	One stop	SF +	4.75%	(j)	8.42%				02/2028	9,806	9,741		0.3		9,806
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.00%	(g)	8.72%				08/2028	6,096	5,832		0.2		6,096
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.00%	(g)	8.72%				08/2028	28,138	28,276		0.7		28,138
RPL Bidco Limited+(8)(9)(10)	One stop	A +	5.00%	(e)	8.71%				08/2028	11,749	11,777		0.3		11,749
RPL Bidco Limited+(8)(9)(10)	One stop	A +	5.00%	(e)	8.71%				08/2028	2,852	3,042		0.1		2,852
RPL Bidco Limited+(8)(9)(10)	One stop				N/A(6)				02/2028	—	—		—		—
										111,758	111,871		2.9		111,758
Road & Rail
Internet Truckstop Group, LLC*	One stop	SF +	5.25%	(j)	9.07%				04/2027	28,632	28,612		0.7		28,345
Internet Truckstop Group, LLC*+	One stop	SF +	5.25%	(j)	9.07%				04/2027	12,553	12,505		0.3		12,427
Internet Truckstop Group, LLC+(5)	One stop				N/A(6)				04/2027	—	—		—		(3)
										41,185	41,117		1.0		40,769

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Software
Anaplan, Inc.+	One stop	SF +	4.50%	(j)	8.32%				06/2029		$	58,328	1.5	%	$	58,175
Anaplan, Inc.+	One stop				N/A(6)				06/2028	—	—		—		—
Appfire Technologies, LLC*+	One stop	SF +	4.75%	(j)	8.42%				03/2028	57,072	57,010		1.5		56,501
Appfire Technologies, LLC+	One stop	SF +	4.75%	(j)	8.42%				03/2028	222	222		—		220
Appfire Technologies, LLC+	One stop	SF +	4.75%	(j)	8.42%				03/2028	100	98		—		95
Appfire Technologies, LLC+(5)	One stop				N/A(6)				03/2028	—	(80)		—		(266)
Aras Corporation+	One stop	SF +	5.25%	(j)	8.92%				04/2029	28,380	28,405		0.7		28,380
Aras Corporation+	One stop	SF +	5.25%	(j)	8.92%				04/2029	1,827	1,815		0.1		1,827
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.25%	(g)	8.97%				06/2029	5,858	5,366		0.2		5,858
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.25%	(g)	8.97%				06/2029	3,057	2,737		0.1		3,057
Arrow Buyer, Inc.+	One stop	SF +	5.00%	(j)	8.67%				07/2030	24,788	24,657		0.6		24,788
Arrow Buyer, Inc.+	One stop	SF +	5.00%	(j)	8.67%				07/2030	1,625	1,621		0.1		1,625
Arrow Buyer, Inc.+	One stop	SF +	5.00%	(j)	8.67%				07/2030	1,573	1,569		—		1,573
Artifact Bidco, Inc.+	One stop	SF +	4.15%	(j)	7.82%				05/2031	1,489	1,478		—		1,489
Artifact Bidco, Inc.+(5)	One stop				N/A(6)				05/2031	—	(1)		—		—
Artifact Bidco, Inc.+	One stop				N/A(6)				05/2030	—	—		—		—
Artifact Bidco, Inc.+(5)	One stop				N/A(6)				05/2030	—	(1)		—		—
Auvik Networks Inc.+(8)(12)(25)	One stop	SF +	6.25%	(j)	6.84%	cash/	3.25%	PIK	07/2027	11,110	11,127		0.3		11,110
Auvik Networks Inc.+(8)(12)(25)	One stop	SF +	6.25%	(j)	6.84%	cash/	3.25%	PIK	07/2027	1,998	1,994		0.1		1,998
Auvik Networks Inc.+(8)(12)(25)	One stop	SF +	6.25%	(j)	6.84%	cash/	3.25%	PIK	07/2027	1,018	1,015		—		1,018
Auvik Networks Inc.+(8)(12)	One stop				N/A(6)				07/2027	—	—		—		—
Azurite Intermediate Holdings, Inc.+	One stop	SF +	6.00%	(i)	9.72%				03/2031	973	963		—		973
Azurite Intermediate Holdings, Inc.+	One stop	SF +	6.00%	(i)	9.72%				03/2031	428	423		—		428
Azurite Intermediate Holdings, Inc.+(5)	One stop				N/A(6)				03/2031	—	(2)		—		—
Baxter Planning Systems, LLC+(25)	One stop	SF +	6.26%	(j)	6.72%	cash/	3.38%	PIK	05/2031	4,237	4,236		0.1		4,237
Baxter Planning Systems, LLC+(5)	One stop				N/A(6)				05/2031	—	(4)		—		—
Baxter Planning Systems, LLC+(5)	One stop				N/A(6)				05/2031	—	(3)		—		—
Bayshore Intermediate #2, L.P.+	One stop	SF +	5.00%	(j)	8.69%				10/2027	95	95		—		95
Bayshore Intermediate #2, L.P.+(25)	One stop	SF +	5.50%	(j)	6.19%	cash/	3.00%	PIK	10/2028	125,183	125,129		3.2		125,183
BestPass, Inc.*+	One stop	SF +	4.75%	(i)	8.47%				08/2031	52,206	51,997		1.3		52,206
BestPass, Inc.+(5)	One stop				N/A(6)				08/2031	—	(21)		—		—
BestPass, Inc.+	One stop	SF +	4.75%	(i)	8.47%				08/2031	6,933	6,906		0.2		6,933
Bloomerang, LLC+(25)	One stop	SF +	6.50%	(j)	6.67%	cash/	3.50%	PIK	12/2029	4,177	4,207		0.1		4,177
Bloomerang, LLC+	One stop	P +	5.00%	(a)(j)	10.71%				12/2029	58	58		—		58
Bloomerang, LLC+(25)	One stop	SF +	6.50%	(j)	6.67%	cash/	3.50%	PIK	12/2029	418	409		—		418
Blue Bidco Limited+(8)(9)(10)	One stop	SN +	5.00%	(g)	8.72%				06/2032	9,287	9,206		0.2		9,287
Blue Bidco Limited+(8)(9)(10)	One stop				N/A(6)				06/2032	—	—		—		—
Blue Bidco Limited+(8)(10)	One stop	SF +	5.00%	(k)	8.68%				06/2032	1,338	1,332		—		1,338
Blue Bidco Limited+(8)(9)(10)	One stop	E +	5.00%	(d)	7.17%				06/2032	5,344	5,131		0.1		5,344
Blue Bidco Limited+(8)(10)	One stop	SF +	5.00%	(k)	8.68%				06/2032	2,749	2,749		0.1		2,749
Bottomline Technologies, Inc.+	One stop	SF +	4.50%	(j)	8.17%				05/2029	45,582	45,374		1.2		45,582
Bottomline Technologies, Inc.+(5)	One stop				N/A(6)				05/2028	—	(4)		—		—
Bullhorn, Inc.*+	One stop	SF +	5.00%	(i)	8.72%				10/2029	77,997	77,932		2.0		77,997
Bullhorn, Inc.*+	One stop	SF +	5.00%	(i)	8.72%				10/2029	3,190	3,218		0.1		3,190
Bullhorn, Inc.+	One stop	SF +	5.00%	(i)	8.72%				10/2029	1,643	1,660		—		1,643
Bullhorn, Inc.+	One stop	SF +	5.00%	(i)	8.72%				10/2029	736	734		—		736
Bullhorn, Inc.+	One stop	SF +	5.00%	(i)	8.72%				10/2029	587	585		—		587
Bullhorn, Inc.+	One stop	SF +	5.00%	(i)	8.72%				10/2029	68	66		—		68
Burning Glass Intermediate Holdings Company, Inc.*+	One stop	SF +	4.50%	(j)	8.32%				06/2028	11,670	11,636		0.3		11,670
Burning Glass Intermediate Holdings Company, Inc.+	One stop	SF +	4.50%	(j)	8.32%				06/2028	109	109		—		109

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	6.00%	(j)	9.86%				01/2029		$	8,285	0.2	%	$	8,332
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	6.00%	(j)	9.86%				01/2029	2,204	2,180		0.1		2,204
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop				N/A(6)				01/2029	—	—		—		—
Bynder BidCo, Inc.& Bynder BidCo B.V.+(5)(8)(14)	One stop				N/A(6)				01/2029	—	(1)		—		—
Camelia Bidco Limited+(8)(9)(10)	One stop	SN +	5.50%	(g)	9.22%				08/2030	5,451	5,142		0.1		5,451
Camelia Bidco Limited+(8)(9)(10)	One stop	SN +	5.50%	(g)	9.22%				08/2030	1,068	1,007		—		1,068
Camelia Bidco Limited+(8)(9)(10)	One stop	A +	5.50%	(f)	9.05%				08/2030	334	325		—		334
Camelia Bidco Limited+(5)(8)(9)(10)	One stop				N/A(6)				08/2030	—	(23)		—		—
CB Buyer, Inc.+	One stop	SF +	5.25%	(j)	8.92%				07/2031	51,335	50,952		1.3		50,822
CB Buyer, Inc.+	One stop	SF +	5.25%	(i)	8.97%				07/2031	335	293		—		282
CB Buyer, Inc.+	One stop	SF +	5.25%	(j)	8.92%				07/2031	561	504		—		471
Coupa Holdings, LLC+	One stop	SF +	5.25%	(j)	9.09%				02/2030	31,558	31,325		0.8		31,558
Coupa Holdings, LLC+(5)	One stop				N/A(6)				02/2029	—	(1)		—		—
Coupa Holdings, LLC+(5)	One stop				N/A(6)				02/2030	—	(15)		—		—
Crewline Buyer, Inc.+	One stop	SF +	6.75%	(j)	10.59%				11/2030	10,857	10,829		0.3		10,857
Crewline Buyer, Inc.+	One stop				N/A(6)				11/2030	—	—		—		—
Daxko Acquisition Corporation*+	One stop	SF +	4.75%	(i)	8.47%				10/2028	38,951	38,935		1.0		38,951
Daxko Acquisition Corporation*+	One stop	SF +	4.75%	(i)	8.47%				10/2028	3,285	3,265		0.1		3,285
Daxko Acquisition Corporation+	One stop	SF +	4.75%	(i)	8.47%				10/2028	196	196		—		196
Daxko Acquisition Corporation+(5)	One stop				N/A(6)				10/2028	—	(7)		—		—
Daxko Acquisition Corporation+	One stop	SF +	4.75%	(i)	8.47%				10/2028	1,533	1,520		—		1,533
Denali Bidco Limited+(8)(9)(10)	One stop	E +	5.00%	(c)	7.02%				09/2031	6,785	6,315		0.2		6,785
Denali Bidco Limited+(8)(9)(10)	One stop	SN +	5.00%	(g)	8.72%				09/2031	8,551	8,141		0.2		8,551
Denali Bidco Limited+(5)(8)(9)(10)	One stop				N/A(6)				09/2031	—	(3)		—		—
Denali Bidco Limited+(8)(9)(10)(25)	Subordinated debt	N/A			11.20%	PIK			09/2032	104	103		—		104
Denali Bidco Limited+(8)(9)(10)(25)	Subordinated debt	N/A			9.80%	PIK			09/2032	156	155		—		156
Diligent Corporation+	One stop	SF +	5.00%	(j)	8.82%				08/2030	8,985	8,971		0.2		8,985
Diligent Corporation+	One stop	SF +	5.00%	(j)	8.82%				08/2030	1,541	1,531		—		1,541
Diligent Corporation+(5)	One stop				N/A(6)				08/2030	—	(8)		—		—
Diligent Corporation+	One stop	SF +	5.00%	(j)	8.75%				08/2030	220	214		—		220
Einstein Parent, Inc.+	One stop	SF +	6.50%	(j)	10.36%				01/2031	9,063	8,910		0.2		9,063
Einstein Parent, Inc.+(5)	One stop				N/A(6)				01/2031	—	(16)		—		—
Espresso Bidco, Inc.+(5)	One stop				N/A(6)				03/2032	—	(33)		—		—
Espresso Bidco, Inc.+(5)	One stop				N/A(6)				03/2032	—	(30)		—		—
Espresso Bidco, Inc.+(25)	One stop	SF +	5.76%	(j)	6.30%	cash/	3.13%	PIK	03/2032	18,543	18,302		0.5		18,543
Evergreen IX Borrower 2023, LLC+	One stop	SF +	4.75%	(j)	8.42%				09/2030	4,857	4,763		0.1		4,857
Evergreen IX Borrower 2023, LLC+	One stop	SF +	4.75%	(j)	8.42%				09/2030	4,427	4,393		0.1		4,427
Evergreen IX Borrower 2023, LLC+(5)	One stop				N/A(6)				10/2029	—	(10)		—		—
FirstUp, Inc.+	One stop	SF +	6.25%	(j)	9.92%				07/2027	13,097	13,083		0.3		12,965
FirstUp, Inc.+	One stop	SF +	6.25%	(j)	9.92%				07/2027	1,248	1,242		—		1,236
FirstUp, Inc.+(5)	One stop				N/A(6)				07/2027	—	(1)		—		(2)
Flexera Software, LLC+	One stop				N/A(6)				08/2032	—	—		—		—
Flexera Software, LLC+	One stop	SF +	4.50%	(j)	8.35%				08/2032	1,401	1,399		—		1,396
Flexera Software, LLC+(9)	One stop	E +	4.50%	(b)	6.43%				08/2032	496	494		—		495
Flexera Software, LLC+	One stop	SF +	4.50%	(j)	8.19%				08/2032	500	498		—		498
Gainsight, Inc.+	One stop	SF +	5.75%	(j)	9.72%				07/2027	14,171	14,195		0.4		14,171
Gainsight, Inc.+(5)	One stop				N/A(6)				07/2027	—	(1)		—		—
GS Acquisitionco, Inc.*+	One stop	SF +	5.25%	(j)	8.92%				05/2028	121,136	121,372		3.1		119,924
GS Acquisitionco, Inc.+	One stop	SF +	5.25%	(j)	8.92%				05/2028	200	199		—		195

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
GS Acquisitionco, Inc.+	One stop	SF +	5.25%	(j)	8.92%				05/2028		$	121	—	%	$	119
GTIV, LLC*+	One stop	SF +	4.75%	(i)(j)	8.59%				02/2031	72,483	71,983		1.9		72,302
GTIV, LLC+(5)	One stop				N/A(6)				02/2031	—	(2)		—		(1)
GTY Technology Holdings, Inc.+(25)	One stop	SF +	6.63%	(j)	6.17%	cash/	4.13%	PIK	07/2029	5,376	5,370		0.1		5,376
GTY Technology Holdings, Inc.+(25)	One stop	SF +	6.63%	(j)	6.17%	cash/	4.13%	PIK	07/2029	3,515	3,491		0.1		3,515
GTY Technology Holdings, Inc.+(25)	One stop	SF +	6.63%	(j)	6.17%	cash/	4.13%	PIK	07/2029	644	642		—		644
GTY Technology Holdings, Inc.+(25)	One stop	SF +	6.63%	(j)	6.40%	cash/	4.13%	PIK	07/2029	448	448		—		448
GTY Technology Holdings, Inc.+(5)	One stop				N/A(6)				07/2029	—	(15)		—		—
GTY Technology Holdings, Inc.+(25)	One stop	SF +	6.63%	(j)	6.27%	cash/	4.13%	PIK	07/2029	1,048	1,037		—		1,048
GTY Technology Holdings, Inc.+(25)	One stop	SF +	6.63%	(j)	6.27%	cash/	4.13%	PIK	07/2029	9,159	9,051		0.2		9,159
Gurobi Optimization, LLC+	One stop	SF +	4.50%	(j)	8.17%				09/2031	47,267	46,883		1.2		47,267
Gurobi Optimization, LLC+(5)	One stop				N/A(6)				09/2031	—	(36)		—		—
Hyland Software, Inc.*+	One stop	SF +	5.00%	(j)	8.67%				09/2030	46,648	47,294		1.2		46,648
Hyland Software, Inc.+	One stop				N/A(6)				09/2029	—	—		—		—
Icefall Parent, Inc.+	One stop	SF +	4.50%	(j)	8.17%				01/2030	3,639	3,630		0.1		3,639
Icefall Parent, Inc.+(5)	One stop				N/A(6)				01/2030	—	(1)		—		—
ICIMS, Inc.*+	One stop	SF +	5.75%	(j)	9.61%				08/2028	12,478	12,431		0.3		11,979
ICIMS, Inc.+	One stop	SF +	5.75%	(j)	9.59%				08/2028	106	103		—		92
IQN Holding Corp. +	One stop	SF +	5.25%	(j)	8.93%				05/2028	146	146		—		146
IQN Holding Corp. *+(25)	One stop	SF +	5.76%	(j)	6.30%	cash/	3.13%	PIK	05/2029	23,021	23,064		0.6		23,021
IQN Holding Corp. +(25)	One stop	SF +	5.76%	(j)	6.30%	cash/	3.13%	PIK	05/2029	4,078	4,044		0.1		4,078
Island Bidco AB+(8)(9)(17)(25)	One stop	E +	7.25%	(d)	2.12%	cash/	7.25%	PIK	07/2028	12,355	11,222		0.3		12,232
Island Bidco AB+(8)(17)(25)	One stop	SF +	7.00%	(k)	7.10%	cash/	3.50%	PIK	07/2028	5,004	5,002		0.1		4,954
Island Bidco AB+(8)(17)(25)	One stop	SF +	7.00%	(k)	7.10%	cash/	3.50%	PIK	07/2028	3,693	3,673		0.1		3,656
Island Bidco AB+(5)(8)(9)(17)	One stop				N/A(6)				07/2028	—	(1)		—		(2)
Island Bidco AB+(8)(17)	One stop	SF +	6.50%	(k)	10.26%				07/2028	88	88		—		86
Kairos Bidco Limited+	One stop	SF +	4.75%	(j)	8.42%				07/2032	10	10		—		10
Kairos Bidco Limited+	One stop	SF +	4.75%	(j)	8.42%				07/2032	604	601		—		604
Kairos Bidco Limited+(5)	One stop				N/A(6)				07/2032	—	(1)		—		—
Kairos Bidco Limited+	One stop	SF +	4.75%	(j)	8.42%				07/2032	91	90		—		91
LeadsOnline, LLC+	One stop	SF +	4.50%	(j)	8.48%				02/2028	12,884	12,992		0.3		12,884
LeadsOnline, LLC+	One stop	SF +	4.50%	(j)	8.48%				02/2028	2,274	2,292		0.1		2,274
LeadsOnline, LLC+	One stop	SF +	4.50%	(j)	8.17%				02/2028	660	659		—		660
LeadsOnline, LLC+(5)	One stop				N/A(6)				02/2028	—	(1)		—		—
Lighthouse Bidco GMBH+(8)(9)(19)	One stop	E +	4.75%	(d)	6.87%				06/2031	1,855	1,805		0.1		1,855
Lighthouse Bidco GMBH+(8)(9)(19)	One stop	E +	4.75%	(c)	6.77%				12/2031	20,072	17,734		0.5		20,072
Lighthouse Bidco GMBH+(5)(8)(9)(19)	One stop				N/A(6)				12/2031	—	(92)		—		—
LogicMonitor, Inc.+(5)	One stop				N/A(6)				11/2031	—	(35)		—		(84)
LogicMonitor, Inc.+	One stop	SF +	5.50%	(j)	9.34%				11/2031	54,082	53,798		1.4		53,407
LogicMonitor, Inc.+(5)	One stop				N/A(6)				11/2031	—	(1)		—		(2)
Matrix42 Holding GMBH+(8)(9)(19)	One stop	E +	6.25%	(d)	8.32%				12/2029	10,676	10,416		0.3		10,676
Matrix42 Holding GMBH+(8)(9)(19)	One stop	E +	6.25%	(d)	8.32%				12/2029	1,617	1,481		—		1,617
Matrix42 Holding GMBH+(8)(9)(19)	One stop	E +	6.25%	(d)	8.32%				12/2029	832	766		—		832
Matrix42 Holding GMBH+(5)(8)(9)(19)	One stop				N/A(6)				06/2029	—	(1)		—		—
Matrix42 Holding GMBH+(8)(19)	One stop				N/A(6)				06/2029	—	—		—		—
Matrix42 Holding GMBH+(8)(9)(19)	One stop	E +	6.25%	(c)	8.31%				12/2029	2,042	2,006		0.1		2,042
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(16)	One stop	SF +	5.00%	(j)	8.82%				11/2031	11,017	10,877		0.3		11,017
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)	One stop	E +	5.00%	(c)	7.06%				11/2030	3,498	3,447		0.1		3,498
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)	One stop	E +	5.00%	(c)	7.07%				11/2031	17,280	15,348		0.5		17,280
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)	One stop	E +	5.00%	(c)	7.06%				11/2031	1,543	1,494		—		1,543
Mindbody, Inc.+	One stop	SF +	6.00%	(j)	9.99%				09/2027	61,966	61,966		1.6		61,966

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Mindbody, Inc.+	One stop	SF +	6.00%	(j)	9.99%				09/2027		$	2,134	0.1	%	$	2,134
Mindbody, Inc.+	One stop				N/A(6)				09/2027	—	—		—		—
Ministry Brands Holdings LLC+	One stop	SF +	5.50%	(i)	9.32%				12/2028	30,672	30,592		0.8		30,059
Ministry Brands Holdings LLC+	One stop	SF +	5.50%	(i)	9.32%				12/2028	2,886	2,889		0.1		2,828
Ministry Brands Holdings LLC+	One stop	P +	4.50%	(a)	11.25%				12/2027	30	27		—		24
MYOB Invest Co Pty Ltd+(8)(9)(11)(25)	One stop	A +	5.25%	(e)	6.19%	cash/	2.75%	PIK	06/2030	36,988	35,684		1.0		36,988
Navex Global Holdings Corporation+	One stop	SF +	5.00%	(j)	8.91%				10/2032	5,959	6,014		0.2		5,929
Navex Global Holdings Corporation+(5)	One stop				N/A(6)				10/2031	—	—		—		(1)
Navex Global Holdings Corporation+(5)	One stop				N/A(6)				10/2032	—	(1)		—		(2)
Naviga Inc.+(7)	Senior secured	SF +	1.00%	(j)	4.77%				09/2026	184	121		—		64
Onit, Inc.+	One stop	SF +	4.75%	(j)	8.59%				01/2032	5,415	5,369		0.1		5,428
Onit, Inc.+(5)	One stop				N/A(6)				01/2032	—	(7)		—		—
Onit, Inc.+(5)	One stop				N/A(6)				01/2032	—	(10)		—		—
Onit, Inc.+	One stop	SF +	4.50%	(j)	8.34%				01/2032	1,448	1,444		—		1,448
Orsay Bidco 1 B.V. and Sky Group Holding B.V.+(8)(9)(14)	One stop	E +	5.00%	(c)	7.02%				11/2029	347	292		—		347
Orsay Bidco 1 B.V. and Sky Group Holding B.V.+(8)(9)(14)	One stop	E +	5.75%	(c)	7.77%				11/2029	2,317	2,089		0.1		2,323
Panzura, LLC+(25)	One stop	N/A			7.00%	cash/	8.00%	PIK	08/2027	134	126		—		120
Personify, Inc.*	One stop	SF +	4.75%	(i)	8.47%				09/2028	11,769	11,707		0.3		11,769
Personify, Inc.*+	One stop	SF +	4.75%	(i)	8.47%				09/2028	8,354	8,309		0.2		8,354
Personify, Inc.+	One stop				N/A(6)				09/2028	—	—		—		—
Personify, Inc.+	One stop	SF +	4.75%	(i)	8.47%				09/2028	15,927	15,870		0.4		15,927
Pineapple German Bidco GMBH+(8)(9)(19)(25)	One stop	E +	5.26%	(c)	4.15%	cash/	3.13%	PIK	01/2031	5,347	4,605		0.1		5,347
Pineapple German Bidco GMBH+(8)(19)(25)	One stop	SF +	5.26%	(j)	5.78%	cash/	3.13%	PIK	01/2031	78	76		—		78
Pineapple German Bidco GMBH+(8)(19)(25)	One stop	SF +	5.26%	(j)	5.78%	cash/	3.13%	PIK	01/2031	15,166	15,042		0.4		15,166
Pineapple German Bidco GMBH+(5)(8)(9)(19)	One stop				N/A(6)				01/2031	—	(53)		—		—
Pineapple German Bidco GMBH+(8)(9)(19)(25)	One stop	E +	5.26%	(c)	4.15%	cash/	3.13%	PIK	01/2031	1,148	1,048		—		1,148
Pineapple German Bidco GMBH+(8)(9)(19)(25)	One stop	E +	5.26%	(c)	4.15%	cash/	3.13%	PIK	01/2031	356	321		—		356
Pineapple German Bidco GMBH+(8)(9)(19)(25)	One stop	E +	5.26%	(c)	4.15%	cash/	3.13%	PIK	01/2031	79	71		—		79
Pluralsight, LLC+(7)(25)	One stop	SF +	7.50%	(j)	11.32%	PIK			08/2029	6,942	6,764		0.1		5,415
Pluralsight, LLC+(25)	One stop	SF +	4.50%	(j)	6.82%	cash/	1.50%	PIK	08/2029	4,033	3,946		0.1		3,872
Pluralsight, LLC+(25)	One stop	SF +	4.50%	(j)	6.82%	cash/	1.50%	PIK	08/2029	2,016	2,016		0.1		1,936
Pluralsight, LLC+(5)	One stop				N/A(6)				08/2029	—	—		—		(40)
Pluralsight, LLC+(5)	One stop				N/A(6)				08/2029	—	—		—		(99)
ProcessUnity Holdings, LLC+	One stop	SF +	6.50%	(j)	10.17%				09/2028	6,014	6,022		0.2		5,893
ProcessUnity Holdings, LLC+	One stop	SF +	6.50%	(j)	10.17%				09/2028	2,864	2,849		0.1		2,807
ProcessUnity Holdings, LLC+	One stop	SF +	6.50%	(j)	10.17%				09/2028	1,203	1,200		—		1,178
ProcessUnity Holdings, LLC+	One stop	SF +	6.50%	(j)	10.17%				09/2028	108	108		—		104
ProcessUnity Holdings, LLC+	One stop	SF +	6.50%	(j)	10.17%				09/2028	4,240	4,224		0.1		4,155
QAD, Inc.*+	One stop	SF +	4.75%	(i)	8.47%				11/2027	42,707	43,081		1.1		42,707
QAD, Inc.+(5)	One stop				N/A(6)				11/2027	—	(1)		—		—
Quant Buyer, Inc.*+	One stop	SF +	5.25%	(j)	9.08%				06/2029	7,311	7,263		0.2		7,239
Quant Buyer, Inc.*+	One stop	SF +	5.25%	(j)	9.07%				06/2029	4,305	4,292		0.1		4,262
Quant Buyer, Inc.*+	One stop	SF +	5.25%	(j)	9.03%				06/2029	7,528	7,442		0.2		7,453
Quant Buyer, Inc.+	One stop	SF +	5.25%	(j)	9.07%				06/2029	230	227		—		228
Rainforest Bidco Limited+(8)(9)(10)(25)	One stop	SN +	5.18%	(g)	7.22%	cash/	1.68%	PIK	07/2029	21,552	19,704		0.6		21,552
Rainforest Bidco Limited+(8)(10)(25)	One stop	SF +	5.18%	(h)	7.16%	cash/	1.68%	PIK	07/2029	3,782	3,762		0.1		3,782
Rainforest Bidco Limited+(8)(9)(10)(25)	One stop	SN +	4.93%	(g)	7.22%	cash/	1.43%	PIK	07/2029	4,058	3,831		0.1		4,058
Rainforest Bidco Limited+(8)(9)(10)(25)	One stop	SN +	5.18%	(g)	7.22%	cash/	1.68%	PIK	07/2029	1,583	1,440		—		1,583
Rainforest Bidco Limited+(8)(10)(25)	One stop	SF +	5.18%	(h)	7.16%	cash/	1.68%	PIK	07/2029	1,006	1,006		—		1,006
Rainforest Bidco Limited+(5)(8)(9)(10)	One stop				N/A(6)				07/2029	—	(7)		—		—
Rainforest Bidco Limited+(8)(10)(25)	One stop	SF +	5.18%	(h)	7.16%	cash/	1.68%	PIK	07/2029	701	701		—		701
Riskonnect Parent, LLC*+	One stop	SF +	4.75%	(k)	8.62%				12/2028	45,051	45,403		1.2		45,051

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Riskonnect Parent, LLC+	One stop	SF +	4.75%	(k)	8.62%				12/2028		$	2,128	0.1	%	$	2,115
Riskonnect Parent, LLC+	One stop	SF +	4.75%	(k)	8.62%				12/2028	813	807		—		813
Riskonnect Parent, LLC+	One stop	SF +	4.75%	(k)	8.62%				12/2028	572	565		—		572
Riskonnect Parent, LLC+	One stop	SF +	4.75%	(j)(k)	8.44%				12/2028	153	150		—		153
Riskonnect Parent, LLC+(5)	One stop				N/A(6)				12/2028	—	(6)		—		—
Rodeo Buyer Company & Absorb Software Inc.+(8)(12)	One stop	SF +	6.25%	(j)	10.22%				05/2027	7,616	7,609		0.2		7,616
Rodeo Buyer Company & Absorb Software Inc.+(8)(12)	One stop				N/A(6)				05/2027	—	—		—		—
Rodeo Buyer Company & Absorb Software Inc.+(8)(12)	One stop	SF +	6.25%	(j)	10.07%				05/2027	13,056	13,000		0.3		13,056
Rodeo Buyer Company & Absorb Software Inc.+(8)(12)	One stop	SF +	6.25%	(j)	10.07%				05/2027	2,000	1,993		0.1		2,000
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	4.75%	(c)	6.78%				07/2029	53,689	47,197		1.4		53,689
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	5.00%	(c)	7.02%				07/2029	4,387	3,982		0.1		4,398
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	5.00%	(c)	7.02%				07/2029	1,617	1,490		—		1,621
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	4.75%	(c)	6.83%				07/2029	505	500		—		505
Sonatype, Inc.+	One stop	SF +	4.75%	(i)	8.57%				01/2028	69,460	69,541		1.8		69,460
Sonatype, Inc.+	One stop				N/A(6)				01/2028	—	—		—		—
Spark Bidco Limited+(8)(10)	One stop				N/A(6)				10/2032	—	—		—		—
Spark Bidco Limited+(8)(10)	One stop	SF +	4.75%	(j)	8.69%				10/2032	1,132	1,123		—		1,132
Spark Bidco Limited+(8)(10)	One stop	SF +	4.75%	(j)	8.69%				10/2032	410	410		—		410
Spark Bidco Limited+(8)(9)(10)	One stop	A +	4.75%	(e)	8.33%				10/2032	234	230		—		234
Spark Bidco Limited+(8)(9)(10)	One stop	SN +	3.98%	(g)	7.70%				10/2032	36	35		—		36
Spartan Buyer Acquisition Co.*+(25)	One stop	SF +	7.50%	(j)	10.32%	cash/	1.00%	PIK	06/2027	44,712	44,577		1.1		44,264
Spartan Buyer Acquisition Co.+(25)	One stop	SF +	7.50%	(j)	10.32%	cash/	1.00%	PIK	06/2027	2,851	2,832		0.1		2,823
Spartan Buyer Acquisition Co.+(5)(25)	One stop	P +	6.50%	(a)	12.25%	cash/	1.00%	PIK	06/2027	2	(1)		—		(4)
Telesoft Holdings LLC*+	One stop	SF +	5.75%	(i)	9.57%				12/2026	20,909	21,002		0.5		20,909
Telesoft Holdings LLC+	One stop	SF +	6.25%	(i)	10.07%				12/2026	1,414	1,413		—		1,414
Telesoft Holdings LLC+	One stop	SF +	5.75%	(i)	9.57%				12/2026	48	48		—		48
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.00%	(j)	9.97%				07/2028	4,800	4,785		0.1		4,800
Templafy APS and Templafy, LLC+(8)(18)	One stop				N/A(6)				07/2028	—	—		—		—
TI Intermediate Holdings, LLC+(7)(25)	Senior secured	SF +	5.50%	(i)	8.32%	cash/	1.00%	PIK	06/2027	4,252	4,244		0.1		3,147
TI Intermediate Holdings, LLC+(7)(25)	Senior secured	SF +	5.50%	(i)	8.32%	cash/	1.00%	PIK	06/2027	1,128	1,127		—		835
TI Intermediate Holdings, LLC+(7)(25)	Senior secured	SF +	5.50%	(i)	8.32%	cash/	1.00%	PIK	06/2027	708	707		—		524
TI Intermediate Holdings, LLC+(7)(25)	Senior secured	SF +	5.50%	(i)	8.32%	cash/	1.00%	PIK	06/2027	531	531		—		392
TI Intermediate Holdings, LLC+(7)(25)	Senior secured	SF +	5.50%	(i)	8.32%	cash/	1.00%	PIK	06/2027	196	194		—		145
TI Intermediate Holdings, LLC+(7)(25)	Senior secured	SF +	5.50%	(i)	8.32%	cash/	1.00%	PIK	06/2027	93	93		—		67
TI Intermediate Holdings, LLC+(5)	Senior secured				N/A(6)				03/2026	—	(6)		—		—
TI Intermediate Holdings, LLC+(7)(25)	Senior secured	SF +	5.50%	(i)	8.32%	cash/	1.00%	PIK	03/2026	7	7		—		6
Togetherwork Holdings, LLC*+	One stop	SF +	5.00%	(i)	8.72%				05/2031	27,623	27,585		0.7		27,623
Togetherwork Holdings, LLC+	One stop	SF +	5.00%	(i)	8.72%				05/2031	692	665		—		692
Togetherwork Holdings, LLC+	One stop	SF +	5.00%	(i)	8.72%				05/2031	254	241		—		254
Transform Bidco Limited+(8)(10)(25)	One stop	SF +	6.75%	(j)	10.69%	PIK			01/2031	5,482	5,548		0.2		5,482
Transform Bidco Limited+(8)(10)	One stop	SF +	6.50%	(i)	10.73%				06/2030	40	38		—		40
Transform Bidco Limited+(5)(8)(10)	One stop				N/A(6)				01/2031	—	(69)		—		—
Transform Bidco Limited+(8)(9)(10)(25)	One stop	A +	6.75%	(e)(j)	7.62%	cash/	2.75%	PIK	01/2031	4,123	3,994		0.1		4,123
Transform Bidco Limited+(8)(9)(10)(25)	One stop	SN +	6.75%	(g)	7.72%	cash/	2.75%	PIK	01/2031	650	611		—		650
Transform Bidco Limited+(8)(10)(25)	One stop	SF +	6.90%	(j)	7.94%	cash/	2.90%	PIK	01/2031	4,371	4,297		0.1		4,371
Transform Bidco Limited+(5)(8)(10)	One stop				N/A(6)				01/2031	—	(32)		—		—
Tricentis Operations Holdings, Inc.+(5)	One stop				N/A(6)				02/2032	—	(4)		—		—
Tricentis Operations Holdings, Inc.+(25)	One stop	SF +	6.26%	(j)	5.22%	cash/	4.88%	PIK	02/2032	7,837	7,804		0.2		7,837
Tricentis Operations Holdings, Inc.+(5)	One stop				N/A(6)				02/2032	—	(7)		—		—
Vanco Payment Solutions, LLC+	One stop				N/A(6)				12/2031	—	—		—		—
Vanco Payment Solutions, LLC+	One stop	SF +	4.75%	(j)	8.42%				12/2031	478	473		—		473

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)	Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Vantage Bidco GMBH+(8)(9)(19)	One stop	E +	6.00%	(c)	8.02%	04/2031		$	8,395	0.2	%	$	9,232
Vantage Bidco GMBH+(5)(8)(9)(19)	One stop				N/A(6)	10/2030	—	(10)		—		—
Varinem German Midco GMBH+(8)(9)(19)	One stop	E +	5.50%	(d)	7.57%	07/2031	7,776	7,164		0.2		7,777
Varinem German Midco GMBH+(8)(9)(19)	One stop	E +	4.75%	(d)	6.82%	07/2031	4,146	3,835		0.1		4,146
Vendavo, Inc.+	One stop	SF +	5.75%	(j)	9.61%	09/2027	27,025	26,588		0.6		24,592
Vendavo, Inc.+	One stop	SF +	5.75%	(a)(j)	9.76%	09/2027	2,933	2,914		0.1		2,705
Vendavo, Inc.+	One stop	SF +	5.75%	(j)	9.59%	09/2027	985	983		—		897
Viper Bidco, Inc.+	One stop	SF +	4.75%	(j)	8.42%	11/2031	40,473	40,303		1.0		40,574
Viper Bidco, Inc.+(5)	One stop				N/A(6)	11/2031	—	(16)		—		—
Viper Bidco, Inc.+(5)	One stop				N/A(6)	11/2031	—	(9)		—		—
Viper Bidco, Inc.+(9)	One stop	SN +	4.75%	(g)	8.47%	11/2031	18,647	17,349		0.5		18,693
Viper Bidco, Inc.+(5)	One stop				N/A(6)	11/2031	—	(2)		—		—
WebPT, Inc.+	One stop	SF +	6.25%	(j)	10.01%	01/2028	924	918		—		730
Zendesk, Inc.+(5)	One stop				N/A(6)	11/2028	—	(23)		—		—
Zendesk, Inc.+	One stop	SF +	5.00%	(j)	8.69%	11/2028	28,298	28,223		0.7		28,298
Zendesk, Inc.+	One stop	SF +	5.00%	(j)	8.69%	11/2028	4,563	4,525		0.1		4,563
Zendesk, Inc.+	One stop				N/A(6)	11/2028	—	—		—		—
							2,129,072	2,101,309		53.7		2,116,246

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)		Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Specialty Retail
Ave Holdings III, Corp*+	One stop	SF +	5.50%	(k)	9.62%		02/2028		$	22,966	0.6	%	$	22,426
Ave Holdings III, Corp+	One stop	SF +	5.50%	(k)	9.62%		02/2028	6,030	6,100		0.2		5,849
Ave Holdings III, Corp+	One stop	SF +	5.50%	(k)	9.62%		02/2028	792	792		—		769
Ave Holdings III, Corp+(5)	One stop				N/A(6)		02/2028	—	(1)		—		(8)
Biscuit Parent, LLC*+	One stop	SF +	4.75%	(j)	8.42%		02/2031	19,953	19,801		0.5		19,953
Biscuit Parent, LLC+(5)	One stop				N/A(6)		02/2031	—	(1)		—		—
Biscuit Parent, LLC+	One stop	SF +	4.75%	(j)	8.42%		02/2031	4,680	4,620		0.1		4,680
Cavender Stores L.P.*	Senior secured	SF +	5.00%	(j)	8.67%		10/2029	5,390	5,359		0.1		5,390
Consilio Midco Limited+(8)(9)(10)	Senior secured	E +	4.75%	(c)	6.77%		04/2032	13,140	12,662		0.3		13,140
Consilio Midco Limited+(8)(10)	Senior secured	SF +	4.75%	(j)	8.42%		04/2032	10,689	10,641		0.3		10,689
Consilio Midco Limited+(8)(10)	Senior secured	SF +	4.75%	(j)	8.42%		04/2032	6,589	6,559		0.2		6,589
Consilio Midco Limited+(5)(8)(10)	Senior secured				N/A(6)		04/2032	—	(18)		—		—
Consilio Midco Limited+(8)(10)	Senior secured				N/A(6)		04/2032	—	—		—		—
Consilio Midco Limited+(8)(10)(25)	Subordinated debt	SF +	7.50%	(j)	11.23%	PIK	04/2033	1,781	1,769		0.1		1,781
Consilio Midco Limited+(8)(9)(10)(25)	Subordinated debt	E +	7.50%	(d)	9.60%	PIK	04/2033	1,413	1,360		—		1,413
Consilio Midco Limited+(8)(10)(25)	Subordinated debt	SF +	7.50%	(j)	11.82%	PIK	04/2033	2	2		—		2
CVP Holdco, Inc.+	One stop	SF +	4.75%	(i)	8.47%		06/2031	13,529	13,423		0.4		13,529
CVP Holdco, Inc.+(5)	One stop				N/A(6)		06/2030	—	(11)		—		—
CVP Holdco, Inc.+	One stop	SF +	4.75%	(i)	8.47%		06/2031	829	815		—		829
Cycle Gear, Inc.+	One stop	SF +	6.75%	(j)	10.72%		04/2026	46,304	45,485		1.2		46,304
Metal Supermarkets US Buyer, LLC+(8)(12)	One stop	SF +	4.75%	(j)	8.42%		12/2030	11,489	11,442		0.3		11,489
Metal Supermarkets US Buyer, LLC+(8)(12)	One stop	SF +	4.75%	(j)	8.42%		12/2030	306	300		—		306
PetVet Care Centers LLC*+	One stop	SF +	6.00%	(i)	9.72%		11/2030	4,680	4,712		0.1		4,212
PetVet Care Centers LLC+	One stop	SF +	6.00%	(i)	9.84%		11/2029	10	9		—		2
Radiance Borrower, LLC+(25)	One stop	SF +	5.25%	(i)	8.97%		06/2031	21,948	21,824		0.6		21,948
Radiance Borrower, LLC+	One stop	SF +	5.25%	(i)	8.97%		06/2031	205	191		—		205
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(j)	9.42%		08/2028	5,190	5,193		0.1		5,202
Salon Lofts Group, LLC+(25)	Second lien	SF +	9.00%	(j)	12.67%	PIK	09/2029	3,594	3,571		0.1		3,604
Salon Lofts Group, LLC+(25)	Second lien	SF +	9.00%	(j)	12.67%	PIK	09/2029	1,907	1,894		0.1		1,911
Salon Lofts Group, LLC+(25)	Second lien	SF +	9.00%	(j)	12.67%	PIK	09/2029	695	689		—		696
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(j)	9.42%		08/2028	534	532		—		535
Salon Lofts Group, LLC+(25)	Second lien	SF +	9.00%	(j)	12.67%	PIK	09/2029	932	914		—		934
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(j)	9.42%		08/2028	349	347		—		350
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(j)	9.42%		08/2028	339	338		—		340
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(j)	9.42%		08/2028	268	267		—		269
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(j)	9.42%		08/2028	153	153		—		153
Salon Lofts Group, LLC+(25)	Second lien	SF +	9.00%	(j)	12.67%	PIK	09/2029	177	176		—		177
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(j)	9.42%		08/2028	112	111		—		112
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(j)	9.42%		08/2028	104	104		—		104
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(j)	9.42%		08/2028	85	84		—		85
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(j)	9.42%		08/2028	78	78		—		78
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(j)	9.42%		08/2028	495	492		—		496
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(j)	9.42%		08/2028	575	570		—		575
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(j)	9.42%		08/2028	633	630		—		634
Salon Lofts Group, LLC+(5)	Second lien				N/A(6)		09/2029	—	(14)		—		5
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(j)	9.42%		08/2028	168	167		—		168
Salon Lofts Group, LLC+(5)	Senior secured				N/A(6)		08/2028	—	(20)		—		—
Salon Lofts Group, LLC+(25)	Second lien	SF +	9.00%	(j)	12.67%	PIK	09/2029	1,594	1,585		—		1,598
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(j)	9.42%		08/2028	247	246		—		248

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Salon Lofts Group, LLC+(25)	Second lien	SF +	9.00%	(j)	12.67%	PIK			09/2029		$	704	—	%	$	710
Salon Lofts Group, LLC+	Senior secured	SF +	5.25%	(j)	8.92%				08/2028	2,222	2,214		0.1		2,222
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.*+	One stop	SF +	5.25%	(j)	8.92%				12/2029	31,990	31,776		0.8		31,670
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(9)	One stop	CA +	5.25%	(m)	7.51%				12/2029	7,823	7,838		0.2		7,745
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(5)	One stop				N/A(6)				12/2028	—	(4)		—		(7)
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(5)	One stop				N/A(6)				12/2029	—	(64)		—		(33)
Titan Fitness, LLC+(25)	One stop	SF +	7.25%	(j)	5.14%	cash/	6.25%	PIK	10/2026	42,189	41,572		0.9		32,907
Titan Fitness, LLC+(25)	One stop	SF +	7.25%	(j)	5.14%	cash/	6.25%	PIK	10/2026	3,060	2,992		0.1		2,387
Titan Fitness, LLC+(25)	One stop	SF +	7.25%	(j)	5.06%	cash/	6.25%	PIK	10/2026	618	594		—		432
Titan Fitness, LLC+(25)	One stop	SF +	7.25%	(i)	6.47%	cash/	4.75%	PIK	10/2026	632	626		—		632
Vermont Aus Pty Ltd+(8)(9)(11)	One stop	A +	4.50%	(e)	8.29%				03/2028	17,842	17,618		0.5		17,842
VSG Acquisition Corp. and Sherrill, Inc.+(5)	One stop				N/A(6)				10/2029	—	(1)		—		—
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.00%	(i)	8.72%				10/2029	103	96		—		103
VSG Acquisition Corp. and Sherrill, Inc.*+	One stop	SF +	5.00%	(i)	8.72%				10/2029	16,223	15,923		0.4		16,223
										334,518	330,792		8.3		322,604
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.+(7)(8)(10)	One stop	SF +	6.00%	(k)	10.15%				03/2028	2,347	2,329		—		1,643
Dollfus Mieg Company, Inc.+(7)(8)(10)	One stop	SF +	6.00%	(j)	9.84%				03/2028	1,170	1,161		—		819
Dollfus Mieg Company, Inc.+(7)(8)(10)	One stop	SF +	6.00%	(k)	10.15%				03/2028	1,027	1,020		—		720
Elite Sportswear, L.P.+(25)	Senior secured	SF +	7.50%	(j)	9.21%	cash/	2.00%	PIK	09/2027	10,001	10,001		0.3		9,551
Elite Sportswear, L.P.+(25)	Senior secured	SF +	7.50%	(j)	9.43%	cash/	2.00%	PIK	09/2027	4,018	4,017		0.1		3,837
Elite Sportswear, L.P.+(25)	Senior secured	SF +	7.50%	(j)	9.43%	cash/	2.00%	PIK	09/2027	2,069	2,069		0.1		1,976
Elite Sportswear, L.P.+(25)	Senior secured	SF +	7.50%	(j)	9.43%	cash/	2.00%	PIK	09/2027	687	687		—		656
Elite Sportswear, L.P.+(25)	Senior secured	SF +	7.50%	(j)	9.43%	cash/	2.00%	PIK	09/2027	314	314		—		300
Elite Sportswear, L.P.+(25)	Senior secured	SF +	7.50%	(j)	9.43%	cash/	2.00%	PIK	09/2027	300	300		—		287
Elite Sportswear, L.P.+(25)	Senior secured	SF +	7.50%	(j)	9.43%	cash/	2.00%	PIK	09/2027	121	121		—		72
Elite Sportswear, L.P.+(25)	Senior secured	SF +	7.50%	(j)	9.43%	cash/	2.00%	PIK	09/2027	4	4		—		2
Georgica Pine Clothiers, LLC+	One stop	SF +	6.00%	(j)	9.82%				11/2026	9,077	9,049		0.2		9,101
Georgica Pine Clothiers, LLC+	One stop	SF +	6.00%	(j)	9.82%				11/2026	6,293	6,273		0.2		6,309
Georgica Pine Clothiers, LLC+	One stop	SF +	6.00%	(j)	9.82%				11/2026	974	971		—		977
Georgica Pine Clothiers, LLC+	One stop	SF +	6.00%	(j)	9.82%				11/2026	874	872		—		877
Georgica Pine Clothiers, LLC+	One stop	SF +	6.00%	(j)	9.82%				11/2026	614	612		—		615
Georgica Pine Clothiers, LLC+	One stop	SF +	6.00%	(j)	9.82%				11/2026	2	2		—		2
Shoes For Crews Global, LLC+	Senior secured	SF +	6.50%	(i)	10.33%				07/2029	1,287	1,287		—		1,287
Shoes For Crews Global, LLC+(25)	Senior secured	SF +	7.00%	(i)	5.83%	cash/	5.00%	PIK	07/2029	764	744		—		764
Shoes For Crews Global, LLC+	Senior secured	SF +	6.50%	(i)	10.33%				07/2029	416	416		—		416
Shoes For Crews Global, LLC+(5)	Senior secured				N/A(6)				07/2029	—	(25)		—		—
										42,359	42,224		0.9		40,211
Trading Companies & Distributors
Marcone Yellowstone Buyer Inc.+(25)	One stop	SF +	7.00%	(j)	7.88%	cash/	3.25%	PIK	06/2028	20,744	20,551		0.5		18,670
Marcone Yellowstone Buyer Inc.+(25)	One stop	SF +	7.00%	(j)	7.88%	cash/	3.25%	PIK	06/2028	21,518	21,139		0.5		19,366
Marcone Yellowstone Buyer Inc.+(25)	One stop	SF +	7.25%	(j)	8.13%	cash/	3.25%	PIK	06/2028	6,387	6,256		0.2		5,748
Marcone Yellowstone Buyer Inc.+(25)	One stop	SF +	7.00%	(j)	7.88%	cash/	3.25%	PIK	06/2028	2,633	2,535		0.1		2,370
Marcone Yellowstone Buyer Inc.+(25)	One stop	SF +	7.00%	(j)	7.88%	cash/	3.25%	PIK	06/2028	6,893	6,611		0.2		6,204
										58,175	57,092		1.5		52,358
Transportation Infrastructure
LDS Intermediate Holdings, LLC+(5)	One stop				N/A(6)				02/2032	—	(6)		—		—
LDS Intermediate Holdings, LLC+	One stop	SF +	5.00%	(i)	8.72%				02/2032	7,389	7,349		0.2		7,389
LDS Intermediate Holdings, LLC+	One stop	SF +	5.00%	(i)	8.72%				02/2032	1,463	1,455		—		1,463
LDS Intermediate Holdings, LLC+(5)	One stop				N/A(6)				02/2032	—	(4)		—		—

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)	Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
LDS Intermediate Holdings, LLC+	One stop	SF +	5.00%	(i)	8.72%	02/2032		$	205	—	%	$	206
							9,058	8,999		0.2		9,058
Water Utilities
S.J. Electro Systems, LLC*	Senior secured	SF +	4.75%	(j)	8.74%	06/2028	24,165	24,039		0.6		24,044
S.J. Electro Systems, LLC*+	Senior secured	SF +	4.75%	(j)	8.74%	06/2028	18,534	18,484		0.5		18,441
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75%	(j)	8.74%	06/2028	1,169	1,163		—		1,164
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75%	(a)(j)	8.60%	06/2027	854	809		—		811
S.J. Electro Systems, LLC+(5)	Senior secured				N/A(6)	06/2028	—	(3)		—		(3)
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75%	(j)	8.74%	06/2028	180	179		—		179
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75%	(j)	8.74%	06/2028	239	238		—		238
S.J. Electro Systems, LLC+	One stop	SF +	4.75%	(j)	8.66%	06/2028	236	235		—		235
S.J. Electro Systems, LLC+(5)	One stop				N/A(6)	06/2028	—	(1)		—		(1)
Vessco Midco Holdings, LLC+	One stop	SF +	4.50%	(k)	8.23%	07/2031	507	505		—		505
Vessco Midco Holdings, LLC+(5)	One stop				N/A(6)	07/2031	—	(1)		—		(2)
Vessco Midco Holdings, LLC*	One stop	SF +	4.50%	(i)(k)	8.42%	07/2031	22,500	22,321		0.6		22,387
Vessco Midco Holdings, LLC+	One stop	SF +	4.50%	(i)(k)	8.28%	07/2031	6,200	6,170		0.2		6,162
Vessco Midco Holdings, LLC+(5)	One stop				N/A(6)	07/2031	—	(20)		—		(12)
							74,584	74,118		1.9		74,148
Total non-controlled/non-affiliate company debt investments							7,955,398	7,859,062		201.0		7,857,753

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)		Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Equity investments (22)(23)
Aerospace & Defense
PPW Aero Buyer, Inc.+	Common stock	N/A	N/A		02/2023	N/A	93	$	948	—	%	$	840
Tronair Parent, Inc.+	LLC interest	N/A	N/A		07/2021	N/A	—	40		—		112
								988		—		952
Air Freight & Logistics
RJW Group Holdings, Inc.+	LP interest	N/A	N/A		11/2024	N/A	4,370	2,689		0.1		3,692
Auto Components
Arnott, LLC+	Common stock	N/A	N/A		12/2024	N/A	—	350		—		236
North Haven Falcon Buyer, LLC+	Preferred stock	N/A	N/A		05/2021	N/A	2,704	693		—		693
North Haven Falcon Buyer, LLC+	LLC interest	N/A	N/A		05/2021	N/A	2,080	18		—		18
Polk Acquisition Corp.+	LP interest	N/A	N/A		06/2016	N/A	5	314		—		31
								1,375		—		978
Automobiles
CAP-KSI Holdings, LLC+	Preferred stock	N/A	N/A		06/2024	N/A	645	645		—		732
CAP-KSI Holdings, LLC+	LLC interest	N/A	N/A		06/2024	N/A	645	—		—		101
CG Group Holdings, LLC+	LP interest	N/A	N/A		07/2021	N/A	1	983		—		817
Go Car Wash Parent, Corp.+(24)	Preferred stock	N/A	17.00%	Non-Cash	04/2022	N/A	—	3,959		0.1		3,825
Go Car Wash Parent, Corp.+	Common stock	N/A	N/A		04/2022	N/A	—	553		—		—
MOP GM Holding, LLC+	Common stock	N/A	N/A		11/2020	N/A	—	499		—		292
MOP GM Holding, LLC+	Preferred stock	N/A	N/A		06/2024	N/A	—	51		—		61
National Express Wash Parent Holdco, LLC+	LP interest	N/A	N/A		07/2022	N/A	1	103		—		179
POY Holdings, LLC+	LP interest	N/A	N/A		11/2022	N/A	446	820		—		408
Quick Quack Car Wash Holdings, LLC+	LLC units	N/A	N/A		06/2024	N/A	1,085	1,085		—		1,460
Quick Quack Car Wash Holdings, LLC+	LLC interest	N/A	N/A		06/2024	N/A	215	215		—		278
Yorkshire Parent, Inc.+	LP interest	N/A	N/A		12/2023	N/A	—	544		—		679
								9,457		0.1		8,832
Beverages
Spindrift Beverage Co. Inc.+	LP interest	N/A	N/A		02/2025	N/A	2	2,039		0.1		2,438
Biotechnology
Cobepa BlueSky Aggregator, SCSp+(24)	LP units	N/A	N/A		10/2023	N/A	4	40		—		32
Cobepa BlueSky Aggregator, SCSp+(7)(24)	Preferred stock	N/A	15.00%	Non-Cash	04/2024	N/A	5	61		—		—
Cobepa BlueSky Aggregator, SCSp+	LP interest	N/A	N/A		12/2021	N/A	219	1,899		—		—
								2,000		—		32
Building Products
BECO Holding Company, Inc.+(24)	Preferred stock	N/A	11.75%	Non-Cash	11/2021	N/A	132	20,899		0.6		21,351
BECO Holding Company, Inc.+	LP interest	N/A	N/A		11/2021	N/A	10	1,218		—		1,097
								22,117		0.6		22,448
Chemicals
Inhance Parent, Inc.+	Common stock	N/A	N/A		07/2018	N/A	—	124		—		—
Inhance Parent, Inc.+	Preferred stock	N/A	N/A		09/2025	N/A	12	—		—		328
Inhance Parent, Inc.+	Preferred stock	N/A	N/A		12/2021	N/A	12	7,283		—		—
								7,407		—		328

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)	Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Commercial Services & Supplies
CHA Vision Holdings, Inc.+	LP interest	N/A	N/A	01/2024	N/A	—	$	461	—	%	$	564
CI (Quercus) Intermediate Holdings, LLC+	LP interest	N/A	N/A	10/2021	N/A	773	836		—		1,035
PT Intermediate Holdings III, LLC+	LLC interest	N/A	N/A	12/2021	N/A	16	1,787		0.1		1,972
Radwell Parent, LLC+	LP interest	N/A	N/A	03/2022	N/A	4	477		—		485
							3,561		0.1		4,056
Containers & Packaging
Chase Intermediate+	LP units	N/A	N/A	04/2022	N/A	217	209		—		332
Packaging Coordinators Midco, Inc.+	LP interest	N/A	N/A	09/2025	N/A	45	450		—		450
							659		—		782
Diversified Consumer Services
Action Termite Control, LLC+	Common stock	N/A	N/A	12/2025	N/A	1	5		—		5
Action Termite Control, LLC+	Preferred stock	N/A	N/A	12/2025	N/A	—	95		—		95
CHHJ Midco, LLC+	Preferred stock	N/A	N/A	01/2021	N/A	27	312		—		477
CHVAC Services Investment, LLC+	Common stock	N/A	N/A	05/2024	N/A	105	267		—		498
DP Flores Holdings, LLC+	LLC interest	N/A	N/A	09/2022	N/A	106	98		—		170
EMS LINQ, LLC+	LP interest	N/A	N/A	12/2021	N/A	761	758		—		215
EWC Growth Partners LLC+	LLC interest	N/A	N/A	03/2020	N/A	—	12		—		—
FPG Intermediate Holdco, LLC+	LLC interest	N/A	N/A	07/2025	N/A	18	6,655		0.2		5,654
HS Spa Holdings, Inc.+	Common stock	N/A	N/A	05/2022	N/A	729	732		—		469
Kodiak Buyer, LLC+	Common stock	N/A	N/A	08/2025	N/A	4	373		—		378
Liminex, Inc.+	Common stock	N/A	N/A	11/2020	N/A	17	634		—		343
NSG Buyer, Inc. +	LP units	N/A	N/A	11/2022	N/A	3	2,992		0.1		4,196
PADI Holdco, Inc.+	LLC interest	N/A	N/A	07/2017	N/A	1	945		—		1,355
Project Alpha Intermediate Holdings, Inc.+	LP interest	N/A	N/A	05/2025	N/A	327	1,359		—		1,419
SCP CDH Buyer, Inc.+	Common stock	N/A	N/A	12/2025	N/A	1	5		—		5
SCP CDH Buyer, Inc.+	Preferred stock	N/A	N/A	12/2025	N/A	—	95		—		95
Virginia Green Acquisition, LLC+	LP interest	N/A	N/A	12/2023	N/A	397	407		—		546
							15,744		0.3		15,920
Electric Utilities
Smart Energy Systems, Inc.+	Warrant	N/A	N/A	01/2025	N/A	18	96		—		470
Electrical Equipment
Wildcat TopCo, Inc.+(24)	LP interest	N/A	N/A	12/2024	N/A	503	412		—		549
Electronic Equipment, Instruments & Components
Inventus Power, Inc.+	Preferred stock	N/A	N/A	03/2014	N/A	—	372		—		146
Inventus Power, Inc.+	Preferred stock	N/A	N/A	04/2018	N/A	—	88		—		276
Inventus Power, Inc.+	Preferred stock	N/A	N/A	05/2019	N/A	—	20		—		61
Inventus Power, Inc.+	Common stock	N/A	N/A	03/2014	N/A	—	—		—		—
							480		—		483

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)	Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Food & Staples Retailing
GMF Parent, Inc.+	LP interest	N/A	N/A	12/2025	N/A	—	$	100	—	%	$	100
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	08/2015	N/A	44	217		—		271
Hopdoddy Holdings, LLC+	LLC interest	N/A	N/A	02/2016	N/A	20	61		—		60
Mendocino Farms, LLC+	Common stock	N/A	N/A	06/2018	N/A	227	1,041		0.1		1,555
PDI TA Holdings, Inc.+	Preferred stock	N/A	N/A	02/2023	N/A	135	4,613		0.2		6,716
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	06/2024	N/A	3	47		—		55
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	01/2018	N/A	38	423		—		78
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	08/2020	N/A	2	28		—		56
							6,530		0.3		8,891
Food Products
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	06/2021	N/A	107	195		—		222
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	05/2023	N/A	6	14		—		11
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	01/2022	N/A	4	9		—		8
Borrower R365 Holdings, LLC+	Common stock	N/A	N/A	06/2022	N/A	1	3		—		3
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	06/2022	N/A	2	4		—		4
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	05/2023	N/A	1	3		—		3
Borrower R365 Holdings, LLC+	Common stock	N/A	N/A	05/2023	N/A	—	1		—		1
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	04/2024	N/A	21	73		—		59
Kodiak Cakes, LLC+	Common stock	N/A	N/A	06/2021	N/A	—	557		0.1		1,963
Louisiana Fish Fry Products, Ltd.+	Common stock	N/A	N/A	07/2021	N/A	—	599		—		204
Louisiana Fish Fry Products, Ltd.+	Preferred stock	N/A	N/A	09/2022	N/A	—	24		—		36
P&P Food Safety Holdings, Inc.+	Preferred stock	N/A	N/A	03/2024	N/A	—	31		—		45
P&P Food Safety Holdings, Inc.+	Common stock	N/A	N/A	12/2020	N/A	5	434		—		338
Purfoods, LLC+(24)	LLC interest	N/A	N/A	05/2016	N/A	—	945		0.2		5,917
Zullas, L.C.+	Common stock	N/A	N/A	06/2025	N/A	—	250		—		260
							3,142		0.3		9,074
Healthcare Equipment & Supplies
Aspen Medical Products, LLC+	Common stock	N/A	N/A	06/2019	N/A	—	98		—		106
Blue River Pet Care, LLC+	LLC interest	N/A	N/A	08/2019	N/A	—	734		—		748
CCSL Holdings, LLC+	LP interest	N/A	N/A	12/2020	N/A	—	500		—		733
Centegix Intermediate II, LLC+	LLC interest	N/A	N/A	08/2025	N/A	600	600		—		642
CMI Parent Inc.+	Preferred stock	N/A	N/A	08/2019	N/A	—	557		—		691
CMI Parent Inc.+	Common stock	N/A	N/A	08/2019	N/A	8	483		0.1		1,517
Isto Group, Inc.+(9)	LP interest	N/A	N/A	09/2025	N/A	3	369		—		365
JHC Investment Intermediate Holdings, LLC+	Common stock	N/A	N/A	03/2024	N/A	5,293	—		0.1		2,160
ZimVie, Inc.+	LP interest	N/A	N/A	10/2025	N/A	4	362		—		362
							3,703		0.2		7,324

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)		Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Healthcare Providers & Services
Active Day, Inc.+	LLC interest	N/A	N/A		12/2015	N/A	2	$	1,099	0.1	%	$	2,531
Acuity Eyecare Holdings, LLC+	LLC interest	N/A	N/A		03/2017	N/A	1,632	2,235		0.2		5,770
Acuity Eyecare Holdings, LLC+	LLC units	N/A	N/A		05/2021	N/A	889	1,023		0.1		3,737
ADCS Clinics Intermediate Holdings, LLC+	Preferred stock	N/A	N/A		05/2016	N/A	2	1,119		—		1,104
ADCS Clinics Intermediate Holdings, LLC+	Common stock	N/A	N/A		05/2016	N/A	—	6		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	LLC interest	N/A	N/A		03/2021	N/A	180	192		—		156
CRH Healthcare Purchaser, Inc.+	LP interest	N/A	N/A		12/2018	N/A	531	456		—		1,014
DCA Investment Holding, LLC(7)(24)	Preferred stock	N/A	8.00%	Non-Cash	12/2022	N/A	1,142	659		—		—
DCA Investment Holding, LLC	Common stock	N/A	N/A		12/2022	N/A	12	5		—		—
Encorevet Group LLC+	Preferred stock	N/A	N/A		05/2024	N/A	3	261		—		91
ERC Topco Holdings, LLC+	Common stock	N/A	N/A		03/2025	N/A	3	4,841		0.1		3,647
HP TLE Buyer, Inc.+	Common stock	N/A	N/A		07/2025	N/A	450	450		—		454
Krueger-Gilbert Health Physics, LLC+	LLC interest	N/A	N/A		05/2019	N/A	239	324		—		742
MWD Management, LLC & MWD Services, Inc.+	LLC interest	N/A	N/A		06/2017	N/A	412	335		—		617
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)	Common stock	N/A	N/A		05/2021	N/A	—	409		—		450
Pinnacle Treatment Centers, Inc.+	Preferred stock	N/A	N/A		08/2016	N/A	—	528		—		512
Pinnacle Treatment Centers, Inc.+	Common stock	N/A	N/A		08/2016	N/A	4	74		—		—
Pyramid Healthcare Acquisition Corp.+	LLC interest	N/A	N/A		05/2021	N/A	257	310		—		408
Radiology Partners, Inc.+	Preferred stock	N/A	N/A		02/2018	N/A	11	68		—		92
Radiology Partners, Inc.+	Preferred stock	N/A	N/A		09/2014	N/A	43	55		—		364
Southern Veterinary Partners, LLC+(24)	Preferred stock	N/A	10.00%	Non-Cash	12/2024	N/A	5	1,516		0.2		5,444
Southern Veterinary Partners, LLC+	Common stock	N/A	N/A		12/2024	N/A	52	81		—		708
Southern Veterinary Partners, LLC+(24)	Preferred stock	N/A	10.00%	Non-Cash	12/2024	N/A	—	15		—		53
Southern Veterinary Partners, LLC+	Common stock	N/A	N/A		12/2024	N/A	1	—		—		7
Southern Veterinary Partners, LLC+(24)	Preferred stock	N/A	10.00%	Non-Cash	12/2024	N/A	—	276		—		452
Southern Veterinary Partners, LLC+	Common stock	N/A	N/A		12/2024	N/A	4	15		—		59
Southern Veterinary Partners, LLC+(24)	Preferred stock	N/A	10.00%	Non-Cash	12/2024	N/A	—	3		—		5
Southern Veterinary Partners, LLC+	Common stock	N/A	N/A		12/2024	N/A	—	—		—		1
Suveto Buyer, LLC+	Common stock	N/A	N/A		11/2021	N/A	8	727		—		569
								17,082		0.7		28,987

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)		Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Healthcare Technology
Amberfield Acquisition Co.+	Common stock	N/A			N/A		05/2024	N/A	446	$	449	—	%	$	593
Connexin Software, Inc.+	LLC interest	N/A			N/A		02/2018	N/A	180	228		—		347
Connexin Software, Inc.+	LLC interest	N/A			N/A		02/2024	N/A	12	16		—		28
HSI Halo Acquisition, Inc.+(24)	Preferred stock	N/A			10.00%	Non-Cash	10/2019	N/A	—	134		—		265
HSI Halo Acquisition, Inc.+	LLC interest	N/A			N/A		10/2019	N/A	—	14		—		111
Modernizing Medicine, Inc.+(24)	Preferred stock	N/A			13.00%	Non-Cash	04/2025	N/A	5	4,848		0.2		4,949
Symplr Software, Inc.+(24)	Preferred stock	N/A			11.00%	Non-Cash	10/2021	N/A	15	22,002		0.5		19,817
Symplr Software, Inc.+(24)	Preferred stock	SF +	10.50%	(j)	14.17%	Non-Cash	11/2018	N/A	3	6,886		0.2		7,267
Symplr Software, Inc.+(24)	Preferred stock	N/A			11.00%	Non-Cash	12/2020	N/A	2	2,779		0.1		2,630
Symplr Software, Inc.+(24)	Preferred stock	N/A			11.00%	Non-Cash	06/2021	N/A	1	1,671		0.1		1,537
Symplr Software, Inc.+	LLC interest	N/A			N/A		09/2021	N/A	—	161		—		110
Symplr Software, Inc.+	Common stock	N/A			N/A		11/2018	N/A	219	237		—		633
Tebra Technologies, Inc.+	Warrant	N/A			N/A		03/2019	N/A	169	871		—		386
Tebra Technologies, Inc.+	Warrant	N/A			N/A		06/2017	N/A	53	162		—		—
Tebra Technologies, Inc.+	Preferred stock	N/A			N/A		09/2018	N/A	1	8		—		8
Veranex, Inc.+	Preferred stock	N/A			N/A		08/2025	N/A	135	30		—		—
Veranex, Inc.+	Preferred stock	N/A			N/A		08/2025	N/A	472	—		—		—
Veranex, Inc.+	Common stock	N/A			N/A		08/2025	N/A	60	—		—		—
										40,496		1.1		38,681
Hotels, Restaurants & Leisure
Cafe Rio Holding, Inc.+	Common stock	N/A			N/A		09/2017	N/A	5	603		—		219
Cafe Rio Holding, Inc.+	Preferred stock	N/A			N/A		12/2025	N/A	—	41		—		41
Harri US LLC+	Preferred stock	N/A			N/A		02/2022	N/A	119	892		—		736
Harri US LLC+	Preferred stock	N/A			N/A		10/2021	N/A	102	649		—		614
Harri US LLC+	Warrant	N/A			N/A		10/2021	N/A	34	171		—		205
Harri US LLC+	Preferred stock	N/A			N/A		10/2023	N/A	96	1,141		—		1,407
Harri US LLC+	Warrant	N/A			N/A		03/2024	N/A	9	69		—		137
Harri US LLC+	Warrant	N/A			N/A		02/2025	N/A	10	—		—		—
Harri US LLC+	Warrant	N/A			N/A		06/2025	N/A	9	107		—		127
LMP TR Holdings, LLC	LLC units	N/A			N/A		05/2013	N/A	712	712		—		—
Patriot Acquireco, LLC+	Common stock	N/A			N/A		09/2025	N/A	450	456		—		450
PB Group Holdings, LLC+	LP interest	N/A			N/A		08/2024	N/A	383	886		—		819
Rooster BidCo Limited+(8)(10)	Preferred stock	N/A			N/A		03/2025	N/A	1,258	1,301		0.1		2,238
Saguaro Buyer, LLC+	Common stock	N/A			N/A		07/2025	N/A	—	250		—		311
SSRG Holdings, LLC+	LP interest	N/A			N/A		11/2019	N/A	46	493		—		515
										7,771		0.1		7,819
Insurance
Majesco+(24)	Preferred stock	N/A			9.00%	Non-Cash	09/2020	N/A	—	607		—		683
Majesco+	LP interest	N/A			N/A		09/2020	N/A	97	94		—		355
Oakbridge Insurance Agency LLC+	LP interest	N/A			N/A		11/2023	N/A	20	404		—		443
										1,105		—		1,481
Internet & Direct Marketing Retail
Revalize, Inc.+	Preferred stock	N/A			N/A		12/2021	N/A	25	26,215		0.6		22,429
Revalize, Inc.+	Preferred stock	N/A			N/A		12/2021	N/A	15	15,735		0.4		13,462
Revalize, Inc.+	Preferred stock	N/A			N/A		12/2022	N/A	11	11,050		0.3		8,784
Revalize, Inc.+	Preferred stock	N/A			N/A		04/2022	N/A	4	4,285		0.1		3,343
										57,285		1.4		48,018

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)		Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
IT Services
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A	N/A		02/2020	N/A	804	$	2,398	0.3	%	$	9,123
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A	N/A		10/2020	N/A	211	931		0.1		2,392
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A	N/A		07/2021	N/A	48	408		—		549
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Warrant	N/A	N/A		08/2020	N/A	277	779		0.1		2,981
Critical Start, Inc.+	Common stock	N/A	N/A		05/2022	N/A	343	379		—		105
Kentik Technologies, Inc.+	Preferred stock	N/A	N/A		09/2021	N/A	509	2,933		0.1		3,030
Kentik Technologies, Inc.+	Warrant	N/A	N/A		11/2024	N/A	1	5		—		6
Netwrix Corporation+	LLC interest	N/A	N/A		06/2022	N/A	7	19		—		16
Optimizely North America, Inc.+	Common stock	N/A	N/A		10/2018	N/A	92	1,016		—		1,138
Saturn Borrower Inc.+	Preferred stock	N/A	N/A		09/2020	N/A	520	470		—		567
								9,338		0.6		19,907
Leisure Products
Massage Envy, LLC+	LLC interest	N/A	N/A		09/2012	N/A	749	210		0.1		1,969
Movement Holdings, LLC+(8)(10)	LLC interest	N/A	N/A		03/2024	N/A	—	152		—		78
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	82	141		—		—
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	56	96		—		—
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	47	78		—		—
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	41	70		—		—
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	18	29		—		—
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	2	2		—		—
								778		0.1		2,047
Life Sciences Tools & Services
Celerion Buyer, Inc.+(24)	Common stock	N/A	N/A		11/2022	N/A	1,302	80		0.1		2,937
PAS Parent Inc.+	LP interest	N/A	N/A		12/2021	N/A	15	1,651		0.1		2,201
PAS Parent Inc.+	Preferred stock	N/A	N/A		03/2023	N/A	2	267		—		384
								1,998		0.2		5,522
Oil, Gas & Consumable Fuels
W3 Co.+	LLC interest	N/A	N/A		03/2017	N/A	3	1,633		—		510
W3 Co.+	Preferred stock	N/A	N/A		01/2019	N/A	—	224		—		206
								1,857		—		716
Paper & Forest Products
Messenger, LLC+	Preferred stock	N/A	N/A		12/2021	N/A	8	667		—		894
Messenger, LLC+	Common stock	N/A	N/A		12/2021	N/A	1	—		—		—
								667		—		894
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12)	LP interest	N/A	N/A		03/2021	N/A	701	605		—		662
Cobalt Buyer Sub, Inc.+(24)	Preferred stock	N/A	13.75%	Non-Cash	10/2021	N/A	11	19,105		0.5		19,054
Cobalt Buyer Sub, Inc.+	Preferred stock	N/A	N/A		10/2021	N/A	—	246		—		67
Cobalt Buyer Sub, Inc.+	Common stock	N/A	N/A		10/2021	N/A	3	2		—		—
Creek Parent, Inc.+	LP interest	N/A	N/A		12/2024	N/A	3,372	3,372		0.1		4,148
								23,330		0.6		23,931

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)		Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Professional Services
Eclipse Buyer, Inc.+(24)	Preferred stock	N/A			12.50%	Non-Cash	09/2024	N/A	—	$	1,882	0.1	%	$	1,910
Enboarder, Inc.+(8)	Preferred stock	N/A			N/A		01/2022	N/A	83	859		—		532
Filevine, Inc.+	Preferred stock	N/A			N/A		04/2022	N/A	362	2,867		0.2		6,915
Filevine, Inc.+	Warrant	N/A			N/A		04/2022	N/A	54	224		—		921
Filevine, Inc.+	Preferred stock	N/A			N/A		05/2024	N/A	21	176		—		404
Net Health Acquisition Corp.+	LP interest	N/A			N/A		12/2017	N/A	14	1,684		0.1		2,586
Procure Acquireco, Inc.+	LP interest	N/A			N/A		12/2021	N/A	—	901		—		1,274
										8,593		0.4		14,542
Real Estate Management & Development
Inhabit IQ Inc.+	LLC interest	N/A			N/A		01/2018	N/A	2	528		—		469
SC Landco Parent, LLC+	Common stock	N/A			N/A		09/2022	N/A	2	274		—		259
										802		—		728
Road & Rail
Internet Truckstop Group, LLC+	LP interest	N/A			N/A		04/2019	N/A	554	587		—		350
Software
Anaplan, Inc.+	LP interest	N/A			N/A		06/2022	N/A	962	1,254		0.1		1,725
Aras Corporation+(24)	Preferred stock	N/A			12.00%	Non-Cash	04/2021	N/A	1	2,287		0.1		2,510
Aras Corporation+	Common stock	N/A			N/A		04/2021	N/A	427	446		—		743
Astute Holdings, Inc.+	LP interest	N/A			N/A		04/2019	N/A	—	520		—		0
Auvik Networks Inc.+(8)(12)	Preferred stock	N/A			N/A		07/2021	N/A	37	405		—		568
Auvik Networks Inc.+(8)(12)	Preferred stock	N/A			N/A		02/2023	N/A	4	46		—		64
Bayshore Intermediate #2, L.P.+	Common stock	N/A			N/A		10/2021	N/A	5,841	5,890		0.2		7,174
Calabrio, Inc.+	LP interest	N/A			N/A		04/2021	N/A	1	1,157		0.1		1,488
Calabrio, Inc.+	LP interest	N/A			N/A		04/2021	N/A	134	0		—		0
CB Buyer, Inc.+	LP interest	N/A			N/A		07/2024	N/A	258	258		—		221
Cloudbees, Inc.+	Preferred stock	N/A			N/A		11/2021	N/A	179	2,007		0.1		2,079
Cloudbees, Inc.+	Warrant	N/A			N/A		05/2018	N/A	158	445		—		1,075
Cloudbees, Inc.+	Preferred stock	N/A			N/A		06/2018	N/A	86	602		—		790
Cynet Security Ltd.+(8)(15)	Preferred stock	N/A			N/A		08/2022	N/A	220	855		—		1,227
Denali Bidco Limited+(8)(10)	LP units	N/A			N/A		08/2023	N/A	431	312		—		744
Diligent Corporation+(24)	Preferred stock	N/A			10.50%	Non-Cash	04/2021	N/A	24	34,923		1.0		36,667
Diligent Corporation+	Preferred stock	N/A			N/A		04/2016	N/A	415	912		—		895
Energy Worldnet, LLC+	LLC interest	N/A			N/A		02/2025	N/A	50	51		—		55
FirstUp, Inc.+	Common stock	N/A			N/A		07/2021	N/A	305	661		—		250
FirstUp, Inc.+	Preferred stock	N/A			N/A		03/2025	N/A	14	27		—		32
GS Acquisitionco, Inc.+(24)	Preferred stock	N/A			11.00%	Non-Cash	04/2021	N/A	35	52,133		1.4		53,813
GS Acquisitionco, Inc.+(24)	Preferred stock	N/A			11.00%	Non-Cash	11/2021	N/A	5	6,638		0.2		6,686
GS Acquisitionco, Inc.+	LP interest	N/A			N/A		09/2021	N/A	1	363		—		0
GS Acquisitionco, Inc.+(24)	Preferred stock	SF +	10.50%	(j)	14.17%	Non-Cash	08/2023	N/A	—	144		—		142
GTY Technology Holdings, Inc.+	LP interest	N/A			N/A		07/2022	N/A	73	91		—		156
Gurobi Optimization, LLC+	Common stock	N/A			N/A		09/2024	N/A	—	709		—		767
Impartner, Inc.+	Preferred stock	N/A			N/A		10/2021	N/A	39	307		—		220
Kaseya Inc.+(24)	Preferred stock	SF +	10.75%	(j)	14.35%	Non-Cash	06/2022	N/A	2	3,833		0.1		3,752
Kaseya Inc.+	LP interest	N/A			N/A		06/2022	N/A	250	253		—		293

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)		Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
LogicMonitor, Inc.+	LP interest	N/A			N/A		12/2024	N/A	250	$	250	—	%	$	275
Menlo Ridgeview Co-Invest, LLC+(8)	LLC interest	N/A			N/A		05/2025	N/A	931	956		—		1,036
Ministry Brands Holdings LLC+	LP interest	N/A			N/A		12/2021	N/A	799	774		—		555
Navex Global Holdings Corporation+	LP interest	N/A			N/A		10/2025	N/A	—	450		—		450
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+	Warrant	N/A			N/A		10/2019	N/A	6	17		—		15
Onit, Inc.+	Common stock	N/A			N/A		09/2025	N/A	—	14		—		14
Panzura, LLC+	LLC units	N/A			N/A		03/2025	N/A	2	6		—		—
Personify, Inc.+	LLC interest	N/A			N/A		09/2018	N/A	879	1,396		—		1,322
Pluralsight, LLC+	LLC interest	N/A			N/A		08/2024	N/A	1,988	3,663		—		123
QAD, Inc.+	Preferred stock	N/A			N/A		11/2021	N/A	1	1,186		—		1,004
QAD, Inc.+	Common stock	N/A			N/A		11/2021	N/A	68	134		—		207
RegEd Aquireco, LLC+	Preferred stock	N/A			N/A		12/2018	N/A	—	358		—		158
RegEd Aquireco, LLC+	Preferred stock	N/A			N/A		07/2023	N/A	—	29		—		37
RegEd Aquireco, LLC+	Common stock	N/A			N/A		12/2018	N/A	4	21		—		0
Riskonnect Parent, LLC+(24)	Preferred stock	N/A			11.00%	Non-Cash	04/2022	N/A	26	37,467		1.0		37,839
Riskonnect Parent, LLC+	LP interest	N/A			N/A		11/2021	N/A	1,382	1,414		—		1,401
Riskonnect Parent, LLC+(24)	Preferred stock	SF +	10.50%	(j)	14.70%	Non-Cash	07/2022	N/A	—	1,107		—		1,108
Riskonnect Parent, LLC+(24)	Preferred stock	N/A			10.50%	Non-Cash	06/2024	N/A	—	58		—		63
Rokt Inc.+	Common stock	N/A			N/A		01/2025	N/A	20	683		—		796
SnapLogic, Inc.+	Preferred stock	N/A			N/A		09/2019	N/A	344	1,028		0.1		2,007
SnapLogic, Inc.+	Warrant	N/A			N/A		09/2019	N/A	131	162		—		517
Spartan Buyer Acquisition Co.+	Common stock	N/A			N/A		12/2020	N/A	1	794		—		465
Spartan Buyer Acquisition Co.+	Preferred stock	N/A			N/A		12/2022	N/A	—	110		—		141
StrongDM, Inc.+	Preferred stock	N/A			N/A		05/2025	N/A	424	2,257		0.1		2,257
Telesoft Holdings LLC+	LP interest	N/A			N/A		12/2019	N/A	137	129		—		125
Templafy APS and Templafy, LLC+(8)(18)	Warrant	N/A			N/A		07/2022	N/A	—	82		—		5
Togetherwork Holdings, LLC+	Preferred stock	N/A			N/A		07/2024	N/A	307	1,342		—		1,442
Transform Bidco Limited+(8)(10)	LP interest	N/A			N/A		04/2025	N/A	2,350	2,367		0.1		2,353
Tricentis Operations Holdings, Inc.+	LP interest	N/A			N/A		02/2025	N/A	40	40		—		46
Zendesk, Inc.+	Common stock	N/A			N/A		11/2022	N/A	63	708		—		605
										176,531		4.6		180,502
Specialty Retail
Ave Holdings III, Corp+(7)(24)	Preferred stock	N/A			11.50%	Non-Cash	02/2022	N/A	15	20,613		0.4		15,095
Ave Holdings III, Corp+	Common stock	N/A			N/A		02/2022	N/A	2	1,737		—		132
Batteries Plus Holding Corporation+	LP interest	N/A			N/A		07/2016	N/A	10	1,287		—		1,381
Cycle Gear, Inc.+	LLC interest	N/A			N/A		02/2016	N/A	2,002	481		—		206
Cycle Gear, Inc.+	Preferred stock	N/A			N/A		01/2023	N/A	75	75		—		154
Metal Supermarkets US Buyer, LLC+(8)(12)	Common stock	N/A			N/A		12/2024	N/A	1	—		—		6
Metal Supermarkets US Buyer, LLC+(8)(12)	Preferred stock	N/A			N/A		12/2024	N/A	3	347		—		377
Salon Lofts Group, LLC+	Common stock	N/A			N/A		08/2022	N/A	—	137		—		76
VSG Acquisition Corp. and Sherrill, Inc.+	LP interest	N/A			N/A		04/2022	N/A	—	57		—		94
										24,734		0.4		17,521

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)	Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Textiles, Apparel & Luxury Goods
Georgica Pine Clothiers, LLC+	LLC interest	N/A	N/A	11/2015	N/A	20	$	239	—	%	$	299
Georgica Pine Clothiers, LLC+	LLC units	N/A	N/A	08/2020	N/A	—	—		—		2
MakerSights, Inc.+	Preferred stock	N/A	N/A	06/2021	N/A	56	265		—		97
Shoes For Crews Global, LLC+	Common stock	N/A	N/A	06/2024	N/A	2	1,087		—		1,485
							1,591		—		1,883
Total non-controlled/non-affiliate company equity investments							456,944		12.3		480,778
Total non-controlled/non-affiliate company investments							8,316,006		213.3		8,338,531

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Non-controlled/affiliate company investments(27)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+(7)(25)	One stop	SF +	1.00%	(j)	4.67%	PIK			06/2027		$	7,071	0.1	%	$	2,690
Abita Brewing Co., L.L.C.+(7)(25)	Second lien	SF +	1.00%	(j)	4.67%	PIK			06/2027	5,290	3,724		—		212
Abita Brewing Co., L.L.C.+(25)	One stop	SF +	1.00%	(j)	4.74%	PIK			06/2027	3,098	3,098		0.1		2,536
										16,073	13,893		0.2		5,438
Energy, Equipment & Services
Benetech, Inc.+(7)(25)	One stop	SF +	1.00%	(j)	4.67%	PIK			08/2027	5,056	3,623		0.1		2,022
Benetech, Inc.+(7)(25)	One stop	SF +	1.00%	(j)	4.67%	PIK			08/2027	1,067	679		—		45
										6,123	4,302		0.1		2,067
Healthcare Equipment & Supplies
G & H Wire Company, Inc.+	One stop				N/A(6)				11/2029	—	—		—		—
G & H Wire Company, Inc.+(25)	One stop	SF +	6.00%	(j)	4.79%	cash/	5.00%	PIK	11/2029	2,901	2,901		0.1		2,901
										2,901	2,901		0.1		2,901
Healthcare Providers & Services
Bayside Opco, LLC+	One stop	SF +	7.25%	(j)	11.07%				06/2026	12,699	12,684		0.3		12,699
Bayside Opco, LLC+(25)	Subordinated debt	SF +	10.00%	(j)	13.82%	PIK			06/2026	6,043	5,936		0.2		6,043
Bayside Opco, LLC+	One stop	SF +	7.25%	(j)	11.07%				06/2026	4,492	4,459		0.1		4,492
Bayside Opco, LLC+	One stop				N/A(6)				06/2026	—	—		—		—
Elite Dental Partners LLC+(7)(25)	One stop	SF +	5.25%	(j)	9.07%	PIK			09/2026	18,836	13,029		0.1		3,955
Elite Dental Partners LLC+(7)(25)	One stop	SF +	12.00%	(j)	15.82%	PIK			09/2026	11,974	7,225		0.1		3,113
Elite Dental Partners LLC+(25)	One stop	SF +	5.25%	(j)	9.07%	PIK			09/2026	2,031	2,031		0.1		2,031
Elite Dental Partners LLC+(25)	One stop	SF +	5.25%	(j)	9.40%	PIK			09/2026	1,549	1,549		—		1,549
Opening Day Borrower 111 LLC+(25)	One stop	SF +	6.25%	(j)	10.71%	PIK			05/2027	6,033	6,033		0.1		6,033
SPF Borrower LLC+(25)	One stop	SF +	6.25%	(j)	8.07%	cash/	2.00%	PIK	02/2028	16,191	16,191		0.4		16,191
SPF Borrower LLC+	One stop	SF +	9.50%	(j)	13.32%				02/2028	8,625	8,625		0.2		8,625
SPF Borrower LLC+	One stop				N/A(6)				02/2028	—	—		—		—
										88,473	77,762		1.6		64,731
Life Sciences Tools & Services
Reaction Biology Corporation+(25)	One stop	SF +	4.75%	(j)	8.42%	PIK			03/2029	1,069	1,069		—		1,069
Reaction Biology Corporation+(25)	One stop	SF +	4.75%	(j)	8.42%	PIK			03/2029	2,989	2,989		0.1		2,481
										4,058	4,058		0.1		3,550
Multiline Retail
Fleet Farm Group, LLC+(25)	Senior secured	SF +	5.50%	(j)	9.81%	PIK			01/2031	5,540	5,540		0.1		5,152
Fleet Farm Group, LLC+(25)	One stop	SF +	5.50%	(j)	9.32%	PIK			01/2031	3,326	3,326		0.1		3,126
										8,866	8,866		0.2		8,278
Personal Products
IMPLUS Footcare, LLC+(25)	One stop	SF +	6.00%	(j)	9.68%	PIK			10/2028	3,800	3,800		0.1		3,716
IMPLUS Footcare, LLC+(25)	One stop	SF +	6.00%	(i)	9.70%	PIK			10/2028	8,650	8,145		0.2		8,045
										12,450	11,945		0.3		11,761
Software
Switchfly LLC+(25)	One stop	N/A			1.00%	PIK			11/2027	1,834	1,834		—		1,677
Specialty Retail
Chestnut Optical Midco, Inc.+	One stop	SF +	1.00%	(j)	4.67%				06/2029	45,063	41,920		1.0		40,558
Chestnut Optical Midco, Inc.+(5)	One stop				N/A(6)				06/2029	—	—		—		(282)
Chestnut Optical Midco, Inc.+	One stop	SF +	1.00%	(j)	4.67%				06/2029	4,695	4,695		0.1		3,192
										49,758	46,615		1.1		43,468
Total non-controlled/affiliate company debt investments										190,536	172,176		3.7		143,871

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)	Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Equity investments(22)(23)
Beverages
Abita Brewing Co., L.L.C.+	Warrant	N/A	N/A	02/2021	N/A	210	$	—	—	%	$	—
Healthcare Equipment & Supplies
G & H Wire Company, Inc.+	Common stock	N/A	N/A	11/2024	N/A	159	3,810		0.1		2,067
Healthcare Providers & Services
Bayside Opco, LLC+	LLC interest	N/A	N/A	05/2023	N/A	6	2,592		0.3		11,777
Elite Dental Partners LLC	Preferred stock	N/A	N/A	09/2020	N/A	—	2,902		—		—
Elite Dental Partners LLC	LLC interest	N/A	N/A	09/2020	N/A	—	1,250		—		—
Elite Dental Partners LLC	LLC interest	N/A	N/A	09/2020	N/A	—	—		—		—
Opening Day Borrower 111 LLC+	Preferred stock	N/A	N/A	09/2024	N/A	181	21,172		0.4		16,240
Opening Day Borrower 111 LLC+	LLC interest	N/A	N/A	04/2023	N/A	181	7,836		—		—
SPF Borrower LLC+	LLC interest	N/A	N/A	02/2024	N/A	—	9,347		0.3		11,412
							45,099		1.0		39,429
Life Sciences Tools & Services
Reaction Biology Corporation+	Common stock	N/A	N/A	03/2025	N/A	139	4,980		0.1		3,586
Multiline Retail
Fleet Farm Group, LLC	Common stock	N/A	N/A	12/2024	N/A	0	23,874		0.6		22,973
Personal Products
IMPLUS Footcare, LLC+	Common stock	N/A	N/A	07/2025	N/A	8288	12,388		0.3		13,015
Software
Switchfly LLC+	LLC interest	N/A	N/A	09/2018	N/A	98,370	2,321		—		—
Switchfly LLC+	Preferred stock	N/A	N/A	09/2024	N/A	7,275	5,375		0.1		4,795
Switchfly LLC+	LLC interest	N/A	N/A	03/2022	N/A	950	950		—		28
							8,646		0.1		4,823
Specialty Retail
Chestnut Optical Midco, Inc.+	LLC interest	N/A	N/A	06/2024	N/A	189	53,764		1.5		60,255
Total non-controlled/affiliate company equity investments							152,561		3.7		146,148
Total non-controlled/affiliate company investments							324,737		7.4		290,019

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)		Acquisition Date	Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Controlled affiliate company investments(28)
Debt investments
IT Services
MMan Acquisition Co.+(25)	One stop	N/A	8.00%	PIK		03/2026		$	2,180	0.1	%	$	2,006
MMan Acquisition Co.+(25)	One stop	N/A	12.00%	PIK		03/2026	1,246	1,246		—		1,246
MMan Acquisition Co.+(25)	One stop	N/A	12.00%	PIK		03/2026	1,340	1,340		—		1,340
MMan Acquisition Co.+(25)	One stop	N/A	12.00%	PIK		03/2026	388	388		—		388
Total controlled affiliate company debt investments							5,154	5,154		0.1		4,980
Equity investments(22)(23)
IT Services
MMan Acquisition Co.+	Preferred stock	N/A	N/A		09/2024	N/A	—	7,831		0.1		5,701
Total controlled affiliate equity investments								7,831		0.1		5,701
Total controlled affiliate company investments								12,985		0.2		10,681
Total investments								8,653,728		220.9		8,639,231
Money market funds (included in cash equivalents and restricted cash equivalents)
BlackRock Liquidity Funds T-Fund <br>Institutional Shares (CUSIP 09248U718)			3.64%	(29)				$	25,569	0.7	%	$	25,569
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio <br>Institutional Share Class (CUSIP 61747C582)			3.64%	(29)				123		—		123
Allspring Government Money Market Fund <br>Select Share Class (CUSIP 94975H296)			3.71%	(29)				173		—		173
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio Institutional Share Class (CUSIP 61747C525)			3.62%	(29)				34,425		0.9		34,425
Total money market funds								60,290		1.6		60,290
Total investments and money market funds								$	8,714,018	222.5	%	$	8,699,521

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

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

(1)The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime (“P”), Sterling Overnight Index Average ("SONIA" or “SN”), Australian Interbank Rate (”AUD” or ”A”) or Canadian Overnight Repo Rate Average (“CORRA” or “CA”) which reset daily, monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of December 31, 2025. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of December 31, 2025, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed could not be the applicable index rate outstanding as of December 31, 2025, as the loan could have priced or repriced based on an index rate prior to December 31, 2025.

(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 6.75% as of December 31, 2025.

(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 1.94% as of December 31, 2025.

(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 2.03% as of December 31, 2025.

(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 2.11% as of December 31, 2025.

(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 3.74% as of December 31, 2025.

(f) Denotes that all or a portion of the contract was indexed to the Six-Month AUD, which was 4.12% as of December 31, 2025.

(g) Denotes that all or a portion of the contract was indexed to SONIA, which was 3.73% as of December 31, 2025.

(h) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 3.87% as of December 31, 2025.

(i) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 3.69% as of December 31, 2025.

(j) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 3.65% as of December 31, 2025.

(k) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 3.57% as of December 31, 2025.

(l) Denotes that all or a portion of the contract was indexed to Daily CORRA, which was 2.30% as of December 31, 2025.

(m) Denotes that all or a portion of the contract was indexed to the 90-day Term CORRA, which was 2.26% as of December 31, 2025.

(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of December 31, 2025.

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

(4)The fair values of investments were valued using significant unobservable inputs, unless noted otherwise. See Note 6. The fair value of loan investments may include the impact of the unfunded commitment being valued below par.

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

(6)The entire commitment was unfunded as of December 31, 2025. As such, no interest is being earned on this investment. The investment could be subject to an unused facility fee.

(7)Investment was on non-accrual status as of December 31, 2025, meaning that the Company has ceased recognizing interest or non-cash dividend income on the investment.

(8)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2025, total non-qualifying assets at fair value represented 13.4% of the Company's total assets calculated in accordance with the 1940 Act.

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

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

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

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

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

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

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

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

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

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

(19)The headquarters of this portfolio company is located in Germany.

(20)The headquarters of this portfolio company is located in France.

(21)The headquarters of this portfolio company is located in Jersey.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

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

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

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

(25) All or a portion of the loan interest was capitalized into the outstanding principal balance of the loan in accordance with the terms of the credit agreement during the three months ended December 31, 2025.

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

(27) As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns five percent or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the three months ended December 31, 2025 were as follows:

Portfolio Company	Fair value as of September 30, 2025		Gross additions(a)		Gross reductions(b)		Net change in unrealized appreciation (depreciation)		Net realized gain (loss)		Fair value as of December 31, 2025		Interest, dividend and fee income
Abita Brewing Co. LLC	$	5,216	$	3,344	$	(2,993)	$	(129)	$	—	$	5,438	$	32
Bayside Opco, LLC	33,986		304		(39)		760		—		35,011		816
Benetech, Inc.	2,089		—		(52)		30		—		2,067		—
Chestnut Optical Midco, Inc.	101,952		2,104		—		(333)		—		103,723		863
Elite Dental Partners LLC	10,692		637		—		(681)		—		10,648		80
Fleet Farm Group LLC	33,243		218		—		(2,210)		—		31,251		226
G & H Wire Company, Inc.	6,070		68		(14)		(1,156)		—		4,968		75
IMPLUS Footcare, LLC	23,769		446		—		561		—		24,776		326
Opening Day Borrower 111 LLC	23,236		7,390		(6,033)		(2,320)		—		22,273		129
Reaction Biology Corporation	7,259		296		—		(419)		—		7,136		90
SPF Borrower LLC	37,469		83		(83)		(1,241)		—		36,228		736
Switchfly LLC	8,782		4		—		(2,286)		—		6,500		5
Total Non-Controlled Affiliates	$	293,763	$	14,894	$	(9,214)	$	(9,424)	$	—	$	290,019	$	3,378
(a)	Gross additions could include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
---	---
(b)	Gross reductions could include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.

(28) As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” of and “control” this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement) (“controlled affiliate”). Transactions related to investments in controlled affiliates for the three months ended December 31, 2025 were as follows:

Portfolio Company	Fair value as of September 30, 2025		Gross additions(a)		Gross reductions(b)		Net change in unrealized appreciation (depreciation)		Net realized gain (loss)		Fair value as of December 31, 2025		Interest, dividend and fee income
MMan Acquisition Co.	$	11,862	$	133	$	—	$	(1,314)	$	—	$	10,681	$	136
Total Controlled Affiliates	$	11,862	$	133	$	—	$	(1,314)	$	—	$	10,681	$	136
(a)	Gross additions could include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
---	---
(b)	Gross reductions could include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.

(29) The rate shown is the annualized seven-day yield as of December 31, 2025.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace & Defense
PPW Aero Buyer, Inc.*+	One stop	SF +	5.00%	(i)	9.00%				02/2029		$	33,833	0.9	%	$	33,857
PPW Aero Buyer, Inc.*	One stop	SF +	5.00%	(i)	9.00%				02/2029	11,801	11,736		0.3		11,742
PPW Aero Buyer, Inc.+(5)	One stop				N/A(6)				02/2029	—	(2)		—		(2)
PPW Aero Buyer, Inc.+(5)	One stop				N/A(6)				02/2029	—	(2)		—		(1)
PPW Aero Buyer, Inc.+	One stop	SF +	5.00%	(i)	9.00%				02/2029	6,432	6,404		0.2		6,400
PPW Aero Buyer, Inc.+	One stop	SF +	5.00%	(i)	9.00%				09/2031	187	186		—		186
PPW Aero Buyer, Inc.+(5)	One stop				N/A(6)				09/2031	—	(3)		—		(3)
Titan BW Borrower L.P.+(26)	One stop	SF +	5.26%	(i)	6.58%	cash/	2.88%	PIK	07/2032	1,599	1,583		—		1,583
Titan BW Borrower L.P.+(5)	One stop				N/A(6)				07/2032	—	(3)		—		(3)
Titan BW Borrower L.P.+(5)	One stop				N/A(6)				07/2032	—	(1)		—		(1)
										54,046	53,731		1.4		53,758
Air Freight & Logistics
RJW Group Holdings, Inc.+	One stop	SF +	5.00%	(i)	9.00%				11/2031	46,415	45,573		1.2		45,950
RJW Group Holdings, Inc.+	One stop	SF +	5.00%	(i)	9.20%				11/2031	2,931	2,871		0.1		2,897
RJW Group Holdings, Inc.+	One stop	SF +	5.00%	(i)	9.00%				11/2031	1,710	1,693		0.1		1,693
RJW Group Holdings, Inc.+(5)	One stop				N/A(6)				11/2031	—	(1)		—		(3)
										51,056	50,136		1.4		50,537
Airlines
Accelya Lux Finco S.A.R.L.+(8)(22)(26)	One stop	SF +	6.00%	(i)	10.10%	PIK			12/2026	9,085	8,930		0.2		9,085
Auto Components
Arnott, LLC+	One stop	SF +	4.75%	(j)	8.62%				11/2030	4,736	4,696		0.1		4,689
Arnott, LLC+	One stop	SF +	4.75%	(j)	8.74%				11/2030	349	342		—		341
Collision SP Subco, LLC+	One stop	SF +	4.75%	(i)	9.06%				01/2030	2,200	2,178		0.1		2,200
Collision SP Subco, LLC+	One stop	SF +	4.75%	(i)(j)	9.00%				01/2030	1,173	1,163		—		1,173
Collision SP Subco, LLC+	One stop	SF +	4.75%	(i)	8.95%				01/2030	45	42		—		45
Collision SP Subco, LLC+	One stop	SF +	4.75%	(i)	9.04%				01/2030	245	243		—		245
Collision SP Subco, LLC+(5)	One stop				N/A(6)				01/2030	—	(28)		—		—
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50%	(i)	8.97%				08/2027	6,756	6,706		0.2		5,810
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50%	(i)	8.96%				08/2027	1,367	1,349		—		1,176
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50%	(i)	8.78%				08/2027	186	183		—		160
North Haven Falcon Buyer, LLC+(7)(26)	One stop	SF +	8.00%	(i)	7.20%	cash/	5.00%	PIK	05/2027	9,584	8,302		0.1		4,025
North Haven Falcon Buyer, LLC+(7)(26)	One stop	SF +	8.00%	(i)	7.18%	cash/	5.00%	PIK	05/2027	1,603	1,394		—		673
OEConnection, LLC*	One stop	SF +	5.25%	(h)	9.41%				04/2031	10,185	10,147		0.3		10,219
OEConnection, LLC+	One stop	SF +	5.25%	(h)	9.41%				04/2031	1,777	1,762		0.1		1,784
OEConnection, LLC+(5)	One stop				N/A(6)				04/2031	—	(7)		—		3
OEConnection, LLC+(5)	One stop				N/A(6)				04/2031	—	(30)		—		23
										40,206	38,442		0.9		32,566
Automobiles
CAP-KSI Holdings, LLC*+	One stop	SF +	5.25%	(h)(i)	9.32%				06/2030	13,196	13,049		0.3		13,196
CAP-KSI Holdings, LLC+	One stop	SF +	5.25%	(i)	9.90%				06/2030	396	384		—		396
CG Group Holdings, LLC*+(26)	One stop	SF +	8.75%	(i)	10.75%	cash/	2.00%	PIK	07/2027	46,395	46,244		1.2		46,395
CG Group Holdings, LLC+(26)	One stop	SF +	8.75%	(h)	10.91%	cash/	2.00%	PIK	07/2026	804	799		—		804
Denali Midco 2, LLC*	One stop	SF +	5.25%	(h)	9.41%				12/2028	38,258	38,060		1.0		38,258
Denali Midco 2, LLC+(26)	Second lien	N/A			13.00%	PIK			12/2029	11,583	11,501		0.3		11,583
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.41%				12/2028	8,917	9,036		0.2		8,917
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.41%				12/2028	2,668	2,705		0.1		2,668
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.41%				12/2028	1,621	1,642		0.1		1,621

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)	Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.41%	12/2028		$	1,560	—	%	$	1,540
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.41%	12/2028	1,344	1,362		—		1,344
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.41%	12/2028	1,293	1,281		—		1,293
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.41%	12/2028	1,108	1,106		—		1,108
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.41%	12/2028	1,075	1,072		—		1,075
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.41%	12/2028	1,075	1,074		—		1,075
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.41%	12/2028	887	885		—		887
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.41%	12/2028	1,210	1,208		—		1,210
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.41%	12/2028	403	399		—		403
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.41%	12/2028	348	345		—		348
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.41%	12/2028	294	292		—		294
Denali Midco 2, LLC+(5)	One stop				N/A(6)	12/2028	—	(11)		—		—
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.41%	12/2028	173	171		—		173
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.41%	12/2028	87	85		—		87
Denali Midco 2, LLC+(5)	One stop				N/A(6)	12/2028	—	(4)		—		—
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(i)	9.25%	12/2029	1,422	1,418		—		1,422
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(i)	9.25%	12/2029	296	295		—		296
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(i)	9.25%	12/2029	250	248		—		250
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(i)	9.24%	12/2029	4	3		—		4
JHCC Holdings LLC*	One stop	SF +	5.25%	(i)	9.25%	09/2027	17,708	17,674		0.5		17,708
JHCC Holdings LLC*+	One stop	SF +	5.25%	(i)	9.25%	09/2027	6,887	6,877		0.2		6,887
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.25%	09/2027	5,127	5,182		0.1		5,127
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.25%	09/2027	4,901	4,909		0.1		4,901
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.25%	09/2027	2,764	2,779		0.1		2,764
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.25%	09/2027	1,642	1,638		0.1		1,642
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.25%	09/2027	727	724		—		727
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.25%	09/2027	688	687		—		688
JHCC Holdings LLC+	One stop	P +	4.25%	(a)	11.50%	09/2027	80	80		—		80
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.25%	09/2027	3,975	3,949		0.1		3,975
MOP GM Holding, LLC*+	One stop	SF +	5.75%	(i)	9.90%	11/2026	32,547	32,513		0.8		31,896
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.10%	11/2026	3,826	3,817		0.1		3,749
MOP GM Holding, LLC*+	One stop	SF +	5.75%	(i)	10.21%	11/2026	3,580	3,569		0.1		3,508
MOP GM Holding, LLC*+	One stop	SF +	5.75%	(i)	10.21%	11/2026	3,500	3,484		0.1		3,430
MOP GM Holding, LLC*+	One stop	SF +	5.75%	(i)	9.90%	11/2026	2,593	2,582		0.1		2,541
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.21%	11/2026	2,139	2,130		0.1		2,097
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.21%	11/2026	1,972	1,960		0.1		1,932
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	9.90%	11/2026	718	715		—		704
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	9.90%	11/2026	528	525		—		517
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	9.95%	11/2026	400	397		—		392
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.21%	11/2026	264	263		—		259
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	9.90%	11/2026	201	200		—		197
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.21%	11/2026	88	88		—		86
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	9.90%	11/2026	88	88		—		86
MOP GM Holding, LLC+(5)	One stop				N/A(6)	11/2026	—	(18)		—		—
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.00%	(i)	9.00%	07/2029	13,281	13,237		0.3		13,281
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.00%	(j)	9.24%	07/2029	1,447	1,427		—		1,447
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.00%	(i)	9.00%	07/2029	1,280	1,274		—		1,280
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.00%	(j)	9.03%	07/2029	692	682		—		692
POY Holdings, LLC*+	One stop	SF +	5.50%	(i)	9.65%	11/2027	28,196	28,385		0.7		27,914
POY Holdings, LLC*+	One stop	SF +	5.50%	(i)	9.65%	11/2027	3,666	3,708		0.1		3,629
POY Holdings, LLC*+	One stop	SF +	5.50%	(i)	9.65%	11/2027	1,297	1,297		—		1,284
POY Holdings, LLC+	One stop	SF +	5.50%	(i)	9.65%	11/2027	864	864		—		856

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)	Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
POY Holdings, LLC+	One stop	SF +	5.50%	(i)	9.65%	11/2027		$	645	—	%	$	639
POY Holdings, LLC+	One stop	SF +	5.50%	(i)	9.65%	11/2027	288	288		—		285
POY Holdings, LLC+	One stop	SF +	5.50%	(i)	9.64%	11/2027	234	233		—		229
POY Holdings, LLC+(5)	One stop				N/A(6)	11/2027	—	(11)		—		—
POY Holdings, LLC*	One stop	SF +	5.50%	(i)	9.64%	11/2027	2,261	2,254		0.1		2,239
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	4.75%	(h)	8.91%	06/2031	4,808	4,775		0.1		4,808
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	4.75%	(h)	8.91%	06/2031	270	267		—		270
Quick Quack Car Wash Holdings, LLC+(5)	One stop				N/A(6)	06/2031	—	(3)		—		—
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	4.75%	(h)	8.91%	06/2031	160	157		—		160
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	4.75%	(h)	8.91%	06/2031	20	20		—		20
TWAS Holdings, LLC*+	One stop	SF +	6.00%	(h)	10.26%	12/2026	46,323	46,084		1.2		46,323
TWAS Holdings, LLC*+	One stop	SF +	6.00%	(h)	10.26%	12/2026	41,374	41,343		1.0		41,374
TWAS Holdings, LLC*+	One stop	SF +	6.00%	(h)	10.26%	12/2026	10,741	10,723		0.3		10,741
TWAS Holdings, LLC+	One stop	SF +	6.00%	(h)	10.26%	12/2026	8,203	8,206		0.2		8,203
TWAS Holdings, LLC+	One stop	SF +	6.00%	(h)	10.26%	12/2026	5,210	5,212		0.1		5,210
TWAS Holdings, LLC+(5)	One stop				N/A(6)	12/2026	—	(5)		—		—
Yorkshire Parent, Inc.+	One stop	SF +	5.00%	(i)	9.31%	12/2029	2,227	2,218		0.1		2,227
Yorkshire Parent, Inc.+	One stop	SF +	5.00%	(i)	9.31%	12/2029	71	47		—		71
Yorkshire Parent, Inc.+	One stop	SF +	5.50%	(i)	9.50%	12/2029	2,203	2,227		0.1		2,203
Yorkshire Parent, Inc.+	One stop	SF +	5.50%	(i)	9.79%	12/2029	610	608		—		610
Yorkshire Parent, Inc.+	One stop	SF +	5.50%	(i)	9.50%	12/2029	62	61		—		62
							410,023	409,244		10.1		408,597
Banks
Empyrean Solutions, LLC+	One stop	SF +	4.50%	(i)	8.50%	11/2031	9,283	9,242		0.2		9,283
Empyrean Solutions, LLC+(5)	One stop				N/A(6)	11/2031	—	(6)		—		—
Empyrean Solutions, LLC+(5)	One stop				N/A(6)	11/2031	—	(16)		—		—
OSP Hamilton Purchaser, LLC+	One stop	SF +	5.00%	(i)	9.31%	12/2029	1,727	1,747		0.1		1,727
OSP Hamilton Purchaser, LLC+	One stop	SF +	5.00%	(i)	9.32%	12/2029	1,652	1,647		—		1,652
OSP Hamilton Purchaser, LLC+	One stop	SF +	5.00%	(i)	9.31%	12/2029	270	267		—		270
OSP Hamilton Purchaser, LLC+	One stop	SF +	5.00%	(i)	9.32%	12/2029	19	14		—		19
							12,951	12,895		0.3		12,951
Beverages
Financial Information Technologies, LLC*+	One stop	SF +	4.75%	(i)	8.75%	06/2030	34,280	34,188		0.9		34,280
Financial Information Technologies, LLC+	One stop	SF +	4.75%	(i)	8.75%	06/2030	1,687	1,683		0.1		1,687
Financial Information Technologies, LLC+(5)	One stop				N/A(6)	06/2030	—	(1)		—		—
Financial Information Technologies, LLC+	One stop	SF +	4.75%	(i)	8.75%	06/2030	2,199	2,194		0.1		2,199
Financial Information Technologies, LLC+	One stop				N/A(6)	06/2030	—	—		—		—
Spindrift Beverage Co. Inc.+	One stop	SF +	5.00%	(i)	9.29%	02/2032	7,653	7,565		0.2		7,653
Spindrift Beverage Co. Inc.+(5)	One stop				N/A(6)	02/2032	—	(17)		—		—
Spindrift Beverage Co. Inc.+(5)	One stop				N/A(6)	02/2032	—	(5)		—		—
Watermill Express, LLC*+	One stop	SF +	4.75%	(i)	8.75%	04/2031	3,047	3,019		0.1		3,047
Watermill Express, LLC+	One stop	SF +	4.75%	(i)	8.75%	04/2031	294	293		—		294
Watermill Express, LLC+	One stop	SF +	4.75%	(i)	8.82%	04/2031	149	141		—		149
Watermill Express, LLC+	One stop	SF +	4.75%	(i)	8.75%	04/2031	735	728		—		735
Watermill Express, LLC+	One stop	SF +	4.75%	(i)	8.79%	04/2031	369	366		—		369
Watermill Express, LLC*	One stop	SF +	4.75%	(i)	8.96%	04/2031	2,381	2,360		0.1		2,381
Watermill Express, LLC+	One stop	SF +	4.75%	(i)	8.75%	04/2031	2,771	2,755		0.1		2,771
Watermill Express, LLC+(5)	One stop				N/A(6)	04/2031	—	(11)		—		—
Winebow Holdings, Inc.*+	One stop	SF +	6.25%	(h)	10.51%	12/2027	9,231	8,961		0.2		8,123
							64,796	64,219		1.8		63,688

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Building Products
BECO Holding Company, Inc.*+	One stop	SF +	5.25%	(i)	9.40%				11/2028		$	41,055	1.0	%	$	40,578
BECO Holding Company, Inc.+(5)	One stop				N/A(6)				11/2027	—	(2)		—		—
BECO Holding Company, Inc.+	One stop	SF +	5.25%	(i)	9.40%				11/2028	210	209		—		210
BECO Holding Company, Inc.+(5)	One stop				N/A(6)				11/2028	—	(4)		—		—
										40,788	41,258		1.0		40,788
Capital Markets
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(i)	8.75%				01/2031	2,514	2,528		0.1		2,514
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(i)	8.75%				01/2031	9,925	9,856		0.3		9,925
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(i)	8.75%				01/2031	68	67		—		68
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(i)	8.75%				01/2031	846	838		—		846
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(i)	8.75%				01/2031	762	760		—		762
										14,115	14,049		0.4		14,115
Chemicals
AP Adhesives Holdings, LLC+(5)	One stop				N/A(6)				04/2032	—	(9)		—		—
AP Adhesives Holdings, LLC+(5)	One stop				N/A(6)				04/2031	—	(4)		—		—
AP Adhesives Holdings, LLC+	One stop	SF +	4.75%	(i)	8.80%				04/2032	5,800	5,773		0.2		5,800
Inhance Parent, Inc.+	One stop				N/A(6)				06/2029	—	—		—		—
Inhance Parent, Inc.+(26)	One stop	SF +	7.00%	(i)	6.65%	cash/	4.50%	PIK	06/2029	24,569	21,606		0.6		22,112
Inhance Parent, Inc.+(7)(26)	One stop	N/A			20.00%	PIK			06/2029	10,562	4,446		0.1		4,964
JSG II, Inc. and Checkers USA, Inc.+	One stop	SF +	4.50%	(h)	8.66%				09/2032	1,433	1,426		—		1,426
JSG II, Inc. and Checkers USA, Inc.+	One stop	SF +	4.50%	(h)	8.66%				09/2032	14	13		—		13
JSG II, Inc. and Checkers USA, Inc.+(5)	One stop				N/A(6)				09/2032	—	(1)		—		(2)
Krayden Holdings, Inc.*	Senior secured	SF +	4.75%	(h)	8.91%				03/2029	9,741	9,667		0.3		9,741
Krayden Holdings, Inc.+	Senior secured	SF +	4.75%	(h)	8.90%				03/2029	645	619		—		645
Krayden Holdings, Inc.+	Senior secured	SF +	4.75%	(h)	8.91%				03/2029	3,035	2,984		0.1		3,035
PHM NL SP Bidco B.V.+(8)(9)(10)(26)	One stop	E +	6.75%	(d)	5.87%	cash/	3.00%	PIK	09/2028	55,652	51,989		1.3		52,870
PHM NL SP Bidco B.V.+(8)(10)(26)	One stop	SF +	6.75%	(g)	8.12%	cash/	3.00%	PIK	09/2028	20,606	19,871		0.5		19,576
PHM NL SP Bidco B.V.+(8)(9)(10)(26)	One stop	SN +	6.75%	(f)	7.72%	cash/	3.00%	PIK	09/2028	11,908	11,212		0.3		11,312
PHM NL SP Bidco B.V.+(8)(9)(10)(26)	One stop	E +	6.75%	(d)	5.80%	cash/	3.00%	PIK	09/2028	5,793	5,340		0.1		5,503
										149,758	134,932		3.5		136,995
Commercial Services & Supplies
BradyIFS Holdings, LLC+	One stop	SF +	5.00%	(i)	9.31%				10/2029	5,170	5,228		0.1		5,170
BradyIFS Holdings, LLC+	One stop	SF +	5.00%	(i)	9.25%				10/2029	50	49		—		50
CI (Quercus) Intermediate Holdings, LLC*+	One stop	SF +	5.00%	(i)	9.02%				06/2031	32,031	31,732		0.8		32,031
CI (Quercus) Intermediate Holdings, LLC+	One stop	SF +	5.00%	(i)	9.00%				06/2031	31	15		—		31
CI (Quercus) Intermediate Holdings, LLC+	One stop	SF +	5.00%	(i)	9.00%				06/2031	66	39		—		66
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop				N/A(6)				06/2031	—	(5)		—		—
CHA Vision Holdings, Inc.+	One stop	SF +	5.00%	(i)	9.33%				01/2031	1,059	1,055		—		1,053
CHA Vision Holdings, Inc.+	One stop	SF +	5.00%	(i)	9.22%				01/2031	344	343		—		343
CHA Vision Holdings, Inc.+	One stop				N/A(6)				01/2030	—	—		—		—
CHA Vision Holdings, Inc.+	One stop	SF +	5.00%	(i)	9.00%				01/2031	305	304		—		304
CHA Vision Holdings, Inc.+(5)	One stop				N/A(6)				01/2031	—	(3)		—		(3)
Kleinfelder Intermediate, LLC+	One stop	SF +	5.00%	(i)	9.31%				09/2030	4,047	3,962		0.1		4,047
Kleinfelder Intermediate, LLC+	One stop	P +	4.00%	(a)	11.25%				09/2028	93	87		—		93
Kleinfelder Intermediate, LLC+	One stop	SF +	5.00%	(i)	9.31%				09/2030	439	434		—		439
North Haven Stack Buyer, LLC+(26)	Second lien	N/A			10.00%	cash/	2.50%	PIK	01/2028	1,539	1,530		—		1,542
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.95%				07/2027	157	156		—		157
North Haven Stack Buyer, LLC*+	One stop	SF +	4.75%	(i)	8.95%				07/2027	1,548	1,536		—		1,548
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.95%				07/2027	1,364	1,357		—		1,364
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.95%				07/2027	281	280		—		281
North Haven Stack Buyer, LLC+(5)	Second lien				N/A(6)				01/2028	—	(9)		—		—
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.95%				07/2027	12,160	12,136		0.3		12,160

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
North Haven Stack Buyer, LLC+(26)	Second lien	N/A			10.00%	cash/	2.50%	PIK	01/2028		$	2,322	0.1	%	$	2,342
North Haven Stack Buyer, LLC*+	One stop	SF +	4.75%	(i)	8.95%				07/2027	1,466	1,458		—		1,466
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.95%				07/2027	1,404	1,397		—		1,404
North Haven Stack Buyer, LLC*	One stop	SF +	4.75%	(i)	8.95%				07/2027	4,097	4,083		0.1		4,097
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.95%				07/2027	1,357	1,353		—		1,357
North Haven Stack Buyer, LLC*	One stop	SF +	4.75%	(i)	8.95%				07/2027	1,352	1,347		—		1,352
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.95%				07/2027	199	198		—		199
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.95%				07/2027	99	99		—		99
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	9.11%				07/2027	819	813		—		819
North Haven Stack Buyer, LLC*+	One stop	SF +	4.75%	(i)	8.95%				07/2027	2,258	2,248		0.1		2,258
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.95%				07/2027	479	477		—		479
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.95%				07/2027	901	896		—		901
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.95%				07/2027	682	678		—		682
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.95%				07/2027	757	753		—		757
North Haven Stack Buyer, LLC+(26)	Second lien	N/A			9.75%	cash/	2.50%	PIK	01/2028	23	23		—		23
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.95%				07/2027	331	329		—		331
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.95%				07/2027	1,334	1,327		—		1,334
North Haven Stack Buyer, LLC+(26)	Second lien	N/A			9.75%	cash/	2.50%	PIK	01/2028	389	387		—		389
North Haven Stack Buyer, LLC+(5)	One stop				N/A(6)				07/2027	—	(1)		—		—
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.95%				07/2027	1,078	1,075		—		1,078
North Haven Stack Buyer, LLC+(26)	Second lien	N/A			9.75%	cash/	2.50%	PIK	01/2028	926	922		—		926
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.95%				07/2027	102	102		—		102
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.96%				07/2027	205	205		—		205
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.95%				07/2027	80	80		—		80
Profile Products LLC+	One stop	SF +	5.50%	(i)	9.92%				11/2027	8,959	8,907		0.2		8,959
Profile Products LLC+	One stop	SF +	5.50%	(i)	9.92%				11/2027	1,816	1,800		0.1		1,816
Profile Products LLC+	One stop	P +	4.50%	(a)	11.75%				11/2027	72	72		—		72
Profile Products LLC+	One stop	P +	4.50%	(a)	11.75%				11/2027	4	4		—		4
PSC Parent, Inc.*+	One stop	SF +	5.00%	(h)	9.15%				04/2031	5,451	5,441		0.1		5,451
PSC Parent, Inc.+	One stop	SF +	5.00%	(h)	9.16%				04/2030	231	226		—		231
PSC Parent, Inc.+	One stop	SF +	5.00%	(h)	9.17%				04/2031	604	599		—		604
PSC Parent, Inc.+	One stop	SF +	5.00%	(h)	9.16%				04/2031	909	904		—		909
PT Intermediate Holdings III, LLC+(26)	One stop	SF +	5.00%	(i)	7.25%	cash/	1.75%	PIK	04/2030	21,326	21,311		0.5		21,326
PT Intermediate Holdings III, LLC+(5)	One stop				N/A(6)				04/2030	—	(4)		—		—
Radwell Parent, LLC*+	One stop	SF +	5.50%	(i)	9.50%				03/2029	33,940	33,692		0.9		33,940
Radwell Parent, LLC*+	One stop	SF +	5.50%	(i)	9.50%				03/2029	32,623	32,663		0.8		32,623
Radwell Parent, LLC+	One stop	SF +	5.50%	(i)	9.50%				03/2029	330	295		—		330
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.25%	(j)	8.48%				06/2029	2,625	2,611		0.1		2,625
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.25%	(j)	8.43%				06/2029	528	528		—		528
Trinity Air Consultants Holdings Corporation+	One stop				N/A(6)				06/2029	—	—		—		—
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.25%	(j)	8.43%				06/2029	492	492		—		492
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.25%	(j)	8.43%				06/2029	248	247		—		248
WRE Holding Corp.*	One stop	SF +	5.00%	(j)	8.87%				07/2031	16,349	16,213		0.4		16,349
WRE Holding Corp.+	One stop	SF +	5.00%	(j)	9.17%				07/2031	294	293		—		294
WRE Holding Corp.+(5)	One stop				N/A(6)				07/2030	—	(19)		—		—
WRE Holding Corp.*	One stop	SF +	5.00%	(j)	9.14%				07/2031	1,795	1,787		0.1		1,795
WRE Holding Corp.*	One stop	SF +	5.00%	(j)	9.13%				07/2031	1,081	1,077		—		1,081
WRE Holding Corp.+	One stop	SF +	5.00%	(j)	9.12%				07/2031	841	838		—		841
WRE Holding Corp.+	One stop	SF +	5.00%	(i)	9.30%				07/2031	301	300		—		301
WRE Holding Corp.+	One stop	SF +	5.00%	(i)	9.23%				07/2031	187	186		—		187
										214,364	213,260		4.8		214,362

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)		Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Communications Equipment
Lightning Finco Limited+(8)(15)	One stop	SF +	5.50%	(g)	10.05%		09/2028		$	14,782	0.4	%	$	14,802
Lightning Finco Limited+(8)(9)(15)	One stop	E +	5.50%	(d)	7.54%		09/2028	1,783	1,747		0.1		1,783
								16,585	16,529		0.5		16,585
Construction & Engineering
Consor Intermediate II, LLC*+	One stop	SF +	4.75%	(h)(i)	8.75%		05/2031	5,512	5,515		0.1		5,512
Consor Intermediate II, LLC+(5)	One stop				N/A(6)		05/2031	—	(8)		—		—
Consor Intermediate II, LLC+(5)	One stop				N/A(6)		05/2031	—	(2)		—		—
DCCM, LLC+	One stop	SF +	4.75%	(h)	8.91%		06/2032	593	590		—		593
DCCM, LLC+(5)	One stop				N/A(6)		06/2032	—	(1)		—		—
DCCM, LLC+(5)	One stop				N/A(6)		06/2032	—	(1)		—		—
Royal Holdco Corporation+	One stop	SF +	4.50%	(i)	8.62%		12/2030	5,981	5,927		0.2		5,981
Royal Holdco Corporation+	One stop	SF +	4.50%	(i)	8.50%		12/2030	212	207		—		212
Royal Holdco Corporation+	One stop	SF +	4.50%	(i)	8.67%		12/2030	430	421		—		430
								12,728	12,648		0.3		12,728
Containers & Packaging
Chase Intermediate*+	One stop	SF +	4.75%	(i)	9.06%		10/2028	48,826	49,371		1.2		48,826
Chase Intermediate+	One stop	SF +	4.75%	(h)(i)	8.97%		10/2028	200	198		—		200
Chase Intermediate+	One stop	SF +	4.75%	(i)	9.06%		10/2028	2,284	2,280		0.1		2,284
Chase Intermediate+	One stop	SF +	4.75%	(i)	9.06%		10/2028	598	560		—		598
Fortis Solutions Group, LLC*+	One stop	SF +	5.50%	(i)	9.60%		10/2028	51,594	51,285		1.3		51,594
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(i)	9.60%		10/2028	1,695	1,680		0.1		1,695
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(i)	9.60%		10/2028	140	91		—		140
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(i)	9.60%		10/2027	152	144		—		152
Packaging Coordinators Midco, Inc.+	One stop	SF +	4.75%	(i)	9.06%		07/2032	5,258	5,247		0.1		5,258
Packaging Coordinators Midco, Inc.+(5)	One stop				N/A(6)		07/2032	—	(1)		—		—
Packaging Coordinators Midco, Inc.+	One stop				N/A(6)		07/2032	—	—		—		—
Packaging Coordinators Midco, Inc.+	One stop				N/A(6)		07/2032	—	—		—		—
Packaging Coordinators Midco, Inc.+	One stop				N/A(6)		07/2032	—	—		—		—
Packaging Coordinators Midco, Inc.+	One stop				N/A(6)		07/2032	—	—		—		—
Packaging Coordinators Midco, Inc.+	One stop				N/A(6)		07/2032	—	—		—		—
Packaging Coordinators Midco, Inc.+	One stop				N/A(6)		07/2032	—	—		—		—
								110,747	110,855		2.8		110,747
Diversified Consumer Services
ABC Legal Holdings, LLC+	One stop	SF +	4.50%	(h)	8.65%		08/2032	1,337	1,330		—		1,323
ABC Legal Holdings, LLC+(5)	One stop				N/A(6)		08/2032	—	(1)		—		(3)
ABC Legal Holdings, LLC+(5)	One stop				N/A(6)		08/2032	—	(2)		—		(4)
Any Hour, LLC*	One stop	SF +	5.25%	(i)	9.25%		05/2030	8,975	8,923		0.2		8,616
Any Hour, LLC+(26)	One stop	N/A			13.00%	PIK	05/2031	3,275	3,230		0.1		3,110
Any Hour, LLC+	One stop	SF +	5.25%	(i)	9.30%		05/2030	569	558		—		531
Any Hour, LLC+	One stop	SF +	5.25%	(i)	9.25%		05/2030	254	238		—		148
Apex Service Partners, LLC+	One stop	SF +	5.00%	(i)	9.17%		10/2030	13,855	13,795		0.4		13,855
Apex Service Partners, LLC+	One stop	SF +	5.00%	(i)	9.20%		10/2030	4,390	4,451		0.1		4,390
Apex Service Partners, LLC+	One stop	SF +	5.00%	(i)	9.20%		10/2030	1,045	1,033		—		1,045
Apex Service Partners, LLC+(5)	One stop				N/A(6)		10/2029	—	(2)		—		—
Apex Service Partners, LLC+	One stop	SF +	5.00%	(i)	9.31%		10/2030	2,198	2,178		0.1		2,198
Apex Service Partners, LLC+	One stop	SF +	5.00%	(i)	9.21%		10/2030	3,682	3,652		0.1		3,682
Certus Pest, Inc.*	One stop	SF +	5.25%	(i)	9.40%		08/2027	1,730	1,721		0.1		1,730
Certus Pest, Inc.*	One stop	SF +	5.25%	(i)	9.40%		08/2027	1,659	1,649		0.1		1,659
Certus Pest, Inc.*+	One stop	SF +	5.25%	(i)	9.40%		08/2027	1,197	1,194		—		1,197
Certus Pest, Inc.*	One stop	SF +	5.25%	(i)	9.40%		08/2027	1,182	1,177		—		1,182
Certus Pest, Inc.*+	One stop	SF +	5.25%	(i)	9.40%		08/2027	820	816		—		820
Certus Pest, Inc.*	One stop	SF +	5.25%	(i)	9.40%		08/2027	723	717		—		723

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)		Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Certus Pest, Inc.+	One stop	SF +	5.25%	(i)	9.40%		08/2027		$	702	—	%	$	704
Certus Pest, Inc.*+	One stop	SF +	5.25%	(i)	9.40%		08/2027	416	414		—		416
Certus Pest, Inc.+	One stop	SF +	5.25%	(i)	9.40%		08/2027	394	393		—		394
Certus Pest, Inc.+	One stop	SF +	5.25%	(i)	9.40%		08/2027	260	258		—		260
Certus Pest, Inc.+	One stop	SF +	5.25%	(i)	9.40%		08/2027	142	139		—		142
Certus Pest, Inc.+	One stop	SF +	5.25%	(i)	9.40%		08/2027	60	59		—		60
Certus Pest, Inc.+	One stop				N/A(6)		08/2027	—	—		—		—
Certus Pest, Inc.+(5)	One stop				N/A(6)		08/2027	—	(23)		—		—
Certus Pest, Inc.+	One stop	SF +	5.25%	(i)	9.40%		08/2027	2,336	2,328		0.1		2,336
Certus Pest, Inc.+	One stop	SF +	5.25%	(i)	9.40%		08/2027	1,456	1,451		—		1,456
Certus Pest, Inc.+	One stop	SF +	5.25%	(i)	9.40%		08/2027	698	695		—		698
Certus Pest, Inc.+	One stop	SF +	5.25%	(i)	9.40%		08/2027	698	695		—		698
CHHJ Midco, LLC*+	Senior secured	SF +	5.00%	(i)	9.15%		01/2028	3,693	3,682		0.1		3,693
CHHJ Midco, LLC+	Senior secured				N/A(6)		01/2028	—	—		—		—
CHVAC Services Investment, LLC*+	One stop	SF +	4.50%	(i)	8.50%		05/2030	6,367	6,288		0.2		6,367
CHVAC Services Investment, LLC*+	One stop	SF +	4.50%	(i)	8.50%		05/2030	1,656	1,639		0.1		1,656
CHVAC Services Investment, LLC+(5)	One stop				N/A(6)		05/2030	—	(3)		—		—
CHVAC Services Investment, LLC+	One stop	SF +	4.50%	(i)	8.50%		05/2030	61	22		—		61
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.54%		07/2027	5,490	5,448		0.1		5,490
COP Hometown Acquisitions, Inc.*+	Senior secured	SF +	5.25%	(i)	9.54%		07/2027	2,376	2,368		0.1		2,376
COP Hometown Acquisitions, Inc.*+	Senior secured	SF +	5.25%	(i)	9.54%		07/2027	2,314	2,304		0.1		2,314
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.54%		07/2027	1,517	1,510		—		1,517
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.47%		07/2027	1,370	1,368		—		1,370
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.54%		07/2027	1,142	1,137		—		1,142
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.55%		07/2027	1,072	1,067		—		1,072
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.44%		07/2027	1,037	1,036		—		1,037
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.42%		07/2027	913	912		—		913
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.56%		07/2027	688	686		—		688
COP Hometown Acquisitions, Inc.+(5)	Senior secured				N/A(6)		07/2027	—	(1)		—		—
EMS LINQ, LLC+	One stop	SF +	6.25%	(i)	10.55%		12/2027	13,835	13,858		0.4		13,697
EMS LINQ, LLC+	One stop	SF +	6.25%	(i)	10.55%		12/2027	76	74		—		72
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50%	(i)	9.65%		07/2029	4,344	4,347		0.1		4,344
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50%	(i)	9.65%		07/2029	1,263	1,251		—		1,263
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50%	(i)	9.65%		07/2029	14	14		—		14
EWC Growth Partners LLC+	One stop	SF +	6.00%	(i)	10.15%		03/2026	1,074	1,074		—		946
EWC Growth Partners LLC+	One stop	SF +	6.00%	(i)	10.15%		03/2026	916	915		—		806
EWC Growth Partners LLC+	One stop	SF +	6.00%	(i)	10.15%		03/2026	101	101		—		90
EWC Growth Partners LLC+	One stop	SF +	6.00%	(i)	10.15%		03/2026	38	38		—		32
FPG Intermediate Holdco, LLC+	One stop	SF +	5.00%	(i)	9.21%		06/2029	1,060	1,060		—		1,060
FPG Intermediate Holdco, LLC+(26)	One stop	SF +	5.00%	(i)	9.32%	PIK	06/2029	920	920		—		920
FPG Intermediate Holdco, LLC+(26)	One stop	SF +	6.75%	(i)	11.05%	PIK	06/2029	130	129		—		130
FPG Intermediate Holdco, LLC+(26)	Senior secured	SF +	5.00%	(i)	9.32%	PIK	06/2029	4,741	4,470		0.1		4,362
FPG Intermediate Holdco, LLC+(7)(26)	One stop	SF +	5.00%	(i)	9.32%	PIK	06/2029	1,896	1,630		0.1		1,630
FSS Buyer LLC*+	One stop	SF +	4.50%	(h)	8.66%		08/2031	6,880	6,842		0.2		6,880
FSS Buyer LLC+	One stop				N/A(6)		08/2030	—	—		—		—
HS Spa Holdings, Inc.+	One stop	SF +	5.25%	(i)	9.45%		06/2029	11,432	11,417		0.3		11,432
HS Spa Holdings, Inc.+	One stop	SF +	5.25%	(i)	9.56%		06/2029	685	684		—		685
HS Spa Holdings, Inc.+	One stop	P +	4.25%	(a)	11.50%		06/2028	44	43		—		44
Kodiak Buyer, LLC+	One stop	SF +	4.50%	(i)	8.50%		07/2032	614	611		—		611
Kodiak Buyer, LLC+(5)	One stop				N/A(6)		07/2032	—	(1)		—		(1)
Kodiak Buyer, LLC+(5)	One stop				N/A(6)		07/2032	—	(1)		—		(1)
Liminex, Inc.+	One stop	SF +	6.25%	(i)	10.71%		11/2026	35,383	35,364		0.9		35,383
Liminex, Inc.+	One stop	SF +	6.25%	(i)	10.71%		11/2026	23,340	23,301		0.6		23,340

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Liminex, Inc.+	One stop	SF +	6.25%	(i)	10.71%				11/2026		$	20,361	0.5	%	$	20,168
Liminex, Inc.+	One stop	SF +	6.25%	(i)	10.71%				11/2026	15,833	15,733		0.4		15,833
Litera Bidco, LLC*	One stop	SF +	5.00%	(h)	9.16%				05/2028	5,149	5,157		0.1		5,149
Litera Bidco, LLC+	One stop	SF +	5.00%	(h)	9.16%				05/2028	2,055	2,051		0.1		2,055
Litera Bidco, LLC+	One stop	SF +	5.00%	(h)	9.25%				05/2028	52	51		—		52
Litera Bidco, LLC+(5)	One stop				N/A(6)				05/2028	—	(1)		—		—
Mario Purchaser, LLC*+	One stop	SF +	5.75%	(h)	10.01%				04/2029	11,267	11,226		0.3		10,817
Mario Purchaser, LLC+	One stop	SF +	5.75%	(h)	10.01%				04/2029	5,188	5,210		0.1		4,981
Mario Purchaser, LLC+(26)	One stop	SF +	10.75%		15.01%	PIK			04/2032	5,165	5,182		0.1		5,061
Mario Purchaser, LLC+	One stop	SF +	5.75%	(h)	10.01%				04/2029	452	448		—		433
Mario Purchaser, LLC+	One stop	SF +	5.75%	(h)	10.01%				04/2028	54	54		—		50
NSG Buyer, Inc. *+	One stop	SF +	5.00%	(i)	9.00%				11/2029	38,051	37,829		1.0		38,051
NSG Buyer, Inc. +	One stop	SF +	5.00%	(i)	9.00%				11/2028	145	141		—		145
NSG Buyer, Inc. +(5)	One stop				N/A(6)				11/2029	—	(31)		—		—
PADI Holdco, Inc.*	One stop	SF +	5.00%	(i)	9.35%				01/2029	21,134	20,922		0.5		21,134
PADI Holdco, Inc.+(9)	One stop	E +	5.00%	(c)	7.03%				01/2029	20,997	20,216		0.5		20,997
PADI Holdco, Inc.+(9)	One stop	A +	5.50%	(e)	9.10%				01/2029	7,496	7,084		0.2		7,496
PADI Holdco, Inc.+	One stop	SF +	5.00%	(i)	9.46%				01/2029	814	806		—		814
PADI Holdco, Inc.+	One stop	SF +	5.00%	(i)	9.42%				01/2029	1,125	1,119		—		1,125
PADI Holdco, Inc.+	One stop	SF +	5.00%	(i)	9.22%				01/2029	168	167		—		168
Provenance Buyer LLC*+	One stop	SF +	5.50%	(i)	9.60%				06/2027	20,582	20,469		0.5		20,170
Provenance Buyer LLC*+	One stop	SF +	5.50%	(i)	9.60%				06/2027	13,867	13,804		0.4		13,590
Provenance Buyer LLC+	One stop	SF +	5.50%	(i)	9.60%				06/2027	176	172		—		170
RW AM Holdco LLC+	One stop	SF +	5.25%	(i)	9.35%				04/2028	23,613	23,047		0.5		18,182
RW AM Holdco LLC+(5)	One stop				N/A(6)				04/2028	—	(8)		—		(46)
Salisbury House, LLC+	One stop	SF +	5.00%	(i)	9.16%				08/2032	34	33		—		32
Salisbury House, LLC+(5)	One stop				N/A(6)				08/2032	—	(1)		—		(3)
Salisbury House, LLC+	One stop	SF +	5.00%	(h)	9.16%				08/2032	1,498	1,491		—		1,483
Severin Acquisition, LLC+(26)	One stop	SF +	5.00%	(h)	6.91%	cash/	2.25%	PIK	10/2031	35,734	35,435		0.9		35,377
Severin Acquisition, LLC+(5)	One stop				N/A(6)				10/2031	—	(38)		—		(44)
Severin Acquisition, LLC+(26)	One stop	SF +	5.00%	(h)	6.91%	cash/	2.25%	PIK	10/2031	1,249	1,218		—		1,175
Stellar Brands, LLC+	Senior secured	SF +	4.50%	(i)	8.50%				02/2031	7,151	7,103		0.2		7,151
Stellar Brands, LLC+(5)	Senior secured				N/A(6)				02/2031	—	(4)		—		—
Virginia Green Acquisition, LLC*+	One stop	SF +	5.25%	(j)	9.41%				12/2030	3,165	3,198		0.1		3,165
Virginia Green Acquisition, LLC+	One stop				N/A(6)				12/2030	—	—		—		—
Virginia Green Acquisition, LLC+	One stop				N/A(6)				12/2029	—	—		—		—
										454,919	451,016		11.1		445,732
Diversified Financial Services
Baker Tilly Advisory Group, LP+	One stop	SF +	4.75%	(h)	8.91%				06/2031	3,763	3,721		0.1		3,772
Baker Tilly Advisory Group, LP+(5)	One stop				N/A(6)				06/2030	—	(11)		—		—
Baker Tilly Advisory Group, LP+	One stop	SF +	4.50%	(h)	8.66%				06/2031	5,031	5,007		0.1		5,031
Baker Tilly Advisory Group, LP+(5)	One stop				N/A(6)				06/2031	—	(8)		—		—
Banker's Toolbox, Inc.*+	One stop	SF +	4.50%	(h)	8.66%				07/2027	20,358	20,327		0.5		20,205
Banker's Toolbox, Inc.+(5)	One stop				N/A(6)				07/2027	—	—		—		(2)
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop	E +	4.50%	(d)	6.58%				07/2031	17,481	15,981		0.4		17,481
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)(26)	Subordinated debt	E +	7.50%	(d)	9.58%	PIK			07/2032	2,276	2,085		0.1		2,276
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop	E +	4.50%	(d)	6.76%				07/2031	2,476	2,219		0.1		2,476
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop				N/A(6)				07/2031	—	—		—		—
Corsair Blade IV S.A R.L.+(8)(13)(26)	One stop	SF +	5.75%	(i)	9.75%	cash/	0.25%	PIK	12/2030	3,699	3,699		0.1		3,699
Corsair Blade IV S.A R.L.+(8)(9)(13)(26)	One stop	SN +	5.75%	(f)	9.47%	cash/	0.25%	PIK	12/2030	1,191	911		—		1,191
Deerfield Dakota Holding, LLC+(5)	One stop				N/A(6)				09/2032	—	(2)		—		(2)
Deerfield Dakota Holding, LLC+(26)	One stop	SF +	5.75%	(i)	7.06%	cash/	2.75%	PIK	09/2032	1,829	1,810		0.1		1,810

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Equity Methods, LLC+	One stop	SF +	4.75%	(i)	8.75%				04/2032		$	19,736	0.5	%	$	19,829
Equity Methods, LLC+(5)	One stop				N/A(6)				04/2032	—	(17)		—		—
Equity Methods, LLC+(5)	One stop				N/A(6)				04/2032	—	(21)		—		—
Finastra USA, Inc.+(8)(10)	One stop	SF +	7.25%	(i)	11.29%				09/2029	1,490	1,472		—		1,490
Flash Topco, Inc.+	One stop	SF +	5.75%	(i)	10.16%				10/2028	16,919	16,693		0.4		16,750
Flash Topco, Inc.+	One stop	SF +	5.75%	(i)	10.06%				10/2028	3,378	3,364		0.1		3,344
Flash Topco, Inc.+	One stop	SF +	6.50%	(i)	10.80%				10/2028	128	127		—		128
Higginbotham Insurance Agency, Inc.*+	One stop	SF +	4.50%	(h)	8.67%				11/2028	8,011	8,038		0.2		8,011
Higginbotham Insurance Agency, Inc.+	One stop	SF +	4.75%	(h)	8.91%				11/2028	720	718		—		720
Medlar Bidco Limited+(8)(9)(21)	One stop	SN +	5.00%	(f)	8.97%				05/2032	26,485	26,010		0.7		26,485
Medlar Bidco Limited+(8)(9)(21)	One stop	E +	5.00%	(c)	6.97%				05/2032	32,952	31,540		0.8		32,952
Medlar Bidco Limited+(5)(8)(9)(21)	One stop				N/A(6)				05/2032	—	(57)		—		—
Wealth Enhancement Group, LLC+	One stop	SF +	4.50%	(i)	8.79%				10/2028	3,956	3,952		0.1		3,956
Wealth Enhancement Group, LLC+	One stop	SF +	4.50%	(i)	8.79%				10/2028	2,853	2,850		0.1		2,853
Wealth Enhancement Group, LLC+(5)	One stop				N/A(6)				10/2028	—	(1)		—		—
Wealth Enhancement Group, LLC+	One stop	SF +	4.50%	(h)(i)	8.78%				10/2028	1,307	1,291		—		1,307
Wealth Enhancement Group, LLC+(5)	One stop				N/A(6)				10/2028	—	(2)		—		—
										176,132	171,432		4.4		175,762
Diversified Telecommunication Services
NTI Connect, LLC*+	Senior secured	SF +	4.75%	(i)	8.90%				07/2027	1,529	1,525		—	%	1,529
Electric Utilities
Smart Energy Systems, Inc.+(26)	One stop	SF +	7.50%	(i)	8.04%	cash/	3.75%	PIK	01/2030	6,422	6,299		0.2		6,294
Smart Energy Systems, Inc.+(26)	One stop	SF +	7.50%		7.88%				01/2030	707	698		—		693
										7,129	6,997		0.2		6,987
Electrical Equipment
Power Grid Holdings, Inc.+	One stop	SF +	4.75%	(i)	8.75%				12/2030	1,481	1,466		—		1,481
Power Grid Holdings, Inc.+	One stop	SF +	4.75%	(h)(i)	9.67%				12/2030	17	15		—		17
Wildcat TopCo, Inc.+	One stop	SF +	4.75%	(h)	8.91%				11/2031	23,302	23,098		0.6		23,302
Wildcat TopCo, Inc.+	One stop	P +	3.75%	(a)	11.00%				11/2031	112	75		—		112
Wildcat TopCo, Inc.+(5)	One stop				N/A(6)				11/2031	—	(18)		—		—
										24,912	24,636		0.6		24,912
Electronic Equipment, Instruments & Components
CST Holding Company+	One stop	SF +	5.00%	(h)	9.26%				11/2028	33,715	33,006		0.9		33,715
CST Holding Company+(5)	One stop				N/A(6)				11/2028	—	(2)		—		—
										33,715	33,004		0.9		33,715
Food & Staples Retailing
Mendocino Farms, LLC+	One stop	SF +	5.50%	(h)	9.66%				03/2030	991	988		—		991
Mendocino Farms, LLC+	One stop	SF +	5.50%	(h)	9.66%				03/2030	56	56		—		56
Mendocino Farms, LLC+	One stop				N/A(6)				03/2030	—	—		—		—
Mendocino Farms, LLC+	One stop	SF +	5.50%	(h)	9.66%				03/2030	110	110		—		110
Mendocino Farms, LLC+	One stop	SF +	5.50%	(h)	9.66%				03/2030	111	111		—		111
Mendocino Farms, LLC+(5)	One stop				N/A(6)				03/2030	—	(80)		—		—
Mendocino Farms, LLC+	One stop	SF +	5.50%	(h)	9.66%				03/2030	56	56		—		56
Mendocino Farms, LLC+	One stop	SF +	5.50%	(h)	9.66%				03/2030	56	56		—		56
PDI TA Holdings, Inc.+	One stop	SF +	5.50%	(i)	9.81%				02/2031	11,551	11,498		0.3		11,551
PDI TA Holdings, Inc.+	One stop	SF +	5.50%	(i)	9.81%				02/2031	35	35		—		35
Wineshipping.com LLC+(5)	One stop				N/A(6)				12/2028	—	—		—		(205)
Wineshipping.com LLC+(26)	One stop	SF +	6.25%	(i)	5.15%	cash/	5.25%	PIK	12/2028	10,615	10,478		0.2		8,492
Wineshipping.com LLC+(26)	One stop	SF +	6.25%	(i)	5.15%	cash/	5.25%	PIK	12/2028	286	282		—		229
Wineshipping.com LLC+(26)	One stop	SF +	6.25%	(i)	5.15%	cash/	5.25%	PIK	12/2028	200	194		—		154
										24,067	23,784		0.5		21,636

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Food Products
Blast Bidco Inc.+	One stop	SF +	6.00%	(i)	10.00%				10/2030		$	4,804	0.1	%	$	4,855
Blast Bidco Inc.+(5)	One stop				N/A(6)				10/2029	—	(5)		—		—
Borrower R365 Holdings, LLC+	One stop	SF +	6.00%	(i)	10.15%				06/2027	18,823	18,816		0.5		18,823
Borrower R365 Holdings, LLC+	One stop	SF +	6.00%	(i)	10.15%				06/2027	1,556	1,549		—		1,556
Borrower R365 Holdings, LLC+	One stop	SF +	6.00%	(i)	10.15%				06/2027	231	231		—		231
Borrower R365 Holdings, LLC+	One stop				N/A(6)				06/2027	—	—		—		—
Eagle Family Foods Group, LLC+	One stop	SF +	5.00%	(i)(j)	9.19%				08/2030	12,878	12,774		0.3		12,878
Eagle Family Foods Group, LLC+(5)	One stop				N/A(6)				08/2030	—	(12)		—		—
Kodiak Cakes, LLC*+	Senior secured	SF +	5.25%	(j)	9.38%				06/2028	45,911	45,609		1.2		45,911
Kodiak Cakes, LLC+(5)	Senior secured				N/A(6)				06/2028	—	(3)		—		—
Louisiana Fish Fry Products, Ltd.*+	One stop	SF +	6.25%	(i)	10.40%				07/2027	13,559	13,530		0.3		13,559
Louisiana Fish Fry Products, Ltd.+	One stop	SF +	6.25%	(i)	10.52%				07/2027	254	251		—		254
MAPF Holdings, Inc.+	One stop	SF +	6.50%	(i)	10.50%				12/2026	51,438	51,285		1.3		49,895
MAPF Holdings, Inc.+	One stop	SF +	6.50%	(i)	10.50%				12/2026	540	533		—		522
MAPF Holdings, Inc.+	One stop	SF +	6.50%	(i)	10.50%				12/2026	1,649	1,624		—		1,600
MAPF Holdings, Inc.+(26)	One stop	N/A			19.00%	PIK			12/2026	2,273	2,258		0.1		2,091
P&P Food Safety Holdings, Inc.*+	One stop	SF +	5.25%	(i)	9.25%				05/2029	13,105	13,193		0.3		13,105
P&P Food Safety Holdings, Inc.+(5)	One stop				N/A(6)				05/2029	—	(7)		—		—
P&P Food Safety Holdings, Inc.+(9)	One stop	E +	5.50%	(c)	7.48%				05/2029	12,104	11,734		0.3		12,104
P&P Food Safety Holdings, Inc.+(5)	One stop				N/A(6)				05/2029	—	(28)		—		—
Sphynx UK Bidco, Ltd.+(8)(9)(10)	One stop	A +	4.75%	(e)	8.35%				08/2032	310	303		—		308
Sphynx UK Bidco, Ltd.+(8)(9)(10)	One stop	E +	4.75%	(c)	6.82%				08/2032	304	300		—		302
Sphynx UK Bidco, Ltd.+(8)(9)(10)	One stop	SN +	4.75%	(f)	8.72%				08/2032	1,407	1,393		—		1,398
Wizard Bidco Limited+(8)(10)	One stop	SF +	6.50%	(i)	10.50%				03/2029	22,740	22,660		0.6		22,740
Wizard Bidco Limited+(8)(9)(10)(26)	One stop	SN +	5.50%	(f)	7.97%	cash/	1.50%	PIK	03/2029	11,201	10,773		0.3		11,201
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	6.50%	(f)	10.47%				03/2029	8,366	7,726		0.2		8,366
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	5.25%	(f)	9.22%				09/2028	174	159		—		174
Zullas, L.C.+	One stop	SF +	4.75%	(h)	8.91%				06/2031	24	23		—		24
Zullas, L.C.+	One stop	SF +	4.75%	(h)	8.91%				06/2031	439	437		—		439
Zullas, L.C.+(5)	One stop				N/A(6)				06/2031	—	(2)		—		—
										224,141	221,908		5.5		222,336
Healthcare Equipment & Supplies
Aspen Medical Products, LLC*+	One stop	SF +	4.75%	(h)	8.91%				06/2028	7,013	6,981		0.2		7,013
Aspen Medical Products, LLC+	One stop	SF +	4.75%	(h)	8.91%				06/2028	455	453		—		455
Aspen Medical Products, LLC+(5)	One stop				N/A(6)				06/2028	—	(1)		—		—
Aspen Medical Products, LLC+	One stop	SF +	4.75%	(h)	8.91%				06/2028	890	883		—		890
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	6.45%	(g)	10.83%				08/2028	7,745	7,748		0.2		7,745
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	6.45%	(c)	8.48%				08/2028	4,863	4,788		0.1		4,863
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	6.45%	(g)	10.83%				08/2028	1,912	1,912		0.1		1,912
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SN +	6.45%	(f)	10.54%				08/2028	1,360	1,350		—		1,360
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	6.45%	(c)	8.43%				08/2028	1,160	1,092		—		1,160
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SN +	6.45%	(f)	10.54%				08/2028	1,205	1,163		—		1,205
Belmont Instrument, LLC*+	One stop	SF +	5.25%	(i)	9.25%				08/2028	14,356	14,276		0.4		14,356
Belmont Instrument, LLC+(5)	One stop				N/A(6)				08/2028	—	(2)		—		—
Blades Buyer, Inc.*+	Senior secured	SF +	5.00%	(h)	9.38%				03/2028	12,160	12,132		0.3		12,160
Blades Buyer, Inc.*+	Senior secured	SF +	5.25%	(h)	9.63%				03/2028	1,725	1,715		0.1		1,725
Blades Buyer, Inc.+	Senior secured	SF +	5.00%	(h)	9.38%				03/2028	1,395	1,389		—		1,395
Blades Buyer, Inc.+(5)	Senior secured				N/A(6)				03/2028	—	(1)		—		—
Blades Buyer, Inc.+	Senior secured	SF +	5.00%	(h)	9.38%				03/2028	6,897	6,876		0.2		6,897
Blades Buyer, Inc.+	Senior secured	SF +	5.00%	(h)	9.38%				03/2028	1,721	1,714		0.1		1,721
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.01%				08/2029	12	12		—		12
Blue River Pet Care, LLC+	One stop				N/A(6)				08/2029	—	—		—		—

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Blue River Pet Care, LLC*+	One stop	SF +	5.75%	(h)	10.01%				08/2029		$	62,149	1.6	%	$	62,286
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.01%				08/2029	12,335	12,392		0.3		12,335
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.01%				08/2029	2,876	2,890		0.1		2,876
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.01%				08/2029	2,764	2,777		0.1		2,764
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.01%				08/2029	2,737	2,750		0.1		2,737
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.01%				08/2029	2,104	2,114		0.1		2,104
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.01%				08/2029	1,246	1,242		—		1,246
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.01%				08/2029	414	412		—		414
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.01%				08/2029	510	507		—		510
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.01%				08/2029	292	291		—		292
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.01%				08/2029	297	295		—		297
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.01%				08/2029	256	255		—		256
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.01%				08/2029	225	225		—		225
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.01%				08/2029	1	1		—		1
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.01%				08/2029	4	4		—		4
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(i)	9.97%				08/2029	1	1		—		1
Centegix Intermediate II, LLC+	One stop	SF +	5.50%	(i)	9.69%				08/2032	1,360	1,353		—		1,353
Centegix Intermediate II, LLC+(5)	One stop				N/A(6)				08/2032	—	(1)		—		(1)
Centegix Intermediate II, LLC+(5)	One stop				N/A(6)				08/2032	—	(2)		—		(2)
CCSL Holdings, LLC*	One stop	SF +	5.75%	(h)	9.91%				12/2028	20,842	20,806		0.5		20,842
CCSL Holdings, LLC*+	One stop	SF +	5.75%	(h)	9.91%				12/2028	5,627	5,640		0.1		5,627
CCSL Holdings, LLC+(9)	One stop	SN +	5.75%	(f)	9.72%				12/2028	3,562	3,328		0.1		3,562
CCSL Holdings, LLC+	One stop	SF +	5.75%	(h)	9.91%				12/2028	3,462	3,438		0.1		3,462
CCSL Holdings, LLC*+	One stop	SF +	5.75%	(h)	9.91%				12/2028	2,877	2,856		0.1		2,877
CCSL Holdings, LLC+	One stop	SF +	5.75%	(h)	9.91%				12/2028	320	319		—		320
CCSL Holdings, LLC+	One stop	SF +	5.75%	(h)	9.91%				12/2028	975	971		—		975
CCSL Holdings, LLC+(9)	One stop	E +	5.75%	(b)	7.66%				12/2028	34,411	31,750		0.9		34,411
CCSL Holdings, LLC+(9)	One stop	E +	5.75%	(b)	7.66%				12/2028	6,741	5,992		0.2		6,741
CCSL Holdings, LLC+	One stop	SF +	5.75%	(h)	9.91%				12/2028	2,767	2,755		0.1		2,767
CCSL Holdings, LLC+	One stop	SF +	5.75%	(h)	9.91%				12/2028	2,202	2,192		0.1		2,202
CMI Parent Inc.*	One stop	SF +	5.00%	(h)	9.16%				12/2026	22,355	22,298		0.6		22,355
CMI Parent Inc.*+	One stop	SF +	5.00%	(h)	9.16%				12/2026	19,679	19,733		0.5		19,679
CMI Parent Inc.*+	Senior secured	SF +	5.00%	(h)	9.16%				12/2026	9,435	9,426		0.2		9,435
CMI Parent Inc.*+	One stop	SF +	5.00%	(h)	9.16%				12/2026	8,852	8,842		0.2		8,852
CMI Parent Inc.+	One stop				N/A(6)				12/2026	—	—		—		—
HuFriedy Group Acquisition, LLC+	One stop	SF +	5.50%	(i)	9.70%				06/2031	7,851	7,788		0.2		7,851
HuFriedy Group Acquisition, LLC+(5)	One stop				N/A(6)				05/2030	—	(7)		—		—
HuFriedy Group Acquisition, LLC+	One stop	SF +	5.50%	(i)	9.51%				06/2031	1,519	1,494		—		1,519
Isto Group, Inc.+	One stop				N/A(6)				09/2032	—	—		—		—
Isto Group, Inc.+	One stop	SF +	4.75%	(i)	8.77%				09/2032	588	585		—		585
Isto Group, Inc.+(5)	One stop				N/A(6)				09/2032	—	(2)		—		(2)
JHC Investment Intermediate Holdings, LLC+(26)	One stop	SF +	8.75%	(i)	7.16%	cash/	6.00%	PIK	03/2029	1,235	1,235		—		1,235
JHC Investment Intermediate Holdings, LLC+(26)	One stop	SF +	8.75%	(i)	7.16%	cash/	6.00%	PIK	03/2029	922	746		—		922
RTI Surgical, Inc.+(5)	One stop				N/A(6)				09/2032	—	(2)		—		(2)
RTI Surgical, Inc.+	One stop	SF +	4.75%	(i)	8.75%				09/2032	1,667	1,658		—		1,658
TIDI Legacy Products, Inc.+	One stop	SF +	4.50%	(h)	8.66%				12/2029	3,485	3,538		0.1		3,485
TIDI Legacy Products, Inc.+	One stop				N/A(6)				12/2029	—	—		—		—
TIDI Legacy Products, Inc.+	One stop				N/A(6)				12/2029	—	—		—		—
YI, LLC+	One stop	SF +	5.75%	(h)	9.90%				12/2029	4,385	4,384		0.1		4,342
YI, LLC+(5)	One stop				N/A(6)				12/2029	—	(1)		—		(2)
										320,336	315,897		8.1		320,265

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Healthcare Providers & Services
AAH TOPCO, LLC *+	One stop	SF +	5.25%	(h)	9.51%				12/2027		$	8,547	0.2	%	$	8,604
AAH TOPCO, LLC +	One stop	SF +	5.25%	(h)	9.51%				12/2027	8,069	8,099		0.2		8,090
AAH TOPCO, LLC +	One stop	SF +	5.25%	(h)	9.51%				12/2027	3,469	3,483		0.1		3,477
AAH TOPCO, LLC +(26)	Subordinated debt	N/A			11.50%	PIK			12/2031	3,063	2,963		0.1		3,032
AAH TOPCO, LLC +(5)	One stop				N/A(6)				12/2027	—	(1)		—		—
AAH TOPCO, LLC +	One stop	SF +	5.00%	(h)	9.16%				12/2027	778	742		—		778
Active Day, Inc.*+	One stop	SF +	5.00%	(h)	9.26%				05/2026	17,209	17,184		0.4		17,209
Active Day, Inc.+(5)	One stop				N/A(6)				05/2026	—	(14)		—		—
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.26%				05/2026	1,328	1,327		—		1,328
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.26%				05/2026	856	855		—		856
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.26%				05/2026	682	681		—		682
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.26%				05/2026	602	601		—		602
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.26%				05/2026	592	591		—		592
Active Day, Inc.+	One stop				N/A(6)				05/2026	—	—		—		—
Active Day, Inc.+	One stop	SF +	5.00%	(h)	N/A				05/2026	—	—		—		—
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.26%				05/2026	6,594	6,574		0.2		6,594
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(i)	10.22%				03/2027	16,012	15,973		0.4		16,052
Acuity Eyecare Holdings, LLC+(26)	One stop	N/A			16.50%	PIK			06/2027	16,812	16,740		0.4		16,980
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.40%				03/2027	3,954	3,945		0.1		3,964
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.46%				03/2027	3,522	3,514		0.1		3,531
Acuity Eyecare Holdings, LLC*+	One stop	SF +	6.25%	(i)	10.40%				03/2027	3,504	3,494		0.1		3,513
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.40%				03/2027	3,106	3,098		0.1		3,114
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(i)	10.37%				03/2027	1,986	1,981		0.1		1,991
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.40%				03/2027	1,810	1,805		0.1		1,814
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(i)	10.34%				03/2027	1,013	1,010		—		1,015
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.40%				03/2027	439	437		—		440
Acuity Eyecare Holdings, LLC+(26)	One stop	SF +	13.00%	(i)	10.40%	cash/	6.75%	PIK	03/2027	294	294		—		307
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(i)	10.45%				03/2027	210	209		—		210
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.40%				03/2027	162	161		—		162
Acuity Eyecare Holdings, LLC+(26)	One stop	SF +	13.00%	(i)	10.45%	cash/	6.75%	PIK	03/2027	115	115		—		120
Acuity Eyecare Holdings, LLC+	Senior secured	SF +	6.25%	(i)	10.67%				03/2027	107	106		—		107
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.40%				03/2027	1	1		—		1
Acuity Eyecare Holdings, LLC+	One stop				N/A(6)				03/2027	—	—		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)	Subordinated debt	N/A			13.75%	PIK			03/2028	18,211	18,347		0.5		18,211
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC*+	One stop	SF +	6.00%	(i)	10.30%				03/2027	6,353	6,359		0.2		6,353
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00%	(i)	10.30%				03/2027	5,310	5,310		0.1		5,310
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)	Subordinated debt	N/A			13.75%	PIK			03/2028	3,960	3,945		0.1		3,960
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)	Subordinated debt	N/A			13.75%	PIK			03/2028	1,513	1,507		—		1,513
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00%	(i)	10.41%				03/2027	829	828		—		829
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00%	(i)	10.40%				03/2027	393	393		—		393
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop				N/A(6)				03/2027	—	—		—		—
Bamboo US Bidco LLC*+	One stop	SF +	5.25%	(i)	9.56%				09/2030	2,713	2,664		0.1		2,713
Bamboo US Bidco LLC+(9)	One stop	E +	5.25%	(c)	7.28%				09/2030	1,981	1,747		0.1		1,981
Bamboo US Bidco LLC+	One stop	SF +	5.25%	(i)	9.56%				09/2030	415	414		—		415
Bamboo US Bidco LLC+	One stop	SF +	5.25%	(h)(i)	9.48%				09/2030	1,257	1,252		—		1,257
Bamboo US Bidco LLC+	One stop				N/A(6)				09/2030	—	—		—		—
Bamboo US Bidco LLC+(5)	One stop				N/A(6)				10/2029	—	(10)		—		—

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)		Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Bayou Intermediate II, LLC+(5)	One stop				N/A(6)		09/2032		$	(1)	—	%	$	(2)
Bayou Intermediate II, LLC+	One stop	SF +	4.75%	(i)	8.76%		09/2032	1,410	1,403		—		1,396
Bayou Intermediate II, LLC+(5)	One stop				N/A(6)		09/2032	—	(2)		—		(4)
Benefit Plan Administrators of Eau Claire, LLC*	One stop	SF +	5.00%	(i)	9.29%		11/2030	12,973	12,904		0.3		12,973
Benefit Plan Administrators of Eau Claire, LLC+	One stop	SF +	5.00%	(i)	9.29%		11/2030	9,950	9,894		0.3		9,950
Benefit Plan Administrators of Eau Claire, LLC+(5)	One stop				N/A(6)		11/2030	—	(12)		—		—
Benefit Plan Administrators of Eau Claire, LLC+(5)	One stop				N/A(6)		11/2030	—	(38)		—		—
BHG Holdings, LLC+	One stop	SF +	5.25%	(h)	9.41%		04/2032	24,794	24,590		0.6		24,794
BHG Holdings, LLC+(5)	One stop				N/A(6)		04/2032	—	(26)		—		—
BHG Holdings, LLC+(5)	One stop				N/A(6)		04/2032	—	(58)		—		—
Community Care Partners, LLC+	One stop	SF +	6.00%	(h)	10.27%		06/2026	3,454	3,411		0.1		3,454
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(10)	One stop	SF +	5.00%	(j)	9.29%		04/2031	771	759		—		771
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(9)(10)	One stop	SN +	5.00%	(f)	8.97%		04/2031	481	446		—		481
Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)	One stop				N/A(6)		04/2031	—	(1)		—		—
Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)	One stop				N/A(6)		10/2030	—	(2)		—		—
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.10%		02/2027	15,593	15,237		0.4		15,593
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.10%		02/2027	8,137	7,954		0.2		8,137
Encorevet Group LLC+	One stop	SF +	6.75%	(h)(i)	11.10%		02/2027	4,209	4,167		0.1		4,209
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.10%		02/2027	2,140	2,092		0.1		2,140
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.10%		02/2027	1,889	1,871		0.1		1,889
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.10%		02/2027	1,176	1,152		—		1,176
Encorevet Group LLC+	One stop	SF +	6.75%	(h)(i)	11.10%		02/2027	977	945		—		977
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.10%		02/2027	962	939		—		962
Encorevet Group LLC+	One stop	SF +	6.75%	(h)(i)	11.10%		02/2027	921	899		—		921
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.10%		02/2027	834	814		—		834
Encorevet Group LLC+	One stop	SF +	6.75%	(h)(i)	11.10%		02/2027	423	409		—		423
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.10%		02/2027	358	349		—		358
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.10%		02/2027	175	171		—		175
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.10%		02/2027	168	163		—		168
Encorevet Group LLC+	One stop	SF +	8.75%	(h)(i)	13.09%		02/2027	155	154		—		157
Encorevet Group LLC+(26)	One stop	N/A			13.00%	PIK	05/2027	109	103		—		106
Encorevet Group LLC+	One stop	SF +	6.75%	(i)(j)	11.01%		02/2027	94	92		—		94
ERC Topco Holdings, LLC+(26)	One stop	SF +	6.76%	(i)	10.76%	PIK	03/2030	7,661	7,082		0.2		6,512
ERC Topco Holdings, LLC+	One stop	SF +	5.50%	(i)	9.78%		03/2030	1,145	1,076		—		1,145
ERC Topco Holdings, LLC+(26)	One stop	SF +	5.50%	(i)	9.76%		03/2030	76	76		—		76
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75%	(k)	8.62%		03/2027	10,951	11,344		0.3		10,951
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75%	(k)	8.62%		03/2027	3,958	4,083		0.1		3,958
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75%	(k)	8.62%		03/2027	2,696	2,794		0.1		2,696
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75%	(k)	8.62%		03/2027	2,566	2,654		0.1		2,566
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)	One stop	SF +	5.75%	(i)	10.21%		03/2027	1,105	1,105		—		1,105
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)	One stop	SF +	5.75%	(i)	10.21%		03/2027	554	554		—		554
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75%	(k)	8.62%		03/2027	468	474		—		468
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%	(i)	9.23%		06/2028	2,506	2,514		0.1		2,506
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%	(i)	9.11%		06/2028	1,190	1,184		—		1,190
Heartland Veterinary Partners LLC+	Senior secured				N/A(6)		06/2028	—	—		—		—
HP TLE Buyer, Inc.+	One stop	SF +	4.75%	(i)	8.75%		07/2032	1,639	1,631		0.1		1,631

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)		Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
HP TLE Buyer, Inc.+(5)	One stop				N/A(6)		07/2032		$	(2)	—	%	$	(2)
Klick Inc.*+(8)(12)	Senior secured	SF +	4.50%	(h)	8.66%		03/2028	13,488	13,507		0.3		13,488
Klick Inc.*(8)(12)	Senior secured	SF +	4.50%	(h)	8.66%		03/2028	3,155	3,144		0.1		3,155
Klick Inc.+(5)(8)(12)	Senior secured				N/A(6)		03/2028	—	(1)		—		—
Krueger-Gilbert Health Physics, LLC*+	Senior secured	SF +	5.25%	(i)	9.25%		11/2026	2,572	2,565		0.1		2,572
Krueger-Gilbert Health Physics, LLC*+	Senior secured	SF +	5.25%	(i)	9.25%		11/2026	2,362	2,355		0.1		2,362
Krueger-Gilbert Health Physics, LLC*	Senior secured	SF +	5.25%	(i)	9.25%		11/2026	1,509	1,507		—		1,509
Krueger-Gilbert Health Physics, LLC*+	Senior secured	SF +	5.25%	(i)	9.25%		11/2026	1,386	1,381		—		1,386
Krueger-Gilbert Health Physics, LLC+	One stop	SF +	5.25%	(i)	9.25%		11/2026	664	663		—		664
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.25%	(i)	9.25%		11/2026	608	607		—		608
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.25%	(i)	9.25%		11/2026	90	90		—		90
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.25%	(i)	9.27%		11/2026	183	182		—		183
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.25%	(i)	9.25%		11/2026	297	297		—		297
LOV Acquisition LLC+	Senior secured	SF +	4.25%	(h)	8.41%		11/2031	25,123	25,012		0.6		25,123
LOV Acquisition LLC+(5)	Senior secured				N/A(6)		11/2031	—	(12)		—		—
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)(26)	One stop	CA +	5.50%	(l)	7.96%	PIK	05/2028	25,477	27,846		0.7		25,477
New Look Corporation and New Look Vision Group Inc. *+(8)(12)	One stop	SF +	5.50%	(i)	9.50%		05/2028	5,821	5,759		0.2		5,821
New Look Corporation and New Look Vision Group Inc. *+(8)(12)	One stop	SF +	5.50%	(i)	9.50%		05/2028	4,107	4,041		0.1		4,107
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)	One stop	CA +	5.50%	(l)	7.96%		05/2028	1,578	1,682		0.1		1,578
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)	One stop	CA +	5.50%	(l)	7.96%		05/2028	822	861		—		822
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)	One stop	CA +	5.50%	(l)	7.95%		05/2028	154	142		—		154
New Look Corporation and New Look Vision Group Inc. +(8)(12)(26)	One stop	SF +	5.50%	(i)	9.50%	PIK	05/2028	130	125		—		130
New Look Corporation and New Look Vision Group Inc. +(5)(8)(12)	One stop				N/A(6)		05/2028	—	(2)		—		—
Pinnacle Treatment Centers, Inc.*	One stop	SF +	5.75%	(i)	9.95%		01/2027	18,134	18,002		0.5		17,952
Pinnacle Treatment Centers, Inc.*	One stop	SF +	5.75%	(i)	9.95%		01/2027	12,147	12,092		0.3		12,026
Pinnacle Treatment Centers, Inc.*+	One stop	SF +	5.75%	(i)	9.95%		01/2027	2,442	2,431		0.1		2,418
Pinnacle Treatment Centers, Inc.*	One stop	SF +	5.75%	(i)	9.95%		01/2027	2,360	2,348		0.1		2,336
Pinnacle Treatment Centers, Inc.*+	One stop	SF +	5.75%	(i)	9.95%		01/2027	1,491	1,485		—		1,477
Pinnacle Treatment Centers, Inc.*+	One stop	SF +	5.75%	(i)	9.95%		01/2027	1,354	1,348		—		1,340
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75%	(i)	9.95%		01/2027	673	671		—		666
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75%	(i)	9.95%		01/2027	528	523		—		522
Pinnacle Treatment Centers, Inc.+	One stop	P +	4.50%	(a)	11.75%		01/2027	522	503		—		502
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75%	(i)	9.95%		01/2027	178	176		—		176
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75%	(i)	9.95%		01/2027	102	101		—		101
Premise Health Holding Corp.+	One stop	SF +	5.25%	(i)	9.25%		03/2031	1,377	1,372		—		1,377
PPV Intermediate Holdings, LLC*+	One stop	SF +	5.75%	(i)	9.95%		08/2029	14,046	13,983		0.4		14,046
PPV Intermediate Holdings, LLC+(26)	One stop	N/A			14.75%	PIK	08/2030	10,340	10,398		0.3		10,522
PPV Intermediate Holdings, LLC+	One stop	SF +	5.25%	(i)	9.45%		08/2029	5,488	5,410		0.1		5,488
PPV Intermediate Holdings, LLC+(26)	One stop	N/A			13.75%	PIK	08/2030	2,063	2,036		0.1		2,063
PPV Intermediate Holdings, LLC+(26)	One stop	N/A			13.75%	PIK	08/2030	477	472		—		477
PPV Intermediate Holdings, LLC+(26)	One stop	N/A			13.75%	PIK	08/2030	86	83		—		86
PPV Intermediate Holdings, LLC+(26)	One stop	N/A			13.75%	PIK	08/2030	87	87		—		87
PPV Intermediate Holdings, LLC+(5)	One stop				N/A(6)		08/2029	—	(7)		—		—
Premise Health Holding Corp.+(5)	One stop				N/A(6)		03/2030	—	(1)		—		—
Pyramid Healthcare Acquisition Corp.*+	One stop	SF +	4.75%	(i)	9.21%		05/2027	24,839	24,876		0.6		24,839
Pyramid Healthcare Acquisition Corp.*+	One stop	SF +	4.75%	(i)	9.21%		05/2027	2,569	2,559		0.1		2,569
Pyramid Healthcare Acquisition Corp.*+	One stop	SF +	4.75%	(i)	9.14%		05/2027	2,147	2,143		0.1		2,147
Pyramid Healthcare Acquisition Corp.*+	One stop	SF +	4.75%	(i)	9.10%		05/2027	1,180	1,178		—		1,180

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Pyramid Healthcare Acquisition Corp.*+	One stop	SF +	4.75%	(i)	9.18%				05/2027		$	1,079	—	%	$	1,081
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(i)	9.21%				05/2027	729	728		—		729
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(i)	9.21%				05/2027	243	242		—		243
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(i)	9.21%				05/2027	213	213		—		213
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(i)	9.21%				05/2027	200	200		—		200
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(i)	9.10%				05/2027	200	200		—		200
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(i)	9.21%				05/2027	78	78		—		78
Pyramid Healthcare Acquisition Corp.+(5)	One stop				N/A(6)				05/2027	—	(1)		—		—
Suveto Buyer, LLC*+	One stop	SF +	4.50%	(h)	8.66%				09/2027	27,459	27,455		0.7		27,459
Suveto Buyer, LLC+	One stop	SF +	4.50%	(h)	8.66%				09/2027	11,180	11,096		0.3		11,180
Suveto Buyer, LLC+(5)	One stop				N/A(6)				09/2027	—	(2)		—		—
										512,013	511,926		12.9		510,894
Healthcare Technology
Amberfield Acquisition Co.*+	One stop	SF +	5.50%	(i)	9.50%				05/2030	7,138	7,110		0.2		7,138
Amberfield Acquisition Co.+	One stop	SF +	5.50%	(i)	9.50%				05/2030	176	169		—		176
Amberfield Acquisition Co.+	One stop	SF +	5.50%	(i)	9.50%				05/2030	164	162		—		164
Color Intermediate, LLC*+	Senior secured	SF +	4.75%	(i)	8.85%				10/2029	17,388	17,354		0.4		17,388
Connexin Software, Inc.+	One stop	SF +	6.25%	(i)	10.40%				03/2027	11,759	11,742		0.3		11,759
Connexin Software, Inc.+	One stop				N/A(6)				03/2027	—	—		—		—
Crow River Buyer, Inc.+	One stop	SF +	6.00%	(i)	10.31%				01/2029	6,032	6,019		0.2		6,032
Crow River Buyer, Inc.+(5)	One stop				N/A(6)				01/2029	—	(1)		—		—
Crow River Buyer, Inc.+	One stop	SF +	6.00%	(h)	10.17%				01/2029	8,700	8,630		0.2		8,700
ESO Solution, Inc.+	One stop	SF +	6.75%	(i)	10.95%				05/2027	11,359	11,376		0.3		11,359
ESO Solution, Inc.+	One stop	SF +	6.75%	(i)	10.95%				05/2027	3,803	3,761		0.1		3,803
ESO Solution, Inc.+	One stop	SF +	6.75%	(i)	10.95%				03/2027	142	142		—		142
GHX Ultimate Parent Corporation+	One stop	SF +	4.75%	(i)	8.75%				12/2031	53,749	53,270		1.4		53,749
GHX Ultimate Parent Corporation+(5)	One stop				N/A(6)				12/2031	—	(45)		—		—
Healthmark Holdings, L.P.+(5)	One stop				N/A(6)				07/2032	—	(1)		—		(2)
Healthmark Holdings, L.P.+(5)	One stop				N/A(6)				07/2032	—	(2)		—		(2)
Healthmark Holdings, L.P.+	One stop	SF +	4.50%	(i)	8.70%				07/2032	1,499	1,492		—		1,484
Kona Buyer, LLC+	One stop	SF +	4.50%	(i)	8.82%				07/2031	15,713	15,583		0.4		15,713
Kona Buyer, LLC+(5)	One stop				N/A(6)				07/2031	—	(15)		—		—
Kona Buyer, LLC+	One stop	SF +	4.50%	(i)	8.82%				07/2031	922	922		—		922
Kona Buyer, LLC+	One stop	SF +	4.50%	(i)	8.82%				07/2031	259	258		—		259
Kona Buyer, LLC+	One stop				N/A(6)				07/2031	—	—		—		—
Kona Buyer, LLC+	One stop				N/A(6)				07/2031	—	—		—		—
Kona Buyer, LLC+	One stop				N/A(6)				07/2031	—	—		—		—
Kona Buyer, LLC+	One stop				N/A(6)				07/2031	—	—		—		—
Lacker Bidco Limited+(8)(9)(10)	One stop	SN +	5.75%	(f)	9.72%				02/2031	637	600		—		631
Lacker Bidco Limited+(8)(9)(10)	One stop	SN +	5.75%	(f)	9.72%				02/2031	529	516		—		521
Lacker Bidco Limited+(5)(8)(9)(10)	One stop				N/A(6)				08/2030	—	(2)		—		(1)
Modernizing Medicine, Inc.+(26)	One stop	SF +	4.75%	(i)	6.50%	cash/	2.25%	PIK	04/2032	32,379	32,078		0.8		32,379
Modernizing Medicine, Inc.+(5)	One stop				N/A(6)				04/2032	—	(28)		—		—
Neptune Holdings, Inc.*	One stop	SF +	4.50%	(i)	8.50%				09/2030	16,017	16,099		0.4		16,017
Neptune Holdings, Inc.+	One stop				N/A(6)				08/2029	—	—		—		—
Netsmart Technologies, Inc.+(26)	One stop	SF +	4.95%	(h)	6.66%	cash/	2.45%	PIK	08/2031	52,670	52,239		1.3		52,670
Netsmart Technologies, Inc.+(5)	One stop				N/A(6)				08/2031	—	(59)		—		—
Netsmart Technologies, Inc.+(5)	One stop				N/A(6)				08/2031	—	(29)		—		—
Plasma Buyer LLC+	One stop	SF +	5.75%	(i)	10.05%				05/2029	7,975	7,821		0.2		6,778
Plasma Buyer LLC+	One stop	SF +	6.25%	(i)	10.55%				05/2029	301	296		—		256
Plasma Buyer LLC+	One stop	SF +	5.75%	(i)	10.05%				05/2028	110	108		—		94
QF Holdings, Inc.+	One stop	SF +	4.75%	(i)	9.06%				12/2027	924	921		—		924
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.85%	cash/	3.50%	PIK	11/2025	11,513	11,478		0.3		11,628

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.85%	cash/	3.50%	PIK	11/2025		$	11,173	0.3	%	$	11,319
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.85%	cash/	3.50%	PIK	11/2025	7,383	7,361		0.2		7,457
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.85%	cash/	3.50%	PIK	11/2025	1,899	1,893		0.1		1,918
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.85%	cash/	3.50%	PIK	11/2025	1,688	1,683		0.1		1,704
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.85%	cash/	3.50%	PIK	11/2025	1,266	1,262		—		1,278
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.85%	cash/	3.50%	PIK	11/2025	1,054	1,051		—		1,065
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.85%	cash/	3.50%	PIK	11/2025	844	841		—		852
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.85%	cash/	3.50%	PIK	11/2025	168	168		—		170
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.85%	cash/	3.50%	PIK	11/2025	90	90		—		90
Transaction Data Systems, Inc.*+	One stop	SF +	4.25%	(i)	8.40%				08/2026	74,490	74,392		1.9		74,490
Transaction Data Systems, Inc.+	One stop				N/A(6)				08/2026	—	—		—		—
										361,947	359,878		9.1		361,024
Hotels, Restaurants & Leisure
Barteca Restaurants, LLC*+	One stop	SF +	6.00%	(i)(j)	10.34%				08/2028	13,540	13,520		0.3		13,540
Barteca Restaurants, LLC+	One stop	SF +	6.00%	(j)	10.38%				08/2028	683	679		—		683
Barteca Restaurants, LLC+	One stop	SF +	6.00%	(i)	10.15%				08/2028	466	437		—		466
Barteca Restaurants, LLC+	One stop	SF +	6.00%	(i)(j)	10.25%				08/2028	200	199		—		200
BJH Holdings III Corp.*+	One stop	SF +	5.00%	(i)	9.00%				08/2027	69,569	69,371		1.8		69,569
BJH Holdings III Corp.+	One stop	SF +	5.00%	(i)	9.00%				08/2027	5,547	5,492		0.1		5,547
BJH Holdings III Corp.+	One stop	SF +	5.00%	(h)(i)	9.07%				08/2027	576	569		—		576
Cafe Rio Holding, Inc.*+	One stop	SF +	5.75%	(i)	10.21%				09/2028	17,815	17,815		0.5		17,636
Cafe Rio Holding, Inc.*+	One stop	SF +	5.75%	(i)	10.21%				09/2028	3,177	3,166		0.1		3,145
Cafe Rio Holding, Inc.*+	One stop	SF +	5.75%	(i)	10.21%				09/2028	2,134	2,134		0.1		2,113
Cafe Rio Holding, Inc.*	One stop	SF +	5.75%	(i)	10.21%				09/2028	1,354	1,354		—		1,340
Cafe Rio Holding, Inc.*+	One stop	SF +	5.75%	(i)	10.21%				09/2028	1,195	1,195		—		1,184
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(h)(i)	9.95%				09/2028	112	112		—		110
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(i)	10.21%				09/2028	171	171		—		170
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(i)	10.21%				09/2028	123	122		—		122
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(i)	10.21%				09/2028	98	97		—		97
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(i)	10.21%				09/2028	96	95		—		95
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(i)	10.21%				09/2028	78	77		—		77
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(i)	10.21%				09/2028	49	49		—		49
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(i)	10.21%				09/2028	55	55		—		55
Crumbl Enterprises, LLC+	One stop	SF +	4.50%	(i)	8.50%				05/2032	32,326	32,174		0.8		32,326
Crumbl Enterprises, LLC+	One stop	SF +	4.50%	(i)	8.50%				05/2032	421	409		—		421
ESN Venture Holdings, LLC*+(26)	One stop	SF +	6.26%	(i)	6.88%	cash/	3.38%	PIK	10/2029	5,353	5,296		0.1		5,353
ESN Venture Holdings, LLC+(26)	One stop	SF +	6.26%	(i)	6.88%	cash/	3.38%	PIK	10/2029	1,585	1,573		—		1,585
ESN Venture Holdings, LLC+(26)	One stop	SF +	6.26%	(i)	6.87%	cash/	3.38%	PIK	10/2029	915	909		—		915
ESN Venture Holdings, LLC+(26)	One stop	SF +	6.26%	(i)	6.88%	cash/	3.38%	PIK	10/2029	808	801		—		808
ESN Venture Holdings, LLC+(26)	One stop	SF +	6.26%	(i)	6.88%	cash/	3.38%	PIK	10/2029	437	435		—		437
ESN Venture Holdings, LLC+(26)	One stop	SF +	6.26%	(i)	6.94%	cash/	3.38%	PIK	10/2029	771	727		—		771
ESN Venture Holdings, LLC+(26)	One stop	SF +	6.26%	(i)	6.88%	cash/	3.38%	PIK	10/2029	371	367		—		371
ESN Venture Holdings, LLC+(5)	One stop				N/A(6)				10/2029	—	(9)		—		—
ESN Venture Holdings, LLC+(26)	One stop	SF +	6.26%	(i)	6.88%	cash/	3.38%	PIK	10/2029	181	180		—		181
GFP Atlantic Holdco 2, LLC+	One stop	SF +	6.00%	(i)	10.21%				11/2029	1,067	1,066		—		1,067
GFP Atlantic Holdco 2, LLC+	One stop	SF +	6.00%	(i)	10.30%				11/2029	798	789		—		798
Harri US LLC+(26)	One stop	SF +	7.25%	(i)	6.70%	cash/	4.75%	PIK	08/2028	1,304	1,277		—		1,253
Harri US LLC+(26)	One stop	SF +	7.25%	(i)	6.70%	cash/	4.75%	PIK	08/2028	882	877		—		847
Harri US LLC+(26)	One stop	SF +	7.25%	(i)	6.70%	cash/	4.75%	PIK	08/2028	857	852		—		822
Harri US LLC+(5)	One stop				N/A(6)				08/2028	—	—		—		(2)
Harri US LLC+(26)	One stop	SF +	7.25%	(i)	6.50%	cash/	4.75%	PIK	08/2028	1,601	1,496		—		1,537
Harri US LLC+(5)	One stop				N/A(6)				08/2028	—	(7)		—		(83)
Health Buyer, LLC*+	Senior secured	SF +	5.25%	(i)	9.25%				04/2029	3,863	3,854		0.1		3,863

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Health Buyer, LLC+	Senior secured	SF +	5.50%	(i)	9.50%				04/2029		$	1,745	0.1	%	$	1,763
Health Buyer, LLC+	Senior secured	SF +	5.50%	(i)	9.50%				04/2029	886	878		—		886
Health Buyer, LLC+	Senior secured	SF +	5.50%	(i)	9.50%				04/2029	129	128		—		129
Health Buyer, LLC+	Senior secured				N/A(6)				04/2028	—	—		—		—
Olo Parent, Inc.+	One stop				N/A(6)				09/2032	—	—		—		—
Olo Parent, Inc.+	One stop	SF +	4.50%	(i)	8.56%				09/2032	1,826	1,821		0.1		1,822
Patriot Acquireco, LLC+	One stop	SF +	4.50%	(i)	8.66%				09/2032	26	25		—		25
Patriot Acquireco, LLC+	One stop	SF +	4.50%	(i)	8.66%				09/2032	1,818	1,809		0.1		1,809
PB Group Holdings, LLC+(26)	One stop	SF +	5.50%	(h)	6.91%	cash/	2.75%	PIK	08/2030	37,581	37,432		1.0		37,581
PB Group Holdings, LLC+	One stop	SF +	5.00%	(h)	9.16%				08/2030	513	495		—		513
QSR Acquisition Co.+	One stop	SF +	4.25%	(i)	8.25%				06/2032	1,525	1,520		—		1,525
QSR Acquisition Co.+	One stop				N/A(6)				06/2032	—	—		—		—
QSR Acquisition Co.+(5)	One stop				N/A(6)				06/2032	—	(1)		—		—
Rooster BidCo Limited+(8)(9)(10)	One stop	SN +	5.00%	(f)	8.97%				03/2032	4,984	4,755		0.1		4,984
Rooster BidCo Limited+(8)(9)(10)	One stop	SN +	5.00%	(f)	8.97%				03/2032	119	118		—		119
Rooster BidCo Limited+(5)(8)(9)(10)	One stop				N/A(6)				03/2032	—	(24)		—		—
Saguaro Buyer, LLC+	One stop	SF +	4.50%	(h)	8.66%				07/2032	6	6		—		6
Saguaro Buyer, LLC+	One stop	SF +	4.50%	(h)	8.66%				07/2032	400	398		—		400
Saguaro Buyer, LLC+	One stop				N/A(6)				07/2032	—	—		—		—
Saguaro Buyer, LLC+	One stop	SF +	4.50%	(h)	8.66%				07/2032	11	9		—		11
SDC Holdco, LLC+(5)	One stop				N/A(6)				07/2032	—	(1)		—		(1)
SDC Holdco, LLC+	One stop	SF +	4.38%	(h)	8.54%				07/2032	1,788	1,779		0.1		1,779
SSRG Holdings, LLC*	One stop	SF +	4.75%	(i)	8.75%				11/2029	12,408	12,307		0.3		12,346
SSRG Holdings, LLC*+	One stop	SF +	4.75%	(i)	8.75%				11/2029	7,702	7,707		0.2		7,664
SSRG Holdings, LLC+	One stop	SF +	4.75%	(i)	8.75%				11/2029	908	893		—		895
SSRG Holdings, LLC+	One stop	SF +	4.75%	(i)	8.75%				11/2029	607	603		—		605
SSRG Holdings, LLC+(5)	One stop				N/A(6)				11/2029	—	(2)		—		(2)
SSRG Holdings, LLC+	One stop	SF +	4.75%	(i)	8.75%				11/2029	677	674		—		674
Super REGO, LLC+(26)	Subordinated debt	N/A			15.00%	PIK			03/2030	74	74		—		74
YE Brands Holding, LLC*+	One stop	SF +	4.75%	(i)	8.75%				10/2027	17,454	17,586		0.4		17,454
YE Brands Holding, LLC+	One stop	SF +	4.75%	(i)	8.75%				10/2027	1,179	1,175		—		1,179
YE Brands Holding, LLC+	One stop	SF +	4.75%	(i)	8.75%				10/2027	24	24		—		24
										264,986	263,708		6.3		264,308
Household Products
WU Holdco, Inc.+	One stop	SF +	4.75%	(i)	8.75%				04/2032	9,564	9,519		0.2		9,564
WU Holdco, Inc.+(5)	One stop				N/A(6)				04/2032	—	(3)		—		—
WU Holdco, Inc.+(5)	One stop				N/A(6)				04/2032	—	(5)		—		—
										9,564	9,511		0.2		9,564

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)	Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Industrial Conglomerates
Arch Global CCT Holdings Corp.*+	Senior secured	SF +	4.75%	(h)	8.91%	04/2026		$	3,148	0.1	%	$	3,128
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75%	(h)	8.91%	04/2026	635	625		—		629
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75%	(h)	8.91%	04/2026	591	581		—		585
Dwyer Instruments, Inc.+(9)	One stop	E +	5.00%	(c)	7.00%	07/2029	52,997	47,221		1.3		52,997
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(i)	8.75%	07/2029	1,485	1,473		—		1,485
Dwyer Instruments, Inc.+(5)(9)	One stop				N/A(6)	07/2029	—	(39)		—		—
Dwyer Instruments, Inc.+(5)	One stop				N/A(6)	07/2029	—	(26)		—		—
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(i)	8.75%	07/2029	5,767	5,753		0.2		5,767
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(i)	8.75%	07/2029	243	222		—		243
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(i)	8.75%	07/2029	1,463	1,452		—		1,463
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(i)	8.75%	07/2029	468	465		—		468
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(i)	8.75%	07/2029	548	541		—		548
Essential Services Holdings Corporation+	One stop	SF +	5.00%	(i)	9.32%	06/2031	11,514	11,420		0.3		11,399
Essential Services Holdings Corporation+	One stop	SF +	5.00%	(i)	9.19%	06/2030	282	271		—		272
Essential Services Holdings Corporation+(5)	One stop				N/A(6)	06/2031	—	(9)		—		(23)
Excelitas Technologies Corp.+(5)	One stop				N/A(6)	08/2029	—	(46)		—		—
Excelitas Technologies Corp.+	One stop	SF +	5.25%	(h)	9.41%	08/2029	10,022	9,970		0.3		10,022
Excelitas Technologies Corp.+(9)	One stop	E +	5.25%	(b)	7.16%	08/2029	2,002	1,777		0.1		2,002
Excelitas Technologies Corp.+(5)	One stop				N/A(6)	08/2028	—	(2)		—		—
							91,177	84,797		2.3		90,985
Insurance
AMBA Buyer, Inc.*+	One stop	SF +	5.25%	(i)	9.35%	07/2027	4,422	4,429		0.1		4,422
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(i)	9.35%	07/2027	1,317	1,315		—		1,317
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(i)	9.35%	07/2027	1,111	1,109		—		1,111
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(i)	9.35%	07/2027	161	161		—		161
AMBA Buyer, Inc.+	One stop				N/A(6)	07/2027	—	—		—		—
Bellwether Buyer, LLC+	One stop	SF +	4.50%	(h)	8.66%	04/2032	262	257		—		262
Bellwether Buyer, LLC+	One stop	SF +	4.50%	(h)	8.64%	04/2032	5,031	5,008		0.1		5,031
Bellwether Buyer, LLC+(5)	One stop				N/A(6)	04/2032	—	(6)		—		—
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.50%	(i)	9.81%	03/2028	561	554		—		561
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.50%	(i)	9.70%	03/2028	378	378		—		378
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.50%	(i)	9.81%	03/2028	465	456		—		465
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.50%	(i)	9.81%	03/2028	97	96		—		97
Captive Resources Midco, LLC+	One stop	SF +	4.50%	(h)	8.66%	07/2029	22,958	22,938		0.6		22,958
Captive Resources Midco, LLC+(5)	One stop				N/A(6)	07/2028	—	(2)		—		—
Doxa Insurance Holdings LLC+	One stop	SF +	5.25%	(i)	9.25%	12/2030	1,718	1,748		0.1		1,718
Doxa Insurance Holdings LLC+	One stop	SF +	5.25%	(i)	9.25%	12/2030	1,618	1,622		—		1,618
Doxa Insurance Holdings LLC+	One stop	SF +	5.25%	(i)	9.25%	12/2029	12	12		—		12
Doxa Insurance Holdings LLC+(5)	One stop				N/A(6)	12/2030	—	(22)		—		—
Gimlet Bidco GMBH+(8)(9)(19)	One stop	E +	5.75%	(c)	7.78%	04/2031	1,149	1,035		—		1,137
Gimlet Bidco GMBH+(8)(9)(19)	One stop	E +	5.75%	(b)(c)	7.75%	04/2031	408	375		—		404
Gimlet Bidco GMBH+(5)(8)(9)(19)	One stop				N/A(6)	04/2031	—	(5)		—		(10)
Illumifin Corporation+(26)	One stop	SF +	6.00%	(i)	10.59%	09/2027	4,648	4,470		0.1		4,416
Integrated Specialty Coverages, LLC+	One stop	SF +	4.75%	(h)	8.91%	07/2030	10,111	10,043		0.3		10,111
Integrated Specialty Coverages, LLC+(5)	One stop				N/A(6)	07/2029	—	(1)		—		—
Integrated Specialty Coverages, LLC+(5)	One stop				N/A(6)	07/2030	—	(4)		—		—
Integrity Marketing Acquisition, LLC*+	One stop	SF +	5.00%	(i)	9.20%	08/2028	48,347	48,067		1.2		48,347
Integrity Marketing Acquisition, LLC+(5)	One stop				N/A(6)	08/2028	—	(3)		—		—
Integrity Marketing Acquisition, LLC+(5)	One stop				N/A(6)	08/2028	—	(5)		—		—
J.S. Held Holdings, LLC*+	One stop	SF +	5.50%	(i)	9.65%	06/2028	37,835	37,469		1.0		37,835
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(i)	9.65%	06/2028	11,024	10,949		0.3		11,024

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
J.S. Held Holdings, LLC+(5)	One stop				N/A(6)				06/2028		$	(7)	—	%	$	—
Koala Investment Holdings, Inc.+(8)(10)	One stop	SF +	4.50%	(i)	8.50%				08/2032	1,564	1,557		—		1,549
Koala Investment Holdings, Inc.+(5)(8)(10)	One stop				N/A(6)				08/2032	—	(1)		—		(1)
Koala Investment Holdings, Inc.+(5)(8)(10)	One stop				N/A(6)				08/2032	—	(1)		—		(3)
Majesco*+	One stop	SF +	4.75%	(i)	8.75%				09/2028	27,954	27,981		0.7		27,954
Majesco+(5)	One stop				N/A(6)				09/2027	—	(1)		—		—
MRH Trowe Germany GMBH+(5)(8)(9)(19)	One stop				N/A(6)				11/2031	—	(2)		—		—
MRH Trowe Germany GMBH+(8)(9)(19)	One stop	E +	5.00%	(d)	7.11%				05/2032	6,242	5,950		0.2		6,242
MRH Trowe Germany GMBH+(8)(9)(19)	One stop	E +	5.00%	(c)	6.99%				05/2032	236	235		—		236
Oakbridge Insurance Agency LLC+	One stop	SF +	5.75%	(h)	9.97%				11/2029	2,258	2,289		0.1		2,258
Oakbridge Insurance Agency LLC+	One stop	SF +	5.75%	(h)	9.97%				11/2029	1,091	1,090		—		1,091
Oakbridge Insurance Agency LLC+	One stop	SF +	5.75%	(h)	10.03%				11/2029	4	3		—		4
Oakbridge Insurance Agency LLC+	One stop	SF +	5.00%	(h)	9.27%				11/2029	276	271		—		276
Pareto Health Intermediate Holdings, Inc.*+	One stop	SF +	4.75%	(i)	8.75%				05/2030	74,088	73,580		1.9		74,088
Pareto Health Intermediate Holdings, Inc.+(5)	One stop				N/A(6)				06/2029	—	(1)		—		—
Pareto Health Intermediate Holdings, Inc.+(5)	One stop				N/A(6)				05/2030	—	(49)		—		—
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.00%	(i)	9.15%				10/2028	72,028	71,322		1.8		72,028
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.00%	(i)	9.15%				10/2028	9,823	9,664		0.3		9,823
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.00%	(i)	9.00%				10/2028	3,047	3,039		0.1		3,047
Patriot Growth Insurance Services, LLC+(5)	One stop				N/A(6)				10/2028	—	(41)		—		—
People Corporation+(8)(9)(12)	One stop	CA +	5.25%	(l)	8.27%				02/2028	23,737	25,132		0.6		23,797
People Corporation+(8)(9)(12)	One stop	CA +	5.25%	(l)	8.27%				02/2028	19,927	20,499		0.5		19,976
People Corporation+(8)(9)(12)	One stop	CA +	5.25%	(l)	8.27%				02/2028	9,746	9,790		0.3		9,771
People Corporation+(8)(9)(12)	One stop	CA +	5.25%	(l)	8.27%				02/2028	7,792	8,360		0.2		7,811
People Corporation+(8)(9)(12)	One stop	CA +	5.25%	(l)	8.26%				02/2027	258	262		—		258
People Corporation+(8)(9)(12)	One stop	CA +	5.00%	(l)	7.99%				02/2028	6,619	6,608		0.2		6,619
Wasabi Lower Holdco, LLC+(5)	Senior secured				N/A(6)				06/2032	—	(8)		—		—
Wasabi Lower Holdco, LLC+	Senior secured	SF +	4.50%	(h)	8.66%				06/2032	2,610	2,577		0.1		2,610
World Insurance Associates, LLC+	One stop	SF +	5.00%	(i)	9.00%				04/2030	1,724	1,707		0.1		1,724
World Insurance Associates, LLC+(5)	One stop				N/A(6)				04/2030	—	(2)		—		—
										424,657	424,246		10.9		424,533
Internet & Direct Marketing Retail
Revalize, Inc.+(26)	One stop	SF +	6.50%	(i)	8.90%	cash/	1.75%	PIK	04/2029	20,410	20,185		0.5		17,962
Revalize, Inc.+(26)	One stop	SF +	6.50%	(i)	8.90%	cash/	1.75%	PIK	04/2029	11,947	11,755		0.3		10,513
Revalize, Inc.+(26)	One stop	SF +	6.50%	(i)	8.90%	cash/	1.75%	PIK	04/2029	5,923	5,828		0.1		5,212
Revalize, Inc.+(26)	One stop	SF +	6.50%	(i)	8.90%	cash/	1.75%	PIK	04/2029	3,568	3,499		0.1		3,140
Revalize, Inc.+(26)	One stop	SF +	6.50%	(i)	8.89%	cash/	1.75%	PIK	04/2029	2,428	2,377		0.1		2,137
Revalize, Inc.+(26)	One stop	SF +	6.50%	(i)	8.90%	cash/	1.75%	PIK	04/2029	2,385	2,288		0.1		2,099
Revalize, Inc.+(26)	One stop	SF +	6.50%	(i)	8.90%	cash/	1.75%	PIK	04/2029	228	216		—		201
Revalize, Inc.+(26)	One stop	SF +	6.25%	(i)	9.90%	cash/	0.50%	PIK	04/2029	297	282		—		242
										47,186	46,430		1.2		41,506
IT Services
Acquia, Inc.*+	One stop	SF +	6.00%	(i)	10.43%				10/2026	12,020	12,005		0.3		12,020
Acquia, Inc.+	One stop	SF +	6.00%	(i)	10.43%				10/2026	1,083	1,081		—		1,083
Acquia, Inc.+	One stop	SF +	6.00%	(i)	10.45%				10/2026	112	112		—		112
CivicPlus, LLC+	One stop	SF +	5.50%	(i)	9.70%				08/2030	23,499	23,442		0.6		23,499
CivicPlus, LLC+(5)	One stop				N/A(6)				08/2030	—	(17)		—		—
CivicPlus, LLC+(26)	One stop	SF +	11.75%	(i)(j)	15.75%	PIK			06/2034	356	354		—		358
CivicPlus, LLC+(5)	One stop				N/A(6)				08/2030	—	(2)		—		—
ContractPod Technologies, Ltd.+(8)(10)(26)	One stop	SF +	6.50%	(i)	7.25%	cash/	3.25%	PIK	07/2030	504	502		—		504
ContractPod Technologies, Ltd.+(5)(8)(10)	One stop				N/A(6)				07/2030	—	(1)		—		—
ContractPod Technologies, Ltd.+(5)(8)(10)	One stop				N/A(6)				07/2030	—	(1)		—		—

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Critical Start, Inc.+(26)	One stop	SF +	6.75%	(i)	7.46%	cash/	3.63%	PIK	05/2028		$	5,443	0.1	%	$	5,395
Critical Start, Inc.+(26)	One stop	SF +	6.75%	(i)	7.46%	cash/	3.63%	PIK	05/2028	2,503	2,478		0.1		2,477
Critical Start, Inc.+(5)	One stop				N/A(6)				05/2028	—	(1)		—		(2)
Delinea Inc.*+	One stop	SF +	5.75%	(i)	9.90%				03/2028	22,375	22,380		0.6		22,375
Delinea Inc.*+	One stop	SF +	5.75%	(i)	9.90%				03/2028	12,990	12,992		0.3		12,990
Delinea Inc.+	One stop	SF +	5.75%	(i)	9.90%				03/2028	11,385	11,375		0.3		11,385
Delinea Inc.+(5)	One stop				N/A(6)				03/2027	—	(1)		—		—
Goldcup 31018 AB+(8)(9)(17)(26)	One stop	E +	6.50%	(d)	8.57%	PIK			07/2029	15,805	14,046		0.4		14,936
Goldcup 31018 AB+(8)(9)(17)(26)	One stop	E +	6.50%	(d)	8.57%	PIK			07/2029	1,474	1,330		—		1,393
Goldcup 31018 AB+(8)(9)(17)	One stop	E +	6.25%	(d)	8.32%				01/2029	234	209		—		220
Kentik Technologies, Inc.+(26)	Senior secured	SF +	8.00%	(i)	8.02%	cash/	4.00%	PIK	11/2029	56	54		—		56
Kentik Technologies, Inc.+(26)	Senior secured	SF +	8.00%	(i)	8.02%	cash/	4.00%	PIK	11/2029	50	50		—		50
Netwrix Corporation*+	One stop	SF +	4.75%	(i)	8.95%				06/2029	9,541	9,544		0.2		9,541
Netwrix Corporation+	One stop	SF +	4.75%	(i)	8.95%				06/2029	383	382		—		383
Netwrix Corporation+	One stop	SF +	4.75%	(i)	8.95%				06/2029	162	159		—		162
Netwrix Corporation+(5)	One stop				N/A(6)				06/2029	—	(1)		—		—
Optimizely North America, Inc.+	One stop	SF +	5.00%	(h)	9.16%				10/2031	38,128	37,797		1.0		38,128
Optimizely North America, Inc.+(9)	One stop	E +	5.25%	(b)	7.15%				10/2031	15,843	14,529		0.4		15,843
Optimizely North America, Inc.+(9)	One stop	SN +	5.50%	(f)	9.47%				10/2031	5,979	5,715		0.2		5,979
Optimizely North America, Inc.+(5)	One stop				N/A(6)				10/2031	—	(86)		—		—
PDQ Intermediate, Inc.+(26)	Subordinated debt	N/A			13.75%	PIK			10/2031	130	129		—		132
ReliaQuest Holdings, LLC+(26)	One stop	SF +	6.00%	(i)	7.06%	cash/	3.25%	PIK	04/2031	12,133	12,107		0.3		12,133
ReliaQuest Holdings, LLC+(5)	One stop				N/A(6)				04/2031	—	(7)		—		—
ReliaQuest Holdings, LLC+(5)	One stop				N/A(6)				04/2031	—	(22)		—		—
ReliaQuest Holdings, LLC+(26)	One stop	SF +	6.00%	(i)	7.06%	cash/	3.25%	PIK	04/2031	28,895	28,763		0.7		28,895
Saturn Borrower Inc.*+	One stop	SF +	6.00%	(i)	10.00%				11/2028	27,326	27,055		0.7		27,326
Saturn Borrower Inc.+	One stop	SF +	6.00%	(h)	10.16%				11/2028	110	104		—		110
WPEngine, Inc.+	One stop	SF +	6.00%	(i)	10.02%				08/2029	5,438	5,423		0.1		5,438
WPEngine, Inc.+	One stop				N/A(6)				08/2029	—	—		—		—
Zarya Holdco, Inc.+	One stop	SF +	6.50%	(i)	10.70%				07/2027	7,174	7,205		0.2		7,174
Zarya Holdco, Inc.+	One stop	SF +	6.50%	(i)	10.70%				07/2027	1,399	1,393		—		1,399
Zarya Holdco, Inc.+	One stop				N/A(6)				07/2027	—	—		—		—
										262,537	258,019		6.5		261,494
Leisure Products
Crunch Holdings, LLC+	One stop	SF +	4.75%	(h)	8.91%				09/2031	1,765	1,761		0.1		1,765
Crunch Holdings, LLC+(5)	One stop				N/A(6)				09/2031	—	(1)		—		—
Movement Holdings, LLC+(8)(10)	One stop	SF +	5.50%	(i)	9.70%				03/2030	832	830		—		832
Movement Holdings, LLC+(8)(10)	One stop				N/A(6)				03/2030	—	—		—		—
Movement Holdings, LLC+(5)(8)(10)	One stop				N/A(6)				03/2030	—	(1)		—		—
WBZ Investment, LLC+	One stop	SF +	6.75%	(j)	11.17%				03/2027	7,703	7,703		0.2		7,703
WBZ Investment, LLC+	One stop	SF +	6.75%	(j)	11.17%				03/2027	1,702	1,702		0.1		1,702
WBZ Investment, LLC+	One stop	SF +	6.75%	(j)	11.17%				03/2027	1,182	1,182		—		1,182
WBZ Investment, LLC+	One stop	SF +	6.75%	(j)	11.17%				03/2027	628	628		—		628
WBZ Investment, LLC+	One stop				N/A(6)				03/2027	—	—		—		—
										13,812	13,804		0.4		13,812

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Life Sciences Tools & Services
Celerion Buyer, Inc.*+	One stop	SF +	5.00%	(i)	9.25%				11/2029		$	30,598	0.8	%	$	30,864
Celerion Buyer, Inc.+(5)	One stop				N/A(6)				11/2028	—	(1)		—		—
Celerion Buyer, Inc.+(5)	One stop				N/A(6)				11/2029	—	(64)		—		—
Celerion Buyer, Inc.*	One stop	SF +	5.00%	(i)	9.25%				11/2029	21,901	21,720		0.6		21,901
Diamondback Acquisition, Inc.+	One stop	SF +	4.50%	(h)	8.66%				09/2032	1,492	1,489		—		1,489
Diamondback Acquisition, Inc.+(5)	One stop				N/A(6)				09/2032	—	(1)		—		(2)
Diamondback Acquisition, Inc.+	One stop	SF +	4.50%	(h)	8.66%				09/2032	39	38		—		38
PAS Parent Inc.*+	One stop	SF +	4.50%	(h)	8.66%				08/2032	58,248	57,967		1.5		57,666
PAS Parent Inc.+(5)	One stop				N/A(6)				08/2031	—	(6)		—		(10)
PAS Parent Inc.+(5)	One stop				N/A(6)				08/2032	—	(2)		—		(49)
Unchained Labs, LLC*+	Senior secured	SF +	5.50%	(h)	9.71%				08/2027	1,386	1,374		—		1,357
Unchained Labs, LLC+	Senior secured	SF +	5.50%	(h)	9.71%				08/2027	1,170	1,158		—		1,147
Unchained Labs, LLC+(5)	Senior secured				N/A(6)				08/2027	—	(1)		—		(2)
										115,100	114,269		2.9		114,399
Machinery
AI Titan Parent, Inc.+	One stop	SF +	4.50%	(h)	8.66%				08/2031	10,508	10,420		0.3		10,508
AI Titan Parent, Inc.+(5)	One stop				N/A(6)				08/2031	—	(9)		—		—
AI Titan Parent, Inc.+(5)	One stop				N/A(6)				08/2031	—	(11)		—		—
Blackbird Purchaser, Inc.+	One stop	SF +	5.50%	(i)	9.50%				12/2030	4,432	4,500		0.1		4,432
Blackbird Purchaser, Inc.+	One stop	SF +	5.50%	(i)	9.50%				12/2030	520	520		—		520
Blackbird Purchaser, Inc.+	One stop	SF +	5.50%	(h)(i)	9.55%				12/2029	70	69		—		70
Chase Industries, Inc.+(26)(27)	Senior secured	SF +	7.00%	(i)	9.65%	cash/	1.50%	PIK	11/2026	13,694	13,586		0.3		13,557
Chase Industries, Inc.+(26)(27)	Senior secured	SF +	7.00%	(i)	9.65%	cash/	1.50%	PIK	11/2026	1,294	1,280		—		1,281
Chase Industries, Inc.+(26)(27)	Senior secured	SF +	7.00%	(i)	9.65%	cash/	1.50%	PIK	11/2026	201	193		—		195
Thermogenics, Inc.+(8)(9)(12)	One stop	CA +	4.25%	(l)	6.70%				06/2032	139	141		—		139
Thermogenics, Inc.+(5)(8)(12)	One stop				N/A(6)				06/2032	—	(1)		—		—
Thermogenics, Inc.+(8)(12)	One stop	SF +	4.25%	(i)	8.25%				06/2032	180	179		—		180
Thermogenics, Inc.+(5)(8)(12)	One stop				N/A(6)				06/2032	—	(3)		—		—
Thermogenics, Inc.+(8)(9)(12)	One stop	CA +	4.25%	(l)	6.70%				06/2032	14	14		—		14
										31,052	30,878		0.7		30,896
Marine
Project Nike Purchaser, LLC*+	One stop	SF +	5.25%	(i)	9.25%				04/2029	33,523	33,657		0.8		33,187
Project Nike Purchaser, LLC+	One stop	SF +	5.25%	(i)	9.25%				04/2029	742	739		—		735
Project Nike Purchaser, LLC+	One stop	SF +	5.25%	(i)	9.25%				04/2029	198	197		—		194
										34,463	34,593		0.8		34,116
Media
Lotus Topco, Inc.*	One stop	SF +	4.75%	(i)	8.75%				06/2030	5,112	5,081		0.1		5,073
Lotus Topco, Inc.+(5)	One stop				N/A(6)				06/2030	—	(6)		—		(8)
Lotus Topco, Inc.+	One stop	SF +	4.75%	(i)	8.75%				06/2030	647	632		—		628
Lotus Topco, Inc.+	One stop	SF +	4.75%	(i)	8.75%				06/2030	2,000	1,986		0.1		1,985
Shout! Factory, LLC+	One stop	SF +	5.25%	(i)	9.25%				06/2031	1,778	1,766		0.1		1,778
Shout! Factory, LLC+	One stop	SF +	5.25%	(i)	9.25%				06/2031	37	35		—		37
Triple Lift, Inc.*+	One stop	SF +	5.75%	(i)	9.90%				05/2028	7,224	7,134		0.2		6,718
Triple Lift, Inc.*+	One stop	SF +	5.75%	(i)	9.90%				05/2028	1,541	1,514		—		1,433
Triple Lift, Inc.+(5)	One stop				N/A(6)				05/2028	—	(4)		—		(10)
										18,339	18,138		0.5		17,634
Oil, Gas & Consumable Fuels
Envernus, Inc.+	One stop	SF +	5.50%	(h)	9.66%				12/2029	7,993	8,066		0.2		7,993
Envernus, Inc.+	One stop	SF +	5.50%	(h)	9.64%				12/2029	4	3		—		4
Envernus, Inc.+	One stop				N/A(6)				12/2029	—	—		—		—
										7,997	8,069		0.2		7,997

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Paper & Forest Products
Messenger, LLC*+	One stop	SF +	5.00%	(h)	9.16%				12/2027		$	14,038	0.4	%	$	14,039
Messenger, LLC+(9)	One stop	SN +	5.00%	(f)	8.97%				12/2027	907	853		—		907
Messenger, LLC+	One stop	SF +	5.00%	(h)	9.16%				12/2027	507	506		—		507
Messenger, LLC+(9)	One stop	SN +	5.00%	(f)	8.97%				12/2027	9	9		—		9
Messenger, LLC*+	One stop	SF +	5.00%	(h)	9.16%				12/2027	1,471	1,489		—		1,471
Messenger, LLC+	One stop	SF +	5.00%	(h)	9.16%				12/2027	738	736		—		738
Messenger, LLC+	One stop				N/A(6)				12/2027	—	—		—		—
										17,671	17,631		0.4		17,671
Pharmaceuticals
ACP Ulysses Buyer, Inc.*+	One stop	SF +	5.50%	(i)	9.50%				02/2029	30,144	30,018		0.8		30,144
ACP Ulysses Buyer, Inc.*+	One stop	SF +	5.50%	(i)	9.50%				02/2029	1,303	1,289		—		1,303
Amalthea Parent, Inc.*+(8)(12)	One stop	SF +	5.00%	(i)	9.46%				03/2027	86,739	84,842		2.1		84,137
Amalthea Parent, Inc.+(8)(12)	One stop	SF +	5.00%	(h)	9.27%				03/2027	540	519		—		524
Apothecary Products, LLC*	Senior secured	SF +	5.00%	(j)	9.04%				07/2026	2,191	2,188		0.1		2,191
Apothecary Products, LLC+	Senior secured	SF +	5.00%	(i)	9.21%				07/2026	65	64		—		65
Caerus Midco 3 S.A.R.L.*+(8)	One stop	SF +	5.00%	(i)	9.00%				05/2029	29,110	29,139		0.7		29,110
Caerus Midco 3 S.A.R.L.+(8)	One stop	SF +	5.00%	(i)	9.00%				05/2029	4,826	4,829		0.1		4,826
Caerus Midco 3 S.A.R.L.+(8)	One stop	SF +	5.00%	(i)	9.00%				05/2029	4,454	4,417		0.1		4,454
Caerus Midco 3 S.A.R.L.+(8)	One stop	SF +	5.00%	(i)	9.00%				05/2029	707	703		—		707
Caerus Midco 3 S.A.R.L.+(8)	One stop	SF +	5.00%	(h)	9.16%				05/2029	262	259		—		262
Cobalt Buyer Sub, Inc.*+	One stop	SF +	5.75%	(i)	9.95%				10/2028	14,684	14,648		0.4		14,390
Cobalt Buyer Sub, Inc.*+	One stop	SF +	5.75%	(i)	9.95%				10/2028	4,915	4,902		0.1		4,817
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.75%	(i)	9.95%				10/2028	3,720	3,665		0.1		3,645
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.75%	(i)	9.95%				10/2027	439	427		—		417
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.75%	(i)	9.95%				10/2028	6,333	6,275		0.2		6,206
Cobalt Buyer Sub, Inc.+(5)	One stop				N/A(6)				10/2028	—	(58)		—		—
Creek Parent, Inc.+	One stop	SF +	5.00%	(h)	9.14%				12/2031	56,544	55,666		1.4		56,544
Creek Parent, Inc.+(5)	One stop				N/A(6)				12/2031	—	(121)		—		—
Spark Bidco Limited+(8)(9)(10)(26)	Senior secured	SN +	4.88%	(f)	7.72%	cash/	1.13%	PIK	08/2028	38,346	37,879		0.9		37,100
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	6.00%	(f)	9.97%				08/2028	5,587	5,135		0.1		5,587
Spark Bidco Limited+(8)(9)(10)(26)	Senior secured	SN +	4.88%	(f)	7.72%	cash/	1.13%	PIK	08/2028	4,648	4,014		0.1		4,497
Spark Bidco Limited+(8)(10)	Senior secured	SF +	6.00%	(i)	10.00%				08/2028	3,991	3,986		0.1		3,991
Spark Bidco Limited+(8)(9)(10)(26)	Senior secured	SN +	4.88%	(f)	7.72%	cash/	1.13%	PIK	08/2028	4,067	3,674		0.1		3,935
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	3.75%	(f)	7.72%				02/2028	122	118		—		116
										303,737	298,477		7.4		298,968
Professional Services
ALKU Intermediate Holdings, LLC+	One stop	SF +	6.25%	(i)	10.25%				5/1/2029	6,728	6,750		0.2		6,728
ALKU Intermediate Holdings, LLC+	One stop	SF +	5.50%	(i)	9.50%				5/1/2029	744	737		—		727
bswift, LLC*+	One stop	SF +	4.75%	(i)	9.07%				11/1/2028	7,604	7,591		0.2		7,604
bswift, LLC+	One stop	SF +	4.75%	(i)	9.04%				11/1/2028	9,950	9,906		0.3		9,950
Denali Intermediate Holdings, Inc.+(5)	One stop				N/A(6)				8/1/2032	—	(2)		—		(2)
Denali Intermediate Holdings, Inc.+	One stop	SF +	5.50%	(h)	9.67%				8/1/2032	1,818	1,800		0.1		1,800
DISA Holdings Corp.*+	Senior secured	SF +	5.00%	(h)	9.28%				9/1/2028	5,189	5,163		0.1		5,189
DISA Holdings Corp.+	Senior secured	SF +	5.00%	(h)	9.28%				9/1/2028	800	792		—		800
DISA Holdings Corp.+	One stop	SF +	5.00%	(h)	9.28%				9/1/2028	684	678		—		684
DISA Holdings Corp.+	Senior secured	SF +	5.00%	(h)	9.28%				9/1/2028	605	600		—		605
DISA Holdings Corp.+(26)	Subordinated debt	SF +	8.50%	(h)	10.63%	cash/	2.00%	PIK	3/1/2029	106	105		—		106
DISA Holdings Corp.+	Senior secured	SF +	5.00%	(h)(i)	9.27%				9/1/2028	587	581		—		587
DISA Holdings Corp.+	Senior secured	SF +	5.00%	(h)	9.28%				9/1/2028	34	32		—		34
Eclipse Buyer, Inc.+	One stop	SF +	4.50%	(h)	8.68%				9/1/2031	14,283	14,162		0.4		14,283
Eclipse Buyer, Inc.+(5)	One stop				N/A(6)				9/1/2031	—	(59)		—		—

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Eclipse Buyer, Inc.+(5)	One stop				N/A(6)				9/1/2031		$	(10)	—	%	$	—
Eliassen Group, LLC+	One stop	SF +	5.75%	(i)	9.75%				4/1/2028	2,126	2,113		0.1		2,084
Eliassen Group, LLC+	One stop	SF +	5.75%	(h)	9.91%				4/1/2028	144	142		—		140
IG Investments Holdings, LLC*+	One stop	SF +	5.00%	(i)	9.31%				9/1/2028	12,877	12,835		0.3		12,877
IG Investments Holdings, LLC+	One stop				N/A(6)				9/1/2028	—	—		—		—
NBG Acquisition Corp. and NBG-P Acquisition Corp.*+(26)	One stop	SF +	6.00%	(i)	6.90%	cash/	3.50%	PIK	11/1/2030	33,978	33,622		0.8		31,939
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(26)	One stop	SF +	6.00%	(i)	6.50%	cash/	3.50%	PIK	11/1/2030	790	786		—		743
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(26)	One stop	SF +	6.00%	(i)	6.50%	cash/	3.50%	PIK	11/1/2030	292	285		—		264
PlanSource Holdings, Inc.*+	One stop	SF +	5.50%	(i)	9.70%				12/1/2026	14,234	14,209		0.4		14,234
PlanSource Holdings, Inc.+	One stop	SF +	5.50%	(i)	9.70%				12/1/2026	2,416	2,411		0.1		2,416
PlanSource Holdings, Inc.+	One stop	SF +	5.50%	(i)	9.70%				12/1/2026	695	694		—		695
PlanSource Holdings, Inc.+	One stop				N/A(6)				12/1/2026	—	—		—		—
Procure Acquireco, Inc.*+	One stop	SF +	4.75%	(i)	8.75%				12/1/2028	24,667	24,708		0.6		24,667
Procure Acquireco, Inc.+	One stop	SF +	4.75%	(i)	8.75%				12/1/2028	1,135	1,134		—		1,135
Procure Acquireco, Inc.+	One stop				N/A(6)				12/1/2028	—	—		—		—
Procure Acquireco, Inc.+(5)	One stop				N/A(6)				12/1/2028	—	(65)		—		—
Procure Acquireco, Inc.+	One stop	SF +	4.75%	(i)	8.75%				12/1/2028	3,462	3,448		0.1		3,462
Teaching Company, The+	One stop	SF +	5.75%	(i)	10.21%				1/1/2026	12,290	12,290		0.3		12,290
Teaching Company, The+	One stop	P +	4.75%	(a)	12.00%				1/1/2026	50	50		—		50
Varicent Intermediate Holdings Corporation+(8)(12)(26)	One stop	SF +	5.75%	(i)	6.63%	cash/	3.13%	PIK	8/1/2031	52,117	51,506		1.3		52,117
Varicent Intermediate Holdings Corporation+(5)(8)(12)	One stop				N/A(6)				8/1/2031	—	(78)		—		—
Varicent Intermediate Holdings Corporation+(5)(8)(12)	One stop				N/A(6)				8/1/2031	—	(53)		—		—
										210,405	208,863		5.3		208,208
Real Estate Management & Development
Inhabit IQ Inc.+	One stop	SF +	4.50%	(h)	8.66%				01/2032	6,873	6,857		0.2		6,873
Inhabit IQ Inc.+(5)	One stop				N/A(6)				01/2032	—	(3)		—		—
Inhabit IQ Inc.+(5)	One stop				N/A(6)				01/2032	—	(4)		—		—
MRI Software, LLC*+	One stop	SF +	4.75%	(i)	8.75%				02/2028	32,733	32,856		0.8		32,733
MRI Software, LLC*+	One stop	SF +	4.75%	(i)	8.75%				02/2028	13,019	13,083		0.3		13,019
MRI Software, LLC+	One stop	SF +	4.75%	(i)	8.75%				02/2028	316	308		—		316
MRI Software, LLC+	One stop	SF +	4.75%	(i)	8.75%				02/2028	9,830	9,762		0.3		9,830
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.00%	(f)	8.97%				08/2028	6,084	5,839		0.2		6,084
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.00%	(f)	8.97%				08/2028	28,080	28,278		0.7		28,080
RPL Bidco Limited+(8)(9)(10)	One stop	A +	5.00%	(e)	8.62%				08/2028	11,640	11,773		0.3		11,640
RPL Bidco Limited+(8)(9)(10)	One stop	A +	5.00%	(e)	8.62%				08/2028	2,826	3,041		0.1		2,826
RPL Bidco Limited+(8)(9)(10)	One stop				N/A(6)				02/2028	—	—		—		—
										111,401	111,790		2.9		111,401
Road & Rail
Internet Truckstop Group, LLC*	One stop	SF +	5.25%	(i)	9.40%				04/2027	28,632	28,608		0.7		28,345
Internet Truckstop Group, LLC*+	One stop	SF +	5.25%	(i)	9.40%				04/2027	12,553	12,496		0.3		12,427
Internet Truckstop Group, LLC+(5)	One stop				N/A(6)				04/2027	—	(2)		—		(3)
VRS Buyer, Inc.+	Senior secured	SF +	4.75%	(i)	9.08%				07/2032	1,491	1,484		—		1,491
VRS Buyer, Inc.+(5)	Senior secured				N/A(6)				07/2032	—	(1)		—		—
VRS Buyer, Inc.+(5)	Senior secured				N/A(6)				07/2032	—	(1)		—		—
										42,676	42,584		1.0		42,260

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Software
Anaplan, Inc.+	One stop	SF +	4.50%	(i)	8.70%				06/2029		$	58,485	1.5	%	$	58,322
Anaplan, Inc.+	One stop				N/A(6)				06/2028	—	—		—		—
Appfire Technologies, LLC*+	One stop	SF +	5.00%	(i)	9.00%				03/2028	57,223	57,151		1.4		56,651
Appfire Technologies, LLC+	One stop	SF +	5.00%	(i)	9.00%				03/2028	100	98		—		95
Appfire Technologies, LLC+	One stop	SF +	5.00%	(i)	9.00%				03/2028	222	197		—		203
Appfire Technologies, LLC+(5)	One stop				N/A(6)				03/2028	—	(88)		—		(266)
Aras Corporation+	One stop	SF +	5.00%	(i)	9.00%				04/2029	28,451	28,472		0.7		28,451
Aras Corporation+	One stop	SF +	5.00%	(i)	9.00%				04/2029	1,565	1,552		—		1,565
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.25%	(f)	9.22%				06/2029	5,846	5,365		0.2		5,846
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.25%	(f)	9.22%				06/2029	3,049	2,735		0.1		3,049
Arrow Buyer, Inc.+	One stop	SF +	5.00%	(i)	9.00%				07/2030	24,851	24,712		0.6		24,851
Arrow Buyer, Inc.+	One stop	SF +	5.00%	(i)	9.00%				07/2030	1,629	1,624		0.1		1,629
Arrow Buyer, Inc.+	One stop	SF +	5.00%	(i)	9.00%				07/2030	1,577	1,573		0.1		1,577
Artifact Bidco, Inc.+	One stop	SF +	4.25%	(i)	8.25%				05/2031	1,489	1,476		—		1,489
Artifact Bidco, Inc.+(5)	One stop				N/A(6)				05/2031	—	(2)		—		—
Artifact Bidco, Inc.+	One stop				N/A(6)				05/2030	—	—		—		—
Artifact Bidco, Inc.+(5)	One stop				N/A(6)				05/2030	—	(1)		—		—
Auvik Networks Inc.+(8)(12)(26)	One stop	SF +	6.25%	(i)	7.31%	cash/	3.25%	PIK	07/2027	11,019	11,038		0.3		11,019
Auvik Networks Inc.+(8)(12)(26)	One stop	SF +	6.25%	(i)	7.31%	cash/	3.25%	PIK	07/2027	1,981	1,977		0.1		1,981
Auvik Networks Inc.+(8)(12)(26)	One stop	SF +	6.25%	(i)	7.31%	cash/	3.25%	PIK	07/2027	1,009	1,007		—		1,009
Auvik Networks Inc.+(8)(12)	One stop				N/A(6)				07/2027	—	—		—		—
Azul Systems, Inc.*	Senior secured	SF +	4.50%	(i)	8.65%				04/2027	9,492	9,601		0.2		9,492
Azul Systems, Inc.+	Senior secured				N/A(6)				04/2026	—	—		—		—
Azurite Intermediate Holdings, Inc.+	One stop	SF +	6.00%	(h)	10.16%				03/2031	973	963		—		973
Azurite Intermediate Holdings, Inc.+	One stop	SF +	6.00%	(h)	10.16%				03/2031	428	423		—		428
Azurite Intermediate Holdings, Inc.+(5)	One stop				N/A(6)				03/2031	—	(2)		—		—
Baxter Planning Systems, LLC+(26)	One stop	SF +	6.25%	(i)	7.19%	cash/	3.38%	PIK	05/2031	4,200	4,200		0.1		4,200
Baxter Planning Systems, LLC+(5)	One stop				N/A(6)				05/2031	—	(5)		—		—
Baxter Planning Systems, LLC+(5)	One stop				N/A(6)				05/2031	—	(3)		—		—
Bayshore Intermediate #2, L.P.+	One stop	SF +	5.00%	(i)	9.00%				10/2027	95	93		—		95
Bayshore Intermediate #2, L.P.+(26)	One stop	SF +	5.50%	(i)	6.50%	cash/	3.00%	PIK	10/2028	124,185	124,126		3.1		124,185
BestPass, Inc.*+	One stop	SF +	4.75%	(h)	8.91%				08/2031	52,338	52,119		1.3		52,338
BestPass, Inc.+(5)	One stop				N/A(6)				08/2031	—	(22)		—		—
BestPass, Inc.+(5)	One stop				N/A(6)				08/2031	—	(29)		—		—
Bloomerang, LLC+(26)	One stop	SF +	6.50%	(i)	7.00%	cash/	3.50%	PIK	12/2029	4,142	4,172		0.1		4,142
Bloomerang, LLC+(26)	One stop	SF +	6.50%	(i)	7.00%	cash/	3.50%	PIK	12/2029	414	405		—		414
Bloomerang, LLC+	One stop	SF +	6.00%	(i)	11.13%				12/2029	58	58		—		58
Blue Bidco Limited+(8)(9)(10)	One stop	E +	5.00%	(d)	7.04%				05/2032	5,340	5,130		0.1		5,340
Blue Bidco Limited+(8)(9)(10)	One stop	SN +	5.00%	(f)	8.97%				05/2032	9,268	9,204		0.2		9,268
Blue Bidco Limited+(8)(9)(10)	One stop				N/A(6)				05/2032	—	—		—		—
Blue Bidco Limited+(8)(10)	One stop	SF +	5.00%	(j)	9.26%				05/2032	1,338	1,332		—		1,338
Blue Bidco Limited+(8)(10)	One stop	SF +	5.00%	(i)	9.26%				05/2032	2,749	2,749		0.1		2,749
Bottomline Technologies, Inc.+(5)	One stop				N/A(6)				05/2028	—	(4)		—		—
Bottomline Technologies, Inc.+	One stop	SF +	4.50%	(i)	8.50%				05/2029	45,696	45,473		1.2		45,696
Bullhorn, Inc.*+	One stop	SF +	5.00%	(h)	9.16%				10/2029	77,997	77,892		2.0		77,997
Bullhorn, Inc.*+	One stop	SF +	5.00%	(h)	9.16%				10/2029	3,190	3,220		0.1		3,190
Bullhorn, Inc.+	One stop	SF +	5.00%	(h)	9.16%				10/2029	1,643	1,661		0.1		1,643
Bullhorn, Inc.+	One stop	SF +	5.00%	(h)	9.16%				10/2029	736	734		—		736
Bullhorn, Inc.+	One stop	SF +	5.00%	(h)	9.16%				10/2029	587	585		—		587
Bullhorn, Inc.+	One stop	SF +	5.00%	(h)	9.16%				10/2029	68	66		—		68
Burning Glass Intermediate Holdings Company, Inc.*	One stop	SF +	5.00%	(i)	9.15%				06/2028	11,232	11,211		0.3		11,232

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Burning Glass Intermediate Holdings Company, Inc.+	One stop	SF +	5.00%	(j)	9.43%				06/2026		$	154	—	%	$	154
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	6.00%	(j)	10.14%				01/2029	8,332	8,282		0.2		8,332
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	6.00%	(j)	10.14%				01/2029	2,204	2,178		0.1		2,204
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop				N/A(6)				01/2029	—	—		—		—
Bynder BidCo, Inc.& Bynder BidCo B.V.+(5)(8)(14)	One stop				N/A(6)				01/2029	—	(1)		—		—
Calabrio, Inc.+	One stop	SF +	5.50%	(i)	9.70%				04/2027	73,921	73,965		1.9		73,921
Calabrio, Inc.+	One stop	SF +	5.50%	(i)	9.70%				04/2027	5,432	5,485		0.1		5,432
Calabrio, Inc.+	One stop	SF +	5.50%	(i)	9.70%				04/2027	202	201		—		202
Camelia Bidco Limited+(8)(9)(10)	One stop	SN +	5.50%	(f)	9.47%				08/2030	5,440	5,140		0.1		5,440
Camelia Bidco Limited+(8)(9)(10)	One stop	SN +	5.50%	(f)	9.47%				08/2030	1,065	1,006		—		1,065
Camelia Bidco Limited+(8)(9)(10)	One stop	A +	5.50%	(e)	9.05%				08/2030	331	324		—		331
Camelia Bidco Limited+(5)(8)(9)(10)	One stop				N/A(6)				08/2030	—	(25)		—		—
CB Buyer, Inc.+	One stop	SF +	5.25%	(i)	9.25%				07/2031	51,465	51,064		1.3		51,465
CB Buyer, Inc.+(5)	One stop				N/A(6)				07/2031	—	(43)		—		—
CB Buyer, Inc.+	One stop	SF +	5.25%	(i)	9.25%				07/2031	562	503		—		562
Coupa Holdings, LLC+	One stop	SF +	5.25%	(i)	9.56%				02/2030	31,639	31,390		0.8		31,639
Coupa Holdings, LLC+(5)	One stop				N/A(6)				02/2029	—	(1)		—		—
Coupa Holdings, LLC+(5)	One stop				N/A(6)				02/2030	—	(16)		—		—
Crewline Buyer, Inc.+	One stop	SF +	6.75%	(h)	10.91%				11/2030	10,857	10,828		0.3		10,857
Crewline Buyer, Inc.+(5)	One stop				N/A(6)				11/2030	—	(1)		—		—
Daxko Acquisition Corporation*+	One stop	SF +	4.75%	(h)	8.91%				10/2028	39,052	39,035		1.0		39,052
Daxko Acquisition Corporation*+	One stop	SF +	4.75%	(h)	8.91%				10/2028	3,293	3,272		0.1		3,293
Daxko Acquisition Corporation+	One stop	SF +	4.75%	(h)	8.91%				10/2028	196	196		—		196
Daxko Acquisition Corporation+	One stop	SF +	4.75%	(h)	8.91%				10/2028	133	118		—		133
Daxko Acquisition Corporation+(5)	One stop				N/A(6)				10/2028	—	(8)		—		—
Denali Bidco Limited+(8)(9)(10)	One stop	SN +	5.00%	(f)	8.97%				09/2031	8,534	8,141		0.2		8,492
Denali Bidco Limited+(8)(9)(10)(26)	Subordinated debt	N/A			11.20%	PIK			09/2032	100	99		—		99
Denali Bidco Limited+(8)(9)(10)	One stop	E +	5.00%	(c)	7.08%				09/2031	6,782	6,318		0.2		6,747
Denali Bidco Limited+(8)(9)(10)(26)	Subordinated debt	N/A			9.80%	PIK			09/2032	152	150		—		150
Denali Bidco Limited+(5)(8)(9)(10)	One stop				N/A(6)				09/2031	—	(3)		—		(4)
Diligent Corporation+	One stop	SF +	5.00%	(i)	9.20%				08/2030	8,985	8,970		0.2		8,985
Diligent Corporation+	One stop	SF +	5.00%	(i)	9.20%				08/2030	1,541	1,531		—		1,541
Diligent Corporation+(5)	One stop				N/A(6)				08/2030	—	(9)		—		—
Diligent Corporation+	One stop	SF +	5.00%	(i)	9.20%				08/2030	103	97		—		103
Einstein Parent, Inc.+	One stop	SF +	6.50%	(i)	10.83%				01/2031	9,063	8,902		0.2		9,063
Einstein Parent, Inc.+(5)	One stop				N/A(6)				01/2031	—	(17)		—		—
Espresso Bidco, Inc.+(26)	One stop	SF +	5.75%	(i)	6.63%	cash/	3.13%	PIK	03/2032	18,396	18,145		0.5		18,396
Espresso Bidco, Inc.+(5)	One stop				N/A(6)				03/2032	—	(35)		—		—
Espresso Bidco, Inc.+(5)	One stop				N/A(6)				03/2032	—	(31)		—		—
Evergreen IX Borrower 2023, LLC+	One stop	SF +	4.75%	(i)	8.75%				09/2030	4,869	4,770		0.1		4,869
Evergreen IX Borrower 2023, LLC+	One stop	SF +	4.75%	(i)	8.75%				09/2030	4,438	4,402		0.1		4,438
Evergreen IX Borrower 2023, LLC+(5)	One stop				N/A(6)				10/2029	—	(10)		—		—
FirstUp, Inc.+	One stop	SF +	6.75%	(i)	10.75%				07/2027	13,126	13,110		0.3		12,994
FirstUp, Inc.+	One stop	SF +	6.75%	(i)	10.75%				07/2027	1,251	1,244		—		1,239
FirstUp, Inc.+(5)	One stop				N/A(6)				07/2027	—	(1)		—		(2)
Flexera Software, LLC+	One stop				N/A(6)				08/2032	—	—		—		—
Flexera Software, LLC+	One stop	SF +	4.75%	(i)	8.96%				08/2032	1,401	1,399		—		1,397
Flexera Software, LLC+(9)	One stop	E +	4.75%	(b)	6.63%				08/2032	496	494		—		495
Gainsight, Inc.+	One stop	SF +	6.25%	(i)	10.60%				07/2027	14,171	14,198		0.4		14,171

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Gainsight, Inc.+(5)	One stop				N/A(6)				07/2027		$	(1)	—	%	$	—
GS Acquisitionco, Inc.*+	One stop	SF +	5.25%	(i)	9.25%				05/2028	121,457	121,717		3.0		120,850
GS Acquisitionco, Inc.+	One stop	SF +	5.25%	(i)	9.25%				05/2028	122	121		—		121
GS Acquisitionco, Inc.+	One stop	SF +	5.25%	(i)	9.25%				05/2028	180	178		—		177
GTIV, LLC*+	One stop	SF +	4.75%	(h)	8.91%				02/2029	71,983	71,638		1.8		71,983
GTIV, LLC+(5)	One stop				N/A(6)				02/2029	—	(1)		—		—
GTY Technology Holdings, Inc.+(26)	One stop	SF +	6.63%	(i)	6.67%	cash/	4.13%	PIK	07/2029	9,064	8,949		0.2		9,064
GTY Technology Holdings, Inc.+(26)	One stop	SF +	6.63%	(i)	6.50%	cash/	4.13%	PIK	07/2029	5,320	5,314		0.1		5,320
GTY Technology Holdings, Inc.+(26)	One stop	SF +	6.63%	(i)	6.50%	cash/	4.13%	PIK	07/2029	3,478	3,453		0.1		3,478
GTY Technology Holdings, Inc.+(26)	One stop	SF +	6.63%	(i)	6.67%	cash/	4.13%	PIK	07/2029	1,038	1,026		—		1,038
GTY Technology Holdings, Inc.+(26)	One stop	SF +	6.63%	(i)	6.50%	cash/	4.13%	PIK	07/2029	636	634		—		636
GTY Technology Holdings, Inc.+(26)	One stop	SF +	6.63%	(i)	6.82%	cash/	4.13%	PIK	07/2029	443	443		—		443
GTY Technology Holdings, Inc.+	One stop	SF +	6.00%	(i)	10.00%				07/2029	324	308		—		324
Gurobi Optimization, LLC+	One stop	SF +	4.50%	(i)	8.50%				09/2031	49,465	49,045		1.3		49,465
Gurobi Optimization, LLC+(5)	One stop				N/A(6)				09/2031	—	(37)		—		—
Hornet Security Holding GMBH+(8)(9)(19)	One stop	E +	4.75%	(b)	6.62%				02/2031	788	719		—		796
Hornet Security Holding GMBH+(8)(9)(19)	One stop	E +	4.75%	(b)	6.62%				02/2031	525	480		—		530
Hornet Security Holding GMBH+(8)(9)(19)	One stop	E +	4.75%	(b)	6.66%				08/2030	15	12		—		15
Hornet Security Holding GMBH+(8)(9)(19)	One stop	E +	4.75%	(d)	6.80%				02/2031	109	104		—		112
Hyland Software, Inc.*+	One stop	SF +	5.00%	(h)	9.16%				09/2030	46,767	47,448		1.2		46,767
Hyland Software, Inc.+	One stop				N/A(6)				09/2029	—	—		—		—
Icefall Parent, Inc.+	One stop	SF +	4.50%	(i)	8.81%				01/2030	3,184	3,174		0.1		3,184
Icefall Parent, Inc.+(5)	One stop				N/A(6)				01/2030	—	(1)		—		—
ICIMS, Inc.*+(26)	One stop	SF +	5.75%	(i)	10.07%				08/2028	12,478	12,431		0.3		11,854
ICIMS, Inc.+	One stop	SF +	5.75%	(i)	10.07%				08/2028	90	87		—		74
IQN Holding Corp. *+(26)	One stop	SF +	5.75%	(i)	6.63%	cash/	3.13%	PIK	05/2029	22,897	22,943		0.6		22,897
IQN Holding Corp. +	One stop	SF +	5.25%	(i)	9.25%				05/2028	108	108		—		108
IQN Holding Corp. +(26)	One stop	SF +	5.75%	(i)	6.63%	cash/	3.13%	PIK	05/2029	4,046	4,009		0.1		4,046
Island Bidco AB+(8)(9)(17)(26)	One stop	E +	7.25%	(c)	2.04%	cash/	7.25%	PIK	07/2028	12,125	11,001		0.3		12,125
Island Bidco AB+(8)(17)(26)	One stop	SF +	7.00%	(j)	7.67%	cash/	3.50%	PIK	07/2028	4,961	4,958		0.1		4,961
Island Bidco AB+(8)(17)(26)	One stop	SF +	7.00%	(j)	7.67%	cash/	3.50%	PIK	07/2028	3,660	3,639		0.1		3,660
Island Bidco AB+(5)(8)(9)(17)	One stop				N/A(6)				07/2028	—	(1)		—		—
Island Bidco AB+(8)(17)	One stop	SF +	6.50%	(j)	10.59%				07/2028	88	87		—		88
Kairos Bidco Limited+	One stop	SF +	4.75%	(i)	8.75%				07/2032	10	10		—		10
Kairos Bidco Limited+	One stop	SF +	4.75%	(i)	8.75%				07/2032	604	601		—		601
Kairos Bidco Limited+(5)	One stop				N/A(6)				07/2032	—	(1)		—		(1)
Kairos Bidco Limited+	One stop	SF +	4.75%	(i)	8.75%				07/2032	91	90		—		90
LeadsOnline, LLC+	One stop	SF +	4.50%	(i)	8.79%				02/2028	12,917	13,038		0.3		12,917
LeadsOnline, LLC+	One stop	SF +	4.50%	(i)	8.79%				02/2028	2,280	2,301		0.1		2,280
LeadsOnline, LLC+	One stop	SF +	4.50%	(i)	8.50%				02/2028	661	660		—		661
LeadsOnline, LLC+(5)	One stop				N/A(6)				02/2028	—	(1)		—		—
Lighthouse Bidco GMBH+(8)(9)(19)	One stop	E +	4.75%	(c)	6.75%				12/2031	20,056	17,727		0.5		20,056
Lighthouse Bidco GMBH+(5)(8)(9)(19)	One stop				N/A(6)				06/2031	—	(29)		—		—
Lighthouse Bidco GMBH+(5)(8)(9)(19)	One stop				N/A(6)				12/2031	—	(96)		—		—
LogicMonitor, Inc.+	One stop	SF +	5.50%	(i)	9.81%				11/2031	53,749	53,455		1.4		53,749
LogicMonitor, Inc.+(5)	One stop				N/A(6)				11/2031	—	(37)		—		—
Matrix42 Holding GMBH+(8)(9)(19)	One stop	E +	6.25%	(d)	8.32%				12/2029	10,668	10,409		0.3		10,588
Matrix42 Holding GMBH+(8)(9)(19)	One stop	E +	6.25%	(d)	8.32%				12/2029	1,616	1,481		0.1		1,604
Matrix42 Holding GMBH+(8)(9)(19)	One stop	E +	6.25%	(d)	8.32%				12/2029	832	765		—		826
Matrix42 Holding GMBH+(5)(8)(9)(19)	One stop				N/A(6)				06/2029	—	(1)		—		(2)
Matrix42 Holding GMBH+(8)(19)	One stop				N/A(6)				06/2029	—	—		—		—
Matrix42 Holding GMBH+(8)(9)(19)	One stop	E +	6.25%	(d)	8.31%				12/2029	2,041	2,005		0.1		2,025

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)	One stop	E +	5.25%	(c)	7.28%				11/2031		$	15,340	0.4	%	$	17,267
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(16)	One stop	SF +	5.25%	(i)	9.45%				11/2031	11,017	10,872		0.3		11,017
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)	One stop	E +	5.25%	(c)	7.28%				11/2031	140	93		—		140
Metatiedot Bidco Oy & Metatiedot US, LLC+(5)(8)(9)(16)	One stop				N/A(6)				11/2030	—	(41)		—		—
Mindbody, Inc.+	One stop	SF +	6.00%	(i)	10.46%				09/2027	61,966	61,966		1.6		61,966
Mindbody, Inc.+	One stop	SF +	6.00%	(i)	10.46%				09/2027	2,134	2,134		0.1		2,134
Mindbody, Inc.+	One stop				N/A(6)				09/2027	—	—		—		—
Ministry Brands Holdings LLC+	One stop	SF +	5.50%	(h)	9.76%				12/2028	30,751	30,664		0.8		30,137
Ministry Brands Holdings LLC+	One stop	SF +	5.50%	(h)	9.76%				12/2028	2,893	2,896		0.1		2,835
Ministry Brands Holdings LLC+(5)	One stop				N/A(6)				12/2027	—	(3)		—		(6)
MYOB Invest Co Pty Ltd+(8)(9)(11)(26)	One stop	A +	5.75%	(e)	6.33%	cash/	3.00%	PIK	06/2030	36,379	35,400		0.9		36,379
Navex TopCo, Inc.+	One stop	SF +	5.25%	(h)	9.41%				11/2030	5,329	5,408		0.1		5,329
Navex TopCo, Inc.+(5)	One stop				N/A(6)				11/2028	—	(1)		—		—
Naviga Inc.+(7)(26)	Senior secured	SF +	1.00%	(i)	5.10%	PIK			09/2026	184	121		—		67
Onit, Inc.+	One stop	SF +	4.75%	(i)	9.06%				01/2032	5,415	5,367		0.1		5,428
Onit, Inc.+(5)	One stop				N/A(6)				01/2032	—	(7)		—		—
Onit, Inc.+(5)	One stop				N/A(6)				01/2032	—	(11)		—		—
Onit, Inc.+	One stop	SF +	4.50%	(i)	8.50%				01/2032	1,448	1,444		—		1,444
Orsay Bidco 1 B.V. and Sky Group Holding B.V.+(8)(9)(14)	One stop	E +	5.75%	(c)	7.75%				11/2029	2,316	2,087		0.1		2,327
Orsay Bidco 1 B.V. and Sky Group Holding B.V.+(8)(9)(14)	One stop	E +	5.00%	(c)	7.00%				11/2029	347	289		—		347
Panzura, LLC+(26)	One stop	N/A			4.00%	cash/	11.00%	PIK	08/2027	132	123		—		120
Personify, Inc.+	One stop	SF +	4.75%	(i)	8.75%				09/2028	16,676	16,611		0.4		16,676
Personify, Inc.*	One stop	SF +	4.75%	(i)	8.75%				09/2028	12,337	12,270		0.3		12,337
Personify, Inc.*+	One stop	SF +	4.75%	(i)	8.75%				09/2028	8,751	8,702		0.2		8,751
Personify, Inc.+	One stop				N/A(6)				09/2028	—	—		—		—
Pineapple German Bidco GMBH+(8)(19)(26)	One stop	SF +	5.25%	(i)	9.24%	PIK			01/2031	15,046	14,915		0.4		15,046
Pineapple German Bidco GMBH+(8)(9)(19)(26)	One stop	E +	5.25%	(c)	7.27%	PIK			01/2031	5,300	4,554		0.1		5,300
Pineapple German Bidco GMBH+(8)(9)(19)(26)	One stop	E +	5.25%	(c)	7.27%	PIK			01/2031	1,139	1,039		—		1,139
Pineapple German Bidco GMBH+(8)(9)(19)(26)	One stop	E +	5.25%	(c)	7.27%	PIK			01/2031	353	318		—		353
Pineapple German Bidco GMBH+(8)(19)(26)	One stop	SF +	5.25%	(i)	9.24%	PIK			01/2031	77	75		—		77
Pineapple German Bidco GMBH+(8)(9)(19)(26)	One stop	E +	5.25%	(c)	7.25%	PIK			01/2031	78	71		—		78
Pineapple German Bidco GMBH+(5)(8)(9)(19)	One stop				N/A(6)				01/2031	—	(55)		—		—
PING Identity Holding Corp.+	One stop	SF +	4.75%	(i)	8.75%				10/2029	14,993	14,963		0.4		14,993
PING Identity Holding Corp.+(5)	One stop				N/A(6)				10/2028	—	(1)		—		—
Pluralsight, LLC+(26)	One stop	SF +	7.50%	(i)	11.70%	PIK			08/2029	6,738	6,553		0.2		6,671
Pluralsight, LLC+(26)	One stop	SF +	4.50%	(i)	7.20%	cash/	1.50%	PIK	08/2029	4,025	3,933		0.1		3,985
Pluralsight, LLC+(26)	One stop	SF +	4.50%	(i)	7.20%	cash/	1.50%	PIK	08/2029	2,013	2,013		0.1		1,993
Pluralsight, LLC+(5)	One stop				N/A(6)				08/2029	—	—		—		(10)
Pluralsight, LLC+(5)	One stop				N/A(6)				08/2029	—	—		—		(25)
ProcessUnity Holdings, LLC+	One stop	SF +	6.50%	(i)	10.50%				09/2028	6,014	6,023		0.2		6,014
ProcessUnity Holdings, LLC+	One stop	SF +	6.50%	(i)	10.50%				09/2028	4,240	4,223		0.1		4,240
ProcessUnity Holdings, LLC+	One stop	SF +	6.50%	(i)	10.50%				09/2028	2,864	2,847		0.1		2,864
ProcessUnity Holdings, LLC+	One stop	SF +	6.50%	(i)	10.50%				09/2028	1,203	1,199		—		1,203
ProcessUnity Holdings, LLC+	One stop	SF +	6.50%	(h)(i)	10.57%				09/2028	108	108		—		108
QAD, Inc.*+	One stop	SF +	4.75%	(h)	8.91%				11/2027	42,819	43,243		1.1		42,819
QAD, Inc.+(5)	One stop				N/A(6)				11/2027	—	(2)		—		—
Quant Buyer, Inc.*+	One stop	SF +	5.25%	(i)	9.49%				06/2029	7,332	7,279		0.2		7,332

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Quant Buyer, Inc.*+	One stop	SF +	5.25%	(i)	9.45%				06/2029		$	4,395	0.1	%	$	4,428
Quant Buyer, Inc.*+	One stop	SF +	5.25%	(i)	9.45%				06/2029	4,316	4,302		0.1		4,316
Quant Buyer, Inc.+	One stop	SF +	5.25%	(i)	9.45%				06/2029	230	227		—		230
Quant Buyer, Inc.+(5)	One stop				N/A(6)				06/2029	—	(41)		—		—
Rainforest Bidco Limited+(8)(9)(10)(26)	One stop	SN +	6.05%	(f)	7.47%	cash/	2.55%	PIK	07/2029	21,404	19,591		0.5		21,404
Rainforest Bidco Limited+(8)(10)(26)	One stop	SF +	6.05%	(g)	7.68%	cash/	2.55%	PIK	07/2029	3,762	3,742		0.1		3,762
Rainforest Bidco Limited+(8)(9)(10)(26)	One stop	SN +	6.80%	(f)	7.97%	cash/	2.80%	PIK	07/2029	3,580	3,360		0.1		3,580
Rainforest Bidco Limited+(8)(9)(10)(26)	One stop	SN +	6.05%	(f)	7.47%	cash/	2.55%	PIK	07/2029	1,573	1,430		—		1,573
Rainforest Bidco Limited+(8)(10)(26)	One stop	SF +	6.18%	(g)	8.12%	cash/	2.18%	PIK	07/2029	1,002	1,002		—		1,002
Rainforest Bidco Limited+(5)(8)(9)(10)	One stop				N/A(6)				07/2029	—	(7)		—		—
Rainforest Bidco Limited+(8)(10)(26)	One stop	SF +	5.93%	(g)	8.12%	cash/	1.93%	PIK	07/2029	700	700		—		700
Riskonnect Parent, LLC*+	One stop	SF +	4.75%	(j)	8.62%				12/2028	45,168	45,548		1.1		44,717
Riskonnect Parent, LLC+	One stop	SF +	4.75%	(j)	8.62%				12/2028	2,119	2,134		0.1		2,099
Riskonnect Parent, LLC+	One stop	SF +	4.75%	(j)	8.62%				12/2028	815	809		—		807
Riskonnect Parent, LLC+	One stop	SF +	4.75%	(j)	8.62%				12/2028	573	566		—		567
Riskonnect Parent, LLC+	One stop	SF +	4.75%	(j)	8.62%				12/2028	77	74		—		68
Riskonnect Parent, LLC+(5)	One stop				N/A(6)				12/2028	—	(8)		—		(10)
Rodeo Buyer Company & Absorb Software Inc.+(8)(12)	One stop	SF +	6.25%	(h)	10.41%				05/2027	13,056	12,990		0.3		13,056
Rodeo Buyer Company & Absorb Software Inc.+(8)(12)	One stop	SF +	6.25%	(h)	10.51%				05/2027	7,616	7,608		0.2		7,616
Rodeo Buyer Company & Absorb Software Inc.+(8)(12)	One stop				N/A(6)				05/2027	—	—		—		—
Rodeo Buyer Company & Absorb Software Inc.+(8)(12)	One stop	SF +	6.25%	(h)	10.41%				05/2027	2,000	1,991		0.1		2,000
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	4.75%	(c)	6.78%				07/2029	53,648	47,198		1.4		53,648
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	5.00%	(c)	7.04%				07/2029	4,383	3,981		0.1		4,395
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	5.00%	(c)	6.96%				07/2029	1,616	1,491		0.1		1,620
Sonatype, Inc.+	One stop	SF +	5.50%	(h)	9.75%				01/2028	69,460	69,555		1.8		69,460
Sonatype, Inc.+	One stop				N/A(6)				01/2028	—	—		—		—
Spark Bidco Limited+(8)(10)	One stop				N/A(6)				10/2032	—	—		—		—
Spark Bidco Limited+(8)(10)	One stop				N/A(6)				10/2032	—	—		—		—
Spark Bidco Limited+(8)(10)	One stop				N/A(6)				10/2032	—	—		—		—
Spark Bidco Limited+(8)(9)(10)	One stop				N/A(6)				10/2032	—	—		—		—
Spartan Buyer Acquisition Co.*+(26)	One stop	SF +	7.50%	(i)	10.70%	cash/	1.00%	PIK	06/2027	44,709	44,567		1.1		44,261
Spartan Buyer Acquisition Co.+(26)	One stop	SF +	7.50%	(i)	10.70%	cash/	1.00%	PIK	06/2027	2,851	2,828		0.1		2,822
Spartan Buyer Acquisition Co.+(5)(26)	One stop	P +	6.50%	(a)	12.75%	cash/	1.00%	PIK	06/2027	2	(1)		—		(2)
Telesoft Holdings LLC*+	One stop	SF +	5.75%	(h)	10.01%				12/2026	20,963	21,081		0.5		20,963
Telesoft Holdings LLC+	One stop	SF +	6.25%	(h)	10.51%				12/2026	1,417	1,420		—		1,417
Telesoft Holdings LLC+	One stop	SF +	5.75%	(h)	10.01%				12/2026	37	36		—		37
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.00%	(i)	10.35%				07/2028	4,800	4,784		0.1		4,800
Templafy APS and Templafy, LLC+(8)(18)	One stop				N/A(6)				07/2028	—	—		—		—
TI Intermediate Holdings, LLC+(26)	Senior secured	SF +	5.50%	(h)	8.76%	cash/	1.00%	PIK	06/2027	4,226	4,222		0.1		3,297
TI Intermediate Holdings, LLC+(26)	Senior secured	SF +	5.50%	(h)	8.76%	cash/	1.00%	PIK	06/2027	1,122	1,122		—		875
TI Intermediate Holdings, LLC+(26)	Senior secured	SF +	5.50%	(h)	8.76%	cash/	1.00%	PIK	06/2027	701	701		—		547
TI Intermediate Holdings, LLC+(26)	Senior secured	SF +	5.50%	(h)	8.76%	cash/	1.00%	PIK	06/2027	536	535		—		418
TI Intermediate Holdings, LLC+(26)	Senior secured	SF +	5.50%	(h)	8.76%	cash/	1.00%	PIK	06/2027	194	194		—		151
TI Intermediate Holdings, LLC+(26)	Senior secured	SF +	5.50%	(h)	8.76%	cash/	1.00%	PIK	06/2027	91	91		—		70
Togetherwork Holdings, LLC*+	One stop	SF +	5.25%	(h)	9.41%				05/2031	27,693	27,653		0.7		27,416
Togetherwork Holdings, LLC+	One stop	SF +	5.25%	(h)	9.41%				05/2031	694	665		—		647
Togetherwork Holdings, LLC+(5)	One stop				N/A(6)				05/2031	—	(14)		—		(24)
Transform Bidco Limited+(8)(10)	One stop	SF +	6.75%	(i)	10.53%				01/2031	5,444	5,514		0.1		5,444
Transform Bidco Limited+(8)(10)	One stop	SF +	6.75%	(i)	10.53%				01/2031	4,339	4,261		0.1		4,339
Transform Bidco Limited+(8)(9)(10)(26)	One stop	A +	6.75%	(e)	7.62%	cash/	2.75%	PIK	01/2031	4,057	3,966		0.1		4,057
Transform Bidco Limited+(8)(9)(10)(26)	One stop	SN +	6.75%	(f)	7.97%	cash/	2.75%	PIK	01/2031	644	606		—		644

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Transform Bidco Limited+(5)(8)(10)	One stop				N/A(6)				06/2030		$	(2)	—	%	$	—
Transform Bidco Limited+(5)(8)(10)	One stop				N/A(6)				01/2031	—	(73)		—		—
Transform Bidco Limited+(5)(8)(10)	One stop				N/A(6)				01/2031	—	(33)		—		—
Tricentis Operations Holdings, Inc.+(26)	One stop	SF +	6.25%	(i)	5.61%	cash/	4.88%	PIK	02/2032	7,741	7,707		0.2		7,741
Tricentis Operations Holdings, Inc.+(5)	One stop				N/A(6)				02/2032	—	(4)		—		—
Tricentis Operations Holdings, Inc.+(5)	One stop				N/A(6)				02/2032	—	(7)		—		—
Vantage Bidco GMBH+(8)(9)(19)(26)	One stop	E +	6.25%	(c)	8.25%	PIK			04/2031	9,226	8,393		0.2		9,226
Vantage Bidco GMBH+(5)(8)(9)(19)	One stop				N/A(6)				10/2030	—	(11)		—		—
Varinem German Midco GMBH+(8)(9)(19)	One stop	E +	5.50%	(d)	7.57%				07/2031	7,771	7,161		0.2		7,790
Varinem German Midco GMBH+(8)(9)(19)	One stop	E +	4.75%	(d)	6.82%				07/2031	4,143	3,835		0.1		4,143
Vendavo, Inc.+	One stop	SF +	5.75%	(i)	10.00%				09/2027	27,095	26,661		0.6		24,385
Vendavo, Inc.+	One stop	SF +	5.75%	(i)	10.15%				09/2027	2,933	2,913		0.1		2,683
Vendavo, Inc.+	One stop	SF +	5.75%	(i)	10.00%				09/2027	988	985		—		889
Viper Bidco, Inc.+	One stop	SF +	4.75%	(i)	8.75%				11/2031	37,890	37,724		1.0		37,985
Viper Bidco, Inc.+(9)	One stop	SN +	4.75%	(f)	8.72%				11/2031	18,655	17,390		0.5		18,702
Viper Bidco, Inc.+(5)	One stop				N/A(6)				11/2031	—	(17)		—		—
Viper Bidco, Inc.+(5)	One stop				N/A(6)				11/2031	—	(21)		—		—
Viper Bidco, Inc.+(5)	One stop				N/A(6)				11/2031	—	(2)		—		(5)
WebPT, Inc.+	One stop	SF +	6.25%	(i)	10.55%				01/2028	927	920		—		778
Zendesk, Inc.+	One stop	SF +	5.00%	(i)	9.00%				11/2028	28,368	28,286		0.7		28,368
Zendesk, Inc.+	One stop	SF +	5.00%	(i)	9.00%				11/2028	2,179	2,164		0.1		2,179
Zendesk, Inc.+	One stop				N/A(6)				11/2028	—	—		—		—
										2,206,850	2,179,855		55.3		2,197,567
Specialty Retail
Ave Holdings III, Corp*+	One stop	SF +	5.50%	(j)	9.62%				02/2028	23,180	23,008		0.6		22,369
Ave Holdings III, Corp+	One stop	SF +	5.50%	(j)	9.62%				02/2028	6,046	6,124		0.2		5,833
Ave Holdings III, Corp+	One stop	SF +	5.50%	(j)	9.62%				02/2028	794	794		—		767
Ave Holdings III, Corp+(5)	One stop				N/A(6)				02/2028	—	(1)		—		(10)
Biscuit Parent, LLC*+	One stop	SF +	4.75%	(i)	8.75%				02/2031	20,004	19,843		0.5		20,004
Biscuit Parent, LLC+(5)	One stop				N/A(6)				02/2031	—	(1)		—		—
Biscuit Parent, LLC+	One stop	SF +	4.75%	(i)	8.75%				02/2031	273	233		—		273
Cavender Stores L.P.*	Senior secured	SF +	5.00%	(i)	9.00%				10/2029	5,404	5,370		0.1		5,404
Consilio Midco Limited+(8)(9)(10)	Senior secured	E +	4.75%	(c)	6.75%				04/2032	13,130	12,660		0.3		13,130
Consilio Midco Limited+(8)(10)	Senior secured	SF +	4.75%	(i)	9.04%				04/2032	10,689	10,639		0.3		10,689
Consilio Midco Limited+(8)(10)	Senior secured	SF +	4.75%	(i)	9.04%				04/2032	6,589	6,558		0.2		6,589
Consilio Midco Limited+(8)(10)	Senior secured				N/A(6)				04/2032	—	—		—		—
Consilio Midco Limited+(8)(10)	Senior secured				N/A(6)				04/2032	—	—		—		—
Consilio Midco Limited+(8)(9)(10)(26)	Subordinated debt	E +	7.50%	(d)	9.59%	PIK			04/2033	1,345	1,294		—		1,345
Consilio Midco Limited+(8)(10)(26)	Subordinated debt	SF +	7.50%	(j)	11.64%	PIK			04/2033	1,681	1,669		0.1		1,681
Consilio Midco Limited+(8)(10)(26)	Subordinated debt	SF +	7.50%	(i)	11.82%	PIK			04/2033	1	1		—		1
CVP Holdco, Inc.+	One stop	SF +	4.75%	(h)	8.91%				06/2031	13,529	13,418		0.4		13,529
CVP Holdco, Inc.+	One stop	SF +	4.75%	(h)	8.91%				06/2031	776	761		—		776
CVP Holdco, Inc.+(5)	One stop				N/A(6)				06/2030	—	(11)		—		—
Cycle Gear, Inc.+	One stop	SF +	6.75%	(h)	11.01%				04/2026	46,304	45,655		1.2		46,304
Metal Supermarkets US Buyer, LLC+(8)(12)	One stop	SF +	4.75%	(i)	8.75%				12/2030	11,489	11,439		0.3		11,489
Metal Supermarkets US Buyer, LLC+(8)(12)	One stop	SF +	4.75%	(i)	8.75%				12/2030	306	300		—		306
PetVet Care Centers LLC*+	One stop	SF +	6.00%	(h)	10.16%				11/2030	4,692	4,726		0.1		4,317
PetVet Care Centers LLC+(5)	One stop				N/A(6)				11/2029	—	(2)		—		(6)
PetVet Care Centers LLC+(5)	One stop				N/A(6)				11/2030	—	(6)		—		—
Radiance Borrower, LLC+(26)	One stop	SF +	5.75%	(h)	7.16%	cash/	2.75%	PIK	06/2031	21,950	21,820		0.6		21,950
Radiance Borrower, LLC+	One stop	SF +	5.25%	(h)	9.41%				06/2031	205	191		—		205

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	9.75%				08/2028		$	5,207	0.1	%	$	5,216
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00%	(i)	13.00%	PIK			09/2029	3,479	3,454		0.1		3,505
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00%	(i)	13.00%	PIK			09/2029	1,845	1,832		0.1		1,859
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00%	(i)	13.00%	PIK			09/2029	1,543	1,533		—		1,559
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00%	(i)	13.00%	PIK			09/2029	902	884		—		909
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00%	(i)	13.00%	PIK			09/2029	672	667		—		676
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	9.75%				08/2028	535	533		—		536
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	9.75%				08/2028	496	493		—		498
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	9.75%				08/2028	349	347		—		350
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	9.75%				08/2028	340	338		—		341
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.75%				08/2028	575	569		—		575
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	9.75%				08/2028	269	268		—		270
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	9.75%				08/2028	248	246		—		249
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	9.75%				08/2028	168	168		—		168
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00%	(i)	13.00%	PIK			09/2029	171	170		—		173
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	9.75%				08/2028	153	153		—		154
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	9.75%				08/2028	112	111		—		112
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	9.75%				08/2028	104	104		—		104
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	9.75%				08/2028	85	84		—		85
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	9.75%				08/2028	78	78		—		79
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	9.75%				08/2028	634	630		—		636
Salon Lofts Group, LLC+(5)(26)	Second lien				N/A(6)				09/2029	—	(15)		—		21
Salon Lofts Group, LLC+(5)	Senior secured				N/A(6)				08/2028	—	(22)		—		—
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00%	(i)	13.00%	PIK			09/2029	685	681		—		692
Salon Lofts Group, LLC+	Senior secured	SF +	5.25%	(i)	9.25%				08/2028	2,228	2,219		0.1		2,228
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.*+	One stop	SF +	5.25%	(i)	9.25%				12/2029	32,072	31,844		0.8		31,751
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(9)	One stop	CA +	5.25%	(l)	7.70%				12/2029	7,733	7,858		0.2		7,655
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(5)	One stop				N/A(6)				12/2029	—	(69)		—		(33)
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+	One stop	SF +	5.25%	(i)	9.25%				12/2028	236	231		—		230
Titan Fitness, LLC+(26)	One stop	SF +	7.25%	(i)	5.44%	cash/	6.25%	PIK	10/2026	41,525	40,863		0.8		31,974
Titan Fitness, LLC+(26)	One stop	SF +	7.25%	(i)	5.44%	cash/	6.25%	PIK	10/2026	3,013	2,939		0.1		2,320
Titan Fitness, LLC+(26)	One stop	SF +	7.25%	(i)	5.34%	cash/	6.25%	PIK	10/2026	594	570		—		399
Titan Fitness, LLC+(26)	One stop	SF +	7.25%	(i)	6.81%	cash/	4.75%	PIK	10/2026	621	613		—		621
Vermont Aus Pty Ltd+(8)(9)(11)	One stop	A +	5.75%	(e)	9.38%				03/2028	8,958	9,878		0.2		8,958
Vermont Aus Pty Ltd+(8)(9)(11)	One stop	A +	5.75%	(e)	9.38%				03/2028	8,765	9,165		0.2		8,765
VSG Acquisition Corp. and Sherrill, Inc.+(5)	One stop				N/A(6)				10/2029	—	(1)		—		(1)
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.00%	(h)	9.16%				10/2029	133	126		—		130
VSG Acquisition Corp. and Sherrill, Inc.*+	One stop	SF +	5.00%	(h)	9.16%				10/2029	16,264	15,942		0.4		16,183
										329,175	327,173		8.0		316,892

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.+(7)(8)(10)	One stop	SF +	6.00%	(i)	10.15%				03/2028		$	2,329	0.1	%	$	1,643
Dollfus Mieg Company, Inc.+(7)(8)(10)	One stop	SF +	6.00%	(i)	10.15%				03/2028	1,170	1,161		—		819
Dollfus Mieg Company, Inc.+(7)(8)(10)	One stop	SF +	6.00%	(i)	10.15%				03/2028	1,027	1,020		—		720
Elite Sportswear, L.P.+(26)	Senior secured	SF +	7.50%	(i)	10.51%	cash/	1.25%	PIK	10/2025	9,950	9,950		0.2		9,478
Elite Sportswear, L.P.+(26)	Senior secured	SF +	7.50%	(i)	10.51%	cash/	1.25%	PIK	10/2025	3,997	3,997		0.1		3,808
Elite Sportswear, L.P.+(26)	Senior secured	SF +	7.50%	(i)	10.51%	cash/	1.25%	PIK	10/2025	2,058	2,058		0.1		1,960
Elite Sportswear, L.P.+(26)	Senior secured	SF +	7.50%	(i)	10.51%	cash/	1.25%	PIK	10/2025	683	683		—		651
Elite Sportswear, L.P.+(26)	Senior secured	SF +	7.50%	(i)	10.51%	cash/	1.25%	PIK	10/2025	312	312		—		298
Elite Sportswear, L.P.+(26)	Senior secured	SF +	7.50%	(i)	10.51%	cash/	1.25%	PIK	10/2025	299	299		—		285
Elite Sportswear, L.P.+(26)	Senior secured	SF +	7.50%	(i)	10.51%	cash/	1.25%	PIK	10/2025	120	120		—		115
Elite Sportswear, L.P.+(26)	Senior secured	SF +	7.50%	(i)	10.51%	cash/	1.25%	PIK	10/2025	4	4		—		4
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	9.65%				11/2026	9,105	9,068		0.2		9,127
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	9.65%				11/2026	6,310	6,284		0.2		6,325
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	9.65%				11/2026	977	973		—		979
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	9.65%				11/2026	877	873		—		880
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	9.65%				11/2026	615	613		—		617
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	9.65%				11/2026	2	—		—		2
Shoes For Crews Global, LLC+	Senior secured	SF +	6.50%	(h)	10.77%				07/2029	1,289	1,289		—		1,289
Shoes For Crews Global, LLC+(26)	Senior secured	SF +	7.00%	(h)	6.27%	cash/	5.00%	PIK	07/2029	756	734		—		756
Shoes For Crews Global, LLC+	Senior secured	SF +	6.50%	(h)	10.77%				07/2029	417	417		—		417
Shoes For Crews Global, LLC+(5)	Senior secured				N/A(6)				07/2029	—	(27)		—		—
										42,315	42,157		0.9		40,173
Trading Companies & Distributors
Marcone Yellowstone Buyer Inc.+(26)	One stop	SF +	7.00%	(i)	8.19%	cash/	3.25%	PIK	06/2028	20,574	20,369		0.5		18,619
Marcone Yellowstone Buyer Inc.+(26)	One stop	SF +	7.00%	(i)	8.19%	cash/	3.25%	PIK	06/2028	21,341	20,957		0.5		19,313
Marcone Yellowstone Buyer Inc.+(26)	One stop	SF +	7.00%	(i)	8.44%	cash/	3.25%	PIK	06/2028	6,334	6,201		0.2		5,765
Marcone Yellowstone Buyer Inc.+(26)	One stop	SF +	7.00%	(i)	8.09%	cash/	3.25%	PIK	06/2028	2,611	2,516		0.1		2,363
Marcone Yellowstone Buyer Inc.+(26)	One stop	SF +	7.00%	(i)	8.19%	cash/	3.25%	PIK	06/2028	6,836	6,562		0.2		6,187
										57,696	56,605		1.5		52,247
Transportation Infrastructure
LDS Intermediate Holdings, LLC+	One stop	SF +	5.00%	(h)	9.16%				02/2032	7,408	7,366		0.2		7,334
LDS Intermediate Holdings, LLC+(5)	One stop				N/A(6)				02/2032	—	(6)		—		(11)
LDS Intermediate Holdings, LLC+	One stop	SF +	5.00%	(h)	9.16%				02/2032	1,467	1,459		—		1,452
LDS Intermediate Holdings, LLC+(5)	One stop				N/A(6)				02/2032	—	(5)		—		(9)
LDS Intermediate Holdings, LLC+	One stop	SF +	5.00%	(h)	9.16%				02/2032	91	90		—		90
										8,966	8,904		0.2		8,856
Water Utilities
S.J. Electro Systems, LLC*	Senior secured	SF +	4.75%	(i)	9.21%				06/2027	24,226	24,113		0.6		24,226
S.J. Electro Systems, LLC*+	Senior secured	SF +	4.75%	(i)	9.21%				06/2027	18,582	18,550		0.5		18,582
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75%	(i)	9.21%				06/2027	1,172	1,166		—		1,172
S.J. Electro Systems, LLC+(5)	Senior secured				N/A(6)				06/2027	—	(39)		—		—
S.J. Electro Systems, LLC+(5)	Senior secured				N/A(6)				06/2027	—	(2)		—		—
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75%	(h)	9.01%				06/2027	180	179		—		180
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75%	(h)	9.01%				06/2027	240	239		—		240
Vessco Midco Holdings, LLC*	One stop	SF +	4.75%	(h)(j)	8.93%				07/2031	22,500	22,313		0.6		22,500
Vessco Midco Holdings, LLC+	One stop	SF +	4.75%	(h)(j)	8.89%				07/2031	4,075	4,044		0.1		4,075
Vessco Midco Holdings, LLC+(5)	One stop				N/A(6)				07/2031	—	(21)		—		—
										70,975	70,542		1.8		70,975
Total non-controlled/non-affiliate company debt investments										8,064,825	7,974,174		200.3		7,978,756

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)		Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Equity investments (23)(24)
Aerospace & Defense
PPW Aero Buyer, Inc.+	Preferred stock	N/A	N/A		02/2023	N/A	93	$	948	—	%	$	672
Tronair Parent, Inc.+	Common stock	N/A	N/A		07/2021	N/A	—	40		—		98
								988		—		770
Air Freight & Logistics
RJW Group Holdings, Inc.+(25)	LLC units	N/A	N/A		11/2024	N/A	4,370	2,689		0.1		3,469
Auto Components
Arnott, LLC+	LP units	N/A	N/A		12/2024	N/A	—	350		—		314
Polk Acquisition Corp.+	LP interest	N/A	N/A		06/2016	N/A	5	314		—		30
								664		—		344
Automobiles
CAP-KSI Holdings, LLC+	Preferred stock	N/A	N/A		06/2024	N/A	645	645		—		717
CAP-KSI Holdings, LLC+	Common stock	N/A	N/A		06/2024	N/A	645	—		—		167
CG Group Holdings, LLC+	LLC units	N/A	N/A		07/2021	N/A	1	983		—		718
Go Car Wash Parent, Corp.+(25)	Common stock	N/A	17.00%	Non-Cash	04/2022	N/A	—	3,794		0.1		3,678
Go Car Wash Parent, Corp.+	Preferred stock	N/A	N/A		04/2022	N/A	—	553		—		—
MOP GM Holding, LLC+	Common stock	N/A	N/A		11/2020	N/A	—	499		—		473
MOP GM Holding, LLC+	Preferred stock	N/A	N/A		06/2024	N/A	—	51		—		63
National Express Wash Parent Holdco, LLC+	LLC units	N/A	N/A		07/2022	N/A	1	103		—		176
POY Holdings, LLC+	LP interest	N/A	N/A		11/2022	N/A	446	820		—		483
Quick Quack Car Wash Holdings, LLC+	LLC units	N/A	N/A		06/2024	N/A	1,085	1,085		0.1		1,421
Quick Quack Car Wash Holdings, LLC+	Preferred stock	N/A	N/A		06/2024	N/A	215	215		—		270
Yorkshire Parent, Inc.+	LP interest	N/A	N/A		12/2023	N/A	—	544		—		626
								9,292		0.2		8,792
Beverages
Spindrift Beverage Co. Inc.+	LLC interest	N/A	N/A		02/2025	N/A	2	2,039		0.1		2,501
Biotechnology
Cobepa BlueSky Aggregator, SCSp+(25)	LP units	N/A	N/A		10/2023	N/A	4	40		—		45
Cobepa BlueSky Aggregator, SCSp+(25)	LLC units	N/A	15.00%	Non-Cash	04/2024	N/A	5	61		—		57
Cobepa BlueSky Aggregator, SCSp+	Common stock	N/A	N/A		12/2021	N/A	219	1,899		—		47
								2,000		—		149
Building Products
BECO Holding Company, Inc.+(25)	Common stock	N/A	11.75%	Non-Cash	11/2021	N/A	132	20,273		0.5		20,736
BECO Holding Company, Inc.+	Common stock	N/A	N/A		11/2021	N/A	10	1,218		—		1,116
								21,491		0.5		21,852
Chemicals
Inhance Parent, Inc.+	LP interest	N/A	N/A		07/2018	N/A	—	124		—		—

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)	Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Inhance Parent, Inc.+	LP units	N/A	N/A	09/2025	N/A	12	$	—	—	%	$	328
Inhance Parent, Inc.+	LP units	N/A	N/A	12/2021	N/A	12	7,284		—		—
							7,408		—		328
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+	Preferred stock	N/A	N/A	10/2021	N/A	773	836		—		993
CHA Vision Holdings, Inc.+	Warrant	N/A	N/A	01/2024	N/A	—	461		—		610
North Haven Stack Buyer, LLC	Preferred stock	N/A	N/A	07/2021	N/A	516	637		—		1,244
PT Intermediate Holdings III, LLC+	Preferred stock	N/A	N/A	12/2021	N/A	16	1,787		0.1		1,918
Radwell Parent, LLC+	Preferred stock	N/A	N/A	03/2022	N/A	4	477		—		467
							4,198		0.1		5,232
Containers & Packaging
Chase Intermediate+	LP units	N/A	N/A	04/2022	N/A	217	209		—		351
Packaging Coordinators Midco, Inc.+	LP units	N/A	N/A	09/2025	N/A	45	450		—		450
							659		—		801
Diversified Consumer Services
CHHJ Midco, LLC+(25)	LP interest	N/A	N/A	01/2021	N/A	27	311		—		428
CHVAC Services Investment, LLC+	Preferred stock	N/A	N/A	05/2024	N/A	105	267		—		453
DP Flores Holdings, LLC+	Preferred stock	N/A	N/A	09/2022	N/A	106	98		—		170
EMS LINQ, LLC+	Preferred stock	N/A	N/A	12/2021	N/A	761	758		—		236
EWC Growth Partners LLC+	Preferred stock	N/A	N/A	03/2020	N/A	—	12		—		—
FPG Intermediate Holdco, LLC+	LLC units	N/A	N/A	07/2025	N/A	18	6,655		0.2		6,637
HS Spa Holdings, Inc.+	Warrant	N/A	N/A	05/2022	N/A	729	732		—		587
Kodiak Buyer, LLC+	LP interest	N/A	N/A	08/2025	N/A	4	373		—		373
Liminex, Inc.+	Preferred stock	N/A	N/A	11/2020	N/A	17	633		—		410
NSG Buyer, Inc. +	Preferred stock	N/A	N/A	11/2022	N/A	3	2,992		0.1		4,203
PADI Holdco, Inc.+(25)	LLC interest	N/A	N/A	07/2017	N/A	1	945		0.1		1,392
Project Alpha Intermediate Holdings, Inc.+	Common stock	N/A	N/A	05/2025	N/A	327	1,359		0.1		1,410
Virginia Green Acquisition, LLC+	Preferred stock	N/A	N/A	12/2023	N/A	397	407		—		454
							15,542		0.5		16,753
Electric Utilities
Smart Energy Systems, Inc.+	Preferred stock	N/A	N/A	01/2025	N/A	18	96		—		458
Electrical Equipment
Wildcat TopCo, Inc.+	Preferred stock	N/A	N/A	12/2024	N/A	503	503		—		675
Electronic Equipment, Instruments & Components
Inventus Power, Inc.+	Preferred stock	N/A	N/A	03/2014	N/A	—	372		—		168
Inventus Power, Inc.+	LLC units	N/A	N/A	04/2018	N/A	—	88		—		276
Inventus Power, Inc.+	Common stock	N/A	N/A	05/2019	N/A	—	20		—		61
Inventus Power, Inc.+	Common stock	N/A	N/A	03/2014	N/A	—	—		—		—
							480		—		505
Food & Staples Retailing
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	08/2015	N/A	44	217		—		271
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	02/2016	N/A	20	61		—		60
Mendocino Farms, LLC+	Common stock	N/A	N/A	06/2018	N/A	227	1,041		0.1		1,421
PDI TA Holdings, Inc.+	Preferred stock	N/A	N/A	02/2023	N/A	135	4,613		0.2		6,591

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)	Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Ruby Slipper Cafe LLC, The+	Warrant	N/A	N/A	06/2024	N/A	3	$	47	—	%	$	53
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	01/2018	N/A	38	423		—		85
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	08/2020	N/A	2	28		—		54
							6,430		0.3		8,535
Food Products
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	06/2021	N/A	107	195		—		277
Borrower R365 Holdings, LLC+	LLC units	N/A	N/A	05/2023	N/A	6	14		—		14
Borrower R365 Holdings, LLC+	LLC units	N/A	N/A	01/2022	N/A	4	9		—		11
Borrower R365 Holdings, LLC+	LLC units	N/A	N/A	06/2022	N/A	1	3		—		4
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	06/2022	N/A	2	4		—		5
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	05/2023	N/A	1	3		—		4
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	05/2023	N/A	—	1		—		1
Borrower R365 Holdings, LLC+	LLC units	N/A	N/A	04/2024	N/A	21	73		—		66
Kodiak Cakes, LLC+	Preferred stock	N/A	N/A	06/2021	N/A	—	557		0.1		1,914
Louisiana Fish Fry Products, Ltd.+	Preferred stock	N/A	N/A	07/2021	N/A	—	599		—		273
Louisiana Fish Fry Products, Ltd.+	Preferred stock	N/A	N/A	09/2022	N/A	—	24		—		36
P&P Food Safety Holdings, Inc.+	LP units	N/A	N/A	03/2024	N/A	—	31		—		42
P&P Food Safety Holdings, Inc.+	Common stock	N/A	N/A	12/2020	N/A	5	434		—		312
Purfoods, LLC+	LLC interest	N/A	N/A	05/2016	N/A	—	945		0.2		5,892
Zullas, L.C.+	Warrant	N/A	N/A	06/2025	N/A	—	250		—		250
							3,142		0.3		9,101
Healthcare Equipment & Supplies
Aspen Medical Products, LLC+	LP interest	N/A	N/A	06/2019	N/A	—	98		—		96
Blue River Pet Care, LLC+	LP interest	N/A	N/A	08/2019	N/A	—	734		—		794
CCSL Holdings, LLC+	Preferred stock	N/A	N/A	12/2020	N/A	—	499		—		676
Centegix Intermediate II, LLC+	Preferred stock	N/A	N/A	08/2025	N/A	600	600		—		600
CMI Parent Inc.+	Common stock	N/A	N/A	08/2019	N/A	—	557		—		677
CMI Parent Inc.+	Common stock	N/A	N/A	08/2019	N/A	8	483		—		1,034
Isto Group, Inc.+(9)	LP units	N/A	N/A	09/2025	N/A	3	369		—		365
JHC Investment Intermediate Holdings, LLC+	LP units	N/A	N/A	03/2024	N/A	5,293	—		0.1		1,761
							3,340		0.1		6,003
Healthcare Providers & Services
Active Day, Inc.+	LLC interest	N/A	N/A	12/2015	N/A	2	1,099		0.1		2,207
Acuity Eyecare Holdings, LLC+	LLC interest	N/A	N/A	03/2017	N/A	1,632	2,235		0.2		5,684
Acuity Eyecare Holdings, LLC+	LLC units	N/A	N/A	05/2021	N/A	889	1,023		0.1		3,651
ADCS Clinics Intermediate Holdings, LLC+	Preferred stock	N/A	N/A	05/2016	N/A	2	1,119		—		1,154
ADCS Clinics Intermediate Holdings, LLC+	Common stock	N/A	N/A	05/2016	N/A	—	6		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	Warrant	N/A	N/A	03/2021	N/A	180	192		—		140
CRH Healthcare Purchaser, Inc.+	Preferred stock	N/A	N/A	12/2018	N/A	531	456		—		824

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)		Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
DCA Investment Holding, LLC(7)(25)	Preferred stock	N/A			8.00%	Non-Cash	12/2022	N/A	1,142	$	659	—	%	$	—
DCA Investment Holding, LLC	LP units	N/A			N/A		12/2022	N/A	12	5		—		—
Emerge Intermediate, Inc.+	LLC units	N/A			N/A		02/2021	N/A	—	749		—		—
Emerge Intermediate, Inc.+	LLC units	N/A			N/A		02/2021	N/A	—	79		—		—
Emerge Intermediate, Inc.+	LLC units	N/A			N/A		02/2021	N/A	11	4		—		—
Encorevet Group LLC+	LLC units	N/A			N/A		05/2024	N/A	3	261		—		100
ERC Topco Holdings, LLC+	LLC units	N/A			N/A		03/2025	N/A	3	4,841		0.1		3,870
HP TLE Buyer, Inc.+	LP units	N/A			N/A		07/2025	N/A	450	450		—		450
Krueger-Gilbert Health Physics, LLC+	LP interest	N/A			N/A		05/2019	N/A	239	324		—		683
MWD Management, LLC & MWD Services, Inc.+	LLC interest	N/A			N/A		06/2017	N/A	412	335		—		620
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)	LLC units	N/A			N/A		05/2021	N/A	—	409		—		451
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A			N/A		08/2016	N/A	—	528		—		621
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A			N/A		08/2016	N/A	4	74		—		—
Pyramid Healthcare Acquisition Corp.+	Preferred stock	N/A			N/A		05/2021	N/A	257	310		—		380
Radiology Partners, Inc.+	LLC units	N/A			N/A		02/2018	N/A	11	68		—		94
Radiology Partners, Inc.+	LLC interest	N/A			N/A		09/2014	N/A	43	55		—		374
Sage Dental Management, LLC+	LLC units	N/A			N/A		10/2012	N/A	—	249		—		657
Sage Dental Management, LLC+	LLC units	N/A			N/A		10/2012	N/A	3	3		—		—
Southern Veterinary Partners, LLC+(25)	Preferred stock	N/A			10.00%	Non-Cash	12/2024	N/A	5	1,380		0.1		5,319
Southern Veterinary Partners, LLC+(25)	LP units	N/A			10.00%	Non-Cash	12/2024	N/A	—	265		—		442
Southern Veterinary Partners, LLC+	Preferred stock	N/A			N/A		12/2024	N/A	52	81		—		845
Southern Veterinary Partners, LLC+	LP interest	N/A			N/A		12/2024	N/A	4	15		—		70
Southern Veterinary Partners, LLC+(25)	LLC units	N/A			10.00%	Non-Cash	12/2024	N/A	—	14		—		52
Southern Veterinary Partners, LLC+(25)	LP interest	N/A			10.00%	Non-Cash	12/2024	N/A	—	3		—		4
Southern Veterinary Partners, LLC+	LLC units	N/A			N/A		12/2024	N/A	1	—		—		8
Southern Veterinary Partners, LLC+	LLC units	N/A			N/A		12/2024	N/A	—	—		—		1
Suveto Buyer, LLC+	Common stock	N/A			N/A		11/2021	N/A	8	727		—		573
										18,018		0.6		29,274
Healthcare Technology
Amberfield Acquisition Co.+	Preferred stock	N/A			N/A		05/2024	N/A	446	449		—		531
Connexin Software, Inc.+	LLC interest	N/A			N/A		02/2018	N/A	180	228		—		335
Connexin Software, Inc.+	Preferred stock	N/A			N/A		02/2024	N/A	12	16		—		27
HSI Halo Acquisition, Inc.+(25)	Preferred stock	N/A			10.00%	Non-Cash	10/2019	N/A	—	127		—		258
HSI Halo Acquisition, Inc.+	Preferred stock	N/A			N/A		10/2019	N/A	—	14		—		156
Modernizing Medicine, Inc.+(25)	Warrant	N/A			13.00%	Non-Cash	04/2025	N/A	5	4,689		0.1		4,794
Symplr Software, Inc.+(25)	LLC units	N/A			11.00%	Non-Cash	10/2021	N/A	15	21,349		0.5		20,627
Symplr Software, Inc.+(25)	Common stock	SF +	10.50%	(i)	14.50%	Non-Cash	11/2018	N/A	3	6,594		0.2		7,498
Symplr Software, Inc.+(25)	Common stock	N/A			11.00%	Non-Cash	12/2020	N/A	2	2,694		0.1		2,737
Symplr Software, Inc.+(25)	Preferred stock	N/A			11.00%	Non-Cash	06/2021	N/A	1	1,621		0.1		1,601
Symplr Software, Inc.+	LP interest	N/A			N/A		09/2021	N/A	—	161		—		131

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)		Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Symplr Software, Inc.+	Common stock	N/A	N/A		11/2018	N/A	219	$	237	—	%	$	756
Tebra Technologies, Inc.+	LP units	N/A	N/A		07/2022	N/A	348	2,824		0.1		4,942
Tebra Technologies, Inc.+	Preferred stock	N/A	N/A		03/2019	N/A	169	871		—		926
Tebra Technologies, Inc.+	Warrant	N/A	N/A		06/2017	N/A	53	162		—		—
Tebra Technologies, Inc.+	LP interest	N/A	N/A		09/2018	N/A	1	8		—		17
Veranex, Inc.+	LP units	N/A	N/A		08/2025	N/A	135	30		—		16
Veranex, Inc.+	LP units	N/A	N/A		08/2025	N/A	472	—		—		—
Veranex, Inc.+	LP units	N/A	N/A		08/2025	N/A	60	—		—		—
								42,074		1.1		45,352
Hotels, Restaurants & Leisure
Cafe Rio Holding, Inc.+	Common stock	N/A	N/A		09/2017	N/A	5	603		—		416
Harri US LLC+	LP units	N/A	N/A		02/2022	N/A	119	892		—		731
Harri US LLC+	Common stock	N/A	N/A		10/2021	N/A	102	649		—		610
Harri US LLC+	LP interest	N/A	N/A		10/2021	N/A	34	171		—		204
Harri US LLC+	Preferred stock	N/A	N/A		10/2023	N/A	96	1,141		0.1		1,407
Harri US LLC+	LLC units	N/A	N/A		03/2024	N/A	9	69		—		137
Harri US LLC+	Warrant	N/A	N/A		02/2025	N/A	10	—		—		—
Harri US LLC+	Warrant	N/A	N/A		06/2025	N/A	9	107		—		123
LMP TR Holdings, LLC	LLC units	N/A	N/A		05/2013	N/A	712	712		—		—
Patriot Acquireco, LLC+	LP units	N/A	N/A		09/2025	N/A	450	450		—		450
PB Group Holdings, LLC+	Preferred stock	N/A	N/A		08/2024	N/A	383	886		—		946
Rooster BidCo Limited+(8)(10)	LLC units	N/A	N/A		03/2025	N/A	1,258	1,301		0.1		1,925
Saguaro Buyer, LLC+	LP units	N/A	N/A		07/2025	N/A	—	250		—		266
SSRG Holdings, LLC+	Warrant	N/A	N/A		11/2019	N/A	46	493		—		515
								7,724		0.2		7,730
Insurance
Majesco+(25)	Warrant	N/A	9.00%	Non-Cash	09/2020	N/A	—	592		—		668
Majesco+	Preferred stock	N/A	N/A		09/2020	N/A	97	94		—		321
Oakbridge Insurance Agency LLC+	Preferred stock	N/A	N/A		11/2023	N/A	20	404		—		506
								1,090		—		1,495
Internet & Direct Marketing Retail
Revalize, Inc.+	Preferred stock	N/A	N/A		12/2021	N/A	25	26,216		0.5		21,278
Revalize, Inc.+	Preferred stock	N/A	N/A		12/2021	N/A	15	15,735		0.3		12,771
Revalize, Inc.+	LP units	N/A	N/A		12/2022	N/A	11	11,050		0.2		8,334
Revalize, Inc.+	LP units	N/A	N/A		04/2022	N/A	4	4,285		0.1		3,171
								57,286		1.1		45,554
IT Services
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	LP interest	N/A	N/A		02/2020	N/A	804	2,398		0.2		8,624
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	LLC units	N/A	N/A		10/2020	N/A	211	931		0.1		2,262
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A	N/A		07/2021	N/A	48	407		—		519
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	LLC interest	N/A	N/A		08/2020	N/A	277	779		0.1		2,818
Critical Start, Inc.+	LLC units	N/A	N/A		05/2022	N/A	343	379		—		158
Kentik Technologies, Inc.+	LP units	N/A	N/A		09/2021	N/A	509	2,933		0.1		2,944
Kentik Technologies, Inc.+	Preferred stock	N/A	N/A		11/2024	N/A	1	3		—		4
Netwrix Corporation+	Common stock	N/A	N/A		06/2022	N/A	7	19		—		18
Optimizely North America, Inc.+	LLC interest	N/A	N/A		10/2018	N/A	92	1,016		0.1		1,369

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)		Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Saturn Borrower Inc.+	LP interest	N/A	N/A		09/2020	N/A	520	$	470	—	%	$	607
								9,335		0.6		19,323
Leisure Products
Massage Envy, LLC+	LLC interest	N/A	N/A		09/2012	N/A	749	210		0.1		1,930
Movement Holdings, LLC+(8)(10)	LP units	N/A	N/A		03/2024	N/A	—	152		—		87
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	82	141		—		116
WBZ Investment, LLC+	LLC units	N/A	N/A		09/2018	N/A	56	96		—		80
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	47	78		—		65
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	41	70		—		58
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	18	29		—		24
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	2	2		—		2
								778		0.1		2,362
Life Sciences Tools & Services
Celerion Buyer, Inc.+(25)	LLC interest	N/A	N/A		11/2022	N/A	1,302	1,096		—		727
Celerion Buyer, Inc.+	Common stock	N/A	N/A		11/2022	N/A	1,302	188		0.1		3,778
PAS Parent Inc.+	LLC units	N/A	N/A		12/2021	N/A	15	1,651		0.1		1,914
PAS Parent Inc.+	Preferred stock	N/A	N/A		03/2023	N/A	2	267		—		342
								3,202		0.2		6,761
Oil, Gas & Consumable Fuels
W3 Co.+	LLC interest	N/A	N/A		03/2017	N/A	3	1,632		—		928
W3 Co.+	Common stock	N/A	N/A		01/2019	N/A	—	224		—		224
								1,856		—		1,152
Paper & Forest Products
Messenger, LLC+	Preferred stock	N/A	N/A		12/2021	N/A	8	667		—		853
Messenger, LLC+	Preferred stock	N/A	N/A		12/2021	N/A	1	—		—		—
								667		—		853
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12)	LP interest	N/A	N/A		03/2021	N/A	701	605		—		472
Cobalt Buyer Sub, Inc.+(25)	LP interest	N/A	13.75%	Non-Cash	10/2021	N/A	11	18,419		0.5		18,854
Cobalt Buyer Sub, Inc.+	LP interest	N/A	N/A		10/2021	N/A	—	246		—		100
Cobalt Buyer Sub, Inc.+	Preferred stock	N/A	N/A		10/2021	N/A	3	2		—		—
Creek Parent, Inc.+	Preferred stock	N/A	N/A		12/2024	N/A	3,372	3,372		0.1		3,608
								22,644		0.6		23,034
Professional Services
Eclipse Buyer, Inc.+(25)	LP units	N/A	12.50%	Non-Cash	09/2024	N/A	—	1,824		0.1		1,853
Enboarder, Inc.+(8)	LLC units	N/A	N/A		01/2022	N/A	83	859		—		537
Filevine, Inc.+	LP interest	N/A	N/A		04/2022	N/A	362	2,867		0.2		6,388
Filevine, Inc.+	LP units	N/A	N/A		04/2022	N/A	54	224		—		843
Filevine, Inc.+	LLC units	N/A	N/A		05/2024	N/A	21	176		—		373
Net Health Acquisition Corp.+	LP interest	N/A	N/A		12/2017	N/A	14	1,684		0.1		2,417
Procure Acquireco, Inc.+	LP interest	N/A	N/A		12/2021	N/A	—	901		—		1,199
								8,535		0.4		13,610
Real Estate Management & Development
Inhabit IQ Inc.+	LP interest	N/A	N/A		01/2018	N/A	2	528		—		587
SC Landco Parent, LLC+	Common stock	N/A	N/A		09/2022	N/A	2	274		—		266
								802		—		853
Road & Rail
Internet Truckstop Group, LLC+	Warrant	N/A	N/A		04/2019	N/A	554	587		—		352

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)		Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Software
Anaplan, Inc.+	LLC units	N/A			N/A		06/2022	N/A	962	$	1,254	0.1	%	$	1,675
Aras Corporation+(25)	LLC units	N/A			12.00%	Non-Cash	04/2021	N/A	1	2,212		0.1		2,435
Aras Corporation+	Common stock	N/A			N/A		04/2021	N/A	427	446		—		776
Astute Holdings, Inc.+	LP interest	N/A			N/A		04/2019	N/A	—	520		—		114
Auvik Networks Inc.+(8)(12)	LLC units	N/A			N/A		07/2021	N/A	37	405		—		584
Auvik Networks Inc.+(8)(12)	LP units	N/A			N/A		02/2023	N/A	4	46		—		66
Bayshore Intermediate #2, L.P.+	LLC units	N/A			N/A		10/2021	N/A	5,841	5,890		0.2		7,482
Calabrio, Inc.+	LP interest	N/A			N/A		04/2021	N/A	1	1,157		—		1,037
Calabrio, Inc.+	Preferred stock	N/A			N/A		04/2021	N/A	134	0		—		0
CB Buyer, Inc.+	Preferred stock	N/A			N/A		07/2024	N/A	258	258		—		160
Cloudbees, Inc.+	LP interest	N/A			N/A		11/2021	N/A	179	2,007		0.1		2,149
Cloudbees, Inc.+	Warrant	N/A			N/A		05/2018	N/A	158	445		—		1,120
Cloudbees, Inc.+	Preferred stock	N/A			N/A		06/2018	N/A	86	602		—		821
Cynet Security Ltd.+(8)(15)	Preferred stock	N/A			N/A		08/2022	N/A	220	855		—		1,172
Denali Bidco Limited+(8)(10)	LP units	N/A			N/A		08/2023	N/A	431	312		—		732
Diligent Corporation+(25)	LP interest	N/A			10.50%	Non-Cash	04/2021	N/A	24	33,902		0.9		35,506
Diligent Corporation+	Preferred stock	N/A			N/A		04/2016	N/A	415	912		—		1,065
Energy Worldnet, LLC+(25)	Preferred stock	N/A			N/A		02/2025	N/A	50	52		—		54
FirstUp, Inc.+	Common stock	N/A			N/A		07/2021	N/A	305	661		—		242
FirstUp, Inc.+	LP units	N/A			N/A		03/2025	N/A	14	27		—		30
GS Acquisitionco, Inc.+(25)	LP interest	N/A			11.00%	Non-Cash	04/2021	N/A	35	50,596		1.3		52,892
GS Acquisitionco, Inc.+(25)	Preferred stock	N/A			11.00%	Non-Cash	11/2021	N/A	5	6,447		0.2		6,572
GS Acquisitionco, Inc.+	Preferred stock	N/A			N/A		09/2021	N/A	1	363		—		341
GS Acquisitionco, Inc.+(25)	Preferred stock	SF +	10.50%	(i)	14.50%	Non-Cash	08/2023	N/A	—	139		—		138
GTY Technology Holdings, Inc.+	Common stock	N/A			N/A		07/2022	N/A	73	91		—		165
Gurobi Optimization, LLC+	LLC units	N/A			N/A		09/2024	N/A	—	709		—		775
Impartner, Inc.+	LP interest	N/A			N/A		10/2021	N/A	39	307		—		211
Kaseya Inc.+(25)	Preferred stock	SF +	10.75%	(i)	14.92%	Non-Cash	06/2022	N/A	2	3,700		0.1		3,635
Kaseya Inc.+	Common stock	N/A			N/A		06/2022	N/A	250	252		—		263
LogicMonitor, Inc.+	LLC units	N/A			N/A		12/2024	N/A	250	250		—		277
Menlo Ridgeview Co-Invest, LLC+(8)	LLC units	N/A			N/A		05/2025	N/A	931	954		—		996
Ministry Brands Holdings LLC+	Warrant	N/A			N/A		12/2021	N/A	799	774		—		613
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+	LP interest	N/A			N/A		10/2019	N/A	6	17		—		17
Onit, Inc.+(25)	Common stock	N/A			N/A		09/2025	N/A	—	14		—		14
Panzura, LLC+	LLC units	N/A			N/A		03/2025	N/A	2	6		—		—
Personify, Inc.+	LLC interest	N/A			N/A		09/2018	N/A	879	1,396		0.1		2,241
Pluralsight, LLC+	Common stock	N/A			N/A		08/2024	N/A	1,988	3,663		0.1		3,512
QAD, Inc.+	LLC units	N/A			N/A		11/2021	N/A	1	1,186		—		1,004
QAD, Inc.+	LP interest	N/A			N/A		11/2021	N/A	68	134		—		279
RegEd Aquireco, LLC+	LP interest	N/A			N/A		12/2018	N/A	—	358		—		161
RegEd Aquireco, LLC+	LLC units	N/A			N/A		07/2023	N/A	—	29		—		37
RegEd Aquireco, LLC+	LP interest	N/A			N/A		12/2018	N/A	4	21		—		0
Riskonnect Parent, LLC+(25)	Preferred stock	N/A			11.00%	Non-Cash	04/2022	N/A	26	36,381		0.9		36,658

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)		Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Riskonnect Parent, LLC+	Preferred stock	N/A			N/A		11/2021	N/A	1,382	$	1,414	0.1	%	$	1,393
Riskonnect Parent, LLC+(25)	LP units	SF +	10.50%	(i)	14.70%	Non-Cash	07/2022	N/A	—	1,067		—		1,074
Riskonnect Parent, LLC+(25)	LLC units	N/A			10.50%	Non-Cash	06/2024	N/A	—	56		—		61
Rokt Inc.+	LLC units	N/A			N/A		01/2025	N/A	20	683		—		763
SnapLogic, Inc.+	Warrant	N/A			N/A		09/2019	N/A	344	1,028		0.1		2,007
SnapLogic, Inc.+	Common stock	N/A			N/A		09/2019	N/A	131	162		—		517
Spartan Buyer Acquisition Co.+	LP units	N/A			N/A		12/2020	N/A	1	794		—		412
Spartan Buyer Acquisition Co.+	LP units	N/A			N/A		12/2022	N/A	—	110		—		136
StrongDM, Inc.+	Preferred stock	N/A			N/A		05/2025	N/A	424	2,257		0.1		2,349
Telesoft Holdings LLC+	LP interest	N/A			N/A		12/2019	N/A	137	129		—		120
Templafy APS and Templafy, LLC+(8)(18)	Preferred stock	N/A			N/A		07/2022	N/A	—	82		—		21
Togetherwork Holdings, LLC+	Preferred stock	N/A			N/A		07/2024	N/A	307	1,342		0.1		1,376
Transform Bidco Limited+(8)(10)	LP units	N/A			N/A		04/2025	N/A	2,349	2,349		0.1		2,432
Tricentis Operations Holdings, Inc.+	Preferred stock	N/A			N/A		02/2025	N/A	40	40		—		44
Zendesk, Inc.+	LP units	N/A			N/A		11/2022	N/A	63	708		—		648
										171,971		4.6		181,374
Specialty Retail
Ave Holdings III, Corp+(25)	Preferred stock	N/A			11.50%	Non-Cash	02/2022	N/A	15	20,613		0.4		15,226
Ave Holdings III, Corp+	Preferred stock	N/A			N/A		02/2022	N/A	2	1,737		—		157
Batteries Plus Holding Corporation+	LP interest	N/A			N/A		07/2016	N/A	10	1,287		0.1		1,399
Cycle Gear, Inc.+	LLC units	N/A			N/A		02/2016	N/A	2,002	481		—		356
Cycle Gear, Inc.+	Warrant	N/A			N/A		01/2023	N/A	75	75		—		160
Metal Supermarkets US Buyer, LLC+(8)(12)	LLC units	N/A			N/A		12/2024	N/A	3	347		—		370
Metal Supermarkets US Buyer, LLC+(8)(12)	Preferred stock	N/A			N/A		12/2024	N/A	1	—		—		29
Salon Lofts Group, LLC+	Preferred stock	N/A			N/A		08/2022	N/A	—	137		—		111
VSG Acquisition Corp. and Sherrill, Inc.+	LP interest	N/A			N/A		04/2022	N/A	—	57		—		92
										24,734		0.5		17,900
Textiles, Apparel & Luxury Goods
Georgica Pine Clothiers, LLC+(25)	LLC interest	N/A			N/A		11/2015	N/A	20	239		—		292
Georgica Pine Clothiers, LLC+	Common stock	N/A			N/A		08/2020	N/A	—	—		—		2
MakerSights, Inc.+	Common stock	N/A			N/A		06/2021	N/A	56	265		—		101
Shoes For Crews Global, LLC+	LLC units	N/A			N/A		06/2024	N/A	2	1,083		—		1,366
										1,587		—		1,761
Total non-controlled/non-affiliate company equity investments										453,851		12.2		485,008
Total non-controlled/non-affiliate company investments										8,428,025		212.5		8,463,764

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Non-controlled/affiliate company investments(28)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+(7)(26)	One stop	SF +	1.00%	(i)	5.00%	PIK			06/2027		$	7,071	0.1	%	$	2,732
Abita Brewing Co., L.L.C.+(7)(26)	Second lien	SF +	1.00%	(i)	5.00%	PIK			06/2027	5,224	3,725		—		210
Abita Brewing Co., L.L.C.+(26)	One stop	SF +	1.00%	(i)	5.13%	PIK			06/2027	2,748	2,748		0.1		2,274
										15,561	13,544		0.2		5,216
Energy, Equipment & Services
Benetech, Inc.+(7)(26)	One stop	SF +	1.00%	(i)	5.00%	PIK			08/2027	4,991	3,623		0.1		1,997
Benetech, Inc.+(7)(26)	One stop	SF +	1.00%	(i)	5.00%	PIK			08/2027	1,105	732		—		92
										6,096	4,355		0.1		2,089
Healthcare Equipment & Supplies
G & H Wire Company, Inc.+(26)	One stop	SF +	6.00%	(i)	5.35%	cash/	5.00%	PIK	11/2029	2,847	2,847		0.1		2,847
G & H Wire Company, Inc.+	One stop				N/A(6)				11/2029	—	—		—		—
										2,847	2,847		0.1		2,847
Healthcare Providers & Services
Bayside Opco, LLC+	One stop	SF +	7.25%	(i)	11.40%				06/2026	12,729	12,703		0.3		12,729
Bayside Opco, LLC+(26)	Subordinated debt	SF +	10.00%	(i)	14.15%	PIK			06/2026	5,832	5,659		0.1		5,832
Bayside Opco, LLC+	One stop	SF +	7.25%	(i)	11.40%				06/2026	4,503	4,450		0.1		4,503
Bayside Opco, LLC+	One stop				N/A(6)				06/2026	—	—		—		—
Elite Dental Partners LLC+(7)(26)	One stop	SF +	5.25%	(i)	9.40%	PIK			09/2026	18,393	13,029		0.1		4,414
Elite Dental Partners LLC+(7)(26)	One stop	SF +	12.00%	(i)	16.15%	PIK			09/2026	11,500	7,226		0.1		3,335
Elite Dental Partners LLC+(26)	One stop	SF +	5.25%	(i)	9.40%	PIK			09/2026	1,982	1,982		0.1		1,982
Elite Dental Partners LLC+(26)	One stop	SF +	5.25%	(i)	9.40%	PIK			09/2026	961	961		—		961
Opening Day Borrower 111 LLC+(26)	One stop	SF +	6.25%	(i)	10.71%	PIK			05/2027	4,675	4,675		0.1		4,675
SPF Borrower LLC+(26)	One stop	SF +	6.25%	(i)	8.40%	cash/	2.00%	PIK	02/2028	16,191	16,191		0.4		16,191
SPF Borrower LLC+(26)	One stop	SF +	9.50%	(i)	13.65%	PIK			02/2028	8,625	8,625		0.2		8,625
SPF Borrower LLC+	One stop				N/A(6)				02/2028	—	—		—		—
										85,391	75,501		1.5		63,247
Life Sciences Tools & Services
Reaction Biology Corporation+(26)	One stop	SF +	4.75%	(i)	8.75%	PIK			03/2029	2,923	2,923		0.1		2,777
Reaction Biology Corporation+(26)	One stop	SF +	4.75%	(i)	8.75%	PIK			03/2029	839	839		—		839
										3,762	3,762		0.1		3,616
Multiline Retail
Fleet Farm Group, LLC+(26)	Senior secured	SF +	5.50%	(i)	9.81%	PIK			12/2026	5,405	5,405		0.1		5,242
Fleet Farm Group, LLC+	One stop	SF +	5.50%	(i)	9.70%				12/2026	3,245	3,245		0.1		3,180
										8,650	8,650		0.2		8,422
Personal Products
IMPLUS Footcare, LLC+(26)	One stop	SF +	6.00%	(i)	10.31%	PIK			10/2028	8,288	7,738		0.2		7,708
IMPLUS Footcare, LLC+(26)	One stop	SF +	6.00%	(i)	10.01%	PIK			10/2028	3,761	3,761		0.1		3,678
										12,049	11,499		0.3		11,386
Software
Switchfly LLC+(26)	One stop	N/A			1.00%	PIK			11/2027	1,830	1,830		—		1,651
Specialty Retail
Chestnut Optical Midco, Inc.+	One stop	SF +	1.00%	(i)	5.00%				06/2029	45,065	41,693		1.0		40,107
Chestnut Optical Midco, Inc.+(5)	One stop				N/A(6)				06/2029	—	—		—		(309)
Chestnut Optical Midco, Inc.+	One stop	SF +	1.00%	(i)	5.00%				06/2029	2,817	2,817		—		1,164
										47,882	44,510		1.0		40,962
Total non-controlled/affiliate company debt investments										184,068	166,498		3.5		139,436

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)	Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Equity investments(23)(24)
Beverages
Abita Brewing Co., L.L.C.+	LP interest	N/A	N/A	02/2021	N/A	210	$	—	—	%	$	—
Healthcare Equipment & Supplies
G & H Wire Company, Inc.+	LP units	N/A	N/A	11/2024	N/A	159	3,810		0.1		3,223
Healthcare Providers & Services
Bayside Opco, LLC+	Preferred stock	N/A	N/A	05/2023	N/A	6	2,592		0.3		10,922
Elite Dental Partners LLC	LLC interest	N/A	N/A	09/2020	N/A	—	2,902		—		—
Elite Dental Partners LLC	LP units	N/A	N/A	09/2020	N/A	—	1,250		—		—
Elite Dental Partners LLC	LLC interest	N/A	N/A	09/2020	N/A	—	—		—		—
Opening Day Borrower 111 LLC+	LP units	N/A	N/A	09/2024	N/A	181	21,172		0.5		18,561
Opening Day Borrower 111 LLC+	LP units	N/A	N/A	04/2023	N/A	181	7,836		—		—
SPF Borrower LLC+	Preferred stock	N/A	N/A	02/2024	N/A	—	9,347		0.3		12,653
							45,099		1.1		42,136
Life Sciences Tools & Services
Reaction Biology Corporation+	LLC units	N/A	N/A	03/2025	N/A	139	4,980		0.1		3,643
Multiline Retail
Fleet Farm Group, LLC	Preferred stock	N/A	N/A	12/2024	N/A	129	23,874		0.6		24,821
Personal Products
IMPLUS Footcare, LLC+	LLC units	N/A	N/A	07/2025	N/A	8,288	12,388		0.3		12,383
Software
Switchfly LLC+	Preferred stock	N/A	N/A	09/2018	N/A	98,370	2,321		—		486
Switchfly LLC+	Preferred stock	N/A	N/A	09/2024	N/A	7,275	5,375		0.2		6,002
Switchfly LLC+	Preferred stock	N/A	N/A	03/2022	N/A	950	950		—		643
							8,646		0.2		7,131
Specialty Retail
Chestnut Optical Midco, Inc.+	LP units	N/A	N/A	06/2024	N/A	189	53,764		1.5		60,990
Total non-controlled/affiliate company equity investments							152,561		3.9		154,327
Total non-controlled/affiliate company investments							319,059		7.4		293,763

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)		Acquisition Date	Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Controlled affiliate company investments(29)
Debt investments
IT Services
MMan Acquisition Co.+(26)	One stop	N/A	8.00%	PIK		03/2026		$	2,137	0.1	%	$	2,030
MMan Acquisition Co.+(26)	One stop	N/A	12.00%	PIK		03/2026	1,209	1,209		—		1,209
MMan Acquisition Co.+(26)	One stop	N/A	12.00%	PIK		03/2026	1,300	1,300		—		1,300
MMan Acquisition Co.+(26)	One stop	N/A	12.00%	PIK		03/2026	376	376		—		376
Total controlled affiliate company debt investments							5,022	5,022		0.1		4,915
Equity investments(23)(24)
IT Services
MMan Acquisition Co.+	LP units	N/A	N/A		09/2024	N/A	—	7,832		0.2		6,947
Total controlled affiliate equity investments								7,832		0.2		6,947
Total controlled affiliate company investments								12,854		0.3		11,862
Total investments								8,759,938		220.2		8,769,389
Money market funds (included in cash equivalents and restricted cash equivalents)
BlackRock Liquidity Funds T-Fund <br>Institutional Shares (CUSIP 09248U718)			4.00%	(30)				$	23,093	0.6	%	$	23,093
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio Institutional Share Class (CUSIP 61747C525)			3.97%	(30)				70,563		1.8		70,563
Total money market funds								93,656		2.4		93,656
Total investments and money market funds								$	8,853,594	222.6	%	$	8,863,045

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

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

(1)The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime (“P”), Sterling Overnight Index Average ("SONIA" or “SN”), Australian Interbank Rate (”AUD” or ”A”) or Canadian Overnight Repo Rate Average (“CORRA” or “CA”) which reset daily, monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of September 30, 2025. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of September 30, 2025, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed could not be the applicable index rate outstanding as of September 30, 2025, as the loan could have priced or repriced based on an index rate prior to September 30, 2025.

(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 7.25% as of September 30, 2025.

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

(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 2.03% as of September 30, 2025.

(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 2.10% as of September 30, 2025.

(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 3.58% as of September 30, 2025.

(f) Denotes that all or a portion of the contract was indexed to SONIA, which was 3.97% as of September 30, 2025.

(g) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 4.24% as of September 30, 2025.

(h) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 4.13% as of September 30, 2025.

(i) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 3.98% as of September 30, 2025.

(j) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 3.85% as of September 30, 2025.

(k) Denotes that all or a portion of the contract was indexed to Daily CORRA, which was 2.56% as of September 30, 2025.

(l) Denotes that all or a portion of the contract was indexed to the 90-day Term CORRA, which was 2.45% as of September 30, 2025.

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

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

(6)The entire commitment was unfunded as of September 30, 2025. As such, no interest is being earned on this investment. The investment could be subject to an unused facility fee.

(7)Investment was on non-accrual status as of September 30, 2025, meaning that the Company has ceased recognizing interest or non-cash dividend income on the investment.

(8)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2025, total non-qualifying assets at fair value represented 13.3% of the Company's total assets calculated in accordance with the 1940 Act.